Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 30, 2020 | Aug. 03, 2020 | |
Document And Entity Information | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Registrant Name | First Savings Financial Group, Inc. | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity File Number | 1-34155 | |
Entity Incorporation, State or Country Code | IN | |
Entity Tax Identification Number | 37-1567871 | |
Entity Address, Address Line One | 702 North Shore Drive | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Jeffersonville | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 47130 | |
City Area Code | 812 | |
Local Phone Number | 283-0724 | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Common stock, $0.01 par value per share | |
Trading Symbol | FSFG | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,375,324 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001435508 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
ASSETS | ||
Cash and due from banks | $ 13,594 | $ 13,008 |
Interest-bearing deposits with banks | 13,950 | 28,424 |
Total cash and cash equivalents | 27,544 | 41,432 |
Interest-bearing time deposits | 2,513 | 2,265 |
Securities available for sale, at fair value | 203,806 | 177,302 |
Securities held to maturity | 2,154 | 2,336 |
Loans held for sale, residential mortgage, at fair value | 190,305 | 80,457 |
Loans held for sale, Small Business Administration | 19,772 | 15,613 |
Loans, net of allowance for loan losses of $14,640 at June 30, 2020 and $10,040 at September 30, 2019 | 1,081,381 | 810,658 |
Federal Reserve Bank and Federal Home Loan Bank stock, at cost | 17,293 | 13,040 |
Premises and equipment | 24,093 | 19,238 |
Other real estate owned, held for sale | 1,728 | 1,893 |
Accrued interest receivable: | ||
Loans | 4,264 | 3,329 |
Securities | 2,373 | 1,712 |
Cash surrender value of life insurance | 31,573 | 26,546 |
Goodwill | 9,848 | 9,848 |
Core deposit intangibles | 1,256 | 1,416 |
Other assets | 41,378 | 15,494 |
Total Assets | 1,661,281 | 1,222,579 |
Deposits: | ||
Noninterest-bearing | 227,797 | 173,072 |
Interest-bearing | 755,073 | 661,312 |
Total deposits | 982,870 | 834,384 |
Federal funds purchased | 0 | 4,000 |
Federal Home Loan Bank borrowings | 298,622 | 222,544 |
Federal Reserve PPPLF borrowings | 174,835 | 0 |
Other borrowings | 19,780 | 19,729 |
Accrued interest payable | 502 | 935 |
Advance payments by borrowers for taxes and insurance | 2,485 | 1,906 |
Accrued expenses and other liabilities | 40,039 | 17,824 |
Total Liabilities | 1,519,133 | 1,101,322 |
EQUITY | ||
Preferred stock of $.01 par value per share; authorized 1,000,000 shares; none issued | ||
Common stock of $.01 par value per share; authorized 20,000,000 shares; issued 2,567,842 shares (2,565,606 at September 30, 2019); outstanding 2,375,324 shares (2,350,229 shares at September 30, 2019) | 26 | 26 |
Additional paid-in capital | 27,458 | 27,494 |
Retained earnings - substantially restricted | 108,426 | 91,228 |
Accumulated other comprehensive income | 11,102 | 7,296 |
Unearned stock compensation | (397) | (446) |
Less treasury stock, at cost - 192,518 shares (215,377 shares at September 30, 2019) | (4,253) | (4,545) |
Total First Savings Financial Group, Inc. Stockholders' Equity | 142,362 | 121,053 |
Noncontrolling interests in subsidiary | (214) | 204 |
Total Equity | 142,148 | 121,257 |
Total Liabilities and Equity | $ 1,661,281 | $ 1,222,579 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
CONSOLIDATED BALANCE SHEETS | ||
Loans, net of allowance for loan losses | $ 14,640 | $ 10,040 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, Authorized | 20,000,000 | 20,000,000 |
Common stock, issued | 2,567,842 | 2,565,606 |
Common Stock, Outstanding | 2,375,324 | 2,350,229 |
Treasury stock, shares | 192,518 | 215,377 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
INTEREST INCOME | ||||
Loans, including fees | $ 13,441 | $ 10,905 | $ 37,112 | $ 30,926 |
Securities: | ||||
Taxable | 502 | 710 | 1,591 | 2,184 |
Tax-exempt | 1,196 | 1,042 | 3,233 | 3,018 |
Dividend income | 168 | 196 | 473 | 459 |
Interest-bearing deposits with banks | 37 | 205 | 395 | 579 |
Total interest income | 15,344 | 13,058 | 42,804 | 37,166 |
INTEREST EXPENSE | ||||
Deposits | 1,311 | 1,948 | 4,685 | 4,979 |
Federal funds purchased and repurchase agreement | (2) | (1) | (3) | (3) |
Federal Home Loan Bank borrowings | 846 | 898 | 2,492 | 1,896 |
Federal Reserve PPPLF borrowings | 66 | 66 | 0 | |
Other borrowings | 318 | 319 | 955 | 959 |
Total interest expense | 2,543 | 3,166 | 8,201 | 7,837 |
Net interest income | 12,801 | 9,892 | 34,603 | 29,329 |
Provision for loan losses | 2,980 | 337 | 5,190 | 992 |
Net interest income after provision for loan losses | 9,821 | 9,555 | 29,413 | 28,337 |
NONINTEREST INCOME | ||||
Service charges on deposit accounts | 269 | 484 | 1,219 | 1,444 |
ATM and interchange fees | 491 | 529 | 1,518 | 1,428 |
Net gain (loss) on sales of available for sale securities and time deposits | 0 | (56) | 7 | (55) |
Net unrealized gain (loss) on equity securities | 9 | 0 | (18) | 0 |
Net gain on sales of loans, Small Business Administration | 1,317 | 1,515 | 3,307 | 3,000 |
Mortgage banking income | 43,088 | 9,611 | 67,177 | 17,974 |
Increase in cash surrender value of life insurance | 191 | 157 | 547 | 415 |
Commission income | 70 | 87 | 180 | 221 |
Real estate lease income | 138 | 121 | 441 | 436 |
Net gain (loss) on premises and equipment | 0 | 7 | (9) | 16 |
Other income | 764 | 189 | 1,088 | 635 |
Total noninterest income | 46,337 | 12,644 | 75,457 | 25,514 |
NONINTEREST EXPENSE | ||||
Compensation and benefits | 26,896 | 11,705 | 59,623 | 27,202 |
Occupancy and equipment | 2,212 | 1,572 | 6,123 | 4,317 |
Data processing | 532 | 448 | 1,580 | 1,354 |
Advertising | 1,861 | 727 | 5,104 | 1,690 |
Professional fees | 924 | 508 | 2,073 | 1,472 |
FDIC insurance premiums | 248 | 112 | 351 | 290 |
Net (gain) loss on other real estate owned | 1 | (30) | (1) | (44) |
Other operating expenses | 2,335 | 1,446 | 6,503 | 4,503 |
Total noninterest expense | 35,009 | 16,488 | 81,356 | 40,784 |
Income before income taxes | 21,149 | 5,711 | 23,514 | 13,067 |
Income tax expense | 5,540 | 748 | 5,404 | 1,736 |
Net Income | 15,609 | 4,963 | 18,110 | 11,331 |
Less: net income (loss) attributable to noncontrolling interests | 204 | 571 | (107) | 475 |
Net Income Attributable to First Savings Financial Group, Inc. | $ 15,405 | $ 4,392 | $ 18,217 | $ 10,856 |
Net income per share: | ||||
Basic | $ 6.51 | $ 1.88 | $ 7.74 | $ 4.70 |
Diluted | $ 6.51 | $ 1.85 | $ 7.66 | $ 4.58 |
Weighted average shares outstanding: | ||||
Basic | 2,365,217 | 2,333,502 | 2,353,816 | 2,308,359 |
Diluted | 2,366,787 | 2,373,578 | 2,377,399 | 2,369,421 |
Dividends per share | $ 0.17 | $ 0.16 | $ 0.50 | $ 0.47 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net Income | $ 15,609 | $ 4,963 | $ 18,110 | $ 11,331 |
Unrealized gains on securities available for sale: | ||||
Unrealized holding gains arising during the period | 13,509 | 2,671 | 4,832 | 7,416 |
Income tax expense | (2,879) | (584) | (1,021) | (1,621) |
Net of tax amount | 10,630 | 2,087 | 3,811 | 5,795 |
Less: reclassification adjustment for realized | 0 | 56 | (7) | 55 |
(gains) losses included in net income | 0 | (56) | 7 | (55) |
Income tax benefit (expense) | 0 | (11) | 2 | (11) |
Other Comprehensive Income | 10,630 | 2,132 | 3,806 | 5,839 |
Comprehensive Income | 26,239 | 7,095 | 21,916 | 17,170 |
Less: comprehensive income (loss) attributable to noncontrolling interests | 204 | 571 | (107) | 475 |
Comprehensive Income Attributable to First Savings Financial Group, Inc. | $ 26,035 | $ 6,524 | $ 22,023 | $ 16,695 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Unearned Stock Compensation | Treasury Stock | Noncontrolling Interests in Subsidiary | Total |
Balances at Sep. 30, 2018 | $ 26 | $ 27,630 | $ 76,523 | $ 382 | $ (479) | $ (5,269) | $ 1,432 | $ 100,245 |
Net Income | 0 | 0 | 10,856 | 0 | 0 | 0 | 475 | 11,331 |
Other comprehensive income | 0 | 0 | 0 | 5,839 | 0 | 0 | 0 | 5,839 |
Common stock dividends | 0 | 0 | (1,096) | 0 | 0 | 0 | 0 | (1,096) |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (1,731) | (1,731) |
Restricted stock grants, net of forfeitures | 0 | 141 | 0 | 0 | (141) | 0 | 0 | 0 |
Stock compensation expense | 0 | 54 | 0 | 0 | 130 | 0 | 0 | 184 |
Stock option exercises | 0 | (349) | 0 | 0 | 0 | 1,297 | 0 | 948 |
Purchase of treasury shares | 0 | 0 | 0 | 0 | 0 | (573) | 0 | (573) |
Balances at Jun. 30, 2019 | 26 | 27,476 | 86,283 | 6,221 | (490) | (4,545) | 176 | 115,147 |
Balances at Sep. 30, 2019 | 26 | 27,494 | 91,228 | 7,296 | (446) | (4,545) | 204 | 121,257 |
Cumulative effect adjustment | Adoption of ASU 2016-02 | 0 | 0 | 166 | 0 | 0 | 0 | 0 | 166 |
Net Income | 0 | 0 | 18,217 | 0 | 0 | 0 | (107) | 18,110 |
Other comprehensive income | 0 | 0 | 0 | 3,806 | 0 | 0 | 0 | 3,806 |
Common stock dividends | 0 | 0 | (1,185) | 0 | 0 | 0 | 0 | (1,185) |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (311) | (311) |
Restricted stock grants, net of forfeitures | 0 | 95 | 0 | 0 | (95) | 0 | 0 | 0 |
Stock compensation expense | 0 | 64 | 0 | 0 | 144 | 0 | 0 | 208 |
Stock option exercises | 0 | (195) | 0 | 0 | 0 | 594 | 0 | 399 |
Purchase of treasury shares | 0 | 0 | 0 | 0 | 0 | (302) | 0 | (302) |
Balances at Jun. 30, 2020 | $ 26 | $ 27,458 | $ 108,426 | $ 11,102 | $ (397) | $ (4,253) | $ (214) | $ 142,148 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 9 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | ||
Dividends per common share | $ 0.50 | $ 0.47 |
Restricted stock grants - shares | 1,436 | 2,329 |
Stock option exercises, shares | 28,361 | 66,877 |
Purchase of treasury shares, shares | 4,702 | 10,968 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 18,110 | $ 11,331 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Provision for loan losses | 5,190 | 992 |
Depreciation and amortization | 1,281 | 1,221 |
Amortization of premiums and accretion of discounts on securities, net | 425 | 370 |
Amortization and accretion of fair value adjustments on loans, net | (665) | (440) |
Loans originated for sale | (2,125,722) | (472,756) |
Proceeds on sales of loans | 2,060,021 | 426,723 |
Net realized and unrealized gain on loans held for sale | (57,441) | (18,008) |
Net realized and unrealized gain on other real estate owned | (16) | (59) |
Net (gain) loss on sales of available for sale securities and time deposits | (7) | 55 |
Increase in cash surrender value of life insurance | (547) | (415) |
Net loss on equity securities | 18 | |
Net (gain) loss on sale of premises and equipment | 9 | (16) |
Deferred income taxes | 1,739 | (184) |
Stock compensation expense | 208 | 184 |
Increase in accrued interest receivable | (1,596) | (1,097) |
Increase (decrease) in accrued interest payable | (433) | 640 |
Change in other assets and liabilities, net | 3,996 | 959 |
Net Cash Used In Operating Activities | (95,430) | (50,500) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Investment in interest-bearing time deposits | (693) | (840) |
Proceeds from sales and maturities of interest-bearing time deposits | 445 | 738 |
Purchase of securities available for sale | (35,053) | (21,577) |
Proceeds from sales of securities available for sale | 3,180 | 13,948 |
Proceeds from maturities of securities available for sale | 5,130 | 3,600 |
Proceeds from maturities of securities held to maturity | 169 | 162 |
Principal collected on securities | 4,656 | 15,456 |
Net increase in loans | (275,984) | (94,480) |
Purchase of Federal Home Loan Bank stock | (4,253) | (3,359) |
Investment in cash surrender value of life insurance | (4,481) | (6,000) |
Proceeds from sale of other real estate owned | 182 | 178 |
Purchase of premises and equipment | (6,451) | (8,526) |
Proceeds from sales of premises and equipment | 118 | 51 |
Net Cash Used In Investing Activities | (313,035) | (100,649) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 148,486 | 77,033 |
Net decrease in federal funds purchased | (4,000) | 0 |
Net increase in repurchase agreements | 0 | 2 |
Increase (decrease) in Federal Home Loan Bank line of credit | (3,922) | 14,255 |
Proceeds from Federal Home Loan Bank advances | 325,000 | 245,000 |
Repayment of Federal Home Loan Bank advances | (245,000) | (160,000) |
Net increase in Federal Reserve PPPLF borrowings | 174,835 | 0 |
Net increase in advance payments by borrowers for taxes and insurance | 579 | 141 |
Proceeds from exercise of stock options | 148 | 408 |
Taxes paid on stock award shares for employees | (53) | (32) |
Dividends paid on common stock | (1,185) | (1,096) |
Distributions to noncontrolling interests | (311) | (1,731) |
Net Cash Provided By Financing Activities | 394,577 | 173,980 |
Net Increase (Decrease) in Cash and Cash Equivalents | (13,888) | 22,831 |
Cash and cash equivalents at beginning of period | 41,432 | 42,274 |
Cash and Cash Equivalents at End of period | $ 27,544 | $ 65,105 |
Presentation of Interim Informa
Presentation of Interim Information | 9 Months Ended |
Jun. 30, 2020 | |
Presentation of Interim Information | |
Presentation of Interim Information | 1. Presentation of Interim Information First Savings Financial Group, Inc. (the “Company”) is a financial holding company and the parent of First Savings Bank (the “Bank”) and First Savings Insurance Risk Management, Inc. (the “Captive”). The Bank, which is a wholly-owned Indiana-chartered commercial bank subsidiary of the Company, provides a variety of banking services to individuals and business customers through 16 locations in southern Indiana. The Bank attracts deposits primarily from the general public and uses those funds, along with other borrowings, primarily to originate commercial mortgage, residential mortgage, construction, commercial business and consumer loans, and to a lesser extent, to invest in mortgage-backed securities, municipal bonds and other investment securities. The Bank has two wholly-owned subsidiaries: First Savings Investments, Inc., a Nevada corporation that manages a securities portfolio, and Southern Indiana Financial Corporation, which is currently inactive. The Captive, which is a wholly-owned insurance subsidiary of the Company, is a Nevada corporation that provides property and casualty insurance to the Company, the Bank and the Bank’s active subsidiaries. In addition, the Captive provides reinsurance to 11 other third-party insurance captives for which insurance may not be currently available or economically feasible in the insurance marketplace. On April 25, 2017, the Bank formed Q2 Business Capital, LLC (“Q2”), which is an Indiana limited liability company that specializes in the origination and servicing of U.S. Small Business Administration (“SBA”) loans. The Bank owns 51% of Q2 with the option to purchase the minority interest between July 1, 2020 and September 30, 2020. In accordance with Q2’s operating agreement, the Bank was allocated the first $1.7 million of Q2’s cumulative net income with any additional profits and losses allocated 51% to the Bank and 49% to Q2’s minority members. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments considered necessary to present fairly the financial position as of June 30, 2020, the results of operations for the three- and nine-month periods ended June 30, 2020 and 2019, and the cash flows for the nine-month periods ended June 30, 2020 and 2019. All of these adjustments are of a normal, recurring nature. Such adjustments are the only adjustments included in the unaudited consolidated financial statements. Interim results are not necessarily indicative of results for a full year. The unaudited consolidated financial statements and notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements, conform to general practices within the banking industry and are presented as permitted by the instructions to Form 10-Q. Accordingly, they do not contain certain information included in the Company’s audited consolidated financial statements and related notes for the year ended September 30, 2019 included in the Company’s Annual Report on Form 10-K. The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with the current period presentation. The reclassifications had no effect on net income or stockholders’ equity. |
Investment Securities
Investment Securities | 9 Months Ended |
Jun. 30, 2020 | |
Investment Securities | |
Investment Securities | 2. Investment Securities U.S. agency bonds and notes, agency mortgage-backed securities and agency collateralized mortgage obligations (“CMO”) include treasury notes issued by the U.S. government; securities issued by the Government National Mortgage Association (“GNMA”), a U.S. government agency; and securities issued by the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”) and the Federal Home Loan Bank (“FHLB”), which are U.S. government sponsored enterprises. The Company holds municipal bonds issued by municipal governments within the U.S. The Company also holds pass-through asset-backed securities guaranteed by the SBA representing participating interests in pools of long term debentures issued by state and local development companies certified by the SBA. Privately issued CMO and asset-backed securities (“ABS”) are complex securities issued by non-government special purpose entities that are collateralized by residential mortgage loans and residential home equity loans. Investment securities have been classified according to management’s intent. Securities Available for Sale and Held to Maturity The amortized cost of securities available for sale and held to maturity and their approximate fair values are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gain Losses Value (In thousands) June 30, 2020: Securities available for sale: Agency mortgage-backed $ 8,323 $ 511 $ — $ 8,834 Agency CMO 9,752 386 — 10,138 Privately-issued CMO 995 66 9 1,052 Privately-issued ABS 912 80 13 979 SBA certificates 654 57 3 708 Municipal bonds 169,001 13,149 55 182,095 Total securities available for sale $ 189,637 $ 14,249 $ 80 $ 203,806 Securities held to maturity: Agency mortgage-backed $ 89 $ 7 $ — $ 96 Municipal bonds 2,065 327 — 2,392 Total securities held to maturity $ 2,154 $ 334 $ — $ 2,488 Gross Gross Amortized Unrealized Unrealized Fair Cost Gain Losses Value (In thousands) September 30, 2019: Securities available for sale: Agency mortgage-backed $ 13,743 $ 366 $ 12 $ 14,097 Agency CMO 8,834 221 7 9,048 Privately-issued CMO 1,242 142 2 1,382 Privately-issued ABS 1,022 156 — 1,178 SBA certificates 1,119 41 6 1,154 Municipal bonds 141,995 8,465 17 150,443 Total securities available for sale $ 167,955 $ 9,391 $ 44 $ 177,302 Securities held to maturity: Agency mortgage-backed $ 102 $ 7 $ — $ 109 Municipal bonds 2,234 327 — 2,561 Total securities held to maturity $ 2,336 $ 334 $ — $ 2,670 The amortized cost and fair value of investment securities as of June 30, 2020 by contractual maturity are shown below. CMO, ABS, SBA certificates, and mortgage-backed securities which do not have a single maturity date are shown separately. Available for Sale Held to Maturity Amortized Fair Amortized Fair Cost Value Cost Value (In thousands) Due within one year $ 3,975 $ 4,038 $ 244 $ 276 Due after one year through five years 27,298 28,488 1,003 1,145 Due after five years through ten years 23,872 25,672 683 809 Due after ten years 113,856 123,897 135 162 CMO 10,747 11,190 — — ABS 912 979 — — SBA certificates 654 708 — — Mortgage-backed securities 8,323 8,834 89 96 $ 189,637 $ 203,806 $ 2,154 $ 2,488 Information pertaining to investment securities with gross unrealized losses at June 30, 2020 and September 30, 2019, aggregated by investment category and the length of time that individual securities have been in a continuous loss position, follows: Number of Gross Investment Fair Unrealized Positions Value Losses (Dollars in thousands) June 30, 2020: Securities available for sale: Continuous loss position less than twelve months: Privately-issued ABS 1 $ 455 $ 13 Municipals 1 1,945 55 Total less than twelve months 2 2,400 68 Continuous loss position more than twelve months: Privately-issued CMO 1 26 9 SBA certificates 1 198 3 Total more than twelve months 2 224 12 Total securities available for sale 4 $ 2,624 $ 80 September 30, 2019: Securities available for sale: Continuous loss position less than twelve months: Agency mortgage-backed 3 $ 1,248 $ 1 Agency CMO 1 1,962 1 Municipal bonds 3 1,694 16 Total less than twelve months 7 4,904 18 Continuous loss position more than twelve months: Agency mortgage-backed 2 785 11 Agency CMO 2 956 6 Privately-issued CMO 1 33 2 SBA certificates 1 451 6 Municipal bonds 1 140 1 Total more than twelve months 7 2,365 26 Total securities available for sale 14 $ 7,269 $ 44 At June 30, 2020 and September 30, 2019, the Company did not have any securities held to maturity with an unrealized loss. Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. The total available for sale debt securities in loss positions at June 30, 2020, which consisted of privately issued CMOs, privately issued ABS, municipal bonds and SBA certificates, had a fair value as a percentage of amortized cost of 97.04%. The municipal securities are issued by municipal governments, and are generally secured by municipal project revenues or general obligations of the municipality. The Company evaluates the existence of a potential credit loss component related to the decline in fair value of the privately issued CMO and ABS portfolios each quarter using an independent third party analysis. At June 30, 2020, the Company held twelve privately-issued CMO and ABS securities, acquired in a 2009 bank merger, with an aggregate amortized cost of $946,000 and fair value of $1.0 million that have been downgraded to a substandard regulatory classification due to the security’s credit quality rating by various nationally recognized statistical rating organizations (“NRSROs”). At June 30, 2020, one privately-issued CMO security and one privately-issued ABS were in a loss position, had depreciated approximately 4.24% from the Company’s carrying value and were collateralized by residential mortgage loans. These securities had a total fair value of $481,000 and a total unrealized loss of $21,000 at June 30, 2020. Based on the independent third party analysis of the expected cash flows, management determined that no other-than-temporary impairment was required to be recognized on the privately issued CMO and ABS portfolios at June 30, 2020. While the Company does not anticipate additional credit-related impairment losses at June 30, 2020, additional deterioration in market and economic conditions may have an adverse impact on the credit quality of the portfolio, and therefore, require a credit related impairment charge in the future. The unrealized losses on SBA certificates and municipal bonds relate principally to current interest rates for similar types of securities. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government, its agencies, or other governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. As management has the ability to hold debt securities to maturity, or for the foreseeable future if classified as available for sale, no declines are deemed to be other-than-temporary. During the nine-month period ended June 30, 2020, the Company realized gross gains on sales of available for sale securities of $15,000, and gross losses of $8,000. During the nine-month period ended June 30, 2019, the Company realized gross gains on sales of available for sale securities of $68,000, and gross losses of $123,000. The Company did not realize any gross gains or losses on sales of available for sale securities during the three-month period ended June 30, 2020. During the three-month period ended June 30, 2019, the Company realized gross gains on sales of available for sale securities of $67,000, and gross losses of $123,000. Certain available for sale debt securities were pledged to secure FHLB borrowings at June 30, 2020 and September 30, 2019, and may be pledged to secure federal funds borrowings. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 9 Months Ended |
Jun. 30, 2020 | |
Loans and Allowance for Loan Losses | |
