Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2019 | Aug. 05, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ESSA | |
Entity Registrant Name | ESSA Bancorp, Inc. | |
Entity Central Index Key | 0001382230 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,408,935 | |
Entity File Number | 001-33384 | |
Entity Tax Identification Number | 208023072 | |
Entity Address, Address Line One | 200 Palmer Street | |
Entity Address, City or Town | Stroudsburg | |
Entity Address, State or Province | Pennsylvania | |
Entity Address, Postal Zip Code | 18360 | |
City Area Code | (570) | |
Local Phone Number | 421-0531 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
ASSETS | ||
Cash and due from banks | $ 34,925 | $ 39,197 |
Interest-bearing deposits with other institutions | 5,773 | 4,342 |
Total cash and cash equivalents | 40,698 | 43,539 |
Certificates of deposit | 250 | 500 |
Investment securities available for sale, at fair value | 325,327 | 371,438 |
Loans receivable (net of allowance for loan losses of $12,606 and $11,688) | 1,326,623 | 1,305,071 |
Regulatory stock, at cost | 12,488 | 12,973 |
Premises and equipment, net | 14,321 | 14,601 |
Bank-owned life insurance | 39,356 | 38,630 |
Foreclosed real estate | 505 | 1,141 |
Intangible assets, net | 1,140 | 1,375 |
Goodwill | 13,801 | 13,801 |
Deferred income taxes | 5,194 | 8,441 |
Other assets | 20,321 | 22,280 |
TOTAL ASSETS | 1,800,024 | 1,833,790 |
LIABILITIES | ||
Deposits | 1,331,583 | 1,336,855 |
Short-term borrowings | 121,297 | 179,773 |
Other borrowings | 132,673 | 118,723 |
Advances by borrowers for taxes and insurance | 13,928 | 6,826 |
Other liabilities | 12,466 | 12,427 |
TOTAL LIABILITIES | 1,611,947 | 1,654,604 |
STOCKHOLDERS’ EQUITY | ||
Preferred Stock ($0.01 par value; 10,000,000 shares authorized, none issued) | ||
Common stock ($0.01 par value; 40,000,000 shares authorized, 18,133,095 issued; 11,408,935 and 11,782,718 outstanding at June, 2019 and September 30, 2018, respectively) | 181 | 181 |
Additional paid in capital | 180,990 | 180,765 |
Unallocated common stock held by the Employee Stock Ownership Plan (ESOP) | (7,916) | (8,255) |
Retained earnings | 99,806 | 94,112 |
Treasury stock, at cost; 6,724,160 and 6,350,377 shares outstanding at June 30, 2019 and September 30, 2018, respectively | (83,864) | (77,707) |
Accumulated other comprehensive loss | (1,120) | (9,910) |
TOTAL STOCKHOLDERS’ EQUITY | 188,077 | 179,186 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,800,024 | $ 1,833,790 |
Consolidated Balance Sheet (U_2
Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Statement Of Financial Position [Abstract] | ||
Allowance for loan losses | $ 12,606 | $ 11,688 |
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 18,133,095 | 18,133,095 |
Common stock, shares outstanding | 11,408,935 | 11,782,718 |
Treasury stock, shares outstanding | 6,724,160 | 6,350,377 |
Consolidated Statement of Opera
Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
INTEREST INCOME | ||||
Loans receivable, including fees | $ 14,297 | $ 13,968 | $ 42,246 | $ 39,704 |
Investment securities: | ||||
Taxable | 2,258 | 2,226 | 7,270 | 6,470 |
Exempt from federal income tax | 57 | 183 | 287 | 756 |
Other investment income | 388 | 341 | 1,194 | 1,011 |
Total interest income | 17,000 | 16,718 | 50,997 | 47,941 |
INTEREST EXPENSE | ||||
Deposits | 3,770 | 2,561 | 10,713 | 7,297 |
Short-term borrowings | 673 | 992 | 2,922 | 2,527 |
Other borrowings | 842 | 603 | 2,030 | 1,852 |
Total interest expense | 5,285 | 4,156 | 15,665 | 11,676 |
NET INTEREST INCOME | 11,715 | 12,562 | 35,332 | 36,265 |
Provision for loan losses | 400 | 975 | 1,876 | 3,075 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 11,315 | 11,587 | 33,456 | 33,190 |
NONINTEREST INCOME | ||||
Service fees on deposit accounts | 834 | 832 | 2,481 | 2,536 |
Services charges and fees on loans | 288 | 342 | 894 | 1,010 |
Realized and unrealized gains on equity securities | 2 | 3 | ||
Trust and investment fees | 260 | 255 | 734 | 732 |
Gain on sale of investments securities available for sale | 1 | 44 | 75 | |
Earnings on Bank-owned life insurance | 242 | 250 | 726 | 754 |
Insurance commissions | 217 | 200 | 612 | 575 |
Other | 18 | 18 | 562 | 129 |
Total noninterest income | 1,862 | 1,897 | 6,056 | 5,811 |
NONINTEREST EXPENSE | ||||
Compensation and employee benefits | 5,878 | 5,820 | 18,037 | 17,728 |
Occupancy and equipment | 1,024 | 1,049 | 3,162 | 3,420 |
Professional fees | 434 | 564 | 1,604 | 1,756 |
Data processing | 925 | 880 | 2,758 | 2,697 |
Advertising | 140 | 331 | 499 | 690 |
Federal Deposit Insurance Corporation (FDIC) premiums | 238 | 234 | 607 | 679 |
Loss (gain) on foreclosed real estate | 35 | 4 | (69) | |
Amortization of intangible assets | 74 | 102 | 235 | 381 |
Other | 770 | 1,179 | 2,048 | 3,082 |
Total noninterest expense | 9,518 | 10,163 | 28,881 | 30,433 |
Income before income taxes | 3,659 | 3,321 | 10,631 | 8,568 |
Income taxes | 612 | 500 | 1,716 | 5,122 |
NET INCOME | $ 3,047 | $ 2,821 | $ 8,915 | $ 3,446 |
Earnings per share | ||||
Basic | $ 0.29 | $ 0.26 | $ 0.83 | $ 0.32 |
Diluted | 0.29 | 0.26 | 0.83 | 0.32 |
Dividends per share | $ 0.10 | $ 0.09 | $ 0.30 | $ 0.27 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 3,047 | $ 2,821 | $ 8,915 | $ 3,446 |
Investment securities available for sale: | ||||
Unrealized holding gain (loss) | 4,089 | (1,741) | 14,011 | (10,144) |
Tax effect | (859) | 365 | (2,944) | 2,380 |
Reclassification of gains recognized in net income | (1) | (44) | (75) | |
Tax effect | 9 | 18 | ||
Net of tax amount | 3,229 | (1,376) | 11,032 | (7,821) |
Derivative and hedging activities adjustments: | ||||
Changes in unrealized holding (losses) gains on derivatives included in net income | (1,034) | 249 | (2,097) | 1,445 |
Tax effect | 217 | (61) | 440 | (369) |
Reclassification adjustment for gains on derivatives included in net income | (258) | (153) | (746) | (252) |
Tax effect | 55 | 41 | 157 | 62 |
Net of tax amount | (1,020) | 76 | (2,246) | 886 |
Total other comprehensive income (loss) | 2,209 | (1,300) | 8,786 | (6,935) |
Comprehensive income (loss) | $ 5,256 | $ 1,521 | $ 17,701 | $ (3,489) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Unallocated Common Stock Held by the ESOP [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning Balance at Sep. 30, 2017 | $ 182,727 | $ 181 | $ 180,764 | $ (8,720) | $ 91,147 | $ (79,891) | $ (754) |
Beginning Balance, Shares at Sep. 30, 2017 | 11,596,263 | ||||||
Net income | 3,446 | 3,446 | |||||
Other comprehensive income (loss) | (6,935) | (6,935) | |||||
Reclassification of certain income tax effects from accumulated other comprehensive income | (346) | 346 | (346) | ||||
Cash dividends declared ($0.09 for 3 month ended June 30, 2018 and $0.27 for 9 month ended June 30, 2018 and $0.10 for 3 months ended June 30, 2019 and $0.20 for 9 months ended June 30, 2019 per share) | (2,928) | (2,928) | |||||
Stock based compensation | 287 | 287 | |||||
Allocation of ESOP stock | 540 | 192 | 348 | ||||
Allocation of treasury shares to incentive plan | (281) | 281 | |||||
Allocation of treasury shares to incentive plan, Shares | 22,994 | ||||||
Stock options exercised | 1,673 | (425) | 2,098 | ||||
Stock options exercised, Shares | 171,339 | ||||||
Ending Balance at Jun. 30, 2018 | 178,810 | $ 181 | 180,537 | (8,372) | 92,011 | (77,512) | (8,035) |
Ending Balance, Shares at Jun. 30, 2018 | 11,790,596 | ||||||
Beginning Balance at Mar. 31, 2018 | 177,378 | $ 181 | 180,466 | (8,488) | 90,179 | (78,225) | (6,735) |
Beginning Balance, Shares at Mar. 31, 2018 | 11,732,222 | ||||||
Net income | 2,821 | 2,821 | |||||
Other comprehensive income (loss) | (1,300) | (1,300) | |||||
Cash dividends declared ($0.09 for 3 month ended June 30, 2018 and $0.27 for 9 month ended June 30, 2018 and $0.10 for 3 months ended June 30, 2019 and $0.20 for 9 months ended June 30, 2019 per share) | (989) | (989) | |||||
Stock based compensation | 103 | 103 | |||||
Allocation of ESOP stock | 178 | 62 | 116 | ||||
Stock options exercised | 619 | (94) | 713 | ||||
Stock options exercised, Shares | 58,374 | ||||||
Ending Balance at Jun. 30, 2018 | 178,810 | $ 181 | 180,537 | (8,372) | 92,011 | (77,512) | (8,035) |
Ending Balance, Shares at Jun. 30, 2018 | 11,790,596 | ||||||
Beginning Balance at Sep. 30, 2018 | $ 179,186 | $ 181 | 180,765 | (8,255) | 94,112 | (77,707) | (9,910) |
Beginning Balance, Shares at Sep. 30, 2018 | 11,782,718 | 11,782,718 | |||||
Net income | $ 8,915 | 8,915 | |||||
Other comprehensive income (loss) | 8,786 | 8,786 | |||||
Reclassification of certain income tax effects from accumulated other comprehensive income | 4 | ||||||
Cash dividends declared ($0.09 for 3 month ended June 30, 2018 and $0.27 for 9 month ended June 30, 2018 and $0.10 for 3 months ended June 30, 2019 and $0.20 for 9 months ended June 30, 2019 per share) | (3,217) | (3,217) | |||||
Stock based compensation | 421 | 421 | |||||
Allocation of ESOP stock | 527 | 188 | 339 | ||||
Allocation of treasury shares to incentive plan | (384) | 384 | |||||
Allocation of treasury shares to incentive plan, Shares | 31,601 | ||||||
Reclassification of equity investment securities | (4) | 4 | |||||
Purchase of common stock | (6,541) | (6,541) | |||||
Purchase of common stock, Shares | (405,384) | ||||||
Ending Balance at Jun. 30, 2019 | $ 188,077 | $ 181 | 180,990 | (7,916) | 99,806 | (83,864) | (1,120) |
Ending Balance, Shares at Jun. 30, 2019 | 11,408,935 | 11,408,935 | |||||
Beginning Balance at Mar. 31, 2019 | $ 183,637 | $ 181 | 180,857 | (8,029) | 97,821 | (83,864) | (3,329) |
Beginning Balance, Shares at Mar. 31, 2019 | 11,408,935 | ||||||
Net income | 3,047 | 3,047 | |||||
Other comprehensive income (loss) | 2,209 | 2,209 | |||||
Cash dividends declared ($0.09 for 3 month ended June 30, 2018 and $0.27 for 9 month ended June 30, 2018 and $0.10 for 3 months ended June 30, 2019 and $0.20 for 9 months ended June 30, 2019 per share) | (1,062) | (1,062) | |||||
Stock based compensation | 71 | 71 | |||||
Allocation of ESOP stock | 175 | 62 | 113 | ||||
Ending Balance at Jun. 30, 2019 | $ 188,077 | $ 181 | $ 180,990 | $ (7,916) | $ 99,806 | $ (83,864) | $ (1,120) |
Ending Balance, Shares at Jun. 30, 2019 | 11,408,935 | 11,408,935 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash dividends declared, per share | $ 0.10 | $ 0.09 | $ 0.30 | $ 0.27 |
Retained Earnings [Member] | ||||
Cash dividends declared, per share | $ 0.10 | $ 0.09 | $ 0.30 | $ 0.27 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
OPERATING ACTIVITIES | ||
Net income | $ 8,915 | $ 3,446 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 1,876 | 3,075 |
Provision for depreciation and amortization | 825 | 890 |
Amortization and accretion of discounts and premiums, net | 2,255 | 3,250 |
Net gain on sale of investment securities | (44) | (75) |
Realized and unrealized gains on equity and securities | (3) | |
Compensation expense on ESOP | 527 | 540 |
Stock based compensation | 421 | 287 |
Increase in accrued interest receivable | (137) | (116) |
Increase in accrued interest payable | 578 | 259 |
Earnings on bank-owned life insurance | (726) | (754) |
Deferred federal income taxes | 911 | 3,565 |
Decrease in accrued pension liability | (358) | (375) |
Gain on foreclosed real estate, net | (69) | |
Amortization of identifiable assets | 235 | 381 |
Other, net | 1,621 | 3,833 |
Net cash provided by operating activities | 16,827 | 18,206 |
INVESTING ACTIVITIES | ||
Certificate of deposit maturities | 250 | |
Investment securities available for sale: | ||
Proceeds from sale of investment securities | 45,721 | 22,074 |
Proceeds from principal repayments and maturities | 33,994 | 43,065 |
Purchases | (20,729) | (57,331) |
Increase in loans receivable, net | (2,566) | (70,951) |
Redemption of regulatory stock | 14,201 | 15,410 |
Purchase of regulatory stock | (13,716) | (18,175) |
Proceeds from sale of foreclosed real estate | 1,020 | 1,165 |
Purchase of residential real estate loans | (22,298) | |
Purchase of premises, equipment and software | (551) | (139) |
Net cash provided by (used for) investing activities | 35,326 | (64,882) |
FINANCING ACTIVITIES | ||
Decrease in deposits, net | (7,812) | (4,995) |
Net (decrease) increase in short-term borrowings | (58,476) | 82,560 |
Proceeds from other borrowings | 89,600 | 38,630 |
Repayment of other borrowings | (75,650) | (81,679) |
Increase in advances by borrowers for taxes and insurance | 7,102 | 9,639 |
Purchase of treasury shares | (6,541) | |
Exercising of stock options | 1,673 | |
Dividends on common stock | (3,217) | (2,928) |
Net cash (used for) provided by financing activities | (54,994) | 42,900 |
Decrease in cash and cash equivalents | (2,841) | (3,776) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 43,539 | 41,683 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 40,698 | 37,907 |
Cash Paid: | ||
Interest | 15,087 | 11,417 |
Income taxes | (2) | |
Noncash items: | ||
Transfers from loans to foreclosed real estate | 315 | 1,109 |
Unrealized holding gains (losses) | $ 13,971 | $ (10,219) |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | 1. Nature of Operations and Basis of Presentation The consolidated financial statements include the accounts of ESSA Bancorp, Inc. (the “Company”), its wholly owned subsidiary, ESSA Bank & Trust (the “Bank”), and the Bank’s wholly owned subsidiaries, ESSACOR Inc.; Pocono Investments Company; ESSA Advisory Services, LLC; Integrated Financial Corporation; and Integrated Abstract Incorporated, a wholly owned subsidiary of Integrated Financial Corporation. The primary purpose of the Company is to act as a holding company for the Bank. The Bank’s primary business consists of the taking of deposits and granting of loans to customers generally in Monroe, Northampton, Lehigh, Delaware, Chester, Montgomery, Lackawanna, and Luzerne Counties, Pennsylvania. The Bank is a Pennsylvania chartered Savings bank and is subject to regulation and supervision by the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation (the “FDIC”). The investment in the Bank on the parent company’s financial statements is carried at the parent company’s equity in the underlying net assets. ESSACOR, Inc. is a Pennsylvania corporation that has been used to purchase properties at tax sales that represent collateral for delinquent loans of the Bank and is currently inactive. Pocono Investment Company is a Delaware corporation formed as an investment company subsidiary to hold and manage certain investments, including certain intellectual property. ESSA Advisory Services, LLC is a Pennsylvania limited liability company owned 100 percent by ESSA Bank & Trust. ESSA Advisory Services, LLC is a full-service insurance benefits consulting company offering group services such as health insurance, life insurance, short-term and long-term disability, dental, vision, and 401(k) retirement planning as well as individual health products. Integrated Financial Corporation is a Pennsylvania corporation that provided investment advisory services to the general public and is currently inactive. Integrated Abstract Incorporated is a Pennsylvania corporation that provided title insurance services and is currently inactive. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited consolidated financial statements reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of the results of the interim periods and are of a normal and recurring nature. Operating results for the three and nine month periods ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending September 30, 2019. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 2. Earnings per Share The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation for the three and nine months periods ended June 30, 2019 and 2018. Three Months Ended Nine Months Ended June 30, June 30, June 30, June 30, 2019 2018 2019 2018 Weighted-average common shares outstanding 18,133,095 18,133,095 18,133,095 18,133,095 Average treasury stock shares (6,724,160 ) (6,360,627 ) (6,498,995 ) (6,447,516 ) Average unearned ESOP shares (786,420 ) (831,689 ) (797,778 ) (843,049 ) Average unearned non-vested shares (48,107 ) (29,310 ) (48,562 ) (43,302 ) Weighted average common shares and common stock equivalents used to calculate basic earnings per share 10,574,408 10,911,469 10,787,760 10,799,228 Additional common stock equivalents (stock options) used to calculate diluted earnings per share — 11,391 9,395 Weighted average common shares and common stock equivalents used to calculate diluted earnings per share 10,574,408 10,922,860 10,787,760 10,808,623 For the three and nine months ended June 30, 2019 there were 39,718 shares of nonvested stock outstanding at an average weighted price of $16.01 per share that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive. For the three and nine months ended June 30, 2018 there were 45,642 shares of nonvested stock outstanding at an average weighted price of $15.37 per share that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive. |
Use of Estimates in the Prepara
Use of Estimates in the Preparation of Financial Statements | 9 Months Ended |
Jun. 30, 2019 | |
Text Block [Abstract] | |
Use of Estimates in the Preparation of Financial Statements | 3. Use of Estimates in the Preparation of Financial Statements The accounting principles followed by the Company and its subsidiaries and the methods of applying these principles conform to U.S. generally accepted accounting principles (“GAAP”) and to general practice within the banking industry. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the Consolidated Balance Sheet date and related revenues and expenses for the period. Actual results could differ from those estimates. |
Accounting Pronouncements
Accounting Pronouncements | 9 Months Ended |
Jun. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Accounting Pronouncements | 4. Accounting Pronouncements Adoption of New Standards In May 2014, the FASB issued ASU No. 2014-09 , “Revenue from contracts with customers.” In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In March 2017, the FASB issued ASU 2017-07, Compensation ‒ Retirement Benefits (Topic 715) Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20) In July 2017, the FASB issued ASU 2017-11 , Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), and Derivative and Hedging (Topic 815) Subtopic 470-20, Debt ‒ Debt with Conversion and Other Options In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842) In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718), In July 2018, the FASB issued ASU 2018-09, Codification Improvements In July 2018, the FASB issued ASU 2018-10, Codification Improvements Topic 842, Leases In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements. This Update provides another transition method which allows entities to initially apply ASC 842 at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Entities that elect this approach should report comparative periods in accordance with ASC 840, Leases ASC 606, Revenue from Contracts with Customers In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes the Disclosure Requirements for Fair Value Measurements In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits (Topic 715-20) In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815) In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842) ASU 2016-02, Leases In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842) In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging Financial Instruments Financial Instruments – Credit Losses Topic 815, Derivatives and Hedging In May 2019, the FASB issued ASU 2019-05, Financial Instruments – Credit Losses, Topic 326 In May 2019, the FASB issued ASU 2019-06, Intangibles – Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Entities (Topic 958): Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities |
Investment Securities
