| Schedule of Investment securities |
The following tables present information related to the Company’s investment securities at September 30, 2021, and 2020.
|
|
|
September 30, 2021 |
|
|
|
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
|
|
(In thousands) |
|
|
Investment Securities Available-for-Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government agencies |
|
$ |
5,000 |
|
|
$ |
— |
|
|
$ |
(7 |
) |
|
$ |
4,993 |
|
|
State and municipal obligations |
|
|
2,767 |
|
|
|
1 |
|
|
|
(3 |
) |
|
|
2,765 |
|
|
Single issuer trust preferred security |
|
|
1,000 |
|
|
|
— |
|
|
|
(125 |
) |
|
|
875 |
|
|
Corporate debt securities |
|
|
31,989 |
|
|
|
243 |
|
|
|
(52 |
) |
|
|
32,180 |
|
|
Total |
|
$ |
40,756 |
|
|
$ |
244 |
|
|
$ |
(187 |
) |
|
$ |
40,813 |
|
|
Investment Securities Held-to-Maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government agencies |
|
$ |
10,000 |
|
|
$ |
11 |
|
|
$ |
— |
|
|
$ |
10,011 |
|
|
State and municipal obligations |
|
|
6,062 |
|
|
|
104 |
|
|
|
(49 |
) |
|
|
6,117 |
|
|
Corporate debt securities |
|
|
3,383 |
|
|
|
224 |
|
|
|
— |
|
|
|
3,607 |
|
|
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized mortgage obligations, fixed-rate |
|
|
9,062 |
|
|
|
129 |
|
|
|
(13 |
) |
|
|
9,178 |
|
|
Total |
|
$ |
28,507 |
|
|
$ |
468 |
|
|
$ |
(62 |
) |
|
$ |
28,913 |
|
|
Equity Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds |
|
|
1,500 |
|
|
|
— |
|
|
|
— |
|
|
|
1,500 |
|
|
Total Mutual funds |
|
|
1,500 |
|
|
|
— |
|
|
|
— |
|
|
|
1,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
Total investment securities |
|
$ |
70,763 |
|
|
$ |
712 |
|
|
$ |
(249 |
) |
|
$ |
71,226 |
|
|
|
|
September 30, 2020 |
|
|
|
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
|
|
(In thousands) |
|
|
Investment Securities Available-for-Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government agencies |
|
$ |
5,025 |
|
|
$ |
15 |
|
|
$ |
— |
|
|
$ |
5,040 |
|
|
State and municipal obligations |
|
|
3,101 |
|
|
|
4 |
|
|
|
— |
|
|
|
3,105 |
|
|
Single issuer trust preferred security |
|
|
1,000 |
|
|
|
— |
|
|
|
(75 |
) |
|
|
925 |
|
|
Corporate debt securities |
|
|
21,009 |
|
|
|
182 |
|
|
|
(243 |
) |
|
|
20,948 |
|
|
Total |
|
$ |
30,135 |
|
|
$ |
201 |
|
|
$ |
(318 |
) |
|
$ |
30,018 |
|
|
Investment Securities Held-to-Maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government agencies |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
State and municipal obligations |
|
|
1,794 |
|
|
|
129 |
|
|
|
— |
|
|
|
1,923 |
|
|
Corporate debt securities |
|
|
3,498 |
|
|
|
260 |
|
|
|
— |
|
|
|
3,758 |
|
|
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateralized mortgage obligations, fixed-rate |
|
|
9,678 |
|
|
|
249 |
|
|
|
— |
|
|
|
9,927 |
|
|
Total |
|
$ |
14,970 |
|
|
$ |
638 |
|
|
$ |
— |
|
|
$ |
15,608 |
|
|
Equity Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds |
|
|
1,523 |
|
|
|
— |
|
|
|
— |
|
|
|
1,523 |
|
|
Total |
|
|
1,523 |
|
|
|
— |
|
|
|
— |
|
|
|
1,523 |
|
|
Total investment securities |
|
$ |
46,628 |
|
|
$ |
839 |
|
|
$ |
(318 |
) |
|
$ |
47,149 |
|
|
| Schedule of aggregate investments in an unrealized loss position |
The following tables indicate gross unrealized losses not recognized in income and fair value, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position at September 30, 2021, and 2020.
