Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2021 | May 07, 2021 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity Registrant Name | PRUDENTIAL BANCORP, INC. | |
Entity Central Index Key | 0001578776 | |
Entity File Number | 000-55084 | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 46-2935427 | |
Entity Address, Address Line One | 1834 West Oregon Avenue | |
Entity Address, City or Town | Philadelphia | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19145 | |
City Area Code | 215 | |
Local Phone Number | 755-1500 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | PBIP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 7,858,818 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
ASSETS | ||
Cash and amounts due from depository institutions | $ 2,125 | $ 2,781 |
Interest-bearing deposits | 133,104 | 114,300 |
Total cash and cash equivalents | 135,229 | 117,081 |
Certificates of deposit | 2,102 | 2,102 |
Investment and mortgage-backed securities available for sale at fair value | 353,807 | 420,364 |
Investment and mortgage-backed securities held to maturity (fair value-March 31, 2021, $23,460; September 30, 2020, $24,330) | 22,270 | 22,860 |
Equity securities | 54 | 51 |
Loans receivable-net of allowance for loan losses (March 31, 2021, $8,353; September 30, 2020, $8,303) | 620,875 | 588,300 |
Accrued interest receivable | 4,946 | 4,699 |
Office properties and equipment-net | 7,017 | 7,129 |
Bank owned life insurance (BOLI) | 32,812 | 32,498 |
Deferred income taxes, net | 3,413 | 3,902 |
Goodwill | 6,102 | 6,102 |
Core deposit intangible | 291 | 340 |
Prepaid expenses and other assets | 4,102 | 5,393 |
Restricted bank stock | 11,012 | 12,532 |
TOTAL ASSETS | 1,204,032 | 1,223,353 |
Deposits: | ||
Non-interest-bearing | 32,253 | 30,002 |
Interest-bearing | 761,492 | 740,947 |
Total deposits | 793,745 | 770,949 |
Advances from Federal Home Loan Bank - short term | 25,000 | |
Advances from Federal Home Loan Bank - long term | 251,639 | 260,253 |
Accrued interest payable | 1,898 | 3,374 |
Advances from borrowers for taxes and insurance | 1,623 | 2,798 |
Interest rate swap contracts | 14,881 | 20,960 |
Accounts payable and accrued expenses | 9,988 | 10,902 |
Total liabilities | 1,073,774 | 1,094,236 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued | ||
Common stock, $.01 par value, 40,000,000 shares authorized; 10,819,006 issued and 7,944,002 outstanding at March 31, 2021; 10,819,006 issued and 8,138,675 outstanding at September 30, 2020 | 108 | 108 |
Additional paid-in capital | 118,295 | 118,270 |
Treasury stock, at cost: 2,875,004 shares at March 31, 2021 and 2,680,331 shares at September 30, 2020 | (41,909) | (39,207) |
Retained earnings | 55,313 | 52,889 |
Accumulated other comprehensive (loss) income | (1,549) | (2,943) |
Total stockholders' equity | 130,258 | 129,117 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,204,032 | $ 1,223,353 |
CONSOLIDATED STATEMENT OF FIN_2
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION | ||
Investment and mortgage-backed securities held to maturity, fair value (in dollars) | $ 23,460 | $ 24,330 |
Allowance for loan losses on loans receivable (in dollars) | $ 8,353 | $ 8,303 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 10,819,006 | 10,819,006 |
Common stock, shares outstanding | 7,944,002 | 8,138,675 |
Number of treasury share purchased | 2,875,004 | 2,680,331 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
INTEREST INCOME: | ||||
Interest and fees on loans | $ 6,388,000 | $ 6,333,000 | $ 12,663,000 | $ 13,163,000 |
Interest on mortgage-backed securities | 1,428,000 | 2,563,000 | 3,044,000 | 5,356,000 |
Interest and dividends on investments | 1,643,000 | 1,764,000 | 3,357,000 | 3,566,000 |
Interest on interest-bearing deposits | 6,000 | 350,000 | 90,000 | 752,000 |
Total interest income | 9,465,000 | 11,010,000 | 19,154,000 | 22,837,000 |
INTEREST EXPENSE: | ||||
Interest on deposits | 1,961,000 | 2,866,000 | 4,131,000 | 5,991,000 |
Interest on advances from FHLB - short term | 14,000 | 425,000 | 39,000 | 965,000 |
Interest on advances from FHLB - long term | 1,765,000 | 1,931,000 | 3,576,000 | 3,750,000 |
Total interest expense | 3,740,000 | 5,222,000 | 7,746,000 | 10,706,000 |
NET INTEREST INCOME | 5,725,000 | 5,788,000 | 11,408,000 | 12,131,000 |
PROVISION FOR LOAN LOSSES | 0 | 500,000 | 0 | 625,000 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 5,725,000 | 5,288,000 | 11,408,000 | 11,506,000 |
NON-INTEREST INCOME: | ||||
Fees and other service charges | 114,000 | 150,000 | 253,000 | 315,000 |
Gain on sale of mortgage-backed securities available for sale | 2,364,000 | 2,682,000 | ||
Gain (loss) on equity securities, net | (7,000) | (39,000) | 3,000 | (58,000) |
Gain on sale of loans | 18,000 | 239,000 | 58,000 | 265,000 |
Swap income (loss) | 216,000 | (333,000) | 319,000 | (300,000) |
Earnings from bank owned life insurance | 152,000 | 164,000 | 313,000 | 334,000 |
Other | 82,000 | 123,000 | 166,000 | 262,000 |
Total non-interest income | 575,000 | 2,668,000 | 1,112,000 | 3,500,000 |
NON-INTEREST EXPENSES: | ||||
Salaries and employee benefits | 2,529,000 | 2,624,000 | 4,945,000 | 4,922,000 |
Data processing | 221,000 | 234,000 | 416,000 | 426,000 |
Professional services | 382,000 | 308,000 | 839,000 | 712,000 |
Office occupancy | 276,000 | 218,000 | 505,000 | 422,000 |
Depreciation | 108,000 | 113,000 | 219,000 | 268,000 |
Director compensation | 54,000 | 74,000 | 107,000 | 133,000 |
Federal Deposit Insurance Corporation deposit insurance premiums | 220,000 | 195,000 | 350,000 | 376,000 |
Real estate owned expense | 93,000 | 140,000 | ||
Advertising | 12,000 | 53,000 | 44,000 | 92,000 |
Core deposit amortization | 23,000 | 26,000 | 49,000 | 56,000 |
Other | 525,000 | 522,000 | 974,000 | 934,000 |
Total non-interest expenses | 4,350,000 | 4,460,000 | 8,448,000 | 8,481,000 |
INCOME BEFORE INCOME TAXES | 1,950,000 | 3,496,000 | 4,072,000 | 6,525,000 |
INCOME TAXES: | ||||
Current | 240,000 | 419,000 | 402,000 | 985,000 |
Deferred (benefit) expense | (5,000) | 153,000 | 119,000 | 153,000 |
Total income tax provision | 235,000 | 572,000 | 521,000 | 1,138,000 |
NET INCOME | $ 1,715,000 | $ 2,924,000 | $ 3,551,000 | $ 5,387,000 |
BASIC EARNINGS PER SHARE | $ 0.22 | $ 0.33 | $ 0.44 | $ 0.61 |
DILUTED EARNINGS PER SHARE | $ 0.21 | $ 0.32 | $ 0.44 | $ 0.60 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||
Net income | $ 1,715 | $ 2,924 | $ 3,551 | $ 5,387 |
Unrealized holding gain (loss) on available-for-sale securities | (4,874) | 4,825 | (2,792) | 3,652 |
Tax effect | 1,032 | (1,013) | 586 | (767) |
Reclassification adjustment for net securities (gains) losses realized in net income | (2,364) | (2,682) | ||
Tax effect | (664) | 2,292 | (959) | 1,811 |
Unrealized holding gain (loss) on interest rate swaps | 3,164 | (10,914) | 4,559 | (8,622) |
Tax effect | 496 | 563 | ||
Total other comprehensive (loss) income | (1,342) | (6,678) | 1,394 | (6,045) |
Comprehensive income (loss) | $ 373 | $ (3,754) | $ 4,945 | $ (658) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained EarningsCumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjustment [Member] | Total |
BALANCE at Sep. 30, 2019 | $ 108 | $ 118,384 | $ (29,698) | $ (75) | $ 49,625 | $ 1,192 | $ (75) | $ 139,611 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 5,387 | 5,387 | ||||||
Other comprehensive income (loss) | (6,045) | (6,045) | ||||||
Dividends paid | (5,075) | (5,075) | ||||||
Purchase of treasury stock | (1,999) | (1,999) | ||||||
Treasury stock used for employee benefit plans | (787) | 703 | (84) | |||||
Stock option expense | 270 | 270 | ||||||
Restricted shares award expense | 256 | 256 | ||||||
BALANCE at Mar. 31, 2020 | 108 | 118,123 | (30,994) | 49,862 | (4,853) | 132,246 | ||
BALANCE at Dec. 31, 2019 | 108 | 118,673 | (29,698) | 51,391 | 1,825 | 142,299 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 2,924 | 2,924 | ||||||
Other comprehensive income (loss) | (6,678) | (6,678) | ||||||
Dividends paid | (4,453) | (4,453) | ||||||
Purchase of treasury stock | (1,999) | (1,999) | ||||||
Treasury stock used for employee benefit plans | (787) | 703 | (84) | |||||
Stock option expense | 117 | 117 | ||||||
Restricted shares award expense | 120 | 120 | ||||||
BALANCE at Mar. 31, 2020 | 108 | 118,123 | (30,994) | 49,862 | (4,853) | 132,246 | ||
BALANCE at Sep. 30, 2020 | 108 | 118,270 | (39,207) | 52,889 | (2,943) | 129,117 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 3,551 | 3,551 | ||||||
Other comprehensive income (loss) | 1,394 | 1,394 | ||||||
Dividends paid | (1,127) | (1,127) | ||||||
Purchase of treasury stock | (2,906) | (2,906) | ||||||
Treasury stock used for employee benefit plans | (143) | 204 | 61 | |||||
Stock option expense | 84 | 84 | ||||||
Restricted shares award expense | 84 | 84 | ||||||
BALANCE at Mar. 31, 2021 | 108 | 118,295 | (41,909) | 55,313 | (1,549) | 130,258 | ||
BALANCE at Dec. 31, 2020 | 108 | 118,356 | (41,167) | 54,155 | (207) | 131,245 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income | 1,715 | 1,715 | ||||||
Other comprehensive income (loss) | (1,342) | (1,342) | ||||||
Dividends paid | (557) | (557) | ||||||
Purchase of treasury stock | (946) | (946) | ||||||
Treasury stock used for employee benefit plans | (143) | 204 | 61 | |||||
Stock option expense | 41 | 41 | ||||||
Restricted shares award expense | 41 | 41 | ||||||
BALANCE at Mar. 31, 2021 | $ 108 | $ 118,295 | $ (41,909) | $ 55,313 | $ (1,549) | $ 130,258 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | ||||
Dividends paid (in dollars per share) | $ 0.07 | $ 0.50 | $ 0.14 | $ 0.57 |
Purchase of treasury stock | 62,500 | 152,009 | 209,311 | 152,009 |
Treasury stock used for employee benefit plan | 14,638 | 44,587 | 14,638 | 44,587 |
CONSOLIDATED STATEMENTS OF CH_3
CONSOLIDATED STATEMENTS OF CHANGES OF CASH FLOW - USD ($) | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
OPERATING ACTIVITIES: | ||
Net income | $ 3,551,000 | $ 5,387,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 219,000 | 268,000 |
Net amortization/accretion of premiums/discounts and other amortization | (372,000) | (877,000) |
