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UNREALIZED LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE | 6 Months Ended
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Mar. 31, 2024
Unrealized Losses on Investment Securities Available-For-Sale [Abstract] |
UNREALIZED LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE | NOTE I – UNREALIZED LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE The Company recognizes an allowance for credit losses on debt securities in earnings through a provision for credit losses while noncredit-related impairment on debt securities not expected to be sold are recognized in other comprehensive income. The Company reviews its investment portfolio on a quarterly basis for indications of credit losses. This review includes analyzing 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 credit losses 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. Details of available-for-sale securities with unrealized losses at March 31, 2024 are as follows:
|  |  |  |  | Less Than 12 Months |  |  | 12 Months Or Greater |  |  | Total |
|  | Number of |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Securities |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
March 31, 2024 |  |  |  |  | (Dollars in thousands) |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 91 |  |  | $ | (10 | ) |  | $ | 91 |  |  | $ | (10 | )
Obligations of U.S. government-sponsored enterprises |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 9 |  |  |  | 26 |  |  |  | — |  |  |  | 7,684 |  |  |  | (1,472 | ) |  |  | 7,710 |  |  |  | (1,472 | )
Total |  |  | 10 |  |  | $ | 26 |  |  | $ | — |  |  | $ | 7,775 |  |  | $ | (1,482 | ) |  | $ | 7,801 |  |  | $ | (1,482 | )
Prior to the adoption of ASU 2016-13, details of our entire investment portfolio were required to be disclosed. Accordingly, details of our held-to-maturity and available-for-sale investment securities with unrealized losses at September 30, 2023 were as follows:
|  |  |  |  | Less Than 12 Months |  |  | 12 Months Or Greater |  |  | Total |
|  | Number of |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Securities |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
September 30, 2023 |  |  |  |  | (Dollars in thousands) |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,312 |  |  | $ | (864 | ) |  | $ | 4,312 |  |  | $ | (864 | )
Mortgage-backed securities - commercial |  |  | 2 |  |  |  | 1,926 |  |  |  | (14 | ) |  |  | 567 |  |  |  | (2 | ) |  |  | 2,493 |  |  |  | (16 | )
Obligations of U.S. government-sponsored enterprises |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 50 |  |  |  | 4,938 |  |  |  | (49 | ) |  |  | 44,485 |  |  |  | (10,382 | ) |  |  | 49,423 |  |  |  | (10,431 | )
Debt securities |  |  | 12 |  |  |  | — |  |  |  | — |  |  |  | 21,550 |  |  |  | (1,947 | ) |  |  | 21,550 |  |  |  | (1,947 | )
Private label mortgage-backed securities residential |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 195 |  |  |  | (12 | ) |  |  | 195 |  |  |  | (12 | )
Obligations of state and political subdivisions |  |  | 7 |  |  |  | 789 |  |  |  | (43 | ) |  |  | 2,072 |  |  |  | (562 | ) |  |  | 2,861 |  |  |  | (605 | )
Corporate securities |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 2,803 |  |  |  | (197 | ) |  |  | 2,803 |  |  |  | (197 | )
Total |  |  | 79 |  |  | $ | 7,653 |  |  | $ | (106 | ) |  | $ | 75,984 |  |  | $ | (13,966 | ) |  | $ | 83,637 |  |  | $ | (14,072 | )
The investment securities listed above currently have fair values less than amortized cost and therefore contain unrealized losses. 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. 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 credit losses and determined that no allowance for credit loss was required as of March 31, 2024.

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