Hanover Bancorp (HNVR) 10-Q 7 Feb 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2021	Feb. 07, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Document Transition Report	false
Entity File Number	333-252262
Entity Registrant Name	Hanover Bancorp, Inc. /NY
Entity Central Index Key	0001828588
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	81-3324480
Entity Address, Address Line One	80 East Jericho Turnpike
Entity Address, City or Town	Mineola
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11501
City Area Code	516
Local Phone Number	548-8500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,828,203

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
ASSETS
Cash and non-interest-bearing deposits due from banks	$ 7,794	$ 8,302
Interest-bearing deposits due from banks	106,973	142,950
Federal funds sold	184	15,292
Total cash and cash equivalents	114,951	166,544
Securities:
Held to maturity (fair value of $5,008 and $8,865, respectively)	4,834	8,611
Available for sale, at fair value	7,536	7,747
Total securities	12,370	16,358
Loans held for investment	1,277,434	1,247,125
Allowance for loan losses	(9,386)	(8,552)
Loans held for investment, net	1,268,048	1,238,573
Premises and equipment, net	14,895	15,003
Accrued interest receivable	8,858	9,363
Prepaid pension	4,233	4,233
Stock in Federal Home Loan Bank, at cost	4,057	3,714
Goodwill	19,168	19,168
Other intangible assets	459	480
Loan servicing rights	3,741	3,690
Deferred income taxes	3,025	3,558
Other assets	4,375	3,957
TOTAL ASSETS	1,458,180	1,484,641
Deposits [Abstract]
Non-interest-bearing demand	190,724	191,537
Savings, NOW and money market	659,144	595,289
Time	326,883	377,836
Total deposits	1,176,751	1,164,662
Borrowings	113,274	159,642
Subordinated debentures	24,504	24,513
Accrued interest payable	879	1,290
Other liabilities	13,393	12,005
TOTAL LIABILITIES	1,328,801	1,362,112
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS' EQUITY
Preferred stock (par value $0.01; 15,000,000 shares authorized; none issued)	0	0
Common stock (par value $0.01; 17,000,000 shares authorized; issued and outstanding 5,562,799 and 5,563,426, respectively)	56	56
Surplus	97,505	97,246
Retained earnings	31,508	24,971
Accumulated other comprehensive income, net of tax	310	256
TOTAL STOCKHOLDERS' EQUITY	129,379	122,529
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,458,180	$ 1,484,641

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Securities:
Held to maturity, fair value	$ 5,008	$ 8,865
STOCKHOLDERS' EQUITY
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	17,000,000	17,000,000
Common stock, shares issued (in shares)	5,562,799	5,563,426
Common stock, shares outstanding (in shares)	5,562,799	5,563,426

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
INTEREST INCOME
Loans	$ 16,381	$ 9,258
Taxable securities	154	173
Federal funds sold	1	0
Other interest income	80	66
Total interest income	16,616	9,497
INTEREST EXPENSE
Savings, NOW and money market deposits	366	117
Time deposits	491	1,454
Borrowings	490	599
Total interest expense	1,347	2,170
Net interest income	15,269	7,327
Provision for loan losses	900	100
Net interest income after provision for loan losses	14,369	7,227
NON-INTEREST INCOME
Loan servicing and fee income	690	83
Service charges on deposit accounts	63	15
Gain on sale of loans held-for-sale	1,492	181
Other income	130	7
Total non-interest income	2,375	286
NON-INTEREST EXPENSE
Salaries and employee benefits	4,939	3,108
Occupancy and equipment	1,413	1,171
Data processing	366	245
Advertising and promotion	33	48
Acquisition costs	0	145
Professional fees	499	412
Other expenses	1,014	461
Total non-interest expense	8,264	5,590
Income before income tax expense	8,480	1,923
Income tax expense	1,943	404
NET INCOME	$ 6,537	$ 1,519
EARNINGS PER COMMON SHARE - BASIC (in dollars per share)	$ 1.18	$ 0.36
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share)	$ 1.16	$ 0.36

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract]
Net income	$ 6,537	$ 1,519
Other comprehensive income, net of tax:
Change in unrealized gain on securities available for sale arising during the period, net of tax of $18 and $45, respectively	54	167
Total other comprehensive income, net of tax	54	167
Total comprehensive income, net of tax	$ 6,591	$ 1,686

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Other comprehensive income, net of tax:
Unrealized gain on securities available for sale arising during the period, net of tax	$ 18	$ 45

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Common Stock [Member]	Surplus [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Total
Balance at Sep. 30, 2020	$ 42	$ 63,725	$ 14,120	$ 156	$ 78,043
Balance (in shares) at Sep. 30, 2020	4,175,144
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0	0	1,519	0	1,519
Other comprehensive income, net of tax	0	0	0	167	167
Stock-based compensation	$ 0	229	0	0	229
Stock-based compensation (in shares)	7,390
Issuance of common stock	$ 0	66	0	0	66
Issuance of common stock (in shares)	3,000
Balance at Dec. 31, 2020	$ 42	64,020	15,639	323	80,024
Balance (in shares) at Dec. 31, 2020	4,185,534
Balance at Sep. 30, 2021	$ 56	97,246	24,971	256	122,529
Balance (in shares) at Sep. 30, 2021	5,563,426
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0	0	6,537	0	6,537
Other comprehensive income, net of tax	0	0	0	54	54
Stock-based compensation	$ 0	217	0	0	217
Stock-based compensation (in shares)	(3,011)
Issuance of common stock in lieu of directors' fees	$ 0	42	0	0	42
Issuance of common stock in lieu of directors' fees (in shares)	2,384
Balance at Dec. 31, 2021	$ 56	$ 97,505	$ 31,508	$ 310	$ 129,379
Balance (in shares) at Dec. 31, 2021	5,562,799

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 6,537	$ 1,519
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for loan losses	900	100
Depreciation and amortization	397	344
Originations of loans held for sale	0	(12,279)
Proceeds from sales of loans held for sale	0	8,286
Net gain on sale of loans	(1,492)	(181)
Stock-based compensation	217	229
Net accretion of premiums, discounts and loan fees and costs	(1,640)	(105)
Amortization of intangible assets	21	1
Amortization of debt issuance costs	22	30
Loan servicing rights valuation adjustments	117	11
Deferred tax expense	526	0
Decrease in accrued interest receivable	505	165
Decrease (increase) in other assets	(597)	827
Increase (decrease) in accrued interest payable	(411)	180
Increase in other liabilities	1,357	716
Net cash provided by (used in) operating activities	6,459	(157)
Cash flows from investing activities:
Purchases of securities available for sale	0	(1,200)
Purchases of restricted securities	(1,081)	0
Principal repayments of securities held to maturity	3,775	720
Principal repayments of securities available for sale	275	9
Redemptions of restricted securities	738	469
Proceeds from sales of loans	36,704	334
Net increase in loans	(64,330)	(3,919)
Purchases of premises and equipment	(289)	(514)
Net cash used in investing activities	(24,208)	(4,101)
Cash flows from financing activities:
Net increase in deposits	12,437	23,556
Advances of term FHLB borrowings	20,000	0
Repayments of Federal Home Loan Bank advances	(14,000)	(10,390)
Repayments of Federal Reserve Bank borrowings	(52,323)	(250)
Proceeds from issuance of subordinated debentures, net of issuance costs	0	24,455
Repayment of note payable	0	(15,000)
Net proceeds from issuance of common stock	42	66
Net cash provided by (used in) financing activities	(33,844)	22,437
Net increase (decrease) in cash and cash equivalents	(51,593)	18,179
Cash and cash equivalents, beginning of period	166,544	80,209
Cash and cash equivalents, end of period	114,951	98,388
Supplemental cash flow information:
Interest paid	1,758	1,990
Income taxes paid	0	36
Supplemental non-cash disclosure:
Transfers from portfolio loans to loans held-for-sale	$ 35,212	$ 334

BASIS OF PRESENTATION, RISKS AN

BASIS OF PRESENTATION, RISKS AND UNCERTAINTIES, ACCOUNTING POLICIES AND RECENT ACCOUNTING DEVELOPMENTS	3 Months Ended
	Dec. 31, 2021
BASIS OF PRESENTATION, RISKS AND UNCERTAINTIES, ACCOUNTING POLICIES AND RECENT ACCOUNTING DEVELOPMENTS [Abstract]
BASIS OF PRESENTATION, RISKS AND UNCERTAINTIES, ACCOUNTING POLICIES AND RECENT ACCOUNTING DEVELOPMENTS	1. BASIS OF PRESENTATION, RISKS AND UNCERTAINTIES, ACCOUNTING POLICIES AND RECENT ACCOUNTING DEVELOPMENTS Hanover Bancorp, Inc. (the “Company”), is a New York corporation which became the holding company for Hanover Community Bank (the “Bank”) in 2016. The Bank, headquartered in Mineola, New York, is a New York State chartered bank. The Bank commenced operations on November 4, 2008 and is a full-service bank providing personal and business lending and deposit services. As a New York State chartered, non-Federal Reserve member bank, the Bank is subject to regulation by the New York State Department of Financial Services (“DFS”) and the Federal Deposit Insurance Corporation. The Company is subject to regulation and examination by the Board of Governors of the Federal Reserve System (the “FRB”). Basis of Presentation In the opinion of the Company’s management, the preceding unaudited interim consolidated financial statements contain all adjustments, consisting of normal accruals, necessary for a fair presentation of the Company’s consolidated statement of financial condition as of December 31, 2021, its consolidated statements of income for the three months ended December 31, 2021 and 2020, its consolidated statements of comprehensive income for the three months ended December 31, 2021 and 2020, its consolidated statements of changes in stockholders’ equity for the three months ended December 31, 2021 and 2020 and its consolidated statements of cash flows for the three months ended December 31, 2021 and 2020. Certain prior period amounts have been reclassified to conform to the current period presentation. In addition, the preceding unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X, as well as in accordance with predominant practices within the banking industry. They do not include all the information and footnotes required by U.S. GAAP for complete financial statements. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates. The results of operations for the three months ended December 31, 2021 are not necessarily indicative of the results of operations to be expected for the remainder of the year. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2021. All material intercompany accounts and transactions have been eliminated in consolidation. Unless the context otherwise requires, references herein to the Company include the Company and the Bank on a consolidated basis. Risks and Uncertainties In March 2020, the World Health Organization declared the outbreak of COVID-19 a global pandemic. The COVID-19 pandemic has adversely affected local, national and global economic activity. Various actions taken to help mitigate the spread of COVID-19 included restrictions on travel, quarantines and government-mandated closures of various businesses. The outbreak caused significant disruptions to the economy and disrupted banking and other financial activity in the areas in which the Company operates. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted in March 2020 to, among other things, provide emergency assistance to individuals, families and businesses affected by the COVID-19 pandemic. The ongoing effects of the COVID-19 pandemic may materially and adversely affect the Company’s financial condition and results of operations in future periods, and it is unknown what the complete financial impact will be to the Company. The extent of such impact will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the coronavirus, the new “waves” of COVID-19 infections, the spread of new variants of the virus, and the distribution of vaccines and vaccination rates, among others. It is possible that estimates made in the financial statements could be materially and adversely impacted due to these conditions. Accounting Policies Allowance for Loan Losses Loans and Loan Interest Income Recognition Interest income on loans is accrued and credited to income as earned. Net loan origination fees and costs are deferred and accreted/amortized to interest income over the loan’s contractual life using the level-yield method, adjusted for actual prepayments. Loans that are acquired are initially recorded at fair value with no carryover of the related allowance for loan losses. After acquisition, losses are recognized through the allowance for loan losses. Determining the fair value of the loans involves estimating the amount and timing of expected principal and interest cash flows to be collected on the loans and discounting those cash flows at a market interest rate. At December 31, 2021 and September 30, 2021, the Company had loans totaling $5.5 million and $10.2 million, respectively, which at the time of acquisition, showed evidence of credit deterioration since origination. Loans Held for Sale For liquidity purposes generally, there are instances when loans originated with the intent to hold in the portfolio are subsequently transferred to loans held for sale. At transfer, they are carried at the lower of cost or fair value. Recent Accounting Developments In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases. The amendments in this update primarily replace the existing accounting requirements for operating leases for lessees. Lessee accounting requirements for finance leases and lessor accounting requirements for operating leases and sales type and direct financing leases (sales-type and direct financing leases were both previously referred to as capital leases) are largely unchanged. The amendments require the lessee of an operating lease to record a balance sheet gross-up upon lease commencement by recognizing a right-of-use asset and lease liability equal to the present value of the lease payments. The right-of-use asset and lease liability should be derecognized in a manner that effectively yields a straight-line lease expense over the lease term. In addition to the changes to the lessee operating lease accounting requirements, the amendments also change the types of costs that can be capitalized related to a lease agreement for both lessees and lessors. The amendments also require additional disclosures for all lease types for both lessees and lessors. The FASB has subsequently issued additional ASUs intended to clarify guidance, provide implementation support, and provide an additional transition election. The amendments are effective on October 1, 2022, with early adoption permitted. The amendments must be applied on a modified retrospective basis, and we anticipate selecting the transition option that will allow us to record a cumulative adjustment as of the adoption date. We are assessing our current population of lease contracts and upon adoption, our balance sheet will include a right-of-use asset and lease liability for our operating leases where we are the lessee, which primarily include our facilities leases. We do not anticipate the adoption of these amendments will have a material impact to our consolidated financial statements. We plan to adopt these amendments on October 1, 2022 and expect to use the modified retrospective approach as currently required.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	3 Months Ended
	Dec. 31, 2021
BUSINESS COMBINATIONS [Abstract]
BUSINESS COMBINATIONS	2. BUSINESS COMBINATIONS On May 26, 2021, the Company completed its previously announced acquisition of Savoy Bank pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), dated as of August 27, 2020, as amended, between the Company, the Bank and Savoy. Pursuant to the Merger Agreement, Savoy was merged with and into the Bank, with the Bank surviving, in a two-step transaction (collectively, the “Merger”). The purchase price in the transaction was based upon the tangible book values of each of the Company and Savoy as of April 30, 2021 and calculated in accordance with the terms of the Merger Agreement. At the effective time of the Merger (the “Effective Time”), each share of Savoy common stock, $1.00 par value (“Savoy Common Stock”) was converted into the right to receive (i) $3.246 in cash and (ii) 0.141 shares of the Company’s common stock. The final aggregate purchase price was $65.5 million, or $6.49 per Savoy share. A preliminary summary of the fair value of assets received and liabilities assumed are as follows: (in thousands) As Recorded by Savoy Fair Value Adjustments As Recorded by Hanover Assets Cash and due from banks $ 59,155 $ - $ 59,155 Investment securities available-for-sale 239 - 239 Loans held for sale 3,883 - 3,883 Loans held for investment 569,251 8,612 (a) 577,863 Premises and equipment, net 234 (22 ) (b) 212 Core deposit intangible - 490 (c) 490 Accrued interest receivable 5,171 (650 ) (d) 4,521 Other assets 10,432 (2,925 ) (e) 7,507 Total assets acquired $ 648,365 $ 5,505 653,870 Liabilities Deposits $ 340,215 $ 2,527 (f) 342,742 Borrowings 258,247 301 (g) 258,548 Accrued interest payable 1,050 - 1,050 Other liabilities and accrued expenses 3,817 (342 ) (h) 3,475 Total liabilities assumed $ 603,329 $ 2,486 605,815 Net assets acquired 48,055 Total consideration 65,512 Goodwill $ 17,457 (a) Represents the fair value adjustments on net book value of loans, which includes an interest rate mark and credit mark adjustment, the write-off of deferred fees/costs and premiums and the elimination of Savoy’s allowance for loan losses. (b) Represents the fair value adjustments to reflect the fair value of premises and equipment. (c) Represents the fair value of core deposit intangible recorded, which will be amortized on an accelerated basis over the estimated average life of the deposit base. (d) Represents an adjustment to accrued interest receivable acquired. (e) Represents an adjustment to other assets acquired. The largest adjustment was the net deferred tax assets resulting from the fair value adjustment related to the acquired assets, liabilities assumed, and identifiable intangible assets recorded. (f) Represents the fair value adjustments on time deposits, which will be treated as a reduction of interest expense over the remaining term of the time deposits. (g) Represents the fair value adjustments on an FHLB borrowing, which will be treated as a reduction to interest expense over the life of the borrowing. (h) Represents an adjustment to other liabilities assumed. A summary of total consideration paid is as follows: (in thousands, except share data) Common stock issued ( 1,357,567 $ 32,521 Cash payments to common shareholders 32,991 Total consideration paid $ 65,512 With the Savoy acquisition, the Company significantly expanded its commercial banking and Small Business Administration (“SBA”) lending capabilities. None of the goodwill associated with this acquisition is deductible for income tax purposes. All goodwill related to this acquisition was allocated to the Company’s only reporting unit, which is the Company as a whole. The estimated fair values are subject to refinement for up to one year after the closing date of the acquisition as additional information regarding closing date fair value becomes available. During this one-year period, the causes of any changes in cash flow estimates are considered to determine whether the change results from circumstances that existed at the acquisition date or if the change results from an event that occurred after the acquisition date. The Company has determined the above noted acquisition constitutes a business combination as defined by ASC Topic 805, which establishes principles and requirements for how the acquirer of a business recognizes and measures in its financial statements the identifiable assets acquired and the liabilities assumed. The Company has recorded the assets purchased and liabilities assumed at their estimated fair value in accordance with ASC Topic 805. The following is a summary of the loans accounted for in accordance with ASC 310-30 that were acquired in the Savoy acquisition as of the merger date: (in thousands) Contractually required principal and interest at acquisition $ 14,416 Contractual cash flows not expected to be collected (non-accretable discount) (3,467 ) Expected cash flows at acquisition 10,949 Interest component of expected cash flows (accretable discount) (540 ) Fair value of acquired purchased credit impaired loans $ 10,409

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	3 Months Ended
	Dec. 31, 2021
EARNINGS PER COMMON SHARE [Abstract]
EARNINGS PER COMMON SHARE	3. EARNINGS PER COMMON SHARE Basic earnings per common share is computed based on the weighted-average number of shares outstanding. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock options. For periods in which a loss is reported, the impact of stock options is not considered as the result would be antidilutive. The computation of earnings per common share for the three months ended December 31, 2021 and 2020 follows. There were no stock options that were antidilutive for the three months ended December 31, 2021 and 2020. Three Months Ended December 31, 2021 2020 (in thousands, except share and per share data) Basic earnings per common share Net income $ 6,537 $ 1,519 Weighted average common shares outstanding 5,562,939 4,180,936 Basic earnings per common share $ 1.18 $ 0.36 Diluted earnings per common share Net income $ 6,537 $ 1,519 Weighted average common shares outstanding for basic earnings per common share 5,562,939 4,180,936 Add: dilutive effects of assumed exercises of stock options 95,489 64,860 Average shares and dilutive potential common shares 5,658,428 4,245,796 Diluted earnings per common share $ 1.16 $ 0.36

SECURITIES

SECURITIES	3 Months Ended
	Dec. 31, 2021
SECURITIES [Abstract]
SECURITIES	4. SECURITIES At the time of purchase of a security, the Company designates the security as either available for sale or held to maturity, depending upon investment objectives, liquidity needs and intent. The following table summarizes the amortized cost and fair value of securities available for sale and securities held to maturity at December 31, 2021 and September 30, 2021 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income: December 31, 2021 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale: U.S. GSE residential mortgage-backed securities $ 439 $ 78 $ (2 ) $ 515 Corporate bonds 6,700 321 - 7,021 Total available for sale securities $ 7,139 $ 399 $ (2 ) $ 7,536 Held to maturity: U.S. GSE residential mortgage-backed securities $ 2,154 $ 48 $ - $ 2,202 U.S. GSE commercial mortgage-backed securities 2,680 126 - 2,806 Total held to maturity securities 4,834 174 - 5,008 Total investment securities $ 11,973 $ 573 $ (2 ) $ 12,544 September 30, 2021 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale: U.S. GSE residential mortgage-backed securities $ 722 $ 112 $ (1 ) $ 833 Corporate bonds 6,700 214 - 6,914 Total available for sale securities $ 7,422 $ 326 $ (1 ) $ 7,747 Held to maturity: U.S. GSE residential mortgage-backed securities $ 2,417 $ 74 $ - $ 2,491 U.S. GSE commercial mortgage-backed securities 2,694 175 - 2,869 Corporate bonds 3,500 9 (4 ) 3,505 Total held to maturity securities 8,611 258 (4 ) 8,865 Total investment securities $ 16,033 $ 584 $ (5 ) $ 16,612 All of the Company’s securities with gross unrealized losses at December 31, 2021 and September 30, 2021 had been in a continuous loss position for less than twelve months and such unrealized losses totaling $2 thousand and $5 thousand, respectively are immaterial to the Company’s consolidated financial statements. At December 31, 2021 and September 30, 2021, investment securities carried at $4.8 million and $5.1 million, respectively, were pledged to secure public deposits and for other purposes required or permitted by law. The amortized cost and fair value of the Company’s securities portfolio at December 31, 2021 are presented by contractual maturity in the table below. The expected life of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay the underlying mortgage loans with or without call or prepayment penalties. December 31, 2021 (in thousands) Amortized Cost Fair Value Securities available for sale: Five to ten years $ 6,700 $ 7,021 U.S. GSE residential mortgage-backed securities 439 515 Total securities available for sale 7,139 7,536 Securities held to maturity: One to five years - - Five to ten years - - U.S. GSE residential mortgage-backed securities 2,154 2,202 U.S. GSE commercial mortgage-backed securities 2,680 2,806 Total securities held to maturity 4,834 5,008 Total investment securities $ 11,973 $ 12,544 There were no sales of securities for the three months ended December 31, 2021 and 2020 .

LOANS

LOANS	3 Months Ended
	Dec. 31, 2021
LOANS [Abstract]
LOANS	5. LOANS The following table sets forth the classification of the Company’s loans by loan portfolio segment for the periods presented. December 31, 2021 September 30, 2021 (in thousands) Residential real estate $ 436,348 $ 444,011 Multi-family 358,456 266,294 Commercial real estate 360,610 348,641 Commercial and industrial 109,562 172,274 Construction and land development 11,444 15,374 Consumer 29 11 Gross loans 1,276,449 1,246,605 Net deferred costs (fees) 985 520 Total loans 1,277,434 1,247,125 Allowance for loan losses (9,386 ) (8,552 ) Total loans, net $ 1,268,048 $ 1,238,573 The Company is a participant in the Paycheck Protection Program (“PPP”), administered by the Small Business Administration under the CARES Act, to provide guaranteed loans to qualifying businesses and organizations. These loans carry a fixed rate of 1.00% and a term of two years (loans made before June 5, 2020, subject to extension to five years with the consent of the lender) or five years (loans made on or after June 5, 2020), if not forgiven, in whole or in part. As of December 31, 2021, borrowers had applied for and received forgiveness on $293.2 million in PPP loans. The Company’s PPP loans outstanding, included in commercial and industrial loans in the table above, totaled $72.9 million and $140.4 million at December 31, 2021 and September 30, 2021, respectively. At December 31, 2021 and September 30, 2021, the Company was servicing approximately $241.2 million and $233.2 million, respectively, of loans for others. The Company had no loans held for sale at December 31, 2021 and September 30, 2021. Purchased Credit Impaired Loans The Company has purchased loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount for those loans is as follows: December 31, 2021 (in thousands) Commercial real estate $ 3,590 Commercial and industrial 1,899 Total recorded investment $ 5,489 The Company has not recorded an allowance for loan losses related to these loans at December 31, 2021. The following table presents a summary of changes in accretable difference on purchased loans accounted for under ASC 310-30: (in thousands) Three Months Ended December 31, 2021 Balance at beginning of period $ 346 Accretable differences acquired - Accretion (1,035 ) Adjustments to accretable difference due to changes in expected cash flows 363 Other changes, net 416 Ending balance $ 90 For the three months ended December 31, 2021 and 2020, the Company sold loans totaling approximately $35.2 million and $8.4 million, respectively, recognizing net gains of $1.5 million and $181 thousand, respectively. The following summarizes the activity in the allowance for loan losses by portfolio segment for the periods indicated: Three Months Ended December 31, 2021 Residential Real Estate Loans Multi- Family Loans Commercial Real Estate Loans Commercial and Industrial Construction and Land Development Loans Consumer Loans Total (in thousands) Allowance for loan losses: Beginning Balance $ 4,155 $ 2,433 $ 1,884 $ 79 $ - $ 1 $ 8,552 Charge-offs - (66 ) - - - - (66 ) Recoveries - - - - - - - Provision (credit) for loan losses (40 ) 201 634 105 - - 900 Ending Balance $ 4,115 $ 2,568 $ 2,518 $ 184 $ - $ 1 $ 9,386 Three Months Ended December 31, 2020 Residential Real Estate Multi- Family Loans Commercial Real Estate Loans Commercial and Industrial Loans Construction and Land Development Loans Consumer Loans Total (in thousands) Allowance for loan losses: Beginning Balance $ 5,103 $ 1,506 $ 1,221 $ 38 $ - $ 1 $ 7,869 Charge-offs - - - - - - - Recoveries - - - 10 - - 10 Provision (credit) for loan losses (9 ) 113 - (4 ) - - 100 Ending Balance $ 5,094 $ 1,619 $ 1,221 $ 44 $ - $ 1 $ 7,979 The following table represents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment based on impairment evaluation method. The recorded investment in loans excludes accrued interest receivable due to immateriality. December 31, 2021 (in thousands) Residential Real Estate Multi- Family Commercial Real Estate Commercial and Industrial Construction and Land Development Consumer Total Allowance for loan losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 4,115 2,568 2,518 184 - 1 9,386 Purchased-credit impaired - - - - - - - Total allowance for loan losses $ 4,115 $ 2,568 $ 2,518 $ 184 $ - $ 1 $ 9,386 Loans: Individually evaluated for impairment $ 6,315 $ 432 $ 523 $ 480 $ - $ - $ 7,750 Collectively evaluated for impairment 430,254 358,399 356,685 107,339 11,487 31 1,264,195 Purchased-credit impaired - - 3,590 1,899 - - 5,489 Total loans held for investment $ 436,569 $ 358,831 $ 360,798 $ 109,718 $ 11,487 $ 31 $ 1,277,434 September 30, 2021 (in thousands) Residential Real Estate Multi- Family Commercial Real Estate Commercial and Industrial Construction and Land Development Consumer Total Allowance for loan losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 4,155 2,433 1,884 79 - 1 8,552 Purchased-credit impaired - - - - - - - Total allowance for loan losses $ 4,155 $ 2,433 $ 1,884 $ 79 $ - $ 1 $ 8,552 Loans: Individually evaluated for impairment $ 7,198 $ 458 $ 517 $ 500 $ - $ - $ 8,673 Collectively evaluated for impairment 436,942 266,256 339,966 169,660 15,374 13 1,228,211 Purchased-credit impaired - - 8,324 1,917 - - 10,241 Total loans held for investment $ 444,140 $ 266,714 $ 348,807 $ 172,077 $ 15,374 $ 13 $ 1,247,125 No allowance was recorded on purchased credit impaired loans. The following presents information related to the Company’s impaired loans by portfolio segment for the periods shown. December 31, 2021 September 30, 2021 (in thousands) Unpaid Principal Balance Recorded Investment Allowance Allocated Unpaid Principal Balance Recorded Investment Allowance Allocated With no related allowance recorded: Residential real estate $ 6,315 $ 6,315 $ - $ 7,382 $ 7,198 $ - Multi-family 432 432 - 382 458 - Commercial real estate 523 523 - 522 517 - Commercial and industrial 480 480 - 535 500 - Total $ 7,750 $ 7,750 $ - $ 8,821 $ 8,673 $ - Three Months Ended December 31, 2021 2020 (in thousands) Average Recorded Investment Interest Income Recognized (1) Average Recorded Investment Interest Income Recognized (1) Residential real estate $ 6,347 $ 20 $ 5,655 $ 22 Multi-family 440 - 46 1 Commercial real estate 520 - 28 1 Commercial and industrial 481 - - - Total $ 7,788 $ 20 $ 5,729 $ 24 (1) Accrual basis interest income recognized approximates cash basis income. At December 31, 2021 and September 30, 2021, past due and non-accrual loans disaggregated by portfolio segment were as follows: (in thousands ) Past Due and Non-Accrual December 31, 2021 30 - 59 days past due and accruing 60 - 89 days past due and accruing Greater than 89 days past due and accruing Non-accrual Total past due and non- accrual Purchased credit impaired Current Total Residential real estate $ 52 $ 317 $ - $ 4,680 (1 ) $ 5,049 $ - $ 431,520 $ 436,569 Multi-family - - - 432 (2 ) 432 - 358,399 358,831 Commercial real estate 5,068 - - 523 (3 ) 5,591 3,590 351,617 360,798 Commercial and industrial 143 484 - 480 (4 ) 1,107 1,899 106,712 109,718 Construction and land development - - - - - - 11,487 11,487 Consumer - - - - - - 31 31 Total $ 5,263 $ 801 $ - $ 6,115 $ 12,179 $ 5,489 $ 1,259,766 $ 1,277,434 (1) Of the residential real estate non-accrual loans, $296 were 31 days past due, $996 were 61 days past due and $3,388 were greater than 89 days past due. (2) Multi-family non-accrual loans at December 31, 2021 were greater than 89 days past due. (3) Commercial real estate non-accrual loans at December 31, 2021 were greater than 89 days past due. (4) Commercial and industrial non-accrual loans at December 31, 2021 were greater than 89 days past due. (in thousands ) Past Due and Non-Accrual September 30, 2021 30 - 59 days past due and accruing 60 - 89 days past due and accruing Greater than 89 days past due and accruing Non-accrual Total past due and non- accrual Purchased credit impaired Current Total Residential real estate $ 1,032 $ 1,601 $ - $ 5,554 (1 ) $ 8,187 $ - $ 435,953 $ 444,140 Multi-family - - - 458 (2 ) 458 - 266,256 266,714 Commercial real estate 1,939 - - 1,016 (3 ) 2,955 8,324 337,528 348,807 Commercial and industrial 3,641 - - - 3,641 1,917 166,519 172,077 Construction and land development - - - - - - 15,374 15,374 Consumer - - - - - - 13 13 Total $ 6,612 $ 1,601 $ - $ 7,028 $ 15,241 $ 10,241 $ 1,221,643 $ 1,247,125 (1) Of the residential real estate non-accrual loans, $1,026 were 61 days past due and $4,528 were greater than 89 days past due. (2) Multi-family non-accrual loans at September 30, 2021 were greater than 89 days past due. (3) Commercial real estate non-accrual loans at September 30, 2021 were greater than 89 days past due. Troubled debt restructurings (“TDRs”) are loan modifications where the Company has granted a concession to a borrower in financial difficulty. To assess whether a borrower is experiencing financial difficulty, an evaluation is performed to determine if that borrower is currently in payment default under any of its obligations or whether there is a probability that the borrower will be in payment default in the foreseeable future without the modification. At both December 31, 2021 and September 30, 2021, the Company had a recorded investment in TDRs totaling $1.7 million, consisting solely of residential real estate loans with no specific reserves allocated to such loans and no commitment to lend additional funds under those loans, at either December 31, 2021 or September 30, 2021. For the three months ended December 31, 2021 and 2020, there were no TDRs for which there was a payment default within twelve months of restructuring. A loan is considered to be in payment default once it is 90 days contractually past due under its modified terms. For the three months ended December 31, 2021 and 2020, the Company had no new TDRs. In June 2020, New York’s then-Governor Andrew Cuomo signed SB 8243C and SB 8428 into law, which created Section 9-x of the New York Banking Law. Section 9-x requires New York regulated banking institutions and New York regulated mortgage servicers to make available applications for forbearance of any payment due on certain residential mortgages to qualified borrowers for their primary residence located in New York. In general, qualified borrowers will be granted forbearance of all monthly payments for a period of up to 180 days, to be extended for up to an additional 180 days provided that the borrower demonstrates continued financial hardship. The Company has been prudently working with borrowers negatively impacted by the COVID-19 pandemic while managing credit risks and recognizing an appropriate allowance for loan losses. The Company modified 519 loans totaling $367.1 million under the CARES Act which are excluded from TDR classification under Section 4013 of the CARES Act or under applicable interagency guidance of the federal banking agencies. As of December 31, 2021, 12 loans totaling $11.0 million were still in forbearance, of which 5 loans totaling $2.9 million were loans qualified under Section 9-x. The Company continuously monitors the credit quality of its loan receivables. Credit quality is monitored by reviewing certain credit quality indicators. Management has determined that internally assigned credit risk ratings by loan segment are the key credit quality indicators that best assist management in monitoring the credit quality of the Company’s loan receivables. The Company has adopted a credit risk rating system as part of the risk assessment of its loan portfolio. The Company’s lending officers are required to assign a credit risk rating to each loan in their portfolio at origination. When the lender learns of important financial developments, the risk rating is reviewed and adjusted if necessary. In addition, the Company engages a third-party independent loan reviewer that performs quarterly reviews of a sample of loans, validating the credit risk ratings assigned to such loans. The credit risk ratings play an important role in the establishment of the loan loss provision and to confirm the adequacy of the allowance for loan losses. The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes commercial loans individually by classifying the loans as to credit risk. The Company uses the following definitions for risk ratings: Special Mention Substandard Doubtful Loans not having a credit risk rating of Special Mention, Substandard or Doubtful are considered pass loans. At December 31, 2021 and September 30, 2021, the Company’s loan portfolio by credit risk rating disaggregated by portfolio segment were as follows: December 31, 2021 (in thousands) Pass Special Mention Substandard Doubtful Total Real Estate: Residential $ 426,327 $ 4,816 $ 5,205 $ - $ 436,348 Multi-family 354,292 3,732 432 - 358,456 Commercial 338,852 15,109 6,649 - 360,610 Commercial and industrial 105,071 116 4,375 - 109,562 Construction and land development 9,446 1,998 - - 11,444 Consumer 29 - - - 29 Total $ 1,234,017 $ 25,771 $ 16,661 $ - $ 1,276,449 September 30, 2021 (in thousands) Pass Special Mention Substandard Doubtful Total Real Estate: Residential $ 433,299 $ 5,115 $ 5,594 $ 3 $ 444,011 Multi-family 262,984 2,852 458 - 266,294 Commercial 316,727 16,274 15,640 - 348,641 Commercial and industrial 168,104 540 3,630 - 172,274 Construction and land development 13,607 1,767 - - 15,374 Consumer 11 - - - 11 Total $ 1,194,732 $ 26,548 $ 25,322 $ 3 $ 1,246,605

