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Investment Securities (Tables)

9 Months Ended

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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