Gouverneur Bancorp (GOVB) 10-Q12 Feb 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Dec. 31, 2023	Feb. 09, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Entity File Number	000-56606
Entity Registrant Name	Gouverneur Bancorp, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	37-2102925
Entity Address, Address Line One	42 Church Street
Entity Address, City or Town	Gouverneur
Entity Address State Or Province	NY
Entity Address, Postal Zip Code	13642
City Area Code	315
Local Phone Number	287-2600
Title of 12(b) Security	None
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		1,107,134
Entity Central Index Key	0001978811
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Assets:
Cash and due from banks	$ 6,576	$ 9,306
Interest-bearing deposits in bank	1,503	1,101
Total cash and cash equivalents	8,079	10,407
Time Deposits in other financial institutions	491	484
Available for sale debt securities		46,624
Securities available-for-sale, at fair value	49,402
Loans receivable, net	124,611
Loans receivable, net		125,427
Investments in restricted stock, at cost	1,150	1,471
Bank owned life insurance	7,021	6,984
Premises and equipment, net	3,016	3,073
Foreclosed real estate, net	74	101
Core deposit intangible	1,976	2,080
Goodwill	4,237	4,237
Accrued interest receivable and other assets	4,888	4,997
Total assets	204,945	205,885
Liabilities:
Deposits: Non-interest-bearing demand	19,199	25,052
NOW and money market	48,494	42,625
Savings and club	63,716	66,570
Time certificates	28,918	24,531
Total deposits	160,327	158,778
Advances from the Federal Home Loan Bank	7,000	13,990
Advanced payments from borrowers for taxes and insurance	1,292	443
Accrued interest payable and other liabilities	4,267	7,566
Total liabilities	172,886	180,777
Shareholders' Equity:
Common stock, $.01 par value: December 31, 2023: 75,000,000 shares authorized; 1,107,134 shares issued September 30, 2023: 9,000,000 shares authorized; 2,031,377 shares issued	11	24
Additional paid-in capital	6,487	5,035
Unearned common stock held by employee stock ownership plan (unallocated shares December 31, 2023: 53,989: September 30, 2023: 0)	(540)
Retained earnings	27,992	28,242
Accumulated other comprehensive loss	(1,891)	(4,123)
Treasury Stock, at cost, (shares December 31, 2023: 0: September 30, 2023: 352,231)		(4,070)
Total shareholders' equity	32,059	25,108
Total liabilities and shareholders' equity	204,945	205,885
Originated
Assets:
Loans receivable, net	94,084
Loans receivable, net		93,253
Acquired
Assets:
Loans receivable, net	$ 30,527
Loans receivable, net		$ 32,174

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
Net Discounts on Acquired Loans	$ 948	$ 992
Allowance for loan losses		623
Allowance for credit losses	$ 1,061	$ 623
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	75,000,000	9,000,000
Common stock, shares issued	1,107,134	2,031,377
Unallocated unearned common stock held by employee stock ownership plan, shares	53,989	0
Treasury stock, shares	0	352,231

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) - USD ($)	3 Months Ended
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Interest income:
Loans, net	$ 1,601,000	$ 1,482,000
Net swap income (expense) on loan hedge		27,000
Securities-taxable	357,000	337,000
Securities-non-taxable	146,000	145,000
Other short-term investments	24,000	23,000
Total interest income	2,128,000	2,014,000
Interest expense:
Deposits	243,000	55,000
Net swap (income) expense on deposit hedge		(31,000)
Borrowings - short term and long term	131,000	6,000
Net swap income on borrowing hedge	(50,000)
Total interest expense	324,000	30,000
Net interest income	1,804,000	1,984,000
Provision for credit losses - Loans	68,000	15,000
Unfunded commitments	2,000
Net interest income after provision for credit losses	1,734,000	1,969,000
Non-interest income:
Service charges	87,000	92,000
Realized loss on sales of securities - AFS		(342,000)
Realized gain on swap unwound	75,000	343,000
Earnings on investment in life insurance	38,000	36,000
Earnings on deferred fees plan	12,000	28,000
Unrealized loss on swap agreements	(143,000)	(436,000)
Earnings on MPF and MAP programs	10,000	10,000
Other non-interest income	68,000	79,000
Total non-interest income (loss), net	147,000	(190,000)
Non-interest expenses:
Salaries and employee benefits	863,000	802,000
Directors fees	86,000	71,000
Earnings on deferred fees plan	12,000	28,000
Building, occupancy and equipment	238,000	241,000
Data processing	106,000	109,000
Postage and supplies	24,000	45,000
Professional fees	150,000	106,000
Intangibles & deposit premium amortization	104,000	115,000
Foreclosed assets, net	4,000	23,000
Other non-interest expense	193,000	229,000
Total non-interest expenses	1,780,000	1,769,000
Income before income tax expense	101,000	10,000
Income tax benefit	(17,000)	(36,000)
Net income	$ 118,000	$ 46,000
Earnings per common share - basic	$ 0.11	$ 0.02
Earnings per common share - diluted	$ 0.11	$ 0.02

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
Net Income (Loss)	$ 118	$ 46
Unrealized gain on securities:
Unrealized holding gain arising during period	2,766	1,306
Tax expense	581	274
Unrealized holding gain, net of deferred taxes	2,185	1,032
Post-retirement benefit	59	47
Tax expense	12	10
Post-retirement benefit, net of deferred taxes	47	37
Total other comprehensive income	2,232	1,069
Total comprehensive income	$ 2,350	$ 1,115

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDER'S EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Unearned Common Stock held by ESOP	Retained Earnings Adoption of ASU 2016-13 Current Expected Credit Losses	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Adoption of ASU 2016-13 Current Expected Credit Losses	Total
Beginning balance at Sep. 30, 2022	$ 24	$ 5,035			$ 28,128	$ (4,070)	$ (4,288)		$ 24,829
Comprehensive income:
Net Income (Loss)					46				46
Net pension and postretirement benefit costs, net of taxes							37		37
Change in unrealized gain (losses) on securities available-for-sale, net of reclassification adjustment and tax effects							1,032		1,032
Total comprehensive income									1,115
Ending balance at Dec. 31, 2022	24	5,035			28,174	(4,070)	(3,219)		25,944
Beginning balance at Sep. 30, 2023	24	5,035			28,242	(4,070)	(4,123)		25,108
Comprehensive income:
Net Income (Loss)					118				118
Net pension and postretirement benefit costs, net of taxes							47		47
Change in unrealized gain (losses) on securities available-for-sale, net of reclassification adjustment and tax effects							2,185		2,185
Total comprehensive income									2,350
Net proceeds from stock offering and holding company conversion		4,932							$ 4,932
Common stock issued in stock offering (1,107,134 shares)	11	(11)
Cancellation of common stock (2,031,377 shares)	(20)	20
Cancellation of treasury stock (352,231 shares)	(4)	$ (4,066)				$ 4,070
Purchase of ESOP shares (57,845 shares)		578,000	(578,000)						57,845
ESOP shares committed to be released (3,856 shares)		$ (1)	$ 38						$ 37
Ending balance at Dec. 31, 2023	$ 11	$ 6,487	$ (540)	$ (368)	$ 27,992		$ (1,891)	$ (368)	$ 32,059

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDER'S EQUITY (Unaudited) (Parenthetical)	3 Months Ended
	Dec. 31, 2023 shares
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Common stock issued in stock offering	1,107,134
Cancellation of common stock	2,031,377
Cancellation of treasury stock	352,231
Employee stock ownership	57,845
ESOP shares committed to be released	3,856

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net Income	$ 118	$ 46
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit loss	70	15
Net amortization of deferred fees on loans	18	27
Net amortization of securities premiums and discounts	(167)	(173)
Depreciation	64	54
Net realized losses on securities available for sale		342
Net amortization of core deposits intangible	104	116
Loss on subsequent write-downs of REOs		23
Net realized gains on sale of foreclosed assets		(1)
ESOP committed to be released	37
Earnings on investment in life insurance	(38)	(36)
Increase in accrued interest receivable and other assets	(485)	(293)
Decrease in accrued interest payable and other liabilities	(3,238)	(160)
Net cash used in operating activities	(3,517)	(40)
Securities available for sale:
Proceeds from sales of securities Available for Sale (AFS)		1,889
Proceeds from maturities and principal reductions of securities (AFS)	959	801
Purchases of securities (AFS)	(811)	(1,977)
(Purchases) redemptions of FHLB stock	321	(158)
Net decrease in loans receivable	387	519
Additions to premises and equipment	(7)	(63)
Proceeds from the sale of foreclosed assets		1
Net cash provided by investing activities	849	1,012
Cash flows from financing activities:
Net increase (decrease) in deposits	1,549	(13,622)
Net increase (decrease) in short-term borrowings	(6,990)	3,700
Advance payments by borrowers for Property Taxes and Insurance, net	849	779
Net cash provided by (used in) financing activities	340	(9,143)
Net stock offering proceeds	4,932
Net decrease in cash and cash equivalents	(2,328)	(8,171)
Cash and cash equivalents - Beginning of Year	10,407	14,344
Cash and cash equivalents - End of Year	8,079	6,173
Supplemental disclosures:
Cash paid during the year for interest	348	$ 37
Write-downs on foreclosed assets through the allowance for loan losses	$ (27)

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Dec. 31, 2023
Basis of Presentation
Basis of Presentation	Note 1: Basis of Presentation The accompanying consolidated financial statements include the accounts of Gouverneur Bancorp, Inc. and Gouverneur Savings and Loan Association (the “Bank”), the wholly owned and only direct subsidiary of Bancorp, and GS&L Municipal Bank, the wholly owned and only subsidiary of the Bank, (collectively referred to as the “Company”) as of December 31, 2023 (unaudited) and September 30, 2023 and for the three-month periods ended December 31, 2023 and 2022 (unaudited). All material intercompany accounts and transactions have been eliminated in this consolidation. These statements were prepared in accordance with instructions for Form 10-Q and, therefore, do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, and cash flows in conformity with generally accepted accounting principles in the United States of America. Bancorp is a Maryland corporation that was incorporated in June 2023 to be the successor to Gouverneur Bancorp, Inc., a federally chartered corporation (the “Mid-Tier Holding Company”), upon completion of the second-step conversion of the Bank from the two-tier mutual holding company structure to the stock holding company structure. Cambray Mutual Holding Company was the former mutual holding company for the Mid-Tier Holding Company prior to the completion of the second-step conversion. In conjunction with the second-step conversion, each of Cambray Mutual Holding Company and the Mid-Tier Holding Company merged out of existence and now cease to exist. The second-step conversion was completed on October 31, 2023, at which time the Company sold, for gross proceeds of $7.2 million, a total of 723,068 shares of common stock at $10.00 per share, including 57,845 shares sold to the Bank’s employee stock ownership plan. As part of the second-step conversion, each of the existing outstanding shares of Mid-Tier Holding Company common stock owned by persons other than Cambray Mutual Holding Company was converted into 0.5334 shares of Bancorp common stock. As a result of the second-step conversion, all share information has been subsequently revised to reflect the 0.5334 exchange ratio, unless otherwise noted. On September 16, 2022, the Bank completed its acquisition of Citizens Bank of Cape Vincent (“CBCV”), Cape Vincent, New York, a commercial bank with full-service offices in the villages of Cape Vincent, Chaumont and LaFargeville. At the effective time of the merger, CBCV was merged with and into Gouverneur Savings and Loan Association and each CBCV stockholder became entitled to receive In conjunction with the acquisition of CBCV, The Bank formed the limited purpose GS&L Municipal Bank in order to continue to hold CBCV’s roughly $24,187,000 in municipal deposits and continue to compete for such deposits in the future. GS&L Municipal Bank is a limited purpose commercial bank that is a wholly owned subsidiary of the Bank and operates under the same regulatory and operating framework as the Bank. The formation of GS&L Municipal Bank included an initial $2.5 million contribution from the Bank. GS&L Municipal Bank is a New York chartered limited purpose commercial bank organized in September 2022 to solicit municipal deposits from local government entities such as towns, cities, school districts, fire districts and other municipalities. The Bank views GS&L Municipal Bank as a source of low cost and stable source of funds that will further the Bank’s commitment to the communities in which the Bank operates. In the opinion of management, all adjustments, consisting of only normal recurring adjustments or accruals, which are necessary for a fair presentation of the consolidated financial statements have been made at and for the three-month periods ended December 31, 2023 and 2022. The results of operations for the three-month periods ended December 31, 2023 are not necessarily indicative of the results which may be expected for an entire fiscal year or other periods. The data in the consolidated statements of financial condition for September 30, 2023 was derived from the Company’s audited consolidated financial statements for the year ended September 30, 2023. That data, along with the interim financial information presented in the consolidated statements of financial condition, earnings, comprehensive income, shareholders’ equity and cash flows should be read in conjunction with the Company’s audited financial statements for the year ended September 30, 2023, including the notes thereto. Certain amounts for the three-month periods ended December 31, 2022 were reclassified to conform to the presentation of December 31, 2023.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2: Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements of the Company include the accounts of Bancorp and its wholly-owned subsidiary, the Bank, and the Bank’s wholly owned subsidiary, GS&L Municipal Bank. All intercompany accounts and transactions have been eliminated in consolidation. At December 31, 2023, GS&L Municipal Bank held $28.6 million of the Bank’s $49.4 million investment securities portfolio and $20.4 million of the Bank’s deposits. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates in Preparation of Financial Statements The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses. In connection with the determination of the estimated loan losses, management obtains independent appraisals for significant properties. The Company’s loans are generally secured by specific items of collateral including real property, consumer assets, and business assets. Although the Company has a diversified portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent on local economic conditions. While management uses available information to recognize losses on loans and foreclosed assets, further reductions in the carrying amounts of loans and foreclosed assets may be necessary, based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the estimated losses on loans and foreclosed assets. Such agencies may require the Company to recognize additional losses based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible that the estimated losses on loans and foreclosed assets may change materially in the near term. However, the amount of the change that is reasonably possible cannot be estimated. The Company’s significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in note 2 of the audited financial statements and notes for the year ended September 30, 2023 and are contained in the Company’s Annual Report on Form 10-K. There have been no significant changes to the application of significant accounting policies since September 30, 2023, except for the following: On October 1, 2023, the Company adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASC 326) current conditions, and reasonable and supportable forecasts and generally applies to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities, and some off-balance sheet credit exposures such as unfunded commitments to extend credit. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. In addition, CECL made changes to the accounting for available for sale debt securities. One such change is to require that credit losses be presented as an allowance rather than as a write-down on available for sale debt securities if management does not intend to sell and does not believe that it is more likely than not that the Company will be required to sell. The Company adopted ASC 326 and all related subsequent amendments thereto effective October 1, 2023 using the modified retrospective approach for all financial assets measured at amortized cost and off-balance sheet credit exposures. The transition adjustment of the adoption of CECL included an increase in the allowance for credit losses on loans of $436,000, which is presented as a reduction to net loans outstanding, and an increase in the allowance for credit losses on unfunded loan commitments of $29,000, which is recorded within Other Liabilities. The Company recorded a net decrease to retained earnings of $368,000 as of October 1, 2023 for the cumulative effect of adopting CECL, which reflects the transition adjustments noted above, net of the applicable deferred tax assets recorded. Results for reporting periods beginning after October 1, 2023 are presented under CECL while prior period amounts continue to be reported in accordance with previously applicable accounting standards (“Incurred Loss”). The Company adopted ASC 326 using the prospective transition approach for purchased credit deteriorated (“PCD”) assets that were previously classified as purchased credit impaired (“PCI”) under ASC 310-30. The Company did not have any PCD assets that were previously classified as purchased credit impaired. Therefore, upon adoption of ASC 326, the Company determined that an allowance for credit losses on PCD assets was not deemed material. The Company adopted ASC 326 using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to October 1, 2023. As of December 31, 2023, the Company did not have any other-than-temporarily impaired investment securities. Therefore, upon adoption of ASC 326, the Company determined that an allowance for credit losses on available for sale securities was not deemed material. The following table illustrates the impact on the allowance for credit losses from adoption of ASC 326: October 1, 2023 September 30, 2023 As Reported Under Pre-ASC 326 Impact of ASC (dollars in thousands) ASC 326 Adoption September 326 Adoption Assets: Held to maturity securities, at amortized cost $ — $ — $ — Allowance for credit losses on held to maturity securities: Mortgaged-backed securities $ — $ — $ — Loans, at amortized cost Allowance for credit losses on loans: Residential mortgages $ 779 $ 527 $ 252 MAP & MPF secondary market mortgages 14 14 — Commercial mortgages 160 55 105 Commercial loans - secured 31 4 27 Commercial loans - unsecured — 2 (2) Consumer loans 75 21 54 Allowance for credit losses on loans $ 1,059 $ 623 $ 436 Liabilities: Allowance for credit losses for unfunded commitments $ 29 $ — $ 29 Allowance for Credit Losses – Held to Maturity Securities Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type. There was no accrued interest receivable on held-to-maturity debt securities at December 31, 2023 which would be excluded from the estimate of credit losses. The estimate of expected credit losses is primarily based on ratings assigned to the securities by debt rating agencies and the average of the annual historical loss rates associated with those ratings. The loss rates are multiplied by the remaining lives of each individual security to arrive at a lifetime expected loss amount. Management classifies the held-to-maturity portfolio into the following major security types: mortgage-backed securities. All the mortgage-backed securities held by the Company are issued by government-sponsored corporations. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. As a result, no allowance for credit losses was recorded on held to maturity securities at December 31, 2023. Allowance for Credit Losses – Available for Sale Securities For available for sale securities, management evaluates all investments in an unrealized loss position on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. If the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security, the security is written down to fair value and the entire loss is recorded in earnings. If either of the above criteria is not met, the Company evaluates whether the decline in fair value is the result of credit losses or other factors. In making the assessment, the Company may consider various factors including the extent to which fair value is less than amortized cost, performance on any underlying collateral, downgrades in the ratings of the security by a rating agency, the failure of the issuer to make scheduled interest or principal payments and adverse conditions specifically related to the security. If the assessment indicates that a credit loss exists, the present value of cash flows expected to be collected are compared to the amortized cost basis of the security and any excess is recorded as an allowance for credit loss, limited by the amount that the fair value is less that the amortized cost basis. Any amount of unrealized loss that has not been recorded through an allowance for credit loss is recognized in other comprehensive income. Changes in the allowance for credit loss are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance for credit loss when management believes an available for sale security is confirmed to be uncollectible or when either of the criteria regarding intent or requirement to sell is met. At December 31, 2023, there was no allowance for credit loss related to the available for sale portfolio. Accrued interest receivable on available for sale debt securities totaled $243,000 at December 31, 2023 and was excluded from the estimate of credit losses. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts and deferred fees and costs. Accrued interest receivable related to loans totaled $378,000 at December 31, 2023 and was reported in accrued interest receivable on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using methods that approximate a level yield without anticipating prepayments. The accrual of interest is generally discontinued when a loan becomes 90 days past due and is not well collateralized and in the process of collection, or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectible in the normal course of business. Past due status is based on contractual terms of the loan. A loan is considered to be past due when a scheduled payment has not been received 30 days after the contractual due date. All accrued interest is reversed against interest income when a loan is placed on nonaccrual status. Interest received on such loans is accounted for using the cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance, and future payments are reasonably assured. Allowance for Credit Losses – Loans. The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The allowance for credit losses represents management’s estimate of lifetime credit losses inherent in loans as of the balance sheet date. The allowance for credit losses is estimated by management using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The Company measures expected credit losses for loans on a pooled basis when similar risk characteristics exist. The Company has identified the following portfolio segments and calculates the allowance for credit losses for each using a discounted cash flow and remaining life methodology. The segments using a discounted cash flow methodology are as follows: Real Estate Residential - 1-4 family residential construction loans - Other construction loans and all land development and other land loans - Revolving, open-end loans secured by 1-4 family residential properties and extended under lines of credit - Secured by first liens - Secured by junior liens Real Estate Commercial - Commercial and industrial loans – commercial mortgage - Loans secured by owner-occupied, nonfarm nonresidential properties - Loans secured by other nonfarm nonresidential properties - Loans secured by multifamily (5 or more) properties Commercial Secured - Loans to finance agricultural production and other loans to farmers - Commercial and industrial loans - Obligations (other than securities and leases) of states and political subdivisions in the US Commercial Unsecured - Commercial and industrial loans – unsecured - Unsecured other loans Consumer - Other revolving credit plans - Automobile loans - Other consumer loans The discounted cash flow method calculates the expected cash flows to be received over the life of each individual loan in a pool. The segment using a remaining life methodology is below: Commercial Unsecured - Other loans (commercial overdraft loans) Consumer - Other loans (consumer overdraft loans) The remaining life methodology uses average annual charge-off rates and the remaining life of the loan to estimate the allowance for credit losses. The average annual charge-off rate is applied to the amortization adjusted remaining life of the loan to determine the unadjusted lifetime historical charge-off rate. Additionally, the allowance for credit losses calculation includes subjective adjustments for qualitative risk factors that are likely to cause estimated credit losses to differ from historical experience. These qualitative adjustments may increase or reduce reserve levels and include adjustments for lending management experience and risk tolerance, asset quality and portfolio trends, loan review and audit results, loan portfolio growth, industry concentrations, trends in underlying collateral, external factors and economic conditions not already captured. Loans that do not share risk characteristics are evaluated on an individual basis. When management determines that foreclosure is probable and the borrower is experiencing financial difficulty, the expected credit losses are based on the fair value of collateral at the reporting dated unadjusted for selling costs as appropriate. Allowance for Credit Losses – Unfunded Commitments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off—balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records an allowance for credit losses on off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable, through a charge to provision for unfunded commitments in the Company’s income statements. The allowance for credit losses on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit loss model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur as well as any third-party guarantees. The allowance for unfunded commitments is included in other liabilities on the Company’s consolidated balance sheets. Revenue Recognition The majority of the Company’s revenue stream is generated from interest income on loans and deposits which are outside the scope of “ Revenue from Contracts with Customers”   The Company’s sources of income that fall within the scope of Topic 606 include service charges on deposits, interchange fees and gains and losses on sales of other real estate, all of which are presented as components of noninterest income. On the following page is a summary of the revenue streams that fall within the scope of Topic 606. Service charges on deposits, ATM, and interchange fees Gains and losses on sales of other real estate – Recently Issued Accounting Standards On October 1, 2023, the Company adopted ASU 2019-12, Income Taxes Topic 740. This update simplifies and improves accounting for income taxes by eliminating certain exceptions to the general rules and clarifying or amending other current guidance. The scope of FASB ASC Subtopic 740-10, Income Taxes -Overall, has been amended to require that, if a franchise (or similar tax) is partially based on income, (1) deferred tax assets and liabilities should be recognized and accounted for pursuant to FASB ASC 740, as should the amount of current tax expense that is based on income, and (2) any incremental amount incurred should be recorded as a non-income-based tax. Note that under the amended guidance, the effect of potentially paying a non-income-based tax in future years need not be considered in evaluating the realizability of deferred tax assets. The amendments in this ASU were effective for the Company for the fiscal year beginning October 1, 2023. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The amendments in this update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments (1) apply to contract modifications that replace a reference rate affected by reference rate reform, (2) provide exceptions to existing guidance related to changes to the critical terms of a hedging relationship due to reference rate reform (3) provide optional expedients for fair value hedging relationships, cash flow hedging relationships, and net investment hedging relationships, and (4) provide a onetime election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The amendments for contract modifications can be elected to be applied as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. The amendments for existing hedging relationships can be elected to be applied as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform to clarify that all derivative instruments affected by changes to the interest rates used for discounting, margining or contract price alignment are in scope of Topic 848. ASU 2021-01 expands the scope of ASU 2020-04 by allowing an entity to apply the optional expedients, by stating that a change to the interest rate used for margining, discounting or contract price alignment for a derivative is not considered to be a change to the critical terms of the hedging relationship that requires dedesignation. The Company has signed an amended agreement with Federal Home Loan Bank of New York for the transition to SOFR which began July 1, 2023.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
Earnings Per Common Share	Dec. 31, 2023
Earnings Per Common Share
Earnings Per Common Share	Note 3: Earnings Per Common Share Basic earnings per common share represent income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating basic earnings per common share until they are committed to be released. The table below sets forth the computation of basic and diluted earnings per common share for the three-month periods ending December 31, 2023 and 2022 (In thousands, except per share data) (unaudited). Three Months Ended December 31, Basic earnings per share: 2023 2022 Net income $ 118 $ 46 Weighted average common shares outstanding used to calculate basic and diluted earnings per common share 1,050 2,031 Basic and diluted earnings per common share $ 0.11 $ 0.02 There were no dilutive or antidilutive shares at December 31, 2023 or 2022.

Comprehensive Income (Loss)

Comprehensive Income (Loss)	3 Months Ended
Comprehensive Income (Loss)	Dec. 31, 2023
Comprehensive Income (Loss)
Comprehensive Income (Loss)	Note 4: Comprehensive Income (Loss) Comprehensive income (loss), presented in the consolidated statements of shareholders’ equity, consists of net income and the net change for the period in after-tax unrealized gains or losses on securities available for sale and post-retirement benefits. The following table shows the components of accumulated other comprehensive loss at December 31, 2023 (unaudited) and September 30, 2023: December 31, September 30, 2023 2023 (In thousands) Accumulated Other Comprehensive Loss by Component Unrealized Loss for Other Postretirement Obligations $ (266) $ (326) Tax Effect 55 69 Net Unrealized Loss for Other Postretirement Obligations (211) (257) Unrealized Loss on Available-for-Sale Securities, net (2,127) (4,890) Tax Effect 447 1,024 Net Unrealized Loss on Available-for-Sale Securities (1,680) (3,866) Total Comprehensive Loss $ (1,891) $ (4,123)

Investment Securities

Investment Securities	3 Months Ended
Investment Securities	Dec. 31, 2023
Investment Securities
Investment Securities	Note 5: Investment Securities The amortized cost of debt securities and their approximate fair value at December 31, 2023 (unaudited) is represented in the table on the table below: Gross Gross Allowance Amortized Unrealized Unrealized for Credit Fair Cost Gains Losses Losses Value AVAILABLE FOR SALE U.S. Government Treasuries $ 3,789 $ — $ (25) $ — $ 3,764 U.S. Government Agencies 12,103 1 (76) — 12,028 Mortgaged-Backed Securities 8,437 2 (374) — 8,065 Municipal Securities 24,824 222 (1,891) — 23,155 SBA Securities 2,375 24 (9) — 2,390 $ 51,528 $ 249 $ (2,375) $ — $ 49,402 The amortized cost of debt securities and their approximate fair value at September 30, 2023 is represented in the table below. Gross Gross Allowance Amortized Unrealized Unrealized for Credit Fair Cost Gains Losses Losses Value AVAILABLE FOR SALE U.S. Government Treasuries $ 3,766 $ — $ (86) $ — $ 3,680 U.S. Government Agencies 12,025 — (363) — 11,662 Mortgaged-Backed Securities 8,726 1 (812) — 7,915 Municipal Securities 24,571 2 (3,578) — 20,995 SBA Securities 2,426 — (54) — 2,372 $ 51,514 $ 3 $ (4,893) $ — $ 46,624 The amortized cost and fair value of debt securities, by contractual maturity, at December 31, 2023 (unaudited) is as shown below. Expected maturities will differ from contractual maturities call or prepay obligations with or without call or prepayment penalties. Debt Securities Available-for-Sale Amortized Cost Fair Value (In Thousands) Due Within One Year $ 6,521 $ 6,506 Due After One Year Through Five Years 13,382 13,345 Due After Five Years Through Ten Years 5,382 5,190 Due After Ten Years 15,431 13,906 40,716 38,947 Mortgage-Backed & SBA Securities 10,812 10,455 $ 51,528 $ 49,402 The amortized cost and fair value of debt securities, by contractual maturity, at September 30, 2023 is as shown below. Debt Securities Available-for-Sale Amortized Cost Fair Value (In Thousands) Due Within One Year $ 6,585 $ 6,548 Due After One Year Through Five Years 13,789 13,474 Due After Five Years Through Ten Years 4,437 4,127 Due After Ten Years 15,551 12,188 40,362 36,337 Mortgage-Backed & SBA Securities 11,152 10,287 $ 51,514 $ 46,624 The realized gains and losses from the sale of available-for-sale investments for the three-month periods ending December 31, 2023 and 2022 (unaudited) is as shown on the table below: Three Months Ended December 31, 2023 2022 Proceeds $ — $ 1,889 Cost — (2,231) Net Realized Gains (Losses) $ — $ (342) Gross Realized Gains $ — $ — Gross Realized Losses — (342) Net Realized Gains (Losses) $ — $ (342) Information pertaining to securities with gross unrealized losses at December 31, 2023 (unaudited), aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: Less than Twelve months Over Twelve Months Total Gross Gross Gross Unrealized Unrealized Unrealized Losses Fair Value Losses Fair Value Losses Fair Value (In Thousands) December 31, 2023 Securities Available-for-Sale: US Treasuries & Agencies $ 69 $ 9,292 $ 32 $ 6,294 $ 101 $ 15,586 Mortgage-backed & SBA Securities 380 8,261 3 337 383 8,598 Municipal Securities 10 1,809 1,881 8,943 1,891 10,752 $ 459 $ 19,362 $ 1,916 $ 15,574 $ 2,375 $ 34,936 Information pertaining to securities with gross unrealized losses at September 30, 2023 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: Less than Twelve months Over Twelve Months Total Gross Gross Gross Unrealized Unrealized Unrealized Losses Fair Value Losses Fair Value Losses Fair Value (In Thousands) September 30, 2023 Securities Available-for-Sale: US Treasuries & Agencies $ 368 $ 9,143 $ 81 $ 6,199 $ 449 $ 15,342 Mortgage-backed & SBA Securities 852 9,899 14 340 866 10,239 Municipal Securities 480 11,357 3,098 8,061 3,578 19,418 $ 1,700 $ 30,399 $ 3,193 $ 14,600 $ 4,893 $ 44,999 In management’s opinion, the unrealized losses primarily reflect changes in interest rates subsequent to the acquisition of specific securities. The Company had 53 and 106 securities in an unrealized loss position of less than twelve months at December 31, 2023 and September 30, 2023, respectively which included 39 and 74 securities acquired from Citizens Bank of Cape Vincent in September 2022, and 74 and 76 securities in an unrealized loss position of 12 months or more at December 31, 2023 and September 30, 2023, respectively. Because the unrealized losses are due to current interest rate levels relative to the Company’s cost and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell these investments before recovery of its amortized cost, which may be at maturity, the Company does not consider the unrealized losses to be credit losses at December 31, 2023 and the Company does not consider these investments to be other-than temporarily impaired at September 30, 2023.

LOANS RECEIVABLE AND ALLOWANCE

LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES	3 Months Ended
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES	Dec. 31, 2023
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES	NOTE 6 — LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES The components of loans receivable at December 31, 2023 (unaudited) are as shown on the table below: As of December 31, 2023 Originated Acquired Total Loans (In Thousands) Real Estate Mortgages Residential $ 77,125 $ 26,952 $ 104,077 Commercial 8,024 3,204 11,228 Construction 1,664 — 1,664 Home Equity 1,719 — 1,719 Other Loans: Commercial Non-Mortgage 1,059 284 1,343 Automobile 2,934 209 3,143 Passbook 204 219 423 Consumer 1,990 607 2,597 Total Loans 94,719 31,475 126,194 Net Deferred Loan Costs 426 — 426 Net Discounts on Acquired Loans — (948) (948) Allowance for Credit Losses (1,061) — (1,061) Loans, Net $ 94,084 $ 30,527 $ 124,611 The components of loans receivable at September 30, 2023 are as shown on the table below: Year Ended September 30, 2023 Originated Acquired Total Loans (In Thousands) Real Estate Mortgages: Residential $ 74,918 $ 27,333 $ 102,251 Commercial 7,647 3,843 11,490 Construction 2,265 — 2,265 Home Equity 2,552 411 2,963 Other Loans: Commercial Non-Mortgage 1,046 455 1,501 Automobile 2,793 234 3,027 Passbook 43 224 267 Consumer 2,175 666 2,841 Total Loans 93,439 33,166 126,605 Net Deferred Loan Costs 437 — 437 Net Discounts on Acquired Loans — (992) (992) Allowance for Loan Losses (623) — (623) Loans, Net $ 93,253 $ 32,174 $ 125,427 The outstanding principal balance and the related carrying amount of the Company’s loans acquired in the Citizens Bank of Cape Vincent acquisition were as shown on the table below at December 31, 2023 (unaudited) and September 30, 2023: December 31, 2023 September 30, 2023 (in thousands) Acquired Credit Impaired Loans Outstanding Principal Balance $ — $ — Carrying Amount $ — $ — Acquired Non-Credit Impaired Loans Outstanding Principal Balance $ 31,475 $ 33,166 Carrying Amount $ 30,527 $ 32,174 Total Acquired Loans Outstanding Principal Balance $ 31,475 $ 33,166 Carrying Amount $ 30,527 $ 32,174 The Company had not acquired any loans with deteriorated credit quality as of December 31, 2023 and September 30, 2023. The Company did acquire a commercial secured performing loan which has been classified as substandard to ensure proper oversight and monitoring of the credit. The credit has performed in accordance with its modified terms for over two years. This loan was restructured in the fourth quarter of fiscal 2023. Proceeds paid off current principal and interest due in the amount of $505,000. The borrower retained the same interest rate of 6.00% and received a 5-year callable note with 25-year amortization in exchange for extra real estate collateral. A $108,000 second position, commercial mortgage was placed on the guarantor’s primary residence behind the Bank’s first position residential mortgage. The restructuring enhances the Bank’s loan-to-value position while providing the borrower with a lower payment than the original contractual terms. The capitalization of interest, interest rate below market terms, and extension of the maturity date were concessions made to the borrower in exchange for additional collateral. The loan remains in non-accrual. Interest income on a restructured loan is accrued once the borrower demonstrates the ability to pay under the restructured terms for sustained period of repayment performance, which is generally six consecutive months. This loan has a fair value adjustment as a result of purchase price accounting of $103,000 at December 31, 2023. The Company sells first mortgage loans to third parties in the ordinary course of business, principally to the FHLB, a large purchaser of loans. These serviced loans are not included in the balances of the accompanying statements of financial condition, but the Company continues to collect the principal and interest payments for a servicing fee. At December 31, 2023 and September 30, 2023, the total outstanding principal balance on serviced loans was $12.1 million, and $12.4 million, respectively. Citizens Bank of Cape Vincent did not sell residential mortgage loans to third parties. The tables below present, by portfolio segment, the changes in the allowance for credit losses and the recorded investment in loans for the three months ended December 31, 2023 and 2022 (unaudited) and the year ended September 30, 2023. Allowance for loan losses and recorded investment in loans for the three months ended December 31, 2023 was as follows: Real Estate Real Estate Commercial Commercial Residential Commercial Secured Unsecured Consumer Total (In Thousands) Allowance for Credit Losses: Beginning Balance $ 541 $ 55 $ 4 $ 2 $ 21 $ 623 Charge-offs (62) — — — (6) (68) Recoveries — — — — 2 2 Transfer — (3) (3) — 6 — Provisions 68 — — — — 68 Adoption of new accounting standard 252 105 27 (2) 54 436 Ending Balance $ 799 $ 157 $ 28 $ — $ 77 $ 1,061 Ending Balance: Individually Evaluated $ — $ — $ — $ — $ — $ — Ending Balance: Collectively Evaluated $ 799 $ 157 $ 28 $ — $ 77 $ 1,061 Loans Receivable: Ending Balance $ 107,460 $ 11,228 $ 1,330 $ 13 $ 6,163 $ 126,194 Ending Balance: Individually Evaluated $ — $ 696 $ — $ — $ — $ 696 Ending Balance: Collectively Evaluated $ 107,460 $ 10,532 $ 1,330 $ 13 $ 6,163 $ 125,498 Allowance for loan losses and recorded investment in loans for the three months ended December 31, 2022 was as follows: Real Estate Real Estate Commercial Commercial Residential Commercial Secured Unsecured Consumer Total (In Thousands) Beginning Balance $ 548 $ 55 $ 4 $ 1 $ 13 $ 621 Charge-offs — — — — (4) (4) Recoveries 1 — — — 1 2 Transfer (3) — — — 3 — Provisions 15 — — — — 15 Ending Balance $ 561 $ 55 $ 4 $ 1 $ 13 $ 634 Ending Balance: Individually Evaluated $ 85 $ — $ — $ — $ — $ 85 Ending Balance: Collectively $ 476 $ 55 $ 4 $ 1 $ 13 $ 549 Allowance for loan losses and recorded investment in loans for the year ended September 30, 2023 was as follows: Real Estate Real Estate Commercial Commercial Residential Commercial Secured Unsecured Consumer Total (In Thousands) Loans Receivable: Ending Balance $ 107,479 $ 11,490 $ 1,501 $ — $ 6,135 $ 126,605 Less: Acquired Loans 27,744 3,843 455 — 1,124 33,166 Ending Balance: Individually Evaluated $ — $ 298 $ — $ — $ — $ 298 Ending Balance: Collectively Evaluated $ 79,735 $ 7,349 $ 1,046 $ — $ 5,011 $ 93,141 The following table presents performing and nonperforming real estate loans based on payment activity as of December 31, 2023 and September 30, 2023. Real estate loans include residential and commercial mortgages, construction loans and home equity loans. Payment activity is reviewed by management on a quarterly basis to determine how loans are performing. Loans are considered to be nonperforming when the number of days delinquent is greater than 89 days. The loan may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally twelve consecutive months of current payments with no past due occurrences. Prior to October 1, 2023, nonperforming loans also include certain loans that have been modified in troubled debt restructuring (“TDR”) where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Company’s loss mitigation and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance or other actions. Certain TDRs are classified as nonperforming at the time of restructure and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six consecutive months. Performing and nonperforming real estate loans as of December 31, 2023 and September 30, 2023 were as follows: As of December 31, As of September 30, 2023 2023 (In Thousands) Performing $ 117,497 $ 118,269 Nonperforming 1,191 700 Total $ 118,688 $ 118,969 Credit quality indicators as of December 31, 2023 and September 30, 2023 are as follows: Internally assigned grade as a subsection of the “Pass” credit risk profile: 1 — Good Loans to an individual or a well-established business in excellent financial condition with strong liquidity and a history of consistently high levels of earnings and cash flow and debt service capacity. Supported by high quality financial statements (including recent statements and sufficient historical fiscal statements), borrower has excellent repayment history and possesses a documented source of repayment. Industry conditions are favorable and business borrower’s management is well qualified with sufficient debt. Borrower and/or key personnel exhibit unquestionable character. Good loans may be characterized by high quality liquid collateral and very strong personal guarantors. 2 — Satisfactory Loans to borrowers with many of the same qualities as a good loan, however, certain characteristics are not as strong (i.e. cyclical nature of earnings, lower quality financial statements, less liquid collateral, less favorable industry trends, etc.). Borrower still has good credit, will exhibit financial strength, excellent repayment history, and good present and future earnings potential. The primary source of repayment is readily apparent with strong secondary sources of repayment available. Management is capable, with sufficient depth, and character of borrower is well established. 3 — Acceptable Loans to borrowers of average strength with acceptable financial condition (businesses fall within acceptable tolerances of other similar companies represented in the RMA annual statement studies), with satisfactory record of earnings and sufficient historical and projected cash flow to service the debt. Business borrower’s management is capable and reliable. Borrower has satisfactory repayment history, and primary and secondary sources of repayment can be clearly identified. Acceptable loans may exhibit some deficiency or vulnerability to changing economic or industry conditions. 4 — Watch Loans in this category have a chance of resulting in a loss. Characteristics of this level of assets include, but are not limited to; the borrower has only a fair credit rating with minimal recent credit problems, cash flow is currently adequate to meet the required debt repayments, but will not be sufficient in the event of significant adverse developments, borrower has limited access to alternative sources of finance, possibly at unfavorable terms, some management weaknesses exist, collateral, generally required, is sufficient to make likely the recovery of the value of the loan in the event of default, but liquidating the collateral may be difficult or expensive. In addition, the guarantor would achieve this credit rating if it borrowed individually from the Bank. 5 — Special Mention Loans in this category are usually made to well establish businesses with local operations. Special Mention loans have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position at some future date. Special Mention loans are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Special mention category is not to be used as a means of avoiding a clear decision to classify a loan or pass it without criticism. Neither should it include loans listed merely “for the record” when uncertainties and complexities, perhaps coupled with large size, create some reservations about the loan. If weaknesses or evidence of imprudent handling cannot be identified, inclusion of such loans in Special Mention is not justified. Special mention loans have characteristics which corrective management action would remedy. Loans in this category should remain for a relatively short period of time. 6 — Substandard Loans classified as substandard are inadequately protected by the current sound net worth or paying capacity of the borrower or the collateral pledged, if any. Loans in this category have well defined weaknesses that jeopardize the repayment. Loans which might be included in the category have potential for problems due to weakening economic or market conditions. They are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected. Substandard loans may include loans which are likely to require liquidation of collateral to effect repayment, and other loans where the character or ability to repay has become suspect. Loss potential, while existing in the aggregate amount of the substandard assets, does not have to exist in individual assets classified substandard. 7 — Doubtful Loans classified as doubtful have all the weaknesses in those classified as substandard with the added characteristics that the weaknesses make collection or liquidation in full on the basis of current existing facts, conditions, and value highly questionable and improbable. Although possibility of loss is extremely high, classification of these loans as loss has been deferred to specific pending factors or events, which may strengthen the loan value (i.e., possibility of additional collateral, injection of capital, collateral liquidation, debt structure, economic recovery, etc.). 8 — Loss Loans classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. The information for each of the credit quality indicators is updated on a quarterly basis in conjunction with the determination of the adequacy of the allowance for loan losses. Credit risk profile for originated loans held in portfolio by internally assigned grade as of December 31, 2023: Pass Special Mention Substandard Doubtful Total (In Thousands) Mortgage Loans on Real Estate Residential, One to Four Family $ 78,789 $ — $ — $ — $ 78,789 Home Equity 1,719 — — — 1,719 Commercial 7,728 — 296 — 8,024 Total Mortgage Loans on Real Estate 88,236 — 296 — 88,532 Commercial 1,059 — — — 1,059 Consumer 5,128 — — — 5,128 Total Loans $ 94,423 $ — $ 296 $ — $ 94,719 Credit risk profile for acquired loans held in portfolio by internally assigned grade as of December 31, 2023: Pass Special Mention Substandard Doubtful Total (In Thousands) Mortgage Loans on Real Estate Residential, One to Four Family $ 26,952 $ — $ — $ — $ 26,952 Home Equity — — — — — Commercial 2,636 168 400 — 3,204 Total Mortgage Loans on Real Estate 29,588 168 400 — 30,156 Commercial 256 28 — — 284 Consumer 1,035 — — — 1,035 Total Loans $ 30,879 $ 196 $ 400 $ — $ 31,475 Credit risk profile for originated loans held in portfolio by internally assigned grade as of September 30, 2023: Pass Special Mention Substandard Doubtful Total (In Thousands) Mortgage Loans on Real Estate Residential, One to Four Family $ 77,183 $ — $ — $ — $ 77,183 Home Equity 2,552 — — — 2,552 Commercial 7,349 — 298 — 7,647 Total Mortgage Loans on Real Estate 87,084 — 298 — 87,382 Commercial 1,046 — — — 1,046 Consumer 5,011 — — — 5,011 Total Loans $ 93,141 $ — $ 298 $ — $ 93,439 Credit risk profile for acquired loans by internally assigned grade as of September 30, 2023: Pass Special Mention Substandard Doubtful Total (In Thousands) Mortgage Loans on Real Estate Residential, One to Four Family $ 27,333 $ — $ — $ — $ 27,333 Home Equity 411 — — — 411 Commercial 3,231 210 402 — 3,843 Total Mortgage Loans on Real Estate 30,975 210 402 — 31,587 Commercial 423 32 — — 455 Consumer 1,124 — — — 1,124 Total Loans $ 32,522 $ 242 $ 402 $ — $ 33,166 Aging Analysis of Past Due Financing Receivables by Class Following are tables which include an aging analysis of the recorded investment of past due financing receivables as of December 31, 2023 and September 30, 2023. Also included are loans that are greater than 89 days past due as to interest and principal still accruing, because they are (1) well secured and in the process of collection or (2) real estate loans or loans exempt under regulatory rules from being classified as nonaccruals. An aged analysis of past due financing receivables by class of financing receivable for originated loans held in portfolio as of December 31, 2023 are as follows: 90 Days or Total 90 Days or 30 – 59 Days 60 – 89 Days Greater Total Financing Greater and Past Due Past Due Past Due Past Due Current Receivable Still accruing (In Thousands) Residential Mortgage $ 411 $ 220 $ 143 $ 774 $ 79,734 $ 80,508 $ — Commercial Mortgage — 46 66 112 7,912 8,024 — Commercial — — — — 1,059 1,059 — Consumer — 2 — 2 5,126 5,128 — Total Originated Loans $ 411 $ 268 $ 209 $ 888 $ 93,831 $ 94,719 $ — An aged analysis of past due financing receivable by class of financing receivable for acquired loans as of December 31, 2023 are as follows: 90 Days or Total 90 Days or 30 – 59 Days 60 – 89 Days Greater Total Financing Greater and Past Due Past Due Past Due Past Due Current Receivable Still accruing (In Thousands) Residential Mortgage $ 111 $ 59 $ — $ 170 $ 26,782 $ 26,952 $ — Commercial Mortgage — — — — 3,204 3,204 — Commercial — — — — 284 284 — Consumer 55 18 — 73 962 1,035 — Total Acquired Loans $ 166 $ 77 $ — $ 243 $ 31,232 $ 31,475 $ — An aged analysis of past due financing receivables by class of financing receivable for originated loans held in portfolio and loans held for sale as of September 30, 2023, are as follows: 90 Days or Greater Total Greater 30 – 59 Days 60 – 89 Days 90 Days or Total Financing and Still Past Due Past Due Past Due Past Due Current Receivable accruing (In Thousands) Residential Mortgage $ 810 $ 5 $ 138 $ 953 $ 78,782 $ 79,735 $ — Commercial Mortgage — — 66 66 7,581 7,647 — Commercial — — — — 1,046 1,046 — Consumer 84 11 — 95 4,916 5,011 — Total Originated Loans $ 894 $ 16 $ 204 $ 1,114 $ 92,325 $ 93,439 $ — An aged analysis of past due financing receivables by class of financing receivable for acquired loans as of September 30, 2023, are as follows: 90 Days or Greater Total Greater 30 – 59 Days 60 – 89 Days 90 Days or Total Financing and Still Past Due Past Due Past Due Past Due Current Receivable accruing (In Thousands) Residential Mortgage $ 33 $ — $ 62 $ 95 $ 27,649 $ 27,744 $ — Commercial Mortgage — — — — 3,843 3,843 — Commercial — — — — 455 455 — Consumer — — — — 1,124 1,124 — Total Acquired Loans $ 33 $ — $ 62 $ 95 $ 33,071 $ 33,166 $ — Modifications Made to Borrowers Experiencing Financial Difficulty The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. The Company uses a probability of default/loss given default model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. There were no loans made to borrowers experiencing financial difficulty during the quarter ended December 31, 2023. Impaired Loans There were no recorded investment balances for impaired financing receivables at September 30, 2023. Troubled Debt Restructurings (“TDR”) There were two new loans modified as TDR during the fiscal year ended September 30, 2023. The Company acquired a commercial secured performing loan which has been classified as substandard to ensure proper oversight and monitoring of the credit. The credit has performed in accordance with its modified terms for over two years. This loan was restructured in the fourth quarter of fiscal 2023. Proceeds paid off current principal and interest due in the amount of $505,000. The borrower retained the same interest rate of 6.00% and received a 5-year callable note with 25-year amortization in exchange for extra real estate collateral. A $108,000 second position, commercial mortgage was placed on the guarantor’s primary residence behind the Bank’s first position residential mortgage. The other loan modified as a TDR during fiscal year 2023 was a one-to-four-family adjustable-rate residential loan with a pre-modified balance of $11,000 and a 7.25% interest rate. Proceeds paid off current principal, taxes and closing costs when this loan modified into a fixed-rate one-to-four-family residential loan with a balance of $16,000 and a 6.50% interest rate. The maturity date of September 2023 was extended to October 2028 under the new terms. There were no TDR’s in payment default that were previously classified as a TDR in the previous twelve months. At September 30, 2023 there were no commitments to lend additional funds to any borrower whose loan terms had been modified in a troubled debt restructuring. Vintage Analysis The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination as of December 31, 2023: Term Loans by Fiscal Year of Origination (in thousands) 2024 2023 2022 2021 2020 Prior Revolving Total Real Estate - Residential Pass $ 1,917 $ 11,162 $ 15,844 $ 19,055 $ 9,566 $ 48,197 $ 1,719 $ 107,460 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Real Estate - Residential $ 1,917 $ 11,162 $ 15,844 $ 19,055 $ 9,566 $ 48,197 $ 1,719 $ 107,460 Current period gross write-offs $ 62 $ — $ — $ — $ — $ — $ — $ 62 Real Estate - Commercial Pass $ 221 $ 2,227 $ 711 $ 2,354 $ 1,981 $ 2,871 $ — $ 10,365 Special Mention — — — — — 168 — 168 Substandard — 430 — 199 66 — — 695 Doubtful — — — — — — — — Total Real Estate - Commercial $ 221 $ 2,657 $ 711 $ 2,553 $ 2,047 $ 3,039 $ — $ 11,228 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial - Secured Pass $ 88 $ 428 $ 86 $ 216 $ 268 $ 216 $ — $ 1,302 Special Mention — — — — — 28 — 28 Substandard — — — — — — — — Doubtful — — — — — — — — Total Commercial - Secured $ 88 $ 428 $ 86 $ 216 $ 268 $ 244 $ — $ 1,330 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial - Unsecured Pass $ 2 $ — $ — $ — $ — $ 11 $ — $ 13 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Commercial - Unsecured $ 2 $ — $ — $ — $ — $ 11 $ — $ 13 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer Pass $ 752 $ 2,607 $ 1,374 $ 747 $ 367 $ 316 $ — $ 6,163 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Consumer $ 752 $ 2,607 $ 1,374 $ 747 $ 367 $ 316 $ — $ 6,163 Current period gross write-offs $ 6 $ — $ — $ — $ — $ — $ — $ 6 Nonaccrual Loans The following table is a summary of the Company’s nonaccrual loans by major categories for the periods indicated: CECL Incurred Loss December 31, 2023 September 30, 2023 Nonaccrual loans Nonaccrual loans Total Nonaccrual (in thousands) with No Allowance with an Allowance Loans Nonaccrual Loans Real Estate - Residential $ — $ 602 $ 602 $ 153 Real Estate - Commercial — 466 466 468 Commercial - Secured — — — — Commercial - Unsecured — — — — Consumer — 18 18 9 Total Loans $ — $ 1,086 $ 1,086 $ 630 The Company recognized no interest income on nonaccrual loans during the three months ended December 31, 2023 or 2022. The following table represents the accrued interest receivable written off by reversing interest income during the three months ended December 31, 2023: For the Three Months Ended December 31, 2023 (in thousands) Real Estate - Residential $ 12 Real Estate - Commercial 9 Commercial - Secured — Commercial - Unsecured — Consumer 1 Total Loans $ 22

