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Investment Securities
 12 Months Ended
Sep. 30, 2017
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, 2017
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
$
9,300

 
$
146

 
$
—

 
$
9,446

 
10.38
%
1 to 5 years
5,688

 
2

 
—

 
5,690

 
1.51

5 to 10 years
69,108

 
—

 
(1,238
)
 
67,870

 
1.93

Over 10 years
127,936

 
353

 
(218
)
 
128,071

 
1.92

Equity Securities
 
 
 
 
 
 
 
 
 
1 to 5 years
500

 
22

 
—

 
522

 
1.80

Corporate debt securities due
 
 
 
 
 
 
 
 
 
1 to 5 years
63,622

 
2,083

 
—

 
65,705

 
2.96

5 to 10 years
119,960

 
210

 
(577
)
 
119,593

 
2.62

Municipal bonds due
 
 
 
 
 
 
 
 
 
Within 1 year
2,344

 
10

 
—

 
2,354

 
1.23

1 to 5 years
1,367

 
55

 
—

 
1,422

 
2.05

  Over 10 years
20,343

 
2,505

 
—

 
22,848

 
6.45

Mortgage-backed securities
 
 
 
 
 
 
 
 
 
Agency pass-through certificates
828,069

 
8,402

 
(2,174
)
 
834,297

 
2.96

Commercial MBS
8,350

 
41

 
—

 
8,391

 
3.31

 
1,256,587

 
13,829

 
(4,207
)
 
1,266,209

 
2.86

Held-to-maturity securities
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
 
 
 
 
 
 
 
 
Agency pass-through certificates
1,646,856

 
7,143

 
(18,086
)
 
1,635,913

 
3.14

 
1,646,856

 
7,143

 
(18,086
)
 
1,635,913

 
3.14

 
$
2,903,443

 
$
20,972

 
$
(22,293
)
 
$
2,902,122

 
3.02
%


 
September 30, 2016
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
$
21,284

 
$
—

 
$
(59
)
 
$
21,225

 
0.81
%
1 to 5 years
12,477

 
1,027

 
(11
)
 
13,493

 
7.94

5 to 10 years
48,134

 
—

 
(1,589
)
 
46,545

 
1.14

Over 10 years
182,051

 
27

 
(3,990
)
 
178,088

 
1.33

Equity Securities
 
 
 
 
 
 
 
 
 
1 to 5 years
100,422

 
1,402

 
—

 
101,824

 
1.90

Corporate debt securities due
 
 
 
 
 
 
 
 
 
Within 1 year
278,094

 
325

 
(53
)
 
278,366

 
1.33

1 to 5 years
63,481

 
928

 
(113
)
 
64,296

 
2.47

5 to 10 years
69,955

 
—

 
(2,417
)
 
67,538

 
1.96

Over 10 years
50,000

 
938

 
—

 
50,938

 
3.00

Municipal bonds due
 
 
 
 
 
 
 
 
 
1 to 5 years
2,315

 
2

 
—

 
2,317

 
1.23

5 to 10 years
1,335

 
38

 
—

 
1,373

 
2.05

  Over 10 years
20,363

 
3,617

 
—

 
23,980

 
6.45

Mortgage-backed securities
 
 
 
 
 
 
 
 
 
Agency pass-through certificates
978,955

 
17,118

 
(3,032
)
 
993,041

 
2.58

Commercial MBS
80,318

 
—

 
(448
)
 
79,870

 
1.91

 
1,909,184

 
25,422

 
(11,712
)
 
1,922,894

 
2.22

Held-to-maturity securities
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
 
 
 
 
 
 
 
 
Agency pass-through certificates
1,417,599

 
24,171

 
(214
)
 
1,441,556

 
3.18

 
1,417,599

 
24,171

 
(214
)
 
1,441,556

 
3.18

 
$
3,326,783

 
$
49,593

 
$
(11,926
)
 
$
3,364,450

 
2.62
%


The Company purchased $76,367,000 available-for-sale investment securities and $466,058,000 of held-to-maturity investment securities during 2017. The Company sold $362,829,000 of available-for-sale securities and there were no sales of held-to-maturity investment securities in 2017. Substantially all mortgage-backed securities have contractual due dates that exceed 25 years.

The following table shows the gross unrealized losses and fair value of securities at September 30, 2017, and September 30, 2016, by length of time that individual securities in each category have been in a continuous loss position. Management believes that the declines in fair value of these investments are not an other than temporary impairment as these losses are due to a change in interest rates rather than any credit deterioration. The impairment is also deemed to be temporary because: 1) the Bank does not intend to sell the security, and 2) it is not more likely than not that it will be required to sell the security before recovery of the entire amortized cost basis of the security.
 
 
September 30, 2017
  
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)
Corporate debt securities
$
—

$
—

$
(577
)
$
49,423

$
(577
)
$
49,423

U.S. agency securities
(759
)
24,400

(697
)
96,195

(1,456
)
120,595

Agency pass-through certificates
(17,683
)
1,163,358

(2,577
)
249,304

(20,260
)
1,412,662

 
$
(18,442
)
$
1,187,758

$
(3,851
)
$
394,922

$
(22,293
)
$
1,582,680




 
September 30, 2016
  
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)
Corporate debt securities
$
—

$
—

$
(2,582
)
$
100,467

$
(2,582
)
$
100,467

U.S. agency securities
(11
)
3,167

(5,638
)
220,613

(5,649
)
223,780

Agency pass-through certificates
(1,278
)
301,030

(2,417
)
232,407

(3,695
)
533,437

 
$
(1,289
)
$
304,197

$
(10,637
)
$
553,487

$
(11,926
)
$
857,684