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Securities Available for Sale
 12 Months Ended
Sep. 30, 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 September 30, 2020
U.S. Treasury securities$49,924 $228 $— $50,152 
U.S. Agency securities24,974 86 — 25,060 
Mortgage-backed securities:
Government National Mortgage Association485,689 11,481 (43)497,127 
Federal Home Loan Mortgage Corporation578,650 18,919 (9)597,560 
Federal National Mortgage Association287,842 7,788 (16)295,614 
Small Business Assistance Program244,653 7,884 (58)252,479 
States and political subdivision securities54,224 1,356 — 55,580 
Other1,006 48 — 1,054 
Total$1,726,962 $47,790 $(126)$1,774,626 
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 September 30, 2020 and 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 any penalty.
September 30, 2020September 30, 2019
Amortized 
Cost		Estimated
Fair Value		Amortized 
Cost		Estimated
Fair Value
(dollars in thousands)
Due in one year or less$67,131 $67,456 $58,377 $58,343 
Due after one year through five years51,779 52,694 89,836 90,601 
Due after five years through ten years10,212 10,642 12,110 12,324 
Due after ten years— — — — 
129,122 130,792 160,323 161,268 
Mortgage-backed securities1,596,834 1,642,780 1,603,955 1,620,903 
Securities without contractual maturities1,006 1,054 1,006 1,037 
Total$1,726,962 $1,774,626 $1,765,284 $1,783,208 
Proceeds from sales of securities available for sale were $151.9 million, $175.0 million and $25.0 million for the fiscal years ended September 30, 2020, 2019 and 2018 respectively. Gross gains (pre-tax) of $7.9 million, $0.3 million and $0.0 million were realized on the sales for the fiscal years ended September 30, 2020, 2019 and 2018, respectively, using the specific identification method. Gross losses (pre-tax) were nominal, $0.5 million and $0.0 million for the fiscal years ended September 30, 2020, 2019 and 2018, respectively, using the specific identification method. The Company recognized no other-than-temporary impairment for the fiscal years ended September 30, 2020, 2019 and 2018.
Securities with an estimated fair value of approximately $1.10 billion and $863.9 million at September 30, 2020 and 2019, respectively, were pledged as collateral on public deposits, securities sold under agreements to repurchase, and for other purposes as required or permitted by law. The counterparties do not have the right to sell or pledge the securities the Company has pledged as collateral.
As detailed in the following tables, certain investments in debt securities, which are approximately 6% and 36% of the Company’s investment portfolio at September 30, 2020 and 2019, respectively, are reported in the consolidated financial statements at an amount less than their amortized cost. Based on evaluation of available evidence, including recent changes in market interest rates, credit rating information, implicit or explicit government guarantees, and information obtained from regulatory filings, management believes the declines in fair value of these securities are temporary. As the Company does not intend to sell the securities and it is not more-likely-than-not that the Company will be required to sell the securities before the recovery of their amortized cost basis, which may be maturity, the Company does not consider the securities to be other-than-temporarily impaired at September 30, 2020 or 2019.
The following table presents the Company’s gross unrealized losses and approximate fair value in investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
Less than 12 months12 months or moreTotal
Estimated
Fair Value		Unrealized
Losses		Estimated
Fair Value		Unrealized
Losses		Estimated
Fair Value		Unrealized
Losses
(dollars in thousands)
As of September 30, 2020
U.S. Treasury securities$— $— $— $— $— $— 
Mortgage-backed securities71,547 (103)27,897 (23)99,444 (126)
States and political subdivision securities— — — — — — 
Other— — — — — — 
Total$71,547 $(103)$27,897 $(23)$99,444 $(126)

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 September 30, 2020 and 2019, the Company had 18 and 169 securities, respectively, in an unrealized loss position.