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LOANS RECEIVABLE, NET | 12 Months Ended
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Sep. 30, 2025
Loans Receivable, Net [Abstract] |
LOANS RECEIVABLE, NET | NOTE E - LOANS RECEIVABLE, NET Loans receivable, net allowance for credit losses were comprised of the following:
|  | Years Ended September 30, |
|  | 2025 |  |  | 2024 |
|  | (In thousands) |
One-to-four family residential |  | $ | 242,454 |  |  | $ | 246,201 |
Commercial real estate |  |  | 533,213 |  |  |  | 461,319 |
Construction and land |  |  | 29,287 |  |  |  | 22,722 |
Home equity loans and lines of credit |  |  | 31,778 |  |  |  | 24,728 |
Commercial business |  |  | 20,048 |  |  |  | 24,011 |
Other |  |  | 2,119 |  |  |  | 2,235 |
Total loans receivable |  |  | 858,899 |  |  |  | 781,216 |
Net deferred loan costs |  |  | (1,546 | ) |  |  | (1,054 | )
Total loans receivable, net |  | $ | 857,353 |  |  | $ | 780,162 |
Certain directors and executive officers of the Company have loans with the Bank. Such loans were made in the ordinary course of business at the Bank’s normal credit terms, including interest rate and collateralization, and do not represent more than a normal risk of collection. Total loans receivable from directors and executive officers, and affiliates thereof, were approximately $3.2 million at September 30, 2025 and $3.9 million at September 30, 2024. There were $372 thousand and $854 thousand in new loans or advances on existing lines of credit during the year ended September 30, 2025 and 2024, respectively. Total principal repayments and/or reductions due to retirements were approximately $163 thousand and $2.0 million for the year ended September 30, 2025 and 2024, respectively. At September 30, 2025 and 2024, the Company was servicing loans for others amounting to approximately $56.7 million and $50.2 million, respectively. See Note J for additional information. The segments of the Company’s loan portfolio are disaggregated to a level that allows management to monitor risk and performance. The residential mortgage loan segment is further disaggregated into two classes: first lien, amortizing term loans, and the combination of second lien amortizing term loans and home equity lines of credit. The commercial loan segment is further disaggregated into three classes: loans secured by multifamily structures, loans secured by owner-occupied commercial structures, and loans secured by non-owner occupied, non-residential properties. The construction loan segment consists primarily of developers or investors for the purpose of acquiring, developing and constructing residential or commercial structures and to a lesser extent one-to-four family residential construction loans made to individuals for the acquisition of and/or construction on a lot or lots on which a residential dwelling is to be built. Construction loans to developers and investors have a higher risk profile because the ultimate buyer, once development is completed, is generally not known at the time of the loan. The commercial business loan segment consists of loans made for the purpose of financing the activities of commercial customers and consists of revolving lines of credit and loans partially guaranteed by the U.S. Small Business Administration. The consumer loan segment consists primarily of stock-secured installment loans but also includes unsecured personal loans and overdraft lines of credit connected with customer deposit accounts. Management uses a ten-point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first six categories are considered not criticized and are aggregated as “Pass” rated. The criticized rating categories utilized by management generally follow bank regulatory definitions. The Special Mention category includes assets that are currently protected but are potentially weak, resulting in an undue and unwarranted credit risk, but not to the point of justifying a Substandard classification. Loans in the Substandard category have well-defined weaknesses that jeopardize the liquidation of the debt and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. Loans classified Doubtful have all the weaknesses inherent in loans classified Substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. All loans greater than three months past due are considered Substandard. Any portion of a loan that has been charged off is placed in the Loss category. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Company has a structured loan rating process with several layers of internal and external oversight. Generally, consumer and residential mortgage loans are included in the Pass categories unless a specific action, such as severe delinquency, bankruptcy, repossession, or death occurs to raise awareness of a possible credit event. The Company’s Commercial Loan Officers are responsible for the timely and accurate risk rating of the loans in their portfolios at origination and on an ongoing basis. The Company’s Asset Review Committee performs monthly reviews of all commercial relationships internally rated 6 (“Watch”) or worse. Confirmation of the appropriate risk grade is performed by an external loan review company that semi-annually reviews and assesses loans within the portfolio. Generally, the external consultant reviews commercial relationships greater than $500 thousand and/or criticized relationships greater than $250 thousand. Detailed reviews, including plans for resolution, are performed on loans classified as Substandard on a monthly basis. The following tables present the classes of the loan portfolio by origination year summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful for loans subject to the Company’s internal risk rating system and by performing status for all other loans as of September 30, 2025 and 2024.
