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Loans Receivable And Allowance For Loan Losses (Tables)

3 Months Ended

Dec. 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 December 31, 2021 and September 30, 2021 (dollars in thousands):

			December 31, 2021												September 30, 2021
			Amount						Percent						Amount						Percent
Mortgage loans:
One- to four-family (1)			$	129,151					11.6		%				$	119,935					11.1		%
Multi-family			84,180						7.5						87,563						8.1
Commercial			497,361						44.5						470,650						43.5
Construction - custom and owner/builder			116,267						10.4						109,152						10.1
Construction - speculative one- to four-family			18,255						1.6						17,813						1.6
Construction - commercial			42,611						3.8						43,365						4.0
Construction - multi-family			54,710						4.9						52,071						4.8
Construction - land development			13,680						1.2						10,804						1.0
Land			18,568						1.7						19,936						1.8
Total mortgage loans			974,783						87.2						931,289						86.0
Consumer loans:
Home equity and second mortgage			34,375						3.1						32,988						3.1
Other			2,462						0.2						2,512						0.2
Total consumer loans			36,837						3.3						35,500						3.3
Commercial loans:
Commercial business			85,006						7.6						74,579						6.9
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans			21,397						1.9						40,922						3.8
Total commercial loans			106,403						9.5		%				115,501						10.7
Total loans receivable			1,118,023						100.0		%				1,082,290						100.0		%
Less:
Undisbursed portion of construction loans in process			106,009												95,224
Deferred loan origination fees, net			4,539												5,143
Allowance for loan losses			13,468												13,469
Subtotal			124,016												113,836
Loans receivable, net			$	994,007											$	968,454
_____________________________
(1) Does not include one- to four-family loans held for sale totaling $3,700 and $3,217 at December 31, 2021 and September 30, 2021, respectively.

Schedule of Allowance for Loan Losses

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

			Three Months Ended December 31, 2021
			Beginning Allowance						Provision for (Recapture of) Loan Losses						Charge- offs						Recoveries						Ending Allowance
Mortgage loans:
One- to four-family			$	1,154					$	83					$	—					$	—					$	1,237
Multi-family			765						(17)						—						—						748
Commercial			6,813						(6)						—						—						6,807
Construction – custom and owner/builder			644						27						—						—						671
Construction – speculative one- to four-family			188						(35)						—						—						153
Construction – commercial			784						(191)						—						—						593
Construction – multi-family			436						24						—						—						460
Construction – land development			124						33						—						—						157
Land			470						(35)						—						—						435
Consumer loans:
Home equity and second mortgage			528						4						—						—						532
Other			50						(1)						(1)						—						48
Commercial business loans			1,513						114						—						—						1,627
Total			$	13,469					$	—					$	(1)					$	—					$	13,468

			Three Months Ended December 31, 2020
			Beginning Allowance						Provision for (Recapture of) Loan Losses						Charge- offs						Recoveries						Ending Allowance
Mortgage loans:
One- to four-family			$	1,163					$	(28)					$	—					$	—					$	1,135
Multi-family			718						39						—						—						757
Commercial			7,144						(8)						—						—						7,136
Construction – custom and owner/builder			832						(62)						—						—						770
Construction – speculative one- to four-family			158						24						—						—						182
Construction – commercial			420						138						—						—						558
Construction – multi-family			238						(52)						—						—						186
Construction – land development			133						(10)						—						—						123
Land			572						(103)						—						5						474
Consumer loans:
Home equity and second mortgage			593						12						—						—						605
Other			71						(18)						—						4						57
Commercial business loans			1,372						68						—						9						1,449
Total			$	13,414					$	—					$	—					$	18					$	13,432

