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Loans Receivable And Allowance For Loan Losses (Tables)

9 Months Ended

Jun. 30, 2020

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 June 30, 2020 and September 30, 2019 (dollars in thousands):

			June 30, 2020																		September 30, 2019
			Amount						Percent						Amount						Percent
Mortgage loans:
One- to four-family (1)			$	120,514					10.7		%				$	132,661					13.4		%
Multi-family			79,468						7.0						76,036						7.7
Commercial			455,454						40.5						419,117						42.3
Construction - custom and owner/builder			134,709						11.9						128,848						13.0
Construction - speculative one- to four-family			12,136						1.2						16,445						1.7
Construction - commercial			33,166						2.9						39,566						4.0
Construction - multi-family			27,449						2.4						36,263						3.6
Construction - land development			6,132						0.5						2,404						0.2
Land			27,009						2.4						30,770						3.1
Total mortgage loans			896,037						79.5						882,110						89.0
Consumer loans:
Home equity and second mortgage			34,405						3.0						40,190						4.1
Other			3,552						0.3						4,312						0.4
Total consumer loans			37,957						3.3						44,502						4.5
Commercial loans
Commercial business			71,586						6.3						64,764						6.5
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans			122,581						10.9						—						—
Total commercial business and SBA PPP loans			194,167						17.2		%				64,764						6.5		%
Total loans receivable			1,128,161						100.0		%				991,376						100.0		%
Less:
Undisbursed portion of construction  loans in process			95,785												92,226
Deferred loan origination fees, net			6,723												2,798
Allowance for loan losses			12,894												9,690
			115,402												104,714
Loans receivable, net			$	1,012,759											$	886,662
_____________________________
(1) Does not include one- to four-family loans held for sale totaling $9,837 and $6,071 at June 30, 2020 and September 30, 2019, respectively.

Schedule of Allowance for Loan Losses

The following tables set forth information for the three and nine months ended June 30, 2020 and 2019 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands):

			Three Months Ended June 30, 2020
			Beginning Allowance						Provision for (Recapture of) Loan Losses						Charge- offs						Recoveries						Ending Allowance
Mortgage loans:
One- to four-family			$	1,149					$	14					$	—					$	—					$	1,163
Multi-family			595						70						—						—						665
Commercial			5,762						957						—						—						6,719
Construction – custom and owner/builder			697						110						—						—						807
Construction – speculative one- to four-family			204						(40)						—						—						164
Construction – commercial			423						(119)						—						—						304
Construction – multi-family			394						(76)						—						—						318
Construction – land development			80						27						—						—						107
Land			678						(41)						—						5						642
Consumer loans:
Home equity and second mortgage			656						(24)						—						—						632
Other			78						(4)						(1)						—						73
Commercial business loans			1,174						126						—						—						1,300
SBA PPP loans			—						—						—						—						—
Total			$	11,890					$	1,000					$	(1)					$	5					$	12,894

			Nine Months Ended June 30, 2020
			Beginning Allowance						Provision for (Recapture of) Loan Losses						Charge- offs						Recoveries						Ending Allowance
Mortgage loans:
One-to four-family			$	1,167					$	(7)					$	—					$	3					$	1,163
Multi-family			481						184						—						—						665
Commercial			4,154						2,560						—						5						6,719
Construction – custom and owner/builder			755						47						—						5						807
Construction – speculative one- to four-family			212						(48)						—						—						164
Construction – commercial			338						(34)						—						—						304
Construction – multi-family			375						(57)						—						—						318
Construction – land development			67						40						—						—						107
Land			697						(70)						—						15						642
Consumer loans:
Home equity and second mortgage			623						9						—						—						632
Other			99						(17)						(12)						3						73
Commercial business loans			722						593						(15)						—						1,300
SBA PPP loans			—						—						—						—						—
Total			$	9,690					$	3,200					$	(27)					$	31					$	12,894

			Three Months Ended June 30, 2019
			Beginning Allowance						Provision for (Recapture of) Loan Losses						Charge- offs						Recoveries						Ending Allowance
Mortgage loans:
One- to four-family			$	1,154					$	(36)					$	—					$	—					$	1,118
Multi-family			470						(32)						—						—						438
Commercial			4,122						(70)						—						—						4,052
Construction – custom and owner/builder			666						36						—						—						702
Construction – speculative one- to four-family			249						(28)						—						—						221
Construction – commercial			384						—						—						—						384
Construction – multi-family			272						95						—						—						367
Construction – land development			244						(118)						—						—						126
Land			649						48						(46)						5						656
Consumer loans:
Home equity and second mortgage			667						(21)						(1)						—						645
Other			112						(25)						(1)						1						87
Commercial business loans			752						151						(93)						25						835
Total			$	9,741					$	—					$	(141)					$	31					$	9,631

