Cover
Cover - $ / shares | 3 Months Ended | ||
Dec. 31, 2022 | Feb. 01, 2023 | Sep. 30, 2022 | |
Document and Entity Information | |||
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 000-23333 | ||
Entity Incorporation, State or Country Code | WA | ||
Entity Tax Identification Number | 91-1863696 | ||
Entity Address, Address Line One | 624 Simpson Avenue | ||
Entity Address, City or Town | Hoquiam | ||
Entity Address, State or Province | WA | ||
Entity Address, Postal Zip Code | 98550 | ||
City Area Code | (360) | ||
Local Phone Number | 533-4747 | ||
Title of 12(b) Security | Common stock, $.01 par value | ||
Trading Symbol | TSBK | ||
Security Exchange Name | NASDAQ | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 8,222,197 | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Entity Registrant Name | TIMBERLAND BANCORP, INC. | ||
Entity Central Index Key | 0001046050 | ||
Current Fiscal Year End Date | --09-30 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | Q1 | ||
Amendment Flag | false |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Dec. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments , as amended by ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10 and ASU 2019-11. ASU 2016-13 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, ASU 2016-13 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 PCI debt securities and loans. ASU 2016-13 retains many of the current disclosure requirements in GAAP and expands certain disclosure requirements. As a "smaller reporting company" filer with the U.S. Securities and Exchange Commission, 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 OTTI 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 help ensure that it is fully compliant with ASU 2016-13 at the adoption date. At this time, the Company anticipates that the allowance for loan losses will increase as a result of the implementation of ASU 2016-13; however, until its evaluation is complete, the magnitude of this 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 has 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 would then recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized would not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity would 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 is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2022. The adoption ASU 2017-04 is not expected to have a material impact on the Company's future consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU applies to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate ("LIBOR") or other rate references expected to be discontinued because of reference rate reform. The ASU permits an entity to make necessary modifications to eligible contracts or transactions without requiring contract remeasurement or reassessment of a previous accounting determination. This ASU is effective for all entities as of March 12, 2020 through December 31, 2024. The Company has not adopted ASU 2020-04 as of December 31, 2022. The adoption of ASU 2020-04 is not expected to have a material impact on the Company's future consolidated financial statements. In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments eliminate the accounting guidance for troubled debt restructurings (“TDRs”) for creditors, require new disclosures for creditors for certain loan refinancings and restructurings when a borrower is experiencing financial difficulty, and require public business entities to include current-period gross write-offs in the vintage disclosure tables. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of ASU 2022-02 is not expected to have a material impact on the Company's future consolidated financial statements. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | |
Cash and cash equivalents: | |||
Cash and due from financial institutions | $ 31,237 | $ 24,808 | [1] |
Interest-bearing deposits in banks | 193,659 | 291,947 | [1] |
Total cash and cash equivalents | 224,896 | 316,755 | [1] |
Certificates of deposit (“CDs”) held for investment (at cost, which approximates fair value) | 23,392 | 22,894 | [1] |
Investment securities held to maturity, at amortized cost (estimated fair value of $263,978 and $249,783) | 278,585 | 266,608 | [1] |
Investment securities available for sale, at fair value | 55,841 | 41,415 | [1] |
Investments in equity securities, at fair value | 837 | 835 | |
Federal Home Loan Bank of Des Moines (“FHLB”) stock, at cost | 2,194 | 2,194 | [1] |
Other investments, at cost | 3,000 | 3,000 | [1] |
Loans held for sale | 0 | 748 | [1] |
Loans receivable, net of allowance for loan losses of $14,229 and $13,703 | 1,172,559 | 1,132,426 | [1] |
Premises and equipment, net | 21,703 | 21,898 | [1] |
Accrued interest receivable | 5,508 | 4,483 | [1] |
Bank owned life insurance (“BOLI”) | 22,962 | 22,806 | [1] |
Goodwill | 15,131 | 15,131 | [1] |
Core deposit intangible (“CDI”), net | 880 | 948 | |
Loan servicing rights, net | 2,770 | 3,023 | [1] |
Operating lease right-of-use ("ROU") assets | 1,912 | 1,980 | [1] |
Other assets | 3,374 | 3,364 | [1] |
Total assets | 1,835,544 | 1,860,508 | [1] |
Deposits: | |||
Non-interest-bearing demand | 494,370 | 530,058 | [1] |
Interest-bearing | 1,106,720 | 1,102,118 | [1] |
Total deposits | 1,601,090 | 1,632,176 | [1] |
Operating lease liabilities | 2,001 | 2,066 | |
Other liabilities and accrued expenses | 8,904 | 7,697 | [1] |
Total liabilities | 1,611,995 | 1,641,939 | [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; 8,231,197 shares issued and outstanding - December 31, 2022 8,221,952 shares issued and outstanding - September 30, 2022 | 38,878 | 38,751 | [2] |
Retained earnings | 185,406 | 180,535 | [2] |
Accumulated other comprehensive income (loss) | (735) | (717) | [2] |
Total shareholders’ equity | 223,549 | 218,569 | [2] |
Total liabilities and shareholders’ equity | $ 1,835,544 | $ 1,860,508 | [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, 2022 | Sep. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Investments securities held to maturity, estimated fair value | $ 263,978 | $ 249,783 |
Allowance for loan losses | $ 14,229 | $ 13,703 |
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) | 8,231,197 | 8,221,952 |
Common stock shares outstanding (shares) | 8,231,197 | 8,221,952 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest and dividend income | ||
Loans receivable and loans held for sale | $ 14,457,000 | $ 12,622,000 |
Investment securities | 2,214,000 | 405,000 |
Dividends from mutual funds, FHLB stock and other investments | 51,000 | 27,000 |
Interest-bearing deposits in banks and CDs | 2,390,000 | 288,000 |
Total interest and dividend income | 19,112,000 | 13,342,000 |
Interest expense | ||
Deposits | 1,369,000 | 631,000 |
FHLB borrowings | 0 | 15,000 |
Total interest expense | 1,369,000 | 646,000 |
Net interest income | 17,743,000 | 12,696,000 |
Provision for loan losses | 525,000 | 0 |
Net interest income after provision for loan losses | 17,218,000 | 12,696,000 |
Non-interest income | ||
Net recoveries on investment securities | 3,000 | 8,000 |
BOLI net earnings | 156,000 | 154,000 |
Gain on sales of loans, net | 21,000 | 663,000 |
Valuation recovery on loan servicing rights, net | 0 | 119,000 |
Other, net | 297,000 | 230,000 |
Total non-interest income, net | 2,705,000 | 3,442,000 |
Non-interest expense | ||
Salaries and employee benefits | 5,900,000 | 5,171,000 |
Premises and equipment | 924,000 | 928,000 |
Advertising | 195,000 | 166,000 |
OREO and other repossessed assets, net | 0 | (18,000) |
ATM and debit card interchange transaction fees | 483,000 | 464,000 |
Postage and courier | 121,000 | 136,000 |
State and local taxes | 299,000 | 255,000 |
Professional fees | 429,000 | 271,000 |
Federal Deposit Insurance Corporation ("FDIC") insurance | 124,000 | 128,000 |
Loan administration and foreclosure | 120,000 | 104,000 |
Data processing and telecommunications | 789,000 | 613,000 |
Deposit operations | 346,000 | 299,000 |
Amortization of CDI | 68,000 | 79,000 |
Other | 737,000 | 668,000 |
Total non-interest expense, net | 10,535,000 | 9,264,000 |
Income before income taxes | 9,388,000 | 6,874,000 |
Provision for income taxes | 1,881,000 | 1,389,000 |
Net income | $ 7,507,000 | $ 5,485,000 |
Net income per common share | ||
Basic (in dollars per share) | $ 0.91 | $ 0.66 |
Diluted (in dollars per share) | $ 0.90 | $ 0.65 |
Weighted average common shares outstanding | ||
Basic (in shares) | 8,232,273 | 8,356,066 |
Diluted (in shares) | 8,318,733 | 8,448,900 |
Deposit Account | ||
Non-interest income | ||
Revenue from contract with customer | $ 947,000 | $ 913,000 |
Credit and Debit Card | ||
Non-interest income | ||
Revenue from contract with customer | 1,251,000 | 1,277,000 |
Asset Management | ||
Non-interest income | ||
Revenue from contract with customer | $ 30,000 | $ 78,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Comprehensive income | ||
Net income | $ 7,507 | $ 5,485 |
Unrealized holding loss on investment securities available for sale, net of income tax benefits of $(5) and $(5), respectively | (19) | (18) |
Change in other than temporary impairment ("OTTI") on investment securities held to maturity, net of income taxes: | ||
Accretion of OTTI on investment securities held to maturity, net of income taxes of $0 and $0, respectively | 1 | 1 |
Total other comprehensive loss, net of income taxes | (18) | (17) |
Total comprehensive income | $ 7,489 | $ 5,468 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized holding loss on investment securities available for sale, tax | $ (5) | $ (5) |
Accretion of OTTI on investment securities held to maturity, tax | $ 0 | $ 0 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Stock Options | Common Stock | Common Stock Stock Options | Retained Earnings | Accumulated Other Compre-hensive Income (Loss) | ||
Balance at beginning of period (in shares) at Sep. 30, 2021 | 8,355,469 | |||||||
Balance at beginning of period at Sep. 30, 2021 | $ 206,899 | $ 42,673 | $ 164,167 | $ 59 | [1] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 5,485 | 5,485 | ||||||
Other comprehensive loss | (17) | (17) | ||||||
Repurchase of common stock (in shares) | (15,548) | |||||||
Repurchase of common stock | $ (433) | $ (433) | ||||||
Exercise of stock options (in shares) | 8,900 | 8,900 | ||||||
Exercise of stock options | $ 130 | $ 130 | ||||||
Common stock dividends | (1,755) | (1,755) | ||||||
Stock option compensation expense | $ 66 | $ 66 | ||||||
Balance at end of period (in shares) at Dec. 31, 2021 | 8,348,821 | |||||||
Balance at end of period at Dec. 31, 2021 | 210,375 | $ 42,436 | 167,897 | 42 | [1] | |||
Balance at beginning of period (in shares) at Sep. 30, 2022 | 8,221,952 | |||||||
Balance at beginning of period at Sep. 30, 2022 | 218,569 | [2] | $ 38,751 | 180,535 | (717) | [1] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 7,507 | 7,507 | ||||||
Other comprehensive loss | (18) | (18) | ||||||
Repurchase of common stock (in shares) | (10,570) | |||||||
Repurchase of common stock | $ (348) | $ (348) | ||||||
Exercise of stock options (in shares) | 19,815 | 19,815 | ||||||
Exercise of stock options | $ 397 | $ 397 | ||||||
Common stock dividends | (2,636) | (2,636) | ||||||
Stock option compensation expense | $ 78 | $ 78 | ||||||
Balance at end of period (in shares) at Dec. 31, 2022 | 8,231,197 | |||||||
Balance at end of period at Dec. 31, 2022 | $ 223,549 | $ 38,878 | $ 185,406 | $ (735) | [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, 2022 | Dec. 31, 2021 | |
Common Stock | ||
Dividends paid per common share (in dollars per share) | $ 0.32 | $ 0.21 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | ||
Net income | $ 7,507 | $ 5,485 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 525 | 0 |
Depreciation | 338 | 358 |
Deferred income taxes | 0 | 266 |
Accretion of discount on purchased loans | (28) | (57) |
Amortization of CDI | 68 | 79 |
Stock option compensation expense | 78 | 66 |
Net recoveries on investment securities | (3) | (8) |
Change in fair value of investments in equity securities | (2) | 9 |
Amortization (accretion) of discounts and premiums on securities | (298) | 101 |
Gain on sales of loans, net | (21) | (663) |
Loans originated for sale | (389) | (22,379) |
Proceeds from sales of loans | 1,158 | 22,559 |
Amortization of loan servicing rights | 263 | 299 |
Valuation recovery on loan servicing rights, net | 0 | (119) |
BOLI net earnings | (156) | (154) |
Increase (decrease) in deferred loan origination fees | 211 | (604) |
Net change in accrued interest receivable and other assets, and other liabilities and accrued expenses | 170 | (978) |
Net cash provided by operating activities | 9,421 | 4,260 |
Cash flows from investing activities | ||
Net (increase) decrease in CDs held for investment | (498) | 3,834 |
Purchase of investment securities held to maturity | (14,317) | (48,486) |
Purchase of investment securities available for sale | (16,993) | 0 |
Proceeds from maturities and prepayments of investment securities held to maturity | 2,626 | 2,995 |
Proceeds from maturities and prepayments of investment securities available for sale | 2,559 | 6,502 |
Increase in loans receivable, net | (40,841) | (24,892) |
Purchases of premises and equipment | (143) | (99) |
Net cash used in investing activities | (67,607) | (60,146) |
Cash flows from financing activities | ||
Net increase (decrease) in deposits | (31,086) | 36,076 |
Proceeds from exercise of stock options | 397 | 130 |
Repurchase of common stock | (348) | (433) |
Payment of dividends | (2,636) | (1,755) |
Net cash provided by (used in) financing activities | (33,673) | 34,018 |
Net decrease in cash and cash equivalents | (91,859) | (21,868) |
Beginning of period | 316,755 | 580,196 |
End of period | 224,896 | 558,328 |
Supplemental disclosure of cash flow information | ||
Interest paid | 1,180 | 656 |
Supplemental disclosure of non-cash investing activities | ||
Other comprehensive loss related to investment securities | $ (18) | $ (17) |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation: The accompanying unaudited consolidated financial statements of Timberland Bancorp, Inc. and its wholly-owned subsidiary, Timberland Bank (the "Bank") (collectively, "the Company") 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, 2022 (“2022 Form 10-K”). The unaudited consolidated results of operations for the three months ended December 31, 2022 are not necessarily indicative of the results that may be expected for the entire fiscal year ending September 30, 2023. (b) Principles of Consolidation: The unaudited consolidated financial statements include the accounts of the Company 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 under the operating name, "Timberland Bank." (d) The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the 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, 2022 presentation with no change to previously reported net income or total shareholders’ equity. |
Investment Securities
Investment Securities | 3 Months Ended |
Dec. 31, 2022 | |
