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Investment Securities
 12 Months Ended
Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
INVESTMENT SECURITIES
 
The tables below provide detail regarding the amortized cost and fair value of available-for-sale and held-to-maturity investment securities.
September 30, 2016
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
$
21,284

 
$
—

 
$
(59
)
 
$
21,225

 
0.81
%
1 to 5 years
12,477

 
1,027

 
(11
)
 
13,493

 
7.94

5 to 10 years
48,134

 
—

 
(1,589
)
 
46,545

 
1.14

Over 10 years
182,051

 
27

 
(3,990
)
 
178,088

 
1.33

Equity Securities

 

 

 

 

Within 1 year
—

 
—

 
—

 
—

 
—

1 to 5 years
100,422

 
1,402

 
—

 
101,824

 
1.90

Corporate debt securities due

 

 

 

 

Within 1 year
278,094

 
325

 
(53
)
 
278,366

 
1.33

1 to 5 years
63,481

 
928

 
(113
)
 
64,296

 
2.47

5 to 10 years
69,955

 
—

 
(2,417
)
 
67,538

 
1.96

  Over 10 years
50,000

 
938

 
—

 
50,938

 
3.00

Municipal bonds due

 

 

 

 

1 to 5 years
2,315

 
2

 
—

 
2,317

 
1.23

5 to 10 years
1,335

 
38

 
—

 
1,373

 
2.05

  Over 10 years
20,363

 
3,617

 
—

 
23,980

 
6.45

Mortgage-backed securities

 

 

 

 

Agency pass-through certificates
978,955

 
17,118

 
(3,032
)
 
993,041

 
2.58

Commercial MBS
80,318

 
—

 
(448
)
 
79,870

 
1.91

 
1,909,184

 
25,422

 
(11,712
)
 
1,922,894

 
2.22

Held-to-maturity securities
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
 
 
 
 
 
 
 
 
Agency pass-through certificates
1,417,599

 
24,171

 
(214
)
 
1,441,556

 
3.18

 
1,417,599

 
24,171

 
(214
)
 
1,441,556

 
3.18

 
$
3,326,783

 
$
49,593

 
$
(11,926
)
 
$
3,364,450

 
2.62
%


 
September 30, 2015
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
$
105,065

 
$
1,923

 
$
(274
)
 
$
106,714

 
1.74
%
5 to 10 years
119,071

 
35

 
(1,247
)
 
117,859

 
1.54

Over 10 years
262,832

 
—

 
(4,941
)
 
257,891

 
1.23

Equity Securities

 

 

 

 

Within 1 year
500

 
17

 
—

 
517

 
1.80

1 to 5 years
99,922

 
1,513

 
—

 
101,435

 
1.90

Corporate debt securities due

 

 

 

 

Within 1 year
24,787

 
191

 
—

 
24,978

 
0.53

1 to 5 years
311,435

 
1,190

 
(58
)
 
312,567

 
0.88

5 to 10 years
100,000

 
876

 
(3,524
)
 
97,352

 
1.47

Over 10 years
69,950

 
953

 
—

 
70,903

 
3.00

Municipal bonds due

 

 

 

 

1 to 5 years
2,285

 
8

 
—

 
2,293

 
1.23

5 to 10 years
1,303

 
7

 
—

 
1,310

 
2.05

  Over 10 years
20,382

 
3,138

 
—

 
23,520

 
6.45

Mortgage-backed securities

 

 

 

 

Agency pass-through certificates
1,144,787

 
18,222

 
(2,491
)
 
1,160,518

 
2.48

Commercial MBS
103,131

 
85

 
(510
)
 
102,706

 
1.51

 
2,365,450

 
28,158

 
(13,045
)
 
2,380,563

 
1.97

Held-to-maturity securities
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
 
 
 
 
 
 
 
 
Agency pass-through certificates
1,643,216

 
10,516

 
(16,312
)
 
1,637,420

 
3.19

 
1,643,216

 
10,516

 
(16,312
)
 
1,637,420

 
3.19

 
$
4,008,666

 
$
38,674

 
$
(29,357
)
 
$
4,017,983

 
2.46
%


The Company purchased $137,591,000 of available-for-sale investment securities and no held-to-maturity investment securities during 2016. The Company sold $50,741,000 of available-for-sale securities and there were no sales of held-to-maturity investment securities in 2016. Substantially all mortgage-backed securities have contractual due dates that exceed twenty-five years.

The following table shows the gross unrealized losses and fair value of securities at September 30, 2016 and September 30, 2015, by length of time that individual securities in each category have been in a continuous loss position. Management believes that the declines in fair value of these investments are not an other than temporary impairment as these losses are due to a change in interest rates rather than any credit deterioration. The impairment is also deemed to be temporary because: 1) the Bank does not intend to sell the security, and 2) it is not more likely than not that it will be required to sell the security before recovery of the entire amortized cost basis of the security.
 
 
September 30, 2016
  
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)
Corporate debt securities
$
—

$
—

$
(2,582
)
$
100,467

$
(2,582
)
$
100,467

U.S. agency securities
(11
)
3,167

(5,638
)
220,613

(5,649
)
223,780

Agency pass-through certificates
(1,278
)
301,030

(2,417
)
232,407

(3,695
)
533,437

 
$
(1,289
)
$
304,197

$
(10,637
)
$
553,487

$
(11,926
)
$
857,684




 
September 30, 2015
  
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)
Corporate debt securities
$
(183
)
$
72,862

$
(3,399
)
$
46,601

$
(3,582
)
$
119,463

U.S. agency securities
(5,010
)
336,243

(1,452
)
57,344

(6,462
)
393,587

Agency pass-through certificates
(1,036
)
169,541

(18,277
)
1,193,463

(19,313
)
1,363,004

 
$
(6,229
)
$
578,646

$
(23,128
)
$
1,297,408

$
(29,357
)
$
1,876,054