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Investment Securities (Tables)

6 Months Ended

Mar. 31, 2022

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 March 31, 2022 and September 30, 2021 (dollars in thousands):

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
March 31, 2022
Held to maturity
U.S. Treasury and U.S. government agency securities			$	141,927					$	24					$	(4,150)					$	137,801
Mortgage-backed securities ("MBS"):
U.S. government agencies			21,858						215						(508)						21,565
Private label residential			25,120						273						(542)						24,851
Bank issued trust preferred securities			500						—						(10)						490
Total			$	189,405					$	512					$	(5,210)					$	184,707
Available for sale
MBS: U.S. government agencies			$	50,745					$	105					$	(226)					$	50,624
Total			$	50,745					$	105					$	(226)					$	50,624
September 30, 2021
Held to maturity
U.S. Treasury and U.S. government agency securities			$	28,760					$	8					$	(99)					$	28,669
MBS:
U.S. government agencies			25,913						936						(122)						26,727
Private label residential			13,929						302						(23)						14,208
Bank issued trust preferred securities			500						5						—						505
Total			$	69,102					$	1,251					$	(244)					$	70,109
Available for sale
MBS: U.S. government agencies			$	63,080					$	210					$	(114)					$	63,176
Total			$	63,080					$	210					$	(114)					$	63,176

Unrealized Gain (Loss) on Investments

Held to maturity and available for sale investment securities with unrealized losses were as follows as of March 31, 2022 (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
U.S. Treasury and U.S. government agency securities			$	127,757					$	(4,150)					23						$	—					$	—					1						$	127,757					$	(4,150)
MBS:
U.S. government agencies			8,405						(507)						10						416						(1)						4						8,821						(508)
Private label residential			21,091						(505)						15						3,356						(37)						1						24,447						(542)
Bank issued trust preferred securities			500						(10)						1						—						—						—						500						(10)
Total			$	157,753					$	(5,172)					49						$	3,772					$	(38)					6						$	161,525					$	(5,210)
Available for sale
MBS: U.S. government agencies			$	12,072					$	(27)					10						$	17,391					$	(199)					10						$	29,463					$	(226)
Total			$	12,072					$	(27)					10						$	17,391					$	(199)					10						$	29,463					$	(226)

Held to maturity and available for sale investment securities with unrealized losses were as follows as of September 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
U.S. Treasury and U.S. government agency securities			$	18,795					$	(99)					5						$	—					$	—					—						$	18,795					$	(99)
MBS:
U.S. government agencies			8,091						(122)						5						15						—						3						8,106						(122)
Private label     residential			9,712						(23)						4						1						—						1						9,713						(23)
Total			$	36,598					$	(244)					14						$	16					$	—					4						$	36,614					$	(244)
Available for sale
MBS: U.S. government agencies			$	20,146					$	(103)					13						$	5,491					$	(11)					3						$	25,637					$	(114)
Total			$	20,146					$	(103)					13						$	5,491					$	(11)					3						$	25,637					$	(114)

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 March 31, 2022 and 2021:

			Range												Weighted
			Minimum						Maximum						Average
March 31, 2022
Constant prepayment rate			6.00		%				15.00		%				8.37		%
Collateral default rate			0.53		%				21.55		%				10.53		%
Loss severity rate			—		%				8.53		%				3.72		%
March 31, 2021
Constant prepayment rate			6.00		%				15.00		%				13.18		%
Collateral default rate			1.73		%				28.92		%				13.94		%
Loss severity rate			—		%				18.93		%				5.79		%

Other than Temporary Impairment, Credit Losses Recognized in Earnings

The following table presents the OTTI recoveries for the three and six months ended March 31, 2022 and 2021 (dollars in thousands):

			Three Months Ended March 31, 2022												Three Months Ended March 31, 2021
			Held To Maturity												Held To Maturity
Total recoveries			$	3											$	3
Net recoveries recognized in earnings (1)			$	3											$	3

			Six Months Ended March 31, 2022												Six Months Ended March 31, 2021
			Held To Maturity												Held To Maturity
Total recoveries			$	11											$	8
Net recoveries recognized in earnings (1)			$	11											$	8

_________________

(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 six months ended March 31, 2022 and 2021 (dollars in thousands):

			Six Months Ended March 31,
			2022						2021
Beginning balance of credit loss			$	853					$	885
Additions (subtractions):
Net realized gain (losses) previously recorded as credit losses			1						(5)
Recovery of prior credit loss			(8)						(8)
Ending balance of credit loss			$	846					$	872

Schedule of Contractual Maturities of Debt Securities

The contractual maturities of debt securities at March 31, 2022 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 after one year to five years			109,829						105,932						3,622						3,616
Due after five years to ten years			50,532						50,333						12,062						12,047
Due after ten years			29,044						28,442						35,061						34,961
Total			$	189,405					$	184,707					$	50,745					$	50,624

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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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