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, 2022 and September 30, 2022 (dollars in thousands): Amortized Gross Gross Estimated December 31, 2022 Held to maturity U.S. Treasury and U.S. government agency securities $ 170,913 $ 92 $ (10,616) $ 160,389 Mortgage-backed securities ("MBS"): U.S. government agencies 55,517 231 (2,240) 53,508 Private label residential 49,563 272 (2,258) 47,577 Taxable municipal securities 2,092 — (58) 2,034 Bank issued trust preferred securities 500 — (30) 470 Total $ 278,585 $ 595 $ (15,202) $ 263,978 Available for sale MBS: U.S. government agencies $ 56,759 $ 445 $ (1,363) $ 55,841 Total $ 56,759 $ 445 $ (1,363) $ 55,841 September 30, 2022 Held to maturity U.S. Treasury and U.S. government agency securities $ 170,676 $ 11 $ (12,109) $ 158,578 MBS: U.S. government agencies 43,995 4 (2,486) 41,513 Private label residential 49,335 245 (2,392) 47,188 Taxable municipal securities 2,102 — (67) 2,035 Bank issued trust preferred securities 500 — (31) 469 Total $ 266,608 $ 260 $ (17,085) $ 249,783 Available for sale MBS: U.S. government agencies $ 42,309 $ — $ (894) $ 41,415 Total $ 42,309 $ — $ (894) $ 41,415 Held to maturity and available for sale investment securities with unrealized losses were as follows as of December 31, 2022 (dollars in thousands): Less Than 12 Months 12 Months or Longer Total Estimated Gross Quantity Estimated Gross Quantity Estimated Gross Held to maturity U.S. Treasury and U.S. government agency securities $ 71,681 $ (2,552) 7 $ 79,151 $ (8,064) 19 $ 150,832 $ (10,616) MBS: U.S. government agencies 30,377 (1,175) 52 5,400 (1,065) 7 35,777 (2,240) Private label residential 28,489 (1,043) 24 16,897 (1,215) 11 45,386 (2,258) Taxable municipal securities 2,034 (58) 1 — — — 2,034 (58) Bank issued trust preferred securities — — — 470 (30) 1 470 (30) Total $ 132,581 $ (4,828) 84 $ 101,918 $ (10,374) 38 $ 234,499 $ (15,202) Available for sale MBS: U.S. government agencies $ 22,696 $ (630) 15 $ 15,248 $ (733) 13 $ 37,944 $ (1,363) Total $ 22,696 $ (630) 15 $ 15,248 $ (733) 13 $ 37,944 $ (1,363) Held to maturity and available for sale investment securities with unrealized losses were as follows as of September 30, 2022 (dollars in thousands): Less Than 12 Months 12 Months or Longer Total Estimated Gross Quantity Estimated Gross Quantity Estimated Gross Held to maturity U.S. Treasury and U.S. government agency securities $ 115,504 $ (7,224) 17 $ 33,638 $ (4,885) 9 $ 149,142 $ (12,109) MBS: U.S. government agencies 35,896 (1,449) 54 5,306 (1,037) 5 41,202 (2,486) Private label residential 35,447 (2,166) 27 8,708 (226) 6 44,155 (2,392) Taxable municipal securities 2,035 (67) 1 — — — 2,035 (67) Bank issued trust preferred securities 469 (31) 1 — — — 469 (31) Total $ 189,351 $ (10,937) 100 $ 47,652 $ (6,148) 20 $ 237,003 $ (17,085) Available for sale MBS: U.S. government agencies $ 25,170 $ (292) 16 $ 15,705 $ (602) 13 $ 40,875 $ (894) Total $ 25,170 $ (292) 16 $ 15,705 $ (602) 13 $ 40,875 $ (894) The Company has evaluated the investment securities in the above tables and has determined that the declines in their fair value are 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. Further, as of December 31, 2022, management does not have the intent to sell any of the securities classified as available for sale for which 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, 2022 and 2021: Range Weighted Minimum Maximum Average December 31, 2022 Constant prepayment rate 6.00 % 15.00 % 8.87 % Collateral default rate — % 14.64 % 9.06 % Loss severity rate — % 7.76 % 2.94 % December 31, 2021 Constant prepayment rate 6.00 % 15.00 % 12.50 % Collateral default rate 1.56 % 22.67 % 12.14 % Loss severity rate — % 13.95 % 3.30 % 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, 2022 and 2021 (dollars in thousands): Three Months Ended 2022 2021 Beginning balance of credit loss $ 836 $ 853 Additions (subtractions): Net realized gain (losses) previously recorded as credit losses (7) 1 Recovery of prior credit loss (3) (4) Ending balance of credit loss $ 826 $ 850 During the three months ended December 31, 2022, the Company recorded a $7,000 net realized loss on 14 held to maturity investment securities. During the three months ended December 31, 2021, the Company recorded a $3,000 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 $160.19 million and $133.82 million at December 31, 2022 and September 30, 2022, respectively. The contractual maturities of debt securities at December 31, 2022 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 Estimated Amortized Estimated Due within one year $ 6,010 $ 5,877 $ — $ — Due after one year to five years 161,301 153,803 2,913 2,895 Due after five years to ten years 36,374 32,672 8,439 8,313 Due after ten years 74,900 71,626 45,408 44,633 Total $ 278,585 $ 263,978 $ 56,760 $ 55,841 |
Goodwill and CDI
Goodwill and CDI | 3 Months Ended |
Dec. 31, 2022 | |
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. The Company performed its fiscal year 2022 goodwill impairment test during the quarter ended June 30, 2022. 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, 2022. 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, 2022, management believes that there have been no events or changes in the circumstances since May 31, 2022 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. If adverse economic conditions or any decreases in the Company's stock price and market capitalization were deemed other than temporary, it may significantly affect the fair value of the Company's goodwill and may trigger impairment charges. Any impairment charge could have a material adverse effect on the Company's results of operations and financial condition. The recorded amount of goodwill at December 31, 2022 and September 30, 2022 remained unchanged at $15.13 million. |
Loans Receivable And Allowance
Loans Receivable And Allowance For Loan Losses | 3 Months Ended |
Dec. 31, 2022 | |
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 by portfolio segment consisted of the following at December 31, 2022 and September 30, 2022 (dollars in thousands): December 31, September 30, Amount Percent Amount Percent Mortgage loans: One- to four-family (1) $ 200,285 15.4 % $ 176,116 14.1 % Multi-family 96,831 7.4 95,025 7.6 Commercial 542,571 41.6 536,650 42.8 Construction - custom and owner/builder 117,592 9.0 119,240 9.5 Construction - speculative one- to four-family 11,220 0.9 12,254 1.0 Construction - commercial 36,825 2.8 40,364 3.2 Construction - multi-family 89,040 6.8 64,480 5.1 Construction - land development 17,015 1.3 19,280 1.5 Land 25,872 2.0 26,854 2.1 Total mortgage loans 1,137,251 87.2 1,090,263 86.9 Consumer loans: Home equity and second mortgage 35,967 2.8 35,187 2.8 Other 2,482 0.2 2,128 0.2 Total consumer loans 38,449 3.0 37,315 3.0 Commercial loans: Commercial business 127,085 9.8 125,039 10.0 U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans 631 — 1,001 0.1 Total commercial loans 127,716 9.8 % 126,040 10.1 Total loans receivable 1,303,416 100.0 % 1,253,618 100.0 % Less: Undisbursed portion of construction loans in process 112,096 103,168 Deferred loan origination fees, net 4,532 4,321 Allowance for loan losses 14,229 13,703 Subtotal 130,857 121,192 Loans receivable, net $ 1,172,559 $ 1,132,426 _____________________________ (1) Does not include one- to four-family loans held for sale totaling $0 and $748 at December 31, 2022 and September 30, 2022, respectively. Loans receivable at December 31, 2022 and September 30, 2022 are reported net of unamortized discounts totaling $239,000 and $267,000, respectively. Allowance for Loan Losses The following tables set forth information for the three months ended December 31, 2022 and 2021 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands): Three Months Ended December 31, 2022 Beginning Provision for Charge- Recoveries Ending Mortgage loans: One- to four-family $ 1,658 $ 230 $ — $ — $ 1,888 Multi-family 855 16 — — 871 Commercial 6,682 112 — — 6,794 Construction – custom and owner/builder 675 (2) — — 673 Construction – speculative one- to four-family 130 (5) — — 125 Construction – commercial 343 (20) — — 323 Construction – multi-family 447 130 — — 577 Construction – land development 233 (11) — — 222 Land 397 (14) — — 383 Consumer loans: Home equity and second mortgage 440 53 — — 493 Other 42 4 — 1 47 Commercial business loans 1,801 32 — — 1,833 Total $ 13,703 $ 525 $ — $ 1 $ 14,229 Three Months Ended December 31, 2021 Beginning Provision for Charge- Recoveries Ending Mortgage loans: One- to four-family $ 1,154 $ 83 $ — $ — $ 1,237 Multi-family 765 (17) — — 748 Commercial 6,813 (6) — — 6,807 Construction – custom and owner/builder 644 27 — — 671 Construction – speculative one- to four-family 188 (35) — — 153 Construction – commercial 784 (191) — — 593 Construction – multi-family 436 24 — — 460 Construction – land development 124 33 — — 157 Land 470 (35) — — 435 Consumer loans: Home equity and second mortgage 528 4 — — 532 Other 50 (1) (1) — 48 Commercial business loans 1,513 114 — — 1,627 Total $ 13,469 $ — $ (1) $ — $ 13,468 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, 2022 and September 30, 2022 (dollars in thousands): Allowance for Loan Losses Recorded Investment in Loans Individually Collectively Total Individually Collectively Total December 31, 2022 Mortgage loans: One- to four-family $ — $ 1,888 $ 1,888 $ 383 $ 199,902 $ 200,285 Multi-family — 871 871 — 96,831 96,831 Commercial — 6,794 6,794 2,980 539,591 542,571 Construction – custom and owner/builder — 673 673 — 66,840 66,840 Construction – speculative one- to four-family — 125 125 — 8,032 8,032 Construction – commercial — 323 323 — 27,432 27,432 Construction – multi-family — 577 577 — 44,374 44,374 Construction – land development — 222 222 — 12,918 12,918 Land — 383 383 425 25,447 25,872 Consumer loans: Home equity and second mortgage — 493 493 405 35,562 35,967 Other — 47 47 2 2,480 2,482 Commercial business loans 127 1,706 1,833 304 126,781 127,085 SBA PPP loans — — — — 631 631 Total $ 127 $ 14,102 $ 14,229 $ 4,499 $ 1,186,821 $ 1,191,320 September 30, 2022 Mortgage loans: One- to four-family $ — $ 1,658 $ 1,658 $ 388 $ 175,728 $ 176,116 Multi-family — 855 855 — 95,025 95,025 Commercial — 6,682 6,682 2,988 533,662 536,650 Construction – custom and owner/builder — 675 675 — 67,091 67,091 Construction – speculative one- to four-family — 130 130 — 8,364 8,364 Construction – commercial — 343 343 — 29,059 29,059 Construction – multi-family — 447 447 — 34,354 34,354 Construction – land development — 233 233 — 13,582 13,582 Land — 397 397 450 26,404 26,854 Consumer loans: Home equity and second mortgage — 440 440 394 34,793 35,187 Other — 42 42 3 2,125 2,128 Commercial business loans 127 1,674 1,801 309 124,730 125,039 SBA PPP loans — — — — 1,001 1,001 Total $ 127 $ 13,576 $ 13,703 $ 4,532 $ 1,145,918 $ 1,150,450 The following tables present an analysis of loans by aging category and portfolio segment at December 31, 2022 and September 30, 2022 (dollars in thousands): 30–59 60-89 Non- Past Due Total Current Total December 31, 2022 Mortgage loans: One- to four-family $ — $ — $ 383 $ — $ 383 $ 199,902 $ 200,285 Multi-family — — — — — 96,831 96,831 Commercial 209 — 658 — 867 541,704 542,571 Construction – custom and owner/builder — — — — — 66,840 66,840 Construction – speculative one- to four-family — — — — — 8,032 8,032 Construction – commercial — — — — — 27,432 27,432 Construction – multi-family — — — — — 44,374 44,374 Construction – land development — — — — — 12,918 12,918 Land — — 425 — 425 25,447 25,872 Consumer loans: Home equity and second mortgage — — 263 — 263 35,704 35,967 Other — — 2 — 2 2,480 2,482 Commercial business loans 9 — 304 — 313 126,772 127,085 SBA PPP loans — — — — — 631 631 Total $ 218 $ — $ 2,035 $ — $ 2,253 $ 1,189,067 $ 1,191,320 September 30, 2022 Mortgage loans: One- to four-family $ — $ — $ 388 $ — $ 388 $ 175,728 $ 176,116 Multi-family — — — — — 95,025 95,025 Commercial — — 657 — 657 535,993 536,650 Construction – custom and owner/builder — — — — — 67,091 67,091 Construction – speculative one- to four-family — — — — — 8,364 8,364 Construction – commercial — — — — — 29,059 29,059 Construction – multi-family — — — — — 34,354 34,354 Construction – land development — — — — — 13,582 13,582 Land — — 450 — 450 26,404 26,854 Consumer loans: Home equity and second mortgage 37 — 252 — 289 34,898 35,187 Other — — 3 — 3 2,125 2,128 Commercial business loans — — 309 — 309 124,730 125,039 SBA PPP loans — — — — — 1,001 1,001 Total $ 37 $ — $ 2,059 $ — $ 2,096 $ 1,148,354 $ 1,150,450 ______________________ (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. Doubtful: Loans in this classification have the weaknesses of substandard loans with the additional characteristic that the weaknesses make the collection or liquidation in full on the basis of currently existing facts, conditions and values questionable, and there is a high possibility of loss. At December 31, 2022 and September 30, 2022, there were no loans classified as doubtful. 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, 2022 and September 30, 2022, 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, 2022 and September 30, 2022 (dollars in thousands): Loan Grades December 31, 2022 Pass Watch Special Substandard Total Mortgage loans: One- to four-family $ 199,864 $ 36 $ — $ 385 $ 200,285 Multi-family 96,831 — — — 96,831 Commercial 528,906 7,925 233 5,507 542,571 Construction – custom and owner/builder 64,708 2,132 — — 66,840 Construction – speculative one- to four-family 8,032 — — — 8,032 Construction – commercial 27,432 — — — 27,432 Construction – multi-family 44,374 — — — 44,374 Construction – land development 12,896 — — 22 12,918 Land 24,932 515 — 425 25,872 Consumer loans: Home equity and second mortgage 35,465 32 — 470 35,967 Other 2,419 61 — 2 2,482 Commercial business loans 126,764 — — 321 127,085 SBA PPP loans 631 — — — 631 Total $ 1,173,254 $ 10,701 $ 233 $ 7,132 $ 1,191,320 September 30, 2022 Mortgage loans: One- to four-family $ 175,687 $ 38 $ — $ 391 $ 176,116 Multi-family 95,025 — — — 95,025 Commercial 522,741 7,940 237 5,732 536,650 Construction – custom and owner/builder 65,249 1,842 — — 67,091 Construction – speculative one- to four-family 8,364 — — — 8,364 Construction – commercial 29,059 — — — 29,059 Construction – multi-family 34,354 — — — 34,354 Construction – land development 13,557 — — 25 13,582 Land 25,882 522 — 450 26,854 Consumer loans: Home equity and second mortgage 34,709 19 — 459 35,187 Other 2,063 62 — 3 2,128 Commercial business loans 124,712 — — 327 125,039 SBA PPP loans 1,001 — — — 1,001 Total $ 1,132,403 $ 10,423 $ 237 $ 7,387 $ 1,150,450 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 that 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, 2022 and for the three months then ended (dollars in thousands): Recorded Unpaid Principal Balance (Loan Balance Plus Charge Off) Related 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 $ 383 $ 427 $ — $ 386 $ 7 $ 7 Commercial 2,980 2,980 — 2,984 33 42 Land 425 425 — 438 — — Consumer loans: Home equity and second mortgage 405 405 — 400 2 3 Other 2 2 — 3 — — Commercial business loans 55 103 — 57 — — Subtotal 4,250 4,342 — 4,268 42 52 With an allowance recorded: Commercial business loans 249 249 127 249 — — Subtotal 249 249 127 249 — — Total: Mortgage loans: One- to four-family 383 427 — 386 7 7 Commercial 2,980 2,980 — 2,984 33 42 Land 425 425 — 438 — — Consumer loans: Home equity and second mortgage 405 405 — 400 2 3 Other 2 2 — 3 — — Commercial business loans 304 352 127 306 — — Total $ 4,499 $ 4,591 $ 127 $ 4,517 $ 42 $ 52 ______________________________________________ (1) For the three months ended December 31, 2022. Recorded Unpaid Principal Balance (Loan Balance Plus Charge Off) Related YTD YTD Interest YTD Cash Basis Interest Income Recognized (1) With no related allowance recorded: Mortgage loans: One- to four-family $ 388 $ 432 $ — $ 470 $ 31 $ 31 Commercial 2,988 2,988 — 3,041 152 123 Land 450 450 — 492 — — Consumer loans: Home equity and second mortgage 394 394 — 436 6 5 Other 3 3 — 7 — — Commercial business loans 59 108 — 121 — — Subtotal 4,282 4,375 — 4,567 189 159 With an allowance recorded: Consumer loans: Home equity and second mortgage — — — 145 — — Commercial business loans 250 250 127 268 — — Subtotal 250 250 127 413 — — Total Mortgage loans: One- to four-family 388 432 — 470 31 31 Commercial 2,988 2,988 — 3,041 152 123 Land 450 450 — 492 — — Consumer loans: Home equity and second mortgage 394 394 — 581 6 5 Other 3 3 — 7 — — Commercial business loans 309 358 127 389 — — Total $ 4,532 $ 4,625 $ 127 $ 4,980 $ 189 $ 159 _____________________________________________ (1) For the year ended September 30, 2022. 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 $2.58 million and $2.62 million in TDRs included in impaired loans at December 31, 2022 and September 30, 2022, respectively, and had no commitments at these dates to lend additional funds on these loans. There was no allowance for loan losses allocated to TDRs at December 31, 2022 and September 30, 2022. 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, 2022. The following tables set forth information with respect to the Company’s TDRs by interest accrual status as of December 31, 2022 and September 30, 2022 (dollars in thousands): December 31, 2022 Accruing Non- Total Mortgage loans: Commercial $ 2,322 $ — $ 2,322 Land — 63 63 Consumer loans: Home equity and second mortgage 141 53 194 Total $ 2,463 $ 116 $ 2,579 September 30, 2022 Accruing Non- Total Mortgage loans: Commercial $ 2,330 $ — $ 2,330 Land — 88 88 Consumer loans: Home equity and second mortgage 142 55 197 Total $ 2,472 $ 143 $ 2,615 There were no new TDRs recognized during the three months ended December 31, 2022. There was one new TDR recognized during the year ended September 30, 2022. The following table sets forth information with respect to the Company's TDR, by portfolio segment, during the year ended September 30, 2022: September 30, 2022 Number of Pre-Modification Post- Modification End of Home equity and second mortgage loan (1) 1 $ 136 $ 145 $ 142 Total 1 $ 136 $ 145 $ 142 (1) Modification was a result of an increase in principal balance and a reduction in interest rate and monthly payment. |
