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Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of 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.

			June 30, 2023
			Level 1						Level 2						Level 3						Total
			(In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities			$	—					$	192,559					$	—					$	192,559
Asset-backed securities			—						611,784						—						611,784
Municipal bonds			—						35,049						—						35,049
Corporate debt securities			—						246,631						—						246,631
Mortgage-backed securities
Agency pass-through certificates			—						950,210						—						950,210
Total available-for-sale securities			—						2,036,233						—						2,036,233
Client swap program hedges			—						64,869						—						64,869
Commercial loan fair value hedges			—						2,341						—						2,341
Mortgage loan fair value hedges			—						40,707						—						40,707
Borrowings cash flow hedges			—						165,924						—						165,924
Total financial assets			$	—					$	2,310,074					$	—					$	2,310,074
Financial Liabilities
Client swap program hedges			$	—					$	65,772					$	—					$	65,772
Total financial liabilities			$	—					$	65,772					$	—					$	65,772

			September 30, 2022
			Level 1						Level 2						Level 3						Total
			(In thousands)
Financial Assets
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 fair value 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

Schedule of 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 June 30, 2023 and June 30, 2022, 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.

 

			June 30, 2023																								Three Months Ended June 30, 2023						Nine Months Ended June 30, 2023
			Level 1						Level  2						Level  3						Total						Total Gains (Losses)
			(In thousands)																								(In thousands)
Loans (1)			$	—					$	—					$	34,535					$	34,535					$	(10,530)					$	(16,773)
Real estate owned (2)			—						—						3,672						3,672						(121)						(98)
Balance at end of period			$	—					$	—					$	38,207					$	38,207					$	(10,651)					$	(16,871)

(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.

			June 30, 2022																								Three Months Ended June 30, 2022						Nine Months Ended June 30, 2022
			Level 1						Level  2						Level  3						Total						Total Gains (Losses)
			(In thousands)																								(In thousands)
Loans (1)			$	—					$	—					$	4,182					$	4,182					$	(40)					$	(1,025)
Real estate owned (2)			—						—						1,848						1,848						196						(276)
Balance at end of period			$	—					$	—					$	6,030					$	6,030					$	156					$	(1,301)

(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.

Schedule of 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 reevaluated 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.

												June 30, 2023												September 30, 2022
						Level in Fair Value Hierarchy						Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
												($ in thousands)
Financial assets
Cash and cash equivalents						1						$	1,139,643					$	1,139,643					$	683,965					$	683,965
Available-for-sale securities
U.S. government and agency securities						2						192,559						192,559						39,354						39,354
Asset-backed securities						2						611,784						611,784						767,001						767,001
Municipal bonds						2						35,049						35,049						34,962						34,962
Corporate debt securities						2						246,631						246,631						313,757						313,757
Mortgage-backed securities
Agency pass-through certificates						2						950,210						950,210						895,963						895,963
Total available-for-sale securities												2,036,233						2,036,233						2,051,037						2,051,037
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates						2						434,172						384,312						463,299						406,860
Total held-to-maturity securities												434,172						384,312						463,299						406,860
Loans receivable						3						17,384,188						16,652,719						16,113,564						15,417,635
FHLB stock						2						130,875						130,875						95,073						95,073
Other assets - client swap program hedges						2						64,869						64,869						67,260						67,260
Other assets - commercial fair value loan hedges						2						2,341						2,341						2,517						2,517
Other assets - mortgage loan fair value hedges						2						40,707						40,707						36,765						36,765
Other assets - borrowings cash flow hedges						2						165,924						165,924						179,945						179,945
Financial liabilities
Time deposits						2						4,863,849						4,773,772						3,338,043						3,249,169
Borrowings						2						3,750,000						3,738,757						2,125,000						1,940,813
Other liabilities - client swap program hedges						2						65,772						65,772						67,260						67,260

Schedule of 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.

