XML 74 R32.htm IDEA: XBRL DOCUMENT
v3.20.2

Investment Securities (Tables) | 12 Months Ended
--- | ---
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract] |
Investments by contractual maturity date | The tables below provide detail regarding the amortized cost and fair value of available-for-sale and held-to-maturity investment securities.
September 30, 2020 | 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 | $ | 18,448 |  |  | $ | 376 |  |  | $ | — |  |  | $ | 18,824 |  |  | 2.05 | %
Asset-backed securities |  |  |  |  |  |  |  |  |
5 to 10 years | 38,289 |  |  | — |  |  | (1,600) |  |  | 36,689 |  |  | 0.83 |
Over 10 years | 906,489 |  |  | 647 |  |  | (6,908) |  |  | 900,228 |  |  | 1.14 |
Corporate debt securities due |  |  |  |  |  |  |  |  |
Within 1 year | 54,209 |  |  | 337 |  |  | (51) |  |  | 54,495 |  |  | 1.22 |
1 to 5 years | 128,289 |  |  | 3,366 |  |  | (428) |  |  | 131,227 |  |  | 1.78 |
5 to 10 years | 97,157 |  |  | 4,305 |  |  | — |  |  | 101,462 |  |  | 1.50 |
Municipal bonds due |  |  |  |  |  |  |  |  |
1 to 5 years | 1,461 |  |  | 36 |  |  | — |  |  | 1,497 |  |  | — |
Over 10 years | 36,044 |  |  | 774 |  |  | — |  |  | 36,818 |  |  | 5.40 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Agency pass-through certificates | 929,713 |  |  | 39,166 |  |  | (627) |  |  | 968,252 |  |  | 2.82 |
Commercial MBS | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 2,210,099 |  |  | 49,007 |  |  | (9,614) |  |  | 2,249,492 |  |  | 1.97 |
Held-to-maturity securities |  |  |  |  |  |  |  |  |
Agency pass-through certificates | 698,934 |  |  | 21,582 |  |  | — |  |  | 720,516 |  |  | 3.16 |
Commercial MBS | 6,904 |  |  | — |  |  | (52) |  |  | 6,852 |  |  | 1.02 |
| 705,838 |  |  | 21,582 |  |  | (52) |  |  | 727,368 |  |  | 3.14 |
| $ | 2,915,937 |  |  | $ | 70,589 |  |  | $ | (9,666) |  |  | $ | 2,976,860 |  |  | 2.25 | %
September 30, 2019 | 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 | $ | 21,049 |  |  | $ | 39 |  |  | $ | — |  |  | $ | 21,088 |  |  | 2.05 | %
Asset-backed securities |  |  |  |  |  |  |  |  |
5 to 10 years | 44,238 |  |  | — |  |  | (629) |  |  | 43,609 |  |  | 2.61 |
Over 10 years | 207,067 |  |  | 1 |  |  | (987) |  |  | 206,081 |  |  | 3.02 |
Corporate debt securities due |  |  |  |  |  |  |  |  |
Within 1 year | 43,903 |  |  | 411 |  |  | — |  |  | 44,314 |  |  | 3.65 |
1 to 5 years | 70,000 |  |  | 689 |  |  | (50) |  |  | 70,639 |  |  | 3.29 |
5 to 10 years | 92,931 |  |  | 1,879 |  |  | — |  |  | 94,810 |  |  | 3.27 |
Municipal bonds due |  |  |  |  |  |  |  |  |
1 to 5 years | 1,430 |  |  | 14 |  |  | — |  |  | 1,444 |  |  | 1.94 |
Over 10 years | 20,303 |  |  | 895 |  |  | — |  |  | 21,198 |  |  | 6.45 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Agency pass-through certificates | 957,150 |  |  | 26,533 |  |  | (1,124) |  |  | 982,559 |  |  | 3.29 |
| 1,458,071 |  |  | 30,461 |  |  | (2,790) |  |  | 1,485,742 |  |  | 3.27 |
Held-to-maturity securities |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Agency pass-through certificates | 1,428,480 |  |  | 19,945 |  |  | (337) |  |  | 1,448,088 |  |  | 3.15 |
Commercial MBS | 15,000 |  |  | 7 |  |  | — |  |  | 15,007 |  |  | 2.89 |
| 1,443,480 |  |  | 19,952 |  |  | (337) |  |  | 1,463,095 |  |  | 3.15 |
| $ | 2,901,551 |  |  | $ | 50,413 |  |  | $ | (3,127) |  |  | $ | 2,948,837 |  |  | 3.21 | %
Schedule of unrealized losses and fair value of securities | The following tables show the gross unrealized losses and fair value of securities as of September 30, 2020 and September 30, 2019, by length of time that individual securities in each category have been in a continuous loss position. There were 51 and 41 securities with an unrealized loss as of September 30, 2020 and September 30, 2019, respectively. The decline in fair value since purchase is attributable to changes in interest rates. Because the Company does not intend to sell these securities and does not consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be impaired.
September 30, 2020 | 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 | $ | (74) |  |  | $ | 45,875 |  |  | $ | (405) |  |  | $ | 24,596 |  |  | $ | (479) |  |  | $ | 70,471 |
Asset-backed securities | (5,481) |  |  | 587,746 |  |  | (3,027) |  |  | 204,369 |  |  | (8,508) |  |  | 792,115 |
Mortgage-backed securities | (278) |  |  | 41,897 |  |  | (349) |  |  | 56,196 |  |  | (627) |  |  | 98,093 |
| (5,833) |  |  | 675,518 |  |  | (3,781) |  |  | 285,161 |  |  | (9,614) |  |  | 960,679 |
Held-to-maturity securities |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities | (52) |  |  | 6,853 |  |  | — |  |  | — |  |  | (52) |  |  | 6,853 |
| $ | (5,885) |  |  | $ | 682,371 |  |  | $ | (3,781) |  |  | $ | 285,161 |  |  | $ | (9,666) |  |  | $ | 967,532 |
September 30, 2019 | 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 | $ | — |  |  | $ | — |  |  | $ | (50) |  |  | $ | 24,950 |  |  | $ | (50) |  |  | $ | 24,950 |
Asset-backed securities | (656) |  |  | 152,715 |  |  | (960) |  |  | 77,391 |  |  | (1,616) |  |  | 230,106 |
Mortgage-backed securities | (148) |  |  | 87,895 |  |  | (976) |  |  | 155,620 |  |  | (1,124) |  |  | 243,515 |
| (804) |  |  | 240,610 |  |  | (1,986) |  |  | 257,961 |  |  | (2,790) |  |  | 498,571 |
Held-to-maturity securities |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities | — |  |  | — |  |  | (337) |  |  | 115,182 |  |  | (337) |  |  | 115,182 |
| $ | (804) |  |  | $ | 240,610 |  |  | $ | (2,323) |  |  | $ | 373,143 |  |  | $ | (3,127) |  |  | $ | 613,753 |

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration