
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Allowance for Credit Losses
June 30, 2026
Held to Maturity
U.S. Treasury and U.S. government agency securities	$	56,844	$	—	$	(2,168)	$	54,676	$	—
Mortgage-backed securities ("MBS"):
U.S. government agencies	47,025		39		(1,553)		45,511		—
Private label residential	13,718		174		(836)		13,056		30


Total	$	117,587	$	213	$	(4,557)	$	113,243	$	30


June 30, 2026	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for Sale

MBS: U.S. government agencies	$	91,961	$	106	$	(1,583)	$	90,484

Total	$	91,961	$	106	$	(1,583)	$	90,484


September 30, 2025	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	$	69,646	$	15	$	(2,760)	$	66,901	$	—
MBS:
U.S. government agencies	48,735		199		(1,357)		47,577		—
Private label residential	17,376		196		(822)		16,750		35
Municipal securities	605		6		—		611		—
Bank issued trust preferred securities	499		—		(4)		495		1
Total	$	136,861	$	416	$	(4,943)	$	132,334	$	36


September 30, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Available for Sale
U.S. government securities	$	4,968	$	—	$	—	$	4,968
MBS: U.S. government agencies	73,649		382		(759)		73,272

Total	$	78,617	$	382	$	(759)	$	78,240


	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	$	—	$	—	—	$	54,676	$	(2,168)	13	$	54,676	$	(2,168)
MBS:
U.S. government agencies	14,217		(78)		9	23,269		(1,475)		36	37,486		(1,553)
Private label residential	1,712		(39)		3	11,155		(797)		13	12,867		(836)


Total	$	15,929	$	(117)	12	$	89,100	$	(4,440)	62	$	105,029	$	(4,557)

Available for sale

MBS:
U.S. government agencies	$	33,993	$	(866)	12	$	24,943	$	(717)	22	$	58,936	$	(1,583)
Total	$	33,993	$	(866)	12	$	24,943	$	(717)	22	$	58,936	$	(1,583)


	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	$	—	$	—	—	$	56,960	$	(2,760)	14	$	56,960	$	(2,760)
MBS:
U.S. government agencies	7		—		1	27,776		(1,357)		42	27,783		(1,357)
Private label residential	341		(2)		3	14,646		(820)		14	14,987		(822)

Bank issued trust preferred securities	495		(4)		1	—		—		—	495		(4)
Total	$	843	$	(6)	5	$	99,382	$	(4,937)	70	$	100,225	$	(4,943)

Available for sale
U.S. government securities	$	3,977	$	—	1	$	—	$	—	—	$	3,977	$	—
MBS:
U.S. government agencies	11,922		(67)		3	28,947		(692)		24	40,869		(759)

Total	$	15,899	$	(67)	4	$	28,947	$	(692)	24	$	44,846	$	(759)

During the nine months ended June 30, 2026, the Company recorded a $22,000 net realized gain on 15 held to maturity investment securities, all of which had been recognized previously as a credit loss. During the nine months ended June 30, 2025, the Company recorded a $3,000 net realized loss on 13 held to maturity investment securities all of which had been recognized previously as credit losses.

The recorded amount of investment securities pledged as collateral for public fund deposits, federal treasury tax and loan deposits, FHLB collateral and other non-profit organization deposits totaled $197.68 million and $195.93 million at June 30, 2026 and September 30, 2025, respectively.

The contractual maturities of investment securities at June 30, 2026 were as follows (dollars in thousands). 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	$	25,746	$	25,488	$	—	$	—
Due after one year to five years	39,886		37,913		3,130		3,124
Due after five years to ten years	31		140		177		176
Due after ten years	51,924		49,702		88,654		87,184
Total	$	117,587	$	113,243	$	91,961	$	90,484

The Company assesses each available for sale investment security that is in an unrealized loss position to determine whether the decline in fair value below the amortized cost basis results from a credit loss or other factors. The Company did not record an ACL on any available for sale investment securities at June 30, 2026 or September 30, 2025. As of both dates, the Company considered the unrealized losses across the classes of major security-type to be related to fluctuations in market conditions, primarily interest rates, and not reflective of a deterioration in credit value. The Company expects the fair value of these securities to recover as the securities approach their maturity dates or sooner if market yields decline. The Company does not believe that the unrealized losses are attributed to credit deterioration or issuer or industry specific events. The Company has the ability and intent to hold the investments until their fair value recovers.

