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FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Tables)

12 Months Ended

Sep. 30, 2021

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK [Abstract]

Schedule of Information Regarding Derivatives

The following table presents summary information regarding these derivatives for September 30, 2021. There were no derivatives as of September 30, 2020.

		Notional Amount			Average Maturity (Years)		Weighted Average Fixed Rate		Weighted Average Variable Rate		Fair Value
		(Dollars in thousands)
September 30, 2021
Classified in Other Assets:
Customer interest rate swaps		$	20,111		6.9		3.61%		1 Mo. LIBOR + 2.50	$	183
Classified in Other Liabilities:
3rd Party interest rate swaps		$	20,111		6.9		3.61%		1 Mo. LIBOR + 2.50	$	183

Schedule of fair value, off-balance-sheet financial instruments

At September 30, 2021 and 2020, the Company had outstanding commitments (substantially all of which expire within one year) to originate one-to four-family residential loans, construction loans, commercial real estate loans, commercial business loans and consumer loans. These commitments were comprised of fixed and variable rate loans.

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Table of Contents

MAGYAR BANCORP, INC. AND SUBSIDIARY

Notes to Consolidated Financial Statements

September 30, 2021 and 2020

		September 30,
		2021				2020
			(In thousands)
Financial instruments whose contract amounts represent credit risk
Letters of credit		$	2,901			$	1,041
Unused lines of credit			63,798				78,632
Fixed rate loan commitments			9,156				5,240
Variable rate loan commitments			14,558				15,864
Total		$	90,413			$	100,777

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