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INVESTMENT SECURITIES | 12 Months Ended
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Sep. 30, 2023
Investment Securities [Abstract] |
INVESTMENT SECURITIES | NOTE D - INVESTMENT SECURITIES The following table summarizes the amortized cost and fair values of securities classified as available-for-sale and held-to-maturity at September 30, 2023:
|  | September 30, 2023
|  |  |  | 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 |  | $ | 106 |  |  | $ | — |  |  | $ | (14 | ) |  | $ | 92 |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities-residential |  |  | 11,984 |  |  |  | — |  |  |  | (1,951 | ) |  |  | 10,033 |
Total securities available-for-sale |  | $ | 12,090 |  |  | $ | — |  |  | $ | (1,965 | ) |  | $ | 10,125 |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 5,070 |  |  | $ | — |  |  | $ | (850 | ) |  | $ | 4,220 |
Mortgage-backed securities - commercial |  |  | 2,509 |  |  |  | — |  |  |  | (16 | ) |  |  | 2,493 |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities - residential |  |  | 48,086 |  |  |  | — |  |  |  | (8,480 | ) |  |  | 39,606 |
Debt securities |  |  | 23,497 |  |  |  | — |  |  |  | (1,947 | ) |  |  | 21,550 |
Private label mortgage-backed securities - residential |  |  | 207 |  |  |  | — |  |  |  | (12 | ) |  |  | 195 |
Obligations of state and political subdivisions |  |  | 3,466 |  |  |  | — |  |  |  | (605 | ) |  |  | 2,861 |
Corporate securities |  |  | 3,000 |  |  |  | — |  |  |  | (197 | ) |  |  | 2,803 |
Total securities held-to-maturity |  | $ | 85,835 |  |  | $ | — |  |  | $ | (12,107 | ) |  | $ | 73,728 |
Total investment securities |  | $ | 97,925 |  |  | $ | — |  |  | $ | (14,072 | ) |  | $ | 83,853 |
The following table summarizes the amortized cost and fair values of securities classified as available-for-sale and held-to-maturity at September 30, 2022:
|  | September 30, 2022
|  |  |  | 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 |  | $ | 118 |  |  | $ | — |  |  | $ | (11 | ) |  | $ | 107 |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities-residential |  |  | 11,029 |  |  |  | — |  |  |  | (1,907 | ) |  |  | 9,122 |
Total securities available-for-sale |  | $ | 11,147 |  |  | $ | — |  |  | $ | (1,918 | ) |  | $ | 9,229 |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 5,525 |  |  | $ | — |  |  | $ | (717 | ) |  | $ | 4,808 |
Mortgage-backed securities - commercial |  |  | 631 |  |  |  | — |  |  |  | — |  |  |  | 631 |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities - residential |  |  | 48,961 |  |  |  | 12 |  |  |  | (7,548 | ) |  |  | 41,425 |
Debt securities |  |  | 24,821 |  |  |  | — |  |  |  | (2,395 | ) |  |  | 22,426 |
Private label mortgage-backed securities - residential |  |  | 224 |  |  |  | — |  |  |  | (10 | ) |  |  | 214 |
Obligations of state and political subdivisions |  |  | 3,484 |  |  |  | — |  |  |  | (638 | ) |  |  | 2,846 |
Corporate securities |  |  | 8,000 |  |  |  | — |  |  |  | (436 | ) |  |  | 7,564 |
Total securities held-to-maturity |  | $ | 91,646 |  |  | $ | 12 |  |  | $ | (11,744 | ) |  | $ | 79,914 |
Total investment securities |  | $ | 102,793 |  |  | $ | 12 |  |  | $ | (13,662 | ) |  | $ | 89,143 |
The contractual maturities of mortgage-backed securities generally exceed 10 years, however, the effective lives are expected to be shorter due to anticipated prepayments. At September 30, 2023, the available-for-sale mortgage-backed securities-residential included obligations of U.S. government agencies issued by the Government National Mortgage Association with an amortized cost of $106,000 and a fair value of $92,000 and obligations of U.S. government-sponsored enterprises issued by Federal National Mortgage Association and Federal Home Loan Mortgage Corporation with an amortized cost of $12.0 million and a fair value of $10.0 million. At September 30, 2023, the held-to-maturity mortgage-backed securities–residential included obligations of U.S. government agencies issued by the Government National Mortgage Association with an amortized cost of $5.1 million and a fair value of $4.2 million and obligations of U.S. government-sponsored enterprises issued by Federal National Mortgage Association and Federal Home Loan Mortgage Corporation with an amortized cost of $48.1 million and a fair value of $39.6 million. The maturities of debt securities, municipal bonds and certain information regarding mortgage-backed securities held-to-maturity at September 30, 2023 are summarized in the following table:
|  | September 30, 2023
