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Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 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 (with the exception of those measured using the NAV practical expedient).

			December 31, 2023
			Level 1						Level 2						Level 3						Total
			(In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities			$	—					$	232,359					$	—					$	232,359
Asset-backed securities			—						561,304						—						561,304
Municipal bonds			—						35,206						—						35,206
Corporate debt securities			—						248,813						—						248,813
Mortgage-backed securities
Agency pass-through certificates			—						940,763						—						940,763
Total available-for-sale securities			—						2,018,445						—						2,018,445
Client swap program hedges			—						55,631						—						55,631
Commercial loan fair value hedges			—						2,061						—						2,061
Mortgage loan fair value hedges			—						22,244						—						22,244
Borrowings cash flow hedges			—						143,846						—						143,846
Total financial assets			$	—					$	2,242,227					$	—					$	2,242,227
Financial Liabilities
Client swap program hedges			$	—					$	56,392					$	—					$	56,392
Total financial liabilities			$	—					$	56,392					$	—					$	56,392

			September 30, 2023
			Level 1						Level 2						Level 3						Total
			(In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities			$	—					$	217,053					$	—					$	217,053
Asset-backed securities			—						588,016												588,016
Municipal bonds			—						34,662						—						34,662
Corporate debt securities			—						242,522						—						242,522
Mortgage-backed securities
Agency pass-through certificates			—						912,844						—						912,844
Total available-for-sale securities			—						1,995,097						—						1,995,097
Client swap program hedges			—						78,797						—						78,797
Commercial loan fair value hedges			—						3,405						—						3,405
Mortgage loan fair value hedges			—						46,396						—						46,396
Borrowings cash flow hedges			—						184,373						—						184,373
Total financial assets			$	—					$	2,308,068					$	—					$	2,308,068
Financial Liabilities
Client swap program hedges			$	—					$	79,668					$	—					$	79,668
Total financial liabilities			$	—					$	79,668					$	—					$	79,668

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 December 31, 2023 and December 31, 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.

 

			December 31, 2023																								Three Months Ended December 31, 2023
			Level 1						Level  2						Level  3						Total						Total Gains (Losses)
			(In thousands)																								(In thousands)
Loans (1)			$	—					$	—					$	781					$	781					$	(158)
Real estate owned (2)			—						—						—						—						—
Balance at end of period			$	—					$	—					$	781					$	781					$	(158)

(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, 2022																								Three Months Ended December 31, 2022
			Level 1						Level  2						Level  3						Total						Total Gains (Losses)
			(In thousands)																								(In thousands)
Loans (1)			$	—					$	—					$	—					$	—					$	(123)
Real estate owned (2)			—						—						—						—						—
Balance at end of period			$	—					$	—					$	—					$	—					$	(123)

(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 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, 2023												September 30, 2023
						Level in Fair Value Hierarchy						Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
												($ in thousands)
Financial assets
Cash and cash equivalents						1						$	1,144,774					$	1,144,774					$	980,649					$	980,649
Available-for-sale securities
U.S. government and agency securities						2						232,359						232,359						217,053						217,053
Asset-backed securities						2						561,304						561,304						588,016						588,016
Municipal bonds						2						35,206						35,206						34,662						34,662
Corporate debt securities						2						248,813						248,813						242,522						242,522
Mortgage-backed securities
Agency pass-through certificates						2						940,763						940,763						912,844						912,844
Total available-for-sale securities												2,018,445						2,018,445						1,995,097						1,995,097
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates						2						415,079						370,942						423,586						355,188
Total held-to-maturity securities												415,079						370,942						423,586						355,188
Loans receivable						3						17,584,622						16,876,965						17,476,550						16,559,758
FHLB stock						2						137,940						137,940						126,820						126,820
Other assets - client swap program hedges						2						55,631						55,631						78,797						78,797
Other assets - commercial fair value loan hedges						2						2,061						2,061						3,405						3,405
Other assets - mortgage loan fair value hedges						2						22,244						22,244						46,396						46,396
Other assets - borrowings cash flow hedges						2						143,846						143,846						184,373						184,373
Financial liabilities
Time deposits						2						5,380,723						5,363,731						5,305,016						5,232,689
Borrowings						2						3,875,000						3,867,812						3,650,000						3,653,229
Other liabilities - client swap program hedges						2						56,392						56,392						79,668						79,668

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.

