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Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2025

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, 2025
			Level 1						Level 2						Level 3						Total
			(In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities			$	—					$	273,755					$	—					$	273,755
Asset-backed securities			—						533,677						—						533,677
Municipal bonds			—						35,349						—						35,349
Corporate debt securities			—						225,310						—						225,310
Mortgage-backed securities
Agency pass-through certificates			—						2,074,672						—						2,074,672
Total available-for-sale securities			—						3,142,763						—						3,142,763
Client swap program hedges			—						47,257						—						47,257
Commercial loan fair value hedges			—						1,989						—						1,989
Mortgage loan fair value hedges			—						6,876						—						6,876
Borrowings cash flow hedges			—						120,666						—						120,666
Total financial assets			$	—					$	3,319,551					$	—					$	3,319,551
Financial Liabilities
Client swap program hedges			$	—					$	47,816					$	—					$	47,816
Mortgage backed securities fair value hedges			—						8,682						—						8,682
Total financial liabilities			$	—					$	56,498					$	—					$	56,498

			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 March 31, 2025 and March 31, 2024, 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, 2025																								Three Months Ended March 31, 2025						Six Months Ended March 31, 2025
			Level 1						Level  2						Level  3						Total						Total Gains (Losses)
			(In thousands)																								(In thousands)
Loans1			$	—					$	—					$	9,338					$	9,338					$	(5,092)					$	(5,363)
Real estate owned			—						—						—						—						—						—
Balance at end of period			$	—					$	—					$	9,338					$	9,338					$	(5,092)					$	(5,363)

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

			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)
Loans1			$	—					$	—					$	781					$	781					$	(168)					$	(325)
Real estate owned			—						—						1,360						1,360						(1,875)						(1,875)
Balance at end of period			$	—					$	—					$	2,141					$	2,141					$	(2,043)					$	(2,200)

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.

												March 31, 2025												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						$	1,231,461					$	1,231,461					$	2,381,102					$	2,381,102
Available-for-sale securities
U.S. government and agency securities						2						273,755						273,755						314,204						314,204
Asset-backed securities						2						533,677						533,677						540,125						540,125
Municipal bonds						2						35,349						35,349						35,073						35,073
Corporate debt securities						2						225,310						225,310						296,282						296,282
Mortgage-backed securities
Agency pass-through certificates						2						2,074,672						2,074,672						1,387,025						1,387,025
Total available-for-sale securities												3,142,763						3,142,763						2,572,709						2,572,709
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates						2						526,502						484,592						436,972						401,046
Total held-to-maturity securities												526,502						484,592						436,972						401,046
Loans receivable						3						20,920,001						20,250,350						20,916,354						20,269,059
FHLB stock						2						133,964						133,964						95,617						95,617
Other assets - client swap program hedges						2						47,257						47,257						46,758						46,758
Other assets - commercial fair value loan hedges						2						1,989						1,989						1,595						1,595
Other assets - mortgage loan fair value hedges						2						6,876						6,876						—						—
Other assets - borrowings cash flow hedges						2						120,666						120,666						117,271						117,271
Financial liabilities
Time deposits						2						9,573,442						9,558,092						9,556,785						9,787,187
Borrowings						2						2,763,758						2,763,048						3,267,589						3,276,122
Junior subordinated debentures						3						51,180						51,167						50,718						50,240
Other liabilities - client swap program hedges						2						47,816						47,816						47,388						47,388
Other liabilities - mortgage loan fair value hedges						2						—						—						667						667
Other liabilities - mortgage backed securities fair value hedges						2						8,682						8,682						—						—

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, 2025
			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 to 5 years			3,822						1						(88)						3,735						2.65
5 to 10 years			184,822						869						(1)						185,690						4.96
Over 10 years			84,358						432						(460)						84,330						5.48
Asset-backed securities
1 to 5 years			10,898						—						(385)						10,513						5.10
5 to 10 years			6,703						—						—						6,703						5.25
Over 10 years			517,134						1,243						(1,916)						516,461						5.31
Corporate debt securities due
Within 1 year			44,998						8						(16)						44,990						4.61
1 to 5 years			30,482						137						—						30,619						5.75
5 to 10 years			161,433						315						(12,047)						149,701						4.57
Municipal bonds due
5 to 10 years			5,674						—						(451)						5,223						3.00
Over 10 years			29,774						570						(218)						30,126						5.85
Mortgage-backed securities
Agency pass-through certificates			2,107,148						17,189						(49,665)						2,074,672						3.69
			3,187,246						20,764						(65,247)						3,142,763						4.18
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates			526,502						982						(42,892)						484,592						3.58
			526,502						982						(42,892)						484,592						3.58
			$	3,713,748					$	21,746					$	(108,139)					$	3,627,355					4.02		%

			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 March 31, 2025 and September 30, 2024, by length of time that individual securities in each category have been in a continuous loss position. There were 205 and 209 securities with an unrealized loss as of March 31, 2025 and September 30, 2024, respectively.

 

March 31, 2025			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			$	(229)					$	19,771					$	(11,834)					$	119,597					$	(12,063)					$	139,368
Municipal bonds			—						—						(669)						14,779						(669)						14,779
U.S. government and agency securities			—						—						—						—						—						—
Asset-backed securities			(694)						87,482						(2,156)						196,342						(2,850)						283,824
Mortgage-backed securities			(663)						146,416						(49,002)						621,574						(49,665)						767,990
			(1,586)						253,669						(63,661)						952,292						(65,247)						1,205,961
Held-to-maturity securities
Mortgage-backed securities			(9)						34,152						(42,883)						324,360						(42,892)						358,512
			$	(1,595)					$	287,821					$	(106,544)					$	1,276,652					$	(108,139)					$	1,564,473

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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Reconciliation of Amortized Cost to Fair Value, Available-for-sale Securities and Held-to-maturity Securities [Table Text Block]

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