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Allowance for Losses on Loans | 6 Months Ended
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Mar. 31, 2021
Receivables [Abstract] |
Allowance for Losses on Loans | Allowance for Losses on Loans For a detailed discussion of loans and credit quality, including accounting policies and the CECL methodology used to estimate the allowance for credit losses, see Note A "Summary of Significant Accounting Policies." The following tables summarize the activity in the allowance for loan losses by loan portfolio segment and class.
Three Months Ended March 31, 2021 | Beginning Allowance |  | Charge-offs |  | Recoveries |  | Provision & Transfers |  | Ending Allowance
| (In thousands)
Commercial loans |  |  |  |  |  |  |  |  |
Multi-family | $ | 14,363 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,413 |  |  | $ | 17,776 |
Commercial real estate | 23,496 |  |  | — |  |  | 1,457 |  |  | 1,869 |  |  | 26,822 |
Commercial & industrial | 44,317 |  |  | (18) |  |  | 11 |  |  | 3,484 |  |  | 47,794 |
Construction | 26,365 |  |  | — |  |  | — |  |  | (3,816) |  |  | 22,549 |
Land - acquisition & development | 10,666 |  |  | — |  |  | 410 |  |  | (573) |  |  | 10,503 |
Total commercial loans | 119,207 |  |  | (18) |  |  | 1,878 |  |  | 4,377 |  |  | 125,444 |
Consumer loans |  |  |  |  |  |  |  |  |
Single-family residential | 38,613 |  |  | (106) |  |  | 497 |  |  | (3,896) |  |  | 35,108 |
Construction - custom | 3,594 |  |  | — |  |  | — |  |  | (346) |  |  | 3,248 |
Land - consumer lot loans | 2,958 |  |  | — |  |  | 7 |  |  | 327 |  |  | 3,292 |
HELOC | 2,362 |  |  | — |  |  | — |  |  | (136) |  |  | 2,226 |
Consumer | 3,455 |  |  | (84) |  |  | 290 |  |  | (326) |  |  | 3,335 |
Total consumer loans | 50,982 |  |  | (190) |  |  | 794 |  |  | (4,377) |  |  | 47,209 |
Total loans | $ | 170,189 |  |  | $ | (208) |  |  | $ | 2,672 |  |  | $ | — |  |  | $ | 172,653 |
Three Months Ended March 31, 2020 | Beginning Allowance |  | Charge-offs |  | Recoveries |  | Provision & Transfers (1) |  | Ending Allowance
| (In thousands)
Commercial loans |  |  |  |  |  |  |  |  |
Multi-family | $ | 10,506 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,236 |  |  | $ | 11,742 |
Commercial real estate | 13,067 |  |  | (13) |  |  | 1,020 |  |  | 565 |  |  | 14,639 |
Commercial & industrial | 33,676 |  |  | (129) |  |  | 57 |  |  | 4,972 |  |  | 38,576 |
Construction | 21,919 |  |  | — |  |  | 5 |  |  | 1,424 |  |  | 23,348 |
Land - acquisition & development | 10,413 |  |  | — |  |  | 126 |  |  | (140) |  |  | 10,399 |
Total commercial loans | 89,581 |  |  | (142) |  |  | 1,208 |  |  | 8,057 |  |  | 98,704 |
Consumer loans |  |  |  |  |  |  |  |  |
Single-family residential | 46,356 |  |  | — |  |  | 192 |  |  | 268 |  |  | 46,816 |
Construction - custom | 2,930 |  |  | — |  |  | — |  |  | 245 |  |  | 3,175 |
Land - consumer lot loans | 2,567 |  |  | (77) |  |  | 476 |  |  | (388) |  |  | 2,578 |
HELOC | 2,034 |  |  | — |  |  | 1 |  |  | 211 |  |  | 2,246 |
Consumer | 4,045 |  |  | (230) |  |  | 360 |  |  | (593) |  |  | 3,582 |
Total consumer loans | 57,932 |  |  | (307) |  |  | 1,029 |  |  | (257) |  |  | 58,397 |
Total loans | $ | 147,513 |  |  | $ | (449) |  |  | $ | 2,237 |  |  | $ | 7,800 |  |  | $ | 157,101 |
(1) Provision & transfer amounts within the table do not include the provision for unfunded commitments of $400,000
Six Months Ended March 31, 2021 | Beginning Allowance |  | Charge-offs |  | Recoveries |  | Provision & Transfers (1) |  | Ending Allowance
| (In thousands)
Commercial loans |  |  |  |  |  |  |  |  |
Multi-family | $ | 13,853 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,923 |  |  | $ | 17,776 |
Commercial real estate | 22,516 |  |  | — |  |  | 2,246 |  |  | 2,060 |  |  | 26,822 |
Commercial & industrial | 38,665 |  |  | (20) |  |  | 61 |  |  | 9,088 |  |  | 47,794 |
Construction | 24,156 |  |  | — |  |  | — |  |  | (1,607) |  |  | 22,549 |
Land - acquisition & development | 10,733 |  |  | — |  |  | 445 |  |  | (675) |  |  | 10,503 |
Total commercial loans | 109,923 |  |  | (20) |  |  | 2,752 |  |  | 12,789 |  |  | 125,444 |
Consumer loans |  |  |  |  |  |  |  |  |
Single-family residential | 45,186 |  |  | (106) |  |  | 1,276 |  |  | (11,248) |  |  | 35,108 |
Construction - custom | 3,555 |  |  | — |  |  | — |  |  | (307) |  |  | 3,248 |
