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Loans Receivable And Allowance For Loan Losses (Tables)

3 Months Ended

Dec. 31, 2023

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, 2023 and September 30, 2023 (dollars in thousands):

			December 31, 2023												September 30, 2023
			Amount						Percent						Amount						Percent
Mortgage loans:
One- to four-family (1)			$	263,122					18.0		%				$	253,227					17.8		%
Multi-family			147,321						10.1						127,176						8.9
Commercial			579,038						39.6						568,265						39.8
Construction - custom and owner/builder			134,878						9.2						129,699						9.1
Construction - speculative one- to four-family			17,609						1.2						17,099						1.2
Construction - commercial			36,702						2.5						51,064						3.6
Construction - multi-family			57,019						3.9						57,140						4.0
Construction - land development			18,878						1.3						18,841						1.3
Land			28,697						2.0						26,726						1.9
Total mortgage loans			1,283,264						87.8						1,249,237						87.6
Consumer loans:
Home equity and second mortgage			39,403						2.7						38,281						2.7
Other			2,926						0.2						2,772						0.2
Total consumer loans			42,329						2.9						41,053						2.9
Commercial loans:
Commercial business			136,942						9.3						135,802						9.5
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans			423						—						466						—
Total commercial loans			137,365						9.3						136,268						9.5
Total loans receivable			1,462,958						100.0		%				1,426,558						100.0		%
Less:
Undisbursed portion of construction loans in process (LIP")			104,683												103,194
Deferred loan origination fees, net			5,337												5,242
ACL			16,655												15,817
Subtotal			126,675												124,253
Loans receivable, net			$	1,336,283											$	1,302,305
_____________________________
(1) Does not include one- to four-family loans held for sale totaling $1,425 and $400 at December 31, 2023 and September 30, 2023, respectively.

Financing Receivable Gross Charge Offs and Credit Quality Indicators

The following table sets forth the Company's loan portfolio at December 31, 2023 by risk attribute and year of origination as well as current period gross charge-offs (dollars in thousands):

The following tables present an analysis of loans by credit quality indicator and portfolio segment at September 30, 2023 (dollars in thousands):

			Loan Grades
September 30, 2023			Pass						Watch						Special Mention						Substandard						Total
Mortgage loans:
One- to four-family			$	252,859					$	—					$	—					$	368					$	253,227
Multi-family			127,176						—						—						—						127,176
Commercial			551,669						11,143						—						5,453						568,265
Construction – custom and owner/builder			68,181						5,058						—						—						73,239
Construction – speculative one- to four-family			9,361						—						—						—						9,361
Construction – commercial			25,063						967						—						—						26,030
Construction – multi-family			45,890						—						—						—						45,890
Construction – land development			16,129						—						—						—						16,129
Land			26,226						500						—						—						26,726
Consumer loans:
Home equity and second mortgage			37,982						34						—						265						38,281
Other			2,716						56						—						—						2,772
Commercial business loans			135,502						—						—						300						135,802
SBA PPP loans			466						—						—						—						466
Total			$	1,299,220					$	17,758					$	—					$	6,386					$	1,323,364

Schedule of Allowance for Loan Losses

The following tables set forth information for the three months ended December 31, 2023 and 2022 regarding activity in the ACL by portfolio segment (dollars in thousands):

			Three Months Ended December 31, 2023
			Beginning Allowance						Impact of Adopting CECL (ASU 2016-13)						Provision for (Recapture of) Credit Losses						Charge- offs						Recoveries						Ending Allowance
Mortgage loans:
One- to four-family			$	2,417					$	(408)					$	87					$	—					$	—					$	2,096
Multi-family			1,156						(120)						164						—						—						1,200
Commercial			7,209						(494)						107						—						—						6,822
Construction – custom and owner/builder			750						542						(58)						—						—						1,234
Construction – speculative one- to four-family			148						(16)						—						—						—						132
Construction – commercial			316						176						(62)						—						—						430
Construction – multi-family			602						204						(71)						—						—						735
Construction – land development			274						25						(1)						—						—						298
Land			406						318						33						—						—						757
Consumer loans:
Home equity and second mortgage			519						(243)						10						—						—						286
Other			53						(7)						2						(2)						—						46
Commercial business loans			1,967						484						168						—						—						2,619
Total			$	15,817					$	461					$	379					$	(2)					$	—					$	16,655

			Three Months Ended December 31, 2022
			Beginning Allowance						Provision for (Recapture of) Loan Losses						Charge- offs						Recoveries						Ending Allowance
Mortgage loans:
One- to four-family			$	1,658					$	230					$	—					$	—					$	1,888
Multi-family			855						16						—						—						871
Commercial			6,682						112						—						—						6,794
Construction – custom and owner/builder			675						(2)						—						—						673
Construction – speculative one- to four-family			130						(5)						—						—						125
Construction – commercial			343						(20)						—						—						323
Construction – multi-family			447						130						—						—						577
Construction – land development			233						(11)						—						—						222
Land			397						(14)						—						—						383
Consumer loans:
Home equity and second mortgage			440						53						—						—						493
Other			42						4						—						1						47
Commercial business loans			1,801						32						—						—						1,833
Total			$	13,703					$	525					$	—					$	1					$	14,229

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 allowance for loan losses by portfolio segment at September 30, 2023 prior to the adoption of ASU 2016-13 (dollars in thousands):

			Allowance for Credit Losses																		Recorded Investment in Loans
			Individually Evaluated for Impairment						Collectively Evaluated for Impairment						Total						Individually Evaluated for Impairment						Collectively Evaluated for Impairment						Total
September 30, 2023
Mortgage loans:
One- to four-family			$	—					$	2,417					$	2,417					$	368					$	252,859					$	253,227
Multi-family			—						1,156						1,156						—						127,176						$	127,176
Commercial			—						7,209						7,209						2,973						565,292						$	568,265
Construction – custom and owner/builder			—						750						750						—						73,239						$	73,239
Construction – speculative one- to four-family			—						148						148						—						9,361						$	9,361
Construction – commercial			—						316						316						—						26,030						$	26,030
Construction – multi-family			—						602						602						—						45,890						$	45,890
Construction – land development			—						274						274						—						16,129						$	16,129
Land			—						406						406						—						26,726						$	26,726
Consumer loans:
Home equity and second mortgage			—						519						519						382						37,899						$	38,281
Other			—						53						53						—						2,772						$	2,772
Commercial business loans			123						1,844						1,967						286						135,516						135,802
SBA PPP loans			—						—						—						—						466						466
Total			$	123					$	15,694					$	15,817					$	4,009					$	1,319,355					$	1,323,364

Past Due Status of Loans Receivable

The following tables present an analysis of loans by aging category and portfolio segment at December 31, 2023 and September 30, 2023 (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, 2023
Mortgage loans:
One- to four-family			$	—					$	—					$	602					$	—					$	602					$	262,520					$	263,122
Multi-family			—						—						—						—						—						147,321						147,321
Commercial			—						—						683						—						683						578,355						579,038
Construction – custom and owner/builder			—						—						150						—						150						69,961						70,111
Construction – speculative one- to four-family			—						—						—						—						—						9,403						9,403
Construction – commercial			—						—						—						—						—						22,793						22,793
Construction – multi-family			—						—						—						—						—						41,465						41,465
Construction – land development			—						—						—						—						—						16,631						16,631
Land			—						—						—						—						—						28,697						28,697
Consumer loans:
Home equity and second mortgage			66						—						171						—						237						39,166						39,403
Other			—						—						—						—						—						2,926						2,926
Commercial business loans			—						171						1,760						—						1,931						135,011						136,942
SBA PPP loans			—						—						—						—						—						423						423
Total			$	66					$	171					$	3,366					$	—					$	3,603					$	1,354,672					$	1,358,275

(1) Includes non-accrual loans past due 90 days or more and other loans classified as non-accrual.

