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COMMITMENTS (Tables) | 12 Months Ended
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Sep. 30, 2021
Commitments Tables |
Schedule of future minimum payments of operating leases | Approximate future minimum payments under non-cancelable operating leases are due as follows for the years indicated (in thousands): 81 Table of Contents
MAGYAR BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
September 30, 2021 and 2020
September 30, 2022 |  | $ | 728 |
September 30, 2023 |  |  | 738 |
September 30, 2024 |  |  | 747 |
September 30, 2025 |  |  | 523 |
September 30, 2026 |  |  | 455 |
Thereafter |  |  | 1,533 |
Total |  | $ | 4,724 |
Schedule of Balance Sheet Information Related to Leases | The following table presents the balance sheet information related to our leases:
|  | September 30, |  |  | September 30, |
|  | 2021 |  |  | 2020 |
|  | (Dollars in thousands) |
Operating lease right-of-use asset |  | $ | 3,894 |  |  | $ | 3,240 |
Operating lease liabilities |  | $ | 4,254 |  |  | $ | 3,631 |
Weighted average remaining lease term in years |  |  | 7.7 |  |  |  | 7.5 |
Weighted average discount rate |  |  | 2.2% |  |  |  | 2.2% |
Schedule of Maturity of Remaining Lease Liabilities | The following table summarizes the maturity of our remaining lease liabilities by year:
|  | September 30, |  |  |  | September 30, |
|  | 2021 |  |  |  | 2020 |
|  | (In thousands) |
For the Year Ending: |  |  |  |  |  |  |  |
2022 |  | $ | 728 |  |  | $ | 705 |
2023 |  |  | 738 |  |  |  | 595 |
2024 |  |  | 747 |  |  |  | 602 |
2025 |  |  | 523 |  |  |  | 602 |
2026 |  |  | 455 |  |  |  | 378 |
2027 and thereafter |  |  | 1,533 |  |  |  | 1,150 |
Total lease payments |  |  | 4,724 |  |  |  | 4,032 |
Less imputed interest |  |  | (470 | ) |  |  | (401 | )
Present value of lease liabilities |  | $ | 4,254 |  |  | $ | 3,631 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=124258985&loc=SL77919396-209981 + Details
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