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SECURITIES (Tables)
6 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Securities Available for Sale
The amortized cost, gross unrealized gains and losses and estimated fair values of available for sale ("AFS") and held to maturity ("HTM") debt securities are presented below.
Debt Securities AFS
(Dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair
Value
At March 31, 2022
Corporate securities$25,000 $— $(1,750)$23,250 
SBA securities137,330 1,429 (1,359)137,400 
Obligations of states and political subdivisions2,777 (72)2,706 
Non-bank qualified obligations of states and political subdivisions249,576 153 (9,306)240,423 
Asset-backed securities361,408 1,636 (9,463)353,581 
Mortgage-backed securities1,360,741 232 (74,855)1,286,118 
Total debt securities AFS$2,136,832 $3,451 $(96,805)$2,043,478 
At September 30, 2021
Corporate securities$25,000 $— $— $25,000 
SBA securities151,958 5,251 — 157,209 
Obligations of states and political subdivisions2,497 10 — 2,507 
Non-bank qualified obligations of states and political subdivisions266,048 3,347 (1,100)268,295 
Asset-backed securities393,103 3,003 (1,247)394,859 
Mortgage-backed securities1,016,478 9,728 (9,177)1,017,029 
Total debt securities AFS$1,855,084 $21,339 $(11,524)$1,864,899 
Securities Held to Maturity
Debt Securities HTM
(Dollars in thousands)Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair
Value
At March 31, 2022
Non-bank qualified obligations of states and political subdivisions$44,369 $— $(1,768)$42,601 
Mortgage-backed securities2,918 — (83)2,835 
Total debt securities HTM$47,287 $— $(1,851)$45,436 
At September 30, 2021
Non-bank qualified obligations of states and political subdivisions$52,944 $103 $(471)$52,576 
Mortgage-backed securities3,725 90 — 3,815 
Total debt securities HTM$56,669 $193 $(471)$56,391 
Schedule of Unrealized Loss on Investments, AFS
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 MONTHSOVER 12 MONTHSTOTAL
(Dollars in thousands)Fair
Value
Gross Unrealized (Losses)Fair
Value
Gross Unrealized (Losses)Fair
Value
Gross Unrealized (Losses)
Debt Securities AFS
At March 31, 2022
Corporate securities$23,250 $(1,750)$— $— $23,250 $(1,750)
SBA securities50,022 (1,359)— — 50,022 (1,359)
Obligations of state and political subdivisions2,158 (72)— — 2,158 (72)
Non-bank qualified obligations of states and political subdivisions214,073 (9,180)1,314 (126)215,387 (9,306)
Asset-backed securities154,196 (4,375)111,397 (5,088)265,593 (9,463)
Mortgage-backed securities1,014,462 (58,435)206,040 (16,420)1,220,502 (74,855)
Total debt securities AFS$1,458,161 $(75,171)$318,751 $(21,634)$1,776,912 $(96,805)
At September 30, 2021
Non-bank qualified obligations of states and political subdivisions$101,046 $(1,100)$— $— $101,046 $(1,100)
Asset-backed securities127,110 (283)91,553 (964)218,663 (1,247)
Mortgage-backed securities759,035 (7,418)60,792 (1,759)819,827 (9,177)
Total debt securities AFS$987,191 $(8,801)$152,345 $(2,723)$1,139,536 $(11,524)
Debt Securities HTM
At March 31, 2022
Non-bank qualified obligations of states and political subdivisions$42,602 $(1,768)$— $— $42,602 $(1,768)
Mortgage-backed securities2,835 (83)— — 2,835 (83)
Total debt securities HTM$45,437 $(1,851)$— $— $45,437 $(1,851)
At September 30, 2021
Non-bank qualified obligations of states and political subdivisions$26,096 $(471)$— $— $26,096 $(471)
Total debt securities HTM$26,096 $(471)$— $— $26,096 $(471)
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 that allow the issuer to call the security prior to maturity. Expected maturities may differ from contractual maturities in mortgage-backed securities ("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.
(Dollars in thousands)At March 31, 2022At September 30, 2021
Securities AFS at Fair ValueAmortized CostFair
Value
Amortized CostFair
Value
Due in one year or less$240 $241 $810 $822 
Due after one year through five years11,029 10,855 13,026 13,378 
Due after five years through ten years74,314 71,056 50,785 52,357 
Due after ten years690,508 675,208 773,985 781,313 
776,091 757,360 838,606 847,870 
Mortgage-backed securities1,360,741 1,286,118 1,016,478 1,017,029 
Total securities AFS, at fair value$2,136,832 $2,043,478 $1,855,084 $1,864,899 

At March 31, 2022At September 30, 2021
(Dollars in thousands)Amortized CostFair
Value
Amortized CostFair
Value
Securities HTM at Fair Value
Due after ten years$44,369 $42,601 $52,944 $52,576 
44,369 42,601 52,944 52,576 
Mortgage-backed securities2,918 2,835 3,725 3,815 
Total securities HTM, at cost$47,287 $45,436 $56,669 $56,391