Malvern Bancorp (MLVF) 10-K/A 26 Feb 21 2020 FY Annual report (amended) Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2020	Feb. 25, 2021	Mar. 31, 2020
Cover [Abstract]
Document Type	10-K/A
Amendment Flag	true
Amendment Description	This Amended Report restates amounts included in the audited consolidated financial statements for the years ended September 30, 2020 and 2019, which will allow investors to review all pertinent data in a single presentation. The Company does not intend to file amendments to its annual report for the fiscal year ended September 30, 2019, quarterly reports for the quarterly periods ended December 31, 2019, March 31, 2020 and June 30, 2020, or the preliminary earnings release for the quarterly period ended September 30, 2020 furnished on a Form 8-K filed on November 9, 2020 (collectively, the “Affected Reports”).  Accordingly, investors should rely only on the financial information and other disclosures regarding the Restated Periods that are contained in this Amended Report, and not on the Affected Reports, the Original 10-K, or any reports, earnings releases or similar communications relating to those periods.   For additional information on the above Restatements, see Note 3 Restatement of Previously Issued Consolidated Financial Statements.
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Trading Symbol	MLVF
Entity Registrant Name	MALVERN BANCORP, INC.
Entity Central Index Key	0001550603
Current Fiscal Year End Date	--09-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity File Number	000-54835
Entity Tax Identification Number	45-5307782
Entity Address, Address Line One	42 E. Lancaster Avenue
Entity Address, City or Town	Paoli
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19301
City Area Code	610
Local Phone Number	644-9400
Entity Common Stock Shares Outstanding		7,609,953
Entity Public Float			$ 142.9
Entity Incorporation, State or Country Code	PA
Document Annual Report	true
Document Transition Report	false
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, $.01 par value per share
Entity Interactive Data Current	Yes

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018
Assets
Cash and due from depository institutions	$ 16,386	$ 30,653	$ 1,829	$ 1,337	$ 1,400	$ 1,535	$ 1,370	$ 1,377
Interest bearing deposits in depository institutions	45,053	28,291	124,239	158,465	152,143	148,501	109,450	98,499
Cash and Cash Equivalents	61,439				153,543
Investment securities available for sale, at fair value (amortized cost of $31,658 and $18,522 at September 30, 2020 and 2019, respectively)	31,541	33,245	21,839	23,723	18,411	23,552	19,371	19,231
Investment securities held to maturity, at cost (fair value of $15,608 and $22,609 at September 30, 2020 and 2019, respectively)	14,970	15,921	18,046	20,578	22,485	23,323	26,789	29,323
Restricted stock, at cost	9,622	9,766	10,913	11,115	11,129	10,404	8,952	9,493
Loans receivable, net of allowance for loan losses of $12,433 and $10,095 at September 30, 2020 and 2019, respectively	1,026,894	1,032,318	1,007,132	996,879	1,011,989	1,014,259	1,001,414	928,939
Other real estate owned	5,796	5,796	5,796	5,796	5,796	5,796	5,796	5,796
Accrued interest receivable	3,677	5,680	4,121	4,061	4,253	4,237	4,344	3,724
Operating lease right-of-use-assets	2,638	2,799	2,959	3,119
Property and equipment, net	6,274	6,355	6,476	6,594	6,678	6,795	6,948	7,067
Deferred income taxes, net	3,680	3,103	2,974	2,806	2,840	3,542	3,434	3,367
Bank-owned life insurance	25,400	20,270	20,144	20,018	19,891	19,766	19,643	19,524
Other assets	16,344	13,873	13,869	8,341	12,482	8,468	7,029	6,452
Total Assets	1,208,275	1,208,070	1,240,337	1,262,832	1,269,497	1,270,178	1,214,540	1,132,792
Deposits:
Deposits-noninterest-bearing	50,422				55,684
Deposits-interest-bearing	840,484				898,127
Total Deposits	890,906	884,444	915,900	943,819	953,811	957,199	942,374	843,200
FHLB advances	130,000	130,000	133,000	133,000	133,000	133,000	98,000	118,000
Secured borrowing	4,225	4,225	4,225	4,250	4,275	4,300	4,300	4,300
Subordinated debt	24,776	24,737	24,697	24,658	24,619	24,579	24,540	24,500
Advances from borrowers for taxes and insurance	1,741				1,761
Accrued interest payable	728				978
Operating lease liabilities	2,671	2,824	2,976	3,128
Other liabilities	12,635				8,545
Total Liabilities	1,067,682				1,126,989
Commitments and Contingencies
Shareholders’ Equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued
Common stock, $0.01 par value, 50,000,000 shares authorized, 7,804,469 and 7,609,953 shares issued and outstanding, respectively, at September 30, 2020 and 7,782,258 and 7,765,395 shares issued and outstanding, respectively, at September 30, 2019	76				78
Additional paid-in-capital	85,127				84,783
Retained earnings	60,388				59,744
Unearned Employee Stock Ownership Plan (ESOP) shares	(1,047)				(1,192)
Accumulated other comprehensive loss	(1,088)				(569)
Treasury stock, at cost: 194,516 shares and 16,863 shares at September 30, 2020 and September 30, 2019, respectively	(2,863)				(336)
Total Shareholders’ Equity	140,593	143,531	143,150	143,535	142,508	139,668	137,568	135,679	$ 110,823
Total Liabilities and Shareholders’ Equity	$ 1,208,275	$ 1,208,070	$ 1,240,337	$ 1,262,832	$ 1,269,497	$ 1,270,178	$ 1,214,540	$ 1,132,792

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Statement Of Financial Position [Abstract]
Investment securities available for sale, amortized cost	$ 31,658	$ 18,522
Investment securities held to maturity, fair value	15,608	22,609
Allowance for loan losses	$ 12,433	$ 10,095	$ 9,021
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized	50,000,000	50,000,000
Common stock, issued	7,804,469	7,782,258
Common stock, outstanding	7,609,953	7,765,395
Treasury stock, shares	194,516	16,863

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019
Interest and Dividend Income
Loans, including fees									$ 41,441	$ 43,754
Investment securities, taxable									1,048	982
Investment securities, tax-exempt									124	207
Dividends, restricted stock									631	627
Interest-bearing cash accounts									1,063	2,265
Total Interest and Dividend Income	$ 10,340	$ 10,498	$ 11,629	$ 11,840	$ 12,731	$ 12,501	$ 11,646	$ 10,957	44,307	47,835
Interest Expense
Deposits									12,846	14,348
Short-term borrowings										7
Long-term borrowings									2,898	2,873
Subordinated debt									1,531	1,532
Total Interest Expense	3,620	3,867	4,836	4,952	5,313	5,040	4,397	4,010	17,275	18,760
Net Interest Income	6,720	6,631	6,793	6,888	7,418	7,461	7,249	6,947	27,032	29,075
Provision for Loan Losses	7,400	435	625	2,150		56	870	1,453	10,610	2,379
Net Interest Income after Provision for Loan Losses									16,422	26,696
Other Income
Service charges and other fees									1,316	1,796
Rental income									217	243
Net gains on sale and call of investments									330	28
Net gains on sale of loans									116	37
Earnings on bank-owned life insurance									509	488
Total Other Income	692	389	964	443	551	454	441	1,146	2,488	2,592
Other Expense
Salaries and employee benefits									8,889	8,541
Occupancy expense									2,309	2,256
Federal deposit insurance premium									155	221
Advertising									119	107
Data processing									1,105	1,024
Professional fees									1,995	1,799
Other real estate owned expense, net									88	192
Pennsylvania shares tax									678	431
Other operating expenses									2,964	2,916
Total Other Expenses	4,558	4,684	4,638	4,422	4,453	4,497	4,443	4,094	18,302	17,487
Income before income tax expense	(4,546)	1,901	2,494	759	3,516	3,362	2,377	2,546	608	11,801
Income tax expense	(1,043)	447	586	(26)	817	706	411	535	(36)	2,469
Net Income	$ (3,503)	$ 1,454	$ 1,908	$ 785	$ 2,699	$ 2,656	$ 1,966	$ 2,011	$ 644	$ 9,332
Earnings Per Common Share:
Basic	$ 0.46	$ 0.19	$ 0.25	$ 0.10	$ 0.35	$ 0.35	$ 0.26	$ 0.27	$ 0.08	$ 1.22
Diluted	$ 0.46	$ 0.19	$ 0.25	$ 0.10	$ 0.35	$ 0.35	$ 0.26	$ 0.27	$ 0.08	$ 1.22
Weighted Average Common Shares Outstanding
Basic	7,522,199	7,538,375	7,663,771	7,665,842	7,663,242	7,669,851	7,667,518	7,555,810	7,597,528	7,638,866
Diluted	7,522,360	7,538,375	7,663,771	7,665,842	7,663,593	7,670,106	7,667,518	7,555,969	7,597,726	7,639,166

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net Income		$ (3,503)	$ 1,454	$ 1,908	$ 785	$ 2,699	$ 2,656	$ 1,966	$ 2,011	$ 644	$ 9,332
Other Comprehensive (Loss) Income, Net of Tax:
Unrealized holding gains on available-for-sale securities										320	419
Tax effect										(67)	(88)
Net of tax amount										253	331
Reclassification adjustment for net gains arising during the period	[1]									(330)	(28)
Tax effect										69	6
Net of tax amount										(261)	(22)
Adjustment for loss recorded on replacement of derivative										31
Amortization of unrealized holding losses on securities transferred from available-for-sale to held-to-maturity	[2]									3	4
Tax effect										(1)	(1)
Net of tax amount										2	3
Fair value adjustment on derivatives										(681)	(1,855)
Tax effect										137	390
Net of tax amount										(544)	(1,465)
Total other comprehensive loss										(519)	(1,153)
Total comprehensive income										$ 125	$ 8,179
[1]	Amounts are included in net gains on sale and call of investments on the Consolidated Statements of Operations in total other income.
[2]	Amounts are included in interest and dividends on investment securities on the Consolidated Statements of Operations.

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Unearned ESOP Shares [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]
Balance at beginning at Sep. 30, 2018	$ 110,823	$ 66	$ 61,099	$ 50,412	$ (1,338)	$ 584
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	2,011
Balance at ending at Dec. 31, 2018	135,679
Balance at beginning at Sep. 30, 2018	110,823	66	61,099	50,412	(1,338)	584
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	9,332			9,332
Other comprehensive loss	(1,153)					(1,153)
Treasury stock activity	(336)						$ (336)
Stock issuance (net issuance of proceeds of $25,000)	23,344	12	23,332
Committed to be released ESOP shares	289		143		146
Stock based compensation	209		209
Balance at ending at Sep. 30, 2019	142,508	78	84,783	59,744	(1,192)	(569)	(336)
Balance at beginning at Dec. 31, 2018	135,679
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	1,966
Balance at ending at Mar. 31, 2019	137,568
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	2,656
Balance at ending at Jun. 30, 2019	139,668
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	2,699
Balance at ending at Sep. 30, 2019	142,508	78	84,783	59,744	(1,192)	(569)	(336)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	785
Balance at ending at Dec. 31, 2019	143,535
Balance at beginning at Sep. 30, 2019	142,508	78	84,783	59,744	(1,192)	(569)	(336)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	644			644
Other comprehensive loss	(519)					(519)
Treasury stock activity	(2,529)	(2)					(2,527)
Committed to be released ESOP shares	236		91		145
Stock based compensation	253		253
Balance at ending at Sep. 30, 2020	140,593	76	85,127	60,388	(1,047)	(1,088)	(2,863)
Balance at beginning at Dec. 31, 2019	143,535
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	1,908
Balance at ending at Mar. 31, 2020	143,150
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	1,454
Balance at ending at Jun. 30, 2020	143,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	(3,503)
Balance at ending at Sep. 30, 2020	$ 140,593	$ 76	$ 85,127	$ 60,388	$ (1,047)	$ (1,088)	$ (2,863)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Sep. 30, 2019USD ($)shares
Statement Of Stockholders Equity [Abstract]
Committed to be released ESOP shares | shares	14,400
Proceeds from net of issuance cost | $	$ 25,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities
Net Income	$ 644	$ 9,332
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	745	761
Provision for Loan Losses	10,610	2,379
Deferred income taxes (benefit) expense	(840)	231
ESOP expense	236	289
Stock based compensation	253	209
Amortization of premiums and discounts on investment securities, net	215	275
Amortization of loan origination fees and costs	513	183
Amortization of mortgage service rights	67	45
Amortization of subordinated debt issuance costs	157	158
Net gain on sale and call of investment securities available for sale	(330)	(28)
Net loss on sale of fixed assets	4
Net gain on disposal of fixed assets	(45)
Net gain on sale of secondary market loans	(116)	(37)
Proceeds on sale of secondary market loans	5,231	2,867
Originations of secondary market loans	(5,115)	(2,830)
Earnings on bank-owned life insurance	(509)	(488)
Decrease (increase) in accrued interest receivable	576	(453)
(Decrease) increase in accrued interest payable	(250)	194
Operating lease liability payments	(667)
Increase in other liabilities	6,761	6,630
Increase in other assets	(6,414)	(9,476)
Net Cash Provided by Operating Activities	11,726	10,241
Investment securities available-for-sale:
Purchases	(30,146)	(17,890)
Sales	8,901	2,055
Maturities, calls and principal repayments	8,378	22,092
Investment securities held-to-maturity:
Maturities, calls and principal repayments	7,362	7,385
Proceeds from sale of loans		384
Net increase in loans	(26,028)	(114,295)
Purchase of bank-owned life insurance	(5,000)
Net decrease (increase) in restricted stock	1,507	(2,592)
Purchases of property and equipment	(300)	(258)
Net Cash Used in Investing Activities	(35,326)	(103,119)
Cash Flows from Financing Activities
Net (decrease) increase in deposits	(62,905)	179,648
Proceeds for long-term borrowings	25,000	70,000
Repayment of long-term borrowings	(28,000)	(55,000)
Repayment of other borrowed money	(50)	(2,525)
(Decrease) increase in advances from borrowers for taxes and insurance	(20)	456
Net proceeds from issuance of common stock		23,344
Acquisition of treasury stock	(2,529)	(336)
Net Cash (Used in) Provided by Financing Activities	(68,504)	215,587
Net (Decrease) Increase in Cash and Cash Equivalents	(92,104)	122,709
Cash and Cash Equivalent - Beginning	153,543	30,834
Cash and Cash Equivalent - Ending	61,439	153,543
Supplementary Cash Flows Information
Interest paid	17,347	18,386
Non-cash transfer to other real estate owned		5,796
Non-cash transfer of loans to loans held for sale		367
Income taxes paid	1,477	$ 1,367
Impact of ASC 842 adoption:
Right-of-use asset	3,279
Operating lease liability	$ 3,279

Organizational Structure and Na

Organizational Structure and Nature of Operations	12 Months Ended
	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organizational Structure and Nature of Operations	Note 1 – Organizational Structure and Nature of Operations Malvern Bancorp, Inc. (the “Company” or “Malvern Bancorp”), a Pennsylvania corporation, is a registered bank holding company registered under the Bank Holding Company Act of 1956, as amended (the “Holding Company Act”). Malvern Bancorp is the holding company for Malvern Bank, National Association (“Malvern Bank” or the “Bank”), a national bank that was originally organized in 1887 as a federally-chartered savings bank. The Company’s primary business is the ownership and operation of the Bank. The Bank’s principal business consists of attracting deposits from businesses and the general public and investing those deposits, together with borrowings and funds generated from operations, in commercial and multi-family real estate loans, one- to four-family residential real estate loans, construction and development loans, commercial business loans, home equity loans and lines of credit and other consumer loans, as well as investing in investment securities. We also maintain a portfolio of investment securities, primarily comprised of corporate bonds, mortgage-backed securities, U.S. agency and bank qualified municipal obligations. Malvern Bank now serves as one of the oldest banks headquartered on the Philadelphia Main Line. For more than a century, the Bank has been committed to helping people build prosperous communities as a trusted financial partner, forging lasting relationships through teamwork, respect and integrity. We derive substantially all of our income from our net interest income (i.e., the difference between the interest we receive on our loans and securities and the interest we pay on deposits and other borrowings). The Bank’s revenues are derived principally from interest on loans and investment securities, loan commitment and customer service fees and our mortgage banking operation. Deposits serve as the primary source of funding for our interest-earning assets, but we also generate non-interest revenue through insufficient funds fees, stop payment fees, safe deposit rental fees, card income, including credit and debit card interchange fees, gift card fees, and other miscellaneous fees. In addition, the Bank generates additional non-interest revenue associated with residential loan origination and sale, back to back customer swaps, loan servicing, late fees and merchant services. The Bank’s primary expenses are interest expense on deposits and borrowings, provisions for loan losses and general operating expenses. The Bank conducts business from its headquarters in Paoli, Pennsylvania, a suburb of Philadelphia, and through its nine other banking locations in Chester and Delaware counties, Pennsylvania, Morristown, New Jersey, its New Jersey regional headquarters and Palm Beach, Florida. The Bank also maintains representative offices in Wellington, Florida and Allentown, Pennsylvania. The Bank’s primary market niche is providing personalized service to its client base. The Bank has the following subsidiary interests: • The Bank owns 100 percent of Malvern Insurance Associates, LLC (“Malvern Associates”), a Pennsylvania limited liability company. Malvern Associates is a licensed insurance broker under Pennsylvania and New Jersey law. • Certain mortgage-backed securities of the Bank are held through Delaware statutory trusts, 5 percent of which are owned by the Bank and 95 percent of which are owned by Coastal Asset Management Co., a Delaware corporation which is wholly owned by the Bank. • The Bank owns 100 percent of Joliet 55 LLC., an Illinois limited liability company which holds an other real estate owned (“OREO”) asset. • The Bank owns a 10 percent non-controlling interest in Bell Rock Capital, LLC (“Bell Rock”), an investment advisor registered with the SEC. • The Bank owns a 3.39 percent interest in Bankers Settlement Services Capital Region, LLC, a Pennsylvania limited liability company which acts as a title insurance agent or agency. The banking industry is highly regulated. The Bank is supervised by the Office of the Comptroller of the Currency (the “OCC”), and the Company is supervised by the Board of Governors of the Federal Reserve Board (the “FRB”). In accordance with the subsequent events topic of the Financial Accounting Standards Board (“FASB”)

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Presentation and Consolidation The consolidated financial statements at and for the years ended September 30, 2020 and 2019 include the accounts of Malvern Bancorp, Inc. and its subsidiaries. All significant intercompany transactions and balances have been eliminated. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and the valuation of DTAs. Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located within Chester County, Pennsylvania and Morris County, New Jersey. Our lending efforts are also focused in Bucks County, Montgomery County and Delaware County, which are also in southeastern Pennsylvania, New Jersey and the New York metropolitan marketplace. Note 7 discusses the types of investment securities that the Company invests in. Note 8 discusses the types of lending that the Company engages in. The Company does not have any significant concentrations to any one industry or customer. Although the Company has a diversified portfolio, its debtor’s ability to honor their contracts is influenced by, among other factors, the region’s economy. Operating, Accounting and Reporting Considerations related to COVID-19 The COVID-19 pandemic has negatively impacted the global economy. In response to the crisis, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was passed by Congress and signed into law on March 27, 2020. The CARES Act provides an estimated $2.2 trillion to fight the COVID-19 pandemic and stimulate the economy by supporting individuals and businesses through loans, grants, tax changes, and other types of relief. Under Section 4013 of the CARES Act, and based upon regulatory guidance promulgated by federal banking regulators, qualifying short-term loan modifications resulting in payment deferrals that are attributable to the adverse impact of COVID-19, are not considered to be troubled debt restructurings (“TDRs”). • Accounting for Loan Modifications – The CARES Act provides that a financial institution may elect to suspend (1) the requirements under GAAP for certain loan modifications that would otherwise be categorized as a troubled debt restructure (“TDR”) and (2) any determination that such loan modifications would be considered a TDR, including the related impairment for accounting purposes. The suspension is applicable for the term of the loan modification that occurs during the applicable period for a loan that was not more than 30 days past due as of December 31, 2019. The suspension is not applicable to any adverse impact on the credit of a borrower that is not related to the pandemic. • Paycheck Protection Program – The CARES Act established the Paycheck Protection Program (“PPP”), an expansion of the Small Business Administration’s 7(a) loan program and the Economic Injury Disaster Loan Program (“EIDL”), administrated directly by the Small Business Administration (“SBA”). • Mortgage Forbearance – Under the CARES Act, through the earlier of December 31, 2020, mortgage customers experiencing financial hardship due to COVID-19 may request forbearance on the loan for up to 30 days, with up to two additional 30-day periods at the borrower’s request. Also in response to the COVID-19 pandemic, the Board of Governors of the Federal Reserve System (“FRB”), the Federal Deposit Insurance Corporation (“FDIC”), the National Credit Union Administration (“NCUA”), the Office of the Comptroller of the Currency (“OCC”), and the Consumer Financial Protection Bureau (“CFPB”), in consultation with the state financial regulators (collectively, the “agencies”) issued a joint interagency statement (issued March 22, 2020; revised statement issued April 7, 2020). Some of the provisions applicable to the Company include, but are not limited to: Note 2 - Summary of Significant Accounting Policies (Continued) • Accounting for Loan Modifications – Loan modifications that do not meet the conditions of the CARES Act may still qualify as a modification that does not need to be accounted for as a TDR. The agencies confirmed with FASB staff that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who are current prior to any relief are not TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or insignificant delays in payments. Loan modifications were made in accordance with Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions working with customers affected by COVID-19 and therefore were not classified as TDRs. • Past Due Reporting – With regard to loans not otherwise reportable as past due, financial institutions are not expected to designate loans with deferrals granted due to COVID-19 as past due because of the deferral. A loan’s payment date is governed by the due date stipulated in the legal agreements. If a financial institution agrees to a payment deferral, these loans would not be considered past due during the period of the deferral. • Nonaccrual Status and Charge-offs – During short-term COVID-19 modifications, these loans generally should not be reported as nonaccrual or as classified. Risks and Uncertainties On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 a global pandemic. The COVID-19 pandemic has adversely affected, and may continue to adversely affect local, national and global economic activity. Actions taken to help mitigate the spread of COVID-19 include restrictions on travel, localized quarantines, and government-mandated closures of certain businesses. The spread of the outbreak has caused significant disruptions to the U.S. economy and has disrupted banking and other financial activity in the areas in which the Company operates. On March 3, 2020, the Federal Open Market Committee reduced the targeted federal funds interest rate range by 50 basis points to 1.00 percent to 1.25 percent. This range was further reduced to 0 percent to 0.25 percent on March 16, 2020. On March 27, 2020, the CARES Act was enacted to, among other provisions, provide emergency assistance for individuals, families and businesses affected by the COVID-19 pandemic. These reductions in interest rates and other effects of the COVID-19 pandemic may materially and adversely affect the Company's financial condition and results of operations in future periods. It is unknown how long the adverse conditions associated with the COVID-19 pandemic will last and what the complete financial effect will be to the Company. It is possible that estimates made in the financial statements could be materially and adversely impacted as a result of these conditions, including estimates regarding expected credit losses on loans receivable, and other-than-temporary impairment of investment securities. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from depository institutions and interest-bearing deposits. The Company maintains cash deposits in other depository institutions that occasionally exceed the amount of deposit insurance available. Management periodically assesses the financial condition of these institutions and believes that the risk of any possible credit loss is minimal. The Company is required to maintain average reserve balances in vault cash with the Federal Reserve Bank based upon outstanding balances of deposit transaction accounts. Based upon the Company’s outstanding transaction deposit balances, the Bank maintained a deposit account with the Federal Reserve Bank of Philadelphia in the amount of zero at September 30, 2020 and 2019. Investment Securities Held-to-maturity (“HTM”) are securities that includes debt securities that the Company has the positive intent and the ability to hold to maturity. These securities are reported at amortized cost and adjusted for unamortized Note 2 - Summary of Significant Accounting Policies (Continued) premiums and discounts. Securities held for trading are securities that are bought and held principally for the purpose of selling in the near term; these securities are reported at fair value, with unrealized gains and losses reported in current earnings. At September 30, 2020 and 2019, the Company had no investment securities classified as trading. Debt securities that will be held for indefinite periods of time and equity securities, including securities that may be sold in response to changes in market interest or prepayment rates, needs for liquidity and changes in the availability of and the yield of alternative investments, are classified as available for sale. Realized gains and losses are recorded on the trade date and are determined using the specific identification method. Securities held as available for sale are reported at fair value, with unrealized gains and losses, net of tax, reported as a component of accumulated other comprehensive income (“AOCI”). Management determines the appropriate classification of investment securities at the time of purchase. Securities are evaluated on a quarterly basis, and more frequently when market conditions warrant such an evaluation, to determine whether declines in their value are other-than-temporary. To determine whether a loss in value is other-than-temporary, management utilizes criteria such as the reasons underlying the decline, the magnitude and duration of the decline and whether or not management intends to sell or expects that it is more likely than not that it will be required to sell the security prior to an anticipated recovery of the fair value. The term “other-than-temporary” is not intended to indicate that the decline is permanent, but indicates that the prospects for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. Once a decline in value for a debt security is determined to be other-than-temporary, the other-than-temporary impairment is separated into (a) the amount of the total other-than-temporary impairment related to a decrease in cash flows expected to be collected from the debt security (the credit loss) and (b) the amount of the total other-than-temporary impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive income. Loans Receivable The Company, through the Bank, grants mortgage, construction, commercial and consumer loans to customers. Substantially all of our loans are to individuals, businesses and real estate developers in Chester County, Pennsylvania and neighboring areas in southern Pennsylvania, New Jersey and the New York metropolitan marketplace, Delaware and Florida markets. The ability of the Company’s debtors to honor their contracts is dependent upon, among other factors, the real estate and general economic conditions in this area. Loans receivable that management has the intent and ability to hold until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans using the interest method. The Company is amortizing these amounts over the contractual lives of the loans. The loans receivable portfolio is segmented into residential loans, construction and development loans, commercial loans and consumer loans. The residential loan segment has one class, one- to four-family first lien residential mortgage loans. The construction and development loan segment consists of the following classes: residential and commercial and land loans. Residential construction loans are made for the acquisition of and/or construction on a lot or lots on which a residential dwelling is to be built. Commercial construction loans are made for the purpose of acquiring, developing and constructing a commercial structure. The commercial loan segment consists of the following classes: commercial real estate loans, multi-family real estate loans, and other commercial loans, which are also generally known as commercial and industrial loans or commercial business loans. The consumer loan segment consists of the following classes: home equity lines of credit, second mortgage loans and other consumer loans, primarily unsecured consumer lines of credit. For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collection of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the Note 2 - Summary of Significant Accounting Policies (Continued) collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. In addition to originating loans, the Company purchases consumer and mortgage loans from brokers in our market area. Such purchases are reviewed for compliance with our underwriting criteria before they are purchased, and are generally purchased without recourse to the seller. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective yield method. Reserves for unfunded lending commitments represent management’s estimate of losses inherent in its unfunded loan commitments and is recorded in other liabilities on the consolidated statements of financial condition. Allowance for Loan Losses The allowance for credit losses consists of the allowance for loan losses. The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the consolidated statement of financial condition date and is recorded as a reduction to loans. The allowance for loan losses (“ALLL”, “allowance”) is increased by the provision for loan losses and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment or collateral recovery of all, or part, of the principal balance is highly unlikely. Non-residential consumer loans a The allowance for credit losses is maintained at a level considered adequate to provide for losses that can be reasonably estimated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, the composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, a specific reserve is recognized when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class that are not considered impaired. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these classes of loans, as adjusted for qualitative factors. These qualitative risk factors include: 1. Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices. 2. National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans. 3. The nature and volume of the loan portfolio and terms of loans. 4. The experience, ability, and depth of lending management and staff. 5. The volume and severity of past due, classified and nonaccrual loans as well as any other loan modifications. 6. The quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors. Note 2 - Summary of Significant Accounting Policies (Continued) 7. The existence and effect of any concentrations of credit and changes in the level of such concentrations. 8. Value of underlying collateral. 9. A single calculation figure which is subsequently applied to the loan portfolio by loan type (Commercial, Residential and Consumer) based upon the percent of each to total loans. It is derived from a review of a peer group consisting of ten banks with similar asset size within the same general geographic area of the Bank. The qualitative factors are applied to the historical loss rates for each class of loan. In addition, while not reported as a separate factor, changes in the value of underlying collateral (for regional property values) for collateral dependent loans is considered and addressed within the economic trends factor. A quarterly calculation is made adjusting the reserve allocation for each factor within a risk weighted range as it relates to each particular loan type, collateral type and risk rating within each segment. Data is gathered and evaluated through internal, regulatory, and government sources quarterly for each factor. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. In addition, the allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include categories of “pass,” “special mention,” “substandard” and “doubtful.” Assets classified as “Pass” are those protected by the current net worth and paying capacity of the obligor or by the value of the underlying collateral. Assets which do not currently expose the insured institution to sufficient risk to warrant classification as substandard or doubtful but possess certain identified weaknesses are required to be designated “special mention.” If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. An asset is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” Residential Lending. Residential mortgage originations are secured primarily by properties located in the Company’s primary market area and surrounding areas. We currently originate fixed-rate, fully amortizing mortgage loans with maturities of 10 to 30 years. We also offer adjustable rate mortgage (“ARM”) loans where the interest rate either adjusts on an annual basis or is fixed for the initial one, three or seven years and then adjusts annually. We underwrite one- to four-family residential mortgage loans with loan-to-value ratios of up to 95 percent, provided that the borrower obtains private mortgage insurance on loans that exceed 80 percent of the appraised value or sales price, whichever is less, of the secured property. We also require that title insurance, hazard insurance and, if appropriate, flood insurance be maintained on all properties securing real estate loans. We require that a licensed appraiser from our list of approved appraisers perform and submit to us an appraisal on all properties secured by a first mortgage on one- to four-family first mortgage loans. In underwriting one- to four-family residential mortgage loans, the Company evaluates both the borrower’s ability to make monthly payments and the value of the property securing the loan. Most properties securing real estate loans made by the Company are appraised by independent fee appraisers reviewed and approved by the Bank’s third-party appraisal management companies. The Company generally requires borrowers to obtain an attorney’s title opinion or title insurance, and fire and property insurance (including flood insurance, if necessary) in an amount not less than the amount of the loan. Real estate loans originated by the Company generally contain a “due on sale” clause allowing the Company to declare the unpaid principal balance due and payable upon the sale of the security property. The Company has not engaged in sub-prime residential mortgage loan originations. Our single-family residential mortgage loans generally are underwritten on terms and documentation conforming to guidelines issued by The Federal Home Loan Mortgage Company, or Freddie Mac, and The Federal National Mortgage Association, or Fannie Mae. Note 2 - Summary of Significant Accounting Policies (Continued) Construction and Development Lending. We originate construction loans for residential and, to a lesser extent, commercial uses within our market area. We generally limit construction loans to builders and developers with whom we have an established relationship, or who are otherwise known to officers of the Bank. Our construction and development loans currently in the portfolio typically have variable rates of interest tied to the prime rate which improves the interest rate sensitivity of our loan portfolio. Construction and development loans generally are considered to involve a higher level of risk than one-to four-family residential lending, due to the concentration of principal in a limited number of loans and borrowers and the effect of economic conditions on developers, builders and projects. Additional risk is also associated with construction lending because of the inherent difficulty in estimating both a property’s value at completion and the estimated cost (including interest) to complete a project. The nature of these loans is such that they are more difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not pre-sold and thus pose a greater potential risk than construction loans to individuals on their personal residences. In order to mitigate some of the risks inherent in construction lending, we inspect properties under construction, review construction progress prior to advancing funds, work with builders with whom we have established relationships, require annual updating of tax returns and other financial data of developers and obtain personal guarantees from the principals. Commercial Lending. Commercial and multi-family real estate loans generally present a higher level of risk than loans secured by one- to four-family residences. This greater risk is due to several factors, including the concentration of principal in a limited number of loans and borrowers, the effect of general economic conditions on income producing properties and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by commercial and multi-family real estate is typically dependent upon the successful operation of the related real estate project. If the cash flow from the project is reduced (for example, if leases are not obtained or renewed, or a bankruptcy court modifies a lease term, or a major tenant is unable to fulfill its lease obligations), the borrower’s ability to repay the loan may be impaired. Most of the Company’s commercial business loans have been extended to finance local and regional businesses and include short-term loans to finance machinery and equipment purchases, inventory and accounts receivable. The commercial business loans which we originate may be either a revolving line of credit or for a fixed term of generally 10 years or less. Interest rates are adjustable, indexed to a published prime rate of interest, or fixed. Generally, equipment, machinery, real property or other corporate assets secure such loans. Personal guarantees from the business principals are generally obtained as additional collateral. Consumer Lending. The Company currently originates most of its consumer loans in its primary market area and surrounding areas. The Company originates consumer loans on both a direct and indirect basis. Consumer loans generally have higher interest rates and shorter terms than residential mortgage loans; however, they have additional credit risk due to the type of collateral securing the loan or in some case the absence of collateral. We are continuing to evaluate and monitor the credit conditions of our consumer loan borrowers and the real estate values of the properties securing our second mortgage loans as part of our on-going efforts to assess the overall credit quality of the portfolio in connection with our review of the allowance for loan losses. Consumer loans may entail greater credit risk than do residential mortgage loans, particularly in the case of consumer loans which are unsecured or are secured by rapidly depreciable assets, such as automobiles or recreational equipment. In such cases, any repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance as a result of the greater likelihood of damage, loss or depreciation. In addition, consumer loan collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be affected by adverse personal circumstances. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans. Once all factor adjustments are applied, general reserve allocations for each segment are calculated, summarized and reported on the ALLL summary. ALLL final schedules, calculations and the resulting evaluation process are reviewed quarterly. In addition, Federal bank regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. Note 2 - Summary of Significant Accounting Policies (Continued) A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, cash flow, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. A specific reserve is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Troubled Debt Restructurings Loans whose terms are modified are classified as TDRs if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring may be modified by means of extending the maturity date of the loan, reducing the interest rate on the loan to a rate which is below market, a combination of rate adjustments and maturity extensions, or by other means including covenant modifications, forbearances or other concessions. However, the Company generally only restructures loans by modifying the payment structure to interest only or by reducing the actual interest rate. We do not accrue interest on loans that were non-accrual prior to the TDR troubled debt restructurings . Management evaluates the ALLL with respect to TDRs under the same policy and guidelines as all other performing loans are evaluated with respect to the ALLL. In March 2020, various regulatory agencies, including the FRB and the FDIC issued an interagency statement on loan modifications and reporting for financial institutions working with customers affected by COVID-19. The interagency statement was effective immediately and impacted accounting for loan modifications. The agencies confirmed with the staff of the FASB that

