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Investment Securities
 12 Months Ended
Sep. 30, 2020
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, 2020Amortized
Cost		Gross Unrealized    Fair
Value		Yield
GainsLosses
 ($ in thousands)
Available-for-sale securities
U.S. government and agency securities due
5 to 10 years$18,448 $376 $— $18,824 2.05 %
Asset-backed securities
5 to 10 years38,289 — (1,600)36,689 0.83 
  Over 10 years906,489 647 (6,908)900,228 1.14 
Corporate debt securities due
Within 1 year54,209 337 (51)54,495 1.22 
1 to 5 years128,289 3,366 (428)131,227 1.78 
5 to 10 years97,157 4,305 — 101,462 1.50 
Municipal bonds due
1 to 5 years1,461 36 — 1,497 — 
  Over 10 years36,044 774 — 36,818 5.40 
Mortgage-backed securities
Agency pass-through certificates929,713 39,166 (627)968,252 2.82 
Commercial MBS— — — — — 
2,210,099 49,007 (9,614)2,249,492 1.97 
Held-to-maturity securities
Agency pass-through certificates698,934 21,582 — 720,516 3.16 
  Commercial MBS6,904 — (52)6,852 1.02 
705,838 21,582 (52)727,368 3.14 
$2,915,937 $70,589 $(9,666)$2,976,860 2.25 %

 
September 30, 2019Amortized
Cost		Gross UnrealizedFair
Value		Yield
GainsLosses
 ($ in thousands)
Available-for-sale securities
U.S. government and agency securities due
5 to 10 years$21,049 $39 $— $21,088 2.05 %
Asset-backed securities
5 to 10 years44,238 — (629)43,609 2.61 
Over 10 years207,067 1 (987)206,081 3.02 
Corporate debt securities due
Within 1 year43,903 411 — 44,314 3.65 
1 to 5 years70,000 689 (50)70,639 3.29 
5 to 10 years92,931 1,879 — 94,810 3.27 
Municipal bonds due
1 to 5 years1,430 14 — 1,444 1.94 
  Over 10 years20,303 895 — 21,198 6.45 
Mortgage-backed securities
Agency pass-through certificates957,150 26,533 (1,124)982,559 3.29 
1,458,071 30,461 (2,790)1,485,742 3.27 
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates1,428,480 19,945 (337)1,448,088 3.15 
Commercial MBS15,000 7 — 15,007 2.89 
1,443,480 19,952 (337)1,463,095 3.15 
$2,901,551 $50,413 $(3,127)$2,948,837 3.21 %


During fiscal year 2020, as permitted in conjunction with the adoption of ASU 2019-04, the Company reclassified $374,680,000 of prepayable debt securities from held-to-maturity to available-for-sale. The Company purchased $1,064,815,000 of available-for-sale investment securities and no held-to-maturity investment securities during 2020. Sales of available-for-sale securities totaled $204,351,000 and there were no sales of held-to-maturity investment securities in 2020. Substantially all mortgage-backed securities have contractual due dates that exceed 25 years.

The Company elected to exclude AIR from the amortized cost basis of debt securities disclosed throughout this footnote. For AFS securities, AIR totaled $3,285,000 and $3,712,000 as of September 30, 2020 and September 30, 2019, respectively. For HTM debt securities, AIR totaled $1,811,000 and $3,716,000 as of September 30, 2020 and September 30, 2019, respectively. AIR is included in the “interest receivable” line item on the Company’s consolidated statements of financial condition.

The following tables show the gross unrealized losses and fair value of securities as of September 30, 2020 and September 30, 2019, by length of time that individual securities in each category have been in a continuous loss position. There were 51 and 41 securities with an unrealized loss as of September 30, 2020 and September 30, 2019, respectively. The decline in fair value since purchase is attributable to changes in interest rates. Because the Company does not intend to sell these securities and does not consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be impaired.
September 30, 2020Less than 12 months12 months or moreTotal
 Unrealized
Gross Losses		Fair
Value		Unrealized
Gross Losses		Fair
Value		Unrealized
Gross Losses		Fair
Value
 (In thousands)
Available-for-sale securities
Corporate debt securities$(74)$45,875 $(405)$24,596 $(479)$70,471 
Asset-backed securities(5,481)587,746 (3,027)204,369 (8,508)792,115 
Mortgage-backed securities(278)41,897 (349)56,196 (627)98,093 
(5,833)675,518 (3,781)285,161 (9,614)960,679 
Held-to-maturity securities
Mortgage-backed securities(52)6,853 — — (52)6,853 
$(5,885)$682,371 $(3,781)$285,161 $(9,666)$967,532 

September 30, 2019Less than 12 months12 months or moreTotal
 Unrealized
Gross Losses		Fair
Value		Unrealized
Gross Losses		Fair
Value		Unrealized
Gross Losses		Fair
Value
 (In thousands)
Available-for-sale securities
Corporate debt securities$— $— $(50)$24,950 $(50)$24,950 
Asset-backed securities(656)152,715 (960)77,391 (1,616)230,106 
Mortgage-backed securities(148)87,895 (976)155,620 (1,124)243,515 
(804)240,610 (1,986)257,961 (2,790)498,571 
Held-to-maturity securities
Mortgage-backed securities— — (337)115,182 (337)115,182 
$(804)$240,610 $(2,323)$373,143 $(3,127)$613,753 


Substantially all of the Company’s held-to-maturity debt securities are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Therefore, the Company did not record an allowance for credit losses for these securities upon adoption of ASC 326 on October 1, 2019 or as of September 30, 2020.

The Company does not believe that the available-for-sale debt securities that were in an unrealized loss position have any credit loss impairment upon adoption of ASC 326 on October 1, 2019 or as of September 30, 2020. The Company does not intend to sell the investment securities that were in an unrealized loss position and it is not more likely than not that the Company will be required to sell the investment securities before recovery of their amortized cost basis, which may be at maturity. Available-for-sale debt securities issued by U.S. government agencies or U.S. government-sponsored enterprises carry the explicit and/or implicit guarantee of the U.S. government and have a long history of zero credit loss. Corporate debt securities and municipal bonds are considered to have issuer(s) of high credit quality (rated AA or higher) and the decline in fair value is due to changes in interest rates and other market conditions. The issuer(s) continues to make timely principal and interest payments on the bonds. The fair value is expected to recover as the bond(s) approach maturity.