XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

LEASES | 9 Months Ended
--- | ---
Jun. 30, 2024
Leases [Abstract] |
LEASES | NOTE H – LEASES Accounting Standard Update ASC 842, “Leases” requires lessees to recognize a lease liability and a right-of-use (“ROU”) asset, measured at the present value of the future minimum lease payments, at the lease commencement date. On April 1, 2024, the Bank entered into a lease agreement to rent a retail office space in Martinsville, New Jersey to increase its presence in Somerset County. The initial term of the lease is for five years, ending on March 31, 2029, but does include the option for two additional terms of five years each. In accordance with ASC 842, a lease liability and ROU asset in the amount of $180 thousand was recognized on April 1, 2024 within accounts payable and other liabilities and other assets, respectively, on our Consolidated Balance Sheets. The discount rate used to determine the lease liability was 4.22% and derived from the Federal Home Loan Bank of New York advance rate for the same term. Operating lease ROU assets represent our right to use an underlying asset during the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at lease commencement base on the present value of the remaining lease payments using a discount rate that represents our incremental borrowing rate. The incremental borrowing rate used by the Company to value its operating leases is based on the interpolated term advance rate available from the FHLBNY, based on the remaining lease term. The following table presents the balance sheet information related to our leases:
|  | June 30, |  |  | September 30, |
|  | 2024 |  |  | 2023 |
|  | (Dollars in thousands) |
Operating lease right-of-use asset |  | $ | 2,382 |  |  | $ | 2,687 |
Operating lease liabilities |  | $ | 2,589 |  |  | $ | 2,944 |
Weighted average remaining lease term in years |  |  | 6.5 |  |  |  | 6.4 |
Weighted average discount rate |  |  | 2.4% |  |  |  | 2.2% |
Total rental expense, included in occupancy expense, was approximately $602 thousand and $604 thousand for the nine months ended June 30, 2024 and 2023, respectively.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration