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New Accounting Pronouncements | 9 Months Ended
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Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract] |
New Accounting Pronouncements | New Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848). The amendments in this ASU provide temporary, optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. The ASU primarily includes relief related to contract modifications and hedging relationships, as well as providing a one-time election for the sale or transfer of debt securities classified as held-to-maturity that reference a rate affected by the new guidance. This guidance is effective immediately and the amendments were originally to be applied prospectively through December 31, 2022. However, the FASB issued ASU 2022-06, deferring the sunset date to December 31, 2024. The Company has evaluated the regulatory requirements to cease the use of LIBOR and has put in place systems and capabilities for this purpose. The transition to the Secured Overnight Financing Rate ("SOFR") has been implemented by the Company, but some LIBOR benchmarked transactions have not yet moved to SOFR due to reset dates after July 1, 2023. All activities associated with reference rate reform will be concluded by the end of the fiscal year and within the specified sunset date for the ASU. The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements. In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815). The amendments in this ASU clarify the guidance on ASC 815 on fair value hedge accounting of interest rate risk for portfolios and financial assets. Among other things, the amended guidance establishes the "last-of-layer" method for making the fair value hedge accounting for these portfolios more accessible and renames that method the "portfolio layer" method. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We do not expect the amendments to have a material effect on our consolidated financial statements. In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326). The amendments in this ASU eliminate the guidance on troubled debt restructurings while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulties. The ASU also requires that entities disclose current-period gross charge-offs by year of origination for loans and leases. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We do not expect the amendments to have a material effect on our consolidated financial statements. In December of 2022, the SEC adopted amendments to Rule 10b5-1 and implemented new disclosure requirements in Item 408(a) of Regulation S-K. The requirements include quarterly disclosures on Form 10-Q and annual disclosures on Form 10-K about the adoption, termination and material terms of a Rule 10b5-1 trading plan or other preplanned trading arrangement by an issuer's directors or officers. The new requirements became effective for the first full fiscal period that began on or after April 1, 2023. The Company has currently has no Rule 10b5-1 plans in place but is evaluating the impact of these amendments and will apply as applicable. In March 2023, the FASB issued ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323). The amendments in this ASU expand the population of tax credit investments for which an investor may elect to apply the proportional amortization method ("PAM") and require certain disclosures for tax credit investments. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company has utilized PAM for low income housing tax credit investments. We do not expect this ASU to have a material effect on our consolidated financial statements. In May of 2023, the SEC adopted amendments to modernize the disclosure requirement relating to repurchases of an issuer's equity securities, including requiring issuers to provide daily repurchase activity on a quarterly or semi-annual basis, depending on type of issuer. The amendments will require issuers to disclose daily repurchase activity quarterly or semiannually, indicate if certain directors or officers traded in the relevant securities within four business days before or after the public announcement of an issuer's repurchase plan or program, provide narrative disclosure about the issuer's repurchase programs and practices in its periodic reports, and provide quarterly disclosure in an issuer's periodic reports on Forms 10-K and 10-Q related to an issuer's adoption and termination of 10b5-1 trading arrangements. Issuers are required to comply with these amendments on their Forms 10-Q and 10-K beginning with the first filing that covers the first full fiscal quarter that begins on or after October 1, 2023. The Company is currently evaluating the impact of these amendments and will apply as applicable.

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