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Loans Receivable And Allowance For Loan Losses (Tables)

6 Months Ended

Mar. 31, 2022

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, 2022 and September 30, 2021 (dollars in thousands):

			March 31, 2022												September 30, 2021
			Amount						Percent						Amount						Percent
Mortgage loans:
One- to four-family (1)			$	133,925					11.6		%				$	119,935					11.1		%
Multi-family			82,526						7.2						87,563						8.1
Commercial			523,479						45.5						470,650						43.5
Construction - custom and owner/builder			114,394						9.9						109,152						10.1
Construction - speculative one- to four-family			15,438						1.3						17,813						1.6
Construction - commercial			35,416						3.1						43,365						4.0
Construction - multi-family			64,141						5.6						52,071						4.8
Construction - land development			10,687						0.9						10,804						1.0
Land			22,192						1.9						19,936						1.8
Total mortgage loans			1,002,198						87.0						931,289						86.0
Consumer loans:
Home equity and second mortgage			32,980						2.9						32,988						3.1
Other			2,277						0.2						2,512						0.2
Total consumer loans			35,257						3.1						35,500						3.3
Commercial loans:
Commercial business			108,644						9.4						74,579						6.9
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans			5,934						0.5						40,922						3.8
Total commercial loans			114,578						9.9		%				115,501						10.7
Total loans receivable			1,152,033						100.0		%				1,082,290						100.0		%
Less:
Undisbursed portion of construction loans in process			100,719												95,224
Deferred loan origination fees, net			3,801												5,143
Allowance for loan losses			13,433												13,469
Subtotal			117,953												113,836
Loans receivable, net			$	1,034,080											$	968,454
_____________________________
(1) Does not include one- to four-family loans held for sale totaling $2,772 and $3,217 at March 31, 2022 and September 30, 2021, respectively.

Schedule of Allowance for Loan Losses

The following tables set forth information for the three and six months ended March 31, 2022 and 2021 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands):

			Three Months Ended March 31, 2022
			Beginning Allowance						Provision for (Recapture of) Loan Losses						Charge- offs						Recoveries						Ending Allowance
Mortgage loans:
One- to four-family			$	1,237					$	10					$	—					$	—					$	1,247
Multi-family			748						(13)						—						—						735
Commercial			6,807						124						—						—						6,931
Construction – custom and owner/builder			671						15						—						—						686
Construction – speculative one- to four-family			153						(27)						—						—						126
Construction – commercial			593						(130)						—						—						463
Construction – multi-family			460						(24)						—						—						436
Construction – land development			157						(31)						—						—						126
Land			435						(58)						—						—						377
Consumer loans:
Home equity and second mortgage			532						(63)						—						—						469
Other			48						(4)						(1)						1						44
Commercial business loans			1,627						201						(49)						14						1,793
Total			$	13,468					$	—					$	(50)					$	15					$	13,433

			Six Months Ended March 31, 2022
			Beginning Allowance						Provision for (Recapture of) Loan Losses						Charge- offs						Recoveries						Ending Allowance
Mortgage loans:
One-to four-family			$	1,154					$	93					$	—					$	—					$	1,247
Multi-family			765						(30)						—						—						735
Commercial			6,813						118						—						—						6,931
Construction – custom and owner/builder			644						42						—						—						686
Construction – speculative one- to four-family			188						(62)						—						—						126
Construction – commercial			784						(321)						—						—						463
Construction – multi-family			436						—						—						—						436
Construction – land development			124						2						—						—						126
Land			470						(93)						—						—						377
Consumer loans:
Home equity and second mortgage			528						(59)						—						—						469
Other			50						(5)						(2)						1						44
Commercial business loans			1,513						315						(49)						14						1,793
Total			$	13,469					$	—					$	(51)					$	15					$	13,433

			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
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
Total			$	13,414					$	—					$	(3)					$	23					$	13,434

