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Investment Securities (Tables)

3 Months Ended

Dec. 31, 2023

Investments [Abstract]

Marketable Securities

Held to maturity and available for sale investment securities have been classified according to management’s intent and were as follows as of December 31, 2023 and September 30, 2023 (dollars in thousands):

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value						Allowance for Credit Losses ("ACL")
December 31, 2023
Held to Maturity
U.S. Treasury and U.S. government agency securities			$	169,869					$	—					$	(7,468)					$	162,401					$	—
Mortgage-backed securities ("MBS"):
U.S. government agencies			53,185						3						(2,604)						50,584						—
Private label residential			40,662						356						(1,934)						39,084						73
Municipal securities			1,878						—						(30)						1,848						—
Bank issued trust preferred securities			491						—						(47)						444						9
Total held to maturity			266,085						$	359					$	(12,083)					$	254,361					$	82

December 31, 2023			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Available for Sale
MBS:
U.S. government agencies			$	41,492					$	—					$	(1,046)					$	40,446
Total			$	41,492					$	—					$	(1,046)					$	40,446
September 30, 2023
Held to Maturity
U.S. treasury and U.S. government agency securities			$	171,626					$	—					$	(10,088)					$	161,538
MBS:
U.S. government agencies			52,294						—						(3,950)						48,344
Private label residential			44,011						295						(2,611)						41,695
Municipal securities			1,787						—						(47)						1,740
Bank issues trust preferred securities			500						—						(51)						449
Total			$	270,218					$	295					$	(16,747)					$	253,766
Available for Sale
MBS: U.S. government agencies			$	43,132					$	—					$	(1,361)					$	41,771
			$	43,132					$	—					$	(1,361)					$	41,771

Unrealized Gain (Loss) on Investments

Held to maturity and available for sale investment securities with unrealized losses were as follows as of December 31, 2023 (dollars in thousands):

			Less Than 12 Months																		12 Months or Longer																		Total
			Estimated  Fair  Value						Gross Unrealized Losses						Quantity						Estimated  Fair  Value						Gross Unrealized Losses						Quantity						Estimated  Fair  Value						Gross Unrealized Losses
Held to maturity
U.S. Treasury and U.S. government agency securities			$	9,614					$	(12)					1						$	152,786					$	(7,456)					25						$	162,400					$	(7,468)
MBS:
U.S. government agencies			18,442						(136)						9						31,972						(2,468)						52						50,414						(2,604)
Private label residential			—						—						—						35,585						(1,934)						30						35,585						(1,934)
Municipal securities			—						—						—						1,748						(30)						1						1,748						(30)
Bank issued trust   preferred securities			—						—						—						453						(47)						1						453						(47)
Total			$	28,056					$	(148)					10						$	222,544					$	(11,935)					109						$	250,600					$	(12,083)
Available for sale
MBS: U.S. government agencies			$	11,953					$	(134)					4						$	28,179					$	(912)					26						$	40,132					$	(1,046)
Total			$	11,953					$	(134)					4						$	28,179					$	(912)					26						$	40,132					$	(1,046)

Held to maturity and available for sale investment securities with unrealized losses were as follows as of September 30, 2023 (dollars in thousands):

			Less Than 12 Months																		12 Months or Longer																		Total
			Estimated  Fair  Value						Gross Unrealized Losses						Quantity						Estimated  Fair  Value						Gross Unrealized Losses						Quantity						Estimated  Fair  Value						Gross Unrealized Losses
Held to maturity
U.S. Treasury and U.S. government agency securities			$	9,455					$	(129)					1						$	152,082					$	(9,959)					26						$	161,537					$	(10,088)
MBS:
U.S. government agencies			16,432						(549)						13						31,703						(3,401)						51						48,135						(3,950)
Private label     residential			1,288						(2)						1						38,205						(2,609)						32						39,493						(2,611)
Municipal securities			—						—						—						1,740						(47)						1						1,740						(47)
Bank issued trust preferred securities			—						—						—						449						(51)						1						449						(51)
Total			$	27,175					$	(680)					15						$	224,179					$	(16,067)					111						$	251,354					$	(16,747)
Available for sale
MBS: U.S. government agencies			$	10,635					$	(308)					3						$	30,809					$	(1,053)					27						$	41,444					$	(1,361)
Total			$	10,635					$	(308)					3						$	30,809					$	(1,053)					27						$	41,444					$	(1,361)

Schedule of Contractual Maturities of Debt Securities

Expected maturities may differ from scheduled maturities due to the prepayment of principal or call provisions.

			Held to Maturity												Available for Sale
			Amortized Cost						Estimated Fair Value						Amortized Cost						Estimated Fair Value
Due within one year			$	94,888					$	93,677					$	387					$	385
Due after one year to five years			91,471						85,469						2,568						2,553
Due after five years to ten years			8,932						8,140						5,793						5,758
Due after ten years			70,794						67,075						32,744						31,750
Total			$	266,085					$	254,361					$	41,492					$	40,446

Summary of Credit Loss by Portfolio Segment

The following table sets forth information for the three months ended December 31, 2023 regarding activity in the ACL by portfolio segment (dollars in thousands):

						Three Months Ended December 31, 2023
Held to Maturity						Beginning Allowance						Impact of Adopting CECL (ASU 2016-13)						Provision for (Recapture of) Credit Losses						Ending Allowance
MBS:
Private label residential						$	—					$	82					$	(9)					$	73
Bank issued trust preferred securities						—						10						(1)						9
Total						$	—					$	92					$	(10)					$	82

Summary of Held to Maturity Investment Securities by Risk

The following table sets forth the Company's held to maturity investment securities at December 31, 2023 by credit quality indicator:

						Credit Ratings
As of December 31, 2023						AAA/AA/A						BBB/BB/B						Unrated						Total
Held to Maturity
U.S. Treasury and U.S. government agency securities						$	169,869					$	—					$	—					$	169,869
Mortgage-backed securities ("MBS"):
U.S. government agencies						53,185						—						—						53,185
Private label residential						19,324						—						21,338						40,662
Municipal securities						1,778						—						100						1,878
Bank issued trust preferred securities						—						—						491						491
Total held to maturity						$	244,156					$	—					$	21,929					$	266,085

Summary of Held-To-Maturity Debt Securities

The following table presents a roll forward of the credit loss component of held to maturity debt securities that have been written down for OTTI with the credit loss component recognized in earnings for the three months ended December 31, 2023 and 2022 (dollars in thousands):

			Three Months Ended December 31,
			2023						2022
Beginning balance of credit loss			$	816					$	836
Subtractions:
Net realized loss previously recorded as credit losses			(1)						(7)
Recapture of prior credit loss			(4)						(3)
Ending balance of credit loss			$	811					$	826

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