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Fair Value Measurements (Tables)

3 Months Ended

Dec. 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).

			December 31, 2024
			Level 1						Level 2						Level 3						Total
			(In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities			$	—					$	294,193					$	—					$	294,193
Asset-backed securities			—						546,782						—						546,782
Municipal bonds			—						34,793						—						34,793
Corporate debt securities			—						267,874						—						267,874
Mortgage-backed securities
Agency pass-through certificates			—						1,600,089						—						1,600,089
Total available-for-sale securities			—						2,743,731						—						2,743,731
Client swap program hedges			—						56,862						—						56,862
Commercial loan fair value hedges			—						2,423						—						2,423
Mortgage loan fair value hedges			—						33,103						—						33,103
Borrowings cash flow hedges			—						138,870						—						138,870
Total financial assets			$	—					$	2,974,989					$	—					$	2,974,989
Financial Liabilities
Client swap program hedges			$	—					$	57,486					$	—					$	57,486
Total financial liabilities			$	—					$	57,486					$	—					$	57,486

			September 30, 2024
			Level 1						Level 2						Level 3						Total
			(In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities			$	—					$	314,204					$	—					$	314,204
Asset-backed securities			—						540,125												540,125
Municipal bonds			—						35,073						—						35,073
Corporate debt securities			—						296,282						—						296,282
Mortgage-backed securities
Agency pass-through certificates			—						1,387,025						—						1,387,025
Total available-for-sale securities			—						2,572,709						—						2,572,709
Client swap program hedges			—						46,758						—						46,758
Commercial loan fair value hedges			—						1,595						—						1,595
Mortgage loan fair value hedges			—						—						—						—
Borrowings cash flow hedges			—						117,271						—						117,271
Total financial assets			$	—					$	2,738,333					$	—					$	2,738,333
Financial Liabilities
Client swap program hedges			$	—					$	47,388					$	—					$	47,388
Mortgage loan fair value hedges									667												667
Total financial liabilities			$	—					$	48,055					$	—					$	48,055

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, 2024 and December 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.

 

			December 31, 2024																								Three Months Ended December 31, 2024
			Level 1						Level  2						Level  3						Total						Total Gains (Losses)
			(In thousands)																								(In thousands)
Loans1			$	—					$	—					$	596					$	596					$	(271)
Real estate owned			—						—						—						—						—
Balance at end of period			$	—					$	—					$	596					$	596					$	(271)

1The gains (losses) represent re-measurements of collateral-dependent loans.

			December 31, 2023																								Three Months Ended December 31, 2023
			Level 1						Level  2						Level  3						Total						Total Gains (Losses)
			(In thousands)																								(In thousands)
Loans1			$	—					$	—					$	781					$	781					$	(158)
Real estate owned			—						—						—						—						—
Balance at end of period			$	—					$	—					$	781					$	781					$	(158)

1The gains (losses) represent re-measurements of collateral-dependent loans.

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, 2024												September 30, 2024
						Level in Fair Value Hierarchy						Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
												($ in thousands)
Financial assets
Cash and cash equivalents						1						$	1,507,735					$	1,507,735					$	2,381,102					$	2,381,102
Available-for-sale securities
U.S. government and agency securities						2						294,193						294,193						314,204						314,204
Asset-backed securities						2						546,782						546,782						540,125						540,125
Municipal bonds						2						34,793						34,793						35,073						35,073
Corporate debt securities						2						267,874						267,874						296,282						296,282
Mortgage-backed securities
Agency pass-through certificates						2						1,600,089						1,600,089						1,387,025						1,387,025
Total available-for-sale securities												2,743,731						2,743,731						2,572,709						2,572,709
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates						2						537,348						485,106						436,972						401,046
Total held-to-maturity securities												537,348						485,106						436,972						401,046
Loans receivable						3						21,060,501						20,295,920						20,916,354						20,269,059
FHLB stock						2						128,396						128,396						95,617						95,617
Other assets - client swap program hedges						2						56,862						56,862						46,758						46,758
Other assets - commercial fair value loan hedges						2						2,423						2,423						1,595						1,595
Other assets - mortgage loan fair value hedges						2						33,103						33,103						—						—
Other assets - borrowings cash flow hedges						2						138,870						138,870						117,271						117,271
Financial liabilities
Time deposits						2						9,584,918						9,575,502						9,556,785						9,787,187
Borrowings						2						2,863,675						2,870,221						3,267,589						3,276,122
Junior subordinated debentures						3						50,952						50,834						50,718						50,240
Other liabilities - client swap program hedges						2						57,486						57,486						47,388						47,388
Other liabilities - mortgage loan fair value hedges						2						—						—						667						667

