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INVESTMENT SECURITIES
 9 Months Ended
Jun. 30, 2025
Investment Securities [Abstract]  
INVESTMENT SECURITIES

NOTE G - 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, 2025:

   June 30, 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  $91   $
—
   $(9)  $
—
   $82 
Obligations of U.S. government-sponsored enterprises:                         
Mortgage-backed securities-residential   16,003    62    (1,189)   
—
    14,876 
Corporate securities   6,500    146    
—
    
—
    6,646 
Total securities available-for-sale  $22,594   $208   $(1,198)  $
—
   $21,604 
Securities held-to-maturity:                         
Obligations of U.S. government agencies:                         
Mortgage-backed securities - residential  $6,781   $
—
   $(687)  $
—
   $6,094 
Mortgage-backed securities - commercial   4,024    19    (7)   
—
    4,036 
Obligations of U.S. government-sponsored enterprises:                         
Mortgage backed securities - residential   41,601    1    (5,219)   
—
    36,383 
Debt securities   10,500    
—
    (560)   
—
    9,940 
Private label mortgage-backed securities - residential   179    
—
    (3)   
—
    176 
Obligations of state and political subdivisions   3,435    1    (368)   
—
    3,068 
Corporate securities   3,000    
—
    (106)   
—
    2,894 
Total securities held-to-maturity  $69,520   $21   $(6,950)  $
—
   $62,591 
Total investment securities  $92,114   $229   $(8,148)  $
—
   $84,195 

 

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 June 30, 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 June 30, 2025 and September 30, 2024, aggregated by credit quality indicator:

 

   Credit Rating at Amortized Cost 
   AAA/AA/A   BBB/BB/B   Non-rated 
June 30, 2025  (In thousands) 
Securities held-to-maturity:               
Obligations of U.S. government agencies:               
Mortgage-backed securities - residential  $6,781   $
—
   $
—
 
Mortgage-backed securities - commercial   4,024    
—
    
—
 
Obligations of U.S. government-sponsored enterprises:               
Mortgage backed securities - residential   41,601    
—
    
—
 
Debt securities   10,500    
—
    
—
 
Private label mortgage-backed securities - residential   179    
—
    
—
 
Obligations of state and political subdivisions   3,435    
—
    
—
 
Corporate securities   3,000    
—
    
—
 
Total securities held-to-maturity:  $69,520   $
—
   $
—
 

  

   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 securities held-to-maturity:  $79,816   $
—
   $
—
 

 

The contractual maturities of debt securities, municipal bonds and certain information regarding mortgage-backed securities available-for-sale at June 30, 2025 are summarized in the following table:

   June 30, 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   6,500    6,646 
Due after 10 years   
—
    
—
 
Total debt securities   6,500    6,646 
           
Mortgage-backed securities:          
Residential   16,094    14,958 
Commercial   
—
    
—
 
Total mortgage-backed securities   16,094    14,958 
 Total securities available-for-sale  $22,594   $21,604 

 

The contractual maturities of debt securities, municipal bonds and certain information regarding mortgage-backed securities held-to-maturity at June 30, 2025 are summarized in the following table:

 

   June 30, 2025 
   Amortized   Fair 
   Cost   Value 
Securities held-to-maturity  (In thousands) 
Debt securities:          
Due within 1 year  $3,000   $2,994 
Due after 1 but within 5 years   12,474    11,683 
Due after 5 but within 10 years   1,461    1,225 
Due after 10 years   
—
    
—
 
Total debt securities   16,935    15,902 
           
Mortgage backed securities:          
Residential   48,561    42,653 
Commercial   4,024    4,036 
Total mortgage-backed securities   52,585    46,689 
 Total securities held-to-maturity  $69,520   $62,591 

 

As of June 30, 2025 and September 30, 2024, investment securities having a carrying amount of approximately $11.3 million and $12.5 million, respectively, were pledged to secure public deposits.