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Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2019

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.

	June 30, 2019
	Level 1				Level 2				Level 3				Total
	(In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities	$	—			$	248,942			$	—			$	248,942
Municipal bonds	—				22,885				—				22,885
Corporate debt securities	—				208,707				—				208,707
Mortgage-backed securities
Agency pass-through certificates	—				1,027,403				—				1,027,403
Total available-for-sale securities	—				1,507,937				—				1,507,937
Interest rate contracts	—				13,912				—				13,912
Total financial assets	$	—			$	1,521,849			$	—			$	1,521,849
Financial Liabilities
Interest rate contracts	$	—			$	13,912			$	—			$	13,912
Commercial loan hedges	—				2,585				—				2,585
Borrowings hedges	—				4,442				—				4,442
Total financial liabilities	$	—			$	20,939			$	—			$	20,939

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

	September 30, 2018
	Level 1				Level 2				Level 3				Total
	(In thousands)
Financial Assets
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
Interest rate contracts	—				12,731				—				12,731
Commercial loan hedges	—				3,857				—				3,857
Borrowings hedges	—				22,250				—				22,250
Total financial assets	$	488			$	1,353,307			$	—			$	1,353,795
Financial Liabilities
Interest rate contracts	$	—			$	12,731			$	—			$	12,731
Total financial liabilities	$	—			$	12,731			$	—			$	12,731

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 June 30, 2019 and June 30, 2018, and the total gains (losses) resulting from those fair value adjustments for the three and nine months ended June 30, 2019 and June 30, 2018. The estimated fair value measurements are shown gross of estimated selling costs.

	June 30, 2019																Three Months Ended June 30, 2019				Nine Months Ended June 30, 2019
	Level 1				Level  2				Level  3				Total				Total Gains (Losses)
	(In thousands)																(In thousands)
Impaired loans (1)	$	—			$	—			$	6,007			$	6,007			$	(4,383	)		$	(5,619	)
Real estate owned (2)	—				—				3,084				3,084				(5		)		394
Balance at end of period	$	—			$	—			$	9,091			$	9,091			$	(4,388	)		$	(5,225	)

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

(2) The gains (losses) represent remeasurements of REO.

	June 30, 2018																Three Months Ended June 30, 2018				Nine Months Ended June 30, 2018
	Level 1				Level  2				Level  3				Total				Total Gains (Losses)
	(In thousands)																(In thousands)
Impaired loans (1)	$	—			$	—			$	15,125			$	15,125			$	(3,120	)		$	(4,094	)
Real estate owned (2)	—				—				6,354				6,354				(97		)		(656		)
Balance at end of period	$	—			$	—			$	21,479			$	21,479			$	(3,217	)		$	(4,750	)

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

(2)

The gains (losses) represent remeasurements of 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. 

				June 30, 2019								September 30, 2018
		Level in Fair Value Hierarchy		Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
				($ in thousands)
Financial assets
Cash and cash equivalents		1		$	289,828			$	289,828			$	268,650			$	268,650
Available-for-sale securities
Equity securities		1		—				—				488				488
U.S. government and agency securities		2		248,942				248,942				207,293				207,293
Municipal bonds		2		22,885				22,885				22,978				22,978
Corporate debt securities		2		208,707				208,707				184,695				184,695
Mortgage-backed securities
Agency pass-through certificates		2		1,027,403				1,027,403				896,041				896,041
Commercial MBS		2		—				—				3,462				3,462
Total available-for-sale securities				1,507,937				1,507,937				1,314,957				1,314,957
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates		2		1,493,175				1,496,671				1,610,420				1,533,742
Commercial MBS		2		15,000				15,008				15,000				15,028
Total held-to-maturity securities				1,508,175				1,511,679				1,625,420				1,548,770
Loans receivable		3		11,974,533				12,485,465				11,477,081				11,556,326
FHLB and FRB stock		2		134,190				134,190				127,190				127,190
Other assets - interest rate contracts		2		13,912				13,912				12,731				12,731
Other assets - commercial loan hedges		2		—				—				3,857				3,857
Other assets - borrowings hedges		2		—				—				22,250				22,250
Financial liabilities
Time deposit accounts		2		4,950,320				4,959,058				4,804,803				4,779,040
FHLB advances		2		2,505,000				2,531,425				2,330,000				2,316,964
Other liabilities - interest rate contracts		2		13,912				13,912				12,731				12,731
Other liabilities - commercial loan hedges		2		2,585				2,585				—				—
Other liabilities - borrowings hedges		2		4,442				4,442				—				—

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.

