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DEPOSITS

12 Months Ended

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.

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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

X

- 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

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- References

No definition available.

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