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
GOODWILL AND INTANGIBLE ASSETS	Dec. 31, 2023
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS	NOTE 7: GOODWILL AND INTANGIBLE ASSETS The goodwill and intangible assets arising from the acquisition of Citizens Bank of Cape Vincent is accounted for in accordance with the accounting guidance in FASB ASC Topic 350 for Intangibles — Goodwill and Other. The Company performs its annual impairment evaluation on September 30 or more frequently if events and circumstances indicate that the fair value is less than its carrying value. Goodwill and core deposit intangibles at December 31, 2023 (unaudited) and September 30, 2023 are summarized as follows: Three Months Ended December 31, Year ended September 30, 2023 2023 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount (In Thousands) Goodwill $ 4,237 $ — $ 4,237 $ 4,237 $ — $ 4,237 Core Deposit Intangible 2,080 104 1,976 2,542 462 2,080 $ 6,317 $ 104 $ 6,213 $ 6,779 $ 462 $ 6,317 No impairments of goodwill were recognized for the fiscal year ended September 30, 2023. Amortization expense for other intangible assets was $104,000 and $462,000 for the three months ending December 31, 2023 and the fiscal year ended September 30, 2023, respectively, as well as the estimated aggregate amortization expense for each of the five succeeding fiscal years as summarized below: Fiscal Year Ended September 30, (in thousands) 2024 $ 416 2025 370 2026 323 2027 277 2028 231 $ 1,617

FINANCIAL INSTRUMENTS WITH OFF-

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET CREDIT RISK	3 Months Ended
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET CREDIT RISK	Dec. 31, 2023
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET CREDIT RISK
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET CREDIT RISK	NOTE 8 — FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET CREDIT RISK The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and to sell loans. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated statements of financial condition. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on- balance sheet instruments. A summary of financial instrument commitments at December 31, 2023 (unaudited) and September 30, 2023 is shown below. December 31, September 30, 2023 2023 (in thousands) Commitments to Grant Loans $ 1,671 $ 1,089 Unfunded Commitments Under Lines of Credit $ 5,890 $ 6,022 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Bank evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the customer and generally consists of real estate. Commitments and Contingencies Outstanding letters of credit written are conditional commitments issued by the Company to guarantee the performance by a customer to a third party. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for standby letters of credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making conditional obligations as it does for on-balance sheet instruments. The Company had four standby letters of credit totaling $176,000 as of December 31, 2023. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending other loan commitments. The Company requires collateral and personal guarantees supporting these letters of credit as deemed necessary. Management believes that the proceeds obtained through a liquidation of such collateral in the event of a default, and the enforcement of personal guarantees would be sufficient to cover the maximum potential amount of future payments required under the corresponding guarantees. Unfunded Commitments The Company maintains an allowance for off-balance sheet credit exposures such as unfunded balances for existing lines of credit, commitments to extend future credit, as well as both standby and commercial letters of credit when there is a contractual obligation to extend credit and when this extension of credit is not unconditionally cancellable (i.e. commitment cannot be canceled at any time). The allowance for off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur, which is based on a historical funding study derived from internal information, and an estimate of expected credit losses on commitments expected to be funded over its estimated life, which are the same loss rates that are used in computing the allowance for credit losses on loans, and are discussed within this note. The allowance for credit losses for unfunded loan commitments of $31,000 at December 31, 2023 is separately classified on the balance sheet within Other Liabilities. The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the three months ended December 31, 2023. Total Allowance for Credit Losses - Unfunded (in thousands) Commitments Balance, September 30, 2023 $ — Adjustment to allowance for unfunded commitments for adoption of ASU 2016-13 29 Provision for unfunded commitments 2 Balance, December 31, 2023 $ 31

REGULATORY CAPITAL REQUIREMENTS

REGULATORY CAPITAL REQUIREMENTS	3 Months Ended
REGULATORY CAPITAL REQUIREMENTS	Dec. 31, 2023
REGULATORY CAPITAL REQUIREMENTS.
REGULATORY CAPITAL REQUIREMENTS	NOTE 9 — REGULATORY CAPITAL REQUIREMENTS The Bank is subject to regulatory capital requirements administered by banking regulators. Failure to meet minimum capital requirements can trigger certain mandatory — and possibly additional discretionary — actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. U.S. Basel III Capital Rules In July 2013, the Federal Reserve Board approved final rules (the “U.S. Basel III Capital Rules”) establishing a new comprehensive capital framework for U.S. banking organizations and implementing the Basel Committee on Banking Supervision’s December 2010 framework for strengthening international capital standards. The U.S. Basel III Capital Rules substantially revised the risk-based capital requirements applicable to bank holding companies and depository institutions. The minimum regulatory capital requirements established by the U.S. Basel III Capital Rules became effective for the Bank on January 1, 2016 and become fully phased in on January 1, 2019. The U.S. Basel III Capital Rules require the Bank to: ● Meet a minimum Common Equity Tier 1 Capital ratio of 4.50% of risk-weighted assets and a minimum Tier 1 Capital of 6.00% of risk-weighted assets; ● Continue to require a minimum Total Capital ratio of 8.00% of risk-weighted assets and a minimum Tier 1 Leverage Capital ratio of 4.00% of average assets; ● Maintain a “capital conservation buffer” of 2.50% above the minimum risk-based capital requirements, which must be maintained to avoid restrictions on capital distributions and certain discretionary bonus payments; and ● Comply with a revised definition of capital to improve the ability of regulatory capital instruments to absorb losses. Certain non-qualifying capital instruments, including cumulative preferred stock and TruPS, will be excluded as a component of Tier 1 capital for institutions of the Company’s size. The U.S. Basel III Capital Rules use a standardized approach for risk weightings that expand the risk- weightings for assets and off-balance sheet exposures from the previous 0%, 20%, 50% and 100% categories to a much larger and more risk-sensitive number of categories, depending on the nature of the assets and off- balance sheet exposures, resulting in higher risk weights for a variety of asset categories. The capital conservation buffer at December 31, 2023 and September 30, 2023 is 2.50%. The Bank exceeded these “well-capitalized” and “capital conservation buffer” ratios for all periods presented. As of December 31, 2023 and September 30, 2023, the Bank’s capital levels meet the fully phased-in minimum capital requirements, including the new capital conservation buffers, as prescribed in the U.S. Basel III Capital Rules. As of December 31, 2023 and September 30, 2023, the most recent notification from Federal Deposit Insurance Corporation (“FDIC”) categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since the most recent notification that management believes have changed the Bank’s prompt corrective action category. There are no comparable minimum capital requirements that apply to the Company as a savings and loan holding company. The Bank’s actual and required capital amounts and ratios are presented in the table below: Minimum to be Well Capitalized Under Prompt Minimum Capital Corrective Action Actual Requirement Provisions Amount ($) Ratio (%) Amount ($) Ratio (%) Amount ($) Ratio (%) (In Thousands) As of December 31, 2023 (unaudited) Total Capital (to Risk-Weighted Assets) $ 25,877 23.0 ≥ $ 8,998 ≥ 8.0 ≥ $ 11,248 ≥ 10.0 Tier 1 Capital (to Risk-Weighted Assets) 24,786 22.0 ≥ 6,749 ≥ 6.0 ≥ 8,998 ≥ 8.0 Tier 1 Common Equity (to Risk-Weighted Assets) 24,786 22.0 ≥ 5,062 ≥ 4.5 ≥ 7,311 ≥ 6.5 Tier 1 Leverage Ratio (to Adjusted Total Assets) 24,786 12.3 ≥ 8,059 ≥ 4.0 ≥ 10,074 ≥ 5.0 Capital Conservation Buffer on Tier 1 Common Equity 25,877 15.0 ≥ 7,874 ≥ 7.0 ≥ N/A ≥ N/A As of September 30, 2023 Total Capital (to Risk-Weighted Assets) $ 21,906 19.4 ≥ $ 9,020 ≥ 8.0 ≥ $ 11,275 ≥ 10.0 Tier 1 Capital (to Risk-Weighted Assets) 21,283 18.9 ≥ 6,765 ≥ 6.0 ≥ 9,019 ≥ 8.0 Tier 1 Common Equity (to Risk-Weighted Assets) 21,283 18.9 ≥ 5,074 ≥ 4.5 ≥ 7,329 ≥ 6.5 Tier 1 Leverage Ratio (to Adjusted Total Assets) 21,283 10.6 ≥ 8,022 ≥ 4.0 ≥ 10,027 ≥ 5.0 Capital Conservation Buffer on Tier 1 Common Equity 21,906 11.4 ≥ 7,892 ≥ 7.0 ≥ N/A ≥ N/A GS&L Municipal Bank’s actual and required capital amounts and ratios are as follows: Minimum to be Well Capitalized Under Prompt Minimum Capital Corrective Action Actual Requirement Provisions Amount ($) Ratio (%) Amount ($) Ratio (%) Amount ($) Ratio (%) (In Thousands) As of December 31, 2023 (unaudited) Total Capital (to Risk-Weighted Assets) $ 13,260 184.8 ≥ $ 574 ≥ 8.0 ≥ $ 718 ≥ 10.0 Tier 1 Capital (to Risk-Weighted Assets) 13,260 184.8 ≥ 431 ≥ 6.0 ≥ 574 ≥ 8.0 Tier 1 Common Equity (to Risk-Weighted Assets) 13,260 184.8 ≥ 323 ≥ 4.5 ≥ 466 ≥ 6.5 Tier 1 Leverage Ratio (to Adjusted Total Assets) 13,260 39.2 ≥ 1,355 ≥ 4.0 ≥ 1,693 ≥ 5.0 Capital Conservation Buffer on Tier 1 Common Equity 13,260 176.8 ≥ 502 ≥ 7.0 ≥ N/A ≥ N/A As of September 30, 2023 Total Capital (to Risk-Weighted Assets) $ 13,053 245.8 ≥ $ 425 ≥ 8.0 ≥ $ 531 ≥ 10.0 Tier 1 Capital (to Risk-Weighted Assets) 13,053 245.8 ≥ 319 ≥ 6.0 ≥ 425 ≥ 8.0 Tier 1 Common Equity (to Risk-Weighted Assets) 13,053 245.8 ≥ 239 ≥ 4.5 ≥ 345 ≥ 6.5 Tier 1 Leverage Ratio (to Adjusted Total Assets) 13,053 37.4 ≥ 1,394 ≥ 4.0 ≥ 1,743 ≥ 5.0 Capital Conservation Buffer on Tier 1 Common Equity 13,053 237.8 ≥ 372 ≥ 7.0 ≥ N/A ≥ N/A

RETAINED EARNINGS

RETAINED EARNINGS	3 Months Ended
RETAINED EARNINGS	Dec. 31, 2023
RETAINED EARNINGS
RETAINED EARNINGS	NOTE 10 — RETAINED EARNINGS Cambray Mutual Holding Company (“Cambray”) received full dividends paid by the Company on shares owned in fiscal year 2023. The total cumulative dividends waived by Cambray was $6,384,000 as of September 30, 2023. The dividends waived by Cambray were considered a restriction on the retained earnings of the Company.

INTEREST RATE DERIVATIVES

INTEREST RATE DERIVATIVES	3 Months Ended
INTEREST RATE DERIVATIVES	Dec. 31, 2023
INTEREST RATE DERIVATIVES
INTEREST RATE DERIVATIVES	NOTE 11 — INTEREST RATE DERIVATIVES Derivative instruments are entered into primarily as a risk management tool of the Company. It has entered into several interest rate swap agreements whereby it pays a fixed rate and receives a variable rate on a notional amount. It did so to hedge the cost of certain borrowings and to increase the interest rate sensitivity of certain assets. Financial derivatives are recorded at fair value as other assets or liabilities. The accounting for changes in the fair value of a derivative depends on whether it has been designated and qualifies as a part of a hedging relationship. For a fair value hedge, changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability are currently recognized in current year earnings. Amounts recognized in earnings as noninterest loss for the three months ended December 31, 2023 and 2022 were $(143,000) and $(436,000), respectively. The gain/loss is the result of the swaps market value fluctuations with long-term bond rates and projected short-term rates. See Note 12 for further discussion on the fair value of the interest rate derivative. On December 9, 2022, the Company unwound two off-balance sheet swaps, $6.0 million in notional value, for a realized gain of approximately $343,000. On December 14, 2022, the Company sold four investments totaling $2.0 million for a total loss of approximately $342,000, which closely matched the realized gain on the unwound swaps. $2.0 million was reinvested into two new securities. On December 29, 2023, the Company unwound two off-balance sheet swaps, $2.5 million in notional value, for a realized gain of approximately $75,000. Information about interest rate swap agreements at December 31, 2023 (unaudited) and September 30, 2023 is as shown on the following table: Weighted Estimated Average Rate Weighted Fair Value Notional Contract Average Rate (Liability) Amount Pay Rate Received Rate Asset (In Thousands) (In Thousands) December 31, 2023 (unaudited) Interest Rate Swaps on Mortgage Loans $ — 0.00 % 0.00 % $ — Interest Rate Swaps on FHLB Borrowings and Bank Deposits $ 3,000 1.56 % 5.64 % $ 106 September 30, 2023 Interest Rate Swaps on Mortgage Loans $ — — % — % $ — Interest Rate Swaps on FHLB Borrowings and Bank Deposits $ 5,500 2.04 % 5.35 % $ 250 The following table is a summary of the fair value of outstanding derivatives and their presentation in the consolidated statements of financial condition as of December 31, 2023 (unaudited) and September 30, 2023: As of December 31, As of September 30, 2023 2023 (unaudited) (In Thousands) Fair Value Hedge – Interest Rate Swap Accrued Interest Receivable and Other Assets $ 106 $ 250 The notional amount of interest rate swap agreements entered into, that were outstanding at December 31, 2023 (unaudited) and September 30, 2023, mature as follows for the years ended September 30: December 31, September 30, 2023 2023 (unaudited) (in thousands) 2024 $ — $ — 2025 3,000 4,500 2026 — 1,000 $ 3,000 $ 5,500

