Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 27, 2022 | Mar. 31, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001550603 | ||
Entity Registrant Name | MALVERN BANCORP, INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --09-30 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Sep. 30, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 000-54835 | ||
Entity Incorporation, State or Country Code | PA | ||
Entity Tax Identification Number | 45-5307782 | ||
Entity Address, Address Line One | 42 E. Lancaster Avenue | ||
Entity Address, City or Town | Paoli | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 19301 | ||
City Area Code | 610 | ||
Local Phone Number | 644-9400 | ||
Title of 12(b) Security | Common Stock, $.01 par value per share | ||
Trading Symbol | MLVF | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 98,200,000 | ||
Entity Common Stock, Shares Outstanding | 7,633,828 | ||
Auditor Firm ID | 392 | ||
Auditor Name | Wolf & Company, P.C. | ||
Auditor Location | Boston, Massachusetts |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Cash and due from depository institutions | $ 4,677 | $ 99,670 |
Interest bearing deposits in depository institutions | 48,590 | 36,920 |
Cash and Cash Equivalents | 53,267 | 136,590 |
Investment securities available for sale, at fair value (amortized cost of $57,895 and $40,756 at September 30, 2022 and 2021, respectively) | 49,844 | 40,813 |
Equity Securities, at fair value | 1,374 | 1,500 |
Investment securities held to maturity, at cost (fair value of $50,266 and $28,913 at September 30, 2022 and 2021, respectively) | 58,767 | 28,507 |
Restricted stock, at cost | 7,104 | 7,776 |
Loans held-for-sale, at fair value (amortized cost of $13,780 and $33,199 at September 30, 2022 and 2021, respectively) | 13,780 | 33,199 |
Loans receivable, net of allowance for loan losses of $9,090 and $11,472 at September 30, 2022 and 2021, respectively | 801,854 | 902,981 |
Other real estate owned | 259 | 4,961 |
Accrued interest receivable | 4,252 | 3,512 |
Property and equipment, net | 5,231 | 5,777 |
Deferred income taxes, net | 3,722 | 3,530 |
Bank-owned life insurance | 26,233 | 26,056 |
Other assets | 18,673 | 13,941 |
Total Assets | 1,044,360 | 1,209,143 |
Deposits: | ||
Noninterest-bearing | 58,014 | 53,849 |
Interest-bearing | 727,309 | 884,310 |
Total Deposits | 785,323 | 938,159 |
FHLB advances | 80,000 | 90,000 |
Subordinated debt | 25,000 | 24,934 |
Advances from borrowers for taxes and insurance | 1,002 | 1,022 |
Accrued interest payable | 543 | 572 |
Other liabilities | 6,047 | 12,288 |
Total Liabilities | 897,915 | 1,066,975 |
Commitments and Contingencies (see note 15 and 16) | ||
Shareholders’ Equity | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued | 0 | 0 |
Common stock, $0.01 par value, 50,000,000 shares authorized, 7,828,344 and 7,633,828 shares issued and outstanding, respectively, at September 30, 2022 and 7,816,832 and 7,622,316 shares issued and outstanding, respectively, at September 30, 2021 | 76 | 76 |
Additional paid-in-capital | 85,917 | 85,524 |
Retained earnings | 67,247 | 60,296 |
Unearned Employee Stock Ownership Plan (ESOP) shares | (756) | (901) |
Accumulated other comprehensive (loss) income | (3,176) | 36 |
Treasury stock, at cost: 194,516 shares at September 30, 2022 and September 30, 2021, respectively | (2,863) | (2,863) |
Total Shareholders’ Equity | 146,445 | 142,168 |
Total Liabilities and Shareholders’ Equity | $ 1,044,360 | $ 1,209,143 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Investment securities available for sale, amortized cost | $ 57,895,000 | $ 40,756,000 |
Investment securities held to maturity, fair value | 50,266,000 | 28,913,000 |
Loans held-for-sale, amortized cost | 13,780 | 33,199 |
Loans receivable, allowance for loan losses | $ 9,090,000 | $ 11,472,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, auhtorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 7,828,344 | 7,816,832 |
Common stock, outstanding (in shares) | 7,633,828 | 7,622,316 |
Treasury stock, shares (in shares) | 194,516 | 194,516 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Interest and Dividend Income | ||
Loans, including fees | $ 31,832,000 | $ 36,370,000 |
Investment securities, taxable | 2,181,000 | 1,449,000 |
Investment securities, tax-exempt | 394,000 | 107,000 |
Dividends, restricted stock | 342,000 | 459,000 |
Interest-bearing deposits | 250,000 | 31,000 |
Total Interest and Dividend Income | 34,999,000 | 38,416,000 |
Interest Expense | ||
Deposits | 3,534,000 | 6,748,000 |
Short-term borrowings | 4,000 | 48,000 |
Long-term borrowings | 776,000 | 2,029,000 |
Subordinated debt | 1,371,000 | 1,531,000 |
Total Interest Expense | 5,685,000 | 10,356,000 |
Net Interest Income | 29,314,000 | 28,060,000 |
Provision for Loan Losses | 0 | 11,176,000 |
Net Interest Income after Provision for Loan Losses | 29,314,000 | 16,884,000 |
Other Income | ||
Service charges and other fees | 1,237,000 | 1,323,000 |
Rental income | 196,000 | 217,000 |
Net gains on sale and call of available-for-sale securities | 0 | 779,000 |
Net gains on sale of loans | 100,000 | 788,000 |
Earnings on bank-owned life insurance | 794,000 | 656,000 |
Total Non-interest Income | 2,327,000 | 3,763,000 |
Other Expense | ||
Salaries and employee benefits | 9,393,000 | 9,143,000 |
Occupancy expense | 2,138,000 | 2,198,000 |
Federal deposit insurance premium | 277,000 | 313,000 |
Advertising | 129,000 | 109,000 |
Data processing | 1,259,000 | 1,267,000 |
Professional fees | 3,831,000 | 3,178,000 |
Other real estate owned expense, net | 305,000 | 866,000 |
Pennsylvania shares tax | 592,000 | 678,000 |
Other operating expenses | 4,842,000 | 3,199,000 |
Total Other Expenses | 22,766,000 | 20,951,000 |
Income (Loss) before income tax expense | 8,875,000 | (304,000) |
Income tax expense (benefit) | 1,924,000 | (212,000) |
Net Income (Loss) | $ 6,951,000 | $ (92,000) |
Earnings (loss) per share: | ||
Basic (in dollars per share) | $ 0.92 | $ (0.01) |
Diluted (in dollars per share) | $ 0.92 | $ (0.01) |
Weighted Average Common Shares Outstanding | ||
Basic (in shares) | 7,563,648 | 7,537,408 |
Diluted (in shares) | 7,564,212 | 7,538,116 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | ||
Net Income (Loss) | $ 6,951 | $ (92) | |
Other Comprehensive Income (Loss), Net of Tax: | |||
Unrealized holding (losses) gains on available-for-sale securities | (8,107) | 950 | |
Tax effect | 1,702 | (199) | |
Net of tax amount | (6,405) | 751 | |
Reclassification adjustment for net gains arising during the period(1) | [1] | 0 | (779) |
Tax effect | 0 | 163 | |
Net of tax amount | 0 | (616) | |
Adjustment for loss recorded on replacement of derivative | 0 | (9) | |
Amortization of unrealized holding losses on securities transferred from available-for-sale to held-to-maturity(2) | [2] | 8 | 4 |
Tax effect | (8) | (1) | |
Net of tax amount | 0 | 3 | |
Fair value adjustment on derivatives | 4,050 | 1,258 | |
Tax effect | (857) | (263) | |
Net of tax amount | 3,193 | 995 | |
Total other comprehensive (loss) income | (3,212) | 1,124 | |
Total comprehensive income | $ 3,739 | $ 1,032 | |
[1]Amounts are included in net gains on sale and call of available-for-sale securities on the Consolidated Statements of Operations in total other income.[2]Amounts are included in interest and dividends on investment securities on the Consolidated Statements of Operations. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock Value [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Deferred Compensation, Share-Based Payments [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance at Sep. 30, 2020 | $ 76 | $ 85,127 | $ 60,388 | $ (1,047) | $ (1,088) | $ (2,863) | $ 140,593 |
Net Income (Loss) | 0 | 0 | (92) | 0 | 0 | 0 | (92) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 1,124 | 0 | 1,124 |
Committed to be released ESOP shares | 0 | 102 | 0 | 146 | 0 | 0 | 248 |
Stock based compensation | 0 | 295 | 0 | 0 | 0 | 0 | 295 |
Balance at Sep. 30, 2021 | 76 | 85,524 | 60,296 | (901) | 36 | (2,863) | 142,168 |
Net Income (Loss) | 0 | 0 | 6,951 | 0 | 0 | 0 | 6,951 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (3,212) | 0 | (3,212) |
Committed to be released ESOP shares | 0 | 86 | 0 | 145 | 0 | 0 | 231 |
Stock based compensation | 0 | 307 | 0 | 0 | 0 | 0 | 307 |
Balance at Sep. 30, 2022 | $ 76 | $ 85,917 | $ 67,247 | $ (756) | $ (3,176) | $ (2,863) | $ 146,445 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - shares | Sep. 30, 2022 | Sep. 30, 2021 |
ESOP shares (in shares) | 14,400 | 14,400 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows from Operating Activities | ||
Net Income (Loss) | $ 6,951,000 | $ (92,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation expense | 627,000 | 630,000 |
Provision for Loan Losses | 0 | 11,176,000 |
Deferred income taxes expense | 597,000 | 150,000 |
ESOP expense | 231,000 | 248,000 |
Stock based compensation | 307,000 | 223,000 |
Amortization of premiums and discounts on investment securities, net | 388,000 | 184,000 |
Amortization of loan origination fees and costs | 133,000 | (304,000) |
Amortization of mortgage service rights | (4,000) | 28,000 |
Amortization of subordinated debt issuance costs | 66,000 | 158,000 |
Net gain on sale and call of investment securities available for sale | 0 | (779,000) |
Net gain on sale of secondary market loans | (100,000) | (788,000) |
Proceeds on sale of secondary market loans | 5,627,000 | 21,910,000 |
Originations of secondary market loans | (5,527,000) | (21,122,000) |
Valuation write down of other real estate owned | 198,000 | 835,000 |
Earnings on bank-owned life insurance | (794,000) | (656,000) |
(Increase) decrease in accrued interest receivable | (740,000) | 165,000 |
Decrease in accrued interest payable | (29,000) | (156,000) |
Operating lease liability payments | (531,000) | (893,000) |
Amortization of right of use asset | 529,000 | 841,000 |
Change in fair value of equity securities | 126,000 | 23,000 |
Decrease in other liabilities | (5,710,000) | (360,000) |
Decrease in other assets | 3,555,000 | 3,335,000 |
Net Cash Provided by Operating Activities | 5,900,000 | 14,756,000 |
Investment securities available-for-sale: | ||
Purchases, available for sale | (18,808,000) | (29,325,000) |
Sales, available for sale | 0 | 17,297,000 |
Maturities, calls and principal repayments, available for sale | 1,676,000 | 2,178,000 |
Investment securities held-to-maturity: | ||
Purchases, held to maturity | (35,031,000) | (24,336,000) |
Maturities, calls and principal repayments, held to maturity | 4,434,000 | 10,646,000 |
Proceeds from sale of loans held for sale | 18,900,000 | 0 |
Net decrease in loans | 101,254,000 | 79,841,000 |
Proceeds from death benefit on bank-owned life insurance | 617,000 | 0 |
Net decrease in restricted stock | 672,000 | 1,846,000 |
Proceeds from sales and disposals of property and equipment | 0 | 42,000 |
Purchases of property and equipment | (81,000) | (175,000) |
Net Cash Provided by Investing Activities | 73,633,000 | 58,014,000 |
Cash Flows from Financing Activities | ||
Net (decrease) increase in deposits | (152,836,000) | 47,253,000 |
Proceeds for short-term borrowings | 20,000,000 | 0 |
Proceeds for long-term borrowings | 200,000,000 | 300,000,000 |
Repayment of long-term borrowings | (230,000,000) | (340,000,000) |
Repayment of other borrowed money | 0 | (4,225,000) |
(Decrease) in advances from borrowers for taxes and insurance | (20,000) | (719,000) |
Net proceeds from issuance of common stock | 0 | 72,000 |
Net Cash (Used in) Provided by Financing Activities | (162,856,000) | 2,381,000 |
Net (Decrease) Increase in Cash and Cash Equivalents | (83,323,000) | 75,151,000 |
Cash and Cash Equivalent – Beginning | 136,590,000 | 61,439,000 |
Cash and Cash Equivalent – Ending | 53,267,000 | 136,590,000 |
Supplementary Cash Flows Information | ||
Interest paid | 5,714,000 | 10,511,000 |
Non-cash transfer of loans to OREO | 259,000 | 33,199,000 |
Income taxes paid | 0 | 2,372,000 |
Non-cash proceeds from sale of OREO | $ 4,676,000 | $ 0 |
Note 1 - Organizational Structu
Note 1 - Organizational Structure and Nature of Operations | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | Note 1 Organizational Structure and Nature of Operations Malvern Bancorp, Inc. (the “Company” or “Malvern Bancorp”), a Pennsylvania corporation, is a registered bank holding company registered under the Bank Holding Company Act of 1956, 1887 The Company’s primary business is the ownership and operation of the Bank. The Bank’s principal business consists of attracting deposits from businesses and the general public and investing those deposits, together with borrowings and funds generated from operations, in commercial and multi-family real estate loans, one four one We derive substantially all of our income from our net interest income (i.e., the difference between the interest we receive on our loans and securities and the interest we pay on deposits and other borrowings). The Bank’s revenues are derived principally from interest on loans and investment securities, loan commitment and customer service fees and our mortgage banking operation. Deposits serve as the primary source of funding for our interest-earning assets, but we also generate non-interest revenue through insufficient funds fees, stop payment fees, safe deposit rental fees, card income, including credit and debit card interchange fees, gift card fees, and other miscellaneous fees. In addition, the Bank generates additional non-interest revenue associated with residential loan origination and sale, back-to-back customer swaps, loan servicing, late fees and merchant services. The Bank’s primary expenses are interest expense on deposits and borrowings, provisions for loan losses and general operating expenses. The Bank conducts business from its headquarters in Paoli, Pennsylvania, a suburb of Philadelphia, and through its nine one The Bank has the following subsidiary interests: • The Bank owns 100 percent of Malvern Insurance Associates, LLC (“Malvern Associates”), a Pennsylvania limited liability company. Malvern Associates is a licensed insurance broker under Pennsylvania and New Jersey law. • Certain mortgage-backed securities of the Bank are held through Delaware statutory trusts, 5 percent of which are owned by the Bank and 95 percent of which are owned by Coastal Asset Management Co., a Delaware corporation which is wholly owned by the Bank. • The Bank owns 100 percent of Joliet 55 55 October 2022. • The Bank owns a 10 percent non-controlling interest in Bell Rock Capital, LLC (“Bell Rock”), an investment advisor registered with the SEC. • The Bank owns a 3.1 percent non-controlling interest in Bankers Settlement Services Capital Region, LLC, a Pennsylvania limited liability company which acts as a title insurance agent or agency. The banking industry is highly regulated. The Bank is supervised by the Office of the Comptroller of the Currency (the “OCC”), and the Company is supervised by the Board of Governors of the Federal Reserve Board (the “FRB”). Subsequent Events The Company evaluates events and transactions that occur after the statement of financial condition as of September 30, 2022 September 30, 2022 On December 13, 2022, At the effective time of the Merger, each share of common stock of Malvern Bancorp will be converted into the right to receive $7.80 in cash and 0.7733 shares of common stock, par value $5.00 per share, of First Bank, subject to adjustment in accordance with the terms of the Merger Agreement if Malvern's adjusted shareholders' equity as of the tenth not The Merger is expected to be completed in the second 2023, Commercial Loan Foreclosure The court entered into a Judgment of Foreclosure with respect to a commercial real estate loan held for sale at a carrying value of $13.3 million (i) directing the sale the property at public auction prior to December 13, 2023, ( September 16, 2022 December 14, 2022 180 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 Summary of Significant Accounting Policies Basis of Presentation and Consolidation The consolidated financial statements at and for the years ended September 30, 2022 2021 September 30, 2021 Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“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, are used in connection with the determination of the allowance for loan losses, the valuation of the Company’s deferred tax assets and the fair value of financial instruments. Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located within Chester County, Pennsylvania and Morris County, New Jersey. Our lending efforts are also focused in Bucks County, Montgomery County and Delaware County, which are also in southeastern Pennsylvania, as well as New Jersey and the New York metropolitan marketplace and Palm Beach Florida. Note 6 7 not one Operating, Accounting and Reporting Considerations related to COVID- 19 COVID- 19 March 27, 2020. $2.2 19 4013 19, not not • Accounting for Loan Modifications – The CARES Act provides that a financial institution may 1 2 not 30 December 31, 2019. not not 19. • Paycheck Protection Program – The CARES Act established the Paycheck Protection Program (“PPP”), an expansion of the Small Business Administration’s 7 Also in response to COVID- 19, March 22, 2020; April 7, 2020). not • Accounting for Loan Modifications – Loan modifications that do not may not 19 not six 4013 19 not • Past Due Reporting – With regard to loans not not 19 not • Nonaccrual Status and Charge-offs – During short-term COVID- 19 not Risks and Uncertainties On March 11, 2020, 19 19 may 19 may 19 19 may On March 3, 2020, March 16, 2020, September 30, 2022 On March 27, 2020, 19 19 19 may 19 On December 27, 2020, 2021 $900 60 January 11, 2023. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from depository institutions and interest-bearing deposits. The Company maintains cash deposits in other depository institutions that occasionally exceed the amount of deposit insurance available. Management periodically assesses the financial condition of these institutions and believes that the risk of any possible credit loss is minimal. Generally, the Company is required to maintain average reserve balances in vault cash with the Federal Reserve Bank based upon outstanding balances of deposit transaction accounts. However, as announced on March 15, 2020, zero March 26, 2020, September 30, 2022 2021 Investment Securities Held-to-maturity (“HTM”) are securities that includes debt securities that the Company has the positive intent and the ability to hold to maturity. These securities are reported at amortized cost and adjusted for unamortized premiums and discounts. Securities held for trading are securities that are bought and held principally for the purpose of selling in the near term; these securities are reported at fair value, with unrealized gains and losses reported in current earnings. At September 30, 2022 2021 no may Securities are evaluated on a quarterly basis, and more frequently when market conditions warrant such an evaluation, to determine whether declines in their value are other-than-temporary. To determine whether a loss in value is other-than-temporary, management utilizes criteria such as the reasons underlying the decline, the magnitude and duration of the decline and whether or not not not not Loans Receivable The Company, through the Bank, grants mortgage, construction, commercial and consumer loans to customers. Substantially all of our loans are to individuals, businesses and real estate developers in Chester County, Pennsylvania and neighboring areas in southern Pennsylvania, New Jersey and the New York metropolitan marketplace, Delaware and Florida markets. The ability of the Company’s debtors to honor their contracts is dependent upon, among other factors, the real estate and general economic conditions in these areas. Loans receivable that management has the intent and ability to hold until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans using the interest method. The Company is amortizing these amounts over the contractual lives of the loans. The loans receivable portfolio is segmented into residential loans, construction and development loans, commercial loans and consumer loans. The residential loan segment has one one four first second For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 may six no In addition to originating loans, the Company purchases consumer and mortgage loans from brokers in our market area. Such purchases are reviewed for compliance with our underwriting criteria before they are purchased, and are generally purchased without recourse to the seller. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective yield method. Reserves for unfunded lending commitments represent management’s estimate of losses inherent in its unfunded loan commitments and is recorded in other liabilities on the consolidated statements of financial condition. Allowance for Loan Losses The allowance for loan losses ("ALLL", or "allowance") represents management’s estimate of losses inherent in the loan portfolio as of the consolidated statement of financial condition date and is recorded as a reduction to loans. The allowance is increased by the provision for loan losses and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment or collateral recovery of all, or part, of the principal balance is highly unlikely. Non-residential consumer loans are generally charged off no 120 no The allowance is maintained at a level considered adequate to provide for losses that can be reasonably estimated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may may The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, a specific reserve is recognized when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class that are not These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these classes of loans, as adjusted for qualitative factors. These qualitative risk factors include: 1. Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices. 2. National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans. 3. The nature and volume of the loan portfolio and terms of loans. 4. The experience, ability, and depth of lending management and staff. 5. The volume and severity of past due, classified and nonaccrual loans as well as any other loan modifications. 6. The quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors. 7. The existence and effect of any concentrations of credit and changes in the level of such concentrations. 8. Value of underlying collateral. 9. A single calculation figure which is subsequently applied to the loan portfolio by loan type (commercial, residential and consumer) based upon the percent of each to total loans. It is derived from a review of peer group banks with similar asset size within the same general geographic area of the Bank. The qualitative factors are applied to the historical loss rates for each class of loan. In addition, while not Another key assumption is the loss emergence period (“LEP”), which represents the historical data period utilized to calculate loss rates. We used 1 An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. In addition, the allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include categories of “pass,” “special mention,” “substandard” and “doubtful.” Assets classified as “pass” are those protected by the current net worth and paying capacity of the obligor or by the value of the underlying collateral. Assets which do not may not Residential Lending. five seven We underwrite one four first one four first In underwriting one four third not not Construction and Development Lending. Construction and development loans generally are considered to involve a higher level of risk than one four not Commercial Lending. one four not may Most of the Company’s commercial business loans have been extended to finance local and regional businesses and include short-term loans to finance machinery and equipment purchases, inventory and accounts receivable. The commercial business loans which we originate may Consumer Lending. second Consumer loans may may not may Once all factor adjustments are applied, general reserve allocations for each segment are calculated, summarized and reported on the ALLL summary. ALLL final schedules, calculations and the resulting evaluation process are reviewed quarterly. In addition, Federal bank regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance and may A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, cash flow, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not A specific reserve is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial loans secured by real estate, estimated fair values are determined primarily through third For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of smaller balance homogeneous residential mortgage and consumer loans are collectively evaluated for impairment. Accordingly, the Company does not Troubled Debt Restructurings Loans whose terms are modified are classified as TDRs if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a TDR may We do not six Loan Servicing Servicing assets are recognized as separate assets when rights are acquired through purchase or through sale of financial assets. For sales of mortgage loans, a portion of the cost of originating the loan is allocated to the servicing right based on relative fair value. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Capitalized servicing rights are reported in other assets and are amortized into other income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights into tranches based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the capitalized amount for the tranche. If the Company later determines that all or a portion of the impairment no may Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of the previously established carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in other expenses from OREO, included in the consolidated statement of operations. Restricted Stock Restricted stock represents required investments in the common stock of correspondent banks and is carried at cost. As of September 30, 2022 2021 Management’s evaluation and determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of an investment’s cost is influenced by criteria such as ( 1 2 3 During the years ended September 30, 2022 2021 September 30, 2022 2021 2022 2021, Property and Equipment Property and equipment is carried at cost. Depreciation is computed using the straight-line and accelerated methods over estimated useful lives ranging from 3 to 39 years beginning when assets are placed in service. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income for the period. The cost of maintenance and repairs is charged to income as incurred. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not 860, 860 not 860, not Bank-Owned Life Insurance The Company invests in bank owned life insurance (“BOLI”) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Bank on a chosen group of employees. The Bank is the owner and beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies. Earnings from the increase in cash surrender value of the policies and death benefits in excess of cash surrender value, are included in other income in the statements of operations. Employee Benefit Plans The Bank’s 401 may 2022 2021, The Company also maintains a fully funded and frozen Supplemental Executive and a Director Retirement Plan (together, the “Plans”). The accrued amount for the Plans included in other liabilities was $631,000 and $709,000 at September 30, 2022 2021 2022 2021 September 30, 2022 2021, Derivatives and Hedging The Company records cash flow hedges at the inception of the derivative contract based on the Company’s intentions and belief as to likely effectiveness as a hedge. The Company documents the strategy for entering into the transactions and the method of assessing ongoing effectiveness. Cash flow hedges represent a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For a cash flow hedge that is effective, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. The changes in the fair value of derivatives that are not not Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not third not The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no no no no When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as other income. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. There were no swap fees recognized through the Bank’s commercial loan hedging program during fiscal year 2022 2021. Advertising Costs The Company follows the policy of charging the costs of advertising to expense as incurred. Advertising expense was $129,000 and $109,000 in fiscal years 2022 2021, Income Taxes Deferred tax assets (“DTAs”) and deferred tax liabilities (“DTLs”) are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. DTAs and DTLs are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on DTAs and DTLs of a change in tax rates is recognized in income in the period that includes the enactment date. These calculations are based on many complex factors including estimates of the timing of reversals of temporary differences, the interpretation of federal income tax laws and a determination of the differences between the tax and the financial reporting basis of assets and liabilities. Actual results could differ significantly from the estimates and interpretations used in determining the current and deferred income tax assets and liabilities. A valuation allowance is required to be recognized if it is “more likely than not” not not not Commitments and Contingencies In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the statement of financial condition when they are funded. Segment Information The Company has one reportable segment, “Community Banking.” All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each of the activities of the Company supports the others. For example, lending is dependent upon the ability of the Company to fund itself with deposits and other borrowings and manage interest rate and credit risk. Accordingly, all significant operating decisions are based upon analysis of the Company as one Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale debt securities, are reported as a separate component of the shareholders’ equity section of the statement of financial condition, such items, along with net income, are components of comprehensive income. For securities transferred from available for sale to held to maturity, the Company records the amortization and/or accretion of unrealized holding losses at the date of transfer on such investment securities, in accumulated other comprehensive (loss) income. The Company also records changes in the fair value of interest rate derivatives used in its cash flow hedging activities, net of deferred income tax, in accumulated other comprehensive (loss) income. Reclassifications Certain reclassifications have been made to the previous year’s consolidated financial statements to conform to the current year’s presentation. These reclassifications had no Revenue Recognition ASC 606, Revenue from Contracts with Customers 606” The majority of our revenue-generating transactions are not 606, 606, Loans Held-For-Sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value on the consolidated statements of financial condition. Gains and losses on loan sales (sales proceeds minus carrying value) are recorded in other income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in other income upon sale of the loan. Servicing is retained at the Bank for loans sold in the secondary market and are placed as a mortgage servicing asset on the consolidated statement of financial condition. Loans held-for-sale totaled $13.8 million and $33.2 million at September 30, 2022 2021 Treasury stock The Company records common stock purchased for treasury at cost. At the date of subsequent reissue, the treasury stock account is reduced by the cost of such stock on the first first Leases The Company accounts for its leases in accordance with Financial Accounting Standards Board (“FASB”) ASC 842 Leases may not As a lessee, the Company enters into operating leases for certain bank branches, office space, and office equipment. The right-of-use assets and lease liabilities are initially recognized based on the net present value of the remaining lease payments, which include renewal options where management is reasonably certain they will be exercised. The net present value is determined using the incremental borrowing rate based on the FHLB liquidity and funding rates at commencement date. The right-of-use asset is measured at the amount of the lease liability adjusted for any prepaid rent, lease incentives and initial direct costs incurred. The right-of-use asset and lease liability are amortized over the individual lease terms. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Recent Accounting Pronouncements Yet to Be Adopted Credit Losses. June 2016, No. 2016 13, Financial Instruments-Credit Losses (Topic 326 December 15, 2022, no In March 2022, 2022 02, Financial Instruments Credit Losses (Topic 326 326 20. December 15, 2022, Reference Rate Reform. March 2020, No. 2020 04, Reference Rate Reform (Topic 848 1 2 3 one one may 2020 04 March 12, 2020, December 31, 2022. two Derivatives and Hedging. March 2022, No. 2022 01, 815 one December 15, 2022. |
