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Loans Receivable And Allowance For Loan Losses (Tables)

3 Months Ended

Dec. 31, 2024

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, 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

Financing Receivable Gross Charge Offs and Credit Quality Indicators

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

_____________________

(1) Net of construction LIP

The following table sets forth the Company's loan portfolio at September 30, 2024 by risk attribute and year of origination as well

as gross charges offs in the year ending September 30, 2024:

						Term Loans Amortized Cost Basis by Origination Fiscal Year
Type						2024						2023						2022						2021						2020						Prior						Revolving Loans						Total Loans Receivable
One-to four-family
Risk Rating
Pass						$	12,941					$	66,671					$	113,834					$	48,120					$	19,053					$	36,659					$	—					$	297,278
Watch						—						1,796						—						—						—						—						—						1,796
Substandard						—						—						—						—						—						49						—						49
Total one- to four-family						$	12,941					$	68,467					$	113,834					$	48,120					$	19,053					$	36,708					$	—					$	299,123
Multi-family
Risk Rating
Pass						$	13,136					$	19,440					$	39,673					$	33,144					$	27,029					$	43,759					$	1,169					$	177,350
Total multi-family						$	13,136					$	19,440					$	39,673					$	33,144					$	27,029					$	43,759					$	1,169					$	177,350
Commercial real estate
Risk Rating
Pass						$	23,758					$	73,005					$	126,939					$	91,035					$	55,498					$	194,273					$	8,799					$	573,307
Watch						—						944						—						—						4,201						10,548						—						15,693
Special Mention						—						—						—						—						—						4,401						—						4,401
Substandard						—						—						—						—						—						5,818						—						5,818
Total commercial real estate						$	23,758					$	73,949					$	126,939					$	91,035					$	59,699					$	215,040					$	8,799					$	599,219
Construction-custom & owner/builder (1)
Risk Rating
Pass						$	38,303					$	29,159					$	778					$	—					$	—					$	—					$	—					$	68,240
Watch						221						3,239						5,848						2,861						429						436						—						13,034
Total construction-custom & owner/builder						$	38,524					$	32,398					$	6,626					$	2,861					$	429					$	436					$	—					$	81,274
Construction-speculative one-to four-family (1)
Risk Rating
Pass						$	5,039					$	2,412					$	—					$	—					$	—					$	—					$	—					$	7,451
Total construction-speculative one-to four-family						$	5,039					$	2,412					$	—					$	—					$	—					$	—					$	—					$	7,451
Construction-commercial (1)
Risk Rating
Pass						$	6,006					$	16,349					$	1,457					$	—					$	—					$	—					$	—					$	23,812
Total construction-commercial						$	6,006					$	16,349					$	1,457					$	—					$	—					$	—					$	—					$	23,812

						Term Loans Amortized Cost Basis by Origination Fiscal Year
Type						2024						2023						2022						2021						2020						Prior						Revolving Loans						Total Loans Receivable
Construction-multi-family (1)
Risk Rating
Pass						$	588					$	20,169					$	—					$	—					$	—					$	—					$	—					$	20,757
Total construction-multi-family						$	588					$	20,169					$	—					$	—					$	—					$	—					$	—					$	20,757
Construction-land development (1)
Risk Rating
Pass						$	1,673					$	2,807					$	—					$	—					$	—					$	—					$	—					$	4,480
Watch						—						—						11,549						—						—						—						—						11,549
Total construction-land development						$	1,673					$	2,807					$	11,549					$	—					$	—					$	—					$	—					$	16,029
Land
Risk Rating
Pass						$	10,287					$	4,828					$	6,588					$	4,004					$	766					$	1,954					$	458					$	28,885
Watch						—						—						—						—						—						481						—						481
Total land						$	10,287					$	4,828					$	6,588					$	4,004					$	766					$	2,435					$	458					$	29,366
Home equity and second mortgage
Risk Rating
Pass						$	5,820					$	4,716					$	1,990					$	252					$	573					$	2,097					$	31,766					$	47,214
Substandard						—						—						—						—						—						81						618						699
Total home equity and second mortgage						$	5,820					$	4,716					$	1,990					$	252					$	573					$	2,178					$	32,384					$	47,913
Other consumer
Risk Rating
Pass						$	1,744					$	441					$	241					$	57					$	8					$	501					$	71					$	3,063
Watch						—						—						—						—						—						65						1						66
Total other consumer						$	1,744					$	441					$	241					$	57					$	8					$	566					$	72					$	3,129
Current period gross write-offs						$	6					$	1					$	—					$	—					$	—					$	—					$	2					$	9
Commercial business
Risk Rating
Pass						$	16,129					$	19,910					$	35,117					$	8,588					$	7,589					$	4,775					$	43,444					$	135,552
Watch						—						—						202						36						696						6						180						1,120
Substandard						—						1,352						—						—						—						517						—						1,869
Doubtful						—						202						—						—						—						—						—						202
Total commercial business						$	16,129					$	21,464					$	35,319					$	8,624					$	8,285					$	5,298					$	43,624					$	138,743
Current period gross write-offs						$	—					$	79					$	—					$	—					$	—					$	13					$	—					$	92
SBA PPP
Risk Rating
Pass						$	—					$	—					$	—					$	224					$	36					$	—					$	—					$	260
Total SBA PPP						$	—					$	—					$	—					$	224					$	36					$	—					$	—					$	260