Restatement of Previously Issue

Restatement of Previously Issued Consolidated Financial Statements	12 Months Ended
	Sep. 30, 2020
Restatement Of Previously Issued Consolidated Financial Statements [Abstract]
Restatement of Previously Issued Consolidated Financial Statements	Note 3 - Restatement of Previously Issued Consolidated Financial Statements The consolidated financial statements for the years ended September 30, 2020 and 2019 have been restated to reflect the correction of misstatements. In addition to the below, various footnotes reflect the effects of these restatements, including but not limited to, Note 5, Earnings Per Share; Note 8, Loans Receivable and Related Allowance for Loan Losses; Note 14, Income Taxes; Note 17, Regulatory Matters; and Note 22, Quarterly Financial Information (unaudited). Note 3A – Restatement of Previously Issued Consolidated Financial Statements (September 30, 2020) On February 16, 2021, the Audit Committee of the Board of Directors of the Company, after consultation with management, determined that the Company’s audited annual consolidated financial statements for the fiscal year ended September 30, 2020 and the unaudited interim consolidated financial statements for the quarterly period ended September 30, 2020 should not be relied upon due to errors identified in such consolidated financial statements. As disclosed in the Original 10-K, the Company recorded the impairment as of September 30, 2020 of a $13.5 million commercial real estate loan (“the Loan”) as collateral dependent, based on information received in December 2020. The Loan, which was initially classified as an accruing COVID-19 deferred loan, is a retail property located in New York City that was directly affected by the COVID-19 pandemic, and the borrower under the Loan was provided temporary payment relief under the CARES Act. As per FASB ASC 855-10-20, this new information received in December 2020 constituted a (Type I) subsequent event, providing additional evidence about events and conditions that existed at the balance sheet date and as such management recorded the adjustment at September 30, 2020. The Company estimated the fair value of the collateral and recorded a partial charge down of approximately $2.9 million and a specific reserve of approximately $581,000,impairing the Loan, placed the Loan on non-accrual status, and reversed approximately $266,000 of interest income as of September 30, 2020, pending the receipt of a third party appraisal (the “Impairment”), which as previously disclosed by the Company in the Original 10-K, could result in further impairment. Subsequent to the filing of the Original 10-K, the Company received the third-party appraisal report dated February 11, 2021, which provides a collateral value materially less than the Company’s previously reported estimate as of September 30, 2020, indicating an additional $3.1 million impairment. The variance to the Company’s previously reported estimate is primarily due to COVID-19 pandemic’s impact on, and dislocation within, the New York City real estate market. Based upon the third-party appraisal and resulting impairment, the Company has determined to record an additional $3.95 million provision for loan losses for the three months ended September 30, 2020. The additional loan impairment (“Additional Impairment”) constitutes a (Type I) subsequent event in the quarter and fiscal year ended September 30, 2020. The effects of the Restatement on the consolidated statement of condition as of September 30, 2020 are as follows (in thousands): Malvern Bancorp, Inc. and Subsidiaries Consolidated Statements of Financial Condition September 30, 2020 (As Previously Reported on Original 10-K) Adjustments 2020 (As Restated) (Dollars in thousands, except share data) Assets Cash and due from depository institutions $ 16,386 $ — $ 16,386 Interest bearing deposits in depository institutions 45,053 — 45,053 Cash and Cash Equivalents 61,439 — 61,439 Investment securities available for sale, at fair value (amortized cost of $31,658) 31,541 — 31,541 Investment securities held to maturity, at cost (fair value of $15,608) 14,970 — 14,970 Restricted stock, at cost 9,622 — 9,622 Loans receivable, net of allowance for loan losses of $12,433 1,030,844 (3,950 ) 1,026,894 Other real estate owned 5,796 — 5,796 Accrued interest receivable 3,677 — 3,677 Operating lease right-of-use-assets 2,638 — 2,638 Property and equipment, net 6,274 — 6,274 Deferred income taxes, net 3,476 204 3,680 Bank-owned life insurance 25,400 — 25,400 Other assets 16,344 — 16,344 Total Assets $ 1,212,021 $ (3,746 ) $ 1,208,275 Liabilities and Shareholders’ Equity Liabilities Deposits: Deposits-noninterest-bearing $ 50,422 $ — $ 50,422 Deposits-interest-bearing 840,484 — 840,484 Total Deposits 890,906 — 890,906 FHLB advances 130,000 — 130,000 Secured borrowing 4,225 — 4,225 Subordinated debt 24,776 — 24,776 Advances from borrowers for taxes and insurance 1,741 — 1,741 Accrued interest payable 728 — 728 Operating lease liabilities 2,671 — 2,671 Other liabilities 13,424 (789 ) 12,635 Total Liabilities 1,068,471 (789 ) 1,067,682 Commitments and Contingencies — — — Shareholders’ Equity Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued — — — Common stock, $0.01 par value, 50,000,000 shares authorized, 7,804,469 and 7,609,953 shares issued and outstanding, respectively 76 — 76 Additional paid-in-capital 85,127 — 85,127 Retained earnings 63,345 (2,957 ) 60,388 Unearned Employee Stock Ownership Plan (ESOP) shares (1,047 ) — (1,047 ) Accumulated other comprehensive loss (1,088 ) — (1,088 ) Treasury stock, at cost: 194,516 shares (2,863 ) — (2,863 ) Total Shareholders’ Equity 143,550 (2,957 ) 140,593 Total Liabilities and Shareholders’ Equity $ 1,212,021 $ (3,746 ) $ 1,208,275 The effects of the Restatement on the consolidated statements of operations and consolidated statements of cash flows for the fiscal year ended September 30, 2020 are as follows: (in thousands, except for per share data): Malvern Bancorp, Inc. and Subsidiaries Consolidated Statements of Operations Year Ended September 30, 2020 (As Previously Reported on Original 10-K) Adjustments 2020 (As Restated) (Dollars in thousands, except share data) Interest and Dividend Income Loans, including fees $ 41,441 $ — $ 41,441 Investment securities, taxable 1,048 — 1,048 Investment securities, tax-exempt 124 — 124 Dividends, restricted stock 631 — 631 Interest-bearing cash accounts 1,063 — 1,063 Total Interest and Dividend Income 44,307 — 44,307 Interest Expense Deposits 12,846 — 12,846 Short-term borrowings — — — Long-term borrowings 2,898 — 2,898 Subordinated debt 1,531 — 1,531 Total Interest Expense 17,275 — 17,275 Net Interest Income 27,032 — 27,032 Provision for Loan Losses 6,660 3,950 10,610 Net Interest Income after Provision for Loan Losses 20,372 (3,950 ) 16,422 Other Income Service charges and other fees 1,316 — 1,316 Rental income 217 — 217 Net gains on sale and call of investments 330 — 330 Net gains on sale of loans 116 — 116 Earnings on bank-owned life insurance 509 — 509 Total Other Income 2,488 — 2,488 Other Expense Salaries and employee benefits 8,889 — 8,889 Occupancy expense 2,309 — 2,309 Federal deposit insurance premium 155 — 155 Advertising 119 — 119 Data processing 1,105 — 1,105 Professional fees 1,995 — 1,995 Other real estate owned expense, net 88 — 88 Pennsylvania shares tax 678 — 678 Other operating expenses 2,964 — 2,964 Total Other Expenses 18,302 — 18,302 Income before income tax expense 4,558 (3,950 ) 608 Income tax expense 957 (993 ) (36 ) Net Income $ 3,601 $ (2,957 ) $ 644 Earnings Per Common Share: Basic $ 0.47 $ (0.39 ) $ 0.08 Diluted $ 0.47 $ (0.39 ) $ 0.08 Weighted Average Common Shares Outstanding Basic 7,597,528 — 7,597,528 Diluted 7,597,726 — 7,597,726 Malvern Bancorp, Inc. and Subsidiaries Consolidated Statements of Cash Flows Year Ended September 30, 2020 (As Previously Reported on Original 10-K) Adjustments 2020 (As Restated) (In thousands) Cash Flows from Operating Activities Net income $ 3,601 $ (2,957 ) $ 644 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 745 — 745 Provision for loan losses 6,660 3,950 10,610 Deferred income taxes (benefit) expense (636 ) (204 ) (840 ) ESOP expense 236 — 236 Stock based compensation 253 — 253 Amortization of premiums and discounts on investment securities, net 215 — 215 Amortization of loan origination fees and costs 513 — 513 Amortization of mortgage service rights 67 — 67 Amortization of subordinated debt issuance costs 157 — 157 Net gain on sale and call of investment securities available for sale (330 ) — (330 ) Net loss on sale of fixed assets 4 — 4 Net gain on disposal of fixed assets (45 ) — (45 ) Net gain on sale of secondary market loans (116 ) — (116 ) Proceeds on sale of secondary market loans 5,231 — 5,231 Originations of secondary market loans (5,115 ) — (5,115 ) Earnings on bank-owned life insurance (509 ) — (509 ) Decrease (increase) in accrued interest receivable 576 — 576 (Decrease) increase in accrued interest payable (250 ) — (250 ) Operating lease liability payments (667 ) — (667 ) Increase in other liabilities 7,550 (789 ) 6,761 Increase in other assets (6,414 ) — (6,414 ) Net Cash Provided by Operating Activities 11,726 — 11,726 Cash Flows from Investing Activities Investment securities available-for-sale: Purchases (30,146 ) — (30,146 ) Sales 8,901 — 8,901 Maturities, calls and principal repayments 8,378 — 8,378 Investment securities held-to-maturity: — Maturities, calls and principal repayments 7,362 — 7,362 Net increase in loans (26,028 ) — (26,028 ) Purchase of bank-owned life insurance (5,000 ) — (5,000 ) Net decrease (increase) in restricted stock 1,507 — 1,507 Purchases of property and equipment (300 ) — (300 ) Net Cash Used in Investing Activities (35,326 ) — (35,326 ) Cash Flows from Financing Activities Net (decrease) increase in deposits (62,905 ) — (62,905 ) Proceeds for long-term borrowings 25,000 — 25,000 Repayment of long-term borrowings (28,000 ) — (28,000 ) Repayment of other borrowed money (50 ) — (50 ) (Decrease) increase in advances from borrowers for taxes and insurance (20 ) — (20 ) Acquisition of treasury stock (2,529 ) — (2,529 ) Net Cash (Used in) Provided by Financing Activities (68,504 ) — (68,504 ) Net (Decrease) Increase in Cash and Cash Equivalents (92,104 ) — (92,104 ) Cash and Cash Equivalent - Beginning 153,543 — 153,543 Cash and Cash Equivalent - Ending $ 61,439 $ — $ 61,439 Supplementary Cash Flows Information Interest paid $ 17,347 $ — $ 17,347 Income taxes paid $ 1,477 $ — $ 1,477 Impact of ASC 842 adoption: Right-of-use asset $ 3,279 $ — $ 3,279 Operating lease liability $ 3,279 $ — $ 3,279 Note 3B - Restatement of Previously Issued Consolidated Financial Statements (September 30, 2019) The prior period restatement related to fiscal year ended September 30, 2019 is related to two commercial loan participation agreements that were partial participation sales, originated by Malvern Bank and sold to other financial institutions. Upon further review of the two agreements for compliance with FASB ASC 860-10-40, which relates to sale accounting treatment of participation interests, it was determined that the two agreements should have been recorded as secured borrowing arrangements. The related balance sheet adjustment for treating such participation interests as secured borrowing arrangements as of September 30, 2019 is to gross up “Loans Receivable” by approximately $4.3 million and to record a “Secured Borrowing” of approximately $4.3 million. The related income statement adjustment for treating such participation interests as secured borrowing arrangements for the year ended September 30, 2019 is to increase interest income on loans and interest expense on long-term borrowings by approximately $180,000. Net income for the year ended September 30, 2019 does not change due to the adjustments. The related statement of cash flows adjustment for treating such participation interests as secured borrowing arrangements for the year ended September 30, 2019 is to decrease the “Net increase on loans” and to increase the “Repayment of other borrowed money” by approximately $25,000, which is the change in balance of the secured borrowings from the year ended September 30, 2018 to the year ended September 30, 2019. Malvern Bancorp, Inc. and Subsidiaries Consolidated Statements of Financial Condition September 30, 2019 (As Previously Reported on Form 10-K) Adjustments 2019 (As Restated) (Dollars in thousands, except share data) Assets Cash and due from depository institutions $ 1,400 $ — $ 1,400 Interest bearing deposits in depository institutions 152,143 — 152,143 Cash and Cash Equivalents 153,543 — 153,543 Investment securities available for sale, at fair value (amortized cost of $18,522) 18,411 — 18,411 Investment securities held to maturity, at cost (fair value of $22,609) 22,485 — 22,485 Restricted stock, at cost 11,129 — 11,129 Loans receivable, net of allowance for loan losses of $10,095 1,007,714 4,275 1,011,989 Other real estate owned 5,796 — 5,796 Accrued interest receivable 4,253 — 4,253 Property and equipment, net 6,678 — 6,678 Deferred income taxes, net 2,840 — 2,840 Bank-owned life insurance 19,891 — 19,891 Other assets 12,482 — 12,482 Total Assets $ 1,265,222 $ 4,275 $ 1,269,497 Liabilities and Shareholders’ Equity Liabilities Deposits: Deposits-noninterest-bearing $ 55,684 $ — $ 55,684 Deposits-interest-bearing 898,127 — 898,127 Total Deposits 953,811 — 953,811 FHLB advances 133,000 — 133,000 Secured borrowing — 4,275 4,275 Subordinated debt 24,619 — 24,619 Advances from borrowers for taxes and insurance 1,761 — 1,761 Accrued interest payable 978 — 978 Other liabilities 8,545 — 8,545 Total Liabilities 1,122,714 4,275 1,126,989 Commitments and Contingencies — — — Shareholders’ Equity Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued — — — Common stock, $0.01 par value, 50,000,000 shares authorized, 7,782,258 and 7,765,395 shares issued and outstanding, respectively 78 — 78 Additional paid-in-capital 84,783 — 84,783 Retained earnings 59,744 — 59,744 Unearned Employee Stock Ownership Plan (ESOP) shares (1,192 ) — (1,192 ) Accumulated other comprehensive loss (569 ) — (569 ) Treasury stock, at cost: 16,863 shares (336 ) — (336 ) Total Shareholders’ Equity 142,508 — 142,508 Total Liabilities and Shareholders’ Equity $ 1,265,222 $ 4,275 $ 1,269,497 Malvern Bancorp, Inc. and Subsidiaries Consolidated Statements of Operations Year Ended September 30, 2019 (As Previously Reported on Form 10-K) Adjustments 2019 (As Restated) (Dollars in thousands, except share data) Interest and Dividend Income Loans, including fees $ 43,574 $ 180 $ 43,754 Investment securities, taxable 982 — 982 Investment securities, tax-exempt 207 — 207 Dividends, restricted stock 627 — 627 Interest-bearing cash accounts 2,265 — 2,265 Total Interest and Dividend Income 47,655 180 47,835 Interest Expense Deposits 14,348 — 14,348 Short-term borrowings 7 — 7 Long-term borrowings 2,693 180 2,873 Subordinated debt 1,532 — 1,532 Total Interest Expense 18,580 180 18,760 Net Interest Income 29,075 — 29,075 Provision for Loan Losses 2,379 — 2,379 Net Interest Income after Provision for Loan Losses 26,696 — 26,696 Other Income Service charges and other fees 1,796 — 1,796 Rental income 243 — 243 Net gains on sale and call of investments 28 — 28 Net gains on sale of loans 37 — 37 Earnings on bank-owned life insurance 488 — 488 Total Other Income 2,592 — 2,592 Other Expense Salaries and employee benefits 8,541 — 8,541 Occupancy expense 2,256 — 2,256 Federal deposit insurance premium 221 — 221 Advertising 107 — 107 Data processing 1,024 — 1,024 Professional fees 1,799 — 1,799 Other real estate owned expense, net 192 — 192 Pennsylvania shares tax 431 — 431 Other operating expenses 2,916 — 2,916 Total Other Expenses 17,487 — 17,487 Income before income tax expense 11,801 — 11,801 Income tax expense 2,469 — 2,469 Net Income $ 9,332 $ — $ 9,332 Earnings Per Common Share: Basic $ 1.22 $ — $ 1.22 Diluted $ 1.22 $ — $ 1.22 Weighted Average Common Shares Outstanding Basic 7,638,866 — 7,638,866 Diluted 7,639,166 — 7,639,166 Malvern Bancorp, Inc. and Subsidiaries Consolidated Statements of Cash Flows Year Ended September 30, 2019 (As Previously Reported on Form 10-K) Adjustments 2019 (As Restated) (In thousands) Cash Flows from Operating Activities Net income $ 9,332 $ — $ 9,332 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 761 — 761 Provision for loan losses 2,379 — 2,379 Deferred income taxes (benefit) expense 231 — 231 ESOP expense 289 — 289 Stock based compensation 209 — 209 Amortization of premiums and discounts on investment securities, net 275 — 275 Amortization of loan origination fees and costs 183 — 183 Amortization of mortgage service rights 45 — 45 Amortization of subordinated debt issuance costs 158 — 158 Net gain on sale and call of investment securities available for sale (28 ) — (28 ) Net gain on sale of secondary market loans (37 ) — (37 ) Proceeds on sale of secondary market loans 2,867 — 2,867 Originations of secondary market loans (2,830 ) — (2,830 ) Earnings on bank-owned life insurance (488 ) — (488 ) Decrease (increase) in accrued interest receivable (453 ) — (453 ) (Decrease) increase in accrued interest payable 194 — 194 Increase in other liabilities 6,630 — 6,630 Increase in other assets (9,476 ) — (9,476 ) Net Cash Provided by Operating Activities 10,241 — 10,241 Cash Flows from Investing Activities Investment securities available-for-sale: Purchases (17,890 ) — (17,890 ) Sales 2,055 — 2,055 Maturities, calls and principal repayments 22,092 — 22,092 Investment securities held-to-maturity: Maturities, calls and principal repayments 7,385 — 7,385 Proceeds from sale of loans 384 — 384 Net increase in loans (114,320 ) 25 (114,295 ) Net decrease (increase) in restricted stock (2,592 ) — (2,592 ) Purchases of property and equipment (258 ) — (258 ) Net Cash Used in Investing Activities (103,144 ) 25 (103,119 ) Cash Flows from Financing Activities Net (decrease) increase in deposits 179,648 — 179,648 Proceeds for long-term borrowings 70,000 — 70,000 Repayment of long-term borrowings (55,000 ) — (55,000 ) Repayment of other borrowed money (2,500 ) (25 ) (2,525 ) (Decrease) increase in advances from borrowers for taxes and insurance 456 — 456 Net proceeds from issuance of common stock 23,344 — 23,344 Acquisition of treasury stock (336 ) — (336 ) Net Cash (Used in) Provided by Financing Activities 215,612 (25 ) 215,587 Net (Decrease) Increase in Cash and Cash Equivalents 122,709 — 122,709 Cash and Cash Equivalent - Beginning 30,834 — 30,834 Cash and Cash Equivalent - Ending $ 153,543 $ — $ 153,543 Supplementary Cash Flows Information Interest paid $ 18,386 $ — $ 18,386 Non-cash transfer to other real estate owned $ 5,796 $ — $ 5,796 Non-cash transfer of loans to loans held for sale $ 367 $ — $ 367 Income taxes paid $ 1,367 $ — $ 1,367

Non-Interest Income

Non-Interest Income	12 Months Ended
	Sep. 30, 2020
Noninterest Income [Abstract]
Non-Interest Income	Note 4 – Non-Interest Income On October 1, 2018, the Company adopted the amendments of ASU 2014-09 - Revenue from Contracts with Customers (Topic 606) and all subsequent ASUs that modified Topic 606. A significant amount of the Company’s revenues is derived from net interest income on financial assets and liabilities, which are excluded from the scope of the amended guidance. Some sources of revenue included within non-interest income fall within the scope of Topic 606, while other sources do not. The Company recognizes revenue when the performance obligations related to the transfer of goods or services under the terms of the contract are satisfied. Some obligations are satisfied at a point in time while others are satisfied over a period of time. Revenue is recognized as the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. When consideration includes a variable component, the amount of consideration attributable to variability is included in the transaction price only to the extent it is probable that significant revenue recognized will not be reversed when uncertainty associated with the variable consideration is subsequently resolved. The Company’s contracts generally do not contain terms that require significant judgement to determine the variability impacting the transaction price. The Company has included the following table regarding the Company’s non-interest income for the periods presented. Year Ended September 30, (In thousands) 2020 2019 Rental income $ 217 $ 243 Net gains on sale and call of investments 330 28 Net gains on sale of loans 116 37 Earnings on bank-owned life insurance 509 488 Non-interest income within the scope of other GAAP topics 1,172 796 ATM fees 10 6 Credit card fee income 21 24 DDA fee income 79 132 DDA service fees 76 75 Debit card fees 245 251 Other loan fee income 621 1,036 Other fee income 257 238 Other non-interest income 7 34 Non-interest income from contracts with customers $ 1,316 $ 1,796 Total Non-interest Income $ 2,488 $ 2,592 The decrease in other loan fee income during the fiscal year ended September 30, 2020 is primarily due to greater activity and recognition of net swap fees through the Bank’s commercial loan hedging program during fiscal 2019.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Note 5 – Earnings Per Share Basic earnings per common share is computed based on the weighted average number of shares outstanding reduced by unearned Employee Stock Ownership Plan (“ESOP”) shares. Diluted earnings per share is computed based on the weighted average number of shares outstanding and common stock equivalents (“CSEs”) that would arise from the exercise of dilutive securities reduced by unearned ESOP shares. For the fiscal year ended September 30, 2020, the Company issued stock options to purchase 7,000 shares of common stock, as well as 22,211 restricted shares, which are considered CSEs. issued stock options to purchase 7,000 shares of common stock, as well as 12,674 restricted shares, which are considered CSEs. The following table sets forth the composition of the weighted average shares (denominator) used in the earnings per share computations. Year Ended September 30, (In thousands, except share data) 2020 (As Restated) 2019 Net Income $ 644 $ 9,332 Weighted average shares outstanding 7,690,675 7,746,409 Average unearned ESOP shares (93,147 ) (107,543 ) Basic weighted average shares outstanding 7,597,528 7,638,866 Plus: effect of dilutive options and restricted stock 198 300 Diluted weighted average common shares outstanding 7,597,726 7,639,166 Earnings per share: Basic $ 0.08 $ 1.22 Diluted $ 0.08 $ 1.22

Employee Stock Ownership Plan

Employee Stock Ownership Plan	12 Months Ended
	Sep. 30, 2020
Employee Stock Ownership Plan E S O P Shares In E S O P [Abstract]
Employee Stock Ownership Plan	Note 6 – Employee Stock Ownership Plan The Company established an ESOP for substantially all of its full-time employees. As of September 30, 2020, the current ESOP trustee is Pentegra. Shares of the Company’s common stock purchased by the ESOP are held until released for allocation to participants. Shares released are allocated to each eligible participant based on the ratio of each such participant’s base compensation to the total base compensation of all eligible plan participants. As the unearned shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the fair value of the ESOP shares during the periods in which they become committed to be released. To the extent that the fair value of the ESOP shares released differs from the cost of such shares, the difference is charged or credited to additional paid-in capital. During the period from May 20, 2008 to September 30, 2008, the ESOP purchased 241,178 shares of common stock for approximately $2.6 million, at an average price of $10.86 per share, which was funded by a loan from Malvern Federal Bancorp, Inc. (the Company’s predecessor). The ESOP loan is being repaid principally from the Bank’s contributions to the ESOP. The loan, which bears an interest rate of 5 percent, is being repaid in quarterly installments through 2026. Shares are released to participants proportionately as the loan is repaid. During each of the years ended September 30, 2020 and 2019, there were 14,400 shares committed to be released. At September 30, 2020, there were 85,965 unallocated shares and 173,253 allocated shares held by the ESOP. The unallocated shares had an aggregate fair value of approximately $1.0 million at September 30, 2020.

Investment Securities

Investment Securities	12 Months Ended
	Sep. 30, 2020
Investments Debt And Equity Securities [Abstract]
Investment Securities	Note 7 - Investment Securities The Company’s investment securities are classified as available-for-sale or held-to-maturity at September 30, 2020 and 2019. Investment securities available-for-sale are reported at fair value with unrealized gains or losses included in equity, net of tax. Accordingly, the carrying value of such securities reflects their fair value at the balance sheet date. Fair value is based upon either quoted market prices, or in certain cases where there is limited activity in the market for a particular instrument, assumptions are made to determine their fair value. Transfers of debt securities from the available-for-sale category to the held-to-maturity category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer remains in accumulated other comprehensive income and in the carrying value of the held-to-maturity investment security. Premiums or discounts on investment securities are amortized or accreted using the effective interest method over the life of the security as an adjustment of yield. Unrealized holding gains or losses that remain in accumulated other comprehensive income are amortized or accreted over the remaining life of the security as an adjustment of yield, offsetting the related amortization of the premium or accretion of the discount. The following tables present information related to the Company’s investment securities at September 30, 2020 and 2019. September 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Investment Securities Available-for-Sale: U.S. government agencies $ 5,025 $ 15 $ — $ 5,040 State and municipal obligations 3,101 4 — 3,105 Single issuer trust preferred security 1,000 — (75 ) 925 Corporate debt securities 21,009 182 (243 ) 20,948 Mutual fund 1,523 — — 1,523 Total $ 31,658 $ 201 $ (318 ) $ 31,541 Investment Securities Held-to-Maturity: U.S. government agencies $ — $ — $ — $ — State and municipal obligations 1,794 129 — 1,923 Corporate debt securities 3,498 260 — 3,758 Mortgage-backed securities: Collateralized mortgage obligations, fixed-rate 9,678 249 — 9,927 Total $ 14,970 $ 638 $ — $ 15,608 Total investment securities $ 46,628 $ 839 $ (318 ) $ 47,149 September 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Investment Securities Available-for-Sale: U.S. government agencies $ 3,000 $ — $ — $ 3,000 State and municipal obligations 4,715 17 — 4,732 Single issuer trust preferred security 1,000 — (77 ) 923 Corporate debt securities 9,557 181 (232 ) 9,506 Mutual fund 250 — — 250 Total $ 18,522 $ 198 $ (309 ) $ 18,411 Investment Securities Held-to-Maturity: U.S. government agencies $ 1,000 $ — $ — $ 1,000 State and municipal obligations 4,515 75 — 4,590 Corporate debt securities 3,608 182 — 3,790 Mortgage-backed securities: Collateralized mortgage obligations, fixed-rate 13,362 3 (136 ) 13,229 Total $ 22,485 $ 260 $ (136 ) $ 22,609 Total investment securities $ 41,007 $ 458 $ (445 ) $ 41,020 Note 7 - Investment Securities (Continued) For fiscal 2020, The varying amount of sales from the available-for-sale portfolio over the past few years reflect the significant volatility present in the market. Given the historic low interest rates prevalent in the market, it is necessary for the Company to protect itself from interest rate exposure. Securities that once appeared to be sound investments can, after changes in the market, become securities that the Company has the flexibility to sell to avoid losses and mismatches of interest-earning assets and interest-bearing liabilities at a later time. The following tables indicate gross unrealized losses not recognized in income and fair value, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position at September 30, 2020 and 2019. September 30, 2020 Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair value Unrealized Losses (In thousands) Investment Securities Available-for-Sale: Single issuer trust preferred security $ — $ — $ 925 $ (75 ) $ 925 $ (75 ) Corporate debt securities 4,426 (74 ) 3,330 (169 ) 7,756 (243 ) Total $ 4,426 $ (74 ) $ 4,255 $ (244 ) $ 8,681 $ (318 ) Investment Securities Held-to-Maturity: Mortgage-backed securities: CMO, fixed-rate $ — $ — $ — $ — $ — $ — Total $ — $ — $ — $ — $ — $ — Total investment securities $ 4,426 $ (74 ) $ 4,255 $ (244 ) $ 8,681 $ (318 ) September 30, 2019 Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair value Unrealized Losses (In thousands) Investment Securities Available-for-Sale: Single issuer trust preferred security $ — $ — $ 923 $ (77 ) $ 923 $ (77 ) Corporate debt securities — — 3,268 (232 ) 3,268 (232 ) Total $ — $ — $ 4,191 $ (309 ) $ 4,191 $ (309 ) Investment Securities Held-to-Maturity: Mortgage-backed securities: CMO, fixed-rate $ 1,315 $ (4 ) $ 10,894 $ (132 ) $ 12,209 $ (136 ) Total $ 1,315 $ (4 ) $ 10,894 $ (132 ) $ 12,209 $ (136 ) Total investment securities $ 1,315 $ (4 ) $ 15,085 $ (441 ) $ 16,400 $ (445 ) Note 7 - Investment Securities (Continued) As of September 30, 2020, the estimated fair value of the securities disclosed above was primarily dependent upon the movement in market interest rates, particularly given the inherent credit risk associated with these securities. These investment securities are comprised of securities that are rated investment grade by at least one bond credit rating service. Although the fair value will fluctuate as the market interest rates move, management believes that these fair values will recover as the underlying portfolios mature and are reinvested in market rate yielding investments. As of September 30, 2020, the Company held Investment securities having a carrying value of approximately $4.6 million and $6.4 million at September 30, 2020 and September 30, 2019, respectively, were pledged to secure public deposits. At September 30, 2020, no investment securities were pledged to secure hedges. Pledged investment securities having a carrying value of $4.0 million at September 30, 2019 were pledged to secure hedges. In addition, no investment securities were pledged to secure short-term borrowings of FHLB borrowings at September 30, 2020 and September 30, 2019. The following table presents information for investment securities at September 30, 2020, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer. September 30, 2020 Amortized Cost Fair Value (In thousands) Investment Securities Available-for-Sale: Due in one year or less $ 426 $ 426 Due after one year through five years 6,675 6,509 Due after five years through ten years 17,009 17,072 Due after ten years 7,548 7,534 Total $ 31,658 $ 31,541 Investment Securities Held-to-Maturity: Due in one year or less $ — $ — Due after one year through five years 3,498 3,758 Due after five years through ten years 1,794 1,923 Due after ten years — — Mortgage-backed securities: Collateralized mortgage obligations, fixed-rate 9,678 9,927 Total $ 14,970 $ 15,608 Total investment securities $ 46,628 $ 47,149

Loans Receivable and Related Al

Loans Receivable and Related Allowance for Loan Losses	12 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Loans Receivable and Related Allowance for Loan Losses	Note 8 - Loans Receivable and Related Allowance for Loan Losses Loans receivable in the Company’s portfolio : September 30, 2020 (As Restated) 2019 (As Restated) (In thousands) Residential mortgage $ 242,090 $ 220,011 Construction and Development: Residential and commercial 65,703 40,346 Land 3,110 3,420 Total Construction and Development 68,813 43,766 Commercial: Commercial real estate 495,398 547,727 Farmland 7,517 7,563 Multi-family 67,767 62,884 Commercial and industrial 116,584 99,747 Other 10,142 4,450 Total Commercial 697,408 722,371 Consumer: Home equity lines of credit 17,128 19,506 Second mortgages 10,711 13,737 Other 2,851 2,030 Total Consumer 30,690 35,273 Total loans 1,039,001 1,021,421 Deferred loan fees and cost, net 326 663 Allowance for loan losses (12,433 ) (10,095 ) Total loans receivable, net $ 1,026,894 $ 1,011,989 Commercial and industrial loans include $20.8 million of PPP loans and the net deferred loan fees related to the PPP loans totaled $609,000 at September 30, 2020. Note 8 - Loans Receivable and Related Allowance for Loan Losses (Continued) The following table summarizes the primary classes of the allowance for loan losses, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of and for the years ended September 30, 2020 and 2019. Year Ended September 30, 2020 (As Restated) Construction and Development Commercial Consumer Residential Mortgage Residential and Commercial Land Commercial Real Estate Farmland Multi- family Commercial and Industrial Other Home Equity Lines of Credit Second Mortgages Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 1,364 $ 523 $ 20 $ 5,903 $ 49 $ 369 $ 615 $ 21 $ 122 $ 267 $ 23 $ 819 $ 10,095 Charge-offs — — — (8,330 ) — — — — (62 ) (3 ) (1 ) — (8,396 ) Recoveries 25 — — 6 — — 2 — 1 88 2 — 124 Provisions 278 (58 ) 3 11,103 (2 ) 142 (39 ) 30 69 (156 ) 5 (765 ) 10,610 Ending Balance $ 1,667 $ 465 $ 23 $ 8,682 $ 47 $ 511 $ 578 $ 51 $ 130 $ 196 $ 29 $ 54 $ 12,433 Ending balance: individually evaluated for impairment $ — $ — $ — $ 227 $ — $ — $ — $ — $ — $ 81 $ — $ — $ 308 Ending balance: collectively evaluated for impairment $ 1,667 $ 465 $ 23 $ 8,455 $ 47 $ 511 $ 578 $ 51 $ 130 $ 115 $ 29 $ 54 $ 12,125 Loans receivable: Ending balance $ 242,090 $ 65,703 $ 3,110 $ 495,398 $ 7,517 $ 67,767 $ 116,584 $ 10,142 $ 17,128 $ 10,711 $ 2,851 $ 1,039,001 Ending balance: individually evaluated for impairment $ 3,388 $ — $ — $ 25,926 $ — $ — $ — $ — $ 26 $ 882 $ — $ 30,222 Ending balance: collectively evaluated for impairment $ 238,702 $ 65,703 $ 3,110 $ 469,472 $ 7,517 $ 67,767 $ 116,584 $ 10,142 $ 17,102 $ 9,829 $ 2,851 $ 1,008,779 Note 8 - Loans Receivable and Related Allowance for Loan Losses (Continued) Year Ended September 30, 2019 (As Restated) Construction and Development Commercial Consumer Residential Mortgage Residential and Commercial Land Commercial Real Estate Farmland Multi- family Commercial and Industrial Other Home Equity Lines of Credit Second Mortgages Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 1,062 $ 393 $ 49 $ 5,031 $ 66 $ 232 $ 443 $ 24 $ 82 $ 326 $ 51 $ 1,262 $ 9,021 Charge-offs (17 ) — — (1,418 ) — — — — — (45 ) (37 ) — (1,517 ) Recoveries 79 — — 23 — — 4 — 1 94 11 — 212 Provisions 240 130 (29 ) 2,267 (17 ) 137 168 (3 ) 39 (108 ) (2 ) (443 ) 2,379 Ending Balance $ 1,364 $ 523 $ 20 $ 5,903 $ 49 $ 369 $ 615 $ 21 $ 122 $ 267 $ 23 $ 819 $ 10,095 Ending balance: individually evaluated for impairment $ — $ — $ — $ 57 $ — $ — $ — $ — $ — $ 100 $ — $ — $ 157 Ending balance: collectively evaluated for impairment $ 1,364 $ 523 $ 20 $ 5,846 $ 49 $ 369 $ 615 $ 21 $ 122 $ 167 $ 23 $ 819 $ 9,938 Loans receivable: Ending balance $ 220,011 $ 40,346 $ 3,420 $ 547,727 $ 7,563 $ 62,884 $ 99,747 $ 4,450 $ 19,506 $ 13,737 $ 2,030 $ 1,021,421 Ending balance: individually evaluated for impairment $ 3,526 $ — $ — $ 9,707 $ — $ — $ — $ — $ 30 $ 728 $ — $ 13,991 Ending balance: collectively evaluated for impairment $ 216,485 $ 40,346 $ 3,420 $ 538,020 $ 7,563 $ 62,884 $ 99,747 $ 4,450 $ 19,476 $ 13,009 $ 2,030 $ 1,007,430 Note 8 - Loans Receivable and Related Allowance for Loan Losses (Continued) In assessing the adequacy of the ALLL, it is recognized that the process, methodology and underlying assumptions require a significant degree of judgment. The estimation of credit losses is not precise; the range of factors considered is wide and is significantly dependent upon management’s judgment, including the outlook and potential changes in the economic environment. At present, components of the commercial loan segments of the portfolio are new originations and the associated volumes continue to see increased growth. At the same time, historical loss levels have decreased as factors in assessing the portfolio. Any unallocated portion of the allowance reflects management’s estimate of probable inherent but undetected losses within the portfolio due to uncertainties in economic conditions, delays in obtaining information, including unfavorable information about a borrower’s financial condition, the difficulty in identifying triggering events that correlate perfectly to subsequent loss rates, and risk factors that have not yet manifested themselves in loss allocation factors. The following table presents impaired loans in portfolio by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 2020 and 2019. Impaired Loans With Specific Allowance Impaired Loans With No Specific Allowance Total Impaired Loans Recorded Investment Related Allowance Recorded Investment Recorded Investment Unpaid Principal Balance (In thousands) September 30, 2020 (As Restated): Residential mortgage $ — $ — $ 3,388 $ 3,388 $ 3,598 Commercial: Commercial real estate 676 227 25,250 25,926 36,945 Consumer: Home equity lines of credit — — 26 26 30 Second mortgages 101 81 781 882 949 Total impaired loans $ 777 $ 308 $ 29,445 $ 30,222 $ 41,522 September 30, 2019: Residential mortgage $ — $ — $ 3,526 $ 3,526 $ 3,713 Commercial: Commercial real estate 9,176 57 531 9,707 9,707 Consumer: Home equity lines of credit — — 30 30 32 Second mortgages 123 100 605 728 790 Total impaired loans $ 9,299 $ 157 $ 4,692 $ 13,991 $ 14,242 Note 8 - Loans Receivable and Related Allowance for Loan Losses (Continued) The following table presents the average recorded investment in impaired loans in portfolio and related interest income recognized year ended September 30, 2020 and 2019. Average Impaired Loans Interest Income Recognized on Impaired Loans (In thousands) Year Ended September 30, 2020 (As Restated): Residential mortgages $ 3,506 $ 86 Construction and Development: Land — — Commercial: Commercial real estate 14,209 235 Consumer: Home equity lines of credit 28 — Second mortgages 858 6 Other — — Total $ 18,601 $ 327 Year Ended September 30, 2019: Residential mortgages $ 3,575 $ 89 Construction and Development: Land 46 2 Commercial: Commercial real estate 11,251 304 Consumer: Home equity lines of credit 35 — Second mortgages 670 9 Other 7 — Total $ 15,584 $ 404 No additional funds are committed to be advanced in connection with impaired loans. Note 8 - Loans Receivable and Related Allowance for Loan Losses (Continued) The following table presents the classes of the loan portfolio summarized by loans considered to be rated as pass and the categories of special mention, substandard and doubtful within the Company’s internal risk rating system as of September 30, 2020 and 2019. The majority of movement in the special mention and substandard risk ratings was due to the impact of COVID-19. These loans continue to be monitored and the risk rating reviewed on an on-going basis. September 30, 2020 (As Restated) Pass Special Mention Substandard Doubtful Total (In thousands) Residential mortgage $ 238,610 $ — $ 3,480 $ — $ 242,090 Construction and Development: Residential and commercial 65,703 — — — 65,703 Land 3,110 — — — 3,110 Commercial: Commercial real estate 422,143 46,892 26,363 — 495,398 Farmland 7,517 — — — 7,517 Multi-family 58,285 9,482 — — 67,767 Commercial and industrial 110,099 6,368 117 — 116,584 Other 10,142 — — — 10,142 Consumer: Home equity lines of credit 16,969 — 159 — 17,128 Second mortgages 9,573 76 1,062 — 10,711 Other 2,851 — — — 2,851 Total $ 945,002 $ 62,818 $ 31,181 $ — $ 1,039,001 September 30, 2019 (As Restated) Pass Special Mention Substandard Doubtful Total (In thousands) Residential mortgage $ 216,376 $ — $ 3,635 $ — $ 220,011 Construction and Development: Residential and commercial 40,346 — — — 40,346 Land 3,420 — — — 3,420 Commercial: Commercial real estate 523,123 14,601 10,003 — 547,727 Farmland 7,563 — — — 7,563 Multi-family 62,483 401 — — 62,884 Commercial and industrial 99,613 — 134 — 99,747 Other 4,450 — — — 4,450 Consumer: Home equity lines of credit 19,385 — 121 — 19,506 Second mortgages 12,727 85 925 — 13,737 Other 2,030 — — — 2,030 Total $ 991,516 $ 15,087 $ 14,818 $ — $ 1,021,421 Note 8 - Loans Receivable and Related Allowance for Loan Losses (Continued) The following table presents loans on which we are no longer accruing interest by portfolio class at the dates indicated. September 30, 2020 (As Restated) 2019 (In thousands) Residential mortgage $ 2,036 $ 1,532 Commercial: Commercial real estate 14,414 — Consumer: Home equity lines of credit 26 30 Second mortgages 254 259 Other — — Total non-accrual loans $ 16,730 $ 1,821 Under the Bank’s loan policy, once a loan has been placed on non-accrual status, we do not resume interest accruals until the loan has been brought current and has maintained a current payment status for not less than six consecutive months. The increase in non-accrual loans was primarily due to additions of three commercial real estate loans totaling $14.4 million, four residential mortgage loans totaling $617,000, and two second mortgage consumer loans totaling $64,000. Interest income that would have been recognized on nonaccrual loans had they been current in accordance with their original terms was approximately $425,000 and $39,000 Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by whether a loan payment is “current,” that is, it is received from a borrower by the scheduled due date, or the length of time a scheduled payment is past due. The following table presents the classes of the loan portfolio summarized by the aging categories as of September 30, 2020 and 2019. Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Total Loans Receivable Accruing 90 Days or More Past Due (In thousands) September 30, 2020 (As Restated): Residential mortgage $ 239,623 $ 68 $ 694 $ 1,705 $ 2,467 $ 242,090 $ — Construction and Development: Residential and commercial 65,703 — — — — 65,703 — Land 3,110 — — — — 3,110 — Commercial: Commercial real estate 495,087 — — 311 311 495,398 — Farmland 7,517 — — — — 7,517 — Multi-family 67,767 — — — — 67,767 — Commercial and industrial 116,584 — — — — 116,584 — Other 10,142 — — — — 10,142 — Consumer: Home equity lines of credit 17,080 — — 48 48 17,128 48 Second mortgages 10,325 157 33 196 386 10,711 10 Other 2,850 — 1 — 1 2,851 — Total $ 1,035,788 $ 225 $ 728 $ 2,260 $ 3,213 $ 1,039,001 $ 58 Note 8 - Loans Receivable and Related Allowance for Loan Losses (Continued) Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Total Loans Receivable Accruing 90 Days or More Past Due (In thousands) September 30, 2019 (As Restated): Residential mortgage $ 219,062 $ 62 $ 381 $ 506 $ 949 $ 220,011 $ 207 Construction and Development: Residential and commercial 40,346 — — — — 40,346 — Land 3,420 — — — — 3,420 — Commercial: Commercial real estate 547,432 — — 295 295 547,727 295 Farmland 7,563 — — — — 7,563 — Multi-family 62,884 — — — — 62,884 — Commercial and industrial 99,247 500 — — 500 99,747 — Other 4,450 — — — — 4,450 — Consumer: Home equity lines of credit 19,506 — — — — 19,506 — Second mortgages 13,102 379 112 144 635 13,737 — Other 2,030 — — — — 2,030 — Total $ 1,019,042 $ 941 $ 493 $ 945 $ 2,379 $ 1,021,421 $ 502 Restructured loans deemed to be TDRs are typically the result of extension of the loan maturity date or a reduction of the interest rate of the loan to a rate that is below market, a combination of rate and maturity extension, or by other means including covenant modifications, forbearance and other concessions. However, the Company generally only restructures loans by modifying the payment structure to require payments of interest only for a specified period or by reducing the actual interest rate. Once a loan becomes a TDR, it will continue to be reported as a TDR during the term of the restructure. The Company had twenty-six and twenty-four loans classified as TDRs with an aggregate outstanding balance of $21.7 million and $13.3 million at September 30, 2020 and 2019, respectively. At September 30, 2020, these loans were also classified as impaired. Eighteen of the TDR loans continue to perform under the restructured terms through September 30, 2020 and we continued to accrue interest on such loan through such date. The increase in TDRs at September 30, 2020 compared to September 30, 2019 was primarily due to one residential loan and two commercial real estate loans with an aggregate outstanding balance of $203,000, and $10.9 million respectively, moving to TDR status during fiscal 2020, partially offset by one residential mortgage loan paying off its balance of approximately $23,000. L oans that have been classified as TDRs have modified payment terms and in some cases interest rate from the original agreements and allowed the borrowers, who were experiencing financial difficulty, including but not limited to making interest only payments for a period of time in order to relieve some of their overall cash flow burden. Some loan modifications classified as TDRs may not ultimately result in the full collection of principal and interest, as modified, and result in potential incremental losses. These potential incremental losses have been factored into our overall estimate of the allowance for loan losses. The level of any defaults will likely be affected by future economic conditions. A default on a troubled debt restructured loan for purposes of this disclosure occurs when the borrower is 90 days past due or a foreclosure or repossession of the applicable collateral has occurred. Note 8 - Loans Receivable and Related Allowance for Loan Losses (Continued) TDRs may arise in which, due to financial difficulties experienced by the borrower, the Company obtains through physical possession one or more collateral assets in satisfaction of all or part of an existing credit. Once possession is obtained, the Company reclassifies the appropriate portion of the remaining balance of the credit from loans to OREO, which is included in the Consolidated Statements of Financial Condition. For any residential real estate property collateralizing a consumer mortgage loan, the Company is considered to possess the related collateral only if legal title is obtained upon completion of foreclosure, or the borrower conveys all interest in the residential real estate property to the Company through completion of a deed in lieu of foreclosure or similar legal agreement. Excluding OREO, the Company had $175,000 and $111,000 of residential real estate properties in the process of foreclosure at September 30, 2020 and 2019, respectively. Total Troubled Debt Restructurings Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months Number of Loans Recorded Investment Number of Loans Recorded Investment (In thousands) At September 30, 2020: ​ Residential mortgage 17 $ 3,435 7 $ 1,617 Commercial: Commercial real estate 5 18,091 1 6,652 Consumer Second mortgages 4 161 — — Total 26 $ 21,687 8 $ 8,269 At September 30, 2019: ​ Residential mortgage 17 $ 3,372 4 $ 1,090 Commercial: Commercial real estate 3 9,707 — — Consumer Second mortgages 4 181 — — Total 24 $ 13,260 4 $ 1,090 The following table reports the performing status of all TDR loans. The performing status is determined by the loan’s compliance with the modified terms. September 30, 2020 2019 Performing Non- Performing Performing Non- Performing (In thousands) Residential mortgage $ 1,818 $ 1,617 $ 2,282 $ 1,090 Commercial: Commercial real estate 11,439 6,652 9,707 — Consumer Second mortgages 161 — 181 — Total $ 13,418 $ 8,269 $ 12,170 $ 1,090 Note 8 - Loans Receivable and Related Allowance for Loan Losses (Continued) The following table shows the new TDRs for the twelve months ended September 30, 2020 and 2019. September 30, 2020 2019 Restructured During Period Number of Loans Pre- Modifications Outstanding Recorded Investments Post- Modifications Outstanding Recorded Investments Number of Loans Pre- Modifications Outstanding Recorded Investments Post- Modifications Outstanding Recorded Investments (In thousands) Troubled Debt Restructurings: Residential mortgage 1 $ 207 $ 203 7 $ 1,664 $ 1,586 Commercial: Commercial real estate 2 10,930 10,926 — — — Consumer: Second mortgages — — — 2 97 92 Total 3 $ 11,137 $ 11,129 9 $ 1,761 $ 1,678 The following table sets forth the aggregate dollar amount of loans to principal officers, directors and their affiliates in the normal course of business of the Company. Year Ended September 30, 2020 2019 (In thousands) Balance at beginning of year $ 12,478 $ 8,691 New loans 2,073 10,191 Repayments (818 ) (6,404 ) Balance at end of year $ 13,733 $ 12,478 At September 30, 2020 and 2019, the Company was servicing loans for the benefit of others in the amounts of $20.1 million and $24.3 million, respectively. A summary of mortgage servicing rights included within other assets in the consolidated statements of financial condition and the activity therein follows for the periods indicated: September 30, 2020 2019 (In thousands) Balance at beginning of year $ 178 $ 223 Amortization (67 ) (45 ) Balance at end of year $ 111 $ 178 For the fiscal year ended September 30, 2020 and 2019 No valuation allowance on servicing rights has been recorded at September 30, 2020 or 2019. Under Section 4013 of the CARES Act, and separately based upon regulatory guidance promulgated by federal banking regulators (collectively “Interagency Statement”), qualifying short-term loan modifications resulting in payment deferrals that are attributable to the adverse impact of COVID-19, are not considered to be troubled debt restructurings (“TDRs”). As such, the applicable loans are reported as current with regard to payment status and continue to accrue interest during the payment deferral period. The following table sets forth the composition of these loans by loan segments as of September 30, 2020: September 30, 2020 (As Restated) Number of Loans Loan Deferment Exposure Gross Loans September 30, 2020 Percentage of Gross Loans on Deferral (Dollars in thousands) Residential mortgage 5 $ 1,288 $ 242,090 0.12 % Construction and Development: Residential and commercial - - 65,703 0.00 % Land loans - - 3,110 0.00 % Total Construction and Development - - 68,813 0.00 % Commercial: Commercial real estate 21 131,348 495,398 12.64 % Farmland 1 2,288 7,517 0.22 % Multi-family 2 3,718 67,767 0.36 % Commercial and industrial 10 5,547 116,584 0.53 % Other - - 10,142 0.00 % Total Commercial 34 142,901 697,408 13.75 % Consumer: Home equity lines of credit 3 579 17,128 0.06 % Second mortgages 1 17 10,711 0.00 % Other - - 2,851 0.00 % Total Consumer 4 596 30,690 0.06 % Total loans 43 $ 144,785 $ 1,039,001 13.94 %

Property and Equipment

Property and Equipment	12 Months Ended
	Sep. 30, 2020
Property Plant And Equipment [Abstract]
Property and Equipment	Note 9 - Property and Equipment Property and equipment, net consisted of the following at September 30, 2020 and 2019: September 30, Estimated Useful Life (years) 2020 2019 (In thousands) Land — $ 707 $ 711 Building and improvements 10-39 11,909 11,742 Construction in process — 6 16 Furniture, fixtures and equipment 3-7 5,852 5,709 18,474 18,178 Accumulated depreciation (12,200 ) (11,500 ) $ 6,274 $ 6,678 Depreciation expense was approximately $745,000 and $761,000

Deposits

Deposits	12 Months Ended
	Sep. 30, 2020
Deposits [Abstract]
Deposits	Note 10 - Deposits Deposits classified by interest rates with percentages to total deposits at September 30, 2020 and 2019 consisted of the following: September 30, 2020 2019 Amount Percent of Total Deposits Amount Percent of Total Deposits (In thousands) Balances by types of deposit: Savings $ 45,072 5.06 % $ 41,875 4.39 % Money market accounts 277,711 31.17 276,644 29.00 Interest bearing demand 303,682 34.09 302,039 31.67 Non-interest bearing demand 50,422 5.66 55,684 5.84 676,887 75.98 676,242 70.90 Certificates of deposit 214,019 24.02 277,569 29.10 Total $ 890,906 100.00 % $ 953,811 100.00 % The total amount of certificates of deposit of $250,000 and greater at September 30, 2020 and 2019 was $48.4 million and $63.5 million, respectively. We had brokered deposits totaling $31.1 million and $73.1 million at September 30, 2020 and 2019, respectively. Note 10 - Deposits (Continued) Interest expense on deposits consisted of the following for the years: September 30, 2020 2019 (In thousands) Savings accounts $ 51 $ 49 Money market accounts 4,010 4,352 Interest bearing demand 3,523 4,221 Certificates of deposit 5,262 5,726 Total deposits $ 12,846 $ 14,348 The following is a schedule of certificates of deposit maturities. September 30, 2020 (In thousands) Maturing in the Fiscal Year Ending September 30, 2021 $ 158,983 2022 27,050 2023 8,866 2024 10,925 2025 6,316 Thereafter 1,879 $ 214,019 Deposits from related parties held by the Company at September 30, 2020 and 2019 amounted to $35.9 million and $10.4 million, respectively.

