Magyar Bancorp (MGYR) 10-Q 15 Aug 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2022	Aug. 01, 2022
Cover [Abstract]
Document Type	10-Q
Entity Central Index Key	0001337068
Document Period End Date	Jun. 30, 2022
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-51726
Entity Registrant Name	Magyar Bancorp, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-4154978
Entity Address, Address Line One	400 Somerset Street
Entity Address, City or Town	New Brunswick
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08901
City Area Code	(732)
Local Phone Number	342-7600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $.01 per share
Trading Symbol	MGYR
Name of Exchange on which Security is Registered	NASDAQ
Entity Common Stock, Shares Outstanding		7,097,825

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Assets
Cash	$ 2,812	$ 1,808
Interest earning deposits with banks	23,509	73,393
Total cash and cash equivalents	26,321	75,201
Investment securities - available for sale, at fair value	10,058	12,927
Investment securities - held to maturity, at amortized cost (fair value of $83,650 and $57,282 at June 30, 2022 and September 30, 2021, respectively)	91,222	57,660
Federal Home Loan Bank of New York stock, at cost	1,431	1,738
Loans receivable, net of allowance for loan losses of $8,505 and $8,075 at June 30, 2022 and September 30, 2021, respectively	616,656	585,301
Bank owned life insurance	17,563	14,288
Accrued interest receivable	3,550	3,533
Premises and equipment, net	13,950	14,331
Other real estate owned ("OREO")	281	636
Other assets	9,620	8,375
Total assets	790,652	773,990
Liabilities
Deposits	659,821	639,814
Escrowed funds	3,540	3,242
Borrowings	15,284	23,356
Accrued interest payable	56	85
Accounts payable and other liabilities	10,971	9,852
Total liabilities	689,672	676,349
Stockholders' equity
Preferred stock: $.01 Par Value in dollar, 500,000 shares authorized; at June 30, 2022 and September 30, 2021, none issued
Common stock: $.01 Par Value in dollar, 14,000,000 shares authorized; 7,097,825 shares issued; 7,097,825 shares outstanding at June 30, 2022 and September 30, 2021, at cost	71	71
Additional paid-in capital	63,712	63,713
Treasury stock: 112,996 shares, at cost	(1,242)	(1,242)
Unearned Employee Stock Ownership Plan shares	(3,192)	(3,235)
Retained earnings	43,547	39,281
Accumulated other comprehensive loss	(1,916)	(947)
Total stockholders' equity	100,980	97,641
Total liabilities and stockholders' equity	$ 790,652	$ 773,990

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Statement of Financial Position [Abstract]
Fair value of investment securities - held to maturity	$ 83,650	$ 57,282
Allowance for loan losses	$ 8,505	$ 8,075
Preferred stock; par value	$ 0.01	$ 0.01
Preferred stock; shares authorized	500,000	500,000
Preferred stock; shares issued	0	0
Common stock; par value	$ 0.01	$ 0.01
Common stock; shares authorized	14,000,000	14,000,000
Common stock; shares issued	7,097,825	7,097,825
Common stock, shares outstanding	7,097,825	7,097,825
Treasury stock, shares	112,996	112,996

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Interest and dividend income
Loans, including fees	$ 7,018	$ 6,874	$ 20,281	$ 20,515
Investment securities
Taxable	428	200	1,023	633
Tax-exempt	11	1	27	1
Federal Home Loan Bank of New York stock	19	23	58	73
Total interest and dividend income	7,476	7,098	21,389	21,222
Interest expense
Deposits	420	487	1,286	1,821
Borrowings	92	153	323	519
Total interest expense	512	640	1,609	2,340
Net interest and dividend income	6,964	6,458	19,780	18,882
Provision for loan losses	205	246	376	1,353
Net interest and dividend income after provision for loan losses	6,759	6,212	19,404	17,529
Other income
Service charges	284	229	860	831
Income on bank owned life insurance	94	76	275	233
Fees for other customer services		9		777
Interest rate swap fees	76		76	208
Other operating income	21	27	67	86
Gains on sales of loans	134	380	553	749
Gain on sale of OREO	67		67
Total other income	676	721	1,898	2,884
Other expenses
Compensation and employee benefits	2,701	2,621	8,096	7,791
Occupancy expenses	750	760	2,255	2,244
Professional fees	198	379	856	1,382
Data processing expenses	136	132	409	391
Marketing and business development	143	66	353	171
OREO expenses	6	24	54	223
FDIC deposit insurance premiums	55	114	161	370
Loan servicing expenses	2	96	86	294
Other expenses	441	397	1,293	1,139
Total other expenses	4,432	4,589	13,563	14,005
Income before income tax expense	3,003	2,344	7,739	6,408
Income tax expense	886	676	2,250	1,898
Net income	$ 2,117	$ 1,668	$ 5,489	$ 4,510
Net income per share-basic and diluted	$ 0.31	$ 0.24	$ 0.81	$ 0.64
Weighted average basic and diluted shares outstanding	6,799,800	7,096,664	6,797,691	7,096,664

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net income per share-basic and diluted	$ 0.31	$ 0.24	$ 0.81	$ 0.64
Weighted average basic and diluted shares outstanding	6,799,800	7,096,664	6,797,691	7,096,664

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 2,117	$ 1,668	$ 5,489	$ 4,510
Other comprehensive income
Unrealized (loss) gain on securities available for sale	(490)	164	(1,285)	(205)
Other comprehensive (loss) gain, before tax	(490)	164	(1,285)	(205)
Deferred income tax effect	120	(54)	316	57
Total other comprehensive (loss) gain	(370)	110	(969)	(148)
Total comprehensive income	$ 1,747	$ 1,778	$ 4,520	$ 4,362

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Unearned ESOP Shares [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Balance at Sep. 30, 2020	$ 59	$ 26,294	$ (1,242)	$ (65)	$ 33,161	$ (1,357)	$ 56,850
Balance, shares at Sep. 30, 2020	5,810,746
Net income					1,337		1,337
Other comprehensive income						(36)	(36)
ESOP shares allocated		(15)		65			50
Balance at Dec. 31, 2020	$ 59	26,279	(1,242)		34,498	(1,393)	58,201
Balance, shares at Dec. 31, 2020	5,810,746
Balance at Sep. 30, 2020	$ 59	26,294	(1,242)	(65)	33,161	(1,357)	56,850
Balance, shares at Sep. 30, 2020	5,810,746
Net income							4,510
Other comprehensive income							(148)
Balance at Jun. 30, 2021	$ 59	26,279	(1,242)		37,672	(1,505)	61,263
Balance, shares at Jun. 30, 2021	5,810,746
Balance at Dec. 31, 2020	$ 59	26,279	(1,242)		34,498	(1,393)	58,201
Balance, shares at Dec. 31, 2020	5,810,746
Net income					1,506		1,506
Other comprehensive income						(222)	(222)
Balance at Mar. 31, 2021	$ 59	26,279	(1,242)		36,004	(1,615)	59,485
Balance, shares at Mar. 31, 2021	5,810,746
Net income					1,668		1,668
Other comprehensive income						110	110
Balance at Jun. 30, 2021	$ 59	26,279	(1,242)		37,672	(1,505)	61,263
Balance, shares at Jun. 30, 2021	5,810,746
Balance at Sep. 30, 2021	$ 71	63,713	(1,242)	(3,235)	39,281	(947)	$ 97,641
Balance, shares at Sep. 30, 2021	7,097,825						7,097,825
Net income					1,693		$ 1,693
Dividends paid on common stock					(814)		(814)
Other comprehensive income						(40)	(40)
Common stock acquired by ESOP				(98)			(98)
ESOP shares allocated		(32)		93			61
Balance at Dec. 31, 2021	$ 71	63,681	(1,242)	(3,240)	40,160	(987)	98,443
Balance, shares at Dec. 31, 2021	7,097,825
Balance at Sep. 30, 2021	$ 71	63,713	(1,242)	(3,235)	39,281	(947)	$ 97,641
Balance, shares at Sep. 30, 2021	7,097,825						7,097,825
Net income							$ 5,489
Other comprehensive income							(969)
Balance at Jun. 30, 2022	$ 71	63,712	(1,242)	(3,192)	43,547	(1,916)	$ 100,980
Balance, shares at Jun. 30, 2022	7,097,825						7,097,825
Balance at Dec. 31, 2021	$ 71	63,681	(1,242)	(3,240)	40,160	(987)	$ 98,443
Balance, shares at Dec. 31, 2021	7,097,825
Net income					1,679		1,679
Dividends paid on common stock					(205)		(205)
Other comprehensive income						(559)	(559)
ESOP shares allocated		(16)		24			40
Balance at Mar. 31, 2022	$ 71	63,697	(1,242)	(3,216)	41,634	(1,546)	99,398
Balance, shares at Mar. 31, 2022	7,097,825
Net income					2,117		2,117
Dividends paid on common stock					(204)		(204)
Other comprehensive income						(370)	(370)
ESOP shares allocated		15		24			39
Balance at Jun. 30, 2022	$ 71	$ 63,712	$ (1,242)	$ (3,192)	$ 43,547	$ (1,916)	$ 100,980
Balance, shares at Jun. 30, 2022	7,097,825						7,097,825

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends paid	$ 0.03	$ 0.03	$ 0.12

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities
Net income	$ 5,489	$ 4,510
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	627	622
Premium amortization on investment securities, net	148	119
Provision for loan losses	376	1,353
Provision for loss on other real estate owned		215
Originations of SBA loans held for sale	(4,903)	(6,386)
Proceeds from the sales of SBA loans	5,456	7,135
Gains on sale of loans receivable	(553)	(749)
Gains on the sales of other real estate owned	(67)	(79)
ESOP compensation expense	140	50
Deferred income tax expense (benefit)	86	(348)
(Increase) decrease in accrued interest receivable	(17)	148
Increase in surrender value of bank owned life insurance	(275)	(233)
Increase in other assets	(1,015)	(2,532)
Decrease in accrued interest payable	(29)	(102)
Increase in accounts payable and other liabilities	1,119	1,516
Net cash provided by operating activities	6,582	5,239
Investing activities
Net increase in loans receivable	(31,731)	(4,864)
Purchases of loans receivable		(3,500)
Proceeds from the sale of loans receivable		4,000
Purchases of investment securities held to maturity	(39,535)	(28,189)
Purchases of investment securities available for sale		(10,561)
Proceeds from calls of investment securities held to maturity		2,000
Proceeds from calls of investment securities available for sale		5,000
Principal repayments on investment securities held to maturity	5,886	8,268
Principal repayments on investment securities available for sale	1,523	6,133
Purchase of bank owned life insurance	(3,000)
Purchases of premises and equipment	(246)	(366)
Investment in other real estate owned	(12)	(25)
Proceeds from other real estate owned	434	1,725
Redemption of Federal Home Loan Bank stock	307	93
Net cash used in investing activities	(66,374)	(20,286)
Financing activities
Net increase in deposits	20,007	117,622
Purchase of common stock for ESOP	(98)
Net increase in escrowed funds	298	990
Repayments of long-term advances	(8,072)	(36,106)
Cash paid on common stock dividends	(1,223)
Net cash provided by financing activities	10,912	82,506
Net (decrease) increase in cash and cash equivalents	(48,880)	67,459
Cash and cash equivalents, beginning of year	75,201	61,726
Cash and cash equivalents, end of year	26,321	129,185
Supplemental disclosures of cash flow information
Interest	1,638	2,442
Income taxes	2,180	2,125
Non-cash operating activities
Real estate acquired in full satisfaction of loans in foreclosure		$ 547

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	NOTE A – BASIS OF PRESENTATION The consolidated financial statements include the accounts of Magyar Bancorp, Inc. (the “Company”), its wholly owned subsidiary, Magyar Bank (the “Bank”), and the Bank’s wholly owned subsidiaries Magyar Service Corporation, Hungaria Urban Renewal, LLC, and Magyar Investment Company. All material intercompany transactions and balances have been eliminated. The Company prepares its financial statements on the accrual basis and in conformity with accounting principles generally accepted in the United States of America ("US GAAP"). The unaudited information furnished herein reflects all adjustments (consisting of normal recurring accruals) that are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Operating results for the three and nine months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending September 30, 2022. The September 30, 2021 information has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by US GAAP for complete consolidated financial statements. The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of other real estate owned (“OREO”), and the assessment of realizability of deferred income tax assets. The Company has evaluated events and transactions occurring subsequent to the balance sheet date of June 30, 2022 for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Jun. 30, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE B – RECENT ACCOUNTING PRONOUNCEMENTS In connection with the preparation of quarterly and annual reports in accordance with the Securities and Exchange Commission’s (“SEC”) Securities Exchange Act of 1934, SEC Staff Accounting Bulletin Topic 11.M requires the disclosure of the impact that recently issued accounting standards will have on financial statements when they are adopted in the future. In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses In October 2019, the FASB voted to defer the effective date of ASU 2016-13 for smaller reporting companies to fiscal years beginning after December 15, 2022 (October 1, 2023 for the Company), and interim periods within those fiscal years. The Company currently expects to continue to qualify as a smaller reporting company, based upon the current SEC definition, and as a result, will be able to defer implementation of the new standard until October 1, 2023. The Company did not early adopt as of June 30, 2022, but will continue to review factors that might indicate that the full deferral time period should not be used. The Company continues to evaluate the impact the new standard will have on the accounting for credit losses, but the Company may recognize a one-time cumulative-effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, consistent with regulatory expectations set forth in interagency guidance issued at the end of 2016. The Company cannot yet determine the magnitude of any such one-time cumulative adjustment or of the overall impact of the new standard on its consolidated financial condition or results of operations. 6 Table of Contents In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. In January 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, March 2020 In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings (“TDRs”) and Vintage Disclosures Financial Instruments—Credit Losses (Topic 326). Financial Instruments—Credit Losses—Measured at Amortized Cost

CONTINGENCIES

CONTINGENCIES	9 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	NOTE C – CONTINGENCIES The Company, from time to time, is a party to routine litigation that arises in the normal course of business. In the opinion of management, the resolution of this litigation, if any, would not have a material adverse effect on the Company’s consolidated financial position or results of operations

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE D – EARNINGS PER SHARE The following table presents a calculation of basic and diluted earnings per share for the three and nine months ended June 30, 2022 and 2021. Basic and diluted earnings per share were calculated by dividing net income by the weighted-average number of shares outstanding for the periods. As a result of the second-step conversion completed on July 14, 2021, the previously reported number of shares for the year ended June 30, 2021 were adjusted to reflect the 1.2213 exchange ratio for comparative purposes. 7 Table of Contents Three Months Ended June 30, 2022 2021 Weighted Per Weighted Per average share average share Income shares Amount Income shares Amount (Dollars in thousands, except share and per share data) Basic and diluted EPS Net income available to weighted average common shareholders $ 2,117 6,799,800 $ 0.31 $ 1,668 7,096,664 $ 0.24 Nine Months Ended June 30, 2022 2021 Weighted Per Weighted Per average share average share Income shares Amount Income shares Amount (Dollars in thousands, except share and per share data) Basic and diluted EPS Net income available to weighted average common shareholders $ 5,489 6,797,691 $ 0.81 $ 4,510 7,096,664 $ 0.64 There were no outstanding stock awards or options to purchase common stock at June 30, 2022 and 2021.