Loans and Allowance for Loan Losses | 3. Loans and Allowance for Loan Losses Loans at June 30, 2020 and September 30, 2019 consisted of the following: June 30, September 30, 2020 2019 (In thousands) Real estate mortgage: 1-4 family residential $ 185,489 $ 198,067 Commercial 512,744 436,020 Multifamily residential 42,414 38,226 Residential construction 10,792 12,545 Commercial construction 7,948 6,995 Land and land development 10,352 10,536 Commercial business (1) 269,821 73,034 Consumer: Home equity 44,997 28,651 Auto 12,197 13,347 Other consumer 2,016 2,663 Total Loans 1,098,770 820,084 Deferred loan origination fees and costs, net (2) (2,749) 614 Allowance for loan losses (14,640) (10,040) Loans, net $ 1,081,381 $ 810,658 (1) Includes $180.5 million of loans originated under the SBA’s Paycheck Protection Program ("PPP") at June 30, 2020. (2) Includes $3.5 million of net deferred loan fees related to PPP loans at June 30, 2020. During the nine-month period ended June 30, 2020, there was no significant change in the Company’s lending activities or the methodology used to estimate the allowance for loan losses as disclosed in the Company’s Annual Report on Form 10-K for the year ended September 30, 2019. Certain qualitative factors used to determine the allowance for loan losses at June 30, 2020 were increased due to economic uncertainties related to the novel coronavirus ("COVID-19"). At June 30, 2020 and September 30, 2019, the Bank did not own any residential real estate properties where physical possession has been obtained. At June 30, 2020 and September 30, 2019, the recorded investment in consumer mortgage loans collateralized by residential real estate properties in the process of foreclosure was $1.1 million and $1.3 million, respectively. The following table provides the components of the recorded investment in loans as of June 30, 2020: Residential Commercial Land & Land Commercial Real Estate Real Estate Multifamily Construction Development Business Consumer Total (In thousands) Recorded Investment in Loans: Principal loan balance $ 185,489 $ 512,744 $ 42,414 $ 18,740 $ 10,352 $ 269,821 $ 59,210 $ 1,098,770 Accrued interest receivable 599 2,424 206 91 22 744 178 4,264 Net deferred loan origination fees and costs (90) 458 (34) 54 (12) (3,096) (29) (2,749) Recorded investment in loans $ 185,998 $ 515,626 $ 42,586 $ 18,885 $ 10,362 $ 267,469 $ 59,359 $ 1,100,285 Recorded Investment in Loans as Evaluated for Impairment: Individually evaluated for impairment $ 5,230 $ 11,344 $ 697 $ — $ 1 $ 2,057 $ 174 $ 19,503 Collectively evaluated for impairment 180,768 504,282 41,889 18,885 10,361 265,412 59,185 1,080,782 Ending balance $ 185,998 $ 515,626 $ 42,586 $ 18,885 $ 10,362 $ 267,469 $ 59,359 $ 1,100,285 The following table provides the components of the recorded investment in loans as of September 30, 2019: Residential Commercial Land & Land Commercial Real Estate Real Estate Multifamily Construction Development Business Consumer Total (In thousands) Recorded Investment in Loans: Principal loan balance $ 198,067 $ 436,020 $ 38,226 $ 19,540 $ 10,536 $ 73,034 $ 44,661 $ 820,084 Accrued interest receivable 627 1,922 99 117 29 448 87 3,329 Net deferred loan origination fees and costs (98) 408 (33) 3 (1) 366 (31) 614 Recorded investment in loans $ 198,596 $ 438,350 $ 38,292 $ 19,660 $ 10,564 $ 73,848 $ 44,717 $ 824,027 Recorded Investment in Loans as Evaluated for Impairment: Individually evaluated for impairment $ 4,448 $ 7,647 $ — $ — $ — $ 105 $ 234 $ 12,434 Collectively evaluated for impairment 194,148 430,703 38,292 19,660 10,564 73,743 44,483 811,593 Ending balance $ 198,596 $ 438,350 $ 38,292 $ 19,660 $ 10,564 $ 73,848 $ 44,717 $ 824,027 An analysis of the allowance for loan losses as of June 30, 2020 is as follows: Residential Commercial Land & Land Commercial Real Estate Real Estate Multifamily Construction Development Business Consumer Total (In thousands) Ending Allowance Balance Attributable to Loans: Individually evaluated for impairment $ — $ 1,745 $ — $ — $ — $ 50 $ 1 $ 1,796 Collectively evaluated for impairment 541 7,111 731 524 257 2,719 961 12,844 Ending balance $ 541 $ 8,856 $ 731 $ 524 $ 257 $ 2,769 $ 962 $ 14,640 An analysis of the allowance for loan losses as of September 30, 2019 is as follows: Residential Commercial Land & Land Commercial Real Estate Real Estate Multifamily Construction Development Business Consumer Total (In thousands) Ending Allowance Balance Attributable to Loans: Individually evaluated for impairment $ 10 $ 512 $ — $ — $ — $ — $ 23 $ 545 Collectively evaluated for impairment 328 5,869 478 421 209 1,639 551 9,495 Ending balance $ 338 $ 6,381 $ 478 $ 421 $ 209 $ 1,639 $ 574 $ 10,040 An analysis of the changes in the allowance for loan losses for the three months ended June 30, 2020 is as follows: Residential Commercial Land & Land Commercial Real Estate Real Estate Multifamily Construction Development Business Consumer Total (In thousands) Changes in Allowance for Loan Losses: Beginning balance $ 400 $ 6,935 $ 499 $ 366 $ 203 $ 2,587 $ 701 $ 11,691 Provisions 136 1,921 232 158 54 170 309 2,980 Charge-offs — — — — — — (69) (69) Recoveries 5 — — — — 12 21 38 Ending balance $ 541 $ 8,856 $ 731 $ 524 $ 257 $ 2,769 $ 962 $ 14,640 An analysis of the changes in the allowance for loan losses for the nine months ended June 30, 2020 is as follows: Residential Commercial Land & Land Commercial Real Estate Real Estate Multifamily Construction Development Business Consumer Total (In thousands) Changes in Allowance for Loan Losses: Beginning balance $ 338 $ 6,381 $ 478 $ 421 $ 209 $ 1,639 $ 574 $ 10,040 Provisions 214 2,544 253 103 48 1,508 520 5,190 Charge-offs (36) (115) — — — (396) (195) (742) Recoveries 25 46 — — — 18 63 152 Ending balance $ 541 $ 8,856 $ 731 $ 524 $ 257 $ 2,769 $ 962 $ 14,640 An analysis of the changes in the allowance for loan losses for the three months ended June 30, 2019 is as follows: Residential Commercial Land & Land Commercial Real Estate Real Estate Multifamily Construction Development Business Consumer Total (In thousands) Changes in Allowance for Loan Losses: Beginning balance $ 220 $ 6,696 $ 232 $ 515 $ 237 $ 1,535 $ 499 $ 9,934 Provisions 142 (316) 259 (23) 5 228 42 337 Charge-offs — (574) — — — (71) (45) (690) Recoveries 8 2 — — — 12 13 35 Ending balance $ 370 $ 5,808 $ 491 $ 492 $ 242 $ 1,704 $ 509 $ 9,616 An analysis of the changes in the allowance for loan losses for the nine months ended June 30, 2019 is as follows: Residential Commercial Land & Land Commercial Real Estate Real Estate Multifamily Construction Development Business Consumer Total (In thousands) Changes in Allowance for Loan Losses: Beginning balance $ 274 $ 6,825 $ 195 $ 580 $ 210 $ 1,041 $ 198 $ 9,323 Provisions 84 (445) 296 (88) 32 721 392 992 Charge-offs (10) (574) — — — (71) (126) (781) Recoveries 22 2 — — — 13 45 82 Ending balance $ 370 $ 5,808 $ 491 $ 492 $ 242 $ 1,704 $ 509 $ 9,616 The following table presents impaired loans individually evaluated for impairment as of June 30, 2020 and for the three and nine months ended June 30, 2020 and 2019. Three Months Ended Nine Months Ended At June 30, 2020 June 30, June 30, 2020 2020 2019 2019 2020 2020 2019 2019 Unpaid Average Interest Average Interest Average Interest Average Interest Recorded Principal Related Recorded Income Recorded Income Recorded Income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized Investment Recognized Investment Recognized (In thousands) Loans with no related allowance recorded: Residential real estate $ 5,230 $ 5,722 $ — $ 5,964 $ 33 $ 4,873 $ 26 $ 5,526 $ 94 $ 5,095 $ 89 Commercial real estate 3,927 3,934 — 4,264 42 6,451 78 5,035 151 6,608 240 Multifamily 697 700 — 702 — — — 351 — — — Construction — — — — — — — — — — — Land and land development 1 1 — 1 — — — 1 — 8 — Commercial business 1,982 2,082 — 2,084 — 171 2 1,834 1 246 6 Consumer 66 65 — 66 1 106 1 74 3 115 3 $ 11,903 $ 12,504 $ - $ 13,081 $ 76 $ 11,601 $ 107 $ 12,821 $ 249 $ 12,072 $ 338 Loans with an allowance recorded: Residential real estate $ — $ — $ — $ — $ — $ 94 $ — $ 29 $ — $ 158 $ — Commercial real estate 7,417 7,395 1,745 7,467 — 2,549 — 4,690 — 1,971 — Multifamily — — — — — — — — — — — Construction — — — — — — — — — — — Land and land development — — — — — — — — — — — Commercial business 75 74 50 938 — 90 — 469 — 36 — Consumer 108 110 1 135 — 140 — 158 — 160 — $ 7,600 $ 7,579 $ 1,796 $ 8,540 $ — $ 2,873 $ — $ 5,346 $ — $ 2,325 $ — Total: Residential real estate $ 5,230 $ 5,722 $ — $ 5,964 $ 33 $ 4,967 $ 26 $ 5,555 $ 94 $ 5,253 $ 89 Commercial real estate 11,344 11,329 1,745 11,731 42 9,000 78 9,725 151 8,579 240 Multifamily 697 700 — 702 — — — 351 — — — Construction — — — — — — — — — — — Land and land development 1 1 — 1 — — — 1 — 8 — Commercial business 2,057 2,156 50 3,022 — 261 2 2,303 1 282 6 Consumer 174 175 1 201 1 246 1 232 3 275 3 $ 19,503 $ 20,083 $ 1,796 $ 21,621 $ 76 $ 14,474 $ 107 $ 18,167 $ 249 $ 14,397 $ 338 The Company did not recognize any interest income using the cash receipts method during the three-and nine-month periods ended June 30, 2020 and 2019. The following table presents impaired loans individually evaluated for impairment as of September 30, 2019. Unpaid Recorded Principal Related Investment Balance Allowance (In thousands) Loans with no related allowance recorded: Residential real estate $ 4,438 $ 4,967 $ — Commercial real estate 5,401 5,408 — Multifamily — — — Construction — — — Land and land development — — — Commercial business 105 106 — Consumer 78 81 — $ 10,022 $ 10,562 $ — Loans with an allowance recorded: Residential real estate $ 10 $ 7 $ 10 Commercial real estate 2,246 2,637 512 Multifamily — — — Construction — — — Land and land development — — — Commercial business — — — Consumer 156 155 23 $ 2,412 $ 2,799 $ 545 Total: Residential real estate $ 4,448 $ 4,974 $ 10 Commercial real estate 7,647 8,045 512 Multifamily — — — Construction — — — Land and land development — — — Commercial business 105 106 — Consumer 234 236 23 $ 12,434 $ 13,361 $ 545 Nonperforming loans consist of nonaccrual loans and loans over 90 days past due and still accruing interest. The following table presents the recorded investment in nonperforming loans at June 30, 2020: Loans 90+ Days Total Nonaccrual Past Due Nonperforming Loans Still Accruing Loans (In thousands) Residential real estate $ 2,648 $ — $ 2,648 Commercial real estate 8,297 — 8,297 Multifamily 697 — 697 Construction — — — Land and land development 1 — 1 Commercial business 2,055 — 2,055 Consumer 112 — 112 Total $ 13,810 $ — $ 13,810 The following table presents the recorded investment in nonperforming loans at September 30, 2019: Loans 90+ Days Total Nonaccrual Past Due Nonperforming Loans Still Accruing Loans (In thousands) Residential real estate $ 2,580 $ 12 $ 2,592 Commercial real estate 2,425 — 2,425 Multifamily — — — Construction — — — Land and land development — — — Commercial business — — — Consumer 163 — 163 Total $ 5,168 $ 12 $ 5,180 The following table presents the aging of the recorded investment in past due loans at June 30, 2020: 30-59 60-89 90 + Days Days Days Total Total Past Due Past Due Past Due Past Due Current Loans (In thousands) Residential real estate $ 1,957 $ 459 $ 1,525 $ 3,941 $ 182,057 $ 185,998 Commercial real estate 1,912 — 2,787 4,699 510,927 515,626 Multifamily — — — — 42,586 42,586 Construction — — — — 18,885 18,885 Land and land development — — 1 1 10,361 10,362 Commercial business 770 7 322 1,099 266,370 267,469 Consumer 11 — 4 15 59,344 59,359 Total $ 4,650 $ 466 $ 4,639 $ 9,755 $ 1,090,530 $ 1,100,285 The following table presents the aging of the recorded investment in past due loans at September 30, 2019: 30-59 60-89 90 + Days Days Days Total Total Past Due Past Due Past Due Past Due Current Loans (In thousands) Residential real estate $ 1,619 $ 577 $ 1,121 $ 3,317 $ 195,279 $ 198,596 Commercial real estate 892 772 1,523 3,187 435,163 438,350 Multifamily — — — — 38,292 38,292 Construction — — — — 19,660 19,660 Land and land development — — — — 10,564 10,564 Commercial business 182 — — 182 73,666 73,848 Consumer 77 17 19 113 44,604 44,717 Total $ 2,770 $ 1,366 $ 2,663 $ 6,799 $ 817,228 $ 824,027 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, public information, historical payment experience, credit documentation, and current economic conditions and trends, among other factors. The Company classifies loans based on credit risk at least quarterly. The Company uses the following regulatory definitions for risk ratings: Special Mention: Substandard: Doubtful: Loss: Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass-rated loans. As of June 30, 2020, and based on the most recent analysis performed, the recorded investment in loans by risk category was as follows: Residential Commercial Land and Land Commercial Real Estate Real Estate Multifamily Construction Development Business Consumer Total (In thousands) Pass $ 182,541 $ 500,722 $ 41,889 $ 18,885 $ 10,361 $ 262,230 $ 59,331 $ 1,075,959 Special Mention — 1,057 — — — 125 — 1,182 Substandard 3,326 13,847 697 — 1 5,114 28 23,013 Doubtful 131 — — — — — — 131 Loss — — — — — — — — Total $ 185,998 $ 515,626 $ 42,586 $ 18,885 $ 10,362 $ 267,469 $ 59,359 $ 1,100,285 As of September 30, 2019, the recorded investment in loans by risk category was as follows: Residential Commercial Land and Land Commercial Real Estate Real Estate Multifamily Construction Development Business Consumer Total (In thousands) Pass $ 194,591 $ 424,989 $ 37,823 $ 19,660 $ 10,564 $ 71,050 $ 44,618 $ 803,295 Special Mention — 904 — — — — — 904 Substandard 3,946 12,457 469 — — 2,798 97 19,767 Doubtful 59 — — — — — 2 61 Loss — — — — — — — — Total $ 198,596 $ 438,350 $ 38,292 $ 19,660 $ 10,564 $ 73,848 $ 44,717 $ 824,027 Troubled Debt Restructurings Modification of a loan is considered to be a troubled debt restructuring (“TDR”) if the debtor is experiencing financial difficulties and the Company grants a concession to the debtor that it would not otherwise consider. By granting the concession, the Company expects to obtain more cash or other value from the debtor, or to increase the probability of receipt, than would be expected by not granting the concession. The concession may include, but is not limited to, reduction of the stated interest rate of the loan, reduction of accrued interest, extension of the maturity date or reduction of the face amount or maturity amount of the debt. A concession will be granted when, as a result of the restructuring, the Company does not expect to collect all amounts due, including interest at the original stated rate. A concession may also be granted if the debtor is not able to access funds elsewhere at a market rate for debt with similar risk characteristics as the restructured debt. The Company’s determination of whether a loan modification is a TDR considers the individual facts and circumstances surrounding each modification. Loans modified in a TDR may be retained on accrual status if the borrower has maintained a period of performance in which the borrower’s lending relationship was not greater than ninety days delinquent at the time of restructuring and the Company determines the future collection of principal and interest is reasonably assured. Loans modified in a TDR that are placed on nonaccrual status at the time of restructuring will continue on nonaccrual status until the Company determines the future collection of principal and interest is reasonably assured, which generally requires that the borrower demonstrate a period of performance according to the restructured terms of at least six consecutive months. The following table summarizes the Company’s recorded investment in TDRs at June 30, 2020 and September 30, 2019. There was $665,000 of specific reserves included in the allowance for loan losses related to TDRs at June 30, 2020. There was no specific reserve included in the allowance for loan losses related to TDRs at September 30, 2019. Accruing Nonaccrual Total (In thousands) June 30, 2020: Residential real estate $ 2,583 $ 125 $ 2,708 Commercial real estate 3,047 4,390 7,437 Multifamily — 697 697 Commercial business 2 1,733 1,735 Consumer 62 — 62 Total $ 5,694 $ 6,945 $ 12,639 September 30, 2019: Residential real estate $ 1,868 $ 351 $ 2,219 Commercial real estate 5,222 59 5,281 Commercial business 105 — 105 Consumer 70 — 70 Total $ 7,265 $ 410 $ 7,675 The following table summarizes information regarding TDRs that were restructured during the three- and nine-month periods ended June 30, 2020: Pre- Post- Modification Modification Number of Principal Principal Loans Balance Balance (Dollars in thousands) Three Months Ended June 30, 2020: Multifamily 2 $ 701 $ 701 Commercial business 9 1,737 1,737 Total 11 $ 2,438 $ 2,438 Nine Months Ended June 30, 2020: Residential real estate 1 $ 1,099 $ 1,100 Commercial real estate 1 3,831 3,832 Multifamily 2 701 701 Commercial business 9 1,737 1,737 Total 13 $ 7,368 $ 7,370 There were no TDRs that were restructured during the three- and nine-month periods ended June 30, 2019. At June 30, 2020 and September 30, 2019, the Company had committed to lend $1,000 to customers with outstanding loans classified as TDRs. There were no principal charge-offs recorded as a result of TDRs during the three- and nine-month periods ended June 30, 2020 and 2019. At June 30, 2020, there was $665,000 of specific allowance for loan losses related to TDRs modified during the three- and nine-month periods ended June 30, 2020. At June 30, 2019, there was no specific allowance for loan losses related to TDRs modified during the three- and nine-month periods ended June 30, 2019. In the event that a TDR subsequently defaults, the Company evaluates the restructuring for possible impairment. As a result, the related allowance for loan losses may be increased or charge-offs may be taken to reduce the carrying amount of the loan. During the three- and nine-month periods ended June 30, 2020, the Company did not have any TDRs that were modified within the previous twelve months and for which there was a payment default. During the nine-month period ended June 30, 2019, the Company had one TDR with an outstanding balance of $114,000 that was modified within the previous twelve months and for which there was a payment default. During the three-month period ended June 30, 2019, the Company did not have any TDRs that were modified within the previous twelve months and for which there was a payment default. On March 22, 2020, the federal banking agencies issued an "Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus". This guidance encourages financial institutions to work prudently with borrowers that may be unable to meet their contractual obligations because of the effects of COVID-19. The guidance indicates that, in consultation with the Financial Accounting Standards Board ("FASB"), the federal banking agencies concluded that short-term modifications (e.g., six months) made on a good faith basis to borrowers who were current as of the implementation date of a relief program are not TDRs. The Coronavirus Aid, Relief and Economic Security ("CARES") Act was passed by Congress on March 27, 2020. The CARES Act also addressed COVID-19 related modifications and specified that COVID-19 related modifications on loans that were current as of December 31, 2019 are not TDRs. As of July 24, 2020, the Company had approved payment extensions or loan forbearance agreements using this guidance on approximately $90.6 million of balances in the loan portfolio, of which $81.9 million related to commercial real estate, $7.2 million related to residential real estate and consumer loans, and $1.5 million related to SBA lending relationships. These payment extensions or loan forbearance agreements are generally for periods of three months or less. SBA Loan Servicing Rights The Company originates loans to commercial customers under the SBA 7(a) program and other programs, and sells the guaranteed portion of the SBA loans with servicing rights retained. Loan servicing rights on originated SBA loans that have been sold are initially recorded at fair value. Capitalized SBA servicing rights are then amortized in proportion to and over the period of estimated net servicing income. Impairment of SBA servicing rights is assessed using the present value of estimated future cash flows. The aggregate fair value of SBA loan servicing rights approximates its carrying value. A valuation model employed by an independent third party calculates the present value of future cash flows and is used to estimate fair value at the date of sale and on a quarterly basis for impairment analysis purposes. Management periodically compares the valuation model inputs and results to published industry data in order to validate the model results and assumptions. Key assumptions used to estimate the fair value of the SBA loan servicing rights include the discount rate and prepayment speed assumptions. For purposes of impairment, risk characteristics such as interest rate, loan type, term and investor type are used to stratify the SBA loan servicing rights. Impairment is recognized through a valuation allowance to the extent that fair value is less than the carrying amount. Changes in the valuation allowance are reported in net gain on sales of SBA loans in the consolidated statements of income. The unpaid principal balance of SBA loans serviced for others was $190.5 million, $165.0 million and $151.4 million at June 30, 2020, September 30, 2019 and June 30, 2019, respectively. Contractually specified late fees and ancillary fees earned on SBA loans were $23,000 and $53,000 for the three- and nine-month periods ended June 30, 2020, respectively. Contractually specified late fees and ancillary fees earned on SBA loans were $11,000 and $27,000 for the three- and nine-month periods ended June 30, 2019, respectively. Net servicing income (contractually specified servicing fees offset by direct servicing expenses) related to SBA loans was $502,000 and $1.3 million for the three- and nine-month periods ended June 30, 2020, respectively. Net servicing income (contractually specified servicing fees offset by direct servicing expenses) related to SBA loans was $317,000 and $890,000 for the three- and nine-month periods ended June 30, 2019, respectively. Net servicing income and costs are included in other noninterest income in the consolidated statements of income. An analysis of SBA loan servicing rights for the three- and nine-month periods ended June 30, 2020 and 2019 is as follows: Three Months Ended Nine Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) Balance, beginning of period $ 2,891 $ 2,595 $ 3,030 $ 2,405 Servicing rights resulting from transfers of loans 337 449 888 892 Amortization (166) (130) (633) (383) Direct write-offs — (142) — (142) Change in valuation allowance 129 72 (94) 72 Balance, end of period $ 3,191 $ 2,844 $ 3,191 $ 2,844 The valuation allowance related to SBA loan servicing rights at June 30, 2020 and September 30, 2019 was $242,000 and $148,000, respectively. Mortgage Servicing Rights (“MSRs”) The Company originates residential mortgage loans for sale in the secondary market and in August 2019 began retaining servicing for certain of these loans when they are sold. MSRs retained for originated loans that have been sold are accounted for at fair value. The fair value of MSRs are determined using the present value of estimated expected net servicing income using assumptions about expected mortgage loan prepayment rates, discount rate, servicing costs, and other economic factors, which are determined based on current market conditions. Changes in these underlying assumptions could cause the fair value of MSRs to change significantly in the future. Changes in fair value of MSRs are recorded in mortgage banking income in the accompanying consolidated statements of income. MSRs are subject to changes in value from, among other things, changes in interest rates, prepayments of the underlying loans and changes in the credit quality of the underlying loans. A valuation model employed by an independent third party calculates the present value of future cash flows and is used to value the MSRs on a monthly basis. Management periodically compares the valuation model inputs and results to published industry data in order to validate the model results and assumptions. Key assumptions used to estimate the fair value of the MSRs at June 30, 2020 were as follows: Range of Assumption (Weighted Average) Range of Assumption (Weighted Average) Assumption June 30, 2020 September 30, 2019 Discount rate 9.25% 9.25% Prepayment rate 2.41% to 92.40% (20.05%) 4.42% to 72.79% (18.75%) The unpaid principal balance of residential mortgage loans serviced for others was $1.18 billion and $91.6 million at June 30, 2020 and September 30, 2019, respectively. Custodial escrow balances maintained in connection with the foregoing loan servicing and other liabilities were $9.1 million and $427,000 at June 30, 2020 and September 30, 2019, respectively. Contractually specified servicing fees (net of direct servicing expenses), late fees and other ancillary fees related to residential mortgage loans serviced for others were $141,000 and $237,000 for the three-and nine-months ended June 30, 2020, respectively, and are included in other noninterest income in the consolidated statements of income. Changes in the carrying value of MSRs accounted for at fair value for the three - and nine-months ended June 30, 2020 were as follows: Three Months Ended Nine Months Ended June 30, June 30, 2020 2020 (In thousands) Fair value as of beginning of period $ 4,055 $ 934 Servicing rights capitalized 7,104 11,289 Changes in fair value related to: Loan repayments (354) (538) Changes in valuation model inputs or assumptions (433) (1,313) Fair value as of end of period $ 10,372 $ 10,372 |
Deposits
Deposits | 9 Months Ended |
Jun. 30, 2020 | |
Deposits | |
Deposits | 4. Deposits Deposits at June 30, 2020 and September 30, 2019 consisted of the following: June 30, September 30, 2020 2019 (In thousands) Noninterest-bearing demand deposits $ 227,797 $ 173,072 NOW accounts 209,479 173,746 Money market accounts 140,931 121,281 Savings accounts 134,483 120,393 Retail time deposits 210,439 146,227 Brokered time deposits 59,741 99,665 Total $ 982,870 $ 834,384 |
Supplemental Disclosure for Net
Supplemental Disclosure for Net Income Per Share | 9 Months Ended |
Jun. 30, 2020 | |
Supplemental Disclosure for Net Income Per Share | |
Supplemental Disclosure for Net Income (Loss) Per Share | 5. Supplemental Disclosure for Net Income Per Share Net income per share information is presented below for the three- and nine-month periods ended June 30, 2020 and 2019. Three Months Ended Nine Months Ended June 30, June 30, 2020 2019 2020 2019 (Dollars in thousands, except per share data) Basic: Earnings: Net income attributable to First Savings Financial Group, Inc. $ 15,405 $ 4,392 $ 18,217 $ 10,856 Shares: Weighted average common shares outstanding, basic 2,365,217 2,333,502 2,353,816 2,308,359 Net income per common share, basic $ 6.51 $ 1.88 $ 7.74 $ 4.70 Diluted: Earnings: Net income attributable to First Savings Financial Group, Inc. $ 15,405 $ 4,392 $ 18,217 $ 10,856 Shares: Weighted average common shares outstanding, basic 2,365,217 2,333,502 2,353,816 2,308,359 Add: Dilutive effect of outstanding options 639 35,669 20,378 55,692 Add: Dilutive effect of restricted stock 931 4,407 3,205 5,370 Weighted average common shares outstanding, as adjusted 2,366,787 2,373,578 2,377,399 2,369,421 Net income per common share, diluted $ 6.51 $ 1.85 $ 7.66 $ 4.58 Nonvested restricted stock shares are not considered as outstanding for purposes of computing weighted average common shares outstanding. There were no antidilutive restricted stock awards excluded from the calculation of diluted net income per share for the three- and nine-month periods ended June 30, 2020 and 2019. Stock options for 27,458 and 22,158 shares of common stock were excluded from the calculation of diluted net income per common share for the three- and nine-month periods ended June 30, 2020, respectively, because their effect was antidilutive. Stock options for 7,200 and 10,200 shares of common stock were excluded from the calculation of diluted net income per common share for the three- and nine-month periods ended June 30, 2019, respectively, because their effect was antidilutive. |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information | 9 Months Ended |
Jun. 30, 2020 | |
Supplemental Disclosures of Cash Flow Information | |
Supplemental Disclosures of Cash Flow Information | 6. Supplemental Disclosures of Cash Flow Information Nine Months Ended June 30, 2020 2019 (In thousands) Cash payments for: Interest $ 8,653 $ 7,205 Income taxes (net of refunds received) 1,254 308 Noncash investing and financing activities: Transfers from loans to other real estate owned — 224 Proceeds from sales of other real estate owned financed through loans — 47 Right-of-use assets obtained in exchange for lease obligations 8,816 — Noncash exercise of stock options 249 542 Transfers from premises and equipment to other real estate owned — 1,838 |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures about Fair Value of Financial Instruments | 9 Months Ended |
Jun. 30, 2020 | |
Fair Value Measurements and Disclosures about Fair Value of Financial Instruments | |
