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RETIREMENT PLANS (Tables) | 12 Months Ended
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Sep. 30, 2024
Retirement Benefits [Abstract] |
Schedule of changes in benefit obligations, fair values of plan assets and reconciliations of the funded status of the retirement plans | The following tables detail the changes in benefit obligations, fair values of plan assets and reconciliations of the funded status of the retirement plans:
| Pension Plan |  | SERP
| September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Change in Projected Benefit Obligation: |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 7,511,000 |  |  | $ | 7,931,000 |  |  | $ | 1,734,000 |  |  | $ | 1,715,000 |
Interest cost | 411,000 |  |  | 406,000 |  |  | 95,000 |  |  | 88,000 |
Actuarial loss (gain) | 520,000 |  |  | (394,000) |  |  | 149,000 |  |  | (66,000) |
Benefits paid | (247,000) |  |  | (432,000) |  |  | (4,000) |  |  | (3,000) |
Benefit obligation at end of year | 8,195,000 |  |  | 7,511,000 |  |  | 1,974,000 |  |  | 1,734,000 |
Change in Plan Assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 11,982,000 |  |  | 11,316,000 |  |  | — |  |  | — |
Actual return on plan assets | 1,359,000 |  |  | 1,098,000 |  |  | — |  |  | — |
Benefits paid | (247,000) |  |  | (432,000) |  |  | — |  |  | — |
Fair value of plan assets at end of year | 13,094,000 |  |  | 11,982,000 |  |  | — |  |  | — |
Funded status | $ | 4,899,000 |  |  | $ | 4,471,000 |  |  | $ | (1,974,000) |  |  | $ | (1,734,000) |
Schedule of amounts recognized in the consolidated balance sheets |
| Pension Plan |  | SERP
| September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Amounts recognized in the Consolidated Balance Sheets:
Noncurrent assets | $ | 4,899,000 |  |  | $ | 4,471,000 |  |  | $ | — |  |  | $ | — |
Current liabilities | — |  |  | — |  |  | (76,000) |  |  | (70,000) |
Noncurrent liabilities | — |  |  | — |  |  | (1,898,000) |  |  | (1,664,000) |
Net amount | $ | 4,899,000 |  |  | $ | 4,471,000 |  |  | $ | (1,974,000) |  |  | $ | (1,734,000) |
Amounts recognized in accumulated other comprehensive income before income taxes:
Net actuarial gain | $ | (1,251,000) |  |  | $ | (1,178,000) |  |  | $ | (96,000) |  |  | $ | (330,000) |
Accumulated other comprehensive income | $ | (1,251,000) |  |  | $ | (1,178,000) |  |  | $ | (96,000) |  |  | $ | (330,000) |
Schedule of amounts recognized in accumulated other comprehensive (loss) income |
| Pension Plan |  | SERP
| September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Amounts recognized in the Consolidated Balance Sheets:
Noncurrent assets | $ | 4,899,000 |  |  | $ | 4,471,000 |  |  | $ | — |  |  | $ | — |
Current liabilities | — |  |  | — |  |  | (76,000) |  |  | (70,000) |
Noncurrent liabilities | — |  |  | — |  |  | (1,898,000) |  |  | (1,664,000) |
Net amount | $ | 4,899,000 |  |  | $ | 4,471,000 |  |  | $ | (1,974,000) |  |  | $ | (1,734,000) |
Amounts recognized in accumulated other comprehensive income before income taxes:
Net actuarial gain | $ | (1,251,000) |  |  | $ | (1,178,000) |  |  | $ | (96,000) |  |  | $ | (330,000) |
Accumulated other comprehensive income | $ | (1,251,000) |  |  | $ | (1,178,000) |  |  | $ | (96,000) |  |  | $ | (330,000) |
Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit (income) costs | The following table presents the weighted-average assumptions used to determine benefit obligations and net benefit (income) costs:
| Pension Plan |  | SERP
| Year ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Assumptions used to determine fiscal year-end benefit obligations:
Discount rate | 4.88% |  | 5.62% |  | 4.88% |  | 5.62%
Rate of compensation increase | N/A |  | N/A |  | N/A |  | N/A
Assumptions used to determine net benefit costs (years ended): |  |
Discount rate | 5.62% |  | 5.25% |  | 5.62% |  | 5.25%
Expected return on plan assets | 6.50% |  | 6.00% |  | N/A |  | N/A
Rate of compensation increase | N/A |  | N/A |  | N/A |  | N/A
Schedule of components of net periodic benefit (income) cost | The components of net periodic benefit (income) cost are as follows:
| Pension Plan |  | SERP
| Year ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net periodic benefit (income) cost for the year:
Interest cost | $ | 411,000 |  |  | $ | 406,000 |  |  | $ | 95,000 |  |  | $ | 88,000 |
Expected return on plan assets | (766,000) |  |  | (667,000) |  |  | — |  |  | — |
Amortization of net actuarial gain | — |  |  | — |  |  | (85,000) |  |  | (79,000) |
Net periodic benefit (income) cost | $ | (355,000) |  |  | $ | (261,000) |  |  | $ | 10,000 |  |  | $ | 9,000 |
Schedule of benefits expected to be paid under the retirement plans | The benefits expected to be paid under the retirement plans as of September 30, 2024 are as follows:
| Pension Plan |  | SERP
Expected Benefit Payments: |  |  |
Fiscal year ending September 30, 2025 | $ | 396,000 |  |  | $ | 76,000 |
Fiscal year ending September 30, 2026 | $ | 562,000 |  |  | $ | 152,000 |
Fiscal year ending September 30, 2027 | $ | 555,000 |  |  | $ | 150,000 |
Fiscal year ending September 30, 2028 | $ | 593,000 |  |  | $ | 155,000 |
Fiscal year ending September 30, 2029 | $ | 630,000 |  |  | $ | 160,000 |
Fiscal years ending September 30, 2030 through 2034 | $ | 3,075,000 |  |  | $ | 764,000 |
Schedule of year-end target allocation, by asset category, and the actual asset allocations | The Company’s year-end target allocation, by asset category, and the actual asset allocations were as follows:
| Target |  | September 30,
Asset Category | Allocation |  | 2024 |  | 2023
Cash and cash equivalents | 0% - 25% |  | 4% |  | 2%
Fixed income securities | 15% - 40% |  | 19% |  | 32%
Equity securities | 45% - 75% |  | 73% |  | 66%
Other investment | 0% - 10% |  | 4% |  | —%
Schedule of pension plan assets at fair value | The following tables set forth by level, within the fair value hierarchy, pension plan assets at their fair value:
|  |  |  | Fair Value Measurements Using:
September 30, 2024 |  | Carrying Amount |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Financial Assets: |  |  |  |  |  |  |  |
Cash |  | $ | 531,000 |  |  | $ | 531,000 |  |  | $ | — |  |  | $ | — |
U.S. treasury and government securities |  | 516,000 |  |  | 516,000 |  |  | — |  |  | — |
Fixed income exchange-traded funds |  | 1,872,000 |  |  | 1,872,000 |  |  | — |  |  | — |
Preferred securities |  | 88,000 |  |  | 88,000 |  |  | — |  |  | — |
Equities |  | 9,516,000 |  |  | 9,516,000 |  |  | — |  |  | — |
Note receivable from an unrelated private company |  | 571,000 |  |  | — |  |  | — |  |  | 571,000 |
Total |  | $ | 13,094,000 |  |  | $ | 12,523,000 |  |  | $ | — |  |  | $ | 571,000 |
|  |  |  | Fair Value Measurements Using:
September 30, 2023 |  | Carrying Amount |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Financial Assets: |  |  |  |  |  |  |  |
Cash |  | $ | 263,000 |  |  | $ | 263,000 |  |  | $ | — |  |  | $ | — |
U.S. treasury and government securities |  | 709,000 |  |  | 709,000 |  |  | — |  |  | — |
Fixed income exchange-traded funds |  | 3,102,000 |  |  | 3,102,000 |  |  | — |  |  | — |
Preferred securities |  | 47,000 |  |  | 47,000 |  |  | — |  |  | — |
Equities |  | 7,861,000 |  |  | 7,861,000 |  |  | — |  |  | — |
Total |  | $ | 11,982,000 |  |  | $ | 11,982,000 |  |  | $ | — |  |  | $ | — |
Summary of changes in the fair value of the pension plan Level 3 asset | The following sets forth a summary of changes in the fair value of the pension plan Level 3 asset:
| Year ended September 30,
| 2024 |  | 2023
Balance at beginning of year | $ | — |  |  | $ | — |
Issuance of note receivable from an unrelated private company | 571,000 |  |  | — |
Balance at end of year | $ | 571,000 |  |  | $ | — |

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