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STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM
 3 Months Ended
Dec. 31, 2024
Stock-Based Compensation and Stock Repurchase Program [Abstract]  
STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM

NOTE E – STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM

 

The following is a summary of the status of the Company’s stock option activity and related information for the three months ended December 31, 2024:

 

   Shares   Weighted
Average
Exercise Price		   Weighted
Average
Remaining
Contractual Life
in Years		   Aggregate
Intrinsic
Value		 
                 
Balance at September 30, 2024   293,200   $12.58    7.98   $
—
 
Granted   
—
    
—
    —    
—
 
Exercised   (2,000)   12.58    —    
—
 
Forfeited   
—
    
—
    —    
—
 
Expired   
—
    
—
    —    
—
 
Balance at December 31, 2024   291,200   $12.58    7.73   $588,224 
                     
Exercisable at December 31, 2024   115,280   $12.58    7.73   $232,866 

 

The following is a summary of the status of the Company’s non-vested restricted shares for the three months ended December 31, 2024:

 

   Shares   Weighted
Average Grant
Date Fair Value		 
Balance at September 30, 2024   93,240   $12.63 
Granted   
—
    
—
 
Vested   
—
    
—
 
Forfeited   
—
    
—
 
Balance at December 31, 2024   93,240   $12.63 

 

Stock option and stock award expenses included with compensation expense were $63 thousand and $98 thousand for the three months ended December 31, 2024 and $63 thousand and $98 thousand for the three months ended December 31, 2023, respectively.

 

At December 31, 2024, total compensation cost not yet recognized for the Company’s unvested stock options and stock awards was $1.7 million and will be recognized through September 2027. The Company had no other stock-based compensation plans as of December 31, 2024 except as disclosed below.

The Company maintains a stock repurchase plan pursuant to which the Company may repurchase up to 5% of its outstanding shares, or up to 337,146 shares, under which 328,473 shares had been repurchased at an average price of $12.10 through December 31, 2024. Under this stock repurchase program, 8,673 shares of the 337,146 shares authorized remained available for repurchase as of December 31, 2024. The Company’s intended use of the repurchased shares is for general corporate purposes. The Company held treasury stock shares totaling 618,204 at December 31, 2024. The timing of the repurchases will depend on certain factors, including but not limited to, market conditions and prices, the Company’s liquidity requirements and alternative uses of capital.

 

The Company has an Employee Stock Ownership Plan ("ESOP") for the benefit of employees who meet certain eligibility requirements. The ESOP trust purchases shares of common stock in the open market using proceeds of a loan from the Company. The loan is secured by shares of the Company’s stock. The Bank makes cash contributions to the ESOP on an annual basis sufficient to enable the ESOP to make the required loan payments to the Company. As the debt is repaid, shares are released as collateral and allocated to qualified employees. Accordingly, the shares pledged as collateral are reported as unearned ESOP shares in the Consolidated Balance Sheets. The Company accounts for its ESOP in accordance with FASB ASC Topic 718, “Employer’s Accounting for Employee Stock Ownership Plans.” As shares are released from collateral, the Company reports compensation expense equal to the current market price of the shares, and the shares become outstanding for earnings per share computations.

 

At December 31, 2024, ESOP shares allocated to participants totaled 186,940. Unallocated ESOP shares held in suspense totaled 278,163 with an aggregate fair value of $4.1 million. The Company's contribution expense for the ESOP was $43 thousand and $50 thousand for the three months ended December 31, 2024 and 2023, respectively.