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Fair Value Measurements (Tables)

3 Months Ended

Dec. 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.

			December 31, 2021
			Level 1						Level 2						Level 3						Total
			(In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities			$	—					$	57,567					$	—					$	57,567
Asset-backed securities			—						959,894						—						959,894
Municipal bonds			—						40,149						—						40,149
Corporate debt securities			—						348,186						—						348,186
Mortgage-backed securities
Agency pass-through certificates			—						540,343						—						540,343
Total available-for-sale securities			—						1,946,139						—						1,946,139
Client swap program hedges			—						5,944						—						5,944
Mortgage loan fair value hedges			—						2,632						—						2,632
Borrowings cash flow hedges			—						48,888						—						48,888
Total financial assets			$	—					$	2,003,603					$	—					$	2,003,603
Financial Liabilities
Client swap program hedges			$	—					$	5,944					$	—					$	5,944
Commercial loan fair value hedges			—						1,951						—						1,951
Total financial liabilities			$	—					$	7,895					$	—					$	7,895

			September 30, 2021
			Level 1						Level 2						Level 3						Total
			(In thousands)
Financial Assets
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

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, 2021 and December 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.

 

			December 31, 2021																								Three Months Ended December 31, 2021
			Level 1						Level  2						Level  3						Total						Total Gains (Losses)
			(In thousands)																								(In thousands)
Loans (1)			$	—					$	—					$	202					$	202					$	(89)
Real estate owned (2)			—						—						1,390						1,390						(504)
Balance at end of period			$	—					$	—					$	1,592					$	1,592					$	(593)

(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, 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.

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, 2021												September 30, 2021
						Level in Fair Value Hierarchy						Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
												($ in thousands)
Financial assets
Cash and cash equivalents						1						$	1,880,647					$	1,880,647					$	2,090,809					$	2,090,809
Available-for-sale securities
U.S. government and agency securities						2						57,567						57,567						61,779						61,779
Asset-backed securities						2						959,894						959,894						1,078,681						1,078,681
Municipal bonds						2						40,149						40,149						39,984						39,984
Corporate debt securities						2						348,186						348,186						350,988						350,988
Mortgage-backed securities
Agency pass-through certificates						2						540,343						540,343						606,827						606,827
Total available-for-sale securities												1,946,139						1,946,139						2,138,259						2,138,259
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates						2						326,387						335,895						366,025						379,547
Total held-to-maturity securities												326,387						335,895						366,025						379,547
Loans receivable						3						14,592,202						14,991,699						13,833,570						14,279,725
FHLB and FRB stock						2						102,863						102,863						102,863						102,863
Other assets - client swap program hedges						2						5,944						5,944						10,983						10,983
Other assets - mortgage loan fair value hedges						2						2,632						2,632						—						—
Other assets - borrowings cash flow hedges						2						48,888						48,888						42,442						42,442
Financial liabilities
Time deposits						2						3,351,984						3,307,120						3,434,087						3,382,206
FHLB advances						2						1,720,000						1,672,238						1,720,000						1,692,412
Other liabilities - client swap program hedges						2						5,944						5,944						10,983						10,983
Other liabilities - commercial loan fair value hedges						2						1,951						1,951						2,177						2,177
Other liabilities - mortgage loan fair value hedges						2						—						—						1,641						1,641

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, 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			$	57,562					$	93					$	(88)					$	57,567					0.86		%
Asset-backed securities
1 to 5 years			19,280						—						(471)						18,809						0.83
5 to 10 years			66,245						290						(138)						66,397						0.58
Over 10 years			867,872						7,206						(390)						874,688						0.97
Corporate debt securities due
1 to 5 years			226,048						6,355						—						232,403						1.59
5 to 10 years			86,475						409						—						86,884						4.64
Over 10 years			28,833						66						—						28,899						1.95
Municipal bonds due
Within 1 year			1,501						10						—						1,511						—
5 to 10 years			5,774						226						—						6,000						0.22
Over 10 years			29,900						2,738						—						32,638						5.85
Mortgage-backed securities
Agency pass-through certificates			525,179						17,984						(2,820)						540,343						2.57
			1,914,669						35,377						(3,907)						1,946,139						1.72
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates			326,387						9,508						—						335,895						3.17
			326,387						9,508						—						335,895						3.17
			$	2,241,056					$	44,885					$	(3,907)					$	2,282,034					1.91		%

 

			September 30, 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			$	47,339					$	240					$	—					$	47,579					0.44		%
5 to 10 years			14,064						136						—						14,200						2.05
Asset-backed securities
1 to 5 years			19,730						—						(434)						19,296						0.52
5 to 10 years			71,207						412						(97)						71,522						0.57
Over 10 years			973,892						14,069						(98)						987,863						0.94
Corporate debt securities due
Within 1 year			225,928						7,860						—						233,788						1.57
1 to 5 years			86,802						1,345						—						88,147						4.64
5 to 10 years			28,804						249						—						29,053						1.95
Municipal bonds due
Within 1 year			1,493						17						—						1,510						—
5 to 10 years			5,781						294						—						6,075						0.22
Over 10 years			29,909						2,490						—						32,399						5.85
Mortgage-backed securities
Agency pass-through certificates			585,121						23,717						(2,011)						606,827						2.60
			2,090,070						50,829						(2,640)						2,138,259						1.69
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates			366,025						13,522						—						379,547						3.17
			366,025						13,522						—						379,547						3.17
			$	2,456,095					$	64,351					$	(2,640)					$	2,517,806					1.89		%

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, 2021 and September 30, 2021, by length of time that individual securities in each category have been in a continuous loss position. There were 36 and 31 securities with an unrealized loss as of December 31, 2021 and September 30, 2021, 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.

 

December 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
U.S. government and agency securities			$	(88)					$	13,970					$	—					$	—					$	(88)					$	13,970
Asset-backed securities			(144)						71,099						(855)						87,409						(999)						158,508
Mortgage-backed securities			(755)						56,773						(2,065)						52,747						(2,820)						109,520
			(987)						141,842						(2,920)						140,156						(3,907)						281,998
Held-to-maturity securities
Mortgage-backed securities			—						—						—						—						—						—
			$	(987)					$	141,842					$	(2,920)					$	140,156					$	(3,907)					$	281,998

September 30, 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
Asset-backed securities			$	(15)					$	4,639					$	(614)					$	70,058					$	(629)					$	74,697
Mortgage-backed securities			(1,569)						47,758						(442)						32,266						(2,011)						80,024
			(1,584)						52,397						(1,056)						102,324						(2,640)						154,721
Held-to-maturity securities
Mortgage-backed securities			—						—						—						—						—						—
			$	(1,584)					$	52,397					$	(1,056)					$	102,324					$	(2,640)					$	154,721

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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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