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| LEASES | NOTE 12: LEASES A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The leases in which the Company is the lessee include real estate properties for a branch office facility and a lending office facility under noncancelable operating lease arrangements, whose current maturity dates are November 2026 and January 2027, respectively. The Company’s real estate lease agreements include an option to renew at the Company’s discretion which is not included in the maturity schedule below as management is not reasonably certain to exercise the renewal option. The Bank also leases a copier under the terms of an operating lease agreement. The lease reached its scheduled expiration in June 2026 and management is evaluating the contractual renewal provisions. ASC 842, Leases, requires the Company to recognize a right-of-use (“ROU”) asset and corresponding lease liability included in other assets and other liabilities, respectively, on the Company’s consolidated statements of financial condition. Future maturities of operating lease liabilities with initial or remaining terms of one year or more as of June 30, 2026 are as follows for the respective future fiscal years ending September 30 (in thousands):
Operating lease expense for the branch office and lending office amounted to $7,000 for both the three months ended June 30, 2026 and 2025. Operating lease expense for the equipment was approximately $2,000 for both the three months ended June 30, 2026 and 2025. Operating lease expense for the branch office and lending office amounted to $21,000 and $17,000 for the nine months ended June 30, 2026 and 2025, respectively. Operating lease expense for the equipment was approximately $5,000 for both the nine months ended June 30, 2026 and 2025. The following tables presents information about the Company’s leases as of June 30, 2026 (unaudited) and September 30, 2025, respectively:
The following table presents information about the Company’s lease activity for the three and nine month periods ended June 30, 2026 and 2025, respectively:
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