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Investment Securities (Tables)

6 Months Ended

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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