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INVESTMENT SECURITIES

3 Months Ended

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)

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