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, 2022 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
March 31, 2022
Mortgage loans:
One- to four-family			$	—					$	1,247					$	1,247					$	578					$	133,347					$	133,925
Multi-family			—						735						735						—						82,526						82,526
Commercial			—						6,931						6,931						3,023						520,456						523,479
Construction – custom and owner/builder			—						686						686						—						68,530						68,530
Construction – speculative one- to four-family			—						126						126						—						7,634						7,634
Construction – commercial			—						463						463						—						28,005						28,005
Construction – multi-family			—						436						436						—						29,048						29,048
Construction – land development			—						126						126						—						6,140						6,140
Land			—						377						377						723						21,469						22,192
Consumer loans:
Home equity and second mortgage			—						469						469						413						32,567						32,980
Other			—						44						44						5						2,272						2,277
Commercial business loans			127						1,666						1,793						405						108,239						108,644
SBA PPP loans			—						—						—						—						5,934						5,934
Total			$	127					$	13,306					$	13,433					$	5,147					$	1,046,167					$	1,051,314
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 March 31, 2022 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
March 31, 2022
Mortgage loans:
One- to four-family			$	—					$	—					$	578					$	—					$	578					$	133,347					$	133,925
Multi-family			—						—						—						—						—						82,526						82,526
Commercial			215						8						671						—						894						522,585						523,479
Construction – custom and owner/builder			—						—						—						—						—						68,530						68,530
Construction – speculative one- to four-family			—						—						—						—						—						7,634						7,634
Construction – commercial			—						—						—						—						—						28,005						28,005
Construction – multi-family			—						—						—						—						—						29,048						29,048
Construction – land development			—						—						—						—						—						6,140						6,140
Land			—						—						723						—						723						21,469						22,192
Consumer loans:
Home equity and second mortgage			67						—						269						—						336						32,644						32,980
Other			—						—						5						—						5						2,272						2,277
Commercial business loans			—						—						405						—						405						108,239						108,644
SBA PPP loans			—						—						—						—						—						5,934						5,934
Total			$	282					$	8					$	2,651					$	—					$	2,941					$	1,048,373					$	1,051,314
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 March 31, 2022 and September 30, 2021 (dollars in thousands):

			Loan Grades
March 31, 2022			Pass						Watch						Special Mention						Substandard						Total
Mortgage loans:
One- to four-family			$	133,298					$	45					$	—					$	582					$	133,925
Multi-family			82,526						—						—						—						82,526
Commercial			511,127						3,418						2,915						6,019						523,479
Construction – custom and owner/builder			67,692						838						—						—						68,530
Construction – speculative one- to four-family			7,634						—						—						—						7,634
Construction – commercial			26,488						—						1,517						—						28,005
Construction – multi-family			29,048						—						—						—						29,048
Construction – land development			6,109						—						—						31						6,140
Land			20,929						540						—						723						22,192
Consumer loans:
Home equity and second mortgage			32,355						144						—						481						32,980
Other			2,207						65						—						5						2,277
Commercial business loans			108,199						—						—						445						108,644
SBA PPP loans			5,934						—						—						—						5,934
Total			$	1,033,546					$	5,050					$	4,432					$	8,286					$	1,051,314
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 March 31, 2022 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			$	578					$	621					$	—					$	580					$	522					$	8					$	16					$	8					$	16
Commercial			3,023						3,023						—						3,030						3,068						39						79						32						63
Land			723						723						—						518						452						—						—						—						—
Consumer loans:
Home equity and second mortgage			413						413						—						435						462						1						1						1						1
Other			5						5						—						5						9						—						—						—						—
Commercial business loans			156						204						—						158						160						—						—						—						—
Subtotal			4,898						4,989						—						4,726						4,673						48						96						41						80
With an allowance recorded:
Mortgage loans:
Land			—						—						—						181						241						—						—						—						—
Commercial business loans			249						249						127						274						281						—						—						—						—
Subtotal			249						249						127						455						522						—						—						—						—
Total:
Mortgage loans:
One- to four-family			578						621						—						580						522						8						16						8						16
Commercial			3,023						3,023						—						3,030						3,068						39						79						32						63
Land			723						723						—						699						693						—						—						—						—
Consumer loans:
Home equity and second mortgage			413						413						—						435						462						1						1						1						1
Other			5						5						—						5						9						—						—						—						—
Commercial business loans			405						453						127						432						441						—						—						—						—
Total			$	5,147					$	5,238					$	127					$	5,181					$	5,195					$	48					$	96					$	41					$	80

______________________________________________

(1)For the three months ended March 31, 2022.

(2)For the six months ended March 31, 2022.

			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 sets 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 March 31, 2022 and September 30, 2021 (dollars in thousands):

			March 31, 2022
			Accruing						Non- Accrual						Total
Mortgage loans:
Commercial			$	2,352					$	—					$	2,352
Land			—						113						113
Consumer loans:
Home equity and second mortgage			144						59						203
Total			$	2,496					$	172					$	2,668

			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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Schedule Of COVID Loan Modifications

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Tabular disclosure of allowance for credit loss on financing receivable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11B
-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953423-111524

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447

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- Definition

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.

+ References

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