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SECURITIES (Tables) | 3 Months Ended
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Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract] |
Securities Available for Sale | The amortized cost, gross unrealized gains and losses and estimated fair values of available for sale ("AFS") and held to maturity ("HTM") debt securities at December 31, 2018 and September 30, 2018 are presented below.
At December 31, 2018 | AMORTIZED COST |  | GROSS UNREALIZED GAINS |  | GROSS UNREALIZED (LOSSES) |  | FAIR VALUE
| (Dollars in Thousands)
Debt securities AFS |  |  |  |  |  |  |
Small business administration securities | $ | 94,242 |  |  | $ | 165 |  |  | $ | (351 | ) |  | $ | 94,056 |
Obligations of states and political subdivisions | 15,023 |  |  | 73 |  |  | (146 | ) |  | 14,950 |
Non-bank qualified obligations of states and political subdivisions | 970,288 |  |  | 2,787 |  |  | (28,504 | ) |  | 944,571 |
Asset-backed securities | 287,247 |  |  | 1,261 |  |  | (1,215 | ) |  | 287,293 |
Mortgage-backed securities | 366,467 |  |  | 157 |  |  | (12,438 | ) |  | 354,186 |
Total debt securities AFS | $ | 1,733,267 |  |  | $ | 4,443 |  |  | $ | (42,654 | ) |  | $ | 1,695,056 |
Common equities and mutual funds(1)(2) | $ | 3,494 |  |  | $ | 357 |  |  | $ | (14 | ) |  | $ | 3,837 |
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at December 31, 2018 and September 30, 2018. (2) ASU 2016-01 adopted on October 1, 2018, on a prospective basis, removed equity securities from AFS category at December 31, 2018.
At September 30, 2018 | AMORTIZED COST |  | GROSS UNREALIZED GAINS |  | GROSS UNREALIZED (LOSSES) |  | FAIR VALUE
| (Dollars in Thousands)
Debt securities AFS |  |  |  |  |  |  |
Small business administration securities | $ | 45,591 |  |  | $ | 1 |  |  | $ | (1,255 | ) |  | $ | 44,337 |
Obligations 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 December 31, 2018 and September 30, 2018.
Securities Held to Maturity |
Held to Maturity |  |  |  |  |  |  |
At December 31, 2018 | AMORTIZED COST |  | GROSS UNREALIZED GAINS |  | GROSS UNREALIZED (LOSSES) |  | FAIR VALUE
| (Dollars in Thousands)
Debt securities |  |  |  |  |  |  |
Non-bank qualified obligations of states and political subdivisions | $ | 153,075 |  |  | $ | — |  |  | $ | (8,820 | ) |  | $ | 144,255 |
Mortgage-backed securities | 7,661 |  |  | — |  |  | (326 | ) |  | 7,335 |
Total held to maturity securities | $ | 160,736 |  |  | $ | — |  |  | $ | (9,146 | ) |  | $ | 151,590 |
At September 30, 2018 | AMORTIZED COST |  | GROSS UNREALIZED GAINS |  | GROSS UNREALIZED (LOSSES) |  | FAIR VALUE
| (Dollars in Thousands)
Debt securities |  |  |  |  |  |  |
Non-bank qualified obligations of states and political subdivisions | $ | 163,893 |  |  | $ | — |  |  | $ | (10,758 | ) |  | $ | 153,135 |
Mortgage-backed securities | 7,850 |  |  | — |  |  | (422 | ) |  | 7,428 |
Total held to maturity securities | $ | 171,743 |  |  | $ | — |  |  | $ | (11,180 | ) |  | $ | 160,563 |
Debt Securities, Trading, and Equity Securities, FV-NI | Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2018 and September 30, 2018, were as follows:
| LESS THAN 12 MONTHS |  | OVER 12 MONTHS |  | TOTAL
At December 31, 2018 | Fair Value |  | Unrealized (Losses) |  | Fair Value |  | Unrealized (Losses) |  | Fair Value |  | Unrealized (Losses)
| (Dollars in Thousands)
Debt securities AFS |  |  |  |  |  |  |  |  |  |  |
Small business administration securities | $ | — |  |  | $ | — |  |  | $ | 28,318 |  |  | $ | (351 | ) |  | $ | 28,318 |  |  | $ | (351 | )
Obligations of states and political subdivisions | 2,089 |  |  | (6 | ) |  | 7,198 |  |  | (140 | ) |  | 9,287 |  |  | (146 | )
Non-bank qualified obligations of states and political subdivisions | 112,208 |  |  | (2,443 | ) |  | 525,831 |  |  | (26,061 | ) |  | 638,039 |  |  | (28,504 | )
Asset-backed securities | 162,550 |  |  | (1,215 | ) |  | — |  |  | — |  |  | 162,550 |  |  | (1,215 | )
Mortgage-backed securities | 4,063 |  |  | (16 | ) |  | 321,021 |  |  | (12,422 | ) |  | 325,084 |  |  | (12,438 | )
Total debt securities AFS | $ | 280,910 |  |  | $ | (3,680 | ) |  | $ | 882,368 |  |  | $ | (38,974 | ) |  | $ | 1,163,278 |  |  | $ | (42,654 | )
Common equities and mutual funds(1)(2) | 2,001 |  |  | (14 | ) |  | — |  |  | — |  |  | 2,001 |  |  | (14 | )
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at December 31, 2018 and September 30, 2018. (2) ASU 2016-01 adopted on October 1, 2018, on a prospective basis, removed equity securities from AFS category at December 31, 2018.
