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Fair Value Measurements (Tables) | 9 Months Ended
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Jun. 30, 2020
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, 2020 |  |  |  |  |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands) |  |  |  |  |  |
Financial Assets |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |
U.S. government and agency securities | $ | — |  |  | $ | 669,905 |  |  | $ | — |  |  | $ | 669,905 |
Municipal bonds | — |  |  | 38,041 |  |  | — |  |  | 38,041 |
Corporate debt securities | — |  |  | 322,000 |  |  | — |  |  | 322,000 |
Mortgage-backed securities |  |  |  |  |  |  |
Agency pass-through certificates | — |  |  | 1,034,014 |  |  | — |  |  | 1,034,014 |
Total available-for-sale securities | — |  |  | 2,063,960 |  |  | — |  |  | 2,063,960 |
Client swap program hedges | — |  |  | 47,972 |  |  | — |  |  | 47,972 |
Total financial assets | $ | — |  |  | $ | 2,111,932 |  |  | $ | — |  |  | $ | 2,111,932 |
Financial Liabilities |  |  |  |  |  |  |
Client swap program hedges | $ | — |  |  | $ | 47,972 |  |  | $ | — |  |  | $ | 47,972 |
Commercial loan fair value hedges | — |  |  | 9,090 |  |  | — |  |  | 9,090 |
Mortgage loan fair value hedges | — |  |  | 17,605 |  |  | — |  |  | 17,605 |
Borrowings cash flow hedges | — |  |  | 25,235 |  |  | — |  |  | 25,235 |
Total financial liabilities | $ | — |  |  | $ | 99,902 |  |  | $ | — |  |  | $ | 99,902 |
| 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 June 30, 2020 and June 30, 2019, 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.
| June 30, 2020 |  |  |  |  |  |  |  | Three Months Ended June 30, 2020 |  | Nine Months Ended June 30, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Total Gains (Losses) |  |
| (In thousands) |  |  |  |  |  |  |  | (In thousands) |  |
Loans (1) | $ | — |  |  | $ | — |  |  | $ | 2,277 |  |  | $ | 2,277 |  |  | $ | (3,260) |  |  | $ | (3,805) |
Real estate owned (2) | — |  |  | — |  |  | 3,882 |  |  | 3,882 |  |  | (284) |  |  | (141) |
Balance at end of period | $ | — |  |  | $ | — |  |  | $ | 6,159 |  |  | $ | 6,159 |  |  | $ | (3,544) |  |  | $ | (3,946) |
(1)The gains (losses) represent re-measurements of collateral-dependent loans. (2)The gains (losses) represent re-measurements of REO.
| 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 re-measurements of collateral-dependent loans. (2)The gains (losses) represent re-measurements 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, 2020 |  |  |  | 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 |  | $ | 1,218,240 |  |  | $ | 1,218,240 |  |  | $ | 419,158 |  |  | $ | 419,158 |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities |  | 2 |  | 669,905 |  |  | 669,905 |  |  | 270,778 |  |  | 270,778 |
Municipal bonds |  | 2 |  | 38,041 |  |  | 38,041 |  |  | 22,642 |  |  | 22,642 |
Corporate debt securities |  | 2 |  | 322,000 |  |  | 322,000 |  |  | 209,763 |  |  | 209,763 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |
Agency pass-through certificates |  | 2 |  | 1,034,014 |  |  | 1,034,014 |  |  | 982,559 |  |  | 982,559 |
Total available-for-sale securities |  |  |  | 2,063,960 |  |  | 2,063,960 |  |  | 1,485,742 |  |  | 1,485,742 |
Held-to-maturity securities |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |
Agency pass-through certificates |  | 2 |  | 820,304 |  |  | 847,510 |  |  | 1,428,480 |  |  | 1,448,088 |
Commercial MBS |  | 2 |  | 7,012 |  |  | 6,907 |  |  | 15,000 |  |  | 15,007 |
Total held-to-maturity securities |  |  |  | 827,316 |  |  | 854,417 |  |  | 1,443,480 |  |  | 1,463,095 |
Loans receivable |  | 3 |  | 12,733,426 |  |  | 13,318,026 |  |  | 11,930,575 |  |  | 12,617,600 |
FHLB and FRB stock |  | 2 |  | 145,990 |  |  | 145,990 |  |  | 123,990 |  |  | 123,990 |
Other assets - client swap program hedges |  | 2 |  | 47,972 |  |  | 47,972 |  |  | 20,381 |  |  | 20,381 |
Other assets - mortgage loan fair value hedges |  | 2 |  | — |  |  | — |  |  | 1,608 |  |  | 1,608 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Time deposits |  | 2 |  | 4,209,146 |  |  | 4,200,715 |  |  | 4,906,963 |  |  | 4,937,847 |
FHLB advances |  | 2 |  | 2,800,000 |  |  | 2,808,567 |  |  | 2,250,000 |  |  | 2,282,887 |
Other liabilities - client swap program hedges |  | 2 |  | 47,972 |  |  | 47,972 |  |  | 20,381 |  |  | 20,381 |
Other liabilities - mortgage loan fair value hedges |  | 2 |  | 17,605 |  |  | 17,605 |  |  | — |  |  | — |
Other liabilities - commercial loan fair value hedges |  | 2 |  | 9,090 |  |  | 9,090 |  |  | 4,288 |  |  | 4,288 |
Other liabilities - borrowings cash flow hedges |  | 2 |  | 25,235 |  |  | 25,235 |  |  | 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.
