Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2023 | Feb. 01, 2024 | |
Document Information Line Items | ||
Entity Registrant Name | Magyar Bancorp, Inc. | |
Trading Symbol | MGYR | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --09-30 | |
Entity Common Stock, Shares Outstanding | 6,653,933 | |
Amendment Flag | false | |
Entity Central Index Key | 0001337068 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-51726 | |
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 | |
Title of 12(b) Security | Common Stock, $.01 per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Assets | ||
Cash | $ 3,128 | $ 3,179 |
Interest earning deposits with banks | 47,989 | 69,353 |
Total cash and cash equivalents | 51,117 | 72,532 |
Investment securities - available for sale, at fair value | 12,273 | 10,125 |
Investment securities - at amortized cost (fair value of $75,508 and $73,728 at December 31, 2023 and September 30, 2023, respectively) | 84,333 | 85,835 |
Federal Home Loan Bank of New York stock, at cost | 2,254 | 2,286 |
Loans receivable | 728,560 | 697,400 |
Allowance for credit losses | (7,683) | (8,330) |
Bank owned life insurance | 18,126 | 18,030 |
Accrued interest receivable | 4,585 | 4,337 |
Premises and equipment, net | 12,534 | 13,339 |
Other real estate owned ("OREO") | 328 | 328 |
Other assets | 10,312 | 11,410 |
Total assets | 916,739 | 907,292 |
Liabilities | ||
Deposits | 763,548 | 755,453 |
Escrowed funds | 3,723 | 3,494 |
Borrowings | 28,796 | 29,515 |
Accrued interest payable | 656 | 443 |
Accounts payable and other liabilities | 13,477 | 13,597 |
Total liabilities | 810,200 | 802,502 |
Stockholders' equity | ||
Preferred stock: $.01 Par Value, 500,000 shares authorized; at December 31, 2023 and September 30, 2023, none issued | ||
Common stock: $.01 Par Value, 14,000,000 shares authorized; 7,097,825 shares issued; 6,654,952 and 6,674,184 shares outstanding at December 31, 2023 and September 30, 2023, respectively, at cost | 71 | 71 |
Additional paid-in capital | 62,962 | 62,801 |
Treasury stock: 442,873 and 423,641 shares at December 31, 2023 and September 30, 2023, respectively, at cost | (5,554) | (5,362) |
Unearned Employee Stock Ownership Plan shares | (3,047) | (3,097) |
Retained earnings | 53,456 | 52,166 |
Accumulated other comprehensive loss | (1,349) | (1,789) |
Total stockholders' equity | 106,539 | 104,790 |
Total liabilities and stockholders' equity | $ 916,739 | $ 907,292 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Fair value of investment securities - held to maturity (in Dollars) | $ 75,508 | $ 73,728 |
Preferred stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | ||
Common stock, par value (in Dollars per share) | $ 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 | 6,654,952 | 6,674,184 |
Treasury stock, shares at cost | 442,873 | 423,641 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest and dividend income | ||
Loans, including fees | $ 10,082 | $ 7,959 |
Investment securities | ||
Taxable | 1,406 | 504 |
Tax-exempt | 14 | 14 |
Federal Home Loan Bank of New York stock | 55 | 24 |
Total interest and dividend income | 11,557 | 8,501 |
Interest expense | ||
Deposits | 4,077 | 1,474 |
Borrowings | 236 | 136 |
Total interest expense | 4,313 | 1,610 |
Net interest and dividend income | 7,244 | 6,891 |
Provision for credit losses- loans | 384 | 317 |
Provision for credit losses- commitments | 97 | |
Net interest and dividend income after provision for credit losses | 6,763 | 6,574 |
Other income | ||
Service charges | 303 | 245 |
Income on bank owned life insurance | 95 | 95 |
Interest rate swap fees | 57 | |
Gains on sales of premises and equipment | 60 | |
Other operating income | 22 | 20 |
Gains on sales of loans | 129 | 180 |
Total other income | 609 | 597 |
Other expenses | ||
Compensation and employee benefits | 2,847 | 2,621 |
Occupancy expenses | 790 | 761 |
Professional fees | 226 | 179 |
Data processing expenses | 140 | 146 |
Director fees and benefits | 224 | 201 |
Marketing and business development | 97 | 126 |
FDIC deposit insurance premiums | 103 | 54 |
Other expenses | 593 | 493 |
Total other expenses | 5,020 | 4,581 |
Income before income tax expense | 2,352 | 2,590 |
Income tax expense | 700 | 780 |
Net income | $ 1,652 | $ 1,810 |
Earnings per share - basic (in Dollars per share) | $ 0.26 | $ 0.28 |
Earnings per share - diluted (in Dollars per share) | $ 0.26 | $ 0.28 |
Weighted average shares outstanding - basic (in Shares) | 6,387,010 | 6,456,525 |
Weighted average shares outstanding - diluted (in Shares) | 6,387,010 | 6,459,446 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,652 | $ 1,810 |
Other comprehensive income | ||
Unrealized gains on securities available for sale | 584 | 206 |
Other comprehensive income, before tax | 584 | 206 |
Deferred income tax effect | (144) | (50) |
Total other comprehensive income | 440 | 156 |
Total comprehensive income | $ 2,092 | $ 1,966 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Treasury Stock | Unearned ESOP Shares | Retained Earnings | Accumulated Other Comprehensive Loss | Total |
Balance at Sep. 30, 2022 | $ 71 | $ 63,734 | $ (5,793) | $ (3,169) | $ 45,773 | $ (2,114) | $ 98,502 |
Balance (in Shares) at Sep. 30, 2022 | 6,745,128 | ||||||
Net income | 1,810 | 1,810 | |||||
Dividends paid on common stock | (744) | (744) | |||||
Other comprehensive income | 156 | 156 | |||||
ESOP shares allocated | 17 | 24 | 41 | ||||
Purchase of treasury stock | (27) | (27) | |||||
Purchase of treasury stock (in Shares) | (2,194) | ||||||
Stock-based compensation expense | 180 | 180 | |||||
Balance at Dec. 31, 2022 | $ 71 | 63,931 | (5,820) | (3,145) | 46,839 | (1,958) | 99,918 |
Balance (in Shares) at Dec. 31, 2022 | 6,742,934 | ||||||
Balance at Sep. 30, 2023 | $ 71 | 62,801 | (5,362) | (3,097) | 52,166 | (1,789) | 104,790 |
Balance (in Shares) at Sep. 30, 2023 | 6,674,184 | ||||||
Net income | 1,652 | 1,652 | |||||
Dividends paid on common stock | (716) | (716) | |||||
Effect of adopting ASU 2016-13 | 354 | 354 | |||||
Other comprehensive income | 440 | 440 | |||||
ESOP shares allocated | 50 | 50 | |||||
Purchase of treasury stock | (192) | (192) | |||||
Purchase of treasury stock (in Shares) | (19,232) | ||||||
Stock-based compensation expense | 161 | 161 | |||||
Balance at Dec. 31, 2023 | $ 71 | $ 62,962 | $ (5,554) | $ (3,047) | $ 53,456 | $ (1,349) | $ 106,539 |
Balance (in Shares) at Dec. 31, 2023 | 6,654,952 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends paid | $ 0.11 | $ 0.11 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating activities | ||
Net income | $ 1,652 | $ 1,810 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 217 | 208 |
Premium amortization on investment securities, net | 20 | 43 |
Provision for credit losses | 481 | 317 |
Originations of SBA loans held for sale | (1,613) | (1,825) |
Proceeds from the sales of SBA loans | 1,741 | 2,005 |
Gains on sale of loans | (129) | (180) |
Gains on the sale of premises and equipment | (60) | |
ESOP compensation expense | 50 | 41 |
Stock-based compensation expense | 161 | 180 |
Deferred income tax expense (benefit) | 221 | (237) |
Increase in accrued interest receivable | (248) | (348) |
Increase in surrender value of bank owned life insurance | (95) | (95) |
Decrease in other assets | 733 | 160 |
Increase in accrued interest payable | 213 | 77 |
Decrease in accounts payable and other liabilities | (120) | (821) |
Net cash provided by operating activities | 3,224 | 1,335 |
Investing activities | ||
Net increase in loans receivable | (31,934) | (46,554) |
Purchases of investment securities held-to-maturity | (2,000) | |
Purchases of investment securities available-for-sale | (1,953) | |
Principal repayments on investment securities held-to-maturity | 3,487 | 992 |
Principal repayments on investment securities available-for-sale | 384 | 209 |
Purchases of premises and equipment, net | (128) | (10) |
Proceeds from the sale of land | 776 | |
Investment in other real estate owned | (11) | |
Purchase of Federal Home Loan Bank stock | (76) | (2,582) |
Redemption of Federal Home Loan Bank stock | 108 | 1,923 |
Net cash used in investing activities | (31,336) | (46,033) |
Financing activities | ||
Net increase in deposits | 8,095 | 8,350 |
Net increase in escrowed funds | 229 | (39) |
Proceeds from long-term advances | 1,690 | 3,000 |
Repayments of long-term advances | (2,409) | |
Net change in short-term advances | 11,100 | |
Cash dividends paid on common stock | (716) | (744) |
Purchase of treasury stock | (192) | (27) |
Net cash provided by financing activities | 6,697 | 21,640 |
Net decrease in cash and cash equivalents | (21,415) | (23,058) |
Cash and cash equivalents, beginning of period | 72,532 | 30,936 |
Cash and cash equivalents, end of period | 51,117 | 7,878 |
Cash paid for | ||
Interest | 4,100 | 1,533 |
Income taxes | ||
Non-cash operating activities | ||
Adoption of ASU 2016-13 | $ 354 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Dec. 31, 2023 | |
Basis of Presentation [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 consolidated 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 months ended December 31, 2023 are not necessarily indicative of the results that may be expected for the year ending September 30, 2024. The September 30, 2023 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 available-for-sale investment securities, 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 December 31, 2023 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 | 3 Months Ended |
Dec. 31, 2023 | |
Recent Accounting Pronouncements [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 consolidated financial statements when they are adopted in the future. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13 , Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments The Company adopted ASU 2016-13 on October 1, 2023 using the modified retrospective approach for all financial assets measured at amortized cost, including loans, held-to-maturity debt securities, available-for-sale debt securities and unfunded commitments. The Company recorded a cumulative effect increase to retained earnings of $492,000 ($346,000 net of taxes), which was comprised of a $1,032,000 ($725,000 net of tax) increase related to loans and $540,000 ($379,000 net of tax) decrease related to unfunded commitments. The Company determined that there was no impact to retained earnings related to held-to-maturity securities as a result of adopting this guidance. The results reported for periods beginning on or after October 1, 2023 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable accounting standards. The impact of the change from the incurred loss model to the current expected credit loss model is included in the following table: October 1, 2023 Adoption Pre-adoption Impact As Reported (In thousands) Assets ACL on debt securities held-to-maturity $ — $ — $ — ACL on loans One-to-four family residential 1,259 7 1,266 Commercial real estate 5,277 (589 ) 4,688 Construction 472 (55 ) 417 Home equity lines of credit 207 (87 ) 120 Commercial business 939 (133 ) 806 Other 176 (175 ) 1 Liabilities ACL on unfunded commitments — 540 540 Total $ 8,330 $ (492 ) $ 7,838 Allowance for Credit Losses on Loans The Company maintains its allowance for credit losses (“ACL”) at a level that management believes to be appropriate to absorb estimated credit losses as of the date of the Consolidated Statement of Financial Condition. The Company established its allowance in accordance with the guidance included in Accounting Standards Codification 326, Financial Instruments – Credit Losses Historical credit loss experience is the basis for the estimate of expected credit losses. We apply our historical loss rates to pools of loans with similar risk characteristics using the Weighted-Average Remaining Maturity (“WARM”) method. The remaining contractual life of the pools of loans with similar risk characteristics is adjusted by expected scheduled payments and prepayments. After consideration of the historical loss calculation, management applies qualitative adjustments to reflect the current conditions and reasonable and supportable forecasts not already reflected in the historical loss information. Our reasonable and supportable forecast adjustment is based on a regional economic indicator obtained from the United States Government Publishing Office. The Company selected eight qualitative metrics which were correlated with the Bank and its peer group’s historical loss patterns. The eight qualitative metrics include: changes in lending policies and procedures, changes in national and local economic conditions as well as business conditions, changes in the nature, complexity, and volume of the portfolio, changes in the experience, ability, and depth of lenders and lending management, changes in the volume and severity of past due and classified loans, changes in the value of collateral securing loans, changes in or the existence of credit concentrations, and changes in the legal and/or regulatory landscape. The adjustments are weighted for relevance before applying to each pool of loans. Each quarter, management reviews the recommended adjustment factors and applies any additional adjustments based on current conditions. The Company has elected to exclude $4.3 million of accrued interest receivable on loans as of December 31, 2023 from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. Accrued interest on loans is reported in the accrued interest receivable line on the consolidated statements of financial condition. The ACL for individual loans begins with the use of normal credit review procedures to identify whether a loan no longer shares similar risk characteristics with other pooled loans and, therefore, should be individually assessed. We individually evaluate all commercial loans that meet the following criteria: (1) when it is determined that foreclosure is probable, (2) substandard, doubtful and nonperforming loans when repayment is expected to be provided substantially through the operation or sale of the collateral, or (3) when it is determined by management that a loan does not share similar risk characteristics with other loans. Credit loss estimates are calculated based on the following three acceptable methods for measuring the ACL: (1) the present value of expected future cash flows discounted at the loan’s original effective interest rate; (2) the loan’s observable market price; or (3) the fair value of the collateral when the loan is collateral dependent. Our individual loan evaluations consist primarily of the fair value of collateral method because most of our loans are collateral dependent. Collateral values are reduced to consider expected disposition costs when appropriate. A charge-off is recorded when the estimated fair value of the loan is less than the loan balance. Allowance for Credit Losses on Unfunded Loan Commitments The Company estimates expected credit losses over the contractual period in which the Bank is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Bank. The allowance for credit losses on unfunded loan commitments is included in accounts payable and other liabilities in the Company’s Statement of Financial Condition and is adjusted through credit loss expense. The estimate includes consideration of the likelihood that funding will occur, the amount of funding that will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. Allowance for Credit Losses on Held-to-Maturity Securities The Company accounts for its held-to-maturity securities in accordance with Accounting Standards Codification (ASC) 326-20, Financial Instruments – Credit Loss – Measured at Amortized Cost The Company classifies its held-to-maturity debt securities into the following major security types: obligations of U.S. government agencies, obligations of U.S. government-sponsored enterprises, private label mortgage-backed securities, obligations of state and political subdivisions and corporate securities. Credit ratings of held-to-maturity debt securities, which are a significant input in calculating the expected credit loss, are reviewed on a quarterly basis. Based on the credit ratings of our held-to-maturity securities and our historical experience of no losses, the Company determined that an allowance for credit losses on its’ held-to-maturity portfolio is not required. Accrued interest receivable on held-to-maturity debt securities totaled $215 thousand as of December 31, 2023 and is included within accrued interest receivable on the Company’s Consolidated Statement of Financial Condition. This amount is excluded from the estimate of expected credit losses. Generally, held-to-maturity debt securities are classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When held-to-maturity debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed against interest income. Allowance for Credit Losses on Available-for-Sale Securities The Company measures expected credit losses on available-for-sale debt securities when the Bank intends to sell, or when it is not more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the amortized cost basis of the security is written down to fair value through income. For available-for-sale debt securities that do not meet the previously mentioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this evaluation indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, equal to the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. The ACL on available-for-sale debt securities is included within the recorded balance of securities available-for-sale on the Consolidated Statements of Financial Condition. Changes in the allowance for credit losses are recorded within provision for credit losses on the Consolidated Statements of Income. Losses are charged against the allowance when the Company believes the collectability of an available-for-sale security is in jeopardy or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available-for-sale debt securities totaled $26 thousand as of December 31, 2023 and is included within accrued interest receivable on the Company’s Consolidated Statement of Financial Condition. This amount is excluded from the estimate of expected credit losses. Generally, available-for-sale debt securities are classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When available-for-sale debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed against interest income. |