Leases
Leases | 3 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | LEASES At December 31, 2022, the Company has operating leases for two retail bank branch offices. The Company's leases have remaining lease terms of four 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, 2022 and 2021 (dollars in thousands): Three Months Ended December 31, Lease cost: 2022 2021 Operating lease cost $ 88 $ 94 Short-term lease cost — — Total lease cost $ 88 $ 94 The following tables provide supplemental information related to operating leases at or for the three months ended December 31, 2022 and year ended September 30, 2022 (dollars in thousands): At or For the Three Months Ended December 31 , 2022 At or For the Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 77 $ 342 Weighted average remaining lease term-operating leases 7.5 years 7.7 years Weighted average discount rate-operating leases 2.25 % 2.25 % The Company's leases typically do not contain a discount rate implicit in the lease contracts. As an alternative, the weighted average discount rate used to estimate the present value of future lease payments in calculating the value of the ROU asset and liability was determined by utilizing the FHLB fixed-rate credit advance borrowing rate for the term correlating to the remaining term of each lease. Maturities of operating lease liabilities at December 31, 2022 for future fiscal years are as follows (dollars in thousands): Remainder of 2023 $ 233 2024 313 2025 317 2026 284 2027 219 Thereafter 819 Total lease payments 2,185 Less imputed interest 184 Total $ 2,001 |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Dec. 31, 2022 | |
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. Information regarding the calculation of basic and diluted net income per common share for the three months ended December 31, 2022 and 2021 is as follows (dollars in thousands, except per share amounts): Three Months Ended December 31, 2022 2021 Basic net income per common share computation Numerator – net income $ 7,507 $ 5,485 Denominator – weighted average common shares outstanding 8,232,273 8,356,066 Basic net income per common share $ 0.91 $ 0.66 Diluted net income per common share computation Numerator – net income $ 7,507 $ 5,485 Denominator – weighted average common shares outstanding 8,232,273 8,356,066 Effect of dilutive stock options (1) 86,460 92,834 Weighted average common shares outstanding - assuming dilution 8,318,733 8,448,900 Diluted net income per common share $ 0.90 $ 0.65 ____________________________________________ |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The changes in accumulated other comprehensive income (loss) ("AOCI") by component during the three months ended December 31, 2022 and 2021 are as follows (dollars in thousands): Three Months Ended December 31, 2022 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 $ (706) $ (11) $ (717) Other comprehensive income (loss) (19) 1 (18) Balance of AOCI at the end of period $ (725) $ (10) $ (735) Three Months Ended December 31, 2021 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 $ 75 $ (16) $ 59 Other comprehensive income (loss) (18) 1 (17) Balance of AOCI at the end of period $ 57 $ (15) $ 42 __________________________ (1) All amounts are net of income taxes. |
Stock Compensation Plans
Stock Compensation Plans | 3 Months Ended |
Dec. 31, 2022 | |
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. Under the Company's 2019 Equity Incentive Plan, the Company is able to grant options and awards or restricted stock (with or without performance measures) for up to 350,000 shares of common stock, of which 300,000 shares are reserved to be awarded to employees, including officers, and 50,000 shares are reserved to be awarded to 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 At both December 31, 2022 and 2021, there were no unvested restricted stock awards. There were no restricted stock grants awarded during the three months ended December 31, 2022 and 2021. Stock option activity for the three months ended December 31, 2022 and 2021 is summarized as follows: Three Months Ended December 31, 2022 Three Months Ended December 31, 2021 Number of Shares Weighted Number of Shares Weighted Options outstanding, beginning of period 421,925 $ 23.30 406,815 $ 21.62 Exercised (19,815) 20.01 (8,900) 14.63 Granted — — 1,000 27.25 Forfeited (1,800) 29.68 (11,594) 25.28 Options outstanding, end of period 400,310 $ 23.43 387,321 $ 21.70 The fair value of stock options is determined using the Black-Scholes valuation model. There were no options granted during the three months ended December 31, 2022. The aggregate intrinsic value of options exercised during the three months ended December 31, 2022 and 2021 was $244,000 and $123,000, respectively. At December 31, 2022, there were 191,710 unvested options with an aggregate grant date fair value of $1.08 million, all of which the Company assumes will vest. The aggregate intrinsic value of unvested options at December 31, 2022 was $1.61 million. There were 200 options vested during the three months ended December 31, 2022 with a total fair value of $652. At December 31, 2021, there were 176,670 unvested options with an aggregate grant date fair value of $844,000. There were 200 options that vested during the three months ended December 31, 2021 with a total fair value of $1,000. Additional information regarding options outstanding at December 31, 2022 is as follows: Options Outstanding Options Exercisable Range of Number Weighted Weighted Number Weighted Weighted 9.00 14,000 $ 9.00 0.8 14,000 $ 9.00 0.8 10.26 - 10.71 47,000 10.56 2.2 47,000 10.56 2.2 15.67 - 19.13 77,700 16.53 6.6 40,410 16.18 5.4 26.50 - 27.40 110,660 27.31 8.7 22,180 27.14 6.8 28.23 - 29.69 115,950 28.78 7.2 57,150 29.35 5.7 31.80 35,000 31.80 5.8 27,860 31.80 5.8 400,310 $ 23.43 6.6 208,600 $ 21.29 4.6 The aggregate intrinsic value of options outstanding at December 31, 2022 and 2021 was $4.28 million and $2.62 million , respectively. As of December 31, 2022, unrecognized compensation cost related to unvested stock options was $1.04 million, which is expected to be recognized over a weighted average life of 2.42 years. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2022 | |
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 that 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, 2022 and September 30, 2022. The Company's assets measured at estimated fair value on a recurring basis at December 31, 2022 and September 30, 2022 were as follows (dollars in thousands): December 31, 2022 Estimated Fair Value Level 1 Level 2 Level 3 Total Available for sale investment securities MBS: U.S. government agencies $ — $ 55,841 $ — $ 55,841 Investments in equity securities Mutual funds 837 — — 837 Total $ 837 $ 55,841 $ — $ 56,678 September 30, 2022 Estimated Fair Value Level 1 Level 2 Level 3 Total Available for sale investment securities MBS: U.S. government agencies $ — $ 41,415 $ — $ 41,415 Investments in equity securities Mutual funds 835 — — 835 Total $ 835 $ 41,415 $ — $ 42,250 There were no transfers among Level 1, Level 2 and Level 3 during the three months ended December 31, 2022 and the year ended September 30, 2022. 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 the comparable collateral included in the appraisal and known changes in the market and in the underlying 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. The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at December 31, 2022 (dollars in thousands): Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans: Commercial business loans $ — $ — $ 122 Total $ — $ — $ 122 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, 2022 (dollars in thousands): Estimated Valuation Unobservable Input(s) Impaired loans $ 122 Market approach Appraised value less estimated selling costs The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2022 (dollars in thousands): Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans: Commercial business loans $ — $ — $ 123 Total $ — $ — $ 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 September 30, 2022 (dollars in thousands): Estimated Valuation Unobservable Input(s) Impaired loans $ 123 Market approach Appraised value less estimated selling costs 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 representative fair value for these types of items as of December 31, 2022 and September 30, 2022. 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 GAAP, 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, 2022 and September 30, 2022 (dollars in thousands): December 31, 2022 Fair Value Measurements Using: Recorded Estimated Fair Value Financial assets Cash and cash equivalents $ 224,896 $ 224,896 $ 224,896 $ — $ — CDs held for investment 23,392 23,108 23,108 — — Investment securities 334,426 319,819 160,390 159,429 — Investments in equity securities 837 837 837 — — FHLB stock 2,194 2,194 2,194 — — Other investments 3,000 3,000 3,000 — — Loans receivable, net 1,172,559 1,134,291 — — 1,134,291 Accrued interest receivable 5,508 5,508 5,508 — — Financial liabilities Certificates of deposit 152,821 151,441 — — 151,441 Accrued interest payable 297 297 297 — — September 30, 2022 Fair Value Measurements Using: Recorded Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 316,755 $ 316,755 $ 316,755 $ — $ — CDs held for investment 22,894 22,519 22,519 — — Investment securities 308,023 291,198 158,578 132,620 — Investments in equity securities 835 835 835 — — FHLB stock 2,194 2,194 2,194 — — Other investments 3,000 3,000 3,000 — — Loans held for sale 748 758 758 — — Loans receivable, net 1,132,426 1,124,579 — — 1,124,579 Accrued interest receivable 4,483 4,483 4,483 — — Financial liabilities Certificates of deposit 122,584 120,807 — — 120,807 Accrued interest payable 108 108 108 — — |
Revenue from Contracts with Cus
Revenue from Contracts with Customers Revenue from Contracts with Customers | 3 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS ASU 2014-09 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 within 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 within the scope of ASC 60 6 is recognized in non-interest income with the exception of gains on sales of OREO and gains on sales/disposition of premises and equipment, which are included in non-interest expense. For the three months ended December 31, 2022, the Company recognized $947,000 in service charges on deposits, $1.25 million in ATM and debit card interchange transaction fees, $30,000 in escrow fees, and $30,000 in fee income from non-deposit investment sales, all considered within the scope of ASC 606. For the three months ended December 31, 2021, the Company recognized $913,000 in service charges on deposits, $1.28 million in ATM and debit card interchange transaction fees, $78,000 in escrow fees, and $2,000 in fee income from non-deposit investment sales, all considered within the scope of ASC 606. 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 according to 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. |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES In the normal course of business, the Company is party to financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit. These instruments involve, to varying degrees, elements of credit risk not recognized in the consolidated balance sheets. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments as it does for on-balance-sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit - worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the party. However, such loan to value ratios will subsequently change, based on increases and decreases in the supporting collateral values. Collateral held varies, but may include accounts receivable, inventory, property and equipment, residential real estate, land and income-producing commercial properties. A summary of the Company's commitments at December 31, 2022 and 2021 are listed below (in thousands): December 31, 2022 December 31, 2021 Undisbursed portion of construction loans in process (see Note 4) $ 112,096 $ 106,009 Undisbursed lines of credit 133,932 129,456 Commitments to extend credit 14,126 14,205 $ 260,154 $ 249,670 The Company maintains a separate reserve for losses related to unfunded loan commitments. Management estimates the amount of probable losses related to unfunded loan commitments by applying the loss factors used in the allowance for loan loss methodology to an estimate of the expected amount of funding and applies this adjusted factor to the unused portion of unfunded loan commitments. The reserve for unfunded loan commitments totaled $320,000 and $362,000 at December 31, 2022 and 2021, respectively. These amounts are included in other liabilities and accrued expenses in the accompanying consolidated balance sheets. Increases (decreases) in the reserve for unfunded loan commitments are recorded in non-interest expense in the accompanying consolidated statements of income. The Bank has an employee severance compensation plan which expires in 2027 and which provides severance pay benefits to eligible employees in the event of a change in control of Timberland Bancorp or the Bank (as defined in the plan). In general, all employees with two Timberland Bancorp has entered into employment contracts with certain key employees, which provide for contingent payment subject to future events. Because of the nature of its activities, the Company is subject to various pending and threatened legal actions which arise in the ordinary course of business. In the opinion of management, liabilities arising from these claims, if any, will not have a material effect on the future consolidated financial position of the Company. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying unaudited consolidated financial statements of Timberland Bancorp, Inc. and its wholly-owned subsidiary, Timberland Bank (the "Bank") (collectively, "the Company") 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, 2022 (“2022 Form 10-K”). The unaudited consolidated results of operations for the three months ended December 31, 2022 are not necessarily indicative of the results that may be expected for the entire fiscal year ending September 30, 2023. |
Principles of Consolidation | Principles of Consolidation: The unaudited consolidated financial statements include the accounts of the Company 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 under the operating name, "Timberland Bank." |
Use of Estimates | The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the 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, 2022 presentation with no change to previously reported net income or total shareholders’ equity. |
