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Loans Receivable And Allowance For Loan Losses (Tables)

3 Months Ended

Dec. 31, 2018

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Schedule of Loans receivable and Loans held for sale

Loans receivable by portfolio segment consisted of the following at December 31, 2018 and September 30, 2018 (dollars in thousands):

	December 31, 2018							September 30, 2018
	Amount				Percent			Amount				Percent
Mortgage loans:
One- to four-family (1)	$	130,219			13.4	%		$	115,941			14.1	%
Multi-family	72,076				7.4			61,928				7.5
Commercial	426,144				43.9			345,113				42.0
Construction - custom and owner/builder	119,214				12.3			119,555				14.6
Construction - speculative one- to four-family	17,934				1.9			15,433				1.9
Construction - commercial	42,416				4.4			39,590				4.8
Construction - multi-family	25,645				2.6			10,740				1.3
Construction - land development	10,578				1.1			3,040				0.4
Land	22,734				2.3			25,546				3.1
Total mortgage loans	866,960				89.3			736,886				89.8
Consumer loans:
Home equity and second mortgage	40,468				4.2			37,341				4.5
Other	4,443				0.5			3,515				0.5
Total consumer loans	44,911				4.7			40,856				5.0
Commercial business loans	58,202				6.0			43,053				5.2
Total loans receivable	970,073				100.0	%		820,795				100.0	%
Less:
Undisbursed portion of construction  loans in process	100,595							83,237
Deferred loan origination fees, net	2,875							2,637
Allowance for loan losses	9,533							9,530
	113,003							95,404
Loans receivable, net	$	857,070						$	725,391
_____________________________
(1) Does not include one- to four-family loans held for sale totaling $2,988 and $1,785 at December 31, 2018 and September 30, 2018, respectively.

Schedule of Allowance for Loan Losses

The following tables set forth information for the three months ended December 31, 2018 and 2017 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands):

	Three Months Ended December 31, 2018
	Beginning Allowance				Provision for (Recapture of) Loan Losses				Charge- offs				Recoveries				Ending Allowance
Mortgage loans:
One- to four-family	$	1,086			$	73			$	—			$	—			$	1,159
Multi-family	433				16				—				—				449
Commercial	4,248				(9		)		—				—				4,239
Construction – custom and owner/builder	671				(28		)		—				—				643
Construction – speculative one- to four-family	178				28				—				—				206
Construction – commercial	563				(177		)		—				—				386
Construction – multi-family	135				74				—				—				209
Construction – land development	49				94				—				—				143
Land	844				(91		)		—				4				757
Consumer loans:
Home equity and second mortgage	649				17				—				—				666
Other	117				(15		)		(2		)		1				101
Commercial business loans	557				18				—				—				575
Total	$	9,530			$	—			$	(2	)		$	5			$	9,533

	Three Months Ended December 31, 2017
	Beginning Allowance				Provision for (Recapture of) Loan Losses				Charge- offs				Recoveries				Ending Allowance
Mortgage loans:
One- to four-family	$	1,082			$	43			$	—			$	—			$	1,125
Multi-family	447				(17		)		—				—				430
Commercial	4,184				(91		)		—				—				4,093
Construction – custom and owner/builder	699				89				—				—				788
Construction – speculative one- to four-family	128				(61		)		—				8				75
Construction – commercial	303				93				—				—				396
Construction – multi-family	173				55				—				—				228
Land	918				(142		)		—				4				780
Consumer loans:
Home equity and second mortgage	983				(25		)		—				—				958
Other	121				8				(1		)		1				129
Commercial business loans	515				48				—				—				563
Total	$	9,553			$	—			$	(1	)		$	13			$	9,565

Schedule of loans evaluated individually for impairment and collectively evaluated for impairment in the allowance for loan losses

The following tables present information on the loans evaluated individually and collectively for impairment in the allowance for loan losses by portfolio segment at December 31, 2018 and September 30, 2018 (dollars in thousands):

	Allowance for Loan Losses												Recorded Investment in Loans
	Individually Evaluated for Impairment				Collectively Evaluated for Impairment				Total				Individually Evaluated for Impairment				Collectively Evaluated for Impairment				Total
December 31, 2018
Mortgage loans:
One- to four-family	$	—			$	1,159			$	1,159			$	1,014			$	129,205			$	130,219
Multi-family	—				449				449				—				72,076				72,076
Commercial	—				4,239				4,239				2,436				423,708				426,144
Construction – custom and owner/builder	—				643				643				—				64,313				64,313
Construction – speculative one- to four-family	—				206				206				—				9,221				9,221
Construction – commercial	—				386				386				—				25,883				25,883
Construction –  multi-family	—				209				209				—				9,333				9,333
Construction – land development	—				143				143				—				6,442				6,442
Land	79				678				757				396				22,338				22,734
Consumer loans:
Home equity and second mortgage	—				666				666				386				40,082				40,468
Other	—				101				101				—				4,443				4,443
Commercial business loans	58				517				575				299				57,903				58,202
Total	$	137			$	9,396			$	9,533			$	4,531			$	864,947			$	869,478
September 30, 2018
Mortgage loans:
One- to four-family	$	—			$	1,086			$	1,086			$	1,054			$	114,887			$	115,941
Multi-family	—				433				433				—				61,928				61,928
Commercial	—				4,248				4,248				2,446				342,667				345,113
Construction – custom and owner/builder	—				671				671				—				67,024				67,024
Construction – speculative one- to four-family	—				178				178				—				7,107				7,107
Construction – commercial	—				563				563				—				23,440				23,440
Construction – multi-family	—				135				135				—				5,983				5,983
Construction – land development	—				49				49				—				1,567				1,567
Land	34				810				844				243				25,303				25,546
Consumer loans:
Home equity and second mortgage	—				649				649				359				36,982				37,341
Other	—				117				117				—				3,515				3,515
Commercial business loans	63				494				557				170				42,883				43,053
Total	$	97			$	9,433			$	9,530			$	4,272			$	733,286			$	737,558

Past Due Status of Loans Receivable

The following tables present an analysis of loans by aging category and portfolio segment at December 31, 2018 and September 30, 2018 (dollars in thousands):

	30–59 Days Past Due				60-89 Days Past Due				Non- Accrual (1)				Past Due 90 Days or More and Still Accruing				Total Past Due				Current				Total Loans
December 31, 2018
Mortgage loans:
One- to four-family	$	—			$	—			$	509			$	—			$	509			$	129,710			$	130,219
Multi-family	—				—				—				—				—				72,076				72,076
Commercial	317				776				—				—				1,093				425,051				426,144
Construction – custom and owner/builder	—				—				—				—				—				64,313				64,313
Construction – speculative one- to four- family	—				—				—				—				—				9,221				9,221
Construction – commercial	—				—				—				—				—				25,883				25,883
Construction – multi-family	—				—				—				—				—				9,333				9,333
Construction – land development	228				—				—				—				228				6,214				6,442
Land	—				108				396				—				504				22,230				22,734
Consumer loans:
Home equity and second mortgage	—				37				386				—				423				40,045				40,468
Other	10				16				—				—				26				4,417				4,443
Commercial business loans	174				—				299				—				473				57,729				58,202
Total	$	729			$	937			$	1,590			$	—			$	3,256			$	866,222			$	869,478
September 30, 2018
Mortgage loans:
One- to four-family	$	557			$	—			$	545			$	—			$	1,102			$	114,839			$	115,941
Multi-family	—				—				—				—				—				61,928				61,928
Commercial	574				—				—				—				574				344,539				345,113
Construction – custom and owner/        builder	—				—				—				—				—				67,024				67,024
Construction – speculative one- to four- family	—				—				—				—				—				7,107				7,107
Construction – commercial	—				—				—				—				—				23,440				23,440
Construction – multi-family	—				—				—				—				—				5,983				5,983
Construction – land development	—				—				—				—				—				1,567				1,567
Land	40				—				243				—				283				25,263				25,546
Consumer loans:
Home equity and second mortgage	42				—				359				—				401				36,940				37,341
Other	10				16				—				—				26				3,489				3,515
Commercial business loans	—				—				170				—				170				42,883				43,053
Total	$	1,223			$	16			$	1,317			$	—			$	2,556			$	735,002			$	737,558

______________________

(1) Includes non-accrual loans past due 90 days or more and other loans classified as non-accrual.

Financing Receivable Credit Quality Indicators

The following tables present an analysis of loans by credit quality indicator and portfolio segment at December 31, 2018 and September 30, 2018 (dollars in thousands):

	Loan Grades
December 31, 2018	Pass				Watch				Special Mention				Substandard				Total
Mortgage loans:
One- to four-family	$	127,116			$	707			$	574			$	1,822			$	130,219
Multi-family	72,076				—				—				—				72,076
Commercial	416,329				8,332				649				834				426,144
Construction – custom and owner/builder	64,094				219				—				—				64,313
Construction – speculative one- to four-family	9,221				—				—				—				9,221
Construction – commercial	25,883				—				—				—				25,883
Construction – multi-family	9,333				—				—				—				9,333
Construction – land development	6,442				—				—				—				6,442
Land	20,116				979				1,243				396				22,734
Consumer loans:
Home equity and second mortgage	39,802				82				—				584				40,468
Other	4,409				34				—				—				4,443
Commercial business loans	57,735				119				49				299				58,202
Total	$	852,556			$	10,472			$	2,515			$	3,935			$	869,478
September 30, 2018
Mortgage loans:
One- to four-family	$	113,148			$	882			$	581			$	1,330			$	115,941
Multi-family	61,928				—				—				—				61,928
Commercial	334,908				8,375				988				842				345,113
Construction – custom and owner/builder	66,720				304				—				—				67,024
Construction – speculative one- to four-family	7,107				—				—				—				7,107
Construction – commercial	23,440				—				—				—				23,440
Construction – multi-family	5,983				—				—				—				5,983
Construction – land development	1,567				—				—				—				1,567
Land	22,810				988				1,505				243				25,546
Consumer loans:
Home equity and second mortgage	36,697				82				—				562				37,341
Other	3,480				—				—				35				3,515
Commercial business loans	42,812				22				49				170				43,053
Total	$	720,600			$	10,653			$	3,123			$	3,182			$	737,558

