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Investment Securities (Tables)

9 Months Ended

Jun. 30, 2021

Investments [Abstract]

Marketable Securities

Held to maturity and available for sale investment securities have been classified according to management’s intent and were as follows as of June 30, 2021 and September 30, 2020 (dollars in thousands):

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
June 30, 2021
Held to maturity
Mortgage-backed securities ("MBS"):
U.S. government agencies			$	24,508					$	1,074					$	(19)					$	25,563
Private label residential			8,432						300						(22)						8,710
U.S. Treasury and U.S. government agency securities			18,874						1						(59)						18,816
Bank issued trust preferred securities			500						7						—						507
Total			$	52,314					$	1,382					$	(100)					$	53,596
Available for sale
MBS: U.S. government agencies			$	67,306					$	271					$	(86)					$	67,491
Total			$	67,306					$	271					$	(86)					$	67,491
September 30, 2020
Held to maturity
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

Unrealized Gain (Loss) on Investments

Held to maturity and available for sale investment securities with unrealized losses were as follows as of June 30, 2021 (dollars in thousands):

			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
MBS:
U.S. government agencies			$	4,269					$	(19)					5						$	16					$	—					3						$	4,285					$	(19)
Private label residential			8,223						(22)						2						1						—						1						8,224						(22)
U.S. Treasury and U.S. government agency securities			8,954						(59)						3						—						—						—						8,954						(59)
Total			$	21,446					$	(100)					10						$	17					$	—					4						$	21,463					$	(100)
Available for sale
MBS:
U.S. government agencies			$	26,667					$	(86)					15						$	926					$	—					1						$	27,593					$	(86)
Total			$	26,667					$	(86)					15						$	926					$	—					1						$	27,593					$	(86)

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						Quantity						Estimated  Fair  Value						Gross Unrealized Losses						Quantity						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)

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 June 30, 2021 and 2020:

			Range												Weighted
			Minimum						Maximum						Average
June 30, 2021
Constant prepayment rate			6.00		%				15.00		%				12.84		%
Collateral default rate			1.83		%				21.58		%				13.09		%
Loss severity rate			—		%				14.53		%				4.82		%
June 30, 2020
Constant prepayment rate			6.00		%				15.00		%				9.21		%
Collateral default rate			2.00		%				19.96		%				10.21		%
Loss severity rate			—		%				12.41		%				2.48		%

Other than Temporary Impairment, Credit Losses Recognized in Earnings

The following table presents the OTTI recoveries for the three and nine months ended June 30, 2021 and 2020 (dollars in thousands):

			Three Months Ended June 30, 2021												Three Months Ended June 30, 2020
			Held To Maturity												Held To Maturity
Total recoveries			$	6											$	6
Net recoveries recognized in earnings (1)			$	6											$	6

			Nine Months Ended June 30, 2021												Nine Months Ended June 30, 2020
			Held To Maturity												Held To Maturity
Total recoveries			$	14											$	113
Net recoveries recognized in earnings (1)			$	14											$	113

_________________

(1) Represents OTTI related to credit losses.

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 nine months ended June 30, 2021 and 2020 (dollars in thousands):

			Nine Months Ended June 30,
			2021						2020
Beginning balance of credit loss			$	885					$	1,071
Additions:
Additional increases to the amount related to credit loss for which OTTI was previously recognized			—						2
Subtractions:
Realized losses previously recorded as credit losses			(5)						(65)
Recovery of prior credit loss			(14)						(112)
Ending balance of credit loss			$	866					$	896

Schedule of Contractual Maturities of Debt Securities

The contractual maturities of debt securities at June 30, 2021 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			$	—					$	—					$	926					$	926
Due after one year to five years			11,226						11,268						2,654						2,653
Due after five years to ten years			23,556						24,064						18,247						18,285
Due after ten years			17,532						18,264						45,479						45,627
Total			$	52,314					$	53,596					$	67,306					$	67,491

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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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