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INCOME TAXES (Tables)

12 Months Ended

Sep. 30, 2023

Income Taxes [Abstract]

Schedule of Income Tax Expense

The Company’s income tax expense is comprised of the following components for the years ended September 30, 2023 and 2022:

		September 30,
		2023				2022
		(In thousands)
Current		$	3,647			$	3,163
Deferred			(615	)			87
Total income tax expense		$	3,032			$	3,250

Schedule of Reconciliation of Income Tax

A reconciliation of income tax at the statutory tax rate to the effective income tax expense for the years ended September 30, 2023 and 2022 is as follows:

		September 30,
		2023				2022
		(In thousands)
Income tax expense at statutory rate		$	2,256			$	2,339
Increase (decrease) resulting from:
State income taxes, net of federal income tax benefit			931				922
Tax-exempt income, net			(90	)			(87	)
Nondeductible expenses			58				37
Share based compensation			54				—
Employee stock ownership plan			11				3
Other, net			(188	)			36
Total income tax expense		$	3,032			$	3,250

Schedule of Deferred Tax Effect

The major sources of temporary differences and their deferred tax effect at September 30, 2023 and 2022 are as follows:

		September 30,
		2023				2022
		(In thousands)
Allowance for loan losses		$	2,342			$	2,369
Net unrealized loss, investment securities available-for-sale			483				472
Deferred loan fees			287				244
Unrealized loss, minimum pension liability			132				288
Employee benefits			265				—
Allowance for transaction expense			11				—
Straight line rent			72				88
Gross deferred tax asset			3,592				3,461
Depreciation			(588	)			(816	)
Employee benefits			—				(122	)
Mortgage servicing rights			(8	)			—
Gross deferred tax liability			(596	)			(938	)
Net deferred tax asset, included in other assets		$	2,996			$	2,523

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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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
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