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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Summary of Fair Values of Securities Available for Sale and Held to Maturity

The following tables summarize the fair values of debt securities available for sale and equity securities as they are measured at fair value on a recurring basis:

			Fair Value At March 31, 2020
(Dollars in Thousands)			Total						Level 1						Level 2						Level 3
Debt securities AFS
SBA securities			$	173,246					$	—					$	173,246					$	—
Obligations of states and political subdivisions			872						—						872						—
Non-bank qualified obligations of states and political subdivisions			346,170						—						346,170						—
Asset-backed securities			320,237						—						320,237						—
Mortgage-backed securities			355,094						—						355,094						—
Total debt securities AFS			$	1,195,619					$	—					$	1,195,619					$	—
Common equities and mutual funds(1)			$	2,899					$	2,899					$	—					$	—
Non-marketable equity securities(2)			$	2,532					$	—					$	—					$	—

⁽¹⁾ Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 2020 and September 30, 2019.

⁽²⁾ Consists of certain non-marketable equity securities that are measured at fair value using net asset value ("NAV") per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.

			Fair Value At September 30, 2019
(Dollars in Thousands)			Total						Level 1						Level 2						Level 3
Debt securities AFS
SBA securities			$	185,982					$	—					$	185,982					$	—
Obligations of states and political subdivisions			874						—						874						—
Non-bank qualified obligations of states and political subdivisions			400,557						—						400,557						—
Asset-backed securities			302,534						—						302,534						—
Mortgage-backed securities			382,546						—						382,546						—
Total debt securities AFS			$	1,272,493					$	—					$	1,272,493					$	—
Common equities and mutual funds(1)			$	2,606					$	2,606					$	—					$	—
Non-marketable equity securities(2)			$	1,669					$	—					$	—					$	—

⁽¹⁾ Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 2020 and September 30, 2019.

⁽²⁾ Consists of certain non-marketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.

Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes the assets of the Company that are measured at fair value in the Condensed Consolidated Statements of Financial Condition on a non-recurring basis:

			Fair Value At March 31, 2020
(Dollars in Thousands)			Total						Level 1						Level 2						Level 3
Impaired loans and leases, net
Commercial finance			$	13,489					$	—					$	—					$	13,489
Total National Lending			13,489						—						—						13,489
Commercial real estate and operating			85						—						—						85
Total Community Banking			85						—						—						85
Total impaired loans and leases, net			13,574						—						—						13,574
Foreclosed assets, net			7,249						—						—						7,249
Total			$	20,823					$	—					$	—					$	20,823

			Fair Value At September 30, 2019
(Dollars in Thousands)			Total						Level 1						Level 2						Level 3
Impaired loans and leases, net
Commercial finance			$	8,707					$	—					$	—					$	8,707
Total National Lending			8,707						—						—						8,707
Total impaired loans and leases, net			8,707						—						—						8,707
Foreclosed assets, net			29,494						—						—						29,494
Total			$	38,201					$	—					$	—					$	38,201

Quantitative Information about Level 3 Fair Value Measurements

Quantitative Information About Level 3 Fair Value Measurements

(Dollars in Thousands)

Fair Value at March 31, 2020

Fair Value at September 30, 2019

Valuation Technique

Unobservable Input

Range of Inputs

Impaired loans and leases, net

$

13,574

8,707

Market approach

Appraised values(1)

4% - 10%

Foreclosed assets, net

$

7,249

29,494

Market approach

Appraised values(1)

4% - 30%

⁽¹⁾ The Company generally relies on external appraisers to develop this information. Management reduced the appraised value by estimating selling costs and other inputs in a range of 4% to 30%.

Carrying Amount and Estimated Fair Value of Financial Instruments

The following tables present the carrying amount and estimated fair value of the financial instruments held by the Company:

			March 31, 2020
(Dollars in Thousands)			Carrying Amount						Estimated Fair Value						Level 1						Level 2						Level 3
Financial assets
Cash and cash equivalents			$	108,733					$	108,733					$	108,733					$	—					$	—
Debt securities available for sale			1,195,619						1,195,619						—						1,195,619						—
Debt securities held to maturity			114,857						114,405						—						114,405						—
Common equities and mutual funds(1)			2,899						2,899						2,899						—						—
Non-marketable equity securities(1)(2)			13,032						13,032						—						10,500						—
Loans held for sale			13,610						13,610						—						13,610						—
Loans and leases receivable			3,610,785						3,606,603						—						—						3,606,603
Federal Home Loan Bank stock			29,944						29,944						—						29,944						—
Accrued interest receivable			16,958						16,958						16,958						—						—
Financial liabilities
Deposits			3,962,404						3,966,232						3,363,025						603,207						—
Overnight federal funds purchased			717,000						717,000						717,000						—						—
Federal Home Loan Bank advances			110,000						112,122						—						112,122						—
Other short- and long-term borrowings			101,353						100,826						—						100,826						—
Accrued interest payable			3,607						3,607						3,607						—						—

⁽¹⁾ Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 2020 and September 30, 2019.

⁽²⁾ Includes certain non-marketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.

			September 30, 2019
(Dollars in Thousands)			Carrying Amount						Estimated Fair Value						Level 1						Level 2						Level 3
Financial assets
Cash and cash equivalents			$	126,545					$	126,545					$	126,545					$	—					$	—
Debt securities available for sale			1,272,493						1,272,493						—						1,272,493						—
Debt securities held to maturity			134,764						133,470						—						133,470						—
Common equities and mutual funds(1)			2,606						2,606						2,606						—						—
Non-marketable equity securities(1)(2)			8,169						8,169						—						6,500						—
Loans held for sale			148,777						148,777						—						148,777						—
Loans and leases receivable			3,651,413						3,622,597						—						—						3,622,597
Federal Home Loan Bank stock			30,916						30,916						—						30,916						—
Accrued interest receivable			20,400						20,400						20,400						—						—
Financial liabilities
Deposits			4,337,005						4,338,510						2,920,516						1,417,994						—
Overnight federal funds purchased			642,000						642,000						642,000						—						—
Federal Home Loan Bank advances			110,000						110,691						—						110,691						—
Other short- and long-term borrowings			109,857						113,876						—						113,876						—
Accrued interest payable			9,414						9,414						9,414						—						—

⁽¹⁾ Equity securities at fair value are included within other assets on the consolidated statement of financial condition at March 31, 2020 and September 30, 2019.

⁽²⁾ Includes certain non-marketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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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

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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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).

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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