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Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair value of assets measured on recurring basis

The following tables present 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, 2021
			Level 1						Level 2						Level 3						Total
			(In thousands)
Available-for-sale securities
U.S. government and agency securities			$	—					$	61,779					$	—					$	61,779
Asset-backed securities			—						1,078,681												1,078,681
Municipal bonds			—						39,984						—						39,984
Corporate debt securities			—						350,988						—						350,988
Mortgage-backed securities
Agency pass-through certificates			—						606,827						—						606,827
Total Available-for-sale securities			—						2,138,259						—						2,138,259
Client swap program hedges			—						10,983						—						10,983
Borrowings cash flow hedges			—						42,442						—						42,442
Total Financial Assets			$	—					$	2,191,684					$	—					$	2,191,684
Financial Liabilities
Client swap program hedges			$	—					$	10,983					$	—					$	10,983
Commercial loan fair value hedges			—						2,177						—						2,177
Mortgage loan fair value hedges			—						1,641						—						1,641
Total Financial Liabilities			$	—					$	14,801					$	—					$	14,801

			September 30, 2020
			Level 1						Level 2						Level 3						Total
			(In thousands)
Available-for-sale securities
U.S. government and agency securities			$	—					$	18,824					$	—					$	18,824
Asset-backed securities			—						936,917						—						936,917
Municipal bonds			—						38,315						—						38,315
Corporate debt securities			—						287,184						—						287,184
Mortgage-backed securities
Agency pass-through certificates			—						968,252						—						968,252
Total Available-for-sale securities			—						2,249,492						—						2,249,492
Client swap program hedges			—						48,201						—						48,201
Total Financial Assets			$	—					$	2,297,693					$	—					$	2,297,693
Financial Liabilities
Client swap program hedges			$	—					$	48,201					$	—					$	48,201
Commercial loan hedges			—						8,492						—						8,492
Mortgage loan fair value hedges			—						16,061						—						16,061
Borrowing hedges			—						17,375						—						17,375
Total Financial Liabilities			$	—					$	90,129					$	—					$	90,129

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 for the periods presented, 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.  

			September 30, 2021																														Twelve Months Ended September 30, 2021
			Level 1						Level  2						Level  3						Total												Total Gains (Losses)
			(In thousands)
Loans receivable (1)			$	—					$	—					$	—					$	—											$	(105)
Real estate owned (2)			—						—						1,851						1,851												(420)
Balance at end of period			$	—					$	—					$	1,851					$	1,851											$	(525)

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

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

			September 30, 2020																														Twelve Months Ended September 30, 2020
			Level 1						Level  2						Level  3						Total												Total Gains (Losses)
			(In thousands)
Impaired loans (1)			$	—					$	—					$	2,277					$	2,277											$	(4,843)
Real estate owned (2)			—						—						4,757						4,757												(233)
Balance at end of period			$	—					$	—					$	7,034					$	7,034											$	(5,076)

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

(2)The gains (losses) represent aggregate write-downs 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, 2021									September 30, 2020
			Level			Carrying Amount			Estimated Fair Value						Carrying Amount			Estimated Fair Value
						(In thousands)
Financial assets
Cash and cash equivalents			1			$	2,090,809		$	2,090,809					$	1,702,977		$	1,702,977
Available-for-sale securities:
U.S. government and agency securities			2			61,779			61,779						18,824			18,824
Asset-backed securities			2			1,078,681			1,078,681						936,917			936,917
Municipal bonds			2			39,984			39,984						38,315			38,315
Corporate debt securities			2			350,988			350,988						287,184			287,184
Mortgage-backed securities
Agency pass-through certificates			2			606,827			606,827						968,252			968,252
Total available-for-sale securities						2,138,259			2,138,259						2,249,492			2,249,492
Held-to-maturity securities:
Mortgage-backed securities
Agency pass-through certificates			2			366,025			379,547						698,934			720,516
Commercial MBS			2			—			—						6,904			6,852
Total held-to-maturity securities						366,025			379,547						705,838			727,368
Loans receivable			3			13,833,570			14,279,725						12,792,317			13,392,089
FHLB and FRB stock			2			102,863			102,863						141,990			141,990
Other assets - client swap program hedges			2			10,983			10,983						48,201			48,201
Other assets - borrowings cash flow hedges			2			42,442			42,442						—			—
Financial liabilities
Time deposits			2			3,434,087			3,382,206						3,973,192			3,963,203
FHLB advances and other borrowings			2			1,720,000			1,692,412						2,700,000			2,722,509
Other liabilities - client swap program hedges			2			10,983			10,983						48,201			48,201
Other liabilities - commercial loan fair value hedges			2			2,177			2,177						8,492			8,492
Other liabilities - mortgage loan fair value hedges			2			1,641			1,641						16,061			16,061
Other liabilities - borrowings cash flow hedges			2			—			—						17,375			17,375

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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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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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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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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