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LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Tables)

6 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Schedule of loans receivable, net

		March 31,				September 30,
		2022				2021
		(In thousands)
One-to-four family residential		$	206,083			$	203,019
Commercial real estate			317,665				280,848
Construction			26,847				20,350
Home equity lines of credit			15,623				17,930
Commercial business			48,942				68,719
Other			3,292				3,751
Total loans receivable			618,452				594,617
Net deferred loan costs			(739	)			(1,241	)
Allowance for loan losses			(8,300	)			(8,075	)
Total loans receivable, net		$	609,413			$	585,301

Schedule of impaired loans

The following table presents impaired loans by class, segregated by those for which a specific allowance was required and charged-off and those for which a specific allowance was not necessary at the dates presented:

										Impaired
										Loans with
		Impaired Loans with								No Specific
		Specific Allowance								Allowance				Total Impaired Loans
																		Unpaid
		Recorded				Related				Recorded				Recorded				Principal
		Investment				Allowance				Investment				Investment				Balance
		(In thousands)
March 31, 2022
One-to-four family residential		$	—			$	—			$	1,537			$	1,537			$	1,537
Commercial real estate			—				—				1,178				1,178				1,178
Construction			2,835				224				1,745				4,580				4,645
Home equity lines of credit			—				—				—				—				—
Commercial business			—				—				1,504				1,504				1,504
Other			—				—				—				—				—
Total impaired loans		$	2,835			$	224			$	5,964			$	8,799			$	8,864

September 30, 2021
One-to-four family residential		$	—			$	—			$	2,711			$	2,711			$	2,711
Commercial real estate			—				—				2,270				2,270				2,270
Construction			2,835				224				1,745				4,580				4,645
Commercial business			—				—				1,507				1,507				1,507
Total impaired loans		$	2,835			$	224			$	8,233			$	11,068			$	11,133

The average recorded investment in impaired loans was $10.1 million and $13.3 million for the six months ended March 31, 2022 and 2021, respectively. The Company’s impaired loans include delinquent non-accrual loans and performing Troubled Debt Restructurings (“TDRs”), as TDRs remain impaired loans until fully repaid. There were no TDRs during the six months ended March 31, 2022 and there was one TDR totaling $218,000 during the six months ended March 31, 2021.

Schedule of average recorded investment in impaired loans

The following tables present the average recorded investment in impaired loans for the three and six months ended March 31, 2022 and 2021. There was no interest income recognized on impaired loans during the periods presented.

		Three Months				Six Months
		Ended March 31, 2022				Ended March 31, 2022
		(In thousands)
One-to-four family residential		$	1,877			$	2,155
Commercial real estate			1,690				1,883
Construction			4,580				4,580
Home equity lines of credit			—				—
Commercial business			1,505				1,506
Other			—				—
Average investment in impaired loans		$	9,652			$	10,124

18

Table of Contents

		Three Months				Six Months
		Ended March 31, 2021				Ended March 31, 2021
		(In thousands)
One-to-four family residential		$	2,373			$	2,449
Commercial real estate			4,006				4,139
Construction			4,580				4,767
Commercial business			1,896				1,935
Average investment in impaired loans		$	12,855			$	13,290

Schedule of loan portfolio summarized by Bank's internal risk rating system

The following table presents the classes of the loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the Bank’s internal risk rating system at the dates presented:

						Special
		Pass				Mention				Substandard				Doubtful				Total
		(In thousands)
March 31, 2022
One-to-four family residential		$	204,314			$	991			$	778			$	—			$	206,083
Commercial real estate			316,322				200				1,143				—				317,665
Construction			22,267				—				4,580				—				26,847
Home equity lines of credit			15,623				—				—				—				15,623
Commercial business			47,593				—				1,349				—				48,942
Other			3,292				—				—				—				3,292
Total		$	609,411			$	1,191			$	7,850			$	—			$	618,452

September 30, 2021
One-to-four family residential		$	200,510			$	1,002			$	1,507			$	—			$	203,019
Commercial real estate			272,408				6,679				1,761				—				280,848
Construction			15,770				—				4,580				—				20,350
Home equity lines of credit			17,930				—				—				—				17,930
Commercial business			67,360				10				1,349				—				68,719
Other			3,751				—				—				—				3,751
Total		$	577,729			$	7,691			$	9,197			$	—			$	594,617

Schedule of aging analysis of past due loans, segregated by class of loans

Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans at the dates presented:

						30-59				60-89
						Days				Days				90 Days +				Total				Non-				Total
		Current				Past Due				Past Due				Past Due				Past Due				Accrual				Loans
		(In thousands)
March 31, 2022
One-to-four family residential		$	205,958			$	125			$	—			$	—			$	125			$	—			$	206,083
Commercial real estate			314,429				3,236				—				—				3,236				—				317,665
Construction			22,267				—				—				4,580				4,580				4,580				26,847
Home equity lines of credit			15,623				—				—				—				—				—				15,623
Commercial business			47,593				—				—				1,349				1,349				1,349				48,942
Other			3,292				—				—				—				—				—				3,292
Total		$	609,162			$	3,361			$	—			$	5,929			$	9,290			$	5,929			$	618,452

