Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2019 | Jan. 31, 2020 | |
Document and Entity Information | ||
Entity Registrant Name | TIMBERLAND BANCORP INC, | |
Entity Central Index Key | 0001046050 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 8,365,794 | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | |
Cash and cash equivalents: | |||
Cash and due from financial institutions | $ 24,322 | $ 25,179 | [1] |
Interest-bearing deposits in banks | 94,529 | 117,836 | [1] |
Total cash and cash equivalents | 118,851 | 143,015 | [1] |
Certificates of deposit (“CDs”) held for investment (at cost, which approximates fair value) | 76,249 | 78,346 | [1] |
Investment securities held to maturity, at amortized cost (estimated fair value $40,240 and $32,580) | 39,080 | 31,102 | [1] |
Investment securities available for sale, at fair value | 37,873 | 22,532 | [1] |
Investments in equity securities, at fair value | 953 | 958 | |
Federal Home Loan Bank of Des Moines (“FHLB”) stock | 1,437 | 1,437 | [1] |
Other investments, at cost | 3,000 | 3,000 | [1] |
Loans held for sale | 5,420 | 6,071 | [1] |
Loans receivable, net of allowance for loan losses of $9,882 and $9,690 | 913,150 | 886,662 | [1] |
Premises and equipment, net | 22,588 | 22,830 | [1] |
Other real estate owned (“OREO”) and other repossessed assets, net | 1,659 | 1,683 | [1] |
Accrued interest receivable | 3,665 | 3,598 | [1] |
Bank owned life insurance (“BOLI”) | 21,152 | 21,005 | [1] |
Goodwill | 15,131 | 15,131 | [1] |
Core deposit intangible (“CDI”), net | 1,930 | 2,031 | |
Servicing rights, net | 2,599 | 2,408 | [1] |
Operating lease right-of-use (ROU) assets | 2,823 | 0 | [1] |
Other assets | 2,982 | 5,323 | [1] |
Total assets | 1,270,542 | 1,247,132 | [1] |
Deposits: | |||
Non-interest-bearing demand | 297,676 | 296,472 | [1] |
Interest-bearing | 786,801 | 771,755 | [1] |
Total deposits | 1,084,477 | 1,068,227 | [1] |
Operating lease liabilities | 2,823 | 0 | [1] |
Other liabilities and accrued expenses | 7,589 | 7,838 | [1] |
Total liabilities | 1,094,889 | 1,076,065 | [1] |
Shareholders’ equity | |||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued | 0 | 0 | [2] |
Common stock, $0.01 par value; 50,000,000 shares authorized; 8,346,394 shares issued and outstanding - December 31, 2019 8,329,419 shares issued and outstanding - September 30, 2019 | 43,246 | 43,030 | [2] |
Retained earnings | 132,553 | 127,987 | [2] |
Accumulated other comprehensive income (loss) | (146) | 50 | [2] |
Total shareholders’ equity | 175,653 | 171,067 | [2] |
Total liabilities and shareholders’ equity | $ 1,270,542 | $ 1,247,132 | [2] |
[1] | Derived from audited consolidated financial statements. | ||
[2] | Derived from audited consolidated financial statements. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Investments securities held to maturity, estimated fair value | $ 40,240 | $ 32,580 |
Allowance for loan losses | $ 9,882 | $ 9,690 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock shares authorized (shares) | 1,000,000 | 1,000,000 |
Preferred stock shares issued (shares) | 0 | 0 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized (shares) | 50,000,000 | 50,000,000 |
Common stock shares issued (shares) | 8,346,394 | 8,329,419 |
Common stock shares outstanding (shares) | 8,346,394 | 8,329,419 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest and dividend income | ||
Loans receivable and loans held for sale | $ 12,764 | $ 11,782 |
Investment securities | 439 | 278 |
Dividends from mutual funds, FHLB stock and other investments | 37 | 39 |
Interest-bearing deposits in banks and CDs | 951 | 1,216 |
Total interest and dividend income | 14,191 | 13,315 |
Interest expense | ||
Deposits | 1,189 | 971 |
Total interest expense | 1,189 | 971 |
Net interest income | 13,002 | 12,344 |
Provision for loan losses | 200 | 0 |
Net interest income after provision for loan losses | 12,802 | 12,344 |
Non-interest income | ||
Recoveries on investment securities | 103 | 11 |
Adjustment for portion of other than temporary impairment (OTTI) transferred from other comprehensive income (loss) (before income taxes) | 0 | 0 |
Net recoveries on investment securities | 103 | 11 |
BOLI net earnings | 147 | 157 |
Gain on sales of loans, net | 953 | 386 |
Servicing income on loans sold | 51 | 148 |
Other, net | 301 | 312 |
Total non-interest income, net | 3,938 | 3,266 |
Non-interest expense | ||
Salaries and employee benefits | 4,722 | 4,606 |
Premises and equipment | 894 | 954 |
Loss (gain) on sales/dispositions of premises and equipment, net | (99) | 0 |
Advertising | 183 | 191 |
OREO and other repossessed assets, net | (1) | 50 |
ATM and debit card interchange transaction fees | 440 | 422 |
Postage and courier | 135 | 110 |
State and local taxes | 216 | 196 |
Professional fees | 269 | 265 |
Federal Deposit Insurance Corporation (FDIC) insurance | (27) | 74 |
Loan administration and foreclosure | 89 | 87 |
Data processing and telecommunications | 584 | 673 |
Deposit operations | 317 | 294 |
Amortization of CDI | 101 | 109 |
Other | 550 | 531 |
Total non-interest expense, net | 8,373 | 8,562 |
Income before income taxes | 8,367 | 7,048 |
Provision for income taxes | 1,715 | 1,433 |
Net income | $ 6,652 | $ 5,615 |
Net income per common share | ||
Basic (in dollars per share) | $ 0.80 | $ 0.68 |
Diluted (in dollars per share) | $ 0.78 | $ 0.66 |
Weighted average common shares outstanding | ||
Basic (in shares) | 8,341,470 | 8,293,212 |
Diluted (in shares) | 8,475,029 | 8,457,703 |
Dividends paid per common share (in dollars per share) | $ 0.25 | $ 0.23 |
Deposit Account | ||
Non-interest income | ||
Revenue from contract with customer | $ 1,200 | $ 1,216 |
Credit and Debit Card | ||
Non-interest income | ||
Revenue from contract with customer | 1,094 | 949 |
Asset Management | ||
Non-interest income | ||
Revenue from contract with customer | 83 | 56 |
Investment Advice | ||
Non-interest income | ||
Revenue from contract with customer | $ 6 | $ 31 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Comprehensive income | ||
Net income | $ 6,652 | $ 5,615 |
Unrealized holding loss on investment securities available for sale, net of income taxes of ($55) and ($22), respectively | (206) | (86) |
Change in OTTI on investment securities held to maturity, net of income taxes: | ||
Adjustments related to other factors for which OTTI was previously recognized, net of income taxes of $0 and ($1), respectively | 0 | (3) |
Accretion of OTTI on investment securities held to maturity, net of income taxes of $3 and $3, respectively | 10 | 10 |
Total other comprehensive loss, net of income taxes | (196) | (79) |
Total comprehensive income | $ 6,456 | $ 5,536 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized holding loss on investment securities available for sale, tax | $ (55) | $ (22) |
Adjustments related to other factors for which OTTI was previously recognized, tax | 0 | (1) |
Accretion of OTTI on investment securities held to maturity, tax | $ 3 | $ 3 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Stock Options | Number of Shares | Number of SharesStock Options | Unearned Shares Issued to ESOP | Retained Earnings | Accumulated Other Comprehensive Loss | ||
Balance at beginning of period (in shares) at Sep. 30, 2018 | 7,401,177 | ||||||||
Balance at beginning of period at Sep. 30, 2018 | $ 124,657 | $ 14,394 | $ (133) | $ 110,525 | $ (129) | [1] | |||
Balance at beginning of period (in shares) at Sep. 30, 2018 | 7,401,177 | ||||||||
Balance at beginning of period at Sep. 30, 2018 | 124,657 | $ 14,394 | (133) | 110,525 | (129) | [1] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 5,615 | 5,615 | |||||||
Other comprehensive income (loss) | $ (79) | (79) | |||||||
Exercise of stock options (in shares) | 7,400 | 7,400 | |||||||
Exercise of stock options | $ 71 | $ 71 | |||||||
Common stock dividends | (1,911) | (1,911) | |||||||
Earned ESOP shares, net of income taxes | 232 | $ 166 | 66 | ||||||
Stock option compensation expense | $ 53 | $ 53 | |||||||
Common stock issued for business combination (in shares) | 904,826 | ||||||||
Common stock issued for business combination | 28,267 | $ 28,267 | 0 | ||||||
Balance at end of period (in shares) at Dec. 31, 2018 | 8,313,403 | ||||||||
Balance at end of period at Dec. 31, 2018 | 156,905 | $ 42,951 | (67) | 114,166 | (145) | [1] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Adoption of Accounting Standards Update (ASU) 2016-01 | (63) | 63 | |||||||
Adoption of Accounting Standards Update (ASU) 2016-01 | Accounting Standards Update 2016-01 | (63) | ||||||||
Balance at beginning of period (in shares) at Sep. 30, 2019 | 8,329,419 | ||||||||
Balance at beginning of period at Sep. 30, 2019 | 171,067 | [2] | $ 43,030 | 0 | 127,987 | 50 | [1] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 6,652 | 6,652 | |||||||
Other comprehensive income (loss) | $ (196) | (196) | |||||||
Exercise of stock options (in shares) | 16,975 | 16,975 | |||||||
Exercise of stock options | $ 170 | $ 170 | |||||||
Common stock dividends | (2,086) | (2,086) | |||||||
Stock option compensation expense | $ 46 | $ 46 | |||||||
Balance at end of period (in shares) at Dec. 31, 2019 | 8,346,394 | ||||||||
Balance at end of period at Dec. 31, 2019 | $ 175,653 | $ 43,246 | $ 0 | $ 132,553 | $ (146) | [1] | |||
[1] | All amounts are net of income taxes. | ||||||||
[2] | Derived from audited consolidated financial statements. |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Shares | ||
Common stock dividends (in dollars per share) | $ 0.25 | $ 0.23 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Cash flows from operating activities | |||
Net income | $ 6,652 | $ 5,615 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 200 | 0 | |
Depreciation | 376 | 390 | |
Accretion of discount on purchased loans | (145) | (87) | |
Amortization of CDI | 101 | 109 | |
Earned ESOP shares | 0 | 232 | |
Stock option compensation expense | 46 | 53 | |
Net recoveries on investment securities | (103) | (11) | |
Change in fair value of investments in equity securities | 5 | (8) | |
Gain on sales of OREO and other repossessed assets, net | (39) | 0 | |
Provision for OREO losses | 0 | 3 | |
Gain on sales of loans, net | (953) | (386) | |
Loss (gain) on sales/disposition of premises and equipment, net | 99 | 0 | |
Loans originated for sale | (32,959) | (16,932) | |
Proceeds from sales of loans | 34,563 | 16,115 | |
Amortization of servicing rights | 185 | 153 | |
Valuation adjustment on servicing rights | 24 | 0 | |
BOLI net earnings | (147) | (157) | |
Increase in deferred loan origination fees | 36 | 238 | |
Net change in accrued interest receivable and other assets, and other liabilities and accrued expenses | 1,632 | 1,447 | |
Net cash provided by operating activities | 9,375 | 6,774 | |
Cash flows from investing activities | |||
Net decrease in CDs held for investment | 2,097 | 433 | |
Proceeds from sale of investment securities available for sale | 0 | 2,332 | |
Purchase of investment securities held to maturity | (9,755) | 0 | |
Purchase of investment securities available for sale | (16,502) | 0 | |
Proceeds from maturities and prepayments of investment securities held to maturity | 1,946 | 580 | |
Proceeds from maturities and prepayments of investment securities available for sale | 892 | 644 | |
Increase in loans receivable, net | (26,579) | (10,377) | |
Additions to premises and equipment | (339) | (984) | |
Proceeds from sales of premises and equipment | 304 | 0 | |
Cash acquired, net of cash consideration paid in business combination | 0 | 14,284 | |
Escrow deposit for business combination | 0 | 6,900 | |
Proceeds from sales of OREO and other repossessed assets | 63 | 0 | |
Net cash (used in) provided by investing activities | (47,873) | 13,812 | |
Cash flows from financing activities | |||
Net increase (decrease) in deposits | 16,250 | (5,867) | |
Proceeds from exercise of stock options | 170 | 71 | |
Payment of dividends | (2,086) | (1,911) | |
Net cash provided by (used in) financing activities | 14,334 | (7,707) | |
Net (decrease) increase in cash and cash equivalents | (24,164) | 12,879 | |
Cash and cash equivalents, at beginning of period | 143,015 | [1] | 148,864 |
Cash and cash equivalents, at end of period | 118,851 | 161,743 | |
Supplemental disclosure of cash flow information | |||
Interest paid | 1,171 | 901 | |
Supplemental disclosure of non-cash investing activities | |||
Loans transferred to OREO and other repossessed assets | 0 | 91 | |
Other comprehensive loss related to investment securities | (196) | (79) | |
Business Combination (see Note 2) | |||
Fair value of assets acquired | 0 | 180,518 | |
Fair value of liabilities assumed | $ 0 | $ 154,829 | |
[1] | Derived from audited consolidated financial statements. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation: The accompanying unaudited consolidated financial statements for Timberland Bancorp, Inc. (the "Company") and its wholly-owned subsidiary, Timberland Bank (the "Bank") were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions for Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of consolidated financial condition, results of operations, and cash flows in conformity with GAAP. However, all adjustments which are, in the opinion of management, necessary for a fair presentation of the interim consolidated financial statements have been included. All such adjustments are of a normal recurring nature. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2019 (“2019 Form 10-K”). The unaudited consolidated results of operations for the three months ended December 31, 2019 are not necessarily indicative of the results that may be expected for the entire fiscal year ending September 30, 2020. On October 1, 2018, the Company completed the acquisition of South Sound Bank, a Washington-state chartered bank, headquartered in Olympia, Washington ("South Sound Acquisition"). The Company acquired 100% of the outstanding common stock of South Sound Bank, and South Sound Bank was merged into the Bank. See Note 2 for additional information on the South Sound Acquisition. (b) Principles of Consolidation: The unaudited consolidated financial statements include the accounts of the Company and the Bank, and the Bank’s wholly-owned subsidiary, Timberland Service Corporation. All significant inter-company transactions and balances have been eliminated in consolidation. (c) Operating Segment: The Company has one reportable operating segment which is defined as community banking in western Washington. (d) The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, as of the date of the consolidated balance sheets, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. (e) Certain prior period amounts have been reclassified to conform to the December 31, 2019 presentation with no change to previously reported net income or total shareholders’ equity. |
Business Combinations Business
Business Combinations Business Combinations | 3 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | BUSINESS COMBINATION On October 1, 2018 , the Company completed the South Sound Acquisition. The primary reason for the acquisition was to expand the Company's presence along Washington State's economically important I-5 corridor. Pursuant to the terms of the merger agreement, South Sound Bank shareholders received 0.746 of a share the Company's common stock and $5.68825 in cash per share of South Sound Bank common stock. The Company issued 904,826 shares of its common stock (valued at $28.27 million based on the Company's closing stock price on September 30, 2018 of $31.24 per share) and paid $6.90 million in cash in the transaction for total consideration paid of $35.17 million . The South Sound Acquisition constitutes a business combination as defined by GAAP, which establishes principles and requirements for how the acquirer in a business combination recognizes and measures in its financial statements the identifiable assets acquired and liabilities assumed. The Company was considered the acquirer in this transaction. Accordingly, the estimates of fair values of the acquired assets, including the identifiable intangible assets, and the assumed liabilities in the South Sound Acquisition were measured and recorded as of October 1, 2018 . The excess of the total consideration paid over the fair value of the net assets acquired was allocated to goodwill. The South Sound Acquisition resulted in $9.48 million of goodwill. The goodwill arising from the transaction consists largely of the synergies and expected economies of scale from combining the operations of the Company and South Sound Bank. This goodwill is not deductible for tax purposes. In most instances, determining the estimated fair values of the acquired assets and assumed liabilities requires the Company to estimate cash flows expected to result from those assets and liabilities and to discount those cash flows at the appropriate rate of interest. Differences may arise between contractually required payments and the expected cash flows at the acquisition date due to items such as estimated credit losses, prepayments or early withdrawal, and other factors. One of the most significant of those determinations relates to the valuation of acquired loans. For such loans, the excess of cash flows expected at acquisition over the estimated fair value is recognized as interest income over the remaining lives of the loans. In accordance with GAAP, there was no carry-over of South Sound Bank's previously established allowance for loan losses. The following table summarizes the fair value of consideration paid, the estimated fair values of assets acquired and liabilities assumed as of the acquisition date, and the resulting goodwill relating to the transaction: At October 1, 2018 Book Value Fair Value Adjustment Estimated Fair Value (Dollars in thousands) Total acquisition consideration $ 35,170 Recognized amounts of identifiable assets acquired and liabilities assumed Identifiable assets acquired: Cash and cash equivalents $ 21,187 $ — 21,187 CDs held for investment 2,973 — 2,973 FHLB stock 205 — 205 Investment securities held to maturity 19,891 (189 ) 19,702 Investment securities available for sale 5,022 — 5,022 Loans receivable 123,627 (2,083 ) 121,544 Premises and equipment 3,225 112 3,337 OREO 25 — 25 Accrued interest receivable 554 — 554 BOLI 2,629 — 2,629 CDI — 2,483 2,483 Servicing rights 285 (4 ) 281 Other assets 1,087 (511 ) 576 Total assets 180,710 (192 ) 180,518 Liabilities assumed: Deposits 151,378 160 151,538 Other liabilities and accrued expenses 3,291 — 3,291 Total liabilities assumed 154,669 160 154,829 Total identifiable net assets acquired $ 26,041 $ (352 ) 25,689 Goodwill recognized $ 9,481 The acquired loan portfolio was valued using Level 3 inputs (see Note 10) and included the use of present value techniques, including cash flow estimates and incorporated assumptions that the Company believes marketplace participants would use in estimating fair values. Credit discounts were included in the determination of the fair value of the loans acquired; therefore, an allowance for loan losses was not recorded at the acquisition date. Acquired loans are evaluated upon acquisition and classified as either purchased credit-impaired ("PCI") or purchased non-credit-impaired. PCI loans reflect credit deterioration since origination such that it is probable at acquisition that the Company will be unable to collect all contractually required payments. The Company determined that PCI loans acquired in the South Sound Acquisition were insignificant. For purchased non-credit-impaired loans, the difference between the fair value and unpaid principal balance of the loan at the acquisition date is amortized or accreted to interest income over the life of the loans. Any subsequent deterioration in credit quality is recognized by recording an allowance for loan losses. CDI represents the future economic benefit of the potential cost savings from acquiring core deposits as part of a business combination compared to the cost of alternative funding sources. CDI is amortized to non-interest expense using an accelerated method based on an estimated runoff of related deposits over a period of ten years. CDI is evaluated for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable, with any changes in estimated useful life accounted for prospectively over the revised remaining life. The operating results of the Company for the three months ended December 31, 2019 and 2018 include the operating results produced by the net assets acquired in the South Sound Acquisition since the October 1, 2018 acquisition date. The Company determined that the disclosure requirements related to the amounts of revenues and earnings from the net assets acquired in the South Sound Acquisition since the October 1, 2018 acquisition date is impracticable. The financial activity and operating results of the net assets acquired in the South Sound Acquisition were commingled with the Company's financial activity and operating results as of the acquisition date. During the three months ended December 31, 2019, the Company incurred acquisition-related expenses of $67,000 related to the South Sound Acquisition, which are included in the data processing and telecommunications expense category in the accompanying consolidated statement of income. During the three months ended December 31, 2018, the Company incurred acquisition-related expenses of $64,000 related to the South Sound Acquisition, which are included in the professional fees expense category in the accompanying consolidated statement of income. |
Investment Securities
Investment Securities | 3 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Investment Securities | INVESTMENT SECURITIES Held to maturity and available for sale investment securities have been classified according to management’s intent and were as follows as of December 31, 2019 and September 30, 2019 (dollars in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2019 Held to maturity Mortgage-backed securities ("MBS"): U.S. government agencies $ 35,805 $ 848 $ (33 ) $ 36,620 Private label residential 276 348 (1 ) 623 U.S. Treasury and U.S government agency securities 2,999 — (2 ) 2,997 Total $ 39,080 $ 1,196 $ (36 ) $ 40,240 Available for sale MBS: U.S. government agencies $ 38,020 $ 16 $ (163 ) $ 37,873 Total $ 38,020 $ 16 $ (163 ) $ 37,873 September 30, 2019 Held to maturity MBS: U.S. government agencies $ 27,786 $ 999 $ (2 ) $ 28,783 Private label residential 317 490 (1 ) 806 U.S. Treasury and U.S. government agency securities 2,999 — (8 ) 2,991 Total $ 31,102 $ 1,489 $ (11 ) $ 32,580 Available for sale MBS: U.S. government agencies $ 22,418 $ 114 $ — $ 22,532 Total $ 22,418 $ 114 $ — $ 22,532 Held to maturity and available for sale investment securities with unrealized losses were as follows as of December 31, 2019 (dollars in thousands): Less Than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Held to maturity MBS: U.S. government agencies $ 9,542 $ (31 ) 6 $ 69 $ (2 ) 6 $ 9,611 $ (33 ) Private label residential 8 — 1 23 (1 ) 3 31 (1 ) U.S. Treasury and U.S. government agency securities — — — 2,997 (2 ) 1 2,997 (2 ) Total $ 9,550 $ (31 ) 7 $ 3,089 $ (5 ) 10 $ 12,639 $ (36 ) Available for sale MBS: U.S. government agencies $ 36,494 $ (163 ) 7 $ — $ — — $ 36,494 $ (163 ) Total $ 36,494 $ (163 ) 7 $ — $ — — $ 36,494 $ (163 ) Held to maturity investment securities with unrealized losses were as follows as of September 30, 2019 (dollars in thousands): Less Than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Held to maturity MBS: U.S. government agencies $ 291 $ (1 ) 2 $ 76 $ (1 ) 6 $ 367 $ (2 ) Private label residential — — — 23 (1 ) 5 23 (1 ) U.S. Treasury and U.S. government agency securities — — — 2,991 (8 ) 1 2,991 (8 ) Total $ 291 $ (1 ) 2 $ 3,090 $ (10 ) 12 $ 3,381 $ (11 ) The Company has evaluated the investment securities in the above tables and has determined that the decline in their fair value is temporary. The unrealized losses are primarily due to changes in market interest rates and spreads in the market for mortgage-related products. The fair value of these securities is expected to recover as the securities approach their maturity dates and/or as the pricing spreads narrow on mortgage-related securities. The Company has the ability and the intent to hold the investments until the fair value recovers. Furthermore, as of December 31, 2019 , management does not have the intent to sell any of the securities classified as available for sale where the estimated fair value is below the recorded value and believes that it is more likely than not that the Company will not have to sell such securities before a recovery of cost (or recorded value if previously written down). The Company bifurcates OTTI into (1) amounts related to credit losses which are recognized through earnings and (2) amounts related to all other factors which are recognized as a component of other comprehensive income (loss). To determine the component of the gross OTTI related to credit losses, the Company compared the amortized cost basis of the OTTI security to the present value of its revised expected cash flows, discounted using its pre-impairment yield. The revised expected cash flow estimates for individual securities are based primarily on an analysis of default rates, prepayment speeds and third-party analytic reports. Significant judgment by management is required in this analysis that includes, but is not limited to, assumptions regarding the collectability of principal and interest, net of related expenses, on the underlying loans. The following table presents a summary of the significant inputs utilized to measure management’s estimates of the credit loss component on OTTI securities as of December 31, 2019 and 2018: Range Weighted Minimum Maximum Average December 31, 2019 Constant prepayment rate 6.00 % 15.00 % 9.41 % Collateral default rate 2.68 % 19.93 % 10.59 % Loss severity rate 0.11 % 14.24 % 4.21 % December 31, 2018 Constant prepayment rate 6.00 % 15.00 % 13.56 % Collateral default rate — % 11.94 % 5.72 % Loss severity rate — % 77.00 % 46.97 % The following table presents the OTTI recoveries (losses) for the three months ended December 31, 2019 and 2018 (dollars in thousands): Three Months Ended Three Months Ended Held To Maturity Available For Sale Held To Maturity Available For Sale Total recoveries $ 103 $ — $ 11 $ — Adjustment for portion of OTTI transferred from other comprehensive income (loss) before income taxes (1) — — — — Net recoveries recognized in earnings (2) $ 103 $ — $ 11 $ — _________________ (1) Represents OTTI related to all other factors. (2) Represents OTTI related to credit losses. The following table presents a roll forward of the credit loss component of held to maturity and available for sale debt securities that have been written down for OTTI with the credit loss component recognized in earnings for the three months ended December 31, 2019 and 2018 (dollars in thousands): Three Months Ended December 31, 2019 2018 Beginning balance of credit loss $ 1,071 $ 1,153 Additions: Additional increases to the amount related to credit loss for which OTTI was previously recognized — 1 Subtractions: Realized losses previously recorded as credit losses (53 ) (20 ) Recovery of prior credit loss (103 ) (12 ) Ending balance of credit loss $ 915 $ 1,122 During the three months ended December 31, 2019, the Company recorded a $53,000 net realized loss (as a result of investment securities being deemed worthless) on 18 held to maturity investment securities, all of which had been recognized previously as a credit loss. During the three months ended December 31, 2018, the Company recorded a $20,000 net realized loss (as a result of investment securities being deemed worthless) on 15 held to maturity investment securities, all of which had been recognized previously as a credit loss. The recorded amount of investment securities pledged as collateral for public fund deposits, federal treasury tax and loan deposits, FHLB collateral and other non-profit organization deposits totaled $44.47 million and $18.59 million at December 31, 2019 and September 30, 2019 , respectively. The contractual maturities of debt securities at December 31, 2019 were as follows (dollars in thousands). Expected maturities may differ from scheduled maturities due to the prepayment of principal or call provisions. Held to Maturity Available for Sale Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 3,013 $ 3,011 $ — $ — Due after one year to five years 189 193 133 133 Due after five years to ten years 5,852 6,153 1,432 1,427 Due after ten years 30,026 30,883 36,455 36,313 Total $ 39,080 $ 40,240 $ 38,020 $ 37,873 |
Goodwill and CDI
Goodwill and CDI | 3 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and CDI | GOODWILL AND CDI Goodwill is initially recorded when the purchase price paid in a business combination exceeds the estimated fair value of the net identified tangible and intangible assets acquired and liabilities assumed. Goodwill is presumed to have an indefinite useful life and is analyzed annually for impairment. The Company performs an annual review during the third quarter of each fiscal year, or more frequently if indicators of potential impairment exist, to determine if the recorded goodwill is impaired. For purposes of goodwill impairment testing, the services offered through the Bank and its subsidiary are managed as one strategic unit and represent the Company's only reporting unit. The annual goodwill impairment test begins with a qualitative assessment of whether it is "more likely than not" that the reporting unit's fair value is less than its carrying amount. If an entity concludes that it is not "more likely than not" that the fair value of a reporting unit is less than its carrying amount, it need not perform a two-step impairment test. If the Company's qualitative assessment concluded that it is "more likely than not" that the fair value of its reporting unit is less than its carrying amount, it must perform the two-step impairment test to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be recognized, if any. The first step of the goodwill impairment test compares the estimated fair value of the reporting unit with its carrying amount, or the book value, including goodwill. If the estimated fair value of the reporting unit equals or exceeds its book value, goodwill is considered not impaired, and the second step of the impairment test is unnecessary. The second step, if necessary, measures the amount of goodwill impairment loss to be recognized. The reporting unit must determine fair value for all assets and liabilities, excluding goodwill. The net of the assigned fair value of assets and liabilities is then compared to the book value of the reporting unit, and any excess book value becomes the implied fair value of goodwill. If the carrying amount of the goodwill exceeds the newly calculated implied fair value of goodwill, an impairment loss is recognized in the amount required to write-down the goodwill to the implied fair value. Management's qualitative assessment takes into consideration macroeconomic conditions, industry and market considerations, cost or margin factors, financial performance and share price of the Company's common stock. Based on this assessment, the Company determined that it is not "more likely than not" that the Company's fair value is less than its carrying amount and therefore goodwill was determined not to be impaired at May 31, 2019. A significant amount of judgment is involved in determining if an indicator of goodwill impairment has occurred. Such indicators may include, among others: a significant decline in expected future cash flows; a sustained, significant decline in the Company's stock price and market capitalization; a significant adverse change in legal factors or in the business climate; adverse assessment or action by a regulator; and unanticipated competition. Any change in these indicators could have a significant negative impact on the Company's financial condition, impact the goodwill impairment analysis or cause the Company to perform a goodwill impairment analysis more frequently than once per year. As of December 31, 2019, management believes that there have been no events or changes in the circumstances since May 31, 2019 that would indicate a potential impairment of goodwill. No assurances can be given, however, that the Company will not record an impairment loss on goodwill in the future. The recorded amount of goodwill at December 31, 2019 and September 30, 2019 remained unchanged at $15.13 million . CDI is evaluated for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable, with any changes in estimated useful life accounted for prospectively over the revised remaining life. As of December 31, 2019, management believes that there have been no events or changes in the circumstances that would indicate a potential impairment of CDI. |
Loans Receivable And Allowance
Loans Receivable And Allowance For Loan Losses | 3 Months Ended |
Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Loans Receivable And Allowance For Loan Losses | LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES Loans receivable at December 31, 2019 are reported net of unamortized discounts totaling $1.24 million . Loans receivable by portfolio segment consisted of the following at December 31, 2019 and September 30, 2019 (dollars in thousands): December 31, September 30, Amount Percent Amount Percent Mortgage loans: One- to four-family (1) $ 129,373 12.8 % $ 132,661 13.4 % Multi-family 78,326 7.8 76,036 7.7 Commercial 439,024 43.6 419,117 42.3 Construction - custom and owner/builder 124,530 12.4 128,848 13.0 Construction - speculative one- to four-family 18,764 1.9 16,445 1.7 Construction - commercial 36,670 3.6 39,566 4.0 Construction - multi-family 33,290 3.2 36,263 3.6 Construction - land development 1,656 0.2 2,404 0.2 Land 29,419 2.9 30,770 3.1 Total mortgage loans 891,052 88.4 882,110 89.0 Consumer loans: Home equity and second mortgage 39,103 3.9 40,190 4.1 Other 4,093 0.4 4,312 0.4 Total consumer loans 43,196 4.3 44,502 4.5 Commercial business loans 73,790 7.3 64,764 6.5 Total loans receivable 1,008,038 100.0 % 991,376 100.0 % Less: Undisbursed portion of construction loans in process 82,172 92,226 Deferred loan origination fees, net 2,834 2,798 Allowance for loan losses 9,882 9,690 94,888 104,714 Loans receivable, net $ 913,150 $ 886,662 _____________________________ (1) Does not include one- to four-family loans held for sale totaling $5,420 and $6,071 at December 31, 2019 and September 30, 2019, respectively. Allowance for Loan Losses The following tables set forth information for the three months ended December 31, 2019 and 2018 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands): Three Months Ended December 31, 2019 Beginning Allowance Provision for (Recapture of) Loan Losses Charge- offs Recoveries Ending Allowance Mortgage loans: One- to four-family $ 1,167 $ (104 ) $ — $ 2 $ 1,065 Multi-family 481 18 — — 499 Commercial 4,154 252 — 4 4,410 Construction – custom and owner/builder 755 (6 ) — 5 754 Construction – speculative one- to four-family 212 36 — — 248 Construction – commercial 338 65 — — 403 Construction – multi-family 375 (42 ) — — 333 Construction – land development 67 (19 ) — — 48 Land 697 (48 ) — 5 654 Consumer loans: Home equity and second mortgage 623 (14 ) — — 609 Other 99 (3 ) (10 ) 1 87 Commercial business loans 722 65 (15 ) — 772 Total $ 9,690 $ 200 $ (25 ) $ 17 $ 9,882 Three Months Ended December 31, 2018 Beginning Allowance Provision for (Recapture of) Loan Losses Charge- offs Recoveries Ending Allowance Mortgage loans: One- to four-family $ 1,086 $ 73 $ — $ — $ 1,159 Multi-family 433 16 — — 449 Commercial 4,248 (9 ) — — 4,239 Construction – custom and owner/builder 671 (28 ) — — 643 Construction – speculative one- to four-family 178 28 — — 206 Construction – commercial 563 (177 ) — — 386 Construction – multi-family 135 74 — — 209 Construction – land development 49 94 — — 143 Land 844 (91 ) — 4 757 Consumer loans: Home equity and second mortgage 649 17 — — 666 Other 117 (15 ) (2 ) 1 101 Commercial business loans 557 18 — — 575 Total $ 9,530 $ — $ (2 ) $ 5 $ 9,533 The following tables present information on the loans evaluated individually and collectively for impairment in the allowance for loan losses by portfolio segment at December 31, 2019 and September 30, 2019 (dollars in thousands): Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total December 31, 2019 Mortgage loans: One- to four-family $ — $ 1,065 $ 1,065 $ 1,431 $ 127,942 $ 129,373 Multi-family — 499 499 — 78,326 78,326 Commercial — 4,410 4,410 3,141 435,883 439,024 Construction – custom and owner/builder — 754 754 — 75,026 75,026 Construction – speculative one- to four-family — 248 248 — 12,473 12,473 Construction – commercial — 403 403 — 27,151 27,151 Construction – multi-family — 333 333 — 17,024 17,024 Construction – land development — 48 48 — 1,064 1,064 Land 28 626 654 198 29,221 29,419 Consumer loans: Home equity and second mortgage — 609 609 581 38,522 39,103 Other 6 81 87 12 4,081 4,093 Commercial business loans 71 701 772 601 73,189 73,790 Total $ 105 $ 9,777 $ 9,882 $ 5,964 $ 919,902 $ 925,866 September 30, 2019 Mortgage loans: One- to four-family $ — $ 1,167 $ 1,167 $ 1,192 $ 131,469 $ 132,661 Multi-family — 481 481 — 76,036 76,036 Commercial — 4,154 4,154 3,190 415,927 419,117 Construction – custom and owner/builder — 755 755 — 75,411 75,411 Construction – speculative one- to four-family — 212 212 — 10,779 10,779 Construction – commercial — 338 338 — 24,051 24,051 Construction – multi-family — 375 375 — 19,256 19,256 Construction – land development — 67 67 — 1,803 1,803 Land 27 670 697 204 30,566 30,770 Consumer loans: Home equity and second mortgage — 623 623 603 39,587 40,190 Other 17 82 99 23 4,289 4,312 Commercial business loans 128 594 722 725 64,039 64,764 Total $ 172 $ 9,518 $ 9,690 $ 5,937 $ 893,213 $ 899,150 The following tables present an analysis of loans by aging category and portfolio segment at December 31, 2019 and September 30, 2019 (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, 2019 Mortgage loans: One- to four-family $ — $ 277 $ 942 $ — $ 1,219 $ 128,154 $ 129,373 Multi-family — — — — — 78,326 78,326 Commercial — 217 736 — 953 438,071 439,024 Construction – custom and owner/builder — — — — — 75,026 75,026 Construction – speculative one- to four- family — — — — — 12,473 12,473 Construction – commercial — — — — — 27,151 27,151 Construction – multi-family — — — — — 17,024 17,024 Construction – land development — — — — — 1,064 1,064 Land 65 215 198 — 478 28,941 29,419 Consumer loans: Home equity and second mortgage 28 — 581 — 609 38,494 39,103 Other — — 12 — 12 4,081 4,093 Commercial business loans — — 601 — 601 73,189 73,790 Total $ 93 $ 709 $ 3,070 $ — $ 3,872 $ 921,994 $ 925,866 September 30, 2019 Mortgage loans: One- to four-family $ — $ 286 $ 699 $ — $ 985 $ 131,676 $ 132,661 Multi-family — — — — — 76,036 76,036 Commercial 94 218 779 — 1,091 418,026 419,117 Construction – custom and owner/ — — — — — 75,411 75,411 Construction – speculative one- to four- family — — — — — 10,779 10,779 Construction – commercial — — — — — 24,051 24,051 Construction – multi-family — — — — — 19,256 19,256 Construction – land development — — — — — 1,803 1,803 Land 5 193 204 — 402 30,368 30,770 Consumer loans: Home equity and second mortgage 94 — 603 — 697 39,493 40,190 Other — — 23 — 23 4,289 4,312 Commercial business loans — 2 725 — 727 64,037 64,764 Total $ 193 $ 699 $ 3,033 $ — $ 3,925 $ 895,225 $ 899,150 ______________________ (1) Includes non-accrual loans past due 90 days or more and other loans classified as non-accrual. 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. Loss: Loans in this classification are considered uncollectible and of such little value that continuance as bankable assets 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, 2019 and September 30, 2019 , there were no loans classified as loss. The following tables present an analysis of loans by credit quality indicator and portfolio segment at December 31, 2019 and September 30, 2019 (dollars in thousands): Loan Grades December 31, 2019 Pass Watch Special Substandard Total Mortgage loans: One- to four-family $ 126,562 $ 1,300 $ 557 $ 954 $ 129,373 Multi-family 78,326 — — — 78,326 Commercial 427,832 9,246 673 1,273 439,024 Construction – custom and owner/builder 73,984 1,042 — — 75,026 Construction – speculative one- to four-family 12,473 — — — 12,473 Construction – commercial 27,151 — — — 27,151 Construction – multi-family 17,024 — — — 17,024 Construction – land development 926 — — 138 1,064 Land 27,075 1,556 590 198 29,419 Consumer loans: Home equity and second mortgage 38,303 41 — 759 39,103 Other 4,048 33 — 12 4,093 Commercial business loans 72,824 235 82 649 73,790 Total $ 906,528 $ 13,453 $ 1,902 $ 3,983 $ 925,866 September 30, 2019 Mortgage loans: One- to four-family $ 129,748 $ 296 $ 562 $ 2,055 $ 132,661 Multi-family 76,036 — — — 76,036 Commercial 405,165 11,944 683 1,325 419,117 Construction – custom and owner/builder 75,178 233 — — 75,411 Construction – speculative one- to four-family 10,779 — — — 10,779 Construction – commercial 24,051 — — — 24,051 Construction – multi-family 19,256 — — — 19,256 Construction – land development 1,659 — — 144 1,803 Land 28,390 952 1,217 211 30,770 Consumer loans: Home equity and second mortgage 39,364 41 — 785 40,190 Other 4,257 33 — 22 4,312 Commercial business loans 63,669 232 85 778 64,764 Total $ 877,552 $ 13,731 $ 2,547 $ 5,320 $ 899,150 Impaired Loans A loan is considered impaired when it is probable that the Company will be unable to collect all amounts (principal and interest) when due according to the contractual terms of the loan agreement. Smaller balance homogeneous loans, such as residential mortgage loans and consumer loans, may be collectively evaluated for impairment. When a loan has been identified as being impaired, the amount of the impairment is measured by using discounted cash flows, except when, as an alternative, the current estimated fair value of the collateral (reduced by estimated costs to sell, if applicable) or observable market price is used. The valuation of real estate collateral is subjective in nature and may be adjusted in future periods because of changes in economic conditions. Management considers third-party appraisals, as well as independent fair market value assessments from realtors or persons involved in selling real estate, in determining the estimated fair value of particular properties. In addition, as certain of these third-party appraisals and independent fair market value assessments are only updated periodically, changes in the values of specific properties may have occurred subsequent to the most recent appraisals. Accordingly, the amounts of any such potential changes and any related adjustments are generally recorded at the time such information is received. When the estimated net realizable value of the impaired loan is less than the recorded investment in the loan (including accrued interest and net deferred loan origination fees or costs), impairment is recognized by creating or adjusting an allocation of the allowance for loan losses and uncollected accrued interest is reversed against interest income. If ultimate collection of principal is in doubt, all cash receipts on impaired loans are applied to reduce the principal balance. The categories of non-accrual loans and impaired loans overlap, although they are not identical. The following table is a summary of information related to impaired loans by portfolio segment as of December 31, 2019 and for the three months 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 $ 1,431 $ 1,475 $ — $ 1,312 $ 5 $ 5 Commercial 3,141 3,141 — 3,166 53 31 Land 59 181 — 61 — — Consumer loans: Home equity and second mortgage 581 581 — 592 — — Commercial business loans 183 300 — 186 — — Subtotal 5,395 5,678 — 5,317 58 36 With an allowance recorded: Mortgage loans: Land 139 139 28 140 — — Consumer loans: Other 12 12 6 18 — — Commercial business loans 418 418 71 477 — — Subtotal 569 569 105 635 — — Total: Mortgage loans: One- to four-family 1,431 1,475 — 1,312 5 5 Commercial 3,141 3,141 — 3,166 53 31 Land 198 320 28 201 — — Consumer loans: Home equity and second mortgage 581 581 — 592 — — Other 12 12 6 18 — — Commercial business loans 601 718 71 663 — — Total $ 5,964 $ 6,247 $ 105 $ 5,952 $ 58 $ 36 ______________________________________________ (1) For the three months ended December 31, 2019 . 