Land - consumer lot loans | 2,729 |  |  | — |  |  | 14 |  |  | 549 |  |  | 3,292 |
HELOC | 2,571 |  |  | — |  |  | — |  |  | (345) |  |  | 2,226 |
Consumer | 2,991 |  |  | (234) |  |  | 516 |  |  | 62 |  |  | 3,335 |
Total consumer loans | 57,032 |  |  | (340) |  |  | 1,806 |  |  | (11,289) |  |  | 47,209 |
Total loans | $ | 166,955 |  |  | $ | (360) |  |  | $ | 4,558 |  |  | $ | 1,500 |  |  | $ | 172,653 |
(1) Provision & transfer amounts within the table do not include the provision for unfunded commitments of $1,500,000
Six Months Ended March 31, 2020 | Beginning Allowance |  | Charge-offs |  | Recoveries |  | Provision & Transfers (1) |  | Ending Allowance
| (In thousands)
Commercial loans |  |  |  |  |  |  |  |  |
Multi-family | $ | 10,404 |  |  | $ | — |  |  | $ | 498 |  |  | $ | 840 |  |  | $ | 11,742 |
Commercial real estate | 13,024 |  |  | (111) |  |  | 1,388 |  |  | 338 |  |  | 14,639 |
Commercial & industrial | 32,235 |  |  | (179) |  |  | 201 |  |  | 6,319 |  |  | 38,576 |
Construction | 22,768 |  |  | — |  |  | 59 |  |  | 521 |  |  | 23,348 |
Land - acquisition & development | 10,904 |  |  | (11) |  |  | 1,586 |  |  | (2,080) |  |  | 10,399 |
Total commercial loans | 89,335 |  |  | (301) |  |  | 3,732 |  |  | 5,938 |  |  | 98,704 |
Consumer loans |  |  |  |  |  |  |  |  |
Single-family residential | 47,771 |  |  | (15) |  |  | 453 |  |  | (1,393) |  |  | 46,816 |
Construction - custom | 2,880 |  |  | — |  |  | — |  |  | 295 |  |  | 3,175 |
Land - consumer lot loans | 2,635 |  |  | (147) |  |  | 486 |  |  | (396) |  |  | 2,578 |
HELOC | 2,048 |  |  | — |  |  | 94 |  |  | 104 |  |  | 2,246 |
Consumer | 4,615 |  |  | (604) |  |  | 669 |  |  | (1,098) |  |  | 3,582 |
Total consumer loans | 59,949 |  |  | (766) |  |  | 1,702 |  |  | (2,488) |  |  | 58,397 |
Total loans | $ | 149,284 |  |  | $ | (1,067) |  |  | $ | 5,434 |  |  | $ | 3,450 |  |  | $ | 157,101 |
(1) Provision & transfer amounts within the table do not include the provision for unfunded commitments of $1,000,000 The Company recorded no provision for credit losses for the three months ended March 31, 2021, compared with a provision for credit losses of $8,200,000 for the three months ended March 31, 2020. The relatively large credit loss provision for the three months ended March 31, 2020 is primarily due to the onset of the global pandemic. The Company recorded a provision for credit losses of $3,000,000 for the six months ended March 31, 2021, compared with a provision for credit losses of $4,450,000 for the six months ended March 31, 2020. Recoveries, net of charge-offs, totaled $2,464,000 for the three months ended March 31, 2021, compared to net recoveries of $1,788,000 during the three months ended March 31, 2020. Recoveries, net of charge-offs, totaled $4,198,000 for the six months ended March 31, 2021, compared to net recoveries of $4,367,000 during the six months ended March 31, 2020. No allowance was recorded as of March 31, 2021 or as of September 30, 2020 for the $695,752,000 and $745,081,000 of PPP loans in the portfolio on each date, respectively, which are included in the commercial & industrial loan category, due to the government guarantee. Non-performing assets were $48,943,000, or 0.25% of total assets, at March 31, 2021, compared to $37,695,000, or 0.20% of total assets, at September 30, 2020. Non-accrual loans were $39,955,000 at March 31, 2021, compared to $29,056,000 at September 30, 2020. Delinquencies, as a percent of total loans, were 0.29% at March 31, 2021, compared to 0.24% at September 30, 2020. The Company has an asset quality review function that analyzes its loan portfolio and reports the results of the review to its Board of Directors on a quarterly basis. The single-family residential, HELOC and consumer portfolios are evaluated based on their performance as a pool of loans, since no single loan is individually significant or judged by its risk rating, size or potential risk of loss. The construction, land, multi-family, commercial real estate and commercial and industrial loans are risk rated on a loan by loan basis to determine the relative risk inherent in specific borrowers or loans. Based on that risk rating, the loans are assigned a grade and classified as described in Note D "Loans Receivable." The following tables provide the amortized cost of loans receivable based on risk rating categories as previously defined.