			Nine Months Ended June 30, 2019
			Beginning Allowance						Provision for (Recapture of) Loan Losses						Charge- offs						Recoveries						Ending Allowance
Mortgage loans:
One-to four-family			$	1,086					$	(35)					$	—					$	67					$	1,118
Multi-family			433						5						—						—						438
Commercial			4,248						(346)						—						150						4,052
Construction – custom and owner/builder			671						31						—						—						702
Construction – speculative one- to four-family			178						43						—						—						221
Construction – commercial			563						(179)						—						—						384
Construction – multi-family			135						232						—						—						367
Construction – land development			49						77						—						—						126
Land			844						(155)						(46)						13						656
Consumer loans:
Home equity and second mortgage			649						1						(5)						—						645
Other			117						(29)						(4)						3						87
Commercial business loans			557						355						(102)						25						835
Total			$	9,530					$	—					$	(157)					$	258					$	9,631

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 June 30, 2020 and September 30, 2019 (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
June 30, 2020
Mortgage loans:
One- to four-family			$	—					$	1,163					$	1,163					$	1,410					$	119,104					$	120,514
Multi-family			—						665						665						—						79,468						79,468
Commercial			—						6,719						6,719						3,267						452,187						455,454
Construction – custom and owner/builder			—						807						807						—						73,011						73,011
Construction – speculative one- to four-family			—						164						164						—						7,412						7,412
Construction – commercial			—						304						304						—						19,793						19,793
Construction – multi-family			—						318						318						—						14,430						14,430
Construction – land development			—						107						107						—						3,161						3,161
Land			25						617						642						186						26,823						27,009
Consumer loans:
Home equity and second mortgage			—						632						632						586						33,819						34,405
Other			—						73						73						10						3,542						3,552
Commercial business loans			38						1,262						1,300						432						71,154						71,586
SBA PPP loans			—						—						—						—						122,581						122,581
Total			$	63					$	12,831					$	12,894					$	5,891					$	1,026,485					$	1,032,376
September 30, 2019
Mortgage loans:
One- to four-family			$	—					$	1,167					$	1,167					$	1,192					$	131,469					$	132,661
Multi-family			—						481						481						—						76,036						76,036
Commercial			—						4,154						4,154						3,190						415,927						419,117
Construction – custom and owner/builder			—						755						755						—						75,411						75,411
Construction – speculative one- to four-family			—						212						212						—						10,779						10,779
Construction – commercial			—						338						338						—						24,051						24,051
Construction – multi-family			—						375						375						—						19,256						19,256
Construction – land development			—						67						67						—						1,803						1,803
Land			27						670						697						204						30,566						30,770
Consumer loans:
Home equity and second mortgage			—						623						623						603						39,587						40,190
Other			17						82						99						23						4,289						4,312
Commercial business loans			128						594						722						725						64,039						64,764
Total			$	172					$	9,518					$	9,690					$	5,937					$	893,213					$	899,150

