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INVESTMENT SECURITIES (Tables) | 12 Months Ended
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Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Schedule of the amortized cost and fair values of securities available for sale and held-to-maturity | The amortized cost, gross unrealized gains or losses and fair value of the Company’s investment securities available-for-sale and held-to-maturity are as follows:
|  | September 30, 2022 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (In thousands) |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities - residential |  | $ | 118 |  |  | $ | — |  |  | $ | (11 | ) |  | $ | 107 |
Obligations of U.S. government-sponsored enterprises:​​ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 11,029 |  |  |  | — |  |  |  | (1,907 | ) |  |  | 9,122 |
Total securities available for sale |  | $ | 11,147 |  |  | $ | — |  |  | $ | (1,918 | ) |  | $ | 9,229 |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 5,525 |  |  | $ | — |  |  | $ | (717 | ) |  | $ | 4,808 |
Mortgage-backed securities - commercial |  |  | 631 |  |  |  | — |  |  |  | — |  |  |  | 631 |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities - residential |  |  | 48,961 |  |  |  | 12 |  |  |  | (7,548 | ) |  |  | 41,425 |
Debt securities |  |  | 24,821 |  |  |  | — |  |  |  | (2,395 | ) |  |  | 22,426 |
Private label mortgage-backed securities - residential |  |  | 224 |  |  |  | — |  |  |  | (10 | ) |  |  | 214 |
Obligations of state and political subdivisions |  |  | 3,484 |  |  |  | — |  |  |  | (638 | ) |  |  | 2,846 |
Corporate securities |  |  | 8,000 |  |  |  | — |  |  |  | (436 | ) |  |  | 7,564 |
Total securities held to maturity |  | $ | 91,646 |  |  | $ | 12 |  |  | $ | (11,744 | ) |  | $ | 79,914 |
Total investment securities |  | $ | 102,793 |  |  | $ | 12 |  |  | $ | (13,662 | ) |  | $ | 89,143 |
64 Table of Contents
MAGYAR BANCORP, INC. AND SUBSIDIARY
Notes to Consolidated Financial Statements
September 30, 2022 and 2021
|  | At September 30, 2021 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (In thousands) |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities - residential |  | $ | 179 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 186 |
Obligations of U.S. government-sponsored enterprises:​​ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 12,922 |  |  | $ | 27 |  |  | $ | (208 | ) |  | $ | 12,741 |
Total securities available-for-sale |  | $ | 13,101 |  |  | $ | 34 |  |  | $ | (208 | ) |  | $ | 12,927 |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 574 |  |  | $ | — |  |  | $ | (25 | ) |  | $ | 549 |
Mortgage-backed securities - commercial |  |  | 703 |  |  |  | — |  |  |  | — |  |  |  | 703 |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities - residential |  |  | 38,596 |  |  |  | 416 |  |  |  | (389 | ) |  |  | 38,623 |
Debt securities |  |  | 12,498 |  |  |  | — |  |  |  | (156 | ) |  |  | 12,342 |
Private label mortgage-backed securities - residential |  |  | 242 |  |  |  | 6 |  |  |  | — |  |  |  | 248 |
Obligations of state and political subdivisions |  |  | 2,047 |  |  |  | — |  |  |  | (34 | ) |  |  | 2,013 |
Corporate securities |  |  | 3,000 |  |  |  | — |  |  |  | (196 | ) |  |  | 2,804 |
Total securities held-to-maturity |  | $ | 57,660 |  |  | $ | 422 |  |  | $ | (800 | ) |  | $ | 57,282 |
Total investment securities |  | $ | 70,761 |  |  | $ | 456 |  |  | $ | (1,008 | ) |  | $ | 70,209 |
Schedule of maturities of the debt securities and mortgage-backed securities available for sale and held-to-sale securities | The contractual maturities of mortgage-backed securities generally exceed 10 years; however, the effective lives are expected to be shorter due to anticipated prepayments. At September 30, 2022, the available-for-sale mortgage-backed securities - residential included an amortized cost of $118,000 and a fair value of $107,000 for obligations of U.S. government agencies issued by the Government National Mortgage Association and obligations of U.S. government-sponsored enterprises issued by Federal National Mortgage Association and Federal Home Loan Mortgage Corporation with an amortized cost of $11.0 million and a fair value of $9.1 million. The maturities of the debt securities, municipal bonds and certain information regarding to the mortgage-backed securities held-to-maturity at September 30, 2022 are summarized in the following table:
