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v3.25.1

Investment Securities (Tables) | 6 Months Ended
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Mar. 31, 2025
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 March 31, 2025 and September 30, 2024 (dollars in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Allowance for Credit Losses
March 31, 2025 |  |  |  |  |  |  |  |  |
Held to Maturity |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government agency securities | $ | 69,475 |  |  | $ | 7 |  |  | $ | (3,953) |  |  | $ | 65,529 |  |  | $ | — |
Mortgage-backed securities ("MBS"): |  |  |  |  |  |  |  |  |
U.S. government agencies | 47,017 |  |  | 11 |  |  | (1,776) |  |  | 45,252 |  |  | — |
Private label residential | 22,744 |  |  | 261 |  |  | (1,128) |  |  | 21,877 |  |  | 48 |
Municipal securities | 1,220 |  |  | 9 |  |  | — |  |  | 1,229 |  |  | — |
Bank issued trust preferred securities | 498 |  |  | — |  |  | (3) |  |  | 495 |  |  | 2 |
Total | $ | 140,954 |  |  | $ | 288 |  |  | $ | (6,860) |  |  | $ | 134,382 |  |  | $ | 50 |
March 31, 2025 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available for Sale |  |  |  |  |  |  |
U.S. Treasury and U.S. government agency securities | $ | 9,576 |  |  | $ | 27 |  |  | $ | (9) |  |  | $ | 9,594 |
MBS: U.S. government agencies | 76,079 |  |  | 183 |  |  | (1,049) |  |  | 75,213 |
Total | $ | 85,655 |  |  | $ | 210 |  |  | $ | (1,058) |  |  | $ | 84,807 |
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 March 31, 2025 (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 | $ | — |  |  | $ | — |  |  | — |  |  | $ | 55,684 |  |  | $ | (3,953) |  |  | 14 |  |  | $ | 55,684 |  |  | $ | (3,953) |
MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies | 12,043 |  |  | (57) |  |  | 11 |  |  | 26,509 |  |  | (1,719) |  |  | 43 |  |  | 38,552 |  |  | (1,776) |
Private label residential | 1,521 |  |  | (8) |  |  | 3 |  |  | 15,872 |  |  | (1,120) |  |  | 16 |  |  | 17,393 |  |  | (1,128) |
Bank issued trust preferred securities | — |  |  | — |  |  | — |  |  | 495 |  |  | (3) |  |  | 1 |  |  | 495 |  |  | (3) |
Total | $ | 13,564 |  |  | $ | (65) |  |  | 14 |  |  | $ | 98,560 |  |  | $ | (6,795) |  |  | 74 |  |  | $ | 112,124 |  |  | $ | (6,860) |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government agency securities | $ | 4,899 |  |  | $ | (9) |  |  | 2 |  |  | $ | — |  |  | $ | — |  |  | — |  |  | $ | 4,899 |  |  | $ | (9) |
MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies | 16,960 |  |  | (427) |  |  | 5 |  |  | 24,057 |  |  | (622) |  |  | 22 |  |  | 41,017 |  |  | (1,049) |
Total | $ | 21,859 |  |  | $ | (436) |  |  | 7 |  |  | $ | 24,057 |  |  | $ | (622) |  |  | 22 |  |  | $ | 45,916 |  |  | $ | (1,058) |
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 | $ | 15,148 |  |  | $ | 15,044 |  |  | $ | 4,908 |  |  | $ | 4,895 |
Due after one year to five years | 67,575 |  |  | 63,638 |  |  | 9,576 |  |  | 9,607 |
Due after five years to ten years | 1,179 |  |  | 1,235 |  |  | 1,507 |  |  | 1,501 |
Due after ten years | 57,052 |  |  | 54,465 |  |  | 69,664 |  |  | 68,804 |
Total | $ | 140,954 |  |  | $ | 134,382 |  |  | $ | 85,655 |  |  | $ | 84,807 |
Summary of Credit Loss by Portfolio Segment | The following tables set forth information for the three and six months ended March 31, 2025 and 2024, respectively, regarding activity in the ACL by portfolio segment (dollars in thousands):
|  | Three Months Ended March 31, 2025 |  | Three Months Ended March 31, 2024
|  | Beginning Allowance |  |  |  | Provision for (Recapture of) Credit Losses |  | Ending Allowance |  | Beginning Allowance |  |  |  | Provision for (Recapture of) Credit Losses |  | Ending Allowance
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private label residential |  | $ | 52 |  |  |  |  | $ | (4) |  |  | $ | 48 |  |  | $ | 73 |  |  |  |  | $ | 4 |  |  | $ | 77 |
Bank issued trust preferred securities |  | 3 |  |  |  |  | (1) |  |  | 2 |  |  | 9 |  |  |  |  | (1) |  |  | 8 |
Total |  | $ | 55 |  |  |  |  | $ | (5) |  |  | $ | 50 |  |  | $ | 82 |  |  |  |  | $ | 3 |  |  | $ | 85 |
|  | Six Months Ended March 31, 2025 |  | Six Months Ended March 31, 2024
|  | Beginning Allowance |  |  |  | Provision for (Recapture of) Credit Losses |  | Ending Allowance |  | Beginning Allowance |  | Impact of Adopting CECL (ASU 2016-13) |  | Provision for (Recapture of) Credit Losses |  | Ending Allowance
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private label residential |  | $ | 55 |  |  |  |  | $ | (7) |  |  | $ | 48 |  |  | $ | — |  |  | $ | 82 |  |  | $ | (5) |  |  | $ | 77 |
Bank issued trust preferred securities |  | 5 |  |  |  |  | (3) |  |  | 2 |  |  | — |  |  | 10 |  |  | (2) |  |  | 8 |
Total |  | $ | 60 |  |  |  |  | $ | (10) |  |  | $ | 50 |  |  | $ | — |  |  | $ | 92 |  |  | $ | (7) |  |  | $ | 85 |
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 six months ended March 31, 2025 and 2024 (dollars in thousands):
| Six Months Ended March 31,
| 2025 |  | 2024
Beginning balance of credit loss | $ | 803 |  |  | $ | 816 |
Subtractions: |  |  |
Net realized loss previously recorded as credit losses | 2 |  |  | — |
Recapture of prior credit loss | (7) |  |  | (6) |
Ending balance of credit loss | $ | 798 |  |  | $ | 810 |
Summary of Held to Maturity Investment Securities by Risk | The following tables set forth the Company's held to maturity investment securities at March 31, 2025 and September 30, 2024 by credit quality indicator:
|  | Credit Ratings
As of March 31, 2025 |  | AAA/AA/A |  | BBB/BB/B |  | Unrated |  | Total
Held to Maturity |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government agency securities |  | $ | 69,475 |  |  | $ | — |  |  | $ | — |  |  | $ | 69,475 |
MBS: |  |  |  |  |  |  |  |
U.S. government agencies |  | 47,017 |  |  | — |  |  | — |  |  | 47,017 |
Private label residential |  | 14,545 |  |  | — |  |  | 8,199 |  |  | 22,744 |
Municipal securities |  | 1,220 |  |  | — |  |  | — |  |  | 1,220 |
Bank issued trust preferred securities |  | — |  |  | — |  |  | 498 |  |  | 498 |
Total held to maturity |  | $ | 132,257 |  |  | $ | — |  |  | $ | 8,697 |  |  | $ | 140,954 |
|  | 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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