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 $ 1,192 $ 1,236 $ — $ 1,110 $ 71 $ 62 Commercial 3,190 3,190 — 2,920 227 192 Land 63 126 — 100 3 3 Consumer loans: Home equity and second mortgage 603 603 — 459 — — Commercial business loans 189 291 — 142 30 30 Subtotal 5,237 5,446 — 4,731 331 287 With an allowance recorded: Mortgage loans: Land 141 141 27 246 — — Consumer loans: Other 23 23 17 10 — Commercial business loans 536 536 128 350 30 30 Subtotal 700 700 172 606 30 30 Total Mortgage loans: One- to four-family 1,192 1,236 — 1,110 71 62 Commercial 3,190 3,190 — 2,920 227 192 Land 204 267 27 346 3 3 Consumer loans: Home equity and second mortgage 603 603 — 459 — — Other 23 23 17 10 — — Commercial business loans 725 827 128 492 60 60 Total $ 5,937 $ 6,146 $ 172 $ 5,337 $ 361 $ 317 _____________________________________________ (1) For the year ended September 30, 2019. A troubled debt restructured loan ("TDR") is a loan for which the Company, for reasons related to a borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. Examples of such concessions include, but are not limited to: a reduction in the stated interest rate; an extension of the maturity at an interest rate below current market rates; a reduction in the face amount of the debt; a reduction in the accrued interest; or re-amortizations, extensions, deferrals and renewals. TDRs are considered impaired and are individually evaluated for impairment. TDRs are classified as non-accrual (and considered to be non-performing) unless they have been performing in accordance with modified terms for a period of at least six months. The Company had $3.25 million and $3.27 million in TDRs included in impaired loans at December 31, 2019 and September 30, 2019, respectively, and had no commitments at these dates to lend additional funds on these loans. The allowance for loan losses allocated to TDRs at December 31, 2019 and September 30, 2019 was $53,000 and $56,000 , respectively. There were no TDRs for which there was a payment default within the first 12 months of the modification during the three months ended December 31, 2019. The following tables set forth information with respect to the Company’s TDRs by interest accrual status as of December 31, 2019 and September 30, 2019 (dollars in thousands): December 31, 2019 Accruing Non- Accrual Total Mortgage loans: One- to four-family $ 489 $ 139 $ 628 Commercial 2,405 — 2,405 Consumer loans: Home equity and second mortgage — 79 79 Commercial business loans — 136 136 Total $ 2,894 $ 354 $ 3,248 September 30, 2019 Accruing Non- Accrual Total Mortgage loans: One- to four-family $ 493 $ 141 $ 634 Commercial 2,410 — 2,410 Consumer loans: Home equity and second mortgage — 82 82 Commercial business loans — 143 143 Total $ 2,903 $ 366 $ 3,269 There were no new TDRs during the three months ended December 31, 2019 . There was one new TDR during the year ended September 30, 2019. The following table sets forth information with respect to the Company's TDRs, by portfolio segment, during the year ended September 30, 2019 (dollars in thousands): 2019 Number of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment End of Period Balance Home equity and second mortgage loan (1) 1 $ 85 $ 85 $ 82 Total 1 $ 85 $ 85 $ 82 (1) Modification was a result of a reduction in interest rate and monthly payment. |
Leases
Leases | 3 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | LEASES The Company adopted Accounting Standards Codification ("ASC") 842 ("ASC 842") on October 1, 2019 and began recording operating lease liabilities and operating lease ROU assets on the consolidated balance sheets. The Company has operating leases for three retail bank branch offices. The ROU assets totaled $2.89 million at October 1, 2019. The Company's leases have remaining lease terms of twelve months to eleven years, some of which include options to extend the leases for up to five years. The components of lease cost (included in the premises and equipment expense category in the consolidated statements of income) are as follows for the three months ended December 31, 2019 (dollars in thousands): Three Months Ended December 31, 2019 Lease cost: Operating lease cost $ 83 Short-term lease cost — Total lease cost $ 83 The following table provides supplemental information to operating leases at or for the three months ended December 31, 2019 (dollars in thousands): At or For the Three Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 79 Weighted average lease term-operating leases 10.04 years Weighted average discount rate-operating leases 2.22 % The Company's leases typically do not contain a discount rate implicit in the lease contract. As an alternative, the weighted average discount rate used to value the future value of lease payments due in calculating the value of the ROU asset and lease liability was determined by utilizing the September 30, 2019 fixed-rate advances issued by the FHLB of Des Moines, for all leases entered into prior to the October 1, 2019 adoption date. Maturities of operating lease liabilities at December 31, 2019 for future fiscal years are as follows (dollars in thousands): Remainder of 2020 $ 239 2021 327 2022 342 2023 310 2024 313 Thereafter 1,639 Total lease payments 3,170 Less imputed interest 347 Total $ 2,823 |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | NET INCOME PER COMMON SHARE Basic net income per common share is computed by dividing net income to common shareholders by the weighted average number of common shares outstanding during the period, without considering any dilutive items. Diluted net income per common share is computed by dividing net income to common shareholders by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the Company’s common stock during the period. Common stock equivalents arise from the assumed conversion of outstanding stock options to purchase common stock. Shares owned by the Bank’s ESOP that have not been allocated are not considered to be outstanding for the purpose of computing basic and diluted net income per common share. At December 31, 2019 , all shares had been allocated under the Bank's ESOP. At December 31, 2018, there were 14,027 shares that had not been allocated under the Bank’s ESOP. Information regarding the calculation of basic and diluted net income per common share for the three months ended December 31, 2019 and 2018 is as follows (dollars in thousands, except per share amounts): Three Months Ended December 31, 2019 2018 Numerator – net income $ 6,652 $ 5,615 Denominator – weighted average common shares outstanding 8,341,470 8,293,212 Basic net income per common share $ 0.80 $ 0.68 Diluted net income per common share computation Numerator – net income $ 6,652 $ 5,615 Denominator – weighted average common shares outstanding 8,341,470 8,293,212 Effect of dilutive stock options (1) 133,559 164,491 Weighted average common shares outstanding - assuming dilution 8,475,029 8,457,703 Diluted net income per common share $ 0.78 $ 0.66 ____________________________________________ (1) For the three months ended December 31, 2019 and 2018, average options to purchase 104,816 and 102,850 shares of common stock were outstanding but not included in the computation of diluted net income per share because their effect would have been anti-dilutive. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS The changes in accumulated other comprehensive loss ("AOCI") by component during the three months ended December 31, 2019 and 2018 are as follows (dollars in thousands): Three Months Ended December 31, 2019 Changes in fair value of available for sale securities (1) Changes in OTTI on held to maturity securities (1) Total (1) Balance of AOCI at the beginning of period $ 90 $ (40 ) $ 50 Other comprehensive income (loss) (206 ) 10 (196 ) Balance of AOCI at the end of period $ (116 ) $ (30 ) $ (146 ) Three Months Ended December 31, 2018 Changes in fair value of available for sale securities (1) Changes in OTTI on held to maturity securities (1) Total (1) Balance of AOCI at the beginning of period $ (58 ) $ (71 ) $ (129 ) Other comprehensive income (loss) (86 ) 7 (79 ) Adoption of ASU 2016-01 63 — $ 63 Balance of AOCI at the end of period $ (81 ) $ (64 ) $ (145 ) __________________________ (1) All amounts are net of income taxes. |
Stock Compensation Plans
Stock Compensation Plans | 3 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock Compensation Plans | STOCK COMPENSATION PLANS Under the Company’s 2003 Stock Option Plan, the Company was able to grant options for up to 300,000 shares of common stock to employees, officers, directors and directors emeriti. Under the Company's 2014 Equity Incentive Plan, the Company is able to grant options and awards of restricted stock (with or without performance measures) for up to 352,366 shares of common stock to employees, officers, directors and directors emeriti. Shares issued may be purchased in the open market or may be issued from authorized and unissued shares. The exercise price of each option equals the fair market value of the Company’s common stock on the date of grant. Generally, options and restricted stock vest in 20% annual installments on each of the five anniversaries from the date of the grant, and options generally have a maximum contractual term of ten years from the date of grant. At December 31, 2019 , there were 29,526 shares of common stock available which may be awarded as options or restricted stock pursuant to future grant under the 2014 Equity Incentive Plan. At both December 31, 2019 and 2018, there were no unvested restricted stock awards. There were no restricted stock grants awarded during the three months ended December 31, 2019 or 2018. Stock option activity for the three months ended December 31, 2019 and 2018 is summarized as follows: Three Months Ended Three Months Ended Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Options outstanding, beginning of period 378,304 $ 18.15 380,820 $ 16.03 Exercised (16,975 ) 10.03 (7,400 ) 9.55 Granted 1,000 26.50 — — Forfeited (450 ) 15.99 (3,700 ) 18.03 Options outstanding, end of period 361,879 $ 18.56 369,720 $ 16.14 The weighted average assumptions for options granted during the three months ended December 31, 2019 were as follows: Expected volatility 29 % Expected life (in years) 5 Expected dividend yield 3.36 % Risk free interest rate 1.61 % Grant date fair value per share $ 4.98 The aggregate intrinsic value of options exercised during the three months ended December 31, 2019 and 2018 was $284,000 and $142,000 , respectively. At December 31, 2019 , there were 161,750 unvested options with an aggregate grant date fair value of $610,000 , all of which the Company assumes will vest. The aggregate intrinsic value of unvested options at December 31, 2019 was $867,000 . There were no options vested during the three months ended December 31, 2019 . At December 31, 2018 , there were 174,850 unvested options with an aggregate grant date fair value of $527,000 . There were 18,200 options with an aggregate grant date fair value of $164,000 that vested during the three months ended December 31, 2018 . Additional information regarding options outstanding at December 31, 2019 is as follows: Options Outstanding Options Exercisable Range of Exercise Prices ($) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) $ 4.01 - 4.55 1,000 $ 4.01 1.9 1,000 $ 4.01 1.9 5.86 - 6.00 19,100 5.97 2.8 19,100 5.97 2.8 9.00 44,425 9.00 3.8 44,425 9.00 3.8 10.26 - 10.71 102,564 10.59 5.3 79,314 10.58 5.3 15.67 46,000 15.67 6.8 25,000 15.67 6.8 26.50 - 27.14 47,840 27.13 9.8 — N/A N/A 29.69 55,500 29.69 7.8 22,200 29.69 7.8 31.80 45,450 31.80 8.8 9,090 31.80 8.8 361,879 $ 18.56 6.6 200,129 $ 13.48 5.3 The aggregate intrinsic value of options outstanding at December 31, 2019 and 2018 was $4.14 million and $3.13 million , respectively. As of December 31, 2019, unrecognized compensation cost related to unvested stock options was $559,000 , which is expected to be recognized over a weighted average life of 2.33 years. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is defined under GAAP as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP also establishes a fair value hierarchy which prioritizes the valuation inputs into three broad levels. Based on the underlying inputs, each fair value measurement in its entirety is reported in one of three levels. These levels are: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2: Significant observable inputs other than quoted prices included within Level 1, such as quoted prices for similar (as opposed to identical) assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions market participants would use in pricing an asset or liability based on the best information available in the circumstances. The Company's assets measured at fair value on a recurring basis consist of investment securities available for sale and investments in equity securities. The estimated fair values of MBS are based upon market prices of similar securities or observable inputs (Level 2). The estimated fair values of mutual funds are based upon quoted market prices (Level 1). The Company had no liabilities measured at fair value on a recurring basis at December 31, 2019 and September 30, 2019. The Company's assets measured at estimated fair value on a recurring basis at December 31, 2019 and September 30, 2019 were as follows (dollars in thousands): December 31, 2019 Estimated Fair Value Level 1 Level 2 Level 3 Total Available for sale investment securities MBS: U.S. government agencies $ — $ 37,873 $ — $ 37,873 Investments in equity securities Mutual funds 953 — — 953 Total $ 953 $ 37,873 $ — $ 38,826 September 30, 2019 Estimated Fair Value Level 1 Level 2 Level 3 Total Available for sale investment securities MBS: U.S. government agencies $ — $ 22,532 $ — $ 22,532 Investments in equity securities Mutual funds 958 — — 958 Total $ 958 $ 22,532 $ — $ 23,490 There were no transfers among Level 1, Level 2 and Level 3 during the three months ended December 31, 2019 and the year ended September 30, 2019 . The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis in accordance with GAAP. These include assets that are measured at the lower of cost or market value that were recognized at fair value below cost at the end of the period. The Company uses the following methods and significant assumptions to estimate fair value on a non-recurring basis: Impaired Loans : The estimated fair value of impaired loans is calculated using the collateral value method or on a discounted cash flow basis. The specific reserve for collateral dependent impaired loans is based on the estimated fair value of the collateral less estimated costs to sell, if applicable. In some cases, adjustments are made to the appraised values due to various factors including age of the appraisal, age of comparables included in the appraisal and known changes in the market and in the collateral. Such adjustments may be significant and typically result in a Level 3 classification of the inputs for determining fair value. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Investment Securities Held to Maturity: The estimated fair value of investment securities held to maturity is based upon the assumptions market participants would use in pricing the investment security. Such assumptions include quoted market prices (Level 1), market prices of similar securities or observable inputs (Level 2) and unobservable inputs such as dealer quotes, discounted cash flows or similar techniques (Level 3). OREO and Other Repossessed Assets, net: OREO and other repossessed assets are recorded at estimated fair value less estimated costs to sell. Estimated fair value is generally determined by management based on a number of factors, including third-party appraisals of estimated fair value in an orderly sale. Estimated costs to sell are based on standard market factors. The valuation of OREO and other repossessed assets is subject to significant external and internal judgment (Level 3). The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at December 31, 2019 (dollars in thousands): Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans: Mortgage loans: Land $ — $ — $ 111 Consumer loans: Other — — 6 Commercial business loans — — 347 Total impaired loans — — 464 OREO and other repossessed assets — — 1,659 Total $ — $ — $ 2,123 The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis as of December 31, 2019 (dollars in thousands): Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Impaired loans $ 464 Market approach Appraised value less estimated selling costs NA OREO and other repossessed assets $ 1,659 Market approach Lower of appraised value or listing price less estimated selling costs NA The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2019 (dollars in thousands): Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans: Mortgage loans: Land $ — $ — $ 114 Consumer loans: Home equity and second mortgage — — — Other — — 6 Commercial business loans — — 408 Total impaired loans — — 528 Investment securities – held to maturity: MBS - private label residential — 2 — OREO and other repossessed assets — — 1,683 Total $ — $ 2 $ 2,211 The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis as of September 30, 2019 (dollars in thousands): Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Impaired loans $ 528 Market approach Appraised value less estimated selling costs NA OREO and other repossessed assets $ 1,683 Market approach Lower of appraised value or listing price less estimated selling costs NA GAAP requires disclosure of estimated fair values for certain financial instruments. Such estimates are subjective in nature, and significant judgment is required regarding the risk characteristics of various financial instruments at a discrete point in time. Therefore, such estimates could vary significantly if assumptions regarding uncertain factors were to change. In addition, as the Company normally intends to hold the majority of its financial instruments until maturity, it does not expect to realize many of the estimated amounts disclosed. The disclosures also do not include estimated fair value amounts for certain items which are not defined as financial instruments but for which may have significant value. The Company does not believe that it would be practicable to estimate a represented fair value for these types of items as of December 31, 2019 and September 30, 2019. Because GAAP excludes certain items from fair value disclosure requirements, any aggregation of the fair value amounts presented would not represent the underlying value of the Company. Additionally, in accordance with ASU No. 2016-01, which the Company adopted on October 1, 2018 on a prospective basis, the Company uses the exit price notion in calculating the fair values of financial instruments not measured at fair value on a recurring basis. The recorded amounts and estimated fair values of financial instruments were as follows as of December 31, 2019 and September 30, 2019 (dollars in thousands): December 31, 2019 Fair Value Measurements Using: Recorded Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 118,851 $ 118,851 $ 118,851 $ — $ — CDs held for investment 76,249 76,249 76,249 — — Investment securities 76,953 79,114 2,997 76,117 — Investments in equity securities 953 953 953 — — FHLB stock 1,437 1,437 1,437 — — Other investments 3,000 3,000 3,000 — — Loans held for sale 5,420 5,501 5,501 — — Loans receivable, net 913,150 917,475 — — 917,475 Accrued interest receivable 3,665 3,665 3,665 — — Financial liabilities Certificates of deposits 165,408 166,432 — — 166,432 Accrued interest payable 351 351 351 — — September 30, 2019 Fair Value Measurements Using: Recorded Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 143,015 $ 143,015 $ 143,015 $ — $ — CDs held for investment 78,346 78,346 78,346 — — Investment securities 53,634 55,112 3,949 51,163 — Investments in equity securities 958 958 958 — — FHLB stock 1,437 1,437 1,437 — — Other investments 3,000 3,000 3,000 — — Loans held for sale 6,071 6,260 6,260 — — Loans receivable, net 886,662 892,495 — — 892,495 Accrued interest receivable 3,598 3,598 3,598 — — Financial liabilities Certificates of deposits 165,655 166,852 — — 166,852 Accrued interest payable 333 333 333 — — |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS In January 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 generally requires equity investments - except those accounted for under the valuation method of accounting or those that result in consolidation of the investee - to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU 2016-01 is intended to simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. ASU 2016-01 also eliminates certain disclosures related to the fair value of financial instruments and requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. ASU 2016-01 was effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted ASU 2016-01 effective October 1, 2018. As required by ASU 2016-01, on October 1, 2018 the Company recorded a one-time cumulative effect adjustment of $63,000 representing net unrealized losses on equity securities (mutual funds) between accumulated other comprehensive loss and retained earnings on the accompanying consolidated balance sheet. Additionally, the fair values of financial instruments for disclosure purposes were computed using an exit price notion and deposits with no stated maturity are no longer included in the fair value disclosures in Note 10. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which created FASB Accounting Standards Codification ("ASC") Topic 842 ("ASC 842") and is intended to increase transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The principal change required by ASC 842 relates to lessee accounting, and is that for operating leases, a lessee is required to (1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, (2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term generally on a straight-line basis, and (3) classify all cash payments within operating activities in the statement of cash flows. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. ASC 842 also changes disclosure requirements related to leasing activities and requires certain qualitative disclosures along with specific quantitative disclosures. ASC 842 also provides an optional transition method for adoption, under which an entity initially applies ASC 842 at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity's reporting for the comparative periods presented in the financial statements in which it adopts ASC 842 will continue to be in accordance with current GAAP. ASC 842 was effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. The Company adopted the provisions of ASC 842 effective October 1, 2019 utilizing the optional transition method and will not restate comparative periods. The Company also elected the package of practical expedients permitted under ASC 842's transition guidance, which allows the Company to carryforward its historical lease classifications and its assessment as to whether a contract is or contains a lease. The Company also elected to not recognize lease assets and lease liabilities for leases with an initial term of 12 months or less. As a result of adopting ASC 842, total other assets and other liabilities increased by $2.89 million on October 1, 2019. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses , as amended by ASU 2018-19, ASU 2019-04 and ASU 2019-05. This ASU replaces the existing incurred losses methodology with a current expected losses methodology with respect to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held to maturity investment securities and off-balance sheet commitments. In addition, this ASU requires credit losses relating to available for sale debt securities to be recorded through an allowance for credit losses rather than as a reduction of the carrying amount. ASU 2016-13 also changes the accounting for purchased credit-impaired debt securities and loans. ASU 2016-13 retains many of the current disclosure requirements in GAAP and expands certain disclosure requirements. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Upon adoption, the Company expects a change in the processes and procedures to calculate the allowance for loan losses, including changes in the assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current policy for other-than-temporary impairment on investment securities available for sale will be replaced with an allowance approach. The Company is reviewing the requirements of ASU 2016-13 and has begun developing and implementing processes and procedures to ensure it is fully compliant with the amendments at the adoption date. At this time, the Company anticipates the allowance for loan losses will increase as a result of the implementation of this ASU; however, until its evaluation is complete, the magnitude of the increase will be unknown. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment. This ASU simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value of its assets and liabilities (including unrecognized assets and liabilities) at the impairment testing date following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU 2017-04 will be effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early application of this ASU is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of ASU 2017-04 is not expected to have a material impact on the Company's future consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. This ASU shortens the amortization period for certain callable debt securities held at a premium to the earliest call date. ASU 2017-08 was effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2018. The Company adopted ASU 2017-08 effective October 1, 2019 and it did not have a material impact on the Company's consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This ASU was issued to expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. Previously, these awards were recorded at the fair value of consideration received or the fair value of the equity instruments issued and were measured at the earlier of the commitment date or the date performance was completed. The amendments in this ASU require nonemployee share-based payment awards to be measured at the grant-date fair value of the equity instrument. ASU 2018-07 was effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2018. The Company adopted ASU 2018-07 effective October 1, 2019 and it did not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . This ASU modifies the disclosure requirements for fair value measurements. The following disclosure requirements were removed from ASC Topic 820, Fair Value Measurement : (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; (2) the policy for timing of transfers between levels; and (3) the valuation process for Level 3 fair value measurements. This ASU clarifies that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. This ASU adds the following disclosure requirements for Level 3 measurements: (1) changes in unrealized gains and losses for the period included in other comprehensive income for the recurring Level 3 fair value measurements held at the end of the reporting period, and (2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for any removed or modified disclosures. The adoption of ASU 2018-13 is not expected to have a material impact on the Company's future consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in this ASU broaden the scope of ASC Subtopic 350-40 to include costs incurred to implement a hosting arrangement that is a service contract. The amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The costs are capitalized or expensed depending on the nature of the costs and the project stage during which they are incurred, consistent with the accounting for internal-use software costs. The amendments in this ASU result in consistent capitalization of implementation costs of a hosting arrangement that is a service contract and implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this ASU. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of ASU 2018-15 is not expected to have a material impact on the Company's future consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021, including interim periods within fiscal years. The adoption of ASU 2019-12 is not expected to have a material impact on the Company's future consolidated financial statements. |
U.S. Tax Reform U.S. Tax Reform
U.S. Tax Reform U.S. Tax Reform | 3 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
U.S. Tax Reform | U.S. TAX REFORM On December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act (the "Tax Act"). The Tax Act significantly revised the future ongoing U.S. corporate income tax by, among other things, decreasing the federal corporate income tax rate to 21.0% from 35.0% effective January 1, 2018. As the Company has a September 30 fiscal year-end, the lower corporate federal income tax rate was phased in, resulting in a blended federal income tax rate of approximately 24.5% for the Company's fiscal year ended September 30, 2018, and 21.0% for subsequent fiscal years. In addition, the reduction of the corporate federal income tax rate required the Company to revalue its deferred tax assets and liabilities based on the lower federal tax rate of 21.0%. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers Revenue from Contracts with Customers | 3 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS ASC 606 applies to all contracts with customers to provide goods or services in the ordinary course of business, except for contracts that are specifically excluded from its scope. The majority of the Company's revenues are composed of interest income, deferred loan fee accretion, premium/discount accretion, gains on sales of loans and investments, BOLI net earnings, servicing income on loans sold and other loan fee income, which are not in the scope of ASC 606. Revenue reported as service charges on deposits, ATM and debit card interchange transaction fees, merchant services fees, non-deposit investment fees and escrow fees are within the scope of ASC 606. All of the Company's revenue from contracts with customers in the scope of ASC 606 is recognized in non-interest income with the exception of gains on sale of OREO and gains on sales/disposition of premises and equipment, which are included in non-interest expense. If a contract is determined to be within the scope of ASC 606, the Company recognizes revenue when it satisfies its performance obligation. Descriptions of the Company's revenue-generating activities that are within the scope of ASC 606 are as follows: • Service Charges on Deposits: The Company earns fees from its deposit customers from a variety of deposit products and services. Non-transaction based fees such as account maintenance fees and monthly statement fees are considered to be provided to the customer under a day-to-day contract with ongoing renewals. Revenue for these non-transaction fees are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Transaction-based fees such as non-sufficient fund charges, stop payment charges and wire fees are recognized at the time the transaction is executed as the contract duration does not extend beyond the service performed. • ATM and Debit Card Interchange Transaction Fees: The Company earns fees from cardholder transactions conducted through third party payment network providers which consist of interchange fees earned from the payment networks as a debit card issuer. These fees are recognized when the transaction occurs, but may settle on a daily or monthly basis. • Escrow Fees: The Company earns fees from real estate escrow contracts with customers. The Company receives and disburses money and/or property per the customer's contract. Fees are recognized when the escrow contract closes. • Fee Income from Non-deposit Investment Sales: The Company earns fees from contracts with customers for investment activities. Revenues are generally recognized on a monthly basis and are generally based on a percentage of the customer's assets under management or based on investment solutions that are implemented for the customer. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying unaudited consolidated financial statements for Timberland Bancorp, Inc. (the "Company") and its wholly-owned subsidiary, Timberland Bank (the "Bank") were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions for Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of consolidated financial condition, results of operations, and cash flows in conformity with GAAP. However, all adjustments which are, in the opinion of management, necessary for a fair presentation of the interim consolidated financial statements have been included. All such adjustments are of a normal recurring nature. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2019 (“2019 Form 10-K”). The unaudited consolidated results of operations for the three months ended December 31, 2019 are not necessarily indicative of the results that may be expected for the entire fiscal year ending September 30, 2020. |
Principles of Consolidation | Principles of Consolidation: The unaudited consolidated financial statements include the accounts of the Company and the Bank, and the Bank’s wholly-owned subsidiary, Timberland Service Corporation. All significant inter-company transactions and balances have been eliminated in consolidation. |
Operating Segment | Operating Segment: The Company has one reportable operating segment which is defined as community banking in western Washington. |
Use of Estimates | The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, as of the date of the consolidated balance sheets, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. |
Reclassification | Certain prior period amounts have been reclassified to conform to the December 31, 2019 presentation with no change to previously reported net income or total shareholders’ equity. |
Recent Accounting Pronouncements | In January 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 generally requires equity investments - except those accounted for under the valuation method of accounting or those that result in consolidation of the investee - to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU 2016-01 is intended to simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. ASU 2016-01 also eliminates certain disclosures related to the fair value of financial instruments and requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. ASU 2016-01 was effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted ASU 2016-01 effective October 1, 2018. As required by ASU 2016-01, on October 1, 2018 the Company recorded a one-time cumulative effect adjustment of $63,000 representing net unrealized losses on equity securities (mutual funds) between accumulated other comprehensive loss and retained earnings on the accompanying consolidated balance sheet. Additionally, the fair values of financial instruments for disclosure purposes were computed using an exit price notion and deposits with no stated maturity are no longer included in the fair value disclosures in Note 10. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which created FASB Accounting Standards Codification ("ASC") Topic 842 ("ASC 842") and is intended to increase transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The principal change required by ASC 842 relates to lessee accounting, and is that for operating leases, a lessee is required to (1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, (2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term generally on a straight-line basis, and (3) classify all cash payments within operating activities in the statement of cash flows. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. ASC 842 also changes disclosure requirements related to leasing activities and requires certain qualitative disclosures along with specific quantitative disclosures. ASC 842 also provides an optional transition method for adoption, under which an entity initially applies ASC 842 at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity's reporting for the comparative periods presented in the financial statements in which it adopts ASC 842 will continue to be in accordance with current GAAP. ASC 842 was effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. The Company adopted the provisions of ASC 842 effective October 1, 2019 utilizing the optional transition method and will not restate comparative periods. The Company also elected the package of practical expedients permitted under ASC 842's transition guidance, which allows the Company to carryforward its historical lease classifications and its assessment as to whether a contract is or contains a lease. The Company also elected to not recognize lease assets and lease liabilities for leases with an initial term of 12 months or less. As a result of adopting ASC 842, total other assets and other liabilities increased by $2.89 million on October 1, 2019. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses , as amended by ASU 2018-19, ASU 2019-04 and ASU 2019-05. This ASU replaces the existing incurred losses methodology with a current expected losses methodology with respect to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held to maturity investment securities and off-balance sheet commitments. In addition, this ASU requires credit losses relating to available for sale debt securities to be recorded through an allowance for credit losses rather than as a reduction of the carrying amount. ASU 2016-13 also changes the accounting for purchased credit-impaired debt securities and loans. ASU 2016-13 retains many of the current disclosure requirements in GAAP and expands certain disclosure requirements. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Upon adoption, the Company expects a change in the processes and procedures to calculate the allowance for loan losses, including changes in the assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current policy for other-than-temporary impairment on investment securities available for sale will be replaced with an allowance approach. The Company is reviewing the requirements of ASU 2016-13 and has begun developing and implementing processes and procedures to ensure it is fully compliant with the amendments at the adoption date. At this time, the Company anticipates the allowance for loan losses will increase as a result of the implementation of this ASU; however, until its evaluation is complete, the magnitude of the increase will be unknown. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment. This ASU simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value of its assets and liabilities (including unrecognized assets and liabilities) at the impairment testing date following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Under ASU 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU 2017-04 will be effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early application of this ASU is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of ASU 2017-04 is not expected to have a material impact on the Company's future consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. This ASU shortens the amortization period for certain callable debt securities held at a premium to the earliest call date. ASU 2017-08 was effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2018. The Company adopted ASU 2017-08 effective October 1, 2019 and it did not have a material impact on the Company's consolidated financial statements. |
Revenue from Contract with Customer | ASC 606 applies to all contracts with customers to provide goods or services in the ordinary course of business, except for contracts that are specifically excluded from its scope. The majority of the Company's revenues are composed of interest income, deferred loan fee accretion, premium/discount accretion, gains on sales of loans and investments, BOLI net earnings, servicing income on loans sold and other loan fee income, which are not in the scope of ASC 606. Revenue reported as service charges on deposits, ATM and debit card interchange transaction fees, merchant services fees, non-deposit investment fees and escrow fees are within the scope of ASC 606. All of the Company's revenue from contracts with customers in the scope of ASC 606 is recognized in non-interest income with the exception of gains on sale of OREO and gains on sales/disposition of premises and equipment, which are included in non-interest expense. If a contract is determined to be within the scope of ASC 606, the Company recognizes revenue when it satisfies its performance obligation. Descriptions of the Company's revenue-generating activities that are within the scope of ASC 606 are as follows: • Service Charges on Deposits: The Company earns fees from its deposit customers from a variety of deposit products and services. Non-transaction based fees such as account maintenance fees and monthly statement fees are considered to be provided to the customer under a day-to-day contract with ongoing renewals. Revenue for these non-transaction fees are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Transaction-based fees such as non-sufficient fund charges, stop payment charges and wire fees are recognized at the time the transaction is executed as the contract duration does not extend beyond the service performed. • ATM and Debit Card Interchange Transaction Fees: The Company earns fees from cardholder transactions conducted through third party payment network providers which consist of interchange fees earned from the payment networks as a debit card issuer. These fees are recognized when the transaction occurs, but may settle on a daily or monthly basis. • Escrow Fees: The Company earns fees from real estate escrow contracts with customers. The Company receives and disburses money and/or property per the customer's contract. Fees are recognized when the escrow contract closes. • Fee Income from Non-deposit Investment Sales: The Company earns fees from contracts with customers for investment activities. Revenues are generally recognized on a monthly basis and are generally based on a percentage of the customer's assets under management or based on investment solutions that are implemented for the customer. |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions | The following table summarizes the fair value of consideration paid, the estimated fair values of assets acquired and liabilities assumed as of the acquisition date, and the resulting goodwill relating to the transaction: At October 1, 2018 Book Value Fair Value Adjustment Estimated Fair Value (Dollars in thousands) Total acquisition consideration $ 35,170 Recognized amounts of identifiable assets acquired and liabilities assumed Identifiable assets acquired: Cash and cash equivalents $ 21,187 $ — 21,187 CDs held for investment 2,973 — 2,973 FHLB stock 205 — 205 Investment securities held to maturity 19,891 (189 ) 19,702 Investment securities available for sale 5,022 — 5,022 Loans receivable 123,627 (2,083 ) 121,544 Premises and equipment 3,225 112 3,337 OREO 25 — 25 Accrued interest receivable 554 — 554 BOLI 2,629 — 2,629 CDI — 2,483 2,483 Servicing rights 285 (4 ) 281 Other assets 1,087 (511 ) 576 Total assets 180,710 (192 ) 180,518 Liabilities assumed: Deposits 151,378 160 151,538 Other liabilities and accrued expenses 3,291 — 3,291 Total liabilities assumed 154,669 160 154,829 Total identifiable net assets acquired $ 26,041 $ (352 ) 25,689 Goodwill recognized $ 9,481 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Marketable Securities | Held to maturity and available for sale investment securities have been classified according to management’s intent and were as follows as of December 31, 2019 and September 30, 2019 (dollars in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2019 Held to maturity Mortgage-backed securities ("MBS"): U.S. government agencies $ 35,805 $ 848 $ (33 ) $ 36,620 Private label residential 276 348 (1 ) 623 U.S. Treasury and U.S government agency securities 2,999 — (2 ) 2,997 Total $ 39,080 $ 1,196 $ (36 ) $ 40,240 Available for sale MBS: U.S. government agencies $ 38,020 $ 16 $ (163 ) $ 37,873 Total $ 38,020 $ 16 $ (163 ) $ 37,873 September 30, 2019 Held to maturity MBS: U.S. government agencies $ 27,786 $ 999 $ (2 ) $ 28,783 Private label residential 317 490 (1 ) 806 U.S. Treasury and U.S. government agency securities 2,999 — (8 ) 2,991 Total $ 31,102 $ 1,489 $ (11 ) $ 32,580 Available for sale MBS: U.S. government agencies $ 22,418 $ 114 $ — $ 22,532 Total $ 22,418 $ 114 $ — $ 22,532 |
