XML 56 R13.htm IDEA: XBRL DOCUMENT
v3.24.3

Investment Securities | 12 Months Ended
--- | ---
Sep. 30, 2024
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, 2024 | 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 | $ | 4,360 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 4,364 |  |  | 5.58 | %
1 to 5 years | 4,640 |  |  | 2 |  |  | (124) |  |  | 4,518 |  |  | 2.82 |
5 to 10 years | 166,070 |  |  | 1,230 |  |  | — |  |  | 167,300 |  |  | 5.97 |
Over 10 years | 137,799 |  |  | 394 |  |  | (171) |  |  | 138,022 |  |  | 6.29 |
Asset-backed securities due |  |  |  |  |  |  |  |  |
1 to 5 years | 11,466 |  |  | — |  |  | (284) |  |  | 11,182 |  |  | 6.04 |
5 to 10 years | 9,631 |  |  | — |  |  | (3) |  |  | 9,628 |  |  | 6.20 |
Over 10 years | 520,756 |  |  | 600 |  |  | (2,041) |  |  | 519,315 |  |  | 6.15 |
Corporate debt securities due |  |  |  |  |  |  |  |  |
Within 1 year | 45,024 |  |  | — |  |  | (367) |  |  | 44,657 |  |  | 4.61 |
1 to 5 years | 99,244 |  |  | 977 |  |  | — |  |  | 100,221 |  |  | 5.39 |
5 to 10 years | 112,029 |  |  | — |  |  | (10,625) |  |  | 101,404 |  |  | 3.87 |
Over 10 years | 50,000 |  |  | — |  |  | — |  |  | 50,000 |  |  | 6.85 |
Municipal bonds due |  |  |  |  |  |  |  |  |
5 to 10 years | 5,689 |  |  | — |  |  | (243) |  |  | 5,446 |  |  | 3.00 |
Over 10 years | 29,793 |  |  | — |  |  | (166) |  |  | 29,627 |  |  | 5.85 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Agency pass-through certificates | 1,420,376 |  |  | 7,324 |  |  | (40,675) |  |  | 1,387,025 |  |  | 4.09 |
| 2,616,877 |  |  | 10,531 |  |  | (54,699) |  |  | 2,572,709 |  |  | 4.87 |
Held-to-maturity securities |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Agency pass-through certificates | 436,972 |  |  | 913 |  |  | (36,839) |  |  | 401,046 |  |  | 3.18 |
| 436,972 |  |  | 913 |  |  | (36,839) |  |  | 401,046 |  |  | 3.18 |
| $ | 3,053,849 |  |  | $ | 11,444 |  |  | $ | (91,538) |  |  | $ | 2,973,755 |  |  | 4.63 | %
September 30, 2023 | 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 | $ | 3,501 |  |  | $ | — |  |  | $ | (36) |  |  | $ | 3,465 |  |  | 6.06 | %
1 to 5 years | 18,894 |  |  | — |  |  | (563) |  |  | 18,331 |  |  | 4.70 |
5 to 10 years | 87,922 |  |  | 177 |  |  | — |  |  | 88,099 |  |  | 5.76 |
Over 10 years | 106,340 |  |  | 831 |  |  | (13) |  |  | 107,158 |  |  | 5.84 |
Asset-backed securities due |  |  |  |  |  |  |  |  |
1 to 5 years | 18,579 |  |  | — |  |  | (715) |  |  | 17,864 |  |  | 6.06 |
5 to 10 years | 36,875 |  |  | 2 |  |  | (99) |  |  | 36,778 |  |  | 6.11 |
Over 10 years | 539,911 |  |  | 578 |  |  | (7,115) |  |  | 533,374 |  |  | 6.35 |
Corporate debt securities due |  |  |  |  |  |  |  |  |
Within 1 year | — |  |  | — |  |  | — |  |  | — |  |  | — |
1 to 5 years | 151,893 |  |  | 895 |  |  | (1,787) |  |  | 151,001 |  |  | 5.14 |
5 to 10 years | 113,221 |  |  | — |  |  | (21,700) |  |  | 91,521 |  |  | 3.87 |
Municipal bonds due |  |  |  |  |  |  |  |  |
5 to 10 years | 5,720 |  |  | — |  |  | (701) |  |  | 5,019 |  |  | 3.00 |
Over 10 years | 29,832 |  |  | 361 |  |  | (550) |  |  | 29,643 |  |  | 5.85 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Agency pass-through certificates | 1,005,928 |  |  | 66 |  |  | (93,150) |  |  | 912,844 |  |  | 3.39 |
| 2,118,616 |  |  | 2,910 |  |  | (126,429) |  |  | 1,995,097 |  |  | 4.64 |
Held-to-maturity securities |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Agency pass-through certificates | 423,586 |  |  | — |  |  | (68,398) |  |  | 355,188 |  |  | 2.88 |
| 423,586 |  |  | — |  |  | (68,398) |  |  | 355,188 |  |  | 2.88 |
| $ | 2,542,202 |  |  | $ | 2,910 |  |  | $ | (194,827) |  |  | $ | 2,350,285 |  |  | 4.35 | %