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, 2021 and September 30, 2021 (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, 2021
Mortgage loans:
One- to four-family			$	—					$	1,237					$	1,237					$	582					$	128,569					$	129,151
Multi-family			—						748						748						—						84,180						84,180
Commercial			—						6,807						6,807						3,037						494,324						497,361
Construction – custom and owner/builder			—						671						671						—						63,748						63,748
Construction – speculative one- to four-family			—						153						153						—						8,760						8,760
Construction – commercial			—						593						593						—						32,290						32,290
Construction – multi-family			—						460						460						—						27,122						27,122
Construction – land development			—						157						157						—						7,594						7,594
Land			78						357						435						675						17,893						18,568
Consumer loans:
Home equity and second mortgage			—						532						532						456						33,919						34,375
Other			—						48						48						5						2,457						2,462
Commercial business loans			176						1,451						1,627						459						84,547						85,006
SBA PPP loans			—						—						—						—						21,397						21,397
Total			$	254					$	13,214					$	13,468					$	5,214					$	1,006,800					$	1,012,014
September 30, 2021
Mortgage loans:
One- to four-family			$	—					$	1,154					$	1,154					$	407					$	119,528					$	119,935
Multi-family			—						765						765						—						87,563						87,563
Commercial			—						6,813						6,813						3,143						467,507						470,650
Construction – custom and owner/builder			—						644						644						—						61,003						61,003
Construction – speculative one- to four-family			—						188						188						—						9,657						9,657
Construction – commercial			—						784						784						—						38,931						38,931
Construction – multi-family			—						436						436						—						22,888						22,888
Construction – land development			—						124						124						—						5,502						5,502
Land			76						394						470						683						19,253						19,936
Consumer loans:
Home equity and second mortgage			—						528						528						516						32,472						32,988
Other			—						50						50						17						2,495						2,512
Commercial business loans			171						1,342						1,513						458						74,121						74,579
SBA PPP loans			—						—						—						—						40,922						40,922
Total			$	247					$	13,222					$	13,469					$	5,224					$	981,842					$	987,066

Past Due Status of Loans Receivable

The following tables present an analysis of loans by aging category and portfolio segment at December 31, 2021 and September 30, 2021 (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, 2021
Mortgage loans:
One- to four-family			$	23					$	—					$	582					$	—					$	605					$	128,546					$	129,151
Multi-family			—						—						—						—						—						84,180						84,180
Commercial			34						183						675						—						892						496,469						497,361
Construction – custom and owner/builder			—						143						—						—						143						63,605						63,748
Construction – speculative one- to four-family			—						—						—						—						—						8,760						8,760
Construction – commercial			—						—						—						—						—						32,290						32,290
Construction – multi-family			—						—						—						—						—						27,122						27,122
Construction – land development			—						—						—						—						—						7,594						7,594
Land			—						—						676						—						676						17,892						18,568
Consumer loans:
Home equity and second mortgage			—						—						456						—						456						33,919						34,375
Other			—						—						5						—						5						2,457						2,462
Commercial business loans			—						—						459						—						459						84,547						85,006
SBA PPP loans			—						—						—						—						—						21,397						21,397
Total			$	57					$	326					$	2,853					$	—					$	3,236					$	1,008,778					$	1,012,014
September 30, 2021
Mortgage loans:
One- to four-family			$	—					$	180					$	407					$	—					$	587					$	119,348					$	119,935
Multi-family			—						—						—						—						—						87,563						87,563
Commercial			—						—						773						—						773						469,877						470,650
Construction – custom and owner/builder			—						—						—						—						—						61,003						61,003
Construction – speculative one- to four-family			—						—						—						—						—						9,657						9,657
Construction – commercial			—						—						—						—						—						38,931						38,931
Construction – multi-family			—						—						—						—						—						22,888						22,888
Construction – land development			—						—						—						—						—						5,502						5,502
Land			—						—						683						—						683						19,253						19,936
Consumer loans:
Home equity and second mortgage			—						—						516						—						516						32,472						32,988
Other			—						—						17						—						17						2,495						2,512
Commercial business loans			5												458												463						74,116						74,579
SBA PPP loans			—						—						—						—						—						40,922						40,922
Total			$	5					$	180					$	2,854					$	—					$	3,039					$	984,027					$	987,066

______________________

(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, 2021 and September 30, 2021 (dollars in thousands):

			Loan Grades
December 31, 2021			Pass						Watch						Special Mention						Substandard						Total
Mortgage loans:
One- to four-family			$	127,984					$	47					$	533					$	587					$	129,151
Multi-family			84,180						—						—						—						84,180
Commercial			483,057						5,326						2,919						6,059						497,361
Construction – custom and owner/builder			62,024						1,724						—						—						63,748
Construction – speculative one- to four-family			8,760						—						—						—						8,760
Construction – commercial			30,773						—						1,517						—						32,290
Construction – multi-family			27,122						—						—						—						27,122
Construction – land development			7,562						—						—						32						7,594
Land			17,288						549						—						731						18,568
Consumer loans:
Home equity and second mortgage			33,635						145						—						595						34,375
Other			2,391						66						—						5						2,462
Commercial business loans			84,473						—						33						500						85,006
SBA PPP loans			21,397						—						—						—						21,397
Total			$	990,646					$	7,857					$	5,002					$	8,509					$	1,012,014
September 30, 2021
Mortgage loans:
One- to four-family			$	118,857					$	129					$	537					$	412					$	119,935
Multi-family			87,563						—						—						—						87,563
Commercial			456,188						10,285						2,921						1,256						470,650
Construction – custom and owner/builder			59,699						1,304						—						—						61,003
Construction – speculative one- to four-family			9,657						—						—						—						9,657
Construction – commercial			37,414						—						1,517						—						38,931
Construction – multi-family			22,888						—						—						—						22,888
Construction – land development			5,467						—						—						35						5,502
Land			18,648						558						—						730						19,936
Consumer loans:
Home equity and second mortgage			32,190						145						—						653						32,988
Other			2,465						30						—						17						2,512
Commercial business loans			73,992						49						37						501						74,579
SBA PPP loans			40,922						—						—						—						40,922
Total			$	965,950					$	12,500					$	5,012					$	3,604					$	987,066

Impaired Loans Receivable

The following table is a summary of information related to impaired loans by portfolio segment as of December 31, 2021 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			$	582					$	625					$	—											$	495											$	8											$	8
Commercial			3,037						3,037						—												3,090												40												31
Land			313						313						—												317												—												—
Consumer loans:
Home equity and second mortgage			456						456						—												486												—												—
Other			5						5						—												11												—												—
Commercial business loans			160						163						—												163												—												—
Subtotal			4,553						4,599						—												4,562												48												39
With an allowance recorded:
Mortgage loans:
Land			362						362						78												362												—												—
Commercial business loans			299						299						176												297												—												—
Subtotal			661						661						254												659												—												—
Total:
Mortgage loans:
One- to four-family			582						625						—												495												8												8
Commercial			3,037						3,037						—												3,090												40												31
Land			675						675						78												679												—												—
Consumer loans:
Home equity and second mortgage			456						456						—												486												—												—
Other			5						5						—												11												—												—
Commercial business loans			459						462						176												460												—												—
Total			$	5,214					$	5,260					$	254											$	5,221											$	48											$	39

______________________________________________

(1)For the three months ended December 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			$	407					$	450					$	—					$	655					$	58					$	52
Commercial			3,143						3,143						—						3,039						159						127
Land			321						321						—						292						2						2
Consumer loans:
Home equity and second mortgage			516						516						—						552						1						1
Other			17						17						—						12						—						—
Commercial business loans			164						168						—						200						—						—
Subtotal			4,568						4,615						—						4,750						220						182
With an allowance recorded:
Mortgage loans:
One- to four-family			—						—						—						97						—						—
Land			362						362						76						72						—						—
Commercial business loans			294						294						171						285						—						—
Subtotal			656						656						247						454						—						—
Total
Mortgage loans:
One- to four-family			407						450						—						752						58						52
Commercial			3,143						3,143						—						3,039						159						127
Land			683						683						76						364						2						2
Consumer loans:
Home equity and second mortgage			516						516						—						552						1						1
Other			17						17						—						12						—						—
Commercial business loans			458						462						171						485						—						—
Total			$	5,224					$	5,271					$	247					$	5,204					$	220					$	182

_____________________________________________

(1) For the year ended September 30, 2021.

Schedule Of COVID Loan Modifications

The following table set forth information with respect to COVID-19 loan modifications on deferral status at September 30, 2021 (dollars in thousands):

COVID-19 Loan Modifications						September 30, 2021
Mortgage loans						Number						Balance						Percent
One- to four-family						1						$	323					100.0		%
Total COVID-19 Modifications						1						$	323					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 December 31, 2021 and September 30, 2021 (dollars in thousands):

			December 31, 2021
			Accruing						Non- Accrual						Total
Mortgage loans:
Commercial			$	2,361					$	—					$	2,361
Land			—						116						116
Consumer loans:
Home equity and second mortgage			—						62						62
Total			$	2,361					$	178					$	2,539

			September 30, 2021
			Accruing						Non- Accrual						Total
Mortgage loans:
Commercial			$	2,371					$	—					$	2,371
Land			—						119						119
Consumer loans:
Home equity and second mortgage			—						63						63
Total			$	2,371					$	182					$	2,553

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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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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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