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DEPOSITS | 12 Months Ended
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Sep. 30, 2022
Deposits [Abstract] |
DEPOSITS | NOTE I - DEPOSITS A summary of deposits by type of account follows:
|  | September 30, |
|  | 2022 |  |  | 2021 |
|  | (In thousands) |
Demand accounts |  | $ | 182,417 |  |  | $ | 181,975 |
Savings accounts |  |  | 81,850 |  |  |  | 81,724 |
NOW accounts |  |  | 98,643 |  |  |  | 71,325 |
Money market accounts |  |  | 222,214 |  |  |  | 187,898 |
Certificate of deposit |  |  | 69,929 |  |  |  | 101,888 |
Retirement accounts |  |  | 12,680 |  |  |  | 15,004 |
Total deposits |  | $ | 667,733 |  |  | $ | 639,814 |
The current FDIC insurance limit on bank deposit accounts is $250,000. The aggregate amount of deposit accounts with a denomination of $250,000 or more was approximately $399.9 million at September 30, 2022 compared with $378.5 million at September 30, 2021. The aggregate amount of certificate deposits, including individual retirement accounts with balances of $250,000 or more was $14.6 million at September 30, 2022 compared with $39.4 million at September 30, 2021. 73 Table of Contents
MAGYAR BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
September 30, 2022 and 2021
At September 30, 2022, certificates of deposit (including retirement accounts and brokered certificate deposit accounts) have contractual maturities as follows (in thousands):
Year Ending September 30, |  |  |
2023 |  | $ | 44,589 |
2024 |  |  | 17,340 |
2025 |  |  | 6,613 |
2026 |  |  | 4,675 |
2027 and after |  |  | 9,392 |
Total |  | $ | 82,609 |

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- Definition The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 405 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=116652737&loc=d3e64164-112818 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.12) -URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1406 -Paragraph (e) Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1406 + Details
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