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LOANS RECEIVABLE, NET (Tables)

12 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Schedule of loans receivable, net

Loans receivable are comprised of the following:

		September 30,
		2022				2021
		(In thousands)
One-to four-family residential		$	214,377			$	203,019
Commercial real estate			342,791				280,848
Construction			15,230				20,350
Home equity lines of credit			18,704				17,930
Commercial business			34,672				68,719
Other			3,130				3,751
Total loans receivable			628,904				594,617
Net deferred loan costs			(628	)			(1,241	)
Allowance for loan losses			(8,433	)			(8,075	)
Total loans receivable, net		$	619,843			$	585,301

Schedule of impaired loans

The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary for the periods presented:

										Impaired Loans
		Impaired Loans with								with No Specific
		Specific Allowance								Allowance				Total Impaired Loans
																		Unpaid
At and for the year ended		Recorded				Related				Recorded				Recorded				Principal
September 30, 2022		Investment				Allowance				Investment				Investment				Balance
		(In thousands)
One-to four-family residential		$	—			$	—			$	1,512			$	1,512			$	1,512
Commercial real estate			—				—				1,159				1,159				1,159
Construction			2,835				114				—				2,835				2,900
Commercial business			—				—				153				153				153
Total impaired loans		$	2,835			$	114			$	2,824			$	5,659			$	5,724

										Impaired Loans
		Impaired Loans with								with No Specific
		Specific Allowance								Allowance				Total Impaired Loans
																		Unpaid
At and for the year ended		Recorded				Related				Recorded				Recorded				Principal
September 30, 2021		Investment				Allowance				Investment				Investment				Balance
		(In thousands)
One-to four-family residential		$	—			$	—			$	2,711			$	2,711			$	2,711
Commercial real estate			—				—				2,270				2,270				2,270
Construction			2,835				224				1,745				4,580				4,645
Commercial business			—				—				1,507				1,507				1,507
Total impaired loans		$	2,835			$	224			$	8,233			$	11,068			$	11,133

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 for the periods presented:

						Special
		Pass				Mention				Substandard				Doubtful				Total
		(In thousands)
September 30, 2022
One-to four-family residential		$	213,173			$	980			$	224			$	—			$	214,377
Commercial real estate			342,593				198				—				—				342,791
Construction			10,652				—				4,578				—				15,230
Home equity lines of credit			18,704				—				—				—				18,704
Commercial business			34,672				—				—				—				34,672
Other			3,130				—				—				—				3,130
Total		$	622,924			$	1,178			$	4,802			$	—			$	628,904

						Special
		Pass				Mention				Substandard				Doubtful				Total
		(In thousands)
September 30, 2021
One-to four-family residential		$	200,510			$	1,002			$	1,507			$	—			$	203,019
Commercial real estate			272,408				6,679				1,761				—				280,848
Construction			15,770				—				4,580				—				20,350
Home equity lines of credit			17,930				—				—				—				17,930
Commercial business			67,360				10				1,349				—				68,719
Other			3,751				—				—				—				3,751
Total		$	577,729			$	7,691			$	9,197			$	—			$	594,617

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 for the periods 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)
September 30, 2022
One-to four-family residential		$	213,903			$	300			$	174			$	—			$	474			$	—			$	214,377
Commercial real estate			342,404				—				387				—				387				—				342,791
Construction			12,395				—				—				2,835				2,835				2,835				15,230
Home equity lines of credit			18,704				—				—				—				—				—				18,704
Commercial business			34,672				—				—				—				—				—				34,672
Other			3,130				—				—				—				—				—				3,130
Total		$	625,208			$	300			$	561			$	2,835			$	3,696			$	2,835			$	628,904

69

Table of Contents

MAGYAR BANCORP, INC. AND SUBSIDIARY

Notes to Consolidated Financial Statements

September 30, 2022 and 2021

						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, 2021
One-to four-family residential		$	201,868			$	—			$	—			$	1,151			$	1,151			$	1,151			$	203,019
Commercial real estate			279,769				—				—				1,079				1,079				1,079				280,848
Construction			15,770				—				—				4,580				4,580				4,580				20,350
Home equity lines of credit			17,930				—				—				—				—				—				17,930
Commercial business			67,370				—				—				1,349				1,349				1,349				68,719
Other			3,751				—				—				—				—				—				3,751
Total		$	586,458			$	—			$	—			$	8,159			$	8,159			$	8,159			$	594,617

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

The following tables summarize the activity in the allowance for loan losses by loan category for the years ended September 30, 2022 and 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, 2021		$	1,136			$	3,744			$	594			$	232			$	2,046			$	15			$	308			$	8,075
Charge-offs			—				—				—				—				—				—				—				—
Recoveries			1				53				—				—				—				—				—				54
Provision (credit)			86				815				(133	)			31				(562	)			(14	)			81				304
Balance-September 30, 2022		$	1,223			$	4,612			$	461			$	263			$	1,484			$	1			$	389			$	8,433

		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			—				(51	)			—				—				—				(1	)			—				(52	)
Recoveries			1				—				—				1				96				—				—				98
Provision (credit)			100				563				(78	)			52				916				15				61				1,629
Balance-September 30, 2021		$	1,136			$	3,744			$	594			$	232			$	2,046			$	15			$	308			$	8,075

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 September 30, 2022 and September 30, 2021:

		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, 2022​​		$	1,223			$	4,612			$	461			$	263			$	1,484			$	1			$	389			$	8,433
Individually evaluated for impairment			—				—				114				—				—				—				—				114
Collectively evaluated for impairment			1,223				4,612				347				263				1,484				1				389				8,319
Loans receivable:
Balance - September 30, 2022​​		$	214,377			$	342,791			$	15,230			$	18,704			$	34,672			$	3,130			$	—			$	628,904
Individually evaluated for impairment			1,512				1,159				2,835				—				153				—				—				5,659
Collectively evaluated for impairment			212,865				341,632				12,395				18,704				34,519				3,130				—				623,245

71

Table of Contents

MAGYAR BANCORP, INC. AND SUBSIDIARY

Notes to Consolidated Financial Statements

September 30, 2022 and 2021

		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, 2021​​		$	1,136			$	3,744			$	594			$	232			$	2,046			$	15			$	308			$	8,075
Individually evaluated for impairment			—				—				224				—				—				—				—				224
Collectively evaluated for impairment			1,136				3,744				370				232				2,046				15				308				7,851
Loans receivable:
Balance - September 30, 2021​​		$	203,019			$	280,848			$	20,350			$	17,930			$	68,719			$	3,751			$	—			$	594,617
Individually evaluated for impairment			2,711				2,270				4,580				—				1,507				—				—				11,068
Collectively evaluated for impairment			200,308				278,578				15,770				17,930				67,212				3,751				—				583,549

Schedule of troubled debt restructurings

There were no TDR loans during the year ended September 30, 2022, compared with two TDR loans during the year ended September 30, 2021. All TDR loans were performing in accordance with their restructured terms as September 30, 2022. The following tables summarizes the TDRs during the years ended September 30, 2022 and 2021:

		Number of Loans				Investment Before TDR Modification				Investment After TDR Modification
September 30, 2022		(Dollars in thousands)
Total			—			$	—			$	—

		Number of Loans				Investment Before TDR Modification				Investment After TDR Modification
September 30, 2021		(Dollars in thousands)
One-to four-family residential			2			$	330			$	340
Total			2			$	330			$	340

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Tabular disclosure of allowance for credit loss on financing receivable.

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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.

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