XML 40 R29.htm IDEA: XBRL DOCUMENT v3.21.2

LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Tables)

9 Months Ended

Jun. 30, 2021

Receivables [Abstract]

Schedule of loans receivable, net

Loans receivable, net were comprised of the following:

		June 30,				September 30,
		2021				2020
		(In thousands)
One-to-four family residential		$	203,688			$	210,360
Commercial real estate			276,922				248,134
Construction			24,664				28,242
Home equity lines of credit			18,047				19,373
Commercial business			88,202				100,993
Other			3,601				4,157
Total loans receivable			615,124				611,259
Net deferred loan costs			(1,750	)			(1,749	)
Allowance for loan losses			(7,800	)			(6,400	)
Total loans receivable, net		$	605,574			$	603,110

Schedule of impaired loans

The following tables present impaired loans by class, segregated by those for which a specific allowance was required and charged-off and those for which a specific allowance was not necessary at the dates presented:

										Impaired
										Loans with
		Impaired Loans with								No Specific
		Specific Allowance								Allowance				Total Impaired Loans
																		Unpaid
		Recorded				Related				Recorded				Recorded				Principal
June 30, 2021		Investment				Allowance				Investment				Investment				Balance
		(In thousands)
One-to-four family residential		$	-			$	-			$	2,483			$	2,483			$	2,483
Commercial real estate			-				-				3,137				3,137				3,137
Construction			2,835				158				1,745				4,580				4,645
Commercial business			-				-				1,838				1,838				1,838
Total impaired loans		$	2,835			$	158			$	9,203			$	12,038			$	12,103

										Impaired
										Loans with
		Impaired Loans with								No Specific
		Specific Allowance								Allowance				Total Impaired Loans
																		Unpaid
		Recorded				Related				Recorded				Recorded				Principal
September 30, 2020		Investment				Allowance				Investment				Investment				Balance
		(In thousands)
One-to-four family residential		$	-			$	-			$	2,601			$	2,601			$	2,601
Commercial real estate			599				46				3,806				4,405				4,405
Construction			2,306				175				2,835				5,141				5,206
Commercial business			-				-				2,014				2,014				2,218
Total impaired loans		$	2,905			$	221			$	11,256			$	14,161			$	14,430

Schedule of average recorded investment in impaired loans

The following tables present the average recorded investment in impaired loans for the three and nine months ended June 30, 2021 and 2020. There was no interest income recognized on impaired loans during the periods presented.

		Three Months				Nine Months
		Ended June 30, 2021				Ended June 30, 2021
		(In thousands)
One-to-four family residential		$	2,425			$	2,409
Commercial real estate			3,407				3,716
Construction			4,580				4,580
Commercial business			1,863				1,877
Average investment in impaired loans		$	12,275			$	12,582

		Three Months				Nine Months
		Ended June 30, 2020				Ended June 30, 2020
		(In thousands)
One-to-four family residential		$	2,174			$	1,914
Commercial real estate			3,345				3,104
Construction			5,174				4,416
Commercial business			1,365				1,402
Average investment in impaired loans		$	12,058			$	10,836

Schedule of loan portfolio summarized by Bank's internal risk rating system

The following tables present the classes of the loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the Bank’s internal risk rating system at the dates presented:

						Special
		Pass				Mention				Substandard				Doubtful				Total
		(In thousands)
June 30, 2021
One-to-four family residential		$	201,846			$	-			$	1,842			$	-			$	203,688
Commercial real estate			271,834				2,466				2,622				-				276,922
Construction			20,084				-				4,580				-				24,664
Home equity lines of credit			18,047				-				-				-				18,047
Commercial business			86,725				11				1,466				-				88,202
Other			3,601				-				-				-				3,601
Total		$	602,137			$	2,477			$	10,510			$	-			$	615,124

						Special
		Pass				Mention				Substandard				Doubtful				Total
		(In thousands)
September 30, 2020
One-to-four family residential		$	208,658			$	-			$	1,702			$	-			$	210,360
Commercial real estate			242,003				2,623				3,508				-				248,134
Construction			23,101				-				5,141				-				28,242
Home equity lines of credit			19,373				-				-				-				19,373
Commercial business			98,967				178				1,848				-				100,993
Other			4,157				-				-				-				4,157
Total		$	596,259			$	2,801			$	12,199			$	-			$	611,259