Note 3 - Non-interest Income
Note 3 - Non-interest Income | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 3 Non-Interest Income On October 1, 2018, 2014 09 Revenue from Contracts with Customers (Topic 606 606. 606, not. not not Year Ended September 30, (In thousands) 2022 2021 Rental income $ 196 $ 217 Net gains on sale and call of investments — 779 Net gains on sale of loans 100 788 Earnings on bank-owned life insurance 794 656 Non-interest income within the scope of other GAAP topics 1,090 2,440 ATM fees 8 13 Credit card fee income 27 22 DDA fee income 113 91 DDA service fees 100 90 Debit card fees 295 283 Other loan fee income 518 574 Other fee income 169 242 Other non-interest income 7 8 Non-interest income from contracts with customers 1,237 1,323 Total Non-interest Income $ 2,327 $ 3,763 |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 4 Earnings Per Share Basic earnings per common share is computed based on the weighted average number of shares outstanding reduced by unearned Employee Stock Ownership Plan (“ESOP”) shares. Diluted earnings per share is computed based on the weighted average number of shares outstanding and common stock equivalents (“CSEs”) that would arise from the exercise of dilutive securities reduced by unearned ESOP shares. For the fiscal year ended September 30, 2022 September 30, 2021 The following table sets forth the composition of the weighted average shares (denominator) used in the earnings per share computations. Year Ended September 30, (In thousands, except share data) 2022 2021 Net Income (loss) $ 6,951 $ (92 ) Weighted average shares outstanding 7,627,992 7,616,151 Average unearned ESOP shares (64,344 ) (78,743 ) Basic weighted average shares outstanding 7,563,648 7,537,408 Plus: effect of dilutive options and restricted stock 564 708 Diluted weighted average common shares outstanding 7,564,212 7,538,116 Earnings (loss) per share: Basic $ 0.92 $ (0.01 ) Diluted $ 0.92 $ (0.01 ) |
Note 5 - Employee Stock Ownersh
Note 5 - Employee Stock Ownership Plan | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Employee Stock Ownership Plan [Text Block] | Note 5 Employee Stock Ownership Plan The Company maintains an ESOP for substantially all of its full-time employees. The current ESOP trustee is Pentegra. Shares of the Company’s common stock purchased by the ESOP are held until released for allocation to participants. Shares released are allocated to each eligible participant based on the ratio of each such participant’s base compensation to the total base compensation of all eligible plan participants. As the unearned shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the fair value of the ESOP shares during the periods in which they become committed to be released. To the extent that the fair value of the ESOP shares released differs from the cost of such shares, the difference is charged or credited to additional paid-in capital. During the period from May 20, 2008 September 30, 2008, 2026 September 30, 2022 2021 September 30, 2022 September 30, 2022 |
Note 6 - Investment Securities
Note 6 - Investment Securities | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 6 The Company’s investment in debt securities are classified as available-for-sale or held-to-maturity at September 30, 2022 2021 Transfers of debt securities from the available-for-sale category to the held-to-maturity category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer remains in accumulated other comprehensive income and in the carrying value of the held-to-maturity investment security. Premiums or discounts on investment securities are amortized or accreted using the effective interest method over the life of the security as an adjustment of yield. Unrealized holding gains or losses that remain in accumulated other comprehensive income are amortized or accreted over the remaining life of the security as an adjustment of yield, offsetting the related amortization of the premium or accretion of the discount. The following tables present information related to the Company’s investment securities at September 30, 2022 2021 September 30, 2022 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Investment Securities Available-for-Sale: U.S. government agencies $ 5,000 $ — $ (1,420 ) $ 3,580 State and municipal obligations 12,014 — (2,354 ) 9,660 Single issuer trust preferred security 1,000 — (54 ) 946 Corporate debt securities 35,990 — (3,862 ) 32,128 MBS Securities 2,403 — (316 ) 2,087 U.S. Treasury 1,488 — (45 ) 1,443 Total $ 57,895 $ — $ (8,051 ) $ 49,844 Investment Securities Held-to-Maturity: U.S. government agencies $ 29,190 $ — $ (4,907 ) $ 24,283 State and municipal obligations 18,017 — (2,526 ) 15,491 Corporate debt securities 3,264 — (96 ) 3,168 Mortgage-backed securities: MBS 2,278 — (489 ) 1,789 Collateralized mortgage obligations, fixed-rate 6,018 — (483 ) 5,535 Total $ 58,767 $ — $ (8,501 ) $ 50,266 Equity Securities Mutual funds 1,500 — (126 ) 1,374 Total Mutual funds 1,500 — (126 ) 1,374 Total investment securities $ 118,162 $ — $ (16,678 ) $ 101,484 September 30, 2021 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Investment Securities Available-for-Sale: U.S. government agencies $ 5,000 $ — $ (7 ) $ 4,993 State and municipal obligations 2,767 1 (3 ) 2,765 Single issuer trust preferred security 1,000 — (125 ) 875 Corporate debt securities 31,989 243 (52 ) 32,180 Total $ 40,756 $ 244 $ (187 ) $ 40,813 Investment Securities Held-to-Maturity: U.S. government agencies $ 10,000 $ 11 $ — $ 10,011 State and municipal obligations 6,062 104 (49 ) 6,117 Corporate debt securities 3,383 224 — 3,607 Mortgage-backed securities: Collateralized mortgage obligations, fixed-rate 9,062 129 (13 ) 9,178 Total $ 28,507 $ 468 $ (62 ) $ 28,913 Equity Securities Mutual funds 1,500 — — 1,500 Total Mutual funds 1,500 — — 1,500 Total investment securities $ 70,763 $ 712 $ (249 ) $ 71,226 For fiscal year 2022, 2021 The varying amount of sales from the available-for-sale portfolio over the past few years reflect the significant volatility present in the market. Given the historic low interest rates prevalent in the market, it is necessary for the Company to protect itself from interest rate exposure. Securities that once appeared to be sound investments can, after changes in the market, become securities that the Company has the flexibility to sell to avoid losses and mismatches of interest-earning assets and interest-bearing liabilities at a later time. The following tables indicate gross unrealized losses not September 30, 2022 2021 September 30, 2022 Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Investment Securities Available-for-Sale: U.S. government agencies $ — $ — $ 3,580 $ (1,420 ) $ 3,580 $ (1,420 ) State and municipal obligations 9,660 (2,354 ) — — 9,660 (2,354 ) Single issuer trust preferred security — — 946 (54 ) 946 (54 ) Corporate debt securities 26,717 (3,273 ) 5,411 (589 ) 32,128 (3,862 ) MBS Securities 2,087 (316 ) — — 2,087 (316 ) U.S. Treasury Note 1,443 (45 ) — — 1,443 (45 ) Total $ 39,907 $ (5,988 ) $ 9,937 $ (2,063 ) $ 49,844 $ (8,051 ) Investment Securities Held-to-Maturity: U.S. government agencies $ 18,662 $ (3,028 ) $ 5,621 $ (1,879 ) $ 24,283 $ (4,907 ) State and municipal obligations 15,491 (2,526 ) - - 15,491 (2,526 ) Corporate securities 3,167 (96 ) - - 3,167 (96 ) Mortgage-backed securities: MBS - - 1,789 (489 ) 1,789 (489 ) CMO, fixed-rate 5,536 (483 ) - - 5,536 (483 ) Total $ 42,856 $ (6,133 ) $ 7,410 $ (2,368 ) $ 50,266 $ (8,501 ) Equity Securities Mutual funds 1,500 (126 ) — — 1,374 (126 ) Total Mutual funds 1,500 (126 ) — — 1,374 (126 ) Total investment securities $ 84,263 $ (12,247 ) $ 17,347 $ (4,431 ) $ 101,484 $ (16,678 ) September 30, 2021 Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Investment Securities Available-for-Sale: U.S. government agencies $ 4,993 $ (7 ) $ — $ — $ 4,993 $ (7 ) State and municipal obligations 1,819 (3 ) — — 1,819 (3 ) Single issuer trust preferred security — — 875 (125 ) 875 (125 ) Corporate debt securities 8,475 (25 ) 2,973 (27 ) 11,448 (52 ) Total $ 15,287 $ (35 ) $ 3,848 $ (152 ) $ 19,135 $ (187 ) As of September 30, 2022 one As of September 30, 2022, September 30, 2022 not not not not not September 30, 2022 Investment securities having a carrying value of $2.1 million and $2.9 million at September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2022 2021 September 30, 2022 September 30, 2021 The following table presents information for investment securities at September 30, 2022 September 30, 2022 Amortized Cost Fair Value (In thousands) Investment Securities Available-for-Sale: Due in one year or less $ — $ — Due after one year through five years 6,218 5,946 Due after five years through ten years 32,810 29,272 Due after ten years 16,464 12,539 Mortgage-backed securities: MBS 2,403 2,087 Total $ 57,895 $ 49,844 Investment Securities Held-to-Maturity: Due in one year or less $ 4,441 $ 4,420 Due after one year through five years 11,435 11,091 Due after five years through ten years 3,117 2,593 Due after ten years 31,478 24,838 Mortgage-backed securities: MBS 2,278 1,789 Collateralized mortgage obligations, fixed-rate 6,018 5,535 Total $ 58,767 $ 50,266 Equity Securities Mutual funds Due in one year or less $ 1,000 $ 874 Due after five years through ten years 500 500 Total 1,500 1,374 Total investment securities $ 118,162 $ 101,484 |
Note 7 - Loans Receivable and R
Note 7 - Loans Receivable and Related Allowance for Loan Losses | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 7 Loans receivable in the Company’s portfolio, excluding loans held-for-sale, consisted of the following at the dates indicated: September 30, 2022 2021 (In thousands) Residential mortgage $ 175,957 $ 198,710 Construction and Development: Residential and commercial 24,362 61,492 Land 550 2,204 Total Construction and Development 24,912 63,696 Commercial: Commercial real estate 406,914 426,915 Farmland 11,506 10,297 Multi-family 55,295 66,332 Commercial and industrial 102,703 115,246 Other 13,356 10,954 Total Commercial 589,774 629,744 Consumer: Home equity lines of credit 13,233 13,491 Second mortgages 4,395 5,884 Other 2,136 2,299 Total Consumer 19,764 21,674 Total loans 810,407 913,824 Deferred loan fees and cost, net 537 629 Allowance for loan losses (9,090 ) (11,472 ) Total loans receivable, net $ 801,854 $ 902,981 The following table summarizes the primary classes of the allowance for loan losses, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of and for the years ended September 30, 2022 2021 Year Ended September 30, 2022 Construction and Development Commercial Consumer Home Equity Residential Commercial Commercial Lines Residential and Real Multi- and of Second Mortgage Commercial Land Estate Farmland family Industrial Other Credit Mortgages Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 934 $ 428 $ 15 $ 7,043 $ 56 $ 450 $ 2,221 $ 54 $ 76 $ 87 $ 20 $ 88 $ 11,472 Charge-offs — — — — — — (2,415 ) — — (106 ) — — (2,521 ) Recoveries 5 — — 75 — — 2 — 1 55 1 — 139 Provisions (231 ) (297 ) (12 ) (1,078 ) 1 (152 ) 1,350 1 (10 ) (15 ) (6 ) 449 — Ending Balance $ 708 $ 131 $ 3 $ 6,040 $ 57 $ 298 $ 1,158 $ 55 $ 67 $ 21 $ 15 $ 537 $ 9,090 Ending balance: individually evaluated for impairment $ 54 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 54 Ending balance: collectively evaluated for impairment $ 654 $ 131 $ 3 $ 6,040 $ 57 $ 298 $ 1,158 $ 55 $ 67 $ 21 $ 15 $ 537 $ 9,036 Loans receivable: Ending balance $ 175,957 $ 24,362 $ 550 $ 406,914 $ 11,506 $ 55,295 $ 102,703 $ 13,356 $ 13,233 $ 4,395 $ 2,136 $ 810,407 Ending balance: individually evaluated for impairment $ 477 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 477 Ending balance: collectively evaluated for impairment $ 175,480 $ 24,362 $ 550 $ 406,914 $ 11,506 $ 55,295 $ 102,703 $ 13,356 $ 13,233 $ 4,395 $ 2,136 $ 809,930 Year Ended September 30, 2021 Construction and Development Commercial Consumer Home Equity Residential Commercial Commercial Lines Residential and Real Multi- and of Second Mortgage Commercial Land Estate Farmland family Industrial Other Credit Mortgages Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 1,667 $ 465 $ 23 $ 8,682 $ 47 $ 511 $ 578 $ 51 $ 130 $ 196 $ 29 $ 54 $ 12,433 Charge-offs — — — (11,930 ) — — (379 ) — — — (4 ) — (12,313 ) Recoveries 41 4 — 1 — — 2 — 17 108 2 — 175 Provisions (774 ) (41 ) (8 ) 10,290 9 (61 ) 2,020 3 (71 ) (217 ) (7 ) 34 11,176 Ending Balance $ 934 $ 428 $ 15 $ 7,043 $ 56 $ 450 $ 2,221 $ 54 $ 76 $ 87 $ 20 $ 88 $ 11,472 Ending balance: individually evaluated for impairment $ — $ — $ — $ 18 $ — $ — $ 1,488 $ — $ — $ 38 $ — $ — $ 1,544 Ending balance: collectively evaluated for impairment $ 934 $ 428 $ 15 $ 7,025 $ 56 $ 450 $ 733 $ 54 $ 76 $ 49 $ 20 $ 88 $ 9,928 Loans receivable: Ending balance $ 198,710 $ 61,492 $ 2,204 $ 426,915 $ 10,297 $ 66,332 $ 115,246 $ 10,954 $ 13,491 $ 5,884 $ 2,299 $ 913,824 Ending balance: individually evaluated for impairment $ — $ — $ — $ 286 $ — $ — $ 2,517 $ — $ — $ 102 $ — $ 2,905 Ending balance: collectively evaluated for impairment $ 198,710 $ 61,492 $ 2,204 $ 426,629 $ 10,297 $ 66,332 $ 112,729 $ 10,954 $ 13,491 $ 5,782 $ 2,299 $ 910,919 In assessing the adequacy of the ALLL, it is recognized that the process, methodology and underlying assumptions require a significant degree of judgment and uncertainty. The estimation of loan losses is not not The impaired loans with no September 30, 2021 September 30, 2022 October 2021 December 31, 2021 not September 30, 2022 2021 Impaired Loans With No Impaired Loans With Specific Specific Allowance Allowance Total Impaired Loans Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance (In thousands) September 30, 2022: Residential mortgage $ 477 $ 54 $ 2,342 $ 2,819 $ 3,029 Commercial: Commercial real estate — — 13,826 13,826 15,475 Farmland — — 2,213 2,213 2,213 Commercial and industrial — — 684 684 684 Consumer: Home equity lines of credit — — 20 20 25 Second mortgages — — 152 152 191 Total $ 477 $ 54 $ 19,237 $ 19,714 $ 21,617 September 30, 2021: Residential mortgage $ — $ — $ 2,594 $ 2,594 $ 2,766 Commercial: Commercial real estate 286 18 33,543 33,829 33,368 Farmland — — 2,254 2,254 2,254 Commercial and industrial 2,517 1,488 630 3,147 3,584 Consumer: Home equity lines of credit — — 23 23 28 Second mortgages 102 38 696 798 874 Total $ 2,905 $ 1,544 $ 39,740 $ 42,645 $ 42,874 The following table presents the average recorded investment in impaired loans in the portfolio and related interest income recognized for the years ended September 30, 2022 2021 Average Interest Income Impaired Recognized on Loans Impaired Loans (In thousands) Year Ended September 30, 2022: Residential mortgages $ 2,406 $ 126 Commercial: Commercial real estate 13,306 89 Farmland 2,231 79 Commercial and industrial 1,519 21 Consumer: Home equity lines of credit 17 — Second mortgages 816 3 Total $ 20,295 $ 318 Year Ended September 30, 2021: Residential mortgages $ 3,305 $ 82 Commercial: Commercial real estate 32,812 556 Farmland 1,814 70 Commercial and industrial 951 17 Consumer: Home equity lines of credit 48 — Second mortgages 720 6 Total $ 39,650 $ 731 No The following table presents the classes of the loan portfolio summarized by loans considered to be rated as pass and the categories of special mention, substandard and doubtful within the Company’s internal risk rating system as of September 30, 2022 2021 September 30, 2022 Special Pass Mention Substandard Doubtful Total (In thousands) Residential mortgage $ 173,083 $ — $ 2,874 $ — $ 175,957 Construction and Development: Residential and commercial 24,362 — — — 24,362 Land 550 — — — 550 Commercial: Commercial real estate 373,729 32,682 504 — 406,914 Farmland 9,293 — 2,213 — 11,506 Multi-family 55,295 — — — 55,295 Commercial and industrial 97,219 — 5,484 — 102,703 Other 13,356 — — — 13,356 Consumer: Home equity lines of credit 13,143 — 90 — 13,233 Second mortgages 4,110 58 227 — 4,395 Other 2,136 — — — 2,136 Total $ 766,276 $ 32,740 $ 11,391 $ — $ 810,407 September 30, 2021 Special Pass Mention Substandard Doubtful Total (In thousands) Residential mortgage $ 195,658 $ — $ 3,052 $ — $ 198,710 Construction and Development: Residential and commercial 61,492 — — — 61,492 Land 2,204 — — — 2,204 Commercial: Commercial real estate 376,721 48,705 1,489 — 426,915 Farmland 8,043 — 2,254 — 10,297 Multi-family 57,052 9,280 — — 66,332 Commercial and industrial 106,910 — 8,336 — 115,246 Other 10,954 — — — 10,954 Consumer: Home equity lines of credit 13,390 — 101 — 13,491 Second mortgages 4,908 68 908 — 5,884 Other 2,299 — — — 2,299 Total $ 839,631 $ 58,053 $ 16,140 $ — $ 913,824 The following table presents loans on which we are no September 30, 2022 2021 (In thousands) Residential mortgage $ 585 $ 879 Commercial: Commercial and industrial — 2,517 Consumer: Home equity lines of credit 20 23 Second mortgages 148 278 Total non-accrual loans $ 753 $ 3,697 Under the Bank’s loan policy, once a loan has been placed on non-accrual status, we do not not six September 30, 2022 September 30, 2021 2022 for fiscal year 2022 2021. September 30, 2022 90 September 30, 2021 Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by whether a loan payment is “current,” that is, it is received from a borrower by the scheduled due date, or the length of time a scheduled payment is past due. The following table presents the classes of the loan portfolio summarized by the aging categories as of September 30, 2022 2021 30 59 60 89 90 Days or Total Loans Accruing 90 Days Current Days Past Due Days Past Due More Past Due Total Past Due Receivable or More Past Due (In thousands) September 30, 2022: Residential mortgage $ 173,852 $ 1,198 $ 477 $ 430 $ 2,105 $ 175,957 $ 243 Construction and Development: Residential and commercial 24,362 — — — — 24,362 — Land 550 — — — — 550 — Commercial: Commercial real estate 406,809 105 — — 105 406,914 — Farmland 9,293 2,213 — — 2,213 11,506 — Multi-family 55,295 — — — — 55,295 — Commercial and industrial 101,328 1,375 — — 1,375 102,703 — Other 13,356 — — — — 13,356 — Consumer: Home equity lines of credit 13,160 53 20 — 73 13,233 — Second mortgages 4,384 3 — 8 11 4,395 — Other 2,132 4 — — 4 2,136 — Total $ 804,521 $ 4,951 $ 497 $ 438 $ 5,886 $ 810,407 $ 243 90 Accruing 90 30 59 60 89 Days or Days or Days Past Days Past More Past Total Loans More Past Current Due Due Due Total Past Due Receivable Due (In thousands) September 30, 2021: Residential mortgage $ 197,062 $ 796 $ 241 $ 611 $ 1,648 $ 198,710 $ — Construction and Development: Residential and commercial 61,492 — — — — 61,492 — Land 2,204 — — — — 2,204 — Commercial: Commercial real estate 426,915 — — — — 426,915 — Farmland 10,297 — — — — 10,297 — Multi-family 66,332 — — — — 66,332 — Commercial and industrial 115,246 — — — — 115,246 — Other 10,954 — — — — 10,954 — Consumer: Home equity lines of credit 13,394 97 — — 97 13,491 — Second mortgages 5,697 4 83 100 187 5,884 — Other 2,296 3 — — 3 2,299 — Total $ 911,889 $ 900 $ 324 $ 711 $ 1,935 $ 913,824 $ — Restructured loans deemed to be TDRs are typically the result of extension of the loan maturity date or a reduction of the interest rate of the loan to a rate that is below market, a combination of rate and maturity extension, or by other means including covenant modifications, forbearance and other concessions. However, the Company generally only restructures loans by modifying the payment structure to require payments of interest only for a specified period or by reducing the actual interest rate. Once a loan becomes a TDR, it will continue to be reported as a TDR during the term of the restructure. The Company had 20 loans classified as TDRs with an aggregate outstanding balance of $6.1 and 26 $18.2 September 30, 2022 2021 September 30, 2022 September 30, 2022 The decrease is primarily related to two TDR commercial real estate loans totaling $11.4 million that were sold during the December 31, 2021 Loans that have been classified as TDRs have modified payment terms and in some cases modified interest rates from the original loan agreements and allow the borrowers, who were experiencing financial difficulty, to relieve some of their overall cash flow burden, including but not may not 90 Due to financial difficulties experienced by the borrower, TDRs may one September 30, 2022 2021 September 30, 2022 Troubled Debt Restructured Loans That Have Defaulted on Total Troubled Debt Modified Terms Within The Restructurings Past 12 Months Number of Recorded Number of Recorded Loans Investment Loans Investment (In thousands) At September 30, 2022: Residential mortgage 14 $ 2,632 $ — $ — Commercial: Commercial real estate 3 594 — — Farmland 1 2,213 — — Commercial and industrial 1 625 — — Consumer Second mortgages 1 4 — — Total 20 $ 6,068 $ — $ — At September 30, 2021: Residential mortgage 16 $ 3,180 4 $ 640 Commercial: Commercial real estate 5 12,180 — — Farmland 1 2,254 — — Commercial and industrial 1 549 — — Consumer Second mortgages 3 78 — — Total 26 $ 18,241 4 $ 640 The following table reports the performing status of all TDR loans. The performing status is determined by the loan’s compliance with the modified terms. September 30, 2022 2021 Non- Non- Performing Performing Performing Performing (In thousands) Residential mortgage $ 1,543 $ 1,089 $ 2,540 $ 640 Commercial: Commercial real estate 594 — 12,180 — Farmland 2,213 — 2,254 — Commercial and industrial 625 — 549 — Consumer Second mortgages 4 — 78 — Total $ 4,979 $ 1,089 $ 17,601 $ 640 The following table shows the new TDRs for the twelve September 30, 2022 2021 September 30, 2022 2021 Restructured During Period Pre- Post- Pre- Post- Modifications Modifications Modifications Modifications Outstanding Outstanding Outstanding Outstanding Number Recorded Recorded Number Recorded Recorded of Loans Investments Investments of Loans Investments Investments (In thousands) Troubled Debt Restructurings: Commercial: Commercial real estate 2 $ 504 $ 504 — $ — $ — Farmland — — — 1 2,287 2,287 Commercial and industrial — — — 1 549 549 Total 2 $ 504 $ 504 2 $ 2,803 $ 2,836 The following table sets forth the aggregate dollar amount of loans to principal officers, directors and their affiliates in the normal course of business of the Company. Year Ended September 30, 2022 2021 (In thousands) Balance at beginning of year $ 11,921 $ 13,733 New loans 3,042 2,792 Repayments (4,860 ) (4,604 ) No longer Director/Officer (524 ) — Balance at end of year $ 9,579 $ 11,921 At September 30, 2022 2021 September 30, 2022 2021 (In thousands) Balance at beginning of year $ 83 $ 111 Amortization 4 (28 ) Balance at end of year $ 87 $ 83 For the fiscal years ended September 30, 2022 2021 third September 30, 2022 September 30, 2022 September 30, 2021 September 30, 2021 September 30, 2022 2021 Under Section 4013 19 not September 30, 2022 19 September 30, 2021 eight 19 The following tables set forth the composition of these loans by loan segments as of September 30, 2022 2021 September 30, 2022 Number of Loans Loan Modification Exposure Gross Loans September 30, 2022 Percentage of Gross Loans Modified (Dollars in thousands) Residential mortgage — $ — $ 175,957 0.00 % Construction and Development: Residential and commercial — — 24,362 0.00 % Land loans — — 550 0.00 % Total Construction and Development — — 24,912 0.00 % Commercial: Commercial real estate 3 32,041 406,914 7.87 % Farmland — — 11,506 0.00 % Multi-family — — 55,295 0.00 % Commercial and industrial — — 102,703 0.00 % Other — — 13,356 0.00 % Total Commercial 3 32,041 589,774 5.74 % Consumer: Home equity lines of credit — — 13,233 0.00 % Second mortgages — — 4,395 0.00 % Other — — 2,136 0.00 % Total Consumer — — 19,764 0.00 % Total loans 3 $ 32,041 $ 810,407 3.95 % September 30, 2021 Number of Loans Loan Modified Exposure Gross Loans September 30, 2021 Percentage of Gross Loans Modified (Dollars in thousands) Residential mortgage 2 $ 667 $ 198,710 0.07 % Construction and Development: Residential and commercial — — 61,492 0.00 % Land loans — — 2,204 0.00 % Total Construction and Development — — 63,696 0.00 % Commercial: Commercial real estate 6 60,567 426,915 6.63 % Farmland — — 10,297 0.00 % Multi-family — — 66,332 0.00 % Commercial and industrial — — 115,246 0.00 % Other — — 10,954 0.00 % Total Commercial 6 60,567 629,744 6.63 % Consumer: Home equity lines of credit — — 13,491 0.00 % Second mortgages — — 5,884 0.00 % Other — — 2,299 0.00 % Total Consumer — — 21,674 0.00 % Total loans 8 $ 61,234 $ 913,824 6.70 % |
Note 8 - Property and Equipment
Note 8 - Property and Equipment | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 8 Property and equipment, net consisted of the following at September 30, 2022 2021 Estimated Useful September 30, Life (years) 2022 2021 (In thousands) Land — $ 706 $ 706 Building and improvements 10-39 12,039 11,992 Construction in process — 29 5 Furniture, fixtures and equipment 3-7 5,914 5,904 18,688 18,607 Accumulated depreciation (13,457 ) (12,830 ) $ 5,231 $ 5,777 Depreciation expense was $627,000 and $630,000 for the fiscal years ended September 30, 2022 2021 |
Note 9 - Deposits
Note 9 - Deposits | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 9 Deposits classified by interest rates with percentages to total deposits at September 30, 2022 2021 September 30, 2022 2021 Percent of Percent of Total Total Amount Deposits Amount Deposits (In thousands) Balances by types of deposit: Savings $ 55,288 7.04 % $ 50,582 5.39 % Money market accounts 279,699 35.62 385,480 41.09 Interest bearing demand 240,819 30.66 336,645 35.88 Non-interest bearing demand 58,014 7.39 53,849 5.74 633,820 80.71 826,556 88.10 Certificates of deposit 151,503 19.29 111,603 11.90 Total $ 785,323 100.00 % $ 938,159 100.00 % Total deposits decreased $152.8 million, or 16.3%, from $938.2 million at September 30, 2021 September 30, 2022. $250,000 September 30, 2022 2021 September 30, 2022 2021 September 30, 2022, Interest expense on deposits consisted of the following for the fiscal years ended September 30,2022 2021: September 30, 2022 2021 (In thousands) Savings accounts $ 46 $ 59 Money market accounts 921 1,726 Interest bearing demand 1,153 2,681 Certificates of deposit 1,414 2,282 Total deposits $ 3,534 $ 6,748 The following is a schedule of certificates of deposit maturities: September 30, 2022 (In thousands) Maturing in the Fiscal Year Ending September 30, 2023 $ 94,817 2024 38,387 2025 8,749 2026 6,679 2027 1,389 Thereafter 1,482 $ 151,503 Deposits from related parties held by the Company at September 30, 2022 2021 The Company continues to focus on the maintenance and development of its deposit base strategically with its funding requirements and liquidity needs, with an emphasis on serving the needs of its communities to provide a long-term relationship base to efficiently compete for and retain deposits in its market. |
Note 10 - Borrowings
Note 10 - Borrowings | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 10 Under terms of its collateral agreement with the FHLB, the Company maintains otherwise unencumbered qualifying assets in an amount at least equal to its borrowings. Under an agreement with the FHLB, the Company has a line of credit available in the amount of $150.0 million, of which there was no balance outstanding at September 30, 2022 2021 September 30, 2022 2021 The summary of borrowings as of September 30, 2022 2021 September 30, 2022 2021 Weighted Weighted Average Average Amount Rate Amount Rate (In thousands) Due by September 30: 2022 $ — — $ 90,000 0.76 % 2023 80,000 3.07 % — — Total FHLB Advances $ 80,000 3.07 % $ 90,000 0.76 % At September 30, 2022 September 30, 2022, three During both fiscal years 2022 2021, not third September 30, 2022 2021. |
Note 11 - Derivatives