Impaired Loans Receivable

The following table is a summary of information related to impaired loans by portfolio segment as of December 31, 2018 and for the three months then ended (dollars in thousands):

	Recorded Investment				Unpaid Principal Balance (Loan Balance Plus Charge Off)				Related Allowance				Year to Date ("YTD") Average Recorded Investment (1)				YTD Interest Income Recognized (1)				YTD Cash Basis Interest Income Recognized (1)
With no related allowance recorded:
Mortgage loans:
One- to four-family	$	1,014			$	1,161			$	—			$	1,034			$	18			$	16
Commercial	2,436				2,436				—				2,441				40				31
Land	—				78				—				45				—				—
Consumer loans:
Home equity and second mortgage	386				386				—				373				—				—
Commercial business loans	114				114				—				57				—				—
Subtotal	3,950				4,175				—				3,950				58				47
With an allowance recorded:
Mortgage loans:
Land	396				396				79				198				—				—
Consumer loans:
Home equity and second mortgage	—				—				—				77				—				—
Commercial business loans	185				185				58				178				—				—
Subtotal	581				581				137				453				—				—
Total:
Mortgage loans:
One- to four-family	1,014				1,161				—				1,034				18				16
Commercial	2,436				2,436				—				2,441				40				31
Land	396				474				79				243				—				—
Consumer loans:
Home equity and second mortgage	386				386				—				450				—				—
Commercial business loans	299				299				58				235				—				—
Total	$	4,531			$	4,756			$	137			$	4,403			$	58			$	47

______________________________________________

(1) For the three months ended December 31, 2018.

The following table is a summary of information related to impaired loans by portfolio segment as of and for the year ended September 30, 2018 (dollars in thousands):

	Recorded Investment				Unpaid Principal Balance (Loan Balance Plus Charge Off)				Related Allowance				Average Recorded Investment (1)				Interest Income Recognized (1)				Cash Basis Interest Income Recognized (1)
With no related allowance recorded:
Mortgage loans:
One- to four-family	$	1,054			$	1,200			$	—			$	1,422			$	80			$	69
Commercial	2,446				2,446				—				2,389				121				93
Land	90				195				—				283				11				10
Consumer loans:
Home equity and second mortgage	359				359				—				210				3				3
Subtotal	3,949				4,200				—				4,304				215				175
With an allowance recorded:
Mortgage loans:
One- to four-family	—				—				—				9				—				—
Commercial	—				—				—				760				28				21
Land	153				153				34				383				9				8
Consumer loans:
Home equity and second mortgage	—				—				—				310				16				13
Commercial business loans	170				170				63				141				—				—
Subtotal	323				323				97				1,603				53				42
Total:
Mortgage loans:
One- to four-family	1,054				1,200				—				1,431				80				69
Commercial	2,446				2,446				—				3,149				149				114
Land	243				348				34				666				20				18
Consumer loans:
Home equity and second mortgage	359				359				—				520				19				16
Commercial business loans	170				170				63				141				—				—
Total	$	4,272			$	4,523			$	97			$	5,907			$	268			$	217

______________________________________________

(1) For the year ended September 30, 2018.

Schedule of Troubled Debt Restructured Loans by Interest Accrual Status

The following tables set forth information with respect to the Company’s TDRs by interest accrual status as of December 31, 2018 and September 30, 2018 (dollars in thousands):

	December 31, 2018
	Accruing				Non- Accrual				Total
Mortgage loans:
One- to four-family	$	505			$	146			$	651
Commercial	2,436				—				2,436
Commercial business loans	—				162				162
Total	$	2,941			$	308			$	3,249

	September 30, 2018
	Accruing				Non- Accrual				Total
Mortgage loans:
One- to four-family	$	509			$	—			$	509
Commercial	2,446				—				2,446
Land	—				153				153
Commercial business loans	—				170				170
Total	$	2,955			$	323			$	3,278

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