STOCK-BASED COMPENSATION AND ST

STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM	9 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM	NOTE E – STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM The Company follows FASB Accounting Standards Codification (“ASC”) Section 718, Compensation-Stock Compensation There were no grants, vested shares or forfeitures of non-vested restricted stock awards for the three and nine months ended June 30, 2022 and 2021. There were no stock option and stock award expenses included with compensation expense for the three and nine months ended June 30, 2022 and 2021. The Company did not repurchase any shares of its common stock during the three and nine months ended June 30, 2022 and 2021. The Company held 112,996 10.99 Under current federal regulations, subject to limited exceptions, the Company was not allowed to repurchase shares of our common stock during the first year following the completion of its second-step conversion offering, which was completed on July 14, 2021. On July 21, 2022, the Company announced a stock repurchase program of up to 5 354,891 The Company has an Employee Stock Ownership Plan ("ESOP") for the benefit of employees who meet certain eligibility requirements. The ESOP trust purchases shares of common stock in the open market using proceeds of a loan from the Company. The loan is secured by shares of the Company’s stock. The Bank makes cash contributions to the ESOP on an annual basis sufficient to enable the ESOP to make the required loan payments to the Company. As the debt is repaid, shares are released as collateral and allocated to qualified employees. Accordingly, the shares pledged as collateral are reported as unearned ESOP shares in the Consolidated Balance Sheets. The Company accounts for its ESOP in accordance with FASB ASC Topic 718, “Employer’s Accounting for Employee Stock Ownership Plans.” As shares are released from collateral, the Company reports compensation expense equal to the current market price of the shares, and the shares become outstanding for earnings per share computations. 8 Table of Contents The Company’s ESOP (“2006 ESOP”) was established in 2006 as part of the Company’s initial public offering. The total cost of the 217,863 2.3 10.58 In connection with the second-step conversion offering, the ESOP trustees purchased 8 312,800 The total cost of the shares purchased on the open market by the 2021 ESOP trust was $3.4 million, reflecting an average cost per share of $10.77. The 2021 ESOP loan bears a variable interest rate that adjusts annually to the Prime Rate (3.25% at January 1, 2022) with principal and interest payable annually in equal installments over thirty years. The Company's contribution expense for the ESOP was $ 138,000 50,000

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS)	9 Months Ended
	Jun. 30, 2022
Other comprehensive income
OTHER COMPREHENSIVE INCOME (LOSS)	NOTE F – OTHER COMPREHENSIVE INCOME (LOSS) The components of other comprehensive income (loss) and the related income tax effects are as follows: Three Months Ended June 30, 2022 2021 Tax Net of Tax Net of Before Tax (Benefit) Tax Before Tax (Benefit) Tax Amount Expense Amount Amount Expense Amount (In thousands) Unrealized holding (loss) gain arising during period on: Available-for-sale investments $ ( 490 ) $ 120 $ ( 370 ) $ 164 $ ( 54 ) $ 110 Other comprehensive (loss) gain, net $ ( 490 ) $ 120 $ ( 370 ) $ 164 $ ( 54 ) $ 110 Nine Months Ended June 30, 2022 2021 Tax Net of Tax Net of Before Tax (Benefit) Tax Before Tax (Benefit) Tax Amount Expense Amount Amount Expense Amount (In thousands) Unrealized holding loss arising during period on: Available-for-sale investments $ ( 1,285 ) $ 316 $ ( 969 ) $ ( 205 ) $ 57 $ ( 148 ) Other comprehensive loss, net $ ( 1,285 ) 316 $ ( 969 ) $ ( 205 ) $ 57 $ ( 148 )

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	NOTE G – FAIR VALUE DISCLOSURES The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The securities available-for-sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets or liabilities on a non-recurring basis, such as held-to-maturity securities, mortgage servicing rights, loans receivable and OREO. These non-recurring fair value adjustments involve the application of lower-of-cost-or-market accounting or write-downs of individual assets. In accordance with ASC 820, the Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: 9 Table of Contents Level 1 - Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 - Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 - Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. The Company based its fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following is a description of valuation methodologies used for assets measured at fair value on a recurring basis. Securities available-for-sale The securities available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/loss in stockholders’ equity. The securities available-for-sale portfolio consists of U.S government-sponsored mortgage-backed securities and private label mortgage-backed securities. The fair values of these securities are obtained from an independent nationally recognized pricing service. An independent pricing service provides the Company with prices which are categorized as Level 2, as quoted prices in active markets for identical assets are generally not available for the securities in the Company’s portfolio. Various modeling techniques are used to determine pricing for Company’s mortgage-backed securities, including option pricing and discounted cash flow models. The inputs to these models include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. Derivatives Magyar Bank executes interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. The fair values of such derivatives are based on valuation models from a third party using current market terms (including interest rates and fees), the remaining terms of the agreements and the credit worthiness of the counter party as of the measurement date (Level 2). The following tables provide the level of valuation assumptions used to determine the carrying value of the Company’s assets measured at fair value on a recurring basis. June 30, 2022 Total Level 1 Level 2 Level 3 (In thousands) Assets: Securities available for sale: Mortgage-backed securities $ 10,058 $ - $ 10,058 $ - Total securities available for sale 10,058 - 10,058 - Derivative assets 1,622 - 1,622 - Total Assets $ 11,680 $ - $ 11,680 $ - Liabilities: Derivative liabilities $ 1,622 $ - $ 1,622 $ - Total Liabilities $ 1,622 $ - $ 1,622 $ - 10 Table of Contents September 30, 2021 Total Level 1 Level 2 Level 3 (In thousands) Assets: Securities available for sale: Mortgage-backed securities $ 12,927 $ - $ 12,927 $ - Total securities available for sale 12,927 - 12,927 - Derivative assets 183 - 183 - Total assets $ 13,110 $ - $ 13,110 $ - Liabilities: Derivative liabilities $ 183 $ - $ 183 $ - Total Liabilities $ 183 $ - $ 183 $ - The following is a description of valuation methodologies used for assets measured at fair value on a non-recurring basis. Mortgage Servicing Rights, net Mortgage Servicing Rights (MSRs) are carried at the lower of cost or estimated fair value. The estimated fair value of MSRs is determined through a calculation of future cash flows, incorporating estimates of assumptions market participants would use in determining fair value including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market driven data, including the market’s perception of future interest rate movements and, as such, are classified as Level 3. The Company had MSRs totaling $ 1,000 4,000 Impaired Loans Loans which meet certain criteria are evaluated individually for impairment. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. All amounts due according to the contractual terms means that both the contractual interest and principal payments of a loan will be collected as scheduled in the loan agreement. Three impairment measurement methods are used, depending upon the collateral securing the asset: 1) the present value of expected future cash flows discounted at the loan’s effective interest rate (the rate of return implicit in the loan); 2) the asset’s observable market price; or 3) the fair value of the collateral, less anticipated selling and disposition costs, if the asset is collateral dependent. The regulatory agencies require the last method for loans from which repayment is expected to be provided solely by the underlying collateral. The Company’s impaired loans are generally collateral dependent and, as such, are carried at the estimated fair value of the collateral less estimated selling costs. Fair value is estimated through current appraisals, and adjusted by management as necessary, to reflect current market conditions and, as such, are generally classified as Level 3. Appraisals of collateral securing impaired loans are conducted by approved, qualified, and independent third-party appraisers. Such appraisals are ordered via the Company’s credit administration department, independent from the lender who originated the loan, once the loan is deemed impaired, as described in the previous paragraph. Impaired loans are generally re-evaluated with an updated appraisal within one year of the last appraisal. The Company discounts the appraised “as is” value of the collateral for estimated selling and disposition costs and compares the resulting fair value of collateral to the outstanding loan amount. If the outstanding loan amount is greater than the discounted fair value, the Company requires a reduction in the outstanding loan balance or additional collateral before considering an extension to the loan. If the borrower is unwilling or unable to reduce the loan balance or increase the collateral securing the loan, it is deemed impaired and the difference between the loan amount and the fair value of collateral, net of estimated selling and disposition costs, is charged off through a reduction of the allowance for loan loss. Other Real Estate Owned The fair value of other real estate owned is determined through current appraisals, and adjusted as necessary, by management, to reflect current market conditions and anticipated selling and disposition costs. As such, other real estate owned is generally classified as Level 3. The following tables provide the level of valuation assumptions used to determine the carrying value of the Company’s assets measured at fair value on a non-recurring basis at June 30, 2022 and September 30, 2021. 11 Table of Contents June 30, 2022 Total Level 1 Level 2 Level 3 (In thousands) Impaired loans $ 7,428 $ - $ - $ 7,428 Other real estate owned 281 - - 281 Total $ 7,709 $ - $ - $ 7,709 September 30, 2021 Total Level 1 Level 2 Level 3 (In thousands) Impaired loans $ 11,134 $ - $ - $ 11,134 Other real estate owned 636 - - 636 Total $ 11,770 $ - $ - $ 11,770 The following tables present additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements (Dollars in thousands) June 30, 2022 Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 7,428 Appraisal of collateral (1) Appraisal adjustments (2) - 8.0 31.7 20.5 Other real estate owned $ 281 Appraisal of collateral (1) Liquidation expenses (2) - 28.0 28.0 28.0 September 30, 2021 Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 11,134 Appraisal of collateral (1) Appraisal adjustments (2) - 8.0 42.8 23.6 Other real estate owned $ 636 Appraisal of collateral (1) Liquidation expenses (2) - 31.2 45.5 39.4 (1) Fair value is generally determined through independent appraisals for the underlying collateral, which generally include various level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments carried at cost or amortized cost as of June 30, 2022 and September 30, 2021. For short-term financial assets such as cash and cash equivalents and accrued interest receivable, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For financial liabilities such as interest-bearing demand, NOW, and money market savings deposits, the carrying amount is a reasonable estimate of fair value due to these products being payable on demand and having no stated maturity. 12 Table of Contents Carrying Fair Fair Value Measurement Placement Value Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2022 Financial instruments - assets Investment securities held to maturity $ 91,222 $ 83,650 $ - $ 83,650 $ - Loans 616,656 602,093 - - 602,093 Financial instruments - liabilities Certificates of deposit including retirement certificates 87,927 87,050 - 87,050 - Borrowings 15,284 14,749 - 14,749 - September 30, 2021 Financial instruments - assets Investment securities held-to-maturity $ 57,660 $ 57,282 $ - $ 57,282 $ - Loans 585,301 594,674 - - 594,674 Financial instruments - liabilities Certificates of deposit 116,892 118,144 - 118,144 - Borrowings 23,356 23,753 - 23,753 -

LEASES

LEASES	9 Months Ended
	Jun. 30, 2022
Leases [Abstract]
LEASES	NOTE H – LEASES The Company accounts for its leases in accordance with ASU 2016-02, Leases (Topic 842) The Company holds operating leases for five branch locations. Our leases have remaining lease terms of up to 11 10 Operating lease ROU assets represent our right to use an underlying asset during the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at lease commencement base on the present value of the remaining lease payments using a discount rate that represents our incremental borrowing rate. The incremental borrowing rate used by the Company to value its operating leases is based on the interpolated term advance rate available from the Federal Home Loan Bank of New York, based on the remaining lease term. At June 30, 2022, the Company’s operating lease ROU assets and operating lease liabilities totaled $ 3.4 3.8 The following table presents the balance sheet information related to our leases: June 30, 2022 September 30, 2021 (Dollars in thousands) Operating lease right-of-use asset $ 3,442 $ 3,894 Operating lease liabilities $ 3,769 $ 4,254 Weighted average remaining lease term in years 7.1 7.7 Weighted average discount rate 2.2 % 2.2 % The following table summarizes the maturity of our remaining lease liabilities by year (in thousands): 13 Table of Contents For the Year Ending: 2022 $ 184 2023 738 2024 747 2025 523 2026 455 2027 and thereafter 1,533 Total lease payments 4,180 Less imputed interest ( 411 ) Present value of lease liabilities $ 3,769 Total leases expense recorded on the Consolidated Statements of Income within Occupancy expense were $ 607,000 613,000

INVESTMENT SECURITIES

INVESTMENT SECURITIES	9 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES	NOTE I – 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, 2022: Gross Gross Amortized Unrealized Unrealized Fair June 30, 2022 Cost Gains Losses Value (In thousands) Securities available-for-sale: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 125 $ - $ ( 4 ) $ 121 Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential 11,392 3 ( 1,458 ) 9,937 Total securities available-for-sale $ 11,517 $ 3 $ ( 1,462 ) $ 10,058 Securities held-to-maturity: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 5,647 $ - $ ( 404 ) $ 5,243 Mortgage-backed securities - commercial 648 2 - 650 Obligations of U.S. government-sponsored enterprises: Mortgage-backed-securities - residential 48,393 - ( 4,753 ) 43,640 Debt securities 24,817 - ( 1,570 ) 23,247 Private label mortgage-backed securities - residential 229 - ( 8 ) 221 Obligations of state and political subdivisions 3,488 3 ( 467 ) 3,024 Corporate securities 8,000 - ( 375 ) 7,625 Total securities held-to-maturity $ 91,222 $ 5 $ ( 7,577 ) $ 83,650 Total investment securities $ 102,739 $ 8 $ ( 9,039 ) $ 93,708 The contractual maturities of mortgage-backed securities generally exceed 10 years; however, the effective lives are expected to be shorter due to anticipated prepayments. The maturities of the debt securities, municipal bonds and certain information regarding the mortgage backed securities at June 30, 2022 are summarized in the following table: 14 Table of Contents Amortized Fair June 30, 2022 Cost Value (In thousands) Securities available-for-sale: Mortgage-backed securities: Residential $ 11,517 $ 10,058 Commercial - - Total securities available-for-sale $ 11,517 $ 10,058 Securities held-to-maturity Due within 1 year $ 5,000 $ 4,821 Due after 1 but within 5 years 26,346 24,823 Due after 5 but within 10 years 4,445 3,854 Due after 10 years 514 398 Total debt securities $ 36,305 $ 33,896 Mortgage-backed securities: Residential $ 54,269 $ 49,104 Commercial 648 650 Total securities held-to-maturity $ 91,222 $ 83,650 Total investment securities $ 102,739 $ 93,708 The following table summarizes the amortized cost and fair values of securities classified as available-for-sale and held-to-maturity at September 30, 2021: Gross Gross Amortized Unrealized Unrealized Fair September 30, 2021 Cost Gains Losses Value (In thousands) Securities available-for-sale: Obligations of U.S. government agencies: Mortgage backed securities - residential $ 179 $ 7 $ - $ 186 Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential 12,922 27 ( 208 ) 12,741 Total securities available-for-sale $ 13,101 $ 34 $ ( 208 ) $ 12,927 Securities held-to-maturity: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 574 $ - $ ( 25 ) $ 549 Mortgage-backed securities - commercial 703 - - 703 Obligations of U.S. government-sponsored enterprises: Mortgage backed securities - residential 38,596 416 ( 389 ) 38,623 Debt securities 12,498 - ( 156 ) 12,342 Private label mortgage-backed securities - residential 242 6 - 248 Obligations of state and political subdivisions 2,047 - ( 34 ) 2,013 Corporate securities 3,000 - ( 196 ) 2,804 Total securities held-to-maturity $ 57,660 $ 422 $ ( 800 ) $ 57,282 Total investment securities $ 70,761 $ 456 $ ( 1,008 ) $ 70,209

