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FORECLOSURED REAL ESTATE AND REPOSSESSED ASSETS
 3 Months Ended
Dec. 31, 2019
Real Estate [Abstract]  
FORECLOSURED REAL ESTATE AND REPOSSESSED ASSETS FORECLOSED REAL ESTATE AND REPOSSESSED ASSETS

During the period ended December 31, 2019, the Company sold its other real estate owned ("OREO"), which consisted of assets related to a Community Bank agriculture real estate customer. The sale occurred via public auction and consisted of 30-plus parcels of land. The sale of 30-plus parcels closed in the first quarter of fiscal 2020. The Company applied Subtopic ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets to record the sale. Below is a summary of the sale transaction, as reflected in the Company's financial statements for the period ending December 31, 2019.

(Dollars in Thousands)
Three Months Ended December 31, 2019
Purchase price
$
23,083

Carrying value of OREO
28,122

Loss on sale
(5,039
)
Deferred income recognized
1,096

Net impact
$
(3,943
)


The Company recognized a $5.0 million loss from the sale of foreclosed property during the quarter ended December 31, 2019, which is included in the "(Loss) gain on sale of other" line on the Consolidated Statements of Operations. The Company also recognized $1.1 million in deferred rental income and $0.2 million in OREO expenses related to these foreclosed properties during the quarter ended December 31, 2019.