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 within 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 within the scope of ASC 606 is recognized in non-interest income with the exception of gains on sales of OREO and gains on sales/disposition of premises and equipment, which are included in non-interest expense. For the three months ended December 31, 2022, the Company recognized $947,000 in service charges on deposits, $1.25 million in ATM and debit card interchange transaction fees, $30,000 in escrow fees, and $30,000 in fee income from non-deposit investment sales, all considered within the scope of ASC 606. For the three months ended December 31, 2021, the Company recognized $913,000 in service charges on deposits, $1.28 million in ATM and debit card interchange transaction fees, $78,000 in escrow fees, and $2,000 in fee income from non-deposit investment sales, all considered within the scope of ASC 606. 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 according to 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. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
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, 2022 and September 30, 2022 (dollars in thousands): Amortized Gross Gross Estimated December 31, 2022 Held to maturity U.S. Treasury and U.S. government agency securities $ 170,913 $ 92 $ (10,616) $ 160,389 Mortgage-backed securities ("MBS"): U.S. government agencies 55,517 231 (2,240) 53,508 Private label residential 49,563 272 (2,258) 47,577 Taxable municipal securities 2,092 — (58) 2,034 Bank issued trust preferred securities 500 — (30) 470 Total $ 278,585 $ 595 $ (15,202) $ 263,978 Available for sale MBS: U.S. government agencies $ 56,759 $ 445 $ (1,363) $ 55,841 Total $ 56,759 $ 445 $ (1,363) $ 55,841 September 30, 2022 Held to maturity U.S. Treasury and U.S. government agency securities $ 170,676 $ 11 $ (12,109) $ 158,578 MBS: U.S. government agencies 43,995 4 (2,486) 41,513 Private label residential 49,335 245 (2,392) 47,188 Taxable municipal securities 2,102 — (67) 2,035 Bank issued trust preferred securities 500 — (31) 469 Total $ 266,608 $ 260 $ (17,085) $ 249,783 Available for sale MBS: U.S. government agencies $ 42,309 $ — $ (894) $ 41,415 Total $ 42,309 $ — $ (894) $ 41,415 |
Unrealized Gain (Loss) on Investments | Held to maturity and available for sale investment securities with unrealized losses were as follows as of December 31, 2022 (dollars in thousands): Less Than 12 Months 12 Months or Longer Total Estimated Gross Quantity Estimated Gross Quantity Estimated Gross Held to maturity U.S. Treasury and U.S. government agency securities $ 71,681 $ (2,552) 7 $ 79,151 $ (8,064) 19 $ 150,832 $ (10,616) MBS: U.S. government agencies 30,377 (1,175) 52 5,400 (1,065) 7 35,777 (2,240) Private label residential 28,489 (1,043) 24 16,897 (1,215) 11 45,386 (2,258) Taxable municipal securities 2,034 (58) 1 — — — 2,034 (58) Bank issued trust preferred securities — — — 470 (30) 1 470 (30) Total $ 132,581 $ (4,828) 84 $ 101,918 $ (10,374) 38 $ 234,499 $ (15,202) Available for sale MBS: U.S. government agencies $ 22,696 $ (630) 15 $ 15,248 $ (733) 13 $ 37,944 $ (1,363) Total $ 22,696 $ (630) 15 $ 15,248 $ (733) 13 $ 37,944 $ (1,363) Held to maturity and available for sale investment securities with unrealized losses were as follows as of September 30, 2022 (dollars in thousands): Less Than 12 Months 12 Months or Longer Total Estimated Gross Quantity Estimated Gross Quantity Estimated Gross Held to maturity U.S. Treasury and U.S. government agency securities $ 115,504 $ (7,224) 17 $ 33,638 $ (4,885) 9 $ 149,142 $ (12,109) MBS: U.S. government agencies 35,896 (1,449) 54 5,306 (1,037) 5 41,202 (2,486) Private label residential 35,447 (2,166) 27 8,708 (226) 6 44,155 (2,392) Taxable municipal securities 2,035 (67) 1 — — — 2,035 (67) Bank issued trust preferred securities 469 (31) 1 — — — 469 (31) Total $ 189,351 $ (10,937) 100 $ 47,652 $ (6,148) 20 $ 237,003 $ (17,085) Available for sale MBS: U.S. government agencies $ 25,170 $ (292) 16 $ 15,705 $ (602) 13 $ 40,875 $ (894) Total $ 25,170 $ (292) 16 $ 15,705 $ (602) 13 $ 40,875 $ (894) |
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, 2022 and 2021: Range Weighted Minimum Maximum Average December 31, 2022 Constant prepayment rate 6.00 % 15.00 % 8.87 % Collateral default rate — % 14.64 % 9.06 % Loss severity rate — % 7.76 % 2.94 % December 31, 2021 Constant prepayment rate 6.00 % 15.00 % 12.50 % Collateral default rate 1.56 % 22.67 % 12.14 % Loss severity rate — % 13.95 % 3.30 % |
Other than Temporary Impairment, Credit Losses Recognized in Earnings | 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, 2022 and 2021 (dollars in thousands): Three Months Ended 2022 2021 Beginning balance of credit loss $ 836 $ 853 Additions (subtractions): Net realized gain (losses) previously recorded as credit losses (7) 1 Recovery of prior credit loss (3) (4) Ending balance of credit loss $ 826 $ 850 |
Schedule of Contractual Maturities of Debt Securities | The contractual maturities of debt securities at December 31, 2022 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 Estimated Amortized Estimated Due within one year $ 6,010 $ 5,877 $ — $ — Due after one year to five years 161,301 153,803 2,913 2,895 Due after five years to ten years 36,374 32,672 8,439 8,313 Due after ten years 74,900 71,626 45,408 44,633 Total $ 278,585 $ 263,978 $ 56,760 $ 55,841 |
Loans Receivable And Allowanc_2
Loans Receivable And Allowance For Loan Losses (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
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, 2022 and September 30, 2022 (dollars in thousands): December 31, September 30, Amount Percent Amount Percent Mortgage loans: One- to four-family (1) $ 200,285 15.4 % $ 176,116 14.1 % Multi-family 96,831 7.4 95,025 7.6 Commercial 542,571 41.6 536,650 42.8 Construction - custom and owner/builder 117,592 9.0 119,240 9.5 Construction - speculative one- to four-family 11,220 0.9 12,254 1.0 Construction - commercial 36,825 2.8 40,364 3.2 Construction - multi-family 89,040 6.8 64,480 5.1 Construction - land development 17,015 1.3 19,280 1.5 Land 25,872 2.0 26,854 2.1 Total mortgage loans 1,137,251 87.2 1,090,263 86.9 Consumer loans: Home equity and second mortgage 35,967 2.8 35,187 2.8 Other 2,482 0.2 2,128 0.2 Total consumer loans 38,449 3.0 37,315 3.0 Commercial loans: Commercial business 127,085 9.8 125,039 10.0 U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans 631 — 1,001 0.1 Total commercial loans 127,716 9.8 % 126,040 10.1 Total loans receivable 1,303,416 100.0 % 1,253,618 100.0 % Less: Undisbursed portion of construction loans in process 112,096 103,168 Deferred loan origination fees, net 4,532 4,321 Allowance for loan losses 14,229 13,703 Subtotal 130,857 121,192 Loans receivable, net $ 1,172,559 $ 1,132,426 _____________________________ (1) Does not include one- to four-family loans held for sale totaling $0 and $748 at December 31, 2022 and September 30, 2022, respectively. |
Schedule of Allowance for Loan Losses | The following tables set forth information for the three months ended December 31, 2022 and 2021 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands): Three Months Ended December 31, 2022 Beginning Provision for Charge- Recoveries Ending Mortgage loans: One- to four-family $ 1,658 $ 230 $ — $ — $ 1,888 Multi-family 855 16 — — 871 Commercial 6,682 112 — — 6,794 Construction – custom and owner/builder 675 (2) — — 673 Construction – speculative one- to four-family 130 (5) — — 125 Construction – commercial 343 (20) — — 323 Construction – multi-family 447 130 — — 577 Construction – land development 233 (11) — — 222 Land 397 (14) — — 383 Consumer loans: Home equity and second mortgage 440 53 — — 493 Other 42 4 — 1 47 Commercial business loans 1,801 32 — — 1,833 Total $ 13,703 $ 525 $ — $ 1 $ 14,229 Three Months Ended December 31, 2021 Beginning Provision for Charge- Recoveries Ending Mortgage loans: One- to four-family $ 1,154 $ 83 $ — $ — $ 1,237 Multi-family 765 (17) — — 748 Commercial 6,813 (6) — — 6,807 Construction – custom and owner/builder 644 27 — — 671 Construction – speculative one- to four-family 188 (35) — — 153 Construction – commercial 784 (191) — — 593 Construction – multi-family 436 24 — — 460 Construction – land development 124 33 — — 157 Land 470 (35) — — 435 Consumer loans: Home equity and second mortgage 528 4 — — 532 Other 50 (1) (1) — 48 Commercial business loans 1,513 114 — — 1,627 Total $ 13,469 $ — $ (1) $ — $ 13,468 |
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, 2022 and September 30, 2022 (dollars in thousands): Allowance for Loan Losses Recorded Investment in Loans Individually Collectively Total Individually Collectively Total December 31, 2022 Mortgage loans: One- to four-family $ — $ 1,888 $ 1,888 $ 383 $ 199,902 $ 200,285 Multi-family — 871 871 — 96,831 96,831 Commercial — 6,794 6,794 2,980 539,591 542,571 Construction – custom and owner/builder — 673 673 — 66,840 66,840 Construction – speculative one- to four-family — 125 125 — 8,032 8,032 Construction – commercial — 323 323 — 27,432 27,432 Construction – multi-family — 577 577 — 44,374 44,374 Construction – land development — 222 222 — 12,918 12,918 Land — 383 383 425 25,447 25,872 Consumer loans: Home equity and second mortgage — 493 493 405 35,562 35,967 Other — 47 47 2 2,480 2,482 Commercial business loans 127 1,706 1,833 304 126,781 127,085 SBA PPP loans — — — — 631 631 Total $ 127 $ 14,102 $ 14,229 $ 4,499 $ 1,186,821 $ 1,191,320 September 30, 2022 Mortgage loans: One- to four-family $ — $ 1,658 $ 1,658 $ 388 $ 175,728 $ 176,116 Multi-family — 855 855 — 95,025 95,025 Commercial — 6,682 6,682 2,988 533,662 536,650 Construction – custom and owner/builder — 675 675 — 67,091 67,091 Construction – speculative one- to four-family — 130 130 — 8,364 8,364 Construction – commercial — 343 343 — 29,059 29,059 Construction – multi-family — 447 447 — 34,354 34,354 Construction – land development — 233 233 — 13,582 13,582 Land — 397 397 450 26,404 26,854 Consumer loans: Home equity and second mortgage — 440 440 394 34,793 35,187 Other — 42 42 3 2,125 2,128 Commercial business loans 127 1,674 1,801 309 124,730 125,039 SBA PPP loans — — — — 1,001 1,001 Total $ 127 $ 13,576 $ 13,703 $ 4,532 $ 1,145,918 $ 1,150,450 |
Past Due Status of Loans Receivable | The following tables present an analysis of loans by aging category and portfolio segment at December 31, 2022 and September 30, 2022 (dollars in thousands): 30–59 60-89 Non- Past Due Total Current Total December 31, 2022 Mortgage loans: One- to four-family $ — $ — $ 383 $ — $ 383 $ 199,902 $ 200,285 Multi-family — — — — — 96,831 96,831 Commercial 209 — 658 — 867 541,704 542,571 Construction – custom and owner/builder — — — — — 66,840 66,840 Construction – speculative one- to four-family — — — — — 8,032 8,032 Construction – commercial — — — — — 27,432 27,432 Construction – multi-family — — — — — 44,374 44,374 Construction – land development — — — — — 12,918 12,918 Land — — 425 — 425 25,447 25,872 Consumer loans: Home equity and second mortgage — — 263 — 263 35,704 35,967 Other — — 2 — 2 2,480 2,482 Commercial business loans 9 — 304 — 313 126,772 127,085 SBA PPP loans — — — — — 631 631 Total $ 218 $ — $ 2,035 $ — $ 2,253 $ 1,189,067 $ 1,191,320 September 30, 2022 Mortgage loans: One- to four-family $ — $ — $ 388 $ — $ 388 $ 175,728 $ 176,116 Multi-family — — — — — 95,025 95,025 Commercial — — 657 — 657 535,993 536,650 Construction – custom and owner/builder — — — — — 67,091 67,091 Construction – speculative one- to four-family — — — — — 8,364 8,364 Construction – commercial — — — — — 29,059 29,059 Construction – multi-family — — — — — 34,354 34,354 Construction – land development — — — — — 13,582 13,582 Land — — 450 — 450 26,404 26,854 Consumer loans: Home equity and second mortgage 37 — 252 — 289 34,898 35,187 Other — — 3 — 3 2,125 2,128 Commercial business loans — — 309 — 309 124,730 125,039 SBA PPP loans — — — — — 1,001 1,001 Total $ 37 $ — $ 2,059 $ — $ 2,096 $ 1,148,354 $ 1,150,450 ______________________ (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, 2022 and September 30, 2022 (dollars in thousands): Loan Grades December 31, 2022 Pass Watch Special Substandard Total Mortgage loans: One- to four-family $ 199,864 $ 36 $ — $ 385 $ 200,285 Multi-family 96,831 — — — 96,831 Commercial 528,906 7,925 233 5,507 542,571 Construction – custom and owner/builder 64,708 2,132 — — 66,840 Construction – speculative one- to four-family 8,032 — — — 8,032 Construction – commercial 27,432 — — — 27,432 Construction – multi-family 44,374 — — — 44,374 Construction – land development 12,896 — — 22 12,918 Land 24,932 515 — 425 25,872 Consumer loans: Home equity and second mortgage 35,465 32 — 470 35,967 Other 2,419 61 — 2 2,482 Commercial business loans 126,764 — — 321 127,085 SBA PPP loans 631 — — — 631 Total $ 1,173,254 $ 10,701 $ 233 $ 7,132 $ 1,191,320 September 30, 2022 Mortgage loans: One- to four-family $ 175,687 $ 38 $ — $ 391 $ 176,116 Multi-family 95,025 — — — 95,025 Commercial 522,741 7,940 237 5,732 536,650 Construction – custom and owner/builder 65,249 1,842 — — 67,091 Construction – speculative one- to four-family 8,364 — — — 8,364 Construction – commercial 29,059 — — — 29,059 Construction – multi-family 34,354 — — — 34,354 Construction – land development 13,557 — — 25 13,582 Land 25,882 522 — 450 26,854 Consumer loans: Home equity and second mortgage 34,709 19 — 459 35,187 Other 2,063 62 — 3 2,128 Commercial business loans 124,712 — — 327 125,039 SBA PPP loans 1,001 — — — 1,001 Total $ 1,132,403 $ 10,423 $ 237 $ 7,387 $ 1,150,450 |
Impaired Loans Receivable | The following table is a summary of information related to impaired loans by portfolio segment as of December 31, 2022 and for the three months then ended (dollars in thousands): Recorded Unpaid Principal Balance (Loan Balance Plus Charge Off) Related 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 $ 383 $ 427 $ — $ 386 $ 7 $ 7 Commercial 2,980 2,980 — 2,984 33 42 Land 425 425 — 438 — — Consumer loans: Home equity and second mortgage 405 405 — 400 2 3 Other 2 2 — 3 — — Commercial business loans 55 103 — 57 — — Subtotal 4,250 4,342 — 4,268 42 52 With an allowance recorded: Commercial business loans 249 249 127 249 — — Subtotal 249 249 127 249 — — Total: Mortgage loans: One- to four-family 383 427 — 386 7 7 Commercial 2,980 2,980 — 2,984 33 42 Land 425 425 — 438 — — Consumer loans: Home equity and second mortgage 405 405 — 400 2 3 Other 2 2 — 3 — — Commercial business loans 304 352 127 306 — — Total $ 4,499 $ 4,591 $ 127 $ 4,517 $ 42 $ 52 ______________________________________________ (1) For the three months ended December 31, 2022. Recorded Unpaid Principal Balance (Loan Balance Plus Charge Off) Related YTD YTD Interest YTD Cash Basis Interest Income Recognized (1) With no related allowance recorded: Mortgage loans: One- to four-family $ 388 $ 432 $ — $ 470 $ 31 $ 31 Commercial 2,988 2,988 — 3,041 152 123 Land 450 450 — 492 — — Consumer loans: Home equity and second mortgage 394 394 — 436 6 5 Other 3 3 — 7 — — Commercial business loans 59 108 — 121 — — Subtotal 4,282 4,375 — 4,567 189 159 With an allowance recorded: Consumer loans: Home equity and second mortgage — — — 145 — — Commercial business loans 250 250 127 268 — — Subtotal 250 250 127 413 — — Total Mortgage loans: One- to four-family 388 432 — 470 31 31 Commercial 2,988 2,988 — 3,041 152 123 Land 450 450 — 492 — — Consumer loans: Home equity and second mortgage 394 394 — 581 6 5 Other 3 3 — 7 — — Commercial business loans 309 358 127 389 — — Total $ 4,532 $ 4,625 $ 127 $ 4,980 $ 189 $ 159 _____________________________________________ (1) For the year ended September 30, 2022. |
Schedule Of COVID Loan Modifications | |
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, 2022 and September 30, 2022 (dollars in thousands): December 31, 2022 Accruing Non- Total Mortgage loans: Commercial $ 2,322 $ — $ 2,322 Land — 63 63 Consumer loans: Home equity and second mortgage 141 53 194 Total $ 2,463 $ 116 $ 2,579 September 30, 2022 Accruing Non- Total Mortgage loans: Commercial $ 2,330 $ — $ 2,330 Land — 88 88 Consumer loans: Home equity and second mortgage 142 55 197 Total $ 2,472 $ 143 $ 2,615 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease, Cost | 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, 2022 and 2021 (dollars in thousands): Three Months Ended December 31, Lease cost: 2022 2021 Operating lease cost $ 88 $ 94 Short-term lease cost — — Total lease cost $ 88 $ 94 The following tables provide supplemental information related to operating leases at or for the three months ended December 31, 2022 and year ended September 30, 2022 (dollars in thousands): At or For the Three Months Ended December 31 , 2022 At or For the Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 77 $ 342 Weighted average remaining lease term-operating leases 7.5 years 7.7 years Weighted average discount rate-operating leases 2.25 % 2.25 % |