Earnings on BOLI | (313,000) | (334,000) |
Provision for loan losses | 0 | 625,000 |
Accretion of deferred loan fees and costs | (70,000) | (35,000) |
(Gain) loss on sale of investment and mortgage-backed securities | (2,682,000) | |
Gain on sale of loans | (58,000) | (265,000) |
Proceeds from the sale of loans | 3,820,000 | 20,713,000 |
Originations of loans held for sale | (3,762,000) | (6,186,000) |
Share-based compensation expense | 168,000 | 526,000 |
Holding (gains) losses on equity securities | (3,000) | 58,000 |
Holding losses (gains) on equity securities | (3,000) | 58,000 |
Deferred income tax benefit | 119,000 | (153,000) |
Changes in assets and liabilities which used cash: | ||
Accrued interest receivable | (247,000) | 137,000 |
Accrued interest payable | (1,476,000) | (1,481,000) |
Other, net | 399,000 | 106,000 |
Net cash provided by operating activities | 1,975,000 | 15,807,000 |
INVESTING ACTIVITIES: | ||
Purchase of investment and mortgage-backed securities available for sale | (19,196,000) | (130,257,000) |
Purchase of investment and mortgage-backed securities held to maturity | (2,500,000) | |
Loans originated or acquired | (144,832,000) | (55,211,000) |
Principal collected on loans | 112,528,000 | 53,750,000 |
Principal payments received on investment and mortgage-backed securities: | ||
Held-to-maturity | 544,000 | 42,179,000 |
Available-for-sale | 81,683,000 | 65,441,000 |
Proceeds from sale of investment and mortgage-backed securities | 81,953,000 | |
Proceeds from redemption of FHLB stock | 2,541,000 | 5,489,000 |
Purchase of FHLB stock | (1,021,000) | (4,635,000) |
Purchases of equipment | (107,000) | (233,000) |
Net cash provided by investing activities | 32,140,000 | 55,976,000 |
FINANCING ACTIVITIES: | ||
Net increase (decrease) in demand deposits, NOW accounts, and savings accounts | (9,516,000) | 45,814,000 |
Net (decrease) increase in certificates of deposit | 32,311,000 | (59,774,000) |
Net (decrease) increase in FHLB short-term advances | (25,000,000) | (10,000,000) |
Repayment of FHLB advances - long term | (8,615,000) | (12,280,000) |
Increase in advances from borrowers for taxes and insurance | (1,175,000) | 335,000 |
Cash dividends paid | (1,127,000) | (5,075,000) |
Treasury stock used for employee benefit plans | 61,000 | (84,000) |
Purchase of treasury stock | (2,906,000) | (1,999,000) |
Net cash used in financing activities | (15,967,000) | (43,063,000) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 18,148,000 | 28,720,000 |
CASH AND CASH EQUIVALENTS-Beginning of period | 117,081,000 | 47,968,000 |
CASH AND CASH EQUIVALENTS-End of period | 135,229,000 | 76,688,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest on deposits and advances from Federal Home Loan Bank | 9,222,000 | 12,187,000 |
Income taxes paid | $ 60,000 | 1,195,000 |
SUPPLEMENTAL DISCLOSURES OF NONCASH ITEMS | ||
Loans transferred to other real estate owned | 183,000 | |
Lease adoption: | ||
Right of use lease asset | 1,415,000 | |
Lease liability | $ 1,536,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Mar. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SIGNIFICANT ACCOUNTING POLICIES Prudential Bancorp, Inc. (the “Company”) is a Pennsylvania corporation and the parent holding company for Prudential Bank (the “Bank”). The Company is a registered bank holding company. The Bank is a community-oriented, Pennsylvania-chartered savings bank headquartered in South Philadelphia. The banking office network currently consists of the headquarters and main office (which includes a branch office), an administrative office, and nine additional full-service branch offices. Eight of the branch offices are located in Philadelphia (Philadelphia County), one is in Drexel Hill, Delaware County, and one is in Huntingdon Valley, Montgomery County (both Pennsylvania counties). The Bank maintains ATMs at all 10 of the banking offices. The Bank also provides on-line and mobile banking services. The Bank is subject to regulation by the Pennsylvania Department of Banking and Securities (the “Department”), as its chartering authority and primary regulator, and by the Federal Deposit Insurance Corporation (the “FDIC”), which insures the Bank’s deposits up to applicable limits. As a bank holding company, the Company is subject to the regulation of the Board of Governors of the Federal Reserve System. Basis of presentation – Use of Estimates in the Preparation of Financial Statements — Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments Update for SEC filers that are eligible to be smaller reporting companies, non-SEC filers, and all other companies to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We expect to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, but cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the consolidated financial statements. In May 2019, the FASB issued ASU 2019-05, Financial Instruments – Credit Losses, Topic 326, which allows entities to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost upon adoption of the new credit losses standard. To be eligible for the transition election, the existing financial asset must otherwise be both within the scope of the new credit losses standard and eligible for the applying the fair value option in ASC 825-10-3. The election must be applied on an instrument-by-instrument basis and is not available for either available-for-sale or held-to-maturity debt securities. For entities that elect the fair value option, the difference between the carrying amount and the fair value of the financial asset would be recognized through a cumulative-effect adjustment to opening retained earnings as of the date an entity adopted ASU 2016-13. Changes in fair value of that financial asset would subsequently be reported in current earnings. For entities that have not yet adopted ASU 2016-13, the effective dates and transition requirements are the same as those in ASU 2016-13. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position and or results of operations. In November 2019, the FASB issued ASU 2019-10, Financial Instruments ‒ Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) In January 2020, the FASB issued ASU 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, March 2020, to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, such as Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Also, entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met, and can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective for all entities upon issuance through March 31, 2022. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position and/or results of operations. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) certain hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position and/or results of operations. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Mar. 31, 2021 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | 2. EARNINGS PER SHARE Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock issued, net of any treasury shares and unearned restricted share awards, during the period. Diluted earnings per share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding, net of any treasury shares, after consideration of the potential dilutive effect of common stock equivalents (CSEs), based upon the treasury stock method using an average market price for the period. The calculated basic and diluted earnings per share are as follows: Three Months Ended March 31, 2021 2020 (Dollars in Thousands Except Per Share Data) Basic Diluted Basic Diluted Net income $ 1,715 $ 1,715 $ 2,924 $ 2,924 Weighted average common shares outstanding 7,975,683 7,975,683 8,884,760 8,884,760 Effect of CSEs — 14,671 — 117,342 Adjusted weighted average common shares used in earnings per share computation 7,975,683 7,990,354 8,884,760 9,002,102 Earnings per share $ 0.22 $ 0.21 $ 0.33 $ 0.32 Six Months Ended March 31, 2021 2020 (Dollars in Thousands, Except Share and Per Share Data) Basic Diluted Basic Diluted Net income $ 3,551 $ 3,551 $ 5,387 $ 5,387 Weighted average common shares outstanding 8,040,907 8,040,907 8,885,972 8,885,972 Effect of CSEs — 4,512 — 133,815 Adjusted weighted average common shares used in earnings per share computation 8,040,907 8,045,419 8,885,972 9,019,787 Earnings per share $ 0.44 $ 0.44 $ 0.61 $ 0.60 As of March 31, 2021 and 2020, there were 267,728 and 528,004 shares of common stock, respectively, subject to options with exercise prices less than the then current market and which were included in the computation of diluted earnings per share. At March 31, 2021 and 2020, there were 249,030 and 265,030 shares of common stock, respectively, subject to options that had exercise prices greater than the then current market value and were considered anti-dilutive at such dates. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended |
Mar. 31, 2021 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables present the changes in accumulated other comprehensive income (loss) by component, net of tax, for the periods presented: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Total Total accumulated accumulated Unrealized gain Unrealized gain (loss) other Unrealized gain Unrealized gain (loss) other (loss) on AFS on interest rate swaps comprehensive (loss) on AFS on interest rate swaps comprehensive securities (a) (a) income (loss) securities (a) (a) income (loss) Beginning balance, January 1 $ 12,221 $ (12,428) $ (207) $ 6,920 $ (5,096) $ 1,824 Other comprehensive (loss) income before reclassification (3,842) 2,500 (1,342) 3,812 (8,621) (4,809) Total other comprehensive income (loss) 8,379 (9,928) (1,549) 10,732 (13,717) (2,985) Reclassification for net gains recorded in net income — — — (1,868) — (1,868) Ending balance, March 31 $ 8,379 $ (9,928) $ (1,549) $ 8,864 $ (13,717) $ (4,853) (a) All amounts are net of tax. Amounts in parentheses indicate debits. Six Months Ended March 31, 2021 Six Months Ended March 31, 2020 Total Total accumulated accumulated Unrealized gain Unrealized gain (loss) other Unrealized gain Unrealized gain (loss) other (loss) on AFS on interest rate swaps comprehensive (loss) on AFS on interest rate swaps comprehensive securities (a) (a) income (loss) securities (a) (a) income (loss) Beginning balance, October 1 $ 10,585 $ (13,528) $ (2,943) $ 8,098 $ (6,906) $ 1,192 Other comprehensive (loss) income before reclassification (2,206) 3,600 1,394 2,885 (6,811) (3,926) Total other comprehensive income (loss) 8,379 (9,928) (1,549) 10,983 (13,717) (2,734) Reclassification for net gains recorded in net income — — — (2,119) — (2,119) Ending balance, March 31 $ 8,379 $ (9,928) $ (1,549) $ 8,864 $ (13,717) $ (4,853) (a) All amounts are net of tax. Amounts in parentheses indicate debits. |
