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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and dividend income        
Loans, including fees $ 9,033 $ 7,018 $ 25,610 $ 20,281
Investment securities and interest earning deposits        
Taxable 692 428 1,707 1,023
Tax-exempt 14 11 43 27
Federal Home Loan Bank of New York stock 38 19 92 58
Total interest and dividend income 9,777 7,476 27,452 21,389
Interest expense        
Deposits 2,648 420 6,132 1,286
Borrowings 239 92 594 323
Total interest expense 2,887 512 6,726 1,609
Net interest and dividend income 6,890 6,964 20,726 19,780
Provision (credit) for loan losses (81) 205 432 376
Net interest and dividend income after provision (credit) for loan losses 6,971 6,759 20,294 19,404
Other income        
Service charges 392 284 957 860
Income on bank owned life insurance 92 94 278 275
Interest rate swap fees 76 57 76
Other operating income 34 21 75 67
Gains on sales of SBA loans 103 134 485 553
Gains on sale of OREO 67 67
Total other income 621 676 1,852 1,898
Other expenses        
Compensation and employee benefits 2,966 2,701 8,773 8,096
Occupancy expenses 803 750 2,355 2,255
Professional fees 188 198 572 856
Data processing expenses 148 136 443 409
Marketing and business development 101 143 344 353
OREO expenses 3 6 28 54
FDIC deposit insurance premiums 96 55 243 161
Loan servicing expenses 67 2 138 86
Other expenses 514 441 1,368 1,293
Total other expenses 4,886 4,432 14,264 13,563
Income before income tax expense 2,706 3,003 7,882 7,739
Income tax expense 788 886 2,358 2,250
Net income $ 1,918 $ 2,117 $ 5,524 $ 5,489
Earnings per share - basic (in Dollars per share) $ 0.3 $ 0.31 $ 0.86 $ 0.81
Earnings per share - diluted (in Dollars per share) $ 0.3 $ 0.31 $ 0.86 $ 0.81
Weighted average shares outstanding - basic (in Shares) 6,412,536 6,799,800 6,426,978 6,797,691
Weighted average shares outstanding - diluted (in Shares) 6,412,536 6,799,800 6,426,978 6,797,691