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Business Combinations (Tables)
 9 Months Ended
Jun. 30, 2019
Business Combinations [Abstract]  
Schedule of Business Acquisitions
The table below presents the significant operating results of the acquired business since the October 1, 2018 merger date:

 
 
Three Months Ended June 30, 2019
 
Nine Months Ended June 30, 2019
 
 
(Dollars in thousands)
Interest income: Interest and fees on loans (1)
 
$
1,739

 
$
5,345

Interest income: Interest and dividends on investment securities and FHLB stock
 
129

 
515

Interest income: Other interest earning assets
 
205

 
474

Interest expense
 
(200
)
 
(484
)
Provision for loan losses
 
—

 
—

Non-interest income
 
138

 
408

Non-interest expense (2)
 
(1,002
)
 
(2,546
)
       Net effect, pre-tax
 
$
1,009

 
$
3,712

_________________________
(1) Includes the accretion of the fair value discount on the purchased loans of $69,000 and $457,000, respectively, for the three and nine months ended June 30, 2019.
(2) Excludes certain compensation and employee benefits for management, and excludes certain other non-interest expenses that are impracticable to determine due to the integration of the operations for this merger. Also includes certain acquisition-related costs of $328,000 and $447,000, respectively, incurred by the Company for the three and nine months ended June 30, 2019.
As a result, actual amounts would have differed from the unaudited pro forma information presented.
 
Unaudited Pro Forma Nine Months Ended June 30,
 
2019
 
2018
 
(Dollars in thousands except per share data)
Total revenues (net interest income plus non-interest income)
$
48,754

 
$
43,958

Net income
18,038

 
13,824

Basic net income per common share
2.17

 
1.68

Diluted net income per common share
2.13

 
1.64

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 merger 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

          MSRs
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