Fair Value Measurements and Disclosures about Fair Value of Financial Instruments | 7. Fair Value Measurements and Disclosures about Fair Value of Financial Instruments FASB Accounting Standards Codification (“ASC”) Topic 820 , Fair Value Measurements, Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted market price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. Level 2: Inputs to the valuation methodology include quoted market prices for similar assets or liabilities in active markets; quoted market prices for identical or similar assets or liabilities in markets that are not active; or inputs that are derived principally from or can be corroborated by observable market data by correlation or other means. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s financial assets and liabilities carried at fair value or the lower of cost or fair value. The tables below present the balances of financial assets and liabilities measured at fair value on a recurring and nonrecurring basis as of June 30, 2020 and September 30, 2019. Carrying Value Level 1 Level 2 Level 3 Total (In thousands) June 30, 2020: Assets Measured - Recurring Basis: Securities available for sale: Agency mortgage-backed $ — $ 8,834 $ — $ 8,834 Agency CMO — 10,138 — 10,138 Privately-issued CMO — 1,052 — 1,052 Privately-issued ABS — 979 — 979 SBA certificates — 708 — 708 Municipal — 182,095 — 182,095 Total securities available for sale $ — $ 203,806 $ — $ 203,806 Residential mortgage loans held for sale – fair value option elected $ — $ 190,305 $ — $ 190,305 Derivative assets (included in other assets) $ — $ — $ 17,006 $ 17,006 Equity securities (included in other assets) $ 66 $ — $ — $ 66 Mortgage servicing rights (included in other assets) $ — $ — $ 10,372 $ 10,372 Liabilities Measured – Recurring Basis: Derivative liabilities (included in other liabilities) $ — $ 3,468 $ — $ 3,468 Assets Measured - Nonrecurring Basis: Impaired loans: Residential real estate $ — $ — $ 5,230 $ 5,230 Commercial real estate — — 9,599 9,599 Multifamily real estate — — 697 697 Commercial business — — 2,007 2,007 Land and land development — — 1 1 Consumer — — 173 173 Total impaired loans $ — $ — $ 17,707 $ 17,707 SBA loans held for sale $ — $ — $ 19,772 $ 19,772 SBA loan servicing rights $ — $ — $ 3,191 $ 3,191 Other real estate owned, held for sale: Former bank premises $ — $ — $ 1,728 $ 1,728 Total other real estate owned $ — $ — $ 1,728 $ 1,728 Carrying Value Level 1 Level 2 Level 3 Total (In thousands) September 30, 2019: Assets Measured - Recurring Basis Securities available for sale: Agency mortgage-backed $ — $ 14,097 $ — $ 14,097 Agency CMO — 9,048 — 9,048 Privately-issued CMO — 1,382 — 1,382 Privately-issued ABS — 1,178 — 1,178 SBA certificates — 1,154 — 1,154 Municipal bonds — 150,443 — 150,443 Total securities available for sale $ — $ 177,302 $ — $ 177,302 Residential mortgage loans held for sale – fair value option elected $ — $ 80,457 $ — $ 80,457 Derivative assets (included in other assets) $ — $ 130 $ 3,269 $ 3,399 Equity securities (included in other assets) $ 85 $ — $ — $ 85 Mortgage servicing rights (included in other assets) $ — $ — $ 934 $ 934 Liabilities Measured – Recurring Basis Derivative liabilities (included in other liabilities) $ — $ 329 $ — $ 329 Assets Measured - Nonrecurring Basis Impaired loans: Residential real estate $ — $ — $ 4,438 $ 4,438 Commercial real estate — — 7,135 7,135 Commercial business — — 105 105 Consumer — — 211 211 Total impaired loans $ — $ — $ 11,889 $ 11,889 SBA loans held for sale $ — $ 15,613 $ — $ 15,613 SBA loan servicing rights $ — $ — $ 3,030 $ 3,030 Other real estate owned, held for sale: Former bank premises $ — $ — $ 1,893 $ 1,893 Total other real estate owned $ — $ — $ 1,893 $ 1,893 Fair value is based upon quoted market prices where available. If quoted market prices are not available, fair value is based on internally developed models or obtained from third parties that primarily use, as inputs, observable market-based parameters or a matrix pricing model that employs the Bond Market Association’s standard calculations for cash flow and price/yield analysis and observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value, or at the lower of cost or fair value. These adjustments may include unobservable parameters. Any such valuation adjustments have been applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Other than SBA loans held for sale (see discussion below), there have been no changes in the valuation techniques and related inputs used for assets measured at fair value on a recurring and nonrecurring basis during the nine-month period ended June 30, 2020. Securities Available for Sale and Equity Securities. Residential Mortgage Loans Held for Sale SBA Loans Held for Sale Derivative Financial Instruments The fair value of interest rate lock commitments is also obtained from an independent third party and is based on investor prices for the underlying loans or current secondary market prices for loans with similar characteristics, less estimated costs to originate the loans and adjusted for the anticipated funding probability (pull-through rate). The fair value of interest rate lock commitments is classified as Level 3 in the fair value hierarchy. The table below presents a reconciliation of derivative assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three- and nine-months ended June 30, 2020 and 2019: Three Months Ended Nine Months Ended June 30, June 30, (In thousands) 2020 2019 2020 2019 Beginning balance $ 5,678 $ 1,705 $ 3,269 $ 380 Unrealized gains recognized in earnings, net of settlements 11,328 1,062 13,737 2,387 Ending balance $ 17,006 $ 2,767 $ 17,006 $ 2,767 The realized and unrealized gains recognized in earnings in the table above are included in mortgage banking income on the accompanying consolidated statements of income. Gains recognized in earnings for the three-and nine-month periods ended June 30, 2020 and 2019 attributable to Level 3 derivative assets held at the balance sheet date were $17.0 million and $2.8 million, respectively. The table below presents information about significant unobservable inputs (Level 3) used in the valuation of derivative financial instruments measured at fair value on a recurring basis as of June 30, 2020 and September 30, 2019. Range of Inputs Range of Inputs Significant June 30, September 30, Financial Instrument Unobservable Inputs 2020 2019 Interest rate lock commitments Pull-through rate 25% - 100% 55% - 100% Direct costs to close 0.20% - 1.00% 1.00% Mortgage Servicing Rights . Impaired Loans Impaired loans are measured at the present value of estimated future cash flows using the loan’s effective interest rate or the fair value of the collateral if the loan is a collateral-dependent loan. At June 30, 2020 and September 30, 2019, all impaired loans were considered to be collateral dependent for the purpose of determining fair value. Collateral may be real estate and/or business assets, including equipment, inventory and/or accounts receivable, and its fair value is generally determined based on real estate appraisals or other independent evaluations by qualified professionals. The appraisals are generally then discounted by management in order to reflect management’s estimate of the fair value of the collateral given the current market conditions and the condition of the collateral. At June 30, 2020 and September 30, 2019, the significant unobservable inputs used in the fair value measurement of impaired loans included discounts from appraised value ranging from 0.0% to 25.0% and 0.0% to 90.0%, respectively, and estimated costs to sell the collateral ranging from 0.0% to 12.0% for both periods. During the three-month periods ended June 30, 2020 and 2019, the Company recognized provisions for loan losses of $157,000 and $171,000, respectively, for impaired loans. During the nine-month periods ended June 30, 2020 and 2019, the Company recognized provisions for loan losses of $2.1 million and $717,000, respectively, for impaired loans. SBA Loan Servicing Rights Other Real Estate Owned Other real estate owned is reported at fair value, less estimated costs to dispose of the property. The fair values are determined by real estate appraisals, which are then generally discounted by management in order to reflect management’s estimate of the fair value of the property given current market conditions and the condition of the property. At June 30, 2020, the significant unobservable inputs used in the fair value measurement of other real estate owned included a discount from appraised value (including estimated costs to sell the property) of 30.9%. At September 30, 2019, the significant unobservable inputs used in the fair value measurement of other real estate owned included a discount from appraised value (including estimated costs to sell the property) ranging from 0.0% to 15.0% with a weighted average of 10.5%. The Company did not recognize any charges to write down other real estate owned to fair value for the three- and nine-month periods ended June 30, 2020 and 2019. Transfers Between Categories. Financial Instruments Recorded Using Fair Value Option. The Company has elected the fair value option for substantially all of its residential mortgage loans held for sale effective July 1, 2018, including all loans originated by the Company’s mortgage banking division. These loans are intended for sale and the Company believes that the fair value is the best indicator of the resolution of these loans. Interest income is recorded based on the contractual terms of the loans and in accordance with the Company’s policy on loans held for investment. None of these loans were 90 days or more past due, nor were any on nonaccrual status, as of June 30, 2020 and September 30, 2019. The table below presents the difference between the aggregate fair value and the aggregate remaining principal balance for residential mortgage loans held for sale for which the fair value option had been elected as of June 30, 2020 and September 30, 2019. Aggregate Aggregate Principal Fair Value Balance June 30, June 30, (In thousands) 2020 2020 Difference Residential mortgage loans held for sale $ 190,305 $ 182,516 $ 7,789 Aggregate Aggregate Principal Fair Value Balance September 30, September 30, (In thousands) 2019 2019 Difference Residential mortgage loans held for sale $ 80,457 $ 77,787 $ 2,670 The table below presents gains and losses and interest included in earnings related to financial assets measured at fair value under the fair value option for the three-and nine-month periods ended June 30, 2020 and 2019: Three Months Ended Nine Months Ended June 30, June 30, (In thousands) 2020 2019 2020 2019 Gains – included in mortgage banking income $ 2,271 $ 1,727 $ 5,627 $ 2,753 Interest income 2,088 425 3,929 766 $ 4,359 $ 2,152 $ 9,556 $ 3,519 GAAP requires disclosure of fair value information about financial instruments for interim reporting periods, whether or not recognized in the consolidated balance sheet. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The carrying amounts and estimated fair values of the Company’s financial instruments are as follows. Fair Value Measurements Carrying Using: Amount Level 1 Level 2 Level 3 (In thousands) June 30, 2020: Financial assets: Cash and due from banks $ 13,594 $ 13,594 $ — $ — Interest-bearing deposits with banks 13,950 13,950 — — Interest-bearing time deposits 2,513 — 2,513 — Securities available for sale 203,806 — 203,806 — Securities held to maturity 2,154 — 2,488 — Loans, net 1,081,381 — — 1,139,310 Residential mortgage loans held for sale 190,305 — 190,305 — SBA loans held for sale 19,772 — — 21,953 FRB and FHLB stock 17,293 N/A N/A N/A Accrued interest receivable 6,637 — 6,637 — SBA loan servicing rights (included in other assets) 3,191 — — 3,191 Residential mortgage loan servicing rights (included in other assets) 10,372 — — 10,372 Derivative assets (included in other assets) 17,006 — — 17,006 Equity securities (included in other assets) 66 66 — — Financial liabilities: Deposits 982,870 — — 985,049 Borrowings from FHLB 298,622 — 300,469 — Federal Reserve PPPLF borrowings 174,835 — 172,206 — Subordinated note 19,780 — 23,779 — Accrued interest payable 502 — 502 — Advance payments by borrowers for taxes and insurance 2,485 — 2,485 — Derivative liabilities (included in other liabilities) 3,468 — 3,468 — Fair Value Measurements Carrying Using: Amount Level 1 Level 2 Level 3 (In thousands) September 30, 2019: Financial assets: Cash and due from banks $ 13,008 $ 13,008 $ — $ — Interest-bearing deposits with banks 28,424 28,424 — — Interest-bearing time deposits 2,265 — 2,265 — Securities available for sale 177,302 — 177,302 — Securities held to maturity 2,336 — 2,670 — Residential mortgage loans held for sale 80,457 — 80,457 — SBA loans held for sale 15,613 — 17,040 — Loans, net 810,658 — — 841,646 FRB and FHLB stock 13,040 N/A N/A N/A Accrued interest receivable 5,041 — 5,041 — SBA Loan servicing rights (included in other assets) 3,030 — — 3,030 Residential mortgage loan servicing rights (included in other assets) 934 — — 934 Derivative assets (included in other assets) 3,399 — 130 3,269 Equity securities (included in other assets) 85 85 — — Financial liabilities: Deposits 834,384 — — 835,384 Federal funds purchased 4,000 — 4,000 — Borrowings from FHLB 222,544 — 222,432 — Subordinated note 19,729 — 21,143 — Accrued interest payable 935 — 935 — Advance payments by borrowers for taxes and insurance 1,906 — 1,906 — Derivative liabilities (included in other liabilities) 329 — 329 — |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 9 Months Ended |
Jun. 30, 2020 | |
Employee Stock Ownership Plan | |
Employee Stock Ownership Plan | 8. Employee Stock Ownership Plan On October 6, 2008, the Company established a leveraged employee stock ownership plan (“ESOP”) covering substantially all employees. The ESOP trust acquired 203,363 shares of Company common stock at a cost of $10.00 per share financed by a term loan with the Company. The employer loan and the related interest income are not recognized in the consolidated financial statements because the debt is serviced from Company contributions. Dividends payable on allocated shares are charged to retained earnings and are satisfied by the allocation of cash dividends to participant accounts or by utilizing the dividends as additional debt service on the ESOP loan. Dividends payable on unallocated shares are not considered dividends for financial reporting purposes. Shares held by the ESOP trust are allocated to participant accounts based on the ratio of the current year principal and interest payments to the total of the current year and future years’ principal and interest to be paid on the employer loan. Compensation expense is recognized based on the average fair value of shares released for allocation to participant accounts during the year with a corresponding credit to stockholders’ equity. The ESOP loan was repaid in full during the quarter ended December 31, 2015 and all shares have been allocated to participants in the plan; therefore, no compensation expense was recognized for the three- and nine-month periods ended June 30, 2020 and 2019. The ESOP trust held 121,317 and 136,219 shares of Company common stock at June 30, 2020 and September 30, 2019, respectively. |
Stock Based Compensation Plans
Stock Based Compensation Plans | 9 Months Ended |
Jun. 30, 2020 | |
Stock Based Compensation Plans | |
Stock Based Compensation Plans | 9. Stock Based Compensation Plans The Company maintains two equity incentive plans under which stock options and restricted stock have been or may be granted, the 2010 Equity Incentive Plan (“2010 Plan”), approved by the Company’s shareholders in February 2010, and the 2016 Equity Incentive Plan (“2016 Plan”), approved by the Company’s shareholders in February 2016. The aggregate number of shares of the Company’s common stock available for issuance under the 2016 Plan may not exceed 88,000 shares, consisting of 66,000 stock options and 22,000 shares of restricted stock. At June 30, 2020, there were no remaining shares of the Company’s common stock available for issuance under the 2010 Plan. At June 30, 2020, 7,255 shares of the Company’s common stock were available for issuance under the 2016 Plan, all of which were available for stock options. The Company accounts for any forfeitures as they occur, and any previously recognized compensation cost for an award is reversed in the period the award is forfeited. Stock Options Under the plans, the Company may grant both non-statutory and incentive stock options that may not have a term exceeding ten years. In the case of incentive stock options, the aggregate fair value (determined at the time the incentive stock options are granted) which are first exercisable during any calendar year shall not exceed $100,000. Exercise prices generally may not be less than the fair market value of the underlying stock at the date of the grant. The terms of the plans also include provisions whereby all unearned options and restricted shares become immediately exercisable and fully vested upon a change in control. Stock options granted generally vest ratably over five years and are exercisable in whole or in part for a period up to ten years from the date of the grant. Compensation expense is measured based on the fair market value of the options at the grant date and is recognized ratably over the period during which the shares are earned (the vesting period). The fair market value of stock options granted is estimated at the date of grant using a binomial option pricing model. Expected volatilities are based on historical volatility of the Company’s stock. The expected term of options granted represents the period of time that options are expected to be outstanding. The risk free rate for the expected life of the options is based on the U.S. Treasury yield curve in effect at the grant date. The fair value of options granted during the nine-month period ended June 30, 2020 was determined using the following assumptions: Expected dividend yield 1.75 % Risk-free interest rate 2.13 % Expected volatility 14.6 % Expected life of options 7.0 years Weighted average fair value at grant date $ 6.13 A summary of stock option activity as of June 30, 2020, and changes during the nine-month period then ended is presented below. Weighted Average Remaining Weighted Contractual Aggregate Number of Average Term Intrinsic Shares Exercise Price (Years) Value (Dollars in thousands, except per share data) Outstanding at beginning of period 84,806 $ 34.13 Granted 11,958 66.35 Exercised (28,361) 14.01 Forfeited or expired — — Outstanding at end of period 68,403 $ 48.11 7.1 $ 150 Vested and expected to vest 68,403 $ 48.11 7.1 $ 150 Exercisable at end of period 30,027 $ 42.91 6.6 $ 86 The intrinsic value of stock options exercised during the nine-month period ended June 30, 2020 was $1.4 million. The intrinsic value of stock options exercised during the nine-month period ended June 30, 2019 was $2.6 million. The Company recognized compensation expense related to stock options of $22,000 and $64,000 for the three- and nine-month periods ended June 30, 2020, respectively. The Company recognized compensation expense related to stock options of $18,000 and $54,000 for the three- and nine-month periods ended June 30, 2019, respectively. At June 30, 2020, there was $183,000 of unrecognized compensation expense related to nonvested stock options. The compensation expense is expected to be recognized over a weighted average period of 2.74 years. Cash received from the exercise of stock options and the tax benefit from the exercise of stock options were $148,000 and $134,000, respectively, for the nine-month period ended June 30, 2020. Restricted Stock The vesting period of restricted stock granted under the plans is generally five years beginning one year after the date of grant of the awards. Compensation expense is measured based on the fair market value of the restricted stock at the grant date and is recognized ratably over the vesting period. Compensation expense related to restricted stock recognized for the three- and nine-month periods ended June 30, 2020 was $49,000 and $144,000, respectively. Compensation expense related to restricted stock recognized for the three and nine-month periods ended June 30, 2019 was $44,000 and $129,000, respectively. A summary of the Company’s nonvested restricted shares activity as of June 30, 2020 and changes during the nine-month period then ended is presented below. Weighted Number Average of Grant Date Shares Fair Value Nonvested at October 1, 2019 13,458 $ 44.62 Granted 1,436 $ 66.35 Vested (4,086) $ 43.24 Forfeited — — Nonvested at June 30, 2020 10,808 $ 48.04 There were 4,086 restricted shares vested during the nine-month period ended June 30, 2020 with a total fair value of $271,000. There were 3,653 restricted shares that vested during the nine-month period ended June 30, 2019 with a total fair value of $216,000. At June 30, 2020, there was $397,000 of unrecognized compensation expense related to nonvested restricted shares. The compensation expense is expected to be recognized over a weighted average period of 2.59 years. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Jun. 30, 2020 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | 10. Derivative Financial Instruments The Company enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding (i.e., rate lock commitment). The Company also enters into forward mortgage loan commitments to sell loans to various investors to protect itself against exposure to various factors and to reduce sensitivity to interest rate movements. Both the interest rate lock commitments and the related forward mortgage loan sales contracts are considered derivatives and are recorded on the accompanying consolidated balance sheets at fair value in accordance with FASB ASC 815, Derivatives and Hedging Certain financial instruments, including derivatives, may be eligible for offset in the balance sheet when the “right of setoff” exists or when the instruments are subject to an enforceable master netting agreement, which includes the right of the non-defaulting party or non-affected party to offset recognized amounts, including collateral posted with the counterparty, to determine a net receivable or net payable upon early termination of the agreement. Certain of the Company’s derivative instruments are subject to master netting agreements. However, the Company has not elected to offset such financial instruments in the consolidated balance sheets. The Company may be required to post margin collateral to derivative counterparties based on agreements with the dealers. At June 30, 2020, the Company had cash collateral posted with certain derivative counterparties of $1.5 million against its derivative obligations. The Company had no cash collateral posted with derivative counterparties at September 30, 2019. Cash collateral related to derivative contracts is recorded in other liabilities in the consolidated balance sheets. The tables below provide information on the Company’s derivative financial instruments as of June 30, 2020 and September 30, 2019. Notional Asset Liability Amount Derivatives Derivatives June 30, June 30, June 30, (In thousands) 2020 2020 2020 Interest rate lock commitments $ 786,015 $ 17,006 $ — Forward mortgage loan sale contracts 570,750 — 3,468 $ 1,356,765 $ 17,006 $ 3,468 Notional Asset Liability Amount Derivatives Derivatives September 30, September 30, September 30, (In thousands) 2019 2019 2019 Interest rate lock commitments $ 258,545 $ 3,269 $ — Forward mortgage loan sale contracts 203,250 130 329 $ 461,795 $ 3,399 $ 329 Income (loss) related to derivative financial instruments included in mortgage banking income in the accompanying consolidated statements of income for the three- and nine-month periods ended June 30, 2020 and 2019 is as follows: Three Months Ended Nine Months Ended June 30, June 30, (In thousands) 2020 2019 2020 2019 Interest rate lock commitments $ 11,328 $ 1,062 $ 13,737 $ 2,387 Forward mortgage loan sale contracts (5,201) (1,399) (16,018) (2,174) $ 6,127 $ (337) $ (2,281) $ 213 |
Regulatory Capital
Regulatory Capital | 9 Months Ended |
Jun. 30, 2020 | |
Regulatory Capital | |
Regulatory Capital | 11. Regulatory Capital The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total, Tier 1 and common equity Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and Tier 1 capital (as defined) to average assets (as defined). The final rules implementing the Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (“Basel III rules”) became effective for the Bank on January 1, 2015, with full compliance with all of the requirements being phased in over a multi-year schedule through January 1, 2019. Under the Basel III rules, the Bank must hold a conservation buffer above the adequately capitalized risk-based capital ratios disclosed in the table below. The capital conservation buffer was phased in from 0.0% for 2015 to 2.5% for 2019. The capital conservation buffer was 1.875% for 2018 and 2.5% for 2019. The Bank met all capital adequacy requirements to which it was subject as of June 30, 2020 and September 30, 2019. As of June 30, 2020, the most recent notification from the Federal Reserve Bank categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based, common equity Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table below. There are no conditions or events since that notification that management believes have changed the Bank’s category. The Company’s and Bank’s actual capital amounts and ratios are also presented in the table. The Company is not subject to the Federal Reserve Bank’s consolidated capital requirements because it has less than $3 billion in total consolidated assets. However, management has elected to disclose the Company’s capital amounts and ratios in addition to the Bank’s required disclosures in the table below. No amount was deducted from capital for interest-rate risk at either date. Minimum To Be Well Minimum Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes: Action Provisions: Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of June 30, 2020: Total capital (to risk-weighted assets): Consolidated $ 153,498 13.20 % $ 93,002 8.00 % N/A N/A Bank 144,922 12.49 92,822 8.00 $ 116,028 10.00 % Tier 1 capital (to risk-weighted assets): Consolidated $ 119,213 10.25 % $ 69,752 6.00 % N/A N/A Bank 130,417 11.24 69,617 6.00 $ 92,822 8.00 % Common equity tier 1 capital (to risk-weighted assets): Consolidated $ 119,213 10.25 % $ 52,314 4.50 % N/A N/A Bank 130,417 11.24 52,212 4.50 $ 75,418 6.50 % Tier 1 capital (to average adjusted total assets): Consolidated $ 119,213 8.48 % $ 56,206 4.00 % N/A N/A Bank 130,417 9.36 55,714 4.00 $ 69,642 5.00 % As of September 30, 2019: Total capital (to risk-weighted assets): Consolidated $ 130,700 13.85 % $ 75,474 8.00 % N/A N/A Bank 121,160 12.88 75,249 8.00 $ 94,061 10.00 % Tier 1 capital (to risk-weighted assets): Consolidated $ 100,931 10.70 % $ 56,606 6.00 % N/A N/A Bank 111,120 11.81 56,437 6.00 $ 75,249 8.00 % Common equity tier 1 capital (to risk-weighted assets): Consolidated $ 100,931 10.70 % $ 42,454 4.50 % N/A N/A Bank 111,120 11.81 42,327 4.50 $ 61,140 6.50 % Tier 1 capital (to average adjusted total assets): Consolidated $ 100,931 8.39 % $ 48,142 4.00 % N/A N/A Bank 111,120 9.34 47,564 4.00 $ 59,455 5.00 % |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Jun. 30, 2020 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | 12. Recent Accounting Pronouncements The following are summaries of recently issued or adopted accounting pronouncements that impact the accounting and reporting practices of the Company: In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) Leases (Topic 842): Targeted Improvements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) In November 2019, the FASB issued ASU No. 2019-10 which delayed the effective date of ASU 2016-13 for smaller reporting companies (as defined by the SEC) and other non-SEC reporting entities to fiscal years beginning after December 15, 2022, including interim periods within those fiscal periods. Early adoption is permitted as of fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is a smaller reporting company as defined by the SEC, and currently does not intend to early adopt CECL. In March 2017, the FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20) – Premium Amortization on Purchased Callable Debt Securities In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement |
Segment Reporting
Segment Reporting | 9 Months Ended |
Jun. 30, 2020 | |
Segment Reporting | |
