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Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2018

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.

	March 31, 2018
	Level 1				Level 2				Level 3				Total
	(In thousands)
Financial Assets
Available-for-sale securities:
Equity securities	$	495			$	—			$	—			$	495
U.S. government and agency securities	—				183,939				—				183,939
Municipal bonds	—				26,196				—				26,196
Corporate debt securities	—				183,457				—				183,457
Mortgage-backed securities
Agency pass-through certificates	—				866,822				—				866,822
Commercial MBS	—				8,362				—				8,362
Total available-for-sale securities	495				1,268,776				—				1,269,271
Interest rate contracts	—				8,617				—				8,617
Commercial loan hedges	—				2,217				—				2,217
Borrowings hedges	—				15,328				—				15,328
Total financial assets	$	495			$	1,294,938			$	—			$	1,295,433
Financial Liabilities
Interest rate contracts	$	—			$	8,617			$	—			$	8,617
Total financial liabilities	$	—			$	8,617			$	—			$	8,617

There were no transfers between, into and/or out of Levels 1, 2 or 3 during the six months ended March 31, 2018.

	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 March 31, 2018 and March 31, 2017, and the total gains (losses) resulting from those fair value adjustments for the three and six months ended March 31, 2018 and March 31, 2017. The estimated fair value measurements are shown gross of estimated selling costs.

	March 31, 2018																Three Months Ended March 31, 2018				Six Months Ended March 31, 2018
	Level 1				Level  2				Level  3				Total				Total Gains (Losses)
	(In thousands)
Impaired loans (1)	$	—			$	—			$	7,343			$	7,343			$	(466	)		$	(973	)
Real estate owned (2)	—				—				5,520				5,520				(379		)		(559		)
Balance at end of period	$	—			$	—			$	12,863			$	12,863			$	(845	)		$	(1,532	)

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

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

	March 31, 2017																Three Months Ended March 31, 2017				Six Months Ended March 31, 2017
	Level 1				Level  2				Level  3				Total				Total Gains (Losses)
	(In thousands)
Impaired loans (1)	$	—			$	—			$	5,701			$	5,701			$	(939	)		$	(1,361	)
Real estate owned (2)	—				—				5,822				5,822				(378		)		(619		)
Balance at end of period	$	—			$	—			$	11,523			$	11,523			$	(1,317	)		$	(1,980	)

(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.

				March 31, 2018								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		$	256,808			$	256,808			$	313,070			$	313,070
Available-for-sale securities
Equity securities		1		495				495				522				522
U.S. government and agency securities		2		183,939				183,939				211,077				211,077
Municipal bonds		2		26,196				26,196				26,624				26,624
Corporate debt securities		2		183,457				183,457				185,298				185,298
Mortgage-backed securities
Agency pass-through certificates		2		866,822				866,822				834,297				834,297
Commercial MBS		2		8,362				8,362				8,391				8,391
Total available-for-sale securities				1,269,271				1,269,271				1,266,209				1,266,209
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates		2		1,701,566				1,652,787				1,646,856				1,635,913
Commercial MBS		2		15,000				15,000				—				—
Total held-to-maturity securities				1,716,566				1,667,787				1,646,856				1,635,913
Loans receivable		3		11,224,088				11,514,350				10,882,622				11,247,586
FDIC indemnification asset		3		—				—				8,968				8,564
FHLB and FRB stock		2		126,990				126,990				122,990				122,990
Other assets - interest rate contracts		2		8,617				8,617				1,139				1,139
Other assets - commercial loan hedges		2		2,217				2,217				—				—
Other assets - borrowings hedges		2		15,328				15,328				—				—
Financial liabilities
Customer accounts		2		11,138,856				10,627,045				10,835,008				10,411,686
FHLB advances		2		2,325,000				2,327,701				2,225,000				2,266,791
Other liabilities - interest rate contracts		2		8,617				8,617				1,139				1,139
Other liabilities - commercial loan hedges		2		—				—				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 March 31, 2018 and September 30, 2017:

		Asset Derivatives												Liability Derivatives
		March 31, 2018						September 30, 2017						March 31, 2018						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		$	8,617			Other assets		$	1,139			Other liabilities		$	8,617			Other liabilities		$	1,139
Commercial loan hedges		Other assets		2,217				Other assets		—				Other liabilities		—				Other liabilities		174
Borrowings hedges		Other assets		15,328				Other assets		—				Other liabilities		—				Other liabilities		1,693
				$	26,162					$	1,139					$	8,617					$	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.

	March 31, 2018
	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			$	3			$	—			$	3,303			9.80	%
5 to 10 years	65,997				—				(1,432		)		64,565				2.33
Over 10 years	116,463				27				(419		)		116,071				2.46
Equity securities due
1 to 5 years	500				—				(5		)		495				1.80
Corporate debt securities due
1 to 5 years	63,692				1,768				—				65,460				3.63
5 to 10 years	119,963				78				(2,044		)		117,997				2.93
Municipal bonds due
Within 1 year	2,359				—				(2		)		2,357				1.23
1 to 5 years	1,382				—				(10		)		1,372				2.05
Over 10 years	20,333				2,134				—				22,467				6.45
Mortgage-backed securities
Agency pass-through certificates	870,741				3,400				(7,319		)		866,822				3.24
Commercial MBS	8,350				12				—				8,362				3.85
	1,273,080				7,422				(11,231		)		1,269,271				3.18
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates	1,701,566				1,112				(49,891		)		1,652,787				3.16
Commercial MBS	15,000				—				—				15,000				2.66
	1,716,566				1,112				(49,891		)		1,667,787				3.16
	$	2,989,646			$	8,534			$	(61,122	)		$	2,937,058			3.17	%

	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
1 to 5 years	63,622				2,083				—				65,705				2.96
5 to 10 years	119,960				210				(577		)		119,593				2.62
Municipal bonds due
Within 1 year	2,344				10				—				2,354				1.23
1 to 5 years	1,367				55				—				1,422				2.05
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				3.14
	$	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 March 31, 2018 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.

March 31, 2018	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	$	—			$	—			$	(2,044	)		$	97,956			$	(2,044	)		97,956
Municipal bonds	(12		)		3,729				—				—				(12		)		3,729
U.S. government and agency securities	—				—				(1,851		)		164,140				(1,851		)		164,140
Equity securities	(5		)		495				—				—				(5		)		495
Agency pass-through certificates	(8,768		)		583,301				(48,442		)		1,428,150				(57,210		)		2,011,451
	$	(8,785	)		$	587,525			$	(52,337	)		$	1,690,246			$	(61,122	)		$	2,277,771

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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