Note 11 - Derivatives | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 11 The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future uncertain cash amounts, the value of which are determined by interest rates. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. At September 30, 2022 Amounts reported in accumulated other comprehensive (loss) income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve twenty The Company also executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third not not first 2019. not Note 11 The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition as of September 30, 2022 2021 September 30, 2022 Asset derivatives Liability derivatives Statement of Statement of Financial Financial Notional Fair Condition Notional Fair Condition Amount Value Location Amount Value Location (In thousands) Derivatives designated as a hedging instrument: Interest rate swap agreement $ 60,000 $ 4,017 Other assets $ — $ — Other liabilities Derivatives not designated as a hedging instrument: Interest rate swap agreement $ 44,132 $ 3,711 Other assets $ 44,132 $ 3,712 Other liabilities September 30, 2021 Asset derivatives Liability derivatives Statement of Statement of Financial Financial Notional Fair Condition Notional Fair Condition Amount Value Location Amount Value Location (In thousands) Derivatives designated as a hedging instrument: Interest rate swap agreement $ 40,000 $ 14 Other assets $ 30,000 $ 47 Other liabilities Derivatives not designated as a hedging instrument: Interest rate swap agreement $ 44,748 $ 4,671 Other assets $ 44,748 $ 4,673 Other liabilities Offsetting of Derivative Assets (In thousands) as of September 30, 2022 Net Amounts of Gross Amounts Assets Gross Amounts Not Offset in the Statements of Gross Offset in the presented in the Financial Condition Amounts of Statement of Statement of Cash Recognized Financial Financial Financial Collateral Net Assets Condition Condition Instruments Received Amount Derivatives $ 7,728 $ — $ 7,728 $ — $ 4,210 $ 3,518 Offsetting of Derivative Liabilities (In thousands) as of September 30, 2022 Net Amounts of Gross Amounts Liabilities Gross Amounts Not Offset in the Statements of Gross Offset in the presented in the Financial Condition Amounts of Statement of Statement of Cash Recognized Financial Financial Financial Collateral Net Liabilities Condition Condition Instruments Posted Amount Derivatives $ 3,712 $ — $ 3,712 $ — $ — $ 3,712 Note 11 Offsetting of Derivative Assets (In thousands) as of September 30, 2021 Net Amounts of Gross Amounts Assets Gross Amounts Not Offset in the Statements of Gross Offset in the presented in the Financial Condition Amounts of Statement of Statement of Cash Recognized Financial Financial Financial Collateral Net Assets Condition Condition Instruments Received Amount Derivatives $ 4,685 $ — $ 4,685 $ — $ — $ 4,685 Offsetting of Derivative Liabilities (In thousands) as of September 30, 2021 Net Amounts of Gross Amounts Liabilities Gross Amounts Not Offset in the Statements of Gross Offset in the presented in the Financial Condition Amounts of Statement of Statement of Cash Recognized Financial Financial Financial Collateral Net Liabilities Condition Condition Instruments Posted Amount Derivatives $ 4,720 $ — $ 4,720 $ 221 $ 8,257 $ (3,758 ) The tables below present the net gains (losses) recorded in accumulated other comprehensive (loss) income and the Consolidated Statements of Operations relating to the cash flow derivative instruments for the fiscal years ended September 30, 2022 2021 For the Year Ended September 30, 2022 Amount of Gain Amount of Loss Recognized Reclassified in OCI on from OCI to Derivative Interest Expense (In thousands) Interest rate swap agreements $ 4,050 $ 141 Total derivatives $ 4,050 $ 141 For the Year Ended September 30, 2021 Amount of Loss Amount of Gain Recognized Reclassified in OCI on from OCI to Derivative Interest Expense (In thousands) Interest rate swap agreements $ 255 $ (995 ) Total derivatives $ 255 $ (995 ) Note 11 The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended September 30, 2022 2021 For the Year Ended September 30, 2022 Amount of Loss Consolidated Recognized Statements in Income on of Operations derivatives (In thousands) Derivatives not designated as a hedging instrument: Interest rate swap agreement Other income $ 2 Total $ 2 For the Year Ended September 30, 2021 Amount of Loss Consolidated Recognized Statements in Income on of Operations derivatives (In thousands) Derivatives not designated as a hedging instrument: Interest rate swap agreement Other income $ 2 Total $ 2 The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not At September 30, 2022 2021 no September 30, 2021. September 30, 2022. September 30, 2021, September 30, 2022 |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 12 The Company follows FASB ASC Topic 820 may The Company groups its assets at fair value in three Level 1—Valuation Level 2—Valuation not Level 3—Valuation not The Company bases 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. It is our policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements, in accordance with the fair value hierarchy. Fair value measurements for assets where there exists limited or no third may not Additionally, there may The Company monitors and evaluates available data to perform fair value measurements on an ongoing basis and recognizes transfers among the levels of the fair value hierarchy as of the date event or a change in circumstances that affects the valuation method chosen. There were no September 30, 2022 2021 The tables below present the balances of assets measured at fair value on a recurring basis at September 30, 2022 2021 September 30, 2022 Total Level 1 Level 2 Level 3 (In thousands) Assets: Investment securities available-for-sale: Debt securities: U.S. government agencies $ 3,580 $ — $ 3,580 $ — State and municipal obligations 9,660 — 9,660 — Single issuer trust preferred security 946 — 946 — Corporate debt securities 32,128 — 32,128 — MBS Securities 2,087 — 2,087 — U.S. Treasury 1,443 — 1,443 — Total investment securities available-for-sale $ 49,844 $ — $ 49,844 $ — Equity securities: Mutual fund $ 1,374 $ 874 $ — $ 500 Total equity investment securities $ 1,374 $ 874 $ — $ 500 Derivative instruments $ 7,728 $ — $ 7,728 $ — Liabilities: Derivative instruments $ 3,712 $ — $ 3,712 $ — September 30, 2021 Total Level 1 Level 2 Level 3 (In thousands) Assets: Investment securities available-for-sale: Debt securities: U.S. government agencies $ 4,993 $ — $ 4,993 $ — State and municipal obligations 2,765 — 2,765 — Single issuer trust preferred security 875 — 875 — Corporate debt securities 32,180 — 32,180 — Total investment securities available-for-sale $ 40,813 $ — $ 40,813 $ — Equity securities: Mutual fund $ 1,500 $ 1,000 $ — $ 500 Total equity investment securities $ 1,500 $ 1,000 $ — $ 500 Derivative instruments $ 4,685 $ — $ 4,685 $ — Liabilities: Derivative instruments $ 4,720 $ — $ 4,720 $ — The following tables present additional information about the securities available-for-sale measured at fair value on a recurring basis and for which the Company utilized significant unobservable inputs (Level 3 September 30, 2022 September 30, 2021 Fair value measurements using significant unobservable inputs (Level 3) (In thousands) Balance, October 1, 2021 $ 500 Payments received — Total gains or losses (realized/unrealized) Included in earnings — Included in other comprehensive income — Purchases — Transfers in and/or out of Level 3 — Balance, September 30, 2022 $ 500 Fair value measurements using significant unobservable inputs (Level 3) (In thousands) Balance, October 1, 2020 $ 500 Payments received — Total gains or losses (realized/unrealized) Included in earnings — Included in other comprehensive income — Purchases — Transfers in and/or out of Level 3 — Balance, September 30, 2021 $ 500 All of the Company’s available for sale investment securities are reported at fair value utilizing Level 2 may third For assets measured at fair value on a nonrecurring basis in fiscal year 2022 2021 September 30, 2022 2021 September 30, 2022 Total Level 1 Level 2 Level 3 (In thousands) Other real estate owned $ 259 $ — $ — $ 259 Impaired loans (1) 13,722 — — 13,722 Total $ 13,981 $ — $ — $ 13,981 September 30, 2022 Fair Value at Valuation Range/(Weighted September 30, 2022 Technique Unobservable Input Average) (In thousands) Other real estate owned $ 259 Appraisal of Collateral (2) Collateral discount (3) 33.6%/(33.6%) Impaired loans (1) 13,722 Appraisal of Collateral (2) Collateral discount (3) (10.4%) – (12%)/(10.5%) Total $ 13,981 ( 1 Consisted of three ( 2 Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. ( 3 Appraisals may September 30, 2021 Total Level 1 Level 2 Level 3 (In thousands) Other real estate owned $ 4,961 $ — $ — $ 4,961 Impaired loans (1) 33,876 18,900 — 14,976 Total $ 38,837 $ 18,900 $ — $ 19,937 September 30, 2021 Fair Value at Valuation Range/(Weighted September 30, 2021 Technique Unobservable Input Average) (In thousands) Other real estate owned $ 4,961 Appraisal of Collateral (2) Collateral discount (3) 6.4%/(6.4%) Impaired loans (1) 33,876 Appraisal of Collateral (2) Collateral discount (3) (4.0%) – (12%)/(8%) Total $ 38,837 ( 1 Consisted of eight ( 2 Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. ( 3 Appraisals may The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of FASB ASC 825. not may 825 may not The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2022 2021 not not September 30, 2022 2021 may The following assumptions were used to estimate the fair value of the Company’s financial instruments: Cash and Cash Equivalents Investment Securities not not Loans Receivable not 825 825 Impaired Loans 3 Accrued Interest Receivable Restricted Stock not Other Real Estate Owned 3 may Deposits 825 Borrowings 825. Subordinated Debt 2 Derivatives 2 not third Accrued Interest Payable Commitments to Extend Credit and Letters of Credit not not Mortgage Servicing Rights not The carrying amount and estimated fair value of the Company’s financial instruments as of September 30, 2022 2021 Carrying Amount Fair Value Level 1 Level 2 Level 3 (In thousands) September 30, 2022: Financial assets: Cash and cash equivalents $ 53,267 $ 53,267 $ 53,267 $ — $ — Investment securities available-for-sale 49,844 49,844 — 49,844 — Investment securities held-to-maturity 58,767 50,266 — 50,266 — Equity securities 1,374 1,374 874 — 500 Loans receivable, net (including impaired ) 801,854 763,311 — — 763,311 Loans Held For Sale 13,780 13,780 — — 13,780 Accrued interest receivable 4,252 4,252 — 4,252 — Restricted stock 7,104 7,104 — 7,104 — Mortgage servicing rights (included in Other Assets) 87 117 — 117 — Derivatives (included in Other Assets) 7,728 7,728 — 7,728 — Financial liabilities: Savings accounts 55,288 55,288 — 55,288 — Checking and NOW accounts 240,819 240,819 — 240,819 — Money market accounts 279,699 279,699 — 279,699 — Certificates of deposit 151,503 153,087 — 153,087 — Borrowings (excluding sub debt) 80,000 80,022 — 80,022 — Subordinated debt 25,000 25,045 — 25,045 — Derivatives (included in Other Liabilities) 3,712 3,712 — 3,712 — Accrued interest payable 543 543 — 543 — September 30, 2021: Financial assets: Cash and cash equivalents $ 136,590 $ 136,590 $ 136,590 $ — $ — Investment securities available-for-sale 40,813 40,813 — 40,813 — Investment securities held-to-maturity 28,507 28,913 — 28,913 — Equity securities 1,500 1,500 1,000 — 500 Loans receivable, net (including impaired ) 902,981 900,357 — — 900,357 Loans Held For Sale 33,199 33,199 19,583 — 13,616 Accrued interest receivable 3,512 3,512 — 3,512 — Restricted stock 7,776 7,776 — 7,776 — Mortgage servicing rights (included in Other Assets) 83 83 — 83 — Derivatives (included in Other Assets) 4,685 4,685 — 4,685 — Financial liabilities: Savings accounts 50,582 50,582 — 50,582 — Checking and NOW accounts 390,494 390,494 — 390,494 — Money market accounts 385,480 385,480 — 385,480 — Certificates of deposit 111,603 113,323 — 113,323 — Borrowings (excluding sub debt) 90,000 90,215 — 90,215 — Subordinated debt 24,934 25,027 — 25,027 — Derivatives (included in Other Liabilities) 4,720 4,720 — 4,720 — Accrued interest payable 572 572 — 572 — |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 13 In accordance with ASC Topic 740, Deferred income taxes at September 30, 2022 2021 September 30, 2022 2021 (In thousands) DTAs: Allowance for loan losses $ 2,155 $ 2,807 Non-accrual interest 224 276 Supplement executive retirement plan 149 173 Federal and State net operating loss — 155 Unrealized loss on investments available-for-sale 1,691 — Depreciation 132 53 Lease liability 308 448 Other 230 113 Total DTAs 4,889 4,025 Valuation allowance for DTAs — — Total DTAs, Net of Valuation Allowance $ 4,889 $ 4,025 DTLs: Unrealized gain on investments available-for-sale — (3 ) Unrealized gain on derivatives (846 ) — Mortgage servicing rights (19 ) (20 ) Right of use asset (300 ) (440 ) Other (2 ) (32 ) Total DTLs (1,167 ) (495 ) DTAs, Net $ 3,722 $ 3,530 Of these DTAs, the carryforward periods for certain tax attributes are as follows: • The Company had recorded federal net operating loss carryforwards of $563,000 as of September 30, 2021. September 30, 2022. • The Company had recorded state net operating loss carryforwards of $36,500 as of September 30, 2021. September 30, 2022. Income tax expense (benefit) for the fiscal years ended September 30, 2022 2021 September 30, 2022 2021 (In thousands) Federal: Current $ 2,423 $ (62 ) Deferred (847 ) (112 ) 1,576 (174 ) State: Current 457 — Deferred (109 ) (38 ) 348 (38 ) Total income tax expense (benefit) $ 1,924 $ (212 ) A reconciliation from the expected federal income tax expense (benefit) computed at the statutory federal income tax rate to the actual income tax benefit included in the consolidated statements of operations for the fiscal years ended September 30, 2022 2021 September 30, 2022 2021 (In thousands) Tax at statutory rate $ 1,864 21.0 % $ (64 ) (21.0 )% Adjustments resulting from: State tax, net of federal benefit 275 3.1 (30 ) (9.8 ) Tax-exempt interest (93 ) (1.0 ) (26 ) (8.6 ) Earnings on bank-owned life insurance (167 ) (1.9 ) (138 ) (45.3 ) Other 45 0.5 46 15.1 Total $ 1,924 21.7 % $ (212 ) (69.6 )% It is the Company’s policy to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not September 30, 2022 2021 no September 30, 2019 September 30, 2022 The Small Business Job Protection Act of 1996 six 1988 may |
Note 14 - Leases
Note 14 - Leases | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Leases Disclosure [Text Block] | Note 14 Leases The Company determines if an arrangement is a lease at inception. The Company adopted the guidance of ASC 842 not may As of September 30, 2022 not twelve five not not The components of lease expense for the fiscal years ended September 30, 2022 2021 September 30, 2022 2021 In thousands Operating lease cost $ 484 $ 661 Short-term lease cost 108 95 Total $ 592 $ 756 Supplemental information at and for the years ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (Dollars in thousands) (Dollars in thousands) Supplemental balance sheet information Operating lease right-of-use assets $ 1,267 $ 1,796 Operating lease liabilities $ 1,299 $ 1,830 Weighted average remaining lease term (in years) 3.57 4.50 Weighted average discount rate 2.00 % 1.99 % Twelve Months Ended September 30, 2022 Twelve Months Ended September 30, 2021 (In thousands) (In thousands) Supplemental cash flow information Operating cash flows from operating leases $ 531 $ 893 ROU assets obtained in exchange for lease obligations $ — $ 3,279 Maturities of lease liabilities were as follows: Operating Leases (In thousands) Years ended September 30: 2023 $ 431 2024 431 2025 432 2026 153 2027 51 Total lease payments $ 1,498 Less: imputed interest (199 ) Total $ 1,299 The Company receives rents from the lease of office and residential space owned by the Company. Rental income is included in Other Income. Future minimum rental commitments under these leases are (in thousands): Years ending September 30: 2023 $ 63 2024 64 2025 46 2026 31 Total $ 204 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 15 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 include commitments to extend credit, unused lines of credit and standby letters of credit. Such commitments involve, to varying degrees, elements of credit, and interest rate risk in excess of the amount recognized in the statements of financial condition. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third may one September 30, 2022 2021 The current amount of the liability for guarantees under letters of credit was not September 30, 2022 or 2021. At September 30, 2022 2021 September 30, 2022 2021 (In thousands) Commitments to extend credit: Future loan commitments $ 12,585 $ 32,889 Undisbursed construction loans 9,285 12,672 Undisbursed home equity lines of credit 27,942 25,722 Undisbursed commercial lines of credit 80,535 19,901 Undisbursed commercial unsecured lines of credit — 66,941 Overdraft protection lines 1,482 1,549 Standby letters of credit 7,742 9,026 Total Commitments $ 139,571 $ 168,700 Commitments to extend credit are agreements to lend to a customer as long as there is no may Unfunded commitments under commercial lines of credit are collateralized except for the overdraft protection lines of credit and commercial unsecured lines of credit. The amount of collateral obtained is based on management’s credit evaluation, and generally includes personal or commercial real estate. Various legal claims arise from time to time in the normal course of business which, in the opinion of management, will have no |
Note 16 - Regulatory Matters
Note 16 - Regulatory Matters | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 16 Shareholders Equity On March 14, 2019, February 28, 2020, March 31, 2020, December 31, 2020. September 30, 2021 2022. Regulatory Capital Requirements The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors. In July 2013, January 1, 2019. 1 1 1 January 1, 2015. 1 January 1, 2015. 1 1 1 2 1 3 Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of tangible and core capital (as defined in the regulations) to total adjusted tangible assets (as defined) and of risk-based capital (as defined) to risk-weighted assets (as defined). The following table summarizes the Bank’s compliance with applicable regulatory capital requirements as of September 30, 2022 2021 To Be Well Capitalized Under Prompt For Capital Corrective Actual Adequacy Purposes Action Provisions Capital Capital Capital (In thousands) Amount Ratio Amount Ratio Amount Ratio As of September 30, 2022: Tier 1 Leverage (Core) Capital (to average assets) $ 166,340 16.30 % $ 40,820 4.00 % $ 51,025 5.00 % Common Equity Tier 1 Capital (to risk-weighted assets) 166,340 19.27 % 38,836 4.50 % 56,096 6.50 % Tier 1 Capital (to risk-weighted assets) 166,340 19.27 % 51,751 6.00 % 69,042 8.00 % Total Risk-Based Capital (to risk-weighted assets) 175,512 20.34 % 69,042 8.00 % 86,302 10.00 % As of September 30, 2021: Tier 1 Leverage (Core) Capital (to average assets) $ 157,518 13.14 % $ 47,946 4.00 % $ 59,933 5.00 % Common Equity Tier 1 Capital (to risk-weighted assets) 157,518 16.13 % 43,934 4.50 % 63,460 6.50 % Tier 1 Capital (to risk-weighted assets) 157,518 16.13 % 58,579 6.00 % 78,105 8.00 % Total Risk-Based Capital (to risk-weighted assets) 169,072 17.32 % 78,105 8.00 % 97,632 10.00 % The following table presents a reconciliation of the Bank’s equity determined using GAAP and its regulatory capital amounts as of September 30, 2022 2021 September 30, 2022 2021 (In thousands) Bank GAAP equity $ 163,164 $ 157,554 Net unrealized loss (gain) on securities available for sale, net of income taxes 6,360 (45 ) Net unrealized loss (gain) on derivatives, net of income taxes (3,184 ) 9 Tangible Capital, Core Capital and Tier 1 Capital 166,340 157,518 Allowance for loan losses and reserve for off-balance sheet commitments 9,172 11,554 Total Risk-Based Capital $ 175,512 $ 169,072 |
Note 17 - Accumulated Other Com
Note 17 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 17 Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) included in shareholders’ equity are as follows: September 30, 2022 2021 (In thousands) Net unrealized holding (losses) gains on available-for-sale securities $ (8,051 ) $ 57 Tax effect 1,691 (12 ) Net of tax amount (6,360 ) 45 Fair value adjustment on derivatives 4,030 (11 ) Tax effect (846 ) 2 Net of tax amount 3,184 (9 ) Total accumulated other comprehensive (loss) income $ (3,176 ) $ 36 Other comprehensive (loss) income and related tax effects are presented in the following table: Year Ended September 30, 2022 2021 (In thousands) Net unrealized holding (losses) gains on available-for-sale securities $ (8,107 ) $ 950 Reclassification adjustment for net gains arising during the period — (779 ) Adjustment for loss recorded on replacement of derivative — (9 ) Amortization of unrealized holding losses on securities available-for-sale transferred to held-to-maturity 8 4 Fair value adjustment on derivatives 4,050 1,258 Other comprehensive (loss) income before taxes (4,049 ) 1,424 Tax effect 837 (300 ) Total other comprehensive (loss) income $ (3,212 ) $ 1,124 |
Note 18 - Equity Based Incentiv
Note 18 - Equity Based Incentive Compensation Plan | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 18 Equity Based Incentive Compensation Plan The Company maintains the Malvern Bancorp, Inc. 2014 “2014 2014 2014 September 30, 2022 Restricted stock and option awards granted during fiscal year 2022 one ten not. All awards are issued at fair value of the underlying shares at the grant date. The Company expenses the cost of the awards, which is determined to be the fair market value of the awards at the date of grant. During fiscal year 2022 2021, 2022, 2014 2022 2021. During fiscal year 2022, 2021, 2022, 2022 2021. Stock-based compensation expense for the cost of the awards granted is based on the grant-date fair value. For stock option awards, the fair value is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may not not Stock Options The assumptions used in determining the fair value of stock option grants for the year ended September 30, 2022 Weighted average fair value of awards $ 5.93 Risk-free rate 3.03 % Dividend yield — % Volatility 30.04 % Expected life (years) 6.5 The assumptions used in determining the fair value of stock option grants for the year ended September 30, 2021 Weighted average fair value of awards $ 6.06 Risk-free rate 1.25 % Dividend yield — % Volatility 29.72 % Expected life (years) 6.5 The following is a summary of currently outstanding options at September 30, 2022 Weighted Average Weighted Remaining Average Contractual Aggregate Exercise Term Intrinsic Shares Price (In Years) Value Outstanding, beginning of year 32,830 $ 20.96 $ 1,940 Granted 6,000 $ 16.05 $ — Exercised — $ — $ — Forfeited/cancelled/expired (2,000 ) $ 19.49 $ — Outstanding, end of year 36,830 $ 20.24 6.828 $ — Exercisable at end of year 18,880 $ 21.50 5.564 $ — Nonvested at end of year 17,950 $ 18.90 The following is a summary of currently outstanding options at September 30, 2021 Weighted Average Weighted Remaining Average Contractual Aggregate Exercise Term Intrinsic Shares Price (In Years) Value Outstanding, beginning of year 25,830 $ 21.57 $ — Granted 7,000 $ 18.69 $ — Exercised — $ — $ — Forfeited/cancelled/expired — $ — $ — Outstanding, end of year 32,830 $ 20.96 7.392 $ 1,940 Exercisable at end of year 13,310 $ 21.53 6.193 $ 1,940 Nonvested at end of year 19,520 $ 20.56 As of September 30, 2022 Restricted Stock Awards The table below summarizes the activity for the Company’s restricted stock outstanding at September 30, 2022 Weighted Average Shares Fair Value Outstanding, beginning of year 31,486 $ 21.10 Granted 13,848 15.84 Vested (15,581 ) 19.60 Forfeited/cancelled/expired (2,336 ) 19.98 Outstanding, end of year 27,417 $ 19.34 The table below summarizes the activity for the Company’s restricted stock outstanding at September 30, 2021 Weighted Average Shares Fair Value Outstanding, beginning of year 30,653 $ 21.98 Granted 12,363 18.69 Vested (11,530 ) 20.82 Forfeited/cancelled/expired — — Outstanding, end of year 31,486 $ 21.10 As of September 30, 2022 2014 |
Note 19 - Subordinated Debt
Note 19 - Subordinated Debt | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | Note 19 Subordinated Debt On February 7, 2017, 2027 February 15, 2027, February 15, 2022, 6.125 February 7, 2017 February 15, 2022. February 15, 2022 3 September 30, 2022, 6.65 2 September 30, 2022 |
Note 20 – Condensed Finan
Note 20 – Condensed Financial Information - Parent Company Only | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 20 Condensed Financial Information - Parent Company Only Condensed Statements of Financial Condition September 30, 2022 2021 (In thousands) Assets Cash and cash equivalents $ 5,552 $ 6,878 Investment in subsidiaries 163,164 157,554 Loans receivable, net 755 934 Other assets 2,198 1,916 Total Assets $ 171,669 $ 167,282 Liabilities Subordinated debt $ 25,000 $ 24,934 Accrued interest payable 158 196 Accounts payable 66 (16 ) Total Liabilities 25,224 25,114 Shareholders’ Equity 146,445 142,168 Total Liabilities and Shareholders’ Equity $ 171,669 $ 167,282 Condensed Statements of Operations Year Ended September 30, 2022 2021 (In thousands) Income Interest income $ 39 $ 51 Total Interest Income 39 51 Expense Long-term borrowings 1,371 1,536 Total Interest Expense 1,371 1,536 Other operating expenses 366 560 Total Other Expenses 366 560 Total Expense 1,737 2,096 Loss before Equity in Undistributed Net Income of Subsidiaries and Income Tax Benefit (1,698 ) (2,045 ) Equity in Undistributed Net Income of Subsidiaries 8,356 1,473 Income tax benefit (293 ) (480 ) Net Income (Loss) $ 6,951 $ (92 ) Condensed Statements of Comprehensive Income Year Ended September 30, (In thousands) 2022 2021 Net Income (Loss) $ 6,951 $ (92 ) Other Comprehensive (Loss) Income, Net of Tax: Unrealized holding gains (losses) on available-for-sale securities (8,107 ) 950 Tax effect 1,702 (199 ) Net of tax amount (6,405 ) 751 Reclassification adjustment for net gains arising during the period (1) — (779 ) Tax effect — 163 Net of tax amount — (616 ) Adjustment for loss recorded on replacement of derivative — (9 ) Accretion of unrealized holding losses on securities transferred from available-for-sale to held-to-maturity (2) 8 4 Tax effect (8 ) (1 ) Net of tax amount — 3 Fair value adjustment on derivatives 4,050 1,258 Tax effect (857 ) (263 ) Net of tax amount 3,193 995 Total other comprehensive (loss) income (3,212 ) 1,124 Total comprehensive income $ 3,739 $ 1,032 ( 1 ( 2 Condensed Statements of Cash Flows Year Ended September 30, 2022 2021 (In thousands) Cash Flows from Operating Activities Net income (loss) $ 6,951 $ (92 ) Undistributed net income of subsidiaries (8,356 ) (1,473 ) ESOP expense 231 248 Stock based compensation 307 295 Amortization of subordinated debt issuance costs 66 158 Increase in other assets (786 ) (850 ) Increase in other liabilities 82 11 Net Cash Used in Operating Activities (1,505 ) (1,703 ) Cash Flows from Investing Activities Net decrease in loans 179 170 Net Cash Provided by Investing Activities 179 170 Cash Flows from Financing Activities Proceeds from other borrowings — 5,000 Repayments of other borrowings — (5,000 ) Net Cash (Used in) Provided by Financing Activities — — Net Decrease in Cash and Cash Equivalents (1,326 ) (1,533 ) Cash and Cash Equivalents - Beginning 6,878 8,411 Cash and Cash Equivalents - Ending $ 5,552 $ 6,878 |
Note 21 - Subsequent Event
Note 21 - Subsequent Event | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 21 Subsequent Event On December 13, 2022, At the effective time of the Merger, each share of common stock of Malvern Bancorp will be converted into the right to receive $7.80 in cash and 0.7733 shares of common stock, par value $5.00 per share, of First Bank, subject to adjustment in accordance with the terms of the Merger Agreement if Malvern's adjusted shareholders' equity as of the tenth not The Merger is expected to be completed in the second 2023, Commercial Loan Foreclosure The court entered into a Judgment of Foreclosure with respect to commercial real estate loan held for sale at a carrying value of $13.3 December 13, 2023, ( September 16, 2022 December 14, 2022 180 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Presentation and Consolidation The consolidated financial statements at and for the years ended September 30, 2022 2021 September 30, 2021 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“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, are used in connection with the determination of the allowance for loan losses, the valuation of the Company’s deferred tax assets and the fair value of financial instruments. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located within Chester County, Pennsylvania and Morris County, New Jersey. Our lending efforts are also focused in Bucks County, Montgomery County and Delaware County, which are also in southeastern Pennsylvania, as well as New Jersey and the New York metropolitan marketplace and Palm Beach Florida. Note 6 7 not one |
CARES Act [Policy Text Block] | Operating, Accounting and Reporting Considerations related to COVID- 19 COVID- 19 March 27, 2020. $2.2 19 4013 19, not not • Accounting for Loan Modifications – The CARES Act provides that a financial institution may 1 2 not 30 December 31, 2019. not not 19. • Paycheck Protection Program – The CARES Act established the Paycheck Protection Program (“PPP”), an expansion of the Small Business Administration’s 7 Also in response to COVID- 19, March 22, 2020; April 7, 2020). not • Accounting for Loan Modifications – Loan modifications that do not may not 19 not six 4013 19 not • Past Due Reporting – With regard to loans not not 19 not • Nonaccrual Status and Charge-offs – During short-term COVID- 19 not |
Risks and Uncertainties [Policy Text Block] | Risks and Uncertainties On March 11, 2020, 19 19 may 19 may 19 19 may On March 3, 2020, March 16, 2020, September 30, 2022 On March 27, 2020, 19 19 19 may 19 On December 27, 2020, 2021 $900 60 January 11, 2023. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from depository institutions and interest-bearing deposits. The Company maintains cash deposits in other depository institutions that occasionally exceed the amount of deposit insurance available. Management periodically assesses the financial condition of these institutions and believes that the risk of any possible credit loss is minimal. Generally, the Company is required to maintain average reserve balances in vault cash with the Federal Reserve Bank based upon outstanding balances of deposit transaction accounts. However, as announced on March 15, 2020, zero March 26, 2020, September 30, 2022 2021 |
Marketable Securities, Policy [Policy Text Block] | Investment Securities Held-to-maturity (“HTM”) are securities that includes debt securities that the Company has the positive intent and the ability to hold to maturity. These securities are reported at amortized cost and adjusted for unamortized premiums and discounts. Securities held for trading are securities that are bought and held principally for the purpose of selling in the near term; these securities are reported at fair value, with unrealized gains and losses reported in current earnings. At September 30, 2022 2021 no may Securities are evaluated on a quarterly basis, and more frequently when market conditions warrant such an evaluation, to determine whether declines in their value are other-than-temporary. To determine whether a loss in value is other-than-temporary, management utilizes criteria such as the reasons underlying the decline, the magnitude and duration of the decline and whether or not not not not |
