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Loans Receivable And Allowance For Loan Losses | 3 Months Ended
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Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] |
Loans Receivable And Allowance For Loan Losses | LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES Loans receivable by portfolio segment consisted of the following at December 31, 2024 and September 30, 2024 (dollars in thousands):
| December 31, 2024 |  | September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Amount |  | Percent |  | Amount |  | Percent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One- to four-family (1) | $ | 306,443 |  |  | 20.2 | % |  | $ | 299,123 |  |  | 19.7 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family | 177,861 |  |  | 11.7 |  |  | 177,350 |  |  | 11.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate | 597,054 |  |  | 39.3 |  |  | 599,219 |  |  | 39.6 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction - custom and owner/builder | 124,104 |  |  | 8.2 |  |  | 132,101 |  |  | 8.7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction - speculative one- to four-family | 8,887 |  |  | 0.6 |  |  | 11,495 |  |  | 0.8 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction - commercial | 22,841 |  |  | 1.5 |  |  | 29,463 |  |  | 1.9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction - multi-family | 48,940 |  |  | 3.2 |  |  | 28,401 |  |  | 1.9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction - land development | 15,977 |  |  | 1.0 |  |  | 17,741 |  |  | 1.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land | 30,538 |  |  | 2.0 |  |  | 29,366 |  |  | 1.9 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total mortgage loans | 1,332,645 |  |  | 87.7 |  |  | 1,324,259 |  |  | 87.4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity and second mortgage | 48,851 |  |  | 3.2 |  |  | 47,913 |  |  | 3.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other | 2,889 |  |  | 0.2 |  |  | 3,129 |  |  | 0.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total consumer loans | 51,740 |  |  | 3.4 |  |  | 51,042 |  |  | 3.4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial business | 135,312 |  |  | 8.9 |  |  | 138,743 |  |  | 9.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans | 204 |  |  | — |  |  | 260 |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total commercial loans | 135,516 |  |  | 8.9 |  |  | 139,003 |  |  | 9.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total loans receivable | 1,519,901 |  |  | 100.0 | % |  | 1,514,304 |  |  | 100.0 | % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Undisbursed portion of construction loans in process ("LIP") | 85,350 |  |  |  |  | 69,878 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred loan origination fees, net | 5,444 |  |  |  |  | 5,425 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ACL | 17,288 |  |  |  |  | 17,478 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subtotal | 108,082 |  |  |  |  | 92,781 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable, net | $ | 1,411,819 |  |  |  |  | $ | 1,421,523 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans receivable at December 31, 2024 and September 30, 2024 are reported net of unamortized discounts totaling $147,000 and $155,000, respectively. Credit Quality Indicators The Company uses credit risk grades which reflect the Company’s assessment of a loan’s risk or loss potential. The Company categorizes loans into risk grade categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors such as the estimated fair value of the collateral. The Company uses the following definitions for credit risk ratings as part of the on-going monitoring of the credit quality of its loan portfolio: Pass: Pass loans are defined as those loans that meet acceptable quality underwriting standards. Watch: Watch loans are defined as those loans that still exhibit acceptable quality, but have some concerns that justify greater attention. If these concerns are not corrected, a potential for further adverse categorization exists. These concerns could relate to a specific condition peculiar to the borrower, its industry segment or the general economic environment. Special Mention: Special mention loans are defined as those loans deemed by management to have some potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the payment prospects of the loan. Substandard: Substandard loans are defined as those loans that are inadequately protected by the current net worth and paying capacity of the obligor, or of the collateral pledged. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. If the weakness or weaknesses are not corrected, there is the distinct possibility that some loss will be sustained. Doubtful: Loans in this classification have the weaknesses of substandard loans with the additional characteristic that the weaknesses make the collection or liquidation in full on the basis of currently existing facts, conditions and values questionable, and there is a high possibility of loss. At December 31, 2024 and September 30, 2024, there was one loan classified as doubtful which is supported by an SBA guarantee of the remaining balance. Loss: Loans in this classification are considered uncollectible and of such little value that continuance as an asset is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this loan even though partial recovery may be realized in the future. At December 31, 2024 and September 30, 2024, there were no loans classified as loss. The following table sets forth the Company's loan portfolio at December 31, 2024 by risk attribute and year of origination as well as current period gross charge-offs (dollars in thousands):
|  | Term Loans Amortized Cost Basis by Origination Fiscal Year |  |  |  |
Type |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving Loans |  | Total Loans Receivable
One-to four-family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,883 |  |  | $ | 14,158 |  |  | $ | 76,808 |  |  | $ | 112,988 |  |  | $ | 46,422 |  |  | $ | 52,343 |  |  | $ | — |  |  | $ | 304,602 |
Watch |  | — |  |  | — |  |  | 1,794 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,794 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 47 |  |  | — |  |  | 47 |
Total one- to four-family |  | $ | 1,883 |  |  | $ | 14,158 |  |  | $ | 78,602 |  |  | $ | 112,988 |  |  | $ | 46,422 |  |  | $ | 52,390 |  |  | $ | — |  |  | $ | 306,443 |
Multi-family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 2,908 |  |  | $ | 13,134 |  |  | $ | 19,416 |  |  | $ | 39,515 |  |  | $ | 32,976 |  |  | $ | 68,743 |  |  | $ | 1,169 |  |  | $ | 177,861 |
Total multi-family |  | $ | 2,908 |  |  | $ | 13,134 |  |  | $ | 19,416 |  |  | $ | 39,515 |  |  | $ | 32,976 |  |  | $ | 68,743 |  |  | $ | 1,169 |  |  | $ | 177,861 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 5,995 |  |  | $ | 25,866 |  |  | $ | 77,637 |  |  | $ | 125,111 |  |  | $ | 89,546 |  |  | $ | 248,060 |  |  | $ | 7,877 |  |  | $ | 580,092 |
Watch |  | — |  |  | — |  |  | 907 |  |  | — |  |  | — |  |  | 10,921 |  |  | — |  |  | 11,828 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,401 |  |  | — |  |  | 4,401 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 733 |  |  | — |  |  | 733 |
Total commercial real estate |  | $ | 5,995 |  |  | $ | 25,866 |  |  | $ | 78,544 |  |  | $ | 125,111 |  |  | $ | 89,546 |  |  | $ | 264,115 |  |  | $ | 7,877 |  |  | $ | 597,054 |
|  | Term Loans Amortized Cost Basis by Origination Fiscal Year |  |  |  |
Type |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving Loans |  | Total Loans Receivable
Construction-custom & owner/builder (1) |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 2,276 |  |  | $ | 47,406 |  |  | $ | 9,167 |  |  | $ | — |  |  | $ | 209 |  |  | $ | — |  |  | $ | — |  |  | $ | 59,058 |
Watch |  | — |  |  | 248 |  |  | 9,595 |  |  | 5,306 |  |  | 2,726 |  |  | 746 |  |  | — |  |  | 18,621 |
Total construction-custom & owner/builder |  | $ | 2,276 |  |  | $ | 47,654 |  |  | $ | 18,762 |  |  | $ | 5,306 |  |  | $ | 2,935 |  |  | $ | 746 |  |  | $ | — |  |  | $ | 77,679 |
Construction-speculative one-to four-family (1) |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 982 |  |  | $ | 2,921 |  |  | $ | 866 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,769 |
Total construction-speculative one-to four-family |  | $ | 982 |  |  | $ | 2,921 |  |  | $ | 866 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,769 |
Construction-commercial (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,401 |  |  | $ | 2,060 |  |  | $ | 8,966 |  |  | $ | 2,072 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14,499 |
Total construction-commercial |  | $ | 1,401 |  |  | $ | 2,060 |  |  | $ | 8,966 |  |  | $ | 2,072 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14,499 |
Construction-multi-family (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 838 |  |  | $ | 2,572 |  |  | $ | 20,603 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 24,013 |
