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Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2022

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 (with the exception of those measured using the NAV practical expedient).

			September 30, 2022
			Level 1						Level 2						Level 3						Total
			(In thousands)
Available-for-sale securities
U.S. government and agency securities			$	—					$	39,354					$	—					$	39,354
Asset-backed securities			—						767,001												767,001
Municipal bonds			—						34,962						—						34,962
Corporate debt securities			—						313,757						—						313,757
Mortgage-backed securities
Agency pass-through certificates			—						895,963						—						895,963
Total Available-for-sale securities			—						2,051,037						—						2,051,037
Client swap program hedges			—						67,260						—						67,260
Commercial loan hedges			—						2,517						—						2,517
Mortgage loan fair value hedges			—						36,765						—						36,765
Borrowings cash flow hedges			—						179,945						—						179,945
Total Financial Assets			$	—					$	2,337,524					$	—					$	2,337,524
Financial Liabilities
Client swap program hedges			$	—					$	67,260					$	—					$	67,260
Total Financial Liabilities			$	—					$	67,260					$	—					$	67,260

			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 hedges			—						2,177						—						2,177
Mortgage loan fair value hedges			—						1,641						—						1,641
Total Financial Liabilities			$	—					$	14,801					$	—					$	14,801

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, 2022																														Twelve Months Ended September 30, 2022
			Level 1						Level  2						Level  3						Total												Total Gains (Losses)
			(In thousands)
Loans receivable (1)			$	—					$	—					$	7,912					$	7,912											$	(1,286)
Real estate owned (2)			—						—						3,128						3,128												(367)
Balance at end of period			$	—					$	—					$	11,040					$	11,040											$	(1,653)

(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, 2021																														Twelve Months Ended September 30, 2021
			Level 1						Level  2						Level  3						Total												Total Gains (Losses)
			(In thousands)
Impaired loans (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.

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, 2022									September 30, 2021
			Level			Carrying Amount			Estimated Fair Value						Carrying Amount			Estimated Fair Value
						(In thousands)
Financial assets
Cash and cash equivalents			1			$	683,965		$	683,965					$	2,090,809		$	2,090,809
Available-for-sale securities:
U.S. government and agency securities			2			39,354			39,354						61,779			61,779
Asset-backed securities			2			767,001			767,001						1,078,681			1,078,681
Municipal bonds			2			34,962			34,962						39,984			39,984
Corporate debt securities			2			313,757			313,757						350,988			350,988
Mortgage-backed securities
Agency pass-through certificates			2			895,963			895,963						606,827			606,827
Total available-for-sale securities						2,051,037			2,051,037						2,138,259			2,138,259
Held-to-maturity securities:
Mortgage-backed securities
Agency pass-through certificates			2			463,299			406,860						366,025			379,547
Total held-to-maturity securities						463,299			406,860						366,025			379,547
Loans receivable			3			16,113,564			15,417,635						13,833,570			14,279,725
FHLB and FRB stock			2			95,073			95,073						102,863			102,863
Other assets - client swap program hedges			2			67,260			67,260						10,983			10,983
Other assets - commercial loan fair value hedges			2			2,517			2,517						—			—
Other assets - mortgage loan fair value hedges			2			36,765			36,765						—			—
Other assets - borrowings cash flow hedges			2			179,945			179,945						42,442			42,442
Financial liabilities
Time deposits			2			3,338,043			3,249,169						3,434,087			3,382,206
FHLB advances and other borrowings			2			2,125,000			1,940,813						1,720,000			1,692,412
Other liabilities - client swap program hedges			2			67,260			67,260						10,983			10,983
Other liabilities - commercial loan fair value hedges			2			—			—						2,177			2,177
Other liabilities - mortgage loan fair value hedges			2			—			—						1,641			1,641

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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-Publisher FASB
-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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