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v3.22.4

Investment Securities (Tables) | 3 Months Ended
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Dec. 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 December 31, 2022 and September 30, 2022 (dollars in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
December 31, 2022 |  |  |  |  |  |  |
Held to maturity |  |  |  |  |  |  |
U.S. Treasury and U.S. government agency securities | $ | 170,913 |  |  | $ | 92 |  |  | $ | (10,616) |  |  | $ | 160,389 |
Mortgage-backed securities ("MBS"): |  |  |  |  |  |  |
U.S. government agencies | 55,517 |  |  | 231 |  |  | (2,240) |  |  | 53,508 |
Private label residential | 49,563 |  |  | 272 |  |  | (2,258) |  |  | 47,577 |
Taxable municipal securities | 2,092 |  |  | — |  |  | (58) |  |  | 2,034 |
Bank issued trust preferred securities | 500 |  |  | — |  |  | (30) |  |  | 470 |
Total | $ | 278,585 |  |  | $ | 595 |  |  | $ | (15,202) |  |  | $ | 263,978 |
Available for sale |  |  |  |  |  |  |
MBS: U.S. government agencies | $ | 56,759 |  |  | $ | 445 |  |  | $ | (1,363) |  |  | $ | 55,841 |
Total | $ | 56,759 |  |  | $ | 445 |  |  | $ | (1,363) |  |  | $ | 55,841 |
September 30, 2022 |  |  |  |  |  |  |
Held to maturity |  |  |  |  |  |  |
U.S. Treasury and U.S. government agency securities | $ | 170,676 |  |  | $ | 11 |  |  | $ | (12,109) |  |  | $ | 158,578 |
MBS: |  |  |  |  |  |  |
U.S. government agencies | 43,995 |  |  | 4 |  |  | (2,486) |  |  | 41,513 |
Private label residential | 49,335 |  |  | 245 |  |  | (2,392) |  |  | 47,188 |
Taxable municipal securities | 2,102 |  |  | — |  |  | (67) |  |  | 2,035 |
Bank issued trust preferred securities | 500 |  |  | — |  |  | (31) |  |  | 469 |
Total | $ | 266,608 |  |  | $ | 260 |  |  | $ | (17,085) |  |  | $ | 249,783 |
Available for sale |  |  |  |  |  |  |
MBS: U.S. government agencies | $ | 42,309 |  |  | $ | — |  |  | $ | (894) |  |  | $ | 41,415 |
Total | $ | 42,309 |  |  | $ | — |  |  | $ | (894) |  |  | $ | 41,415 |
Unrealized Gain (Loss) on Investments | Held to maturity and available for sale investment securities with unrealized losses were as follows as of December 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 | $ | 71,681 |  |  | $ | (2,552) |  |  | 7 |  |  | $ | 79,151 |  |  | $ | (8,064) |  |  | 19 |  |  | $ | 150,832 |  |  | $ | (10,616) |
MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies | 30,377 |  |  | (1,175) |  |  | 52 |  |  | 5,400 |  |  | (1,065) |  |  | 7 |  |  | 35,777 |  |  | (2,240) |
Private label residential | 28,489 |  |  | (1,043) |  |  | 24 |  |  | 16,897 |  |  | (1,215) |  |  | 11 |  |  | 45,386 |  |  | (2,258) |
Taxable municipal securities | 2,034 |  |  | (58) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 2,034 |  |  | (58) |
Bank issued trust preferred securities | — |  |  | — |  |  | — |  |  | 470 |  |  | (30) |  |  | 1 |  |  | 470 |  |  | (30) |
Total | $ | 132,581 |  |  | $ | (4,828) |  |  | 84 |  |  | $ | 101,918 |  |  | $ | (10,374) |  |  | 38 |  |  | $ | 234,499 |  |  | $ | (15,202) |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MBS: U.S. government agencies | $ | 22,696 |  |  | $ | (630) |  |  | 15 |  |  | $ | 15,248 |  |  | $ | (733) |  |  | 13 |  |  | $ | 37,944 |  |  | $ | (1,363) |
