DEFERRED COMPENSATION PLANS

12 Months Ended

Sep. 30, 2024

DEFERRED COMPENSATION PLANS

DEFERRED COMPENSATION PLANS

(12)       DEFERRED COMPENSATION PLANS

The Company has a directors’ deferred compensation plan whereby a director, at his or her election on an annual basis, may defer all or a portion of the director fees into an account with the Company. The Company accrues interest on the deferred obligation at an annual rate equal to the prime rate for the immediately preceding calendar quarter plus 2%, but in no event at a rate in excess of 8%. The deferral period extends until separation from service by the director. The benefits under the plan are payable in a lump sum or in monthly installments over a period of up to ten years following the separation from service; however, the agreements provide for payment of benefits in the event of disability, early retirement, termination of service or death. The balance of the accrued benefit for the director plan, included in accrued expenses and other liabilities on the consolidated balance sheets, was $1.7 million and $1.6 million at September 30, 2024 and 2023, respectively.

Deferred directors’ fees expense, included in other operating expenses on the consolidated statements of income, for the years ended September 30, 2024, 2023 and 2022 were as follows:

(In thousands)	2024		2023		2022
Deferred directors’ fee expense	$	229	$	241	$	202