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Loans Receivable And Allowance For Loan Losses (Tables)

6 Months Ended

Mar. 31, 2021

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 March 31, 2021 and September 30, 2020 (dollars in thousands):

			March 31, 2021												September 30, 2020
			Amount						Percent						Amount						Percent
Mortgage loans:
One- to four-family (1)			$	117,184					10.3		%				$	118,580					10.5		%
Multi-family			92,435						8.1						85,053						7.5
Commercial			461,966						40.5						453,574						40.0
Construction - custom and owner/builder			105,305						9.2						129,572						11.4
Construction - speculative one- to four-family			17,289						1.5						14,592						1.3
Construction - commercial			42,340						3.7						33,144						2.9
Construction - multi-family			44,266						3.9						34,476						3.0
Construction - land development			2,238						0.2						7,712						0.7
Land			19,041						1.7						25,571						2.3
Total mortgage loans			902,064						79.1						902,274						79.6
Consumer loans:
Home equity and second mortgage			32,026						2.8						32,077						2.8
Other			2,756						0.2						3,572						0.3
Total consumer loans			34,782						3.0						35,649						3.1
Commercial loans:
Commercial business			66,645						5.8						69,540						6.1
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans			138,175						12.1						126,820						11.2
Total commercial loans			204,820						17.9		%				196,360						17.3
Total loans receivable			1,141,666						100.0		%				1,134,283						100.0		%
Less:
Undisbursed portion of construction  loans in process			90,550												100,558
Deferred loan origination fees, net			6,999												6,436
Allowance for loan losses			13,434												13,414
Subtotal			110,983												120,408
Loans receivable, net			$	1,030,683											$	1,013,875
_____________________________
(1) Does not include one- to four-family loans held for sale totaling $8,455 and $4,509 at March 31, 2021 and September 30, 2020, respectively.

Schedule of Allowance for Loan Losses

The following tables set forth information for the three and six months ended March 31, 2021 and 2020 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands):

			Three Months Ended March 31, 2021
			Beginning Allowance						Provision for (Recapture of) Loan Losses						Charge- offs						Recoveries						Ending Allowance
Mortgage loans:
One- to four-family			$	1,135					$	16					$	—					$	—					$	1,151
Multi-family			757						27						—						—						784
Commercial			7,136						102						—						—						7,238
Construction – custom and owner/builder			770						(75)						—						—						695
Construction – speculative one- to four-family			182						(34)						—						—						148
Construction – commercial			558						156						—						—						714
Construction – multi-family			186						137						—						—						323
Construction – land development			123						(104)						—						—						19
Land			474						(72)						—						5						407
Consumer loans:
Home equity and second mortgage			605						(53)						—						—						552
Other			57						—						(1)						—						56
Commercial business loans			1,449						(100)						(2)						—						1,347
SBA PPP loans			—						—						—						—						—
Total			$	13,432					$	—					$	(3)					$	5					$	13,434

			Six Months Ended March 31, 2021
			Beginning Allowance						Provision for (Recapture of) Loan Losses						Charge- offs						Recoveries						Ending Allowance
Mortgage loans:
One-to four-family			$	1,163					$	(12)					$	—					$	—					$	1,151
Multi-family			718						66						—						—						784
Commercial			7,144						94						—						—						7,238
Construction – custom and owner/builder			832						(137)						—						—						695
Construction – speculative one- to four-family			158						(10)						—						—						148
Construction – commercial			420						294						—						—						714
Construction – multi-family			238						85						—						—						323
Construction – land development			133						(114)						—						—						19
Land			572						(175)						—						10						407
Consumer loans:
Home equity and second mortgage			593						(41)						—						—						552
Other			71						(18)						(1)						4						56
Commercial business loans			1,372						(32)						(2)						9						1,347
SBA PPP loans			—						—						—						—						—
Total			$	13,414					$	—					$	(3)					$	23					$	13,434

