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INVESTMENT SECURITIES | 12 Months Ended
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Sep. 30, 2024
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, 2024:
|  | September 30, 2024 |
|  |  |  |  | Gross |  |  | Gross |  |  | Allowance for |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Credit |  |  | Fair |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Losses |  |  | Value |
|  | (In thousands) |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities - residential |  | $ | 95 |  |  | $ | — |  |  | $ | (6 | ) |  | $ | — |  |  | $ | 89 |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities-residential |  |  | 12,652 |  |  |  | 56 |  |  |  | (1,202 | ) |  |  | — |  |  |  | 11,506 |
Corporate securities |  |  | 4,000 |  |  |  | 21 |  |  |  | — |  |  |  | — |  |  |  | 4,021 |
Total securities available-for-sale |  | $ | 16,747 |  |  | $ | 77 |  |  | $ | (1,208 | ) |  | $ | — |  |  | $ | 15,616 |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 7,209 |  |  | $ | — |  |  | $ | (611 | ) |  | $ | — |  |  | $ | 6,598 |
Mortgage-backed securities - commercial |  |  | 4,268 |  |  |  | 64 |  |  |  | (23 | ) |  |  | — |  |  |  | 4,309 |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities - residential |  |  | 42,701 |  |  |  | 4 |  |  |  | (5,194 | ) |  |  | — |  |  |  | 37,511 |
Debt securities |  |  | 19,000 |  |  |  | 13 |  |  |  | (865 | ) |  |  | — |  |  |  | 18,148 |
Private label mortgage-backed securities - residential |  |  | 190 |  |  |  | — |  |  |  | (5 | ) |  |  | — |  |  |  | 185 |
Obligations of state and political subdivisions |  |  | 3,448 |  |  |  | 3 |  |  |  | (351 | ) |  |  | — |  |  |  | 3,100 |
Corporate securities |  |  | 3,000 |  |  |  | — |  |  |  | (234 | ) |  |  | — |  |  |  | 2,766 |
Total securities held-to-maturity |  | $ | 79,816 |  |  | $ | 84 |  |  | $ | (7,283 | ) |  | $ | — |  |  | $ | 72,617 |
Total investment securities |  | $ | 96,563 |  |  | $ | 161 |  |  | $ | (8,491 | ) |  | $ | — |  |  | $ | 88,233 |
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 contractual maturities of the debt securities, municipal bonds and certain information regarding the mortgage-backed securities available-for-sale at September 30, 2024 are summarized in the following table:
|  | September 30, 2024 |
|  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |
|  | (In thousands) |
Due within 1 year |  | $ | — |  |  | $ | — |
Due after 1 but within 5 years |  |  | — |  |  |  | — |
Due after 5 but within 10 years |  |  | 4,000 |  |  |  | 4,021 |
Due after 10 years |  |  | — |  |  |  | — |
Total debt securities |  |  | 4,000 |  |  |  | 4,021 |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Residential |  |  | 12,747 |  |  |  | 11,595 |
Commercial |  |  | — |  |  |  | — |
Total |  | $ | 16,747 |  |  | $ | 15,616 |
The contractual maturities of the debt securities, municipal bonds and certain information regarding the mortgage-backed securities held-to-maturity at September 30, 2024 are summarized in the following table:
|  | September 30, 2024 |
|  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |
|  | (In thousands) |
Due within 1 year |  | $ | 9,500 |  |  | $ | 9,317 |
Due after 1 but within 5 years |  |  | 12,179 |  |  |  | 11,413 |
Due after 5 but within 10 years |  |  | 3,769 |  |  |  | 3,284 |
Due after 10 years |  |  | — |  |  |  | — |
Total debt securities |  |  | 25,448 |  |  |  | 24,014 |
Mortgage backed securities: |  |  |  |  |  |  |  |
Residential |  |  | 50,100 |  |  |  | 44,294 |
Commercial |  |  | 4,268 |  |  |  | 4,309 |
Total |  | $ | 79,816 |  |  | $ | 72,617 |
There were no sales of securities during the years ended September 30, 2024 and 2023. As of September 30, 2024 and 2023, investment securities having a carrying amount of approximately $12.5 million and $13.9 million, respectively, were pledged to secure public deposits. Details of available-for-sale securities with unrealized losses for which an allowance for credit losses has not been recorded at September 30, 2024 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, 2024 Securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 88 |  |  | $ | (6 | ) |  | $ | 88 |  |  | $ | (6 | )
Obligations of U.S. government-sponsored enterprises |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  |  | 8 |  |  |  | — |  |  |  | — |  |  |  | 7,550 |  |  |  | (1,202 | ) |  |  | 7,550 |  |  |  | (1,202 | )
Total |  |  | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,638 |  |  | $ | (1,208 | ) |  | $ | 7,638 |  |  | $ | (1,208 | )
Details of available-for-sale and held-to-maturity securities with unrealized losses at September 30, 2023 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 | )
The Company monitors the credit quality of held-to-maturity debt securities, primarily through their credit ratings by nationally recognized statistical ratings organizations, on a quarterly basis. At September 30, 2024, there were no non-performing held-to-maturity debt securities and no allowance for credit losses were required. The majority of the investment securities are explicitly or implicitly guaranteed by the United States government, and any estimate of expected credit losses would be insignificant to the Company. The following table summarizes the amortized cost of held-to-maturity debt securities at September 30, 2024, aggregated by credit quality indicator:
|  | Credit Rating |
|  | September 30, 2024 |
|  | AAA/AA/A |  |  | BBB/BB/B |  |  | Non-rated |
|  | (In thousands) |
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 7,209 |  |  | $ | — |  |  | $ | — |
Mortgage-backed securities - commercial |  |  | 4,268 |  |  |  | — |  |  |  | — |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities - residential |  |  | 42,701 |  |  |  | — |  |  |  | — |
Debt securities |  |  | 19,000 |  |  |  | — |  |  |  | — |
Private label mortgage-backed securities - residential |  |  | 190 |  |  |  | — |  |  |  | — |
Obligations of state and political subdivisions |  |  | 3,448 |  |  |  | — |  |  |  | — |
Corporate securities |  |  | 3,000 |  |  |  | — |  |  |  | — |
Total held to maturity debt securities |  | $ | 79,816 |  |  | $ | — |  |  | $ | — |
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. For individual debt securities classified as available-for-sale, we determine whether a decline in fair value below the amortized cost has resulted from a credit loss or other factors. If the decline in fair value is due to credit, we will record the portion of the impairment loss relating to credit through an allowance for credit losses. Impairment that has not been recorded through an allowance for credit losses is recorded through other comprehensive income, net of applicable taxes.

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