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FAIR VALUE DISCLOSURES (Tables) | 6 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Assets Measured At Fair Value on a Recurring Basis | The following tables provide the level of valuation assumptions used to determine the carrying value of the Company’s assets measured at fair value on a recurring basis.
March 31, 2024 |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  | (In thousands) |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 90 |  |  | $ | — |  |  | $ | 90 |  |  | $ | — |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities-residential |  |  | 11,823 |  |  |  | — |  |  |  | 11,823 |  |  |  | — |
Total securities available for sale |  |  | 11,913 |  |  |  | — |  |  |  | 11,913 |  |  |  | — |
Derivative assets |  |  | 2,011 |  |  |  | — |  |  |  | 2,011 |  |  |  | — |
Total assets |  | $ | 13,924 |  |  | $ | — |  |  | $ | 13,924 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | 2,011 |  |  | $ | — |  |  | $ | 2,011 |  |  | $ | — |
Total Liabilities |  | $ | 2,011 |  |  | $ | — |  |  | $ | 2,011 |  |  | $ | — |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 92 |  |  | $ | — |  |  | $ | 92 |  |  | $ | — |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities-residential |  |  | 10,033 |  |  |  | — |  |  |  | 10,033 |  |  |  | — |
Total securities available for sale |  |  | 10,125 |  |  |  | — |  |  |  | 10,125 |  |  |  | — |
Derivative assets |  |  | 2,579 |  |  |  | — |  |  |  | 2,579 |  |  |  | — |
Total assets |  | $ | 12,704 |  |  | $ | — |  |  | $ | 12,704 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  | $ | 2,579 |  |  | $ | — |  |  | $ | 2,579 |  |  | $ | — |
Total Liabilities |  | $ | 2,579 |  |  | $ | — |  |  | $ | 2,579 |  |  | $ | — |
Schedule of Assets Measured At Fair Value on a Non-Recurring Basis | The following table provides the level of valuation assumptions used to determine the carrying value of the Company’s assets measured at fair value on a non-recurring basis at September 30, 2023.
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
September 30, 2023 |  | (In thousands) |
Impaired loans |  | $ | 777 |  |  | $ | — |  |  | $ | — |  |  | $ | 777 |
Total |  | $ | 777 |  |  | $ | — |  |  | $ | — |  |  | $ | 777 |
Schedule of Quantitative Information about Assets Measured At Fair Value on a Nonrecurring Basis for Which Level 3 Inputs Were Used To Determine Fair Value | The following tables present additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Company has utilized Level 3 inputs to determine fair value:
Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)
| Fair Value | Valuation |  |
September 30, 2023 | Estimate | Techniques | Unobservable Input | Range (Weighted Average)
Impaired loans | $ | 777 | Appraisal of collateral (1) | Appraisal adjustments (2) | -50% to -8.0% (-19.4%)
| (1) | Fair value is generally determined through independent appraisals for the underlying collateral, which generally include various level 3 inputs which are not identifiable.
| (2) | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.
Schedule of the Carrying Amount, Fair Value, and Placement in the Fair Value Hierarchy of Financial Instruments Carried At Cost or Amortized Cost | For financial liabilities such as interest-bearing demand, NOW, and money market savings deposits, the carrying amount is a reasonable estimate of fair value due to these products being payable on demand and having no stated maturity.
|  | Carrying |  |  | Fair |  |  | Fair Value Measurement Placement |
|  | Value |  |  | Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
|  | (In thousands) |
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments - assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities held to maturity |  | $ | 83,438 |  |  | $ | 74,104 |  |  | $ | — |  |  | $ | 74,104 |  |  | $ | — |
Loan receivable net allowance for credit losses |  |  | 734,018 |  |  |  | 716,318 |  |  |  | — |  |  |  | — |  |  |  | 716,318 |
Financial instruments - liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit including retirement certificates |  |  | 134,955 |  |  |  | 132,689 |  |  |  | — |  |  |  | 132,689 |  |  |  | — |
Borrowings |  |  | 28,796 |  |  |  | 27,768 |  |  |  | — |  |  |  | 27,768 |  |  |  | — |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments - assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities held-to-maturity |  | $ | 85,835 |  |  | $ | 73,728 |  |  | $ | — |  |  | $ | 73,728 |  |  | $ | — |
Loan receivable net allowance for credit losses |  |  | 689,070 |  |  |  | 664,331 |  |  |  | — |  |  |  | — |  |  |  | 664,331 |
Financial instruments - liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit including retirement certificates |  |  | 104,668 |  |  |  | 101,216 |  |  |  | — |  |  |  | 101,216 |  |  |  | — |
Borrowings |  |  | 29,515 |  |  |  | 28,177 |  |  |  | — |  |  |  | 28,177 |  |  |  | — |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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