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Securities Available for Sale
 6 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Securities Available for Sale Securities Available for Sale
The amortized cost and approximate fair value of investments in securities, all of which are classified as available for sale according to management’s intent, are summarized as follows.
Amortized
Cost		Gross Unrealized GainsGross Unrealized LossesEstimated
Fair Value
(dollars in thousands)
As of March 31, 2020
U.S. Treasury securities$69,629  $954  $—  $70,583  
Mortgage-backed securities:
Government National Mortgage Association566,747  11,340  (733) 577,354  
Federal Home Loan Mortgage Corporation556,535  15,747  (731) 571,551  
Federal National Mortgage Association386,996  15,337  (27) 402,306  
Small Business Assistance Program300,498  5,725  (42) 306,181  
States and political subdivision securities60,511  517  (27) 61,001  
Other1,006  45  —  1,051  
Total$1,941,922  $49,665  $(1,560) $1,990,027  
Amortized
Cost		Gross Unrealized GainsGross Unrealized LossesEstimated
Fair Value
(dollars in thousands)
As of September 30, 2019
U.S. Treasury securities$94,178  $599  $(32) $94,745  
Mortgage-backed securities:
Government National Mortgage Association501,139  3,374  (3,027) 501,486  
Federal Home Loan Mortgage Corporation463,974  8,840  (770) 472,044  
Federal National Mortgage Association322,340  5,409  (398) 327,351  
Small Business Assistance Program316,502  3,674  (154) 320,022  
States and political subdivision securities66,145  494  (116) 66,523  
Other1,006  31  —  1,037  
Total$1,765,284  $22,421  $(4,497) $1,783,208  
The amortized cost and approximate fair value of debt securities available for sale as of March 31, 2020 and September 30, 2019, by contractual maturity, are shown below. Maturities of mortgage-backed securities may differ from contractual maturities because the mortgages underlying the securities may be called or repaid without penalty.
March 31, 2020September 30, 2019
Amortized 
Cost		Estimated
Fair Value		Amortized 
Cost		Estimated
Fair Value
(dollars in thousands)
Due in one year or less$82,615  $83,577  $58,377  $58,343  
Due after one year through five years35,858  36,102  89,836  90,601  
Due after five years through ten years11,667  11,905  12,110  12,324  
Due after ten years—  —  —  —  
130,140  131,584  160,323  161,268  
Mortgage-backed securities1,810,776  1,857,392  1,603,955  1,620,903  
Securities without contractual maturities1,006  1,051  1,006  1,037  
Total$1,941,922  $1,990,027  $1,765,284  $1,783,208  
Proceeds from sales of securities available for sale were $0.0 million for both the three and six months ended March 31, 2020. Proceeds from the sales of securities available for sale were $0.0 million and $97.2 million for the three and six months ended March 31, 2019, respectively. No gross gains (pre-tax) were realized on the sales for the three and six months ended March 31, 2020 and 2019, using the specific identification method. Nominal gross losses (pre-tax) were realized on the sales for the three months ended March 31, 2020 and 2019, and nominal and $0.5 million gross losses (pre-tax) were realized on the sales for the six months ended March 31, 2020 and 2019, respectively, using the specific identification method. The Company recognized no other-than-temporary impairment for the three and six months ended March 31, 2020 and 2019.
Securities with an estimated fair value of approximately $918.8 million and $863.9 million at March 31, 2020 and September 30, 2019, respectively, were pledged as collateral on public deposits, securities sold under agreements to repurchase, and for other purposes as required by contractual obligation or law. The counterparties do not have the right to sell or pledge the securities the Company has pledged as collateral.
As detailed in the following tables, certain investments in debt securities, which are approximately 12% and 36% of the Company’s investment portfolio at estimated fair value at March 31, 2020 and September 30, 2019, respectively, are reported in the consolidated financial statements at an amount less than their amortized cost. Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information, implicit or explicit government guarantees, and information obtained from regulatory filings, management believes the declines in fair value of these securities are temporary. As the Company does not intend to sell the securities and it is not more-likely-than-not the Company will be required to sell the securities before the recovery of their amortized cost basis, which may be maturity, the Company does not consider the securities to be other-than-temporarily impaired at March 31, 2020 or September 30, 2019.
The following table presents the Company’s gross unrealized losses and approximate fair value in investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
Less than 12 months12 months or moreTotal
Estimated
Fair Value		Unrealized
Losses		Estimated
Fair Value		Unrealized
Losses		Estimated
Fair Value		Unrealized
Losses
(dollars in thousands)
As of March 31, 2020
U.S. Treasury securities$—  $—  $—  $—  $—  $—  
Mortgage-backed securities30,374  (189) 207,955  (1,344) 238,329  (1,533) 
States and political subdivision securities—  —  9,242  (27) 9,242  (27) 
Other—  —  —  —  —  —  
Total$30,374  $(189) $217,197  $(1,371) $247,571  $(1,560) 

Less than 12 months12 months or moreTotal
Estimated
Fair Value		Unrealized
Losses		Estimated
Fair Value		Unrealized
Losses		Estimated
Fair Value		Unrealized
Losses
(dollars in thousands)
As of September 30, 2019
U.S. Treasury securities$—  $—  $44,729  $(32) $44,729  $(32) 
Mortgage-backed securities94,612  (205) 474,979  (4,144) 569,591  (4,349) 
States and political subdivision securities—  —  23,693  (116) 23,693  (116) 
Other—  —  —  —  —  —  
Total$94,612  $(205) $543,401  $(4,292) $638,013  $(4,497) 
As of March 31, 2020 and September 30, 2019, the Company had 58 and 169 securities, respectively, in an unrealized loss position.