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Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair value of assets measured on recurring basis

The following table presents the balance and level in the fair value hierarchy for assets and liabilities that are measured at fair value on a recurring basis.

	September 30, 2019
	Level 1				Level 2				Level 3				Total
	(In thousands)
Available-for-sale securities
U.S. government and agency securities	$	—			$	270,778			$	—			$	270,778
Municipal bonds	—				22,642				—				22,642
Corporate debt securities	—				209,763				—				209,763
Mortgage-backed securities
Agency pass-through certificates	—				982,559				—				982,559
Total Available-for-sale securities	—				1,485,742				—				1,485,742
Client swap program hedges	—				20,381				—				20,381
Mortgage loan fair value hedges	—				1,608				—				1,608
Total Financial Assets	$	—			$	1,507,731			$	—			$	1,507,731
Financial Liabilities
Client swap program hedges	$	—			$	20,381			$	—			$	20,381
Commercial loan fair value hedges	—				4,288				—				4,288
Borrowings cash flow hedges	—				7,877				—				7,877
Total Financial Liabilities	$	—			$	32,546			$	—			$	32,546

There were no transfers between, into and/or out of Levels 1, 2 or 3 during the year ended September 30, 2019.

	September 30, 2018
	Level 1				Level 2				Level 3				Total
	(In thousands)
Available-for-sale securities
Equity securities	$	488			$	—			$	—			$	488
U.S. government and agency securities	—				207,293				—				207,293
Municipal bonds	—				22,978				—				22,978
Corporate debt securities	—				184,695				—				184,695
Mortgage-backed securities
Agency pass-through certificates	—				896,041				—				896,041
Commercial MBS	—				3,462				—				3,462
Total Available-for-sale securities	488				1,314,469				—				1,314,957
Client swap program hedges	—				12,731				—				12,731
Commercial loan fair value hedges	—				3,857				—				3,857
Borrowings cash flow hedges	—				22,250				—				22,250
Total Financial Assets	$	488			$	1,353,307			$	—			$	1,353,795
Financial Liabilities
Client swap program hedges	$	—			$	12,731			$	—			$	12,731
Total Financial Liabilities	$	—			$	12,731			$	—			$	12,731

There were no transfers between, into and/or out of Level 1, 2 or 3 during the year ended September 30, 2018.

Aggregated balance of assets measured at estimated fair value on a nonrecurring basis and total losses resulting from those fair value adjustments

The following table presents the recorded balance of assets that were measured at estimated fair value on a nonrecurring basis for the periods presented, and the total gains (losses) resulting from those fair value adjustments for the periods presented. The estimated fair values are presented gross of estimated selling costs. 

	September 30, 2019																Three Months Ended September 30, 2019				Twelve Months Ended September 30, 2019
	Level 1				Level  2				Level  3				Total				Total Gains (Losses)
	(In thousands)
Impaired loans (1)	$	—			$	—			$	6,662			$	6,662			$	(2,176	)		$	(7,796	)
Real estate owned (2)	—				—				7,307				7,307				(275		)		119
Balance at end of period	$	—			$	—			$	13,969			$	13,969			$	(2,451	)		$	(7,677	)

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

(2) The gains (losses) represent aggregate writedowns and charge-offs on real estate owned.

	September 30, 2018																Three Months Ended September 30, 2018				Twelve Months Ended September 30, 2018
	Level 1				Level  2				Level  3				Total				Total Gains (Losses)
	(In thousands)
Impaired loans (1)	$	—			$	—			$	16,500			$	16,500			$	(707	)		$	(4,800	)
Real estate owned (2)	—				—				7,455				7,455				(126		)		(782		)
Balance at end of period	$	—			$	—			$	23,955			$	23,955			$	(833	)		$	(5,582	)

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

(2)

The gains (losses) represent aggregate writedowns and charge-offs on real estate owned.

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. 

		September 30, 2019							September 30, 2018
	Level	Carrying Amount			Estimated Fair Value				Carrying Amount			Estimated Fair Value
		(In thousands)
Financial assets
Cash and cash equivalents	1	$	419,158		$	419,158			$	268,650		$	268,650
Available-for-sale securities:
Equity securities	1	—			—				488			488
U.S. government and agency securities	2	270,778			270,778				207,293			207,293
Municipal bonds	2	22,642			22,642				22,978			22,978
Corporate debt securities	2	209,763			209,763				184,695			184,695
Mortgage-backed securities
Agency pass-through certificates	2	982,559			982,559				896,041			896,041
Commercial MBS	2	—			—				3,462			3,462
Total available-for-sale securities		1,485,742			1,485,742				1,314,957			1,314,957
Held-to-maturity securities:
Mortgage-backed securities
Agency pass-through certificates	2	1,428,480			1,448,088				1,610,420			1,533,742
Commercial MBS		15,000			15,007				15,000			15,028
Total held-to-maturity securities		1,443,480			1,463,095				1,625,420			1,548,770
Loans receivable	3	11,930,575			12,617,600				11,477,081			11,556,326
FHLB and FRB stock	2	123,990			123,990				127,190			127,190
Other assets - client swap program hedges	2	20,381			20,381				12,731			12,731
Other assets - commercial loan fair value hedges	2	—			—				3,857			3,857
Other assets - mortgage loan fair value hedges	2	1,608			1,608				—			—
Other assets - borrowings cash flow hedges	2	—			—				22,250			22,250
Financial liabilities
Time deposits	2	4,906,963			4,937,847				4,804,803			4,779,040
FHLB advances and other borrowings	2	2,250,000			2,282,887				2,330,000			2,316,964
Other liabilities - client swap program hedges	2	20,381			20,381				12,731			12,731
Other liabilities - commercial loan fair value hedges	2	4,288			4,288				—			—
Other liabilities - borrowings cash flow hedges	2	7,877			7,877				—			—

X

- 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).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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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).

+ References

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-SubTopic 10
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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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