Borrowings

Borrowings	12 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Borrowings	Note 11 - Borrowings Under terms of its collateral agreement with the FHLB, the Company maintains otherwise unencumbered qualifying assets in an amount at least equal to its borrowings. Under an agreement with the FHLB, the Company has a line of credit available in the amount of $150.0 million, of which none was outstanding at September 30, 2020 or 2019. The interest rate on the line of credit at September 30, 2020 and 2019 was 0.39 percent and 2.08 percent, respectively. The summary of long-term borrowings as of September 30, 2020 and 2019 are as follows: September 30, 2020 2019 Weighted Average Weighted Average Amount Rate Amount Rate (In thousands) Due by September 30: 2020 $ — — $ 93,000 1.78 2021 110,000 0.76 20,000 1.79 2022 20,000 2.29 20,000 1.78 Total FHLB Advances $ 130,000 0.99 % $ 133,000 1.78 % Note 1 1 - Borrowings (Continued) At September 30, 2020, the Company had $130.0 million in outstanding long-term fixed rate FHLB advances and $364.9 million in potential FHLB advances available to us, which is based on the amount of FHLB stock held or levels of other assets, including U.S. government securities, and certain mortgage loans which are available for collateral. During both fiscal 2020 and 2019, the Company did not purchase any securities sold under agreements to repurchase as a short-term funding source. The Company has a secured borrowing agreement with a third party based on two loans totaling $4.2 million and $4.3 million at September 30, 2020 and 2019, respectively. The Company originated $1.3 million of the secured borrowing agreement on April 20, 2017 with a 4 month maturity and interest rate of 3.875%, and $3.0 million of the secured borrowing agreement on August 15, 2017 with an 18 month maturity with an interest rate of 4.25%. Subsequent to September 30, 2020, the two loan participation agreements were extinguished and are no longer secured borrowings.

Derivatives

Derivatives	12 Months Ended
	Sep. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives	Note 12 - Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future uncertain cash amounts, the value of which are determined by interest rates. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. At September 30, 2020, such derivatives were used to hedge the variable cash flows associated with FHLB advances. Amounts reported in accumulated other comprehensive (loss) income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates approximately $974,000 to be reclassified to earnings in interest expense. The Company is hedging its exposure to the variability in future cash flows for forecasted transactions over a maximum period of twenty months (excluding forecasted transactions related to the payment of variable interest on existing financial instruments). The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. These derivatives are not designated as hedges and are not speculative. Rather, these derivatives result from a service the Company provides to certain customers, which the Company implemented during the first quarter of fiscal 2019. As the interest rate swaps associated with this program do not meet the hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. Note 1 2 - Derivatives (Continued) The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition as of September 30, 2020 and 2019: September 30, 2020 Asset derivatives Liability derivatives Notional Amount Fair Value Statement of Financial Condition Location Notional Amount Fair Value Statement of Financial Condition Location (In thousands) Derivatives designated as a hedging instrument: Interest rate swap agreement $ — $ — Other assets $ 90,000 $ 1,291 Other liabilities Derivatives not designated as a hedging instrument: Interest rate swap agreement $ 45,162 $ 8,752 Other assets $ 45,162 $ 8,756 Other liabilities September 30, 2019 Asset derivatives Liability derivatives Notional Amount Fair Value Statement of Financial Condition Location Notional Amount Fair Value Statement of Financial Condition Location (In thousands) Derivatives designated as a hedging instrument: Interest rate swap agreement $ 35,000 $ 126 Other assets $ 30,000 $ 736 Other liabilities Derivatives not designated as a hedging instrument: Interest rate swap agreement $ 29,916 $ 5,019 Other assets $ 29,916 $ 5,018 Other liabilities Offsetting of Derivative Assets (In thousands) as of September 30, 2020 Gross Amounts Not Offset in the Statements of Financial Condition Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Assets presented in the Statement of Financial Condition Financial Instruments Cash Collateral Received Net Amount Derivatives $ 8,752 $ — $ 8,752 $ — $ — $ 8,752 Offsetting of Derivative Liabilities (In thousands) as of September 30, 2020 Gross Amounts Not Offset in the Statements of Financial Condition Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Liabilities presented in the Statement of Financial Condition Financial Instruments Cash Collateral Posted Net Amount Derivatives $ 10,047 $ — $ 10,047 $ 1,498 $ 12,857 $ (4,308 ) Note 1 2 - Derivatives (Continued) Offsetting of Derivative Assets (In thousands) as of September 30, 2019 Gross Amounts Not Offset in the Statements of Financial Condition Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Assets presented in the Statement of Financial Condition Financial Instruments Cash Collateral Received Net Amount Derivatives $ 5,145 $ — $ 5,145 $ 173 $ — $ 4,972 Offsetting of Derivative Liabilities (In thousands) as of September 30, 2019 Gross Amounts Not Offset in the Statements of Financial Condition Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Liabilities presented in the Statement of Financial Condition Financial Instruments Cash Collateral Posted Net Amount Derivatives $ 5,754 $ — $ 5,754 $ 767 $ 2,754 $ 2,233 The tables below present the net gains (losses) recorded in accumulated other comprehensive (loss) income and the Consolidated Statements of Operations relating to the cash flow derivative instruments for the years ended September 30, 2020 and 2019. For the Year Ended September 30, 2020 Amount of Loss Recognized in OCI on Derivative Amount of Loss Reclassified from OCI to Interest Expense (In thousands) Interest rate swap agreements $ (1,088 ) $ (437 ) Total derivatives $ (1,088 ) $ (437 ) For the Year Ended September 30, 2019 Amount of Loss Recognized in OCI on Derivative Amount of Gain Reclassified from OCI to Interest Expense (In thousands) Interest rate swap agreements $ (1,557 ) $ 298 Total derivatives $ (1,557 ) $ 298 The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the year s ended September 30, 20 20 and 201 9 . For the Year Ended September 30, 2020 Consolidated Statements of Operations Amount of Loss Recognized in Income on derivatives (In thousands) Derivatives not designated as a hedging instrument: Interest rate swap agreement Other income $ (6 ) Total $ (6 ) For the Year Ended September 30, 2019 Consolidated Statements of Operations Amount of Gain Recognized in Income on derivatives (In thousands) Derivatives not designated as a hedging instrument: Interest rate swap agreement Other income $ 1 Total $ 1 Note 1 2 - Derivatives (Continued) The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. At September 30, 2020 and 2019, the fair value of derivatives was in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements. There were no adjustments for nonperformance risk at September 30, 2020 and 2019. At September 30, 2020 and 2019, the Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of $12.9 million and $6.4 million, respectively, against its obligations under these agreements. If the Company had breached any of these provisions at September 30, 2020, it could have been required to settle its obligations under the agreements at the termination value and would have been required to pay any additional amounts due in excess of amounts previously posted as collateral with the respective counterparty.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 13 - Fair Value Measurements The Company follows FASB ASC Topic 820 “Fair Value Measurement,” to record fair value adjustments to certain assets and to determine fair value disclosures for the Company’s financial instruments. Investment and mortgage-backed securities available for sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as impaired loans, real estate owned and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or write-downs of individual assets. The Company groups its assets at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1—Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2—Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3—Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset. The Company bases its fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It is our policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements, in accordance with the fair value hierarchy. Fair value measurements for assets where there exists limited or no observable market data and, therefore, are based primarily upon the Company’s or other third-party’s estimates, are often calculated based on the characteristics of the asset, the economic and competitive environment and other factors. Therefore, the results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset. Additionally, there may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future valuations. The Company monitors and evaluates available data to perform fair value measurements on an ongoing basis and recognizes transfers among the levels of the fair value hierarchy as of the date event or a change in circumstances that affects the valuation method chosen. There were no changes in valuation technique or transfers between levels as of and for the years ended September 30, 2020 and 2019. Note 1 3 - Fair Value Measurements (Continued) The tables below present the balances of assets measured at fair value on a recurring basis at September 30, 2020 and 2019: September 30, 2020 Total Level 1 Level 2 Level 3 (In thousands) Assets: Investment securities available-for-sale: Debt securities: U.S. government agencies $ 5,040 $ — $ 5,040 $ — State and municipal obligations 3,105 — 3,105 — Single issuer trust preferred security 925 — 925 — Corporate debt securities 20,948 — 20,948 — Mutual funds 1,523 1,023 — 500 Total investment securities available-for-sale $ 31,541 $ 1,023 $ 30,018 $ 500 Derivative instruments $ 8,752 $ — $ 8,752 $ — Liabilities: Derivative instruments $ 10,047 $ — $ 10,047 $ — September 30, 2019 Total Level 1 Level 2 Level 3 (In thousands) Assets: Investment securities available-for-sale: Debt securities: U.S. treasury notes $ 3,000 $ — $ 3,000 $ — State and municipal obligations 4,732 — 4,732 — Single issuer trust preferred security 923 — 923 — Corporate debt securities 9,506 — 9,506 — Mutual funds 250 — — 250 Total investment securities available-for-sale $ 18,411 $ — $ 18,161 $ 250 Derivative instruments $ 5,145 $ — $ 5,145 $ — Liabilities: Derivative instruments $ 5,754 $ — $ 5,754 $ — The following tables present additional information about the securities available-for-sale measured at fair value on a recurring basis and for which the Company utilized significant unobservable inputs (Level 3 inputs) to determine fair value for the nine months ended September 30, 2020 and September 30, 2019: Note 1 3 - Fair Value Measurements (Continued) Fair value measurements using significant unobservable inputs (Level 3) (In thousands) Balance, October 1, 2019 $ 250 Payments received - Total gains or losses (realized/unrealized) Included in earnings - Included in other comprehensive income - Purchases 250 Transfers in and/or out of Level 3 - Balance, September 30, 2020 $ 500 Fair value measurements using significant unobservable inputs (Level 3) (In thousands) Balance, October 1, 2018 $ 250 Payments received - Total gains or losses (realized/unrealized) Included in earnings - Included in other comprehensive income - Purchases - Transfers in and/or out of Level 3 - Balance, September 30, 2019 $ 250 The majority of the Company’s available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other For assets measured at fair value on a nonrecurring basis in fiscal 2020 and fiscal 2019 that were still held at the end of the period, the following table provides the level of valuation assumptions used to determine each adjustment and the carrying value of the related individual assets or portfolios at September 30, 2020 and 2019: September 30, 2020 (As Restated) Total Level 1 Level 2 Level 3 (In thousands) Other real estate owned $ 5,796 $ — $ — $ 5,796 Impaired loans (1) 7,920 — — 7,920 Total $ 13,716 $ — $ — $ 13,716 September 30, 2020 (As Restated) Fair Value at September 30, 2020 Valuation Technique Unobservable Input Range/(Weighted Average) (In thousands) Other real estate owned $ 5,796 Appraisal of Collateral(2) Collateral discount(3) 0%/(0%) Impaired loans (1) 7,920 Appraisal of Collateral(2) Collateral discount(3) (2.0%) - 20%/(1.4%) Total $ 13,716 (1) Consisted of seven loans with an aggregate balance of $8.2 million and with $308,000 in specific loan loss allowance. (2) Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. (3) Appraisals may be adjusted by management for qualitative factors such as time, changes in economic conditions and estimated liquidation expense. Note 1 3 - Fair Value Measurements (Continued) September 30, 2019 Total Level 1 Level 2 Level 3 (In thousands) Other real estate owned $ 5,796 $ — $ — $ 5,796 Impaired loans (1) 9,142 — — 9,142 Total $ 14,938 $ — $ — $ 14,938 September 30, 2019 Fair Value at September 30, 2019 Valuation Technique Unobservable Input Range/(Weighted Average) (In thousands) Other real estate owned $ 5,796 Appraisal of Collateral(2) Collateral discount(3) 0%/(0%) Impaired loans (1) 9,142 Appraisal of Collateral(2) Collateral discount(3) 12%/(12%) Total $ 14,938 (1) Consisted of four loans with an aggregate balance of $9.3 million and with $157,000 in specific loan loss allowance. (2) Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. (3) Appraisals may be adjusted by management for qualitative factors such as time, changes in economic conditions and estimated liquidation expense At September 30, 2020 and 2019, the Company did not have any additions to our mortgage servicing assets. At September 30, 2020 the Company sold loans with servicing retained. At September 30, 2019, the Company only sold loans with servicing released. The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of FASB ASC 825. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methods. However, considerable judgment is necessarily required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. FASB ASC 825 excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2020 and 2019. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since September 30, 2020 and 2019 and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. The following assumptions were used to estimate the fair value of the Company’s financial instruments: Cash and Cash Equivalents —These assets are carried at historical cost. The carrying amount is a reasonable estimate of fair value because of the relatively short time between the origination of the instrument and its expected realization. Investment Securities — Investment and mortgage-backed securities available for sale (carried at fair value) are measured at fair value on a recurring basis. Fair value measurements for these securities are typically obtained from independent pricing services that we have engaged for this purpose. When available, we, or our independent pricing service, use quoted market prices to measure fair value. If market prices are not available, fair value measurement is based upon models that incorporate available trade, bid and other market information and for structured securities, cash flow and, when available, loan performance data. Because many fixed income securities do not trade on a daily basis, our independent pricing service’s applications apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing to prepare evaluations. For Note 1 3 - Fair Value Measurements (Continued) each asset class, pricing applications and models are based on information from market sources and integrate relevant credit information. All of our securities available for sale are valued using either of the foregoing methodologies to determine fair value adjustments recorded to our financial statements. Loans Receivable —We do not record loans at fair value on a recurring basis. As such, valuation techniques discussed herein for loans are primarily for estimating fair value for FASB ASC 825 disclosure purposes. However, from time to time, we record nonrecurring fair value adjustments to loans to reflect partial write-downs for impairment or the full charge-off of the loan carrying value. The valuation of impaired loans is discussed below. The fair value estimate for FASB ASC 825 purposes differentiates loans based on their financial characteristics, such as product classification, loan category, pricing features and remaining maturity. Prepayment and credit loss estimates are evaluated by loan type and rate. The fair value of loans is estimated by discounting contractual cash flows using discount rates based on current industry pricing, adjusted for prepayment and credit loss estimates. Impaired Loans —Impaired loans are valued utilizing independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments to comparable assets based on the appraisers’ market knowledge and experience. The appraisals are adjusted downward by management, as necessary, for changes in relevant valuation factors subsequent to the appraisal date and are considered level 3 inputs. Accrued Interest Receivable —This asset is carried at historical cost. The carrying amount is a reasonable estimate of fair value because of the relatively short time between the origination of the instrument and its expected realization. Restricted Stock —Although restricted stock is an equity interest in the Federal Reserve Bank, FHLB and ACBB , it is carried at cost because it does not have a readily determinable fair value as its ownership is restricted and it lacks a market. The estimated fair value approximates the carrying amount. Other Real Estate Owned —Assets acquired through foreclosure or deed in lieu of foreclosure are recorded at estimated fair value less estimated selling costs when acquired, thus establishing a new cost basis. Fair value is generally based on independent appraisals. These appraisals include adjustments to comparable assets based on the appraisers’ market knowledge and experience, and are considered level 3 inputs. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for loan losses. If the estimated fair value of the asset declines, a write-down is recorded through expense. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of, among other factors, changes in the economic conditions. Deposits —Deposit liabilities are carried at cost. As such, valuation techniques discussed herein for deposits are primarily for estimating fair value for FASB ASC 825 disclosure purposes. The fair value of deposits is discounted based on rates available for time deposits of similar maturities. Fair value approximates book value for Savings accounts, Checking and NOW accounts, and Money Market accounts. Borrowings —Advances from the FHLB are carried at amortized cost. However, we are required to estimate the fair value of long-term debt under FASB ASC 825. The fair value is based on the contractual cash flows discounted using rates currently offered for new notes with similar remaining maturities. Subordinated Debt —The calculation of fair value in level 2 is based on observable market values where available. Note 13 - Fair Value Measurements (Continued) Derivatives — The fair value of derivatives are based on valuation models using observable market data as of the measurement date (level 2). Our derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, the fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rate, and volatility factors to value the position. The majority of market inputs is actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services . Accrued Interest Payable —This liability is carried at historical cost. The carrying amount is a reasonable estimate of fair value because of the relatively short time between the origination of the instrument and its expected realization. Commitments to Extend Credit and Letters of Credit —The majority of the Company’s commitments to extend credit and letters of credit carry current market interest rates if converted to loans and are not included in the table below . Because commitments to extend credit and letters of credit are generally unassignable by either the Bank or the borrower, they only have value to the Company and the borrower. The estimated fair value approximates the recorded deferred fee amounts, which are not significant. Mortgage Servicing Rights —The fair value of mortgage servicing rights is based on observable market prices when available or the present value of expected future cash flows when not available. Assumptions, such as loan default rates, costs to service, and prepayment speeds significantly affect the estimate of future cash flows. Note 1 3 - Fair Value Measurements (Continued) The carrying amount and estimated fair value of the Company’s financial instruments as of September 30, 2020 and 2019 were as follows: ​ Carrying Amount Fair Value Level 1 Level 2 Level 3 ​ (In thousands) September 30, 2020 (As Restated): Financial assets: ​ ​ ​ ​ ​ Cash and cash equivalents $ 61,439 $ 61,439 $ 61,439 $ — $ — Investment securities available-for-sale 31,541 31,541 1,023 30,018 500 Investment securities held-to-maturity 14,970 15,608 — 15,608 — Loans receivable, net (including impaired loans) 1,026,984 1,035,941 — — 1,035,941 Accrued interest receivable 3,677 3,677 — 3,677 — Restricted stock 9,622 9,622 — 9,622 — Mortgage servicing rights (included in Other Assets) 111 111 — 111 — Derivatives (included in Other Assets) 8,752 8,752 — 8,752 — Financial liabilities: ​ ​ ​ ​ ​ Savings accounts 45,072 45,072 — 45,072 — Checking and NOW accounts 354,104 354,104 — 354,104 — Money market accounts 277,711 277,711 — 277,711 — Certificates of deposit 214,019 217,212 — 217,212 — Borrowings (excluding sub debt) 134,225 135,101 — 135,101 — Subordinated debt 24,776 25,030 — 25,030 — Derivatives (included in Other Liabilities) 10,047 10,047 — 10,047 — Accrued interest payable 728 728 — 728 — September 30, 2019 (As Restated): Financial assets: ​ ​ ​ ​ ​ Cash and cash equivalents $ 153,543 $ 153,543 $ 153,543 $ — $ — Investment securities available-for-sale 18,411 18,411 — 18,161 250 Investment securities held-to-maturity 22,485 22,609 — 22,609 — Loans receivable, net (including impaired loans) 1,011,989 1,014,717 — — 1,014,717 Accrued interest receivable 4,253 4,253 — 4,253 — Restricted stock 11,129 11,129 — 11,129 — Mortgage servicing rights (included in Other) Assets) 178 178 — 178 — Derivatives (included in Other Assets) 5,145 5,145 — 5,145 — Financial liabilities: ​ ​ ​ ​ ​ Savings accounts 41,875 41,875 — 41,875 — Checking and NOW accounts 357,723 357,723 — 357,723 — Money market accounts 276,644 276,644 — 276,644 — Certificates of deposit 277,569 280,024 — 280,024 — Borrowings (excluding sub debt) 137,275 137,820 — 137,820 — Subordinated debt 24,619 24,471 — 24,471 — Derivatives (included in Other Liabilities) 5,754 5,754 — 5,754 — Accrued interest payable 978 978 — 978 —

Income Taxes

Income Taxes	12 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 14 - Income Taxes In accordance with ASC Topic 740, the Company evaluates on a quarterly basis, all evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance for DTAs is needed. In conducting this evaluation, management explores all possible sources of taxable income available under existing tax laws to realize the net DTA beginning with the most objectively verifiable evidence first, including available carry back claims and viable tax planning strategies. If needed, management will look to future taxable income as a potential source. Management reviews the Company’s current financial position and its results of operations for the current and preceding years. That historical information is supplemented by all currently available information about future years. The Company understands that projections about future performance are subjective. Deferred income taxes at September 30, 2020 and 2019 were as follows: September 30, 2020 (As Restated) 2019 (In thousands) DTAs: Allowance for loan losses $ 3,053 $ 2,431 Non-accrual interest 29 84 Supplement Employer Retirement Plan 193 216 Federal and State net operating loss 6 56 Unrealized loss on investments available-for-sale 296 158 Depreciation 36 — Lease liability 656 — Other 89 45 Total DTAs 4,358 2,990 Valuation allowance for DTAs — — Total DTAs, Net of Valuation Allowance $ 4,358 $ 2,990 DTLs: Unrealized gain on derivatives — — Mortgage servicing rights (27 ) (46 ) Right of use asset (648 ) 0 Depreciation — (87 ) Other (3 ) (17 ) Total DTLs (678 ) (150 ) DTAs, Net $ 3,680 $ 2,840 Of these DTAs, the carryforward periods for certain tax attributes are as follows: • The Company has recorded state net operating loss carryforwards of approximately $12,000 and $3.0 million as of September 30, 2020 and 2019, respectively. These net operating losses will begin to expire in 2033. Note 14 – Income Taxes (Continued) Income tax expense for the fiscal years ended September 30, 2020 and 2019 was comprised of the following: September 30, 2020 (As Restated) 2019 (In thousands) Federal: Current $ 394 $ 1,579 Deferred (495 ) 570 (101 ) 2,149 State: Current 271 228 Deferred (206 ) 92 65 320 Total income tax expense $ (36 ) $ 2,469 A reconciliation from the expected federal income tax expense computed at the statutory federal income tax rate to the actual income tax expense included in the consolidated statements of income for the fiscal years ended September 30, 2020 and 2019: September 30, 2020 (As Restated) 2019 (In thousands) Tax at statutory rate $ 128 21.0 % $ 2,478 21.0 % Adjustments resulting from: State tax, net of federal benefit 51 8.5 252 2.1 Tax-exempt interest (59 ) (9.7 ) (53 ) (0.4 ) Earnings on bank-owned life insurance (107 ) (17.6 ) (103 ) (0.9 ) Other (49 ) (8.1 ) (105 ) (0.9 ) Total $ (36 ) (5.9 )% $ 2,469 20.9 % It is the Company’s policy to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more like than not to be sustained upon examination by tax authorities. As of September 30, 2020 and 2019, there were no material uncertain tax positions related to federal and state income tax matters. The Company is currently open to audit under the statute of limitation by the Internal Revenue Service and state taxing authorities for the years ended September 30, 2017 to September 30, 2020. The Small Business Job Protection Act of 1996 provides for the repeal of the tax bad debt deduction computed under the percentage-of-taxable-income method. Upon repeal, the Company was required to recapture into income, over a six-year period, the portion of its tax bad debt reserves that exceeds its base year reserves (i.e., tax reserves for tax years beginning before 1988). The base year tax reserves, which may be subject to recapture if the Company ceases to qualify as a bank for federal income tax purposes, are restricted with respect to certain distributions and have been treated as a permanent tax difference.

Leases

Leases	12 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Note 15 – Leases The Company determines if an arrangement is a lease at inception. The Company adopted the guidance of ASC 842 Leases and recorded ROU assets and related lease liabilities of $3.3 million at October 1, 2019. that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term . As of September 30, 2020, the Company leases one The components of lease expense for the fiscal years ended September 30, 2020 and 2019 were as follows: September 30, 2020 2019 In thousands Operating lease cost $ 698 $ 487 Finance lease cost — — Short-term lease cost 104 65 Total $ 802 $ 552 Supplemental information at and for September 30, 2020 and the fiscal year ended September 30, 2020 related to leases was as follows: September 30, 2020 (Dollars in thousands) Supplemental balance sheet information Operating lease right-of-use assets $ 2,638 Operating lease liabilities $ 2,671 Weighted average remaining lease term 5.40 years Weighted average discount rate 1.99 % Twelve Months Ended September 30, 2020 (In thousands) Supplemental cash flow information Operating cash flows from operating leases $ 667 ROU assets obtained in exchange for lease obligations $ 3,279 Note 1 5 – Leases (Continued) Maturities of lease liabilities were as follows: Operating Leases (In thousands) Years ended September 30: 2021 $ 601 2022 492 2023 474 2024 474 2025 477 Thereafter 269 Total lease payments $ 2,787 Less: imputed interest (116 ) Total $ 2,671 The Company receives rents from the lease of office and residential space owned by the Company. Rental income is included in Other Income. Future minimum rental commitments under these leases are (In thousands): Years ending September 30: 2021 $ 128 2022 95 2023 — 2024 — 2025 — $ 223

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 16 - Commitments and Contingencies The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, unused lines of credit and standby letters of credit. Such commitments involve, to varying degrees, elements of credit, and interest rate risk in excess of the amount recognized in the statements of financial condition. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Letters of credit are conditional commitments issued by the Company guaranteeing payments of drafts in accordance with the terms of the letter of credit agreements. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Collateral may be required to support letters of credit based upon management’s evaluation of the creditworthiness of each customer. The credit risk involved in issuing letters of credit is substantially the same as that involved in extending loan facilities to customers. Most letters of credit expire within one year. At September 30, 2020 and 2019, the uncollateralized portion of the letters of credit extended by the Company was approximately $9.1 million and $11.6 million, respectively. The current amount of the liability for guarantees under letters of credit was not material as of September 30, 2020 or 2019. Note 16 – Commitments and Contingencies (Continued) At September 30, 2020 and 2019, the following financial instruments were outstanding whose contract amounts represent credit risk: September 30, 2020 2019 (In thousands) Commitments to extend credit: Future loan commitments $ 7,687 $ 40,976 Undisbursed construction loans 24,551 27,645 Undisbursed home equity lines of credit 24,751 21,447 Undisbursed commercial lines of credit 22,918 27,782 Undisbursed commercial unsecured lines of credit 58,445 60,382 Overdraft protection lines 1,362 1,363 Standby letters of credit 9,074 11,589 Total Commitments $ 148,788 $ 191,184 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation. Collateral held varies but generally includes personal or commercial real estate. Unfunded commitments under commercial lines of credit are collateralized except for the overdraft protection lines of credit and commercial unsecured lines of credit. The amount of collateral obtained is based on management’s credit evaluation, and generally includes personal or commercial real estate. Various legal claims arise from time to time in the normal course of business which, in the opinion of management, will have no material effect on the Company’s consolidated financial statements.

Regulatory Matters

Regulatory Matters	12 Months Ended
	Sep. 30, 2020
Regulatory Matters Disclosure [Abstract]
Regulatory Matters	Note 17 - Regulatory Matters Shareholders’ Equity On March 14, 2019, the Company’s Board of Directors approved a stock repurchase plan, under which the Company is authorized to repurchase up to 194,516 shares, or approximately 2.5 percent of the Company’s current outstanding common stock. On February 28, 2020, the Company’s Board of Directors extended the timeframe for its current stock repurchase program from March 31, 2020 to December 31, 2020. This repurchase authority may be exercised from time to time and in such amounts as market conditions warrant. The repurchases may be made on the open market, in block trades or otherwise. The program may be suspended or discontinued at any time. During the fiscal year ended September 30, 2020, the Company purchased 177,653 shares of its common stock in the open market under the repurchase plan at an average cost of $14.23 per share. As of September 30, 2020, no shares remain available for issuance under the repurchase plan. Regulatory Capital Requirements 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 Bank’s 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 classifications are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors. In J l r iv U S r a a f a e d F r a a r r to l a J n 1 r a a b e b a a r r r m r r for r w R W A ratio b r a a a Note 1 7 - Regulatory Matters (Continued) and w r r r a a r a s e a a r r a a a r l r s F m Malvern a a r a of f iv J n 1 e a a a r m a a r a r J n 1 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 tangible and core capital (as defined in the regulations) to total adjusted tangible assets (as defined) and of risk-based capital (as defined) to risk-weighted assets (as defined). As of September 30, 2020, the Company’s and the Bank’s current capital levels exceed the required capital amounts to be considered “well capitalized” and we believe they also meet the fully-phased in minimum capital requirements, including the related capital conservation buffers, as required by the Basel III capital rules. The following table summarizes the Company’s compliance with applicable regulatory capital requirements as of September 30, 2020 and 2019: Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions (In thousands) Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio As of September 30, 2020 (As Restated): Tier 1 Leverage (Core) Capital (to average assets) $ 141,681 11.63 % $ 48,743 4.00 % $ 60,929 5.00 % Common Equity Tier 1 Capital (to risk- weighted assets) 141,681 14.00 % 45,528 4.50 % 65,763 6.50 % Tier 1 Capital (to risk-weighted assets) 141,681 14.00 % 60,704 6.00 % 80,939 8.00 % Total Risk-Based Capital (to risk- weighted assets) 178,972 17.69 % 80,939 8.00 % 101,174 10.00 % As of September 30, 2019 (As Restated): Tier 1 Leverage (Core) Capital (to average assets) $ 142,508 11.34 % $ 50,263 4.00 % $ 62,828 5.00 % Common Equity Tier 1 Capital (to risk- weighted assets) 142,508 14.24 % 45,031 4.50 % 65,044 6.50 % Tier 1 Capital (to risk-weighted assets) 142,508 14.24 % 60,041 6.00 % 80,054 8.00 % Total Risk-Based Capital (to risk- weighted assets) 177,293 17.72 % 80,054 8.00 % 100,068 10.00 % Note 1 7 - Regulatory Matters ( Continued ) The following table summarizes the Bank’s compliance with applicable regulatory capital requirements as of September 30, 2020 and 2019 : To Be Well Capitalized For Capital Under Prompt Corrective Actual Adequacy Purposes Action Provisions (In thousands) Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio As of September 30, 2020 (As Restated): Tier 1 Leverage (Core) Capital (to average assets) $ 155,575 12.78 % $ 48,685 4.00 % $ 60,856 5.00 % Common Equity Tier 1 Capital (to risk- weighted assets) 155,575 15.40 % 45,459 4.50 % 65,663 6.50 % Tier 1 Capital (to risk-weighted assets) 155,575 15.40 % 60,612 6.00 % 80,816 8.00 % Total Risk-Based Capital (to risk-weighted assets) 168,090 16.64 % 80,816 8.00 % 101,020 10.00 % As of September 30, 2019 (As Restated): Tier 1 Leverage (Core) Capital (to average assets) $ 153,086 12.19 % $ 50,226 4.00 % $ 62,783 5.00 % Common Equity Tier 1 Capital (to risk- weighted assets) 153,086 15.32 % 44,980 4.50 % 64,972 6.50 % Tier 1 Capital (to risk-weighted assets) 153,086 15.32 % 59,974 6.00 % 79,965 8.00 % Total Risk-Based Capital (to risk-weighted assets) 163,253 16.33 % 79,965 8.00 % 99,957 10.00 % The following table presents a reconciliation of the Bank’s equity determined using GAAP and its regulatory capital amounts as of September 30, 2020 and 2019: September 30, 2020 2019 (In thousands) Bank GAAP equity $ 154,487 $ 152,517 Net unrealized loss on securities available for sale, net of income taxes 93 87 Net unrealized loss on derivatives, net of income taxes 995 482 Tangible Capital, Core Capital and Tier 1 Capital 155,575 153,086 Allowance for loan losses 12,515 10,167 Total Risk-Based Capital $ 168,090 $ 163,253

Comprehensive Income

Comprehensive Income	12 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Comprehensive Income	Note 18 – Comprehensive Income The components of accumulated other comprehensive loss included in shareholders’ equity are as follows: September 30, 2020 2019 (In thousands) Net unrealized holding losses on available-for- sale securities $ (118 ) $ (111 ) Tax effect 25 24 Net of tax amount (93 ) (87 ) Fair value adjustment on derivatives (1,260 ) (610 ) Tax effect 265 128 Net of tax amount (995 ) (482 ) Total accumulated other comprehensive loss $ (1,088 ) $ (569 ) Other comprehensive loss and related tax effects are presented in the following table: Year Ended September 30, 2020 2019 (In thousands) Net unrealized holding gains on available-for-sale securities $ 320 $ 419 Net realized gain on securities available-for-sale (330 ) (28 ) Adjustment for loss recorded on replacement of derivative 31 — Amortization of unrealized holding losses on securities available-for-sale transferred to held-to-maturity 3 4 Fair value adjustment on derivatives (681 ) (1,855 ) Other comprehensive loss before taxes (657 ) (1,460 ) Tax effect 138 307 Total other comprehensive loss $ (519 ) $ (1,153 )

Equity Based Incentive Compensa

Equity Based Incentive Compensation Plan	12 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Based Incentive Compensation Plan	Note 19 – Equity Based Incentive Compensation Plan The Company maintains the Malvern Bancorp, Inc. 2014 Long-Term Incentive Compensation Plan (the “2014 Plan”), which permits the grant of long-term incentive and other stock and cash awards. The purpose of the 2014 Plan is to promote the success of the Company and the Bank by providing incentives to officers, employees and directors of the Company and the Bank that will link their personal interests to the financial success of the Company and to growth in shareholder value. The maximum total number of shares of the Company’s common stock available for grants under the 2014 Plan is 400,000. As of September 30, 2020, there were 318,651 remaining shares available for future grants. Restricted stock and option awards granted during fiscal 2020 vest in 20 percent increments beginning on the one- year Note 1 9 - Equity Based Incentive Compensation Plan (Continued) All awards are issued at fair value of the underlying shares at the grant date. The Company expenses the cost of the awards, which is determined to be the fair market value of the awards at the date of grant. During fiscal 2020 and 2019, stock options covering a total 7,000 and 7,000 During fiscal 2020, 23,821 shares of restricted stock were awarded and 1,610 of those shares were forfeited. During fiscal 2019, 12,674 shares of restricted stock were awarded and 1,772 of those shares were forfeited. Stock-based compensation expense for the cost of the awards granted is based on the grant-date fair value. For stock option awards, the fair value is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. Accordingly, while management believes that the Black-Scholes option-pricing model provides a reasonable estimate of fair value, the model does not necessarily provide the best single measure of fair value for the Company’s employee stock options. Stock Options The assumptions used in determining the fair value of stock option grants for the year ended September 30, 2020 are as follows: Weighted average fair value of awards $ 4.72 Risk-free rate 1.22 % Dividend yield — % Volatility 19.86 % Expected life 6.5 years The assumptions used in determining the fair value of stock option grants for the year ended September 30, 2019 are as follows: Weighted average fair value of awards $ 5.72 Risk-free rate 2.50 % Dividend yield — % Volatility 20.39 % Expected life 6.5 years The following is a summary of currently outstanding options at September 30, 2020: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding, beginning of year 18,830 $ 22.05 $ 21,350 Granted 7,000 $ 20.28 $ — Exercised — $ — $ — Forfeited/cancelled/expired — $ — $ — Outstanding, end of year 25,830 $ 21.57 7.819 $ — Exercisable at end of year 8,140 $ 21.50 6.794 $ — Nonvested at end of year 17,690 $ 21.60 Note 1 9 - Equity Based Incentive Compensation Plan  (Continued) The following is a summary of currently outstanding options at September 30, 2019: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding, beginning of year 15,996 $ 22.34 $ 41,490 Granted 7,000 $ 20.90 — Exercised — — — Forfeited/cancelled/expired (4,166 ) $ 21.24 $ 4,120 Outstanding, end of year 18,830 $ 22.05 8.231 $ 21,350 Exercisable at end of year 4,370 $ 21.02 7.421 $ 8,632 Nonvested at end of year 14,460 $ 22.36 As of September 30, 2020, there was $84,000 of total unrecognized compensation cost related to non-vested options under the Plan. The cost is expected to be recognized over a weighted average period of 3.20 years. Restricted Stock Awards The table below summarizes the activity for the Company’s restricted stock outstanding at September 30, 2020: Shares Weighted Average Fair Value Outstanding, beginning of year 18,493 $ 21.78 Granted 23,821 19.62 Vested (10,051 ) 16.62 Forfeited/cancelled/expired (1,610 ) 21.43 Outstanding, end of year 30,653 $ 21.98 The table below summarizes the activity for the Company’s restricted stock outstanding at September 30, 2019: Shares Weighted Average Fair Value Outstanding, beginning of year 14,340 $ 22.95 Granted 12,674 20.40 Vested (6,749 ) 21.41 Forfeited/cancelled/expired (1,772 ) 22.87 Outstanding, end of year 18,493 $ 21.78 As of September 30, 2020, there was $543,000 of total unrecognized compensation cost related to non-vested shares of restricted stock granted under the Plan. The cost is expected to be recognized over a weighted average period of 3.60 years.

Subordinated Debt

Subordinated Debt	12 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Subordinated Debt	Note 20 – Subordinated Debt On February 7, 2017, the Company issued $25.0 million in aggregate principal amount of its 6.125 percent fixed-to-floating rate subordinated notes due 2027 (the “Notes”). The Notes have a stated maturity of February 15, 2027, are redeemable, in whole or in part, on or after February 15, 2022, and at any time upon the occurrences of certain events. The Notes bear interest at a fixed rate of 6.125 percent per year, from and including February 7, 2017 to, but excluding February 15, 2022. From and including February 15, 2022 to the maturity date or earlier redemption date, the interest rate will reset quarterly at a variable rate equal to the then current 3-month LIBOR plus 414.5 basis points. The Notes were structured to qualify as Tier 2 capital for regulatory purposes. The Company’s net subordinated debt totaled $24.8 million ($737,000 represent original debt issuance costs) at September 30, 2020. The Company may not redeem the Notes prior to February 15, 2022, except that the Company may redeem the Notes at any time, at its option, in whole but not in part, subject to obtaining any required regulatory approvals, if (i) a change or prospective change in law occurs that could prevent the Company from deducting interest payable on the Notes for U.S. federal income tax purposes, (ii) a subsequent event occurs that precludes the Notes from being recognized as Tier 2 capital for regulatory capital purposes, or (iii) the Company is required to register as an investment company under the Investment Company Act of 1940, as amended, in each case, at a redemption price equal to 100 percent of the principal amount of the Notes plus any accrued and unpaid interest through, but excluding, the redemption date.

Condensed Financial Information

Condensed Financial Information - Parent Company Only	12 Months Ended
	Sep. 30, 2020
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Condensed Financial Information - Parent Company Only	Note 21 – Condensed Financial Information - Parent Company Only Condensed Statements of Financial Condition September 30, 2020 (As Restated) 2019 (In thousands) Assets Cash and Cash Equivalents $ 8,411 $ 12,438 Investment in subsidiaries 154,487 152,517 Loans receivable, net 1,104 1,266 Other assets 1,536 1,116 Total Assets $ 165,538 $ 167,337 Liabilities Subordinated debt $ 24,776 $ 24,619 Accrued interest payable 196 196 Accounts payable (27 ) 14 Total Liabilities 24,945 24,829 Shareholders’ Equity 140,593 142,508 Total Liabilities and Shareholders’ Equity $ 165,538 $ 167,337 Note 21 – Condensed Financial Information - Parent Company Only (Continued) Condensed Statements of Operations Year Ended September 30, 2020 (As Restated) 2019 (In thousands) Income Interest income $ 59 $ 67 Total Interest Income 59 67 Expense Long-term borrowings 1,531 1,537 Total Interest Expense 1,531 1,537 Other operating expenses 375 582 Total Other Expenses 375 582 Total Expense 1,906 2,119 Loss before Equity in Undistributed Net Income of Subsidiaries and Income Tax Expense (1,847 ) (2,052 ) Equity in Undistributed Net Income of Subsidiaries 2,071 10,911 Income tax benefit (420 ) (473 ) Net Income $ 644 $ 9,332 Condensed Statements of Comprehensive Income Year Ended September 30, (In thousands) 2020 (As Restated) 2019 Net Income $ 644 $ 9,332 Other Comprehensive (Loss) Income , Net of Tax: Unrealized holding gains on available-for- sale securities 320 419 Tax effect (67 ) (88 ) Net of tax amount 253 331 Reclassification adjustment for net gains arising during the period (1) (330 ) (28 ) Tax effect 69 6 Net of tax amount (261 ) (22 ) Adjustment for loss recorded on replacement of derivative 31 — Accretion of unrealized holding losses on securities transferred from available-for-sale to held-to-maturity (2) 3 4 Tax effect (1 ) (1 ) Net of tax amount 2 3 Fair value adjustment on derivatives (681 ) (1,855 ) Tax effect 137 390 Net of tax amount (544 ) (1,465 ) Total other comprehensive loss (519 ) (1,153 ) Total comprehensive income $ 125 $ 8,179 (1) (2) Note 21 – Condensed Financial Information - Parent Company Only (Continued) Condensed Statements of Cash Flows Year Ended September 30, 2020 2019 (In thousands) Cash Flows from Operating Activities Net income $ 644 $ 9,332 Undistributed net income of subsidiaries (2,071 ) (10,911 ) ESOP expense 236 289 Stock based compensation 253 209 Amortization of subordinated debt issuance costs 157 158 Increase in other assets (838 ) (888 ) Decrease in other liabilities (41 ) (20 ) Net Cash Used in Operating Activities (1,660 ) (1,831 ) Cash Flows from Investing Activities Net decrease in loans 162 155 Net Cash Provided by Investing Activities 162 155 Cash Flows from Financing Activities Net proceeds from issuance of common stock — 23,344 Cash contributed to the Bank — (10,000 ) Acquisition of treasury stock (2,529 ) (336 ) Repayment of other borrowed money — (2,500 ) Net Cash (Used in) Provided by Financing Activities (2,529 ) 10,508 Net (Decrease) Increase in Cash and Cash Equivalents (4,027 ) 8,832 Cash and Cash Equivalents - Beginning 12,438 3,606 Cash and Cash Equivalents - Ending $ 8,411 $ 12,438 Supplementary Cash Flows Information Non-cash transfer of investment securities from Parent Company to Bank $ — $ —

