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Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 2020

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 of assets and liabilities that are measured at fair value on a recurring basis.

			December 31, 2020
			Level 1						Level 2						Level 3						Total
			(In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities			$	—					$	78,281					$	—					$	78,281
Asset-backed securities			—						1,210,356						—						1,210,356
Municipal bonds			—						38,703						—						38,703
Corporate debt securities			—						287,393						—						287,393
Mortgage-backed securities
Agency pass-through certificates			—						868,211						—						868,211
Total available-for-sale securities			—						2,482,944						—						2,482,944
Client swap program hedges			—						35,825						—						35,825
Borrowings cash flow hedges			—						2,743						—						2,743
Total financial assets			$	—					$	2,521,512					$	—					$	2,521,512
Financial Liabilities
Client swap program hedges			$	—					$	35,825					$	—					$	35,825
Commercial loan fair value hedges			—						7,508						—						7,508
Mortgage loan fair value hedges			—						12,459						—						12,459
Total financial liabilities			$	—					$	55,792					$	—					$	55,792

			September 30, 2020
			Level 1						Level 2						Level 3						Total
			(In thousands)
Financial Assets
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 fair value hedges			—						8,492						—						8,492
Mortgage loan fair value hedges									16,061												16,061
Borrowings cash flow hedges			—						17,375						—						17,375
Total financial liabilities			$	—					$	90,129					$	—					$	90,129

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, 2020 and December 31, 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.

			December 31, 2020																								Three Months Ended December 31, 2020
			Level 1						Level  2						Level  3						Total						Total Gains (Losses)
			(In thousands)																								(In thousands)
Loans (1)			$	—					$	—					$	—					$	—					$	(44)
Real estate owned (2)			—						—						447						447						(47)
Balance at end of period			$	—					$	—					$	447					$	447					$	(91)

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

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

			December 31, 2019																								Three Months Ended December 31, 2019
			Level 1						Level  2						Level  3						Total						Total Gains (Losses)
			(In thousands)																								(In thousands)
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 re-measurements of collateral-dependent 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. 

												December 31, 2020												September 30, 2020
						Level in Fair Value Hierarchy						Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
												($ in thousands)
Financial assets
Cash and cash equivalents						1						$	1,830,722					$	1,830,722					$	1,702,977					$	1,702,977
Available-for-sale securities
U.S. government and agency securities						2						78,281						78,281						18,824						18,824
Asset-backed securities						2						1,210,356						1,210,356						936,917						936,917
Municipal bonds						2						38,703						38,703						38,315						38,315
Corporate debt securities						2						287,393						287,393						287,184						287,184
Mortgage-backed securities
Agency pass-through certificates						2						868,211						868,211						968,252						968,252
Total available-for-sale securities												2,482,944						2,482,944						2,249,492						2,249,492
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates						2						581,313						600,622						698,934						720,516
Commercial MBS						2						5,557						5,553						6,904						6,852
Total held-to-maturity securities												586,870						606,175						705,838						727,368
Loans receivable						3						12,881,010						13,433,950						12,792,317						13,392,089
FHLB and FRB stock						2						137,991						137,991						141,990						141,990
Other assets - client swap program hedges						2						35,825						35,825						48,201						48,201
Other assets - borrowings cash flow hedges						2						2,743						2,743						—						—
Financial liabilities
Time deposits						2						3,785,082						3,761,325						3,973,192						3,963,203
FHLB advances						2						2,600,000						2,620,269						2,700,000						2,722,509
Other liabilities - client swap program hedges						2						35,825						35,825						48,201						48,201
Other liabilities - mortgage loan fair value hedges						2						12,459						12,459						16,061						16,061
Other liabilities - commercial loan fair value hedges						2						7,508						7,508						8,492						8,492
Other liabilities - borrowings cash flow hedges						2						—						—						17,375						17,375

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, 2020
			Amortized Cost						Gross Unrealized												Fair Value						Yield
									Gains						Losses
			($ in thousands)
Available-for-sale securities
U.S. government and agency securities due
1 to 5 years			$	58,807					$	588					$	—					$	59,395					0.53		%
5 to 10 years			18,443						443						—						18,886						2.05
Asset-backed securities
5 to 10 years			107,355						206						(1,360)						106,201						0.68
Over 10 years			1,097,828						7064						(737)						1104155						1.09
Corporate debt securities due
Within 1 year			52,756						236						(86)						52,906						1.22
1 to 5 years			152,226						6,557						(87)						158,696						1.87
5 to 10 years			73,340						2,451						—						75,791						1.16
Municipal bonds due
1 to 5 years			1,469						33						—						1,502						—
Over 10 years			35,836						1,365						—						37,201						5.40
Mortgage-backed securities
Agency pass-through certificates			833,814						35,980						(1,583)						868,211						2.72
			2,431,874						54,923						(3,853)						2,482,944						1.73
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates			581,313						19,309						—						600,622						3.16
Commercial MBS			5,557						—						(4)						5,553						1.02
			586,870						19,309						(4)						606,175						3.14
			$	3,018,744					$	74,232					$	(3,857)					$	3,089,119					2.00		%

			September 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			$	18,448					$	376					$	—					$	18,824					2.05		%
Asset-backed securities
5 to 10 years			38,289						—						(1,600)						36,689						0.83
Over 10 years			906,489						647						(6,908)						900,228						1.14
Corporate debt securities due
Within 1 year			54,209						337						(51)						54,495						1.22
1 to 5 years			128,289						3,366						(428)						131,227						1.78
5 to 10 years			97,157						4,305						—						101,462						1.50
Municipal bonds due
1 to 5 years			1,461						36						—						1,497						—
Over 10 years			36,044						774						—						36,818						5.40
Mortgage-backed securities
Agency pass-through certificates			929,713						39,166						(627)						968,252						2.82
			2,210,099						49,007						(9,614)						2,249,492						1.97
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates			698,934						21,582						—						720,516						3.16
Commercial MBS			6,904						—						(52)						6,852						1.02
			705,838						21,582						(52)						727,368						3.14
			$	2,915,937					$	70,589					$	(9,666)					$	2,976,860					2.25		%

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, 2020 and September 30, 2020, by length of time that individual securities in each category have been in a continuous loss position. There were 33 and 51 securities with an unrealized loss as of December 31, 2020 and September 30, 2020, 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.

December 31, 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			$	(173)					$	45,811					$	—					$	—					$	(173)					$	45,811
Asset-backed securities			(398)						219,539						(1,699)						141,478						(2,097)						361,017
Mortgage-backed securities			(1,174)						52,559						(409)						53,606						(1,583)						106,165
			(1,745)						317,909						(2,108)						195,084						(3,853)						512,993
Held-to-maturity securities
Mortgage-backed securities			(4)						5,553						—						—						(4)						5,553
			$	(1,749)					$	323,462					$	(2,108)					$	195,084					$	(3,857)					$	518,546

September 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			$	(74)					$	45,875					$	(405)					$	24,596					$	(479)					$	70,471
Asset-backed securities			(5,481)						587,746						(3,027)						204,369						(8,508)						792,115
Mortgage-backed securities			(278)						41,897						(349)						56,196						(627)						98,093
			(5,833)						675,518						(3,781)						285,161						(9,614)						960,679
Held-to-maturity securities
Mortgage-backed securities			(52)						6,853						—						—						(52)						6,853
			$	(5,885)					$	682,371					$	(3,781)					$	285,161					$	(9,666)					$	967,532

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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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Reconciliation of Amortized Cost to Fair Value, Available-for-sale Securities and Held-to-maturity Securities [Table Text Block]

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