|  | September 30, 2025 |  |  | Revolving Loans |  |  |  |
|  | Term Loans Amortized Cost Basis by Origination Fiscal Year |  |  | Amortized |  |  | Converted |  |  |  |
|  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Prior |  |  | Cost Basis |  |  | to Term |  |  | Total |
|  | (In thousands) |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 18,873 |  |  | $ | 31,952 |  |  | $ | 36,663 |  |  | $ | 28,465 |  |  | $ | 23,556 |  |  | $ | 102,642 |  |  | $ | - |  |  | $ | - |  |  | $ | 242,151 |
Non-performing |  |  | - |  |  |  | 213 |  |  |  | - |  |  |  | 90 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 303 |
Total |  | $ | 18,873 |  |  | $ | 32,165 |  |  | $ | 36,663 |  |  | $ | 28,555 |  |  | $ | 23,556 |  |  | $ | 102,642 |  |  | $ | - |  |  | $ | - |  |  | $ | 242,454 |
Current period gross charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 111,456 |  |  | $ | 86,068 |  |  | $ | 70,546 |  |  | $ | 63,905 |  |  | $ | 54,060 |  |  | $ | 140,866 |  |  | $ | 6,110 |  |  | $ | - |  |  | $ | 533,011 |
Special Mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 91 |  |  |  | - |  |  |  | 111 |  |  |  | - |  |  |  | - |  |  |  | 202 |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 111,456 |  |  | $ | 86,068 |  |  | $ | 70,546 |  |  | $ | 63,996 |  |  | $ | 54,060 |  |  | $ | 140,977 |  |  | $ | 6,110 |  |  | $ | - |  |  | $ | 533,213 |
Current period gross charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Construction and land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 10,037 |  |  | $ | 12,982 |  |  | $ | 3,405 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,863 |  |  | $ | - |  |  | $ | - |  |  | $ | 29,287 |
Special Mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 10,037 |  |  | $ | 12,982 |  |  | $ | 3,405 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,863 |  |  | $ | - |  |  | $ | - |  |  | $ | 29,287 |
Current period gross charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Home equity loans and lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 492 |  |  | $ | 1,181 |  |  | $ | 1,271 |  |  | $ | 1,523 |  |  | $ | 265 |  |  | $ | 1,090 |  |  | $ | 25,808 |  |  | $ | - |  |  | $ | 31,630 |
Non-performing |  |  | - |  |  |  | - |  |  |  | 148 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 148 |
Total |  | $ | 492 |  |  | $ | 1,181 |  |  | $ | 1,419 |  |  | $ | 1,523 |  |  | $ | 265 |  |  | $ | 1,090 |  |  | $ | 25,808 |  |  | $ | - |  |  | $ | 31,778 |
Current period gross charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 669 |  |  | $ | 1,195 |  |  | $ | 465 |  |  | $ | 2,001 |  |  | $ | 1,061 |  |  | $ | 2,270 |  |  | $ | 12,240 |  |  | $ | 147 |  |  | $ | 20,048 |
Special Mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 669 |  |  | $ | 1,195 |  |  | $ | 465 |  |  | $ | 2,001 |  |  | $ | 1,061 |  |  | $ | 2,270 |  |  | $ | 12,240 |  |  | $ | 147 |  |  | $ | 20,048 |
Current period gross charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 464 |  |  | $ | 18 |  |  | $ | - |  |  | $ | 25 |  |  | $ | - |  |  | $ | 1,423 |  |  | $ | 189 |  |  | $ | - |  |  | $ | 2,119 |
Non-performing |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 464 |  |  | $ | 18 |  |  | $ | - |  |  | $ | 25 |  |  | $ | - |  |  | $ | 1,423 |  |  | $ | 189 |  |  | $ | - |  |  | $ | 2,119 |
Current period gross charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  | September 30, 2024 |  |  | Revolving Loans |  |  |  |
|  | Term Loans Amortized Cost Basis by Origination Fiscal Year |  |  | Amortized |  |  | Converted |  |  |  |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | Prior |  |  | Cost Basis |  |  | to Term |  |  | Total |
