Investment Securities (Tables)

6 Months Ended

Mar. 31, 2022

Investments Debt And Equity Securities [Abstract]

Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Investment Securities

The amortized cost, gross unrealized gains and losses, and fair value of investment securities are summarized as follows (in thousands):

	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for Sale
Fannie Mae	$	40,928	$	10	$	(937	)	$	40,001
Freddie Mac		28,022		12		(631	)		27,403
Governmental National Mortgage Association		4,947		3		(67	)		4,883
Total mortgage-backed securities		73,897		25		(1,635	)		72,287
Obligations of states and political subdivisions		11,585		20		(201	)		11,404
Corporate obligations		71,463		266		(1,987	)		69,742
Other debt securities		10,264		2		(332	)		9,934
Total	$	167,209	$	313	$	(4,155	)	$	163,367
Held to Maturity
Fannie Mae	$	32,502	$	-	$	(2,261	)	$	30,241
Freddie Mac		25,436		-		(1,799	)		23,637
Total mortgage-backed securities	$	57,938	$	-	$	(4,060	)	$	53,878
U.S. government agency securities		2,436		-		(182	)		2,254
Total	$	60,374	$	-	$	(4,242	)	$	56,132

	September 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available for Sale
Fannie Mae	$	25,614	$	766	$	(30	)	$	26,350
Freddie Mac		21,240		574		(42	)		21,772
Governmental National Mortgage Association		6,801		159		(14	)		6,946
Total mortgage-backed securities		53,655		1,499		(86	)		55,068
Obligations of states and political subdivisions		12,826		420		-			13,246
U.S. government agency securities		99,997		-		-			99,997
U.S. government treasury securities		1,998		4		-			2,002
Corporate obligations		58,130		940		(453	)		58,617
Other debt securities		11,493		273		(115	)		11,651
Total	$	238,099	$	3,136	$	(654	)	$	240,581
Held to Maturity
Fannie Mae		11,738		-		(111	)		11,627
Freddie Mac		9,745		-		(123	)		9,622
Total	$	21,483	$	-	$	(234	)	$	21,249

Summary of Unrealized and Realized Gains Losses Recognized in Net Income on Equity Securities

         The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and six months ended March 31, 2022 and 2021.

(in thousands)	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
Net gains recognized during the period on equity securities	$	-	$	4
Less: Net gains recognized during the period on equity securities sold    during the period		-		-
Unrealized gains recognized during the reporting period on equity    securities still held at the reporting date	$	-	$	4
(in thousands)	Six Months Ended     March 31, 2022		Six Months Ended    March 31, 2021
Net gains recognized during the period on equity securities	$	1	$	11
Less: Net gains recognized during the period on equity securities sold    during the period		-		-
Unrealized gains recognized during the reporting period on equity    securities still held at the reporting date	$	1	$	11

Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity

The amortized cost and fair value of debt securities at March 31, 2022, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (in thousands):

	Available For Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	2,758	$	2,773	$	—	$	—
Due after one year through five years		20,528		20,457		—		—
Due after five years through ten years		70,602		68,542		8,513		7,952
Due after ten years		73,321		71,595		51,861		48,180
Total	$	167,209	$	163,367	$	60,374	$	56,132

Schedule of Gross Unrealized Losses and Fair Value

The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (dollars in thousands):

	March 31, 2022
	Number of Securities		Less than Twelve Months					Twelve Months or Greater					Total
			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Fannie Mae		57	$	63,669	$	(3,160	)	$	3,292	$	(38	)	$	66,961	$	(3,198	)
Freddie Mac		48		44,674		(2,257	)		3,417		(173	)		48,091		(2,430	)
Governmental National Mortgage Association		11		2,853		(50	)		1,689		(17	)		4,542		(67	)
U.S. government agency securities		1		2,254		(182	)		-		-			2,254		(182	)
Obligations of states and political subdivisions		8		7,891		(201	)		-		-			7,891		(201	)
Corporate obligations		58		43,145		(1,780	)		4,074		(207	)		47,219		(1,987	)
Other debt securities		17		7,108		(227	)		2,132		(105	)		9,240		(332	)
Total		200	$	171,594	$	(7,857	)	$	14,604	$	(540	)	$	186,198	$	(8,397	)

	September 30, 2021
			Less than Twelve Months					Twelve Months or Greater					Total
	Number of Securities		Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Fannie Mae		17	$	15,410	$	(127	)	$	4,078	$	(14	)	$	19,488	$	(141	)
Freddie Mac		12		14,466		(165	)		—		—			14,466		(165	)
Governmental National Mortgage Association		4		—		—			2,038		(14	)		2,038		(14	)
Corporate obligations		28		22,799		(397	)		1,937		(56	)		24,736		(453	)
Other debt securities		8		—		—			2,348		(115	)		2,348		(115	)
Total		69	$	52,675	$	(689	)	$	10,401	$	(199	)	$	63,076	$	(888	)