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Investment Securities
 12 Months Ended
Sep. 30, 2023
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, 2023Amortized
Cost		Gross Unrealized    Fair
Value		Yield
GainsLosses
 ($ in thousands)
Available-for-sale securities
U.S. government and agency securities due
Within 1 year$3,501 $— $(36)$3,465 6.06 %
1 to 5 years18,894 — (563)18,331 4.70 
5 to 10 years87,922 177 — 88,099 5.76 
Over 10 years106,340 831 (13)107,158 5.84 
Asset-backed securities due
1 to 5 years18,579 — (715)17,864 6.06 
5 to 10 years36,875 2 (99)36,778 6.11 
  Over 10 years539,911 578 (7,115)533,374 6.35 
Corporate debt securities due
1 to 5 years151,893 895 (1,787)151,001 5.14 
5 to 10 years113,221 — (21,700)91,521 3.87 
Municipal bonds due
5 to 10 years5,720 — (701)5,019 3.00 
  Over 10 years29,832 361 (550)29,643 5.85 
Mortgage-backed securities
Agency pass-through certificates1,005,928 66 (93,150)912,844 3.39 
2,118,616 2,910 (126,429)1,995,097 4.64 
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates423,586 — (68,398)355,188 2.88 
423,586 — (68,398)355,188 2.88 
$2,542,202 $2,910 $(194,827)$2,350,285 4.35 %
 
September 30, 2022Amortized
Cost		Gross UnrealizedFair
Value		Yield
GainsLosses
 ($ in thousands)
Available-for-sale securities
U.S. government and agency securities due
1 to 5 years$40,403 $— $(1,049)$39,354 3.03 %
Asset-backed securities due
1 to 5 years22,527 — (1,141)21,386 3.27 
5 to 10 years82,962 4 (547)82,419 3.53 
Over 10 years668,482 783 (6,069)663,196 3.86 
Corporate debt securities due
Within 1 year75,000 4 (200)74,804 3.74 
1 to 5 years151,411 — (2,748)148,663 3.59 
5 to 10 years114,414 — (24,124)90,290 3.87 
Municipal bonds due
5 to 10 years5,751 — (361)5,390 3.00 
  Over 10 years29,871 400 (699,000)29,572 5.85 
Mortgage-backed securities
Agency pass-through certificates971,916 117 (76,070)895,963 2.81 
2,162,737 1,308 (113,008)2,051,037 3.36 
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates463,299 22 (56,461)406,860 2.88 
463,299 22 (56,461)406,860 2.88 
$2,626,036 $1,330 $(169,469)$2,457,897 3.28 %


The Company purchased $376,481,000 of available-for-sale investment securities and no held-to-maturity investment securities during 2023. Sales of available-for-sale securities totaled $1,169,000 and there were no sales of held-to-maturity investment securities in 2023. 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 $8,641,000 and $5,694,000 as of September 30, 2023 and September 30, 2022, respectively. For HTM debt securities, AIR totaled $1,013,000 and $1,108,000 as of September 30, 2023 and September 30, 2022, 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, 2023 and September 30, 2022, by length of time that individual securities in each category have been in a continuous loss position. There were 232 and 223 securities with an unrealized loss as of September 30, 2023 and September 30, 2022, 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, 2023Less 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$— $— $(23,487)$167,452 $(23,487)$167,452 
Municipal bonds— — (1,250)14,302 (1,250)14,302 
U.S. government and agency securities(13)14,917 (599)21,795 (612)36,712 
Asset-backed securities(2,142)86,800 (5,788)445,454 (7,930)532,254 
Mortgage-backed securities(2,030)142,235 (91,120)744,010 (93,150)886,245 
(4,185)243,952 (122,244)1,393,013 (126,429)1,636,965 
Held-to-maturity securities
Mortgage-backed securities(15)1,424 (68,383)353,764 (68,398)355,188 
$(4,200)$245,376 $(190,627)$1,746,777 $(194,827)$1,992,153 
September 30, 2022Less than 12 months12 months or moreTotal
 Unrealized
Gross Losses		Fair
Value		Unrealized
Gross Losses		Fair
Value		Unrealized
Gross Losses		Fair
Value
 (In thousands)
Available-for-sale securities
Corporate debt securities$(27,072)$288,753 $— $— $(27,072)$288,753 
Municipal bonds due(1,061)14,561 — — (1,061)14,561 
U.S. government and agency securities(1,049)39,354 — — (1,049)39,354 
Asset-backed securities(6,374)601,248 (1,383)50,070 (7,757)651,318 
Mortgage-backed securities(63,738)833,683 (12,331)53,533 (76,069)887,216 
(99,294)1,777,599 (13,714)103,603 (113,008)1,881,202 
Held-to-maturity securities
Mortgage-backed securities(56,461)405,166 — — (56,461)405,166 
$(155,755)$2,182,765 $(13,714)$103,603 $(169,469)$2,286,368 


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 as of September 30, 2023 or September 30, 2022.

The Company does not believe that the available-for-sale debt securities that were in an unrealized loss position have any credit loss impairment as of September 30, 2023 or September 30, 2022. 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 an issuer of high credit quality and the decline in fair value is due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the bonds. The fair value is expected to recover as the bonds approach maturity.