Quarterly Financial Information

Quarterly Financial Information of Malvern Bancorp Inc. (Unaudited)	12 Months Ended
	Sep. 30, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information of Malvern Bancorp Inc. (Unaudited)	Note 22 – Quarterly Financial Information (Unaudited) The following tables are a summary of certain quarterly financial data for the fiscal years ended September 30, 2020 and 2019. 2020 4 th. 3 rd. 2 nd. 1 st. (As Restated) (As Restated) (As Restated) (As Restated) (In thousands, except share data) Total Interest and Dividend Income (1) $ 10,340 $ 10,498 $ 11,629 $ 11,840 Total Interest Expense (1) 3,620 3,867 4,836 4,952 Net Interest Income 6,720 6,631 6,793 6,888 Provision for Loan Losses (2) 7,400 435 625 2,150 Total Other Income 692 389 964 443 Total Other Expenses 4,558 4,684 4,638 4,422 Income (Loss) before income tax expense (4,546 ) 1,901 2,494 759 Income tax (benefit) expense (3) (1,043 ) 447 586 (26 ) Net (Loss) Income $ (3,503 ) $ 1,454 $ 1,908 $ 785 (Loss) Earnings Per Common Share: Basic $ (0.46 ) $ 0.19 $ 0.25 $ 0.10 Diluted $ (0.46 ) $ 0.19 $ 0.25 $ 0.10 Weighted Average Common Shares Outstanding Basic 7,522,199 7,538,375 7,663,771 7,665,842 Diluted 7,522,360 7,538,375 7,663,771 7,665,842 (1) rd nd st (2) th (3) th 2020 4 th. 3 rd. 2 nd. 1 st. (As Restated) (As Restated) (As Restated) (As Restated) (In thousands, except share data) Cash and due from depository institutions $ 16,386 $ 30,653 $ 1,829 $ 1,337 Interest-bearing deposits in depository institutions 45,053 28,291 124,239 158,465 Investment securities, available for sale, at fair value 31,541 33,245 21,839 23,723 Investment securities held to maturity 14,970 15,921 18,046 20,578 Restricted stock, at cost 9,622 9,766 10,913 11,115 Loans receivable, net of allowance for loan losses (1) 1,026,894 1,032,318 1,007,132 996,879 OREO 5,796 5,796 5,796 5,796 Accrued interest receivable 3,677 5,680 4,121 4,061 Operating lease right-of-use-assets 2,638 2,799 2,959 3,119 Property and equipment, net 6,274 6,355 6,476 6,594 Deferred income taxes, net (2) 3,680 3,103 2,974 2,806 Bank-owned life insurance 25,400 20,270 20,144 20,018 Other assets 16,344 13,873 13,869 8,341 Total assets $ 1,208,275 $ 1,208,070 $ 1,240,337 $ 1,262,832 Deposits $ 890,906 $ 884,444 $ 915,900 $ 943,819 FHLB advances 130,000 130,000 133,000 133,000 Secured borrowing (3) 4,225 4,225 4,225 4,250 Subordinated debt 24,776 24,737 24,697 24,658 Operating lease liabilities 2,671 2,824 2,976 3,128 Other liabilities (4) 15,104 18,309 16,389 10,442 Shareholders' equity (5) 140,593 143,531 143,150 143,535 Total liabilities and shareholders' equity $ 1,208,275 $ 1,208,070 $ 1,240,337 $ 1,262,832 (1) th rd nd st (2) th (3) rd nd st (4) th (5) th 2019 4 th. 3 rd. 2 nd. 1 st. (As Restated) (As Restated) (As Restated) (As Restated) (In thousands, except share data) Total Interest and Dividend Income (1) $ 12,731 $ 12,501 $ 11,646 $ 10,957 Total Interest Expense (1) 5,313 5,040 4,397 4,010 Net Interest Income 7,418 7,461 7,249 6,947 Provision for Loan Losses — 56 870 1,453 Total Other Income 551 454 441 1,146 Total Other Expenses 4,453 4,497 4,443 4,094 Income before income tax expense 3,516 3,362 2,377 2,546 Income tax expense 817 706 411 535 Net Income $ 2,699 $ 2,656 $ 1,966 $ 2,011 Earnings Per Common Share: Basic $ 0.35 $ 0.35 $ 0.26 $ 0.27 Diluted $ 0.35 $ 0.35 $ 0.26 $ 0.27 Weighted Average Common Shares Outstanding Basic 7,663,242 7,669,851 7,667,518 7,555,810 Diluted 7,663,593 7,670,106 7,667,518 7,555,969 (1) 2019 4 th. 3 rd. 2 nd. 1 st. (As Restated) (As Restated) (As Restated) (As Restated) (In thousands, except share data) Cash and due from depository institutions $ 1,400 $ 1,535 $ 1,370 $ 1,377 Interest-bearing deposits in depository institutions 152,143 148,501 109,450 98,499 Investment securities, available for sale, at fair value 18,411 23,552 19,371 19,231 Investment securities held to maturity 22,485 23,323 26,789 29,323 Restricted stock, at cost 11,129 10,404 8,952 9,493 Loans receivable, net of allowance for loan losses (1) 1,011,989 1,014,259 1,001,414 928,939 OREO 5,796 5,796 5,796 5,796 Accrued interest receivable 4,253 4,237 4,344 3,724 Property and equipment, net 6,678 6,795 6,948 7,067 Deferred income taxes, net 2,840 3,542 3,434 3,367 Bank-owned life insurance 19,891 19,766 19,643 19,524 Other assets 12,482 8,468 7,029 6,452 Total assets $ 1,269,497 $ 1,270,178 $ 1,214,540 $ 1,132,792 Deposits $ 953,811 $ 957,199 $ 942,374 $ 843,200 FHLB advances 133,000 133,000 98,000 118,000 Secured borrowing (1) 4,275 4,300 4,300 4,300 Subordinated debt 24,619 24,579 24,540 24,500 Other liabilities 11,284 11,432 7,758 7,113 Shareholders' equity 142,508 139,668 137,568 135,679 Total liabilities and shareholders' equity $ 1,269,497 $ 1,270,178 $ 1,214,540 $ 1,132,792 (1) th rd nd st

Subsequent Event

Subsequent Event	12 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Event	Note 23 – Subsequent Event The Company started accepting and processing applications for loans under the PPP in early April 2020, when the program was officially launched by the SBA and Treasury Department under the CARES Act. As of September 30, 2020, the Company obtained approval from the SBA for 255 PPP loans totaling $20.8 million for both existing and new customers, with an average loan size of approximately $81,000. Recognizing the significance of operational risk that this portfolio poses, and the continued complexity and uncertainty surrounding evolving regulatory pronouncements regarding various aspects of the PPP, management reviewed several options for continued servicing of the PPP loan portfolio through forgiveness and beyond. After thoughtful consideration, management decided that it is in the best interests of both the Bank and our PPP borrowers that the loans be serviced by an organization that has the servicing infrastructure in place to support the significant volume and short timeframe involved in the complex and evolving PPP forgiveness process. In that regard, in mid December the Bank sold substantially all of its PPP loans to a seasoned and experienced non-bank lender and servicer of SBA loans. In connection with the sale, the Company recognized a $202,000 gross gain on the sale of approximately $19.7 million of PPP loans which was recorded as non-interest income.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The consolidated financial statements at and for the years ended September 30, 2020 and 2019 include the accounts of Malvern Bancorp, Inc. and its subsidiaries. All significant intercompany transactions and balances have been eliminated.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and the valuation of DTAs.
Significant Group Concentrations of Credit Risk	Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located within Chester County, Pennsylvania and Morris County, New Jersey. Our lending efforts are also focused in Bucks County, Montgomery County and Delaware County, which are also in southeastern Pennsylvania, New Jersey and the New York metropolitan marketplace. Note 7 discusses the types of investment securities that the Company invests in. Note 8 discusses the types of lending that the Company engages in. The Company does not have any significant concentrations to any one industry or customer. Although the Company has a diversified portfolio, its debtor’s ability to honor their contracts is influenced by, among other factors, the region’s economy.
Operating, Accounting and Reporting Considerations related to COVID-19	Operating, Accounting and Reporting Considerations related to COVID-19 The COVID-19 pandemic has negatively impacted the global economy. In response to the crisis, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was passed by Congress and signed into law on March 27, 2020. The CARES Act provides an estimated $2.2 trillion to fight the COVID-19 pandemic and stimulate the economy by supporting individuals and businesses through loans, grants, tax changes, and other types of relief. Under Section 4013 of the CARES Act, and based upon regulatory guidance promulgated by federal banking regulators, qualifying short-term loan modifications resulting in payment deferrals that are attributable to the adverse impact of COVID-19, are not considered to be troubled debt restructurings (“TDRs”). • Accounting for Loan Modifications – The CARES Act provides that a financial institution may elect to suspend (1) the requirements under GAAP for certain loan modifications that would otherwise be categorized as a troubled debt restructure (“TDR”) and (2) any determination that such loan modifications would be considered a TDR, including the related impairment for accounting purposes. The suspension is applicable for the term of the loan modification that occurs during the applicable period for a loan that was not more than 30 days past due as of December 31, 2019. The suspension is not applicable to any adverse impact on the credit of a borrower that is not related to the pandemic. • Paycheck Protection Program – The CARES Act established the Paycheck Protection Program (“PPP”), an expansion of the Small Business Administration’s 7(a) loan program and the Economic Injury Disaster Loan Program (“EIDL”), administrated directly by the Small Business Administration (“SBA”). • Mortgage Forbearance – Under the CARES Act, through the earlier of December 31, 2020, mortgage customers experiencing financial hardship due to COVID-19 may request forbearance on the loan for up to 30 days, with up to two additional 30-day periods at the borrower’s request. Also in response to the COVID-19 pandemic, the Board of Governors of the Federal Reserve System (“FRB”), the Federal Deposit Insurance Corporation (“FDIC”), the National Credit Union Administration (“NCUA”), the Office of the Comptroller of the Currency (“OCC”), and the Consumer Financial Protection Bureau (“CFPB”), in consultation with the state financial regulators (collectively, the “agencies”) issued a joint interagency statement (issued March 22, 2020; revised statement issued April 7, 2020). Some of the provisions applicable to the Company include, but are not limited to: Note 2 - Summary of Significant Accounting Policies (Continued) • Accounting for Loan Modifications – Loan modifications that do not meet the conditions of the CARES Act may still qualify as a modification that does not need to be accounted for as a TDR. The agencies confirmed with FASB staff that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who are current prior to any relief are not TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or insignificant delays in payments. Loan modifications were made in accordance with Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions working with customers affected by COVID-19 and therefore were not classified as TDRs. • Past Due Reporting – With regard to loans not otherwise reportable as past due, financial institutions are not expected to designate loans with deferrals granted due to COVID-19 as past due because of the deferral. A loan’s payment date is governed by the due date stipulated in the legal agreements. If a financial institution agrees to a payment deferral, these loans would not be considered past due during the period of the deferral. • Nonaccrual Status and Charge-offs – During short-term COVID-19 modifications, these loans generally should not be reported as nonaccrual or as classified.
Risks and Uncertainties	Risks and Uncertainties On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 a global pandemic. The COVID-19 pandemic has adversely affected, and may continue to adversely affect local, national and global economic activity. Actions taken to help mitigate the spread of COVID-19 include restrictions on travel, localized quarantines, and government-mandated closures of certain businesses. The spread of the outbreak has caused significant disruptions to the U.S. economy and has disrupted banking and other financial activity in the areas in which the Company operates. On March 3, 2020, the Federal Open Market Committee reduced the targeted federal funds interest rate range by 50 basis points to 1.00 percent to 1.25 percent. This range was further reduced to 0 percent to 0.25 percent on March 16, 2020. On March 27, 2020, the CARES Act was enacted to, among other provisions, provide emergency assistance for individuals, families and businesses affected by the COVID-19 pandemic. These reductions in interest rates and other effects of the COVID-19 pandemic may materially and adversely affect the Company's financial condition and results of operations in future periods. It is unknown how long the adverse conditions associated with the COVID-19 pandemic will last and what the complete financial effect will be to the Company. It is possible that estimates made in the financial statements could be materially and adversely impacted as a result of these conditions, including estimates regarding expected credit losses on loans receivable, and other-than-temporary impairment of investment securities.
Cash and Cash Equivalents	Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from depository institutions and interest-bearing deposits. The Company maintains cash deposits in other depository institutions that occasionally exceed the amount of deposit insurance available. Management periodically assesses the financial condition of these institutions and believes that the risk of any possible credit loss is minimal. The Company is required to maintain average reserve balances in vault cash with the Federal Reserve Bank based upon outstanding balances of deposit transaction accounts. Based upon the Company’s outstanding transaction deposit balances, the Bank maintained a deposit account with the Federal Reserve Bank of Philadelphia in the amount of zero at September 30, 2020 and 2019.
Investment Securities	Investment Securities Held-to-maturity (“HTM”) are securities that includes debt securities that the Company has the positive intent and the ability to hold to maturity. These securities are reported at amortized cost and adjusted for unamortized Note 2 - Summary of Significant Accounting Policies (Continued) premiums and discounts. Securities held for trading are securities that are bought and held principally for the purpose of selling in the near term; these securities are reported at fair value, with unrealized gains and losses reported in current earnings. At September 30, 2020 and 2019, the Company had no investment securities classified as trading. Debt securities that will be held for indefinite periods of time and equity securities, including securities that may be sold in response to changes in market interest or prepayment rates, needs for liquidity and changes in the availability of and the yield of alternative investments, are classified as available for sale. Realized gains and losses are recorded on the trade date and are determined using the specific identification method. Securities held as available for sale are reported at fair value, with unrealized gains and losses, net of tax, reported as a component of accumulated other comprehensive income (“AOCI”). Management determines the appropriate classification of investment securities at the time of purchase. Securities are evaluated on a quarterly basis, and more frequently when market conditions warrant such an evaluation, to determine whether declines in their value are other-than-temporary. To determine whether a loss in value is other-than-temporary, management utilizes criteria such as the reasons underlying the decline, the magnitude and duration of the decline and whether or not management intends to sell or expects that it is more likely than not that it will be required to sell the security prior to an anticipated recovery of the fair value. The term “other-than-temporary” is not intended to indicate that the decline is permanent, but indicates that the prospects for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. Once a decline in value for a debt security is determined to be other-than-temporary, the other-than-temporary impairment is separated into (a) the amount of the total other-than-temporary impairment related to a decrease in cash flows expected to be collected from the debt security (the credit loss) and (b) the amount of the total other-than-temporary impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive income.
Loans Receivable	Loans Receivable The Company, through the Bank, grants mortgage, construction, commercial and consumer loans to customers. Substantially all of our loans are to individuals, businesses and real estate developers in Chester County, Pennsylvania and neighboring areas in southern Pennsylvania, New Jersey and the New York metropolitan marketplace, Delaware and Florida markets. The ability of the Company’s debtors to honor their contracts is dependent upon, among other factors, the real estate and general economic conditions in this area. Loans receivable that management has the intent and ability to hold until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans using the interest method. The Company is amortizing these amounts over the contractual lives of the loans. The loans receivable portfolio is segmented into residential loans, construction and development loans, commercial loans and consumer loans. The residential loan segment has one class, one- to four-family first lien residential mortgage loans. The construction and development loan segment consists of the following classes: residential and commercial and land loans. Residential construction loans are made for the acquisition of and/or construction on a lot or lots on which a residential dwelling is to be built. Commercial construction loans are made for the purpose of acquiring, developing and constructing a commercial structure. The commercial loan segment consists of the following classes: commercial real estate loans, multi-family real estate loans, and other commercial loans, which are also generally known as commercial and industrial loans or commercial business loans. The consumer loan segment consists of the following classes: home equity lines of credit, second mortgage loans and other consumer loans, primarily unsecured consumer lines of credit. For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collection of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the Note 2 - Summary of Significant Accounting Policies (Continued) collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. In addition to originating loans, the Company purchases consumer and mortgage loans from brokers in our market area. Such purchases are reviewed for compliance with our underwriting criteria before they are purchased, and are generally purchased without recourse to the seller. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective yield method. Reserves for unfunded lending commitments represent management’s estimate of losses inherent in its unfunded loan commitments and is recorded in other liabilities on the consolidated statements of financial condition.
Allowance for Loan Losses	Allowance for Loan Losses The allowance for credit losses consists of the allowance for loan losses. The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the consolidated statement of financial condition date and is recorded as a reduction to loans. The allowance for loan losses (“ALLL”, “allowance”) is increased by the provision for loan losses and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment or collateral recovery of all, or part, of the principal balance is highly unlikely. Non-residential consumer loans a The allowance for credit losses is maintained at a level considered adequate to provide for losses that can be reasonably estimated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, the composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, a specific reserve is recognized when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class that are not considered impaired. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these classes of loans, as adjusted for qualitative factors. These qualitative risk factors include: 1. Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices. 2. National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans. 3. The nature and volume of the loan portfolio and terms of loans. 4. The experience, ability, and depth of lending management and staff. 5. The volume and severity of past due, classified and nonaccrual loans as well as any other loan modifications. 6. The quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors. Note 2 - Summary of Significant Accounting Policies (Continued) 7. The existence and effect of any concentrations of credit and changes in the level of such concentrations. 8. Value of underlying collateral. 9. A single calculation figure which is subsequently applied to the loan portfolio by loan type (Commercial, Residential and Consumer) based upon the percent of each to total loans. It is derived from a review of a peer group consisting of ten banks with similar asset size within the same general geographic area of the Bank. The qualitative factors are applied to the historical loss rates for each class of loan. In addition, while not reported as a separate factor, changes in the value of underlying collateral (for regional property values) for collateral dependent loans is considered and addressed within the economic trends factor. A quarterly calculation is made adjusting the reserve allocation for each factor within a risk weighted range as it relates to each particular loan type, collateral type and risk rating within each segment. Data is gathered and evaluated through internal, regulatory, and government sources quarterly for each factor. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. In addition, the allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include categories of “pass,” “special mention,” “substandard” and “doubtful.” Assets classified as “Pass” are those protected by the current net worth and paying capacity of the obligor or by the value of the underlying collateral. Assets which do not currently expose the insured institution to sufficient risk to warrant classification as substandard or doubtful but possess certain identified weaknesses are required to be designated “special mention.” If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. An asset is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” Residential Lending. Residential mortgage originations are secured primarily by properties located in the Company’s primary market area and surrounding areas. We currently originate fixed-rate, fully amortizing mortgage loans with maturities of 10 to 30 years. We also offer adjustable rate mortgage (“ARM”) loans where the interest rate either adjusts on an annual basis or is fixed for the initial one, three or seven years and then adjusts annually. We underwrite one- to four-family residential mortgage loans with loan-to-value ratios of up to 95 percent, provided that the borrower obtains private mortgage insurance on loans that exceed 80 percent of the appraised value or sales price, whichever is less, of the secured property. We also require that title insurance, hazard insurance and, if appropriate, flood insurance be maintained on all properties securing real estate loans. We require that a licensed appraiser from our list of approved appraisers perform and submit to us an appraisal on all properties secured by a first mortgage on one- to four-family first mortgage loans. In underwriting one- to four-family residential mortgage loans, the Company evaluates both the borrower’s ability to make monthly payments and the value of the property securing the loan. Most properties securing real estate loans made by the Company are appraised by independent fee appraisers reviewed and approved by the Bank’s third-party appraisal management companies. The Company generally requires borrowers to obtain an attorney’s title opinion or title insurance, and fire and property insurance (including flood insurance, if necessary) in an amount not less than the amount of the loan. Real estate loans originated by the Company generally contain a “due on sale” clause allowing the Company to declare the unpaid principal balance due and payable upon the sale of the security property. The Company has not engaged in sub-prime residential mortgage loan originations. Our single-family residential mortgage loans generally are underwritten on terms and documentation conforming to guidelines issued by The Federal Home Loan Mortgage Company, or Freddie Mac, and The Federal National Mortgage Association, or Fannie Mae. Note 2 - Summary of Significant Accounting Policies (Continued) Construction and Development Lending. We originate construction loans for residential and, to a lesser extent, commercial uses within our market area. We generally limit construction loans to builders and developers with whom we have an established relationship, or who are otherwise known to officers of the Bank. Our construction and development loans currently in the portfolio typically have variable rates of interest tied to the prime rate which improves the interest rate sensitivity of our loan portfolio. Construction and development loans generally are considered to involve a higher level of risk than one-to four-family residential lending, due to the concentration of principal in a limited number of loans and borrowers and the effect of economic conditions on developers, builders and projects. Additional risk is also associated with construction lending because of the inherent difficulty in estimating both a property’s value at completion and the estimated cost (including interest) to complete a project. The nature of these loans is such that they are more difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not pre-sold and thus pose a greater potential risk than construction loans to individuals on their personal residences. In order to mitigate some of the risks inherent in construction lending, we inspect properties under construction, review construction progress prior to advancing funds, work with builders with whom we have established relationships, require annual updating of tax returns and other financial data of developers and obtain personal guarantees from the principals. Commercial Lending. Commercial and multi-family real estate loans generally present a higher level of risk than loans secured by one- to four-family residences. This greater risk is due to several factors, including the concentration of principal in a limited number of loans and borrowers, the effect of general economic conditions on income producing properties and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by commercial and multi-family real estate is typically dependent upon the successful operation of the related real estate project. If the cash flow from the project is reduced (for example, if leases are not obtained or renewed, or a bankruptcy court modifies a lease term, or a major tenant is unable to fulfill its lease obligations), the borrower’s ability to repay the loan may be impaired. Most of the Company’s commercial business loans have been extended to finance local and regional businesses and include short-term loans to finance machinery and equipment purchases, inventory and accounts receivable. The commercial business loans which we originate may be either a revolving line of credit or for a fixed term of generally 10 years or less. Interest rates are adjustable, indexed to a published prime rate of interest, or fixed. Generally, equipment, machinery, real property or other corporate assets secure such loans. Personal guarantees from the business principals are generally obtained as additional collateral. Consumer Lending. The Company currently originates most of its consumer loans in its primary market area and surrounding areas. The Company originates consumer loans on both a direct and indirect basis. Consumer loans generally have higher interest rates and shorter terms than residential mortgage loans; however, they have additional credit risk due to the type of collateral securing the loan or in some case the absence of collateral. We are continuing to evaluate and monitor the credit conditions of our consumer loan borrowers and the real estate values of the properties securing our second mortgage loans as part of our on-going efforts to assess the overall credit quality of the portfolio in connection with our review of the allowance for loan losses. Consumer loans may entail greater credit risk than do residential mortgage loans, particularly in the case of consumer loans which are unsecured or are secured by rapidly depreciable assets, such as automobiles or recreational equipment. In such cases, any repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance as a result of the greater likelihood of damage, loss or depreciation. In addition, consumer loan collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be affected by adverse personal circumstances. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans. Once all factor adjustments are applied, general reserve allocations for each segment are calculated, summarized and reported on the ALLL summary. ALLL final schedules, calculations and the resulting evaluation process are reviewed quarterly. In addition, Federal bank regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. Note 2 - Summary of Significant Accounting Policies (Continued) A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, cash flow, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. A specific reserve is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets.
Troubled Debt Restructurings	Troubled Debt Restructurings Loans whose terms are modified are classified as TDRs if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring may be modified by means of extending the maturity date of the loan, reducing the interest rate on the loan to a rate which is below market, a combination of rate adjustments and maturity extensions, or by other means including covenant modifications, forbearances or other concessions. However, the Company generally only restructures loans by modifying the payment structure to interest only or by reducing the actual interest rate. We do not accrue interest on loans that were non-accrual prior to the TDR troubled debt restructurings . Management evaluates the ALLL with respect to TDRs under the same policy and guidelines as all other performing loans are evaluated with respect to the ALLL. In March 2020, various regulatory agencies, including the FRB and the FDIC issued an interagency statement on loan modifications and reporting for financial institutions working with customers affected by COVID-19. The interagency statement was effective immediately and impacted accounting for loan modifications. The agencies confirmed with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, are not to be considered TDRs. Provisions of the CARES Act largely mirrored the provisions of the interagency statement, providing that modified loans were not to be considered TDRs if they were performing at December 31, 2019 and other consideration set forth in the interagency statements were met. Borrowers considered current were those that are less than 30 days past due on their contractual payments at the time a modification program is implemented or at December 31, 2019.
Loan Servicing	Note 2 - Summary of Significant Accounting Policies (Continued) Loan Servicing Servicing assets are recognized as separate assets when rights are acquired through purchase or through sale of financial assets. For sales of mortgage loans, a portion of the cost of originating the loan is allocated to the servicing right based on relative fair value. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Capitalized servicing rights are reported in other assets and are amortized into other expense in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights into tranches based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the capitalized amount for the tranche. If the Company later determines that all or a portion of the impairment no longer exists for a particular tranche, a reduction of the allowance may be recorded as an increase to income. The Company also sells loans in the secondary market with servicing released.
Other Real Estate Owned	Other Real Estate Owned Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of the previously established carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in other expenses from OREO.
Restricted Stock	Restricted Stock Restricted stock represents required investments in the common stock of a correspondent bank and is carried at cost. As of September 30, 2020 and 2019, restricted stock consists of the common stock of the Federal Reserve Bank, FHLB and Atlantic Community Bankers Bank (“ACBB”). Management’s evaluation and determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of an investment’s cost is influenced by criteria such as (1) the significance of the decline in net assets of the Federal Reserve Bank, FHLB and ACBB as compared to the capital stock amount for the Federal Reserve Bank, FHLB and ACBB and the length of time this situation has persisted, (2) commitments by the Federal Reserve Bank, FHLB and ACBB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the Federal Reserve Bank, FHLB and ACBB, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the Federal Reserve Bank, FHLB and ACBB. During the years ended September 30, 2020 and 2019, there were net repurchases of restricted stock of $1.5 million and $2.6 million, respectively. Also, as of September 30, 2020 and 2019, the number of outstanding restricted shares was 122,177 and 137,148, respectively. There were approximately $631,000 and $627,000
Property and Equipment	Property and Equipment Property and equipment is carried at cost. Depreciation is computed using the straight-line and accelerated methods over estimated useful lives ranging from 3 to 39 years beginning when assets are placed in service. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income for the period. The cost of maintenance and repairs is charged to income as incurred.
Transfers of Financial Assets	Note 2 - Summary of Significant Accounting Policies (Continued) Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. The Company accounts for certain participation interests in commercial loans receivable (loan participation agreements) sold as a sale of financial assets pursuant to ASC 860, Transfers and Servicing. Loan participation agreements that meet the sale criteria under ASC 860 are derecognized from the Consolidated Statement of Financial Condition at the time of transfer. If the transfer of loans subject to loan participation does not meet the sale criteria or participating interest criteria under ASC 860, the transfer is accounted for as a secured borrowing and the loan is not de-recognized and a participating liability is recorded in the Consolidated Statements of Financial Condition.
Bank-Owned Life Insurance	Bank-Owned Life Insurance The Company invests in bank owned life insurance (“BOLI”) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Bank on a chosen group of employees. The Bank is the owner and beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies. Earnings from the increase in cash surrender value of the policies are included in other income on the statements of operations.
Employee Benefit Plans	Employee Benefit Plans The Bank’s 401(k) plan allows eligible participants to set aside a certain percentage of their salaries before taxes. The Company may elect to match employee contributions up to a specified percentage of their respective salaries in an amount determined annually by the Board of Directors. The Company’s matching contribution related to the plan resulted in expenses of $131,000 and $135,000 The Company also maintains an unfunded Supplemental Executive and a Director Retirement Plan (the “Plans”). The accrued amount for the Plans included in other liabilities was $784,000 and $875,000 at September 30, 2020 and 2019, respectively. Distributions from the Plan for each of the fiscal years 2020 and 2019 were approximately $94,000 and $100,000, respectively. The expense associated with the Plans was $4,000 for each of the years ended September 30, 2020 and 2019.
Derivatives and Hedging	Derivatives and Hedging The Company records cash flow hedges at the inception of the derivative contract based on the Company’s intentions and belief as to likely effectiveness as a hedge. The Company documents the strategy for entering into the transactions and the method of assessing ongoing effectiveness. Cash flow hedges represent a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For a cash flow hedge that is effective, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. The changes in the fair value of derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as noninterest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. To determine fair value, the Company uses third party pricing models that incorporate assumptions about market conditions and risks that are current at the reporting date. The Company does not use derivative instruments for speculative purposes. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. Note 2 - Summary of Significant Accounting Policies (Continued) When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. The Company recognized $371,000 and $795,000 of net swap fees through the Bank’s commercial loan hedging program during fiscal 2020 and fiscal 2019, respectively.
Advertising Cost	Advertising Costs The Company follows the policy of charging the costs of advertising to expense as incurred. Advertising expense was $119,000 and $107,000
Income Taxes	Income Taxes DTAs and deferred tax liabilities (“DTLs”) are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. DTAs and DTLs are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on DTAs and DTLs of a change in tax rates is recognized in income in the period that includes the enactment date. These calculations are based on many complex factors including estimates of the timing of reversals of temporary differences, the interpretation of federal income tax laws and a determination of the differences between the tax and the financial reporting basis of assets and liabilities. Actual results could differ significantly from the estimates and interpretations used in determining the current and deferred income tax assets and liabilities. A valuation allowance is required to be recognized if it is “more likely than not” that a portion of the DTAs will not be realized. The Company’s policy is to evaluate the DTA on a quarterly basis and record a valuation allowance for our DTA if we do not have sufficient positive evidence indicating that it is more likely than not that some or all of the DTA will be realized. The Company’s policy is to account for interest and penalties as components of income tax expense.
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the statement of financial condition when they are funded.
Segment Information	Segment Information The Company has one reportable segment, “Community Banking.” All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each of the activities of the Company supports the others. For example, lending is dependent upon the ability of the Company to fund itself with deposits and other borrowings and manage interest rate and credit risk. Accordingly, all significant operating decisions are based upon analysis of the Company as one segment or unit.
Comprehensive Income	Comprehensive Income Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale debt securities, are reported as a separate component of the shareholders’ equity section of the statement of financial condition, such items, along with net income, are components of comprehensive income. Note 2 - Summary of Significant Accounting Policies (Continued) For securities transferred from available for sale to held to maturity, the Company records the amortization and/or accretion of unrealized holding losses on such investment securities, in accumulated other comprehensive (loss) income. The Company also records changes in the fair value of interest rate derivatives used in its cash flow hedging activities, net of deferred income tax, in accumulated other comprehensive (loss) income.
Reclassifications	Reclassifications Certain reclassifications have been made to the previous year’s consolidated financial statements to conform to the current year’s presentation. These reclassifications had no effect on the Company’s results of operations.
Revenue Recognition	Revenue Recognition ASC 606, Revenue from Contracts with Customers The majority of our revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, investment securities, derivatives as well as revenue related to BOLI, sales of investment securities, rental income, and gain on sale of loans. Revenue-generating activities that are within the scope of ASC 606, which are presented in our consolidated statements of operations as components of other income include certain fees such as credit card fee income, DDA service and fee income, and debit card fees.
Loans Held-For-Sale	Loans Held-For-Sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value on the consolidated statements of financial condition. Gains and losses on loan sales (sales proceeds minus carrying value) are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in other income upon sale of the loan. Servicing is retained at the Bank for loans sold in the secondary market and are placed as a mortgage servicing asset on the consolidated statement of financial condition.
Treasury Stock	Treasury stock The Company records common stock purchased for treasury at cost. At the date of subsequent reissue, the treasury stock account is reduced by the cost of such stock on the first-in, first-out basis.
Leases	Leases The Company accounts for its leases in accordance with FASB ASC Leases As a lessee, the Company enters into operating leases for certain bank branches, office space, and office equipment. The right-of-use assets and lease liabilities are initially recognized based on the net present value of the remaining lease payments, which include renewal options where management is reasonably certain they will be exercised. The net present value is determined using the incremental borrowing rate based on the FHLB
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Yet to Be Adopted	Note 2 - Summary of Significant Accounting Policies (Continued) Recently Adopted Accounting Pronouncements Leases . In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations recognizing lease assets and lease liabilities on the balance sheet. This ASU requires lessees to recognize a right-of-use (“ROU”) asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation for leases with terms of more than twelve months. Accounting by lessors remains largely unchanged from current GAAP. This ASU also requires expanded quantitative and qualitative disclosures for both lessees and lessors. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, which provides entities with an additional (and optional) transition method in which the entity applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company has applied the new transition method upon adoption. In December 2018, the FASB issued ASU No. 2018-20, Leases (Topic 842): Narrow Scope Improvements for Lessors, which clarifies the treatment of sales taxes and other taxes collected from lessees, lessor costs paid directly by lessees, and recognition of variable payments for contracts with lease and non-lease components. In March 2019, the FASB issued ASU No. 2019-01, Leases (Topic 842): Codification Improvements, which aligned the new lease guidance with the existing guidance for fair value of the underlying asset by lessors that are not manufacturers or dealers. It also clarified an exemption for lessors and lessees from a certain interim disclosure requirement associated with adopting the board’s new lease accounting standard. The Company adopted the guidance in these ASUs on October 1, 2019 and will not restate comparative periods. As a result, the Company recorded ROU assets and related lease liabilities of $3.3 million at October 1, 2019. At September 30, 2020 the Company had ROU assets and related lease liabilities of $2.7 million. Recent Accounting Pronouncements Yet to Be Adopted Reference Rate Reform. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) . The guidance allows for companies to: (1) account for certain contract modifications as a continuation of the existing contract without additional analysis; (2) continue hedge accounting when certain critical terms of a hedging relationship change and assess effectiveness in ways that disregard certain potential sources of ineffectiveness; and (3) make a one-time sale and/or transfer of certain debt securities from held-to-maturity to available-for-sale or trading. This ASU is available for adoption effective immediately, or as of January 1, 2020 or any date thereafter for the Company, and applies prospectively to contract modifications and hedging relationships. The one-time election to sell and/or transfer debt securities classified as held-to-maturity may be made at any time after March 12, 2020. The Company anticipates adopting this ASU and will continue to analyze the provisions of the ASU in connection with ongoing procedures to monitor the work of the Alternative Rates Committee of the FRB and Federal Reserve Bank of New York in identifying an alternative U.S. dollar reference interest rate. It is too early to predict a new rate index replacement, but we anticipate will be the Secured Overnight Financing Rate (“SOFR”). The adoption of this new requirement is not expected to have a material impact on the consolidated earnings, financial position or cash flows of the Company. Income Taxes. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740). This ASU identifies, evaluates, and improves areas of GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. The ASU is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The adoption of this new requirement is not expected to have a material impact on the consolidated earnings, financial position or cash flows of the Company. Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This ASU requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied currently will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. Additionally, this ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. In April 2019, the FASB issued ASU 2019-04, Codification Improvements , which provides guidance on accounting for credit losses on accrued interest receivable balances and guidance on including recoveries when estimating the allowance. In May 2019, the FASB issued ASU 2019-05, Targeted Transition Relief, which allows entities with an option to elect fair value for certain instruments upon adoption of Topic 326. This ASU will be effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted . The Bank has a software system in place to assist with the calculation of Current Expected Credit Losses (“CECL”). In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) making this ASU effective for interim and annual periods beginning after December 15, 2022. As such the Company would be required to implement the ASU on October 1, 2023. In November 2019, the FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which provides guidance on stakeholders’ specific issues about certain aspects of the amendments in ASU 2016-13. The Company formed a cross functional implementation team to review the requirements of ASU 2016-13 and contracted with a third-party provider to assist in the development and implementation of the revised credit loss methodology. The impacts on the consolidated earnings, financial position and cash flows of the Company upon adoption of this ASU are currently unknown.

Restatement of Previously Iss_2

Restatement of Previously Issued Consolidated Financial Statements (Tables)	12 Months Ended
	Sep. 30, 2020
Restatement Of Previously Issued Consolidated Financial Statements [Abstract]
Schedule of Consolidated Statements of Financial Condition	Consolidated Statements of Financial Condition September 30, 2020 (As Previously Reported on Original 10-K) Adjustments 2020 (As Restated) (Dollars in thousands, except share data) Assets Cash and due from depository institutions $ 16,386 $ — $ 16,386 Interest bearing deposits in depository institutions 45,053 — 45,053 Cash and Cash Equivalents 61,439 — 61,439 Investment securities available for sale, at fair value (amortized cost of $31,658) 31,541 — 31,541 Investment securities held to maturity, at cost (fair value of $15,608) 14,970 — 14,970 Restricted stock, at cost 9,622 — 9,622 Loans receivable, net of allowance for loan losses of $12,433 1,030,844 (3,950 ) 1,026,894 Other real estate owned 5,796 — 5,796 Accrued interest receivable 3,677 — 3,677 Operating lease right-of-use-assets 2,638 — 2,638 Property and equipment, net 6,274 — 6,274 Deferred income taxes, net 3,476 204 3,680 Bank-owned life insurance 25,400 — 25,400 Other assets 16,344 — 16,344 Total Assets $ 1,212,021 $ (3,746 ) $ 1,208,275 Liabilities and Shareholders’ Equity Liabilities Deposits: Deposits-noninterest-bearing $ 50,422 $ — $ 50,422 Deposits-interest-bearing 840,484 — 840,484 Total Deposits 890,906 — 890,906 FHLB advances 130,000 — 130,000 Secured borrowing 4,225 — 4,225 Subordinated debt 24,776 — 24,776 Advances from borrowers for taxes and insurance 1,741 — 1,741 Accrued interest payable 728 — 728 Operating lease liabilities 2,671 — 2,671 Other liabilities 13,424 (789 ) 12,635 Total Liabilities 1,068,471 (789 ) 1,067,682 Commitments and Contingencies — — — Shareholders’ Equity Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued — — — Common stock, $0.01 par value, 50,000,000 shares authorized, 7,804,469 and 7,609,953 shares issued and outstanding, respectively 76 — 76 Additional paid-in-capital 85,127 — 85,127 Retained earnings 63,345 (2,957 ) 60,388 Unearned Employee Stock Ownership Plan (ESOP) shares (1,047 ) — (1,047 ) Accumulated other comprehensive loss (1,088 ) — (1,088 ) Treasury stock, at cost: 194,516 shares (2,863 ) — (2,863 ) Total Shareholders’ Equity 143,550 (2,957 ) 140,593 Total Liabilities and Shareholders’ Equity $ 1,212,021 $ (3,746 ) $ 1,208,275 Consolidated Statements of Financial Condition September 30, 2019 (As Previously Reported on Form 10-K) Adjustments 2019 (As Restated) (Dollars in thousands, except share data) Assets Cash and due from depository institutions $ 1,400 $ — $ 1,400 Interest bearing deposits in depository institutions 152,143 — 152,143 Cash and Cash Equivalents 153,543 — 153,543 Investment securities available for sale, at fair value (amortized cost of $18,522) 18,411 — 18,411 Investment securities held to maturity, at cost (fair value of $22,609) 22,485 — 22,485 Restricted stock, at cost 11,129 — 11,129 Loans receivable, net of allowance for loan losses of $10,095 1,007,714 4,275 1,011,989 Other real estate owned 5,796 — 5,796 Accrued interest receivable 4,253 — 4,253 Property and equipment, net 6,678 — 6,678 Deferred income taxes, net 2,840 — 2,840 Bank-owned life insurance 19,891 — 19,891 Other assets 12,482 — 12,482 Total Assets $ 1,265,222 $ 4,275 $ 1,269,497 Liabilities and Shareholders’ Equity Liabilities Deposits: Deposits-noninterest-bearing $ 55,684 $ — $ 55,684 Deposits-interest-bearing 898,127 — 898,127 Total Deposits 953,811 — 953,811 FHLB advances 133,000 — 133,000 Secured borrowing — 4,275 4,275 Subordinated debt 24,619 — 24,619 Advances from borrowers for taxes and insurance 1,761 — 1,761 Accrued interest payable 978 — 978 Other liabilities 8,545 — 8,545 Total Liabilities 1,122,714 4,275 1,126,989 Commitments and Contingencies — — — Shareholders’ Equity Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued — — — Common stock, $0.01 par value, 50,000,000 shares authorized, 7,782,258 and 7,765,395 shares issued and outstanding, respectively 78 — 78 Additional paid-in-capital 84,783 — 84,783 Retained earnings 59,744 — 59,744 Unearned Employee Stock Ownership Plan (ESOP) shares (1,192 ) — (1,192 ) Accumulated other comprehensive loss (569 ) — (569 ) Treasury stock, at cost: 16,863 shares (336 ) — (336 ) Total Shareholders’ Equity 142,508 — 142,508 Total Liabilities and Shareholders’ Equity $ 1,265,222 $ 4,275 $ 1,269,497
Schedule of Consolidated Statements of Operations	Consolidated Statements of Operations Year Ended September 30, 2020 (As Previously Reported on Original 10-K) Adjustments 2020 (As Restated) (Dollars in thousands, except share data) Interest and Dividend Income Loans, including fees $ 41,441 $ — $ 41,441 Investment securities, taxable 1,048 — 1,048 Investment securities, tax-exempt 124 — 124 Dividends, restricted stock 631 — 631 Interest-bearing cash accounts 1,063 — 1,063 Total Interest and Dividend Income 44,307 — 44,307 Interest Expense Deposits 12,846 — 12,846 Short-term borrowings — — — Long-term borrowings 2,898 — 2,898 Subordinated debt 1,531 — 1,531 Total Interest Expense 17,275 — 17,275 Net Interest Income 27,032 — 27,032 Provision for Loan Losses 6,660 3,950 10,610 Net Interest Income after Provision for Loan Losses 20,372 (3,950 ) 16,422 Other Income Service charges and other fees 1,316 — 1,316 Rental income 217 — 217 Net gains on sale and call of investments 330 — 330 Net gains on sale of loans 116 — 116 Earnings on bank-owned life insurance 509 — 509 Total Other Income 2,488 — 2,488 Other Expense Salaries and employee benefits 8,889 — 8,889 Occupancy expense 2,309 — 2,309 Federal deposit insurance premium 155 — 155 Advertising 119 — 119 Data processing 1,105 — 1,105 Professional fees 1,995 — 1,995 Other real estate owned expense, net 88 — 88 Pennsylvania shares tax 678 — 678 Other operating expenses 2,964 — 2,964 Total Other Expenses 18,302 — 18,302 Income before income tax expense 4,558 (3,950 ) 608 Income tax expense 957 (993 ) (36 ) Net Income $ 3,601 $ (2,957 ) $ 644 Earnings Per Common Share: Basic $ 0.47 $ (0.39 ) $ 0.08 Diluted $ 0.47 $ (0.39 ) $ 0.08 Weighted Average Common Shares Outstanding Basic 7,597,528 — 7,597,528 Diluted 7,597,726 — 7,597,726 Consolidated Statements of Operations Year Ended September 30, 2019 (As Previously Reported on Form 10-K) Adjustments 2019 (As Restated) (Dollars in thousands, except share data) Interest and Dividend Income Loans, including fees $ 43,574 $ 180 $ 43,754 Investment securities, taxable 982 — 982 Investment securities, tax-exempt 207 — 207 Dividends, restricted stock 627 — 627 Interest-bearing cash accounts 2,265 — 2,265 Total Interest and Dividend Income 47,655 180 47,835 Interest Expense Deposits 14,348 — 14,348 Short-term borrowings 7 — 7 Long-term borrowings 2,693 180 2,873 Subordinated debt 1,532 — 1,532 Total Interest Expense 18,580 180 18,760 Net Interest Income 29,075 — 29,075 Provision for Loan Losses 2,379 — 2,379 Net Interest Income after Provision for Loan Losses 26,696 — 26,696 Other Income Service charges and other fees 1,796 — 1,796 Rental income 243 — 243 Net gains on sale and call of investments 28 — 28 Net gains on sale of loans 37 — 37 Earnings on bank-owned life insurance 488 — 488 Total Other Income 2,592 — 2,592 Other Expense Salaries and employee benefits 8,541 — 8,541 Occupancy expense 2,256 — 2,256 Federal deposit insurance premium 221 — 221 Advertising 107 — 107 Data processing 1,024 — 1,024 Professional fees 1,799 — 1,799 Other real estate owned expense, net 192 — 192 Pennsylvania shares tax 431 — 431 Other operating expenses 2,916 — 2,916 Total Other Expenses 17,487 — 17,487 Income before income tax expense 11,801 — 11,801 Income tax expense 2,469 — 2,469 Net Income $ 9,332 $ — $ 9,332 Earnings Per Common Share: Basic $ 1.22 $ — $ 1.22 Diluted $ 1.22 $ — $ 1.22 Weighted Average Common Shares Outstanding Basic 7,638,866 — 7,638,866 Diluted 7,639,166 — 7,639,166
Schedule of Consolidated Statements of Cash Flows	Consolidated Statements of Cash Flows Year Ended September 30, 2020 (As Previously Reported on Original 10-K) Adjustments 2020 (As Restated) (In thousands) Cash Flows from Operating Activities Net income $ 3,601 $ (2,957 ) $ 644 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 745 — 745 Provision for loan losses 6,660 3,950 10,610 Deferred income taxes (benefit) expense (636 ) (204 ) (840 ) ESOP expense 236 — 236 Stock based compensation 253 — 253 Amortization of premiums and discounts on investment securities, net 215 — 215 Amortization of loan origination fees and costs 513 — 513 Amortization of mortgage service rights 67 — 67 Amortization of subordinated debt issuance costs 157 — 157 Net gain on sale and call of investment securities available for sale (330 ) — (330 ) Net loss on sale of fixed assets 4 — 4 Net gain on disposal of fixed assets (45 ) — (45 ) Net gain on sale of secondary market loans (116 ) — (116 ) Proceeds on sale of secondary market loans 5,231 — 5,231 Originations of secondary market loans (5,115 ) — (5,115 ) Earnings on bank-owned life insurance (509 ) — (509 ) Decrease (increase) in accrued interest receivable 576 — 576 (Decrease) increase in accrued interest payable (250 ) — (250 ) Operating lease liability payments (667 ) — (667 ) Increase in other liabilities 7,550 (789 ) 6,761 Increase in other assets (6,414 ) — (6,414 ) Net Cash Provided by Operating Activities 11,726 — 11,726 Cash Flows from Investing Activities Investment securities available-for-sale: Purchases (30,146 ) — (30,146 ) Sales 8,901 — 8,901 Maturities, calls and principal repayments 8,378 — 8,378 Investment securities held-to-maturity: — Maturities, calls and principal repayments 7,362 — 7,362 Net increase in loans (26,028 ) — (26,028 ) Purchase of bank-owned life insurance (5,000 ) — (5,000 ) Net decrease (increase) in restricted stock 1,507 — 1,507 Purchases of property and equipment (300 ) — (300 ) Net Cash Used in Investing Activities (35,326 ) — (35,326 ) Cash Flows from Financing Activities Net (decrease) increase in deposits (62,905 ) — (62,905 ) Proceeds for long-term borrowings 25,000 — 25,000 Repayment of long-term borrowings (28,000 ) — (28,000 ) Repayment of other borrowed money (50 ) — (50 ) (Decrease) increase in advances from borrowers for taxes and insurance (20 ) — (20 ) Acquisition of treasury stock (2,529 ) — (2,529 ) Net Cash (Used in) Provided by Financing Activities (68,504 ) — (68,504 ) Net (Decrease) Increase in Cash and Cash Equivalents (92,104 ) — (92,104 ) Cash and Cash Equivalent - Beginning 153,543 — 153,543 Cash and Cash Equivalent - Ending $ 61,439 $ — $ 61,439 Supplementary Cash Flows Information Interest paid $ 17,347 $ — $ 17,347 Income taxes paid $ 1,477 $ — $ 1,477 Impact of ASC 842 adoption: Right-of-use asset $ 3,279 $ — $ 3,279 Operating lease liability $ 3,279 $ — $ 3,279 Consolidated Statements of Cash Flows Year Ended September 30, 2019 (As Previously Reported on Form 10-K) Adjustments 2019 (As Restated) (In thousands) Cash Flows from Operating Activities Net income $ 9,332 $ — $ 9,332 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 761 — 761 Provision for loan losses 2,379 — 2,379 Deferred income taxes (benefit) expense 231 — 231 ESOP expense 289 — 289 Stock based compensation 209 — 209 Amortization of premiums and discounts on investment securities, net 275 — 275 Amortization of loan origination fees and costs 183 — 183 Amortization of mortgage service rights 45 — 45 Amortization of subordinated debt issuance costs 158 — 158 Net gain on sale and call of investment securities available for sale (28 ) — (28 ) Net gain on sale of secondary market loans (37 ) — (37 ) Proceeds on sale of secondary market loans 2,867 — 2,867 Originations of secondary market loans (2,830 ) — (2,830 ) Earnings on bank-owned life insurance (488 ) — (488 ) Decrease (increase) in accrued interest receivable (453 ) — (453 ) (Decrease) increase in accrued interest payable 194 — 194 Increase in other liabilities 6,630 — 6,630 Increase in other assets (9,476 ) — (9,476 ) Net Cash Provided by Operating Activities 10,241 — 10,241 Cash Flows from Investing Activities Investment securities available-for-sale: Purchases (17,890 ) — (17,890 ) Sales 2,055 — 2,055 Maturities, calls and principal repayments 22,092 — 22,092 Investment securities held-to-maturity: Maturities, calls and principal repayments 7,385 — 7,385 Proceeds from sale of loans 384 — 384 Net increase in loans (114,320 ) 25 (114,295 ) Net decrease (increase) in restricted stock (2,592 ) — (2,592 ) Purchases of property and equipment (258 ) — (258 ) Net Cash Used in Investing Activities (103,144 ) 25 (103,119 ) Cash Flows from Financing Activities Net (decrease) increase in deposits 179,648 — 179,648 Proceeds for long-term borrowings 70,000 — 70,000 Repayment of long-term borrowings (55,000 ) — (55,000 ) Repayment of other borrowed money (2,500 ) (25 ) (2,525 ) (Decrease) increase in advances from borrowers for taxes and insurance 456 — 456 Net proceeds from issuance of common stock 23,344 — 23,344 Acquisition of treasury stock (336 ) — (336 ) Net Cash (Used in) Provided by Financing Activities 215,612 (25 ) 215,587 Net (Decrease) Increase in Cash and Cash Equivalents 122,709 — 122,709 Cash and Cash Equivalent - Beginning 30,834 — 30,834 Cash and Cash Equivalent - Ending $ 153,543 $ — $ 153,543 Supplementary Cash Flows Information Interest paid $ 18,386 $ — $ 18,386 Non-cash transfer to other real estate owned $ 5,796 $ — $ 5,796 Non-cash transfer of loans to loans held for sale $ 367 $ — $ 367 Income taxes paid $ 1,367 $ — $ 1,367

