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SECURITIES (Tables) | 12 Months Ended
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Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract] |
Securities Available for Sale | The amortized cost, gross unrealized gains and losses and estimated fair values of AFS and HTM debt securities at September 30, 2019 and September 30, 2018 are presented below.
At September 30, 2019 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Fair Value
(Dollars in Thousands) |  |  |  |  |  |  |
Debt securities AFS |  |  |  |  |  |  |
SBA securities | $ | 182,327 |  |  | $ | 3,655 |  |  | $ | — |  |  | $ | 185,982 |
Obligation of states and political subdivisions | 858 |  |  | 16 |  |  | — |  |  | 874 |
Non-bank qualified obligations of states and political subdivisions | 396,430 |  |  | 5,030 |  |  | (903 | ) |  | 400,557 |
Asset-backed securities | 305,603 |  |  | 262 |  |  | (3,331 | ) |  | 302,534 |
Mortgage-backed securities | 378,670 |  |  | 5,731 |  |  | (1,855 | ) |  | 382,546 |
Total debt securities AFS | $ | 1,263,888 |  |  | $ | 14,694 |  |  | $ | (6,089 | ) |  | $ | 1,272,493 |
Common equities and mutual funds(1)(2) | $ | 2,435 |  |  | $ | 171 |  |  | $ | — |  |  | $ | 2,606 |
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at September 30, 2019 and September 30, 2018. (2) ASU 2016-01 adopted on October 1, 2018, on a prospective basis, removed equity securities from AFS category at September 30, 2019.
At September 30, 2018 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Fair Value
(Dollars in Thousands) |  |  |  |  |  |  |
Debt securities AFS |  |  |  |  |  |  |
SBA securities | $ | 45,591 |  |  | $ | 1 |  |  | $ | (1,255 | ) |  | $ | 44,337 |
Obligation of states and political subdivisions | 17,154 |  |  | 49 |  |  | (293 | ) |  | 16,910 |
Non-bank qualified obligations of states and political subdivisions | 1,140,884 |  |  | 826 |  |  | (31,825 | ) |  | 1,109,885 |
Asset-backed securities | 310,700 |  |  | 2,585 |  |  | (257 | ) |  | 313,028 |
Mortgage-backed securities | 378,301 |  |  | — |  |  | (14,236 | ) |  | 364,065 |
Total debt securities AFS | 1,892,630 |  |  | 3,461 |  |  | (47,866 | ) |  | 1,848,225 |
Common equities and mutual funds(1) | 3,172 |  |  | 635 |  |  | (7 | ) |  | 3,800 |
Total AFS securities(1) | $ | 1,895,802 |  |  | $ | 4,096 |  |  | $ | (47,873 | ) |  | $ | 1,852,025 |
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at September 30, 2019 and September 30, 2018.
Securities Held to Maturity |
At September 30, 2019 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Fair Value
(Dollars in Thousands) |  |  |  |  |  |  |
Debt securities HTM |  |  |  |  |  |  |
Non-bank qualified obligations of states and political subdivisions | $ | 127,582 |  |  | $ | 108 |  |  | $ | (1,403 | ) |  | $ | 126,287 |
Mortgage-backed securities | 7,182 |  |  | 14 |  |  | (13 | ) |  | 7,183 |
Total HTM securities | $ | 134,764 |  |  | $ | 122 |  |  | $ | (1,416 | ) |  | $ | 133,470 |
At September 30, 2018 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Fair Value
(Dollars in Thousands) |  |  |  |  |  |  |
Debt securities HTM |  |  |  |  |  |  |
Non-bank qualified obligations of states and political subdivisions | $ | 163,893 |  |  | $ | — |  |  | $ | (10,758 | ) |  | $ | 153,135 |
Mortgage-backed securities | 7,850 |  |  | — |  |  | (422 | ) |  | 7,428 |
Total HTM securities | $ | 171,743 |  |  | $ | — |  |  | $ | (11,180 | ) |  | $ | 160,563 |
Gross Unrealized Losses and Fair Value of Securities Available for Sale in Continuous Unrealized Loss Position | Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position at September 30, 2019, and 2018, were as follows:
At September 30, 2019 | LESS THAN 12 MONTHS |  | OVER 12 MONTHS |  | TOTAL
(Dollars in Thousands) | Fair Value |  | Unrealized (Losses) |  | Fair Value |  | Unrealized (Losses) |  | Fair Value |  | Unrealized (Losses)
Debt securities AFS |  |  |  |  |  |  |  |  |  |  |
SBA securities | $ | 10,262 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10,262 |  |  | $ | — |
Obligations of states and political subdivisions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non-bank qualified obligations of states and political subdivisions | 66,326 |  |  | (177 | ) |  | 55,428 |  |  | (726 | ) |  | 121,754 |  |  | (903 | )
Asset-backed securities | 158,176 |  |  | (1,823 | ) |  | 93,259 |  |  | (1,508 | ) |  | 251,435 |  |  | (3,331 | )
Mortgage-backed securities | 1,713 |  |  | (1 | ) |  | 89,634 |  |  | (1,854 | ) |  | 91,347 |  |  | (1,855 | )
Total debt securities AFS | $ | 236,477 |  |  | $ | (2,001 | ) |  | $ | 238,321 |  |  | $ | (4,088 | ) |  | $ | 474,798 |  |  | $ | (6,089 | )
Common equities and mutual funds(1)(2) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at September 30, 2019 and September 30, 2018. (2) ASU 2016-01 adopted on October 1, 2018, on a prospective basis, removed equity securities from AFS category at September 30, 2019.