CONTINGENCIES
CONTINGENCIES | 3 Months Ended |
Dec. 31, 2023 | |
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 as presented in this report. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Dec. 31, 2023 | |
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 months ended December 31, 2023 and 2022. Basic and diluted earnings per share were calculated by dividing net income by the weighted-average number of shares outstanding for the periods. For the Three Months Ended December 31, 2023 2022 (Dollars in thousands, except share and per share data) Income applicable to common shares $ 1,652 $ 1,810 Weighted average common shares outstanding- basic 6,387,010 6,456,525 Potential diliutive common stock equivalents — 2,921 Weighted average common shares outstanding- diluted 6,387,010 6,459,446 Earnings per share - basic $ 0.26 $ 0.28 Earnings per share - diluted $ 0.26 $ 0.28 Options to purchase 293,200 shares of common stock at a weighted average strike price of $12.58 and 124,320 shares of restricted shares at a weighted average price of $12.63 were outstanding at December 31, 2023 but were not included in the calculation of diluted EPS because they were anti-dilutive. Options to purchase 293,200 shares of common stock at a weighted average strike price of $12.58 and 156,400 shares of restricted shares at a weighted average price of $12.63 were outstanding at December 31, 2022. |
STOCK-BASED COMPENSATION AND ST
STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM | 3 Months Ended |
Dec. 31, 2023 | |
Stock-Based Compensation and Stock Repurchase Program [Abstract] | |
STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM | NOTE E – STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM On August 25, 2022, the Company adopted the 2022 Equity Compensation Plan which provided for grants of up to 547,400 shares to be allocated between incentive and non-qualified stock options and restricted stock awards to officers, employees and directors of the Company and Magyar Bank. At December 31, 2023, 293,200 options and 124,320 shares of restricted stock had been awarded from the plan. The following is a summary of the status of the Company’s stock option activity and related information for the three months ended December 31, 2023: Shares Weighted Weighted Aggregate Balance at September 30, 2023 293,200 $ 12.58 8.98 $ — Granted — — — — Exercised — — — — Forfeited — — — — Expired — — — — Balance at December 31, 2023 293,200 $ 12.58 8.73 $ — Exercisable at December 31, 2023 58,640 $ 12.58 8.73 $ — The following is a summary of the status of the Company’s non-vested restricted shares for the three months ended December 31, 2023: Shares Weighted Balance at September 30, 2023 124,320 $ 12.63 Granted — — Vested — — Forfeited — — Balance at December 31, 2023 124,320 $ 12.63 Stock option and stock award expenses included with compensation expense were $63,000 and $98,000 for the three months ended December 31, 2023 and $69,000 and $111,000 for the three months ended December 31, 2022. At December 31, 2023, total compensation cost not yet recognized for the Company’s unvested stock options and stock awards was $2.4 million. The Company had no other stock-based compensation plans as of December 31, 2023 except as disclosed below. On December 8, 2022, the Company announced the authorization of fourth stock repurchase plan pursuant to which the Company intends to repurchase up to an additional 5% of its outstanding shares, or up to 337,146 shares, under which 120,062 shares had been repurchased at an average price of $11.51 through December 31, 2023. Under this stock repurchase program, 217,084 shares of the 337,146 shares authorized remained available for repurchase as of December 31, 2023. The Company’s intended use of the repurchased shares is for general corporate purposes. The Company held treasury stock shares totaling 442,873 at December 31, 2023. The timing of the repurchases will depend on certain factors, including but not limited to, market conditions and prices, the Company’s liquidity requirements and alternative uses of capital. 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. In connection with the Company’s second-step stock offering during its fiscal year ending September 30, 2021, the ESOP trustees purchased 312,800 shares of the Company’s common stock for $3.4 million, reflecting an average cost per share of $10.77. The ESOP loan bears a fixed interest rate of 3.25% with principal and interest payable annually in equal installments over 30 years. At December 31, 2023, ESOP shares allocated to participants totaled 170,335. Unallocated ESOP shares held in suspense totaled 290,313 with an aggregate fair value of $3.3 million. The Company's contribution expense for the ESOP was $50,000 and $41,000 for the three months ended December 31, 2023 and 2022, respectively. |
OTHER COMPREHENSIVE INCOME (LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Dec. 31, 2023 | |
Other Comprehensive Income (Loss) [Abstract] | |
OTHER COMPREHENSIVE INCOME (LOSS) | NOTE F – OTHER COMPREHENSIVE INCOME (LOSS) Comprehensive income (loss) includes net income as well as certain other items which result in a change to equity during the period. The Company recorded no reclassification adjustments during the three months ended December 31, 2023 and 2022. The components of other comprehensive income (loss) and the related income tax effects are as follows: Three Months Ended December 31, 2023 2022 Tax Net of Tax Net of Before Tax (Benefit) Tax Before Tax (Benefit) Tax Amount Expense Amount Amount Expense Amount (In thousands) Unrealized holding gain (loss) arising during period on: Available-for-sale investments $ 584 $ (144 ) $ 440 $ 206 $ (50 ) $ 156 Other comprehensive income (loss), net $ 584 $ (144 ) $ 440 $ 206 $ (50 ) $ 156 (a) All amounts are net of tax. Related income tax expense or benefit calculated using an income tax rate approximating 25% for available-for-sale investments. |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 3 Months Ended |
Dec. 31, 2023 | |
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 and the Company’s derivative assets and liabilities 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: 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. 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. December 31, 2023 Total Level 1 Level 2 Level 3 Assets: (In thousands) Securities available for sale: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 95 $ — $ 95 $ — Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential 12,178 — 12,178 — Total securities available for sale $ 12,273 $ — $ 12,273 $ — Derivative assets 1,961 — 1,961 — Total assets $ 14,234 $ — $ 14,234 $ — Liabilities: Derivative liabilities $ 1,961 $ — $ 1,961 $ — Total Liabilities $ 1,961 $ — $ 1,961 $ — September 30, 2023 Assets: Securities available for sale: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 92 $ — $ 92 $ — Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential 10,033 — 10,033 — Total securities available for sale $ 10,125 $ — $ 10,125 $ — Derivative assets 2,579 — 2,579 — Total assets $ 12,704 $ — $ 12,704 $ — Liabilities: Derivative liabilities $ 2,579 $ — $ 2,579 $ — Total Liabilities $ 2,579 $ — $ 2,579 $ — The following is a description of valuation methodologies used for assets measured at fair value on a non-recurring basis. Collateral Dependent Loans Collateral dependent loans are measured and reported at fair value through specific allocations of the allowance for credit losses based on the fair value of the underlying collateral. 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 December 31, 2023 and September 30, 2023. Total Level 1 Level 2 Level 3 At December 31, 2023 (In thousands) Collateral dependent loans $ 777 $ — $ — $ 777 Total $ 777 $ — $ — $ 777 At September 30, 2023 Impaired loans $ 777 $ — $ — $ 777 Total $ 777 $ — $ — $ 777 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) Fair Value Valuation December 31, 2023 Estimate Techniques Unobservable Input Range (Weighted Average) Collateral dependent loans $ 777 Appraisal of collateral (1) Appraisal adjustments (2) -50% to -8.0% (-12.0%) Fair Value Valuation September 30, 2023 Estimate Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 777 Appraisal of collateral (1) Appraisal adjustments (2) -50% to -8.0% (-19.4%) (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 December 31, 2023 and September 30, 2023. 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. Carrying Fair Fair Value Measurement Placement Value Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2023 Financial instruments - assets Investment securities held to maturity $ 84,333 $ 75,508 $ — $ 75,508 $ — Loans 728,560 703,158 — — 703,158 Financial instruments - liabilities Certificates of deposit including retirement certificates 112,463 110,530 — 110,530 — Borrowings 28,796 27,930 — 27,930 — September 30, 2023 Financial instruments - assets Investment securities held-to-maturity $ 85,835 $ 73,728 $ — $ 73,728 $ — Loans 689,070 664,331 — — 664,331 Financial instruments - liabilities Certificates of deposit including retirement certificates 104,668 101,216 — 101,216 — Borrowings 29,515 28,177 — 28,177 — |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 3 Months Ended |
Dec. 31, 2023 | |
Investment Securities [Abstract] | |
INVESTMENT SECURITIES | NOTE H - INVESTMENT SECURITIES The following table summarizes the amortized cost and fair values of securities classified as available-for-sale and held-to-maturity at December 31, 2023: Gross Gross Amortized Unrealized Unrealized Fair December 31, 2023 Cost Gains Losses Value (In thousands) Securities available-for-sale: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 103 $ — $ (8 ) $ 95 Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential 13,551 39 (1,412 ) 12,178 Total securities available-for-sale $ 13,654 $ 39 $ (1,420 ) $ 12,273 Securities held-to-maturity: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 4,986 $ — $ (677 ) $ 4,309 Mortgage-backed securities - commercial 2,484 — (22 ) 2,462 Obligations of U.S. government-sponsored enterprises: Mortgage-backed-securities - residential 47,199 — (6,229 ) 40,970 Debt securities 22,999 6 (1,378 ) 21,627 Private label mortgage-backed securities - residential 203 — (10 ) 193 Obligations of state and political subdivisions 3,462 5 (324 ) 3,143 Corporate securities 3,000 — (196 ) 2,804 Total securities held-to-maturity $ 84,333 $ 11 $ (8,836 ) $ 75,508 Total investment securities $ 97,987 $ 50 $ (10,256 ) $ 87,781 The Company monitors the credit quality of held-to-maturity debt securities, primarily through their credit ratings by nationally recognized statistical ratings organizations, on a quarterly basis. At December 31, 2023, there were no non-performing held-to-maturity debt securities and no allowance for credit losses were required. The majority of the investment securities are explicitly or implicitly guaranteed by the United States government, and any estimate of expected credit losses would be insignificant to the Company. The following table summarizes the amortized cost of held-to-maturity debt securities at December 31, 2023, aggregated by credit quality indicator: Credit Rating AAA/AA/A BBB/BB/B Non-rated December 31, 2023 (In thousands) Securities held-to-maturity: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 4,986 $ — $ — Mortgage-backed securities - commercial 2,484 — — Obligations of U.S. government-sponsored enterprises: Mortgage backed securities - residential 47,199 — — Debt securities 22,999 — — Private label mortgage-backed securities - residential — — 203 Obligations of state and political subdivisions 3,462 — — Corporate securities — 3,000 — Totals $ 81,130 $ 3,000 $ 203 The contractual maturities of debt securities, municipal bonds and certain information regarding mortgage-backed securities at December 31, 2023 are summarized in the following table: December 31, 2023 Amortized Fair Cost Value (In thousands) Due within 1 year $ 4,000 $ 3,966 Due after 1 but within 5 years 20,526 19,315 Due after 5 but within 10 years 4,935 4,293 Due after 10 years — — Total debt securities 29,461 27,574 Mortgage backed securities: Residential 66,042 57,745 Commercial 2,484 2,462 Total $ 97,987 $ 87,781 The following table summarizes the amortized cost and fair values of securities classified as available-for-sale and held-to-maturity at September 30, 2023: Gross Gross Amortized Unrealized Unrealized Fair September 30, 2023 Cost Gains Losses Value (In thousands) Securities available-for-sale: Obligations of U.S. government agencies: Mortgage backed securities - residential $ 106 $ — $ (14 ) $ 92 Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential 11,984 — (1,951 ) 10,033 Total securities available for sale $ 12,090 $ — $ (1,965 ) $ 10,125 Securities held-to-maturity: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 5,070 $ — $ (850 ) $ 4,220 Mortgage-backed securities - commercial 2,509 — (16 ) 2,493 Obligations of U.S. government-sponsored enterprises: Mortgage backed securities - residential 48,086 — (8,480 ) 39,606 Debt securities 23,497 — (1,947 ) 21,550 Private label mortgage-backed securities - residential 207 — (12 ) 195 Obligations of state and political subdivisions 3,466 — (605 ) 2,861 Corporate securities 3,000 — (197 ) 2,803 Total securities held to maturity $ 85,835 $ — $ (12,107 ) $ 73,728 Total investment securities $ 97,925 $ — $ (14,072 ) $ 83,853 As of December 31, 2023 investment securities having an estimated fair value of approximately $12.2 million were pledged to secure public deposits. |
CREDIT LOSSES ON INVESTMENT SEC
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE | 3 Months Ended |
Dec. 31, 2023 | |
Credit Losses on Investment Securities Available-for-Sale [Abstract] | |
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE | NOTE I – CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE The Company recognizes an allowance for credit losses on debt securities in earnings through a provision for credit losses while noncredit-related impairment on debt securities not expected to be sold are recognized in other comprehensive income. The Company reviews its investment portfolio on a quarterly basis for indications of credit losses. This review includes analyzing 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 credit losses 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. Details of available-for-sale securities with unrealized losses at December 31, 2023 are as follows: Less Than 12 Months 12 Months Or Greater Total Number of Fair Unrealized Fair Unrealized Fair Unrealized Securities Value Losses Value Losses Value Losses December 31, 2023 (Dollars in thousands) Obligations of U.S. government agencies: Mortgage-backed securities - residential 1 $ — $ — $ 95 $ (8 ) $ 95 $ (8 ) Obligations of U.S. government-sponsored enterprises Mortgage-backed securities - residential 9 1,879 (9 ) 7,929 (1,403 ) 9,808 (1,412 ) Total 10 $ 1,879 $ (9 ) $ 8,024 $ (1,411 ) $ 9,903 $ (1,420 ) Prior to the adoption of ASU 2016-13, details of our entire investment portfolio were required to be disclosed. Accordingly, details of our held-to-maturity and available-for-sale investment securities with unrealized losses at September 30, 2023 were as follows: Less Than 12 Months 12 Months Or Greater Total Number of Fair Unrealized Fair Unrealized Fair Unrealized Securities Value Losses Value Losses Value Losses September 30, 2023 (Dollars in thousands) Obligations of U.S. government agencies: Mortgage-backed securities - residential 6 $ — $ — $ 4,312 $ (864 ) $ 4,312 $ (864 ) Mortgage-backed securities - commercial 2 1,926 (14 ) 567 (2 ) 2,493 (16 ) Obligations of U.S. government-sponsored enterprises Mortgage-backed securities - residential 50 4,938 (49 ) 44,485 (10,382 ) 49,423 (10,431 ) Debt securities 12 — — 21,550 (1,947 ) 21,550 (1,947 ) Private label mortgage-backed securities residential 1 — — 195 (12 ) 195 (12 ) Obligations of state and political subdivisions 7 789 (43 ) 2,072 (562 ) 2,861 (605 ) Corporate securities 1 — — 2,803 (197 ) 2,803 (197 ) Total 79 $ 7,653 $ (106 ) $ 75,984 $ (13,966 ) $ 83,637 $ (14,072 ) The investment securities listed above currently have fair values less than amortized cost and therefore contain unrealized losses. 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. 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 credit losses and determined that there are no allowance for credit loss was required as of December 31, 2023. |
Loans Receivable, Net and Relat
Loans Receivable, Net and Related Allowance for Credit Losses | 3 Months Ended |
Dec. 31, 2023 | |
Loans Receivable, Net [Abstract] | |
LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR CREDIT LOSSES | NOTE J – LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR CREDIT LOSSES Loans receivable, net were comprised of the following: December 31, September 30, 2023 2023 (In thousands) One-to-four family residential $ 234,156 $ 237,683 Commercial real estate 407,346 389,134 Construction and land 34,641 21,853 Home equity loans and lines of credit 24,069 16,983 Commercial business 27,043 30,194 Other 2,239 2,359 Total loans receivable 729,494 698,206 Net deferred loan costs (934 ) (806 ) Total loans receivable, net $ 728,560 $ 697,400 The segments of the Company’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: first lien, amortizing term loans, and the combination of second lien amortizing term loans and home equity lines of credit. The commercial loan segment is further disaggregated into three classes: loans secured by multifamily structures, loans secured by owner-occupied commercial structures, and loans secured by non-owner occupied nonresidential properties. The construction loan segment consists primarily of 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 of revolving lines of credit and loans partially guaranteed by the U.S. Small Business Administration. The consumer loan segment consists primarily of stock-secured installment loans, but also includes unsecured personal loans and overdraft lines of credit connected with customer deposit accounts. 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. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Company 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 Company’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 Company’s 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 by origination year summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful for loans subject to the Company’s internal risk rating system and by performing status for all other loans as of December 31, 2023. Revolving Loans December 31, 2023 Amortized Converted Term Loans Amortized Cost Basis by Origination Fiscal Year Cost Basis to Term Total 2024 2023 2022 2021 2020 Prior (In thousands) One-to-four family residential Performing $ 7,180 $ 43,224 $ 33,060 $ 27,899 $ 31,288 $ 91,353 $ — $ — $ 234,004 Non-performing — — — — — 152 — — 152 Total $ 7,180 $ 43,224 $ 33,060 $ 27,899 $ 31,288 $ 91,505 $ — $ — $ 234,156 Current period gross charge-offs — — — — — — — — — Commercial real estate Pass $ 18,235 $ 82,558 $ 68,224 $ 66,529 $ 30,007 $ 131,540 $ 6,373 $ 1,540 $ 405,006 Special Mention — — — — — 116 — — 116 Substandard — — 2,224 — — — — — 2,224 Doubtful — — — — — — — — — Total $ 18,235 $ 82,558 $ 70,448 $ 66,529 $ 30,007 $ 131,656 $ 6,373 $ 1,540 $ 407,346 Current period gross charge-offs — — — — — — — — — Construction and land Pass $ 10,368 $ 12,297 $ 2,351 $ — $ 1,761 $ 4,665 $ 725 $ — $ 32,167 Special Mention — — — — — — — — — Substandard — — — — — 2,474 — — 2,474 Doubtful — — — — — — — — — Total $ 10,368 $ 12,297 $ 2,351 $ — $ 1,761 $ 7,139 $ 725 $ — $ 34,641 Current period gross charge-offs — — — — — — — — — Home equity loans and lines of credit Performing $ 724 $ 1,678 $ 1,657 $ 342 $ 277 $ 1,438 $ 17,953 $ — $ 24,069 Non-performing — — — — — — — — — Total $ 724 $ 1,678 $ 1,657 $ 342 $ 277 $ 1,438 $ 17,953 $ — $ 24,069 Current period gross charge-offs — — — — — — — — — Commercial business Pass $ 1,030 $ 542 $ 2,685 $ 2,047 $ 946 $ 3,390 $ 16,403 $ — $ 27,043 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total $ 1,030 $ 542 $ 2,685 $ 2,047 $ 946 $ 3,390 $ 16,403 $ — $ 27,043 Current period gross charge-offs — — — — — — — — — Other Performing $ — $ — $ 65 $ 1 $ 13 $ 1,793 $ 367 $ — $ 2,239 Non-performing — — — — — — — — — Total $ — $ — $ 65 $ 1 $ 13 $ 1,793 $ 367 $ — $ 2,239 Current period gross charge-offs — — — — — — — — — Information presented in the table above is not required for periods prior to the adoption of ASU 2016-13. The following table presents more comparable information Special Pass Mention Substandard Doubtful Total (In thousands) September 30, 2023 One-to-four family residential $ 236,876 $ — $ 807 $ — $ 237,683 Commercial real estate 386,794 116 2,224 — 389,134 Construction 19,379 — 2,474 — 21,853 Home equity lines of credit 16,983 — — — 16,983 Commercial business 30,194 — — — 30,194 Other 2,359 — — — 2,359 Total $ 692,585 $ 116 $ 5,505 $ — $ 698,206 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 Bank was not accruing interest on any loans delinquent greater than 90 days. The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans for the periods presented: 30-59 60-89 Days Days 90 Days + Total Current Past Due Past Due Past Due Loans (In thousands) December 31, 2023 One-to-four family residential $ 232,710 $ 1,056 $ 238 $ 152 $ 234,156 Commercial real estate 404,315 690 116 2,225 407,346 Construction 32,167 — — 2,474 34,641 Home equity lines of credit 24,069 — — — 24,069 Commercial business 26,404 639 — — 27,043 Other 2,239 — — — 2,239 Total $ 721,904 $ 2,385 $ 354 $ 4,851 $ 729,494 30-59 60-89 Days Days 90 Days + Total Current Past Due Past Due Past Due Loans (In thousands) September 30, 2023 One-to four-family residential $ 236,729 $ — $ 568 $ 386 $ 237,683 Commercial real estate 386,794 — 116 2,224 389,134 Construction 19,379 — — 2,474 21,853 Home equity lines of credit 16,983 — — — 16,983 Commercial business 30,047 147 — — 30,194 Other 2,359 — — — 2,359 Total $ 692,291 $ 147 $ 684 $ 5,084 $ 698,206 The following tables present our non-accrual loans and the related allowance for credit loss by loan type as of December 31, 2023 and the non-accrual loans and specific reserves by loan type as of September 30, 2023. Non- Allowance for Accrual Credit Loss (In thousands) December 31, 2023 One-to-four family residential $ 152 $ — Commercial real estate 2,225 — Construction and land 2,474 — Home loans and lines of credit — — Commercial business — — Total $ 4,851 $ — Non- Specific Accrual Reserve (In thousands) September 30, 2023 One-to four-family residential $ 386 $ — Commercial real estate 2,224 — Construction and land 2,474 — Home equity lines of credit — — Commercial business — — Other — — Total $ 5,084 $ — The following table identifies our non-performing, collateral dependent loans by collateral type as of December 31, 2023: December 31, 2023 (In thousands) One- to four-family residential $ 152 Commercial real estate 2,225 Land 2,474 Total $ 4,851 The Company’s adoption of ASU 2016-13 eliminated the requirement to disclose impaired loans. The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 2023: Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance September 30, 2023 (In thousands) One-to four-family residential $ — $ — $ 2,031 $ 2,031 $ 2,031 Commercial real estate — — 2,969 2,969 2,969 Construction — — 2,474 2,474 2,539 Commercial business — — 147 147 147 Total impaired loans $ — $ — $ 7,621 $ 7,621 $ 7,686 The following table presents the average recorded investment in impaired loans and the interest income recognized on impaired loans for the three months ended December 31, 2022. Three Months Ended December 31, 2022 (In thousands) One-to-four family residential $ 1,447 Commercial real estate 1,269 Construction 2,835 Commercial business 203 Average investment in impaired loans $ 5,754 Interest income recognized on an accrual basis on impaired loans One-to-four family residential $ 20 Commercial real estate 13 Commercial business 2 Total $ 35 An allowance for credit losses (“ACL”) is maintained to absorb losses from the loan portfolio. 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 ACL. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ACL. Since loans individually evaluated for impairment are promptly written down to their fair value, typically there is no portion of the ACL for loans individually evaluated for impairment. ASU 2016-13 requires estimated credit losses on loans to be determined based on an expected life of loan model, as compared to an incurred loss model (in effect for periods prior to October 1, 2023). Accordingly, the allowance for losses disclosures subsequent to October 1, 2023 are not always comparable to prior dates. In addition, certain new disclosures required under ASU 2016-13 are not applicable to prior periods. As a result, the following tables present disclosures separately for each period, where appropriate. New disclosures required under ASU 2016-13 are only shown for the current period. Please refer to Note B “Summary of Significant Accounting Policies” for a summary of the impact of adopting the provisions of ASU 2016-13 on October 1, 2023. The following tables set forth the allocation of the Bank’s allowance for credit losses by loan category at the dates indicated. The portion of the credit loss allowance allocated to each loan category does not represent the total available for future losses which may occur within the loan category since the total credit loss allowance is a valuation allocation applicable to the entire loan portfolio. The Company generally charges-off the collateral or discounted cash flow deficiency on all loans at 90 days past due and all loans rated substandard or worse that are 90 days past due. The following table presents, by loan , the changes in the allowance for credit losses for the three months ended December 31, 2023 and the allowance for loan losses for the three months ended December 31, 2022. One-to-Four Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (In thousands) Balance- September 30, 2023 $ 1,259 $ 5,277 $ 472 $ 207 $ 939 $ 2 $ 174 $ 8,330 Effect of adopting ASU 2016-13 7 (589 ) (55 ) (87 ) (133 ) (1 ) (174 ) (1,032 ) Charge-offs — — — — — — — — Recoveries — — — — — — — — Provision (credit) (75 ) 161 301 (40 ) 39 (1 ) — 385 Balance- December 31, 2023 $ 1,191 $ 4,849 $ 718 $ 80 $ 845 $ — $ — $ 7,683 Balance- September 30, 2022 $ 1,223 $ 4,612 $ 461 $ 263 $ 1,484 $ 1 $ 389 $ 8,433 Charge-offs — — — — — — — — Recoveries — — — — — — — — Provision (credit) 12 518 65 (7 ) (109 ) — (162 ) 317 Balance- December 31, 2022 $ 1,235 $ 5,130 $ 526 $ 256 $ 1,375 $ 1 $ 227 $ 8,750 During the three months ended December 31, 2023 and exclusive of the impact of the adoption of ASU 2016-13, the changes in the provision for credit losses for each portfolio of loans were primarily due to fluctuations in the outstanding balance of each segment of loans collectively evaluated for impairment. Specifically, we experienced significant growth in our commercial real estate and construction loan portfolios during the three months ended December 31, 2023 and a corresponding increase in the provision for credit losses for these portfolios. The overall increase in the allowance during the three months ended December 31, 2023 is attributed to the previously mentioned growth in our commercial real estate and construction portfolios, partially offset by improved economic metrics with continued low levels of net charge-offs and a decrease in non-performing assets. The following table presents, 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 and September 30, 2023. 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, 2023 $ 1,259 $ 5,277 $ 472 $ 207 $ 939 $ 2 $ 174 $ 8,330 Individually evaluated for impairment — — — — — — — — Collectively evaluated for impairment 1,259 5,277 472 207 939 2 174 8,330 Loans receivable: Balance - September 30, 2023 $ 237,683 $ 389,134 $ 21,853 $ 16,983 $ 30,194 $ 2,359 $ — $ 698,206 Individually evaluated for impairment 2,031 2,969 2,474 — 147 — — 7,621 Collectively evaluated for impairment 235,652 386,165 19,379 16,983 30,047 2,359 — 690,585 During the three months ended December 31, 2023, there were no loans modified to borrowers experiencing financial difficulty. During the three months ended December 31, 2022, there was one loan modified that was identified as a troubled debt restructuring (“TDR”) and there were no TDRs that subsequently defaulted within twelve months of modification. Three Months Ended December 31, 2022 Number of Investment Before Investment After Loans TDR Modification TDR Modification (Dollars in thousands) One-to four-family residential 1 $ 97 $ 107 Total 1 $ 97 $ 107 There were no residential loans in the process of foreclosure at December 31, 2023. |
DEPOSITS
DEPOSITS | 3 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
DEPOSITS | NOTE K - DEPOSITS A summary of deposits by type of account are summarized as follows: December 31, September 30, 2023 2023 (In thousands) Demand accounts $ 164,453 $ 188,550 Savings accounts 60,008 62,168 NOW accounts 119,738 115,182 Money market accounts 306,886 284,885 Certificates of deposit 100,547 92,725 Retirement certificates 11,916 11,943 Total deposits $ 763,548 $ 755,453 Included in Company’s deposits at December 31, 2023 were $13.8 million in brokered certificates of deposits and $15.5 million in certificate of deposits obtained through a national deposit listing service. At September 30, 2023 the Company had $13.8 million in brokered certificates of deposits and $14.0 million in certificate of deposits obtained through a national deposit listing service. At December 31, 2023 and September 30, 2023, the aggregate deposits in amounts greater than $250,000, which is the maximum amount for federal deposit insurance, were $456.7 million and $429.9 million, respectively. The estimated amount of deposits that were neither insured nor collateralized was $120.2 million and $109.3 million at December 31, 2023 and September 30, 2023, respectively. |
FINANCIAL INSTRUMENTS WITH OFF-
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK | 3 Months Ended |
Dec. 31, 2023 | |
Financial Instruments with Off-Balance-Sheet Risk [Abstract] | |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK | NOTE L - 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. As of December 31, 2023, the Company did not hold any interest rate floors or collars. 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 December 31, 2023 and September 30, 2023. The following table presents summary information regarding these derivatives as of December 31, 2023 and September 30, 2023. Notional Average Weighted Weighted Average Fair Value (Dollars in thousands) December 31, 2023 Classified in Other Assets: Customer interest rate swaps $ 35,743 3.9 4.96% 1 Mo. BSBY + 2.44 $ 1,961 Total $ 35,743 3.9 4.96% $ 1,961 Classified in Other Liabilities: 3rd Party interest rate swaps $ 35,743 3.9 4.96% 1 Mo. BSBY + 2.44 $ 1,961 Total $ 35,743 3.9 4.96% $ 1,961 September 30, 2023 Classified in Other Assets: Customer interest rate swaps $ 36,020 4.2 4.96% 1 Mo. BSBY + 2.44 $ 2,579 Total $ 36,020 4.2 4.96% $ 2,579 Classified in Other Liabilities: 3rd Party interest rate swaps $ 36,020 4.2 4.96% 1 Mo. BSBY + 2.44 $ 2,579 Total $ 36,020 4.2 4.96% $ 2,579 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. December 31, September 30, 2023 2023 (In thousands) Financial instruments whose contract amounts represent credit risk Letters of credit $ 1,098 $ 1,073 Unused lines of credit 95,333 89,933 Fixed rate loan commitments 15,610 3,578 Variable rate loan commitments 4,969 26,472 Totals $ 117,010 $ 121,056 Upon adoption of ASU 2016-13 on October 1, 2023, the Company recorded an allowance for credit losses for its unused lines of credit and unfunded commitments totaling $540,000. The Company’s reserves for off-balance sheet credit losses increased to $637,000 at December 31, 2023 from $0 at September 30, 2023. |
RECENT ACCOUNTING PRONOUNCEME_2
RECENT ACCOUNTING PRONOUNCEMENTS (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Recent Accounting Pronouncements [Abstract] | |
Schedule of Change from the Incurred Loss Model to the Current Expected Credit Loss Model | The impact of the change from the incurred loss model to the current expected credit loss model is included in the following table: October 1, 2023 Adoption Pre-adoption Impact As Reported (In thousands) Assets ACL on debt securities held-to-maturity $ — $ — $ — ACL on loans One-to-four family residential 1,259 7 1,266 Commercial real estate 5,277 (589 ) 4,688 Construction 472 (55 ) 417 Home equity lines of credit 207 (87 ) 120 Commercial business 939 (133 ) 806 Other 176 (175 ) 1 Liabilities ACL on unfunded commitments — 540 540 Total $ 8,330 $ (492 ) $ 7,838 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
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 months ended December 31, 2023 and 2022. Basic and diluted earnings per share were calculated by dividing net income by the weighted-average number of shares outstanding for the periods. For the Three Months Ended December 31, 2023 2022 (Dollars in thousands, except share and per share data) Income applicable to common shares $ 1,652 $ 1,810 Weighted average common shares outstanding- basic 6,387,010 6,456,525 Potential diliutive common stock equivalents — 2,921 Weighted average common shares outstanding- diluted 6,387,010 6,459,446 Earnings per share - basic $ 0.26 $ 0.28 Earnings per share - diluted $ 0.26 $ 0.28 |
STOCK-BASED COMPENSATION AND _2
STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Stock-Based Compensation and Stock Repurchase Program [Abstract] | |
Schedule of Stock Option Activity | The following is a summary of the status of the Company’s stock option activity and related information for the three months ended December 31, 2023: Shares Weighted Weighted Aggregate Balance at September 30, 2023 293,200 $ 12.58 8.98 $ — Granted — — — — Exercised — — — — Forfeited — — — — Expired — — — — Balance at December 31, 2023 293,200 $ 12.58 8.73 $ — Exercisable at December 31, 2023 58,640 $ 12.58 8.73 $ — |
Schedule of Non-vested Restricted Shares | The following is a summary of the status of the Company’s non-vested restricted shares for the three months ended December 31, 2023: Shares Weighted Balance at September 30, 2023 124,320 $ 12.63 Granted — — Vested — — Forfeited — — Balance at December 31, 2023 124,320 $ 12.63 |
OTHER COMPREHENSIVE INCOME (L_2
