DEPOSITS

9 Months Ended

Jun. 30, 2023

Deposits [Abstract]

DEPOSITS

NOTE K - DEPOSITS

A summary of deposits by type of account are summarized as follows:

	June 30,		September 30,
	2023		2022
	(In thousands)
Demand accounts	$	182,924	$	182,417
Savings accounts		65,470		81,850
NOW accounts		93,833		98,643
Money market accounts		247,870		222,214
Certificates of deposit		91,528		69,929
Retirement certificates		11,847		12,680
Total deposits	$	693,472	$	667,733

Included in Company’s deposits at June 30, 2023 were $18.8 million in brokered certificates of deposits and $15.5 million in certificate of deposits through a national deposit listing service. At September 30, 2022 the Company had $6.0 million in brokered certificates of deposits and $14.6 million in certificate of deposits obtained from a national deposit listing service.

The current FDIC insurance limit on bank deposit accounts is $250,000 per separately insured deposit account. The aggregate amount of deposit accounts with a denomination of $250,000 or more was approximately $388.5 million at June 30, 2023 compared with $399.9 million at September 30, 2022. The portion of these accounts included in the Company’s total deposits was an estimated $95.4 million that exceeded the Federal Deposit Insurance Corporation’s insurance coverage limit of $250,000 at June 30, 2023 compared to $129.4 million at September 30, 2022.

The aggregate amount of deposit accounts of State and local municipalities was $200.9 million at June 30, 2023 compared with $140.6 million at September 30, 2022. There were $194.4 million and $139.3 million State and local municipality deposits in excess of $250,000 at June 30, 2023 and September 30, 2022, which are collateralized by investment securities and municipal letters of credit with the Federal Home Loan Bank of New York (FHLBNY”).