At September 30, 2018 | LESS THAN 12 MONTHS |  | OVER 12 MONTHS |  | TOTAL
(Dollars in Thousands) | Fair Value |  | Unrealized (Losses) |  | Fair Value |  | Unrealized (Losses) |  | Fair Value |  | Unrealized (Losses)
Debt securities AFS |  |  |  |  |  |  |  |  |  |  |
SBA securities | $ | 43,097 |  |  | $ | (1,255 | ) |  | $ | — |  |  | $ | — |  |  | $ | 43,097 |  |  | $ | (1,255 | )
Obligations of state and political subdivisions | 11,036 |  |  | (279 | ) |  | 881 |  |  | (14 | ) |  | 11,917 |  |  | (293 | )
Non-bank qualified obligations of states and political subdivisions | 626,693 |  |  | (13,539 | ) |  | 358,095 |  |  | (18,286 | ) |  | 984,788 |  |  | (31,825 | )
Asset-backed securities | 146,638 |  |  | (257 | ) |  | — |  |  | — |  |  | 146,638 |  |  | (257 | )
Mortgage-backed securities | 121,217 |  |  | (3,292 | ) |  | 242,849 |  |  | (10,944 | ) |  | 364,066 |  |  | (14,236 | )
Total debt securities AFS | 948,681 |  |  | (18,622 | ) |  | 601,825 |  |  | (29,244 | ) |  | 1,550,506 |  |  | (47,866 | )
Common equities and mutual funds(1) | 1,818 |  |  | (7 | ) |  | — |  |  | — |  |  | 1,818 |  |  | (7 | )
Total debt AFS securities(1) | $ | 950,499 |  |  | $ | (18,629 | ) |  | $ | 601,825 |  |  | $ | (29,244 | ) |  | $ | 1,552,324 |  |  | $ | (47,873 | )
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at September 30, 2019 and September 30, 2018.
Gross Unrealized Losses and Fair Value of Securities Held to Maturity in Continuous Unrealized Loss Position |
At September 30, 2019 | LESS THAN 12 MONTHS |  | OVER 12 MONTHS |  | TOTAL
(Dollars in Thousands) | Fair Value |  | Unrealized (Losses) |  | Fair Value |  | Unrealized (Losses) |  | Fair Value |  | Unrealized (Losses)
Debt securities HTM |  |  |  |  |  |  |  |  |  |  |
Non-bank qualified obligations of states and political subdivisions | $ | 5,967 |  |  | $ | (6 | ) |  | $ | 109,368 |  |  | $ | (1,397 | ) |  | $ | 115,335 |  |  | $ | (1,403 | )
Mortgage-backed securities | 1,471 |  |  | — |  |  | 1,803 |  |  | (13 | ) |  | 3,274 |  |  | (13 | )
Total HTM securities | $ | 7,438 |  |  | $ | (6 | ) |  | $ | 111,171 |  |  | $ | (1,410 | ) |  | $ | 118,609 |  |  | $ | (1,416 | )
At September 30, 2018 | LESS THAN 12 MONTHS |  | OVER 12 MONTHS |  | TOTAL
(Dollars in Thousands) | Fair Value |  | Unrealized (Losses) |  | Fair Value |  | Unrealized (Losses) |  | Fair Value |  | Unrealized (Losses)
Debt securities HTM |  |  |  |  |  |  |  |  |  |  |
Non-bank qualified obligations of states and political subdivisions | $ | 5,767 |  |  | $ | (287 | ) |  | $ | 147,368 |  |  | $ | (10,471 | ) |  | $ | 153,135 |  |  | $ | (10,758 | )
Mortgage-backed securities | — |  |  | — |  |  | 7,428 |  |  | (422 | ) |  | 7,428 |  |  | (422 | )
Total HTM securities | $ | 5,767 |  |  | $ | (287 | ) |  | $ | 154,796 |  |  | $ | (10,893 | ) |  | $ | 160,563 |  |  | $ | (11,180 | )
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities by contractual maturity are shown below. Certain securities have call features which allow the issuer to call the security prior to maturity. Expected maturities may differ from contractual maturities in MBS because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Therefore, MBS are not included in the maturity categories in the following maturity summary. The expected maturities of certain SBA securities may differ from contractual maturities because the borrowers may have the right to prepay the obligation. However, certain prepayment penalties may apply.
