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Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 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.

			December 31, 2019
			Level 1						Level 2						Level 3						Total
			(In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities			$	—					$	333,514					$	—					$	333,514
Municipal bonds			—						22,490						—						22,490
Corporate debt securities			—						210,649						—						210,649
Mortgage-backed securities
Agency pass-through certificates			—						928,933						—						928,933
Total available-for-sale securities			—						1,495,586						—						1,495,586
Client swap program hedges			—						14,973						—						14,973
Mortgage loan fair value hedges			—						4,765						—						4,765
Total financial assets			$	—					$	1,515,324					$	—					$	1,515,324
Financial Liabilities
Client swap program hedges			$	—					$	14,973					$	—					$	14,973
Commercial loan fair value hedges			—						2,753						—						2,753
Borrowings cash flow hedges			—						4,762						—						4,762
Total financial liabilities			$	—					$	22,488					$	—					$	22,488

			September 30, 2019
			Level 1						Level 2						Level 3						Total
			(In thousands)
Financial Assets
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

Fair Value of Assets Measured on Nonrecurring Basis

The following tables present the aggregated balance of assets that were measured at fair value on a nonrecurring basis at December 31, 2019 and December 31, 2018, and the total gains (losses) resulting from those fair value adjustments during the respective periods. The estimated fair value measurements are shown gross of estimated selling costs.

			December 31, 2019																																										Three Months Ended December 31, 2019
			Level 1						Level  2						Level  3						Total						Total Gains (Losses)
			(In thousands)																																										(In thousands)
Impaired loans (1)			$	—					$	—					$	70					$	70					$	(299)
Real estate owned (2)			—						—						976						976						(2)
Balance at end of period			$	—					$	—					$	1,046					$	1,046					$	(301)

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

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

			December 31, 2018																																										Three Months Ended December 31, 2018
			Level 1						Level  2						Level  3						Total						Total Gains (Losses)
			(In thousands)																																										(In thousands)
Impaired loans (1)			$	—					$	—					$	1,970					$	1,970					$	(726)
Real estate owned (2)			—						—						520						520						(32)
Balance at end of period			$	—					$	—					$	2,490					$	2,490					$	(758)

(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. 

												December 31, 2019																		September 30, 2019
						Level in Fair Value Hierarchy						Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
												($ in thousands)
Financial assets
Cash and cash equivalents						1						$	483,805					$	483,805					$	419,158					$	419,158
Available-for-sale securities
U.S. government and agency securities						2						333,514						333,514						270,778						270,778
Municipal bonds						2						22,490						22,490						22,642						22,642
Corporate debt securities						2						210,649						210,649						209,763						209,763
Mortgage-backed securities
Agency pass-through certificates						2						928,933						928,933						982,559						982,559
Total available-for-sale securities												1,495,586						1,495,586						1,485,742						1,485,742
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates						2						1,348,594						1,368,314						1,428,480						1,448,088
Commercial MBS						2						12,100						12,106						15,000						15,007
Total held-to-maturity securities												1,360,694						1,380,420						1,443,480						1,463,095
Loans receivable						3						11,904,861						12,479,483						11,930,575						12,617,600
FHLB and FRB stock						2						123,990						123,990						123,990						123,990
Other assets - client swap program hedges						2						14,973						14,973						20,381						20,381
Other assets - mortgage loan fair value hedges						2						4,765						4,765						1,608						1,608
Financial liabilities
Time deposits						2						4,617,017						4,642,830						4,906,963						4,937,847
FHLB advances						2						2,250,000						2,279,222						2,250,000						2,282,887
Other liabilities - client swap program hedges						2						14,973						14,973						20,381						20,381
Other liabilities - commercial loan fair value hedges						2						2,753						2,753						4,288						4,288
Other liabilities - borrowings cash flow hedges						2						4,762						4,762						7,877						7,877

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

The following tables provide details about the amortized cost and fair value of available-for-sale and held-to-maturity securities.

			December 31, 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			$	63,512					$	2					$	(979)					$	62,535					2.27		%
Over 10 years			272,314						14						(1,349)						270,979						2.82
Corporate debt securities due
Within 1 year			43,938						307						—						44,245						3.41
1 to 5 years			70,000						977						—						70,977						3.01
5 to 10 years			93,008						2,419						—						95,427						2.95
Municipal bonds due
1 to 5 years			1,437						23						—						1,460						1.95
Over 10 years			20,298						732						—						21,030						6.45
Mortgage-backed securities
Agency pass-through certificates			905,556						24,998						(1,621)						928,933						3.19
			1,470,063						29,472						(3,949)						1,495,586						3.11
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates			1,348,594						20,018						(298)						1,368,314						3.15
Commercial MBS			12,100						6						—						12,106						2.61
			1,360,694						20,024						(298)						1,380,420						3.14
			$	2,830,757					$	49,496					$	(4,247)					$	2,876,006					3.12		%

			September 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			$	65,287					$	39					$	(629)					$	64,697					2.43		%
Over 10 years			207,067						1						(987)						206,081						3.02
Corporate debt securities due
Within 1 year			43,903						411						—						44,314						3.65
1 to 5 years			70,000						689						(50)						70,639						3.29
5 to 10 years			92,931						1,879						—						94,810						3.27
Municipal bonds due
1 to 5 years			1,430						14						—						1,444						1.94
Over 10 years			20,303						895						—						21,198						6.45
Mortgage-backed securities
Agency pass-through certificates			957,150						26,533						(1,124)						982,559						3.29
			1,458,071						30,461						(2,790)						1,485,742						3.27
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates			1,428,480						19,945						(337)						1,448,088						3.15
Commercial MBS			15,000						7						—						15,007						2.89
			1,443,480						19,952						(337)						1,463,095						3.15
			$	2,901,551					$	50,413					$	(3,127)					$	2,948,837					3.21		%

Schedule of Unrealized Losses and Fair Value of Securities

The following tables show the gross unrealized losses and fair value of securities as of December 31, 2019 and September 30, 2019, 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, 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)
U.S. government and agency securities			$	(701)					$	156,068					$	(1,627)					$	122,155					$	(2,328)					$	278,223
Mortgage-backed securities			(660)						125,407						(1,259)						209,355						(1,919)						334,762
			$	(1,361)					$	281,475					$	(2,886)					$	331,510					$	(4,247)					$	612,985

September 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			$	—					$	—					$	(50)					$	24,950					$	(50)					$	24,950
U.S. government and agency securities			(656)						152,715						(960)						77,391						(1,616)						230,106
Mortgage-backed securities			(148)						87,895						(1,313)						270,802						(1,461)						358,697
			$	(804)					$	240,610					$	(2,323)					$	373,143					$	(3,127)					$	613,753

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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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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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