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PENSION PLAN (Tables)

12 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Schedule of plan's funded status and amounts recognized

The following table sets forth the Plan’s funded status and amounts recognized in the Company’s Consolidated Balance Sheets at September 30, 2020 and September 30, 2019.

		September 30,
		2020				2019
		(In thousands)
Actuarial present value of benefit obligations		$	5,227			$	4,990
Change in benefit obligations
Projected benefit obligation, beginning		$	4,990			$	4,390
Interest cost			158				182
Actuarial (gain) loss			278				614
Annuity payments and lump sum distributions			(199	)			(196	)
Projected benefit obligation, end		$	5,227			$	4,990
Change in plan assets
Fair value of assets, beginning		$	3,581			$	3,403
Actual return on plan assets			172				124
Employer contributions			25				250
Annuity payments and lump sum distributions			(199	)			(196	)
Fair value of assets, end		$	3,579			$	3,581
Funded status included with other liabilities		$	(1,648	)		$	(1,409	)

Schedule of net pension costs

Net pension cost for the years ended September 30, 2020 and 2019 included the following components:

		September 30,
		2020				2019
		(In thousands)
Service cost benefits earned during the year		$	—			$	—
Interest cost on projected benefit obligation			158				182
Expected return on plan assets			(225	)			(233	)
Amortization of unrecognized net loss			181				105
Net pension cost		$	114			$	54

Schedule of weighted-average asset allocations by asset category

The Plan’s weighted-average asset allocations at September 30, 2020 and 2019, by asset category are as follows:

		September 30,
		2020				2019
Equity securities			64%				61%
Debt securities (bond mutual funds)			35%				36%
Other (money market fund)			1%				3%
Total			100%				100%

Schedule of expected benefit payments

The following benefit payments are expected to be paid as follows (in thousands):

October 1, 2020 through September 30, 2021		$	225
October 1, 2021 through September 30, 2022			226
October 1, 2022 through September 30, 2023			230
October 1, 2023 through September 30, 2024			246
October 1, 2024 through September 30, 2025			245
October 1, 2025 through September 30, 2030			1,286
Total		$	2,458

Schedule of plan assets that are measured at fair value

The following table presents the Plan assets that are measured at fair value on a recurring basis by level within the fair value hierarchy under ASC Topic 820. Financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. See Note R for further detail regarding fair value hierarchy.

						Fair Value Measurements at Reporting Date Using:
						Quoted Prices				Significant
						in Active Markets				Other				Significant
						for Identical				Observable				Unobservable
		Total				Assets (Level 1)				Inputs (Level 2)				Inputs (Level 3)
		(In thousands)
At September 30, 2020
Investment Type
Mutual Funds- Equity
Large-Cap Value		$	468			$	468			$	—			$	—
Large-Cap Core			576				576				—				—
Mid-Cap Core			220				220				—				—
Small-Cap Core			196				196				—				—
Non-U.S. Core			833				833				—				—
Mutual Funds- Fixed Income
Intermediate-Term Core			1,241				1,241				—				—
Cash Equivalents
Money Market			45				45				—				—
Total Investment		$	3,579			$	3,579			$	—			$	—

						Fair Value Measurements at Reporting Date Using:
						Quoted Prices				Significant
						in Active Markets				Other				Significant
						for Identical				Observable				Unobservable
		Total				Assets (Level 1)				Inputs (Level 2)				Inputs (Level 3)
		(In thousands)
At September 30, 2019
Investment Type
Mutual Funds- Equity
Large-Cap Value		$	484			$	484			$	—			$	—
Large-Cap Core			500				500				—				—
Mid-Cap Core			205				205				—				—
Small-Cap Core			193				193				—				—
Non-U.S. Core			802				802				—				—
Mutual Funds- Fixed Income
Intermediate-Term Core			1,304				1,304				—				—
Cash Equivalents
Money Market			93				93				—				—
Total Investment		$	3,581			$	3,581			$	—			$	—

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