Unrealized Gain (Loss) on Investments | Held to maturity and available for sale investment securities with unrealized losses were as follows as of December 31, 2019 (dollars in thousands): Less Than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Held to maturity MBS: U.S. government agencies $ 9,542 $ (31 ) 6 $ 69 $ (2 ) 6 $ 9,611 $ (33 ) Private label residential 8 — 1 23 (1 ) 3 31 (1 ) U.S. Treasury and U.S. government agency securities — — — 2,997 (2 ) 1 2,997 (2 ) Total $ 9,550 $ (31 ) 7 $ 3,089 $ (5 ) 10 $ 12,639 $ (36 ) Available for sale MBS: U.S. government agencies $ 36,494 $ (163 ) 7 $ — $ — — $ 36,494 $ (163 ) Total $ 36,494 $ (163 ) 7 $ — $ — — $ 36,494 $ (163 ) Held to maturity investment securities with unrealized losses were as follows as of September 30, 2019 (dollars in thousands): Less Than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Held to maturity MBS: U.S. government agencies $ 291 $ (1 ) 2 $ 76 $ (1 ) 6 $ 367 $ (2 ) Private label residential — — — 23 (1 ) 5 23 (1 ) U.S. Treasury and U.S. government agency securities — — — 2,991 (8 ) 1 2,991 (8 ) Total $ 291 $ (1 ) 2 $ 3,090 $ (10 ) 12 $ 3,381 $ (11 ) |
Schedule of Significant Inputs Utilized to Measure Estimate of Credit Loss Component on OTTI Securities | The following table presents a summary of the significant inputs utilized to measure management’s estimates of the credit loss component on OTTI securities as of December 31, 2019 and 2018: Range Weighted Minimum Maximum Average December 31, 2019 Constant prepayment rate 6.00 % 15.00 % 9.41 % Collateral default rate 2.68 % 19.93 % 10.59 % Loss severity rate 0.11 % 14.24 % 4.21 % December 31, 2018 Constant prepayment rate 6.00 % 15.00 % 13.56 % Collateral default rate — % 11.94 % 5.72 % Loss severity rate — % 77.00 % 46.97 % |
Other than Temporary Impairment, Credit Losses Recognized in Earnings | The following table presents the OTTI recoveries (losses) for the three months ended December 31, 2019 and 2018 (dollars in thousands): Three Months Ended Three Months Ended Held To Maturity Available For Sale Held To Maturity Available For Sale Total recoveries $ 103 $ — $ 11 $ — Adjustment for portion of OTTI transferred from other comprehensive income (loss) before income taxes (1) — — — — Net recoveries recognized in earnings (2) $ 103 $ — $ 11 $ — _________________ (1) Represents OTTI related to all other factors. (2) Represents OTTI related to credit losses. The following table presents a roll forward of the credit loss component of held to maturity and available for sale debt securities that have been written down for OTTI with the credit loss component recognized in earnings for the three months ended December 31, 2019 and 2018 (dollars in thousands): Three Months Ended December 31, 2019 2018 Beginning balance of credit loss $ 1,071 $ 1,153 Additions: Additional increases to the amount related to credit loss for which OTTI was previously recognized — 1 Subtractions: Realized losses previously recorded as credit losses (53 ) (20 ) Recovery of prior credit loss (103 ) (12 ) Ending balance of credit loss $ 915 $ 1,122 |
Schedule of Contractual Maturities of Debt Securities | The contractual maturities of debt securities at December 31, 2019 were as follows (dollars in thousands). Expected maturities may differ from scheduled maturities due to the prepayment of principal or call provisions. Held to Maturity Available for Sale Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 3,013 $ 3,011 $ — $ — Due after one year to five years 189 193 133 133 Due after five years to ten years 5,852 6,153 1,432 1,427 Due after ten years 30,026 30,883 36,455 36,313 Total $ 39,080 $ 40,240 $ 38,020 $ 37,873 |
Loans Receivable And Allowanc_2
Loans Receivable And Allowance For Loan Losses (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
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, 2019 and September 30, 2019 (dollars in thousands): December 31, September 30, Amount Percent Amount Percent Mortgage loans: One- to four-family (1) $ 129,373 12.8 % $ 132,661 13.4 % Multi-family 78,326 7.8 76,036 7.7 Commercial 439,024 43.6 419,117 42.3 Construction - custom and owner/builder 124,530 12.4 128,848 13.0 Construction - speculative one- to four-family 18,764 1.9 16,445 1.7 Construction - commercial 36,670 3.6 39,566 4.0 Construction - multi-family 33,290 3.2 36,263 3.6 Construction - land development 1,656 0.2 2,404 0.2 Land 29,419 2.9 30,770 3.1 Total mortgage loans 891,052 88.4 882,110 89.0 Consumer loans: Home equity and second mortgage 39,103 3.9 40,190 4.1 Other 4,093 0.4 4,312 0.4 Total consumer loans 43,196 4.3 44,502 4.5 Commercial business loans 73,790 7.3 64,764 6.5 Total loans receivable 1,008,038 100.0 % 991,376 100.0 % Less: Undisbursed portion of construction loans in process 82,172 92,226 Deferred loan origination fees, net 2,834 2,798 Allowance for loan losses 9,882 9,690 94,888 104,714 Loans receivable, net $ 913,150 $ 886,662 _____________________________ (1) Does not include one- to four-family loans held for sale totaling $5,420 and $6,071 at December 31, 2019 and September 30, 2019, respectively. |
Schedule of Allowance for Loan Losses | The following tables set forth information for the three months ended December 31, 2019 and 2018 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands): Three Months Ended December 31, 2019 Beginning Allowance Provision for (Recapture of) Loan Losses Charge- offs Recoveries Ending Allowance Mortgage loans: One- to four-family $ 1,167 $ (104 ) $ — $ 2 $ 1,065 Multi-family 481 18 — — 499 Commercial 4,154 252 — 4 4,410 Construction – custom and owner/builder 755 (6 ) — 5 754 Construction – speculative one- to four-family 212 36 — — 248 Construction – commercial 338 65 — — 403 Construction – multi-family 375 (42 ) — — 333 Construction – land development 67 (19 ) — — 48 Land 697 (48 ) — 5 654 Consumer loans: Home equity and second mortgage 623 (14 ) — — 609 Other 99 (3 ) (10 ) 1 87 Commercial business loans 722 65 (15 ) — 772 Total $ 9,690 $ 200 $ (25 ) $ 17 $ 9,882 Three Months Ended December 31, 2018 Beginning Allowance Provision for (Recapture of) Loan Losses Charge- offs Recoveries Ending Allowance Mortgage loans: One- to four-family $ 1,086 $ 73 $ — $ — $ 1,159 Multi-family 433 16 — — 449 Commercial 4,248 (9 ) — — 4,239 Construction – custom and owner/builder 671 (28 ) — — 643 Construction – speculative one- to four-family 178 28 — — 206 Construction – commercial 563 (177 ) — — 386 Construction – multi-family 135 74 — — 209 Construction – land development 49 94 — — 143 Land 844 (91 ) — 4 757 Consumer loans: Home equity and second mortgage 649 17 — — 666 Other 117 (15 ) (2 ) 1 101 Commercial business loans 557 18 — — 575 Total $ 9,530 $ — $ (2 ) $ 5 $ 9,533 |
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 loans evaluated individually and collectively for impairment in the allowance for loan losses by portfolio segment at December 31, 2019 and September 30, 2019 (dollars in thousands): Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total December 31, 2019 Mortgage loans: One- to four-family $ — $ 1,065 $ 1,065 $ 1,431 $ 127,942 $ 129,373 Multi-family — 499 499 — 78,326 78,326 Commercial — 4,410 4,410 3,141 435,883 439,024 Construction – custom and owner/builder — 754 754 — 75,026 75,026 Construction – speculative one- to four-family — 248 248 — 12,473 12,473 Construction – commercial — 403 403 — 27,151 27,151 Construction – multi-family — 333 333 — 17,024 17,024 Construction – land development — 48 48 — 1,064 1,064 Land 28 626 654 198 29,221 29,419 Consumer loans: Home equity and second mortgage — 609 609 581 38,522 39,103 Other 6 81 87 12 4,081 4,093 Commercial business loans 71 701 772 601 73,189 73,790 Total $ 105 $ 9,777 $ 9,882 $ 5,964 $ 919,902 $ 925,866 September 30, 2019 Mortgage loans: One- to four-family $ — $ 1,167 $ 1,167 $ 1,192 $ 131,469 $ 132,661 Multi-family — 481 481 — 76,036 76,036 Commercial — 4,154 4,154 3,190 415,927 419,117 Construction – custom and owner/builder — 755 755 — 75,411 75,411 Construction – speculative one- to four-family — 212 212 — 10,779 10,779 Construction – commercial — 338 338 — 24,051 24,051 Construction – multi-family — 375 375 — 19,256 19,256 Construction – land development — 67 67 — 1,803 1,803 Land 27 670 697 204 30,566 30,770 Consumer loans: Home equity and second mortgage — 623 623 603 39,587 40,190 Other 17 82 99 23 4,289 4,312 Commercial business loans 128 594 722 725 64,039 64,764 Total $ 172 $ 9,518 $ 9,690 $ 5,937 $ 893,213 $ 899,150 |
Past Due Status of Loans Receivable | The following tables present an analysis of loans by aging category and portfolio segment at December 31, 2019 and September 30, 2019 (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, 2019 Mortgage loans: One- to four-family $ — $ 277 $ 942 $ — $ 1,219 $ 128,154 $ 129,373 Multi-family — — — — — 78,326 78,326 Commercial — 217 736 — 953 438,071 439,024 Construction – custom and owner/builder — — — — — 75,026 75,026 Construction – speculative one- to four- family — — — — — 12,473 12,473 Construction – commercial — — — — — 27,151 27,151 Construction – multi-family — — — — — 17,024 17,024 Construction – land development — — — — — 1,064 1,064 Land 65 215 198 — 478 28,941 29,419 Consumer loans: Home equity and second mortgage 28 — 581 — 609 38,494 39,103 Other — — 12 — 12 4,081 4,093 Commercial business loans — — 601 — 601 73,189 73,790 Total $ 93 $ 709 $ 3,070 $ — $ 3,872 $ 921,994 $ 925,866 September 30, 2019 Mortgage loans: One- to four-family $ — $ 286 $ 699 $ — $ 985 $ 131,676 $ 132,661 Multi-family — — — — — 76,036 76,036 Commercial 94 218 779 — 1,091 418,026 419,117 Construction – custom and owner/ — — — — — 75,411 75,411 Construction – speculative one- to four- family — — — — — 10,779 10,779 Construction – commercial — — — — — 24,051 24,051 Construction – multi-family — — — — — 19,256 19,256 Construction – land development — — — — — 1,803 1,803 Land 5 193 204 — 402 30,368 30,770 Consumer loans: Home equity and second mortgage 94 — 603 — 697 39,493 40,190 Other — — 23 — 23 4,289 4,312 Commercial business loans — 2 725 — 727 64,037 64,764 Total $ 193 $ 699 $ 3,033 $ — $ 3,925 $ 895,225 $ 899,150 ______________________ (1) Includes non-accrual loans past due 90 days or more and other loans classified as non-accrual. |
Financing Receivable Credit Quality Indicators | The following tables present an analysis of loans by credit quality indicator and portfolio segment at December 31, 2019 and September 30, 2019 (dollars in thousands): Loan Grades December 31, 2019 Pass Watch Special Substandard Total Mortgage loans: One- to four-family $ 126,562 $ 1,300 $ 557 $ 954 $ 129,373 Multi-family 78,326 — — — 78,326 Commercial 427,832 9,246 673 1,273 439,024 Construction – custom and owner/builder 73,984 1,042 — — 75,026 Construction – speculative one- to four-family 12,473 — — — 12,473 Construction – commercial 27,151 — — — 27,151 Construction – multi-family 17,024 — — — 17,024 Construction – land development 926 — — 138 1,064 Land 27,075 1,556 590 198 29,419 Consumer loans: Home equity and second mortgage 38,303 41 — 759 39,103 Other 4,048 33 — 12 4,093 Commercial business loans 72,824 235 82 649 73,790 Total $ 906,528 $ 13,453 $ 1,902 $ 3,983 $ 925,866 September 30, 2019 Mortgage loans: One- to four-family $ 129,748 $ 296 $ 562 $ 2,055 $ 132,661 Multi-family 76,036 — — — 76,036 Commercial 405,165 11,944 683 1,325 419,117 Construction – custom and owner/builder 75,178 233 — — 75,411 Construction – speculative one- to four-family 10,779 — — — 10,779 Construction – commercial 24,051 — — — 24,051 Construction – multi-family 19,256 — — — 19,256 Construction – land development 1,659 — — 144 1,803 Land 28,390 952 1,217 211 30,770 Consumer loans: Home equity and second mortgage 39,364 41 — 785 40,190 Other 4,257 33 — 22 4,312 Commercial business loans 63,669 232 85 778 64,764 Total $ 877,552 $ 13,731 $ 2,547 $ 5,320 $ 899,150 |
Impaired Loans Receivable | The following table is a summary of information related to impaired loans by portfolio segment as of December 31, 2019 and for the three months 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 $ 1,431 $ 1,475 $ — $ 1,312 $ 5 $ 5 Commercial 3,141 3,141 — 3,166 53 31 Land 59 181 — 61 — — Consumer loans: Home equity and second mortgage 581 581 — 592 — — Commercial business loans 183 300 — 186 — — Subtotal 5,395 5,678 — 5,317 58 36 With an allowance recorded: Mortgage loans: Land 139 139 28 140 — — Consumer loans: Other 12 12 6 18 — — Commercial business loans 418 418 71 477 — — Subtotal 569 569 105 635 — — Total: Mortgage loans: One- to four-family 1,431 1,475 — 1,312 5 5 Commercial 3,141 3,141 — 3,166 53 31 Land 198 320 28 201 — — Consumer loans: Home equity and second mortgage 581 581 — 592 — — Other 12 12 6 18 — — Commercial business loans 601 718 71 663 — — Total $ 5,964 $ 6,247 $ 105 $ 5,952 $ 58 $ 36 ______________________________________________ (1) For the three months ended December 31, 2019 . 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 $ 1,192 $ 1,236 $ — $ 1,110 $ 71 $ 62 Commercial 3,190 3,190 — 2,920 227 192 Land 63 126 — 100 3 3 Consumer loans: Home equity and second mortgage 603 603 — 459 — — Commercial business loans 189 291 — 142 30 30 Subtotal 5,237 5,446 — 4,731 331 287 With an allowance recorded: Mortgage loans: Land 141 141 27 246 — — Consumer loans: Other 23 23 17 10 — Commercial business loans 536 536 128 350 30 30 Subtotal 700 700 172 606 30 30 Total Mortgage loans: One- to four-family 1,192 1,236 — 1,110 71 62 Commercial 3,190 3,190 — 2,920 227 192 Land 204 267 27 346 3 3 Consumer loans: Home equity and second mortgage 603 603 — 459 — — Other 23 23 17 10 — — Commercial business loans 725 827 128 492 60 60 Total $ 5,937 $ 6,146 $ 172 $ 5,337 $ 361 $ 317 _____________________________________________ (1) For the year ended September 30, 2019. |
Schedule of Troubled Debt Restructured Loans by Interest Accrual Status | The following tables set forth information with respect to the Company’s TDRs by interest accrual status as of December 31, 2019 and September 30, 2019 (dollars in thousands): December 31, 2019 Accruing Non- Accrual Total Mortgage loans: One- to four-family $ 489 $ 139 $ 628 Commercial 2,405 — 2,405 Consumer loans: Home equity and second mortgage — 79 79 Commercial business loans — 136 136 Total $ 2,894 $ 354 $ 3,248 September 30, 2019 Accruing Non- Accrual Total Mortgage loans: One- to four-family $ 493 $ 141 $ 634 Commercial 2,410 — 2,410 Consumer loans: Home equity and second mortgage — 82 82 Commercial business loans — 143 143 Total $ 2,903 $ 366 $ 3,269 There was one new TDR during the year ended September 30, 2019. The following table sets forth information with respect to the Company's TDRs, by portfolio segment, during the year ended September 30, 2019 (dollars in thousands): 2019 Number of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment End of Period Balance Home equity and second mortgage loan (1) 1 $ 85 $ 85 $ 82 Total 1 $ 85 $ 85 $ 82 (1) Modification was a result of a reduction in interest rate and monthly payment. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost | The following table provides supplemental information to operating leases at or for the three months ended December 31, 2019 (dollars in thousands): At or For the Three Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 79 Weighted average lease term-operating leases 10.04 years Weighted average discount rate-operating leases 2.22 % The components of lease cost (included in the premises and equipment expense category in the consolidated statements of income) are as follows for the three months ended December 31, 2019 (dollars in thousands): Three Months Ended December 31, 2019 Lease cost: Operating lease cost $ 83 Short-term lease cost — Total lease cost $ 83 |
Lessee, Operating Lease, Liability, Maturity | Maturities of operating lease liabilities at December 31, 2019 for future fiscal years are as follows (dollars in thousands): Remainder of 2020 $ 239 2021 327 2022 342 2023 310 2024 313 Thereafter 1,639 Total lease payments 3,170 Less imputed interest 347 Total $ 2,823 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings per Share | Information regarding the calculation of basic and diluted net income per common share for the three months ended December 31, 2019 and 2018 is as follows (dollars in thousands, except per share amounts): Three Months Ended December 31, 2019 2018 Numerator – net income $ 6,652 $ 5,615 Denominator – weighted average common shares outstanding 8,341,470 8,293,212 Basic net income per common share $ 0.80 $ 0.68 Diluted net income per common share computation Numerator – net income $ 6,652 $ 5,615 Denominator – weighted average common shares outstanding 8,341,470 8,293,212 Effect of dilutive stock options (1) 133,559 164,491 Weighted average common shares outstanding - assuming dilution 8,475,029 8,457,703 Diluted net income per common share $ 0.78 $ 0.66 ____________________________________________ (1) For the three months ended December 31, 2019 and 2018, average options to purchase 104,816 and 102,850 shares of common stock were outstanding but not included in the computation of diluted net income per share because their effect would have been anti-dilutive. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive loss ("AOCI") by component during the three months ended December 31, 2019 and 2018 are as follows (dollars in thousands): Three Months Ended December 31, 2019 Changes in fair value of available for sale securities (1) Changes in OTTI on held to maturity securities (1) Total (1) Balance of AOCI at the beginning of period $ 90 $ (40 ) $ 50 Other comprehensive income (loss) (206 ) 10 (196 ) Balance of AOCI at the end of period $ (116 ) $ (30 ) $ (146 ) Three Months Ended December 31, 2018 Changes in fair value of available for sale securities (1) Changes in OTTI on held to maturity securities (1) Total (1) Balance of AOCI at the beginning of period $ (58 ) $ (71 ) $ (129 ) Other comprehensive income (loss) (86 ) 7 (79 ) Adoption of ASU 2016-01 63 — $ 63 Balance of AOCI at the end of period $ (81 ) $ (64 ) $ (145 ) __________________________ (1) All amounts are net of income taxes. |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Stock option activity for the three months ended December 31, 2019 and 2018 is summarized as follows: Three Months Ended Three Months Ended Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Options outstanding, beginning of period 378,304 $ 18.15 380,820 $ 16.03 Exercised (16,975 ) 10.03 (7,400 ) 9.55 Granted 1,000 26.50 — — Forfeited (450 ) 15.99 (3,700 ) 18.03 Options outstanding, end of period 361,879 $ 18.56 369,720 $ 16.14 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | Additional information regarding options outstanding at December 31, 2019 is as follows: Options Outstanding Options Exercisable Range of Exercise Prices ($) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) $ 4.01 - 4.55 1,000 $ 4.01 1.9 1,000 $ 4.01 1.9 5.86 - 6.00 19,100 5.97 2.8 19,100 5.97 2.8 9.00 44,425 9.00 3.8 44,425 9.00 3.8 10.26 - 10.71 102,564 10.59 5.3 79,314 10.58 5.3 15.67 46,000 15.67 6.8 25,000 15.67 6.8 26.50 - 27.14 47,840 27.13 9.8 — N/A N/A 29.69 55,500 29.69 7.8 22,200 29.69 7.8 31.80 45,450 31.80 8.8 9,090 31.80 8.8 361,879 $ 18.56 6.6 200,129 $ 13.48 5.3 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The Company's assets measured at estimated fair value on a recurring basis at December 31, 2019 and September 30, 2019 were as follows (dollars in thousands): December 31, 2019 Estimated Fair Value Level 1 Level 2 Level 3 Total Available for sale investment securities MBS: U.S. government agencies $ — $ 37,873 $ — $ 37,873 Investments in equity securities Mutual funds 953 — — 953 Total $ 953 $ 37,873 $ — $ 38,826 September 30, 2019 Estimated Fair Value Level 1 Level 2 Level 3 Total Available for sale investment securities MBS: U.S. government agencies $ — $ 22,532 $ — $ 22,532 Investments in equity securities Mutual funds 958 — — 958 Total $ 958 $ 22,532 $ — $ 23,490 |
Balances of Assets Measured at Estimated Fair Value, Nonrecurring Basis | The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2019 (dollars in thousands): Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans: Mortgage loans: Land $ — $ — $ 114 Consumer loans: Home equity and second mortgage — — — Other — — 6 Commercial business loans — — 408 Total impaired loans — — 528 Investment securities – held to maturity: MBS - private label residential — 2 — OREO and other repossessed assets — — 1,683 Total $ — $ 2 $ 2,211 The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at December 31, 2019 (dollars in thousands): Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans: Mortgage loans: Land $ — $ — $ 111 Consumer loans: Other — — 6 Commercial business loans — — 347 Total impaired loans — — 464 OREO and other repossessed assets — — 1,659 Total $ — $ — $ 2,123 |
