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Investment Securities (Tables)
12 Months Ended
Sep. 30, 2021
Investments [Abstract]  
Marketable Securities
Held to maturity and available for sale investment securities were as follows as of September 30, 2021 and 2020 (dollars in thousands):
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
September 30, 2021    
Held to Maturity    
U.S. Treasury and U.S. government agency securities$28,760 $$(99)$28,669 
Mortgage-backed securities ("MBS"):    
U.S. government agencies25,913 936 (122)26,727 
Private label residential13,929 302 (23)14,208 
Bank issued trust preferred securities500 — 505 
Total$69,102 $1,251 $(244)$70,109 
Available for Sale    
MBS: U.S. government agencies$63,080 $210 $(114)$63,176 
Total$63,080 $210 $(114)$63,176 
September 30, 2020
Held to Maturity    
MBS:    
U.S. government agencies$27,161 $1,635 $(3)$28,793 
Private label residential229 307 (1)535 
Bank issued trust preferred securities500 — (1)499 
Total$27,890 $1,942 $(5)$29,827 
Available for Sale    
MBS: U.S. government agencies$57,797 $178 $(68)$57,907 
Total$57,797 $178 $(68)$57,907 
Unrealized Gain (Loss) on Investments
Held to maturity and available for sale investment securities with unrealized losses were as follows as of September 30, 2021 (dollars in thousands):
 Less Than 12 Months12 Months or LongerTotal
 Estimated
 Fair
 Value
Gross
Unrealized
Losses
QtyEstimated
 Fair
 Value
Gross
Unrealized
Losses
QtyEstimated
 Fair
 Value
Gross
Unrealized
Losses
Held to Maturity        
U.S. Treasury and U.S. government agency securities$18,795 $(99)$— $— — $18,795 $(99)
MBS:        
U.S. government agencies
8,091 (122)15 — 8,106 (122)
Private label residential
9,712 (23)— 9,713 (23)
     Total
$36,598 $(244)14 $16 $ 4 $36,614 $(244)
Available for Sale        
MBS:        
U.S. government agencies
$20,146 $(103)13 $5,491 $(11)$25,637 $(114)
     Total
$20,146 $(103)13 $5,491 $(11)3 $25,637 $(114)


Held to maturity and available for sale investment securities with unrealized losses were as follows as of September 30, 2020 (dollars in thousands):
 Less Than 12 Months12 Months or LongerTotal
 Estimated
 Fair
 Value
Gross
Unrealized
Losses
QtyEstimated
 Fair
 Value
Gross
Unrealized
Losses
QtyEstimated
 Fair
 Value
Gross
Unrealized
Losses
Held to Maturity        
MBS:        
U.S. government agencies
$5,130 $(2)$39 $(1)$5,169 $(3)
Private label residential
— 11 (1)18 (1)
Bank issued trust preferred securities499 (1)— — — 499 (1)
     Total
$5,636 $(3)6 $50 $(2)6 $5,686 $(5)
Available for Sale        
MBS:
U.S. government agencies
$21,464 $(68)11 $— $— — $21,464 $(68)
     Total
$21,464 $(68)11 $ $  $21,464 $(68)
Schedule of Significant Inputs Utilized to Measure Estimate of Credit Loss Component on OTTI Securities
The following table presents a summary of the significant inputs utilized to measure management’s estimates of the credit loss component on OTTI securities as of September 30, 2021, 2020 and 2019:

 RangeWeighted
Minimum Maximum Average 
September 30, 2021   
Constant prepayment rate6.00 %15.00 %10.20 %
Collateral default rate1.47 %17.55 %12.19 %
Loss severity rate— %12.96 %4.55 %
September 30, 2020   
Constant prepayment rate6.00 %15.00 %8.97 %
Collateral default rate2.17 %27.39 %14.37 %
Loss severity rate— %11.27 %2.87 %
September 30, 2019
Constant prepayment rate6.00 %15.00 %10.67 %
Collateral default rate3.00 %19.70 %10.40 %
Loss severity rate— %10.59 %4.07 %
Schedule of Other than Temporary Impairments
The following table presents the OTTI recoveries for the years ended September 30, 2021, 2020 and 2019 (dollars in thousands):
 202120202019
 Held To
Maturity
Held To
Maturity
Held To Maturity
Total recoveries $20 $120 $71 
Adjustment for portion of OTTI transferred from other comprehensive income (loss) before income taxes (1)
— — (12)
Net recoveries recognized in earnings (2)
$20 $120 $59 
    
________________________
(1)Represents OTTI related to all other factors.
(2)Represents OTTI related to credit losses.
Other than Temporary Impairment, Credit Losses Recognized in Earnings
The following table presents a roll forward of the credit loss component of held to maturity and available for sale debt securities that have been written down for OTTI with the credit loss component recognized in earnings for the years ended September 30, 2021, 2020 and 2019 (dollars in thousands):
 202120202019
Balance, beginning of year$885 $1,071 $1,153 
Additions:   
       Additional increases to the amount
          related to credit loss for which OTTI
          was previously recognized
13 
Subtractions:  
       Realized losses previously recorded
          as credit losses
(12)(66)(23)
Recovery of prior credit loss(22)(123)(72)
Balance, end of year$853 $885 $1,071 
Schedule of Contractual Maturities of Debt Securities
The contractual maturities of debt securities at September 30, 2021 are as follows (dollars in thousands).  Expected maturities may differ from scheduled maturities due to the prepayment of principal or call provisions.

 Held to MaturityAvailable for Sale
 Amortized
Cost
Estimated
Fair
Value
Amortized
Cost
Estimated
Fair
Value
Due within one year$— $— $934 $933 
Due after one year to five years12,205 12,262 4,425 4,424 
Due after five years to ten years33,020 33,437 15,265 15,306 
Due after ten years23,877 24,410 42,456 42,513 
Total$69,102 $70,109 $63,080 $63,176