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Components of Other Comprehensive Income (Loss) and the Related Income Tax Effects | The Company recorded no reclassification adjustments during the three months ended December 31, 2023 and 2022. The components of other comprehensive income (loss) and the related income tax effects are as follows: Three Months Ended December 31, 2023 2022 Tax Net of Tax Net of Before Tax (Benefit) Tax Before Tax (Benefit) Tax Amount Expense Amount Amount Expense Amount (In thousands) Unrealized holding gain (loss) arising during period on: Available-for-sale investments $ 584 $ (144 ) $ 440 $ 206 $ (50 ) $ 156 Other comprehensive income (loss), net $ 584 $ (144 ) $ 440 $ 206 $ (50 ) $ 156 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
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. December 31, 2023 Total Level 1 Level 2 Level 3 Assets: (In thousands) Securities available for sale: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 95 $ — $ 95 $ — Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential 12,178 — 12,178 — Total securities available for sale $ 12,273 $ — $ 12,273 $ — Derivative assets 1,961 — 1,961 — Total assets $ 14,234 $ — $ 14,234 $ — Liabilities: Derivative liabilities $ 1,961 $ — $ 1,961 $ — Total Liabilities $ 1,961 $ — $ 1,961 $ — September 30, 2023 Assets: Securities available for sale: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 92 $ — $ 92 $ — Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential 10,033 — 10,033 — Total securities available for sale $ 10,125 $ — $ 10,125 $ — Derivative assets 2,579 — 2,579 — Total assets $ 12,704 $ — $ 12,704 $ — Liabilities: Derivative liabilities $ 2,579 $ — $ 2,579 $ — Total Liabilities $ 2,579 $ — $ 2,579 $ — |
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 December 31, 2023 and September 30, 2023. Total Level 1 Level 2 Level 3 At December 31, 2023 (In thousands) Collateral dependent loans $ 777 $ — $ — $ 777 Total $ 777 $ — $ — $ 777 At September 30, 2023 Impaired loans $ 777 $ — $ — $ 777 Total $ 777 $ — $ — $ 777 |
Schedule of Quantitative Information about Assets Measured At Fair Value on a Nonrecurring Basis 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: Fair Value Valuation December 31, 2023 Estimate Techniques Unobservable Input Range (Weighted Average) Collateral dependent loans $ 777 Appraisal of collateral (1) Appraisal adjustments (2) -50% to -8.0% (-12.0%) Fair Value Valuation September 30, 2023 Estimate Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 777 Appraisal of collateral (1) Appraisal adjustments (2) -50% to -8.0% (-19.4%) (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 December 31, 2023 and September 30, 2023. Carrying Fair Fair Value Measurement Placement Value Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2023 Financial instruments - assets Investment securities held to maturity $ 84,333 $ 75,508 $ — $ 75,508 $ — Loans 728,560 703,158 — — 703,158 Financial instruments - liabilities Certificates of deposit including retirement certificates 112,463 110,530 — 110,530 — Borrowings 28,796 27,930 — 27,930 — September 30, 2023 Financial instruments - assets Investment securities held-to-maturity $ 85,835 $ 73,728 $ — $ 73,728 $ — Loans 689,070 664,331 — — 664,331 Financial instruments - liabilities Certificates of deposit including retirement certificates 104,668 101,216 — 101,216 — Borrowings 29,515 28,177 — 28,177 — |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Investment Securities [Abstract] | |
Schedule of Amortized Cost and Fair Values of Securities 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 December 31, 2023: Gross Gross Amortized Unrealized Unrealized Fair December 31, 2023 Cost Gains Losses Value (In thousands) Securities available-for-sale: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 103 $ — $ (8 ) $ 95 Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential 13,551 39 (1,412 ) 12,178 Total securities available-for-sale $ 13,654 $ 39 $ (1,420 ) $ 12,273 Securities held-to-maturity: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 4,986 $ — $ (677 ) $ 4,309 Mortgage-backed securities - commercial 2,484 — (22 ) 2,462 Obligations of U.S. government-sponsored enterprises: Mortgage-backed-securities - residential 47,199 — (6,229 ) 40,970 Debt securities 22,999 6 (1,378 ) 21,627 Private label mortgage-backed securities - residential 203 — (10 ) 193 Obligations of state and political subdivisions 3,462 5 (324 ) 3,143 Corporate securities 3,000 — (196 ) 2,804 Total securities held-to-maturity $ 84,333 $ 11 $ (8,836 ) $ 75,508 Total investment securities $ 97,987 $ 50 $ (10,256 ) $ 87,781 Credit Rating AAA/AA/A BBB/BB/B Non-rated December 31, 2023 (In thousands) Securities held-to-maturity: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 4,986 $ — $ — Mortgage-backed securities - commercial 2,484 — — Obligations of U.S. government-sponsored enterprises: Mortgage backed securities - residential 47,199 — — Debt securities 22,999 — — Private label mortgage-backed securities - residential — — 203 Obligations of state and political subdivisions 3,462 — — Corporate securities — 3,000 — Totals $ 81,130 $ 3,000 $ 203 Gross Gross Amortized Unrealized Unrealized Fair September 30, 2023 Cost Gains Losses Value (In thousands) Securities available-for-sale: Obligations of U.S. government agencies: Mortgage backed securities - residential $ 106 $ — $ (14 ) $ 92 Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential 11,984 — (1,951 ) 10,033 Total securities available for sale $ 12,090 $ — $ (1,965 ) $ 10,125 Securities held-to-maturity: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 5,070 $ — $ (850 ) $ 4,220 Mortgage-backed securities - commercial 2,509 — (16 ) 2,493 Obligations of U.S. government-sponsored enterprises: Mortgage backed securities - residential 48,086 — (8,480 ) 39,606 Debt securities 23,497 — (1,947 ) 21,550 Private label mortgage-backed securities - residential 207 — (12 ) 195 Obligations of state and political subdivisions 3,466 — (605 ) 2,861 Corporate securities 3,000 — (197 ) 2,803 Total securities held to maturity $ 85,835 $ — $ (12,107 ) $ 73,728 Total investment securities $ 97,925 $ — $ (14,072 ) $ 83,853 |
Schedule of Maturities Debt Securities and Mortgage Backed Securities Held to Maturity | The contractual maturities of debt securities, municipal bonds and certain information regarding mortgage-backed securities at December 31, 2023 are summarized in the following table: December 31, 2023 Amortized Fair Cost Value (In thousands) Due within 1 year $ 4,000 $ 3,966 Due after 1 but within 5 years 20,526 19,315 Due after 5 but within 10 years 4,935 4,293 Due after 10 years — — Total debt securities 29,461 27,574 Mortgage backed securities: Residential 66,042 57,745 Commercial 2,484 2,462 Total $ 97,987 $ 87,781 |
CREDIT LOSSES ON INVESTMENT S_2
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Credit Losses on Investment Securities Available-for-Sale [Abstract] | |
Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses | Investment securities with fair values less than their amortized cost contain unrealized losses. Details of available-for-sale securities with unrealized losses at December 31, 2023 are as follows: Less Than 12 Months 12 Months Or Greater Total Number of Fair Unrealized Fair Unrealized Fair Unrealized Securities Value Losses Value Losses Value Losses December 31, 2023 (Dollars in thousands) Obligations of U.S. government agencies: Mortgage-backed securities - residential 1 $ — $ — $ 95 $ (8 ) $ 95 $ (8 ) Obligations of U.S. government-sponsored enterprises Mortgage-backed securities - residential 9 1,879 (9 ) 7,929 (1,403 ) 9,808 (1,412 ) Total 10 $ 1,879 $ (9 ) $ 8,024 $ (1,411 ) $ 9,903 $ (1,420 ) Less Than 12 Months 12 Months Or Greater Total Number of Fair Unrealized Fair Unrealized Fair Unrealized Securities Value Losses Value Losses Value Losses September 30, 2023 (Dollars in thousands) Obligations of U.S. government agencies: Mortgage-backed securities - residential 6 $ — $ — $ 4,312 $ (864 ) $ 4,312 $ (864 ) Mortgage-backed securities - commercial 2 1,926 (14 ) 567 (2 ) 2,493 (16 ) Obligations of U.S. government-sponsored enterprises Mortgage-backed securities - residential 50 4,938 (49 ) 44,485 (10,382 ) 49,423 (10,431 ) Debt securities 12 — — 21,550 (1,947 ) 21,550 (1,947 ) Private label mortgage-backed securities residential 1 — — 195 (12 ) 195 (12 ) Obligations of state and political subdivisions 7 789 (43 ) 2,072 (562 ) 2,861 (605 ) Corporate securities 1 — — 2,803 (197 ) 2,803 (197 ) Total 79 $ 7,653 $ (106 ) $ 75,984 $ (13,966 ) $ 83,637 $ (14,072 ) |
Loans Receivable, Net and Rel_2
Loans Receivable, Net and Related Allowance for Credit Losses (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Loans Receivable, Net [Abstract] | |
Schedule of Loans Receivable | Loans receivable, net were comprised of the following: December 31, September 30, 2023 2023 (In thousands) One-to-four family residential $ 234,156 $ 237,683 Commercial real estate 407,346 389,134 Construction and land 34,641 21,853 Home equity loans and lines of credit 24,069 16,983 Commercial business 27,043 30,194 Other 2,239 2,359 Total loans receivable 729,494 698,206 Net deferred loan costs (934 ) (806 ) Total loans receivable, net $ 728,560 $ 697,400 |
Schedule of Loan Portfolio | The following table presents the classes of the loan portfolio by origination year summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful for loans subject to the Company’s internal risk rating system and by performing status for all other loans as of December 31, 2023. Revolving Loans December 31, 2023 Amortized Converted Term Loans Amortized Cost Basis by Origination Fiscal Year Cost Basis to Term Total 2024 2023 2022 2021 2020 Prior (In thousands) One-to-four family residential Performing $ 7,180 $ 43,224 $ 33,060 $ 27,899 $ 31,288 $ 91,353 $ — $ — $ 234,004 Non-performing — — — — — 152 — — 152 Total $ 7,180 $ 43,224 $ 33,060 $ 27,899 $ 31,288 $ 91,505 $ — $ — $ 234,156 Current period gross charge-offs — — — — — — — — — Commercial real estate Pass $ 18,235 $ 82,558 $ 68,224 $ 66,529 $ 30,007 $ 131,540 $ 6,373 $ 1,540 $ 405,006 Special Mention — — — — — 116 — — 116 Substandard — — 2,224 — — — — — 2,224 Doubtful — — — — — — — — — Total $ 18,235 $ 82,558 $ 70,448 $ 66,529 $ 30,007 $ 131,656 $ 6,373 $ 1,540 $ 407,346 Current period gross charge-offs — — — — — — — — — Construction and land Pass $ 10,368 $ 12,297 $ 2,351 $ — $ 1,761 $ 4,665 $ 725 $ — $ 32,167 Special Mention — — — — — — — — — Substandard — — — — — 2,474 — — 2,474 Doubtful — — — — — — — — — Total $ 10,368 $ 12,297 $ 2,351 $ — $ 1,761 $ 7,139 $ 725 $ — $ 34,641 Current period gross charge-offs — — — — — — — — — Home equity loans and lines of credit Performing $ 724 $ 1,678 $ 1,657 $ 342 $ 277 $ 1,438 $ 17,953 $ — $ 24,069 Non-performing — — — — — — — — — Total $ 724 $ 1,678 $ 1,657 $ 342 $ 277 $ 1,438 $ 17,953 $ — $ 24,069 Current period gross charge-offs — — — — — — — — — Commercial business Pass $ 1,030 $ 542 $ 2,685 $ 2,047 $ 946 $ 3,390 $ 16,403 $ — $ 27,043 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total $ 1,030 $ 542 $ 2,685 $ 2,047 $ 946 $ 3,390 $ 16,403 $ — $ 27,043 Current period gross charge-offs — — — — — — — — — Other Performing $ — $ — $ 65 $ 1 $ 13 $ 1,793 $ 367 $ — $ 2,239 Non-performing — — — — — — — — — Total $ — $ — $ 65 $ 1 $ 13 $ 1,793 $ 367 $ — $ 2,239 Current period gross charge-offs — — — — — — — — — |
Schedule of Bank’s Internal Risk Rating System | Information presented in the table above is not required for periods prior to the adoption of ASU 2016-13. The following table presents more comparable information Special Pass Mention Substandard Doubtful Total (In thousands) September 30, 2023 One-to-four family residential $ 236,876 $ — $ 807 $ — $ 237,683 Commercial real estate 386,794 116 2,224 — 389,134 Construction 19,379 — 2,474 — 21,853 Home equity lines of credit 16,983 — — — 16,983 Commercial business 30,194 — — — 30,194 Other 2,359 — — — 2,359 Total $ 692,585 $ 116 $ 5,505 $ — $ 698,206 |
Schedule of the Loan Portfolio by Analyzing the Age | The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans for the periods presented: 30-59 60-89 Days Days 90 Days + Total Current Past Due Past Due Past Due Loans (In thousands) December 31, 2023 One-to-four family residential $ 232,710 $ 1,056 $ 238 $ 152 $ 234,156 Commercial real estate 404,315 690 116 2,225 407,346 Construction 32,167 — — 2,474 34,641 Home equity lines of credit 24,069 — — — 24,069 Commercial business 26,404 639 — — 27,043 Other 2,239 — — — 2,239 Total $ 721,904 $ 2,385 $ 354 $ 4,851 $ 729,494 30-59 60-89 Days Days 90 Days + Total Current Past Due Past Due Past Due Loans (In thousands) September 30, 2023 One-to four-family residential $ 236,729 $ — $ 568 $ 386 $ 237,683 Commercial real estate 386,794 — 116 2,224 389,134 Construction 19,379 — — 2,474 21,853 Home equity lines of credit 16,983 — — — 16,983 Commercial business 30,047 147 — — 30,194 Other 2,359 — — — 2,359 Total $ 692,291 $ 147 $ 684 $ 5,084 $ 698,206 |
Schedule of Non-Accrual Loans Related Allowance for Credit Loss by Loan | The following tables present our non-accrual loans and the related allowance for credit loss by loan type as of December 31, 2023 and the non-accrual loans and specific reserves by loan type as of September 30, 2023. Non- Allowance for Accrual Credit Loss (In thousands) December 31, 2023 One-to-four family residential $ 152 $ — Commercial real estate 2,225 — Construction and land 2,474 — Home loans and lines of credit — — Commercial business — — Total $ 4,851 $ — Non- Specific Accrual Reserve (In thousands) September 30, 2023 One-to four-family residential $ 386 $ — Commercial real estate 2,224 — Construction and land 2,474 — Home equity lines of credit — — Commercial business — — Other — — Total $ 5,084 $ — |
Schedule of Non-Performing,Collateral Dependent Loans | The following table identifies our non-performing, collateral dependent loans by collateral type as of December 31, 2023: December 31, 2023 (In thousands) One- to four-family residential $ 152 Commercial real estate 2,225 Land 2,474 Total $ 4,851 |
Schedule of Impaired Loans | The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 2023: Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance September 30, 2023 (In thousands) One-to four-family residential $ — $ — $ 2,031 $ 2,031 $ 2,031 Commercial real estate — — 2,969 2,969 2,969 Construction — — 2,474 2,474 2,539 Commercial business — — 147 147 147 Total impaired loans $ — $ — $ 7,621 $ 7,621 $ 7,686 |
Schedule of Interest Income Recognized on Impaired Loan | The following table presents the average recorded investment in impaired loans and the interest income recognized on impaired loans for the three months ended December 31, 2022. Three Months Ended December 31, 2022 (In thousands) One-to-four family residential $ 1,447 Commercial real estate 1,269 Construction 2,835 Commercial business 203 Average investment in impaired loans $ 5,754 Interest income recognized on an accrual basis on impaired loans One-to-four family residential $ 20 Commercial real estate 13 Commercial business 2 Total $ 35 |
Schedule of Allowance for Loan Losses by Loan Category | The following table presents, by loan , the changes in the allowance for credit losses for the three months ended December 31, 2023 and the allowance for loan losses for the three months ended December 31, 2022. One-to-Four Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (In thousands) Balance- September 30, 2023 $ 1,259 $ 5,277 $ 472 $ 207 $ 939 $ 2 $ 174 $ 8,330 Effect of adopting ASU 2016-13 7 (589 ) (55 ) (87 ) (133 ) (1 ) (174 ) (1,032 ) Charge-offs — — — — — — — — Recoveries — — — — — — — — Provision (credit) (75 ) 161 301 (40 ) 39 (1 ) — 385 Balance- December 31, 2023 $ 1,191 $ 4,849 $ 718 $ 80 $ 845 $ — $ — $ 7,683 Balance- September 30, 2022 $ 1,223 $ 4,612 $ 461 $ 263 $ 1,484 $ 1 $ 389 $ 8,433 Charge-offs — — — — — — — — Recoveries — — — — — — — — Provision (credit) 12 518 65 (7 ) (109 ) — (162 ) 317 Balance- December 31, 2022 $ 1,235 $ 5,130 $ 526 $ 256 $ 1,375 $ 1 $ 227 $ 8,750 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, 2023 $ 1,259 $ 5,277 $ 472 $ 207 $ 939 $ 2 $ 174 $ 8,330 Individually evaluated for impairment — — — — — — — — Collectively evaluated for impairment 1,259 5,277 472 207 939 2 174 8,330 Loans receivable: Balance - September 30, 2023 $ 237,683 $ 389,134 $ 21,853 $ 16,983 $ 30,194 $ 2,359 $ — $ 698,206 Individually evaluated for impairment 2,031 2,969 2,474 — 147 — — 7,621 Collectively evaluated for impairment 235,652 386,165 19,379 16,983 30,047 2,359 — 690,585 |
Schedule of Troubled Debt Restructuring | During the three months ended December 31, 2022, there was one loan modified that was identified as a troubled debt restructuring (“TDR”) and there were no TDRs that subsequently defaulted within twelve months of modification. Three Months Ended December 31, 2022 Number of Investment Before Investment After Loans TDR Modification TDR Modification (Dollars in thousands) One-to four-family residential 1 $ 97 $ 107 Total 1 $ 97 $ 107 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Schedule of Deposits by Type of Account | A summary of deposits by type of account are summarized as follows: December 31, September 30, 2023 2023 (In thousands) Demand accounts $ 164,453 $ 188,550 Savings accounts 60,008 62,168 NOW accounts 119,738 115,182 Money market accounts 306,886 284,885 Certificates of deposit 100,547 92,725 Retirement certificates 11,916 11,943 Total deposits $ 763,548 $ 755,453 |
FINANCIAL INSTRUMENTS WITH OF_2
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Financial Instruments with Off-Balance-Sheet Risk [Abstract] | |
Schedule of Information Regarding Derivatives | The following table presents summary information regarding these derivatives as of December 31, 2023 and September 30, 2023. Notional Average Weighted Weighted Average Fair Value (Dollars in thousands) December 31, 2023 Classified in Other Assets: Customer interest rate swaps $ 35,743 3.9 4.96% 1 Mo. BSBY + 2.44 $ 1,961 Total $ 35,743 3.9 4.96% $ 1,961 Classified in Other Liabilities: 3rd Party interest rate swaps $ 35,743 3.9 4.96% 1 Mo. BSBY + 2.44 $ 1,961 Total $ 35,743 3.9 4.96% $ 1,961 September 30, 2023 Classified in Other Assets: Customer interest rate swaps $ 36,020 4.2 4.96% 1 Mo. BSBY + 2.44 $ 2,579 Total $ 36,020 4.2 4.96% $ 2,579 Classified in Other Liabilities: 3rd Party interest rate swaps $ 36,020 4.2 4.96% 1 Mo. BSBY + 2.44 $ 2,579 Total $ 36,020 4.2 4.96% $ 2,579 |
Schedule of Financial Instruments with Off-Balance-Sheet Risk | Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. December 31, September 30, 2023 2023 (In thousands) Financial instruments whose contract amounts represent credit risk Letters of credit $ 1,098 $ 1,073 Unused lines of credit 95,333 89,933 Fixed rate loan commitments 15,610 3,578 Variable rate loan commitments 4,969 26,472 Totals $ 117,010 $ 121,056 |
RECENT ACCOUNTING PRONOUNCEME_3
RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
RECENT ACCOUNTING PRONOUNCEMENTS (Details) [Line Items] | ||
Cumulative effect increase to retained earnings | $ 492,000 | |
Net of tax | 346,000 | |
Accrued interest receivable | 4,300,000 | |
Held-to-maturity debt securities | 84,333,000 | $ 85,835,000 |
Maximum [Member] | ||
RECENT ACCOUNTING PRONOUNCEMENTS (Details) [Line Items] | ||
Increase related to loans | 1,032,000 | |
Minimum [Member] | ||
RECENT ACCOUNTING PRONOUNCEMENTS (Details) [Line Items] | ||
Net of tax | 725,000 | |
Unfunded Commitments [Member] | Maximum [Member] | ||
RECENT ACCOUNTING PRONOUNCEMENTS (Details) [Line Items] | ||
Increase related to loans | 540,000 | |
Unfunded Commitments [Member] | Minimum [Member] | ||
RECENT ACCOUNTING PRONOUNCEMENTS (Details) [Line Items] | ||
Net of tax | 379,000 | |
ACL [Member] | ||
RECENT ACCOUNTING PRONOUNCEMENTS (Details) [Line Items] | ||
Held-to-maturity debt securities | 215,000 | |
Available-for-sale debt securities | $ 26,000 |
RECENT ACCOUNTING PRONOUNCEME_4
RECENT ACCOUNTING PRONOUNCEMENTS (Details) - Schedule of Change from the Incurred Loss Model to the Current Expected Credit Loss Model $ in Thousands | Oct. 01, 2023 USD ($) |
Pre-adoption [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | $ 8,330 |
Pre-adoption [Member] | ACL on debt securities held-to-maturity [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | |
Pre-adoption [Member] | One-to-four family residential [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | 1,259 |
Pre-adoption [Member] | Commercial Real Estate [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | 5,277 |
Pre-adoption [Member] | Construction [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | 472 |
Pre-adoption [Member] | Home equity lines of credit [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | 207 |
Pre-adoption [Member] | Commercial Business [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | 939 |
Pre-adoption [Member] | Other [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | 176 |
Pre-adoption [Member] | ACL on unfunded commitments [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | |
Adoption Impact [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | (492) |
Adoption Impact [Member] | ACL on debt securities held-to-maturity [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | |
Adoption Impact [Member] | One-to-four family residential [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | 7 |
Adoption Impact [Member] | Commercial Real Estate [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | (589) |
Adoption Impact [Member] | Construction [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | (55) |
Adoption Impact [Member] | Home equity lines of credit [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | (87) |
Adoption Impact [Member] | Commercial Business [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | (133) |
Adoption Impact [Member] | Other [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | (175) |
Adoption Impact [Member] | ACL on unfunded commitments [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | 540 |
As Reported [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | 7,838 |
As Reported [Member] | ACL on debt securities held-to-maturity [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | |
As Reported [Member] | One-to-four family residential [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | 1,266 |
As Reported [Member] | Commercial Real Estate [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | 4,688 |
As Reported [Member] | Construction [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | 417 |
As Reported [Member] | Home equity lines of credit [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | 120 |
As Reported [Member] | Commercial Business [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | 806 |
As Reported [Member] | Other [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | 1 |
As Reported [Member] | ACL on unfunded commitments [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for credit losses | $ 540 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
EARNINGS PER SHARE (Details) [Line Items] | |||
Stock options to purchase | 293,200 | 293,200 | |
Weighted average strike price | $ 12.58 | $ 12.58 | $ 12.58 |
Restricted shares | 124,320 | 124,320 | |
Weighted average price | $ 12.63 | $ 12.63 | $ 12.63 |
Options to purchase common stock | 293,200 | 293,200 | |
Restricted Stock [Member] | |||
EARNINGS PER SHARE (Details) [Line Items] | |||
Restricted shares | 124,320 | ||
Options to purchase common stock | 124,320 | 156,400 |
EARNINGS PER SHARE (Details) -
EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Earnings Per Share Abstract | ||
Income applicable to common shares (in Dollars) | $ 1,652 | $ 1,810 |
Weighted average common shares outstanding- basic | 6,387,010 | 6,456,525 |
Potential diliutive common stock equivalents | 2,921 | |
Weighted average common shares outstanding- diluted | 6,387,010 | 6,459,446 |
Earnings per share - basic (in Dollars per share) | $ 0.26 | $ 0.28 |
Earnings per share - diluted (in Dollars per share) | $ 0.26 | $ 0.28 |
STOCK-BASED COMPENSATION AND _3
STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Dec. 08, 2022 | Aug. 25, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2023 | |
STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM (Details) [Line Items] | |||||||
Equity compensation shares | 547,400 | ||||||
Shares of restricted stock | 293,200 | 293,200 | |||||
Stock option compensation expense (in Dollars) | $ 63,000 | $ 69,000 | |||||
Stock award compensation expense (in Dollars) | 98,000 | 111,000 | |||||
Unvested stock options and stock awards (in Dollars) | $ 2,400,000 | ||||||
Percentage of repurchase additional | 5% | ||||||
Average price (in Dollars per share) | $ 11.51 | ||||||
Stock repurchase program shares | 120,062 | 217,084 | |||||
Authorized shares | 337,146 | ||||||
Treasury stock shares | 442,873 | 423,641 | |||||
ESOP purchase of shares | 312,800 | ||||||
Common stock (in Dollars) | $ 3,400,000 | ||||||
Average cost per share (in Dollars per share) | $ 10.77 | ||||||
Variable interest rate | 3.25% | ||||||
Principal and interest payable term | 30 years | ||||||
Shares allocated to participants | 170,335 | ||||||
Shares unallocated to participants | 290,313 | ||||||
Aggregate fair value (in Dollars) | $ 3,300,000 | ||||||
Contribution expense (in Dollars) | $ 50,000 | $ 41,000 | |||||
Common Stock [Member] | |||||||
STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM (Details) [Line Items] | |||||||
Average price (in Dollars per share) | $ 337,146 | ||||||
Restricted Stock [Member] | |||||||
STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM (Details) [Line Items] | |||||||
Shares of restricted stock | 124,320 | 156,400 |
STOCK-BASED COMPENSATION AND _4
STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM (Details) - Schedule of Stock Option Activity | 3 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Schedule of Stock Option Activity [Abstract] | |
Number of Stock Options, beginning balance | shares | 293,200 |
Weighted Average Exercise Price, beginning balance | $ / shares | $ 12.58 |
Weighted Average Remaining Contractual Life, beginning balance | 8 years 11 months 23 days |
Aggregate Intrinsic Value, beginning balance | $ | |
Number of Stock Options, Granted | shares | |
Weighted Average Exercise Price, Granted | $ / shares | |
Weighted Average Remaining Contractual Life, Granted | |
Aggregate Intrinsic Value, Granted | $ | |
Number of Stock Options, Exercised | shares | |
Weighted Average Exercise Price, Exercised | $ / shares | |
Aggregate Intrinsic Value, Exercised | $ | |
Weighted Average Remaining Contractual Life, Exercised | |
Number of Stock Options, Forfeited | shares | |
Weighted Average Exercise Price, Forfeited | $ / shares | |
Aggregate Intrinsic Value, Forfeited | $ | |
Weighted Average Remaining Contractual Life, Forfeited | |
Number of Stock Options, Expired | shares | |
Weighted Average Exercise Price, Expired | $ / shares | |
Aggregate Intrinsic Value, Expired | $ | |
Weighted Average Remaining Contractual Life, Expired | |
Number of Stock Options, ending Balance | shares | 293,200 |
Weighted Average Exercise Price, ending Balance | $ / shares | $ 12.58 |
Weighted Average Remaining Contractual Life, ending Balance | 8 years 8 months 23 days |
Aggregate Intrinsic Value, ending Balance | $ | |
Aggregate Intrinsic Value, Exercisable | $ | |
Number of Stock Options, Exercisable | shares | 58,640 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 12.58 |
Weighted Average Remaining Contractual Life, Exercisable | 8 years 8 months 23 days |
STOCK-BASED COMPENSATION AND _5
STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM (Details) - Schedule of Non-vested Restricted Shares | 3 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Schedule of Non Vested Restricted Shares [Abstract] | |
Number of stock awards beginning balance | shares | 124,320 |
Weighted average grant date fair value beginning balance | $ / shares | $ 12.63 |
Number of stock awards granted | shares | |
Weighted average grant date fair value granted | $ / shares | |
Number of stock awards vested | shares | |
Weighted average grant date fair value vested | $ / shares | |
Number of stock awards forfeited | shares | |
Weighted average grant date fair value forfeited | $ / shares | |
Number of stock awards ending balance | shares | 124,320 |
Weighted average grant date fair value ending balance | $ / shares | $ 12.63 |
OTHER COMPREHENSIVE INCOME (L_3
OTHER COMPREHENSIVE INCOME (LOSS) (Details) | 3 Months Ended |
Dec. 31, 2023 | |
Other Comprehensive Income (Loss) [Abstract] | |
Percentage of income tax rate | 25% |
OTHER COMPREHENSIVE INCOME (L_4
OTHER COMPREHENSIVE INCOME (LOSS) (Details) - Schedule of Components of Other Comprehensive Income (Loss) and the Related Income Tax Effects - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Unrealized holding gain (loss) arising during period on: | ||
Available-for-sale investments, Before Tax Amount | $ 584 | $ 206 |
Available-for-sale investments, Tax (Benefit) Expense | (144) | (50) |
Available-for-sale investments, Net of Tax Amount | 440 | 156 |
Other comprehensive income (loss), net Before Tax Amount | 584 | 206 |
Other comprehensive income (loss), net Tax (Benefit) Expense | (144) | (50) |
Other comprehensive income (loss), net of Tax Amount | $ 440 | $ 156 |
FAIR VALUE DISCLOSURES (Details
FAIR VALUE DISCLOSURES (Details) - Schedule of Assets Measured At Fair Value on a Recurring Basis - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Obligations of U.S. government agencies: | ||
Total securities available for sale | $ 12,273 | $ 10,125 |
Derivative assets | 1,961 | 2,579 |
Total assets | 14,234 | 12,704 |
Liabilities: | ||
Derivative liabilities | 1,961 | 2,579 |
Total Liabilities | 1,961 | 2,579 |
Obligations of U.S. government enterprises Mortgage-backed securities [Member] | ||
Obligations of U.S. government agencies: | ||
Mortgage-backed securities - residential | 95 | 92 |
Obligations of U.S. government-sponsored enterprises Mortgage-backed securities-residential [Member] | ||
Obligations of U.S. government agencies: | ||
Mortgage-backed securities - residential | 12,178 | 10,033 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Obligations of U.S. government agencies: | ||
Total securities available for sale | ||
Derivative assets | ||
Total assets | ||
Liabilities: | ||
Derivative liabilities | ||
Total Liabilities | ||
Fair Value, Inputs, Level 1 [Member] | Obligations of U.S. government enterprises Mortgage-backed securities [Member] | Fair Value, Recurring [Member] | ||
Obligations of U.S. government agencies: | ||
Mortgage-backed securities - residential | ||
Fair Value, Inputs, Level 1 [Member] | Obligations of U.S. government-sponsored enterprises Mortgage-backed securities-residential [Member] | Fair Value, Recurring [Member] | ||
Obligations of U.S. government agencies: | ||
Mortgage-backed securities - residential | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Obligations of U.S. government agencies: | ||
Total securities available for sale | 12,273 | 10,125 |
Derivative assets | 1,961 | 2,579 |
Total assets | 14,234 | 12,704 |
Liabilities: | ||
Derivative liabilities | 1,961 | 2,579 |
Total Liabilities | 1,961 | 2,579 |
Fair Value, Inputs, Level 2 [Member] | Obligations of U.S. government enterprises Mortgage-backed securities [Member] | Fair Value, Recurring [Member] | ||
Obligations of U.S. government agencies: | ||
Mortgage-backed securities - residential | 95 | 92 |
Fair Value, Inputs, Level 2 [Member] | Obligations of U.S. government-sponsored enterprises Mortgage-backed securities-residential [Member] | Fair Value, Recurring [Member] | ||
Obligations of U.S. government agencies: | ||
Mortgage-backed securities - residential | 12,178 | 10,033 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Obligations of U.S. government agencies: | ||
Total securities available for sale | ||
Derivative assets | ||
Total assets | ||
Liabilities: | ||
Derivative liabilities | ||
Total Liabilities | ||
Fair Value, Inputs, Level 3 [Member] | Obligations of U.S. government enterprises Mortgage-backed securities [Member] | Fair Value, Recurring [Member] | ||
Obligations of U.S. government agencies: | ||
Mortgage-backed securities - residential | ||
Fair Value, Inputs, Level 3 [Member] | Obligations of U.S. government-sponsored enterprises Mortgage-backed securities-residential [Member] | Fair Value, Recurring [Member] | ||
Obligations of U.S. government agencies: | ||
Mortgage-backed securities - residential |
FAIR VALUE DISCLOSURES (Detai_2
FAIR VALUE DISCLOSURES (Details) - Schedule of Assets Measured At Fair Value on a Non-Recurring Basis - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
FAIR VALUE DISCLOSURES (Details) - Schedule of Assets Measured At Fair Value on a Non-Recurring Basis [Line Items] | ||
Assets measured at fair value | $ 777 | $ 777 |
Collateral dependent loans [Member] | ||
FAIR VALUE DISCLOSURES (Details) - Schedule of Assets Measured At Fair Value on a Non-Recurring Basis [Line Items] | ||
Assets measured at fair value | 777 | 777 |
Fair Value, Inputs, Level 1 [Member] | ||
FAIR VALUE DISCLOSURES (Details) - Schedule of Assets Measured At Fair Value on a Non-Recurring Basis [Line Items] | ||
Assets measured at fair value | ||
Fair Value, Inputs, Level 1 [Member] | Collateral dependent loans [Member] | ||
FAIR VALUE DISCLOSURES (Details) - Schedule of Assets Measured At Fair Value on a Non-Recurring Basis [Line Items] | ||
Assets measured at fair value | ||
Fair Value, Inputs, Level 2 [Member] | ||
FAIR VALUE DISCLOSURES (Details) - Schedule of Assets Measured At Fair Value on a Non-Recurring Basis [Line Items] | ||
Assets measured at fair value | ||
Fair Value, Inputs, Level 2 [Member] | Collateral dependent loans [Member] | ||
FAIR VALUE DISCLOSURES (Details) - Schedule of Assets Measured At Fair Value on a Non-Recurring Basis [Line Items] | ||
Assets measured at fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
FAIR VALUE DISCLOSURES (Details) - Schedule of Assets Measured At Fair Value on a Non-Recurring Basis [Line Items] | ||
Assets measured at fair value | 777 | 777 |
Fair Value, Inputs, Level 3 [Member] | Collateral dependent loans [Member] | ||
FAIR VALUE DISCLOSURES (Details) - Schedule of Assets Measured At Fair Value on a Non-Recurring Basis [Line Items] | ||
Assets measured at fair value | $ 777 | $ 777 |
FAIR VALUE DISCLOSURES (Detai_3
FAIR VALUE DISCLOSURES (Details) - Schedule of Quantitative Information about Assets Measured At Fair Value on a Nonrecurring Basis for Which Level 3 Inputs Were Used To Determine Fair Value - Impaired Loans [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Sep. 30, 2023 | ||
FAIR VALUE DISCLOSURES (Details) - Schedule of Quantitative Information about Assets Measured At Fair Value on a Nonrecurring Basis for Which Level 3 Inputs Were Used To Determine Fair Value [Line Items] | |||
Fair Value Estimate | $ 777 | $ 777 | |
Valuation Techniques | [1] | Appraisal of collateral (1) | Appraisal of collateral (1) |
Unobservable Input | [2] | Appraisal adjustments (2) | Appraisal adjustments (2) |
Range (Weighted Average) | -50% to -8.0% (-12.0%) | -50% to -8.0% (-19.4%) | |
[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. |
FAIR VALUE DISCLOSURES (Detai_4
FAIR VALUE DISCLOSURES (Details) - Schedule of the Carrying Amount, Fair Value, and Placement in the Fair Value Hierarchy of Financial Instruments Carried At Cost or Amortized Cost - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
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 | 75,508 | 73,728 |
Loans | ||
Financial instruments - liabilities | ||
Certificates of deposit | 110,530 | 101,216 |
Borrowings | 27,930 | 28,177 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial instruments - assets | ||
Investment securities held-to-maturity | ||
Loans | 703,158 | 664,331 |
Financial instruments - liabilities | ||
Certificates of deposit | ||
Borrowings | ||
Reported Value Measurement [Member] | ||
Financial instruments - assets | ||
Investment securities held-to-maturity | 84,333 | 85,835 |
Loans | 728,560 | 689,070 |
Financial instruments - liabilities | ||
Certificates of deposit | 112,463 | 104,668 |
Borrowings | 28,796 | 29,515 |
Estimate of Fair Value Measurement [Member] | ||
Financial instruments - assets | ||
Investment securities held-to-maturity | 75,508 | 73,728 |
Loans | 703,158 | 664,331 |
Financial instruments - liabilities | ||
Certificates of deposit | 110,530 | 101,216 |
Borrowings | $ 27,930 | $ 28,177 |
INVESTMENT SECURITIES (Details)
INVESTMENT SECURITIES (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Investment Securities [Abstract] | |
Investment Securities fair value | $ 12.2 |
INVESTMENT SECURITIES (Detail_2
INVESTMENT SECURITIES (Details) - Schedule of Amortized Cost and Fair Values of Securities Held to Maturity - Securities [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Available-For-Sale, Amortized Cost | $ 13,654 | $ 12,090 |
Securities Available-For-Sale, Gross Unrealized Gains | 39 | |
Securities Available-For-Sale, Gross Unrealized Losses | (1,420) | (1,965) |
Securities Available-For-Sale, Fair Value | 12,273 | 10,125 |
Securities Held-To-Maturity, Amortized Cost | 84,333 | 85,835 |
Securities Held-To-Maturity, Gross Unrealized Gains | 11 | |
Securities Held-To-Maturity, Gross Unrealized Losses | (8,836) | (12,107) |
Securities Held-To-Maturity, Fair Value | 75,508 | 73,728 |
Available-for-Sale Securities [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Total investment securities, Amortized Cost | 97,987 | 97,925 |
Total investment securities, Gross Unrealized Gains | 50 | |
Total investment securities, Gross Unrealized Losses | (10,256) | (14,072) |
Total investment securities, Fair Value | 87,781 | 83,853 |
Mortgage backed securities - residential [Member] | Obligations of U.S. government agencies [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Available-For-Sale, Amortized Cost | 103 | 106 |
Securities Available-For-Sale, Gross Unrealized Gains | ||
Securities Available-For-Sale, Gross Unrealized Losses | (8) | (14) |
Securities Available-For-Sale, Fair Value | 95 | 92 |
Securities Held-To-Maturity, Amortized Cost | 4,986 | 5,070 |
Securities Held-To-Maturity, Gross Unrealized Gains | ||
Securities Held-To-Maturity, Gross Unrealized Losses | (677) | (850) |
Securities Held-To-Maturity, Fair Value | 4,309 | 4,220 |
Mortgage backed securities - residential [Member] | Obligations of U.S. government-sponsored enterprises [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Available-For-Sale, Amortized Cost | 13,551 | |
Securities Available-For-Sale, Gross Unrealized Gains | 39 | |
Securities Available-For-Sale, Gross Unrealized Losses | (1,412) | |
Securities Available-For-Sale, Fair Value | 12,178 | |
Securities Held-To-Maturity, Amortized Cost | 47,199 | 48,086 |
Securities Held-To-Maturity, Gross Unrealized Gains | ||
Securities Held-To-Maturity, Gross Unrealized Losses | (6,229) | (8,480) |
Securities Held-To-Maturity, Fair Value | 40,970 | 39,606 |
Mortgage backed securities - residential [Member] | Obligations of U.S. government-sponsored enterprises [Member] | Available-for-Sale Securities [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Available-For-Sale, Amortized Cost | 11,984 | |
Securities Available-For-Sale, Gross Unrealized Gains | ||
Securities Available-For-Sale, Gross Unrealized Losses | (1,951) | |
Securities Available-For-Sale, Fair Value | 10,033 | |
Mortgage-backed securities - commercial [Member] | Obligations of U.S. government agencies [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Amortized Cost | 2,484 | 2,509 |
Securities Held-To-Maturity, Gross Unrealized Gains | ||
Securities Held-To-Maturity, Gross Unrealized Losses | (22) | (16) |
Securities Held-To-Maturity, Fair Value | 2,462 | 2,493 |
Obligations of U.S. government-sponsored enterprises [Member] | Securities [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Amortized Cost | 22,999 | 23,497 |
Securities Held-To-Maturity, Gross Unrealized Gains | 6 | |
Securities Held-To-Maturity, Gross Unrealized Losses | (1,378) | (1,947) |
Securities Held-To-Maturity, Fair Value | 21,627 | 21,550 |
Private label mortgage-backed securities-residential [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Amortized Cost | 203 | 207 |
Securities Held-To-Maturity, Gross Unrealized Gains | ||
Securities Held-To-Maturity, Gross Unrealized Losses | (10) | (12) |
Securities Held-To-Maturity, Fair Value | 193 | 195 |
Obligations of state and political subdivisions [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Amortized Cost | 3,462 | 3,466 |
Securities Held-To-Maturity, Gross Unrealized Gains | 5 | |
Securities Held-To-Maturity, Gross Unrealized Losses | (324) | (605) |
Securities Held-To-Maturity, Fair Value | 3,143 | 2,861 |
Corporate securities [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Amortized Cost | 3,000 | 3,000 |
Securities Held-To-Maturity, Gross Unrealized Gains | ||
Securities Held-To-Maturity, Gross Unrealized Losses | (196) | (197) |
Securities Held-To-Maturity, Fair Value | 2,804 | $ 2,803 |
Standard & Poor's, AAA/AA/A Rating [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | 81,130 | |
Standard & Poor's, AAA/AA/A Rating [Member] | Mortgage backed securities - residential [Member] | Obligations of U.S. government agencies [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | 4,986 | |
Standard & Poor's, AAA/AA/A Rating [Member] | Mortgage backed securities - residential [Member] | Obligations of U.S. government-sponsored enterprises [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | 47,199 | |
Standard & Poor's, AAA/AA/A Rating [Member] | Mortgage-backed securities - commercial [Member] | Obligations of U.S. government agencies [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | 2,484 | |
Standard & Poor's, AAA/AA/A Rating [Member] | Obligations of U.S. government-sponsored enterprises [Member] | Securities [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | 22,999 | |
Standard & Poor's, AAA/AA/A Rating [Member] | Private label mortgage-backed securities-residential [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | ||
Standard & Poor's, AAA/AA/A Rating [Member] | Obligations of state and political subdivisions [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | 3,462 | |
Standard & Poor's, AAA/AA/A Rating [Member] | Corporate securities [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | ||
Standard & Poor's, BBB/BB/B Rating [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | 3,000 | |
Standard & Poor's, BBB/BB/B Rating [Member] | Mortgage backed securities - residential [Member] | Obligations of U.S. government agencies [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | ||
Standard & Poor's, BBB/BB/B Rating [Member] | Mortgage backed securities - residential [Member] | Obligations of U.S. government-sponsored enterprises [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | ||
Standard & Poor's, BBB/BB/B Rating [Member] | Mortgage-backed securities - commercial [Member] | Obligations of U.S. government agencies [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | ||
Standard & Poor's, BBB/BB/B Rating [Member] | Obligations of U.S. government-sponsored enterprises [Member] | Securities [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | ||
Standard & Poor's, BBB/BB/B Rating [Member] | Private label mortgage-backed securities-residential [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | ||
Standard & Poor's, BBB/BB/B Rating [Member] | Obligations of state and political subdivisions [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | ||
Standard & Poor's, BBB/BB/B Rating [Member] | Corporate securities [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | 3,000 | |
Non-rated [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | 203 | |
Non-rated [Member] | Mortgage backed securities - residential [Member] | Obligations of U.S. government agencies [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | ||
Non-rated [Member] | Mortgage backed securities - residential [Member] | Obligations of U.S. government-sponsored enterprises [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | ||
Non-rated [Member] | Mortgage-backed securities - commercial [Member] | Obligations of U.S. government agencies [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | ||
Non-rated [Member] | Obligations of U.S. government-sponsored enterprises [Member] | Securities [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | ||
Non-rated [Member] | Private label mortgage-backed securities-residential [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | 203 | |
Non-rated [Member] | Obligations of state and political subdivisions [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating | ||
Non-rated [Member] | Corporate securities [Member] | ||
Schedule of Amortized Cost and Fair Values of Securities [Line Items] | ||
Securities Held-To-Maturity, Credit Rating |
INVESTMENT SECURITIES (Detail_3
INVESTMENT SECURITIES (Details) - Schedule of Maturities Debt Securities and Mortgage Backed Securities Held to Maturity - Mortgage-backed securities held-to-maturity [Member] $ in Thousands | Dec. 31, 2023 USD ($) |
Amortized Cost [Member] | |
Schedule of Maturities Debt Securities and Mortgage Backed Securities Held to Maturity [Line Items] | |
Due within 1 year | $ 4,000 |
Due after 1 but within 5 years | 20,526 |
Due after 5 but within 10 years | 4,935 |
Due after 10 years | |
Total debt securities | 29,461 |
Fair Value [Member] | |
Schedule of Maturities Debt Securities and Mortgage Backed Securities Held to Maturity [Line Items] | |
Due within 1 year | 3,966 |
Due after 1 but within 5 years | 19,315 |
Due after 5 but within 10 years | 4,293 |
Due after 10 years | |
Total debt securities | 27,574 |
Mortgage backed securities [Member] | Amortized Cost [Member] | |
Mortgage backed securities: | |
Mortgage backed securities | 97,987 |
Mortgage backed securities [Member] | Fair Value [Member] | |
Mortgage backed securities: | |
Mortgage backed securities | 87,781 |
Residential [Member] | Mortgage backed securities [Member] | Amortized Cost [Member] | |
Mortgage backed securities: | |
Mortgage backed securities | 66,042 |
Residential [Member] | Mortgage backed securities [Member] | Fair Value [Member] | |
Mortgage backed securities: | |
Mortgage backed securities | 57,745 |
Commercial [Member] | Mortgage backed securities [Member] | Amortized Cost [Member] | |
Mortgage backed securities: | |
Mortgage backed securities | 2,484 |
Commercial [Member] | Mortgage backed securities [Member] | Fair Value [Member] | |
Mortgage backed securities: | |
Mortgage backed securities | $ 2,462 |
CREDIT LOSSES ON INVESTMENT S_3
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | $ 9,903 | $ 83,637 |
Unrealized losses | (1,420) | (14,072) |
Mortgage-backed securities - residential [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 95 | 4,312 |
Unrealized losses | (8) | (864) |
Mortgage-backed securities - residential [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 9,808 | |
Unrealized losses | (1,412) | |
Mortgage-backed securities - commercial [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 2,493 | |
Unrealized losses | (16) | |
Mortgage-backed securities - residential [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 49,423 | |
Unrealized losses | (10,431) | |
Debt securities [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 21,550 | |
Unrealized losses | (1,947) | |
Private label mortgage-backed securities residential [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 195 | |
Unrealized losses | (12) | |
Obligations of state and political subdivisions [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 2,861 | |
Unrealized losses | (605) | |
Corporate securities [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 2,803 | |
Unrealized losses | (197) | |
Less Than 12 Months [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 1,879 | 7,653 |
Unrealized losses | (9) | (106) |
Less Than 12 Months [Member] | Mortgage-backed securities - residential [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | ||
Unrealized losses | ||
Less Than 12 Months [Member] | Mortgage-backed securities - residential [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 1,879 | |
Unrealized losses | (9) | |
Less Than 12 Months [Member] | Mortgage-backed securities - commercial [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 1,926 | |
Unrealized losses | (14) | |
Less Than 12 Months [Member] | Mortgage-backed securities - residential [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 4,938 | |
Unrealized losses | (49) | |
Less Than 12 Months [Member] | Debt securities [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | ||
Unrealized losses | ||
Less Than 12 Months [Member] | Private label mortgage-backed securities residential [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | ||
Unrealized losses | ||
Less Than 12 Months [Member] | Obligations of state and political subdivisions [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 789 | |
Unrealized losses | (43) | |
Less Than 12 Months [Member] | Corporate securities [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | ||
Unrealized losses | ||
12 Months Or Greater [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 8,024 | 75,984 |
Unrealized losses | (1,411) | (13,966) |
12 Months Or Greater [Member] | Mortgage-backed securities - residential [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 95 | 4,312 |
Unrealized losses | (8) | (864) |
12 Months Or Greater [Member] | Mortgage-backed securities - residential [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 7,929 | |
Unrealized losses | $ (1,403) | |
12 Months Or Greater [Member] | Mortgage-backed securities - commercial [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 567 | |
Unrealized losses | (2) | |
12 Months Or Greater [Member] | Mortgage-backed securities - residential [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 44,485 | |
Unrealized losses | (10,382) | |
12 Months Or Greater [Member] | Debt securities [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 21,550 | |
Unrealized losses | (1,947) | |
12 Months Or Greater [Member] | Private label mortgage-backed securities residential [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 195 | |
Unrealized losses | (12) | |
12 Months Or Greater [Member] | Obligations of state and political subdivisions [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 2,072 | |
Unrealized losses | (562) | |
12 Months Or Greater [Member] | Corporate securities [Member] | ||
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items] | ||
Fair value | 2,803 | |
Unrealized losses | $ (197) |
Loans Receivable, Net and Rel_3
Loans Receivable, Net and Related Allowance for Credit Losses (Details) | 3 Months Ended |
Dec. 31, 2023 | |
Loans Receivable, Net [Abstract] | |
Commercial relationships, description | Generally, the external consultant reviews commercial relationships greater than $500,000 and/or criticized relationships greater than $250,000. |
Loans Receivable, Net and Rel_4
Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Loans Receivable - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Schedule of Loans Receivable [Line Items] | ||
Total loans receivable | $ 729,494 | $ 698,206 |
Net deferred loan costs | (934) | (806) |
Total loans receivable, net | 728,560 | 697,400 |
One-to four-family residential [Member] | ||
Schedule of Loans Receivable [Line Items] | ||
One-to-four family residential | 234,156 | 237,683 |
Total loans receivable | 237,683 | |
Commercial real estate [Member] | ||
Schedule of Loans Receivable [Line Items] | ||
Commercial real estate | 407,346 | 389,134 |
Total loans receivable | 389,134 | |
Construction [Member] | ||
Schedule of Loans Receivable [Line Items] | ||
Construction and land | 34,641 | 21,853 |
Total loans receivable | 21,853 | |
Home equity lines of credit [Member] | ||
Schedule of Loans Receivable [Line Items] | ||
Home equity loans and lines of credit | 24,069 | 16,983 |
Total loans receivable | 16,983 | |
Commercial business [Member] | ||
Schedule of Loans Receivable [Line Items] | ||
Commercial business | 27,043 | 30,194 |
Total loans receivable | 30,194 | |
Other [Member] | ||
Schedule of Loans Receivable [Line Items] | ||
Other | $ 2,239 | 2,359 |
Total loans receivable | $ 2,359 |
Loans Receivable, Net and Rel_5
Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Loan Portfolio $ in Thousands | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
One-to-Four Family Residential [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | $ 7,180 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | 43,224 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | 33,060 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | 27,899 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | 31,288 |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | 91,505 |
Revolving Loans, Amortized Cost Basis | |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | 234,156 |
Commercial Real Estate [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | 18,235 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | 82,558 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | 70,448 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | 66,529 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | 30,007 |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | 131,656 |
Revolving Loans, Amortized Cost Basis | 6,373 |
Revolving Loans, Converted to Term | 1,540 |
Revolving Loans, Total | 407,346 |
Commercial Real Estate [Member] | Pass [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | 18,235 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | 82,558 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | 68,224 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | 66,529 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | 30,007 |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | 131,540 |
Revolving Loans, Amortized Cost Basis | 6,373 |
Revolving Loans, Converted to Term | 1,540 |
Revolving Loans, Total | 405,006 |
Commercial Real Estate [Member] | Special Mention [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | 116 |
Revolving Loans, Amortized Cost Basis | |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | 116 |
Commercial Real Estate [Member] | Substandard [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | 2,224 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | |
Revolving Loans, Amortized Cost Basis | |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | 2,224 |
Commercial Real Estate [Member] | Doubtful [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | |
Revolving Loans, Amortized Cost Basis | |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | |
Construction And Land [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | 10,368 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | 12,297 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | 2,351 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | 1,761 |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | 7,139 |
Revolving Loans, Amortized Cost Basis | 725 |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | 34,641 |
Construction And Land [Member] | Pass [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | 10,368 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | 12,297 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | 2,351 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | 1,761 |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | 4,665 |
Revolving Loans, Amortized Cost Basis | 725 |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | 32,167 |
Construction And Land [Member] | Special Mention [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | |
Revolving Loans, Amortized Cost Basis | |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | |
Construction And Land [Member] | Substandard [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | 2,474 |
Revolving Loans, Amortized Cost Basis | |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | 2,474 |
Construction And Land [Member] | Doubtful [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | |
Revolving Loans, Amortized Cost Basis | |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | |
Home Equity Loan [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | 724 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | 1,678 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | 1,657 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | 342 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | 277 |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | 1,438 |
Revolving Loans, Amortized Cost Basis | 17,953 |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | 24,069 |
Commercial Business [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | 1,030 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | 542 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | 2,685 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | 2,047 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | 946 |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | 3,390 |
Revolving Loans, Amortized Cost Basis | 16,403 |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | 27,043 |
Commercial Business [Member] | Pass [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | 1,030 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | 542 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | 2,685 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | 2,047 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | 946 |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | 3,390 |
Revolving Loans, Amortized Cost Basis | 16,403 |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | 27,043 |
Commercial Business [Member] | Special Mention [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | |
Revolving Loans, Amortized Cost Basis | |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | |
Commercial Business [Member] | Substandard [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | |
Revolving Loans, Amortized Cost Basis | |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | |
Commercial Business [Member] | Doubtful [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | |
Revolving Loans, Amortized Cost Basis | |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | |
Other [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | 65 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | 1 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | 13 |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | 1,793 |
Revolving Loans, Amortized Cost Basis | 367 |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | 2,239 |
Performing Financial Instruments [Member] | One-to-Four Family Residential [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | 7,180 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | 43,224 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | 33,060 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | 27,899 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | 31,288 |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | 91,353 |
Revolving Loans, Amortized Cost Basis | |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | 234,004 |
Performing Financial Instruments [Member] | Home Equity Loan [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | 724 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | 1,678 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | 1,657 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | 342 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | 277 |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | 1,438 |
Revolving Loans, Amortized Cost Basis | 17,953 |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | 24,069 |
Performing Financial Instruments [Member] | Other [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | 65 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | 1 |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | 13 |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | 1,793 |
Revolving Loans, Amortized Cost Basis | 367 |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | 2,239 |
Nonperforming Financial Instruments [Member] | One-to-Four Family Residential [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | 152 |
Revolving Loans, Amortized Cost Basis | |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | 152 |
Nonperforming Financial Instruments [Member] | Home Equity Loan [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | |
Revolving Loans, Amortized Cost Basis | |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | |
Nonperforming Financial Instruments [Member] | Other [Member] | |
One-to-four family residential | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020 | |
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior | |
Revolving Loans, Amortized Cost Basis | |
Revolving Loans, Converted to Term | |
Revolving Loans, Total | |
Revolving Credit Facility [Member] | One-to-Four Family Residential [Member] | |
One-to-four family residential | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Revolving Credit Facility [Member] | Commercial Real Estate [Member] | |
One-to-four family residential | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Revolving Credit Facility [Member] | Construction And Land [Member] | |
One-to-four family residential | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Revolving Credit Facility [Member] | Home Equity Loan [Member] | |
One-to-four family residential | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Revolving Credit Facility [Member] | Commercial Business [Member] | |
One-to-four family residential | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Revolving Credit Facility [Member] | Other [Member] | |
One-to-four family residential | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs | |
Current period gross charge-offs |
Loans Receivable, Net and Rel_6
Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Bank’s Internal Risk Rating System - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | $ 729,494 | $ 698,206 |
Pass [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | 692,585 | |
Special Mention [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | 116 | |
Substandard [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | 5,505 | |
Doubtful [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | ||
One-to four-family residential [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | 237,683 | |
One-to four-family residential [Member] | Pass [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | 236,876 | |
One-to four-family residential [Member] | Special Mention [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | ||
One-to four-family residential [Member] | Substandard [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | 807 | |
One-to four-family residential [Member] | Doubtful [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Commercial real estate [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | 389,134 | |
Commercial real estate [Member] | Pass [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | 386,794 | |
Commercial real estate [Member] | Special Mention [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | 116 | |
Commercial real estate [Member] | Substandard [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | 2,224 | |
Commercial real estate [Member] | Doubtful [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Construction [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | 21,853 | |
Construction [Member] | Pass [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | 19,379 | |
Construction [Member] | Special Mention [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Construction [Member] | Substandard [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | 2,474 | |
Construction [Member] | Doubtful [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Home equity lines of credit [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | 16,983 | |
Home equity lines of credit [Member] | Pass [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | 16,983 | |
Home equity lines of credit [Member] | Special Mention [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Home equity lines of credit [Member] | Substandard [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Home equity lines of credit [Member] | Doubtful [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Commercial business [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | 30,194 | |
Commercial business [Member] | Pass [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | 30,194 | |
Commercial business [Member] | Special Mention [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Commercial business [Member] | Substandard [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Commercial business [Member] | Doubtful [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Other [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | 2,359 | |
Other [Member] | Pass [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | 2,359 | |
Other [Member] | Special Mention [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Other [Member] | Substandard [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Other [Member] | Doubtful [Member] | ||
Schedule of Bank’s Internal Risk Rating System [Line Items] | ||
Loans and Leases Receivable, Gross |
Loans Receivable, Net and Rel_7
Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of the Loan Portfolio by Analyzing the Age - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Current | $ 721,904 | $ 692,291 |
Total Loans | 729,494 | 698,206 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2,385 | 147 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 354 | 684 |
90 Days + Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 4,851 | 5,084 |
One-to-Four Family Residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 232,710 | 236,729 |
Total Loans | 234,156 | 237,683 |
One-to-Four Family Residential [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 1,056 | |
One-to-Four Family Residential [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 238 | 568 |
One-to-Four Family Residential [Member] | 90 Days + Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 152 | 386 |
Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 404,315 | 386,794 |
Total Loans | 407,346 | 389,134 |
Commercial Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 690 | |
Commercial Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 116 | 116 |
Commercial Real Estate [Member] | 90 Days + Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2,225 | 2,224 |
Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 32,167 | 19,379 |
Total Loans | 34,641 | 21,853 |
Construction [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | ||
Construction [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | ||
Construction [Member] | 90 Days + Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 2,474 | 2,474 |
Home equity lines of credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 24,069 | |
Total Loans | 24,069 | |
Home equity lines of credit [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | ||
Home equity lines of credit [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | ||
Home equity lines of credit [Member] | 90 Days + Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | ||
Commercial business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 26,404 | 30,047 |
Total Loans | 27,043 | 30,194 |
Commercial business [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | 639 | 147 |
Commercial business [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | ||
Commercial business [Member] | 90 Days + Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | ||
Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 2,239 | 2,359 |
Total Loans | 2,239 | 2,359 |
Other [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | ||
Other [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | ||
Other [Member] | 90 Days + Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | ||
Home equity lines of credit [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 16,983 | |
Total Loans | 16,983 | |
Home equity lines of credit [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | ||
Home equity lines of credit [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due | ||
Home equity lines of credit [Member] | 90 Days + Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due |
Loans Receivable, Net and Rel_8
Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Non-Accrual Loans Related Allowance for Credit Loss by Loan - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Non-Accrual [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total | $ 4,851 | $ 5,084 |
Allowance for Credit Loss [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total | ||
Specific Reserve [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total | ||
One-to-Four Family Residential [Member] | Non-Accrual [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
One-to four-family residential | 152 | 386 |
One-to-Four Family Residential [Member] | Allowance for Credit Loss [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
One-to four-family residential | ||
One-to-Four Family Residential [Member] | Specific Reserve [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
One-to four-family residential | ||
Commercial Real Estate [Member] | Non-Accrual [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Commercial real estate | 2,225 | 2,224 |
Commercial Real Estate [Member] | Allowance for Credit Loss [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Commercial real estate | ||
Commercial Real Estate [Member] | Specific Reserve [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Commercial real estate | ||
Construction Loans [Member] | Non-Accrual [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Construction and land | 2,474 | 2,474 |
Construction Loans [Member] | Allowance for Credit Loss [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Construction and land | ||
Construction Loans [Member] | Specific Reserve [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Construction and land | ||
Home Equity Loan [Member] | Non-Accrual [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Home equity lines of credit | ||
