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FAIR VALUE DISCLOSURES | 12 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
FAIR VALUE DISCLOSURES | NOTE Q - FAIR VALUE DISCLOSURES The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The Company’s securities available-for-sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets or liabilities on a non-recurring basis, such as held-to-maturity securities, mortgage servicing rights, loans receivable and other real estate owned. These non-recurring fair value adjustments involve the application of lower-of-cost-or-market accounting or write-downs of individual assets. In accordance with ASC 820, the Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are:
| Level 1- | Valuation is based upon quoted prices for identical instruments traded in active markets.
| Level 2- | Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market.
| Level 3- | Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability.
The Company bases its fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following is a description of valuation methodologies used for assets measured at fair value on a recurring basis. Securities available-for-sale The Company’s available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income (loss) in stockholders’ equity. The securities available-for-sale portfolio consists of U.S. government and government-sponsored enterprise obligations and mortgage-backed securities. The fair values of these securities are obtained from an independent nationally recognized pricing service. An independent pricing service provides prices which are categorized as Level 2, as quoted prices in active markets for identical assets are generally not available for the securities. 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 at September 30, 2025 and 2024:
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
| (In thousands) |
September 30, 2025 |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 82 |  |  | $ | - |  |  | $ | 82 |  |  | $ | - |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities-residential |  |  | 14,313 |  |  |  | - |  |  |  | 14,313 |  |  |  | - |
Corporate securities |  |  | 6,787 |  |  |  | - |  |  |  | 6,787 |  |  |  | - |
Total securities available for sale |  | $ | 21,182 |  |  | $ | - |  |  | $ | 21,182 |  |  | $ | - |
Derivative assets |  |  | 911 |  |  |  | - |  |  |  | 911 |  |  |  | - |
Total assets |  | $ | 22,093 |  |  | $ | - |  |  | $ | 22,093 |  |  | $ | - |
Derivative liabilities |  | $ | 911 |  |  | $ | - |  |  | $ | 911 |  |  | $ | - |
Total liabilities |  | $ | 911 |  |  | $ | - |  |  | $ | 911 |  |  | $ | - |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (In thousands) |
September 30, 2024 |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government agencies: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - residential |  | $ | 89 |  |  | $ | - |  |  | $ | 89 |  |  | $ | - |
Obligations of U.S. government-sponsored enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities-residential |  |  | 11,506 |  |  |  | - |  |  |  | 11,506 |  |  |  | - |
Corporate securities |  |  | 4,021 |  |  |  | - |  |  |  | 4,021 |  |  |  | - |
Total securities available for sale |  | $ | 15,616 |  |  | $ | - |  |  | $ | 15,616 |  |  | $ | - |
Derivative assets |  |  | 1,405 |  |  |  | - |  |  |  | 1,405 |  |  |  | - |
Total assets |  | $ | 17,021 |  |  | $ | - |  |  | $ | 17,021 |  |  | $ | - |
Derivative liabilities |  | $ | 1,405 |  |  | $ | - |  |  | $ | 1,405 |  |  | $ | - |
Total Liabilities |  | $ | 1,405 |  |  | $ | - |  |  | $ | 1,405 |  |  | $ | - |
The following is a description of valuation methodologies used for assets measured at fair value on a non-recurring basis. Other Real Estate Owned Other real estate owned is carried at lower of cost or estimated fair value less disposal costs. The estimated fair value of the real estate is determined through current appraisals, and adjusted as necessary, by management, to reflect current market conditions. As such, other real estate owned is generally classified as Level 3. The Company sold two properties totaling $1.8 million and wrote down its remaining property by $57 thousand during the year ended September 30, 2025. Collateral Dependent Individually Evaluated Loans Collateral dependent individually evaluated loans are measured and reported at fair value through specific allocations of the allowance for credit losses based on the fair value of the underlying collateral. At September 30, 2025 and 2024 there were no collateral dependent loans with specific reserves. 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, 2025 and 2024:
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (In thousands) |
September 30, 2025 |  |
Other real estate owned |  | $ | 2,167 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,167 |
Total |  | $ | 2,167 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,167 |
|  |  | Total |  |  |  | Level 1 |  |  |  | Level 2 |  |  |  | Level 3 |
|  |  | (In thousands) |
September 30, 2024 |  |  |
Other real estate owned |  | $ | 1,501 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,501 |
Total |  | $ | 1,501 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,501 |
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 at September 30, 2025 and 2024:
Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)
|  | Fair Value |  |  | Valuation |  |  |  |
September 30, 2025 |  | Estimate |  |  | Techniques |  | Unobservable Input |  | Range (Weighted Average)
Other real estate owned |  | $ | 2,167 |  |  | Appraisal |  | Liquidation expenses (1) |  | -1.5% to -1.5% (-1.5%)
Quantitative Information about Level 3 Fair Value Measurements
(Dollars in thousands)
|  |  | Fair Value |  |  | Valuation |  |  |  |
September 30, 2024 |  |  | Estimate |  |  | Techniques |  | Unobservable Input |  | Range (Weighted Average)
Other real estate owned |  | $ | 1,501 |  |  | Appraisal |  | Liquidation expenses (1) |  | -13.0% to -19.6% (-14.6%)
(1) | Fair value is generally determined through independent appraisals for the underlying collateral, which generally include various level 3 inputs which are not identifiable.
The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments carried at cost or amortized cost as of September 30, 2025 and 2024. This table excludes financial instruments for which the carrying amount approximates fair value, which includes cash and cash equivalents, FHLBNY stock, bank owned life insurance, accrued interest receivable, interest and non-interest bearing demand, savings deposits, and accrued interest payable. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. 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 having no stated maturity. 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) |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments - assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities held to maturity |  | $ | 67,266 |  |  | $ | 61,160 |  |  | $ | - |  |  | $ | 61,160 |  |  | $ | - |
Loan receivable net allowance for credit losses |  |  | 849,003 |  |  |  | 855,377 |  |  |  | - |  |  |  | - |  |  |  | 855,377 |
Financial instruments - liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit including retirement certificates |  |  | 209,948 |  |  |  | 210,168 |  |  |  | - |  |  |  | 210,168 |  |  |  | - |
Borrowings |  |  | 49,054 |  |  |  | 48,576 |  |  |  | - |  |  |  | 48,576 |  |  |  | - |
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial instruments - assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities held-to-maturity |  | $ | 79,816 |  |  | $ | 72,617 |  |  | $ | - |  |  | $ | 72,617 |  |  | $ | - |
Loan receivable net allowance for credit losses |  |  | 7,72,614 |  |  |  | 7,66,822 |  |  |  | - |  |  |  | - |  |  |  | 766,822 |
Financial instruments - liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit including retirement certificates |  |  | 159,652 |  |  |  | 159,582 |  |  |  | - |  |  |  | 159,582 |  |  |  | - |
Borrowings |  |  | 28,568 |  |  |  | 28,151 |  |  |  | - |  |  |  | 28,151 |  |  |  | - |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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