OREO and Other Repossessed Assets

12 Months Ended

Sep. 30, 2020

Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract]

The following table presents the activity related to OREO and other repossessed assets for the years ended September 30, 2020 and 2019 (dollars in thousands):


	2020			2019
	Amount		Number	Amount		Number
Balance, beginning of year	$	1,683	12	$	1,913	12
Addition due to South Sound Acquisition	—		—	25		1
Other additions				293		2

Writedowns	(173)		—	(24)		—
Sales	(460)		(6)	(524)		(3)
Balance, end of year	$	1,050	6	$	1,683	12

At September 30, 2020, OREO and other repossessed assets consisted of six OREO properties in Washington, with balances ranging from $79,000 to $702,000. At September 30, 2019, OREO and other repossessed assets consisted of 12 OREO properties in Washington, with balances ranging from $13,000 to $874,000. The Company recorded net gains on sales of OREO and other repossessed assets of $35,000, $89,000, and $229,000 for the years ended September 30, 2020, 2019 and 2018, respectively. Gains and losses on sales of OREO and other repossessed assets are recorded in the OREO and other repossessed assets, net category in non-interest expense in the accompanying consolidated statements of income.

At September 30, 2020, there were no foreclosed residential real estate properties held in OREO as a result of obtaining physical possession and there were no one- to four-family properties in the process of foreclosure. At September 30, 2019, there were no foreclosed residential real estate properties held in OREO as a result of obtaining physical possession and the amount of one- to four-family properties in the process of foreclosure totaled $150,000.