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INCOME TAXES (Tables)

12 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The Company and its subsidiaries file a consolidated federal income tax return on a fiscal year basis. The provision for income taxes were as follows:

			Fiscal Year Ended September 30,
			2024						2023						2022
(Dollars in thousands)			(As Restated)						(As Restated)						(As Restated)
Federal:
Current			$	9,770					$	8,792					$	5,669
Deferred			13,276						(6,688)						11,491
			23,046						2,104						17,160
State:
Current			8,172						7,935						4,739
Deferred			2,890						(452)						4,302
			11,062						7,483						9,041
Income tax expense			$	34,108					$	9,587					$	26,201

Components of Net Deferred Tax Asset (Liability)

The tax effects of the Company's temporary differences that give rise to significant portions of its deferred tax assets and liabilities were:

			At September 30,
			2024						2023
(Dollars in thousands)			(As Restated)						(As Restated)
Deferred tax assets:
Allowance for credit losses			$	17,647					$	23,397
Deferred compensation			4,351						3,739
Stock based compensation			2,402						3,916
Valuation adjustments			175						393
General business credits(1)			55,471						59,414
Accrued expenses			2,763						2,558
Lease liability			6,503						7,210
Net unrealized loss on securities available for sale			50,819						84,908
Premises and equipment			3,939						—
Other assets			3,940						4,193
			148,010						189,728
Deferred tax liabilities:
Premises and equipment			—						(2,016)
Intangibles			(7,859)						(5,862)
Leased assets			(76,016)						(66,877)
Right-of-use assets			(6,218)						(6,877)
Other liabilities			(1,346)						(1,349)
			(91,439)						(82,981)
Net deferred tax assets			$	56,571					$	106,747

(1) The general business credits are investment tax credits generated from qualified solar energy property placed in service during the fiscal years ended September 30, 2024 and 2023. These credits will begin to expire on September 30, 2042.

Reconciliation of Total Income Tax Expense

The Company's effective tax rate is calculated by dividing income tax expense by income before income tax expense.

			Fiscal Year Ended September 30,
			2024									2023									2022
			(As Restated)									(As Restated)									(As Restated)
(Dollars in thousands)			Amount			Rate						Amount			Rate						Amount			Rate
Statutory federal income tax expense and rate			$	45,910		21.0		%				$	32,559		21.0		%				$	37,863		21.0		%
Change in tax rate resulting from:
State income taxes net of federal benefits			8,678			4.0		%				5,999			3.9		%				7,124			4.0		%
162(m) disallowance			1,874			0.9		%				919			0.6		%				1,125			0.6		%
Tax exempt income			(690)			(0.3)		%				(783)			(0.5)		%				(743)			(0.4)		%
General business credits			(21,132)			(9.7)		%				(28,633)			(18.5)		%				(17,589)			(9.8)		%
Other, net			(532)			(0.2)		%				(474)			(0.3)		%				(1,579)			(0.9)		%
Income tax expense			$	34,108		15.7		%				$	9,587		6.2		%				$	26,201		14.5		%

Reconciliation of Liabilities Associated with Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances for liabilities associated with unrecognized tax benefits follows:

			At September 30,
(Dollars in thousands)			2024						2023
Balance at beginning of fiscal year			$	521					$	645
Additions (reductions) for tax positions related to prior years			56						(124)
Balance at end of fiscal year			$	577					$	521

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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