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Investment Securities (Tables) | 9 Months Ended
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Jun. 30, 2024
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 June 30, 2024 and September 30, 2023 (dollars in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Allowance for Credit Losses ("ACL")
June 30, 2024 |  |  |  |  |  |  |  |  |
Held to Maturity |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government agency securities | $ | 92,233 |  |  | $ | — |  |  | $ | (6,349) |  |  | $ | 85,884 |  |  | $ | — |
Mortgage-backed securities ("MBS"): |  |  |  |  |  |  |  |  |
U.S. government agencies | 50,727 |  |  | 2 |  |  | (2,440) |  |  | 48,289 |  |  | — |
Private label residential | 31,996 |  |  | 238 |  |  | (1,438) |  |  | 30,796 |  |  | 66 |
Municipal securities | 1,337 |  |  | — |  |  | (10) |  |  | 1,327 |  |  | — |
Bank issued trust preferred securities | 494 |  |  | — |  |  | (29) |  |  | 465 |  |  | 6 |
Total held to maturity | $ | 176,787 |  |  | $ | 240 |  |  | $ | (10,266) |  |  | $ | 166,761 |  |  | $ | 72 |
June 30, 2024 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available for Sale |  |  |  |  |  |  |
U.S. Treasury and U.S. government agency securities | $ | 8,924 |  |  | $ | — |  |  | $ | (14) |  |  | $ | 8,910 |
MBS: |  |  |  |  |  |  |
U.S. government agencies | 66,280 |  |  | 137 |  |  | (812) |  |  | 65,605 |
Total | $ | 75,204 |  |  | $ | 137 |  |  | $ | (826) |  |  | $ | 74,515 |
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 issued 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 June 30, 2024 (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 | $ | — |  |  | $ | — |  |  | — |  |  | $ | 85,884 |  |  | $ | (6,349) |  |  | 18 |  |  | $ | 85,884 |  |  | $ | (6,349) |
MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies | 10,633 |  |  | (88) |  |  | 8 |  |  | 37,477 |  |  | (2,352) |  |  | 49 |  |  | 48,110 |  |  | (2,440) |
Private label residential | — |  |  | — |  |  | — |  |  | 26,476 |  |  | (1,438) |  |  | 25 |  |  | 26,476 |  |  | (1,438) |
Municipal securities | — |  |  | — |  |  | — |  |  | 1,226 |  |  | (10) |  |  | 1 |  |  | 1,226 |  |  | (10) |
Bank issued trust preferred securities | — |  |  | — |  |  | — |  |  | 465 |  |  | (29) |  |  | 1 |  |  | 465 |  |  | (29) |
Total | $ | 10,633 |  |  | $ | (88) |  |  | 8 |  |  | $ | 151,528 |  |  | $ | (10,178) |  |  | 94 |  |  | $ | 162,161 |  |  | $ | (10,266) |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government agency securities | $ | 8,910 |  |  | $ | (14) |  |  | 3 |  |  |  |  | $ | — |  |  |  |  | $ | 8,910 |  |  | $ | (14) |
MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies | 11,018 |  |  | (33) |  |  | 3 |  |  | 33,578 |  |  | (779) |  |  | 28 |  |  | 44,596 |  |  | (812) |
Total | $ | 19,928 |  |  | $ | (47) |  |  | 6 |  |  | $ | 33,578 |  |  | $ | (779) |  |  | 28 |  |  | $ | 53,506 |  |  | $ | (826) |
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 | $ | 27,648 |  |  | $ | 27,156 |  |  | $ | 8,961 |  |  | $ | 8,946 |
Due after one year to five years | 79,040 |  |  | 73,530 |  |  | 2,497 |  |  | 2,496 |
Due after five years to ten years | 6,345 |  |  | 5,675 |  |  | 5,653 |  |  | 5,640 |
Due after ten years | 63,754 |  |  | 60,400 |  |  | 58,093 |  |  | 57,433 |
Total | $ | 176,787 |  |  | $ | 166,761 |  |  | $ | 75,204 |  |  | $ | 74,515 |
Summary of Credit Loss by Portfolio Segment | The following tables set forth information for the three and nine months ended June 30, 2024 regarding activity in the ACL by portfolio segment (dollars in thousands):
|  | Three Months Ended June 30, 2024
Held to Maturity |  | Beginning Allowance |  | Impact of Adopting CECL (ASU 2016-13) |  | Provision for (Recapture of) Credit Losses |  | Ending Allowance
MBS: |  |  |  |  |  |  |  |
Private label residential |  | $ | 77 |  |  | $ | — |  |  | $ | (11) |  |  | $ | 66 |
Bank issued trust preferred securities |  | 8 |  |  | — |  |  | (2) |  |  | 6 |
Total |  | $ | 85 |  |  | $ | — |  |  | $ | (13) |  | (1) |  | $ | 72 |
(1) The total provision for (recapture of) credit losses does not match the three months ended income statement due to rounding.
|  | Nine Months Ended June 30, 2024
|  | Beginning Allowance |  | Impact of Adopting CECL (ASU 2016-13) |  | Provision for (Recapture of) Credit Losses |  | Ending Allowance
Held to Maturity |  |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |  |
Private label residential |  | — |  |  | 82 |  |  | (16) |  |  | 66 |
Bank issued trust preferred securities |  | — |  |  | 10 |  |  | (4) |  |  | 6 |
Total |  | $ | — |  |  | $ | 92 |  |  | $ | (20) |  |  | $ | 72 |
Summary of Held to Maturity Investment Securities by Risk | The following table sets forth the Company's held to maturity investment securities at June 30, 2024 by credit quality indicator:
|  | Credit Ratings
As of June 30, 2024 |  | AAA/AA/A |  | BBB/BB/B |  | Unrated |  | Total
Held to Maturity |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government agency securities |  | $ | 92,233 |  |  | $ | — |  |  | $ | — |  |  | $ | 92,233 |
MBS: |  |  |  |  |  |  |  |
U.S. government agencies |  | 50,727 |  |  | — |  |  | — |  |  | 50,727 |
Private label residential |  | 17,000 |  |  | — |  |  | 14,996 |  |  | 31,996 |
Municipal securities |  | 1,237 |  |  | — |  |  | 100 |  |  | 1,337 |
Bank issued trust preferred securities |  | — |  |  | — |  |  | 494 |  |  | 494 |
Total held to maturity |  | $ | 161,197 |  |  | $ | — |  |  | $ | 15,590 |  |  | $ | 176,787 |
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 nine months ended June 30, 2024 and 2023 (dollars in thousands):
| Nine Months Ended June 30,
| 2024 |  | 2023
Beginning balance of credit loss | $ | 816 |  |  | $ | 836 |
Subtractions: |  |  |
Net realized loss previously recorded as credit losses | (1) |  |  | (10) |
Recapture of prior credit loss | (9) |  |  | (7) |
Ending balance of credit loss | $ | 806 |  |  | $ | 819 |

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