XML 42 R31.htm IDEA: XBRL DOCUMENT
v3.21.4

INVESTMENT SECURITIES (Tables) | 12 Months Ended
--- | ---
Sep. 30, 2021
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: 63 Table of Contents
MAGYAR BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
September 30, 2021 and 2020
|  | September 30, 2021 |
|  |  |  |  | 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 |  | $ | 179 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 186 |
Obligations of U.S. government-sponsored enterprises:​​ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 12,922 |  |  |  | 27 |  |  |  | (208 | ) |  |  | 12,741 |
Total securities available for sale |  | $ | 13,101 |  |  | $ | 34 |  |  | $ | (208 | ) |  | $ | 12,927 |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 574 |  |  | $ | — |  |  | $ | (25 | ) |  | $ | 549 |
Mortgage-backed securities - commercial |  |  | 703 |  |  |  | — |  |  |  | — |  |  |  | 703 |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities - residential |  |  | 38,596 |  |  |  | 416 |  |  |  | (389 | ) |  |  | 38,623 |
Debt securities |  |  | 12,498 |  |  |  | — |  |  |  | (156 | ) |  |  | 12,342 |
Private label mortgage-backed securities - residential |  |  | 242 |  |  |  | 6 |  |  |  | — |  |  |  | 248 |
Obligations of state and political subdivisions |  |  | 2,047 |  |  |  | — |  |  |  | (34 | ) |  |  | 2,013 |
Corporate securities |  |  | 3,000 |  |  |  | — |  |  |  | (196 | ) |  |  | 2,804 |
Total securities held-to-maturity |  | $ | 57,660 |  |  | $ | 422 |  |  | $ | (800 | ) |  | $ | 57,282 |
Total investment securities |  | $ | 70,761 |  |  | $ | 456 |  |  | $ | (1,008 | ) |  | $ | 70,209 |
|  | At September 30, 2020 |
|  |  |  |  | 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 |  | $ | 350 |  |  | $ | 14 |  |  | $ | — |  |  | $ | 364 |
Obligations of U.S. government-sponsored enterprises:​​ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 9,092 |  |  | $ | 108 |  |  | $ | (6 | ) |  | $ | 9,194 |
Debt securities |  |  | 5,000 |  |  |  | 3 |  |  |  | — |  |  |  | 5,003 |
Total securities available-for-sale |  | $ | 14,442 |  |  | $ | 125 |  |  | $ | (6 | ) |  | $ | 14,561 |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 1,453 |  |  | $ | 11 |  |  | $ | (33 | ) |  | $ | 1,431 |
Mortgage-backed securities - commercial |  |  | 775 |  |  |  | — |  |  |  | — |  |  |  | 775 |
Obligations of U.S. government-sponsored enterprises:​​ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities - residential |  |  | 20,456 |  |  |  | 697 |  |  |  | (3 | ) |  |  | 21,150 |
Debt securities |  |  | 4,500 |  |  |  | 1 |  |  |  | (16 | ) |  |  | 4,485 |
Private label mortgage-backed securities - residential |  |  | 259 |  |  |  | — |  |  |  | (5 | ) |  |  | 254 |
Corporate securities |  |  | 3,000 |  |  |  | — |  |  |  | (196 | ) |  |  | 2,804 |
Total securities held-to-maturity |  | $ | 30,443 |  |  | $ | 709 |  |  | $ | (253 | ) |  | $ | 30,899 |
Total investment securities |  | $ | 44,885 |  |  | $ | 834 |  |  | $ | (259 | ) |  | $ | 45,460 |
Schedule of maturities of the debt securities and mortgage-backed securities available-for-sale and held to maturity | 64 Table of Contents
MAGYAR BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
September 30, 2021 and 2020
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 maturities of the debt securities, municipal bonds and certain information regarding to the mortgage-backed securities available-for-sale at September 30, 2021 are summarized in the following table:
|  | September 30, 2021 |
|  | (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) |  |  | 13,101 |  |  |  | 12,927 |
Commercial |  |  | — |  |  |  | — |
Total |  | $ | 13,101 |  |  | $ | 12,927 |
| ​​(1) | Available-for-sale mortgage-backed securities – residential include an amortized cost of $179,000 and a fair value of $186,000 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 $12.9 million and a fair value of $12.7 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, municipal bonds and certain information regarding to the mortgage-backed securities held to maturity at September 30, 2021 are summarized in the following table:
|  | September 30, 2021 |
|  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |
|  | (In thousands) |
Due within 1 year |  | $ | — |  |  | $ | — |
Due after 1 but within 5 years |  |  | 9,497 |  |  |  | 9,249 |
Due after 5 but within 10 years |  |  | 7,532 |  |  |  | 7,405 |
Due after 10 years |  |  | 516 |  |  |  | 505 |
Total debt securities |  |  | 17,545 |  |  |  | 17,159 |
Mortgage backed securities: |  |  |  |  |  |  |  |
Residential(1) |  |  | 39,412 |  |  |  | 39,420 |
Commercial(2) |  |  | 703 |  |  |  | 703 |
Total |  | $ | 57,660 |  |  | $ | 57,282 |
| ​​(1) | Held-to-maturity mortgage-backed securities – residential include an amortized cost of $574,000 and a fair value of $549,000 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 $38.6 million and a fair value of $38.6 million. Also included are mortgage backed securities issued by non-U.S. government agencies and government-sponsored enterprises with an amortized cost of $242,000 and a fair value of $248,000.
