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Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 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 of assets and liabilities that are measured at fair value on a recurring basis.

			March 31, 2021
			Level 1						Level 2						Level 3						Total
			(In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities			$	—					$	71,512					$	—					$	71,512
Asset-backed securities			—						1,183,977						—						1,183,977
Municipal bonds			—						38,669						—						38,669
Corporate debt securities			—						380,115						—						380,115
Mortgage-backed securities
Agency pass-through certificates			—						764,629						—						764,629
Total available-for-sale securities			—						2,438,902						—						2,438,902
Client swap program hedges			—						5,104						—						5,104
Mortgage loan fair value hedges			—						2,135						—						2,135
Borrowings cash flow hedges			—						59,198						—						59,198
Total financial assets			$	—					$	2,505,339					$	—					$	2,505,339
Financial Liabilities
Client swap program hedges			$	—					$	5,104					$	—					$	5,104
Commercial loan fair value hedges			—						4,610						—						4,610
Total financial liabilities			$	—					$	9,714					$	—					$	9,714

			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 March 31, 2021 and March 31, 2020, 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.

			March 31, 2021																								Three Months Ended March 31, 2021						Six Months Ended March 31, 2021
			Level 1						Level  2						Level  3						Total						Total Gains (Losses)
			(In thousands)																								(In thousands)
Loans (1)			$	—					$	—					$	—					$	—					$	(25)					$	(69)
Real estate owned (2)			—						—						722						722						148						101
Balance at end of period			$	—					$	—					$	722					$	722					$	123					$	32

(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.

			March 31, 2020																								Three Months Ended March 31, 2020						Six Months Ended March 31, 2020
			Level 1						Level  2						Level  3						Total						Total Gains (Losses)
			(In thousands)																								(In thousands)
Loans (1)			$	—					$	—					$	810					$	810					$	(246)					$	(545)
Real estate owned (2)			—						—						1,675						1,675						145						143
Balance at end of period			$	—					$	—					$	2,485					$	2,485					$	(101)					$	(402)

(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. 

												March 31, 2021												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						$	2,318,447					$	2,318,447					$	1,702,977					$	1,702,977
Available-for-sale securities
U.S. government and agency securities						2						71,512						71,512						18,824						18,824
Asset-backed securities						2						1,183,977						1,183,977						936,917						936,917
Municipal bonds						2						38,669						38,669						38,315						38,315
Corporate debt securities						2						380,115						380,115						287,184						287,184
Mortgage-backed securities
Agency pass-through certificates						2						764,629						764,629						968,252						968,252
Total available-for-sale securities												2,438,902						2,438,902						2,249,492						2,249,492
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates						2						489,915						503,723						698,934						720,516
Commercial MBS						2						4,174						4,174						6,904						6,852
Total held-to-maturity securities												494,089						507,897						705,838						727,368
Loans receivable						3						13,035,423						13,419,101						12,792,317						13,392,089
FHLB and FRB stock						2						119,991						119,991						141,990						141,990
Other assets - client swap program hedges						2						5,104						5,104						48,201						48,201
Other assets - commercial fair value loan hedges						2						—						—						—						—
Other assets - mortgage loan fair value hedges						2						2,135						2,135						—						—
Other assets - borrowings cash flow hedges						2						59,198						59,198						—						—
Financial liabilities
Time deposits						2						3,590,755						3,543,588						3,973,192						3,963,203
FHLB advances						2						2,150,000						2,115,171						2,700,000						2,722,509
Other liabilities - client swap program hedges						2						5,104						5,104						48,201						48,201
Other liabilities - commercial loan fair value hedges						2						4,610						4,610						8,492						8,492
Other liabilities - mortgage loan fair value hedges						2						—						—						16,061						16,061
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.

			March 31, 2021
			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			$	54,992					$	516					$	—					$	55,508					0.50		%
5 to 10 years			15,897						107						—						16,004						2.05
Asset-backed securities
5 to 10 years			102,141						447						(718)						101,870						0.68
Over 10 years			1,071,530						10,994						(417)						1,082,107						1.07
Corporate debt securities due
Within 1 year			31,742						126						(28)						31,840						1.98
1 to 5 years			195,442						7,120						—						202,562						1.67
5 to 10 years			65,888						751						(710)						65,929						3.14
Over 10 years			80,560						—						(776)						79,784						3.44
Municipal bonds due
1 to 5 years			1,477						28						—						1,505						—
5 to 10 years			5,797						275						—						6,072						0.27
Over 10 years			29,929						1,163						—						31,092						5.85
Mortgage-backed securities
Agency pass-through certificates			737,281						29,622						(2,274)						764,629						2.67
			2,392,676						51,149						(4,923)						2,438,902						1.80
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates			489,915						13,808						—						503,723						3.16
Commercial MBS			4,174						—						—						4,174						0.98
			494,089						13,808						—						507,897						3.14
			$	2,886,765					$	64,957					$	(4,923)					$	2,946,799					2.02		%

			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 March 31, 2021 and September 30, 2020, by length of time that individual securities in each category have been in a continuous loss position. There were 38 and 51 securities with an unrealized loss as of March 31, 2021 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 have any credit impairment.

March 31, 2021			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			$	(1,514)					$	125,191					$	—					$	—					$	(1,514)					$	125,191
Asset-backed securities			(77)						80,046						(1,058)						125,681						(1,135)						205,727
Mortgage-backed securities			(1,963)						55,679						(311)						31,951						(2,274)						87,630
			(3,554)						260,916						(1,369)						157,632						(4,923)						418,548
Held-to-maturity securities
Mortgage-backed securities			—						—						—						—						—						—
			$	(3,554)					$	260,916					$	(1,369)					$	157,632					$	(4,923)					$	418,548

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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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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