	June 30, 2019
	Amortized Cost				Gross Unrealized								Fair Value				Yield
					Gains				Losses
	($ in thousands)
Available-for-sale securities
U.S. government and agency securities due
5 to 10 years	$	68,503			$	3			$	(881	)		$	67,625			2.69	%
Over 10 years	182,384				20				(1,087		)		181,317				3.40
Corporate debt securities due
Within 1 year	33,867				413				—				34,280				3.95
1 to 5 years	80,000				599				(149		)		80,450				3.70
5 to 10 years	92,853				1,124				—				93,977				3.59
Municipal bonds due
1 to 5 years	1,422				12				—				1,434				1.93
Over 10 years	20,308				1,143				—				21,451				6.45
Mortgage-backed securities
Agency pass-through certificates	1,008,446				20,877				(1,920		)		1,027,403				3.36
	1,487,783				24,191				(4,037		)		1,507,937				3.33
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates	1,493,175				10,797				(7,301		)		1,496,671				3.16
Commercial MBS	15,000				8				—				15,008				3.26
	1,508,175				10,805				(7,301		)		1,511,679				3.16
	$	2,995,958			$	34,996			$	(11,338	)		$	3,019,616			3.29	%

	September 30, 2018
	Amortized Cost				Gross Unrealized								Fair Value				Yield
					Gains			Losses
	($ in thousands)
Available-for-sale securities
U.S. government and agency securities due
5 to 10 years	$	60,872			$	—			$	(1,473	)		$	59,399			2.55	%
Over 10 years	148,099				109				(314		)		147,894				3.05
Equity securities
1 to 5 years	500				—				(12		)		488				1.80
Corporate bonds due
1 to 5 years	113,762				1,875				(13		)		115,624				3.59
5 to 10 years	69,965				35				(929		)		69,071				3.23
Municipal bonds due
1 to 5 years	1,398				—				(24		)		1,374				2.05
Over 10 years	20,323				1,281				—				21,604				6.45
Mortgage-backed securities
Agency pass-through certificates	908,092				1,383				(13,434		)		896,041				3.29
Commercial MBS	3,460				2				—				3,462				4.36
	1,326,471				4,685				(16,199		)		1,314,957				3.30
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates	1,610,420				305				(76,983		)		1,533,742				3.16
Other Commercial MBS	15,000				28				—				15,028				3.03
	1,625,420				333				(76,983		)		1,548,770				3.16
	$	2,951,891			$	5,018			$	(93,182	)		$	2,863,727			3.22	%

Schedule of Unrealized Losses and Fair Value of Securities

The following tables show the unrealized gross losses and fair value of securities as of June 30, 2019 and September 30, 2018, 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.

 

June 30, 2019	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	$	—			$	—			$	(149	)		$	49,851			$	(149	)		49,851
U.S. government and agency securities	(158		)		63,483				(1,809		)		145,522				(1,967		)		209,005
Mortgage-backed securities	(98		)		94,553				(9,124		)		990,089				(9,222		)		1,084,642
	$	(256	)		$	158,036			$	(11,082	)		$	1,185,462			$	(11,338	)		$	1,343,498

September 30, 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	$	(929	)		$	49,072			$	(14	)		$	24,988			$	(943	)		$	74,060
Municipal bonds due	(24		)		1,374				—				—				(24		)		1,374
U.S. government and agency securities	(141		)		37,565				(1,645		)		76,499				(1,786		)		114,064
Equity securities	(12		)		488				—				—				(12		)		488
Mortgage-backed securities	(28,748		)		1,035,754				(61,669		)		1,183,017				(90,417		)		2,218,771
	$	(29,854	)		$	1,124,253			$	(63,328	)		$	1,284,504			$	(93,182	)		$	2,408,757

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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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