|  | Amortized |  | Fair
|  | Cost |  | Value
|  | (In thousands)
Due within 1 year |  | $ | 6,498 |  |  | $ | 6,393 |
Due after 1 but within 5 years |  |  | 18,526 |  |  |  | 16,900 |
Due after 5 but within 10 years |  |  | 4,939 |  |  |  | 3,921 |
Due after 10 years |  |  | — |  |  |  | — |
Total debt securities |  |  | 29,963 |  |  |  | 27,214 |
Mortgage backed securities: |  |  |  |  |  |  |  |
Residential |  |  | 53,363 |  |  |  | 44,021 |
Commercial |  |  | 2,509 |  |  |  | 2,493 |
Total |  | $ | 85,835 |  |  | $ | 73,728 |
There were no sales of securities during the years ended September 30, 2023 and 2022. As of September 30, 2023 and 2022, investment securities having an estimated fair value of approximately $12.0 million and $37.7 million, respectively, were pledged to secure public deposits. Details of securities with unrealized losses at September 30, 2023 and 2022 are as follows:
|  |  |  |  | Less Than 12 Months |  |  | 12 Months Or Greater |  |  | Total |
|  | Number of |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
|  | Securities |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
|  |  |  |  | (Dollars in thousands) |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,312 |  |  | $ | (864 | ) |  | $ | 4,312 |  |  | $ | (864 | )
Mortgage-backed securities - commercial |  |  | 2 |  |  |  | 1,926 |  |  |  | (14 | ) |  |  | 567 |  |  |  | (2 | ) |  |  | 2,493 |  |  |  | (16 | )
Obligations of U.S. government-sponsored enterprises |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 50 |  |  |  | 4,938 |  |  |  | (49 | ) |  |  | 44,485 |  |  |  | (10,382 | ) |  |  | 49,423 |  |  |  | (10,431 | )
Debt securities |  |  | 12 |  |  |  | — |  |  |  | — |  |  |  | 21,550 |  |  |  | (1,947 | ) |  |  | 21,550 |  |  |  | (1,947 | )
Private label mortgage-backed securities residential |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 195 |  |  |  | (12 | ) |  |  | 195 |  |  |  | (12 | )
Obligations of state and political subdivisions |  |  | 7 |  |  |  | 789 |  |  |  | (43 | ) |  |  | 2,072 |  |  |  | (562 | ) |  |  | 2,861 |  |  |  | (605 | )
Corporate securities |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 2,803 |  |  |  | (197 | ) |  |  | 2,803 |  |  |  | (197 | )
Total |  |  | 79 |  |  | $ | 7,653 |  |  | $ | (106 | ) |  | $ | 75,984 |  |  | $ | (13,966 | ) |  | $ | 83,637 |  |  | $ | (14,072 | )
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities- residential |  |  | 6 |  |  | $ | 2,364 |  |  | $ | (140 | ) |  | $ | 2,551 |  |  | $ | (588 | ) |  | $ | 4,915 |  |  | $ | (728 | )
Mortgage-backed securities - commercial |  |  | 1 |  |  |  | 631 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 631 |  |  |  | — |
Obligations of U.S. government-sponsored enterprises |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities- residential |  |  | 49 |  |  |  | 21,180 |  |  |  | (2,795 | ) |  |  | 29,088 |  |  |  | (6,660 | ) |  |  | 50,268 |  |  |  | (9,455 | )
Debt securities |  |  | 14 |  |  |  | 11,664 |  |  |  | (660 | ) |  |  | 10,763 |  |  |  | (1,735 | ) |  |  | 22,427 |  |  |  | (2,395 | )
Private label mortgage-backed securities- residential |  |  | 1 |  |  |  | 215 |  |  |  | (10 | ) |  |  | — |  |  |  | — |  |  |  | 215 |  |  |  | (10 | )
Obligations of state and political subdivisions |  |  | 7 |  |  |  | 1,268 |  |  |  | (181 | ) |  |  | 1,577 |  |  |  | (457 | ) |  |  | 2,845 |  |  |  | (638 | )
Corporate securities |  |  | 2 |  |  |  | 2,646 |  |  |  | (353 | ) |  |  | 4,917 |  |  |  | (83 | ) |  |  | 7,563 |  |  |  | (436 | )
Total |  |  | 80 |  |  | $ | 39,968 |  |  | $ | (4,139 | ) |  | $ | 48,896 |  |  | $ | (9,523 | ) |  | $ | 88,864 |  |  | $ | (13,662 | )
The investment securities listed above currently have fair values less than amortized cost and therefore contain unrealized losses. The Company evaluated these securities and determined that the decline in value was primarily related to fluctuations in the interest rate environment and were not related to any company or industry specific event. The Company anticipates full recovery of amortized costs with respect to these securities. The Company does not intend to sell these securities and has determined that it is not more likely than not that the Company would be required to sell these securities prior to maturity or market price recovery. Management has considered factors regarding other than temporarily impaired securities and determined that there are no securities with impairment that is other than temporary as of September 30, 2023 and 2022.

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