INVESTMENT AND MORTGAGE-BACKED
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 6 Months Ended |
Mar. 31, 2021 | |
INVESTMENT AND MORTGAGE-BACKED SECURITIES | |
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 4. INVESTMENT AND MORTGAGE-BACKED SECURITIES The amortized cost and fair value of investment and mortgage-backed securities, with gross unrealized gains and losses, are as follows: March 31, 2021 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) Securities Available for Sale: U.S. government and agency obligations $ 10,811 $ 82 $ — $ 10,893 State and political subdivisions 77,437 2,560 (646) 79,351 Mortgage-backed securities - U.S. government agencies 174,243 6,387 (929) 179,701 Corporate debt securities 80,709 3,337 (184) 83,862 Total debt securities available for sale $ 343,200 $ 12,366 $ (1,759) $ 353,807 Securities Held to Maturity: U.S. government and agency obligations $ 1,000 $ 185 $ — $ 1,185 State and political subdivisions 18,022 738 — 18,760 Mortgage-backed securities - U.S. government agencies 3,248 267 — 3,515 Total securities held to maturity $ 22,270 $ 1,190 $ — $ 23,460 September 30, 2020 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) Securities Available for Sale: U.S. government and agency obligations $ 22,241 $ 153 $ — $ 22,394 State and political subdivisions 79,099 1,940 (1,418) 79,621 Mortgage-backed securities - U.S. government agencies 226,863 9,774 (71) 236,566 Corporate debt securities 78,764 3,564 (545) 81,783 Total debt securities $ 406,967 $ 15,431 $ (2,034) $ 420,364 Securities Held to Maturity: U.S. government and agency obligations $ 1,000 $ 236 $ — $ 1,236 State and political subdivisions 18,076 925 — 19,001 Mortgage-backed securities - U.S. government agencies 3,784 309 — 4,093 Total securities held to maturity $ 22,860 $ 1,470 $ — $ 24,330 The Company recognized a holding loss on equity securities of $7,000 for the three months ended March 31, 2021, and a holding gain on equity securities of $3,000 for the six months ended March 31, 2021 and holding losses on equity securities of $39,000 and $58,000, respectively, during the three and six months ended March 31, 2020. As of March 31, 2021, the Bank maintained $151.5 million of securities in a safekeeping account at the FHLB of Pittsburgh available to be used for collateral and convenience. As of March 31, 2021, the Bank was only required to hold $39.0 million as specific collateral for its borrowings from the FHLB of Pittsburgh; therefore the $112.5 million of excess securities as of such date were not restricted and could be sold or transferred if needed. The following table shows the gross unrealized losses and related fair values of the Company’s investment and mortgage-backed securities, aggregated by investment category and length of time that individual securities had been in a continuous loss position as of March 31, 2021: Less than 12 months More than 12 months Total Gross Gross Gross Unrealized Fair Unrealized Fair Unrealized Fair Losses Value Losses Value Losses Value (Dollars in Thousands) Securities Available for Sale: State and political subdivisions $ (136) $ 10,686 $ (510) $ 6,838 $ (646) $ 17,524 Mortgage-backed securities -U.S. government agencies (929) 25,777 — — (929) 25,777 Corporate debt securities (184) 11,816 — — (184) 11,816 Total securities available for sale $ (1,249) $ 48,279 $ (510) $ 6,838 $ (1,759) $ 55,117 The following table shows the gross unrealized losses and related fair values of the Company’s investment and mortgage-backed securities, aggregated by investment category and length of time that individual securities had been in a continuous loss position as of September 30, 2020: Less than 12 months More than 12 months Total Gross Gross Gross Unrealized Fair Unrealized Fair Unrealized Fair Losses Value Losses Value Losses Value (Dollars in Thousands) Securities Available for Sale: State and political subdivisions $ (126) $ 10,735 $ (1,292) $ 24,510 $ (1,418) $ 35,245 Mortgage-backed securities - US government agencies (66) 10,025 (5) 584 (71) 10,609 Corporate debt securities (545) 16,472 — — (545) 16,472 Total securities available for sale $ (737) $ 37,232 $ (1,297) $ 25,094 $ (2,034) $ 62,326 Management evaluates securities for other-than-temporary impairment (“OTTI”) at least once each quarter, and more frequently when economic or market concerns warrant such evaluation. The evaluation is based upon factors such as the creditworthiness of the issuers/guarantors, the underlying collateral, if applicable, and the continuing performance of the securities. Management also evaluates other facts and circumstances that may be indicative of an OTTI condition. This includes, but is not limited to, an evaluation of the type of security, the length of time and extent to which the fair value of the security has been less than cost, and the near-term prospects of the issuer. The Company assesses whether a credit loss exists with respect to a security by considering whether (1) the Company has the intent to sell the security, (2) it is more likely than not that it will be required to sell the security before recovery has occurred, or (3) it does not expect to recover the entire amortized cost basis of the security. The Company bifurcates the OTTI impact on impaired securities where impairment in value is deemed to be other than temporary between the component representing credit loss and the component representing loss related to other factors. The portion of the fair value decline attributable to credit loss must be recognized through a charge to earnings. The credit component is determined by comparing the present value of the cash flows expected to be collected, discounted at the rate in effect before recognizing any OTTI, with the amortized cost basis of the debt security. The Company uses the cash flows expected to be realized from the security, which includes assumptions about interest rates, timing and severity of defaults, estimates of potential recoveries, the cash flow distribution from the security and other factors, then applies a discount rate equal to the effective yield of the security. The difference between the present value of the expected cash flows and the amortized book value is considered a credit loss. The fair value of the security is determined using the same expected cash flows; the discount rate is a rate the Company determines from open market and other sources as appropriate for the particular security. The difference between the fair value and the security’s remaining amortized cost is recognized in other comprehensive income (loss). For both the three and six months ended March 31, 2021 and 2020, the Company did not record any credit losses on investment securities through earnings. Mortgage-Backed Securities – Corporate Debt Securities State and political subdivisions The amortized cost and fair value of debt securities, 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. The maturity table below excludes mortgage-backed securities because the contractual maturities of such securities are not indicative of actual maturities due to significant prepayments. March 31, 2021 Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value (Dollars in Thousands) Due after one through five years $ 5,693 $ 6,085 $ 31,190 $ 32,832 Due after five through ten years 9,284 9,594 50,705 52,297 Due after ten years 4,045 4,266 87,062 88,977 Total $ 19,022 $ 19,945 $ 168,957 $ 174,106 During the three and six month period ended March 31, 2021, the Company sold no securities. During the three month period ended March 31, 2020, the Company sold securities with an aggregate amortized cost of $44.6 million, for a recognized aggregate gain of $2.4 million (pre-tax). For the six month period ended March 31, 2020, the Company sold securities with an aggregate amortized cost of $62.1 million, for a recognized gain of $2.7 million (pre-tax). |
LOANS RECEIVABLE
LOANS RECEIVABLE | 6 Months Ended |
Mar. 31, 2021 | |
LOANS RECEIVABLE | |
LOANS RECEIVABLE | 5. LOANS RECEIVABLE Loans receivable consist of the following: March 31, September 30, 2021 2020 (Dollars in Thousands) One-to-four family residential $ 210,569 $ 233,872 Multi-family residential 52,657 31,100 Commercial real estate 149,385 139,943 Construction and land development 264,618 260,648 Loans to financial institutions — 6,000 Commercial business 41,882 12,916 Leases 117 176 Consumer 515 604 Total loans 719,743 685,259 Undisbursed portion of loans-in-process (89,912) (86,862) Deferred loan fees (603) (1,794) Allowance for loan losses (8,353) (8,303) Net loans $ 620,875 $ 588,300 The following table summarizes by loan segment the balance in the allowance for loan losses and the loans individually and collectively evaluated for impairment by loan segment at March 31, 2021: One- to Loans to four- Multi-family Commercial Construction and financial Commercial family residential residential real estate land development institutions business Leases Consumer Unallocated Total (Dollars in Thousands) Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ $ — Collectively evaluated for impairment 1,583 720 1,969 2,710 — 580 3 5 783 8,353 Total ending allowance balance $ 1,583 $ 720 $ 1,969 $ 2,710 $ — $ 580 $ 3 $ 5 $ 783 $ 8,353 Loans: Individually evaluated for impairment $ 3,475 $ — $ 1,328 $ 8,250 $ — $ — $ — $ — $ 13,053 Collectively evaluated for impairment 207,094 52,657 148,057 256,368 — 41,882 117 515 706,690 Total loans $ 210,569 $ 52,657 $ 149,385 $ 264,618 $ — $ 41,882 $ 117 $ 515 $ 719,743 The following table summarizes by loan segment the balance