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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Sep. 30, 2024
Summary of Significant Accounting Policies [Abstract] |
Schedule of Basic and Diluted Earnings Per Share | Basic and diluted earnings per share were calculated by dividing net income by the weighted-average number of shares outstanding for the periods.
|  | Years Ended |
|  | September 30, |
|  | 2024 |  |  | 2023 |
|  | (Dollars in thousands, except share and per share data) |
Income applicable to common shares |  | $ | 7,783 |  |  | $ | 7,709 |
Weighted average shares outstanding - basic |  |  | 6,341,610 |  |  |  | 6,424,796 |
Potential diliutive common stock equivalents |  |  | — |  |  |  | — |
Weighted average shares outstanding - diluted |  |  | 6,341,610 |  |  |  | 6,424,796 |
Earnings per share - basic |  | $ | 1.23 |  |  | $ | 1.20 |
Earnings per share - diluted |  | $ | 1.23 |  |  | $ | 1.20 |
Schedule of Comprehensive Income | The other items allocated to comprehensive income, as well as the related income tax effects, for the years ended September 30, 2024 and 2023 were as follows:
|  | September 30, |
|  | 2024 |  |  | 2023 |
|  |  |  |  |  |  |  | Net of |  |  |  |  |  |  |  |  | Net of |
|  | Before Tax |  |  | Tax |  |  | Tax |  |  | Before Tax |  |  | Tax |  |  | Tax |
|  | Amount |  |  | Expense |  |  | Amount |  |  | Amount |  |  | Expense |  |  | Amount |
|  | (In thousands) |
Unrealized holding gain (loss) arising during period on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investments |  | $ | 834 |  |  | $ | (205 | ) |  | $ | 629 |  |  | $ | (47 | ) |  | $ | 12 |  |  | $ | (35 | )
Defined benefit pension plan |  |  | 297 |  |  |  | (91 | ) |  |  | 206 |  |  |  | 394 |  |  |  | (122 | ) |  |  | 272 |
Total unrealized holding gain arising during period |  |  | 1,131 |  |  |  | (296 | ) |  |  | 835 |  |  |  | 347 |  |  |  | (110 | ) |  |  | 237 |
Reclassification of pension costs |  |  | 53 |  |  |  | (15 | ) |  |  | 38 |  |  |  | 122 |  |  |  | (34 | ) |  |  | 88 |
Other comprehensive income, net |  | $ | 1,184 |  |  | $ | (311 | ) |  | $ | 873 |  |  | $ | 469 |  |  | $ | (144 | ) |  | $ | 325 |
Schedule of Accumulated Other Comprehensive Loss | Details about the reclassification of accumulated other comprehensive loss components and the affected line item in the Consolidated Statements of Income for the years ended September 30, 2024 and 2023 were as follows:
|  | Amount Reclassified From |  |  |
|  | Accumulated Other Comprehensive |  |  | Affected Line Item in the Consolidated
|  | Loss For the Year Ended September 30, |  |  | Statements of Income
|  | 2024 |  |  | 2023 |  |  |
|  | (In thousands) |  |  |
Defined benefit pension plan (1) |  |  |  |  |  |  |  |  |  |
Amortization of net gain and prior service costs |  | $ | 53 |  |  | $ | 122 |  |  | Other expenses
Related income tax benefit |  |  | (15 | ) |  |  | (34 | ) |  | Income taxes
Net effect on accumulated other comprehensive loss |  |  | 38 |  |  |  | 88 |  |  |
Total reclassification |  | $ | 38 |  |  | $ | 88 |  |  |
(1) For additional details related to the defined benefit pension plan, see Note L- Pension Plan.
Schedule Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss at September 30, 2024 and 2023 were as follows:
|  | September 30, |
|  | 2024 |  |  | 2023 |
|  | (In thousands) |
Available-for-sale investments, net of tax |  | $ | (853 | ) |  | $ | (1,481 | )
Defined benefit pension plan, net of tax |  |  | (63 | ) |  |  | (308 | )
Total accumulated other comprehensive loss |  | $ | (916 | ) |  | $ | (1,789 | )
Schedule of Allowance for Credit Loss | The impact of the change from the incurred loss model to the current expected credit loss model using ACL is included in the following table:
|  | October 1, 2023 |
|  |  |  |  | Adoption |  |  |  |
|  | Pre-adoption |  |  | Impact |  |  | As Reported |
|  | (In thousands) |
Assets |  |  |  |  |  |  |  |  |
ACL on debt securities held-to-maturity |  | $ | — |  |  | $ | — |  |  | $ | — |
ACL on loans |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  |  | 1,259 |  |  |  | 7 |  |  |  | 1,266 |
Commercial real estate |  |  | 5,277 |  |  |  | (589 | ) |  |  | 4,688 |
Construction and land |  |  | 472 |  |  |  | (55 | ) |  |  | 417 |
Home equity loans and lines of credit |  |  | 207 |  |  |  | (87 | ) |  |  | 120 |
Commercial business |  |  | 939 |  |  |  | (133 | ) |  |  | 806 |
Other |  |  | 176 |  |  |  | (175 | ) |  |  | 1 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
ACL on unfunded commitments |  |  | — |  |  |  | 540 |  |  |  | 540 |
Total |  | $ | 8,330 |  |  | $ | (492 | ) |  | $ | 7,838 |

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