Home loans and lines of credit | ||
Home Equity Loan [Member] | Allowance for Credit Loss [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Home loans and lines of credit | ||
Home Equity Loan [Member] | Specific Reserve [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Home equity lines of credit | ||
Commercial Loan [Member] | Non-Accrual [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Commercial business | ||
Commercial Loan [Member] | Allowance for Credit Loss [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Commercial business | ||
Commercial Loan [Member] | Specific Reserve [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Commercial business | ||
Other [Member] | Non-Accrual [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Other | ||
Other [Member] | Specific Reserve [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Other |
Loans Receivable, Net and Rel_9
Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Non-Performing,Collateral Dependent Loans $ in Thousands | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
Schedule Of Non Performing Collateral Dependent Loans Abstract | |
One- to four-family residential | $ 152 |
Commercial real estate | 2,225 |
Land | 2,474 |
Total | $ 4,851 |
Loans Receivable, Net and Re_10
Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Impaired Loans $ in Thousands | Sep. 30, 2023 USD ($) |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |
Recorded Investment Impaired Loans with Specific Allowance | |
Related Allowance Impaired Loans with Specific Allowance | |
Recorded Investment Impaired Loans with No Specific Allowance | 7,621 |
Total Impaired Loans Recorded Investment | 7,621 |
Total Impaired Loans Unpaid Principal Balance | 7,686 |
One-to four-family residential [Member] | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |
Recorded Investment Impaired Loans with Specific Allowance | |
Related Allowance Impaired Loans with Specific Allowance | |
Recorded Investment Impaired Loans with No Specific Allowance | 2,031 |
Total Impaired Loans Recorded Investment | 2,031 |
Total Impaired Loans Unpaid Principal Balance | 2,031 |
Commercial Real Estate [Member] | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |
Recorded Investment Impaired Loans with Specific Allowance | |
Related Allowance Impaired Loans with Specific Allowance | |
Recorded Investment Impaired Loans with No Specific Allowance | 2,969 |
Total Impaired Loans Recorded Investment | 2,969 |
Total Impaired Loans Unpaid Principal Balance | 2,969 |
Construction [Member] | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |
Recorded Investment Impaired Loans with Specific Allowance | |
Related Allowance Impaired Loans with Specific Allowance | |
Recorded Investment Impaired Loans with No Specific Allowance | 2,474 |
Total Impaired Loans Recorded Investment | 2,474 |
Total Impaired Loans Unpaid Principal Balance | 2,539 |
Commercial business [Member] | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |
Recorded Investment Impaired Loans with Specific Allowance | |
Related Allowance Impaired Loans with Specific Allowance | |
Recorded Investment Impaired Loans with No Specific Allowance | 147 |
Total Impaired Loans Recorded Investment | 147 |
Total Impaired Loans Unpaid Principal Balance | $ 147 |
Loans Receivable, Net and Re_11
Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Interest Income Recognized on Impaired Loan $ in Thousands | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Interest Income Recognized on Impaired Loan [Line Items] | |
Impaired loans and interest income | $ 5,754 |
Interest income recognized on an accrual basis on impaired loans | 35 |
One-To-Four Family Residential [Member] | |
Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Interest Income Recognized on Impaired Loan [Line Items] | |
Impaired loans and interest income | 1,447 |
Interest income recognized on an accrual basis on impaired loans | 20 |
Commercial Real Estate [Member] | |
Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Interest Income Recognized on Impaired Loan [Line Items] | |
Impaired loans and interest income | 1,269 |
Interest income recognized on an accrual basis on impaired loans | 13 |
Construction [Member] | |
Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Interest Income Recognized on Impaired Loan [Line Items] | |
Impaired loans and interest income | 2,835 |
Commercial business [Member] | |
Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Interest Income Recognized on Impaired Loan [Line Items] | |
Impaired loans and interest income | 203 |
Interest income recognized on an accrual basis on impaired loans | $ 2 |
Loans Receivable, Net and Re_12
Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Allowance for Loan Losses by Loan Category - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | $ 8,330 | $ 8,433 | |
Loans receivable: | |||
Effect of adopting ASU 2016-13 | (1,032) | ||
Charge-offs | |||
Recoveries | |||
Provision (credit) | 385 | 317 | |
Balance-Ending balance | 7,683 | 8,750 | |
Allowance for Loan Losses Beginning [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 8,330 | ||
Allowance for Loan Losses Impairment [Member] | |||
Loans receivable: | |||
Collectively evaluated for impairment | |||
Allowance for Loan Losses Impairment One [Member] | |||
Loans receivable: | |||
Individually evaluated for impairment | 8,330 | ||
Loans receivable Beginning [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 698,206 | ||
Loans Receivable For impairment [Member] | |||
Loans receivable: | |||
Collectively evaluated for impairment | 7,621 | ||
Loans Receivable For impairment One [Member] | |||
Loans receivable: | |||
Individually evaluated for impairment | 690,585 | ||
One-to-Four Family Residential [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 1,259 | 1,223 | |
Loans receivable: | |||
Effect of adopting ASU 2016-13 | 7 | ||
Charge-offs | |||
Recoveries | |||
Provision (credit) | (75) | 12 | |
Balance-Ending balance | 1,191 | 1,235 | |
One-to-Four Family Residential [Member] | Allowance for Loan Losses Beginning [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 1,259 | ||
One-to-Four Family Residential [Member] | Allowance for Loan Losses Impairment [Member] | |||
Loans receivable: | |||
Collectively evaluated for impairment | |||
One-to-Four Family Residential [Member] | Allowance for Loan Losses Impairment One [Member] | |||
Loans receivable: | |||
Individually evaluated for impairment | 1,259 | ||
One-to-Four Family Residential [Member] | Loans receivable Beginning [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 237,683 | ||
One-to-Four Family Residential [Member] | Loans Receivable For impairment [Member] | |||
Loans receivable: | |||
Collectively evaluated for impairment | 2,031 | ||
One-to-Four Family Residential [Member] | Loans Receivable For impairment One [Member] | |||
Loans receivable: | |||
Individually evaluated for impairment | 235,652 | ||
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 5,277 | 4,612 | |
Loans receivable: | |||
Effect of adopting ASU 2016-13 | (589) | ||
Charge-offs | |||
Recoveries | |||
Provision (credit) | 161 | 518 | |
Balance-Ending balance | 4,849 | 5,130 | |
Commercial Real Estate [Member] | Allowance for Loan Losses Beginning [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 5,277 | ||
Commercial Real Estate [Member] | Allowance for Loan Losses Impairment [Member] | |||
Loans receivable: | |||
Collectively evaluated for impairment | |||
Commercial Real Estate [Member] | Allowance for Loan Losses Impairment One [Member] | |||
Loans receivable: | |||
Individually evaluated for impairment | 5,277 | ||
Commercial Real Estate [Member] | Loans receivable Beginning [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 389,134 | ||
Commercial Real Estate [Member] | Loans Receivable For impairment [Member] | |||
Loans receivable: | |||
Collectively evaluated for impairment | 2,969 | ||
Commercial Real Estate [Member] | Loans Receivable For impairment One [Member] | |||
Loans receivable: | |||
Individually evaluated for impairment | 386,165 | ||
Construction [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 472 | 461 | |
Loans receivable: | |||
Effect of adopting ASU 2016-13 | (55) | ||
Charge-offs | |||
Recoveries | |||
Provision (credit) | 301 | 65 | |
Balance-Ending balance | 718 | 526 | |
Construction [Member] | Allowance for Loan Losses Beginning [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 472 | ||
Construction [Member] | Allowance for Loan Losses Impairment [Member] | |||
Loans receivable: | |||
Collectively evaluated for impairment | |||
Construction [Member] | Allowance for Loan Losses Impairment One [Member] | |||
Loans receivable: | |||
Individually evaluated for impairment | 472 | ||
Construction [Member] | Loans receivable Beginning [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 21,853 | ||
Construction [Member] | Loans Receivable For impairment [Member] | |||
Loans receivable: | |||
Collectively evaluated for impairment | 2,474 | ||
Construction [Member] | Loans Receivable For impairment One [Member] | |||
Loans receivable: | |||
Individually evaluated for impairment | 19,379 | ||
Home Equity Lines of Credit [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 207 | 263 | |
Loans receivable: | |||
Effect of adopting ASU 2016-13 | (87) | ||
Charge-offs | |||
Recoveries | |||
Provision (credit) | (40) | (7) | |
Balance-Ending balance | 80 | 256 | |
Home Equity Lines of Credit [Member] | Allowance for Loan Losses Beginning [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 207 | ||
Home Equity Lines of Credit [Member] | Allowance for Loan Losses Impairment [Member] | |||
Loans receivable: | |||
Collectively evaluated for impairment | |||
Home Equity Lines of Credit [Member] | Allowance for Loan Losses Impairment One [Member] | |||
Loans receivable: | |||
Individually evaluated for impairment | 207 | ||
Home Equity Lines of Credit [Member] | Loans receivable Beginning [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 16,983 | ||
Home Equity Lines of Credit [Member] | Loans Receivable For impairment [Member] | |||
Loans receivable: | |||
Collectively evaluated for impairment | |||
Home Equity Lines of Credit [Member] | Loans Receivable For impairment One [Member] | |||
Loans receivable: | |||
Individually evaluated for impairment | 16,983 | ||
Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 939 | 1,484 | |
Loans receivable: | |||
Effect of adopting ASU 2016-13 | (133) | ||
Charge-offs | |||
Recoveries | |||
Provision (credit) | 39 | (109) | |
Balance-Ending balance | 845 | 1,375 | |
Commercial Business [Member] | Allowance for Loan Losses Beginning [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 939 | ||
Commercial Business [Member] | Allowance for Loan Losses Impairment [Member] | |||
Loans receivable: | |||
Collectively evaluated for impairment | |||
Commercial Business [Member] | Allowance for Loan Losses Impairment One [Member] | |||
Loans receivable: | |||
Individually evaluated for impairment | 939 | ||
Commercial Business [Member] | Loans receivable Beginning [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 30,194 | ||
Commercial Business [Member] | Loans Receivable For impairment [Member] | |||
Loans receivable: | |||
Collectively evaluated for impairment | 147 | ||
Commercial Business [Member] | Loans Receivable For impairment One [Member] | |||
Loans receivable: | |||
Individually evaluated for impairment | 30,047 | ||
Other [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 2 | 1 | |
Loans receivable: | |||
Effect of adopting ASU 2016-13 | (1) | ||
Charge-offs | |||
Recoveries | |||
Provision (credit) | (1) | ||
Balance-Ending balance | 1 | ||
Other [Member] | Allowance for Loan Losses Beginning [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 2 | ||
Other [Member] | Allowance for Loan Losses Impairment [Member] | |||
Loans receivable: | |||
Collectively evaluated for impairment | |||
Other [Member] | Allowance for Loan Losses Impairment One [Member] | |||
Loans receivable: | |||
Individually evaluated for impairment | 2 | ||
Other [Member] | Loans receivable Beginning [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 2,359 | ||
Other [Member] | Loans Receivable For impairment [Member] | |||
Loans receivable: | |||
Collectively evaluated for impairment | |||
Other [Member] | Loans Receivable For impairment One [Member] | |||
Loans receivable: | |||
Individually evaluated for impairment | 2,359 | ||
Unallocated [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 174 | 389 | |
Loans receivable: | |||
Effect of adopting ASU 2016-13 | (174) | ||
Charge-offs | |||
Recoveries | |||
Provision (credit) | (162) | ||
Balance-Ending balance | $ 227 | ||
Unallocated [Member] | Allowance for Loan Losses Beginning [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | 174 | ||
Unallocated [Member] | Allowance for Loan Losses Impairment [Member] | |||
Loans receivable: | |||
Collectively evaluated for impairment | |||
Unallocated [Member] | Allowance for Loan Losses Impairment One [Member] | |||
Loans receivable: | |||
Individually evaluated for impairment | 174 | ||
Unallocated [Member] | Loans receivable Beginning [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Balance - Beginning balance | |||
Unallocated [Member] | Loans Receivable For impairment [Member] | |||
Loans receivable: | |||
Collectively evaluated for impairment | |||
Unallocated [Member] | Loans Receivable For impairment One [Member] | |||
Loans receivable: | |||
Individually evaluated for impairment |
Loans Receivable, Net and Re_13
Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Troubled Debt Restructuring $ in Thousands | 3 Months Ended |
Dec. 31, 2022 USD ($) | |
Schedule of Troubled Debt Restructuring [Line Items] | |
Number of Loans | 1 |
Investment Before TDR Modification | $ 97 |
Investment After TDR Modification | $ 107 |
One-to four-family residential [Member] | |
Schedule of Troubled Debt Restructuring [Line Items] | |
Number of Loans | 1 |
Investment Before TDR Modification | $ 97 |
Investment After TDR Modification | $ 107 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Deposits [Line Items] | ||
Brokered certificates of deposit | $ 15,500,000 | $ 13,800,000 |
FDIC insurance limit on bank deposit accounts | 250,000 | 250,000 |
Deposit exceed FDIC insurance limit | 429,900,000 | |
Collateralized deposits | 120,200,000 | 109,300,000 |
Deposits [Member] | ||
Deposits [Line Items] | ||
Brokered certificates of deposit | 13,800,000 | $ 14,000,000 |
Deposit [Member] | ||
Deposits [Line Items] | ||
Deposit exceed FDIC insurance limit | $ 456,700,000 |
DEPOSITS (Details) - Schedule o
DEPOSITS (Details) - Schedule of Deposits by Type of Account - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Schedule of Deposits by Type of Account [Abstract] | ||
Demand accounts | $ 164,453 | $ 188,550 |
Savings accounts | 60,008 | 62,168 |
NOW accounts | 119,738 | 115,182 |
Money market accounts | 306,886 | 284,885 |
Certificates of deposit | 100,547 | 92,725 |
Retirement accounts | 11,916 | 11,943 |
Total deposits | $ 763,548 | $ 755,453 |
FINANCIAL INSTRUMENTS WITH OF_3
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Details) - USD ($) | Dec. 31, 2023 | Oct. 01, 2023 | Sep. 30, 2023 |
Financial Instruments with Off-Balance-Sheet Risk [Abstract] | |||
Allowance for credit losses | $ 540,000 | ||
Off-balance sheet credit losses | $ 637,000 | $ 0 |
FINANCIAL INSTRUMENTS WITH OF_4
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Details) - Schedule of Information Regarding Derivatives - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Customer Interest Rate Swaps [Member] | ||
Classified in Other Assets: | ||
Notional Amount | $ 35,743 | $ 36,020 |
Average Maturity (Years) | 3 years 10 months 24 days | 4 years 2 months 12 days |
Weighted Average Fixed Rate | 4.96% | 4.96% |
Weighted Average Variable Rate | 1 Mo. BSBY + 2.44 | 1 Mo. BSBY + 2.44 |
Fair Value | $ 1,961 | $ 2,579 |
Classified in Other Assets [Member] | ||
Classified in Other Assets: | ||
Notional Amount | $ 35,743 | $ 36,020 |
Average Maturity (Years) | 3 years 10 months 24 days | 4 years 2 months 12 days |
Weighted Average Fixed Rate | 4.96% | 4.96% |
Fair Value | $ 1,961 | $ 2,579 |
3rd Party Interest Rate swaps [Member] | ||
Classified in Other Assets: | ||
Notional Amount | $ 35,743 | $ 36,020 |
Average Maturity (Years) | 3 years 10 months 24 days | 4 years 2 months 12 days |
Weighted Average Fixed Rate | 4.96% | 4.96% |
Weighted Average Variable Rate | 1 Mo. BSBY + 2.44 | 1 Mo. BSBY + 2.44 |
Fair Value | $ 1,961 | $ 2,579 |
Classified in Other Liabilities [Member] | ||
Classified in Other Assets: | ||
Notional Amount | $ 35,743 | $ 36,020 |
Average Maturity (Years) | 3 years 10 months 24 days | 4 years 2 months 12 days |
Weighted Average Fixed Rate | 4.96% | 4.96% |
Fair Value | $ 1,961 | $ 2,579 |
FINANCIAL INSTRUMENTS WITH OF_5
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Details) - Schedule of Financial Instruments with Off-Balance-Sheet Risk - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments - contract amounts | $ 117,010 | $ 121,056 |
Letters of Credit [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments - contract amounts | 1,098 | 1,073 |
Unused Lines of Credit [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments - contract amounts | 95,333 | 89,933 |
Fixed Rate Loan Commitments [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments - contract amounts | 15,610 | 3,578 |
Variable Rate Loan Commitments [Member] | ||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments - contract amounts | $ 4,969 | $ 26,472 |