|  | (In thousands) |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 32,624 |  |  | $ | 42,084 |  |  | $ | 31,711 |  |  | $ | 25,970 |  |  | $ | 29,976 |  |  | $ | 83,378 |  |  | $ | 342 |  |  | $ | - |  |  | $ | 246,085 |
Non-performing |  |  | - |  |  |  | - |  |  |  | 94 |  |  |  | - |  |  |  | 22 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 116 |
Total |  | $ | 32,624 |  |  | $ | 42,084 |  |  | $ | 31,805 |  |  | $ | 25,970 |  |  | $ | 29,998 |  |  | $ | 83,378 |  |  | $ | 342 |  |  | $ | - |  |  | $ | 246,201 |
Current period gross charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 88,597 |  |  | $ | 84,674 |  |  | $ | 66,412 |  |  | $ | 64,573 |  |  | $ | 29,568 |  |  | $ | 122,605 |  |  | $ | 3,718 |  |  | $ | 932 |  |  | $ | 461,079 |
Special Mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 124 |  |  |  | - |  |  |  | - |  |  |  | 124 |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 116 |  |  |  | - |  |  |  | - |  |  |  | 116 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 88,597 |  |  | $ | 84,674 |  |  | $ | 66,412 |  |  | $ | 64,573 |  |  | $ | 29,568 |  |  | $ | 122,845 |  |  | $ | 3,718 |  |  | $ | 932 |  |  | $ | 461,319 |
Current period gross charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Construction and land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 5,650 |  |  | $ | 10,061 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,156 |  |  | $ | 4,069 |  |  | $ | 1,786 |  |  | $ | - |  |  | $ | 22,722 |
Special Mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 5,650 |  |  | $ | 10,061 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,156 |  |  | $ | 4,069 |  |  | $ | 1,786 |  |  | $ | - |  |  | $ | 22,722 |
Current period gross charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Home equity loans and lines of credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 1,585 |  |  | $ | 1,561 |  |  | $ | 1,600 |  |  | $ | 309 |  |  | $ | 247 |  |  | $ | 1,220 |  |  | $ | 17,902 |  |  | $ | 304 |  |  | $ | 24,728 |
Non-performing |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 1,585 |  |  | $ | 1,561 |  |  | $ | 1,600 |  |  | $ | 309 |  |  | $ | 247 |  |  | $ | 1,220 |  |  | $ | 17,902 |  |  | $ | 304 |  |  | $ | 24,728 |
Current period gross charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 2,062 |  |  | $ | 507 |  |  | $ | 2,517 |  |  | $ | 2,298 |  |  | $ | 802 |  |  | $ | 2,565 |  |  | $ | 13,072 |  |  | $ | 188 |  |  | $ | 24,011 |
Special Mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 2,062 |  |  | $ | 507 |  |  | $ | 2,517 |  |  | $ | 2,298 |  |  | $ | 802 |  |  | $ | 2,565 |  |  | $ | 13,072 |  |  | $ | 188 |  |  | $ | 24,011 |
Current period gross charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 61 |  |  | $ | - |  |  | $ | 47 |  |  | $ | - |  |  | $ | 9 |  |  | $ | 1,771 |  |  | $ | 347 |  |  | $ | - |  |  | $ | 2,235 |
Non-performing |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 61 |  |  | $ | - |  |  | $ | 47 |  |  | $ | - |  |  | $ | 9 |  |  | $ | 1,771 |  |  | $ | 347 |  |  | $ | - |  |  | $ | 2,235 |
Current period gross charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The Bank was not accruing interest on any loans delinquent 90 days or greater as of September 30, 2025 and 2024. The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans for the periods presented:
|  |  |  |  | 30-59 |  |  | 60-89 |  |  |  |  |  |  |
|  |  |  |  | Days |  |  | Days |  |  | 90 Days + |  |  | Total |
|  | Current |  |  | Past Due |  |  | Past Due |  |  | Past Due |  |  | Loans |
|  | (In thousands) |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  | $ | 240,975 |  |  | $ | 1,016 |  |  | $ | 160 |  |  | $ | 303 |  |  | $ | 242,454 |