Non-Interest Income (Tables)

Non-Interest Income (Tables)	12 Months Ended
	Sep. 30, 2020
Noninterest Income [Abstract]
Schedule of Company's Non-Interest Income	The Company has included the following table regarding the Company’s non-interest income for the periods presented. Year Ended September 30, (In thousands) 2020 2019 Rental income $ 217 $ 243 Net gains on sale and call of investments 330 28 Net gains on sale of loans 116 37 Earnings on bank-owned life insurance 509 488 Non-interest income within the scope of other GAAP topics 1,172 796 ATM fees 10 6 Credit card fee income 21 24 DDA fee income 79 132 DDA service fees 76 75 Debit card fees 245 251 Other loan fee income 621 1,036 Other fee income 257 238 Other non-interest income 7 34 Non-interest income from contracts with customers $ 1,316 $ 1,796 Total Non-interest Income $ 2,488 $ 2,592

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of composition of weighted average shares (denominator) used in earnings per share computations	The following table sets forth the composition of the weighted average shares (denominator) used in the earnings per share computations. Year Ended September 30, (In thousands, except share data) 2020 (As Restated) 2019 Net Income $ 644 $ 9,332 Weighted average shares outstanding 7,690,675 7,746,409 Average unearned ESOP shares (93,147 ) (107,543 ) Basic weighted average shares outstanding 7,597,528 7,638,866 Plus: effect of dilutive options and restricted stock 198 300 Diluted weighted average common shares outstanding 7,597,726 7,639,166 Earnings per share: Basic $ 0.08 $ 1.22 Diluted $ 0.08 $ 1.22

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Sep. 30, 2020
Investments Debt And Equity Securities [Abstract]
Schedule of Investment securities	The following tables present information related to the Company’s investment securities at September 30, 2020 and 2019. September 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Investment Securities Available-for-Sale: U.S. government agencies $ 5,025 $ 15 $ — $ 5,040 State and municipal obligations 3,101 4 — 3,105 Single issuer trust preferred security 1,000 — (75 ) 925 Corporate debt securities 21,009 182 (243 ) 20,948 Mutual fund 1,523 — — 1,523 Total $ 31,658 $ 201 $ (318 ) $ 31,541 Investment Securities Held-to-Maturity: U.S. government agencies $ — $ — $ — $ — State and municipal obligations 1,794 129 — 1,923 Corporate debt securities 3,498 260 — 3,758 Mortgage-backed securities: Collateralized mortgage obligations, fixed-rate 9,678 249 — 9,927 Total $ 14,970 $ 638 $ — $ 15,608 Total investment securities $ 46,628 $ 839 $ (318 ) $ 47,149 September 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Investment Securities Available-for-Sale: U.S. government agencies $ 3,000 $ — $ — $ 3,000 State and municipal obligations 4,715 17 — 4,732 Single issuer trust preferred security 1,000 — (77 ) 923 Corporate debt securities 9,557 181 (232 ) 9,506 Mutual fund 250 — — 250 Total $ 18,522 $ 198 $ (309 ) $ 18,411 Investment Securities Held-to-Maturity: U.S. government agencies $ 1,000 $ — $ — $ 1,000 State and municipal obligations 4,515 75 — 4,590 Corporate debt securities 3,608 182 — 3,790 Mortgage-backed securities: Collateralized mortgage obligations, fixed-rate 13,362 3 (136 ) 13,229 Total $ 22,485 $ 260 $ (136 ) $ 22,609 Total investment securities $ 41,007 $ 458 $ (445 ) $ 41,020
Schedule of aggregate investments in an unrealized loss position	The following tables indicate gross unrealized losses not recognized in income and fair value, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position at September 30, 2020 and 2019. September 30, 2020 Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair value Unrealized Losses (In thousands) Investment Securities Available-for-Sale: Single issuer trust preferred security $ — $ — $ 925 $ (75 ) $ 925 $ (75 ) Corporate debt securities 4,426 (74 ) 3,330 (169 ) 7,756 (243 ) Total $ 4,426 $ (74 ) $ 4,255 $ (244 ) $ 8,681 $ (318 ) Investment Securities Held-to-Maturity: Mortgage-backed securities: CMO, fixed-rate $ — $ — $ — $ — $ — $ — Total $ — $ — $ — $ — $ — $ — Total investment securities $ 4,426 $ (74 ) $ 4,255 $ (244 ) $ 8,681 $ (318 ) September 30, 2019 Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair value Unrealized Losses (In thousands) Investment Securities Available-for-Sale: Single issuer trust preferred security $ — $ — $ 923 $ (77 ) $ 923 $ (77 ) Corporate debt securities — — 3,268 (232 ) 3,268 (232 ) Total $ — $ — $ 4,191 $ (309 ) $ 4,191 $ (309 ) Investment Securities Held-to-Maturity: Mortgage-backed securities: CMO, fixed-rate $ 1,315 $ (4 ) $ 10,894 $ (132 ) $ 12,209 $ (136 ) Total $ 1,315 $ (4 ) $ 10,894 $ (132 ) $ 12,209 $ (136 ) Total investment securities $ 1,315 $ (4 ) $ 15,085 $ (441 ) $ 16,400 $ (445 )
Schedule of amortized cost and fair value of debt securities by contractual maturity	The following table presents information for investment securities at September 30, 2020, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer. September 30, 2020 Amortized Cost Fair Value (In thousands) Investment Securities Available-for-Sale: Due in one year or less $ 426 $ 426 Due after one year through five years 6,675 6,509 Due after five years through ten years 17,009 17,072 Due after ten years 7,548 7,534 Total $ 31,658 $ 31,541 Investment Securities Held-to-Maturity: Due in one year or less $ — $ — Due after one year through five years 3,498 3,758 Due after five years through ten years 1,794 1,923 Due after ten years — — Mortgage-backed securities: Collateralized mortgage obligations, fixed-rate 9,678 9,927 Total $ 14,970 $ 15,608 Total investment securities $ 46,628 $ 47,149

Loans Receivable and Related _2

Loans Receivable and Related Allowance for Loan Losses (Tables)	12 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Schedule of loans receivable	Loans receivable in the Company’s portfolio : September 30, 2020 (As Restated) 2019 (As Restated) (In thousands) Residential mortgage $ 242,090 $ 220,011 Construction and Development: Residential and commercial 65,703 40,346 Land 3,110 3,420 Total Construction and Development 68,813 43,766 Commercial: Commercial real estate 495,398 547,727 Farmland 7,517 7,563 Multi-family 67,767 62,884 Commercial and industrial 116,584 99,747 Other 10,142 4,450 Total Commercial 697,408 722,371 Consumer: Home equity lines of credit 17,128 19,506 Second mortgages 10,711 13,737 Other 2,851 2,030 Total Consumer 30,690 35,273 Total loans 1,039,001 1,021,421 Deferred loan fees and cost, net 326 663 Allowance for loan losses (12,433 ) (10,095 ) Total loans receivable, net $ 1,026,894 $ 1,011,989
Schedule of allowance for loan losses	The following table summarizes the primary classes of the allowance for loan losses, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of and for the years ended September 30, 2020 and 2019. Year Ended September 30, 2020 (As Restated) Construction and Development Commercial Consumer Residential Mortgage Residential and Commercial Land Commercial Real Estate Farmland Multi- family Commercial and Industrial Other Home Equity Lines of Credit Second Mortgages Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 1,364 $ 523 $ 20 $ 5,903 $ 49 $ 369 $ 615 $ 21 $ 122 $ 267 $ 23 $ 819 $ 10,095 Charge-offs — — — (8,330 ) — — — — (62 ) (3 ) (1 ) — (8,396 ) Recoveries 25 — — 6 — — 2 — 1 88 2 — 124 Provisions 278 (58 ) 3 11,103 (2 ) 142 (39 ) 30 69 (156 ) 5 (765 ) 10,610 Ending Balance $ 1,667 $ 465 $ 23 $ 8,682 $ 47 $ 511 $ 578 $ 51 $ 130 $ 196 $ 29 $ 54 $ 12,433 Ending balance: individually evaluated for impairment $ — $ — $ — $ 227 $ — $ — $ — $ — $ — $ 81 $ — $ — $ 308 Ending balance: collectively evaluated for impairment $ 1,667 $ 465 $ 23 $ 8,455 $ 47 $ 511 $ 578 $ 51 $ 130 $ 115 $ 29 $ 54 $ 12,125 Loans receivable: Ending balance $ 242,090 $ 65,703 $ 3,110 $ 495,398 $ 7,517 $ 67,767 $ 116,584 $ 10,142 $ 17,128 $ 10,711 $ 2,851 $ 1,039,001 Ending balance: individually evaluated for impairment $ 3,388 $ — $ — $ 25,926 $ — $ — $ — $ — $ 26 $ 882 $ — $ 30,222 Ending balance: collectively evaluated for impairment $ 238,702 $ 65,703 $ 3,110 $ 469,472 $ 7,517 $ 67,767 $ 116,584 $ 10,142 $ 17,102 $ 9,829 $ 2,851 $ 1,008,779 Year Ended September 30, 2019 (As Restated) Construction and Development Commercial Consumer Residential Mortgage Residential and Commercial Land Commercial Real Estate Farmland Multi- family Commercial and Industrial Other Home Equity Lines of Credit Second Mortgages Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 1,062 $ 393 $ 49 $ 5,031 $ 66 $ 232 $ 443 $ 24 $ 82 $ 326 $ 51 $ 1,262 $ 9,021 Charge-offs (17 ) — — (1,418 ) — — — — — (45 ) (37 ) — (1,517 ) Recoveries 79 — — 23 — — 4 — 1 94 11 — 212 Provisions 240 130 (29 ) 2,267 (17 ) 137 168 (3 ) 39 (108 ) (2 ) (443 ) 2,379 Ending Balance $ 1,364 $ 523 $ 20 $ 5,903 $ 49 $ 369 $ 615 $ 21 $ 122 $ 267 $ 23 $ 819 $ 10,095 Ending balance: individually evaluated for impairment $ — $ — $ — $ 57 $ — $ — $ — $ — $ — $ 100 $ — $ — $ 157 Ending balance: collectively evaluated for impairment $ 1,364 $ 523 $ 20 $ 5,846 $ 49 $ 369 $ 615 $ 21 $ 122 $ 167 $ 23 $ 819 $ 9,938 Loans receivable: Ending balance $ 220,011 $ 40,346 $ 3,420 $ 547,727 $ 7,563 $ 62,884 $ 99,747 $ 4,450 $ 19,506 $ 13,737 $ 2,030 $ 1,021,421 Ending balance: individually evaluated for impairment $ 3,526 $ — $ — $ 9,707 $ — $ — $ — $ — $ 30 $ 728 $ — $ 13,991 Ending balance: collectively evaluated for impairment $ 216,485 $ 40,346 $ 3,420 $ 538,020 $ 7,563 $ 62,884 $ 99,747 $ 4,450 $ 19,476 $ 13,009 $ 2,030 $ 1,007,430
Schedule of impaired loans	The following table presents impaired loans in portfolio by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 2020 and 2019. Impaired Loans With Specific Allowance Impaired Loans With No Specific Allowance Total Impaired Loans Recorded Investment Related Allowance Recorded Investment Recorded Investment Unpaid Principal Balance (In thousands) September 30, 2020 (As Restated): Residential mortgage $ — $ — $ 3,388 $ 3,388 $ 3,598 Commercial: Commercial real estate 676 227 25,250 25,926 36,945 Consumer: Home equity lines of credit — — 26 26 30 Second mortgages 101 81 781 882 949 Total impaired loans $ 777 $ 308 $ 29,445 $ 30,222 $ 41,522 September 30, 2019: Residential mortgage $ — $ — $ 3,526 $ 3,526 $ 3,713 Commercial: Commercial real estate 9,176 57 531 9,707 9,707 Consumer: Home equity lines of credit — — 30 30 32 Second mortgages 123 100 605 728 790 Total impaired loans $ 9,299 $ 157 $ 4,692 $ 13,991 $ 14,242
Schedule of average recorded investment in impaired loans and related interest income recognized	The following table presents the average recorded investment in impaired loans in portfolio and related interest income recognized year ended September 30, 2020 and 2019. Average Impaired Loans Interest Income Recognized on Impaired Loans (In thousands) Year Ended September 30, 2020 (As Restated): Residential mortgages $ 3,506 $ 86 Construction and Development: Land — — Commercial: Commercial real estate 14,209 235 Consumer: Home equity lines of credit 28 — Second mortgages 858 6 Other — — Total $ 18,601 $ 327 Year Ended September 30, 2019: Residential mortgages $ 3,575 $ 89 Construction and Development: Land 46 2 Commercial: Commercial real estate 11,251 304 Consumer: Home equity lines of credit 35 — Second mortgages 670 9 Other 7 — Total $ 15,584 $ 404
Schedule of classes of loan portfolio	The following table presents the classes of the loan portfolio summarized by loans considered to be rated as pass and the categories of special mention, substandard and doubtful within the Company’s internal risk rating system as of September 30, 2020 and 2019. The majority of movement in the special mention and substandard risk ratings was due to the impact of COVID-19. These loans continue to be monitored and the risk rating reviewed on an on-going basis. September 30, 2020 (As Restated) Pass Special Mention Substandard Doubtful Total (In thousands) Residential mortgage $ 238,610 $ — $ 3,480 $ — $ 242,090 Construction and Development: Residential and commercial 65,703 — — — 65,703 Land 3,110 — — — 3,110 Commercial: Commercial real estate 422,143 46,892 26,363 — 495,398 Farmland 7,517 — — — 7,517 Multi-family 58,285 9,482 — — 67,767 Commercial and industrial 110,099 6,368 117 — 116,584 Other 10,142 — — — 10,142 Consumer: Home equity lines of credit 16,969 — 159 — 17,128 Second mortgages 9,573 76 1,062 — 10,711 Other 2,851 — — — 2,851 Total $ 945,002 $ 62,818 $ 31,181 $ — $ 1,039,001 September 30, 2019 (As Restated) Pass Special Mention Substandard Doubtful Total (In thousands) Residential mortgage $ 216,376 $ — $ 3,635 $ — $ 220,011 Construction and Development: Residential and commercial 40,346 — — — 40,346 Land 3,420 — — — 3,420 Commercial: Commercial real estate 523,123 14,601 10,003 — 547,727 Farmland 7,563 — — — 7,563 Multi-family 62,483 401 — — 62,884 Commercial and industrial 99,613 — 134 — 99,747 Other 4,450 — — — 4,450 Consumer: Home equity lines of credit 19,385 — 121 — 19,506 Second mortgages 12,727 85 925 — 13,737 Other 2,030 — — — 2,030 Total $ 991,516 $ 15,087 $ 14,818 $ — $ 1,021,421
Schedule of loans that are no longer accruing interest by portfolio class	The following table presents loans on which we are no longer accruing interest by portfolio class at the dates indicated. September 30, 2020 (As Restated) 2019 (In thousands) Residential mortgage $ 2,036 $ 1,532 Commercial: Commercial real estate 14,414 — Consumer: Home equity lines of credit 26 30 Second mortgages 254 259 Other — — Total non-accrual loans $ 16,730 $ 1,821
Schedule of classes of loan portfolio summarized by aging categories	The following table presents the classes of the loan portfolio summarized by the aging categories as of September 30, 2020 and 2019. Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Total Loans Receivable Accruing 90 Days or More Past Due (In thousands) September 30, 2020 (As Restated): Residential mortgage $ 239,623 $ 68 $ 694 $ 1,705 $ 2,467 $ 242,090 $ — Construction and Development: Residential and commercial 65,703 — — — — 65,703 — Land 3,110 — — — — 3,110 — Commercial: Commercial real estate 495,087 — — 311 311 495,398 — Farmland 7,517 — — — — 7,517 — Multi-family 67,767 — — — — 67,767 — Commercial and industrial 116,584 — — — — 116,584 — Other 10,142 — — — — 10,142 — Consumer: Home equity lines of credit 17,080 — — 48 48 17,128 48 Second mortgages 10,325 157 33 196 386 10,711 10 Other 2,850 — 1 — 1 2,851 — Total $ 1,035,788 $ 225 $ 728 $ 2,260 $ 3,213 $ 1,039,001 $ 58 Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Total Loans Receivable Accruing 90 Days or More Past Due (In thousands) September 30, 2019 (As Restated): Residential mortgage $ 219,062 $ 62 $ 381 $ 506 $ 949 $ 220,011 $ 207 Construction and Development: Residential and commercial 40,346 — — — — 40,346 — Land 3,420 — — — — 3,420 — Commercial: Commercial real estate 547,432 — — 295 295 547,727 295 Farmland 7,563 — — — — 7,563 — Multi-family 62,884 — — — — 62,884 — Commercial and industrial 99,247 500 — — 500 99,747 — Other 4,450 — — — — 4,450 — Consumer: Home equity lines of credit 19,506 — — — — 19,506 — Second mortgages 13,102 379 112 144 635 13,737 — Other 2,030 — — — — 2,030 — Total $ 1,019,042 $ 941 $ 493 $ 945 $ 2,379 $ 1,021,421 $ 502
Schedule of TDR loans	For any residential real estate property collateralizing a consumer mortgage loan, the Company is considered to possess the related collateral only if legal title is obtained upon completion of foreclosure, or the borrower conveys all interest in the residential real estate property to the Company through completion of a deed in lieu of foreclosure or similar legal agreement. Excluding OREO, the Company had $175,000 and $111,000 of residential real estate properties in the process of foreclosure at September 30, 2020 and 2019, respectively. Total Troubled Debt Restructurings Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months Number of Loans Recorded Investment Number of Loans Recorded Investment (In thousands) At September 30, 2020: ​ Residential mortgage 17 $ 3,435 7 $ 1,617 Commercial: Commercial real estate 5 18,091 1 6,652 Consumer Second mortgages 4 161 — — Total 26 $ 21,687 8 $ 8,269 At September 30, 2019: ​ Residential mortgage 17 $ 3,372 4 $ 1,090 Commercial: Commercial real estate 3 9,707 — — Consumer Second mortgages 4 181 — — Total 24 $ 13,260 4 $ 1,090
Schedule of performing status of TDR loans	The following table reports the performing status of all TDR loans. The performing status is determined by the loan’s compliance with the modified terms. September 30, 2020 2019 Performing Non- Performing Performing Non- Performing (In thousands) Residential mortgage $ 1,818 $ 1,617 $ 2,282 $ 1,090 Commercial: Commercial real estate 11,439 6,652 9,707 — Consumer Second mortgages 161 — 181 — Total $ 13,418 $ 8,269 $ 12,170 $ 1,090
Schedule of new TDR's	The following table shows the new TDRs for the twelve months ended September 30, 2020 and 2019. September 30, 2020 2019 Restructured During Period Number of Loans Pre- Modifications Outstanding Recorded Investments Post- Modifications Outstanding Recorded Investments Number of Loans Pre- Modifications Outstanding Recorded Investments Post- Modifications Outstanding Recorded Investments (In thousands) Troubled Debt Restructurings: Residential mortgage 1 $ 207 $ 203 7 $ 1,664 $ 1,586 Commercial: Commercial real estate 2 10,930 10,926 — — — Consumer: Second mortgages — — — 2 97 92 Total 3 $ 11,137 $ 11,129 9 $ 1,761 $ 1,678
Schedule of loans to principal officers, directors and their affiliates	The following table sets forth the aggregate dollar amount of loans to principal officers, directors and their affiliates in the normal course of business of the Company. Year Ended September 30, 2020 2019 (In thousands) Balance at beginning of year $ 12,478 $ 8,691 New loans 2,073 10,191 Repayments (818 ) (6,404 ) Balance at end of year $ 13,733 $ 12,478
Schedule of summary of mortgage servicing rights included in other assets and activity	A summary of mortgage servicing rights included within other assets in the consolidated statements of financial condition and the activity therein follows for the periods indicated: September 30, 2020 2019 (In thousands) Balance at beginning of year $ 178 $ 223 Amortization (67 ) (45 ) Balance at end of year $ 111 $ 178
Schedule of composition of loans by loan segment	The following table sets forth the composition of these loans by loan segments as of September 30, 2020: September 30, 2020 (As Restated) Number of Loans Loan Deferment Exposure Gross Loans September 30, 2020 Percentage of Gross Loans on Deferral (Dollars in thousands) Residential mortgage 5 $ 1,288 $ 242,090 0.12 % Construction and Development: Residential and commercial - - 65,703 0.00 % Land loans - - 3,110 0.00 % Total Construction and Development - - 68,813 0.00 % Commercial: Commercial real estate 21 131,348 495,398 12.64 % Farmland 1 2,288 7,517 0.22 % Multi-family 2 3,718 67,767 0.36 % Commercial and industrial 10 5,547 116,584 0.53 % Other - - 10,142 0.00 % Total Commercial 34 142,901 697,408 13.75 % Consumer: Home equity lines of credit 3 579 17,128 0.06 % Second mortgages 1 17 10,711 0.00 % Other - - 2,851 0.00 % Total Consumer 4 596 30,690 0.06 % Total loans 43 $ 144,785 $ 1,039,001 13.94 %

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Sep. 30, 2020
Property Plant And Equipment [Abstract]
Schedule of property and equipment, net	Property and equipment, net consisted of the following at September 30, 2020 and 2019: September 30, Estimated Useful Life (years) 2020 2019 (In thousands) Land — $ 707 $ 711 Building and improvements 10-39 11,909 11,742 Construction in process — 6 16 Furniture, fixtures and equipment 3-7 5,852 5,709 18,474 18,178 Accumulated depreciation (12,200 ) (11,500 ) $ 6,274 $ 6,678

Deposits (Tables)

Deposits (Tables)	12 Months Ended
	Sep. 30, 2020
Deposits [Abstract]
Schedule of deposits classified by interest rates with percentages to total deposits	Deposits classified by interest rates with percentages to total deposits at September 30, 2020 and 2019 consisted of the following: September 30, 2020 2019 Amount Percent of Total Deposits Amount Percent of Total Deposits (In thousands) Balances by types of deposit: Savings $ 45,072 5.06 % $ 41,875 4.39 % Money market accounts 277,711 31.17 276,644 29.00 Interest bearing demand 303,682 34.09 302,039 31.67 Non-interest bearing demand 50,422 5.66 55,684 5.84 676,887 75.98 676,242 70.90 Certificates of deposit 214,019 24.02 277,569 29.10 Total $ 890,906 100.00 % $ 953,811 100.00 %
Schedule of interest expense on deposits	Interest expense on deposits consisted of the following for the years: September 30, 2020 2019 (In thousands) Savings accounts $ 51 $ 49 Money market accounts 4,010 4,352 Interest bearing demand 3,523 4,221 Certificates of deposit 5,262 5,726 Total deposits $ 12,846 $ 14,348
Schedule of certificates of deposit maturities	The following is a schedule of certificates of deposit maturities. September 30, 2020 (In thousands) Maturing in the Fiscal Year Ending September 30, 2021 $ 158,983 2022 27,050 2023 8,866 2024 10,925 2025 6,316 Thereafter 1,879 $ 214,019

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of summary of long-term borrowings	The summary of long-term borrowings as of September 30, 2020 and 2019 are as follows: September 30, 2020 2019 Weighted Average Weighted Average Amount Rate Amount Rate (In thousands) Due by September 30: 2020 $ — — $ 93,000 1.78 2021 110,000 0.76 20,000 1.79 2022 20,000 2.29 20,000 1.78 Total FHLB Advances $ 130,000 0.99 % $ 133,000 1.78 %

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Sep. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of effects of derivative instruments on the Consolidated Financial Statements	The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition as of September 30, 2020 and 2019: September 30, 2020 Asset derivatives Liability derivatives Notional Amount Fair Value Statement of Financial Condition Location Notional Amount Fair Value Statement of Financial Condition Location (In thousands) Derivatives designated as a hedging instrument: Interest rate swap agreement $ — $ — Other assets $ 90,000 $ 1,291 Other liabilities Derivatives not designated as a hedging instrument: Interest rate swap agreement $ 45,162 $ 8,752 Other assets $ 45,162 $ 8,756 Other liabilities September 30, 2019 Asset derivatives Liability derivatives Notional Amount Fair Value Statement of Financial Condition Location Notional Amount Fair Value Statement of Financial Condition Location (In thousands) Derivatives designated as a hedging instrument: Interest rate swap agreement $ 35,000 $ 126 Other assets $ 30,000 $ 736 Other liabilities Derivatives not designated as a hedging instrument: Interest rate swap agreement $ 29,916 $ 5,019 Other assets $ 29,916 $ 5,018 Other liabilities
Schedule of offsetting of derivative assets and liabilities	Offsetting of Derivative Assets (In thousands) as of September 30, 2020 Gross Amounts Not Offset in the Statements of Financial Condition Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Assets presented in the Statement of Financial Condition Financial Instruments Cash Collateral Received Net Amount Derivatives $ 8,752 $ — $ 8,752 $ — $ — $ 8,752 Offsetting of Derivative Liabilities (In thousands) as of September 30, 2020 Gross Amounts Not Offset in the Statements of Financial Condition Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Liabilities presented in the Statement of Financial Condition Financial Instruments Cash Collateral Posted Net Amount Derivatives $ 10,047 $ — $ 10,047 $ 1,498 $ 12,857 $ (4,308 ) Note 1 2 - Derivatives (Continued) Offsetting of Derivative Assets (In thousands) as of September 30, 2019 Gross Amounts Not Offset in the Statements of Financial Condition Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Assets presented in the Statement of Financial Condition Financial Instruments Cash Collateral Received Net Amount Derivatives $ 5,145 $ — $ 5,145 $ 173 $ — $ 4,972 Offsetting of Derivative Liabilities (In thousands) as of September 30, 2019 Gross Amounts Not Offset in the Statements of Financial Condition Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Condition Net Amounts of Liabilities presented in the Statement of Financial Condition Financial Instruments Cash Collateral Posted Net Amount Derivatives $ 5,754 $ — $ 5,754 $ 767 $ 2,754 $ 2,233
Schedule of net gains (losses) recorded in accumulated other comprehensive (loss) income and the Consolidate Statements of Operations	The tables below present the net gains (losses) recorded in accumulated other comprehensive (loss) income and the Consolidated Statements of Operations relating to the cash flow derivative instruments for the years ended September 30, 2020 and 2019. For the Year Ended September 30, 2020 Amount of Loss Recognized in OCI on Derivative Amount of Loss Reclassified from OCI to Interest Expense (In thousands) Interest rate swap agreements $ (1,088 ) $ (437 ) Total derivatives $ (1,088 ) $ (437 ) For the Year Ended September 30, 2019 Amount of Loss Recognized in OCI on Derivative Amount of Gain Reclassified from OCI to Interest Expense (In thousands) Interest rate swap agreements $ (1,557 ) $ 298 Total derivatives $ (1,557 ) $ 298
Schedule of effects of derivative instruments on Consolidated Statements of Operations	The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the year s ended September 30, 20 20 and 201 9 . For the Year Ended September 30, 2020 Consolidated Statements of Operations Amount of Loss Recognized in Income on derivatives (In thousands) Derivatives not designated as a hedging instrument: Interest rate swap agreement Other income $ (6 ) Total $ (6 ) For the Year Ended September 30, 2019 Consolidated Statements of Operations Amount of Gain Recognized in Income on derivatives (In thousands) Derivatives not designated as a hedging instrument: Interest rate swap agreement Other income $ 1 Total $ 1

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of balances of assets measured at fair value on a recurring basis	The tables below present the balances of assets measured at fair value on a recurring basis at September 30, 2020 and 2019: September 30, 2020 Total Level 1 Level 2 Level 3 (In thousands) Assets: Investment securities available-for-sale: Debt securities: U.S. government agencies $ 5,040 $ — $ 5,040 $ — State and municipal obligations 3,105 — 3,105 — Single issuer trust preferred security 925 — 925 — Corporate debt securities 20,948 — 20,948 — Mutual funds 1,523 1,023 — 500 Total investment securities available-for-sale $ 31,541 $ 1,023 $ 30,018 $ 500 Derivative instruments $ 8,752 $ — $ 8,752 $ — Liabilities: Derivative instruments $ 10,047 $ — $ 10,047 $ — September 30, 2019 Total Level 1 Level 2 Level 3 (In thousands) Assets: Investment securities available-for-sale: Debt securities: U.S. treasury notes $ 3,000 $ — $ 3,000 $ — State and municipal obligations 4,732 — 4,732 — Single issuer trust preferred security 923 — 923 — Corporate debt securities 9,506 — 9,506 — Mutual funds 250 — — 250 Total investment securities available-for-sale $ 18,411 $ — $ 18,161 $ 250 Derivative instruments $ 5,145 $ — $ 5,145 $ — Liabilities: Derivative instruments $ 5,754 $ — $ 5,754 $ —
Schedule of securities available-for-sale measured at fair value on a recurring basis using significant unobservable inputs	The following tables present additional information about the securities available-for-sale measured at fair value on a recurring basis and for which the Company utilized significant unobservable inputs (Level 3 inputs) to determine fair value for the nine months ended September 30, 2020 and September 30, 2019: Fair value measurements using significant unobservable inputs (Level 3) (In thousands) Balance, October 1, 2019 $ 250 Payments received - Total gains or losses (realized/unrealized) Included in earnings - Included in other comprehensive income - Purchases 250 Transfers in and/or out of Level 3 - Balance, September 30, 2020 $ 500 Fair value measurements using significant unobservable inputs (Level 3) (In thousands) Balance, October 1, 2018 $ 250 Payments received - Total gains or losses (realized/unrealized) Included in earnings - Included in other comprehensive income - Purchases - Transfers in and/or out of Level 3 - Balance, September 30, 2019 $ 250
Schedule of assets measured at fair value on a non recurring basis	For assets measured at fair value on a nonrecurring basis in fiscal 2020 and fiscal 2019 that were still held at the end of the period, the following table provides the level of valuation assumptions used to determine each adjustment and the carrying value of the related individual assets or portfolios at September 30, 2020 and 2019: September 30, 2020 (As Restated) Total Level 1 Level 2 Level 3 (In thousands) Other real estate owned $ 5,796 $ — $ — $ 5,796 Impaired loans (1) 7,920 — — 7,920 Total $ 13,716 $ — $ — $ 13,716 September 30, 2020 (As Restated) Fair Value at September 30, 2020 Valuation Technique Unobservable Input Range/(Weighted Average) (In thousands) Other real estate owned $ 5,796 Appraisal of Collateral(2) Collateral discount(3) 0%/(0%) Impaired loans (1) 7,920 Appraisal of Collateral(2) Collateral discount(3) (2.0%) - 20%/(1.4%) Total $ 13,716 (1) Consisted of seven loans with an aggregate balance of $8.2 million and with $308,000 in specific loan loss allowance. (2) Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. (3) Appraisals may be adjusted by management for qualitative factors such as time, changes in economic conditions and estimated liquidation expense. Note 1 3 - Fair Value Measurements (Continued) September 30, 2019 Total Level 1 Level 2 Level 3 (In thousands) Other real estate owned $ 5,796 $ — $ — $ 5,796 Impaired loans (1) 9,142 — — 9,142 Total $ 14,938 $ — $ — $ 14,938 September 30, 2019 Fair Value at September 30, 2019 Valuation Technique Unobservable Input Range/(Weighted Average) (In thousands) Other real estate owned $ 5,796 Appraisal of Collateral(2) Collateral discount(3) 0%/(0%) Impaired loans (1) 9,142 Appraisal of Collateral(2) Collateral discount(3) 12%/(12%) Total $ 14,938 (1) Consisted of four loans with an aggregate balance of $9.3 million and with $157,000 in specific loan loss allowance. (2) Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. (3) Appraisals may be adjusted by management for qualitative factors such as time, changes in economic conditions and estimated liquidation expense
Schedule of carrying amount and estimated fair value of the Company's financial instruments	The carrying amount and estimated fair value of the Company’s financial instruments as of September 30, 2020 and 2019 were as follows: ​ Carrying Amount Fair Value Level 1 Level 2 Level 3 ​ (In thousands) September 30, 2020 (As Restated): Financial assets: ​ ​ ​ ​ ​ Cash and cash equivalents $ 61,439 $ 61,439 $ 61,439 $ — $ — Investment securities available-for-sale 31,541 31,541 1,023 30,018 500 Investment securities held-to-maturity 14,970 15,608 — 15,608 — Loans receivable, net (including impaired loans) 1,026,984 1,035,941 — — 1,035,941 Accrued interest receivable 3,677 3,677 — 3,677 — Restricted stock 9,622 9,622 — 9,622 — Mortgage servicing rights (included in Other Assets) 111 111 — 111 — Derivatives (included in Other Assets) 8,752 8,752 — 8,752 — Financial liabilities: ​ ​ ​ ​ ​ Savings accounts 45,072 45,072 — 45,072 — Checking and NOW accounts 354,104 354,104 — 354,104 — Money market accounts 277,711 277,711 — 277,711 — Certificates of deposit 214,019 217,212 — 217,212 — Borrowings (excluding sub debt) 134,225 135,101 — 135,101 — Subordinated debt 24,776 25,030 — 25,030 — Derivatives (included in Other Liabilities) 10,047 10,047 — 10,047 — Accrued interest payable 728 728 — 728 — September 30, 2019 (As Restated): Financial assets: ​ ​ ​ ​ ​ Cash and cash equivalents $ 153,543 $ 153,543 $ 153,543 $ — $ — Investment securities available-for-sale 18,411 18,411 — 18,161 250 Investment securities held-to-maturity 22,485 22,609 — 22,609 — Loans receivable, net (including impaired loans) 1,011,989 1,014,717 — — 1,014,717 Accrued interest receivable 4,253 4,253 — 4,253 — Restricted stock 11,129 11,129 — 11,129 — Mortgage servicing rights (included in Other) Assets) 178 178 — 178 — Derivatives (included in Other Assets) 5,145 5,145 — 5,145 — Financial liabilities: ​ ​ ​ ​ ​ Savings accounts 41,875 41,875 — 41,875 — Checking and NOW accounts 357,723 357,723 — 357,723 — Money market accounts 276,644 276,644 — 276,644 — Certificates of deposit 277,569 280,024 — 280,024 — Borrowings (excluding sub debt) 137,275 137,820 — 137,820 — Subordinated debt 24,619 24,471 — 24,471 — Derivatives (included in Other Liabilities) 5,754 5,754 — 5,754 — Accrued interest payable 978 978 — 978 —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Schedule of deferred income taxes	Deferred income taxes at September 30, 2020 and 2019 were as follows: September 30, 2020 (As Restated) 2019 (In thousands) DTAs: Allowance for loan losses $ 3,053 $ 2,431 Non-accrual interest 29 84 Supplement Employer Retirement Plan 193 216 Federal and State net operating loss 6 56 Unrealized loss on investments available-for-sale 296 158 Depreciation 36 — Lease liability 656 — Other 89 45 Total DTAs 4,358 2,990 Valuation allowance for DTAs — — Total DTAs, Net of Valuation Allowance $ 4,358 $ 2,990 DTLs: Unrealized gain on derivatives — — Mortgage servicing rights (27 ) (46 ) Right of use asset (648 ) 0 Depreciation — (87 ) Other (3 ) (17 ) Total DTLs (678 ) (150 ) DTAs, Net $ 3,680 $ 2,840
Schedule of income tax expense	Income tax expense for the fiscal years ended September 30, 2020 and 2019 was comprised of the following: September 30, 2020 (As Restated) 2019 (In thousands) Federal: Current $ 394 $ 1,579 Deferred (495 ) 570 (101 ) 2,149 State: Current 271 228 Deferred (206 ) 92 65 320 Total income tax expense $ (36 ) $ 2,469
Schedule of statutory federal income tax rate to the actual income tax expense	A reconciliation from the expected federal income tax expense computed at the statutory federal income tax rate to the actual income tax expense included in the consolidated statements of income for the fiscal years ended September 30, 2020 and 2019: September 30, 2020 (As Restated) 2019 (In thousands) Tax at statutory rate $ 128 21.0 % $ 2,478 21.0 % Adjustments resulting from: State tax, net of federal benefit 51 8.5 252 2.1 Tax-exempt interest (59 ) (9.7 ) (53 ) (0.4 ) Earnings on bank-owned life insurance (107 ) (17.6 ) (103 ) (0.9 ) Other (49 ) (8.1 ) (105 ) (0.9 ) Total $ (36 ) (5.9 )% $ 2,469 20.9 %

Leases (Tables)

Leases (Tables)	12 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Components of Lease Expense	The components of lease expense for the fiscal years ended September 30, 2020 and 2019 were as follows: September 30, 2020 2019 In thousands Operating lease cost $ 698 $ 487 Finance lease cost — — Short-term lease cost 104 65 Total $ 802 $ 552
Schedule of Supplemental Information of Leases	Supplemental information at and for September 30, 2020 and the fiscal year ended September 30, 2020 related to leases was as follows: September 30, 2020 (Dollars in thousands) Supplemental balance sheet information Operating lease right-of-use assets $ 2,638 Operating lease liabilities $ 2,671 Weighted average remaining lease term 5.40 years Weighted average discount rate 1.99 % Twelve Months Ended September 30, 2020 (In thousands) Supplemental cash flow information Operating cash flows from operating leases $ 667 ROU assets obtained in exchange for lease obligations $ 3,279
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities were as follows: Operating Leases (In thousands) Years ended September 30: 2021 $ 601 2022 492 2023 474 2024 474 2025 477 Thereafter 269 Total lease payments $ 2,787 Less: imputed interest (116 ) Total $ 2,671
Schedule of Future Minimum Rental Commitments Under Lease	The Company receives rents from the lease of office and residential space owned by the Company. Rental income is included in Other Income. Future minimum rental commitments under these leases are (In thousands): Years ending September 30: 2021 $ 128 2022 95 2023 — 2024 — 2025 — $ 223

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Schedule of financial instruments outstanding	Note 16 – Commitments and Contingencies (Continued) At September 30, 2020 and 2019, the following financial instruments were outstanding whose contract amounts represent credit risk: September 30, 2020 2019 (In thousands) Commitments to extend credit: Future loan commitments $ 7,687 $ 40,976 Undisbursed construction loans 24,551 27,645 Undisbursed home equity lines of credit 24,751 21,447 Undisbursed commercial lines of credit 22,918 27,782 Undisbursed commercial unsecured lines of credit 58,445 60,382 Overdraft protection lines 1,362 1,363 Standby letters of credit 9,074 11,589 Total Commitments $ 148,788 $ 191,184

Regulatory Matters (Tables)

