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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Mar. 31, 2019
Fair Value Disclosures [Abstract] |
Summary of Fair Values of Securities Available for Sale and Held to Maturity | The following table summarizes the fair values of debt securities available for sale and equity securities at March 31, 2019 and September 30, 2018, as they are measured at fair value on a recurring basis.
| Fair Value At March 31, 2019
(Dollars in Thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3
Debt securities AFS |  |  |  |  |  |  |
Small business administration securities | $ | 164,103 |  |  | $ | — |  |  | $ | 164,103 |  |  | $ | — |
Obligations of states and political subdivisions | 11,529 |  |  | — |  |  | 11,529 |  |  | — |
Non-bank qualified obligations of states and political subdivisions | 621,642 |  |  | — |  |  | 621,642 |  |  | — |
Asset-backed securities | 284,389 |  |  | — |  |  | 284,389 |  |  | — |
Mortgage-backed securities | 413,493 |  |  | — |  |  | 413,493 |  |  | — |
Total debt securities AFS | 1,495,156 |  |  | — |  |  | 1,495,156 |  |  | — |
Common equities and mutual funds(1)(2) | $ | 4,211 |  |  | $ | 4,211 |  |  | $ | — |  |  | $ | — |
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 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 March 31, 2019.
| Fair Value At September 30, 2018
| Available For Sale |
(Dollars in Thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Debt securities AFS |  |  |  |  |  |  |  |
Small business administration securities | $ | 44,337 |  |  | $ | — |  |  | $ | 44,337 |  |  | $ | — |  |
Obligations of states and political subdivisions | 16,910 |  |  | — |  |  | 16,910 |  |  | — |  |
Non-bank qualified obligations of states and political subdivisions | 1,109,885 |  |  | — |  |  | 1,109,885 |  |  | — |  |
Asset-backed securities | 313,028 |  |  | — |  |  | 313,028 |  |  | — |  |
Mortgage-backed securities | 364,065 |  |  | — |  |  | 364,065 |  |  | — |  |
Total debt securities AFS | 1,848,225 |  |  | — |  |  | 1,848,225 |  |  | — |  |
Common equities and mutual funds(1) | 3,800 |  |  | 3,800 |  |  | — |  |  | — |  |
Total securities | $ | 1,852,025 |  |  | $ | 3,800 |  |  | $ | 1,848,225 |  |  | $ | — |  |
Assets Measured at Fair Value on Nonrecurring Basis | The following table summarizes the assets of the Company that were measured at fair value in the consolidated statements of financial condition on a non-recurring basis as of March 31, 2019 and September 30, 2018.
| Fair Value At March 31, 2019
(Dollars in Thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3
Impaired Loans and Leases, net |  |  |  |  |  |  |
Asset Based Lending | $ | 1,218 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,218 |
Factoring | 13 |  |  | — |  |  | — |  |  | 13 |
Lease Financing | 23 |  |  | — |  |  | — |  |  | 23 |
Commercial finance | 1,254 |  |  | — |  |  | — |  |  | 1,254 |
Total National Lending | 1,254 |  |  | — |  |  | — |  |  | 1,254 |
Total Impaired Loans and Leases | 1,254 |  |  | — |  |  | — |  |  | 1,254 |
Foreclosed Assets, net | 29,548 |  |  | — |  |  | — |  |  | 29,548 |
Total | $ | 30,802 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,802 |
| Fair Value At September 30, 2018
(Dollars in Thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3
Impaired loans and leases, net |  |  |  |  |  |  |
Asset Based Lending | $ | 57 |  |  | $ | — |  |  | $ | — |  |  | $ | 57 |
Factoring | 1,899 |  |  | — |  |  | — |  |  | 1,899 |
Lease Financing | 2,869 |  |  | — |  |  | — |  |  | 2,869 |
Commercial finance | 4,825 |  |  | — |  |  | — |  |  | 4,825 |
Total National Lending | 4,825 |  |  | — |  |  | — |  |  | 4,825 |
Total impaired loans and leases | 4,825 |  |  | — |  |  | — |  |  | 4,825 |
Foreclosed assets, net | 31,638 |  |  | — |  |  | — |  |  | 31,638 |
Total | $ | 36,463 |  |  | $ | — |  |  | $ | — |  |  | $ | 36,463 |
Quantitative Information about Level 3 Fair Value Measurements |
| Quantitative Information About Level 3 Fair Value Measurements
(Dollars in Thousands) | Fair Value at March 31, 2019 |  | Fair Value at September 30, 2018 |  | Valuation Technique |  | Unobservable Input |  | Range of Inputs
Impaired loans and leases, net | $ | 1,254 |  |  | 4,825 |  |  | Market approach |  | Appraised values (1) |  | 4.00 - 10.00%
Foreclosed Assets, net | $ | 29,548 |  |  | 31,638 |  |  | Market approach |  | Appraised values (1) |  | 4.00 - 10.00%
(1) | The Company generally relies on external appraisers to develop this information. Management reduced the appraised value by estimating selling costs in a range of 4% to 10%.