			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
September 30, 2023
Mortgage loans:
One- to four-family			$	—					$	—					$	368					$	—					$	368					$	252,859					$	253,227
Multi-family			—						—						—						—						—						127,176						127,176
Commercial			—						—						683						—						683						567,582						568,265
Construction – custom and owner/builder			151						—						—						—						151						73,088						73,239
Construction – speculative one- to four-family			—						—						—						—						—						9,361						9,361
Construction – commercial			—						—						—						—						—						26,030						26,030
Construction – multi-family			—						—						—						—						—						45,890						45,890
Construction – land development			—						—						—						—						—						16,129						16,129
Land			—						—						—						—						—						26,726						26,726
Consumer loans:
Home equity and second mortgage			—						—						177						—						177						38,104						38,281
Other			—						—						—						—						—						2,772						2,772
Commercial business loans			—						—						286						—						286						135,516						135,802
SBA PPP loans			—						—						—						—						—						466						466
Total			$	151					$	—					$	1,514					$	—					$	1,665					$	1,321,699					$	1,323,364

(1) Includes non-accrual loans past due 90 days or more and other loans classified as non-accrual.

Impaired Loans Receivable

The following table is a summary of the amortized cost of collateral dependent non-accrual loans as of December 31, 2023 (in thousands):

			Recorded Investment						Related ACL
Mortgage loans:
One- to four-family			$	602					$	—
Commercial			683						—
Construction - custom & owner/builder			150						—
Consumer loans:
Home equity & second mortgage			171						—
Commercial business loans			1,760						319
Total			$	3,366					$	319

The following table is a summary of information related to impaired loans by portfolio segment prior to the adoption of CECL as of September 30, 2023 and for the year 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			$	368					$	412					$	—											$	378											$	29											$	29
Commercial			2,973						2,973						—												2,987												167												129
Land			—						—						—												297												5												4
Consumer loans:
Home equity and second mortgage			382						382						—												390												12												10
Other			—						—						—												1												—												—
Commercial business loans			41						90						—												49												—												—
Subtotal			3,764						3,857						—												4,102												213												172
With an allowance recorded:
Commercial business loans			245						245						123												247												—												—
Subtotal			245						245						123												247												—												—
Total:
Mortgage loans:
One- to four-family			368						412						—												378												29												29
Commercial			2,973						2,973						—												2,987												167												129
Land			—						—						—												297												5												4
Consumer loans:
Home equity and second mortgage			382						382						—												390												12												10
Other			—						—						—												1												—												—
Commercial business loans			286						335						123												296												—												—
Total			$	4,009					$	4,102					$	123											$	4,349											$	213											$	172

______________________________________________

(1)For the year ended September 30, 2023.

			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			$	383					$	427					$	—					$	386					$	7					$	7
Commercial			2,980						2,980						—						2,984						33						42
Land			425						425						—						438						—						—
Consumer loans:
Home equity and second mortgage			405						405						—						400						2						3
Other			2						2						—						3						—						—
Commercial business loans			55						103						—						57						—						—
Subtotal			4,250						4,342						—						4,268						42						52
With an allowance recorded:
Commercial business loans			249						249						127						249						—						—
Subtotal			249						249						127						249						—						—
Total
Mortgage loans:
One- to four-family			383						427						—						386						7						7
Commercial			2,980						2,980						—						2,984						33						42
Land			425						425						—						438						—						—
Consumer loans:
Home equity and second mortgage			405						405						—						400						2						3
Other			2						2						—						3						—						—
Commercial business loans			304						352						127						306						—						—
Total			$	4,499					$	4,591					$	127					$	4,517					$	42					$	52

_____________________________________________

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

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