EQUITY COMPENSATION PLANS

EQUITY COMPENSATION PLANS	3 Months Ended
	Dec. 31, 2021
EQUITY COMPENSATION PLANS [Abstract]
EQUITY COMPENSATION PLANS	6. EQUITY COMPENSATION PLANS The Company’s 2021 and 2018 Equity Compensation Plans (“the 2021 Plan” and “the 2018 Plan,” respectively), provide for the grant of stock-based compensation awards to members of management, including employees and management officials, and members of the Board. Under the 2021 Plan, a total of 427,500 shares of the Company’s common stock or equivalents were approved for issuance, of which 427,500 shares remain available for issuance at December 31, 2021. Of the total 346,000 shares of common stock approved for issuance under the 2018 Plan, 198,735 shares remain available for issuance at December 31, 2021. Hanover assumed the 2013 Savoy Bank Stock Option Plan solely in connection with options to purchase Savoy common stock held by the former Chief Executive Officer of Savoy and which, under the terms of the Agreement and Plan of Merger between the Company and Savoy, were converted into options to purchase 71,900 shares of Hanover common stock. Stock Options Stock options are granted with an exercise price equal to the fair market value of the Company’s common stock at the date of grant, and generally with vesting periods of three years and contractual term s of ten years. All stock options fully vest upon a change in control. The fair value of stock options is estimated on the date of grant using a closed form option valuation (Black-Scholes) model. Expected volatilities are based on historical volatilities of the common stock of the Company's peers No stock options were exercised during the three months ended December 31, 2021 and 2020. A summary of stock option activity follows (aggregate intrinsic value in thousands): Number of Options Weighted- Average Exercise Price Aggregate Intrinsic Value Weighted- Average Remaining Contractual Term Outstanding, October 1, 2021 227,406 $ 9.50 $ 2,043 3.51 years Granted - - Exercised - - Forfeited - - Outstanding, December 31 2021 (1) 227,406 $ 9.50 $ 2,043 3.20 years (1) There was no compensation expense attributable to stock options for the three months ended December 31, 2021 and 2020. Restricted Stock No restricted stock awards were granted during the three months ended December 31, 2021. During the three months ended December 31, 2020, restricted stock awards of 7,500 shares were granted with A summary of restricted stock activity follows: Number of Shares Weighted- Average Grant Date Fair Value Unvested, October 1, 2021 75,833 $ 19.87 Granted - - Vested (2,666 ) 21.49 Forfeited (2,887 ) 19.07 Unvested, December 31 2021 70,280 $ 19.84 Compensation expense attributable to restricted stock was $217 thousand and $229 thousand for the three months ended December 31, 2021 and 2020, respectively. As of December 31, 2021, there was $0.8 million of total unrealized compensation cost related to unvested restricted stock, expected to be recognized over a weighted-average term of 1.62 years. The total fair value of shares vested during the three months ended December 31, 2021 and 2020 was $49 thousand and $7 thousand, respectively.

REGULATORY MATTERS

REGULATORY MATTERS	3 Months Ended
	Dec. 31, 2021
REGULATORY MATTERS [Abstract]
REGULATORY MATTERS	7. REGULATORY MATTERS The Bank is subject to various regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet minimum capital requirements can initiate regulatory action. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. Management believes as of December 31, 2021, the Bank meets all capital adequacy requirements to which it is subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At December 31 2021 and September 30, 2021, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. Under a policy of the Federal Reserve applicable to bank holding companies with less than $3.0 billion in consolidated assets, the Company is not subject to consolidated regulatory capital requirements. The following table sets forth the Bank’s capital amounts (in thousands) and ratios under current regulations: Actual Capital Minimum Capital Adequacy Requirement Minimum Capital Adequacy Requirement with Capital Conservation Buffer Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio December 31 2021 Total capital to risk-weighted assets $ 141,803 15.52 % $ 73,114 8.00 % $ 95,963 10.50 % $ 91,393 10.00 % Tier 1 capital to risk-weighted assets 132,006 14.44 % 54,836 6.00 % 77,684 8.50 % 73,114 8.00 % Common equity tier 1 capital to risk-weighted assets 132,006 14.44 % 41,127 4.50 % 63,975 7.00 % 59,405 6.50 % Tier 1 capital to adjusted average assets (leverage) 132,006 9.92 % 53,241 4.00 % N/A N/A 66,551 5.00 % September 30, 2021 Total capital to risk-weighted assets $ 132,554 15.59 % $ 68,040 8.00 % $ 89,303 10.50 % $ 85,050 10.00 % Tier 1 capital to risk-weighted assets 123,666 14.54 % 51,030 6.00 % 72,293 8.50 % 68,040 8.00 % Common equity tier 1 capital to risk-weighted assets 123,666 14.54 % 38,273 4.50 % 59,535 7.00 % 55,283 6.50 % Tier 1 capital to adjusted average assets (leverage) 123,666 9.45 % 52,338 4.00 % N/A N/A 65,423 5.00 % Dividend restrictions - The Company’s principal source of funds for dividend payments is dividends received from the Bank. Banking regulations limit the amount of dividends that may be paid without prior approval of regulatory agencies. As of December 31, 2021, the Bank had $35.2 million of retained net income available for dividends to the Company.

FAIR VALUE

FAIR VALUE	3 Months Ended
	Dec. 31, 2021
FAIR VALUE [Abstract]
FAIR VALUE	8. FAIR VALUE FASB ASC No. 820-10 defines fair value as 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. Fair value is best determined using quoted market prices. However, in many instances, quoted market prices are not available. In such instances, fair values are determined using appropriate valuation techniques. Various assumptions and observable inputs must be relied upon in applying these techniques. Accordingly, categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. As such, the fair value estimates may not be realized in an immediate transfer of the respective asset or liability. FASB ASC 820-10 also establishes a fair value hierarchy and describes three levels of inputs that may be used to measure fair values: The three levels within the fair value hierarchy are as follows: • Level 1: Valuation is based upon unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2: Fair value is calculated using significant inputs other than quoted market prices that are directly or indirectly observable for the asset or liability. The valuation may rely on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, rate volatility, prepayment speeds, credit ratings,) or inputs that are derived principally or corroborated by market data, by correlation, or other means. • Level 3: Inputs for determining the fair value of the respective assets or liabilities are not observable. Level 3 valuations are reliant upon pricing models and techniques that require significant management judgment or estimation. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. Assets Measured at Fair Value on a Recurring Basis The following presents fair value measurements on a recurring basis at December 31, 2021 and September 30, 2021: December 31, 2021 Fair Value Measurements Using (In thousands) Carrying Amount Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Available-for-sale securities: U.S. GSE residential mortgage-backed securities $ 515 $ - $ 515 $ - Corporate bonds 7,021 - 7,021 - Mortgage servicing rights 3,741 - - 3,741 Total $ 11,277 $ - $ 7,536 $ 3,741 September 30, 2021 Fair Value Measurements Using (In thousands) Carrying Amount Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Available-for-sale securities: U.S. GSE residential mortgage-backed securities $ 833 $ - $ 833 $ - Corporate bonds 6,914 - 6,914 - Mortgage servicing rights 3,690 - - 3,690 Total $ 11,437 $ - $ 7,747 $ 3,690 The fair value for the securities available-for-sale were obtained from an independent broker based upon matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities. The Company has determined these are classified as Level 2 inputs within the fair value hierarchy. The fair value of mortgage servicing rights are based on a valuation model that calculates the present value of estimated future servicing income. The valuation model utilizes interest rate, prepayment speed, and default rate assumptions that market participants would use in estimating future net servicing income. Fair value of loan servicing rights related to residential mortgage loans at December 31, 2021 was determined based on discounted expected future cash flows cash flows The fair value of loan servicing rights for SBA loans at December 31, 2021 was determined based on discounted expected future cash flows The Company has determined these are mostly unobservable inputs and considers then Level 3 inputs within the fair value hierarchy. The following table presents the changes in mortgage servicing rights for the periods presented: Three Months Ended December 31, (in thousands) 2021 2020 Balance, October 1 $ 3,690 $ 155 Additions 168 - Adjustment to fair value (117 ) (11 ) Balance, December 31 $ 3,741 $ 144 Assets Measured at Fair Value on a Non-recurring Basis The Company had no financial instruments measured at fair value on a non-recurring basis at December 31, 2021 and September 30, 2021. The Company’s impaired loans had no related specific allowances recorded at December 31, 2021 and September 30, 2021. Financial Instruments Not Measured at Fair Value The following presents the carrying amounts and estimated fair values of the Company’s financial instruments not carried at fair value at December 31, 2021 and September 30, 2021: December 31, 2021 Fair Value Measurements Using : (In thousands) Carrying Amount Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Financial assets: Cash and cash equivalents $ 114,951 $ 114,951 $ - $ - $ 114,951 Securities held-to-maturity 4,834 - 5,008 - 5,008 Securities available-for-sale 7,536 - 7,536 - 7,536 Loans, net 1,268,048 - - 1,282,865 1,282,865 Federal Home Loan Bank stock 4,057 N/A N/A N/A N/A Accrued interest receivable 8,858 - 116 8,742 8,858 Financial Liabilities: Time deposits 326,883 - 326,517 - 326,517 Demand and other deposits 849,868 849,868 - - 849,868 Borrowings 113,274 - 112,852 - 112,852 Subordinated debentures 24,504 - 27,083 - 27,083 Accrued interest payable 879 1 878 - 879 September 30, 2021 Fair Value Measurements Using: (In thousands) Carrying Amount Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Financial assets: Cash and cash equivalents $ 166,544 $ 166,544 $ - $ - $ 166,544 Securities held-to-maturity 8,611 - 8,865 - 8,865 Securities available-for-sale 7,747 - 7,747 - 7,747 Loans, net 1,238,573 - - 1,278,056 1,278,056 Federal Home Loan Bank stock 3,714 N/A N/A N/A N/A Accrued interest receivable 9,363 - 211 9,152 9,363 Financial Liabilities: Time deposits 377,836 - 378,333 - 378,333 Demand and other deposits 786,826 786,826 - - 786,826 Borrowings 159,642 - 159,608 - 159,608 Subordinated debentures 24,513 - 27,092 - 27,092 Accrued interest payable 1,290 1 713 576 1,290

LOSS CONTINGENCIES

LOSS CONTINGENCIES	3 Months Ended
	Dec. 31, 2021
LOSS CONTINGENCIES [Abstract]
LOSS CONTINGENCIES	9. LOSS CONTINGENCIES Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of a loss is probable and an amount or range of loss can be reasonably estimated. The Company’s management does not believe there now are such matters that will have a material effect on the financial statements.