IMPAIRMENT OF INVESTMENT SECURI

IMPAIRMENT OF INVESTMENT SECURITIES	9 Months Ended
	Jun. 30, 2022
Schedule of Investments [Abstract]
IMPAIRMENT OF INVESTMENT SECURITIES	NOTE J – IMPAIRMENT OF INVESTMENT SECURITIES The Company recognizes credit-related other-than-temporary impairment on debt securities in earnings while noncredit-related other-than-temporary impairment on debt securities not expected to be sold are recognized in other comprehensive income. 15 Table of Contents The Company reviews its investment portfolio on a quarterly basis for indications of impairment. This review includes analyzing the length of time and the extent to which the fair value has been lower than the cost, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and the intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in the market. The Company evaluates its intent and ability to hold debt securities based upon its investment strategy for the particular type of security and its cash flow needs, liquidity position, capital adequacy and interest rate risk position. In addition, the risk of future other-than-temporary impairment may be influenced by prolonged recession in the U.S. economy, changes in real estate values and interest deferrals. Investment securities with fair values greater than their amortized cost contain unrealized gains. Investment securities with fair values less than their amortized cost contain unrealized losses. The following tables present the gross unrealized losses and fair value at June 30, 2022 and September 30, 2021 for both available for sale and held to maturity securities by investment category and time frame for which the loss has been outstanding: Less Than 12 Months 12 Months Or Greater Total Number of Fair Unrealized Fair Unrealized Fair Unrealized Securities Value Losses Value Losses Value Losses June 30, 2022 (Dollars in thousands) Obligations of U.S. government agencies: Mortgage-backed securities - residential 6 $ 5,074 $ ( 372 ) $ 290 $ ( 36 ) $ 5,364 $ ( 408 ) Obligations of U.S. government - sponsored enterprises Mortgage-backed securities - residential 47 32,294 ( 3,144 ) 20,982 ( 3,067 ) 53,276 ( 6,211 ) Debt securities 14 11,894 ( 424 ) 11,352 ( 1,146 ) 23,246 ( 1,570 ) Private label mortgage-backed securities residential 1 221 ( 8 ) - - 221 ( 8 ) Obligations of state and political subdivisions 5 1,340 ( 275 ) 846 ( 192 ) 2,186 ( 467 ) Corporate securities 2 4,821 ( 179 ) 2,804 ( 196 ) 7,625 ( 375 ) Total 75 $ 55,644 $ ( 4,402 ) $ 36,274 $ ( 4,637 ) $ 91,918 $ ( 9,039 ) September 30, 2021 Obligations of U.S. government agencies: Mortgage-backed securities - residential 3 $ 318 $ ( 12 ) $ 232 $ ( 13 ) $ 550 $ ( 25 ) Mortgage-backed securities - commercial 1 - - 703 - 703 - Obligations of U.S. government - sponsored enterprises Mortgage-backed securities - residential 20 33,690 ( 539 ) 1,610 ( 58 ) 35,300 ( 597 ) Debt securities 7 10,859 ( 139 ) 1,483 ( 17 ) 12,342 ( 156 ) Obligations of state and political subdivisions 4 2,013 ( 34 ) - - 2,013 ( 34 ) Corporate securities 1 - - 2,804 ( 196 ) 2,804 ( 196 ) Total 36 $ 46,880 $ ( 724 ) $ 6,832 $ ( 284 ) $ 53,712 $ ( 1,008 ) The Company evaluated these securities and determined that the decline in value was primarily related to fluctuations in the interest rate environment and were not related to any company or industry specific event. At June 30, 2022 and September 30, 2021, there were 75 36 9.0 1.0 6.6 1.6 467,000 375,000 8,000 The Company anticipates full recovery of amortized costs with respect to these securities. The Company does not intend to sell these securities and has determined that it is not more likely than not that the Company would be required to sell these securities prior to maturity or market price recovery. Management has considered factors regarding other than temporarily impaired securities and determined that there are no securities with impairment that is other than temporary as of June 30, 2022 and September 30, 2021.

LOANS RECEIVABLE, NET AND RELAT

LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES	9 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES	NOTE K – LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES Loans receivable, net were comprised of the following: 16 Table of Contents June 30, September 30, 2022 2021 (In thousands) One-to-four family residential $ 208,018 $ 203,019 Commercial real estate 335,384 280,848 Construction 23,152 20,350 Home equity lines of credit 15,568 17,930 Commercial business 40,573 68,719 Other 3,098 3,751 Total loans receivable 625,793 594,617 Net deferred loan costs ( 632 ) ( 1,241 ) Allowance for loan losses ( 8,505 ) ( 8,075 ) Total loans receivable, net $ 616,656 $ 585,301 The Bank participated in the Paycheck Protection Program (“PPP”), which was designed by the U.S. Treasury under the Coronavirus Aid, Relief and Economic Security Act of 2020 (subsequently extended by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act) to provide liquidity using the SBA’s platform to small businesses and self-employed individuals to maintain their staff and operations through the COVID-19 pandemic. This liquidity is in the form of a loan, 1.0 1.0 two 370,000 111 25.1 3,000 The segments of the Bank’s loan portfolio are disaggregated to a level that allows management to monitor risk and performance. The residential mortgage loan segment is further disaggregated into two classes: amortizing term loans, which are primarily first liens, and home equity lines of credit, which are generally second liens. The commercial real estate loan segment is further disaggregated into three classes: loans secured by multifamily structures, owner-occupied commercial structures, and non-owner occupied nonresidential properties. The construction loan segment consists primarily of loans to developers or investors for the purpose of acquiring, developing and constructing residential or commercial structures and to a lesser extent one-to-four family residential construction loans made to individuals for the acquisition of and/or construction on a lot or lots on which a residential dwelling is to be built. Construction loans to developers and investors have a higher risk profile because the ultimate buyer, once development is completed, is generally not known at the time of the loan. The commercial business loan segment consists of loans made for the purpose of financing the activities of commercial customers and consists primarily of revolving lines of credit. The other loan segment consists primarily of stock-secured installment consumer loans, but also includes unsecured personal loans and overdraft lines of credit connected with customer deposit accounts. Management evaluates individual loans in all segments for possible impairment if the loan either is in nonaccrual status, or is risk rated Substandard and is 90 days or more past due. Loans are considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in evaluating impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Once the determination has been made that a loan is impaired, the recorded investment in the loan is compared to the fair value of the loan using one of three methods: (a) the present value of expected future cash flows discounted at the loan’s effective interest rate; (b) the loan’s observable market price; or (c) the fair value of the collateral securing the loan, less anticipated selling and disposition costs. The method is selected on a loan by loan basis, with management primarily utilizing the fair value of collateral method. If there is a shortfall between the fair value of the loan and the recorded investment in the loan, the Company charges the difference to the allowance for loan loss as a charge-off and carries the impaired loan on its books at fair value. It is the Company’s policy to evaluate impaired loans on an annual basis to ensure the recorded investment in a loan does not exceed its fair value. 17 Table of Contents The following table presents impaired loans by class, segregated by those for which a specific allowance was required and charged-off and those for which a specific allowance was not necessary at the dates presented: Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans Unpaid Recorded Related Recorded Recorded Principal June 30, 2022 Investment Allowance Investment Investment Balance (In thousands) One-to-four family residential $ - $ - $ 1,525 $ 1,525 $ 1,525 Commercial real estate - - 1,169 1,169 1,169 Construction 2,835 114 1,745 4,580 4,645 Commercial business - - 154 154 154 Total impaired loans $ 2,835 $ 114 $ 4,593 $ 7,428 $ 7,493 September 30, 2021 One-to-four family residential $ - $ - $ 2,711 $ 2,711 $ 2,711 Commercial real estate - - 2,270 2,270 2,270 Construction 2,835 224 1,745 4,580 4,645 Commercial business - - 1,507 1,507 1,507 Total impaired loans $ 2,835 $ 224 $ 8,233 $ 11,068 $ 11,133 The average recorded investment in impaired loans was $8.9 million and $12.6 million for the nine months ended June 30, 2022 and 2021, respectively. The Company’s impaired loans include delinquent non-accrual loans and performing Troubled Debt Restructurings (“TDRs”), as TDRs remain impaired loans until fully repaid. There were no TDRs during the nine months ended June 30, 2022 and there were two TDRs totaling $ 330,000 The following tables present the average recorded investment in impaired loans for the three and nine months ended June 30, 2022 and 2021. There was no interest income recognized on impaired loans during the periods presented. Three Months Nine Months Ended June 30, 2022 Ended June 30, 2022 (In thousands) One-to-four family residential $ 1,531 $ 1,760 Commercial real estate 1,174 1,516 Construction 4,580 4,580 Commercial business 829 1,055 Average investment in impaired loans $ 8,114 $ 8,911 Three Months Nine Months Ended June 30, 2021 Ended June 30, 2021 (In thousands) One-to-four family residential $ 2,425 $ 2,409 Commercial real estate 3,407 3,716 Construction 4,580 4,580 Commercial business 1,863 1,877 Average investment in impaired loans $ 12,275 $ 12,582 18 Table of Contents Management uses a ten point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first six categories are considered not criticized, and are aggregated as “Pass” rated. The criticized rating categories utilized by management generally follow bank regulatory definitions. The Special Mention category includes assets that are currently protected but are potentially weak, resulting in an undue and unwarranted credit risk, but not to the point of justifying a Substandard classification. Loans in the Substandard category have well-defined weaknesses that jeopardize the liquidation of the debt, and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. Loans classified Doubtful have all the weaknesses inherent in loans classified Substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. All loans greater than three months past due are considered Substandard. Any portion of a loan that has been charged off is placed in the Loss category. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Bank has a structured loan rating process with several layers of internal and external oversight. Generally, consumer and residential mortgage loans are included in the Pass categories unless a specific action, such as severe delinquency, bankruptcy, repossession, or death occurs to raise awareness of a possible credit event. The Bank’s Commercial Loan Officers are responsible for the timely and accurate risk rating of the loans in their portfolios at origination and on an ongoing basis. The Asset Review Committee performs monthly reviews of all commercial relationships internally rated 6 (“Watch”) or worse. Confirmation of the appropriate risk grade is performed by an external loan review company that semi-annually reviews and assesses loans within the portfolio. Generally, the external consultant reviews commercial relationships greater than $500,000 and/or criticized relationships greater than $250,000. Detailed reviews, including plans for resolution, are performed on loans classified as Substandard on a monthly basis. The following table presents the classes of the loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the Bank’s internal risk rating system at the dates presented: Special Pass Mention Substandard Doubtful Total (In thousands) June 30, 2022 One-to-four family residential $ 206,685 $ 985 $ 348 $ - $ 208,018 Commercial real estate 335,185 199 - - 335,384 Construction 18,572 - 4,580 - 23,152 Home equity lines of credit 15,568 - - - 15,568 Commercial business 40,573 - - - 40,573 Other 3,098 - - - 3,098 Total $ 619,681 $ 1,184 $ 4,928 $ - $ 625,793 September 30, 2021 One-to-four family residential $ 200,510 $ 1,002 $ 1,507 $ - $ 203,019 Commercial real estate 272,408 6,679 1,761 - 280,848 Construction 15,770 - 4,580 - 20,350 Home equity lines of credit 17,930 - - - 17,930 Commercial business 67,360 10 1,349 - 68,719 Other 3,751 - - - 3,751 Total $ 577,729 $ 7,691 $ 9,197 $ - $ 594,617 Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans at the dates presented: 19 Table of Contents 30-59 60-89 Days Days 90 Days + Total Non- Total Current Past Due Past Due Past Due Past Due Accrual Loans (In thousands) June 30, 2022 One-to-four family residential $ 208,018 $ - $ - $ - $ - $ - $ 208,018 Commercial real estate 335,384 - - - - - 335,384 Construction 18,572 - - 4,580 4,580 4,580 23,152 Home equity lines of credit 15,568 - - - - - 15,568 Commercial business 40,573 - - - - - 40,573 Other 3,098 - - - - - 3,098 Total $ 621,213 $ - $ - $ 4,580 $ 4,580 $ 4,580 $ 625,793 September 30, 2021 One-to-four family residential $ 201,868 $ - $ - $ 1,151 $ 1,151 $ 1,151 $ 203,019 Commercial real estate 279,769 - - 1,079 1,079 1,079 280,848 Construction 15,770 - - 4,580 4,580 4,580 20,350 Home equity lines of credit 17,930 - - - - - 17,930 Commercial business 67,370 - - 1,349 1,349 1,349 68,719 Other 3,751 - - - - - 3,751 Total $ 586,458 $ - $ - $ 8,159 $ 8,159 $ 8,159 $ 594,617 An allowance for loan losses (“ALL”) is maintained to absorb losses from the loan portfolio. The ALL is based on management’s continuing evaluation of the risk characteristics and credit quality of the loan portfolio, assessment of current economic conditions, diversification and size of the portfolio, adequacy of collateral, past and anticipated loss experience, and the amount of non-performing loans. The Bank’s methodology for determining the ALL is based on the requirements of ASC Section 310-10-35 for loans individually evaluated for impairment (discussed above) and ASC Subtopic 450-20 for loans collectively evaluated for impairment, as well as the Interagency Policy Statements on the Allowance for Loan and Lease Losses and other bank regulatory guidance. Loans that are collectively evaluated for impairment are analyzed with general allowances being made as appropriate. For general allowances, historical loss trends are used in the estimation of losses in the current portfolio. These historical loss amounts are modified by other qualitative and economic factors. The loans are segmented into classes based on their inherent varying degrees of risk, as described above. Management tracks the historical net charge-off activity by segment and utilizes this figure, as a percentage of the segment, as the general reserve percentage for pooled, homogenous loans that have not been deemed impaired. Typically, an average of losses incurred over a defined number of consecutive historical years is used. Non-impaired credits are segregated for the application of qualitative factors. Management has identified a number of additional qualitative factors which it uses to supplement the historical charge-off factor because these factors are likely to cause estimated credit losses associated with the existing loan pools to differ from historical loss experience. The additional factors that are evaluated quarterly and updated using information obtained from internal, regulatory, and governmental sources include: national and local economic trends and conditions; levels of and trends in delinquency rates and non-accrual loans; trends in volumes and terms of loans; effects of changes in lending policies; experience, ability, and depth of lending staff; value of underlying collateral; and concentrations of credit from a loan type, industry and/or geographic standpoint. Management reviews the loan portfolio on a quarterly basis using a defined, consistently applied process in order to make appropriate and timely adjustments to the ALL. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ALL. Since loans individually evaluated for impairment are promptly written down to their fair value, typically there is no portion of the ALL for loans individually evaluated for impairment. 20 Table of Contents The following table summarizes the ALL by loan category and the related activity for the nine months ended June 30, 2022 and 2021: One-to-Four Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (In thousands) Balance- September 30,   2021 $ 1,136 $ 3,744 $ 594 $ 232 $ 2,046 $ 15 $ 308 $ 8,075 Charge-offs - - - - - - - - Recoveries - 52 - - - - - 52 Provision (credit) ( 43 ) ( 90 ) 130 - 83 ( 14 ) 35 101 Balance- December 31,   2021 $ 1,093 $ 3,706 $ 724 $ 232 $ 2,129 $ 1 $ 343 $ 8,228 Charge-offs - - - - - - - - Recoveries 1 - - - - - - 1 Provision (credit) 19 376 79 ( 12 ) ( 290 ) 1 ( 102 ) 71 Balance- March 31, 2022 $ 1,113 $ 4,082 $ 803 $ 220 $ 1,839 $ 2 $ 241 $ 8,300 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provision (credit) 35 334 ( 196 ) 5 ( 62 ) ( 1 ) 90 205 Balance- June 30, 2022 $ 1,148 $ 4,416 $ 607 $ 225 $ 1,777 $ 1 $ 331 $ 8,505 One-to-Four Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (In thousands) Balance- September 30,   2020 $ 1,035 $ 3,232 $ 672 $ 179 $ 1,034 $ 1 $ 247 $ 6,400 Charge-offs - - - - - - - - Recoveries - - - - 90 - - 90 Provision (credit) 120 176 ( 202 ) 88 592 1 ( 135 ) 640 Balance- December 31,   2020 $ 1,155 $ 3,408 $ 470 $ 267 $ 1,716 $ 2 $ 112 $ 7,130 Charge-offs - ( 50 ) - - - - - ( 50 ) Recoveries 1 - - - 6 - - 7 Provision (credit) ( 29 ) 351 ( 22 ) ( 10 ) 30 ( 1 ) 148 467 Balance- March 31, 2021 $ 1,127 $ 3,709 $ 448 $ 257 $ 1,752 $ 1 $ 260 $ 7,554 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provision (credit) ( 39 ) ( 3 ) 179 9 149 ( 1 ) ( 48 ) 246 Balance- June 30, 2021 $ 1,088 $ 3,706 $ 627 $ 266 $ 1,901 $ - $ 212 $ 7,800 21 Table of Contents The following tables summarize the ALL by loan category, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of June 30, 2022 and September 30, 2021: One-to-Four Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (In thousands) Allowance for Loan   Losses: Balance - June 30, 2022 $ 1,148 $ 4,416 $ 607 $ 225 $ 1,777 $ 1 $ 331 $ 8,505 Individually evaluated for impairment - - 114 - - - - 114 Collectively evaluated for impairment 1,148 4,416 493 225 1,777 1 331 8,391 Loans receivable: Balance - June 30, 2022 $ 208,018 $ 335,384 $ 23,152 $ 15,568 $ 40,573 $ 3,098 $ - $ 625,793 Individually evaluated for impairment 1,525 1,169 4,580 - 154 - - 7,428 Collectively evaluated for impairment 206,493 334,215 18,572 15,568 40,419 3,098 - 618,365 One-to-Four Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (In thousands) Allowance for Loan Losses: Balance - September 30, 2021 $ 1,136 $ 3,744 $ 594 $ 232 $ 2,046 $ 15 $ 308 $ 8,075 Individually evaluated for impairment - - 224 - - - - 224 Collectively evaluated for impairment 1,136 3,744 370 232 2,046 15 308 7,851 Loans receivable: Balance - September 30, 2021 $ 203,019 $ 280,848 $ 20,350 $ 17,930 $ 68,719 $ 3,751 $ - $ 594,617 Individually evaluated for impairment 2,711 2,270 4,580 - 1,507 - - 11,068 Collectively evaluated for impairment 200,308 278,578 15,770 17,930 67,212 3,751 - 583,549 The allowance for loan losses is based on estimates, and actual losses will vary from current estimates. Management believes that the segmentation of the loan portfolio into homogeneous pools and the related historical loss ratios and other qualitative factors, as well as the consistency in the application of assumptions, result in an ALL that is representative of the risk found in the components of the portfolio at any given date. A TDR is a loan that has been modified whereby the Bank has agreed to make certain concessions to a borrower to meet the needs of both the borrower and the Bank to maximize the ultimate recovery of a loan. TDR occurs when a borrower is experiencing, or is expected to experience, financial difficulties and the loan is modified using a modification that would otherwise not be granted to the borrower. The types of concessions granted generally include, but are not limited to, interest rate reductions, limitations on the accrued interest charged, term extensions, and deferment of principal. A default on a TDR loan for purposes of this disclosure occurs when a borrower is 90 days past due or a foreclosure or repossession of the applicable collateral has occurred. There were no TDRs for the nine months ended June 30, 2022, and there were two TDRs totaling $330,000 during the nine months ended June 30, 2021. Three Months Ended June 30, 2021 Number of Investment Before Investment After Loans TDR Modification TDR Modification (Dollars in thousands) One-to-four family residential 1 $ 112 $ 124 Total 1 $ 112 $ 124 Nine Months Ended June 30, 2021 Number of Investment Before Investment After Loans TDR Modification TDR Modification (Dollars in thousands) One-to-four family residential 2 $ 330 $ 373 Total 2 $ 330 $ 373

