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

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

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

)