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FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Sep. 30, 2024

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 September 30, 2024
(Dollars in thousands)	Total		Level 1		Level 2		Level 3
Debt securities AFS
Corporate securities	$	19,750	$	—	$	19,750	—
SBA securities	81,935		—		81,935		—
Obligations of states and political subdivisions	480		—		480		—
Non-bank qualified obligations of states and political subdivisions	217,990		—		217,990		—
Asset-backed securities	189,698		—		189,698		—
Mortgage-backed securities	1,231,368		—		1,231,368		—
Total debt securities AFS	$	1,741,221	$	—	$	1,741,221	$	—
Common equities and mutual funds(1)	$	3,303	$	3,303	$	—	$	—
Non-marketable equity securities(2)	$	11,828	$	—	$	—	$	—

(1) Equity securities at fair value are included within other assets on the Consolidated Statements of Financial Condition at September 30, 2024.

(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.


	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 statement of financial condition at September 30, 2023.

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 Consolidated Statements of Financial Condition on a nonrecurring basis:


	At September 30, 2024
(Dollars in thousands)	Total		Level 1		Level 2		Level 3
Loans and leases, net individually evaluated for credit loss
Commercial finance	$	7,652	$	—	$	—	$	7,652
Total loans and leases, net individually evaluated for credit loss	7,652		—		—		7,652

Total	$	7,652	$	—	$	—	$	7,652


	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
Foreclosed assets, net	—		—		—		—
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 September 30, 2024

Fair Value at September 30, 2023

Valuation
Technique

Unobservable Input

Range of Inputs

Loans and leases, net individually evaluated for credit loss

7,652

21,829

Market approach

Appraised values(1)

3% - 37%

(1) The Company generally relies on external appraisers to develop this information. Management reduced the appraised value by estimated selling costs and other inputs in a range of 3% to 37%.

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 September 30, 2024
(Dollars in thousands)	Carrying Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial assets
Cash and cash equivalents	$	158,337	$	158,337	$	158,337	$	—	$	—
Debt securities available for sale	1,741,221		1,741,221		—		1,741,221		—
Debt securities held to maturity	33,092		30,236		—		30,236		—
Common equities and mutual funds(1)	3,303		3,303		3,303		—		—
Non-marketable equity securities(1)(2)	21,350		21,350		—		9,522		—
Loans held for sale	688,870		688,870		—		688,870		—
Loans and leases	4,071,071		4,036,490		—		—		4,036,490
Federal Reserve Bank and Federal Home Loan Bank stocks	36,014		36,014		—		36,014		—
Accrued interest receivable	31,385		31,385		31,385		—		—
Financial liabilities

Deposits	5,875,085		5,874,994		5,845,879		29,115		—
Overnight federal funds purchased	377,000		377,000		377,000		—		—

Other short- and long-term borrowings	33,354		31,787		—		31,787		—
Accrued interest payable	571		571		571		—		—

(1) Equity securities at fair value are included within other assets on the consolidated statement of financial condition at September 30, 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 statement 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.