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Investment Securities (Tables)
 12 Months Ended
Sep. 30, 2019
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, 2019
Amortized
Cost
 
Gross Unrealized    
 
Fair
Value
 
Yield
Gains
 
Losses
 
 
(In thousands)
Available-for-sale securities
 
 
 
 
 
 
 
 
 
U.S. government and agency securities due
 
 
 
 
 
 
 
 
 
5 to 10 years
$
65,287

 
$
39

 
$
(629
)
 
$
64,697

 
2.43
%
Over 10 years
207,067

 
1

 
(987
)
 
206,081

 
3.02

Corporate debt securities due
 
 
 
 
 
 
 
 
 
Within 1 year
43,903

 
411

 
—

 
44,314

 
3.65

1 to 5 years
70,000

 
689

 
(50
)
 
70,639

 
3.29

5 to 10 years
92,931

 
1,879

 
—

 
94,810

 
3.27

Municipal bonds due
 
 
 
 
 
 
 
 
 
1 to 5 years
1,430

 
14

 
—

 
1,444

 
1.94

  Over 10 years
20,303

 
895

 
—

 
21,198

 
6.45

Mortgage-backed securities
 
 
 
 
 
 
 
 
 
Agency pass-through certificates
957,150

 
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 certificates
1,428,480

 
19,945

 
(337
)
 
1,448,088

 
3.15

  Commercial MBS
15,000

 
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
%


 
September 30, 2018
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
Yield
Gains
 
Losses
 
 
(In thousands)
Available-for-sale securities
 
 
 
 
 
 
 
 
 
U.S. government and agency securities due
 
 
 
 
 
 
 
 
 
5 to 10 years
$
60,872

 
$
—

 
$
(1,473
)
 
$
59,399

 
2.55
%
Over 10 years
148,099

 
109

 
(314
)
 
147,894

 
3.05

Equity securities
 
 
 
 
 
 
 
 
 
1 to 5 years
500

 
—

 
(12
)
 
488

 
1.80

Corporate debt securities due
 
 
 
 
 
 
 
 
 
1 to 5 years
113,762

 
1,875

 
(13
)
 
115,624

 
3.59

5 to 10 years
69,965

 
35

 
(929
)
 
69,071

 
3.23

Municipal bonds due
 
 
 
 
 
 
 
 
 
1 to 5 years
1,398

 
—

 
(24
)
 
1,374

 
2.05

  Over 10 years
20,323

 
1,281

 
—

 
21,604

 
6.45

Mortgage-backed securities
 
 
 
 
 
 
 
 
 
Agency pass-through certificates
908,092

 
1,383

 
(13,434
)
 
896,041

 
3.29

Commercial MBS
3,460

 
2

 
—

 
3,462

 
4.36

 
1,326,471

 
4,685

 
(16,199
)
 
1,314,957

 
3.30

Held-to-maturity securities
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
 
 
 
 
 
 
 
 
 
Agency pass-through certificates
1,610,420

 
305

 
(76,983
)
 
1,533,742

 
3.16

Commercial MBS
15,000

 
28

 
—

 
15,028

 
3.03

 
1,625,420

 
333

 
(76,983
)
 
1,548,770

 
3.16

 
$
2,951,891

 
$
5,018

 
$
(93,182
)
 
$
2,863,727

 
3.22
%
Schedule of unrealized losses and fair value of securities
The following table shows the gross unrealized losses and fair value of securities at September 30, 2019, and September 30, 2018, 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 Company 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, 2019
  
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
$
—

$
—

$
(50
)
$
24,950

$
(50
)
$
24,950

U.S. government and agency securities
(656
)
152,715

(960
)
77,391

(1,616
)
230,106

Mortgage-backed securities
(148
)
87,895

(1,313
)
270,802

(1,461
)
358,697

 
$
(804
)
$
240,610

$
(2,323
)
$
373,143

$
(3,127
)
$
613,753




 
September 30, 2018
  
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
$
(929
)
$
49,072

$
(14
)
$
24,988

$
(943
)
$
74,060

Municipal bonds
(24
)
1,374

—

—

(24
)
1,374

U.S. government and agency securities
(141
)
37,565

(1,645
)
76,499

(1,786
)
114,064

Equity securities
(12
)
488

—

—

(12
)
488

Mortgage-backed securities
(28,748
)
1,035,754

(61,669
)
1,183,017

(90,417
)
2,218,771

 
$
(29,854
)
$
1,124,253

$
(63,328
)
$
1,284,504

$
(93,182
)
$
2,408,757