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Investment Securities
 12 Months Ended
Sep. 30, 2018
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, 2018
Amortized
Cost
 
Gross Unrealized    
 
Fair
Value
 
Yield
Gains
 
Losses
 
 
(In thousands)
Available-for-sale securities
 
 
 
 
 
 
 
 
 
U.S. government and agency securities due
 
 
 
 
 
 
 
 
 
5 to 10 years
$
60,872

 
$
—

 
$
(1,473
)
 
$
59,399

 
2.55
%
Over 10 years
148,099

 
109

 
(314
)
 
147,894

 
3.05

Equity securities
 
 
 
 
 
 
 
 
 
1 to 5 years
500

 
—

 
(12
)
 
488

 
1.80

Corporate debt securities due
 
 
 
 
 
 
 
 
 
1 to 5 years
113,762

 
1,875

 
(13
)
 
115,624

 
3.59

5 to 10 years
69,965

 
35

 
(929
)
 
69,071

 
3.23

Municipal bonds due
 
 
 
 
 
 
 
 
 
1 to 5 years
1,398

 
—

 
(24
)
 
1,374

 
2.05

  Over 10 years
20,323

 
1,281

 
—

 
21,604

 
6.45

Mortgage-backed securities
 
 
 
 
 
 
 
 
 
Agency pass-through certificates
908,092

 
1,383

 
(13,434
)
 
896,041

 
3.29

Commercial MBS
3,460

 
2

 
—

 
3,462

 
4.36

 
1,326,471

 
4,685

 
(16,199
)
 
1,314,957

 
3.30

Held-to-maturity securities
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
 
 
 
 
 
 
 
 
Agency pass-through certificates
1,610,420

 
305

 
(76,983
)
 
1,533,742

 
3.16

  Other Commercial MBS
15,000

 
28

 
—

 
15,028

 
3.03

 
1,625,420

 
333

 
(76,983
)
 
1,548,770

 
3.16

 
$
2,951,891

 
$
5,018

 
$
(93,182
)
 
$
2,863,727

 
3.22
%


 
September 30, 2017
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
$
9,300

 
$
146

 
$
—

 
$
9,446

 
10.38
%
1 to 5 years
5,688

 
2

 
—

 
5,690

 
1.51

5 to 10 years
69,108

 
—

 
(1,238
)
 
67,870

 
1.93

Over 10 years
127,936

 
353

 
(218
)
 
128,071

 
1.92

Equity securities
 
 
 
 
 
 
 
 
 
1 to 5 years
500

 
22

 
—

 
522

 
1.80

Corporate debt securities due
 
 
 
 
 
 
 
 
 
1 to 5 years
63,622

 
2,083

 
—

 
65,705

 
2.96

5 to 10 years
119,960

 
210

 
(577
)
 
119,593

 
2.62

Municipal bonds due
 
 
 
 
 
 
 
 
 
Within 1 year
2,344

 
10

 
—

 
2,354

 
1.23

1 to 5 years
1,367

 
55

 
—

 
1,422

 
2.05

  Over 10 years
20,343

 
2,505

 
—

 
22,848

 
6.45

Mortgage-backed securities
 
 
 
 
 
 
 
 
 
Agency pass-through certificates
828,069

 
8,402

 
(2,174
)
 
834,297

 
2.96

Commercial MBS
8,350

 
41

 
—

 
8,391

 
3.31

 
1,256,587

 
13,829

 
(4,207
)
 
1,266,209

 
2.86

Held-to-maturity securities
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
 
 
 
 
 
 
 
 
Agency pass-through certificates
1,646,856

 
7,143

 
(18,086
)
 
1,635,913

 
3.14

 
1,646,856

 
7,143

 
(18,086
)
 
1,635,913

 
3.14

 
$
2,903,443

 
$
20,972

 
$
(22,293
)
 
$
2,902,122

 
3.02
%


The Company purchased $272,780,000 of available-for-sale investment securities and $170,836,000 of held-to-maturity investment securities during 2018. There were no sales of available-for-sale securities and no sales of held-to-maturity investment securities in 2018. Substantially all mortgage-backed securities have contractual due dates that exceed 25 years.

The following table shows the gross unrealized losses and fair value of securities at September 30, 2018, and September 30, 2017, 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 Company 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, 2018
  
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
$
(929
)
$
49,072

$
(14
)
$
24,988

$
(943
)
$
74,060

Municipal bonds
(24
)
1,374

—

—

(24
)
1,374

U.S. government and agency securities
(141
)
37,565

(1,645
)
76,499

(1,786
)
114,064

Equity securities
(12
)
488

—

—

$
(12
)
488

Agency pass-through certificates
(28,748
)
1,035,754

(61,669
)
1,183,017

(90,417
)
2,218,771

 
$
(29,854
)
$
1,124,253

$
(63,328
)
$
1,284,504

$
(93,182
)
$
2,408,757




 
September 30, 2017
  
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
$
—

$
—

$
(577
)
$
49,423

$
(577
)
$
49,423

U.S. government and agency securities
(759
)
24,400

(697
)
96,195

(1,456
)
120,595

Agency pass-through certificates
(17,683
)
1,163,358

(2,577
)
249,304

(20,260
)
1,412,662

 
$
(18,442
)
$
1,187,758

$
(3,851
)
$
394,922

$
(22,293
)
$
1,582,680