Parent Company Financial Information (Parent Company Only)

12 Months Ended

Sep. 30, 2024

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Information (Parent Company Only)

PARENT COMPANY FINANCIAL INFORMATION (PARENT COMPANY ONLY)

The Company serves as the holding company for the Bank (see "Note 1. Summary of Significant Accounting Policies"). The Company's (parent company only) balance sheets at the dates presented, and the related statements of income and cash flows for each of the years presented are as follows:

BALANCE SHEETS
SEPTEMBER 30, 2024 and 2023
(Dollars in thousands, except per share amounts)
	2024		2023
ASSETS:
Cash and cash equivalents	$	50,110	$	83,400
Investment in the Bank	948,800		923,143
Note receivable - ESOP	32,731		34,273
Receivable from the Bank	—		2,438
Income taxes receivable, net	423		331
Other assets	519		540
TOTAL ASSETS	$	1,032,583	$	1,044,125
LIABILITIES:
Deferred income tax liabilities, net	$	58	$	60
Payable to the Bank, net	51		—
Other liabilities	204		11
Total liabilities	313		71
STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par value; 100,000,000 shares authorized, no shares issued or outstanding	—		—
Common stock, $.01 par value; 1,400,000,000 shares authorized, 132,735,565 and 135,936,375 shares issued and outstanding as of September 30, 2024 and 2023, respectively	1,327		1,359
Additional paid-in capital	1,146,851		1,166,643
Unearned compensation - ESOP	(26,431)		(28,083)
Accumulated deficit	(111,104)		(104,565)
AOCI, net of tax	21,627		8,700
Total stockholders' equity	1,032,270		1,044,054
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,032,583	$	1,044,125

STATEMENTS OF INCOME
YEARS ENDED SEPTEMBER 30, 2024, 2023, and 2022
(Dollars in thousands)
	2024		2023		2022
INTEREST AND DIVIDEND INCOME:
Dividend income from the Bank	$	25,745	$	86,217	$	111,745
Interest income from other investments	2,442		2,236		1,484
Total interest and dividend income	28,187		88,453		113,229
NON-INTEREST EXPENSE:
Salaries and employee benefits	994		906		843
Regulatory and outside services	382		275		259
Other non-interest expense	697		694		614
Total non-interest expense	2,073		1,875		1,716
INCOME BEFORE INCOME TAX (BENEFIT) EXPENSE AND EQUITY IN UNDISTRIBUTED (EXCESS OF DISTRIBUTION OVER) EARNINGS OF SUBSIDIARY	26,114		86,578		111,513
INCOME TAX (BENEFIT) EXPENSE	(5)		71		(49)
INCOME BEFORE (EXCESS OF DISTRIBUTION OVER)/EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARY	26,119		86,507		111,562
EQUITY IN/(EXCESS OF DISTRIBUTION OVER) UNDISTRIBUTED EARNINGS OF SUBSIDIARY	11,891		(188,166)		(27,109)
NET INCOME (LOSS)	$	38,010	$	(101,659)	$	84,453

STATEMENTS OF CASH FLOWS
YEARS ENDED SEPTEMBER 30, 2024, 2023, and 2022
(Dollars in thousands)
	2024		2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	38,010	$	(101,659)	$	84,453
Adjustments to reconcile net income to net cash provided by operating activities:
(Equity in)/Equity in excess of distribution over earnings of subsidiary	(11,891)		188,166		27,109
Depreciation of equipment	23		45		46
Provision for deferred income taxes	(2)		(12)		(10)
Changes in:
Receivable from/payable to the Bank	2,489		(2,519)		18,239
Income taxes receivable/payable	(92)		123		13
Other assets	(11)		(2)		(10)
Other liabilities	193		11		—
Net cash provided by operating activities	28,719		84,153		129,840
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal collected on note receivable from ESOP	1,542		1,494		1,446
Net cash provided by investing activities	1,542		1,494		1,446
CASH FLOWS FROM FINANCING ACTIVITIES:
Net payment from subsidiary related to restricted stock awards	419		401		269
Cash dividends paid	(44,522)		(83,172)		(103,131)
Repurchase of common stock	(19,448)		(23,453)		—
Net cash used in financing activities	(63,551)		(106,224)		(102,862)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(33,290)		(20,577)		28,424
CASH AND CASH EQUIVALENTS:
Beginning of year	83,400		103,977		75,553
End of year	$	50,110	$	83,400	$	103,977