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INVESTMENT SECURITIES
 3 Months Ended
Dec. 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 December 31, 2024:

   December 31, 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  $93   $
—
   $(11)  $
—
   $82 
Obligations of U.S. government-sponsored enterprises:                         
Mortgage-backed securities-residential   14,621    34    (1,490)   
—
    13,165 
Corporate securities   4,000    99    
—
    
—
    4,099 
Total securities available-for-sale  $18,714   $133   $(1,501)  $
—
   $17,346 
Securities held-to-maturity:                         
Obligations of U.S. government agencies:                         
Mortgage-backed securities - residential  $7,051   $
—
   $(817)  $
—
   $6,234 
Mortgage-backed securities - commercial   4,182    
—
    (42)   
—
    4,140 
Obligations of U.S. government-sponsored enterprises:                         
Mortgage backed securities - residential   43,780    2    (6,527)   
—
    37,255 
Debt securities   19,000    
—
    (873)   
—
    18,127 
Private label mortgage-backed securities - residential   187    
—
    (7)   
—
    180 
Obligations of state and political subdivisions   3,444    
—
    (428)   
—
    3,016 
Corporate securities   3,000    
—
    (140)   
—
    2,860 
Total securities held-to-maturity  $80,644   $2   $(8,834)  $
—
   $71,812 
Total investment securities  $99,358   $135   $(10,335)  $
—
   $89,158 

 

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 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, 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 tables summarize the amortized cost of held-to-maturity debt securities at December 31, 2024 and September 30, 2024, aggregated by credit quality indicator:

  

   Credit Rating at Amortized Cost 
   AAA/AA/A   BBB/BB/B   Non-rated 
December 31, 2024  (In thousands) 
Securities held-to-maturity:               
Obligations of U.S. government agencies:               
Mortgage-backed securities - residential  $7,051   $
—
   $
—
 
Mortgage-backed securities - commercial   4,182    
—
    
—
 
Obligations of U.S. government-sponsored enterprises:               
Mortgage backed securities - residential   43,780    
—
    
—
 
Debt securities   19,000    
—
    
—
 
Private label mortgage-backed securities - residential   187    
—
    
—
 
Obligations of state and political subdivisions   3,444    
—
    
—
 
Corporate securities   3,000    
—
    
—
 
Totals  $80,644   $
—
   $
—
 

  

   Credit Rating at Amortized Cost 
   AAA/AA/A   BBB/BB/B   Non-rated 
   (In thousands) 
September 30, 2024        
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 contractual maturities of debt securities, municipal bonds and certain information regarding mortgage-backed securities available-for-sale at December 31, 2024 are summarized in the following table:

   December 31, 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    4,099 
Due after 10 years   
—
    
—
 
Total debt securities   4,000    4,099 
           
Mortgage-backed securities:          
Residential   14,714    13,247 
Commercial   
—
    
—
 
Total  $18,714   $17,346 

 

The contractual maturities of debt securities, municipal bonds and certain information regarding mortgage-backed securities held-to-maturity at December 31, 2024 are summarized in the following table:

 

   December 31, 2024 
   Amortized   Fair 
   Cost   Value 
   (In thousands) 
Due within 1 year  $9,500   $9,403 
Due after 1 but within 5 years   12,176    11,413 
Due after 5 but within 10 years   3,768    3,187 
Due after 10 years   
—
    
—
 
Total debt securities   25,444    24,003 
           
Mortgage backed securities:          
Residential   51,018    43,669 
Commercial   4,182    4,140 
Total  $80,644   $71,812 

 

As of December 31, 2024 and September 30, 2024, investment securities having a carrying amount of approximately $12.0 million and $12.5 million, respectively, were pledged to secure public deposits.