Commercial real estate |  |  | 532,867 |  |  |  | - |  |  |  | 346 |  |  |  | - |  |  |  | 533,213 |
Construction and land |  |  | 29,287 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 29,287 |
Home equity loans and lines of credit |  |  | 31,630 |  |  |  | - |  |  |  | - |  |  |  | 148 |  |  |  | 31,778 |
Commercial business |  |  | 19,913 |  |  |  | 135 |  |  |  | - |  |  |  | - |  |  |  | 20,048 |
Other |  |  | 2,119 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,119 |
Total |  | $ | 856,791 |  |  | $ | 1,151 |  |  | $ | 506 |  |  | $ | 451 |  |  | $ | 858,899 |
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to four-family residential |  | $ | 245,458 |  |  | $ | - |  |  | $ | 627 |  |  | $ | 116 |  |  | $ | 246,201 |
Commercial real estate |  |  | 461,203 |  |  |  | - |  |  |  | - |  |  |  | 116 |  |  |  | 461,319 |
Construction and land |  |  | 22,722 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 22,722 |
Home equity loans and lines of credit |  |  | 24,492 |  |  |  | - |  |  |  | 236 |  |  |  | - |  |  |  | 24,728 |
Commercial business |  |  | 23,870 |  |  |  | 141 |  |  |  | - |  |  |  | - |  |  |  | 24,011 |
Other |  |  | 2,235 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,235 |
Total |  | $ | 779,980 |  |  | $ | 141 |  |  | $ | 863 |  |  | $ | 232 |  |  | $ | 781,216 |
The following table presents our non-accrual loans by loan type as of September 30, 2025 and 2024:
|  | 90 Days+ |  |  | Non-Accrual |  |  | Non-Accrual |
|  | Non-Accrual |  |  | with ACL |  |  | without ACL |
|  | (In thousands) |
September 30, 2025 |  |  |  |  |  |  |  |  |
One-to-four family residential |  | $ | 303 |  |  | $ | - |  |  | $ | 303 |
Home loans and lines of credit |  |  | 148 |  |  |  | - |  |  |  | 148 |
Total |  | $ | 451 |  |  | $ | - |  |  | $ | 451 |
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  | $ | 116 |  |  | $ | - |  |  | $ | 116 |
Commercial real estate |  |  | 116 |  |  |  | - |  |  |  | 116 |
Total |  | $ | 232 |  |  | $ | - |  |  | $ | 232 |
The following table identifies our non-performing, collateral dependent loans by collateral type as of September 30, 2025 and 2024:
|  | Years Ended September 30, |
|  | 2025 |  |  | 2024 |
|  | (In thousands) |
Real-estate type: |  |  |
One- to four-family residential |  | $ | 303 |  |  | $ | 116 |
Commercial real estate |  |  | - |  |  |  | 116 |
Home equity loans and lines of credit |  |  | 148 |  |  |  | - |
Total |  | $ | 451 |  |  | $ | 232 |
The ACL is maintained to absorb losses from the loan portfolio. Management reviews the loan portfolio on a quarterly basis using a defined, consistently applied process in order to make appropriate and timely adjustments to the ACL. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ACL. Since loans individually evaluated for impairment are promptly written down to their fair value, typically there is no portion of the ACL for loans individually evaluated for impairment. The following tables set forth the allocation of the Bank’s ACL by loan category at the dates indicated. The portion of the ACL allocated to each loan category does not represent the total available for future losses which may occur within the loan category since the total ACL is a valuation allocation applicable to the entire loan portfolio. The Company generally charges off the collateral or discounted cash flow deficiency on all loans at 90 days past due and all loans rated substandard or worse that are 90 days past due. The following table presents, by loan category, the changes in the ACL for the year ended September 30, 2025 and 2024.
