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Business Combinations (Tables) | 12 Months Ended
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Sep. 30, 2019
Business Combinations [Abstract] |
Schedule of Business Acquisitions | For illustrative purposes only, the following table presents certain unaudited pro forma information for the years ended September 30, 2019 and 2018. This unaudited estimated pro forma information was calculated as if South Sound Bank had been acquired as of the beginning of the fiscal year ended September 30, 2018. The unaudited estimated pro forma information combines the historical results of South Sound Bank with the Company's consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods. The pro forma information is not indicative of what would have occurred had the transaction occurred at the beginning of the fiscal year ended September 30, 2018. The unaudited pro forma information does not consider any changes to the provision for loan losses resulting from recording loans at fair value. Additionally, the Company expects to achieve further operating cost savings and other business synergies, including revenue growth as a result of the acquisition, which are not reflected in the pro forma amounts that follow. As a result, actual amounts would have differed from the unaudited pro forma information presented.
| Pro Forma for the Year Ended September 30,
| 2019 |  | 2018
| (Dollars in thousands, except per share amounts)
Total revenues (net interest income plus non-interest income) | $ | 65,501 |  |  | $ | 59,184 |
Net income | 24,385 |  |  | 18,825 |
Basic net income per common share | 2.93 |  |  | 2.28 |
Diluted net income per common share | 2.88 |  |  | 2.23 |
The following table summarizes the fair value of consideration paid, the estimated fair values of assets acquired and liabilities assumed as of the acquisition date, and the resulting goodwill relating to the transaction:
| At October 1, 2018
| Book Value |  | Fair Value Adjustment |  | Estimated Fair Value
| (Dollars in thousands)
Total acquisition consideration |  |  |  |  | $ | 35,170 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |  |  |
Identifiable assets acquired: |  |  |  |  |
Cash and cash equivalents | $ | 21,187 |  |  | $ | — |  |  | 21,187 |
CDs held for investment | 2,973 |  |  | — |  |  | 2,973 |
FHLB stock | 205 |  |  | — |  |  | 205 |
Investment securities held to maturity | 19,891 |  |  | (189 | ) |  | 19,702 |
Investment securities available for sale | 5,022 |  |  | — |  |  | 5,022 |
Loans receivable | 123,627 |  |  | (2,083 | ) |  | 121,544 |
Premises and equipment | 3,225 |  |  | 112 |  |  | 3,337 |
OREO | 25 |  |  | — |  |  | 25 |
Accrued interest receivable | 554 |  |  | — |  |  | 554 |
BOLI | 2,629 |  |  | — |  |  | 2,629 |
CDI | — |  |  | 2,483 |  |  | 2,483 |
Servicing rights | 285 |  |  | (4 | ) |  | 281 |
Other assets | 1,087 |  |  | (511 | ) |  | 576 |
Total assets | 180,710 |  |  | (192 | ) |  | 180,518 |
Liabilities assumed: |  |  |  |  |
Deposits | 151,378 |  |  | 160 |  |  | 151,538 |
Other liabilities and accrued expenses | 3,291 |  |  | — |  |  | 3,291 |
Total liabilities assumed | 154,669 |  |  | 160 |  |  | 154,829 |
Total identifiable net assets acquired | $ | 26,041 |  |  | $ | (352 | ) |  | 25,689 |
Goodwill recognized |  |  |  |  | $ | 9,481 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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