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SECURITIES (Tables)

9 Months Ended

Jun. 30, 2022

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 are presented below.

			Debt Securities AFS
(Dollars in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized (Losses)						Fair Value
At June 30, 2022
Corporate securities			$	25,000					$	—					$	(1,562)					$	23,438
SBA securities			84,506						247						(3,404)						81,349
Obligations of states and political subdivisions			2,726						—						(85)						2,641
Non-bank qualified obligations of states and political subdivisions			260,069						29						(15,137)						244,961
Asset-backed securities			171,623						—						(12,291)						159,332
Mortgage-backed securities			1,587,992						655						(143,845)						1,444,802
Total debt securities AFS			$	2,131,916					$	931					$	(176,324)					$	1,956,523
At September 30, 2021
Corporate securities			$	25,000					$	—					$	—					$	25,000
SBA securities			151,958						5,251						—						157,209
Obligations of states and political subdivisions			2,497						10						—						2,507
Non-bank qualified obligations of states and political subdivisions			266,048						3,347						(1,100)						268,295
Asset-backed securities			393,103						3,003						(1,247)						394,859
Mortgage-backed securities			1,016,478						9,728						(9,177)						1,017,029
Total debt securities AFS			$	1,855,084					$	21,339					$	(11,524)					$	1,864,899

Securities Held to Maturity

			Debt Securities HTM
(Dollars in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized (Losses)						Fair Value
At June 30, 2022
Non-bank qualified obligations of states and political subdivisions			$	41,122					$	—					$	(1,765)					$	39,357
Mortgage-backed securities			2,755						—						(149)						2,606
Total debt securities HTM			$	43,877					$	—					$	(1,914)					$	41,963
At September 30, 2021
Non-bank qualified obligations of states and political subdivisions			$	52,944					$	103					$	(471)					$	52,576
Mortgage-backed securities			3,725						90						—						3,815
Total debt securities HTM			$	56,669					$	193					$	(471)					$	56,391

Schedule of Unrealized Loss on Investments, AFS

Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous loss position, were as follows:

			LESS THAN 12 MONTHS												OVER 12 MONTHS												TOTAL
(Dollars in thousands)			Fair Value						Gross Unrealized (Losses)						Fair Value						Gross Unrealized (Losses)						Fair Value						Gross Unrealized (Losses)
Debt Securities AFS
At June 30, 2022
Corporate securities			$	23,438					$	(1,562)					$	—					$	—					$	23,438					$	(1,562)
SBA securities			73,758						(3,404)						—						—						73,758						(3,404)
Obligations of state and political subdivisions			2,401						(85)						—						—						2,401						(85)
Non-bank qualified obligations of states and political subdivisions			237,769						(14,823)						3,414						(314)						241,183						(15,137)
Asset-backed securities			96,852						(6,435)						62,481						(5,856)						159,333						(12,291)
Mortgage-backed securities			1,033,772						(111,839)						227,715						(32,006)						1,261,487						(143,845)
Total debt securities AFS			$	1,467,990					$	(138,148)					$	293,610					$	(38,176)					$	1,761,600					$	(176,324)
At September 30, 2021
Non-bank qualified obligations of states and political subdivisions			$	101,046					$	(1,100)					$	—					$	—					$	101,046					$	(1,100)
Asset-backed securities			127,110						(283)						91,553						(964)						218,663						(1,247)
Mortgage-backed securities			759,035						(7,418)						60,792						(1,759)						819,827						(9,177)
Total debt securities AFS			$	987,191					$	(8,801)					$	152,345					$	(2,723)					$	1,139,536					$	(11,524)
Debt Securities HTM
At June 30, 2022
Non-bank qualified obligations of states and political subdivisions			$	35,121					$	(1,530)					$	4,236					$	(235)					$	39,357					$	(1,765)
Mortgage-backed securities			2,607						(149)						—						—						2,607						(149)
Total debt securities HTM			$	37,728					$	(1,679)					$	4,236					$	(235)					$	41,964					$	(1,914)
At September 30, 2021
Non-bank qualified obligations of states and political subdivisions			$	26,096					$	(471)					$	—					$	—					$	26,096					$	(471)
Total debt securities HTM			$	26,096					$	(471)					$	—					$	—					$	26,096					$	(471)

Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

The amortized cost and fair value of debt securities by contractual maturity are shown below. Certain securities have call features that allow the issuer to call the security prior to maturity. Expected maturities may differ from contractual maturities in mortgage-backed securities ("MBS") because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Therefore, MBS are not included in the maturity categories in the following maturity summary. The expected maturities of certain SBA securities may differ from contractual maturities because the borrowers may have the right to prepay the obligation. However, certain prepayment penalties may apply.

(Dollars in thousands)			At June 30, 2022												At September 30, 2021
Securities AFS at Fair Value			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Due in one year or less			$	950					$	955					$	810					$	822
Due after one year through five years			10,797						10,489						13,026						13,378
Due after five years through ten years			68,339						63,705						50,785						52,357
Due after ten years			463,838						436,572						773,985						781,313
			543,924						511,721						838,606						847,870
Mortgage-backed securities			1,587,992						1,444,802						1,016,478						1,017,029
Total securities AFS, at fair value			$	2,131,916					$	1,956,523					$	1,855,084					$	1,864,899

			At June 30, 2022												At September 30, 2021
(Dollars in thousands)			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Securities HTM at Fair Value
Due after ten years			$	41,122					$	39,357					$	52,944					$	52,576
			41,122						39,357						52,944						52,576
Mortgage-backed securities			2,755						2,606						3,725						3,815
Total securities HTM, at cost			$	43,877					$	41,963					$	56,669					$	56,391

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

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