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Investment Securities (Tables)

12 Months Ended

Sep. 30, 2020

Investments [Abstract]

Marketable Securities

Held to maturity and available for sale investment securities were as follows as of September 30, 2020 and 2019 (dollars in thousands):

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
September 30, 2020
Held to Maturity
Mortgage-backed securities ("MBS"):
U.S. government agencies			$	27,161					$	1,635					$	(3)					$	28,793
Private label residential			229						307						(1)						535
Bank issued trust preferred securities			500						—						(1)						499
Total			$	27,890					$	1,942					$	(5)					$	29,827
Available for Sale
MBS: U.S. government agencies			$	57,797					$	178					$	(68)					$	57,907
Total			$	57,797					$	178					$	(68)					$	57,907
September 30, 2019
Held to Maturity
MBS:
U.S. government agencies			$	27,786					$	999					$	(2)					$	28,783
Private label residential			317						490						(1)						806
U.S. Treasury and U.S. government agency securities			2,999						—						(8)						2,991
Total			$	31,102					$	1,489					$	(11)					$	32,580
Available for Sale
MBS: U.S. government agencies			$	22,418					$	114					$	—					$	22,532
Total			$	22,418					$	114					$	—					$	22,532

Unrealized Gain (Loss) on Investments

Held to maturity and available for sale investment securities with unrealized losses were as follows as of September 30, 2020 (dollars in thousands):

			Less Than 12 Months																		12 Months or Longer																		Total
			Estimated  Fair  Value						Gross Unrealized Losses						Qty						Estimated  Fair  Value						Gross Unrealized Losses						Qty						Estimated  Fair  Value						Gross Unrealized Losses
Held to Maturity
MBS:
U.S. government agencies			$	5,130					$	(2)					4						$	39					$	(1)					4						$	5,169					$	(3)
Private label residential			7						—						1						11						(1)						2						18						(1)
Bank issued trust preferred securities			499						(1)						1						—						—						—						499						(1)
Total			$	5,636					$	(3)					6						$	50					$	(2)					6						$	5,686					$	(5)
Available for Sale
MBS:
U.S. government agencies			$	21,464					$	(68)					11						$	—					$	—					—						$	21,464					$	(68)
Total			$	21,464					$	(68)					11						$	—					$	—					—						$	21,464					$	(68)

Held to maturity investment securities with unrealized losses were as follows as of September 30, 2019 (dollars in thousands):

			Less Than 12 Months																		12 Months or Longer																		Total
			Estimated  Fair  Value						Gross Unrealized Losses						Qty						Estimated  Fair  Value						Gross Unrealized Losses						Qty						Estimated  Fair  Value						Gross Unrealized Losses
Held to Maturity
MBS:
U.S. government agencies			$	291					$	(1)					2						$	76					$	(1)					6						$	367					$	(2)
Private label residential			—						—						—						23						(1)						5						23						(1)
U.S. Treasury and U.S. government agency securities			—						—						—						2,991						(8)						1						2,991						(8)
Total			$	291					$	(1)					2						$	3,090					$	(10)					12						$	3,381					$	(11)

Schedule of Significant Inputs Utilized to Measure Estimate of Credit Loss Component on OTTI Securities

The following table presents a summary of the significant inputs utilized to measure management’s estimates of the credit loss component on OTTI securities as of September 30, 2020, 2019 and 2018:

			Range												Weighted
			Minimum						Maximum						Average
September 30, 2020
Constant prepayment rate			6.00		%				15.00		%				8.97		%
Collateral default rate			2.17		%				27.39		%				14.37		%
Loss severity rate			—		%				11.27		%				2.87		%
September 30, 2019
Constant prepayment rate			6.00		%				15.00		%				10.67		%
Collateral default rate			3.00		%				19.70		%				10.40		%
Loss severity rate			—		%				10.59		%				4.07		%
September 30, 2018
Constant prepayment rate			6.00		%				15.00		%				12.91		%
Collateral default rate			—		%				10.42		%				5.03		%
Loss severity rate			—		%				75.00		%				37.25		%

Schedule of Other than Temporary Impairments

The following table presents the OTTI recoveries for the years ended September 30, 2020, 2019 and 2018 (dollars in thousands):

			2020												2019												2018
			Held To Maturity												Held To Maturity												Held To Maturity
Total recoveries			$	120											$	71											$	73
Adjustment for portion of OTTI transferred from other comprehensive income (loss) before income taxes (1)			—												(12)												(5)
Net recoveries recognized in earnings (2)			$	120											$	59											$	68

________________________

(1)Represents OTTI related to all other factors.

(2)Represents OTTI related to credit losses.

Other than Temporary Impairment, Credit Losses Recognized in Earnings

The following table presents a roll forward of the credit loss component of held to maturity and available for sale debt securities that have been written down for OTTI with the credit loss component recognized in earnings for the years ended September 30, 2020, 2019 and 2018 (dollars in thousands):

			2020						2019						2018
Balance, beginning of year			$	1,071					$	1,153					$	1,301
Additions:
Additional increases to the amount           related to credit loss for which OTTI           was previously recognized			3						13						14
Subtractions:
Realized losses previously recorded           as credit losses			(66)						(23)						(80)
Recovery of prior credit loss			(123)						(72)						(82)
Balance, end of year			$	885					$	1,071					$	1,153

Schedule of Contractual Maturities of Debt Securities

The contractual maturities of debt securities at September 30, 2020 are 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			$	—					$	—					$	831					$	830
Due after one year to five years			126						130						3,270						3,261
Due after five years to ten years			7,157						7,937						18,507						18,491
Due after ten years			20,607						21,760						35,189						35,325
Total			$	27,890					$	29,827					$	57,797					$	57,907

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Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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