v3.22.4
Fair Value (Tables)
 3 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Of Assets And Liabilities Measured On Recurring Basis
Assets and liabilities carried at fair value on a recurring basis in the CONSOLIDATED STATEMENTS OF CONDITION at December 31, 2022 and September 30, 2022 are summarized below.
  Recurring Fair Value Measurements at Reporting Date Using
 December 31,
2022		Quoted Prices in
Active Markets for
Identical Assets		Significant Other
Observable Inputs		Significant
Unobservable
Inputs
(Level 1)(Level 2)(Level 3)
Assets
Investment securities available for sale:
REMICs$468,538 $— $468,538 $— 
Fannie Mae certificates943 — 943 — 
U.S. government and agency obligations3,650 — 3,650 — 
Total$473,131 $— $473,131 $— 
Liabilities
Derivatives:
Interest rate lock commitments$29 $— $— $29 
Total$29 $— $— $29 
  Recurring Fair Value Measurements at Reporting Date Using
 September 30,
2022		Quoted Prices in
Active Markets for
Identical Assets		Significant Other
Observable Inputs		Significant
Unobservable
Inputs
(Level 1)(Level 2)(Level 3)
Assets
Investment securities available for sale:
REMIC's$453,268 $— $453,268 $— 
Fannie Mae certificates1,021 — 1,021 — 
U.S. government and agency obligations3,619 — 3,619 — 
Total$457,908 $— $457,908 $— 
Liabilities
Derivatives:
Interest rate lock commitments$333 $— $— $333 
Total$333 $— $— $333 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The table below presents a reconciliation of the beginning and ending balances and the location within the CONSOLIDATED STATEMENTS OF INCOME where gains (losses) due to changes in fair value are recognized on interest rate lock commitments which are measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
Three Months Ended December 31,
20222021
Beginning balance$(333)$525 
(Loss)/Gain during the period due to changes in fair value:
Included in other non-interest income304 (278)
Ending balance$(29)$247 
Change in unrealized gains for the period included in earnings for assets held at end of the reporting date$(29)$247 
Assets Measured At Fair Value On A Nonrecurring Basis
Summarized in the tables below are those assets measured at fair value on a nonrecurring basis.
  Nonrecurring Fair Value Measurements at Reporting Date Using
 December 31,
2022		Quoted Prices in
Active Markets for
Identical Assets		 Significant Other
Observable Inputs		Significant
Unobservable
Inputs
(Level 1)(Level 2)(Level 3)
Collateral-dependent loans, net of allowance$45,457 $— $— $45,457 
Mortgage loans held for sale12,549 — 12,549 — 
Real estate owned(1)
1,432 — — 1,432 
Total$59,438 $— $12,549 $46,889 

  Nonrecurring Fair Value Measurements at Reporting Date Using
 September 30,
2022		Quoted Prices in
Active Markets for
Identical Assets		Significant Other
Observable Inputs		Significant
Unobservable
Inputs
(Level 1)(Level 2)(Level 3)
Collateral-dependent loans, net of allowance$47,121 $— $— $47,121 
Mortgage loans held for sale9,661 — 9,661 — 
Real estate owned(1)
1,192 — — 1,192 
Total$57,974 $— $9,661 $48,313 
(1)Amounts represent fair value measurements of properties before deducting estimated costs to dispose.
Fair Value Inputs, Assets, Quantitative Information
The following provides quantitative information about significant unobservable inputs categorized within Level 3 of the Fair Value Hierarchy. The interest rate lock commitments include both mortgage origination applications and preapprovals. Preapprovals generally have a much lower closure rate than origination applications which is reflected in the aggregate weighted average closure rates shown below.
Fair Value
December 31, 2022Valuation Technique(s)Unobservable InputRangeWeighted Average
Collateral-dependent loans, net of allowance$45,457Market comparables of collateral discounted to estimated net proceedsDiscount appraised value to estimated net proceeds based on historical experience:
• Residential Properties0-28%4.6%
Interest rate lock commitments$(29)Quoted Secondary Market pricingClosure rate0-100%96.6%
Fair Value
September 30, 2022Valuation Technique(s)Unobservable InputRangeWeighted Average
Collateral-dependent loans, net of allowance$47,121Market comparables of collateral discounted to estimated net proceedsDiscount appraised value to estimated net proceeds based on historical experience:
• Residential Properties0-28%4.7%
Interest rate lock commitments$(333)Quoted Secondary Market pricingClosure rate0-100%93.7%
Estimated Fair Value Of Financial Instruments
The following tables present the estimated fair value of the Company’s financial instruments and their carrying amounts as reported in the CONSOLIDATED STATEMENTS OF CONDITION.
December 31, 2022
CarryingFairLevel 1Level 2Level 3
AmountValue
Assets:
  Cash and due from banks$31,515 $31,515 $31,515 $— $— 
  Interest earning cash equivalents412,066 412,066 412,066 — — 
Investment securities available for sale473,131 473,131 — 473,131 — 
  Mortgage loans held for sale12,549 12,549 — 12,549 — 
  Loans, net:
Mortgage loans held for investment14,470,014 13,393,127 — — 13,393,127 
Other loans3,481 3,481 — — 3,481 
  Federal Home Loan Bank stock222,415 222,415 N/A— — 
  Accrued interest receivable45,317 45,317 — 45,317 — 
Cash collateral received from or held by counterparty36,202 36,202 36,202 — — 
Liabilities:
  Checking and passbook accounts$2,846,894 $2,846,894 $— $2,846,894 $— 
  Certificates of deposit6,167,401 6,063,239 — 6,063,239 — 
  Borrowed funds4,987,287 4,936,724 — 4,936,724 — 
  Borrowers’ advances for insurance and taxes109,070 109,070 — 109,070 — 
Principal, interest and escrow owed on loans serviced28,500 28,500 — 28,500 — 
Derivatives29 29 — — 29 
September 30, 2022
CarryingFairLevel 1Level 2Level 3
AmountValue
Assets:
  Cash and due from banks$18,961 $18,961 $18,961 $— $— 
  Interest earning cash equivalents350,603 350,603 350,603 — — 
Investment securities available for sale457,908 457,908 — 457,908 — 
  Mortgage loans held for sale9,661 9,661 — 9,661 — 
  Loans, net:
Mortgage loans held for investment14,253,804 13,106,346 — — 13,106,346 
Other loans3,263 3,263 — — 3,263 
  Federal Home Loan Bank stock212,290 212,290 N/A— — 
  Accrued interest receivable40,256 40,256 — 40,256 — 
Cash collateral received from or held by counterparty26,045 26,045 26,045 — — 
Liabilities:
  Checking and passbook accounts$3,056,506 $3,056,506 $— $3,056,506 $— 
  Certificates of deposit5,864,511 5,733,418 — 5,733,418 — 
  Borrowed funds4,793,221 4,734,377 — 4,734,377 — 
  Borrowers’ advances for insurance and taxes117,250 117,250 — 117,250 — 
Principal, interest and escrow owed on loans serviced29,913 29,913 — 29,913 — 
Derivatives333 333 — — 333