XML 74 R32.htm IDEA: XBRL DOCUMENT v3.20.2
Investment Securities (Tables)
12 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Investments by contractual maturity date
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 (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 — 15,007 2.89 
1,443,480 19,952 (337)1,463,095 3.15 
$2,901,551 $50,413 $(3,127)$2,948,837 3.21 %
Schedule of unrealized losses and fair value of securities The following tables show the gross unrealized losses and fair value of securities as of September 30, 2020 and September 30, 2019, by length of time that individual securities in each category have been in a continuous loss position. There were 51 and 41 securities with an unrealized loss as of September 30, 2020 and September 30, 2019, respectively. The decline in fair value since purchase is attributable to changes in interest rates. Because the Company does not intend to sell these securities and does not consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be impaired.
September 30, 2020Less than 12 months12 months or moreTotal
 Unrealized
Gross Losses
Fair
Value
Unrealized
Gross Losses
Fair
Value
Unrealized
Gross Losses
Fair
Value
 (In thousands)
Available-for-sale securities
Corporate debt securities$(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