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SECURITIES (Tables)

3 Months Ended

Dec. 31, 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.

(Dollars in thousands)			Amortized Cost			Gross Unrealized Gains			Gross Unrealized (Losses)			Fair Value
Debt Securities AFS
At December 31, 2022
Corporate securities			$	25,000		$	—		$	(3,688)		$	21,312
SBA securities			103,325			—			(7,560)			95,765
Obligations of states and political subdivisions			2,453			—			(102)			2,351
Non-bank qualified obligations of states and political subdivisions			283,301			10			(25,259)			258,052
Asset-backed securities			146,906			—			(11,630)			135,276
Mortgage-backed securities			1,554,936			—			(219,914)			1,335,022
Total debt securities AFS			$	2,115,921		$	10		$	(268,153)		$	1,847,778
At September 30, 2022
Corporate securities			$	25,000		$	—		$	(2,813)		$	22,187
SBA securities			105,238			—			(7,470)			97,768
Obligations of states and political subdivisions			2,469			—			(125)			2,344
Non-bank qualified obligations of states and political subdivisions			290,754			—			(26,971)			263,783
Asset-backed securities			160,806			—			(13,016)			147,790
Mortgage-backed securities			1,581,452			—			(232,455)			1,348,997
Total debt securities AFS			$	2,165,719		$	—		$	(282,850)		$	1,882,869
Debt Securities HTM
At December 31, 2022
Non-bank qualified obligations of states and political subdivisions			$	38,131		$	—		$	(2,647)		$	35,484
Mortgage-backed securities			2,434			—			(260)			2,174
Total debt securities HTM			$	40,565		$	—		$	(2,907)		$	37,658
At September 30, 2022
Non-bank qualified obligations of states and political subdivisions			$	39,093		$	—		$	(3,190)		$	35,903
Mortgage-backed securities			2,589			—			(321)			2,268
Total debt securities HTM			$	41,682		$	—		$	(3,511)		$	38,171

Securities Held to Maturity

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 December 31, 2022
Corporate securities			$	—		$	—					$	21,313		$	(3,688)					$	21,313		$	(3,688)
SBA securities			79,470			(4,652)						16,294			(2,908)						95,764			(7,560)
Obligations of state and political subdivisions			255			(17)						2,096			(85)						2,351			(102)
Non-bank qualified obligations of states and political subdivisions			115,532			(9,588)						141,555			(15,671)						257,087			(25,259)
Asset-backed securities			59,854			(2,236)						75,422			(9,394)						135,276			(11,630)
Mortgage-backed securities			760,800			(88,928)						574,222			(130,986)						1,335,022			(219,914)
Total debt securities AFS			$	1,015,911		$	(105,421)					$	830,902		$	(162,732)					$	1,846,813		$	(268,153)
At September 30, 2022
Corporate securities			$	—		$	—					$	22,187		$	(2,813)					$	22,187		$	(2,813)
SBA securities			97,767			(7,470)						—			—						97,767			(7,470)
Obligations of state and political subdivisions			2,345			(125)						—			—						2,345			(125)
Non-bank qualified obligations of states and political subdivisions			195,816			(19,743)						67,967			(7,228)						263,783			(26,971)
Asset-backed securities			64,886			(1,838)						82,904			(11,178)						147,790			(13,016)
Mortgage-backed securities			816,657			(106,583)						532,340			(125,872)						1,348,997			(232,455)
Total debt securities AFS			$	1,177,471		$	(135,759)					$	705,398		$	(147,091)					$	1,882,869		$	(282,850)
Debt Securities HTM
At December 31, 2022
Non-bank qualified obligations of states and political subdivisions			$	—		$	—					$	35,485		$	(2,647)					$	35,485		$	(2,647)
Mortgage-backed securities			2,174			(260)						—			—						2,174			(260)
Total debt securities HTM			$	2,174		$	(260)					$	35,485		$	(2,647)					$	37,659		$	(2,907)
At September 30, 2022
Non-bank qualified obligations of states and political subdivisions			$	3,984		$	(300)					$	31,919		$	(2,890)					$	35,903		$	(3,190)
Mortgage-backed securities			2,268			(321)						—			—						2,268			(321)
Total debt securities HTM			$	6,252		$	(621)					$	31,919		$	(2890)					$	38,171		$	(3,511)

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 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 Small Business Administration ("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 December 31, 2022									At September 30, 2022
Securities AFS at Fair Value			Amortized Cost			Fair Value						Amortized Cost			Fair Value
Due in one year or less			$	1,788		$	1,783					$	718		$	715
Due after one year through five years			8,834			8,349						9,921			9,395
Due after five years through ten years			89,916			81,020						89,921			81,819
Due after ten years			460,447			421,604						483,707			441,943
			560,985			512,756						584,267			533,872
Mortgage-backed securities			1,554,936			1,335,022						1,581,452			1,348,997
Total securities AFS, at fair value			$	2,115,921		$	1,847,778					$	2,165,719		$	1,882,869
Securities HTM at Fair Value
Due after ten years			$	38,131		$	35,484					$	39,093		$	35,903
			38,131			35,484						39,093			35,903
Mortgage-backed securities			2,434			2,174						2,589			2,268
Total securities HTM, at cost			$	40,565		$	37,658					$	41,682		$	38,171

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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Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

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