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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.