DEPOSITS

DEPOSITS	9 Months Ended
	Jun. 30, 2022
Deposits [Abstract]
DEPOSITS	NOTE L – DEPOSITS A summary of deposits by type of account are summarized as follows: June 30, September 30, 2022 2021 (In thousands) Demand accounts $ 179,812 $ 181,975 Savings accounts 87,093 81,724 NOW accounts 98,225 71,325 Money market accounts 206,764 187,898 Certificates of deposit 74,997 101,888 Retirement certificates 12,930 15,004 Total deposits $ 659,821 $ 639,814

INCOME TAXES

INCOME TAXES	9 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE M – INCOME TAXES The Company records income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities: (i) are recognized for the expected future tax consequences of events that have been recognized in the financial statements or tax returns; (ii) are attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases; and (iii) are measured using enacted tax rates expected to apply in the years when those temporary differences are expected to be recovered or settled. Where applicable, deferred tax assets are reduced by a valuation allowance for any portions determined not likely to be realized. The valuation allowance is assessed by management on a quarterly basis and adjusted, by a charge or credit to income tax expense, as changes in facts and circumstances warrant. In assessing whether it is more likely than not that some portion or all of the deferred tax assets will not be realized, management considers projections of future taxable income, the projected periods in which current temporary differences will be deductible, the availability of carry forwards, feasible and permissible tax planning strategies and existing tax laws and regulations. The Company did not have a valuation allowance against its net deferred tax assets at June 30, 2022 or September 30, 2021. A reconciliation of income tax between the amounts calculated based upon pre-tax income at the Company’s federal statutory rate and the amounts reflected in the consolidated statements of operations are as follows: For the Three Months For the Nine Months Ended June 30, Ended June 30, 2022 2021 2022 2021 (In thousands) Income tax expense at the statutory federal tax rate of 21% $ 631 $ 492 $ 1,625 $ 1,346 State tax expense 245 194 634 588 Other 10 ( 10 ) ( 9 ) ( 36 ) Income tax expense $ 886 $ 676 $ 2,250 $ 1,898 23 Table of Contents The Company’s statutory income tax rate in the State of New Jersey was 9.0 1 2.5 11.5

FINANCIAL INSTRUMENTS WITH OFF-

FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK	9 Months Ended
	Jun. 30, 2022
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK [Abstract]
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK	NOTE N – FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK The Company may use derivative financial instruments, such as interest rate swaps and interest rate floors and caps, as part of its interest rate risk management. Interest rate caps and floors are agreements whereby one party agrees to pay or receive a floating rate of interest on a notional principal amount for a predetermined period of time if certain market interest rate thresholds are met. The Company considers the credit risk inherent in these contracts to be negligible. The Company is a party to interest rate derivatives that are not designated as hedging instruments. Under a program, the Company executes interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. These interest rate swaps with customers are simultaneously offset by interest rate swaps that the Company executes with a third-party financial institution, such that the Company minimizes its net risk exposure resulting from such transactions. Because the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating, probability of default and loss given default for all counterparties. The Company was not required to pledge any collateral for its interest rate swaps with financial institutions at June 30, 2022 and September 30, 2021. The following table presents summary information regarding these derivatives as of June 30, 2022 and September 30, 2021. Notional Amount Average Maturity (Years) Weighted Average Fixed Rate Weighted Average Variable Rate Fair Value (Dollars in thousands) June 30, 2022 Classified in Other Assets: Customer interest rate swaps $ 19,676 6.1 3.63 % 1 Mo. LIBOR + 2.50 $ 1,552 $ 6,985 4.8 6.13 % 1 Mo. BSBY + 3.00 $ 70 Total $ 26,661 5.5 4.88 % $ 1,622 Classified in Other Liabilities: 3rd Party interest rate swaps $ 19,676 6.1 3.63 % 1 Mo. LIBOR + 2.50 $ 1,552 $ 6,985 4.8 6.13 % 1 Mo. BSBY + 3.00 $ 70 Total $ 26,661 5.5 4.88 % $ 1,622 September 30, 2021 Classified in Other Assets: Customer interest rate swaps $ 20,111 6.9 3.61 % 1 Mo. LIBOR + 2.50 $ 183 Classified in Other Liabilities: 3rd Party interest rate swaps $ 20,111 6.9 3.61 % 1 Mo. LIBOR + 2.50 $ 183 The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments are commitments to extend credit and are summarized in the below table. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. 24 Table of Contents June 30, September 30, 2022 2021 (In thousands) Financial instruments whose contract amounts represent credit risk Letters of credit $ 750 $ 2,901 Unused lines of credit 69,021 63,798 Fixed rate loan commitments 6,132 9,156 Variable rate loan commitments 30,011 14,558 Total $ 105,914 $ 90,413

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of earnings per share	The following table presents a calculation of basic and diluted earnings per share for the three and nine months ended June 30, 2022 and 2021. Basic and diluted earnings per share were calculated by dividing net income by the weighted-average number of shares outstanding for the periods. As a result of the second-step conversion completed on July 14, 2021, the previously reported number of shares for the year ended June 30, 2021 were adjusted to reflect the 1.2213 exchange ratio for comparative purposes. 7 Table of Contents Three Months Ended June 30, 2022 2021 Weighted Per Weighted Per average share average share Income shares Amount Income shares Amount (Dollars in thousands, except share and per share data) Basic and diluted EPS Net income available to weighted average common shareholders $ 2,117 6,799,800 $ 0.31 $ 1,668 7,096,664 $ 0.24 Nine Months Ended June 30, 2022 2021 Weighted Per Weighted Per average share average share Income shares Amount Income shares Amount (Dollars in thousands, except share and per share data) Basic and diluted EPS Net income available to weighted average common shareholders $ 5,489 6,797,691 $ 0.81 $ 4,510 7,096,664 $ 0.64 There were no outstanding stock awards or options to purchase common stock at June 30, 2022 and 2021.

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	9 Months Ended
	Jun. 30, 2022
Other comprehensive income
Schedule of components of other comprehensive income (loss) and the related income tax effects	The components of other comprehensive income (loss) and the related income tax effects are as follows: Three Months Ended June 30, 2022 2021 Tax Net of Tax Net of Before Tax (Benefit) Tax Before Tax (Benefit) Tax Amount Expense Amount Amount Expense Amount (In thousands) Unrealized holding (loss) gain arising during period on: Available-for-sale investments $ ( 490 ) $ 120 $ ( 370 ) $ 164 $ ( 54 ) $ 110 Other comprehensive (loss) gain, net $ ( 490 ) $ 120 $ ( 370 ) $ 164 $ ( 54 ) $ 110 Nine Months Ended June 30, 2022 2021 Tax Net of Tax Net of Before Tax (Benefit) Tax Before Tax (Benefit) Tax Amount Expense Amount Amount Expense Amount (In thousands) Unrealized holding loss arising during period on: Available-for-sale investments $ ( 1,285 ) $ 316 $ ( 969 ) $ ( 205 ) $ 57 $ ( 148 ) Other comprehensive loss, net $ ( 1,285 ) 316 $ ( 969 ) $ ( 205 ) $ 57 $ ( 148 )

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of assets measured at fair value on a recurring basis	The following tables provide the level of valuation assumptions used to determine the carrying value of the Company’s assets measured at fair value on a recurring basis. June 30, 2022 Total Level 1 Level 2 Level 3 (In thousands) Assets: Securities available for sale: Mortgage-backed securities $ 10,058 $ - $ 10,058 $ - Total securities available for sale 10,058 - 10,058 - Derivative assets 1,622 - 1,622 - Total Assets $ 11,680 $ - $ 11,680 $ - Liabilities: Derivative liabilities $ 1,622 $ - $ 1,622 $ - Total Liabilities $ 1,622 $ - $ 1,622 $ - 10 Table of Contents September 30, 2021 Total Level 1 Level 2 Level 3 (In thousands) Assets: Securities available for sale: Mortgage-backed securities $ 12,927 $ - $ 12,927 $ - Total securities available for sale 12,927 - 12,927 - Derivative assets 183 - 183 - Total assets $ 13,110 $ - $ 13,110 $ - Liabilities: Derivative liabilities $ 183 $ - $ 183 $ - Total Liabilities $ 183 $ - $ 183 $ -
Schedule of assets measured at fair value on a non-recurring basis	The following tables provide the level of valuation assumptions used to determine the carrying value of the Company’s assets measured at fair value on a non-recurring basis at June 30, 2022 and September 30, 2021. 11 Table of Contents June 30, 2022 Total Level 1 Level 2 Level 3 (In thousands) Impaired loans $ 7,428 $ - $ - $ 7,428 Other real estate owned 281 - - 281 Total $ 7,709 $ - $ - $ 7,709 September 30, 2021 Total Level 1 Level 2 Level 3 (In thousands) Impaired loans $ 11,134 $ - $ - $ 11,134 Other real estate owned 636 - - 636 Total $ 11,770 $ - $ - $ 11,770
Schedule of quantitative information about assets measured at fair value on a nonrecurring bassis for which Level 3 inputs were used to determine fair value	The following tables present additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements (Dollars in thousands) June 30, 2022 Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 7,428 Appraisal of collateral (1) Appraisal adjustments (2) - 8.0 31.7 20.5 Other real estate owned $ 281 Appraisal of collateral (1) Liquidation expenses (2) - 28.0 28.0 28.0 September 30, 2021 Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 11,134 Appraisal of collateral (1) Appraisal adjustments (2) - 8.0 42.8 23.6 Other real estate owned $ 636 Appraisal of collateral (1) Liquidation expenses (2) - 31.2 45.5 39.4 (1) Fair value is generally determined through independent appraisals for the underlying collateral, which generally include various level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.
Schedule of the carrying amount, fair value, and placement in the fair value hierarchy of financial instruments carried at cost or amortized cost	The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments carried at cost or amortized cost as of June 30, 2022 and September 30, 2021. For short-term financial assets such as cash and cash equivalents and accrued interest receivable, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For financial liabilities such as interest-bearing demand, NOW, and money market savings deposits, the carrying amount is a reasonable estimate of fair value due to these products being payable on demand and having no stated maturity. 12 Table of Contents Carrying Fair Fair Value Measurement Placement Value Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2022 Financial instruments - assets Investment securities held to maturity $ 91,222 $ 83,650 $ - $ 83,650 $ - Loans 616,656 602,093 - - 602,093 Financial instruments - liabilities Certificates of deposit including retirement certificates 87,927 87,050 - 87,050 - Borrowings 15,284 14,749 - 14,749 - September 30, 2021 Financial instruments - assets Investment securities held-to-maturity $ 57,660 $ 57,282 $ - $ 57,282 $ - Loans 585,301 594,674 - - 594,674 Financial instruments - liabilities Certificates of deposit 116,892 118,144 - 118,144 - Borrowings 23,356 23,753 - 23,753 -

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Balance Sheet Information Related to Leases	June 30, 2022 September 30, 2021 (Dollars in thousands) Operating lease right-of-use asset $ 3,442 $ 3,894 Operating lease liabilities $ 3,769 $ 4,254 Weighted average remaining lease term in years 7.1 7.7 Weighted average discount rate 2.2 % 2.2 %
Schedule of Maturity of Remaining Lease Liabilities	For the Year Ending: 2022 $ 184 2023 738 2024 747 2025 523 2026 455 2027 and thereafter 1,533 Total lease payments 4,180 Less imputed interest ( 411 ) Present value of lease liabilities $ 3,769

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	9 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Summary of the amortized cost and fair values of securities available for sale and held-to-maturity	The following table summarizes the amortized cost and fair values of securities classified as available-for-sale and held-to-maturity at June 30, 2022: Gross Gross Amortized Unrealized Unrealized Fair June 30, 2022 Cost Gains Losses Value (In thousands) Securities available-for-sale: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 125 $ - $ ( 4 ) $ 121 Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential 11,392 3 ( 1,458 ) 9,937 Total securities available-for-sale $ 11,517 $ 3 $ ( 1,462 ) $ 10,058 Securities held-to-maturity: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 5,647 $ - $ ( 404 ) $ 5,243 Mortgage-backed securities - commercial 648 2 - 650 Obligations of U.S. government-sponsored enterprises: Mortgage-backed-securities - residential 48,393 - ( 4,753 ) 43,640 Debt securities 24,817 - ( 1,570 ) 23,247 Private label mortgage-backed securities - residential 229 - ( 8 ) 221 Obligations of state and political subdivisions 3,488 3 ( 467 ) 3,024 Corporate securities 8,000 - ( 375 ) 7,625 Total securities held-to-maturity $ 91,222 $ 5 $ ( 7,577 ) $ 83,650 Total investment securities $ 102,739 $ 8 $ ( 9,039 ) $ 93,708 The following table summarizes the amortized cost and fair values of securities classified as available-for-sale and held-to-maturity at September 30, 2021: Gross Gross Amortized Unrealized Unrealized Fair September 30, 2021 Cost Gains Losses Value (In thousands) Securities available-for-sale: Obligations of U.S. government agencies: Mortgage backed securities - residential $ 179 $ 7 $ - $ 186 Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential 12,922 27 ( 208 ) 12,741 Total securities available-for-sale $ 13,101 $ 34 $ ( 208 ) $ 12,927 Securities held-to-maturity: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 574 $ - $ ( 25 ) $ 549 Mortgage-backed securities - commercial 703 - - 703 Obligations of U.S. government-sponsored enterprises: Mortgage backed securities - residential 38,596 416 ( 389 ) 38,623 Debt securities 12,498 - ( 156 ) 12,342 Private label mortgage-backed securities - residential 242 6 - 248 Obligations of state and political subdivisions 2,047 - ( 34 ) 2,013 Corporate securities 3,000 - ( 196 ) 2,804 Total securities held-to-maturity $ 57,660 $ 422 $ ( 800 ) $ 57,282 Total investment securities $ 70,761 $ 456 $ ( 1,008 ) $ 70,209
Summary of maturities of the debt securities and mortgage-backed securities available for sale and held-to-sale securities	The contractual maturities of mortgage-backed securities generally exceed 10 years; however, the effective lives are expected to be shorter due to anticipated prepayments. The maturities of the debt securities, municipal bonds and certain information regarding the mortgage backed securities at June 30, 2022 are summarized in the following table: 14 Table of Contents Amortized Fair June 30, 2022 Cost Value (In thousands) Securities available-for-sale: Mortgage-backed securities: Residential $ 11,517 $ 10,058 Commercial - - Total securities available-for-sale $ 11,517 $ 10,058 Securities held-to-maturity Due within 1 year $ 5,000 $ 4,821 Due after 1 but within 5 years 26,346 24,823 Due after 5 but within 10 years 4,445 3,854 Due after 10 years 514 398 Total debt securities $ 36,305 $ 33,896 Mortgage-backed securities: Residential $ 54,269 $ 49,104 Commercial 648 650 Total securities held-to-maturity $ 91,222 $ 83,650 Total investment securities $ 102,739 $ 93,708

IMPAIRMENT OF INVESTMENT SECU_2

IMPAIRMENT OF INVESTMENT SECURITIES (Tables)	9 Months Ended
	Jun. 30, 2022
Schedule of Investments [Abstract]
Schedule of gross unrealized losses and fair value for both available for sale and held to maturity securities by investment category and time frame for which the loss has been outstanding	Less Than 12 Months 12 Months Or Greater Total Number of Fair Unrealized Fair Unrealized Fair Unrealized Securities Value Losses Value Losses Value Losses June 30, 2022 (Dollars in thousands) Obligations of U.S. government agencies: Mortgage-backed securities - residential 6 $ 5,074 $ ( 372 ) $ 290 $ ( 36 ) $ 5,364 $ ( 408 ) Obligations of U.S. government - sponsored enterprises Mortgage-backed securities - residential 47 32,294 ( 3,144 ) 20,982 ( 3,067 ) 53,276 ( 6,211 ) Debt securities 14 11,894 ( 424 ) 11,352 ( 1,146 ) 23,246 ( 1,570 ) Private label mortgage-backed securities residential 1 221 ( 8 ) - - 221 ( 8 ) Obligations of state and political subdivisions 5 1,340 ( 275 ) 846 ( 192 ) 2,186 ( 467 ) Corporate securities 2 4,821 ( 179 ) 2,804 ( 196 ) 7,625 ( 375 ) Total 75 $ 55,644 $ ( 4,402 ) $ 36,274 $ ( 4,637 ) $ 91,918 $ ( 9,039 ) September 30, 2021 Obligations of U.S. government agencies: Mortgage-backed securities - residential 3 $ 318 $ ( 12 ) $ 232 $ ( 13 ) $ 550 $ ( 25 ) Mortgage-backed securities - commercial 1 - - 703 - 703 - Obligations of U.S. government - sponsored enterprises Mortgage-backed securities - residential 20 33,690 ( 539 ) 1,610 ( 58 ) 35,300 ( 597 ) Debt securities 7 10,859 ( 139 ) 1,483 ( 17 ) 12,342 ( 156 ) Obligations of state and political subdivisions 4 2,013 ( 34 ) - - 2,013 ( 34 ) Corporate securities 1 - - 2,804 ( 196 ) 2,804 ( 196 ) Total 36 $ 46,880 $ ( 724 ) $ 6,832 $ ( 284 ) $ 53,712 $ ( 1,008 )

LOANS RECEIVABLE, NET AND REL_2

LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Tables)	9 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Schedule of loans receivable, net	June 30, September 30, 2022 2021 (In thousands) One-to-four family residential $ 208,018 $ 203,019 Commercial real estate 335,384 280,848 Construction 23,152 20,350 Home equity lines of credit 15,568 17,930 Commercial business 40,573 68,719 Other 3,098 3,751 Total loans receivable 625,793 594,617 Net deferred loan costs ( 632 ) ( 1,241 ) Allowance for loan losses ( 8,505 ) ( 8,075 ) Total loans receivable, net $ 616,656 $ 585,301
Schedule of impaired loans	The following table presents impaired loans by class, segregated by those for which a specific allowance was required and charged-off and those for which a specific allowance was not necessary at the dates presented: Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans Unpaid Recorded Related Recorded Recorded Principal June 30, 2022 Investment Allowance Investment Investment Balance (In thousands) One-to-four family residential $ - $ - $ 1,525 $ 1,525 $ 1,525 Commercial real estate - - 1,169 1,169 1,169 Construction 2,835 114 1,745 4,580 4,645 Commercial business - - 154 154 154 Total impaired loans $ 2,835 $ 114 $ 4,593 $ 7,428 $ 7,493 September 30, 2021 One-to-four family residential $ - $ - $ 2,711 $ 2,711 $ 2,711 Commercial real estate - - 2,270 2,270 2,270 Construction 2,835 224 1,745 4,580 4,645 Commercial business - - 1,507 1,507 1,507 Total impaired loans $ 2,835 $ 224 $ 8,233 $ 11,068 $ 11,133 The average recorded investment in impaired loans was $8.9 million and $12.6 million for the nine months ended June 30, 2022 and 2021, respectively. The Company’s impaired loans include delinquent non-accrual loans and performing Troubled Debt Restructurings (“TDRs”), as TDRs remain impaired loans until fully repaid. There were no TDRs during the nine months ended June 30, 2022 and there were two TDRs totaling $ 330,000
Schedule of average recorded investment in impaired loans	The following tables present the average recorded investment in impaired loans for the three and nine months ended June 30, 2022 and 2021. There was no interest income recognized on impaired loans during the periods presented. Three Months Nine Months Ended June 30, 2022 Ended June 30, 2022 (In thousands) One-to-four family residential $ 1,531 $ 1,760 Commercial real estate 1,174 1,516 Construction 4,580 4,580 Commercial business 829 1,055 Average investment in impaired loans $ 8,114 $ 8,911 Three Months Nine Months Ended June 30, 2021 Ended June 30, 2021 (In thousands) One-to-four family residential $ 2,425 $ 2,409 Commercial real estate 3,407 3,716 Construction 4,580 4,580 Commercial business 1,863 1,877 Average investment in impaired loans $ 12,275 $ 12,582
Schedule of loan portfolio summarized by Bank's internal risk rating system	The following table presents the classes of the loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the Bank’s internal risk rating system at the dates presented: Special Pass Mention Substandard Doubtful Total (In thousands) June 30, 2022 One-to-four family residential $ 206,685 $ 985 $ 348 $ - $ 208,018 Commercial real estate 335,185 199 - - 335,384 Construction 18,572 - 4,580 - 23,152 Home equity lines of credit 15,568 - - - 15,568 Commercial business 40,573 - - - 40,573 Other 3,098 - - - 3,098 Total $ 619,681 $ 1,184 $ 4,928 $ - $ 625,793 September 30, 2021 One-to-four family residential $ 200,510 $ 1,002 $ 1,507 $ - $ 203,019 Commercial real estate 272,408 6,679 1,761 - 280,848 Construction 15,770 - 4,580 - 20,350 Home equity lines of credit 17,930 - - - 17,930 Commercial business 67,360 10 1,349 - 68,719 Other 3,751 - - - 3,751 Total $ 577,729 $ 7,691 $ 9,197 $ - $ 594,617
Schedule of aging analysis of past due loans, segregated by class of loans	Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans at the dates presented: 19 Table of Contents 30-59 60-89 Days Days 90 Days + Total Non- Total Current Past Due Past Due Past Due Past Due Accrual Loans (In thousands) June 30, 2022 One-to-four family residential $ 208,018 $ - $ - $ - $ - $ - $ 208,018 Commercial real estate 335,384 - - - - - 335,384 Construction 18,572 - - 4,580 4,580 4,580 23,152 Home equity lines of credit 15,568 - - - - - 15,568 Commercial business 40,573 - - - - - 40,573 Other 3,098 - - - - - 3,098 Total $ 621,213 $ - $ - $ 4,580 $ 4,580 $ 4,580 $ 625,793 September 30, 2021 One-to-four family residential $ 201,868 $ - $ - $ 1,151 $ 1,151 $ 1,151 $ 203,019 Commercial real estate 279,769 - - 1,079 1,079 1,079 280,848 Construction 15,770 - - 4,580 4,580 4,580 20,350 Home equity lines of credit 17,930 - - - - - 17,930 Commercial business 67,370 - - 1,349 1,349 1,349 68,719 Other 3,751 - - - - - 3,751 Total $ 586,458 $ - $ - $ 8,159 $ 8,159 $ 8,159 $ 594,617
Schedule of activity in the allowance for loan losses by portfolio segment	The following table summarizes the ALL by loan category and the related activity for the nine months ended June 30, 2022 and 2021: One-to-Four Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (In thousands) Balance- September 30,   2021 $ 1,136 $ 3,744 $ 594 $ 232 $ 2,046 $ 15 $ 308 $ 8,075 Charge-offs - - - - - - - - Recoveries - 52 - - - - - 52 Provision (credit) ( 43 ) ( 90 ) 130 - 83 ( 14 ) 35 101 Balance- December 31,   2021 $ 1,093 $ 3,706 $ 724 $ 232 $ 2,129 $ 1 $ 343 $ 8,228 Charge-offs - - - - - - - - Recoveries 1 - - - - - - 1 Provision (credit) 19 376 79 ( 12 ) ( 290 ) 1 ( 102 ) 71 Balance- March 31, 2022 $ 1,113 $ 4,082 $ 803 $ 220 $ 1,839 $ 2 $ 241 $ 8,300 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provision (credit) 35 334 ( 196 ) 5 ( 62 ) ( 1 ) 90 205 Balance- June 30, 2022 $ 1,148 $ 4,416 $ 607 $ 225 $ 1,777 $ 1 $ 331 $ 8,505 One-to-Four Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (In thousands) Balance- September 30,   2020 $ 1,035 $ 3,232 $ 672 $ 179 $ 1,034 $ 1 $ 247 $ 6,400 Charge-offs - - - - - - - - Recoveries - - - - 90 - - 90 Provision (credit) 120 176 ( 202 ) 88 592 1 ( 135 ) 640 Balance- December 31,   2020 $ 1,155 $ 3,408 $ 470 $ 267 $ 1,716 $ 2 $ 112 $ 7,130 Charge-offs - ( 50 ) - - - - - ( 50 ) Recoveries 1 - - - 6 - - 7 Provision (credit) ( 29 ) 351 ( 22 ) ( 10 ) 30 ( 1 ) 148 467 Balance- March 31, 2021 $ 1,127 $ 3,709 $ 448 $ 257 $ 1,752 $ 1 $ 260 $ 7,554 Charge-offs - - - - - - - - Recoveries - - - - - - - - Provision (credit) ( 39 ) ( 3 ) 179 9 149 ( 1 ) ( 48 ) 246 Balance- June 30, 2021 $ 1,088 $ 3,706 $ 627 $ 266 $ 1,901 $ - $ 212 $ 7,800 21 Table of Contents The following tables summarize the ALL by loan category, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of June 30, 2022 and September 30, 2021: One-to-Four Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (In thousands) Allowance for Loan   Losses: Balance - June 30, 2022 $ 1,148 $ 4,416 $ 607 $ 225 $ 1,777 $ 1 $ 331 $ 8,505 Individually evaluated for impairment - - 114 - - - - 114 Collectively evaluated for impairment 1,148 4,416 493 225 1,777 1 331 8,391 Loans receivable: Balance - June 30, 2022 $ 208,018 $ 335,384 $ 23,152 $ 15,568 $ 40,573 $ 3,098 $ - $ 625,793 Individually evaluated for impairment 1,525 1,169 4,580 - 154 - - 7,428 Collectively evaluated for impairment 206,493 334,215 18,572 15,568 40,419 3,098 - 618,365 One-to-Four Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (In thousands) Allowance for Loan Losses: Balance - September 30, 2021 $ 1,136 $ 3,744 $ 594 $ 232 $ 2,046 $ 15 $ 308 $ 8,075 Individually evaluated for impairment - - 224 - - - - 224 Collectively evaluated for impairment 1,136 3,744 370 232 2,046 15 308 7,851 Loans receivable: Balance - September 30, 2021 $ 203,019 $ 280,848 $ 20,350 $ 17,930 $ 68,719 $ 3,751 $ - $ 594,617 Individually evaluated for impairment 2,711 2,270 4,580 - 1,507 - - 11,068 Collectively evaluated for impairment 200,308 278,578 15,770 17,930 67,212 3,751 - 583,549
Schedule of troubled debt restructurings	Three Months Ended June 30, 2021 Number of Investment Before Investment After Loans TDR Modification TDR Modification (Dollars in thousands) One-to-four family residential 1 $ 112 $ 124 Total 1 $ 112 $ 124 Nine Months Ended June 30, 2021 Number of Investment Before Investment After Loans TDR Modification TDR Modification (Dollars in thousands) One-to-four family residential 2 $ 330 $ 373 Total 2 $ 330 $ 373

