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INCOME TAXES (Tables) | 12 Months Ended
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Sep. 30, 2019
Income Tax Disclosure [Abstract] |
Schedule of components of income tax expense | The income tax expense is comprised of the following components for the years ended September 30, 2019 and 2018:
|  | September 30, |
|  | 2019 |  |  | 2018 |
|  | (In thousands) |
Income tax expense at the statutory federal tax rate of |  |  |  |  |  |  |  |
21% for the year ended September 30, 2019 and |  |  |  |  |  |  |  |
24% for the year ended September 30, 2018, respectively |  | $ | 895 |  |  | $ | 839 |
State tax expense |  |  | 397 |  |  |  | 240 |
Reduction of deferred tax asset from tax legislation |  |  | — |  |  |  | 410 |
Other |  |  | (27 | ) |  |  | (18 | )
Income tax expense |  | $ | 1,265 |  |  | $ | 1,471 |
Schedule of reconciliation of income tax at the statutory rate to effective tax rate | A reconciliation of income tax at the statutory tax rate to the effective income tax expense for the years ended September 30, 2019 and 2018 is as follows:
|  | September 30, |
|  | 2019 |  |  | 2018 |
|  | (In thousands) |
Income tax expense at statutory rate |  | $ | 895 |  |  | $ | 839 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit |  |  | 397 |  |  |  | 244 |
Tax-exempt income, net |  |  | (64 | ) |  |  | (70 | )
Nondeductible expenses |  |  | 26 |  |  |  | 32 |
Employee stock ownership plan |  |  | 2 |  |  |  | 5 |
Increase due to change in tax law |  |  | — |  |  |  | 410 |
Other, net |  |  | 9 |  |  |  | 11 |
Total income tax expense |  | $ | 1,265 |  |  | $ | 1,471 |
Schedule of major sources of temporary differences and their deferred tax effect | The major sources of temporary differences and their deferred tax effect at September 30, 2019 and 2018 are as follows:
|  | September 30, |
|  | 2019 |  |  | 2018 |
|  | (In thousands) |
Allowance for loan losses |  | $ | 1,374 |  |  | $ | 1,181 |
Deferred loan fees |  |  | 76 |  |  |  | — |
Unrealized loss, minimum pension liability |  |  | 537 |  |  |  | 363 |
Net unrealized loss, investment securities available-for-sale |  |  | — |  |  |  | 213 |
OREO |  |  | 424 |  |  |  | 410 |
Straight line rent |  |  | 118 |  |  |  | 125 |
Gross deferred tax asset |  |  | 2,529 |  |  |  | 2,292 |
Depreciation |  |  | (931 | ) |  |  | (964 | )
Discount accretion on investments |  |  | (89 | ) |  |  | (87 | )
Employee benefits |  |  | (107 | ) |  |  | (66 | )
Deferred loan fees |  |  | — |  |  |  | (19 | )
Net unrealized gain, investment securities available-for-sale |  |  | (17 | ) |  |  | — |
Mortgage servicing rights |  |  | (7 | ) |  |  | (13 | )
Gross deferred tax liability |  |  | (1,151 | ) |  |  | (1,149 | )
Net deferred tax asset |  |  | 1,378 |  |  |  | 1,143 |
Valuation allowance |  |  | — |  |  |  | — |
Net deferred tax asset, included in other assets |  | $ | 1,378 |  |  | $ | 1,143 |

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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