			Three Months Ended March 31, 2020
			Beginning Allowance						Provision for (Recapture of) Loan Losses						Charge- offs						Recoveries						Ending Allowance
Mortgage loans:
One- to four-family			$	1,065					$	83					$	—					$	1					$	1,149
Multi-family			499						96						—						—						595
Commercial			4,410						1,351						—						1						5,762
Construction – custom and owner/builder			754						(57)						—						—						697
Construction – speculative one- to four-family			248						(44)						—						—						204
Construction – commercial			403						20						—						—						423
Construction – multi-family			333						61						—						—						394
Construction – land development			48						32						—						—						80
Land			654						19						—						5						678
Consumer loans:
Home equity and second mortgage			609						47						—						—						656
Other			87						(10)						(1)						2						78
Commercial business loans			772						402						—						—						1,174
Total			$	9,882					$	2,000					$	(1)					$	9					$	11,890

			Six Months Ended March 31, 2020
			Beginning Allowance						Provision for (Recapture of) Loan Losses						Charge- offs						Recoveries						Ending Allowance
Mortgage loans:
One-to four-family			$	1,167					$	(21)					$	—					$	3					$	1,149
Multi-family			481						114						—						—						595
Commercial			4,154						1,603						—						5						5,762
Construction – custom and owner/builder			755						(63)						—						5						697
Construction – speculative one- to four-family			212						(8)						—						—						204
Construction – commercial			338						85						—						—						423
Construction – multi-family			375						19						—						—						394
Construction – land development			67						13						—						—						80
Land			697						(29)						—						10						678
Consumer loans:
Home equity and second mortgage			623						33						—						—						656
Other			99						(13)						(11)						3						78
Commercial business loans			722						467						(15)						—						1,174
Total			$	9,690					$	2,200					$	(26)					$	26					$	11,890

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 March 31, 2021 and September 30, 2020 (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
March 31, 2021
Mortgage loans:
One- to four-family			$	—					$	1,151					$	1,151					$	896					$	116,288					$	117,184
Multi-family			—						784						784						—						92,435						92,435
Commercial			—						7,238						7,238						3,028						458,938						461,966
Construction – custom and owner/builder			—						695						695						—						62,973						62,973
Construction – speculative one- to four-family			—						148						148						—						7,336						7,336
Construction – commercial			—						714						714						—						34,217						34,217
Construction – multi-family			—						323						323						—						15,739						15,739
Construction – land development			—						19						19						—						623						623
Land			—						407						407						173						18,868						19,041
Consumer loans:
Home equity and second mortgage			—						552						552						537						31,489						32,026
Other			—						56						56						8						2,748						2,756
Commercial business loans			73						1,274						1,347						527						66,118						66,645
SBA PPP loans			—						—						—						—						138,175						138,175
Total			$	73					$	13,361					$	13,434					$	5,169					$	1,045,947					$	1,051,116
September 30, 2020
Mortgage loans:
One- to four-family			$	3					$	1,160					$	1,163					$	1,143					$	117,437					$	118,580
Multi-family			—						718						718						—						85,053						85,053
Commercial			—						7,144						7,144						3,242						450,332						453,574
Construction – custom and owner/builder			—						832						832						—						75,332						75,332
Construction – speculative one- to four-family			—						158						158						—						7,108						7,108
Construction – commercial			—						420						420						—						20,927						20,927
Construction – multi-family			—						238						238						—						10,832						10,832
Construction – land development			—						133						133						—						4,739						4,739
Land			—						572						572						394						25,177						25,571
Consumer loans:
Home equity and second mortgage			—						593						593						555						31,522						32,077
Other			—						71						71						9						3,563						3,572
Commercial business loans			38						1,334						1,372						430						69,110						69,540
SBA PPP loans			—						—						—						—						126,820						126,820
Total			$	41					$	13,373					$	13,414					$	5,773					$	1,027,952					$	1,033,725