in the allowance for loan losses and the loans individually and collectively evaluated for impairment by loan segment at September 30, 2020: One- to Loans to four- Multi-family Commercial Construction and financial Commercial family residential residential real estate land development institutions business Leases Consumer Unallocated Total (Dollars in Thousands) Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ $ — Collectively evaluated for impairment 1,877 460 1,989 2,888 89 194 3 6 797 8,303 Total ending allowance balance $ 1,877 $ 460 $ 1,989 $ 2,888 $ 89 $ 194 $ 3 $ 6 $ 797 $ 8,303 Loans: Individually evaluated for impairment $ 3,095 $ — $ 1,417 $ 8,525 $ — $ — $ — $ — $ 13,037 Collectively evaluated for impairment 230,777 31,100 138,526 252,123 6,000 12,916 176 604 672,222 Total loans $ 233,872 $ 31,100 $ 139,943 $ 260,648 $ 6,000 $ 12,916 $ 176 $ 604 $ 685,259 The loan portfolio is segmented at a level that allows management to monitor both risk and performance. Management evaluates for potential impairment all construction loans, multi-family loans, commercial real estate loans, commercial business loans, loans to financial institutions, leases and all loans and leases more than 90 days delinquent as to principal and/or interest. Loans are considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect in full the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Once the determination is made that a loan is impaired, the determination of whether a specific allocation of the allowance is necessary is generally measured by comparing the recorded investment in the loan to the fair value of the loan using one of the following three methods: (a) the present value of the expected future cash flows discounted at the loan’s effective interest rate; (b) the loan’s observable market price; or (c) the fair value of the collateral less selling costs. Management primarily utilizes the fair value of collateral method as a practically expedient alternative. On collateral method evaluations, any portion of the loan deemed uncollectible is charged-off against the loan loss allowance. The following table presents impaired loans by class as of March 31, 2021, segregated by those for which a specific allowance was required and those for which no specific allowance was required. Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans (Dollars in Thousands) Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance One-to-four family residential $ — $ — $ 3,475 $ 3,475 $ 3,792 Commercial real estate — — 1,328 1,328 1,505 Construction and land development — — 8,250 8,250 10,631 Total $ — $ — $ 13,053 $ 13,053 $ 15,928 The following table presents impaired loans by class as of September 30, 2020, segregated by those for which a specific allowance was required and those for which no specific allowance was required. Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans (Dollars in Thousands) Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance One-to-four family residential $ — $ — $ 3,095 $ 3,095 $ 3,482 Commercial real estate — — 1,417 1,417 1,600 Construction and land development — — 8,525 8,525 10,906 Total $ — $ — $ 13,037 $ 13,037 $ 15,988 The following tables present the average recorded investment in impaired loans and related interest income recognized for the periods indicated: Three Months Ended March 31, 2021 Average Income Recorded Income Recognized Recognized on Investment on Accrual Basis Cash Basis (Dollars in Thousands) One-to-four family residential $ 3,281 $ 4 $ 2 Commercial real estate 1,329 — — Construction and land development 8,338 — — Total impaired loans $ 12,947 $ 4 $ 2 Three Months Ended March 31, 2020 Average Income Recorded Income Recognized Recognized on Investment on Accrual Basis Cash Basis (Dollars in Thousands) One-to-four family residential $ 4,195 $ — $ 8 Multi-family residential 74 — — Commercial real estate 1,593 — — Construction and land development 8,726 — — Consumer 16 — — Total impaired loans $ 14,604 $ — $ 8 Six Months Ended March 31, 2021 Average Income Recorded Income Recognized Recognized on Investment on Accrual Basis Cash Basis (Dollars in Thousands) One-to-four family residential $ 3,219 $ 9 $ 2 Commercial real estate 1,358 — — Construction and land development 8,400 — — Consumer — — — Total impaired loans $ 12,977 $ 9 $ 2 Six Months Ended March 31, 2020 Average Income Recorded Income Recognized Recognized on Investment on Accrual Basis Cash Basis (Dollars in Thousands) One-to-four family residential $ 4,195 $ 3 $ 17 Multi-family residential 74 — — Commercial real estate 1,593 — 1 Construction and land development 8,725 — — Commercial business 4 — 1 Consumer 16 — — Total impaired loans $ 14,607 $ 3 $ 19 Federal regulations and our loan policy require that the Company utilize an internal asset classification system as a means of reporting problem and potential problem assets. The Company has incorporated an internal asset classification system, consistent with Federal banking regulations, as a part of its credit monitoring system. Management currently classifies problem and potential problem assets as “special mention”, “substandard,” “doubtful” or “loss” assets. An asset is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” Assets classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted. Assets which do not currently expose the insured institution to sufficient risk to warrant classification in one of the three aforementioned categories but possess weaknesses are required to be designated “special mention.” The following tables present the classes of the loan portfolio in which a formal risk weighting system is utilized summarized by the aggregate “Pass” and the criticized category of “special mention”, and the classified categories of “substandard”, “doubtful” and “loss” within the Company’s risk rating system as applied to the loan portfolio. The Company had no loans classified as “doubtful” or “loss” at either of the dates presented. March 31, 2021 Special Pass Mention Substandard Doubtful Total (Dollars in Thousands) One-to-four residential $ 205,653 $ 1,441 $ 3,475 $ — $ 210,569 Multi-family residential 52,657 — — — 52,657 Commercial real estate 138,307 9,750 1,328 — 149,385 Construction and land development 256,368 — 8,250 — 264,618 Commercial business 41,882 — — — 41,882 Total $ 694,867 $ 11,191 $ 13,053 $ — $ 719,111 September 30, 2020 Special Pass Mention Substandard Doubtful Total (Dollars in Thousands) One-to-four residential $ 229,361 $ 1,416 $ 3,095 $ — $ 233,872 Multi-family residential 31,100 — — — 31,100 Commercial real estate 128,527 9,999 1,417 — 139,943 Construction and land development 252,123 — 8,525 — 260,648 Loans to financial institutions 6,000 — — — 6,000 Commercial business 12,916 — — — 12,916 Total $ 660,027 $ 11,415 $ 13,037 $ — $ 684,479 The Company evaluates the classification of one-to-four family residential, leases and consumer loans primarily on a pooled basis. If the Company becomes aware that adverse or distressed conditions exist that may affect a particular loan, the loan is downgraded following the above definitions of special mention, substandard, doubtful and loss. The following tables represent loans in which a formal risk rating system is not utilized, but loans are segregated between performing and non-performing based primarily on delinquency status. Non-performing loans that would be included in the table are those loans greater than 90 days past due as to principal and/or interest that do not have a designated risk rating. March 31, 2021 Non- Performing Performing Total (Dollars in Thousands) Leases $ 117 $ — $ 117 Consumer 515 — 515 Total $ 632 $ — $ 632 September 30, 2020 Non- Performing Performing Total (Dollars in Thousands) Leases $ 176 $ — $ 176 Consumer 604 — 604 Total $ 780 $ — $ 780 Management 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 due or overdue, as the case may be. The following tables present the loan categories of the loan portfolio summarized by the aging categories of performing loans, delinquent loans and nonaccrual loans: March 31, 2021 90 Days+ 30 ‑ 89 Days 90 Days + Total Total Non- Past Due Current Past Due Past Due Past Due Loans Accrual and Accruing (Dollars in Thousands) One-to-four family residential $ 206,656 $ 671 $ 3,242 $ 3,913 $ 210,569 $ 3,475 $ — Multi-family residential 52,657 — — — 52,657 — — Commercial real estate 145,673 2,384 1,328 3,712 149,385 1,328 — Construction and land development 256,368 — 8,250 8,250 264,618 8,250 — Commercial business 41,882 — — — 41,882 — — Leases 117 — — — 117 — Consumer 458 57 — 57 515 — — Total Loans $ 703,811 $ 3,112 $ 12,820 $ 15,932 $ 719,743 $ 13,053 $ — September 30, 2020 90 Days+ 30 ‑ 89 Days 90 Days + Total Total Non- Past Due Current Past Due Past Due Past Due Loans Accrual and Accruing (Dollars in Thousands) One-to-four family residential $ 231,196 $ 523 $ 2,153 $ 2,676 $ 233,872 $ 3,095 $ — Multi-family residential 31,100 — — — 31,100 — — Commercial real estate 136,225 2,301 1,417 3,718 139,943 1,417 — Construction and land development 252,123 — 8,525 8,525 260,648 8,525 — Commercial business 12,916 — — — 12,916 — — Loans to financial institutions 6,000 — — — 6,000 — — Leases 176 — — — 176 — Consumer 604 — — — 604 — — Total Loans $ 670,340 $ 2,824 $ 12,095 $ 14,919 $ 685,259 $ 13,037 $ — The allowance for loan losses is established through a provision for loan losses charged to expense. The Company maintains the allowance at a level believed to cover all known and inherent losses in the portfolio that are both probable and reasonable to estimate at each reporting date. Management reviews the allowance for loan losses no less than quarterly in order to identify these inherent losses and to assess the overall collection probability for the loan portfolio in view of these inherent losses. For each primary type of loan, a loss factor is established reflecting an estimate of the known and inherent losses in such loan type contained in the portfolio using both a quantitative analysis as well as consideration of qualitative factors. The evaluation process includes, among other things, an analysis of delinquency trends, non-performing loan