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v3.20.2

New Accounting Pronouncements (Tables) | 12 Months Ended
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Sep. 30, 2020
Accounting Changes and Error Corrections [Abstract] |
ASU and change in accounting principle | The Company recorded a decrease to retained earnings of $21,945,000 as of October 1, 2019 for the cumulative effect of adopting ASC 326 as further detailed below.
| September 30, 2019 |  | CECL Adoption Impact |  | October 1, 2019 |  |  |  |  |  |
(In thousands) |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |
Multi-family | $ | 7,391 |  |  | $ | 3,013 |  |  | $ | 10,404 |  |  |  |  |  |  |
Commercial real estate | 13,170 |  |  | (146) |  |  | 13,024 |  |  |  |  |  |  |
Commercial & industrial | 31,450 |  |  | 785 |  |  | 32,235 |  |  |  |  |  |  |
Construction | 32,304 |  |  | (9,536) |  |  | 22,768 |  |  |  |  |  |  |
Land - acquisition & development | 9,155 |  |  | 1,749 |  |  | 10,904 |  |  |  |  |  |  |
Total commercial loans | 93,470 |  |  | (4,135) |  |  | 89,335 |  |  |  |  |  |  |
Consumer loans |  |  |  |  |  |  |  |  |  |  |
Single-family residential | 30,988 |  |  | 16,783 |  |  | 47,771 |  |  |  |  |  |  |
Construction - custom | 1,369 |  |  | 1,511 |  |  | 2,880 |  |  |  |  |  |  |
Land - consumer lot loans | 2,143 |  |  | 492 |  |  | 2,635 |  |  |  |  |  |  |
HELOC | 1,103 |  |  | 945 |  |  | 2,048 |  |  |  |  |  |  |
Consumer | 2,461 |  |  | 2,154 |  |  | 4,615 |  |  |  |  |  |  |
Total consumer loans | 38,064 |  |  | 21,885 |  |  | 59,949 |  |  |  |  |  |  |
Total allowance for loan losses | 131,534 |  |  | 17,750 |  |  | 149,284 |  |  |  |  |  |  |
Reserve for unfunded commitments | 6,900 |  |  | 10,750 |  |  | 17,650 |  |  |  |  |  |  |
Total allowance for credit losses | $ | 138,434 |  |  | $ | 28,500 |  |  | $ | 166,934 |  |  |  |  |  |  |
Retained earnings |  |  |  |  |  |  |  |  |  |  |
Total pre-tax impact |  |  | $ | 28,500 |  |  |  |  |  |  |  |  |
Tax effect |  |  | (6,555) |  |  |  |  |  |  |  |  |
Decrease to retained earnings |  |  | $ | 21,945 |  |  |  |  |  |  |  |  |
| September 30, 2019 |  | CECL Adoption Impact |  | October 1, 2019 (Post ASC 326 Adoption) |  |  |  |  |  |  |  | September 30, 2020
(In thousands) |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family | $ | 7,391 |  |  | $ | 3,013 |  |  | $ | 10,404 |  |  |  |  |  |  |  |  | $ | 13,853 |
Commercial real estate | 13,170 |  |  | (146) |  |  | 13,024 |  |  |  |  |  |  |  |  | 22,516 |
Commercial & industrial | 31,450 |  |  | 785 |  |  | 32,235 |  |  |  |  |  |  |  |  | 38,665 |
Construction | 32,304 |  |  | (9,536) |  |  | 22,768 |  |  |  |  |  |  |  |  | 24,156 |
Land - acquisition & development | 9,155 |  |  | 1,749 |  |  | 10,904 |  |  |  |  |  |  |  |  | 10,733 |
Total commercial loans | 93,470 |  |  | (4,135) |  |  | 89,335 |  |  |  |  |  |  |  |  | 109,923 |
Consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |
Single-family residential | 30,988 |  |  | 16,783 |  |  | 47,771 |  |  |  |  |  |  |  |  | 45,186 |
Construction - custom | 1,369 |  |  | 1,511 |  |  | 2,880 |  |  |  |  |  |  |  |  | 3,555 |
Land - consumer lot loans | 2,143 |  |  | 492 |  |  | 2,635 |  |  |  |  |  |  |  |  | 2,729 |
HELOC | 1,103 |  |  | 945 |  |  | 2,048 |  |  |  |  |  |  |  |  | 2,571 |
Consumer | 2,461 |  |  | 2,154 |  |  | 4,615 |  |  |  |  |  |  |  |  | 2,991 |
Total consumer loans | 38,064 |  |  | 21,885 |  |  | 59,949 |  |  |  |  |  |  |  |  | 57,032 |
Total allowance for loan losses | $ | 131,534 |  |  | $ | 17,750 |  |  | 149,284 |  |  |  |  |  |  |  |  | 166,955 |
Reserve for unfunded commitments | $ | 6,900 |  |  | $ | 10,750 |  |  | 17,650 |  |  |  |  |  |  |  |  | 25,000 |
Total allowance for credit losses | $ | 138,434 |  |  | $ | 28,500 |  |  | $ | 166,934 |  |  |  |  |  |  |  |  | $ | 191,955 |

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