v3.25.4

Investment Securities | 3 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | INVESTMENT SECURITIES Investments available for sale are summarized in the tables below.
|  | December 31, 2025
|  | Amortized Cost |  | Gross Unrealized |  | Fair Value
|  | Gains |  | Losses |
REMICs |  | $ | 458,680 |  |  | $ | 1,891 |  |  | $ | (21,320) |  |  | $ | 439,251 |
Fannie Mae certificates |  | 2,595 |  |  | 97 |  |  | (3) |  |  | 2,689 |
Freddie Mac certificates |  | 8,470 |  |  | 151 |  |  | (17) |  |  | 8,604 |
U.S. government and agency obligations |  | 4,009 |  |  | — |  |  | (60) |  |  | 3,949 |
Total |  | $ | 473,754 |  |  | $ | 2,139 |  |  | $ | (21,400) |  |  | $ | 454,493 |
|  | September 30, 2025
|  | Amortized Cost |  | Gross Unrealized |  | Fair Value
|  | Gains |  | Losses |
REMICs |  | $ | 477,058 |  |  | $ | 2,028 |  |  | $ | (23,718) |  |  | $ | 455,368 |
Fannie Mae certificates |  | 2,624 |  |  | 98 |  |  | (3) |  |  | 2,719 |
Freddie Mac certificates |  | 8,474 |  |  | 162 |  |  | (19) |  |  | 8,617 |
U.S. government and agency obligations |  | 54,041 |  |  | 4 |  |  | (90) |  |  | 53,955 |
Total |  | $ | 542,197 |  |  | $ | 2,292 |  |  | $ | (23,830) |  |  | $ | 520,659 |
At December 31, 2025 and September 30, 2025, investment securities included $0 and $50,032, respectively, of U.S. government obligations pledged as collateral on the Company's open swap positions to meet margin requirements established by the clearing organization. Accrued interest on investment securities is $1,461 and $2,556 at December 31, 2025 and September 30, 2025, respectively, and is reported in accrued interest receivable on the CONSOLIDATED STATEMENTS OF CONDITION. The following is a summary of the Company's securities portfolio by the period remaining until contractual maturity and by weighted average yield at December 31, 2025 and September 30, 2025. Maturities are based on the final contractual payment dates, and do not reflect the impact of prepayments or early redemptions that may occur. Weighted average yields are not presented on a tax-equivalent basis and are calculated by multiplying each carry value by its yield and dividing the sum of these results by the total carry values. The Company did not hold any tax-exempt securities at December 31, 2025 or September 30, 2025.
| December 31, 2025 |  | September 30, 2025
| Amortized Cost |  | Fair Value |  | Weighted Average Yield |  | Amortized Cost |  | Fair Value |  | Weighted Average Yield
Due in one year or less | $ | 4,137 |  |  | $ | 4,076 |  |  | 1.13 | % |  | $ | 54,131 |  |  | $ | 54,045 |  |  | 4.08 | %
Due after one to five years | 872 |  |  | 866 |  |  | 3.29 |  |  | 760 |  |  | 759 |  |  | 3.49 |
Due after five to ten years | 33,593 |  |  | 33,480 |  |  | 3.81 |  |  | 35,600 |  |  | 35,344 |  |  | 3.78 |
Ten years or greater | 435,152 |  |  | 416,071 |  |  | 3.34 |  |  | 451,706 |  |  | 430,511 |  |  | 3.45 |
Total | $ | 473,754 |  |  | $ | 454,493 |  |  | 3.35 | % |  | $ | 542,197 |  |  | $ | 520,659 |  |  | 3.54 | %
Gross unrealized losses on available for sale securities and the estimated fair value of the related securities, aggregated by the length of time the securities have been in a continuous loss position, at December 31, 2025 and September 30, 2025, were as follows:
| December 31, 2025
| Less Than 12 Months |  | 12 Months or More |  | Total
| Estimated Fair Value |  | Unrealized Loss |  | Estimated Fair Value |  | Unrealized Loss |  | Estimated Fair Value |  | Unrealized Loss
Available for sale— |  |  |  |  |  |  |  |  |  |  |
REMICs | $ | 22,994 |  |  | $ | 30 |  |  | $ | 259,909 |  |  | $ | 21,290 |  |  | $ | 282,903 |  |  | $ | 21,320 |
Fannie Mae certificates | — |  |  | — |  |  | 100 |  |  | 3 |  |  | 100 |  |  | 3 |
Freddie Mac certificates | — |  |  | — |  |  | 1,115 |  |  | 17 |  |  | 1,115 |  |  | 17 |
U.S. government and agency obligations | — |  |  | — |  |  | 3,949 |  |  | 60 |  |  | 3,949 |  |  | 60 |
Total | $ | 22,994 |  |  | $ | 30 |  |  | $ | 265,073 |  |  | $ | 21,370 |  |  | $ | 288,067 |  |  | $ | 21,400 |
| September 30, 2025 |  |
| Less Than 12 Months |  | 12 Months or More |  | Total |  |
| Estimated Fair Value |  | Unrealized Loss |  | Estimated Fair Value |  | Unrealized Loss |  | Estimated Fair Value |  | Unrealized Loss |  |
Available for sale— |  |  |  |  |  |  |  |  |  |  |  |  |
REMICs | $ | 18,513 |  |  | $ | 122 |  |  | $ | 269,958 |  |  | $ | 23,596 |  |  | $ | 288,471 |  |  | $ | 23,718 |  |  |
Fannie Mae certificates | — |  |  | — |  |  | 100 |  |  | 3 |  |  | 100 |  |  | 3 |  |  |
Freddie Mac certificates | — |  |  | — |  |  | 1,115 |  |  | 19 |  |  | 1,115 |  |  | 19 |  |  |
U.S. government and agency obligations | — |  |  | — |  |  | 3,923 |  |  | 90 |  |  | 3,923 |  |  | 90 |  |  |
Total | $ | 18,513 |  |  | $ | 122 |  |  | $ | 275,096 |  |  | $ | 23,708 |  |  | $ | 293,609 |  |  | $ | 23,830 |  |  |
The unrealized losses on investment securities are primarily attributable to increases in market interest rates since the dates of acquisition. The investment portfolio is comprised entirely of securities issued by U.S. government entities and agencies, which supports an expectation of no credit loss estimates since principal and interest payments due on these securities carry the full faith and credit guaranty of the U.S. government. In addition, the U.S. Treasury Department has established financing agreements to ensure Fannie Mae and Freddie Mac meet their obligations to holders of mortgage-backed securities that they have issued or guaranteed. Since the decline in value is primarily attributable to an increase in market interest rates since the dates of acquisition and not credit quality deterioration, and because there is no intent to sell the securities and it is unlikely that the Company will be required to sell the securities prior to recovery of the amortized cost, the Company did not record an allowance for credit losses on investment securities as of December 31, 2025 or September 30, 2025

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