						Term Loans Amortized Cost Basis by Origination Fiscal Year
Type						2024						2023						2022						2021						2020						Prior						Revolving Loans						Total Loans Receivable
Total loans receivable, gross (1)
Risk Rating
Pass						$	135,424					$	259,907					$	326,617					$	185,424					$	110,552					$	284,018					$	85,707					$	1,387,649
Watch						221						5,979						17,599						2,897						5,326						11,536						181						43,739
Special Mention						—						—						—						—						—						4,401						—						4,401
Substandard						—						1,352						—						—						—						6,465						618						8,435
Doubtful						—						202						—						—						—						—						—						202
Total loans receivable						$	135,645					$	267,440					$	344,216					$	188,321					$	115,878					$	306,420					$	86,506					$	1,444,426
Current period gross charge-off						$	6					$	80					$	—					$	—					$	—					$	13					$	2					$	101

Schedule of Allowance for Loan Losses

The following tables set forth information for the three months ended December 31, 2024 and 2023 regarding activity in the ACL by portfolio segment (dollars in thousands):

			Three Months Ended December 31, 2024
			Beginning Allowance												Provision for (Recapture of) Credit Losses						Charge- offs						Recoveries						Ending Allowance
Mortgage loans:
One- to four-family			$	2,632											$	67					$	—					$	—					$	2,699
Multi-family			1,308												3						—						—						1,311
Commercial real estate			6,934												(42)						—						—						6,892
Construction – custom and owner/builder			1,328												(67)						—						—						1,261
Construction – speculative one- to four-family			128												(46)						—						—						82
Construction – commercial			537												(208)						—						—						329
Construction – multi-family			456												71						—						—						527
Construction – land development			335												(43)						—						—						292
Land			793												9						—						—						802
Consumer loans:
Home equity and second mortgage			348												5						—						—						353
Other			39												(3)						(3)						—						33
Commercial business loans			2,640												306						(241)						2						2,707
Total			$	17,478											$	52					$	(244)					$	2					$	17,288

			Three Months Ended December 31, 2023
			Beginning Allowance						Impact of Adopting CECL (ASU 2016-13)						Provision for (Recapture of) Loan 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 real estate			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

The following table is a summary of the amortized cost of collateral dependent non-accrual loans as of December 31, 2024 (in thousands):

			Recorded Investment						Related ACL
Mortgage loans:
One- to four-family			$	47					$	—
Commercial real estate			698						—
Consumer loans:
Home equity and second mortgage			587						—
Commercial business loans			1,401						431
Total			$	2,733					$	431

The following table is a summary of the amortized cost of collateral dependent non-accrual loans as of September 30, 2024 (in thousands):

			Recorded Investment						Related ACL
Mortgage loans:
One- to four-family			$	49					$	—
Commercial real estate			1,158						—
Consumer loans:
Home equity and second mortgage			618						—
Commercial business loans			2,060						506
Total			$	3,885					$	506

Past Due Status of Loans Receivable

The following tables present an analysis of loans by aging category and portfolio segment at December 31, 2024 and September 30, 2024 (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, 2024
Mortgage loans:
One- to four-family			$	—					$	62					$	47					$	—					$	109					$	306,334					$	306,443
Multi-family			—						—						—						—						—						177,861						177,861
Commercial real estate			—						436						698						—						1,134						595,920						597,054
Construction – custom and owner/builder			—						—						—						—						—						77,679						77,679
Construction – speculative one- to four-family			—						—						—						—						—						4,769						4,769
Construction – commercial			—						—						—						—						—						14,499						14,499
Construction – multi-family			—						—						—						—						—						24,013						24,013
Construction – land development			—						—						—						—						—						14,439						14,439
Land			—						—						—						—						—						30,538						30,538
Consumer loans:
Home equity and second mortgage			—						—						587						—						587						48,264						48,851
Other			—						—						—						—						—						2,889						2,889
Commercial business loans			541						248						1,401						—						2,190						133,122						135,312
SBA PPP loans			—						—						—						—						—						204						204
Total			$	541					$	746					$	2,733					$	—					$	4,020					$	1,430,531					$	1,434,551

(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, 2024
Mortgage loans:
One- to four-family			$	—					$	—					$	49					$	—					$	49					$	299,074					$	299,123
Multi-family			—						—						—						—						—						177,350						177,350
Commercial real estate			—						—						1,158						—						1,158						598,061						599,219
Construction – custom and owner/builder			—						—						—						—						—						81,274						81,274
Construction – speculative one- to four-family			—						—						—						—						—						7,451						7,451
Construction – commercial			—						—						—						—						—						23,812						23,812
Construction – multi-family			—						—						—						—						—						20,757						20,757
Construction – land development			—						—						—						—						—						16,029						16,029
Land			—						—						—						—						—						29,366						29,366
Consumer loans:
Home equity and second mortgage			—						—						618						—						618						47,295						47,913
Other			—						1						—						—						1						3,128						3,129
Commercial business loans			424						169						2,060						—						2,653						136,090						138,743
SBA PPP loans			—						—						—						—						—						260						260
Total			$	424					$	170					$	3,885					$	—					$	4,479					$	1,439,947					$	1,444,426

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

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