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Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value of Assets Measured on Recurring Basis

The following tables present the balance of assets and liabilities measured at fair value on a recurring basis.

	December 31, 2017
	Level 1				Level 2				Level 3				Total
	(In thousands)
Financial Assets
Available-for-sale securities:
Equity securities	$	503			$	—			$	—			$	503
U.S. government and agency securities	—				194,869				—				194,869
Municipal bonds	—				26,212				—				26,212
Corporate debt securities	—				184,416				—				184,416
Mortgage-backed securities
Agency pass-through certificates	—				831,489				—				831,489
Commercial MBS	—				8,366				—				8,366
Total available-for-sale securities	503				1,245,352				—				1,245,855
Interest rate contracts	—				7,587				—				7,587
Borrowings hedges	—				4,997				—				4,997
Total financial assets	$	503			$	1,257,936			$	—			$	1,258,439
Financial Liabilities
Interest rate contracts	$	—			$	7,587			$	—			$	7,587
Commercial loan hedges	—				36				—				36
Total financial liabilities	$	—			$	7,623			$	—			$	7,623

There were no transfers between, into and/or out of Levels 1, 2 or 3 during the three months ended December 31, 2017.

	September 30, 2017
	Level 1				Level 2				Level 3				Total
	(In thousands)
Financial Assets
Available-for-sale securities:
Equity securities	$	522			$	—			$	—			$	522
U.S. government and agency securities	—				211,077				—				211,077
Municipal bonds	—				26,624				—				26,624
Corporate debt securities	—				185,298				—				185,298
Mortgage-backed securities
Agency pass-through certificates	—				834,297				—				834,297
Commercial MBS	—				8,391				—				8,391
Total available-for-sale securities	522				1,265,687				—				1,266,209
Interest rate contracts	—				1,139				—				1,139
Total financial assets	$	522			$	1,266,826			$	—			$	1,267,348
Financial Liabilities
Interest rate contracts	$	—			$	1,139			$	—			$	1,139
Commercial loan hedges	—				174				—				174
Borrowings hedges	—				1,693				—				1,693
Total financial liabilities	$	—			$	3,006			$	—			$	3,006

Aggregated Balance of Assets Measured at Estimated Fair Value on a Nonrecurring Basis and Total Losses Resulting from Those Fair Value Adjustments

The following tables present the aggregated balance of assets that were measured at fair value on a nonrecurring basis at December 31, 2017 and December 31, 2016, and the total gains (losses) resulting from those fair value adjustments for the three months ended December 31, 2017 and December 31, 2016. The estimated fair value measurements are shown gross of estimated selling costs.

	December 31, 2017																Three Months Ended December 31, 2017
	Level 1				Level  2				Level  3				Total				Total Gains (Losses)
	(In thousands)
Impaired loans (1)	$	—			$	—			$	688			$	688			$	(507	)
Real estate owned (2)	—				—				2,055				2,055				(180		)
Balance at end of period	$	—			$	—			$	2,743			$	2,743			$	(687	)

(1) The gains (losses) represent remeasurements of collateral-dependent loans.

(2) The gains (losses) represent aggregate writedowns and charge-offs on REO.

	December 31, 2016																Three Months Ended December 31, 2016
	Level 1				Level  2				Level  3				Total				Total Gains (Losses)
	(In thousands)
Impaired loans (1)	$	—			$	—			$	3,353			$	3,353			$	(422	)
Real estate owned (2)	—				—				2,299				2,299				(241		)
Balance at end of period	$	—			$	—			$	5,652			$	5,652			$	(663	)

(1) The gains (losses) represent remeasurements of collateral-dependent loans.

(2) The gains (losses) represent aggregate writedowns and charge-offs on REO.

Fair Value of Financial Instruments by Balance Sheet Grouping

Although management is not aware of any factors that would materially affect the estimated fair value amounts presented below, such amounts have not been comprehensively revalued for purposes of these financial statements since the dates shown, and therefore, estimates of fair value subsequent to those dates may differ significantly from the amounts presented below.

				December 31, 2017								September 30, 2017
		Level in Fair Value Hierarchy		Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
				(In thousands)
Financial assets
Cash and cash equivalents		1		$	309,713			$	309,713			$	313,070			$	313,070
Available-for-sale securities
Equity securities		1		503				503				522				522
U.S. government and agency securities		2		194,869				194,869				211,077				211,077
Municipal bonds		2		26,212				26,212				26,624				26,624
Corporate debt securities		2		184,416				184,416				185,298				185,298
Mortgage-backed securities
Agency pass-through certificates		2		831,489				831,489				834,297				834,297
Commercial MBS		2		8,366				8,366				8,391				8,391
Total available-for-sale securities				1,245,855				1,245,855				1,266,209				1,266,209
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates		2		1,750,886				1,738,337				1,646,856				1,635,913
Commercial MBS		2		15,000				15,005				—				—
Total held-to-maturity securities				1,765,886				1,753,342				1,646,856				1,635,913
Loans receivable		3		11,107,042				11,503,407				10,882,622				11,247,586
FHLB and FRB stock		2		130,590				130,590				122,990				122,990
Other assets - interest rate contracts		2		7,587				7,587				1,139				1,139
Other assets - borrowings hedges		2		4,997				4,997				—				—
Financial liabilities
Customer accounts		2		11,001,579				10,483,114				10,835,008				10,411,686
FHLB advances		2		2,415,000				2,431,792				2,225,000				2,266,791
Other liabilities - interest rate contracts		2		7,587				7,587				1,139				1,139
Other liabilities - commercial loan hedges		2		36				36				174				174
Other liabilities - borrowings hedges		2		—				—				1,693				1,693

The following table presents the fair value and balance sheet classification of derivatives at December 31, 2017 and September 30, 2017:

