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Stock Compensation Plans | 6 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Stock Compensation Plans | STOCK COMPENSATION PLANS The Company maintains one active stock compensation plan, the 2019 Equity Incentive Plan (the "2019 Plan"). Under the 2019 Plan, the Company may grant options and awards of restricted stock (with or without performance measures) for up to 350,000 shares of common stock, of which 300,000 shares are reserved for issuance to employees and officers, and 50,000 shares are reserved for issuance to directors and directors emeriti. Shares issued under the 2019 Plan may be purchased on the open market or issued from the Company's authorized and unissued shares. The exercise price of each stock option equals the fair market value of the Company’s common stock on the date of grant. Stock options generally vest in equal annual installments over five years beginning on the first anniversary of the grant date and have a maximum contractual term of ten years. Restricted stock awards typically vest in equal annual installments over a three- or five-year period beginning on the first anniversary of the grant date. At March 31, 2025, 160,185 shares of common stock remained available for further issuance under the 2019 Plan, either as stock options or restricted stock. The Company's 2014 Equity Incentive Plan (the "2014 Plan") expired on January 27, 2025; therefore, no further awards may be granted under the plan. As of March 31, 2025, there were 159,780 shares outstanding that had been previously granted in the 2014 Plan, of which 137,350 were vested and 22,430 were unvested. Stock option activity for the six months ended March 31, 2025 and 2024 is summarized as follows:
| Six Months Ended March 31, 2025 |  | Six Months Ended March 31, 2024
| Number of Shares |  | Weighted Average Exercise Price |  | Number of Shares |  | Weighted Average Exercise Price
Options outstanding, beginning of period | 306,240 |  |  | $ | 25.21 |  |  | 369,150 |  |  | $ | 24.00 |
Exercised | (34,360) |  |  | 27.40 |  |  | (29,900) |  |  | 13.03 |
Forfeited | (5,900) |  |  | 27.96 |  |  | (10,140) |  |  | 25.71 |
Options outstanding, end of period | 265,980 |  |  | $ | 25.82 |  |  | 329,110 |  |  | $ | 24.95 |
The fair value of stock options is determined using the Black-Scholes valuation model. There were no stock options granted during the six months ended March 31, 2025 and 2024.
The aggregate intrinsic value of options exercised during the six months ended March 31, 2025 and 2024 was $386,000 and $499,000, respectively. At March 31, 2025, there were 71,230 unvested options with an aggregate grant date fair value of $431,000, all of which the Company assumes will vest. The aggregate intrinsic value of unvested options at March 31, 2025 was $282,000. There were 2,500 options that vested during the six months ended March 31, 2025 with a total fair value of $16,000. At March 31, 2024, there were 121,820 unvested options with an aggregate grant date fair value of $709,000. There were 300 options that vested during the six months ended March 31, 2024 with a total fair value of $2,000. Additional information regarding options outstanding at March 31, 2025 is as follows:
|  |  |  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices ($) |  | 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 |  | 8,750 |  |  | $ | 10.67 |  |  | 0.4 |  | 8,750 |  |  | $ | 10.67 |  |  | 0.4
15.67 | - | 19.13 |  | 48,950 |  |  | 16.56 |  |  | 4.5 |  | 38,720 |  |  | 16.47 |  |  | 4.2
26.50 | - | 27.40 |  | 86,160 |  |  | 27.32 |  |  | 6.7 |  | 49,560 |  |  | 27.26 |  |  | 5.9
28.23 | - | 29.69 |  | 91,800 |  |  | 28.81 |  |  | 4.9 |  | 68,000 |  |  | 29.01 |  |  | 4.4
31.80 | - | 33.40 |  | 30,320 |  |  | 31.85 |  |  | 3.6 |  | 29,720 |  |  | 31.37 |  |  | 3.6
|  |  |  | 265,980 |  |  | $ | 25.82 |  |  | 5.1 |  | 194,750 |  |  | $ | 25.68 |  |  | 4.4
The aggregate intrinsic value of options outstanding at March 31, 2025 and 2024 was $1.20 million and $1.06 million, respectively. As of March 31, 2025, unrecognized compensation cost related to unvested stock options was $363,000, which is expected to be recognized over a weighted average period of 1.46 years. There were no restricted stock awards granted during the six months ended March 31, 2025 and 2024.
|  | Six Months Ended March 31, 2025 |  | Six Months Ended March 31, 2024
|  | Number of Unvested Shares |  | Weighted Average Grant Date Fair Value |  | Number of Unvested Shares |  | Weighted Average Grant Date Fair Value
Restricted stock outstanding beginning of period |  | 49,015 |  |  | $ | 29.28 |  |  | 26,150 |  |  | $ | 27.37 |
Forfeited |  | (1,830) |  |  | 28.70 |  |  | — |  |  | — |
Vested |  | (200) |  |  | 27.37 |  |  | — |  |  | — |
Restricted stock outstanding end of period |  | 46,985 |  |  | $ | 29.31 |  |  | 26,150 |  |  | $ | 27.37 |
The fair value of restricted stock awards is equal to the fair value of the Company's stock on the date of the grant. The related stock-based compensation expense is recorded over the requisite service period. At March 31, 2025, unrecognized compensation cost related to unvested restricted stock awards was $1.21 million, which is expected to be recognized over a weighted average period of 2.32 years.

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