SECURITIES

9 Months Ended

Jun. 30, 2022

SECURITIES [Abstract]

SECURITIES

4. SECURITIES

At the time of purchase of a security, the Company designates the security as either available for sale or held to maturity, depending upon investment objectives, liquidity needs and intent.

The following table summarizes the amortized cost and fair value of securities available for sale and securities held to maturity at June 30, 2022 and September 30, 2021 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income:

	June 30, 2022
	Amortized		Gross Unrealized		Gross Unrealized
(in thousands)	Cost		Gains		Losses		Fair Value
Available for sale:
U.S. GSE residential mortgage-backed securities	$	390	$	—	$	(71)	$	319
Corporate bonds		6,700		—		(279)		6,421
Total available for sale securities	$	7,090	$	—	$	(350)	$	6,740
Held to maturity:
U.S. GSE residential mortgage-backed securities	$	1,858	$	—	$	(117)	$	1,741
U.S. GSE commercial mortgage-backed securities		2,651		—		(83)		2,568
Total held to maturity securities		4,509		—		(200)		4,309
Total investment securities	$	11,599	$	—	$	(550)	$	11,049

	September 30, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized
(in thousands)	Cost		Gains		Losses		Fair Value
Available for sale:
U.S. GSE residential mortgage-backed securities	$	722	$	112	$	(1)	$	833
Corporate bonds		6,700		214		—		6,914
Total available for sale securities	$	7,422	$	326	$	(1)	$	7,747
Held to maturity:
U.S. GSE residential mortgage-backed securities	$	2,417	$	74	$	—	$	2,491
U.S. GSE commercial mortgage-backed securities		2,694		175		—		2,869
Corporate bonds		3,500		9		(4)		3,505
Total held to maturity securities		8,611		258		(4)		8,865
Total investment securities	$	16,033	$	584	$	(5)	$	16,612

All of the Company’s securities with gross unrealized losses at June 30, 2022 and September 30, 2021 had been in a continuous loss position for less than twelve months, totaling $550 thousand and $5 thousand, respectively. At June 30 2022 and September 30, 2021, investment securities carried at $1.8 million and $5.1 million, respectively, were pledged to secure public deposits and for other purposes required or permitted by law.

The amortized cost and fair value of the Company’s securities portfolio at June 30, 2022 are presented by contractual maturity in the table below. The expected life of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay the underlying mortgage loans with or without call or prepayment penalties.

	June 30, 2022
	Amortized		Fair
(in thousands)	Cost		Value
Securities available for sale:
Five to ten years	$	6,700	$	6,421
U.S. GSE residential mortgage-backed securities		390		319
Total securities available for sale		7,090		6,740
Securities held to maturity:
One to five years		—		—
Five to ten years		—		—
U.S. GSE residential mortgage-backed securities		1,858		1,741
U.S. GSE commercial mortgage-backed securities		2,651		2,568
Total securities held to maturity		4,509		4,309
Total investment securities	$	11,599	$	11,049

There were $2.1 million of proceeds on sales of securities available for sale with gross gains of $105 thousand for the nine months ended June 30, 2022. For the nine months ended June 30, 2021, proceeds from sales of securities available for sale totaled $3.2 million with gross gains of $240 thousand. There were no sales of securities for the three months ended June 30, 2022 and 2021.