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SECURITIES (Tables)
12 Months Ended
Sep. 30, 2023
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 CostGross Unrealized GainsGross Unrealized (Losses)Fair
Value
Debt Securities AFS
At September 30, 2023
Corporate securities$25,000 $— $(6,750)$18,250 
SBA securities95,549 — (10,307)85,242 
Obligations of states and political subdivisions2,368 — (79)2,289 
Non-bank qualified obligations of states and political subdivisions269,396 — (42,673)226,723 
Asset-backed securities255,384 234 (9,419)246,199 
Mortgage-backed securities1,495,636 — (270,111)1,225,525 
Total debt securities AFS$2,143,333 $234 $(339,339)$1,804,228 
At September 30, 2022
Corporate securities$25,000 $— $(2,813)$22,187 
SBA securities105,238 — (7,470)97,768 
Obligations of states and political subdivisions2,469 — (125)2,344 
Non-bank qualified obligations of states and political subdivisions290,754 — (26,971)263,783 
Asset-backed securities160,806 — (13,016)147,790 
Mortgage-backed securities1,581,452 — (232,455)1,348,997 
Total debt securities AFS$2,165,719 $— $(282,850)$1,882,869 
Debt Securities HTM
At September 30, 2023
Non-bank qualified obligations of states and political subdivisions$34,415 $— $(4,844)$29,571 
Mortgage-backed securities2,176 — (322)1,854 
Total debt securities HTM$36,591 $— $(5,166)$31,425 
At September 30, 2022
Non-bank qualified obligations of states and political subdivisions$39,093 $— $(3,190)$35,903 
Mortgage-backed securities2,589 — (321)2,268 
Total debt securities HTM$41,682 $— $(3,511)$38,171 
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 CostGross Unrealized GainsGross Unrealized (Losses)Fair
Value
Debt Securities AFS
At September 30, 2023
Corporate securities$25,000 $— $(6,750)$18,250 
SBA securities95,549 — (10,307)85,242 
Obligations of states and political subdivisions2,368 — (79)2,289 
Non-bank qualified obligations of states and political subdivisions269,396 — (42,673)226,723 
Asset-backed securities255,384 234 (9,419)246,199 
Mortgage-backed securities1,495,636 — (270,111)1,225,525 
Total debt securities AFS$2,143,333 $234 $(339,339)$1,804,228 
At September 30, 2022
Corporate securities$25,000 $— $(2,813)$22,187 
SBA securities105,238 — (7,470)97,768 
Obligations of states and political subdivisions2,469 — (125)2,344 
Non-bank qualified obligations of states and political subdivisions290,754 — (26,971)263,783 
Asset-backed securities160,806 — (13,016)147,790 
Mortgage-backed securities1,581,452 — (232,455)1,348,997 
Total debt securities AFS$2,165,719 $— $(282,850)$1,882,869 
Debt Securities HTM
At September 30, 2023
Non-bank qualified obligations of states and political subdivisions$34,415 $— $(4,844)$29,571 
Mortgage-backed securities2,176 — (322)1,854 
Total debt securities HTM$36,591 $— $(5,166)$31,425 
At September 30, 2022
Non-bank qualified obligations of states and political subdivisions$39,093 $— $(3,190)$35,903 
Mortgage-backed securities2,589 — (321)2,268 
Total debt securities HTM$41,682 $— $(3,511)$38,171 
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 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 September 30, 2023
Corporate securities$— $— $18,250 $(6,750)$18,250 $(6,750)
SBA securities22,327 (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 subdivisions5,010 (83)221,714 (42,590)226,723 (42,673)
Asset-backed securities46,528 (224)115,608 (9,195)162,136 (9,419)
Mortgage-backed securities18,311 (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 $(339,339)
At September 30, 2022
Corporate securities$— $— $22,187 $(2,813)$22,187 $(2,813)
SBA securities97,767 (7,470)— — 97,767 (7,470)
Obligations of state and political subdivisions2,345 (125)— — 2,345 (125)
Non-bank qualified obligations of states and political subdivisions195,816 (19,743)67,967 (7,228)263,783 (26,971)
Asset-backed securities64,886 (1,838)82,904 (11,178)147,790 (13,016)
Mortgage-backed securities816,657 (106,583)532,340 (125,872)1,348,997 (232,455)
Total debt securities AFS$1,177,471 $(135,759)$705,398 $(147,091)$1,882,869 $(282,850)
Debt Securities HTM
At September 30, 2023
Non-bank qualified obligations of states and political subdivisions$— $— $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)
At September 30, 2022
Non-bank qualified obligations of states and political subdivisions$3,984 $(300)$31,919 $(2,890)$35,903 $(3,190)
Mortgage-backed securities2,268 (321)— — 2,268 (321)
Total debt securities HTM$6,252 $(621)$31,919 $(2,890)$38,171 $(3,511)
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)20232022
Securities AFS at Fair ValueAmortized CostFair
Value
Amortized CostFair
Value
Due in one year or less$5,023 $4,971 $718 $715 
Due after one year through five years11,175 10,292 9,921 9,395 
Due after five years through ten years79,139 66,428 89,921 81,819 
Due after ten years552,360 497,012 483,707 441,943 
647,697 578,703 584,267 533,872 
Mortgage-backed securities1,495,636 1,225,525 1,581,452 1,348,997 
Total securities AFS, at fair value$2,143,333 $1,804,228 $2,165,719 $1,882,869 
Securities HTM at Fair Value
Due after ten years$34,415 $29,571 $39,093 $35,903 
34,415 29,571 39,093 35,903 
Mortgage-backed securities2,176 1,854 2,589 2,268 
Total securities HTM, at cost$36,591 $31,425 $41,682 $38,171 
Summary of Activities Related to Sale of Securities Available for Sale Activity related to the sale of securities is summarized below.
Fiscal Year Ended September 30,
(Dollars in thousands)202320222021
Securities AFS
   Proceeds from sales$— $265,951 $50,468 
   Gross gains on sales— 1,742 179 
   Gross losses on sales— 1,588 173 
 Net gain (loss) on securities AFS$— $154 $