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PENSION PLAN
 12 Months Ended
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).