Segment Reporting | 13. Segment Reporting The Company’s operations include three primary segments: core banking, SBA lending, and mortgage banking. The core banking segment originates residential, commercial and consumer loans and attracts deposits from its customer base. Net interest income from loans and investments that are funded by deposits and borrowings is the primary revenue for the core banking segment. The SBA lending segment originates loans guaranteed by the SBA, subsequently selling the guaranteed portion to outside investors. Net gains on sales of loans and net interest income are the primary sources of revenue for the SBA lending segment. The mortgage banking segment originates residential mortgage loans and sells them in the secondary market. Net gains on the sales of loans, income from derivative financial instruments and net interest income are the primary sources of revenue for the mortgage banking segment. The core banking segment is comprised primarily by the Bank and First Savings Investments, Inc., while the SBA lending segment’s revenues are comprised primarily of net interest income and gains on the sales of SBA loans generated by Q2. The mortgage banking segment operates as a separate division of the Bank and began operations in April 2018. The following segment financial information has been derived from the internal financial statements of the Company which are used by management to monitor and manage financial performance. The accounting policies of the three segments are the same as those of the Company. The amounts reflected in the “Other” column in the tables below represent combined balances of the Company and the Captive, and are the primary differences between the sum of the segment amounts and consolidated totals, along with amounts to eliminate transactions between segments. Core SBA Mortgage Consolidated Banking Lending Banking Other Totals (In thousands) Three Months Ended June 30, 2020: Net interest income (loss) $ 9,955 $ 1,584 $ 1,565 $ (303) $ 12,801 Provision for loan losses 1,668 1,312 — — 2,980 Net interest income (loss) after provision 8,287 272 1,565 (303) 9,821 Net gains on sales of loans, SBA — 1,317 — — 1,317 Mortgage banking income 2 — 43,086 — 43,088 Noninterest income 1,324 1,785 43,228 — 46,337 Noninterest expense (income) 12,176 1,642 21,321 (130) 35,009 Income (loss) before taxes (2,565) 415 23,472 (173) 21,149 Income tax expense (benefit) (314) 53 5,868 (67) 5,540 Segment profit (loss) (2,251) 362 17,604 (106) 15,609 Non cash items: Depreciation and amortization 441 13 49 17 520 Segment assets at June 30, 2020 1,412,434 277,888 240,612 (269,653) 1,661,281 Core SBA Mortgage Consolidated Banking Lending Banking Other Totals (In thousands) Nine Months Ended June 30, 2020: Net interest income (loss) $ 28,976 $ 3,952 $ 2,575 $ (900) $ 34,603 Provision for loan losses 2,404 2,786 — — 5,190 Net interest income (loss) after provision 26,572 1,166 2,575 (900) 29,413 Net gains on sales of loans, SBA — 3,307 — — 3,307 Mortgage banking income 6 — 67,171 — 67,177 Noninterest income 4,126 3,923 67,408 — 75,457 Noninterest expense (income) 25,867 5,308 50,484 (303) 81,356 Income (loss) before taxes 4,831 (219) 19,499 (597) 23,514 Income tax expense (benefit) 1,020 (28) 4,875 (463) 5,404 Segment profit (loss) 3,811 (191) 14,624 (134) 18,110 Non cash items: Depreciation and amortization 1,062 40 128 51 1,281 Segment assets at June 30, 2020 1,412,434 277,888 240,612 (269,653) 1,661,281 Core SBA Mortgage Consolidated Banking Lending Banking Other Totals (In thousands) Three Months EndedJune 30, 2019: Net interest income (loss) $ 9,043 $ 1,066 $ 87 $ (304) $ 9,892 Provision for loan losses 162 175 — — 337 Net interest income (loss) after provision 8,881 891 87 (304) 9,555 Net gains on sales of loans, SBA — 1,515 — — 1,515 Mortgage banking income 1 — 9,610 — 9,611 Noninterest income 1,351 1,658 9,635 — 12,644 Noninterest expense (income) 7,625 1,385 7,527 (49) 16,488 Income (loss) before taxes 2,607 1,164 2,195 (255) 5,711 Income tax expense (benefit) 196 148 549 (145) 748 Segment profit (loss) 2,411 1,016 1,646 (110) 4,963 Non cash items: Depreciation and amortization 306 12 26 17 361 Segment assets at June 30, 2019 1,153,430 75,979 86,152 (86,608) 1,228,953 Core SBA Mortgage Consolidated Banking Lending Banking Other Totals (In thousands) Nine Months EndedJune 30, 2019: Net interest income (loss) $ 27,043 $ 2,908 $ 291 $ (913) $ 29,329 Provision (credit) for loan losses (346) 1,338 — — 992 Net interest income (loss) after provision 27,389 1,570 291 (913) 28,337 Net gains on sales of loans, SBA — 3,000 — — 3,000 Mortgage banking income 31 — 17,943 — 17,974 Noninterest income 4,068 3,468 17,978 — 25,514 Noninterest expense (income) 21,228 4,069 15,558 (71) 40,784 Income (loss) before taxes 10,229 969 2,711 (842) 13,067 Income tax expense (benefit) 1,549 123 678 (614) 1,736 Segment profit (loss) 8,680 846 2,033 (228) 11,331 Non cash items: Depreciation and amortization 1,065 36 69 51 1,221 Segment assets at June 30, 2019 1,153,430 75,979 86,152 (86,608) 1,228,953 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Jun. 30, 2020 | |
Revenue from Contracts with Customers | |
Revenue from Contracts with Customers | 14. Revenue from Contracts with Customers Substantially all of the Company’s revenue from contracts with customers within the scope of FASB ASC 606 is included in the core banking segment and is recognized within noninterest income. The following table presents the Company’s sources of noninterest income for the three- and nine-month periods ended June 30, 2020 and 2019: Three Months Ended Nine Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousand) Service charges on deposit accounts $ 269 $ 484 $ 1,219 $ 1,444 ATM and interchange fees 491 529 1,518 1,428 Investment advisory income 70 87 180 221 Other 23 29 80 109 Revenue from contracts with customers 853 1,129 2,997 3,202 Gain (loss) on sale of securities — (56) 7 (55) Gain on sale of SBA loans 1,317 1,515 3,307 3,000 Mortgage banking income 43,088 9,611 67,177 17,974 Increase in cash value of life insurance 191 157 547 415 Real estate lease income 138 121 441 436 Other 750 167 981 542 Other noninterest income 45,484 11,515 72,460 22,312 Total noninterest income $ 46,337 $ 12,644 $ 75,457 $ 25,514 A description of the Company’s revenue streams accounted for under FASB ASC 606 follows: Service Charges on Deposit Accounts ATM and Interchange Fees Investment Advisory Income Other Income |
Leases
Leases | 9 Months Ended |
Jun. 30, 2020 | |
Leases | |
Leases | 15. Leases A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Company is a lessor in certain leasing agreements, such as for office space, and is a lessee in others, such as for certain office space and equipment. The Company’s operating leases have terms that expire at different dates through August 2028, and some include options to extend the leases in five year increments. On October 1, 2019, the Company adopted FASB ASC 842 and all subsequent updates that modified FASB ASC 842. For the Company, this update primarily affected the accounting treatment for operating lease agreements. With the adoption of FASB ASC 842, operating lease agreements are required to be recognized on the consolidated balance sheet as a “right of use” (“ROU”) asset and a corresponding lease liability. All of the Company’s leases are classified as operating leases, and therefore, were previously not recognized on the Company’s consolidated balance sheet. The Company’s right to use an asset over the life of a lease is recorded as an ROU asset included in other assets other liabilities The calculated amount of the ROU assets and lease liabilities are impacted by the length of the lease term and the discount rate used to calculate the present value of minimum lease payments. Regarding the discount rate, FASB ASC 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For operating leases existing prior to October 1, 2019, the rate for the remaining lease term as of October 1, 2019 was used. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the Company recognizes lease expense for these leases on a straight-line basis over the term of the lease. Certain leases include one or more options to renew one Lease expense for the three – and nine–month periods ended June 30, 2019 was $301,000 and $852,000, respectively. The components of lease expense for the three- and nine–month periods ended June 30, 2020 were as follows: Three Months Ended Nine Months Ended June 30, 2020 June 30, 2020 Operating lease cost $ 356 $ 941 Short-term lease cost 137 452 $ 493 $ 1,393 Future minimum commitments due under these lease agreements as of June 30, 2020 are as follows, including renewal options that are reasonably certain to be exercised: 2020 (remaining three months) $ 363 2021 1,205 2022 1,034 2023 890 2024 758 Thereafter 6,063 Total lease payments 10,313 Less imputed interest (2,238) Total $ 8,075 The lease term and discount rate at June 30, 2020 were as follows: Weighted-average remaining lease term (years) 18.7 Weighted-average discount rate 2.37 % Supplemental cash flow information for the nine–month period ended June 30, 2020 related to leases was as follows: Nine Months Ended June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 874 ROU assets obtained in exchange for lease obligations: Operating leases $ 8,816 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Investment Securities | |
Schedule of Amortized Cost and Securities Available For Sale | The amortized cost of securities available for sale and held to maturity and their approximate fair values are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gain Losses Value (In thousands) June 30, 2020: Securities available for sale: Agency mortgage-backed $ 8,323 $ 511 $ — $ 8,834 Agency CMO 9,752 386 — 10,138 Privately-issued CMO 995 66 9 1,052 Privately-issued ABS 912 80 13 979 SBA certificates 654 57 3 708 Municipal bonds 169,001 13,149 55 182,095 Total securities available for sale $ 189,637 $ 14,249 $ 80 $ 203,806 Securities held to maturity: Agency mortgage-backed $ 89 $ 7 $ — $ 96 Municipal bonds 2,065 327 — 2,392 Total securities held to maturity $ 2,154 $ 334 $ — $ 2,488 Gross Gross Amortized Unrealized Unrealized Fair Cost Gain Losses Value (In thousands) September 30, 2019: Securities available for sale: Agency mortgage-backed $ 13,743 $ 366 $ 12 $ 14,097 Agency CMO 8,834 221 7 9,048 Privately-issued CMO 1,242 142 2 1,382 Privately-issued ABS 1,022 156 — 1,178 SBA certificates 1,119 41 6 1,154 Municipal bonds 141,995 8,465 17 150,443 Total securities available for sale $ 167,955 $ 9,391 $ 44 $ 177,302 Securities held to maturity: Agency mortgage-backed $ 102 $ 7 $ — $ 109 Municipal bonds 2,234 327 — 2,561 Total securities held to maturity $ 2,336 $ 334 $ — $ 2,670 |
Schedule of Amortized Cost and Fair Value of Investment Securities by Contractual Maturity | The amortized cost and fair value of investment securities as of June 30, 2020 by contractual maturity are shown below. CMO, ABS, SBA certificates, and mortgage-backed securities which do not have a single maturity date are shown separately. Available for Sale Held to Maturity Amortized Fair Amortized Fair Cost Value Cost Value (In thousands) Due within one year $ 3,975 $ 4,038 $ 244 $ 276 Due after one year through five years 27,298 28,488 1,003 1,145 Due after five years through ten years 23,872 25,672 683 809 Due after ten years 113,856 123,897 135 162 CMO 10,747 11,190 — — ABS 912 979 — — SBA certificates 654 708 — — Mortgage-backed securities 8,323 8,834 89 96 $ 189,637 $ 203,806 $ 2,154 $ 2,488 |
Schedule of Investment Securities With Gross Unrealized Losses | Information pertaining to investment securities with gross unrealized losses at June 30, 2020 and September 30, 2019, aggregated by investment category and the length of time that individual securities have been in a continuous loss position, follows: Number of Gross Investment Fair Unrealized Positions Value Losses (Dollars in thousands) June 30, 2020: Securities available for sale: Continuous loss position less than twelve months: Privately-issued ABS 1 $ 455 $ 13 Municipals 1 1,945 55 Total less than twelve months 2 2,400 68 Continuous loss position more than twelve months: Privately-issued CMO 1 26 9 SBA certificates 1 198 3 Total more than twelve months 2 224 12 Total securities available for sale 4 $ 2,624 $ 80 September 30, 2019: Securities available for sale: Continuous loss position less than twelve months: Agency mortgage-backed 3 $ 1,248 $ 1 Agency CMO 1 1,962 1 Municipal bonds 3 1,694 16 Total less than twelve months 7 4,904 18 Continuous loss position more than twelve months: Agency mortgage-backed 2 785 11 Agency CMO 2 956 6 Privately-issued CMO 1 33 2 SBA certificates 1 451 6 Municipal bonds 1 140 1 Total more than twelve months 7 2,365 26 Total securities available for sale 14 $ 7,269 $ 44 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Loans and Allowance for Loan Losses | |
Schedule of Loans | Loans at June 30, 2020 and September 30, 2019 consisted of the following: June 30, September 30, 2020 2019 (In thousands) Real estate mortgage: 1-4 family residential $ 185,489 $ 198,067 Commercial 512,744 436,020 Multifamily residential 42,414 38,226 Residential construction 10,792 12,545 Commercial construction 7,948 6,995 Land and land development 10,352 10,536 Commercial business (1) 269,821 73,034 Consumer: Home equity 44,997 28,651 Auto 12,197 13,347 Other consumer 2,016 2,663 Total Loans 1,098,770 820,084 Deferred loan origination fees and costs, net (2) (2,749) 614 Allowance for loan losses (14,640) (10,040) Loans, net $ 1,081,381 $ 810,658 (1) Includes $180.5 million of loans originated under the SBA’s Paycheck Protection Program ("PPP") at June 30, 2020. (2) Includes $3.5 million of net deferred loan fees related to PPP loans at June 30, 2020. |
Schedule of Components of Recorded Investment in Loans | The following table provides the components of the recorded investment in loans as of June 30, 2020: Residential Commercial Land & Land Commercial Real Estate Real Estate Multifamily Construction Development Business Consumer Total (In thousands) Recorded Investment in Loans: Principal loan balance $ 185,489 $ 512,744 $ 42,414 $ 18,740 $ 10,352 $ 269,821 $ 59,210 $ 1,098,770 Accrued interest receivable 599 2,424 206 91 22 744 178 4,264 Net deferred loan origination fees and costs (90) 458 (34) 54 (12) (3,096) (29) (2,749) Recorded investment in loans $ 185,998 $ 515,626 $ 42,586 $ 18,885 $ 10,362 $ 267,469 $ 59,359 $ 1,100,285 Recorded Investment in Loans as Evaluated for Impairment: Individually evaluated for impairment $ 5,230 $ 11,344 $ 697 $ — $ 1 $ 2,057 $ 174 $ 19,503 Collectively evaluated for impairment 180,768 504,282 41,889 18,885 10,361 265,412 59,185 1,080,782 Ending balance $ 185,998 $ 515,626 $ 42,586 $ 18,885 $ 10,362 $ 267,469 $ 59,359 $ 1,100,285 The following table provides the components of the recorded investment in loans as of September 30, 2019: Residential Commercial Land & Land Commercial Real Estate Real Estate Multifamily Construction Development Business Consumer Total (In thousands) Recorded Investment in Loans: Principal loan balance $ 198,067 $ 436,020 $ 38,226 $ 19,540 $ 10,536 $ 73,034 $ 44,661 $ 820,084 Accrued interest receivable 627 1,922 99 117 29 448 87 3,329 Net deferred loan origination fees and costs (98) 408 (33) 3 (1) 366 (31) 614 Recorded investment in loans $ 198,596 $ 438,350 $ 38,292 $ 19,660 $ 10,564 $ 73,848 $ 44,717 $ 824,027 Recorded Investment in Loans as Evaluated for Impairment: Individually evaluated for impairment $ 4,448 $ 7,647 $ — $ — $ — $ 105 $ 234 $ 12,434 Collectively evaluated for impairment 194,148 430,703 38,292 19,660 10,564 73,743 44,483 811,593 Ending balance $ 198,596 $ 438,350 $ 38,292 $ 19,660 $ 10,564 $ 73,848 $ 44,717 $ 824,027 |
Schedule of Allowance for Loan Losses | An analysis of the allowance for loan losses as of June 30, 2020 is as follows: Residential Commercial Land & Land Commercial Real Estate Real Estate Multifamily Construction Development Business Consumer Total (In thousands) Ending Allowance Balance Attributable to Loans: Individually evaluated for impairment $ — $ 1,745 $ — $ — $ — $ 50 $ 1 $ 1,796 Collectively evaluated for impairment 541 7,111 731 524 257 2,719 961 12,844 Ending balance $ 541 $ 8,856 $ 731 $ 524 $ 257 $ 2,769 $ 962 $ 14,640 An analysis of the allowance for loan losses as of September 30, 2019 is as follows: Residential Commercial Land & Land Commercial Real Estate Real Estate Multifamily Construction Development Business Consumer Total (In thousands) Ending Allowance Balance Attributable to Loans: Individually evaluated for impairment $ 10 $ 512 $ — $ — $ — $ — $ 23 $ 545 Collectively evaluated for impairment 328 5,869 478 421 209 1,639 551 9,495 Ending balance $ 338 $ 6,381 $ 478 $ 421 $ 209 $ 1,639 $ 574 $ 10,040 An analysis of the changes in the allowance for loan losses for the three months ended June 30, 2020 is as follows: Residential Commercial Land & Land Commercial Real Estate Real Estate Multifamily Construction Development Business Consumer Total (In thousands) Changes in Allowance for Loan Losses: Beginning balance $ 400 $ 6,935 $ 499 $ 366 $ 203 $ 2,587 $ 701 $ 11,691 Provisions 136 1,921 232 158 54 170 309 2,980 Charge-offs — — — — — — (69) (69) Recoveries 5 — — — — 12 21 38 Ending balance $ 541 $ 8,856 $ 731 $ 524 $ 257 $ 2,769 $ 962 $ 14,640 An analysis of the changes in the allowance for loan losses for the nine months ended June 30, 2020 is as follows: Residential Commercial Land & Land Commercial Real Estate Real Estate Multifamily Construction Development Business Consumer Total (In thousands) Changes in Allowance for Loan Losses: Beginning balance $ 338 $ 6,381 $ 478 $ 421 $ 209 $ 1,639 $ 574 $ 10,040 Provisions 214 2,544 253 103 48 1,508 520 5,190 Charge-offs (36) (115) — — — (396) (195) (742) Recoveries 25 46 — — — 18 63 152 Ending balance $ 541 $ 8,856 $ 731 $ 524 $ 257 $ 2,769 $ 962 $ 14,640 An analysis of the changes in the allowance for loan losses for the three months ended June 30, 2019 is as follows: Residential Commercial Land & Land Commercial Real Estate Real Estate Multifamily Construction Development Business Consumer Total (In thousands) Changes in Allowance for Loan Losses: Beginning balance $ 220 $ 6,696 $ 232 $ 515 $ 237 $ 1,535 $ 499 $ 9,934 Provisions 142 (316) 259 (23) 5 228 42 337 Charge-offs — (574) — — — (71) (45) (690) Recoveries 8 2 — — — 12 13 35 Ending balance $ 370 $ 5,808 $ 491 $ 492 $ 242 $ 1,704 $ 509 $ 9,616 An analysis of the changes in the allowance for loan losses for the nine months ended June 30, 2019 is as follows: Residential Commercial Land & Land Commercial Real Estate Real Estate Multifamily Construction Development Business Consumer Total (In thousands) Changes in Allowance for Loan Losses: Beginning balance $ 274 $ 6,825 $ 195 $ 580 $ 210 $ 1,041 $ 198 $ 9,323 Provisions 84 (445) 296 (88) 32 721 392 992 Charge-offs (10) (574) — — — (71) (126) (781) Recoveries 22 2 — — — 13 45 82 Ending balance $ 370 $ 5,808 $ 491 $ 492 $ 242 $ 1,704 $ 509 $ 9,616 |
Schedule of Impaired Loans Individually Evaluated for Impairment | The following table presents impaired loans individually evaluated for impairment as of June 30, 2020 and for the three and nine months ended June 30, 2020 and 2019. Three Months Ended Nine Months Ended At June 30, 2020 June 30, June 30, 2020 2020 2019 2019 2020 2020 2019 2019 Unpaid Average Interest Average Interest Average Interest Average Interest Recorded Principal Related Recorded Income Recorded Income Recorded Income Recorded Income Investment Balance Allowance Investment Recognized Investment Recognized Investment Recognized Investment Recognized (In thousands) Loans with no related allowance recorded: Residential real estate $ 5,230 $ 5,722 $ — $ 5,964 $ 33 $ 4,873 $ 26 $ 5,526 $ 94 $ 5,095 $ 89 Commercial real estate 3,927 3,934 — 4,264 42 6,451 78 5,035 151 6,608 240 Multifamily 697 700 — 702 — — — 351 — — — Construction — — — — — — — — — — — Land and land development 1 1 — 1 — — — 1 — 8 — Commercial business 1,982 2,082 — 2,084 — 171 2 1,834 1 246 6 Consumer 66 65 — 66 1 106 1 74 3 115 3 $ 11,903 $ 12,504 $ - $ 13,081 $ 76 $ 11,601 $ 107 $ 12,821 $ 249 $ 12,072 $ 338 Loans with an allowance recorded: Residential real estate $ — $ — $ — $ — $ — $ 94 $ — $ 29 $ — $ 158 $ — Commercial real estate 7,417 7,395 1,745 7,467 — 2,549 — 4,690 — 1,971 — Multifamily — — — — — — — — — — — Construction — — — — — — — — — — — Land and land development — — — — — — — — — — — Commercial business 75 74 50 938 — 90 — 469 — 36 — Consumer 108 110 1 135 — 140 — 158 — 160 — $ 7,600 $ 7,579 $ 1,796 $ 8,540 $ — $ 2,873 $ — $ 5,346 $ — $ 2,325 $ — Total: Residential real estate $ 5,230 $ 5,722 $ — $ 5,964 $ 33 $ 4,967 $ 26 $ 5,555 $ 94 $ 5,253 $ 89 Commercial real estate 11,344 11,329 1,745 11,731 42 9,000 78 9,725 151 8,579 240 Multifamily 697 700 — 702 — — — 351 — — — Construction — — — — — — — — — — — Land and land development 1 1 — 1 — — — 1 — 8 — Commercial business 2,057 2,156 50 3,022 — 261 2 2,303 1 282 6 Consumer 174 175 1 201 1 246 1 232 3 275 3 $ 19,503 $ 20,083 $ 1,796 $ 21,621 $ 76 $ 14,474 $ 107 $ 18,167 $ 249 $ 14,397 $ 338 The Company did not recognize any interest income using the cash receipts method during the three-and nine-month periods ended June 30, 2020 and 2019. The following table presents impaired loans individually evaluated for impairment as of September 30, 2019. Unpaid Recorded Principal Related Investment Balance Allowance (In thousands) Loans with no related allowance recorded: Residential real estate $ 4,438 $ 4,967 $ — Commercial real estate 5,401 5,408 — Multifamily — — — Construction — — — Land and land development — — — Commercial business 105 106 — Consumer 78 81 — $ 10,022 $ 10,562 $ — Loans with an allowance recorded: Residential real estate $ 10 $ 7 $ 10 Commercial real estate 2,246 2,637 512 Multifamily — — — Construction — — — Land and land development — — — Commercial business — — — Consumer 156 155 23 $ 2,412 $ 2,799 $ 545 Total: Residential real estate $ 4,448 $ 4,974 $ 10 Commercial real estate 7,647 8,045 512 Multifamily — — — Construction — — — Land and land development — — — Commercial business 105 106 — Consumer 234 236 23 $ 12,434 $ 13,361 $ 545 |
Schedule of Nonperforming Loans | Nonperforming loans consist of nonaccrual loans and loans over 90 days past due and still accruing interest. The following table presents the recorded investment in nonperforming loans at June 30, 2020: Loans 90+ Days Total Nonaccrual Past Due Nonperforming Loans Still Accruing Loans (In thousands) Residential real estate $ 2,648 $ — $ 2,648 Commercial real estate 8,297 — 8,297 Multifamily 697 — 697 Construction — — — Land and land development 1 — 1 Commercial business 2,055 — 2,055 Consumer 112 — 112 Total $ 13,810 $ — $ 13,810 The following table presents the recorded investment in nonperforming loans at September 30, 2019: Loans 90+ Days Total Nonaccrual Past Due Nonperforming Loans Still Accruing Loans (In thousands) Residential real estate $ 2,580 $ 12 $ 2,592 Commercial real estate 2,425 — 2,425 Multifamily — — — Construction — — — Land and land development — — — Commercial business — — — Consumer 163 — 163 Total $ 5,168 $ 12 $ 5,180 |
Schedule of Aging of Recorded Investment in Past Due Loans | The following table presents the aging of the recorded investment in past due loans at June 30, 2020: 30-59 60-89 90 + Days Days Days Total Total Past Due Past Due Past Due Past Due Current Loans (In thousands) Residential real estate $ 1,957 $ 459 $ 1,525 $ 3,941 $ 182,057 $ 185,998 Commercial real estate 1,912 — 2,787 4,699 510,927 515,626 Multifamily — — — — 42,586 42,586 Construction — — — — 18,885 18,885 Land and land development — — 1 1 10,361 10,362 Commercial business 770 7 322 1,099 266,370 267,469 Consumer 11 — 4 15 59,344 59,359 Total $ 4,650 $ 466 $ 4,639 $ 9,755 $ 1,090,530 $ 1,100,285 The following table presents the aging of the recorded investment in past due loans at September 30, 2019: 30-59 60-89 90 + Days Days Days Total Total Past Due Past Due Past Due Past Due Current Loans (In thousands) Residential real estate $ 1,619 $ 577 $ 1,121 $ 3,317 $ 195,279 $ 198,596 Commercial real estate 892 772 1,523 3,187 435,163 438,350 Multifamily — — — — 38,292 38,292 Construction — — — — 19,660 19,660 Land and land development — — — — 10,564 10,564 Commercial business 182 — — 182 73,666 73,848 Consumer 77 17 19 113 44,604 44,717 Total $ 2,770 $ 1,366 $ 2,663 $ 6,799 $ 817,228 $ 824,027 |
Schedule of Investment in Loans by Risk Category | Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass-rated loans. As of June 30, 2020, and based on the most recent analysis performed, the recorded investment in loans by risk category was as follows: Residential Commercial Land and Land Commercial Real Estate Real Estate Multifamily Construction Development Business Consumer Total (In thousands) Pass $ 182,541 $ 500,722 $ 41,889 $ 18,885 $ 10,361 $ 262,230 $ 59,331 $ 1,075,959 Special Mention — 1,057 — — — 125 — 1,182 Substandard 3,326 13,847 697 — 1 5,114 28 23,013 Doubtful 131 — — — — — — 131 Loss — — — — — — — — Total $ 185,998 $ 515,626 $ 42,586 $ 18,885 $ 10,362 $ 267,469 $ 59,359 $ 1,100,285 As of September 30, 2019, the recorded investment in loans by risk category was as follows: Residential Commercial Land and Land Commercial Real Estate Real Estate Multifamily Construction Development Business Consumer Total (In thousands) Pass $ 194,591 $ 424,989 $ 37,823 $ 19,660 $ 10,564 $ 71,050 $ 44,618 $ 803,295 Special Mention — 904 — — — — — 904 Substandard 3,946 12,457 469 — — 2,798 97 19,767 Doubtful 59 — — — — — 2 61 Loss — — — — — — — — Total $ 198,596 $ 438,350 $ 38,292 $ 19,660 $ 10,564 $ 73,848 $ 44,717 $ 824,027 |
Schedule of Investment in Troubled Debt Restructurings by Class of Loan and Accrual Status | The following table summarizes the Company’s recorded investment in TDRs at June 30, 2020 and September 30, 2019. There was $665,000 of specific reserves included in the allowance for loan losses related to TDRs at June 30, 2020. There was no specific reserve included in the allowance for loan losses related to TDRs at September 30, 2019. Accruing Nonaccrual Total (In thousands) June 30, 2020: Residential real estate $ 2,583 $ 125 $ 2,708 Commercial real estate 3,047 4,390 7,437 Multifamily — 697 697 Commercial business 2 1,733 1,735 Consumer 62 — 62 Total $ 5,694 $ 6,945 $ 12,639 September 30, 2019: Residential real estate $ 1,868 $ 351 $ 2,219 Commercial real estate 5,222 59 5,281 Commercial business 105 — 105 Consumer 70 — 70 Total $ 7,265 $ 410 $ 7,675 |
Schedule of Troubled Debt Restructurings | The following table summarizes information regarding TDRs that were restructured during the three- and nine-month periods ended June 30, 2020: Pre- Post- Modification Modification Number of Principal Principal Loans Balance Balance (Dollars in thousands) Three Months Ended June 30, 2020: Multifamily 2 $ 701 $ 701 Commercial business 9 1,737 1,737 Total 11 $ 2,438 $ 2,438 Nine Months Ended June 30, 2020: Residential real estate 1 $ 1,099 $ 1,100 Commercial real estate 1 3,831 3,832 Multifamily 2 701 701 Commercial business 9 1,737 1,737 Total 13 $ 7,368 $ 7,370 |
Schedule of Loan Servicing Rights | An analysis of SBA loan servicing rights for the three- and nine-month periods ended June 30, 2020 and 2019 is as follows: Three Months Ended Nine Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) Balance, beginning of period $ 2,891 $ 2,595 $ 3,030 $ 2,405 Servicing rights resulting from transfers of loans 337 449 888 892 Amortization (166) (130) (633) (383) Direct write-offs — (142) — (142) Change in valuation allowance 129 72 (94) 72 Balance, end of period $ 3,191 $ 2,844 $ 3,191 $ 2,844 |
Mortgage Servicing Rights [Member] | |
Loans and Allowance for Loan Losses | |
Schedule of Loan Servicing Rights | Changes in the carrying value of MSRs accounted for at fair value for the three - and nine-months ended June 30, 2020 were as follows: Three Months Ended Nine Months Ended June 30, June 30, 2020 2020 (In thousands) Fair value as of beginning of period $ 4,055 $ 934 Servicing rights capitalized 7,104 11,289 Changes in fair value related to: Loan repayments (354) (538) Changes in valuation model inputs or assumptions (433) (1,313) Fair value as of end of period $ 10,372 $ 10,372 |
Schedule of Key Assumptions Used to Estimate The Fair Value | Range of Assumption (Weighted Average) Range of Assumption (Weighted Average) Assumption June 30, 2020 September 30, 2019 Discount rate 9.25% 9.25% Prepayment rate 2.41% to 92.40% (20.05%) 4.42% to 72.79% (18.75%) |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Deposits | |
Schedule of deposits | Deposits at June 30, 2020 and September 30, 2019 consisted of the following: June 30, September 30, 2020 2019 (In thousands) Noninterest-bearing demand deposits $ 227,797 $ 173,072 NOW accounts 209,479 173,746 Money market accounts 140,931 121,281 Savings accounts 134,483 120,393 Retail time deposits 210,439 146,227 Brokered time deposits 59,741 99,665 Total $ 982,870 $ 834,384 |
Supplemental Disclosure for N_2
Supplemental Disclosure for Net Income Per Share (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Supplemental Disclosure for Net Income Per Share | |
Schedule of net income per share information | Net income per share information is presented below for the three- and nine-month periods ended June 30, 2020 and 2019. Three Months Ended Nine Months Ended June 30, June 30, 2020 2019 2020 2019 (Dollars in thousands, except per share data) Basic: Earnings: Net income attributable to First Savings Financial Group, Inc. $ 15,405 $ 4,392 $ 18,217 $ 10,856 Shares: Weighted average common shares outstanding, basic 2,365,217 2,333,502 2,353,816 2,308,359 Net income per common share, basic $ 6.51 $ 1.88 $ 7.74 $ 4.70 Diluted: Earnings: Net income attributable to First Savings Financial Group, Inc. $ 15,405 $ 4,392 $ 18,217 $ 10,856 Shares: Weighted average common shares outstanding, basic 2,365,217 2,333,502 2,353,816 2,308,359 Add: Dilutive effect of outstanding options 639 35,669 20,378 55,692 Add: Dilutive effect of restricted stock 931 4,407 3,205 5,370 Weighted average common shares outstanding, as adjusted 2,366,787 2,373,578 2,377,399 2,369,421 Net income per common share, diluted $ 6.51 $ 1.85 $ 7.66 $ 4.58 |
Supplemental Disclosures of C_2
Supplemental Disclosures of Cash Flow Information (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Supplemental Disclosures of Cash Flow Information | |
Schedule Of supplemental disclosures of cash flow information | Nine Months Ended June 30, 2020 2019 (In thousands) Cash payments for: Interest $ 8,653 $ 7,205 Income taxes (net of refunds received) 1,254 308 Noncash investing and financing activities: Transfers from loans to other real estate owned — 224 Proceeds from sales of other real estate owned financed through loans — 47 Right-of-use assets obtained in exchange for lease obligations 8,816 — Noncash exercise of stock options 249 542 Transfers from premises and equipment to other real estate owned — 1,838 |
Fair Value Measurements and D_2
Fair Value Measurements and Disclosures about Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Fair Value Measurements and Disclosures about Fair Value of Financial Instruments | |
Schedule of financial assets and liabilities measured at fair value on a recurring and nonrecurring basis | Carrying Value Level 1 Level 2 Level 3 Total (In thousands) June 30, 2020: Assets Measured - Recurring Basis: Securities available for sale: Agency mortgage-backed $ — $ 8,834 $ — $ 8,834 Agency CMO — 10,138 — 10,138 Privately-issued CMO — 1,052 — 1,052 Privately-issued ABS — 979 — 979 SBA certificates — 708 — 708 Municipal — 182,095 — 182,095 Total securities available for sale $ — $ 203,806 $ — $ 203,806 Residential mortgage loans held for sale – fair value option elected $ — $ 190,305 $ — $ 190,305 Derivative assets (included in other assets) $ — $ — $ 17,006 $ 17,006 Equity securities (included in other assets) $ 66 $ — $ — $ 66 Mortgage servicing rights (included in other assets) $ — $ — $ 10,372 $ 10,372 Liabilities Measured – Recurring Basis: Derivative liabilities (included in other liabilities) $ — $ 3,468 $ — $ 3,468 Assets Measured - Nonrecurring Basis: Impaired loans: Residential real estate $ — $ — $ 5,230 $ 5,230 Commercial real estate — — 9,599 9,599 Multifamily real estate — — 697 697 Commercial business — — 2,007 2,007 Land and land development — — 1 1 Consumer — — 173 173 Total impaired loans $ — $ — $ 17,707 $ 17,707 SBA loans held for sale $ — $ — $ 19,772 $ 19,772 SBA loan servicing rights $ — $ — $ 3,191 $ 3,191 Other real estate owned, held for sale: Former bank premises $ — $ — $ 1,728 $ 1,728 Total other real estate owned $ — $ — $ 1,728 $ 1,728 Carrying Value Level 1 Level 2 Level 3 Total (In thousands) September 30, 2019: Assets Measured - Recurring Basis Securities available for sale: Agency mortgage-backed $ — $ 14,097 $ — $ 14,097 Agency CMO — 9,048 — 9,048 Privately-issued CMO — 1,382 — 1,382 Privately-issued ABS — 1,178 — 1,178 SBA certificates — 1,154 — 1,154 Municipal bonds — 150,443 — 150,443 Total securities available for sale $ — $ 177,302 $ — $ 177,302 Residential mortgage loans held for sale – fair value option elected $ — $ 80,457 $ — $ 80,457 Derivative assets (included in other assets) $ — $ 130 $ 3,269 $ 3,399 Equity securities (included in other assets) $ 85 $ — $ — $ 85 Mortgage servicing rights (included in other assets) $ — $ — $ 934 $ 934 Liabilities Measured – Recurring Basis Derivative liabilities (included in other liabilities) $ — $ 329 $ — $ 329 Assets Measured - Nonrecurring Basis Impaired loans: Residential real estate $ — $ — $ 4,438 $ 4,438 Commercial real estate — — 7,135 7,135 Commercial business — — 105 105 Consumer — — 211 211 Total impaired loans $ — $ — $ 11,889 $ 11,889 SBA loans held for sale $ — $ 15,613 $ — $ 15,613 SBA loan servicing rights $ — $ — $ 3,030 $ 3,030 Other real estate owned, held for sale: Former bank premises $ — $ — $ 1,893 $ 1,893 Total other real estate owned $ — $ — $ 1,893 $ 1,893 |
Schedule of reconciliation of derivative assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | The table below presents a reconciliation of derivative assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three- and nine-months ended June 30, 2020 and 2019: Three Months Ended Nine Months Ended June 30, June 30, (In thousands) 2020 2019 2020 2019 Beginning balance $ 5,678 $ 1,705 $ 3,269 $ 380 Unrealized gains recognized in earnings, net of settlements 11,328 1,062 13,737 2,387 Ending balance $ 17,006 $ 2,767 $ 17,006 $ 2,767 |
Schedule of significant unobservable inputs (Level 3) used in the valuation of derivative financial instruments measured at fair value on a recurring basis | The table below presents information about significant unobservable inputs (Level 3) used in the valuation of derivative financial instruments measured at fair value on a recurring basis as of June 30, 2020 and September 30, 2019. Range of Inputs Range of Inputs Significant June 30, September 30, Financial Instrument Unobservable Inputs 2020 2019 Interest rate lock commitments Pull-through rate 25% - 100% 55% - 100% Direct costs to close 0.20% - 1.00% 1.00% |
Schedule of aggregate fair value and the aggregate remaining principal balance for residential mortgage loans held for sale | The table below presents the difference between the aggregate fair value and the aggregate remaining principal balance for residential mortgage loans held for sale for which the fair value option had been elected as of June 30, 2020 and September 30, 2019. Aggregate Aggregate Principal Fair Value Balance June 30, June 30, (In thousands) 2020 2020 Difference Residential mortgage loans held for sale $ 190,305 $ 182,516 $ 7,789 Aggregate Aggregate Principal Fair Value Balance September 30, September 30, (In thousands) 2019 2019 Difference Residential mortgage loans held for sale $ 80,457 $ 77,787 $ 2,670 |
Schedule of gains and losses and interest included in earnings related to financial assets measured at fair value under the fair value option | The table below presents gains and losses and interest included in earnings related to financial assets measured at fair value under the fair value option for the three-and nine-month periods ended June 30, 2020 and 2019: Three Months Ended Nine Months Ended June 30, June 30, (In thousands) 2020 2019 2020 2019 Gains – included in mortgage banking income $ 2,271 $ 1,727 $ 5,627 $ 2,753 Interest income 2,088 425 3,929 766 $ 4,359 $ 2,152 $ 9,556 $ 3,519 |
Schedule of fair value of loans measured using an entry price notion | Fair Value Measurements Carrying Using: Amount Level 1 Level 2 Level 3 (In thousands) June 30, 2020: Financial assets: Cash and due from banks $ 13,594 $ 13,594 $ — $ — Interest-bearing deposits with banks 13,950 13,950 — — Interest-bearing time deposits 2,513 — 2,513 — Securities available for sale 203,806 — 203,806 — Securities held to maturity 2,154 — 2,488 — Loans, net 1,081,381 — — 1,139,310 Residential mortgage loans held for sale 190,305 — 190,305 — SBA loans held for sale 19,772 — — 21,953 FRB and FHLB stock 17,293 N/A N/A N/A Accrued interest receivable 6,637 — 6,637 — SBA loan servicing rights (included in other assets) 3,191 — — 3,191 Residential mortgage loan servicing rights (included in other assets) 10,372 — — 10,372 Derivative assets (included in other assets) 17,006 — — 17,006 Equity securities (included in other assets) 66 66 — — Financial liabilities: Deposits 982,870 — — 985,049 Borrowings from FHLB 298,622 — 300,469 — Federal Reserve PPPLF borrowings 174,835 — 172,206 — Subordinated note 19,780 — 23,779 — Accrued interest payable 502 — 502 — Advance payments by borrowers for taxes and insurance 2,485 — 2,485 — Derivative liabilities (included in other liabilities) 3,468 — 3,468 — Fair Value Measurements Carrying Using: Amount Level 1 Level 2 Level 3 (In thousands) September 30, 2019: Financial assets: Cash and due from banks $ 13,008 $ 13,008 $ — $ — Interest-bearing deposits with banks 28,424 28,424 — — Interest-bearing time deposits 2,265 — 2,265 — Securities available for sale 177,302 — 177,302 — Securities held to maturity 2,336 — 2,670 — Residential mortgage loans held for sale 80,457 — 80,457 — SBA loans held for sale 15,613 — 17,040 — Loans, net 810,658 — — 841,646 FRB and FHLB stock 13,040 N/A N/A N/A Accrued interest receivable 5,041 — 5,041 — SBA Loan servicing rights (included in other assets) 3,030 — — 3,030 Residential mortgage loan servicing rights (included in other assets) 934 — — 934 Derivative assets (included in other assets) 3,399 — 130 3,269 Equity securities (included in other assets) 85 85 — — Financial liabilities: Deposits 834,384 — — 835,384 Federal funds purchased 4,000 — 4,000 — Borrowings from FHLB 222,544 — 222,432 — Subordinated note 19,729 — 21,143 — Accrued interest payable 935 — 935 — Advance payments by borrowers for taxes and insurance 1,906 — 1,906 — Derivative liabilities (included in other liabilities) 329 — 329 — |
Stock Based Compensation Plans
Stock Based Compensation Plans (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Stock Based Compensation Plans | |
Schedule of fair value of options granted | The fair value of options granted during the nine-month period ended June 30, 2020 was determined using the following assumptions: Expected dividend yield 1.75 % Risk-free interest rate 2.13 % Expected volatility 14.6 % Expected life of options 7.0 years Weighted average fair value at grant date $ 6.13 |
Schedule of stock option activity | A summary of stock option activity as of June 30, 2020, and changes during the nine-month period then ended is presented below. Weighted Average Remaining Weighted Contractual Aggregate Number of Average Term Intrinsic Shares Exercise Price (Years) Value (Dollars in thousands, except per share data) Outstanding at beginning of period 84,806 $ 34.13 Granted 11,958 66.35 Exercised (28,361) 14.01 Forfeited or expired — — Outstanding at end of period 68,403 $ 48.11 7.1 $ 150 Vested and expected to vest 68,403 $ 48.11 7.1 $ 150 Exercisable at end of period 30,027 $ 42.91 6.6 $ 86 |
Schedule of nonvested restricted shares activity | A summary of the Company’s nonvested restricted shares activity as of June 30, 2020 and changes during the nine-month period then ended is presented below. Weighted Number Average of Grant Date Shares Fair Value Nonvested at October 1, 2019 13,458 $ 44.62 Granted 1,436 $ 66.35 Vested (4,086) $ 43.24 Forfeited — — Nonvested at June 30, 2020 10,808 $ 48.04 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Derivative Financial Instruments | |
Schedule of Derivative financial instruments | The tables below provide information on the Company’s derivative financial instruments as of June 30, 2020 and September 30, 2019. Notional Asset Liability Amount Derivatives Derivatives June 30, June 30, June 30, (In thousands) 2020 2020 2020 Interest rate lock commitments $ 786,015 $ 17,006 $ — Forward mortgage loan sale contracts 570,750 — 3,468 $ 1,356,765 $ 17,006 $ 3,468 Notional Asset Liability Amount Derivatives Derivatives September 30, September 30, September 30, (In thousands) 2019 2019 2019 Interest rate lock commitments $ 258,545 $ 3,269 $ — Forward mortgage loan sale contracts 203,250 130 329 $ 461,795 $ 3,399 $ 329 |
Schedule of Income (loss) related to derivative financial instruments | Income (loss) related to derivative financial instruments included in mortgage banking income in the accompanying consolidated statements of income for the three- and nine-month periods ended June 30, 2020 and 2019 is as follows: Three Months Ended Nine Months Ended June 30, June 30, (In thousands) 2020 2019 2020 2019 Interest rate lock commitments $ 11,328 $ 1,062 $ 13,737 $ 2,387 Forward mortgage loan sale contracts (5,201) (1,399) (16,018) (2,174) $ 6,127 $ (337) $ (2,281) $ 213 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Regulatory Capital | |
Schedule Of Actual capital amounts and ratios | Minimum To Be Well Minimum Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes: Action Provisions: Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of June 30, 2020: Total capital (to risk-weighted assets): Consolidated $ 153,498 13.20 % $ 93,002 8.00 % N/A N/A Bank 144,922 12.49 92,822 8.00 $ 116,028 10.00 % Tier 1 capital (to risk-weighted assets): Consolidated $ 119,213 10.25 % $ 69,752 6.00 % N/A N/A Bank 130,417 11.24 69,617 6.00 $ 92,822 8.00 % Common equity tier 1 capital (to risk-weighted assets): Consolidated $ 119,213 10.25 % $ 52,314 4.50 % N/A N/A Bank 130,417 11.24 52,212 4.50 $ 75,418 6.50 % Tier 1 capital (to average adjusted total assets): Consolidated $ 119,213 8.48 % $ 56,206 4.00 % N/A N/A Bank 130,417 9.36 55,714 4.00 $ 69,642 5.00 % As of September 30, 2019: Total capital (to risk-weighted assets): Consolidated $ 130,700 13.85 % $ 75,474 8.00 % N/A N/A Bank 121,160 12.88 75,249 8.00 $ 94,061 10.00 % Tier 1 capital (to risk-weighted assets): Consolidated $ 100,931 10.70 % $ 56,606 6.00 % N/A N/A Bank 111,120 11.81 56,437 6.00 $ 75,249 8.00 % Common equity tier 1 capital (to risk-weighted assets): Consolidated $ 100,931 10.70 % $ 42,454 4.50 % N/A N/A Bank 111,120 11.81 42,327 4.50 $ 61,140 6.50 % Tier 1 capital (to average adjusted total assets): Consolidated $ 100,931 8.39 % $ 48,142 4.00 % N/A N/A Bank 111,120 9.34 47,564 4.00 $ 59,455 5.00 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Segment Reporting | |
Schedule of sum of the segment amounts and consolidated totals | The following segment financial information has been derived from the internal financial statements of the Company which are used by management to monitor and manage financial performance. The accounting policies of the three segments are the same as those of the Company. The amounts reflected in the “Other” column in the tables below represent combined balances of the Company and the Captive, and are the primary differences between the sum of the segment amounts and consolidated totals, along with amounts to eliminate transactions between segments. Core SBA Mortgage Consolidated Banking Lending Banking Other Totals (In thousands) Three Months Ended June 30, 2020: Net interest income (loss) $ 9,955 $ 1,584 $ 1,565 $ (303) $ 12,801 Provision for loan losses 1,668 1,312 — — 2,980 Net interest income (loss) after provision 8,287 272 1,565 (303) 9,821 Net gains on sales of loans, SBA — 1,317 — — 1,317 Mortgage banking income 2 — 43,086 — 43,088 Noninterest income 1,324 1,785 43,228 — 46,337 Noninterest expense (income) 12,176 1,642 21,321 (130) 35,009 Income (loss) before taxes (2,565) 415 23,472 (173) 21,149 Income tax expense (benefit) (314) 53 5,868 (67) 5,540 Segment profit (loss) (2,251) 362 17,604 (106) 15,609 Non cash items: Depreciation and amortization 441 13 49 17 520 Segment assets at June 30, 2020 1,412,434 277,888 240,612 (269,653) 1,661,281 Core SBA Mortgage Consolidated Banking Lending Banking Other Totals (In thousands) Nine Months Ended June 30, 2020: Net interest income (loss) $ 28,976 $ 3,952 $ 2,575 $ (900) $ 34,603 Provision for loan losses 2,404 2,786 — — 5,190 Net interest income (loss) after provision 26,572 1,166 2,575 (900) 29,413 Net gains on sales of loans, SBA — 3,307 — — 3,307 Mortgage banking income 6 — 67,171 — 67,177 Noninterest income 4,126 3,923 67,408 — 75,457 Noninterest expense (income) 25,867 5,308 50,484 (303) 81,356 Income (loss) before taxes 4,831 (219) 19,499 (597) 23,514 Income tax expense (benefit) 1,020 (28) 4,875 (463) 5,404 Segment profit (loss) 3,811 (191) 14,624 (134) 18,110 Non cash items: Depreciation and amortization 1,062 40 128 51 1,281 Segment assets at June 30, 2020 1,412,434 277,888 240,612 (269,653) 1,661,281 Core SBA Mortgage Consolidated Banking Lending Banking Other Totals (In thousands) Three Months EndedJune 30, 2019: Net interest income (loss) $ 9,043 $ 1,066 $ 87 $ (304) $ 9,892 Provision for loan losses 162 175 — — 337 Net interest income (loss) after provision 8,881 891 87 (304) 9,555 Net gains on sales of loans, SBA — 1,515 — — 1,515 Mortgage banking income 1 — 9,610 — 9,611 Noninterest income 1,351 1,658 9,635 — 12,644 Noninterest expense (income) 7,625 1,385 7,527 (49) 16,488 Income (loss) before taxes 2,607 1,164 2,195 (255) 5,711 Income tax expense (benefit) 196 148 549 (145) 748 Segment profit (loss) 2,411 1,016 1,646 (110) 4,963 Non cash items: Depreciation and amortization 306 12 26 17 361 Segment assets at June 30, 2019 1,153,430 75,979 86,152 (86,608) 1,228,953 Core SBA Mortgage Consolidated Banking Lending Banking Other Totals (In thousands) Nine Months EndedJune 30, 2019: Net interest income (loss) $ 27,043 $ 2,908 $ 291 $ (913) $ 29,329 Provision (credit) for loan losses (346) 1,338 — — 992 Net interest income (loss) after provision 27,389 1,570 291 (913) 28,337 Net gains on sales of loans, SBA — 3,000 — — 3,000 Mortgage banking income 31 — 17,943 — 17,974 Noninterest income 4,068 3,468 17,978 — 25,514 Noninterest expense (income) 21,228 4,069 15,558 (71) 40,784 Income (loss) before taxes 10,229 969 2,711 (842) 13,067 Income tax expense (benefit) 1,549 123 678 (614) 1,736 Segment profit (loss) 8,680 846 2,033 (228) 11,331 Non cash items: Depreciation and amortization 1,065 36 69 51 1,221 Segment assets at June 30, 2019 1,153,430 75,979 86,152 (86,608) 1,228,953 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Revenue from Contracts with Customers | |
Schedule of sources of noninterest income | Substantially all of the Company’s revenue from contracts with customers within the scope of FASB ASC 606 is included in the core banking segment and is recognized within noninterest income. The following table presents the Company’s sources of noninterest income for the three- and nine-month periods ended June 30, 2020 and 2019: Three Months Ended Nine Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousand) Service charges on deposit accounts $ 269 $ 484 $ 1,219 $ 1,444 ATM and interchange fees 491 529 1,518 1,428 Investment advisory income 70 87 180 221 Other 23 29 80 109 Revenue from contracts with customers 853 1,129 2,997 3,202 Gain (loss) on sale of securities — (56) 7 (55) Gain on sale of SBA loans 1,317 1,515 3,307 3,000 Mortgage banking income 43,088 9,611 67,177 17,974 Increase in cash value of life insurance 191 157 547 415 Real estate lease income 138 121 441 436 Other 750 167 981 542 Other noninterest income 45,484 11,515 72,460 22,312 Total noninterest income $ 46,337 $ 12,644 $ 75,457 $ 25,514 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Jun. 30, 2020 | |
Leases | |
Schedule of components of lease | Three Months Ended Nine Months Ended June 30, 2020 June 30, 2020 Operating lease cost $ 356 $ 941 Short-term lease cost 137 452 $ 493 $ 1,393 |
Schedule of future minimum commitments due under the lease agreements | Future minimum commitments due under these lease agreements as of June 30, 2020 are as follows, including renewal options that are reasonably certain to be exercised: 2020 (remaining three months) $ 363 2021 1,205 2022 1,034 2023 890 2024 758 Thereafter 6,063 Total lease payments 10,313 Less imputed interest (2,238) Total $ 8,075 |
Schedule of lease term and discount rate | The lease term and discount rate at June 30, 2020 were as follows: Weighted-average remaining lease term (years) 18.7 Weighted-average discount rate 2.37 % |
Schedule of supplemental cash flow information related to leases | Supplemental cash flow information for the nine–month period ended June 30, 2020 related to leases was as follows: Nine Months Ended June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 874 ROU assets obtained in exchange for lease obligations: Operating leases $ 8,816 |
Presentation of Interim Infor_2
Presentation of Interim Information (Details) $ in Millions | 9 Months Ended |
Jun. 30, 2020USD ($) | |
Schedule of Equity Method Investments [Line Items] | |
Cumulative Allocated Net Income | $ 1.7 |
Business Capital LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% |
Subsidiary [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 51.00% |
Investment Securities - Fair Va
Investment Securities - Fair Value to Amortized Cost - Securities Available for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Securities Available for Sale | ||
Amortized Cost | $ 189,637 | $ 167,955 |
Gross Unrealized Gain | 14,249 | 9,391 |
Gross Unrealized Losses | 80 | 44 |
Fair Value | 203,806 | 177,302 |
Agency mortgage-backed | ||
Securities Available for Sale | ||
Amortized Cost | 8,323 | 13,743 |
Gross Unrealized Gain | 511 | 366 |
Gross Unrealized Losses | 0 | 12 |
Fair Value | 8,834 | 14,097 |
Agency CMO | ||
Securities Available for Sale | ||
Amortized Cost | 9,752 | 8,834 |
Gross Unrealized Gain | 386 | 221 |
Gross Unrealized Losses | 0 | 7 |
Fair Value | 10,138 | 9,048 |
Privately-issued CMO | ||
Securities Available for Sale | ||
Amortized Cost | 995 | 1,242 |
Gross Unrealized Gain | 66 | 142 |
Gross Unrealized Losses | 9 | 2 |
Fair Value | 1,052 | 1,382 |
Privately-issued ABS | ||
Securities Available for Sale | ||
Amortized Cost | 912 | 1,022 |
Gross Unrealized Gain | 80 | 156 |
Gross Unrealized Losses | 13 | 0 |
Fair Value | 979 | 1,178 |
SBA certificates | ||
Securities Available for Sale | ||
Amortized Cost | 654 | 1,119 |
Gross Unrealized Gain | 57 | 41 |
Gross Unrealized Losses | 3 | 6 |
Fair Value | 708 | 1,154 |
Municipal | ||
Securities Available for Sale | ||
Amortized Cost | 169,001 | 141,995 |
Gross Unrealized Gain | 13,149 | 8,465 |
Gross Unrealized Losses | 55 | 17 |
Fair Value | $ 182,095 | $ 150,443 |
Investment Securities - Fair _2
Investment Securities - Fair Value to Amortized Cost - Held to Maturity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Held to Maturity Securities | ||
Amortized Cost | $ 2,154 | $ 2,336 |
Gross Unrealized Gain | 334 | 334 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 2,488 | 2,670 |
Agency mortgage-backed | ||
Held to Maturity Securities | ||
Amortized Cost | 89 | 102 |
Gross Unrealized Gain | 7 | 7 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 96 | 109 |
Municipal | ||
Held to Maturity Securities | ||
Amortized Cost | 2,065 | 2,234 |
Gross Unrealized Gain | 327 | 327 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 2,392 | $ 2,561 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Fair Value by Contractual Maturity - Securities Available for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Available for Sale - Amortized Cost | ||
Amortized Cost | $ 189,637 | $ 167,955 |
Available for Sale - Fair Value | ||
Fair Value | 203,806 | 177,302 |
Municipal | ||
Available for Sale - Amortized Cost | ||
Due within one year | 3,975 | |
Due after one year through five years | 27,298 | |
Due after five years through ten years | 23,872 | |
Due after ten years | 113,856 | |
Amortized Cost | 169,001 | 141,995 |
Available for Sale - Fair Value | ||
Due within one year | 4,038 | |
Due after one year through five years | 28,488 | |
Due after five years through ten years | 25,672 | |
Due after ten years | 123,897 | |
Fair Value | 182,095 | 150,443 |
CMO | ||
Available for Sale - Amortized Cost | ||
Without single maturity date | 10,747 | |
Available for Sale - Fair Value | ||
Without single maturity date | 11,190 | |
ABS | ||
Available for Sale - Amortized Cost | ||
Without single maturity date | 912 | |
Available for Sale - Fair Value | ||
Without single maturity date | 979 | |
SBA certificates | ||
Available for Sale - Amortized Cost | ||
Without single maturity date | 654 | |
Amortized Cost | 654 | 1,119 |
Available for Sale - Fair Value | ||
Without single maturity date | 708 | |
Fair Value | 708 | $ 1,154 |
Mortgage-backed securities | ||
Available for Sale - Amortized Cost | ||
Without single maturity date | 8,323 | |
Available for Sale - Fair Value | ||
Without single maturity date | $ 8,834 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Fair Value by Contractual Maturity - Held to Maturity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Held to Maturity - Amortized Cost | ||
Amortized Cost | $ 2,154 | $ 2,336 |
Held to Maturity - Fair Value | ||
Fair Value | 2,488 | 2,670 |
Municipal | ||
Held to Maturity - Amortized Cost | ||
Due within one year | 244 | |
Due after one year through five years | 1,003 | |
Due after five years through ten years | 683 | |
Due after ten years | 135 | |
Amortized Cost | 2,065 | 2,234 |
Held to Maturity - Fair Value | ||
Due within one year | 276 | |
Due after one year through five years | 1,145 | |
Due after five years through ten years | 809 | |
Due after ten years | 162 | |
Fair Value | 2,392 | $ 2,561 |
CMO | ||
Held to Maturity - Amortized Cost | ||
Without single maturity date | 0 | |
Held to Maturity - Fair Value | ||
Without single maturity date | 0 | |
ABS | ||
Held to Maturity - Amortized Cost | ||
Without single maturity date | 0 | |
Held to Maturity - Fair Value | ||
Without single maturity date | 0 | |
SBA certificates | ||
Held to Maturity - Amortized Cost | ||
Without single maturity date | 0 | |
Held to Maturity - Fair Value | ||
Without single maturity date | 0 | |
Mortgage-backed securities | ||
Held to Maturity - Amortized Cost | ||
Without single maturity date | 89 | |
Held to Maturity - Fair Value | ||
Without single maturity date | $ 96 |
Investment Securities - Investm
Investment Securities - Investment Securities With Gross Unrealized Losses (Details) $ in Thousands | Jun. 30, 2020USD ($)position | Sep. 30, 2019USD ($)position |
Fair Value | ||
Continuous loss position less than twelve months | $ 2,400 | $ 4,904 |
Continuous loss position more than twelve months | 224 | 2,365 |
Total securities available for sale | $ 2,624 | $ 7,269 |
Number of Investment Positions | ||
Continuous loss position less than twelve months | position | 2 | 7 |
Continuous loss position more than twelve months | position | 2 | 7 |
Total securities available for sale | position | 4 | 14 |
Gross Unrealized Losses | ||
Continuous loss position less than twelve months | $ 68 | $ 18 |
Continuous loss position more than twelve months | 12 | 26 |
Total securities available for sale | 80 | 44 |
Agency mortgage-backed | ||
Fair Value | ||
Continuous loss position less than twelve months | 1,248 | |
Continuous loss position more than twelve months | $ 785 | |
Number of Investment Positions | ||
Continuous loss position less than twelve months | position | 3 | |
Continuous loss position more than twelve months | position | 2 | |
Gross Unrealized Losses | ||
Continuous loss position less than twelve months | $ 1 | |
Continuous loss position more than twelve months | 11 | |
Agency CMO | ||
Fair Value | ||
Continuous loss position less than twelve months | 1,962 | |
Continuous loss position more than twelve months | $ 956 | |
Number of Investment Positions | ||
Continuous loss position less than twelve months | position | 1 | |
Continuous loss position more than twelve months | position | 2 | |
Gross Unrealized Losses | ||
Continuous loss position less than twelve months | $ 1 | |
Continuous loss position more than twelve months | 6 | |
Privately-issued CMO | ||
Fair Value | ||
Continuous loss position more than twelve months | $ 26 | $ 33 |
Number of Investment Positions | ||
Continuous loss position more than twelve months | position | 1 | 1 |
Gross Unrealized Losses | ||
Continuous loss position more than twelve months | $ 9 | $ 2 |
Privately-issued ABS | ||
Fair Value | ||
Continuous loss position less than twelve months | $ 455 | |
Number of Investment Positions | ||
Continuous loss position less than twelve months | position | 1 | |
Gross Unrealized Losses | ||
Continuous loss position less than twelve months | $ 13 | |
SBA certificates | ||
Fair Value | ||
Continuous loss position more than twelve months | $ 198 | $ 451 |
Number of Investment Positions | ||
Continuous loss position more than twelve months | position | 1 | 1 |
Gross Unrealized Losses | ||
Continuous loss position more than twelve months | $ 3 | $ 6 |
Municipal | ||
Fair Value | ||
Continuous loss position less than twelve months | $ 1,945 | 1,694 |
Continuous loss position more than twelve months | $ 140 | |
Number of Investment Positions | ||
Continuous loss position less than twelve months | position | 1 | 3 |
Continuous loss position more than twelve months | position | 1 | |
Gross Unrealized Losses | ||
Continuous loss position less than twelve months | $ 55 | $ 16 |
Continuous loss position more than twelve months | $ 1 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)position | Jun. 30, 2019USD ($) | Sep. 30, 2019position | |
Debt and Equity Securities, FV-NI [Line Items] | ||||
Continuous loss position more than twelve months | position | 2 | 7 | ||
Gross realized gains on sales | $ 67,000 | $ 15,000 | $ 68,000 | |
Gross realized losses on sales | $ 123,000 | $ 8,000 | $ 123,000 | |
Debt Securities [Member] | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Available for sale debt securities in loss position, depreciation percentage | 97.04% | |||
Debt Securities [Member] | Downgraded Due To Potential Credit Losses [Member] | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Carrying Value Of Downgraded Due To Potential Credit Losses | $ 946,000 | |||
Debt Securities [Member] | Downgraded Privately Issued Cmos [Member] | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Fair Market Value Of Downgraded Privately Issued Collateralized Mortgage Obligations | $ 1,000,000 | |||
Two Privately Issued Collateralized Mortgage Obligations [Member] | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Available for sale debt securities in loss position, depreciation percentage | 4.24% | |||
Privately-issued CMO | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Continuous loss position more than twelve months | position | 1 | 1 | ||
Investments, Fair Value Disclosure | $ 481,000 | |||
Total unrealized loss | $ 21,000 | |||
Privately-issued CMO | Two Privately Issued Collateralized Mortgage Obligations [Member] | ||||
Debt and Equity Securities, FV-NI [Line Items] | ||||
Continuous loss position more than twelve months | position | 1 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Loans and Allowance for Loan Losses | ||
Gross loans | $ 1,098,770 | $ 820,084 |
Deferred loan origination fees and costs, net (2) | (2,749) | 614 |
Allowance for loan losses | (14,640) | (10,040) |
Loans, net | 1,081,381 | 810,658 |
Commercial real estate [Member] | ||
Loans and Allowance for Loan Losses | ||
Deferred loan origination fees and costs, net (2) | 458 | 408 |
Multifamily real estate [Member] | ||
Loans and Allowance for Loan Losses | ||
Deferred loan origination fees and costs, net (2) | (34) | (33) |
Land and land development [Member] | ||
Loans and Allowance for Loan Losses | ||
Deferred loan origination fees and costs, net (2) | (12) | (1) |
Commercial business [Member] | ||
Loans and Allowance for Loan Losses | ||
Deferred loan origination fees and costs, net (2) | (3,096) | 366 |
Pay Check Protection Program [Member] | ||
Loans and Allowance for Loan Losses | ||
Gross loans | 180,500 | |
Deferred loan origination fees and costs, net (2) | 3,500 | |
Real estate mortgage [Member] | One To Four Family [Member] | ||
Loans and Allowance for Loan Losses | ||
Gross loans | 185,489 | 198,067 |
Real estate mortgage [Member] | Commercial real estate [Member] | ||
Loans and Allowance for Loan Losses | ||
Gross loans | 512,744 | 436,020 |
Real estate mortgage [Member] | Multifamily real estate [Member] | ||
Loans and Allowance for Loan Losses | ||
Gross loans | 42,414 | 38,226 |
Real estate mortgage [Member] | Residential Construction [Member] | ||
Loans and Allowance for Loan Losses | ||
Gross loans | 10,792 | 12,545 |
Real estate mortgage [Member] | Commercial Construction [Member] | ||
Loans and Allowance for Loan Losses | ||
Gross loans | 7,948 | 6,995 |
Real estate mortgage [Member] | Land and land development [Member] | ||
Loans and Allowance for Loan Losses | ||
Gross loans | 10,352 | 10,536 |
Real estate mortgage [Member] | Commercial business [Member] | ||
Loans and Allowance for Loan Losses | ||
Gross loans | 269,821 | 73,034 |
Consumer [Member] | Home Equity [Member] | ||
Loans and Allowance for Loan Losses | ||
Gross loans | 44,997 | 28,651 |
Consumer [Member] | Auto [Member] | ||
Loans and Allowance for Loan Losses | ||
Gross loans | 12,197 | 13,347 |
Consumer [Member] | Other Consumer [Member] | ||
Loans and Allowance for Loan Losses | ||
Gross loans | $ 2,016 | $ 2,663 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Components of Recorded Investment (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Recorded Investment in Loans: | ||
Principal loan balance | $ 1,098,770 | $ 820,084 |
Accrued interest receivable | 4,264 | 3,329 |
Net deferred loan origination fees and costs | (2,749) | 614 |
Recorded investment in loans | 1,100,285 | 824,027 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 19,503 | 12,434 |
Collectively evaluated for impairment | 1,080,782 | 811,593 |
Ending balance | 1,100,285 | 824,027 |
Residential real estate [Member] | ||
Recorded Investment in Loans: | ||
Principal loan balance | 185,489 | 198,067 |
Accrued interest receivable | 599 | 627 |
Net deferred loan origination fees and costs | (90) | (98) |
Recorded investment in loans | 185,998 | 198,596 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 5,230 | 4,448 |
Collectively evaluated for impairment | 180,768 | 194,148 |
Ending balance | 185,998 | 198,596 |
Commercial real estate [Member] | ||
Recorded Investment in Loans: | ||
Principal loan balance | 512,744 | 436,020 |
Accrued interest receivable | 2,424 | 1,922 |
Net deferred loan origination fees and costs | 458 | 408 |
Recorded investment in loans | 515,626 | 438,350 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 11,344 | 7,647 |
Collectively evaluated for impairment | 504,282 | 430,703 |
Ending balance | 515,626 | 438,350 |
Multifamily real estate [Member] | ||
Recorded Investment in Loans: | ||
Principal loan balance | 42,414 | 38,226 |
Accrued interest receivable | 206 | 99 |
Net deferred loan origination fees and costs | (34) | (33) |
Recorded investment in loans | 42,586 | 38,292 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 697 | 0 |
Collectively evaluated for impairment | 41,889 | 38,292 |
Ending balance | 42,586 | 38,292 |
Construction [Member] | ||
Recorded Investment in Loans: | ||
Principal loan balance | 18,740 | 19,540 |
Accrued interest receivable | 91 | 117 |
Net deferred loan origination fees and costs | 54 | 3 |
Recorded investment in loans | 18,885 | 19,660 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 18,885 | 19,660 |
Ending balance | 18,885 | 19,660 |
Land and land development [Member] | ||
Recorded Investment in Loans: | ||
Principal loan balance | 10,352 | 10,536 |
Accrued interest receivable | 22 | 29 |
Net deferred loan origination fees and costs | (12) | (1) |
Recorded investment in loans | 10,362 | 10,564 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 1 | 0 |
Collectively evaluated for impairment | 10,361 | 10,564 |
Ending balance | 10,362 | 10,564 |
Commercial business [Member] | ||
Recorded Investment in Loans: | ||
Principal loan balance | 269,821 | 73,034 |
Accrued interest receivable | 744 | 448 |
Net deferred loan origination fees and costs | (3,096) | 366 |
Recorded investment in loans | 267,469 | 73,848 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 2,057 | 105 |
Collectively evaluated for impairment | 265,412 | 73,743 |
Ending balance | 267,469 | 73,848 |
Consumer [Member] | ||
Recorded Investment in Loans: | ||
Principal loan balance | 59,210 | 44,661 |
Accrued interest receivable | 178 | 87 |
Net deferred loan origination fees and costs | (29) | (31) |
Recorded investment in loans | 59,359 | 44,717 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 174 | 234 |
Collectively evaluated for impairment | 59,185 | 44,483 |
Ending balance | $ 59,359 | $ 44,717 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Allowance For Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Sep. 30, 2019 | |
Changes in Allowance for Loan Losses: | ||||||
Beginning balance | $ 11,691 | $ 9,934 | $ 10,040 | $ 9,323 | ||
Provisions | 2,980 | 337 | 5,190 | 992 | ||
Charge-offs | (69) | (690) | (742) | (781) | ||
Recoveries | 38 | 35 | 152 | 82 | ||
Ending balance | 14,640 | 9,616 | 14,640 | 9,616 | ||
Servicing Asset at Fair Value, Disposals | 0 | 142 | 0 | 142 | ||
Ending Allowance Balance Attributable to Loans: | ||||||
Individually evaluated for impairment | $ 1,796 | $ 545 | ||||
Collectively evaluated for impairment | 12,844 | 9,495 | ||||
Ending balance | 11,691 | 9,616 | 10,040 | 9,616 | 14,640 | 10,040 |
Residential real estate [Member] | ||||||
Changes in Allowance for Loan Losses: | ||||||
Beginning balance | 400 | 220 | 338 | 274 | ||
Provisions | 136 | 142 | 214 | 84 | ||
Charge-offs | 0 | 0 | (36) | (10) | ||
Recoveries | 5 | 8 | 25 | 22 | ||
Ending balance | 541 | 370 | 541 | 370 | ||
Ending Allowance Balance Attributable to Loans: | ||||||
Individually evaluated for impairment | 0 | 10 | ||||
Collectively evaluated for impairment | 541 | 328 | ||||
Ending balance | 541 | 370 | 541 | 370 | 541 | 338 |
Commercial real estate [Member] | ||||||
Changes in Allowance for Loan Losses: | ||||||
Beginning balance | 6,935 | 6,696 | 6,381 | 6,825 | ||
Provisions | 1,921 | (316) | 2,544 | (445) | ||
Charge-offs | 0 | (574) | (115) | (574) | ||
Recoveries | 0 | 2 | 46 | 2 | ||
Ending balance | 8,856 | 5,808 | 8,856 | 5,808 | ||
Ending Allowance Balance Attributable to Loans: | ||||||
Individually evaluated for impairment | 1,745 | 512 | ||||
Collectively evaluated for impairment | 7,111 | 5,869 | ||||
Ending balance | 6,935 | 5,808 | 6,381 | 5,808 | 8,856 | 6,381 |
Multifamily real estate [Member] | ||||||
Changes in Allowance for Loan Losses: | ||||||
Beginning balance | 499 | 232 | 478 | 195 | ||
Provisions | 232 | 259 | 253 | 296 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Ending balance | 731 | 491 | 731 | 491 | ||
Ending Allowance Balance Attributable to Loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 731 | 478 | ||||
Ending balance | 499 | 491 | 478 | 491 | 731 | 478 |
Construction [Member] | ||||||
Changes in Allowance for Loan Losses: | ||||||
Beginning balance | 366 | 515 | 421 | 580 | ||
Provisions | 158 | (23) | 103 | (88) | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Ending balance | 524 | 492 | 524 | 492 | ||
Ending Allowance Balance Attributable to Loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 524 | 421 | ||||
Ending balance | 366 | 492 | 421 | 492 | 524 | 421 |
Land and land development [Member] | ||||||
Changes in Allowance for Loan Losses: | ||||||
Beginning balance | 203 | 237 | 209 | 210 | ||
Provisions | 54 | 5 | 48 | 32 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Ending balance | 257 | 242 | 257 | 242 | ||
Ending Allowance Balance Attributable to Loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 257 | 209 | ||||
Ending balance | 203 | 242 | 209 | 242 | 257 | 209 |
Commercial business [Member] | ||||||
Changes in Allowance for Loan Losses: | ||||||
Beginning balance | 2,587 | 1,535 | 1,639 | 1,041 | ||
Provisions | 170 | 228 | 1,508 | 721 | ||
Charge-offs | 0 | (71) | (396) | (71) | ||
Recoveries | 12 | 12 | 18 | 13 | ||
Ending balance | 2,769 | 1,704 | 2,769 | 1,704 | ||
Ending Allowance Balance Attributable to Loans: | ||||||
Individually evaluated for impairment | 50 | 0 | ||||
Collectively evaluated for impairment | 2,719 | 1,639 | ||||
Ending balance | 2,587 | 1,704 | 1,639 | 1,704 | 2,769 | 1,639 |
Consumer [Member] | ||||||
Changes in Allowance for Loan Losses: | ||||||
Beginning balance | 701 | 499 | 574 | 198 | ||
Provisions | 309 | 42 | 520 | 392 | ||
Charge-offs | (69) | (45) | (195) | (126) | ||
Recoveries | 21 | 13 | 63 | 45 | ||
Ending balance | 962 | 509 | 962 | 509 | ||
Ending Allowance Balance Attributable to Loans: | ||||||
Individually evaluated for impairment | 1 | 23 | ||||
Collectively evaluated for impairment | 961 | 551 | ||||
Ending balance | $ 701 | $ 509 | $ 574 | $ 509 | $ 962 | $ 574 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2019 | |
Loans and Allowance for Loan Losses | |||||
Loans with no related allowance recorded, Recorded Investment | $ 11,903 | $ 11,903 | $ 10,022 | ||
Loans with no related allowance recorded, Unpaid Principal Balance | 12,504 | 12,504 | 10,562 | ||
Loans with no related allowance recorded, Related Allowance | 0 | ||||
Loans with no related allowance recorded, Average Recorded Investment | 13,081 | $ 11,601 | 12,821 | $ 12,072 | |
Loans with no related allowance recorded, Interest Income Recognized | 76 | 107 | 249 | 338 | |
Loans with an allowance recorded, Recorded Investment | 7,600 | 7,600 | 2,412 | ||
Loans with an allowance recorded, Unpaid Principal Balance | 7,579 | 7,579 | 2,799 | ||
Loans with an allowance recorded, Related Allowance | 1,796 | 1,796 | 545 | ||
Loans with an allowance recorded, Average Recorded Investment | 8,540 | 2,873 | 5,346 | 2,325 | |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Total, Recorded Investment | 19,503 | 19,503 | 12,434 | ||
Total, Unpaid Principal Balance | 20,083 | 20,083 | 13,361 | ||
Total, Related Allowance | 1,796 | 1,796 | 545 | ||
Total, Average Recorded Investment | 21,621 | 14,474 | 18,167 | 14,397 | |
Total, Interest Income Recognized | 76 | 107 | 249 | 338 | |
Residential real estate [Member] | |||||
Loans and Allowance for Loan Losses | |||||
Loans with no related allowance recorded, Recorded Investment | 5,230 | 5,230 | 4,438 | ||
Loans with no related allowance recorded, Unpaid Principal Balance | 5,722 | 5,722 | 4,967 | ||
Loans with no related allowance recorded, Related Allowance | 0 | 0 | 0 | ||
Loans with no related allowance recorded, Average Recorded Investment | 5,964 | 4,873 | 5,526 | 5,095 | |
Loans with no related allowance recorded, Interest Income Recognized | 33 | 26 | 94 | 89 | |
Loans with an allowance recorded, Recorded Investment | 0 | 0 | 10 | ||
Loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 | 7 | ||
Loans with an allowance recorded, Related Allowance | 0 | 0 | 10 | ||
Loans with an allowance recorded, Average Recorded Investment | 0 | 94 | 29 | 158 | |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Total, Recorded Investment | 5,230 | 5,230 | 4,448 | ||
Total, Unpaid Principal Balance | 5,722 | 5,722 | 4,974 | ||
Total, Related Allowance | 0 | 0 | 10 | ||
Total, Average Recorded Investment | 5,964 | 4,967 | 5,555 | 5,253 | |
Total, Interest Income Recognized | 33 | 26 | 94 | 89 | |
Commercial real estate [Member] | |||||
Loans and Allowance for Loan Losses | |||||
Loans with no related allowance recorded, Recorded Investment | 3,927 | 3,927 | 5,401 | ||
Loans with no related allowance recorded, Unpaid Principal Balance | 3,934 | 3,934 | 5,408 | ||
Loans with no related allowance recorded, Related Allowance | 0 | 0 | 0 | ||
Loans with no related allowance recorded, Average Recorded Investment | 4,264 | 6,451 | 5,035 | 6,608 | |
Loans with no related allowance recorded, Interest Income Recognized | 42 | 78 | 151 | 240 | |
Loans with an allowance recorded, Recorded Investment | 7,417 | 7,417 | 2,246 | ||
Loans with an allowance recorded, Unpaid Principal Balance | 7,395 | 7,395 | 2,637 | ||
Loans with an allowance recorded, Related Allowance | 1,745 | 1,745 | 512 | ||
Loans with an allowance recorded, Average Recorded Investment | 7,467 | 2,549 | 4,690 | 1,971 | |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Total, Recorded Investment | 11,344 | 11,344 | 7,647 | ||
Total, Unpaid Principal Balance | 11,329 | 11,329 | 8,045 | ||
Total, Related Allowance | 1,745 | 1,745 | 512 | ||
Total, Average Recorded Investment | 11,731 | 9,000 | 9,725 | 8,579 | |
Total, Interest Income Recognized | 42 | 78 | 151 | 240 | |
Multifamily real estate [Member] | |||||
Loans and Allowance for Loan Losses | |||||
Loans with no related allowance recorded, Recorded Investment | 697 | 697 | 0 | ||
Loans with no related allowance recorded, Unpaid Principal Balance | 700 | 700 | 0 | ||
Loans with no related allowance recorded, Related Allowance | 0 | 0 | 0 | ||
Loans with no related allowance recorded, Average Recorded Investment | 702 | 0 | 351 | 0 | |
Loans with no related allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, Recorded Investment | 0 | 0 | 0 | ||
Loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 | 0 | ||
Loans with an allowance recorded, Related Allowance | 0 | 0 | 0 | ||
Loans with an allowance recorded, Average Recorded Investment | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Total, Recorded Investment | 697 | 697 | 0 | ||
Total, Unpaid Principal Balance | 700 | 700 | 0 | ||
Total, Related Allowance | 0 | 0 | 0 | ||
Total, Average Recorded Investment | 702 | 0 | 351 | 0 | |
Total, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Construction [Member] | |||||
Loans and Allowance for Loan Losses | |||||
Loans with no related allowance recorded, Recorded Investment | 0 | 0 | 0 | ||
Loans with no related allowance recorded, Unpaid Principal Balance | 0 | 0 | 0 | ||
Loans with no related allowance recorded, Related Allowance | 0 | 0 | 0 | ||
Loans with no related allowance recorded, Average Recorded Investment | 0 | 0 | 0 | 0 | |
Loans with no related allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, Recorded Investment | 0 | 0 | 0 | ||
Loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 | 0 | ||
Loans with an allowance recorded, Related Allowance | 0 | 0 | 0 | ||
Loans with an allowance recorded, Average Recorded Investment | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Total, Recorded Investment | 0 | 0 | 0 | ||
Total, Unpaid Principal Balance | 0 | 0 | 0 | ||
Total, Related Allowance | 0 | 0 | 0 | ||
Total, Average Recorded Investment | 0 | 0 | 0 | 0 | |
Total, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Land and land development [Member] | |||||
Loans and Allowance for Loan Losses | |||||
Loans with no related allowance recorded, Recorded Investment | 1 | 1 | 0 | ||
Loans with no related allowance recorded, Unpaid Principal Balance | 1 | 1 | 0 | ||
Loans with no related allowance recorded, Related Allowance | 0 | 0 | 0 | ||
Loans with no related allowance recorded, Average Recorded Investment | 1 | 0 | 1 | 8 | |
Loans with no related allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, Recorded Investment | 0 | 0 | 0 | ||
Loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 | 0 | ||
Loans with an allowance recorded, Related Allowance | 0 | 0 | 0 | ||
Loans with an allowance recorded, Average Recorded Investment | 0 | 0 | 0 | 0 | |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Total, Recorded Investment | 1 | 1 | 0 | ||
Total, Unpaid Principal Balance | 1 | 1 | 0 | ||
Total, Related Allowance | 0 | 0 | 0 | ||
Total, Average Recorded Investment | 1 | 0 | 1 | 8 | |
Total, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Commercial business [Member] | |||||
Loans and Allowance for Loan Losses | |||||
Loans with no related allowance recorded, Recorded Investment | 1,982 | 1,982 | 105 | ||
Loans with no related allowance recorded, Unpaid Principal Balance | 2,082 | 2,082 | 106 | ||
Loans with no related allowance recorded, Related Allowance | 0 | 0 | 0 | ||
Loans with no related allowance recorded, Average Recorded Investment | 2,084 | 171 | 1,834 | 246 | |
Loans with no related allowance recorded, Interest Income Recognized | 0 | 2 | 1 | 6 | |
Loans with an allowance recorded, Recorded Investment | 75 | 75 | 0 | ||
Loans with an allowance recorded, Unpaid Principal Balance | 74 | 74 | 0 | ||
Loans with an allowance recorded, Related Allowance | 50 | 50 | 0 | ||
Loans with an allowance recorded, Average Recorded Investment | 938 | 90 | 469 | 36 | |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Total, Recorded Investment | 2,057 | 2,057 | 105 | ||
Total, Unpaid Principal Balance | 2,156 | 2,156 | 106 | ||
Total, Related Allowance | 50 | 50 | 0 | ||
Total, Average Recorded Investment | 3,022 | 261 | 2,303 | 282 | |
Total, Interest Income Recognized | 0 | 2 | 1 | 6 | |
Consumer [Member] | |||||
Loans and Allowance for Loan Losses | |||||
Loans with no related allowance recorded, Recorded Investment | 66 | 66 | 78 | ||
Loans with no related allowance recorded, Unpaid Principal Balance | 65 | 65 | 81 | ||
Loans with no related allowance recorded, Related Allowance | 0 | 0 | 0 | ||
Loans with no related allowance recorded, Average Recorded Investment | 66 | 106 | 74 | 115 | |
Loans with no related allowance recorded, Interest Income Recognized | 1 | 1 | 3 | 3 | |
Loans with an allowance recorded, Recorded Investment | 108 | 108 | 156 | ||
Loans with an allowance recorded, Unpaid Principal Balance | 110 | 110 | 155 | ||
Loans with an allowance recorded, Related Allowance | 1 | 1 | 23 | ||
Loans with an allowance recorded, Average Recorded Investment | 135 | 140 | 158 | 160 | |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Total, Recorded Investment | 174 | 174 | 234 | ||
Total, Unpaid Principal Balance | 175 | 175 | 236 | ||
Total, Related Allowance | 1 | 1 | $ 23 | ||
Total, Average Recorded Investment | 201 | 246 | 232 | 275 | |
Total, Interest Income Recognized | $ 1 | $ 1 | $ 3 | $ 3 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Nonperforming Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Loans and Allowance for Loan Losses | ||
Nonaccrual Loans | $ 13,810 | $ 5,168 |
Loans 90+ Days Past Due Still Accruing | 0 | 12 |
Total Nonperforming Loans | 13,810 | 5,180 |
Residential real estate [Member] | ||
Loans and Allowance for Loan Losses | ||
Nonaccrual Loans | 2,648 | 2,580 |
Loans 90+ Days Past Due Still Accruing | 0 | 12 |
Total Nonperforming Loans | 2,648 | 2,592 |
Commercial real estate [Member] | ||
Loans and Allowance for Loan Losses | ||
Nonaccrual Loans | 8,297 | 2,425 |
Loans 90+ Days Past Due Still Accruing | 0 | 0 |
Total Nonperforming Loans | 8,297 | 2,425 |
Multifamily real estate [Member] | ||
Loans and Allowance for Loan Losses | ||
Nonaccrual Loans | 697 | 0 |
Loans 90+ Days Past Due Still Accruing | 0 | 0 |
Total Nonperforming Loans | 697 | 0 |
Construction [Member] | ||
Loans and Allowance for Loan Losses | ||
Nonaccrual Loans | 0 | 0 |
Loans 90+ Days Past Due Still Accruing | 0 | 0 |
Total Nonperforming Loans | 0 | 0 |
Land and land development [Member] | ||
Loans and Allowance for Loan Losses | ||
Nonaccrual Loans | 1 | 0 |
Loans 90+ Days Past Due Still Accruing | 0 | 0 |
Total Nonperforming Loans | 1 | 0 |
Commercial business [Member] | ||
Loans and Allowance for Loan Losses | ||
Nonaccrual Loans | 2,055 | 0 |
Loans 90+ Days Past Due Still Accruing | 0 | 0 |
Total Nonperforming Loans | 2,055 | 0 |
Consumer [Member] | ||
Loans and Allowance for Loan Losses | ||
Nonaccrual Loans | 112 | 163 |
Loans 90+ Days Past Due Still Accruing | 0 | 0 |
Total Nonperforming Loans | $ 112 | $ 163 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Aging of Recorded Investment in Past Due Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Loans and Allowance for Loan Losses | ||
Total Past Due | $ 9,755 | $ 6,799 |
Current | 1,090,530 | 817,228 |
Recorded investment in loans | 1,100,285 | 824,027 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 4,650 | 2,770 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 466 | 1,366 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 4,639 | 2,663 |
Residential real estate [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 3,941 | 3,317 |
Current | 182,057 | 195,279 |
Recorded investment in loans | 185,998 | 198,596 |
Residential real estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 1,957 | 1,619 |
Residential real estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 459 | 577 |
Residential real estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 1,525 | 1,121 |
Commercial real estate [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 4,699 | 3,187 |
Current | 510,927 | 435,163 |
Recorded investment in loans | 515,626 | 438,350 |
Commercial real estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 1,912 | 892 |
Commercial real estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 0 | 772 |
Commercial real estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 2,787 | 1,523 |
Multifamily real estate [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 0 | 0 |
Current | 42,586 | 38,292 |
Recorded investment in loans | 42,586 | 38,292 |
Multifamily real estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 0 | 0 |
Multifamily real estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 0 | 0 |
Multifamily real estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 0 | 0 |
Construction [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 0 | 0 |
Current | 18,885 | 19,660 |
Recorded investment in loans | 18,885 | 19,660 |
Construction [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 0 | 0 |
Construction [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 0 | 0 |
Construction [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 0 | 0 |
Land and land development [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 1 | 0 |
Current | 10,361 | 10,564 |
Recorded investment in loans | 10,362 | 10,564 |
Land and land development [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 0 | 0 |
Land and land development [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 0 | 0 |
Land and land development [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 1 | 0 |
Commercial business [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 1,099 | 182 |
Current | 266,370 | 73,666 |
Recorded investment in loans | 267,469 | 73,848 |
Commercial business [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 770 | 182 |
Commercial business [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 7 | 0 |
Commercial business [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 322 | 0 |
Consumer [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 15 | 113 |
Current | 59,344 | 44,604 |
Recorded investment in loans | 59,359 | 44,717 |
Consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 11 | 77 |
Consumer [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | 0 | 17 |
Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Past Due | $ 4 | $ 19 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Recorded Investment in Loans by Risk Category (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Loans and Allowance for Loan Losses | ||
Total Loans | $ 1,100,285 | $ 824,027 |
Pass [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 1,075,959 | 803,295 |
Special Mention [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 1,182 | 904 |