| ​​(2) | Held-to-maturity mortgage-backed securities – commercial include an amortized cost of $703,000 and a fair value of $703,000 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, 2021 and 2020 are as follows:
|  |  |  | Less Than 12 Months |  | 12 Months Or Greater |  | Total
|  | Number of |  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
|  | Securities |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
September 30, 2021 |  |  |  | (In thousands)
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 3 |  |  | $ | 318 |  |  | $ | (12 | ) |  | $ | 232 |  |  | $ | (13 | ) |  | $ | 550 |  |  | $ | (25 | )
Mortgage-backed securities - commercial |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 703 |  |  |  | — |  |  |  | 703 |  |  |  | — |
Obligations of U.S. government-sponsored enterprises |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities - residential |  |  | 20 |  |  |  | 33,690 |  |  |  | (539 | ) |  |  | 1,610 |  |  |  | (58 | ) |  |  | 35,300 |  |  |  | (597 | )
Debt securities |  |  | 7 |  |  |  | 10,859 |  |  |  | (139 | ) |  |  | 1,483 |  |  |  | (17 | ) |  |  | 12,342 |  |  |  | (156 | )
Obligations of state and political subdivisions |  |  | 4 |  |  |  | 2,013 |  |  |  | (34 | ) |  |  | — |  |  |  | — |  |  |  | 2,013 |  |  |  | (34 | )
Corporate securities |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 2,804 |  |  |  | (196 | ) |  |  | 2,804 |  |  |  | (196 | )
Total |  |  | 36 |  |  | $ | 46,880 |  |  | $ | (724 | ) |  | $ | 6,832 |  |  | $ | (284 | ) |  | $ | 53,712 |  |  | $ | (1,008 | )
|  |  |  | Less Than 12 Months |  | 12 Months Or Greater |  | Total
|  | Number of |  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
|  | Securities |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
September 30, 2020 |  |  |  | (In thousands)
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 284 |  |  | $ | (33 | ) |  | $ | 284 |  |  | $ | (33 | )
Mortgage-backed securities - commercial |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 775 |  |  |  | — |  |  |  | 775 |  |  |  | — |
Obligations of U.S. government-sponsored enterprises |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 2 |  |  |  | 2,854 |  |  |  | (3 | ) |  |  | 533 |  |  |  | (6 | ) |  |  | 3,387 |  |  |  | (9 | )
Debt securities |  |  | 2 |  |  |  | 2,484 |  |  |  | (16 | ) |  |  | — |  |  |  | — |  |  |  | 2,484 |  |  |  | (16 | )
Private label mortgage-backed securities - residential |  |  | 1 |  |  |  | 254 |  |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | 254 |  |  |  | (5 | )
Corporate securities |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 2,804 |  |  |  | (196 | ) |  |  | 2,804 |  |  |  | (196 | )
Total |  |  | 9 |  |  | $ | 5,592 |  |  | $ | (24 | ) |  | $ | 4,396 |  |  | $ | (235 | ) |  | $ | 9,988 |  |  | $ | (259 | )

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References No definition available. + Details
Name: | us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=123581744&loc=d3e27290-111563 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration