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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Jun. 30, 2023

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.

			At June 30, 2023
(Dollars in thousands)			Total			Level 1			Level 2			Level 3
Debt securities AFS
Corporate securities			$	18,750		$	—		$	18,750		$	—
SBA securities			90,605			—			90,605			—
Obligations of states and political subdivisions			2,311			—			2,311			—
Non-bank qualified obligations of states and political subdivisions			238,375			—			238,375			—
Asset-backed securities			254,566			—			254,566			—
Mortgage-backed securities			1,309,664			—			1,309,664			—
Total debt securities AFS			$	1,914,271		$	—		$	1,914,271		$	—
Common equities and mutual funds(1)			$	3,527		$	3,527		$	—		$	—
Non-marketable equity securities(2)			$	8,469		$	—		$	—		$	—

(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at June 30, 2023.

(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.

			At September 30, 2022
(Dollars in thousands)			Total			Level 1			Level 2			Level 3
Debt securities AFS
Corporate securities			$	22,187		$	—		$	22,187		$	—
SBA securities			97,768			—			97,768			—
Obligations of states and political subdivisions			2,344			—			2,344			—
Non-bank qualified obligations of states and political subdivisions			263,783			—			263,783			—
Asset-backed securities			147,790			—			147,790			—
Mortgage-backed securities			1,348,997			—			1,348,997			—
Total debt securities AFS			$	1,882,869		$	—		$	1,882,869		$	—
Common equities and mutual funds(1)			$	2,874		$	2,874		$	—		$	—
Non-marketable equity securities(2)			$	7,212		$	—		$	—		$	—

(1) Equity securities at fair value are included within other assets on the Consolidated Statements of Financial Condition at September 30, 2022.

(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:

			At June 30, 2023
(Dollars in thousands)			Total			Level 1			Level 2			Level 3
Loans and leases, net individually evaluated for credit loss
Commercial finance			$	4,113		$	—		$	—		$	4,113
Total loans and leases, net individually evaluated for credit loss			4,113			—			—			4,113
Total			$	4,113		$	—		$	—		$	4,113

			At September 30, 2022
(Dollars in thousands)			Total			Level 1			Level 2			Level 3
Loans and leases, net individually evaluated for credit loss
Commercial finance			$	1,575		$	—		$	—		$	1,575
Total loans and leases, net individually evaluated for credit loss			1,575			—			—			1,575
Foreclosed assets, net			1			—			—			1
Total			$	1,576		$	—		$	—		$	1,576

Quantitative Information about Level 3 Fair Value Measurements

Quantitative Information About Level 3 Fair Value Measurements

(Dollars in thousands)

Fair Value at June 30, 2023

Fair Value at September 30, 2022

Valuation Technique

Unobservable Input

Range of Inputs

Loans and leases, net individually evaluated for credit loss

$

4,113

$

1,575

Market approach

Appraised values(1)

3% - 18%

(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 3% to 18%.

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 June 30, 2023
(Dollars in thousands)			Carrying Amount			Estimated Fair Value			Level 1			Level 2			Level 3
Financial assets
Cash and cash equivalents			$	515,271		$	515,271		$	515,271		$	—		$	—
Debt securities available for sale			1,914,271			1,914,271			—			1,914,271			—
Debt securities held to maturity			37,725			33,670			—			33,670			—
Common equities and mutual funds(1)			3,527			3,527			3,527			—			—
Non-marketable equity securities(1)(2)			20,533			20,533			—			12,064			—
Loans held for sale			87,351			87,351			—			87,351			—
Loans and leases			4,068,511			4,006,176			—			—			4,006,176
Federal Reserve Bank and Federal Home Loan Bank stocks			30,890			30,890			—			30,890			—
Accrued interest receivable			22,332			22,332			22,332			—			—
Financial liabilities
Deposits			6,306,976			6,306,818			6,301,147			5,671			—
Overnight federal funds purchased			230,000			230,000			230,000			—			—
Other short- and long-term borrowings			34,178			31,853			—			31,853			—
Accrued interest payable			802			802			802			—			—

(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at June 30, 2023.

(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, 2022
(Dollars in thousands)			Carrying Amount			Estimated Fair Value			Level 1			Level 2			Level 3
Financial assets
Cash and cash equivalents			$	388,038		$	388,038		$	388,038		$	—		$	—
Debt securities available for sale			1,882,869			1,882,869			—			1,882,869			—
Debt securities held to maturity			41,682			38,171			—			38,171			—
Common equities and mutual funds(1)			2,874			2,874			2,874			—			—
Non-marketable equity securities(1)(2)			22,526			22,526			—			15,314			—
Loans held for sale			21,071			21,071			—			21,071			—
Loans and leases			3,529,280			3,525,803			—			—			3,525,803
Federal Reserve Bank and Federal Home Loan Bank stocks			28,812			28,812			—			28,812			—
Accrued interest receivable			17,979			17,979			17,979			—			—
Financial liabilities
Deposits			5,866,037			5,865,854			5,858,283			7,571			—
Other short- and long-term borrowings			36,028			35,986			—			35,986			—
Accrued interest payable			192			192			192			—			—

(1) Equity securities at fair value are included within other assets on the Consolidated Statements of Financial Condition at September 30, 2022.

(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.

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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).

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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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