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FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Tables) | 12 Months Ended
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Sep. 30, 2021
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK [Abstract] |
Schedule of Information Regarding Derivatives | The following table presents summary information regarding these derivatives for September 30, 2021. There were no derivatives as of September 30, 2020.
|  | Notional Amount |  | Average Maturity (Years) |  | Weighted Average Fixed Rate |  | Weighted Average Variable Rate |  | Fair Value
|  | (Dollars in thousands)
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |
Classified in Other Assets: |  |  |  |  |  |  |  |  |  |  |
Customer interest rate swaps |  | $ | 20,111 |  | 6.9 |  | 3.61% |  | 1 Mo. LIBOR + 2.50 | $ | 183
Classified in Other Liabilities: |  |  |  |  |  |  |  |  |  |  |
3rd Party interest rate swaps |  | $ | 20,111 |  | 6.9 |  | 3.61% |  | 1 Mo. LIBOR + 2.50 | $ | 183
Schedule of fair value, off-balance-sheet financial instruments | At September 30, 2021 and 2020, the Company had outstanding commitments (substantially all of which expire within one year) to originate one-to four-family residential loans, construction loans, commercial real estate loans, commercial business loans and consumer loans. These commitments were comprised of fixed and variable rate loans. 83 Table of Contents
MAGYAR BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
September 30, 2021 and 2020
|  | September 30, |
|  | 2021 |  |  | 2020 |
|  |  | (In thousands) |
Financial instruments whose contract amounts represent credit risk |  |  |  |  |  |  |  |
Letters of credit |  | $ | 2,901 |  |  | $ | 1,041 |
Unused lines of credit |  |  | 63,798 |  |  |  | 78,632 |
Fixed rate loan commitments |  |  | 9,156 |  |  |  | 5,240 |
Variable rate loan commitments |  |  | 14,558 |  |  |  | 15,864 |
Total |  | $ | 90,413 |  |  | $ | 100,777 |

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