Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2019 | Aug. 01, 2019 | |
Document and Entity Information | ||
Entity Registrant Name | TIMBERLAND BANCORP INC, | |
Entity Central Index Key | 0001046050 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 8,340,928 | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2019 | Sep. 30, 2018 | |
Cash and cash equivalents: | |||
Cash and due from financial institutions | $ 24,169,000 | $ 20,238,000 | [1] |
Interest-bearing deposits in banks | 146,666,000 | 128,626,000 | [1] |
Total cash and cash equivalents | 170,835,000 | 148,864,000 | [1] |
Certificates of deposit (“CDs”) held for investment (at cost, which approximates fair value) | 81,184,000 | 63,290,000 | [1] |
Investment securities held to maturity, at amortized cost (estimated fair value $39,091 and $13,264) | 37,645,000 | 12,810,000 | [1] |
Investment securities available for sale, at fair value | 2,028,000 | 1,154,000 | [1] |
Investments in equity securities, at fair value | 951,000 | 0 | |
Federal Home Loan Bank of Des Moines (“FHLB”) stock | 1,437,000 | 1,190,000 | [1] |
Other investments, at cost | 3,000,000 | 3,000,000 | [1] |
Loans held for sale | 3,338,000 | 1,785,000 | [1] |
Loans receivable, net of allowance for loan losses of $9,631 and $9,530 | 873,982,000 | 725,391,000 | [1] |
Premises and equipment, net | 23,090,000 | 18,953,000 | [1] |
Other real estate owned (“OREO”) and other repossessed assets, net | 1,719,000 | 1,913,000 | [1] |
Accrued interest receivable | 3,759,000 | 2,877,000 | [1] |
Bank owned life insurance (“BOLI”) | 20,866,000 | 19,813,000 | [1] |
Goodwill | 15,131,000 | 5,650,000 | [1] |
Core deposit intangible (“CDI”), net | 2,144,000 | 0 | |
Mortgage servicing rights (“MSRs”), net | 2,372,000 | 2,028,000 | [1] |
Escrow deposit for business combination | 0 | 6,900,000 | |
BOLI death benefit receivable | 1,019,000 | 0 | |
Other assets | 2,810,000 | 2,672,000 | [1] |
Total assets | 1,247,310,000 | 1,018,290,000 | [1] |
Deposits: | |||
Non-interest-bearing demand | 287,552,000 | 233,258,000 | [1] |
Interest-bearing | 784,983,000 | 656,248,000 | [1] |
Total deposits | 1,072,535,000 | 889,506,000 | [1] |
Other liabilities and accrued expenses | 8,506,000 | 4,127,000 | [1] |
Total liabilities | 1,081,041,000 | 893,633,000 | [1] |
Shareholders’ equity | |||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued | 0 | 0 | [2] |
Common stock, $0.01 par value; 50,000,000 shares authorized; 8,340,928 shares issued and outstanding - June 30, 2019 7,401,177 shares issued and outstanding - September 30, 2018 | 43,398,000 | 14,394,000 | [2] |
Unearned shares issued to Employee Stock Ownership Plan (“ESOP”) | 0 | (133,000) | [2] |
Retained earnings | 122,904,000 | 110,525,000 | [2] |
Accumulated other comprehensive loss | (33,000) | (129,000) | [2] |
Total shareholders’ equity | 166,269,000 | 124,657,000 | [2] |
Total liabilities and shareholders’ equity | $ 1,247,310,000 | $ 1,018,290,000 | [2] |
[1] | Derived from audited consolidated financial statements. | ||
[2] | Derived from audited consolidated financial statements. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Investments securities held to maturity, estimated fair value | $ 39,091 | $ 13,264 |
Allowance for loan losses | $ 9,631 | $ 9,530 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock shares authorized (shares) | 1,000,000 | 1,000,000 |
Preferred stock shares issued (shares) | 0 | 0 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized (shares) | 50,000,000 | 50,000,000 |
Common stock shares issued (shares) | 8,340,928 | 7,401,177 |
Common stock shares outstanding (shares) | 8,340,928 | 7,401,177 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest and dividend income | ||||
Loans receivable and loans held for sale | $ 12,459 | $ 9,530 | $ 36,457 | $ 28,342 |
Investment securities | 339 | 51 | 915 | 147 |
Dividends from mutual funds, FHLB stock and other investments | 43 | 31 | 121 | 83 |
Interest-bearing deposits in banks and CDs | 1,344 | 845 | 3,849 | 2,209 |
Total interest and dividend income | 14,185 | 10,457 | 41,342 | 30,781 |
Interest expense | ||||
Deposits | 1,248 | 730 | 3,332 | 1,996 |
Total interest expense | 1,248 | 730 | 3,332 | 1,996 |
Net interest income | 12,937 | 9,727 | 38,010 | 28,785 |
Provision for loan losses | 0 | 0 | 0 | 0 |
Net interest income after provision for loan losses | 12,937 | 9,727 | 38,010 | 28,785 |
Non-interest income | ||||
Recoveries (other than temporary impairment OTTI) on investment securities | (14) | (19) | (46) | (60) |
Adjustment for portion of OTTI transferred from other comprehensive income (loss) before income taxes | 0 | 0 | (12) | (5) |
Net recoveries on investment securities | (14) | (19) | (34) | (55) |
Gain on sale of investment securities held to maturity, net | 47 | 0 | 47 | 0 |
BOLI net earnings | 188 | 134 | 1,502 | 407 |
Gain on sales of loans, net | 520 | 435 | 1,194 | 1,427 |
Servicing income on loans sold | 110 | 121 | 375 | 354 |
Other, net | 334 | 303 | 922 | 794 |
Total non-interest income, net | 3,538 | 3,145 | 10,744 | 9,364 |
Non-interest expense | ||||
Salaries and employee benefits | 4,501 | 3,912 | 13,974 | 11,862 |
Premises and equipment | 998 | 795 | 2,946 | 2,361 |
Loss (gain) on sales/dispositions of premises and equipment, net | 0 | 0 | 8 | (113) |
Advertising | 177 | 205 | 543 | 591 |
OREO and other repossessed assets, net | 145 | (92) | 247 | 114 |
ATM and debit card interchange transaction fees | 364 | 334 | 1,174 | 982 |
Postage and courier | 131 | 104 | 379 | 340 |
State and local taxes | 237 | 169 | 642 | 498 |
Professional fees | 267 | 368 | 687 | 829 |
Federal Deposit Insurance Corporation (FDIC) insurance | 72 | 101 | 243 | 242 |
Loan administration and foreclosure | 73 | 76 | 244 | 247 |
Data processing and telecommunications | 987 | 465 | 2,667 | 1,427 |
Deposit operations | 391 | 285 | 1,049 | 815 |
Amortization of CDI | 120 | 0 | 339 | 0 |
Other | 504 | 400 | 1,665 | 1,324 |
Total non-interest expense | 8,967 | 7,122 | 26,807 | 21,519 |
Income before income taxes | 7,508 | 5,750 | 21,947 | 16,630 |
Provision for income taxes | 1,552 | 1,334 | 4,262 | 4,331 |
Net income | $ 5,956 | $ 4,416 | $ 17,685 | $ 12,299 |
Net income per common share | ||||
Basic (in dollars per share) | $ 0.71 | $ 0.60 | $ 2.13 | $ 1.68 |
Diluted (in dollars per share) | $ 0.70 | $ 0.59 | $ 2.09 | $ 1.64 |
Weighted average common shares outstanding | ||||
Basic (in shares) | 8,338,637 | 7,345,618 | 8,313,913 | 7,328,702 |
Diluted (in shares) | 8,482,360 | 7,535,157 | 8,468,212 | 7,518,447 |
Dividends paid per common share (in dollars per share) | $ 0.25 | $ 0.23 | $ 0.63 | $ 0.47 |
Deposit Account | ||||
Non-interest income | ||||
Revenue from contract with customer | $ 1,175 | $ 1,137 | $ 3,581 | $ 3,447 |
Credit and Debit Card | ||||
Non-interest income | ||||
Revenue from contract with customer | 1,090 | 921 | 2,896 | 2,648 |
Asset Management | ||||
Non-interest income | ||||
Revenue from contract with customer | 54 | 47 | 150 | 158 |
Investment Advice | ||||
Non-interest income | ||||
Revenue from contract with customer | $ 6 | $ 28 | $ 43 | $ 74 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Comprehensive income | ||||
Net income | $ 5,956 | $ 4,416 | $ 17,685 | $ 12,299 |
Unrealized holding gain (loss) on investment securities available for sale, net of income taxes of $3, ($1), $2 and ($5), respectively | 9 | (7) | 7 | (32) |
Change in OTTI on investment securities held to maturity, net of income taxes: | ||||
Adjustments related to other factors for which OTTI was previously recognized, net of income taxes of ($1), $0, ($1) and ($2), respectively | (4) | 0 | (4) | (6) |
Amount reclassified to credit loss for previously recorded market loss, net of income taxes of $0, $0, $3 and $1, respectively | 0 | 0 | 9 | 4 |
Accretion of OTTI on investment securities held to maturity, net of income taxes of $2, $2, $6 and $8, respectively | 7 | 5 | 21 | 24 |
Total other comprehensive income (loss), net of income taxes | 12 | (2) | 33 | (10) |
Total comprehensive income | $ 5,968 | $ 4,414 | $ 17,718 | $ 12,289 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized holding loss on investment securities available for sale, tax | $ 2 | $ (1) | $ 15 | $ (5) |
Adjustments related to other factors for which OTTI was previously recognized, tax | (1) | 0 | (2) | (2) |
Amount reclassified to credit loss for previously recorded market loss, tax | 0 | 0 | 2 | 1 |
Accretion of OTTI on investment securities held to maturity, tax | $ 2 | $ 2 | $ 5 | $ 8 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Stock Options | Number of Shares | Number of SharesStock Options | Unearned Shares Issued to ESOP | Retained Earnings | Accumulated Other Comprehensive Loss | ||
Balance at beginning of period (in shares) at Sep. 30, 2017 | 7,361,077 | ||||||||
Balance at beginning of period at Sep. 30, 2017 | $ 111,000 | $ 13,286 | $ (397) | $ 98,235 | $ (124) | [1] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 12,299 | 12,299 | |||||||
Other comprehensive income (loss) | $ (10) | (10) | |||||||
Exercise of stock options (in shares) | 34,850 | 34,850 | |||||||
Exercise of stock options | $ 292 | $ 292 | |||||||
Common stock dividends | (3,469) | (3,469) | |||||||
Earned ESOP shares, net of income taxes | 652 | $ 454 | 198 | ||||||
Stock option compensation expense | $ 130 | $ 130 | |||||||
Balance at end of period (in shares) at Jun. 30, 2018 | 7,395,927 | ||||||||
Balance at end of period at Jun. 30, 2018 | 120,894 | $ 14,162 | (199) | 107,065 | (134) | [1] | |||
Balance at beginning of period (in shares) at Mar. 31, 2018 | 7,390,227 | ||||||||
Balance at beginning of period at Mar. 31, 2018 | 117,843 | $ 13,891 | (265) | 104,349 | (132) | [1] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 4,416 | 4,416 | |||||||
Other comprehensive income (loss) | (2) | (2) | |||||||
Exercise of stock options (in shares) | 5,700 | ||||||||
Exercise of stock options | 58 | $ 58 | |||||||
Common stock dividends | (1,700) | (1,700) | |||||||
Earned ESOP shares, net of income taxes | 236 | $ 170 | 66 | ||||||
Stock option compensation expense | 43 | 43 | |||||||
Balance at end of period (in shares) at Jun. 30, 2018 | 7,395,927 | ||||||||
Balance at end of period at Jun. 30, 2018 | 120,894 | $ 14,162 | (199) | 107,065 | (134) | [1] | |||
Balance at beginning of period (in shares) at Sep. 30, 2018 | 7,401,177 | ||||||||
Balance at beginning of period at Sep. 30, 2018 | 124,657 | [2] | $ 14,394 | (133) | 110,525 | (129) | [1] | ||
Balance at beginning of period (in shares) at Sep. 30, 2018 | 7,401,177 | ||||||||
Balance at beginning of period at Sep. 30, 2018 | 124,657 | [2] | $ 14,394 | (133) | 110,525 | (129) | [1] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 17,685 | 17,685 | |||||||
Other comprehensive income (loss) | 33 | 33 | |||||||
Repurchase of common stock (in shares) | (2,831) | ||||||||
Repurchase of common stock | $ (70) | $ (70) | |||||||
Exercise of stock options (in shares) | 37,756 | 37,756 | |||||||
Exercise of stock options | $ 340 | $ 340 | |||||||
Common stock dividends | (5,243) | (5,243) | |||||||
Earned ESOP shares, net of income taxes | $ 441 | $ 308 | 133 | ||||||
Stock option compensation expense | 159 | 159 | |||||||
Common stock issued for business combination (in shares) | 904,826 | ||||||||
Common stock issued for business combination | $ 28,267 | ||||||||
Balance at end of period (in shares) at Jun. 30, 2019 | 8,340,928 | ||||||||
Balance at end of period at Jun. 30, 2019 | 166,269 | $ 43,398 | 0 | 122,904 | (33) | [1] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Adoption of Accounting Standards Update (ASU) 2016-01 | Accounting Standards Update 2016-01 | 0 | (63) | 63 | ||||||
Balance at beginning of period (in shares) at Mar. 31, 2019 | 8,336,419 | ||||||||
Balance at beginning of period at Mar. 31, 2019 | 162,338 | $ 43,351 | 0 | 119,032 | (45) | [1] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 5,956 | 5,956 | |||||||
Other comprehensive income (loss) | 12 | 12 | |||||||
Repurchase of common stock (in shares) | (2,831) | ||||||||
Repurchase of common stock | (70) | $ (70) | |||||||
Exercise of stock options (in shares) | 7,340 | ||||||||
Exercise of stock options | 57 | $ 57 | |||||||
Common stock dividends | (2,084) | (2,084) | |||||||
Earned ESOP shares, net of income taxes | 7 | $ 7 | |||||||
Stock option compensation expense | $ 53 | $ 53 | |||||||
Balance at end of period (in shares) at Jun. 30, 2019 | 8,340,928 | ||||||||
Balance at end of period at Jun. 30, 2019 | $ 166,269 | $ 43,398 | $ 0 | $ 122,904 | $ (33) | [1] | |||
[1] | All amounts are net of income taxes. | ||||||||
[2] | Derived from audited consolidated financial statements. |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Number of Shares | ||||
Common stock dividends (in dollars per share) | $ 0.25 | $ 0.13 | $ 0.63 | $ 0.47 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Cash flows from operating activities | |||
Net income | $ 17,685 | $ 12,299 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 1,232 | 940 | |
Accretion of discount on purchased loans | (457) | 0 | |
Amortization of CDI | 339 | 0 | |
Earned ESOP shares | 441 | 652 | |
Stock option compensation expense | 159 | 130 | |
Net recoveries on investment securities | (34) | (55) | |
Change in fair value of investments in equity securities | (34) | 0 | |
Gain on sale of investment securities held to maturity | (47) | 0 | |
Gain on sales of OREO and other repossessed assets, net | (31) | (217) | |
Provision for OREO losses | 23 | 224 | |
Gain on sales of loans, net | (1,194) | (1,427) | |
Loss (gain) on sales/disposition of premises and equipment, net | (8) | 113 | |
Loans originated for sale | (48,542) | (46,256) | |
Proceeds from sales of loans | 48,183 | 48,961 | |
Amortization of MSRs | 476 | 363 | |
BOLI net earnings | (474) | (407) | |
BOLI death benefit in excess of cash surrender value | (1,028) | 0 | |
Increase in deferred loan origination fees | 201 | 3 | |
Net change in accrued interest receivable and other assets, and other liabilities and accrued expenses | 659 | 1,445 | |
Net cash provided by operating activities | 17,565 | 16,542 | |
Cash flows from investing activities | |||
Net increase in CDs held for investment | (14,921) | (20,098) | |
Proceeds from sale of investment securities available for sale | 2,332 | 0 | |
Proceeds from sale of investment securities held to maturity | 2,937 | 0 | |
Proceeds from maturities and prepayments of investment securities held to maturity | 5,266 | 413 | |
Purchase of investment securities held to maturity | (13,229) | (1,111) | |
Purchase of FHLB stock | 42 | 83 | |
Proceeds from maturities and prepayments of investment securities available for sale | 906 | 28 | |
Increase in loans receivable, net | (26,882) | (27,287) | |
Additions to premises and equipment | (2,040) | (1,387) | |
Proceeds from sales of premises and equipment | 0 | 463 | |
Cash acquired, net of cash consideration paid in business combination | 14,284 | 0 | |
Escrow deposit for business combination | 6,900 | 0 | |
Proceeds from death benefit on BOLI | 2,059 | 0 | |
Proceeds from sales of OREO and other repossessed assets | 318 | 1,506 | |
Net cash used in investing activities | (22,112) | (47,556) | |
Cash flows from financing activities | |||
Net increase in deposits | 31,491 | 42,829 | |
Proceeds from exercise of stock options | 340 | 292 | |
Repurchase of common stock | (70) | 0 | |
Payment of dividends | (5,243) | (3,469) | |
Net cash provided by financing activities | 26,518 | 39,652 | |
Net increase in cash and cash equivalents | 21,971 | 8,638 | |
Cash and cash equivalents, at beginning of period | 148,864 | [1] | 148,188 |
Cash and cash equivalents, at end of period | 170,835 | 156,826 | |
Supplemental disclosure of cash flow information | |||
Income taxes paid | 3,845 | 2,208 | |
Interest paid | 3,247 | 1,939 | |
Supplemental disclosure of non-cash investing activities | |||
Loans transferred to OREO and other repossessed assets | 91 | 324 | |
Other comprehensive income (loss) related to investment securities | 33 | (10) | |
Business Combination (see Note 2) | |||
Fair value of assets acquired | 180,518 | 0 | |
Fair value of liabilities assumed | $ 154,829 | $ 0 | |
[1] | Derived from audited consolidated financial statements. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation: The accompanying unaudited consolidated financial statements for Timberland Bancorp, Inc. (the "Company") and its wholly-owned subsidiary, Timberland Bank (the "Bank") were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions for Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of consolidated financial condition, results of operations, and cash flows in conformity with GAAP. However, all adjustments which are, in the opinion of management, necessary for a fair presentation of the interim consolidated financial statements have been included. All such adjustments are of a normal recurring nature. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2018 (“2018 Form 10-K”). The unaudited consolidated results of operations for the nine months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the entire fiscal year ending September 30, 2019. On October 1, 2018, the Company completed the acquisition of South Sound Bank, a Washington-state chartered bank, headquartered in Olympia, Washington ("South Sound Merger"). The Company acquired 100% of the outstanding common stock of South Sound Bank, and South Sound Bank was merged into the Bank. See Note 2 for additional information on the South Sound Merger. (b) Principles of Consolidation: The unaudited consolidated financial statements include the accounts of the Company and the Bank, and the Bank’s wholly-owned subsidiary, Timberland Service Corporation. All significant inter-company transactions and balances have been eliminated in consolidation. (c) Operating Segment: The Company has one reportable operating segment which is defined as community banking in western Washington. (d) The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, as of the date of the consolidated balance sheets, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. (e) Certain prior period amounts have been reclassified to conform to the June 30, 2019 presentation with no change to previously reported net income or total shareholders’ equity. |
Business Combinations Business
Business Combinations Business Combinations | 9 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | BUSINESS COMBINATION On October 1, 2018 , the Company completed the South Sound Merger and South Sound Bank was merged into the Bank. The primary reason for the acquisition was to expand the Company's presence along Washington State's economically important I-5 corridor. Pursuant to the terms of the merger agreement, South Sound Bank shareholders received 0.746 of a share the Company's common stock and $5.68825 in cash per share of South Sound Bank common stock. The Company issued 904,826 shares of its common stock (valued at $28.27 million based on the Company's closing stock price on September 30, 2018 of $31.24 per share) and paid $6.90 million in cash in the transaction for total consideration paid of $35.17 million . The South Sound Merger constitutes a business combination as defined by GAAP, which establishes principles and requirements for how the acquirer in a business combination recognizes and measures in its financial statements the identifiable assets acquired and liabilities assumed. The Company was considered the acquirer in this transaction. Accordingly, the preliminary estimates of fair values of the acquired assets, including the identifiable intangible assets, and the assumed liabilities in the South Sound Merger were measured and recorded as of October 1, 2018 . The excess of the total consideration paid over the fair value of the net assets acquired was allocated to goodwill. The South Sound Merger resulted in $9.48 million of goodwill. The goodwill arising from the transaction consists largely of the synergies and expected economies of scale from combining the operations of the Company and South Sound Bank. This goodwill is not deductible for tax purposes. In most instances, determining the estimated fair values of the acquired assets and assumed liabilities requires the Company to estimate cash flows expected to result from those assets and liabilities and to discount those cash flows at the appropriate rate of interest. Differences may arise between contractually required payments and the expected cash flows at the acquisition date due to items such as estimated credit losses, prepayments or early withdrawal, and other factors. One of the most significant of those determinations relates to the valuation of acquired loans. For such loans, the excess of cash flows expected at acquisition over the estimated fair value is recognized as interest income over the remaining lives of the loans. In accordance with GAAP, there was no carry-over of South Sound Bank's previously established allowance for loan losses. The following table summarizes the fair value of consideration paid, the estimated fair values of assets acquired and liabilities assumed as of the acquisition date, and the resulting goodwill relating to the transaction: At October 1, 2018 Book Value Fair Value Adjustment Estimated Fair Value (Dollars in thousands) Total merger consideration $ 35,170 Recognized amounts of identifiable assets acquired and liabilities assumed Identifiable assets acquired: Cash and cash equivalents $ 21,187 $ — 21,187 CDs held for investment 2,973 — 2,973 FHLB stock 205 — 205 Investment securities held to maturity 19,891 (189 ) 19,702 Investment securities available for sale 5,022 — 5,022 Loans receivable 123,627 (2,083 ) 121,544 Premises and equipment 3,225 112 3,337 OREO 25 — 25 Accrued interest receivable 554 — 554 BOLI 2,629 — 2,629 CDI — 2,483 2,483 MSRs 285 (4 ) 281 Other assets 1,087 (511 ) 576 Total assets 180,710 (192 ) 180,518 Liabilities assumed: Deposits 151,378 160 151,538 Other liabilities and accrued expenses 3,291 — 3,291 Total liabilities assumed 154,669 160 154,829 Total identifiable net assets acquired $ 26,041 $ (352 ) 25,689 Goodwill recognized $ 9,481 The acquired loan portfolio was valued using Level 3 inputs (see Note 9) and included the use of present value techniques, including cash flow estimates and incorporated assumptions that the Company believes marketplace participants would use in estimating fair values. Credit discounts were included in the determination of the fair value of the loans acquired; therefore, an allowance for loan losses was not recorded at the acquisition date. Acquired loans are evaluated upon acquisition and classified as either purchased credit-impaired ("PCI") or purchased non-credit-impaired. PCI loans reflect credit deterioration since origination such that it is probable at acquisition that the Company will be unable to collect all contractually required payments. The Company determined that PCI loans acquired in the South Sound Merger were insignificant. For purchased non-credit-impaired loans, the difference between the fair value and unpaid principal balance of the loan at the acquisition date is amortized or accreted to interest income over the life of the loans. Any subsequent deterioration in credit quality is recognized by recording an allowance for loan losses. CDI represents the future economic benefit of the potential cost savings from acquiring core deposits as part of a business combination compared to the cost of alternative funding sources. CDI is amortized to non-interest expense using an accelerated method based on an estimated runoff of related deposits over a period of ten years. CDI is evaluated for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable, with any changes in estimated useful life accounted for prospectively over the revised remaining life. The operating results of the Company for the three and nine months ended June 30, 2019 include the operating results produced by the net assets acquired in the South Sound Merger since the October 1, 2018 merger date. The table below presents the significant operating results of the acquired business since the October 1, 2018 merger date: Three Months Ended June 30, 2019 Nine Months Ended June 30, 2019 (Dollars in thousands) Interest income: Interest and fees on loans (1) $ 1,739 $ 5,345 Interest income: Interest and dividends on investment securities and FHLB stock 129 515 Interest income: Other interest earning assets 205 474 Interest expense (200 ) (484 ) Provision for loan losses — — Non-interest income 138 408 Non-interest expense (2) (1,002 ) (2,546 ) Net effect, pre-tax $ 1,009 $ 3,712 _________________________ (1) Includes the accretion of the fair value discount on the purchased loans of $69,000 and $457,000 , respectively, for the three and nine months ended June 30, 2019. (2) Excludes certain compensation and employee benefits for management, and excludes certain other non-interest expenses that are impracticable to determine due to the integration of the operations for this merger. Also includes certain acquisition-related costs of $328,000 and $447,000 , respectively, incurred by the Company for the three and nine months ended June 30, 2019. For illustrative purposes only, the following table presents certain unaudited pro forma information for the nine months ended June 30, 2019 and 2018. This unaudited estimated pro forma information was calculated as if South Sound Bank had been acquired as of the beginning of the fiscal year ended September 30, 2018. This unaudited pro forma information combines the historical results of South Sound Bank with the Company's consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods. The pro forma information is not indicative of what would have occurred had the transaction occurred at the beginning of the fiscal year ended September 30, 2018. The unaudited pro forma information does not consider any changes to the provision for loan losses resulting from recording loans at fair value. Additionally, the Company expects to achieve further operating cost savings and other business synergies, including revenue growth as a result of the acquisition, which are not reflected in the pro forma amounts that follow. As a result, actual amounts would have differed from the unaudited pro forma information presented. Unaudited Pro Forma Nine Months Ended June 30, 2019 2018 (Dollars in thousands except per share data) Total revenues (net interest income plus non-interest income) $ 48,754 $ 43,958 Net income 18,038 13,824 Basic net income per common share 2.17 1.68 Diluted net income per common share 2.13 1.64 During the nine months ended June 30, 2019 and 2018, the Company incurred acquisition-related expenses of $447,000 and $317,000 , respectively, related to the South Sound Merger, which are included in professional fees in the accompanying consolidated statement of income. South Sound Bank incurred acquisition-related expenses of $143,000 for the nine months ended June 30, 2018 related to the South Sound Merger. These acquisition-related expenses incurred by the Company and South Sound Bank are not included in the unaudited pro forma information presented for the nine months ended June 30, 2019 and 2018. The Company expects to incur additional acquisition-related expenses of approximately $450,000 in the quarter ending September 30, 2019. These expenses are related to the conversion of South Sound Bank's current core processing and ancillary information technology systems to the Company's new core processing system. |
Investment Securities
Investment Securities | 9 Months Ended |
Jun. 30, 2019 | |
Investments [Abstract] | |
Investment Securities | INVESTMENT SECURITIES Held to maturity and available for sale investment securities have been classified according to management’s intent and were as follows as of June 30, 2019 and September 30, 2018 (dollars in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2019 Held to maturity Mortgage-backed securities ("MBS"): U.S. government agencies $ 29,305 $ 966 $ (2 ) $ 30,269 Private label residential 345 499 (2 ) 842 U.S. Treasury and U.S government agency securities 7,995 — (15 ) 7,980 Total $ 37,645 $ 1,465 $ (19 ) $ 39,091 Available for sale MBS: U.S. government agencies $ 2,013 $ 22 $ (7 ) $ 2,028 Total $ 2,013 $ 22 $ (7 ) $ 2,028 September 30, 2018 Held to maturity MBS: U.S. government agencies $ 1,385 $ 8 $ (21 ) $ 1,372 Private label residential 460 552 (2 ) 1,010 U.S. Treasury and U.S. government agency securities 10,965 — (83 ) 10,882 Total $ 12,810 $ 560 $ (106 ) $ 13,264 Available for sale MBS: U.S. government agencies $ 231 $ 7 $ (1 ) $ 237 Mutual funds 1,000 — (83 ) 917 Total $ 1,231 $ 7 $ (84 ) $ 1,154 Held to maturity and available for sale investment securities with unrealized losses were as follows as of June 30, 2019 (dollars in thousands): Less Than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Held to maturity MBS: U.S. government agencies $ 64 $ (1 ) 2 $ 53 $ (1 ) 5 $ 117 $ (2 ) Private label residential 2 — 1 38 (2 ) 7 40 (2 ) U.S. Treasury and U.S. government agency securities 4,996 (1 ) 1 2,984 (14 ) 1 7,980 (15 ) Total $ 5,062 $ (2 ) 4 $ 3,075 $ (17 ) 13 $ 8,137 $ (19 ) Available for sale MBS: U.S. government agencies $ 1,074 $ (7 ) 1 $ — $ — — $ 1,074 $ (7 ) Total $ 1,074 $ (7 ) 1 $ — $ — — $ 1,074 $ (7 ) Held to maturity and available for sale investment securities with unrealized losses were as follows as of September 30, 2018 (dollars in thousands): Less Than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Held to maturity MBS: U.S. government agencies $ 954 $ (20 ) 2 $ 64 $ (1 ) 5 $ 1,018 $ (21 ) Private label residential — — — 50 (2 ) 8 50 (2 ) U.S. Treasury and U.S. government agency securities 7,946 (22 ) 2 2,935 (61 ) 1 10,881 (83 ) Total $ 8,900 $ (42 ) 4 $ 3,049 $ (64 ) 14 $ 11,949 $ (106 ) Available for sale MBS: U.S. government agencies $ 34 $ (1 ) 1 $ — $ — — $ 34 $ (1 ) Mutual funds — — — 917 (83 ) 1 917 (83 ) Total $ 34 $ (1 ) 1 $ 917 $ (83 ) 1 $ 951 $ (84 ) The Company has evaluated the investment securities in the above tables and has determined that the decline in their fair value is temporary. The unrealized losses are primarily due to changes in market interest rates and spreads in the market for mortgage-related products. The fair value of these securities is expected to recover as the securities approach their maturity dates and/or as the pricing spreads narrow on mortgage-related securities. The Company has the ability and the intent to hold the investments until the fair value recovers. Furthermore, as of June 30, 2019 , management does not have the intent to sell any of the securities classified as available for sale where the estimated fair value is below the recorded value and believes that it is more likely than not that the Company will not have to sell such securities before a recovery of cost (or recorded value if previously written down). The Company bifurcates OTTI into (1) amounts related to credit losses which are recognized through earnings and (2) amounts related to all other factors which are recognized as a component of other comprehensive income (loss). To determine the component of the gross OTTI related to credit losses, the Company compared the amortized cost basis of the OTTI security to the present value of its revised expected cash flows, discounted using its pre-impairment yield. The revised expected cash flow estimates for individual securities are based primarily on an analysis of default rates, prepayment speeds and third-party analytic reports. Significant judgment by management is required in this analysis that includes, but is not limited to, assumptions regarding the collectability of principal and interest, net of related expenses, on the underlying loans. The following table presents a summary of the significant inputs utilized to measure management’s estimates of the credit loss component on OTTI securities as of June 30, 2019 and 2018: Range Weighted Minimum Maximum Average June 30, 2019 Constant prepayment rate 6.00 % 15.00 % 11.52 % Collateral default rate — % 11.28 % 5.28 % Loss severity rate — % 78.00 % 37.73 % June 30, 2018 Constant prepayment rate 6.00 % 15.00 % 11.58 % Collateral default rate — % 12.31 % 5.51 % Loss severity rate — % 74.00 % 42.49 % The following table presents the OTTI recoveries (losses) for the three and nine months ended June 30, 2019 and 2018 (dollars in thousands): Three Months Ended Three Months Ended Held To Maturity Available For Sale Held To Maturity Available For Sale Total recoveries $ 14 $ — $ 19 $ — Adjustment for portion of OTTI transferred from other comprehensive income (loss) before income taxes (1) — — — — Net recoveries recognized in earnings (2) $ 14 $ — $ 19 $ — Nine Months Ended Nine Months Ended Held To Maturity Available For Sale Held To Maturity Available For Sale Total recoveries $ 46 $ — $ 60 $ — Adjustment for portion of OTTI transferred from other comprehensive income (loss) before income taxes (1) (12 ) — (5 ) — Net recoveries recognized in earnings (2) $ 34 $ — $ 55 $ — _________________ (1) Represents OTTI related to all other factors. (2) Represents OTTI related to credit losses. The following table presents a roll forward of the credit loss component of held to maturity and available for sale debt securities that have been written down for OTTI with the credit loss component recognized in earnings for the nine months ended June 30, 2019 and 2018 (dollars in thousands): Nine Months Ended June 30, 2019 2018 Beginning balance of credit loss $ 1,153 $ 1,301 Additions: Additional increases to the amount related to credit loss for which OTTI was previously recognized 13 14 Subtractions: Realized losses previously recorded as credit losses (16 ) (69 ) Recovery of prior credit loss (47 ) (55 ) Ending balance of credit loss $ 1,103 $ 1,191 During the nine months ended June 30, 2019, the Company recorded a $16,000 net realized loss (as a result of investment securities being deemed worthless) on 17 held to maturity investment securities, all of which had been recognized previously as a credit loss. During the nine months ended June 30, 2018, the Company recorded a $69,000 net realized loss (as a result of investment securities being deemed worthless) on 17 held to maturity investment securities, all of which had been recognized previously as a credit loss. The recorded amount of investment securities pledged as collateral for public fund deposits, federal treasury tax and loan deposits, FHLB collateral and other non-profit organization deposits totaled $11.59 million and $12.10 million at June 30, 2019 and September 30, 2018 , respectively. The contractual maturities of debt securities at June 30, 2019 were as follows (dollars in thousands). Expected maturities may differ from scheduled maturities due to the prepayment of principal or call provisions. Held to Maturity Available for Sale Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 8,034 $ 8,019 $ — $ — Due after one year to five years 1,028 1,032 156 156 Due after five years to ten years 5,945 6,245 188 189 Due after ten years 22,638 23,795 1,669 1,683 Total $ 37,645 $ 39,091 $ 2,013 $ 2,028 |
Goodwill and CDI
Goodwill and CDI | 9 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and CDI | GOODWILL AND CDI Goodwill is initially recorded when the purchase price paid in a business combination exceeds the estimated fair value of the net identified tangible and intangible assets acquired and liabilities assumed. Goodwill is presumed to have an indefinite useful life and is analyzed annually for impairment. The Company performs an annual review during the third quarter of each fiscal year, or more frequently if indicators of potential impairment exist, to determine if the recorded goodwill is impaired. For purposes of goodwill impairment testing, the services offered through the Bank and its subsidiary are managed as one strategic unit and represent the Company's only reporting unit. The annual goodwill impairment test begins with a qualitative assessment of whether it is "more likely than not" that the reporting unit's fair value is less than its carrying amount. If an entity concludes that it is not "more likely than not" that the fair value of a reporting unit is less than its carrying amount, it need not perform a two-step impairment test. If the Company's qualitative assessment concluded that it is "more likely than not" that the fair value of its reporting unit is less than its carrying amount, it must perform the two-step impairment test to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be recognized, if any. The first step of the goodwill impairment test compares the estimated fair value of the reporting unit with its carrying amount, or the book value, including goodwill. If the estimated fair value of the reporting unit equals or exceeds its book value, goodwill is considered not impaired, and the second step of the impairment test is unnecessary. The second step, if necessary, measures the amount of goodwill impairment loss to be recognized. The reporting unit must determine fair value for all assets and liabilities, excluding goodwill. The net of the assigned fair value of assets and liabilities is then compared to the book value of the reporting unit, and any excess book value becomes the implied fair value of goodwill. If the carrying amount of the goodwill exceeds the newly calculated implied fair value of goodwill, an impairment loss is recognized in the amount required to write-down the goodwill to the implied fair value. Management's qualitative assessment takes into consideration macroeconomic conditions, industry and market considerations, cost or margin factors, financial performance and share price of the Company's common stock. Based on this assessment, the Company determined that it is not "more likely than not" that the Company's fair value is less than its carrying amount and therefore goodwill was determined not to be impaired at May 31, 2019. A significant amount of judgment is involved in determining if an indicator of goodwill impairment has occurred. Such indicators may include, among others: a significant decline in expected future cash flows; a sustained, significant decline in the Company's stock price and market capitalization; a significant adverse change in legal factors or in the business climate; adverse assessment or action by a regulator; and unanticipated competition. Any change in these indicators could have a significant negative impact on the Company's financial condition, impact the goodwill impairment analysis or cause the Company to perform a goodwill impairment analysis more frequently than once per year. As of June 30, 2019, management believes that there have been no events or changes in the circumstances since May 31, 2019 that would indicate a potential impairment of goodwill. No assurances can be given, however, that the Company will not record an impairment loss on goodwill in the future. The following table presents the change in the carrying amount of goodwill for the period indicated (dollars in thousands). Nine Months Ended June 30, 2019 Balance at the beginning of the period $ 5,650 Addition as a result of the South Sound Merger (see Note 2) 9,481 Balance at the end of the period $ 15,131 The following table presents the change in CDI for the period indicated (dollars in thousands). Nine Months Ended June 30, 2019 Balance at the beginning of the period $ — Addition as a result of the South Sound Merger (see Note 2) 2,483 Amortization (339 ) Balance at the end of the period $ 2,144 |
Loans Receivable And Allowance
Loans Receivable And Allowance For Loan Losses | 9 Months Ended |
Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Loans Receivable And Allowance For Loan Losses | LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES Loans receivable at June 30, 2019 are reported net of unamortized discounts totaling $1.57 million. Loans receivable by portfolio segment consisted of the following at June 30, 2019 and September 30, 2018 (dollars in thousands): June 30, September 30, Amount Percent Amount Percent Mortgage loans: One- to four-family (1) $ 129,050 13.2 % $ 115,941 14.1 % Multi-family 70,374 7.2 61,928 7.5 Commercial 418,778 42.7 345,113 42.0 Construction - custom and owner/builder 130,516 13.3 119,555 14.6 Construction - speculative one- to four-family 18,165 1.9 15,433 1.9 Construction - commercial 41,805 4.3 39,590 4.8 Construction - multi-family 29,400 2.9 10,740 1.3 Construction - land development 3,047 0.3 3,040 0.4 Land 26,653 2.7 25,546 3.1 Total mortgage loans 867,788 88.5 736,886 89.8 Consumer loans: Home equity and second mortgage 42,204 4.3 37,341 4.5 Other 4,450 0.5 3,515 0.5 Total consumer loans 46,654 4.8 40,856 5.0 Commercial business loans 65,185 6.7 43,053 5.2 Total loans receivable 979,627 100.0 % 820,795 100.0 % Less: Undisbursed portion of construction loans in process 93,176 83,237 Deferred loan origination fees, net 2,838 2,637 Allowance for loan losses 9,631 9,530 105,645 95,404 Loans receivable, net $ 873,982 $ 725,391 _____________________________ (1) Does not include one- to four-family loans held for sale totaling $3,338 and $1,785 at June 30, 2019 and September 30, 2018, respectively. Allowance for Loan Losses The following tables set forth information for the three and nine months ended June 30, 2019 and 2018 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands): Three Months Ended June 30, 2019 Beginning Allowance Provision for (Recapture of) Loan Losses Charge- offs Recoveries Ending Allowance Mortgage loans: One- to four-family $ 1,154 $ (36 ) $ — $ — $ 1,118 Multi-family 470 (32 ) — — 438 Commercial 4,122 (70 ) — — 4,052 Construction – custom and owner/builder 666 36 — — 702 Construction – speculative one- to four-family 249 (28 ) — — 221 Construction – commercial 384 — — — 384 Construction – multi-family 272 95 — — 367 Construction – land development 244 (118 ) — — 126 Land 649 48 (46 ) 5 656 Consumer loans: Home equity and second mortgage 667 (21 ) (1 ) — 645 Other 112 (25 ) (1 ) 1 87 Commercial business loans 752 151 (93 ) 25 835 Total $ 9,741 $ — $ (141 ) $ 31 $ 9,631 Nine Months Ended June 30, 2019 Beginning Allowance Provision for (Recapture of) Loan Losses Charge- offs Recoveries Ending Allowance Mortgage loans: One-to four-family $ 1,086 $ (35 ) $ — $ 67 $ 1,118 Multi-family 433 5 — — 438 Commercial 4,248 (346 ) — 150 4,052 Construction – custom and owner/builder 671 31 — — 702 Construction – speculative one- to four-family 178 43 — — 221 Construction – commercial 563 (179 ) — — 384 Construction – multi-family 135 232 — — 367 Construction – land development 49 77 — — 126 Land 844 (155 ) (46 ) 13 656 Consumer loans: Home equity and second mortgage 649 1 (5 ) — 645 Other 117 (29 ) (4 ) 3 87 Commercial business loans 557 355 (102 ) 25 835 Total $ 9,530 $ — $ (157 ) $ 258 $ 9,631 Three Months Ended June 30, 2018 Beginning Allowance Provision for (Recapture of) Loan Losses Charge- offs Recoveries Ending Allowance Mortgage loans: One- to four-family $ 1,060 $ (33 ) $ — $ — $ 1,027 Multi-family 386 21 — — 407 Commercial 4,198 (15 ) — — 4,183 Construction – custom and owner/builder 705 (38 ) — — 667 Construction – speculative one- to four-family 99 34 — — 133 Construction – commercial 445 74 — — 519 Construction – multi-family 284 (137 ) — — 147 Construction – land development 48 32 — — 80 Land 691 64 (16 ) 5 744 Consumer loans: Home equity and second mortgage 945 1 — — 946 Other 120 2 (1 ) — 121 Commercial business loans 563 (5 ) — — 558 Total $ 9,544 $ — $ (17 ) $ 5 $ 9,532 Nine Months Ended June 30, 2018 Beginning Allowance Provision for (Recapture of) Loan Losses Charge- offs Recoveries Ending Allowance Mortgage loans: One-to four-family $ 1,082 $ (55 ) $ — $ — $ 1,027 Multi-family 447 (40 ) — — 407 Commercial 4,184 27 (28 ) — 4,183 Construction – custom and owner/builder 699 (32 ) — — 667 Construction – speculative one- to four-family 128 (6 ) — 11 133 Construction – commercial 303 216 — — 519 Construction – multi-family 173 (26 ) — — 147 Construction – land development — 80 — — 80 Land 918 (172 ) (16 ) 14 744 Consumer loans: Home equity and second mortgage 983 (37 ) — — 946 Other 121 2 (3 ) 1 121 Commercial business loans 515 43 — — 558 Total $ 9,553 $ — $ (47 ) $ 26 $ 9,532 The following tables present information on the loans evaluated individually and collectively for impairment in the allowance for loan losses by portfolio segment at June 30, 2019 and September 30, 2018 (dollars in thousands): Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total June 30, 2019 Mortgage loans: One- to four-family $ — $ 1,118 $ 1,118 $ 1,220 $ 127,830 $ 129,050 Multi-family — 438 438 — 70,374 70,374 Commercial — 4,052 4,052 3,255 415,523 418,778 Construction – custom and owner/builder — 702 702 — 70,237 70,237 Construction – speculative one- to four-family — 221 221 — 10,545 10,545 Construction – commercial — 384 384 — 27,567 27,567 Construction – multi-family — 367 367 — 18,418 18,418 Construction – land development — 126 126 — 2,990 2,990 Land 37 619 656 422 26,231 26,653 Consumer loans: Home equity and second mortgage — 645 645 606 41,598 42,204 Other 8 79 87 14 4,436 4,450 Commercial business loans 214 621 835 749 64,436 65,185 Total $ 259 $ 9,372 $ 9,631 $ 6,266 $ 880,185 $ 886,451 September 30, 2018 Mortgage loans: One- to four-family $ — $ 1,086 $ 1,086 $ 1,054 $ 114,887 $ 115,941 Multi-family — 433 433 — 61,928 61,928 Commercial — 4,248 4,248 2,446 342,667 345,113 Construction – custom and owner/builder — 671 671 — 67,024 67,024 Construction – speculative one- to four-family — 178 178 — 7,107 7,107 Construction – commercial — 563 563 — 23,440 23,440 Construction – multi-family — 135 135 — 5,983 5,983 Construction – land development — 49 49 — 1,567 1,567 Land 34 810 844 243 25,303 25,546 Consumer loans: Home equity and second mortgage — 649 649 359 36,982 37,341 Other — 117 117 — 3,515 3,515 Commercial business loans 63 494 557 170 42,883 43,053 Total $ 97 $ 9,433 $ 9,530 $ 4,272 $ 733,286 $ 737,558 The following tables present an analysis of loans by aging category and portfolio segment at June 30, 2019 and September 30, 2018 (dollars in thousands): 30–59 Days Past Due 60-89 Days Past Due Non- Accrual (1) Past Due 90 Days or More and Still Accruing Total Past Due Current Total Loans June 30, 2019 Mortgage loans: One- to four-family $ 161 $ — $ 723 $ — $ 884 $ 128,166 $ 129,050 Multi-family — — — — — 70,374 70,374 Commercial — — 836 — 836 417,942 418,778 Construction – custom and owner/builder — — — — — 70,237 70,237 Construction – speculative one- to four- family — — — — — 10,545 10,545 Construction – commercial — — — — — 27,567 27,567 Construction – multi-family — — — — — 18,418 18,418 Construction – land development — — — — — 2,990 2,990 Land — — 422 — 422 26,231 26,653 Consumer loans: Home equity and second mortgage — — 606 — 606 41,598 42,204 Other 10 — 14 — 24 4,426 4,450 Commercial business loans — — 749 — 749 64,436 65,185 Total $ 171 $ — $ 3,350 $ — $ 3,521 $ 882,930 $ 886,451 September 30, 2018 Mortgage loans: One- to four-family $ 557 $ — $ 545 $ — $ 1,102 $ 114,839 $ 115,941 Multi-family — — — — — 61,928 61,928 Commercial 574 — — — 574 344,539 345,113 Construction – custom and owner/ — — — — — 67,024 67,024 Construction – speculative one- to four- family — — — — — 7,107 7,107 Construction – commercial — — — — — 23,440 23,440 Construction – multi-family — — — — — 5,983 5,983 Construction – land development — — — — — 1,567 1,567 Land 40 — 243 — 283 25,263 25,546 Consumer loans: Home equity and second mortgage 42 — 359 — 401 36,940 37,341 Other 10 16 — — 26 3,489 3,515 Commercial business loans — — 170 — 170 42,883 43,053 Total $ 1,223 $ 16 $ 1,317 $ — $ 2,556 $ 735,002 $ 737,558 ______________________ (1) Includes non-accrual loans past due 90 days or more and other loans classified as non-accrual. Credit Quality Indicators The Company uses credit risk grades which reflect the Company’s assessment of a loan’s risk or loss potential. The Company categorizes loans into risk grade categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors such as the estimated fair value of the collateral. The Company uses the following definitions for credit risk ratings as part of the on-going monitoring of the credit quality of its loan portfolio: Pass: Pass loans are defined as those loans that meet acceptable quality underwriting standards. Watch: Watch loans are defined as those loans that still exhibit acceptable quality, but have some concerns that justify greater attention. If these concerns are not corrected, a potential for further adverse categorization exists. These concerns could relate to a specific condition peculiar to the borrower, its industry segment or the general economic environment. Special Mention: Special mention loans are defined as those loans deemed by management to have some potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the payment prospects of the loan. Substandard: Substandard loans are defined as those loans that are inadequately protected by the current net worth and paying capacity of the obligor, or of the collateral pledged. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. If the weakness or weaknesses are not corrected, there is the distinct possibility that some loss will be sustained. Loss: Loans in this classification are considered uncollectible and of such little value that continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this loan even though partial recovery may be realized in the future. At June 30, 2019 and September 30, 2018 , there were no loans classified as loss. The following tables present an analysis of loans by credit quality indicator and portfolio segment at June 30, 2019 and September 30, 2018 (dollars in thousands): Loan Grades June 30, 2019 Pass Watch Special Substandard Total Mortgage loans: One- to four-family $ 126,094 $ 302 $ 566 $ 2,088 $ 129,050 Multi-family 70,374 — — — 70,374 Commercial 408,798 8,237 636 1,107 418,778 Construction – custom and owner/builder 70,004 233 — — 70,237 Construction – speculative one- to four-family 10,545 — — — 10,545 Construction – commercial 27,567 — — — 27,567 Construction – multi-family 18,418 — — — 18,418 Construction – land development 2,766 — — 224 2,990 Land 24,049 956 1,226 422 26,653 Consumer loans: Home equity and second mortgage 41,369 42 — 793 42,204 Other 4,402 34 — 14 4,450 Commercial business loans 64,374 13 49 749 65,185 Total $ 868,760 $ 9,817 $ 2,477 $ 5,397 $ 886,451 September 30, 2018 Mortgage loans: One- to four-family $ 113,148 $ 882 $ 581 $ 1,330 $ 115,941 Multi-family 61,928 — — — 61,928 Commercial 334,908 8,375 988 842 345,113 Construction – custom and owner/builder 66,720 304 — — 67,024 Construction – speculative one- to four-family 7,107 — — — 7,107 Construction – commercial 23,440 — — — 23,440 Construction – multi-family 5,983 — — — 5,983 Construction – land development 1,567 — — — 1,567 Land 22,810 988 1,505 243 25,546 Consumer loans: Home equity and second mortgage 36,697 82 — 562 37,341 Other 3,480 — — 35 3,515 Commercial business loans 42,812 22 49 170 43,053 Total $ 720,600 $ 10,653 $ 3,123 $ 3,182 $ 737,558 Impaired Loans A loan is considered impaired when it is probable that the Company will be unable to collect all amounts (principal and interest) when due according to the contractual terms of the loan agreement. Smaller balance homogeneous loans, such as residential mortgage loans and consumer loans, may be collectively evaluated for impairment. When a loan has been identified as being impaired, the amount of the impairment is measured by using discounted cash flows, except when, as an alternative, the current estimated fair value of the collateral (reduced by estimated costs to sell, if applicable) or observable market price is used. The valuation of real estate collateral is subjective in nature and may be adjusted in future periods because of changes in economic conditions. Management considers third-party appraisals, as well as independent fair market value assessments from realtors or persons involved in selling real estate, in determining the estimated fair value of particular properties. In addition, as certain of these third-party appraisals and independent fair market value assessments are only updated periodically, changes in the values of specific properties may have occurred subsequent to the most recent appraisals. Accordingly, the amounts of any such potential changes and any related adjustments are generally recorded at the time such information is received. When the estimated net realizable value of the impaired loan is less than the recorded investment in the loan (including accrued interest and net deferred loan origination fees or costs), impairment is recognized by creating or adjusting an allocation of the allowance for loan losses and uncollected accrued interest is reversed against interest income. If ultimate collection of principal is in doubt, all cash receipts on impaired loans are applied to reduce the principal balance. The categories of non-accrual loans and impaired loans overlap, although they are not identical. The following table is a summary of information related to impaired loans by portfolio segment as of June 30, 2019 and for the three and nine months then ended (dollars in thousands): Recorded Investment Unpaid Principal Balance (Loan Balance Plus Charge Off) Related Allowance Quarter to Date ("QTD") Average Recorded Investment (1) Year to Date ("YTD") Average Recorded Investment (2) QTD Interest Income Recognized (1) YTD Interest Income Recognized (2) QTD Cash Basis Interest Income Recognized (1) YTD Cash Basis Interest Income Recognized (2) With no related allowance recorded: Mortgage loans: One- to four-family $ 1,220 $ 1,301 $ — $ 1,145 $ 1,089 $ 18 $ 53 $ 15 $ 47 Commercial 3,255 3,255 — 3,263 2,852 78 158 70 132 Land 279 393 — 174 109 3 3 3 3 Consumer loans: Home equity and second mortgage 606 606 — 474 423 — — — — Commercial business loans 200 208 — 203 130 18 20 18 20 Subtotal 5,560 5,763 — 5,259 4,603 117 234 106 202 With an allowance recorded: Mortgage loans: Land 143 143 37 268 233 — — — — Consumer loans: Home equity and second mortgage — — — — 38 — — — — Other 14 14 8 15 7 — — — — Commercial business loans 549 549 214 430 304 — 25 — 25 Subtotal 706 706 259 713 582 — 25 — 25 Total: Mortgage loans: One- to four-family 1,220 1,301 — 1,145 1,089 18 53 15 47 Commercial 3,255 3,255 — 3,263 2,852 78 158 70 132 Land 422 536 37 442 342 3 3 3 3 Consumer loans: Home equity and second mortgage 606 606 — 474 461 — — — — Other 14 14 8 15 7 — — — — Commercial business loans 749 757 214 633 434 18 45 18 45 Total $ 6,266 $ 6,469 $ 259 $ 5,972 $ 5,185 $ 117 $ 259 $ 106 $ 227 ______________________________________________ (1) For the three months ended June 30, 2019 . (2) For the nine months ended June 30, 2019. The following table is a summary of information related to impaired loans by portfolio segment as of and for the year ended September 30, 2018 (dollars in thousands): Recorded Investment Unpaid Principal Balance (Loan Balance Plus Charge Off) Related Allowance Average Recorded Investment (1) Interest Income Recognized (1) Cash Basis Interest Income Recognized (1) With no related allowance recorded: Mortgage loans: One- to four-family $ 1,054 $ 1,200 $ — $ 1,422 $ 80 $ 69 Commercial 2,446 2,446 — 2,389 121 93 Land 90 195 — 283 11 10 Consumer loans: Home equity and second mortgage 359 359 — 210 3 3 Subtotal 3,949 4,200 — 4,304 215 175 With an allowance recorded: Mortgage loans: One- to four-family — — — 9 — — Commercial — — — 760 28 21 Land 153 153 34 383 9 8 Consumer loans: Home equity and second mortgage — — — 310 16 13 Commercial business loans 170 170 63 141 — — Subtotal 323 323 97 1,603 53 42 Total: Mortgage loans: One- to four-family 1,054 1,200 — 1,431 80 69 Commercial 2,446 2,446 — 3,149 149 114 Land 243 348 34 666 20 18 Consumer loans: Home equity and second mortgage 359 359 — 520 19 16 Commercial business loans 170 170 63 141 — — Total $ 4,272 $ 4,523 $ 97 $ 5,907 $ 268 $ 217 ______________________________________________ (1) For the year ended September 30, 2018. A troubled debt restructured loan ("TDR") is a loan for which the Company, for reasons related to a borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. Examples of such concessions include, but are not limited to: a reduction in the stated interest rate; an extension of the maturity at an interest rate below current market rates; a reduction in the face amount of the debt; a reduction in the accrued interest; or re-amortizations, extensions, deferrals and renewals. TDRs are considered impaired and are individually evaluated for impairment. TDRs are classified as non-accrual (and considered to be non-performing) unless they have been performing in accordance with modified terms for a period of at least six months. The Company had $3.21 million and $3.28 million in TDRs included in impaired loans at June 30, 2019 and September 30, 2018, respectively, and had no commitments at these dates to lend additional funds on these loans. The allowance for loan losses allocated to TDRs at June 30, 2019 and September 30, 2018 was $69,000 and $97,000 , respectively. There were no TDRs for which there was a payment default within the first 12 months of the modification during the nine months ended June 30, 2019. The following tables set forth information with respect to the Company’s TDRs by interest accrual status as of June 30, 2019 and September 30, 2018 (dollars in thousands): June 30, 2019 Accruing Non- Accrual Total Mortgage loans: One- to four-family $ 497 $ 143 $ 640 Commercial 2,419 — 2,419 Commercial business loans — 149 149 Total $ 2,916 $ 292 $ 3,208 September 30, 2018 Accruing Non- Accrual Total Mortgage loans: One- to four-family $ 509 $ — $ 509 Commercial 2,446 — 2,446 Land — 153 153 Commercial business loans — 170 170 Total $ 2,955 $ 323 $ 3,278 There were no new TDRs during the nine months ended June 30, 2019 . There were three new TDRs for the year ended September 30, 2018. The following table sets forth information with respect to the Company's TDRs, by portfolio segment, during the year ended September 30, 2018 (dollars in thousands): 2018 Number of Contracts Pre-Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment End of Period Balance Land loans (1) 1 $ 244 $ 155 $ 153 Commercial business loans (2) 2 183 183 170 Total 3 $ 427 $ 338 $ 323 (1) Modification was a result of a reduction in principal balance. (2) Modifications were a result of reduction in monthly payment amounts. |
Net Income Per Common Share
Net Income Per Common Share | 9 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Basic net income per common share is computed by dividing net income to common shareholders by the weighted average number of common shares outstanding during the period, without considering any dilutive items. Diluted net income per common share is computed by dividing net income to common shareholders by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the Company’s common stock during the period. Common stock equivalents arise from the assumed conversion of outstanding stock options to purchase common stock. Shares owned by the Bank’s ESOP that have not been allocated are not considered to be outstanding for the purpose of computing basic and diluted net income per common share. At June 30, 2019 all shares had been allocated under the Bank's ESOP. At June 30, 2018 there were 45,999 shares that had not been allocated under the Bank’s ESOP. Information regarding the calculation of basic and diluted net income per common share for the three and nine months ended June 30, 2019 and 2018 is as follows (dollars in thousands, except per share amounts): Three Months Ended June 30, Nine Months Ended June 30, 2019 2018 2019 2018 Basic net income per common share computation Numerator – net income $ 5,956 $ 4,416 $ 17,685 $ 12,299 Denominator – weighted average common shares outstanding 8,338,637 7,345,618 8,313,913 7,328,702 Basic net income per common share $ 0.71 $ 0.60 $ 2.13 $ 1.68 Diluted net income per common share computation Numerator – net income $ 5,956 $ 4,416 $ 17,685 $ 12,299 Denominator – weighted average common shares outstanding 8,338,637 7,345,618 8,313,913 7,328,702 Effect of dilutive stock options (1) 143,723 189,539 154,299 189,745 Weighted average common shares outstanding - assuming dilution 8,482,360 7,535,157 8,468,212 7,518,447 Diluted net income per common share $ 0.70 $ 0.59 $ 2.09 $ 1.64 ____________________________________________ (1) For the three and nine months ended June 30, 2019, average options to purchase 102,050 and 102,353 shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per share because their effect would have been anti-dilutive. For the three months ended June 30, 2018, there were no options to purchase shares of common stock that were omitted from the computation of diluted earnings per share because their effect would be anti-dilutive. For the nine months ended June 30, 2018, average options to purchase 38,709 shares of common stock were outstanding but not included in the computation of diluted net income per share because their effect would have been anti-dilutive. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS The changes in accumulated other comprehensive loss ("AOCI") by component during the three and nine months ended June 30, 2019 and 2018 are as follows (dollars in thousands): Three Months Ended June 30, 2019 Changes in fair value of available for sale securities (1) Changes in OTTI on held to maturity securities (1) Total (1) Balance of AOCI at the beginning of period $ 3 $ (48 ) $ (45 ) Other comprehensive income 9 3 12 Balance of AOCI at the end of period $ 12 $ (45 ) $ (33 ) Nine Months Ended June 30, 2019 Changes in fair value of available for sale securities (1) Changes in OTTI on held to maturity securities (1) Total (1) Balance of AOCI at the beginning of period $ (58 ) $ (71 ) $ (129 ) Other comprehensive income 7 26 33 Adoption of ASU 2016-01 63 — 63 Balance of AOCI at the end of period $ 12 $ (45 ) $ (33 ) Three Months Ended June 30, 2018 Changes in fair value of available for sale securities (1) Changes in OTTI on held to maturity securities (1) Total (1) Balance of AOCI at the beginning of period $ (44 ) $ (88 ) $ (132 ) Other comprehensive income (loss) (7 ) 5 (2 ) Balance of AOCI at the end of period $ (51 ) $ (83 ) $ (134 ) Nine Months Ended June 30, 2018 Changes in fair value of available for sale securities (1) Changes in OTTI on held to maturity securities (1) Total (1) Balance of AOCI at the beginning of period $ (19 ) $ (105 ) $ (124 ) Other comprehensive income (loss) (32 ) 22 (10 ) Balance of AOCI at the end of period $ (51 ) $ (83 ) $ (134 ) __________________________ (1) All amounts are net of income taxes. |
Stock Compensation Plans
Stock Compensation Plans | 9 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock Compensation Plans | STOCK COMPENSATION PLANS Under the Company’s 2003 Stock Option Plan, the Company was able to grant options for up to 300,000 shares of common stock to employees, officers, directors and directors emeriti. Under the Company's 2014 Equity Incentive Plan, the Company is able to grant options and awards of restricted stock (with or without performance measures) for up to 352,366 shares of common stock to employees, officers, directors and directors emeriti. Shares issued may be purchased in the open market or may be issued from authorized and unissued shares. The exercise price of each option equals the fair market value of the Company’s common stock on the date of grant. Generally, options and restricted stock vest in 20% annual installments on each of the five anniversaries from the date of the grant, and options generally have a maximum contractual term of ten years from the date of grant. At June 30, 2019 , there were 75,316 shares of common stock available which may be awarded as options or restricted stock pursuant to future grant under the 2014 Equity Incentive Plan. At both June 30, 2019 and 2018, there were no unvested restricted stock awards. There were no restricted stock grants awarded during the nine months ended June 30, 2019 or 2018. Stock option activity for the nine months ended June 30, 2019 and 2018 is summarized as follows: Nine Months Ended Nine Months Ended Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Options outstanding, beginning of period 380,820 $ 16.03 380,120 $ 13.23 Exercised (37,756 ) 9.00 (34,850 ) 8.39 Forfeited (3,900 ) 18.63 (5,150 ) 13.39 Options outstanding, end of period 339,164 $ 16.79 340,120 $ 13.73 The aggregate intrinsic value of options exercised during the nine months ended June 30, 2019 and 2018 was $751,000 and $741,000 , respectively. At June 30, 2019 , there were 155,750 unvested options with an aggregate grant date fair value of $485,000 , all of which the Company assumes will vest. The aggregate intrinsic value of unvested options at June 30, 2019 was $1.09 million . There were 37,300 options with an aggregate grant date fair value of $88,000 that vested during the nine months ended June 30, 2019 . At June 30, 2018 , there were 183,150 unvested options with an aggregate grant date fair value of $454,000 . There were 43,900 options with an aggregate grant date fair value of $104,000 that vested during the nine months ended June 30, 2018 . Additional information regarding options outstanding at June 30, 2019 is as follows: Options Outstanding Options Exercisable Range of Exercise Prices ($) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) $ 4.01 - 4.55 2,500 $ 4.33 1.2 2,500 $ 4.33 1.2 5.86 - 6.00 19,850 5.97 3.3 19,850 5.97 3.3 9.00 52,775 9.00 4.3 52,775 9.00 4.3 10.26 - 10.71 113,189 10.58 5.8 79,989 10.55 5.7 15.67 48,800 15.67 7.3 17,000 15.67 7.3 29.69 56,100 29.69 8.3 11,300 29.69 8.3 31.80 45,950 31.80 9.3 — N/A N/A 339,164 $ 16.79 6.5 183,414 $ 11.18 5.3 The aggregate intrinsic value of options outstanding at June 30, 2019 and 2018 was $4.53 million and $8.03 million , respectively. As of June 30, 2019, unrecognized compensation cost related to non-vested stock options was $401,000 , which is expected to be recognized over a weighted average life of 2.14 years. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is defined under GAAP as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP requires that valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP also establishes a fair value hierarchy which prioritizes the valuation inputs into three broad levels. Based on the underlying inputs, each fair value measurement in its entirety is reported in one of three levels. These levels are: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2: Significant observable inputs other than quoted prices included within Level 1, such as quoted prices for similar (as opposed to identical) assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions market participants would use in pricing an asset or liability based on the best information available in the circumstances. The Company's assets measured at fair value on a recurring basis consist of investment securities available for sale and investments in equity securities. The estimated fair values of MBS are based upon market prices of similar securities or observable inputs (Level 2). The estimated fair values of mutual funds are based upon quoted market prices (Level 1). The Company had no liabilities measured at fair value on a recurring basis at June 30, 2019 and September 30, 2018. The Company's assets measured at estimated fair value on a recurring basis at June 30, 2019 and September 30, 2018 were as follows (dollars in thousands): June 30, 2019 Estimated Fair Value Level 1 Level 2 Level 3 Total Available for sale investment securities MBS: U.S. government agencies $ — $ 2,028 $ — $ 2,028 Investments in equity securities Mutual funds 951 — — 951 Total $ 951 $ 2,028 $ — $ 2,979 September 30, 2018 Estimated Fair Value Level 1 Level 2 Level 3 Total Available for sale investment securities MBS: U.S. government agencies $ — $ 237 $ — $ 237 Mutual funds 917 — — 917 Total $ 917 $ 237 $ — $ 1,154 There were no transfers among Level 1, Level 2 and Level 3 during the nine months ended June 30, 2019 and the year ended September 30, 2018 . The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis in accordance with GAAP. These include assets that are measured at the lower of cost or market value that were recognized at fair value below cost at the end of the period. The Company uses the following methods and significant assumptions to estimate fair value on a non-recurring basis: Impaired Loans : The estimated fair value of impaired loans is calculated using the collateral value method or on a discounted cash flow basis. The specific reserve for collateral dependent impaired loans is based on the estimated fair value of the collateral less estimated costs to sell, if applicable. In some cases, adjustments are made to the appraised values due to various factors including age of the appraisal, age of comparables included in the appraisal and known changes in the market and in the collateral. Such adjustments may be significant and typically result in a Level 3 classification of the inputs for determining fair value. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Investment Securities Held to Maturity: The estimated fair value of investment securities held to maturity is based upon the assumptions market participants would use in pricing the investment security. Such assumptions include quoted market prices (Level 1), market prices of similar securities or observable inputs (Level 2) and unobservable inputs such as dealer quotes, discounted cash flows or similar techniques (Level 3). OREO and Other Repossessed Assets, net: OREO and other repossessed assets are recorded at estimated fair value less estimated costs to sell. Estimated fair value is generally determined by management based on a number of factors, including third-party appraisals of estimated fair value in an orderly sale. Estimated costs to sell are based on standard market factors. The valuation of OREO and other repossessed assets is subject to significant external and internal judgment (Level 3). The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at June 30, 2019 (dollars in thousands): Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans: Mortgage loans: Land $ — $ — $ 106 Consumer loans: Other — — 6 Commercial business loans — — 335 Total impaired loans — — 447 Investment securities – held to maturity: MBS - private label residential — 17 — OREO and other repossessed assets — — 1,719 Total $ — $ 17 $ 2,166 The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis as of June 30, 2019 (dollars in thousands): Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Impaired loans $ 447 Market approach Appraised value less estimated selling costs NA OREO and other repossessed assets $ 1,719 Market approach Lower of appraised value or listing price less estimated selling costs NA The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2018 (dollars in thousands): Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans: Mortgage loans: Land $ — $ — $ 119 Consumer loans: Commercial business loans — — 107 Total impaired loans — — 226 Investment securities – held to maturity: MBS - private label residential — 3 — OREO and other repossessed assets — — 1,913 Total $ — $ 3 $ 2,139 The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis as of September 30, 2018 (dollars in thousands): Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Impaired loans $ 226 Market approach Appraised value less estimated selling costs NA OREO and other repossessed assets $ 1,913 Market approach Lower of appraised value or listing price less estimated selling costs NA GAAP requires disclosure of estimated fair values for certain financial instruments. Such estimates are subjective in nature, and significant judgment is required regarding the risk characteristics of various financial instruments at a discrete point in time. Therefore, such estimates could vary significantly if assumptions regarding uncertain factors were to change. In addition, as the Company normally intends to hold the majority of its financial instruments until maturity, it does not expect to realize many of the estimated amounts disclosed. The disclosures also do not include estimated fair value amounts for certain items which are not defined as financial instruments but for which may have significant value. The Company does not believe that it would be practicable to estimate a represented fair value for these types of items as of June 30, 2019 and September 30, 2018. Because GAAP excludes certain items from fair value disclosure requirements, any aggregation of the fair value amounts presented would not represent the underlying value of the Company. Additionally, in accordance with ASU No. 2016-01, which the Company adopted on October 1, 2018 on a prospective basis, the Company uses the exit price notion in calculating the fair values of financial instruments not measured at fair value on a recurring basis. The recorded amounts and estimated fair values of financial instruments were as follows as of June 30, 2019 and September 30, 2018 (dollars in thousands): June 30, 2019 Fair Value Measurements Using: Recorded Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 170,835 $ 170,835 $ 170,835 $ — $ — CDs held for investment 81,184 81,184 81,184 — — Investment securities 40,624 42,070 8,931 33,139 — FHLB stock 1,437 1,437 1,437 — — Other investments 3,000 3,000 3,000 — — Loans held for sale 3,338 3,411 3,411 — — Loans receivable, net 873,982 873,520 — — 873,520 Accrued interest receivable 3,759 3,759 3,759 — — Financial liabilities Time deposits 164,193 165,086 — — 165,086 Accrued interest payable 310 310 310 — — September 30, 2018 Fair Value Measurements Using: Recorded Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 148,864 $ 148,864 $ 148,864 $ — $ — CDs held for investment 63,290 63,290 63,290 — — Investment securities 13,964 14,418 8,812 5,606 — FHLB stock 1,190 1,190 1,190 — — Other investments 3,000 3,000 3,000 — — Loans held for sale 1,785 1,814 1,814 — — Loans receivable, net 725,391 711,071 — — 711,071 Accrued interest receivable 2,877 2,877 2,877 — — Financial liabilities Time deposits 141,808 140,831 — — 140,831 Accrued interest payable 225 225 225 — — |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers, which created FASB Accounting Standards Codification ("ASC") Topic 606 ("ASC 606"). The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASC 606 was effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted ASC 606 on October 1, 2018 using the modified retrospective approach. Therefore, the comparative information has not been adjusted and continues to be reported under superseded ASC 605. There was no cumulative effect adjustment as of October 1, 2018, and there were no material changes to the timing or amount of revenue recognized for the nine months ended June 30, 2019; however, additional disclosures were incorporated in the footnotes upon adoption. The majority of the Company's revenue is comprised of interest income from financial assets, which is explicitly excluded from the scope of ASC 606. The Company elected to apply the practical expedient pursuant to ACS 606 and therefore does not disclose information about remaining performance obligations that have an original expected term of one year or less and allows the Company to expense costs related to obtaining a contract as incurred when the amortization period would have been one year or less. See Note 12 for additional information. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . ASU No. 2016-01 generally requires equity investments - except those accounted for under the valuation method of accounting or those that result in consolidation of the investee - to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU No. 2016-01 is intended to simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. ASU No. 2016-01 also eliminates certain disclosures related to the fair value of financial instruments and requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. ASU No 2016-01 was effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted ASU No. 2016-01 on October 1, 2018. As required by ASU No. 2016-01, on October 1, 2018 the Company recorded a one-time cumulative effect adjustment of $63,000 representing net unrealized losses on equity securities (mutual funds) between accumulated other comprehensive loss and retained earnings on the accompanying consolidated balance sheet. Additionally, the fair values of financial instruments for disclosure purposes were computed using an exit price notion and deposits with no stated maturity are no longer included in the fair value disclosures in Note 9. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . This ASU is intended to increase transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The principal change required by this ASU relates to lessee accounting, and is that for operating leases, a lessee is required to (1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, (2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis, and (3) classify all cash payments within operating activities in the statement of cash flows. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. This ASU also changes disclosure requirements related to leasing activities and requires certain qualitative disclosures along with specific quantitative disclosures. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), Targeted Improvements . This ASU amended the new lease standard to give entities another option for transition and to provide lessors with a practical expedient. The transition option allows entities to not apply the new leases standard in comparative periods they present in their financial statements in the year of adoption. The practical expedient provides lessors with an option to not separate non-lease components from the associated lease components when certain criteria are met and requires them to account for the combined component in accordance with ASC 606 if the associated non-lease components are the predominant components. The amendments have the same effective date as ASU No. 2016-02. In March 2019, the FASB issued ASU No. 2019-01, Leases (Topic 842), Codification Improvements . The amendments in this ASU include the following items: (i) determining the fair value of the underlying assets by lessors that are not manufacturers or dealers; (ii) requiring cash received from lessors from sales-type and direct financing leases to be presented in the cash flow statement within investing activities, and (iii) clarifying interim disclosure requirements. The effective date and transition requirements for the first and second items in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019 and early adoption is permitted. The effective date and transition requirements for the third item of this ASU are the same as ASU No. 2016-02. The amendments in ASU No. 2016-02 are effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2018. Early application of the amendments in this ASU is permitted. The effect of adoption of this ASU will depend on the nature and terms of the Company's leases at the time of adoption. Once adopted, the Company expects to report higher assets and liabilities as a result of including right-of-use assets and lease liabilities related to certain banking offices and certain equipment under non-cancelable operating lease agreements; however, based on current leases the adoption of ASU No. 2016-02 is not expected to have a material impact on the Company's future consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses as amended by ASU 2018-19, ASU 2019-04 and ASU 2019-05. This ASU replaces the existing incurred losses methodology with a current expected losses methodology with respect to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held to maturity investment securities and off-balance sheet commitments. In addition, this ASU requires credit losses relating to available for sale debt securities to be recorded through an allowance for credit losses rather than as a reduction of the carrying amount. ASU No. 2016-13 also changes the accounting for purchased credit-impaired debt securities and loans. ASU No. 2016-13 retains many of the current disclosure requirements in GAAP and expands disclosure requirements. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Upon adoption, the Company expects a change in the processes and procedures to calculate the allowance for loan losses, including changes in the assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current policy for other-than-temporary impairment on investment securities available for sale will be replaced with an allowance approach. The Company is reviewing the requirements of ASU No. 2016-13 and has begun developing and implementing processes and procedures to ensure it is fully compliant with the amendments at the adoption date. At this time, the Company anticipates the allowance for loan losses will increase as a result of the implementation of this ASU; however, until its evaluation is complete, the magnitude of the increase will be unknown. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment. This ASU simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value of its assets and liabilities (including unrecognized assets and liabilities) at the impairment testing date following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Under ASU No. 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU No. 2017-04 will be effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early application of this ASU is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of ASU No. 2017-04 is not expected to have a material impact on the Company's future consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. This ASU shortens the amortization period for certain callable debt securities held at a premium to the earliest call date. This ASU is effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2018. The adoption of ASU No. 2017-08 is not expected to have a material impact on the Company's future consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation--Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU was issued to provide clarity as to when to apply modification accounting when there is a change in the terms or conditions of a share-based payment award. According to the ASU, an entity should account for the effects of a modification unless the fair value, vesting conditions, and balance sheet classification of the award are the same after the modification as compared to the original award prior to modification. ASU No. 2017-09 was effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. The Company adopted this ASU on October 1, 2018. The adoption of ASU No. 2017-09 did not have a material impact on the Company's consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . This ASU was issued to expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. Previously, these awards were recorded at the fair value of consideration received or the fair value of the equity instruments issued and was measured at the earlier of the commitment date or the date performance was completed. The amendments in this ASU require nonemployee share-based payment awards to be measured at the grant-date fair value of the equity instrument. ASU No. 2018-07 is effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, but no earlier than an entity's adoption of Topic 606. The adoption of ASU No. 2018-07 is not expected to have a material impact on the Company's future consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . This ASU modifies the disclosure requirements for fair value measurements. The following disclosure requirements were removed from ASC Topic 820, Fair Value Measurement : (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; (2) the policy for timing of transfers between levels; and (3) the valuation process for Level 3 fair value measurements. This ASU clarifies that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. This ASU adds the following disclosure requirements for Level 3 measurements: (1) changes in unrealized gains and losses for the period included in other comprehensive income for the recurring Level 3 fair value measurements held at the end of the reporting period, and (2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. ASU No. 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for any removed or modified disclosures. The adoption of ASU No. 2018-13 is not expected to have a material impact on the Company's future consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in this ASU broaden the scope of ASC Subtopic 350-40 to include costs incurred to implement a hosting arrangement that is a service contract. The amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The costs are capitalized or expensed depending on the nature of the costs and the project stage during which they are incurred, consistent with the accounting for internal-use software costs. The amendments in this ASU result in consistent capitalization of implementation costs of a hosting arrangement that is a service contract and implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this ASU. ASU No. 2018-15 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of ASU No. 2018-15 is not expected to have a material impact on the Company's future consolidated financial statements. |
U.S. Tax Reform U.S. Tax Reform
U.S. Tax Reform U.S. Tax Reform | 9 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
U.S. Tax Reform | U.S. TAX REFORM On December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act (the "Tax Act"). The Tax Act significantly revised the future ongoing U.S. corporate income tax by, among other things, decreasing the federal corporate income tax rate to 21.0% from 35.0% effective January 1, 2018. As the Company has a September 30 fiscal year-end, the lower corporate federal income tax rate was phased in, resulting in a blended federal income tax rate of approximately 24.5% for the Company's fiscal year ended September 30, 2018, and 21.0% for subsequent fiscal years. In addition, the reduction of the corporate federal income tax rate required the Company to revalue its deferred tax assets and liabilities based on the lower federal tax rate of 21.0%. As a result of the Tax Act, during the quarter ended December 31, 2017, the Company recorded a one-time income tax expense of $548,000 in conjunction with remeasuring its net deferred tax assets. The impact of using the 24.5% blended federal income tax rate for the quarter ended September 30, 2018 versus a 35.0% rate reduced the provision for income taxes by approximately $551,000 . |
Revenue from Contracts with Cus
Revenue from Contracts with Customers Revenue from Contracts with Customers | 9 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS ASC 606 applies to all contracts with customers to provide goods or services in the ordinary course of business, except for contracts that are specifically excluded from its scope. The majority of the Company's revenues are composed of interest income, deferred loan fee accretion, premium/discount accretion, gains on sales of loans and investments, BOLI net earnings, servicing income on loans sold and other loan fee income, which are not in the scope of ASC 606. Revenue reported as service charges on deposits, ATM and debit card interchange transaction fees, merchant services fees, non-deposit investment fees and escrow fees are within the scope of ASC 606. All of the Company's revenue from contracts with customers in the scope of ASC 606 is recognized in non-interest income with the exception of gains on sale of OREO and gains on sales/disposition of premises and equipment, which are included in non-interest expense. If a contract is determined to be within the scope of ASC 606, the Company recognizes revenue when it satisfies its performance obligation. Descriptions of the Company's revenue-generating activities that are within the scope of ASC 606 are as follows: • Service Charges on Deposits: The Company earns fees from its deposit customers from a variety of deposit products and services. Non-transaction based fees such as account maintenance fees and monthly statement fees are considered to be provided to the customer under a day-to-day contract with ongoing renewals. Revenue for these non-transaction fees are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Transaction-based fees such as non-sufficient fund charges, stop payment charges and wire fees are recognized at the time the transaction is executed as the contract duration does not extend beyond the service performed. • ATM and Debit Card Interchange Transaction Fees: The Company earns fees from cardholder transactions conducted through third party payment network providers which consist of interchange fees earned from the payment networks as a debit card issuer. These fees are recognized when the transaction occurs, but may settle on a daily or monthly basis. • Escrow Fees: The Company earns fees from real estate escrow contracts with customers. The Company receives and disburses money and/or property per the customer's contract. Fees are recognized when the escrow contract closes. • Fee Income from Non-deposit Investment Sales: The Company earns fees from contracts with customers for investment activities. Revenues are generally recognized on a monthly basis and are generally based on a percentage of the customer's assets under management or based on investment solutions that are implemented for the customer. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying unaudited consolidated financial statements for Timberland Bancorp, Inc. (the "Company") and its wholly-owned subsidiary, Timberland Bank (the "Bank") were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions for Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of consolidated financial condition, results of operations, and cash flows in conformity with GAAP. However, all adjustments which are, in the opinion of management, necessary for a fair presentation of the interim consolidated financial statements have been included. All such adjustments are of a normal recurring nature. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2018 (“2018 Form 10-K”). The unaudited consolidated results of operations for the nine months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the entire fiscal year ending September 30, 2019. |
Principles of Consolidation | Principles of Consolidation: The unaudited consolidated financial statements include the accounts of the Company and the Bank, and the Bank’s wholly-owned subsidiary, Timberland Service Corporation. All significant inter-company transactions and balances have been eliminated in consolidation. |
Operating Segment | Operating Segment: The Company has one reportable operating segment which is defined as community banking in western Washington. |
Use of Estimates | The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, as of the date of the consolidated balance sheets, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. |
Reclassification | Certain prior period amounts have been reclassified to conform to the June 30, 2019 presentation with no change to previously reported net income or total shareholders’ equity. |
Recent Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers, which created FASB Accounting Standards Codification ("ASC") Topic 606 ("ASC 606"). The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASC 606 was effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted ASC 606 on October 1, 2018 using the modified retrospective approach. Therefore, the comparative information has not been adjusted and continues to be reported under superseded ASC 605. There was no cumulative effect adjustment as of October 1, 2018, and there were no material changes to the timing or amount of revenue recognized for the nine months ended June 30, 2019; however, additional disclosures were incorporated in the footnotes upon adoption. The majority of the Company's revenue is comprised of interest income from financial assets, which is explicitly excluded from the scope of ASC 606. The Company elected to apply the practical expedient pursuant to ACS 606 and therefore does not disclose information about remaining performance obligations that have an original expected term of one year or less and allows the Company to expense costs related to obtaining a contract as incurred when the amortization period would have been one year or less. See Note 12 for additional information. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . ASU No. 2016-01 generally requires equity investments - except those accounted for under the valuation method of accounting or those that result in consolidation of the investee - to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU No. 2016-01 is intended to simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. ASU No. 2016-01 also eliminates certain disclosures related to the fair value of financial instruments and requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. ASU No 2016-01 was effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted ASU No. 2016-01 on October 1, 2018. As required by ASU No. 2016-01, on October 1, 2018 the Company recorded a one-time cumulative effect adjustment of $63,000 representing net unrealized losses on equity securities (mutual funds) between accumulated other comprehensive loss and retained earnings on the accompanying consolidated balance sheet. Additionally, the fair values of financial instruments for disclosure purposes were computed using an exit price notion and deposits with no stated maturity are no longer included in the fair value disclosures in Note 9. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . This ASU is intended to increase transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The principal change required by this ASU relates to lessee accounting, and is that for operating leases, a lessee is required to (1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, (2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis, and (3) classify all cash payments within operating activities in the statement of cash flows. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. This ASU also changes disclosure requirements related to leasing activities and requires certain qualitative disclosures along with specific quantitative disclosures. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), Targeted Improvements . This ASU amended the new lease standard to give entities another option for transition and to provide lessors with a practical expedient. The transition option allows entities to not apply the new leases standard in comparative periods they present in their financial statements in the year of adoption. The practical expedient provides lessors with an option to not separate non-lease components from the associated lease components when certain criteria are met and requires them to account for the combined component in accordance with ASC 606 if the associated non-lease components are the predominant components. The amendments have the same effective date as ASU No. 2016-02. In March 2019, the FASB issued ASU No. 2019-01, Leases (Topic 842), Codification Improvements . The amendments in this ASU include the following items: (i) determining the fair value of the underlying assets by lessors that are not manufacturers or dealers; (ii) requiring cash received from lessors from sales-type and direct financing leases to be presented in the cash flow statement within investing activities, and (iii) clarifying interim disclosure requirements. The effective date and transition requirements for the first and second items in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019 and early adoption is permitted. The effective date and transition requirements for the third item of this ASU are the same as ASU No. 2016-02. The amendments in ASU No. 2016-02 are effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2018. Early application of the amendments in this ASU is permitted. The effect of adoption of this ASU will depend on the nature and terms of the Company's leases at the time of adoption. Once adopted, the Company expects to report higher assets and liabilities as a result of including right-of-use assets and lease liabilities related to certain banking offices and certain equipment under non-cancelable operating lease agreements; however, based on current leases the adoption of ASU No. 2016-02 is not expected to have a material impact on the Company's future consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses as amended by ASU 2018-19, ASU 2019-04 and ASU 2019-05. This ASU replaces the existing incurred losses methodology with a current expected losses methodology with respect to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held to maturity investment securities and off-balance sheet commitments. In addition, this ASU requires credit losses relating to available for sale debt securities to be recorded through an allowance for credit losses rather than as a reduction of the carrying amount. ASU No. 2016-13 also changes the accounting for purchased credit-impaired debt securities and loans. ASU No. 2016-13 retains many of the current disclosure requirements in GAAP and expands disclosure requirements. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Upon adoption, the Company expects a change in the processes and procedures to calculate the allowance for loan losses, including changes in the assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current policy for other-than-temporary impairment on investment securities available for sale will be replaced with an allowance approach. The Company is reviewing the requirements of ASU No. 2016-13 and has begun developing and implementing processes and procedures to ensure it is fully compliant with the amendments at the adoption date. At this time, the Company anticipates the allowance for loan losses will increase as a result of the implementation of this ASU; however, until its evaluation is complete, the magnitude of the increase will be unknown. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment. This ASU simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value of its assets and liabilities (including unrecognized assets and liabilities) at the impairment testing date following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Under ASU No. 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU No. 2017-04 will be effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early application of this ASU is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of ASU No. 2017-04 is not expected to have a material impact on the Company's future consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. This ASU shortens the amortization period for certain callable debt securities held at a premium to the earliest call date. This ASU is effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2018. The adoption of ASU No. 2017-08 is not expected to have a material impact on the Company's future consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation--Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU was issued to provide clarity as to when to apply modification accounting when there is a change in the terms or conditions of a share-based payment award. According to the ASU, an entity should account for the effects of a modification unless the fair value, vesting conditions, and balance sheet classification of the award are the same after the modification as compared to the original award prior to modification. ASU No. 2017-09 was effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. The Company adopted this ASU on October 1, 2018. The adoption of ASU No. 2017-09 did not have a material impact on the Company's consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . This ASU was issued to expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. Previously, these awards were recorded at the fair value of consideration received or the fair value of the equity instruments issued and was measured at the earlier of the commitment date or the date performance was completed. The amendments in this ASU require nonemployee share-based payment awards to be measured at the grant-date fair value of the equity instrument. ASU No. 2018-07 is effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, but no earlier than an entity's adoption of Topic 606. The adoption of ASU No. 2018-07 is not expected to have a material impact on the Company's future consolidated financial statements. |
Revenue from Contracts with Customers | ASC 606 applies to all contracts with customers to provide goods or services in the ordinary course of business, except for contracts that are specifically excluded from its scope. The majority of the Company's revenues are composed of interest income, deferred loan fee accretion, premium/discount accretion, gains on sales of loans and investments, BOLI net earnings, servicing income on loans sold and other loan fee income, which are not in the scope of ASC 606. Revenue reported as service charges on deposits, ATM and debit card interchange transaction fees, merchant services fees, non-deposit investment fees and escrow fees are within the scope of ASC 606. All of the Company's revenue from contracts with customers in the scope of ASC 606 is recognized in non-interest income with the exception of gains on sale of OREO and gains on sales/disposition of premises and equipment, which are included in non-interest expense. If a contract is determined to be within the scope of ASC 606, the Company recognizes revenue when it satisfies its performance obligation. Descriptions of the Company's revenue-generating activities that are within the scope of ASC 606 are as follows: • Service Charges on Deposits: The Company earns fees from its deposit customers from a variety of deposit products and services. Non-transaction based fees such as account maintenance fees and monthly statement fees are considered to be provided to the customer under a day-to-day contract with ongoing renewals. Revenue for these non-transaction fees are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Transaction-based fees such as non-sufficient fund charges, stop payment charges and wire fees are recognized at the time the transaction is executed as the contract duration does not extend beyond the service performed. • ATM and Debit Card Interchange Transaction Fees: The Company earns fees from cardholder transactions conducted through third party payment network providers which consist of interchange fees earned from the payment networks as a debit card issuer. These fees are recognized when the transaction occurs, but may settle on a daily or monthly basis. • Escrow Fees: The Company earns fees from real estate escrow contracts with customers. The Company receives and disburses money and/or property per the customer's contract. Fees are recognized when the escrow contract closes. • Fee Income from Non-deposit Investment Sales: The Company earns fees from contracts with customers for investment activities. Revenues are generally recognized on a monthly basis and are generally based on a percentage of the customer's assets under management or based on investment solutions that are implemented for the customer. |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions | The table below presents the significant operating results of the acquired business since the October 1, 2018 merger date: Three Months Ended June 30, 2019 Nine Months Ended June 30, 2019 (Dollars in thousands) Interest income: Interest and fees on loans (1) $ 1,739 $ 5,345 Interest income: Interest and dividends on investment securities and FHLB stock 129 515 Interest income: Other interest earning assets 205 474 Interest expense (200 ) (484 ) Provision for loan losses — — Non-interest income 138 408 Non-interest expense (2) (1,002 ) (2,546 ) Net effect, pre-tax $ 1,009 $ 3,712 _________________________ (1) Includes the accretion of the fair value discount on the purchased loans of $69,000 and $457,000 , respectively, for the three and nine months ended June 30, 2019. (2) Excludes certain compensation and employee benefits for management, and excludes certain other non-interest expenses that are impracticable to determine due to the integration of the operations for this merger. Also includes certain acquisition-related costs of $328,000 and $447,000 , respectively, incurred by the Company for the three and nine months ended June 30, 2019. As a result, actual amounts would have differed from the unaudited pro forma information presented. Unaudited Pro Forma Nine Months Ended June 30, 2019 2018 (Dollars in thousands except per share data) Total revenues (net interest income plus non-interest income) $ 48,754 $ 43,958 Net income 18,038 13,824 Basic net income per common share 2.17 1.68 Diluted net income per common share 2.13 1.64 The following table summarizes the fair value of consideration paid, the estimated fair values of assets acquired and liabilities assumed as of the acquisition date, and the resulting goodwill relating to the transaction: At October 1, 2018 Book Value Fair Value Adjustment Estimated Fair Value (Dollars in thousands) Total merger consideration $ 35,170 Recognized amounts of identifiable assets acquired and liabilities assumed Identifiable assets acquired: Cash and cash equivalents $ 21,187 $ — 21,187 CDs held for investment 2,973 — 2,973 FHLB stock 205 — 205 Investment securities held to maturity 19,891 (189 ) 19,702 Investment securities available for sale 5,022 — 5,022 Loans receivable 123,627 (2,083 ) 121,544 Premises and equipment 3,225 112 3,337 OREO 25 — 25 Accrued interest receivable 554 — 554 BOLI 2,629 — 2,629 CDI — 2,483 2,483 MSRs 285 (4 ) 281 Other assets 1,087 (511 ) 576 Total assets 180,710 (192 ) 180,518 Liabilities assumed: Deposits 151,378 160 151,538 Other liabilities and accrued expenses 3,291 — 3,291 Total liabilities assumed 154,669 160 154,829 Total identifiable net assets acquired $ 26,041 $ (352 ) 25,689 Goodwill recognized $ 9,481 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Investments [Abstract] | |
Marketable Securities | Held to maturity and available for sale investment securities have been classified according to management’s intent and were as follows as of June 30, 2019 and September 30, 2018 (dollars in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2019 Held to maturity Mortgage-backed securities ("MBS"): U.S. government agencies $ 29,305 $ 966 $ (2 ) $ 30,269 Private label residential 345 499 (2 ) 842 U.S. Treasury and U.S government agency securities 7,995 — (15 ) 7,980 Total $ 37,645 $ 1,465 $ (19 ) $ 39,091 Available for sale MBS: U.S. government agencies $ 2,013 $ 22 $ (7 ) $ 2,028 Total $ 2,013 $ 22 $ (7 ) $ 2,028 September 30, 2018 Held to maturity MBS: U.S. government agencies $ 1,385 $ 8 $ (21 ) $ 1,372 Private label residential 460 552 (2 ) 1,010 U.S. Treasury and U.S. government agency securities 10,965 — (83 ) 10,882 Total $ 12,810 $ 560 $ (106 ) $ 13,264 Available for sale MBS: U.S. government agencies $ 231 $ 7 $ (1 ) $ 237 Mutual funds 1,000 — (83 ) 917 Total $ 1,231 $ 7 $ (84 ) $ 1,154 |
Unrealized Gain (Loss) on Investments | Held to maturity and available for sale investment securities with unrealized losses were as follows as of June 30, 2019 (dollars in thousands): Less Than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Held to maturity MBS: U.S. government agencies $ 64 $ (1 ) 2 $ 53 $ (1 ) 5 $ 117 $ (2 ) Private label residential 2 — 1 38 (2 ) 7 40 (2 ) U.S. Treasury and U.S. government agency securities 4,996 (1 ) 1 2,984 (14 ) 1 7,980 (15 ) Total $ 5,062 $ (2 ) 4 $ 3,075 $ (17 ) 13 $ 8,137 $ (19 ) Available for sale MBS: U.S. government agencies $ 1,074 $ (7 ) 1 $ — $ — — $ 1,074 $ (7 ) Total $ 1,074 $ (7 ) 1 $ — $ — — $ 1,074 $ (7 ) Held to maturity and available for sale investment securities with unrealized losses were as follows as of September 30, 2018 (dollars in thousands): Less Than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Held to maturity MBS: U.S. government agencies $ 954 $ (20 ) 2 $ 64 $ (1 ) 5 $ 1,018 $ (21 ) Private label residential — — — 50 (2 ) 8 50 (2 ) U.S. Treasury and U.S. government agency securities 7,946 (22 ) 2 2,935 (61 ) 1 10,881 (83 ) Total $ 8,900 $ (42 ) 4 $ 3,049 $ (64 ) 14 $ 11,949 $ (106 ) Available for sale MBS: U.S. government agencies $ 34 $ (1 ) 1 $ — $ — — $ 34 $ (1 ) Mutual funds — — — 917 (83 ) 1 917 (83 ) Total $ 34 $ (1 ) 1 $ 917 $ (83 ) 1 $ 951 $ (84 ) |
Schedule of Significant Inputs Utilized to Measure Estimate of Credit Loss Component on OTTI Securities | The following table presents a summary of the significant inputs utilized to measure management’s estimates of the credit loss component on OTTI securities as of June 30, 2019 and 2018: Range Weighted Minimum Maximum Average June 30, 2019 Constant prepayment rate 6.00 % 15.00 % 11.52 % Collateral default rate — % 11.28 % 5.28 % Loss severity rate — % 78.00 % 37.73 % June 30, 2018 Constant prepayment rate 6.00 % 15.00 % 11.58 % Collateral default rate — % 12.31 % 5.51 % Loss severity rate — % 74.00 % 42.49 % |
Other than Temporary Impairment, Credit Losses Recognized in Earnings | The following table presents the OTTI recoveries (losses) for the three and nine months ended June 30, 2019 and 2018 (dollars in thousands): Three Months Ended Three Months Ended Held To Maturity Available For Sale Held To Maturity Available For Sale Total recoveries $ 14 $ — $ 19 $ — Adjustment for portion of OTTI transferred from other comprehensive income (loss) before income taxes (1) — — — — Net recoveries recognized in earnings (2) $ 14 $ — $ 19 $ — Nine Months Ended Nine Months Ended Held To Maturity Available For Sale Held To Maturity Available For Sale Total recoveries $ 46 $ — $ 60 $ — Adjustment for portion of OTTI transferred from other comprehensive income (loss) before income taxes (1) (12 ) — (5 ) — Net recoveries recognized in earnings (2) $ 34 $ — $ 55 $ — _________________ (1) Represents OTTI related to all other factors. (2) Represents OTTI related to credit losses. The following table presents a roll forward of the credit loss component of held to maturity and available for sale debt securities that have been written down for OTTI with the credit loss component recognized in earnings for the nine months ended June 30, 2019 and 2018 (dollars in thousands): Nine Months Ended June 30, 2019 2018 Beginning balance of credit loss $ 1,153 $ 1,301 Additions: Additional increases to the amount related to credit loss for which OTTI was previously recognized 13 14 Subtractions: Realized losses previously recorded as credit losses (16 ) (69 ) Recovery of prior credit loss (47 ) (55 ) Ending balance of credit loss $ 1,103 $ 1,191 |
Schedule of Contractual Maturities of Debt Securities | The contractual maturities of debt securities at June 30, 2019 were as follows (dollars in thousands). Expected maturities may differ from scheduled maturities due to the prepayment of principal or call provisions. Held to Maturity Available for Sale Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 8,034 $ 8,019 $ — $ — Due after one year to five years 1,028 1,032 156 156 Due after five years to ten years 5,945 6,245 188 189 Due after ten years 22,638 23,795 1,669 1,683 Total $ 37,645 $ 39,091 $ 2,013 $ 2,028 |
Loans Receivable And Allowanc_2
Loans Receivable And Allowance For Loan Losses (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Schedule of Loans receivable and Loans held for sale | Loans receivable by portfolio segment consisted of the following at June 30, 2019 and September 30, 2018 (dollars in thousands): June 30, September 30, Amount Percent Amount Percent Mortgage loans: One- to four-family (1) $ 129,050 13.2 % $ 115,941 14.1 % Multi-family 70,374 7.2 61,928 7.5 Commercial 418,778 42.7 345,113 42.0 Construction - custom and owner/builder 130,516 13.3 119,555 14.6 Construction - speculative one- to four-family 18,165 1.9 15,433 1.9 Construction - commercial 41,805 4.3 39,590 4.8 Construction - multi-family 29,400 2.9 10,740 1.3 Construction - land development 3,047 0.3 3,040 0.4 Land 26,653 2.7 25,546 3.1 Total mortgage loans 867,788 88.5 736,886 89.8 Consumer loans: Home equity and second mortgage 42,204 4.3 37,341 4.5 Other 4,450 0.5 3,515 0.5 Total consumer loans 46,654 4.8 40,856 5.0 Commercial business loans 65,185 6.7 43,053 5.2 Total loans receivable 979,627 100.0 % 820,795 100.0 % Less: Undisbursed portion of construction loans in process 93,176 83,237 Deferred loan origination fees, net 2,838 2,637 Allowance for loan losses 9,631 9,530 105,645 95,404 Loans receivable, net $ 873,982 $ 725,391 _____________________________ (1) Does not include one- to four-family loans held for sale totaling $3,338 and $1,785 at June 30, 2019 and September 30, 2018, respectively. |
Schedule of Allowance for Loan Losses | The following tables set forth information for the three and nine months ended June 30, 2019 and 2018 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands): Three Months Ended June 30, 2019 Beginning Allowance Provision for (Recapture of) Loan Losses Charge- offs Recoveries Ending Allowance Mortgage loans: One- to four-family $ 1,154 $ (36 ) $ — $ — $ 1,118 Multi-family 470 (32 ) — — 438 Commercial 4,122 (70 ) — — 4,052 Construction – custom and owner/builder 666 36 — — 702 Construction – speculative one- to four-family 249 (28 ) — — 221 Construction – commercial 384 — — — 384 Construction – multi-family 272 95 — — 367 Construction – land development 244 (118 ) — — 126 Land 649 48 (46 ) 5 656 Consumer loans: Home equity and second mortgage 667 (21 ) (1 ) — 645 Other 112 (25 ) (1 ) 1 87 Commercial business loans 752 151 (93 ) 25 835 Total $ 9,741 $ — $ (141 ) $ 31 $ 9,631 Nine Months Ended June 30, 2019 Beginning Allowance Provision for (Recapture of) Loan Losses Charge- offs Recoveries Ending Allowance Mortgage loans: One-to four-family $ 1,086 $ (35 ) $ — $ 67 $ 1,118 Multi-family 433 5 — — 438 Commercial 4,248 (346 ) — 150 4,052 Construction – custom and owner/builder 671 31 — — 702 Construction – speculative one- to four-family 178 43 — — 221 Construction – commercial 563 (179 ) — — 384 Construction – multi-family 135 232 — — 367 Construction – land development 49 77 — — 126 Land 844 (155 ) (46 ) 13 656 Consumer loans: Home equity and second mortgage 649 1 (5 ) — 645 Other 117 (29 ) (4 ) 3 87 Commercial business loans 557 355 (102 ) 25 835 Total $ 9,530 $ — $ (157 ) $ 258 $ 9,631 Three Months Ended June 30, 2018 Beginning Allowance Provision for (Recapture of) Loan Losses Charge- offs Recoveries Ending Allowance Mortgage loans: One- to four-family $ 1,060 $ (33 ) $ — $ — $ 1,027 Multi-family 386 21 — — 407 Commercial 4,198 (15 ) — — 4,183 Construction – custom and owner/builder 705 (38 ) — — 667 Construction – speculative one- to four-family 99 34 — — 133 Construction – commercial 445 74 — — 519 Construction – multi-family 284 (137 ) — — 147 Construction – land development 48 32 — — 80 Land 691 64 (16 ) 5 744 Consumer loans: Home equity and second mortgage 945 1 — — 946 Other 120 2 (1 ) — 121 Commercial business loans 563 (5 ) — — 558 Total $ 9,544 $ — $ (17 ) $ 5 $ 9,532 Nine Months Ended June 30, 2018 Beginning Allowance Provision for (Recapture of) Loan Losses Charge- offs Recoveries Ending Allowance Mortgage loans: One-to four-family $ 1,082 $ (55 ) $ — $ — $ 1,027 Multi-family 447 (40 ) — — 407 Commercial 4,184 27 (28 ) — 4,183 Construction – custom and owner/builder 699 (32 ) — — 667 Construction – speculative one- to four-family 128 (6 ) — 11 133 Construction – commercial 303 216 — — 519 Construction – multi-family 173 (26 ) — — 147 Construction – land development — 80 — — 80 Land 918 (172 ) (16 ) 14 744 Consumer loans: Home equity and second mortgage 983 (37 ) — — 946 Other 121 2 (3 ) 1 121 Commercial business loans 515 43 — — 558 Total $ 9,553 $ — $ (47 ) $ 26 $ 9,532 |
Schedule of loans evaluated individually for impairment and collectively evaluated for impairment in the allowance for loan losses | The following tables present information on the loans evaluated individually and collectively for impairment in the allowance for loan losses by portfolio segment at June 30, 2019 and September 30, 2018 (dollars in thousands): Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total June 30, 2019 Mortgage loans: One- to four-family $ — $ 1,118 $ 1,118 $ 1,220 $ 127,830 $ 129,050 Multi-family — 438 438 — 70,374 70,374 Commercial — 4,052 4,052 3,255 415,523 418,778 Construction – custom and owner/builder — 702 702 — 70,237 70,237 Construction – speculative one- to four-family — 221 221 — 10,545 10,545 Construction – commercial — 384 384 — 27,567 27,567 Construction – multi-family — 367 367 — 18,418 18,418 Construction – land development — 126 126 — 2,990 2,990 Land 37 619 656 422 26,231 26,653 Consumer loans: Home equity and second mortgage — 645 645 606 41,598 42,204 Other 8 79 87 14 4,436 4,450 Commercial business loans 214 621 835 749 64,436 65,185 Total $ 259 $ 9,372 $ 9,631 $ 6,266 $ 880,185 $ 886,451 September 30, 2018 Mortgage loans: One- to four-family $ — $ 1,086 $ 1,086 $ 1,054 $ 114,887 $ 115,941 Multi-family — 433 433 — 61,928 61,928 Commercial — 4,248 4,248 2,446 342,667 345,113 Construction – custom and owner/builder — 671 671 — 67,024 67,024 Construction – speculative one- to four-family — 178 178 — 7,107 7,107 Construction – commercial — 563 563 — 23,440 23,440 Construction – multi-family — 135 135 — 5,983 5,983 Construction – land development — 49 49 — 1,567 1,567 Land 34 810 844 243 25,303 25,546 Consumer loans: Home equity and second mortgage — 649 649 359 36,982 37,341 Other — 117 117 — 3,515 3,515 Commercial business loans 63 494 557 170 42,883 43,053 Total $ 97 $ 9,433 $ 9,530 $ 4,272 $ 733,286 $ 737,558 |
Past Due Status of Loans Receivable | The following tables present an analysis of loans by aging category and portfolio segment at June 30, 2019 and September 30, 2018 (dollars in thousands): 30–59 Days Past Due 60-89 Days Past Due Non- Accrual (1) Past Due 90 Days or More and Still Accruing Total Past Due Current Total Loans June 30, 2019 Mortgage loans: One- to four-family $ 161 $ — $ 723 $ — $ 884 $ 128,166 $ 129,050 Multi-family — — — — — 70,374 70,374 Commercial — — 836 — 836 417,942 418,778 Construction – custom and owner/builder — — — — — 70,237 70,237 Construction – speculative one- to four- family — — — — — 10,545 10,545 Construction – commercial — — — — — 27,567 27,567 Construction – multi-family — — — — — 18,418 18,418 Construction – land development — — — — — 2,990 2,990 Land — — 422 — 422 26,231 26,653 Consumer loans: Home equity and second mortgage — — 606 — 606 41,598 42,204 Other 10 — 14 — 24 4,426 4,450 Commercial business loans — — 749 — 749 64,436 65,185 Total $ 171 $ — $ 3,350 $ — $ 3,521 $ 882,930 $ 886,451 September 30, 2018 Mortgage loans: One- to four-family $ 557 $ — $ 545 $ — $ 1,102 $ 114,839 $ 115,941 Multi-family — — — — — 61,928 61,928 Commercial 574 — — — 574 344,539 345,113 Construction – custom and owner/ — — — — — 67,024 67,024 Construction – speculative one- to four- family — — — — — 7,107 7,107 Construction – commercial — — — — — 23,440 23,440 Construction – multi-family — — — — — 5,983 5,983 Construction – land development — — — — — 1,567 1,567 Land 40 — 243 — 283 25,263 25,546 Consumer loans: Home equity and second mortgage 42 — 359 — 401 36,940 37,341 Other 10 16 — — 26 3,489 3,515 Commercial business loans — — 170 — 170 42,883 43,053 Total $ 1,223 $ 16 $ 1,317 $ — $ 2,556 $ 735,002 $ 737,558 ______________________ (1) Includes non-accrual loans past due 90 days or more and other loans classified as non-accrual. |
Financing Receivable Credit Quality Indicators | The following tables present an analysis of loans by credit quality indicator and portfolio segment at June 30, 2019 and September 30, 2018 (dollars in thousands): Loan Grades June 30, 2019 Pass Watch Special Substandard Total Mortgage loans: One- to four-family $ 126,094 $ 302 $ 566 $ 2,088 $ 129,050 Multi-family 70,374 — — — 70,374 Commercial 408,798 8,237 636 1,107 418,778 Construction – custom and owner/builder 70,004 233 — — 70,237 Construction – speculative one- to four-family 10,545 — — — 10,545 Construction – commercial 27,567 — — — 27,567 Construction – multi-family 18,418 — — — 18,418 Construction – land development 2,766 — — 224 2,990 Land 24,049 956 1,226 422 26,653 Consumer loans: Home equity and second mortgage 41,369 42 — 793 42,204 Other 4,402 34 — 14 4,450 Commercial business loans 64,374 13 49 749 65,185 Total $ 868,760 $ 9,817 $ 2,477 $ 5,397 $ 886,451 September 30, 2018 Mortgage loans: One- to four-family $ 113,148 $ 882 $ 581 $ 1,330 $ 115,941 Multi-family 61,928 — — — 61,928 Commercial 334,908 8,375 988 842 345,113 Construction – custom and owner/builder 66,720 304 — — 67,024 Construction – speculative one- to four-family 7,107 — — — 7,107 Construction – commercial 23,440 — — — 23,440 Construction – multi-family 5,983 — — — 5,983 Construction – land development 1,567 — — — 1,567 Land 22,810 988 1,505 243 25,546 Consumer loans: Home equity and second mortgage 36,697 82 — 562 37,341 Other 3,480 — — 35 3,515 Commercial business loans 42,812 22 49 170 43,053 Total $ 720,600 $ 10,653 $ 3,123 $ 3,182 $ 737,558 |
Impaired Loans Receivable | The following table is a summary of information related to impaired loans by portfolio segment as of June 30, 2019 and for the three and nine months then ended (dollars in thousands): Recorded Investment Unpaid Principal Balance (Loan Balance Plus Charge Off) Related Allowance Quarter to Date ("QTD") Average Recorded Investment (1) Year to Date ("YTD") Average Recorded Investment (2) QTD Interest Income Recognized (1) YTD Interest Income Recognized (2) QTD Cash Basis Interest Income Recognized (1) YTD Cash Basis Interest Income Recognized (2) With no related allowance recorded: Mortgage loans: One- to four-family $ 1,220 $ 1,301 $ — $ 1,145 $ 1,089 $ 18 $ 53 $ 15 $ 47 Commercial 3,255 3,255 — 3,263 2,852 78 158 70 132 Land 279 393 — 174 109 3 3 3 3 Consumer loans: Home equity and second mortgage 606 606 — 474 423 — — — — Commercial business loans 200 208 — 203 130 18 20 18 20 Subtotal 5,560 5,763 — 5,259 4,603 117 234 106 202 With an allowance recorded: Mortgage loans: Land 143 143 37 268 233 — — — — Consumer loans: Home equity and second mortgage — — — — 38 — — — — Other 14 14 8 15 7 — — — — Commercial business loans 549 549 214 430 304 — 25 — 25 Subtotal 706 706 259 713 582 — 25 — 25 Total: Mortgage loans: One- to four-family 1,220 1,301 — 1,145 1,089 18 53 15 47 Commercial 3,255 3,255 — 3,263 2,852 78 158 70 132 Land 422 536 37 442 342 3 3 3 3 Consumer loans: Home equity and second mortgage 606 606 — 474 461 — — — — Other 14 14 8 15 7 — — — — Commercial business loans 749 757 214 633 434 18 45 18 45 Total $ 6,266 $ 6,469 $ 259 $ 5,972 $ 5,185 $ 117 $ 259 $ 106 $ 227 ______________________________________________ (1) For the three months ended June 30, 2019 . (2) For the nine months ended June 30, 2019. The following table is a summary of information related to impaired loans by portfolio segment as of and for the year ended September 30, 2018 (dollars in thousands): Recorded Investment Unpaid Principal Balance (Loan Balance Plus Charge Off) Related Allowance Average Recorded Investment (1) Interest Income Recognized (1) Cash Basis Interest Income Recognized (1) With no related allowance recorded: Mortgage loans: One- to four-family $ 1,054 $ 1,200 $ — $ 1,422 $ 80 $ 69 Commercial 2,446 2,446 — 2,389 121 93 Land 90 195 — 283 11 10 Consumer loans: Home equity and second mortgage 359 359 — 210 3 3 Subtotal 3,949 4,200 — 4,304 215 175 With an allowance recorded: Mortgage loans: One- to four-family — — — 9 — — Commercial — — — 760 28 21 Land 153 153 34 383 9 8 Consumer loans: Home equity and second mortgage — — — 310 16 13 Commercial business loans 170 170 63 141 — — Subtotal 323 323 97 1,603 53 42 Total: Mortgage loans: One- to four-family 1,054 1,200 — 1,431 80 69 Commercial 2,446 2,446 — 3,149 149 114 Land 243 348 34 666 20 18 Consumer loans: Home equity and second mortgage 359 359 — 520 19 16 Commercial business loans 170 170 63 141 — — Total $ 4,272 $ 4,523 $ 97 $ 5,907 $ 268 $ 217 ______________________________________________ (1) For the year ended September 30, 2018. |
Schedule of Troubled Debt Restructured Loans by Interest Accrual Status | The following tables set forth information with respect to the Company’s TDRs by interest accrual status as of June 30, 2019 and September 30, 2018 (dollars in thousands): June 30, 2019 Accruing Non- Accrual Total Mortgage loans: One- to four-family $ 497 $ 143 $ 640 Commercial 2,419 — 2,419 Commercial business loans — 149 149 Total $ 2,916 $ 292 $ 3,208 September 30, 2018 Accruing Non- Accrual Total Mortgage loans: One- to four-family $ 509 $ — $ 509 Commercial 2,446 — 2,446 Land — 153 153 Commercial business loans — 170 170 Total $ 2,955 $ 323 $ 3,278 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings per Share | Information regarding the calculation of basic and diluted net income per common share for the three and nine months ended June 30, 2019 and 2018 is as follows (dollars in thousands, except per share amounts): Three Months Ended June 30, Nine Months Ended June 30, 2019 2018 2019 2018 Basic net income per common share computation Numerator – net income $ 5,956 $ 4,416 $ 17,685 $ 12,299 Denominator – weighted average common shares outstanding 8,338,637 7,345,618 8,313,913 7,328,702 Basic net income per common share $ 0.71 $ 0.60 $ 2.13 $ 1.68 Diluted net income per common share computation Numerator – net income $ 5,956 $ 4,416 $ 17,685 $ 12,299 Denominator – weighted average common shares outstanding 8,338,637 7,345,618 8,313,913 7,328,702 Effect of dilutive stock options (1) 143,723 189,539 154,299 189,745 Weighted average common shares outstanding - assuming dilution 8,482,360 7,535,157 8,468,212 7,518,447 Diluted net income per common share $ 0.70 $ 0.59 $ 2.09 $ 1.64 ____________________________________________ (1) For the three and nine months ended June 30, 2019, average options to purchase 102,050 and 102,353 shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per share because their effect would have been anti-dilutive. For the three months ended June 30, 2018, there were no options to purchase shares of common stock that were omitted from the computation of diluted earnings per share because their effect would be anti-dilutive. For the nine months ended June 30, 2018, average options to purchase 38,709 shares of common stock were outstanding but not included in the computation of diluted net income per share because their effect would have been anti-dilutive. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive loss ("AOCI") by component during the three and nine months ended June 30, 2019 and 2018 are as follows (dollars in thousands): Three Months Ended June 30, 2019 Changes in fair value of available for sale securities (1) Changes in OTTI on held to maturity securities (1) Total (1) Balance of AOCI at the beginning of period $ 3 $ (48 ) $ (45 ) Other comprehensive income 9 3 12 Balance of AOCI at the end of period $ 12 $ (45 ) $ (33 ) Nine Months Ended June 30, 2019 Changes in fair value of available for sale securities (1) Changes in OTTI on held to maturity securities (1) Total (1) Balance of AOCI at the beginning of period $ (58 ) $ (71 ) $ (129 ) Other comprehensive income 7 26 33 Adoption of ASU 2016-01 63 — 63 Balance of AOCI at the end of period $ 12 $ (45 ) $ (33 ) Three Months Ended June 30, 2018 Changes in fair value of available for sale securities (1) Changes in OTTI on held to maturity securities (1) Total (1) Balance of AOCI at the beginning of period $ (44 ) $ (88 ) $ (132 ) Other comprehensive income (loss) (7 ) 5 (2 ) Balance of AOCI at the end of period $ (51 ) $ (83 ) $ (134 ) Nine Months Ended June 30, 2018 Changes in fair value of available for sale securities (1) Changes in OTTI on held to maturity securities (1) Total (1) Balance of AOCI at the beginning of period $ (19 ) $ (105 ) $ (124 ) Other comprehensive income (loss) (32 ) 22 (10 ) Balance of AOCI at the end of period $ (51 ) $ (83 ) $ (134 ) __________________________ (1) All amounts are net of income taxes. |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Stock option activity for the nine months ended June 30, 2019 and 2018 is summarized as follows: Nine Months Ended Nine Months Ended Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Options outstanding, beginning of period 380,820 $ 16.03 380,120 $ 13.23 Exercised (37,756 ) 9.00 (34,850 ) 8.39 Forfeited (3,900 ) 18.63 (5,150 ) 13.39 Options outstanding, end of period 339,164 $ 16.79 340,120 $ 13.73 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | Additional information regarding options outstanding at June 30, 2019 is as follows: Options Outstanding Options Exercisable Range of Exercise Prices ($) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) $ 4.01 - 4.55 2,500 $ 4.33 1.2 2,500 $ 4.33 1.2 5.86 - 6.00 19,850 5.97 3.3 19,850 5.97 3.3 9.00 52,775 9.00 4.3 52,775 9.00 4.3 10.26 - 10.71 113,189 10.58 5.8 79,989 10.55 5.7 15.67 48,800 15.67 7.3 17,000 15.67 7.3 29.69 56,100 29.69 8.3 11,300 29.69 8.3 31.80 45,950 31.80 9.3 — N/A N/A 339,164 $ 16.79 6.5 183,414 $ 11.18 5.3 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The Company's assets measured at estimated fair value on a recurring basis at June 30, 2019 and September 30, 2018 were as follows (dollars in thousands): June 30, 2019 Estimated Fair Value Level 1 Level 2 Level 3 Total Available for sale investment securities MBS: U.S. government agencies $ — $ 2,028 $ — $ 2,028 Investments in equity securities Mutual funds 951 — — 951 Total $ 951 $ 2,028 $ — $ 2,979 September 30, 2018 Estimated Fair Value Level 1 Level 2 Level 3 Total Available for sale investment securities MBS: U.S. government agencies $ — $ 237 $ — $ 237 Mutual funds 917 — — 917 Total $ 917 $ 237 $ — $ 1,154 |
Balances of Assets Measured at Estimated Fair Value, Nonrecurring Basis | The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at June 30, 2019 (dollars in thousands): Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans: Mortgage loans: Land $ — $ — $ 106 Consumer loans: Other — — 6 Commercial business loans — — 335 Total impaired loans — — 447 Investment securities – held to maturity: MBS - private label residential — 17 — OREO and other repossessed assets — — 1,719 Total $ — $ 17 $ 2,166 The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2018 (dollars in thousands): Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans: Mortgage loans: Land $ — $ — $ 119 Consumer loans: Commercial business loans — — 107 Total impaired loans — — 226 Investment securities – held to maturity: MBS - private label residential — 3 — OREO and other repossessed assets — — 1,913 Total $ — $ 3 $ 2,139 |
Level 3 Fair Value Measurements, Nonrecurring Basis | The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis as of June 30, 2019 (dollars in thousands): Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Impaired loans $ 447 Market approach Appraised value less estimated selling costs NA OREO and other repossessed assets $ 1,719 Market approach Lower of appraised value or listing price less estimated selling costs NA The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis as of September 30, 2018 (dollars in thousands): Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Impaired loans $ 226 Market approach Appraised value less estimated selling costs NA OREO and other repossessed assets $ 1,913 Market approach Lower of appraised value or listing price less estimated selling costs NA |
Balances of Assets and Liabilities Measured at Estimated Fair Value, Recurring Basis | The recorded amounts and estimated fair values of financial instruments were as follows as of June 30, 2019 and September 30, 2018 (dollars in thousands): June 30, 2019 Fair Value Measurements Using: Recorded Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 170,835 $ 170,835 $ 170,835 $ — $ — CDs held for investment 81,184 81,184 81,184 — — Investment securities 40,624 42,070 8,931 33,139 — FHLB stock 1,437 1,437 1,437 — — Other investments 3,000 3,000 3,000 — — Loans held for sale 3,338 3,411 3,411 — — Loans receivable, net 873,982 873,520 — — 873,520 Accrued interest receivable 3,759 3,759 3,759 — — Financial liabilities Time deposits 164,193 165,086 — — 165,086 Accrued interest payable 310 310 310 — — September 30, 2018 Fair Value Measurements Using: Recorded Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 148,864 $ 148,864 $ 148,864 $ — $ — CDs held for investment 63,290 63,290 63,290 — — Investment securities 13,964 14,418 8,812 5,606 — FHLB stock 1,190 1,190 1,190 — — Other investments 3,000 3,000 3,000 — — Loans held for sale 1,785 1,814 1,814 — — Loans receivable, net 725,391 711,071 — — 711,071 Accrued interest receivable 2,877 2,877 2,877 — — Financial liabilities Time deposits 141,808 140,831 — — 140,831 Accrued interest payable 225 225 225 — — |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Details) | 9 Months Ended |
Jun. 30, 2019segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 01, 2018 | Sep. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 |
Business Acquisition [Line Items] | |||||
Business combination, number of shares transferred (shares) | 904,826 | ||||
Goodwill acquired | $ 9,481 | ||||
South Sound Merger | |||||
Business Acquisition [Line Items] | |||||
Business combination, number of shares transferred (shares) | 904,826 | ||||
Issued, value assigned | $ 28,270 | ||||
Business combination, share price (dollars per share) | $ 31.24 | ||||
Cash paid | $ 6,900 | ||||
Total merger consideration | 35,170 | ||||
Goodwill acquired | $ 9,480 | ||||
Acquisition related costs | $ 328 | $ 447 | $ 317 | ||
Timberland Bank | South Sound Merger | |||||
Business Acquisition [Line Items] | |||||
Shares issued (in dollars per share) | $ 0.746 | ||||
South Sound Bank | South Sound Merger | |||||
Business Acquisition [Line Items] | |||||
Shares issued (in dollars per share) | $ 5.68825 | ||||
Acquisition related costs | $ 143 | ||||
Forecast | South Sound Merger | |||||
Business Acquisition [Line Items] | |||||
Acquisition related costs | $ 450 |
Business Combinations - Assets
Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Oct. 01, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Business Acquisition [Line Items] | |||
Total assets | $ 180,518 | $ 0 | |
Total liabilities assumed | 154,829 | $ 0 | |
Addition as a result of the South Sound Merger (see Note 2) | $ 9,481 | ||
South Sound Merger | |||
Business Acquisition [Line Items] | |||
Total merger consideration | $ 35,170 | ||
Addition as a result of the South Sound Merger (see Note 2) | 9,480 | ||
Book Value | South Sound Merger | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 21,187 | ||
CDs held for investment | 2,973 | ||
FHLB stock | 205 | ||
Investment securities held to maturity | 19,891 | ||
Investment securities available for sale | 5,022 | ||
Loans receivable | 123,627 | ||
Premises and equipment | 3,225 | ||
OREO | 25 | ||
Accrued interest receivable | 554 | ||
BOLI | 2,629 | ||
CDI | 0 | ||
MSRs | 285 | ||
Other assets | 1,087 | ||
Total assets | 180,710 | ||
Deposits | 151,378 | ||
Other liabilities and accrued expenses | 3,291 | ||
Total liabilities assumed | 154,669 | ||
Total identifiable net assets acquired | 26,041 | ||
Fair Value Adjustment | South Sound Merger | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 0 | ||
CDs held for investment | 0 | ||
FHLB stock | 0 | ||
Investment securities held to maturity | (189) | ||
Investment securities available for sale | 0 | ||
Loans receivable | (2,083) | ||
Premises and equipment | 112 | ||
OREO | 0 | ||
Accrued interest receivable | 0 | ||
BOLI | 0 | ||
CDI | 2,483 | ||
MSRs | (4) | ||
Other assets | (511) | ||
Total assets | (192) | ||
Deposits | 160 | ||
Other liabilities and accrued expenses | 0 | ||
Total liabilities assumed | 160 | ||
Total identifiable net assets acquired | (352) | ||
Estimated Fair Value | South Sound Merger | |||
Business Acquisition [Line Items] | |||
Total merger consideration | 35,170 | ||
Cash and cash equivalents | 21,187 | ||
CDs held for investment | 2,973 | ||
FHLB stock | 205 | ||
Investment securities held to maturity | 19,702 | ||
Investment securities available for sale | 5,022 | ||
Loans receivable | 121,544 | ||
Premises and equipment | 3,337 | ||
OREO | 25 | ||
Accrued interest receivable | 554 | ||
BOLI | 2,629 | ||
CDI | 2,483 | ||
MSRs | 281 | ||
Other assets | 576 | ||
Total assets | 180,518 | ||
Deposits | 151,538 | ||
Other liabilities and accrued expenses | 3,291 | ||
Total liabilities assumed | 154,829 | ||
Total identifiable net assets acquired | 25,689 | ||
Addition as a result of the South Sound Merger (see Note 2) | $ 9,481 |
Business Combinations - Net Eff
Business Combinations - Net Effect of Acquisition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Business Acquisition [Line Items] | ||||
Interest income: Interest and fees on loans | $ 12,459 | $ 9,530 | $ 36,457 | $ 28,342 |
Interest expense | (1,248) | (730) | (3,332) | (1,996) |
Non-interest income | 3,538 | 3,145 | 10,744 | 9,364 |
Non-interest expense | (8,967) | $ (7,122) | (26,807) | (21,519) |
Accretion of discount on purchased loans | (457) | 0 | ||
South Sound Merger | ||||
Business Acquisition [Line Items] | ||||
Interest income: Interest and fees on loans | 1,739 | 5,345 | ||
Interest income: Interest and dividends on investment securities and FHLB stock | 129 | 515 | ||
Interest income: Other interest earning assets | 205 | 474 | ||
Interest expense | (200) | (484) | ||
Provision for loan losses | 0 | 0 | ||
Non-interest income | 138 | 408 | ||
Non-interest expense | (1,002) | (2,546) | ||
Net effect, pre-tax | 1,009 | 3,712 | ||
Accretion of discount on purchased loans | 69 | 457 | ||
Acquisition related costs | $ 328 | $ 447 | $ 317 |
Business Combinations - Pro For
Business Combinations - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Business Acquisition [Line Items] | ||||
Net income | $ 5,956 | $ 4,416 | $ 17,685 | $ 12,299 |
Basic (in dollars per share) | $ 0.71 | $ 0.60 | $ 2.13 | $ 1.68 |
Diluted (in dollars per share) | $ 0.70 | $ 0.59 | $ 2.09 | $ 1.64 |
Pro Forma | South Sound Merger | ||||
Business Acquisition [Line Items] | ||||
Total revenues (net interest income plus non-interest income) | $ 48,754 | $ 43,958 | ||
Net income | $ 18,038 | $ 13,824 | ||
Basic (in dollars per share) | $ 2.17 | $ 1.68 | ||
Diluted (in dollars per share) | $ 2.13 | $ 1.64 |
Investment Securities_ Marketab
Investment Securities: Marketable Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Held to maturity | ||
Amortized Cost | $ 37,645 | $ 12,810 |
Gross Unrealized Gains | 1,465 | 560 |
Gross Unrealized Losses | (19) | (106) |
Estimated Fair Value | 39,091 | 13,264 |
Available for sale | ||
Amortized Cost | 1,231 | |
Gross Unrealized Gains | 7 | |
Gross Unrealized Losses | (84) | |
Estimated Fair Value | 2,979 | 1,154 |
Mortgage-backed Securities, U.S. government agencies | ||
Held to maturity | ||
Amortized Cost | 29,305 | 1,385 |
Gross Unrealized Gains | 966 | 8 |
Gross Unrealized Losses | (2) | (21) |
Estimated Fair Value | 30,269 | 1,372 |
Available for sale | ||
Amortized Cost | 2,013 | 231 |
Gross Unrealized Gains | 22 | 7 |
Gross Unrealized Losses | (7) | (1) |
Estimated Fair Value | 2,028 | 237 |
Mortgage-backed Securities, Private label residential | ||
Held to maturity | ||
Amortized Cost | 345 | 460 |
Gross Unrealized Gains | 499 | 552 |
Gross Unrealized Losses | (2) | (2) |
Estimated Fair Value | 842 | 1,010 |
Mutual funds | ||
Available for sale | ||
Amortized Cost | 1,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (83) | |
Estimated Fair Value | 917 | |
U.S. Treasury and U.S government agency securities | ||
Held to maturity | ||
Amortized Cost | 7,995 | 10,965 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (15) | (83) |
Estimated Fair Value | $ 7,980 | $ 10,882 |
Investment Securities_ Unrealiz
Investment Securities: Unrealized Gain (Loss) on Investments (Details) $ in Thousands | Jun. 30, 2019USD ($)security | Sep. 30, 2018USD ($)security |
Held-to-maturity Securities, Fair Value: | ||
Held to maturity, Less Than 12 Months, Estimated Fair Value | $ 5,062 | $ 8,900 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 3,075 | 3,049 |
Held to maturity, Total, Estimated Fair Value | 8,137 | 11,949 |
Held-to-maturity Securities, Gross Unrealized Losses | ||
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | (2) | (42) |
Held to maturity, 12 Months or Longer, Gross Unrealized Losses | (17) | (64) |
Held to maturity, Total, Gross Unrealized Losses | $ (19) | $ (106) |
Held to maturity, Less Than 12 Months, Quantity | security | 4 | 4 |
Held to maturity, 12 Months or Longer, Quantity | security | 13 | 14 |
Available-for-sale Securities, Fair Value: | ||
Available for sale, Less Than 12 Months, Estimated Fair Value | $ 1,074 | $ 34 |
Available for sale, 12 Months or Longer, Estimated Fair Value | 0 | 917 |
Available for sale, Total, Estimated Fair Value | 1,074 | 951 |
Available-for-sale Securities, Gross Unrealized Losses: | ||
Available for sale, Less Than 12 Months, Gross Unrealized Losses | (7) | (1) |
Available for sale, 12 Months or Longer, Gross Unrealized Losses | 0 | (83) |
Available for sale, Total, Gross Unrealized Losses | $ (7) | $ (84) |
Available-for-sale, Less than 12 Months, Quantity | security | 1 | 1 |
Available-for-sale, 12 Months or Longer, Quantity | security | 0 | 1 |
Mortgage-backed Securities, U.S. government agencies | ||
Held-to-maturity Securities, Fair Value: | ||
Held to maturity, Less Than 12 Months, Estimated Fair Value | $ 64 | $ 954 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 53 | 64 |
Held to maturity, Total, Estimated Fair Value | 117 | 1,018 |
Held-to-maturity Securities, Gross Unrealized Losses | ||
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | (1) | (20) |
Held to maturity, 12 Months or Longer, Gross Unrealized Losses | (1) | (1) |
Held to maturity, Total, Gross Unrealized Losses | $ (2) | $ (21) |
Held to maturity, Less Than 12 Months, Quantity | security | 2 | 2 |
Held to maturity, 12 Months or Longer, Quantity | security | 5 | 5 |
Available-for-sale Securities, Fair Value: | ||
Available for sale, Less Than 12 Months, Estimated Fair Value | $ 1,074 | $ 34 |
Available for sale, 12 Months or Longer, Estimated Fair Value | 0 | 0 |
Available for sale, Total, Estimated Fair Value | 1,074 | 34 |
Available-for-sale Securities, Gross Unrealized Losses: | ||
Available for sale, Less Than 12 Months, Gross Unrealized Losses | (7) | (1) |
Available for sale, 12 Months or Longer, Gross Unrealized Losses | 0 | 0 |
Available for sale, Total, Gross Unrealized Losses | $ (7) | $ (1) |
Available-for-sale, Less than 12 Months, Quantity | security | 1 | 1 |
Available-for-sale, 12 Months or Longer, Quantity | security | 0 | 0 |
Mortgage-backed Securities, Private label residential | ||
Held-to-maturity Securities, Fair Value: | ||
Held to maturity, Less Than 12 Months, Estimated Fair Value | $ 2 | $ 0 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 38 | 50 |
Held to maturity, Total, Estimated Fair Value | 40 | 50 |
Held-to-maturity Securities, Gross Unrealized Losses | ||
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | 0 | 0 |
Held to maturity, 12 Months or Longer, Gross Unrealized Losses | (2) | (2) |
Held to maturity, Total, Gross Unrealized Losses | $ (2) | $ (2) |
Held to maturity, Less Than 12 Months, Quantity | security | 1 | 0 |
Held to maturity, 12 Months or Longer, Quantity | security | 7 | 8 |
Available-for-sale Securities, Fair Value: | ||
Available for sale, Less Than 12 Months, Estimated Fair Value | $ 0 | |
Available for sale, 12 Months or Longer, Estimated Fair Value | 917 | |
Available for sale, Total, Estimated Fair Value | 917 | |
Available-for-sale Securities, Gross Unrealized Losses: | ||
Available for sale, Less Than 12 Months, Gross Unrealized Losses | 0 | |
Available for sale, 12 Months or Longer, Gross Unrealized Losses | (83) | |
Available for sale, Total, Gross Unrealized Losses | $ (83) | |
Available-for-sale, Less than 12 Months, Quantity | security | 0 | |
Available-for-sale, 12 Months or Longer, Quantity | security | 1 | |
U.S. Treasury and U.S. government agency securities | ||
Held-to-maturity Securities, Fair Value: | ||
Held to maturity, Less Than 12 Months, Estimated Fair Value | $ 4,996 | $ 7,946 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 2,984 | 2,935 |
Held to maturity, Total, Estimated Fair Value | 7,980 | 10,881 |
Held-to-maturity Securities, Gross Unrealized Losses | ||
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | (1) | (22) |
Held to maturity, 12 Months or Longer, Gross Unrealized Losses | (14) | (61) |
Held to maturity, Total, Gross Unrealized Losses | $ (15) | $ (83) |
Held to maturity, Less Than 12 Months, Quantity | security | 1 | 2 |
Held to maturity, 12 Months or Longer, Quantity | security | 1 | 1 |
Investment Securities_ Schedule
Investment Securities: Schedule of significant inputs utilized to measure management's estimate of the credit loss component on OTTI securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Recoveries (other than temporary impairment OTTI) on investment securities | $ (14) | $ (19) | $ (46) | $ (60) |
Net recoveries on investment securities | (14) | (19) | (34) | (55) |
Held-to-maturity Securities | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
Recoveries (other than temporary impairment OTTI) on investment securities | 14 | 19 | 46 | 60 |
Held to Maturity - adjustment for portion of OTTI recorded as OCI before income taxes | 0 | 0 | (12) | (5) |
Net recoveries on investment securities | 14 | 19 | 34 | 55 |
Available-for-sale Securities | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
AFS - OTTI | 0 | 0 | 0 | 0 |
AFS - - adjustment for portion of OTTI recorded as OCI before income taxes | 0 | 0 | 0 | 0 |
AFS - Net OTTI recognized in earnings | $ 0 | $ 0 | $ 0 | $ 0 |
Minimum | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
OTTI significant inputs - Constant prepayment rate | 6.00% | 6.00% | 6.00% | 6.00% |
OTTI significant inputs - Collateral default rate | 0.00% | 0.00% | 0.00% | 0.00% |
OTTI significant inputs - Loss severity rate | 0.00% | 0.00% | 0.00% | 0.00% |
Maximum | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
OTTI significant inputs - Constant prepayment rate | 15.00% | 15.00% | 15.00% | 15.00% |
OTTI significant inputs - Collateral default rate | 11.28% | 12.31% | 11.28% | 12.31% |
OTTI significant inputs - Loss severity rate | 78.00% | 74.00% | 78.00% | 74.00% |
Weighted Average | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||
OTTI significant inputs - Constant prepayment rate | 11.52% | 11.58% | 11.52% | 11.58% |
OTTI significant inputs - Collateral default rate | 5.28% | 5.51% | 5.28% | 5.51% |
OTTI significant inputs - Loss severity rate | 37.73% | 42.49% | 37.73% | 42.49% |
Investment Securities_ Other th
Investment Securities: Other than Temporary Impairment, Credit Losses Recognized in Earnings (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Beginning balance of credit loss | $ 1,153 | $ 1,301 |
Additional increases to the amount related to credit loss for which OTTI was previously recognized | 13 | 14 |
Realized losses previously recorded as credit losses | (16) | (69) |
Recovery of prior credit loss | (47) | (55) |
Ending balance of credit loss | $ 1,103 | $ 1,191 |
Investment Securities_ Narrativ
Investment Securities: Narrative-Realized Gains (Losses) (Details) $ in Thousands | 9 Months Ended | ||
Jun. 30, 2019USD ($)security | Jun. 30, 2018USD ($)security | Sep. 30, 2018USD ($) | |
Investments [Abstract] | |||
Loss on sale of securities | $ 16 | $ 69 | |
Held-to-maturity securities, realized loss, number of securities | security | 17 | 17 | |
Security owned and pledged as collateral | $ 11,590 | $ 12,100 |
Investment Securities_ Schedu_2
Investment Securities: Schedule of Contractual maturities of debt securities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 | |
Held-to-maturity Securities, Amortized Cost: | |||
Due within one year | $ 8,034 | ||
Due after one year to five years | 1,028 | ||
Due after five years to ten years | 5,945 | ||
Due after ten years | 22,638 | ||
Total | 37,645 | $ 12,810 | [1] |
Held-to-maturity Securities, Estimated Fair Value: | |||
Due within one year | 8,019 | ||
Due after one year to five years | 1,032 | ||
Due after five years to ten years | 6,245 | ||
Due after ten years | 23,795 | ||
Total | 39,091 | $ 13,264 | |
Available-for-sale Securities, Amortized Cost: | |||
Due within one year | 0 | ||
Due after one year to five years | 156 | ||
Due after five years to ten years | 188 | ||
Due after ten years | 1,669 | ||
Total | 2,013 | ||
Available-for-sale Securities, Estimated Fair Value: | |||
Due within one year | 0 | ||
Due after one year to five years | 156 | ||
Due after five years to ten years | 189 | ||
Due after ten years | 1,683 | ||
Total | $ 2,028 | ||
[1] | Derived from audited consolidated financial statements. |
Goodwill and CDI - Goodwill (De
Goodwill and CDI - Goodwill (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Jun. 30, 2019 | Sep. 30, 2018 | [1] | |
Goodwill [Roll Forward] | |||
Balance at the beginning of the period | $ 15,131 | $ 5,650 | |
Addition as a result of the South Sound Merger (see Note 2) | 9,481 | ||
Balance at the end of the period | $ 15,131 | ||
[1] | Derived from audited consolidated financial statements. |
Goodwill and CDI - CDI (Details
Goodwill and CDI - CDI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Finite-lived Intangible Assets [Roll Forward] | ||||
Amortization | $ (120) | $ 0 | $ (339) | $ 0 |
Core Deposits | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Balance at the beginning of the period | 0 | |||
Addition as a result of the South Sound Merger (see Note 2) | 2,483 | |||
Amortization | (339) | |||
Balance at the end of the period | $ 2,144 | $ 2,144 |
Loans Receivable And Allowanc_3
Loans Receivable And Allowance For Loan Losses: Schedule of Loans receivable and Loans held for sale (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans receivable | $ 979,627 | $ 820,795 | |
Undisbursed portion of construction loans in process | 93,176 | 83,237 | |
Deferred loan origination fees, net | 2,838 | 2,637 | |
Allowance for loan losses | 9,631 | 9,530 | |
Less: Loans in process, Deferred fees and Allowance for loan losses | 105,645 | 95,404 | |
Loans receivable, net | $ 873,982 | $ 725,391 | [1] |
Ratio of loan category to total loans receivable (percent) | 100.00% | 100.02239% | |
Total mortgage loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 867,788 | $ 736,886 | |
Ratio of loan category to total loans receivable (percent) | 88.50% | 89.80% | |
Mortgage loans, one-to-four family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 129,050 | $ 115,941 | |
Ratio of loan category to total loans receivable (percent) | 13.20% | 14.10% | |
Mortgage loans excluded | $ 3,338 | $ 1,785 | |
Mortgage loans, multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 70,374 | $ 61,928 | |
Ratio of loan category to total loans receivable (percent) | 7.20% | 7.50% | |
Mortgage loans, commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 418,778 | $ 345,113 | |
Ratio of loan category to total loans receivable (percent) | 42.70% | 42.00% | |
