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INVESTMENT SECURITIES
 12 Months Ended
Sep. 30, 2025
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, 2025
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
$1,687
$—
$(29)
$1,658
2.05%
1 to 5 years
545
—
—
545
5.00
5 to 10 years
158,026
162
(295)
157,893
4.95
Over 10 years
75,887
163
(227)
75,823
5.52
Asset-backed securities due
Within 1 year
10,492
—
(163)
10,329
5.12
5 to 10 years
3,945
7
—
3,952
5.27
  Over 10 years
491,734
1,702
(1,383)
492,053
5.36
Corporate debt securities due
1 to 5 years
32,821
—
(2,047)
30,774
4.95
5 to 10 years
128,015
314
(6,566)
121,763
4.37
Municipal bonds due
5 to 10 years
25,659
250
(179)
25,730
5.71
  Over 10 years
9,754
—
(226)
9,528
4.57
Mortgage-backed securities
Agency pass-through certificates
2,603,873
38,399
(39,119)
2,603,153
3.83
3,542,438
40,997
(50,234)
3,533,201
4.17
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates
645,802
4,073
(37,136)
612,739
3.85
$4,188,240
$45,070
$(87,370)
$4,145,940
4.12%
 
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
$3,053,849
$11,444
$(91,538)
$2,973,755
4.63%
The Company purchased $1,482,058,000 of available-for-sale investment securities and $261,842,000 held-to-maturity
investment securities during 2025. Sales of available-for-sale securities totaled $797,000 and there were no sales of held-to-
maturity investment securities in 2025. Substantially all mortgage-backed securities have contractual due dates that exceed 15
years.
The Company elected to exclude AIR from the amortized cost basis of debt securities disclosed throughout this footnote. For
AFS securities, AIR totaled $11,057,000 and $9,311,000 as of September 30, 2025 and September 30, 2024, respectively. For
HTM debt securities, AIR totaled $2,089,000 and $1,154,000 as of September 30, 2025 and September 30, 2024, 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, 2025 and September 30,
2024, by length of time that individual securities in each category have been in a continuous loss position. There were 213 and
209 securities with an unrealized loss as of September 30, 2025 and September 30, 2024, 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, 2025
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
$(119)
$19,881
$(8,495)
$102,342
$(8,614)
$122,223
Municipal bonds
—
—
(405)
15,008
(405)
15,008
U.S. government and agency
securities
(483)
143,444
(127)
35,211
(610)
178,655
Asset-backed securities
(62)
34,932
(1,424)
135,315
(1,486)
170,247
Mortgage-backed securities
(782)
81,025
(38,337)
653,800
(39,119)
734,825
(1,446)
279,282
(48,788)
941,676
(50,234)
1,220,958
Held-to-maturity securities
Mortgage-backed securities
—
—
(37,136)
310,597
(37,136)
310,597
$(1,446)
$279,282
$(85,924)
$1,252,273
$(87,370)
$1,531,555
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 due
(15)
19,985
(394)
15,088
(409)
35,073
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
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, 2025 or September 30, 2024. 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, 2025 or September 30, 2024. 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.