trends, the level of charge-offs and recoveries, prior loss experience, total loans outstanding, the volume of loan originations, the type, size and geographic concentration of the Company’s loans, the value of collateral securing the loans, the borrowers’ ability to repay and repayment performance, the number of loans requiring heightened management oversight, local economic conditions and industry experience. For the three months ended March 31, 2021 the analysis took into account the pandemic and its effects on the Company's business, especially with respect to commercial real estate, commercial business and construction and land development loans. Commercial real estate loans entail significant additional credit risks compared to owner-occupied one-to-four family residential mortgage loans, as they generally involve large loan balances concentrated with a single borrower or groups of related borrowers. In addition, the payment experience on loans secured by income-producing properties typically depends on the successful operation of the related real estate project and/or business operation of the borrower who is, in some cases, also the primary occupant, and thus may be subject to a greater extent to the effects of adverse conditions in the real estate market and in the economy in general. Commercial business loans typically involve a higher risk of default than residential loans of like duration since their repayment is generally dependent on the successful operation of the borrower’s business and the sufficiency of collateral, if any. Land acquisition, development and construction lending exposes the Company to greater credit risk than permanent mortgage financing. The repayment of land acquisition, development and construction loans depends upon the sale of the property to third parties and/or the availability of permanent financing upon completion of all improvements. These events may adversely affect the sale of the properties, potentially reducing both the borrowers’ ability to make required payments as well as reducing the value of the collateral property. Such lending is additionally subject to the risk that if the estimate of construction cost proves to be inaccurate, the Company potentially will be compelled to advance additional funds to allow completion of the project. In addition, if the estimate of value proves to be inaccurate, the Company may be confronted with a project, when completed, having less value than the loan amount. If the Company is forced to foreclose on a construction project prior to completion, there is no assurance that the Company would be able to recover the entire unpaid portion of the loan. The following tables summarize the primary segments of the allowance for loan losses. Activity in the allowance is presented for both the three and six month periods ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 One- to Multi- Construction Loans to four-family family Commercial and land Commercial financial residential residential real estate development business institutions Leases Consumer Unallocated Total (In Thousands) ALLL balance at December 31, 2020 $ 2,011 $ 457 $ 1,935 $ 2,828 $ 319 $ — $ 3 $ 6 $ 759 $ 8,318 Charge-offs — — — — — — — — — — Recoveries — — — — — — — 35 — 35 Provision (428) 263 34 (118) 261 — — (36) 24 — ALLL balance at March 31, 2021 $ 1,583 $ 720 $ 1,969 $ 2,710 $ 580 $ — $ 3 $ 5 $ 783 $ 8,353 Six Months Ended March 31, 2021 One- to Multi- Construction Loans to four-family family Commercial and land Commercial financial residential residential real estate development business institutions Leases Consumer Unallocated Total (In Thousands) ALLL balance at September 30, 2020 $ 1,877 $ 460 $ 1,989 $ 2,888 $ 194 $ 89 $ 3 $ 6 $ 797 $ 8,303 Charge-offs — — — — — — — — — — Recoveries 1 — — — 14 — — 35 — 50 Provision (295) 260 (20) (178) 372 (89) — (36) (14) — ALLL balance at March 31, 2021 $ 1,583 $ 720 $ 1,969 $ 2,710 $ 580 $ — $ 3 $ 5 $ 783 $ 8,353 Three Months Ended March 31, 2020 One- to Multi- Construction Loans to four-family family Commercial and land Commercial financial residential residential real estate development business institutions Leases Consumer Unallocated Total (In Thousands) ALLL balance at December 31, 2019 $ 999 $ 255 $ 1,281 $ 2,205 $ 201 $ 63 $ 4 $ 12 $ 508 $ 5,528 Charge-offs (3) - - - (15) — — (56) — (74) Recoveries 1 - - - - — — 6 — 7 Provision 304 40 84 -115 71 7 — 41 68 500 ALLL balance at March 31, 2020 $ 1,301 $ 295 $ 1,365 $ 2,090 $ 257 $ 70 $ 4 $ 3 $ 576 $ 5,961 Six Months Ended March 31, 2020 One- to Multi- Construction Loans to four-family family Commercial and land Commercial financial residential residential real estate development business institutions Leases Consumer Unallocated Total (In Thousands) ALLL balance at September 30, 2019 $ 1,002 $ 315 $ 1,257 $ 2,034 $ 206 $ 63 $ 5 $ 13 $ 498 $ 5,393 Charge-offs (3) — — — (15) — — (56) — (74) Recoveries 1 — — — — — 10 6 — 17 Provision 301 (20) 108 56 66 7 (11) 40 78 625 ALLL balance at March 31, 2020 $ 1,301 $ 295 $ 1,365 $ 2,090 $ 257 $ 70 $ 4 $ 3 $ 576 $ 5,961 The Company recorded no provision for loan losses for the three and six month periods ended March 31, 2021, compared to a provision of $500,000 and $625,000 for loan losses for the three and six month periods in fiscal 2020. During the quarter ended March 31, 2021, the Company recorded no charge offs and recoveries of $35,000. During the six months ended March 31, 2021, the Company recorded no charge offs and recoveries of $50,000. During the quarter ended March 31, 2020, the Company recorded $74,000 in charge offs and recoveries of $7,000. During the six months ended March 31, 2020, the Company recorded charge offs of $74,000 and recoveries of $17,000. At March 31, 2021, the Company had four loans aggregating $4.9 million that were classified as TDRs. Three of the TDRs, totaling $4.5 million, which are on non-accrual, are a part of a troubled lending relationship totaling $10.1 million. The remaining TDR is also on non-accrual and consists of a $399,000 loan secured by a single-family property; the loan is performing in accordance with the restructured terms. The Company did not restructure any loans, as a TDR, during the three and six months ended March 31, 2021, or during the three and six months ending March 31, 2020. No TDRs defaulted during the three and six month periods ending March 31, 2021 or 2020. |
DEPOSITS
DEPOSITS | 6 Months Ended |
Mar. 31, 2021 | |
DEPOSITS [Abstract] | |
DEPOSITS | 6. DEPOSITS Deposits consist of the following major classifications: March 31, September 30, 2021 2020 Amount Percent Amount Percent (Dollars in Thousands) Non-interest-bearing checking accounts $ 32,253 4.1 % $ 30,002 3.9 % Interest-bearing checking accounts 112,752 14.2 % 135,797 17.6 % Money market deposit accounts 116,882 14.7 % 111,105 14.4 % Passbook, club and statement savings 229,936 29.0 % 224,435 29.1 % Certificates maturing in six months or less 162,045 20.4 % 125,165 16.2 % Certificates maturing in more than six months 139,877 17.6 % 144,445 18.8 % Total $ 793,745 100.0 % $ 770,949 100.0 % Certificates in the amount of $250,000 and over totaled $99.7 million as of March 31, 2021 and $76.6 million as of September 30, 2020. |
ADVANCES FROM FEDERAL HOME LOAN
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM | 6 Months Ended |
Mar. 31, 2021 | |
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM | |
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM | 7. ADVANCES FROM FEDERAL HOME LOAN BANK – SHORT TERM As of March 31, 2021 and September 30, 2020 outstanding balances and related information regarding short-term borrowings from the FHLB are summarized as follows: March 31, September 30, (Dollar Amounts in Thousands) 2021 2020 Balance at year-end $ — $ 25,000 Weight-average rate at period-end — % 0.39 % As September 30, 2020, the $25.0 million of borrowings consisted of one 90-day FHLB advance associated with an interest rate swap contract. The Bank maintains borrowing facilities with the FHLB of Pittsburgh, Atlantic Community Bankers Bank (“ACBB”) and the Federal Reserve Bank of Philadelphia, the terms and interest rates of which are subject to change on the date of execution of borrowings. Available borrowings are based on collateral with the facility. The Bank also maintains unsecured borrowing facilities with ACBB and PNC for $12.5 million and $10.0 million, respectively. There were no draws on either facility as of March 31, 2021. |
ADVANCES FROM FEDERAL HOME LO_2
ADVANCES FROM FEDERAL HOME LOAN BANK - LONG TERM | 6 Months Ended |
Mar. 31, 2021 | |
ADVANCES FROM FEDERAL HOME LOAN BANK - LONG TERM | |
ADVANCES FROM FEDERAL HOME LOAN BANK - LONG TERM | 8. ADVANCES FROM FEDERAL HOME LOAN BANK – LONG TERM Pursuant to collateral agreements with the FHLB of Pittsburgh, advances are secured by a blanket collateral of loans held by the Bank and qualifying fixed-income securities and FHLB stock. The long-term advances outstanding as of March 31, 2021 and September 30, 2020 are as follows: Lomg-term FHLB advances: Maturity range Weighted average Stated interest rate range March 31, September 30, Description from to interest rate from to 2021 2020 (Dollars in Thousands) Fixed Rate - Amortizing 1 ‑ Oct ‑ 20 30 ‑ Sep ‑ 21 2.80 % 2.72 % 2.83 % $ 1,074 $ 5,179 Fixed Rate - Amortizing 1 ‑ Oct ‑ 21 30 ‑ Sep ‑ 22 2.88 % 1.99 % 3.05 % 3,886 5,523 Fixed Rate - Amortizing 1 ‑ Oct ‑ 22 30 ‑ Sep ‑ 23 2.89 % 1.94 % 3.11 % 4,414 5,265 Total 2.87 % 9,374 15,967 Fixed Rate - Advances 1 ‑ Oct ‑ 20 30 ‑ Sep ‑ 21 2.30 % 1.42 % 2.35 % 15,996 17,996 Fixed Rate - Advances 1 ‑ Oct ‑ 21 30 ‑ Sep ‑ 22 2.31 % 1.94 % 3.23 % 63,272 63,293 Fixed Rate - Advances 1 ‑ Oct ‑ 22 30 ‑ Sep ‑ 23 2.52 % 2.00 % 3.22 % 94,999 94,999 Fixed Rate - Advances 1 ‑ Oct ‑ 23 30 ‑ Sep ‑ 24 2.88 % 2.38 % 3.20 % 67,998 67,998 Total 2.55 % 242,265 244,286 2.57 % Total $ 251,639 $ 260,253 |
INTEREST RATE SWAPS
INTEREST RATE SWAPS | 6 Months Ended |
Mar. 31, 2021 | |
INTEREST RATE SWAPS | |