Regulatory Matters (Tables)	12 Months Ended
	Sep. 30, 2020
Regulatory Matters Disclosure [Abstract]
Schedule of actual capital amounts and ratios	The following table summarizes the Company’s compliance with applicable regulatory capital requirements as of September 30, 2020 and 2019: Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions (In thousands) Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio As of September 30, 2020 (As Restated): Tier 1 Leverage (Core) Capital (to average assets) $ 141,681 11.63 % $ 48,743 4.00 % $ 60,929 5.00 % Common Equity Tier 1 Capital (to risk- weighted assets) 141,681 14.00 % 45,528 4.50 % 65,763 6.50 % Tier 1 Capital (to risk-weighted assets) 141,681 14.00 % 60,704 6.00 % 80,939 8.00 % Total Risk-Based Capital (to risk- weighted assets) 178,972 17.69 % 80,939 8.00 % 101,174 10.00 % As of September 30, 2019 (As Restated): Tier 1 Leverage (Core) Capital (to average assets) $ 142,508 11.34 % $ 50,263 4.00 % $ 62,828 5.00 % Common Equity Tier 1 Capital (to risk- weighted assets) 142,508 14.24 % 45,031 4.50 % 65,044 6.50 % Tier 1 Capital (to risk-weighted assets) 142,508 14.24 % 60,041 6.00 % 80,054 8.00 % Total Risk-Based Capital (to risk- weighted assets) 177,293 17.72 % 80,054 8.00 % 100,068 10.00 % Note 1 7 - Regulatory Matters ( Continued ) The following table summarizes the Bank’s compliance with applicable regulatory capital requirements as of September 30, 2020 and 2019 : To Be Well Capitalized For Capital Under Prompt Corrective Actual Adequacy Purposes Action Provisions (In thousands) Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio As of September 30, 2020 (As Restated): Tier 1 Leverage (Core) Capital (to average assets) $ 155,575 12.78 % $ 48,685 4.00 % $ 60,856 5.00 % Common Equity Tier 1 Capital (to risk- weighted assets) 155,575 15.40 % 45,459 4.50 % 65,663 6.50 % Tier 1 Capital (to risk-weighted assets) 155,575 15.40 % 60,612 6.00 % 80,816 8.00 % Total Risk-Based Capital (to risk-weighted assets) 168,090 16.64 % 80,816 8.00 % 101,020 10.00 % As of September 30, 2019 (As Restated): Tier 1 Leverage (Core) Capital (to average assets) $ 153,086 12.19 % $ 50,226 4.00 % $ 62,783 5.00 % Common Equity Tier 1 Capital (to risk- weighted assets) 153,086 15.32 % 44,980 4.50 % 64,972 6.50 % Tier 1 Capital (to risk-weighted assets) 153,086 15.32 % 59,974 6.00 % 79,965 8.00 % Total Risk-Based Capital (to risk-weighted assets) 163,253 16.33 % 79,965 8.00 % 99,957 10.00 %
Schedule of reconciliation of Bank's equity	The following table presents a reconciliation of the Bank’s equity determined using GAAP and its regulatory capital amounts as of September 30, 2020 and 2019: September 30, 2020 2019 (In thousands) Bank GAAP equity $ 154,487 $ 152,517 Net unrealized loss on securities available for sale, net of income taxes 93 87 Net unrealized loss on derivatives, net of income taxes 995 482 Tangible Capital, Core Capital and Tier 1 Capital 155,575 153,086 Allowance for loan losses 12,515 10,167 Total Risk-Based Capital $ 168,090 $ 163,253

Comprehensive Income (Tables)

Comprehensive Income (Tables)	12 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of components of accumulated other comprehensive loss	The components of accumulated other comprehensive loss included in shareholders’ equity are as follows: September 30, 2020 2019 (In thousands) Net unrealized holding losses on available-for- sale securities $ (118 ) $ (111 ) Tax effect 25 24 Net of tax amount (93 ) (87 ) Fair value adjustment on derivatives (1,260 ) (610 ) Tax effect 265 128 Net of tax amount (995 ) (482 ) Total accumulated other comprehensive loss $ (1,088 ) $ (569 )
Schedule of other comprehensive loss and related tax effects	Other comprehensive loss and related tax effects are presented in the following table: Year Ended September 30, 2020 2019 (In thousands) Net unrealized holding gains on available-for-sale securities $ 320 $ 419 Net realized gain on securities available-for-sale (330 ) (28 ) Adjustment for loss recorded on replacement of derivative 31 — Amortization of unrealized holding losses on securities available-for-sale transferred to held-to-maturity 3 4 Fair value adjustment on derivatives (681 ) (1,855 ) Other comprehensive loss before taxes (657 ) (1,460 ) Tax effect 138 307 Total other comprehensive loss $ (519 ) $ (1,153 )

Equity Based Incentive Compen_2

Equity Based Incentive Compensation Plan (Tables)	12 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of assumptions used in determining fair value of stock option	The assumptions used in determining the fair value of stock option grants for the year ended September 30, 2020 are as follows: Weighted average fair value of awards $ 4.72 Risk-free rate 1.22 % Dividend yield — % Volatility 19.86 % Expected life 6.5 years The assumptions used in determining the fair value of stock option grants for the year ended September 30, 2019 are as follows: Weighted average fair value of awards $ 5.72 Risk-free rate 2.50 % Dividend yield — % Volatility 20.39 % Expected life 6.5 years
Schedule of stock option activity	The following is a summary of currently outstanding options at September 30, 2020: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding, beginning of year 18,830 $ 22.05 $ 21,350 Granted 7,000 $ 20.28 $ — Exercised — $ — $ — Forfeited/cancelled/expired — $ — $ — Outstanding, end of year 25,830 $ 21.57 7.819 $ — Exercisable at end of year 8,140 $ 21.50 6.794 $ — Nonvested at end of year 17,690 $ 21.60 The following is a summary of currently outstanding options at September 30, 2019: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding, beginning of year 15,996 $ 22.34 $ 41,490 Granted 7,000 $ 20.90 — Exercised — — — Forfeited/cancelled/expired (4,166 ) $ 21.24 $ 4,120 Outstanding, end of year 18,830 $ 22.05 8.231 $ 21,350 Exercisable at end of year 4,370 $ 21.02 7.421 $ 8,632 Nonvested at end of year 14,460 $ 22.36
Schedule of restricted stock outstanding	The table below summarizes the activity for the Company’s restricted stock outstanding at September 30, 2020: Shares Weighted Average Fair Value Outstanding, beginning of year 18,493 $ 21.78 Granted 23,821 19.62 Vested (10,051 ) 16.62 Forfeited/cancelled/expired (1,610 ) 21.43 Outstanding, end of year 30,653 $ 21.98 The table below summarizes the activity for the Company’s restricted stock outstanding at September 30, 2019: Shares Weighted Average Fair Value Outstanding, beginning of year 14,340 $ 22.95 Granted 12,674 20.40 Vested (6,749 ) 21.41 Forfeited/cancelled/expired (1,772 ) 22.87 Outstanding, end of year 18,493 $ 21.78

Condensed Financial Informati_2

Condensed Financial Information - Parent Company Only (Tables)	12 Months Ended
	Sep. 30, 2020
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]
Schedule of condensed statements of financial condition	Condensed Statements of Financial Condition September 30, 2020 (As Restated) 2019 (In thousands) Assets Cash and Cash Equivalents $ 8,411 $ 12,438 Investment in subsidiaries 154,487 152,517 Loans receivable, net 1,104 1,266 Other assets 1,536 1,116 Total Assets $ 165,538 $ 167,337 Liabilities Subordinated debt $ 24,776 $ 24,619 Accrued interest payable 196 196 Accounts payable (27 ) 14 Total Liabilities 24,945 24,829 Shareholders’ Equity 140,593 142,508 Total Liabilities and Shareholders’ Equity $ 165,538 $ 167,337
Schedule of condensed statements of operations	Condensed Statements of Operations Year Ended September 30, 2020 (As Restated) 2019 (In thousands) Income Interest income $ 59 $ 67 Total Interest Income 59 67 Expense Long-term borrowings 1,531 1,537 Total Interest Expense 1,531 1,537 Other operating expenses 375 582 Total Other Expenses 375 582 Total Expense 1,906 2,119 Loss before Equity in Undistributed Net Income of Subsidiaries and Income Tax Expense (1,847 ) (2,052 ) Equity in Undistributed Net Income of Subsidiaries 2,071 10,911 Income tax benefit (420 ) (473 ) Net Income $ 644 $ 9,332
Schedule of condensed statements of comprehensive income	Condensed Statements of Comprehensive Income Year Ended September 30, (In thousands) 2020 (As Restated) 2019 Net Income $ 644 $ 9,332 Other Comprehensive (Loss) Income , Net of Tax: Unrealized holding gains on available-for- sale securities 320 419 Tax effect (67 ) (88 ) Net of tax amount 253 331 Reclassification adjustment for net gains arising during the period (1) (330 ) (28 ) Tax effect 69 6 Net of tax amount (261 ) (22 ) Adjustment for loss recorded on replacement of derivative 31 — Accretion of unrealized holding losses on securities transferred from available-for-sale to held-to-maturity (2) 3 4 Tax effect (1 ) (1 ) Net of tax amount 2 3 Fair value adjustment on derivatives (681 ) (1,855 ) Tax effect 137 390 Net of tax amount (544 ) (1,465 ) Total other comprehensive loss (519 ) (1,153 ) Total comprehensive income $ 125 $ 8,179 (1) (2)
Schedule of condensed statements of cash flows	Condensed Statements of Cash Flows Year Ended September 30, 2020 2019 (In thousands) Cash Flows from Operating Activities Net income $ 644 $ 9,332 Undistributed net income of subsidiaries (2,071 ) (10,911 ) ESOP expense 236 289 Stock based compensation 253 209 Amortization of subordinated debt issuance costs 157 158 Increase in other assets (838 ) (888 ) Decrease in other liabilities (41 ) (20 ) Net Cash Used in Operating Activities (1,660 ) (1,831 ) Cash Flows from Investing Activities Net decrease in loans 162 155 Net Cash Provided by Investing Activities 162 155 Cash Flows from Financing Activities Net proceeds from issuance of common stock — 23,344 Cash contributed to the Bank — (10,000 ) Acquisition of treasury stock (2,529 ) (336 ) Repayment of other borrowed money — (2,500 ) Net Cash (Used in) Provided by Financing Activities (2,529 ) 10,508 Net (Decrease) Increase in Cash and Cash Equivalents (4,027 ) 8,832 Cash and Cash Equivalents - Beginning 12,438 3,606 Cash and Cash Equivalents - Ending $ 8,411 $ 12,438 Supplementary Cash Flows Information Non-cash transfer of investment securities from Parent Company to Bank $ — $ —

Quarterly Financial Informati_2

Quarterly Financial Information of Malvern Bancorp Inc. (Unaudited) (Tables)	12 Months Ended
	Sep. 30, 2020
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly financial data	The following tables are a summary of certain quarterly financial data for the fiscal years ended September 30, 2020 and 2019. 2020 4 th. 3 rd. 2 nd. 1 st. (As Restated) (As Restated) (As Restated) (As Restated) (In thousands, except share data) Total Interest and Dividend Income (1) $ 10,340 $ 10,498 $ 11,629 $ 11,840 Total Interest Expense (1) 3,620 3,867 4,836 4,952 Net Interest Income 6,720 6,631 6,793 6,888 Provision for Loan Losses (2) 7,400 435 625 2,150 Total Other Income 692 389 964 443 Total Other Expenses 4,558 4,684 4,638 4,422 Income (Loss) before income tax expense (4,546 ) 1,901 2,494 759 Income tax (benefit) expense (3) (1,043 ) 447 586 (26 ) Net (Loss) Income $ (3,503 ) $ 1,454 $ 1,908 $ 785 (Loss) Earnings Per Common Share: Basic $ (0.46 ) $ 0.19 $ 0.25 $ 0.10 Diluted $ (0.46 ) $ 0.19 $ 0.25 $ 0.10 Weighted Average Common Shares Outstanding Basic 7,522,199 7,538,375 7,663,771 7,665,842 Diluted 7,522,360 7,538,375 7,663,771 7,665,842 (1) rd nd st (2) th (3) th 2020 4 th. 3 rd. 2 nd. 1 st. (As Restated) (As Restated) (As Restated) (As Restated) (In thousands, except share data) Cash and due from depository institutions $ 16,386 $ 30,653 $ 1,829 $ 1,337 Interest-bearing deposits in depository institutions 45,053 28,291 124,239 158,465 Investment securities, available for sale, at fair value 31,541 33,245 21,839 23,723 Investment securities held to maturity 14,970 15,921 18,046 20,578 Restricted stock, at cost 9,622 9,766 10,913 11,115 Loans receivable, net of allowance for loan losses (1) 1,026,894 1,032,318 1,007,132 996,879 OREO 5,796 5,796 5,796 5,796 Accrued interest receivable 3,677 5,680 4,121 4,061 Operating lease right-of-use-assets 2,638 2,799 2,959 3,119 Property and equipment, net 6,274 6,355 6,476 6,594 Deferred income taxes, net (2) 3,680 3,103 2,974 2,806 Bank-owned life insurance 25,400 20,270 20,144 20,018 Other assets 16,344 13,873 13,869 8,341 Total assets $ 1,208,275 $ 1,208,070 $ 1,240,337 $ 1,262,832 Deposits $ 890,906 $ 884,444 $ 915,900 $ 943,819 FHLB advances 130,000 130,000 133,000 133,000 Secured borrowing (3) 4,225 4,225 4,225 4,250 Subordinated debt 24,776 24,737 24,697 24,658 Operating lease liabilities 2,671 2,824 2,976 3,128 Other liabilities (4) 15,104 18,309 16,389 10,442 Shareholders' equity (5) 140,593 143,531 143,150 143,535 Total liabilities and shareholders' equity $ 1,208,275 $ 1,208,070 $ 1,240,337 $ 1,262,832 (1) th rd nd st (2) th (3) rd nd st (4) th (5) th 2019 4 th. 3 rd. 2 nd. 1 st. (As Restated) (As Restated) (As Restated) (As Restated) (In thousands, except share data) Total Interest and Dividend Income (1) $ 12,731 $ 12,501 $ 11,646 $ 10,957 Total Interest Expense (1) 5,313 5,040 4,397 4,010 Net Interest Income 7,418 7,461 7,249 6,947 Provision for Loan Losses — 56 870 1,453 Total Other Income 551 454 441 1,146 Total Other Expenses 4,453 4,497 4,443 4,094 Income before income tax expense 3,516 3,362 2,377 2,546 Income tax expense 817 706 411 535 Net Income $ 2,699 $ 2,656 $ 1,966 $ 2,011 Earnings Per Common Share: Basic $ 0.35 $ 0.35 $ 0.26 $ 0.27 Diluted $ 0.35 $ 0.35 $ 0.26 $ 0.27 Weighted Average Common Shares Outstanding Basic 7,663,242 7,669,851 7,667,518 7,555,810 Diluted 7,663,593 7,670,106 7,667,518 7,555,969 (1) 2019 4 th. 3 rd. 2 nd. 1 st. (As Restated) (As Restated) (As Restated) (As Restated) (In thousands, except share data) Cash and due from depository institutions $ 1,400 $ 1,535 $ 1,370 $ 1,377 Interest-bearing deposits in depository institutions 152,143 148,501 109,450 98,499 Investment securities, available for sale, at fair value 18,411 23,552 19,371 19,231 Investment securities held to maturity 22,485 23,323 26,789 29,323 Restricted stock, at cost 11,129 10,404 8,952 9,493 Loans receivable, net of allowance for loan losses (1) 1,011,989 1,014,259 1,001,414 928,939 OREO 5,796 5,796 5,796 5,796 Accrued interest receivable 4,253 4,237 4,344 3,724 Property and equipment, net 6,678 6,795 6,948 7,067 Deferred income taxes, net 2,840 3,542 3,434 3,367 Bank-owned life insurance 19,891 19,766 19,643 19,524 Other assets 12,482 8,468 7,029 6,452 Total assets $ 1,269,497 $ 1,270,178 $ 1,214,540 $ 1,132,792 Deposits $ 953,811 $ 957,199 $ 942,374 $ 843,200 FHLB advances 133,000 133,000 98,000 118,000 Secured borrowing (1) 4,275 4,300 4,300 4,300 Subordinated debt 24,619 24,579 24,540 24,500 Other liabilities 11,284 11,432 7,758 7,113 Shareholders' equity 142,508 139,668 137,568 135,679 Total liabilities and shareholders' equity $ 1,269,497 $ 1,270,178 $ 1,214,540 $ 1,132,792 (1) th rd nd st

Organizational Structure and _2

Organizational Structure and Nature of Operations - (Narrative) (Detail)	12 Months Ended
	Sep. 30, 2020
Bell Rock Capital, LLC [Member]
Non-controlling ownership percentage	10.00%
Bankers Settlement Services Capital Region, LLC [Member]
Non-controlling ownership percentage	3.39%
Malvern Insurance Associates LLC [Member]
Ownership percentage	100.00%
Delaware Statutory Trusts [Member]
Mortgage backed securities percentage	5.00%
Delaware Statutory Trusts [Member] | Coastal Asset Management Co. [Member]
Mortgage backed securities percentage	95.00%
Joliet 55 LLC [Member]
Ownership percentage	100.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Narrative) (Detail)	Mar. 16, 2020	Mar. 03, 2020	Sep. 30, 2020USD ($)BankSegmentshares	Sep. 30, 2019USD ($)shares	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Oct. 01, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
Debt Instrument Basis Spread On Variable Rate Reduced		0.50%
Cash and Cash Equivalents			$ 61,439,000	$ 153,543,000
Number of peer banks | Bank			10
Percentage of mortgage insurance on loans			80.00%
Amount of net repurchases			$ 1,500,000	$ 2,600,000
Number of FHLB shares outstanding | shares			122,177	137,148
Dividends, restricted stock			$ 631,000	$ 627,000
Property and equipment, depreciation method			straight-line and accelerated methods
Expenses of matching contribution related to the plan			$ 131,000	135,000
Accrued amount for the plans included in other liabilities			784,000	875,000
Distributions made during the period			94,000	100,000
Expense/(benefit) associated with the plans			4,000	4,000
Recognition of swap fees			371,000,000	795,000,000
Advertising			$ 119,000	107,000
Number of Reportable Segments | Segment			1
Loan held for sale			$ 0	0
Operating lease, ROU assets			2,638,000		$ 2,799,000	$ 2,959,000	$ 3,119,000
Operating lease, liabilities			2,671,000		$ 2,824,000	$ 2,976,000	$ 3,128,000
ASU 2016-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating lease, ROU assets			2,700,000					$ 3,300,000
Operating lease, liabilities			$ 2,700,000					$ 3,300,000
Change in Accounting Principle, Accounting Standards Update, Adoption Date			Oct. 1, 2019
Change in Accounting Principle, Accounting Standards Update, Adopted			true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect			false
ASU 2018-11 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adoption Date			Oct. 1, 2019
Change in Accounting Principle, Accounting Standards Update, Adopted			true
ASU 2018-20 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adoption Date			Oct. 1, 2019
Change in Accounting Principle, Accounting Standards Update, Adopted			true
ASU 2019-01 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adoption Date			Oct. 1, 2019
Change in Accounting Principle, Accounting Standards Update, Adopted			true
Investment in Federal Home Loan Bank Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Dividends, restricted stock			$ 631,000	627,000
Federal Home Loan Bank of Philadelphia [Member]
Summary Of Significant Accounting Policies [Line Items]
Cash and Cash Equivalents			0	0
Investment securities			$ 0	$ 0
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Federal fund interest rate	0.00%	1.00%
Mortgage loan maturity term			10 years
Troubled debt restructured term			6 months
Useful life			P3Y
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Federal fund interest rate	0.25%	1.25%
Mortgage loan maturity term			30 years
Percentage of loan to value ratio			95.00%
Commercial business loan term			10 years
Useful life			39 years

Restatement of Previously Iss_3

Restatement of Previously Issued Consolidated Financial Statements - (Narrative) (Detail) - USD ($)	Feb. 11, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019
Restatement Of Previously Issued Consolidated Financial Statements [Line Items]
Provision for Loan Losses		$ 7,400,000	$ 435,000	$ 625,000	$ 2,150,000	$ 56,000	$ 870,000	$ 1,453,000	$ 10,610,000	$ 2,379,000
Loans Receivable		1,026,894,000	1,032,318,000	1,007,132,000	996,879,000	1,014,259,000	1,001,414,000	928,939,000	1,026,894,000	1,011,989,000
Secured Borrowing		4,225,000	4,225,000	4,225,000	4,250,000	4,300,000	4,300,000	4,300,000	4,225,000	4,275,000
Interest income on loans									41,441,000	43,754,000
Interest expense on long-term borrowings									2,898,000	2,873,000
Net increase in loans									(26,028,000)	(114,295,000)
Repayment of other borrowed money									50,000	2,525,000
Revision of Prior Period, Error Correction, Adjustment [Member]
Restatement Of Previously Issued Consolidated Financial Statements [Line Items]
Provision for Loan Losses		3,950,000							3,950,000
Loans Receivable		(3,950,000)	4,225,000	4,225,000	4,250,000	4,300,000	4,300,000	4,300,000	(3,950,000)	4,275,000
Secured Borrowing			$ 4,225,000	$ 4,225,000	$ 4,250,000	$ 4,300,000	$ 4,300,000	$ 4,300,000		4,275,000
Interest income on loans										180,000
Interest expense on long-term borrowings										180,000
Net increase in loans										25,000
Repayment of other borrowed money										$ 25,000
Commercial Real Estate | Revision of Prior Period, Error Correction, Adjustment [Member]
Restatement Of Previously Issued Consolidated Financial Statements [Line Items]
Impairment									13,500,000
Partial charge down on fair value of collateral recorded									2,900,000
Provision for Loan Losses		$ 3,950,000							581,000
Reversal of interest income									$ 266,000
Commercial Real Estate | Revision of Prior Period, Error Correction, Adjustment [Member] | Subsequent Event [Member]
Restatement Of Previously Issued Consolidated Financial Statements [Line Items]
Impairment	$ 3,100,000

Restatement of Previously Iss_4

Restatement of Previously Issued Consolidated Financial Statements - Schedule of Consolidated Statements of Financial Condition (Detail) - USD ($)	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018
Assets
Cash and due from depository institutions	$ 16,386,000	$ 30,653,000	$ 1,829,000	$ 1,337,000	$ 1,400,000	$ 1,535,000	$ 1,370,000	$ 1,377,000
Interest bearing deposits in depository institutions	45,053,000	28,291,000	124,239,000	158,465,000	152,143,000	148,501,000	109,450,000	98,499,000
Cash and Cash Equivalents	61,439,000				153,543,000
Investment securities available for sale, at fair value (amortized cost of $31,658 and $18,522 at September 30, 2020 and 2019, respectively)	31,541,000	33,245,000	21,839,000	23,723,000	18,411,000	23,552,000	19,371,000	19,231,000
Investment securities held to maturity, at cost (fair value of $15,608 and $22,609 at September 30, 2020 and 2019, respectively)	14,970,000	15,921,000	18,046,000	20,578,000	22,485,000	23,323,000	26,789,000	29,323,000
Restricted stock, at cost	9,622,000	9,766,000	10,913,000	11,115,000	11,129,000	10,404,000	8,952,000	9,493,000
Loans receivable, net of allowance for loan losses of $12,433 and $10,095 at September 30, 2020 and 2019, respectively	1,026,894,000	1,032,318,000	1,007,132,000	996,879,000	1,011,989,000	1,014,259,000	1,001,414,000	928,939,000
Other real estate owned	5,796,000	5,796,000	5,796,000	5,796,000	5,796,000	5,796,000	5,796,000	5,796,000
Accrued interest receivable	3,677,000	5,680,000	4,121,000	4,061,000	4,253,000	4,237,000	4,344,000	3,724,000
Operating lease right-of-use-assets	2,638,000	2,799,000	2,959,000	3,119,000
Property and equipment, net	6,274,000	6,355,000	6,476,000	6,594,000	6,678,000	6,795,000	6,948,000	7,067,000
Deferred income taxes, net	3,680,000	3,103,000	2,974,000	2,806,000	2,840,000	3,542,000	3,434,000	3,367,000
Bank-owned life insurance	25,400,000	20,270,000	20,144,000	20,018,000	19,891,000	19,766,000	19,643,000	19,524,000
Other assets	16,344,000	13,873,000	13,869,000	8,341,000	12,482,000	8,468,000	7,029,000	6,452,000
Total Assets	1,208,275,000	1,208,070,000	1,240,337,000	1,262,832,000	1,269,497,000	1,270,178,000	1,214,540,000	1,132,792,000
Deposits:
Deposits-noninterest-bearing	50,422,000				55,684,000
Deposits-interest-bearing	840,484,000				898,127,000
Total Deposits	890,906,000	884,444,000	915,900,000	943,819,000	953,811,000	957,199,000	942,374,000	843,200,000
FHLB advances	130,000,000	130,000,000	133,000,000	133,000,000	133,000,000	133,000,000	98,000,000	118,000,000
Secured borrowing	4,225,000	4,225,000	4,225,000	4,250,000	4,275,000	4,300,000	4,300,000	4,300,000
Subordinated debt	24,776,000	24,737,000	24,697,000	24,658,000	24,619,000	24,579,000	24,540,000	24,500,000
Advances from borrowers for taxes and insurance	1,741,000				1,761,000
Accrued interest payable	728,000				978,000
Operating lease liabilities	2,671,000	2,824,000	2,976,000	3,128,000
Other liabilities	12,635,000				8,545,000
Total Liabilities	1,067,682,000				1,126,989,000
Commitments and Contingencies
Shareholders’ Equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued
Common stock, $0.01 par value, 50,000,000 shares authorized, 7,804,469 and 7,609,953 shares issued and outstanding, respectively, at September 30, 2020 and 7,782,258 and 7,765,395 shares issued and outstanding, respectively, at September 30, 2019	76,000				78,000
Additional paid-in-capital	85,127,000				84,783,000
Retained earnings	60,388,000				59,744,000
Unearned Employee Stock Ownership Plan (ESOP) shares	(1,047,000)				(1,192,000)
Accumulated other comprehensive loss	(1,088,000)				(569,000)
Treasury stock, at cost: 194,516 shares and 16,863 shares at September 30, 2020 and September 30, 2019, respectively (2,863) (336)	2,863,000				336,000
Total Shareholders’ Equity	140,593,000	143,531,000	143,150,000	143,535,000	142,508,000	139,668,000	137,568,000	135,679,000	$ 110,823,000
Total Liabilities and Shareholders’ Equity	1,208,275,000	1,208,070,000	1,240,337,000	1,262,832,000	1,269,497,000	1,270,178,000	1,214,540,000	1,132,792,000
As Previously Reported on Form 10-K [Member]
Assets
Cash and due from depository institutions	16,386,000				1,400,000
Interest bearing deposits in depository institutions	45,053,000				152,143,000
Cash and Cash Equivalents	61,439,000				153,543,000
Investment securities available for sale, at fair value (amortized cost of $31,658 and $18,522 at September 30, 2020 and 2019, respectively)	31,541,000				18,411,000
Investment securities held to maturity, at cost (fair value of $15,608 and $22,609 at September 30, 2020 and 2019, respectively)	14,970,000				22,485,000
Restricted stock, at cost	9,622,000				11,129,000
Loans receivable, net of allowance for loan losses of $12,433 and $10,095 at September 30, 2020 and 2019, respectively	1,030,844,000				1,007,714,000
Other real estate owned	5,796,000				5,796,000
Accrued interest receivable	3,677,000				4,253,000
Operating lease right-of-use-assets	2,638,000
Property and equipment, net	6,274,000				6,678,000
Deferred income taxes, net	3,476,000				2,840,000
Bank-owned life insurance	25,400,000				19,891,000
Other assets	16,344,000				12,482,000
Total Assets	1,212,021,000				1,265,222,000
Deposits:
Deposits-noninterest-bearing	50,422,000				55,684,000
Deposits-interest-bearing	840,484,000				898,127,000
Total Deposits	890,906,000				953,811,000
FHLB advances	130,000,000				133,000,000
Secured borrowing	4,225,000
Subordinated debt	24,776,000				24,619,000
Advances from borrowers for taxes and insurance	1,741,000				1,761,000
Accrued interest payable	728,000				978,000
Operating lease liabilities	2,671,000
Other liabilities	13,424,000				8,545,000
Total Liabilities	1,068,471,000				1,122,714,000
Commitments and Contingencies
Shareholders’ Equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued
Common stock, $0.01 par value, 50,000,000 shares authorized, 7,804,469 and 7,609,953 shares issued and outstanding, respectively, at September 30, 2020 and 7,782,258 and 7,765,395 shares issued and outstanding, respectively, at September 30, 2019	76,000				78,000
Additional paid-in-capital	85,127,000				84,783,000
Retained earnings	63,345,000				59,744,000
Unearned Employee Stock Ownership Plan (ESOP) shares	(1,047,000)				(1,192,000)
Accumulated other comprehensive loss	(1,088,000)				(569,000)
Treasury stock, at cost: 194,516 shares and 16,863 shares at September 30, 2020 and September 30, 2019, respectively (2,863) (336)	2,863,000				336,000
Total Shareholders’ Equity	143,550,000				142,508,000
Total Liabilities and Shareholders’ Equity	1,212,021,000				1,265,222,000
Adjustments [Member]
Assets
Loans receivable, net of allowance for loan losses of $12,433 and $10,095 at September 30, 2020 and 2019, respectively	(3,950,000)	4,225,000	4,225,000	4,250,000	4,275,000	4,300,000	4,300,000	4,300,000
Deferred income taxes, net	204,000
Total Assets	(3,746,000)				4,275,000
Deposits:
Secured borrowing		$ 4,225,000	$ 4,225,000	$ 4,250,000	4,275,000	$ 4,300,000	$ 4,300,000	$ 4,300,000
Other liabilities	(789,000)
Total Liabilities	(789,000)				4,275,000
Commitments and Contingencies
Shareholders’ Equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued
Retained earnings	(2,957,000)
Total Shareholders’ Equity	(2,957,000)
Total Liabilities and Shareholders’ Equity	$ (3,746,000)				$ 4,275,000

Restatement of Previously Iss_5

Restatement of Previously Issued Consolidated Financial Statements - Schedule of Consolidated Statements of Financial Condition (Detail) (Parenthetical) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Restatement Of Previously Issued Consolidated Financial Statements [Abstract]
Investment securities available for sale, amortized cost	$ 31,658	$ 18,522
Investment securities held to maturity, fair value	15,608	22,609
Allowance for loan losses	$ 12,433	$ 10,095	$ 9,021
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized	50,000,000	50,000,000
Common stock, issued	7,804,469	7,782,258
Common stock, outstanding	7,609,953	7,765,395
Treasury stock, shares	194,516	16,863

Restatement of Previously Iss_6

Restatement of Previously Issued Consolidated Financial Statements - Schedule of Consolidated Statements of Operations (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019
Interest and Dividend Income
Loans, including fees									$ 41,441,000	$ 43,754,000
Investment securities, taxable									1,048,000	982,000
Investment securities, tax-exempt									124,000	207,000
Dividends, restricted stock									631,000	627,000
Interest-bearing cash accounts									1,063,000	2,265,000
Total Interest and Dividend Income	$ 10,340,000	$ 10,498,000	$ 11,629,000	$ 11,840,000	$ 12,731,000	$ 12,501,000	$ 11,646,000	$ 10,957,000	44,307,000	47,835,000
Interest Expense
Deposits									12,846,000	14,348,000
Short-term borrowings										7,000
Long-term borrowings									2,898,000	2,873,000
Subordinated debt									1,531,000	1,532,000
Total Interest Expense	3,620,000	3,867,000	4,836,000	4,952,000	5,313,000	5,040,000	4,397,000	4,010,000	17,275,000	18,760,000
Net Interest Income	6,720,000	6,631,000	6,793,000	6,888,000	7,418,000	7,461,000	7,249,000	6,947,000	27,032,000	29,075,000
Provision for Loan Losses	7,400,000	435,000	625,000	2,150,000		56,000	870,000	1,453,000	10,610,000	2,379,000
Net Interest Income after Provision for Loan Losses									16,422,000	26,696,000
Other Income
Service charges and other fees									1,316,000	1,796,000
Rental income									217,000	243,000
Net gains on sale and call of investments									330,000	28,000
Net gains on sale of loans									116,000	37,000
Earnings on bank-owned life insurance									509,000	488,000
Total Other Income	692,000	389,000	964,000	443,000	551,000	454,000	441,000	1,146,000	2,488,000	2,592,000
Other Expense
Salaries and employee benefits									8,889,000	8,541,000
Occupancy expense									2,309,000	2,256,000
Federal deposit insurance premium									155,000	221,000
Advertising									119,000	107,000
Data processing									1,105,000	1,024,000
Professional fees									1,995,000	1,799,000
Other real estate owned expense, net									88,000	192,000
Pennsylvania shares tax									678,000	431,000
Other operating expenses									2,964,000	2,916,000
Total Other Expenses	4,558,000	4,684,000	4,638,000	4,422,000	4,453,000	4,497,000	4,443,000	4,094,000	18,302,000	17,487,000
Income before income tax expense	(4,546,000)	1,901,000	2,494,000	759,000	3,516,000	3,362,000	2,377,000	2,546,000	608,000	11,801,000
Income tax expense	(1,043,000)	447,000	586,000	(26,000)	817,000	706,000	411,000	535,000	(36,000)	2,469,000
Net Income	$ (3,503,000)	$ 1,454,000	$ 1,908,000	$ 785,000	$ 2,699,000	$ 2,656,000	$ 1,966,000	$ 2,011,000	$ 644,000	$ 9,332,000
Earnings Per Common Share:
Basic	$ 0.46	$ 0.19	$ 0.25	$ 0.10	$ 0.35	$ 0.35	$ 0.26	$ 0.27	$ 0.08	$ 1.22
Diluted	$ 0.46	$ 0.19	$ 0.25	$ 0.10	$ 0.35	$ 0.35	$ 0.26	$ 0.27	$ 0.08	$ 1.22
Weighted Average Common Shares Outstanding
Basic	7,522,199	7,538,375	7,663,771	7,665,842	7,663,242	7,669,851	7,667,518	7,555,810	7,597,528	7,638,866
Diluted	7,522,360	7,538,375	7,663,771	7,665,842	7,663,593	7,670,106	7,667,518	7,555,969	7,597,726	7,639,166
As Previously Reported on Form 10-K [Member]
Interest and Dividend Income
Loans, including fees									$ 41,441,000	$ 43,574,000
Investment securities, taxable									1,048,000	982,000
Investment securities, tax-exempt									124,000	207,000
Dividends, restricted stock									631,000	627,000
Interest-bearing cash accounts									1,063,000	2,265,000
Total Interest and Dividend Income									44,307,000	47,655,000
Interest Expense
Deposits									12,846,000	14,348,000
Short-term borrowings										7,000
Long-term borrowings									2,898,000	2,693,000
Subordinated debt									1,531,000	1,532,000
Total Interest Expense									17,275,000	18,580,000
Net Interest Income									27,032,000	29,075,000
Provision for Loan Losses									6,660,000	2,379,000
Net Interest Income after Provision for Loan Losses									20,372,000	26,696,000
Other Income
Service charges and other fees									1,316,000	1,796,000
Rental income									217,000	243,000
Net gains on sale and call of investments									330,000	28,000
Net gains on sale of loans									116,000	37,000
Earnings on bank-owned life insurance									509,000	488,000
Total Other Income									2,488,000	2,592,000
Other Expense
Salaries and employee benefits									8,889,000	8,541,000
Occupancy expense									2,309,000	2,256,000
Federal deposit insurance premium									155,000	221,000
Advertising									119,000	107,000
Data processing									1,105,000	1,024,000
Professional fees									1,995,000	1,799,000
Other real estate owned expense, net									88,000	192,000
Pennsylvania shares tax									678,000	431,000
Other operating expenses									2,964,000	2,916,000
Total Other Expenses									18,302,000	17,487,000
Income before income tax expense									4,558,000	11,801,000
Income tax expense									957,000	2,469,000
Net Income									$ 3,601,000	$ 9,332,000
Earnings Per Common Share:
Basic									$ 0.47	$ 1.22
Diluted									$ 0.47	$ 1.22
Weighted Average Common Shares Outstanding
Basic									7,597,528	7,638,866
Diluted									7,597,726	7,639,166
Adjustments [Member]
Interest and Dividend Income
Loans, including fees										$ 180,000
Total Interest and Dividend Income		$ 44,000	$ 45,000	$ 45,000	$ 45,000	$ 45,000	$ 45,000	$ 45,000		180,000
Interest Expense
Long-term borrowings										180,000
Total Interest Expense		$ 44,000	$ 45,000	$ 45,000	$ 45,000	$ 45,000	$ 45,000	$ 45,000		$ 180,000
Provision for Loan Losses	$ 3,950,000								$ 3,950,000
Net Interest Income after Provision for Loan Losses									(3,950,000)
Other Expense
Income before income tax expense									(3,950,000)
Income tax expense	$ (993,000)								(993,000)
Net Income									$ (2,957,000)
Earnings Per Common Share:
Basic									$ 0.39
Diluted									$ 0.39

Restatement of Previously Iss_7

Restatement of Previously Issued Consolidated Financial Statements - Schedule of Consolidated Statements of Cash Flows (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities
Net Income	$ (3,503,000)	$ 1,454,000	$ 1,908,000	$ 785,000	$ 2,699,000	$ 2,656,000	$ 1,966,000	$ 2,011,000	$ 644,000	$ 9,332,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense									745,000	761,000
Provision for Loan Losses	7,400,000	$ 435,000	$ 625,000	2,150,000		$ 56,000	$ 870,000	1,453,000	10,610,000	2,379,000
Deferred income taxes (benefit) expense									(840,000)	231,000
ESOP expense									236,000	289,000
Stock based compensation									253,000	209,000
Amortization of premiums and discounts on investment securities, net									215,000	275,000
Amortization of loan origination fees and costs									513,000	183,000
Amortization of mortgage service rights									67,000	45,000
Amortization of subordinated debt issuance costs									157,000	158,000
Net gain on sale and call of investment securities available for sale									(330,000)	(28,000)
Net loss on sale of fixed assets									4,000
Net gain on disposal of fixed assets									(45,000)
Net gain on sale of secondary market loans									(116,000)	(37,000)
Proceeds on sale of secondary market loans									5,231,000	2,867,000
Originations of secondary market loans									(5,115,000)	(2,830,000)
Earnings on bank-owned life insurance									(509,000)	(488,000)
Decrease (increase) in accrued interest receivable									576,000	(453,000)
(Decrease) increase in accrued interest payable									(250,000)	194,000
Operating lease liability payments									(667,000)
Increase in other liabilities									6,761,000	6,630,000
Increase in other assets									(6,414,000)	(9,476,000)
Net Cash Provided by Operating Activities									11,726,000	10,241,000
Investment securities available-for-sale:
Purchases									(30,146,000)	(17,890,000)
Sales									8,901,000	2,055,000
Maturities, calls and principal repayments									8,378,000	22,092,000
Investment securities held-to-maturity:
Maturities, calls and principal repayments									7,362,000	7,385,000
Proceeds from sale of loans										384,000
Net increase in loans									(26,028,000)	(114,295,000)
Purchase of bank-owned life insurance									(5,000,000)
Net decrease (increase) in restricted stock									1,507,000	(2,592,000)
Purchases of property and equipment									(300,000)	(258,000)
Net Cash Used in Investing Activities									(35,326,000)	(103,119,000)
Cash Flows from Financing Activities
Net (decrease) increase in deposits									(62,905,000)	179,648,000
Proceeds for long-term borrowings									25,000,000	70,000,000
Repayment of long-term borrowings									(28,000,000)	(55,000,000)
Repayment of other borrowed money									(50,000)	(2,525,000)
(Decrease) increase in advances from borrowers for taxes and insurance									(20,000)	456,000
Net proceeds from issuance of common stock										23,344,000
Acquisition of treasury stock									(2,529,000)	(336,000)
Net Cash (Used in) Provided by Financing Activities									(68,504,000)	215,587,000
Net (Decrease) Increase in Cash and Cash Equivalents									(92,104,000)	122,709,000
Cash and Cash Equivalent - Beginning				153,543,000				30,834,000	153,543,000	30,834,000
Cash and Cash Equivalent - Ending	61,439,000				153,543,000				61,439,000	153,543,000
Supplementary Cash Flows Information
Interest paid									17,347,000	18,386,000
Income taxes paid									1,477,000	1,367,000
Non-cash transfer to other real estate owned										5,796,000
Non-cash transfer of loans to loans held for sale										367,000
Impact of ASC 842 adoption:
Right-of-use asset									3,279,000
Operating lease liability									3,279,000
As Previously Reported on Form 10-K [Member]
Cash Flows from Operating Activities
Net Income									3,601,000	9,332,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense									745,000	761,000
Provision for Loan Losses									6,660,000	2,379,000
Deferred income taxes (benefit) expense									(636,000)	231,000
ESOP expense									236,000	289,000
Stock based compensation									253,000	209,000
Amortization of premiums and discounts on investment securities, net									215,000	275,000
Amortization of loan origination fees and costs									513,000	183,000
Amortization of mortgage service rights									67,000	45,000
Amortization of subordinated debt issuance costs									157,000	158,000
Net gain on sale and call of investment securities available for sale									(330,000)	(28,000)
Net loss on sale of fixed assets									4,000
Net gain on disposal of fixed assets									(45,000)
Net gain on sale of secondary market loans									(116,000)	(37,000)
Proceeds on sale of secondary market loans									5,231,000	2,867,000
Originations of secondary market loans									(5,115,000)	(2,830,000)
Earnings on bank-owned life insurance									(509,000)	(488,000)
Decrease (increase) in accrued interest receivable									576,000	(453,000)
(Decrease) increase in accrued interest payable									(250,000)	194,000
Operating lease liability payments									(667,000)
Increase in other liabilities									7,550,000	6,630,000
Increase in other assets									(6,414,000)	(9,476,000)
Net Cash Provided by Operating Activities									11,726,000	10,241,000
Investment securities available-for-sale:
Purchases									(30,146,000)	(17,890,000)
Sales									8,901,000	2,055,000
Maturities, calls and principal repayments									8,378,000	22,092,000
Investment securities held-to-maturity:
Maturities, calls and principal repayments									7,362,000	7,385,000
Proceeds from sale of loans										384,000
Net increase in loans									(26,028,000)	(114,320,000)
Purchase of bank-owned life insurance									(5,000,000)
Net decrease (increase) in restricted stock									1,507,000	(2,592,000)
Purchases of property and equipment									(300,000)	(258,000)
Net Cash Used in Investing Activities									(35,326,000)	(103,144,000)
Cash Flows from Financing Activities
Net (decrease) increase in deposits									(62,905,000)	179,648,000
Proceeds for long-term borrowings									25,000,000	70,000,000
Repayment of long-term borrowings									(28,000,000)	(55,000,000)
Repayment of other borrowed money									(50,000)	(2,500,000)
(Decrease) increase in advances from borrowers for taxes and insurance									(20,000)	456,000
Net proceeds from issuance of common stock										23,344,000
Acquisition of treasury stock									(2,529,000)	(336,000)
Net Cash (Used in) Provided by Financing Activities									(68,504,000)	215,612,000
Net (Decrease) Increase in Cash and Cash Equivalents									(92,104,000)	122,709,000
Cash and Cash Equivalent - Beginning				$ 153,543,000				$ 30,834,000	153,543,000	30,834,000
Cash and Cash Equivalent - Ending	61,439,000				$ 153,543,000				61,439,000	153,543,000
Supplementary Cash Flows Information
Interest paid									17,347,000	18,386,000
Income taxes paid									1,477,000	1,367,000
Non-cash transfer to other real estate owned										5,796,000
Non-cash transfer of loans to loans held for sale										367,000
Impact of ASC 842 adoption:
Right-of-use asset									3,279,000
Operating lease liability									3,279,000
Adjustments [Member]
Cash Flows from Operating Activities
Net Income									(2,957,000)
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for Loan Losses	$ 3,950,000								3,950,000
Deferred income taxes (benefit) expense									(204,000)
Increase in other liabilities									$ (789,000)
Investment securities held-to-maturity:
Net increase in loans										25,000
Net Cash Used in Investing Activities										25,000
Cash Flows from Financing Activities
Repayment of other borrowed money										(25,000)
Net Cash (Used in) Provided by Financing Activities										$ (25,000)

