XML 43 R31.htm IDEA: XBRL DOCUMENT v3.22.4

INVESTMENT SECURITIES (Tables)

12 Months Ended

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	)

X

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5B
-URI https://asc.fasb.org/extlink&oid=126970911&loc=SL120269825-111563

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5A
-URI https://asc.fasb.org/extlink&oid=126970911&loc=SL120269820-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27232-111563

+ Details

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

X

- References

No definition available.

+ Details

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

X

- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

+ References

No definition available.

+ Details

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

X

- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

+ Details

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