Substandard [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 23,013 | 19,767 |
Doubtful [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 131 | 61 |
Loss [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 0 | 0 |
Residential real estate [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 185,998 | 198,596 |
Residential real estate [Member] | Pass [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 182,541 | 194,591 |
Residential real estate [Member] | Special Mention [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 0 | 0 |
Residential real estate [Member] | Substandard [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 3,326 | 3,946 |
Residential real estate [Member] | Doubtful [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 131 | 59 |
Residential real estate [Member] | Loss [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 0 | 0 |
Commercial real estate [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 515,626 | 438,350 |
Commercial real estate [Member] | Pass [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 500,722 | 424,989 |
Commercial real estate [Member] | Special Mention [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 1,057 | 904 |
Commercial real estate [Member] | Substandard [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 13,847 | 12,457 |
Commercial real estate [Member] | Doubtful [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 0 | 0 |
Commercial real estate [Member] | Loss [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 0 | 0 |
Multifamily real estate [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 42,586 | 38,292 |
Multifamily real estate [Member] | Pass [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 41,889 | 37,823 |
Multifamily real estate [Member] | Special Mention [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 0 | 0 |
Multifamily real estate [Member] | Substandard [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 697 | 469 |
Multifamily real estate [Member] | Doubtful [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 0 | 0 |
Multifamily real estate [Member] | Loss [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 0 | 0 |
Construction [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 18,885 | 19,660 |
Construction [Member] | Pass [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 18,885 | 19,660 |
Construction [Member] | Special Mention [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 0 | 0 |
Construction [Member] | Substandard [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 0 | 0 |
Construction [Member] | Doubtful [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 0 | 0 |
Construction [Member] | Loss [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 0 | 0 |
Land and land development [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 10,362 | 10,564 |
Land and land development [Member] | Pass [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 10,361 | 10,564 |
Land and land development [Member] | Special Mention [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 0 | 0 |
Land and land development [Member] | Substandard [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 1 | 0 |
Land and land development [Member] | Doubtful [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 0 | 0 |
Land and land development [Member] | Loss [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 0 | 0 |
Commercial business [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 267,469 | 73,848 |
Commercial business [Member] | Pass [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 262,230 | 71,050 |
Commercial business [Member] | Special Mention [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 125 | 0 |
Commercial business [Member] | Substandard [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 5,114 | 2,798 |
Commercial business [Member] | Doubtful [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 0 | 0 |
Commercial business [Member] | Loss [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 0 | 0 |
Consumer [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 59,359 | 44,717 |
Consumer [Member] | Pass [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 59,331 | 44,618 |
Consumer [Member] | Special Mention [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 0 | 0 |
Consumer [Member] | Substandard [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 28 | 97 |
Consumer [Member] | Doubtful [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | 0 | 2 |
Consumer [Member] | Loss [Member] | ||
Loans and Allowance for Loan Losses | ||
Total Loans | $ 0 | $ 0 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Recorded Investment in Troubled Debt Restructurings by Class of Loan and Accrual Status (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Financing Receivable, Modifications [Line Items] | ||
Accruing | $ 5,694 | $ 7,265 |
Nonaccrual | 6,945 | 410 |
Total | 12,639 | 7,675 |
Residential real estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 2,583 | 1,868 |
Nonaccrual | 125 | 351 |
Total | 2,708 | 2,219 |
Commercial real estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 3,047 | 5,222 |
Nonaccrual | 4,390 | 59 |
Total | 7,437 | 5,281 |
Multifamily real estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 0 | |
Nonaccrual | 697 | |
Total | 697 | |
Commercial Business [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 2 | 105 |
Nonaccrual | 1,733 | 0 |
Total | 1,735 | 105 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 62 | 70 |
Nonaccrual | 0 | 0 |
Total | $ 62 | $ 70 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - Troubled Debt Restructurings (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020USD ($)item | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)item | Jun. 30, 2019USD ($) | |
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||
Number of Loans | 11 | 0 | 13 | 0 |
Pre-Modification Principal Balance | $ 2,438,000 | $ 7,368,000 | ||
Post-Modification Principal Balance | $ 2,438,000 | $ 7,370,000 | ||
Residential real estate [Member] | ||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||
Number of Loans | item | 1 | |||
Pre-Modification Principal Balance | $ 1,099,000 | |||
Post-Modification Principal Balance | $ 1,100,000 | |||
Commercial real estate [Member] | ||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||
Number of Loans | item | 9 | 1 | ||
Pre-Modification Principal Balance | $ 1,737,000 | $ 3,831,000 | ||
Post-Modification Principal Balance | $ 1,737,000 | $ 3,832,000 | ||
Multifamily real estate [Member] | ||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||
Number of Loans | item | 2 | 2 | ||
Pre-Modification Principal Balance | $ 701,000 | $ 701,000 | ||
Post-Modification Principal Balance | $ 701,000 | $ 701,000 | ||
Commercial Business [Member] | ||||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||||
Number of Loans | item | 9 | |||
Pre-Modification Principal Balance | $ 1,737,000 | |||
Post-Modification Principal Balance | $ 1,737,000 |
Loans and Allowance for Loan_12
Loans and Allowance for Loan Losses - Loan Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Loans and Allowance for Loan Losses | ||||
Balance, beginning of period | $ 2,891 | $ 2,595 | $ 3,030 | $ 2,405 |
Servicing rights resulting from transfers of loans | 337 | 449 | 888 | 892 |
Amortization | (166) | (130) | (633) | (383) |
Direct write-offs | 0 | (142) | 0 | (142) |
Change in valuation allowance | 129 | 72 | (94) | 72 |
Balance, end of period | $ 3,191 | $ 2,844 | $ 3,191 | $ 2,844 |
Loans and Allowance for Loan_13
Loans and Allowance for Loan Losses - Mortgage Servicing Rights (Details) - Mortgage Servicing Rights [Member] | 9 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Sep. 30, 2019 | |
Discount rate | 9.25% | 9.25% |
Maximum [Member] | ||
Prepayment rate | 92.40% | 72.79% |
Minimum [Member] | ||
Prepayment rate | 2.41% | 4.42% |
Loans and Allowance for Loan_14
Loans and Allowance for Loan Losses - Mortgage Servicing Rights at Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Balance, beginning of period | $ 2,891 | $ 2,595 | $ 3,030 | $ 2,405 |
Servicing rights resulting from transfers of loans | 337 | 449 | 888 | 892 |
Changes in fair value related to: | ||||
Balance, end of period | 3,191 | $ 2,844 | 3,191 | $ 2,844 |
Mortgage Servicing Rights [Member] | ||||
Balance, beginning of period | 4,055 | 934 | ||
Servicing rights resulting from transfers of loans | 7,104 | 11,289 | ||
Changes in fair value related to: | ||||
Loan repayments | (354) | (538) | ||
Changes in valuation model inputs or assumptions | (433) | (1,313) | ||
Balance, end of period | $ 10,372 | $ 10,372 |
Loans and Allowance for Loan_15
Loans and Allowance for Loan Losses - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2020USD ($)item | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)item | Jun. 30, 2019USD ($) | Jul. 24, 2020USD ($) | Sep. 30, 2019USD ($) | |
Loans and Allowance for Loan Losses | ||||||
Mortgage Loans in Process of Foreclosure, Amount | $ 1,100,000 | $ 1,100,000 | $ 1,300,000 | |||
Number of Loans | 11 | 0 | 13 | 0 | ||
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 1,000 | $ 1,000 | 1,000 | |||
Financing Receivable, Allowance for Credit Losses, Write-downs | 69,000 | $ 690,000 | 742,000 | $ 781,000 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | |||||
Impaired Financing Receivable, Unpaid Principal Balance | 20,083,000 | 20,083,000 | 13,361,000 | |||
Revenue from Contract with Customer, Including Assessed Tax | 141,000 | 237,000 | ||||
Servicing Assets Valuation Allowance | $ 242,000 | $ 242,000 | 148,000 | |||
Commercial real estate [Member] | ||||||
Loans and Allowance for Loan Losses | ||||||
Number of Loans | item | 9 | 1 | ||||
Financing Receivable, Allowance for Credit Losses, Write-downs | $ 0 | $ 574,000 | $ 115,000 | 574,000 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 11,329,000 | $ 11,329,000 | 8,045,000 | |||
Residential real estate [Member] | ||||||
Loans and Allowance for Loan Losses | ||||||
Number of Loans | item | 1 | |||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | $ 36,000 | 10,000 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 5,722,000 | 5,722,000 | 4,974,000 | |||
SBA Loan Servicing Rights [Member] | ||||||
Loans and Allowance for Loan Losses | ||||||
Impaired Financing Receivable, Unpaid Principal Balance | 190,500,000 | 151,400,000 | 190,500,000 | 151,400,000 | 165,000,000 | |
Financial Service Revenue | 502,000 | 317,000 | 1,300,000 | 890,000 | ||
SBA Loan Servicing Rights [Member] | Bank Servicing [Member] | ||||||
Loans and Allowance for Loan Losses | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 23,000 | 11,000 | 53,000 | 27,000 | ||
Troubled Debt Restructuring [Member] | ||||||
Loans and Allowance for Loan Losses | ||||||
Loans and Leases Receivable, Allowance, Covered | 665,000 | 665,000 | 0 | |||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | $ 0 | 0 | $ 0 | ||
Payment extensions or loan forbearance agreements balance amount | $ 90,600,000 | |||||
Troubled Debt Restructuring [Member] | Commercial real estate [Member] | ||||||
Loans and Allowance for Loan Losses | ||||||
Payment extensions or loan forbearance agreements balance amount | 81,900,000 | |||||
Troubled Debt Restructuring [Member] | Residential real estate [Member] | ||||||
Loans and Allowance for Loan Losses | ||||||
Payment extensions or loan forbearance agreements balance amount | 7,200,000 | |||||
Troubled Debt Restructuring [Member] | SBA Lending Segment [Member] | ||||||
Loans and Allowance for Loan Losses | ||||||
Payment extensions or loan forbearance agreements balance amount | $ 1,500,000 | |||||
Mortgage Servicing Rights [Member] | ||||||
Loans and Allowance for Loan Losses | ||||||
Impaired Financing Receivable, Unpaid Principal Balance | 1,180,000,000 | 1,180,000,000 | 91,600,000 | |||
Escrow Balances Maintained with Foregoing Loan Servicing and Other Liabilities | $ 9,100,000 | $ 9,100,000 | $ 427,000 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Deposits | ||
Noninterest-bearing demand deposits | $ 227,797 | $ 173,072 |
NOW accounts | 209,479 | 173,746 |
Money market accounts | 140,931 | 121,281 |
Savings accounts | 134,483 | 120,393 |
Retail time deposits | 210,439 | 146,227 |
Brokered time deposits | 59,741 | 99,665 |
Total deposits | $ 982,870 | $ 834,384 |
Supplemental Disclosure for N_3
Supplemental Disclosure for Net Income (Loss) Per Share (Net income Per Share Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings: | ||||
Net income attributable to First Savings Financial Group, Inc. | $ 15,405 | $ 4,392 | $ 18,217 | $ 10,856 |
Shares: | ||||
Weighted average common shares outstanding, basic | 2,365,217 | 2,333,502 | 2,353,816 | 2,308,359 |
Net income per common share, basic | $ 6.51 | $ 1.88 | $ 7.74 | $ 4.70 |
Earnings: | ||||
Net income attributable to First Savings Financial Group, Inc. | $ 15,405 | $ 4,392 | $ 18,217 | $ 10,856 |
Shares: | ||||
Weighted average common shares outstanding, basic | 2,365,217 | 2,333,502 | 2,353,816 | 2,308,359 |
Add: Dilutive effect of outstanding options | 639 | 35,669 | 20,378 | 55,692 |
Add: Dilutive effect of restricted stock | 931 | 4,407 | 3,205 | 5,370 |
Weighted average common shares outstanding, as adjusted | 2,366,787 | 2,373,578 | 2,377,399 | 2,369,421 |
Net income per common share, diluted | $ 6.51 | $ 1.85 | $ 7.66 | $ 4.58 |
Supplemental Disclosure for N_4
Supplemental Disclosure for Net Income (Loss) Per Share - Additional Information (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 27,458 | 7,200 | 22,158 | 10,200 |
Supplemental Disclosures of C_3
Supplemental Disclosures of Cash Flow Information (Cash Flow Information) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash payments for: | ||
Interest | $ 8,653 | $ 7,205 |
Income taxes (net of refunds received) | 1,254 | 308 |
Noncash investing and financing activities: | ||
Transfers from loans to other real estate owned | 0 | 224 |
Proceeds from sales of other real estate owned financed through loans | 0 | 47 |
Right-of-use assets obtained in exchange for lease obligations | 8,816 | 0 |
Noncash exercise of stock options | 249 | 542 |
Transfers from premises and equipment to other real estate owned | $ 0 | $ 1,838 |
Fair Value Measurements and D_3
Fair Value Measurements and Disclosures about Fair Value of Financial Instruments - Balances Of Financial Assets Measured At Fair Value On Recurring And Nonrecurring (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | $ 203,806 | $ 177,302 | ||||
SBA loan servicing rights | 3,191 | $ 2,891 | 3,030 | $ 2,844 | $ 2,595 | $ 2,405 |
Residential mortgage loans held for sale | 1,081,381 | 810,658 | ||||
Derivative assets (included in other assets) | 17,006 | 3,399 | ||||
Derivative liabilities (included in other liabilities) | 3,468 | 329 | ||||
Agency mortgage-backed | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 8,834 | 14,097 | ||||
Agency CMO | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 10,138 | 9,048 | ||||
Privately-issued CMO | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 1,052 | 1,382 | ||||
Privately-issued ABS | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 979 | 1,178 | ||||
SBA certificates | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 708 | 1,154 | ||||
Municipal | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 182,095 | 150,443 | ||||
Recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 203,806 | 177,302 | ||||
Derivative assets (included in other assets) | 17,006 | 3,399 | ||||
Equity securities (included in other assets) | 66 | 85 | ||||
Mortgage servicing rights (included in other assets) | 10,372 | 934 | ||||
Derivative liabilities (included in other liabilities) | 3,468 | 329 | ||||
Recurring | Agency mortgage-backed | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 8,834 | 14,097 | ||||
Recurring | Agency CMO | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 10,138 | 9,048 | ||||
Recurring | Privately-issued CMO | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 1,052 | 1,382 | ||||
Recurring | Privately-issued ABS | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 979 | 1,178 | ||||
Recurring | SBA certificates | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 708 | 1,154 | ||||
Recurring | Municipal | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 182,095 | 150,443 | ||||
Recurring | Residential mortgage loans held for sale - fair value option elected [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Residential mortgage loans held for sale | 190,305 | 80,457 | ||||
Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 17,707 | 11,889 | ||||
SBA loan servicing rights | 3,191 | |||||
Total other real estate owned | 1,728 | 1,893 | ||||
Nonrecurring | Residential real estate [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 5,230 | 4,438 | ||||
Nonrecurring | Commercial real estate [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 9,599 | 7,135 | ||||
Nonrecurring | Multifamily real estate [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 697 | |||||
Nonrecurring | Commercial business [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 2,007 | 105 | ||||
Nonrecurring | Land and land development [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 1 | |||||
Nonrecurring | Consumer [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 173 | 211 | ||||
Nonrecurring | Small Business Administration Loan [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total loans held for sale | 19,772 | 15,613 | ||||
SBA loan servicing rights | 3,030 | |||||
Nonrecurring | Former bank premises | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total other real estate owned | 1,728 | 1,893 | ||||
Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 0 | 0 | ||||
SBA loan servicing rights | 0 | 0 | ||||
Residential mortgage loans held for sale | 0 | 0 | ||||
Derivative assets (included in other assets) | 0 | 0 | ||||
Equity securities (included in other assets) | 66 | 85 | ||||
Derivative liabilities (included in other liabilities) | 0 | 0 | ||||
Level 1 | Residential mortgage loans held for sale [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
SBA loan servicing rights | 0 | |||||
Residential mortgage loans held for sale | 0 | |||||
Level 1 | Recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 0 | 0 | ||||
Derivative assets (included in other assets) | 0 | 0 | ||||
Equity securities (included in other assets) | 66 | 85 | ||||
Mortgage servicing rights (included in other assets) | 0 | 0 | ||||
Derivative liabilities (included in other liabilities) | 0 | 0 | ||||
Level 1 | Recurring | Agency mortgage-backed | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 0 | 0 | ||||
Level 1 | Recurring | Agency CMO | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 0 | 0 | ||||
Level 1 | Recurring | Privately-issued CMO | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 0 | 0 | ||||
Level 1 | Recurring | Privately-issued ABS | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 0 | 0 | ||||
Level 1 | Recurring | SBA certificates | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 0 | 0 | ||||
Level 1 | Recurring | Municipal | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 0 | 0 | ||||
Level 1 | Recurring | Residential mortgage loans held for sale - fair value option elected [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Residential mortgage loans held for sale | 0 | 0 | ||||
Level 1 | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 0 | 0 | ||||
SBA loan servicing rights | 0 | |||||
Total other real estate owned | 0 | 0 | ||||
Level 1 | Nonrecurring | Residential real estate [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 0 | 0 | ||||
Level 1 | Nonrecurring | Commercial real estate [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 0 | 0 | ||||
Level 1 | Nonrecurring | Multifamily real estate [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 0 | |||||
Level 1 | Nonrecurring | Commercial business [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 0 | 0 | ||||
Level 1 | Nonrecurring | Land and land development [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 0 | |||||
Level 1 | Nonrecurring | Consumer [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 0 | 0 | ||||
Level 1 | Nonrecurring | Small Business Administration Loan [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total loans held for sale | 0 | 0 | ||||
SBA loan servicing rights | 0 | |||||
Level 1 | Nonrecurring | Former bank premises | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total other real estate owned | 0 | 0 | ||||
Level 2 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 203,806 | 177,302 | ||||
SBA loan servicing rights | 0 | 0 | ||||
Residential mortgage loans held for sale | 0 | 0 | ||||
Derivative assets (included in other assets) | 0 | 130 | ||||
Equity securities (included in other assets) | 0 | 0 | ||||
Derivative liabilities (included in other liabilities) | 3,468 | 329 | ||||
Level 2 | Residential mortgage loans held for sale [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
SBA loan servicing rights | 0 | |||||
Residential mortgage loans held for sale | 80,457 | |||||
Level 2 | Recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 203,806 | 177,302 | ||||
Derivative assets (included in other assets) | 0 | 130 | ||||
Equity securities (included in other assets) | 0 | 0 | ||||
Mortgage servicing rights (included in other assets) | 0 | 0 | ||||
Derivative liabilities (included in other liabilities) | 3,468 | 329 | ||||
Level 2 | Recurring | Agency mortgage-backed | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 8,834 | 14,097 | ||||
Level 2 | Recurring | Agency CMO | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 10,138 | 9,048 | ||||
Level 2 | Recurring | Privately-issued CMO | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 1,052 | 1,382 | ||||
Level 2 | Recurring | Privately-issued ABS | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 979 | 1,178 | ||||
Level 2 | Recurring | SBA certificates | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 708 | 1,154 | ||||
Level 2 | Recurring | Municipal | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 182,095 | 150,443 | ||||
Level 2 | Recurring | Residential mortgage loans held for sale - fair value option elected [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Residential mortgage loans held for sale | 190,305 | 80,457 | ||||
Level 2 | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 0 | 0 | ||||
SBA loan servicing rights | 0 | |||||
Total other real estate owned | 0 | 0 | ||||
Level 2 | Nonrecurring | Residential real estate [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 0 | 0 | ||||
Level 2 | Nonrecurring | Commercial real estate [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 0 | 0 | ||||
Level 2 | Nonrecurring | Multifamily real estate [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 0 | |||||
Level 2 | Nonrecurring | Commercial business [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 0 | 0 | ||||
Level 2 | Nonrecurring | Land and land development [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 0 | |||||
Level 2 | Nonrecurring | Consumer [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 0 | 0 | ||||
Level 2 | Nonrecurring | Small Business Administration Loan [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total loans held for sale | 0 | 15,613 | ||||
SBA loan servicing rights | 0 | |||||
Level 2 | Nonrecurring | Former bank premises | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total other real estate owned | 0 | 0 | ||||
Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 0 | 0 | ||||
SBA loan servicing rights | 3,191 | 3,030 | ||||
Residential mortgage loans held for sale | 1,139,310 | 841,646 | ||||
Derivative assets (included in other assets) | 17,006 | 3,269 | ||||
Equity securities (included in other assets) | 0 | 0 | ||||
Derivative liabilities (included in other liabilities) | 0 | 0 | ||||
Level 3 | Residential mortgage loans held for sale [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
SBA loan servicing rights | 934 | |||||
Residential mortgage loans held for sale | 0 | |||||
Level 3 | Recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 0 | 0 | ||||
Derivative assets (included in other assets) | 17,006 | 3,269 | ||||
Equity securities (included in other assets) | 0 | 0 | ||||
Mortgage servicing rights (included in other assets) | 10,372 | 934 | ||||
Derivative liabilities (included in other liabilities) | 0 | 0 | ||||
Level 3 | Recurring | Agency mortgage-backed | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 0 | 0 | ||||
Level 3 | Recurring | Agency CMO | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 0 | 0 | ||||
Level 3 | Recurring | Privately-issued CMO | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 0 | 0 | ||||
Level 3 | Recurring | Privately-issued ABS | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 0 | 0 | ||||
Level 3 | Recurring | SBA certificates | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 0 | 0 | ||||
Level 3 | Recurring | Municipal | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total securities available for sale | 0 | 0 | ||||
Level 3 | Recurring | Residential mortgage loans held for sale - fair value option elected [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Residential mortgage loans held for sale | 0 | 0 | ||||
Level 3 | Nonrecurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 17,707 | 11,889 | ||||
SBA loan servicing rights | 3,191 | |||||
Total other real estate owned | 1,728 | 1,893 | ||||
Level 3 | Nonrecurring | Residential real estate [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 5,230 | 4,438 | ||||
Level 3 | Nonrecurring | Commercial real estate [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 9,599 | 7,135 | ||||
Level 3 | Nonrecurring | Multifamily real estate [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 697 | |||||
Level 3 | Nonrecurring | Commercial business [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 2,007 | 105 | ||||
Level 3 | Nonrecurring | Land and land development [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 1 | |||||
Level 3 | Nonrecurring | Consumer [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total impaired loans | 173 | 211 | ||||
Level 3 | Nonrecurring | Small Business Administration Loan [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total loans held for sale | 19,772 | 0 | ||||
SBA loan servicing rights | 3,030 | |||||
Level 3 | Nonrecurring | Former bank premises | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total other real estate owned | $ 1,728 | $ 1,893 |
Fair Value Measurements and D_4
Fair Value Measurements and Disclosures about Fair Value of Financial Instruments - Reconciliation of derivative Assets measured on a Recurring Basis, Unobservable Input (Level 3) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Fair Value Measurements and Disclosures about Fair Value of Financial Instruments | ||||
Beginning balance | $ 5,678 | $ 1,705 | $ 3,269 | $ 380 |
Unrealized gains recognized in earnings, net of settlements | 11,328 | 1,062 | 13,737 | 2,387 |
Ending balance | $ 17,006 | $ 2,767 | $ 17,006 | $ 2,767 |
Fair Value Measurements and D_5
Fair Value Measurements and Disclosures about Fair Value of Financial Instruments - Significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a recurring basis (Details) - Interest rate lock commitments | Jun. 30, 2020 | Sep. 30, 2019 |
Pull-through rate [Member] | Maximum [Member] | ||
Debt Instrument, Interest Rate | 100.00% | 100.00% |
Pull-through rate [Member] | Minimum [Member] | ||
Debt Instrument, Interest Rate | 25.00% | 55.00% |
Direct costs to close [Member] | Maximum [Member] | ||