Past Due Status of Loans Receivable

The following tables present an analysis of loans by aging category and portfolio segment at March 31, 2021 and September 30, 2020 (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
March 31, 2021
Mortgage loans:
One- to four-family			$	—					$	—					$	415					$	—					$	415					$	116,769					$	117,184
Multi-family			—						—						—						—						—						92,435						92,435
Commercial			514						—						643						—						1,157						460,809						461,966
Construction – custom and owner/builder			808						—						—						—						808						62,165						62,973
Construction – speculative one- to four-family			—						—						—						—						—						7,336						7,336
Construction – commercial			—						—						—						—						—						34,217						34,217
Construction – multi-family			—						—						—						—						—						15,739						15,739
Construction – land development			—						—						—						—						—						623						623
Land			217						—						173						—						390						18,651						19,041
Consumer loans:
Home equity and second mortgage			—						73						539						—						612						31,414						32,026
Other			11						—						8						—						19						2,737						2,756
Commercial business loans			—						—						527						—						527						66,118						66,645
SBA PPP loans			—						—						—						—						—						138,175						138,175
Total			$	1,550					$	73					$	2,305					$	—					$	3,928					$	1,047,188					$	1,051,116
September 30, 2020
Mortgage loans:
One- to four-family			$	—					$	68					$	659					$	—					$	727					$	117,853					$	118,580
Multi-family			—						—						—						—						—						85,053						85,053
Commercial			—						519						858						—						1,377						452,197						453,574
Construction – custom and owner/builder			—						—						—						—						—						75,332						75,332
Construction – speculative one- to four-family			—						—						—						—						—						7,108						7,108
Construction – commercial			—						—						—						—						—						20,927						20,927
Construction – multi-family			—						—						—						—						—						10,832						10,832
Construction – land development			—						38						—						—						38						4,701						4,739
Land			—						144						394						—						538						25,033						25,571
Consumer loans:
Home equity and second mortgage			—						22						555						—						577						31,500						32,077
Other			3						—						9						—						12						3,560						3,572
Commercial business loans			49												430												479						69,061						69,540
SBA PPP loans			—						—						—						—						—						126,820						126,820
Total			$	52					$	791					$	2,905					$	—					$	3,748					$	1,029,977					$	1,033,725

______________________

(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 March 31, 2021 and September 30, 2020 (dollars in thousands):

			Loan Grades
March 31, 2021			Pass						Watch						Special Mention						Substandard						Total
Mortgage loans:
One- to four-family			$	115,603					$	615					$	544					$	422					$	117,184
Multi-family			92,435						—						—						—						92,435
Commercial			439,977						13,290						7,600						1,099						461,966
Construction – custom and owner/builder			62,165						808						—						—						62,973
Construction – speculative one- to four-family			7,336						—						—						—						7,336
Construction – commercial			32,700						—						1,517						—						34,217
Construction – multi-family			15,739						—						—						—						15,739
Construction – land development			583						—						—						40						623
Land			17,727						575						566						173						19,041
Consumer loans:
Home equity and second mortgage			31,331						36						—						659						32,026
Other			2,717						31						—						8						2,756
Commercial business loans			66,030						—						45						570						66,645
SBA PPP loans			138,175						—						—						—						138,175
Total			$	1,022,518					$	15,355					$	10,272					$	2,971					$	1,051,116
September 30, 2020
Mortgage loans:
One- to four-family			$	115,992					$	1,369					$	551					$	668					$	118,580
Multi-family			85,053						—						—						—						85,053
Commercial			441,037						7,712						3,447						1,378						453,574
Construction – custom and owner/builder			74,529						803						—						—						75,332
Construction – speculative one- to four-family			7,108						—						—						—						7,108
Construction – commercial			19,525						—						1,402						—						20,927
Construction – multi-family			10,832						—						—						—						10,832
Construction – land development			4,701						—						—						38						4,739
Land			23,290						1,518						370						393						25,571
Consumer loans:
Home equity and second mortgage			31,344						53						—						680						32,077
Other			3,531						32						—						9						3,572
Commercial business loans			68,904						59						94						483						69,540
SBA PPP loans			126,820						—						—						—						126,820
Total			$	1,012,666					$	11,546					$	5,864					$	3,649					$	1,033,725