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Dec. 31, 2023
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 12 — FAIR VALUE MEASUREMENTS Determination of Fair Value The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with the Fair Value Measurements and Disclosures Recent fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value, a reasonable point within the range, is most representative of fair value under current market conditions. Fair Value Hierarchy In accordance with this guidance, the Company groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. ● Level 1 — Valuation is based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. ● Level 2 — Valuation is based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. ● Level 3 — Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation. The types of instruments valued based on quoted market prices in active markets include most U.S. government and agency securities, liquid mortgage products, active listed equities and most money market securities. Such instruments are generally classified within Level 1 or Level 2 of the fair value hierarchy. As required by this guidance, the Company does not adjust the quoted price for such instruments. The types of instruments valued based on quoted prices in markets that are not active, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency include most investment- grade and high-yield corporate bonds, less liquid mortgage products, less liquid equities, state, municipal and provincial obligations, and certain physical commodities. Such instruments are generally classified within Level 2 of the fair value hierarchy. The Company utilizes interest rate swap agreements based on the Secured Overnight Financing Rate (SOFR). The Company generally determines the fair value of its interest rate swap agreements using externally developed pricing models based on market observable inputs and therefore classifies such valuations as Level 2. Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions. Valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. Individually evaluated loans are evaluated and valued at the time the loan is identified as not having risk characteristics common with other loans within its pool. In these instances, impairment is measured on a case-by-case basis. The fair value of the loan is determined using either present value of the expected future cash flows discounted at the loan’s effective interest rate or, for collateral dependent loans, the fair value of the collateral less the selling, administrative costs, and other expenses necessary to liquidate the collateral. Collateral may be real estate and/or business assets including equipment, inventory and/or accounts receivable. Market value is measured based on the value of the collateral securing these loans and is classified at a level 3 in the fair value hierarchy. The value of business equipment, inventory and accounts receivable collateral is based on the net book value on the business’ financial statements and, if necessary, discounted based on management’s review and analysis. Appraised and reported values may be discounted based on management’s historical knowledge, changes in market conditions from the time of valuation and/or management’s expertise and knowledge of the client’s business. Individually evaluated loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors identified previously. Foreclosed properties are adjusted to fair value upon transfer of the loans to foreclosed properties. Subsequently, foreclosed properties are carried at the lower of carrying value or fair value. The estimated fair value for foreclosed properties included in Level 3 is determined by independent market-based appraisals and other available market information, less costs to sell, that may be reduced further based on market expectations or an executed sales agreement. If fair value of the collateral deteriorates subsequent to initial recognition, the Company records the foreclosed properties as a nonrecurring Level 3 adjustment. Valuation techniques are consistent with those techniques applied in prior periods. The following table present the assets required to be measured and reported on a recurring basis on the Company’s Consolidated Statements of Financial Condition at their fair value as of December 31, 2023 (unaudited) and September 30, 2023 by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Quoted Prices in Active Markets for Identical Significant Other Significant Total Assets/Liabilities Observable Unobservable Fair Value (Level 1 ) Inputs (Level 2) Inputs (Level 3) (In Thousands) December 31, 2023 (unaudited) U.S. Government Treasuries $ 3,764 $ — $ 3,764 $ — U.S. Government Agencies 12,028 — 12,028 — Mortgaged-Backed Securities 8,065 — 8,065 — Municipal Securities 23,155 — 23,155 — SBA Securities 2,390 — 2,390 — Available-for-Sale Securities $ 49,402 $ — $ 49,402 $ — Interest Rate Swap Derivative $ 106 $ — $ 106 $ — September 30, 2023 U.S. Government Treasuries $ 3,680 $ — $ 3,680 $ — U.S. Government Agencies 11,662 — 11,662 — Mortgaged-Backed Securities 7,915 — 7,915 — Municipal Securities 20,995 — 20,995 — SBA Securities 2,372 — 2,372 — Available-for-Sale Securities $ 46,624 $ — $ 46,624 $ — Interest Rate Swap Derivative $ 250 $ — $ 250 $ — Certain assets and liabilities may be required to be measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition. Generally, nonrecurring valuation is the result of the application of other accounting pronouncements which require assets and liabilities to be assessed for impairment or recorded at the lower of cost or fair value. Fair values of assets and liabilities measured on a nonrecurring basis at December 31, 2023 (unaudited) and September 30, 2023 are shown on the following table: Quoted Prices in Active Markets for Identical Significant Other Significant Total Assets/Liabilities Observable Unobservable Fair Value (Level 1 ) Inputs (Level 2) Inputs (Level 3) (In Thousands) December 31, 2023 (unaudited) Foreclosed Real Estate, Net $ 74 $ — $ — $ 74 September 30, 2023 Foreclosed Real Estate, Net $ 101 $ — $ — $ 101 The table below presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were used to determine fair value at December 31, 2023 (unaudited) and at September 30, 2023. Valuation Techniques Unobservable Inputs Weighted Average Range Individually Evaluated Loans Appraisal of Collateral Appraisal Adjustments 25% - 25% (25%) (Sales Approach) Costs to Sell 6% - 10% (8%) Discounted Cash Flow Foreclosed Assets Appraisal of Collateral Appraisal Adjustments 25% - 25% (25%) (Sales Approach) Costs to Sell 6% - 10% (8%) Accounting guidance requires disclosures of the estimated fair value of certain financial instruments and the methods and significant assumptions used to estimate their fair values. Certain financial instruments and all non-financial instruments are excluded from the scope of the guidance. The estimated fair values of financial instruments at December 31, 2023 (unaudited) and at September 30, 2023 are as follows: December 31, 2023 Carrying Value Fair Value (unaudited) (In Thousands) Financial Assets Cash and due from banks $ 6,576 $ 6,576 Interest bearing deposits with banks 1,503 1,503 Time deposits in other financial institutions 491 491 Available for sale debt securities 49,402 49,402 Acquired loans 30,527 30,527 Portfolio loans, net of deferred fees 94,084 76,452 Investment in restricted stock 1,150 1,150 Accrued interest receivable 627 627 Interest rate swap derivative 106 106 Financial Liabilities Deposits $ 160,327 $ 121,731 Accrued interest payable 13 13 Accounting guidance requires disclosures of the estimated fair value of certain financial instruments and the methods and significant assumptions used to estimate their fair values. Certain financial instruments and all non-financial instruments are excluded from the scope of the guidance. The estimated fair values of financial instruments at September 30, 2023 are as follows: September 30, 2023 Carrying Value Fair Value (In Thousands) Financial Assets Cash and due from banks $ 9,306 $ 9,306 Interest bearing deposits with banks 1,101 1,101 Time deposits in other financial institutions 484 484 Available for sale debt securities 46,624 46,624 Acquired loans 32,174 32,174 Portfolio loans, net of deferred fees 93,253 69,608 Investment in restricted stock 1,471 1,471 Accrued interest receivable 630 630 Interest rate swap derivative 250 250 Financial Liabilities Deposits $ 158,778 $ 119,212 Accrued interest payable 67 67 The methods and assumptions that were used to estimate the fair value of financial assets and financial liabilities that are measured at fair value on a recurring and non-recurring basis have been previously disclosed. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below: Cash and due from banks — Interest bearing deposits with banks — Time deposits in other financial institutions — Available for sale securities — Held to maturity debt securities — Loans receivable — Investments in restricted stock — Accrued interest receivable — Deposits — Accrued interest payable — Interest Rate Swap Derivative —

LEASES

LEASES	3 Months Ended
LEASES	Dec. 31, 2023
LEASES
LEASES	NOTE 13 — LEASES A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The leases in which the Company is the lessee include real estate property for a branch office facility under a noncancelable operating lease arrangement, whose maturity date was November 2023 at which point, it automatically renewed for a three-year term at the end of that renewal. The Bank also leases a postage machine which will expire in June 2025 and a copier which will expire in June 2026. All of the Company’s leases are classified as operating leases, and therefore, were previously not recognized on the Company’s consolidated statements of financial condition. Topic 842 requires the Company to recognize a right-of-use (“ROU”) asset and corresponding lease liability included in other assets and other liabilities, respectively, on the Company’s consolidated statements of financial condition. The Company’s real estate lease agreements include an option to renew at the Company’s discretion. Future maturities of lease liabilities with initial or remaining terms of one year or more as of December 31, 2023 are as follows: (unaudited) 2024 $ 17,000 2025 21,000 2026 14,000 2027 13,000 2028 13,000 $ 78,000 Lease expense for the branch office amounted to $4,000 for the three months ended December 31, 2023. Lease expense for the equipment was approximately $1,000 for the three months ended December 31, 2023. The following tables present information about the Company’s leases and of and for the three months ended December 31, 2023: Right to use assets $ 61,000 Lease liability $ 61,000 Weighted average remaining lease term, in years: 4.33 For the quarter ended December 31, 2023: Operating lease expense: $ 5,000 Short-term lease expense: — Total lease expense: $ 5,000 Cash paid for amounts included in measurement of lease liabilities: $ 5,000

PARENT COMPANY FINANCIAL INFORM

PARENT COMPANY FINANCIAL INFORMATION	3 Months Ended
PARENT COMPANY FINANCIAL INFORMATION	Dec. 31, 2023
PARENT COMPANY FINANCIAL INFORMATION
PARENT COMPANY FINANCIAL INFORMATION	NOTE 14 — PARENT COMPANY FINANCIAL INFORMATION Gouverneur Bancorp, Inc. CONDENSED STATEMENTS OF FINANCIAL CONDITION PARENT COMPANY ONLY As of December 31, 2023 (unaudited) and September 30, 2023 December 31, 2023 September 30, 2023 (unaudited) (In Thousands, Except Share and Per Share Amounts) Assets Cash and Cash Equivalents: Cash and due from banks $ 2,453 $ 19 Interest bearing deposits with banks 253 4,575 Total Cash and Cash Equivalents 2,706 4,594 ESOP loan receivable 522 — Accrued interest receivable and other assets 113 11 Investment in subsidiary 29,466 23,865 Total Assets $ 32,807 $ 28,470 Liabilities and Stockholders' Equity Accrued interest payable and other liabilities 748 3,362 Total Liabilities 748 3,362 Stockholders' Equity Preferred stock, $.01 par value: December 31, 2023: 25,000,000 shares authorized; none issued September 30, 2023: 1,000,000 shares authorized; none issued — — Common stock, $.01 par value: December 31, 2023: 75,000,000 shares authorized; 1,107,134 shares issued September 30, 2023: 9,000,000 shares authorized; 2,031,377 shares issued 11 24 Additional paid-in capital 6,487 5,035 Retained earnings 27,992 28,242 Treasury Stock, at cost, (shares December 31, 2023: 0: September 30, 2023: 352,231) — (4,070) Accumulated other comprehensive loss (1,891) (4,123) Unearned common stock held by employee stock ownership plan (540) — Total Stockholders' Equity 32,059 25,108 Total Liabilities and Stockholders' Equity $ 32,807 $ 28,470 See notes to consolidated financial statements Gouverneur Bancorp, Inc. CONDENSED STATEMENTS OF EARNINGS - PARENT COMPANY ONLY For the Three Months Ended December 31, 2023 and 2022 (unaudited) Three Months Ended December 31, 2023 2022 (unaudited) (In Thousands, except per share data) Interest Income: Loans receivable, including fees $ 8 $ — Total Interest Income 8 — Net Interest Income 8 — Non-interest Income: Earnings (loss) on deferred fees plan (6) — Earnings from subsidiaries 179 58 Total Non-interest Income 173 58 Non-interest Expenses: Directors' fees 14 — Earnings (losses) on deferred fees plan (6) — Professional fees 34 — Other 21 12 Total Non-interest Expenses 63 12 Income before Income Tax Expense 118 46 Income Tax Expense (Benefit) — — Net Income $ 118 $ 46 Basic and Diluted Earnings Per Share $ 0.11 $ 0.02 See notes to consolidated financial statements Gouverneur Bancorp, Inc. CONDENSED STATEMENTS OF CASH FLOWS - PARENT ONLY Three Months Ended December 31, 2023 2022 (unaudited) (In Thousands) Cash Flows from Operating Activities: Net income $ 118 $ 46 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Equity in undistributed net earnings of subsidiaries (179) (59) ESOP committed to be released 37 — Change in other Assets (3,115) 224 Change in other Liabilities (3,159) (242) Net Used in Provided by Operating Activities (6,298) (31) Cash Flows from Investing Activities: ESOP loan issued (578) — Net decrease in loans receivable 56 — Net Cash Used in Investing Activities (522) — Cash Flows from Financing Activities: Net stock offering proceeds 4,932 — Net Cash Provided by Financing Activities 4,932 — Net Decrease in Cash and Cash Equivalents (1,888) (31) Cash and Cash Equivalents - Beginning of Year 4,594 107 Cash and Cash Equivalents - End of Year $ 2,706 $ 76

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation The consolidated financial statements of the Company include the accounts of Bancorp and its wholly-owned subsidiary, the Bank, and the Bank’s wholly owned subsidiary, GS&L Municipal Bank. All intercompany accounts and transactions have been eliminated in consolidation. At December 31, 2023, GS&L Municipal Bank held $28.6 million of the Bank’s $49.4 million investment securities portfolio and $20.4 million of the Bank’s deposits. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates in Preparation of Financial Statements	Use of Estimates in Preparation of Financial Statements The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses. In connection with the determination of the estimated loan losses, management obtains independent appraisals for significant properties. The Company’s loans are generally secured by specific items of collateral including real property, consumer assets, and business assets. Although the Company has a diversified portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent on local economic conditions. While management uses available information to recognize losses on loans and foreclosed assets, further reductions in the carrying amounts of loans and foreclosed assets may be necessary, based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the estimated losses on loans and foreclosed assets. Such agencies may require the Company to recognize additional losses based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible that the estimated losses on loans and foreclosed assets may change materially in the near term. However, the amount of the change that is reasonably possible cannot be estimated. The Company’s significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in note 2 of the audited financial statements and notes for the year ended September 30, 2023 and are contained in the Company’s Annual Report on Form 10-K. There have been no significant changes to the application of significant accounting policies since September 30, 2023, except for the following: On October 1, 2023, the Company adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASC 326) current conditions, and reasonable and supportable forecasts and generally applies to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities, and some off-balance sheet credit exposures such as unfunded commitments to extend credit. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. In addition, CECL made changes to the accounting for available for sale debt securities. One such change is to require that credit losses be presented as an allowance rather than as a write-down on available for sale debt securities if management does not intend to sell and does not believe that it is more likely than not that the Company will be required to sell. The Company adopted ASC 326 and all related subsequent amendments thereto effective October 1, 2023 using the modified retrospective approach for all financial assets measured at amortized cost and off-balance sheet credit exposures. The transition adjustment of the adoption of CECL included an increase in the allowance for credit losses on loans of $436,000, which is presented as a reduction to net loans outstanding, and an increase in the allowance for credit losses on unfunded loan commitments of $29,000, which is recorded within Other Liabilities. The Company recorded a net decrease to retained earnings of $368,000 as of October 1, 2023 for the cumulative effect of adopting CECL, which reflects the transition adjustments noted above, net of the applicable deferred tax assets recorded. Results for reporting periods beginning after October 1, 2023 are presented under CECL while prior period amounts continue to be reported in accordance with previously applicable accounting standards (“Incurred Loss”). The Company adopted ASC 326 using the prospective transition approach for purchased credit deteriorated (“PCD”) assets that were previously classified as purchased credit impaired (“PCI”) under ASC 310-30. The Company did not have any PCD assets that were previously classified as purchased credit impaired. Therefore, upon adoption of ASC 326, the Company determined that an allowance for credit losses on PCD assets was not deemed material. The Company adopted ASC 326 using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to October 1, 2023. As of December 31, 2023, the Company did not have any other-than-temporarily impaired investment securities. Therefore, upon adoption of ASC 326, the Company determined that an allowance for credit losses on available for sale securities was not deemed material. The following table illustrates the impact on the allowance for credit losses from adoption of ASC 326: October 1, 2023 September 30, 2023 As Reported Under Pre-ASC 326 Impact of ASC (dollars in thousands) ASC 326 Adoption September 326 Adoption Assets: Held to maturity securities, at amortized cost $ — $ — $ — Allowance for credit losses on held to maturity securities: Mortgaged-backed securities $ — $ — $ — Loans, at amortized cost Allowance for credit losses on loans: Residential mortgages $ 779 $ 527 $ 252 MAP & MPF secondary market mortgages 14 14 — Commercial mortgages 160 55 105 Commercial loans - secured 31 4 27 Commercial loans - unsecured — 2 (2) Consumer loans 75 21 54 Allowance for credit losses on loans $ 1,059 $ 623 $ 436 Liabilities: Allowance for credit losses for unfunded commitments $ 29 $ — $ 29
Allowance for Credit Losses	Allowance for Credit Losses – Held to Maturity Securities Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type. There was no accrued interest receivable on held-to-maturity debt securities at December 31, 2023 which would be excluded from the estimate of credit losses. The estimate of expected credit losses is primarily based on ratings assigned to the securities by debt rating agencies and the average of the annual historical loss rates associated with those ratings. The loss rates are multiplied by the remaining lives of each individual security to arrive at a lifetime expected loss amount. Management classifies the held-to-maturity portfolio into the following major security types: mortgage-backed securities. All the mortgage-backed securities held by the Company are issued by government-sponsored corporations. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. As a result, no allowance for credit losses was recorded on held to maturity securities at December 31, 2023. Allowance for Credit Losses – Available for Sale Securities For available for sale securities, management evaluates all investments in an unrealized loss position on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. If the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security, the security is written down to fair value and the entire loss is recorded in earnings. If either of the above criteria is not met, the Company evaluates whether the decline in fair value is the result of credit losses or other factors. In making the assessment, the Company may consider various factors including the extent to which fair value is less than amortized cost, performance on any underlying collateral, downgrades in the ratings of the security by a rating agency, the failure of the issuer to make scheduled interest or principal payments and adverse conditions specifically related to the security. If the assessment indicates that a credit loss exists, the present value of cash flows expected to be collected are compared to the amortized cost basis of the security and any excess is recorded as an allowance for credit loss, limited by the amount that the fair value is less that the amortized cost basis. Any amount of unrealized loss that has not been recorded through an allowance for credit loss is recognized in other comprehensive income. Changes in the allowance for credit loss are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance for credit loss when management believes an available for sale security is confirmed to be uncollectible or when either of the criteria regarding intent or requirement to sell is met. At December 31, 2023, there was no allowance for credit loss related to the available for sale portfolio. Accrued interest receivable on available for sale debt securities totaled $243,000 at December 31, 2023 and was excluded from the estimate of credit losses. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts and deferred fees and costs. Accrued interest receivable related to loans totaled $378,000 at December 31, 2023 and was reported in accrued interest receivable on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using methods that approximate a level yield without anticipating prepayments. The accrual of interest is generally discontinued when a loan becomes 90 days past due and is not well collateralized and in the process of collection, or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectible in the normal course of business. Past due status is based on contractual terms of the loan. A loan is considered to be past due when a scheduled payment has not been received 30 days after the contractual due date. All accrued interest is reversed against interest income when a loan is placed on nonaccrual status. Interest received on such loans is accounted for using the cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance, and future payments are reasonably assured. Allowance for Credit Losses – Loans. The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The allowance for credit losses represents management’s estimate of lifetime credit losses inherent in loans as of the balance sheet date. The allowance for credit losses is estimated by management using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The Company measures expected credit losses for loans on a pooled basis when similar risk characteristics exist. The Company has identified the following portfolio segments and calculates the allowance for credit losses for each using a discounted cash flow and remaining life methodology. The segments using a discounted cash flow methodology are as follows: Real Estate Residential - 1-4 family residential construction loans - Other construction loans and all land development and other land loans - Revolving, open-end loans secured by 1-4 family residential properties and extended under lines of credit - Secured by first liens - Secured by junior liens Real Estate Commercial - Commercial and industrial loans – commercial mortgage - Loans secured by owner-occupied, nonfarm nonresidential properties - Loans secured by other nonfarm nonresidential properties - Loans secured by multifamily (5 or more) properties Commercial Secured - Loans to finance agricultural production and other loans to farmers - Commercial and industrial loans - Obligations (other than securities and leases) of states and political subdivisions in the US Commercial Unsecured - Commercial and industrial loans – unsecured - Unsecured other loans Consumer - Other revolving credit plans - Automobile loans - Other consumer loans The discounted cash flow method calculates the expected cash flows to be received over the life of each individual loan in a pool. The segment using a remaining life methodology is below: Commercial Unsecured - Other loans (commercial overdraft loans) Consumer - Other loans (consumer overdraft loans) The remaining life methodology uses average annual charge-off rates and the remaining life of the loan to estimate the allowance for credit losses. The average annual charge-off rate is applied to the amortization adjusted remaining life of the loan to determine the unadjusted lifetime historical charge-off rate. Additionally, the allowance for credit losses calculation includes subjective adjustments for qualitative risk factors that are likely to cause estimated credit losses to differ from historical experience. These qualitative adjustments may increase or reduce reserve levels and include adjustments for lending management experience and risk tolerance, asset quality and portfolio trends, loan review and audit results, loan portfolio growth, industry concentrations, trends in underlying collateral, external factors and economic conditions not already captured. Loans that do not share risk characteristics are evaluated on an individual basis. When management determines that foreclosure is probable and the borrower is experiencing financial difficulty, the expected credit losses are based on the fair value of collateral at the reporting dated unadjusted for selling costs as appropriate. Allowance for Credit Losses – Unfunded Commitments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off—balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records an allowance for credit losses on off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable, through a charge to provision for unfunded commitments in the Company’s income statements. The allowance for credit losses on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit loss model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur as well as any third-party guarantees. The allowance for unfunded commitments is included in other liabilities on the Company’s consolidated balance sheets.
Revenue Recognition	Revenue Recognition The majority of the Company’s revenue stream is generated from interest income on loans and deposits which are outside the scope of “ Revenue from Contracts with Customers”   The Company’s sources of income that fall within the scope of Topic 606 include service charges on deposits, interchange fees and gains and losses on sales of other real estate, all of which are presented as components of noninterest income. On the following page is a summary of the revenue streams that fall within the scope of Topic 606. Service charges on deposits, ATM, and interchange fees Gains and losses on sales of other real estate –
Recently Issued Accounting Standards	Recently Issued Accounting Standards On October 1, 2023, the Company adopted ASU 2019-12, Income Taxes Topic 740. This update simplifies and improves accounting for income taxes by eliminating certain exceptions to the general rules and clarifying or amending other current guidance. The scope of FASB ASC Subtopic 740-10, Income Taxes -Overall, has been amended to require that, if a franchise (or similar tax) is partially based on income, (1) deferred tax assets and liabilities should be recognized and accounted for pursuant to FASB ASC 740, as should the amount of current tax expense that is based on income, and (2) any incremental amount incurred should be recorded as a non-income-based tax. Note that under the amended guidance, the effect of potentially paying a non-income-based tax in future years need not be considered in evaluating the realizability of deferred tax assets. The amendments in this ASU were effective for the Company for the fiscal year beginning October 1, 2023. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The amendments in this update provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments (1) apply to contract modifications that replace a reference rate affected by reference rate reform, (2) provide exceptions to existing guidance related to changes to the critical terms of a hedging relationship due to reference rate reform (3) provide optional expedients for fair value hedging relationships, cash flow hedging relationships, and net investment hedging relationships, and (4) provide a onetime election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The amendments for contract modifications can be elected to be applied as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. The amendments for existing hedging relationships can be elected to be applied as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform to clarify that all derivative instruments affected by changes to the interest rates used for discounting, margining or contract price alignment are in scope of Topic 848. ASU 2021-01 expands the scope of ASU 2020-04 by allowing an entity to apply the optional expedients, by stating that a change to the interest rate used for margining, discounting or contract price alignment for a derivative is not considered to be a change to the critical terms of the hedging relationship that requires dedesignation. The Company has signed an amended agreement with Federal Home Loan Bank of New York for the transition to SOFR which began July 1, 2023.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2023
Summary of Significant Accounting Policies
Schedule of impact on the allowance for credit losses from adoption of ASC 326	October 1, 2023 September 30, 2023 As Reported Under Pre-ASC 326 Impact of ASC (dollars in thousands) ASC 326 Adoption September 326 Adoption Assets: Held to maturity securities, at amortized cost $ — $ — $ — Allowance for credit losses on held to maturity securities: Mortgaged-backed securities $ — $ — $ — Loans, at amortized cost Allowance for credit losses on loans: Residential mortgages $ 779 $ 527 $ 252 MAP & MPF secondary market mortgages 14 14 — Commercial mortgages 160 55 105 Commercial loans - secured 31 4 27 Commercial loans - unsecured — 2 (2) Consumer loans 75 21 54 Allowance for credit losses on loans $ 1,059 $ 623 $ 436 Liabilities: Allowance for credit losses for unfunded commitments $ 29 $ — $ 29