The Company measures expected credit losses on held to maturity investment securities, which are comprised of U.S. government agency and U.S. government mortgage-backed securities, private label mortgage-backed securities, municipal securities, and other bonds. The Company’s agency and mortgage-backed securities are issued by U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by the major rating agencies, and have a long history of no credit losses. As such, no ACL has been established for these securities. The ACL on the private label mortgage-backed securities, municipal securities, and other bonds within the held to maturity securities portfolio is calculated using the probability of default/loss given default ("PD/LGD") method. The calculation is completed on a quarterly basis using the default studies provided by an industry leading source. At June 30, 2026 and September 30, 2025, the ACL on the held to maturity securities portfolio totaled $30,000 and $36,000, respectively.


	Three Months Ended June 30, 2026				Three Months Ended June 30, 2025
	Beginning Allowance		Recapture of Credit Losses		Ending Allowance		Beginning Allowance		Recapture of Credit Losses		Ending Allowance
Held to Maturity

MBS:

Private label residential	$	31	$	(1)	$	30	$	48	$	(3)	$	45

Bank issued trust preferred securities	—		—		—		2		(1)		1
Total	$	31	$	(1)	$	30	$	50	$	(4)	$	46


	Nine Months Ended June 30, 2026								Nine Months Ended June 30, 2025
	Beginning Allowance				Recapture of Credit Losses		Ending Allowance			Beginning Allowance		Recapture of Credit Losses		Ending Allowance
Held to Maturity

MBS:

Private label residential	$	35			$	(5)	$	30		$	55	$	(10)	$	45
Bank issued trust preferred securities	1				(1)		—			5		(4)		1
Total	$	36	$	—	$	(6)	$	30		$	60	$	(14)	$	46

The ACL on held to maturity securities is included within investment securities held to maturity on the consolidated balance sheets. Changes in the ACL are recorded through the provision for (recapture of) credit losses on the consolidated income statement.

Accrued interest receivable on held to maturity investment securities totaled $321,000 at June 30, 2026 and is included in accrued interest receivable on the consolidated balance sheet. This amount is excluded from the estimate of expected credit losses. Held to maturity investment securities are typically classified as non-accrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When held to maturity investment securities are placed on non-accrual status, unpaid interest credited to income is reversed. The Company had $29,000 of private label mortgage-backed held to maturity investment securities in non-accrual status at June 30, 2026.


	Credit Ratings
As of June 30, 2026	AAA/AA/A		BBB/BB/B		Unrated		Total
Held to Maturity
U.S. Treasury and U.S. government agency securities	$	56,844	$	—	$	—	$	56,844
MBS:
U.S. government agencies	47,025		—		—		47,025
Private label residential	9,615		—		4,103		13,718


Total held to maturity	$	113,484	$	—	$	4,103	$	117,587


	Credit Ratings
As of September 30, 2025	AAA/AA/A		BBB/BB/B		Unrated		Total
Held to Maturity
U.S. Treasury and U.S. government agency securities	$	69,646	$	—	$	—	$	69,646
MBS:
U.S. government agencies	48,735		—		—		48,735
Private label residential	12,455		—		4,921		17,376
Municipal securities	605		—		—		605
Bank issued trust preferred securities	—		—		499		499
Total held to maturity	$	131,441	$	—	$	5,420	$	136,861

Prior to adopting ASU 2016-13 during the year ended September 30, 2024, the Company bifurcated other-than-temporary impairment ("OTTI") into (1) amounts related to credit losses which are recognized through earnings and (2) amounts related to all other factors which are recognized as a component of other comprehensive income (loss). To determine the component of the gross OTTI related to credit losses, the Company compared the amortized cost basis of the OTTI security to the present value of its revised expected cash flows, discounted using its pre-impairment yield. The revised expected cash flow estimates for individual securities are based primarily on an analysis of default rates, prepayment speeds and third-party analytic reports. Significant judgment by management was required in this analysis that included, but not limited to, assumptions regarding the collectability of principal and interest, net of related expenses, on the underlying loans. The amounts written off due to credit loss remain and continue to be recovered on a cash basis.

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 nine months ended June 30, 2026 and 2025 (dollars in thousands):


	Nine Months Ended June 30,
	2026		2025
Beginning balance of credit loss	$	788	$	803



Subtractions:
Net realized loss previously recorded as credit losses	(3)		(3)
Recovery of prior credit loss	(19)		(6)
Ending balance of credit loss	$	766	$	794