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STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM | 6 Months Ended
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Mar. 31, 2025
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 six months ended March 31, 2025:
|  | 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 | ) |  |  | 12.25 |  |  |  | — |  |  |  | — |
Forfeited |  |  | (10,000 | ) |  |  | 12.70 |  |  |  | — |  |  |  | — |
Expired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance at March 31, 2025 |  |  | 281,200 |  |  | $ | 12.58 |  |  |  | 7.48 |  |  | $ | 371,184 |
Exercisable at March 31, 2025 |  |  | 115,280 |  |  | $ | 12.58 |  |  |  | 7.48 |  |  | $ | 152,170 |
The following is a summary of the status of the Company’s non-vested restricted shares for the six months ended March 31, 2025:
|  | Shares |  |  | Weighted Average Grant Date Fair Value |
Balance at September 30, 2024 |  |  | 93,240 |  |  | $ | 12.63 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | — |  |  |  | — |
Forfeited |  |  | (6,000 | ) |  |  | 12.70 |
Balance at March 31, 2025 |  |  | 87,240 |  |  | $ | 12.62 |
Stock option and stock award expenses included with compensation expense were $63 thousand and $85 thousand for the three months ended March 31, 2025 and $63 thousand and $98 thousand for the three months ended March 31, 2024, respectively. Stock option and stock award expenses included with compensation expense were $127 thousand and $184 thousand for the six months ended March 31, 2025 and $127 thousand and $196 thousand for the six months ended March 31, 2024, respectively. At March 31, 2025, total compensation cost not yet recognized for the Company’s unvested stock options and stock awards was $1.6 million and will be recognized through September 2027. The Company had no other stock-based compensation plans as of March 31, 2025 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 334,222 shares had been repurchased at an average price of $12.13 through March 31, 2025. Under this stock repurchase program, 2,924 shares of the 337,146 shares authorized remained available for repurchase as of March 31, 2025. The Company’s intended use of the repurchased shares is for general corporate purposes. The Company held treasury stock shares totaling 623,953 at March 31, 2025. 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 Financial Accounting Standards Board Accounting Standards Codification (“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 March 31, 2025, ESOP shares allocated to participants totaled 186,940. Unallocated ESOP shares held in suspense totaled 278,163 with an aggregate fair value of $3.9 million. The Company's contribution expense for the ESOP was $44 thousand and $35 thousand for the three months ended March 31, 2025 and 2024, respectively, and $87 thousand and $84 thousand for the six months ended March 31, 2025 and 2024, respectively.

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