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FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | 3 Months Ended
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Dec. 31, 2021
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK [Abstract] |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | NOTE N – FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK The Company may use derivative financial instruments, such as interest rate swaps and interest rate floors and caps, 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. The Company is a party to interest rate derivatives that are not designated as hedging instruments. Under a program, the Company executes interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. These interest rate swaps with customers are simultaneously offset by interest rate swaps that the Company executes with a third-party financial institution, such that the Company minimizes its net risk exposure resulting from such transactions. Because the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating, probability of default and loss given default for all counterparties. The Company had $300,000 in cash pledged for collateral on its interest rate swaps with financial institutions at December 31, 2021 and September 30, 2021. The following table presents summary information regarding these derivatives as of December 31, 2021 and September 30, 2021.
| Notional Amount |  | Average Maturity (Years) |  | Weighted Average Fixed Rate |  | Weighted Average Variable Rate |  | Fair Value
| (Dollars in thousands)
December 31, 2021 |  |  |  |  |  |  |  |  |
Classified in Other Assets: |  |  |  |  |  |  |  |  |
Customer interest rate swaps | $ 19,971 |  | 6.6 |  | 3.61% |  | 1 Mo. LIBOR + 2.50 |  | $ 164
Classified in Other Liabilities: |  |  |  |  |  |  |  |  |
3rd Party interest rate swaps | $ 19,971 |  | 6.6 |  | 3.61% |  | 1 Mo. LIBOR + 2.50 |  | $ 164
September 30, 2021 |  |  |  |  |  |  |  |  |
Classified in Other Assets: |  |  |  |  |  |  |  |  |
Customer interest rate swaps | $ 20,111 |  | 6.9 |  | 3.61% |  | 1 Mo. LIBOR + 2.50 |  | $ 183
Classified in Other Liabilities: |  |  |  |  |  |  |  |  |
3rd Party interest rate swaps | $ 20,111 |  | 6.9 |  | 3.61% |  | 1 Mo. LIBOR + 2.50 |  | $ 183
22 Table of Contents The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business 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.
|  | December 31, |  |  | September 30, |
|  | 2021 |  |  | 2021 |
|  | (In thousands) |
Financial instruments whose contract amounts represent credit risk |  |  |  |  |  |  |  |
Letters of credit |  | $ | 2,808 |  |  | $ | 2,901 |
Unused lines of credit |  |  | 61,901 |  |  |  | 63,798 |
Fixed rate loan commitments |  |  | 10,039 |  |  |  | 9,156 |
Variable rate loan commitments |  |  | 18,502 |  |  |  | 14,558 |
Total |  | $ | 93,250 |  |  | $ | 90,413 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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