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INVESTMENT SECURITIES

12 Months Ended

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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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

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-Topic 940
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-Name Regulation S-K (SK)
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-Section 1403
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