DEPOSITS (Tables)

DEPOSITS (Tables)	9 Months Ended
	Jun. 30, 2022
Deposits [Abstract]
Schedule of deposits by type of account	June 30, September 30, 2022 2021 (In thousands) Demand accounts $ 179,812 $ 181,975 Savings accounts 87,093 81,724 NOW accounts 98,225 71,325 Money market accounts 206,764 187,898 Certificates of deposit 74,997 101,888 Retirement certificates 12,930 15,004 Total deposits $ 659,821 $ 639,814

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Schedule of reconciliation of income tax between the amounts calculated based upon pre-tax income at the Company's federal statutory rate and the amounts reflected in the consolidated statements of operations	For the Three Months For the Nine Months Ended June 30, Ended June 30, 2022 2021 2022 2021 (In thousands) Income tax expense at the statutory federal tax rate of 21% $ 631 $ 492 $ 1,625 $ 1,346 State tax expense 245 194 634 588 Other 10 ( 10 ) ( 9 ) ( 36 ) Income tax expense $ 886 $ 676 $ 2,250 $ 1,898

FINANCIAL INSTRUMENTS WITH OF_2

FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Tables)	9 Months Ended
	Jun. 30, 2022
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK [Abstract]
Schedule of Information Regarding Derivatives	The following table presents summary information regarding these derivatives as of June 30, 2022 and September 30, 2021. Notional Amount Average Maturity (Years) Weighted Average Fixed Rate Weighted Average Variable Rate Fair Value (Dollars in thousands) June 30, 2022 Classified in Other Assets: Customer interest rate swaps $ 19,676 6.1 3.63 % 1 Mo. LIBOR + 2.50 $ 1,552 $ 6,985 4.8 6.13 % 1 Mo. BSBY + 3.00 $ 70 Total $ 26,661 5.5 4.88 % $ 1,622 Classified in Other Liabilities: 3rd Party interest rate swaps $ 19,676 6.1 3.63 % 1 Mo. LIBOR + 2.50 $ 1,552 $ 6,985 4.8 6.13 % 1 Mo. BSBY + 3.00 $ 70 Total $ 26,661 5.5 4.88 % $ 1,622 September 30, 2021 Classified in Other Assets: Customer interest rate swaps $ 20,111 6.9 3.61 % 1 Mo. LIBOR + 2.50 $ 183 Classified in Other Liabilities: 3rd Party interest rate swaps $ 20,111 6.9 3.61 % 1 Mo. LIBOR + 2.50 $ 183
Schedule of fair value, off-balance sheet financial instruments	June 30, September 30, 2022 2021 (In thousands) Financial instruments whose contract amounts represent credit risk Letters of credit $ 750 $ 2,901 Unused lines of credit 69,021 63,798 Fixed rate loan commitments 6,132 9,156 Variable rate loan commitments 30,011 14,558 Total $ 105,914 $ 90,413

EARNINGS PER SHARE (Schedule of

EARNINGS PER SHARE (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic and diluted EPS
Net income available to weighted average common shareholders, Income	$ 2,117	$ 1,668	$ 5,489	$ 4,510
Net income available to weighted average common shareholders, Weighted average shares	6,799,800	7,096,664	6,797,691	7,096,664
Net income available to weighted average common shareholders, Per share Amount	$ 0.31	$ 0.24	$ 0.81	$ 0.64

EARNINGS PER SHARE (Schedule _2

EARNINGS PER SHARE (Schedule of Earnings Per Share) (Details) (Parenthetical) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic and diluted EPS
Net income available to weighted average common shareholders, Income	$ 2,117	$ 1,668	$ 5,489	$ 4,510
Net income available to weighted average common shareholders, Weighted average shares	6,799,800	7,096,664	6,797,691	7,096,664
Net income available to weighted average common shareholders, Per share Amount	$ 0.31	$ 0.24	$ 0.81	$ 0.64

STOCK-BASED COMPENSATION AND _2

STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM (Narrative) (Details) - USD ($)	1 Months Ended	9 Months Ended
	Jul. 21, 2022	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Treasury stock, shares		112,996		112,996
Average cost of shares repurchased (per share)		$ 10.99
ESOP compensation expense		$ 138,000	$ 50,000
2006 ESOP Trust [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Treasury stock, shares		217,863
Cost of shares repurchased by ESOP trust		$ 2,300,000
Average cost of shares repurchased (per share)		$ 10.58
2021 ESOP Trust [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Cost of shares repurchased by ESOP trust		$ 3,400,000
Average cost of shares repurchased (per share)		$ 10.77
Total ESOP shares		312,800
Percentage of common shares sold		8%
Description of loan with respect to employee stock ownership plan		The total cost of the shares purchased on the open market by the 2021 ESOP trust was $3.4 million, reflecting an average cost per share of $10.77. The 2021 ESOP loan bears a variable interest rate that adjusts annually to the Prime Rate (3.25% at January 1, 2022) with principal and interest payable annually in equal installments over thirty years.
Repurchase Program [Member] | Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum stock repurchase authorization (as a percent)	5%
Stock repurchased during period (in shares)	354,891

OTHER COMPREHENSIVE INCOME (L_3

OTHER COMPREHENSIVE INCOME (LOSS) (Schedule of Components of Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2022	Jun. 30, 2021
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, before Tax [Abstract]
Available-for-sale investments before tax	$ (490)			$ 164			$ (1,285)	$ (205)
Tax benefit (expense)	120			(54)			316	57
Available-for-sale investments after tax	(370)			110			(969)	(148)
Other comprehensive income, net before tax	(490)			164			(1,285)	(205)
Tax benefit (expense), Total	120			(54)			316	57
Other comprehensive income, net after tax	$ (370)	$ (559)	$ (40)	$ 110	$ (222)	$ (36)	$ (969)	$ (148)

FAIR VALUE DISCLOSURES (Narrati

FAIR VALUE DISCLOSURES (Narrative) (Details) - USD ($)	Jun. 30, 2022	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Mortgage Servicing Rights	$ 1,000	$ 4,000

FAIR VALUE DISCLOSURES (Schedul

FAIR VALUE DISCLOSURES (Schedule of Assets Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Fair value measured on recurring basis:
Securities available for sale	$ 10,058	$ 12,927
Total Assets	790,652	773,990
Liabilities:
Total Liabilities	689,672	676,349
Obligations of U.S. government enterprises Mortgage-backed securities [Member]
Fair value measured on recurring basis:
Securities available for sale	10,058	12,927
Fair Value, Measurements, Recurring [Member]
Fair value measured on recurring basis:
Securities available for sale	10,058	12,927
Derivative assets	1,622	183
Total Assets	11,680	13,110
Liabilities:
Derivative liabilities	1,622	183
Total Liabilities	1,622	183
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair value measured on recurring basis:
Securities available for sale
Derivative assets
Total Assets
Liabilities:
Derivative liabilities
Total Liabilities
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Obligations of U.S. government enterprises Mortgage-backed securities [Member]
Fair value measured on recurring basis:
Securities available for sale
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value measured on recurring basis:
Securities available for sale	10,058	12,927
Derivative assets	1,622	183
Total Assets	11,680	13,110
Liabilities:
Derivative liabilities	1,622	183
Total Liabilities	1,622	183
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Obligations of U.S. government enterprises Mortgage-backed securities [Member]
Fair value measured on recurring basis:
Securities available for sale	10,058	12,927
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value measured on recurring basis:
Securities available for sale
Derivative assets
Total Assets
Liabilities:
Derivative liabilities
Total Liabilities
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Obligations of U.S. government enterprises Mortgage-backed securities [Member]
Fair value measured on recurring basis:
Securities available for sale

FAIR VALUE DISCLOSURES (Sched_2

FAIR VALUE DISCLOSURES (Schedule of Assets Measured at Fair Value on a Non-Recurring Basis) (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	$ 7,428	$ 11,134
Other real estate owned	281	636
Assets measured at fair value on a non-recurring basis	7,709	11,770
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans
Other real estate owned
Assets measured at fair value on a non-recurring basis
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans
Other real estate owned
Assets measured at fair value on a non-recurring basis
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans	7,428	11,134
Other real estate owned	281	636
Assets measured at fair value on a non-recurring basis	$ 7,709	$ 11,770

FAIR VALUE DISCLOSURES (Sched_3

FAIR VALUE DISCLOSURES (Schedule of Additional Quantitative Information About Assets Measured at Fair Value) (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Jun. 30, 2022	Sep. 30, 2021
Fair Value Measured on a Nonrecurring Basis [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value estimate		$ 7,709	$ 11,770
Impaired Loans [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation techniques	[1]	Appraisal of collateral	Appraisal of collateral
Unobservable Input	[2]	Appraisal adjustments	Appraisal adjustments
Impaired Loans [Member] | Fair Value Measured on a Nonrecurring Basis [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value estimate		$ 7,428	$ 11,134
Impaired Loans [Member] | Fair Value Measured on a Nonrecurring Basis [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input- appraisal of collateral		(31.70%)	(42.80%)
Impaired Loans [Member] | Fair Value Measured on a Nonrecurring Basis [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input- appraisal of collateral		(20.50%)	(23.60%)
Impaired Loans [Member] | Fair Value Measured on a Nonrecurring Basis [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input- appraisal of collateral		(8.00%)	(8.00%)
Other Real Estate Owned [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation techniques	[1]	Appraisal of collateral	Appraisal of collateral
Unobservable Input	[2]	Liquidation expenses	Liquidation expenses
Other Real Estate Owned [Member] | Fair Value Measured on a Nonrecurring Basis [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value estimate		$ 281	$ 636
Other Real Estate Owned [Member] | Fair Value Measured on a Nonrecurring Basis [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input- appraisal of collateral		(28.00%)	(31.20%)
Other Real Estate Owned [Member] | Fair Value Measured on a Nonrecurring Basis [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input- appraisal of collateral		(28.00%)	(45.50%)
Other Real Estate Owned [Member] | Fair Value Measured on a Nonrecurring Basis [Member] | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value input- appraisal of collateral		(28.00%)	(39.40%)
[1] Fair value is generally determined through independent appraisals for the underlying collateral, which generally include various level 3 inputs which are not identifiable. Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.