September 30, 2021
One-to-four family residential		$	201,868			$	—			$	—			$	1,151			$	1,151			$	1,151			$	203,019
Commercial real estate			279,769				—				—				1,079				1,079				1,079				280,848
Construction			15,770				—				—				4,580				4,580				4,580				20,350
Home equity lines of credit			17,930				—				—				—				—				—				17,930
Commercial business			67,370				—				—				1,349				1,349				1,349				68,719
Other			3,751				—				—				—				—				—				3,751
Total		$	586,458			$	—			$	—			$	8,159			$	8,159			$	8,159			$	594,617

Schedule of activity in the allowance for loan losses by portfolio segment

The following table summarizes the ALL by loan category and the related activity for the six months ended March 31, 2022 and 2021:

		One-to-Four												Home Equity
		Family				Commercial								Lines of				Commercial
		Residential				Real Estate				Construction				Credit				Business				Other				Unallocated				Total
		(In thousands)
Balance- September 30, 2021		$	1,136			$	3,744			$	594			$	232			$	2,046			$	15			$	308			$	8,075
Charge-offs			—				—				—				—				—				—				—				—
Recoveries			—				53				—				—				—				—				—				53
Provision (credit)			(43	)			(90	)			130				—				83				(14	)			35				100
Balance- December 31, 2021		$	1,093			$	3,706			$	724			$	232			$	2,129			$	1			$	343			$	8,228
Charge-offs			—				—				—				—				—				—				—				—
Recoveries			1				—				—				—				—				—				—				1
Provision (credit)			19				376				79				(12	)			(290	)			1				(102	)			71
Balance- March 31, 2022		$	1,113			$	4,082			$	803			$	220			$	1,839			$	2			$	241			$	8,300

		One-to-Four												Home Equity
		Family				Commercial								Lines of				Commercial
		Residential				Real Estate				Construction				Credit				Business				Other				Unallocated				Total
		(In thousands)
Balance- September 30, 2020		$	1,035			$	3,232			$	672			$	179			$	1,034			$	1			$	247			$	6,400
Charge-offs			—				—				—				—				—				—				—				—
Recoveries			—				—				—				—				90				—				—				90
Provision (credit)			120				176				(202	)			88				592				1				(135	)			640
Balance- December 31, 2020		$	1,155			$	3,408			$	470			$	267			$	1,716			$	2			$	112			$	7,130
Charge-offs			—				(50	)			—				—				—				—				—				(50	)
Recoveries			1				—				—				—				6				—				—				7
Provision (credit)			(29	)			351				(22	)			(10	)			30				(1	)			148				467
Balance- March 31, 2021		$	1,127			$	3,709			$	448			$	257			$	1,752			$	1			$	260			$	7,554

The following tables summarize the ALL by loan category, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of March 31, 2022 and September 30, 2021:

		One-to-Four												Home Equity
		Family				Commercial								Lines of				Commercial
		Residential				Real Estate				Construction				Credit				Business				Other				Unallocated				Total
		(In thousands)
Allowance for Loan Losses:
Balance - March 31, 2022		$	1,113			$	4,082			$	803			$	220			$	1,839			$	2			$	241			$	8,300
Individually evaluated for impairment			—				—				234				—				—				—				—				224
Collectively evaluated for impairment			1,113				4,082				579				220				1,839				2				241				8,076
Loans receivable:
Balance - March 31, 2022		$	206,083			$	317,665			$	26,847			$	15,623			$	48,942			$	3,292			$	—			$	618,452
Individually evaluated for impairment			1,537				1,178				4,580				—				1,504				—				—				8,799
Collectively evaluated for impairment			204,546				316,487				22,267				15,623				47,438				3,292				—				609,653

21

Table of Contents

		One-to-Four												Home Equity
		Family				Commercial								Lines of				Commercial
		Residential				Real Estate				Construction				Credit				Business				Other				Unallocated				Total
		(In thousands)
Allowance for Loan Losses:
Balance - September 30, 2021		$	1,136			$	3,744			$	594			$	232			$	2,046			$	15			$	308			$	8,075
Individually evaluated for impairment			—				—				224				—				—				—				—				224
Collectively evaluated for impairment			1,136				3,744				370				232				2,046				15				308				7,851
Loans receivable:
Balance - September 30, 2021		$	203,019			$	280,848			$	20,350			$	17,930			$	68,719			$	3,751			$	—			$	594,617
Individually evaluated for impairment			2,711				2,270				4,580				—				1,507				—				—				11,068
Collectively evaluated for impairment			200,308				278,578				15,770				17,930				67,212				3,751				—				583,549

Schedule of troubled debt restructurings

		Six Months Ended March 31, 2022
		Number of				Investment Before				Investment After
		Loans				TDR Modification				TDR Modification
		(Dollars in thousands)
One-to-four family residential			1				218				249
Total			1			$	218			$	249

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