INTEREST RATE SWAPS | 9. INTEREST RATE SWAPS The Bank has contracted with a third party to participate in interest rate swap contracts. There were thirteen cash flow hedges tied to wholesale funding at both March 31, 2021 and September 30, 2020. These interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Bank making fixed-rate payments. During the quarter ended March 31, 2021, $3,000 of income was recognized as ineffectiveness through earnings, while $4,000 of expense was recognized as ineffectiveness through earnings during the comparable period in fiscal 2020. During the six months ended March 31, 2020, $5,000 of expense was recognized as ineffectiveness through earnings, while $3,000 of expense was recognized as ineffectiveness through earnings during the comparable period in 2020. Below is a summary of the interest rate swap agreements and their terms as of March 31, 2021. 2021 Hedged Notional Pay Rate Receive Maturity Date Unrealized Item Amount from to Rate from to Loss (Dollars in Thousands) State and political subdivisions $ 21,570 3.06 % 3.07 % 3 Mth Libor 1-Feb-27 1-May-28 $ (2,316) Commercial loans 23,656 4.10 % 5.74 % 1 Mth Libor +225 to 276 bp 13-Jun-25 1-Aug-26 — 30 day wholesale funding 90,000 1.36 % 2.70 % 1 Mth Libor 15-Feb-24 12-Jun-26 (4,099) 90 day wholesale funding 135,000 2.51 % 2.78 % 3 Mth Libor 11-Jan-24 27-Mar-24 (8,466) $ (14,881) Below is a summary of the interest rate swap agreements and their terms as of September 30, 2020. 2021 Hedged Notional Pay Rate Receive Maturity Date Unrealized Item Amount from to Rate from to Loss (Dollars in T housands) State and political subdivisions $ 21,570 3.06 % 3.07 % 3 Mth Libor 1-Feb-27 1-May-28 $ (3,834) Commercial loans 23,656 4.10 % 5.74 % 1 Mth Libor +225 to 276 bp 13-Jun-25 1-Aug-26 — 30 day wholesale funding 90,000 1.36 % 2.70 % 1 Mth Libor 15-Feb-24 12-Jun-26 (6,157) 90 day wholesale funding 135,000 2.51 % 2.78 % 3 Mth Libor 11-Jan-24 27-Mar-24 (10,969) $ (20,960) All interest swaps are carried at fair value in accordance with FASB ASC 815 “Derivatives and Hedging.” |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Mar. 31, 2021 | |
INCOME TAXES | |
INCOME TAXES | 10. INCOME TAXES Items that gave rise to significant portions of deferred income taxes are as follows: March 31, September 30, 2021 2020 (Dollars in Thousands) Deferred tax assets: Allowance for loan losses $ 2,074 $ 2,071 Nonaccrual interest 625 561 Accrued vacation 16 16 Capital loss carryforward 4 4 Split dollar life insurance 9 9 Post-retirement benefits 70 72 Realized loss on equity securities — 3 Unrealized losses on interest rate swaps 2,637 3,596 Deferred compensation 756 781 Goodwill 52 58 Lease liability 276 — Other 104 48 Employee benefit plans 214 187 Total deferred tax assets 6,837 7,406 Valuation allowance (4) (4) Total deferred tax assets, net of valuation allowance 6,833 7,402 Deferred tax liabilities: Property 173 137 Right of Use 251 — Realized gain on equity securities 9 — Unrealized gains on available for sale securities 2,227 2,813 Purchase accounting adjustments 359 321 Deferred loan fees 401 229 Total deferred tax liabilities 3,420 3,500 Net deferred tax assets $ 3,413 $ 3,902 The Company establishes a valuation allowance for deferred tax assets when management believes that the use of the deferred tax assets is not likely to be fully realized through future reversals of existing taxable temporary differences and/or, to a lesser extent, future taxable income. The tax deduction generated by the redemption of the shares of a mutual fund held by the Bank and the subsequent impairment charge on the assets acquired through the redemption in kind are considered capital losses and can only be utilized to the extent of capital gains recognized over a five year period, resulting in the establishment of a valuation allowance for the carryforward period. The valuation allowance totaled $4,000 at both March 31, 2021 and September 30, 2020. There is currently no liability for uncertain tax positions and no known unrecognized tax benefits. The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes in the consolidated statements of operations as a component of income tax expense. The Company’s federal and state income tax returns for taxable years through September 30, 2016 have been closed for purposes of examination by the Internal Revenue Service and the Pennsylvania Department of Revenue. |
STOCK COMPENSATION PLANS
STOCK COMPENSATION PLANS | 6 Months Ended |
Mar. 31, 2021 | |
STOCK COMPENSATION PLANS | |
STOCK COMPENSATION PLANS | 11. STOCK COMPENSATION PLANS The Company maintains the 2008 Recognition and Retention Plan (“RRP”) which is administered by a committee of the Board of Directors of the Company. The RRP provides for the grant of shares of common stock of the Company to officers, employees and directors of the Company. In order to fund the grant of shares under the RRP, the RRP purchased 213,528 shares (on a converted basis) of the Company’s common stock in the open market for an aggregating cost of approximately $2.5 million, at an average purchase price per share of $11.49. The Company made sufficient contributions to the RRP to fund these purchases. During February 2015, shareholders approved the 2014 Stock Incentive Plan (the “2014 SIP”). As part of the 2014 SIP, a maximum of 285,655 shares of common stock can be awarded as restricted stock awards or units, of which 233,500 shares were awarded during February 2015. In August 2016, the Company granted 7,473 awards covering shares under the RRP and 3,027 shares under the 2014 SIP. In March 2017, the Company granted awards covering 17,128 shares under the 2014 SIP. In March 2018, the Company granted awards covering 8,209 shares under the RRP and 18,291 shares under the 2014 SIP. Shares subject to awards under either plan generally vest at the rate of 20% per year over five years. No further grants may be made pursuant to the RRP in accordance with its terms. Compensation expense related to the shares subject to restricted stock awards granted is recognized ratably over the five-year vesting period in an amount which totals the grant date fair value multiplied by the number of shares subject to the grant. During the three and six months ended March 31, 2021, an aggregate of $41,000 and $84,000, respectively, was recognized in compensation expense for the grants pursuant to the RRP and the 2014 SIP. During the three and six months ended March 31, 2020, $120,000 and $256,000, respectively, was recognized in compensation expense for the grants pursuant to the RRP and the 2014 SIP. At March 31, 2021, approximately $239,000 in additional compensation expense for unvested shares awarded related to the RRP and 2014 SIP remained unrecognized. A summary of the Company’s non-vested stock award activity for the six months ended March 31, 2021 is presented in the following table: Six Months Ended March 31, 2021 Number of Weighted Average Shares Grant Date Fair Value Non-vested stock awards at October 1, 2020 23,056 $ 17.78 Granted — — Forfeited — — Vested (8,128) 18.03 Non-vested stock awards at March 31, 2021 14,928 $ 17.66 The Company maintains the 2008 Stock Option Plan (the “Option Plan”) which authorizes the grant of stock options to officers, employees and directors of the Company to acquire shares of common stock with an exercise price at least equal to the fair market value of the common stock on the grant date. Options generally become vested and exercisable at the rate of 20% per year over five years and are generally exercisable for a period of ten years after the grant date. A total of 533,808 shares (on a converted basis) of common stock were approved for future issuance pursuant to the Option Plan. As of September 30, 2018, all of the options had been awarded under the Option Plan. The 2014 SIP reserved up to 714,145 shares for issuance pursuant to options. Options to purchase 605,000 shares were awarded during February 2015 pursuant to the 2014 SIP. During August 2016, the Company granted options covering 18,866 shares under the Option Plan and 8,634 shares under the 2014 SIP. In March 2017, the Company granted options covering 22,828 shares under the 2014 SIP. In May 2017, the Company granted options covering 25,000 shares under the 2014 SIP and 283 shares under the Option Plan. In March 2018, the Company granted options covering 159,265 shares under the 2014 SIP and 18,235 shares under the Option Plan. In July 2019, the Company granted options covering 39,702 shares under the 2014 SIP. In September 2020, the Company granted 12,500 shares under the 2014 SIP. No further grants may be made pursuant to the Option Plan. A summary of the status of the Company’s stock options under the Option Plan and the 2014 SIP as of March 31, 2021 is presented below: Six Months Ended March 31, 2021 Number of Weighted Average Shares Exercise Price Options outstanding at October 1, 2020 571,258 $ 14.58 Granted — — Exercised (15,000) 12.23 Forfeited (39,500) 18.42 Outstanding at March 31, 2021 516,758 $ 14.36 Exercisable at March 31, 2021 400,231 $ 13.70 The weighted average remaining contractual term was approximately 5.1 years for options outstanding as of March 31, 2021. The estimated fair value of options granted during fiscal 2009 was $2.98 per share, $2.92 for options granted during fiscal 2010, $3.34 for options granted during fiscal 2013, $4.67 for the options granted during fiscal 2014, $4.58 for options granted during fiscal 2015, $2.13 for options granted during fiscal 2016, $3.18 for options granted during fiscal 2017, $3.63 for options granted during fiscal 2018, $3.38 for options granted in fiscal 2019 and $2.31 for options granted in 2020. The fair value for grants made in fiscal 2017 was estimated on the date of grant using the Black-Scholes pricing model with the following assumptions: an exercise and fair value of $17.43, term of seven years, volatility rate of 14.37%, interest rate of 2.22% and a yield rate of 0.69%. The fair value for grants made in fiscal 2018 was estimated on the date of grant using the Black-Scholes pricing model with the following assumptions: an exercise and fair value of $18.46, term of seven years, volatility rate of 15.90%, interest rate of 2.82% and a yield rate of 1.08%. The fair value for grants made in fiscal 2019 was estimated on the date of grant using the Black-Scholes pricing model with the following assumptions: an exercise and fair value of $18.16, term of seven years, volatility rate of 17.76%, interest rate of 1.87% and a yield rate of 1.10%. The fair value for grants made in fiscal 2020 was estimated on the date of grant using the Black-Scholes pricing model with the following assumptions: an exercise and fair value of $10.00, term of seven years, volatility rate of 33.22%, interest rate of 0.41% and a yield rate of 2.80%. During the three and six months ended March 31, 2021, $41,000 and $84,000, respectively, was recognized in compensation expense for options granted pursuant to the Option Plan and the 2014 SIP. During the three and six months ended March 31, 2020, $117,000 and $270,000, respectively, was recognized in compensation expense for options granted pursuant to the Option Plan and the 2014 SIP. At March 31, 2021, there was approximately $339,000 in additional compensation expense to be recognized for awarded options which remained outstanding and unvested at such date. The weighted average period over which this expense will be recognized is approximately 2.4 years. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 6 Months Ended |