|
|
|
September 30, 2021 |
|
|
|
|
Less than 12 Months |
|
|
More than 12 Months |
|
|
Total |
|
|
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
|
|
(In thousands) |
|
|
Investment Securities Available-for-Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government agencies |
|
$ |
4,993 |
|
|
$ |
(7 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,993 |
|
|
$ |
(7 |
) |
|
State and municipal obligations |
|
|
1,819 |
|
|
|
(3 |
) |
|
|
— |
|
|
|
— |
|
|
|
1,819 |
|
|
|
(3 |
) |
|
Single issuer trust preferred security |
|
|
— |
|
|
|
— |
|
|
|
875 |
|
|
|
(125 |
) |
|
|
875 |
|
|
|
(125 |
) |
|
Corporate debt securities |
|
|
8,475 |
|
|
|
(25 |
) |
|
|
2,973 |
|
|
|
(27 |
) |
|
|
11,448 |
|
|
|
(52 |
) |
|
Total |
|
$ |
15,287 |
|
|
$ |
(35 |
) |
|
$ |
3,848 |
|
|
$ |
(152 |
) |
|
$ |
19,135 |
|
|
$ |
(187 |
) |
Note 6 - Investment Securities (Continued)
|
|
|
September 30, 2020 |
|
|
|
|
Less than 12 Months |
|
|
More than 12 Months |
|
|
Total |
|
|
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
|
|
(In thousands) |
|
|
Investment Securities Available-for-Sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Single issuer trust preferred security |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
925 |
|
|
$ |
(75 |
) |
|
$ |
925 |
|
|
$ |
(75 |
) |
|
Corporate debt securities |
|
|
4,426 |
|
|
|
(74 |
) |
|
|
3,330 |
|
|
|
(169 |
) |
|
|
7,756 |
|
|
|
(243 |
) |
|
Total investment securities |
|
$ |
4,426 |
|
|
$ |
(74 |
) |
|
$ |
4,255 |
|
|
$ |
(244 |
) |
|
$ |
8,681 |
|
|
$ |
(318 |
) |
|
| Schedule of amortized cost and fair value of debt securities by contractual maturity |
The following table presents information for investment securities at September 30, 2021, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer.
|
|
|
September 30, 2021 |
|
|
|
|
Amortized Cost |
|
|
Fair Value |
|
|
|
|
(In thousands) |
|
|
Investment Securities Available-for-Sale: |
|
|
|
|
|
|
|
|
|
Due in one year or less |
|
$ |
— |
|
|
$ |
— |
|
|
Due after one year through five years |
|
|
4,445 |
|
|
|
4,434 |
|
|
Due after five years through ten years |
|
|
27,989 |
|
|
|
28,069 |
|
|
Due after ten years |
|
|
8,322 |
|
|
|
8,310 |
|
|
Total |
|
$ |
40,756 |
|
|
$ |
40,813 |
|
|
Investment Securities Held-to-Maturity: |
|
|
|
|
|
|
|
|
|
Due in one year or less |
|
$ |
— |
|
|
$ |
— |
|
|
Due after one year through five years |
|
|
4,474 |
|
|
|
4,764 |
|
|
Due after five years through ten years |
|
|
5,666 |
|
|
|
5,712 |
|
|
Due after ten years |
|
|
9,304 |
|
|
|
9,259 |
|
|
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
Collateralized mortgage obligations, fixed-rate |
|
|
9,063 |
|
|
|
9,178 |
|
|
Total |
|
$ |
28,507 |
|
|
$ |
28,913 |
|
|
Equity Securities |
|
|
|
|
|
|
|
|
|
Mutual funds |
|
|
|
|
|
|
|
|
|
Due in one year or less |
|
$ |
500 |
|
|
$ |
500 |
|
|
Due after five years through ten years |
|
|
1,000 |
|
|
|
1,000 |
|
|
Total |
|
|
1,500 |
|
|
|
1,500 |
|
|
Total investment securities |
|
$ |
70,763 |
|
|
$ |
71,226 |
|
|