Financing Receivable, Held-for-investment [Policy Text Block] | Loans Receivable The Company, through the Bank, grants mortgage, construction, commercial and consumer loans to customers. Substantially all of our loans are to individuals, businesses and real estate developers in Chester County, Pennsylvania and neighboring areas in southern Pennsylvania, New Jersey and the New York metropolitan marketplace, Delaware and Florida markets. The ability of the Company’s debtors to honor their contracts is dependent upon, among other factors, the real estate and general economic conditions in these areas. Loans receivable that management has the intent and ability to hold until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans using the interest method. The Company is amortizing these amounts over the contractual lives of the loans. The loans receivable portfolio is segmented into residential loans, construction and development loans, commercial loans and consumer loans. The residential loan segment has one one four first second For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 may six no In addition to originating loans, the Company purchases consumer and mortgage loans from brokers in our market area. Such purchases are reviewed for compliance with our underwriting criteria before they are purchased, and are generally purchased without recourse to the seller. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective yield method. Reserves for unfunded lending commitments represent management’s estimate of losses inherent in its unfunded loan commitments and is recorded in other liabilities on the consolidated statements of financial condition. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses ("ALLL", or "allowance") represents management’s estimate of losses inherent in the loan portfolio as of the consolidated statement of financial condition date and is recorded as a reduction to loans. The allowance is increased by the provision for loan losses and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment or collateral recovery of all, or part, of the principal balance is highly unlikely. Non-residential consumer loans are generally charged off no 120 no The allowance is maintained at a level considered adequate to provide for losses that can be reasonably estimated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may may The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, a specific reserve is recognized when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class that are not These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these classes of loans, as adjusted for qualitative factors. These qualitative risk factors include: 1. Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices. 2. National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans. 3. The nature and volume of the loan portfolio and terms of loans. 4. The experience, ability, and depth of lending management and staff. 5. The volume and severity of past due, classified and nonaccrual loans as well as any other loan modifications. 6. The quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors. 7. The existence and effect of any concentrations of credit and changes in the level of such concentrations. 8. Value of underlying collateral. 9. A single calculation figure which is subsequently applied to the loan portfolio by loan type (commercial, residential and consumer) based upon the percent of each to total loans. It is derived from a review of peer group banks with similar asset size within the same general geographic area of the Bank. The qualitative factors are applied to the historical loss rates for each class of loan. In addition, while not Another key assumption is the loss emergence period (“LEP”), which represents the historical data period utilized to calculate loss rates. We used 1 An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. In addition, the allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include categories of “pass,” “special mention,” “substandard” and “doubtful.” Assets classified as “pass” are those protected by the current net worth and paying capacity of the obligor or by the value of the underlying collateral. Assets which do not may not Residential Lending. five seven We underwrite one four first one four first In underwriting one four third not not Construction and Development Lending. Construction and development loans generally are considered to involve a higher level of risk than one four not Commercial Lending. one four not may Most of the Company’s commercial business loans have been extended to finance local and regional businesses and include short-term loans to finance machinery and equipment purchases, inventory and accounts receivable. The commercial business loans which we originate may Consumer Lending. second Consumer loans may may not may Once all factor adjustments are applied, general reserve allocations for each segment are calculated, summarized and reported on the ALLL summary. ALLL final schedules, calculations and the resulting evaluation process are reviewed quarterly. In addition, Federal bank regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance and may A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, cash flow, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not A specific reserve is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial loans secured by real estate, estimated fair values are determined primarily through third For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of smaller balance homogeneous residential mortgage and consumer loans are collectively evaluated for impairment. Accordingly, the Company does not |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructurings Loans whose terms are modified are classified as TDRs if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a TDR may We do not six |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Loan Servicing Servicing assets are recognized as separate assets when rights are acquired through purchase or through sale of financial assets. For sales of mortgage loans, a portion of the cost of originating the loan is allocated to the servicing right based on relative fair value. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Capitalized servicing rights are reported in other assets and are amortized into other income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights into tranches based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the capitalized amount for the tranche. If the Company later determines that all or a portion of the impairment no may |
Financing Receivable, Real Estate Acquired Through Foreclosure [Policy Text Block] | Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of the previously established carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in other expenses from OREO, included in the consolidated statement of operations. |
Restricted Stock in Correspondent Banks [Policy Text Block] | Restricted Stock Restricted stock represents required investments in the common stock of correspondent banks and is carried at cost. As of September 30, 2022 2021 Management’s evaluation and determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of an investment’s cost is influenced by criteria such as ( 1 2 3 During the years ended September 30, 2022 2021 September 30, 2022 2021 2022 2021, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is carried at cost. Depreciation is computed using the straight-line and accelerated methods over estimated useful lives ranging from 3 to 39 years beginning when assets are placed in service. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income for the period. The cost of maintenance and repairs is charged to income as incurred. |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Sales, Policy [Policy Text Block] | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not 860, 860 not 860, not |
Life Settlement Contracts, Policy [Policy Text Block] | Bank-Owned Life Insurance The Company invests in bank owned life insurance (“BOLI”) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Bank on a chosen group of employees. The Bank is the owner and beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies. Earnings from the increase in cash surrender value of the policies and death benefits in excess of cash surrender value, are included in other income in the statements of operations. |
Pension and Other Postretirement Plans, Nonpension Benefits, Policy [Policy Text Block] | Employee Benefit Plans The Bank’s 401 may 2022 2021, The Company also maintains a fully funded and frozen Supplemental Executive and a Director Retirement Plan (together, the “Plans”). The accrued amount for the Plans included in other liabilities was $631,000 and $709,000 at September 30, 2022 2021 2022 2021 September 30, 2022 2021, |
Derivatives, Policy [Policy Text Block] | Derivatives and Hedging The Company records cash flow hedges at the inception of the derivative contract based on the Company’s intentions and belief as to likely effectiveness as a hedge. The Company documents the strategy for entering into the transactions and the method of assessing ongoing effectiveness. Cash flow hedges represent a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For a cash flow hedge that is effective, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. The changes in the fair value of derivatives that are not not Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not third not The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no no no no When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as other income. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. There were no swap fees recognized through the Bank’s commercial loan hedging program during fiscal year 2022 2021. |
Advertising Cost [Policy Text Block] | Advertising Costs The Company follows the policy of charging the costs of advertising to expense as incurred. Advertising expense was $129,000 and $109,000 in fiscal years 2022 2021, |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred tax assets (“DTAs”) and deferred tax liabilities (“DTLs”) are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. DTAs and DTLs are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on DTAs and DTLs of a change in tax rates is recognized in income in the period that includes the enactment date. These calculations are based on many complex factors including estimates of the timing of reversals of temporary differences, the interpretation of federal income tax laws and a determination of the differences between the tax and the financial reporting basis of assets and liabilities. Actual results could differ significantly from the estimates and interpretations used in determining the current and deferred income tax assets and liabilities. A valuation allowance is required to be recognized if it is “more likely than not” not not not |
Commitments and Contingencies, Policy [Policy Text Block] | Commitments and Contingencies In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the statement of financial condition when they are funded. |
Segment Reporting, Policy [Policy Text Block] | Segment Information The Company has one reportable segment, “Community Banking.” All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each of the activities of the Company supports the others. For example, lending is dependent upon the ability of the Company to fund itself with deposits and other borrowings and manage interest rate and credit risk. Accordingly, all significant operating decisions are based upon analysis of the Company as one |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale debt securities, are reported as a separate component of the shareholders’ equity section of the statement of financial condition, such items, along with net income, are components of comprehensive income. For securities transferred from available for sale to held to maturity, the Company records the amortization and/or accretion of unrealized holding losses at the date of transfer on such investment securities, in accumulated other comprehensive (loss) income. The Company also records changes in the fair value of interest rate derivatives used in its cash flow hedging activities, net of deferred income tax, in accumulated other comprehensive (loss) income. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain reclassifications have been made to the previous year’s consolidated financial statements to conform to the current year’s presentation. These reclassifications had no |
Revenue [Policy Text Block] | Revenue Recognition ASC 606, Revenue from Contracts with Customers 606” The majority of our revenue-generating transactions are not 606, 606, |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans Held-For-Sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value on the consolidated statements of financial condition. Gains and losses on loan sales (sales proceeds minus carrying value) are recorded in other income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in other income upon sale of the loan. Servicing is retained at the Bank for loans sold in the secondary market and are placed as a mortgage servicing asset on the consolidated statement of financial condition. Loans held-for-sale totaled $13.8 million and $33.2 million at September 30, 2022 2021 |
Treasury Stock [Policy Text Block] | Treasury stock The Company records common stock purchased for treasury at cost. At the date of subsequent reissue, the treasury stock account is reduced by the cost of such stock on the first first |
Lessee, Leases [Policy Text Block] | Leases The Company accounts for its leases in accordance with Financial Accounting Standards Board (“FASB”) ASC 842 Leases may not As a lessee, the Company enters into operating leases for certain bank branches, office space, and office equipment. The right-of-use assets and lease liabilities are initially recognized based on the net present value of the remaining lease payments, which include renewal options where management is reasonably certain they will be exercised. The net present value is determined using the incremental borrowing rate based on the FHLB liquidity and funding rates at commencement date. The right-of-use asset is measured at the amount of the lease liability adjusted for any prepaid rent, lease incentives and initial direct costs incurred. The right-of-use asset and lease liability are amortized over the individual lease terms. Lease expense for lease payments is recognized on a straight-line basis over the lease term. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Yet to Be Adopted Credit Losses. June 2016, No. 2016 13, Financial Instruments-Credit Losses (Topic 326 December 15, 2022, no In March 2022, 2022 02, Financial Instruments Credit Losses (Topic 326 326 20. December 15, 2022, Reference Rate Reform. March 2020, No. 2020 04, Reference Rate Reform (Topic 848 1 2 3 one one may 2020 04 March 12, 2020, December 31, 2022. two Derivatives and Hedging. March 2022, No. 2022 01, 815 one December 15, 2022. |
Note 3 - Non-interest Income (T
Note 3 - Non-interest Income (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended September 30, (In thousands) 2022 2021 Rental income $ 196 $ 217 Net gains on sale and call of investments — 779 Net gains on sale of loans 100 788 Earnings on bank-owned life insurance 794 656 Non-interest income within the scope of other GAAP topics 1,090 2,440 ATM fees 8 13 Credit card fee income 27 22 DDA fee income 113 91 DDA service fees 100 90 Debit card fees 295 283 Other loan fee income 518 574 Other fee income 169 242 Other non-interest income 7 8 Non-interest income from contracts with customers 1,237 1,323 Total Non-interest Income $ 2,327 $ 3,763 |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended September 30, (In thousands, except share data) 2022 2021 Net Income (loss) $ 6,951 $ (92 ) Weighted average shares outstanding 7,627,992 7,616,151 Average unearned ESOP shares (64,344 ) (78,743 ) Basic weighted average shares outstanding 7,563,648 7,537,408 Plus: effect of dilutive options and restricted stock 564 708 Diluted weighted average common shares outstanding 7,564,212 7,538,116 Earnings (loss) per share: Basic $ 0.92 $ (0.01 ) Diluted $ 0.92 $ (0.01 ) |
Note 6 - Investment Securities
Note 6 - Investment Securities (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Marketable Securities [Table Text Block] | September 30, 2022 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Investment Securities Available-for-Sale: U.S. government agencies $ 5,000 $ — $ (1,420 ) $ 3,580 State and municipal obligations 12,014 — (2,354 ) 9,660 Single issuer trust preferred security 1,000 — (54 ) 946 Corporate debt securities 35,990 — (3,862 ) 32,128 MBS Securities 2,403 — (316 ) 2,087 U.S. Treasury 1,488 — (45 ) 1,443 Total $ 57,895 $ — $ (8,051 ) $ 49,844 Investment Securities Held-to-Maturity: U.S. government agencies $ 29,190 $ — $ (4,907 ) $ 24,283 State and municipal obligations 18,017 — (2,526 ) 15,491 Corporate debt securities 3,264 — (96 ) 3,168 Mortgage-backed securities: MBS 2,278 — (489 ) 1,789 Collateralized mortgage obligations, fixed-rate 6,018 — (483 ) 5,535 Total $ 58,767 $ — $ (8,501 ) $ 50,266 Equity Securities Mutual funds 1,500 — (126 ) 1,374 Total Mutual funds 1,500 — (126 ) 1,374 Total investment securities $ 118,162 $ — $ (16,678 ) $ 101,484 September 30, 2021 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Investment Securities Available-for-Sale: U.S. government agencies $ 5,000 $ — $ (7 ) $ 4,993 State and municipal obligations 2,767 1 (3 ) 2,765 Single issuer trust preferred security 1,000 — (125 ) 875 Corporate debt securities 31,989 243 (52 ) 32,180 Total $ 40,756 $ 244 $ (187 ) $ 40,813 Investment Securities Held-to-Maturity: U.S. government agencies $ 10,000 $ 11 $ — $ 10,011 State and municipal obligations 6,062 104 (49 ) 6,117 Corporate debt securities 3,383 224 — 3,607 Mortgage-backed securities: Collateralized mortgage obligations, fixed-rate 9,062 129 (13 ) 9,178 Total $ 28,507 $ 468 $ (62 ) $ 28,913 Equity Securities Mutual funds 1,500 — — 1,500 Total Mutual funds 1,500 — — 1,500 Total investment securities $ 70,763 $ 712 $ (249 ) $ 71,226 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | September 30, 2022 Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Investment Securities Available-for-Sale: U.S. government agencies $ — $ — $ 3,580 $ (1,420 ) $ 3,580 $ (1,420 ) State and municipal obligations 9,660 (2,354 ) — — 9,660 (2,354 ) Single issuer trust preferred security — — 946 (54 ) 946 (54 ) Corporate debt securities 26,717 (3,273 ) 5,411 (589 ) 32,128 (3,862 ) MBS Securities 2,087 (316 ) — — 2,087 (316 ) U.S. Treasury Note 1,443 (45 ) — — 1,443 (45 ) Total $ 39,907 $ (5,988 ) $ 9,937 $ (2,063 ) $ 49,844 $ (8,051 ) Investment Securities Held-to-Maturity: U.S. government agencies $ 18,662 $ (3,028 ) $ 5,621 $ (1,879 ) $ 24,283 $ (4,907 ) State and municipal obligations 15,491 (2,526 ) - - 15,491 (2,526 ) Corporate securities 3,167 (96 ) - - 3,167 (96 ) Mortgage-backed securities: MBS - - 1,789 (489 ) 1,789 (489 ) CMO, fixed-rate 5,536 (483 ) - - 5,536 (483 ) Total $ 42,856 $ (6,133 ) $ 7,410 $ (2,368 ) $ 50,266 $ (8,501 ) Equity Securities Mutual funds 1,500 (126 ) — — 1,374 (126 ) Total Mutual funds 1,500 (126 ) — — 1,374 (126 ) Total investment securities $ 84,263 $ (12,247 ) $ 17,347 $ (4,431 ) $ 101,484 $ (16,678 ) September 30, 2021 Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Investment Securities Available-for-Sale: U.S. government agencies $ 4,993 $ (7 ) $ — $ — $ 4,993 $ (7 ) State and municipal obligations 1,819 (3 ) — — 1,819 (3 ) Single issuer trust preferred security — — 875 (125 ) 875 (125 ) Corporate debt securities 8,475 (25 ) 2,973 (27 ) 11,448 (52 ) Total $ 15,287 $ (35 ) $ 3,848 $ (152 ) $ 19,135 $ (187 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2022 Amortized Cost Fair Value (In thousands) Investment Securities Available-for-Sale: Due in one year or less $ — $ — Due after one year through five years 6,218 5,946 Due after five years through ten years 32,810 29,272 Due after ten years 16,464 12,539 Mortgage-backed securities: MBS 2,403 2,087 Total $ 57,895 $ 49,844 Investment Securities Held-to-Maturity: Due in one year or less $ 4,441 $ 4,420 Due after one year through five years 11,435 11,091 Due after five years through ten years 3,117 2,593 Due after ten years 31,478 24,838 Mortgage-backed securities: MBS 2,278 1,789 Collateralized mortgage obligations, fixed-rate 6,018 5,535 Total $ 58,767 $ 50,266 Equity Securities Mutual funds Due in one year or less $ 1,000 $ 874 Due after five years through ten years 500 500 Total 1,500 1,374 Total investment securities $ 118,162 $ 101,484 |
Note 7 - Loans Receivable and_2
Note 7 - Loans Receivable and Related Allowance for Loan Losses (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2022 2021 (In thousands) Residential mortgage $ 175,957 $ 198,710 Construction and Development: Residential and commercial 24,362 61,492 Land 550 2,204 Total Construction and Development 24,912 63,696 Commercial: Commercial real estate 406,914 426,915 Farmland 11,506 10,297 Multi-family 55,295 66,332 Commercial and industrial 102,703 115,246 Other 13,356 10,954 Total Commercial 589,774 629,744 Consumer: Home equity lines of credit 13,233 13,491 Second mortgages 4,395 5,884 Other 2,136 2,299 Total Consumer 19,764 21,674 Total loans 810,407 913,824 Deferred loan fees and cost, net 537 629 Allowance for loan losses (9,090 ) (11,472 ) Total loans receivable, net $ 801,854 $ 902,981 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Year Ended September 30, 2022 Construction and Development Commercial Consumer Home Equity Residential Commercial Commercial Lines Residential and Real Multi- and of Second Mortgage Commercial Land Estate Farmland family Industrial Other Credit Mortgages Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 934 $ 428 $ 15 $ 7,043 $ 56 $ 450 $ 2,221 $ 54 $ 76 $ 87 $ 20 $ 88 $ 11,472 Charge-offs — — — — — — (2,415 ) — — (106 ) — — (2,521 ) Recoveries 5 — — 75 — — 2 — 1 55 1 — 139 Provisions (231 ) (297 ) (12 ) (1,078 ) 1 (152 ) 1,350 1 (10 ) (15 ) (6 ) 449 — Ending Balance $ 708 $ 131 $ 3 $ 6,040 $ 57 $ 298 $ 1,158 $ 55 $ 67 $ 21 $ 15 $ 537 $ 9,090 Ending balance: individually evaluated for impairment $ 54 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 54 Ending balance: collectively evaluated for impairment $ 654 $ 131 $ 3 $ 6,040 $ 57 $ 298 $ 1,158 $ 55 $ 67 $ 21 $ 15 $ 537 $ 9,036 Loans receivable: Ending balance $ 175,957 $ 24,362 $ 550 $ 406,914 $ 11,506 $ 55,295 $ 102,703 $ 13,356 $ 13,233 $ 4,395 $ 2,136 $ 810,407 Ending balance: individually evaluated for impairment $ 477 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 477 Ending balance: collectively evaluated for impairment $ 175,480 $ 24,362 $ 550 $ 406,914 $ 11,506 $ 55,295 $ 102,703 $ 13,356 $ 13,233 $ 4,395 $ 2,136 $ 809,930 Year Ended September 30, 2021 Construction and Development Commercial Consumer Home Equity Residential Commercial Commercial Lines Residential and Real Multi- and of Second Mortgage Commercial Land Estate Farmland family Industrial Other Credit Mortgages Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 1,667 $ 465 $ 23 $ 8,682 $ 47 $ 511 $ 578 $ 51 $ 130 $ 196 $ 29 $ 54 $ 12,433 Charge-offs — — — (11,930 ) — — (379 ) — — — (4 ) — (12,313 ) Recoveries 41 4 — 1 — — 2 — 17 108 2 — 175 Provisions (774 ) (41 ) (8 ) 10,290 9 (61 ) 2,020 3 (71 ) (217 ) (7 ) 34 11,176 Ending Balance $ 934 $ 428 $ 15 $ 7,043 $ 56 $ 450 $ 2,221 $ 54 $ 76 $ 87 $ 20 $ 88 $ 11,472 Ending balance: individually evaluated for impairment $ — $ — $ — $ 18 $ — $ — $ 1,488 $ — $ — $ 38 $ — $ — $ 1,544 Ending balance: collectively evaluated for impairment $ 934 $ 428 $ 15 $ 7,025 $ 56 $ 450 $ 733 $ 54 $ 76 $ 49 $ 20 $ 88 $ 9,928 Loans receivable: Ending balance $ 198,710 $ 61,492 $ 2,204 $ 426,915 $ 10,297 $ 66,332 $ 115,246 $ 10,954 $ 13,491 $ 5,884 $ 2,299 $ 913,824 Ending balance: individually evaluated for impairment $ — $ — $ — $ 286 $ — $ — $ 2,517 $ — $ — $ 102 $ — $ 2,905 Ending balance: collectively evaluated for impairment $ 198,710 $ 61,492 $ 2,204 $ 426,629 $ 10,297 $ 66,332 $ 112,729 $ 10,954 $ 13,491 $ 5,782 $ 2,299 $ 910,919 |
Impaired Financing Receivables [Table Text Block] | Impaired Loans With No Impaired Loans With Specific Specific Allowance Allowance Total Impaired Loans Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance (In thousands) September 30, 2022: Residential mortgage $ 477 $ 54 $ 2,342 $ 2,819 $ 3,029 Commercial: Commercial real estate — — 13,826 13,826 15,475 Farmland — — 2,213 2,213 2,213 Commercial and industrial — — 684 684 684 Consumer: Home equity lines of credit — — 20 20 25 Second mortgages — — 152 152 191 Total $ 477 $ 54 $ 19,237 $ 19,714 $ 21,617 September 30, 2021: Residential mortgage $ — $ — $ 2,594 $ 2,594 $ 2,766 Commercial: Commercial real estate 286 18 33,543 33,829 33,368 Farmland — — 2,254 2,254 2,254 Commercial and industrial 2,517 1,488 630 3,147 3,584 Consumer: Home equity lines of credit — — 23 23 28 Second mortgages 102 38 696 798 874 Total $ 2,905 $ 1,544 $ 39,740 $ 42,645 $ 42,874 |
Average Impaired Financing Receivables Table [Text Block] | Average Interest Income Impaired Recognized on Loans Impaired Loans (In thousands) Year Ended September 30, 2022: Residential mortgages $ 2,406 $ 126 Commercial: Commercial real estate 13,306 89 Farmland 2,231 79 Commercial and industrial 1,519 21 Consumer: Home equity lines of credit 17 — Second mortgages 816 3 Total $ 20,295 $ 318 Year Ended September 30, 2021: Residential mortgages $ 3,305 $ 82 Commercial: Commercial real estate 32,812 556 Farmland 1,814 70 Commercial and industrial 951 17 Consumer: Home equity lines of credit 48 — Second mortgages 720 6 Total $ 39,650 $ 731 |
Financing Receivable Credit Quality Indicators [Table Text Block] | September 30, 2022 Special Pass Mention Substandard Doubtful Total (In thousands) Residential mortgage $ 173,083 $ — $ 2,874 $ — $ 175,957 Construction and Development: Residential and commercial 24,362 — — — 24,362 Land 550 — — — 550 Commercial: Commercial real estate 373,729 32,682 504 — 406,914 Farmland 9,293 — 2,213 — 11,506 Multi-family 55,295 — — — 55,295 Commercial and industrial 97,219 — 5,484 — 102,703 Other 13,356 — — — 13,356 Consumer: Home equity lines of credit 13,143 — 90 — 13,233 Second mortgages 4,110 58 227 — 4,395 Other 2,136 — — — 2,136 Total $ 766,276 $ 32,740 $ 11,391 $ — $ 810,407 September 30, 2021 Special Pass Mention Substandard Doubtful Total (In thousands) Residential mortgage $ 195,658 $ — $ 3,052 $ — $ 198,710 Construction and Development: Residential and commercial 61,492 — — — 61,492 Land 2,204 — — — 2,204 Commercial: Commercial real estate 376,721 48,705 1,489 — 426,915 Farmland 8,043 — 2,254 — 10,297 Multi-family 57,052 9,280 — — 66,332 Commercial and industrial 106,910 — 8,336 — 115,246 Other 10,954 — — — 10,954 Consumer: Home equity lines of credit 13,390 — 101 — 13,491 Second mortgages 4,908 68 908 — 5,884 Other 2,299 — — — 2,299 Total $ 839,631 $ 58,053 $ 16,140 $ — $ 913,824 |
Financing Receivable, Nonaccrual [Table Text Block] | September 30, 2022 2021 (In thousands) Residential mortgage $ 585 $ 879 Commercial: Commercial and industrial — 2,517 Consumer: Home equity lines of credit 20 23 Second mortgages 148 278 Total non-accrual loans $ 753 $ 3,697 |
Financing Receivable, Past Due [Table Text Block] | 30 59 60 89 90 Days or Total Loans Accruing 90 Days Current Days Past Due Days Past Due More Past Due Total Past Due Receivable or More Past Due (In thousands) September 30, 2022: Residential mortgage $ 173,852 $ 1,198 $ 477 $ 430 $ 2,105 $ 175,957 $ 243 Construction and Development: Residential and commercial 24,362 — — — — 24,362 — Land 550 — — — — 550 — Commercial: Commercial real estate 406,809 105 — — 105 406,914 — Farmland 9,293 2,213 — — 2,213 11,506 — Multi-family 55,295 — — — — 55,295 — Commercial and industrial 101,328 1,375 — — 1,375 102,703 — Other 13,356 — — — — 13,356 — Consumer: Home equity lines of credit 13,160 53 20 — 73 13,233 — Second mortgages 4,384 3 — 8 11 4,395 — Other 2,132 4 — — 4 2,136 — Total $ 804,521 $ 4,951 $ 497 $ 438 $ 5,886 $ 810,407 $ 243 90 Accruing 90 30 59 60 89 Days or Days or Days Past Days Past More Past Total Loans More Past Current Due Due Due Total Past Due Receivable Due (In thousands) September 30, 2021: Residential mortgage $ 197,062 $ 796 $ 241 $ 611 $ 1,648 $ 198,710 $ — Construction and Development: Residential and commercial 61,492 — — — — 61,492 — Land 2,204 — — — — 2,204 — Commercial: Commercial real estate 426,915 — — — — 426,915 — Farmland 10,297 — — — — 10,297 — Multi-family 66,332 — — — — 66,332 — Commercial and industrial 115,246 — — — — 115,246 — Other 10,954 — — — — 10,954 — Consumer: Home equity lines of credit 13,394 97 — — 97 13,491 — Second mortgages 5,697 4 83 100 187 5,884 — Other 2,296 3 — — 3 2,299 — Total $ 911,889 $ 900 $ 324 $ 711 $ 1,935 $ 913,824 $ — |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | Troubled Debt Restructured Loans That Have Defaulted on Total Troubled Debt Modified Terms Within The Restructurings Past 12 Months Number of Recorded Number of Recorded Loans Investment Loans Investment (In thousands) At September 30, 2022: Residential mortgage 14 $ 2,632 $ — $ — Commercial: Commercial real estate 3 594 — — Farmland 1 2,213 — — Commercial and industrial 1 625 — — Consumer Second mortgages 1 4 — — Total 20 $ 6,068 $ — $ — At September 30, 2021: Residential mortgage 16 $ 3,180 4 $ 640 Commercial: Commercial real estate 5 12,180 — — Farmland 1 2,254 — — Commercial and industrial 1 549 — — Consumer Second mortgages 3 78 — — Total 26 $ 18,241 4 $ 640 |
Troubled Debt Restructurings Performing Status Table [Text Block] | September 30, 2022 2021 Non- Non- Performing Performing Performing Performing (In thousands) Residential mortgage $ 1,543 $ 1,089 $ 2,540 $ 640 Commercial: Commercial real estate 594 — 12,180 — Farmland 2,213 — 2,254 — Commercial and industrial 625 — 549 — Consumer Second mortgages 4 — 78 — Total $ 4,979 $ 1,089 $ 17,601 $ 640 |
Troubled Debt Restructurings Activity Table [Text Block] | September 30, 2022 2021 Restructured During Period Pre- Post- Pre- Post- Modifications Modifications Modifications Modifications Outstanding Outstanding Outstanding Outstanding Number Recorded Recorded Number Recorded Recorded of Loans Investments Investments of Loans Investments Investments (In thousands) Troubled Debt Restructurings: Commercial: Commercial real estate 2 $ 504 $ 504 — $ — $ — Farmland — — — 1 2,287 2,287 Commercial and industrial — — — 1 549 549 Total 2 $ 504 $ 504 2 $ 2,803 $ 2,836 |
Schedule of Related Party Transactions [Table Text Block] | Year Ended September 30, 2022 2021 (In thousands) Balance at beginning of year $ 11,921 $ 13,733 New loans 3,042 2,792 Repayments (4,860 ) (4,604 ) No longer Director/Officer (524 ) — Balance at end of year $ 9,579 $ 11,921 |
Servicing Asset at Amortized Cost [Table Text Block] | September 30, 2022 2021 (In thousands) Balance at beginning of year $ 83 $ 111 Amortization 4 (28 ) Balance at end of year $ 87 $ 83 |
Non Troubled Debt Restructurings On Financing Receivables [Table Text Block] | September 30, 2022 Number of Loans Loan Modification Exposure Gross Loans September 30, 2022 Percentage of Gross Loans Modified (Dollars in thousands) Residential mortgage — $ — $ 175,957 0.00 % Construction and Development: Residential and commercial — — 24,362 0.00 % Land loans — — 550 0.00 % Total Construction and Development — — 24,912 0.00 % Commercial: Commercial real estate 3 32,041 406,914 7.87 % Farmland — — 11,506 0.00 % Multi-family — — 55,295 0.00 % Commercial and industrial — — 102,703 0.00 % Other — — 13,356 0.00 % Total Commercial 3 32,041 589,774 5.74 % Consumer: Home equity lines of credit — — 13,233 0.00 % Second mortgages — — 4,395 0.00 % Other — — 2,136 0.00 % Total Consumer — — 19,764 0.00 % Total loans 3 $ 32,041 $ 810,407 3.95 % September 30, 2021 Number of Loans Loan Modified Exposure Gross Loans September 30, 2021 Percentage of Gross Loans Modified (Dollars in thousands) Residential mortgage 2 $ 667 $ 198,710 0.07 % Construction and Development: Residential and commercial — — 61,492 0.00 % Land loans — — 2,204 0.00 % Total Construction and Development — — 63,696 0.00 % Commercial: Commercial real estate 6 60,567 426,915 6.63 % Farmland — — 10,297 0.00 % Multi-family — — 66,332 0.00 % Commercial and industrial — — 115,246 0.00 % Other — — 10,954 0.00 % Total Commercial 6 60,567 629,744 6.63 % Consumer: Home equity lines of credit — — 13,491 0.00 % Second mortgages — — 5,884 0.00 % Other — — 2,299 0.00 % Total Consumer — — 21,674 0.00 % Total loans 8 $ 61,234 $ 913,824 6.70 % |
Note 8 - Property and Equipme_2
Note 8 - Property and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Estimated Useful September 30, Life (years) 2022 2021 (In thousands) Land — $ 706 $ 706 Building and improvements 10-39 12,039 11,992 Construction in process — 29 5 Furniture, fixtures and equipment 3-7 5,914 5,904 18,688 18,607 Accumulated depreciation (13,457 ) (12,830 ) $ 5,231 $ 5,777 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | September 30, 2022 2021 Percent of Percent of Total Total Amount Deposits Amount Deposits (In thousands) Balances by types of deposit: Savings $ 55,288 7.04 % $ 50,582 5.39 % Money market accounts 279,699 35.62 385,480 41.09 Interest bearing demand 240,819 30.66 336,645 35.88 Non-interest bearing demand 58,014 7.39 53,849 5.74 633,820 80.71 826,556 88.10 Certificates of deposit 151,503 19.29 111,603 11.90 Total $ 785,323 100.00 % $ 938,159 100.00 % |
Schedule Of Interest Expense On Deposits Table [Text Block] | September 30, 2022 2021 (In thousands) Savings accounts $ 46 $ 59 Money market accounts 921 1,726 Interest bearing demand 1,153 2,681 Certificates of deposit 1,414 2,282 Total deposits $ 3,534 $ 6,748 |