Mar. 31, 2021 | |
COMMITMENTS AND CONTINGENT LIABILITIES | |
COMMITMENTS AND CONTINGENT LIABILITIES | 12. COMMITMENTS AND CONTINGENT LIABILITIES At March 31, 2021, the Company had $55.0 million in outstanding commitments to originate loans with market interest rates ranging from 3.13% to 4.50%. At September 30, 2020, the Company had $29.9 million in outstanding commitments to originate loans with market interest rates ranging from 3.25% to 4.75%. The aggregate undisbursed portion of loans-in-process amounted to $89.9 million at March 31, 2021 and $86.9 million at September 30, 2020. The Company also had commitments under unused lines of credit of $45.9 million as of March 31, 2021 and $40.1 million as of September 30, 2020 and letters of credit outstanding of $1.1 million as of March 31, 2021 and $1.1 million as of September 30, 2020. Among the Company’s contingent liabilities are exposures to limited recourse arrangements with respect to the Company’s sales of whole loans and participation interests. At March 31, 2021, the exposure, which represents a portion of credit risk associated with the interests sold, amounted to $1.0 million. This exposure is for the life of the related loans and payables, on our proportionate share, as actual losses are incurred. The Company is involved in various legal proceedings occurring in the ordinary course of business. Management of the Company, based on discussions with litigation counsel, believes that such proceedings will not have a material adverse effect on the financial condition, operations or cash flows of the Company. However, there can be no assurance that any of the outstanding legal proceedings to which the Company is a party will not be decided adversely to the Company’s interests and not have a material adverse effect on the financial condition and operations of the Company. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 6 Months Ended |
Mar. 31, 2021 | |
FAIR VALUE MEASUREMENT | |
FAIR VALUE MEASUREMENT | 13. FAIR VALUE MEASUREMENT The fair value estimates presented herein are based on pertinent information available to management as of March 31, 2021 and September 30, 2020, respectively. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. Generally accepted accounting principles used in the United States establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value. The three broad levels of hierarchy are as follows: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities; Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Those assets and liabilities as of March 31, 2021 which are measured at fair value on a recurring basis are as follows: Category Used for Fair Value Measurement Level 1 Level 2 Level 3 Total (Dollars in Thousands) Assets: Securities available for sale: U.S. Government and agency obligations $ — $ 10,893 $ — $ 10,893 State and political subdivisions — 79,351 — 79,351 Mortgage-backed securities - U.S. Government agencies — 179,701 — 179,701 Corporate bonds — 83,862 — 83,862 Equity securities 54 — — 54 Total $ 54 $ 353,807 $ — $ 353,861 Liabilities: Interest rate swap contracts $ — $ 14,881 $ — $ 14,881 Total $ — $ 14,881 $ — $ 14,881 Those assets and liabilities as of September 30, 2020 which are measured at fair value on a recurring basis are as follows: Category Used for Fair Value Measurement Level 1 Level 2 Level 3 Total (Dollars in Thousands) Assets: Securities available for sale: U.S. Government and agency obligations $ — $ 22,394 $ — $ 22,394 State and political subdivisions — 79,621 — 79,621 Mortgage-backed securities - U.S. Government agencies — 236,566 — 236,566 Corporate bonds — 81,783 — 81,783 Equity securities 51 — — 51 Total $ 51 $ 420,364 $ — $ 420,415 Liabilities: Interest rate swap contracts $ — $ 20,960 $ — $ 20,960 Total $ — $ 20,960 $ — $ 20,960 The fair value of financial instruments has been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is necessarily required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Fair Value Measurements at Carrying Fair March 31, 2021 Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Investment and mortgage-backed securities held to maturity $ 22,270 $ 23,460 $ — $ 23,460 $ — Loans receivable, net 620,875 622,637 — — 622,637 Liabilities: Certificates of deposit 301,922 311,058 311,058 — — Advances from FHLB - long-term 251,639 261,171 261,171 — — Fair Value Measurements at Carrying Fair September 30, 2020 Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Investment and mortgage-backed securities held to maturity $ 22,860 $ 24,330 $ — $ 24,330 $ — Loans receivable, net 588,300 593,768 593,768 Liabilities: Certificates of deposit 269,610 278,224 278,224 — — Advances from FHLB - long-term 260,253 274,172 274,172 — — |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended |
Mar. 31, 2021 | |
GOODWILL AND OTHER INTANGIBLE ASSETS | |
GOODWILL AND OTHER INTANGIBLE ASSETS | 14. GOODWILL AND OTHER INTANGIBLE ASSETS The Company’s goodwill and intangible assets are related to the acquisition of Polonia Bancorp, Inc. on January 1, 2017. Balance Balance October 1, Additions/ March 31, Amortization 2020 Adjustments Amortization 2021 Period (Dollars in Thousands) Goodwill $ 6,102 $ — $ — $ 6,102 Core deposit intangible 340 — (49) 291 10 years $ 6,442 $ — $ (49) $ 6,393 As of March 31, 2021, the current fiscal year and the future fiscal periods amortization expense for the core deposit intangible is: (in Thousands) 2021 $ 44 2022 78 2023 64 2024 49 2025 34 Thereafter 22 $ 291 |
LEASES
LEASES | 6 Months Ended |
Mar. 31, 2021 | |
LEASES [Abstract] | |
LEASES | 15. LEASES Operating leases in which the Company is the lessee are recorded as operating lease Right of Use ("ROU") assets and operating lease liabilities, included in other assets and other liabilities, respectively, on the consolidated statement of financial condition. The Company does not currently have any finance leases. Operating lease ROU assets represent the right to use an underlying asset during the lease term and operating lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities were recognized on October 1, 2019, the date of adoption of ASU 2016-02 based on the present value of the remaining lease payments using a discount rate that represents the Company's incremental borrowing rate at the date of initial application. Operating lease expense, which is comprised of amortization of the ROU assets and the implicit interest accreted on the operating lease liability, is recognized on a straight line basis over the lease term of the operating lease, and is recorded in office occupancy expense in the consolidated statements of operations. The leases relate to Bank branches with remaining lease terms of generally five As of March 31, 2021, operating lease ROU assets were $1.2 million and operating lease liabilities were $1.3 million. Operating lease costs of $51,000 and $102,000, respectively, were recognized for the three and six month periods ended March 31, 2021. The following table summarizes other information related to our operating leases: March 31, 2021 Weighted-average remaining lease term - operating leases in years 6.85 Weighted-average discount rate - operating leases 2.0 % The following table presents aggregate lease maturities and obligations as of March 31, 2021: (Dollars in Thousands) 2021 $ 105 2022 213 2023 216 2024 220 2025 231 2025 and thereafter 423 Total lease payments 1,408 Less: interest 96 Present value of lease liabilities $ 1,312 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Mar. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of presentation | Basis of presentation – |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements — |
Recently Adopted Accounting Pronouncements | Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments Update for SEC filers that are eligible to be smaller reporting companies, non-SEC filers, and all other companies to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We expect to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, but cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the consolidated financial statements. In May 2019, the FASB issued ASU 2019-05, Financial Instruments – Credit Losses, Topic 326, which allows entities to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost upon adoption of the new credit losses standard. To be eligible for the transition election, the existing financial asset must otherwise be both within the scope of the new credit losses standard and eligible for the applying the fair value option in ASC 825-10-3. The election must be applied on an instrument-by-instrument basis and is not available for either available-for-sale or held-to-maturity debt securities. For entities that elect the fair value option, the difference between the carrying amount and the fair value of the financial asset would be recognized through a cumulative-effect adjustment to opening retained earnings as of the date an entity adopted ASU 2016-13. Changes in fair value of that financial asset would subsequently be reported in current earnings. For entities that have not yet adopted ASU 2016-13, the effective dates and transition requirements are the same as those in ASU 2016-13. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position and or results of operations. In November 2019, the FASB issued ASU 2019-10, Financial Instruments ‒ Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) In January 2020, the FASB issued ASU 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, March 2020, to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, such as Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Also, entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met, and can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective for all entities upon issuance through March 31, 2022. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position and/or results of operations. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) certain hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position and/or results of operations. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