Investment Securities | 9 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | 5. The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale are summarized as follows (in thousands): June 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for Sale Fannie Mae $ 134,135 $ 680 $ (960 ) $ 133,855 Freddie Mac 84,927 263 (512 ) 84,678 Governmental National Mortgage Association Securities 19,436 112 (213 ) 19,335 Total mortgage-backed securities 238,498 1,055 (1,685 ) 237,868 Obligations of states and political subdivisions 19,869 301 (23 ) 20,147 U.S. government agency securities 6,493 209 — 6,702 Corporate obligations 43,247 487 (568 ) 43,166 Other debt securities 17,642 48 (246 ) 17,444 Total $ 325,749 $ 2,100 $ (2,522 ) $ 325,327 September 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for Sale Fannie Mae $ 147,433 $ 17 $ (5,827 ) $ 141,623 Freddie Mac 99,587 2 (4,415 ) 95,174 Governmental National Mortgage Association 22,164 — (838 ) 21,326 Total mortgage-backed securities 269,184 19 (11,080 ) 258,123 Obligations of states and political subdivisions 42,090 251 (1,392 ) 40,949 U.S. government agency securities 5,678 2 (122 ) 5,558 Corporate obligations 48,559 116 (1,260 ) 47,415 Other debt securities 20,295 — (922 ) 19,373 Total debt securities 385,806 388 (14,776 ) 371,418 Equity securities - financial services (a) 25 — (5 ) 20 Total $ 385,831 $ 388 $ (14,781 ) $ 371,438 (a) As of October 1, 2018, the Company adopted ASU 2016-01 resulting in reclassification of equity securities from available for-sale investment securities to other assets. At September 30, 2018, the Company's investment in equity securities was comprised of common stock issued by an unrelated bank holding company. At June 30, 2019 and September 30, 2018, the Company had $23,000 and $20,000 respectively, in equity securities recorded at fair value. Prior to October 1, 2018, equity securities were stated at fair value with unrealized gains and losses reported as a separate component of Accumulated Other Comprehensive Income (“AOCI”), net of tax. At September 30, 2018, net unrealized loss net of tax of $4,000 had been recognized in AOCI. On October 1, 2018, these unrealized gains and losses were reclassified out of AOCI and into retained earnings with subsequent changes in fair value being recognized in net income. The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three and nine months ended June 30, 2019: (Dollars in thousands) Three Months Ended June 30, 2019 Nine Months Ended June 30, 2019 Net gains recognized during the period on equity securities $ 2 $ 3 Less: Net gains recognized during the period on equity securities sold during the period — — Unrealized gains recognized during the reporting period on equity securities still held at the reporting date $ 2 $ 3 The amortized cost and fair value of debt securities at June 30, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (in thousands): Available For Sale Amortized Cost Fair Value Due in one year or less $ — $ — Due after one year through five years 19,316 19,622 Due after five years through ten years 87,693 87,881 Due after ten years 218,740 217,824 Total $ 325,749 $ 325,327 For the three months ended June 30, 2019, the Company realized gross gains of $93,000 and gross losses of $92,000 on proceeds from the sale of investment securities of $15.3 million. For the nine months ended June 30, 2019, the Company realized gross gains of $268,000 and gross losses of $224,000 on proceeds from the sale of investment securities of $45.7 million. For the three months ended June 30, 2018, the Company realized no gross gains or gross losses on proceeds from the sale of investment securities. For the nine months ended June 30, 2018, the Company realized gross gains of $300,000 and gross losses of $225,000 on proceeds from the sale on investment securities of $22.1 million. The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (dollars in thousands): June 30, 2019 Number of Securities Less than Twelve Months Twelve Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fannie Mae 62 $ 854 $ (20 ) $ 72,383 $ (940 ) $ 73,237 $ (960 ) Freddie Mac 45 — — 45,687 (512 ) 45,687 (512 ) Governmental National Mortgage Association 12 765 (16 ) 9,059 (197 ) 9,824 (213 ) Obligations of states and political subdivisions 4 — — 4,386 (23 ) 4,386 (23 ) U.S. government agency securities — — — — — — — Corporate obligations 14 4,273 (26 ) 10,238 (542 ) 14,511 (568 ) Other debt securities 15 — — 12,005 (246 ) 12,005 (246 ) Total 152 $ 5,892 $ (62 ) $ 153,758 $ (2,460 ) $ 159,650 $ (2,522 ) September 30, 2018 Number of Securities Less than Twelve Months Twelve Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fannie Mae 100 $ 63,997 $ (1,442 ) $ 74,783 $ (4,385 ) $ 138,780 $ (5,827 ) Freddie Mac 74 28,902 (830 ) 65,812 (3,585 ) 94,714 (4,415 ) Governmental National Mortgage Association 19 9,776 (142 ) 11,550 (696 ) 21,326 (838 ) Obligations of states and political subdivisions 25 7,651 (105 ) 21,004 (1,287 ) 28,655 (1,392 ) U.S. government agency securities 3 5,177 (122 ) — — 5,177 (122 ) Corporate obligations 34 20,172 (363 ) 13,206 (897 ) 33,378 (1,260 ) Other debt securities 20 2,399 (38 ) 16,974 (884 ) 19,373 (922 ) Equity Securities (a) 1 20 (5 ) — — 20 (5 ) Total 276 $ 138,094 $ (3,047 ) $ 203,329 $ (11,734 ) $ 341,423 $ (14,781 ) (a) As of October 1, 2018, the Company adopted ASU 2016-01 resulting in reclassification of equity securities from available for-sale investment securities to other assets. As September 30, 2018, the Company's investment in equity securities was comprised of common stock issued by an unrelated bank holding company. The Company’s investment securities portfolio contains unrealized losses on securities, including mortgage-related instruments issued or backed by the full faith and credit of the United States government, or generally viewed as having the implied guarantee of the U.S. government, other mortgage backed securities, debt obligations of a U.S. state or political subdivision, U.S. government agency securities, corporate obligations, other debt securities and equity securities. The Company reviews its position quarterly and has asserted that at June 30, 2019, the declines outlined in the above table represent temporary declines and the Company would not be required to sell the above securities before their anticipated recovery in market value. The Company has concluded that any impairment of its investment securities portfolio is not other than temporary but is the result of interest rate changes that are not expected to result in the non-collection of principal and interest during the period. |
Loans Receivable, Net and Allow
Loans Receivable, Net and Allowance for Loan Losses | 9 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans Receivable, Net and Allowance for Loan Losses | 6. Loans Receivable, Net and Allowance for Loan Losses Loans receivable consist of the following (in thousands): June 30, 2019 September 30, 2018 Real estate loans: Residential $ 595,752 $ 580,561 Construction 6,312 3,920 Commercial 462,799 416,573 Commercial 58,670 49,479 Obligations of states and political subdivisions 71,691 73,362 Home equity loans and lines of credit 44,695 43,962 Auto Loans 96,439 146,220 Other 2,871 2,682 1,339,229 1,316,759 Less allowance for loan losses 12,606 11,688 Net loans $ 1,326,623 $ 1,305,071 Purchased loans acquired in a business combination are recorded at fair value on their purchase date without a carryover of the related allowance for loan losses. The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30 (in thousands): June 30, 2019 September 30, 2018 Acquired Loans with Specific Evidence or Deterioration in Credit Quality (ASC 310-30) Acquired Loans with Specific Evidence or Deterioration in Credit Quality (ASC 310-30) Outstanding balance $ 1,530 $ 2,497 Carrying amount $ 1,429 $ 1,802 The following tables show the amount of loans in each category that were individually and collectively evaluated for impairment at the dates indicated (in thousands): Total Loans Individually Evaluated for Impairment Loans Acquired with Deteriorated Credit Quality Collectively Evaluated for Impairment June 30, 2019 Real estate loans: Residential $ 595,752 $ 3,898 $ — $ 591,854 Construction 6,312 — — 6,312 Commercial 462,799 8,444 1,429 452,926 Commercial 58,670 2,835 — 55,835 Obligations of states and political subdivisions 71,691 — — 71,691 Home equity loans and lines of credit 44,695 250 — 44,445 Auto loans 96,439 390 — 96,049 Other 2,871 15 — 2,856 Total $ 1,339,229 $ 15,832 $ 1,429 $ 1,321,968 Total Loans Individually Evaluated for Impairment Loans Acquired with Deteriorated Credit Quality Collectively Evaluated for Impairment September 30, 2018 Real estate loans: Residential $ 580,561 $ 5,317 $ — $ 575,244 Construction 3,920 — — 3,920 Commercial 416,573 5,892 1,801 408,880 Commercial 49,479 85 1 49,393 Obligations of states and political sub divisions 73,362 — — 73,362 Home equity loans and lines of credit 43,962 114 — 43,848 Auto loans 146,220 445 — 145,775 Other 2,682 17 — 2,665 Total $ 1,316,759 $ 11,870 $ 1,802 $ 1,303,087 The Company maintains a loan review system that allows for a periodic review of our loan portfolio and the early identification of potential impaired loans. Such system takes into consideration, among other things, delinquency status, size of loans, type and market value of collateral and financial condition of the borrowers. Specific loan loss allowances are established for identified losses based on a review of such information. A loan evaluated for impairment is considered to be impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. All loans identified as impaired are evaluated independently. The Company does not aggregate such loans for evaluation purposes. Impairment is measured on a loan-by-loan basis for commercial and construction loans by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral-dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential mortgage loans for impairment disclosures, unless such loans are part of a larger relationship that is impaired, or are classified as a troubled debt restructuring. A loan is considered to be a troubled debt restructuring (“TDR”) loan when the Company grants a concession to the borrower that it would not otherwise consider because of the borrower’s financial condition. Such concessions include the reduction of interest rates, forgiveness of principal or interest, or other modifications of interest rates that are less than the current market rate for new obligations with similar risk. TDR loans that are in compliance with their modified terms and that yield a market rate at the time of modification may be removed from TDR status after one year of performance. The following tables include the recorded investment and unpaid principal balances for impaired loans with the associated allowance amount at the dates indicated, if applicable (in thousands): Recorded Investment Unpaid Principal Balance Associated Allowance June 30, 2019 With no specific allowance recorded: Real estate loans Residential $ 3,216 $ 4,722 $ — Construction — — — Commercial 8,187 8,953 — Commercial 367 606 — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 220 244 — Auto loans 145 281 — Other 15 24 — Total 12,150 14,830 — With an allowance recorded: Real estate loans Residential 682 758 82 Construction — — — Commercial 256 295 58 Commercial 2,469 2,474 107 Obligations of states and political subdivisions — — — Home equity loans and lines of credit 30 47 7 Auto loans 245 248 114 Other — — — Total 3,682 3,822 368 Total: Real estate loans Residential 3,898 5,480 82 Construction — — — Commercial 8,443 9,248 58 Commercial 2,836 3,080 107 Obligations of states and political subdivisions — — — Home equity loans and lines of credit 250 291 7 Auto loans 390 529 114 Other 15 24 — Total Impaired Loans $ 15,832 $ 18,652 $ 368 Recorded Investment Unpaid Principal Balance Associated Allowance September 30, 2018 With no specific allowance recorded: Real Estate Loans Residential $ 4,449 $ 6,176 $ — Construction — — — Commercial 5,892 6,790 — Commercial 85 349 — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 114 138 — Auto Loans 87 223 — Other 17 25 — Total 10,644 13,701 — With an allowance recorded: Real Estate Loans Residential 868 938 149 Construction — — — Commercial — — — Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit — — — Auto Loans 358 375 164 Other — — — Total 1,226 1,313 313 Total: Real Estate Loans Residential 5,317 7,114 149 Construction — — — Commercial 5,892 6,790 — Commercial 85 349 — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 114 138 — Auto Loans 445 598 164 Other 17 25 — Total Impaired Loans $ 11,870 $ 15,014 $ 313 The following tables represent the average recorded investments in the impaired loans and the related amount of interest recognized during the time within the period that the impaired loans were impaired (in thousands): For the Three Months Ended June 30, 2019 2018 2019 2018 Average Recorded Investment Average Recorded Investment Interest Income Recognized Interest Income Recognized With no specific allowance recorded: Real estate loans Residential $ 3,451 $ 3,968 $ 1 $ 6 Construction — — — — Commercial 3,856 6,564 0 70 Commercial 460 445 — 8 Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 231 133 — — Auto loans 130 205 1 — Other 5 27 — — Total 8,133 11,342 2 84 With an allowance recorded: Real estate loans Residential 574 1,212 — — Construction — — — — Commercial 291 12 — — Commercial 823 — — — Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 10 26 — — Auto loans 202 190 — — Other — — — — Total 1,900 1,440 — — Total: Real estate loans Residential 4,025 5,180 1 6 Construction — — — — Commercial 4,147 6,576 — 70 Commercial 1,283 445 — 8 Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 241 159 — — Auto loans 332 395 1 — Other 5 27 — — Total Impaired Loans $ 10,033 $ 12,782 $ 2 $ 84 For the Nine Months Ended June 30, 2019 2018 2019 2018 Average Recorded Investment Average Recorded Investment Interest Income Recognized Interest Income Recognized With no specific allowance recorded: Real estate loans Residential $ 3,728 $ 4,192 $ 4 $ 21 Construction — — — — Commercial 3,425 6,787 54 211 Commercial 250 970 1 59 Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 204 181 — 1 Auto loans 101 183 2 1 Other 13 28 — — Total 7,721 12,341 61 293 With an allowance recorded: Real estate loans Residential 846 1,332 — — Construction — — — — Commercial 126 17 — — Commercial 285 — — — Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 19 13 — — Auto loans 219 228 — — Other — — — — Total 1,495 1,590 — — Total: Real estate loans Residential 4,574 5,524 4 21 Construction — — — — Commercial 3,551 6,804 54 211 Commercial 535 970 1 59 Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 223 194 — 1 Auto loans 320 411 2 1 Other 13 28 — — Total Impaired Loans $ 9,216 $ 13,931 $ 61 $ 293 The Company uses a ten-point internal risk-rating system to monitor the credit quality of the overall loan portfolio. The first six categories are considered not criticized and are aggregated as Pass-rated. The criticized rating categories utilized by management generally follow bank regulatory definitions. The Special Mention category includes assets that are fundamentally sound yet exhibit potentially unacceptable credit risk or deteriorating trends or characteristics which, if left uncorrected, may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Loans in the Substandard category have well-defined weaknesses that jeopardize the liquidation of the debt and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. All loans that are 90 or more days past due are considered Substandard. Loans in the Doubtful category have all the weaknesses inherent in loans classified as Substandard with the added characteristic that their weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans in the Loss category are considered uncollectible and of little value that their continuance as bankable assets is not warranted. Certain residential real estate loans, construction loans, home equity loans and lines of credit, auto loans and other consumer loans are underwritten and structured using standardized criteria and characteristics, primarily payment performance, and are normally risk rated and monitored collectively on a monthly basis. These are typically loans to individuals in the consumer categories and are delineated as either performing or non-performing. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Bank has a structured loan rating process with several layers of internal and external oversight. Generally, consumer and residential mortgage loans are included in the Pass categories unless a specific action, such as bankruptcy, repossession, or death occurs to raise awareness of a possible credit event. The Bank’s Commercial Loan Officers are responsible for the timely and accurate risk rating recommendation for the loans in their portfolios at origination and on an ongoing basis. The Bank’s Commercial Loan Officers perform an annual review of all commercial relationships $750,000 or greater. Confirmation of the appropriate risk grade is included in the review on an ongoing basis. The Bank engages an external consultant to conduct loan reviews on at least a semi-annual basis. Generally, the external consultant reviews commercial relationships greater than $1,000,000 and/or all criticized relationships. Detailed reviews, including plans for resolution, are performed on loans classified as Substandard on a quarterly basis. Loans in the Special Mention and Substandard categories that are collectively evaluated for impairment are given separate consideration in the determination of the allowance. The following tables present the classes of the loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard, and Doubtful or Loss within the internal risk rating system at June 30, 2019 and September 30, 2018 (in thousands): Pass Special Mention Substandard Doubtful or Loss Total June 30, 2019 Commercial real estate loans $ 442,531 $ 8,611 $ 11,657 $ — $ 462,799 Commercial 55,426 3,244 — 58,670 Obligations of states and political subdivisions 71,691 — — — 71,691 Total $ 569,648 $ 8,611 $ 14,901 $ — $ 593,160 Pass Special Mention Substandard Doubtful or Loss Total September 30, 2018 Commercial real estate loans $ 392,915 $ 8,960 $ 14,698 $ — $ 416,573 Commercial 48,137 8 1,334 — 49,479 Obligations of states and political subdivisions 73,362 — — — 73,362 Total $ 514,414 $ 8,968 $ 16,032 $ — $ 539,414 All other loans are underwritten and structured using standardized criteria and characteristics, primarily payment performance, and are normally risk rated and monitored collectively on a monthly basis. These are typically loans to individuals in the consumer categories and are delineated as either performing or non-performing. The following tables present the risk ratings in the consumer categories of performing and non-performing loans at June 30, 2019 and September 30, 2018 (in thousands): Performing Non- performing Purchased Credit Impaired Total June 30, 2019 Real estate loans: Residential $ 591,061 $ 4,691 $ — $ 595,752 Construction 6,312 — — 6,312 Home equity loans and lines of credit 44,122 573 — 44,695 Auto loans 95,710 729 — 96,439 Other 2,839 32 — 2,871 Total $ 740,044 $ 6,025 $ — $ 746,069 Performing Non- performing Purchased Impaired Credit Total September 30, 2018 Real estate loans: Residential $ 575,244 $ 5,317 $ — $ 580,561 Construction 3,920 — — 3,920 Home equity loans and lines of credit 43,746 216 — 43,962 Auto loans 145,633 587 — 146,220 Other 2,664 18 — 2,682 Total $ 771,207 $ 6,138 $ — $ 777,345 The Company further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of June 30, 2019 and September 30, 2018 (in thousands): 31-60 Days 61-89 Days 90 + Days Past Due and Total Purchased Credit Impaired Total Current Past Due Past Due Accruing Nonaccrual Past Due Accruing Nonaccrual Loans June 30, 2019 Real estate loans: Residential $ 588,991 $ 1,308 $ 762 $ — $ 4,691 $ 6,761 $ — $ — $ 595,752 Construction 6,312 — — — — — — — 6,312 Commercial 452,360 632 71 — 8,307 9,010 246 1,183 462,799 Commercial 55,550 17 — — 3,103 3,120 — — 58,670 Obligations of states and political subdivisions 71,691 — — — — — — — 71,691 Home equity loans and lines of credit 43,793 54 275 — 573 902 — — 44,695 Auto loans 94,235 1,472 3 — 729 2,204 — — 96,439 Other 2,826 2 11 — 32 45 — — 2,871 Total $ 1,315,758 $ 3,485 $ 1,122 $ — $ 17,435 $ 22,042 $ 246 $ 1,183 $ 1,339,229 31-60 Days 61-89 Days 90 + Days Past Due and Total Purchased Credit Impaired Total Current Past Due Past Due Accruing Nonaccrual Past Due Accruing Nonaccrual Loans September 30, 2018 Real estate loans: Residential $ 572,236 $ 2,088 $ 920 $ — $ 5,317 $ 8,325 $ — $ — $ 580,561 Construction 3,920 — — — — — — — 3,920 Commercial 412,636 185 — — 1,951 2,136 255 1,546 416,573 Commercial 48,567 25 11 — 875 911 — 1 49,479 Obligations of states and political subdivisions 73,362 — — — — — — — 73,362 Home equity loans and lines of credit 43,716 30 — — 216 246 — — 43,962 Auto loans 144,140 1,473 20 — 587 2,080 — — 146,220 Other 2,647 17 — — 18 35 — — 2,682 Total $ 1,301,224 $ 3,818 $ 951 $ — $ 8,964 $ 13,733 $ 255 $ 1,547 $ 1,316,759 The allowance for loan losses is maintained at a level necessary to absorb loan losses that are both probable and reasonably estimable. Management, in determining the allowance for loan losses, considers the losses inherent in its loan portfolio and changes in the nature and volume of loan activities, along with the general economic and real estate market conditions. The allowance for loan losses consists