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SECURITIES (Tables)
3 Months Ended
Dec. 31, 2023
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 CostGross Unrealized GainsGross Unrealized (Losses)Fair
Value
Debt Securities AFS
At December 31, 2023
Corporate securities$25,000 $— $(6,625)$18,375 
SBA securities94,458 — (6,726)87,732 
Obligations of states and political subdivisions2,351 — (47)2,304 
Non-bank qualified obligations of states and political subdivisions262,999 25 (34,136)228,888 
Asset-backed securities244,965 96 (7,357)237,704 
Mortgage-backed securities1,471,376 27 (195,825)1,275,578 
Total debt securities AFS$2,101,149 $148 $(250,716)$1,850,581 
At September 30, 2023
Corporate securities$25,000 $— $(6,750)$18,250 
SBA securities95,549 — (10,307)85,242 
Obligations of states and political subdivisions2,368 — (79)2,289 
Non-bank qualified obligations of states and political subdivisions269,396 — (42,673)226,723 
Asset-backed securities255,384 234 (9,419)246,199 
Mortgage-backed securities1,495,636 — (270,111)1,225,525 
Total debt securities AFS$2,143,333 $234 $(339,339)$1,804,228 
Debt Securities HTM
At December 31, 2023
Non-bank qualified obligations of states and political subdivisions$33,337 $— $(3,050)$30,287 
Mortgage-backed securities2,103 — (210)1,893 
Total debt securities HTM$35,440 $— $(3,260)$32,180 
At September 30, 2023
Non-bank qualified obligations of states and political subdivisions$34,415 $— $(4,844)$29,571 
Mortgage-backed securities2,176 — (322)1,854 
Total debt securities HTM$36,591 $— $(5,166)$31,425 
Securities Held to Maturity
Schedule of Unrealized Loss on Investments, AFS
Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous loss position, were as follows:
LESS THAN 12 MONTHSOVER 12 MONTHSTOTAL
(Dollars in thousands)Fair
Value
Gross Unrealized (Losses)Fair
Value
Gross Unrealized (Losses)Fair
Value
Gross Unrealized (Losses)
Debt Securities AFS
At December 31, 2023
Corporate securities$— $— $18,375 $(6,625)$18,375 $(6,625)
SBA securities23,502 (742)64,229 (5,984)87,731 (6,726)
Obligations of state and political subdivisions— — 2,304 (47)2,304 (47)
Non-bank qualified obligations of states and political subdivisions1,616 (18)225,198 (34,118)226,814 (34,136)
Asset-backed securities86,695 (257)112,043 (7,100)198,738 (7,357)
Mortgage-backed securities17,688 (245)1,256,811 (195,580)1,274,499 (195,825)
Total debt securities AFS$129,501 $(1,262)$1,678,960 $(249,454)$1,808,461 $(250,716)
At September 30, 2023
Corporate securities$— $— $18,250 $(6,750)$18,250 $(6,750)
SBA securities22,327 (1,919)62,915 (8,388)85,242 (10,307)
Obligations of state and political subdivisions— — 2,289 (79)2,289 (79)
Non-bank qualified obligations of states and political subdivisions5,010 (83)221,714 (42,590)226,723 (42,673)
Asset-backed securities46,528 (224)115,608 (9,195)162,136 (9,419)
Mortgage-backed securities18,311 (944)1,207,214 (269,167)1,225,525 (270,111)
Total debt securities AFS$92,176 $(3,170)$1,627,990 $(336,169)$1,720,165 $(339,339)
Debt Securities HTM
At December 31, 2023
Non-bank qualified obligations of states and political subdivisions$— $— $30,287 $(3,050)$30,287 $(3,050)
Mortgage-backed securities— — 1,893 (210)1,893 (210)
Total debt securities HTM$— $— $32,180 $(3,260)$32,180 $(3,260)
At September 30, 2023
Non-bank qualified obligations of states and political subdivisions$— $— $29,571 $(4,844)$29,571 $(4,844)
Mortgage-backed securities— — 1,854 (322)1,854 (322)
Total debt securities HTM$— $— $31,425 $(5166)$31,425 $(5,166)
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 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, 2023At September 30, 2023
Debt Securities AFSAmortized CostFair
Value
Amortized CostFair
Value
Due in one year or less$3,597 $3,579 $5,023 $4,971 
Due after one year through five years11,172 10,523 11,175 10,292 
Due after five years through ten years79,137 68,613 79,139 66,428 
Due after ten years535,867 492,288 552,360 497,012 
629,773 575,003 647,697 578,703 
Mortgage-backed securities1,471,376 1,275,578 1,495,636 1,225,525 
Total debt securities AFS$2,101,149 $1,850,581 $2,143,333 $1,804,228 
Debt Securities HTM
Due after ten years$33,337 $30,287 $34,415 $29,571 
33,337 30,287 34,415 29,571 
Mortgage-backed securities2,103 1,893 2,176 1,854 
Total debt securities HTM$35,440 $32,180 $36,591 $31,425