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DIVESTITURES
 3 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
DIVESTITURES DIVESTITURES
On October 31, 2024, the Company completed the sale of substantially all of the assets and liabilities related to the Bank's commercial insurance premium finance business, a component of the Company's Commercial segment, pursuant to the Asset Purchase and Sale Agreement (the "Purchase Agreement") dated August 28, 2024 with Honor Capital Corporation, a Florida corporation (the "Purchaser"), the successor by assignment to AFS IBEX Financial Services, LLC, and Honor Capital Holdings, LLC as guarantor. The purchase price at closing was based on the net asset value of the assets purchased and liabilities assumed pursuant to the Purchase Agreement plus a $31.2 million premium. The Company has summarized the results of the transaction as follows:
(Dollars in thousands)
Assets Purchased and Liabilities Assumed
Cash and cash equivalents$4,686 
Loans594,541 
Premises, furniture, and equipment, net484 
Total assets purchased$599,711 
Deposits$16,760 
Accrued expenses and other liabilities1,158 
Total liabilities assumed$17,918 
Net assets purchased$581,793 
Consideration paid at close603,290 
Consideration due9,703 
Total purchase price612,993 
Premium on transaction31,200 
Other adjustments:
Goodwill derecognition(11,577)
Intangible derecognition(631)
Building lease derecognition471 
Transaction costs(3,059)
Total other adjustments(14,796)
Gain on divestitures$16,404 

The sale resulted in a gain of $16.4 million before tax that was recognized within noninterest income on the Company's Condensed Consolidated Statements of Operations. See Note 8. Goodwill and Intangible Assets and Note 9. Operating Lease Right-of-Use Assets and Liabilities to the Condensed Consolidated Financial Statements for further information on the amounts included in the divestiture.