Impaired Loans Receivable

The following table is a summary of information related to impaired loans by portfolio segment as of March 31, 2021 and for the three and six 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			$	895					$	938					$	—					$	899					$	819					$	19					$	41					$	16					$	36
Commercial			3,028						3,028						—						3,028						3,099						40						80						33						63
Land			173						208						—						289						324						1						1						1						1
Consumer loans:
Home equity and second mortgage			538						538						—						573						567						1						1						1						1
Other			8						8						—						9						9						—						—						—						—
Commercial business loans			233						236						—						218						206						—						—						—						—
Subtotal			4,875						4,956						—						5,016						5,024						61						123						51						101
With an allowance recorded:
Mortgage loans:
One- to four-family			—						—						—						—						161						—						—						—						—
Commercial business loans			294						294						73						295						279						—						—						—						—
Subtotal			294						294						73						295						440						—						—						—						—
Total:
Mortgage loans:
One- to four-family			895						938						—						899						980						19						41						16						36
Commercial			3,028						3,028						—						3,028						3,099						40						80						33						63
Land			173						208						—						289						324						1						1						1						1
Consumer loans:
Home equity and second mortgage			538						538						—						573						567						1						1						1						1
Other			8						8						—						9						9						—						—						—						—
Commercial business loans			527						530						73						513						485						—						—						—						—
Total			$	5,169					$	5,250					$	73					$	5,311					$	5,464					$	61					$	123					$	51					$	101

______________________________________________

(1)For the three months ended March 31, 2021.

(2)For the six months ended March 31, 2021.

			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			$	659					$	703					$	—					$	1,127					$	44					$	34
Commercial			3,242						3,242						—						3,236						133						107
Land			394						438						—						125						—						—
Consumer loans:
Home equity and second mortgage			555						555						—						581						—						—
Other			9						9						—						6						—						—
Commercial business loans			182						182						—						176						—						—
Subtotal			5,041						5,129						—						5,251						177						141
With an allowance recorded:
Mortgage loans:
One- to four-family			484						484						3						194						16						8
Land			—						—						—						110						—						—
Consumer loans:
Other			—						—						—						7						—						—
Commercial business loans			248						248						38						370						—						—
Subtotal			732						732						41						681						16						8
Total
Mortgage loans:
One- to four-family			1,143						1,187						3						1,321						60						42
Commercial			3,242						3,242						—						3,236						133						107
Land			394						438						—						235						—						—
Consumer loans:
Home equity and second mortgage			555						555						—						581						—						—
Other			9						9						—						13						—						—
Commercial business loans			430						430						38						546						—						—
Total			$	5,773					$	5,861					$	41					$	5,932					$	193					$	149

_____________________________________________

(1) For the year ended September 30, 2020.

Schedule Of COVID Loan Modifications

The following tables set forth information with respect to total COVID-19 loan modifications, on deferral status, as of March 31, 2021 and September 30, 2020 (dollars in thousands):

COVID-19 Loan Modifications						March 31, 2021
Mortgage loans						Count						Balance						Percent
Commercial						4						$	11,174					86.7		%
Construction						1						1,517						11.8
Total mortgage loans						5						12,691						98.5
Consumer loans
Home equity and second mortgage						1						18						0.1
Total consumer loans						1						18						0.1
Commercial loans						2						175						1.4
Total COVID-19 Modifications						8						$	12,884					100.0		%

COVID-19 Loan Modifications						September 30, 2020
Mortgage loans						Number						Balance						Percent
One- to four-family						1						$	467					8.0		%
Commercial						2						3,951						67.2
Construction						1						1,402						23.9
Total mortgage loans						4						5,820						99.1
Consumer loans
Home equity and second mortgage						1						50						0.9
Total consumer loans						1						50						0.9
Total COVID-19 Modifications						5						$	5,870					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 March 31, 2021 and September 30, 2020 (dollars in thousands):

			March 31, 2021
			Accruing						Non- Accrual						Total
Mortgage loans:
One- to four-family			$	479					$	—					$	479
Commercial			2,385						—						2,385
Land			—						124						124
Consumer loans:
Home equity and second mortgage			—						68						68
Total			$	2,864					$	192					$	3,056

			September 30, 2020
			Accruing						Non- Accrual						Total
Mortgage loans:
One- to four-family			$	483					$	—					$	483
Commercial			2,385						—						2,385
Land			—						130						130
Consumer loans:
Home equity and second mortgage			—						73						73
Total			$	2,868					$	203					$	3,071

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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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Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

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- Definition

Tabular disclosure of impaired financing receivables.

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Tabular disclosure of aging analysis for financing receivable.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
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Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

+ References

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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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