| June 30, 2020 |  |  |  |  |  |  |  |
| 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 | $ | 59,799 |  |  | $ | 416 |  |  | $ | (2,203) |  |  | $ | 58,012 |  |  | 1.26 | %
Over 10 years | 616,095 |  |  | 74 |  |  | (4,276) |  |  | 611,893 |  |  | 1.18 |
Corporate debt securities due |  |  |  |  |  |  |  |  |
Within 1 year | 71,064 |  |  | 66 |  |  | (63) |  |  | 71,067 |  |  | 0.68 |
1 to 5 years | 128,325 |  |  | 3,256 |  |  | (849) |  |  | 130,732 |  |  | 2.04 |
5 to 10 years | 117,000 |  |  | 3,201 |  |  | — |  |  | 120,201 |  |  | 1.70 |
Municipal bonds due |  |  |  |  |  |  |  |  |
1 to 5 years | 1,453 |  |  | 41 |  |  | — |  |  | 1,494 |  |  | — |
Over 10 years | 36,066 |  |  | 534 |  |  | (53) |  |  | 36,547 |  |  | 5.40 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Agency pass-through certificates | 992,612 |  |  | 42,125 |  |  | (723) |  |  | 1,034,014 |  |  | 2.96 |
| 2,022,414 |  |  | 49,713 |  |  | (8,167) |  |  | 2,063,960 |  |  | 2.20 |
Held-to-maturity securities |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Agency pass-through certificates | 820,304 |  |  | 27,206 |  |  | — |  |  | 847,510 |  |  | 3.16 |
Commercial MBS | 7,012 |  |  | — |  |  | (105) |  |  | 6,907 |  |  | 1.06 |
| 827,316 |  |  | 27,206 |  |  | (105) |  |  | 854,417 |  |  | 3.14 |
| $ | 2,849,730 |  |  | $ | 76,919 |  |  | $ | (8,272) |  |  | $ | 2,918,377 |  |  | 2.47 | %
| 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 June 30, 2020 and September 30, 2019, by length of time that individual securities in each category have been in a continuous loss position. There were 51 and 41 securities with an unrealized loss as of June 30, 2020 and September 30, 2019, respectively. 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, 2020 | 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) |  |  |  |  |  |  |  |  |  |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | $ | (200) |  |  | $ | 71,304 |  |  | $ | (712) |  |  | $ | 49,288 |  |  | $ | (912) |  |  | $ | 120,592 |
Municipal bonds | (53) |  |  | 9,905 |  |  | — |  |  | — |  |  | (53) |  |  | 9,905 |
U.S. government and agency securities | (2,647) |  |  | 276,942 |  |  | (3,832) |  |  | 160,648 |  |  | (6,479) |  |  | 437,590 |
Mortgage-backed securities | (145) |  |  | 49,214 |  |  | (578) |  |  | 103,179 |  |  | (723) |  |  | 152,393 |
| (3,045) |  |  | 407,365 |  |  | (5,122) |  |  | 313,115 |  |  | (8,167) |  |  | 720,480 |
Held-to-maturity securities |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities | (105) |  |  | 6,907 |  |  | — |  |  | — |  |  | (105) |  |  | 6,907 |
| $ | (3,150) |  |  | $ | 414,272 |  |  | $ | (5,122) |  |  | $ | 313,115 |  |  | $ | (8,272) |  |  | $ | 727,387 |
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) |  |  |  |  |  |  |  |  |  |
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |
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 |  |  | (976) |  |  | 155,620 |  |  | (1,124) |  |  | 243,515 |
| (804) |  |  | 240,610 |  |  | (1,986) |  |  | 257,961 |  |  | (2,790) |  |  | 498,571 |
Held-to-maturity securities |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities | — |  |  | — |  |  | (337) |  |  | 115,182 |  |  | (337) |  |  | 115,182 |
| $ | (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). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition 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). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563 + Details
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