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Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2024

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).

			March 31, 2024
			Level 1						Level 2						Level 3						Total
			(In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities			$	—					$	312,199					$	—					$	312,199
Asset-backed securities			—						549,463						—						549,463
Municipal bonds			—						35,061						—						35,061
Corporate debt securities			—						249,743						—						249,743
Mortgage-backed securities
Agency pass-through certificates			—						1,291,648						—						1,291,648
Total available-for-sale securities			—						2,438,114						—						2,438,114
Loans held for sale			—						2,993,658						—						2,993,658
Derivatives:
Client swap program hedges			—						63,264						—						63,264
Commercial loan fair value hedges			—						2,509						—						2,509
Mortgage loan fair value hedges			—						56,093						—						56,093
Borrowings cash flow hedges			—						154,588						—						154,588
Total financial assets			$	—					$	5,708,226					$	—					$	5,708,226
Financial Liabilities
Client swap program hedges			$	—					$	64,020					$	—					$	64,020
Total financial liabilities			$	—					$	64,020					$	—					$	64,020

			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 March 31, 2024 and March 31, 2023, 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, 2024																								Three Months Ended March 31, 2024						Six Months Ended March 31, 2024
			Level 1						Level  2						Level  3						Total						Total Gains (Losses)
			(In thousands)																								(In thousands)
Loans (1)			$	—					$	—					$	781					$	781					$	(168)					$	(325)
Real estate owned (2)			—						—						1,360						1,360						(1,875)						(1,875)
Balance at end of period			$	—					$	—					$	2,141					$	2,141					$	(2,043)					$	(2,200)

(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, 2023																								Three Months Ended March 31, 2023						Six Months Ended March 31, 2023
			Level 1						Level  2						Level  3						Total						Total Gains (Losses)
			(In thousands)																								(In thousands)
Loans (1)			$	—					$	—					$	3,313					$	3,313					$	(6,120)					$	(6,243)
Real estate owned (2)			—						—						372						372						22						22
Balance at end of period			$	—					$	—					$	3,685					$	3,685					$	(6,098)					$	(6,221)

(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.

												March 31, 2024												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						$	1,505,771					$	1,505,771					$	980,649					$	980,649
Available-for-sale securities
U.S. government and agency securities						2						312,199						312,199						217,053						217,053
Asset-backed securities						2						549,463						549,463						588,016						588,016
Municipal bonds						2						35,061						35,061						34,662						34,662
Corporate debt securities						2						249,743						249,743						242,522						242,522
Mortgage-backed securities
Agency pass-through certificates						2						1,291,648						1,291,648						912,844						912,844
Total available-for-sale securities												2,438,114						2,438,114						1,995,097						1,995,097
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates						2						457,882						407,461						423,586						355,188
Total held-to-maturity securities												457,882						407,461						423,586						355,188
Loans receivable						3						20,795,259						20,245,348						17,476,550						16,559,758
Loans held for sale						2						2,993,658						2,993,658						—						—
FHLB stock						2						160,817						160,817						126,820						126,820
Other assets - client swap program hedges						2						63,264						63,264						78,797						78,797
Other assets - commercial fair value loan hedges						2						2,509						2,509						3,405						3,405
Other assets - mortgage loan fair value hedges						2						56,093						56,093						46,396						46,396
Other assets - borrowings cash flow hedges						2						154,588						154,588						184,373						184,373
Financial liabilities
Time deposits						2						9,000,911						9,037,254						5,305,016						5,232,689
Borrowings						2						5,345,518						5,320,188						3,650,000						3,653,229
Junior subordinated deferrable interest debentures						3						50,254						50,320						—						—
Senior Debt						2						93,729						93,373						—						—
Other liabilities - client swap program hedges						2						64,020						64,020						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.

			March 31, 2024
			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			$	8,692					$	5					$	(7)					$	8,690					5.83		%
1 to 5 years			5,699						4						(264)						5,439						2.89
5 to 10 years			162,027						524						(90)						162,461						6.01
Over 10 years			135,961						37						(389)						135,609						6.32
Asset-backed securities
1 to 5 years			13,249						—						(397)						12,852						6.08
5 to 10 years			24,380						65						—						24,445						6.23
Over 10 years			513,964						1,251						(3,049)						512,166						6.30
Corporate debt securities due
Within 1 year			8,100						—						(1)						8,099						3.35
1 to 5 years			144,034						1,140						(845)						144,329						5.20
5 to 10 years			112,625						—						(15,310)						97,315						3.87
Municipal bonds due
5 to 10 years			5,705						—						(265)						5,440						3.00
Over 10 years			29,812						3						(194)						29,621						5.85
Mortgage-backed securities
Agency pass-through certificates			1,358,888						1,232						(68,472)						1,291,648						3.85
			2,523,136						4,261						(89,283)						2,438,114						4.76
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates			457,882						23						(50,444)						407,461						3.17
			457,882						23						(50,444)						407,461						3.17
			$	2,981,018					$	4,284					$	(139,727)					$	2,845,575					4.47		%

			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 March 31, 2024 and September 30, 2023, by length of time that individual securities in each category have been in a continuous loss position. There were 253 and 231 securities with an unrealized loss as of March 31, 2024 and September 30, 2023, respectively.

 

March 31, 2024			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			$	(214)					$	19,779					$	(15,942)					$	154,496					$	(16,156)					$	174,275
Municipal bonds			—						—						(458)						15,059						(458)						15,059
Asset-backed securities			(485)						110,515						(3,712)						247,943						(4,197)						358,458
Mortgage-backed securities			(734)						208,696						(67,738)						719,962						(68,472)						928,658
			(1,433)						338,990						(87,850)						1,137,460						(89,283)						1,476,450
Held-to-maturity securities
Mortgage-backed securities			(2)						263						(50,442)						354,819						(50,444)						355,082
			$	(1,435)					$	339,253					$	(138,292)					$	1,492,279					$	(139,727)					$	1,831,532

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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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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