Securities Sold Under Agreements to Repurchase

3 Months Ended

Dec. 31, 2016

Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract]

Securities Sold Under Agreements to Repurchase

Securities Sold Under Agreements to Repurchase

Securities sold under agreements to repurchase generally mature overnight following the transaction date. Securities underlying the agreements had an amortized cost of approximately $152.7 million and $151.8 million and fair value of approximately $150.4 million and $152.3 million at December 31, 2016 and September 30, 2016, respectively. In most cases, the Company over-collateralizes the repurchase agreements at 102% of total funds borrowed to protect the purchaser from changes in market value.  Additionally, the Company utilizes held-in-custody procedures to ensure the securities sold under repurchase agreements are unencumbered. The following tables present the gross obligation by the class of collateral pledged and the remaining contractual maturity of the agreements at December 31, 2016 and September 30, 2016.

	December 31, 2016
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
Repurchase agreements	(dollars in thousands)
Municipal securities	$	2,475	$	—	$	—	$	—	$	2,475
Mortgage-backed securities	137,322		—		—		2,944		140,266
Total repurchase agreements	$	139,797	$	—	$	—	$	2,944	$	142,741

	September 30, 2016
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
Repurchase agreements	(dollars in thousands)
Municipal securities	$	—	$	—	$	—	$	—	$	—
Mortgage-backed securities	138,744		—		—		2,944		141,688
Total repurchase agreements	$	138,744	$	—	$	—	$	2,944	$	141,688