			June 30, 2023
			Amortized Cost						Gross Unrealized												Fair Value						Yield
									Gains						Losses
			($ in thousands)
Available-for-sale securities
U.S. government and agency securities due
Within 1 year			$	5,251					$	—					$	(39)					$	5,212					5.75		%
1 to 5 years			22,107						—						(674)						21,433						4.53
5 to 10 years			89,610						196						—						89,806						5.51
Over 10 years			75,618						526						(36)						76,108						5.62
Asset-backed securities
1 to 5 years			19,368						—						(911)						18,457						5.78
5 to 10 years			42,069						7						(206)						41,870						5.88
Over 10 years			562,179						469						(11,191)						551,457						6.10
Corporate debt securities due
1 to 5 years			151,772						1,105						(1,882)						150,995						4.86
5 to 10 years			113,519						—						(17,883)						95,636						3.87
Municipal bonds due
5 to 10 years			5,728						—						(218)						5,510						3.00
Over 10 years			29,842						10						(313)						29,539						5.85
Mortgage-backed securities
Agency pass-through certificates			1,023,520						55						(73,365)						950,210						3.30
			2,140,583						2,368						(106,718)						2,036,233						4.48
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates			434,172						16						(49,876)						384,312						2.88
			434,172						16						(49,876)						384,312						2.88
			$	2,574,755					$	2,384					$	(156,594)					$	2,420,545					4.21		%

			September 30, 2022
			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			$	40,403					$	—					$	(1,049)					$	39,354					3.03		%
Asset-backed securities
1 to 5 years			22,527						—						(1,141)						21,386						3.27
5 to 10 years			82,962						4						(547)						82,419						3.53
Over 10 years			668,482						783						(6,069)						663,196						3.86
Corporate debt securities due
Within 1 year			75,000						4						(200)						74,804						3.74
1 to 5 years			151,411						—						(2,748)						148,663						3.59
5 to 10 years			114,414						—						(24,124)						90,290						3.87
Municipal bonds due
5 to 10 years			5,751						—						(361)						5,390						3.00
Over 10 years			29,871						400						(699)						29,572						5.85
Mortgage-backed securities
Agency pass-through certificates			971,916						117						(76,070)						895,963						2.81
			2,162,737						1,308						(113,008)						2,051,037						3.36
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates			463,299						22						(56,461)						406,860						2.88
			463,299						22						(56,461)						406,860						2.88
			$	2,626,036					$	1,330					$	(169,469)					$	2,457,897					3.28		%

Schedule of Unrealized Losses and Fair Value of Securities

The following tables show the gross unrealized losses and fair value of securities as of June 30, 2023 and September 30, 2022, by length of time that individual securities in each category have been in a continuous loss position. There were 225 and 223 securities with an unrealized loss as of June 30, 2023 and September 30, 2022, 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 expect 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.

 

June 30, 2023			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			$	—					$	—					$	(19,764)					$	151,438					$	(19,764)					$	151,438
Municipal bonds			—						—						(531)						15,038						(531)						15,038
U.S. government and agency securities			(36)						14,964						(712)						26,645						(748)						41,609
Asset-backed securities			(2,406)						79,893						(9,903)						515,348						(12,309)						595,241
Mortgage-backed securities			(4,663)						205,284						(68,702)						695,528						(73,365)						900,812
			(7,105)						300,141						(99,612)						1,403,997						(106,717)						1,704,138
Held-to-maturity securities
Mortgage-backed securities			(3)						713						(49,874)						382,499						(49,877)						383,212
			$	(7,108)					$	300,854					$	(149,486)					$	1,786,496					$	(156,594)					$	2,087,350

September 30, 2022			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			$	(27,072)					$	288,753					$	—					$	—					$	(27,072)					$	288,753
Municipal bonds due			(1,061)						14,561						—						—						(1,061)						14,561
U.S. government and agency securities			(1,049)						39,354						—						—						(1,049)						39,354
Asset-backed securities			(6,374)						601,248						(1,383)						50,070						(7,757)						651,318
Mortgage-backed securities			(63,738)						833,683						(12,331)						53,533						(76,069)						887,216
			(99,294)						1,777,599						(13,714)						103,603						(113,008)						1,881,202
Held-to-maturity securities
Mortgage-backed securities			(56,461)						405,166						—						—						(56,461)						405,166
			$	(155,755)					$	2,182,765					$	(13,714)					$	103,603					$	(169,469)					$	2,286,368

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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