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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Dec. 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 December 31, 2020
(Dollars in Thousands)			Total						Level 1						Level 2						Level 3
Debt securities AFS
SBA securities			$	162,009					$	—					$	162,009					$	—
Obligations of states and political subdivisions			2,840						—						2,840						—
Non-bank qualified obligations of states and political subdivisions			309,638						—						309,638						—
Asset-backed securities			322,876						—						322,876						—
Mortgage-backed securities			430,761						—						430,761						—
Total debt securities AFS			$	1,228,124					$	—					$	1,228,124					$	—
Common equities and mutual funds(1)			$	3,148					$	3,148					$	—					$	—
Non-marketable equity securities(2)			$	3,896					$	—					$	—					$	—

(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at December 31, 2020 and September 30, 2020.

(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, 2020
(Dollars in Thousands)			Total						Level 1						Level 2						Level 3
Debt securities AFS
SBA securities			$	164,955					$	—					$	164,955					$	—
Obligations of states and political subdivisions			841						—						841						—
Non-bank qualified obligations of states and political subdivisions			323,774						—						323,774						—
Asset-backed securities			324,925						—						324,925						—
Mortgage-backed securities			453,607						—						453,607						—
Total debt securities AFS			$	1,268,102					$	—					$	1,268,102					$	—
Common equities and mutual funds(1)			$	2,969					$	2,969					$	—					$	—
Non-marketable equity securities(2)			$	2,784					$	—					$	—					$	—

(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at December 31, 2020 and September 30, 2020.

(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 December 31, 2020
(Dollars in Thousands)			Total						Level 1						Level 2						Level 3
Impaired loans and leases, net
Commercial finance			$	4,080					$	—					$	—					$	4,080
Total National Lending			4,080						—						—						4,080
Commercial real estate and operating			9,029						—						—						9,029
Total Community Banking			9,029						—						—						9,029
Total impaired loans and leases, net			13,109						—						—						13,109
Foreclosed assets, net			7,186						—						—						7,186
Total			$	20,295					$	—					$	—					$	20,295

			Fair Value At September 30, 2020
(Dollars in Thousands)			Total						Level 1						Level 2						Level 3
Impaired loans and leases, net
Commercial finance			$	9,240					$	—					$	—					$	9,240
Total National Lending			9,240						—						—						9,240
Commercial real estate and operating			20						—						—						20
Total Community Banking			20						—						—						20
Total impaired loans and leases, net			9,260						—						—						9,260
Foreclosed assets, net			9,957						—						—						9,957
Total			$	19,217					$	—					$	—					$	19,217

Quantitative Information about Level 3 Fair Value Measurements

Quantitative Information About Level 3 Fair Value Measurements

(Dollars in Thousands)

Fair Value at December 31, 2020

Fair Value at September 30, 2020

Valuation Technique

Unobservable Input

Range of Inputs

Impaired loans and leases, net

$

13,109

9,260

Market approach

Appraised values(1)

4% - 90%

Foreclosed assets, net

$

7,186

9,957

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 90%.

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:

			December 31, 2020
(Dollars in Thousands)			Carrying Amount						Estimated Fair Value						Level 1						Level 2						Level 3
Financial assets
Cash and cash equivalents			$	1,586,451					$	1,586,451					$	1,586,451					$	—					$	—
Debt securities available for sale			1,228,124						1,228,124						—						1,228,124						—
Debt securities held to maturity			81,328						82,927						—						82,927						—
Common equities and mutual funds(1)			3,148						3,148						3,148						—						—
Non-marketable equity securities(1)(2)			17,646						17,646						—						13,750						—
Loans held for sale			133,659						133,659						—						133,659						—
Loans and leases receivable			3,439,564						3,426,720						—						—						3,426,720
Federal Reserve Bank and Federal Home Loan Bank stocks			27,138						27,138						—						27,138						—
Accrued interest receivable			17,133						17,133						17,133						—						—
Financial liabilities
Deposits			6,207,791						6,208,167						6,040,903						167,265						—
Other short- and long-term borrowings			96,760						98,873						—						98,873						—
Accrued interest payable			2,068						2,068						2,068						—						—

(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at December 31, 2020 and September 30, 2020.

(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, 2020
(Dollars in Thousands)			Carrying Amount						Estimated Fair Value						Level 1						Level 2						Level 3
Financial assets
Cash and cash equivalents			$	427,367					$	427,367					$	427,367					$	—					$	—
Debt securities available for sale			1,268,102						1,268,102						—						1,268,102						—
Debt securities held to maturity			92,610						93,745						—						93,745						—
Common equities and mutual funds(1)			2,969						2,969						2,969						—						—
Non-marketable equity securities(1)(2)			14,784						14,784						—						12,000						—
Loans held for sale			183,577						183,577						—						183,577						—
Loans and leases receivable			3,314,140						3,307,037						—						—						3,307,037
Federal Reserve Bank and Federal Home Loan Bank stocks			27,138						27,138						—						27,138						—
Accrued interest receivable			16,628						16,628						16,628						—						—
Financial liabilities
Deposits			4,979,200						4,980,073						4,705,028						275,045						—
Overnight federal funds purchased			—						—						—						—						—
Federal Home Loan Bank advances			—						—						—						—						—
Other short- and long-term borrowings			98,224						100,185						—						100,185						—
Accrued interest payable			1,923						1,923						1,923						—						—

(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at December 31, 2020 and September 30, 2020.

(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
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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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