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FORECLOSURED REAL ESTATE AND REPOSSESSED ASSETS | 6 Months Ended
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Mar. 31, 2021
Real Estate [Abstract] |
FORECLOSURED REAL ESTATE AND REPOSSESSED ASSETS | FORECLOSED REAL ESTATE AND REPOSSESSED ASSETS The following table provides an analysis of changes in foreclosed real estate and repossessed assets:
| Six Months Ended March 31,
(Dollars in Thousands) | 2021 |  | 2020
Balance, beginning of period | $ | 9,957 |  |  | $ | 29,494 |
Additions | 9 |  |  | 5,983 |
Reductions: |  |  |
Write-downs | 466 |  |  | 104 |
Sales | 8,021 |  |  | 23,085 |
(Gain) loss on sale | (4) |  |  | 5,039 |
Total reductions | 8,483 |  |  | 28,228 |
Balance, ending of period | $ | 1,483 |  |  | $ | 7,249 |
At March 31, 2021 and September 30, 2020, the Company had established a valuation allowance of $1.0 million and $0.5 million for repossessed assets, respectively. As of March 31, 2021 and September 30, 2020, the Company had no loans or leases in the process of foreclosure. During the fiscal year ended September 30, 2020, the Company sold $28.1 million of other real estate owned ("OREO"), which consisted of assets related to a Community Bank agriculture real estate customer. The sale consisted of 30-plus parcels of land and the Company recognized a $5.0 million loss that was included in the "Gain (loss) on sale of other" line on the Condensed Consolidated Statements of Operations. The Company also recognized $1.1 million in deferred rental income and $0.2 million in OREO expenses related to these foreclosed properties.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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