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Investment Securities (Tables)

3 Months Ended

Dec. 31, 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 December 31, 2024 and September 30, 2024 (dollars in thousands):

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value						Allowance for Credit Losses
December 31, 2024
Held to Maturity
U.S. Treasury and U.S. government agency securities			$	79,391					$	—					$	(4,916)					$	74,475					$	—
Mortgage-backed securities ("MBS"):
U.S. government agencies			48,161						—						(2,324)						45,837						—
Private label residential			26,833						264						(1,422)						25,675						52
Municipal securities			1,223						9						—						1,232						—
Bank issued trust preferred securities			497						—						(7)						490						3
Total			$	156,105					$	273					$	(8,669)					$	147,709					$	55

December 31, 2024			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Available for Sale
U.S. Treasury and U.S. government agency securities			$	9,569					$	—					$	(25)					$	9,544
MBS: U.S. government agencies			68,513						55						(1,032)						67,536
Total			$	78,082					$	55					$	(1,057)					$	77,080

September 30, 2024			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value						Allowance for Credit Losses
Held to Maturity
U.S. Treasury and U.S. government agency securities			$	92,312					$	70					$	(4,197)					$	88,185					$	—
MBS:
U.S. government agencies			49,481						174						(1,378)						48,277						—
Private label residential			28,479						231						(980)						27,730						55
Municipal securities			1,330						8						—						1,338						$	—
Bank issued trust preferred securities			495						—						(18)						477						5
Total			$	172,097					$	483					$	(6,573)					$	166,007					$	60

September 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			$	3,934					$	6					$	(1)					$	3,939
MBS: U.S. government agencies			68,297						545						(524)						68,318
Total			$	72,231					$	551					$	(525)					$	72,257

Unrealized Gain (Loss) on Investments

Held to maturity and available for sale investment securities with unrealized losses were as follows as of December 31, 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			$	9,786					$	(9)					1						$	64,689					$	(4,907)					15						$	74,475					$	(4,916)
MBS:
U.S. government agencies			18,746						(237)						15						26,938						(2,087)						43						45,684						(2,324)
Private label residential			2,731						(12)						4						19,187						(1,410)						19						21,918						(1,422)
Bank issued trust   preferred securities			—						—						—						490						(7)						1						490						(7)
Total			$	31,263					$	(258)					20						$	111,304					$	(8,411)					78						$	142,567					$	(8,669)
Available for sale
U.S. Treasury and U.S. government agency securities			$	7,557					$	(25)					5						$	—					$	—					—						$	7,557					$	(25)
MBS:
U.S. government agencies			22,027						(522)						7						24,959						(510)						22						46,986						(1,032)
Total			$	29,584					$	(547)					12						$	24,959					$	(510)					22						$	54,543					$	(1,057)

Held to maturity and available for sale investment securities with unrealized losses were as follows as of September 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			$	—					$	—					—						$	78,363					$	(4,197)					17						$	78,363					$	(4,197)
MBS:
U.S. government agencies			1						—						1						28,618						(1,378)						44						28,619						(1,378)
Private label     residential			804						(6)						1						20,447						(974)						19						21,251						(980)
Bank issued trust preferred securities			—						—						—						477						(18)						1						477						(18)
Total			$	805					$	(6)					2						$	127,905					$	(6,567)					81						$	128,710					$	(6,573)
Available for sale
U.S. Treasury and U.S. government agency securities			$	1,962					$	(1)					1						$	—					$	—					—						$	1,962					$	(1)
MBS:
U.S. government agencies			11,368						(117)						4						25,751						(407)						23						37,119						(524)
Total			$	13,330					$	(118)					5						$	25,751					$	(407)					23						$	39,081					$	(525)

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			$	15,209					$	15,152					$	4,932					$	4,927
Due after one year to five years			80,597						75,568						9,553						9,537
Due after five years to ten years			1,210						1,252						1,915						1,906
Due after ten years			59,089						55,737						61,682						60,710
Total			$	156,105					$	147,709					$	78,082					$	77,080

Summary of Credit Loss by Portfolio Segment

The following tables set forth information for the three months ended December 31, 2024 regarding activity in the ACL by portfolio segment (dollars in thousands):

						Three Months Ended December 31, 2024
Held to Maturity						Beginning Allowance						Provision for (Recapture of) Credit Losses						Ending Allowance
MBS:
Private label residential						$	55					$	(3)					$	52
Bank issued trust preferred securities						5						(2)						3
Total						$	60					$	(5)					$	55

						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

The following table presents a roll forward of the credit loss component of held to maturity investment securities that have been written down for OTTI with the credit loss component recognized in earnings for the three months ended December 31, 2024 and 2023 (dollars in thousands):

			Three Months Ended December 31,
			2024						2023
Beginning balance of credit loss			$	803					$	816
Subtractions:
Net realized loss previously recorded as credit losses			—						(1)
Recapture of prior credit loss			(2)						(4)
Ending balance of credit loss			$	801					$	811

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, 2024 by credit quality indicator:

						Credit Ratings
As of December 31, 2024						AAA/AA/A						BBB/BB/B						Unrated						Total
Held to Maturity
U.S. Treasury and U.S. government agency securities						$	79,391					$	—					$	—					$	79,391
MBS:
U.S. government agencies						48,161						—						—						48,161
Private label residential						15,326						—						11,507						26,833
Municipal securities						1,223						—						—						1,223
Bank issued trust preferred securities						—						—						497						497
Total held to maturity						$	144,101					$	—					$	12,004					$	156,105

						Credit Ratings
As of September 30, 2024						AAA/AA/A						BBB/BB/B						Unrated						Total
Held to Maturity
U.S. Treasury and U.S. government agency securities						$	92,312					$	—					$	—					$	92,312
MBS:																								—
U.S. government agencies						49,481						—						—						49,481
Private label residential						16,277						—						12,202						28,479
Municipal securities						1,230						—						100						1,330
Bank issued trust preferred securities						—						—						495						495
Total held to maturity						$	159,300					$	—					$	12,797					$	172,097

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