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FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Jun. 30, 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.

June 30, 2024		Total				Level 1				Level 2				Level 3
		(In thousands)
Assets:
Securities available for sale:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential		$	87			$	—			$	87			$	—
Obligations of U.S. government-sponsored enterprises:
Mortgage-backed securities-residential			11,473				—				11,473				—
Corporate securities			4,024				—				4,024				—
Total securities available for sale		$	15,584			$	—			$	15,584			$	—
Derivative assets			1,841				—				1,841				—
Total assets		$	17,425			$	—			$	17,425			$	—
Liabilities:
Derivative liabilities		$	1,841			$	—			$	1,841			$	—
Total Liabilities		$	1,841			$	—			$	1,841			$	—
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

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:

	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

The Company’s bank-owned life insurance is not a marketable asset and may generally only be redeemed with the insurance company, and is therefore not included in the table below.

		Carrying				Fair				Fair Value Measurement Placement
		Value				Value				(Level 1)				(Level 2)				(Level 3)
		(In thousands)
June 30, 2024
Financial instruments - assets
Investment securities held to maturity		$	78,917			$	69,500			$	—			$	69,500			$	—
Loan receivable net allowance for credit losses			751,665				735,915				—				—				735,915
Financial instruments - liabilities
Certificates of deposit including retirement certificates			143,633				141,357				—				141,357				—
Borrowings			28,568				27,342				—				27,342				—
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				—

X

- 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

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X

- 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

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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

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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