Mortgage loans, construction - custom and owner/builder | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 130,516 | $ 119,555 | |
Ratio of loan category to total loans receivable (percent) | 13.30% | 14.60% | |
Mortgage loans, construction - speculative one-to-four family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 18,165 | $ 15,433 | |
Ratio of loan category to total loans receivable (percent) | 1.90% | 1.90% | |
Mortgage loans, construction – commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 41,805 | $ 39,590 | |
Ratio of loan category to total loans receivable (percent) | 4.30% | 4.80% | |
Mortgage loans, construction - Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 29,400 | $ 10,740 | |
Ratio of loan category to total loans receivable (percent) | 2.90% | 1.30% | |
Mortgage loans, construction - Land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 3,047 | $ 3,040 | |
Ratio of loan category to total loans receivable (percent) | 0.30% | 0.40% | |
Mortgage loans, land | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 26,653 | $ 25,546 | |
Ratio of loan category to total loans receivable (percent) | 2.70% | 3.10% | |
Total consumer loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans | $ 46,654 | $ 40,856 | |
Ratio of loan category to total loans receivable (percent) | 4.80% | 5.00% | |
Consumer loans, home equity and second mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans | $ 42,204 | $ 37,341 | |
Ratio of loan category to total loans receivable (percent) | 4.30% | 4.50% | |
Consumer loans, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans | $ 4,450 | $ 3,515 | |
Ratio of loan category to total loans receivable (percent) | 0.50% | 0.50% | |
Commercial business loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial business loans | $ 65,185 | $ 43,053 | |
Ratio of loan category to total loans receivable (percent) | 6.70% | 5.20% | |
Consumer loans excluded | $ 0 | $ 0 | |
[1] | Derived from audited consolidated financial statements. |
Loans Receivable And Allowanc_4
Loans Receivable And Allowance For Loan Losses: Schedule of Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | $ 9,741 | $ 9,544 | $ 9,530 | $ 9,553 |
Provision for (Recapture of) Loan Losses | 0 | 0 | 0 | 0 |
Charge- offs | (141) | (17) | (157) | (47) |
Recoveries | 31 | 5 | 258 | 26 |
Allowance for loan losses, Ending Allowance | 9,631 | 9,532 | 9,631 | 9,532 |
Mortgage loans, one-to-four family | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 1,154 | 1,060 | 1,086 | 1,082 |
Provision for (Recapture of) Loan Losses | (36) | (33) | (35) | (55) |
Charge- offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 67 | 0 |
Allowance for loan losses, Ending Allowance | 1,118 | 1,027 | 1,118 | 1,027 |
Mortgage loans, multi-family | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 470 | 386 | 433 | 447 |
Provision for (Recapture of) Loan Losses | (32) | 21 | 5 | (40) |
Charge- offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, Ending Allowance | 438 | 407 | 438 | 407 |
Mortgage loans, commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 4,122 | 4,198 | 4,248 | 4,184 |
Provision for (Recapture of) Loan Losses | (70) | (15) | (346) | 27 |
Charge- offs | 0 | 0 | 0 | (28) |
Recoveries | 0 | 0 | 150 | 0 |
Allowance for loan losses, Ending Allowance | 4,052 | 4,183 | 4,052 | 4,183 |
Mortgage loans, construction - custom and owner/builder | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 666 | 705 | 671 | 699 |
Provision for (Recapture of) Loan Losses | 36 | (38) | 31 | (32) |
Charge- offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, Ending Allowance | 702 | 667 | 702 | 667 |
Mortgage loans, construction - speculative one-to-four family | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 249 | 99 | 178 | 128 |
Provision for (Recapture of) Loan Losses | (28) | 34 | 43 | (6) |
Charge- offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 11 |
Allowance for loan losses, Ending Allowance | 221 | 133 | 221 | 133 |
Mortgage loans, construction – commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 384 | 445 | 563 | 303 |
Provision for (Recapture of) Loan Losses | 0 | 74 | (179) | 216 |
Charge- offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, Ending Allowance | 384 | 519 | 384 | 519 |
Mortgage loans, construction - Multi-family | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 272 | 284 | 135 | 173 |
Provision for (Recapture of) Loan Losses | 95 | (137) | 232 | (26) |
Charge- offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, Ending Allowance | 367 | 147 | 367 | 147 |
Mortgage loans, construction - Land development | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 244 | 48 | 49 | |
Provision for (Recapture of) Loan Losses | (118) | 32 | 77 | 80 |
Charge- offs | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, Ending Allowance | 126 | 80 | 126 | 80 |
Mortgage loans, land | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 649 | 691 | 844 | 918 |
Provision for (Recapture of) Loan Losses | 48 | 64 | (155) | (172) |
Charge- offs | (46) | (16) | (46) | (16) |
Recoveries | 5 | 5 | 13 | 14 |
Allowance for loan losses, Ending Allowance | 656 | 744 | 656 | 744 |
Consumer loans, home equity and second mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 667 | 945 | 649 | 983 |
Provision for (Recapture of) Loan Losses | (21) | 1 | 1 | (37) |
Charge- offs | (1) | 0 | (5) | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, Ending Allowance | 645 | 946 | 645 | 946 |
Consumer loans, other | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 112 | 120 | 117 | 121 |
Provision for (Recapture of) Loan Losses | (25) | 2 | (29) | 2 |
Charge- offs | (1) | (1) | (4) | (3) |
Recoveries | 1 | 0 | 3 | 1 |
Allowance for loan losses, Ending Allowance | 87 | 121 | 87 | 121 |
Commercial business loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 752 | 563 | 557 | 515 |
Provision for (Recapture of) Loan Losses | 151 | (5) | 355 | 43 |
Charge- offs | (93) | 0 | (102) | 0 |
Recoveries | 25 | 0 | 25 | 0 |
Allowance for loan losses, Ending Allowance | $ 835 | $ 558 | $ 835 | $ 558 |
Loans Receivable And Allowanc_5
Loans Receivable And Allowance For Loan Losses: Schedule of loans evaluated individually for impairment and collectively evaluated for impairment in the allowance for loan losses (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Mar. 31, 2015 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | $ 259 | $ 97 | |||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 9,372 | 9,433 | |||||
Allowance for Loan Losses, Total | 9,631 | $ 9,741 | 9,530 | $ 9,532 | $ 9,544 | $ 9,553 | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 6,266 | 4,272 | |||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 880,185 | 733,286 | |||||
Loans receivable | 886,451 | 737,558 | |||||
Mortgage loans, one-to-four family | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,118 | 1,086 | |||||
Allowance for Loan Losses, Total | 1,118 | 1,154 | 1,086 | 1,027 | 1,060 | 1,082 | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,220 | 1,054 | |||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 127,830 | 114,887 | |||||
Loans receivable | 129,050 | 115,941 | |||||
Mortgage loans, multi-family | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 438 | 433 | |||||
Allowance for Loan Losses, Total | 438 | 470 | 433 | 407 | 386 | 447 | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | |||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 70,374 | 61,928 | |||||
Loans receivable | 70,374 | 61,928 | |||||
Mortgage loans, commercial | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 4,052 | 4,248 | |||||
Allowance for Loan Losses, Total | 4,052 | 4,122 | 4,248 | 4,183 | 4,198 | 4,184 | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 3,255 | 2,446 | |||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 415,523 | 342,667 | |||||
Loans receivable | 418,778 | 345,113 | |||||
Mortgage loans, construction - custom and owner/builder | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 702 | 671 | |||||
Allowance for Loan Losses, Total | 702 | 666 | 671 | 667 | 705 | 699 | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | |||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 70,237 | 67,024 | |||||
Loans receivable | 70,237 | 67,024 | |||||
Mortgage loans, construction - speculative one-to-four family | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 221 | 178 | |||||
Allowance for Loan Losses, Total | 221 | 249 | 178 | 133 | 99 | 128 | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | |||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 10,545 | 7,107 | |||||
Loans receivable | 10,545 | 7,107 | |||||
Mortgage loans, construction – commercial | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 384 | 563 | |||||
Allowance for Loan Losses, Total | 384 | 384 | 563 | 519 | 445 | 303 | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | |||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 27,567 | 23,440 | |||||
Loans receivable | 27,567 | 23,440 | |||||
Mortgage loans, construction - Multi-family | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 367 | 135 | |||||
Allowance for Loan Losses, Total | 367 | 272 | 135 | 147 | 284 | 173 | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | |||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 18,418 | 5,983 | |||||
Loans receivable | 18,418 | 5,983 | |||||
Mortgage loans, construction - Land development | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 126 | 49 | |||||
Allowance for Loan Losses, Total | 126 | 244 | 49 | 80 | 48 | $ 0 | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | |||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 2,990 | 1,567 | |||||
Loans receivable | 2,990 | 1,567 | |||||
Mortgage loans, land | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 37 | 34 | |||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 619 | 810 | |||||
Allowance for Loan Losses, Total | 656 | 649 | 844 | 744 | 691 | 918 | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 422 | 243 | |||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 26,231 | 25,303 | |||||
Loans receivable | 26,653 | 25,546 | |||||
Consumer loans, home equity and second mortgage | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 645 | 649 | |||||
Allowance for Loan Losses, Total | 645 | 667 | 649 | 946 | 945 | 983 | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 606 | 359 | |||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 41,598 | 36,982 | |||||
Loans receivable | 42,204 | 37,341 | |||||
Consumer loans, other | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 8 | 0 | |||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 79 | 117 | |||||
Allowance for Loan Losses, Total | 87 | 112 | 117 | 121 | 120 | 121 | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 14 | 0 | |||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 4,436 | 3,515 | |||||
Loans receivable | 4,450 | 3,515 | |||||
Commercial business loans | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 214 | 63 | |||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 621 | 494 | |||||
Allowance for Loan Losses, Total | 835 | $ 752 | 557 | $ 558 | $ 563 | $ 515 | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 749 | 170 | |||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 64,436 | 42,883 | |||||
Loans receivable | $ 65,185 | $ 43,053 |
Loans Receivable And Allowanc_6
Loans Receivable And Allowance For Loan Losses: Past Due Status of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | $ 3,521 | $ 2,556 | |
Loans receivable, Non-Accrual | [1] | 3,350 | 1,317 |
Loans receivable, Current | 882,930 | 735,002 | |
Loans receivable | 886,451 | 737,558 | |
Mortgage loans, one-to-four family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 884 | 1,102 | |
Loans receivable, Non-Accrual | [1] | 723 | 545 |
Loans receivable, Current | 128,166 | 114,839 | |
Loans receivable | 129,050 | 115,941 | |
Mortgage loans, multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Loans receivable, Non-Accrual | [1] | 0 | 0 |
Loans receivable, Current | 70,374 | 61,928 | |
Loans receivable | 70,374 | 61,928 | |
Mortgage loans, commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 836 | 574 | |
Loans receivable, Non-Accrual | [1] | 836 | 0 |
Loans receivable, Current | 417,942 | 344,539 | |
Loans receivable | 418,778 | 345,113 | |
Mortgage loans, construction - custom and owner/builder | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Loans receivable, Non-Accrual | [1] | 0 | 0 |
Loans receivable, Current | 70,237 | 67,024 | |
Loans receivable | 70,237 | 67,024 | |
Mortgage loans, construction - speculative one-to-four family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Loans receivable, Non-Accrual | [1] | 0 | 0 |
Loans receivable, Current | 10,545 | 7,107 | |
Loans receivable | 10,545 | 7,107 | |
Mortgage loans, construction – commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Loans receivable, Non-Accrual | [1] | 0 | 0 |
Loans receivable, Current | 27,567 | 23,440 | |
Loans receivable | 27,567 | 23,440 | |
Mortgage loans, construction - Multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Loans receivable, Non-Accrual | [1] | 0 | 0 |
Loans receivable, Current | 18,418 | 5,983 | |
Loans receivable | 18,418 | 5,983 | |
Mortgage loans, construction - Land development | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Loans receivable, Non-Accrual | [1] | 0 | 0 |
Loans receivable, Current | 2,990 | 1,567 | |
Loans receivable | 2,990 | 1,567 | |
Mortgage loans, land | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 422 | 283 | |
Loans receivable, Non-Accrual | [1] | 422 | 243 |
Loans receivable, Current | 26,231 | 25,263 | |
Loans receivable | 26,653 | 25,546 | |
Consumer loans, home equity and second mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 606 | 401 | |
Loans receivable, Non-Accrual | [1] | 606 | 359 |
Loans receivable, Current | 41,598 | 36,940 | |
Loans receivable | 42,204 | 37,341 | |
Consumer loans, other | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 24 | 26 | |
Loans receivable, Non-Accrual | [1] | 14 | 0 |
Loans receivable, Current | 4,426 | 3,489 | |
Loans receivable | 4,450 | 3,515 | |
Commercial business loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 749 | 170 | |
Loans receivable, Non-Accrual | [1] | 749 | 170 |
Loans receivable, Current | 64,436 | 42,883 | |
Loans receivable | 65,185 | 43,053 | |
30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 171 | 1,223 | |
30 to 59 Days Past Due | Mortgage loans, one-to-four family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 161 | 557 | |
30 to 59 Days Past Due | Mortgage loans, multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Mortgage loans, commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 574 | |
30 to 59 Days Past Due | Mortgage loans, construction - custom and owner/builder | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Mortgage loans, construction - speculative one-to-four family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Mortgage loans, construction – commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Mortgage loans, construction - Multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Mortgage loans, construction - Land development | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Mortgage loans, land | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 40 | |
30 to 59 Days Past Due | Consumer loans, home equity and second mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 42 | |
30 to 59 Days Past Due | Consumer loans, other | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 10 | 10 | |
30 to 59 Days Past Due | Commercial business loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 16 | |
60 to 89 Days Past Due | Mortgage loans, one-to-four family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Mortgage loans, multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Mortgage loans, commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Mortgage loans, construction - custom and owner/builder | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Mortgage loans, construction - speculative one-to-four family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Mortgage loans, construction – commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Mortgage loans, construction - Multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Mortgage loans, construction - Land development | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Mortgage loans, land | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Consumer loans, home equity and second mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Consumer loans, other | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 16 | |
60 to 89 Days Past Due | Commercial business loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, one-to-four family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, construction - custom and owner/builder | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, construction - speculative one-to-four family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, construction – commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, construction - Multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, construction - Land development | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, land | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Consumer loans, home equity and second mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Consumer loans, other | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Commercial business loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Total Past Due | $ 0 | $ 0 | |
[1] | Includes non-accrual loans past due 90 days or more and other loans classified as non-accrual. |
Loans Receivable And Allowanc_7
Loans Receivable And Allowance For Loan Losses: Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | $ 886,451 | $ 737,558 |
Mortgage loans, one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 129,050 | 115,941 |
Mortgage loans, multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 70,374 | 61,928 |
Mortgage loans, commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 418,778 | 345,113 |
Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 70,237 | 67,024 |
Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 10,545 | 7,107 |
Mortgage loans, construction – commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 27,567 | 23,440 |
Mortgage loans, construction - Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 18,418 | 5,983 |
Mortgage loans, construction - Land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 2,990 | 1,567 |
Mortgage loans, land | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 26,653 | 25,546 |
Consumer loans, home equity and second mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 42,204 | 37,341 |
Consumer loans, other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 4,450 | 3,515 |
Commercial business loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 65,185 | 43,053 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 868,760 | 720,600 |
Pass | Mortgage loans, one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 126,094 | 113,148 |
Pass | Mortgage loans, multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 70,374 | 61,928 |
Pass | Mortgage loans, commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 408,798 | 334,908 |
Pass | Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 70,004 | 66,720 |
Pass | Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 10,545 | 7,107 |
Pass | Mortgage loans, construction – commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 27,567 | 23,440 |
Pass | Mortgage loans, construction - Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 18,418 | 5,983 |
Pass | Mortgage loans, construction - Land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 2,766 | 1,567 |
Pass | Mortgage loans, land | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 24,049 | 22,810 |
Pass | Consumer loans, home equity and second mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 41,369 | 36,697 |
Pass | Consumer loans, other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 4,402 | 3,480 |
Pass | Commercial business loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 64,374 | 42,812 |
Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 9,817 | 10,653 |
Watch | Mortgage loans, one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 302 | 882 |
Watch | Mortgage loans, multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Watch | Mortgage loans, commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 8,237 | 8,375 |
Watch | Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 233 | 304 |
Watch | Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Watch | Mortgage loans, construction – commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Watch | Mortgage loans, construction - Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Watch | Mortgage loans, construction - Land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Watch | Mortgage loans, land | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 956 | 988 |
Watch | Consumer loans, home equity and second mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 42 | 82 |
Watch | Consumer loans, other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 34 | 0 |
Watch | Commercial business loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 13 | 22 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 2,477 | 3,123 |
Special Mention | Mortgage loans, one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 566 | 581 |
Special Mention | Mortgage loans, multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Mortgage loans, commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 636 | 988 |
Special Mention | Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Mortgage loans, construction – commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Mortgage loans, construction - Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Mortgage loans, construction - Land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Mortgage loans, land | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 1,226 | 1,505 |
Special Mention | Consumer loans, home equity and second mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Consumer loans, other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Commercial business loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 49 | 49 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 5,397 | 3,182 |
Substandard | Mortgage loans, one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 2,088 | 1,330 |
Substandard | Mortgage loans, multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Substandard | Mortgage loans, commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 1,107 | 842 |
Substandard | Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Substandard | Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Substandard | Mortgage loans, construction – commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Substandard | Mortgage loans, construction - Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 0 | 0 |
Substandard | Mortgage loans, construction - Land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 224 | 0 |
Substandard | Mortgage loans, land | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 422 | 243 |
Substandard | Consumer loans, home equity and second mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 793 | 562 |
Substandard | Consumer loans, other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | 14 | 35 |
Substandard | Commercial business loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans receivable | $ 749 | $ 170 |
Loans Receivable And Allowanc_8
Loans Receivable And Allowance For Loan Losses: Impaired Financing Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | ||||
Recorded Investment | ||||||
With no related allowance recorded | $ 5,560 | $ 5,560 | $ 3,949 | |||
With an allowance recorded | 706 | 706 | 323 | |||
Total: | 6,266 | 6,266 | 4,272 | |||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||||
With no related allowance recorded | 5,763 | 5,763 | 4,200 | |||
With an allowance recorded | 706 | 706 | 323 | |||
Total: | 6,469 | 6,469 | 4,523 | |||
Related Allowance | 259 | 259 | 97 | |||
Average Recorded Investment | ||||||
With no related allowance recorded | 5,259 | [1] | 4,603 | 4,304 | [2] | |
With an allowance recorded | 713 | [1] | 582 | 1,603 | [2] | |
Total | 5,972 | [1] | 5,185 | 5,907 | [2] | |
Interest Income Recognized | ||||||
With no related allowance recorded | 117 | [1] | 234 | 215 | [2] | |
With an allowance recorded | 0 | [1] | 25 | 53 | [2] | |
Total | 117 | [1] | 259 | 268 | [2] | |
Cash Basis Interest Income Recognized | ||||||
With no related allowance recorded | 106 | [1] | 202 | 175 | [2] | |
With an allowance recorded | 0 | [1] | 25 | 42 | [2] | |
Total | 106 | [1] | 227 | 217 | [2] | |
Mortgage loans, one-to-four family | ||||||
Recorded Investment | ||||||
With no related allowance recorded | 1,220 | 1,220 | 1,054 | |||
With an allowance recorded | 0 | |||||
Total: | 1,220 | 1,220 | 1,054 | |||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||||