AFS Securities at Fair Value |  |  |
At September 30, 2019 | Amortized Cost |  | Fair Value
(Dollars in Thousands) |  |  |
Due in one year or less | $ | — |  |  | $ | — |
Due after one year through five years | 16,749 |  |  | 17,143 |
Due after five years through ten years | 50,263 |  |  | 51,840 |
Due after ten years | 818,206 |  |  | 820,964 |
| 885,218 |  |  | 889,947 |
Mortgage-backed securities | 378,670 |  |  | 382,546 |
Total securities at fair value | $ | 1,263,888 |  |  | $ | 1,272,493 |
At September 30, 2018 | Amortized Cost |  | Fair Value
(Dollars in Thousands) |  |  |
Due in one year or less | $ | 2,532 |  |  | $ | 2,529 |
Due after one year through five years | 41,415 |  |  | 41,504 |
Due after five years through ten years | 352,099 |  |  | 350,143 |
Due after ten years | 1,118,283 |  |  | 1,089,984 |
| 1,514,329 |  |  | 1,484,160 |
Mortgage-backed securities | 378,301 |  |  | 364,065 |
Common equities and mutual funds(1) | 3,172 |  |  | 3,800 |
Total securities at fair value | $ | 1,895,802 |  |  | $ | 1,852,025 |
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at September 30, 2019 and September 30, 2018
HTM Securities at Fair Value |  |  |
At September 30, 2019 | Amortized Cost |  | Fair Value
(Dollars in Thousands) |  |  |
Due after ten years | $ | 127,582 |  |  | $ | 126,287 |
| 127,582 |  |  | 126,287 |
Mortgage-backed securities | 7,182 |  |  | 7,183 |
Total HTM securities at cost | $ | 134,764 |  |  | $ | 133,470 |
At September 30, 2018 | Amortized Cost |  | Fair Value
(Dollars in Thousands) |  |  |
Due after ten years | $ | 163,893 |  |  | $ | 153,135 |
| 163,893 |  |  | 153,135 |
Mortgage-backed securities | 7,850 |  |  | 7,428 |
Total HTM securities at cost | $ | 171,743 |  |  | $ | 160,563 |
Summary of Activities Related to Sale of Securities Available for Sale | Activities related to the sale of securities are summarized below.
Fiscal Year ended | 2019 |  | 2018 |  | 2017
(Dollars in Thousands) |  |  |  |  |
Available For Sale |  |  |  |  |
Proceeds from sales | $ | 755,616 |  |  | $ | 596,758 |  |  | $ | 457,306 |
Gross gains on sales | 6,006 |  |  | 2,551 |  |  | 4,091 |
Gross losses on sales | 5,277 |  |  | 10,728 |  |  | 4,628 |
Net gain (loss) on available for sale securities | $ | 729 |  |  | $ | (8,177 | ) |  | $ | (537 | )
Held To Maturity |  |  |  |  |
Net carrying amount of securities sold | $ | — |  |  | $ | — |  |  | $ | 5,826 |
Gross realized gain on sales | — |  |  | — |  |  | 92 |
Gross realized losses on sales | — |  |  | — |  |  | 48 |
Net gain on held to maturity securities | $ | — |  |  | $ | — |  |  | $ | 44 |

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