Total | $ | 22,696 |  |  | $ | (630) |  |  | 15 |  |  | $ | 15,248 |  |  | $ | (733) |  |  | 13 |  |  | $ | 37,944 |  |  | $ | (1,363) |
Held to maturity and available for sale investment securities with unrealized losses were as follows as of September 30, 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 | $ | 115,504 |  |  | $ | (7,224) |  |  | 17 |  |  | $ | 33,638 |  |  | $ | (4,885) |  |  | 9 |  |  | $ | 149,142 |  |  | $ | (12,109) |
MBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies | 35,896 |  |  | (1,449) |  |  | 54 |  |  | 5,306 |  |  | (1,037) |  |  | 5 |  |  | 41,202 |  |  | (2,486) |
Private label residential | 35,447 |  |  | (2,166) |  |  | 27 |  |  | 8,708 |  |  | (226) |  |  | 6 |  |  | 44,155 |  |  | (2,392) |
Taxable municipal securities | 2,035 |  |  | (67) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 2,035 |  |  | (67) |
Bank issued trust preferred securities | 469 |  |  | (31) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 469 |  |  | (31) |
Total | $ | 189,351 |  |  | $ | (10,937) |  |  | 100 |  |  | $ | 47,652 |  |  | $ | (6,148) |  |  | 20 |  |  | $ | 237,003 |  |  | $ | (17,085) |
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MBS: U.S. government agencies | $ | 25,170 |  |  | $ | (292) |  |  | 16 |  |  | $ | 15,705 |  |  | $ | (602) |  |  | 13 |  |  | $ | 40,875 |  |  | $ | (894) |
Total | $ | 25,170 |  |  | $ | (292) |  |  | 16 |  |  | $ | 15,705 |  |  | $ | (602) |  |  | 13 |  |  | $ | 40,875 |  |  | $ | (894) |
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 December 31, 2022 and 2021:
| Range |  | Weighted
| Minimum |  | Maximum |  | Average
December 31, 2022 |  |  |  |  |
Constant prepayment rate | 6.00 | % |  | 15.00 | % |  | 8.87 | %
Collateral default rate | — | % |  | 14.64 | % |  | 9.06 | %
Loss severity rate | — | % |  | 7.76 | % |  | 2.94 | %
December 31, 2021 |  |  |  |  |
Constant prepayment rate | 6.00 | % |  | 15.00 | % |  | 12.50 | %
Collateral default rate | 1.56 | % |  | 22.67 | % |  | 12.14 | %
Loss severity rate | — | % |  | 13.95 | % |  | 3.30 | %
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 three months ended December 31, 2022 and 2021 (dollars in thousands):
| Three Months Ended December 31,
| 2022 |  | 2021
Beginning balance of credit loss | $ | 836 |  |  | $ | 853 |
Additions (subtractions): |  |  |
Net realized gain (losses) previously recorded as credit losses | (7) |  |  | 1 |
Recovery of prior credit loss | (3) |  |  | (4) |
Ending balance of credit loss | $ | 826 |  |  | $ | 850 |
Schedule of Contractual Maturities of Debt Securities | The contractual maturities of debt securities at December 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 within one year | $ | 6,010 |  |  | $ | 5,877 |  |  | $ | — |  |  | $ | — |
Due after one year to five years | 161,301 |  |  | 153,803 |  |  | 2,913 |  |  | 2,895 |
Due after five years to ten years | 36,374 |  |  | 32,672 |  |  | 8,439 |  |  | 8,313 |
Due after ten years | 74,900 |  |  | 71,626 |  |  | 45,408 |  |  | 44,633 |
Total | $ | 278,585 |  |  | $ | 263,978 |  |  | $ | 56,760 |  |  | $ | 55,841 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27340-111563 + Details
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