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INVESTMENT SECURITIES
 6 Months Ended
Mar. 31, 2025
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, 2025:

 

   March 31, 2025 
       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  $92   $
—
   $(9)  $
—
   $83 
Obligations of U.S. government-sponsored enterprises:                         
Mortgage-backed securities-residential   16,357    51    (1,245)   
—
    15,163 
Corporate securities   4,000    99    
—
    
—
    4,099 
Total securities available-for-sale  $20,449   $150   $(1,254)  $
—
   $19,345 
Securities held-to-maturity:                         
Obligations of U.S. government agencies:                         
Mortgage-backed securities - residential  $6,901   $
—
   $(699)  $
—
   $6,202 
Mortgage-backed securities - commercial   4,051    38    (34)   
—
    4,055 
Obligations of U.S. government-sponsored enterprises:                         
Mortgage backed securities - residential   42,564    2    (5,576)   
—
    36,990 
Debt securities   14,500    
—
    (675)   
—
    13,825 
Private label mortgage-backed securities - residential   183    
—
    (5)   
—
    178 
Obligations of state and political subdivisions   3,439    
—
    (428)   
—
    3,011 
Corporate securities   3,000    
—
    (140)   
—
    2,860 
Total securities held-to-maturity  $74,638   $40   $(7,557)  $
—
   $67,121 
Total investment securities  $95,087   $190   $(8,811)  $
—
   $86,466 

 

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 March 31, 2025 and September 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 tables summarize the amortized cost of held-to-maturity debt securities at March 31, 2025 and September 30, 2024, aggregated by credit quality indicator:

 

   Credit Rating at Amortized Cost 
   AAA/AA/A   BBB/BB/B   Non-rated 
March 31, 2025  (In thousands) 
Securities held-to-maturity:               
Obligations of U.S. government agencies:               
Mortgage-backed securities - residential  $6,901   $
—
   $
—
 
Mortgage-backed securities - commercial   4,051    
—
    
—
 
Obligations of U.S. government-sponsored enterprises:               
Mortgage backed securities - residential   42,564    
—
    
—
 
Debt securities   14,500    
—
    
—
 
Private label mortgage-backed securities - residential   183    
—
    
—
 
Obligations of state and political subdivisions   3,439    
—
    
—
 
Corporate securities   3,000    
—
    
—
 
Totals  $74,638   $
—
   $
—
 
   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 March 31, 2025 are summarized in the following table:

 

   March 31, 2025 
   Amortized   Fair 
   Cost   Value 
Securities available-for-sale  (In thousands) 
Debt securities:        
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   16,449    15,246 
Commercial   
—
    
—
 
Total mortgage-backed securities   16,449    15,246 
Total securities available-for-sale  $20,449   $19,345 

 

The contractual maturities of debt securities, municipal bonds and certain information regarding mortgage-backed securities held-to-maturity at March 31, 2025 are summarized in the following table:

 

   March 31, 2025 
   Amortized   Fair 
   Cost   Value 
Securities held-to-maturity  (In thousands) 
Debt securities:          
Due within 1 year  $5,000   $4,955 
Due after 1 but within 5 years   14,477    13,547 
Due after 5 but within 10 years   1,462    1,194 
Due after 10 years   
—
    
—
 
Total debt securities   20,939    19,696 
           
Mortgage backed securities:          
Residential   49,648    43,370 
Commercial   4,051    4,055 
Total mortgage-backed securities   53,699    47,425 
Total securities held-to-maturity  $74,638   $67,121 

As of March 31, 2025 and September 30, 2024, investment securities having a carrying amount of approximately $12.2 million and $12.5 million, respectively, were pledged to secure public deposits.