With no related allowance recorded | 1,301 | 1,301 | 1,200 | |||
With an allowance recorded | 0 | |||||
Total: | 1,301 | 1,301 | 1,200 | |||
Related Allowance | 0 | 0 | 0 | |||
Average Recorded Investment | ||||||
With no related allowance recorded | 1,145 | [1] | 1,089 | 1,422 | [2] | |
With an allowance recorded | [2] | 9 | ||||
Total | 1,145 | [1] | 1,089 | 1,431 | [2] | |
Interest Income Recognized | ||||||
With no related allowance recorded | 18 | [1] | 53 | 80 | [2] | |
With an allowance recorded | [2] | 0 | ||||
Total | 18 | [1] | 53 | 80 | [2] | |
Cash Basis Interest Income Recognized | ||||||
With no related allowance recorded | 15 | [1] | 47 | 69 | [2] | |
With an allowance recorded | [2] | 0 | ||||
Total | 15 | [1] | 47 | 69 | [2] | |
Mortgage loans, commercial | ||||||
Recorded Investment | ||||||
With no related allowance recorded | 3,255 | 3,255 | 2,446 | |||
With an allowance recorded | 0 | |||||
Total: | 3,255 | 3,255 | 2,446 | |||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||||
With no related allowance recorded | 3,255 | 3,255 | 2,446 | |||
With an allowance recorded | 0 | |||||
Total: | 3,255 | 3,255 | 2,446 | |||
Related Allowance | 0 | 0 | 0 | |||
Average Recorded Investment | ||||||
With no related allowance recorded | 3,263 | [1] | 2,852 | 2,389 | [2] | |
With an allowance recorded | [2] | 760 | ||||
Total | 3,263 | [1] | 2,852 | 3,149 | [2] | |
Interest Income Recognized | ||||||
With no related allowance recorded | 78 | [1] | 158 | 121 | [2] | |
With an allowance recorded | [2] | 28 | ||||
Total | 78 | [1] | 158 | 149 | [2] | |
Cash Basis Interest Income Recognized | ||||||
With no related allowance recorded | 70 | [1] | 132 | 93 | [2] | |
With an allowance recorded | [2] | 21 | ||||
Total | 70 | [1] | 132 | 114 | [2] | |
Mortgage loans, land | ||||||
Recorded Investment | ||||||
With no related allowance recorded | 279 | 279 | 90 | |||
With an allowance recorded | 143 | 143 | 153 | |||
Total: | 422 | 422 | 243 | |||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||||
With no related allowance recorded | 393 | 393 | 195 | |||
With an allowance recorded | 143 | 143 | 153 | |||
Total: | 536 | 536 | 348 | |||
Related Allowance | 37 | 37 | 34 | |||
Average Recorded Investment | ||||||
With no related allowance recorded | 174 | [1] | 109 | 283 | [2] | |
With an allowance recorded | 268 | [1] | 233 | 383 | [2] | |
Total | 442 | [1] | 342 | 666 | [2] | |
Interest Income Recognized | ||||||
With no related allowance recorded | 3 | [1] | 3 | 11 | [2] | |
With an allowance recorded | 0 | [1] | 0 | 9 | [2] | |
Total | 3 | [1] | 3 | 20 | [2] | |
Cash Basis Interest Income Recognized | ||||||
With no related allowance recorded | 3 | [1] | 3 | 10 | [2] | |
With an allowance recorded | 0 | [1] | 0 | 8 | [2] | |
Total | 3 | [1] | 3 | 18 | [2] | |
Consumer loans, home equity and second mortgage | ||||||
Recorded Investment | ||||||
With no related allowance recorded | 606 | 606 | 359 | |||
With an allowance recorded | 0 | 0 | 0 | |||
Total: | 606 | 606 | 359 | |||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||||
With no related allowance recorded | 606 | 606 | 359 | |||
With an allowance recorded | 0 | 0 | 0 | |||
Total: | 606 | 606 | 359 | |||
Related Allowance | 0 | 0 | 0 | |||
Average Recorded Investment | ||||||
With no related allowance recorded | 474 | [1] | 423 | 210 | [2] | |
With an allowance recorded | 0 | [1] | 38 | 310 | [2] | |
Total | 474 | [1] | 461 | 520 | [2] | |
Interest Income Recognized | ||||||
With no related allowance recorded | 0 | [1] | 0 | 3 | [2] | |
With an allowance recorded | 0 | [1] | 0 | 16 | [2] | |
Total | 0 | [1] | 0 | 19 | [2] | |
Cash Basis Interest Income Recognized | ||||||
With no related allowance recorded | 0 | [1] | 0 | 3 | [2] | |
With an allowance recorded | 0 | [1] | 0 | 13 | [2] | |
Total | 0 | [1] | 0 | 16 | [2] | |
Consumer loans, other | ||||||
Recorded Investment | ||||||
With an allowance recorded | 14 | 14 | 170 | |||
Total: | 14 | 14 | ||||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||||
With an allowance recorded | 14 | 14 | 170 | |||
Total: | 14 | 14 | ||||
Related Allowance | 8 | 8 | 63 | |||
Average Recorded Investment | ||||||
With an allowance recorded | 15 | [1] | 7 | 141 | [2] | |
Total | 15 | [1] | 7 | |||
Interest Income Recognized | ||||||
With an allowance recorded | 0 | [1] | 0 | 0 | [2] | |
Total | 0 | [1] | 0 | |||
Cash Basis Interest Income Recognized | ||||||
With an allowance recorded | 0 | [1] | 0 | 0 | [2] | |
Total | 0 | [1] | 0 | |||
Commercial business loans | ||||||
Recorded Investment | ||||||
With no related allowance recorded | 200 | 200 | ||||
With an allowance recorded | 549 | 549 | ||||
Total: | 749 | 749 | 170 | |||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||||
With no related allowance recorded | 208 | 208 | ||||
With an allowance recorded | 549 | 549 | ||||
Total: | 757 | 757 | 170 | |||
Related Allowance | 214 | 214 | 63 | |||
Average Recorded Investment | ||||||
With no related allowance recorded | 203 | [1] | 130 | |||
With an allowance recorded | 430 | 304 | ||||
Total | 633 | [1] | 434 | 141 | [2] | |
Interest Income Recognized | ||||||
With no related allowance recorded | 18 | [1] | 20 | |||
With an allowance recorded | 0 | [1] | 25 | |||
Total | 18 | [1] | 45 | 0 | [2] | |
Cash Basis Interest Income Recognized | ||||||
With no related allowance recorded | 18 | [1] | 20 | |||
With an allowance recorded | 0 | [1] | 25 | |||
Total | $ 18 | [1] | $ 45 | $ 0 | [2] | |
[1] | For the three months ended June 30, 2019 | |||||
[2] | For the year ended September 30, 2018. |
Loans Receivable And Allowanc_9
Loans Receivable And Allowance For Loan Losses: Schedule 1 of Troubled debt restructured loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | $ 3,208 | $ 3,278 |
Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 2,916 | 2,955 |
Non-Accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 292 | 323 |
Mortgage loans, one-to-four family | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 640 | 509 |
Mortgage loans, one-to-four family | Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 497 | 509 |
Mortgage loans, one-to-four family | Non-Accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 143 | 0 |
Mortgage loans, commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 2,419 | 2,446 |
Mortgage loans, commercial | Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 2,419 | 2,446 |
Mortgage loans, commercial | Non-Accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 0 | 0 |
Mortgage loans, land | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 153 | |
Mortgage loans, land | Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 0 | |
Mortgage loans, land | Non-Accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 153 | |
Commercial business loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 149 | 170 |
Commercial business loans | Accruing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | 0 | 0 |
Commercial business loans | Non-Accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loan | $ 149 | $ 170 |
Loans Receivable And Allowan_10
Loans Receivable And Allowance For Loan Losses - Narrative (Details) - USD ($) | Jun. 30, 2019 | Sep. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||
Troubled debt restructured loan | $ 3,208,000 | $ 3,278,000 |
Loans and leases receivable, impaired, commitment to lend | 0 | 0 |
Allowance for loan losses allocated to TDR loans | $ 69,000 | $ 97,000 |
Loans Receivable And Allowan_11
Loans Receivable And Allowance For Loan Losses - Land and Commercial Business Loans (Details) $ in Thousands | 12 Months Ended | |
Sep. 30, 2018USD ($)contract | Jun. 30, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | $ 3,278 | $ 3,208 |
Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 3 | |
Pre-modification TDR balance | $ 427 | |
Post-modification TDR balance | 338 | |
Financing Receivable, Troubled Debt Restructuring | 323 | |
Commercial business loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | $ 170 | $ 149 |
Commercial business loans | Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 2 | |
Pre-modification TDR balance | $ 183 | |
Post-modification TDR balance | 183 | |
Financing Receivable, Troubled Debt Restructuring | 170 | |
Mortgage loans, land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | $ 153 | |
Mortgage loans, land | Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | |
Pre-modification TDR balance | $ 244 | |
Post-modification TDR balance | 155 | |
Financing Receivable, Troubled Debt Restructuring | $ 153 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) | Jun. 30, 2018shares |
Earnings Per Share [Abstract] | |
ESOP, number of suspense shares (in shares) | 45,999 |
Net Income Per Common Share_ Sc
Net Income Per Common Share: Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Earnings Per Share, Basic [Abstract] | |||||
Numerator – net income | $ 5,956 | $ 4,416 | $ 17,685 | $ 12,299 | |
Denominator – weighted average common shares outstanding (in shares) | 8,338,637 | 7,345,618 | 8,313,913 | 7,328,702 | |
Basic net income per common share (in dollars per share) | $ 0.71 | $ 0.60 | $ 2.13 | $ 1.68 | |
Earnings Per Share, Diluted [Abstract] | |||||
Effect of dilutive stock options (in shares) | [1] | 143,723 | 189,539 | 154,299 | 189,745 |
Weighted average common shares and common stock equivalents (in shares) | 8,482,360 | 7,535,157 | 8,468,212 | 7,518,447 | |
Diluted net income per common share (in dollars per share) | $ 0.70 | $ 0.59 | $ 2.09 | $ 1.64 | |
Stock Options | |||||
Earnings Per Share, Diluted [Abstract] | |||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 102,050 | 102,353 | 38,709 | ||
[1] | For the three months ended June 30, 2018, there were no options to purchase shares of common stock that were omitted from the computation of diluted earnings per share because their effect would be anti-dilutive. For the nine months ended June 30, 2018, average options to purchase 38,709 shares of common stock were outstanding but not included in the computation of diluted net income per share because their effect would have been anti-dilutive. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | $ 162,338 | $ 117,843 | $ 124,657 | [1] | $ 111,000 | |
Balance at end of period | 166,269 | 120,894 | 166,269 | 120,894 | ||
Accumulated Other Comprehensive Income (Loss) | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | [2] | (45) | (132) | (129) | (124) | |
Other comprehensive income | [2] | 12 | (2) | 33 | (10) | |
Balance at end of period | [2] | (33) | (134) | (33) | (134) | |
Accumulated Net Unrealized Investment Gain (Loss) | Available-for-sale Securities | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | [2] | 3 | (44) | (58) | (19) | |
Other comprehensive income | [2] | 9 | (7) | 7 | (32) | |
Balance at end of period | [2] | 12 | (51) | 12 | (51) | |
Accumulated Net Unrealized Investment Gain (Loss) | Held-to-maturity Securities | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | [2] | (48) | (88) | (71) | (105) | |
Other comprehensive income | [2] | 3 | 5 | 26 | 22 | |
Balance at end of period | [2] | $ (45) | $ (83) | (45) | $ (83) | |
Accounting Standards Update 2016-01 | Accumulated Other Comprehensive Income (Loss) | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Other comprehensive income | [2] | 63 | ||||
Accounting Standards Update 2016-01 | Accumulated Net Unrealized Investment Gain (Loss) | Available-for-sale Securities | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Other comprehensive income | [2] | 63 | ||||
Accounting Standards Update 2016-01 | Accumulated Net Unrealized Investment Gain (Loss) | Held-to-maturity Securities | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Other comprehensive income | [2] | $ 0 | ||||
[1] | Derived from audited consolidated financial statements. | |||||
[2] | All amounts are net of income taxes. |
Stock Compensation Plans (Detai
Stock Compensation Plans (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jan. 27, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options, outstanding, aggregate intrinsic value | $ 4,530 | $ 8,030 | |
Number of unvested stock options (shares) | 155,750 | 183,150 | |
Unvested stock options, aggregate grant date fair value | $ 485 | $ 454 | |
Unvested stock options, aggregate intrinsic value | $ 1,090 | ||
Stock options vested during period (shares) | 37,300 | 43,900 | |
Stock options vested during period, aggregate grant date fair value | $ 88 | $ 104 | |
Aggregate intrinsic value of options exercised during the period | 751 | $ 741 | |
Unrecognized compensation expense, non-vested options | $ 401 | ||
Unrecognized compensation expense, non-vested options, amortization period (in years) | 2 years 1 month 21 days | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 300,000 | ||
Award vesting percentage | 20.00% | ||
Award vesting period (years) | 5 years | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contractual term | 10 years | ||
Number of unvested shares | 0 | 0 | |
Equity Incentive Plan 2014 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 352,366 | ||
Number of shares available for grant | 75,316 | ||
MRDP | Stock Grant Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock grants awarded (shares) | 0 | 0 |
Stock Compensation Plans_ Discl
Stock Compensation Plans: Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) - $ / shares | 9 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Shares: | ||
Options outstanding, beginning of period (shares) | 380,820 | 380,120 |
Exercised (shares) | (37,756) | (34,850) |
Forfeited (shares) | (3,900) | (5,150) |
Options outstanding, end of period (shares) | 339,164 | 340,120 |
Weighted Average Exercise Price (in dollars per share): | ||
Options outstanding, beginning of period (dollars per share) | $ 16.03 | $ 13.23 |
Exercised (dollars per share) | 9 | 8.39 |
Forfeited (dollars per share) | 18.63 | 13.39 |
Options outstanding, end of period (dollars per share) | $ 16.79 | $ 13.73 |
Stock Compensation Plans_ Stock
Stock Compensation Plans: Stock Options by Exercise Price (Details) - Stock Options shares in Thousands | 9 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 339,164 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 16.79 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 6 years 5 months 21 days |
Options Exercisable, Number (shares) | shares | 183,414 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 11.18 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 5 years 3 months 12 days |
$4.01 - $4.55 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 2,500 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 4.33 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 1 year 2 months |
Options Exercisable, Number (shares) | shares | 2,500 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 4.33 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 1 year 2 months |
Weighted Average Exercise Price, minimum (dollars per share) | $ 4.01 |
Weighted Average Exercise Price, maximum (dollars per share) | $ 4.55 |
$5.86 - $6.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 19,850 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 5.97 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 3 years 3 months 24 days |
Options Exercisable, Number (shares) | shares | 19,850 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 5.97 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 3 years 3 months 24 days |
Weighted Average Exercise Price, minimum (dollars per share) | $ 5.86 |
Weighted Average Exercise Price, maximum (dollars per share) | $ 6 |
$9.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 52,775 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 9 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 4 years 3 months 30 days |
Options Exercisable, Number (shares) | shares | 52,775 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 9 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 4 years 3 months 30 days |
Weighted Average Exercise Price, minimum (dollars per share) | $ 9 |
$10.26 - $10.71 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 113,189 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 10.58 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 5 years 9 months 18 days |
Options Exercisable, Number (shares) | shares | 79,989 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 10.55 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 5 years 8 months 9 days |
Weighted Average Exercise Price, minimum (dollars per share) | $ 10.26 |
Weighted Average Exercise Price, maximum (dollars per share) | $ 10.71 |
$15.67 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 48,800 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 15.67 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 7 years 3 months |
Options Exercisable, Number (shares) | shares | 17,000 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 15.67 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 7 years 3 months |
Weighted Average Exercise Price, minimum (dollars per share) | $ 15.67 |
$29.69 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 56,100 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 29.69 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 8 years 3 months |
Options Exercisable, Number (shares) | shares | 11,300 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 29.69 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 8 years 3 months |
Weighted Average Exercise Price, minimum (dollars per share) | $ 29.69 |
$31.80 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 45,950 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 31.80 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 9 years 3 months |
Options Exercisable, Number (shares) | shares | 0 |
Weighted Average Exercise Price, minimum (dollars per share) | $ 31.80 |
Fair Value Measurements_ Balanc
Fair Value Measurements: Balances of assets and liabilities measured at estimated fair value on a recurring basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | $ 2,979 | $ 1,154 |
MBS: U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 2,028 | 237 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 951 | 917 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 2,028 | 237 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 0 | 0 |
Recurring | MBS: U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 2,028 | 237 |
Recurring | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 951 | 917 |
Recurring | Fair Value, Inputs, Level 1 | MBS: U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 0 | 0 |
Recurring | Fair Value, Inputs, Level 1 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 951 | 917 |
Recurring | Fair Value, Inputs, Level 2 | MBS: U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 2,028 | 237 |
Recurring | Fair Value, Inputs, Level 2 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 0 | 0 |
Recurring | Fair Value, Inputs, Level 3 | MBS: U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 0 | 0 |
Recurring | Fair Value, Inputs, Level 3 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | $ 0 | $ 0 |
Fair Value Measurements_ Bala_2
Fair Value Measurements: Balances of assets measured at estimated fair value on a non-recurring basis, and total losses resulting from estimated fair value adjustments (Details) - Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | $ 0 | $ 0 |
Fair Value, Inputs, Level 1 | Mortgage loans, land | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Other consumer loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | |
Fair Value, Inputs, Level 1 | Commercial business loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Total impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Private label residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | OREO and other repossessed items | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 17 | 3 |
Fair Value, Inputs, Level 2 | Mortgage loans, land | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Other consumer loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | |
Fair Value, Inputs, Level 2 | Commercial business loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Total impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Private label residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 17 | 3 |
Fair Value, Inputs, Level 2 | OREO and other repossessed items | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 2,166 | 2,139 |
Fair Value, Inputs, Level 3 | Mortgage loans, land | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 106 | 119 |
Fair Value, Inputs, Level 3 | Other consumer loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 6 | |
Fair Value, Inputs, Level 3 | Commercial business loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 335 | 107 |
Fair Value, Inputs, Level 3 | Total impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 447 | 226 |
Fair Value, Inputs, Level 3 | Private label residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 3 | OREO and other repossessed items | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | $ 1,719 | $ 1,913 |
Fair Value Measurements_ Fair V
Fair Value Measurements: Fair Value Measurements, Nonrecurring, Valuation Techniques (Details) - Nonrecurring - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, estimated fair value, nonrecurring | $ 2,166 | $ 2,139 |
Impaired loans | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, estimated fair value, nonrecurring | 447 | 226 |
Impaired loans | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, estimated fair value, nonrecurring | 447 | 226 |
OREO and other repossessed assets | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Assets, estimated fair value, nonrecurring | $ 1,719 | $ 1,913 |
Fair Value Measurements_ Schedu
Fair Value Measurements: Schedule of estimated fair values of financial instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 | |
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other investments, at cost | $ 3,000 | $ 3,000 | [1] |
Recorded Amount | |||
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 170,835 | 148,864 | |
CDs held for investment | 81,184 | 63,290 | |
Investment securities | 40,624 | 13,964 | |
FHLB stock | 1,437 | 1,190 | |
Other investments, at cost | 3,000 | 3,000 | |
Loans held for sale | 3,338 | 1,785 | |
Loans receivable, net | 873,982 | 725,391 | |
Accrued interest receivable | 3,759 | 2,877 | |
Time deposits | 164,193 | 141,808 | |
Accrued interest payable | 310 | 225 | |
Fair Value | |||
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 170,835 | 148,864 | |
CDs held for investment | 81,184 | 63,290 | |
Investment securities | 42,070 | 14,418 | |
FHLB stock | 1,437 | 1,190 | |
Other investments, at cost | 3,000 | 3,000 | |
Loans held for sale | 3,411 | 1,814 | |
Loans receivable, net | 873,520 | 711,071 | |
Accrued interest receivable | 3,759 | 2,877 | |
Time deposits | 165,086 | 140,831 | |
Accrued interest payable | 310 | 225 | |
Fair Value | Fair Value, Inputs, Level 1 | |||
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 170,835 | 148,864 | |
CDs held for investment | 81,184 | 63,290 | |
Investment securities | 8,931 | 8,812 | |
FHLB stock | 1,437 | 1,190 | |
Other investments, at cost | 3,000 | 3,000 | |
Loans held for sale | 3,411 | 1,814 | |
Loans receivable, net | 0 | 0 | |
Accrued interest receivable | 3,759 | 2,877 | |
Time deposits | 0 | 0 | |
Accrued interest payable | 310 | 225 | |
Fair Value | Fair Value, Inputs, Level 2 | |||
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
CDs held for investment | 0 | 0 | |
Investment securities | 33,139 | 5,606 | |
FHLB stock | 0 | 0 | |
Other investments, at cost | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Loans receivable, net | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Time deposits | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Fair Value | Fair Value, Inputs, Level 3 | |||
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
CDs held for investment | 0 | 0 | |
Investment securities | 0 | 0 | |
FHLB stock | 0 | 0 | |
Other investments, at cost | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Loans receivable, net | 873,520 | 711,071 | |
Accrued interest receivable | 0 | 0 | |
Time deposits | 165,086 | 140,831 | |
Accrued interest payable | $ 0 | $ 0 | |
[1] | Derived from audited consolidated financial statements. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Narrative (Details) - Accounting Standards Update 2016-01 $ in Thousands | Oct. 01, 2018USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Adoption of Accounting Standards Update (ASU) 2016-01 | $ 0 |
Retained Earnings | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Adoption of Accounting Standards Update (ASU) 2016-01 | $ 63 |
U.S. Tax Reform (Details)
U.S. Tax Reform (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | |
Investments, Owned, Federal Income Tax Note [Line Items] | ||||||
Effective Income Tax Rate | 24.50% | |||||
Income tax expense | $ 1,552,000 | $ 1,334,000 | $ 4,262,000 | $ 4,331,000 | ||
Change in tax rate, deferred tax asset, income tax expense (benefit) | $ 551,000 | |||||
Deferred Tax Asset | ||||||
Investments, Owned, Federal Income Tax Note [Line Items] | ||||||
Income tax expense | $ 548,000 |