Securities Sold Under Agreements to Repurchase

9 Months Ended

Jun. 30, 2020

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 $87.9 million and $94.7 million and fair value of approximately $89.9 million and $94.4 million at June 30, 2020 and September 30, 2019, respectively. In most cases, in alignment with the repurchase agreements in place with customers, the Company over-collateralizes the 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 June 30, 2020 and September 30, 2019.

	June 30, 2020
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
	(dollars in thousands)
Repurchase agreements
Mortgage-backed securities	$	70,362	$	—	$	—	$	—	$	70,362
Total repurchase agreements	$	70,362	$	—	$	—	$	—	$	70,362

	September 30, 2019
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
	(dollars in thousands)
Repurchase agreements
Mortgage-backed securities	$	68,992	$	—	$	—	$	—	$	68,992
Total repurchase agreements	$	68,992	$	—	$	—	$	—	$	68,992