| LESS THAN 12 MONTHS |  | OVER 12 MONTHS |  | TOTAL
At September 30, 2018 | Fair Value |  | Unrealized (Losses) |  | Fair Value |  | Unrealized (Losses) |  | Fair Value |  | Unrealized (Losses)
| (Dollars in Thousands)
Debt securities AFS |  |  |  |  |  |  |  |  |  |  |
Small Business Administration 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 December 31, 2018 and September 30, 2018.
Schedule of Unrealized Loss on Investments |
Held To Maturity | LESS THAN 12 MONTHS |  | OVER 12 MONTHS |  | TOTAL
At December 31, 2018 | Fair Value |  | Unrealized (Losses) |  | Fair Value |  | Unrealized (Losses) |  | Fair Value |  | Unrealized (Losses)
| (Dollars in Thousands)
Debt securities |  |  |  |  |  |  |  |  |  |  |
Non-bank qualified obligations of states and political subdivisions | $ | — |  |  | $ | — |  |  | $ | 144,255 |  |  | $ | (8,820 | ) |  | $ | 144,255 |  |  | $ | (8,820 | )
Mortgage-backed securities | — |  |  | — |  |  | 7,335 |  |  | (326 | ) |  | 7,335 |  |  | (326 | )
Total held to maturity securities | $ | — |  |  | $ | — |  |  | $ | 151,590 |  |  | $ | (9,146 | ) |  | $ | 151,590 |  |  | $ | (9,146 | )
| LESS THAN 12 MONTHS |  | OVER 12 MONTHS |  | TOTAL
At September 30, 2018 | Fair Value |  | Unrealized (Losses) |  | Fair Value |  | Unrealized (Losses) |  | Fair Value |  | Unrealized (Losses)
| (Dollars in Thousands)
Debt securities |  |  |  |  |  |  |  |  |  |  |
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 held to maturity 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 as of the dates set forth below 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 mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Therefore, mortgage-backed securities are not included in the maturity categories in the following maturity summary. The expected maturities of certain housing related municipal securities, Small Business Administration and asset-backed securities may differ from contractual maturities because the borrowers may have the right to prepay the obligation. However, certain prepayment penalties may apply.
Securities at Fair Value | AMORTIZED COST |  | FAIR VALUE
At December 31, 2018 | (Dollars in Thousands)
Due in one year or less | $ | 1,585 |  |  | $ | 1,581 |
Due after one year through five years | 25,283 |  |  | 25,483 |
Due after five years through ten years | 250,025 |  |  | 251,933 |
Due after ten years | 1,089,907 |  |  | 1,061,873 |
| 1,366,800 |  |  | 1,340,870 |
Mortgage-backed securities | 366,467 |  |  | 354,186 |
Total securities at fair value | $ | 1,733,267 |  |  | $ | 1,695,056 |
| AMORTIZED COST |  | FAIR VALUE
At September 30, 2018 | (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 December 31, 2018 and September 30, 2018.
Held To Maturity | AMORTIZED COST |  | FAIR VALUE
At December 31, 2018 | (Dollars in Thousands)
Due after ten years | $ | 153,075 |  |  | $ | 144,255 |
| 153,075 |  |  | 144,255 |
Mortgage-backed securities | 7,661 |  |  | 7,335 |
Total held to maturity securities at cost | $ | 160,736 |  |  | $ | 151,590 |
| AMORTIZED COST |  | FAIR VALUE
At September 30, 2018 | (Dollars in Thousands)
Due after ten years | $ | 163,893 |  |  | $ | 153,135 |
| 163,893 |  |  | 153,135 |
Mortgage-backed securities | 7,850 |  |  | 7,428 |
Total held to maturity securities at cost | $ | 171,743 |  |  | $ | 160,563 |

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