XML 38 R28.htm IDEA: XBRL DOCUMENT v3.24.0.1
Loans Receivable, Net and Related Allowance for Credit Losses (Tables)
 3 Months Ended
Dec. 31, 2023
Loans Receivable, Net [Abstract]  
Schedule of Loans Receivable Loans receivable, net were comprised of the following:
   December 31,   September 30, 
   2023   2023 
   (In thousands) 
         
One-to-four family residential  $234,156   $237,683 
Commercial real estate   407,346    389,134 
Construction and land   34,641    21,853 
Home equity loans and lines of credit   24,069    16,983 
Commercial business   27,043    30,194 
Other   2,239    2,359 
Total loans receivable   729,494    698,206 
Net deferred loan costs   (934)   (806)
Total loans receivable, net  $728,560   $697,400 
Schedule of Loan Portfolio The following table presents the classes of the loan portfolio by origination year summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful for loans subject to the Company’s internal risk rating system and by performing status for all other loans as of December 31, 2023.
                           Revolving Loans     
   December 31, 2023   Amortized   Converted     
   Term Loans Amortized Cost Basis by Origination Fiscal Year   Cost Basis   to Term   Total 
   2024   2023   2022   2021   2020   Prior             
   (In thousands) 
One-to-four family residential                                             
Performing  $7,180   $43,224   $33,060   $27,899   $31,288   $91,353   $
—
   $
—
   $234,004 
Non-performing   
—
    
—
    
—
    
—
    
—
    152    
—
    
—
    152 
Total  $7,180   $43,224   $33,060   $27,899   $31,288   $91,505   $
—
   $
—
   $234,156 
Current period gross charge-offs   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
                                              
Commercial real estate                                             
Pass  $18,235   $82,558   $68,224   $66,529   $30,007   $131,540   $6,373   $1,540   $405,006 
Special Mention   
—
    
—
    
—
    
—
    
—
    116    
—
    
—
    116 
Substandard   
—
    
—
    2,224    
—
    
—
    
—
    
—
    
—
    2,224 
Doubtful   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Total  $18,235   $82,558   $70,448   $66,529   $30,007   $131,656   $6,373   $1,540   $407,346 
Current period gross charge-offs   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
                                              
Construction and land                                             
Pass  $10,368   $12,297   $2,351   $
—
   $1,761   $4,665   $725   $
—
   $32,167 
Special Mention   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Substandard   
—
    
—
    
—
    
—
    
—
    2,474    
—
    
—
    2,474 
Doubtful   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Total  $10,368   $12,297   $2,351   $
—
   $1,761   $7,139   $725   $
—
   $34,641 
Current period gross charge-offs   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
                                              
Home equity loans and lines of credit                                             
Performing  $724   $1,678   $1,657   $342   $277   $1,438   $17,953   $
—
   $24,069 
Non-performing   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Total  $724   $1,678   $1,657   $342   $277   $1,438   $17,953   $
—
   $24,069 
Current period gross charge-offs   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
                                              
Commercial business                                             
Pass  $1,030   $542   $2,685   $2,047   $946   $3,390   $16,403   $
—
   $27,043 
Special Mention   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Substandard   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Doubtful   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Total  $1,030   $542   $2,685   $2,047   $946   $3,390   $16,403   $
—
   $27,043 
Current period gross charge-offs   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
                                              
Other                                             
Performing  $
—
   $
—
   $65   $1   $13   $1,793   $367   $
—
   $2,239 
Non-performing   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Total  $
—
   $
—
   $65   $1   $13   $1,793   $367   $
—
   $2,239 
Current period gross charge-offs   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Schedule of Bank’s Internal Risk Rating System Information presented in the table above is not required for periods prior to the adoption of ASU 2016-13. The following table presents more comparable information 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 as of September 30, 2023.
       Special             
   Pass   Mention   Substandard   Doubtful   Total 
   (In thousands) 
September 30, 2023                         
One-to-four family residential  $236,876   $
—
   $807   $
—
   $237,683 
Commercial real estate   386,794    116    2,224    
—
    389,134 
Construction   19,379    
—
    2,474    
—
    21,853 
Home equity lines of credit   16,983    
—
    
—
    
—
    16,983 
Commercial business   30,194    
—
    
—
    
—
    30,194 
Other   2,359    
—
    
—
    
—
    2,359 
Total  $692,585   $116   $5,505   $
—
   $698,206 
Schedule of the Loan Portfolio by Analyzing the Age The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans for the periods presented:
       30-59   60-89         
       Days   Days   90 Days +   Total 
   Current   Past Due   Past Due   Past Due   Loans 
   (In thousands) 
December 31, 2023                         
One-to-four family residential  $232,710   $1,056   $238   $152   $234,156 
Commercial real estate   404,315    690    116    2,225    407,346 
Construction   32,167    
—
    
—
    2,474    34,641 
Home equity lines of credit   24,069    
—
    
—
    
—
    24,069 
Commercial business   26,404    639    
—
    
—
    27,043 
Other   2,239    
—
    
—
    
—
    2,239 
Total  $721,904   $2,385   $354   $4,851   $729,494 
       30-59   60-89         
       Days   Days   90 Days +   Total 
   Current   Past Due   Past Due   Past Due   Loans 
   (In thousands) 
September 30, 2023                         
One-to four-family residential  $236,729   $
—
   $568   $386   $237,683 
Commercial real estate   386,794    
—
    116    2,224    389,134 
Construction   19,379    
—
    
—
    2,474    21,853 
Home equity lines of credit   16,983    
—
    
—
    
—
    16,983 
Commercial business   30,047    147    
—
    
—
    30,194 
Other   2,359    
—
    
—
    
—
    2,359 
Total  $692,291   $147   $684   $5,084   $698,206 
Schedule of Non-Accrual Loans Related Allowance for Credit Loss by Loan The following tables present our non-accrual loans and the related allowance for credit loss by loan type as of December 31, 2023 and the non-accrual loans and specific reserves by loan type as of September 30, 2023.
   Non-   Allowance for 
   Accrual   Credit Loss 
   (In  thousands) 
December 31, 2023          
One-to-four family residential  $152   $
—
 
Commercial real estate   2,225    
—
 
Construction and land   2,474    
—
 
Home loans and lines of credit   
—
    
—
 
Commercial business   
—
    
—
 
Total  $4,851   $
—
 

 

   Non-   Specific 
   Accrual   Reserve 
   (In  thousands) 
September 30, 2023          
One-to four-family residential  $386   $
—
 
Commercial real estate   2,224    
—
 
Construction and land   2,474    
—
 
Home equity lines of credit   
—
    
—
 
Commercial business   
—
    
—
 
Other   
—
    
—
 
Total  $5,084   $
—
 
Schedule of Non-Performing,Collateral Dependent Loans The following table identifies our non-performing, collateral dependent loans by collateral type as of December 31, 2023:
   December 31, 
   2023 
   (In thousands) 
One- to four-family residential  $152 
Commercial real estate   2,225 
Land   2,474 
Total  $4,851 
Schedule of Impaired Loans The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 2023:
           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 
September 30, 2023  (In thousands) 
                     
One-to four-family residential  $
—
   $
—
   $2,031   $2,031   $2,031 
Commercial real estate   
—
    
—
    2,969    2,969    2,969 
Construction   
—
    
—
    2,474    2,474    2,539 
Commercial business   
—
    
—
    147    147    147 
Total impaired loans  $
—
   $
—
   $7,621   $7,621   $7,686 
Schedule of Interest Income Recognized on Impaired Loan The following table presents the average recorded investment in impaired loans and the interest income recognized on impaired loans for the three months ended December 31, 2022.
   Three Months Ended 
   December 31, 2022 
   (In thousands) 
     
One-to-four family residential  $1,447 
Commercial real estate   1,269 
Construction   2,835 
Commercial business   203 
Average investment in impaired loans  $5,754 
      
Interest income recognized on     
an accrual basis on impaired loans     
One-to-four family residential  $20 
Commercial real estate   13 
Commercial business   2 
Total  $35 
Schedule of Allowance for Loan Losses by Loan Category The following table presents, by loan category, the changes in the allowance for credit losses for the three months ended December 31, 2023 and the allowance for loan losses for the three months ended December 31, 2022.
   One-to-Four           Home Equity                 
   Family   Commercial       Lines of   Commercial             
   Residential   Real Estate   Construction   Credit   Business   Other   Unallocated   Total 
   (In  thousands) 
                                 
Balance- September 30, 2023  $1,259   $5,277   $472   $207   $939   $2   $174   $8,330 
Effect of adopting ASU 2016-13   7    (589)   (55)   (87)   (133)   (1)   (174)   (1,032)
Charge-offs   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Recoveries   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Provision (credit)   (75)   161    301    (40)   39    (1)   
—
    385 
Balance- December 31, 2023  $1,191   $4,849   $718   $80   $845   $
—
   $
—
   $7,683 
                                         
Balance- September 30, 2022  $1,223   $4,612   $461   $263   $1,484   $1   $389   $8,433 
Charge-offs   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Recoveries   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Provision (credit)   12    518    65    (7)   (109)   
—
    (162)   317 
Balance- December 31, 2022  $1,235   $5,130   $526   $256   $1,375   $1   $227   $8,750 
   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, 2023  $1,259   $5,277   $472   $207   $939   $2   $174   $8,330 
Individually evaluated                                        
for impairment   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Collectively evaluated                                        
for impairment   1,259    5,277    472    207    939    2    174    8,330 
                                         
Loans receivable:                                        
Balance - September 30, 2023  $237,683   $389,134   $21,853   $16,983   $30,194   $2,359   $
—
   $698,206 
Individually evaluated                                        
for impairment   2,031    2,969    2,474    
—
    147    
—
    
—
    7,621 
Collectively evaluated                                        
for impairment   235,652    386,165    19,379    16,983    30,047    2,359    
—
    690,585 
Schedule of Troubled Debt Restructuring During the three months ended December 31, 2022, there was one loan modified that was identified as a troubled debt restructuring (“TDR”) and there were no TDRs that subsequently defaulted within twelve months of modification.
   Three Months Ended December 31, 2022 
   Number of   Investment Before   Investment After 
   Loans   TDR Modification   TDR Modification 
   (Dollars in thousands) 
One-to four-family residential   1   $97   $107 
                
Total   1   $97   $107