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FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | 3 Months Ended
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Dec. 31, 2017
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK [Abstract] |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | NOTE M - FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK The Company uses derivative financial instruments, such as interest rate floors and collars, as part of its interest rate risk management. Interest rate caps and floors are agreements whereby one party agrees to pay or receive a floating rate of interest on a notional principal amount for a predetermined period of time if certain market interest rate thresholds are met. The Company considers the credit risk inherent in these contracts to be negligible. As of December 31, 2017 and September 30, 2017, the Company did not hold any interest rate floors or collars. In the normal course of business the Bank is a party to financial instruments with off-balance-sheet risk and in only to meet the financing needs of its customers. These financial instruments are commitments to extend credit are summarized in the below table. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets.
|  | 2017 |
|  | December 31 |  |  | September 30 |
|  | (Dollars in thousands) |
Financial instruments whose contract amounts |  |  |  |  |  |  |  |
represent credit risk |  |  |  |  |  |  |  |
Letters of credit |  | $ | 808 |  |  | $ | 633 |
Unused lines of credit |  |  | 61,502 |  |  |  | 64,220 |
Fixed rate loan commitments |  |  | 2,773 |  |  |  | 2,429 |
Variable rate loan commitments |  |  | 6,979 |  |  |  | 3,952 |
|  | $ | 72,062 |  |  | $ | 71,234 |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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