Lessee, Operating Lease, Liability, Maturity | Maturities of operating lease liabilities at December 31, 2022 for future fiscal years are as follows (dollars in thousands): Remainder of 2023 $ 233 2024 313 2025 317 2026 284 2027 219 Thereafter 819 Total lease payments 2,185 Less imputed interest 184 Total $ 2,001 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021 is as follows (dollars in thousands, except per share amounts): Three Months Ended December 31, 2022 2021 Basic net income per common share computation Numerator – net income $ 7,507 $ 5,485 Denominator – weighted average common shares outstanding 8,232,273 8,356,066 Basic net income per common share $ 0.91 $ 0.66 Diluted net income per common share computation Numerator – net income $ 7,507 $ 5,485 Denominator – weighted average common shares outstanding 8,232,273 8,356,066 Effect of dilutive stock options (1) 86,460 92,834 Weighted average common shares outstanding - assuming dilution 8,318,733 8,448,900 Diluted net income per common share $ 0.90 $ 0.65 ____________________________________________ |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income (loss) ("AOCI") by component during the three months ended December 31, 2022 and 2021 are as follows (dollars in thousands): Three Months Ended December 31, 2022 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 $ (706) $ (11) $ (717) Other comprehensive income (loss) (19) 1 (18) Balance of AOCI at the end of period $ (725) $ (10) $ (735) Three Months Ended December 31, 2021 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 $ 75 $ (16) $ 59 Other comprehensive income (loss) (18) 1 (17) Balance of AOCI at the end of period $ 57 $ (15) $ 42 __________________________ (1) All amounts are net of income taxes. |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021 is summarized as follows: Three Months Ended December 31, 2022 Three Months Ended December 31, 2021 Number of Shares Weighted Number of Shares Weighted Options outstanding, beginning of period 421,925 $ 23.30 406,815 $ 21.62 Exercised (19,815) 20.01 (8,900) 14.63 Granted — — 1,000 27.25 Forfeited (1,800) 29.68 (11,594) 25.28 Options outstanding, end of period 400,310 $ 23.43 387,321 $ 21.70 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | Additional information regarding options outstanding at December 31, 2022 is as follows: Options Outstanding Options Exercisable Range of Number Weighted Weighted Number Weighted Weighted 9.00 14,000 $ 9.00 0.8 14,000 $ 9.00 0.8 10.26 - 10.71 47,000 10.56 2.2 47,000 10.56 2.2 15.67 - 19.13 77,700 16.53 6.6 40,410 16.18 5.4 26.50 - 27.40 110,660 27.31 8.7 22,180 27.14 6.8 28.23 - 29.69 115,950 28.78 7.2 57,150 29.35 5.7 31.80 35,000 31.80 5.8 27,860 31.80 5.8 400,310 $ 23.43 6.6 208,600 $ 21.29 4.6 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
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, 2022 and September 30, 2022 were as follows (dollars in thousands): December 31, 2022 Estimated Fair Value Level 1 Level 2 Level 3 Total Available for sale investment securities MBS: U.S. government agencies $ — $ 55,841 $ — $ 55,841 Investments in equity securities Mutual funds 837 — — 837 Total $ 837 $ 55,841 $ — $ 56,678 September 30, 2022 Estimated Fair Value Level 1 Level 2 Level 3 Total Available for sale investment securities MBS: U.S. government agencies $ — $ 41,415 $ — $ 41,415 Investments in equity securities Mutual funds 835 — — 835 Total $ 835 $ 41,415 $ — $ 42,250 |
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 December 31, 2022 (dollars in thousands): Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans: Commercial business loans $ — $ — $ 122 Total $ — $ — $ 122 The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2022 (dollars in thousands): Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans: Commercial business loans $ — $ — $ 123 Total $ — $ — $ 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, 2022 (dollars in thousands): Estimated Valuation Unobservable Input(s) Impaired loans $ 122 Market approach Appraised value less estimated selling costs 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, 2022 (dollars in thousands): Estimated Valuation Unobservable Input(s) Impaired loans $ 123 Market approach Appraised value less estimated selling costs |
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, 2022 and September 30, 2022 (dollars in thousands): December 31, 2022 Fair Value Measurements Using: Recorded Estimated Fair Value Financial assets Cash and cash equivalents $ 224,896 $ 224,896 $ 224,896 $ — $ — CDs held for investment 23,392 23,108 23,108 — — Investment securities 334,426 319,819 160,390 159,429 — Investments in equity securities 837 837 837 — — FHLB stock 2,194 2,194 2,194 — — Other investments 3,000 3,000 3,000 — — Loans receivable, net 1,172,559 1,134,291 — — 1,134,291 Accrued interest receivable 5,508 5,508 5,508 — — Financial liabilities Certificates of deposit 152,821 151,441 — — 151,441 Accrued interest payable 297 297 297 — — September 30, 2022 Fair Value Measurements Using: Recorded Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 316,755 $ 316,755 $ 316,755 $ — $ — CDs held for investment 22,894 22,519 22,519 — — Investment securities 308,023 291,198 158,578 132,620 — Investments in equity securities 835 835 835 — — FHLB stock 2,194 2,194 2,194 — — Other investments 3,000 3,000 3,000 — — Loans held for sale 748 758 758 — — Loans receivable, net 1,132,426 1,124,579 — — 1,124,579 Accrued interest receivable 4,483 4,483 4,483 — — Financial liabilities Certificates of deposit 122,584 120,807 — — 120,807 Accrued interest payable 108 108 108 — — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Supply Commitment | A summary of the Company's commitments at December 31, 2022 and 2021 are listed below (in thousands): December 31, 2022 December 31, 2021 Undisbursed portion of construction loans in process (see Note 4) $ 112,096 $ 106,009 Undisbursed lines of credit 133,932 129,456 Commitments to extend credit 14,126 14,205 $ 260,154 $ 249,670 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Details) | 3 Months Ended |
Dec. 31, 2022 segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Investment Securities_ Marketab
Investment Securities: Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 |
Held to maturity | ||
Amortized Cost | $ 278,585 | $ 266,608 |
Gross Unrealized Gains | 595 | 260 |
Gross Unrealized Losses | (15,202) | (17,085) |
Estimated Fair Value | 263,978 | 249,783 |
Available for sale | ||
Total | 56,760 | |
Estimated Fair Value | 56,678 | 42,250 |
U.S. Treasury and U.S. government agency securities | ||
Held to maturity | ||
Amortized Cost | 170,913 | 170,676 |
Gross Unrealized Gains | 92 | 11 |
Gross Unrealized Losses | (10,616) | (12,109) |
Estimated Fair Value | 160,389 | 158,578 |
U.S. government agencies | ||
Held to maturity | ||
Amortized Cost | 55,517 | 43,995 |
Gross Unrealized Gains | 231 | 4 |
Gross Unrealized Losses | (2,240) | (2,486) |
Estimated Fair Value | 53,508 | 41,513 |
Available for sale | ||
Total | 56,759 | 42,309 |
Gross Unrealized Gains | 445 | 0 |
Gross Unrealized Losses | (1,363) | (894) |
Estimated Fair Value | 55,841 | 41,415 |
Private label residential | ||
Held to maturity | ||
Amortized Cost | 49,563 | 49,335 |
Gross Unrealized Gains | 272 | 245 |
Gross Unrealized Losses | (2,258) | (2,392) |
Estimated Fair Value | 47,577 | 47,188 |
Taxable municipal securities | ||
Held to maturity | ||
Amortized Cost | 2,092 | 2,102 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (58) | (67) |
Estimated Fair Value | 2,034 | 2,035 |
Bank issued trust preferred securities | ||
Held to maturity | ||
Amortized Cost | 500 | 500 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (30) | (31) |
Estimated Fair Value | $ 470 | $ 469 |
Investment Securities_ Unrealiz
Investment Securities: Unrealized Gain (Loss) on Investments (Details) $ in Thousands | Dec. 31, 2022 USD ($) security | Sep. 30, 2022 USD ($) security |
Held-to-maturity Securities, Fair Value: | ||
Held to maturity, Less Than 12 Months, Estimated Fair Value | $ 132,581 | $ 189,351 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 101,918 | 47,652 |
Held to maturity, Total, Estimated Fair Value | 234,499 | 237,003 |
Held-to-maturity Securities, Gross Unrealized Losses | ||
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | (4,828) | (10,937) |
Held to maturity, 12 Months or Longer, Gross Unrealized Losses | (10,374) | (6,148) |
Held to maturity, Total, Gross Unrealized Losses | $ (15,202) | $ (17,085) |
Held to maturity, Less Than 12 Months, Quantity | security | 84 | 100,000 |
Held to maturity, 12 Months or Longer, Quantity | security | 38 | 20,000 |
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 | $ 71,681 | $ 115,504 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 79,151 | 33,638 |
Held to maturity, Total, Estimated Fair Value | 150,832 | 149,142 |
Held-to-maturity Securities, Gross Unrealized Losses | ||
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | (2,552) | (7,224) |
Held to maturity, 12 Months or Longer, Gross Unrealized Losses | (8,064) | (4,885) |
Held to maturity, Total, Gross Unrealized Losses | $ (10,616) | $ (12,109) |
Held to maturity, Less Than 12 Months, Quantity | security | 7 | 17,000 |
Held to maturity, 12 Months or Longer, Quantity | security | 19 | 9,000 |
U.S. government agencies | ||
Held-to-maturity Securities, Fair Value: | ||
Held to maturity, Less Than 12 Months, Estimated Fair Value | $ 30,377 | $ 35,896 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 5,400 | 5,306 |
Held to maturity, Total, Estimated Fair Value | 35,777 | 41,202 |
Held-to-maturity Securities, Gross Unrealized Losses | ||
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | (1,175) | (1,449) |
Held to maturity, 12 Months or Longer, Gross Unrealized Losses | (1,065) | (1,037) |
Held to maturity, Total, Gross Unrealized Losses | $ (2,240) | $ (2,486) |
Held to maturity, Less Than 12 Months, Quantity | security | 52 | 54,000 |
Held to maturity, 12 Months or Longer, Quantity | security | 7 | 5,000 |
Available-for-sale Securities, Fair Value: | ||
Available for sale, Less Than 12 Months, Estimated Fair Value | $ 22,696 | $ 25,170 |
Available for sale, 12 Months or Longer, Estimated Fair Value | 15,248 | 15,705 |
Available for sale, Total, Estimated Fair Value | 37,944 | 40,875 |
Available-for-sale Securities, Gross Unrealized Losses: | ||
Available for sale, Less Than 12 Months, Gross Unrealized Losses | (630) | (292) |
Available for sale, 12 Months or Longer, Gross Unrealized Losses | (733) | (602) |
Available for sale, Total, Gross Unrealized Losses | $ (1,363) | $ (894) |
Available-for-sale, Less than 12 Months, Quantity | security | 15 | 16,000 |
Available-for-sale, 12 Months or Longer, Quantity | security | 13 | 13,000 |
Private label residential | ||
Held-to-maturity Securities, Fair Value: | ||
Held to maturity, Less Than 12 Months, Estimated Fair Value | $ 28,489 | $ 35,447 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 16,897 | 8,708 |
Held to maturity, Total, Estimated Fair Value | 45,386 | 44,155 |
Held-to-maturity Securities, Gross Unrealized Losses | ||
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | (1,043) | (2,166) |
Held to maturity, 12 Months or Longer, Gross Unrealized Losses | (1,215) | (226) |
Held to maturity, Total, Gross Unrealized Losses | $ (2,258) | $ (2,392) |
Held to maturity, Less Than 12 Months, Quantity | security | 24 | 27,000 |
Held to maturity, 12 Months or Longer, Quantity | security | 11 | 6,000 |
Taxable municipal securities | ||
Held-to-maturity Securities, Fair Value: | ||
Held to maturity, Less Than 12 Months, Estimated Fair Value | $ 2,034 | $ 2,035 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 0 | 0 |
Held to maturity, Total, Estimated Fair Value | 2,034 | 2,035 |
Held-to-maturity Securities, Gross Unrealized Losses | ||
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | (58) | (67) |
Held to maturity, 12 Months or Longer, Gross Unrealized Losses | 0 | 0 |
Held to maturity, Total, Gross Unrealized Losses | $ (58) | $ (67) |
Held to maturity, Less Than 12 Months, Quantity | security | 1 | 1,000 |
Held to maturity, 12 Months or Longer, Quantity | security | 0 | 0 |
Bank issued trust preferred securities | ||
Held-to-maturity Securities, Fair Value: | ||
Held to maturity, Less Than 12 Months, Estimated Fair Value | $ 0 | $ 469 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 470 | 0 |
Held to maturity, Total, Estimated Fair Value | 470 | 469 |
Held-to-maturity Securities, Gross Unrealized Losses | ||
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | 0 | (31) |
Held to maturity, 12 Months or Longer, Gross Unrealized Losses | (30) | 0 |
Held to maturity, Total, Gross Unrealized Losses | $ (30) | $ (31) |
Held to maturity, Less Than 12 Months, Quantity | security | 0 | 1,000 |
Held to maturity, 12 Months or Longer, Quantity | security | 1 | 0 |
Investment Securities_ Schedule
Investment Securities: Schedule of significant inputs utilized to measure management's estimate of the credit loss component on OTTI securities (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Minimum | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
OTTI significant inputs - Constant prepayment rate | 6% | 6% |
OTTI significant inputs - Collateral default rate | 0% | 1.56% |
OTTI significant inputs - Loss severity rate | 0% | 0% |
Maximum | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
OTTI significant inputs - Constant prepayment rate | 15% | 15% |
OTTI significant inputs - Collateral default rate | 14.64% | 22.67% |
OTTI significant inputs - Loss severity rate | 7.76% | 13.95% |
Weighted Average | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
OTTI significant inputs - Constant prepayment rate | 8.87% | 12.50% |
OTTI significant inputs - Collateral default rate | 9.06% | 12.14% |
OTTI significant inputs - Loss severity rate | 2.94% | 3.30% |
Investment Securities_ Other th
Investment Securities: Other than Temporary Impairment, Credit Losses Recognized in Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Beginning balance of credit loss | $ 836 | $ 853 |
Net realized gain (losses) previously recorded as credit losses | (7) | 1 |
Recovery of prior credit loss | (3) | (4) |
Ending balance of credit loss | $ 826 | $ 850 |
Investment Securities_ Narrativ
Investment Securities: Narrative-Realized Gains (Losses) (Details) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) security | Sep. 30, 2022 USD ($) | |
Investments [Abstract] | |||
Loss on sale of securities | $ 7 | $ 3 | |
Held-to-maturity securities, realized loss, number of securities | security | 14 | 15 | |
Security owned and pledged as collateral | $ 160,190 | $ 133,820 |
Investment Securities_ Schedu_2
Investment Securities: Schedule of Contractual maturities of debt securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | |
Held-to-maturity Securities, Amortized Cost: | |||
Due within one year | $ 6,010 | ||
Due after one year to five years | 161,301 | ||
Due after five years to ten years | 36,374 | ||
Due after ten years | 74,900 | ||
Total | 278,585 | $ 266,608 | [1] |
Held-to-maturity Securities, Estimated Fair Value: | |||
Due within one year | 5,877 | ||
Due after one year to five years | 153,803 | ||
Due after five years to ten years | 32,672 | ||
Due after ten years | 71,626 | ||
Total | 263,978 | $ 249,783 | |
Available-for-sale Securities, Amortized Cost: | |||
Due within one year | 0 | ||
Due after one year to five years | 2,913 | ||
Due after five years to ten years | 8,439 | ||
Due after ten years | 45,408 | ||
Total | 56,760 | ||