Past Due Status of Loans Receivable

The following tables present an analysis of loans by aging category and portfolio segment at June 30, 2020 and September 30, 2019 (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
June 30, 2020
Mortgage loans:
One- to four-family			$	—					$	—					$	927					$	—					$	927					$	119,587					$	120,514
Multi-family			—						—						—						—						—						79,468						79,468
Commercial			—						537						875						—						1,412						454,042						455,454
Construction – custom and owner/builder			—						—						—						—						—						73,011						73,011
Construction – speculative one- to four- family			—						—						—						—						—						7,412						7,412
Construction – commercial			—						—						—						—						—						19,793						19,793
Construction – multi-family			—						—						—						—						—						14,430						14,430
Construction – land development			—						—						—						—						—						3,161						3,161
Land			—						—						185						—						185						26,824						27,009
Consumer loans:
Home equity and second mortgage			—						—						586						—						586						33,819						34,405
Other			—						—						10						—						10						3,542						3,552
Commercial business loans			—						—						432						—						432						71,154						71,586
SBA PPP loans			—						—						—						—						—						122,581						122,581
Total			$	—					$	537					$	3,015					$	—					$	3,552					$	1,028,824					$	1,032,376
September 30, 2019
Mortgage loans:
One- to four-family			$	—					$	286					$	699					$	—					$	985					$	131,676					$	132,661
Multi-family			—						—						—						—						—						76,036						76,036
Commercial			94						218						779						—						1,091						418,026						419,117
Construction – custom and owner/        builder			—						—						—						—						—						75,411						75,411
Construction – speculative one- to four- family			—						—						—						—						—						10,779						10,779
Construction – commercial			—						—						—						—						—						24,051						24,051
Construction – multi-family			—						—						—						—						—						19,256						19,256
Construction – land development			—						—						—						—						—						1,803						1,803
Land			5						193						204						—						402						30,368						30,770
Consumer loans:
Home equity and second mortgage			94						—						603						—						697						39,493						40,190
Other			—						—						23						—						23						4,289						4,312
Commercial business loans			—						2						725						—						727						64,037						64,764
Total			$	193					$	699					$	3,033					$	—					$	3,925					$	895,225					$	899,150

______________________

(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 June 30, 2020 and September 30, 2019 (dollars in thousands):

			Loan Grades
June 30, 2020			Pass						Watch						Special Mention						Substandard						Total
Mortgage loans:
One- to four-family			$	117,647					$	1,377					$	553					$	937					$	120,514
Multi-family			79,468						—						—						—						79,468
Commercial			445,544						7,936						572						1,402						455,454
Construction – custom and owner/builder			72,208						803						—						—						73,011
Construction – speculative one- to four-family			7,412						—						—						—						7,412
Construction – commercial			19,793						—						—						—						19,793
Construction – multi-family			14,430						—						—						—						14,430
Construction – land development			3,035						—						—						126						3,161
Land			24,713						1,527						584						185						27,009
Consumer loans:
Home equity and second mortgage			33,867						54						—						484						34,405
Other			3,510						32						—						10						3,552
Commercial business loans			70,797						225						76						488						71,586
SBA PPP loans			122,581						—						—						—						122,581
Total			$	1,015,005					$	11,954					$	1,785					$	3,632					$	1,032,376
September 30, 2019
Mortgage loans:
One- to four-family			$	129,748					$	296					$	562					$	2,055					$	132,661
Multi-family			76,036						—						—						—						76,036
Commercial			405,165						11,944						683						1,325						419,117
Construction – custom and owner/builder			75,178						233						—						—						75,411
Construction – speculative one- to four-family			10,779						—						—						—						10,779
Construction – commercial			24,051						—						—						—						24,051
Construction – multi-family			19,256						—						—						—						19,256
Construction – land development			1,659						—						—						144						1,803
Land			28,390						952						1,217						211						30,770
Consumer loans:
Home equity and second mortgage			39,364						41						—						785						40,190
Other			4,257						33						—						22						4,312
Commercial business loans			63,669						232						85						778						64,764
Total			$	877,552					$	13,731					$	2,547					$	5,320					$	899,150

Impaired Loans Receivable

The following table is a summary of information related to impaired loans by portfolio segment as of June 30, 2020 and for the three and nine months then ended (dollars in thousands):

			Recorded Investment						Unpaid Principal Balance (Loan Balance Plus Charge Off)						Related Allowance						Quarter to Date ("QTD") Average Recorded Investment (1)						Year to Date ("YTD") Average Recorded Investment (2)						QTD Interest Income Recognized (1)						YTD Interest Income Recognized (2)						QTD Cash Basis Interest Income Recognized (1)						YTD Cash Basis Interest Income Recognized (2)
With no related allowance recorded:
Mortgage loans:
One- to four-family			$	1,411					$	1,454					$	—					$	1,176					$	1,244					$	15					$	36					$	7					$	25
Commercial			3,267						3,267						—						3,303						3,234						41						92						32						74
Land			53						103						—						55						58						—						—						—						—
Consumer loans:
Home equity and second mortgage			586						586						—						584						588						—						—						—						—
Other			10						10						—						11						5						—						—						—						—
Commercial business loans			184						184						—						164						175						—						—						—						—
Subtotal			5,511						5,604						—						5,293						5,304						56						128						39						99
With an allowance recorded:
Mortgage loans:
One- to four-family			—						—						—						243						121						—						—						—						—
Land			132						132						25						134						137						—						—						—						—
Consumer loans:
Other			—						—						—						—						9						—						—						—						—
Commercial business loans			248						248						38						324						400						—						—						—						—
Subtotal			380						380						63						701						667						—						—						—						—
Total:
Mortgage loans:
One- to four-family			1,411						1,454						—						1,419						1,365						15						36						7						25
Commercial			3,267						3,267						—						3,303						3,234						41						92						32						74
Land			185						235						25						189						195						—						—						—						—
Consumer loans:
Home equity and second mortgage			586						586						—						584						588						—						—						—						—
Other			10						10						—						11						14						—						—						—						—
Commercial business loans			432						432						38						488						575						—						—						—						—
Total			$	5,891					$	5,984					$	63					$	5,994					$	5,971					$	56					$	128					$	39					$	99