|  | One-to Four- |  |  |  |  |  |  |  |  | Home Equity |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Family |  |  | Commercial |  |  | Construction |  |  | Lines of |  |  | Commercial |  |  |  |  |  |  |  |  |  |
|  | Residential |  |  | Real Estate |  |  | and Land |  |  | Credit |  |  | Business |  |  | Other |  |  | Unallocated |  |  | Total |
|  | (In thousands) |
Balance-September 30, 2023 |  | $ | 1,259 |  |  | $ | 5,277 |  |  | $ | 472 |  |  | $ | 207 |  |  | $ | 939 |  |  | $ | 2 |  |  | $ | 174 |  |  | $ | 8,330 |
Effect of adopting ASU 2016-13 |  |  | 7 |  |  |  | (589 | ) |  |  | (55 | ) |  |  | (87 | ) |  |  | (133 | ) |  |  | (1 | ) |  |  | (174 | ) |  |  | (1,032 | )
Charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Recoveries |  |  | 1 |  |  |  | - |  |  |  | 65 |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | 68 |
Provision (credit) |  |  | (512 | ) |  |  | 646 |  |  |  | 142 |  |  |  | (90 | ) |  |  | (3 | ) |  |  | (1 | ) |  |  | - |  |  |  | 182 |
Balance-September 30, 2024 |  | $ | 755 |  |  | $ | 5,334 |  |  | $ | 624 |  |  | $ | 30 |  |  | $ | 805 |  |  | $ | - |  |  | $ | - |  |  | $ | 7,548 |
Charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Recoveries |  |  | 34 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 115 |  |  |  | - |  |  |  | - |  |  |  | 149 |
Provision (credit) |  |  | 49 |  |  |  | 641 |  |  |  | 130 |  |  |  | 10 |  |  |  | (178 | ) |  |  | 2 |  |  |  | (1 | ) |  |  | 653 |
Balance-September 30, 2025 |  | $ | 838 |  |  | $ | 5,975 |  |  | $ | 754 |  |  | $ | 40 |  |  | $ | 742 |  |  | $ | 2 |  |  | $ | (1 | ) |  | $ | 8,350 |
During the year ended September 30, 2025, the changes in the ACL for each loan category were primarily due to fluctuations in the outstanding balance of each segment of loans collectively evaluated for impairment. Specifically, we experienced significant growth in our commercial real estate and construction portfolios, partially offset by contraction in our commercial business loans, which require higher provisions for credit loss, during the year ended September 30, 2025. During the year ended September 30, 2025, the Company did not make any loan modifications to borrowers experiencing financial difficulty. There were two residential loans totaling $294 thousand that were in the process of foreclosure at September 30, 2025. Total loans pledged as collateral for Federal Home Loan Bank of New York (“FHLBNY”) borrowings were $466.5 million and $410.6 million as of September 30, 2025 and 2024, respectively.

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