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Stock Compensation Plans (Tables)

6 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

Stock option activity for the six months ended March 31, 2021 and 2020 is summarized as follows:

			Six Months Ended March 31, 2021												Six Months Ended March 31, 2020
			Number of Shares						Weighted Average Exercise Price						Number of Shares						Weighted Average Exercise Price
Options outstanding, beginning of period			395,349						$	18.45					378,304						$	18.15
Exercised			(53,564)						9.70						(36,375)						10.30
Granted			1,500						19.13						1,000						26.50
Forfeited			(4,520)						27.57						(8,650)						24.84
Options outstanding, end of period			338,765						$	19.71					334,279						$	18.86

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The weighted average assumptions for options granted during the six months ended March 31, 2021 were as follows:

Expected volatility			33		%
Expected life (in years)			5
Expected dividend yield			4.76		%
Risk free interest rate			0.38		%
Grant date fair value per share			$	3.26

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range

Additional information regarding options outstanding at March 31, 2021 is as follows:

												Options Outstanding																		Options Exercisable
Range of Exercise Prices ($)												Number						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life (Years)						Number						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life (Years)
$5.86			-			6.00						4,200						$	5.93					1.5						4,200						$	5.93					1.5
9.00												30,000						9.00						2.6						30,000						9.00						2.6
10.26			-			10.71						65,575						10.57						4.0						65,575						10.57						4.0
15.67			-			19.13						104,500						16.50						8.2						25,400						15.67						5.5
26.50			-			27.14						43,990						27.13						8.5						8,798						27.13						8.5
29.69												50,400						29.69						6.5						30,300						29.69						6.5
31.80												40,100						31.80						7.5						16,100						31.80						7.5
												338,765						$	19.71					6.5						180,373						$	16.83					4.9

X

- Definition

Tabular disclosure of share-based payment arrangement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5047-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901

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- Definition

Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901

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- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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