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Securities Sold Under Agreements to Repurchase
 12 Months Ended
Sep. 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 $82.6 million and $94.7 million and fair value of approximately $84.7 million and $94.4 million at September 30, 2020 and 2019, respectively. In most cases, in alignment with the repurchase agreements in place with customers, 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 September 30, 2020 and 2019.
September 30, 2020
Remaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30-90 DaysGreater than 90 DaysTotal
(dollars in thousands)
Repurchase agreements
Mortgage-backed securities$65,506 $— $— $— $65,506 
Total repurchase agreements$65,506 $— $— $— $65,506 

September 30, 2019
Remaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30-90 DaysGreater than 90 DaysTotal
(dollars in thousands)
Repurchase agreements
Mortgage-backed securities$68,992 $— $— $— $68,992 
Total repurchase agreements$68,992 $— $— $— $68,992