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PENSION PLAN (Tables)

12 Months Ended

Sep. 30, 2022

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, 2022 and September 30, 2021.

		September 30,
		2022				2021
		(In thousands)
Actuarial present value of benefit obligations		$	3,735			$	4,926
Change in benefit obligations
Projected benefit obligation, beginning		$	4,926			$	5,227
Interest cost			144				140
Actuarial (gain) loss			(1,071	)			(242	)
Annuity payments and lump sum distributions			(264	)			(199	)
Projected benefit obligation, end		$	3,735			$	4,926
Change in plan assets
Fair value of assets, beginning		$	4,871			$	3,579
Actual return on plan assets			(721	)			661
Employer contributions			—				830
Annuity payments and lump sum distributions			(264	)			(199	)
Fair value of assets, end		$	3,886			$	4,871
Funded status included with other assets		$	151			$	—
Funded status included with other liabilities		$	—			$	(55	)

Schedule of net pension costs

Net pension cost for the years ended September 30, 2022 and 2021 included the following components:

		September 30,
		2022				2021
		(In thousands)
Service cost benefits earned during the year		$	—			$	—
Interest cost on projected benefit obligation			144				140
Expected return on plan assets			(285	)			(217	)
Amortization of unrecognized net loss			146				206
Net pension cost		$	5			$	129

Schedule of weighted-average asset allocations by asset category

The Plan’s weighted-average asset allocations at September 30, 2022 and 2021, by asset category are as follows:

		September 30,
		2022				2021
Equity securities			68%				68%
Debt securities (bond mutual funds)			31%				31%
Other (money market fund)			1%				1%
Total			100%				100%

Schedule of expected benefit payments

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

October 1, 2022 through September 30, 2023		$	240
October 1, 2023 through September 30, 2024			253
October 1, 2024 through September 30, 2025			253
October 1, 2025 through September 30, 2030			270
October 1, 2026 through September 30, 2031			271
October 1, 2027 through September 30, 2032			1,304
Total		$	2,591

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, 2022
Investment Type
Mutual Funds- Equity
Large-Cap Value		$	638			$	638			$	—			$	—
Large-Cap Core			633				633				—				—
Mid-Cap Core			407				407				—				—
Small-Cap Core			381				381				—				—
Non-U.S. Core			573				573				—				—
Mutual Funds- Fixed Income
Intermediate Duration			433				433				—				—
Short-Duration Corporate			785				785
Cash Equivalents
Money Market			36				36				—				—
Total Investment		$	3,886			$	3,886			$	—			$	—

At September 30, 2021
Investment Type
Mutual Funds- Equity
Large-Cap Value		$	749			$	749			$	—			$	—
Large-Cap Core			749				749				—				—
Mid-Cap Core			506				506				—				—
Small-Cap Core			481				481				—				—
Non-U.S. Core			838				838				—				—
Mutual Funds- Fixed Income
Intermediate Duration			665				665				—				—
Short-Duration Corporate			853				853
Cash Equivalents
Money Market			30				30				—				—
Total Investment		$	4,871			$	4,871			$	—			$	—

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