Carrying Amount and Estimated Fair Value of Financial Instruments | The following presents the carrying amount and estimated fair value of the financial instruments held by the Company at March 31, 2019 and September 30, 2018.
| March 31, 2019
(Dollars in Thousands) | Carrying Amount |  | Estimated Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 156,461 |  |  | $ | 156,461 |  |  | $ | 156,461 |  |  | $ | — |  |  | $ | — |
Debt securities available for sale | 1,495,156 |  |  | 1,495,156 |  |  | — |  |  | 1,495,156 |  |  | — |
Debt securities held to maturity | 154,598 |  |  | 149,164 |  |  | — |  |  | 149,164 |  |  | — |
Equity securities (1) | 4,211 |  |  | 4,211 |  |  | 4,211 |  |  | — |  |  | — |
Total securities | 1,653,965 |  |  | 1,648,531 |  |  | 4,211 |  |  | 1,644,320 |  |  | — |
Loans held for sale | 59,745 |  |  | 59,745 |  |  | — |  |  | 59,745 |  |  | — |
Loans and leases: |  |  |  |  |  |  |  |  |
Asset based lending | 572,210 |  |  | 551,579 |  |  | — |  |  | — |  |  | 551,579 |
Factoring | 287,955 |  |  | 283,337 |  |  | — |  |  | — |  |  | 283,337 |
Lease financing | 321,414 |  |  | 320,411 |  |  | — |  |  | — |  |  | 320,411 |
Insurance premium finance | 307,875 |  |  | 307,732 |  |  | — |  |  | — |  |  | 307,732 |
SBA/USDA | 77,481 |  |  | 74,407 |  |  | — |  |  | — |  |  | 74,407 |
Other commercial finance | 98,956 |  |  | 100,038 |  |  | — |  |  | — |  |  | 100,038 |
Commercial finance | 1,665,891 |  |  | 1,637,504 |  |  | — |  |  | — |  |  | 1,637,504 |
Consumer credit products | 139,617 |  |  | 138,748 |  |  | — |  |  | — |  |  | 138,748 |
Other consumer finance | 170,824 |  |  | 166,925 |  |  | — |  |  | — |  |  | 166,925 |
Consumer finance | 310,441 |  |  | 305,673 |  |  | — |  |  | — |  |  | 305,673 |
Tax services | 84,824 |  |  | 60,722 |  |  | — |  |  | — |  |  | 60,722 |
Warehouse finance | 186,697 |  |  | 186,764 |  |  | — |  |  | — |  |  | 186,764 |
Total National Lending | 2,247,853 |  |  | 2,190,663 |  |  | — |  |  | — |  |  | 2,190,663 |
Commercial real estate and operating | 869,917 |  |  | 861,524 |  |  | — |  |  | — |  |  | 861,524 |
Consumer one to four family real estate and other | 257,079 |  |  | 254,642 |  |  | — |  |  | — |  |  | 254,642 |
Agricultural real estate and operating | 60,167 |  |  | 58,454 |  |  | — |  |  | — |  |  | 58,454 |
Total Community Banking | 1,187,163 |  |  | 1,174,620 |  |  | — |  |  | — |  |  | 1,174,620 |
Total loans and leases | 3,435,016 |  |  | 3,365,283 |  |  | — |  |  | — |  |  | 3,365,283 |
Federal Home Loan Bank stock | 7,436 |  |  | 7,436 |  |  | — |  |  | 7,436 |  |  | — |
Accrued interest receivable | 20,281 |  |  | 20,281 |  |  | 20,281 |  |  | — |  |  | — |
Financial liabilities |  |  |  |  |  |  |  |  |
Noninterest-bearing demand deposits | 3,034,428 |  |  | 3,034,428 |  |  | 3,034,428 |  |  | — |  |  | — |
Interest-bearing demand deposits, savings, and money markets | 300,033 |  |  | 300,033 |  |  | 300,033 |  |  | — |  |  | — |
Certificates of deposits | 154,401 |  |  | 153,951 |  |  | — |  |  | 153,951 |  |  | — |
Wholesale non-maturing deposits | 207,795 |  |  | 207,795 |  |  | 207,795 |  |  | — |  |  | — |
Wholesale certificates of deposits | 1,273,650 |  |  | 1,272,291 |  |  | — |  |  | 1,272,291 |  |  | — |
Total deposits | 4,970,307 |  |  | 4,968,498 |  |  | 3,542,256 |  |  | 1,426,242 |  |  | — |
Securities sold under agreements to repurchase | 2,804 |  |  | 2,804 |  |  | — |  |  | 2,804 |  |  | — |
Capital leases | 1,996 |  |  | 1,996 |  |  | — |  |  | 1,996 |  |  | — |
Trust preferred securities | 13,661 |  |  | 13,878 |  |  | — |  |  | 13,878 |  |  | — |
Subordinated debentures | 73,566 |  |  | 75,188 |  |  | — |  |  | 75,188 |  |  | — |
Other borrowings | 19,357 |  |  | 19,162 |  |  | — |  |  | 19,162 |  |  | — |
Accrued interest payable | 9,239 |  |  | 9,239 |  |  | 9,239 |  |  | — |  |  | — |
(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 2019 and September 30, 2018.