______________________________________________

(1)For the three months ended June 30, 2020.

(2)For the nine months ended June 30, 2020.

			Recorded Investment						Unpaid Principal Balance (Loan Balance Plus Charge Off)						Related Allowance						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			$	1,192					$	1,236					$	—					$	1,110					$	71					$	62
Commercial			3,190						3,190						—						2,920						227						192
Land			63						126						—						100						3						3
Consumer loans:
Home equity and second mortgage			603						603						—						459						—						—
Commercial business loans			189						291						—						142						30						30
Subtotal			5,237						5,446						—						4,731						331						287
With an allowance recorded:
Mortgage loans:
Land			141						141						27						246						—						—
Consumer loans:
Other			23						23						17						10						—						—
Commercial business loans			536						536						128						350						30						30
Subtotal			700						700						172						606						30						30
Total
Mortgage loans:
One- to four-family			1,192						1,236						—						1,110						71						62
Commercial			3,190						3,190						—						2,920						227						192
Land			204						267						27						346						3						3
Consumer loans:
Home equity and second mortgage			603						603						—						459						—						—
Other			23						23						17						10						—						—
Commercial business loans			725						827						128						492						60						60
Total			$	5,937					$	6,146					$	172					$	5,337					$	361					$	317

_____________________________________________

(1) For the year ended September 30, 2019.

Schedule Of COVID Loan Modifications

The following table sets forth information with respect to total COVID-19 loan modifications as of June 30, 2020 (dollars in thousands):

COVID-19 Loan Modifications
Mortgage loans						Count						Balance						Percent
One- to four-family						15						$	6,760					5.0		%
Multi-family						3						2,900						2.1
Commercial						114						105,680						77.8
Construction						2						2,924						2.2
Land						7						2,996						2.2
Total mortgage loans						141						121,260						89.3
Consumer loans
Home equity and second mortgage						6						307						0.2
Other						4						75						0.1
Total consumer loans						10						382						0.3
Commercial loans						58						14,191						10.4
Total COVID-19 Modifications						209						$	135,833					100.0		%

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 June 30, 2020 and September 30, 2019 (dollars in thousands):

			June 30, 2020
			Accruing						Non- Accrual						Total
Mortgage loans:
One- to four-family			$	484					$	—					$	484
Commercial			2,392						—						2,392
Land			—						132						132
Consumer loans:
Home equity and second mortgage			—						75						75
Total			$	2,876					$	207					$	3,083

			September 30, 2019
			Accruing						Non- Accrual						Total
Mortgage loans:
One- to four-family			$	493					$	141					$	634
Commercial			2,410						—						2,410
Consumer loans:
Home equity and second mortgage			—						82						82
Commercial business loans			—						143						143
Total			$	2,903					$	366					$	3,269

There was one new TDR during the year ended September 30, 2019. The following table sets forth information with respect to the Company's TDRs, by portfolio segment, during the year ended September 30, 2019 (dollars in thousands):

2019			Number of Contracts						Pre-Modification Outstanding Recorded Investment						Post- Modification Outstanding Recorded Investment						End of Period Balance
Home equity and second mortgage loan (1)			1						$	85					$	85					$	82
Total			1						$	85					$	85					$	82
(1) Modification was a result of a reduction in interest rate and monthly payment.

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Schedule Of COVID Loan Modifications

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Tabular disclosure of allowance for credit loss on financing receivable.

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