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PENSION PLAN | 12 Months Ended
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Sep. 30, 2025
Pension Plan [Abstract] |
PENSION PLAN | NOTE L - PENSION PLAN The Company had a noncontributory defined benefit pension plan (the “Plan”) covering all eligible employees. On January 26, 2006, the Plan was frozen and amended to eliminate future benefit accruals after February 15, 2006. The following table sets forth the Plan’s funded status and amounts recognized in the Company’s Consolidated Balance Sheets at September 30, 2025 and September 30, 2024.
|  | Years Ended September 30, |
|  | 2025 |  |  | 2024 |
|  | (In thousands) |
Actuarial present value of benefit obligations |  | $ | 3,488 |  |  | $ | 3,697 |
Change in benefit obligations |  |  |  |  |  |  |  |
Projected benefit obligation, beginning |  | $ | 3,697 |  |  | $ | 3,495 |
Interest cost |  |  | 178 |  |  |  | 193 |
Actuarial (gain) loss |  |  | (113 | ) |  |  | 283 |
Annuity payments and lump sum distributions |  |  | (274 | ) |  |  | (274 | )
Projected benefit obligation, end |  | $ | 3,488 |  |  | $ | 3,697 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of assets, beginning |  | $ | 4,618 |  |  | $ | 4,076 |
Actual return on plan assets |  |  | 277 |  |  |  | 816 |
Annuity payments and lump sum distributions |  |  | (274 | ) |  |  | (274 | )
Fair value of assets, end |  | $ | 4,621 |  |  | $ | 4,618 |
Funded status included with other assets |  | $ | 1,133 |  |  | $ | 921 |
The net pension (credit) cost for the years ended September 30, 2025 and 2024 included the following components:
|  | Years Ended September 30, |
|  | 2025 |  |  | 2024 |
|  | (In thousands) |
Interest cost on projected benefit obligation |  | $ | 178 |  |  | $ | 193 |
Expected return on plan assets |  |  | (269 | ) |  |  | (236 | )
Amortization of unrecognized net loss |  |  | 11 |  |  |  | 53 |
Net pension (credit) cost |  | $ | (80 | ) |  | $ | 10 |
Current Asset Allocation The Plan’s weighted-average asset allocations at September 30, 2025 and 2024, by asset category are as follows:
|  | Years Ended September 30, |
|  | 2025 |  |  | 2024 |
Equity securities |  |  | 35 | % |  |  | 65 | %
Debt securities (bond mutual funds) |  |  | 63 | % |  |  | 32 | %
Other (money market fund) |  |  | 2 | % |  |  | 2 | %
Total |  |  | 100 | % |  |  | 100 | %
Expected Contributions For the fiscal year ending September 30, 2026, the Company does not expect to make a contribution to the Plan. Estimated Future Benefit Payments The following benefit payments are expected to be paid as follows (in thousands):
October 1, 2025 through September 30, 2026 |  | $ | 279 |
October 1, 2026 through September 30, 2027 |  |  | 278 |
October 1, 2027 through September 30, 2028 |  |  | 275 |
October 1, 2028 through September 30, 2029 |  |  | 273 |
October 1, 2029 through September 30, 2030 |  |  | 265 |
October 1, 2030 through September 30, 2035 |  |  | 1,278 |
Total |  | $ | 2,648 |
Included in the funded status of the Plan at September 30, 2025 and 2024, are actuarial gain and losses of $42 thousand and $91 thousand, respectively. These amounts are included, net of related income tax effects of $13 thousand and $132 thousand, respectively, in the accumulated other comprehensive loss component of stockholders’ equity at September 30, 2025 and 2024. The following table presents the Plan assets that are measured at fair value on a recurring basis by level within the fair value hierarchy under ASC 820, Fair Value Measurements and Disclosure (“ASC 820”). Financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. See Note Q “Fair Value Disclosures” for further detail regarding fair value hierarchy.
|  |  |  |  | Fair Value Measurements at Reporting Date |
|  |  |  |  | Quoted Prices |  |  | Significant |  |  |  |
|  |  |  |  | in Active Markets |  |  | Other |  |  | Significant |
|  |  |  |  | for Identical |  |  | Observable |  |  | Unobservable |
|  | Total |  |  | Assets (Level 1) |  |  | Inputs (Level 2) |  |  | Inputs (Level 3) |
|  | (In thousands) |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Investment Type |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds - Equity |  | $ | 1,618 |  |  | $ | 1,618 |  |  | $ | - |  |  | $ | - |
Mutual Funds - Fixed Income |  |  | 2,895 |  |  |  | 2,895 |  |  |  | - |  |  |  | - |
Cash Equivalents |  |  | 108 |  |  |  | 108 |  |  |  | - |  |  |  | - |
Total Investment |  | $ | 4,621 |  |  | $ | 4,621 |  |  | $ | - |  |  | $ | - |
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Type |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds - Equity |  | $ | 3,022 |  |  | $ | 3,022 |  |  | $ | - |  |  | $ | - |
Mutual Funds - Fixed Income |  |  | 1,494 |  |  |  | 1,494 |  |  |  | - |  |  |  | - |
Cash Equivalents |  |  | 102 |  |  |  | 102 |  |  |  | - |  |  |  | - |
Total Investment |  | $ | 4,618 |  |  | $ | 4,618 |  |  | $ | - |  |  | $ | - |
Equity and debt securities are reported at fair value in the table above utilizing exchange quoted prices in active markets for identical instruments (Level 1 inputs).

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