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INVESTMENT SECURITIES

6 Months Ended

Mar. 31, 2022

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 March 31, 2022:

						Gross				Gross
		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
		(In thousands)
March 31, 2022
Securities available-for-sale:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential		$	137			$	—			$	—			$	137
Obligations of U.S. government-sponsored enterprises:
Mortgage-backed securities - residential			11,818				8				(976	)			10,850
Total securities available-for-sale		$	11,955			$	8			$	(976	)		$	10,987
Securities held-to-maturity:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential		$	3,340			$	1			$	(226	)		$	3,115
Mortgage-backed securities - commercial			672				—				—				672
Obligations of U.S. government-sponsored enterprises:
Mortgage-backed-securities - residential			49,585				24				(3,053	)			46,556
Debt securities			24,813				—				(1,218	)			23,595
Private label mortgage-backed securities - residential			233				2				—				235
Obligations of state and political subdivisions			2,657				—				(327	)			2,330
Corporate securities			3,000				—				(197	)			2,803
Total securities held-to-maturity		$	84,300			$	27			$	(5,021	)		$	79,306
Total investment securities		$	96,255			$	35			$	(5,997	)		$	90,293

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 March 31, 2022 are summarized in the following table:

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Table of Contents

		Amortized				Fair
		Cost				Value
		(In thousands)
March 31, 2022
Securities available-for-sale:
Mortgage-backed securities:
Residential			11,955				10,987
Commercial			—				—
Total securities available-for-sale		$	11,955			$	10,987
Securities held-to-maturity:
Due within 1 year		$	—			$	—
Due after 1 but within 5 years			25,812				24,570
Due after 5 but within 10 years			4,143				3,723
Due after 10 years			515				435
Total debt securities			30,470				28,728
Mortgage-backed securities:
Residential			53,158				49,906
Commercial			672				672
Total securities held-to-maturity		$	84,300			$	79,306
Total investment securities			96,255				90,293

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)
September 30, 2021
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

X

- References

No definition available.

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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 https://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 https://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 https://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 https://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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