Time Deposit Maturities [Table Text Block] | September 30, 2022 (In thousands) Maturing in the Fiscal Year Ending September 30, 2023 $ 94,817 2024 38,387 2025 8,749 2026 6,679 2027 1,389 Thereafter 1,482 $ 151,503 |
Note 10 - Borrowings (Tables)
Note 10 - Borrowings (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | September 30, 2022 2021 Weighted Weighted Average Average Amount Rate Amount Rate (In thousands) Due by September 30: 2022 $ — — $ 90,000 0.76 % 2023 80,000 3.07 % — — Total FHLB Advances $ 80,000 3.07 % $ 90,000 0.76 % |
Note 11 - Derivatives (Tables)
Note 11 - Derivatives (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | September 30, 2022 Asset derivatives Liability derivatives Statement of Statement of Financial Financial Notional Fair Condition Notional Fair Condition Amount Value Location Amount Value Location (In thousands) Derivatives designated as a hedging instrument: Interest rate swap agreement $ 60,000 $ 4,017 Other assets $ — $ — Other liabilities Derivatives not designated as a hedging instrument: Interest rate swap agreement $ 44,132 $ 3,711 Other assets $ 44,132 $ 3,712 Other liabilities September 30, 2021 Asset derivatives Liability derivatives Statement of Statement of Financial Financial Notional Fair Condition Notional Fair Condition Amount Value Location Amount Value Location (In thousands) Derivatives designated as a hedging instrument: Interest rate swap agreement $ 40,000 $ 14 Other assets $ 30,000 $ 47 Other liabilities Derivatives not designated as a hedging instrument: Interest rate swap agreement $ 44,748 $ 4,671 Other assets $ 44,748 $ 4,673 Other liabilities |
Schedule Of Offsetting Of Derivative Assets And Liabilities Table [Text Block] | Offsetting of Derivative Assets (In thousands) as of September 30, 2022 Net Amounts of Gross Amounts Assets Gross Amounts Not Offset in the Statements of Gross Offset in the presented in the Financial Condition Amounts of Statement of Statement of Cash Recognized Financial Financial Financial Collateral Net Assets Condition Condition Instruments Received Amount Derivatives $ 7,728 $ — $ 7,728 $ — $ 4,210 $ 3,518 Offsetting of Derivative Liabilities (In thousands) as of September 30, 2022 Net Amounts of Gross Amounts Liabilities Gross Amounts Not Offset in the Statements of Gross Offset in the presented in the Financial Condition Amounts of Statement of Statement of Cash Recognized Financial Financial Financial Collateral Net Liabilities Condition Condition Instruments Posted Amount Derivatives $ 3,712 $ — $ 3,712 $ — $ — $ 3,712 Offsetting of Derivative Assets (In thousands) as of September 30, 2021 Net Amounts of Gross Amounts Assets Gross Amounts Not Offset in the Statements of Gross Offset in the presented in the Financial Condition Amounts of Statement of Statement of Cash Recognized Financial Financial Financial Collateral Net Assets Condition Condition Instruments Received Amount Derivatives $ 4,685 $ — $ 4,685 $ — $ — $ 4,685 Offsetting of Derivative Liabilities (In thousands) as of September 30, 2021 Net Amounts of Gross Amounts Liabilities Gross Amounts Not Offset in the Statements of Gross Offset in the presented in the Financial Condition Amounts of Statement of Statement of Cash Recognized Financial Financial Financial Collateral Net Liabilities Condition Condition Instruments Posted Amount Derivatives $ 4,720 $ — $ 4,720 $ 221 $ 8,257 $ (3,758 ) |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | For the Year Ended September 30, 2022 Amount of Gain Amount of Loss Recognized Reclassified in OCI on from OCI to Derivative Interest Expense (In thousands) Interest rate swap agreements $ 4,050 $ 141 Total derivatives $ 4,050 $ 141 For the Year Ended September 30, 2021 Amount of Loss Amount of Gain Recognized Reclassified in OCI on from OCI to Derivative Interest Expense (In thousands) Interest rate swap agreements $ 255 $ (995 ) Total derivatives $ 255 $ (995 ) |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | For the Year Ended September 30, 2022 Amount of Loss Consolidated Recognized Statements in Income on of Operations derivatives (In thousands) Derivatives not designated as a hedging instrument: Interest rate swap agreement Other income $ 2 Total $ 2 For the Year Ended September 30, 2021 Amount of Loss Consolidated Recognized Statements in Income on of Operations derivatives (In thousands) Derivatives not designated as a hedging instrument: Interest rate swap agreement Other income $ 2 Total $ 2 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | September 30, 2022 Total Level 1 Level 2 Level 3 (In thousands) Assets: Investment securities available-for-sale: Debt securities: U.S. government agencies $ 3,580 $ — $ 3,580 $ — State and municipal obligations 9,660 — 9,660 — Single issuer trust preferred security 946 — 946 — Corporate debt securities 32,128 — 32,128 — MBS Securities 2,087 — 2,087 — U.S. Treasury 1,443 — 1,443 — Total investment securities available-for-sale $ 49,844 $ — $ 49,844 $ — Equity securities: Mutual fund $ 1,374 $ 874 $ — $ 500 Total equity investment securities $ 1,374 $ 874 $ — $ 500 Derivative instruments $ 7,728 $ — $ 7,728 $ — Liabilities: Derivative instruments $ 3,712 $ — $ 3,712 $ — September 30, 2021 Total Level 1 Level 2 Level 3 (In thousands) Assets: Investment securities available-for-sale: Debt securities: U.S. government agencies $ 4,993 $ — $ 4,993 $ — State and municipal obligations 2,765 — 2,765 — Single issuer trust preferred security 875 — 875 — Corporate debt securities 32,180 — 32,180 — Total investment securities available-for-sale $ 40,813 $ — $ 40,813 $ — Equity securities: Mutual fund $ 1,500 $ 1,000 $ — $ 500 Total equity investment securities $ 1,500 $ 1,000 $ — $ 500 Derivative instruments $ 4,685 $ — $ 4,685 $ — Liabilities: Derivative instruments $ 4,720 $ — $ 4,720 $ — |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Fair value measurements using significant unobservable inputs (Level 3) (In thousands) Balance, October 1, 2021 $ 500 Payments received — Total gains or losses (realized/unrealized) Included in earnings — Included in other comprehensive income — Purchases — Transfers in and/or out of Level 3 — Balance, September 30, 2022 $ 500 Fair value measurements using significant unobservable inputs (Level 3) (In thousands) Balance, October 1, 2020 $ 500 Payments received — Total gains or losses (realized/unrealized) Included in earnings — Included in other comprehensive income — Purchases — Transfers in and/or out of Level 3 — Balance, September 30, 2021 $ 500 |
Fair Value Measurements, Nonrecurring [Table Text Block] | September 30, 2022 Total Level 1 Level 2 Level 3 (In thousands) Other real estate owned $ 259 $ — $ — $ 259 Impaired loans (1) 13,722 — — 13,722 Total $ 13,981 $ — $ — $ 13,981 September 30, 2022 Fair Value at Valuation Range/(Weighted September 30, 2022 Technique Unobservable Input Average) (In thousands) Other real estate owned $ 259 Appraisal of Collateral (2) Collateral discount (3) 33.6%/(33.6%) Impaired loans (1) 13,722 Appraisal of Collateral (2) Collateral discount (3) (10.4%) – (12%)/(10.5%) Total $ 13,981 September 30, 2021 Total Level 1 Level 2 Level 3 (In thousands) Other real estate owned $ 4,961 $ — $ — $ 4,961 Impaired loans (1) 33,876 18,900 — 14,976 Total $ 38,837 $ 18,900 $ — $ 19,937 September 30, 2021 Fair Value at Valuation Range/(Weighted September 30, 2021 Technique Unobservable Input Average) (In thousands) Other real estate owned $ 4,961 Appraisal of Collateral (2) Collateral discount (3) 6.4%/(6.4%) Impaired loans (1) 33,876 Appraisal of Collateral (2) Collateral discount (3) (4.0%) – (12%)/(8%) Total $ 38,837 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Amount Fair Value Level 1 Level 2 Level 3 (In thousands) September 30, 2022: Financial assets: Cash and cash equivalents $ 53,267 $ 53,267 $ 53,267 $ — $ — Investment securities available-for-sale 49,844 49,844 — 49,844 — Investment securities held-to-maturity 58,767 50,266 — 50,266 — Equity securities 1,374 1,374 874 — 500 Loans receivable, net (including impaired ) 801,854 763,311 — — 763,311 Loans Held For Sale 13,780 13,780 — — 13,780 Accrued interest receivable 4,252 4,252 — 4,252 — Restricted stock 7,104 7,104 — 7,104 — Mortgage servicing rights (included in Other Assets) 87 117 — 117 — Derivatives (included in Other Assets) 7,728 7,728 — 7,728 — Financial liabilities: Savings accounts 55,288 55,288 — 55,288 — Checking and NOW accounts 240,819 240,819 — 240,819 — Money market accounts 279,699 279,699 — 279,699 — Certificates of deposit 151,503 153,087 — 153,087 — Borrowings (excluding sub debt) 80,000 80,022 — 80,022 — Subordinated debt 25,000 25,045 — 25,045 — Derivatives (included in Other Liabilities) 3,712 3,712 — 3,712 — Accrued interest payable 543 543 — 543 — September 30, 2021: Financial assets: Cash and cash equivalents $ 136,590 $ 136,590 $ 136,590 $ — $ — Investment securities available-for-sale 40,813 40,813 — 40,813 — Investment securities held-to-maturity 28,507 28,913 — 28,913 — Equity securities 1,500 1,500 1,000 — 500 Loans receivable, net (including impaired ) 902,981 900,357 — — 900,357 Loans Held For Sale 33,199 33,199 19,583 — 13,616 Accrued interest receivable 3,512 3,512 — 3,512 — Restricted stock 7,776 7,776 — 7,776 — Mortgage servicing rights (included in Other Assets) 83 83 — 83 — Derivatives (included in Other Assets) 4,685 4,685 — 4,685 — Financial liabilities: Savings accounts 50,582 50,582 — 50,582 — Checking and NOW accounts 390,494 390,494 — 390,494 — Money market accounts 385,480 385,480 — 385,480 — Certificates of deposit 111,603 113,323 — 113,323 — Borrowings (excluding sub debt) 90,000 90,215 — 90,215 — Subordinated debt 24,934 25,027 — 25,027 — Derivatives (included in Other Liabilities) 4,720 4,720 — 4,720 — Accrued interest payable 572 572 — 572 — |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | September 30, 2022 2021 (In thousands) DTAs: Allowance for loan losses $ 2,155 $ 2,807 Non-accrual interest 224 276 Supplement executive retirement plan 149 173 Federal and State net operating loss — 155 Unrealized loss on investments available-for-sale 1,691 — Depreciation 132 53 Lease liability 308 448 Other 230 113 Total DTAs 4,889 4,025 Valuation allowance for DTAs — — Total DTAs, Net of Valuation Allowance $ 4,889 $ 4,025 DTLs: Unrealized gain on investments available-for-sale — (3 ) Unrealized gain on derivatives (846 ) — Mortgage servicing rights (19 ) (20 ) Right of use asset (300 ) (440 ) Other (2 ) (32 ) Total DTLs (1,167 ) (495 ) DTAs, Net $ 3,722 $ 3,530 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | September 30, 2022 2021 (In thousands) Federal: Current $ 2,423 $ (62 ) Deferred (847 ) (112 ) 1,576 (174 ) State: Current 457 — Deferred (109 ) (38 ) 348 (38 ) Total income tax expense (benefit) $ 1,924 $ (212 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | September 30, 2022 2021 (In thousands) Tax at statutory rate $ 1,864 21.0 % $ (64 ) (21.0 )% Adjustments resulting from: State tax, net of federal benefit 275 3.1 (30 ) (9.8 ) Tax-exempt interest (93 ) (1.0 ) (26 ) (8.6 ) Earnings on bank-owned life insurance (167 ) (1.9 ) (138 ) (45.3 ) Other 45 0.5 46 15.1 Total $ 1,924 21.7 % $ (212 ) (69.6 )% |
Note 14 - Leases (Tables)
Note 14 - Leases (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | September 30, 2022 2021 In thousands Operating lease cost $ 484 $ 661 Short-term lease cost 108 95 Total $ 592 $ 756 |
Schedule Of Supplemental Information Of Leases Table [Text Block] | September 30, 2022 September 30, 2021 (Dollars in thousands) (Dollars in thousands) Supplemental balance sheet information Operating lease right-of-use assets $ 1,267 $ 1,796 Operating lease liabilities $ 1,299 $ 1,830 Weighted average remaining lease term (in years) 3.57 4.50 Weighted average discount rate 2.00 % 1.99 % Twelve Months Ended September 30, 2022 Twelve Months Ended September 30, 2021 (In thousands) (In thousands) Supplemental cash flow information Operating cash flows from operating leases $ 531 $ 893 ROU assets obtained in exchange for lease obligations $ — $ 3,279 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases (In thousands) Years ended September 30: 2023 $ 431 2024 431 2025 432 2026 153 2027 51 Total lease payments $ 1,498 Less: imputed interest (199 ) Total $ 1,299 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | Years ending September 30: 2023 $ 63 2024 64 2025 46 2026 31 Total $ 204 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Fair Value, Concentration of Risk [Table Text Block] | September 30, 2022 2021 (In thousands) Commitments to extend credit: Future loan commitments $ 12,585 $ 32,889 Undisbursed construction loans 9,285 12,672 Undisbursed home equity lines of credit 27,942 25,722 Undisbursed commercial lines of credit 80,535 19,901 Undisbursed commercial unsecured lines of credit — 66,941 Overdraft protection lines 1,482 1,549 Standby letters of credit 7,742 9,026 Total Commitments $ 139,571 $ 168,700 |
Note 16 - Regulatory Matters (T
Note 16 - Regulatory Matters (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | To Be Well Capitalized Under Prompt For Capital Corrective Actual Adequacy Purposes Action Provisions Capital Capital Capital (In thousands) Amount Ratio Amount Ratio Amount Ratio As of September 30, 2022: Tier 1 Leverage (Core) Capital (to average assets) $ 166,340 16.30 % $ 40,820 4.00 % $ 51,025 5.00 % Common Equity Tier 1 Capital (to risk-weighted assets) 166,340 19.27 % 38,836 4.50 % 56,096 6.50 % Tier 1 Capital (to risk-weighted assets) 166,340 19.27 % 51,751 6.00 % 69,042 8.00 % Total Risk-Based Capital (to risk-weighted assets) 175,512 20.34 % 69,042 8.00 % 86,302 10.00 % As of September 30, 2021: Tier 1 Leverage (Core) Capital (to average assets) $ 157,518 13.14 % $ 47,946 4.00 % $ 59,933 5.00 % Common Equity Tier 1 Capital (to risk-weighted assets) 157,518 16.13 % 43,934 4.50 % 63,460 6.50 % Tier 1 Capital (to risk-weighted assets) 157,518 16.13 % 58,579 6.00 % 78,105 8.00 % Total Risk-Based Capital (to risk-weighted assets) 169,072 17.32 % 78,105 8.00 % 97,632 10.00 % |
Reconciliation Of Bank Equity Table [Text Block] | September 30, 2022 2021 (In thousands) Bank GAAP equity $ 163,164 $ 157,554 Net unrealized loss (gain) on securities available for sale, net of income taxes 6,360 (45 ) Net unrealized loss (gain) on derivatives, net of income taxes (3,184 ) 9 Tangible Capital, Core Capital and Tier 1 Capital 166,340 157,518 Allowance for loan losses and reserve for off-balance sheet commitments 9,172 11,554 Total Risk-Based Capital $ 175,512 $ 169,072 |
Note 17 - Accumulated Other C_2
Note 17 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | September 30, 2022 2021 (In thousands) Net unrealized holding (losses) gains on available-for-sale securities $ (8,051 ) $ 57 Tax effect 1,691 (12 ) Net of tax amount (6,360 ) 45 Fair value adjustment on derivatives 4,030 (11 ) Tax effect (846 ) 2 Net of tax amount 3,184 (9 ) Total accumulated other comprehensive (loss) income $ (3,176 ) $ 36 |
Comprehensive Income (Loss) [Table Text Block] | Year Ended September 30, 2022 2021 (In thousands) Net unrealized holding (losses) gains on available-for-sale securities $ (8,107 ) $ 950 Reclassification adjustment for net gains arising during the period — (779 ) Adjustment for loss recorded on replacement of derivative — (9 ) Amortization of unrealized holding losses on securities available-for-sale transferred to held-to-maturity 8 4 Fair value adjustment on derivatives 4,050 1,258 Other comprehensive (loss) income before taxes (4,049 ) 1,424 Tax effect 837 (300 ) Total other comprehensive (loss) income $ (3,212 ) $ 1,124 |
Note 18 - Equity Based Incent_2
Note 18 - Equity Based Incentive Compensation Plan (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Weighted average fair value of awards $ 5.93 Risk-free rate 3.03 % Dividend yield — % Volatility 30.04 % Expected life (years) 6.5 Weighted average fair value of awards $ 6.06 Risk-free rate 1.25 % Dividend yield — % Volatility 29.72 % Expected life (years) 6.5 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Weighted Remaining Average Contractual Aggregate Exercise Term Intrinsic Shares Price (In Years) Value Outstanding, beginning of year 32,830 $ 20.96 $ 1,940 Granted 6,000 $ 16.05 $ — Exercised — $ — $ — Forfeited/cancelled/expired (2,000 ) $ 19.49 $ — Outstanding, end of year 36,830 $ 20.24 6.828 $ — Exercisable at end of year 18,880 $ 21.50 5.564 $ — Nonvested at end of year 17,950 $ 18.90 Weighted Average Weighted Remaining Average Contractual Aggregate Exercise Term Intrinsic Shares Price (In Years) Value Outstanding, beginning of year 25,830 $ 21.57 $ — Granted 7,000 $ 18.69 $ — Exercised — $ — $ — Forfeited/cancelled/expired — $ — $ — Outstanding, end of year 32,830 $ 20.96 7.392 $ 1,940 Exercisable at end of year 13,310 $ 21.53 6.193 $ 1,940 Nonvested at end of year 19,520 $ 20.56 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Average Shares Fair Value Outstanding, beginning of year 31,486 $ 21.10 Granted 13,848 15.84 Vested (15,581 ) 19.60 Forfeited/cancelled/expired (2,336 ) 19.98 Outstanding, end of year 27,417 $ 19.34 Weighted Average Shares Fair Value Outstanding, beginning of year 30,653 $ 21.98 Granted 12,363 18.69 Vested (11,530 ) 20.82 Forfeited/cancelled/expired — — Outstanding, end of year 31,486 $ 21.10 |
Note 20 – Condensed Fin_2
Note 20 – Condensed Financial Information - Parent Company Only (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | September 30, 2022 2021 (In thousands) Assets Cash and cash equivalents $ 5,552 $ 6,878 Investment in subsidiaries 163,164 157,554 Loans receivable, net 755 934 Other assets 2,198 1,916 Total Assets $ 171,669 $ 167,282 Liabilities Subordinated debt $ 25,000 $ 24,934 Accrued interest payable 158 196 Accounts payable 66 (16 ) Total Liabilities 25,224 25,114 Shareholders’ Equity 146,445 142,168 Total Liabilities and Shareholders’ Equity $ 171,669 $ 167,282 |
Condensed Income Statement [Table Text Block] | Year Ended September 30, 2022 2021 (In thousands) Income Interest income $ 39 $ 51 Total Interest Income 39 51 Expense Long-term borrowings 1,371 1,536 Total Interest Expense 1,371 1,536 Other operating expenses 366 560 Total Other Expenses 366 560 Total Expense 1,737 2,096 Loss before Equity in Undistributed Net Income of Subsidiaries and Income Tax Benefit (1,698 ) (2,045 ) Equity in Undistributed Net Income of Subsidiaries 8,356 1,473 Income tax benefit (293 ) (480 ) Net Income (Loss) $ 6,951 $ (92 ) |
Condensed Statement of Comprehensive Income [Table Text Block] | Year Ended September 30, (In thousands) 2022 2021 Net Income (Loss) $ 6,951 $ (92 ) Other Comprehensive (Loss) Income, Net of Tax: Unrealized holding gains (losses) on available-for-sale securities (8,107 ) 950 Tax effect 1,702 (199 ) Net of tax amount (6,405 ) 751 Reclassification adjustment for net gains arising during the period (1) — (779 ) Tax effect — 163 Net of tax amount — (616 ) Adjustment for loss recorded on replacement of derivative — (9 ) Accretion of unrealized holding losses on securities transferred from available-for-sale to held-to-maturity (2) 8 4 Tax effect (8 ) (1 ) Net of tax amount — 3 Fair value adjustment on derivatives 4,050 1,258 Tax effect (857 ) (263 ) Net of tax amount 3,193 995 Total other comprehensive (loss) income (3,212 ) 1,124 Total comprehensive income $ 3,739 $ 1,032 |
Condensed Cash Flow Statement [Table Text Block] | Year Ended September 30, 2022 2021 (In thousands) Cash Flows from Operating Activities Net income (loss) $ 6,951 $ (92 ) Undistributed net income of subsidiaries (8,356 ) (1,473 ) ESOP expense 231 248 Stock based compensation 307 295 Amortization of subordinated debt issuance costs 66 158 Increase in other assets (786 ) (850 ) Increase in other liabilities 82 11 Net Cash Used in Operating Activities (1,505 ) (1,703 ) Cash Flows from Investing Activities Net decrease in loans 179 170 Net Cash Provided by Investing Activities 179 170 Cash Flows from Financing Activities Proceeds from other borrowings — 5,000 Repayments of other borrowings — (5,000 ) Net Cash (Used in) Provided by Financing Activities — — Net Decrease in Cash and Cash Equivalents (1,326 ) (1,533 ) Cash and Cash Equivalents - Beginning 6,878 8,411 Cash and Cash Equivalents - Ending $ 5,552 $ 6,878 |
Note 1 - Organizational Struc_2
Note 1 - Organizational Structure and Nature of Operations (Details Textual) | 12 Months Ended | |||
Dec. 14, 2022 USD ($) | Sep. 30, 2022 USD ($) $ / shares | Dec. 13, 2022 USD ($) $ / shares | Sep. 30, 2021 $ / shares | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Real Estate Acquired Through Foreclosure | $ | $ 13,300,000 | |||
Subsequent Event [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||
Proceeds from Sale of Real Estate | $ | $ 17,200,000 | |||
Real Estate, Percentage of Statutory Rate Thereafter Through Date of Foreclosure Sale | 9% | |||
Subsequent Event [Member] | Merger Agreement [Member] | ||||
Business Combination, Cash Per Share to be Received (in dollars per share) | $ / shares | $ 7.80 | |||
Business Combination, Common Stock Per Share to be Received | 0.7733 | |||
Business Combination, Maximum Adjusted Equity as of Tenth Day Prior to Closing | $ | $ 140,000,000 | |||
Delaware Statutory Trusts [Member] | ||||
Mortgage Backed Securities Percentage | 5% | |||
First Bank [Member] | Subsequent Event [Member] | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 5 | |||
Malvern Insurance Associates, LLC [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | |||
Coastal Asset Management Co. [Member] | Delaware Statutory Trusts [Member] | ||||
Mortgage Backed Securities Percentage | 95% | |||
Bell Rock Capital LLC [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 10% | |||
Bankers Settlement Services Capital Region LLC [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 3.10% |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 16, 2020 | Mar. 03, 2020 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 26, 2020 | |
Payments for (Proceeds from) Federal Home Loan Bank Stock, Total | $ 672,000 | $ 1,800,000 | ||||
Federal Home Loan Bank Shares Outstanding (in shares) | 103,793 | 97,339 | 103,793 | |||
Dividend Income, Operating, Total | $ 342,000 | $ 459,000 | ||||
Defined Contribution Plan, Cost | 121,000 | 77,000 | ||||
Liability, Defined Benefit Plan, Total | $ 709,000 | 631,000 | 709,000 | |||
Defined Benefit Plan Benefit Paid | 78,000 | 79,000 | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | 12,000 | 4,000 | ||||
Recognition of Swap Fees | 0 | |||||
Advertising Expense | $ 129,000 | 109,000 | ||||
Number of Reportable Segments | 1 | |||||
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance, Ending Balance | 33,199,000 | $ 13,780,000 | 33,199,000 | |||
Investment in Federal Home Loan Bank Stock [Member] | ||||||
Dividend Income, Operating, Total | 342,000 | 459,000 | ||||
Federal Home Loan Bank of Philadelphia [Member] | ||||||
Reserve Requirement Ratio | 0% | |||||
Cash Reserve Requirement | 0 | $ 0 | $ 0 | |||
Minimum [Member] | ||||||
Troubled Debt Restructured Term (Month) | 6 months | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||
Minimum [Member] | Residential Portfolio Segment [Member] | ||||||
Business Loan Term (Year) | 10 years | |||||
Mortgage Insurance on Loans, Percentage | 80% | |||||
Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 39 years | |||||
Maximum [Member] | Residential Portfolio Segment [Member] | ||||||
Business Loan Term (Year) | 30 years | |||||
Loan to Value Ratio | 95% | |||||
Maximum [Member] | Commercial Portfolio Segment [Member] | ||||||
Business Loan Term (Year) | 10 years | |||||
Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||||||
Debt Instrument, Basis Spread On Variable Rate, Reduced | 0.50% | |||||
Fed Funds Effective Rate Overnight Index Swap Rate [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0% | 1% | 0% | |||
Fed Funds Effective Rate Overnight Index Swap Rate [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 25% | 1.25% | 25% | |||
Error Correction Immaterial [Member] | ||||||
Adjustment to Non Accrued Interest on Charged Off Loans | $ 350,000 |
Note 3 - Non-interest Income -
Note 3 - Non-interest Income - Non-interest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Rental income | $ 196 | $ 217 |
Net gains on sale and call of investments | 0 | 779 |
Net gains on sale of loans | 100 | 788 |
Earnings on bank-owned life insurance | 794 | 656 |
Non-interest income within the scope of other GAAP topics | 1,090 | 2,440 |
Revenue From Contract With Customer Excluding Assessed Tax | 1,237 | 1,323 |
Total Non-interest Income | 2,327 | 3,763 |
ATM Fees [Member] | ||
Revenue From Contract With Customer Excluding Assessed Tax | 8 | 13 |
Credit Card Fees [Member] | ||
Revenue From Contract With Customer Excluding Assessed Tax | 27 | 22 |
DDA Fee [Member] | ||
Revenue From Contract With Customer Excluding Assessed Tax | 113 | 91 |
DDA Service Fee [Member] | ||
Revenue From Contract With Customer Excluding Assessed Tax | 100 | 90 |
Debit card fees [Member] | ||
Revenue From Contract With Customer Excluding Assessed Tax | 295 | 283 |
Other Loan Fee Income [Member] | ||
Revenue From Contract With Customer Excluding Assessed Tax | 518 | 574 |
Other Fee Income [Member] | ||
Revenue From Contract With Customer Excluding Assessed Tax | 169 | 242 |
Other Non Interest Income [Member] | ||
Revenue From Contract With Customer Excluding Assessed Tax | $ 7 | $ 8 |
Note 4 - Earnings Per Share (De
Note 4 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Restricted Stock [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 13,848 | 12,363 |
Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 6,000 | 7,000 |
Note 4 - Earnings Per Share - S
Note 4 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Net Income (Loss) | $ 6,951 | $ (92) |
Weighted average shares outstanding (in shares) | 7,627,992 | 7,616,151 |
Average unearned ESOP shares (in shares) | (64,344) | (78,743) |
Basic weighted average shares outstanding (in shares) | 7,563,648 | 7,537,408 |
Plus: effect of dilutive options and restricted stock (in shares) | 564 | 708 |
Diluted weighted average common shares outstanding (in shares) | 7,564,212 | 7,538,116 |
Earnings (loss) per share: | ||
Basic (in dollars per share) | $ 0.92 | $ (0.01) |
Diluted (in dollars per share) | $ 0.92 | $ (0.01) |
Note 5 - Employee Stock Owner_2
Note 5 - Employee Stock Ownership Plan (Details Textual) - USD ($) | 4 Months Ended | 12 Months Ended | |
Sep. 30, 2008 | Sep. 30, 2022 | Sep. 30, 2021 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total (in shares) | 241,178 | ||
Employee Stock Ownership Plan (ESOP), Debt Structure, Direct Loan, Amount | $ 2,600,000 | ||
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased (in dollars per share) | $ 10.86 | ||
Employee Stock Ownership Plan ESOP, Interest Rate | 5% | ||
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP (in shares) | 14,400 | 14,400 | |
Employee Stock Ownership Plan E S O P Number Of Unallocated Shares (in shares) | 57,165 | ||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares (in shares) | 202,053 | ||
Employee Stock Ownership Plan (ESOP), Deferred Shares, Fair Value | $ 821,000 |
Note 6 - Investment Securitie_2
Note 6 - Investment Securities (Details Textual) | 12 Months Ended | |
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Proceeds from Sale of Debt Securities, Available-for-Sale | $ 0 | $ 17,297,000 |
Proceeds From Calls Of Available For Sale Securities | 1,800,000 | 2,200,000 |
Proceeds from Sale of Held-to-Maturity Securities | $ 4,400,000 | 10,600,000 |
Debt Securities, Available-for-Sale, Gain (Loss), Total | 779,000 | |
Debt Securities, Available-for-Sale, Decrease in Value, Percent | 13.90% | |
Deposit Liabilities, Collateral Issued, Financial Instruments | $ 2,100,000 | 2,900,000 |
Carrying Value Of Investment Securities Pledged Against Hedge | 0 | 0 |
Deposit Liabilities Collateral Short Term Borrowings Issued Financial Instruments | $ 0 | $ 0 |
Corporate Debt Securities [Member] | ||
Number Of Portfolio Investments | 14 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Number Of Portfolio Investments | 11 | |
Single Issuer Trust Preferred Security [Member] | ||
Number Of Portfolio Investments | 1 | |
Mutual Fund [Member] | ||
Number Of Portfolio Investments | 1 | |
US Treasury Securities [Member] | ||
Number Of Portfolio Investments | 1 | |
Collateralized Mortgage-Backed Securities [Member] | ||
Number Of Portfolio Investments | 1 | |
FRB Discount Window Borrowings [Member] | ||
Security Owned and Pledged as Collateral, Associated Liabilities, Fair Value | $ 9,800,000 |
Note 6 - Investment Securitie_3
Note 6 - Investment Securities - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Investment securities available for sale, amortized cost | $ 57,895 | $ 40,756 |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax | (8,051) | (187) |
Investment securities available for sale, at fair value (amortized cost of $57,895 and $40,756 at September 30, 2022 and 2021, respectively) | 49,844 | 40,813 |
Investment securities held to maturity, at cost (fair value of $50,266 and $28,913 at September 30, 2022 and 2021, respectively) | 58,767 | 28,507 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | (8,501) | (62) |
Investment securities held to maturity, fair value | 50,266 | 28,913 |
Mutual funds, amortized cost | 1,500 | 1,500 |
Mutual funds | (126) | |
Equity Securities, at fair value | 1,374 | 1,500 |
Total investment securities, amortized cost | 118,162 | 70,763 |
Total investment securities, gross unrealized losses | (16,678) | (249) |
Total investment securities, fair value | 101,484 | 71,226 |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax | 244 | |
Held To Maturity Securities Accumulated Unrecognized Holding Gain | 468 | |
Mutual funds, amortized cost | (1,500) | (1,500) |
Total investment securities, gross unrealized gains | 712 | |
US Government Agencies Debt Securities [Member] | ||
Investment securities available for sale, amortized cost | 5,000 | 5,000 |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax | (1,420) | (7) |
Investment securities available for sale, at fair value (amortized cost of $57,895 and $40,756 at September 30, 2022 and 2021, respectively) | 3,580 | 4,993 |
Investment securities held to maturity, at cost (fair value of $50,266 and $28,913 at September 30, 2022 and 2021, respectively) | 29,190 | 10,000 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | (4,907) | 0 |
Investment securities held to maturity, fair value | 24,283 | 10,011 |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax | 0 | |
Held To Maturity Securities Accumulated Unrecognized Holding Gain | 11 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available for sale, amortized cost | 12,014 | 2,767 |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax | (2,354) | (3) |
Investment securities available for sale, at fair value (amortized cost of $57,895 and $40,756 at September 30, 2022 and 2021, respectively) | 9,660 | 2,765 |
Investment securities held to maturity, at cost (fair value of $50,266 and $28,913 at September 30, 2022 and 2021, respectively) | 18,017 | 6,062 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | (2,526) | (49) |
Investment securities held to maturity, fair value | 15,491 | 6,117 |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax | 1 | |
Held To Maturity Securities Accumulated Unrecognized Holding Gain | 104 | |
Single Issuer Trust Preferred Security [Member] | ||
Investment securities available for sale, amortized cost | 1,000 | 1,000 |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax | (54) | (125) |
Investment securities available for sale, at fair value (amortized cost of $57,895 and $40,756 at September 30, 2022 and 2021, respectively) | 946 | 875 |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax | 0 | |
