SECURITIES (Tables)

12 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Securities Available for Sale

The amortized cost, gross unrealized gains and losses and estimated fair values of AFS and HTM debt securities are presented below.

(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Debt Securities AFS
At September 30, 2024
Corporate securities	$	25,000	$	—	$	(5,250)	$	19,750
SBA securities	86,036		—		(4,101)		81,935
Obligations of states and political subdivisions	501		—		(21)		480
Non-bank qualified obligations of states and political subdivisions	246,233		44		(28,287)		217,990
Asset-backed securities	192,979		337		(3,618)		189,698
Mortgage-backed securities	1,393,549		84		(162,265)		1,231,368
Total debt securities AFS	$	1,944,298	$	465	$	(203,542)	$	1,741,221
At September 30, 2023
Corporate securities	$	25,000	$	—	$	(6,750)	$	18,250
SBA securities	95,549		—		(10,307)		85,242
Obligations of states and political subdivisions	2,368		—		(79)		2,289
Non-bank qualified obligations of states and political subdivisions	269,396		—		(42,673)		226,723
Asset-backed securities	255,384		234		(9,419)		246,199
Mortgage-backed securities	1,495,636		—		(270,111)		1,225,525
Total debt securities AFS	$	2,143,333	$	234	$	(339,339)	$	1,804,228
Debt Securities HTM
At September 30, 2024
Non-bank qualified obligations of states and political subdivisions	$	31,060	$	—	$	(2,668)	$	28,392
Mortgage-backed securities	2,032		—		(188)		1,844
Total debt securities HTM	$	33,092	$	—	$	(2,856)	$	30,236
At September 30, 2023
Non-bank qualified obligations of states and political subdivisions	$	34,415	$	—	$	(4,844)	$	29,571
Mortgage-backed securities	2,176		—		(322)		1,854
Total debt securities HTM	$	36,591	$	—	$	(5,166)	$	31,425

Securities Held to Maturity

The amortized cost, gross unrealized gains and losses and estimated fair values of AFS and HTM debt securities are presented below.

(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Debt Securities AFS
At September 30, 2024
Corporate securities	$	25,000	$	—	$	(5,250)	$	19,750
SBA securities	86,036		—		(4,101)		81,935
Obligations of states and political subdivisions	501		—		(21)		480
Non-bank qualified obligations of states and political subdivisions	246,233		44		(28,287)		217,990
Asset-backed securities	192,979		337		(3,618)		189,698
Mortgage-backed securities	1,393,549		84		(162,265)		1,231,368
Total debt securities AFS	$	1,944,298	$	465	$	(203,542)	$	1,741,221
At September 30, 2023
Corporate securities	$	25,000	$	—	$	(6,750)	$	18,250
SBA securities	95,549		—		(10,307)		85,242
Obligations of states and political subdivisions	2,368		—		(79)		2,289
Non-bank qualified obligations of states and political subdivisions	269,396		—		(42,673)		226,723
Asset-backed securities	255,384		234		(9,419)		246,199
Mortgage-backed securities	1,495,636		—		(270,111)		1,225,525
Total debt securities AFS	$	2,143,333	$	234	$	(339,339)	$	1,804,228
Debt Securities HTM
At September 30, 2024
Non-bank qualified obligations of states and political subdivisions	$	31,060	$	—	$	(2,668)	$	28,392
Mortgage-backed securities	2,032		—		(188)		1,844
Total debt securities HTM	$	33,092	$	—	$	(2,856)	$	30,236
At September 30, 2023
Non-bank qualified obligations of states and political subdivisions	$	34,415	$	—	$	(4,844)	$	29,571
Mortgage-backed securities	2,176		—		(322)		1,854
Total debt securities HTM	$	36,591	$	—	$	(5,166)	$	31,425

Gross Unrealized Losses and Fair Value of Securities Available for Sale in Continuous Unrealized Loss Position

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 MONTHS				OVER 12 MONTHS				TOTAL
(Dollars in thousands)	Fair Value		Gross Unrealized (Losses)		Fair Value		Gross Unrealized (Losses)		Fair Value		Gross Unrealized (Losses)
Debt Securities AFS
At September 30, 2024
Corporate securities	$	—	$	—	$	19,750	$	(5,250)	$	19,750	$	(5,250)
SBA securities	—		—		81,935		(4,101)		81,935		(4,101)
Obligations of state and political subdivisions	—		—		280		(21)		280		(21)
Non-bank qualified obligations of states and political subdivisions	—		—		215,956		(28,287)		215,956		(28,287)
Asset-backed securities	52,101		(176)		88,576		(3,442)		140,677		(3,618)
Mortgage-backed securities	2,377		(15)		1,215,781		(162,250)		1,218,158		(162,265)
Total debt securities AFS	$	54,478	$	(191)	$	1,622,278	$	(203,351)	$	1,676,756	$	(203,542)
At September 30, 2023
Corporate securities	$	—	$	—	$	18,250	$	(6,750)	$	18,250	$	(6,750)
SBA securities	22,327		(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 subdivisions	5,010		(83)		221,714		(42,590)		226,723		(42,673)
Asset-backed securities	46,528		(224)		115,608		(9,195)		162,136		(9,419)
Mortgage-backed securities	18,311		(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 September 30, 2024
Non-bank qualified obligations of states and political subdivisions	$	—	$	—	$	28,392	$	(2,668)	$	28,392	$	(2,668)
Mortgage-backed securities	—		—		1,844		(188)		1,844		(188)
Total debt securities HTM	$	—	$	—	$	30,236	$	(2,856)	$	30,236	$	(2,856)
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	$	(5,166)	$	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 which 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.

	At September 30,
(Dollars in thousands)	2024				2023
Debt Securities AFS	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	1,826	$	1,796	$	5,023	$	4,971
Due after one year through five years	14,772		14,211		11,175		10,292
Due after five years through ten years	70,894		63,636		79,139		66,428
Due after ten years	463,257		430,210		552,360		497,012
	550,749		509,853		647,697		578,703
Mortgage-backed securities	1,393,549		1,231,368		1,495,636		1,225,525
Total debt securities AFS	$	1,944,298	$	1,741,221	$	2,143,333	$	1,804,228
Debt Securities HTM
Due after ten years	$	31,060	$	28,392	$	34,415	$	29,571
	31,060		28,392		34,415		29,571
Mortgage-backed securities	2,032		1,844		2,176		1,854
Total debt securities HTM	$	33,092	$	30,236	$	36,591	$	31,425

Summary of Activities Related to Sale of Securities Available for Sale

Activity related to the sale of securities is summarized below.

	Fiscal Year Ended September 30,
(Dollars in thousands)	2024		2023		2022
Securities AFS
Proceeds from sales	$	—	$	—	$	265,951
Gross gains on sales	—		—		1,742
Gross losses on sales	—		—		1,588
Net gain on securities AFS	$	—	$	—	$	154