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
Earnings Per Common Share (Tables)	Dec. 31, 2023
Earnings Per Common Share
Schedule of computation of basic and diluted earnings per common share	The table below sets forth the computation of basic and diluted earnings per common share for the three-month periods ending December 31, 2023 and 2022 (In thousands, except per share data) (unaudited). Three Months Ended December 31, Basic earnings per share: 2023 2022 Net income $ 118 $ 46 Weighted average common shares outstanding used to calculate basic and diluted earnings per common share 1,050 2,031 Basic and diluted earnings per common share $ 0.11 $ 0.02

Comprehensive Income (Loss) (Ta

Comprehensive Income (Loss) (Tables)	3 Months Ended
Comprehensive Income (Loss) (Tables)	Dec. 31, 2023
Comprehensive Income (Loss)
Schedule of accumulated other comprehensive loss	December 31, September 30, 2023 2023 (In thousands) Accumulated Other Comprehensive Loss by Component Unrealized Loss for Other Postretirement Obligations $ (266) $ (326) Tax Effect 55 69 Net Unrealized Loss for Other Postretirement Obligations (211) (257) Unrealized Loss on Available-for-Sale Securities, net (2,127) (4,890) Tax Effect 447 1,024 Net Unrealized Loss on Available-for-Sale Securities (1,680) (3,866) Total Comprehensive Loss $ (1,891) $ (4,123)

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
Investment Securities (Tables)	Dec. 31, 2023
Investment Securities
Schedule of amortized cost of debt securities and fair value	The amortized cost of debt securities and their approximate fair value at December 31, 2023 (unaudited) is represented in the table on the table below: Gross Gross Allowance Amortized Unrealized Unrealized for Credit Fair Cost Gains Losses Losses Value AVAILABLE FOR SALE U.S. Government Treasuries $ 3,789 $ — $ (25) $ — $ 3,764 U.S. Government Agencies 12,103 1 (76) — 12,028 Mortgaged-Backed Securities 8,437 2 (374) — 8,065 Municipal Securities 24,824 222 (1,891) — 23,155 SBA Securities 2,375 24 (9) — 2,390 $ 51,528 $ 249 $ (2,375) $ — $ 49,402 The amortized cost of debt securities and their approximate fair value at September 30, 2023 is represented in the table below. Gross Gross Allowance Amortized Unrealized Unrealized for Credit Fair Cost Gains Losses Losses Value AVAILABLE FOR SALE U.S. Government Treasuries $ 3,766 $ — $ (86) $ — $ 3,680 U.S. Government Agencies 12,025 — (363) — 11,662 Mortgaged-Backed Securities 8,726 1 (812) — 7,915 Municipal Securities 24,571 2 (3,578) — 20,995 SBA Securities 2,426 — (54) — 2,372 $ 51,514 $ 3 $ (4,893) $ — $ 46,624
Schedule of amortized cost and fair value of debt securities, by contractual maturity	The amortized cost and fair value of debt securities, by contractual maturity, at December 31, 2023 (unaudited) is as shown below. Expected maturities will differ from contractual maturities call or prepay obligations with or without call or prepayment penalties. Debt Securities Available-for-Sale Amortized Cost Fair Value (In Thousands) Due Within One Year $ 6,521 $ 6,506 Due After One Year Through Five Years 13,382 13,345 Due After Five Years Through Ten Years 5,382 5,190 Due After Ten Years 15,431 13,906 40,716 38,947 Mortgage-Backed & SBA Securities 10,812 10,455 $ 51,528 $ 49,402 The amortized cost and fair value of debt securities, by contractual maturity, at September 30, 2023 is as shown below. Debt Securities Available-for-Sale Amortized Cost Fair Value (In Thousands) Due Within One Year $ 6,585 $ 6,548 Due After One Year Through Five Years 13,789 13,474 Due After Five Years Through Ten Years 4,437 4,127 Due After Ten Years 15,551 12,188 40,362 36,337 Mortgage-Backed & SBA Securities 11,152 10,287 $ 51,514 $ 46,624
Schedule of realized gains and losses from the sale of available-for-sale investments	Three Months Ended December 31, 2023 2022 Proceeds $ — $ 1,889 Cost — (2,231) Net Realized Gains (Losses) $ — $ (342) Gross Realized Gains $ — $ — Gross Realized Losses — (342) Net Realized Gains (Losses) $ — $ (342)
Schedule of securities with gross unrealized losses	Information pertaining to securities with gross unrealized losses at December 31, 2023 (unaudited), aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: Less than Twelve months Over Twelve Months Total Gross Gross Gross Unrealized Unrealized Unrealized Losses Fair Value Losses Fair Value Losses Fair Value (In Thousands) December 31, 2023 Securities Available-for-Sale: US Treasuries & Agencies $ 69 $ 9,292 $ 32 $ 6,294 $ 101 $ 15,586 Mortgage-backed & SBA Securities 380 8,261 3 337 383 8,598 Municipal Securities 10 1,809 1,881 8,943 1,891 10,752 $ 459 $ 19,362 $ 1,916 $ 15,574 $ 2,375 $ 34,936 Information pertaining to securities with gross unrealized losses at September 30, 2023 aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows: Less than Twelve months Over Twelve Months Total Gross Gross Gross Unrealized Unrealized Unrealized Losses Fair Value Losses Fair Value Losses Fair Value (In Thousands) September 30, 2023 Securities Available-for-Sale: US Treasuries & Agencies $ 368 $ 9,143 $ 81 $ 6,199 $ 449 $ 15,342 Mortgage-backed & SBA Securities 852 9,899 14 340 866 10,239 Municipal Securities 480 11,357 3,098 8,061 3,578 19,418 $ 1,700 $ 30,399 $ 3,193 $ 14,600 $ 4,893 $ 44,999

LOANS RECEIVABLE AND ALLOWANC_2

LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Tables)	3 Months Ended
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Tables)	Dec. 31, 2023
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES
Schedule of components for loans receivable	As of December 31, 2023 Originated Acquired Total Loans (In Thousands) Real Estate Mortgages Residential $ 77,125 $ 26,952 $ 104,077 Commercial 8,024 3,204 11,228 Construction 1,664 — 1,664 Home Equity 1,719 — 1,719 Other Loans: Commercial Non-Mortgage 1,059 284 1,343 Automobile 2,934 209 3,143 Passbook 204 219 423 Consumer 1,990 607 2,597 Total Loans 94,719 31,475 126,194 Net Deferred Loan Costs 426 — 426 Net Discounts on Acquired Loans — (948) (948) Allowance for Credit Losses (1,061) — (1,061) Loans, Net $ 94,084 $ 30,527 $ 124,611 Year Ended September 30, 2023 Originated Acquired Total Loans (In Thousands) Real Estate Mortgages: Residential $ 74,918 $ 27,333 $ 102,251 Commercial 7,647 3,843 11,490 Construction 2,265 — 2,265 Home Equity 2,552 411 2,963 Other Loans: Commercial Non-Mortgage 1,046 455 1,501 Automobile 2,793 234 3,027 Passbook 43 224 267 Consumer 2,175 666 2,841 Total Loans 93,439 33,166 126,605 Net Deferred Loan Costs 437 — 437 Net Discounts on Acquired Loans — (992) (992) Allowance for Loan Losses (623) — (623) Loans, Net $ 93,253 $ 32,174 $ 125,427
Schedule of outstanding principal balance and the related carrying amount of the Company's loans acquired	December 31, 2023 September 30, 2023 (in thousands) Acquired Credit Impaired Loans Outstanding Principal Balance $ — $ — Carrying Amount $ — $ — Acquired Non-Credit Impaired Loans Outstanding Principal Balance $ 31,475 $ 33,166 Carrying Amount $ 30,527 $ 32,174 Total Acquired Loans Outstanding Principal Balance $ 31,475 $ 33,166 Carrying Amount $ 30,527 $ 32,174
Schedule of allowance for loan losses and recorded investment in loans	Real Estate Real Estate Commercial Commercial Residential Commercial Secured Unsecured Consumer Total (In Thousands) Allowance for Credit Losses: Beginning Balance $ 541 $ 55 $ 4 $ 2 $ 21 $ 623 Charge-offs (62) — — — (6) (68) Recoveries — — — — 2 2 Transfer — (3) (3) — 6 — Provisions 68 — — — — 68 Adoption of new accounting standard 252 105 27 (2) 54 436 Ending Balance $ 799 $ 157 $ 28 $ — $ 77 $ 1,061 Ending Balance: Individually Evaluated $ — $ — $ — $ — $ — $ — Ending Balance: Collectively Evaluated $ 799 $ 157 $ 28 $ — $ 77 $ 1,061 Loans Receivable: Ending Balance $ 107,460 $ 11,228 $ 1,330 $ 13 $ 6,163 $ 126,194 Ending Balance: Individually Evaluated $ — $ 696 $ — $ — $ — $ 696 Ending Balance: Collectively Evaluated $ 107,460 $ 10,532 $ 1,330 $ 13 $ 6,163 $ 125,498 Real Estate Real Estate Commercial Commercial Residential Commercial Secured Unsecured Consumer Total (In Thousands) Beginning Balance $ 548 $ 55 $ 4 $ 1 $ 13 $ 621 Charge-offs — — — — (4) (4) Recoveries 1 — — — 1 2 Transfer (3) — — — 3 — Provisions 15 — — — — 15 Ending Balance $ 561 $ 55 $ 4 $ 1 $ 13 $ 634 Ending Balance: Individually Evaluated $ 85 $ — $ — $ — $ — $ 85 Ending Balance: Collectively $ 476 $ 55 $ 4 $ 1 $ 13 $ 549 Real Estate Real Estate Commercial Commercial Residential Commercial Secured Unsecured Consumer Total (In Thousands) Loans Receivable: Ending Balance $ 107,479 $ 11,490 $ 1,501 $ — $ 6,135 $ 126,605 Less: Acquired Loans 27,744 3,843 455 — 1,124 33,166 Ending Balance: Individually Evaluated $ — $ 298 $ — $ — $ — $ 298 Ending Balance: Collectively Evaluated $ 79,735 $ 7,349 $ 1,046 $ — $ 5,011 $ 93,141
Schedule of Performing and nonperforming real estate loans	As of December 31, As of September 30, 2023 2023 (In Thousands) Performing $ 117,497 $ 118,269 Nonperforming 1,191 700 Total $ 118,688 $ 118,969
Schedule of credit risk profile for originated loans held in portfolio by internally assigned grade	Pass Special Mention Substandard Doubtful Total (In Thousands) Mortgage Loans on Real Estate Residential, One to Four Family $ 78,789 $ — $ — $ — $ 78,789 Home Equity 1,719 — — — 1,719 Commercial 7,728 — 296 — 8,024 Total Mortgage Loans on Real Estate 88,236 — 296 — 88,532 Commercial 1,059 — — — 1,059 Consumer 5,128 — — — 5,128 Total Loans $ 94,423 $ — $ 296 $ — $ 94,719 Pass Special Mention Substandard Doubtful Total (In Thousands) Mortgage Loans on Real Estate Residential, One to Four Family $ 26,952 $ — $ — $ — $ 26,952 Home Equity — — — — — Commercial 2,636 168 400 — 3,204 Total Mortgage Loans on Real Estate 29,588 168 400 — 30,156 Commercial 256 28 — — 284 Consumer 1,035 — — — 1,035 Total Loans $ 30,879 $ 196 $ 400 $ — $ 31,475 Pass Special Mention Substandard Doubtful Total (In Thousands) Mortgage Loans on Real Estate Residential, One to Four Family $ 77,183 $ — $ — $ — $ 77,183 Home Equity 2,552 — — — 2,552 Commercial 7,349 — 298 — 7,647 Total Mortgage Loans on Real Estate 87,084 — 298 — 87,382 Commercial 1,046 — — — 1,046 Consumer 5,011 — — — 5,011 Total Loans $ 93,141 $ — $ 298 $ — $ 93,439 Pass Special Mention Substandard Doubtful Total (In Thousands) Mortgage Loans on Real Estate Residential, One to Four Family $ 27,333 $ — $ — $ — $ 27,333 Home Equity 411 — — — 411 Commercial 3,231 210 402 — 3,843 Total Mortgage Loans on Real Estate 30,975 210 402 — 31,587 Commercial 423 32 — — 455 Consumer 1,124 — — — 1,124 Total Loans $ 32,522 $ 242 $ 402 $ — $ 33,166 Term Loans by Fiscal Year of Origination (in thousands) 2024 2023 2022 2021 2020 Prior Revolving Total Real Estate - Residential Pass $ 1,917 $ 11,162 $ 15,844 $ 19,055 $ 9,566 $ 48,197 $ 1,719 $ 107,460 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Real Estate - Residential $ 1,917 $ 11,162 $ 15,844 $ 19,055 $ 9,566 $ 48,197 $ 1,719 $ 107,460 Current period gross write-offs $ 62 $ — $ — $ — $ — $ — $ — $ 62 Real Estate - Commercial Pass $ 221 $ 2,227 $ 711 $ 2,354 $ 1,981 $ 2,871 $ — $ 10,365 Special Mention — — — — — 168 — 168 Substandard — 430 — 199 66 — — 695 Doubtful — — — — — — — — Total Real Estate - Commercial $ 221 $ 2,657 $ 711 $ 2,553 $ 2,047 $ 3,039 $ — $ 11,228 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial - Secured Pass $ 88 $ 428 $ 86 $ 216 $ 268 $ 216 $ — $ 1,302 Special Mention — — — — — 28 — 28 Substandard — — — — — — — — Doubtful — — — — — — — — Total Commercial - Secured $ 88 $ 428 $ 86 $ 216 $ 268 $ 244 $ — $ 1,330 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial - Unsecured Pass $ 2 $ — $ — $ — $ — $ 11 $ — $ 13 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Commercial - Unsecured $ 2 $ — $ — $ — $ — $ 11 $ — $ 13 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer Pass $ 752 $ 2,607 $ 1,374 $ 747 $ 367 $ 316 $ — $ 6,163 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Consumer $ 752 $ 2,607 $ 1,374 $ 747 $ 367 $ 316 $ — $ 6,163 Current period gross write-offs $ 6 $ — $ — $ — $ — $ — $ — $ 6
Schedule of aging analysis of past due financing receivables by class of financing receivable	90 Days or Total 90 Days or 30 – 59 Days 60 – 89 Days Greater Total Financing Greater and Past Due Past Due Past Due Past Due Current Receivable Still accruing (In Thousands) Residential Mortgage $ 411 $ 220 $ 143 $ 774 $ 79,734 $ 80,508 $ — Commercial Mortgage — 46 66 112 7,912 8,024 — Commercial — — — — 1,059 1,059 — Consumer — 2 — 2 5,126 5,128 — Total Originated Loans $ 411 $ 268 $ 209 $ 888 $ 93,831 $ 94,719 $ — 90 Days or Total 90 Days or 30 – 59 Days 60 – 89 Days Greater Total Financing Greater and Past Due Past Due Past Due Past Due Current Receivable Still accruing (In Thousands) Residential Mortgage $ 111 $ 59 $ — $ 170 $ 26,782 $ 26,952 $ — Commercial Mortgage — — — — 3,204 3,204 — Commercial — — — — 284 284 — Consumer 55 18 — 73 962 1,035 — Total Acquired Loans $ 166 $ 77 $ — $ 243 $ 31,232 $ 31,475 $ — 90 Days or Greater Total Greater 30 – 59 Days 60 – 89 Days 90 Days or Total Financing and Still Past Due Past Due Past Due Past Due Current Receivable accruing (In Thousands) Residential Mortgage $ 810 $ 5 $ 138 $ 953 $ 78,782 $ 79,735 $ — Commercial Mortgage — — 66 66 7,581 7,647 — Commercial — — — — 1,046 1,046 — Consumer 84 11 — 95 4,916 5,011 — Total Originated Loans $ 894 $ 16 $ 204 $ 1,114 $ 92,325 $ 93,439 $ — 90 Days or Greater Total Greater 30 – 59 Days 60 – 89 Days 90 Days or Total Financing and Still Past Due Past Due Past Due Past Due Current Receivable accruing (In Thousands) Residential Mortgage $ 33 $ — $ 62 $ 95 $ 27,649 $ 27,744 $ — Commercial Mortgage — — — — 3,843 3,843 — Commercial — — — — 455 455 — Consumer — — — — 1,124 1,124 — Total Acquired Loans $ 33 $ — $ 62 $ 95 $ 33,071 $ 33,166 $ —
Schedule of the Company's nonaccrual loans by major categories	CECL Incurred Loss December 31, 2023 September 30, 2023 Nonaccrual loans Nonaccrual loans Total Nonaccrual (in thousands) with No Allowance with an Allowance Loans Nonaccrual Loans Real Estate - Residential $ — $ 602 $ 602 $ 153 Real Estate - Commercial — 466 466 468 Commercial - Secured — — — — Commercial - Unsecured — — — — Consumer — 18 18 9 Total Loans $ — $ 1,086 $ 1,086 $ 630
Schedule of accrued interest receivable written off by reversing interest income	For the Three Months Ended December 31, 2023 (in thousands) Real Estate - Residential $ 12 Real Estate - Commercial 9 Commercial - Secured — Commercial - Unsecured — Consumer 1 Total Loans $ 22

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
GOODWILL AND INTANGIBLE ASSETS (Tables)	Dec. 31, 2023
GOODWILL AND INTANGIBLE ASSETS
Schedule of Goodwill and Core Deposit Intangibles	Three Months Ended December 31, Year ended September 30, 2023 2023 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount (In Thousands) Goodwill $ 4,237 $ — $ 4,237 $ 4,237 $ — $ 4,237 Core Deposit Intangible 2,080 104 1,976 2,542 462 2,080 $ 6,317 $ 104 $ 6,213 $ 6,779 $ 462 $ 6,317
Schedule of Estimated Aggregate Amortization Expense	Fiscal Year Ended September 30, (in thousands) 2024 $ 416 2025 370 2026 323 2027 277 2028 231 $ 1,617

FINANCIAL INSTRUMENTS WITH OF_2

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET CREDIT RISK (Tables)	3 Months Ended
	Dec. 31, 2023
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET CREDIT RISK
Summary of financial instrument commitments	December 31, September 30, 2023 2023 (in thousands) Commitments to Grant Loans $ 1,671 $ 1,089 Unfunded Commitments Under Lines of Credit $ 5,890 $ 6,022
Schedule of balance and activity in the allowance for credit losses for unfunded loan commitments	Total Allowance for Credit Losses - Unfunded (in thousands) Commitments Balance, September 30, 2023 $ — Adjustment to allowance for unfunded commitments for adoption of ASU 2016-13 29 Provision for unfunded commitments 2 Balance, December 31, 2023 $ 31

REGULATORY CAPITAL REQUIREMEN_2

REGULATORY CAPITAL REQUIREMENTS (Tables)	3 Months Ended
REGULATORY CAPITAL REQUIREMENTS (Tables)	Dec. 31, 2023
REGULATORY CAPITAL REQUIREMENTS
REGULATORY CAPITAL REQUIREMENTS	Minimum to be Well Capitalized Under Prompt Minimum Capital Corrective Action Actual Requirement Provisions Amount ($) Ratio (%) Amount ($) Ratio (%) Amount ($) Ratio (%) (In Thousands) As of December 31, 2023 (unaudited) Total Capital (to Risk-Weighted Assets) $ 25,877 23.0 ≥ $ 8,998 ≥ 8.0 ≥ $ 11,248 ≥ 10.0 Tier 1 Capital (to Risk-Weighted Assets) 24,786 22.0 ≥ 6,749 ≥ 6.0 ≥ 8,998 ≥ 8.0 Tier 1 Common Equity (to Risk-Weighted Assets) 24,786 22.0 ≥ 5,062 ≥ 4.5 ≥ 7,311 ≥ 6.5 Tier 1 Leverage Ratio (to Adjusted Total Assets) 24,786 12.3 ≥ 8,059 ≥ 4.0 ≥ 10,074 ≥ 5.0 Capital Conservation Buffer on Tier 1 Common Equity 25,877 15.0 ≥ 7,874 ≥ 7.0 ≥ N/A ≥ N/A As of September 30, 2023 Total Capital (to Risk-Weighted Assets) $ 21,906 19.4 ≥ $ 9,020 ≥ 8.0 ≥ $ 11,275 ≥ 10.0 Tier 1 Capital (to Risk-Weighted Assets) 21,283 18.9 ≥ 6,765 ≥ 6.0 ≥ 9,019 ≥ 8.0 Tier 1 Common Equity (to Risk-Weighted Assets) 21,283 18.9 ≥ 5,074 ≥ 4.5 ≥ 7,329 ≥ 6.5 Tier 1 Leverage Ratio (to Adjusted Total Assets) 21,283 10.6 ≥ 8,022 ≥ 4.0 ≥ 10,027 ≥ 5.0 Capital Conservation Buffer on Tier 1 Common Equity 21,906 11.4 ≥ 7,892 ≥ 7.0 ≥ N/A ≥ N/A
Muni Bank
REGULATORY CAPITAL REQUIREMENTS
REGULATORY CAPITAL REQUIREMENTS	Minimum to be Well Capitalized Under Prompt Minimum Capital Corrective Action Actual Requirement Provisions Amount ($) Ratio (%) Amount ($) Ratio (%) Amount ($) Ratio (%) (In Thousands) As of December 31, 2023 (unaudited) Total Capital (to Risk-Weighted Assets) $ 13,260 184.8 ≥ $ 574 ≥ 8.0 ≥ $ 718 ≥ 10.0 Tier 1 Capital (to Risk-Weighted Assets) 13,260 184.8 ≥ 431 ≥ 6.0 ≥ 574 ≥ 8.0 Tier 1 Common Equity (to Risk-Weighted Assets) 13,260 184.8 ≥ 323 ≥ 4.5 ≥ 466 ≥ 6.5 Tier 1 Leverage Ratio (to Adjusted Total Assets) 13,260 39.2 ≥ 1,355 ≥ 4.0 ≥ 1,693 ≥ 5.0 Capital Conservation Buffer on Tier 1 Common Equity 13,260 176.8 ≥ 502 ≥ 7.0 ≥ N/A ≥ N/A As of September 30, 2023 Total Capital (to Risk-Weighted Assets) $ 13,053 245.8 ≥ $ 425 ≥ 8.0 ≥ $ 531 ≥ 10.0 Tier 1 Capital (to Risk-Weighted Assets) 13,053 245.8 ≥ 319 ≥ 6.0 ≥ 425 ≥ 8.0 Tier 1 Common Equity (to Risk-Weighted Assets) 13,053 245.8 ≥ 239 ≥ 4.5 ≥ 345 ≥ 6.5 Tier 1 Leverage Ratio (to Adjusted Total Assets) 13,053 37.4 ≥ 1,394 ≥ 4.0 ≥ 1,743 ≥ 5.0 Capital Conservation Buffer on Tier 1 Common Equity 13,053 237.8 ≥ 372 ≥ 7.0 ≥ N/A ≥ N/A

INTEREST RATE DERIVATIVES (Tabl

INTEREST RATE DERIVATIVES (Tables)	3 Months Ended
INTEREST RATE DERIVATIVES (Tables)	Dec. 31, 2023
INTEREST RATE DERIVATIVES
Schedule of information about interest rate swap agreements	Weighted Estimated Average Rate Weighted Fair Value Notional Contract Average Rate (Liability) Amount Pay Rate Received Rate Asset (In Thousands) (In Thousands) December 31, 2023 (unaudited) Interest Rate Swaps on Mortgage Loans $ — 0.00 % 0.00 % $ — Interest Rate Swaps on FHLB Borrowings and Bank Deposits $ 3,000 1.56 % 5.64 % $ 106 September 30, 2023 Interest Rate Swaps on Mortgage Loans $ — — % — % $ — Interest Rate Swaps on FHLB Borrowings and Bank Deposits $ 5,500 2.04 % 5.35 % $ 250
Summary of the fair value of outstanding derivatives and their presentation in the consolidated statements of financial condition	As of December 31, As of September 30, 2023 2023 (unaudited) (In Thousands) Fair Value Hedge – Interest Rate Swap Accrued Interest Receivable and Other Assets $ 106 $ 250
Summary of the maturity outstanding derivatives	December 31, September 30, 2023 2023 (unaudited) (in thousands) 2024 $ — $ — 2025 3,000 4,500 2026 — 1,000 $ 3,000 $ 5,500

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Dec. 31, 2023
FAIR VALUE MEASUREMENTS
Summary of financial assets and liabilities reported on recurring basis	Quoted Prices in Active Markets for Identical Significant Other Significant Total Assets/Liabilities Observable Unobservable Fair Value (Level 1 ) Inputs (Level 2) Inputs (Level 3) (In Thousands) December 31, 2023 (unaudited) U.S. Government Treasuries $ 3,764 $ — $ 3,764 $ — U.S. Government Agencies 12,028 — 12,028 — Mortgaged-Backed Securities 8,065 — 8,065 — Municipal Securities 23,155 — 23,155 — SBA Securities 2,390 — 2,390 — Available-for-Sale Securities $ 49,402 $ — $ 49,402 $ — Interest Rate Swap Derivative $ 106 $ — $ 106 $ — September 30, 2023 U.S. Government Treasuries $ 3,680 $ — $ 3,680 $ — U.S. Government Agencies 11,662 — 11,662 — Mortgaged-Backed Securities 7,915 — 7,915 — Municipal Securities 20,995 — 20,995 — SBA Securities 2,372 — 2,372 — Available-for-Sale Securities $ 46,624 $ — $ 46,624 $ — Interest Rate Swap Derivative $ 250 $ — $ 250 $ —
Summary of financial assets and liabilities reported on Nonrecurring basis	Quoted Prices in Active Markets for Identical Significant Other Significant Total Assets/Liabilities Observable Unobservable Fair Value (Level 1 ) Inputs (Level 2) Inputs (Level 3) (In Thousands) December 31, 2023 (unaudited) Foreclosed Real Estate, Net $ 74 $ — $ — $ 74 September 30, 2023 Foreclosed Real Estate, Net $ 101 $ — $ — $ 101
Summary of basis valuation techniques	Valuation Techniques Unobservable Inputs Weighted Average Range Individually Evaluated Loans Appraisal of Collateral Appraisal Adjustments 25% - 25% (25%) (Sales Approach) Costs to Sell 6% - 10% (8%) Discounted Cash Flow Foreclosed Assets Appraisal of Collateral Appraisal Adjustments 25% - 25% (25%) (Sales Approach) Costs to Sell 6% - 10% (8%)
Summary of estimated fair values of financial instruments	December 31, 2023 Carrying Value Fair Value (unaudited) (In Thousands) Financial Assets Cash and due from banks $ 6,576 $ 6,576 Interest bearing deposits with banks 1,503 1,503 Time deposits in other financial institutions 491 491 Available for sale debt securities 49,402 49,402 Acquired loans 30,527 30,527 Portfolio loans, net of deferred fees 94,084 76,452 Investment in restricted stock 1,150 1,150 Accrued interest receivable 627 627 Interest rate swap derivative 106 106 Financial Liabilities Deposits $ 160,327 $ 121,731 Accrued interest payable 13 13 September 30, 2023 Carrying Value Fair Value (In Thousands) Financial Assets Cash and due from banks $ 9,306 $ 9,306 Interest bearing deposits with banks 1,101 1,101 Time deposits in other financial institutions 484 484 Available for sale debt securities 46,624 46,624 Acquired loans 32,174 32,174 Portfolio loans, net of deferred fees 93,253 69,608 Investment in restricted stock 1,471 1,471 Accrued interest receivable 630 630 Interest rate swap derivative 250 250 Financial Liabilities Deposits $ 158,778 $ 119,212 Accrued interest payable 67 67

LEASES (Tables)

LEASES (Tables)	3 Months Ended
LEASES (Tables)	Dec. 31, 2023
LEASES
Summary of future minimum payments for operating leases	(unaudited) 2024 $ 17,000 2025 21,000 2026 14,000 2027 13,000 2028 13,000 $ 78,000
Summary of information of leases	Right to use assets $ 61,000 Lease liability $ 61,000 Weighted average remaining lease term, in years: 4.33 For the quarter ended December 31, 2023: Operating lease expense: $ 5,000 Short-term lease expense: — Total lease expense: $ 5,000 Cash paid for amounts included in measurement of lease liabilities: $ 5,000

PARENT COMPANY FINANCIAL INFO_2

PARENT COMPANY FINANCIAL INFORMATION (Tables)	3 Months Ended
PARENT COMPANY FINANCIAL INFORMATION (Tables)	Dec. 31, 2023
PARENT COMPANY FINANCIAL INFORMATION
Summary of condensed balance sheet	Gouverneur Bancorp, Inc. CONDENSED STATEMENTS OF FINANCIAL CONDITION PARENT COMPANY ONLY As of December 31, 2023 (unaudited) and September 30, 2023 December 31, 2023 September 30, 2023 (unaudited) (In Thousands, Except Share and Per Share Amounts) Assets Cash and Cash Equivalents: Cash and due from banks $ 2,453 $ 19 Interest bearing deposits with banks 253 4,575 Total Cash and Cash Equivalents 2,706 4,594 ESOP loan receivable 522 — Accrued interest receivable and other assets 113 11 Investment in subsidiary 29,466 23,865 Total Assets $ 32,807 $ 28,470 Liabilities and Stockholders' Equity Accrued interest payable and other liabilities 748 3,362 Total Liabilities 748 3,362 Stockholders' Equity Preferred stock, $.01 par value: December 31, 2023: 25,000,000 shares authorized; none issued September 30, 2023: 1,000,000 shares authorized; none issued — — Common stock, $.01 par value: December 31, 2023: 75,000,000 shares authorized; 1,107,134 shares issued September 30, 2023: 9,000,000 shares authorized; 2,031,377 shares issued 11 24 Additional paid-in capital 6,487 5,035 Retained earnings 27,992 28,242 Treasury Stock, at cost, (shares December 31, 2023: 0: September 30, 2023: 352,231) — (4,070) Accumulated other comprehensive loss (1,891) (4,123) Unearned common stock held by employee stock ownership plan (540) — Total Stockholders' Equity 32,059 25,108 Total Liabilities and Stockholders' Equity $ 32,807 $ 28,470 See notes to consolidated financial statements
Summary of condensed income statement	Gouverneur Bancorp, Inc. CONDENSED STATEMENTS OF EARNINGS - PARENT COMPANY ONLY For the Three Months Ended December 31, 2023 and 2022 (unaudited) Three Months Ended December 31, 2023 2022 (unaudited) (In Thousands, except per share data) Interest Income: Loans receivable, including fees $ 8 $ — Total Interest Income 8 — Net Interest Income 8 — Non-interest Income: Earnings (loss) on deferred fees plan (6) — Earnings from subsidiaries 179 58 Total Non-interest Income 173 58 Non-interest Expenses: Directors' fees 14 — Earnings (losses) on deferred fees plan (6) — Professional fees 34 — Other 21 12 Total Non-interest Expenses 63 12 Income before Income Tax Expense 118 46 Income Tax Expense (Benefit) — — Net Income $ 118 $ 46 Basic and Diluted Earnings Per Share $ 0.11 $ 0.02 See notes to consolidated financial statements
Summary of condensed Cash flow	Gouverneur Bancorp, Inc. CONDENSED STATEMENTS OF CASH FLOWS - PARENT ONLY Three Months Ended December 31, 2023 2022 (unaudited) (In Thousands) Cash Flows from Operating Activities: Net income $ 118 $ 46 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Equity in undistributed net earnings of subsidiaries (179) (59) ESOP committed to be released 37 — Change in other Assets (3,115) 224 Change in other Liabilities (3,159) (242) Net Used in Provided by Operating Activities (6,298) (31) Cash Flows from Investing Activities: ESOP loan issued (578) — Net decrease in loans receivable 56 — Net Cash Used in Investing Activities (522) — Cash Flows from Financing Activities: Net stock offering proceeds 4,932 — Net Cash Provided by Financing Activities 4,932 — Net Decrease in Cash and Cash Equivalents (1,888) (31) Cash and Cash Equivalents - Beginning of Year 4,594 107 Cash and Cash Equivalents - End of Year $ 2,706 $ 76

Basis of Presentation (Details)

Basis of Presentation (Details)		1 Months Ended	3 Months Ended
Basis of Presentation (Details)	Sep. 16, 2022 USD ($) $ / shares	Oct. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares
Nature of Operations
Gross proceeds \| $			$ 4,932,000
Share of common stock \| shares			1,107,134
Employee stock ownership \| shares			57,845
Municipal Bank
Nature of Operations
Initial contribution \| $	$ 2,500,000
Gouverneur Savings and Loan Association
Nature of Operations
Gross proceeds \| $		$ 7,200,000
Share of common stock \| shares		723,068
Share issued (in dollar per share) \| $ / shares		$ 10
Employee stock ownership \| shares		57,845
Conversion ratio		0.5334
Citizens Bank of Cape Vincent
Nature of Operations
Cash entitled to pay per each share \| $ / shares	$ 1,056.11
Citizens Bank of Cape Vincent \| Municipal Bank
Nature of Operations
Amount kept in municipal deposits \| $	$ 24,187,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) $ in Millions	Dec. 31, 2023 USD ($)
Significant Accounting Policies
Deposits	$ 20.4
Municipal Bank
Significant Accounting Policies
Investment securities portfolio	28.6
Deposits	$ 49.4

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Impact on allowance for credit losses from adoption of ASC 326 (Details) - USD ($)	Dec. 31, 2023	Oct. 01, 2023	Sep. 30, 2023
Assets:
Allowance for credit losses on held to maturity securities:	$ 0
Loans, at amortized cost
Allowance for credit losses	1,061,000		$ 623,000
Liabilities:
Allowance for credit losses for unfunded commitments	31,000
Pre-ASC 326 Adoption
Loans, at amortized cost
Allowance for loan losses, Pre-ASC 326 Adoption			623,000
Residential \| Pre-ASC 326 Adoption
Loans, at amortized cost
Allowance for loan losses, Pre-ASC 326 Adoption			527,000
MAP & MPF secondary market mortgages \| Pre-ASC 326 Adoption
Loans, at amortized cost
Allowance for loan losses, Pre-ASC 326 Adoption			14,000
Commercial
Loans, at amortized cost
Allowance for credit losses	157,000		55,000
Commercial \| Pre-ASC 326 Adoption
Loans, at amortized cost
Allowance for loan losses, Pre-ASC 326 Adoption			55,000
Commercial loans
Loans, at amortized cost
Allowance for credit losses	28,000		4,000
Commercial loans \| Pre-ASC 326 Adoption
Loans, at amortized cost
Allowance for loan losses, Pre-ASC 326 Adoption			4,000
Commercial Unsecured
Loans, at amortized cost
Allowance for credit losses			2,000
Commercial Unsecured \| Pre-ASC 326 Adoption
Loans, at amortized cost
Allowance for loan losses, Pre-ASC 326 Adoption			2,000
Consumer
Loans, at amortized cost
Allowance for credit losses	77,000		21,000
Consumer \| Pre-ASC 326 Adoption
Loans, at amortized cost
Allowance for loan losses, Pre-ASC 326 Adoption			$ 21,000
ASU 2016-13 \| Impact of ASC 326 Adoption
Loans, at amortized cost
Allowance for credit losses		$ 436,000
Liabilities:
Allowance for credit losses for unfunded commitments		29,000
ASU 2016-13 \| Residential \| Impact of ASC 326 Adoption
Loans, at amortized cost
Allowance for credit losses		252,000
ASU 2016-13 \| Commercial \| Impact of ASC 326 Adoption
Loans, at amortized cost
Allowance for credit losses		105,000
ASU 2016-13 \| Commercial loans \| Impact of ASC 326 Adoption
Loans, at amortized cost
Allowance for credit losses		27,000
ASU 2016-13 \| Commercial Unsecured \| Impact of ASC 326 Adoption
Loans, at amortized cost
Allowance for credit losses		(2,000)
ASU 2016-13 \| Consumer \| Impact of ASC 326 Adoption
Loans, at amortized cost
Allowance for credit losses		54,000
ASU 2016-13 \| As Reported Under ASC 326
Loans, at amortized cost
Allowance for credit losses		1,059,000
Liabilities:
Allowance for credit losses for unfunded commitments	$ 29,000	29,000
ASU 2016-13 \| As Reported Under ASC 326 \| Residential
Loans, at amortized cost
Allowance for credit losses		779,000
ASU 2016-13 \| As Reported Under ASC 326 \| MAP & MPF secondary market mortgages
Loans, at amortized cost
Allowance for credit losses		14,000
ASU 2016-13 \| As Reported Under ASC 326 \| Commercial
Loans, at amortized cost
Allowance for credit losses		160,000
ASU 2016-13 \| As Reported Under ASC 326 \| Commercial loans
Loans, at amortized cost
Allowance for credit losses		31,000
ASU 2016-13 \| As Reported Under ASC 326 \| Consumer
Loans, at amortized cost
Allowance for credit losses		75,000
ASU 2016-13 \| Adoption of ASU 2016-13 Current Expected Credit Losses
Loans, at amortized cost
Allowance for credit losses		436,000
Liabilities:
Allowance for credit losses for unfunded commitments		$ 29,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Recently Issued Accounting Standards (Details) - USD ($)	Dec. 31, 2023	Oct. 01, 2023	Sep. 30, 2023
Significant Accounting Policies
Allowance for credit losses for unfunded commitments	$ 31,000
Retained earnings	27,992,000		$ 28,242,000
Accrued interest receivable on held-to-maturity debt securities	0
Allowance for credit losses recorded on held to maturity	0
Allowance for credit loss related to the available for sale portfolio	0
Accrued interest receivable on available for sale debt securities	243,000
Accrued interest receivable related to loans	$ 378,000
Cumulative Effect, Period of Adoption, Adjustment \| ASU 2016-13
Significant Accounting Policies
Allowance for credit losses for unfunded commitments		$ 29,000
Retained earnings		$ 368,000

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Basic earnings per share:
Net Income (Loss)	$ 118	$ 46
Weighted average common shares outstanding used to calculate basic earnings per common share	1,050	2,031
Weighted average common shares outstanding used to calculate diluted earnings per common share	1,050	2,031
Basic earnings per common share	$ 0.11	$ 0.02
Diluted earnings per common share	$ 0.11	$ 0.02

Earnings Per Common Share - Add

Earnings Per Common Share - Additional Information (Details) - shares shares in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Common Share
Dilutive Securities	0	0
Antidilutive Securities	0	0

Comprehensive Income (Loss) (De

Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Comprehensive Income (Loss)
Unrealized Loss for Other Postretirement Obligations	$ (266)	$ (326)
Tax Effect	55	69
Net Unrealized Loss for Other Postretirement Obligations	(211)	(257)
Unrealized Loss on Available-for-Sale Securities, net	(2,127)	(4,890)
Tax Effect	447	1,024
Net Unrealized Loss on Available-for-Sale Securities	(1,680)	(3,866)
Total Comprehensive Loss	$ (1,891)	$ (4,123)

Investment Securities - Amortiz

Investment Securities - Amortized Cost of Debt Securities and Fair Value (Details) - USD ($)	Dec. 31, 2023	Sep. 30, 2023
AVAILABLE FOR SALE
Amortized Cost	$ 51,528,000
Amortized Cost		$ 51,514,000
Gross Unrealized Gains	249,000	3,000
Gross Unrealized Losses	(2,375,000)	(4,893,000)
Allowance for Credit Losses	0
Available for sale debt securities	49,402,000
Fair Value		46,624,000
U.S. Government Treasuries
AVAILABLE FOR SALE
Amortized Cost	3,789,000
Amortized Cost		3,766,000
Gross Unrealized Losses	(25,000)	(86,000)
Available for sale debt securities	3,764,000
Fair Value		3,680,000
U.S. Government Agencies
AVAILABLE FOR SALE
Amortized Cost	12,103,000
Amortized Cost		12,025,000
Gross Unrealized Gains	1,000
Gross Unrealized Losses	(76,000)	(363,000)
Available for sale debt securities	12,028,000
Fair Value		11,662,000
Mortgaged-Backed Securities
AVAILABLE FOR SALE
Amortized Cost	8,437,000
Amortized Cost		8,726,000
Gross Unrealized Gains	2,000	1,000
Gross Unrealized Losses	(374,000)	(812,000)
Available for sale debt securities	8,065,000
Fair Value		7,915,000
Municipal Securities
AVAILABLE FOR SALE
Amortized Cost	24,824,000
Amortized Cost		24,571,000
Gross Unrealized Gains	222,000	2,000
Gross Unrealized Losses	(1,891,000)	(3,578,000)
Available for sale debt securities	23,155,000
Fair Value		20,995,000
SBA Securities
AVAILABLE FOR SALE
Amortized Cost	2,375,000
Amortized Cost		2,426,000
Gross Unrealized Gains	24,000
Gross Unrealized Losses	(9,000)	(54,000)
Available for sale debt securities	$ 2,390,000
Fair Value		$ 2,372,000

Investment Securities - Contrac

Investment Securities - Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Debt Securities Available-for-Sale, Amortized Cost
Due Within One Year	$ 6,521	$ 6,585
Due After One Year Through Five Years	13,382	13,789
Due After Five Years Through Ten Years	5,382	4,437
Due After Ten Years	15,431	15,551
Total	40,716	40,362
Mortgage-Backed & SBA Securities	10,812	11,152
Amortized Cost	51,528
Amortized Cost		51,514
Debt Securities Available-for-Sale, Fair Value
Due Within One Year	6,506	6,548
Due After One Year Through Five Years	13,345	13,474
Due After Five Years Through Ten Years	5,190	4,127
Due After Ten Years	13,906	12,188
Total	38,947	36,337
Mortgage-Backed & SBA Securities	10,455	10,287
Fair Value	$ 49,402
Fair Value		$ 46,624

Investment Securities - Realize

Investment Securities - Realized Gains and Losses (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2022 USD ($)
Investment Securities
Proceeds	$ 1,889
Cost	(2,231)
Net Realized Gains (Losses)	(342)
Gross Realized Losses	$ (342)

Investment Securities - Continu

Investment Securities - Continuous Unrealized Loss Position (Details) $ in Thousands	Dec. 31, 2023 USD ($) security	Sep. 30, 2023 USD ($) security	Sep. 30, 2022 security
Investment Securities
Less than Twelve months, Gross Unrealized losses	$ 459	$ 1,700
Less than Twelve months, Fair value	19,362	30,399
Over Twelve months, Gross Unrealized losses	1,916	3,193
Over Twelve months, Fair value	15,574	14,600
Total, Gross Unrealized losses	2,375	4,893
Total, Fair value	$ 34,936	$ 44,999
Number of positions
Unrealized loss position of less than twelve months \| security	53	106
Unrealized loss position of 12 months or more \| security	74	76
Citizens Bank of Cape Vincent
Number of positions
Unrealized loss position of less than twelve months \| security			39
Unrealized loss position of 12 months or more \| security			74
US Treasuries & Agencies
Investment Securities
Less than Twelve months, Gross Unrealized losses	$ 69	$ 368
Less than Twelve months, Fair value	9,292	9,143
Over Twelve months, Gross Unrealized losses	32	81
Over Twelve months, Fair value	6,294	6,199
Total, Gross Unrealized losses	101	449
Total, Fair value	15,586	15,342
Mortgage-Backed & SBA Securities
Investment Securities
Less than Twelve months, Gross Unrealized losses	380	852
Less than Twelve months, Fair value	8,261	9,899
Over Twelve months, Gross Unrealized losses	3	14
Over Twelve months, Fair value	337	340
Total, Gross Unrealized losses	383	866
Total, Fair value	8,598	10,239
Municipal Securities
Investment Securities
Less than Twelve months, Gross Unrealized losses	10	480
Less than Twelve months, Fair value	1,809	11,357
Over Twelve months, Gross Unrealized losses	1,881	3,098
Over Twelve months, Fair value	8,943	8,061
Total, Gross Unrealized losses	1,891	3,578
Total, Fair value	$ 10,752	$ 19,418

