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INVESTMENT SECURITIES
 3 Months Ended
Dec. 31, 2023
Investment Securities [Abstract]  
INVESTMENT SECURITIES

NOTE H - INVESTMENT SECURITIES

 

The following table summarizes the amortized cost and fair values of securities classified as available-for-sale and held-to-maturity at December 31, 2023:

 

       Gross   Gross     
   Amortized   Unrealized   Unrealized   Fair 
December 31, 2023  Cost   Gains   Losses   Value 
   (In thousands) 
Securities available-for-sale:                    
Obligations of U.S. government agencies:                    
Mortgage-backed securities - residential  $103   $
—
   $(8)  $95 
Obligations of U.S. government-sponsored enterprises:                    
Mortgage-backed securities-residential   13,551    39    (1,412)   12,178 
Total securities available-for-sale  $13,654   $39   $(1,420)  $12,273 
Securities held-to-maturity:                    
Obligations of U.S. government agencies:                    
Mortgage-backed securities - residential  $4,986   $
—
   $(677)  $4,309 
Mortgage-backed securities - commercial   2,484    
—
    (22)   2,462 
Obligations of U.S. government-sponsored enterprises:                    
Mortgage-backed-securities - residential   47,199    
—
    (6,229)   40,970 
Debt securities   22,999    6    (1,378)   21,627 
Private label mortgage-backed securities - residential   203    
—
    (10)   193 
Obligations of state and political subdivisions   3,462    5    (324)   3,143 
Corporate securities   3,000    
—
    (196)   2,804 
Total securities held-to-maturity  $84,333   $11   $(8,836)  $75,508 
Total investment securities  $97,987   $50   $(10,256)  $87,781 

 

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 December 31, 2023, 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 December 31, 2023, aggregated by credit quality indicator:

 

   Credit Rating 
   AAA/AA/A   BBB/BB/B   Non-rated 
December 31, 2023  (In thousands) 
Securities held-to-maturity:               
Obligations of U.S. government agencies:               
Mortgage-backed securities - residential  $4,986   $
—
   $
—
 
Mortgage-backed securities - commercial   2,484    
—
    
—
 
Obligations of U.S. government-sponsored enterprises:               
Mortgage backed securities - residential   47,199    
—
    
—
 
Debt securities   22,999    
—
    
—
 
Private label mortgage-backed securities - residential   
—
    
—
    203 
Obligations of state and political subdivisions   3,462    
—
    
—
 
Corporate securities   
—
    3,000    
—
 
Totals  $81,130   $3,000   $203 

 

The contractual maturities of debt securities, municipal bonds and certain information regarding mortgage-backed securities at December 31, 2023 are summarized in the following table:

 

   December 31, 2023 
   Amortized   Fair 
   Cost   Value 
   (In thousands) 
Due within 1 year  $4,000   $3,966 
Due after 1 but within 5 years   20,526    19,315 
Due after 5 but within 10 years   4,935    4,293 
Due after 10 years   
—
    
—
 
Total debt securities   29,461    27,574 
           
Mortgage backed securities:          
Residential   66,042    57,745 
Commercial   2,484    2,462 
Total  $97,987   $87,781 

 

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:

       Gross   Gross     
   Amortized   Unrealized   Unrealized   Fair 
September 30, 2023  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 

 

As of December 31, 2023 investment securities having an estimated fair value of approximately $12.2 million were pledged to secure public deposits.