Level 3 Fair Value Measurements, Nonrecurring Basis | The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis as of December 31, 2019 (dollars in thousands): Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Impaired loans $ 464 Market approach Appraised value less estimated selling costs NA OREO and other repossessed assets $ 1,659 Market approach Lower of appraised value or listing price less estimated selling costs NA The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis as of September 30, 2019 (dollars in thousands): Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Impaired loans $ 528 Market approach Appraised value less estimated selling costs NA OREO and other repossessed assets $ 1,683 Market approach Lower of appraised value or listing price less estimated selling costs NA |
Balances of Assets and Liabilities Measured at Estimated Fair Value, Recurring Basis | The recorded amounts and estimated fair values of financial instruments were as follows as of December 31, 2019 and September 30, 2019 (dollars in thousands): December 31, 2019 Fair Value Measurements Using: Recorded Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 118,851 $ 118,851 $ 118,851 $ — $ — CDs held for investment 76,249 76,249 76,249 — — Investment securities 76,953 79,114 2,997 76,117 — Investments in equity securities 953 953 953 — — FHLB stock 1,437 1,437 1,437 — — Other investments 3,000 3,000 3,000 — — Loans held for sale 5,420 5,501 5,501 — — Loans receivable, net 913,150 917,475 — — 917,475 Accrued interest receivable 3,665 3,665 3,665 — — Financial liabilities Certificates of deposits 165,408 166,432 — — 166,432 Accrued interest payable 351 351 351 — — September 30, 2019 Fair Value Measurements Using: Recorded Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 143,015 $ 143,015 $ 143,015 $ — $ — CDs held for investment 78,346 78,346 78,346 — — Investment securities 53,634 55,112 3,949 51,163 — Investments in equity securities 958 958 958 — — FHLB stock 1,437 1,437 1,437 — — Other investments 3,000 3,000 3,000 — — Loans held for sale 6,071 6,260 6,260 — — Loans receivable, net 886,662 892,495 — — 892,495 Accrued interest receivable 3,598 3,598 3,598 — — Financial liabilities Certificates of deposits 165,655 166,852 — — 166,852 Accrued interest payable 333 333 333 — — |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Details) | 3 Months Ended |
Dec. 31, 2019segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - South Sound Merger - USD ($) $ / shares in Units, $ in Thousands | Oct. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||
Business combination, number of shares transferred (shares) | 904,826 | ||
Issued, value assigned | $ 28,270 | ||
Business combination, share price (dollars per share) | $ 31.24 | ||
Cash paid | $ 6,900 | ||
Total acquisition consideration | 35,170 | ||
Goodwill acquired | $ 9,480 | ||
Acquisition related costs | $ 67 | $ 64 | |
Timberland Bank | |||
Business Acquisition [Line Items] | |||
Shares issued (in dollars per share) | $ 0.746 | ||
South Sound Bank | |||
Business Acquisition [Line Items] | |||
Shares issued (in dollars per share) | $ 5.68825 |
Business Combinations - Assets
Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Oct. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||
Total assets | $ 0 | $ 180,518 | |
Total liabilities assumed | $ 0 | $ 154,829 | |
South Sound Merger | |||
Business Acquisition [Line Items] | |||
Total acquisition consideration | $ 35,170 | ||
Addition as a result of the South Sound Merger (see Note 2) | 9,480 | ||
Book Value | South Sound Merger | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 21,187 | ||
CDs held for investment | 2,973 | ||
FHLB stock | 205 | ||
Investment securities held to maturity | 19,891 | ||
Investment securities available for sale | 5,022 | ||
Loans receivable | 123,627 | ||
Premises and equipment | 3,225 | ||
OREO | 25 | ||
Accrued interest receivable | 554 | ||
BOLI | 2,629 | ||
CDI | 0 | ||
Servicing rights | 285 | ||
Other assets | 1,087 | ||
Total assets | 180,710 | ||
Deposits | 151,378 | ||
Other liabilities and accrued expenses | 3,291 | ||
Total liabilities assumed | 154,669 | ||
Total identifiable net assets acquired | 26,041 | ||
Fair Value Adjustment | South Sound Merger | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 0 | ||
CDs held for investment | 0 | ||
FHLB stock | 0 | ||
Investment securities held to maturity | (189) | ||
Investment securities available for sale | 0 | ||
Loans receivable | (2,083) | ||
Premises and equipment | 112 | ||
OREO | 0 | ||
Accrued interest receivable | 0 | ||
BOLI | 0 | ||
CDI | 2,483 | ||
Servicing rights | (4) | ||
Other assets | (511) | ||
Total assets | (192) | ||
Deposits | 160 | ||
Other liabilities and accrued expenses | 0 | ||
Total liabilities assumed | 160 | ||
Total identifiable net assets acquired | (352) | ||
Estimated Fair Value | South Sound Merger | |||
Business Acquisition [Line Items] | |||
Total acquisition consideration | 35,170 | ||
Cash and cash equivalents | 21,187 | ||
CDs held for investment | 2,973 | ||
FHLB stock | 205 | ||
Investment securities held to maturity | 19,702 | ||
Investment securities available for sale | 5,022 | ||
Loans receivable | 121,544 | ||
Premises and equipment | 3,337 | ||
OREO | 25 | ||
Accrued interest receivable | 554 | ||
BOLI | 2,629 | ||
CDI | 2,483 | ||
Servicing rights | 281 | ||
Other assets | 576 | ||
Total assets | 180,518 | ||
Deposits | 151,538 | ||
Other liabilities and accrued expenses | 3,291 | ||
Total liabilities assumed | 154,829 | ||
Total identifiable net assets acquired | 25,689 | ||
Addition as a result of the South Sound Merger (see Note 2) | $ 9,481 |
Business Combinations - Pro For
Business Combinations - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Net income | $ 6,652 | $ 5,615 |
Basic net income per common share (in dollars per share) | $ 0.80 | $ 0.68 |
Diluted net income per common share (in dollars per share) | $ 0.78 | $ 0.66 |
Investment Securities_ Marketab
Investment Securities: Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Held to maturity | ||
Amortized Cost | $ 39,080 | $ 31,102 |
Gross Unrealized Gains | 1,196 | 1,489 |
Gross Unrealized Losses | (36) | (11) |
Estimated Fair Value | 40,240 | 32,580 |
Available for sale | ||
Estimated Fair Value | 38,826 | 23,490 |
Mortgage-backed Securities, U.S. government agencies | ||
Held to maturity | ||
Amortized Cost | 35,805 | 27,786 |
Gross Unrealized Gains | 848 | 999 |
Gross Unrealized Losses | (33) | (2) |
Estimated Fair Value | 36,620 | 28,783 |
Available for sale | ||
Amortized Cost | 38,020 | 22,418 |
Gross Unrealized Gains | 16 | 114 |
Gross Unrealized Losses | (163) | 0 |
Estimated Fair Value | 37,873 | 22,532 |
Mortgage-backed Securities, Private label residential | ||
Held to maturity | ||
Amortized Cost | 276 | 317 |
Gross Unrealized Gains | 348 | 490 |
Gross Unrealized Losses | (1) | (1) |
Estimated Fair Value | 623 | 806 |
U.S. Treasury and U.S government agency securities | ||
Held to maturity | ||
Amortized Cost | 2,999 | 2,999 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (2) | (8) |
Estimated Fair Value | $ 2,997 | $ 2,991 |
Investment Securities_ Unrealiz
Investment Securities: Unrealized Gain (Loss) on Investments (Details) $ in Thousands | Dec. 31, 2019USD ($)security | Sep. 30, 2019USD ($)security |
Held-to-maturity Securities, Fair Value: | ||
Held to maturity, Less Than 12 Months, Estimated Fair Value | $ 9,550 | $ 291 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 3,089 | 3,090 |
Held to maturity, Total, Estimated Fair Value | 12,639 | 3,381 |
Held-to-maturity Securities, Gross Unrealized Losses | ||
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | (31) | (1) |
Held to maturity, 12 Months or Longer, Gross Unrealized Losses | (5) | (10) |
Held to maturity, Total, Gross Unrealized Losses | $ (36) | $ (11) |
Held to maturity, Less Than 12 Months, Quantity | security | 7 | 2 |
Held to maturity, 12 Months or Longer, Quantity | security | 10 | 12 |
Available-for-sale Securities, Fair Value: | ||
Available for sale, Less Than 12 Months, Estimated Fair Value | $ 36,494 | |
Available for sale, 12 Months or Longer, Estimated Fair Value | 0 | |
Available for sale, Total, Estimated Fair Value | 36,494 | |
Available-for-sale Securities, Gross Unrealized Losses: | ||
Available for sale, Less Than 12 Months, Gross Unrealized Losses | (163) | |
Available for sale, 12 Months or Longer, Gross Unrealized Losses | 0 | |
Available for sale, Total, Gross Unrealized Losses | $ (163) | |
Available-for-sale, Less than 12 Months, Quantity | security | 7 | |
Available-for-sale, 12 Months or Longer, Quantity | security | 0 | |
Mortgage-backed Securities, U.S. government agencies | ||
Held-to-maturity Securities, Fair Value: | ||
Held to maturity, Less Than 12 Months, Estimated Fair Value | $ 9,542 | $ 291 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 69 | 76 |
Held to maturity, Total, Estimated Fair Value | 9,611 | 367 |
Held-to-maturity Securities, Gross Unrealized Losses | ||
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | (31) | (1) |
Held to maturity, 12 Months or Longer, Gross Unrealized Losses | (2) | (1) |
Held to maturity, Total, Gross Unrealized Losses | $ (33) | $ (2) |
Held to maturity, Less Than 12 Months, Quantity | security | 6 | 2 |
Held to maturity, 12 Months or Longer, Quantity | security | 6 | 6 |
Available-for-sale Securities, Fair Value: | ||
Available for sale, Less Than 12 Months, Estimated Fair Value | $ 36,494 | |
Available for sale, 12 Months or Longer, Estimated Fair Value | 0 | |
Available for sale, Total, Estimated Fair Value | 36,494 | |
Available-for-sale Securities, Gross Unrealized Losses: | ||
Available for sale, Less Than 12 Months, Gross Unrealized Losses | (163) | |
Available for sale, 12 Months or Longer, Gross Unrealized Losses | 0 | |
Available for sale, Total, Gross Unrealized Losses | $ (163) | |
Available-for-sale, Less than 12 Months, Quantity | security | 7 | |
Available-for-sale, 12 Months or Longer, Quantity | security | 0 | |
Mortgage-backed Securities, Private label residential | ||
Held-to-maturity Securities, Fair Value: | ||
Held to maturity, Less Than 12 Months, Estimated Fair Value | $ 8 | $ 0 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 23 | 23 |
Held to maturity, Total, Estimated Fair Value | 31 | 23 |
Held-to-maturity Securities, Gross Unrealized Losses | ||
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | 0 | 0 |
Held to maturity, 12 Months or Longer, Gross Unrealized Losses | (1) | (1) |
Held to maturity, Total, Gross Unrealized Losses | $ (1) | $ (1) |
Held to maturity, Less Than 12 Months, Quantity | security | 1 | 0 |
Held to maturity, 12 Months or Longer, Quantity | security | 3 | 5 |
U.S. Treasury and U.S. government agency securities | ||
Held-to-maturity Securities, Fair Value: | ||
Held to maturity, Less Than 12 Months, Estimated Fair Value | $ 0 | $ 0 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 2,997 | 2,991 |
Held to maturity, Total, Estimated Fair Value | 2,997 | 2,991 |
Held-to-maturity Securities, Gross Unrealized Losses | ||
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | 0 | 0 |
Held to maturity, 12 Months or Longer, Gross Unrealized Losses | (2) | (8) |
Held to maturity, Total, Gross Unrealized Losses | $ (2) | $ (8) |
Held to maturity, Less Than 12 Months, Quantity | security | 0 | 0 |
Held to maturity, 12 Months or Longer, Quantity | security | 1 | 1 |
Investment Securities_ Schedule
Investment Securities: Schedule of significant inputs utilized to measure management's estimate of the credit loss component on OTTI securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Recoveries (other than temporary impairment OTTI) on investment securities | $ (103) | $ (11) |
Net recoveries on investment securities | (103) | (11) |
Held-to-maturity Securities | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Recoveries (other than temporary impairment OTTI) on investment securities | 103 | 11 |
Held to Maturity - adjustment for portion of OTTI recorded as OCI before income taxes | 0 | 0 |
Net recoveries on investment securities | 103 | 11 |
Available-for-sale Securities | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
AFS - OTTI | 0 | 0 |
AFS - - adjustment for portion of OTTI recorded as OCI before income taxes | 0 | 0 |
AFS - Net OTTI recognized in earnings | $ 0 | $ 0 |
Minimum | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
OTTI significant inputs - Constant prepayment rate | 6.00% | 6.00% |
OTTI significant inputs - Collateral default rate | 2.68% | 0.00% |
OTTI significant inputs - Loss severity rate | 0.11% | 0.00% |
Maximum | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
OTTI significant inputs - Constant prepayment rate | 15.00% | 15.00% |
OTTI significant inputs - Collateral default rate | 19.93% | 11.94% |
OTTI significant inputs - Loss severity rate | 14.24% | 77.00% |
Weighted Average | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
OTTI significant inputs - Constant prepayment rate | 9.41% | 13.56% |
OTTI significant inputs - Collateral default rate | 10.59% | 5.72% |
OTTI significant inputs - Loss severity rate | 4.21% | 46.97% |
Investment Securities_ Other th
Investment Securities: Other than Temporary Impairment, Credit Losses Recognized in Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Beginning balance of credit loss | $ 1,071 | $ 1,153 |
Additional increases to the amount related to credit loss for which OTTI was previously recognized | 0 | 1 |
Realized losses previously recorded as credit losses | (53) | (20) |
Recovery of prior credit loss | (103) | (12) |
Ending balance of credit loss | $ 915 | $ 1,122 |
Investment Securities_ Narrativ
Investment Securities: Narrative-Realized Gains (Losses) (Details) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2019USD ($)security | Dec. 31, 2018USD ($)security | Sep. 30, 2019USD ($) | |
Investments [Abstract] | |||
Loss on sale of securities | $ 53 | $ 20 | |
Held-to-maturity securities, realized loss, number of securities | security | 18 | 15 | |
Security owned and pledged as collateral | $ 44,470 | $ 18,590 |
Investment Securities_ Schedu_2
Investment Securities: Schedule of Contractual maturities of debt securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | |
Held-to-maturity Securities, Amortized Cost: | |||
Due within one year | $ 3,013 | ||
Due after one year to five years | 189 | ||
Due after five years to ten years | 5,852 | ||
Due after ten years | 30,026 | ||
Total | 39,080 | $ 31,102 | [1] |
Held-to-maturity Securities, Estimated Fair Value: | |||
Due within one year | 3,011 | ||
Due after one year to five years | 193 | ||
Due after five years to ten years | 6,153 | ||
Due after ten years | 30,883 | ||
Total | 40,240 | $ 32,580 | |
Available-for-sale Securities, Amortized Cost: | |||
Due within one year | 0 | ||
Due after one year to five years | 133 | ||
Due after five years to ten years | 1,432 | ||
Due after ten years | 36,455 | ||
Total | 38,020 | ||
Available-for-sale Securities, Estimated Fair Value: | |||
Due within one year | 0 | ||
Due after one year to five years | 133 | ||
Due after five years to ten years | 1,427 | ||
Due after ten years | 36,313 | ||
Total | $ 37,873 | ||
[1] | Derived from audited consolidated financial statements. |
Goodwill and CDI - Goodwill (De
Goodwill and CDI - Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Net | $ 15,130 | $ 15,130 |
Loans Receivable And Allowanc_3
Loans Receivable And Allowance For Loan Losses - Narrative (Details) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||
Unamortized loan commitment and origination fees and unamortized discounts or premiums | $ 1,240,000 | |
Troubled debt restructured loan | 3,248,000 | $ 3,269,000 |
Loans and leases receivable, impaired, commitment to lend | 0 | 0 |
Allowance for loan losses allocated to TDR loans | $ 53,000 | $ 56,000 |
Loans Receivable And Allowanc_4
Loans Receivable And Allowance For Loan Losses: Schedule of Loans receivable and Loans held for sale (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans receivable | $ 1,008,038 | $ 991,376 | |
Undisbursed portion of construction loans in process | 82,172 | 92,226 | |
Deferred loan origination fees, net | 2,834 | 2,798 | |
Allowance for loan losses | 9,882 | 9,690 | |
Less: Loans in process, Deferred fees and Allowance for loan losses | 94,888 | 104,714 | |
Loans receivable, net | $ 913,150 | $ 886,662 | [1] |
Ratio of loan category to total loans receivable (percent) | 100.00% | 99.99109% | |
Total mortgage loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 891,052 | $ 882,110 | |
Ratio of loan category to total loans receivable (percent) | 88.40% | 89.00% | |
Mortgage loans, one-to-four family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 129,373 | $ 132,661 | |
Ratio of loan category to total loans receivable (percent) | 12.80% | 13.40% | |
Mortgage loans excluded | $ 5,420 | $ 6,071 | |
Mortgage loans, multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 78,326 | $ 76,036 | |
Ratio of loan category to total loans receivable (percent) | 7.80% | 7.70% | |
Mortgage loans, commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 439,024 | $ 419,117 | |
Ratio of loan category to total loans receivable (percent) | 43.60% | 42.30% | |
Mortgage loans, construction - custom and owner/builder | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 124,530 | $ 128,848 | |
Ratio of loan category to total loans receivable (percent) | 12.40% | 13.00% | |
Mortgage loans, construction - speculative one-to-four family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 18,764 | $ 16,445 | |
Ratio of loan category to total loans receivable (percent) | 1.90% | 1.70% | |
Mortgage loans, construction – commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 36,670 | $ 39,566 | |
Ratio of loan category to total loans receivable (percent) | 3.60% | 4.00% | |
Mortgage loans, construction - Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 33,290 | $ 36,263 | |
Ratio of loan category to total loans receivable (percent) | 3.20% | 3.60% | |
Mortgage loans, construction - Land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 1,656 | $ 2,404 | |
Ratio of loan category to total loans receivable (percent) | 0.20% | 0.20% | |
Mortgage loans, land | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 29,419 | $ 30,770 | |
Ratio of loan category to total loans receivable (percent) | 2.90% | 3.10% | |
Total consumer loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans | $ 43,196 | $ 44,502 | |
Ratio of loan category to total loans receivable (percent) | 4.30% | 4.50% | |
Consumer loans, home equity and second mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans | $ 39,103 | $ 40,190 | |
Ratio of loan category to total loans receivable (percent) | 3.90% | 4.10% | |
Consumer loans, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans | $ 4,093 | $ 4,312 | |
Ratio of loan category to total loans receivable (percent) | 0.40% | 0.40% | |
Commercial business loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial business loans | $ 73,790 | $ 64,764 | |
Ratio of loan category to total loans receivable (percent) | 7.30% | 6.50% | |
Consumer loans excluded | $ 0 | $ 0 | |
[1] | Derived from audited consolidated financial statements. |
Loans Receivable And Allowanc_5
Loans Receivable And Allowance For Loan Losses: Schedule of Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | $ 9,690 | $ 9,530 |
Provision for (Recapture of) Loan Losses | 200 | 0 |
Charge- offs | (25) | (2) |
Recoveries | 17 | 5 |
Allowance for loan losses, Ending Allowance | 9,882 | 9,533 |
Mortgage loans, one-to-four family | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 1,167 | 1,086 |
Provision for (Recapture of) Loan Losses | (104) | 73 |
Charge- offs | 0 | 0 |
Recoveries | 2 | 0 |
Allowance for loan losses, Ending Allowance | 1,065 | 1,159 |
Mortgage loans, multi-family | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 481 | 433 |
Provision for (Recapture of) Loan Losses | 18 | 16 |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 499 | 449 |
Mortgage loans, commercial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 4,154 | 4,248 |
Provision for (Recapture of) Loan Losses | 252 | (9) |
Charge- offs | 0 | 0 |
Recoveries | 4 | 0 |
Allowance for loan losses, Ending Allowance | 4,410 | 4,239 |
Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 755 | 671 |
Provision for (Recapture of) Loan Losses | (6) | (28) |
Charge- offs | 0 | 0 |
Recoveries | 5 | 0 |
Allowance for loan losses, Ending Allowance | 754 | 643 |
Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 212 | 178 |
Provision for (Recapture of) Loan Losses | 36 | 28 |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 248 | 206 |
Mortgage loans, construction – commercial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 338 | 563 |
Provision for (Recapture of) Loan Losses | 65 | (177) |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 403 | 386 |
Mortgage loans, construction - Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 375 | 135 |
Provision for (Recapture of) Loan Losses | (42) | 74 |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 333 | 209 |
Mortgage loans, construction - Land development | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 67 | 49 |
Provision for (Recapture of) Loan Losses | (19) | 94 |
Charge- offs | 0 | |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 48 | 143 |
Mortgage loans, land | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 697 | 844 |
Provision for (Recapture of) Loan Losses | (48) | (91) |
Charge- offs | 0 | 0 |
Recoveries | 5 | 4 |
Allowance for loan losses, Ending Allowance | 654 | 757 |