LOANS RECEIVABLE AND ALLOWANC_3

LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Components of Loans receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Components of loans receivable
Total Loans	$ 126,194
Total Loans		$ 126,605
Net Deferred Loan Costs	426
Net Deferred Loan Costs		437
Net Discounts on Acquired Loans	(948)
Net Discounts on Acquired Loans	(948)	(992)
Allowance for Credit Losses	(1,061)	(623)
Allowance for Loan Losses		(623)	$ (634)	$ (621)
Loans receivable, net		125,427
Loans receivable, net	124,611
Originated
Components of loans receivable
Total Loans	94,719
Total Loans		93,439
Net Deferred Loan Costs	426
Net Deferred Loan Costs		437
Allowance for Credit Losses	(1,061)
Allowance for Loan Losses		(623)
Loans receivable, net		93,253
Loans receivable, net	94,084
Acquired
Components of loans receivable
Total Loans	31,475
Total Loans		33,166
Net Discounts on Acquired Loans	(948)
Net Discounts on Acquired Loans		(992)
Loans receivable, net		32,174
Loans receivable, net	30,527
Residential
Components of loans receivable
Total Loans	104,077
Total Loans		102,251
Residential \| Originated
Components of loans receivable
Total Loans	77,125
Total Loans		74,918
Residential \| Acquired
Components of loans receivable
Total Loans	26,952
Total Loans		27,333
Commercial
Components of loans receivable
Total Loans	11,228
Total Loans		11,490
Allowance for Credit Losses	(157)	(55)
Allowance for Loan Losses			$ (55)	$ (55)
Commercial \| Originated
Components of loans receivable
Total Loans	8,024
Total Loans		7,647
Commercial \| Acquired
Components of loans receivable
Total Loans	3,204
Total Loans		3,843
Construction
Components of loans receivable
Total Loans	1,664
Total Loans		2,265
Construction \| Originated
Components of loans receivable
Total Loans	1,664
Total Loans		2,265
Home equity loans and lines of credit
Components of loans receivable
Total Loans	1,719
Total Loans		2,963
Home equity loans and lines of credit \| Originated
Components of loans receivable
Total Loans	1,719
Total Loans		2,552
Home equity loans and lines of credit \| Acquired
Components of loans receivable
Total Loans		411
Commercial Non-Mortgage
Components of loans receivable
Total Loans	1,343
Total Loans		1,501
Commercial Non-Mortgage \| Originated
Components of loans receivable
Total Loans	1,059
Total Loans		1,046
Commercial Non-Mortgage \| Acquired
Components of loans receivable
Total Loans	284
Total Loans		455
Automobile
Components of loans receivable
Total Loans	3,143
Total Loans		3,027
Automobile \| Originated
Components of loans receivable
Total Loans	2,934
Total Loans		2,793
Automobile \| Acquired
Components of loans receivable
Total Loans	209
Total Loans		234
Passbook
Components of loans receivable
Total Loans	423
Total Loans		267
Passbook \| Originated
Components of loans receivable
Total Loans	204
Total Loans		43
Passbook \| Acquired
Components of loans receivable
Total Loans	219
Total Loans		224
Other consumer
Components of loans receivable
Total Loans	2,597
Total Loans		2,841
Other consumer \| Originated
Components of loans receivable
Total Loans	1,990
Total Loans		2,175
Other consumer \| Acquired
Components of loans receivable
Total Loans	$ 607
Total Loans		$ 666

LOANS RECEIVABLE AND ALLOWANC_4

LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Outstanding principal balance and carrying amount (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Components of loans receivable
Balance	$ 126,194
Balance		$ 126,605
Carrying Amount	124,611
Carrying Amount		33,166
Acquired
Components of loans receivable
Balance	31,475
Balance		33,166
Carrying Amount	30,527
Acquired \| Citizens Bank of Cape Vincent
Components of loans receivable
Balance	31,475
Balance		33,166
Carrying Amount	30,527
Carrying Amount		32,174
Acquired Non-Credit Impaired Loans \| Citizens Bank of Cape Vincent
Components of loans receivable
Balance	31,475
Balance		33,166
Carrying Amount	$ 30,527
Carrying Amount		$ 32,174

LOANS RECEIVABLE AND ALLOWANC_5

LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Narratives (Details)	3 Months Ended		12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) loan
Components of loans receivable
Interest income recognized until principal balance is collected	$ 0	$ 0
Credit performance modified term			2 years
Modified interest rate			6%
Term of notes receivable			5 years
Amortization term of notes receivable			25 years
Total Loans			$ 126,605,000
Total outstanding principal balance on serviced loans	12,100,000		12,400,000
Loans made to borrowers	0
Recorded investment balances			$ 0
Number of TDR's in payment default that were previously classified as a TDR			2
Commitments to lend additional funds			$ 0
Collateral Pledged
Components of loans receivable
Total Loans			108,000
Acquired Non-Credit Impaired Loans
Components of loans receivable
Proceeds paid off current principal and interest due			505,000
Real Estate Mortgages
Components of loans receivable
Total Loans			107,479,000
Consumer
Components of loans receivable
Total Loans			6,135,000
Commercial loans
Components of loans receivable
Total Loans			$ 1,501,000
Commercial loans \| Substandard
Components of loans receivable
Credit performance modified term			2 years
Modified interest rate			6%
Term of notes receivable			5 years
Amortization term of notes receivable			25 years
Loan receivable, fair value	$ 103,000
Commercial loans \| Substandard \| Collateral Pledged
Components of loans receivable
Total Loans			$ 108,000
Commercial loans \| Substandard \| Acquired Non-Credit Impaired Loans
Components of loans receivable
Proceeds paid off current principal and interest due			$ 505,000
Residential, One to Four Family
Components of loans receivable
Modified interest rate			6.50%
Interest rate			7.25%
Loans modified, principal balance			$ 11,000
Residential, One to Four Family \| Acquired Non-Credit Impaired Loans
Components of loans receivable
Proceeds paid off current principal and interest due			$ 16,000

LOANS RECEIVABLE AND ALLOWANC_6

LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Allowance for loan losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Allowance for Credit Losses:
Beginning Balance	$ 623
Charge-offs	(68)
Recoveries	2
Provisions	68
Adoption of new accounting standard	436
Ending Balance	1,061
Ending Balance: Collectively Evaluated	1,061
Loans Receivable:
Balance	126,194
Allowance for Credit Losses
Beginning Balance	623	$ 621
Charge-offs		(4)
Recoveries		2
Provisions		15
Ending Balance		634
Ending Balance: Individually Evaluated		85
Ending Balance: Collectively Evaluated		549
Loans Receivable:
Balance			$ 126,605
Less: Acquired Loans			33,166
Ending Balance: Individually Evaluated	696		298
Ending Balance: Collectively Evaluated	125,498		93,141
Real Estate Mortgages
Allowance for Credit Losses:
Beginning Balance	541
Charge-offs	(62)
Provisions	68
Adoption of new accounting standard	252
Ending Balance	799
Ending Balance: Collectively Evaluated	799
Loans Receivable:
Balance	107,460
Allowance for Credit Losses
Beginning Balance		548
Recoveries		1
Transfer		(3)
Provisions		15
Ending Balance		561
Ending Balance: Individually Evaluated		85
Ending Balance: Collectively Evaluated		476
Loans Receivable:
Balance			107,479
Less: Acquired Loans			27,744
Ending Balance: Collectively Evaluated	107,460		79,735
Commercial
Allowance for Credit Losses:
Beginning Balance	55
Transfer	(3)
Adoption of new accounting standard	105
Ending Balance	157
Ending Balance: Collectively Evaluated	157
Loans Receivable:
Balance	11,228
Allowance for Credit Losses
Beginning Balance		55
Ending Balance		55
Ending Balance: Collectively Evaluated		55
Loans Receivable:
Balance			11,490
Less: Acquired Loans			3,843
Ending Balance: Individually Evaluated	696		298
Ending Balance: Collectively Evaluated	10,532		7,349
Commercial loans
Allowance for Credit Losses:
Beginning Balance	4
Transfer	(3)
Adoption of new accounting standard	27
Ending Balance	28
Ending Balance: Collectively Evaluated	28
Loans Receivable:
Balance	1,330
Allowance for Credit Losses
Beginning Balance		4
Ending Balance		4
Ending Balance: Collectively Evaluated		4
Loans Receivable:
Balance			1,501
Less: Acquired Loans			455
Ending Balance: Collectively Evaluated	1,330		1,046
Commercial Unsecured
Allowance for Credit Losses:
Beginning Balance	2
Adoption of new accounting standard	(2)
Loans Receivable:
Balance	13
Allowance for Credit Losses
Beginning Balance		1
Ending Balance		1
Ending Balance: Collectively Evaluated		1
Loans Receivable:
Ending Balance: Collectively Evaluated	13
Consumer
Allowance for Credit Losses:
Beginning Balance	21
Charge-offs	(6)
Recoveries	2
Transfer	6
Adoption of new accounting standard	54
Ending Balance	77
Ending Balance: Collectively Evaluated	77
Loans Receivable:
Balance	6,163
Allowance for Credit Losses
Beginning Balance		13
Charge-offs		(4)
Recoveries		1
Transfer		3
Ending Balance		13
Ending Balance: Collectively Evaluated		$ 13
Loans Receivable:
Balance			6,135
Less: Acquired Loans			1,124
Ending Balance: Collectively Evaluated	$ 6,163		$ 5,011

LOANS RECEIVABLE AND ALLOWANC_7

LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Performing and nonperforming (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Components of loans receivable
Total Loans	$ 126,194
Total Loans		$ 126,605
Total non-accrual loans		630
Real Estate Mortgages
Components of loans receivable
Total Loans	107,460
Total Loans		107,479
Total non-accrual loans		153
Real Estate Mortgages \| Performing
Components of loans receivable
Total Loans	117,497
Total Loans		118,269
Real Estate Mortgages \| Non performing
Components of loans receivable
Total Loans	1,191
Total Loans		700
Real Estate Mortgages \| Total
Components of loans receivable
Total Loans	118,688
Total Loans		118,969
Commercial
Components of loans receivable
Total Loans	11,228
Total Loans		11,490
Total non-accrual loans		468
Construction
Components of loans receivable
Total Loans	1,664
Total Loans		2,265
Home equity loans and lines of credit
Components of loans receivable
Total Loans	1,719
Total Loans		2,963
Commercial loans
Components of loans receivable
Total Loans	1,330
Total Loans		1,501
Passbook
Components of loans receivable
Total Loans	423
Total Loans		267
Other consumer
Components of loans receivable
Total Loans	$ 2,597
Total Loans		$ 2,841

LOANS RECEIVABLE AND ALLOWANC_8

LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Credit risk profile for acquired loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Components of loans receivable
Total Loans	$ 126,194
Total Loans		$ 126,605
Originated Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	94,719
Total Loans		93,439
Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	31,475
Total Loans		33,166
Pass \| Originated Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	94,423
Total Loans		93,141
Pass \| Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	30,879
Total Loans		32,522
Special Mention \| Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	196
Total Loans		242
Substandard \| Originated Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	296
Total Loans		298
Substandard \| Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	400
Total Loans		402
Mortgage Loans on Real Estate
Components of loans receivable
Total Loans	107,460
Total Loans		107,479
Mortgage Loans on Real Estate \| Originated Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	88,532
Total Loans		87,382
Mortgage Loans on Real Estate \| Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	30,156
Total Loans		31,587
Mortgage Loans on Real Estate \| Pass \| Originated Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	88,236
Total Loans		87,084
Mortgage Loans on Real Estate \| Pass \| Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	29,588
Total Loans		30,975
Mortgage Loans on Real Estate \| Special Mention \| Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	168
Total Loans		210
Mortgage Loans on Real Estate \| Substandard \| Originated Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	296
Total Loans		298
Mortgage Loans on Real Estate \| Substandard \| Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	400
Total Loans		402
Residential, One to Four Family \| Originated Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	78,789
Total Loans		77,183
Residential, One to Four Family \| Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	26,952
Total Loans		27,333
Residential, One to Four Family \| Pass \| Originated Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	78,789
Total Loans		77,183
Residential, One to Four Family \| Pass \| Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	26,952
Total Loans		27,333
Home equity loans and lines of credit
Components of loans receivable
Total Loans	1,719
Total Loans		2,963
Home equity loans and lines of credit \| Originated Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	1,719
Total Loans		2,552
Home equity loans and lines of credit \| Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans		411
Home equity loans and lines of credit \| Pass \| Originated Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	1,719
Total Loans		2,552
Home equity loans and lines of credit \| Pass \| Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans		411
Commercial
Components of loans receivable
Total Loans	11,228
Total Loans		11,490
Commercial \| Originated Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	8,024
Total Loans		7,647
Commercial \| Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	3,204
Total Loans		3,843
Commercial \| Pass \| Originated Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	7,728
Total Loans		7,349
Commercial \| Pass \| Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	2,636
Total Loans		3,231
Commercial \| Special Mention \| Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	168
Total Loans		210
Commercial \| Substandard \| Originated Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	296
Total Loans		298
Commercial \| Substandard \| Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	400
Total Loans		402
Commercial Non-Mortgage
Components of loans receivable
Total Loans	1,343
Total Loans		1,501
Commercial Non-Mortgage \| Originated Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	1,059
Total Loans		1,046
Commercial Non-Mortgage \| Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	284
Total Loans		455
Commercial Non-Mortgage \| Pass \| Originated Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	1,059
Total Loans		1,046
Commercial Non-Mortgage \| Pass \| Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	256
Total Loans		423
Commercial Non-Mortgage \| Special Mention \| Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	28
Total Loans		32
Consumer
Components of loans receivable
Total Loans	6,163
Total Loans		6,135
Consumer \| Originated Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	5,128
Total Loans		5,011
Consumer \| Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	1,035
Total Loans		1,124
Consumer \| Pass \| Originated Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	5,128
Total Loans		5,011
Consumer \| Pass \| Acquired Loans Held in Portfolio and Loans Held for Sale
Components of loans receivable
Total Loans	$ 1,035
Total Loans		$ 1,124

LOANS RECEIVABLE AND ALLOWANC_9

LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Aging Analysis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Past due financing receivables
Total Financing Receivable	$ 126,194
Total Financing Receivable		$ 126,605
Originated
Past due financing receivables
Total Past Due	888
Total Past Due		1,114
Current	93,831
Current		92,325
Total Financing Receivable	94,719
Total Financing Receivable		93,439
Originated \| 30 - 59 Days Past Due
Past due financing receivables
Total Past Due	411
Total Past Due		894
Originated \| 60 - 89 Days Past Due
Past due financing receivables
Total Past Due	268
Total Past Due		16
Originated \| 90 Days or Greater Past Due
Past due financing receivables
Total Past Due	209
Total Past Due		204
Acquired
Past due financing receivables
Total Past Due	243
Total Past Due		95
Current	31,232
Current		33,071
Total Financing Receivable	31,475
Total Financing Receivable		33,166
Acquired \| 30 - 59 Days Past Due
Past due financing receivables
Total Past Due	166
Total Past Due		33
Acquired \| 60 - 89 Days Past Due
Past due financing receivables
Total Past Due	77
Acquired \| 90 Days or Greater Past Due
Past due financing receivables
Total Past Due		62
Mortgage Loans on Real Estate
Past due financing receivables
Total Past Due	107,460
Total Financing Receivable	107,460
Total Financing Receivable		107,479
Mortgage Loans on Real Estate \| Originated
Past due financing receivables
Total Past Due	774
Total Past Due		953
Current	79,734
Current		78,782
Total Financing Receivable	80,508
Total Financing Receivable		79,735
Mortgage Loans on Real Estate \| Originated \| 30 - 59 Days Past Due
Past due financing receivables
Total Past Due	411
Total Past Due		810
Mortgage Loans on Real Estate \| Originated \| 60 - 89 Days Past Due
Past due financing receivables
Total Past Due	220
Total Past Due		5
Mortgage Loans on Real Estate \| Originated \| 90 Days or Greater Past Due
Past due financing receivables
Total Past Due	143
Total Past Due		138
Mortgage Loans on Real Estate \| Acquired
Past due financing receivables
Total Past Due	170
Total Past Due		95
Current	26,782
Current		27,649
Total Financing Receivable	26,952
Total Financing Receivable		27,744
Mortgage Loans on Real Estate \| Acquired \| 30 - 59 Days Past Due
Past due financing receivables
Total Past Due	111
Total Past Due		33
Mortgage Loans on Real Estate \| Acquired \| 60 - 89 Days Past Due
Past due financing receivables
Total Past Due	59
Mortgage Loans on Real Estate \| Acquired \| 90 Days or Greater Past Due
Past due financing receivables
Total Past Due		62
Commercial
Past due financing receivables
Total Past Due	11,228
Total Financing Receivable	11,228
Total Financing Receivable		11,490
Commercial \| Originated
Past due financing receivables
Total Past Due	112
Total Past Due		66
Current	7,912
Current		7,581
Total Financing Receivable	8,024
Total Financing Receivable		7,647
Commercial \| Originated \| 60 - 89 Days Past Due
Past due financing receivables
Total Past Due	46
Commercial \| Originated \| 90 Days or Greater Past Due
Past due financing receivables
Total Past Due	66
Total Past Due		66
Commercial \| Acquired
Past due financing receivables
Current	3,204
Current		3,843
Total Financing Receivable	3,204
Total Financing Receivable		3,843
Commercial Non-Mortgage
Past due financing receivables
Total Financing Receivable	1,343
Total Financing Receivable		1,501
Commercial Non-Mortgage \| Originated
Past due financing receivables
Current	1,059
Current		1,046
Total Financing Receivable	1,059
Total Financing Receivable		1,046
Commercial Non-Mortgage \| Acquired
Past due financing receivables
Current	284
Current		455
Total Financing Receivable	284
Total Financing Receivable		455
Consumer
Past due financing receivables
Total Past Due	6,163
Total Financing Receivable	6,163
Total Financing Receivable		6,135
Consumer \| Originated
Past due financing receivables
Total Past Due	2
Total Past Due		95
Current	5,126
Current		4,916
Total Financing Receivable	5,128
Total Financing Receivable		5,011
Consumer \| Originated \| 30 - 59 Days Past Due
Past due financing receivables
Total Past Due		84
Consumer \| Originated \| 60 - 89 Days Past Due
Past due financing receivables
Total Past Due	2
Total Past Due		11
Consumer \| Acquired
Past due financing receivables
Total Past Due	73
Current	962
Current		1,124
Total Financing Receivable	1,035
Total Financing Receivable		$ 1,124
Consumer \| Acquired \| 30 - 59 Days Past Due
Past due financing receivables
Total Past Due	55
Consumer \| Acquired \| 60 - 89 Days Past Due
Past due financing receivables
Total Past Due	$ 18

LOANS RECEIVABLE AND ALLOWAN_10

LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Vintage Analysis (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2023 USD ($)
Term Loans by Fiscal Year of Origination
Current period gross write-offs	$ 68
Mortgage Loans on Real Estate
Term Loans by Fiscal Year of Origination
2024	1,917
2023	11,162
2022	15,844
2021	19,055
2020	9,566
Prior	48,197
Revolving	1,719
Total	107,460
Current period gross write-offs	62
Mortgage Loans on Real Estate \| Pass
Term Loans by Fiscal Year of Origination
2024	1,917
2023	11,162
2022	15,844
2021	19,055
2020	9,566
Prior	48,197
Revolving	1,719
Total	107,460
Real Estate Commercial
Term Loans by Fiscal Year of Origination
2024	221
2023	2,657
2022	711
2021	2,553
2020	2,047
Prior	3,039
Total	11,228
Real Estate Commercial \| Pass
Term Loans by Fiscal Year of Origination
2024	221
2023	2,227
2022	711
2021	2,354
2020	1,981
Prior	2,871
Total	10,365
Real Estate Commercial \| Special Mention
Term Loans by Fiscal Year of Origination
Prior	168
Total	168
Real Estate Commercial \| Substandard
Term Loans by Fiscal Year of Origination
2023	430
2021	199
2020	66
Total	695
Commercial - Secured
Term Loans by Fiscal Year of Origination
2024	88
2023	428
2022	86
2021	216
2020	268
Prior	244
Total	1,330
Commercial - Secured \| Pass
Term Loans by Fiscal Year of Origination
2024	88
2023	428
2022	86
2021	216
2020	268
Prior	216
Total	1,302
Commercial - Secured \| Special Mention
Term Loans by Fiscal Year of Origination
Prior	28
Total	28
Commercial - Unsecured
Term Loans by Fiscal Year of Origination
2024	2
Prior	11
Total	13
Commercial - Unsecured \| Pass
Term Loans by Fiscal Year of Origination
2024	2
Prior	11
Total	13
Consumer
Term Loans by Fiscal Year of Origination
2024	752
2023	2,607
2022	1,374
2021	747
2020	367
Prior	316
Total	6,163
Current period gross write-offs	6
Consumer \| Pass
Term Loans by Fiscal Year of Origination
2024	752
2023	2,607
2022	1,374
2021	747
2020	367
Prior	316
Total	$ 6,163

LOANS RECEIVABLE AND ALLOWAN_11

LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Nonaccrual Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
CECL
Nonaccrual loans with an Allowance	$ 1,086
Total Nonaccrual Loans	1,086
Incurred Loss
Total non-accrual loans			$ 630
Interest income recognized until principal balance is collected	0	$ 0
Real Estate Mortgages
CECL
Nonaccrual loans with an Allowance	602
Total Nonaccrual Loans	602
Incurred Loss
Total non-accrual loans			153
Commercial
CECL
Nonaccrual loans with an Allowance	466
Total Nonaccrual Loans	466
Incurred Loss
Total non-accrual loans			468
Consumer
CECL
Nonaccrual loans with an Allowance	18
Total Nonaccrual Loans	$ 18
Incurred Loss
Total non-accrual loans			$ 9

LOANS RECEIVABLE AND ALLOWAN_12

LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - Accrued interest receivable written off (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2023 USD ($)
Components of loans receivable
Accrued interest receivable written off by reversing interest income	$ 22
Real Estate Mortgages
Components of loans receivable
Accrued interest receivable written off by reversing interest income	12
Real Estate Commercial
Components of loans receivable
Accrued interest receivable written off by reversing interest income	9
Consumer
Components of loans receivable
Accrued interest receivable written off by reversing interest income	$ 1

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Sep. 16, 2022
Goodwill and Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 4,237,000	$ 4,237,000
Intangible Assets	$ 1,976,000	2,080,000
Estimated Useful Life	10 years
Impairment of Goodwill		0
Amortization expense	$ 104,000	$ 462,000
Citizens Bank of Cape Vincent
Goodwill and Finite-Lived Intangible Assets [Line Items]
Goodwill			$ 4,200,000
Intangible Assets			$ 2,500,000

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill and Core Deposit Intangibles (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
GOODWILL AND INTANGIBLE ASSETS
Goodwill	$ 4,237	$ 4,237
Finite-Lived Intangible Assets
Core Deposit Intangibles, Gross	2,080	2,542
Accumulated Amortization	104	462
Core Deposit Intangibles, Net	1,976	2,080
Intangible Assets, Net (Including Goodwill)
Intangible Assets Gross Including Goodwill	6,317	6,779
Intangible Assets Net Including Goodwill	$ 6,213	$ 6,317

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Aggregate Amortization Expense (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity
2024	$ 416
2025	370
2026	323
2027	277
2028	231
Total	$ 1,617

FINANCIAL INSTRUMENTS WITH OF_3

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET CREDIT RISK (Details)	Dec. 31, 2023 USD ($) LetterOfCredit	Sep. 30, 2023 USD ($)
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET CREDIT RISK
Number of stand by letters of credit \| LetterOfCredit	4
Standby letters of credit	$ 176,000
Commitments to Grant Loans
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET CREDIT RISK
Financial instrument commitments amount	1,671,000	$ 1,089,000
Unfunded Commitments Under Lines of Credit
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET CREDIT RISK
Financial instrument commitments amount	$ 5,890,000	$ 6,022,000