Total construction-multi-family |  | $ | 838 |  |  | $ | 2,572 |  |  | $ | 20,603 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 24,013 |
Construction-land development (1) |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | — |  |  | $ | 1,444 |  |  | $ | 1,446 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,890 |
Watch |  | — |  |  | — |  |  | — |  |  | 11,549 |  |  | — |  |  | — |  |  | — |  |  | 11,549 |
Total construction-land development |  | $ | — |  |  | $ | 1,444 |  |  | $ | 1,446 |  |  | $ | 11,549 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14,439 |
Land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 2,417 |  |  | $ | 9,785 |  |  | $ | 4,430 |  |  | $ | 6,449 |  |  | $ | 3,793 |  |  | $ | 2,656 |  |  | $ | 232 |  |  | $ | 29,762 |
Watch |  | — |  |  | — |  |  | — |  |  | 301 |  |  | — |  |  | 475 |  |  | — |  |  | 776 |
Total land |  | $ | 2,417 |  |  | $ | 9,785 |  |  | $ | 4,430 |  |  | $ | 6,750 |  |  | $ | 3,793 |  |  | $ | 3,131 |  |  | $ | 232 |  |  | $ | 30,538 |
Home equity and second mortgage |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 885 |  |  | $ | 5,728 |  |  | $ | 4,435 |  |  | $ | 1,783 |  |  | $ | 249 |  |  | $ | 2,584 |  |  | $ | 31,271 |  |  | $ | 46,935 |
Watch |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,250 |  |  | — |  |  | — |  |  | 1,250 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 79 |  |  | 587 |  |  | 666 |
Total home equity and second mortgage |  | $ | 885 |  |  | $ | 5,728 |  |  | $ | 4,435 |  |  | $ | 1,783 |  |  | $ | 1,499 |  |  | $ | 2,663 |  |  | $ | 31,858 |  |  | $ | 48,851 |
|  | Term Loans Amortized Cost Basis by Origination Fiscal Year |  |  |  |
Type |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving Loans |  | Total Loans Receivable
Other consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,319 |  |  | $ | 395 |  |  | $ | 427 |  |  | $ | 94 |  |  | $ | 40 |  |  | $ | 506 |  |  | $ | 73 |  |  | $ | 2,854 |
Watch |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 35 |  |  | — |  |  | 35 |
Total other consumer |  | $ | 1,319 |  |  | $ | 395 |  |  | $ | 427 |  |  | $ | 94 |  |  | $ | 40 |  |  | $ | 541 |  |  | $ | 73 |  |  | $ | 2,889 |
Current period gross write-offs |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 3 |
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 2,475 |  |  | $ | 15,538 |  |  | $ | 18,992 |  |  | $ | 33,119 |  |  | $ | 7,192 |  |  | $ | 11,129 |  |  | $ | 44,607 |  |  | $ | 133,052 |
Watch |  | — |  |  | — |  |  | — |  |  | 197 |  |  | 380 |  |  | 625 |  |  | 180 |  |  | 1,382 |
Substandard |  | — |  |  | 166 |  |  | — |  |  | — |  |  | — |  |  | 254 |  |  | 256 |  |  | 676 |
Doubtful |  | — |  |  | 202 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 202 |
Total commercial business |  | $ | 2,475 |  |  | $ | 15,906 |  |  | $ | 18,992 |  |  | $ | 33,316 |  |  | $ | 7,572 |  |  | $ | 12,008 |  |  | $ | 45,043 |  |  | $ | 135,312 |
Current period gross write-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 241 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 241 |
SBA PPP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 182 |  |  | $ | 22 |  |  | $ | — |  |  | $ | 204 |
Total SBA PPP |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 182 |  |  | $ | 22 |  |  | $ | — |  |  | $ | 204 |
Total loans receivable, gross (1) |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 23,379 |  |  | $ | 141,007 |  |  | $ | 243,193 |  |  | $ | 321,131 |  |  | $ | 180,609 |  |  | $ | 386,043 |  |  | $ | 85,229 |  |  | $ | 1,380,591 |
Watch |  | — |  |  | 248 |  |  | 12,296 |  |  | 17,353 |  |  | 4,356 |  |  | 12,802 |  |  | 180 |  |  | 47,235 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,401 |  |  | — |  |  | 4,401 |
Substandard |  | — |  |  | 166 |  |  | — |  |  | — |  |  | — |  |  | 1,113 |  |  | 843 |  |  | 2,122 |
Doubtful |  | — |  |  | 202 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 202 |
Total loans receivable |  | $ | 23,379 |  |  | $ | 141,623 |  |  | $ | 255,489 |  |  | $ | 338,484 |  |  | $ | 184,965 |  |  | $ | 404,359 |  |  | $ | 86,252 |  |  | $ | 1,434,551 |
Current period gross charge-off |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 241 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 244 |
_____________________

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- Definition The entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-10/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 + Details
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