Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _____________

Commission File Number 000-51726

Magyar Bancorp, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware	20-4154978
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification Number)

400 Somerset Street, New Brunswick, New Jersey	08901
(Address of Principal Executive Office)	(Zip Code)

(732) 342-7600

(Issuer’s Telephone Number including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, $.01 per share	MGYR	The NASDAQ Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act:

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☑	Smaller reporting company	☑
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

The number of shares outstanding of the issuer's common stock at February 1, 2024 was 6,653,933.

MAGYAR BANCORP, INC.

Form 10-Q Quarterly Report

Table of Contents

PART I. FINANCIAL INFORMATION

		Page Number

Item 1.	Consolidated Financial Statements	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	30

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	31
Item 1A.	Risk Factors	31
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 3.	Defaults Upon Senior Securities	31
Item 4.	Mine Safety Disclosures	31
Item 5.	Other Information	31
Item 6.	Exhibits	32

Signature Pages		33

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

MAGYAR BANCORP, INC. AND SUBSIDIARY

Consolidated Balance Sheets

(In Thousands, Except Share and Per Share Data)

	December 31,			September 30,
	2023			2023
	(Unaudited)
Assets
Cash	$	3,128		$	3,179
Interest earning deposits with banks		47,989			69,353
Total cash and cash equivalents		51,117			72,532

Investment securities - available for sale, at fair value		12,273			10,125
Investment securities - at amortized cost (fair value of $75,508 and $73,728 at December 31, 2023 and September 30, 2023, respectively)		84,333			85,835
Federal Home Loan Bank of New York stock, at cost		2,254			2,286
Loans receivable		728,560			697,400
Allowance for credit losses		(7,683	)		(8,330	)
Bank owned life insurance		18,126			18,030
Accrued interest receivable		4,585			4,337
Premises and equipment, net		12,534			13,339
Other real estate owned ("OREO")		328			328
Other assets		10,312			11,410

Total assets	$	916,739		$	907,292

Liabilities and Stockholders' Equity
Liabilities
Deposits	$	763,548		$	755,453
Escrowed funds		3,723			3,494
Borrowings		28,796			29,515
Accrued interest payable		656			443
Accounts payable and other liabilities		13,477			13,597

Total liabilities		810,200			802,502

Stockholders' equity
Preferred stock: $.01 Par Value, 500,000 shares authorized; at December 31, 2023 and September 30, 2023, none issued		—			—
Common stock: $.01 Par Value, 14,000,000 shares authorized; 7,097,825 shares issued; 6,654,952 and 6,674,184 shares outstanding
at December 31, 2023 and September 30, 2023, respectively, at cost		71			71
Additional paid-in capital		62,962			62,801
Treasury stock: 442,873 and 423,641 shares at December 31, 2023 and September 30, 2023, respectively, at cost		(5,554	)		(5,362	)
Unearned Employee Stock Ownership Plan shares		(3,047	)		(3,097	)
Retained earnings		53,456			52,166
Accumulated other comprehensive loss		(1,349	)		(1,789	)

Total stockholders' equity		106,539			104,790

Total liabilities and stockholders' equity	$	916,739		$	907,292

The accompanying notes are an integral part of these consolidated financial statements.

MAGYAR BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Income

(In Thousands, Except Share and Per Share Data)

	Three Months Ended
	December 31,
	2023		2022
	(Unaudited)
Interest and dividend income
Loans, including fees	$	10,082	$	7,959
Investment securities
Taxable		1,406		504
Tax-exempt		14		14
Federal Home Loan Bank of New York stock		55		24
Total interest and dividend income		11,557		8,501

Interest expense
Deposits		4,077		1,474
Borrowings		236		136
Total interest expense		4,313		1,610

Net interest and dividend income		7,244		6,891

Provision for credit losses- loans		384		317
Provision for credit losses- commitments		97		—

Net interest and dividend income after provision for credit losses		6,763		6,574

Other income
Service charges		303		245
Income on bank owned life insurance		95		95
Interest rate swap fees		—		57
Gains on sales of premises and equipment		60		—
Other operating income		22		20
Gains on sales of loans		129		180
Total other income		609		597

Other expenses
Compensation and employee benefits		2,847		2,621
Occupancy expenses		790		761
Professional fees		226		179
Data processing expenses		140		146
Director fees and benefits		224		201
Marketing and business development		97		126
FDIC deposit insurance premiums		103		54
Other expenses		593		493
Total other expenses		5,020		4,581
Income before income tax expense		2,352		2,590
Income tax expense		700		780
Net income	$	1,652	$	1,810

Earnings per share - basic	$	0.26	$	0.28
Earnings per share - diluted	$	0.26	$	0.28
Weighted average shares outstanding - basic		6,387,010		6,456,525
Weighted average shares outstanding - diluted		6,387,010		6,459,446

The accompanying notes are an integral part of these consolidated financial statements.

MAGYAR BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Comprehensive Income

(In Thousands)

	Three Months Ended
	December 31
	2023			2022
	(Unaudited)
Net income	$	1,652		$	1,810
Other comprehensive income
Unrealized gains on securities available for sale		584			206
Other comprehensive income, before tax		584			206
Deferred income tax effect		(144	)		(50	)
Total other comprehensive income	$	440		$	156
Total comprehensive income	$	2,092		$	1,966

The accompanying notes are an integral part of these consolidated financial statements.

MAGYAR BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Changes in Stockholders' Equity

For the Three Months Ended December 31, 2023 and 2022

(In Thousands, Except for Share and Per-Share Amounts)

																	Accumulated
	Common Stock					Additional					Unearned						Other
	Shares			Par		Paid-In		Treasury			ESOP			Retained			Comprehensive
	Outstanding			Value		Capital		Stock			Shares			Earnings			Loss			Total
	(Unaudited)
Balance, September 30, 2023		6,674,184		$	71	$	62,801	$	(5,362	)	$	(3,097	)	$	52,166		$	(1,789	)	$	104,790
Net income		—			—		—		—			—			1,652			—			1,652
Dividends paid on common stock ($0.11 per share)		—			—		—		—			—			(716	)		—			(716	)
Effect of adopting ASU 2016-13		—			—		—		—			—			354			—			354
Other comprehensive income		—			—		—		—			—			—			440			440
ESOP shares allocated		—			—		—		—			50			—			—			50
Purchase of treasury stock		(19,232	)		—		—		(192	)		—			—			—			(192	)
Stock-based compensation expense		—			—		161		—			—			—			—			161
Balance, December 31, 2023		6,654,952		$	71	$	62,962	$	(5,554	)	$	(3,047	)	$	53,456		$	(1,349	)	$	106,539

The accompanying notes are an integral part of these consolidated financial statements.

																	Accumulated
	Common Stock					Additional					Unearned						Other
	Shares			Par		Paid-In		Treasury			ESOP			Retained			Comprehensive
	Outstanding			Value		Capital		Stock			Shares			Earnings			Loss			Total
	(Unaudited)
Balance, September 30, 2022		6,745,128		$	71	$	63,734	$	(5,793	)	$	(3,169	)	$	45,773		$	(2,114	)	$	98,502
Net income		—			—		—		—			—			1,810			—			1,810
Dividends paid on common stock ($0.11 per share)		—			—		—		—			—			(744	)		—			(744	)
Other comprehensive income		—			—		—		—			—			—			156			156
ESOP shares allocated		—			—		17		—			24			—			—			41
Purchase of treasury stock		(2,194	)		—		—		(27	)		—			—			—			(27	)
Stock-based compensation expense		—			—		180		—			—			—			—			180
Balance, December 31, 2022		6,742,934		$	71	$	63,931	$	(5,820	)	$	(3,145	)	$	46,839		$	(1,958	)	$	99,918

The accompanying notes are an integral part of these consolidated financial statements.

MAGYAR BANCORP, INC. AND SUBSIDIARY

Consolidated Statements of Cash Flows

(In Thousands)

	For the Three Months Ended
	December 31,
	2023			2022
	(Unaudited)
Operating activities
Net income	$	1,652		$	1,810
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense		217			208
Premium amortization on investment securities, net		20			43
Provision for credit losses		481			317
Originations of SBA loans held for sale		(1,613	)		(1,825	)
Proceeds from the sales of SBA loans		1,741			2,005
Gains on sale of loans		(129	)		(180	)
Gains on the sale of premises and equipment		(60	)		—
ESOP compensation expense		50			41
Stock-based compensation expense		161			180
Deferred income tax expense (benefit)		221			(237	)
Increase in accrued interest receivable		(248	)		(348	)
Increase in surrender value of bank owned life insurance		(95	)		(95	)
Decrease in other assets		733			160
Increase in accrued interest payable		213			77
Decrease in accounts payable and other liabilities		(120	)		(821	)
Net cash provided by operating activities		3,224			1,335

Investing activities
Net increase in loans receivable		(31,934	)		(46,554	)
Purchases of investment securities held-to-maturity		(2,000	)		—
Purchases of investment securities available-for-sale		(1,953	)		—
Principal repayments on investment securities held-to-maturity		3,487			992
Principal repayments on investment securities available-for-sale		384			209
Purchases of premises and equipment, net		(128	)		(10	)
Proceeds from the sale of land		776			—
Investment in other real estate owned		—			(11	)
Purchase of Federal Home Loan Bank stock		(76	)		(2,582	)
Redemption of Federal Home Loan Bank stock		108			1,923
Net cash used in investing activities		(31,336	)		(46,033	)
Financing activities
Net increase in deposits		8,095			8,350
Net increase in escrowed funds		229			(39	)
Proceeds from long-term advances		1,690			3,000
Repayments of long-term advances		(2,409	)		—
Net change in short-term advances		—			11,100
Cash dividends paid on common stock		(716	)		(744	)
Purchase of treasury stock		(192	)		(27	)
Net cash provided by financing activities		6,697			21,640
Net decrease in cash and cash equivalents		(21,415	)		(23,058	)
Cash and cash equivalents, beginning of period		72,532			30,936

Cash and cash equivalents, end of period	$	51,117		$	7,878

Supplemental disclosures of cash flow information
Cash paid for
Interest	$	4,100		$	1,533
Income taxes	$	—		$	—
Non-cash operating activities
Adoption of ASU 2016-13	$	354		$	—

The accompanying notes are an integral part of these consolidated financial statements.

MAGYAR BANCORP, INC. AND SUBSIDIARY

Notes to Consolidated Financial Statements

(Unaudited)

NOTE A – BASIS OF PRESENTATION

The consolidated financial statements include the accounts of Magyar Bancorp, Inc. (the “Company”), its wholly owned subsidiary, Magyar Bank (the “Bank”), and the Bank’s wholly owned subsidiaries Magyar Service Corporation, Hungaria Urban Renewal, LLC, and Magyar Investment Company. All material intercompany transactions and balances have been eliminated. The Company prepares its consolidated financial statements on the accrual basis and in conformity with accounting principles generally accepted in the United States of America ("US GAAP"). The unaudited information furnished herein reflects all adjustments (consisting of normal recurring accruals) that are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented.

Operating results for the three months ended December 31, 2023 are not necessarily indicative of the results that may be expected for the year ending September 30, 2024. The September 30, 2023 information has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by US GAAP for complete consolidated financial statements.

The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of available-for-sale investment securities, the valuation of other real estate owned (“OREO”), and the assessment of realizability of deferred income tax assets.

The Company has evaluated events and transactions occurring subsequent to the balance sheet date of December 31, 2023 for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued.

NOTE B - RECENT ACCOUNTING PRONOUNCEMENTS

In connection with the preparation of quarterly and annual reports in accordance with the Securities and Exchange Commission’s (“SEC”) Securities Exchange Act of 1934, SEC Staff Accounting Bulletin Topic 11.M requires the disclosure of the impact that recently issued accounting standards will have on consolidated financial statements when they are adopted in the future.

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which changed the impairment model for most financial assets. This update was intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The underlying premise of the update is that financial assets measured at amortized cost should be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The allowance for credit losses (“ACL”) should reflect management's current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The income statement will be affected for the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. With certain exceptions, transition to the new requirements will be through a cumulative-effect adjustment to opening retained earnings as of the beginning of the first reporting period in which the guidance is adopted. This update is effective for SEC filers that are eligible to be smaller reporting companies, non-SEC filers, and all other companies, to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.

The Company adopted ASU 2016-13 on October 1, 2023 using the modified retrospective approach for all financial assets measured at amortized cost, including loans, held-to-maturity debt securities, available-for-sale debt securities and unfunded commitments. The Company recorded a cumulative effect increase to retained earnings of $492,000 ($346,000 net of taxes), which was comprised of a $1,032,000 ($725,000 net of tax) increase related to loans and $540,000 ($379,000 net of tax) decrease related to unfunded commitments. The Company determined that there was no impact to retained earnings related to held-to-maturity securities as a result of adopting this guidance. The results reported for periods beginning on or after October 1, 2023 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable accounting standards.

The impact of the change from the incurred loss model to the current expected credit loss model is included in the following table:

	October 1, 2023
			Adoption
	Pre-adoption		Impact			As Reported
	(In thousands)
Assets
ACL on debt securities held-to-maturity	$	—	$	—		$	—
ACL on loans
One-to-four family residential		1,259		7			1,266
Commercial real estate		5,277		(589	)		4,688
Construction		472		(55	)		417
Home equity lines of credit		207		(87	)		120
Commercial business		939		(133	)		806
Other		176		(175	)		1

Liabilities
ACL on unfunded commitments		—		540			540
Total	$	8,330	$	(492	)	$	7,838

Allowance for Credit Losses on Loans

The Company maintains its allowance for credit losses (“ACL”) at a level that management believes to be appropriate to absorb estimated credit losses as of the date of the Consolidated Statement of Financial Condition. The Company established its allowance in accordance with the guidance included in Accounting Standards Codification 326, Financial Instruments – Credit Losses (“ASC 326”). The ACL is a valuation reserve established and maintained by charges against income. Loans, or portions thereof, are charged-off against the ACL when they are deemed uncollectible. The ACL is an estimate of expected credit losses that considers our historical loss experience, the weighted average expected lives of loans, current economic conditions and forecasts of future economic conditions. The determination of an appropriate ACL is inherently subjective and may have significant changes from period to period. The methodology for determining the ACL has two main components: evaluation of expected credit losses for certain groups of homogeneous loans that share similar risk characteristics and evaluation of loans that do not share risk characteristics with other loans. The ACL is measured on a collective (pool) basis when similar characteristics exist. The Company’s loan portfolio is segmented by loan types that have similar risk characteristics and behave similarly during economic cycles.

Historical credit loss experience is the basis for the estimate of expected credit losses. We apply our historical loss rates to pools of loans with similar risk characteristics using the Weighted-Average Remaining Maturity (“WARM”) method. The remaining contractual life of the pools of loans with similar risk characteristics is adjusted by expected scheduled payments and prepayments. After consideration of the historical loss calculation, management applies qualitative adjustments to reflect the current conditions and reasonable and supportable forecasts not already reflected in the historical loss information. Our reasonable and supportable forecast adjustment is based on a regional economic indicator obtained from the United States Government Publishing Office. The Company selected eight qualitative metrics which were correlated with the Bank and its peer group’s historical loss patterns. The eight qualitative metrics include: changes in lending policies and procedures, changes in national and local economic conditions as well as business conditions, changes in the nature, complexity, and volume of the portfolio, changes in the experience, ability, and depth of lenders and lending management, changes in the volume and severity of past due and classified loans, changes in the value of collateral securing loans, changes in or the existence of credit concentrations, and changes in the legal and/or regulatory landscape. The adjustments are weighted for relevance before applying to each pool of loans. Each quarter, management reviews the recommended adjustment factors and applies any additional adjustments based on current conditions.

The Company has elected to exclude $4.3 million of accrued interest receivable on loans as of December 31, 2023 from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. Accrued interest on loans is reported in the accrued interest receivable line on the consolidated statements of financial condition.

The ACL for individual loans begins with the use of normal credit review procedures to identify whether a loan no longer shares similar risk characteristics with other pooled loans and, therefore, should be individually assessed. We individually evaluate all commercial loans that meet the following criteria: (1) when it is determined that foreclosure is probable, (2) substandard, doubtful and nonperforming loans when repayment is expected to be provided substantially through the operation or sale of the collateral, or (3) when it is determined by management that a loan does not share similar risk characteristics with other loans. Credit loss estimates are calculated based on the following three acceptable methods for measuring the ACL: (1) the present value of expected future cash flows discounted at the loan’s original effective interest rate; (2) the loan’s observable market price; or (3) the fair value of the collateral when the loan is collateral dependent. Our individual loan evaluations consist primarily of the fair value of collateral method because most of our loans are collateral dependent. Collateral values are reduced to consider expected disposition costs when appropriate. A charge-off is recorded when the estimated fair value of the loan is less than the loan balance.

Allowance for Credit Losses on Unfunded Loan Commitments

The Company estimates expected credit losses over the contractual period in which the Bank is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Bank. The allowance for credit losses on unfunded loan commitments is included in accounts payable and other liabilities in the Company’s Statement of Financial Condition and is adjusted through credit loss expense. The estimate includes consideration of the likelihood that funding will occur, the amount of funding that will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.

Allowance for Credit Losses on Held-to-Maturity Securities

The Company accounts for its held-to-maturity securities in accordance with Accounting Standards Codification (ASC) 326-20, Financial Instruments – Credit Loss – Measured at Amortized Cost, which requires that the Company measure expected credit losses on held-to-maturity debt securities on a collective basis by major security type. The estimate of expected credit losses considers historical credit loss information that is adjusted for current economic conditions and reasonable and supportable forecasts.

The Company classifies its held-to-maturity debt securities into the following major security types: obligations of U.S. government agencies, obligations of U.S. government-sponsored enterprises, private label mortgage-backed securities, obligations of state and political subdivisions and corporate securities. Credit ratings of held-to-maturity debt securities, which are a significant input in calculating the expected credit loss, are reviewed on a quarterly basis. Based on the credit ratings of our held-to-maturity securities and our historical experience of no losses, the Company determined that an allowance for credit losses on its’ held-to-maturity portfolio is not required.

Accrued interest receivable on held-to-maturity debt securities totaled $215 thousand as of December 31, 2023 and is included within accrued interest receivable on the Company’s Consolidated Statement of Financial Condition. This amount is excluded from the estimate of expected credit losses. Generally, held-to-maturity debt securities are classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When held-to-maturity debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed against interest income.

Allowance for Credit Losses on Available-for-Sale Securities

The Company measures expected credit losses on available-for-sale debt securities when the Bank intends to sell, or when it is not more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the amortized cost basis of the security is written down to fair value through income. For available-for-sale debt securities that do not meet the previously mentioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this evaluation indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, equal to the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income.

The ACL on available-for-sale debt securities is included within the recorded balance of securities available-for-sale on the Consolidated Statements of Financial Condition. Changes in the allowance for credit losses are recorded within provision for credit losses on the Consolidated Statements of Income. Losses are charged against the allowance when the Company believes the collectability of an available-for-sale security is in jeopardy or when either of the criteria regarding intent or requirement to sell is met.

Accrued interest receivable on available-for-sale debt securities totaled $26 thousand as of December 31, 2023 and is included within accrued interest receivable on the Company’s Consolidated Statement of Financial Condition. This amount is excluded from the estimate of expected credit losses. Generally, available-for-sale debt securities are classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When available-for-sale debt securities are placed on nonaccrual status, unpaid interest credited to income is reversed against interest income.

NOTE C - CONTINGENCIES

The Company, from time to time, is a party to routine litigation that arises in the normal course of business. In the opinion of management, the resolution of this litigation, if any, would not have a material adverse effect on the Company’s consolidated financial position or results of operations as presented in this report.

NOTE D - EARNINGS PER SHARE

The following table presents a calculation of basic and diluted earnings per share for the three months ended December 31, 2023 and 2022. Basic and diluted earnings per share were calculated by dividing net income by the weighted-average number of shares outstanding for the periods.

	For the Three Months
	Ended December 31,
	2023		2022
	(Dollars in thousands, except share and per share data)

Income applicable to common shares	$	1,652	$	1,810
Weighted average common shares outstanding- basic		6,387,010		6,456,525
Potential diliutive common stock equivalents		—		2,921
Weighted average common shares outstanding- diluted		6,387,010		6,459,446
Earnings per share - basic	$	0.26	$	0.28
Earnings per share - diluted	$	0.26	$	0.28

Options to purchase 293,200 shares of common stock at a weighted average strike price of $12.58 and 124,320 shares of restricted shares at a weighted average price of $12.63 were outstanding at December 31, 2023 but were not included in the calculation of diluted EPS because they were anti-dilutive. Options to purchase 293,200 shares of common stock at a weighted average strike price of $12.58 and 156,400 shares of restricted shares at a weighted average price of $12.63 were outstanding at December 31, 2022.

NOTE E – STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM

On August 25, 2022, the Company adopted the 2022 Equity Compensation Plan which provided for grants of up to 547,400 shares to be allocated between incentive and non-qualified stock options and restricted stock awards to officers, employees and directors of the Company and Magyar Bank. At December 31, 2023, 293,200 options and 124,320 shares of restricted stock had been awarded from the plan.

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, 2023:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value

Balance at September 30, 2023		293,200	$	12.58		8.98	$	—
Granted		—		—		—		—
Exercised		—		—		—		—
Forfeited		—		—		—		—
Expired		—		—		—		—
Balance at December 31, 2023		293,200	$	12.58		8.73	$	—

Exercisable at December 31, 2023		58,640	$	12.58		8.73	$	—

The following is a summary of the status of the Company’s non-vested restricted shares for the three months ended December 31, 2023:

	Shares		Weighted Average Grant Date Fair Value
Balance at September 30, 2023		124,320	$	12.63
Granted		—		—
Vested		—		—
Forfeited		—		—
Balance at December 31, 2023		124,320	$	12.63

Stock option and stock award expenses included with compensation expense were $63,000 and $98,000 for the three months ended December 31, 2023 and $69,000 and $111,000 for the three months ended December 31, 2022. At December 31, 2023, total compensation cost not yet recognized for the Company’s unvested stock options and stock awards was $2.4 million. The Company had no other stock-based compensation plans as of December 31, 2023 except as disclosed below.

On December 8, 2022, the Company announced the authorization of fourth stock repurchase plan pursuant to which the Company intends to repurchase up to an additional 5% of its outstanding shares, or up to 337,146 shares, under which 120,062 shares had been repurchased at an average price of $11.51 through December 31, 2023. Under this stock repurchase program, 217,084 shares of the 337,146 shares authorized remained available for repurchase as of December 31, 2023. The Company’s intended use of the repurchased shares is for general corporate purposes. The Company held treasury stock shares totaling 442,873 at December 31, 2023. 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.

In connection with the Company’s second-step stock offering during its fiscal year ending September 30, 2021, the ESOP trustees purchased 312,800 shares of the Company’s common stock for $3.4 million, reflecting an average cost per share of $10.77. The ESOP loan bears a fixed interest rate of 3.25% with principal and interest payable annually in equal installments over 30 years.

At December 31, 2023, ESOP shares allocated to participants totaled 170,335. Unallocated ESOP shares held in suspense totaled 290,313 with an aggregate fair value of $3.3 million. The Company's contribution expense for the ESOP was $50,000 and $41,000 for the three months ended December 31, 2023 and 2022, respectively.

NOTE F – OTHER COMPREHENSIVE INCOME (LOSS)

Comprehensive income (loss) includes net income as well as certain other items which result in a change to equity during the period. The Company recorded no reclassification adjustments during the three months ended December 31, 2023 and 2022. The components of other comprehensive income (loss) and the related income tax effects are as follows:

	Three Months Ended December 31,
	2023							2022
			Tax			Net of				Tax			Net of
	Before Tax		(Benefit)			Tax		Before Tax		(Benefit)			Tax
	Amount		Expense			Amount		Amount		Expense			Amount
	(In thousands)
Unrealized holding gain (loss) arising during period on:
Available-for-sale investments	$	584	$	(144	)	$	440	$	206	$	(50	)	$	156
Other comprehensive income (loss), net	$	584	$	(144	)	$	440	$	206	$	(50	)	$	156

(a) All amounts are net of tax. Related income tax expense or benefit calculated using an income tax rate approximating 25% for available-for-sale investments.

NOTE G – FAIR VALUE DISCLOSURES

The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The securities available-for-sale and the Company’s derivative assets and liabilities are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets or liabilities on a non-recurring basis, such as held-to-maturity securities, mortgage servicing rights, loans receivable and OREO. These non-recurring fair value adjustments involve the application of lower-of-cost-or-market accounting or write-downs of individual assets.

In accordance with ASC 820, the Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are:

	Level 1 -	Valuation is based upon quoted prices for identical instruments traded in active markets.

	Level 2 -	Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market.

	Level 3 -	Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability.

The Company based its fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The following is a description of valuation methodologies used for assets measured at fair value on a recurring basis.

Securities available-for-sale

The securities available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/loss in stockholders’ equity. The securities available-for-sale portfolio consists of U.S government-sponsored mortgage-backed securities. The fair values of these securities are obtained from an independent nationally recognized pricing service. An independent pricing service provides the Company with prices which are categorized as Level 2, as quoted prices in active markets for identical assets are generally not available for the securities in the Company’s portfolio. Various modeling techniques are used to determine pricing for Company’s mortgage-backed securities, including option pricing and discounted cash flow models. The inputs to these models include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data.

Derivatives

Magyar Bank executes interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. The fair values of such derivatives are based on valuation models from a third party using current market terms (including interest rates and fees), the remaining terms of the agreements and the credit worthiness of the counter party as of the measurement date (Level 2).

The following tables provide the level of valuation assumptions used to determine the carrying value of the Company’s assets measured at fair value on a recurring basis.

December 31, 2023	Total		Level 1		Level 2		Level 3
Assets:	(In thousands)
Securities available for sale:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	$	95	$	—	$	95	$	—
Obligations of U.S. government-sponsored enterprises:
Mortgage-backed securities-residential		12,178		—		12,178		—
Total securities available for sale	$	12,273	$	—	$	12,273	$	—
Derivative assets		1,961		—		1,961		—
Total assets	$	14,234	$	—	$	14,234	$	—

Liabilities:
Derivative liabilities	$	1,961	$	—	$	1,961	$	—
Total Liabilities	$	1,961	$	—	$	1,961	$	—

September 30, 2023
Assets:
Securities available for sale:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	$	92	$	—	$	92	$	—
Obligations of U.S. government-sponsored enterprises:
Mortgage-backed securities-residential		10,033		—		10,033		—
Total securities available for sale	$	10,125	$	—	$	10,125	$	—
Derivative assets		2,579		—		2,579		—
Total assets	$	12,704	$	—	$	12,704	$	—

Liabilities:
Derivative liabilities	$	2,579	$	—	$	2,579	$	—
Total Liabilities	$	2,579	$	—	$	2,579	$	—

The following is a description of valuation methodologies used for assets measured at fair value on a non-recurring basis.

Collateral Dependent Loans

Collateral dependent loans are measured and reported at fair value through specific allocations of the allowance for credit losses based on the fair value of the underlying collateral.

The following tables provide the level of valuation assumptions used to determine the carrying value of the Company’s assets measured at fair value on a non-recurring basis at December 31, 2023 and September 30, 2023.

	Total		Level 1		Level 2		Level 3
At December 31, 2023	(In thousands)

Collateral dependent loans	$	777	$	—	$	—	$	777
Total	$	777	$	—	$	—	$	777


At September 30, 2023

Impaired loans	$	777	$	—	$	—	$	777
Total	$	777	$	—	$	—	$	777

The following tables present additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Company has utilized Level 3 inputs to determine fair value:

Quantitative Information about Level 3 Fair Value Measurements

(Dollars in thousands)

	Fair Value		Valuation
December 31, 2023	Estimate		Techniques	Unobservable Input	Range (Weighted Average)

Collateral dependent loans	$	777	Appraisal of collateral ⁽¹⁾	Appraisal adjustments ⁽²⁾	-50% to -8.0% (-12.0%)


	Fair Value		Valuation
September 30, 2023	Estimate		Techniques	Unobservable Input	Range (Weighted Average)

Impaired loans	$	777	Appraisal of collateral (1)	Appraisal adjustments (2)	-50% to -8.0% (-19.4%)

⁽¹⁾

Fair value is generally determined through independent appraisals for the underlying collateral, which generally include various level 3 inputs which are not identifiable.

⁽²⁾

Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.

The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments carried at cost or amortized cost as of December 31, 2023 and September 30, 2023. For short-term financial assets such as cash and cash equivalents and accrued interest receivable, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For financial liabilities such as interest-bearing demand, NOW, and money market savings deposits, the carrying amount is a reasonable estimate of fair value due to these products being payable on demand and having no stated maturity.

	Carrying		Fair		Fair Value Measurement Placement
	Value		Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
December 31, 2023
Financial instruments - assets
Investment securities held to maturity	$	84,333	$	75,508	$	—	$	75,508	$	—
Loans		728,560		703,158		—		—		703,158

Financial instruments - liabilities
Certificates of deposit including retirement certificates		112,463		110,530		—		110,530		—
Borrowings		28,796		27,930		—		27,930		—

September 30, 2023
Financial instruments - assets
Investment securities held-to-maturity	$	85,835	$	73,728	$	—	$	73,728	$	—
Loans		689,070		664,331		—		—		664,331

Financial instruments - liabilities
Certificates of deposit including retirement certificates		104,668		101,216		—		101,216		—
Borrowings		29,515		28,177		—		28,177		—

NOTE H - INVESTMENT SECURITIES

The following table summarizes the amortized cost and fair values of securities classified as available-for-sale and held-to-maturity at December 31, 2023:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
December 31, 2023	Cost		Gains		Losses			Value
	(In thousands)
Securities available-for-sale:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	$	103	$	—	$	(8	)	$	95
Obligations of U.S. government-sponsored enterprises:
Mortgage-backed securities-residential		13,551		39		(1,412	)		12,178
Total securities available-for-sale	$	13,654	$	39	$	(1,420	)	$	12,273
Securities held-to-maturity:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	$	4,986	$	—	$	(677	)	$	4,309
Mortgage-backed securities - commercial		2,484		—		(22	)		2,462
Obligations of U.S. government-sponsored enterprises:
Mortgage-backed-securities - residential		47,199		—		(6,229	)		40,970
Debt securities		22,999		6		(1,378	)		21,627
Private label mortgage-backed securities - residential		203		—		(10	)		193
Obligations of state and political subdivisions		3,462		5		(324	)		3,143
Corporate securities		3,000		—		(196	)		2,804
Total securities held-to-maturity	$	84,333	$	11	$	(8,836	)	$	75,508
Total investment securities	$	97,987	$	50	$	(10,256	)	$	87,781

The Company monitors the credit quality of held-to-maturity debt securities, primarily through their credit ratings by nationally recognized statistical ratings organizations, on a quarterly basis. At December 31, 2023, there were no non-performing held-to-maturity debt securities and no allowance for credit losses were required. The majority of the investment securities are explicitly or implicitly guaranteed by the United States government, and any estimate of expected credit losses would be insignificant to the Company. The following table summarizes the amortized cost of held-to-maturity debt securities at December 31, 2023, aggregated by credit quality indicator:

	Credit Rating
	AAA/AA/A		BBB/BB/B		Non-rated
December 31, 2023	(In thousands)
Securities held-to-maturity:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	$	4,986	$	—	$	—
Mortgage-backed securities - commercial		2,484		—		—
Obligations of U.S. government-sponsored enterprises:
Mortgage backed securities - residential		47,199		—		—
Debt securities		22,999		—		—
Private label mortgage-backed securities - residential		—		—		203
Obligations of state and political subdivisions		3,462		—		—
Corporate securities		—		3,000		—
Totals	$	81,130	$	3,000	$	203

The contractual maturities of debt securities, municipal bonds and certain information regarding mortgage-backed securities at December 31, 2023 are summarized in the following table:

	December 31, 2023
	Amortized		Fair
	Cost		Value
	(In thousands)
Due within 1 year	$	4,000	$	3,966
Due after 1 but within 5 years		20,526		19,315
Due after 5 but within 10 years		4,935		4,293
Due after 10 years		—		—
Total debt securities		29,461		27,574

Mortgage backed securities:
Residential		66,042		57,745
Commercial		2,484		2,462
Total	$	97,987	$	87,781

The following table summarizes the amortized cost and fair values of securities classified as available-for-sale and held-to-maturity at September 30, 2023:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
September 30, 2023	Cost		Gains		Losses			Value
	(In thousands)
Securities available-for-sale:
Obligations of U.S. government agencies:
Mortgage backed securities - residential	$	106	$	—	$	(14	)	$	92
Obligations of U.S. government-sponsored enterprises:
Mortgage-backed securities-residential		11,984		—		(1,951	)		10,033
Total securities available for sale	$	12,090	$	—	$	(1,965	)	$	10,125
Securities held-to-maturity:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	$	5,070	$	—	$	(850	)	$	4,220
Mortgage-backed securities - commercial		2,509		—		(16	)		2,493
Obligations of U.S. government-sponsored enterprises:
Mortgage backed securities - residential		48,086		—		(8,480	)		39,606
Debt securities		23,497		—		(1,947	)		21,550
Private label mortgage-backed securities - residential		207		—		(12	)		195
Obligations of state and political subdivisions		3,466		—		(605	)		2,861
Corporate securities		3,000		—		(197	)		2,803
Total securities held to maturity	$	85,835	$	—	$	(12,107	)	$	73,728
Total investment securities	$	97,925	$	—	$	(14,072	)	$	83,853

As of December 31, 2023 investment securities having an estimated fair value of approximately $12.2 million were pledged to secure public deposits.

NOTE I – CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE

The Company recognizes an allowance for credit losses on debt securities in earnings through a provision for credit losses while noncredit-related impairment on debt securities not expected to be sold are recognized in other comprehensive income.

The Company reviews its investment portfolio on a quarterly basis for indications of credit losses. This review includes analyzing the extent to which the fair value has been lower than the cost, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and the intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in the market. The Company evaluates its intent and ability to hold debt securities based upon its investment strategy for the particular type of security and its cash flow needs, liquidity position, capital adequacy and interest rate risk position. In addition, the risk of future credit losses may be influenced by prolonged recession in the U.S. economy, changes in real estate values and interest deferrals.

Investment securities with fair values greater than their amortized cost contain unrealized gains. Investment securities with fair values less than their amortized cost contain unrealized losses. Details of available-for-sale securities with unrealized losses at December 31, 2023 are as follows:

			Less Than 12 Months					12 Months Or Greater					Total
	Number of		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Securities		Value		Losses			Value		Losses			Value		Losses
December 31, 2023	(Dollars in thousands)
Obligations of U.S. government agencies:
Mortgage-backed securities - residential		1	$	—	$	—		$	95	$	(8	)	$	95	$	(8	)
Obligations of U.S. government-sponsored enterprises
Mortgage-backed securities - residential		9		1,879		(9	)		7,929		(1,403	)		9,808		(1,412	)
Total		10	$	1,879	$	(9	)	$	8,024	$	(1,411	)	$	9,903	$	(1,420	)

Prior to the adoption of ASU 2016-13, details of our entire investment portfolio were required to be disclosed. Accordingly, details of our held-to-maturity and available-for-sale investment securities with unrealized losses at September 30, 2023 were as follows:

			Less Than 12 Months					12 Months Or Greater					Total
	Number of		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Securities		Value		Losses			Value		Losses			Value		Losses
September 30, 2023	(Dollars in thousands)
Obligations of U.S. government agencies:
Mortgage-backed securities - residential		6	$	—	$	—		$	4,312	$	(864	)	$	4,312	$	(864	)
Mortgage-backed securities - commercial		2		1,926		(14	)		567		(2	)		2,493		(16	)
Obligations of U.S. government-sponsored enterprises
Mortgage-backed securities - residential		50		4,938		(49	)		44,485		(10,382	)		49,423		(10,431	)
Debt securities		12		—		—			21,550		(1,947	)		21,550		(1,947	)
Private label mortgage-backed securities residential		1		—		—			195		(12	)		195		(12	)
Obligations of state and political subdivisions		7		789		(43	)		2,072		(562	)		2,861		(605	)
Corporate securities		1		—		—			2,803		(197	)		2,803		(197	)
Total		79	$	7,653	$	(106	)	$	75,984	$	(13,966	)	$	83,637	$	(14,072	)

The investment securities listed above currently have fair values less than amortized cost and therefore contain unrealized losses. The Company evaluated these securities and determined that the decline in value was primarily related to fluctuations in the interest rate environment and were not related to any company or industry specific event.

The Company anticipates full recovery of amortized costs with respect to these securities. The Company does not intend to sell these securities and has determined that it is not more likely than not that the Company would be required to sell these securities prior to maturity or market price recovery. Management has considered factors regarding credit losses and determined that there are no allowance for credit loss was required as of December 31, 2023.

NOTE J – LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR CREDIT LOSSES

Loans receivable, net were comprised of the following:

	December 31,			September 30,
	2023			2023
	(In thousands)

One-to-four family residential	$	234,156		$	237,683
Commercial real estate		407,346			389,134
Construction and land		34,641			21,853
Home equity loans and lines of credit		24,069			16,983
Commercial business		27,043			30,194
Other		2,239			2,359
Total loans receivable		729,494			698,206
Net deferred loan costs		(934	)		(806	)
Total loans receivable, net	$	728,560		$	697,400

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 nonresidential 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 $500,000 and/or criticized relationships greater than $250,000. Detailed reviews, including plans for resolution, are performed on loans classified as Substandard on a monthly basis.

The following table presents 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 December 31, 2023.

													Revolving Loans
	December 31, 2023												Amortized		Converted
	Term Loans Amortized Cost Basis by Origination Fiscal Year												Cost Basis		to Term		Total
	2024		2023		2022		2021		2020		Prior
	(In thousands)
One-to-four family residential
Performing	$	7,180	$	43,224	$	33,060	$	27,899	$	31,288	$	91,353	$	—	$	—	$	234,004
Non-performing		—		—		—		—		—		152		—		—		152
Total	$	7,180	$	43,224	$	33,060	$	27,899	$	31,288	$	91,505	$	—	$	—	$	234,156
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Commercial real estate
Pass	$	18,235	$	82,558	$	68,224	$	66,529	$	30,007	$	131,540	$	6,373	$	1,540	$	405,006
Special Mention		—		—		—		—		—		116		—		—		116
Substandard		—		—		2,224		—		—		—		—		—		2,224
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	18,235	$	82,558	$	70,448	$	66,529	$	30,007	$	131,656	$	6,373	$	1,540	$	407,346
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Construction and land
Pass	$	10,368	$	12,297	$	2,351	$	—	$	1,761	$	4,665	$	725	$	—	$	32,167
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		2,474		—		—		2,474
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	10,368	$	12,297	$	2,351	$	—	$	1,761	$	7,139	$	725	$	—	$	34,641
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Home equity loans and lines of credit
Performing	$	724	$	1,678	$	1,657	$	342	$	277	$	1,438	$	17,953	$	—	$	24,069
Non-performing		—		—		—		—		—		—		—		—		—
Total	$	724	$	1,678	$	1,657	$	342	$	277	$	1,438	$	17,953	$	—	$	24,069
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Commercial business
Pass	$	1,030	$	542	$	2,685	$	2,047	$	946	$	3,390	$	16,403	$	—	$	27,043
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	1,030	$	542	$	2,685	$	2,047	$	946	$	3,390	$	16,403	$	—	$	27,043
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Other
Performing	$	—	$	—	$	65	$	1	$	13	$	1,793	$	367	$	—	$	2,239
Non-performing		—		—		—		—		—		—		—		—		—
Total	$	—	$	—	$	65	$	1	$	13	$	1,793	$	367	$	—	$	2,239
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Information presented in the table above is not required for periods prior to the adoption of ASU 2016-13. The following table presents more comparable information of the loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the Bank’s internal risk rating system as of September 30, 2023.

			Special
	Pass		Mention		Substandard		Doubtful		Total
	(In thousands)
September 30, 2023
One-to-four family residential	$	236,876	$	—	$	807	$	—	$	237,683
Commercial real estate		386,794		116		2,224		—		389,134
Construction		19,379		—		2,474		—		21,853
Home equity lines of credit		16,983		—		—		—		16,983
Commercial business		30,194		—		—		—		30,194
Other		2,359		—		—		—		2,359
Total	$	692,585	$	116	$	5,505	$	—	$	698,206

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 greater than 90 days. 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)
December 31, 2023
One-to-four family residential	$	232,710	$	1,056	$	238	$	152	$	234,156
Commercial real estate		404,315		690		116		2,225		407,346
Construction		32,167		—		—		2,474		34,641
Home equity lines of credit		24,069		—		—		—		24,069
Commercial business		26,404		639		—		—		27,043
Other		2,239		—		—		—		2,239
Total	$	721,904	$	2,385	$	354	$	4,851	$	729,494

			30-59		60-89
			Days		Days		90 Days +		Total
	Current		Past Due		Past Due		Past Due		Loans
	(In thousands)
September 30, 2023
One-to four-family residential	$	236,729	$	—	$	568	$	386	$	237,683
Commercial real estate		386,794		—		116		2,224		389,134
Construction		19,379		—		—		2,474		21,853
Home equity lines of credit		16,983		—		—		—		16,983
Commercial business		30,047		147		—		—		30,194
Other		2,359		—		—		—		2,359
Total	$	692,291	$	147	$	684	$	5,084	$	698,206

The following tables present our non-accrual loans and the related allowance for credit loss by loan type as of December 31, 2023 and the non-accrual loans and specific reserves by loan type as of September 30, 2023.

	Non-		Allowance for
	Accrual		Credit Loss
	(In thousands)
December 31, 2023
One-to-four family residential	$	152	$	—
Commercial real estate		2,225		—
Construction and land		2,474		—
Home loans and lines of credit		—		—
Commercial business		—		—
Total	$	4,851	$	—

	Non-		Specific
	Accrual		Reserve
	(In thousands)
September 30, 2023
One-to four-family residential	$	386	$	—
Commercial real estate		2,224		—
Construction and land		2,474		—
Home equity lines of credit		—		—
Commercial business		—		—
Other		—		—
Total	$	5,084	$	—

The following table identifies our non-performing, collateral dependent loans by collateral type as of December 31, 2023:

	December 31,
	2023
	(In thousands)
One- to four-family residential	$	152
Commercial real estate		2,225
Land		2,474
Total	$	4,851

The Company’s adoption of ASU 2016-13 eliminated the requirement to disclose impaired loans. The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 2023:

					Impaired
					Loans with
	Impaired Loans with				No Specific
	Specific Allowance				Allowance		Total Impaired Loans
									Unpaid
	Recorded		Related		Recorded		Recorded		Principal
	Investment		Allowance		Investment		Investment		Balance
September 30, 2023	(In thousands)

One-to four-family residential	$	—	$	—	$	2,031	$	2,031	$	2,031
Commercial real estate		—		—		2,969		2,969		2,969
Construction		—		—		2,474		2,474		2,539
Commercial business		—		—		147		147		147
Total impaired loans	$	—	$	—	$	7,621	$	7,621	$	7,686

The following table presents the average recorded investment in impaired loans and the interest income recognized on impaired loans for the three months ended December 31, 2022.

	Three Months Ended
	December 31, 2022
	(In thousands)

One-to-four family residential	$	1,447
Commercial real estate		1,269
Construction		2,835
Commercial business		203
Average investment in impaired loans	$	5,754

Interest income recognized on
an accrual basis on impaired loans
One-to-four family residential	$	20
Commercial real estate		13
Commercial business		2
Total	$	35

An allowance for credit losses (“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.

ASU 2016-13 requires estimated credit losses on loans to be determined based on an expected life of loan model, as compared to an incurred loss model (in effect for periods prior to October 1, 2023). Accordingly, the allowance for losses disclosures subsequent to October 1, 2023 are not always comparable to prior dates. In addition, certain new disclosures required under ASU 2016-13 are not applicable to prior periods. As a result, the following tables present disclosures separately for each period, where appropriate. New disclosures required under ASU 2016-13 are only shown for the current period. Please refer to Note B “Summary of Significant Accounting Policies” for a summary of the impact of adopting the provisions of ASU 2016-13 on October 1, 2023.

The following tables set forth the allocation of the Bank’s allowance for credit losses by loan category at the dates indicated. The portion of the credit loss allowance allocated to each loan category does not represent the total available for future losses which may occur within the loan category since the total credit loss allowance 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 allowance for credit losses for the three months ended December 31, 2023 and the allowance for loan losses for the three months ended December 31, 2022.

	One-to-Four									Home Equity
	Family			Commercial						Lines of			Commercial
	Residential			Real Estate			Construction			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		—			—			—			—			—			—			—			—
Provision (credit)		(75	)		161			301			(40	)		39			(1	)		—			385
Balance- December 31, 2023	$	1,191		$	4,849		$	718		$	80		$	845		$	—		$	—		$	7,683

Balance- September 30, 2022	$	1,223		$	4,612		$	461		$	263		$	1,484		$	1		$	389		$	8,433
Charge-offs		—			—			—			—			—			—			—			—
Recoveries		—			—			—			—			—			—			—			—
Provision (credit)		12			518			65			(7	)		(109	)		—			(162	)		317
Balance- December 31, 2022	$	1,235		$	5,130		$	526		$	256		$	1,375		$	1		$	227		$	8,750

During the three months ended December 31, 2023 and exclusive of the impact of the adoption of ASU 2016-13, the changes in the provision for credit losses for each portfolio of loans 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 loan portfolios during the three months ended December 31, 2023 and a corresponding increase in the provision for credit losses for these portfolios. The overall increase in the allowance during the three months ended December 31, 2023 is attributed to the previously mentioned growth in our commercial real estate and construction portfolios, partially offset by improved economic metrics with continued low levels of net charge-offs and a decrease in non-performing assets.

The following table presents, by loan category, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of and September 30, 2023.

	One-to-Four						Home Equity
	Family		Commercial				Lines of		Commercial
	Residential		Real Estate		Construction		Credit		Business		Other		Unallocated		Total
	(In thousands)
Allowance for Loan Losses:
Balance - September 30, 2023	$	1,259	$	5,277	$	472	$	207	$	939	$	2	$	174	$	8,330
Individually evaluated
for impairment		—		—		—		—		—		—		—		—
Collectively evaluated
for impairment		1,259		5,277		472		207		939		2		174		8,330

Loans receivable:
Balance - September 30, 2023	$	237,683	$	389,134	$	21,853	$	16,983	$	30,194	$	2,359	$	—	$	698,206
Individually evaluated
for impairment		2,031		2,969		2,474		—		147		—		—		7,621
Collectively evaluated
for impairment		235,652		386,165		19,379		16,983		30,047		2,359		—		690,585

During the three months ended December 31, 2023, there were no loans modified to borrowers experiencing financial difficulty. During the three months ended December 31, 2022, there was one loan modified that was identified as a troubled debt restructuring (“TDR”) and there were no TDRs that subsequently defaulted within twelve months of modification.

	Three Months Ended December 31, 2022
	Number of		Investment Before		Investment After
	Loans		TDR Modification		TDR Modification
	(Dollars in thousands)
One-to four-family residential		1	$	97	$	107

Total		1	$	97	$	107

There were no residential loans in the process of foreclosure at December 31, 2023.

NOTE K - DEPOSITS

A summary of deposits by type of account are summarized as follows:

	December 31,		September 30,
	2023		2023
	(In thousands)

Demand accounts	$	164,453	$	188,550
Savings accounts		60,008		62,168
NOW accounts		119,738		115,182
Money market accounts		306,886		284,885
Certificates of deposit		100,547		92,725
Retirement certificates		11,916		11,943
Total deposits	$	763,548	$	755,453

Included in Company’s deposits at December 31, 2023 were $13.8 million in brokered certificates of deposits and $15.5 million in certificate of deposits obtained through a national deposit listing service. At September 30, 2023 the Company had $13.8 million in brokered certificates of deposits and $14.0 million in certificate of deposits obtained through a national deposit listing service.

At December 31, 2023 and September 30, 2023, the aggregate deposits in amounts greater than $250,000, which is the maximum amount for federal deposit insurance, were $456.7 million and $429.9 million, respectively. The estimated amount of deposits that were neither insured nor collateralized was $120.2 million and $109.3 million at December 31, 2023 and September 30, 2023, respectively.

NOTE L - FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK

The Company may use derivative financial instruments, such as interest rate swaps and interest rate floors and caps, as part of its interest rate risk management. Interest rate caps and floors are agreements whereby one party agrees to pay or receive a floating rate of interest on a notional principal amount for a predetermined period of time if certain market interest rate thresholds are met. The Company considers the credit risk inherent in these contracts to be negligible. As of December 31, 2023, the Company did not hold any interest rate floors or collars.

The Company is a party to interest rate derivatives that are not designated as hedging instruments. Under a program, the Company executes interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. These interest rate swaps with customers are simultaneously offset by interest rate swaps that the Company executes with a third-party financial institution, such that the Company minimizes its net risk exposure resulting from such transactions. Because the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. The changes in the fair value of the swaps offset each other, except for the credit risk of the counterparties, which is determined by taking into consideration the risk rating, probability of default and loss given default for all counterparties. The Company was not required to pledge any collateral for its interest rate swaps with financial institutions at December 31, 2023 and September 30, 2023.

The following table presents summary information regarding these derivatives as of December 31, 2023 and September 30, 2023.

	Notional Amount		Average Maturiy (Years)		Weighted Average Fixed Rate		Weighted Average Variable Rate	Fair Value
	(Dollars in thousands)
December 31, 2023
Classified in Other Assets:
Customer interest rate swaps	$	35,743		3.9		4.96%	1 Mo. BSBY + 2.44	$	1,961
Total	$	35,743		3.9		4.96%		$	1,961

Classified in Other Liabilities:
3rd Party interest rate swaps	$	35,743		3.9		4.96%	1 Mo. BSBY + 2.44	$	1,961
Total	$	35,743		3.9		4.96%		$	1,961

September 30, 2023
Classified in Other Assets:
Customer interest rate swaps	$	36,020		4.2		4.96%	1 Mo. BSBY + 2.44	$	2,579
Total	$	36,020		4.2		4.96%		$	2,579

Classified in Other Liabilities:
3rd Party interest rate swaps	$	36,020		4.2		4.96%	1 Mo. BSBY + 2.44	$	2,579
Total	$	36,020		4.2		4.96%		$	2,579

The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments are commitments to extend credit and are summarized in the below table. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets.

	December 31,		September 30,
	2023		2023
	(In thousands)

Financial instruments whose contract amounts represent credit risk
Letters of credit	$	1,098	$	1,073
Unused lines of credit		95,333		89,933
Fixed rate loan commitments		15,610		3,578
Variable rate loan commitments		4,969		26,472
Totals	$	117,010	$	121,056

Upon adoption of ASU 2016-13 on October 1, 2023, the Company recorded an allowance for credit losses for its unused lines of credit and unfunded commitments totaling $540,000. The Company’s reserves for off-balance sheet credit losses increased to $637,000 at December 31, 2023 from $0 at September 30, 2023.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

When used in this filing and in future filings by the Company with the Securities and Exchange Commission, in the Company’s press releases or other public or shareholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases, “anticipate,” “would be,” “will allow,” “intends to,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “projected,” “believes”, or similar expressions are intended to identify “forward looking statements.” Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those risks previously disclosed by the Company in Item 1A of its Annual Report on Form 10-K as may be supplemented by Quarterly Reports on Form 10-Q filed with the SEC, general economic conditions, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, and market acceptance of the Company’s pricing, products and services, and with respect to the loans extended by the Company and real estate owned, the following: risks related to the economic environment in the market areas in which the Bank operates, particularly with respect to the real estate market in New Jersey; the risk that the value of the real estate securing these loans may decline in value; and the risk that significant expense may be incurred by the Company in connection with the resolution of these loans.

The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and advises readers that various factors, including regional and national economic conditions, substantial changes in levels of market interest rates, credit and other risks of lending and investing activities, and competitive and regulatory factors, could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from those anticipated or projected.

The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.

Critical Accounting Policies

Critical accounting policies are defined as those that are reflective of significant judgments and uncertainties, and could potentially result in materially different results under different assumptions and conditions. Critical accounting policies may involve complex subjective decisions or assessments. Please refer to the Company’s Form 10-K for the Company’s critical accounting policies. There were no significant changes to the Company’s critical accounting policies during the three months ended December 31, 2023.

Comparison of Financial Condition at December 31, 2023 and September 30, 2023

Total Assets. Total assets increased $9.4 million, or 1.0%, to $916.7 million at December 31, 2023 from $907.3 million at September 30, 2023. The increase was attributable to higher balances of loans receivable, net of allowance for credit loss, offset by lower interest-earning deposits with banks.

Interest Earning Deposits. Interest-earning deposits with banks decreased $21.4 million, or 30.8%, to $48.0 million at December 31, 2023 from $69.4 million at September 30, 2023 resulting primarily from deployment of these fund into loans receivable during the three months ended December 31, 2023.

Loans Receivable. Total loans receivable increased $31.3 million, or 4.5%, to $729.5 million at December 31, 2023 from $698.2 million at September 30, 2023. The increase in total loans receivable during the quarter ended December 31, 2023 occurred in commercial real estate loans, which increased $18.2 million, or 4.7%, to $407.4 million, construction loans, which increased $12.8 million, or 58.5%, to $34.6 million and one-to four-family residential real estate loans (including home equity loans and lines of credit), which increased $3.5 million, or 1.4%, to $258.2 million. Partially offsetting these increases were commercial business loans, which decreased $3.1 million, or 10.4%, to $27.0 million and other loans, which decreased $120,000, or 5.1%, to $2.2 million during the quarter.

As of December 31, 2023, non-owner occupied commercial real estate loans (as defined by regulatory guidance) to total risk-based capital was estimated at approximately 267%. Management believes that Magyar Bank has implemented appropriate risk management practices, including risk assessments, board-approved underwriting policies and related procedures, which include monitoring loan portfolio performance and stressing of the commercial real estate portfolio under adverse economic conditions.

Total non-performing loans decreased $233,000, or 4.6%, to $4.9 million at December 31, 2023 from $5.1 million at September 30, 2023. The decline was attributable to payments received on one residential mortgage loan that was no longer delinquent more than 90 days at December 31, 2023. The ratio of non-performing loans to total loans decreased to 0.66% at December 31, 2023 from 0.73% at September 30, 2023.

The allowance for credit losses was unchanged at $8.3 million during the three months ended December 31, 2023. Upon adoption of ASU 2016-13 on October 1, 2023, the Company’s allowance for credit losses decreased $492,000. Growth in loans receivable and loan commitments during the quarter resulted in additional provisions for credit loss totaling $481,000. The Company’s allowance for on-balance sheet credit losses decreased to $7.7 million at December 31, 2023 from $8.3 million at September 30, 2023 while its reserve for off-balance sheet commitments increased to $637,000 at December 31, 2023 from $0 at September 30, 2023.

The allowance for credit losses as a percentage of non-performing loans increased to 171.5% at December 31, 2023 from 163.9% at September 30, 2023. Our allowance for credit losses as a percentage of total loans was 1.14% at December 31, 2023 compared with 1.19% at September 30, 2023. Future increases in the allowance for credit losses may be necessary based on possible future increases in non-performing loans and charge-offs, the possible deterioration of collateral values, and the possible deterioration of the current economic environment.

Investment Securities. At December 31, 2023, investment securities totaled $96.6 million, reflecting an increase of $646,000, or 0.7%, from September 30, 2023. During the three months ended December 31, 2023, the Company purchased securities totaling $4.0 million and experienced a $584,000 increase in the market value of its available-for-sale investment securities. Offsetting these increases were repayments from mortgage-backed securities totaling $1.4 million and the maturity of a $2.5 million U.S. Government-sponsored enterprise debt security. There were no sales of investment securities during the period.

Investment securities at December 31, 2023 consisted of $66.9 million in mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises, $23.0 million in U.S. government-sponsored enterprise debt securities, $3.0 million in corporate notes, $3.5 million in municipal bonds, and $203,000 in “private-label” mortgage-backed securities. There was no allowance for credit losses for the Company’s investment securities for the three months ended December 31, 2023.

Deposits. Total deposits increased $8.1 million, or 1.1%, to $763.5 million at December 31, 2023 from $755.4 million at September 30, 2023.

The inflow in deposits occurred in money market accounts, which increased $22.0 million, or 7.7%, to $306.9 million, in certificates of deposit (including individual retirement accounts), which increased $7.8 million, or 7.4%, to $112.5 million and in interest-bearing checking accounts (NOW), which increased $4.6 million, or 4.0%, to $119.7 million. Partially offsetting these increases were decreases in non-interest bearing checking accounts, which decreased $24.1 million, or 12.8%, to $164.4 million and savings accounts, which decreased $2.2 million, or 3.5%, to $60.0 million. Included in the certificates of deposit were $13.8 million in brokered certificates of deposit.

Borrowed Funds. Borrowings decreased $719,000, or 2.4%, to $28.8 million at December 31, 2023 from $29.5 million at September 30, 2023. The Company repaid a matured long term advance totaling $2.4 million and borrowed a zero- cost, three-year advance totaling $1.7 million the Federal Home Loan Bank of New York during the three months ended December 31, 2023.

Stockholders’ Equity. Stockholders’ equity increased $1.7 million, or 1.7%, to $106.5 million at December 31, 2023 from $104.8 million at September 30, 2023. The increase was primarily due to net income of $1.6 million, followed by $440,000 in other comprehensive income, a $354,000 increase for the tax effected adoption of ASU 2016-13, a $161,000 increase for stock-based compensation and a $50,000 increase for ESOP shares allocated during the quarter. Partially offsetting these increases were $716,000 in dividends paid ($0.11 per share) and 19,232 shares repurchased during the quarter totaling $192,000. As a result, the Company’s book value per share increased to $16.01 at December 31, 2023 from $15.70 at September 30, 2023.

Average Balance Sheet for the Three Months Ended December 31, 2023 and 2022

The following table presents certain information regarding the Company’s financial condition and net interest income for the three months ended December 31, 2023 and 2022. The table presents the annualized average yield on interest-earning assets and the annualized average cost of interest-bearing liabilities. We derived the yields and costs by dividing annualized income or expense by the average balance of interest-earning assets and interest-bearing liabilities, respectively, for the periods shown. We derived average balances from daily balances over the period indicated. Interest income includes fees that we consider adjustments to yields.

	Three Months Ended December 31,
	2023							2022
	Average Balance		Interest Income/ Expense			Yield/Cost (Annualized)		Average Balance		Interest Income/ Expense			Yield/Cost (Annualized)
	(Dollars in thousands)
Interest-earning assets:
Interest-earning deposits	$	70,954	$	928			5.19%	$	14,984	$	109			2.88%
Loans receivable, net		703,238		10,082			5.69%		643,206		7,959			4.91%
Securities
Taxable		92,694		478			2.05%		97,121		395			1.61%
Tax-exempt ⁽¹⁾		3,370		18			2.15%		3,370		18			2.15%
FHLBNY stock		2,290		55			9.53%		1,613		24			6.00%
Total interest-earning assets		872,546		11,561			5.26%		760,294		8,505			4.44%
Noninterest-earning assets		49,628							48,415
Total assets	$	922,174						$	808,709

Interest-bearing liabilities:
Savings accounts ⁽²⁾	$	60,661		87			0.57%	$	78,263		82			0.41%
NOW accounts ⁽³⁾		413,731		3,156			3.03%		325,295		1,177			1.44%
Time deposits ⁽⁴⁾		107,207		834			3.09%		79,535		215			1.07%
Total interest-bearing deposits		581,599		4,077			2.78%		483,093		1,474			1.21%
Borrowings		29,604		236			3.16%		19,067		136			2.83%
Total interest-bearing liabilities		611,203		4,313			2.80%		502,160		1,610			1.27%
Noninterest-bearing liabilities		204,225							206,197
Total liabilities		815,428							708,357
Retained earnings		106,746							100,352
Total liabilities and retained earnings	$	922,174						$	808,709

Tax-equivalent basis adjustment				(4	)						(4	)
Net interest and dividend income			$	7,244						$	6,891
Interest rate spread							2.46%							3.17%
Net interest-earning assets	$	261,343						$	258,134
Net interest margin ⁽⁵⁾							3.29%							3.60%
Average interest-earning assets to average interest-bearing liabilities		142.76%							151.40%

⁽¹⁾ Calculated using the Company's 21% federal tax rate.

⁽²⁾ Includes passbook savings, money market passbook and club accounts.

⁽³⁾ Includes interest-bearing checking and money market accounts.

⁽⁴⁾ Includes certificates of deposits and individual retirement accounts.

⁽⁵⁾ Calculated as annualized net interest income divided by average total interest-earning assets.

Comparison of Operating Results for the Three Months Ended December 31, 2023 and 2022

Net Income. Net income decreased $158,000, or 8.7%, to $1,652,000 for the three-month period ended December 31, 2023 compared with net income of $1,810,000 for the three-month period ended December 31, 2022. The decrease was due to higher provisions for credit loss and other expenses, partially offset by higher net interest income.

Net Interest and Dividend Income. Net interest and dividend income increased $353,000, or 5.1%, to $7.2 million for the three months ended December 31, 2023 from $6.9 million for the three months ended December 31, 2022. The increase was attributable to a $112.3 million increase in the average balance of interest-earning assets between periods, partially offset by a 31 basis point decrease in the Company’s net interest margin to 3.29% for the three months ended December 31, 2023 from 3.60% for the three months ended December 31, 2022.

Interest and Dividend Income. Interest and dividend income increased $3.1 million, or 35.9%, to $11.6 million for the three months ended December 31, 2023 compared with $8.5 million for the three months ended December 31, 2022. The increase was attributable to an 82 basis point increase in the yield on earning assets to 5.26% for the three months ended December 31, 2023 from 4.44% for the three months ended December 31, 2022 as well as a $112.3 million, or 14.8%, increase in the average balance of interest-earning assets. The increase in yield on the Company’s assets was attributable to higher market interest rates between periods.

The average balance of loans receivable, net of allowance for loan loss, increased $60.0 million to $703.2 million during the three months ended December 31, 2023 from $643.2 million during the three months ended December 31, 2022 while the yield on loans receivable increased 78 basis points to 5.69% for the three months ended December 31, 2023 from 4.91% for the three months ended December 31, 2022 due to higher market interest rates. The higher average balance and yield accounted for a $2.1 million, or 26.7%, increase in loan interest income between periods.

Interest earned on investment securities, including interest-earning deposits and excluding FHLB stock, increased $902,000, or 174.1%, to $1.4 million for the quarter ended December 31, 2023 from $518,000 for the prior year quarter. A 160 basis point increase in the yield on such assets to 3.39% for the three months ended December 31, 2023 from 1.79% for the three months ended December 31, 2022, and the average balance of investment securities and interest-earning deposits increased by $51.5 million, or 44.6%, to $167.0 million for the quarter ended December 31, 2023.

Interest Expense. Interest expense increased $2.7 million, or 167.9%, to $4.3 million for the three months ended December 31, 2023 from $1.6 million for the three months ended December 31, 2022. The cost of interest-bearing liabilities increased 153 basis points to 2.80% for the three months ended December 31, 2023 compared with 1.27% for the three months ended December 31, 2022 resulting primarily from higher market interest rates. In addition, the average balance of interest-bearing liabilities increased $109.0 million, or 21.7%, to $611.2 million.

The average balance of interest-bearing deposits increased $98.5 million, or 20.4%, to $581.6 million for the quarter ended December 31, 2023 from $483.0 million for the quarter ended December 31, 2022, while the average cost of such deposits increased 157 basis points to 2.78% from 1.21%. As a result, interest paid on interest-bearing deposits increased $2.6 million to $4.1 million for the three months ended December 31, 2023 compared with $$1.5 million for the three months ended December 31, 2022 due to higher market interest rate environment.

Interest paid on borrowings increased $100,000, or 73.5%, to $236,000 for the three months ended December 31, 2023 from $136,000 for the prior year period. The increase was the result of a 33 basis point increase in the cost of borrowings to 3.16% for the three months ended December 31, 2023 from 2.83% for the three months ended December 31, 2022. Average balance of borrowings increased $10.5 million to $29.6 million for the three months ended December 31, 2023 compared to $19.1 million for the three months ended December 31, 2022.

Provision for Credit Losses. The Company recorded a provision of $481,000 for the three months ended December 31, 2023 compared to $317,000 for the three months ended December 31, 2022. The higher provisions resulted from growth in the Company’s loan portfolio during the three months ended December 31, 2023, specifically in commercial real estate and construction loans. The Company recorded $461 in net recoveries during the three months ended December 31, 2023 compared with $0 in net recoveries during the three months ended December 31, 2022.

Other Income. Other income increased $12,000, or 2.0%, to $609,000 during the three months ended December 31, 2023 compared to $597,000 for the three months ended December 31, 2022. Higher service charge income from loan prepayment penalties and a $60,000 gain on the sale of land during the quarter were partially offset by lower interest rate swap fees and gains on the sale of SBA loans.

Other Expenses. Other expenses increased $439,000, or 9.6%, to $5.0 million during the three months ended December 31, 2023.

The increase in other expense was primarily attributable to higher compensation and benefit expense, which increased $226,000, or 8.6%, to $2.8 million, due to fewer open positions between periods and the addition of a commercial lender in September 2023. Also contributing to the increase were higher FDIC deposit insurance premiums and other expenses. Deposit insurance premiums increased $49,000, or 90.7%, from deposit growth and higher insurance assessment rates implemented by the FDIC for all insured institutions effective January 1, 2023. Other expenses increased $100,000, or 20.3%, from higher loan origination and servicing costs, higher losses on fraudulent checks, and higher OREO expenses.

Income Tax Expense. The Company recorded tax expense of $700,000 on pre-tax income of $2.4 million for the three months ended December 31, 2023, compared to $780,000 on pre-tax income of $2.6 million for the three months ended December 31, 2022. The Company’s effective tax rate for the three months ended December 31, 2023 was 29.8% compared with 30.1% for the three months ended December 31, 2022.

LIQUIDITY AND CAPITAL RESOURCES

Liquidity

The Company’s liquidity is a measure of its ability to fund loans, pay withdrawals of deposits, and other cash outflows in an efficient, cost-effective manner. The Company’s short-term sources of liquidity include maturity, repayment and sales of assets, excess cash and cash equivalents, new deposits, other borrowings, and new advances from the FHLBNY. Based on eligible loan collateral pledged to the FHLBNY at December 31, 2023, we had an aggregate borrowing capacity of $122.9 million. There has been no material adverse change during the three months ended December 31, 2023 in the ability of the Company and its subsidiaries to fund their operations.

At December 31, 2023, the Company had commitments outstanding under letters of credit totaling $1.1 million, commitments to originate loans totaling $20.6 million, and commitments to fund undisbursed balances of closed loans and unused lines of credit totaling $95.3 million. There has been no material change during the three months ended December 31, 2023 in any of the Company’s other contractual obligations or commitments to make future payments.

Capital Requirements

At December 31, 2023, the Bank’s Tier 1 capital as a percentage of the Bank’s total assets was 10.81%, and total qualifying capital as a percentage of risk-weighted assets was 15.81%.

Item 3- Quantitative and Qualitative Disclosures about Market Risk

Not applicable to smaller reporting companies.

Item 4 – Controls and Procedures

Under the supervision and with the participation of our management, including our Principal Executive Officer and Principal Financial Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this report. Based upon that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective.

There has been no change in the Company's internal control over financial reporting during the three months ended December 31, 2023 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.

Legal proceedings

None.

Item 1A.

Risk Factors

There were no material changes to the risk factors relevant to the Company’s operations as described in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023 filed on December 15, 2023.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

a.)

Not applicable.

b.)

Not applicable.

c.)

The Company repurchased 19,232 shares of its common stock during the three months ended December 31, 2023. Through December 31, 2023, the Company held 442,873 shares in treasury that were repurchased at a weighted average price of $11.51 pursuant to stock repurchase plans. On December 8, 2022, the Company announced a stock repurchase program of up to 5% of its outstanding shares of common stock, or 337,146 shares, 217,084 shares of which remained subject to repurchase under the plan.

The following table reports information regarding repurchases of our common stock during the three months ended December 31, 2023.

					Remaining Number
	Total Number		Average		of Shares That
	of Shares		Price Paid		May be Purchased
Period	Purchased		Per Share		Under the Plan
October 1, 2023 through October 31, 2023		7,541	$	9.52		228,775
November 1, 2023 through November 30, 2023		1,700		9.84		227,075
December 1, 2023 through December 31, 2023		9,991		10.33		217,084
Total		19,232		9.97

Item 3.

Defaults Upon Senior Securities

None

Item 4.

Mine Safety Disclosures

Not applicable.

Item 5.

Other Information

a.)

Not applicable.

b.)

None.

Item 6.

Exhibits

	31.1	Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)
	31.2	Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)
	32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
	32.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
	101	Interactive data file containing the following financial statements formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets at December 31, 2023 and September 30, 2023; (ii) the Consolidated Statements of Income for the three months ended December 31, 2023 and 2022; (iii) the Consolidated Statements of Comprehensive Income for the three months ended December 31, 2023 and 2022; (iv) the Consolidated Statements of Changes in Stockholders’ Equity for the three months ended December 31, 2023 and 2022; (v) the Consolidated Statements of Cash Flows for the three months ended December 31, 2023 and 2022; and (vi) the Notes to Consolidated Financial Statements, tagged as blocks of text.
	104	Cover Page Interactive Data File (embedded within Inline XBRL document contained in Exhibit 101).

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	MAGYAR BANCORP, INC.
	(Registrant)




Date: February 14, 2024	/s/ John S. Fitzgerald
	John S. Fitzgerald
	President and Chief Executive Officer



Date: February 14, 2024	/s/ Jon R. Ansari
	Jon R. Ansari
	Executive Vice President and Chief Financial Officer

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Exhibit 31.1

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, John S. Fitzgerald, certify that:

I have reviewed this quarterly report on Form 10-Q of Magyar Bancorp, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respect the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

designed such internal control over finance reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 14, 2024



/s/ John S. Fitzgerald
John S. Fitzgerald
President and Chief Executive Officer

Exhibit 31.2

CHIEF FINANCIAL OFFICER CERTIFICATION

I, Jon R. Ansari, certify that:

I have reviewed this quarterly report on Form 10-Q of Magyar Bancorp, Inc.;

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 14, 2024



/s/ Jon R. Ansari
Jon R. Ansari
Executive Vice President and Chief Financial Officer

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Magyar Bancorp, Inc. (the “Company”) on Form 10-Q for the quarter ended December 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John S. Fitzgerald, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 14, 2024



/s/ John S. Fitzgerald
John S. Fitzgerald
President and Chief Executive Officer

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Magyar Bancorp, Inc. (the “Company”) on Form 10-Q for the quarter ended December 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jon R. Ansari, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 14, 2024



/s/ Jon R. Ansari
Jon R. Ansari
Executive Vice President and Chief Financial Officer

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Dec. 31, 2023	Feb. 01, 2024
Document Information Line Items
Entity Registrant Name	Magyar Bancorp, Inc.
Trading Symbol	MGYR
Document Type	10-Q
Current Fiscal Year End Date	--09-30
Entity Common Stock, Shares Outstanding		6,653,933
Amendment Flag	false
Entity Central Index Key	0001337068
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-51726
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-4154978
Entity Address, Address Line One	400 Somerset Street
Entity Address, City or Town	New Brunswick
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08901
City Area Code	(732)
Local Phone Number	342-7600
Title of 12(b) Security	Common Stock, $.01 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Assets
Cash	$ 3,128	$ 3,179
Interest earning deposits with banks	47,989	69,353
Total cash and cash equivalents	51,117	72,532
Investment securities - available for sale, at fair value	12,273	10,125
Investment securities - at amortized cost (fair value of $75,508 and $73,728 at December 31, 2023 and September 30, 2023, respectively)	84,333	85,835
Federal Home Loan Bank of New York stock, at cost	2,254	2,286
Loans receivable	728,560	697,400
Allowance for credit losses	(7,683)	(8,330)
Bank owned life insurance	18,126	18,030
Accrued interest receivable	4,585	4,337
Premises and equipment, net	12,534	13,339
Other real estate owned ("OREO")	328	328
Other assets	10,312	11,410
Total assets	916,739	907,292
Liabilities
Deposits	763,548	755,453
Escrowed funds	3,723	3,494
Borrowings	28,796	29,515
Accrued interest payable	656	443
Accounts payable and other liabilities	13,477	13,597
Total liabilities	810,200	802,502
Stockholders' equity
Preferred stock: $.01 Par Value, 500,000 shares authorized; at December 31, 2023 and September 30, 2023, none issued
Common stock: $.01 Par Value, 14,000,000 shares authorized; 7,097,825 shares issued; 6,654,952 and 6,674,184 shares outstanding at December 31, 2023 and September 30, 2023, respectively, at cost	71	71
Additional paid-in capital	62,962	62,801
Treasury stock: 442,873 and 423,641 shares at December 31, 2023 and September 30, 2023, respectively, at cost	(5,554)	(5,362)
Unearned Employee Stock Ownership Plan shares	(3,047)	(3,097)
Retained earnings	53,456	52,166
Accumulated other comprehensive loss	(1,349)	(1,789)
Total stockholders' equity	106,539	104,790
Total liabilities and stockholders' equity	$ 916,739	$ 907,292

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Statement of Financial Position [Abstract]
Fair value of investment securities - held to maturity (in Dollars)	$ 75,508	$ 73,728
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	14,000,000	14,000,000
Common stock, shares issued	7,097,825	7,097,825
Common stock, shares outstanding	6,654,952	6,674,184
Treasury stock, shares at cost	442,873	423,641

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Interest and dividend income
Loans, including fees	$ 10,082	$ 7,959
Investment securities
Taxable	1,406	504
Tax-exempt	14	14
Federal Home Loan Bank of New York stock	55	24
Total interest and dividend income	11,557	8,501
Interest expense
Deposits	4,077	1,474
Borrowings	236	136
Total interest expense	4,313	1,610
Net interest and dividend income	7,244	6,891
Provision for credit losses- loans	384	317
Provision for credit losses- commitments	97
Net interest and dividend income after provision for credit losses	6,763	6,574
Other income
Service charges	303	245
Income on bank owned life insurance	95	95
Interest rate swap fees		57
Gains on sales of premises and equipment	60
Other operating income	22	20
Gains on sales of loans	129	180
Total other income	609	597
Other expenses
Compensation and employee benefits	2,847	2,621
Occupancy expenses	790	761
Professional fees	226	179
Data processing expenses	140	146
Director fees and benefits	224	201
Marketing and business development	97	126
FDIC deposit insurance premiums	103	54
Other expenses	593	493
Total other expenses	5,020	4,581
Income before income tax expense	2,352	2,590
Income tax expense	700	780
Net income	$ 1,652	$ 1,810
Earnings per share - basic (in Dollars per share)	$ 0.26	$ 0.28
Earnings per share - diluted (in Dollars per share)	$ 0.26	$ 0.28
Weighted average shares outstanding - basic (in Shares)	6,387,010	6,456,525
Weighted average shares outstanding - diluted (in Shares)	6,387,010	6,459,446

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 1,652	$ 1,810
Other comprehensive income
Unrealized gains on securities available for sale	584	206
Other comprehensive income, before tax	584	206
Deferred income tax effect	(144)	(50)
Total other comprehensive income	440	156
Total comprehensive income	$ 2,092	$ 1,966

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Treasury Stock	Unearned ESOP Shares	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance at Sep. 30, 2022	$ 71	$ 63,734	$ (5,793)	$ (3,169)	$ 45,773	$ (2,114)	$ 98,502
Balance (in Shares) at Sep. 30, 2022	6,745,128
Net income					1,810		1,810
Dividends paid on common stock					(744)		(744)
Other comprehensive income						156	156
ESOP shares allocated		17		24			41
Purchase of treasury stock			(27)				(27)
Purchase of treasury stock (in Shares)	(2,194)
Stock-based compensation expense		180					180
Balance at Dec. 31, 2022	$ 71	63,931	(5,820)	(3,145)	46,839	(1,958)	99,918
Balance (in Shares) at Dec. 31, 2022	6,742,934
Balance at Sep. 30, 2023	$ 71	62,801	(5,362)	(3,097)	52,166	(1,789)	104,790
Balance (in Shares) at Sep. 30, 2023	6,674,184
Net income					1,652		1,652
Dividends paid on common stock					(716)		(716)
Effect of adopting ASU 2016-13					354		354
Other comprehensive income						440	440
ESOP shares allocated				50			50
Purchase of treasury stock			(192)				(192)
Purchase of treasury stock (in Shares)	(19,232)
Stock-based compensation expense		161					161
Balance at Dec. 31, 2023	$ 71	$ 62,962	$ (5,554)	$ (3,047)	$ 53,456	$ (1,349)	$ 106,539
Balance (in Shares) at Dec. 31, 2023	6,654,952

Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends paid	$ 0.11	$ 0.11

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net income	$ 1,652	$ 1,810
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	217	208
Premium amortization on investment securities, net	20	43
Provision for credit losses	481	317
Originations of SBA loans held for sale	(1,613)	(1,825)
Proceeds from the sales of SBA loans	1,741	2,005
Gains on sale of loans	(129)	(180)
Gains on the sale of premises and equipment	(60)
ESOP compensation expense	50	41
Stock-based compensation expense	161	180
Deferred income tax expense (benefit)	221	(237)
Increase in accrued interest receivable	(248)	(348)
Increase in surrender value of bank owned life insurance	(95)	(95)
Decrease in other assets	733	160
Increase in accrued interest payable	213	77
Decrease in accounts payable and other liabilities	(120)	(821)
Net cash provided by operating activities	3,224	1,335
Investing activities
Net increase in loans receivable	(31,934)	(46,554)
Purchases of investment securities held-to-maturity	(2,000)
Purchases of investment securities available-for-sale	(1,953)
Principal repayments on investment securities held-to-maturity	3,487	992
Principal repayments on investment securities available-for-sale	384	209
Purchases of premises and equipment, net	(128)	(10)
Proceeds from the sale of land	776
Investment in other real estate owned		(11)
Purchase of Federal Home Loan Bank stock	(76)	(2,582)
Redemption of Federal Home Loan Bank stock	108	1,923
Net cash used in investing activities	(31,336)	(46,033)
Financing activities
Net increase in deposits	8,095	8,350
Net increase in escrowed funds	229	(39)
Proceeds from long-term advances	1,690	3,000
Repayments of long-term advances	(2,409)
Net change in short-term advances		11,100
Cash dividends paid on common stock	(716)	(744)
Purchase of treasury stock	(192)	(27)
Net cash provided by financing activities	6,697	21,640
Net decrease in cash and cash equivalents	(21,415)	(23,058)
Cash and cash equivalents, beginning of period	72,532	30,936
Cash and cash equivalents, end of period	51,117	7,878
Cash paid for
Interest	4,100	1,533
Income taxes
Non-cash operating activities
Adoption of ASU 2016-13	$ 354

BASIS OF PRESENTATION

3 Months Ended

Dec. 31, 2023

Basis of Presentation [Abstract]

BASIS OF PRESENTATION

NOTE A – BASIS OF PRESENTATION

RECENT ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Dec. 31, 2023

Recent Accounting Pronouncements [Abstract]

RECENT ACCOUNTING PRONOUNCEMENTS

NOTE B - RECENT ACCOUNTING PRONOUNCEMENTS

The impact of the change from the incurred loss model to the current expected credit loss model is included in the following table:

	October 1, 2023
			Adoption
	Pre-adoption		Impact			As Reported
	(In thousands)
Assets
ACL on debt securities held-to-maturity	$	—	$	—		$	—
ACL on loans
One-to-four family residential		1,259		7			1,266
Commercial real estate		5,277		(589	)		4,688
Construction		472		(55	)		417
Home equity lines of credit		207		(87	)		120
Commercial business		939		(133	)		806
Other		176		(175	)		1

Liabilities
ACL on unfunded commitments		—		540			540
Total	$	8,330	$	(492	)	$	7,838

Allowance for Credit Losses on Loans

Allowance for Credit Losses on Unfunded Loan Commitments

Allowance for Credit Losses on Held-to-Maturity Securities

Allowance for Credit Losses on Available-for-Sale Securities

CONTINGENCIES

3 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES

NOTE C - CONTINGENCIES

EARNINGS PER SHARE

3 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE D - EARNINGS PER SHARE

	For the Three Months
	Ended December 31,
	2023		2022
	(Dollars in thousands, except share and per share data)

Income applicable to common shares	$	1,652	$	1,810
Weighted average common shares outstanding- basic		6,387,010		6,456,525
Potential diliutive common stock equivalents		—		2,921
Weighted average common shares outstanding- diluted		6,387,010		6,459,446
Earnings per share - basic	$	0.26	$	0.28
Earnings per share - diluted	$	0.26	$	0.28

STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM

3 Months Ended

Dec. 31, 2023

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, 2023:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value

Balance at September 30, 2023		293,200	$	12.58		8.98	$	—
Granted		—		—		—		—
Exercised		—		—		—		—
Forfeited		—		—		—		—
Expired		—		—		—		—
Balance at December 31, 2023		293,200	$	12.58		8.73	$	—

Exercisable at December 31, 2023		58,640	$	12.58		8.73	$	—

The following is a summary of the status of the Company’s non-vested restricted shares for the three months ended December 31, 2023:

	Shares		Weighted Average Grant Date Fair Value
Balance at September 30, 2023		124,320	$	12.63
Granted		—		—
Vested		—		—
Forfeited		—		—
Balance at December 31, 2023		124,320	$	12.63

OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Dec. 31, 2023

Other Comprehensive Income (Loss) [Abstract]

OTHER COMPREHENSIVE INCOME (LOSS)

NOTE F – OTHER COMPREHENSIVE INCOME (LOSS)

	Three Months Ended December 31,
	2023							2022
			Tax			Net of				Tax			Net of
	Before Tax		(Benefit)			Tax		Before Tax		(Benefit)			Tax
	Amount		Expense			Amount		Amount		Expense			Amount
	(In thousands)
Unrealized holding gain (loss) arising during period on:
Available-for-sale investments	$	584	$	(144	)	$	440	$	206	$	(50	)	$	156
Other comprehensive income (loss), net	$	584	$	(144	)	$	440	$	206	$	(50	)	$	156

(a) All amounts are net of tax. Related income tax expense or benefit calculated using an income tax rate approximating 25% for available-for-sale investments.

FAIR VALUE DISCLOSURES

3 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE DISCLOSURES

NOTE G – FAIR VALUE DISCLOSURES

	Level 1 -	Valuation is based upon quoted prices for identical instruments traded in active markets.

	Level 2 -	Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market.

	Level 3 -	Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability.

The following is a description of valuation methodologies used for assets measured at fair value on a recurring basis.

Securities available-for-sale

Derivatives

The following tables provide the level of valuation assumptions used to determine the carrying value of the Company’s assets measured at fair value on a recurring basis.

December 31, 2023	Total		Level 1		Level 2		Level 3
Assets:	(In thousands)
Securities available for sale:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	$	95	$	—	$	95	$	—
Obligations of U.S. government-sponsored enterprises:
Mortgage-backed securities-residential		12,178		—		12,178		—
Total securities available for sale	$	12,273	$	—	$	12,273	$	—
Derivative assets		1,961		—		1,961		—
Total assets	$	14,234	$	—	$	14,234	$	—

Liabilities:
Derivative liabilities	$	1,961	$	—	$	1,961	$	—
Total Liabilities	$	1,961	$	—	$	1,961	$	—

September 30, 2023
Assets:
Securities available for sale:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	$	92	$	—	$	92	$	—
Obligations of U.S. government-sponsored enterprises:
Mortgage-backed securities-residential		10,033		—		10,033		—
Total securities available for sale	$	10,125	$	—	$	10,125	$	—
Derivative assets		2,579		—		2,579		—
Total assets	$	12,704	$	—	$	12,704	$	—

Liabilities:
Derivative liabilities	$	2,579	$	—	$	2,579	$	—
Total Liabilities	$	2,579	$	—	$	2,579	$	—

The following is a description of valuation methodologies used for assets measured at fair value on a non-recurring basis.

Collateral Dependent Loans

Collateral dependent loans are measured and reported at fair value through specific allocations of the allowance for credit losses based on the fair value of the underlying collateral.

	Total		Level 1		Level 2		Level 3
At December 31, 2023	(In thousands)

Collateral dependent loans	$	777	$	—	$	—	$	777
Total	$	777	$	—	$	—	$	777


At September 30, 2023

Impaired loans	$	777	$	—	$	—	$	777
Total	$	777	$	—	$	—	$	777

The following tables present additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Company has utilized Level 3 inputs to determine fair value:

Quantitative Information about Level 3 Fair Value Measurements

(Dollars in thousands)

	Fair Value		Valuation
December 31, 2023	Estimate		Techniques	Unobservable Input	Range (Weighted Average)

Collateral dependent loans	$	777	Appraisal of collateral ⁽¹⁾	Appraisal adjustments ⁽²⁾	-50% to -8.0% (-12.0%)


	Fair Value		Valuation
September 30, 2023	Estimate		Techniques	Unobservable Input	Range (Weighted Average)

Impaired loans	$	777	Appraisal of collateral (1)	Appraisal adjustments (2)	-50% to -8.0% (-19.4%)

⁽¹⁾

Fair value is generally determined through independent appraisals for the underlying collateral, which generally include various level 3 inputs which are not identifiable.

⁽²⁾

	Carrying		Fair		Fair Value Measurement Placement
	Value		Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
December 31, 2023
Financial instruments - assets
Investment securities held to maturity	$	84,333	$	75,508	$	—	$	75,508	$	—
Loans		728,560		703,158		—		—		703,158

Financial instruments - liabilities
Certificates of deposit including retirement certificates		112,463		110,530		—		110,530		—
Borrowings		28,796		27,930		—		27,930		—

September 30, 2023
Financial instruments - assets
Investment securities held-to-maturity	$	85,835	$	73,728	$	—	$	73,728	$	—
Loans		689,070		664,331		—		—		664,331

Financial instruments - liabilities
Certificates of deposit including retirement certificates		104,668		101,216		—		101,216		—
Borrowings		29,515		28,177		—		28,177		—

INVESTMENT SECURITIES

3 Months Ended

Dec. 31, 2023

Investment Securities [Abstract]

INVESTMENT SECURITIES

NOTE H - INVESTMENT SECURITIES

The following table summarizes the amortized cost and fair values of securities classified as available-for-sale and held-to-maturity at December 31, 2023:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
December 31, 2023	Cost		Gains		Losses			Value
	(In thousands)
Securities available-for-sale:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	$	103	$	—	$	(8	)	$	95
Obligations of U.S. government-sponsored enterprises:
Mortgage-backed securities-residential		13,551		39		(1,412	)		12,178
Total securities available-for-sale	$	13,654	$	39	$	(1,420	)	$	12,273
Securities held-to-maturity:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	$	4,986	$	—	$	(677	)	$	4,309
Mortgage-backed securities - commercial		2,484		—		(22	)		2,462
Obligations of U.S. government-sponsored enterprises:
Mortgage-backed-securities - residential		47,199		—		(6,229	)		40,970
Debt securities		22,999		6		(1,378	)		21,627
Private label mortgage-backed securities - residential		203		—		(10	)		193
Obligations of state and political subdivisions		3,462		5		(324	)		3,143
Corporate securities		3,000		—		(196	)		2,804
Total securities held-to-maturity	$	84,333	$	11	$	(8,836	)	$	75,508
Total investment securities	$	97,987	$	50	$	(10,256	)	$	87,781

	Credit Rating
	AAA/AA/A		BBB/BB/B		Non-rated
December 31, 2023	(In thousands)
Securities held-to-maturity:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	$	4,986	$	—	$	—
Mortgage-backed securities - commercial		2,484		—		—
Obligations of U.S. government-sponsored enterprises:
Mortgage backed securities - residential		47,199		—		—
Debt securities		22,999		—		—
Private label mortgage-backed securities - residential		—		—		203
Obligations of state and political subdivisions		3,462		—		—
Corporate securities		—		3,000		—
Totals	$	81,130	$	3,000	$	203

The contractual maturities of debt securities, municipal bonds and certain information regarding mortgage-backed securities at December 31, 2023 are summarized in the following table:

	December 31, 2023
	Amortized		Fair
	Cost		Value
	(In thousands)
Due within 1 year	$	4,000	$	3,966
Due after 1 but within 5 years		20,526		19,315
Due after 5 but within 10 years		4,935		4,293
Due after 10 years		—		—
Total debt securities		29,461		27,574

Mortgage backed securities:
Residential		66,042		57,745
Commercial		2,484		2,462
Total	$	97,987	$	87,781

The following table summarizes the amortized cost and fair values of securities classified as available-for-sale and held-to-maturity at September 30, 2023:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
September 30, 2023	Cost		Gains		Losses			Value
	(In thousands)
Securities available-for-sale:
Obligations of U.S. government agencies:
Mortgage backed securities - residential	$	106	$	—	$	(14	)	$	92
Obligations of U.S. government-sponsored enterprises:
Mortgage-backed securities-residential		11,984		—		(1,951	)		10,033
Total securities available for sale	$	12,090	$	—	$	(1,965	)	$	10,125
Securities held-to-maturity:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	$	5,070	$	—	$	(850	)	$	4,220
Mortgage-backed securities - commercial		2,509		—		(16	)		2,493
Obligations of U.S. government-sponsored enterprises:
Mortgage backed securities - residential		48,086		—		(8,480	)		39,606
Debt securities		23,497		—		(1,947	)		21,550
Private label mortgage-backed securities - residential		207		—		(12	)		195
Obligations of state and political subdivisions		3,466		—		(605	)		2,861
Corporate securities		3,000		—		(197	)		2,803
Total securities held to maturity	$	85,835	$	—	$	(12,107	)	$	73,728
Total investment securities	$	97,925	$	—	$	(14,072	)	$	83,853

As of December 31, 2023 investment securities having an estimated fair value of approximately $12.2 million were pledged to secure public deposits.

CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE

3 Months Ended

Dec. 31, 2023

Credit Losses on Investment Securities Available-for-Sale [Abstract]

CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE

NOTE I – CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE

			Less Than 12 Months					12 Months Or Greater					Total
	Number of		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Securities		Value		Losses			Value		Losses			Value		Losses
December 31, 2023	(Dollars in thousands)
Obligations of U.S. government agencies:
Mortgage-backed securities - residential		1	$	—	$	—		$	95	$	(8	)	$	95	$	(8	)
Obligations of U.S. government-sponsored enterprises
Mortgage-backed securities - residential		9		1,879		(9	)		7,929		(1,403	)		9,808		(1,412	)
Total		10	$	1,879	$	(9	)	$	8,024	$	(1,411	)	$	9,903	$	(1,420	)

			Less Than 12 Months					12 Months Or Greater					Total
	Number of		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Securities		Value		Losses			Value		Losses			Value		Losses
September 30, 2023	(Dollars in thousands)
Obligations of U.S. government agencies:
Mortgage-backed securities - residential		6	$	—	$	—		$	4,312	$	(864	)	$	4,312	$	(864	)
Mortgage-backed securities - commercial		2		1,926		(14	)		567		(2	)		2,493		(16	)
Obligations of U.S. government-sponsored enterprises
Mortgage-backed securities - residential		50		4,938		(49	)		44,485		(10,382	)		49,423		(10,431	)
Debt securities		12		—		—			21,550		(1,947	)		21,550		(1,947	)
Private label mortgage-backed securities residential		1		—		—			195		(12	)		195		(12	)
Obligations of state and political subdivisions		7		789		(43	)		2,072		(562	)		2,861		(605	)
Corporate securities		1		—		—			2,803		(197	)		2,803		(197	)
Total		79	$	7,653	$	(106	)	$	75,984	$	(13,966	)	$	83,637	$	(14,072	)

Loans Receivable, Net and Related Allowance for Credit Losses

3 Months Ended

Dec. 31, 2023

Loans Receivable, Net [Abstract]

LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR CREDIT LOSSES

NOTE J – LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR CREDIT LOSSES

Loans receivable, net were comprised of the following:

	December 31,			September 30,
	2023			2023
	(In thousands)

One-to-four family residential	$	234,156		$	237,683
Commercial real estate		407,346			389,134
Construction and land		34,641			21,853
Home equity loans and lines of credit		24,069			16,983
Commercial business		27,043			30,194
Other		2,239			2,359
Total loans receivable		729,494			698,206
Net deferred loan costs		(934	)		(806	)
Total loans receivable, net	$	728,560		$	697,400

													Revolving Loans
	December 31, 2023												Amortized		Converted
	Term Loans Amortized Cost Basis by Origination Fiscal Year												Cost Basis		to Term		Total
	2024		2023		2022		2021		2020		Prior
	(In thousands)
One-to-four family residential
Performing	$	7,180	$	43,224	$	33,060	$	27,899	$	31,288	$	91,353	$	—	$	—	$	234,004
Non-performing		—		—		—		—		—		152		—		—		152
Total	$	7,180	$	43,224	$	33,060	$	27,899	$	31,288	$	91,505	$	—	$	—	$	234,156
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Commercial real estate
Pass	$	18,235	$	82,558	$	68,224	$	66,529	$	30,007	$	131,540	$	6,373	$	1,540	$	405,006
Special Mention		—		—		—		—		—		116		—		—		116
Substandard		—		—		2,224		—		—		—		—		—		2,224
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	18,235	$	82,558	$	70,448	$	66,529	$	30,007	$	131,656	$	6,373	$	1,540	$	407,346
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Construction and land
Pass	$	10,368	$	12,297	$	2,351	$	—	$	1,761	$	4,665	$	725	$	—	$	32,167
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		2,474		—		—		2,474
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	10,368	$	12,297	$	2,351	$	—	$	1,761	$	7,139	$	725	$	—	$	34,641
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Home equity loans and lines of credit
Performing	$	724	$	1,678	$	1,657	$	342	$	277	$	1,438	$	17,953	$	—	$	24,069
Non-performing		—		—		—		—		—		—		—		—		—
Total	$	724	$	1,678	$	1,657	$	342	$	277	$	1,438	$	17,953	$	—	$	24,069
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Commercial business
Pass	$	1,030	$	542	$	2,685	$	2,047	$	946	$	3,390	$	16,403	$	—	$	27,043
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	1,030	$	542	$	2,685	$	2,047	$	946	$	3,390	$	16,403	$	—	$	27,043
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Other
Performing	$	—	$	—	$	65	$	1	$	13	$	1,793	$	367	$	—	$	2,239
Non-performing		—		—		—		—		—		—		—		—		—
Total	$	—	$	—	$	65	$	1	$	13	$	1,793	$	367	$	—	$	2,239
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

			Special
	Pass		Mention		Substandard		Doubtful		Total
	(In thousands)
September 30, 2023
One-to-four family residential	$	236,876	$	—	$	807	$	—	$	237,683
Commercial real estate		386,794		116		2,224		—		389,134
Construction		19,379		—		2,474		—		21,853
Home equity lines of credit		16,983		—		—		—		16,983
Commercial business		30,194		—		—		—		30,194
Other		2,359		—		—		—		2,359
Total	$	692,585	$	116	$	5,505	$	—	$	698,206

			30-59		60-89
			Days		Days		90 Days +		Total
	Current		Past Due		Past Due		Past Due		Loans
	(In thousands)
December 31, 2023
One-to-four family residential	$	232,710	$	1,056	$	238	$	152	$	234,156
Commercial real estate		404,315		690		116		2,225		407,346
Construction		32,167		—		—		2,474		34,641
Home equity lines of credit		24,069		—		—		—		24,069
Commercial business		26,404		639		—		—		27,043
Other		2,239		—		—		—		2,239
Total	$	721,904	$	2,385	$	354	$	4,851	$	729,494

			30-59		60-89
			Days		Days		90 Days +		Total
	Current		Past Due		Past Due		Past Due		Loans
	(In thousands)
September 30, 2023
One-to four-family residential	$	236,729	$	—	$	568	$	386	$	237,683
Commercial real estate		386,794		—		116		2,224		389,134
Construction		19,379		—		—		2,474		21,853
Home equity lines of credit		16,983		—		—		—		16,983
Commercial business		30,047		147		—		—		30,194
Other		2,359		—		—		—		2,359
Total	$	692,291	$	147	$	684	$	5,084	$	698,206

	Non-		Allowance for
	Accrual		Credit Loss
	(In thousands)
December 31, 2023
One-to-four family residential	$	152	$	—
Commercial real estate		2,225		—
Construction and land		2,474		—
Home loans and lines of credit		—		—
Commercial business		—		—
Total	$	4,851	$	—

	Non-		Specific
	Accrual		Reserve
	(In thousands)
September 30, 2023
One-to four-family residential	$	386	$	—
Commercial real estate		2,224		—
Construction and land		2,474		—
Home equity lines of credit		—		—
Commercial business		—		—
Other		—		—
Total	$	5,084	$	—

The following table identifies our non-performing, collateral dependent loans by collateral type as of December 31, 2023:

	December 31,
	2023
	(In thousands)
One- to four-family residential	$	152
Commercial real estate		2,225
Land		2,474
Total	$	4,851

					Impaired
					Loans with
	Impaired Loans with				No Specific
	Specific Allowance				Allowance		Total Impaired Loans
									Unpaid
	Recorded		Related		Recorded		Recorded		Principal
	Investment		Allowance		Investment		Investment		Balance
September 30, 2023	(In thousands)

One-to four-family residential	$	—	$	—	$	2,031	$	2,031	$	2,031
Commercial real estate		—		—		2,969		2,969		2,969
Construction		—		—		2,474		2,474		2,539
Commercial business		—		—		147		147		147
Total impaired loans	$	—	$	—	$	7,621	$	7,621	$	7,686

The following table presents the average recorded investment in impaired loans and the interest income recognized on impaired loans for the three months ended December 31, 2022.

	Three Months Ended
	December 31, 2022
	(In thousands)

One-to-four family residential	$	1,447
Commercial real estate		1,269
Construction		2,835
Commercial business		203
Average investment in impaired loans	$	5,754

Interest income recognized on
an accrual basis on impaired loans
One-to-four family residential	$	20
Commercial real estate		13
Commercial business		2
Total	$	35

	One-to-Four									Home Equity
	Family			Commercial						Lines of			Commercial
	Residential			Real Estate			Construction			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		—			—			—			—			—			—			—			—
Provision (credit)		(75	)		161			301			(40	)		39			(1	)		—			385
Balance- December 31, 2023	$	1,191		$	4,849		$	718		$	80		$	845		$	—		$	—		$	7,683

Balance- September 30, 2022	$	1,223		$	4,612		$	461		$	263		$	1,484		$	1		$	389		$	8,433
Charge-offs		—			—			—			—			—			—			—			—
Recoveries		—			—			—			—			—			—			—			—
Provision (credit)		12			518			65			(7	)		(109	)		—			(162	)		317
Balance- December 31, 2022	$	1,235		$	5,130		$	526		$	256		$	1,375		$	1		$	227		$	8,750

	One-to-Four						Home Equity
	Family		Commercial				Lines of		Commercial
	Residential		Real Estate		Construction		Credit		Business		Other		Unallocated		Total
	(In thousands)
Allowance for Loan Losses:
Balance - September 30, 2023	$	1,259	$	5,277	$	472	$	207	$	939	$	2	$	174	$	8,330
Individually evaluated
for impairment		—		—		—		—		—		—		—		—
Collectively evaluated
for impairment		1,259		5,277		472		207		939		2		174		8,330

Loans receivable:
Balance - September 30, 2023	$	237,683	$	389,134	$	21,853	$	16,983	$	30,194	$	2,359	$	—	$	698,206
Individually evaluated
for impairment		2,031		2,969		2,474		—		147		—		—		7,621
Collectively evaluated
for impairment		235,652		386,165		19,379		16,983		30,047		2,359		—		690,585

	Three Months Ended December 31, 2022
	Number of		Investment Before		Investment After
	Loans		TDR Modification		TDR Modification
	(Dollars in thousands)
One-to four-family residential		1	$	97	$	107

Total		1	$	97	$	107

There were no residential loans in the process of foreclosure at December 31, 2023.

DEPOSITS

3 Months Ended

Dec. 31, 2023

Deposits [Abstract]

DEPOSITS

NOTE K - DEPOSITS

A summary of deposits by type of account are summarized as follows:

	December 31,		September 30,
	2023		2023
	(In thousands)

Demand accounts	$	164,453	$	188,550
Savings accounts		60,008		62,168
NOW accounts		119,738		115,182
Money market accounts		306,886		284,885
Certificates of deposit		100,547		92,725
Retirement certificates		11,916		11,943
Total deposits	$	763,548	$	755,453

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK

3 Months Ended

Dec. 31, 2023

Financial Instruments with Off-Balance-Sheet Risk [Abstract]

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK

NOTE L - FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK

The following table presents summary information regarding these derivatives as of December 31, 2023 and September 30, 2023.

	Notional Amount		Average Maturiy (Years)		Weighted Average Fixed Rate		Weighted Average Variable Rate	Fair Value
	(Dollars in thousands)
December 31, 2023
Classified in Other Assets:
Customer interest rate swaps	$	35,743		3.9		4.96%	1 Mo. BSBY + 2.44	$	1,961
Total	$	35,743		3.9		4.96%		$	1,961

Classified in Other Liabilities:
3rd Party interest rate swaps	$	35,743		3.9		4.96%	1 Mo. BSBY + 2.44	$	1,961
Total	$	35,743		3.9		4.96%		$	1,961

September 30, 2023
Classified in Other Assets:
Customer interest rate swaps	$	36,020		4.2		4.96%	1 Mo. BSBY + 2.44	$	2,579
Total	$	36,020		4.2		4.96%		$	2,579

Classified in Other Liabilities:
3rd Party interest rate swaps	$	36,020		4.2		4.96%	1 Mo. BSBY + 2.44	$	2,579
Total	$	36,020		4.2		4.96%		$	2,579

	December 31,		September 30,
	2023		2023
	(In thousands)

Financial instruments whose contract amounts represent credit risk
Letters of credit	$	1,098	$	1,073
Unused lines of credit		95,333		89,933
Fixed rate loan commitments		15,610		3,578
Variable rate loan commitments		4,969		26,472
Totals	$	117,010	$	121,056

RECENT ACCOUNTING PRONOUNCEMENTS (Tables)

3 Months Ended

Dec. 31, 2023

Recent Accounting Pronouncements [Abstract]

Schedule of Change from the Incurred Loss Model to the Current Expected Credit Loss Model

The impact of the change from the incurred loss model to the current expected credit loss model is included in the following table:

	October 1, 2023
			Adoption
	Pre-adoption		Impact			As Reported
	(In thousands)
Assets
ACL on debt securities held-to-maturity	$	—	$	—		$	—
ACL on loans
One-to-four family residential		1,259		7			1,266
Commercial real estate		5,277		(589	)		4,688
Construction		472		(55	)		417
Home equity lines of credit		207		(87	)		120
Commercial business		939		(133	)		806
Other		176		(175	)		1

Liabilities
ACL on unfunded commitments		—		540			540
Total	$	8,330	$	(492	)	$	7,838

EARNINGS PER SHARE (Tables)

3 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

	For the Three Months
	Ended December 31,
	2023		2022
	(Dollars in thousands, except share and per share data)

Income applicable to common shares	$	1,652	$	1,810
Weighted average common shares outstanding- basic		6,387,010		6,456,525
Potential diliutive common stock equivalents		—		2,921
Weighted average common shares outstanding- diluted		6,387,010		6,459,446
Earnings per share - basic	$	0.26	$	0.28
Earnings per share - diluted	$	0.26	$	0.28

STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM (Tables)

3 Months Ended

Dec. 31, 2023

Stock-Based Compensation and Stock Repurchase Program [Abstract]

Schedule of Stock Option Activity

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, 2023:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value

Balance at September 30, 2023		293,200	$	12.58		8.98	$	—
Granted		—		—		—		—
Exercised		—		—		—		—
Forfeited		—		—		—		—
Expired		—		—		—		—
Balance at December 31, 2023		293,200	$	12.58		8.73	$	—

Exercisable at December 31, 2023		58,640	$	12.58		8.73	$	—

Schedule of Non-vested Restricted Shares

The following is a summary of the status of the Company’s non-vested restricted shares for the three months ended December 31, 2023:

	Shares		Weighted Average Grant Date Fair Value
Balance at September 30, 2023		124,320	$	12.63
Granted		—		—
Vested		—		—
Forfeited		—		—
Balance at December 31, 2023		124,320	$	12.63

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

3 Months Ended

Dec. 31, 2023

Other Comprehensive Income (Loss) [Abstract]

Schedule of Components of Other Comprehensive Income (Loss) and the Related Income Tax Effects

The Company recorded no reclassification adjustments during the three months ended December 31, 2023 and 2022. The components of other comprehensive income (loss) and the related income tax effects are as follows:

	Three Months Ended December 31,
	2023							2022
			Tax			Net of				Tax			Net of
	Before Tax		(Benefit)			Tax		Before Tax		(Benefit)			Tax
	Amount		Expense			Amount		Amount		Expense			Amount
	(In thousands)
Unrealized holding gain (loss) arising during period on:
Available-for-sale investments	$	584	$	(144	)	$	440	$	206	$	(50	)	$	156
Other comprehensive income (loss), net	$	584	$	(144	)	$	440	$	206	$	(50	)	$	156

FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets Measured At Fair Value on a Recurring Basis

The following tables provide the level of valuation assumptions used to determine the carrying value of the Company’s assets measured at fair value on a recurring basis.

December 31, 2023	Total		Level 1		Level 2		Level 3
Assets:	(In thousands)
Securities available for sale:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	$	95	$	—	$	95	$	—
Obligations of U.S. government-sponsored enterprises:
Mortgage-backed securities-residential		12,178		—		12,178		—
Total securities available for sale	$	12,273	$	—	$	12,273	$	—
Derivative assets		1,961		—		1,961		—
Total assets	$	14,234	$	—	$	14,234	$	—

Liabilities:
Derivative liabilities	$	1,961	$	—	$	1,961	$	—
Total Liabilities	$	1,961	$	—	$	1,961	$	—

September 30, 2023
Assets:
Securities available for sale:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	$	92	$	—	$	92	$	—
Obligations of U.S. government-sponsored enterprises:
Mortgage-backed securities-residential		10,033		—		10,033		—
Total securities available for sale	$	10,125	$	—	$	10,125	$	—
Derivative assets		2,579		—		2,579		—
Total assets	$	12,704	$	—	$	12,704	$	—

Liabilities:
Derivative liabilities	$	2,579	$	—	$	2,579	$	—
Total Liabilities	$	2,579	$	—	$	2,579	$	—

Schedule of Assets Measured At Fair Value on a Non-Recurring Basis

	Total		Level 1		Level 2		Level 3
At December 31, 2023	(In thousands)

Collateral dependent loans	$	777	$	—	$	—	$	777
Total	$	777	$	—	$	—	$	777


At September 30, 2023

Impaired loans	$	777	$	—	$	—	$	777
Total	$	777	$	—	$	—	$	777

Schedule of Quantitative Information about Assets Measured At Fair Value on a Nonrecurring Basis for Which Level 3 Inputs Were Used To Determine Fair Value

The following tables present additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Company has utilized Level 3 inputs to determine fair value:

	Fair Value		Valuation
December 31, 2023	Estimate		Techniques	Unobservable Input	Range (Weighted Average)

Collateral dependent loans	$	777	Appraisal of collateral ⁽¹⁾	Appraisal adjustments ⁽²⁾	-50% to -8.0% (-12.0%)


	Fair Value		Valuation
September 30, 2023	Estimate		Techniques	Unobservable Input	Range (Weighted Average)

Impaired loans	$	777	Appraisal of collateral (1)	Appraisal adjustments (2)	-50% to -8.0% (-19.4%)

⁽¹⁾

Fair value is generally determined through independent appraisals for the underlying collateral, which generally include various level 3 inputs which are not identifiable.

⁽²⁾

Schedule of the Carrying Amount, Fair Value, and Placement in the Fair Value Hierarchy of Financial Instruments Carried At Cost or Amortized Cost

	Carrying		Fair		Fair Value Measurement Placement
	Value		Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
December 31, 2023
Financial instruments - assets
Investment securities held to maturity	$	84,333	$	75,508	$	—	$	75,508	$	—
Loans		728,560		703,158		—		—		703,158

Financial instruments - liabilities
Certificates of deposit including retirement certificates		112,463		110,530		—		110,530		—
Borrowings		28,796		27,930		—		27,930		—

September 30, 2023
Financial instruments - assets
Investment securities held-to-maturity	$	85,835	$	73,728	$	—	$	73,728	$	—
Loans		689,070		664,331		—		—		664,331

Financial instruments - liabilities
Certificates of deposit including retirement certificates		104,668		101,216		—		101,216		—
Borrowings		29,515		28,177		—		28,177		—

INVESTMENT SECURITIES (Tables)

3 Months Ended

Dec. 31, 2023

Investment Securities [Abstract]

Schedule of Amortized Cost and Fair Values of Securities Held to Maturity

The following table summarizes the amortized cost and fair values of securities classified as available-for-sale and held-to-maturity at December 31, 2023:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
December 31, 2023	Cost		Gains		Losses			Value
	(In thousands)
Securities available-for-sale:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	$	103	$	—	$	(8	)	$	95
Obligations of U.S. government-sponsored enterprises:
Mortgage-backed securities-residential		13,551		39		(1,412	)		12,178
Total securities available-for-sale	$	13,654	$	39	$	(1,420	)	$	12,273
Securities held-to-maturity:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	$	4,986	$	—	$	(677	)	$	4,309
Mortgage-backed securities - commercial		2,484		—		(22	)		2,462
Obligations of U.S. government-sponsored enterprises:
Mortgage-backed-securities - residential		47,199		—		(6,229	)		40,970
Debt securities		22,999		6		(1,378	)		21,627
Private label mortgage-backed securities - residential		203		—		(10	)		193
Obligations of state and political subdivisions		3,462		5		(324	)		3,143
Corporate securities		3,000		—		(196	)		2,804
Total securities held-to-maturity	$	84,333	$	11	$	(8,836	)	$	75,508
Total investment securities	$	97,987	$	50	$	(10,256	)	$	87,781

The following table summarizes the amortized cost of held-to-maturity debt securities at December 31, 2023, aggregated by credit quality indicator:

	Credit Rating
	AAA/AA/A		BBB/BB/B		Non-rated
December 31, 2023	(In thousands)
Securities held-to-maturity:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	$	4,986	$	—	$	—
Mortgage-backed securities - commercial		2,484		—		—
Obligations of U.S. government-sponsored enterprises:
Mortgage backed securities - residential		47,199		—		—
Debt securities		22,999		—		—
Private label mortgage-backed securities - residential		—		—		203
Obligations of state and political subdivisions		3,462		—		—
Corporate securities		—		3,000		—
Totals	$	81,130	$	3,000	$	203

The following table summarizes the amortized cost and fair values of securities classified as available-for-sale and held-to-maturity at September 30, 2023:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
September 30, 2023	Cost		Gains		Losses			Value
	(In thousands)
Securities available-for-sale:
Obligations of U.S. government agencies:
Mortgage backed securities - residential	$	106	$	—	$	(14	)	$	92
Obligations of U.S. government-sponsored enterprises:
Mortgage-backed securities-residential		11,984		—		(1,951	)		10,033
Total securities available for sale	$	12,090	$	—	$	(1,965	)	$	10,125
Securities held-to-maturity:
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	$	5,070	$	—	$	(850	)	$	4,220
Mortgage-backed securities - commercial		2,509		—		(16	)		2,493
Obligations of U.S. government-sponsored enterprises:
Mortgage backed securities - residential		48,086		—		(8,480	)		39,606
Debt securities		23,497		—		(1,947	)		21,550
Private label mortgage-backed securities - residential		207		—		(12	)		195
Obligations of state and political subdivisions		3,466		—		(605	)		2,861
Corporate securities		3,000		—		(197	)		2,803
Total securities held to maturity	$	85,835	$	—	$	(12,107	)	$	73,728
Total investment securities	$	97,925	$	—	$	(14,072	)	$	83,853

Schedule of Maturities Debt Securities and Mortgage Backed Securities Held to Maturity

The contractual maturities of debt securities, municipal bonds and certain information regarding mortgage-backed securities at December 31, 2023 are summarized in the following table:

	December 31, 2023
	Amortized		Fair
	Cost		Value
	(In thousands)
Due within 1 year	$	4,000	$	3,966
Due after 1 but within 5 years		20,526		19,315
Due after 5 but within 10 years		4,935		4,293
Due after 10 years		—		—
Total debt securities		29,461		27,574

Mortgage backed securities:
Residential		66,042		57,745
Commercial		2,484		2,462
Total	$	97,987	$	87,781

CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Tables)

3 Months Ended

Dec. 31, 2023

Credit Losses on Investment Securities Available-for-Sale [Abstract]

Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses

Investment securities with fair values less than their amortized cost contain unrealized losses. Details of available-for-sale securities with unrealized losses at December 31, 2023 are as follows:

			Less Than 12 Months					12 Months Or Greater					Total
	Number of		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Securities		Value		Losses			Value		Losses			Value		Losses
December 31, 2023	(Dollars in thousands)
Obligations of U.S. government agencies:
Mortgage-backed securities - residential		1	$	—	$	—		$	95	$	(8	)	$	95	$	(8	)
Obligations of U.S. government-sponsored enterprises
Mortgage-backed securities - residential		9		1,879		(9	)		7,929		(1,403	)		9,808		(1,412	)
Total		10	$	1,879	$	(9	)	$	8,024	$	(1,411	)	$	9,903	$	(1,420	)

			Less Than 12 Months					12 Months Or Greater					Total
	Number of		Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Securities		Value		Losses			Value		Losses			Value		Losses
September 30, 2023	(Dollars in thousands)
Obligations of U.S. government agencies:
Mortgage-backed securities - residential		6	$	—	$	—		$	4,312	$	(864	)	$	4,312	$	(864	)
Mortgage-backed securities - commercial		2		1,926		(14	)		567		(2	)		2,493		(16	)
Obligations of U.S. government-sponsored enterprises
Mortgage-backed securities - residential		50		4,938		(49	)		44,485		(10,382	)		49,423		(10,431	)
Debt securities		12		—		—			21,550		(1,947	)		21,550		(1,947	)
Private label mortgage-backed securities residential		1		—		—			195		(12	)		195		(12	)
Obligations of state and political subdivisions		7		789		(43	)		2,072		(562	)		2,861		(605	)
Corporate securities		1		—		—			2,803		(197	)		2,803		(197	)
Total		79	$	7,653	$	(106	)	$	75,984	$	(13,966	)	$	83,637	$	(14,072	)

Loans Receivable, Net and Related Allowance for Credit Losses (Tables)

3 Months Ended

Dec. 31, 2023

Loans Receivable, Net [Abstract]

Schedule of Loans Receivable

Loans receivable, net were comprised of the following:

	December 31,			September 30,
	2023			2023
	(In thousands)

One-to-four family residential	$	234,156		$	237,683
Commercial real estate		407,346			389,134
Construction and land		34,641			21,853
Home equity loans and lines of credit		24,069			16,983
Commercial business		27,043			30,194
Other		2,239			2,359
Total loans receivable		729,494			698,206
Net deferred loan costs		(934	)		(806	)
Total loans receivable, net	$	728,560		$	697,400

Schedule of Loan Portfolio

													Revolving Loans
	December 31, 2023												Amortized		Converted
	Term Loans Amortized Cost Basis by Origination Fiscal Year												Cost Basis		to Term		Total
	2024		2023		2022		2021		2020		Prior
	(In thousands)
One-to-four family residential
Performing	$	7,180	$	43,224	$	33,060	$	27,899	$	31,288	$	91,353	$	—	$	—	$	234,004
Non-performing		—		—		—		—		—		152		—		—		152
Total	$	7,180	$	43,224	$	33,060	$	27,899	$	31,288	$	91,505	$	—	$	—	$	234,156
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Commercial real estate
Pass	$	18,235	$	82,558	$	68,224	$	66,529	$	30,007	$	131,540	$	6,373	$	1,540	$	405,006
Special Mention		—		—		—		—		—		116		—		—		116
Substandard		—		—		2,224		—		—		—		—		—		2,224
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	18,235	$	82,558	$	70,448	$	66,529	$	30,007	$	131,656	$	6,373	$	1,540	$	407,346
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Construction and land
Pass	$	10,368	$	12,297	$	2,351	$	—	$	1,761	$	4,665	$	725	$	—	$	32,167
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		2,474		—		—		2,474
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	10,368	$	12,297	$	2,351	$	—	$	1,761	$	7,139	$	725	$	—	$	34,641
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Home equity loans and lines of credit
Performing	$	724	$	1,678	$	1,657	$	342	$	277	$	1,438	$	17,953	$	—	$	24,069
Non-performing		—		—		—		—		—		—		—		—		—
Total	$	724	$	1,678	$	1,657	$	342	$	277	$	1,438	$	17,953	$	—	$	24,069
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Commercial business
Pass	$	1,030	$	542	$	2,685	$	2,047	$	946	$	3,390	$	16,403	$	—	$	27,043
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	1,030	$	542	$	2,685	$	2,047	$	946	$	3,390	$	16,403	$	—	$	27,043
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Other
Performing	$	—	$	—	$	65	$	1	$	13	$	1,793	$	367	$	—	$	2,239
Non-performing		—		—		—		—		—		—		—		—		—
Total	$	—	$	—	$	65	$	1	$	13	$	1,793	$	367	$	—	$	2,239
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Schedule of Bank’s Internal Risk Rating System

			Special
	Pass		Mention		Substandard		Doubtful		Total
	(In thousands)
September 30, 2023
One-to-four family residential	$	236,876	$	—	$	807	$	—	$	237,683
Commercial real estate		386,794		116		2,224		—		389,134
Construction		19,379		—		2,474		—		21,853
Home equity lines of credit		16,983		—		—		—		16,983
Commercial business		30,194		—		—		—		30,194
Other		2,359		—		—		—		2,359
Total	$	692,585	$	116	$	5,505	$	—	$	698,206

Schedule of the Loan Portfolio by Analyzing the Age

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)
December 31, 2023
One-to-four family residential	$	232,710	$	1,056	$	238	$	152	$	234,156
Commercial real estate		404,315		690		116		2,225		407,346
Construction		32,167		—		—		2,474		34,641
Home equity lines of credit		24,069		—		—		—		24,069
Commercial business		26,404		639		—		—		27,043
Other		2,239		—		—		—		2,239
Total	$	721,904	$	2,385	$	354	$	4,851	$	729,494

			30-59		60-89
			Days		Days		90 Days +		Total
	Current		Past Due		Past Due		Past Due		Loans
	(In thousands)
September 30, 2023
One-to four-family residential	$	236,729	$	—	$	568	$	386	$	237,683
Commercial real estate		386,794		—		116		2,224		389,134
Construction		19,379		—		—		2,474		21,853
Home equity lines of credit		16,983		—		—		—		16,983
Commercial business		30,047		147		—		—		30,194
Other		2,359		—		—		—		2,359
Total	$	692,291	$	147	$	684	$	5,084	$	698,206

Schedule of Non-Accrual Loans Related Allowance for Credit Loss by Loan

	Non-		Allowance for
	Accrual		Credit Loss
	(In thousands)
December 31, 2023
One-to-four family residential	$	152	$	—
Commercial real estate		2,225		—
Construction and land		2,474		—
Home loans and lines of credit		—		—
Commercial business		—		—
Total	$	4,851	$	—

	Non-		Specific
	Accrual		Reserve
	(In thousands)
September 30, 2023
One-to four-family residential	$	386	$	—
Commercial real estate		2,224		—
Construction and land		2,474		—
Home equity lines of credit		—		—
Commercial business		—		—
Other		—		—
Total	$	5,084	$	—

Schedule of Non-Performing,Collateral Dependent Loans

The following table identifies our non-performing, collateral dependent loans by collateral type as of December 31, 2023:

	December 31,
	2023
	(In thousands)
One- to four-family residential	$	152
Commercial real estate		2,225
Land		2,474
Total	$	4,851

Schedule of Impaired Loans

The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 2023:

					Impaired
					Loans with
	Impaired Loans with				No Specific
	Specific Allowance				Allowance		Total Impaired Loans
									Unpaid
	Recorded		Related		Recorded		Recorded		Principal
	Investment		Allowance		Investment		Investment		Balance
September 30, 2023	(In thousands)

One-to four-family residential	$	—	$	—	$	2,031	$	2,031	$	2,031
Commercial real estate		—		—		2,969		2,969		2,969
Construction		—		—		2,474		2,474		2,539
Commercial business		—		—		147		147		147
Total impaired loans	$	—	$	—	$	7,621	$	7,621	$	7,686

Schedule of Interest Income Recognized on Impaired Loan

The following table presents the average recorded investment in impaired loans and the interest income recognized on impaired loans for the three months ended December 31, 2022.

	Three Months Ended
	December 31, 2022
	(In thousands)

One-to-four family residential	$	1,447
Commercial real estate		1,269
Construction		2,835
Commercial business		203
Average investment in impaired loans	$	5,754

Interest income recognized on
an accrual basis on impaired loans
One-to-four family residential	$	20
Commercial real estate		13
Commercial business		2
Total	$	35

Schedule of Allowance for Loan Losses by Loan Category

	One-to-Four									Home Equity
	Family			Commercial						Lines of			Commercial
	Residential			Real Estate			Construction			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		—			—			—			—			—			—			—			—
Provision (credit)		(75	)		161			301			(40	)		39			(1	)		—			385
Balance- December 31, 2023	$	1,191		$	4,849		$	718		$	80		$	845		$	—		$	—		$	7,683

Balance- September 30, 2022	$	1,223		$	4,612		$	461		$	263		$	1,484		$	1		$	389		$	8,433
Charge-offs		—			—			—			—			—			—			—			—
Recoveries		—			—			—			—			—			—			—			—
Provision (credit)		12			518			65			(7	)		(109	)		—			(162	)		317
Balance- December 31, 2022	$	1,235		$	5,130		$	526		$	256		$	1,375		$	1		$	227		$	8,750

	One-to-Four						Home Equity
	Family		Commercial				Lines of		Commercial
	Residential		Real Estate		Construction		Credit		Business		Other		Unallocated		Total
	(In thousands)
Allowance for Loan Losses:
Balance - September 30, 2023	$	1,259	$	5,277	$	472	$	207	$	939	$	2	$	174	$	8,330
Individually evaluated
for impairment		—		—		—		—		—		—		—		—
Collectively evaluated
for impairment		1,259		5,277		472		207		939		2		174		8,330

Loans receivable:
Balance - September 30, 2023	$	237,683	$	389,134	$	21,853	$	16,983	$	30,194	$	2,359	$	—	$	698,206
Individually evaluated
for impairment		2,031		2,969		2,474		—		147		—		—		7,621
Collectively evaluated
for impairment		235,652		386,165		19,379		16,983		30,047		2,359		—		690,585

Schedule of Troubled Debt Restructuring

During the three months ended December 31, 2022, there was one loan modified that was identified as a troubled debt restructuring (“TDR”) and there were no TDRs that subsequently defaulted within twelve months of modification.

	Three Months Ended December 31, 2022
	Number of		Investment Before		Investment After
	Loans		TDR Modification		TDR Modification
	(Dollars in thousands)
One-to four-family residential		1	$	97	$	107

Total		1	$	97	$	107

DEPOSITS (Tables)

3 Months Ended

Dec. 31, 2023

Deposits [Abstract]

Schedule of Deposits by Type of Account

A summary of deposits by type of account are summarized as follows:

	December 31,		September 30,
	2023		2023
	(In thousands)

Demand accounts	$	164,453	$	188,550
Savings accounts		60,008		62,168
NOW accounts		119,738		115,182
Money market accounts		306,886		284,885
Certificates of deposit		100,547		92,725
Retirement certificates		11,916		11,943
Total deposits	$	763,548	$	755,453

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Tables)

3 Months Ended

Dec. 31, 2023

Financial Instruments with Off-Balance-Sheet Risk [Abstract]

Schedule of Information Regarding Derivatives

The following table presents summary information regarding these derivatives as of December 31, 2023 and September 30, 2023.

	Notional Amount		Average Maturiy (Years)		Weighted Average Fixed Rate		Weighted Average Variable Rate	Fair Value
	(Dollars in thousands)
December 31, 2023
Classified in Other Assets:
Customer interest rate swaps	$	35,743		3.9		4.96%	1 Mo. BSBY + 2.44	$	1,961
Total	$	35,743		3.9		4.96%		$	1,961

Classified in Other Liabilities:
3rd Party interest rate swaps	$	35,743		3.9		4.96%	1 Mo. BSBY + 2.44	$	1,961
Total	$	35,743		3.9		4.96%		$	1,961

September 30, 2023
Classified in Other Assets:
Customer interest rate swaps	$	36,020		4.2		4.96%	1 Mo. BSBY + 2.44	$	2,579
Total	$	36,020		4.2		4.96%		$	2,579

Classified in Other Liabilities:
3rd Party interest rate swaps	$	36,020		4.2		4.96%	1 Mo. BSBY + 2.44	$	2,579
Total	$	36,020		4.2		4.96%		$	2,579

Schedule of Financial Instruments with Off-Balance-Sheet Risk

Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets.

	December 31,		September 30,
	2023		2023
	(In thousands)

Financial instruments whose contract amounts represent credit risk
Letters of credit	$	1,098	$	1,073
Unused lines of credit		95,333		89,933
Fixed rate loan commitments		15,610		3,578
Variable rate loan commitments		4,969		26,472
Totals	$	117,010	$	121,056

RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($)	Dec. 31, 2023	Sep. 30, 2023
RECENT ACCOUNTING PRONOUNCEMENTS (Details) [Line Items]
Cumulative effect increase to retained earnings	$ 492,000
Net of tax	346,000
Accrued interest receivable	4,300,000
Held-to-maturity debt securities	84,333,000	$ 85,835,000
Maximum [Member]
RECENT ACCOUNTING PRONOUNCEMENTS (Details) [Line Items]
Increase related to loans	1,032,000
Minimum [Member]
RECENT ACCOUNTING PRONOUNCEMENTS (Details) [Line Items]
Net of tax	725,000
Unfunded Commitments [Member] \| Maximum [Member]
RECENT ACCOUNTING PRONOUNCEMENTS (Details) [Line Items]
Increase related to loans	540,000
Unfunded Commitments [Member] \| Minimum [Member]
RECENT ACCOUNTING PRONOUNCEMENTS (Details) [Line Items]
Net of tax	379,000
ACL [Member]
RECENT ACCOUNTING PRONOUNCEMENTS (Details) [Line Items]
Held-to-maturity debt securities	215,000
Available-for-sale debt securities	$ 26,000

RECENT ACCOUNTING PRONOUNCEMENTS (Details) - Schedule of Change from the Incurred Loss Model to the Current Expected Credit Loss Model $ in Thousands	Oct. 01, 2023 USD ($)
Pre-adoption [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	$ 8,330
Pre-adoption [Member] \| ACL on debt securities held-to-maturity [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses
Pre-adoption [Member] \| One-to-four family residential [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	1,259
Pre-adoption [Member] \| Commercial Real Estate [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	5,277
Pre-adoption [Member] \| Construction [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	472
Pre-adoption [Member] \| Home equity lines of credit [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	207
Pre-adoption [Member] \| Commercial Business [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	939
Pre-adoption [Member] \| Other [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	176
Pre-adoption [Member] \| ACL on unfunded commitments [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses
Adoption Impact [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	(492)
Adoption Impact [Member] \| ACL on debt securities held-to-maturity [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses
Adoption Impact [Member] \| One-to-four family residential [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	7
Adoption Impact [Member] \| Commercial Real Estate [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	(589)
Adoption Impact [Member] \| Construction [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	(55)
Adoption Impact [Member] \| Home equity lines of credit [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	(87)
Adoption Impact [Member] \| Commercial Business [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	(133)
Adoption Impact [Member] \| Other [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	(175)
Adoption Impact [Member] \| ACL on unfunded commitments [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	540
As Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	7,838
As Reported [Member] \| ACL on debt securities held-to-maturity [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses
As Reported [Member] \| One-to-four family residential [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	1,266
As Reported [Member] \| Commercial Real Estate [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	4,688
As Reported [Member] \| Construction [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	417
As Reported [Member] \| Home equity lines of credit [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	120
As Reported [Member] \| Commercial Business [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	806
As Reported [Member] \| Other [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	1
As Reported [Member] \| ACL on unfunded commitments [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	$ 540

EARNINGS PER SHARE (Details) - $ / shares	3 Months Ended	12 Months Ended
EARNINGS PER SHARE (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
EARNINGS PER SHARE (Details) [Line Items]
Stock options to purchase	293,200		293,200
Weighted average strike price	$ 12.58	$ 12.58	$ 12.58
Restricted shares	124,320		124,320
Weighted average price	$ 12.63	$ 12.63	$ 12.63
Options to purchase common stock	293,200	293,200
Restricted Stock [Member]
EARNINGS PER SHARE (Details) [Line Items]
Restricted shares	124,320
Options to purchase common stock	124,320	156,400

EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Earnings Per Share Abstract
Income applicable to common shares (in Dollars)	$ 1,652	$ 1,810
Weighted average common shares outstanding- basic	6,387,010	6,456,525
Potential diliutive common stock equivalents		2,921
Weighted average common shares outstanding- diluted	6,387,010	6,459,446
Earnings per share - basic (in Dollars per share)	$ 0.26	$ 0.28
Earnings per share - diluted (in Dollars per share)	$ 0.26	$ 0.28

STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM (Details) - USD ($)			3 Months Ended		12 Months Ended
	Dec. 08, 2022	Aug. 25, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2022	Sep. 30, 2021	Sep. 30, 2023
STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM (Details) [Line Items]
Equity compensation shares		547,400
Shares of restricted stock			293,200		293,200
Stock option compensation expense (in Dollars)			$ 63,000	$ 69,000
Stock award compensation expense (in Dollars)			98,000	111,000
Unvested stock options and stock awards (in Dollars)			$ 2,400,000
Percentage of repurchase additional	5.00%
Average price (in Dollars per share)	$ 11.51
Stock repurchase program shares	120,062		217,084
Authorized shares			337,146
Treasury stock shares			442,873				423,641
ESOP purchase of shares						312,800
Common stock (in Dollars)						$ 3,400,000
Average cost per share (in Dollars per share)						$ 10.77
Variable interest rate						3.25%
Principal and interest payable term						30 years
Shares allocated to participants							170,335
Shares unallocated to participants							290,313
Aggregate fair value (in Dollars)							$ 3,300,000
Contribution expense (in Dollars)			$ 50,000	$ 41,000
Common Stock [Member]
STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM (Details) [Line Items]
Average price (in Dollars per share)	$ 337,146
Restricted Stock [Member]
STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM (Details) [Line Items]
Shares of restricted stock			124,320		156,400

STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM (Details) - Schedule of Stock Option Activity	3 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Schedule of Stock Option Activity [Abstract]
Number of Stock Options, beginning balance \| shares	293,200
Weighted Average Exercise Price, beginning balance \| $ / shares	$ 12.58
Weighted Average Remaining Contractual Life, beginning balance	8 years 11 months 23 days
Aggregate Intrinsic Value, beginning balance \| $
Number of Stock Options, Granted \| shares
Weighted Average Exercise Price, Granted \| $ / shares
Weighted Average Remaining Contractual Life, Granted
Aggregate Intrinsic Value, Granted \| $
Number of Stock Options, Exercised \| shares
Weighted Average Exercise Price, Exercised \| $ / shares
Aggregate Intrinsic Value, Exercised \| $
Weighted Average Remaining Contractual Life, Exercised
Number of Stock Options, Forfeited \| shares
Weighted Average Exercise Price, Forfeited \| $ / shares
Aggregate Intrinsic Value, Forfeited \| $
Weighted Average Remaining Contractual Life, Forfeited
Number of Stock Options, Expired \| shares
Weighted Average Exercise Price, Expired \| $ / shares
Aggregate Intrinsic Value, Expired \| $
Weighted Average Remaining Contractual Life, Expired
Number of Stock Options, ending Balance \| shares	293,200
Weighted Average Exercise Price, ending Balance \| $ / shares	$ 12.58
Weighted Average Remaining Contractual Life, ending Balance	8 years 8 months 23 days
Aggregate Intrinsic Value, ending Balance \| $
Aggregate Intrinsic Value, Exercisable \| $
Number of Stock Options, Exercisable \| shares	58,640
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 12.58
Weighted Average Remaining Contractual Life, Exercisable	8 years 8 months 23 days

STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM (Details) - Schedule of Non-vested Restricted Shares	3 Months Ended
	Dec. 31, 2023 $ / shares shares
Schedule of Non Vested Restricted Shares [Abstract]
Number of stock awards beginning balance \| shares	124,320
Weighted average grant date fair value beginning balance \| $ / shares	$ 12.63
Number of stock awards granted \| shares
Weighted average grant date fair value granted \| $ / shares
Number of stock awards vested \| shares
Weighted average grant date fair value vested \| $ / shares
Number of stock awards forfeited \| shares
Weighted average grant date fair value forfeited \| $ / shares
Number of stock awards ending balance \| shares	124,320
Weighted average grant date fair value ending balance \| $ / shares	$ 12.63

OTHER COMPREHENSIVE INCOME (LOSS) (Details)	3 Months Ended
OTHER COMPREHENSIVE INCOME (LOSS) (Details)	Dec. 31, 2023
Other Comprehensive Income (Loss) [Abstract]
Percentage of income tax rate	25.00%

OTHER COMPREHENSIVE INCOME (LOSS) (Details) - Schedule of Components of Other Comprehensive Income (Loss) and the Related Income Tax Effects - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Unrealized holding gain (loss) arising during period on:
Available-for-sale investments, Before Tax Amount	$ 584	$ 206
Available-for-sale investments, Tax (Benefit) Expense	(144)	(50)
Available-for-sale investments, Net of Tax Amount	440	156
Other comprehensive income (loss), net Before Tax Amount	584	206
Other comprehensive income (loss), net Tax (Benefit) Expense	(144)	(50)
Other comprehensive income (loss), net of Tax Amount	$ 440	$ 156

FAIR VALUE DISCLOSURES (Details) - Schedule of Assets Measured At Fair Value on a Recurring Basis - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Obligations of U.S. government agencies:
Total securities available for sale	$ 12,273	$ 10,125
Derivative assets	1,961	2,579
Total assets	14,234	12,704
Liabilities:
Derivative liabilities	1,961	2,579
Total Liabilities	1,961	2,579
Obligations of U.S. government enterprises Mortgage-backed securities [Member]
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	95	92
Obligations of U.S. government-sponsored enterprises Mortgage-backed securities-residential [Member]
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	12,178	10,033
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Recurring [Member]
Obligations of U.S. government agencies:
Total securities available for sale
Derivative assets
Total assets
Liabilities:
Derivative liabilities
Total Liabilities
Fair Value, Inputs, Level 1 [Member] \| Obligations of U.S. government enterprises Mortgage-backed securities [Member] \| Fair Value, Recurring [Member]
Obligations of U.S. government agencies:
Mortgage-backed securities - residential
Fair Value, Inputs, Level 1 [Member] \| Obligations of U.S. government-sponsored enterprises Mortgage-backed securities-residential [Member] \| Fair Value, Recurring [Member]
Obligations of U.S. government agencies:
Mortgage-backed securities - residential
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Recurring [Member]
Obligations of U.S. government agencies:
Total securities available for sale	12,273	10,125
Derivative assets	1,961	2,579
Total assets	14,234	12,704
Liabilities:
Derivative liabilities	1,961	2,579
Total Liabilities	1,961	2,579
Fair Value, Inputs, Level 2 [Member] \| Obligations of U.S. government enterprises Mortgage-backed securities [Member] \| Fair Value, Recurring [Member]
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	95	92
Fair Value, Inputs, Level 2 [Member] \| Obligations of U.S. government-sponsored enterprises Mortgage-backed securities-residential [Member] \| Fair Value, Recurring [Member]
Obligations of U.S. government agencies:
Mortgage-backed securities - residential	12,178	10,033
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Recurring [Member]
Obligations of U.S. government agencies:
Total securities available for sale
Derivative assets
Total assets
Liabilities:
Derivative liabilities
Total Liabilities
Fair Value, Inputs, Level 3 [Member] \| Obligations of U.S. government enterprises Mortgage-backed securities [Member] \| Fair Value, Recurring [Member]
Obligations of U.S. government agencies:
Mortgage-backed securities - residential
Fair Value, Inputs, Level 3 [Member] \| Obligations of U.S. government-sponsored enterprises Mortgage-backed securities-residential [Member] \| Fair Value, Recurring [Member]
Obligations of U.S. government agencies:
Mortgage-backed securities - residential

FAIR VALUE DISCLOSURES (Details) - Schedule of Assets Measured At Fair Value on a Non-Recurring Basis - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
FAIR VALUE DISCLOSURES (Details) - Schedule of Assets Measured At Fair Value on a Non-Recurring Basis [Line Items]
Assets measured at fair value	$ 777	$ 777
Collateral dependent loans [Member]
FAIR VALUE DISCLOSURES (Details) - Schedule of Assets Measured At Fair Value on a Non-Recurring Basis [Line Items]
Assets measured at fair value	777	777
Fair Value, Inputs, Level 1 [Member]
FAIR VALUE DISCLOSURES (Details) - Schedule of Assets Measured At Fair Value on a Non-Recurring Basis [Line Items]
Assets measured at fair value
Fair Value, Inputs, Level 1 [Member] \| Collateral dependent loans [Member]
FAIR VALUE DISCLOSURES (Details) - Schedule of Assets Measured At Fair Value on a Non-Recurring Basis [Line Items]
Assets measured at fair value
Fair Value, Inputs, Level 2 [Member]
FAIR VALUE DISCLOSURES (Details) - Schedule of Assets Measured At Fair Value on a Non-Recurring Basis [Line Items]
Assets measured at fair value
Fair Value, Inputs, Level 2 [Member] \| Collateral dependent loans [Member]
FAIR VALUE DISCLOSURES (Details) - Schedule of Assets Measured At Fair Value on a Non-Recurring Basis [Line Items]
Assets measured at fair value
Fair Value, Inputs, Level 3 [Member]
FAIR VALUE DISCLOSURES (Details) - Schedule of Assets Measured At Fair Value on a Non-Recurring Basis [Line Items]
Assets measured at fair value	777	777
Fair Value, Inputs, Level 3 [Member] \| Collateral dependent loans [Member]
FAIR VALUE DISCLOSURES (Details) - Schedule of Assets Measured At Fair Value on a Non-Recurring Basis [Line Items]
Assets measured at fair value	$ 777	$ 777

FAIR VALUE DISCLOSURES (Details) - Schedule of Quantitative Information about Assets Measured At Fair Value on a Nonrecurring Basis for Which Level 3 Inputs Were Used To Determine Fair Value - Impaired Loans [Member] - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2023

Sep. 30, 2023

Fair Value Estimate

$ 777

Valuation Techniques

^[1]

Appraisal of collateral (1)

Unobservable Input

^[2]

Appraisal adjustments (2)

Range (Weighted Average)

-50% to -8.0% (-12.0%)

-50% to -8.0% (-19.4%)

[1]	Fair value is generally determined through independent appraisals for the underlying collateral, which generally include various level 3 inputs which are not identifiable.
[2]	Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.

FAIR VALUE DISCLOSURES (Details) - Schedule of the Carrying Amount, Fair Value, and Placement in the Fair Value Hierarchy of Financial Instruments Carried At Cost or Amortized Cost - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Fair Value, Inputs, Level 1 [Member]
Financial instruments - assets
Investment securities held-to-maturity
Loans
Financial instruments - liabilities
Certificates of deposit
Borrowings
Fair Value, Inputs, Level 2 [Member]
Financial instruments - assets
Investment securities held-to-maturity	75,508	73,728
Loans
Financial instruments - liabilities
Certificates of deposit	110,530	101,216
Borrowings	27,930	28,177
Fair Value, Inputs, Level 3 [Member]
Financial instruments - assets
Investment securities held-to-maturity
Loans	703,158	664,331
Financial instruments - liabilities
Certificates of deposit
Borrowings
Reported Value Measurement [Member]
Financial instruments - assets
Investment securities held-to-maturity	84,333	85,835
Loans	728,560	689,070
Financial instruments - liabilities
Certificates of deposit	112,463	104,668
Borrowings	28,796	29,515
Estimate of Fair Value Measurement [Member]
Financial instruments - assets
Investment securities held-to-maturity	75,508	73,728
Loans	703,158	664,331
Financial instruments - liabilities
Certificates of deposit	110,530	101,216
Borrowings	$ 27,930	$ 28,177

INVESTMENT SECURITIES (Details) $ in Millions	Dec. 31, 2023 USD ($)
Investment Securities [Abstract]
Investment Securities fair value	$ 12.2

INVESTMENT SECURITIES (Details) - Schedule of Amortized Cost and Fair Values of Securities Held to Maturity - Securities [Member] - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Available-For-Sale, Amortized Cost	$ 13,654	$ 12,090
Securities Available-For-Sale, Gross Unrealized Gains	39
Securities Available-For-Sale, Gross Unrealized Losses	(1,420)	(1,965)
Securities Available-For-Sale, Fair Value	12,273	10,125
Securities Held-To-Maturity, Amortized Cost	84,333	85,835
Securities Held-To-Maturity, Gross Unrealized Gains	11
Securities Held-To-Maturity, Gross Unrealized Losses	(8,836)	(12,107)
Securities Held-To-Maturity, Fair Value	75,508	73,728
Available-for-Sale Securities [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Total investment securities, Amortized Cost	97,987	97,925
Total investment securities, Gross Unrealized Gains	50
Total investment securities, Gross Unrealized Losses	(10,256)	(14,072)
Total investment securities, Fair Value	87,781	83,853
Mortgage backed securities - residential [Member] \| Obligations of U.S. government agencies [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Available-For-Sale, Amortized Cost	103	106
Securities Available-For-Sale, Gross Unrealized Gains
Securities Available-For-Sale, Gross Unrealized Losses	(8)	(14)
Securities Available-For-Sale, Fair Value	95	92
Securities Held-To-Maturity, Amortized Cost	4,986	5,070
Securities Held-To-Maturity, Gross Unrealized Gains
Securities Held-To-Maturity, Gross Unrealized Losses	(677)	(850)
Securities Held-To-Maturity, Fair Value	4,309	4,220
Mortgage backed securities - residential [Member] \| Obligations of U.S. government-sponsored enterprises [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Available-For-Sale, Amortized Cost	13,551
Securities Available-For-Sale, Gross Unrealized Gains	39
Securities Available-For-Sale, Gross Unrealized Losses	(1,412)
Securities Available-For-Sale, Fair Value	12,178
Securities Held-To-Maturity, Amortized Cost	47,199	48,086
Securities Held-To-Maturity, Gross Unrealized Gains
Securities Held-To-Maturity, Gross Unrealized Losses	(6,229)	(8,480)
Securities Held-To-Maturity, Fair Value	40,970	39,606
Mortgage backed securities - residential [Member] \| Obligations of U.S. government-sponsored enterprises [Member] \| Available-for-Sale Securities [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Available-For-Sale, Amortized Cost		11,984
Securities Available-For-Sale, Gross Unrealized Gains
Securities Available-For-Sale, Gross Unrealized Losses		(1,951)
Securities Available-For-Sale, Fair Value		10,033
Mortgage-backed securities - commercial [Member] \| Obligations of U.S. government agencies [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Amortized Cost	2,484	2,509
Securities Held-To-Maturity, Gross Unrealized Gains
Securities Held-To-Maturity, Gross Unrealized Losses	(22)	(16)
Securities Held-To-Maturity, Fair Value	2,462	2,493
Obligations of U.S. government-sponsored enterprises [Member] \| Securities [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Amortized Cost	22,999	23,497
Securities Held-To-Maturity, Gross Unrealized Gains	6
Securities Held-To-Maturity, Gross Unrealized Losses	(1,378)	(1,947)
Securities Held-To-Maturity, Fair Value	21,627	21,550
Private label mortgage-backed securities-residential [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Amortized Cost	203	207
Securities Held-To-Maturity, Gross Unrealized Gains
Securities Held-To-Maturity, Gross Unrealized Losses	(10)	(12)
Securities Held-To-Maturity, Fair Value	193	195
Obligations of state and political subdivisions [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Amortized Cost	3,462	3,466
Securities Held-To-Maturity, Gross Unrealized Gains	5
Securities Held-To-Maturity, Gross Unrealized Losses	(324)	(605)
Securities Held-To-Maturity, Fair Value	3,143	2,861
Corporate securities [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Amortized Cost	3,000	3,000
Securities Held-To-Maturity, Gross Unrealized Gains
Securities Held-To-Maturity, Gross Unrealized Losses	(196)	(197)
Securities Held-To-Maturity, Fair Value	2,804	$ 2,803
Standard & Poor's, AAA/AA/A Rating [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating	81,130
Standard & Poor's, AAA/AA/A Rating [Member] \| Mortgage backed securities - residential [Member] \| Obligations of U.S. government agencies [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating	4,986
Standard & Poor's, AAA/AA/A Rating [Member] \| Mortgage backed securities - residential [Member] \| Obligations of U.S. government-sponsored enterprises [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating	47,199
Standard & Poor's, AAA/AA/A Rating [Member] \| Mortgage-backed securities - commercial [Member] \| Obligations of U.S. government agencies [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating	2,484
Standard & Poor's, AAA/AA/A Rating [Member] \| Obligations of U.S. government-sponsored enterprises [Member] \| Securities [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating	22,999
Standard & Poor's, AAA/AA/A Rating [Member] \| Private label mortgage-backed securities-residential [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating
Standard & Poor's, AAA/AA/A Rating [Member] \| Obligations of state and political subdivisions [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating	3,462
Standard & Poor's, AAA/AA/A Rating [Member] \| Corporate securities [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating
Standard & Poor's, BBB/BB/B Rating [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating	3,000
Standard & Poor's, BBB/BB/B Rating [Member] \| Mortgage backed securities - residential [Member] \| Obligations of U.S. government agencies [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating
Standard & Poor's, BBB/BB/B Rating [Member] \| Mortgage backed securities - residential [Member] \| Obligations of U.S. government-sponsored enterprises [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating
Standard & Poor's, BBB/BB/B Rating [Member] \| Mortgage-backed securities - commercial [Member] \| Obligations of U.S. government agencies [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating
Standard & Poor's, BBB/BB/B Rating [Member] \| Obligations of U.S. government-sponsored enterprises [Member] \| Securities [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating
Standard & Poor's, BBB/BB/B Rating [Member] \| Private label mortgage-backed securities-residential [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating
Standard & Poor's, BBB/BB/B Rating [Member] \| Obligations of state and political subdivisions [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating
Standard & Poor's, BBB/BB/B Rating [Member] \| Corporate securities [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating	3,000
Non-rated [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating	203
Non-rated [Member] \| Mortgage backed securities - residential [Member] \| Obligations of U.S. government agencies [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating
Non-rated [Member] \| Mortgage backed securities - residential [Member] \| Obligations of U.S. government-sponsored enterprises [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating
Non-rated [Member] \| Mortgage-backed securities - commercial [Member] \| Obligations of U.S. government agencies [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating
Non-rated [Member] \| Obligations of U.S. government-sponsored enterprises [Member] \| Securities [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating
Non-rated [Member] \| Private label mortgage-backed securities-residential [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating	203
Non-rated [Member] \| Obligations of state and political subdivisions [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating
Non-rated [Member] \| Corporate securities [Member]
Schedule of Amortized Cost and Fair Values of Securities [Line Items]
Securities Held-To-Maturity, Credit Rating

INVESTMENT SECURITIES (Details) - Schedule of Maturities Debt Securities and Mortgage Backed Securities Held to Maturity - Mortgage-backed securities held-to-maturity [Member] $ in Thousands	Dec. 31, 2023 USD ($)
Amortized Cost [Member]
Schedule of Maturities Debt Securities and Mortgage Backed Securities Held to Maturity [Line Items]
Due within 1 year	$ 4,000
Due after 1 but within 5 years	20,526
Due after 5 but within 10 years	4,935
Due after 10 years
Total debt securities	29,461
Fair Value [Member]
Schedule of Maturities Debt Securities and Mortgage Backed Securities Held to Maturity [Line Items]
Due within 1 year	3,966
Due after 1 but within 5 years	19,315
Due after 5 but within 10 years	4,293
Due after 10 years
Total debt securities	27,574
Mortgage backed securities [Member] \| Amortized Cost [Member]
Mortgage backed securities:
Mortgage backed securities	97,987
Mortgage backed securities [Member] \| Fair Value [Member]
Mortgage backed securities:
Mortgage backed securities	87,781
Residential [Member] \| Mortgage backed securities [Member] \| Amortized Cost [Member]
Mortgage backed securities:
Mortgage backed securities	66,042
Residential [Member] \| Mortgage backed securities [Member] \| Fair Value [Member]
Mortgage backed securities:
Mortgage backed securities	57,745
Commercial [Member] \| Mortgage backed securities [Member] \| Amortized Cost [Member]
Mortgage backed securities:
Mortgage backed securities	2,484
Commercial [Member] \| Mortgage backed securities [Member] \| Fair Value [Member]
Mortgage backed securities:
Mortgage backed securities	$ 2,462

CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value	$ 9,903	$ 83,637
Unrealized losses	(1,420)	(14,072)
Mortgage-backed securities - residential [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value	95	4,312
Unrealized losses	(8)	(864)
Mortgage-backed securities - residential [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value	9,808
Unrealized losses	(1,412)
Mortgage-backed securities - commercial [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value		2,493
Unrealized losses		(16)
Mortgage-backed securities - residential [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value		49,423
Unrealized losses		(10,431)
Debt securities [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value		21,550
Unrealized losses		(1,947)
Private label mortgage-backed securities residential [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value		195
Unrealized losses		(12)
Obligations of state and political subdivisions [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value		2,861
Unrealized losses		(605)
Corporate securities [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value		2,803
Unrealized losses		(197)
Less Than 12 Months [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value	1,879	7,653
Unrealized losses	(9)	(106)
Less Than 12 Months [Member] \| Mortgage-backed securities - residential [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value
Unrealized losses
Less Than 12 Months [Member] \| Mortgage-backed securities - residential [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value	1,879
Unrealized losses	(9)
Less Than 12 Months [Member] \| Mortgage-backed securities - commercial [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value		1,926
Unrealized losses		(14)
Less Than 12 Months [Member] \| Mortgage-backed securities - residential [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value		4,938
Unrealized losses		(49)
Less Than 12 Months [Member] \| Debt securities [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value
Unrealized losses
Less Than 12 Months [Member] \| Private label mortgage-backed securities residential [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value
Unrealized losses
Less Than 12 Months [Member] \| Obligations of state and political subdivisions [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value		789
Unrealized losses		(43)
Less Than 12 Months [Member] \| Corporate securities [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value
Unrealized losses
12 Months Or Greater [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value	8,024	75,984
Unrealized losses	(1,411)	(13,966)
12 Months Or Greater [Member] \| Mortgage-backed securities - residential [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value	95	4,312
Unrealized losses	(8)	(864)
12 Months Or Greater [Member] \| Mortgage-backed securities - residential [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value	7,929
Unrealized losses	$ (1,403)
12 Months Or Greater [Member] \| Mortgage-backed securities - commercial [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value		567
Unrealized losses		(2)
12 Months Or Greater [Member] \| Mortgage-backed securities - residential [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value		44,485
Unrealized losses		(10,382)
12 Months Or Greater [Member] \| Debt securities [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value		21,550
Unrealized losses		(1,947)
12 Months Or Greater [Member] \| Private label mortgage-backed securities residential [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value		195
Unrealized losses		(12)
12 Months Or Greater [Member] \| Obligations of state and political subdivisions [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value		2,072
Unrealized losses		(562)
12 Months Or Greater [Member] \| Corporate securities [Member]
CREDIT LOSSES ON INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) - Schedule of Fair Values Less than their Amortized Cost Contain Unrealized Losses [Line Items]
Fair value		2,803
Unrealized losses		$ (197)

Loans Receivable, Net and Related Allowance for Credit Losses (Details)	3 Months Ended
	Dec. 31, 2023
Loans Receivable, Net [Abstract]
Commercial relationships, description	Generally, the external consultant reviews commercial relationships greater than $500,000 and/or criticized relationships greater than $250,000.

Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Loans Receivable - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Schedule of Loans Receivable [Line Items]
Total loans receivable	$ 729,494	$ 698,206
Net deferred loan costs	(934)	(806)
Total loans receivable, net	728,560	697,400
One-to four-family residential [Member]
Schedule of Loans Receivable [Line Items]
One-to-four family residential	234,156	237,683
Total loans receivable		237,683
Commercial real estate [Member]
Schedule of Loans Receivable [Line Items]
Commercial real estate	407,346	389,134
Total loans receivable		389,134
Construction [Member]
Schedule of Loans Receivable [Line Items]
Construction and land	34,641	21,853
Total loans receivable		21,853
Home equity lines of credit [Member]
Schedule of Loans Receivable [Line Items]
Home equity loans and lines of credit	24,069	16,983
Total loans receivable		16,983
Commercial business [Member]
Schedule of Loans Receivable [Line Items]
Commercial business	27,043	30,194
Total loans receivable		30,194
Other [Member]
Schedule of Loans Receivable [Line Items]
Other	$ 2,239	2,359
Total loans receivable		$ 2,359

Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Loan Portfolio $ in Thousands	3 Months Ended
	Dec. 31, 2023 USD ($)
One-to-Four Family Residential [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024	$ 7,180
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023	43,224
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022	33,060
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021	27,899
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020	31,288
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior	91,505
Revolving Loans, Amortized Cost Basis
Revolving Loans, Converted to Term
Revolving Loans, Total	234,156
Commercial Real Estate [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024	18,235
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023	82,558
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022	70,448
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021	66,529
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020	30,007
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior	131,656
Revolving Loans, Amortized Cost Basis	6,373
Revolving Loans, Converted to Term	1,540
Revolving Loans, Total	407,346
Commercial Real Estate [Member] \| Pass [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024	18,235
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023	82,558
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022	68,224
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021	66,529
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020	30,007
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior	131,540
Revolving Loans, Amortized Cost Basis	6,373
Revolving Loans, Converted to Term	1,540
Revolving Loans, Total	405,006
Commercial Real Estate [Member] \| Special Mention [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior	116
Revolving Loans, Amortized Cost Basis
Revolving Loans, Converted to Term
Revolving Loans, Total	116
Commercial Real Estate [Member] \| Substandard [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022	2,224
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior
Revolving Loans, Amortized Cost Basis
Revolving Loans, Converted to Term
Revolving Loans, Total	2,224
Commercial Real Estate [Member] \| Doubtful [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior
Revolving Loans, Amortized Cost Basis
Revolving Loans, Converted to Term
Revolving Loans, Total
Construction And Land [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024	10,368
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023	12,297
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022	2,351
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020	1,761
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior	7,139
Revolving Loans, Amortized Cost Basis	725
Revolving Loans, Converted to Term
Revolving Loans, Total	34,641
Construction And Land [Member] \| Pass [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024	10,368
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023	12,297
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022	2,351
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020	1,761
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior	4,665
Revolving Loans, Amortized Cost Basis	725
Revolving Loans, Converted to Term
Revolving Loans, Total	32,167
Construction And Land [Member] \| Special Mention [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior
Revolving Loans, Amortized Cost Basis
Revolving Loans, Converted to Term
Revolving Loans, Total
Construction And Land [Member] \| Substandard [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior	2,474
Revolving Loans, Amortized Cost Basis
Revolving Loans, Converted to Term
Revolving Loans, Total	2,474
Construction And Land [Member] \| Doubtful [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior
Revolving Loans, Amortized Cost Basis
Revolving Loans, Converted to Term
Revolving Loans, Total
Home Equity Loan [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024	724
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023	1,678
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022	1,657
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021	342
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020	277
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior	1,438
Revolving Loans, Amortized Cost Basis	17,953
Revolving Loans, Converted to Term
Revolving Loans, Total	24,069
Commercial Business [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024	1,030
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023	542
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022	2,685
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021	2,047
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020	946
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior	3,390
Revolving Loans, Amortized Cost Basis	16,403
Revolving Loans, Converted to Term
Revolving Loans, Total	27,043
Commercial Business [Member] \| Pass [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024	1,030
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023	542
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022	2,685
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021	2,047
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020	946
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior	3,390
Revolving Loans, Amortized Cost Basis	16,403
Revolving Loans, Converted to Term
Revolving Loans, Total	27,043
Commercial Business [Member] \| Special Mention [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior
Revolving Loans, Amortized Cost Basis
Revolving Loans, Converted to Term
Revolving Loans, Total
Commercial Business [Member] \| Substandard [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior
Revolving Loans, Amortized Cost Basis
Revolving Loans, Converted to Term
Revolving Loans, Total
Commercial Business [Member] \| Doubtful [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior
Revolving Loans, Amortized Cost Basis
Revolving Loans, Converted to Term
Revolving Loans, Total
Other [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022	65
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021	1
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020	13
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior	1,793
Revolving Loans, Amortized Cost Basis	367
Revolving Loans, Converted to Term
Revolving Loans, Total	2,239
Performing Financial Instruments [Member] \| One-to-Four Family Residential [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024	7,180
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023	43,224
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022	33,060
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021	27,899
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020	31,288
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior	91,353
Revolving Loans, Amortized Cost Basis
Revolving Loans, Converted to Term
Revolving Loans, Total	234,004
Performing Financial Instruments [Member] \| Home Equity Loan [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024	724
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023	1,678
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022	1,657
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021	342
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020	277
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior	1,438
Revolving Loans, Amortized Cost Basis	17,953
Revolving Loans, Converted to Term
Revolving Loans, Total	24,069
Performing Financial Instruments [Member] \| Other [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022	65
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021	1
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020	13
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior	1,793
Revolving Loans, Amortized Cost Basis	367
Revolving Loans, Converted to Term
Revolving Loans, Total	2,239
Nonperforming Financial Instruments [Member] \| One-to-Four Family Residential [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior	152
Revolving Loans, Amortized Cost Basis
Revolving Loans, Converted to Term
Revolving Loans, Total	152
Nonperforming Financial Instruments [Member] \| Home Equity Loan [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior
Revolving Loans, Amortized Cost Basis
Revolving Loans, Converted to Term
Revolving Loans, Total
Nonperforming Financial Instruments [Member] \| Other [Member]
One-to-four family residential
Term Loans Amortized Cost Basis by Origination Fiscal Year 2024
Term Loans Amortized Cost Basis by Origination Fiscal Year 2023
Term Loans Amortized Cost Basis by Origination Fiscal Year 2022
Term Loans Amortized Cost Basis by Origination Fiscal Year 2021
Term Loans Amortized Cost Basis by Origination Fiscal Year 2020
Term Loans Amortized Cost Basis by Origination Fiscal Year Prior
Revolving Loans, Amortized Cost Basis
Revolving Loans, Converted to Term
Revolving Loans, Total
Revolving Credit Facility [Member] \| One-to-Four Family Residential [Member]
One-to-four family residential
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Revolving Credit Facility [Member] \| Commercial Real Estate [Member]
One-to-four family residential
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Revolving Credit Facility [Member] \| Construction And Land [Member]
One-to-four family residential
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Revolving Credit Facility [Member] \| Home Equity Loan [Member]
One-to-four family residential
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Revolving Credit Facility [Member] \| Commercial Business [Member]
One-to-four family residential
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Revolving Credit Facility [Member] \| Other [Member]
One-to-four family residential
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs
Current period gross charge-offs

Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Bank’s Internal Risk Rating System - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross	$ 729,494	$ 698,206
Pass [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross		692,585
Special Mention [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross		116
Substandard [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross		5,505
Doubtful [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross
One-to four-family residential [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross		237,683
One-to four-family residential [Member] \| Pass [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross		236,876
One-to four-family residential [Member] \| Special Mention [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross
One-to four-family residential [Member] \| Substandard [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross		807
One-to four-family residential [Member] \| Doubtful [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross
Commercial real estate [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross		389,134
Commercial real estate [Member] \| Pass [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross		386,794
Commercial real estate [Member] \| Special Mention [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross		116
Commercial real estate [Member] \| Substandard [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross		2,224
Commercial real estate [Member] \| Doubtful [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross
Construction [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross		21,853
Construction [Member] \| Pass [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross		19,379
Construction [Member] \| Special Mention [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross
Construction [Member] \| Substandard [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross		2,474
Construction [Member] \| Doubtful [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross
Home equity lines of credit [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross		16,983
Home equity lines of credit [Member] \| Pass [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross		16,983
Home equity lines of credit [Member] \| Special Mention [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross
Home equity lines of credit [Member] \| Substandard [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross
Home equity lines of credit [Member] \| Doubtful [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross
Commercial business [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross		30,194
Commercial business [Member] \| Pass [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross		30,194
Commercial business [Member] \| Special Mention [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross
Commercial business [Member] \| Substandard [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross
Commercial business [Member] \| Doubtful [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross
Other [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross		2,359
Other [Member] \| Pass [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross		2,359
Other [Member] \| Special Mention [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross
Other [Member] \| Substandard [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross
Other [Member] \| Doubtful [Member]
Schedule of Bank’s Internal Risk Rating System [Line Items]
Loans and Leases Receivable, Gross

Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of the Loan Portfolio by Analyzing the Age - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Financing Receivable, Past Due [Line Items]
Current	$ 721,904	$ 692,291
Total Loans	729,494	698,206
30-59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due	2,385	147
60-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due	354	684
90 Days + Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due	4,851	5,084
One-to-Four Family Residential [Member]
Financing Receivable, Past Due [Line Items]
Current	232,710	236,729
Total Loans	234,156	237,683
One-to-Four Family Residential [Member] \| 30-59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due	1,056
One-to-Four Family Residential [Member] \| 60-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due	238	568
One-to-Four Family Residential [Member] \| 90 Days + Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due	152	386
Commercial Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Current	404,315	386,794
Total Loans	407,346	389,134
Commercial Real Estate [Member] \| 30-59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due	690
Commercial Real Estate [Member] \| 60-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due	116	116
Commercial Real Estate [Member] \| 90 Days + Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due	2,225	2,224
Construction [Member]
Financing Receivable, Past Due [Line Items]
Current	32,167	19,379
Total Loans	34,641	21,853
Construction [Member] \| 30-59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due
Construction [Member] \| 60-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due
Construction [Member] \| 90 Days + Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due	2,474	2,474
Home equity lines of credit [Member]
Financing Receivable, Past Due [Line Items]
Current	24,069
Total Loans	24,069
Home equity lines of credit [Member] \| 30-59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due
Home equity lines of credit [Member] \| 60-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due
Home equity lines of credit [Member] \| 90 Days + Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due
Commercial business [Member]
Financing Receivable, Past Due [Line Items]
Current	26,404	30,047
Total Loans	27,043	30,194
Commercial business [Member] \| 30-59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due	639	147
Commercial business [Member] \| 60-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due
Commercial business [Member] \| 90 Days + Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due
Other [Member]
Financing Receivable, Past Due [Line Items]
Current	2,239	2,359
Total Loans	2,239	2,359
Other [Member] \| 30-59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due
Other [Member] \| 60-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due
Other [Member] \| 90 Days + Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due
Home equity lines of credit [Member]
Financing Receivable, Past Due [Line Items]
Current		16,983
Total Loans		16,983
Home equity lines of credit [Member] \| 30-59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due
Home equity lines of credit [Member] \| 60-89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due
Home equity lines of credit [Member] \| 90 Days + Past Due [Member]
Financing Receivable, Past Due [Line Items]
Past Due

Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Non-Accrual Loans Related Allowance for Credit Loss by Loan - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Non-Accrual [Member]
Financing Receivable, Nonaccrual [Line Items]
Total	$ 4,851	$ 5,084
Allowance for Credit Loss [Member]
Financing Receivable, Nonaccrual [Line Items]
Total
Specific Reserve [Member]
Financing Receivable, Nonaccrual [Line Items]
Total
One-to-Four Family Residential [Member] \| Non-Accrual [Member]
Financing Receivable, Nonaccrual [Line Items]
One-to four-family residential	152	386
One-to-Four Family Residential [Member] \| Allowance for Credit Loss [Member]
Financing Receivable, Nonaccrual [Line Items]
One-to four-family residential
One-to-Four Family Residential [Member] \| Specific Reserve [Member]
Financing Receivable, Nonaccrual [Line Items]
One-to four-family residential
Commercial Real Estate [Member] \| Non-Accrual [Member]
Financing Receivable, Nonaccrual [Line Items]
Commercial real estate	2,225	2,224
Commercial Real Estate [Member] \| Allowance for Credit Loss [Member]
Financing Receivable, Nonaccrual [Line Items]
Commercial real estate
Commercial Real Estate [Member] \| Specific Reserve [Member]
Financing Receivable, Nonaccrual [Line Items]
Commercial real estate
Construction Loans [Member] \| Non-Accrual [Member]
Financing Receivable, Nonaccrual [Line Items]
Construction and land	2,474	2,474
Construction Loans [Member] \| Allowance for Credit Loss [Member]
Financing Receivable, Nonaccrual [Line Items]
Construction and land
Construction Loans [Member] \| Specific Reserve [Member]
Financing Receivable, Nonaccrual [Line Items]
Construction and land
Home Equity Loan [Member] \| Non-Accrual [Member]
Financing Receivable, Nonaccrual [Line Items]
Home equity lines of credit
Home loans and lines of credit
Home Equity Loan [Member] \| Allowance for Credit Loss [Member]
Financing Receivable, Nonaccrual [Line Items]
Home loans and lines of credit
Home Equity Loan [Member] \| Specific Reserve [Member]
Financing Receivable, Nonaccrual [Line Items]
Home equity lines of credit
Commercial Loan [Member] \| Non-Accrual [Member]
Financing Receivable, Nonaccrual [Line Items]
Commercial business
Commercial Loan [Member] \| Allowance for Credit Loss [Member]
Financing Receivable, Nonaccrual [Line Items]
Commercial business
Commercial Loan [Member] \| Specific Reserve [Member]
Financing Receivable, Nonaccrual [Line Items]
Commercial business
Other [Member] \| Non-Accrual [Member]
Financing Receivable, Nonaccrual [Line Items]
Other
Other [Member] \| Specific Reserve [Member]
Financing Receivable, Nonaccrual [Line Items]
Other

Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Non-Performing,Collateral Dependent Loans $ in Thousands	3 Months Ended
	Dec. 31, 2023 USD ($)
Schedule Of Non Performing Collateral Dependent Loans Abstract
One- to four-family residential	$ 152
Commercial real estate	2,225
Land	2,474
Total	$ 4,851

Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Impaired Loans $ in Thousands	Sep. 30, 2023 USD ($)
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Recorded Investment Impaired Loans with Specific Allowance
Related Allowance Impaired Loans with Specific Allowance
Recorded Investment Impaired Loans with No Specific Allowance	7,621
Total Impaired Loans Recorded Investment	7,621
Total Impaired Loans Unpaid Principal Balance	7,686
One-to four-family residential [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Recorded Investment Impaired Loans with Specific Allowance
Related Allowance Impaired Loans with Specific Allowance
Recorded Investment Impaired Loans with No Specific Allowance	2,031
Total Impaired Loans Recorded Investment	2,031
Total Impaired Loans Unpaid Principal Balance	2,031
Commercial Real Estate [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Recorded Investment Impaired Loans with Specific Allowance
Related Allowance Impaired Loans with Specific Allowance
Recorded Investment Impaired Loans with No Specific Allowance	2,969
Total Impaired Loans Recorded Investment	2,969
Total Impaired Loans Unpaid Principal Balance	2,969
Construction [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Recorded Investment Impaired Loans with Specific Allowance
Related Allowance Impaired Loans with Specific Allowance
Recorded Investment Impaired Loans with No Specific Allowance	2,474
Total Impaired Loans Recorded Investment	2,474
Total Impaired Loans Unpaid Principal Balance	2,539
Commercial business [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Recorded Investment Impaired Loans with Specific Allowance
Related Allowance Impaired Loans with Specific Allowance
Recorded Investment Impaired Loans with No Specific Allowance	147
Total Impaired Loans Recorded Investment	147
Total Impaired Loans Unpaid Principal Balance	$ 147

Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Interest Income Recognized on Impaired Loan $ in Thousands	3 Months Ended
	Dec. 31, 2023 USD ($)
Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Interest Income Recognized on Impaired Loan [Line Items]
Impaired loans and interest income	$ 5,754
Interest income recognized on an accrual basis on impaired loans	35
One-To-Four Family Residential [Member]
Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Interest Income Recognized on Impaired Loan [Line Items]
Impaired loans and interest income	1,447
Interest income recognized on an accrual basis on impaired loans	20
Commercial Real Estate [Member]
Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Interest Income Recognized on Impaired Loan [Line Items]
Impaired loans and interest income	1,269
Interest income recognized on an accrual basis on impaired loans	13
Construction [Member]
Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Interest Income Recognized on Impaired Loan [Line Items]
Impaired loans and interest income	2,835
Commercial business [Member]
Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Interest Income Recognized on Impaired Loan [Line Items]
Impaired loans and interest income	203
Interest income recognized on an accrual basis on impaired loans	$ 2

Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Allowance for Loan Losses by Loan Category - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	$ 8,330	$ 8,433
Loans receivable:
Effect of adopting ASU 2016-13	(1,032)
Charge-offs
Recoveries
Provision (credit)	385	317
Balance-Ending balance	7,683	8,750
Allowance for Loan Losses Beginning [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	8,330
Allowance for Loan Losses Impairment [Member]
Loans receivable:
Collectively evaluated for impairment
Allowance for Loan Losses Impairment One [Member]
Loans receivable:
Individually evaluated for impairment			8,330
Loans receivable Beginning [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	698,206
Loans Receivable For impairment [Member]
Loans receivable:
Collectively evaluated for impairment			7,621
Loans Receivable For impairment One [Member]
Loans receivable:
Individually evaluated for impairment			690,585
One-to-Four Family Residential [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	1,259	1,223
Loans receivable:
Effect of adopting ASU 2016-13	7
Charge-offs
Recoveries
Provision (credit)	(75)	12
Balance-Ending balance	1,191	1,235
One-to-Four Family Residential [Member] \| Allowance for Loan Losses Beginning [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	1,259
One-to-Four Family Residential [Member] \| Allowance for Loan Losses Impairment [Member]
Loans receivable:
Collectively evaluated for impairment
One-to-Four Family Residential [Member] \| Allowance for Loan Losses Impairment One [Member]
Loans receivable:
Individually evaluated for impairment			1,259
One-to-Four Family Residential [Member] \| Loans receivable Beginning [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	237,683
One-to-Four Family Residential [Member] \| Loans Receivable For impairment [Member]
Loans receivable:
Collectively evaluated for impairment			2,031
One-to-Four Family Residential [Member] \| Loans Receivable For impairment One [Member]
Loans receivable:
Individually evaluated for impairment			235,652
Commercial Real Estate [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	5,277	4,612
Loans receivable:
Effect of adopting ASU 2016-13	(589)
Charge-offs
Recoveries
Provision (credit)	161	518
Balance-Ending balance	4,849	5,130
Commercial Real Estate [Member] \| Allowance for Loan Losses Beginning [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	5,277
Commercial Real Estate [Member] \| Allowance for Loan Losses Impairment [Member]
Loans receivable:
Collectively evaluated for impairment
Commercial Real Estate [Member] \| Allowance for Loan Losses Impairment One [Member]
Loans receivable:
Individually evaluated for impairment			5,277
Commercial Real Estate [Member] \| Loans receivable Beginning [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	389,134
Commercial Real Estate [Member] \| Loans Receivable For impairment [Member]
Loans receivable:
Collectively evaluated for impairment			2,969
Commercial Real Estate [Member] \| Loans Receivable For impairment One [Member]
Loans receivable:
Individually evaluated for impairment			386,165
Construction [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	472	461
Loans receivable:
Effect of adopting ASU 2016-13	(55)
Charge-offs
Recoveries
Provision (credit)	301	65
Balance-Ending balance	718	526
Construction [Member] \| Allowance for Loan Losses Beginning [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	472
Construction [Member] \| Allowance for Loan Losses Impairment [Member]
Loans receivable:
Collectively evaluated for impairment
Construction [Member] \| Allowance for Loan Losses Impairment One [Member]
Loans receivable:
Individually evaluated for impairment			472
Construction [Member] \| Loans receivable Beginning [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	21,853
Construction [Member] \| Loans Receivable For impairment [Member]
Loans receivable:
Collectively evaluated for impairment			2,474
Construction [Member] \| Loans Receivable For impairment One [Member]
Loans receivable:
Individually evaluated for impairment			19,379
Home Equity Lines of Credit [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	207	263
Loans receivable:
Effect of adopting ASU 2016-13	(87)
Charge-offs
Recoveries
Provision (credit)	(40)	(7)
Balance-Ending balance	80	256
Home Equity Lines of Credit [Member] \| Allowance for Loan Losses Beginning [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	207
Home Equity Lines of Credit [Member] \| Allowance for Loan Losses Impairment [Member]
Loans receivable:
Collectively evaluated for impairment
Home Equity Lines of Credit [Member] \| Allowance for Loan Losses Impairment One [Member]
Loans receivable:
Individually evaluated for impairment			207
Home Equity Lines of Credit [Member] \| Loans receivable Beginning [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	16,983
Home Equity Lines of Credit [Member] \| Loans Receivable For impairment [Member]
Loans receivable:
Collectively evaluated for impairment
Home Equity Lines of Credit [Member] \| Loans Receivable For impairment One [Member]
Loans receivable:
Individually evaluated for impairment			16,983
Commercial Business [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	939	1,484
Loans receivable:
Effect of adopting ASU 2016-13	(133)
Charge-offs
Recoveries
Provision (credit)	39	(109)
Balance-Ending balance	845	1,375
Commercial Business [Member] \| Allowance for Loan Losses Beginning [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	939
Commercial Business [Member] \| Allowance for Loan Losses Impairment [Member]
Loans receivable:
Collectively evaluated for impairment
Commercial Business [Member] \| Allowance for Loan Losses Impairment One [Member]
Loans receivable:
Individually evaluated for impairment			939
Commercial Business [Member] \| Loans receivable Beginning [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	30,194
Commercial Business [Member] \| Loans Receivable For impairment [Member]
Loans receivable:
Collectively evaluated for impairment			147
Commercial Business [Member] \| Loans Receivable For impairment One [Member]
Loans receivable:
Individually evaluated for impairment			30,047
Other [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	2	1
Loans receivable:
Effect of adopting ASU 2016-13	(1)
Charge-offs
Recoveries
Provision (credit)	(1)
Balance-Ending balance		1
Other [Member] \| Allowance for Loan Losses Beginning [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	2
Other [Member] \| Allowance for Loan Losses Impairment [Member]
Loans receivable:
Collectively evaluated for impairment
Other [Member] \| Allowance for Loan Losses Impairment One [Member]
Loans receivable:
Individually evaluated for impairment			2
Other [Member] \| Loans receivable Beginning [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	2,359
Other [Member] \| Loans Receivable For impairment [Member]
Loans receivable:
Collectively evaluated for impairment
Other [Member] \| Loans Receivable For impairment One [Member]
Loans receivable:
Individually evaluated for impairment			2,359
Unallocated [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	174	389
Loans receivable:
Effect of adopting ASU 2016-13	(174)
Charge-offs
Recoveries
Provision (credit)		(162)
Balance-Ending balance		$ 227
Unallocated [Member] \| Allowance for Loan Losses Beginning [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance	174
Unallocated [Member] \| Allowance for Loan Losses Impairment [Member]
Loans receivable:
Collectively evaluated for impairment
Unallocated [Member] \| Allowance for Loan Losses Impairment One [Member]
Loans receivable:
Individually evaluated for impairment			174
Unallocated [Member] \| Loans receivable Beginning [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Balance - Beginning balance
Unallocated [Member] \| Loans Receivable For impairment [Member]
Loans receivable:
Collectively evaluated for impairment
Unallocated [Member] \| Loans Receivable For impairment One [Member]
Loans receivable:
Individually evaluated for impairment

Loans Receivable, Net and Related Allowance for Credit Losses (Details) - Schedule of Troubled Debt Restructuring $ in Thousands	3 Months Ended
	Dec. 31, 2022 USD ($)
Schedule of Troubled Debt Restructuring [Line Items]
Number of Loans	1
Investment Before TDR Modification	$ 97
Investment After TDR Modification	$ 107
One-to four-family residential [Member]
Schedule of Troubled Debt Restructuring [Line Items]
Number of Loans	1
Investment Before TDR Modification	$ 97
Investment After TDR Modification	$ 107

DEPOSITS (Details) - USD ($)	Dec. 31, 2023	Sep. 30, 2023
Deposits [Line Items]
Brokered certificates of deposit	$ 15,500,000	$ 13,800,000
FDIC insurance limit on bank deposit accounts	250,000	250,000
Deposit exceed FDIC insurance limit		429,900,000
Collateralized deposits	120,200,000	109,300,000
Deposits [Member]
Deposits [Line Items]
Brokered certificates of deposit	13,800,000	$ 14,000,000
Deposit [Member]
Deposits [Line Items]
Deposit exceed FDIC insurance limit	$ 456,700,000

DEPOSITS (Details) - Schedule of Deposits by Type of Account - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Schedule of Deposits by Type of Account [Abstract]
Demand accounts	$ 164,453	$ 188,550
Savings accounts	60,008	62,168
NOW accounts	119,738	115,182
Money market accounts	306,886	284,885
Certificates of deposit	100,547	92,725
Retirement accounts	11,916	11,943
Total deposits	$ 763,548	$ 755,453

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Details) - USD ($)	Dec. 31, 2023	Oct. 01, 2023	Sep. 30, 2023
Financial Instruments with Off-Balance-Sheet Risk [Abstract]
Allowance for credit losses		$ 540,000
Off-balance sheet credit losses	$ 637,000		$ 0

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Details) - Schedule of Information Regarding Derivatives - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Customer Interest Rate Swaps [Member]
Classified in Other Assets:
Notional Amount	$ 35,743	$ 36,020
Average Maturity (Years)	3 years 10 months 24 days	4 years 2 months 12 days
Weighted Average Fixed Rate	4.96%	4.96%
Weighted Average Variable Rate	1 Mo. BSBY + 2.44	1 Mo. BSBY + 2.44
Fair Value	$ 1,961	$ 2,579
Classified in Other Assets [Member]
Classified in Other Assets:
Notional Amount	$ 35,743	$ 36,020
Average Maturity (Years)	3 years 10 months 24 days	4 years 2 months 12 days
Weighted Average Fixed Rate	4.96%	4.96%
Fair Value	$ 1,961	$ 2,579
3rd Party Interest Rate swaps [Member]
Classified in Other Assets:
Notional Amount	$ 35,743	$ 36,020
Average Maturity (Years)	3 years 10 months 24 days	4 years 2 months 12 days
Weighted Average Fixed Rate	4.96%	4.96%
Weighted Average Variable Rate	1 Mo. BSBY + 2.44	1 Mo. BSBY + 2.44
Fair Value	$ 1,961	$ 2,579
Classified in Other Liabilities [Member]
Classified in Other Assets:
Notional Amount	$ 35,743	$ 36,020
Average Maturity (Years)	3 years 10 months 24 days	4 years 2 months 12 days
Weighted Average Fixed Rate	4.96%	4.96%
Fair Value	$ 1,961	$ 2,579

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Details) - Schedule of Financial Instruments with Off-Balance-Sheet Risk - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments - contract amounts	$ 117,010	$ 121,056
Letters of Credit [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments - contract amounts	1,098	1,073
Unused Lines of Credit [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments - contract amounts	95,333	89,933
Fixed Rate Loan Commitments [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments - contract amounts	15,610	3,578
Variable Rate Loan Commitments [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Financial instruments - contract amounts	$ 4,969	$ 26,472

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