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Stock Compensation Plans (Tables) | 12 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Schedule of Stock Option Activity | Stock option activity for the years ended September 30, 2024, 2023 and 2022 is summarized as follows:
| Number of Shares |  | Weighted Average Exercise Price
Outstanding September 30, 2021 | 406,815 |  |  | $ | 21.62 |
Options granted | 74,000 |  |  | 27.40 |
Options exercised | (36,720) |  |  | 11.31 |
Options forfeited | (22,170) |  |  | 26.01 |
Outstanding September 30, 2022 | 421,925 |  |  | 23.30 |
Options granted | 1,000 |  |  | 33.40 |
Options exercised | (42,635) |  |  | 16.38 |
Options forfeited | (11,140) |  |  | 27.26 |
Outstanding September 30, 2023 | 369,150 |  |  | 24.00 |
Options granted | — |  |  | — |
Options exercised | (45,150) |  |  | 14.61 |
Options forfeited | (17,760) |  |  | 27.07 |
Outstanding September 30, 2024 | 306,240 |  |  | $ | 25.21 |
Schedule of Fair Value Assumptions | The weighted average assumptions for options granted during the years ended September 30, 2023 and 2022 were as follows:
|  |  | 2023 |  | 2022
Expected volatility |  |  | 33 | % |  | 33 | %
Expected life (in years) |  |  | 5 |  | 5
Expected dividend yield |  |  | 2.99 | % |  | 3.61 | %
Risk free interest rate |  |  | 3.58 | % |  | 4.17 | %
Grant date fair value per share |  |  | $ | 8.65 |  |  | $ | 6.87 |
Schedule of Stock Option Plans, by Exercise Price Range | Additional information regarding options outstanding at September 30, 2024 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)
10.26 | - | 10.71 |  |  | 20,750 |  |  | $ | 10.62 |  |  | 0.8 |  | 20,750 |  |  | $ | 10.62 |  |  | 0.8
15.67 | - | 19.13 |  |  | 55,450 |  |  | 16.60 |  |  | 5.1 |  | 44,520 |  |  | 16.53 |  |  | 4.8
26.50 | - | 27.40 |  |  | 97,220 |  |  | 27.32 |  |  | 7.0 |  | 57,320 |  |  | 27.26 |  |  | 6.4
28.23 | - | 29.69 |  | 99,900 |  |  | 28.78 |  |  | 5.5 |  | 74,300 |  |  | 28.97 |  |  | 5.0
31.80 | - | 33.40 |  | 32,920 |  |  | 31.85 |  |  | 4.1 |  | 32,120 |  |  | 31.60 |  |  | 4.0
|  |  |  | 306,240 |  |  | $ | 25.21 |  |  | 5.4 |  | 229,010 |  |  | $ | 24.86 |  |  | 4.8
Summary of Restricted Stock Activity | The following table presents the activity related to restricted stock for the years ended September 30, 2024 and 2023:
| Time Based
| Number of Unvested Shares |  | Weighted Average Grant Date Fair Value
Outstanding, September 30, 2022 | — |  |  | $ | — |
Granted | 26,150 |  |  | 27.37 |
Forfeited | — |  |  | — |
Issued | — |  |  | — |
Outstanding, September 30, 2023 | 26,150 |  |  | 27.37 |
Granted | 28,815 |  |  | 30.62 |
Forfeited | (200) |  |  | 27.37 |
Issued | (5,750) |  |  | 27.37 |
Outstanding, September 30, 2024 | 49,015 |  |  | $ | 29.28 |

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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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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