Corporate Debt Securities [Member] | ||
Investment securities available for sale, amortized cost | 35,990 | 31,989 |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax | (3,862) | (52) |
Investment securities available for sale, at fair value (amortized cost of $57,895 and $40,756 at September 30, 2022 and 2021, respectively) | 32,128 | 32,180 |
Investment securities held to maturity, at cost (fair value of $50,266 and $28,913 at September 30, 2022 and 2021, respectively) | 3,264 | 3,383 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | (96) | 0 |
Investment securities held to maturity, fair value | 3,168 | 3,607 |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax | 243 | |
Held To Maturity Securities Accumulated Unrecognized Holding Gain | 224 | |
Collateralized Mortgage-Backed Securities [Member] | ||
Investment securities available for sale, amortized cost | 2,403 | |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax | (316) | |
Investment securities available for sale, at fair value (amortized cost of $57,895 and $40,756 at September 30, 2022 and 2021, respectively) | 2,087 | |
Investment securities held to maturity, at cost (fair value of $50,266 and $28,913 at September 30, 2022 and 2021, respectively) | 2,278 | |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | (489) | |
Investment securities held to maturity, fair value | 1,789 | |
US Treasury Securities [Member] | ||
Investment securities available for sale, amortized cost | 1,488 | |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax | (45) | |
Investment securities available for sale, at fair value (amortized cost of $57,895 and $40,756 at September 30, 2022 and 2021, respectively) | 1,443 | |
Collateralized Mortgage Obligations [Member] | Fixed Rate [Member] | ||
Investment securities held to maturity, at cost (fair value of $50,266 and $28,913 at September 30, 2022 and 2021, respectively) | 6,018 | 9,062 |
Held To Maturity Securities Accumulated Unrecognized Holding Loss | (483) | (13) |
Investment securities held to maturity, fair value | 5,535 | 9,178 |
Held To Maturity Securities Accumulated Unrecognized Holding Gain | 129 | |
Mutual Fund [Member] | ||
Mutual funds, amortized cost | 1,500 | 1,500 |
Mutual funds | (126) | |
Equity Securities, at fair value | 1,374 | 1,500 |
Mutual funds, amortized cost | $ (1,500) | $ (1,500) |
Note 6 - Investment Securitie_4
Note 6 - Investment Securities - Available for Sale Securities Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months | $ 39,907 | $ 15,287 |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss | (5,988) | (35) |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer | 9,937 | 3,848 |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss | (2,063) | (152) |
Debt Securities Available For Sale Unrealized Loss Position | 49,844 | 19,135 |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss | (8,051) | (187) |
Investment Securities Held-to-Maturity, less than 12 months, fair value | 42,856 | |
Investment Securities Held-to-Maturity, less than 12 months unrealized losses | (6,133) | |
Investment Securities Held-to-Maturity, more than 12 months, fair value | 7,410 | |
Investment Securities Held-to-Maturity, more than 12 months, unrealized losses | (2,368) | |
Investment Securities Held-to-Maturity, fair value | 50,266 | |
Investment Securities Held-to-Maturity, unrealized losses | (8,501) | |
Equity Securities, less than 12 months, fair value | 1,500 | |
Equity Securities, less than 12 months, unrealized loss | (126) | |
Equity Securities, more than 12 months, fair value | 0 | |
Equity Securities, more than 12 months, unrealized loss | 0 | |
Equity Securities, at fair value | 1,374 | 1,500 |
Mutual funds | (126) | |
Investment Securities, less than 12 months, fair value | 84,263 | |
Investment Securities, less than 12 months, unrealized loss | (12,247) | |
Investment Securities, more than 12 months, fair value | 17,347 | |
Total investment securities | (4,431) | |
Investments, fair value | 101,484 | |
Investments, unrealized loss | (16,678) | (249) |
US Government Agencies Debt Securities [Member] | ||
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months | 0 | 4,993 |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss | 0 | (7) |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer | 3,580 | 0 |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss | (1,420) | 0 |
Debt Securities Available For Sale Unrealized Loss Position | 3,580 | 4,993 |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss | (1,420) | (7) |
Investment Securities Held-to-Maturity, less than 12 months, fair value | 18,662 | |
Investment Securities Held-to-Maturity, less than 12 months unrealized losses | (3,028) | |
Investment Securities Held-to-Maturity, more than 12 months, fair value | 5,621 | |
Investment Securities Held-to-Maturity, more than 12 months, unrealized losses | (1,879) | |
Investment Securities Held-to-Maturity, fair value | 24,283 | |
Investment Securities Held-to-Maturity, unrealized losses | (4,907) | |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months | 9,660 | 1,819 |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss | (2,354) | (3) |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer | 0 | 0 |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss | 0 | 0 |
Debt Securities Available For Sale Unrealized Loss Position | 9,660 | 1,819 |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss | (2,354) | (3) |
Investment Securities Held-to-Maturity, less than 12 months, fair value | 15,491 | |
Investment Securities Held-to-Maturity, less than 12 months unrealized losses | (2,526) | |
Investment Securities Held-to-Maturity, more than 12 months, fair value | 0 | |
Investment Securities Held-to-Maturity, more than 12 months, unrealized losses | 0 | |
Investment Securities Held-to-Maturity, fair value | 15,491 | |
Investment Securities Held-to-Maturity, unrealized losses | (2,526) | |
Single Issuer Trust Preferred Security [Member] | ||
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months | 0 | 0 |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss | 0 | 0 |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer | 946 | 875 |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss | (54) | (125) |
Debt Securities Available For Sale Unrealized Loss Position | 946 | 875 |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss | (54) | (125) |
Corporate Debt Securities [Member] | ||
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months | 26,717 | 8,475 |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss | (3,273) | (25) |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer | 5,411 | 2,973 |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss | (589) | (27) |
Debt Securities Available For Sale Unrealized Loss Position | 32,128 | 11,448 |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss | (3,862) | $ (52) |
Investment Securities Held-to-Maturity, less than 12 months, fair value | 3,167 | |
Investment Securities Held-to-Maturity, less than 12 months unrealized losses | (96) | |
Investment Securities Held-to-Maturity, more than 12 months, fair value | 0 | |
Investment Securities Held-to-Maturity, more than 12 months, unrealized losses | 0 | |
Investment Securities Held-to-Maturity, fair value | 3,167 | |
Investment Securities Held-to-Maturity, unrealized losses | (96) | |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months | 2,087 | |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss | (316) | |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer | 0 | |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss | 0 | |
Debt Securities Available For Sale Unrealized Loss Position | 2,087 | |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss | (316) | |
Investment Securities Held-to-Maturity, less than 12 months, fair value | 0 | |
Investment Securities Held-to-Maturity, less than 12 months unrealized losses | 0 | |
Investment Securities Held-to-Maturity, more than 12 months, fair value | 1,789 | |
Investment Securities Held-to-Maturity, more than 12 months, unrealized losses | (489) | |
Investment Securities Held-to-Maturity, fair value | 1,789 | |
Investment Securities Held-to-Maturity, unrealized losses | (489) | |
US Treasury Securities [Member] | ||
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months | 1,443 | |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss | (45) | |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer | 0 | |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss | 0 | |
Debt Securities Available For Sale Unrealized Loss Position | 1,443 | |
Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss | (45) | |
Collateralized Mortgage Obligations [Member] | ||
Investment Securities Held-to-Maturity, less than 12 months, fair value | 5,536 | |
Investment Securities Held-to-Maturity, less than 12 months unrealized losses | (483) | |
Investment Securities Held-to-Maturity, more than 12 months, fair value | 0 | |
Investment Securities Held-to-Maturity, more than 12 months, unrealized losses | 0 | |
Investment Securities Held-to-Maturity, fair value | 5,536 | |
Investment Securities Held-to-Maturity, unrealized losses | (483) | |
Equity Securities [Member] | ||
Equity Securities, less than 12 months, fair value | 1,500 | |
Equity Securities, less than 12 months, unrealized loss | (126) | |
Equity Securities, more than 12 months, fair value | 0 | |
Equity Securities, more than 12 months, unrealized loss | 0 | |
Equity Securities, at fair value | 1,374 | |
Mutual funds | $ (126) |
Note 6 - Investment Securitie_5
Note 6 - Investment Securities - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Available for sale securities, amortized cost, due in one year or less | $ 0 | |
Available for sale securities, fair value, due in one year or less | 0 | |
Available for sale securities, amortized cost, due after one year through five years | 6,218 | |
Available for sale securities, fair value, due after one year through five years | 5,946 | |
Available for sale securities, amortized cost, due after five years through ten years | 32,810 | |
Available for sale securities, fair value, due after five years through ten years | 29,272 | |
Available for sale securities, amortized cost, due after ten years | 16,464 | |
Available for sale securities, fair value, due after ten years | 12,539 | |
Available for sale securities, amortized cost, total | 57,895 | $ 40,756 |
Available for sale securities, fair value, total | 49,844 | 40,813 |
Held to maturity securities, amortized cost, due in one year or less | 4,441 | |
Held to maturity securities, fair value, due in one year or less | 4,420 | |
Held to maturity securities, amortized cost, due after one year through five years | 11,435 | |
Held to maturity securities, fair value, due after one year through five years | 11,091 | |
Held to maturity securities, amortized cost, due after five years through ten years | 3,117 | |
Held to maturity securities, fair value, due after five years through ten years | 2,593 | |
Held to maturity securities, amortized cost, due after ten years | 31,478 | |
Held to maturity securities, fair value, due after ten years | 24,838 | |
Held to maturity, amortized cost, total | 58,767 | 28,507 |
Held to maturity, fair value, total | 50,266 | |
Equity securities, total, amortized cost | 1,500 | 1,500 |
Equity securities, total, fair value | 1,374 | 1,500 |
Total investment securities, amortized cost | 118,162 | 70,763 |
Total investment securities, fair value | 101,484 | 71,226 |
Collateralized Mortgage-Backed Securities [Member] | ||
Available for sale securities, amortized cost, MBS | 2,403 | |
Available for sale securities, fair value, MBS | 2,087 | |
Available for sale securities, amortized cost, total | 2,403 | |
Available for sale securities, fair value, total | 2,087 | |
Held to maturity, amortized cost, without single date | 2,278 | |
Held to maturity, fair value, without single date | 1,789 | |
Held to maturity, amortized cost, total | 2,278 | |
Collateralized Mortgage Obligations [Member] | ||
Held to maturity, amortized cost, without single date | 6,018 | |
Held to maturity, fair value, without single date | 5,535 | |
Mutual Fund [Member] | ||
Equity securities, due in one year or less, amortized cost | 1,000 | |
Equity securities, due in one year or less, fair value | 874 | |
Equity securities, due after five years through ten years, amortized cost | 500 | |
Equity securities, due after five years through ten years, fair value | 500 | |
Equity securities, total, amortized cost | 1,500 | 1,500 |
Equity securities, total, fair value | $ 1,374 | $ 1,500 |
Note 7 - Loans Receivable and_3
Note 7 - Loans Receivable and Related Allowance for Loan Losses (Details Textual) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 19,237,000 | $ 39,740,000 | |
Allowance for Loan and Lease Losses, Write-offs | 2,521,000 | 12,313,000 | |
Financing Receivable, Nonaccrual | 753,000 | 3,697,000 | |
Interest Income Non Accrual Loans | 20,000 | 1,200,000 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 243,000 | $ 0 | |
Financing Receivable, Modifications, Number of Contracts | 20 | 26 | |
Financing Receivable, Troubled Debt Restructuring | $ 6,068,000 | $ 18,241,000 | |
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance, Ending Balance | $ 0 | $ 0 | |
Financing Receivable Modifications Non Troubled Debt Restructuring Number Of Contracts | 3 | 8 | |
Financing Receivable Non Troubled Debt Restructuring Principal Balance | $ 32,000,000 | $ 61,200,000 | |
Mortgage Servicing Rights [Member] | |||
Servicing Asset, Total | $ 10,800,000 | $ 13,100,000 | |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 10.50% | 11.50% | |
Performing Financial Instruments [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 17 | ||
Financing Receivable, Troubled Debt Restructuring | $ 4,979,000 | $ 17,601,000 | |
Three Commercial Real Estate Loans [Member] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 18,900,000 | ||
Number Of Loans Deemed Impaired With No Specific Allowance | 3 | ||
One Commercial and Industrial Loan [Member] | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 259,000 | ||
Number Of Loans Deemed Impaired With No Specific Allowance | 1 | ||
Allowance for Loan and Lease Losses, Write-offs | $ 2,400,000 | ||
Write Down of Commercial Real Estate Loan Two [Member] | |||
Financing Receivable, Troubled Debt Restructuring | $ 11,400,000 | ||
Number Of Loans Sold | 2 | ||
Residential and Commercial [Member] | |||
Real Estate Acquired Through Foreclosure | 359,000 | 185,000 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Real Estate Acquired Through Foreclosure | $ 13,300,000 | ||
Number Of Loans Classified As Loans Held For Sale | 1 | ||
Residential Portfolio Segment [Member] | Fixed Rate [Member] | |||
Servicing Asset at Fair Value, Disposals | $ 5,500,000 | 21,900,000 | |
Servicing Assets Gain Loss On Disposal | $ 100,000 | $ 788,000 |
Note 7 - Loans Receivable and_4
Note 7 - Loans Receivable and Related Allowance for Loan Losses - Schedule of Loans and Financing Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 |
Loans receivable | $ 810,407 | $ 913,824 | |
Deferred loan fees and cost, net | 537 | 629 | |
Allowance for loan losses | (9,090) | (11,472) | $ (12,433) |
Total loans receivable, net | 801,854 | 902,981 | |
Home Equity Loan [Member] | |||
Loans receivable | 13,233 | 13,491 | |
Allowance for loan losses | (67) | (76) | (130) |
Consumer Second Mortgages [Member] | |||
Loans receivable | 4,395 | 5,884 | |
Allowance for loan losses | (21) | (87) | (196) |
Other Consumer Loans [Member] | |||
Loans receivable | 2,136 | 2,299 | |
Allowance for loan losses | (15) | (20) | (29) |
Residential Portfolio Segment [Member] | |||
Loans receivable | 175,957 | 198,710 | |
Allowance for loan losses | (708) | (934) | (1,667) |
Residential and Commercial [Member] | |||
Loans receivable | 24,362 | 61,492 | |
Allowance for loan losses | (131) | (428) | (465) |
Construction and Development Land [Member] | |||
Loans receivable | 550 | 2,204 | |
Allowance for loan losses | (3) | (15) | (23) |
Construction and Development [Member] | |||
Loans receivable | 24,912 | 63,696 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans receivable | 406,914 | 426,915 | |
Allowance for loan losses | (6,040) | (7,043) | (8,682) |
Farmland [Member] | |||
Loans receivable | 11,506 | 10,297 | |
Allowance for loan losses | (57) | (56) | (47) |
Commercial Multi Family [Member] | |||
Loans receivable | 55,295 | 66,332 | |
Allowance for loan losses | (298) | (450) | (511) |
Commercial and Industrial Sector [Member] | |||
Loans receivable | 102,703 | 115,246 | |
Allowance for loan losses | (1,158) | (2,221) | (578) |
Other Commercial Loans [Member] | |||
Loans receivable | 13,356 | 10,954 | |
Allowance for loan losses | (55) | (54) | $ (51) |
Commercial Portfolio Segment [Member] | |||
Loans receivable | 589,774 | 629,744 | |
Consumer Portfolio Segment [Member] | |||
Loans receivable | $ 19,764 | $ 21,674 |
Note 7 - Loans Receivable and_5
Note 7 - Loans Receivable and Related Allowance for Loan Losses - Allowance for Credit Losses on Financing Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Beginning balance | $ 11,472 | $ 12,433 |
Allowance for Loan and Lease Losses, Write-offs | (2,521) | (12,313) |
Recoveries | 139 | 175 |
Provision for Loan Losses | 0 | 11,176 |
Ending Balance | 9,090 | 11,472 |
Ending balance: individually evaluated for impairment, allowance | 54 | 1,544 |
Ending balance: collectively evaluated for impairment | 9,036 | 9,928 |
Loans and Leases Receivable, Gross | 810,407 | 913,824 |
Ending balance: individually evaluated for impairment | 477 | 2,905 |
Ending balance: collectively evaluated for impairment | 809,930 | 910,919 |
Home Equity Loan [Member] | ||
Beginning balance | 76 | 130 |
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 |
Recoveries | 1 | 17 |
Provision for Loan Losses | (10) | (71) |
Ending Balance | 67 | 76 |
Ending balance: individually evaluated for impairment, allowance | 0 | 0 |
Ending balance: collectively evaluated for impairment | 67 | 76 |
Loans and Leases Receivable, Gross | 13,233 | 13,491 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 13,233 | 13,491 |
Consumer Second Mortgages [Member] | ||
Beginning balance | 87 | 196 |
Allowance for Loan and Lease Losses, Write-offs | (106) | 0 |
Recoveries | 55 | 108 |
Provision for Loan Losses | (15) | (217) |
Ending Balance | 21 | 87 |
Ending balance: individually evaluated for impairment, allowance | 0 | 38 |
Ending balance: collectively evaluated for impairment | 21 | 49 |
Loans and Leases Receivable, Gross | 4,395 | 5,884 |
Ending balance: individually evaluated for impairment | 0 | 102 |
Ending balance: collectively evaluated for impairment | 4,395 | 5,782 |
Other Consumer Loans [Member] | ||
Beginning balance | 20 | 29 |
Allowance for Loan and Lease Losses, Write-offs | 0 | (4) |
Recoveries | 1 | 2 |
Provision for Loan Losses | (6) | (7) |
Ending Balance | 15 | 20 |
Ending balance: individually evaluated for impairment, allowance | 0 | 0 |
Ending balance: collectively evaluated for impairment | 15 | 20 |
Loans and Leases Receivable, Gross | 2,136 | 2,299 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 2,136 | 2,299 |
Residential Portfolio Segment [Member] | ||
Beginning balance | 934 | 1,667 |
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 |
Recoveries | 5 | 41 |
Provision for Loan Losses | (231) | (774) |
Ending Balance | 708 | 934 |
Ending balance: individually evaluated for impairment, allowance | 54 | 0 |
Ending balance: collectively evaluated for impairment | 654 | 934 |
Loans and Leases Receivable, Gross | 175,957 | 198,710 |
Ending balance: individually evaluated for impairment | 477 | 0 |
Ending balance: collectively evaluated for impairment | 175,480 | 198,710 |
Residential and Commercial [Member] | ||
Beginning balance | 428 | 465 |
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 |
Recoveries | 0 | 4 |
Provision for Loan Losses | (297) | (41) |
Ending Balance | 131 | 428 |
Ending balance: individually evaluated for impairment, allowance | 0 | 0 |
Ending balance: collectively evaluated for impairment | 131 | 428 |
Loans and Leases Receivable, Gross | 24,362 | 61,492 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 24,362 | 61,492 |
Construction and Development Land [Member] | ||
Beginning balance | 15 | 23 |
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for Loan Losses | (12) | (8) |
Ending Balance | 3 | 15 |
Ending balance: individually evaluated for impairment, allowance | 0 | 0 |
Ending balance: collectively evaluated for impairment | 3 | 15 |
Loans and Leases Receivable, Gross | 550 | 2,204 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 550 | 2,204 |
Commercial Real Estate Portfolio Segment [Member] | ||
Beginning balance | 7,043 | 8,682 |
Allowance for Loan and Lease Losses, Write-offs | 0 | (11,930) |
Recoveries | 75 | 1 |
Provision for Loan Losses | (1,078) | 10,290 |
Ending Balance | 6,040 | 7,043 |
Ending balance: individually evaluated for impairment, allowance | 0 | 18 |
Ending balance: collectively evaluated for impairment | 6,040 | 7,025 |
Loans and Leases Receivable, Gross | 406,914 | 426,915 |
Ending balance: individually evaluated for impairment | 0 | 286 |
Ending balance: collectively evaluated for impairment | 406,914 | 426,629 |
Farmland [Member] | ||
Beginning balance | 56 | 47 |
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for Loan Losses | 1 | 9 |
Ending Balance | 57 | 56 |
Ending balance: individually evaluated for impairment, allowance | 0 | 0 |
Ending balance: collectively evaluated for impairment | 57 | 56 |
Loans and Leases Receivable, Gross | 11,506 | 10,297 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 11,506 | 10,297 |
Commercial Multi Family [Member] | ||
Beginning balance | 450 | 511 |
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for Loan Losses | (152) | (61) |
Ending Balance | 298 | 450 |
Ending balance: individually evaluated for impairment, allowance | 0 | 0 |
Ending balance: collectively evaluated for impairment | 298 | 450 |
Loans and Leases Receivable, Gross | 55,295 | 66,332 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 55,295 | 66,332 |
Commercial and Industrial Sector [Member] | ||
Beginning balance | 2,221 | 578 |
Allowance for Loan and Lease Losses, Write-offs | (2,415) | (379) |
Recoveries | 2 | 2 |
Provision for Loan Losses | 1,350 | 2,020 |
Ending Balance | 1,158 | 2,221 |
Ending balance: individually evaluated for impairment, allowance | 0 | 1,488 |
Ending balance: collectively evaluated for impairment | 1,158 | 733 |
Loans and Leases Receivable, Gross | 102,703 | 115,246 |
Ending balance: individually evaluated for impairment | 0 | 2,517 |
Ending balance: collectively evaluated for impairment | 102,703 | 112,729 |
Other Commercial Loans [Member] | ||
Beginning balance | 54 | 51 |
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for Loan Losses | 1 | 3 |
Ending Balance | 55 | 54 |
Ending balance: individually evaluated for impairment, allowance | 0 | 0 |
Ending balance: collectively evaluated for impairment | 55 | 54 |
Loans and Leases Receivable, Gross | 13,356 | 10,954 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 13,356 | 10,954 |
Unallocated Financing Receivables [Member] | ||
Beginning balance | 88 | 54 |
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for Loan Losses | 449 | 34 |
Ending Balance | 537 | 88 |
Ending balance: individually evaluated for impairment, allowance | 0 | 0 |
Ending balance: collectively evaluated for impairment | 537 | 88 |
Loans and Leases Receivable, Gross | ||
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment |
Note 7 - Loans Receivable and_6
Note 7 - Loans Receivable and Related Allowance for Loan Losses - Schedule of Impaired Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 477 | $ 2,905 |
Impaired Financing Receivable, Related Allowance | 54 | 1,544 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 19,237 | 39,740 |
Impaired Financing Receivable, Recorded Investment | 19,714 | 42,645 |
Impaired Financing Receivable, Unpaid Principal Balance | 21,617 | 42,874 |
Home Equity Loan [Member] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 20 | 23 |
Impaired Financing Receivable, Recorded Investment | 20 | 23 |
Impaired Financing Receivable, Unpaid Principal Balance | 25 | 28 |
Consumer Second Mortgages [Member] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 102 |
Impaired Financing Receivable, Related Allowance | 0 | 38 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 152 | 696 |
Impaired Financing Receivable, Recorded Investment | 152 | 798 |
Impaired Financing Receivable, Unpaid Principal Balance | 191 | 874 |
Residential Portfolio Segment [Member] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 477 | 0 |
Impaired Financing Receivable, Related Allowance | 54 | 0 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,342 | 2,594 |
Impaired Financing Receivable, Recorded Investment | 2,819 | 2,594 |
Impaired Financing Receivable, Unpaid Principal Balance | 3,029 | 2,766 |
Commercial Real Estate Portfolio Segment [Member] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 286 |
Impaired Financing Receivable, Related Allowance | 0 | 18 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 13,826 | 33,543 |
Impaired Financing Receivable, Recorded Investment | 13,826 | 33,829 |
Impaired Financing Receivable, Unpaid Principal Balance | 15,475 | 33,368 |
Farmland [Member] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,213 | 2,254 |
Impaired Financing Receivable, Recorded Investment | 2,213 | 2,254 |
Impaired Financing Receivable, Unpaid Principal Balance | 2,213 | 2,254 |
Commercial and Industrial Sector [Member] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 2,517 |
Impaired Financing Receivable, Related Allowance | 0 | 1,488 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 684 | 630 |
Impaired Financing Receivable, Recorded Investment | 684 | 3,147 |
Impaired Financing Receivable, Unpaid Principal Balance | $ 684 | $ 3,584 |
Note 7 - Loans Receivable and_7
Note 7 - Loans Receivable and Related Allowance for Loan Losses - Average Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Impaired Financing Receivable, Average Recorded Investment | $ 20,295 | $ 39,650 |
Impaired Financing Receivable, Interest Income, Accrual Method | 318 | 731 |
Home Equity Loan [Member] | ||
Impaired Financing Receivable, Average Recorded Investment | 17 | 48 |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 0 |
Consumer Second Mortgages [Member] | ||
Impaired Financing Receivable, Average Recorded Investment | 816 | 720 |
Impaired Financing Receivable, Interest Income, Accrual Method | 3 | 6 |
Residential Portfolio Segment [Member] | ||
Impaired Financing Receivable, Average Recorded Investment | 2,406 | 3,305 |
Impaired Financing Receivable, Interest Income, Accrual Method | 126 | 82 |
Commercial Real Estate Portfolio Segment [Member] | ||
Impaired Financing Receivable, Average Recorded Investment | 13,306 | 32,812 |
Impaired Financing Receivable, Interest Income, Accrual Method | 89 | 556 |
Farmland [Member] | ||
Impaired Financing Receivable, Average Recorded Investment | 2,231 | 1,814 |
Impaired Financing Receivable, Interest Income, Accrual Method | 79 | 70 |
Commercial and Industrial Sector [Member] | ||
Impaired Financing Receivable, Average Recorded Investment | 1,519 | 951 |
Impaired Financing Receivable, Interest Income, Accrual Method | $ 21 | $ 17 |
Note 7 - Loans Receivable and_8
Note 7 - Loans Receivable and Related Allowance for Loans Losses - Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Loans receivable | $ 810,407 | $ 913,824 |
Home Equity Loan [Member] | ||
Loans receivable | 13,233 | 13,491 |
Consumer Second Mortgages [Member] | ||
Loans receivable | 4,395 | 5,884 |
Other Consumer Loans [Member] | ||
Loans receivable | 2,136 | 2,299 |
Pass [Member] | ||
Loans receivable | 766,276 | 839,631 |
Pass [Member] | Home Equity Loan [Member] | ||
Loans receivable | 13,143 | 13,390 |
Pass [Member] | Consumer Second Mortgages [Member] | ||
Loans receivable | 4,110 | 4,908 |
Pass [Member] | Other Consumer Loans [Member] | ||
Loans receivable | 2,136 | 2,299 |
Special Mention [Member] | ||
Loans receivable | 32,740 | 58,053 |
Special Mention [Member] | Home Equity Loan [Member] | ||
Loans receivable | 0 | 0 |
Special Mention [Member] | Consumer Second Mortgages [Member] | ||
Loans receivable | 58 | 68 |
Special Mention [Member] | Other Consumer Loans [Member] | ||
Loans receivable | 0 | 0 |
Substandard [Member] | ||
Loans receivable | 11,391 | 16,140 |
Substandard [Member] | Home Equity Loan [Member] | ||
Loans receivable | 90 | 101 |
Substandard [Member] | Consumer Second Mortgages [Member] | ||
Loans receivable | 227 | 908 |
Substandard [Member] | Other Consumer Loans [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Home Equity Loan [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Consumer Second Mortgages [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Other Consumer Loans [Member] | ||
Loans receivable | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 175,957 | 198,710 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 173,083 | 195,658 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 0 | 0 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 2,874 | 3,052 |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Residential and Commercial [Member] | ||
Loans receivable | 24,362 | 61,492 |
Residential and Commercial [Member] | Pass [Member] | ||
Loans receivable | 24,362 | 61,492 |
Residential and Commercial [Member] | Special Mention [Member] | ||
Loans receivable | 0 | 0 |
Residential and Commercial [Member] | Substandard [Member] | ||
Loans receivable | 0 | 0 |
Residential and Commercial [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Construction and Development Land [Member] | ||
Loans receivable | 550 | 2,204 |
Construction and Development Land [Member] | Pass [Member] | ||
Loans receivable | 550 | 2,204 |
Construction and Development Land [Member] | Special Mention [Member] | ||
Loans receivable | 0 | 0 |
Construction and Development Land [Member] | Substandard [Member] | ||
Loans receivable | 0 | 0 |
Construction and Development Land [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 406,914 | 426,915 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans receivable | 373,729 | 376,721 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans receivable | 32,682 | 48,705 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans receivable | 504 | 1,489 |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Farmland [Member] | ||
Loans receivable | 11,506 | 10,297 |
Farmland [Member] | Pass [Member] | ||
Loans receivable | 9,293 | 8,043 |
Farmland [Member] | Special Mention [Member] | ||
Loans receivable | 0 | 0 |
Farmland [Member] | Substandard [Member] | ||
Loans receivable | 2,213 | 2,254 |
Farmland [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Commercial Multi Family [Member] | ||
Loans receivable | 55,295 | 66,332 |
Commercial Multi Family [Member] | Pass [Member] | ||
Loans receivable | 55,295 | 57,052 |
Commercial Multi Family [Member] | Special Mention [Member] | ||
Loans receivable | 0 | 9,280 |
Commercial Multi Family [Member] | Substandard [Member] | ||
Loans receivable | 0 | 0 |
Commercial Multi Family [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Commercial and Industrial Sector [Member] | ||
Loans receivable | 102,703 | 115,246 |
Commercial and Industrial Sector [Member] | Pass [Member] | ||
Loans receivable | 97,219 | 106,910 |
Commercial and Industrial Sector [Member] | Special Mention [Member] | ||