Available-for-sale Securities, Estimated Fair Value: | |||
Due within one year | 0 | ||
Due after one year to five years | 2,895 | ||
Due after five years to ten years | 8,313 | ||
Due after ten years | 44,633 | ||
Total | $ 55,841 | ||
[1]Derived from audited consolidated financial statements. |
Goodwill and CDI - Goodwill (De
Goodwill and CDI - Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 15,131 | $ 15,131 | [1] |
[1]Derived from audited consolidated financial statements. |
Loans Receivable And Allowanc_3
Loans Receivable And Allowance For Loan Losses: Schedule of Loans receivable and Loans held for sale (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans receivable | $ 1,303,416 | $ 1,253,618 | |
Undisbursed portion of construction loans in process | 112,096 | 103,168 | |
Deferred loan origination fees, net | 4,532 | 4,321 | |
Allowance for loan losses | 14,229 | 13,703 | |
Less: Loans in process, Deferred fees and Allowance for loan losses | 130,857 | 121,192 | |
Loans receivable, net | $ 1,172,559 | $ 1,132,426 | [1] |
Ratio of loan category to total loans receivable (percent) | 100% | 100% | |
Mortgage loans excluded | $ 0 | $ 748 | |
Total mortgage loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 1,137,251 | $ 1,090,263 | |
Ratio of loan category to total loans receivable (percent) | 87.20% | 86.90% | |
Mortgage loans, one-to-four family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 200,285 | $ 176,116 | |
Ratio of loan category to total loans receivable (percent) | 15.40% | 14.10% | |
Mortgage loans, multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 96,831 | $ 95,025 | |
Ratio of loan category to total loans receivable (percent) | 7.40% | 7.60% | |
Mortgage loans, commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 542,571 | $ 536,650 | |
Ratio of loan category to total loans receivable (percent) | 41.60% | 42.80% | |
Mortgage loans, construction - custom and owner/builder | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 117,592 | $ 119,240 | |
Ratio of loan category to total loans receivable (percent) | 9% | 9.50% | |
Mortgage loans, construction - speculative one-to-four family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 11,220 | $ 12,254 | |
Ratio of loan category to total loans receivable (percent) | 0.90% | 1% | |
Mortgage loans, construction – commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 36,825 | $ 40,364 | |
Ratio of loan category to total loans receivable (percent) | 2.80% | 3.20% | |
Mortgage loans, construction - Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 89,040 | $ 64,480 | |
Ratio of loan category to total loans receivable (percent) | 6.80% | 5.10% | |
Mortgage loans, construction - Land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 17,015 | $ 19,280 | |
Ratio of loan category to total loans receivable (percent) | 1.30% | 1.50% | |
Mortgage loans, land | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 25,872 | $ 26,854 | |
Ratio of loan category to total loans receivable (percent) | 2% | 2.10% | |
Total consumer loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans | $ 38,449 | $ 37,315 | |
Ratio of loan category to total loans receivable (percent) | 3% | 3% | |
Consumer loans, home equity and second mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans | $ 35,967 | $ 35,187 | |
Ratio of loan category to total loans receivable (percent) | 2.80% | 2.80% | |
Consumer loans, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans | $ 2,482 | $ 2,128 | |
Ratio of loan category to total loans receivable (percent) | 0.20% | 0.20% | |
Commercial business loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial business loans | $ 127,085 | $ 125,039 | |
Ratio of loan category to total loans receivable (percent) | 9.80% | 10% | |
SBA PPP Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial business loans | $ 631 | $ 1,001 | |
Ratio of loan category to total loans receivable (percent) | 0% | 0.10% | |
Total Commercial Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial business loans | $ 127,716 | $ 126,040 | |
Ratio of loan category to total loans receivable (percent) | 9.80% | 10.10% | |
[1]Derived from audited consolidated financial statements. |
Loans Receivable And Allowanc_4
Loans Receivable And Allowance For Loan Losses - Narrative (Details) - USD ($) | Dec. 31, 2022 | Sep. 30, 2022 |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||
Unamortized loan commitment and origination fees and unamortized discounts or premiums | $ 239,000 | $ 267,000 |
End of Period Balance | 2,579,000 | 2,615,000 |
Loans and leases receivable, impaired, commitment to lend | 0 | $ 0 |
Allowance for loan losses allocated to TDR loans | $ 0 |
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, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | $ 13,703 | $ 13,469 |
Provision for (Recapture of) Loan Losses | 525 | 0 |
Charge- offs | 0 | (1) |
Recoveries | 1 | 0 |
Allowance for loan losses, Ending Allowance | 14,229 | 13,468 |
Mortgage loans, one-to-four family | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 1,658 | 1,154 |
Provision for (Recapture of) Loan Losses | 230 | 83 |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 1,888 | 1,237 |
Mortgage loans, multi-family | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 855 | 765 |
Provision for (Recapture of) Loan Losses | 16 | (17) |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 871 | 748 |
Mortgage loans, commercial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 6,682 | 6,813 |
Provision for (Recapture of) Loan Losses | 112 | (6) |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 6,794 | 6,807 |
Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 675 | 644 |
Provision for (Recapture of) Loan Losses | (2) | 27 |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 673 | 671 |
Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 130 | 188 |
Provision for (Recapture of) Loan Losses | (5) | (35) |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 125 | 153 |
Mortgage loans, construction – commercial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 343 | 784 |
Provision for (Recapture of) Loan Losses | (20) | (191) |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 323 | 593 |
Mortgage loans, construction - Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 447 | 436 |
Provision for (Recapture of) Loan Losses | 130 | 24 |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 577 | 460 |
Mortgage loans, construction - Land development | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 233 | 124 |
Provision for (Recapture of) Loan Losses | (11) | 33 |
Charge- offs | 0 | |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 222 | 157 |
Mortgage loans, land | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 397 | 470 |
Provision for (Recapture of) Loan Losses | (14) | (35) |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 383 | 435 |
Consumer loans, home equity and second mortgage | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 440 | 528 |
Provision for (Recapture of) Loan Losses | 53 | 4 |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 493 | 532 |
Consumer loans, other | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 42 | 50 |
Provision for (Recapture of) Loan Losses | 4 | (1) |
Charge- offs | 0 | (1) |
Recoveries | 1 | 0 |
Allowance for loan losses, Ending Allowance | 47 | 48 |
Commercial business loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 1,801 | 1,513 |
Provision for (Recapture of) Loan Losses | 32 | 114 |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 1,833 | $ 1,627 |
SBA PPP Loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 0 | |
Allowance for loan losses, Ending Allowance | $ 0 |
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, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | $ 127 | $ 127 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 14,102 | 13,576 | ||
Allowance for Loan Losses, Total | 14,229 | 13,703 | $ 13,468 | $ 13,469 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 4,499 | 4,532 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 1,186,821 | 1,145,918 | ||
Loans receivable | 1,191,320 | 1,150,450 | ||
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 | 1,888 | 1,658 | ||
Allowance for Loan Losses, Total | 1,888 | 1,658 | 1,237 | 1,154 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 383 | 388 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 199,902 | 175,728 | ||
Loans receivable | 200,285 | 176,116 | ||
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 | 871 | 855 | ||
Allowance for Loan Losses, Total | 871 | 855 | 748 | 765 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 96,831 | 95,025 | ||
Loans receivable | 96,831 | 95,025 | ||
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 | 6,794 | 6,682 | ||
Allowance for Loan Losses, Total | 6,794 | 6,682 | 6,807 | 6,813 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 2,980 | 2,988 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 539,591 | 533,662 | ||
Loans receivable | 542,571 | 536,650 | ||
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 | 673 | 675 | ||
Allowance for Loan Losses, Total | 673 | 675 | 671 | 644 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 66,840 | 67,091 | ||
Loans receivable | 66,840 | 67,091 | ||
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 | 125 | 130 | ||
Allowance for Loan Losses, Total | 125 | 130 | 153 | 188 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 8,032 | 8,364 | ||
Loans receivable | 8,032 | 8,364 | ||
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 | 323 | 343 | ||
Allowance for Loan Losses, Total | 323 | 343 | 593 | 784 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 27,432 | 29,059 | ||
Loans receivable | 27,432 | 29,059 | ||
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 | 577 | 447 | ||
Allowance for Loan Losses, Total | 577 | 447 | 460 | 436 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 44,374 | 34,354 | ||
Loans receivable | 44,374 | 34,354 | ||
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 | 222 | 233 | ||
Allowance for Loan Losses, Total | 222 | 233 | 157 | 124 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 12,918 | 13,582 | ||
Loans receivable | 12,918 | 13,582 | ||
Mortgage loans, land | ||||
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 | 383 | 397 | ||
Allowance for Loan Losses, Total | 383 | 397 | 435 | 470 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 425 | 450 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 25,447 | 26,404 | ||
Loans receivable | 25,872 | 26,854 | ||
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 | 493 | 440 | ||
Allowance for Loan Losses, Total | 493 | 440 | 532 | 528 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 405 | 394 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 35,562 | 34,793 | ||
Loans receivable | 35,967 | 35,187 | ||
Consumer loans, other | ||||
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 | 47 | 42 | ||
Allowance for Loan Losses, Total | 47 | 42 | 48 | 50 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 2 | 3 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 2,480 | 2,125 | ||
Loans receivable | 2,482 | 2,128 | ||
Commercial business loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 127 | 127 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,706 | 1,674 | ||
Allowance for Loan Losses, Total | 1,833 | 1,801 | $ 1,627 | $ 1,513 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 304 | 309 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 126,781 | 124,730 | ||
Loans receivable | 127,085 | 125,039 | ||
SBA PPP Loans | ||||
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 | 0 | 0 | ||
Allowance for Loan Losses, Total | 0 | 0 | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 631 | 1,001 | ||
Loans receivable | $ 631 | $ 1,001 |
Loans Receivable And Allowanc_7
Loans Receivable And Allowance For Loan Losses: Past Due Status of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | |||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | $ 1,191,320 | $ 1,150,450 | |||
Loans receivable, Non-Accrual | [1] | 2,035 | 2,059 | ||
Mortgage loans, one-to-four family | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 200,285 | 176,116 | |||
Loans receivable, Non-Accrual | [1] | 383 | 388 | ||
Mortgage loans, multi-family | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 96,831 | 95,025 | |||
Loans receivable, Non-Accrual | [1] | 0 | 0 | ||
Mortgage loans, commercial | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 542,571 | 536,650 | |||
Loans receivable, Non-Accrual | [1] | 658 | 657 | ||
Mortgage loans, construction - custom and owner/builder | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 66,840 | 67,091 | |||
Loans receivable, Non-Accrual | [1] | 0 | 0 | ||
Mortgage loans, construction - speculative one-to-four family | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 8,032 | 8,364 | |||
Loans receivable, Non-Accrual | [1] | 0 | 0 | ||
Mortgage loans, construction – commercial | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 27,432 | 29,059 | |||
Loans receivable, Non-Accrual | [1] | 0 | 0 | ||
Mortgage loans, construction - Multi-family | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 44,374 | 34,354 | |||
Loans receivable, Non-Accrual | [1] | 0 | 0 | ||
Mortgage loans, construction - Land development | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 12,918 | 13,582 | |||
Loans receivable, Non-Accrual | [1] | 0 | 0 | ||
Mortgage loans, land | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 25,872 | 26,854 | |||
Loans receivable, Non-Accrual | [1] | 425 | 450 | ||
Consumer loans, home equity and second mortgage | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 35,967 | 35,187 | |||
Loans receivable, Non-Accrual | [1] | 263 | 252 | ||
Consumer loans, other | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 2,482 | 2,128 | |||
Loans receivable, Non-Accrual | [1] | 2 | 3 | ||
Commercial business loans | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 127,085 | 125,039 | |||
Loans receivable, Non-Accrual | 304 | [1] | 309 | ||
SBA PPP Loans | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 631 | 1,001 | |||
Loans receivable, Non-Accrual | 0 | 0 | [1] | ||
30 to 59 Days Past Due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 218 | 37 | |||
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 | 209 | 0 | |||
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 | 0 | 0 | |||
30 to 59 Days Past Due | Consumer loans, home equity and second mortgage | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 0 | 37 | |||
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 | 9 | 0 | |||
30 to 59 Days Past Due | SBA PPP 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 | 0 | 0 | |||
60 to 89 Days Past Due | Mortgage loans, 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, 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 | 0 | 0 | |||
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 | 0 | 0 | |||
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 | 0 | |||
60 to 89 Days Past Due | SBA PPP Loans | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 0 | 0 | |||
Past Due 90 Days or More and Still Accruing | |||||
Financing Receivable, Past Due [Line Items] | |||||
Past Due 90 Days or More and Still Accruing | 0 | 0 | |||
Past Due 90 Days or More and Still Accruing | Mortgage loans, one-to-four family | |||||
Financing Receivable, Past Due [Line Items] | |||||
Past Due 90 Days or More and Still Accruing | 0 | 0 | |||
Past Due 90 Days or More and Still Accruing | Mortgage loans, multi-family | |||||
Financing Receivable, Past Due [Line Items] | |||||
Past Due 90 Days or More and Still Accruing | 0 | 0 | |||
Past Due 90 Days or More and Still Accruing | Mortgage loans, commercial | |||||
Financing Receivable, Past Due [Line Items] | |||||
Past Due 90 Days or More and Still Accruing | 0 | 0 | |||
Past Due 90 Days or More and Still Accruing | Mortgage loans, construction - custom and owner/builder | |||||
Financing Receivable, Past Due [Line Items] | |||||
Past Due 90 Days or More and Still Accruing | 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] | |||||
Past Due 90 Days or More and Still Accruing | 0 | 0 | |||
Past Due 90 Days or More and Still Accruing | Mortgage loans, construction – commercial | |||||
Financing Receivable, Past Due [Line Items] | |||||
Past Due 90 Days or More and Still Accruing | 0 | 0 | |||
Past Due 90 Days or More and Still Accruing | Mortgage loans, construction - Multi-family | |||||
Financing Receivable, Past Due [Line Items] | |||||
Past Due 90 Days or More and Still Accruing | 0 | 0 | |||
Past Due 90 Days or More and Still Accruing | Mortgage loans, construction - Land development | |||||
Financing Receivable, Past Due [Line Items] | |||||
Past Due 90 Days or More and Still Accruing | 0 | 0 | |||
Past Due 90 Days or More and Still Accruing | Mortgage loans, land | |||||
Financing Receivable, Past Due [Line Items] | |||||
Past Due 90 Days or More and Still Accruing | 0 | 0 | |||
Past Due 90 Days or More and Still Accruing | Consumer loans, home equity and second mortgage | |||||
Financing Receivable, Past Due [Line Items] | |||||
Past Due 90 Days or More and Still Accruing | 0 | 0 | |||
Past Due 90 Days or More and Still Accruing | Consumer loans, other | |||||
Financing Receivable, Past Due [Line Items] | |||||
Past Due 90 Days or More and Still Accruing | 0 | 0 | |||
Past Due 90 Days or More and Still Accruing | Commercial business loans | |||||
Financing Receivable, Past Due [Line Items] | |||||
Past Due 90 Days or More and Still Accruing | 0 | 0 | |||
Past Due 90 Days or More and Still Accruing | SBA PPP Loans | |||||
Financing Receivable, Past Due [Line Items] | |||||
Past Due 90 Days or More and Still Accruing | 0 | 0 | |||
Financial Asset, Past Due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 2,253 | 2,096 | |||
Financial Asset, Past Due | Mortgage loans, one-to-four family | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 383 | 388 | |||
Financial Asset, Past Due | Mortgage loans, multi-family | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 0 | 0 | |||
Financial Asset, Past Due | Mortgage loans, commercial | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 867 | 657 | |||
Financial Asset, Past Due | Mortgage loans, construction - custom and owner/builder | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 0 | 0 | |||
Financial Asset, Past Due | Mortgage loans, construction - speculative one-to-four family | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 0 | 0 | |||
Financial Asset, Past Due | Mortgage loans, construction – commercial | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 0 | 0 | |||
Financial Asset, Past Due | Mortgage loans, construction - Multi-family | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 0 | 0 | |||
Financial Asset, Past Due | Mortgage loans, construction - Land development | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 0 | 0 | |||
Financial Asset, Past Due | Mortgage loans, land | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 425 | 450 | |||
Financial Asset, Past Due | Consumer loans, home equity and second mortgage | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 263 | 289 | |||
Financial Asset, Past Due | Consumer loans, other | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 2 | 3 | |||
Financial Asset, Past Due | Commercial business loans | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 313 | 309 | |||
Financial Asset, Past Due | SBA PPP Loans | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 0 | 0 | |||
Financial Asset, Not Past Due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 1,189,067 | 1,148,354 | |||
Financial Asset, Not Past Due | Mortgage loans, one-to-four family | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 199,902 | 175,728 | |||
Financial Asset, Not Past Due | Mortgage loans, multi-family | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 96,831 | 95,025 | |||
Financial Asset, Not Past Due | Mortgage loans, commercial | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 541,704 | 535,993 | |||
Financial Asset, Not Past Due | Mortgage loans, construction - custom and owner/builder | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 66,840 | 67,091 | |||
Financial Asset, Not Past Due | Mortgage loans, construction - speculative one-to-four family | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 8,032 | 8,364 | |||
Financial Asset, Not Past Due | Mortgage loans, construction – commercial | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 27,432 | 29,059 | |||
Financial Asset, Not Past Due | Mortgage loans, construction - Multi-family | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 44,374 | 34,354 | |||
Financial Asset, Not Past Due | Mortgage loans, construction - Land development | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 12,918 | 13,582 | |||
Financial Asset, Not Past Due | Mortgage loans, land | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 25,447 | 26,404 | |||
Financial Asset, Not Past Due | Consumer loans, home equity and second mortgage | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 35,704 | 34,898 | |||
Financial Asset, Not Past Due | Consumer loans, other | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 2,480 | 2,125 | |||
Financial Asset, Not Past Due | Commercial business loans | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | 126,772 | 124,730 | |||
Financial Asset, Not Past Due | SBA PPP Loans | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable, Total Past Due | $ 631 | $ 1,001 | |||
[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, 2022 | Sep. 30, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | $ 1,191,320 | $ 1,150,450 |
Mortgage loans, one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 200,285 | 176,116 |
Mortgage loans, multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 96,831 | 95,025 |
Mortgage loans, commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 542,571 | 536,650 |
Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 66,840 | 67,091 |
Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 8,032 | 8,364 |
Mortgage loans, construction – commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 27,432 | 29,059 |
Mortgage loans, construction - Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 44,374 | 34,354 |
Mortgage loans, construction - Land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 12,918 | 13,582 |
Mortgage loans, land | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 25,872 | 26,854 |
Consumer loans, home equity and second mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 35,967 | 35,187 |
Consumer loans, other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 2,482 | 2,128 |
Commercial business loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 127,085 | 125,039 |
SBA PPP Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 631 | 1,001 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 1,173,254 | 1,132,403 |
Pass | Mortgage loans, one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 199,864 | 175,687 |
Pass | Mortgage loans, multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 96,831 | 95,025 |
Pass | Mortgage loans, commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 528,906 | 522,741 |
Pass | Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 64,708 | 65,249 |
Pass | Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 8,032 | 8,364 |
Pass | Mortgage loans, construction – commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 27,432 | 29,059 |
Pass | Mortgage loans, construction - Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 44,374 | 34,354 |
Pass | Mortgage loans, construction - Land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 12,896 | 13,557 |
Pass | Mortgage loans, land | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 24,932 | 25,882 |
Pass | Consumer loans, home equity and second mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 35,465 | 34,709 |
Pass | Consumer loans, other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 2,419 | 2,063 |
Pass | Commercial business loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 126,764 | 124,712 |
Pass | SBA PPP Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 631 | 1,001 |
Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 10,701 | 10,423 |
Watch | Mortgage loans, one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 36 | 38 |
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 | 7,925 | 7,940 |
Watch | Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 2,132 | 1,842 |
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 | 515 | 522 |
Watch | Consumer loans, home equity and second mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 32 | 19 |
Watch | Consumer loans, other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 61 | 62 |
Watch | Commercial business loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Watch | SBA PPP Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 233 | 237 |
Special Mention | Mortgage loans, one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
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 | 233 | 237 |
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 | 0 | 0 |
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 | 0 | 0 |
Special Mention | SBA PPP Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 7,132 | 7,387 |
Substandard | Mortgage loans, one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 385 | 391 |
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 | 5,507 | 5,732 |
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 | 22 | 25 |
Substandard | Mortgage loans, land | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 425 | 450 |
Substandard | Consumer loans, home equity and second mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 470 | 459 |
Substandard | Consumer loans, other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 2 | 3 |
Substandard | Commercial business loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 321 | 327 |
Substandard | SBA PPP Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | $ 0 | $ 0 |
Loans Receivable And Allowanc_9
Loans Receivable And Allowance For Loan Losses: Impaired Financing Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Mar. 31, 2022 | Sep. 30, 2022 | ||
Recorded Investment | ||||
With no related allowance recorded | $ 4,250 | $ 4,282 | ||
With an allowance recorded | 249 | 250 | ||
Total: | 4,499 | 4,532 | ||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||
With no related allowance recorded | 4,342 | 4,375 | ||
With an allowance recorded | 249 | 250 | ||
Total: | 4,591 | 4,625 | ||
Related Allowance | 127 | 127 | ||
Average Recorded Investment | ||||
With no related allowance recorded | 4,268 | $ 4,567 | ||
With an allowance recorded | 249 | 413 | ||
Total | 4,517 | 4,980 | ||
Interest Income Recognized | ||||
With no related allowance recorded | 42 | 189 | [1] | |
With an allowance recorded | 0 | 0 | ||
Total | 42 | 189 | ||
Cash Basis Interest Income Recognized | ||||
With no related allowance recorded | 52 | 159 | ||
With an allowance recorded | 0 | 0 | ||
Total | 52 | 159 | ||
Mortgage loans, one-to-four family | ||||
Recorded Investment | ||||
With no related allowance recorded | 383 | 388 | ||
Total: | 383 | 388 | ||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||
With no related allowance recorded | 427 | 432 | ||
Total: | 427 | 432 | ||
Related Allowance | 0 | 0 | ||
Average Recorded Investment | ||||
With no related allowance recorded | 386 | 470 | ||
Total | 386 | 470 | ||
Interest Income Recognized | ||||
With no related allowance recorded | 7 | 31 | [1] | |
Total | 7 | 31 | ||
Cash Basis Interest Income Recognized | ||||
With no related allowance recorded | 7 | 31 | ||
Total | 7 | 31 | ||
Mortgage loans, commercial | ||||
Recorded Investment | ||||
With no related allowance recorded | 2,980 | 2,988 | ||
Total: | 2,980 | 2,988 | ||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||
With no related allowance recorded | 2,980 | 2,988 | ||
Total: | 2,980 | 2,988 | ||
Related Allowance | 0 | 0 | ||
Average Recorded Investment | ||||
With no related allowance recorded | 2,984 | 3,041 | ||
Total | 2,984 | 3,041 | ||
Interest Income Recognized | ||||
With no related allowance recorded | 33 | 152 | [1] | |
Total | 33 | 152 | ||
Cash Basis Interest Income Recognized | ||||
With no related allowance recorded | 42 | 123 | ||
Total | 42 | 123 | ||
Mortgage loans, land | ||||
Recorded Investment | ||||
With no related allowance recorded | 425 | 450 | ||
Total: | 425 | 450 | ||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||
With no related allowance recorded | 425 | 450 | ||
Total: | 425 | 450 | ||
Related Allowance | 0 | 0 | ||
Average Recorded Investment | ||||
With no related allowance recorded | 438 | 492 | ||
Total | 438 | 492 | ||
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, home equity and second mortgage | ||||
Recorded Investment | ||||
With no related allowance recorded | 405 | 394 | ||
With an allowance recorded | 0 | |||
Total: | 405 | 394 | ||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||
With no related allowance recorded | 405 | 394 | ||
With an allowance recorded | 0 | |||
Total: | 405 | 394 | ||
Related Allowance | 0 | 0 | ||
Average Recorded Investment | ||||
With no related allowance recorded | 400 | 436 | ||
With an allowance recorded | 145 | |||
Total | 400 | 581 | ||
Interest Income Recognized | ||||
With no related allowance recorded | 2 | 6 | [1] | |
With an allowance recorded | 0 | |||
Total | 2 | 6 | ||
Cash Basis Interest Income Recognized | ||||
With no related allowance recorded | 3 | 5 | ||
With an allowance recorded | 0 | |||
Total | 3 | 5 | ||
Consumer loans, other | ||||
Recorded Investment | ||||
With no related allowance recorded | 2 | 3 | ||
Total: | 2 | 3 | ||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||
With no related allowance recorded | 2 | 3 | ||
Total: | 2 | 3 | ||
Related Allowance | 0 | 0 | ||
Average Recorded Investment | ||||
With no related allowance recorded | 3 | 7 | ||
Total | 3 | 7 | ||
Interest Income Recognized | ||||
With no related allowance recorded | 0 | 0 | ||
Total | 0 | 0 | ||
Cash Basis Interest Income Recognized | ||||
With no related allowance recorded | 0 | |||
With an allowance recorded | 0 | |||
Total | 0 | 0 | ||
Commercial business loans | ||||
Recorded Investment | ||||
With no related allowance recorded | 55 | 59 | ||
With an allowance recorded | 249 | 250 | ||
Total: | 304 | 309 | ||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||
With no related allowance recorded | 103 | 108 | ||
With an allowance recorded | 249 | 250 | ||
Total: | 352 | 358 | ||
Related Allowance | 127 | $ 127 | ||
Average Recorded Investment | ||||
With no related allowance recorded | 57 | 121 | ||
With an allowance recorded | 249 | 268 | ||
Total | 306 | 389 | ||
Interest Income Recognized | ||||
With no related allowance recorded | 0 | 0 | [1] | |
With an allowance recorded | 0 | 0 | ||
Total | 0 | 0 | ||
Cash Basis Interest Income Recognized | ||||
With no related allowance recorded | 0 | 0 | ||
With an allowance recorded | 0 | 0 | ||
Total | $ 0 | $ 0 | ||
[1]For the three months ended December 31, 2022 |
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, 2022 | Sep. 30, 2022 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
End of Period Balance | $ 2,579 | $ 2,615 |
Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
End of Period Balance | 2,463 | 2,472 |
Non- Accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
End of Period Balance | 116 | 143 |
Mortgage loans, commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
End of Period Balance | 2,322 | 2,330 |
Mortgage loans, commercial | Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
End of Period Balance | 2,322 | 2,330 |
Mortgage loans, commercial | Non- Accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
End of Period Balance | 0 | 0 |
Mortgage loans, land | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
End of Period Balance | 63 | 88 |
Mortgage loans, land | Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
End of Period Balance | 0 | 0 |
Mortgage loans, land | Non- Accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
End of Period Balance | 63 | 88 |
Consumer loans, home equity and second mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
End of Period Balance | 194 | 197 |
Consumer loans, home equity and second mortgage | Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
End of Period Balance | 141 | 142 |
Consumer loans, home equity and second mortgage | Non- Accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
End of Period Balance | $ 53 | $ 55 |
Loans Receivable And Allowan_11
Loans Receivable And Allowance For Loan Losses - Land and Commercial Business Loans (Details) $ in Thousands | 6 Months Ended | ||
Mar. 31, 2022 USD ($) contract | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
End of Period Balance | $ 2,579 | $ 2,615 | |
Portfolio Segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Contracts | contract | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 136 | ||
Post- Modification Outstanding Recorded Investment | $ 145 | ||
End of Period Balance | 142 | ||
Mortgage loans, land | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
End of Period Balance | $ 63 | 88 | |
Mortgage loans, land | Portfolio Segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Contracts | contract | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 136 | ||
Post- Modification Outstanding Recorded Investment | $ 145 | ||
End of Period Balance | $ 142 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | Oct. 01, 2019 | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease, renewal term | 5 years | |||
Operating lease cost | $ 88 | $ 94 | ||
Short-term lease cost | 0 | 0 | ||
Total lease cost | 88 | $ 94 | ||
Operating cash flows from operating leases | $ 77 | $ 342 | ||
Weighted average remaining lease term-operating leases | 7 years 6 months | 7 years 8 months 12 days | ||
Weighted average discount rate-operating leases | 2.25% | 2.25% | ||
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Remaining lease term | 4 years | |||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Remaining lease term | 9 years |
Leases - Schedule Of Lease Matu
Leases - Schedule Of Lease Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 |
Leases [Abstract] | ||
Remainder of 2023 | $ 233 | |
2024 | 313 | |
2025 | 317 | |
2026 | 284 | |
2027 | 219 | |
Thereafter | 819 | |
Total lease payments | 2,185 | |
Less imputed interest | 184 | |
Operating lease liabilities | $ 2,001 | $ 2,066 |
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, 2022 | Dec. 31, 2021 | |
Earnings Per Share, Basic [Abstract] | ||
Numerator – net income | $ 7,507 | $ 5,485 |
Denominator – weighted average common shares outstanding (in shares) | 8,232,273 | 8,356,066 |
Basic net income per common share (in dollars per share) | $ 0.91 | $ 0.66 |
Earnings Per Share, Diluted [Abstract] | ||
Effect of dilutive stock options (in shares) | 86,460 | 92,834 |
Weighted average common shares and common stock equivalents (in shares) | 8,318,733 | 8,448,900 |
Diluted net income per common share (in dollars per share) | $ 0.90 | $ 0.65 |
Stock Options | ||
Earnings Per Share, Diluted [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 182,000 | 210,052 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 218,569 | [1] | $ 206,899 | |
Balance at end of period | 223,549 | 210,375 | ||
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | [2] | (717) | 59 | |
Other comprehensive income (loss) | [2] | (18) | (17) | |
Balance at end of period | [2] | (735) | 42 | |
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] | (706) | 75 | |
Other comprehensive income (loss) | [2] | (19) | (18) | |
Balance at end of period | [2] | (725) | 57 | |
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] | (11) | (16) | |
Other comprehensive income (loss) | [2] | 1 | 1 | |
Balance at end of period | [2] | $ (10) | $ (15) | |
[1]Derived from audited consolidated financial statements.[2]All amounts are net of income taxes. |
Stock Compensation Plans (Detai
Stock Compensation Plans (Details) - USD ($) | 3 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Jan. 28, 2020 | Jan. 27, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate intrinsic value of options exercised during the period | $ 244,000 | $ 123,000 | ||
Number of unvested stock options (shares) | 191,710 | 176,670 | ||
Unvested stock options, aggregate grant date fair value | $ 1,080,000 | $ 844,000 | ||
Unvested stock options, aggregate intrinsic value | 1,610,000 | |||
Stock options vested during period, aggregate grant date fair value | $ 652 | $ 1,000 | ||
Stock options vested during period (shares) | 200 | 200 | ||
Stock options, outstanding, aggregate intrinsic value | $ 4,280,000 | $ 2,620,000 | ||
Unrecognized compensation expense, non-vested options | $ 1,040,000 | |||
Unrecognized compensation expense, non-vested options, amortization period (in years) | 2 years 5 months 1 day | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 300,000 | |||
Award vesting percentage | 20% | |||
Award vesting period (years) | 5 years | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Contractual term | 10 years | |||
Equity Incentive Plan 2014 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 352,366 | |||
Number of shares available for grant (in shares) | 2,196 | |||
Equity Incentive Plan 2019 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 196,700 | 350,000 | ||
Equity Incentive Plan 2019 | Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 300,000 | |||
Equity Incentive Plan 2019 | Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 50,000 |
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, 2022 | Dec. 31, 2021 | |
Shares: | ||
Options outstanding, beginning of period (shares) | 421,925 | 406,815 |
Exercised (shares) | (19,815) | (8,900) |
Granted (shares) | 0 | 1,000 |
Forfeited (shares) | (1,800) | (11,594) |
Options outstanding, end of period (shares) | 400,310 | 387,321 |
Weighted Average Exercise Price (in dollars per share): | ||
Options outstanding, beginning of period (dollars per share) | $ 23.30 | $ 21.62 |
Exercised (dollars per share) | 20.01 | 14.63 |
Granted (dollars per share) | 0 | 27.25 |
Forfeited (dollars per share) | 29.68 | 25.28 |
Options outstanding, end of period (dollars per share) | $ 23.43 | $ 21.70 |
Stock Compensation Plans_ Stock
Stock Compensation Plans: Stock Options by Exercise Price (Details) - Stock Options shares in Thousands | 3 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 400,310 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 23.43 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 6 years 7 months 6 days |
Options Exercisable, Number (shares) | shares | 208,600 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 21.29 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 4 years 7 months 6 days |
$9.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Exercise Price, minimum (dollars per share) | $ 9 |
Options Outstanding, Number (shares) | shares | 14,000 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 9 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 9 months 18 days |
Options Exercisable, Number (shares) | shares | 14,000 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 9 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 9 months 18 days |
$10.26 - $10.71 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Exercise Price, minimum (dollars per share) | $ 10.26 |
Weighted Average Exercise Price, maximum (dollars per share) | $ 10.71 |
Options Outstanding, Number (shares) | shares | 47,000 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 10.56 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 2 years 2 months 12 days |
Options Exercisable, Number (shares) | shares | 47,000 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 10.56 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 2 years 2 months 12 days |
$15.67 - $19.13 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Exercise Price, minimum (dollars per share) | $ 15.67 |
Weighted Average Exercise Price, maximum (dollars per share) | $ 19.13 |
Options Outstanding, Number (shares) | shares | 77,700 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 16.53 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 6 years 7 months 6 days |
Options Exercisable, Number (shares) | shares | 40,410 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 16.18 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 5 years 4 months 24 days |
$26.50 - $27.25 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Exercise Price, minimum (dollars per share) | $ 26.5 |
Weighted Average Exercise Price, maximum (dollars per share) | $ 27.4 |
Options Outstanding, Number (shares) | shares | 110,660 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 27.31 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 8 years 8 months 12 days |
Options Exercisable, Number (shares) | shares | 22,180 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 27.14 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 6 years 9 months 18 days |
$28.23 - $29.69 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Exercise Price, minimum (dollars per share) | $ 28.23 |
Weighted Average Exercise Price, maximum (dollars per share) | $ 29.69 |
Options Outstanding, Number (shares) | shares | 115,950 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 28.78 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 7 years 2 months 12 days |
Options Exercisable, Number (shares) | shares | 57,150 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 29.35 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 5 years 8 months 12 days |
$31.80 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Exercise Price, minimum (dollars per share) | $ 31.8 |
Options Outstanding, Number (shares) | shares | 35,000 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 31.80 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 5 years 9 months 18 days |
Options Exercisable, Number (shares) | shares | 27,860 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 31.80 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 5 years 9 months 18 days |
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, 2022 | Sep. 30, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | $ 56,678 | $ 42,250 |
MBS: U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 55,841 | 41,415 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 837 | 835 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 55,841 | 41,415 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Recurring | MBS: U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 55,841 | 41,415 |
Recurring | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 837 | 835 |
Recurring | Fair Value, Inputs, Level 1 | MBS: U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
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] | ||
Estimated Fair Value | 837 | 835 |
Recurring | Fair Value, Inputs, Level 2 | MBS: U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 55,841 | 41,415 |
Recurring | Fair Value, Inputs, Level 2 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
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] | ||
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] | ||
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) - Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 |
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 |
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 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
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 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 122 | 123 |
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 | $ 122 | $ 123 |
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, 2022 | Sep. 30, 2022 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, estimated fair value, nonrecurring | $ 122 | $ 123 |
Impaired loans | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, estimated fair value, nonrecurring | $ 122 | $ 123 |
Fair Value Measurements_ Schedu
Fair Value Measurements: Schedule of estimated fair values of financial instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | |
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments in equity securities, at fair value | $ 837 | $ 835 | |
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 | 224,896 | 316,755 | |
CDs held for investment | 23,392 | 22,894 | |
Investment securities | 334,426 | 308,023 | |
Investments in equity securities, at fair value | 837 | 835 | |
FHLB stock | 2,194 | 2,194 | |
Other investments, at cost | 3,000 | 3,000 | |
Loans held for sale | 748 | ||
Loans receivable, net | 1,172,559 | 1,132,426 | |
Accrued interest receivable | 5,508 | 4,483 | |
Certificates of deposit | 152,821 | 122,584 | |
Accrued interest payable | 297 | 108 | |
Fair Value | |||
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 224,896 | 316,755 | |
CDs held for investment | 23,108 | 22,519 | |
Investment securities | 319,819 | 291,198 | |
Investments in equity securities, at fair value | 837 | 835 | |
FHLB stock | 2,194 | 2,194 | |
Other investments, at cost | 3,000 | 3,000 | |
Loans held for sale | 758 | ||
Loans receivable, net | 1,134,291 | 1,124,579 | |
Accrued interest receivable | 5,508 | 4,483 | |
Certificates of deposit | 151,441 | 120,807 | |
Accrued interest payable | 297 | 108 | |
Fair Value | Fair Value, Inputs, Level 1 | |||
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 224,896 | 316,755 | |
CDs held for investment | 23,108 | 22,519 | |
Investment securities | 160,390 | 158,578 | |
Investments in equity securities, at fair value | 837 | 835 | |
FHLB stock | 2,194 | 2,194 | |
Other investments, at cost | 3,000 | 3,000 | |
Loans held for sale | 758 | ||
Loans receivable, net | 0 | 0 | |
Accrued interest receivable | 5,508 | 4,483 | |
Certificates of deposit | 0 | 0 | |
Accrued interest payable | 297 | 108 | |
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 | 159,429 | 132,620 | |
Investments in equity securities, at fair value | 0 | 0 | |
FHLB stock | 0 | 0 | |
Other investments, at cost | 0 | 0 | |
Loans held for sale | 0 | ||
Loans receivable, net | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Certificates of deposit | 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, at fair value | 0 | 0 | |
FHLB stock | 0 | 0 | |
Other investments, at cost | 0 | 0 | |
Loans held for sale | 0 | ||
Loans receivable, net | 1,134,291 | 1,124,579 | |
Accrued interest receivable | 0 | 0 | |
Certificates of deposit | 151,441 | 120,807 | |
Accrued interest payable | $ 0 | $ 0 | |
[1]Derived from audited consolidated financial statements. |
Revenue from Contract with Cust
Revenue from Contract with Customer (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deposit Account | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 947,000 | $ 913,000 |
Credit and Debit Card | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 1,251,000 | 1,277,000 |
Asset Management | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 30,000 | 78,000 |
Investment Advice | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 30,000 | $ 2,000 |
Commitments and Contingencies_
Commitments and Contingencies: Supply Commitment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Undisbursed portion of construction loans in process (see Note 4) | $ 112,096 | $ 106,009 |
Undisbursed lines of credit | 133,932 | 129,456 |
Commitments to extend credit | 14,126 | 14,205 |
Total commitments | $ 260,154 | $ 249,670 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Reserve for unfunded loan commitments | $ 320 | $ 362 |
Employee severance compensation plan, employee minimum service requirement (in years) | 2 years | |
Employee severance compensation plan, period following effective date of a change in company control (in months) | 12 months | |
Employee severance compensation plan, eligible payment, maximum compensation term (in months) | 18 months |