Consumer loans, home equity and second mortgage | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 623 | 649 |
Provision for (Recapture of) Loan Losses | (14) | 17 |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 609 | 666 |
Consumer loans, other | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 99 | 117 |
Provision for (Recapture of) Loan Losses | (3) | (15) |
Charge- offs | (10) | (2) |
Recoveries | 1 | 1 |
Allowance for loan losses, Ending Allowance | 87 | 101 |
Commercial business loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 722 | 557 |
Provision for (Recapture of) Loan Losses | 65 | 18 |
Charge- offs | (15) | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | $ 772 | $ 575 |
Loans Receivable And Allowanc_6
Loans Receivable And Allowance For Loan Losses: Schedule of loans evaluated individually for impairment and collectively evaluated for impairment in the allowance for loan losses (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | $ 105 | $ 172 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 9,777 | 9,518 | ||
Allowance for Loan Losses, Total | 9,882 | 9,690 | $ 9,533 | $ 9,530 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 5,964 | 5,937 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 919,902 | 893,213 | ||
Loans receivable | 925,866 | 899,150 | ||
Mortgage loans, one-to-four family | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,065 | 1,167 | ||
Allowance for Loan Losses, Total | 1,065 | 1,167 | 1,159 | 1,086 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,431 | 1,192 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 127,942 | 131,469 | ||
Loans receivable | 129,373 | 132,661 | ||
Mortgage loans, multi-family | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 499 | 481 | ||
Allowance for Loan Losses, Total | 499 | 481 | 449 | 433 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 78,326 | 76,036 | ||
Loans receivable | 78,326 | 76,036 | ||
Mortgage loans, commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 4,410 | 4,154 | ||
Allowance for Loan Losses, Total | 4,410 | 4,154 | 4,239 | 4,248 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 3,141 | 3,190 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 435,883 | 415,927 | ||
Loans receivable | 439,024 | 419,117 | ||
Mortgage loans, construction - custom and owner/builder | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 754 | 755 | ||
Allowance for Loan Losses, Total | 754 | 755 | 643 | 671 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 75,026 | 75,411 | ||
Loans receivable | 75,026 | 75,411 | ||
Mortgage loans, construction - speculative one-to-four family | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 248 | 212 | ||
Allowance for Loan Losses, Total | 248 | 212 | 206 | 178 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 12,473 | 10,779 | ||
Loans receivable | 12,473 | 10,779 | ||
Mortgage loans, construction – commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 403 | 338 | ||
Allowance for Loan Losses, Total | 403 | 338 | 386 | 563 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 27,151 | 24,051 | ||
Loans receivable | 27,151 | 24,051 | ||
Mortgage loans, construction - Multi-family | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 333 | 375 | ||
Allowance for Loan Losses, Total | 333 | 375 | 209 | 135 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 17,024 | 19,256 | ||
Loans receivable | 17,024 | 19,256 | ||
Mortgage loans, construction - Land development | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 48 | 67 | ||
Allowance for Loan Losses, Total | 48 | 67 | 143 | 49 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 1,064 | 1,803 | ||
Loans receivable | 1,064 | 1,803 | ||
Mortgage loans, land | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 28 | 27 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 626 | 670 | ||
Allowance for Loan Losses, Total | 654 | 697 | 757 | 844 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 198 | 204 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 29,221 | 30,566 | ||
Loans receivable | 29,419 | 30,770 | ||
Consumer loans, home equity and second mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 609 | 623 | ||
Allowance for Loan Losses, Total | 609 | 623 | 666 | 649 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 581 | 603 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 38,522 | 39,587 | ||
Loans receivable | 39,103 | 40,190 | ||
Consumer loans, other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 6 | 17 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 81 | 82 | ||
Allowance for Loan Losses, Total | 87 | 99 | 101 | 117 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 12 | 23 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 4,081 | 4,289 | ||
Loans receivable | 4,093 | 4,312 | ||
Commercial business loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 71 | 128 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 701 | 594 | ||
Allowance for Loan Losses, Total | 772 | 722 | $ 575 | $ 557 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 601 | 725 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 73,189 | 64,039 | ||
Loans receivable | $ 73,790 | $ 64,764 |
Loans Receivable And Allowanc_7
Loans Receivable And Allowance For Loan Losses: Past Due Status of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | |
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | $ 3,872 | $ 3,925 | |
Loans receivable, Non-Accrual | [1] | 3,070 | 3,033 |
Loans receivable, Current | 921,994 | 895,225 | |
Loans receivable | 925,866 | 899,150 | |
Mortgage loans, one-to-four family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 1,219 | 985 | |
Loans receivable, Non-Accrual | [1] | 942 | 699 |
Loans receivable, Current | 128,154 | 131,676 | |
Loans receivable | 129,373 | 132,661 | |
Mortgage loans, multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Loans receivable, Non-Accrual | [1] | 0 | 0 |
Loans receivable, Current | 78,326 | 76,036 | |
Loans receivable | 78,326 | 76,036 | |
Mortgage loans, commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 953 | 1,091 | |
Loans receivable, Non-Accrual | [1] | 736 | 779 |
Loans receivable, Current | 438,071 | 418,026 | |
Loans receivable | 439,024 | 419,117 | |
Mortgage loans, construction - custom and owner/builder | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Loans receivable, Non-Accrual | [1] | 0 | 0 |
Loans receivable, Current | 75,026 | 75,411 | |
Loans receivable | 75,026 | 75,411 | |
Mortgage loans, construction - speculative one-to-four family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Loans receivable, Non-Accrual | [1] | 0 | 0 |
Loans receivable, Current | 12,473 | 10,779 | |
Loans receivable | 12,473 | 10,779 | |
Mortgage loans, construction – commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Loans receivable, Non-Accrual | [1] | 0 | 0 |
Loans receivable, Current | 27,151 | 24,051 | |
Loans receivable | 27,151 | 24,051 | |
Mortgage loans, construction - Multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Loans receivable, Non-Accrual | [1] | 0 | 0 |
Loans receivable, Current | 17,024 | 19,256 | |
Loans receivable | 17,024 | 19,256 | |
Mortgage loans, construction - Land development | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Loans receivable, Non-Accrual | [1] | 0 | 0 |
Loans receivable, Current | 1,064 | 1,803 | |
Loans receivable | 1,064 | 1,803 | |
Mortgage loans, land | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 478 | 402 | |
Loans receivable, Non-Accrual | [1] | 198 | 204 |
Loans receivable, Current | 28,941 | 30,368 | |
Loans receivable | 29,419 | 30,770 | |
Consumer loans, home equity and second mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 609 | 697 | |
Loans receivable, Non-Accrual | [1] | 581 | 603 |
Loans receivable, Current | 38,494 | 39,493 | |
Loans receivable | 39,103 | 40,190 | |
Consumer loans, other | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 12 | 23 | |
Loans receivable, Non-Accrual | [1] | 12 | 23 |
Loans receivable, Current | 4,081 | 4,289 | |
Loans receivable | 4,093 | 4,312 | |
Commercial business loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 601 | 727 | |
Loans receivable, Non-Accrual | [1] | 601 | 725 |
Loans receivable, Current | 73,189 | 64,037 | |
Loans receivable | 73,790 | 64,764 | |
30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 93 | 193 | |
30 to 59 Days Past Due | Mortgage loans, one-to-four family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Mortgage loans, multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Mortgage loans, commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 94 | |
30 to 59 Days Past Due | Mortgage loans, construction - custom and owner/builder | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Mortgage loans, construction - speculative one-to-four family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Mortgage loans, construction – commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Mortgage loans, construction - Multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Mortgage loans, construction - Land development | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Mortgage loans, land | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 65 | 5 | |
30 to 59 Days Past Due | Consumer loans, home equity and second mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 28 | 94 | |
30 to 59 Days Past Due | Consumer loans, other | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Commercial business loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 709 | 699 | |
60 to 89 Days Past Due | Mortgage loans, one-to-four family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 277 | 286 | |
60 to 89 Days Past Due | Mortgage loans, multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Mortgage loans, commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 217 | 218 | |
60 to 89 Days Past Due | Mortgage loans, construction - custom and owner/builder | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Mortgage loans, construction - speculative one-to-four family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Mortgage loans, construction – commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Mortgage loans, construction - Multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Mortgage loans, construction - Land development | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Mortgage loans, land | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 215 | 193 | |
60 to 89 Days Past Due | Consumer loans, home equity and second mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Consumer loans, other | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Commercial business loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 2 | |
Past Due 90 Days or More and Still Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, one-to-four family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, construction - custom and owner/builder | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, construction - speculative one-to-four family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, construction – commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, construction - Multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, construction - Land development | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, land | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Consumer loans, home equity and second mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Consumer loans, other | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Commercial business loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | $ 0 | $ 0 | |
[1] | Includes non-accrual loans past due 90 days or more and other loans classified as non-accrual. |
Loans Receivable And Allowanc_8
Loans Receivable And Allowance For Loan Losses: Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | $ 925,866 | $ 899,150 |
Mortgage loans, one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 129,373 | 132,661 |
Mortgage loans, multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 78,326 | 76,036 |
Mortgage loans, commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 439,024 | 419,117 |
Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 75,026 | 75,411 |
Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 12,473 | 10,779 |
Mortgage loans, construction – commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 27,151 | 24,051 |
Mortgage loans, construction - Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 17,024 | 19,256 |
Mortgage loans, construction - Land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 1,064 | 1,803 |
Mortgage loans, land | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 29,419 | 30,770 |
Consumer loans, home equity and second mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 39,103 | 40,190 |
Consumer loans, other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 4,093 | 4,312 |
Commercial business loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 73,790 | 64,764 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 906,528 | 877,552 |
Pass | Mortgage loans, one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 126,562 | 129,748 |
Pass | Mortgage loans, multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 78,326 | 76,036 |
Pass | Mortgage loans, commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 427,832 | 405,165 |
Pass | Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 73,984 | 75,178 |
Pass | Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 12,473 | 10,779 |
Pass | Mortgage loans, construction – commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 27,151 | 24,051 |
Pass | Mortgage loans, construction - Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 17,024 | 19,256 |
Pass | Mortgage loans, construction - Land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 926 | 1,659 |
Pass | Mortgage loans, land | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 27,075 | 28,390 |
Pass | Consumer loans, home equity and second mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 38,303 | 39,364 |
Pass | Consumer loans, other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 4,048 | 4,257 |
Pass | Commercial business loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 72,824 | 63,669 |
Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 13,453 | 13,731 |
Watch | Mortgage loans, one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 1,300 | 296 |
Watch | Mortgage loans, multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Watch | Mortgage loans, commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 9,246 | 11,944 |
Watch | Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 1,042 | 233 |
Watch | Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Watch | Mortgage loans, construction – commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Watch | Mortgage loans, construction - Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Watch | Mortgage loans, construction - Land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Watch | Mortgage loans, land | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 1,556 | 952 |
Watch | Consumer loans, home equity and second mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 41 | 41 |
Watch | Consumer loans, other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 33 | 33 |
Watch | Commercial business loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 235 | 232 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 1,902 | 2,547 |
Special Mention | Mortgage loans, one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 557 | 562 |
Special Mention | Mortgage loans, multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Mortgage loans, commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 673 | 683 |
Special Mention | Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Mortgage loans, construction – commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Mortgage loans, construction - Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Mortgage loans, construction - Land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Mortgage loans, land | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 590 | 1,217 |
Special Mention | Consumer loans, home equity and second mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Consumer loans, other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Commercial business loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 82 | 85 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 3,983 | 5,320 |
Substandard | Mortgage loans, one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 954 | 2,055 |
Substandard | Mortgage loans, multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Substandard | Mortgage loans, commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 1,273 | 1,325 |
Substandard | Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Substandard | Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Substandard | Mortgage loans, construction – commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Substandard | Mortgage loans, construction - Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Substandard | Mortgage loans, construction - Land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 138 | 144 |
Substandard | Mortgage loans, land | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 198 | 211 |
Substandard | Consumer loans, home equity and second mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 759 | 785 |
Substandard | Consumer loans, other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 12 | 22 |
Substandard | Commercial business loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | $ 649 | $ 778 |
Loans Receivable And Allowanc_9
Loans Receivable And Allowance For Loan Losses: Impaired Financing Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Sep. 30, 2019 | ||
Recorded Investment | |||
With no related allowance recorded | $ 5,395 | $ 5,237 | |
With an allowance recorded | 569 | 700 | |
Total: | 5,964 | 5,937 | |
Unpaid Principal Balance (Loan Balance Plus Charge Off) | |||
With no related allowance recorded | 5,678 | 5,446 | |
With an allowance recorded | 569 | 700 | |
Total: | 6,247 | 6,146 | |
Related Allowance | 105 | 172 | |
Average Recorded Investment | |||
With no related allowance recorded | 5,317 | 4,731 | |
With an allowance recorded | 635 | 606 | |
Total | 5,952 | 5,337 | |
Interest Income Recognized | |||
With no related allowance recorded | 58 | 331 | [1] |
With an allowance recorded | 0 | 30 | |
Total | 58 | 361 | |
Cash Basis Interest Income Recognized | |||
With no related allowance recorded | 36 | 287 | |
With an allowance recorded | 0 | 30 | |
Total | 36 | 317 | |
Mortgage loans, one-to-four family | |||
Recorded Investment | |||
With no related allowance recorded | 1,431 | 1,192 | |
Total: | 1,431 | 1,192 | |
Unpaid Principal Balance (Loan Balance Plus Charge Off) | |||
With no related allowance recorded | 1,475 | 1,236 | |
Total: | 1,475 | 1,236 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | |||
With no related allowance recorded | 1,312 | 1,110 | |
Total | 1,312 | 1,110 | |
Interest Income Recognized | |||
With no related allowance recorded | 5 | 71 | [1] |
Total | 5 | 71 | |
Cash Basis Interest Income Recognized | |||
With no related allowance recorded | 5 | 62 | |
Total | 5 | 62 | |
Mortgage loans, commercial | |||
Recorded Investment | |||
With no related allowance recorded | 3,141 | 3,190 | |
Total: | 3,141 | 3,190 | |
Unpaid Principal Balance (Loan Balance Plus Charge Off) | |||
With no related allowance recorded | 3,141 | 3,190 | |
Total: | 3,141 | 3,190 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | |||
With no related allowance recorded | 3,166 | 2,920 | |
Total | 3,166 | 2,920 | |
Interest Income Recognized | |||
With no related allowance recorded | 53 | 227 | [1] |
Total | 53 | 227 | |
Cash Basis Interest Income Recognized | |||
With no related allowance recorded | 31 | 192 | |
Total | 31 | 192 | |
Mortgage loans, land | |||
Recorded Investment | |||
With no related allowance recorded | 59 | 63 | |
With an allowance recorded | 139 | 141 | |
Total: | 198 | 204 | |
Unpaid Principal Balance (Loan Balance Plus Charge Off) | |||
With no related allowance recorded | 181 | 126 | |
With an allowance recorded | 139 | 141 | |
Total: | 320 | 267 | |
Related Allowance | 28 | 27 | |
Average Recorded Investment | |||
With no related allowance recorded | 61 | 100 | |
With an allowance recorded | 140 | 246 | |
Total | 201 | 346 | |
Interest Income Recognized | |||
With no related allowance recorded | 0 | 3 | [1] |
With an allowance recorded | 0 | 0 | |
Total | 0 | 3 | |
Cash Basis Interest Income Recognized | |||
With no related allowance recorded | 0 | 3 | |
With an allowance recorded | 0 | 0 | |
Total | 0 | 3 | |
Consumer loans, home equity and second mortgage | |||
Recorded Investment | |||
With no related allowance recorded | 581 | 603 | |
Total: | 581 | 603 | |
Unpaid Principal Balance (Loan Balance Plus Charge Off) | |||
With no related allowance recorded | 581 | 603 | |
Total: | 581 | 603 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | |||
With no related allowance recorded | 592 | 459 | |
Total | 592 | 459 | |
Interest Income Recognized | |||
With no related allowance recorded | 0 | 0 | [1] |
Total | 0 | 0 | |
Cash Basis Interest Income Recognized | |||
With no related allowance recorded | 0 | 0 | |
Total | 0 | 0 | |
Consumer loans, other | |||
Recorded Investment | |||
With an allowance recorded | 12 | 23 | |
Total: | 12 | 23 | |
Unpaid Principal Balance (Loan Balance Plus Charge Off) | |||
With an allowance recorded | 12 | 23 | |
Total: | 12 | 23 | |
Related Allowance | 6 | 17 | |
Average Recorded Investment | |||
With an allowance recorded | 18 | 10 | |
Total | 18 | 10 | |
Interest Income Recognized | |||
With an allowance recorded | 0 | 0 | |
Total | 0 | 0 | |
Cash Basis Interest Income Recognized | |||
With an allowance recorded | 0 | ||
Total | 0 | 0 | |
Commercial business loans | |||
Recorded Investment | |||
With no related allowance recorded | 183 | 189 | |
With an allowance recorded | 418 | 536 | |
Total: | 601 | 725 | |
Unpaid Principal Balance (Loan Balance Plus Charge Off) | |||
With no related allowance recorded | 300 | 291 | |
With an allowance recorded | 418 | 536 | |
Total: | 718 | 827 | |
Related Allowance | 71 | 128 | |
Average Recorded Investment | |||
With no related allowance recorded | 186 | 142 | |
With an allowance recorded | 477 | 350 | |
Total | 663 | 492 | |
Interest Income Recognized | |||
With no related allowance recorded | 0 | 30 | [1] |
With an allowance recorded | 0 | 30 | |
Total | 0 | 60 | |
Cash Basis Interest Income Recognized | |||
With no related allowance recorded | 0 | 30 | |
With an allowance recorded | 0 | 30 | |
Total | $ 0 | $ 60 | |
[1] | For the three months ended December 31, 2019 |
Loans Receivable And Allowan_10
Loans Receivable And Allowance For Loan Losses: Schedule 1 of Troubled debt restructured loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | $ 3,248 | $ 3,269 |
Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 2,894 | 2,903 |
Non-Accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 354 | 366 |
Mortgage loans, one-to-four family | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 628 | 634 |
Mortgage loans, one-to-four family | Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 489 | 493 |
Mortgage loans, one-to-four family | Non-Accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 139 | 141 |
Mortgage loans, commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 2,405 | 2,410 |
Mortgage loans, commercial | Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 2,405 | 2,410 |
Mortgage loans, commercial | Non-Accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 0 | 0 |
Consumer loans, home equity and second mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 79 | 82 |
Consumer loans, home equity and second mortgage | Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 0 | 0 |
Consumer loans, home equity and second mortgage | Non-Accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 79 | 82 |
Commercial business loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 136 | 143 |
Commercial business loans | Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 0 | 0 |
Commercial business loans | Non-Accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | $ 136 | $ 143 |
Loans Receivable And Allowan_11
Loans Receivable And Allowance For Loan Losses - Land and Commercial Business Loans (Details) $ in Thousands | 12 Months Ended | |
Sep. 30, 2019USD ($)contract | Dec. 31, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructured loan | $ 3,269 | $ 3,248 |
Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of contracts | contract | 1 | |
Pre-modification TDR balance | $ 85 | |
Post-modification TDR balance | 85 | |
Troubled debt restructured loan | $ 82 | |
Mortgage loans, land | Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of contracts | contract | 1 | |
Pre-modification TDR balance | $ 85 | |
Post-modification TDR balance | 85 | |
Troubled debt restructured loan | $ 82 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2019 | Oct. 01, 2019 | Sep. 30, 2019 | [1] | |
Leases [Abstract] | ||||
Operating lease right-of-use (ROU) assets | $ 2,823 | $ 2,890 | $ 0 | |
Operating lease cost | 83 | |||
Short-term lease cost | 0 | |||
Total lease cost | 83 | |||
Operating cash flows from operating leases | $ 79 | |||
Weighted average lease term-operating leases | 7 years | |||
Weighted average discount rate-operating leases | 2.00% | |||
[1] | Derived from audited consolidated financial statements. |
Leases - Schedule Of Lease Matu
Leases - Schedule Of Lease Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | [1] |
Leases [Abstract] | |||
Remainder of 2020 | $ 239 | ||
2021 | 327 | ||
2022 | 342 | ||
2023 | 310 | ||
2024 | 313 | ||
Thereafter | 1,639 | ||
Total lease payments | 3,170 | ||
Less imputed interest | 347 | ||
Total | $ 2,823 | $ 0 | |
[1] | Derived from audited consolidated financial statements. |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
Earnings Per Share [Abstract] | ||
ESOP, number of suspense shares (in shares) | 0 | 14,027 |
Net Income Per Common Share_ Sc
Net Income Per Common Share: Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Earnings Per Share, Basic [Abstract] | |||
Numerator – net income | $ 6,652 | $ 5,615 | |
Denominator – weighted average common shares outstanding (in shares) | 8,341,470 | 8,293,212 | |
Basic net income per common share (in dollars per share) | $ 0.80 | $ 0.68 | |
Earnings Per Share, Diluted [Abstract] | |||
Effect of dilutive stock options (in shares) | [1] | 133,559 | 164,491 |
Weighted average common shares and common stock equivalents (in shares) | 8,475,029 | 8,457,703 | |
Diluted net income per common share (in dollars per share) | $ 0.78 | $ 0.66 | |
Stock Options | |||
Earnings Per Share, Diluted [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 104,816 | 102,850 | |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjFmYzM2YjMxZTU5OTQ1YzNiNTU4YzNmZDVlMGY2MjhmfFRleHRTZWxlY3Rpb246QjI4QTBBMkYzOERBNUU3OEFDQ0VENTBBMDE2N0Q4ODMM} |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 171,067 | [1] | $ 124,657 | |
Balance at end of period | 175,653 | 156,905 | ||
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | [2] | 50 | (129) | |
Other comprehensive income (loss) | [2] | (196) | (79) | |
Balance at end of period | [2] | (146) | (145) | |
Accumulated Net Unrealized Investment Gain (Loss) | Available-for-sale Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | [2] | 90 | (58) | |
Other comprehensive income (loss) | [2] | (206) | (86) | |
Balance at end of period | [2] | (116) | (81) | |
Accumulated Net Unrealized Investment Gain (Loss) | Held-to-maturity Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | [2] | (40) | (71) | |
Other comprehensive income (loss) | [2] | 10 | 7 | |
Balance at end of period | [2] | $ (30) | (64) | |
Accounting Standards Update 2016-01 | Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Other comprehensive income (loss) | 63 | |||
Accounting Standards Update 2016-01 | Accumulated Net Unrealized Investment Gain (Loss) | Available-for-sale Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Other comprehensive income (loss) | 63 | |||
Accounting Standards Update 2016-01 | Accumulated Net Unrealized Investment Gain (Loss) | Held-to-maturity Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Other comprehensive income (loss) | $ 0 | |||
[1] | Derived from audited consolidated financial statements. | |||
[2] | All amounts are net of income taxes. |
Stock Compensation Plans (Detai
Stock Compensation Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 27, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value of options exercised during the period | $ 284 | $ 142 | |
Number of unvested stock options (shares) | 161,750 | 174,850 | |
Unvested stock options, aggregate grant date fair value | $ 610 | $ 527 | |
Unvested stock options, aggregate intrinsic value | $ 867 | ||
Stock options vested during period (shares) | 0 | 18,200 | |
Stock options vested during period, aggregate grant date fair value | $ 164 | ||
Stock options, outstanding, aggregate intrinsic value | $ 4,140 | $ 3,130 | |
Unrecognized compensation expense, non-vested options | $ 559 | ||
Unrecognized compensation expense, non-vested options, amortization period (in years) | 2 years 3 months 29 days | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 300,000 | ||
Award vesting percentage | 20.00% | ||
Award vesting period (years) | 5 years | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contractual term | 10 years | ||
Number of unvested shares | 0 | 0 | |
Equity Incentive Plan 2014 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 352,366 | ||
Number of shares available for grant | 29,526 | ||
MRDP | Stock Grant Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock grants awarded (shares) | 0 | 0 |
Stock Compensation Plans_ Discl
Stock Compensation Plans: Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) - $ / shares | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Shares: | ||
Options outstanding, beginning of period (shares) | 378,304 | 380,820 |
Exercised (shares) | (16,975) | (7,400) |
Granted (shares) | 1,000 | 0 |
Forfeited (shares) | (450) | (3,700) |
Options outstanding, end of period (shares) | 361,879 | 369,720 |
Weighted Average Exercise Price (in dollars per share): | ||
Options outstanding, beginning of period (dollars per share) | $ 18.15 | $ 16.03 |
Exercised (dollars per share) | 10.03 | 9.55 |
Granted (dollars per share) | 26.50 | 0 |
Forfeited (dollars per share) | 15.99 | 18.03 |
Options outstanding, end of period (dollars per share) | $ 18.56 | $ 16.14 |
Stock Compensation Plans_ Stock
Stock Compensation Plans: Stock Options by Exercise Price (Details) - Stock Options shares in Thousands | 3 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 361,879 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 18.56 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 6 years 6 months 27 days |
Options Exercisable, Number (shares) | shares | 200,129 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 13.48 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 5 years 3 months 27 days |
$4.01 - $4.55 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 1,000 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 4.01 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 year 11 months |
Options Exercisable, Number (shares) | shares | 1,000 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 4.01 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 1 year 11 months |
Weighted Average Exercise Price, minimum (dollars per share) | $ 4.01 |
Weighted Average Exercise Price, maximum (dollars per share) | $ 4.55 |
$5.86 - $6.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 19,100 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 5.97 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 2 years 9 months 24 days |
Options Exercisable, Number (shares) | shares | 19,100 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 5.97 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 2 years 9 months 24 days |
Weighted Average Exercise Price, minimum (dollars per share) | $ 5.86 |
Weighted Average Exercise Price, maximum (dollars per share) | $ 6 |
$9.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 44,425 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 9 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 3 years 9 months 30 days |
Options Exercisable, Number (shares) | shares | 44,425 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 9 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 3 years 9 months 30 days |
Weighted Average Exercise Price, minimum (dollars per share) | $ 9 |
$10.26 - $10.71 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 102,564 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 10.59 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 5 years 4 months 3 days |
Options Exercisable, Number (shares) | shares | 79,314 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 10.58 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 5 years 3 months 15 days |
Weighted Average Exercise Price, minimum (dollars per share) | $ 10.26 |
Weighted Average Exercise Price, maximum (dollars per share) | $ 10.71 |
$15.67 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 46,000 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 15.67 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 6 years 9 months |
Options Exercisable, Number (shares) | shares | 25,000 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 15.67 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 6 years 9 months |
Weighted Average Exercise Price, minimum (dollars per share) | $ 15.67 |
$26.50 - $27.14 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 47,840 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 27.13 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 9 years 9 months |
Options Exercisable, Number (shares) | shares | 0 |
Weighted Average Exercise Price, minimum (dollars per share) | $ 26.50 |
Weighted Average Exercise Price, maximum (dollars per share) | $ 27.14 |
$29.69 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 55,500 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 29.69 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 7 years 9 months |
Options Exercisable, Number (shares) | shares | 22,200 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 29.69 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 7 years 9 months |
Weighted Average Exercise Price, minimum (dollars per share) | $ 29.69 |
$31.80 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 45,450 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 31.80 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 8 years 9 months |
Options Exercisable, Number (shares) | shares | 9,090 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 31.80 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 8 years 9 months |
Weighted Average Exercise Price, minimum (dollars per share) | $ 31.80 |
Fair Value Measurements_ Balanc
Fair Value Measurements: Balances of assets and liabilities measured at estimated fair value on a recurring basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | $ 38,826 | $ 23,490 |
MBS: U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 37,873 | 22,532 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 953 | 958 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 37,873 | 22,532 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 0 | 0 |
Recurring | MBS: U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 37,873 | 22,532 |
Recurring | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 953 | 958 |
Recurring | Fair Value, Inputs, Level 1 | MBS: U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 0 | 0 |
Recurring | Fair Value, Inputs, Level 1 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 953 | 958 |
Recurring | Fair Value, Inputs, Level 2 | MBS: U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 37,873 | 22,532 |
Recurring | Fair Value, Inputs, Level 2 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 0 | 0 |
Recurring | Fair Value, Inputs, Level 3 | MBS: U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 0 | 0 |
Recurring | Fair Value, Inputs, Level 3 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | $ 0 | $ 0 |
Fair Value Measurements_ Bala_2
Fair Value Measurements: Balances of assets measured at estimated fair value on a non-recurring basis, and total losses resulting from estimated fair value adjustments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Fair Value, Inputs, Level 1 | Consumer loans, home equity and second mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | $ 0 | |
Fair Value, Inputs, Level 2 | Consumer loans, home equity and second mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | |
Fair Value, Inputs, Level 3 | Consumer loans, home equity and second mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | |
Nonrecurring | Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | $ 0 | 0 |
Nonrecurring | Fair Value, Inputs, Level 1 | Mortgage loans, land | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
Nonrecurring | Fair Value, Inputs, Level 1 | Other consumer loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
Nonrecurring | Fair Value, Inputs, Level 1 | Commercial business loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
Nonrecurring | Fair Value, Inputs, Level 1 | Total impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
Nonrecurring | Fair Value, Inputs, Level 1 | Private label residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | |
Nonrecurring | Fair Value, Inputs, Level 1 | OREO and other repossessed assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
Nonrecurring | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 2 |
Nonrecurring | Fair Value, Inputs, Level 2 | Mortgage loans, land | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
Nonrecurring | Fair Value, Inputs, Level 2 | Other consumer loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
Nonrecurring | Fair Value, Inputs, Level 2 | Commercial business loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
Nonrecurring | Fair Value, Inputs, Level 2 | Total impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
Nonrecurring | Fair Value, Inputs, Level 2 | Private label residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 2 | |
Nonrecurring | Fair Value, Inputs, Level 2 | OREO and other repossessed assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
Nonrecurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 2,123 | 2,211 |
Nonrecurring | Fair Value, Inputs, Level 3 | Mortgage loans, land | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 111 | 114 |
Nonrecurring | Fair Value, Inputs, Level 3 | Other consumer loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 6 | 6 |
Nonrecurring | Fair Value, Inputs, Level 3 | Commercial business loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 347 | 408 |
Nonrecurring | Fair Value, Inputs, Level 3 | Total impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 464 | 528 |
Nonrecurring | Fair Value, Inputs, Level 3 | Private label residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | |
Nonrecurring | Fair Value, Inputs, Level 3 | OREO and other repossessed assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | $ 1,659 | $ 1,683 |
Fair Value Measurements_ Fair V
Fair Value Measurements: Fair Value Measurements, Nonrecurring, Valuation Techniques (Details) - Nonrecurring - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, estimated fair value, nonrecurring | $ 2,123 | $ 2,211 |
Impaired loans | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, estimated fair value, nonrecurring | 464 | 528 |
Impaired loans | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, estimated fair value, nonrecurring | 464 | 528 |
OREO and other repossessed assets | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, estimated fair value, nonrecurring | $ 1,659 | $ 1,683 |
Fair Value Measurements_ Schedu
Fair Value Measurements: Schedule of estimated fair values of financial instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | |
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other investments, at cost | $ 3,000 | $ 3,000 | [1] |
Recorded Amount | |||
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 118,851 | 143,015 | |
CDs held for investment | 76,249 | 78,346 | |
Investment securities | 76,953 | 53,634 | |
Investments in equity securities | 953 | 958 | |
FHLB stock | 1,437 | 1,437 | |
Other investments, at cost | 3,000 | 3,000 | |
Loans held for sale | 5,420 | 6,071 | |
Loans receivable, net | 913,150 | 886,662 | |
Accrued interest receivable | 3,665 | 3,598 | |
Certificates of deposits | 165,408 | 165,655 | |
Accrued interest payable | 351 | 333 | |
Fair Value | |||
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 118,851 | 143,015 | |
CDs held for investment | 76,249 | 78,346 | |
Investment securities | 79,114 | 55,112 | |
Investments in equity securities | 953 | 958 | |
FHLB stock | 1,437 | 1,437 | |
Other investments, at cost | 3,000 | 3,000 | |
Loans held for sale | 5,501 | 6,260 | |
Loans receivable, net | 917,475 | 892,495 | |
Accrued interest receivable | 3,665 | 3,598 | |
Certificates of deposits | 166,432 | 166,852 | |
Accrued interest payable | 351 | 333 | |
Fair Value | Fair Value, Inputs, Level 1 | |||
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 118,851 | 143,015 | |
CDs held for investment | 76,249 | 78,346 | |
Investment securities | 2,997 | 3,949 | |
Investments in equity securities | 953 | 958 | |
FHLB stock | 1,437 | 1,437 | |
Other investments, at cost | 3,000 | 3,000 | |
Loans held for sale | 5,501 | 6,260 | |
Loans receivable, net | 0 | 0 | |
Accrued interest receivable | 3,665 | 3,598 | |
Certificates of deposits | 0 | 0 | |
Accrued interest payable | 351 | 333 | |
Fair Value | Fair Value, Inputs, Level 2 | |||
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
CDs held for investment | 0 | 0 | |
Investment securities | 76,117 | 51,163 | |
Investments in equity securities | 0 | 0 | |
FHLB stock | 0 | 0 | |
Other investments, at cost | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Loans receivable, net | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Certificates of deposits | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Fair Value | Fair Value, Inputs, Level 3 | |||
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
CDs held for investment | 0 | 0 | |
Investment securities | 0 | 0 | |
Investments in equity securities | 0 | 0 | |
FHLB stock | 0 | 0 | |
Other investments, at cost | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Loans receivable, net | 917,475 | 892,495 | |
Accrued interest receivable | 0 | 0 | |
Certificates of deposits | 166,432 | 166,852 | |
Accrued interest payable | $ 0 | $ 0 | |
[1] | Derived from audited consolidated financial statements. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Oct. 01, 2019 | Sep. 30, 2019 | [1] | Oct. 01, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Other assets | $ 2,982 | $ 5,323 | |||
Accounting Standards Update 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Other assets | $ 2,890 | ||||
Retained Earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Adoption of Accounting Standards Update (ASU) 2016-01 | $ 63 | ||||
Retained Earnings | Accounting Standards Update 2016-01 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Adoption of Accounting Standards Update (ASU) 2016-01 | $ 63 | ||||
[1] | Derived from audited consolidated financial statements. |
U.S. Tax Reform (Details)
U.S. Tax Reform (Details) | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Effective income tax rate | 24.50% |