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INVESTMENT SECURITIES (Tables)

12 Months Ended

Sep. 30, 2018

Investments, Debt and Equity Securities [Abstract]

Schedule amortized cost, gross unrealized gians or losses and fair values of investment securities available for sale and held to maturity

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, 2018
						Gross				Gross
		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
		(In thousands)
Securities available-for-sale:
Obligations of U.S. government agencies:
Mortgage backed securities - residential		$	1,463			$	40			$	(8	)		$	1,495
Obligations of U.S. government-sponsored enterprises:
Mortgage-backed securities-residential			19,262				13				(662	)			18,613
Debt securities			2,500				—				(139	)			2,361
Total securities available for sale		$	23,225			$	53			$	(809	)		$	22,469

		September 30, 2018
						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		$	568			$	—			$	(93	)		$	475
Mortgage-backed securities - commercial			904				—				(9	)			895
Obligations of U.S. government-sponsored enterprises:
Mortgage backed securities - residential			26,316				4				(867	)			25,453
Debt securities			2,464				—				(142	)			2,322
Private label mortgage-backed securities - residential			393				1				—				394
Corporate securities			3,000				—				(388	)			2,612
Total securities held to maturity		$	33,645			$	5			$	(1,499	)		$	32,151

		At September 30, 2017
						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		$	9,442			$	9			$	(125	)		$	9,326
Debt securities			2,500				—				(51	)			2,449
Private label mortgage-backed securities-residential			40				—				—				40
Total securities available-for-sale		$	11,982			$	9			$	(176	)		$	11,815

		At September 30, 2017
						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		$	3,466			$	123			$	(96	)		$	3,493
Mortgage-backed securities - commercial			968				—				(10	)			958
Obligations of U.S. government-sponsored enterprises:
Mortgage backed securities - residential			39,016				349				(251	)			39,114
Debt securities			4,461				—				(24	)			4,437
Private label mortgage-backed securities - residential			457				—				(2	)			455
Corporate securities			3,000				—				(216	)			2,784
Total securities held-to-maturity		$	51,368			$	472			$	(599	)		$	51,241

Schedule of maturities of the debt securities and mortgage-backed securities available-for-sale and held to maturity

The amortized cost and fair value of the Company’s securities available-for-sale at September 30, 2018 are summarized in the following table:

		September 30, 2018
		(In thousands)
		Amortized				Fair
		Cost				Value
Due within 1 year		$	—			$	—
Due after 1 but within 5 years			1,500				1,411
Due after 5 but within 10 years			1,000				950
Due after 10 years			—				—
Total debt securities			2,500				2,361
Mortgage-backed securities:
Residential(1)			20,725				20,108
Commercial			—				—
Total		$	23,225			$	22,469

⁽¹⁾ Available-for-sale mortgage-backed securities – residential include an amortized cost of $1.5 million and a fair value of $1.5 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 $19.3 million and a fair value of $18.6 million. There were no residential mortgage backed securities issued by non-U.S. government agencies and government-sponsored enterprises.

The maturities of the debt securities and the mortgage-backed securities held to maturity at September 30, 2018 are summarized in the following table:

		September 30, 2018
		Amortized				Fair
		Cost				Value
		(In thousands)
Due within 1 year		$	—			$	—
Due after 1 but within 5 years			1,499				1,446
Due after 5 but within 10 years			3,000				2,612
Due after 10 years			965				876
Total debt securities			5,464				4,934
Mortgage backed securities:
Residential(1)			27,277				26,322
Commercial(2)			904				895
Total		$	33,645			$	32,151

⁽¹⁾ Held-to-maturity mortgage-backed securities – residential include an amortized cost of $568,000 and a fair value of $475,000 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 $26.3 million and a fair value of $25.5 million. Also included are mortgage backed securities issued by non-U.S. government agencies and government-sponsored enterprises with an amortized cost of $393,000 and a fair value of $394,000.

⁽²⁾ Held-to-maturity mortgage-backed securities – commercial include an amortized cost of $904,000 and a fair value of $895,000 for obligations of U.S. government agencies issued by the Small Business Administration.

Schedule of securities with unrealized losses

Details of securities with unrealized losses at September 30, 2018 and 2017 are as follows:

						September 30, 2018
						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			$	532			$	(8	)		$	475			$	(93	)		$	1,007			$	(101	)
Mortgage-backed securities - commercial			1				—				—				895				(9	)			895				(9	)
Obligations of U.S. government-sponsored enterprises
Mortgage-backed securities - residential			34				11,336				(312	)			30,605				(1,217	)			41,941				(1,529	)
Debt securities			4				—				—				4,683				(281	)			4,683				(281	)
Private label mortgage-backed securities residential			1				—				—				104				—				104				—
Corporate securities			1				—				—				2,612				(388	)			2,612				(388	)
Total			44			$	11,868			$	(320	)		$	39,374			$	(1,988	)		$	51,242			$	(2,308	)

						September 30, 2017
						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			$	—			$	—			$	605			$	(96	)		$	605			$	(96	)
Mortgage-backed securities - commercial			1				958				(10	)			—				—				958				(10	)
Obligations of U.S. government-sponsored enterprises
Mortgage backed securities- residential			20				6,582				(92	)			21,713				(284	)			28,295				(376	)
Debt securities			5				4,890				(71	)			1,996				(4	)			6,886				(75	)
Private label mortgage-backed securities- residential			2				—				—				193				(2	)			193				(2	)
Corporate securities			1				—				—				2,784				(216	)			2,784				(216	)
Total			31			$	12,430			$	(173	)		$	27,291			$	(602	)		$	39,721			$	(775	)

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- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27290-111563

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