of two elements: (1) an allocated allowance, which comprises allowances established on specific loans and class allowances based on historical loss experience and current trends, and (2) an allocated allowance based on general economic conditions and other risk factors in our markets and portfolios. We maintain a loan review system, which allows for a periodic review of our loan portfolio and the early identification of potential impaired loans. Such system takes into consideration, among other things, delinquency status, size of loans, type and market value of collateral and financial condition of the borrowers. General loan loss allowances are based upon a combination of factors including, but not limited to, actual loan loss experience, composition of the loan portfolio, current economic conditions, management’s judgment and losses which are probable and reasonably estimable. The allowance is increased through provisions charged against current earnings and recoveries of previously charged-off loans. Loans that are determined to be uncollectible are charged against the allowance. While management uses available information to recognize probable and reasonably estimable loan losses, future loss provisions may be necessary, based on changing economic conditions. Payments received on impaired loans generally are either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. The allowance for loan losses as of June 30, 2019 was maintained at a level that represents management’s best estimate of losses inherent in the loan portfolio, and such losses were both probable and reasonably estimable. In addition, the FDIC and the Pennsylvania Department of Banking and Securities, as an integral part of their examination process, have periodically reviewed our allowance for loan losses. The banking regulators may require that we recognize additions to the allowance based on its analysis and review of information available to it at the time of its examination. Management reviews the loan portfolio on a quarterly basis using a defined, consistently applied process in order to make appropriate and timely adjustments to the allowance for loan losses (“ALL”). When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ALL. The following table summarizes changes in the primary segments of the ALL for the three and nine months periods ended June 30, 2019 and 2018 (in thousands): Home Obligations of Equity States and Loans and Real Estate Loans Commercial Political Lines of Other Residential Construction Commercial Loans Subdivisions Credit Auto Loans Loans Unallocated Total ALL balance at March 31, 2019 $ 3,742 $ 59 $ 3,816 $ 1,865 $ 294 $ 295 $ 1,608 $ 27 $ 683 $ 12,389 Charge-offs (49 ) — (114 ) (5 ) — — (229 ) — — (397 ) Recoveries 23 — 18 — — 2 170 1 — 214 Provision 313 — (96 ) 41 44 31 (21 ) (1 ) 89 400 ALL balance at June 30, 2019 $ 4,029 $ 59 $ 3,624 $ 1,901 $ 338 $ 328 $ 1,528 $ 27 $ 772 $ 12,606 ALL balance at March 31, 2018 $ 3,755 $ 33 $ 2,821 $ 1,219 $ 269 $ 401 $ 1,904 $ 21 $ 87 $ 10,510 Charge-offs (120 ) — (12 ) — — (41 ) (328 ) — — (501 ) Recoveries 3 — — — — 33 109 1 — 146 Provision (102 ) 10 199 165 23 15 185 1 479 975 ALL balance at June 30, 2018 $ 3,536 $ 43 $ 3,008 $ 1,384 $ 292 $ 408 $ 1,870 $ 23 $ 566 $ 11,130 ALL balance at September 30, 2018 $ 3,605 $ 35 $ 3,458 $ 1,462 $ 323 $ 296 $ 1,859 $ 23 $ 627 $ 11,688 Charge-offs (322 ) — (121 ) (27 ) — (19 ) (967 ) (11 ) — (1,467 ) Recoveries 32 — 30 — — 5 439 3 — 509 Provision 714 24 257 466 15 46 197 12 145 1,876 ALL balance at June 30, 2019 $ 4,029 $ 59 $ 3,624 $ 1,901 $ 338 $ 328 $ 1,528 $ 27 $ 772 $ 12,606 ALL balance at September 30, 2017 $ 3,878 $ 23 $ 1,758 $ 987 $ 248 $ 470 $ 1,836 $ 21 $ 144 $ 9,365 Charge-offs (215 ) — (27 ) (137 ) — (47 ) (1,415 ) (21 ) — (1,862 ) Recoveries 9 — 2 10 — 38 490 3 — 552 Provision (136 ) 20 1,275 524 44 (53 ) 959 20 422 3,075 ALL balance at June 30, 2018 $ 3,536 $ 43 $ 3,008 $ 1,384 $ 292 $ 408 $ 1,870 $ 23 $ 566 $ 11,130 During the three months ended June 30, 2018 the Company recorded provision expense for the construction loans, commercial real estate, commercial, obligations of states and political subdivisions, home equity loans and line of credit, auto and other loan segments. A credit provision was recorded for the residential real estate segment, due to declining loan balances. During the nine months ended June 30, 2018 the Company recorded provision expense for the construction loans, commercial real estate, commercial, obligations of states and political subdivisions, auto and other loan segments, due to either increased loan balances, changes in the loan mix within the pool, and/or charge-off activity in those segments. Credit provisions were recorded for loan loss for the residential real estate and home equity loans and lines of credit segment. During the three months ended June 30, 2019 the Company recorded provision expense for the residential real estate, construction loans, commercial, obligations of states and political subdivisions and home equity loans and lines of credit loan segments, due to either increased loan balances, changes in the loan mix within the pool, and/or charge-off activity in those segments. Credit provisions were recorded for loan loss for the commercial real estate, auto loans and other loan segments. No credit provision or provision expense was recorded for the construction loan segment. During the nine months ended June 30, 2019 the Company recorded provision expense for the residential real estate construction loans, commercial real estate, commercial obligations of states and political subdivisions, home equity loans and lines of credit, auto and other loan segments, due to either increased loan balances, changes in the loan mix within the pool, and or charge-off activity in those segments. No credit provisions were recorded. The following table summarizes the primary segments of the ALL, segregated into two categories, the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of June 30, 2019 and September 30, 2018 (in thousands): Home Obligations of Equity States and Loans and Real Estate Loans Commercial Political Lines of Other Residential Construction Commercial Loans Subdivisions Credit Auto Loans Loans Unallocated Total Individually evaluated for impairment $ 82 $ — $ 58 $ 107 $ — $ 7 $ 114 $ — $ — $ 368 Collectively evaluated for impairment 3,947 59 3,566 1,794 338 321 1,414 27 772 12,238 ALL balance at June 30, 2019 $ 4,029 $ 59 $ 3,624 $ 1,901 $ 338 $ 328 $ 1,528 $ 27 $ 772 $ 12,606 Individually evaluated for impairment $ 149 $ — $ — $ — $ — $ — $ 164 $ — $ — $ 313 Collectively evaluated for impairment 3,456 35 3,458 1,462 323 296 1,695 23 627 11,375 ALL balance at September 30, 2018 $ 3,605 $ 35 $ 3,458 $ 1,462 $ 323 $ 296 $ 1,859 $ 23 $ 627 $ 11,688 The allowance for loan losses is based on estimates, and actual losses will vary from current estimates. Management believes that the granularity of the homogeneous pools and the related historical loss ratios and other qualitative factors, as well as the consistency in the application of assumptions, result in an ALL that is representative of the risk found in the components of the portfolio at any given date. Despite the above allocations, the allowance for loan losses is general in nature and is available to absorb losses from any loan segment. There were no troubled debt restructurings granted during the three months ended June 30, 2019. The following is a summary of troubled debt restructuring granted during the three months ended June 30, 2018 and the nine months ended June 30, 2019 and 2018 (dollars in thousands): For the Three Months Ended June 30, 2018 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings Real estate loans: Residential — $ — $ — Construction — — — Commercial — — — Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit — — — Auto loans 3 20 20 Other — — — Total 3 $ 20 $ 20 For the Nine Months Ended June 30, 2019 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings Real estate loans: Residential 2 $ 95 $ 95 Construction — — — Commercial — — — Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 2 159 159 Auto loans 1 21 21 Other — — — Total 5 $ 275 $ 275 For the Nine Months Ended June 30, 2018 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings Real estate loans: Residential 2 $ 243 $ 235 Construction — — — Commercial 1 107 107 Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit — — — Auto loans 4 35 35 Other — — — Total 7 $ 385 $ 377 The new troubled debt restructurings granted for the three months ended June 30, 2018 totaled $20,000 were granted rate and term concessions. Of the five new troubled debt restructurings granted for the nine months ended June 30, 2019, one loan totaling $14,000 was granted term concessions, one loan totaling $81,000 was granted an interest rate concession and three loans totaling $180,000 were granted term and rate concessions. For the nine months ended June 30, 2018, six loans totaling $270,000 were granted terms and rate concessions and one loan for $107,000 was granted term concessions. For the three and nine months ended June 30, 2019, no loans defaulted on a restructuring agreement within one year of modification. For the three months ended June 30, 2018, no loans defaulted on a restructuring agreement within one year of modification. For the nine months ended June 30, 2018, one loan totaling $72,000 defaulted on a restructuring agreement within one year of modification. Foreclosed assets acquired in settlement of loans are carried at fair value, less estimated costs to sell, and are included in the Consolidated Balance Sheet. As of June 30, 2019, included within the foreclosed assets is $463,000 of consumer residential mortgages that were foreclosed on or received via a deed in lieu of foreclosure transaction prior to the period end. As of June 30, 2019, the Company has initiated formal foreclosure proceedings on $1.8 million of consumer residential mortgages which have not yet been transferred into foreclosed assets. |
Deposits
Deposits | 9 Months Ended |
Jun. 30, 2019 | |
Banking And Thrift [Abstract] | |
Deposits | 7. Deposits Deposits consist of the following major classifications (in thousands): June 30, 2019 September 30, 2018 Non-interest bearing demand accounts $ 176,362 $ 158,340 Interest bearing demand accounts 182,347 221,327 Money market accounts 341,889 296,078 Savings and club accounts 136,454 135,862 Certificates of deposit 494,531 525,248 Total $ 1,331,583 $ 1,336,855 |
Net Periodic Benefit Cost-Defin
Net Periodic Benefit Cost-Defined Benefit Plan | 9 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Net Periodic Benefit Cost-Defined Benefit Plan | 8 . Net Periodic Benefit Cost-Defined Benefit Plan For a detailed disclosure on the Bank’s pension and employee benefits plans, please refer to Note 12 of the Company’s Consolidated Financial Statements for the year ended September 30, 2018 included in the Company’s Annual Report on Form 10-K. The following table comprises the components of net periodic benefit cost for the three and nine month periods ended June 30, 2019 and 2018 (in thousands): For the Three Months Ended June 30, For the Nine Months Ended June 30, 2019 2018 2019 2018 Service Cost $ — $ — $ — $ — Interest Cost 174 174 520 523 Expected return on plan assets (293 ) (298 ) (878 ) (895 ) Amortization of unrecognized loss — — — — Net periodic benefit cost $ (119 ) $ (124 ) $ (358 ) $ (372 ) The Company’s board of directors adopted resolutions to freeze the status of the Defined Benefit Plan (“the plan”) effective February 28, 2017 (“the freeze date”). Accordingly, no additional participants will enter the plan after February 28, 2017; no additional years of service for benefit accrual purposes will be credited after the freeze date under the plan; and compensation earned by participants after the freeze date will not be taken into account under the plan. |
Equity Incentive Plan
Equity Incentive Plan | 9 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plan | 9 . Equity Incentive Plan The Company previously maintained the ESSA Bancorp, Inc. 2007 Equity Incentive Plan (the “Plan”). The Plan provided for a total of 2,377,326 shares of common stock for issuance upon the grant or exercise of awards. Of the shares that were available under the Plan, 1,698,090 were available to be issued in connection with the exercise of stock options and 679,236 were available to be issued as restricted stock. The Plan allowed for the granting of non-qualified stock options (“NSOs”), incentive stock options (“ISOs”), and restricted stock. Options granted under the plan were granted at no less than the fair value of the Company’s common stock on the date of the grant. As of the effective date of the 2016 Equity Incentive Plan (detailed below), no further grants will be made under the Plan and forfeitures of outstanding awards under the Plan will be added to the shares available under the 2016 Equity Incentive Plan. The Company replaced the 2007 Equity Incentive Plan with the ESSA Bancorp, Inc. 2016 Equity Incentive Plan (the “2016 Plan”) which was approved by shareholders on March 3, 2016. The 2016 Plan provides for a total of 250,000 shares of common stock for issuance upon the grant or exercise of awards. The 2016 Plan allows for the granting of restricted stock, restricted stock units, ISOs and NSOs. The Company classifies share-based compensation for employees and outside directors within “Compensation and employee benefits” in the Consolidated Statement of Operations to correspond with the same line item as compensation paid. Restricted stock shares outstanding at June 30, 2019 vest over periods ranging from 3 to 40 months. The product of the number of shares granted and the grant date market price of the Company’s common stock determines the fair value of restricted shares under the Company’s restricted stock plan. The Company expenses the fair value of all share based compensation grants over the requisite service period. For the three months ended June 30, 2019 and 2018, the Company recorded $74,000 and $92,000 of share based compensation expense, respectively, comprised of restricted stock expense. For the nine months ended June 30, 2019 and 2018, the Company recorded $424,000 and $276,000 of share-based compensation expense, respectively, comprised of restricted stock expense. Expected future compensation expense relating to the restricted shares outstanding at June 30, 2019 is $648,000 over the remaining vesting period of 3.25 years. The following is a summary of the status of the Company’s restricted stock as of June 30, 2019, and changes therein during the nine month period then ended: Number of Restricted Weighted- average Grant Date Fair Value Nonvested at September 30, 2018 35,072 $ 15.37 Granted 37,236 16.23 Vested (11,625 ) 15.95 Forfeited (5,120 ) 15.87 Nonvested at June 30, 2019 55,563 $ 15.93 |
Fair Value
Fair Value | 9 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 10. Fair Value The following disclosures show the hierarchal disclosure framework associated within the level of pricing observations utilized in measuring assets and liabilities at fair value. The definition of fair value maintains the exchange price notion in earlier definitions of fair value but focuses on the exit price of the asset or liability. The exit price is the price that would be received to sell the asset or paid to transfer the liability adjusted for certain inherent risks and restrictions. Expanded disclosures are also required about the use of fair value to measure assets and liabilities. Assets and Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis The following tables provide the fair value for assets required to be measured and reported at fair value on a recurring basis on the Consolidated Balance Sheet as of June 30, 2019 and September 30, 2018 by level within the fair value hierarchy (in thousands). Recurring Fair Value Measurements at Reporting Date June 30, 2019 Assets Level I Level II Level III Total Investment securities available for sale: Mortgage backed securities $ — $ 237,868 $ — $ 237,868 Obligations of states and political subdivisions — 20,147 — 20,147 U.S. government agencies — 6,702 — 6,702 Corporate obligations — 35,344 7,822 43,166 Other debt securities — 17,444 — 17,444 Total Debt Securities $ — $ 317,505 $ 7,822 $ 325,327 Equity securities- financial services $ 23 $ — $ — $ 23 Derivatives and hedging activities: — 477 — 477 Liabilities Derivatives and hedging activities: — 867 — 867 September 30, 2018 Level I Level II Level III Total Investment securities available for sale: Mortgage backed securities $ — $ 258,124 $ — $ 258,124 Obligations of states and political subdivisions — 40,949 — 40,949 U.S. government agencies — 5,558 — 5,558 Corporate obligations — 39,677 7,738 47,415 Other debt securities — 19,373 — 19,373 Equity securities-financial services 20 — — 20 Total Securities $ 20 $ 363,681 $ 7,738 $ 371,439 Derivatives and hedging activities: — 2,452 2,452 The following tables present a summary of changes in the fair value of the Company’s Level III investments for the three and nine month periods ended June 30, 2019 and 2018 (in thousands). Fair Value Measurement Using Significant Unobservable Inputs (Level III) Three Months Ended June 30, 2019 June 30, 2018 Beginning balance $ 7,733 $ 7,767 Purchases, sales, issuances, settlements, net — — Total unrealized gain (loss): Included in earnings — — Included in other comprehensive income (loss) 89 2 Transfers in and/or out of Level III — — $ 7,822 $ 7,769 Fair Value Measurement Using Significant Unobservable Inputs (Level III) Nine Months Ended June 30, 2019 June 30, 2018 Beginning balance $ 7,738 $ 7,224 Purchases, sales, issuances, settlements, net — 500 Total unrealized gain (loss): Included in earnings — — Included in other comprehensive (loss) income 84 45 Transfers in and/or out of Level III — — $ 7,822 $ 7,769 Each financial asset and liability is identified as having been valued according to a specified level of input, 1, 2 or 3. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset, either directly or indirectly. Level 2 inputs include quoted prices for similar assets in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset. The measurement of fair value should be consistent with one of the following valuation techniques: market approach, income approach, and/or cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). For example, valuation techniques consistent with the market approach often use market multiples derived from a set of comparable. Multiples might lie in ranges with a different multiple for each comparable. The selection of where within the range the appropriate multiple falls requires judgment, considering factors specific to the measurement (qualitative and quantitative). Valuation techniques consistent with the market approach include matrix pricing. Matrix pricing is a mathematical technique used principally to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on a security’s relationship to other benchmark quoted securities. Most of the securities classified as available for sale are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quoted market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Securities reported at fair value utilizing Level 1 inputs are limited to actively traded equity securities whose market price is readily available from the New York Stock Exchange or the NASDAQ exchange. A few securities are valued using Level 3 inputs, all of these are classified as available for sale and are reported at fair value using Level 3 inputs. Assets and Liabilities Required to be Measured and Reported on a Non-Recurring Basis The following tables provide the fair value for assets required to be measured and reported at fair value on a non recurring basis on the Consolidated Balance Sheet as of June 30, 2019 and September 30, 2018 by level within the fair value hierarchy: Non-Recurring Fair Value Measurements at Reporting Date (in thousands) June 30, 2019 Level I Level II Level III Total Foreclosed real estate $ — $ — $ 505 $ 505 Impaired loans — — 15,464 15,464 September 30, 2018 Level I Level II Level III Total Foreclosed real estate $ — $ — $ 1,141 $ 1,141 Impaired loans — — 11,557 11,557 The following tables present additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements (dollars in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range June 30, 2019 Impaired loans $ 15,464 Appraisal of collateral (1) Appraisal adjustments (2) 0% to 35% (20.4%) Foreclosed real estate owned 505 Appraisal of collateral (1), (3) Appraisal adjustments (2) 20% to 46% (30.0%) Quantitative Information about Level 3 Fair Value Measurements (dollars in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range September 30, 2018 Impaired loans $ 11,557 Appraisal of collateral (1) Appraisal adjustments (2) 0% to 57% (24.0%) Foreclosed real estate owned 1,141 Appraisal of collateral (1), (3) Appraisal adjustments (2) 20% to 46% (22.1%) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. Foreclosed real estate is measured at fair value, less cost to sell at the date of foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value, less cost to sell. Income and expenses from operations and changes in valuation allowance are included in the net expenses from foreclosed real estate. Impaired loans are reported at fair value utilizing level three inputs. For these loans, a review of the collateral is conducted and an appropriate allowance for loan losses is allocated to the loan. At June 30, 2019, 127 impaired loans with a carrying value of $15.8 million were reduced by specific valuation allowance totaling $368,000 resulting in a net fair value of $15.5 million based on Level 3 inputs. At September 30, 2018, 133 impaired loans with a carrying value of $11.9 million were reduced by a specific valuation totaling $313,000 resulting in a net fair value of $11.6 million based on Level 3 inputs. Assets and Liabilities not Required to be Measured and Reported at Fair Value The methods and assumptions used by the Company in estimating fair values of financial instruments at June 30, 2019 is in accordance with ASC Topic 825, Financial Instruments June 30, 2019 (in thousands) Carrying Level I Level II Level III Total Fair Value Financial assets: Cash and cash equivalents $ 40,698 $ 40,698 $ — $ — $ 40,698 Certificates of deposit 250 — — 250 250 Loans receivable, net 1,326,623 — — 1,309,112 1,309,112 Accrued interest receivable 6,777 6,777 — — 6,777 Regulatory stock 12,488 12,488 — — 12,488 Mortgage servicing rights 187 — — 279 279 Bank owned life insurance 39,356 39,356 — — 39,356 Financial liabilities: Deposits $ 1,331,583 $ 837,052 $ — $ 489,096 $ 1,326,148 Short-term borrowings 121,297 121,297 — — 121,297 Other borrowings 132,673 — — 133,375 133,375 Advances by borrowers for taxes and insurance 13,928 13,928 — — 13,928 Accrued interest payable 1,947 1,947 — — 1,947 September 30, 2018 (in thousands) Carrying Level I Level II Level III Total Fair Value Financial assets: Cash and cash equivalents $ 43,539 $ 43,539 $ — $ — $ 43,539 Certificates of deposit 500 — — 505 505 Loans receivable, net 1,305,071 — — 1,269,127 1,269,127 Accrued interest receivable 6,640 6,640 — — 6,640 Regulatory stock 12,973 12,973 — — 12,973 Mortgage servicing rights 206 — — 340 340 Bank owned life insurance 38,630 38,630 — — 38,630 Financial liabilities: Deposits $ 1,336,855 $ 811,607 $ — $ 520,861 $ 1,332,468 Short-term borrowings 179,773 179,773 — — 179,773 Other borrowings 118,723 — — 117,920 117,920 Advances by borrowers for taxes and insurance 6,826 6,826 — — 6,826 Accrued interest payable 1,369 1,369 — — 1,369 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 11. Accumulated Other Comprehensive Loss The activity in accumulated other comprehensive loss for the three and nine month periods ended June 30, 2019 and 2018 is as follows (in thousands): Accumulated Other Comprehensive Loss Defined Benefit Pension Plan Unrealized (Losses) on Securities Available for Sale Derivatives Total Balance at March 31, 2019 $ (477 ) $ (3,562 ) $ 710 $ (3,329 ) Other comprehensive income (loss) before reclassifications — 3,230 (817 ) 2,413 Amounts reclassified from accumulated other comprehensive loss — (1 ) (203 ) (204 ) Period change — 3,229 (1,020 ) 2,209 Balance at June 30, 2019 $ (477 ) $ (333 ) $ (310 ) $ (1,120 ) Balance at March 31, 2018 $ (752 ) $ (7,808 ) $ 1,825 $ (6,735 ) Other comprehensive income(loss) before reclassifications — (1,376 ) 188 (1,188 ) Amounts reclassified from accumulated other comprehensive loss — — (112 ) (112 ) Period change — (1,376 ) 76 (1,300 ) Balance at June 30, 2018 $ (752 ) $ (9,184 ) $ 1,901 $ (8,035 ) Accumulated Other Comprehensive Income/(Loss) Defined Benefit Pension Plan Unrealized Gains (Losses) on Securities Available for Sale Derivatives Total Balance at September 30, 2018 $ (477 ) $ (11,369 ) $ 1,936 $ (9,910 ) Other comprehensive income (loss) before reclassifications — 11,067 (1,657 ) 9,410 Amounts reclassified from accumulated other comprehensive loss, net of tax — (35 ) (589 ) (624 ) Reclassification of certain income tax effects from accumulated other comprehensive loss — 4 — 4 Period change — 11,036 (2,246 ) 8,790 Balance at June 30, 2019 $ (477 ) $ (333 ) $ (310 ) $ (1,120 ) Balance at September 30, 2017 $ (628 ) $ (927 ) $ 801 $ (754 ) Other comprehensive income(loss) before reclassifications — (7,764 ) 1,076 (6,688 ) Amounts reclassified from accumulated other comprehensive loss — (57 ) (190 ) (247 ) Period change (124 ) (8,257 ) 1,100 (7,281 ) Reclassification of certain income tax effects from accumulated other comprehensive loss (124 ) (436 ) 214 (346 ) Balance at June 30, 2018 $ (752 ) $ (9,184 ) $ 1,901 $ (8,035 ) The following table presents significant amounts reclassified out of each component of accumulated other comprehensive loss for the three and nine month periods ended June 30, 2019 and 2018 (in thousands): Amount Reclassified from Accumulated Other Comprehensive Loss Details About Accumulated Other Comprehensive Loss Components Accumulated Other Comprehensive Loss for the Three Months Ended June 30, Affected Line Item in the Consolidated Statement of Income 2019 2018 Securities available for sale Net securities gains reclassified into earnings $ 1 $ — Gain on sale of investment available for sale Related income tax expense — — Income taxes Net effect on accumulated other comprehensive loss for the period 1 — Derivatives and hedging activities: Interest expense, effective portion 258 153 Interest expense Related income tax expense (55 ) (41 ) Income taxes Net effect on accumulated other comprehensive loss for the period 203 112 Total reclassification for the period $ 204 $ 112 Amount Reclassified from Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss For the Nine Months Ended June 30, Affected Line Item in the Consolidated Statement of Income 2019 2018 Securities available for sale: Net securities gains reclassified into earnings $ 44 $ 75 Gain on sale of investment available for sale Related income tax expense (9 ) (18 ) Income taxes Net effect on accumulated other comprehensive loss for the period 35 57 Net of tax Derivative and Hedging Activities: Interest expense, effective portion 746 252 Interest expense Related income tax expense (157 ) (62 ) Income taxes Net effect on accumulated other comprehensive loss for the period 589 190 Net of tax Total reclassification for the period $ 624 $ 247 |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 9 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | 12. Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to certain variable rate borrowings. Fair Values of Derivative Instruments on the Consolidated Balance Sheet The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of June 30, 2019 and September 30, 2018 (in thousands). Fair Values of Derivative Instruments Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives As of June 30, 2019 As of September 30, 2018 As of June 30, 2019 As of Septenber 30, 2018 Notional Amount Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Derivatives designated as hedging instruments Interest Rate Products $ 150,000 Other Assets $ 477 $ 100,000 Other Assets $ 2,452 Interest Rate Products Other Liabilities $ 867 Other Liabilities $ — Total derivatives designated as hedging instruments $ 477 $ 2,452 Total derivatives designated as hedging instruments $ 867 $ — Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest income and expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company has entered into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed payments. As of June 30, 2019, the Company had eight interest rate swaps with a notional principal amount of $150.0 million associated with the Company’s cash outflows associated with various FHLB advances. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings), net of tax, and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged transactions. The Company did not recognize any hedge ineffectiveness in earnings during the periods ended June 30, 2019 and 2018. Amounts reported in accumulated other comprehensive loss related to derivatives that will be reclassified to interest income/expense as interest payments are made/received on the Company’s variable-rate assets/liabilities. During the three months ended June 30, 2019 and 2018, the Company had $258,000 and $153,000 respectively, of gains reclassified to interest expense. During the nine months ended June 30, 2019 and 2018, the Company had $746,000 and $252,000 respectively, of gains reclassified to interest expense. During the next twelve months, the Company estimates that $194,000 will be reclassified as a decrease in interest expense. The tables below presents the effect of the Company’s cash flow hedge accounting on Accumulated Other Comprehensive Income for the three and nine month periods ended June 30, 2019 and 2018 (in thousands). The Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income Derivatives in Hedging Relationships Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Three Months Ended June 30, Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Three Months Ended June 30, Derivatives in Cash Flow Hedging Relationships 2019 2018 Location of Gain Reclassified from Accumulated OCI into Income 2019 2018 Interest Rate Products $ (1,292 ) $ 249 Interest expense $ 258 $ 153 Total $ (1,292 ) $ 249 $ 258 $ 153 Derivatives in Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Nine Months Ended June 30, Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Gain (Loss)Reclassified from Accumulated OCI into Income (Effective Portion) Nine Months Ended June 30, 2019 2018 2019 2018 Interest Rate Products $ 2,842 $ 1,445 Interest expense $ 746 $ 252 Total $ 2,842 $ 1,445 $ 746 $ 252 Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain of its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well / adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. As of June 30, 2019, the Company had derivatives in a net liability position and was required to post $270,000 in collateral against its obligations under these agreements. As of September 30, 2018, the Company had no derivatives in a net liability position and was not required to post collateral against its obligations under these agreements. If the Company had breached any of these provisions at June 30, 2019 and 2018, it could have been required to settle its obligations under the agreements at the termination value. |
Contingent Liabilities
Contingent Liabilities | 9 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingent Liabilities | 13. Contingent Liabilities Legal Proceedings The Company and its subsidiaries are subject to various legal actions arising in the normal course of business. In the opinion of Management, the resolution of these legal actions is not expected to have a material adverse effect on the Company’s results of operations. The Bank was named as a defendant in an action commenced on December 8, 2016 by one plaintiff who will also seek to pursue this action as a class action on behalf of the entire class of people similarly situated. The plaintiff alleges that a bank previously acquired by ESSA Bancorp received unearned fees and kickbacks in the process of making loans, in violation of the Real Estate Settlement Procedures Act. In an order dated January 29, 2018, the district court granted the Bank’s motion to dismiss the case. The plaintiff appealed the court’s ruling. In an opinion and order dated April 26, 2019, the appellate court reversed the district court’s order dismissing the plaintiff’s case against the Bank, and remanded the case back to the district court in order to continue the litigation. The litigation is now proceeding before the district court. The Bank will continue to vigorously defend against such allegations. To the extent that pending or threatened litigation could result in exposure to the Bank, the amount of such exposure is not currently estimable. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 14. Revenue Recognition Effective October 1, 2018, the Company adopted ASU 2014-09 Revenue from Contracts with Customers- Topic 606 Management determined that since the guidance does not apply to revenue associated with financial instruments, including loans and securities that are accounted for under other GAAP, the new guidance did not have a material impact on revenue most closely associated with financial instruments including interest income and expense along with non interest revenue resulting from non interest security gains, loan servicing, commitment fees and fees from financial guarantees. As a result, no changes were made during the period related to these sources of revenue which cumulatively comprise 90.3% of the total revenue of the Company. The main types of non interest income within the scope of the standard are: Trust and Investment Fees Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month end through a direct charge to customer’s accounts. The Company does not earn performance-based incentives. Optional services such as real estate sales and tax return preparation services are also available to existing trust and asset management customers. The Company’s performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e. as incurred). Payment is received shortly after services are rendered. Service Charges on Deposit Accounts Service charges on deposit accounts consist of account analysis fees (i.e. net fees earned on analyzed business and public checking accounts), monthly service fees, check orders, and other deposit account related fees. The Company’s performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Check orders and other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts. Fees, Exchange, and Other Service Charges Fees, interchange, and other service charges are primarily comprised of debit card income, ATM fees, cash management income, and other services charges. Debit card income is primarily comprised of interchange fees earned whenever the Company’s debit cards are processed through card payment networks such as Mastercard. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a company ATM. Other service charges include revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. The Company’s performance obligation for fees, exchange, and other service charges are largely satisfied, and related revenue recognized when the services are rendered or upon completion., Payment is typically received immediately or in the following month. Insurance Commissions Insurance income primarily consists of commissions received on product sales. The Company acts as an intermediary between the Company’s customer and the insurance carrier. The Company’s performance obligation is generally satisfied upon the issuance of the policy. Shortly after the policy is issued, the carrier remits the commission payment to the Company, and the Company recognizes the revenue. |
Accounting Pronouncements (Poli
Accounting Pronouncements (Policies) | 9 Months Ended |
Jun. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Adoption of New Standards and Recent Accounting Pronouncements | Adoption of New Standards In May 2014, the FASB issued ASU No. 2014-09 , “Revenue from contracts with customers.” In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In March 2017, the FASB issued ASU 2017-07, Compensation ‒ Retirement Benefits (Topic 715) Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20) In July 2017, the FASB issued ASU 2017-11 , Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), and Derivative and Hedging (Topic 815) Subtopic 470-20, Debt ‒ Debt with Conversion and Other Options In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842) In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718), In July 2018, the FASB issued ASU 2018-09, Codification Improvements In July 2018, the FASB issued ASU 2018-10, Codification Improvements Topic 842, Leases In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements. This Update provides another transition method which allows entities to initially apply ASC 842 at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Entities that elect this approach should report comparative periods in accordance with ASC 840, Leases ASC 606, Revenue from Contracts with Customers In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes the Disclosure Requirements for Fair Value Measurements In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits (Topic 715-20) In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815) In December 2018, the FASB issued ASU 2018-20, Leases (Topic 842) ASU 2016-02, Leases In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842) In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging Financial Instruments Financial Instruments – Credit Losses Topic 815, Derivatives and Hedging In May 2019, the FASB issued ASU 2019-05, Financial Instruments – Credit Losses, Topic 326 In May 2019, the FASB issued ASU 2019-06, Intangibles – Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Entities (Topic 958): Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Composition of the Weighted-Average Common Shares (Denominator) Used in the Basic and Diluted Earnings Per Share Computation | The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation for the three and nine months periods ended June 30, 2019 and 2018. Three Months Ended Nine Months Ended June 30, June 30, June 30, June 30, 2019 2018 2019 2018 Weighted-average common shares outstanding 18,133,095 18,133,095 18,133,095 18,133,095 Average treasury stock shares (6,724,160 ) (6,360,627 ) (6,498,995 ) (6,447,516 ) Average unearned ESOP shares (786,420 ) (831,689 ) (797,778 ) (843,049 ) Average unearned non-vested shares (48,107 ) (29,310 ) (48,562 ) (43,302 ) Weighted average common shares and common stock equivalents used to calculate basic earnings per share 10,574,408 10,911,469 10,787,760 10,799,228 Additional common stock equivalents (stock options) used to calculate diluted earnings per share — 11,391 9,395 Weighted average common shares and common stock equivalents used to calculate diluted earnings per share 10,574,408 10,922,860 10,787,760 10,808,623 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Investment Securities Available for Sale | The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale are summarized as follows (in thousands): June 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for Sale Fannie Mae $ 134,135 $ 680 $ (960 ) $ 133,855 Freddie Mac 84,927 263 (512 ) 84,678 Governmental National Mortgage Association Securities 19,436 112 (213 ) 19,335 Total mortgage-backed securities 238,498 1,055 (1,685 ) 237,868 Obligations of states and political subdivisions 19,869 301 (23 ) 20,147 U.S. government agency securities 6,493 209 — 6,702 Corporate obligations 43,247 487 (568 ) 43,166 Other debt securities 17,642 48 (246 ) 17,444 Total $ 325,749 $ 2,100 $ (2,522 ) $ 325,327 September 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for Sale Fannie Mae $ 147,433 $ 17 $ (5,827 ) $ 141,623 Freddie Mac 99,587 2 (4,415 ) 95,174 Governmental National Mortgage Association 22,164 — (838 ) 21,326 Total mortgage-backed securities 269,184 19 (11,080 ) 258,123 Obligations of states and political subdivisions 42,090 251 (1,392 ) 40,949 U.S. government agency securities 5,678 2 (122 ) 5,558 Corporate obligations 48,559 116 (1,260 ) 47,415 Other debt securities 20,295 — (922 ) 19,373 Total debt securities 385,806 388 (14,776 ) 371,418 Equity securities - financial services (a) 25 — (5 ) 20 Total $ 385,831 $ 388 $ (14,781 ) $ 371,438 (a) As of October 1, 2018, the Company adopted ASU 2016-01 resulting in reclassification of equity securities from available for-sale investment securities to other assets. At September 30, 2018, the Company's investment in equity securities was comprised of common stock issued by an unrelated bank holding company. |
Summary of Unrealized and Realized Gains Losses Recognized in Net Income on Equity Securities | (Dollars in thousands) Three Months Ended June 30, 2019 Nine Months Ended June 30, 2019 Net gains recognized during the period on equity securities $ 2 $ 3 Less: Net gains recognized during the period on equity securities sold during the period — — Unrealized gains recognized during the reporting period on equity securities still held at the reporting date $ 2 $ 3 |
Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities at June 30, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (in thousands): Available For Sale Amortized Cost Fair Value Due in one year or less $ — $ — Due after one year through five years 19,316 19,622 Due after five years through ten years 87,693 87,881 Due after ten years 218,740 217,824 Total $ 325,749 $ 325,327 |
Schedule of Gross Unrealized Losses and Fair Value | The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (dollars in thousands): June 30, 2019 Number of Securities Less than Twelve Months Twelve Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fannie Mae 62 $ 854 $ (20 ) $ 72,383 $ (940 ) $ 73,237 $ (960 ) Freddie Mac 45 — — 45,687 (512 ) 45,687 (512 ) Governmental National Mortgage Association 12 765 (16 ) 9,059 (197 ) 9,824 (213 ) Obligations of states and political subdivisions 4 — — 4,386 (23 ) 4,386 (23 ) U.S. government agency securities — — — — — — — Corporate obligations 14 4,273 (26 ) 10,238 (542 ) 14,511 (568 ) Other debt securities 15 — — 12,005 (246 ) 12,005 (246 ) Total 152 $ 5,892 $ (62 ) $ 153,758 $ (2,460 ) $ 159,650 $ (2,522 ) September 30, 2018 Number of Securities Less than Twelve Months Twelve Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fannie Mae 100 $ 63,997 $ (1,442 ) $ 74,783 $ (4,385 ) $ 138,780 $ (5,827 ) Freddie Mac 74 28,902 (830 ) 65,812 (3,585 ) 94,714 (4,415 ) Governmental National Mortgage Association 19 9,776 (142 ) 11,550 (696 ) 21,326 (838 ) Obligations of states and political subdivisions 25 7,651 (105 ) 21,004 (1,287 ) 28,655 (1,392 ) U.S. government agency securities 3 5,177 (122 ) — — 5,177 (122 ) Corporate obligations 34 20,172 (363 ) 13,206 (897 ) 33,378 (1,260 ) Other debt securities 20 2,399 (38 ) 16,974 (884 ) 19,373 (922 ) Equity Securities (a) 1 20 (5 ) — — 20 (5 ) Total 276 $ 138,094 $ (3,047 ) $ 203,329 $ (11,734 ) $ 341,423 $ (14,781 ) (a) As of October 1, 2018, the Company adopted ASU 2016-01 resulting in reclassification of equity securities from available for-sale investment securities to other assets. As September 30, 2018, the Company's investment in equity securities was comprised of common stock issued by an unrelated bank holding company. |
Loans Receivable, Net and All_2
Loans Receivable, Net and Allowance for Loan Losses (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Summary of Loans Receivable | Loans receivable consist of the following (in thousands): June 30, 2019 September 30, 2018 Real estate loans: Residential $ 595,752 $ 580,561 Construction 6,312 3,920 Commercial 462,799 416,573 Commercial 58,670 49,479 Obligations of states and political subdivisions 71,691 73,362 Home equity loans and lines of credit 44,695 43,962 Auto Loans 96,439 146,220 Other 2,871 2,682 1,339,229 1,316,759 Less allowance for loan losses 12,606 11,688 Net loans $ 1,326,623 $ 1,305,071 |
Summary of Additional Information Regarding Loans Acquired and Accounted | The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30 (in thousands): June 30, 2019 September 30, 2018 Acquired Loans with Specific Evidence or Deterioration in Credit Quality (ASC 310-30) Acquired Loans with Specific Evidence or Deterioration in Credit Quality (ASC 310-30) Outstanding balance $ 1,530 $ 2,497 Carrying amount $ 1,429 $ 1,802 |
Schedule of Loans Evaluated for Impairment | The following tables show the amount of loans in each category that were individually and collectively evaluated for impairment at the dates indicated (in thousands): Total Loans Individually Evaluated for Impairment Loans Acquired with Deteriorated Credit Quality Collectively Evaluated for Impairment June 30, 2019 Real estate loans: Residential $ 595,752 $ 3,898 $ — $ 591,854 Construction 6,312 — — 6,312 Commercial 462,799 8,444 1,429 452,926 Commercial 58,670 2,835 — 55,835 Obligations of states and political subdivisions 71,691 — — 71,691 Home equity loans and lines of credit 44,695 250 — 44,445 Auto loans 96,439 390 — 96,049 Other 2,871 15 — 2,856 Total $ 1,339,229 $ 15,832 $ 1,429 $ 1,321,968 Total Loans Individually Evaluated for Impairment Loans Acquired with Deteriorated Credit Quality Collectively Evaluated for Impairment September 30, 2018 Real estate loans: Residential $ 580,561 $ 5,317 $ — $ 575,244 Construction 3,920 — — 3,920 Commercial 416,573 5,892 1,801 408,880 Commercial 49,479 85 1 49,393 Obligations of states and political sub divisions 73,362 — — 73,362 Home equity loans and lines of credit 43,962 114 — 43,848 Auto loans 146,220 445 — 145,775 Other 2,682 17 — 2,665 Total $ 1,316,759 $ 11,870 $ 1,802 $ 1,303,087 |
Schedule of Investment and Unpaid Principal Balances for Impaired Loans | The following tables include the recorded investment and unpaid principal balances for impaired loans with the associated allowance amount at the dates indicated, if applicable (in thousands): Recorded Investment Unpaid Principal Balance Associated Allowance June 30, 2019 With no specific allowance recorded: Real estate loans Residential $ 3,216 $ 4,722 $ — Construction — — — Commercial 8,187 8,953 — Commercial 367 606 — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 220 244 — Auto loans 145 281 — Other 15 24 — Total 12,150 14,830 — With an allowance recorded: Real estate loans Residential 682 758 82 Construction — — — Commercial 256 295 58 Commercial 2,469 2,474 107 Obligations of states and political subdivisions — — — Home equity loans and lines of credit 30 47 7 Auto loans 245 248 114 Other — — — Total 3,682 3,822 368 Total: Real estate loans Residential 3,898 5,480 82 Construction — — — Commercial 8,443 9,248 58 Commercial 2,836 3,080 107 Obligations of states and political subdivisions — — — Home equity loans and lines of credit 250 291 7 Auto loans 390 529 114 Other 15 24 — Total Impaired Loans $ 15,832 $ 18,652 $ 368 Recorded Investment Unpaid Principal Balance Associated Allowance September 30, 2018 With no specific allowance recorded: Real Estate Loans Residential $ 4,449 $ 6,176 $ — Construction — — — Commercial 5,892 6,790 — Commercial 85 349 — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 114 138 — Auto Loans 87 223 — Other 17 25 — Total 10,644 13,701 — With an allowance recorded: Real Estate Loans Residential 868 938 149 Construction — — — Commercial — — — Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit — — — Auto Loans 358 375 164 Other — — — Total 1,226 1,313 313 Total: Real Estate Loans Residential 5,317 7,114 149 Construction — — — Commercial 5,892 6,790 — Commercial 85 349 — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 114 138 — Auto Loans 445 598 164 Other 17 25 — Total Impaired Loans $ 11,870 $ 15,014 $ 313 The following tables represent the average recorded investments in the impaired loans and the related amount of interest recognized during the time within the period that the impaired loans were impaired (in thousands): For the Three Months Ended June 30, 2019 2018 2019 2018 Average Recorded Investment Average Recorded Investment Interest Income Recognized Interest Income Recognized With no specific allowance recorded: Real estate loans Residential $ 3,451 $ 3,968 $ 1 $ 6 Construction — — — — Commercial 3,856 6,564 0 70 Commercial 460 445 — 8 Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 231 133 — — Auto loans 130 205 1 — Other 5 27 — — Total 8,133 11,342 2 84 With an allowance recorded: Real estate loans Residential 574 1,212 — — Construction — — — — Commercial 291 12 — — Commercial 823 — — — Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 10 26 — — Auto loans 202 190 — — Other — — — — Total 1,900 1,440 — — Total: Real estate loans Residential 4,025 5,180 1 6 Construction — — — — Commercial 4,147 6,576 — 70 Commercial 1,283 445 — 8 Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 241 159 — — Auto loans 332 395 1 — Other 5 27 — — Total Impaired Loans $ 10,033 $ 12,782 $ 2 $ 84 For the Nine Months Ended June 30, 2019 2018 2019 2018 Average Recorded Investment Average Recorded Investment Interest Income Recognized Interest Income Recognized With no specific allowance recorded: Real estate loans Residential $ 3,728 $ 4,192 $ 4 $ 21 Construction — — — — Commercial 3,425 6,787 54 211 Commercial 250 970 1 59 Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 204 181 — 1 Auto loans 101 183 2 1 Other 13 28 — — Total 7,721 12,341 61 293 With an allowance recorded: Real estate loans Residential 846 1,332 — — Construction — — — — Commercial 126 17 — — Commercial 285 — — — Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 19 13 — — Auto loans 219 228 — — Other — — — — Total 1,495 1,590 — — Total: Real estate loans Residential 4,574 5,524 4 21 Construction — — — — Commercial 3,551 6,804 54 211 Commercial 535 970 1 59 Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 223 194 — 1 Auto loans 320 411 2 1 Other 13 28 — — Total Impaired Loans $ 9,216 $ 13,931 $ 61 $ 293 |
Classes of the Loan Portfolio, Internal Risk Rating System | The following tables present the classes of the loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard, and Doubtful or Loss within the internal risk rating system at June 30, 2019 and September 30, 2018 (in thousands): Pass Special Mention Substandard Doubtful or Loss Total June 30, 2019 Commercial real estate loans $ 442,531 $ 8,611 $ 11,657 $ — $ 462,799 Commercial 55,426 3,244 — 58,670 Obligations of states and political subdivisions 71,691 — — — 71,691 Total $ 569,648 $ 8,611 $ 14,901 $ — $ 593,160 Pass Special Mention Substandard Doubtful or Loss Total September 30, 2018 Commercial real estate loans $ 392,915 $ 8,960 $ 14,698 $ — $ 416,573 Commercial 48,137 8 1,334 — 49,479 Obligations of states and political subdivisions 73,362 — — — 73,362 Total $ 514,414 $ 8,968 $ 16,032 $ — $ 539,414 |
Schedule of Performing or Nonperforming Loans | The following tables present the risk ratings in the consumer categories of performing and non-performing loans at June 30, 2019 and September 30, 2018 (in thousands): Performing Non- performing Purchased Credit Impaired Total June 30, 2019 Real estate loans: Residential $ 591,061 $ 4,691 $ — $ 595,752 Construction 6,312 — — 6,312 Home equity loans and lines of credit 44,122 573 — 44,695 Auto loans 95,710 729 — 96,439 Other 2,839 32 — 2,871 Total $ 740,044 $ 6,025 $ — $ 746,069 Performing Non- performing Purchased Impaired Credit Total September 30, 2018 Real estate loans: Residential $ 575,244 $ 5,317 $ — $ 580,561 Construction 3,920 — — 3,920 Home equity loans and lines of credit 43,746 216 — 43,962 Auto loans 145,633 587 — 146,220 Other 2,664 18 — 2,682 Total $ 771,207 $ 6,138 $ — $ 777,345 |
Classes of the Loan Portfolio Summarized by the Aging Categories | The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of June 30, 2019 and September 30, 2018 (in thousands): 31-60 Days 61-89 Days 90 + Days Past Due and Total Purchased Credit Impaired Total Current Past Due Past Due Accruing Nonaccrual Past Due Accruing Nonaccrual Loans June 30, 2019 Real estate loans: Residential $ 588,991 $ 1,308 $ 762 $ — $ 4,691 $ 6,761 $ — $ — $ 595,752 Construction 6,312 — — — — — — — 6,312 Commercial 452,360 632 71 — 8,307 9,010 246 1,183 462,799 Commercial 55,550 17 — — 3,103 3,120 — — 58,670 Obligations of states and political subdivisions 71,691 — — — — — — — 71,691 Home equity loans and lines of credit 43,793 54 275 — 573 902 — — 44,695 Auto loans 94,235 1,472 3 — 729 2,204 — — 96,439 Other 2,826 2 11 — 32 45 — — 2,871 Total $ 1,315,758 $ 3,485 $ 1,122 $ — $ 17,435 $ 22,042 $ 246 $ 1,183 $ 1,339,229 31-60 Days 61-89 Days 90 + Days Past Due and Total Purchased Credit Impaired Total Current Past Due Past Due Accruing Nonaccrual Past Due Accruing Nonaccrual Loans September 30, 2018 Real estate loans: Residential $ 572,236 $ 2,088 $ 920 $ — $ 5,317 $ 8,325 $ — $ — $ 580,561 Construction 3,920 — — — — — — — 3,920 Commercial 412,636 185 — — 1,951 2,136 255 1,546 416,573 Commercial 48,567 25 11 — 875 911 — 1 49,479 Obligations of states and political subdivisions 73,362 — — — — — — — 73,362 Home equity loans and lines of credit 43,716 30 — — 216 246 — — 43,962 Auto loans 144,140 1,473 20 — 587 2,080 — — 146,220 Other 2,647 17 — — 18 35 — — 2,682 Total $ 1,301,224 $ 3,818 $ 951 $ — $ 8,964 $ 13,733 $ 255 $ 1,547 $ 1,316,759 |
Summary of Primary Segments of ALL | The following table summarizes changes in the primary segments of the ALL for the three and nine months periods ended June 30, 2019 and 2018 (in thousands): Home Obligations of Equity States and Loans and Real Estate Loans Commercial Political Lines of Other Residential Construction Commercial Loans Subdivisions Credit Auto Loans Loans Unallocated Total ALL balance at March 31, 2019 $ 3,742 $ 59 $ 3,816 $ 1,865 $ 294 $ 295 $ 1,608 $ 27 $ 683 $ 12,389 Charge-offs (49 ) — (114 ) (5 ) — — (229 ) — — (397 ) Recoveries 23 — 18 — — 2 170 1 — 214 Provision 313 — (96 ) 41 44 31 (21 ) (1 ) 89 400 ALL balance at June 30, 2019 $ 4,029 $ 59 $ 3,624 $ 1,901 $ 338 $ 328 $ 1,528 $ 27 $ 772 $ 12,606 ALL balance at March 31, 2018 $ 3,755 $ 33 $ 2,821 $ 1,219 $ 269 $ 401 $ 1,904 $ 21 $ 87 $ 10,510 Charge-offs (120 ) — (12 ) — — (41 ) (328 ) — — (501 ) Recoveries 3 — — — — 33 109 1 — 146 Provision (102 ) 10 199 165 23 15 185 1 479 975 ALL balance at June 30, 2018 $ 3,536 $ 43 $ 3,008 $ 1,384 $ 292 $ 408 $ 1,870 $ 23 $ 566 $ 11,130 ALL balance at September 30, 2018 $ 3,605 $ 35 $ 3,458 $ 1,462 $ 323 $ 296 $ 1,859 $ 23 $ 627 $ 11,688 Charge-offs (322 ) — (121 ) (27 ) — (19 ) (967 ) (11 ) — (1,467 ) Recoveries 32 — 30 — — 5 439 3 — 509 Provision 714 24 257 466 15 46 197 12 145 1,876 ALL balance at June 30, 2019 $ 4,029 $ 59 $ 3,624 $ 1,901 $ 338 $ 328 $ 1,528 $ 27 $ 772 $ 12,606 ALL balance at September 30, 2017 $ 3,878 $ 23 $ 1,758 $ 987 $ 248 $ 470 $ 1,836 $ 21 $ 144 $ 9,365 Charge-offs (215 ) — (27 ) (137 ) — (47 ) (1,415 ) (21 ) — (1,862 ) Recoveries 9 — 2 10 — 38 490 3 — 552 Provision (136 ) 20 1,275 524 44 (53 ) 959 20 422 3,075 ALL balance at June 30, 2018 $ 3,536 $ 43 $ 3,008 $ 1,384 $ 292 $ 408 $ 1,870 $ 23 $ 566 $ 11,130 During the three months ended June 30, 2018 the Company recorded provision expense for the construction loans, commercial real estate, commercial, obligations of states and political subdivisions, home equity loans and line of credit, auto and other loan segments. A credit provision was recorded for the residential real estate segment, due to declining loan balances. During the nine months ended June 30, 2018 the Company recorded provision expense for the construction loans, commercial real estate, commercial, obligations of states and political subdivisions, auto and other loan segments, due to either increased loan balances, changes in the loan mix within the pool, and/or charge-off activity in those segments. Credit provisions were recorded for loan loss for the residential real estate and home equity loans and lines of credit segment. During the three months ended June 30, 2019 the Company recorded provision expense for the residential real estate, construction loans, commercial, obligations of states and political subdivisions and home equity loans and lines of credit loan segments, due to either increased loan balances, changes in the loan mix within the pool, and/or charge-off activity in those segments. Credit provisions were recorded for loan loss for the commercial real estate, auto loans and other loan segments. No credit provision or provision expense was recorded for the construction loan segment. During the nine months ended June 30, 2019 the Company recorded provision expense for the residential real estate construction loans, commercial real estate, commercial obligations of states and political subdivisions, home equity loans and lines of credit, auto and other loan segments, due to either increased loan balances, changes in the loan mix within the pool, and or charge-off activity in those segments. No credit provisions were recorded. The following table summarizes the primary segments of the ALL, segregated into two categories, the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of June 30, 2019 and September 30, 2018 (in thousands): Home Obligations of Equity States and Loans and Real Estate Loans Commercial Political Lines of Other Residential Construction Commercial Loans Subdivisions Credit Auto Loans Loans Unallocated Total Individually evaluated for impairment $ 82 $ — $ 58 $ 107 $ — $ 7 $ 114 $ — $ — $ 368 Collectively evaluated for impairment 3,947 59 3,566 1,794 338 321 1,414 27 772 12,238 ALL balance at June 30, 2019 $ 4,029 $ 59 $ 3,624 $ 1,901 $ 338 $ 328 $ 1,528 $ 27 $ 772 $ 12,606 Individually evaluated for impairment $ 149 $ — $ — $ — $ — $ — $ 164 $ — $ — $ 313 Collectively evaluated for impairment 3,456 35 3,458 1,462 323 296 1,695 23 627 11,375 ALL balance at September 30, 2018 $ 3,605 $ 35 $ 3,458 $ 1,462 $ 323 $ 296 $ 1,859 $ 23 $ 627 $ 11,688 |
Summary of Troubled Debt Restructuring Granted | The following is a summary of troubled debt restructuring granted during the three months ended June 30, 2018 and the nine months ended June 30, 2019 and 2018 (dollars in thousands): For the Three Months Ended June 30, 2018 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings Real estate loans: Residential — $ — $ — Construction — — — Commercial — — — Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit — — — Auto loans 3 20 20 Other — — — Total 3 $ 20 $ 20 For the Nine Months Ended June 30, 2019 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings Real estate loans: Residential 2 $ 95 $ 95 Construction — — — Commercial — — — Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 2 159 159 Auto loans 1 21 21 Other — — — Total 5 $ 275 $ 275 For the Nine Months Ended June 30, 2018 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings Real estate loans: Residential 2 $ 243 $ 235 Construction — — — Commercial 1 107 107 Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit — — — Auto loans 4 35 35 Other — — — Total 7 $ 385 $ 377 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Banking And Thrift [Abstract] | |
Schedule of Deposits by Major Classifications | Deposits consist of the following major classifications (in thousands): June 30, 2019 September 30, 2018 Non-interest bearing demand accounts $ 176,362 $ 158,340 Interest bearing demand accounts 182,347 221,327 Money market accounts 341,889 296,078 Savings and club accounts 136,454 135,862 Certificates of deposit 494,531 525,248 Total $ 1,331,583 $ 1,336,855 |
Net Periodic Benefit Cost-Def_2
Net Periodic Benefit Cost-Defined Benefit Plan (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of the Components of Net Periodic Benefit Cost | The following table comprises the components of net periodic benefit cost for the three and nine month periods ended June 30, 2019 and 2018 (in thousands): For the Three Months Ended June 30, For the Nine Months Ended June 30, 2019 2018 2019 2018 Service Cost $ — $ — $ — $ — Interest Cost 174 174 520 523 Expected return on plan assets (293 ) (298 ) (878 ) (895 ) Amortization of unrecognized loss — — — — Net periodic benefit cost $ (119 ) $ (124 ) $ (358 ) $ (372 ) |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Postemployment Benefits [Abstract] | |
Schedule of Restricted Stock Option Activity | The following is a summary of the status of the Company’s restricted stock as of June 30, 2019, and changes therein during the nine month period then ended: Number of Restricted Weighted- average Grant Date Fair Value Nonvested at September 30, 2018 35,072 $ 15.37 Granted 37,236 16.23 Vested (11,625 ) 15.95 Forfeited (5,120 ) 15.87 Nonvested at June 30, 2019 55,563 $ 15.93 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value For Assets Required to be Measured and Reported at Fair Value on a Recurring Basis | The following tables provide the fair value for assets required to be measured and reported at fair value on a recurring basis on the Consolidated Balance Sheet as of June 30, 2019 and September 30, 2018 by level within the fair value hierarchy (in thousands). Recurring Fair Value Measurements at Reporting Date June 30, 2019 Assets Level I Level II Level III Total Investment securities available for sale: Mortgage backed securities $ — $ 237,868 $ — $ 237,868 Obligations of states and political subdivisions — 20,147 — 20,147 U.S. government agencies — 6,702 — 6,702 Corporate obligations — 35,344 7,822 43,166 Other debt securities — 17,444 — 17,444 Total Debt Securities $ — $ 317,505 $ 7,822 $ 325,327 Equity securities- financial services $ 23 $ — $ — $ 23 Derivatives and hedging activities: — 477 — 477 Liabilities Derivatives and hedging activities: — 867 — 867 September 30, 2018 Level I Level II Level III Total Investment securities available for sale: Mortgage backed securities $ — $ 258,124 $ — $ 258,124 Obligations of states and political subdivisions — 40,949 — 40,949 U.S. government agencies — 5,558 — 5,558 Corporate obligations — 39,677 7,738 47,415 Other debt securities — 19,373 — 19,373 Equity securities-financial services 20 — — 20 Total Securities $ 20 $ 363,681 $ 7,738 $ 371,439 Derivatives and hedging activities: — 2,452 2,452 |
Schedule of Changes in Fair Value of Level III Investments | The following tables present a summary of changes in the fair value of the Company’s Level III investments for the three and nine month periods ended June 30, 2019 and 2018 (in thousands). Fair Value Measurement Using Significant Unobservable Inputs (Level III) Three Months Ended June 30, 2019 June 30, 2018 Beginning balance $ 7,733 $ 7,767 Purchases, sales, issuances, settlements, net — — Total unrealized gain (loss): Included in earnings — — Included in other comprehensive income (loss) 89 2 Transfers in and/or out of Level III — — $ 7,822 $ 7,769 Fair Value Measurement Using Significant Unobservable Inputs (Level III) Nine Months Ended June 30, 2019 June 30, 2018 Beginning balance $ 7,738 $ 7,224 Purchases, sales, issuances, settlements, net — 500 Total unrealized gain (loss): Included in earnings — — Included in other comprehensive (loss) income 84 45 Transfers in and/or out of Level III — — $ 7,822 $ 7,769 |
Schedule of Fair Value For Assets Required to be Measured and Reported at Fair Value on a Nonrecurring Basis | The following tables provide the fair value for assets required to be measured and reported at fair value on a non recurring basis on the Consolidated Balance Sheet as of June 30, 2019 and September 30, 2018 by level within the fair value hierarchy: Non-Recurring Fair Value Measurements at Reporting Date (in thousands) June 30, 2019 Level I Level II Level III Total Foreclosed real estate $ — $ — $ 505 $ 505 Impaired loans — — 15,464 15,464 September 30, 2018 Level I Level II Level III Total Foreclosed real estate $ — $ — $ 1,141 $ 1,141 Impaired loans — — 11,557 11,557 |
Summary of Additional Quantitative Information about Assets Measured at Fair Value on a Nonrecurring Basis | The following tables present additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements (dollars in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range June 30, 2019 Impaired loans $ 15,464 Appraisal of collateral (1) Appraisal adjustments (2) 0% to 35% (20.4%) Foreclosed real estate owned 505 Appraisal of collateral (1), (3) Appraisal adjustments (2) 20% to 46% (30.0%) Quantitative Information about Level 3 Fair Value Measurements (dollars in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range September 30, 2018 Impaired loans $ 11,557 Appraisal of collateral (1) Appraisal adjustments (2) 0% to 57% (24.0%) Foreclosed real estate owned 1,141 Appraisal of collateral (1), (3) Appraisal adjustments (2) 20% to 46% (22.1%) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
Schedule of Assets and Liabilities not Required to be Measured and Reported at Fair Value | The methods and assumptions used by the Company in estimating fair values of financial instruments at June 30, 2019 is in accordance with ASC Topic 825, Financial Instruments June 30, 2019 (in thousands) Carrying Level I Level II Level III Total Fair Value Financial assets: Cash and cash equivalents $ 40,698 $ 40,698 $ — $ — $ 40,698 Certificates of deposit 250 — — 250 250 Loans receivable, net 1,326,623 — — 1,309,112 1,309,112 Accrued interest receivable 6,777 6,777 — — 6,777 Regulatory stock 12,488 12,488 — — 12,488 Mortgage servicing rights 187 — — 279 279 Bank owned life insurance 39,356 39,356 — — 39,356 Financial liabilities: Deposits $ 1,331,583 $ 837,052 $ — $ 489,096 $ 1,326,148 Short-term borrowings 121,297 121,297 — — 121,297 Other borrowings 132,673 — — 133,375 133,375 Advances by borrowers for taxes and insurance 13,928 13,928 — — 13,928 Accrued interest payable 1,947 1,947 — — 1,947 September 30, 2018 (in thousands) Carrying Level I Level II Level III Total Fair Value Financial assets: Cash and cash equivalents $ 43,539 $ 43,539 $ — $ — $ 43,539 Certificates of deposit 500 — — 505 505 Loans receivable, net 1,305,071 — — 1,269,127 1,269,127 Accrued interest receivable 6,640 6,640 — — 6,640 Regulatory stock 12,973 12,973 — — 12,973 Mortgage servicing rights 206 — — 340 340 Bank owned life insurance 38,630 38,630 — — 38,630 Financial liabilities: Deposits $ 1,336,855 $ 811,607 $ — $ 520,861 $ 1,332,468 Short-term borrowings 179,773 179,773 — — 179,773 Other borrowings 118,723 — — 117,920 117,920 Advances by borrowers for taxes and insurance 6,826 6,826 — — 6,826 Accrued interest payable 1,369 1,369 — — 1,369 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Summary of Activity in Accumulated Other Comprehensive Loss | The activity in accumulated other comprehensive loss for the three and nine month periods ended June 30, 2019 and 2018 is as follows (in thousands): Accumulated Other Comprehensive Loss Defined Benefit Pension Plan Unrealized (Losses) on Securities Available for Sale Derivatives Total Balance at March 31, 2019 $ (477 ) $ (3,562 ) $ 710 $ (3,329 ) Other comprehensive income (loss) before reclassifications — 3,230 (817 ) 2,413 Amounts reclassified from accumulated other comprehensive loss — (1 ) (203 ) (204 ) Period change — 3,229 (1,020 ) 2,209 Balance at June 30, 2019 $ (477 ) $ (333 ) $ (310 ) $ (1,120 ) Balance at March 31, 2018 $ (752 ) $ (7,808 ) $ 1,825 $ (6,735 ) Other comprehensive income(loss) before reclassifications — (1,376 ) 188 (1,188 ) Amounts reclassified from accumulated other comprehensive loss — — (112 ) (112 ) Period change — (1,376 ) 76 (1,300 ) Balance at June 30, 2018 $ (752 ) $ (9,184 ) $ 1,901 $ (8,035 ) Accumulated Other Comprehensive Income/(Loss) Defined Benefit Pension Plan Unrealized Gains (Losses) on Securities Available for Sale Derivatives Total Balance at September 30, 2018 $ (477 ) $ (11,369 ) $ 1,936 $ (9,910 ) Other comprehensive income (loss) before reclassifications — 11,067 (1,657 ) 9,410 Amounts reclassified from accumulated other comprehensive loss, net of tax — (35 ) (589 ) (624 ) Reclassification of certain income tax effects from accumulated other comprehensive loss — 4 — 4 Period change — 11,036 (2,246 ) 8,790 Balance at June 30, 2019 $ (477 ) $ (333 ) $ (310 ) $ (1,120 ) Balance at September 30, 2017 $ (628 ) $ (927 ) $ 801 $ (754 ) Other comprehensive income(loss) before reclassifications — (7,764 ) 1,076 (6,688 ) Amounts reclassified from accumulated other comprehensive loss — (57 ) (190 ) (247 ) Period change (124 ) (8,257 ) 1,100 (7,281 ) Reclassification of certain income tax effects from accumulated other comprehensive loss (124 ) (436 ) 214 (346 ) Balance at June 30, 2018 $ (752 ) $ (9,184 ) $ 1,901 $ (8,035 ) |
Summary of Reclassification Out of Accumulated Other Comprehensive Income (Loss) | The following table presents significant amounts reclassified out of each component of accumulated other comprehensive loss for the three and nine month periods ended June 30, 2019 and 2018 (in thousands): Amount Reclassified from Accumulated Other Comprehensive Loss Details About Accumulated Other Comprehensive Loss Components Accumulated Other Comprehensive Loss for the Three Months Ended June 30, Affected Line Item in the Consolidated Statement of Income 2019 2018 Securities available for sale Net securities gains reclassified into earnings $ 1 $ — Gain on sale of investment available for sale Related income tax expense — — Income taxes Net effect on accumulated other comprehensive loss for the period 1 — Derivatives and hedging activities: Interest expense, effective portion 258 153 Interest expense Related income tax expense (55 ) (41 ) Income taxes Net effect on accumulated other comprehensive loss for the period 203 112 Total reclassification for the period $ 204 $ 112 Amount Reclassified from Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss For the Nine Months Ended June 30, Affected Line Item in the Consolidated Statement of Income 2019 2018 Securities available for sale: Net securities gains reclassified into earnings $ 44 $ 75 Gain on sale of investment available for sale Related income tax expense (9 ) (18 ) Income taxes Net effect on accumulated other comprehensive loss for the period 35 57 Net of tax Derivative and Hedging Activities: Interest expense, effective portion 746 252 Interest expense Related income tax expense (157 ) (62 ) Income taxes Net effect on accumulated other comprehensive loss for the period 589 190 Net of tax Total reclassification for the period $ 624 $ 247 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Financial Instruments as well as their Classification on Consolidated Balance Sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of June 30, 2019 and September 30, 2018 (in thousands). Fair Values of Derivative Instruments Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives As of June 30, 2019 As of September 30, 2018 As of June 30, 2019 As of Septenber 30, 2018 Notional Amount Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Derivatives designated as hedging instruments Interest Rate Products $ 150,000 Other Assets $ 477 $ 100,000 Other Assets $ 2,452 Interest Rate Products Other Liabilities $ 867 Other Liabilities $ — Total derivatives designated as hedging instruments $ 477 $ 2,452 Total derivatives designated as hedging instruments $ 867 $ — |
Schedule of Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income | The tables below presents the effect of the Company’s cash flow hedge accounting on Accumulated Other Comprehensive Income for the three and nine month periods ended June 30, 2019 and 2018 (in thousands). The Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income Derivatives in Hedging Relationships Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Three Months Ended June 30, Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Three Months Ended June 30, Derivatives in Cash Flow Hedging Relationships 2019 2018 Location of Gain Reclassified from Accumulated OCI into Income 2019 2018 Interest Rate Products $ (1,292 ) $ 249 Interest expense $ 258 $ 153 Total $ (1,292 ) $ 249 $ 258 $ 153 Derivatives in Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Nine Months Ended June 30, Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Gain (Loss)Reclassified from Accumulated OCI into Income (Effective Portion) Nine Months Ended June 30, 2019 2018 2019 2018 Interest Rate Products $ 2,842 $ 1,445 Interest expense $ 746 $ 252 Total $ 2,842 $ 1,445 $ 746 $ 252 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation - Additional Information (Detail) | Jun. 30, 2019 |
ESSA Advisory Services, LLC [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Percentage ownership of wholly owned subsidiary | 100.00% |
Earnings Per Share - Compositio
Earnings Per Share - Composition of the Weighted-Average Common Shares (Denominator) Used in the Basic and Diluted Earnings per Share Computation (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Weighted-average common shares outstanding | 18,133,095 | 18,133,095 | 18,133,095 | 18,133,095 |
Average treasury stock shares | (6,724,160) | (6,360,627) | (6,498,995) | (6,447,516) |
Average unearned ESOP shares | (786,420) | (831,689) | (797,778) | (843,049) |
Average unearned non-vested shares | (48,107) | (29,310) | (48,562) | (43,302) |
Weighted average common shares and common stock equivalents used to calculate basic earnings per share | 10,574,408 | 10,911,469 | 10,787,760 | 10,799,228 |
Additional common stock equivalents (stock options) used to calculate diluted earnings per share | 11,391 | 9,395 | ||
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share | 10,574,408 | 10,922,860 | 10,787,760 | 10,808,623 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - Stock Option [Member] - $ / shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities | 39,718 | 45,642 | 39,718 | 45,642 |
Average weighted price per share of anti-dilutive shares | $ 16.01 | $ 15.37 | $ 16.01 | $ 15.37 |
Accounting Pronouncements - Add
Accounting Pronouncements - Additional Information (Detail) - USD ($) | Oct. 01, 2018 | Jun. 30, 2019 |
ASU 2016-01 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Reclassification from accumulated other comprehensive income to retained earnings | $ 4,000 | |
ASU 2016-02, Leases [Member] | Maximum [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Estimated percentage increase in assets from recognition of leases | 1.00% | |
Estimated percentage increase in liabilities from recognition of leases | 1.00% |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Investment Securities Available for Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | $ 325,749 | |
Available for sale, Fair Value | 325,327 | $ 371,438 |
Available for sale equity securities, Amortized Cost | 25 | |
Available for sale equity securities, Gross Unrealized Losses | (5) | |
Available for sale equity securities, Fair Value | 23 | 20 |
Available for sale equity and debt securities, Amortized Cost | 385,831 | |
Available for sale equity and debt securities, Gross Unrealized Gains | 388 | |
Available for sale equity and debt securities, Gross Unrealized Losses | (14,781) | |
Available for sale equity and debt securities, Fair Value | 371,438 | |
Fannie Mae [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 134,135 | 147,433 |
Available for sale, Gross Unrealized Gains | 680 | 17 |
Available for sale, Gross Unrealized Losses | (960) | (5,827) |
Available for sale, Fair Value | 133,855 | 141,623 |
Freddie Mac [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 84,927 | 99,587 |
Available for sale, Gross Unrealized Gains | 263 | 2 |
Available for sale, Gross Unrealized Losses | (512) | (4,415) |
Available for sale, Fair Value | 84,678 | 95,174 |
Governmental National Mortgage Association Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 19,436 | 22,164 |
Available for sale, Gross Unrealized Gains | 112 | |
Available for sale, Gross Unrealized Losses | (213) | (838) |
Available for sale, Fair Value | 19,335 | 21,326 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 238,498 | 269,184 |
Available for sale, Gross Unrealized Gains | 1,055 | 19 |
Available for sale, Gross Unrealized Losses | (1,685) | (11,080) |
Available for sale, Fair Value | 237,868 | 258,123 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 19,869 | 42,090 |
Available for sale, Gross Unrealized Gains | 301 | 251 |
Available for sale, Gross Unrealized Losses | (23) | (1,392) |
Available for sale, Fair Value | 20,147 | 40,949 |
U.S. Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 6,493 | 5,678 |
Available for sale, Gross Unrealized Gains | 209 | 2 |
Available for sale, Gross Unrealized Losses | (122) | |
Available for sale, Fair Value | 6,702 | 5,558 |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 43,247 | 48,559 |
Available for sale, Gross Unrealized Gains | 487 | 116 |
Available for sale, Gross Unrealized Losses | (568) | (1,260) |
Available for sale, Fair Value | 43,166 | 47,415 |
Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 17,642 | 20,295 |
Available for sale, Gross Unrealized Gains | 48 | 0 |
Available for sale, Gross Unrealized Losses | (246) | (922) |
Available for sale, Fair Value | 17,444 | 19,373 |
Total Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 325,749 | 385,806 |
Available for sale, Gross Unrealized Gains | 2,100 | 388 |
Available for sale, Gross Unrealized Losses | (2,522) | (14,776) |
Available for sale, Fair Value | $ 325,327 | $ 371,418 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | |
Amortized Cost And Fair Value Debt Securities [Abstract] | |||||
Equity Securities Fv Ni | $ 23,000 | $ 23,000 | $ 20,000 | ||
Unrealized loss net of tax recognized inAOCI | $ 4,000 | ||||
Realized gross gains | 93,000 | $ 0 | 268,000 | $ 300,000 | |
Realized gross losses | 92,000 | $ 0 | 224,000 | 225,000 | |
Proceeds from sale of investment securities | $ 15,300,000 | $ 45,721,000 | $ 22,074,000 |
Investment Securities - Summa_2
Investment Securities - Summary of Unrealized and Realized Gains Losses Recognized in Net Income on Equity Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | ||
Net gains recognized during the period on equity securities | $ 2 | $ 3 |
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date | $ 2 | $ 3 |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Due after one year through five years, Amortized Cost | $ 19,316 | |
Due after five years through ten years, Amortized Cost | 87,693 | |
Due after ten years, Amortized Cost | 218,740 | |
Available for sale, Amortized Cost | 325,749 | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due after one year through five years, Fair Value | 19,622 | |
Due after five years through ten years, Fair Value | 87,881 | |
Due after ten years, Fair Value | 217,824 | |
Total, Fair Value | $ 325,327 | $ 371,438 |
Investment Securities - Sched_2
Investment Securities - Schedule of Gross Unrealized Losses and Fair Value (Detail) $ in Thousands | Jun. 30, 2019USD ($)Security | Sep. 30, 2018USD ($)Security |
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities, Debt | Security | 152 | |
Fair Value, Less than Twelve Months, Debt | $ 5,892 | |
Gross Unrealized Losses, Less than Twelve Months, Debt | (62) | |
Fair Value, Twelve Months or Greater, Debt | 153,758 | |
Gross Unrealized Losses, Twelve Months or Greater, Debt | (2,460) | |
Fair Value Total, Debt | 159,650 | |
Gross Unrealized Losses Total, Debt | $ (2,522) | |
Number of Securities, Equity securities | Security | 1 | |
Fair Value, Less than Twelve Months, Equity securities | $ 20 | |
Gross Unrealized Losses, Less than Twelve Months, Equity securities | (5) | |
Fair Value Total, Equity securities | 20 | |
Gross Unrealized Losses Total, Equity securities | $ (5) | |
Number of Securities, Equity securities and Debt securities | Security | 276 | |
Fair Value, Less than Twelve Months, Equity and Debt securities | $ 138,094 | |
Gross Unrealized Losses, Less than Twelve Months, Equity and Debt securities | (3,047) | |
Fair Value, Twelve Months or Greater, Equity and Debt securities | 203,329 | |
Gross Unrealized Losses, Twelve Months or Greater, Equity and Debt securities | (11,734) | |
Fair Value Total, Equity and Debt securities | 341,423 | |
Gross Unrealized Losses Total, Equity and Debt securities | $ (14,781) | |
Fannie Mae [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities, Debt | Security | 62 | 100 |
Fair Value, Less than Twelve Months, Debt | $ 854 | $ 63,997 |
Gross Unrealized Losses, Less than Twelve Months, Debt | (20) | (1,442) |
Fair Value, Twelve Months or Greater, Debt | 72,383 | 74,783 |
Gross Unrealized Losses, Twelve Months or Greater, Debt | (940) | (4,385) |
Fair Value Total, Debt | 73,237 | 138,780 |
Gross Unrealized Losses Total, Debt | $ (960) | $ (5,827) |
Freddie Mac [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities, Debt | Security | 45 | 74 |
Fair Value, Less than Twelve Months, Debt | $ 28,902 | |
Gross Unrealized Losses, Less than Twelve Months, Debt | (830) | |
Fair Value, Twelve Months or Greater, Debt | $ 45,687 | 65,812 |
Gross Unrealized Losses, Twelve Months or Greater, Debt | (512) | (3,585) |
Fair Value Total, Debt | 45,687 | 94,714 |
Gross Unrealized Losses Total, Debt | $ (512) | $ (4,415) |
Governmental National Mortgage Association [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities, Debt | Security | 12 | 19 |
Fair Value, Less than Twelve Months, Debt | $ 765 | $ 9,776 |
Gross Unrealized Losses, Less than Twelve Months, Debt | (16) | (142) |
Fair Value, Twelve Months or Greater, Debt | 9,059 | 11,550 |
Gross Unrealized Losses, Twelve Months or Greater, Debt | (197) | (696) |
Fair Value Total, Debt | 9,824 | 21,326 |
Gross Unrealized Losses Total, Debt | $ (213) | $ (838) |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities, Debt | Security | 4 | 25 |
Fair Value, Less than Twelve Months, Debt | $ 7,651 | |
Gross Unrealized Losses, Less than Twelve Months, Debt | (105) | |
Fair Value, Twelve Months or Greater, Debt | $ 4,386 | 21,004 |
Gross Unrealized Losses, Twelve Months or Greater, Debt | (23) | (1,287) |
Fair Value Total, Debt | 4,386 | 28,655 |
Gross Unrealized Losses Total, Debt | $ (23) | $ (1,392) |
U.S. Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities, Debt | Security | 3 | |
Fair Value, Less than Twelve Months, Debt | $ 5,177 | |
Gross Unrealized Losses, Less than Twelve Months, Debt | (122) | |
Fair Value Total, Debt | 5,177 | |
Gross Unrealized Losses Total, Debt | $ (122) | |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities, Debt | Security | 14 | 34 |
Fair Value, Less than Twelve Months, Debt | $ 4,273 | $ 20,172 |
Gross Unrealized Losses, Less than Twelve Months, Debt | (26) | (363) |
Fair Value, Twelve Months or Greater, Debt | 10,238 | 13,206 |
Gross Unrealized Losses, Twelve Months or Greater, Debt | (542) | (897) |
Fair Value Total, Debt | 14,511 | 33,378 |
Gross Unrealized Losses Total, Debt | $ (568) | $ (1,260) |
Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities, Debt | Security | 15 | 20 |
Fair Value, Less than Twelve Months, Debt | $ 2,399 | |
Gross Unrealized Losses, Less than Twelve Months, Debt | (38) | |
Fair Value, Twelve Months or Greater, Debt | $ 12,005 | 16,974 |
Gross Unrealized Losses, Twelve Months or Greater, Debt | (246) | (884) |
Fair Value Total, Debt | 12,005 | 19,373 |
Gross Unrealized Losses Total, Debt | $ (246) | $ (922) |
Loans Receivable, Net and All_3
Loans Receivable, Net and Allowance for Loan Losses - Summary of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 |
Real estate loans: | ||||||
Total Loans | $ 1,339,229 | $ 1,316,759 | ||||
Less allowance for loan losses | 12,606 | $ 12,389 | 11,688 | $ 11,130 | $ 10,510 | $ 9,365 |
Net loans | 1,326,623 | 1,305,071 | ||||
Obligations of States and Political Subdivisions [Member] | ||||||
Real estate loans: | ||||||
Total Loans | 71,691 | 73,362 | ||||
Less allowance for loan losses | 338 | 294 | 323 | 292 | 269 | 248 |
Home Equity Loans and Lines of Credit [Member] | ||||||
Real estate loans: | ||||||
Total Loans | 44,695 | 43,962 | ||||
Less allowance for loan losses | 328 | 295 | 296 | 408 | 401 | 470 |
Auto Loans [Member] | ||||||
Real estate loans: | ||||||
Total Loans | 96,439 | 146,220 | ||||
Less allowance for loan losses | 1,528 | 1,608 | 1,859 | 1,870 | 1,904 | 1,836 |
Other [Member] | ||||||
Real estate loans: | ||||||
Total Loans | 2,871 | 2,682 | ||||
Less allowance for loan losses | 27 | 27 | 23 | 23 | 21 | 21 |
Residential [Member] | Real Estate Loans [Member] | ||||||
Real estate loans: | ||||||
Total Loans | 595,752 | 580,561 | ||||
Less allowance for loan losses | 4,029 | 3,742 | 3,605 | 3,536 | 3,755 | 3,878 |
Construction [Member] | Real Estate Loans [Member] | ||||||
Real estate loans: | ||||||
Total Loans | 6,312 | 3,920 | ||||
Less allowance for loan losses | 59 | 59 | 35 | 43 | 33 | 23 |
Commercial [Member] | Real Estate Loans [Member] | ||||||
Real estate loans: | ||||||
Total Loans | 462,799 | 416,573 | ||||
Less allowance for loan losses | 3,624 | 3,816 | 3,458 | 3,008 | 2,821 | 1,758 |
Commercial Loans [Member] | ||||||
Real estate loans: | ||||||
Total Loans | 58,670 | 49,479 | ||||
Less allowance for loan losses | $ 1,901 | $ 1,865 | $ 1,462 | $ 1,384 | $ 1,219 | $ 987 |
Loans Receivable, Net and All_4
Loans Receivable, Net and Allowance for Loan Losses - Summary of Additional Information Regarding Loans Acquired and Accounted (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount | $ 1,339,229 | $ 1,316,759 |
Loans Acquired with Deteriorated Credit Quality [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 1,530 | 2,497 |
Carrying amount | $ 1,429 | $ 1,802 |
Loans Receivable, Net and All_5
Loans Receivable, Net and Allowance for Loan Losses - Schedule of Loans Evaluated for Impairment (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 1,339,229 | $ 1,316,759 |
Individually Evaluated for Impairment | 15,832 | 11,870 |
Collectively Evaluated for Impairment | 1,321,968 | 1,303,087 |
Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,429 | 1,802 |
Obligations of States and Political Subdivisions [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 71,691 | 73,362 |
Collectively Evaluated for Impairment | 71,691 | 73,362 |
Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 44,695 | 43,962 |
Individually Evaluated for Impairment | 250 | 114 |
Collectively Evaluated for Impairment | 44,445 | 43,848 |
Auto Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 96,439 | 146,220 |
Individually Evaluated for Impairment | 390 | 445 |
Collectively Evaluated for Impairment | 96,049 | 145,775 |
Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,871 | 2,682 |
Individually Evaluated for Impairment | 15 | 17 |
Collectively Evaluated for Impairment | 2,856 | 2,665 |
Residential [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 595,752 | 580,561 |
Individually Evaluated for Impairment | 3,898 | 5,317 |
Collectively Evaluated for Impairment | 591,854 | 575,244 |
Construction [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,312 | 3,920 |
Collectively Evaluated for Impairment | 6,312 | 3,920 |
Commercial [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 462,799 | 416,573 |
Individually Evaluated for Impairment | 8,444 | 5,892 |
Collectively Evaluated for Impairment | 452,926 | 408,880 |
Commercial [Member] | Real Estate Loans [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,429 | 1,801 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 58,670 | 49,479 |
Individually Evaluated for Impairment | 2,835 | 85 |
Collectively Evaluated for Impairment | $ 55,835 | 49,393 |
Commercial Loans [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 1 |
Loans Receivable, Net and All_6
Loans Receivable, Net and Allowance for Loan Losses - Schedule of Investment and Unpaid Principal Balances for Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | $ 15,832 | $ 15,832 | $ 11,870 | ||
Unpaid Principal Balance | 18,652 | 18,652 | 15,014 | ||
Associated Allowance | 368 | 368 | 313 | ||
Average Recorded Investment | 10,033 | $ 12,782 | 9,216 | $ 13,931 | |
Interest Income Recognized | 2 | 84 | 61 | 293 | |
With no Specific Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 12,150 | 12,150 | 10,644 | ||
Unpaid Principal Balance | 14,830 | 14,830 | 13,701 | ||
Average Recorded Investment | 8,133 | 11,342 | 7,721 | 12,341 | |
Interest Income Recognized | 2 | 84 | 61 | 293 | |
With an Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 3,682 | 3,682 | 1,226 | ||
Unpaid Principal Balance | 3,822 | 3,822 | 1,313 | ||
Associated Allowance | 368 | 368 | 313 | ||
Average Recorded Investment | 1,900 | 1,440 | 1,495 | 1,590 | |
Home Equity Loans and Lines of Credit [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 250 | 250 | 114 | ||
Unpaid Principal Balance | 291 | 291 | 138 | ||
Associated Allowance | 7 | 7 | |||
Average Recorded Investment | 241 | 159 | 223 | 194 | |
Interest Income Recognized | 1 | ||||
Home Equity Loans and Lines of Credit [Member] | With no Specific Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 220 | 220 | 114 | ||
Unpaid Principal Balance | 244 | 244 | 138 | ||
Average Recorded Investment | 231 | 133 | 204 | 181 | |
Interest Income Recognized | 1 | ||||
Home Equity Loans and Lines of Credit [Member] | With an Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 30 | 30 | |||
Unpaid Principal Balance | 47 | 47 | |||
Associated Allowance | 7 | 7 | |||
Average Recorded Investment | 10 | 26 | 19 | 13 | |
Auto Loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 390 | 390 | 445 | ||
Unpaid Principal Balance | 529 | 529 | 598 | ||
Associated Allowance | 114 | 114 | 164 | ||
Average Recorded Investment | 332 | 395 | 320 | 411 | |
Interest Income Recognized | 1 | 2 | 1 | ||
Auto Loans [Member] | With no Specific Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 145 | 145 | 87 | ||
Unpaid Principal Balance | 281 | 281 | 223 | ||
Average Recorded Investment | 130 | 205 | 101 | 183 | |
Interest Income Recognized | 1 | 2 | 1 | ||
Auto Loans [Member] | With an Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 245 | 245 | 358 | ||
Unpaid Principal Balance | 248 | 248 | 375 | ||
Associated Allowance | 114 | 114 | 164 | ||
Average Recorded Investment | 202 | 190 | 219 | 228 | |
Other [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 15 | 15 | 17 | ||
Unpaid Principal Balance | 24 | 24 | 25 | ||
Average Recorded Investment | 5 | 27 | 13 | 28 | |
Other [Member] | With no Specific Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 15 | 15 | 17 | ||
Unpaid Principal Balance | 24 | 24 | 25 | ||
Average Recorded Investment | 5 | 27 | 13 | 28 | |
Residential [Member] | Real Estate Loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 3,898 | 3,898 | 5,317 | ||
Unpaid Principal Balance | 5,480 | 5,480 | 7,114 | ||
Associated Allowance | 82 | 82 | 149 | ||
Average Recorded Investment | 4,025 | 5,180 | 4,574 | 5,524 | |
Interest Income Recognized | 1 | 6 | 4 | 21 | |
Residential [Member] | Real Estate Loans [Member] | With no Specific Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 3,216 | 3,216 | 4,449 | ||
Unpaid Principal Balance | 4,722 | 4,722 | 6,176 | ||
Average Recorded Investment | 3,451 | 3,968 | 3,728 | 4,192 | |
Interest Income Recognized | 1 | 6 | 4 | 21 | |
Residential [Member] | Real Estate Loans [Member] | With an Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 682 | 682 | 868 | ||
Unpaid Principal Balance | 758 | 758 | 938 | ||
Associated Allowance | 82 | 82 | 149 | ||
Average Recorded Investment | 574 | 1,212 | 846 | 1,332 | |
Commercial [Member] | Real Estate Loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 8,443 | 8,443 | 5,892 | ||
Unpaid Principal Balance | 9,248 | 9,248 | 6,790 | ||
Associated Allowance | 58 | 58 | |||
Average Recorded Investment | 4,147 | 6,576 | 3,551 | 6,804 | |
Interest Income Recognized | 70 | 54 | 211 | ||
Commercial [Member] | Real Estate Loans [Member] | With no Specific Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 8,187 | 8,187 | 5,892 | ||
Unpaid Principal Balance | 8,953 | 8,953 | 6,790 | ||
Average Recorded Investment | 3,856 | 6,564 | 3,425 | 6,787 | |
Interest Income Recognized | 0 | 70 | 54 | 211 | |
Commercial [Member] | Real Estate Loans [Member] | With an Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 256 | 256 | |||
Unpaid Principal Balance | 295 | 295 | |||
Associated Allowance | 58 | 58 | |||
Average Recorded Investment | 291 | 12 | 126 | 17 | |
Commercial Loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 2,836 | 2,836 | 85 | ||
Unpaid Principal Balance | 3,080 | 3,080 | 349 | ||
Associated Allowance | 107 | 107 | |||
Average Recorded Investment | 1,283 | 445 | 535 | 970 | |
Interest Income Recognized | 8 | 1 | 59 | ||
Commercial Loans [Member] | With no Specific Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 367 | 367 | 85 | ||
Unpaid Principal Balance | 606 | 606 | $ 349 | ||
Average Recorded Investment | 460 | 445 | 250 | 970 | |
Interest Income Recognized | $ 8 | 1 | $ 59 | ||
Commercial Loans [Member] | With an Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 2,469 | 2,469 | |||
Unpaid Principal Balance | 2,474 | 2,474 | |||
Associated Allowance | 107 | 107 | |||
Average Recorded Investment | $ 823 | $ 285 |
Loans Receivable, Net and All_7
Loans Receivable, Net and Allowance for Loan Losses - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019USD ($)Contract | Jun. 30, 2018USD ($)Contract | Jun. 30, 2019USD ($)Contract | Jun. 30, 2018USD ($)Contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Criteria in internal rating system | Ten-point | |||
Categories considered as not criticized | six | |||
Days past due over which loans are considered as substandard | 90 days | |||
Minimum internal review amount | $ 750,000 | $ 750,000 | ||
Minimum external review amount | 1,000,000 | 1,000,000 | ||
Credit provision expenses | $ 0 | $ 0 | ||
Number of Contracts | Contract | 0 | 5 | ||
Troubled debt restructurings granted terms and rate concession | $ 20,000 | $ 180,000 | $ 270,000 | |
Number of troubled debt restructuring loans granted terms concessions | Contract | 1 | 1 | ||
Troubled debt restructurings granted terms concession | $ 14,000 | $ 107,000 | ||
Number of troubled debt restructuring loans granted terms and rate concessions | Contract | 3 | 6 | ||
Number of troubled debt restructuring loans granted interest rate concession | Contract | 1 | |||
Troubled debt restructurings loans granted interest rate concession | $ 81,000 | |||
Number of troubled debt restructurings, loan modified, defaulted within one year of modification | Contract | 0 | 0 | 0 | 1 |
Troubled debt restructurings, loan modified, defaulted within one year of modification | $ 72,000 | |||
Consumer Residential Mortgages [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Foreclosed assets | $ 463,000,000 | $ 463,000,000 | ||
Formal foreclosure proceeding assets | $ 1,800,000 | $ 1,800,000 |
Loans Receivable, Net and All_8
Loans Receivable, Net and Allowance for Loan Losses - Classes of Loan Portfolio, Internal Risk Rating System (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | $ 1,326,623 | $ 1,305,071 |
Commercial And Municipal Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 593,160 | 539,414 |
Commercial And Municipal Portfolio Segment | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 462,799 | 416,573 |
Commercial And Municipal Portfolio Segment | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 58,670 | 49,479 |
Commercial And Municipal Portfolio Segment | Obligations of States and Political Subdivisions [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 71,691 | 73,362 |
Commercial And Municipal Portfolio Segment | Pass [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 569,648 | 514,414 |
Commercial And Municipal Portfolio Segment | Pass [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 442,531 | 392,915 |
Commercial And Municipal Portfolio Segment | Pass [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 55,426 | 48,137 |
Commercial And Municipal Portfolio Segment | Pass [Member] | Obligations of States and Political Subdivisions [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 71,691 | 73,362 |
Commercial And Municipal Portfolio Segment | Special Mention [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 8,611 | 8,968 |
Commercial And Municipal Portfolio Segment | Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 8,611 | 8,960 |
Commercial And Municipal Portfolio Segment | Special Mention [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 8 | |
Commercial And Municipal Portfolio Segment | Substandard [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 14,901 | 16,032 |
Commercial And Municipal Portfolio Segment | Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 11,657 | 14,698 |
Commercial And Municipal Portfolio Segment | Substandard [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | $ 3,244 | $ 1,334 |
Loans Receivable, Net and All_9
Loans Receivable, Net and Allowance for Loan Losses - Schedule of Performing or Non-Performing Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 1,326,623 | $ 1,305,071 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 746,069 | 777,345 |
Home Equity Loans and Lines of Credit [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 44,695 | 43,962 |
Auto Loans [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 96,439 | 146,220 |
Other [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 2,871 | 2,682 |
Performing [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 740,044 | 771,207 |
Performing [Member] | Home Equity Loans and Lines of Credit [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 44,122 | 43,746 |
Performing [Member] | Auto Loans [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 95,710 | 145,633 |
Performing [Member] | Other [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 2,839 | 2,664 |
Non-performing [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 6,025 | 6,138 |
Non-performing [Member] | Home Equity Loans and Lines of Credit [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 573 | 216 |
Non-performing [Member] | Auto Loans [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 729 | 587 |
Non-performing [Member] | Other [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 32 | 18 |
Residential [Member] | Real Estate Loans [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 595,752 | 580,561 |
Residential [Member] | Performing [Member] | Real Estate Loans [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 591,061 | 575,244 |
Residential [Member] | Non-performing [Member] | Real Estate Loans [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 4,691 | 5,317 |
Construction [Member] | Real Estate Loans [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 6,312 | 3,920 |
Construction [Member] | Performing [Member] | Real Estate Loans [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 6,312 | $ 3,920 |
Loans Receivable, Net and Al_10
Loans Receivable, Net and Allowance for Loan Losses - Classes of Loan Portfolio Summarized by Aging Categories (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 1,315,758 | $ 1,301,224 |
31-60 Days Past Due | 3,485 | 3,818 |
61-89 Days Past Due | 1,122 | 951 |
Non-accrual | 17,435 | 8,964 |
Total Past Due | 22,042 | 13,733 |
Purchased Credit Impaired, Accruing | 246 | 255 |
Purchased Credit Impaired, Nonaccrual | 1,183 | 1,547 |
Total Loans | 1,339,229 | 1,316,759 |
Obligations of States and Political Subdivisions [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 71,691 | 73,362 |
Total Loans | 71,691 | 73,362 |
Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 43,793 | 43,716 |
31-60 Days Past Due | 54 | 30 |
61-89 Days Past Due | 275 | |
Non-accrual | 573 | 216 |
Total Past Due | 902 | 246 |
Total Loans | 44,695 | 43,962 |
Auto Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 94,235 | 144,140 |
31-60 Days Past Due | 1,472 | 1,473 |
61-89 Days Past Due | 3 | 20 |
Non-accrual | 729 | 587 |
Total Past Due | 2,204 | 2,080 |
Total Loans | 96,439 | 146,220 |
Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,826 | 2,647 |
31-60 Days Past Due | 2 | 17 |
61-89 Days Past Due | 11 | |
Non-accrual | 32 | 18 |
Total Past Due | 45 | 35 |
Total Loans | 2,871 | 2,682 |
Residential [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 588,991 | 572,236 |
31-60 Days Past Due | 1,308 | 2,088 |
61-89 Days Past Due | 762 | 920 |
Non-accrual | 4,691 | 5,317 |
Total Past Due | 6,761 | 8,325 |
Total Loans | 595,752 | 580,561 |
Construction [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 6,312 | 3,920 |
Total Loans | 6,312 | 3,920 |
Commercial [Member] | Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 452,360 | 412,636 |
31-60 Days Past Due | 632 | 185 |
61-89 Days Past Due | 71 | |
Non-accrual | 8,307 | 1,951 |
Total Past Due | 9,010 | 2,136 |
Purchased Credit Impaired, Accruing | 246 | 255 |
Purchased Credit Impaired, Nonaccrual | 1,183 | 1,546 |
Total Loans | 462,799 | 416,573 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 55,550 | 48,567 |
31-60 Days Past Due | 17 | 25 |
61-89 Days Past Due | 11 | |
Non-accrual | 3,103 | 875 |
Total Past Due | 3,120 | 911 |
Purchased Credit Impaired, Nonaccrual | 1 | |
Total Loans | $ 58,670 | $ 49,479 |
Loans Receivable, Net and Al_11
Loans Receivable, Net and Allowance for Loan Losses - Summary of Primary Segments of ALL (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, Beginning of period | $ 12,389 | $ 10,510 | $ 11,688 | $ 9,365 | |
Charge-offs | (397) | (501) | (1,467) | (1,862) | |
Recoveries | 214 | 146 | 509 | 552 | |
Provision | 400 | 975 | 1,876 | 3,075 | |
Balance, End of period | 12,606 | 11,130 | 12,606 | 11,130 | |
Individually evaluated for impairment | 368 | 368 | $ 313 | ||
Collectively evaluated for impairment | 12,238 | 12,238 | 11,375 | ||
Commercial Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, Beginning of period | 1,865 | 1,219 | 1,462 | 987 | |
Charge-offs | (5) | (27) | (137) | ||
Recoveries | 10 | ||||
Provision | 41 | 165 | 466 | 524 | |
Balance, End of period | 1,901 | 1,384 | 1,901 | 1,384 | |
Individually evaluated for impairment | 107 | 107 | |||
Collectively evaluated for impairment | 1,794 | 1,794 | 1,462 | ||
Unallocated [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, Beginning of period | 683 | 87 | 627 | 144 | |
Provision | 89 | 479 | 145 | 422 | |
Balance, End of period | 772 | 566 | 772 | 566 | |
Collectively evaluated for impairment | 772 | 772 | 627 | ||
Real Estate Loans [Member] | Residential [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, Beginning of period | 3,742 | 3,755 | 3,605 | 3,878 | |
Charge-offs | (49) | (120) | (322) | (215) | |
Recoveries | 23 | 3 | 32 | 9 | |
Provision | 313 | (102) | 714 | (136) | |
Balance, End of period | 4,029 | 3,536 | 4,029 | 3,536 | |
Individually evaluated for impairment | 82 | 82 | 149 | ||
Collectively evaluated for impairment | 3,947 | 3,947 | 3,456 | ||
Real Estate Loans [Member] | Construction [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, Beginning of period | 59 | 33 | 35 | 23 | |
Provision | 10 | 24 | 20 | ||
Balance, End of period | 59 | 43 | 59 | 43 | |
Collectively evaluated for impairment | 59 | 59 | 35 | ||
Real Estate Loans [Member] | Commercial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, Beginning of period | 3,816 | 2,821 | 3,458 | 1,758 | |
Charge-offs | (114) | (12) | (121) | (27) | |
Recoveries | 18 | 30 | 2 | ||
Provision | (96) | 199 | 257 | 1,275 | |
Balance, End of period | 3,624 | 3,008 | 3,624 | 3,008 | |
Individually evaluated for impairment | 58 | 58 | |||
Collectively evaluated for impairment | 3,566 | 3,566 | 3,458 | ||
Obligations of States and Political Subdivisions [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, Beginning of period | 294 | 269 | 323 | 248 | |