BORROWINGS

BORROWINGS	3 Months Ended
	Dec. 31, 2021
BORROWINGS [Abstract]
BORROWINGS	10. BORROWINGS Federal Home Loan Bank (“FHLB”) Advances At December and September FHLB advances outstanding were and , respectively. The advances were all at fixed rates ranging from to and from to , respectively, and with maturities ranging from January 2022 to August 2025 and from October 2021 to August 2025 respectively, at December and September Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by $488.5 million and of residential and commercial mortgage loans under a blanket lien arrangement at December and September respectively. Based on this collateral and the Company’s holdings of FHLB stock, the Company was eligible to borrow up to an additional total of at December The following table sets forth the contractual maturities and weighted average interest rates of the Company’s fixed rate FHLB advances (in s): Balance at December 31, 2021 Contractual Maturity Amount Weighted Average Rate 2022 $ 10,000 0.34 % 2023 11,995 2.23 % 2024 18,860 0.98 % 2025 7,080 0.58 % Total $ 47,935 1.10 % Balance at September 30, 2021 Contractual Maturity Amount Weighted Average Rate 2022 $ 4,000 2.02 % 2023 12,040 2.23 % 2024 18,860 0.98 % 2025 7,080 0.58 % Total $ 41,980 1.37 % Federal Reserve Borrowings At December 31, and September the Company’s borrowings from the Federal Reserve’s Paycheck Protection Liquidity Facility (“PPPLF”) were and , respectively. The borrowings have a rate of and the maturity date will equal the maturity date of the underlying PPP loan pledged to secure the extension of credit. The maturity date of a PPP loan is either two or five years from origination date. The Company utilized the PPPLF to fund PPP loan production. The borrowings are fully secured by pledged PPP loans as of December and September Correspondent Bank Borrowings At December 31, 2021, approximately $55 million in unsecured lines of credit extended by correspondent banks were available to be utilized for short-term funding purposes. No borrowings were outstanding under lines of credit with correspondent banks at December 31, 2021 and September 30, 2021.

SUBORDINATED DEBENTURES

SUBORDINATED DEBENTURES	3 Months Ended
	Dec. 31, 2021
Subordinated Debentures [Abstract]
Subordinated Debentures	11. SUBORDINATED DEBENTURES In October 2020, the Company completed the private placement of $25.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2030 These subordinated notes are included as a component of the Bank’s Tier 1 capital for regulatory reporting. At December 31, 2021 and September 30, 2021, the unamortized issuance costs of the Notes were $0.5 million and $0.5 million, respectively. For the three months ended December 31, 2021 and 2020, $21 thousand and $13 thousand, respectively, in issuance costs were recorded in interest expense. The Notes are presented net of unamortized issuance costs in the Company’s Consolidated Statements of Financial Condition.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	3 Months Ended
	Dec. 31, 2021
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	12. ACCUMULATED OTHER COMPREHENSIVE INCOME The following table presents changes in accumulated other comprehensive income by component, net of tax, for the months ended December and : (in s) Unrealized Gains and Losses on Available- for-Sale Debt Securities Total Balance at October $ 256 $ 256 Other comprehensive income 54 54 Balance at December 31, 2021 $ 310 $ 310 Balance at October $ 156 $ 156 Other comprehensive income 167 167 Balance at December 31, 2020 $ 323 $ 323 There were no significant amounts reclassified out of accumulated other comprehensive income for the months ended December and

BASIS OF PRESENTATION, RISKS _2

BASIS OF PRESENTATION, RISKS AND UNCERTAINTIES, ACCOUNTING POLICIES AND RECENT ACCOUNTING DEVELOPMENTS (Policies)	3 Months Ended
	Dec. 31, 2021
BASIS OF PRESENTATION, RISKS AND UNCERTAINTIES, ACCOUNTING POLICIES AND RECENT ACCOUNTING DEVELOPMENTS [Abstract]
Basis of Presentation	Basis of Presentation In the opinion of the Company’s management, the preceding unaudited interim consolidated financial statements contain all adjustments, consisting of normal accruals, necessary for a fair presentation of the Company’s consolidated statement of financial condition as of December 31, 2021, its consolidated statements of income for the three months ended December 31, 2021 and 2020, its consolidated statements of comprehensive income for the three months ended December 31, 2021 and 2020, its consolidated statements of changes in stockholders’ equity for the three months ended December 31, 2021 and 2020 and its consolidated statements of cash flows for the three months ended December 31, 2021 and 2020. Certain prior period amounts have been reclassified to conform to the current period presentation. In addition, the preceding unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X, as well as in accordance with predominant practices within the banking industry. They do not include all the information and footnotes required by U.S. GAAP for complete financial statements. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates. The results of operations for the three months ended December 31, 2021 are not necessarily indicative of the results of operations to be expected for the remainder of the year. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2021. All material intercompany accounts and transactions have been eliminated in consolidation. Unless the context otherwise requires, references herein to the Company include the Company and the Bank on a consolidated basis.
Risks and Uncertainties	Risks and Uncertainties In March 2020, the World Health Organization declared the outbreak of COVID-19 a global pandemic. The COVID-19 pandemic has adversely affected local, national and global economic activity. Various actions taken to help mitigate the spread of COVID-19 included restrictions on travel, quarantines and government-mandated closures of various businesses. The outbreak caused significant disruptions to the economy and disrupted banking and other financial activity in the areas in which the Company operates. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted in March 2020 to, among other things, provide emergency assistance to individuals, families and businesses affected by the COVID-19 pandemic. The ongoing effects of the COVID-19 pandemic may materially and adversely affect the Company’s financial condition and results of operations in future periods, and it is unknown what the complete financial impact will be to the Company. The extent of such impact will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the coronavirus, the new “waves” of COVID-19 infections, the spread of new variants of the virus, and the distribution of vaccines and vaccination rates, among others. It is possible that estimates made in the financial statements could be materially and adversely impacted due to these conditions.
Allowance for Loan Losses	Allowance for Loan Losses
Loans and Loan Interest Income Recognition	Loans and Loan Interest Income Recognition Interest income on loans is accrued and credited to income as earned. Net loan origination fees and costs are deferred and accreted/amortized to interest income over the loan’s contractual life using the level-yield method, adjusted for actual prepayments. Loans that are acquired are initially recorded at fair value with no carryover of the related allowance for loan losses. After acquisition, losses are recognized through the allowance for loan losses. Determining the fair value of the loans involves estimating the amount and timing of expected principal and interest cash flows to be collected on the loans and discounting those cash flows at a market interest rate. At December 31, 2021 and September 30, 2021, the Company had loans totaling $5.5 million and $10.2 million, respectively, which at the time of acquisition, showed evidence of credit deterioration since origination.
Loans Held for Sale	Loans Held for Sale For liquidity purposes generally, there are instances when loans originated with the intent to hold in the portfolio are subsequently transferred to loans held for sale. At transfer, they are carried at the lower of cost or fair value.
Recent Accounting Developments	Recent Accounting Developments In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases. The amendments in this update primarily replace the existing accounting requirements for operating leases for lessees. Lessee accounting requirements for finance leases and lessor accounting requirements for operating leases and sales type and direct financing leases (sales-type and direct financing leases were both previously referred to as capital leases) are largely unchanged. The amendments require the lessee of an operating lease to record a balance sheet gross-up upon lease commencement by recognizing a right-of-use asset and lease liability equal to the present value of the lease payments. The right-of-use asset and lease liability should be derecognized in a manner that effectively yields a straight-line lease expense over the lease term. In addition to the changes to the lessee operating lease accounting requirements, the amendments also change the types of costs that can be capitalized related to a lease agreement for both lessees and lessors. The amendments also require additional disclosures for all lease types for both lessees and lessors. The FASB has subsequently issued additional ASUs intended to clarify guidance, provide implementation support, and provide an additional transition election. The amendments are effective on October 1, 2022, with early adoption permitted. The amendments must be applied on a modified retrospective basis, and we anticipate selecting the transition option that will allow us to record a cumulative adjustment as of the adoption date. We are assessing our current population of lease contracts and upon adoption, our balance sheet will include a right-of-use asset and lease liability for our operating leases where we are the lessee, which primarily include our facilities leases. We do not anticipate the adoption of these amendments will have a material impact to our consolidated financial statements. We plan to adopt these amendments on October 1, 2022 and expect to use the modified retrospective approach as currently required.

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	3 Months Ended
	Dec. 31, 2021
BUSINESS COMBINATIONS [Abstract]
Fair Value of the Assets Received and Liabilities Assumed	A preliminary summary of the fair value of assets received and liabilities assumed are as follows: (in thousands) As Recorded by Savoy Fair Value Adjustments As Recorded by Hanover Assets Cash and due from banks $ 59,155 $ - $ 59,155 Investment securities available-for-sale 239 - 239 Loans held for sale 3,883 - 3,883 Loans held for investment 569,251 8,612 (a) 577,863 Premises and equipment, net 234 (22 ) (b) 212 Core deposit intangible - 490 (c) 490 Accrued interest receivable 5,171 (650 ) (d) 4,521 Other assets 10,432 (2,925 ) (e) 7,507 Total assets acquired $ 648,365 $ 5,505 653,870 Liabilities Deposits $ 340,215 $ 2,527 (f) 342,742 Borrowings 258,247 301 (g) 258,548 Accrued interest payable 1,050 - 1,050 Other liabilities and accrued expenses 3,817 (342 ) (h) 3,475 Total liabilities assumed $ 603,329 $ 2,486 605,815 Net assets acquired 48,055 Total consideration 65,512 Goodwill $ 17,457 (a) Represents the fair value adjustments on net book value of loans, which includes an interest rate mark and credit mark adjustment, the write-off of deferred fees/costs and premiums and the elimination of Savoy’s allowance for loan losses. (b) Represents the fair value adjustments to reflect the fair value of premises and equipment. (c) Represents the fair value of core deposit intangible recorded, which will be amortized on an accelerated basis over the estimated average life of the deposit base. (d) Represents an adjustment to accrued interest receivable acquired. (e) Represents an adjustment to other assets acquired. The largest adjustment was the net deferred tax assets resulting from the fair value adjustment related to the acquired assets, liabilities assumed, and identifiable intangible assets recorded. (f) Represents the fair value adjustments on time deposits, which will be treated as a reduction of interest expense over the remaining term of the time deposits. (g) Represents the fair value adjustments on an FHLB borrowing, which will be treated as a reduction to interest expense over the life of the borrowing. (h) Represents an adjustment to other liabilities assumed.
Consideration Paid	A summary of total consideration paid is as follows: (in thousands, except share data) Common stock issued ( 1,357,567 $ 32,521 Cash payments to common shareholders 32,991 Total consideration paid $ 65,512
Loans Acquired in Savoy Acquisition	The following is a summary of the loans accounted for in accordance with ASC 310-30 that were acquired in the Savoy acquisition as of the merger date: (in thousands) Contractually required principal and interest at acquisition $ 14,416 Contractual cash flows not expected to be collected (non-accretable discount) (3,467 ) Expected cash flows at acquisition 10,949 Interest component of expected cash flows (accretable discount) (540 ) Fair value of acquired purchased credit impaired loans $ 10,409

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	3 Months Ended
	Dec. 31, 2021
EARNINGS PER COMMON SHARE [Abstract]
Calculations of Basic and Diluted Earnings Per Share	The computation of earnings per common share for the three months ended December 31, 2021 and 2020 follows. There were no stock options that were antidilutive for the three months ended December 31, 2021 and 2020. Three Months Ended December 31, 2021 2020 (in thousands, except share and per share data) Basic earnings per common share Net income $ 6,537 $ 1,519 Weighted average common shares outstanding 5,562,939 4,180,936 Basic earnings per common share $ 1.18 $ 0.36 Diluted earnings per common share Net income $ 6,537 $ 1,519 Weighted average common shares outstanding for basic earnings per common share 5,562,939 4,180,936 Add: dilutive effects of assumed exercises of stock options 95,489 64,860 Average shares and dilutive potential common shares 5,658,428 4,245,796 Diluted earnings per common share $ 1.16 $ 0.36

SECURITIES (Tables)

SECURITIES (Tables)	3 Months Ended
	Dec. 31, 2021
SECURITIES [Abstract]
Investment Securities Available for Sale and Held to Maturity	The following table summarizes the amortized cost and fair value of securities available for sale and securities held to maturity at December 31, 2021 and September 30, 2021 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income: December 31, 2021 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale: U.S. GSE residential mortgage-backed securities $ 439 $ 78 $ (2 ) $ 515 Corporate bonds 6,700 321 - 7,021 Total available for sale securities $ 7,139 $ 399 $ (2 ) $ 7,536 Held to maturity: U.S. GSE residential mortgage-backed securities $ 2,154 $ 48 $ - $ 2,202 U.S. GSE commercial mortgage-backed securities 2,680 126 - 2,806 Total held to maturity securities 4,834 174 - 5,008 Total investment securities $ 11,973 $ 573 $ (2 ) $ 12,544 September 30, 2021 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale: U.S. GSE residential mortgage-backed securities $ 722 $ 112 $ (1 ) $ 833 Corporate bonds 6,700 214 - 6,914 Total available for sale securities $ 7,422 $ 326 $ (1 ) $ 7,747 Held to maturity: U.S. GSE residential mortgage-backed securities $ 2,417 $ 74 $ - $ 2,491 U.S. GSE commercial mortgage-backed securities 2,694 175 - 2,869 Corporate bonds 3,500 9 (4 ) 3,505 Total held to maturity securities 8,611 258 (4 ) 8,865 Total investment securities $ 16,033 $ 584 $ (5 ) $ 16,612
Securities Portfolio by Contractual Maturity	The amortized cost and fair value of the Company’s securities portfolio at December 31, 2021 are presented by contractual maturity in the table below. The expected life of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay the underlying mortgage loans with or without call or prepayment penalties. December 31, 2021 (in thousands) Amortized Cost Fair Value Securities available for sale: Five to ten years $ 6,700 $ 7,021 U.S. GSE residential mortgage-backed securities 439 515 Total securities available for sale 7,139 7,536 Securities held to maturity: One to five years - - Five to ten years - - U.S. GSE residential mortgage-backed securities 2,154 2,202 U.S. GSE commercial mortgage-backed securities 2,680 2,806 Total securities held to maturity 4,834 5,008 Total investment securities $ 11,973 $ 12,544

LOANS (Tables)

LOANS (Tables)	3 Months Ended
	Dec. 31, 2021
LOANS [Abstract]
Classification of Loans by Loan Portfolio Segment	The following table sets forth the classification of the Company’s loans by loan portfolio segment for the periods presented. December 31, 2021 September 30, 2021 (in thousands) Residential real estate $ 436,348 $ 444,011 Multi-family 358,456 266,294 Commercial real estate 360,610 348,641 Commercial and industrial 109,562 172,274 Construction and land development 11,444 15,374 Consumer 29 11 Gross loans 1,276,449 1,246,605 Net deferred costs (fees) 985 520 Total loans 1,277,434 1,247,125 Allowance for loan losses (9,386 ) (8,552 ) Total loans, net $ 1,268,048 $ 1,238,573
Carrying Amount for Purchased Credit Impaired Loans	The Company has purchased loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount for those loans is as follows: December 31, 2021 (in thousands) Commercial real estate $ 3,590 Commercial and industrial 1,899 Total recorded investment $ 5,489
Changes in Accretable Difference on Purchased Loans	The following table presents a summary of changes in accretable difference on purchased loans accounted for under ASC 310-30: (in thousands) Three Months Ended December 31, 2021 Balance at beginning of period $ 346 Accretable differences acquired - Accretion (1,035 ) Adjustments to accretable difference due to changes in expected cash flows 363 Other changes, net 416 Ending balance $ 90
Activity in Allowance for Loan Losses by Portfolio Segment	The following summarizes the activity in the allowance for loan losses by portfolio segment for the periods indicated: Three Months Ended December 31, 2021 Residential Real Estate Loans Multi- Family Loans Commercial Real Estate Loans Commercial and Industrial Construction and Land Development Loans Consumer Loans Total (in thousands) Allowance for loan losses: Beginning Balance $ 4,155 $ 2,433 $ 1,884 $ 79 $ - $ 1 $ 8,552 Charge-offs - (66 ) - - - - (66 ) Recoveries - - - - - - - Provision (credit) for loan losses (40 ) 201 634 105 - - 900 Ending Balance $ 4,115 $ 2,568 $ 2,518 $ 184 $ - $ 1 $ 9,386 Three Months Ended December 31, 2020 Residential Real Estate Multi- Family Loans Commercial Real Estate Loans Commercial and Industrial Loans Construction and Land Development Loans Consumer Loans Total (in thousands) Allowance for loan losses: Beginning Balance $ 5,103 $ 1,506 $ 1,221 $ 38 $ - $ 1 $ 7,869 Charge-offs - - - - - - - Recoveries - - - 10 - - 10 Provision (credit) for loan losses (9 ) 113 - (4 ) - - 100 Ending Balance $ 5,094 $ 1,619 $ 1,221 $ 44 $ - $ 1 $ 7,979
Allowance for Loan Losses and Recorded Investment by Portfolio Segment Based on Impairment Method	The following table represents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment based on impairment evaluation method. The recorded investment in loans excludes accrued interest receivable due to immateriality. December 31, 2021 (in thousands) Residential Real Estate Multi- Family Commercial Real Estate Commercial and Industrial Construction and Land Development Consumer Total Allowance for loan losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 4,115 2,568 2,518 184 - 1 9,386 Purchased-credit impaired - - - - - - - Total allowance for loan losses $ 4,115 $ 2,568 $ 2,518 $ 184 $ - $ 1 $ 9,386 Loans: Individually evaluated for impairment $ 6,315 $ 432 $ 523 $ 480 $ - $ - $ 7,750 Collectively evaluated for impairment 430,254 358,399 356,685 107,339 11,487 31 1,264,195 Purchased-credit impaired - - 3,590 1,899 - - 5,489 Total loans held for investment $ 436,569 $ 358,831 $ 360,798 $ 109,718 $ 11,487 $ 31 $ 1,277,434 September 30, 2021 (in thousands) Residential Real Estate Multi- Family Commercial Real Estate Commercial and Industrial Construction and Land Development Consumer Total Allowance for loan losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 4,155 2,433 1,884 79 - 1 8,552 Purchased-credit impaired - - - - - - - Total allowance for loan losses $ 4,155 $ 2,433 $ 1,884 $ 79 $ - $ 1 $ 8,552 Loans: Individually evaluated for impairment $ 7,198 $ 458 $ 517 $ 500 $ - $ - $ 8,673 Collectively evaluated for impairment 436,942 266,256 339,966 169,660 15,374 13 1,228,211 Purchased-credit impaired - - 8,324 1,917 - - 10,241 Total loans held for investment $ 444,140 $ 266,714 $ 348,807 $ 172,077 $ 15,374 $ 13 $ 1,247,125
Impaired Loans by Portfolio Segment	The following presents information related to the Company’s impaired loans by portfolio segment for the periods shown. December 31, 2021 September 30, 2021 (in thousands) Unpaid Principal Balance Recorded Investment Allowance Allocated Unpaid Principal Balance Recorded Investment Allowance Allocated With no related allowance recorded: Residential real estate $ 6,315 $ 6,315 $ - $ 7,382 $ 7,198 $ - Multi-family 432 432 - 382 458 - Commercial real estate 523 523 - 522 517 - Commercial and industrial 480 480 - 535 500 - Total $ 7,750 $ 7,750 $ - $ 8,821 $ 8,673 $ - Three Months Ended December 31, 2021 2020 (in thousands) Average Recorded Investment Interest Income Recognized (1) Average Recorded Investment Interest Income Recognized (1) Residential real estate $ 6,347 $ 20 $ 5,655 $ 22 Multi-family 440 - 46 1 Commercial real estate 520 - 28 1 Commercial and industrial 481 - - - Total $ 7,788 $ 20 $ 5,729 $ 24 (1) Accrual basis interest income recognized approximates cash basis income.
Past Due and Non-accrual Loans Disaggregated by Portfolio Segment	At December 31, 2021 and September 30, 2021, past due and non-accrual loans disaggregated by portfolio segment were as follows: (in thousands ) Past Due and Non-Accrual December 31, 2021 30 - 59 days past due and accruing 60 - 89 days past due and accruing Greater than 89 days past due and accruing Non-accrual Total past due and non- accrual Purchased credit impaired Current Total Residential real estate $ 52 $ 317 $ - $ 4,680 (1 ) $ 5,049 $ - $ 431,520 $ 436,569 Multi-family - - - 432 (2 ) 432 - 358,399 358,831 Commercial real estate 5,068 - - 523 (3 ) 5,591 3,590 351,617 360,798 Commercial and industrial 143 484 - 480 (4 ) 1,107 1,899 106,712 109,718 Construction and land development - - - - - - 11,487 11,487 Consumer - - - - - - 31 31 Total $ 5,263 $ 801 $ - $ 6,115 $ 12,179 $ 5,489 $ 1,259,766 $ 1,277,434 (1) Of the residential real estate non-accrual loans, $296 were 31 days past due, $996 were 61 days past due and $3,388 were greater than 89 days past due. (2) Multi-family non-accrual loans at December 31, 2021 were greater than 89 days past due. (3) Commercial real estate non-accrual loans at December 31, 2021 were greater than 89 days past due. (4) Commercial and industrial non-accrual loans at December 31, 2021 were greater than 89 days past due. (in thousands ) Past Due and Non-Accrual September 30, 2021 30 - 59 days past due and accruing 60 - 89 days past due and accruing Greater than 89 days past due and accruing Non-accrual Total past due and non- accrual Purchased credit impaired Current Total Residential real estate $ 1,032 $ 1,601 $ - $ 5,554 (1 ) $ 8,187 $ - $ 435,953 $ 444,140 Multi-family - - - 458 (2 ) 458 - 266,256 266,714 Commercial real estate 1,939 - - 1,016 (3 ) 2,955 8,324 337,528 348,807 Commercial and industrial 3,641 - - - 3,641 1,917 166,519 172,077 Construction and land development - - - - - - 15,374 15,374 Consumer - - - - - - 13 13 Total $ 6,612 $ 1,601 $ - $ 7,028 $ 15,241 $ 10,241 $ 1,221,643 $ 1,247,125 (1) Of the residential real estate non-accrual loans, $1,026 were 61 days past due and $4,528 were greater than 89 days past due. (2) Multi-family non-accrual loans at September 30, 2021 were greater than 89 days past due. (3) Commercial real estate non-accrual loans at September 30, 2021 were greater than 89 days past due.
Loan Portfolio Based on Internal Rating Category	At December 31, 2021 and September 30, 2021, the Company’s loan portfolio by credit risk rating disaggregated by portfolio segment were as follows: December 31, 2021 (in thousands) Pass Special Mention Substandard Doubtful Total Real Estate: Residential $ 426,327 $ 4,816 $ 5,205 $ - $ 436,348 Multi-family 354,292 3,732 432 - 358,456 Commercial 338,852 15,109 6,649 - 360,610 Commercial and industrial 105,071 116 4,375 - 109,562 Construction and land development 9,446 1,998 - - 11,444 Consumer 29 - - - 29 Total $ 1,234,017 $ 25,771 $ 16,661 $ - $ 1,276,449 September 30, 2021 (in thousands) Pass Special Mention Substandard Doubtful Total Real Estate: Residential $ 433,299 $ 5,115 $ 5,594 $ 3 $ 444,011 Multi-family 262,984 2,852 458 - 266,294 Commercial 316,727 16,274 15,640 - 348,641 Commercial and industrial 168,104 540 3,630 - 172,274 Construction and land development 13,607 1,767 - - 15,374 Consumer 11 - - - 11 Total $ 1,194,732 $ 26,548 $ 25,322 $ 3 $ 1,246,605

EQUITY COMPENSATION PLANS (Tabl

EQUITY COMPENSATION PLANS (Tables)	3 Months Ended
	Dec. 31, 2021
EQUITY COMPENSATION PLANS [Abstract]
Summary of Stock Option Activity	A summary of stock option activity follows (aggregate intrinsic value in thousands): Number of Options Weighted- Average Exercise Price Aggregate Intrinsic Value Weighted- Average Remaining Contractual Term Outstanding, October 1, 2021 227,406 $ 9.50 $ 2,043 3.51 years Granted - - Exercised - - Forfeited - - Outstanding, December 31 2021 (1) 227,406 $ 9.50 $ 2,043 3.20 years (1)
Summary of Restricted Stock Activity	A summary of restricted stock activity follows: Number of Shares Weighted- Average Grant Date Fair Value Unvested, October 1, 2021 75,833 $ 19.87 Granted - - Vested (2,666 ) 21.49 Forfeited (2,887 ) 19.07 Unvested, December 31 2021 70,280 $ 19.84

REGULATORY MATTERS (Tables)

REGULATORY MATTERS (Tables)	3 Months Ended
	Dec. 31, 2021
REGULATORY MATTERS [Abstract]
Capital Amounts and Ratios	The following table sets forth the Bank’s capital amounts (in thousands) and ratios under current regulations: Actual Capital Minimum Capital Adequacy Requirement Minimum Capital Adequacy Requirement with Capital Conservation Buffer Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio December 31 2021 Total capital to risk-weighted assets $ 141,803 15.52 % $ 73,114 8.00 % $ 95,963 10.50 % $ 91,393 10.00 % Tier 1 capital to risk-weighted assets 132,006 14.44 % 54,836 6.00 % 77,684 8.50 % 73,114 8.00 % Common equity tier 1 capital to risk-weighted assets 132,006 14.44 % 41,127 4.50 % 63,975 7.00 % 59,405 6.50 % Tier 1 capital to adjusted average assets (leverage) 132,006 9.92 % 53,241 4.00 % N/A N/A 66,551 5.00 % September 30, 2021 Total capital to risk-weighted assets $ 132,554 15.59 % $ 68,040 8.00 % $ 89,303 10.50 % $ 85,050 10.00 % Tier 1 capital to risk-weighted assets 123,666 14.54 % 51,030 6.00 % 72,293 8.50 % 68,040 8.00 % Common equity tier 1 capital to risk-weighted assets 123,666 14.54 % 38,273 4.50 % 59,535 7.00 % 55,283 6.50 % Tier 1 capital to adjusted average assets (leverage) 123,666 9.45 % 52,338 4.00 % N/A N/A 65,423 5.00 %

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Dec. 31, 2021
FAIR VALUE [Abstract]
Fair Value Measurements on Recurring Basis	The following presents fair value measurements on a recurring basis at December 31, 2021 and September 30, 2021: December 31, 2021 Fair Value Measurements Using (In thousands) Carrying Amount Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Available-for-sale securities: U.S. GSE residential mortgage-backed securities $ 515 $ - $ 515 $ - Corporate bonds 7,021 - 7,021 - Mortgage servicing rights 3,741 - - 3,741 Total $ 11,277 $ - $ 7,536 $ 3,741 September 30, 2021 Fair Value Measurements Using (In thousands) Carrying Amount Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Available-for-sale securities: U.S. GSE residential mortgage-backed securities $ 833 $ - $ 833 $ - Corporate bonds 6,914 - 6,914 - Mortgage servicing rights 3,690 - - 3,690 Total $ 11,437 $ - $ 7,747 $ 3,690
Changes in Mortgage Servicing Rights	The following table presents the changes in mortgage servicing rights for the periods presented: Three Months Ended December 31, (in thousands) 2021 2020 Balance, October 1 $ 3,690 $ 155 Additions 168 - Adjustment to fair value (117 ) (11 ) Balance, December 31 $ 3,741 $ 144
Carrying Amounts and Estimated Fair Value of Financial Instruments	The following presents the carrying amounts and estimated fair values of the Company’s financial instruments not carried at fair value at December 31, 2021 and September 30, 2021: December 31, 2021 Fair Value Measurements Using : (In thousands) Carrying Amount Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Financial assets: Cash and cash equivalents $ 114,951 $ 114,951 $ - $ - $ 114,951 Securities held-to-maturity 4,834 - 5,008 - 5,008 Securities available-for-sale 7,536 - 7,536 - 7,536 Loans, net 1,268,048 - - 1,282,865 1,282,865 Federal Home Loan Bank stock 4,057 N/A N/A N/A N/A Accrued interest receivable 8,858 - 116 8,742 8,858 Financial Liabilities: Time deposits 326,883 - 326,517 - 326,517 Demand and other deposits 849,868 849,868 - - 849,868 Borrowings 113,274 - 112,852 - 112,852 Subordinated debentures 24,504 - 27,083 - 27,083 Accrued interest payable 879 1 878 - 879 September 30, 2021 Fair Value Measurements Using: (In thousands) Carrying Amount Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Financial assets: Cash and cash equivalents $ 166,544 $ 166,544 $ - $ - $ 166,544 Securities held-to-maturity 8,611 - 8,865 - 8,865 Securities available-for-sale 7,747 - 7,747 - 7,747 Loans, net 1,238,573 - - 1,278,056 1,278,056 Federal Home Loan Bank stock 3,714 N/A N/A N/A N/A Accrued interest receivable 9,363 - 211 9,152 9,363 Financial Liabilities: Time deposits 377,836 - 378,333 - 378,333 Demand and other deposits 786,826 786,826 - - 786,826 Borrowings 159,642 - 159,608 - 159,608 Subordinated debentures 24,513 - 27,092 - 27,092 Accrued interest payable 1,290 1 713 576 1,290

BORROWINGS (Tables)

BORROWINGS (Tables)	3 Months Ended
	Dec. 31, 2021
BORROWINGS [Abstract]
Outstanding FHLB Advances Contractual Maturities	The following table sets forth the contractual maturities and weighted average interest rates of the Company’s fixed rate FHLB advances (in s): Balance at December 31, 2021 Contractual Maturity Amount Weighted Average Rate 2022 $ 10,000 0.34 % 2023 11,995 2.23 % 2024 18,860 0.98 % 2025 7,080 0.58 % Total $ 47,935 1.10 % Balance at September 30, 2021 Contractual Maturity Amount Weighted Average Rate 2022 $ 4,000 2.02 % 2023 12,040 2.23 % 2024 18,860 0.98 % 2025 7,080 0.58 % Total $ 41,980 1.37 %

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	3 Months Ended
	Dec. 31, 2021
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract]
Changes in Accumulated Other Comprehensive Income by Component, Net of Tax	The following table presents changes in accumulated other comprehensive income by component, net of tax, for the months ended December and : (in s) Unrealized Gains and Losses on Available- for-Sale Debt Securities Total Balance at October $ 256 $ 256 Other comprehensive income 54 54 Balance at December 31, 2021 $ 310 $ 310 Balance at October $ 156 $ 156 Other comprehensive income 167 167 Balance at December 31, 2020 $ 323 $ 323

BASIS OF PRESENTATION, RISKS _3

BASIS OF PRESENTATION, RISKS AND UNCERTAINTIES, ACCOUNTING POLICIES AND RECENT ACCOUNTING DEVELOPMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Loans and Loan Interest Income Recognition [Abstract]
Loans with evidence of credit deterioration since origination	$ 5,489
Financial Asset Acquired with Credit Deterioration [Member]
Loans and Loan Interest Income Recognition [Abstract]
Loans with evidence of credit deterioration since origination	$ 5,500	$ 10,200

BUSINESS COMBINATIONS, Fair Val

BUSINESS COMBINATIONS, Fair Value of the Assets Received and Liabilities (Details) - USD ($) $ / shares in Units, $ in Thousands		May 26, 2021	Apr. 30, 2021	Dec. 31, 2021	Sep. 30, 2021
Business Combination [Abstract]
Common stock, par value (in dollars per share)				$ 0.01	$ 0.01
Liabilities [Abstract]
Goodwill				$ 19,168	$ 19,168
Savoy Bank [Member]
Business Combination [Abstract]
Final aggregate purchase price		$ 65,512
Assets [Abstract]
Cash and due from banks		59,155
Investment securities available-for-sale		239
Loans held for sale		3,883
Loans held for investment		569,251
Premises and equipment, net		234
Core deposit intangible		0
Accrued interest receivable		5,171
Other assets		10,432
Total assets acquired		648,365
Liabilities [Abstract]
Deposits		340,215
Borrowings		258,247
Accrued interest payable		1,050
Other liabilities and accrued expenses		3,817
Total liabilities assumed		603,329
Total consideration		65,512
Savoy Bank [Member] | Measurement Period Adjustments [Member]
Assets [Abstract]
Cash and due from banks		0
Investment securities available-for-sale		0
Loans held for sale		0
Loans held for investment	[1]	8,612
Premises and equipment, net	[2]	(22)
Core deposit intangible	[3]	490
Accrued interest receivable	[4]	(650)
Other assets	[5]	(2,925)
Total assets acquired		5,505
Liabilities [Abstract]
Deposits	[6]	2,527
Borrowings	[7]	301
Accrued interest payable		0
Other liabilities and accrued expenses	[8]	(342)
Total liabilities assumed		2,486
Savoy Bank [Member] | As adjusted [Member]
Business Combination [Abstract]
Final aggregate purchase price		65,512
Assets [Abstract]
Cash and due from banks		59,155
Investment securities available-for-sale		239
Loans held for sale		3,883
Loans held for investment		577,863
Premises and equipment, net		212
Core deposit intangible		490
Accrued interest receivable		4,521
Other assets		7,507
Total assets acquired		653,870
Liabilities [Abstract]
Deposits		342,742
Borrowings		258,548
Accrued interest payable		1,050
Other liabilities and accrued expenses		3,475
Total liabilities assumed		605,815
Net assets acquired		48,055
Total consideration		65,512
Goodwill		$ 17,457
Savoy Bank [Member] | Common Stock [Member]
Business Combination [Abstract]
Common stock, par value (in dollars per share)			$ 1
Cash paid, per share (in dollars per share)			$ 3.246
Number of shares issued for each share of common stock in conversion of common stock ( in shares)			0.141
Final aggregate purchase price			$ 65,500
Business acquisition share price (in dollars per share)			$ 6.49
Liabilities [Abstract]
Total consideration			$ 65,500
[1]	Represents the fair value adjustments on net book value of loans, which includes an interest rate mark and credit mark adjustment, the write-off of deferred fees/costs and premiums and the elimination of Savoy’s allowance for loan losses.
[2]	Represents the fair value adjustments to reflect the fair value of premises and equipment.
[3]	Represents the fair value of core deposit intangible recorded, which will be amortized on an accelerated basis over the estimated average life of the deposit base.
[4]	Represents an adjustment to accrued interest receivable acquired.
[5]	Represents an adjustment to other assets acquired. The largest adjustment was the net deferred tax assets resulting from the fair value adjustment related to the acquired assets, liabilities assumed, and identifiable intangible assets recorded.
[6]	Represents the fair value adjustments on time deposits, which will be treated as a reduction of interest expense over the remaining term of the time deposits.
[7]	Represents the fair value adjustments on an FHLB borrowing, which will be treated as a reduction to interest expense over the life of the borrowing.
[8]	Represents an adjustment to other liabilities assumed.

BUSINESS COMBINATIONS, Consider

BUSINESS COMBINATIONS, Consideration Paid (Details) - Savoy Bank [Member] - USD ($) $ in Thousands	May 26, 2021	Apr. 30, 2021	Dec. 31, 2021
Consideration Paid [Abstract]
Common stock issued (1,357,567 shares issued)	$ 32,521
Cash payments to common shareholders	32,991
Total consideration paid	$ 65,512
Business Combination [Abstract]
Goodwill deductible for income tax purposes			$ 0
Maximum [Member]
Business Combination [Abstract]
Fair value refinement period			1 year
Common Stock [Member]
Consideration Paid [Abstract]
Total consideration paid		$ 65,500
Business Combination [Abstract]
Common stock issued as part of consideration (in shares)	1,357,567

BUSINESS COMBINATIONS, Loans Ac

BUSINESS COMBINATIONS, Loans Acquired in Savoy Acquisition (Details) - Savoy Bank [Member] $ in Thousands	May 26, 2021USD ($)
Loans Acquired in Acquisition [Abstract]
Contractually required principal and interest at acquisition	$ 14,416
Contractual cash flows not expected to be collected (non-accretable discount)	(3,467)
Expected cash flows at acquisition	10,949
Interest component of expected cash flows (accretable discount)	(540)
Fair value of acquired purchased credit impaired loans	$ 10,409

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
EARNINGS PER COMMON SHARE [Abstract]
Antidilutive stock options (in shares)	0	0
Basic earnings per common share [Abstract]
Net income	$ 6,537	$ 1,519
Weighted average common shares outstanding for basic earnings per common share (in shares)	5,562,939	4,180,936
Basic earnings per common share (in dollars per share)	$ 1.18	$ 0.36
Diluted earnings per common share [Abstract]
Net income	$ 6,537	$ 1,519
Weighted average common shares outstanding (in shares)	5,562,939	4,180,936
Add: dilutive effects of assumed exercises of stock options (in shares)	95,489	64,860
Average shares and dilutive potential common shares (in shares)	5,658,428	4,245,796
Diluted earnings per common share (in dollars per share)	$ 1.16	$ 0.36

SECURITIES, Investment Securiti

SECURITIES, Investment Securities Available for Sale and Held to Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Available for sale [Abstract]
Amortized cost	$ 7,139	$ 7,422
Gross unrealized gains	399	326
Gross unrealized losses	(2)	(1)
Fair value	7,536	7,747
Held to maturity [Abstract]
Amortized cost	4,834	8,611
Gross unrealized gains	174	258
Gross unrealized losses	0	(4)
Fair value	5,008	8,865
Investment Securities [Abstract]
Amortized cost	11,973	16,033
Gross unrealized gains	573	584
Gross unrealized losses	(2)	(5)
Fair value	12,544	16,612
Gross unrealized losses in a continuous loss position for less than twelve months	2	5
Investment securities pledged to secure public deposits	4,800	5,100
U.S. GSE Securities [Member] | Residential Mortgage Backed Securities [Member]
Available for sale [Abstract]
Amortized cost	439	722
Gross unrealized gains	78	112
Gross unrealized losses	(2)	(1)
Fair value	515	833
Held to maturity [Abstract]
Amortized cost	2,154	2,417
Gross unrealized gains	48	74
Gross unrealized losses	0	0
Fair value	2,202	2,491
U.S. GSE Securities [Member] | Commercial Mortgage Backed Securities [Member]
Held to maturity [Abstract]
Amortized cost	2,680	2,694
Gross unrealized gains	126	175
Gross unrealized losses	0	0
Fair value	2,806	2,869
Corporate Bonds [Member]
Available for sale [Abstract]
Amortized cost	6,700	6,700
Gross unrealized gains	321	214
Gross unrealized losses	0	0
Fair value	$ 7,021	6,914
Held to maturity [Abstract]
Amortized cost		3,500
Gross unrealized gains		9
Gross unrealized losses		(4)
Fair value		$ 3,505

SECURITIES, Securities Portfoli

SECURITIES, Securities Portfolio Presented by Contractual Maturity (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
Securities Available for Sale, Amortized Cost [Abstract]
Five to ten years	$ 6,700
Amortized cost	7,139		$ 7,422
Securities Available for Sale, Fair Value [Abstract]
Five to ten years	7,021
Fair value	7,536		7,747
Securities Held to Maturity, Amortized Cost [Abstract]
One to five years	0
Five to ten years	0
Amortized cost	4,834		8,611
Securities Held to Maturity, Fair Value [Abstract]
One to five years	0
Five to ten years	0
Fair value	5,008		8,865
Investment Securities [Abstract]
Amortized cost	11,973		16,033
Fair value	12,544		16,612
Proceeds from sales of securities available for sale	0	$ 0
U.S. GSE Securities [Member] | Residential Mortgage Backed Securities [Member]
Securities Available for Sale, Amortized Cost [Abstract]
Without single maturity date	439
Amortized cost	439		722
Securities Available for Sale, Fair Value [Abstract]
Without single maturity date	515
Fair value	515		833
Securities Held to Maturity, Amortized Cost [Abstract]
Without single maturity date	2,154
Amortized cost	2,154		2,417
Securities Held to Maturity, Fair Value [Abstract]
Without single maturity date	2,202
Fair value	2,202		2,491
U.S. GSE Securities [Member] | Commercial Mortgage Backed Securities [Member]
Securities Held to Maturity, Amortized Cost [Abstract]
Without single maturity date	2,680
Amortized cost	2,680		2,694
Securities Held to Maturity, Fair Value [Abstract]
Without single maturity date	2,806
Fair value	$ 2,806		$ 2,869

LOANS, Classification of Loans

LOANS, Classification of Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Classification of Loans by Loan Portfolio Segment [Abstract]
Gross loans	$ 1,276,449	$ 1,246,605
Net deferred costs (fees)	985	520
Total loans	1,277,434	1,247,125
Allowance for loan losses	(9,386)	(8,552)	$ (7,979)	$ (7,869)
Loans held for investment, net	1,268,048	1,238,573
Servicing of loans to others	241,200	233,200
Loans held for sale	$ 0	0
PPP Loans [Member]
Classification of Loans by Loan Portfolio Segment [Abstract]
Interest rate	1.00%
Amount of loans forgiven	$ 293,200
PPP Loans [Member] | Minimum [Member]
Classification of Loans by Loan Portfolio Segment [Abstract]
Loan term	2 years
PPP Loans [Member] | Maximum [Member]
Classification of Loans by Loan Portfolio Segment [Abstract]
Extension to loan term	5 years
Loan term	5 years
Residential Real Estate [Member]
Classification of Loans by Loan Portfolio Segment [Abstract]
Gross loans	$ 436,348	444,011
Total loans	436,569	444,140
Allowance for loan losses	(4,115)	(4,155)	(5,094)	(5,103)
Multi-family [Member]
Classification of Loans by Loan Portfolio Segment [Abstract]
Gross loans	358,456	266,294
Total loans	358,831	266,714
Allowance for loan losses	(2,568)	(2,433)	(1,619)	(1,506)
Commercial Real Estate [Member]
Classification of Loans by Loan Portfolio Segment [Abstract]
Gross loans	360,610	348,641
Total loans	360,798	348,807
Allowance for loan losses	(2,518)	(1,884)	(1,221)	(1,221)
Commercial and Industrial [Member]
Classification of Loans by Loan Portfolio Segment [Abstract]
Gross loans	109,562	172,274
Total loans	109,718	172,077
Allowance for loan losses	(184)	(79)	(44)	(38)
Commercial and Industrial [Member] | PPP Loans [Member]
Classification of Loans by Loan Portfolio Segment [Abstract]
Gross loans	72,900	140,400
Construction and Land Development [Member]
Classification of Loans by Loan Portfolio Segment [Abstract]
Gross loans	11,444	15,374
Total loans	11,487	15,374
Allowance for loan losses	0	0	0	0
Consumer [Member]
Classification of Loans by Loan Portfolio Segment [Abstract]
Gross loans	29	11
Total loans	31	13
Allowance for loan losses	$ (1)	$ (1)	$ (1)	$ (1)

LOANS, Carrying Amount for Purc

LOANS, Carrying Amount for Purchased Credit Impaired Loans (Details) $ in Thousands	Dec. 31, 2021USD ($)
Carrying Amount for Purchased Credit Impaired Loans [Abstract]
Total recorded investment	$ 5,489
Commercial Real Estate [Member]
Carrying Amount for Purchased Credit Impaired Loans [Abstract]
Total recorded investment	3,590
Commercial and Industrial [Member]
Carrying Amount for Purchased Credit Impaired Loans [Abstract]
Total recorded investment	$ 1,899

LOANS, Changes in Accretable Di

LOANS, Changes in Accretable Difference on Purchased Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in Accretable Difference on Purchased Loans [Abstract]
Balance at beginning of period	$ 346
Accretable differences acquired	0
Accretion	(1,035)
Adjustments to accretable difference due to changes in expected cash flows	363
Other changes, net	416
Ending balance	90
Amount from sale of loans	35,200	$ 8,400
Recognized net gains amount	$ 1,492	$ 181

LOANS, Activity in Allowance fo

LOANS, Activity in Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Allowance for loan losses by portfolio segment [Roll Forward]
Beginning Balance	$ 8,552	$ 7,869
Charge-offs	(66)	0
Recoveries	0	10
Provision (credit) for loan losses	900	100
Ending Balance	9,386	7,979
Residential Real Estate Loans [Member]
Allowance for loan losses by portfolio segment [Roll Forward]
Beginning Balance	4,155	5,103
Charge-offs	0	0
Recoveries	0	0
Provision (credit) for loan losses	(40)	(9)
Ending Balance	4,115	5,094
Multi-family Loans [Member]
Allowance for loan losses by portfolio segment [Roll Forward]
Beginning Balance	2,433	1,506
Charge-offs	(66)	0
Recoveries	0	0
Provision (credit) for loan losses	201	113
Ending Balance	2,568	1,619
Commercial Real Estate [Member]
Allowance for loan losses by portfolio segment [Roll Forward]
Beginning Balance	1,884	1,221
Charge-offs	0	0
Recoveries	0	0
Provision (credit) for loan losses	634	0
Ending Balance	2,518	1,221
Commercial and Industrial [Member]
Allowance for loan losses by portfolio segment [Roll Forward]
Beginning Balance	79	38
Charge-offs	0	0
Recoveries	0	10
Provision (credit) for loan losses	105	(4)
Ending Balance	184	44
Construction and Land Development Loans [Member]
Allowance for loan losses by portfolio segment [Roll Forward]
Beginning Balance	0	0
Charge-offs	0	0
Recoveries	0	0
Provision (credit) for loan losses	0	0
Ending Balance	0	0
Consumer Loans [Member]
Allowance for loan losses by portfolio segment [Roll Forward]
Beginning Balance	1	1
Charge-offs	0	0
Recoveries	0	0
Provision (credit) for loan losses	0	0
Ending Balance	$ 1	$ 1

LOANS, Allowance for Loan Losse

LOANS, Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment Based on Impairment Method (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Allowance for Loan Losses [Abstract]
Individually evaluated for impairment	$ 0	$ 0
Collectively evaluated for impairment	9,386	8,552
Purchased-credit impaired	0	0
Total allowance for loan losses	9,386	8,552	$ 7,979	$ 7,869
Loans [Abstract]
Individually evaluated for impairment	7,750	8,673
Collectively evaluated for impairment	1,264,195	1,228,211
Purchased credit impaired	5,489	10,241
Total loans	1,277,434	1,247,125
Residential Real Estate Loans [Member]
Allowance for Loan Losses [Abstract]
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	4,115	4,155
Purchased-credit impaired	0	0
Total allowance for loan losses	4,115	4,155	5,094	5,103
Loans [Abstract]
Individually evaluated for impairment	6,315	7,198
Collectively evaluated for impairment	430,254	436,942
Purchased credit impaired	0	0
Total loans	436,569	444,140
Multi-family [Member]
Allowance for Loan Losses [Abstract]
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	2,568	2,433
Purchased-credit impaired	0	0
Total allowance for loan losses	2,568	2,433	1,619	1,506
Loans [Abstract]
Individually evaluated for impairment	432	458
Collectively evaluated for impairment	358,399	266,256
Purchased credit impaired	0	0
Total loans	358,831	266,714
Commercial Real Estate [Member]
Allowance for Loan Losses [Abstract]
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	2,518	1,884
Purchased-credit impaired	0	0
Total allowance for loan losses	2,518	1,884	1,221	1,221
Loans [Abstract]
Individually evaluated for impairment	523	517
Collectively evaluated for impairment	356,685	339,966
Purchased credit impaired	3,590	8,324
Total loans	360,798	348,807
Commercial and Industrial [Member]
Allowance for Loan Losses [Abstract]
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	184	79
Purchased-credit impaired	0	0
Total allowance for loan losses	184	79	44	38
Loans [Abstract]
Individually evaluated for impairment	480	500
Collectively evaluated for impairment	107,339	169,660
Purchased credit impaired	1,899	1,917
Total loans	109,718	172,077
Construction and Land Development [Member]
Allowance for Loan Losses [Abstract]
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	0	0
Purchased-credit impaired	0	0
Total allowance for loan losses	0	0	0	0
Loans [Abstract]
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	11,487	15,374
Purchased credit impaired	0	0
Total loans	11,487	15,374
Consumer [Member]
Allowance for Loan Losses [Abstract]
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	1	1
Purchased-credit impaired	0	0
Total allowance for loan losses	1	1	$ 1	$ 1
Loans [Abstract]
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	31	13
Purchased credit impaired	0	0
Total loans	$ 31	$ 13

LOANS, Impaired Loans (Details)

LOANS, Impaired Loans (Details) - USD ($) $ in Thousands		3 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
With no related allowance recorded [Abstract]
Unpaid principal balance		$ 7,750		$ 8,821
Recorded investment		7,750		8,673
Average recorded investment and interest income recognized [Abstract]
Average recorded investment		7,788	$ 5,729
Interest income recognized	[1]	20	24
Residential Real Estate [Member]
With no related allowance recorded [Abstract]
Unpaid principal balance		6,315		7,382
Recorded investment		6,315		7,198
Average recorded investment and interest income recognized [Abstract]
Average recorded investment		6,347	5,655
Interest income recognized	[1]	20	22
Multi-family [Member]
With no related allowance recorded [Abstract]
Unpaid principal balance		432		382
Recorded investment		432		458
Average recorded investment and interest income recognized [Abstract]
Average recorded investment		440	46
Interest income recognized	[1]	0	1
Commercial Real Estate [Member]
With no related allowance recorded [Abstract]
Unpaid principal balance		523		522
Recorded investment		523		517
Average recorded investment and interest income recognized [Abstract]
Average recorded investment		520	28
Interest income recognized	[1]	0	1
Commercial and Industrial [Member]
With no related allowance recorded [Abstract]
Unpaid principal balance		480		535
Recorded investment		480		$ 500
Average recorded investment and interest income recognized [Abstract]
Average recorded investment		481	0
Interest income recognized	[1]	$ 0	$ 0
[1]	Accrual basis interest income recognized approximates cash basis income.

LOANS, Loan Portfolio Past Due

LOANS, Loan Portfolio Past Due and Non-Accrual Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021		Sep. 30, 2021
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Non-accrual	$ 6,115		$ 7,028
Total past due and non-accrual	12,179		15,241
Purchased credit impaired loans	5,489		10,241
Total	1,277,434		1,247,125
30-59 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	5,263		6,612
60-89 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	801		1,601
Greater than 89 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	0		0
Current [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	1,259,766		1,221,643
Residential Real Estate [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Non-accrual	4,680	[1]	5,554	[2]
Total past due and non-accrual	5,049		8,187
Purchased credit impaired loans	0		0
Total	436,569		444,140
Residential Real Estate [Member] | 30-59 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	52		1,032
Non-accrual	296
Residential Real Estate [Member] | 60-89 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	317		1,601
Non-accrual	996		1,026
Residential Real Estate [Member] | Greater than 89 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	0		0
Non-accrual	3,388		4,528
Residential Real Estate [Member] | Current [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	431,520		435,953
Multi-family [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Non-accrual	432	[3]	458	[4]
Total past due and non-accrual	432		458
Purchased credit impaired loans	0		0
Total	358,831		266,714
Multi-family [Member] | 30-59 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	0		0
Multi-family [Member] | 60-89 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	0		0
Multi-family [Member] | Greater than 89 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	0		0
Multi-family [Member] | Current [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	358,399		266,256
Commercial Real Estate [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Non-accrual	523	[5]	1,016	[6]
Total past due and non-accrual	5,591		2,955
Purchased credit impaired loans	3,590		8,324
Total	360,798		348,807
Commercial Real Estate [Member] | 30-59 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	5,068		1,939
Commercial Real Estate [Member] | 60-89 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	0		0
Commercial Real Estate [Member] | Greater than 89 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	0		0
Commercial Real Estate [Member] | Current [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	351,617		337,528
Commercial and Industrial [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Non-accrual	480	[7]	0
Total past due and non-accrual	1,107		3,641
Purchased credit impaired loans	1,899		1,917
Total	109,718		172,077
Commercial and Industrial [Member] | 30-59 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	143		3,641
Commercial and Industrial [Member] | 60-89 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	484		0
Commercial and Industrial [Member] | Greater than 89 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	0		0
Commercial and Industrial [Member] | Current [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	106,712		166,519
Construction and Land Development [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Non-accrual	0		0
Total past due and non-accrual	0		0
Purchased credit impaired loans	0		0
Total	11,487		15,374
Construction and Land Development [Member] | 30-59 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	0		0
Construction and Land Development [Member] | 60-89 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	0		0
Construction and Land Development [Member] | Greater than 89 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	0		0
Construction and Land Development [Member] | Current [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	11,487		15,374
Consumer [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Non-accrual	0		0
Total past due and non-accrual	0		0
Purchased credit impaired loans	0		0
Total	31		13
Consumer [Member] | 30-59 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	0		0
Consumer [Member] | 60-89 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	0		0
Consumer [Member] | Greater than 89 Days Past Due [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	0		0
Consumer [Member] | Current [Member]
Loan Portfolio Past Due and Non-Accrual Loans [Abstract]
Recorded total loans	$ 31		$ 13
[1]	Of the residential real estate non-accrual loans, $296 were 31 days past due, $996 were 61 days past due and $3,388 were greater than 89 days past due.
[2]	Of the residential real estate non-accrual loans, $1,026 were 61 days past due and $4,528 were greater than 89 days past due.
[3]	Multi-family non-accrual loans at December 31, 2021 were greater than 89 days past due.
[4]	Multi-family non-accrual loans at September 30, 2021 were greater than 89 days past due.
[5]	Commercial real estate non-accrual loans at December 31, 2021 were greater than 89 days past due.
[6]	Commercial real estate non-accrual loans at September 30, 2021 were greater than 89 days past due.
[7]	Commercial and industrial non-accrual loans at December 31, 2021 were greater than 89 days past due.

LOANS, Troubled Debt Restructur

LOANS, Troubled Debt Restructurings (Details) $ in Millions	3 Months Ended
	Dec. 31, 2021USD ($)Loan	Dec. 31, 2020Loan	Sep. 30, 2021USD ($)
Troubled Debt Restructurings [Abstract]
Recorded investment in TDRs	$ 1.7		$ 1.7
Specific reserves allocated to troubled debt restructurings	0		0
Commitments to lend additional funds in troubled debt restructurings	$ 0		$ 0
TDR's with subsequent payment default | Loan	0	0
Threshold period for payment default	90 days
Number of newly added TDRs | Loan	0	0
Modifications Excluded from TDR Classification [Abstract]
Forbearance period of monthly payments	180 days
Additional forbearance period of monthly payments	180 days
COVID-19 [Member]
Modifications Excluded from TDR Classification [Abstract]
Aggregate number of loan modifications made by other than troubled debt restructurings | Loan	519
Aggregate amount of loan modifications made by other than troubled debt restructurings, aggregate principal balances	$ 367.1
Number of loans in forbearance | Loan	12
Amount of loans in forbearance	$ 11
Number of loans in forbearance, qualified | Loan	5
Amount of loans in forbearance, qualified	$ 2.9

LOANS, Loan Portfolio by Credit

LOANS, Loan Portfolio by Credit Risk Rating (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Loans Portfolio by Credit Risk Rating [Abstract]
Total	$ 1,276,449	$ 1,246,605
Pass [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	1,234,017	1,194,732
Special Mention [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	25,771	26,548
Substandard [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	16,661	25,322
Doubtful [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	0	3
Residential [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	436,348	444,011
Residential [Member] | Pass [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	426,327	433,299
Residential [Member] | Special Mention [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	4,816	5,115
Residential [Member] | Substandard [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	5,205	5,594
Residential [Member] | Doubtful [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	0	3
Multi-family [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	358,456	266,294
Multi-family [Member] | Pass [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	354,292	262,984
Multi-family [Member] | Special Mention [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	3,732	2,852
Multi-family [Member] | Substandard [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	432	458
Multi-family [Member] | Doubtful [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	0	0
Commercial [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	360,610	348,641
Commercial [Member] | Pass [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	338,852	316,727
Commercial [Member] | Special Mention [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	15,109	16,274
Commercial [Member] | Substandard [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	6,649	15,640
Commercial [Member] | Doubtful [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	0	0
Commercial and Industrial [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	109,562	172,274
Commercial and Industrial [Member] | Pass [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	105,071	168,104
Commercial and Industrial [Member] | Special Mention [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	116	540
Commercial and Industrial [Member] | Substandard [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	4,375	3,630
Commercial and Industrial [Member] | Doubtful [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	0	0
Construction and Land Development [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	11,444	15,374
Construction and Land Development [Member] | Pass [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	9,446	13,607
Construction and Land Development [Member] | Special Mention [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	1,998	1,767
Construction and Land Development [Member] | Substandard [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	0	0
Construction and Land Development [Member] | Doubtful [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	0	0
Consumer [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	29	11
Consumer [Member] | Pass [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	29	11
Consumer [Member] | Special Mention [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	0	0
Consumer [Member] | Substandard [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	0	0
Consumer [Member] | Doubtful [Member]
Loans Portfolio by Credit Risk Rating [Abstract]
Total	$ 0	$ 0

EQUITY COMPENSATION PLANS, 2021

EQUITY COMPENSATION PLANS, 2021 and 2018 Equity Compensation Plan (Details)	3 Months Ended
	Dec. 31, 2021shares
2021 Plan [Member]
Equity Compensation Plans [Abstract]
Number of common shares approved for issuance (in shares)	427,500
Number of shares available for issuance (in shares)	427,500
2018 Plan [Member]
Equity Compensation Plans [Abstract]
Number of common shares approved for issuance (in shares)	346,000
Number of shares available for issuance (in shares)	198,735
Stock Options [Member]
Equity Compensation Plans [Abstract]
Number of Savoy options converted (in shares)	71,900

EQUITY COMPENSATION PLANS, Stoc

EQUITY COMPENSATION PLANS, Stock Options (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2021		Dec. 31, 2020	Sep. 30, 2021
Equity Compensation Plans [Abstract]
Award vesting period	3 years
Contractual term	10 years
Number of Options [Roll Forward]
Outstanding, beginning of period (in shares)	227,406
Granted (in shares)	0
Exercised (in shares)	0		0
Forfeited (in shares)	0
Outstanding, end of period (in shares)	227,406	[1]		227,406
Weighted-Average Exercise Price Per Share [Roll Forward]
Outstanding, beginning of period (in dollars per share)	$ 9.50
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	0
Outstanding, end of period (in dollars per share)	$ 9.50	[1]		$ 9.50
Aggregate Intrinsic Value [Abstract]
Aggregate intrinsic value, outstanding	$ 2,043	[1]		$ 2,043
Weighted Average Remaining Contractual Term [Abstract]
Weighted-average remaining contractual term, outstanding	3 years 2 months 12 days	[1]		3 years 6 months 3 days
Compensation expenses	$ 0		$ 0
[1]	All outstanding options are fully vested and exercisable.

EQUITY COMPENSATION PLANS, Rest

EQUITY COMPENSATION PLANS, Restricted Stock (Details) - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock [Abstract]
Award vesting period	3 years
Number of Shares [Roll Forward]
Unvested, beginning of period (in shares)	75,833
Granted (in shares)	0	7,500
Vested (in shares)	(2,666)
Forfeited (in shares)	(2,887)
Unvested, end of period (in shares)	70,280
Weighted-Average Grant Date Fair Value [Roll Forward]
Unvested, beginning of period (in dollars per share)	$ 19.87
Granted (in dollars per share)	0
Vested (in dollars per share)	21.49
Forfeited (in dollars per share)	19.07
Unvested, end of period (in dollars per share)	$ 19.84
Compensation expenses	$ 217	$ 229
Unrealized compensation cost	$ 800
Weighted-average term for recognizing unrealized compensation cost	1 year 7 months 13 days
Total fair value of shares vested	$ 49	$ 7

REGULATORY MATTERS (Details)

REGULATORY MATTERS (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)
Total capital to risk-weighted assets [Abstract]
Actual capital, Amount	$ 141,803	$ 132,554
Actual capital, Ratio	0.1552	0.1559
Minimum capital adequacy requirement, Amount	$ 73,114	$ 68,040
Minimum capital adequacy requirement, Ratio	0.0800	0.0800
Minimum capital adequacy requirement with capital conservation buffer, Amount	$ 95,963	$ 89,303
Minimum capital adequacy requirement with capital conservation buffer, Ratio	0.1050	0.1050
Minimum to be well capitalized under prompt corrective action provisions, Amount	$ 91,393	$ 85,050
Minimum to be well capitalized under prompt corrective action provisions, Ratio	0.1000	0.1000
Tier 1 capital to risk-weighted assets [Abstract]
Actual capital, Amount	$ 132,006	$ 123,666
Actual capital, Ratio	0.1444	0.1454
Minimum capital adequacy requirement, Amount	$ 54,836	$ 51,030
Minimum capital adequacy requirement, Ratio	0.0600	0.0600
Minimum capital adequacy requirement with capital conservation buffer, Amount	$ 77,684	$ 72,293
Minimum capital adequacy requirement with capital conservation buffer, Ratio	0.0850	0.0850
Minimum to be well capitalized under prompt corrective action provisions, Amount	$ 73,114	$ 68,040
Minimum to be well capitalized under prompt corrective action provisions, Ratio	0.0800	0.0800
Common equity tier 1 capital to risk-weighted assets [Abstract]
Actual capital, Amount	$ 132,006	$ 123,666
Actual capital, Ratio	0.1444	0.1454
Minimum capital adequacy requirement, Amount	$ 41,127	$ 38,273
Minimum capital adequacy requirement, Ratio	0.0450	0.0450
Minimum capital adequacy requirement with capital conservation buffer, Amount	$ 63,975	$ 59,535
Minimum capital adequacy requirement with capital conservation buffer, Ratio	0.0700	0.0700
Minimum to be well capitalized under prompt corrective action provisions, Amount	$ 59,405	$ 55,283
Minimum to be well capitalized under prompt corrective action provisions, Ratio	0.0650	0.0650
Tier 1 capital to adjusted average assets (leverage) [Abstract]
Actual capital, Amount	$ 132,006	$ 123,666
Actual capital, Ratio	0.0992	0.0945
Minimum capital adequacy requirement, Amount	$ 53,241	$ 52,338
Minimum capital adequacy requirement, Ratio	0.0400	0.0400
Minimum to be well capitalized under prompt corrective action provisions, Amount	$ 66,551	$ 65,423
Minimum to be well capitalized under prompt corrective action provisions, Ratio	0.0500	0.0500
Retained net income available to pay dividends	$ 35,200

FAIR VALUE, Assets Measured at

FAIR VALUE, Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Financial Assets [Abstract]
Available-for-sale securities	$ 7,536	$ 7,747
Mortgage servicing rights	3,741	3,690
U.S. GSE Securities [Member] | Residential Mortgage Backed Securities [Member]
Financial Assets [Abstract]
Available-for-sale securities	515	833
Corporate Bonds [Member]
Financial Assets [Abstract]
Available-for-sale securities	7,021	6,914
Recurring [Member]
Financial Assets [Abstract]
Total	11,277	11,437
Recurring [Member] | U.S. GSE Securities [Member] | Residential Mortgage Backed Securities [Member]
Financial Assets [Abstract]
Available-for-sale securities	515	833
Recurring [Member] | Corporate Bonds [Member]
Financial Assets [Abstract]
Available-for-sale securities	7,021	6,914
Recurring [Member] | Mortgage Servicing Rights [Member]
Financial Assets [Abstract]
Mortgage servicing rights	3,741	3,690
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial Assets [Abstract]
Total	0	0
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. GSE Securities [Member] | Residential Mortgage Backed Securities [Member]
Financial Assets [Abstract]
Available-for-sale securities	0	0
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Bonds [Member]
Financial Assets [Abstract]
Available-for-sale securities	0	0
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage Servicing Rights [Member]
Financial Assets [Abstract]
Mortgage servicing rights	0	0
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Financial Assets [Abstract]
Total	7,536	7,747
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. GSE Securities [Member] | Residential Mortgage Backed Securities [Member]
Financial Assets [Abstract]
Available-for-sale securities	515	833
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member]
Financial Assets [Abstract]
Available-for-sale securities	7,021	6,914
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage Servicing Rights [Member]
Financial Assets [Abstract]
Mortgage servicing rights	0	0
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Financial Assets [Abstract]
Total	3,741	3,690
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. GSE Securities [Member] | Residential Mortgage Backed Securities [Member]
Financial Assets [Abstract]
Available-for-sale securities	0	0
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds [Member]
Financial Assets [Abstract]
Available-for-sale securities	0	0
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member]
Financial Assets [Abstract]
Mortgage servicing rights	$ 3,741	$ 3,690

FAIR VALUE, Significant Inputs

FAIR VALUE, Significant Inputs Utilized in Cash Flow Models (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)
Fair Value Hierarchy [Abstract]
Servicing rights, valuation technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
SBA Loans [Member]
Fair Value Hierarchy [Abstract]
Servicing rights, valuation technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Significant Unobservable Inputs (Level 3) [Member] | Discount Rate [Member] | Minimum [Member]
Fair Value Hierarchy [Abstract]
Servicing rights, measurement input	0.120	0.120
Significant Unobservable Inputs (Level 3) [Member] | Discount Rate [Member] | Minimum [Member] | SBA Loans [Member]
Fair Value Hierarchy [Abstract]
Servicing rights, measurement input	0.0479
Significant Unobservable Inputs (Level 3) [Member] | Discount Rate [Member] | Maximum [Member]
Fair Value Hierarchy [Abstract]
Servicing rights, measurement input	0.145	0.145
Significant Unobservable Inputs (Level 3) [Member] | Discount Rate [Member] | Maximum [Member] | SBA Loans [Member]
Fair Value Hierarchy [Abstract]
Servicing rights, measurement input	0.2384
Significant Unobservable Inputs (Level 3) [Member] | Prepayment Rate [Member]
Fair Value Hierarchy [Abstract]
Servicing rights, measurement input	0.2625
Significant Unobservable Inputs (Level 3) [Member] | Prepayment Rate [Member] | Minimum [Member]
Fair Value Hierarchy [Abstract]
Servicing rights, measurement input		0.2418
Significant Unobservable Inputs (Level 3) [Member] | Prepayment Rate [Member] | Minimum [Member] | SBA Loans [Member]
Fair Value Hierarchy [Abstract]
Servicing rights, measurement input	0.0894
Significant Unobservable Inputs (Level 3) [Member] | Prepayment Rate [Member] | Maximum [Member]
Fair Value Hierarchy [Abstract]
Servicing rights, measurement input		0.2433
Significant Unobservable Inputs (Level 3) [Member] | Prepayment Rate [Member] | Maximum [Member] | SBA Loans [Member]
Fair Value Hierarchy [Abstract]
Servicing rights, measurement input	0.2363
Significant Unobservable Inputs (Level 3) [Member] | Weighted Average Life [Member] | Minimum [Member]
Fair Value Hierarchy [Abstract]
Servicing rights, measurement input	1 year 9 months 18 days	1 year 11 months 15 days
Significant Unobservable Inputs (Level 3) [Member] | Weighted Average Life [Member] | Minimum [Member] | SBA Loans [Member]
Fair Value Hierarchy [Abstract]
Servicing rights, measurement input	3 months 10 days
Significant Unobservable Inputs (Level 3) [Member] | Weighted Average Life [Member] | Maximum [Member]
Fair Value Hierarchy [Abstract]
Servicing rights, measurement input	3 years 7 days	3 years 3 months 18 days
Significant Unobservable Inputs (Level 3) [Member] | Weighted Average Life [Member] | Maximum [Member] | SBA Loans [Member]
Fair Value Hierarchy [Abstract]
Servicing rights, measurement input	5 years 9 months 18 days
Nonrecurring [Member]
Fair Value Hierarchy [Abstract]
Financial instruments measured at fair value	$ 0	$ 0
Impaired loans, related specific allowance	$ 0	$ 0

FAIR VALUE, Changes in Mortgage

FAIR VALUE, Changes in Mortgage Servicing Rights (Details) - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in Mortgage Servicing Rights [Roll Forward]
Beginning balance	$ 3,690	$ 155
Additions	168	0
Adjustment to fair value	(117)	(11)
Ending balance	$ 3,741	$ 144

FAIR VALUE, Carrying Amounts an

FAIR VALUE, Carrying Amounts and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021
Carrying Amount [Member]
Financial Assets [Abstract]
Cash and cash equivalents	$ 114,951	$ 166,544
Securities held to maturity	4,834	8,611
Securities available-for-sale	7,536	7,747
Loans, net	1,268,048	1,238,573
Federal Home Loan Bank stock	4,057	3,714
Accrued interest receivable	8,858	9,363
Financial Liabilities [Abstract]
Time deposits	326,883	377,836
Demand and other deposits	849,868	786,826
Borrowings	113,274	159,642
Subordinated debentures	24,504	24,513
Accrued interest payable	879	1,290
Fair Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	114,951	166,544
Securities held to maturity	5,008	8,865
Securities available-for-sale	7,536	7,747
Loans, net	1,282,865	1,278,056
Accrued interest receivable	8,858	9,363
Financial Liabilities [Abstract]
Time deposits	326,517	378,333
Demand and other deposits	849,868	786,826
Borrowings	112,852	159,608
Subordinated debentures	27,083	27,092
Accrued interest payable	879	1,290
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial Assets [Abstract]
Cash and cash equivalents	114,951	166,544
Securities held to maturity	0	0
Securities available-for-sale	0	0
Loans, net	0	0
Accrued interest receivable	0	0
Financial Liabilities [Abstract]
Time deposits	0	0
Demand and other deposits	849,868	786,826
Borrowings	0	0
Subordinated debentures	0	0
Accrued interest payable	1	1
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member]
Financial Assets [Abstract]
Cash and cash equivalents	0	0
Securities held to maturity	5,008	8,865
Securities available-for-sale	7,536	7,747
Loans, net	0	0
Accrued interest receivable	116	211
Financial Liabilities [Abstract]
Time deposits	326,517	378,333
Demand and other deposits	0	0
Borrowings	112,852	159,608
Subordinated debentures	27,083	27,092
Accrued interest payable	878	713
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member]
Financial Assets [Abstract]
Cash and cash equivalents	0	0
Securities held to maturity	0	0
Securities available-for-sale	0	0
Loans, net	1,282,865	1,278,056
Accrued interest receivable	8,742	9,152
Financial Liabilities [Abstract]
Time deposits	0	0
Demand and other deposits	0	0
Borrowings	0	0
Subordinated debentures	0	0
Accrued interest payable	$ 0	$ 576

BORROWINGS (Details)

BORROWINGS (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Sep. 30, 2021
Outstanding FHLB Advances Contractual Maturities, Amount [Abstract]
2022	$ 10,000	$ 4,000
2023	11,995	12,040
2024	18,860	18,860
2025	7,080	7,080
FHLB advances outstanding	$ 47,935	$ 41,980
Outstanding FHLB Advances Contractual Maturities, Weighted Average Rate [Abstract]
2022	0.34%	2.02%
2023	2.23%	2.23%
2024	0.98%	0.98%
2025	0.58%	0.58%
Weighted average rate	1.10%	1.37%
Additional eligible borrowings from FHLB	$ 26,700
Federal Reserve Borrowings [Abstract]
Borrowings	$ 113,274	$ 159,642
Minimum [Member]
Federal Home Loan Bank ("FHLB") Advances [Abstract]
Interest rate	0.34%	0.37%
Maximum [Member]
Federal Home Loan Bank ("FHLB") Advances [Abstract]
Interest rate	2.96%	2.96%
Federal Home Loan Bank Advances [Member]
Federal Home Loan Bank ("FHLB") Advances [Abstract]
Maturity date, earliest	2022	2021
Maturity date, last	2025	2025
Unsecured Debt [Member]
Correspondent Bank Borrowings [Abstract]
Line of credit available for borrowing	$ 55,000
Borrowings outstanding	0	$ 0
PPPLF [Member]
Federal Reserve Borrowings [Abstract]
Borrowings	$ 65,300	$ 117,700
Borrowing rate of interest	0.35%	0.35%
PPP Loans [Member] | Minimum [Member]
Federal Reserve Borrowings [Abstract]
Maturity term of loan	2 years
PPP Loans [Member] | Maximum [Member]
Federal Reserve Borrowings [Abstract]
Maturity term of loan	5 years
Residential and Commercial Mortgage Loans [Member]
Federal Home Loan Bank ("FHLB") Advances [Abstract]
Amount of collateral pledged	$ 488,500	$ 432,700

SUBORDINATED DEBENTURES (Detail

SUBORDINATED DEBENTURES (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021	Oct. 31, 2020
Debt Instruments [Abstract]
Issuance costs recorded in interest expense	$ 22	$ 30
Subordinated Notes [Member]
Debt Instruments [Abstract]
Unamortized issuance costs	500		$ 500
Issuance costs recorded in interest expense	$ 21	$ 13
Subordinated Notes [Member] | Private Placement [Member]
Debt Instruments [Abstract]
Aggregate principal amount				$ 25,000
Debt instrument, maturity date	Dec. 31, 2030
Subordinated Notes [Member] | Private Placement [Member] | Until October 15, 2025 [Member]
Debt Instruments [Abstract]
Borrowing rate of interest				5.00%
Subordinated Notes [Member] | Private Placement [Member] | From and Excluding October 15, 2025 [Member] | Secured Overnight Financing Rate [Member]
Debt Instruments [Abstract]
Basis spread on variable rate	4.874%
Term of variable rate	3 months

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
Changes in Other Comprehensive Income by Component, Net of Tax [Roll Forward]
Balance	$ 122,529	$ 78,043	$ 78,043
Other comprehensive income	54	167
Balance	129,379	80,024	122,529
Amount reclassified from accumulated other comprehensive income		0	0
Accumulated Other Comprehensive Income [Member]
Changes in Other Comprehensive Income by Component, Net of Tax [Roll Forward]
Balance	256	156	156
Other comprehensive income	54	167
Balance	310	323	256
Unrealized Gains and Losses on Available-for-Sale Debt Securities [Member]
Changes in Other Comprehensive Income by Component, Net of Tax [Roll Forward]
Balance	256,000	156,000	156,000
Other comprehensive income	54,000	167,000
Balance	$ 310,000	$ 323,000	$ 256,000