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DEPOSITS | 12 Months Ended
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Sep. 30, 2021
Deposits [Abstract] |
DEPOSITS | NOTE I - DEPOSITS A summary of deposits by type of account follows:
|  | September 30, |
|  | 2021 |  |  | 2020 |
|  | (In thousands) |
Demand accounts |  | $ | 181,975 |  |  | $ | 163,562 |
Savings accounts |  |  | 81,724 |  |  |  | 74,923 |
NOW accounts |  |  | 71,325 |  |  |  | 65,447 |
Money market accounts |  |  | 187,898 |  |  |  | 188,023 |
Certificate of deposit |  |  | 101,888 |  |  |  | 110,650 |
Retirement accounts |  |  | 15,004 |  |  |  | 15,725 |
Total deposits |  | $ | 639,814 |  |  | $ | 618,330 |
The current FDIC insurance limit on bank deposit accounts is $250,000. The aggregate amount of deposit accounts with a minimum denomination of $250,000 was approximately $378.5 million at September 30, 2021 compared with $365.6 million at September 30, 2020. The aggregate amount of certificate deposits, including individual retirement accounts with balance of $250,000 or more was $39.4 million at September 30, 2021 compared with $45.6 million at September 30, 2020. At September 30, 2021, certificates of deposit (including retirement accounts and brokered certificate deposit accounts) have contractual maturities as follows (in thousands): 74 Table of Contents
MAGYAR BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
September 30, 2021 and 2020
Year Ending September 30, |  |  |
2022 |  | $ | 72,838 |
2023 |  |  | 17,130 |
2024 |  |  | 8,096 |
2025 |  |  | 6,226 |
2026 and after |  |  | 12,602 |
Total |  | $ | 116,892 |

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- Definition The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 405 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116652737&loc=d3e64164-112818 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.12) -URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1406 -Paragraph (e) Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1406 + Details
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