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INVESTMENT SECURITIES | 3 Months Ended
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Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
INVESTMENT SECURITIES | NOTE I – INVESTMENT SECURITIES The following table summarizes the amortized cost and fair values of securities classified as available-for-sale and held-to-maturity at December 31, 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 |  | $ | 153 |  |  | $ | 5 |  |  | $ | - |  |  | $ | 158 |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities-residential |  |  | 12,255 |  |  |  | 23 |  |  |  | (255 | ) |  |  | 12,023 |
Total securities available-for-sale |  | $ | 12,408 |  |  | $ | 28 |  |  | $ | (255 | ) |  | $ | 12,181 |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 3,447 |  |  | $ | 1 |  |  | $ | (25 | ) |  | $ | 3,423 |
Mortgage-backed securities - commercial |  |  | 684 |  |  |  | - |  |  |  | - |  |  |  | 684 |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed-securities - residential |  |  | 41,939 |  |  |  | 308 |  |  |  | (560 | ) |  |  | 41,687 |
Debt securities |  |  | 14,498 |  |  |  | - |  |  |  | (307 | ) |  |  | 14,191 |
Private label mortgage-backed securities - residential |  |  | 238 |  |  |  | 5 |  |  |  | - |  |  |  | 243 |
Obligations of state and political subdivisions |  |  | 2,661 |  |  |  | 1 |  |  |  | (22 | ) |  |  | 2,640 |
Corporate securities |  |  | 3,000 |  |  |  | - |  |  |  | (197 | ) |  |  | 2,803 |
Total securities held-to-maturity |  | $ | 66,467 |  |  | $ | 315 |  |  | $ | (1,111 | ) |  | $ | 65,671 |
Total investment securities |  | $ | 78,875 |  |  | $ | 343 |  |  | $ | (1,366 | ) |  | $ | 77,852 |
13 Table of Contents The contractual maturities of mortgage-backed securities generally exceed 10 years; however, the effective lives are expected to be shorter due to anticipated prepayments. The maturities of the debt securities, municipal bonds and certain information regarding the mortgage backed securities at December 31, 2021 are summarized in the following table:
|  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |
|  | (In thousands) |
Securities available-for-sale: |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Residential |  |  | 12,408 |  |  |  | 12,181 |
Commercial |  |  | - |  |  |  | - |
Total |  |  | 12,408 |  |  |  | 12,181 |
Securities held-to-maturity |  |  |  |  |  |  |  |
Due within 1 year |  | $ | - |  |  | $ | - |
Due after 1 but within 5 years |  |  | 13,498 |  |  |  | 13,091 |
Due after 5 but within 10 years |  |  | 6,146 |  |  |  | 6,035 |
Due after 10 years |  |  | 515 |  |  |  | 508 |
Total debt securities |  |  | 20,159 |  |  |  | 19,634 |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Residential |  |  | 45,624 |  |  |  | 45,353 |
Commercial |  |  | 684 |  |  |  | 684 |
Total |  | $ | 66,467 |  |  | $ | 65,671 |
The following table summarizes the amortized cost and fair values of securities classified as available-for-sale and held-to-maturity 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 |
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 |

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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