Investment Securities

9 Months Ended

Jun. 30, 2020

INVESTMENT SECURITIES

Investments available for sale are summarized as follows:


	June 30, 2020
	Amortized Cost		Gross Unrealized						Fair Value
					Gains		Losses
REMICs	$	500,633	$	7,531	$	(224)	$	507,940
Fannie Mae certificates	6,101		289		—		6,390
Total	$	506,734	$	7,820	$	(224)	$	514,330


	September 30, 2019
	Amortized Cost		Gross Unrealized						Fair Value
					Gains		Losses
REMICs	$	544,042	$	1,384	$	(4,384)	$	541,042
Fannie Mae certificates	6,563		259		—		6,822
Total	$	550,605	$	1,643	$	(4,384)	$	547,864

Gross unrealized losses on available for sale securities and the estimated fair value of the related securities, aggregated by the length of time the securities have been in a continuous loss position, at June 30, 2020 and September 30, 2019, were as follows:


	June 30, 2020
	Less Than 12 Months						12 Months or More						Total
	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Available for sale—
REMICs	$	89,568	$	212	$	1,385	$	12	$	90,953	$	224


	September 30, 2019
	Less Than 12 Months						12 Months or More						Total
	Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss		Estimated Fair Value		Unrealized Loss
Available for sale—
REMICs	$	95,751	$	488	$	292,643	$	3,896	$	388,394	$	4,384

We believe the unrealized losses on investment securities were attributable to changes in market interest rates. The contractual terms of U.S. government and agency obligations do not permit the issuer to settle the security at a price less than the par value of the investment. The contractual cash flows of mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae. REMICs are issued by or backed by securities issued by these governmental agencies. It is expected that the securities would not be settled at a price substantially less than the amortized cost of the investment. The U.S. Treasury Department established financing agreements in 2008 to ensure Fannie Mae and Freddie Mac meet their obligations to holders of mortgage-backed securities that they have issued or guaranteed.

Since the decline in value is attributable to changes in market interest rates and not credit quality and because the Company has neither the intent to sell the securities nor is it more likely than not the Company will be required to sell the securities for the time periods necessary to recover the amortized cost, these investments are not considered other-than-temporarily impaired.