Provision | 44 | 23 | 15 | 44 | |
Balance, End of period | 338 | 292 | 338 | 292 | |
Collectively evaluated for impairment | 338 | 338 | 323 | ||
Home Equity Loans and Lines of Credit [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, Beginning of period | 295 | 401 | 296 | 470 | |
Charge-offs | (41) | (19) | (47) | ||
Recoveries | 2 | 33 | 5 | 38 | |
Provision | 31 | 15 | 46 | (53) | |
Balance, End of period | 328 | 408 | 328 | 408 | |
Individually evaluated for impairment | 7 | 7 | |||
Collectively evaluated for impairment | 321 | 321 | 296 | ||
Auto Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, Beginning of period | 1,608 | 1,904 | 1,859 | 1,836 | |
Charge-offs | (229) | (328) | (967) | (1,415) | |
Recoveries | 170 | 109 | 439 | 490 | |
Provision | (21) | 185 | 197 | 959 | |
Balance, End of period | 1,528 | 1,870 | 1,528 | 1,870 | |
Individually evaluated for impairment | 114 | 114 | 164 | ||
Collectively evaluated for impairment | 1,414 | 1,414 | 1,695 | ||
Other [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, Beginning of period | 27 | 21 | 23 | 21 | |
Charge-offs | (11) | (21) | |||
Recoveries | 1 | 1 | 3 | 3 | |
Provision | (1) | 1 | 12 | 20 | |
Balance, End of period | 27 | $ 23 | 27 | $ 23 | |
Collectively evaluated for impairment | $ 27 | $ 27 | $ 23 |
Loans Receivable, Net and Al_12
Loans Receivable, Net and Allowance for Loan Losses - Summary of Troubled Debt Restructuring Granted (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019Contract | Jun. 30, 2018USD ($)Contract | Jun. 30, 2019USD ($)Contract | Jun. 30, 2018USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 5 | ||
Real Estate Loans [Member] | Residential [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 2 | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 95 | $ 243 | ||
Post-Modification Outstanding Recorded Investment | $ 95 | $ 235 | ||
Real Estate Loans [Member] | Commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | |||
Pre-Modification Outstanding Recorded Investment | $ 107 | |||
Post-Modification Outstanding Recorded Investment | $ 107 | |||
Home Equity Loans and Lines of Credit [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 2 | |||
Pre-Modification Outstanding Recorded Investment | $ 159 | |||
Post-Modification Outstanding Recorded Investment | $ 159 | |||
Auto Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 3 | 1 | 4 | |
Pre-Modification Outstanding Recorded Investment | $ 20 | $ 21 | $ 35 | |
Post-Modification Outstanding Recorded Investment | $ 20 | $ 21 | $ 35 | |
Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 3 | 5 | 7 | |
Pre-Modification Outstanding Recorded Investment | $ 20 | $ 275 | $ 385 | |
Post-Modification Outstanding Recorded Investment | $ 20 | $ 275 | $ 377 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits by Major Classifications (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Banking And Thrift [Abstract] | ||
Non-interest bearing demand accounts | $ 176,362 | $ 158,340 |
Interest bearing demand accounts | 182,347 | 221,327 |
Money market accounts | 341,889 | 296,078 |
Savings and club accounts | 136,454 | 135,862 |
Certificates of deposit | 494,531 | 525,248 |
Total | $ 1,331,583 | $ 1,336,855 |
Net Periodic Benefit Cost-Def_3
Net Periodic Benefit Cost-Defined Benefit Plan - Summary of the Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Compensation Related Costs [Abstract] | ||||
Interest Cost | $ 174 | $ 174 | $ 520 | $ 523 |
Expected return on plan assets | (293) | (298) | (878) | (895) |
Net periodic benefit cost | $ (119) | $ (124) | $ (358) | $ (372) |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 02, 2016 | |
Compensation Related Costs Disclosure [Line Items] | |||||
Share-based compensation expense | $ 421,000 | $ 287,000 | |||
2007 Equity Incentive Plan [Member] | |||||
Compensation Related Costs Disclosure [Line Items] | |||||
Common stock issuance, Grant | 2,377,326 | ||||
Further number of shares, grants | 0 | ||||
2016 Plan [Member] | |||||
Compensation Related Costs Disclosure [Line Items] | |||||
Common stock issuance, Grant | 250,000 | 250,000 | |||
Stock Option [Member] | |||||
Compensation Related Costs Disclosure [Line Items] | |||||
Common stock issuance, Grant | 1,698,090 | ||||
Restricted Stock [Member] | |||||
Compensation Related Costs Disclosure [Line Items] | |||||
Share-based compensation expense | $ 74,000 | $ 92,000 | $ 424,000 | $ 276,000 | |
Expected future expense | $ 648,000 | ||||
Remaining vesting periods | 3 years 3 months | ||||
Restricted Stock [Member] | Minimum [Member] | |||||
Compensation Related Costs Disclosure [Line Items] | |||||
Restricted shares vesting period | 3 months | ||||
Restricted Stock [Member] | Maximum [Member] | |||||
Compensation Related Costs Disclosure [Line Items] | |||||
Restricted shares vesting period | 40 months | ||||
Restricted Stock [Member] | 2007 Equity Incentive Plan [Member] | |||||
Compensation Related Costs Disclosure [Line Items] | |||||
Common stock issuance, Grant | 679,236 |
Equity Incentive Plan - Schedul
Equity Incentive Plan - Schedule of Restricted Stock Option Activity (Detail) - Restricted Stock [Member] | 9 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Restricted Stock, Nonvested at September 30, 2018 | shares | 35,072 |
Number of Restricted Stock, Granted | shares | 37,236 |
Number of Restricted Stock, Vested | shares | (11,625) |
Number of Restricted Stock, Forfeited | shares | (5,120) |
Number of Restricted Stock, Nonvested at March 31, 2019 | shares | 55,563 |
Weighted-average Grant Date Fair Value, Nonvested at September 30, 2018 | $ / shares | $ 15.37 |
Weighted-average Grant Date Fair Value, Granted | $ / shares | 16.23 |
Weighted-average Grant Date Fair Value, Vested | $ / shares | 15.95 |
Weighted-average Grant Date Fair Value, Forfeited | $ / shares | 15.87 |
Weighted-average Grant Date Fair Value, Nonvested at March 31, 2019 | $ / shares | $ 15.93 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value For Assets Required to be Measured and Reported at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Assets | ||
Total Debt Securities | $ 325,327 | $ 371,438 |
Equity securities- financial services | 23 | 20 |
Derivatives and hedging activities: | 477 | 2,452 |
Liabilities | ||
Derivatives and hedging activities: | 867 | |
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Total Debt Securities | 325,327 | 371,439 |
Equity securities- financial services | 23 | 20 |
Derivatives and hedging activities: | 477 | 2,452 |
Liabilities | ||
Derivatives and hedging activities: | 867 | |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Assets | ||
Total Debt Securities | 237,868 | 258,124 |
Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | ||
Assets | ||
Total Debt Securities | 20,147 | 40,949 |
Fair Value, Measurements, Recurring [Member] | U.S. Government Agency Securities [Member] | ||
Assets | ||
Total Debt Securities | 6,702 | 5,558 |
Fair Value, Measurements, Recurring [Member] | Corporate Obligations [Member] | ||
Assets | ||
Total Debt Securities | 43,166 | 47,415 |
Fair Value, Measurements, Recurring [Member] | Other Debt Securities [Member] | ||
Assets | ||
Total Debt Securities | 17,444 | 19,373 |
Fair Value, Measurements, Recurring [Member] | Level I [Member] | ||
Assets | ||
Total Debt Securities | 20 | |
Equity securities- financial services | 23 | 20 |
Fair Value, Measurements, Recurring [Member] | Level II [Member] | ||
Assets | ||
Total Debt Securities | 317,505 | 363,681 |
Derivatives and hedging activities: | 477 | 2,452 |
Liabilities | ||
Derivatives and hedging activities: | 867 | |
Fair Value, Measurements, Recurring [Member] | Level II [Member] | Mortgage-Backed Securities [Member] | ||
Assets | ||
Total Debt Securities | 237,868 | 258,124 |
Fair Value, Measurements, Recurring [Member] | Level II [Member] | Obligations of States and Political Subdivisions [Member] | ||
Assets | ||
Total Debt Securities | 20,147 | 40,949 |
Fair Value, Measurements, Recurring [Member] | Level II [Member] | U.S. Government Agency Securities [Member] | ||
Assets | ||
Total Debt Securities | 6,702 | 5,558 |
Fair Value, Measurements, Recurring [Member] | Level II [Member] | Corporate Obligations [Member] | ||
Assets | ||
Total Debt Securities | 35,344 | 39,677 |
Fair Value, Measurements, Recurring [Member] | Level II [Member] | Other Debt Securities [Member] | ||
Assets | ||
Total Debt Securities | 17,444 | 19,373 |
Fair Value, Measurements, Recurring [Member] | Level III [Member] | ||
Assets | ||
Total Debt Securities | 7,822 | 7,738 |
Fair Value, Measurements, Recurring [Member] | Level III [Member] | Corporate Obligations [Member] | ||
Assets | ||
Total Debt Securities | $ 7,822 | $ 7,738 |
Fair Value - Schedule of Change
Fair Value - Schedule of Changes in Fair Value of Level III Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | ||||
Beginning balance | $ 7,733 | $ 7,767 | $ 7,738 | $ 7,224 |
Purchases, sales, issuances, settlements, net | 500 | |||
Total unrealized gain (loss): | ||||
Included in other comprehensive income (loss) | 89 | 2 | 84 | 45 |
Ending balance | $ 7,822 | $ 7,769 | $ 7,822 | $ 7,769 |
Fair Value - Schedule of Fair_2
Fair Value - Schedule of Fair Value For Assets Required to be Measured and Reported at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed real estate | $ 505 | $ 1,141 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed real estate | 505 | 1,141 |
Impaired loans | 15,464 | 11,557 |
Level III [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed real estate | 505 | 1,141 |
Impaired loans | $ 15,464 | $ 11,557 |
Fair Value - Summary of Additio
Fair Value - Summary of Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - Level III [Member] $ in Thousands | Jun. 30, 2019USD ($) | Sep. 30, 2018USD ($) |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Estimate | $ 15,464 | $ 11,557 |
Servicing Asset Valuation Technique Extensible List | essa:AppraisalOfCollateralMember | essa:AppraisalOfCollateralMember |
Servicing Asset, Measurement Input [Extensible List] | essa:AppraisalAdjustmentsMember | essa:AppraisalAdjustmentsMember |
Fair value input appraisal adjustments | 0.208 | 0.240 |
Impaired Loans [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input appraisal adjustments | 0 | 0 |
Impaired Loans [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input appraisal adjustments | 0.35 | 0.57 |
Foreclosed Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Estimate | $ 505 | $ 1,141 |
Servicing Asset Valuation Technique Extensible List | essa:AppraisalOfCollateralMember | essa:AppraisalOfCollateralMember |
Servicing Asset, Measurement Input [Extensible List] | essa:AppraisalAdjustmentsMember | essa:AppraisalAdjustmentsMember |
Fair value input appraisal adjustments | 0.268 | 0.221 |
Foreclosed Real Estate Owned [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input appraisal adjustments | 0.20 | 0.20 |
Foreclosed Real Estate Owned [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input appraisal adjustments | 0.46 | 0.46 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jun. 30, 2019USD ($)Loan | Sep. 30, 2018USD ($)Loan | |
Fair Value Disclosures [Abstract] | ||
Number of impaired loans | Loan | 127 | 133 |
Impaired loans, carrying value | $ 15,800 | $ 11,900 |
Impaired loans, valuation allowance | 368 | 313 |
Impaired loans, net fair value | $ 15,500 | $ 11,600 |
Fair Value - Schedule of Assets
Fair Value - Schedule of Assets and Liabilities not Required to be Measured and Reported at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Financial assets: | ||
Loans receivable, net | $ 15,500 | $ 11,600 |
Bank-owned life insurance | 39,356 | 38,630 |
Financial liabilities: | ||
Other borrowings | 132,673 | 118,723 |
Advances by borrowers for taxes and insurance | 13,928 | 6,826 |
Carrying Value [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 40,698 | 43,539 |
Certificates of deposit | 250 | 500 |
Loans receivable, net | 1,326,623 | 1,305,071 |
Accrued interest receivable | 6,777 | 6,640 |
Regulatory stock | 12,488 | 12,973 |
Mortgage servicing rights | 187 | 206 |
Bank-owned life insurance | 39,356 | 38,630 |
Financial liabilities: | ||
Deposits | 1,331,583 | 1,336,855 |
Short-term borrowings | 121,297 | 179,773 |
Other borrowings | 132,673 | 118,723 |
Advances by borrowers for taxes and insurance | 13,928 | 6,826 |
Accrued interest payable | 1,947 | 1,369 |
Estimated Fair Value [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 40,698 | 43,539 |
Certificates of deposit | 250 | 505 |
Loans receivable, net | 1,309,112 | 1,269,127 |
Accrued interest receivable | 6,777 | 6,640 |
Regulatory stock | 12,488 | 12,973 |
Mortgage servicing rights | 279 | 340 |
Bank-owned life insurance | 39,356 | 38,630 |
Financial liabilities: | ||
Deposits | 1,326,148 | 1,332,468 |
Short-term borrowings | 121,297 | 179,773 |
Other borrowings | 133,375 | 117,920 |
Advances by borrowers for taxes and insurance | 13,928 | 6,826 |
Accrued interest payable | 1,947 | 1,369 |
Estimated Fair Value [Member] | Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 40,698 | 43,539 |
Accrued interest receivable | 6,777 | 6,640 |
Regulatory stock | 12,488 | 12,973 |
Bank-owned life insurance | 39,356 | 38,630 |
Financial liabilities: | ||
Deposits | 837,052 | 811,607 |
Short-term borrowings | 121,297 | 179,773 |
Advances by borrowers for taxes and insurance | 13,928 | 6,826 |
Accrued interest payable | 1,947 | 1,369 |
Estimated Fair Value [Member] | Level 3 [Member] | ||
Financial assets: | ||
Certificates of deposit | 250 | 505 |
Loans receivable, net | 1,309,112 | 1,269,127 |
Mortgage servicing rights | 279 | 340 |
Financial liabilities: | ||
Deposits | 489,096 | 520,861 |
Other borrowings | $ 133,375 | $ 117,920 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Summary of Activity in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | $ 183,637 | $ 177,378 | $ 179,186 | $ 182,727 |
Other comprehensive income (loss) before reclassifications | 2,413 | (1,188) | 9,410 | (6,688) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | (204) | (112) | (624) | (247) |
Total other comprehensive income (loss) | 2,209 | (1,300) | 8,790 | (7,281) |
Reclassification of certain income tax effects from accumulated other comprehensive income | 4 | (346) | ||
Ending Balance | 188,077 | 178,810 | 188,077 | 178,810 |
Defined Benefit Pension Plan [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | (477) | (752) | (477) | (628) |
Total other comprehensive income (loss) | (124) | |||
Reclassification of certain income tax effects from accumulated other comprehensive income | (124) | |||
Ending Balance | (477) | (752) | (477) | (752) |
Unrealized Gains (Losses) on Securities Available for Sale [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | (3,562) | (7,808) | (11,369) | (927) |
Other comprehensive income (loss) before reclassifications | 3,230 | (1,376) | 11,067 | (7,764) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | (1) | (35) | (57) | |
Total other comprehensive income (loss) | 3,229 | (1,376) | 11,036 | (8,257) |
Reclassification of certain income tax effects from accumulated other comprehensive income | 4 | (436) | ||
Ending Balance | (333) | (9,184) | (333) | (9,184) |
Derivatives [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | 710 | 1,825 | 1,936 | 801 |
Other comprehensive income (loss) before reclassifications | (817) | 188 | (1,657) | 1,076 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | (203) | (112) | (589) | (190) |
Total other comprehensive income (loss) | (1,020) | 76 | (2,246) | 1,100 |
Reclassification of certain income tax effects from accumulated other comprehensive income | 214 | |||
Ending Balance | (310) | 1,901 | (310) | 1,901 |
Accumulated Other Comprehensive Income/(Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | (3,329) | (6,735) | (9,910) | (754) |
Reclassification of certain income tax effects from accumulated other comprehensive income | (346) | |||
Ending Balance | $ (1,120) | $ (8,035) | $ (1,120) | $ (8,035) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Summary of Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Gain on sale of investment available for sale | $ 1 | $ 44 | $ 75 | |
Interest expense | (5,285) | $ (4,156) | (15,665) | (11,676) |
Income taxes | (612) | (500) | (1,716) | (5,122) |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Net of tax | 204 | 112 | 624 | 247 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Unrealized Gains (Losses) on Securities Available for Sale [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gain on sale of investment available for sale | 1 | 44 | 75 | |
Income taxes | (9) | (18) | ||
Net of tax | 1 | 35 | 57 | |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Derivatives [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Interest expense | 258 | 153 | 746 | 252 |
Income taxes | (55) | (41) | (157) | (62) |
Net of tax | $ 203 | $ 112 | $ 589 | $ 190 |
Derivatives And Hedging Activ_2
Derivatives And Hedging Activities - Schedule of Fair Value of Derivative Financial Instruments as well as their Classification on Consolidated Balance Sheet (Detail) - USD ($) | Jun. 30, 2019 | Sep. 30, 2018 |
Derivatives Fair Value [Line Items] | ||
Fair Values of Derivative Instruments, Asset | $ 477,000 | $ 2,452,000 |
Fair Values of Derivative Instruments, Liability | 867,000 | |
Designated as Hedging Instrument [Member] | Interest Rate Products [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivatives, Notional Amount | 150,000,000 | 100,000,000 |
Designated as Hedging Instrument [Member] | Interest Rate Products [Member] | Other Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair Values of Derivative Instruments, Asset | 477,000 | $ 2,452,000 |
Designated as Hedging Instrument [Member] | Interest Rate Products [Member] | Other Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair Values of Derivative Instruments, Liability | $ 867,000 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 30, 2019USD ($)Contract | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Contract | Jun. 30, 2018USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2018Derivative | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Interest income | $ 17,000,000 | $ 16,718,000 | $ 50,997,000 | $ 47,941,000 | ||
Increase (decrease) in accrued interest payable | 578,000 | 259,000 | ||||
Derivative liability, collateral against obligations | 270,000 | 270,000 | ||||
Number of derivatives in a net liability position | Derivative | 0 | |||||
Designated as Hedging Instrument [Member] | Cash Flow Hedges of Interest Rate Risk [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Interest income | $ 258,000 | $ 153,000 | $ 746,000 | $ 252,000 | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedges of Interest Rate Risk [Member] | Scenario, Forecast [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Increase (decrease) in accrued interest payable | $ 194,000 | |||||
Designated as Hedging Instrument [Member] | Cash Flow Hedges of Interest Rate Risk [Member] | Interest Rate Swaps [Member] | Variable Rate [Member] | FHLB Advances [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Derivative, number of instruments | Contract | 8 | 8 | ||||
Derivative, notional principal amount | $ 150,000,000 | $ 150,000,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Schedule of Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Gain (Loss) Recognized in OCI on Derivative | $ (1,034) | $ 249 | $ (2,097) | $ 1,445 |
Designated as Hedging Instrument [Member] | Cash Flow Hedges of Interest Rate Risk [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Gain (Loss) Recognized in OCI on Derivative | (1,292) | 249 | 2,842 | 1,445 |
Gain (Loss) Reclassified from Accumulated OCI into Income | 258 | 153 | 746 | 252 |
Designated as Hedging Instrument [Member] | Interest Rate Products [Member] | Cash Flow Hedges of Interest Rate Risk [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Gain (Loss) Recognized in OCI on Derivative | (1,292) | 249 | 2,842 | 1,445 |
Designated as Hedging Instrument [Member] | Interest Rate Products [Member] | Cash Flow Hedges of Interest Rate Risk [Member] | Interest Expense [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Gain (Loss) Reclassified from Accumulated OCI into Income | $ 258 | $ 153 | $ 746 | $ 252 |
Contingent Liabilities - Additi
Contingent Liabilities - Additional Information (Detail) | Dec. 08, 2016Plaintiff |
Commitments And Contingencies Disclosure [Abstract] | |
Number of plaintiffs | 1 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) | Oct. 01, 2018 |
Revenue From Contract With Customer [Abstract] | |
Percentage of cumulative revenue out of scope to 2014-09 | 90.30% |