Debt Instrument, Interest Rate | 1.00% | |
Direct costs to close [Member] | Minimum [Member] | ||
Debt Instrument, Interest Rate | 0.20% |
Fair Value Measurements and D_6
Fair Value Measurements and Disclosures about Fair Value of Financial Instruments - Summary of Aggregate Fair Value and the Aggregate Remaining Principal Balance for Residential Mortgage Loans Held for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Fair Value Measurements and Disclosures about Fair Value of Financial Instruments | ||
Residential mortgage loans held for sale Aggregate Fair Value | $ 190,305 | $ 80,457 |
Residential mortgage loans held for sale Aggregate Principal Balance | 182,516 | 77,787 |
Residential mortgage loans held for sale Difference | $ 7,789 | $ 2,670 |
Fair Value Measurements and D_7
Fair Value Measurements and Disclosures about Fair Value of Financial Instruments - Summary of Gains and Losses and Interest Included in Earnings Related to Financial Assets Measured at Fair Value Under the Fair Value Options (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Gains - included in mortgage banking income | $ 43,088 | $ 9,611 | $ 67,177 | $ 17,974 |
Total gains and interest included in earnings | 4,359 | 2,152 | 9,556 | 3,519 |
Interest income [Member] | ||||
Interest income | 2,088 | 425 | 3,929 | 766 |
Mortgage Banking [Member] | ||||
Gains - included in mortgage banking income | $ 2,271 | $ 1,727 | $ 5,627 | $ 2,753 |
Fair Value Measurements and D_8
Fair Value Measurements and Disclosures about Fair Value of Financial Instruments - Summary of fair value of loans measured using an entry price notion (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 |
Financial assets: | ||||||
Cash and due from banks | $ 13,594 | $ 13,008 | ||||
Interest-bearing deposits with banks | 13,950 | 28,424 | ||||
Securities available for sale, at fair value | 203,806 | 177,302 | ||||
Securities held to maturity | 2,154 | 2,336 | ||||
Loans, net | 1,081,381 | 810,658 | ||||
SBA Loan servicing rights (included in other assets) | 3,191 | $ 2,891 | 3,030 | $ 2,844 | $ 2,595 | $ 2,405 |
Derivative assets (included in other assets) | 17,006 | 3,399 | ||||
Financial liabilities: | ||||||
Deposits | 982,870 | 834,384 | ||||
Borrowings from FHLB | 298,622 | 222,544 | ||||
Accrued interest payable | 502 | 935 | ||||
Advance payments by borrowers for taxes and insurance | 2,485 | 1,906 | ||||
Derivative liabilities (included in other liabilities) | 3,468 | 329 | ||||
Level 1 | ||||||
Financial assets: | ||||||
Cash and due from banks | 13,594 | 13,008 | ||||
Interest-bearing deposits with banks | 13,950 | 28,424 | ||||
Interest-bearing time deposits | 0 | 0 | ||||
Securities available for sale, at fair value | 0 | 0 | ||||
Securities held to maturity | 0 | 0 | ||||
Loans, net | 0 | 0 | ||||
Residential mortgage loans held for sale | 0 | |||||
SBA loans held for sale | 0 | |||||
FRB and FHLB stock | 0 | |||||
Accrued interest receivable | 0 | 0 | ||||
SBA Loan servicing rights (included in other assets) | 0 | 0 | ||||
Residential mortgage loan servicing rights (included in other assets) | 0 | |||||
Derivative assets (included in other assets) | 0 | 0 | ||||
Equity securities (included in other assets) | 66 | 85 | ||||
Financial liabilities: | ||||||
Deposits | 0 | 0 | ||||
Federal funds purchased | 0 | |||||
Borrowings from FHLB | 0 | 0 | ||||
Federal Reserve PPPLF Borrowings | 0 | |||||
Subordinated note | 0 | 0 | ||||
Accrued interest payable | 0 | 0 | ||||
Advance payments by borrowers for taxes and insurance | 0 | 0 | ||||
Derivative liabilities (included in other liabilities) | 0 | 0 | ||||
Level 1 | Small Business Administration Loans [Member] | ||||||
Financial assets: | ||||||
Loans, net | 0 | |||||
Level 1 | Residential mortgage loans held for sale [Member] | ||||||
Financial assets: | ||||||
Loans, net | 0 | |||||
SBA Loan servicing rights (included in other assets) | 0 | |||||
Level 2 | ||||||
Financial assets: | ||||||
Cash and due from banks | 0 | 0 | ||||
Interest-bearing deposits with banks | 0 | 0 | ||||
Interest-bearing time deposits | 2,513 | 2,265 | ||||
Securities available for sale, at fair value | 203,806 | 177,302 | ||||
Securities held to maturity | 2,488 | 2,670 | ||||
Loans, net | 0 | 0 | ||||
Residential mortgage loans held for sale | 190,305 | |||||
SBA loans held for sale | 0 | |||||
FRB and FHLB stock | 0 | |||||
Accrued interest receivable | 6,637 | 5,041 | ||||
SBA Loan servicing rights (included in other assets) | 0 | 0 | ||||
Residential mortgage loan servicing rights (included in other assets) | 0 | |||||
Derivative assets (included in other assets) | 0 | 130 | ||||
Equity securities (included in other assets) | 0 | 0 | ||||
Financial liabilities: | ||||||
Deposits | 0 | 0 | ||||
Federal funds purchased | 4,000 | |||||
Borrowings from FHLB | 300,469 | 222,432 | ||||
Federal Reserve PPPLF Borrowings | 172,206 | |||||
Subordinated note | 23,779 | 21,143 | ||||
Accrued interest payable | 502 | 935 | ||||
Advance payments by borrowers for taxes and insurance | 2,485 | 1,906 | ||||
Derivative liabilities (included in other liabilities) | 3,468 | 329 | ||||
Level 2 | Small Business Administration Loans [Member] | ||||||
Financial assets: | ||||||
Loans, net | 17,040 | |||||
Level 2 | Residential mortgage loans held for sale [Member] | ||||||
Financial assets: | ||||||
Loans, net | 80,457 | |||||
SBA Loan servicing rights (included in other assets) | 0 | |||||
Level 3 | ||||||
Financial assets: | ||||||
Cash and due from banks | 0 | 0 | ||||
Interest-bearing deposits with banks | 0 | 0 | ||||
Interest-bearing time deposits | 0 | 0 | ||||
Securities available for sale, at fair value | 0 | 0 | ||||
Securities held to maturity | 0 | 0 | ||||
Loans, net | 1,139,310 | 841,646 | ||||
Residential mortgage loans held for sale | 0 | |||||
SBA loans held for sale | 21,953 | |||||
FRB and FHLB stock | 0 | |||||
Accrued interest receivable | 0 | 0 | ||||
SBA Loan servicing rights (included in other assets) | 3,191 | 3,030 | ||||
Residential mortgage loan servicing rights (included in other assets) | 10,372 | |||||
Derivative assets (included in other assets) | 17,006 | 3,269 | ||||
Equity securities (included in other assets) | 0 | 0 | ||||
Financial liabilities: | ||||||
Deposits | 985,049 | 835,384 | ||||
Federal funds purchased | 0 | |||||
Borrowings from FHLB | 0 | 0 | ||||
Federal Reserve PPPLF Borrowings | 0 | |||||
Subordinated note | 0 | 0 | ||||
Accrued interest payable | 0 | 0 | ||||
Advance payments by borrowers for taxes and insurance | 0 | 0 | ||||
Derivative liabilities (included in other liabilities) | 0 | 0 | ||||
Level 3 | Small Business Administration Loans [Member] | ||||||
Financial assets: | ||||||
Loans, net | 0 | |||||
Level 3 | Residential mortgage loans held for sale [Member] | ||||||
Financial assets: | ||||||
Loans, net | 0 | |||||
SBA Loan servicing rights (included in other assets) | 934 | |||||
Estimate of Fair Value Measurement [Member] | ||||||
Financial assets: | ||||||
Cash and due from banks | 13,594 | 13,008 | ||||
Interest-bearing deposits with banks | 13,950 | 28,424 | ||||
Interest-bearing time deposits | 2,513 | 2,265 | ||||
Securities available for sale, at fair value | 203,806 | 177,302 | ||||
Securities held to maturity | 2,154 | 2,336 | ||||
Loans, net | 1,081,381 | 810,658 | ||||
Residential mortgage loans held for sale | 190,305 | |||||
SBA loans held for sale | 19,772 | |||||
FRB and FHLB stock | 17,293 | 13,040 | ||||
Accrued interest receivable | 6,637 | 5,041 | ||||
SBA Loan servicing rights (included in other assets) | 3,191 | 3,030 | ||||
Residential mortgage loan servicing rights (included in other assets) | 10,372 | |||||
Derivative assets (included in other assets) | 17,006 | 3,399 | ||||
Equity securities (included in other assets) | 66 | 85 | ||||
Financial liabilities: | ||||||
Deposits | 982,870 | 834,384 | ||||
Federal funds purchased | 4,000 | |||||
Borrowings from FHLB | 298,622 | 222,544 | ||||
Federal Reserve PPPLF Borrowings | 174,835 | |||||
Subordinated note | 19,780 | 19,729 | ||||
Accrued interest payable | 502 | 935 | ||||
Advance payments by borrowers for taxes and insurance | 2,485 | 1,906 | ||||
Derivative liabilities (included in other liabilities) | $ 3,468 | 329 | ||||
Estimate of Fair Value Measurement [Member] | Small Business Administration Loans [Member] | ||||||
Financial assets: | ||||||
Loans, net | 15,613 | |||||
Estimate of Fair Value Measurement [Member] | Residential mortgage loans held for sale [Member] | ||||||
Financial assets: | ||||||
Loans, net | 80,457 | |||||
SBA Loan servicing rights (included in other assets) | $ 934 |
Fair Value Measurements and D_9
Fair Value Measurements and Disclosures about Fair Value of Financial Instruments - Additional information (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)item | Jun. 30, 2019USD ($) | Sep. 30, 2019item | |
Unrealized gains recognized in earnings | $ 17,000,000 | $ 2,800,000 | $ 17,000,000 | $ 2,800,000 | |
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing Number Of Loans Less than Thousand | item | 0 | 0 | |||
Impairment charges on loan | 94,000 | 70,000 | $ 94,000 | 70,000 | |
Impaired Loans [Member] | |||||
Foreclosed Real Estate Expense | 157,000 | $ 171,000 | $ 2,100,000 | $ 717,000 | |
SBA Loan Servicing Rights [Member] | |||||
Reverse impairment charges | $ 129,000 | ||||
Maximum [Member] | Foreclosed Real Estate Held [Member] | Discount rate | |||||
Prepayment rate | 15.00% | ||||
Maximum [Member] | Collateral [Member] | Discount rate | |||||
Fair value inputs discount rate | 12.00% | ||||
Maximum [Member] | Impaired Loans [Member] | Discount rate | |||||
Fair value inputs discount rate | 25.00% | 90.00% | |||
Maximum [Member] | SBA Loan Servicing Rights [Member] | Discount rate | |||||
Discount rate | 21.23% | 26.61% | |||
Maximum [Member] | SBA Loan Servicing Rights [Member] | Prepayment rate | |||||
Discount rate | 24.47% | 21.17% | |||
Minimum [Member] | Foreclosed Real Estate Held [Member] | Discount rate | |||||
Prepayment rate | 0.00% | ||||
Minimum [Member] | Collateral [Member] | Discount rate | |||||
Fair value inputs discount rate | 0.00% | ||||
Minimum [Member] | Impaired Loans [Member] | Discount rate | |||||
Fair value inputs discount rate | 0.00% | 0.00% | |||
Minimum [Member] | SBA Loan Servicing Rights [Member] | Discount rate | |||||
Discount rate | 5.12% | 6.82% | |||
Prepayment rate | 10.41% | ||||
Minimum [Member] | SBA Loan Servicing Rights [Member] | Prepayment rate | |||||
Prepayment rate | 6.80% | ||||
Weighted Average [Member] | Discount rate | |||||
Other real estate owned discount (in percent) | 30.9 | 30.9 | |||
Weighted Average [Member] | Foreclosed Real Estate Held [Member] | Discount rate | |||||
Prepayment rate | 10.50% | ||||
Weighted Average [Member] | SBA Loan Servicing Rights [Member] | Discount rate | |||||
Discount rate | 11.57% | 11.11% | |||
Weighted Average [Member] | SBA Loan Servicing Rights [Member] | Prepayment rate | |||||
Prepayment rate | 17.10% | 14.10% |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Details) - $ / shares | Oct. 06, 2008 | Jun. 30, 2020 | Sep. 30, 2019 |
Employee Stock Ownership Plan | |||
Total ESOP shares | 203,363 | 121,317 | 136,219 |
Employee stock ownership plan (per share) | $ 10 |
Stock Based Compensation Plan_2
Stock Based Compensation Plans - Fair Value Of Options Granted (Details) | 9 Months Ended |
Jun. 30, 2020$ / shares | |
Stock Based Compensation Plans | |
Expected dividend yield | 1.75% |
Risk-free interest rate | 2.13% |
Expected volatility | 14.60% |
Expected life of options | 7 years |
Weighted average fair value at grant date | $ 6.13 |
Stock Based Compensation Plan_3
Stock Based Compensation Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Number of Shares | ||
Outstanding at beginning of year | 84,806 | |
Granted | 11,958 | |
Exercised | (28,361) | (66,877) |
Forfeited or expired | 0 | |
Outstanding at end of year | 68,403 | |
Vested and expected to vest | 68,403 | |
Exercisable at end of year | 30,027 | |
Weighted Average Exercise Price | ||
Outstanding at beginning of year | $ 34.13 | |
Granted | 66.35 | |
Exercised | 14.01 | |
Forfeited or expired | 0 | |
Outstanding at end of year | 48.11 | |
Vested and expected to vest | 48.11 | |
Exercisable at end of year | $ 42.91 | |
Weighted Average Remaining Contractual Term | ||
Outstanding of year | 7 years 1 month 6 days | |
Vested and expected to vest | 7 years 1 month 6 days | |
Exercisable at end of year | 6 years 7 months 6 days | |
Aggregate Intrinsic Value | ||
Outstanding at end of year | $ 150 | |
Vested and expected to vest | 150 | |
Exercisable at end of year | $ 86 |
Stock Based Compensation Plan_4
Stock Based Compensation Plans - Nonvested Restricted Shares (Details) - Restricted Stock [Member] - $ / shares | 9 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Number of Shares | ||
Nonvested | 13,458 | |
Granted | 1,436 | |
Vested | (4,086) | (3,653) |
Forfeited | 0 | |
Nonvested | 10,808 | |
Weighted Average Grant Date Fair Value | ||
Nonvested | $ 44.62 | |
Granted | 66.35 | |
Vested | 43.24 | |
Forfeited | 0 | |
Nonvested | $ 48.04 |
Stock Based Compensation Plan_5
Stock Based Compensation Plans - Additional Information (Details) - USD ($) | Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Aggreegated number of shares in stock options | 0 | 0 | 0 | ||
Fair value of restricted shares | $ 271,000 | $ 216,000 | |||
Proceeds from exercise of stock options | $ 148,000 | 408,000 | |||
Equity Incentive Plan 2016 [Member] | |||||
Aggreegated number of shares in stock options | 88,000 | 88,000 | 88,000 | ||
Incentive stock options granted | $ 100,000 | ||||
Stock Option Plan 2016 [Member] | |||||
Stock Issued During Period, Shares, New Issues | 7,255 | ||||
Employee Stock Option [Member] | |||||
Unrecognized compensation expenses related to nonvested stock options | $ 183,000 | $ 183,000 | 183,000 | ||
Stock option expense | $ 22,000 | $ 18,000 | $ 64,000 | 54,000 | |
Weighted average period (in years) | 2 years 8 months 26 days | ||||
Intrinsic value of stock options exercised | $ 1,400,000 | $ 2,600,000 | |||
Proceeds from exercise of stock options | 148,000 | ||||
Stock Issued, Value, Stock Options Exercised, Net of Tax Benefit (Expense) | $ 134,000 | ||||
Employee Stock Option [Member] | Equity Incentive Plan 2016 [Member] | |||||
Aggreegated number of shares in stock options | 66,000 | 66,000 | 66,000 | ||
Restricted Stock [Member] | |||||
Restricted shares vested | 4,086 | 3,653 | |||
Unrecognized compensation expenses related to nonvested stock options | $ 397,000 | $ 397,000 | $ 397,000 | ||
weighted average period of compensation expense (in years) | 2 years 7 months 2 days | ||||
Stock option expense | $ 44,000 | $ 129,000 | |||
Compensation expense | $ 49,000 | $ 144,000 | |||
Restricted Stock [Member] | Equity Incentive Plan 2016 [Member] | |||||
Aggreegated number of shares in stock options | 22,000 | 22,000 | 22,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Notional Amount | $ 1,356,765 | $ 461,795 |
Asset Derivatives | 17,006 | 3,399 |
Derivative liabilities (included in other liabilities) | 3,468 | 329 |
Interest rate lock commitments | ||
Notional Amount | 786,015 | 258,545 |
Asset Derivatives | 17,006 | 3,269 |
Derivative liabilities (included in other liabilities) | 0 | 0 |
Forward mortgage loan sale contracts | ||
Notional Amount | 570,750 | 203,250 |
Asset Derivatives | 0 | 130 |
Derivative liabilities (included in other liabilities) | $ 3,468 | $ 329 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Income (loss) Related To Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income (loss) related to derivative financial instruments | $ 6,127 | $ (337) | $ (2,281) | $ 213 |
Interest rate lock commitments | ||||
Income (loss) related to derivative financial instruments | 11,328 | 1,062 | 13,737 | 2,387 |
Forward mortgage loan sale contracts | ||||
Income (loss) related to derivative financial instruments | $ (5,201) | $ (1,399) | $ (16,018) | $ (2,174) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Sep. 30, 2019 |
Derivative Financial Instruments | ||
Cash collateral derivative counterparty obligations | $ 1.5 | $ 0 |
Regulatory Capital - Bank's Act
Regulatory Capital - Bank's Actual Capital Amounts And Ratios (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Sep. 30, 2019 |
Consolidated | ||
Total capital (to risk weighted assets) Actual Amount | $ 153,498 | $ 130,700 |
Tier 1 capital (to risk-weighted assets) Actual Amount | 119,213 | 100,931 |
Common equity tier 1 capital (to risk-weighted assets) Actual Amount | 119,213 | 100,931 |
Tier 1 capital (to average adjusted total assets) Actual Amount | $ 119,213 | $ 100,931 |
Total capital (to risk weighted assets) Actual Ratio | 13.20% | 13.85% |
Tier 1 capital (to risk-weighted assets) Actual Ratio | 10.25% | 10.70% |
Common equity tier 1 capital (to risk-weighted assets) Actual Ratio | 10.25% | 10.70% |
Tier 1 capital (to average adjusted total assets) Actual Ratio | 8.48% | 8.39% |
Total capital (to risk weighted assets) Minimum For Capital Adequacy Purposes Amount | $ 93,002 | $ 75,474 |
Tier 1 capital (to risk-weighted assets) Minimum For Capital Adequacy Purposes Amount | 69,752 | 56,606 |
Common equity tier 1 capital (to risk-weighted assets) Minimum For Capital Adequacy Purposes Amount | 52,314 | 42,454 |
Tier 1 capital (to average adjusted total assets) Minimum For Capital Adequacy Purposes Amount | $ 56,206 | $ 48,142 |
Total capital (to risk weighted assets) Minimum For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier 1 capital (to risk-weighted assets) Minimum For Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
Common equity tier 1 capital (to risk-weighted assets) Minimum For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Tier 1 capital (to average adjusted total assets) Minimum For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Bank [Member] | ||
Total capital (to risk weighted assets) Actual Amount | $ 144,922 | $ 121,160 |
Tier 1 capital (to risk-weighted assets) Actual Amount | 130,417 | 111,120 |
Common equity tier 1 capital (to risk-weighted assets) Actual Amount | 130,417 | 111,120 |
Tier 1 capital (to average adjusted total assets) Actual Amount | $ 130,417 | $ 111,120 |
Total capital (to risk weighted assets) Actual Ratio | 12.49% | 12.88% |
Tier 1 capital (to risk-weighted assets) Actual Ratio | 11.24% | 11.81% |
Common equity tier 1 capital (to risk-weighted assets) Actual Ratio | 11.24% | 11.81% |
Tier 1 capital (to average adjusted total assets) Actual Ratio | 9.36% | 9.34% |
Total capital (to risk weighted assets) Minimum For Capital Adequacy Purposes Amount | $ 92,822 | $ 75,249 |
Tier 1 capital (to risk-weighted assets) Minimum For Capital Adequacy Purposes Amount | 69,617 | 56,437 |
Common equity tier 1 capital (to risk-weighted assets) Minimum For Capital Adequacy Purposes Amount | 52,212 | 42,327 |
Tier 1 capital (to average adjusted total assets) Minimum For Capital Adequacy Purposes Amount | $ 55,714 | $ 47,564 |
Total capital (to risk weighted assets) Minimum For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier 1 capital (to risk-weighted assets) Minimum For Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
Common equity tier 1 capital (to risk-weighted assets) Minimum For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Tier 1 capital (to average adjusted total assets) Minimum For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Total capital (to risk weighted assets) Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 116,028 | $ 94,061 |
Tier 1 capital (to risk-weighted assets) Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 92,822 | 75,249 |
Common equity tier 1 capital (to risk-weighted assets) Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 75,418 | 61,140 |
Tier 1 capital (to average adjusted total assets) Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 69,642 | $ 59,455 |
Total capital (to risk weighted assets) Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier 1 capital (to risk-weighted assets) Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Common equity tier 1 capital (to risk-weighted assets) Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier 1 capital (to average adjusted total assets) Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Regulatory Capital - Additional
Regulatory Capital - Additional Information (Details) - USD ($) $ in Billions | 9 Months Ended | |||
Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2015 | |
Regulatory Capital | ||||
Capital Conservation Buffer, Percentage | 2.50% | 1.875% | 0.00% | |
Maximum amount to attain consolidated capital requirements | $ 3 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Details) - USD ($) | Oct. 01, 2019 | Jun. 30, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
right-of-use asset | $ 8,000,000 | |
Lease liability | 8,075,000 | |
Adoption of ASU 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
right-of-use asset | $ 6,200,000 | |
Lease liability | 6,300,000 | |
Cumulative effect adjustment | $ 166,000 | $ 166,000 |
Segment Reporting - Financial S
Segment Reporting - Financial Statements Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)segment | Jun. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Number of operating segments | segment | 3 | ||||
Net interest income (loss) | $ 12,801 | $ 9,892 | $ 34,603 | $ 29,329 | |
Provision for loan losses | 2,980 | 337 | 5,190 | 992 | |
Net interest income (loss) after provision | 9,821 | 9,555 | 29,413 | 28,337 | |
Net gains on sales of loans, SBA | 1,317 | 1,515 | 3,307 | 3,000 | |
Mortgage banking income | 43,088 | 9,611 | 67,177 | 17,974 | |
Noninterest income | 46,337 | 12,644 | 75,457 | 25,514 | |
Noninterest expense (income) | 35,009 | 16,488 | 81,356 | 40,784 | |
Income before taxes | 21,149 | 5,711 | 23,514 | 13,067 | |
Income tax expense (benefit) | 5,540 | 748 | 5,404 | 1,736 | |
Segment profit (loss) | 15,609 | 4,963 | 18,110 | 11,331 | |
Non cash items: | |||||
Depreciation and amortization | 520 | 361 | 1,281 | 1,221 | |
Segment assets | 1,661,281 | 1,228,953 | 1,661,281 | 1,228,953 | $ 1,222,579 |
Core Banking Segment [Member] | |||||
Net interest income (loss) | 9,955 | 9,043 | 28,976 | 27,043 | |
Provision for loan losses | 1,668 | 162 | 2,404 | (346) | |
Net interest income (loss) after provision | 8,287 | 8,881 | 26,572 | 27,389 | |
Net gains on sales of loans, SBA | 0 | 0 | 0 | 0 | |
Mortgage banking income | 2 | 1 | 6 | 31 | |
Noninterest income | 1,324 | 1,351 | 4,126 | 4,068 | |
Noninterest expense (income) | 12,176 | 7,625 | 25,867 | 21,228 | |
Income before taxes | (2,565) | 2,607 | 4,831 | 10,229 | |
Income tax expense (benefit) | (314) | 196 | 1,020 | 1,549 | |
Segment profit (loss) | (2,251) | 2,411 | 3,811 | 8,680 | |
Non cash items: | |||||
Depreciation and amortization | 441 | 306 | 1,062 | 1,065 | |
Segment assets | 1,412,434 | 1,153,430 | 1,412,434 | 1,153,430 | |
SBA Lending Segment [Member] | |||||
Net interest income (loss) | 1,584 | 1,066 | 3,952 | 2,908 | |
Provision for loan losses | 1,312 | 175 | 2,786 | 1,338 | |
Net interest income (loss) after provision | 272 | 891 | 1,166 | 1,570 | |
Net gains on sales of loans, SBA | 1,317 | 1,515 | 3,307 | 3,000 | |
Mortgage banking income | 0 | 0 | 0 | 0 | |
Noninterest income | 1,785 | 1,658 | 3,923 | 3,468 | |
Noninterest expense (income) | 1,642 | 1,385 | 5,308 | 4,069 | |
Income before taxes | 415 | 1,164 | (219) | 969 | |
Income tax expense (benefit) | 53 | 148 | (28) | 123 | |
Segment profit (loss) | 362 | 1,016 | (191) | 846 | |
Non cash items: | |||||
Depreciation and amortization | 13 | 12 | 40 | 36 | |
Segment assets | 277,888 | 75,979 | 277,888 | 75,979 | |
Mortgage Banking Segment [Member] | |||||
Net interest income (loss) | 1,565 | 87 | 2,575 | 291 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Net interest income (loss) after provision | 1,565 | 87 | 2,575 | 291 | |
Net gains on sales of loans, SBA | 0 | 0 | 0 | 0 | |
Mortgage banking income | 43,086 | 9,610 | 67,171 | 17,943 | |
Noninterest income | 43,228 | 9,635 | 67,408 | 17,978 | |
Noninterest expense (income) | 21,321 | 7,527 | 50,484 | 15,558 | |
Income before taxes | 23,472 | 2,195 | 19,499 | 2,711 | |
Income tax expense (benefit) | 5,868 | 549 | 4,875 | 678 | |
Segment profit (loss) | 17,604 | 1,646 | 14,624 | 2,033 | |
Non cash items: | |||||
Depreciation and amortization | 49 | 26 | 128 | 69 | |
Segment assets | 240,612 | 86,152 | 240,612 | 86,152 | |
Other Segment [Member] | |||||
Net interest income (loss) | (303) | (304) | (900) | (913) | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Net interest income (loss) after provision | (303) | (304) | (900) | (913) | |
Net gains on sales of loans, SBA | 0 | 0 | 0 | 0 | |
Mortgage banking income | 0 | 0 | 0 | 0 | |
Noninterest income | 0 | 0 | 0 | 0 | |
Noninterest expense (income) | (130) | (49) | (303) | (71) | |
Income before taxes | (173) | (255) | (597) | (842) | |
Income tax expense (benefit) | (67) | (145) | (463) | (614) | |
Segment profit (loss) | (106) | (110) | (134) | (228) | |
Non cash items: | |||||
Depreciation and amortization | 17 | 17 | 51 | 51 | |
Segment assets | $ (269,653) | $ (86,608) | $ (269,653) | $ (86,608) |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Sources of Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue from contracts with customers | $ 853 | $ 1,129 | $ 2,997 | $ 3,202 |
Gain (loss) on sale of securities | 0 | (56) | 7 | (55) |
Net gains on sales of loans, SBA | 1,317 | 1,515 | 3,307 | 3,000 |
Mortgage banking income | 43,088 | 9,611 | 67,177 | 17,974 |
Increase in cash value of life insurance | 191 | 157 | 547 | 415 |
Real estate lease income | 138 | 121 | 441 | 436 |
Other | 750 | 167 | 981 | 542 |
Other noninterest income | 45,484 | 11,515 | 72,460 | 22,312 |
Total noninterest income | 46,337 | 12,644 | 75,457 | 25,514 |
Service charges on deposit accounts | ||||
Revenue from contracts with customers | 269 | 484 | 1,219 | 1,444 |
ATM and Interchange Fees | ||||
Revenue from contracts with customers | 491 | 529 | 1,518 | 1,428 |
Investment advisory income | ||||
Revenue from contracts with customers | 70 | 87 | 180 | 221 |
Other | ||||
Revenue from contracts with customers | $ 23 | $ 29 | $ 80 | $ 109 |
Leases - Operation Leases (Deta
Leases - Operation Leases (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||
ROU asset | $ 8,000,000 | ||
Location of ROU asset | us-gaap:OtherAssetsMember | ||
Lease liability | $ 8,075,000 | ||
Location of lease liability | us-gaap:OtherLiabilitiesMember | ||
Operating lease ,Existence of option to extend | true | ||
Lease expense | $ 301,000 | $ 852,000 | |
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Renewal term | 1 year | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Renewal term | 20 years |
Leases - Components of lease ex
Leases - Components of lease expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Leases | ||
Operating lease cost | $ 356 | $ 941 |
Short-term lease cost | 137 | 452 |
Total operating lease cost | $ 493 | $ 1,393 |
Leases - Future minimum commitm
Leases - Future minimum commitments due (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Leases | |
2020 (remaining three months) | $ 363 |
2021 | 1,205 |
2022 | 1,034 |
2023 | 890 |
2024 | 758 |
Thereafter | 6,063 |
Total lease payments | 10,313 |
Less imputed interest | (2,238) |
Total | $ 8,075 |
Leases - Lease term, discount r
Leases - Lease term, discount rate and supplemental cash flow information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Leases | ||
Weighted-average remaining lease term (years) | 18 years 8 months 12 days | |
Weighted-average discount rate | 2.37% | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 874 | |
ROU assets obtained in exchange for lease obligations: | ||
Operating leases | $ 8,816 | $ 0 |