FINANCIAL INSTRUMENTS WITH OF_4

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET CREDIT RISK - Unfunded Commitments (Details)	3 Months Ended
	Dec. 31, 2023 USD ($)
Unfunded Commitments
Provision for unfunded commitments	$ 2,000
Ending balance	31,000
ASU 2016-13 \| As Reported Under ASC 326
Unfunded Commitments
Ending balance	$ 29,000

REGULATORY CAPITAL REQUIREMEN_3

REGULATORY CAPITAL REQUIREMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
REGULATORY CAPITAL REQUIREMENTS
Percentage of Capital Conservation Buffer	2.50%	2.50%
Total Capital (to Risk-Weighted Assets), Actual Amount	$ 25,877	$ 21,906
Total Capital (to Risk-Weighted Assets), Actual Ratio	0.230	0.194
Total Capital (to Risk-Weighted Assets), Minimum Capital Requirement, Amount	$ 8,998	$ 9,020
Total Capital (to Risk-Weighted Assets), Minimum Capital Requirement, Ratio	0.080	0.080
Total Capital (to Risk-Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Amount	$ 11,248	$ 11,275
Total Capital (to Risk-Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	0.100	0.100
Tier 1 Capital (to Risk-Weighted Assets), Actual Amount	$ 24,786	$ 21,283
Tier 1 Capital (to Risk-Weighted Assets), Actual Ratio	0.220	0.189
Tier 1 Capital (to Risk-Weighted Assets), Minimum Capital Requirement, Amount	$ 6,749	$ 6,765
Tier 1 Capital (to Risk-Weighted Assets), Minimum Capital Requirement, Ratio	0.060	0.060
Tier 1 Capital (to Risk-Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Amount	$ 8,998	$ 9,019
Tier 1 Capital (to Risk-Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	0.080	0.080
Tier 1 Common Equity (to Risk-Weighted Assets), Actual Amount	$ 24,786	$ 21,283
Tier 1 Common Equity (to Risk-Weighted Assets), Actual Ratio	0.220	0.189
Tier 1 Common Equity (to Risk-Weighted Assets), Minimum Capital Requirement, Amount	$ 5,062	$ 5,074
Tier 1 Common Equity (to Risk-Weighted Assets), Minimum Capital Requirement, Ratio	0.045	0.045
Tier 1 Common Equity (to Risk-Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Amount	$ 7,311	$ 7,329
Tier 1 Common Equity (to Risk-Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	0.065	0.065
Tier 1 Leverage Ratio (to Adjusted Total Assets), Actual Amount	$ 24,786	$ 21,283
Tier 1 Leverage Ratio (to Adjusted Total Assets), Actual Ratio	0.123	0.106
Tier 1 Leverage Ratio (to Adjusted Total Assets), Minimum Capital Requirement, Amount	$ 8,059	$ 8,022
Tier 1 Leverage Ratio (to Adjusted Total Assets), Minimum Capital Requirement, Ratio	0.040	0.040
Tier 1 Leverage Ratio (to Adjusted Total Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Amount	$ 10,074	$ 10,027
Tier 1 Leverage Ratio (to Adjusted Total Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	0.050	0.050
Capital Conservation Buffer on Tier 1 Common Equity, Actual Amount	$ 25,877	$ 21,906
Capital Conservation Buffer on Tier 1 Common Equity, Actual Ratio	0.150	0.114
Capital Conservation Buffer on Tier 1 Common Equity, Minimum Capital Requirement, Amount	$ 7,874	$ 7,892
Capital Conservation Buffer on Tier 1 Common Equity, Minimum Capital Requirement, Ratio	0.070	0.070
Muni Bank
REGULATORY CAPITAL REQUIREMENTS
Total Capital (to Risk-Weighted Assets), Actual Amount	$ 13,260	$ 13,053
Total Capital (to Risk-Weighted Assets), Actual Ratio	1.848	2.458
Total Capital (to Risk-Weighted Assets), Minimum Capital Requirement, Amount	$ 574	$ 425
Total Capital (to Risk-Weighted Assets), Minimum Capital Requirement, Ratio	0.080	0.080
Total Capital (to Risk-Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Amount	$ 718	$ 531
Total Capital (to Risk-Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	0.100	0.100
Tier 1 Capital (to Risk-Weighted Assets), Actual Amount	$ 13,260	$ 13,053
Tier 1 Capital (to Risk-Weighted Assets), Actual Ratio	1.848	2.458
Tier 1 Capital (to Risk-Weighted Assets), Minimum Capital Requirement, Amount	$ 431	$ 319
Tier 1 Capital (to Risk-Weighted Assets), Minimum Capital Requirement, Ratio	0.060	0.060
Tier 1 Capital (to Risk-Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Amount	$ 574	$ 425
Tier 1 Capital (to Risk-Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	0.080	0.080
Tier 1 Common Equity (to Risk-Weighted Assets), Actual Amount	$ 13,260	$ 13,053
Tier 1 Common Equity (to Risk-Weighted Assets), Actual Ratio	1.848	2.458
Tier 1 Common Equity (to Risk-Weighted Assets), Minimum Capital Requirement, Amount	$ 323	$ 239
Tier 1 Common Equity (to Risk-Weighted Assets), Minimum Capital Requirement, Ratio	0.045	0.045
Tier 1 Common Equity (to Risk-Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Amount	$ 466	$ 345
Tier 1 Common Equity (to Risk-Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	0.065	0.065
Tier 1 Leverage Ratio (to Adjusted Total Assets), Actual Amount	$ 13,260	$ 13,053
Tier 1 Leverage Ratio (to Adjusted Total Assets), Actual Ratio	0.392	0.374
Tier 1 Leverage Ratio (to Adjusted Total Assets), Minimum Capital Requirement, Amount	$ 1,355	$ 1,394
Tier 1 Leverage Ratio (to Adjusted Total Assets), Minimum Capital Requirement, Ratio	0.040	0.040
Tier 1 Leverage Ratio (to Adjusted Total Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Amount	$ 1,693	$ 1,743
Tier 1 Leverage Ratio (to Adjusted Total Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions, Ratio	0.050	0.050
Capital Conservation Buffer on Tier 1 Common Equity, Actual Amount	$ 13,260	$ 13,053
Capital Conservation Buffer on Tier 1 Common Equity, Actual Ratio	1.768	2.378
Capital Conservation Buffer on Tier 1 Common Equity, Minimum Capital Requirement, Amount	$ 502	$ 372
Capital Conservation Buffer on Tier 1 Common Equity, Minimum Capital Requirement, Ratio	0.070	0.070

RETAINED EARNINGS (Details)

RETAINED EARNINGS (Details)	Sep. 30, 2023 USD ($)
Cambray
RETAINED EARNINGS
Dividends payable waived	$ 6,384,000

INTEREST RATE DERIVATIVES (Deta

INTEREST RATE DERIVATIVES (Details)				3 Months Ended
INTEREST RATE DERIVATIVES (Details)	Dec. 29, 2023 USD ($) item	Dec. 14, 2022 USD ($) item security	Dec. 09, 2022 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Amounts recognized in earnings as noninterest gain (loss)				$ (143,000)	$ (436,000)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]				Noninterest Expense, Noninterest Income	Noninterest Expense, Noninterest Income
Realized gain on swap unwound				$ 75,000	$ 343,000
Interest Rate Swap
Derivative [Line Items]
Number of off-balance sheet swaps unwounded \| item	2		2
Notional Amount	$ 2,500,000		$ 6,000,000
Realized gain on swap unwound	$ 75,000		$ 343,000
Number of investments sold \| item		4
Total value of derivative assets		$ 2,000,000
Gain (loss) on investments		342,000
Amount of derivative assets reinvested		$ 2,000,000
Number of new securities \| security		2

INTEREST RATE DERIVATIVES - Int

INTEREST RATE DERIVATIVES - Interest Rate Swap Agreements (Details) - Interest Rate Swap - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 29, 2023	Dec. 09, 2022
Derivative [Line Items]
Notional Amount			$ 2,500	$ 6,000
Mortgage Loans \| Designated as hedging Instrument \| Fair Value Hedge
Derivative [Line Items]
Weighted Average Rate Contract Pay Rate	0%
Weighted Average Rate Received Rate	0%
FHLB Borrowings and Bank Deposits \| Designated as hedging Instrument \| Fair Value Hedge
Derivative [Line Items]
Notional Amount	$ 3,000	$ 5,500
Weighted Average Rate Contract Pay Rate	1.56%	2.04%
Weighted Average Rate Received Rate	5.64%	5.35%
Estimated Fair Value (Liability) Asset	$ 106	$ 250

INTEREST RATE DERIVATIVES - Fai

INTEREST RATE DERIVATIVES - Fair Value of Outstanding Derivatives (Details) - Interest Rate Swap - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Dec. 14, 2022
Derivative [Line Items]
Accrued Interest Receivable and Other Assets			$ 2,000
Designated as hedging Instrument \| Fair Value Hedge
Derivative [Line Items]
Accrued Interest Receivable and Other Assets	$ 106	$ 250
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Interest Receivable and Other Assets	Interest Receivable and Other Assets

INTEREST RATE DERIVATIVES - Mat

INTEREST RATE DERIVATIVES - Maturity of Outstanding Derivatives (Details) - Interest Rate Swap - Designated as hedging Instrument - Fair Value Hedge - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Derivative [Line Items]
2025	$ 3,000	$ 4,500
2026		1,000
Total	$ 3,000	$ 5,500

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial assets and liabilities on recurring basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
FAIR VALUE MEASUREMENTS
Available for sale debt securities	$ 49,402
Available for sale debt securities		$ 46,624
U.S. Government Treasuries
FAIR VALUE MEASUREMENTS
Available for sale debt securities	3,764
Available for sale debt securities		3,680
U.S. Government Agencies
FAIR VALUE MEASUREMENTS
Available for sale debt securities	12,028
Available for sale debt securities		11,662
Mortgaged-Backed Securities
FAIR VALUE MEASUREMENTS
Available for sale debt securities	8,065
Available for sale debt securities		7,915
Municipal Securities
FAIR VALUE MEASUREMENTS
Available for sale debt securities	23,155
Available for sale debt securities		20,995
SBA Securities
FAIR VALUE MEASUREMENTS
Available for sale debt securities	2,390
Available for sale debt securities		2,372
Recurring
FAIR VALUE MEASUREMENTS
Available for sale debt securities	49,402
Available for sale debt securities		46,624
Interest Rate Swap Derivative	106	250
Recurring \| U.S. Government Treasuries
FAIR VALUE MEASUREMENTS
Available for sale debt securities	3,764
Available for sale debt securities		3,680
Recurring \| U.S. Government Agencies
FAIR VALUE MEASUREMENTS
Available for sale debt securities	12,028
Available for sale debt securities		11,662
Recurring \| Mortgaged-Backed Securities
FAIR VALUE MEASUREMENTS
Available for sale debt securities	8,065
Available for sale debt securities		7,915
Recurring \| Municipal Securities
FAIR VALUE MEASUREMENTS
Available for sale debt securities	23,155	20,995
Recurring \| SBA Securities
FAIR VALUE MEASUREMENTS
Available for sale debt securities	2,390
Available for sale debt securities		2,372
Recurring \| Significant Other Observable Inputs (Level 2)
FAIR VALUE MEASUREMENTS
Available for sale debt securities	49,402
Available for sale debt securities		46,624
Interest Rate Swap Derivative	106	250
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Government Treasuries
FAIR VALUE MEASUREMENTS
Available for sale debt securities	3,764
Available for sale debt securities		3,680
Recurring \| Significant Other Observable Inputs (Level 2) \| U.S. Government Agencies
FAIR VALUE MEASUREMENTS
Available for sale debt securities	12,028
Available for sale debt securities		11,662
Recurring \| Significant Other Observable Inputs (Level 2) \| Mortgaged-Backed Securities
FAIR VALUE MEASUREMENTS
Available for sale debt securities	8,065
Available for sale debt securities		7,915
Recurring \| Significant Other Observable Inputs (Level 2) \| Municipal Securities
FAIR VALUE MEASUREMENTS
Available for sale debt securities	23,155
Available for sale debt securities		20,995
Recurring \| Significant Other Observable Inputs (Level 2) \| SBA Securities
FAIR VALUE MEASUREMENTS
Available for sale debt securities	$ 2,390
Available for sale debt securities		$ 2,372

FAIR VALUE MEASUREMENTS - Fin_2

FAIR VALUE MEASUREMENTS - Financial assets and liabilities on nonrecurring basis (Details) - Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
FAIR VALUE MEASUREMENTS
Foreclosed Real Estate, Net	$ 74	$ 101
Significant Unobservable Inputs (Level 3)
FAIR VALUE MEASUREMENTS
Foreclosed Real Estate, Net	$ 74	$ 101

FAIR VALUE MEASUREMENTS - Quant

FAIR VALUE MEASUREMENTS - Quantitative Information (Details) - Nonrecurring - Significant Unobservable Inputs (Level 3)	Dec. 31, 2023	Sep. 30, 2023
Appraisal of Collateral \| Appraisal Adjustments \| Minimum
FAIR VALUE MEASUREMENTS
Individually Evaluated Loans	25
Foreclosed Assets	0.25	0.25
Appraisal of Collateral \| Appraisal Adjustments \| Maximum
FAIR VALUE MEASUREMENTS
Individually Evaluated Loans	0.25	0.25
Foreclosed Assets	0.25	0.25
Appraisal of Collateral \| Appraisal Adjustments \| Weighted average
FAIR VALUE MEASUREMENTS
Individually Evaluated Loans	(0.25)	(0.25)
Foreclosed Assets	(0.25)	(0.25)
Sales approach \| Costs to Sell \| Minimum
FAIR VALUE MEASUREMENTS
Individually Evaluated Loans	0.06	0.06
Foreclosed Assets	0.06	0.06
Sales approach \| Costs to Sell \| Maximum
FAIR VALUE MEASUREMENTS
Individually Evaluated Loans	0.10	0.10
Foreclosed Assets	0.10	0.10
Sales approach \| Costs to Sell \| Weighted average
FAIR VALUE MEASUREMENTS
Individually Evaluated Loans	(0.08)	(0.08)
Foreclosed Assets	(0.08)	(0.08)

FAIR VALUE MEASUREMENTS - Estim

FAIR VALUE MEASUREMENTS - Estimated fair values of financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
FAIR VALUE MEASUREMENTS
Cash and due from banks	$ 6,576	$ 9,306
Interest bearing deposits with banks	1,503	1,101
Time deposits in other financial institutions	28,918	24,531
Available for sale debt securities	49,402
Available for sale debt securities		46,624
Carrying Value
FAIR VALUE MEASUREMENTS
Cash and due from banks	6,576	9,306
Interest bearing deposits with banks	1,503	1,101
Time deposits in other financial institutions	491	484
Available for sale debt securities	49,402
Available for sale debt securities		46,624
Acquired loans	30,527	32,174
Portfolio loans, net of deferred fees	94,084	93,253
Investment in restricted stock	1,150	1,471
Accrued interest receivable	627	630
Interest rate swap derivative	106	250
Financial Liabilities
Deposits	160,327	158,778
Accrued interest payable	13	67
Fair Value
FAIR VALUE MEASUREMENTS
Cash and due from banks	6,576	9,306
Interest bearing deposits with banks	1,503	1,101
Time deposits in other financial institutions	491	484
Available for sale debt securities	49,402
Available for sale debt securities		46,624
Acquired loans	30,527	32,174
Portfolio loans, net of deferred fees	76,452	69,608
Investment in restricted stock	1,150	1,471
Accrued interest receivable	627	630
Interest rate swap derivative	106	250
Financial Liabilities
Deposits	121,731	119,212
Accrued interest payable	$ 13	$ 67

LEASES - Narrative (Details)

LEASES - Narrative (Details)	3 Months Ended
LEASES - Narrative (Details)	Dec. 31, 2023 USD ($)
LEASES
Option to extend	true
Net lease cost	$ 5,000
Branch office
LEASES
Renewal term (in years)	3 years
Lease expense	$ 4,000
Equipment
LEASES
Lease expense	$ 1,000

LEASES - Future minimum payment

LEASES - Future minimum payments for operating leases (Details)	Dec. 31, 2023 USD ($)
LEASES
2024	$ 17,000
2025	21,000
2026	14,000
2027	13,000
2028	13,000
Total	$ 78,000

LEASES - Information about the

LEASES - Information about the Company's leases (Details)	3 Months Ended
LEASES - Information about the Company's leases (Details)	Dec. 31, 2023 USD ($)
LEASES
Right to use assets	$ 61,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Interest Receivable and Other Assets
Lease liability	$ 61,000
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities and Other Liabilities
Weighted average remaining lease term, in years:	4 years 3 months 29 days
Operating lease expense:	$ 5,000
Total lease expense:	5,000
Cash paid for amounts included in measurement of lease liabilities:	$ 5,000

PARENT COMPANY FINANCIAL INFO_3

PARENT COMPANY FINANCIAL INFORMATION - Financial Condition (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Assets:
Cash and due from banks	$ 6,576	$ 9,306
Interest-bearing deposits in bank	1,503	1,101
Total cash and cash equivalents	8,079	10,407
Accrued interest receivable and other assets	4,888	4,997
Total Assets	204,945	205,885
Liabilities:
Accrued interest payable and other liabilities	4,267	7,566
Total liabilities	172,886	180,777
Shareholders' Equity:
Common stock, $.01 par value: December 31, 2023: 75,000,000 shares authorized; 1,107,134 shares issued September 30, 2023: 9,000,000 shares authorized; 2,031,377 shares issued	11	24
Additional paid-in capital	6,487	5,035
Retained earnings	27,992	28,242
Treasury Stock, at cost, (shares December 31, 2023: 0: September 30, 2023: 352,231)		4,070
Accumulated other comprehensive loss	(1,891)	(4,123)
Unearned common stock held by employee stock ownership plan	(540)
Total shareholders' equity	32,059	25,108	$ 25,944	$ 24,829
Total liabilities and shareholders' equity	204,945	205,885
Parent Company [Member]
Assets:
Cash and due from banks	2,453	19
Interest-bearing deposits in bank	253	4,575
Total cash and cash equivalents	2,706	4,594
ESOP loan receivable	522
Accrued interest receivable and other assets	113	11
Investment in subsidiary	29,466	23,865
Total Assets	32,807	28,470
Liabilities:
Accrued interest payable and other liabilities	748	3,362
Total liabilities	748	3,362
Shareholders' Equity:
Common stock, $.01 par value: December 31, 2023: 75,000,000 shares authorized; 1,107,134 shares issued September 30, 2023: 9,000,000 shares authorized; 2,031,377 shares issued	11	24
Additional paid-in capital	6,487	5,035
Retained earnings	27,992	28,242
Treasury Stock, at cost, (shares December 31, 2023: 0: September 30, 2023: 352,231)		4,070
Accumulated other comprehensive loss	(1,891)	(4,123)
Unearned common stock held by employee stock ownership plan	(540)
Total shareholders' equity	32,059	25,108
Total liabilities and shareholders' equity	$ 32,807	$ 28,470

PARENT COMPANY FINANCIAL INFO_4

PARENT COMPANY FINANCIAL INFORMATION - Financial Condition Parenthetical (Details) - $ / shares	Dec. 31, 2023	Sep. 30, 2023
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	75,000,000	9,000,000
Common stock, shares issued	1,107,134	2,031,377
Treasury stock, shares	0	352,231
Parent Company [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	75,000,000	9,000,000
Common stock, shares issued	1,107,134	2,031,377
Treasury stock, shares	0	352,231

PARENT COMPANY FINANCIAL INFO_5

PARENT COMPANY FINANCIAL INFORMATION - Earnings (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Interest Income:
Loans receivable, including fees	$ 1,601	$ 1,482
Total interest income	2,128	2,014
Net Interest Income	1,804	1,984
Non-interest Income:
Earnings (loss) on deferred fees plan	12	28
Other	68	79
Total Non-interest Income	147	(190)
Non-interest Expenses:
Directors' fees	86	71
Earnings (losses) on deferred fees plan	12	28
Professional fees	150	106
Other	193	229
Total non-interest expenses	1,780	1,769
Income before income tax expense	101	10
Income Tax Expense (Benefit)	(17)	(36)
Net Income (Loss)	$ 118	$ 46
Earnings per common share - basic	$ 0.11	$ 0.02
Earnings per common share - diluted	$ 0.11	$ 0.02
Parent Company [Member]
Interest Income:
Loans receivable, including fees	$ 8
Total interest income	8
Net Interest Income	8
Non-interest Income:
Earnings (loss) on deferred fees plan	(6)
Earnings from subsidiaries	179	$ 58
Total Non-interest Income	173	58
Non-interest Expenses:
Directors' fees	14
Earnings (losses) on deferred fees plan	(6)
Professional fees	34
Other	21	12
Total non-interest expenses	63	12
Income before income tax expense	118	46
Net Income (Loss)	$ 118	$ 46
Earnings per common share - basic	$ 0.11	$ 0.02
Earnings per common share - diluted	$ 0.11	$ 0.02

PARENT COMPANY FINANCIAL INFO_6

PARENT COMPANY FINANCIAL INFORMATION - Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net Income	$ 118	$ 46
Adjustments to reconcile net income to net cash provided by operating activities:
ESOP committed to be released	37
Net cash used in operating activities	(3,517)	(40)
Cash flows from investing activities:
Net decrease in loans receivable	(387)	(519)
Net cash provided by investing activities	849	1,012
Cash flows from financing activities:
Net stock offering proceeds	4,932
Net Cash Provided by Financing Activities	340	(9,143)
Net decrease in cash and cash equivalents	(2,328)	(8,171)
Cash and cash equivalents - Beginning of Year	10,407	14,344
Cash and cash equivalents - End of Year	8,079	6,173
Parent Company [Member]
Cash flows from operating activities:
Net Income	118	46
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net earnings of subsidiaries	(179)	(59)
ESOP committed to be released	37
Change in other Assets	(3,115)	224
Change in other Liabilities	(3,159)	(242)
Net cash used in operating activities	(6,298)	(31)
Cash flows from investing activities:
ESOP loan issued	(578)
Net decrease in loans receivable	56
Net cash provided by investing activities	(522)
Cash flows from financing activities:
Net stock offering proceeds	4,932
Net Cash Provided by Financing Activities	4,932
Net decrease in cash and cash equivalents	(1,888)	(31)
Cash and cash equivalents - Beginning of Year	4,594	107
Cash and cash equivalents - End of Year	$ 2,706	$ 76

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 118	$ 46

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false