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New Accounting Pronouncements (Tables)

9 Months Ended

Jun. 30, 2020

Accounting Changes and Error Corrections [Abstract]

Accounting Standards Update 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

															October 1, 2019						December 31, 2019						March 31, 2020						June 30, 2020
(In thousands)
Allowance for credit losses:
Commercial loans
Multi-family															$	10,404					$	10,506					$	11,742					$	12,088
Commercial real estate															13,024						13,067						14,639						15,807
Commercial & industrial															32,235						33,676						38,576						42,179
Construction															22,768						21,919						23,348						25,693
Land - acquisition & development															10,904						10,413						10,399						10,641
Total commercial loans															89,335						89,581						98,704						106,408
Consumer loans
Single-family residential															47,771						46,356						46,817						47,149
Construction - custom															2,880						2,930						3,175						3,336
Land - consumer lot loans															2,635						2,567						2,578						2,671
HELOC															2,048						2,034						2,246						2,588
Consumer															4,615						4,045						3,581						3,197
Total consumer loans															59,949						57,932						58,397						58,941
Total allowance for loan losses															149,284						147,513						157,101						165,349
Reserve for unfunded commitments															17,650						18,250						18,650						19,500
Total allowance for credit losses															$	166,934					$	165,763					$	175,751					$	184,849
Beginning balance																					$	166,934					$	165,763					$	175,751
Net (charge-offs) recoveries																					2,579						1,788						(1,702)
Net provision (release)																					(3,750)						8,200						10,800
Ending balance																					$	165,763					$	175,751					$	184,849

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- References

No definition available.

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- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e765-108305

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e725-108305

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

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