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INVESTMENT SECURITIES
 9 Months Ended
Jun. 30, 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 June 30, 2022:

Gross

Gross

Amortized

Unrealized

Unrealized

Fair

June 30, 2022

Cost

Gains

Losses

Value

(In thousands)

Securities available-for-sale:

Obligations of U.S. government agencies:

Mortgage-backed securities - residential

$

125

$

-

$

(4

)

$

121

Obligations of U.S. government-sponsored enterprises:

Mortgage-backed securities-residential

11,392

3

(1,458

)

9,937

Total securities available-for-sale

$

11,517

$

3

$

(1,462

)

$

10,058

Securities held-to-maturity:

Obligations of U.S. government agencies:

Mortgage-backed securities - residential

$

5,647

$

-

$

(404

)

$

5,243

Mortgage-backed securities - commercial

648

2

-

650

Obligations of U.S. government-sponsored enterprises:

Mortgage-backed-securities - residential

48,393

-

(4,753

)

43,640

Debt securities

24,817

-

(1,570

)

23,247

Private label mortgage-backed securities - residential

229

-

(8

)

221

Obligations of state and political subdivisions

3,488

3

(467

)

3,024

Corporate securities

8,000

-

(375

)

7,625

Total securities held-to-maturity

$

91,222

$

5

$

(7,577

)

$

83,650

Total investment securities

$

102,739

$

8

$

(9,039

)

$

93,708

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 June 30, 2022 are summarized in the following table:

14

Amortized

Fair

June 30, 2022

Cost

Value

(In thousands)

Securities available-for-sale:

Mortgage-backed securities:

Residential

$

11,517

$

10,058

Commercial

-

-

Total securities available-for-sale

$

11,517

$

10,058

Securities held-to-maturity

Due within 1 year

$

5,000

$

4,821

Due after 1 but within 5 years

26,346

24,823

Due after 5 but within 10 years

4,445

3,854

Due after 10 years

514

398

Total debt securities

$

36,305

$

33,896

 

Mortgage-backed securities:

Residential

$

54,269

$

49,104

Commercial

648

650

Total securities held-to-maturity

$

91,222

$

83,650

Total investment securities

$

102,739

$

93,708

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

 

September 30, 2021

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