XML 48 R36.htm IDEA: XBRL DOCUMENT v3.22.0.1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Dec. 31, 2021

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, 2021
(Dollars in thousands)			Total						Level 1						Level 2						Level 3
Debt securities AFS
Corporate securities			$	25,000					$	—					$	25,000					$	—
SBA securities			150,839						—						150,839						—
Obligations of states and political subdivisions			2,799						—						2,799						—
Non-bank qualified obligations of states and political subdivisions			250,872						—						250,872						—
Asset-backed securities			378,849						—						378,849						—
Mortgage-backed securities			974,380						—						974,380						—
Total debt securities AFS			$	1,782,739					$	—					$	1,782,739					$	—
Common equities and mutual funds(1)			$	9,854					$	9,854					$	—					$	—
Non-marketable equity securities(2)			$	5,618					$	—					$	—					$	—

(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at December 31, 2021 and September 30, 2021.

(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, 2021
(Dollars in thousands)			Total						Level 1						Level 2						Level 3
Debt securities AFS
Corporate securities			$	25,000					$	—					$	25,000					$	—
SBA securities			157,209						—						157,209						—
Obligations of states and political subdivisions			2,507						—						2,507						—
Non-bank qualified obligations of states and political subdivisions			268,295						—						268,295						—
Asset-backed securities			394,859						—						394,859						—
Mortgage-backed securities			1,017,029						—						1,017,029						—
Total debt securities AFS			$	1,864,899					$	—					$	1,864,899					$	—
Common equities and mutual funds(1)			$	12,668					$	12,668					$	—					$	—
Non-marketable equity securities(2)			$	4,560					$	—					$	—					$	—

(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at December 31, 2021 and September 30, 2021.

(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, 2021
(Dollars in thousands)			Total						Level 1						Level 2						Level 3
Loans and leases, net individually evaluated for credit loss
Commercial finance			$	13,095					$	—					$	—					$	13,095
Total loans and leases, net individually evaluated     for credit loss			13,095						—						—						13,095
Foreclosed assets, net			298						—						—						298
Total			$	13,393					$	—					$	—					$	13,393

			Fair Value At September 30, 2021
(Dollars in thousands)			Total						Level 1						Level 2						Level 3
Loans and leases, net individually evaluated for credit loss
Commercial finance			$	3,404					$	—					$	—					$	3,404
Community banking			9,371						—						—						9,371
Total loans and leases, net individually evaluated     for credit loss			12,775						—						—						12,775
Foreclosed assets, net			2,077						—						—						2,077
Total			$	14,852					$	—					$	—					$	14,852

Quantitative Information about Level 3 Fair Value Measurements

Quantitative Information About Level 3 Fair Value Measurements

(Dollars in thousands)

Fair Value at December 31, 2021

Fair Value at September 30, 2021

Valuation Technique

Unobservable Input

Range of Inputs

Loans and leases, net individually evaluated for credit loss

$

13,095

12,775

Market approach

Appraised values(1)

4% - 35%

Foreclosed assets, net

$

298

2,077

Market approach

Appraised values(1)

9% - 20%

(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 35%.

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:

			At December 31, 2021
(Dollars in thousands)			Carrying Amount						Estimated Fair Value						Level 1						Level 2						Level 3
Financial assets
Cash and cash equivalents			$	1,230,100					$	1,230,100					$	1,230,100					$	—					$	—
Debt securities available for sale			1,782,739						1,782,739						—						1,782,739						—
Debt securities held to maturity			50,994						50,364						—						50,364						—
Common equities and mutual funds(1)			9,854						9,854						9,854						—						—
Non-marketable equity securities(1)(2)			18,567						18,567						—						12,949						—
Loans held for sale			36,182						36,182						—						36,182						—
Loans and leases			3,682,606						3,624,832						—						—						3,624,832
Federal Reserve Bank and Federal Home Loan Bank stocks			28,400						28,400						—						28,400						—
Accrued interest receivable			17,240						17,240						17,240						—						—
Financial liabilities
Deposits			6,525,569						6,525,579						6,494,700						30,879						—
Other short- and long-term borrowings			92,274						93,309						—						93,309						—
Accrued interest payable			661						661						661						—						—

(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at December 31, 2021.

(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.

			At September 30, 2021
(Dollars in thousands)			Carrying Amount						Estimated Fair Value						Level 1						Level 2						Level 3
Financial assets
Cash and cash equivalents			$	314,019					$	314,019					$	314,019					$	—					$	—
Debt securities available for sale			1,864,899						1,864,899						—						1,864,899						—
Debt securities held to maturity			56,669						56,391						—						56,391						—
Common equities and mutual funds(1)			12,668						12,668						12,668						—						—
Non-marketable equity securities(1)(2)			17,509						17,509						—						12,949						—
Loans held for sale			56,194						56,194						—						56,194						—
Loans and leases			3,607,815						3,616,646						—						—						3,616,646
Federal Reserve Bank and Federal Home Loan Bank stocks			28,400						28,400						—						28,400						—
Accrued interest receivable			16,254						16,254						16,254						—						—
Financial liabilities
Deposits			5,514,971						5,515,035						5,482,471						32,564						—
Other short- and long-term borrowings			92,834						93,938						—						93,938						—
Accrued interest payable			579						579						579						—						—

(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at September 30, 2021.

(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.

X

- 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

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 (bbb)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=123874694&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=123874694&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=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=123874694&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 (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611

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 (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration