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INVESTMENT SECURITIES | 12 Months Ended
--- | ---
Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract] |
INVESTMENT SECURITIES | NOTE D - INVESTMENT SECURITIES The amortized cost, gross unrealized gains or losses and fair value of the Company’s investment securities available-for-sale and held-to-maturity are as follows:
|  | September 30, 2016 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (In thousands) |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities-residential |  | $ | 5,075 |  |  | $ | 52 |  |  | $ | — |  |  | $ | 5,127 |
Private label mortgage-backed securities-residential |  |  | 108 |  |  |  | — |  |  |  | (1 | ) |  |  | 107 |
Total securities available for sale |  | $ | 5,183 |  |  | $ | 52 |  |  | $ | (1 | ) |  | $ | 5,234 |
|  | September 30, 2016 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (In thousands) |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 4,383 |  |  | $ | 171 |  |  | $ | (90 | ) |  | $ | 4,464 |
Mortgage-backed securities - commercial |  |  | 1,034 |  |  |  | — |  |  |  | (1 | ) |  |  | 1,033 |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities - residential |  |  | 40,024 |  |  |  | 1,098 |  |  |  | (16 | ) |  |  | 41,106 |
Debt securities |  |  | 4,000 |  |  |  | 1 |  |  |  | — |  |  |  | 4,001 |
Private label mortgage-backed securities - residential |  |  | 493 |  |  |  | — |  |  |  | (6 | ) |  |  | 487 |
Corporate securities |  |  | 3,000 |  |  |  | — |  |  |  | (242 | ) |  |  | 2,758 |
Total securities held to maturity |  | $ | 52,934 |  |  | $ | 1,270 |  |  | $ | (355 | ) |  | $ | 53,849 |
|  | At September 30, 2015 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (In thousands) |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities-residential |  | $ | 5,839 |  |  | $ | 82 |  |  | $ | (7 | ) |  | $ | 5,914 |
Private label mortgage-backed securities-residential |  |  | 151 |  |  |  | — |  |  |  | (1 | ) |  |  | 150 |
Total securities available-for-sale |  | $ | 5,990 |  |  | $ | 82 |  |  | $ | (8 | ) |  | $ | 6,064 |
|  | At September 30, 2015 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (In thousands) |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 5,414 |  |  | $ | 156 |  |  | $ | (99 | ) |  | $ | 5,471 |
Mortgage-backed securities - commercial |  |  | 1,101 |  |  |  | — |  |  |  | (2 | ) |  |  | 1,099 |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities - residential |  |  | 37,563 |  |  |  | 647 |  |  |  | (67 | ) |  |  | 38,143 |
Debt securities |  |  | 5,000 |  |  |  | 2 |  |  |  | (25 | ) |  |  | 4,977 |
Private label mortgage-backed securities - residential |  |  | 536 |  |  |  | 1 |  |  |  | (1 | ) |  |  | 536 |
Corporate securities |  |  | 3,000 |  |  |  | 22 |  |  |  | — |  |  |  | 3,022 |
Total securities held-to-maturity |  | $ | 52,614 |  |  | $ | 828 |  |  | $ | (194 | ) |  | $ | 53,248 |
The contractual maturities of mortgage-backed securities generally exceed 10 years; however, the effective lives are expected to be shorter due to anticipated prepayments. The amortized cost and fair value of the Company’s securities available-for-sale at September 30, 2016 are summarized in the following table:
|  | September 30, 2016 |
|  | (In thousands) |
|  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |
Due within 1 year |  | $ | — |  |  | $ | — |
Due after 1 but within 5 years |  |  | — |  |  |  | — |
Due after 5 but within 10 years |  |  | — |  |  |  | — |
Due after 10 years |  |  | — |  |  |  | — |
Total debt securities |  |  | — |  |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Residential(1) |  |  | 5,183 |  |  |  | 5,234 |
Commercial |  |  | — |  |  |  | — |
Total |  | $ | 5,183 |  |  | $ | 5,234 |
| (1) | Available-for-sale mortgage-backed securities – residential include an amortized cost of $5.1 million and a fair value of $5.1 million for obligations of U.S. government-sponsored enterprises issued by Federal National Mortgage Association and Federal Home Loan Mortgage Corporation. Also included are residential mortgage backed securities issued by non-U.S. government agencies and government-sponsored enterprises with an amortized cost of $108,000 and fair value of $107,000.
The maturities of the debt securities and the mortgage-backed securities held to maturity at September 30, 2016 are summarized in the following table:
|  | September 30, 2016 |
|  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |
|  | (In thousands) |
Due within 1 year |  | $ | — |  |  | $ | — |
Due after 1 but within 5 years |  |  | 2,000 |  |  |  | 2,000 |
Due after 5 but within 10 years |  |  | 5,000 |  |  |  | 4,759 |
Due after 10 years |  |  | — |  |  |  | — |
Total debt securities |  |  | 7,000 |  |  |  | 6,759 |
Mortgage backed securities: |  |  |  |  |  |  |  |
Residential(1) |  |  | 44,900 |  |  |  | 46,057 |
Commercial(2) |  |  | 1,034 |  |  |  | 1,033 |
Total |  | $ | 52,934 |  |  | $ | 53,849 |
| (1) | Held-to-maturity mortgage-backed securities – residential include an amortized cost of $4.4 million and a fair value of $4.5 million for obligations of U.S. government agencies issued by the Government National Mortgage Association and obligations of U.S. government-sponsored enterprises issued by Federal National Mortgage Association and Federal Home Loan Mortgage Corporation which had an amortized cost of $40.0 million and a fair value of $41.1 million. Also included are mortgage backed securities issued by non-U.S. government agencies and government-sponsored enterprises with an amortized cost of $493,000 and a fair value of $487,000.
| (2) | Held-to-maturity mortgage-backed securities – commercial include an amortized cost of $1.0 million and a fair value of $1.0 million for obligations of U.S. government agencies issued by the Small Business Administration.
There were sales of $6.3 million and $5.4 million from the available-for-sale portfolios during the years ended September 30, 2016 and 2015, respectively. The gross gains on sales of the available-for-sale securities totaled $72,000 and $42,000 for the year ended September 30, 2016 and 2015, respectively. There were no sales of securities from the held-to-maturity portfolios during the years ended September 30, 2016 and 2015. As of September 30, 2016 and 2015, securities having an estimated fair value of approximately $27.8 million and $27.0 million, respectively, were pledged to secure public deposits. Details of securities with unrealized losses at September 30, 2016 and 2015 are as follows:
|  |  |  |  | September 30, 2016 |
|  |  |  |  | Less Than 12 Months |  |  | 12 Months Or Greater |  |  | Total |
|  | Number of |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Securities |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
|  |  |  |  | (Dollars in thousands) |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 849 |  |  | $ | (90 | ) |  | $ | 849 |  |  | $ | (90 | )
Mortgage-backed securities - commercial |  |  | 1 |  |  |  | 1,033 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 1,033 |  |  |  | (1 | )
Obligations of U.S. government-sponsored enterprises |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 2 |  |  |  | 1,376 |  |  |  | (3 | ) |  |  | 1,942 |  |  |  | (13 | ) |  |  | 3,318 |  |  |  | (16 | )
Private label mortgage-backed securities residential |  |  | 3 |  |  |  | 172 |  |  |  | (4 | ) |  |  | 330 |  |  |  | (3 | ) |  |  | 502 |  |  |  | (7 | )
Corporate securities |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 2,758 |  |  |  | (242 | ) |  |  | 2,758 |  |  |  | (242 | )
Total |  |  | 9 |  |  | $ | 2,581 |  |  | $ | (8 | ) |  | $ | 5,879 |  |  | $ | (348 | ) |  | $ | 8,460 |  |  | $ | (356 | )
|  |  |  |  | September 30, 2015 |
|  |  |  |  | Less Than 12 Months |  |  | 12 Months Or Greater |  |  | Total |
|  | Number of |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Securities |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
|  |  |  |  | (Dollars in thousands) |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities- residential |  |  | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,254 |  |  | $ | (99 | ) |  | $ | 2,254 |  |  | $ | (99 | )
Mortgage-backed securities - commercial |  |  | 1 |  |  |  | 1,099 |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | 1,099 |  |  |  | (2 | )
Obligations of U.S. government-sponsored enterprises |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities- residential |  |  | 7 |  |  |  | 4,424 |  |  |  | (34 | ) |  |  | 8,688 |  |  |  | (40 | ) |  |  | 13,112 |  |  |  | (74 | )
Debt securities |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 1,975 |  |  |  | (25 | ) |  |  | 1,975 |  |  |  | (25 | )
Private label mortgage-backed securities- residential |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 223 |  |  |  | (2 | ) |  |  | 223 |  |  |  | (2 | )
Total |  |  | 14 |  |  | $ | 5,523 |  |  | $ | (36 | ) |  | $ | 13,140 |  |  | $ | (166 | ) |  | $ | 18,663 |  |  | $ | (202 | )
The investment securities listed above currently have fair values less than amortized cost and therefore contain unrealized losses. The Company evaluated these securities and determined that the decline in value was primarily related to fluctuations in the interest rate environment and were not related to any company or industry specific event. The Company anticipates full recovery of amortized costs with respect to these securities. The Company does not intend to sell these securities and has determined that it is not more likely than not that the Company would be required to sell these securities prior to maturity or market price recovery. Management has considered factors regarding other than temporarily impaired securities and determined that there are no securities with impairment that is other than temporary as of September 30, 2016 and 2015.

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