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Investment Securities (Tables)

12 Months Ended

Sep. 30, 2022

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, 2022			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			$	40,403					$	—					$	(1,049)					$	39,354					3.03		%
Asset-backed securities
1 to 5 years			22,527						—						(1,141)						21,386						3.27
5 to 10 years			82,962						4						(547)						82,419						3.53
Over 10 years			668,482						783						(6,069)						663,196						3.86
Corporate debt securities due
Within 1 year			75,000						4						(200)						74,804						3.74
1 to 5 years			151,411						—						(2,748)						148,663						3.59
5 to 10 years			114,414						—						(24,124)						90,290						3.87
Municipal bonds due
5 to 10 years			5,751						—						(361)						5,390						3.00
Over 10 years			29,871						400						(699)						29,572						5.85
Mortgage-backed securities
Agency pass-through certificates			971,916						117						(76,070)						895,963						2.81
			2,162,737						1,308						(113,008)						2,051,037						3.36
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates			463,299						22						(56,461)						406,860						2.88
			463,299						22						(56,461)						406,860						2.88
			$	2,626,036					$	1,330					$	(169,469)					$	2,457,897					3.28		%

 

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		%

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, 2022 and September 30, 2021, by length of time that individual securities in each category have been in a continuous loss position. There were 223 and 31 securities with an unrealized loss as of September 30, 2022 and September 30, 2021, 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, 2022			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			$	(27,072)					$	288,753					$	—					$	—					$	(27,072)					$	288,753
Municipal bonds			(1,061)						14,561						—						—						(1,061)						14,561
U.S. government and agency securities			(1,049)						39,354						—						—						(1,049)						39,354
Asset-backed securities			(6,374)						601,248						(1,383)						50,070						(7,757)						651,318
Mortgage-backed securities			(63,738)						833,683						(12,331)						53,533						(76,069)						887,216
			(99,294)						1,777,599						(13,714)						103,603						(113,008)						1,881,202
Held-to-maturity securities
Mortgage-backed securities			(56,461)						405,166						—						—						(56,461)						405,166
			$	(155,755)					$	2,182,765					$	(13,714)					$	103,603					$	(169,469)					$	2,286,368

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

Debt securities, held-to-maturity, continuous unrealized loss position, fair value

The following tables show the gross unrealized losses and fair value of securities as of September 30, 2022 and September 30, 2021, by length of time that individual securities in each category have been in a continuous loss position. There were 223 and 31 securities with an unrealized loss as of September 30, 2022 and September 30, 2021, 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, 2022			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			$	(27,072)					$	288,753					$	—					$	—					$	(27,072)					$	288,753
Municipal bonds			(1,061)						14,561						—						—						(1,061)						14,561
U.S. government and agency securities			(1,049)						39,354						—						—						(1,049)						39,354
Asset-backed securities			(6,374)						601,248						(1,383)						50,070						(7,757)						651,318
Mortgage-backed securities			(63,738)						833,683						(12,331)						53,533						(76,069)						887,216
			(99,294)						1,777,599						(13,714)						103,603						(113,008)						1,881,202
Held-to-maturity securities
Mortgage-backed securities			(56,461)						405,166						—						—						(56,461)						405,166
			$	(155,755)					$	2,182,765					$	(13,714)					$	103,603					$	(169,469)					$	2,286,368

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

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455

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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

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- Definition

Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Fair Value

+ References

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