| September 30, 2018
(Dollars in Thousands) | Carrying Amount |  | Estimated Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 99,977 |  |  | $ | 99,977 |  |  | $ | 99,977 |  |  | $ | — |  |  | $ | — |
Securities available for sale | 1,852,025 |  |  | 1,852,025 |  |  | 3,800 |  |  | 1,848,225 |  |  | — |
Securities held to maturity | 172,154 |  |  | 160,974 |  |  | — |  |  | 160,974 |  |  | — |
Total securities | 2,024,179 |  |  | 2,012,999 |  |  | 3,800 |  |  | 2,009,199 |  |  | — |
Loans held for sale | 15,606 |  |  | 15,606 |  |  | — |  |  | 15,606 |  |  | — |
Loans and leases: |  |  |  |  |  |  |  |  |
Asset based lending | 477,917 |  |  | 477,471 |  |  | — |  |  | — |  |  | 477,471 |
Factoring | 284,221 |  |  | 283,424 |  |  | — |  |  | — |  |  | 283,424 |
Lease financing | 265,315 |  |  | 264,679 |  |  | — |  |  | — |  |  | 264,679 |
Insurance premium finance | 337,877 |  |  | 337,212 |  |  | — |  |  | — |  |  | 337,212 |
SBA/USDA | 59,374 |  |  | 61,072 |  |  | — |  |  | — |  |  | 61,072 |
Other commercial finance | 85,145 |  |  | 83,111 |  |  | — |  |  | — |  |  | 83,111 |
Commercial finance | 1,509,849 |  |  | 1,506,969 |  |  | — |  |  | — |  |  | 1,506,969 |
Consumer credit products | 80,605 |  |  | 80,633 |  |  | — |  |  | — |  |  | 80,633 |
Other consumer finance | 189,756 |  |  | 197,320 |  |  | — |  |  | — |  |  | 197,320 |
Consumer finance | 270,361 |  |  | 277,953 |  |  | — |  |  | — |  |  | 277,953 |
Tax services | 1,073 |  |  | 1,073 |  |  | — |  |  | — |  |  | 1,073 |
Warehouse finance | 65,000 |  |  | 64,978 |  |  | — |  |  | — |  |  | 64,978 |
Total National Lending | 1,846,283 |  |  | 1,850,973 |  |  | — |  |  | — |  |  | 1,850,973 |
Commercial real estate and operating | 790,890 |  |  | 773,203 |  |  | — |  |  | — |  |  | 773,203 |
Consumer one to four family real estate and other | 247,318 |  |  | 244,730 |  |  | — |  |  | — |  |  | 244,730 |
Agricultural real estate and operating | 60,498 |  |  | 58,849 |  |  | — |  |  | — |  |  | 58,849 |
Total Community Banking | 1,098,706 |  |  | 1,076,782 |  |  | — |  |  | — |  |  | 1,076,782 |
Total loans and leases | 2,944,989 |  |  | 2,927,755 |  |  | — |  |  | — |  |  | 2,927,755 |
Federal Home Loan Bank stock | 23,400 |  |  | 23,400 |  |  | — |  |  | 23,400 |  |  | — |
Accrued interest receivable | 22,016 |  |  | 22,016 |  |  | 22,016 |  |  | — |  |  | — |
Financial liabilities |  |  |  |  |  |  |  |  |
Noninterest-bearing demand deposits | 2,405,274 |  |  | 2,405,274 |  |  | 2,405,274 |  |  | — |  |  | — |
Interest-bearing demand deposits, savings, and money markets | 218,347 |  |  | 218,347 |  |  | 218,347 |  |  | — |  |  | — |
Certificates of deposits | 276,180 |  |  | 273,800 |  |  | — |  |  | 273,800 |  |  | — |
Wholesale non-maturing deposits | 94,384 |  |  | 94,384 |  |  | 94,384 |  |  | — |  |  | — |
Wholesale certificates of deposits | 1,436,802 |  |  | 1,432,146 |  |  | — |  |  | 1,432,146 |  |  | — |
Total deposits | 4,430,987 |  |  | 4,423,951 |  |  | 2,718,005 |  |  | 1,705,946 |  |  | — |
Federal funds purchased | 422,000 |  |  | 422,000 |  |  | 422,000 |  |  | — |  |  | — |
Securities sold under agreements to repurchase | 3,694 |  |  | 3,694 |  |  | — |  |  | 3,694 |  |  | — |
Capital leases | 1,876 |  |  | 1,876 |  |  | — |  |  | 1,876 |  |  | — |
Trust preferred securities | 13,661 |  |  | 13,866 |  |  | — |  |  | 13,866 |  |  | — |
Subordinated debentures | 73,491 |  |  | 75,563 |  |  | — |  |  | 75,563 |  |  | — |
Accrued interest payable | 7,794 |  |  | 7,794 |  |  | 7,794 |  |  | — |  |  | — |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
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