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Investment Securities (Tables)

12 Months Ended

Sep. 30, 2021

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, 2021			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			$	47,339					$	240					$	—					$	47,579					0.44		%
5 to 10 years			14,064						136						—						14,200						2.05
Asset-backed securities
1 to 5 years			19,730						—						(434)						19,296						0.52
5 to 10 years			71,207						412						(97)						71,522						0.57
Over 10 years			973,892						14,069						(98)						987,863						0.94
Corporate debt securities due
Within 1 year			225,928						7,860						—						233,788						1.57
1 to 5 years			86,802						1,345						—						88,147						4.64
5 to 10 years			28,804						249						—						29,053						1.95
Municipal bonds due
Within 1 year			1,493						17						—						1,510						—
5 to 10 years			5,781						294						—						6,075						0.22
Over 10 years			29,909						2,490						—						32,399						5.85
Mortgage-backed securities
Agency pass-through certificates			585,121						23,717						(2,011)						606,827						2.60
			2,090,070						50,829						(2,640)						2,138,259						1.69
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates			366,025						13,522						—						379,547						3.17
			366,025						13,522						—						379,547						3.17
			$	2,456,095					$	64,351					$	(2,640)					$	2,517,806					1.89		%

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
			2,210,099						49,007						(9,614)						2,249,492						1.97
Held-to-maturity securities
Mortgage-backed 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		%

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, 2021 and September 30, 2020, by length of time that individual securities in each category have been in a continuous loss position. There were 31 and 51 securities with an unrealized loss as of September 30, 2021 and September 30, 2020, 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, 2021			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
Asset-backed securities			$	(15)					$	4,639					$	(614)					$	70,058					$	(629)					$	74,697
Mortgage-backed securities			(1,569)						47,758						(442)						32,266						(2,011)						80,024
			(1,584)						52,397						(1,056)						102,324						(2,640)						154,721
Held-to-maturity securities
Mortgage-backed securities			—						—						—						—						—						—
			$	(1,584)					$	52,397					$	(1,056)					$	102,324					$	(2,640)					$	154,721

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

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- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

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- 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=123581744&loc=d3e27290-111563

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