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SECURITIES

6 Months Ended

Mar. 31, 2022

SECURITIES [Abstract]

4. SECURITIES

At the time of purchase of a security, the Company designates the security as either available for sale or held to maturity, depending upon investment objectives, liquidity needs and intent.

The following table summarizes the amortized cost and fair value of securities available for sale and securities held to maturity at March 31, 2022 and September 30, 2021 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income:


		March 31, 2022
		Amortized			Gross Unrealized			Gross Unrealized
(in thousands)		Cost			Gains			Losses			Fair Value
Available for sale:
U.S. GSE residential mortgage-backed securities		$	414		$	—		$	(4)		$	410
Corporate bonds			4,700			—			(40)			4,660
Total available for sale securities		$	5,114		$	—		$	(44)		$	5,070

Held to maturity:
U.S. GSE residential mortgage-backed securities		$	1,964		$	—		$	(49)		$	1,915
U.S. GSE commercial mortgage-backed securities			2,665			1			—			2,666
Total held to maturity securities			4,629			1			(49)			4,581
Total investment securities		$	9,743		$	1		$	(93)		$	9,651


		September 30, 2021
					Gross			Gross
		Amortized			Unrealized			Unrealized
(in thousands)		Cost			Gains			Losses			Fair Value
Available for sale:
U.S. GSE residential mortgage-backed securities		$	722		$	112		$	(1)		$	833
Corporate bonds			6,700			214			—			6,914
Total available for sale securities		$	7,422		$	326		$	(1)		$	7,747

Held to maturity:
U.S. GSE residential mortgage-backed securities		$	2,417		$	74		$	—		$	2,491
U.S. GSE commercial mortgage-backed securities			2,694			175			—			2,869
Corporate bonds			3,500			9			(4)			3,505
Total held to maturity securities			8,611			258			(4)			8,865
Total investment securities		$	16,033		$	584		$	(5)		$	16,612

All of the Company’s securities with gross unrealized losses at March 31, 2022 and September 30, 2021 had been in a continuous loss position for less than twelve months and such unrealized losses totaling $93 thousand and $5 thousand, respectively are immaterial to the Company’s consolidated financial statements. At March 31, 2022 and September 30, 2021, investment securities carried at $1.7 million and $5.1 million, respectively, were pledged to secure public deposits and for other purposes required or permitted by law.

The amortized cost and fair value of the Company’s securities portfolio at March 31, 2022 are presented by contractual maturity in the table below. The expected life of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay the underlying mortgage loans with or without call or prepayment penalties.


		March 31, 2022
		Amortized			Fair
(in thousands)		Cost			Value
Securities available for sale:
Five to ten years		$	4,700		$	4,660
U.S. GSE residential mortgage-backed securities			414			410
Total securities available for sale			5,114			5,070
Securities held to maturity:
One to five years			—			—
Five to ten years			—			—
U.S. GSE residential mortgage-backed securities			1,964			1,915
U.S. GSE commercial mortgage-backed securities			2,665			2,666
Total securities held to maturity			4,629			4,581
Total investment securities		$	9,743		$	9,651

There were $2.1 million of proceeds on sales of securities available for sale with gross gains of $105 thousand for the three and six months ended March 31, 2022. For the three and six months ended March 31, 2021, proceeds from sales of securities available for sale totaled $3.2 million with gross gains of $240 thousand.