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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Sep. 30, 2021
Accounting Policies [Abstract] |
Schedule of earnings per share | The following table presents a calculation of basic and diluted earnings per share for the year ended September 30, 2021 and 2020. As a result of the second-step conversion, the number of shares for the year ended September 30, 2020 were adjusted to reflect the 1.2213 exchange ratio for comparative purposes.
|  | For the Years Ended September 30, |
|  | 2021 |  |  | 2020 |
|  |  |  |  | Weighted |  |  | Per |  |  |  |  |  | Weighted |  |  | Per |
|  |  |  |  | average |  |  | share |  |  |  |  |  | average |  |  | share |
|  | Income |  |  | shares |  |  | Amount |  |  | Income |  |  | shares |  |  | Amount |
|  | (In thousands, except share and per share data) |
Basic and diluted EPS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to weighted average common shareholders |  | $ | 6,120 |  |  |  | 6,037,499 |  |  | $ | 1.01 |  |  | $ | 2,190 |  |  |  | 7,104,889 |  |  | $ | 0.31 |
Schedule of comprehensive income (loss) | Comprehensive income (loss) includes net income as well as certain other items which result in a change to equity during the period. The other items allocated to comprehensive income (loss), as well as the related income tax effects, for the years ended September 30, 2021 and 2020 were as follows:
|  | September 30, |
|  | 2021 |  |  | 2020 |
|  |  |  |  | Tax |  |  | Net of |  |  |  |  |  | Tax |  |  | Net of |
|  | Before Tax |  |  | (Benefit) |  |  | Tax |  |  | Before Tax |  |  | (Benefit) |  |  | Tax |
|  | Amount |  |  | Expense |  |  | Amount |  |  | Amount |  |  | Expense |  |  | Amount |
|  | (In thousands) |
Unrealized holding gain (loss) arising during period on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investments |  | $ | (293 | ) |  | $ | 79 |  |  | $ | (214 | ) |  | $ | 127 |  |  | $ | (38 | ) |  | $ | 89 |
Reclassification adjustments for security gains included in net income(a) (b) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (68 | ) |  |  | 19 |  |  |  | (49 | )
Defined benefit pension plan |  |  | 893 |  |  |  | (269 | ) |  |  | 624 |  |  |  | (150 | ) |  |  | 83 |  |  |  | (67 | )
Other comprehensive income (loss), net |  | $ | 600 |  |  | $ | (190 | ) |  | $ | 410 |  |  | $ | (91 | ) |  | $ | 64 |  |  | $ | (27 | )
(a) | Realized gains on securities transactions included in gains on sales of investment securities in the accompanying Consolidated Statements of Operations
(b) | Tax effect included in income tax expense in the accompanying Consolidated Statements of Operations
60 Table of Contents
MAGYAR BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
September 30, 2021 and 2020
The components of accumulated other comprehensive loss at September 30, 2021 and 2020 were as follows:
|  | September 30, |
|  | 2021 |  |  | 2020 |
|  | (In thousands) |
Available-for-sale investments, net of tax |  | $ | (131 | ) |  | $ | 83 |
Defined benefit pension plan, net of tax |  |  | (816 | ) |  |  | (1,440 | )
Total accumulated other comprehensive loss |  | $ | (947 | ) |  | $ | (1,357 | )

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- Definition Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=124509347&loc=d3e526-108580 + Details
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