The Company purchased $549,159,000 of available-for-sale investment securities and $47,092,000 held-to-maturity investment securities during 2024. Sales of available-for-sale securities totaled $182,682,000 and there were no sales of held-to-maturity investment securities in 2024. Substantially all mortgage-backed securities have contractual due dates that exceed 25 years. The Company elected to exclude AIR from the amortized cost basis of debt securities disclosed throughout this footnote. For AFS securities, AIR totaled $9,311,000 and $8,641,000 as of September 30, 2024 and September 30, 2023, respectively. For HTM debt securities, AIR totaled $1,154,000 and $1,013,000 as of September 30, 2024 and September 30, 2023, respectively. AIR is included in the “interest receivable” line item on the Company’s consolidated statements of financial condition. The following tables show the gross unrealized losses and fair value of securities as of September 30, 2024 and September 30, 2023, by length of time that individual securities in each category have been in a continuous loss position. There were 209 and 232 securities with an unrealized loss as of September 30, 2024 and September 30, 2023, 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, 2024 | 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 | $ | — |  |  | $ | — |  |  | $ | (10,993) |  |  | $ | 146,060 |  |  | $ | (10,993) |  |  | $ | 146,060 |
Municipal bonds | (15) |  |  | 19,985 |  |  | (394) |  |  | 15,088 |  |  | (409) |  |  | 35,073 |
U.S. government and agency securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Asset-backed securities | (249) |  |  | 116,173 |  |  | (2,373) |  |  | 235,846 |  |  | (2,622) |  |  | 352,019 |
Mortgage-backed securities | (165) |  |  | 103,283 |  |  | (40,510) |  |  | 728,968 |  |  | (40,675) |  |  | 832,251 |
| (429) |  |  | 239,441 |  |  | (54,270) |  |  | 1,125,962 |  |  | (54,699) |  |  | 1,365,403 |
Held-to-maturity securities |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities | — |  |  | — |  |  | (36,839) |  |  | 348,573 |  |  | (36,839) |  |  | 348,573 |
| $ | (429) |  |  | $ | 239,441 |  |  | $ | (91,109) |  |  | $ | 1,474,535 |  |  | $ | (91,538) |  |  | $ | 1,713,976 |
September 30, 2023 | 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 | $ | — |  |  | $ | — |  |  | $ | (23,487) |  |  | $ | 167,452 |  |  | $ | (23,487) |  |  | $ | 167,452 |
Municipal bonds due | — |  |  | — |  |  | (1,250) |  |  | 14,302 |  |  | (1,250) |  |  | 14,302 |
U.S. government and agency securities | (13) |  |  | 14,917 |  |  | (599) |  |  | 21,795 |  |  | (612) |  |  | 36,712 |
Asset-backed securities | (2,142) |  |  | 86,800 |  |  | (5,788) |  |  | 445,454 |  |  | (7,930) |  |  | 532,254 |
Mortgage-backed securities | (2,030) |  |  | 142,235 |  |  | (91,120) |  |  | 744,010 |  |  | (93,150) |  |  | 886,245 |
| (4,185) |  |  | 243,952 |  |  | (122,244) |  |  | 1,393,013 |  |  | (126,429) |  |  | 1,636,965 |
Held-to-maturity securities |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities | (15) |  |  | 1,424 |  |  | (68,383) |  |  | 353,764 |  |  | (68,398) |  |  | 355,188 |
| $ | (4,200) |  |  | $ | 245,376 |  |  | $ | (190,627) |  |  | $ | 1,746,777 |  |  | $ | (194,827) |  |  | $ | 1,992,153 |
Substantially all of the Company’s held-to-maturity debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities as of September 30, 2024 or September 30, 2023. The Company does not consider HTM investments to have any credit impairment. The Company does not believe that the available-for-sale debt securities that were in an unrealized loss position have any credit loss impairment as of September 30, 2024 or September 30, 2023. The Company does not intend to sell the investment securities that were in an unrealized loss position and it is not more likely than not that the Company will be required to sell the investment securities before recovery of their amortized cost basis, which may be at maturity. Available-for-sale debt securities issued by U.S. government agencies or U.S. government-sponsored enterprises carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Corporate debt securities and municipal bonds are considered to have an issuer of high credit quality and the decline in fair value is due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the bonds. The fair value is expected to recover as the bonds approach maturity.

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 The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration