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IMPAIRMENT OF INVESTMENT SECURITIES | 6 Months Ended
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Mar. 31, 2022
Schedule of Investments [Abstract] |
IMPAIRMENT OF INVESTMENT SECURITIES | NOTE J – IMPAIRMENT OF INVESTMENT SECURITIES The Company recognizes credit-related other-than-temporary impairment on debt securities in earnings while noncredit-related other-than-temporary impairment on debt securities not expected to be sold are recognized in other comprehensive income. 15 Table of Contents The Company reviews its investment portfolio on a quarterly basis for indications of impairment. This review includes analyzing the length of time and the extent to which the fair value has been lower than the cost, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and the intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in the market. The Company evaluates its intent and ability to hold debt securities based upon its investment strategy for the particular type of security and its cash flow needs, liquidity position, capital adequacy and interest rate risk position. In addition, the risk of future other-than-temporary impairment may be influenced by prolonged recession in the U.S. economy, changes in real estate values and interest deferrals. Investment securities with fair values greater than their amortized cost contain unrealized gains. Investment securities with fair values less than their amortized cost contain unrealized losses. The following tables present the gross unrealized losses and fair value at March 31, 2022 and September 30, 2021 for both available for sale and held to maturity securities by investment category and time frame for which the loss has been outstanding:
|  |  |  |  | Less Than 12 Months |  |  | 12 Months Or Greater |  |  | Total |
|  | Number of |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Securities |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
|  |  |  |  | (Dollars in thousands) |
March 31, 2022 |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 3 |  |  | $ | 2,716 |  |  | $ | (198 | ) |  | $ | 330 |  |  | $ | (28 | ) |  | $ | 3,046 |  |  | $ | (226 | )
Mortgage-backed securities - commercial |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 672 |  |  |  | — |  |  |  | 672 |  |  |  | — |
Obligations of U.S. government-sponsored enterprises |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 38 |  |  |  | 38,206 |  |  |  | (2,581 | ) |  |  | 13,349 |  |  |  | (1,448 | ) |  |  | 51,555 |  |  |  | (4,029 | )
Debt securities |  |  | 14 |  |  |  | 12,004 |  |  |  | (311 | ) |  |  | 11,591 |  |  |  | (907 | ) |  |  | 23,595 |  |  |  | (1,218 | )
Obligations of state and political subdivisions |  |  | 5 |  |  |  | 2,330 |  |  |  | (327 | ) |  |  | — |  |  |  | — |  |  |  | 2,330 |  |  |  | (327 | )
Corporate securities |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 2,804 |  |  |  | (197 | ) |  |  | 2,804 |  |  |  | (197 | )
Total |  |  | 62 |  |  | $ | 55,256 |  |  | $ | (3,417 | ) |  | $ | 28,746 |  |  | $ | (2,580 | ) |  | $ | 84,002 |  |  | $ | (5,997 | )
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 3 |  |  | $ | 318 |  |  | $ | (12 | ) |  | $ | 232 |  |  | $ | (13 | ) |  | $ | 550 |  |  | $ | (25 | )
Mortgage-backed securities - commercial |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 703 |  |  |  | — |  |  |  | 703 |  |  |  | — |
Obligations of U.S. government-sponsored enterprises |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 20 |  |  |  | 33,690 |  |  |  | (539 | ) |  |  | 1,610 |  |  |  | (58 | ) |  |  | 35,300 |  |  |  | (597 | )
Debt securities |  |  | 7 |  |  |  | 10,859 |  |  |  | (139 | ) |  |  | 1,483 |  |  |  | (17 | ) |  |  | 12,342 |  |  |  | (156 | )
Obligations of state and political subdivisions |  |  | 4 |  |  |  | 2,013 |  |  |  | (34 | ) |  |  | — |  |  |  | — |  |  |  | 2,013 |  |  |  | (34 | )
Corporate securities |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 2,804 |  |  |  | (196 | ) |  |  | 2,804 |  |  |  | (196 | )
Total |  |  | 36 |  |  | $ | 46,880 |  |  | $ | (724 | ) |  | $ | 6,832 |  |  | $ | (284 | ) |  | $ | 53,712 |  |  | $ | (1,008 | )
The Company evaluated these securities and determined that the decline in value was primarily related to fluctuations in the interest rate environment and were not related to any company or industry specific event. At March 31, 2022 and September 30, 2021, there were 62 and 36, respectively, investment securities with unrealized losses. The Company anticipates full recovery of amortized costs with respect to these securities. The Company does not intend to sell these securities and has determined that it is not more likely than not that the Company would be required to sell these securities prior to maturity or market price recovery. Management has considered factors regarding other than temporarily impaired securities and determined that there are no securities with impairment that is other than temporary as of March 31, 2022 and September 30, 2021.

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- Definition The entire disclosure for investment holdings. This includes the long positions of investments for the entity. It contains investments in affiliated and unaffiliated issuers. The investments include securities and non securities (i.e. commodities and futures contracts). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -URI https://asc.fasb.org/extlink&oid=122147990&loc=d3e611322-123010 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B) -URI https://asc.fasb.org/extlink&oid=122147990&loc=d3e611197-123010 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 5D -Subparagraph (SX 210.12-13D) -URI https://asc.fasb.org/extlink&oid=122147990&loc=SL120429264-123010 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12) -URI https://asc.fasb.org/extlink&oid=122147990&loc=d3e611133-123010 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13) -URI https://asc.fasb.org/extlink&oid=122147990&loc=d3e611282-123010 + Details
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