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PENSION PLAN (Tables)

12 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Schedule of plan's funded status and amounts recognized

The following table sets forth the Plan’s funded status and amounts recognized in the Company’s Consolidated Balance Sheets at September 30, 2021 and September 30, 2020.

		September 30,
		2021				2020
		(In thousands)
Actuarial present value of benefit obligations		$	4,926			$	5,227
Change in benefit obligations
Projected benefit obligation, beginning		$	5,227			$	4,990
Interest cost			140				158
Actuarial (gain) loss			(242	)			278
Annuity payments and lump sum distributions			(199	)			(199	)
Projected benefit obligation, end		$	4,926			$	5,227
Change in plan assets
Fair value of assets, beginning		$	3,579			$	3,581
Actual return on plan assets			661				172
Employer contributions			830				25
Annuity payments and lump sum distributions			(199	)			(199	)
Fair value of assets, end		$	4,871			$	3,579
Funded status included with other liabilities		$	(55	)		$	(1,648	)

Schedule of net pension costs

Net pension cost for the years ended September 30, 2021 and 2020 included the following components:

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MAGYAR BANCORP, INC. AND SUBSIDIARY

Notes to Consolidated Financial Statements

September 30, 2021 and 2020

		September 30,
		2021				2020
		(In thousands)
Service cost benefits earned during the year		$	—			$	—
Interest cost on projected benefit obligation			140				158
Expected return on plan assets			(217	)			(225	)
Amortization of unrecognized net loss			206				181
Net pension cost		$	129			$	114

Schedule of weighted-average asset allocations by asset category

The Plan’s weighted-average asset allocations at September 30, 2021 and 2020, by asset category are as follows:

		September 30,
		2021				2020
Equity securities			68%				64%
Debt securities (bond mutual funds)			31%				35%
Other (money market fund)			1%				1%
Total			100%				100%

Schedule of expected benefit payments

The following benefit payments are expected to be paid as follows (in thousands):

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MAGYAR BANCORP, INC. AND SUBSIDIARY

Notes to Consolidated Financial Statements

September 30, 2021 and 2020

October 1, 2021 through September 30, 2022		$	234
October 1, 2022 through September 30, 2023			235
October 1, 2023 through September 30, 2024			247
October 1, 2024 through September 30, 2025			246
October 1, 2025 through September 30, 2030			260
October 1, 2026 through September 30, 2031			1,276
Total		$	2,498

Schedule of plan assets that are measured at fair value

The following table presents the Plan assets that are measured at fair value on a recurring basis by level within the fair value hierarchy under ASC Topic 820. Financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. See Note R for further detail regarding fair value hierarchy.

						Fair Value Measurements at Reporting Date Using:
						Quoted Prices				Significant
						in Active Markets				Other				Significant
						for Identical				Observable				Unobservable
		Total				Assets (Level 1)				Inputs (Level 2)				Inputs (Level 3)
		(In thousands)
At September 30, 2021
Investment Type
Mutual Funds- Equity
Large-Cap Value		$	749			$	749			$	—			$	—
Large-Cap Core			749				749				—				—
Mid-Cap Core			506				506				—				—
Small-Cap Core			481				481				—				—
Non-U.S. Core			838				838				—				—
Mutual Funds- Fixed Income
Intermediate Duration			665				665
Short-Duration Corporate			853				853				—				—
Cash Equivalents
Money Market			30				30				—				—
Total Investment		$	4,871			$	4,871			$	—			$	—

At September 30, 2020
Investment Type
Mutual Funds- Equity
Large-Cap Value		$	468			$	468			$	—			$	—
Large-Cap Core			576				576				—				—
Mid-Cap Core			220				220				—				—
Small-Cap Core			196				196				—				—
Non-U.S. Core			833				833				—				—
Mutual Funds- Fixed Income
Intermediate-Term Core			1,241				1,241				—				—
Cash Equivalents
Money Market			45				45				—				—
Total Investment		$	3,579			$	3,579			$	—			$	—

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