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INVESTMENT SECURITIES
 9 Months Ended
Jun. 30, 2024
Investment Securities [Abstract]  
INVESTMENT SECURITIES

NOTE I - INVESTMENT SECURITIES

 

The following table summarizes the amortized cost and fair values of securities classified as available-for-sale and held-to-maturity at June 30, 2024:

 

       Gross   Gross     
   Amortized   Unrealized   Unrealized   Fair 
June 30, 2024  Cost   Gains   Losses   Value 
   (In thousands) 
Securities available-for-sale:                    
Obligations of U.S. government agencies:                    
Mortgage-backed securities - residential  $98   $
—
   $(11)  $87 
Obligations of U.S. government-sponsored enterprises:                    
Mortgage-backed securities-residential   12,964    15    (1,506)   11,473 
Corporate securities   4,000    24    
—
    4,024 
Total securities available-for-sale  $17,062   $39   $(1,517)  $15,584 
Securities held-to-maturity:                    
Obligations of U.S. government agencies:                    
Mortgage-backed securities - residential  $4,801   $
—
   $(758)  $4,043 
Mortgage-backed securities - commercial   4,353    
—
    (31)   4,322 
Obligations of U.S. government-sponsored enterprises:                    
Mortgage-backed-securities - residential   44,116    3    (6,682)   37,437 
Debt securities   18,999    
—
    (1,234)   17,765 
Private label mortgage-backed securities - residential   195    
—
    (11)   184 
Obligations of state and political subdivisions   3,453    
—
    (470)   2,983 
Corporate securities   3,000    
—
    (234)   2,766 
Total securities held-to-maturity  $78,917   $3   $(9,420)  $69,500 
Total investment securities  $95,979   $42   $(10,937)  $85,084 

 

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 June 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 June 30, 2024, aggregated by credit quality indicator:

 

   Credit Rating at Amortized Cost 
   AAA/AA/A   BBB/BB/B   Non-rated 
June 30, 2024  (In thousands) 
Securities held-to-maturity:               
Obligations of U.S. government agencies:               
Mortgage-backed securities - residential  $4,801   $
—
   $
—
 
Mortgage-backed securities - commercial   4,353    
—
    
—
 
Obligations of U.S. government-sponsored enterprises:               
Mortgage backed securities - residential   44,116    
—
    
—
 
Debt securities   18,999    
—
    
—
 
Private label mortgage-backed securities - residential   
—
    
—
    195 
Obligations of state and political subdivisions   3,453    
—
    
—
 
Corporate securities   
—
    3,000    
—
 
Totals  $75,722   $3,000   $195 

 

The contractual maturities of debt securities, municipal bonds and certain information regarding mortgage-backed securities at June 30, 2024 are summarized in the following table:

 

   June 30, 2024 
   Amortized   Fair 
   Cost   Value 
   (In thousands) 
Due within 1 year  $6,500   $6,318 
Due after 1 but within 5 years   14,541    13,501 
Due after 5 but within 10 years   8,411    7,719 
Due after 10 years   
—
    
—
 
Total debt securities   29,452    27,538 
           
Mortgage backed securities:          
Residential   62,174    53,224 
Commercial   4,353    4,322 
Total  $95,979   $85,084 

 

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 June 30, 2024 investment securities having an estimated fair value of approximately $11.4 million were pledged to secure public deposits.