Non-Interest Income - Schedule

Non-Interest Income - Schedule of Company's Non-Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019
Rental income									$ 217	$ 243
Net gains on sale and call of investments									330	28
Net gains on sale of loans									116	37
Earnings on bank-owned life insurance									509	488
Non-interest income within the scope of other GAAP topics									1,172	796
Non-interest income from contracts with customers									1,316	1,796
Total Other Income	$ 692	$ 389	$ 964	$ 443	$ 551	$ 454	$ 441	$ 1,146	2,488	2,592
ATM Fees [Member]
Non-interest income from contracts with customers									10	6
Credit Card Fee Income [Member]
Non-interest income from contracts with customers									21	24
DDA Fee Income [Member]
Non-interest income from contracts with customers									79	132
DDA Service Fees [Member]
Non-interest income from contracts with customers									76	75
Debit Card Fees [Member]
Non-interest income from contracts with customers									245	251
Other Loan Fee Income [Member]
Non-interest income from contracts with customers									621	1,036
Other Fee Income [Member]
Non-interest income from contracts with customers									257	238
Other Non-interest Income [Member]
Non-interest income from contracts with customers									$ 7	$ 34

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Detail) - shares	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Stock options	7,000	7,000
Restricted shares issued	22,211	12,674

Earnings Per Share (Detail)

Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net Income	$ (3,503)	$ 1,454	$ 1,908	$ 785	$ 2,699	$ 2,656	$ 1,966	$ 2,011	$ 644	$ 9,332
Weighted average shares outstanding									7,690,675	7,746,409
Average unearned ESOP shares									(93,147)	(107,543)
Basic weighted average shares outstanding	7,522,199	7,538,375	7,663,771	7,665,842	7,663,242	7,669,851	7,667,518	7,555,810	7,597,528	7,638,866
Plus: effect of dilutive options and restricted stock									198	300
Diluted weighted average common shares outstanding	7,522,360	7,538,375	7,663,771	7,665,842	7,663,593	7,670,106	7,667,518	7,555,969	7,597,726	7,639,166
Earnings per share:
Basic	$ 0.46	$ 0.19	$ 0.25	$ 0.10	$ 0.35	$ 0.35	$ 0.26	$ 0.27	$ 0.08	$ 1.22
Diluted	$ 0.46	$ 0.19	$ 0.25	$ 0.10	$ 0.35	$ 0.35	$ 0.26	$ 0.27	$ 0.08	$ 1.22

Employee Stock Ownership Plan (

Employee Stock Ownership Plan (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Millions	4 Months Ended	12 Months Ended
	Sep. 30, 2008	Sep. 30, 2020	Sep. 30, 2019
Employee Stock Ownership Plan (ESOP), Shares In ESOP [Abstract]
Employee stock ownership plan (ESOP), shares purchased	241,178
Employee stock ownership plan (ESOP), amount borrowed	$ 2.6
Average price of shares purchased (in dollars per share)	$ 10.86
Employee stock ownership plan (ESOP), debt structure, direct loan, description		The loan, which bears an interest rate of 5 percent, is being repaid in quarterly installments through 2026.
Committed to be released ESOP shares		14,400	14,400
Number of unallocated shares		85,965
Number of allocated shares held by the ESOP		173,253
Aggregate fair value of shares held by the ESOP		$ 1

Investment Securities (Detail)

Investment Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Schedule of available-for-sale securities and cost-method investments [Line Items]
Amortized Cost	$ 31,658				$ 18,522
Gross Unrealized Gains	201				198
Gross Unrealized Losses	(318)				(309)
Fair value	31,541	$ 33,245	$ 21,839	$ 23,723	18,411	$ 23,552	$ 19,371	$ 19,231
Amortized Cost	14,970	$ 15,921	$ 18,046	$ 20,578	22,485	$ 23,323	$ 26,789	$ 29,323
Gross Unrealized Gains	638				260
Gross Unrealized Losses					(136)
Fair value	15,608				22,609
Total investment securities Amortized Cost	46,628				41,007
Total investment securities Gross Unrealized Gains	839				458
Total investment securities Gross Unrealized Losses	(318)				(445)
Total investment securities Fair Value	47,149				41,020
U. S. Government Agencies [Member]
Schedule of available-for-sale securities and cost-method investments [Line Items]
Amortized Cost	5,025				3,000
Gross Unrealized Gains	15
Fair value	5,040				3,000
Amortized Cost					1,000
Fair value					1,000
State And Municipal Obligations [Member]
Schedule of available-for-sale securities and cost-method investments [Line Items]
Amortized Cost	3,101				4,715
Gross Unrealized Gains	4				17
Fair value	3,105				4,732
Amortized Cost	1,794				4,515
Gross Unrealized Gains	129				75
Fair value	1,923				4,590
Single Issuer Trust Preferred Security [Member]
Schedule of available-for-sale securities and cost-method investments [Line Items]
Amortized Cost	1,000				1,000
Gross Unrealized Losses	(75)				(77)
Fair value	925				923
Corporate Debt Securities [Member]
Schedule of available-for-sale securities and cost-method investments [Line Items]
Amortized Cost	21,009				9,557
Gross Unrealized Gains	182				181
Gross Unrealized Losses	(243)				(232)
Fair value	20,948				9,506
Amortized Cost	3,498				3,608
Gross Unrealized Gains	260				182
Fair value	3,758				3,790
Mutual Fund [Member]
Schedule of available-for-sale securities and cost-method investments [Line Items]
Amortized Cost	1,523				250
Fair value	1,523				250
Collateralized Mortgage Obligations [Member] | Fixed Rate [Member]
Schedule of available-for-sale securities and cost-method investments [Line Items]
Amortized Cost	9,678				13,362
Gross Unrealized Gains	249				3
Gross Unrealized Losses					(136)
Fair value	$ 9,927				$ 13,229

Investment Securities - (Narrat

Investment Securities - (Narrative) (Detail)	12 Months Ended
	Sep. 30, 2020USD ($)Investment	Sep. 30, 2019USD ($)Investment
Marketable Securities [Line Items]
Proceeds from sale of securities available for sale	$ 8,901,000	$ 2,055,000
Available-for-sale securities, gross realized gains	352,000	28,000
Fair value of available for sale securities transferred	4,600,000	6,400,000
Fair value of available for sale securities short-term borrowings transferred	0	0
Carrying value of investment securities pledged against hedge	$ 0	$ 4,000,000
Corporate Debt Securities [Member]
Marketable Securities [Line Items]
Number of portfolio investments | Investment	5	2
Mortgage-Backed Securities [Member]
Marketable Securities [Line Items]
Number of portfolio investments | Investment		34
Single Issuer Trust Preferred Security [Member]
Marketable Securities [Line Items]
Number of portfolio investments | Investment	1	1

Investment Securities - Gross U

Investment Securities - Gross Unrealized Loss (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Schedule of available-for-sale securities and cost-method investments [Line Items]
Less than 12 Months: Fair Value	$ 4,426
Less than 12 Months: Unrealized Losses	(74)
12 Months or longer: Fair Value	4,255	$ 4,191
12 Months or longer: Unrealized Losses	(244)	(309)
Total: Fair value	8,681	4,191
Total: Unrealized Losses	(318)	(309)
Less than 12 Months: Fair Value		1,315
Less than 12 Months: Unrealized Losses		(4)
12 Months or longer: Fair Value		10,894
12 Months or longer: Unrealized Losses		(132)
Total: Fair value		12,209
Total: Unrealized Losses		(136)
Total investment securities in an unrealized loss position less than 12 months fair value	4,426	1,315
Total investment securities in an unrealized loss position less than 12 months gross unrealized loss	(74)	(4)
Total investment securities in an unrealized loss position 12 months or more fair value	4,255	15,085
Total investment securities in an unrealized loss position 12 months or more gross unrealized loss	(244)	(441)
Total investment securities in an unrealized loss position fair value	8,681	16,400
Total investment securities in an unrealized loss position gross unrealized loss	(318)	(445)
Single Issuer Trust Preferred Security [Member]
Schedule of available-for-sale securities and cost-method investments [Line Items]
12 Months or longer: Fair Value	925	923
12 Months or longer: Unrealized Losses	(75)	(77)
Total: Fair value	925	923
Total: Unrealized Losses	(75)	(77)
Corporate Debt Securities [Member]
Schedule of available-for-sale securities and cost-method investments [Line Items]
Less than 12 Months: Fair Value	4,426
Less than 12 Months: Unrealized Losses	(74)
12 Months or longer: Fair Value	3,330	3,268
12 Months or longer: Unrealized Losses	(169)	(232)
Total: Fair value	7,756	3,268
Total: Unrealized Losses	$ (243)	(232)
Collateralized Mortgage Obligations [Member] | Fixed Rate [Member]
Schedule of available-for-sale securities and cost-method investments [Line Items]
Less than 12 Months: Fair Value		1,315
Less than 12 Months: Unrealized Losses		(4)
12 Months or longer: Fair Value		10,894
12 Months or longer: Unrealized Losses		(132)
Total: Fair value		12,209
Total: Unrealized Losses		$ (136)

Investment Securities - Schedul

Investment Securities - Schedule maturities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Available for Sale, Amortized Cost:
Due in one year or less	$ 426
Due after one year through five years	6,675
Due after five years through ten years	17,009
Due after ten years	7,548
Amortized Cost	31,658				$ 18,522
Held-to-Maturity, Amortized Cost:
Due after one year through five years	3,498
Due after five years through ten years	1,794
Collateralized mortgage obligations, fixed-rate	9,678
Amortized Cost	14,970	$ 15,921	$ 18,046	$ 20,578	22,485	$ 23,323	$ 26,789	$ 29,323
Total investment securities Amortized Cost	46,628				41,007
Available for Sale, Fair Value:
Due in one year or less	426
Due after one year through five years	6,509
Due after five years through ten years	17,072
Due after ten years	7,534
Available-for-sale Securities, Fair value, Total	31,541	$ 33,245	$ 21,839	$ 23,723	18,411	$ 23,552	$ 19,371	$ 19,231
Held-to-Maturity, Fair Value:
Due after one year through five years	3,758
Due after five years through ten years	1,923
Mortgage-backed securities:
Collateralized mortgage obligations, fixed-rate	9,927
Held-to-maturity Securities, Fair Value, Total	15,608				22,609
Total investment securities, Fair Value	$ 47,149				$ 41,020

Loans Receivable and Related _3

Loans Receivable and Related Allowance for Loan Losses (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018
Financing Receivable, Impaired [Line Items]
Total loans	$ 1,039,001			$ 1,021,421	$ 1,021,421
Deferred loan fees and cost, net	326				663
Allowance for loan losses	(12,433)				(10,095)				$ (9,021)
Total loans receivable, net	1,026,894	$ 1,032,318	$ 1,007,132	996,879	1,011,989	$ 1,014,259	$ 1,001,414	$ 928,939
Commercial and Industrial [Member]
Financing Receivable, Impaired [Line Items]
Total loans	116,584			99,747	99,747
Allowance for loan losses	(578)				(615)				(443)
Residential Mortgage [Member]
Financing Receivable, Impaired [Line Items]
Total loans	242,090			220,011	220,011
Allowance for loan losses	(1,667)				(1,364)				(1,062)
Construction and Development - Residential and Commercial Receivables [Member]
Financing Receivable, Impaired [Line Items]
Total loans	65,703			40,346	40,346
Allowance for loan losses	(465)				(523)				(393)
Construction and Development - Land Receivable [Member]
Financing Receivable, Impaired [Line Items]
Total loans	3,110			3,420	3,420
Allowance for loan losses	(23)				(20)				(49)
Construction And Development Receivable [Member]
Financing Receivable, Impaired [Line Items]
Total loans	68,813				43,766
Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Total loans	495,398			547,727	547,727
Allowance for loan losses	(8,682)				(5,903)				(5,031)
Commercial Farmland [Member]
Financing Receivable, Impaired [Line Items]
Total loans	7,517			7,563	7,563
Allowance for loan losses	(47)				(49)				(66)
Commercial Multi Family Receivable [Member]
Financing Receivable, Impaired [Line Items]
Total loans	67,767			62,884	62,884
Allowance for loan losses	(511)				(369)				(232)
Commercial - Other Receivable [Member]
Financing Receivable, Impaired [Line Items]
Total loans	10,142			4,450	4,450
Allowance for loan losses	(51)				(21)				(24)
Commercial [Member]
Financing Receivable, Impaired [Line Items]
Total loans	697,408				722,371
Consumer - Home Equity Lines of Credit [Member]
Financing Receivable, Impaired [Line Items]
Total loans	17,128			19,506	19,506
Allowance for loan losses	(130)				(122)				(82)
Consumer - Second Mortgages Receivable [Member]
Financing Receivable, Impaired [Line Items]
Total loans	10,711			13,737	13,737
Allowance for loan losses	(196)				(267)				(326)
Consumer - Other Receivable [Member]
Financing Receivable, Impaired [Line Items]
Total loans	2,851			$ 2,030	2,030
Allowance for loan losses	(29)				(23)				$ (51)
Consumer Receivable [Member]
Financing Receivable, Impaired [Line Items]
Total loans	$ 30,690				$ 35,273

Loans Receivable and Related _4

Loans Receivable and Related Allowance for Loan Losses (Narrative) (Detail)	3 Months Ended	12 Months Ended
	Sep. 30, 2020USD ($)Loan	Sep. 30, 2020USD ($)Number	Sep. 30, 2019USD ($)NumberLoan	Jan. 04, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	$ 1,039,001,000	$ 1,039,001,000	$ 1,021,421,000				$ 1,021,421,000
Deferred loan fees, net	(326,000)	(326,000)	(663,000)
Non accrual loans interest income		425,000	39,000
Loans past due 90 days or more and still accruing interest	58,000	58,000	502,000
Total non-accrual loans	16,730,000	16,730,000	$ 1,821,000
Reduced non-accrual loans in modified terms	10,000,000	$ 10,000,000
Number of loans | Number		26	24
Financing receivable, collateral dependent TDR loan	21,687,000	$ 21,687,000	$ 13,260,000
Loans receivable, net	1,026,894,000	1,026,894,000	1,011,989,000		$ 1,032,318,000	$ 1,007,132,000	996,879,000	$ 1,014,259,000	$ 1,001,414,000	$ 928,939,000
Valuation allowance on servicing rights	0	$ 0	0
Number of loans | Number		43
Aggregate principal balance	144,800,000	$ 144,800,000
Mortgage Servicing Rights [Member]
Financing Receivable, Impaired [Line Items]
Servicing Asset	20,100,000	$ 20,100,000	$ 24,300,000
Loan servicing rights, discount rate		11.00%	12.00%
Nonperforming Financial Instruments
Financing Receivable, Impaired [Line Items]
Total non-accrual loans	22,600,000	$ 22,600,000
Reduced non-accrual loans in modified terms	15,900,000	15,900,000
Two Commercial Real Estate Loan [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	14,400,000	$ 14,400,000
Number of commercial real estate loans sold | Number		3
Number of loans sold | Loan			2
Loans receivable, net			$ 10,900,000
Four Residential Loans [Member]
Financing Receivable, Impaired [Line Items]
Additional balance, loans returned to accrual status	617,000	$ 617,000
Number of loans returned to accrual status | Number		4
Two Consumer Loan [Member]
Financing Receivable, Impaired [Line Items]
Additional balance, loans returned to accrual status	64,000	$ 64,000
Number of loans returned to accrual status | Number		2
Non Accrual Trouble Debt Restructuring Commercial Loan | Subsequent Event [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross				$ 6,700,000
One Residential Loan [Member]
Financing Receivable, Impaired [Line Items]
Number of loans sold | Number		1
Loans receivable, net	$ 23,000	$ 23,000
One Residential Mortgage Loan[Member]
Financing Receivable, Impaired [Line Items]
Number of loans sold | Loan	1
Loans receivable, net	$ 203,000	203,000
Construction and Development - Residential and Commercial Receivables [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	65,703,000	65,703,000	40,346,000				40,346,000
Real estate through foreclosure	175,000	175,000	111,000
Residential Mortgage [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	242,090,000	242,090,000	220,011,000				220,011,000
Loans past due 90 days or more and still accruing interest			207,000
Total non-accrual loans	2,036,000	$ 2,036,000	$ 1,532,000
Number of loans | Number		17	17
Financing receivable, collateral dependent TDR loan	3,435,000	$ 3,435,000	$ 3,372,000
Number of loans | Number		5
Residential Mortgage [Member] | Fixed Rate [Member]
Financing Receivable, Impaired [Line Items]
Sale of loan servicing rights at fair value		$ 5,200,000	2,900,000
Gain on sale of loans, net		116,000	37,000
Commercial and Industrial [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	116,584,000	$ 116,584,000	$ 99,747,000				$ 99,747,000
Number of loans | Number		10
Commercial and Industrial [Member] | Paycheck Protection Program Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	20,800,000	$ 20,800,000
Deferred loan fees, net	$ 609,000	$ 609,000

Loans Receivable and Related _5

Loans Receivable and Related Allowance for Loan Losses (1) (Detail) - USD ($) $ in Thousands	3 Months Ended							12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses, Beginning balance				$ 10,095			$ 9,021	$ 10,095	$ 9,021
Charge-offs								(8,396)	(1,517)
Recoveries								124	212
Provisions	$ 7,400	$ 435	$ 625	2,150	$ 56	$ 870	1,453	10,610	2,379
Allowance for credit losses, Ending Balance	12,433							12,433	10,095
Allowance for credit losses: Ending balance: individually evaluated for impairment	308							308	157
Allowance for credit losses: Ending balance: collectively evaluated for impairment	12,125							12,125	9,938
Loans receivable	1,039,001			1,021,421				1,039,001	1,021,421
Loans receivable: Ending balance: individually evaluated for impairment	30,222							30,222	13,991
Loans Receivable: Ending balance: collectively evaluated for impairment	1,008,779							1,008,779	1,007,430
Commercial and Industrial [Member]
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses, Beginning balance				615			443	615	443
Recoveries								2	4
Provisions								(39)	168
Allowance for credit losses, Ending Balance	578							578	615
Allowance for credit losses: Ending balance: collectively evaluated for impairment	578							578	615
Loans receivable	116,584			99,747				116,584	99,747
Loans Receivable: Ending balance: collectively evaluated for impairment	116,584							116,584	99,747
Residential Mortgage [Member]
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses, Beginning balance				1,364			1,062	1,364	1,062
Charge-offs									(17)
Recoveries								25	79
Provisions								278	240
Allowance for credit losses, Ending Balance	1,667							1,667	1,364
Allowance for credit losses: Ending balance: collectively evaluated for impairment	1,667							1,667	1,364
Loans receivable	242,090			220,011				242,090	220,011
Loans receivable: Ending balance: individually evaluated for impairment	3,388							3,388	3,526
Loans Receivable: Ending balance: collectively evaluated for impairment	238,702							238,702	216,485
Construction and Development - Residential and Commercial Receivables [Member]
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses, Beginning balance				523			393	523	393
Provisions								(58)	130
Allowance for credit losses, Ending Balance	465							465	523
Allowance for credit losses: Ending balance: collectively evaluated for impairment	465							465	523
Loans receivable	65,703			40,346				65,703	40,346
Loans Receivable: Ending balance: collectively evaluated for impairment	65,703							65,703	40,346
Construction and Development - Land Receivable [Member]
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses, Beginning balance				20			49	20	49
Provisions								3	(29)
Allowance for credit losses, Ending Balance	23							23	20
Allowance for credit losses: Ending balance: collectively evaluated for impairment	23							23	20
Loans receivable	3,110			3,420				3,110	3,420
Loans Receivable: Ending balance: collectively evaluated for impairment	3,110							3,110	3,420
Commercial Real Estate [Member]
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses, Beginning balance				5,903			5,031	5,903	5,031
Charge-offs								(8,330)	(1,418)
Recoveries								6	23
Provisions								11,103	2,267
Allowance for credit losses, Ending Balance	8,682							8,682	5,903
Allowance for credit losses: Ending balance: individually evaluated for impairment	227							227	57
Allowance for credit losses: Ending balance: collectively evaluated for impairment	8,455							8,455	5,846
Loans receivable	495,398			547,727				495,398	547,727
Loans receivable: Ending balance: individually evaluated for impairment	25,926							25,926	9,707
Loans Receivable: Ending balance: collectively evaluated for impairment	469,472							469,472	538,020
Commercial Farmland [Member]
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses, Beginning balance				49			66	49	66
Provisions								(2)	(17)
Allowance for credit losses, Ending Balance	47							47	49
Allowance for credit losses: Ending balance: collectively evaluated for impairment	47							47	49
Loans receivable	7,517			7,563				7,517	7,563
Loans Receivable: Ending balance: collectively evaluated for impairment	7,517							7,517	7,563
Commercial Multi Family Receivable [Member]
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses, Beginning balance				369			232	369	232
Provisions								142	137
Allowance for credit losses, Ending Balance	511							511	369
Allowance for credit losses: Ending balance: collectively evaluated for impairment	511							511	369
Loans receivable	67,767			62,884				67,767	62,884
Loans Receivable: Ending balance: collectively evaluated for impairment	67,767							67,767	62,884
Commercial - Other Receivable [Member]
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses, Beginning balance				21			24	21	24
Provisions								30	(3)
Allowance for credit losses, Ending Balance	51							51	21
Allowance for credit losses: Ending balance: collectively evaluated for impairment	51							51	21
Loans receivable	10,142			4,450				10,142	4,450
Loans Receivable: Ending balance: collectively evaluated for impairment	10,142							10,142	4,450
Consumer - Home Equity Lines of Credit [Member]
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses, Beginning balance				122			82	122	82
Charge-offs								(62)
Recoveries								1	1
Provisions								69	39
Allowance for credit losses, Ending Balance	130							130	122
Allowance for credit losses: Ending balance: collectively evaluated for impairment	130							130	122
Loans receivable	17,128			19,506				17,128	19,506
Loans receivable: Ending balance: individually evaluated for impairment	26							26	30
Loans Receivable: Ending balance: collectively evaluated for impairment	17,102							17,102	19,476
Consumer - Second Mortgages Receivable [Member]
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses, Beginning balance				267			326	267	326
Charge-offs								(3)	(45)
Recoveries								88	94
Provisions								(156)	(108)
Allowance for credit losses, Ending Balance	196							196	267
Allowance for credit losses: Ending balance: individually evaluated for impairment	81							81	100
Allowance for credit losses: Ending balance: collectively evaluated for impairment	115							115	167
Loans receivable	10,711			13,737				10,711	13,737
Loans receivable: Ending balance: individually evaluated for impairment	882							882	728
Loans Receivable: Ending balance: collectively evaluated for impairment	9,829							9,829	13,009
Consumer - Other Receivable [Member]
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses, Beginning balance				23			51	23	51
Charge-offs								(1)	(37)
Recoveries								2	11
Provisions								5	(2)
Allowance for credit losses, Ending Balance	29							29	23
Allowance for credit losses: Ending balance: collectively evaluated for impairment	29							29	23
Loans receivable	2,851			2,030				2,851	2,030
Loans Receivable: Ending balance: collectively evaluated for impairment	2,851							2,851	2,030
Unallocated Financing Receivables
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for credit losses, Beginning balance				$ 819			$ 1,262	819	1,262
Provisions								(765)	(443)
Allowance for credit losses, Ending Balance	54							54	819
Allowance for credit losses: Ending balance: collectively evaluated for impairment	$ 54							$ 54	$ 819

Loans Receivable and Related _6

Loans Receivable and Related Allowance for Loan Losses (2) (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Financing Receivable, Impaired [Line Items]
Impaired Loans With Specific Allowance, Recorded Investment	$ 777	$ 9,299
Impaired Loans With Specific Allowance, Related Allowance	308	157
Impaired Loans With No Specific Allowance, Recorded Investment	29,445	4,692
Total Impaired Loans Recorded Investment	30,222	13,991
Total Impaired Loans Unpaid Principal Balance	41,522	14,242
Residential Mortgage [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans With No Specific Allowance, Recorded Investment	3,388	3,526
Total Impaired Loans Recorded Investment	3,388	3,526
Total Impaired Loans Unpaid Principal Balance	3,598	3,713
Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans With Specific Allowance, Recorded Investment	676	9,176
Impaired Loans With Specific Allowance, Related Allowance	227	57
Impaired Loans With No Specific Allowance, Recorded Investment	25,250	531
Total Impaired Loans Recorded Investment	25,926	9,707
Total Impaired Loans Unpaid Principal Balance	36,945	9,707
Consumer - Home Equity Lines of Credit [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans With No Specific Allowance, Recorded Investment	26	30
Total Impaired Loans Recorded Investment	26	30
Total Impaired Loans Unpaid Principal Balance	30	32
Consumer - Second Mortgages Receivable [Member]
Financing Receivable, Impaired [Line Items]
Impaired Loans With Specific Allowance, Recorded Investment	101	123
Impaired Loans With Specific Allowance, Related Allowance	81	100
Impaired Loans With No Specific Allowance, Recorded Investment	781	605
Total Impaired Loans Recorded Investment	882	728
Total Impaired Loans Unpaid Principal Balance	$ 949	$ 790

Loans Receivable and Related _7

Loans Receivable and Related Allowance for Loan Losses (3) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Financing Receivable, Impaired [Line Items]
Average Impaired Loans	$ 18,601	$ 15,584
Interest Income Recognized on Impaired Loans	327	404
Residential Mortgage [Member]
Financing Receivable, Impaired [Line Items]
Average Impaired Loans	3,506	3,575
Interest Income Recognized on Impaired Loans	86	89
Construction and Development - Land Receivable [Member]
Financing Receivable, Impaired [Line Items]
Average Impaired Loans		46
Interest Income Recognized on Impaired Loans		2
Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Average Impaired Loans	14,209	11,251
Interest Income Recognized on Impaired Loans	235	304
Consumer - Home Equity Lines of Credit [Member]
Financing Receivable, Impaired [Line Items]
Average Impaired Loans	28	35
Consumer - Second Mortgages Receivable [Member]
Financing Receivable, Impaired [Line Items]
Average Impaired Loans	858	670
Interest Income Recognized on Impaired Loans	$ 6	9
Consumer - Other Receivable [Member]
Financing Receivable, Impaired [Line Items]
Average Impaired Loans		$ 7

Loans Receivable and Related _8

Loans Receivable and Related Allowance for Loan Losses (4) (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	$ 1,039,001	$ 1,021,421	$ 1,021,421
Pass [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	945,002	991,516
Special Mention [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	62,818	15,087
Substandard [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	31,181	14,818
Commercial and Industrial [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	116,584	99,747	99,747
Commercial and Industrial [Member] | Pass [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	110,099	99,613
Commercial and Industrial [Member] | Special Mention [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	6,368
Commercial and Industrial [Member] | Substandard [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	117	134
Residential Mortgage [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	242,090	220,011	220,011
Residential Mortgage [Member] | Pass [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	238,610	216,376
Residential Mortgage [Member] | Substandard [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	3,480	3,635
Construction and Development - Residential and Commercial Receivables [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	65,703	40,346	40,346
Construction and Development - Residential and Commercial Receivables [Member] | Pass [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	65,703	40,346
Construction and Development - Land Receivable [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	3,110	3,420	3,420
Construction and Development - Land Receivable [Member] | Pass [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	3,110	3,420
Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	495,398	547,727	547,727
Commercial Real Estate [Member] | Pass [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	422,143	523,123
Commercial Real Estate [Member] | Special Mention [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	46,892	14,601
Commercial Real Estate [Member] | Substandard [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	26,363	10,003
Commercial Farmland [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	7,517	7,563	7,563
Commercial Farmland [Member] | Pass [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	7,517	7,563
Commercial Multi Family Receivable [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	67,767	62,884	62,884
Commercial Multi Family Receivable [Member] | Pass [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	58,285	62,483
Commercial Multi Family Receivable [Member] | Special Mention [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	9,482	401
Commercial - Other Receivable [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	10,142	4,450	4,450
Commercial - Other Receivable [Member] | Pass [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	10,142	4,450
Consumer - Home Equity Lines of Credit [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	17,128	19,506	19,506
Consumer - Home Equity Lines of Credit [Member] | Pass [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	16,969	19,385
Consumer - Home Equity Lines of Credit [Member] | Substandard [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	159	121
Consumer - Second Mortgages Receivable [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	10,711	13,737	13,737
Consumer - Second Mortgages Receivable [Member] | Pass [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	9,573	12,727
Consumer - Second Mortgages Receivable [Member] | Special Mention [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	76	85
Consumer - Second Mortgages Receivable [Member] | Substandard [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	1,062	925
Consumer - Other Receivable [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	2,851	2,030	$ 2,030
Consumer - Other Receivable [Member] | Pass [Member]
Financing Receivable, Impaired [Line Items]
Loans and Leases, gross	$ 2,851	$ 2,030

Loans Receivable and Related _9

Loans Receivable and Related Allowance for Loan Losses (5) (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Financing Receivable, Impaired [Line Items]
Total non-accrual loans	$ 16,730	$ 1,821
Residential Mortgage [Member]
Financing Receivable, Impaired [Line Items]
Total non-accrual loans	2,036	1,532
Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Total non-accrual loans	14,414
Consumer - Home Equity Lines of Credit [Member]
Financing Receivable, Impaired [Line Items]
Total non-accrual loans	26	30
Consumer - Second Mortgages Receivable [Member]
Financing Receivable, Impaired [Line Items]
Total non-accrual loans	$ 254	$ 259

Loans Receivable and Related_10

Loans Receivable and Related Allowance for Loan Losses (6) (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Financing Receivable, Impaired [Line Items]
Current	$ 1,035,788		$ 1,019,042
Past Due	3,213		2,379
Total Loans Receivable	1,039,001	$ 1,021,421	1,021,421
Accruing 90 Days or More Past Due	58		502
30 to 59 Days Past Due [Member]
Financing Receivable, Impaired [Line Items]
Past Due	225		941
60 to 89 Days Past Due [Member]
Financing Receivable, Impaired [Line Items]
Past Due	728		493
Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Impaired [Line Items]
Past Due	2,260		945
Commercial and Industrial [Member]
Financing Receivable, Impaired [Line Items]
Current	116,584		99,247
Past Due			500
Total Loans Receivable	116,584	99,747	99,747
Commercial and Industrial [Member] | 30 to 59 Days Past Due [Member]
Financing Receivable, Impaired [Line Items]
Past Due			500
Residential Mortgage [Member]
Financing Receivable, Impaired [Line Items]
Current	239,623		219,062
Past Due	2,467		949
Total Loans Receivable	242,090	220,011	220,011
Accruing 90 Days or More Past Due			207
Residential Mortgage [Member] | 30 to 59 Days Past Due [Member]
Financing Receivable, Impaired [Line Items]
Past Due	68		62
Residential Mortgage [Member] | 60 to 89 Days Past Due [Member]
Financing Receivable, Impaired [Line Items]
Past Due	694		381
Residential Mortgage [Member] | Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Impaired [Line Items]
Past Due	1,705		506
Construction and Development - Residential and Commercial Receivables [Member]
Financing Receivable, Impaired [Line Items]
Current	65,703		40,346
Total Loans Receivable	65,703	40,346	40,346
Construction and Development - Land Receivable [Member]
Financing Receivable, Impaired [Line Items]
Current	3,110		3,420
Total Loans Receivable	3,110	3,420	3,420
Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Current	495,087		547,432
Past Due	311		295
Total Loans Receivable	495,398	547,727	547,727
Accruing 90 Days or More Past Due			295
Commercial Real Estate [Member] | Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Impaired [Line Items]
Past Due	311		295
Commercial Farmland [Member]
Financing Receivable, Impaired [Line Items]
Current	7,517		7,563
Total Loans Receivable	7,517	7,563	7,563
Commercial Multi Family Receivable [Member]
Financing Receivable, Impaired [Line Items]
Current	67,767		62,884
Total Loans Receivable	67,767	62,884	62,884
Commercial - Other Receivable [Member]
Financing Receivable, Impaired [Line Items]
Current	10,142		4,450
Total Loans Receivable	10,142	4,450	4,450
Consumer - Home Equity Lines of Credit [Member]
Financing Receivable, Impaired [Line Items]
Current	17,080		19,506
Past Due	48
Total Loans Receivable	17,128	19,506	19,506
Accruing 90 Days or More Past Due	48
Consumer - Home Equity Lines of Credit [Member] | Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Impaired [Line Items]
Past Due	48
Consumer - Second Mortgages Receivable [Member]
Financing Receivable, Impaired [Line Items]
Current	10,325		13,102
Past Due	386		635
Total Loans Receivable	10,711	13,737	13,737
Accruing 90 Days or More Past Due	10
Consumer - Second Mortgages Receivable [Member] | 30 to 59 Days Past Due [Member]
Financing Receivable, Impaired [Line Items]
Past Due	157		379
Consumer - Second Mortgages Receivable [Member] | 60 to 89 Days Past Due [Member]
Financing Receivable, Impaired [Line Items]
Past Due	33		112
Consumer - Second Mortgages Receivable [Member] | Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Impaired [Line Items]
Past Due	196		144
Consumer - Other Receivable [Member]
Financing Receivable, Impaired [Line Items]
Current	2,850		2,030
Past Due	1
Total Loans Receivable	2,851	$ 2,030	$ 2,030
Consumer - Other Receivable [Member] | 60 to 89 Days Past Due [Member]
Financing Receivable, Impaired [Line Items]
Past Due	$ 1

Loans Receivable and Related_11

Loans Receivable and Related Allowance for Loan Losses (7) (Detail) $ in Thousands	12 Months Ended
	Sep. 30, 2020USD ($)Number	Sep. 30, 2019USD ($)Number
Financing Receivable, Impaired [Line Items]
Total Troubled Debt Restructurings, Number of Loans | Number	26	24
Total Troubled Debt Restructurings, Recorded Investment | $	$ 21,687	$ 13,260
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Number of Loans | Number	8	4
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Recorded Investment | $	$ 8,269	$ 1,090
Residential Mortgage [Member]
Financing Receivable, Impaired [Line Items]
Total Troubled Debt Restructurings, Number of Loans | Number	17	17
Total Troubled Debt Restructurings, Recorded Investment | $	$ 3,435	$ 3,372
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Number of Loans | Number	7	4
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Recorded Investment | $	$ 1,617	$ 1,090
Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Total Troubled Debt Restructurings, Number of Loans | Number	5	3
Total Troubled Debt Restructurings, Recorded Investment | $	$ 18,091	$ 9,707
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Number of Loans | Number	1
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Recorded Investment | $	$ 6,652
Consumer - Second Mortgages Receivable [Member]
Financing Receivable, Impaired [Line Items]
Total Troubled Debt Restructurings, Number of Loans | Number	4	4
Total Troubled Debt Restructurings, Recorded Investment | $	$ 161	$ 181

Loans Receivable and Related_12

Loans Receivable and Related Allowance for Loan Losses (8) (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Financing Receivable Modifications [Line Items]
Recorded Investment	$ 21,687	$ 13,260
Performing Financing Receivable [Member]
Financing Receivable Modifications [Line Items]
Recorded Investment	13,418	12,170
Nonperforming Financial Instruments
Financing Receivable Modifications [Line Items]
Recorded Investment	8,269	1,090
Residential Mortgage [Member]
Financing Receivable Modifications [Line Items]
Recorded Investment	3,435	3,372
Residential Mortgage [Member] | Performing Financing Receivable [Member]
Financing Receivable Modifications [Line Items]
Recorded Investment	1,818	2,282
Residential Mortgage [Member] | Nonperforming Financial Instruments
Financing Receivable Modifications [Line Items]
Recorded Investment	1,617	1,090
Commercial Real Estate [Member]
Financing Receivable Modifications [Line Items]
Recorded Investment	18,091	9,707
Commercial Real Estate [Member] | Performing Financing Receivable [Member]
Financing Receivable Modifications [Line Items]
Recorded Investment	11,439	9,707
Commercial Real Estate [Member] | Nonperforming Financial Instruments
Financing Receivable Modifications [Line Items]
Recorded Investment	6,652
Consumer - Second Mortgages Receivable [Member]
Financing Receivable Modifications [Line Items]
Recorded Investment	161	181
Consumer - Second Mortgages Receivable [Member] | Performing Financing Receivable [Member]
Financing Receivable Modifications [Line Items]
Recorded Investment	$ 161	$ 181

Loans Receivable and Related_13

Loans Receivable and Related Allowance for Loan Losses (9) (Detail) $ in Thousands	12 Months Ended
	Sep. 30, 2020USD ($)Number	Sep. 30, 2019USD ($)Number
Financing Receivable, Impaired [Line Items]
Number of Loans | Number	3	9
Pre-Modifications Outstanding Recorded Investments	$ 11,137	$ 1,761
Post-Modifications Outstanding Recorded Investments	$ 11,129	$ 1,678
Residential Mortgage [Member]
Financing Receivable, Impaired [Line Items]
Number of Loans | Number	1	7
Pre-Modifications Outstanding Recorded Investments	$ 207	$ 1,664
Post-Modifications Outstanding Recorded Investments	$ 203	$ 1,586
Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Number of Loans | Number	2
Pre-Modifications Outstanding Recorded Investments	$ 10,930
Post-Modifications Outstanding Recorded Investments	$ 10,926
Consumer - Second Mortgages Receivable [Member]
Financing Receivable, Impaired [Line Items]
Number of Loans | Number		2
Pre-Modifications Outstanding Recorded Investments		$ 97
Post-Modifications Outstanding Recorded Investments		$ 92

Loans Receivable and Related_14

Loans Receivable and Related Allowance for Loan Losses (10) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Loans and Leases Receivable, Related Parties [Roll Forward]
Balance at beginning of year	$ 12,478	$ 8,691
New loans	2,073	10,191
Repayments	(818)	(6,404)
Balance at end of year	$ 13,733	$ 12,478

Loans Receivable and Related_15

Loans Receivable and Related Allowance for Loan Losses (11) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance at beginning of year	$ 178	$ 223
Amortization	(67)	(45)
Balance at end of year	$ 111	$ 178

Loans Receivable and Related_16

Loans Receivable and Related Allowance for Loan Losses (12) (Detail) $ in Thousands	12 Months Ended
	Sep. 30, 2020USD ($)Number
Financing Receivable, Impaired [Line Items]
Number of Loans | Number	43
Loan Deferment Exposure	$ 144,785
Gross Loans	$ 1,039,001
Percentage of Gross Loans on Deferral	13.94%
Commercial and Industrial [Member]
Financing Receivable, Impaired [Line Items]
Number of Loans | Number	10
Loan Deferment Exposure	$ 5,547
Gross Loans	$ 116,584
Percentage of Gross Loans on Deferral	0.53%
Residential Mortgage [Member]
Financing Receivable, Impaired [Line Items]
Number of Loans | Number	5
Loan Deferment Exposure	$ 1,288
Gross Loans	$ 242,090
Percentage of Gross Loans on Deferral	0.12%
Construction and Development - Residential and Commercial Receivables [Member]
Financing Receivable, Impaired [Line Items]
Gross Loans	$ 65,703
Percentage of Gross Loans on Deferral	0.00%
Construction and Development - Land Receivable [Member]
Financing Receivable, Impaired [Line Items]
Gross Loans	$ 3,110
Percentage of Gross Loans on Deferral	0.00%
Construction And Development Receivable [Member]
Financing Receivable, Impaired [Line Items]
Gross Loans	$ 68,813
Percentage of Gross Loans on Deferral	0.00%
Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Number of Loans | Number	21
Loan Deferment Exposure	$ 131,348
Gross Loans	$ 495,398
Percentage of Gross Loans on Deferral	12.64%
Commercial Farmland [Member]
Financing Receivable, Impaired [Line Items]
Number of Loans | Number	1
Loan Deferment Exposure	$ 2,288
Gross Loans	$ 7,517
Percentage of Gross Loans on Deferral	0.22%
Commercial Multi Family Receivable [Member]
Financing Receivable, Impaired [Line Items]
Number of Loans | Number	2
Loan Deferment Exposure	$ 3,718
Gross Loans	$ 67,767
Percentage of Gross Loans on Deferral	0.36%
Commercial - Other Receivable [Member]
Financing Receivable, Impaired [Line Items]
Gross Loans	$ 10,142
Percentage of Gross Loans on Deferral	0.00%
Commercial [Member]
Financing Receivable, Impaired [Line Items]
Number of Loans | Number	34
Loan Deferment Exposure	$ 142,901
Gross Loans	$ 697,408
Percentage of Gross Loans on Deferral	13.75%
Consumer - Home Equity Lines of Credit [Member]
Financing Receivable, Impaired [Line Items]
Number of Loans | Number	3
Loan Deferment Exposure	$ 579
Gross Loans	$ 17,128
Percentage of Gross Loans on Deferral	0.06%
Consumer - Second Mortgages Receivable [Member]
Financing Receivable, Impaired [Line Items]
Number of Loans | Number	1
Loan Deferment Exposure	$ 17
Gross Loans	$ 10,711
Percentage of Gross Loans on Deferral	0.00%
Consumer - Other Receivable [Member]
Financing Receivable, Impaired [Line Items]
Gross Loans	$ 2,851
Percentage of Gross Loans on Deferral	0.00%
Consumer Receivable [Member]
Financing Receivable, Impaired [Line Items]
Number of Loans | Number	4
Loan Deferment Exposure	$ 596
Gross Loans	$ 30,690
Percentage of Gross Loans on Deferral	0.06%

Property and Equipment (Detail)

Property and Equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 18,474				$ 18,178
Accumulated depreciation	(12,200)				(11,500)
Property and equipment, net	6,274	$ 6,355	$ 6,476	$ 6,594	6,678	$ 6,795	$ 6,948	$ 7,067
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	707				711
Building and improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 11,909				11,742
Building and improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life (years)	10 years
Building and improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life (years)	39 years
Construction in process [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6				16
Furniture, fixtures and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,852				$ 5,709
Furniture, fixtures and equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life (years)	3 years
Furniture, fixtures and equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life (years)	7 years

Property and Equipment (Narrati

Property and Equipment (Narrative) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Property Plant And Equipment Net [Abstract]
Depreciation	$ 745	$ 761

Deposits (Detail)

Deposits (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Deposits:
Savings	$ 45,072				$ 41,875
Money market accounts	277,711				276,644
Interest bearing demand	303,682				302,039
Non-interest bearing demand	50,422				55,684
Total deposits before certificates of deposit	676,887				676,242
Certificates of deposit	214,019				277,569
Total Deposits	$ 890,906	$ 884,444	$ 915,900	$ 943,819	$ 953,811	$ 957,199	$ 942,374	$ 843,200
Percentage of savings	5.06%				4.39%
Percentage of money market accounts	31.17%				29.00%
Percentage of interest bearing demand	34.09%				31.67%
Percentage of non-interest bearing demand	5.66%				5.84%
Percentage of total deposits before certificates of deposit	75.98%				70.90%
Percentage of certificates of deposit	24.02%				29.10%
Percentage of total deposits	100.00%				100.00%

Deposits (Narrative) (Detail)

Deposits (Narrative) (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019
Deposits:
Certificates of deposit of $250,000 and greater	$ 48.4	$ 63.5
Brokered deposits	31.1	73.1
Related party deposit liabilities	$ 35.9	$ 10.4

Deposits 1 (Detail)

Deposits 1 (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Deposits:
Savings accounts	$ 51	$ 49
Money market accounts	4,010	4,352
Interest bearing demand	3,523	4,221
Certificates of deposit	5,262	5,726
Total deposits	$ 12,846	$ 14,348

Deposits (2) (Detail)

Deposits (2) (Detail) $ in Thousands	Sep. 30, 2020USD ($)
Deposits:
2021	$ 158,983
2022	27,050
2023	8,866
2024	10,925
2025	6,316
Thereafter	1,879
Total	$ 214,019

Borrowings (Narrative) (Detail)