FAIR VALUE DISCLOSURES (Sched_4

FAIR VALUE DISCLOSURES (Schedule of the Carrying Amount, Fair Value, and Placement in the Fair Value Hierarchy of Financial Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Financial instruments - assets
Investment securities held-to-maturity	$ 91,222	$ 57,660
Fair Value, Inputs, Level 1 [Member]
Financial instruments - assets
Investment securities held-to-maturity
Loans
Financial instruments - liabilities
Certificates of deposit
Borrowings
Fair Value, Inputs, Level 2 [Member]
Financial instruments - assets
Investment securities held-to-maturity	83,650	57,282
Loans
Financial instruments - liabilities
Certificates of deposit	87,050	118,144
Borrowings	14,749	23,753
Fair Value, Inputs, Level 3 [Member]
Financial instruments - assets
Investment securities held-to-maturity
Loans	602,093	594,674
Financial instruments - liabilities
Certificates of deposit
Borrowings
Carrying Value [Member]
Financial instruments - assets
Investment securities held-to-maturity	91,222	57,660
Loans	616,656	585,301
Financial instruments - liabilities
Certificates of deposit	87,927	116,892
Borrowings	15,284	23,356
Fair Value [Member]
Financial instruments - assets
Investment securities held-to-maturity	83,650	57,282
Loans	602,093	594,674
Financial instruments - liabilities
Certificates of deposit	87,050	118,144
Borrowings	$ 14,749	$ 23,753

LEASES (Narrative) (Details)

LEASES (Narrative) (Details) - USD ($)	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease liabilities	$ 3,800,000
Operating lease right-of-use asset and liability	3,400,000
Total lease expense	$ 607,000	$ 613,000
Lease term, minimum	10 years
Lease term, maximum	11 years

LEASES (Schedule of Balance She

LEASES (Schedule of Balance Sheet Information Related to Leases) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease right-of-use asset	$ 3,442	$ 3,894
Operating lease liabilities	$ 3,769	$ 4,254
Weighted average remaining lease term in years	7 years 1 month 6 days	7 years 8 months 12 days
Weighted average discount rate	2.20%	2.20%

LEASES (Schedule of Maturity of

LEASES (Schedule of Maturity of Remaining Lease Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
For the Year Ending:
2022	$ 184
2023	738
2024	747
2025	523
2026	455
2027 and thereafter	1,533
Total lease payments	4,180
Less imputed interest	(411)
Present value of lease liabilities	$ 3,769	$ 4,254

INVESTMENT SECURITIES (Schedule

INVESTMENT SECURITIES (Schedule of the amortized cost and fair values of securities available for sale) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Securities available-for-sale:
Amortized Cost	$ 11,517	$ 13,101
Gross Unrealized Gains	3	34
Gross Unrealized Losses	(1,462)	(208)
Fair Value	10,058	12,927
Securities held-to-maturity:
Amortized cost	91,222	57,660
Gross Unrealized Gains	5	422
Gross Unrealized Losses	(7,577)	(800)
Fair Value	83,650	57,282
Investment Securities [Member]
Securities held-to-maturity:
Amortized cost	102,739	70,761
Gross Unrealized Gains	8	456
Gross Unrealized Losses	(9,039)	(1,008)
Fair Value	93,708	70,209
Obligations of U.S. government agencies Mortgage-backed securities - residential [Member]
Securities available-for-sale:
Amortized Cost	125	179
Gross Unrealized Gains		7
Gross Unrealized Losses	(4)
Fair Value	121	186
Obligations of U.S. government-sponsored enterprises Mortgage-backed securities-residential [Member]
Securities available-for-sale:
Amortized Cost	11,392	12,922
Gross Unrealized Gains	3	27
Gross Unrealized Losses	(1,458)	(208)
Fair Value	9,937	12,741
Securities held-to-maturity:
Amortized cost	48,393	38,596
Gross Unrealized Gains		416
Gross Unrealized Losses	(4,753)	(389)
Fair Value	43,640	38,623
Obligations of U.S. government agencies Mortgage backed securities - residential [Member]
Securities held-to-maturity:
Amortized cost	5,647	574
Gross Unrealized Gains
Gross Unrealized Losses	(404)	(25)
Fair Value	5,243	549
Obligations of U.S. government agencies Mortgage backed securities -commercial [Member]
Securities held-to-maturity:
Amortized cost	648	703
Gross Unrealized Gains	2
Gross Unrealized Losses
Fair Value	650	703
Obligations of U.S. government-sponsored enterprises Debt securities [Member]
Securities held-to-maturity:
Amortized cost	24,817	12,498
Gross Unrealized Gains
Gross Unrealized Losses	(1,570)	(156)
Fair Value	23,247	12,342
Private label mortgage-backed securities-residential [Member]
Securities held-to-maturity:
Amortized cost	229	242
Gross Unrealized Gains		6
Gross Unrealized Losses	(8)
Fair Value	221	248
Obligations of state and political subdivisions [Member]
Securities held-to-maturity:
Amortized cost	3,488	2,047
Gross Unrealized Gains	3
Gross Unrealized Losses	(467)	(34)
Fair Value	3,024	2,013
Corporate securities [Member]
Securities held-to-maturity:
Amortized cost	8,000	3,000
Gross Unrealized Gains
Gross Unrealized Losses	(375)	(196)
Fair Value	$ 7,625	$ 2,804

INVESTMENT SECURITIES (Schedu_2

INVESTMENT SECURITIES (Schedule of maturities debt securities and mortgage backed securities held to maturity ) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Available for Sale Securities, Amortized Cost
Mortgage Backed Securities, Residential	$ 11,517
Mortgage Backed Securities, Commercial
Amortized Cost	11,517	$ 13,101
Available for Sale Securities, Fair Value
Mortgage Backed Securities, Residential	10,058
Mortgage Backed Securities, Commercial
Fair Value	10,058	12,927
Held to Maturity Securities, Amortized Cost
Due within 1 year	5,000
Due after 1 but within 5 years	26,346
Due after 5 but within 10 years	4,445
Due after 10 years	514
Total debt securities	36,305
Mortgage Backed Securities, Residential	54,269
Mortgage Backed Securities, Commercial	648
Total securities held to maturity	91,222	57,660
Total investment securities	102,739
Held to Maturity Securities, Fair Value
Due within 1 year	4,821
Due after 1 but within 5 years	24,823
Due after 5 but within 10 years	3,854
Due after 10 years	398
Total debt securities	33,896
Mortgage Backed Securities, Residential	49,104
Mortgage Backed Securities, Commercial	650
Total securities held to maturity	83,650	$ 57,282
Total investment securities	$ 93,708

IMPAIRMENT OF INVESTMENT SECU_3

IMPAIRMENT OF INVESTMENT SECURITIES (Narrative) (Details)	Jun. 30, 2022 USD ($) Integer	Sep. 30, 2021 USD ($) Integer
Investment securities | Integer	75	36
Total unrealized losses	$ 9,000,000	$ 1,000,000
U.S. Government-Sponsored Enterprises Mortgage-Backed Securities [Member]
Total unrealized losses	6,600,000	622,000
U.S. Government-Sponsored Enterprises Debt Securities [Member]
Total unrealized losses	1,600,000	156,000
Obligations of State and Political Subdivisions [Member]
Total unrealized losses	467,000	34,000
Corporate Notes [Member]
Total unrealized losses	375,000	$ 196,000
Private-label Mortgage-Backed Securities [Member]
Total unrealized losses	$ 8,000

IMPAIRMENT OF INVESTMENT SECU_4

IMPAIRMENT OF INVESTMENT SECURITIES (Schedule of Gross Unrealized Losses and Fair Value for Both Available For Sale and Held To Maturity Securities) (Details) $ in Thousands	Jun. 30, 2022 USD ($) Integer	Sep. 30, 2021 USD ($) Integer
Schedule of Held-to-Maturity Securities [Line Items]
Number of Securities | Integer	75	36
Less Than 12 Months, Fair Value	$ 55,644	$ 46,880
Less Than 12 Months, Unrealized Losses	(4,402)	(724)
12 Months Or Greater, Fair Value	36,274	6,832
12 Months Or Greater, Unrealized Losses	(4,637)	(284)
Total, Fair Value	91,918	53,712
Total, Unrealized Losses	$ (9,039)	$ (1,008)
Obligations of U.S. government agencies Mortgage backed securities - residential [Member]
Schedule of Held-to-Maturity Securities [Line Items]
Number of Securities | Integer	6	3
Less Than 12 Months, Fair Value	$ 5,074	$ 318
Less Than 12 Months, Unrealized Losses	(372)	(12)
12 Months Or Greater, Fair Value	290	232
12 Months Or Greater, Unrealized Losses	(36)	(13)
Total, Fair Value	5,364	550
Total, Unrealized Losses	$ (408)	$ (25)
Obligations of U.S. government agencies Mortgage backed securities -commercial [Member]
Schedule of Held-to-Maturity Securities [Line Items]
Number of Securities | Integer		1
Less Than 12 Months, Fair Value
Less Than 12 Months, Unrealized Losses
12 Months Or Greater, Fair Value		703
12 Months Or Greater, Unrealized Losses
Total, Fair Value		703
Total, Unrealized Losses
Obligations of U.S. government-sponsored enterprises Mortgage-backed securities-residential [Member]
Schedule of Held-to-Maturity Securities [Line Items]
Number of Securities | Integer	47	20
Less Than 12 Months, Fair Value	$ 32,294	$ 33,690
Less Than 12 Months, Unrealized Losses	(3,144)	(539)
12 Months Or Greater, Fair Value	20,982	1,610
12 Months Or Greater, Unrealized Losses	(3,067)	(58)
Total, Fair Value	53,276	35,300
Total, Unrealized Losses	$ (6,211)	$ (597)
Obligations of U.S. government-sponsored enterprises Debt securities [Member]
Schedule of Held-to-Maturity Securities [Line Items]
Number of Securities | Integer	14	7
Less Than 12 Months, Fair Value	$ 11,894	$ 10,859
Less Than 12 Months, Unrealized Losses	(424)	(139)
12 Months Or Greater, Fair Value	11,352	1,483
12 Months Or Greater, Unrealized Losses	(1,146)	(17)
Total, Fair Value	23,246	12,342
Total, Unrealized Losses	$ (1,570)	$ (156)
Obligations of state and political subdivisions [Member]
Schedule of Held-to-Maturity Securities [Line Items]
Number of Securities | Integer	5	4
Less Than 12 Months, Fair Value	$ 1,340	$ 2,013
Less Than 12 Months, Unrealized Losses	(275)	(34)
12 Months Or Greater, Fair Value	846
12 Months Or Greater, Unrealized Losses	(192)
Total, Fair Value	2,186	2,013
Total, Unrealized Losses	$ (467)	$ (34)
Corporate securities [Member]
Schedule of Held-to-Maturity Securities [Line Items]
Number of Securities | Integer	2	1
Less Than 12 Months, Fair Value	$ 4,821
Less Than 12 Months, Unrealized Losses	(179)
12 Months Or Greater, Fair Value	2,804	2,804
12 Months Or Greater, Unrealized Losses	(196)	(196)
Total, Fair Value	7,625	2,804
Total, Unrealized Losses	$ (375)	$ (196)
Private label mortgage-backed securities residential [Member]
Schedule of Held-to-Maturity Securities [Line Items]
Number of Securities | Integer	1
Less Than 12 Months, Fair Value	$ 221
Less Than 12 Months, Unrealized Losses	(8)
12 Months Or Greater, Fair Value
12 Months Or Greater, Unrealized Losses
Total, Fair Value	221
Total, Unrealized Losses	$ (8)

LOANS RECEIVABLE, NET AND REL_3

LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Narrative) (Details)	3 Months Ended	9 Months Ended		12 Months Ended
	Jun. 30, 2021 Integer	Jun. 30, 2022 USD ($) Integer	Jun. 30, 2021 USD ($) Integer	Sep. 30, 2021 USD ($) Integer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Troubled debt restructurings pre-modification amount			$ 330,000
Guarantee percentage		1%
Interest rate of loan		1%
Number of loans | Integer	1		2
Paycheck Protection Program Loan [Member] | SBA [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | Integer		2		111
Loan received		$ 370,000		$ 25,100,000
Amount of debt forgiveness		$ 3,000

LOANS RECEIVABLE, NET AND REL_4

LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Loans Receivable, Net) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 625,793	$ 594,617
Net deferred loan costs	(632)	(1,241)
Allowance for loan losses	(8,505)	(8,075)
Total loans receivable	616,656	585,301
One-to-four family residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	208,018	203,019
Allowance for loan losses	(1,148)	(1,136)
Construction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	23,152	20,350
Allowance for loan losses	(607)	(594)
Commercial real estate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	335,384	280,848
Allowance for loan losses	(4,416)	(3,744)
Home equity lines of credit [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	15,568	17,930
Allowance for loan losses	(225)	(232)
Commercial business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	40,573	68,719
Allowance for loan losses	(1,777)	(2,046)
Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	3,098	3,751
Allowance for loan losses	$ (1)	$ (15)

LOANS RECEIVABLE, NET AND REL_5

LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Impaired Loans by Class) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Financing Receivable, Impaired [Line Items]
Recorded Investment Impaired Loans with Specific Allowance	$ 2,835	$ 2,835
Related Allowance Impaired Loans with Specific Allowance	114	224
Recorded Investment Impaired Loans with No Specific Allowance	4,593	8,233
Total Impaired Loans Recorded Investment	7,428	11,068
Total Impaired Loans Unpaid Principal Balance	7,493	11,133
One-to four-family residential [Member]
Financing Receivable, Impaired [Line Items]
Recorded Investment Impaired Loans with Specific Allowance
Related Allowance Impaired Loans with Specific Allowance
Recorded Investment Impaired Loans with No Specific Allowance	1,525	2,711
Total Impaired Loans Recorded Investment	1,525	2,711
Total Impaired Loans Unpaid Principal Balance	1,525	2,711
Commercial real estate [Member]
Financing Receivable, Impaired [Line Items]
Recorded Investment Impaired Loans with Specific Allowance
Related Allowance Impaired Loans with Specific Allowance
Recorded Investment Impaired Loans with No Specific Allowance	1,169	2,270
Total Impaired Loans Recorded Investment	1,169	2,270
Total Impaired Loans Unpaid Principal Balance	1,169	2,270
Construction [Member]
Financing Receivable, Impaired [Line Items]
Recorded Investment Impaired Loans with Specific Allowance	2,835	2,835
Related Allowance Impaired Loans with Specific Allowance	114	224
Recorded Investment Impaired Loans with No Specific Allowance	1,745	1,745
Total Impaired Loans Recorded Investment	4,580	4,580
Total Impaired Loans Unpaid Principal Balance	4,645	4,645
Commercial business [Member]
Financing Receivable, Impaired [Line Items]
Recorded Investment Impaired Loans with Specific Allowance
Related Allowance Impaired Loans with Specific Allowance
Recorded Investment Impaired Loans with No Specific Allowance	154	1,507
Total Impaired Loans Recorded Investment	154	1,507
Total Impaired Loans Unpaid Principal Balance	$ 154	$ 1,507