Loans receivable | 0 | 0 |
Commercial and Industrial Sector [Member] | Substandard [Member] | ||
Loans receivable | 5,484 | 8,336 |
Commercial and Industrial Sector [Member] | Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Other Commercial Loans [Member] | ||
Loans receivable | 13,356 | 10,954 |
Other Commercial Loans [Member] | Pass [Member] | ||
Loans receivable | 13,356 | 10,954 |
Other Commercial Loans [Member] | Special Mention [Member] | ||
Loans receivable | 0 | 0 |
Other Commercial Loans [Member] | Substandard [Member] | ||
Loans receivable | 0 | 0 |
Other Commercial Loans [Member] | Doubtful [Member] | ||
Loans receivable | $ 0 | $ 0 |
Note 7 - Loans Receivable and_9
Note 7 - Loans Receivable and Related Allowance for Loan Losses - Schedule of Financing Receivables Non Accrual Status (Details) - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Financing receivable recorded investment nonaccrual status | $ 753,000 | $ 3,697,000 |
Home Equity Loan [Member] | ||
Financing receivable recorded investment nonaccrual status | 20,000 | 23,000 |
Consumer Second Mortgages [Member] | ||
Financing receivable recorded investment nonaccrual status | 148,000 | 278,000 |
Residential Portfolio Segment [Member] | ||
Financing receivable recorded investment nonaccrual status | 585,000 | 879,000 |
Commercial and Industrial Sector [Member] | ||
Financing receivable recorded investment nonaccrual status | $ 0 | $ 2,517,000 |
Note 7 - Loans Receivable an_10
Note 7 - Loans Receivable and Related Allowance for Loan Losses - Past Due Financing Receivables (Details) - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Loans receivable | $ 810,407,000 | $ 913,824,000 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 243,000 | 0 |
Home Equity Loan [Member] | ||
Loans receivable | 13,233,000 | 13,491,000 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Consumer Second Mortgages [Member] | ||
Loans receivable | 4,395,000 | 5,884,000 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Other Consumer Loans [Member] | ||
Loans receivable | 2,136,000 | 2,299,000 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Financial Asset, Not Past Due [Member] | ||
Loans receivable | 804,521,000 | 911,889,000 |
Financial Asset, Not Past Due [Member] | Home Equity Loan [Member] | ||
Loans receivable | 13,160,000 | 13,394,000 |
Financial Asset, Not Past Due [Member] | Consumer Second Mortgages [Member] | ||
Loans receivable | 4,384,000 | 5,697,000 |
Financial Asset, Not Past Due [Member] | Other Consumer Loans [Member] | ||
Loans receivable | 2,132,000 | 2,296,000 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable | 4,951,000 | 900,000 |
Financial Asset, 30 to 59 Days Past Due [Member] | Home Equity Loan [Member] | ||
Loans receivable | 53,000 | 97,000 |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Second Mortgages [Member] | ||
Loans receivable | 3,000 | 4,000 |
Financial Asset, 30 to 59 Days Past Due [Member] | Other Consumer Loans [Member] | ||
Loans receivable | 4,000 | 3,000 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable | 497,000 | 324,000 |
Financial Asset, 60 to 89 Days Past Due [Member] | Home Equity Loan [Member] | ||
Loans receivable | 20,000 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Second Mortgages [Member] | ||
Loans receivable | 0 | 83,000 |
Financial Asset, 60 to 89 Days Past Due [Member] | Other Consumer Loans [Member] | ||
Loans receivable | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 438,000 | 711,000 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Home Equity Loan [Member] | ||
Loans receivable | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Second Mortgages [Member] | ||
Loans receivable | 8,000 | 100,000 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Other Consumer Loans [Member] | ||
Loans receivable | 0 | 0 |
Financial Asset, Past Due [Member] | ||
Loans receivable | 5,886,000 | 1,935,000 |
Financial Asset, Past Due [Member] | Home Equity Loan [Member] | ||
Loans receivable | 73,000 | 97,000 |
Financial Asset, Past Due [Member] | Consumer Second Mortgages [Member] | ||
Loans receivable | 11,000 | 187,000 |
Financial Asset, Past Due [Member] | Other Consumer Loans [Member] | ||
Loans receivable | 4,000 | 3,000 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 175,957,000 | 198,710,000 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 243,000 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 173,852,000 | 197,062,000 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable | 1,198,000 | 796,000 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable | 477,000 | 241,000 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 430,000 | 611,000 |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 2,105,000 | 1,648,000 |
Residential and Commercial [Member] | ||
Loans receivable | 24,362,000 | 61,492,000 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Residential and Commercial [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 24,362,000 | 61,492,000 |
Residential and Commercial [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Residential and Commercial [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Residential and Commercial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Residential and Commercial [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 0 | 0 |
Construction and Development Land [Member] | ||
Loans receivable | 550,000 | 2,204,000 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Construction and Development Land [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 550,000 | 2,204,000 |
Construction and Development Land [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Construction and Development Land [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Construction and Development Land [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Construction and Development Land [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 406,914,000 | 426,915,000 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 406,809,000 | 426,915,000 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable | 105,000 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 105,000 | 0 |
Farmland [Member] | ||
Loans receivable | 11,506,000 | 10,297,000 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Farmland [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 9,293,000 | 10,297,000 |
Farmland [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable | 2,213,000 | 0 |
Farmland [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Farmland [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Farmland [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 2,213,000 | 0 |
Commercial Multi Family [Member] | ||
Loans receivable | 55,295,000 | 66,332,000 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Commercial Multi Family [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 55,295,000 | 66,332,000 |
Commercial Multi Family [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Commercial Multi Family [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Commercial Multi Family [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Commercial Multi Family [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 0 | 0 |
Commercial and Industrial Sector [Member] | ||
Loans receivable | 102,703,000 | 115,246,000 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Commercial and Industrial Sector [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 101,328,000 | 115,246,000 |
Commercial and Industrial Sector [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable | 1,375,000 | 0 |
Commercial and Industrial Sector [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Commercial and Industrial Sector [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Commercial and Industrial Sector [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | 1,375,000 | 0 |
Other Commercial Loans [Member] | ||
Loans receivable | 13,356,000 | 10,954,000 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Other Commercial Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans receivable | 13,356,000 | 10,954,000 |
Other Commercial Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Other Commercial Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Other Commercial Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable | 0 | 0 |
Other Commercial Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans receivable | $ 0 | $ 0 |
Note 7 - Loans Receivable an_11
Note 7 - Loans Receivable and Related Allowance for Loan Losses - Troubled Debt Restructurings on Financing Receivables (Details) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Financing Receivable, Modifications, Number of Contracts | 20 | 26 |
Financing receivable, modifications, recorded investment | $ 6,068 | $ 18,241 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 4 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 640 |
Consumer Second Mortgages [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | 3 |
Financing receivable, modifications, recorded investment | $ 4 | $ 78 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 0 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 14 | 16 |
Financing receivable, modifications, recorded investment | $ 2,632 | $ 3,180 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 4 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 640 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 3 | 5 |
Financing receivable, modifications, recorded investment | $ 594 | $ 12,180 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 0 |
Farmland [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 |
Financing receivable, modifications, recorded investment | $ 2,213 | $ 2,254 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 0 |
Commercial and Industrial Sector [Member] | ||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 |
Financing receivable, modifications, recorded investment | $ 625 | $ 549 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 0 |
Note 7 - Loans Receivable an_12
Note 7 - Loans Receivable and Related Allowance for Loan Losses - Performing Status of Troubled Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Financing receivable, modifications, recorded investment | $ 6,068 | $ 18,241 |
Consumer Second Mortgages [Member] | ||
Financing receivable, modifications, recorded investment | 4 | 78 |
Performing Financial Instruments [Member] | ||
Financing receivable, modifications, recorded investment | 4,979 | 17,601 |
Performing Financial Instruments [Member] | Consumer Second Mortgages [Member] | ||
Financing receivable, modifications, recorded investment | 4 | 78 |
Nonperforming Financial Instruments [Member] | ||
Financing receivable, modifications, recorded investment | 1,089 | 640 |
Nonperforming Financial Instruments [Member] | Consumer Second Mortgages [Member] | ||
Financing receivable, modifications, recorded investment | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Financing receivable, modifications, recorded investment | 2,632 | 3,180 |
Residential Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Financing receivable, modifications, recorded investment | 1,543 | 2,540 |
Residential Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Financing receivable, modifications, recorded investment | 1,089 | 640 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing receivable, modifications, recorded investment | 594 | 12,180 |
Commercial Real Estate Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Financing receivable, modifications, recorded investment | 594 | 12,180 |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | ||
Financing receivable, modifications, recorded investment | 0 | 0 |
Farmland [Member] | ||
Financing receivable, modifications, recorded investment | 2,213 | 2,254 |
Farmland [Member] | Performing Financial Instruments [Member] | ||
Financing receivable, modifications, recorded investment | 2,213 | 2,254 |
Farmland [Member] | Nonperforming Financial Instruments [Member] | ||
Financing receivable, modifications, recorded investment | 0 | 0 |
Commercial and Industrial Sector [Member] | ||
Financing receivable, modifications, recorded investment | 625 | 549 |
Commercial and Industrial Sector [Member] | Performing Financial Instruments [Member] | ||
Financing receivable, modifications, recorded investment | 625 | 549 |
Commercial and Industrial Sector [Member] | Nonperforming Financial Instruments [Member] | ||
Financing receivable, modifications, recorded investment | $ 0 | $ 0 |
Note 7 - Loans Receivable an_13
Note 7 - Loans Receivable and Related Allowance for Loan Losses - Troubled Debt Restructuring Activity (Details) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Financing Receivable Modifications Number Of Contracts | 2 | 2 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 504 | $ 2,803 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 504 | $ 2,836 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable Modifications Number Of Contracts | 2 | 0 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 504 | $ 0 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 504 | $ 0 |
Farmland [Member] | ||
Financing Receivable Modifications Number Of Contracts | 0 | 1 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 0 | $ 2,287 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 2,287 |
Commercial and Industrial Sector [Member] | ||
Financing Receivable Modifications Number Of Contracts | 0 | 1 |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 0 | $ 549 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 549 |
Note 7 - Loans Receivable an_14
Note 7 - Loans Receivable and Related Allowance for Loan Losses - Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Balance | $ 11,921 | $ 13,733 |
New loans | 3,042 | 2,792 |
Repayments | (4,860) | (4,604) |
No longer Director/Officer | (524) | 0 |
Balance | $ 9,579 | $ 11,921 |
Note 7 - Loans Receivable an_15
Note 7 - Loans Receivable and Related Allowance for Loan Losses - Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Balance | $ 83 | $ 111 |
Amortization | 4 | (28) |
Balance | $ 87 | $ 83 |
Note 7 - Loans Receivables and
Note 7 - Loans Receivables and Related Allowance for Loan Losses - Nontroubled Debt Restructurings on Financing Receivables (Details) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Financing Receivable Modifications Non Troubled Debt Restructuring Number Of Contracts | 3 | 8 |
Loan Modification Exposure | $ 32,041 | $ 61,234 |
Loans and Leases Receivable, Gross | $ 810,407 | $ 913,824 |
Percentage of Gross Loans Modified | 3.95% | 6.70% |
Home Equity Loan [Member] | ||
Financing Receivable Modifications Non Troubled Debt Restructuring Number Of Contracts | 0 | 0 |
Loan Modification Exposure | $ 0 | $ 0 |
Loans and Leases Receivable, Gross | $ 13,233 | $ 13,491 |
Percentage of Gross Loans Modified | 0% | 0% |
Consumer Second Mortgages [Member] | ||
Financing Receivable Modifications Non Troubled Debt Restructuring Number Of Contracts | 0 | 0 |
Loan Modification Exposure | $ 0 | $ 0 |
Loans and Leases Receivable, Gross | $ 4,395 | $ 5,884 |
Percentage of Gross Loans Modified | 0% | 0% |
Other Consumer Loans [Member] | ||
Financing Receivable Modifications Non Troubled Debt Restructuring Number Of Contracts | 0 | 0 |
Loan Modification Exposure | $ 0 | $ 0 |
Loans and Leases Receivable, Gross | $ 2,136 | $ 2,299 |
Percentage of Gross Loans Modified | 0% | 0% |
Residential Portfolio Segment [Member] | ||
Financing Receivable Modifications Non Troubled Debt Restructuring Number Of Contracts | 0 | 2 |
Loan Modification Exposure | $ 0 | $ 667 |
Loans and Leases Receivable, Gross | $ 175,957 | $ 198,710 |
Percentage of Gross Loans Modified | 0% | 0.07% |
Residential and Commercial [Member] | ||
Financing Receivable Modifications Non Troubled Debt Restructuring Number Of Contracts | 0 | 0 |
Loan Modification Exposure | $ 0 | $ 0 |
Loans and Leases Receivable, Gross | $ 24,362 | $ 61,492 |
Percentage of Gross Loans Modified | 0% | 0% |
Construction and Development Land [Member] | ||
Financing Receivable Modifications Non Troubled Debt Restructuring Number Of Contracts | 0 | 0 |
Loan Modification Exposure | $ 0 | $ 0 |
Loans and Leases Receivable, Gross | $ 550 | $ 2,204 |
Percentage of Gross Loans Modified | 0% | 0% |
Construction and Development [Member] | ||
Financing Receivable Modifications Non Troubled Debt Restructuring Number Of Contracts | 0 | 0 |
Loan Modification Exposure | $ 0 | $ 0 |
Loans and Leases Receivable, Gross | $ 24,912 | $ 63,696 |
Percentage of Gross Loans Modified | 0% | 0% |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable Modifications Non Troubled Debt Restructuring Number Of Contracts | 3 | 6 |
Loan Modification Exposure | $ 32,041 | $ 60,567 |
Loans and Leases Receivable, Gross | $ 406,914 | $ 426,915 |
Percentage of Gross Loans Modified | 7.87% | 6.63% |
Farmland [Member] | ||
Financing Receivable Modifications Non Troubled Debt Restructuring Number Of Contracts | 0 | 0 |
Loan Modification Exposure | $ 0 | $ 0 |
Loans and Leases Receivable, Gross | $ 11,506 | $ 10,297 |
Percentage of Gross Loans Modified | 0% | 0% |
Commercial Multi Family [Member] | ||
Financing Receivable Modifications Non Troubled Debt Restructuring Number Of Contracts | 0 | 0 |
Loan Modification Exposure | $ 0 | $ 0 |
Loans and Leases Receivable, Gross | $ 55,295 | $ 66,332 |
Percentage of Gross Loans Modified | 0% | 0% |
Commercial and Industrial Sector [Member] | ||
Financing Receivable Modifications Non Troubled Debt Restructuring Number Of Contracts | 0 | 0 |
Loan Modification Exposure | $ 0 | $ 0 |
Loans and Leases Receivable, Gross | $ 102,703 | $ 115,246 |
Percentage of Gross Loans Modified | 0% | 0% |
Other Commercial Loans [Member] | ||
Financing Receivable Modifications Non Troubled Debt Restructuring Number Of Contracts | 0 | 0 |
Loan Modification Exposure | $ 0 | $ 0 |
Loans and Leases Receivable, Gross | $ 13,356 | $ 10,954 |
Percentage of Gross Loans Modified | 0% | 0% |
Commercial Portfolio Segment [Member] | ||
Financing Receivable Modifications Non Troubled Debt Restructuring Number Of Contracts | 3 | 6 |
Loan Modification Exposure | $ 32,041 | $ 60,567 |
Loans and Leases Receivable, Gross | $ 589,774 | $ 629,744 |
Percentage of Gross Loans Modified | 5.74% | 6.63% |
Consumer Portfolio Segment [Member] | ||
Financing Receivable Modifications Non Troubled Debt Restructuring Number Of Contracts | 0 | 0 |
Loan Modification Exposure | $ 0 | $ 0 |
Loans and Leases Receivable, Gross | $ 19,764 | $ 21,674 |
Percentage of Gross Loans Modified | 0% | 0% |
Note 8 - Property and Equipme_3
Note 8 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Depreciation, Total | $ 627,000 | $ 630,000 |
Note 8 - Property and Equipme_4
Note 8 - Property and Equipment - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated depreciation | $ (13,457) | $ (12,830) |
Property, plant, and equipment, net | $ 5,231 | 5,777 |
Minimum [Member] | ||
Property, plant, and equipment, useful life (Year) | 3 years | |
Maximum [Member] | ||
Property, plant, and equipment, useful life (Year) | 39 years | |
Land [Member] | ||
Property, plant, and equipment, gross | $ 706 | 706 |
Building Improvements [Member] | ||
Property, plant, and equipment, gross | $ 12,039 | 11,992 |
Building Improvements [Member] | Minimum [Member] | ||
Property, plant, and equipment, useful life (Year) | 10 years | |
Building Improvements [Member] | Maximum [Member] | ||
Property, plant, and equipment, useful life (Year) | 39 years | |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | $ 29 | 5 |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment, gross | $ 5,914 | $ 5,904 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, plant, and equipment, useful life (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, plant, and equipment, useful life (Year) | 7 years |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Increase (Decrease) in Deposits, Total | $ (152,800) | |
Increase (Decrease) in Deposits, Total, Percent | (16.30%) | |
Deposits, Total | $ 785,323 | $ 938,159 |
Increase (Decrease) in Money Market Deposits | (105,800) | |
Net Change Interest-Bearing Deposits, Domestic | (95,800) | |
Increase (Decrease) in Time Deposits, Total | 39,900 | |
Time Deposits, at or Above FDIC Insurance Limit | 63,000 | 16,500 |
Interest-Bearing Domestic Deposit, Brokered | 9,100 | 6,100 |
Related Party Deposit Liabilities | 44,300 | $ 43,200 |
Asset Pledged as Collateral [Member] | Letter of Credit [Member] | Deposits [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 37,300 |
Note 9 - Deposits - Deposit Lia
Note 9 - Deposits - Deposit Liabilities by Type (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Savings, amount | $ 55,288 | $ 50,582 |
Savings, percent | 7.04% | 5.39% |
Money market accounts, amount | $ 279,699 | $ 385,480 |
Money market accounts, percent | 35.62% | 41.09% |
Interest bearing demand, amount | $ 240,819 | $ 336,645 |
Interest bearing demand, percent | 30.66% | 35.88% |
Non-interest bearing demand, amount | $ 58,014 | $ 53,849 |
Non-interest bearing demand, percent | 7.39% | 5.74% |
Deposits, amount | $ 633,820 | $ 826,556 |
Deposits, percent | 80.71% | 88.10% |
Certificates of deposit, amount | $ 151,503 | $ 111,603 |
Certificates of deposit, percent | 19.29% | 11.90% |
Total Deposits | $ 785,323 | $ 938,159 |
Total, percentage | 100% | 100% |
Note 9 - Deposits - Schedule of
Note 9 - Deposits - Schedule of Interest Expense on Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Savings accounts | $ 46 | $ 59 |
Money market accounts | 921 | 1,726 |
Interest bearing demand | 1,153 | 2,681 |
Certificates of deposit | 1,414 | 2,282 |
Total deposits | $ 3,534 | $ 6,748 |
Note 9 - Deposits - Time Deposi
Note 9 - Deposits - Time Deposit Maturities (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Time Deposit Maturities, Next Rolling 12 Months | $ 94,817 |
Time Deposit Maturities, Rolling Year Two | 38,387 |
Time Deposit Maturities, Rolling Year Three | 8,749 |
Time Deposit Maturities, Rolling Year Four | 6,679 |
Time Deposit Maturities, Rolling Year Five | 1,389 |
Time Deposit Maturities, after Rolling Year Five | 1,482 |
Time Deposits, Total | $ 151,503 |
Note 10 - Borrowings (Details T
Note 10 - Borrowings (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Secured Debt, Total | $ 0 | $ 0 |
Line of Credit [Member] | Federal Home Loan Bank of Pittsburgh [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 150,000 | |
Long-Term Line of Credit, Total | $ 0 | $ 0 |
Line of Credit Facility, Interest Rate at Period End | 3.01% | 0.29% |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 80,000 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | $ 267,300 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Number of Advances Used to Hedge Cash Flows | 2 | |
Securities Sold under Agreements to Repurchase, Total | $ 0 | $ 0 |
Note 10 - Borrowings - Schedule
Note 10 - Borrowings - Schedule of Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
2022, amount | $ 0 | $ 90,000 |
2022, weighted average rate | 0% | 0.76% |
2023, amount | $ 80,000 | $ 0 |
2023, weighted average rate | 3.07% | 0% |
Total FHLB Advances, amount | $ 80,000 | $ 90,000 |
Total FHLB Advances, weighted average rate | 3.07% | 0.76% |
Note 11 - Derivatives (Details
Note 11 - Derivatives (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Minimum Collateral Posting Thresholds With Derivative Counterparties | $ 0 | $ 8,300 |
Interest Rate Swap [Member] | ||
Estimated Derivative Interest Expense | $ 2,000 |
Note 11 - Derivatives - Schedul
Note 11 - Derivatives - Schedule of Derivative Liabilities at Fair Value (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Interest rate swap agreement, hedging instrument, asset, notional amount | $ 60,000 | $ 40,000 |
Interest rate swap agreement, hedging instrument asset, fair value | 4,017 | 14 |
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Interest rate swap agreement, hedging instrument asset, fair value | 0 | 47 |
Interest rate swap agreement, hedging instrument, liability, notional amount | 0 | 30,000 |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Interest rate swap agreement, hedging instrument, asset, notional amount | 44,132 | 44,748 |
Interest rate swap agreement, hedging instrument asset, fair value | 3,711 | 4,671 |
Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Interest rate swap agreement, hedging instrument asset, fair value | 3,712 | 4,673 |
Interest rate swap agreement, hedging instrument, liability, notional amount | $ 44,132 | $ 44,748 |
Note 11 - Derivatives - Sched_2
Note 11 - Derivatives - Schedule of Offsetting of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Gross amounts of recognized assets | $ 7,728 | $ 4,685 |
Derivative assets | 7,728 | 4,685 |
Net Amount | 3,518 | 4,685 |
Derivative Fair Value Of Derivative Liability | 3,712 | 4,720 |
Derivative liabilities | 3,712 | 4,720 |
Derivative Collateral Right To Reclaim Securities | 0 | 221 |
Derivative Collateral Right To Reclaim Cash | 0 | 8,257 |
Derivative Fair Value Of Derivative Liability Net Offset Against Collateral | $ 3,712 | $ (3,758) |
Note 11 - Derivatives - Sched_3
Note 11 - Derivatives - Schedule of Derivative Instruments Effect on Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Derivatives, gain | $ 4,050 | $ 255 |
Derivatives, loss | 141 | (995) |
Interest Rate Swap [Member] | ||
Derivatives, gain | 4,050 | 255 |
Derivatives, loss | $ 141 | $ (995) |
Note 11 - Derivatives - Sched_4
Note 11 - Derivatives - Schedule of Other Derivatives Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative, gain (loss), net | $ 2 | $ 2 |
Interest Rate Swap [Member] | Other Income [Member] | ||
Derivative, gain (loss), net | $ 2 | $ 2 |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements (Details Textual) - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Impaired Financing Receivable, Related Allowance | $ 54,000 | $ 1,544,000 |
Three Commercial Real Estate Loans [Member] | ||
Impaired Financing Receivable, Partially Charged Off, With Related Allowance, Recorded Investment | 13,700,000 | |
Impaired Financing Receivable, Related Allowance | $ 54,000 | |
Four Commercial Real Estate Loans [Member] | ||
Impaired Financing Receivable, Partially Charged Off, With Related Allowance, Recorded Investment | 35,400,000 | |
Impaired Financing Receivable, Related Allowance | $ 1,500,000 |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurements - Fair Value Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Investment securities available-for-sale | $ 49,844 | $ 40,813 |
Equity securities | 1,374 | 1,500 |
Derivative assets | 7,728 | 4,685 |
Derivative liabilities | 3,712 | 4,720 |
US Government Agencies Debt Securities [Member] | ||
Investment securities available-for-sale | 3,580 | 4,993 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available-for-sale | 9,660 | 2,765 |
Single Issuer Trust Preferred Security [Member] | ||
Investment securities available-for-sale | 946 | 875 |
Corporate Debt Securities [Member] | ||
Investment securities available-for-sale | 32,128 | 32,180 |
Collateralized Mortgage-Backed Securities [Member] | ||
Investment securities available-for-sale | 2,087 | |
US Treasury Securities [Member] | ||
Investment securities available-for-sale | 1,443 | |
Mutual Fund [Member] | ||
Equity securities | 1,374 | 1,500 |
Fair Value, Recurring [Member] | ||
Investment securities available-for-sale | 49,844 | 40,813 |
Equity securities | 1,374 | 1,500 |
Derivative assets | 7,728 | 4,685 |
Derivative liabilities | 3,712 | 4,720 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available-for-sale | 0 | 0 |
Equity securities | 874 | 1,000 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available-for-sale | 49,844 | 40,813 |
Equity securities | 0 | 0 |
Derivative assets | 7,728 | 4,685 |
Derivative liabilities | 3,712 | 4,720 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available-for-sale | 0 | 0 |
Equity securities | 500 | 500 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Investment securities available-for-sale | 3,580 | 4,993 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available-for-sale | 3,580 | 4,993 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available-for-sale | 9,660 | 2,765 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available-for-sale | 9,660 | 2,765 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Single Issuer Trust Preferred Security [Member] | ||
Investment securities available-for-sale | 946 | 875 |
Fair Value, Recurring [Member] | Single Issuer Trust Preferred Security [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Single Issuer Trust Preferred Security [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available-for-sale | 946 | 875 |
Fair Value, Recurring [Member] | Single Issuer Trust Preferred Security [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Investment securities available-for-sale | 32,128 | 32,180 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available-for-sale | 32,128 | 32,180 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available-for-sale | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Investment securities available-for-sale | 2,087 | |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available-for-sale | 0 | |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available-for-sale | 2,087 | |
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available-for-sale | 0 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Investment securities available-for-sale | 1,443 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available-for-sale | 0 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available-for-sale | 1,443 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available-for-sale | 0 | |
Fair Value, Recurring [Member] | Mutual Fund [Member] | ||
Equity securities | 1,374 | 1,500 |
Fair Value, Recurring [Member] | Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity securities | 874 | 1,000 |
Fair Value, Recurring [Member] | Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Equity securities | 0 | 0 |
Fair Value, Recurring [Member] | Mutual Fund [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Equity securities | $ 500 | $ 500 |
Note 12 - Fair Value Measurem_5
Note 12 - Fair Value Measurements - Fair Value Liabilities on Recurring Basis Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Balance | $ 500 | $ 500 |
Payments received | 0 | 0 |
Included in earnings | 0 | 0 |
Included in other comprehensive income | 0 | 0 |
Purchases | 0 | 0 |
Transfers in and/or out of Level 3 | 0 | 0 |
Balance | $ 500 | $ 500 |
Note 12 - Fair Value Measurem_6
Note 12 - Fair Value Measurements - Fair Value Assets Measured on Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] $ in Thousands | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | ||
Assets, fair value disclosure | $ 13,981 | $ 38,837 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Assets, fair value disclosure | 0 | 18,900 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Assets, fair value disclosure | 13,981 | 19,937 | ||
Other Real Estate Owned [Member] | ||||
Assets, fair value disclosure | $ 259 | $ 4,961 | ||
Other Real Estate Owned [Member] | Appraisal of Collateral [Member] | Measurement Input, Collatoral Discount [Member] | ||||
Other real estate owned, range | 0.336 | |||
Other Real Estate Owned [Member] | Appraisal of Collateral [Member] | Measurement Input, Collatoral Discount [Member] | Weighted Average [Member] | ||||
Other real estate owned, range | 0.064 | |||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Assets, fair value disclosure | $ 0 | $ 0 | ||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Assets, fair value disclosure | 259 | 4,961 | ||