			December 31, 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			$	1,750					$	—					$	(5)					$	1,745					6.07		%
1 to 5 years			16,747						8						(305)						16,450						4.54		%
5 to 10 years			110,295						189						(173)						110,311						6.01
Over 10 years			103,594						267						(8)						103,853						6.09
Asset-backed securities
1 to 5 years			17,693						—						(766)						16,927						6.08
5 to 10 years			31,469						14						(205)						31,278						6.23
Over 10 years			519,103						316						(6,320)						513,099						6.37
Corporate debt securities due
1 to 5 years			152,022						479						(1,196)						151,305						5.15
5 to 10 years			112,923						—						(15,415)						97,508						3.87
Municipal bonds due
5 to 10 years			5,712						—						(298)						5,414						3.00
Over 10 years			29,822						95						(125)						29,792						5.85
Mortgage-backed securities
Agency pass-through certificates			1,000,184						707						(60,128)						940,763						3.44
			2,101,314						2,075						(84,944)						2,018,445						4.69
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates			415,079						27						(44,164)						370,942						2.88
			415,079						27						(44,164)						370,942						2.88
			$	2,516,393					$	2,102					$	(129,108)					$	2,389,387					4.39		%

 

			September 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			$	3,501					$	—					$	(36)					$	3,465					6.06		%
1 to 5 years			18,894						—						(563)						18,331						4.70		%
5 to 10 years			87,922						177						—						88,099						5.76
Over 10 years			106,340						831						(13)						107,158						5.84
Asset-backed securities
1 to 5 years			18,579						—						(715)						17,864						6.06
5 to 10 years			36,875						2						(99)						36,778						6.11
Over 10 years			539,911						578						(7,115)						533,374						6.35
Corporate debt securities due
1 to 5 years			151,893						895						(1,787)						151,001						5.14
5 to 10 years			113,221						—						(21,700)						91,521						3.87
Municipal bonds due
5 to 10 years			5,720						—						(701)						5,019						3.00
Over 10 years			29,832						361						(550)						29,643						5.85
Mortgage-backed securities
Agency pass-through certificates			1,005,928						66						(93,150)						912,844						3.39
			2,118,616						2,910						(126,429)						1,995,097						4.64
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates			423,586						—						(68,398)						355,188						2.88
			423,586						—						(68,398)						355,188						2.88
			$	2,542,202					$	2,910					$	(194,827)					$	2,350,285					4.35		%

Schedule of Debt Securities, Available-for-Sale

The following tables show the gross unrealized losses and fair value of securities as of December 31, 2023 and September 30, 2023, by length of time that individual securities in each category have been in a continuous loss position. There were 220 and 231 securities with an unrealized loss as of December 31, 2023 and September 30, 2023, respectively.

 

December 31, 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			$	—					$	—					$	(16,611)					$	174,074					$	(16,611)					$	174,074
Municipal bonds			—						—						(423)						15,111						(423)						15,111
U.S. government and agency securities			(181)						134,687						(310)						13,720						(491)						148,407
Asset-backed securities			—						—						(7,291)						522,583						(7,291)						522,583
Mortgage-backed securities			(72)						18,243						(60,056)						756,173						(60,128)						774,416
			(253)						152,930						(84,691)						1,481,661						(84,944)						1,634,591
Held-to-maturity securities
Mortgage-backed securities			—						—						(44,164)						369,265						(44,164)						369,265
			$	(253)					$	152,930					$	(128,855)					$	1,850,926					$	(129,108)					$	2,003,856

September 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			$	—					$	—					$	(23,487)					$	167,452					$	(23,487)					$	167,452
Municipal bonds due			—						—						(1,250)						14,302						(1,250)						14,302
U.S. government and agency securities			(13)						14,917						(599)						21,795						(612)						36,712
Asset-backed securities			(2,142)						86,800						(5,788)						445,454						(7,930)						532,254
Mortgage-backed securities			(2,030)						142,235						(91,120)						744,010						(93,150)						886,245
			(4,185)						243,952						(122,244)						1,393,013						(126,429)						1,636,965
Held-to-maturity securities
Mortgage-backed securities			(15)						1,424						(68,383)						353,764						(68,398)						355,188
			$	(4,200)					$	245,376					$	(190,627)					$	1,746,777					$	(194,827)					$	1,992,153

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