March 31, 2021 | Internally Assigned Grade |  |
| Pass |  | Special mention |  | Substandard |  | Doubtful |  | Loss |  | Total
| (In thousands, except ratio data)
Loan type |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |
Multi-family | $ | 1,918,072 |  |  | $ | 10,586 |  |  | $ | 58,462 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,987,120 |
Commercial real estate | 1,937,033 |  |  | 62,847 |  |  | 211,185 |  |  | — |  |  | — |  |  | 2,211,065 |
Commercial & industrial | 2,173,851 |  |  | 48,867 |  |  | 229,867 |  |  | — |  |  | — |  |  | 2,452,585 |
Construction | 881,202 |  |  | — |  |  | 43,815 |  |  | — |  |  | — |  |  | 925,017 |
Land - acquisition & development | 132,398 |  |  | 15,573 |  |  | 2,340 |  |  | — |  |  | — |  |  | 150,311 |
Total commercial loans | 7,042,556 |  |  | 137,873 |  |  | 545,669 |  |  | — |  |  | — |  |  | 7,726,098 |
Consumer loans |  |  |  |  |  |  |  |  |  |  |
Single-family residential | 4,773,261 |  |  | 189 |  |  | 29,125 |  |  | — |  |  | — |  |  | 4,802,575 |
Construction - custom | 308,831 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 308,831 |
Land - consumer lot loans | 122,034 |  |  | — |  |  | 177 |  |  | — |  |  | — |  |  | 122,211 |
HELOC | 143,167 |  |  | — |  |  | 1,899 |  |  | — |  |  | — |  |  | 145,066 |
Consumer | 103,274 |  |  | — |  |  | 20 |  |  | — |  |  | — |  |  | 103,294 |
Total consumer loans | 5,450,567 |  |  | 189 |  |  | 31,221 |  |  | — |  |  | — |  |  | 5,481,977 |
Total | $ | 12,493,123 |  |  | $ | 138,062 |  |  | $ | 576,890 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,208,075 |
Total grade as a % of total loans | 94.59 | % |  | 1.05 | % |  | 4.37 | % |  | — | % |  | — | % |  |
September 30, 2020 | Internally Assigned Grade |  |
| Pass |  | Special mention |  | Substandard |  | Doubtful |  | Loss |  | Total Gross Loans
| (In thousands, except ratio data)
Loan type |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |
Multi-family | $ | 1,506,692 |  |  | $ | 13,721 |  |  | $ | 17,827 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,538,240 |
Commercial real estate | 1,681,230 |  |  | 92,184 |  |  | 111,274 |  |  | — |  |  | — |  |  | 1,884,688 |
Commercial & industrial | 1,898,709 |  |  | 64,695 |  |  | 152,109 |  |  | — |  |  | — |  |  | 2,115,513 |
Construction | 1,187,786 |  |  | 61,178 |  |  | 103,450 |  |  | — |  |  | — |  |  | 1,352,414 |
Land - acquisition & development | 137,998 |  |  | 15,573 |  |  | — |  |  | — |  |  | — |  |  | 153,571 |
Total commercial loans | 6,412,415 |  |  | 247,351 |  |  | 384,660 |  |  | — |  |  | — |  |  | 7,044,426 |
Consumer loans |  |  |  |  |  |  |  |  |  |  |
Single-family residential | 5,270,666 |  |  | 192 |  |  | 23,104 |  |  | — |  |  | — |  |  | 5,293,962 |
Construction - custom | 295,953 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 295,953 |
Land - consumer lot loans | 101,151 |  |  | — |  |  | 243 |  |  | — |  |  | — |  |  | 101,394 |
HELOC | 139,646 |  |  | — |  |  | 576 |  |  | — |  |  | — |  |  | 140,222 |
Consumer | 83,304 |  |  | — |  |  | 11 |  |  | — |  |  | — |  |  | 83,315 |
Total consumer loans | 5,890,720 |  |  | 192 |  |  | 23,934 |  |  | — |  |  | — |  |  | 5,914,846 |
Total loans | $ | 12,303,135 |  |  | $ | 247,543 |  |  | $ | 408,594 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,959,272 |
Total grade as a % of total gross loans | 94.94 | % |  | 1.91 | % |  | 3.15 | % |  | — | % |  | — | % |  |
The following tables provide information on amortized cost of loans receivable based on borrower payment activity.
