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Income Taxes | 12 Months Ended
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Sep. 30, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES Under generally accepted accounting principles, the Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates applicable to taxable income in the years in which those temporary differences are expected to reverse. The table below provides a summary of the Company's tax assets and liabilities, including deferred tax assets and deferred tax liabilities by major source. Deferred tax balances represent temporary differences between the financial statement and corresponding tax treatment of income, gains, losses, deductions or credits.
| September 30, 2023 | September 30, 2022
| (In thousands)
Deferred tax assets |  |
Allowance for credit losses | $ | 46,191 |  | $ | 47,426 |
REO reserves | 300 |  | 329 |
Non-accrual loan interest | 1,797 |  | 1,104 |
Deferred compensation | 2,901 |  | 6,841 |
Stock based compensation | 3,089 |  | 2,636 |
Lease liability | 5,367 |  | 6,207 |
Other | 2,804 |  | 1,329 |
Total deferred tax assets | 62,449 |  | 65,872 |
Deferred tax liabilities |  |
FHLB stock dividends | 9,741 |  | 9,826 |
Valuation adjustment on available-for-sale securities and cash flow hedges | 13,933 |  | 15,765 |
Loan origination fees and costs | 11,471 |  | 10,918 |
Premises and equipment | 18,155 |  | 20,132 |
Lease right-of-use assets | 4,841 |  | 5,992 |
Equity investments | 4,244 |  | 5,323 |
Acquired intangibles | 4,798 |  | 4,116 |
Other | 483 |  | 25 |
Total deferred tax liabilities | 67,666 |  | 72,097 |
Net deferred tax asset (liability) | (5,217) |  | (6,225) |
Current tax asset (liability) | 13,696 |  | 2,920 |
Net tax asset (liability) | $ | 8,479 |  | $ | (3,305) |
The table below presents a reconciliation of the statutory federal income tax rate to the Company's effective income tax rate.
Year ended September 30, | 2023 | 2022 | 2021
Statutory income tax rate | 21 | % | 21 | % | 21 | %
State income tax | 2 |  | 2 |  | 2 |
Other differences | (2) |  | (2) |  | (2) |
Effective income tax rate | 21 | % | 21 | % | 21 | %
The following table summarizes the Company's income tax expense (benefit) for the respective periods.
Year ended September 30, | 2023 | 2022 | 2021
| (In thousands)
Federal: |  |  |
Current | $ | 58,667 |  | $ | 50,854 |  | $ | 53,820 |
Deferred | 3,334 |  | 7,187 |  | (8,468) |
| 62,001 |  | 58,041 |  | 45,352 |
State: |  |  |
Current | 4,425 |  | 6,600 |  | 5,584 |
Deferred | 1,224 |  | (934) |  | (1,413) |
| 5,649 |  | 5,666 |  | 4,171 |
Total |  |  |
Current | 63,092 |  | 57,454 |  | 59,404 |
Deferred | 4,558 |  | 6,253 |  | (9,881) |
| $ | 67,650 |  | $ | 63,707 |  | $ | 49,523 |
Based on current information, the Company does not expect that changes in the amount of unrecognized tax benefits over the next 12 months will have a significant impact on its results of operations or financial position. The Company does not have a liability for uncertain tax positions as of September 30, 2023 or September 30, 2022. The Company's federal income tax returns are open and subject to potential examination by the IRS for fiscal years 2020 and later. State income tax returns are generally subject to examination for a period of three to five years after filing. The state impact of any federal changes remains subject to examination by various states for a period of up to two years after formal notification to the states.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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