Borrowings (Narrative) (Detail) - USD ($)	Aug. 15, 2017	Apr. 20, 2017	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Secured borrowing			$ 4,225,000	$ 4,225,000	$ 4,225,000	$ 4,250,000	$ 4,275,000	$ 4,300,000	$ 4,300,000	$ 4,300,000
Secured Borrowing Agreement on April 20, 2017 [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Secured borrowing		$ 1,300,000
Secured borrowings maturity period		4 months
Secured borrowings, interest rate		3.875%
Secured Borrowing Agreement on August 15, 2017 [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Secured borrowing	$ 3,000,000
Secured borrowings maturity period	18 months
Secured borrowings, interest rate	4.25%
Line of Credit [Member] | Federal Home Loan Bank of Pittsburgh [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Maximum borrowing capacity of line of credit facility			$ 150,000,000
Interest rate under line of credit facility			0.39%				2.08%
Long-term line of credit outstanding			$ 0				$ 0
Outstanding long-term FHLB advances			130,000,000
Potential FHLB advances available			364,900,000
Securities sold under agreements			$ 0				$ 0

Borrowings (Detail)

Borrowings (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Long-Term Borrowings, Amount
2020		$ 93,000
2021	$ 110,000	20,000
2022	20,000	20,000
Total FHLB Advances	$ 130,000	$ 133,000
Long-Term Borrowings, Weighted Average Rate
2020		1.78%
2021	0.76%	1.79%
2022	2.29%	1.78%
Total FHLB Advances	0.99%	1.78%

Derivatives (Narrative) (Detail

Derivatives (Narrative) (Detail) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Derivative [Line Items]
Minimum collateral posting thresholds with derivative counterparties	$ 12,900,000	$ 6,400,000
Interest Rate Swap [Member]
Derivative [Line Items]
Estimated interest expense	$ 974,000

Derivatives (Detail)

Derivatives (Detail) - Interest Rate Swap Agreements [Member] - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Designated as Hedging Instrument [Member] | Other Assets [Member]
Derivative [Line Items]
Notional Amount, Asset Derivatives		$ 35,000
Fair Value		126
Designated as Hedging Instrument [Member] | Other Liabilities [Member]
Derivative [Line Items]
Notional Amount, Liability Derivatives	$ 90,000	30,000
Fair Value	1,291	736
Derivatives Not Designated As Hedging Instrument [Member] | Other Assets [Member]
Derivative [Line Items]
Notional Amount, Asset Derivatives	45,162	29,916
Fair Value	8,752	5,019
Derivatives Not Designated As Hedging Instrument [Member] | Other Liabilities [Member]
Derivative [Line Items]
Notional Amount, Liability Derivatives	45,162	29,916
Fair Value	$ 8,756	$ 5,018

Derivatives - Schedule of Offse

Derivatives - Schedule of Offsetting of Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Offsetting of Derivative Assets
Gross Amounts of Recognized Assets	$ 8,752	$ 5,145
Net Amounts of Assets presented in the Statement of Financial Condition	8,752	5,145
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments		173
Gross Amounts Not Offset in the Statements of Financial Condition, Net Amount	8,752	4,972
Offsetting of Derivative Liabilities
Gross Amounts of Recognized Liabilities	10,047	5,754
Net Amounts of Liabilities presented in the Statement of Financial Condition	10,047	5,754
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments	1,498	767
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Posted	12,857	2,754
Gross Amounts Not Offset in the Statements of Financial Condition, Net Amount	$ (4,308)	$ 2,233

Derivatives - Statement of Oper

Derivatives - Statement of Operations Relating to The Cash Flow Derivative Instrument (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Derivative [Line Items]
Amount of Loss Recognized in OCI on Derivative	$ (1,088)	$ (1,557)
Amount of Gain (Loss) Reclassified from OCI to Interest Expense	(437)	298
Interest Rate Swap Agreements [Member]
Derivative [Line Items]
Amount of Loss Recognized in OCI on Derivative	(1,088)	(1,557)
Amount of Gain (Loss) Reclassified from OCI to Interest Expense	$ (437)	$ 298

Derivatives - Schedule of Effec

Derivatives - Schedule of Effects of Derivative Instruments on Consolidated Statements of Operations (Detail) - Derivatives Not Designated As Hedging Instrument [Member] - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Income on derivatives	$ (6)	$ 1
Interest Rate Swap Agreements [Member] | Other Income [Member]
Derivative [Line Items]
Amount of Gain (Loss) Recognized in Income on derivatives	$ (6)	$ 1

Fair Value Measurements (Detail

Fair Value Measurements (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Assets
Investment securities available-for-sale, at fair value	$ 31,541	$ 33,245	$ 21,839	$ 23,723	$ 18,411	$ 23,552	$ 19,371	$ 19,231
Derivative instruments	8,752				5,145
Liabilities
Derivative instruments	10,047				5,754
U. S. Government Agencies [Member]
Assets
Investment securities available-for-sale, at fair value	5,040				3,000
State And Municipal Obligations [Member]
Assets
Investment securities available-for-sale, at fair value	3,105				4,732
Single Issuer Trust Preferred Security [Member]
Assets
Investment securities available-for-sale, at fair value	925				923
Corporate Debt Securities [Member]
Assets
Investment securities available-for-sale, at fair value	20,948				9,506
Mutual Funds [Member]
Assets
Investment securities available-for-sale, at fair value	1,523				250
Fair Value, Measurements, Recurring [Member]
Assets
Investment securities available-for-sale, at fair value	31,541				18,411
Derivative instruments	8,752				5,145
Liabilities
Derivative instruments	10,047				5,754
Fair Value, Measurements, Recurring [Member] | U. S. Government Agencies [Member]
Assets
Investment securities available-for-sale, at fair value	5,040
Fair Value, Measurements, Recurring [Member] | State And Municipal Obligations [Member]
Assets
Investment securities available-for-sale, at fair value	3,105				4,732
Fair Value, Measurements, Recurring [Member] | Single Issuer Trust Preferred Security [Member]
Assets
Investment securities available-for-sale, at fair value	925				923
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member]
Assets
Investment securities available-for-sale, at fair value	20,948				9,506
Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member]
Assets
Investment securities available-for-sale, at fair value	1,523				250
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Notes [Member]
Assets
Investment securities available-for-sale, at fair value					3,000
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets
Investment securities available-for-sale, at fair value	1,023
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member]
Assets
Investment securities available-for-sale, at fair value	1,023
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets
Investment securities available-for-sale, at fair value	30,018				18,161
Derivative instruments	8,752				5,145
Liabilities
Derivative instruments	10,047				5,754
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U. S. Government Agencies [Member]
Assets
Investment securities available-for-sale, at fair value	5,040
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | State And Municipal Obligations [Member]
Assets
Investment securities available-for-sale, at fair value	3,105				4,732
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Single Issuer Trust Preferred Security [Member]
Assets
Investment securities available-for-sale, at fair value	925				923
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]
Assets
Investment securities available-for-sale, at fair value	20,948				9,506
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Treasury Notes [Member]
Assets
Investment securities available-for-sale, at fair value					3,000
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets
Investment securities available-for-sale, at fair value	500				250
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member]
Assets
Investment securities available-for-sale, at fair value	$ 500				$ 250

Fair Value Measurements (1) (De

Fair Value Measurements (1) (Detail) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, October 1, 2019	$ 250	$ 250
Purchases	250
Balance, September 30, 2020	$ 500	$ 250

Fair Value Measurements (2) (De

Fair Value Measurements (2) (Detail) $ in Thousands	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Real Estate Owned, Measurement Input	0	0
Impaired Loans, Measurement Input		0.12
Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Real Estate Owned, Measurement Input	0	0
Impaired Loans, Measurement Input	0.014	0.12
Fair Value, Inputs, Level 3 [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Loans, Measurement Input	0.020
Fair Value, Inputs, Level 3 [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired Loans, Measurement Input	0.20
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value, nonrecurring basis	$ 13,716	$ 14,938
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value, nonrecurring basis	5,796	5,796
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans Net [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value, nonrecurring basis	7,920	9,142
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value, nonrecurring basis	13,716	14,938
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value, nonrecurring basis	5,796	5,796
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Impaired Loans Net [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value, nonrecurring basis	$ 7,920	$ 9,142

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Impaired Loans with aggregate balance	$ 8,200
Impaired Loans with specific loan loss allowance	308	$ 157
Impaired Loans with aggregate balance	$ 777	$ 9,299

Fair Value Measurements (3) (De

Fair Value Measurements (3) (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Financial assets:
Investment securities available-for-sale	$ 31,541	$ 33,245	$ 21,839	$ 23,723	$ 18,411	$ 23,552	$ 19,371	$ 19,231
Investment securities held-to-maturity	15,608				22,609
Derivatives (included in Other Assets)	8,752				5,145
Financial liabilities:
Derivatives (included in Other Liabilities)	10,047				5,754
Carrying Amount [Member]
Financial assets:
Cash and cash equivalents	61,439				153,543
Investment securities available-for-sale	31,541				18,411
Investment securities held-to-maturity	14,970				22,485
Loans receivable, net (including impaired loans)	1,026,984				1,011,989
Accrued interest receivable	3,677				4,253
Restricted stock	9,622				11,129
Mortgage servicing rights (included in Other Assets)	111				178
Derivatives (included in Other Assets)	8,752				5,145
Financial liabilities:
Savings accounts	45,072				41,875
Checking and NOW accounts	354,104				357,723
Money market accounts	277,711				276,644
Certificates of deposit	214,019				277,569
Borrowings (excluding sub debt)	134,225				137,275
Subordinated debt	24,776				24,619
Derivatives (included in Other Liabilities)	10,047				5,754
Accrued interest payable	728				978
Fair Value [Member]
Financial assets:
Cash and cash equivalents	61,439				153,543
Investment securities available-for-sale	31,541				18,411
Investment securities held-to-maturity	15,608				22,609
Loans receivable, net (including impaired loans)	1,035,941				1,014,717
Accrued interest receivable	3,677				4,253
Restricted stock	9,622				11,129
Mortgage servicing rights (included in Other Assets)	111				178
Derivatives (included in Other Assets)	8,752				5,145
Financial liabilities:
Savings accounts	45,072				41,875
Checking and NOW accounts	354,104				357,723
Money market accounts	277,711				276,644
Certificates of deposit	217,212				280,024
Borrowings (excluding sub debt)	135,101				137,820
Subordinated debt	25,030				24,471
Derivatives (included in Other Liabilities)	10,047				5,754
Accrued interest payable	728				978
Fair Value, Inputs, Level 1 [Member] | Fair Value [Member]
Financial assets:
Cash and cash equivalents	61,439				153,543
Investment securities available-for-sale	1,023
Fair Value, Inputs, Level 2 [Member] | Fair Value [Member]
Financial assets:
Investment securities available-for-sale	30,018				18,161
Investment securities held-to-maturity	15,608				22,609
Accrued interest receivable	3,677				4,253
Restricted stock	9,622				11,129
Mortgage servicing rights (included in Other Assets)	111				178
Derivatives (included in Other Assets)	8,752				5,145
Financial liabilities:
Savings accounts	45,072				41,875
Checking and NOW accounts	354,104				357,723
Money market accounts	277,711				276,644
Certificates of deposit	217,212				280,024
Borrowings (excluding sub debt)	135,101				137,820
Subordinated debt	25,030				24,471
Derivatives (included in Other Liabilities)	10,047				5,754
Accrued interest payable	728				978
Fair Value, Inputs, Level 3 [Member] | Fair Value [Member]
Financial assets:
Investment securities available-for-sale	500				250
Loans receivable, net (including impaired loans)	$ 1,035,941				$ 1,014,717

Income Taxes - Schedule of defe

Income Taxes - Schedule of deferred income taxes (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
DTAs:
Allowance for loan losses	$ 3,053	$ 2,431
Non-accrual interest	29	84
Supplement Employer Retirement Plan	193	216
Federal and State net operating loss	6	56
Unrealized loss on investments available-for-sale	296	158
Depreciation	36
Lease liability	656
Other	89	45
Total DTAs	4,358	2,990
Total DTAs, Net of Valuation Allowance	4,358	2,990
DTLs:
Mortgage servicing rights	(27)	(46)
Right of use asset	(648)	0
Depreciation		(87)
Other	(3)	(17)
Total DTLs	(678)	(150)
DTAs, Net	$ 3,680	$ 2,840

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Detail) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Domestic Tax Authority [Member]
Income Tax Contingency [Line Items]
Operating loss carryforwards, Net	$ 12,000	$ 3,000,000

Income Taxes - Schedule of inco

Income Taxes - Schedule of income tax expense (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019
Federal:
Current									$ 394	$ 1,579
Deferred									(495)	570
Federal income tax expense (benefit), Total									(101)	2,149
State:
Current									271	228
Deferred									(206)	92
State income tax expense (benefit), Total									65	320
Total income tax expense	$ (1,043)	$ 447	$ 586	$ (26)	$ 817	$ 706	$ 411	$ 535	$ (36)	$ 2,469

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Federal Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Tax at statutory rate									$ 128	$ 2,478
Adjustments resulting from:
State tax, net of federal benefit									51	252
Tax-exempt interest									(59)	(53)
Earnings on bank-owned life insurance									(107)	(103)
Other									(49)	(105)
Total income tax expense	$ (1,043)	$ 447	$ 586	$ (26)	$ 817	$ 706	$ 411	$ 535	$ (36)	$ 2,469
Tax at statutory rate (in percentage)									21.00%	21.00%
Adjustments resulting from:
State tax, net of federal benefit (in percentage)									8.50%	2.10%
Tax-exempt interest (in percentage)									(9.70%)	(0.40%)
Earnings on bank-owned life insurance (in percentage)									(17.6)	(0.9)
Other (in percentage)									(8.10%)	(0.90%)
Total (in percentage)									(5.90%)	20.90%

Leases (Narrative) (Detail)

Leases (Narrative) (Detail) $ in Thousands	12 Months Ended
	Sep. 30, 2020USD ($)FinancialCenterOfficeLease	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Oct. 01, 2019USD ($)
Lessee Lease Description [Line Items]
Operating lease right-of-use-assets | $	$ 2,638	$ 2,799	$ 2,959	$ 3,119
Operating lease liabilities | $	$ 2,671	$ 2,824	$ 2,976	$ 3,128
Number of leases | Lease	3
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, operating lease, renewal term	5 years
Private Banking Office
Lessee Lease Description [Line Items]
Number of office leases included in option to extend	2
Private Banking Office | Short-term Leases [Member]
Lessee Lease Description [Line Items]
Number of offices	2
Representative Office | Short-term Leases [Member]
Lessee Lease Description [Line Items]
Number of offices	2
Glen Mills, Pennsylvania
Lessee Lease Description [Line Items]
Number of financial centers | FinancialCenter	1
Villanova, Pennsylvania | Private Banking Office
Lessee Lease Description [Line Items]
Number of offices	1
Morris County, Morristown, New Jersey | Private Banking Office
Lessee Lease Description [Line Items]
Number of offices	1
Palm Beach, Florida | Private Banking Office
Lessee Lease Description [Line Items]
Number of offices	1
Palm Beach, Florida | Representative Office
Lessee Lease Description [Line Items]
Number of offices	1
Allentown, Pennsylvania | Representative Office
Lessee Lease Description [Line Items]
Number of offices	1
ASU 2016-02 [Member]
Lessee Lease Description [Line Items]
Operating lease right-of-use-assets | $	$ 2,700				$ 3,300
Operating lease liabilities | $	$ 2,700				$ 3,300
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Oct. 1, 2019
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect	false

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	$ 698	$ 487
Short-term lease cost	104	65
Total	$ 802	$ 552

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Information of Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Supplemental balance sheet information
Operating lease, ROU assets	$ 2,638	$ 2,799	$ 2,959	$ 3,119
Operating lease liabilities	$ 2,671	$ 2,824	$ 2,976	$ 3,128
Weighted average remaining lease term	5 years 4 months 24 days
Weighted average discount rate	1.99%
Supplemental cash flow information
Operating cash flows from operating leases	$ 667
ROU assets obtained in exchange for lease obligations	$ 3,279

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2021	$ 601
2022	492
2023	474
2024	474
2025	477
Thereafter	269
Total lease payments	2,787
Less: imputed interest	(116)
Total	$ 2,671	$ 2,824	$ 2,976	$ 3,128

Leases - Schedule of Operating

Leases - Schedule of Operating Future Minimum Rent Receivables (Detail) $ in Thousands	Sep. 30, 2020USD ($)
Leases [Abstract]
2021	$ 128
2022	95
2023	0
2024	0
2025	0
Total Payments Receivable	$ 223

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019
Letter of Credit [Member]
Commitments And Contingencies [Line Items]
Uncollateralized letters of credit	$ 9.1	$ 11.6

Commitments and Contingencies -

Commitments and Contingencies - Schedule of financial instruments outstanding (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Commitments	$ 148,788	$ 191,184
Future loan commitments [Member]
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Commitments	7,687	40,976
Undisbursed construction loans [Member]
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Commitments	24,551	27,645
Undisbursed home equity lines of credit [Member]
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Commitments	24,751	21,447
Undisbursed Commercial Lines Of Credit [Member]
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Commitments	22,918	27,782
Undisbursed Commercial Unsecured Lines Of Credit [Member]
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Commitments	58,445	60,382
Overdraft Protection Lines [Member]
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Commitments	1,362	1,363
Standby Letters Of Credit [Member]
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Commitments	$ 9,074	$ 11,589

Regulatory Matters (Narrative)

Regulatory Matters (Narrative) (Detail)	12 Months Ended
	Sep. 30, 2020$ / sharesshares	Sep. 30, 2019	Mar. 14, 2019shares	Jan. 01, 2019	Jan. 01, 2016	Jan. 01, 2015	Dec. 31, 2014
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Percentage of repurchase of outstanding common stock as condition warrant			2.50%
Stock repurchased during period, shares	177,653
Average cost per share | $ / shares	$ 14.23
Shares remain available for issuance	0
Malvern Federal Savings Bank [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Common equity Tier 1 capital ratio					7	4.5	4
Tier 1 capital ratio	6	6			8.5	6
Tier 1 Capital conservation buffer				2.50%
Total capital ratio	16.64	16.33			10.5
Capital conservation buffer percentage of risk-weighted assets					0.625%
Maximum [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Stock repurchase plan, number of shares authorized			194,516

Regulatory Matters (Detail)

Regulatory Matters (Detail) $ in Thousands	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Jan. 01, 2016	Jan. 01, 2015
Total Capital (to risk-weighted assets): Actual Amount	$ 168,090	$ 163,253
Parent Company [Member]
Capital (to adjusted tangible assets): Actual Amount	141,681	142,508
Common equity Tier 1(to risk-weighted assets): Actual Amount	141,681	142,508
Tier 1 Capital (to risk-weighted assets): Actual Amount	141,681	142,508
Total Capital (to risk-weighted assets): Actual Amount	$ 178,972	$ 177,293
Capital (to adjusted tangible assets): Actual Ratio	11.63	11.34
Common equity Tier 1(to risk-weighted assets): Actual Ratio	14	14.24
Tier 1 Capital (to risk-weighted assets): Actual Ratio	14	14.24
Total Capital (to risk-weighted assets): Actual Ratio	17.69	17.72
Capital (to adjusted tangible assets): For Capital Adequacy Purposes Amount	$ 48,743	$ 50,263
Common Equity Tier 1 Capital (to risk weighted assets)	45,528	45,031
Tier 1 Capital (to risk-weighted assets)	60,704	60,041
Total Capital (to risk weighted assets)	$ 80,939	$ 80,054
Capital (to adjusted tangible assets): For Capital Adequacy Purposes Ratio	4	4
Common Equity Tier 1 Capital (to risk weighted assets)	4.50	4.50
Tier 1 Capital (to risk-weighted assets)	6	6
Total Capital (to risk weighted assets)	8	8
Capital (to adjusted tangible assets): To be Well Capitalized under Prompt Corrective Action Provisions Capital Amount	$ 60,929	$ 62,828
Common Equity Tier 1 Capital (to risk weighted assets)	65,763	65,044
Tier 1 Capital (to risk-weighted assets)	80,939	80,054
Total Capital (to risk weighted assets)	$ 101,174	$ 100,068
Capital (to adjusted tangible assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio	5	5
Common Equity Tier 1 Capital (to risk- weighted assets)	6.50	6.50
Tier 1 Capital (to risk-weighted assets)	8	8
Total Capital (to risk weighted assets)	10	10
Malvern Federal Savings Bank [Member]
Capital (to adjusted tangible assets): Actual Amount	$ 155,575	$ 153,086
Common equity Tier 1(to risk-weighted assets): Actual Amount	155,575	153,086
Tier 1 Capital (to risk-weighted assets): Actual Amount	155,575	153,086
Total Capital (to risk-weighted assets): Actual Amount	$ 168,090	$ 163,253
Capital (to adjusted tangible assets): Actual Ratio	12.78	12.19
Common equity Tier 1(to risk-weighted assets): Actual Ratio	15.40	15.32
Tier 1 Capital (to risk-weighted assets): Actual Ratio	15.40	15.32
Total Capital (to risk-weighted assets): Actual Ratio	16.64	16.33	10.5
Capital (to adjusted tangible assets): For Capital Adequacy Purposes Amount	$ 48,685	$ 50,226
Common Equity Tier 1 Capital (to risk weighted assets)	45,459	44,980
Tier 1 Capital (to risk-weighted assets)	60,612	59,974
Total Capital (to risk weighted assets)	$ 80,816	$ 79,965
Capital (to adjusted tangible assets): For Capital Adequacy Purposes Ratio	4	4
Common Equity Tier 1 Capital (to risk weighted assets)	4.50	4.50
Tier 1 Capital (to risk-weighted assets)	6	6	8.5	6
Total Capital (to risk weighted assets)	8	8
Capital (to adjusted tangible assets): To be Well Capitalized under Prompt Corrective Action Provisions Capital Amount	$ 60,856	$ 62,783
Common Equity Tier 1 Capital (to risk weighted assets)	65,663	64,972
Tier 1 Capital (to risk-weighted assets)	80,816	79,965
Total Capital (to risk weighted assets)	$ 101,020	$ 99,957
Capital (to adjusted tangible assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio	5	5
Common Equity Tier 1 Capital (to risk- weighted assets)	6.50	6.50
Tier 1 Capital (to risk-weighted assets)	8	8
Total Capital (to risk weighted assets)	10	10

Regulatory Matters (1) (Detail)

Regulatory Matters (1) (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Regulatory Matters Disclosure [Abstract]
Bank GAAP equity	$ 154,487	$ 152,517
Net unrealized loss on securities available for sale, net of income taxes	93	87
Net unrealized loss on derivatives, net of income taxes	995	482
Tangible Capital, Core Capital and Tier 1 Capital	155,575	153,086
Allowance for loan losses	12,515	10,167
Total Risk-Based Capital	$ 168,090	$ 163,253

Comprehensive Income (Detail)

Comprehensive Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Equity [Abstract]
Net unrealized holding losses on available-for-sale securities	$ (118)	$ (111)
Tax effect	25	24
Net of tax amount	(93)	(87)
Fair value adjustment on derivatives	(1,260)	(610)
Tax effect	265	128
Net of tax amount	(995)	(482)
Total accumulated other comprehensive loss	$ (1,088)	$ (569)

Comprehensive Income (1) (Detai

Comprehensive Income (1) (Detail) - USD ($) $ in Thousands		12 Months Ended
		Sep. 30, 2020	Sep. 30, 2019
Equity [Abstract]
Unrealized holding gains on available-for-sale securities		$ 320	$ 419
Net realized gain on securities available-for-sale	[1]	(330)	(28)
Adjustment for loss recorded on replacement of derivative		31
Amortization of unrealized holding losses on securities available-for-sale transferred to held-to-maturity	[2]	3	4
Fair value adjustment on derivatives		(681)	(1,855)
Other comprehensive loss before taxes		(657)	(1,460)
Tax effect		138	307
Total other comprehensive loss		$ (519)	$ (1,153)
[1]	Amounts are included in net gains on sale and call of investments on the Consolidated Statements of Operations in total other income.
[2]	Amounts are included in interest and dividends on investment securities on the Consolidated Statements of Operations.

Equity Based Incentive Compen_3

Equity Based Incentive Compensation Plan (Narrative) (Detail) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted shares	7,000	7,000
Share-based compensation	$ 253,000	$ 209,000
Granted shares	22,211	12,674
Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (the 2014 Plan) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares available for grants	400,000
Number of remaining shares available for future grants	318,651
Description of vesting right	Restricted stock and option awards granted during fiscal 2020 vest in 20 percent increments beginning on the one- year anniversary of the grant date
Granted shares	7,000	7,000
Forfeited shares	0	4,166
Share-based compensation	$ 29,000	$ 35,000
Compensation cost not yet recognized	$ 84,000
Weighted average period	3 years 2 months 12 days
Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (the 2014 Plan) [Member] | Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation	$ 225,000	$ 174,000
Granted shares	23,821	12,674
Forfeited shares	1,610	1,772
Compensation cost not yet recognized	$ 543,000
Weighted average period	3 years 7 months 6 days
Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (the 2014 Plan) [Member] | First Year Anniversary [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
First vesting percentage	20.00%
First vesting period	1 year

Equity Based Incentive Compen_4

Equity Based Incentive Compensation Plan (Detail) - Stock Option [Member] - Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (the 2014 Plan) [Member] - $ / shares	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average fair value of awards	$ 4.72	$ 5.72
Risk-free rate	1.22%	2.50%
Volatility	19.86%	20.39%
Expected life	6 years 6 months	6 years 6 months

Equity Based Incentive Compen_5

Equity Based Incentive Compensation Plan 1 (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Granted	7,000	7,000
Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (the 2014 Plan) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning of year	18,830	15,996
Granted	7,000	7,000
Forfeited/cancelled/expired		(4,166)
Outstanding, end of year	25,830	18,830
Exercisable at end of year	8,140	4,370
Nonvested at end of year	17,690	14,460
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of year	$ 22.05	$ 22.34
Granted	20.28	20.90
Forfeited/cancelled/expired		21.24
Outstanding, end of year	21.57	22.05
Exercisable at end of year	21.50	21.02
Nonvested at end of year	$ 21.60	$ 22.36
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Remaining Contractual Life [Roll Forward]
Outstanding, beginning of year	7 years 9 months 25 days	8 years 2 months 23 days
Exercisable at end of year	6 years 9 months 16 days	7 years 5 months 1 day
Share-based Compensation Arrangement by Share-based Payment Award, Options, Aggregate Intrinsic Value [Roll Forward]
Outstanding, beginning of year	$ 21,350	$ 41,490
Forfeited/cancelled/expired		4,120
Outstanding, end of year		21,350
Exercisable at end of year		$ 8,632

Equity Based Incentive Compen_6

Equity Based Incentive Compensation Plan 2 - Restricted Stock Awards (Detail) - $ / shares	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted	22,211	12,674
Restricted Stock [Member] | Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (the 2014 Plan) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning of year	18,493	14,340
Granted	23,821	12,674
Vested	(10,051)	(6,749)
Forfeited/cancelled/expired	(1,610)	(1,772)
Outstanding, end of year	30,653	18,493
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning of year	$ 21.78	$ 22.95
Granted	19.62	20.40
Vested	16.62	21.41
Forfeited/cancelled/expired	21.43	22.87
Outstanding, end of year	$ 21.98	$ 21.78

Subordinated Debt (Narrative) (

Subordinated Debt (Narrative) (Detail) - USD ($) $ in Thousands	Feb. 07, 2017	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Subordinated debt		$ 24,776	$ 24,737	$ 24,697	$ 24,658	$ 24,619	$ 24,579	$ 24,540	$ 24,500
Subordinated Notes Due February 15, 2027 [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 25,000
Fixed interest rate	6.125%
Description of fixed-to-floating interest rate terms	The Notes bear interest at a fixed rate of 6.125 percent per year, from and including February 7, 2017 to, but excluding February 15, 2022. From and including February 15, 2022 to the maturity date or earlier redemption date, the interest rate will reset quarterly at a variable rate equal to the then current 3-month LIBOR plus 414.5 basis points.
Subordinated debt		24,800
Debt issuance costs		$ 737
Description for redemption of notes		The Company may not redeem the Notes prior to February 15, 2022, except that the Company may redeem the Notes at any time, at its option, in whole but not in part, subject to obtaining any required regulatory approvals, if (i) a change or prospective change in law occurs that could prevent the Company from deducting interest payable on the Notes for U.S. federal income tax purposes, (ii) a subsequent event occurs that precludes the Notes from being recognized as Tier 2 capital for regulatory capital purposes, or (iii) the Company is required to register as an investment company under the Investment Company Act of 1940, as amended, in each case, at a redemption price equal to 100 percent of the principal amount of the Notes plus any accrued and unpaid interest through, but excluding, the redemption date.
Debt instrument, redemption price, percentage		100.00%
Subordinated Notes Due February 15, 2027 [Member] | 3-month LIBOR [Member]
Debt Instrument [Line Items]
Variable interest rate	4.145%

Condensed Financial Informati_3

Condensed Financial Information - Parent Company Only (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018
Assets
Cash and Cash Equivalents	$ 61,439				$ 153,543
Investment in subsidiaries	(154,487)				(152,517)
Loans receivable, net	1,026,894	$ 1,032,318	$ 1,007,132	$ 996,879	1,011,989	$ 1,014,259	$ 1,001,414	$ 928,939
Other assets	16,344	13,873	13,869	8,341	12,482	8,468	7,029	6,452
Total Assets	1,208,275	1,208,070	1,240,337	1,262,832	1,269,497	1,270,178	1,214,540	1,132,792
Liabilities
Subordinated debt	24,776	24,737	24,697	24,658	24,619	24,579	24,540	24,500
Accrued interest payable	728				978
Total Liabilities	1,067,682				1,126,989
Shareholders’ Equity	140,593	143,531	143,150	143,535	142,508	139,668	137,568	135,679	$ 110,823
Total Liabilities and Shareholders’ Equity	1,208,275	$ 1,208,070	$ 1,240,337	$ 1,262,832	1,269,497	$ 1,270,178	$ 1,214,540	$ 1,132,792
Parent Company [Member]
Assets
Cash and Cash Equivalents	8,411				12,438
Investment in subsidiaries	154,487				152,517
Loans receivable, net	1,104				1,266
Other assets	1,536				1,116
Total Assets	165,538				167,337
Liabilities
Subordinated debt	24,776				24,619
Accrued interest payable	196				196
Accounts payable	(27)				14
Total Liabilities	24,945				24,829
Shareholders’ Equity	140,593				142,508
Total Liabilities and Shareholders’ Equity	$ 165,538				$ 167,337

Condensed Financial Informati_4

Condensed Financial Information - Parent Company Only 1 (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019
Income
Interest income on loans									$ 41,441	$ 43,754
Total Interest and Dividend Income	$ 10,340	$ 10,498	$ 11,629	$ 11,840	$ 12,731	$ 12,501	$ 11,646	$ 10,957	44,307	47,835
Expense
Long-term borrowings									2,898	2,873
Total Interest Expense	3,620	3,867	4,836	4,952	5,313	5,040	4,397	4,010	17,275	18,760
Other operating expenses									2,964	2,916
Total Other Expenses	4,558	4,684	4,638	4,422	4,453	4,497	4,443	4,094	18,302	17,487
Income tax benefit	(1,043)	447	586	(26)	817	706	411	535	(36)	2,469
Net Income	$ (3,503)	$ 1,454	$ 1,908	$ 785	$ 2,699	$ 2,656	$ 1,966	$ 2,011	644	9,332
Parent Company [Member]
Income
Interest income on loans									59	67
Total Interest and Dividend Income									59	67
Expense
Long-term borrowings									1,531	1,537
Total Interest Expense									1,531	1,537
Other operating expenses									375	582
Total Other Expenses									375	582
Total Expense									1,906	2,119
Loss before Equity in Undistributed Net Income of Subsidiaries and Income Tax Expense									(1,847)	(2,052)
Equity in Undistributed Net Income of Subsidiaries									2,071	10,911
Income tax benefit									(420)	(473)
Net Income									$ 644	$ 9,332

Condensed Financial Informati_5

Condensed Financial Information - Parent Company Only 2 (Detail) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019
Condensed Statement Of Income Captions [Line Items]
Net Income		$ (3,503)	$ 1,454	$ 1,908	$ 785	$ 2,699	$ 2,656	$ 1,966	$ 2,011	$ 644	$ 9,332
Other Comprehensive (Loss) Income , Net of Tax:
Unrealized holding gains on available-for-sale securities										320	419
Tax effect										(67)	(88)
Net of tax amount										253	331
Reclassification adjustment for net gains arising during the period	[1]									(330)	(28)
Tax effect										69	6
Net of tax amount										(261)	(22)
Adjustment for loss recorded on replacement of derivative										31
Accretion of unrealized holding losses on securities transferred from available-for-sale to held-to-maturity	[2]									3	4
Tax effect										(1)	(1)
Net of tax amount										2	3
Fair value adjustment on derivatives										(681)	(1,855)
Tax effect										137	390
Net of tax amount										(544)	(1,465)
Total other comprehensive loss										(519)	(1,153)
Total comprehensive income										125	8,179
Parent Company [Member]
Condensed Statement Of Income Captions [Line Items]
Net Income										644	9,332
Other Comprehensive (Loss) Income , Net of Tax:
Unrealized holding gains on available-for-sale securities										320	419
Tax effect										(67)	(88)
Net of tax amount										253	331
Reclassification adjustment for net gains arising during the period	[3]									(330)	(28)
Tax effect										69	6
Net of tax amount										(261)	(22)
Adjustment for loss recorded on replacement of derivative										31
Accretion of unrealized holding losses on securities transferred from available-for-sale to held-to-maturity	[2]									3	4
Tax effect										(1)	(1)
Net of tax amount										2	3
Fair value adjustment on derivatives										(681)	(1,855)
Tax effect										137	390
Net of tax amount										(544)	(1,465)
Total other comprehensive loss										(519)	(1,153)
Total comprehensive income										$ 125	$ 8,179
[1]	Amounts are included in net gains on sale and call of investments on the Consolidated Statements of Operations in total other income.
[2]	Amounts are included in interest and dividends on investment securities on the Consolidated Statements of Operations.
[3]	Amounts are included in net gains on sales and calls of investments on the Consolidated Statements of Operations in total other income.

Condensed Financial Informati_6

Condensed Financial Information - Parent Company Only 3 (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities
Net income	$ (3,503)	$ 1,454	$ 1,908	$ 785	$ 2,699	$ 2,656	$ 1,966	$ 2,011	$ 644	$ 9,332
ESOP expense									236	289
Stock based compensation									253	209
Amortization of subordinated debt issuance costs									157	158
Increase in other assets									(6,414)	(9,476)
Decrease in other liabilities									6,761	6,630
Net Cash Provided by Operating Activities									11,726	10,241
Cash Flows from Investing Activities
Net Cash Used in Investing Activities									(35,326)	(103,119)
Cash Flows from Financing Activities
Net proceeds from issuance of common stock										23,344
Acquisition of treasury stock									(2,529)	(336)
Repayment of other borrowed money									(28,000)	(55,000)
Net Cash (Used in) Provided by Financing Activities									(68,504)	215,587
Net (Decrease) Increase in Cash and Cash Equivalents									(92,104)	122,709
Cash and Cash Equivalent - Beginning				153,543				30,834	153,543	30,834
Cash and Cash Equivalent - Ending	61,439				153,543				61,439	153,543
Parent Company [Member]
Cash Flows from Operating Activities
Net income									644	9,332
Undistributed net income of subsidiaries									(2,071)	(10,911)
ESOP expense									236	289
Stock based compensation									253	209
Amortization of subordinated debt issuance costs									157	158
Increase in other assets									(838)	(888)
Decrease in other liabilities									(41)	(20)
Net Cash Provided by Operating Activities									(1,660)	(1,831)
Cash Flows from Investing Activities
Net decrease in loans									162	155
Net Cash Used in Investing Activities									162	155
Cash Flows from Financing Activities
Net proceeds from issuance of common stock										23,344
Cash contributed to the Bank										(10,000)
Acquisition of treasury stock									(2,529)	(336)
Repayment of other borrowed money										(2,500)
Net Cash (Used in) Provided by Financing Activities									(2,529)	10,508
Net (Decrease) Increase in Cash and Cash Equivalents									(4,027)	8,832
Cash and Cash Equivalent - Beginning				$ 12,438				$ 3,606	12,438	3,606
Cash and Cash Equivalent - Ending	$ 8,411				$ 12,438				$ 8,411	$ 12,438

Quarterly Financial Informati_3

Quarterly Financial Information Statement of Operations of Malvern Bancorp Inc. (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019
Quarterly Financial Information Disclosure [Abstract]
Total Interest and Dividend Income	$ 10,340	$ 10,498	$ 11,629	$ 11,840	$ 12,731	$ 12,501	$ 11,646	$ 10,957	$ 44,307	$ 47,835
Total Interest Expense	3,620	3,867	4,836	4,952	5,313	5,040	4,397	4,010	17,275	18,760
Net Interest Income	6,720	6,631	6,793	6,888	7,418	7,461	7,249	6,947	27,032	29,075
Provision for Loan Losses	7,400	435	625	2,150		56	870	1,453	10,610	2,379
Total Other Income	692	389	964	443	551	454	441	1,146	2,488	2,592
Total Other Expenses	4,558	4,684	4,638	4,422	4,453	4,497	4,443	4,094	18,302	17,487
Income before income tax expense	(4,546)	1,901	2,494	759	3,516	3,362	2,377	2,546	608	11,801
Income tax benefit	(1,043)	447	586	(26)	817	706	411	535	(36)	2,469
Net Income	$ (3,503)	$ 1,454	$ 1,908	$ 785	$ 2,699	$ 2,656	$ 1,966	$ 2,011	$ 644	$ 9,332
Earnings per share:
Basic	$ 0.46	$ 0.19	$ 0.25	$ 0.10	$ 0.35	$ 0.35	$ 0.26	$ 0.27	$ 0.08	$ 1.22
Diluted	$ 0.46	$ 0.19	$ 0.25	$ 0.10	$ 0.35	$ 0.35	$ 0.26	$ 0.27	$ 0.08	$ 1.22
Weighted Average Common Shares Outstanding
Basic	7,522,199	7,538,375	7,663,771	7,665,842	7,663,242	7,669,851	7,667,518	7,555,810	7,597,528	7,638,866
Diluted	7,522,360	7,538,375	7,663,771	7,665,842	7,663,593	7,670,106	7,667,518	7,555,969	7,597,726	7,639,166

Quarterly Financial Informati_4

Quarterly Financial Information Statement of Operations of Malvern Bancorp Inc. (Parenthetical) (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019
Total Interest and Dividend Income	$ 10,340,000	$ 10,498,000	$ 11,629,000	$ 11,840,000	$ 12,731,000	$ 12,501,000	$ 11,646,000	$ 10,957,000	$ 44,307,000	$ 47,835,000
Total Interest Expense	3,620,000	3,867,000	4,836,000	4,952,000	5,313,000	5,040,000	4,397,000	4,010,000	17,275,000	18,760,000
Provision for Loan Losses	7,400,000	435,000	625,000	2,150,000		56,000	870,000	1,453,000	10,610,000	2,379,000
Income tax (benefit) expense	(1,043,000)	447,000	586,000	(26,000)	817,000	706,000	411,000	535,000	(36,000)	2,469,000
Revision of Prior Period, Error Correction, Adjustment [Member]
Total Interest and Dividend Income		44,000	45,000	45,000	45,000	45,000	45,000	45,000		180,000
Total Interest Expense		$ 44,000	$ 45,000	$ 45,000	$ 45,000	$ 45,000	$ 45,000	$ 45,000		$ 180,000
Provision for Loan Losses	3,950,000								3,950,000
Income tax (benefit) expense	$ (993,000)								$ (993,000)

Quarterly Financial Informati_5

Quarterly Financial Information Statement of Financial Condition of Malvern Bancorp Inc. (Unaudited) (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018
Quarterly Financial Information Disclosure [Abstract]
Cash and due from depository institutions	$ 16,386	$ 30,653	$ 1,829	$ 1,337	$ 1,400	$ 1,535	$ 1,370	$ 1,377
Interest bearing deposits in depository institutions	45,053	28,291	124,239	158,465	152,143	148,501	109,450	98,499
Investment securities available-for-sale, at fair value	31,541	33,245	21,839	23,723	18,411	23,552	19,371	19,231
Investment securities held to maturity	14,970	15,921	18,046	20,578	22,485	23,323	26,789	29,323
Restricted stock, at cost	9,622	9,766	10,913	11,115	11,129	10,404	8,952	9,493
Loans receivable, net	1,026,894	1,032,318	1,007,132	996,879	1,011,989	1,014,259	1,001,414	928,939
OREO	5,796	5,796	5,796	5,796	5,796	5,796	5,796	5,796
Accrued interest receivable	3,677	5,680	4,121	4,061	4,253	4,237	4,344	3,724
Operating lease right-of-use-assets	2,638	2,799	2,959	3,119
Property and equipment, net	6,274	6,355	6,476	6,594	6,678	6,795	6,948	7,067
Deferred income taxes, net	3,680	3,103	2,974	2,806	2,840	3,542	3,434	3,367
Bank-owned life insurance	25,400	20,270	20,144	20,018	19,891	19,766	19,643	19,524
Other assets	16,344	13,873	13,869	8,341	12,482	8,468	7,029	6,452
Total Assets	1,208,275	1,208,070	1,240,337	1,262,832	1,269,497	1,270,178	1,214,540	1,132,792
Deposits	890,906	884,444	915,900	943,819	953,811	957,199	942,374	843,200
FHLB advances	130,000	130,000	133,000	133,000	133,000	133,000	98,000	118,000
Secured borrowing	4,225	4,225	4,225	4,250	4,275	4,300	4,300	4,300
Subordinated debt	24,776	24,737	24,697	24,658	24,619	24,579	24,540	24,500
Operating lease liabilities	2,671	2,824	2,976	3,128
Other liabilities	15,104	18,309	16,389	10,442	11,284	11,432	7,758	7,113
Shareholders' equity	140,593	143,531	143,150	143,535	142,508	139,668	137,568	135,679	$ 110,823
Total Liabilities and Shareholders’ Equity	$ 1,208,275	$ 1,208,070	$ 1,240,337	$ 1,262,832	$ 1,269,497	$ 1,270,178	$ 1,214,540	$ 1,132,792

Quarterly Financial Informati_6

Quarterly Financial Information Statement of Financial Condition of Malvern Bancorp Inc. (Parenthetical) (Detail) - USD ($)	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018
Loans receivable, net	$ 1,026,894,000	$ 1,032,318,000	$ 1,007,132,000	$ 996,879,000	$ 1,011,989,000	$ 1,014,259,000	$ 1,001,414,000	$ 928,939,000
Deferred income taxes, net	3,680,000	3,103,000	2,974,000	2,806,000	2,840,000	3,542,000	3,434,000	3,367,000
Secured borrowing	4,225,000	4,225,000	4,225,000	4,250,000	4,275,000	4,300,000	4,300,000	4,300,000
Other liabilities	12,635,000				8,545,000
Shareholders' equity	140,593,000	143,531,000	143,150,000	143,535,000	142,508,000	139,668,000	137,568,000	135,679,000	$ 110,823,000
Revision of Prior Period, Error Correction, Adjustment [Member]
Loans receivable, net	(3,950,000)	4,225,000	4,225,000	4,250,000	4,275,000	4,300,000	4,300,000	4,300,000
Deferred income taxes, net	204,000
Secured borrowing		$ 4,225,000	$ 4,225,000	$ 4,250,000	$ 4,275,000	$ 4,300,000	$ 4,300,000	$ 4,300,000
Other liabilities	(789,000)
Shareholders' equity	$ (2,957,000)

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Detail) - Small Business Administration, CARES Act, Paycheck Protection Program	Dec. 15, 2020USD ($)	Sep. 30, 2020USD ($)Loan
Subsequent Event [Line Items]
Financing receivable, number of loans Authorized | Loan		255
Financing receivable, amount of loans authorized		$ 20,800,000
Financing receivable, average loan amount		$ 81,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Gain on sale of loans	$ 202,000
Proceeds from sale of loans	$ 19,700,000