March 31, 2021 | Performing Loans |  | Non-Performing Loans
| Amount |  | % of Total Loans |  | Amount |  | % of Total Loans
| (In thousands, except ratio data)
Commercial loans |  |  |  |  |  |  |
Multi-family | $ | 1,987,120 |  |  | 100.0 | % |  | $ | — |  |  | — | %
Commercial real estate | 2,201,839 |  |  | 99.6 |  |  | 9,226 |  |  | 0.4 |
Commercial & industrial | 2,451,753 |  |  | 100.0 |  |  | 832 |  |  | — |
Construction | 923,594 |  |  | 99.8 |  |  | 1,423 |  |  | 0.2 |
Land - acquisition & development | 147,971 |  |  | 98.4 |  |  | 2,340 |  |  | 1.6 |
Total commercial loans | 7,712,277 |  |  | 99.8 |  |  | 13,821 |  |  | 0.2 |
Consumer loans |  |  |  |  |  |  |
Single-family residential | 4,776,976 |  |  | 99.5 |  |  | 25,599 |  |  | 0.5 |
Construction - custom | 308,831 |  |  | 100.0 |  |  | — |  |  | — |
Land - consumer lot loans | 122,034 |  |  | 99.9 |  |  | 177 |  |  | 0.1 |
HELOC | 144,760 |  |  | 99.8 |  |  | 306 |  |  | 0.2 |
Consumer | 103,242 |  |  | 99.9 |  |  | 52 |  |  | 0.1 |
Total consumer loans | 5,455,843 |  |  | 99.5 |  |  | 26,134 |  |  | 0.5 |
Total loans | $ | 13,168,120 |  |  | 99.7 | % |  | $ | 39,955 |  |  | 0.3 | %
September 30, 2020 | Performing Loans |  | Non-Performing Loans
| Amount |  | % of Total Loans |  | Amount |  | % of Total Loans
| (In thousands, except ratio data)
Commercial loans |  |  |  |  |  |  |
Multi-family | $ | 1,538,240 |  |  | 100.0 | % |  | $ | — |  |  | — | %
Commercial real estate | 1,880,917 |  |  | 99.8 |  |  | 3,771 |  |  | 0.2 |
Commercial & industrial | 2,115,184 |  |  | 100.0 |  |  | 329 |  |  | — |
Construction | 1,350,745 |  |  | 99.9 |  |  | 1,669 |  |  | 0.1 |
Land - acquisition & development | 153,571 |  |  | 100.0 |  |  | — |  |  | — |
Total commercial loans | 7,038,657 |  |  | 99.9 |  |  | 5,769 |  |  | 0.1 |
Consumer loans |  |  |  |  |  |  |
Single-family residential | 5,271,531 |  |  | 99.6 |  |  | 22,431 |  |  | 0.4 |
Construction - custom | 295,953 |  |  | 100.0 |  |  | — |  |  | — |
Land - consumer lot loans | 101,151 |  |  | 99.8 |  |  | 243 |  |  | 0.2 |
HELOC | 139,669 |  |  | 99.6 |  |  | 553 |  |  | 0.4 |
Consumer | 83,255 |  |  | 99.9 |  |  | 60 |  |  | 0.1 |
Total consumer loans | 5,891,559 |  |  | 99.6 |  |  | 23,287 |  |  | 0.4 |
Total loans | $ | 12,930,216 |  |  | 99.8 | % |  | $ | 29,056 |  |  | 0.2 | %

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