Schedule of aging analysis of past due loans, segregated by class of loans

Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans at the dates presented:

						30-59				60-89
						Days				Days				90 Days +				Total				Non-				Total
		Current				Past Due				Past Due				Past Due				Past Due				Accrual				Loans
		(In thousands)
June 30, 2021
One-to-four family residential		$	201,842			$	-			$	935			$	911			$	1,846			$	911			$	203,688
Commercial real estate			274,054				-				394				2,474				2,868				2,474				276,922
Construction			20,084				-				-				4,580				4,580				4,580				24,664
Home equity lines of credit			18,047				-				-				-				-				-				18,047
Commercial business			86,523				213				-				1,466				1,679				1,466				88,202
Other			3,600				1				-				-				1				-				3,601
Total		$	604,150			$	214			$	1,329			$	9,431			$	10,974			$	9,431			$	615,124

20

Table of Contents

						30-59				60-89
						Days				Days				90 Days +				Total				Non-				Total
		Current				Past Due				Past Due				Past Due				Past Due				Accrual				Loans
		(In thousands)
September 30, 2020
One-to-four family residential		$	209,455			$	-			$	-			$	905			$	905			$	905			$	210,360
Commercial real estate			245,029				-				886				2,219				3,105				2,219				248,134
Construction			23,101				-				-				5,141				5,141				5,141				28,242
Home equity lines of credit			19,373				-				-				-				-				-				19,373
Commercial business			99,397				-				129				1,467				1,596				1,467				100,993
Other			4,157				-				-				-				-				-				4,157
Total		$	600,512			$	-			$	1,015			$	9,732			$	10,747			$	9,732			$	611,259

Schedule of activity in the allowance for loan losses by portfolio segment

The following table summarizes the ALL by loan category and the related activity for the nine months ended June 30, 2021:

		One-to-Four												Home Equity
		Family				Commercial								Lines of				Commercial
		Residential				Real Estate				Construction				Credit				Business				Other				Unallocated				Total
		(In thousands)
Balance- September 30,  2020		$	1,035			$	3,232			$	672			$	179			$	1,034			$	1			$	247			$	6,400
Charge-offs			-				-				-				-				-				-				-				-
Recoveries			-				-				-				-				90				-				-				90
Provision (credit)			120				176				(202	)			88				592				1				(135	)			640
Balance- December 31,  2020		$	1,155			$	3,408			$	470			$	267			$	1,716			$	2			$	112			$	7,130
Charge-offs			-				(50	)			-				-				-				-				-				(50	)
Recoveries			1				-				-				-				6				-				-				7
Provision (credit)			(29	)			351				(22	)			(10	)			30				(1	)			148				467
Balance- March 31, 2021		$	1,127			$	3,709			$	448			$	257			$	1,752			$	1			$	260			$	7,554
Charge-offs			-				-				-				-				-				-				-				-
Recoveries			-				-				-				-				-				-				-				-
Provision (credit)			(39	)			(3	)			179				9				149				(1	)			(48	)			246
Balance- June 30, 2021		$	1,088			$	3,706			$	627			$	266			$	1,901			$	-			$	212			$	7,800

The following table summarizes the ALL by loan category and the related activity for the nine months ended June 30, 2020:

		One-to-Four												Home Equity
		Family				Commercial								Lines of				Commercial
		Residential				Real Estate				Construction				Credit				Business				Other				Unallocated				Total
		(In thousands)
Balance- September 30,  2019		$	731			$	2,066			$	511			$	138			$	1,184			$	8			$	250			$	4,888
Charge-offs			-				-				-				-				-				-				-				-
Recoveries			2				-				-				-				-				-				-				2
Provision (credit)			(26	)			(147	)			63				2				311				(6	)			13				210
Balance- December 31,  2019		$	707			$	1,919			$	574			$	140			$	1,495			$	2			$	263			$	5,100
Charge-offs			-				-				-				-				-				-				-				-
Recoveries			5				-				-				-				-				-				-				5
Provision (credit)			227				457				70				42				(287	)			(2	)			(87	)			420
Balance- March 31, 2020		$	939			$	2,376			$	644			$	182			$	1,208			$	-			$	176			$	5,525
Charge-offs			-				-				(65	)			-				-				-				-				(65	)
Recoveries			2				-				-				-				100				-				-				102
Provision (credit)			128				241				108				-				(47	)			1				7				438
Balance- June 30, 2020		$	1,069			$	2,617			$	687			$	182			$	1,261			$	1			$	183			$	6,000

The following tables summarize the ALL by loan category, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of June 30, 2021 and September 30, 2020:

		One-to-Four												Home Equity
		Family				Commercial								Lines of				Commercial
		Residential				Real Estate				Construction				Credit				Business				Other				Unallocated				Total
		(In thousands)
Allowance for Loan  Losses:
Balance - June 30, 2021		$	1,088			$	3,706			$	627			$	266			$	1,901			$	-			$	212			$	7,800
Individually evaluated for impairment			-				-				158				-				-				-				-				158
Collectively evaluated for impairment			1,088				3,706				469				266				1,901				-				212				7,642
Loans receivable:
Balance - June 30, 2021		$	203,688			$	276,922			$	24,664			$	18,047			$	88,202			$	3,601			$	-			$	615,124
Individually evaluated for impairment			2,483				3,137				4,580				-				1,838				-				-				12,038
Collectively evaluated for impairment			201,205				273,785				20,084				18,047				86,364				3,601				-				603,086

22

Table of Contents

		One-to-Four												Home Equity
		Family				Commercial								Lines of				Commercial
		Residential				Real Estate				Construction				Credit				Business				Other				Unallocated				Total
		(In thousands)
Allowance for Loan Losses:
Balance - September 30, 2020		$	1,035			$	3,232			$	672			$	179			$	1,034			$	1			$	247			$	6,400
Individually evaluated for impairment			-				46				175				-				-				-				-				221
Collectively evaluated for impairment			1,035				3,186				497				179				1,034				1				247				6,179
Loans receivable:
Balance - September 30, 2020		$	210,360			$	248,134			$	28,242			$	19,373			$	100,993			$	4,157			$	-			$	611,259
Individually evaluated for impairment			2,601				4,405				5,141				-				2,014				-				-				14,161
Collectively evaluated for impairment			207,759				243,729				23,101				19,373				98,979				4,157				-				597,098

Schedule of troubled debt restructurings

A default on a TDR loan for purposes of this disclosure occurs when a borrower is 90 days past due or a foreclosure or repossession of the applicable collateral has occurred. There was one TDR totaling $112,000 for the three months ended June 30, 2021, and there were no TDRs for the three months ended June 30, 2020. There were two TDRs totaling $330,000 for the nine months ended June 30, 2021, and there were no TDRs for the nine months ended June 30, 2020. The TDR during the nine months ended June 30, 2021 was performing in accordance with its restructured terms at June 30, 2021.

		Three Months Ended June 30, 2021
		Number of				Investment Before				Investment After
		Loans				TDR Modification				TDR Modification
		(Dollars in thousands)
One-to-four family residential			1			$	112			$	124
Total			1			$	112			$	124

		Nine Months Ended June 30, 2021
		Number of				Investment Before				Investment After
		Loans				TDR Modification				TDR Modification
		(Dollars in thousands)
One-to-four family residential			2			$	330			$	373
Total			2			$	330			$	373

X

- Definition

Tabular disclosure of amount of investment of impaired financing receivables with related allowance for credit losses and without a related allowance for credit losses.

+ References

No definition available.

+ Details

Name:	mgyr_ScheduleOfImpairedFinancingReceivableAverageRecordedInvestment
Namespace Prefix:	mgyr_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of allowance for credit loss on financing receivable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11B
-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953423-111524

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447

+ Details

Name:	us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524

+ Details

Name:	us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of impaired financing receivables.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123577603&loc=d3e5212-111524

+ Details

Name:	us-gaap_ImpairedFinancingReceivablesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of aging analysis for financing receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919253-210447

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7A
-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953401-111524

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 80
-URI http://asc.fasb.org/extlink&oid=124267575&loc=SL82922355-210448

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=123577603&loc=d3e5111-111524

+ Details

Name:	us-gaap_PastDueFinancingReceivablesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_ReceivablesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

+ Details

Name:	us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of financing receivable modified as troubled debt restructuring.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953676-111524

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953682-111524

+ Details

Name:	us-gaap_TroubledDebtRestructuringsOnFinancingReceivablesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration