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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.

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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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