		Asset Derivatives												Liability Derivatives
		December 31, 2017						September 30, 2017						December 31, 2017						September 30, 2017
		Balance Sheet						Balance Sheet						Balance Sheet						Balance Sheet
		Location		Fair Value				Location		Fair Value				Location		Fair Value				Location		Fair Value
		(In thousands)
Interest rate contracts		Other assets		$	7,587			Other assets		$	1,139			Other liabilities		$	7,587			Other liabilities		$	1,139
Commercial loan hedges		Other assets		—				Other assets		—				Other liabilities		36				Other liabilities		174
Borrowings hedges		Other assets		4,997				Other assets		—				Other liabilities		—				Other liabilities		1,693
				$	12,584					$	1,139					$	7,623					$	3,006

Reconciliation of Amortized Cost to Fair Value of Available-for-Sale and Held-to-Maturity Securities

The following tables provide a reconciliation of amortized cost to fair value of available-for-sale and held-to-maturity securities.

	December 31, 2017
	Amortized Cost				Gross Unrealized								Fair Value				Yield
					Gains				Losses
	(In thousands)
Available-for-sale securities
U.S. government and agency securities due
Within 1 year	$	3,300			$	70			$	—			$	3,370			9.80	%
1 to 5 years	2,123				—				—				2,123				1.61
5 to 10 years	68,326				—				(1,174		)		67,152				2.03
Over 10 years	122,171				215				(162		)		122,224				2.09
Equity securities due
1 to 5 years	500				3				—				503				1.80
Corporate debt securities due
1 to 5 years	63,657				1,936				—				65,593				3.14
5 to 10 years	119,962				213				(1,352		)		118,823				2.66
Over 10 years	—				—				—				—				—
Municipal bonds due
Within 1 year	2,352				—				(4		)		2,348				1.23
1 to 5 years	1,374				8				—				1,382				2.05
Over 10 years	20,338				2,144				—				22,482				6.45
Mortgage-backed securities
Agency pass-through certificates	825,744				8,181				(2,436		)		831,489				3.11
Commercial MBS	8,350				16				—				8,366				3.55
	1,238,197				12,786				(5,128		)		1,245,855				2.98
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates	1,750,886				6,218				(18,767		)		1,738,337				3.16
Commercial MBS	15,000				5				—				15,005				2.23
	1,765,886				6,223				(18,767		)		1,753,342				3.15
	$	3,004,083			$	19,009			$	(23,895	)		$	2,999,197			3.08	%

	September 30, 2017
	Amortized Cost				Gross Unrealized								Fair Value				Yield
					Gains			Losses
	(In thousands)
Available-for-sale securities
U.S. government and agency securities due
Within 1 year	$	9,300			$	146			$	—			$	9,446			10.38	%
1 to 5 years	5,688				2				—				5,690				1.51
5 to 10 years	69,108				—				(1,238		)		67,870				1.93
Over 10 years	127,936				353				(218		)		128,071				1.92
Equity Securities
1 to 5 years	500				22				—				522				1.80
Corporate bonds due
Within 1 year	—				—				—				—				—
1 to 5 years	63,622				2,083				—				65,705				2.96
5 to 10 years	119,960				210				(577		)		119,593				2.62
Over 10 years	—				—				—				—				—
Municipal bonds due
Within 1 year	2,344				10				—				2,354				1.23
1 to 5 years	1,367				55				—				1,422				2.05
5 to 10 years	—				—				—				—				—
Over 10 years	20,343				2,505				—				22,848				6.45
Mortgage-backed securities
Agency pass-through certificates	828,069				8,402				(2,174		)		834,297				2.96
Commercial MBS	8,350				41				—				8,391				3.31
	1,256,587				13,829				(4,207		)		1,266,209				2.86
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates	1,646,856				7,143				(18,086		)		1,635,913				3.14
	1,646,856				7,143				(18,086		)		1,635,913				—
	$	2,903,443			$	20,972			$	(22,293	)		$	2,902,122			3.02	%

Schedule of Unrealized Losses and Fair Value of Securities

The following tables show the unrealized gross losses and fair value of securities as of December 31, 2017 and September 30, 2017, by length of time that individual securities in each category have been in a continuous loss position. The decline in fair value since purchase is attributable to changes in interest rates. Because the Company does not intend to sell these securities and does not consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other than temporarily impaired.

December 31, 2017	Less than 12 months								12 months or more								Total
	Unrealized Gross Losses				Fair Value				Unrealized Gross Losses				Fair Value				Unrealized Gross Losses				Fair Value
	(In thousands)
Corporate debt securities	$	—			$	—			$	(1,352	)		$	98,648			$	(1,352	)		98,648
Municipal bonds due	—				—				(4		)		2,347				(4		)		2,347
U.S. government and agency securities	—				—				(1,336		)		104,572				(1,336		)		104,572
Agency pass-through certificates	(131		)		71,537				(21,072		)		1,218,036				(21,203		)		1,289,573
	$	(131	)		$	71,537			$	(23,764	)		$	1,423,603			$	(23,895	)		$	1,495,140

September 30, 2017	Less than 12 months								12 months or more								Total
	Unrealized Gross Losses				Fair Value				Unrealized Gross Losses				Fair Value				Unrealized Gross Losses				Fair Value
	(In thousands)
Corporate debt securities	$	—			$	—			$	(577	)		$	49,423			$	(577	)		$	49,423
U.S. government and agency securities	(759		)		24,400				(697		)		96,195				(1,456		)		120,595
Agency pass-through certificates	(17,683		)		1,163,358				(2,577		)		249,304				(20,260		)		1,412,662
	$	(18,442	)		$	1,187,758			$	(3,851	)		$	394,922			$	(22,293	)		$	1,582,680

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

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