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Investment Securities
 3 Months Ended
Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Investments Securities
Investment Securities

Securities Available-for-Sale

The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for securities available-for-sale at December 31, 2017 and September 30, 2017:
 
December 31, 2017
 
Amortized cost

Gross unrealized gains

Gross unrealized (losses)

Fair value
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
$
39,909


17


(282
)

$
39,644

Mortgage-backed securities and collateralized mortgage obligations
615,924


383


(9,695
)

606,612

Municipal obligations
1,957


—


—


1,957

Corporate debt securities
54,489


536


(511
)

54,514

Trust preferred securities
5,000


—


(344
)

4,656

Equity securities
2,328


859


—


3,187

 
$
719,607


1,795


(10,832
)

$
710,570

    
 
September 30, 2017
 
Amortized cost

Gross unrealized gains

Gross unrealized (losses)

Fair value
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
$
24,954


35


(116
)

$
24,873

Mortgage-backed securities and collateralized mortgage obligations
479,927


652


(7,088
)

473,491

Municipal obligations
1,357


—




1,357

Corporate debt securities
49,489


536


(532
)

49,493

Trust preferred securities
5,000


—


(292
)

4,708

Equity securities
2,482


826


(54
)

3,254

 
$
563,209


2,049


(8,082
)

$
557,176



The table below presents the amortized cost and fair value of debt securities available-for-sale at December 31, 2017 by contractual maturity. Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
    

December 31, 2017

Amortized cost

Fair value

(In thousands)
 
 
 
 
One year or less
$
1,957


$
1,957

More than one year to five years
34,954


34,934

More than five years to ten years
54,444


54,600

More than ten years
10,000


9,280


$
101,355


$
100,771

Mortgage-backed securities and collateralized mortgage obligations
615,924


606,612


$
717,279


$
707,383


    
Mortgage-backed securities and collateralized mortgage obligations totaling $615.9 million at amortized cost and $606.6 million at fair value are excluded from the maturity table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments.

For the three months ended December 31, 2017, proceeds from sales of securities available-for-sale totaled $92 thousand, resulting in zero gains and $60 thousand of gross losses. For the three months ended December 31, 2016, proceeds from the sales of securities available-for-sale totaled $58.0 million, resulting in gross gains of $500 thousand and gross losses of $89 thousand.

Securities available-for-sale with a fair value of $282.6 million and $302.9 million at December 31, 2017 and September 30, 2017, were sold under agreements to repurchase or were pledged as security for deposits of public funds as required and permitted by law.

The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at December 31, 2017 and September 30, 2017 and if the unrealized loss position was continuous for the twelve months prior to December 31, 2017 and September 30, 2017:

December 31, 2017

Less than 12 months

12 months or longer

Total

Fair Value

Gross unrealized (losses)

Fair value

Gross unrealized (losses)

Fair value

Gross unrealized (losses)

(In thousands)












U.S. government and agency obligations
$
29,654


(282
)

—


—


29,654


$
(282
)
Mortgage-backed securities and collateralized mortgage obligations
514,283


(8,037
)

48,788


(1,658
)

563,071


(9,695
)
Corporate debt securities
4,866


(135
)

4,624


(376
)

9,490


(511
)
Trust preferred securities
—


—


4,656


(344
)

4,656


(344
)

$
548,803


(8,454
)

58,068


(2,378
)

606,871


$
(10,832
)

 
 
 
 
 
 
 
 
 
 
 

September 30, 2017

Less than 12 months

12 months or longer

Total

Fair Value

Gross unrealized (losses)

Fair value

Gross unrealized (losses)

Fair value

Gross unrealized (losses)

(In thousands)












U.S. government and agency obligations
$
14,831


(116
)

—


—


14,831


$
(116
)
Mortgage-backed securities and collateralized mortgage obligations
329,554


(5,346
)

49,695


(1,742
)

379,249


(7,088
)
Corporate debt securities
9,824


(176
)

9,644


(356
)

19,468


(532
)
Trust preferred securities
—


—


4,708


(292
)

4,708


(292
)
Equity securities
98


(54
)

—


—


98


(54
)

$
354,307


(5,692
)

64,047


(2,390
)

418,354


$
(8,082
)

The Company evaluates securities for other-than-temporary impairment at each reporting period and more frequently when economic or market conditions warrant such evaluation. The temporary loss position associated with securities available-for-sale was the result of changes in market interest rates relative to the coupon of the individual security and changes in credit spreads. The Company does not have the intent to sell securities in a temporary loss position at December 31, 2017, nor is it more likely than not that the Company will be required to sell the securities before their prices recover.