Impaired Loans Net [Member] | ||||
Assets, fair value disclosure | $ 13,722 | [1] | $ 33,876 | [2] |
Impaired Loans Net [Member] | Appraisal of Collateral [Member] | Measurement Input, Collatoral Discount [Member] | Weighted Average [Member] | ||||
Impaired loans, range | (0.105) | [1] | (0.08) | [2] |
Impaired Loans Net [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Assets, fair value disclosure | $ 0 | [1] | $ 18,900 | [2] |
Impaired Loans Net [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Assets, fair value disclosure | 0 | [1] | 0 | [2] |
Impaired Loans Net [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Assets, fair value disclosure | $ 13,722 | [1] | $ 14,976 | [2] |
[1]Consisted of three loans with an aggregate balance of $13.7 million and with $54,000 in specific loan loss allowance.[2]Consisted of four loans with an aggregate balance of $8.2 million and with $308,000 in specific loan loss allowance. |
Note 12 - Fair Value Measurem_7
Note 12 - Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Investment securities available-for-sale | $ 49,844 | $ 40,813 |
Investment securities held-to-maturity, carrying amount | 58,767 | 28,507 |
Investment securities held-to-maturity | 50,266 | 28,913 |
Equity securities | 1,374 | 1,500 |
Derivatives (included in Other Assets) | 7,728 | 4,685 |
Derivatives (included in Other Liabilities) | 3,712 | 4,720 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 53,267 | 136,590 |
Investment securities available-for-sale | 49,844 | 40,813 |
Investment securities held-to-maturity, carrying amount | 58,767 | 28,507 |
Equity securities | 1,374 | 1,500 |
Loans receivable, net (including impaired ) | 801,854 | 902,981 |
Loans Held For Sale | 13,780 | 33,199 |
Accrued interest receivable | 4,252 | 3,512 |
Restricted stock | 7,104 | 7,776 |
Savings accounts | 55,288 | 50,582 |
Checking and NOW accounts | 240,819 | 390,494 |
Money market accounts | 279,699 | 385,480 |
Certificates of deposit | 151,503 | 111,603 |
Borrowings (excluding sub debt) | 80,000 | 90,000 |
Subordinated debt | 25,000 | 24,934 |
Accrued interest payable | 543 | 572 |
Reported Value Measurement [Member] | Other Assets [Member] | ||
Mortgage servicing rights (included in Other Assets) | 87 | 83 |
Derivatives (included in Other Assets) | 7,728 | 4,685 |
Reported Value Measurement [Member] | Other Liabilities [Member] | ||
Derivatives (included in Other Liabilities) | 3,712 | 4,720 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 53,267 | 136,590 |
Investment securities available-for-sale | 49,844 | 40,813 |
Investment securities held-to-maturity | 50,266 | 28,913 |
Equity securities | 1,374 | 1,500 |
Loans receivable, net (including impaired ) | 763,311 | 900,357 |
Loans Held For Sale | 13,780 | 33,199 |
Accrued interest receivable | 4,252 | 3,512 |
Restricted stock | 7,104 | 7,776 |
Savings accounts | 55,288 | 50,582 |
Checking and NOW accounts | 240,819 | 390,494 |
Money market accounts | 279,699 | 385,480 |
Certificates of deposit | 153,087 | 113,323 |
Borrowings (excluding sub debt) | 80,022 | 90,215 |
Subordinated debt | 25,045 | 25,027 |
Accrued interest payable | 543 | 572 |
Estimate of Fair Value Measurement [Member] | Other Assets [Member] | ||
Mortgage servicing rights (included in Other Assets) | 117 | 83 |
Derivatives (included in Other Assets) | 7,728 | 4,685 |
Estimate of Fair Value Measurement [Member] | Other Liabilities [Member] | ||
Derivatives (included in Other Liabilities) | 3,712 | 4,720 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 53,267 | 136,590 |
Investment securities available-for-sale | 0 | 0 |
Investment securities held-to-maturity | 0 | 0 |
Equity securities | 874 | 1,000 |
Loans receivable, net (including impaired ) | 0 | 0 |
Loans Held For Sale | 0 | 19,583 |
Accrued interest receivable | 0 | 0 |
Restricted stock | 0 | 0 |
Savings accounts | 0 | 0 |
Checking and NOW accounts | 0 | 0 |
Money market accounts | 0 | 0 |
Certificates of deposit | 0 | 0 |
Borrowings (excluding sub debt) | 0 | 0 |
Subordinated debt | 0 | 0 |
Accrued interest payable | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Other Assets [Member] | ||
Mortgage servicing rights (included in Other Assets) | 0 | 0 |
Derivatives (included in Other Assets) | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Other Liabilities [Member] | ||
Derivatives (included in Other Liabilities) | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available-for-sale | 49,844 | 40,813 |
Investment securities held-to-maturity | 50,266 | 28,913 |
Equity securities | 0 | 0 |
Loans receivable, net (including impaired ) | 0 | 0 |
Loans Held For Sale | 0 | 0 |
Accrued interest receivable | 4,252 | 3,512 |
Restricted stock | 7,104 | 7,776 |
Savings accounts | 55,288 | 50,582 |
Checking and NOW accounts | 240,819 | 390,494 |
Money market accounts | 279,699 | 385,480 |
Certificates of deposit | 153,087 | 113,323 |
Borrowings (excluding sub debt) | 80,022 | 90,215 |
Subordinated debt | 25,045 | 25,027 |
Accrued interest payable | 543 | 572 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Other Assets [Member] | ||
Mortgage servicing rights (included in Other Assets) | 117 | 83 |
Derivatives (included in Other Assets) | 7,728 | 4,685 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Other Liabilities [Member] | ||
Derivatives (included in Other Liabilities) | 3,712 | 4,720 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available-for-sale | 0 | 0 |
Investment securities held-to-maturity | 0 | 0 |
Equity securities | 500 | 500 |
Loans receivable, net (including impaired ) | 763,311 | 900,357 |
Loans Held For Sale | 13,780 | 13,616 |
Accrued interest receivable | 0 | 0 |
Restricted stock | 0 | 0 |
Savings accounts | 0 | 0 |
Checking and NOW accounts | 0 | 0 |
Money market accounts | 0 | 0 |
Certificates of deposit | 0 | 0 |
Borrowings (excluding sub debt) | 0 | 0 |
Subordinated debt | 0 | 0 |
Accrued interest payable | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Other Assets [Member] | ||
Mortgage servicing rights (included in Other Assets) | 0 | 0 |
Derivatives (included in Other Assets) | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Other Liabilities [Member] | ||
Derivatives (included in Other Liabilities) | $ 0 | $ 0 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards | $ 563,000 | $ 563,000 |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | $ 36,500 | $ 36,500 |
Note 13 - Income Taxes - Schedu
Note 13 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Allowance for loan losses | $ 2,155 | $ 2,807 |
Non-accrual interest | 224 | 276 |
Supplement executive retirement plan | 149 | 173 |
Federal and State net operating loss | 0 | 155 |
Unrealized loss on investments available-for-sale | 1,691 | 0 |
Depreciation | 132 | 53 |
Lease liability | 308 | 448 |
Other | 230 | 113 |
Total DTAs | 4,889 | 4,025 |
Valuation allowance for DTAs | 0 | 0 |
Total DTAs, Net of Valuation Allowance | 4,889 | 4,025 |
Unrealized gain on investments available-for-sale | 0 | (3) |
Unrealized gain on derivatives | (846) | 0 |
Mortgage servicing rights | (19) | (20) |
Right of use asset | (300) | (440) |
Other | (2) | (32) |
Total DTLs | (1,167) | (495) |
DTAs, Net | $ 3,722 | $ 3,530 |
Note 13 - Income Taxes - Sche_2
Note 13 - Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Current, federal | $ 2,423 | $ (62) |
Deferred, federal | (847) | (112) |
Federal Income Tax Expense (Benefit), Continuing Operations, Total | 1,576 | (174) |
Current, state | 457 | 0 |
Deferred, state | (109) | (38) |
State and Local Income Tax Expense (Benefit), Continuing Operations, Total | 348 | (38) |
Total, amount | $ 1,924 | $ (212) |
Note 13 - Income Taxes - Sche_3
Note 13 - Income Taxes - Schedule of Effective Income Tax rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Tax at statutory rate, amount | $ 1,864 | $ (64) |
Tax at statutory rate | 21% | 21% |
Tax at statutory rate | (21.00%) | (21.00%) |
State tax, net of federal benefit, amount | $ 275 | $ (30) |
State tax, net of federal benefit | 3.10% | (9.80%) |
Tax-exempt interest, amount | $ (93) | $ (26) |
Tax-exempt interest | (1.00%) | (8.60%) |
Earnings on bank-owned life insurance, amount | $ (167) | $ (138) |
Earnings on bank-owned life insurance, tax rate | (1.90%) | (45.30%) |
Other, amount | $ 45 | $ 46 |
Other, percent | 0.50% | 15.10% |
Total, amount | $ 1,924 | $ (212) |
Total, rate | 21.70% | (69.60%) |
Note 14 - Leases (Details Textu
Note 14 - Leases (Details Textual) | 12 Months Ended |
Sep. 30, 2022 | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Number Of Leases | 3 |
Private Banking Office [Member] | |
Number Of Office Leases Included In Option To Extend | 2 |
Private Banking Office [Member] | Short Term Leases [Member] | |
Number of Offices | 1 |
Representative Office [Member] | Short Term Leases [Member] | |
Number of Offices | 2 |
Administrative Office [Member] | |
Number Of Office Leases Included In Option To Extend | 1 |
Glen Mills Pennsylvania [Member] | |
Number Of Financial Centers | 1 |
Villanova Pennsylvania [Member] | Private Banking Office [Member] | |
Number of Offices | 1 |
NEW JERSEY | Private Banking Office [Member] | |
Number of Offices | 1 |
FLORIDA | Private Banking Office [Member] | |
Number of Offices | 1 |
FLORIDA | Representative Office [Member] | |
Number of Offices | 1 |
Allentown Pennsylvania [Member] | Representative Office [Member] | |
Number of Offices | 1 |
Note 14 - Leases - Lease Cost (
Note 14 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating lease cost | $ 484 | $ 661 |
Short-term lease cost | 108 | 95 |
Total | $ 592 | $ 756 |
Note 14 - Leases - Schedule of
Note 14 - Leases - Schedule of Supplemental Lease Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Weighted average remaining lease term (in years) (Year) | 3 years 6 months 25 days | 4 years 6 months |
Weighted average discount rate | 2% | 1.99% |
Supplementary Cash Flows Information | ||
Operating cash flows from operating leases | $ 531 | $ 893 |
ROU assets obtained in exchange for lease obligations | 0 | 3,279 |
Other Assets [Member] | ||
Operating lease right-of-use assets | 1,267 | 1,796 |
Other Liabilities [Member] | ||
Operating lease liabilities | $ 1,299 | $ 1,830 |
Note 14 - Leases - Operating Le
Note 14 - Leases - Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 431 | |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 431 | |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 432 | |
Lessee, Operating Lease, Liability, to be Paid, Year Four | 153 | |
Lessee, Operating Lease, Liability, to be Paid, Year Five | 51 | |
Total lease payments | 1,498 | |
Less: imputed interest | (199) | |
Other Liabilities [Member] | ||
Operating lease liabilities | $ 1,299 | $ 1,830 |
Note 14 - Leases - Schedule o_2
Note 14 - Leases - Schedule of Future Minimum Rental Payments for Operating Leases (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
2023 | $ 63 |
2024 | 64 |
2025 | 46 |
2026 | 31 |
Total | $ 204 |
Note 15 - Commitments and Con_3
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Sep. 30, 2022 | Sep. 30, 2021 |
Letter of Credit [Member] | ||
Unsecured Debt, Total | $ 7.7 | $ 9 |
Note 15 - Commitments and Con_4
Note 15 - Commitments and Contingencies - Commitments That Represent Credit Risk (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Fair value, concentration of risk commitments | $ 139,571 | $ 168,700 |
Loan Origination Commitments [Member] | ||
Fair value, concentration of risk commitments | 12,585 | 32,889 |
Undisbursed Construction Loans [Member] | ||
Fair value, concentration of risk commitments | 9,285 | 12,672 |
Unused lines of Credit [Member] | ||
Fair value, concentration of risk commitments | 27,942 | 25,722 |
Undisbursed Commercial Lines of Credit [Member] | ||
Fair value, concentration of risk commitments | 80,535 | 19,901 |
Undisbursed Commercial Unsecured Lines of Credit [Member] | ||
Fair value, concentration of risk commitments | 0 | 66,941 |
Overdraft Protection Lines [Member] | ||
Fair value, concentration of risk commitments | 1,482 | 1,549 |
Standby Letters of Credit [Member] | ||
Fair value, concentration of risk commitments | $ 7,742 | $ 9,026 |
Note 16 - Regulatory Matters (D
Note 16 - Regulatory Matters (Details Textual) | 12 Months Ended | ||||||
Sep. 30, 2022 shares | Sep. 30, 2021 $ / shares shares | Mar. 14, 2019 shares | Jan. 01, 2019 | Jan. 01, 2016 | Jan. 01, 2015 | Dec. 31, 2014 | |
Percentage Of Repurchase Of Outstanding Common Stock As Condition Warrant | 2.50% | ||||||
Treasury Stock, Shares, Acquired (in shares) | 0 | 177,653 | |||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 14.23 | ||||||
Subsidiaries [Member] | |||||||
Banking Regulation, Common Equity Tier 1 Risk-Based Capital Ratio, Actual | 0.070 | 0.045 | 0.040 | ||||
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.0600 | 0.0600 | 0.085 | 0.060 | |||
Tier One Capital Required For Capital Conservation Buffer | 2.50% | ||||||
Banking Regulation, Total Risk-Based Capital Ratio, Actual | 0.2034 | 0.1732 | 0.105 | ||||
Maximum [Member] | |||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 194,516 |
Note 16 - Regulatory Matters -
Note 16 - Regulatory Matters - Company's Compliance With Applicable Regulatory Capital Requirements (Details) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jan. 01, 2016 | Jan. 01, 2015 |
Banking Regulation, Tier 1 Leverage Capital, Well Capitalized, Minimum | $ 51,025,000 | $ 59,933,000 | ||
Banking Regulation, Tier 1 Leverage Capital Ratio, Well Capitalized, Minimum | 0.0500 | 0.0500 | ||
Tier One Capital Equity Required To Be Well Capitalized | $ 56,096,000 | $ 63,460,000 | ||
Tier One Capital Equity Required To Be Well Capitalized To Average Asset | 0.0650 | 0.0650 | ||
Banking Regulation, Tier 1 Risk-Based Capital, Well Capitalized, Minimum | $ 69,042,000 | $ 78,105,000 | ||
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.0800 | 0.0800 | ||
Banking Regulation, Total Capital, Actual | $ 175,512,000 | $ 169,072,000 | ||
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum | $ 86,302,000 | $ 97,632,000 | ||
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.1000 | 0.1000 | ||
Subsidiaries [Member] | ||||
Banking Regulation, Tier 1 Leverage Capital, Actual | $ 166,340 | $ 157,518,000 | ||
Banking Regulation, Tier 1 Leverage Capital Ratio, Actual | 0.1630 | 0.1314 | ||
Banking Regulation, Tier 1 Leverage Capital, Capital Adequacy, Minimum | $ 40,820,000 | $ 47,946,000 | ||
Banking Regulation, Tier 1 Leverage Capital Ratio, Capital Adequacy, Minimum | 0.0400 | 0.0400 | ||
Tier One Common Equity | $ 166,340,000 | $ 157,518,000 | ||
Tier One Capital Equity To Average Assets | 0.1927 | 0.1613 | ||
Tier One Capital Equity Required For Capital Adequacy | $ 38,836,000 | $ 43,934,000 | ||
Tier One Capital Equity Required For Capital Adequacy To Average Assets | 0.0450 | 0.0450 | ||
Banking Regulation, Tier 1 Risk-Based Capital, Actual | $ 166,340,000 | $ 157,518,000 | ||
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Actual | 0.1927 | 0.1613 | ||
Banking Regulation, Tier 1 Risk-Based Capital, Capital Adequacy, Minimum | $ 51,751,000 | $ 58,579,000 | ||
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.0600 | 0.0600 | 0.085 | 0.060 |
Banking Regulation, Total Capital, Actual | $ 175,512,000 | $ 169,072,000 | ||
Banking Regulation, Total Risk-Based Capital Ratio, Actual | 0.2034 | 0.1732 | 0.105 | |
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum | $ 69,042,000 | $ 78,105,000 | ||
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.0800 | 0.0800 |
Note 16 - Regulatory Matters _2
Note 16 - Regulatory Matters - Reconciliation of the Bank's Equity (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Bank GAAP equity | $ 163,164 | $ 157,554 |
Net unrealized loss (gain) on securities available for sale, net of income taxes | 6,360 | (45) |
Net unrealized loss (gain) on derivatives, net of income taxes | (3,184) | 9 |
Tangible Capital, Core Capital and Tier 1 Capital | 166,340 | 157,518 |
Allowance for loan losses and reserve for off-balance sheet commitments | 9,172 | 11,554 |
Total Risk-Based Capital | $ 175,512 | $ 169,072 |
Note 17 - Accumulated Other C_3
Note 17 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net unrealized holding (losses) gains on available-for-sale securities | $ (4,049) | $ 1,424 | |
Tax effect | 837 | (300) | |
Total other comprehensive (loss) income | (3,212) | 1,124 | |
Total accumulated other comprehensive (loss) income | 146,445 | 142,168 | $ 140,593 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Net unrealized holding (losses) gains on available-for-sale securities | (8,051) | 57 | |
Tax effect | 1,691 | (12) | |
Total other comprehensive (loss) income | (6,360) | 45 | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Net unrealized holding (losses) gains on available-for-sale securities | 4,030 | (11) | |
Tax effect | (846) | 2 | |
Total other comprehensive (loss) income | 3,184 | (9) | |
AOCI Attributable to Parent [Member] | |||
Total other comprehensive (loss) income | (3,212) | 1,124 | |
Total accumulated other comprehensive (loss) income | $ (3,176) | $ 36 | $ (1,088) |
Note 17 - Accumulated Other C_4
Note 17 - Accumulated Other Comprehensive Income (Loss) - Other Comprehensive Income (Loss) and Related Tax Effects (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | ||
Unrealized holding (losses) gains on available-for-sale securities | $ (8,107) | $ 950 | |
Reclassification adjustment for net gains arising during the period(1) | [1] | 0 | (779) |
Adjustment for loss recorded on replacement of derivative | 0 | (9) | |
Accretion of unrealized holding losses on securities transferred from available-for-sale to held-to-maturity(2) | [2] | 8 | 4 |
Fair value adjustment on derivatives | 4,050 | 1,258 | |
Other comprehensive (loss) income before taxes | (4,049) | 1,424 | |
Tax effect | 837 | (300) | |
Total other comprehensive (loss) income | $ (3,212) | $ 1,124 | |
[1]Amounts are included in net gains on sale and call of available-for-sale securities on the Consolidated Statements of Operations in total other income.[2]Amounts are included in interest and dividends on investment securities on the Consolidated Statements of Operations. |
Note 18 - Equity Based Incent_3
Note 18 - Equity Based Incentive Compensation Plan (Details Textual) - USD ($) | 11 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement, Noncash Expense, Total | $ 307,000 | $ 223,000 | |
Restricted Stock [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 13,848 | 12,363 | |
Malvern Bancorp Inc 2014 Long Term Incentive Compensation Plan Member | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 400,000 | 400,000 | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 283,776 | 283,776 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 6,000 | 6,000 | 7,000 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares) | 2,000 | ||
Share-Based Payment Arrangement, Noncash Expense, Total | $ 35,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 4,517 | ||
Share Based Compensation Arrangement By Share Based Payment Award Unrestricted Shares Issued Cost | $ 72,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 84,000 | $ 84,000 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 5 months 1 day | ||
Malvern Bancorp Inc 2014 Long Term Incentive Compensation Plan Member | Restricted Stock [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 13,848 | 12,363 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 2,336 | 0 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 15,581 | 11,530 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 416,000 | $ 416,000 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 1 month 2 days | ||
Malvern Bancorp Inc 2014 Long Term Incentive Compensation Plan Member | Restricted Stock and Unrestricted Stock [Member] | |||
Share-Based Payment Arrangement, Noncash Expense, Total | $ 271,000 | $ 260,000 | |
Malvern Bancorp Inc 2014 Long Term Incentive Compensation Plan Member | Granted in 2022 [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 20% | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period (Year) | 1 year |
Note 18 - Equity Based Incent_4
Note 18 - Equity Based Incentive Compensation Plan - Assumptions Used in Determining the Fair value of Stock Option Grants (Details) - Malvern Bancorp Inc 2014 Long Term Incentive Compensation Plan Member - Share-Based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Weighted average fair value of awards (in dollars per share) | $ 5.93 | $ 6.06 |
Risk-free rate | 3.03% | 1.25% |
Volatility | 30.04% | 29.72% |
Expected life (years) (Year) | 6 years 6 months | 6 years 6 months |
Note 18 - Equity Based Incent_5
Note 18 - Equity Based Incentive Compensation Plan - Stock Option Activity (Details) - Malvern Bancorp Inc 2014 Long Term Incentive Compensation Plan Member - USD ($) | 11 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Outstanding, beginning of year, shares (in shares) | 32,830 | 25,830 | ||
Outstanding, beginning of year, weighted average exercise price (in dollars per share) | $ 20.96 | $ 21.57 | ||
Outstanding, beginning of year, aggregate intrinsic value | $ 0 | $ 0 | $ 1,940 | $ 0 |
Granted, shares (in shares) | 6,000 | 6,000 | 7,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 16.05 | $ 18.69 | ||
Forfeited/cancelled/expired, shares (in shares) | (2,000) | 0 | ||
Forfeited/cancelled/expired, weighted average exercise price (in dollars per share) | $ 19.49 | $ 0 | ||
Outstanding, end of year, shares (in shares) | 36,830 | 36,830 | 32,830 | |
Outstanding, end of year, weighted average exercise price (in dollars per share) | $ 20.24 | $ 20.24 | $ 20.96 | |
Outstanding, end of year, weighted average remaining contractual term (Year) | 6 years 9 months 28 days | 7 years 4 months 21 days | ||
Exercisable at end of year, shares (in shares) | 18,880 | 18,880 | 13,310 | |
Exercisable at end of year, weighted average exercise price (in dollars per share) | $ 21.50 | $ 21.50 | $ 21.53 | |
Exercisable at end of year, weighted average remaining contractual term (Year) | 5 years 6 months 23 days | 6 years 2 months 9 days | ||
Exercisable at end of year, aggregate intrinsic value | $ 0 | $ 0 | $ 1,940 | |
Nonvested at end of year, shares (in shares) | 17,950 | 17,950 | 19,520 | |
Nonvested at end of year, weighted average exercise price (in dollars per share) | $ 18.90 | $ 18.90 | $ 20.56 |
Note 18 - Equity Based Incent_6
Note 18 - Equity Based Incentive Compensation Plan - Restricted Stock Activity (Details) - $ / shares | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Restricted Stock [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 13,848 | 12,363 |
Malvern Bancorp Inc 2014 Long Term Incentive Compensation Plan Member | ||
Vested, shares (in shares) | (4,517) | |
Malvern Bancorp Inc 2014 Long Term Incentive Compensation Plan Member | Restricted Stock [Member] | ||
Outstanding, beginning of year (in shares) | 31,486 | 30,653 |
Outstanding, beginning of year, weighted average fair value (in dollars per share) | $ 21.10 | $ 21.98 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 13,848 | 12,363 |
Granted, weighted average fair value (in dollars per share) | $ 15.84 | $ 18.69 |
Vested, shares (in shares) | (15,581) | (11,530) |
Vested, weighted average fair value (in dollars per share) | $ 19.60 | $ 20.82 |
Forfeited/cancelled/expired, shares (in shares) | (2,336) | 0 |
Forfeited/cancelled/expired, weighted average fair value (in dollars per share) | $ 19.98 | $ 0 |
Outstanding, end of year, shares (in shares) | 27,417 | 31,486 |
Outstanding, end of year, weighted average fair value (in dollars per share) | $ 19.34 | $ 21.10 |
Note 19 - Subordinated Debt (De
Note 19 - Subordinated Debt (Details Textual) - USD ($) $ in Thousands | 60 Months Ended | |||
Feb. 15, 2027 | Sep. 30, 2022 | Sep. 30, 2021 | Feb. 07, 2017 | |
Subordinated Debt, Ending Balance | $ 25,000 | $ 24,934 | ||
Subordinated Debt [Member] | The Notes [Member] | ||||
Debt Instrument, Face Amount | $ 25,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.65% | 6.125% | ||
Subordinated Debt, Ending Balance | $ 25,000 | |||
Subordinated Debt [Member] | The Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | Forecast [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 4.145% |
Note 20 - Condensed Financial I
Note 20 - Condensed Financial Information - Parent Company Only - Condensed Statements of Financial Condition (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 |
Cash and cash equivalents | $ 53,267 | $ 136,590 | |
Bank GAAP equity | 163,164 | 157,554 | |
Loans receivable, net | 801,854 | 902,981 | |
Other assets | 18,673 | 13,941 | |
Total Assets | 1,044,360 | 1,209,143 | |
Subordinated Debt, Ending Balance | 25,000 | 24,934 | |
Accrued interest payable | 543 | 572 | |
Total Liabilities | 897,915 | 1,066,975 | |
Total accumulated other comprehensive (loss) income | 146,445 | 142,168 | $ 140,593 |
Total Liabilities and Shareholders’ Equity | 1,044,360 | 1,209,143 | |
Parent Company [Member] | |||
Cash and cash equivalents | 5,552 | 6,878 | |
Bank GAAP equity | 163,164 | 157,554 | |
Loans receivable, net | 755 | 934 | |
Other assets | 2,198 | 1,916 | |
Total Assets | 171,669 | 167,282 | |
Subordinated Debt, Ending Balance | 25,000 | 24,934 | |
Accrued interest payable | 158 | 196 | |
Accounts payable | 66 | (16) | |
Total Liabilities | 25,224 | 25,114 | |
Total accumulated other comprehensive (loss) income | 146,445 | 142,168 | |
Total Liabilities and Shareholders’ Equity | $ 171,669 | $ 167,282 |
Note 20 - Condensed Financial_2
Note 20 - Condensed Financial Information - Parent Company Only - Condensed Statements of Operations (Details) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Long-term borrowings | $ 776 | $ 2,029 | |
Total Interest Expense | 5,685 | 10,356 | |
Other operating expenses | 4,842 | 3,199 | |
Total Other Expenses | 22,766 | 20,951 | |
Total Expense | 29,314 | 28,060 | |
Income tax expense (benefit) | 1,924 | (212) | |
Net Income (Loss) | 6,951 | (92) | |
Parent Company [Member] | |||
Interest income | 39 | 51 | |
Total Interest Income | 39 | 51 | |
Long-term borrowings | 1,371 | 1,536 | |
Total Interest Expense | 1,371 | 1,536 | |
Other operating expenses | 366 | 560 | |
Total Other Expenses | 366 | 560 | |
Total Expense | 1,737 | 2,096 | |
Loss before Equity in Undistributed Net Income of Subsidiaries and Income Tax Benefit | (1,698) | (2,045) | |
Equity in Undistributed Net Income of Subsidiaries | $ 8,356 | 8,356 | 1,473 |
Income tax expense (benefit) | (293) | (480) | |
Net Income (Loss) | $ 6,951 | $ 6,951 | $ (92) |
Note 20 - Condensed Financial_3
Note 20 - Condensed Financial Information - Parent Company Only - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Net Income (Loss) | $ 6,951 | $ (92) | ||
Unrealized holding gains (losses) on available-for-sale securities | (8,107) | 950 | ||
Tax effect | 1,702 | (199) | ||
Net of tax amount | (6,405) | 751 | ||
Reclassification adjustment for net gains arising during the period(1) | [1] | 0 | (779) | |
Tax effect | 0 | 163 | ||
Net of tax amount | 0 | (616) | ||
Adjustment for loss recorded on replacement of derivative | 0 | (9) | ||
Accretion of unrealized holding losses on securities transferred from available-for-sale to held-to-maturity(2) | [2] | 8 | 4 | |
Tax effect | (8) | (1) | ||
Net of tax amount | 0 | 3 | ||
Fair value adjustment on derivatives | 4,050 | 1,258 | ||
Tax effect | (857) | (263) | ||
Net of tax amount | 3,193 | 995 | ||
Total other comprehensive (loss) income | (3,212) | 1,124 | ||
Total comprehensive income | 3,739 | 1,032 | ||
Parent Company [Member] | ||||
Net Income (Loss) | $ 6,951 | 6,951 | (92) | |
Unrealized holding gains (losses) on available-for-sale securities | (8,107) | 950 | ||
Tax effect | 1,702 | (199) | ||
Net of tax amount | (6,405) | 751 | ||
Reclassification adjustment for net gains arising during the period(1) | [3] | 0 | (779) | |
Tax effect | 0 | 163 | ||
Net of tax amount | 0 | (616) | ||
Adjustment for loss recorded on replacement of derivative | 0 | (9) | ||
Accretion of unrealized holding losses on securities transferred from available-for-sale to held-to-maturity(2) | [2] | 8 | 4 | |
Tax effect | (8) | (1) | ||
Net of tax amount | 0 | 3 | ||
Fair value adjustment on derivatives | 4,050 | 1,258 | ||
Tax effect | (857) | (263) | ||
Net of tax amount | 3,193 | 995 | ||
Total other comprehensive (loss) income | (3,212) | 1,124 | ||
Total comprehensive income | $ 3,739 | $ 1,032 | ||
[1]Amounts are included in net gains on sale and call of available-for-sale securities on the Consolidated Statements of Operations in total other income.[2]Amounts are included in interest and dividends on investment securities on the Consolidated Statements of Operations.[3]Amounts are included in net gains on sales and calls of investments on the Consolidated Statements of Operations in total other income. |
Note 20 - Condensed Financial_4
Note 20 - Condensed Financial Information - Parent Company Only - Condensed Cash Flow Statement (Details) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Income (Loss) | $ 6,951 | $ (92) | |
ESOP expense | 231 | 248 | |
Stock based compensation | 307 | 223 | |
Amortization of subordinated debt issuance costs | 66 | 158 | |
Decrease in other assets | 3,555 | 3,335 | |
Decrease in other liabilities | (5,710) | (360) | |
Net Cash Provided by Operating Activities | 5,900 | 14,756 | |
Net decrease in loans | 101,254 | 79,841 | |
Net Cash Provided by Investing Activities | 73,633 | 58,014 | |
Proceeds for long-term borrowings | 200,000 | 300,000 | |
Repayment of long-term borrowings | (230,000) | (340,000) | |
Net Cash (Used in) Provided by Financing Activities | (162,856) | 2,381 | |
Net (Decrease) Increase in Cash and Cash Equivalents | (83,323) | 75,151 | |
Cash and Cash Equivalent – Beginning | 136,590 | 61,439 | |
Cash and Cash Equivalent – Ending | $ 53,267 | 53,267 | 136,590 |
Parent Company [Member] | |||
Net Income (Loss) | 6,951 | 6,951 | (92) |
Undistributed net income of subsidiaries | (8,356) | (8,356) | (1,473) |
ESOP expense | 231 | 248 | |
Stock based compensation | 307 | 295 | |
Amortization of subordinated debt issuance costs | 66 | 158 | |
Decrease in other assets | (786) | (850) | |
Decrease in other liabilities | 82 | 11 | |
Net Cash Provided by Operating Activities | (1,505) | (1,703) | |
Net decrease in loans | 179 | 170 | |
Net Cash Provided by Investing Activities | 179 | 170 | |
Proceeds for long-term borrowings | 0 | 5,000 | |
Repayment of long-term borrowings | 0 | (5,000) | |
Net Cash (Used in) Provided by Financing Activities | 0 | 0 | |
Net (Decrease) Increase in Cash and Cash Equivalents | (1,326) | (1,533) | |
Cash and Cash Equivalent – Beginning | 6,878 | 6,878 | 8,411 |
Cash and Cash Equivalent – Ending | $ 5,552 | $ 5,552 | $ 6,878 |
Note 21 - Subsequent Event (Det
Note 21 - Subsequent Event (Details Textual) | Dec. 14, 2022 USD ($) | Dec. 13, 2022 USD ($) $ / shares | Sep. 30, 2022 $ / shares | Sep. 30, 2021 $ / shares |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | ||
Subsequent Event [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||
Proceeds from Sale of Real Estate | $ | $ 17,200,000 | |||
Real Estate, Percentage of Statutory Rate Thereafter Through Date of Foreclosure Sale | 9% | |||
Subsequent Event [Member] | First Bank [Member] | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 5 | |||
Subsequent Event [Member] | Merger Agreement [Member] | ||||
Business Combination, Cash Per Share to be Received (in dollars per share) | $ 7.80 | |||
Business Combination, Common Stock Per Share to be Received | 0.7733 | |||
Business Combination, Maximum Adjusted Equity as of Tenth Day Prior to Closing | $ | $ 140,000,000 |