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INVESTMENT SECURITIES | 6 Months Ended
--- | ---
Mar. 31, 2024
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 March 31, 2024:
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
March 31, 2024 |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
|  | (In thousands) |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 100 |  |  | $ | — |  |  | $ | (10 | ) |  | $ | 90 |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities-residential |  |  | 13,277 |  |  |  | 18 |  |  |  | (1,472 | ) |  |  | 11,823 |
Total securities available-for-sale |  | $ | 13,377 |  |  | $ | 18 |  |  | $ | (1,482 | ) |  | $ | 11,913 |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 4,887 |  |  | $ | — |  |  | $ | (728 | ) |  | $ | 4,159 |
Mortgage-backed securities - commercial |  |  | 4,425 |  |  |  | — |  |  |  | (35 | ) |  |  | 4,390 |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed-securities - residential |  |  | 46,471 |  |  |  | — |  |  |  | (6,605 | ) |  |  | 39,866 |
Debt securities |  |  | 20,999 |  |  |  | — |  |  |  | (1,369 | ) |  |  | 19,630 |
Private label mortgage-backed securities - residential |  |  | 199 |  |  |  | — |  |  |  | (10 | ) |  |  | 189 |
Obligations of state and political subdivisions |  |  | 3,457 |  |  |  | 2 |  |  |  | (392 | ) |  |  | 3,067 |
Corporate securities |  |  | 3,000 |  |  |  | — |  |  |  | (197 | ) |  |  | 2,803 |
Total securities held-to-maturity |  | $ | 83,438 |  |  | $ | 2 |  |  | $ | (9,336 | ) |  | $ | 74,104 |
Total investment securities |  | $ | 96,815 |  |  | $ | 20 |  |  | $ | (10,818 | ) |  | $ | 86,017 |
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 March 31, 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 March 31, 2024, aggregated by credit quality indicator:
|  | Credit Rating at Amortized Cost |
|  | AAA/AA/A |  |  | BBB/BB/B |  |  | Non-rated |
March 31, 2024 |  |  | (In thousands) |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 4,887 |  |  | $ | — |  |  | $ | — |
Mortgage-backed securities - commercial |  |  | 4,425 |  |  |  | — |  |  |  | — |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage backed securities - residential |  |  | 46,471 |  |  |  | — |  |  |  | — |
Debt securities |  |  | 20,999 |  |  |  | — |  |  |  | — |
Private label mortgage-backed securities - residential |  |  | — |  |  |  | — |  |  |  | 199 |
Obligations of state and political subdivisions |  |  | 3,457 |  |  |  | — |  |  |  | — |
Corporate securities |  |  | — |  |  |  | 3,000 |  |  |  | — |
Totals |  | $ | 80,239 |  |  | $ | 3,000 |  |  | $ | 199 |
The contractual maturities of debt securities, municipal bonds and certain information regarding mortgage-backed securities at March 31, 2024 are summarized in the following table:
|  | March 31, 2024 |
|  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |
|  | (In thousands) |
Due within 1 year |  | $ | 6,499 |  |  | $ | 6,335 |
Due after 1 but within 5 years |  |  | 16,027 |  |  |  | 14,952 |
Due after 5 but within 10 years |  |  | 4,930 |  |  |  | 4,213 |
Due after 10 years |  |  | — |  |  |  | — |
Total debt securities |  |  | 27,456 |  |  |  | 25,500 |
Mortgage backed securities: |  |  |  |  |  |  |  |
Residential |  |  | 64,934 |  |  |  | 56,127 |
Commercial |  |  | 4,425 |  |  |  | 4,390 |
Total |  | $ | 96,815 |  |  | $ | 86,017 |
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 March 31, 2024 investment securities having an estimated fair value of approximately $11.8 million were pledged to secure public deposits.

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