The Company did not record an other-than-temporary impairment charge on securities in the available-for-sale portfolio for the three months ended December 31, 2017 and December 31, 2016.

Securities Held-to-Maturity

The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for securities held-to-maturity at December 31, 2017 and September 30, 2017:









December 31, 2017

Amortized cost

Gross unrealized gains

Gross unrealized (losses)

Fair value

(In thousands)








U.S. government and agency obligations
$
8,402


—


(58
)

$
8,344

Mortgage-backed securities and collateralized mortgage obligations
231,216


—


(3,435
)

227,781


$
239,618


—


(3,493
)

$
236,125










September 30, 2017

Amortized cost

Gross unrealized gains

Gross unrealized (losses)

Fair value

(In thousands)








U.S. government and agency obligations
$
3,407


—


(7
)

$
3,400

Mortgage-backed securities and collateralized mortgage obligations
129,532


—


(1,110
)

128,422


$
132,939


—


(1,117
)

$
131,822


The table below presents the amortized cost and fair value of debt securities held-to-maturity at December 31, 2017 by contractual maturity. Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.

December 31, 2017

Amortized cost

Fair value

(In Thousands)
 
 
 
 
More than five years to ten years
$
8,402


$
8,344


8,402


8,344

Mortgage-backed securities and collateralized mortgage obligations
231,216


227,781


$
239,618


$
236,125



Mortgage-backed securities and collateralized mortgage obligations totaling $231.2 million at amortized cost and $227.8 million at fair value are excluded from the maturity table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments.

There were no sales of securities from the held-to-maturity investment portfolio for the three months ended December 31, 2017 and December 31, 2016.

The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at December 31, 2017 and September 30, 2017 and if the unrealized loss position was continuous for the twelve months prior to December 31, 2017 and September 30, 2017:


December 31, 2017

Less than 12 months

12 months or longer

Total

Fair Value

Gross unrealized (losses)

Fair value

Gross unrealized (losses)

Fair value

Gross unrealized (losses)

(In thousands)












U.S. government and agency obligations
$
8,344


(58
)

—


—


8,344


$
(58
)
Mortgage-backed securities and collateralized mortgage obligations
196,049


(2,920
)

30,046


(515
)

226,095


(3,435
)

$
204,393


(2,978
)

30,046


(515
)

234,439


$
(3,493
)

 
 
 
 
 
 
 
 
 
 
 

September 30, 2017

Less than 12 months

12 months or longer

Total

Fair Value

Gross unrealized (losses)

Fair value

Gross unrealized (losses)

Fair value

Gross unrealized (losses)

(In thousands)












U.S. government and agency obligations
$
—


—


3,400


(7
)

3,400


$
(7
)
Mortgage-backed securities and collateralized mortgage obligations
29,965


(349
)

96,076


(761
)

126,041


(1,110
)

$
29,965


(349
)

99,476


(768
)

129,441


$
(1,117
)


The Company evaluates securities for other-than-temporary impairment at each reporting period and more frequently when economic or market conditions warrant such evaluation. The temporary loss position associated with securities held-to-maturity was the result of changes in market interest rates relative to the coupon of the individual security and changes in credit spreads. The Company does not have the intent to sell securities in a temporary loss position at December 31, 2017, nor is it more likely than not that the Company will be required to sell the securities before their prices recover.

The Company did not record an other-than-temporary impairment charge on securities in the held-to-maturity portfolio for the three months ended December 31, 2017 and December 31, 2016.