XML 41 R29.htm IDEA: XBRL DOCUMENT
v3.19.1

SECURITIES (Tables) | 6 Months Ended
--- | ---
Mar. 31, 2019
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 March 31, 2019 and September 30, 2018 are presented below.
At March 31, 2019 | AMORTIZED COST |  | GROSS UNREALIZED GAINS |  | GROSS UNREALIZED (LOSSES) |  | FAIR VALUE
| (Dollars in Thousands)
Debt securities AFS |  |  |  |  |  |  |
SBA securities | $ | 163,621 |  |  | $ | 637 |  |  | $ | (155 | ) |  | $ | 164,103 |
Obligations of states and political subdivisions | 11,432 |  |  | 106 |  |  | (9 | ) |  | 11,529 |
Non-bank qualified obligations of states and political subdivisions | 629,732 |  |  | 1,357 |  |  | (9,447 | ) |  | 621,642 |
Asset-backed securities | 284,701 |  |  | 1,286 |  |  | (1,598 | ) |  | 284,389 |
Mortgage-backed securities | 419,024 |  |  | 1,064 |  |  | (6,595 | ) |  | 413,493 |
Total debt securities AFS | $ | 1,508,510 |  |  | $ | 4,450 |  |  | $ | (17,804 | ) |  | $ | 1,495,156 |
Common equities and mutual funds(1)(2) | $ | 3,592 |  |  | $ | 619 |  |  | $ | — |  |  | $ | 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.
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 |
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 March 31, 2019 and September 30, 2018.
Securities Held to Maturity |
Held to Maturity |  |  |  |  |  |  |
At March 31, 2019 | AMORTIZED COST |  | GROSS UNREALIZED GAINS |  | GROSS UNREALIZED (LOSSES) |  | FAIR VALUE
| (Dollars in Thousands)
Debt securities |  |  |  |  |  |  |
Non-bank qualified obligations of states and political subdivisions | $ | 146,992 |  |  | $ | — |  |  | $ | (5,224 | ) |  | $ | 141,768 |
Mortgage-backed securities | 7,606 |  |  | — |  |  | (210 | ) |  | 7,396 |
Total held to maturity securities | $ | 154,598 |  |  | $ | — |  |  | $ | (5,434 | ) |  | $ | 149,164 |
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 March 31, 2019 and September 30, 2018, were as follows:
| LESS THAN 12 MONTHS |  | OVER 12 MONTHS |  | TOTAL
At March 31, 2019 | Fair Value |  | Unrealized (Losses) |  | Fair Value |  | Unrealized (Losses) |  | Fair Value |  | Unrealized (Losses)
| (Dollars in Thousands)
Debt securities AFS |  |  |  |  |  |  |  |  |  |  |
SBA securities | $ | 41,845 |  |  | $ | (29 | ) |  | $ | 27,214 |  |  | $ | (126 | ) |  | $ | 69,059 |  |  | $ | (155 | )
Obligations of states and political subdivisions | — |  |  | — |  |  | 2,052 |  |  | (9 | ) |  | 2,052 |  |  | (9 | )
Non-bank qualified obligations of states and political subdivisions | 10,210 |  |  | (2 | ) |  | 448,680 |  |  | (9,445 | ) |  | 458,890 |  |  | (9,447 | )
Asset-backed securities | 148,254 |  |  | (1,539 | ) |  | 12,184 |  |  | (59 | ) |  | 160,438 |  |  | (1,598 | )
Mortgage-backed securities | 32,722 |  |  | (13 | ) |  | 282,789 |  |  | (6,582 | ) |  | 315,511 |  |  | (6,595 | )
Total debt securities AFS | $ | 233,031 |  |  | $ | (1,583 | ) |  | $ | 772,919 |  |  | $ | (16,221 | ) |  | $ | 1,005,950 |  |  | $ | (17,804 | )
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 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.
| 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 |  |  |  |  |  |  |  |  |  |  |
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 March 31, 2019 and September 30, 2018.
Schedule of Unrealized Loss on Investments |
Held To Maturity | LESS THAN 12 MONTHS |  | OVER 12 MONTHS |  | TOTAL
At March 31, 2019 | 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 | $ | — |  |  | $ | — |  |  | $ | 141,768 |  |  | $ | (5,225 | ) |  | $ | 141,768 |  |  | $ | (5,225 | )
Mortgage-backed securities | — |  |  | — |  |  | 7,396 |  |  | (210 | ) |  | 7,396 |  |  | (210 | )
Total held to maturity securities | $ | — |  |  | $ | — |  |  | $ | 149,164 |  |  | $ | (5,435 | ) |  | $ | 149,164 |  |  | $ | (5,435 | )
| 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, SBA 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 March 31, 2019 | (Dollars in Thousands)
Due in one year or less | $ | 1,020 |  |  | $ | 1,019 |
Due after one year through five years | 15,058 |  |  | 15,285 |
Due after five years through ten years | 64,894 |  |  | 65,335 |
Due after ten years | 1,008,514 |  |  | 1,000,024 |
| 1,089,486 |  |  | 1,081,663 |
Mortgage-backed securities | 419,024 |  |  | 413,493 |
Total securities at fair value | $ | 1,508,510 |  |  | $ | 1,495,156 |
| 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 March 31, 2019 and September 30, 2018.
Held To Maturity | AMORTIZED COST |  | FAIR VALUE
At March 31, 2019 | (Dollars in Thousands)
Due after ten years | $ | 146,992 |  |  | $ | 141,768 |
| 146,992 |  |  | 141,768 |
Mortgage-backed securities | 7,606 |  |  | 7,396 |
Total held to maturity securities at cost | $ | 154,598 |  |  | $ | 149,164 |
| 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 |

X
- Definition Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27232-111563 + Details
Name: | us-gaap_HeldToMaturitySecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27290-111563 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). + References No definition available. + Details
Name: | us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration