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COMMITMENTS (Tables)

12 Months Ended

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):

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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

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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

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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

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