LOANS RECEIVABLE, NET AND REL_6

LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Average Recorded Investment in Impaired Loans) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Financing Receivable, Impaired [Line Items]
Average investment in impaired loans	$ 8,114	$ 12,275	$ 8,911	$ 12,582
One-to four-family residential [Member]
Financing Receivable, Impaired [Line Items]
Average investment in impaired loans	1,531	2,425	1,760	2,409
Commercial real estate [Member]
Financing Receivable, Impaired [Line Items]
Average investment in impaired loans	1,174	3,407	1,516	3,716
Construction [Member]
Financing Receivable, Impaired [Line Items]
Average investment in impaired loans	4,580	4,580	4,580	4,580
Commercial business [Member]
Financing Receivable, Impaired [Line Items]
Average investment in impaired loans	$ 829	$ 1,863	$ 1,055	$ 1,877

LOANS RECEIVABLE, NET AND REL_7

LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Classes of the Loan Portfolio Summarized by Bank's Internal Risk Rating System) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	$ 625,793	$ 594,617
Pass [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	619,681	577,729
Special Mention [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	1,184	7,691
Substandard [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	4,928	9,197
Doubtful [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross
One-to four-family residential [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	208,018	203,019
One-to four-family residential [Member] | Pass [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	206,685	200,510
One-to four-family residential [Member] | Special Mention [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	985	1,002
One-to four-family residential [Member] | Substandard [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	348	1,507
One-to four-family residential [Member] | Doubtful [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross
Commercial real estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	335,384	280,848
Commercial real estate [Member] | Pass [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	335,185	272,408
Commercial real estate [Member] | Special Mention [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	199	6,679
Commercial real estate [Member] | Substandard [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross		1,761
Commercial real estate [Member] | Doubtful [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross
Construction [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	23,152	20,350
Construction [Member] | Pass [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	18,572	15,770
Construction [Member] | Special Mention [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross
Construction [Member] | Substandard [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	4,580	4,580
Construction [Member] | Doubtful [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross
Home equity lines of credit [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	15,568	17,930
Home equity lines of credit [Member] | Pass [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	15,568	17,930
Home equity lines of credit [Member] | Special Mention [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross
Home equity lines of credit [Member] | Substandard [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross
Home equity lines of credit [Member] | Doubtful [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross
Commercial business [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	40,573	68,719
Commercial business [Member] | Pass [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	40,573	67,360
Commercial business [Member] | Special Mention [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross		10
Commercial business [Member] | Substandard [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross		1,349
Commercial business [Member] | Doubtful [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross
Other [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	3,098	3,751
Other [Member] | Pass [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross	3,098	3,751
Other [Member] | Special Mention [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross
Other [Member] | Substandard [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross
Other [Member] | Doubtful [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Loans and Leases Receivable, Gross

LOANS RECEIVABLE, NET AND REL_8

LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Classes of the Loan Portfolio Summarized by Aging Categories) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Financing Receivable, Past Due [Line Items]
Current	$ 621,213	$ 586,458
Total Past Due	4,580	8,159
Non - Accrual	4,580	8,159
Total Loans	625,793	594,617
30-59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due
60-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due
90 Days + Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due	4,580	8,159
One-to four-family residential [Member]
Financing Receivable, Past Due [Line Items]
Current	208,018	201,868
Total Past Due		1,151
Non - Accrual		1,151
Total Loans	208,018	203,019
One-to four-family residential [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due
One-to four-family residential [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due
One-to four-family residential [Member] | 90 Days + Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due		1,151
Commercial real estate [Member]
Financing Receivable, Past Due [Line Items]
Current	335,384	279,769
Total Past Due		1,079
Non - Accrual		1,079
Total Loans	335,384	280,848
Commercial real estate [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due
Commercial real estate [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due
Commercial real estate [Member] | 90 Days + Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due		1,079
Construction [Member]
Financing Receivable, Past Due [Line Items]
Current	18,572	15,770
Total Past Due	4,580	4,580
Non - Accrual	4,580	4,580
Total Loans	23,152	20,350
Construction [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due
Construction [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due
Construction [Member] | 90 Days + Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due	4,580	4,580
Home equity lines of credit [Member]
Financing Receivable, Past Due [Line Items]
Current	15,568	17,930
Total Past Due
Non - Accrual
Total Loans	15,568	17,930
Home equity lines of credit [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due
Home equity lines of credit [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due
Home equity lines of credit [Member] | 90 Days + Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due
Commercial business [Member]
Financing Receivable, Past Due [Line Items]
Current	40,573	67,370
Total Past Due		1,349
Non - Accrual		1,349
Total Loans	40,573	68,719
Commercial business [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due
Commercial business [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due
Commercial business [Member] | 90 Days + Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due		1,349
Other [Member]
Financing Receivable, Past Due [Line Items]
Current	3,098	3,751
Total Past Due
Non - Accrual
Total Loans	3,098	3,751
Other [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due
Other [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due
Other [Member] | 90 Days + Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Past Due

LOANS RECEIVABLE, NET AND REL_9

LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Activity in the Allowance for Loan Losses by Loan Category) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2022	Jun. 30, 2021
Activity in the allowance for loan losses by loan category:
Balance at beginning of period	$ 8,300	$ 8,228	$ 8,075	$ 7,554	$ 7,130	$ 6,400	$ 8,075	$ 6,400
Charge-offs					(50)
Recoveries		1	52		7	90
Provision (credit)	205	71	101	246	467	640	376	1,353
Balance at the end of period	8,505	8,300	8,228	7,800	7,554	7,130	8,505	7,800
One-to four-family residential [Member]
Activity in the allowance for loan losses by loan category:
Balance at beginning of period	1,113	1,093	1,136	1,127	1,155	1,035	1,136	1,035
Charge-offs
Recoveries		1			1
Provision (credit)	35	19	(43)	(39)	(29)	120
Balance at the end of period	1,148	1,113	1,093	1,088	1,127	1,155	1,148	1,088
Commercial real estate [Member]
Activity in the allowance for loan losses by loan category:
Balance at beginning of period	4,082	3,706	3,744	3,709	3,408	3,232	3,744	3,232
Charge-offs					(50)
Recoveries			52
Provision (credit)	334	376	(90)	(3)	351	176
Balance at the end of period	4,416	4,082	3,706	3,706	3,709	3,408	4,416	3,706
Construction [Member]
Activity in the allowance for loan losses by loan category:
Balance at beginning of period	803	724	594	448	470	672	594	672
Charge-offs
Recoveries
Provision (credit)	(196)	79	130	179	(22)	(202)
Balance at the end of period	607	803	724	627	448	470	607	627
Home equity lines of credit [Member]
Activity in the allowance for loan losses by loan category:
Balance at beginning of period	220	232	232	257	267	179	232	179
Charge-offs
Recoveries
Provision (credit)	5	(12)		9	(10)	88
Balance at the end of period	225	220	232	266	257	267	225	266
Commercial business [Member]
Activity in the allowance for loan losses by loan category:
Balance at beginning of period	1,839	2,129	2,046	1,752	1,716	1,034	2,046	1,034
Charge-offs
Recoveries					6	90
Provision (credit)	(62)	(290)	83	149	30	592
Balance at the end of period	1,777	1,839	2,129	1,901	1,752	1,716	1,777	1,901
Other [Member]
Activity in the allowance for loan losses by loan category:
Balance at beginning of period	2	1	15	1	2	1	15	1
Charge-offs
Recoveries
Provision (credit)	(1)	1	(14)	(1)	(1)	1
Balance at the end of period	1	2	1		1	2	1
Unallocated [Member]
Activity in the allowance for loan losses by loan category:
Balance at beginning of period	241	343	308	260	112	247	308	247
Charge-offs
Recoveries
Provision (credit)	90	(102)	35	(48)	148	(135)
Balance at the end of period	$ 331	$ 241	$ 343	$ 212	$ 260	$ 112	$ 331	$ 212

LOANS RECEIVABLE, NET AND RE_10

LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of ALL by Loan Category) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Allowance for Loan Losses:
Balance - Allowance for loans losses	$ 8,505	$ 8,075
Individually evaluated for impairment	114	224
Collectively evaluated for impairment	8,391	7,851
Balance - Loans receivable	625,793	594,617
Loan balance individually evaluated for impairment	7,428	11,068
Loan balance collectively evaluated for impairment	618,365	583,549
One-to four-family residential [Member]
Allowance for Loan Losses:
Balance - Allowance for loans losses	1,148	1,136
Individually evaluated for impairment
Collectively evaluated for impairment	1,148	1,136
Balance - Loans receivable	208,018	203,019
Loan balance individually evaluated for impairment	1,525	2,711
Loan balance collectively evaluated for impairment	206,493	200,308
Commercial real estate [Member]
Allowance for Loan Losses:
Balance - Allowance for loans losses	4,416	3,744
Individually evaluated for impairment
Collectively evaluated for impairment	4,416	3,744
Balance - Loans receivable	335,384	280,848
Loan balance individually evaluated for impairment	1,169	2,270
Loan balance collectively evaluated for impairment	334,215	278,578
Construction [Member]
Allowance for Loan Losses:
Balance - Allowance for loans losses	607	594
Individually evaluated for impairment	114	224
Collectively evaluated for impairment	493	370
Balance - Loans receivable	23,152	20,350
Loan balance individually evaluated for impairment	4,580	4,580
Loan balance collectively evaluated for impairment	18,572	15,770
Home equity lines of credit [Member]
Allowance for Loan Losses:
Balance - Allowance for loans losses	225	232
Individually evaluated for impairment
Collectively evaluated for impairment	225	232
Balance - Loans receivable	15,568	17,930
Loan balance individually evaluated for impairment
Loan balance collectively evaluated for impairment	15,568	17,930
Commercial business [Member]
Allowance for Loan Losses:
Balance - Allowance for loans losses	1,777	2,046
Individually evaluated for impairment
Collectively evaluated for impairment	1,777	2,046
Balance - Loans receivable	40,573	68,719
Loan balance individually evaluated for impairment	154	1,507
Loan balance collectively evaluated for impairment	40,419	67,212
Other [Member]
Allowance for Loan Losses:
Balance - Allowance for loans losses	1	15
Individually evaluated for impairment
Collectively evaluated for impairment	1	15
Balance - Loans receivable	3,098	3,751
Loan balance individually evaluated for impairment
Loan balance collectively evaluated for impairment	3,098	3,751
Unallocated [Member]
Allowance for Loan Losses:
Balance - Allowance for loans losses	331	308
Individually evaluated for impairment
Collectively evaluated for impairment	331	308
Balance - Loans receivable
Loan balance individually evaluated for impairment
Loan balance collectively evaluated for impairment

LOANS RECEIVABLE, NET AND RE_11

LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Troubled Debt Restructuring) (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2021 USD ($) Integer	Jun. 30, 2021 USD ($) Integer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | Integer	1	2
Investment Before TDR Modification	$ 112	$ 330
Investment After TDR Modification	$ 124	$ 373
One-to four-family residential [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | Integer	1	2
Investment Before TDR Modification	$ 112	$ 330
Investment After TDR Modification	$ 124	$ 373

DEPOSITS (Schedule of Deposits

DEPOSITS (Schedule of Deposits by Type of Account) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Deposits [Abstract]
Demand accounts	$ 179,812	$ 181,975
Savings accounts	87,093	81,724
NOW accounts	98,225	71,325
Money market accounts	206,764	187,898
Certificates of deposit	74,997	101,888
Retirement certificates	12,930	15,004
Total deposits	$ 659,821	$ 639,814

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
State tax rate		11.50%	11.50%	11.50%	11.50%
Surtax rate	2.50%
Income tax expense at the statutory federal tax rate		9%	9%	9%	9%
Allocated income in excess in income taxes				$ 1

INCOME TAXES (Schedule of Recon

INCOME TAXES (Schedule of Reconciliation of Income Tax) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense at the statutory federal tax rate of 21% for the three and nine months ended June 30, 2022 and 2021	$ 631	$ 492	$ 1,625	$ 1,346
State tax expense	245	194	634	588
Other	10	(10)	(9)	(36)
Income tax expense	$ 886	$ 676	$ 2,250	$ 1,898

FINANCIAL INSTRUMENTS WITH OF_3

FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Schedule of Information Regarding Derivatives) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Sep. 30, 2021
Classified in Other Assets [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Average Maturiy (Years)	5 years 6 months
Classified in Other Liabilities [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Average Maturiy (Years)	5 years 6 months
Classified in Other Assets [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Notional Amount	$ 26,661
Weighted Average Fixed Rate	4.88%
Fair Value	$ 1,622
Classified in Other Liabilities [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Notional Amount	$ 26,661
Weighted Average Fixed Rate	4.88%
Fair Value	$ 1,622
Customer Interest Rate Swaps [Member] | Classified in Other Assets [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Average Maturiy (Years)	6 years 1 month 6 days	6 years 10 months 24 days
Weighted Average Variable Rate	1 Mo. LIBOR + 2.50	1 Mo. LIBOR + 2.50
Customer Interest Rate Swaps [Member] | Classified in Other Assets [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Notional Amount	$ 19,676	$ 20,111
Weighted Average Fixed Rate	3.63%	3.61%
Fair Value	$ 1,552	$ 183
Other Interest Rate Swaps [Member] | Classified in Other Assets [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Average Maturiy (Years)	4 years 9 months 18 days
Weighted Average Variable Rate	1 Mo. BSBY + 3.00
Other Interest Rate Swaps [Member] | Classified in Other Liabilities [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Average Maturiy (Years)	4 years 9 months 18 days
Weighted Average Variable Rate	1 Mo. BSBY + 3.00
Other Interest Rate Swaps [Member] | Classified in Other Assets [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Notional Amount	$ 6,985
Weighted Average Fixed Rate	6.13%
Fair Value	$ 70
Other Interest Rate Swaps [Member] | Classified in Other Liabilities [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Notional Amount	$ 6,985
Weighted Average Fixed Rate	6.13%
Fair Value	$ 70
3rd Party Interest Rate Swaps [Member] | Classified in Other Liabilities [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Average Maturiy (Years)	6 years 1 month 6 days	6 years 10 months 24 days
Weighted Average Variable Rate	1 Mo. LIBOR + 2.50	1 Mo. LIBOR + 2.50
3rd Party Interest Rate Swaps [Member] | Classified in Other Liabilities [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Notional Amount	$ 19,676	$ 20,111
Weighted Average Fixed Rate	3.63%	3.61%
Fair Value	$ 1,552	$ 183

FINANCIAL INSTRUMENTS WITH OF_4

FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Schedule of Financial Instruments Whose Contract Amounts Representing Credit Risk) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Sep. 30, 2021
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments - contract amounts	$ 105,914	$ 90,413
Letters of credit [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments - contract amounts	750	2,901
Unused lines of credit [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments - contract amounts	69,021	63,798
Fixed rate loan commitments [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments - contract amounts	6,132	9,156
Variable rate loan commitments [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments - contract amounts	$ 30,011	$ 14,558