|  | September 30, 2022 |
|  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |
|  | (In thousands) |
Due within 1 year |  | $ | 6,333 |  |  | $ | 6,209 |
Due after 1 but within 5 years |  |  | 25,017 |  |  |  | 22,696 |
Due after 5 but within 10 years |  |  | 4,442 |  |  |  | 3,565 |
Due after 10 years |  |  | 513 |  |  |  | 366 |
Total debt securities |  |  | 36,305 |  |  |  | 32,836 |
Mortgage backed securities: |  |  |  |  |  |  |  |
Residential(1) |  |  | 54,710 |  |  |  | 46,447 |
Commercial(2) |  |  | 631 |  |  |  | 631 |
Total |  | $ | 91,646 |  |  | $ | 79,914 |
Schedule of securities with unrealized losses | Details of securities with unrealized losses at September 30, 2022 and 2021 are as follows:
|  |  |  | Less Than 12 Months |  | 12 Months Or Greater |  | Total
|  | Number of |  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
|  | Securities |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
September 30, 2022 |  |  |  | (Dollars in thousands)
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 6 |  |  | $ | 2,364 |  |  | $ | (140 | ) |  | $ | 2,551 |  |  | $ | (588 | ) |  | $ | 4,915 |  |  | $ | (728 | )
Mortgage-backed securities - commercial |  |  | 1 |  |  |  | 631 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 631 |  |  |  | — |
Obligations of U.S. government-sponsored enterprises |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities - residential |  |  | 49 |  |  |  | 21,180 |  |  |  | (2,795 | ) |  |  | 29,088 |  |  |  | (6,660 | ) |  |  | 50,268 |  |  |  | (9,455 | )
Debt securities |  |  | 14 |  |  |  | 11,664 |  |  |  | (660 | ) |  |  | 10,763 |  |  |  | (1,735 | ) |  |  | 22,427 |  |  |  | (2,395 | )
Private label mortgage-backed securities residential |  |  | 1 |  |  |  | 215 |  |  |  | (10 | ) |  |  | — |  |  |  | — |  |  |  | 215 |  |  |  | (10 | )
Obligations of state and political subdivisions |  |  | 7 |  |  |  | 1,268 |  |  |  | (181 | ) |  |  | 1,577 |  |  |  | (457 | ) |  |  | 2,845 |  |  |  | (638 | )
Corporate securities |  |  | 2 |  |  |  | 2,646 |  |  |  | (353 | ) |  |  | 4,917 |  |  |  | (83 | ) |  |  | 7,563 |  |  |  | (436 | )
Total |  |  | 80 |  |  | $ | 39,968 |  |  | $ | (4,139 | ) |  | $ | 48,896 |  |  | $ | (9,523 | ) |  | $ | 88,864 |  |  | $ | (13,662 | )
|  |  |  | Less Than 12 Months |  | 12 Months Or Greater |  | Total
|  | Number of |  | Fair |  | Unrealized |  | Fair |  | Unrealized |  | Fair |  | Unrealized
|  | Securities |  | Value |  | Losses |  | Value |  | Losses |  | Value |  | Losses
September 30, 2021 |  |  |  | (Dollars in thousands)
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 3 |  |  | $ | 318 |  |  | $ | (12 | ) |  | $ | 232 |  |  | $ | (13 | ) |  | $ | 550 |  |  | $ | (25 | )
Mortgage-backed securities - commercial |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 703 |  |  |  | — |  |  |  | 703 |  |  |  | — |
Obligations of U.S. government-sponsored enterprises |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities - residential |  |  | 20 |  |  |  | 33,690 |  |  |  | (539 | ) |  |  | 1,610 |  |  |  | (58 | ) |  |  | 35,300 |  |  |  | (597 | )
Debt securities |  |  | 7 |  |  |  | 10,859 |  |  |  | (139 | ) |  |  | 1,483 |  |  |  | (17 | ) |  |  | 12,342 |  |  |  | (156 | )
Obligations of state and political subdivisions |  |  | 4 |  |  |  | 2,013 |  |  |  | (34 | ) |  |  | — |  |  |  | — |  |  |  | 2,013 |  |  |  | (34 | )
Corporate securities |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 2,804 |  |  |  | (196 | ) |  |  | 2,804 |  |  |  | (196 | )
Total |  |  | 36 |  |  | $ | 46,880 |  |  | $ | (724 | ) |  | $ | 6,832 |  |  | $ | (284 | ) |  | $ | 53,712 |  |  | $ | (1,008 | )

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