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CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS | 12 Months Ended
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Sep. 30, 2024
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS [Abstract] |
CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS | CAPITAL REQUIREMENTS AND RESTRICTIONS ON RETAINED EARNINGS The Company and the Bank are required to comply with the regulatory capital rules administered by federal banking agencies (the "Capital Rules"). Under the Capital Rules and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s and Bank’s capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weightings, and other factors. The Capital Rules require the Company and the Bank to maintain minimum ratios (set forth in the table below) of total risk-based capital and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and a leverage ratio consisting of Tier 1 capital (as defined) to average assets (as defined). At September 30, 2024, the Company and the Bank exceeded federal regulatory minimum capital requirements to be classified as well-capitalized under the prompt corrective action requirements. The Company and the Bank took the AOCI opt-out election; under the rule, non-advanced approach banking organizations were given a one-time option to exclude certain AOCI components. The table below includes certain non-GAAP financial measures that are used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies. Management reviews these measures along with other measures of capital as part of its financial analyses and has included this non-GAAP financial information, and the corresponding reconciliation to total equity.
| Company | Bank | Minimum to be Adequately Capitalized Under Prompt Corrective Action Provisions | Minimum to be Well Capitalized Under Prompt Corrective Action Provisions
At September 30, 2024 |  |  |  |
Tier 1 leverage capital ratio | 9.26 | % | 9.44 | % | 4.00 | % | 5.00 | %
Common equity Tier 1 capital ratio | 12.61 |  | 13.12 |  | 4.50 |  | 6.50 |
Tier 1 capital ratio | 12.86 |  | 13.12 |  | 6.00 |  | 8.00 |
Total capital ratio | 14.08 |  | 13.97 |  | 8.00 |  | 10.00 |
At September 30, 2023 |  |  |  |
Tier 1 leverage capital ratio | 8.11 | % | 8.32 | % | 4.00 | % | 5.00 | %
Common equity Tier 1 capital ratio | 11.25 |  | 11.81 |  | 4.50 |  | 6.50 |
Tier 1 capital ratio | 11.50 |  | 11.81 |  | 6.00 |  | 8.00 |
Total capital ratio | 12.84 |  | 12.76 |  | 8.00 |  | 10.00 |
The following table provides a reconciliation of the amounts included in the table above for the Company.
| Standardized Approach(1)
(Dollars in thousands) | September 30, 2024 |  | September 30, 2023
Total stockholders' equity | $ | 839,605 |  |  | $ | 650,625 |
Adjustments: |  |  |
LESS: Goodwill, net of associated deferred tax liabilities | 296,105 |  |  | 297,679 |
LESS: Certain other intangible assets | 18,018 |  |  | 21,228 |
LESS: Net deferred tax assets from operating loss and tax credit carry-forwards | 13,253 |  |  | 19,679 |
LESS: Net unrealized (losses) on available for sale securities | (152,328) |  |  | (254,294) |
LESS: Noncontrolling interest | (277) |  |  | (1,005) |
ADD: Adoption of Accounting Standards Update 2016-13 | 1,345 |  |  | 2,017 |
Common Equity Tier 1(1) | 666,179 |  |  | 569,355 |
Long-term borrowings and other instruments qualifying as Tier 1 | 13,661 |  |  | 13,661 |
Tier 1 minority interest not included in common equity Tier 1 capital | (150) |  |  | (826) |
Total Tier 1 capital | 679,690 |  |  | 582,190 |
Allowance for credit losses | 44,687 |  |  | 47,960 |
Subordinated debentures, net of issuance costs | 19,693 |  |  | 19,591 |
Total capital | $ | 774,070 |  |  | $ | 649,741 |
(1) Capital ratios were determined using the Basel III capital rules that became effective on January 1, 2015. Basel III revised the definition of capital, increased minimum capital ratios, and introduced a minimum common equity tier 1 capital ratio; those changes were fully phased in through the end of 2021.
The Company and the Bank are required to maintain a capital conservation buffer above the minimum risk-based capital requirements in order to avoid certain limitations on capital distributions, stock repurchases and discretionary bonus payments to executive officers. The capital conservation buffer is exclusively composed of Common Equity Tier 1 capital, and it applies to each of the three risk-based capital ratios but not the leverage ratio. The required Common Equity Tier 1 risk-based, Tier 1 risk-based and total risk-based capital ratios with the buffer are currently 7.0%, 8.5% and 10.5%, respectively. Based on current and expected continued profitability and subject to continued access to capital markets, we believe that the Company and the Bank will continue to meet the capital conservation buffer of 2.5% in addition to required minimum capital ratios.

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