XML 48 R37.htm IDEA: XBRL DOCUMENT v3.24.0.1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Dec. 31, 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 December 31, 2023
(Dollars in thousands)			Total			Level 1			Level 2			Level 3
Debt securities AFS
Corporate securities			$	18,375					$	18,375
SBA securities			87,732			—			87,732			—
Obligations of states and political subdivisions			2,304			—			2,304			—
Non-bank qualified obligations of states and political subdivisions			228,888			—			228,888			—
Asset-backed securities			237,704			—			237,704			—
Mortgage-backed securities			1,275,578			—			1,275,578			—
Total debt securities AFS			$	1,850,581		$	—		$	1,850,581		$	—
Common equities and mutual funds(1)			$	4,207		$	4,207		$	—		$	—
Non-marketable equity securities(2)			$	9,700		$	—		$	—		$	—

(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at December 31, 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, 2023
(Dollars in thousands)			Total			Level 1			Level 2			Level 3
Debt securities AFS
Corporate securities			$	18,250		$	—		$	18,250		$	—
SBA securities			85,242			—			85,242			—
Obligations of states and political subdivisions			2,289			—			2,289			—
Non-bank qualified obligations of states and political subdivisions			226,723			—			226,723			—
Asset-backed securities			246,199			—			246,199			—
Mortgage-backed securities			1,225,525			—			1,225,525			—
Total debt securities AFS			$	1,804,228		$	—		$	1,804,228		$	—
Common equities and mutual funds(1)			$	3,378		$	3,378		$	—		$	—
Non-marketable equity securities(2)			$	8,389		$	—		$	—		$	—

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

(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 tables summarize the assets of the Company that are measured at fair value in the Condensed Consolidated Statements of Financial Condition on a nonrecurring basis:

			At December 31, 2023
(Dollars in thousands)			Total			Level 1			Level 2			Level 3
Loans and leases, net individually evaluated for credit loss
Commercial finance			$	6,441		$	—		$	—		$	6,441
Total loans and leases, net individually evaluated for credit loss			6,441			—			—			6,441
Total			$	6,441		$	—		$	—		$	6,441

			At September 30, 2023
(Dollars in thousands)			Total			Level 1			Level 2			Level 3
Loans and leases, net individually evaluated for credit loss
Commercial finance			$	21,829		$	—		$	—		$	21,829
Total loans and leases, net individually evaluated for credit loss			21,829			—			—			21,829
Total			$	21,829		$	—		$	—		$	21,829

Quantitative Information about Level 3 Fair Value Measurements

Quantitative Information About Level 3 Fair Value Measurements

(Dollars in thousands)

Fair Value at December 31, 2023

Fair Value at September 30, 2023

Valuation Technique

Unobservable Input

Range of Inputs

Loans and leases, net individually evaluated for credit loss

$

6,441

$

21,829

Market approach

Appraised values(1)

3% - 44%

(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 44%.

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, 2023
(Dollars in thousands)			Carrying Amount			Estimated Fair Value			Level 1			Level 2			Level 3
Financial assets
Cash and cash equivalents			$	671,630		$	671,630		$	671,630		$	—		$	—
Debt securities available for sale			1,850,581			1,850,581			—			1,850,581			—
Debt securities held to maturity			35,440			32,180			—			32,180			—
Common equities and mutual funds(1)			4,207			4,207			4,207			—			—
Non-marketable equity securities(1)(2)			20,195			20,195			—			10,495			—
Loans held for sale			69,518			69,518			—			69,518			—
Loans and leases			4,419,364			4,298,218			—			—			4,298,218
Federal Reserve Bank and Federal Home Loan Bank stocks			23,694			23,694			—			23,694			—
Accrued interest receivable			27,080			27,080			27,080			—			—
Financial liabilities
Deposits			6,936,055			6,937,613			6,795,322			142,292			—
Other short- and long-term borrowings			33,614			31,421			—			31,421			—
Accrued interest payable			1,941			1,941			1,941			—			—

(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at December 31, 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, 2023
(Dollars in thousands)			Carrying Amount			Estimated Fair Value			Level 1			Level 2			Level 3
Financial assets
Cash and cash equivalents			$	375,580		$	375,580		$	375,580		$	—		$	—
Debt securities available for sale			1,804,228			1,804,228			—			1,804,228			—
Debt securities held to maturity			36,591			31,425			—			31,425			—
Common equities and mutual funds(1)			3,378			3,378			3,378			—			—
Non-marketable equity securities(1)(2)			20,453			20,453			—			12,064			—
Loans held for sale			77,779			77,779			—			77,779			—
Loans and leases			4,359,681			4,223,010			—			—			4,223,010
Federal Reserve Bank and Federal Home Loan Bank stocks			28,210			28,210			—			28,210			—
Accrued interest receivable			23,282			23,282			23,282			—			—
Financial liabilities
Deposits			6,589,182			6,589,065			6,583,648			5,417			—
Other short- and long-term borrowings			33,873			31,187			—			31,187			—
Accrued interest payable			247			247			247			—			—

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

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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ 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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ 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
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ 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
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

+ 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