XML 49 R37.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
--- | ---
Mar. 31, 2024
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 March 31, 2024
(Dollars in thousands) | Total | Level 1 | Level 2 | Level 3
Debt securities AFS |  |  |  |
Corporate securities | $ | 18,125 |  | $ | — |  | $ | 18,125 |  | $ | — |
SBA securities | 84,797 |  | — |  | 84,797 |  | — |
Obligations of states and political subdivisions | 507 |  | — |  | 507 |  | — |
Non-bank qualified obligations of states and political subdivisions | 222,669 |  | — |  | 222,669 |  | — |
Asset-backed securities | 223,414 |  | — |  | 223,414 |  | — |
Mortgage-backed securities | 1,229,946 |  | — |  | 1,229,946 |  | — |
Total debt securities AFS | $ | 1,779,458 |  | $ | — |  | $ | 1,779,458 |  | $ | — |
Common equities and mutual funds(1) | $ | 4,334 |  | $ | 4,334 |  | $ | — |  | $ | — |
Non-marketable equity securities(2) | $ | 10,000 |  | $ | — |  | $ | — |  | $ | — |
(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at March 31, 2024. (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 March 31, 2024
(Dollars in thousands) | Total | Level 1 | Level 2 | Level 3
Loans and leases, net individually evaluated for credit loss |  |  |  |
Commercial finance | $ | 9,234 |  | $ | — |  | $ | — |  | $ | 9,234 |
Total loans and leases, net individually evaluated for credit loss | 9,234 |  | — |  | — |  | 9,234 |
Total | $ | 9,234 |  | $ | — |  | $ | — |  | $ | 9,234 |
| 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 March 31, 2024 | Fair Value at September 30, 2023 | Valuation Technique | Unobservable Input | Range of Inputs
Loans and leases, net individually evaluated for credit loss | $ | 9,234 |  | $ | 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 March 31, 2024
(Dollars in thousands) | Carrying Amount | Estimated Fair Value | Level 1 | Level 2 | Level 3
Financial assets |  |  |  |  |
Cash and cash equivalents | $ | 347,888 |  | $ | 347,888 |  | $ | 347,888 |  | $ | — |  | $ | — |
Debt securities available for sale | 1,779,458 |  | 1,779,458 |  | — |  | 1,779,458 |  | — |
Debt securities held to maturity | 34,682 |  | 31,113 |  | — |  | 31,113 |  | — |
Common equities and mutual funds(1) | 4,334 |  | 4,334 |  | 4,334 |  | — |  | — |
Non-marketable equity securities(1)(2) | 20,522 |  | 20,522 |  | — |  | 10,522 |  | — |
Loans held for sale | 25,946 |  | 25,946 |  | — |  | 25,946 |  | — |
Loans and leases | 4,402,408 |  | 4,339,150 |  | — |  | — |  | 4,339,150 |
Federal Reserve Bank and Federal Home Loan Bank stocks | 25,844 |  | 25,844 |  | — |  | 25,844 |  | — |
Accrued interest receivable | 30,294 |  | 30,294 |  | 30,294 |  | — |  | — |
Financial liabilities |  |  |  |  |
Deposits | 6,368,344 |  | 6,368,058 |  | 6,267,603 |  | 100,455 |  | — |
Overnight federal funds purchased | 31,000 |  | 31,000 |  | 31,000 |  | — |  | — |
Other short- and long-term borrowings | 33,373 |  | 31,297 |  | — |  | 31,297 |  | — |
Accrued interest payable | 1,961 |  | 1,961 |  | 1,961 |  | — |  | — |
(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at March 31, 2024. (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 |  | — |
Overnight federal funds purchased | 13,000 |  | 13,000 |  | 13,000 |  | — |  | — |
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