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INCOME TAXES (Tables)

12 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense

The Company’s income tax expense is comprised of the following components for the years ended September 30, 2020 and 2019:

		September 30,
		2020				2019
		(In thousands)
Income tax expense at the statutory federal tax rate of 21%
for the year ended September 30, 2020 and 2019, respectively		$	653			$	895
State tax expense			323				397
Other			(55	)			(27	)
Income tax expense		$	921			$	1,265

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, 2020 and 2019 is as follows:

		September 30,
		2020				2019
		(In thousands)
Income tax expense at statutory rate		$	653			$	895
Increase (decrease) resulting from:
State income taxes, net of federal income tax benefit			323				397
Tax-exempt income, net			(68	)			(64	)
Nondeductible expenses			18				26
Employee stock ownership plan			(5	)			2
Other, net			—				9
Total income tax expense		$	921			$	1,265

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, 2020 and 2019 are as follows:

		September 30,
		2020				2019
		(In thousands)
Allowance for loan losses		$	1,799			$	1,374
Deferred loan fees			731				76
Unrealized loss, minimum pension liability			620				537
OREO			73				424
Straight line rent			110				118
Gross deferred tax asset			3,333				2,529
Depreciation			(872	)			(931	)
Discount accretion on investments			(61	)			(89	)
Employee benefits			(37	)			(107	)
Net unrealized gain, investment securities available-for-sale			—				(17	)
Mortgage servicing rights			(3	)			(7	)
Gross deferred tax liability			(973	)			(1,151	)
Net deferred tax asset			2,360				1,378

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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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

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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