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, 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			$	2,184					$	1					$	(1)					$	2,184					5.02		%
1 to 5 years			4,583						1						(119)						4,465						2.69
5 to 10 years			195,082						1,327						(4)						196,405						5.45
Over 10 years			90,460						679						—						91,139						5.98
Asset-backed securities
1 to 5 years			11,047						—						(264)						10,783						5.33
5 to 10 years			8,026						13						—						8,039						5.48
Over 10 years			528,444						1,201						(1,685)						527,960						5.60
Corporate debt securities due
Within 1 year			45,011						—						(217)						44,794						4.61
1 to 5 years			74,556						507						—						75,063						5.74
5 to 10 years			161,731						—						(13,714)						148,017						4.57
Municipal bonds due
5 to 10 years			5,682						—						(375)						5,307						3.00
Over 10 years			29,783						17						(314)						29,486						5.85
Mortgage-backed securities
Agency pass-through certificates			1,656,178						3,994						(60,083)						1,600,089						4.15
			2,812,767						7,740						(76,776)						2,743,731						4.67
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates			537,348						13						(52,255)						485,106						3.57
			537,348						13						(52,255)						485,106						3.57
			$	3,350,115					$	7,753					$	(129,031)					$	3,228,837					4.41		%

			September 30, 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			$	4,360					$	4					$	—					$	4,364					5.58		%
1 to 5 years			4,640						2						(124)						4,518						2.82
5 to 10 years			166,070						1,230						—						167,300						5.97
Over 10 years			137,799						394						(171)						138,022						6.29
Asset-backed securities
1 to 5 years			11,466						—						(284)						11,182						6.04
5 to 10 years			9,631						—						(3)						9,628						6.20
Over 10 years			520,756						600						(2,041)						519,315						6.15
Corporate debt securities due
Within 1 year			45,024						—						(367)						44,657						4.61
1 to 5 years			99,244						977						—						100,221						5.39
5 to 10 years			112,029						—						(10,625)						101,404						3.87
Over 10 years			50,000						—						—						50,000						6.85
Municipal bonds due
5 to 10 years			5,689						—						(243)						5,446						3.00
Over 10 years			29,793						—						(166)						29,627						5.85
Mortgage-backed securities
Agency pass-through certificates			1,420,376						7,324						(40,675)						1,387,025						4.09
			2,616,877						10,531						(54,699)						2,572,709						4.87
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates			436,972						913						(36,839)						401,046						3.18
			436,972						913						(36,839)						401,046						3.18
			$	3,053,849					$	11,444					$	(91,538)					$	2,973,755					4.63		%

Schedule of Debt Securities, Available-for-Sale

The following tables show the gross unrealized losses and fair value of securities as of December 31, 2024 and September 30, 2024, by length of time that individual securities in each category have been in a continuous loss position. There were 223 and 209 securities with an unrealized loss as of December 31, 2024 and September 30, 2024, respectively.

 

December 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			$	—					$	—					$	(13,931)					$	142,810					$	(13,931)					$	142,810
Municipal bonds			—						—						(689)						14,777						(689)						14,777
U.S. government and agency securities			—						—						—						—						—						—
Asset-backed securities			(21)						29,965						(2,052)						213,102						(2,073)						243,067
Mortgage-backed securities			(875)						210,352						(59,207)						638,487						(60,082)						848,839
			(896)						240,317						(75,879)						1,009,176						(76,775)						1,249,493
Held-to-maturity securities
Mortgage-backed securities			(805)						139,477						(51,451)						324,133						(52,256)						463,610
			$	(1,701)					$	379,794					$	(127,330)					$	1,333,309					$	(129,031)					$	1,713,103

September 30, 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			$	—					$	—					$	(10,993)					$	146,060					$	(10,993)					$	146,060
Municipal bonds due			(15)						19,985						(394)						15,088						(409)						35,073
U.S. government and agency securities			—						—						—						—						—						—
Asset-backed securities			(249)						116,173						(2,373)						235,846						(2,622)						352,019
Mortgage-backed securities			(165)						103,283						(40,510)						728,968						(40,675)						832,251
			(429)						239,441						(54,270)						1,125,962						(54,699)						1,365,403
Held-to-maturity securities
Mortgage-backed securities			—						—						(36,839)						348,573						(36,839)						348,573
			$	(429)					$	239,441					$	(91,109)					$	1,474,535					$	(91,538)					$	1,713,976

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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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