EARNINGS PER SHARE | |
Schedule of basic and diluted earnings per share | The calculated basic and diluted earnings per share are as follows: Three Months Ended March 31, 2021 2020 (Dollars in Thousands Except Per Share Data) Basic Diluted Basic Diluted Net income $ 1,715 $ 1,715 $ 2,924 $ 2,924 Weighted average common shares outstanding 7,975,683 7,975,683 8,884,760 8,884,760 Effect of CSEs — 14,671 — 117,342 Adjusted weighted average common shares used in earnings per share computation 7,975,683 7,990,354 8,884,760 9,002,102 Earnings per share $ 0.22 $ 0.21 $ 0.33 $ 0.32 Six Months Ended March 31, 2021 2020 (Dollars in Thousands, Except Share and Per Share Data) Basic Diluted Basic Diluted Net income $ 3,551 $ 3,551 $ 5,387 $ 5,387 Weighted average common shares outstanding 8,040,907 8,040,907 8,885,972 8,885,972 Effect of CSEs — 4,512 — 133,815 Adjusted weighted average common shares used in earnings per share computation 8,040,907 8,045,419 8,885,972 9,019,787 Earnings per share $ 0.44 $ 0.44 $ 0.61 $ 0.60 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | |
Schedule of changes in accumulated other comprehensive (loss) income | Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Total Total accumulated accumulated Unrealized gain Unrealized gain (loss) other Unrealized gain Unrealized gain (loss) other (loss) on AFS on interest rate swaps comprehensive (loss) on AFS on interest rate swaps comprehensive securities (a) (a) income (loss) securities (a) (a) income (loss) Beginning balance, January 1 $ 12,221 $ (12,428) $ (207) $ 6,920 $ (5,096) $ 1,824 Other comprehensive (loss) income before reclassification (3,842) 2,500 (1,342) 3,812 (8,621) (4,809) Total other comprehensive income (loss) 8,379 (9,928) (1,549) 10,732 (13,717) (2,985) Reclassification for net gains recorded in net income — — — (1,868) — (1,868) Ending balance, March 31 $ 8,379 $ (9,928) $ (1,549) $ 8,864 $ (13,717) $ (4,853) (a) All amounts are net of tax. Amounts in parentheses indicate debits. Six Months Ended March 31, 2021 Six Months Ended March 31, 2020 Total Total accumulated accumulated Unrealized gain Unrealized gain (loss) other Unrealized gain Unrealized gain (loss) other (loss) on AFS on interest rate swaps comprehensive (loss) on AFS on interest rate swaps comprehensive securities (a) (a) income (loss) securities (a) (a) income (loss) Beginning balance, October 1 $ 10,585 $ (13,528) $ (2,943) $ 8,098 $ (6,906) $ 1,192 Other comprehensive (loss) income before reclassification (2,206) 3,600 1,394 2,885 (6,811) (3,926) Total other comprehensive income (loss) 8,379 (9,928) (1,549) 10,983 (13,717) (2,734) Reclassification for net gains recorded in net income — — — (2,119) — (2,119) Ending balance, March 31 $ 8,379 $ (9,928) $ (1,549) $ 8,864 $ (13,717) $ (4,853) (a) All amounts are net of tax. Amounts in parentheses indicate debits. |
INVESTMENT AND MORTGAGE-BACKE_2
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
INVESTMENT AND MORTGAGE-BACKED SECURITIES | |
Schedule of amortized cost and fair value of securities, with gross unrealized gains and losses | The amortized cost and fair value of investment and mortgage-backed securities, with gross unrealized gains and losses, are as follows: March 31, 2021 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) Securities Available for Sale: U.S. government and agency obligations $ 10,811 $ 82 $ — $ 10,893 State and political subdivisions 77,437 2,560 (646) 79,351 Mortgage-backed securities - U.S. government agencies 174,243 6,387 (929) 179,701 Corporate debt securities 80,709 3,337 (184) 83,862 Total debt securities available for sale $ 343,200 $ 12,366 $ (1,759) $ 353,807 Securities Held to Maturity: U.S. government and agency obligations $ 1,000 $ 185 $ — $ 1,185 State and political subdivisions 18,022 738 — 18,760 Mortgage-backed securities - U.S. government agencies 3,248 267 — 3,515 Total securities held to maturity $ 22,270 $ 1,190 $ — $ 23,460 September 30, 2020 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) Securities Available for Sale: U.S. government and agency obligations $ 22,241 $ 153 $ — $ 22,394 State and political subdivisions 79,099 1,940 (1,418) 79,621 Mortgage-backed securities - U.S. government agencies 226,863 9,774 (71) 236,566 Corporate debt securities 78,764 3,564 (545) 81,783 Total debt securities $ 406,967 $ 15,431 $ (2,034) $ 420,364 Securities Held to Maturity: U.S. government and agency obligations $ 1,000 $ 236 $ — $ 1,236 State and political subdivisions 18,076 925 — 19,001 Mortgage-backed securities - U.S. government agencies 3,784 309 — 4,093 Total securities held to maturity $ 22,860 $ 1,470 $ — $ 24,330 |
Schedule of gross unrealized losses and related fair values of investment securities | The following table shows the gross unrealized losses and related fair values of the Company’s investment and mortgage-backed securities, aggregated by investment category and length of time that individual securities had been in a continuous loss position as of March 31, 2021: Less than 12 months More than 12 months Total Gross Gross Gross Unrealized Fair Unrealized Fair Unrealized Fair Losses Value Losses Value Losses Value (Dollars in Thousands) Securities Available for Sale: State and political subdivisions $ (136) $ 10,686 $ (510) $ 6,838 $ (646) $ 17,524 Mortgage-backed securities -U.S. government agencies (929) 25,777 — — (929) 25,777 Corporate debt securities (184) 11,816 — — (184) 11,816 Total securities available for sale $ (1,249) $ 48,279 $ (510) $ 6,838 $ (1,759) $ 55,117 The following table shows the gross unrealized losses and related fair values of the Company’s investment and mortgage-backed securities, aggregated by investment category and length of time that individual securities had been in a continuous loss position as of September 30, 2020: Less than 12 months More than 12 months Total Gross Gross Gross Unrealized Fair Unrealized Fair Unrealized Fair Losses Value Losses Value Losses Value (Dollars in Thousands) Securities Available for Sale: State and political subdivisions $ (126) $ 10,735 $ (1,292) $ 24,510 $ (1,418) $ 35,245 Mortgage-backed securities - US government agencies (66) 10,025 (5) 584 (71) 10,609 Corporate debt securities (545) 16,472 — — (545) 16,472 Total securities available for sale $ (737) $ 37,232 $ (1,297) $ 25,094 $ (2,034) $ 62,326 |
Schedule of amortized cost and fair value of debt securities by contractual maturity | March 31, 2021 Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value (Dollars in Thousands) Due after one through five years $ 5,693 $ 6,085 $ 31,190 $ 32,832 Due after five through ten years 9,284 9,594 50,705 52,297 Due after ten years 4,045 4,266 87,062 88,977 Total $ 19,022 $ 19,945 $ 168,957 $ 174,106 |
LOANS RECEIVABLE (Tables)
LOANS RECEIVABLE (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
LOANS RECEIVABLE | |
Schedule of loans receivable | March 31, September 30, 2021 2020 (Dollars in Thousands) One-to-four family residential $ 210,569 $ 233,872 Multi-family residential 52,657 31,100 Commercial real estate 149,385 139,943 Construction and land development 264,618 260,648 Loans to financial institutions — 6,000 Commercial business 41,882 12,916 Leases 117 176 Consumer 515 604 Total loans 719,743 685,259 Undisbursed portion of loans-in-process (89,912) (86,862) Deferred loan fees (603) (1,794) Allowance for loan losses (8,353) (8,303) Net loans $ 620,875 $ 588,300 |
Schedule of loans individually and collectively evaluated for impairment by loan segment | The following table summarizes by loan segment the balance in the allowance for loan losses and the loans individually and collectively evaluated for impairment by loan segment at March 31, 2021: One- to Loans to four- Multi-family Commercial Construction and financial Commercial family residential residential real estate land development institutions business Leases Consumer Unallocated Total (Dollars in Thousands) Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ $ — Collectively evaluated for impairment 1,583 720 1,969 2,710 — 580 3 5 783 8,353 Total ending allowance balance $ 1,583 $ 720 $ 1,969 $ 2,710 $ — $ 580 $ 3 $ 5 $ 783 $ 8,353 Loans: Individually evaluated for impairment $ 3,475 $ — $ 1,328 $ 8,250 $ — $ — $ — $ — $ 13,053 Collectively evaluated for impairment 207,094 52,657 148,057 256,368 — 41,882 117 515 706,690 Total loans $ 210,569 $ 52,657 $ 149,385 $ 264,618 $ — $ 41,882 $ 117 $ 515 $ 719,743 The following table summarizes by loan segment the balance in the allowance for loan losses and the loans individually and collectively evaluated for impairment by loan segment at September 30, 2020: One- to Loans to four- Multi-family Commercial Construction and financial Commercial family residential residential real estate land development institutions business Leases Consumer Unallocated Total (Dollars in Thousands) Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ $ — Collectively evaluated for impairment 1,877 460 1,989 2,888 89 194 3 6 797 8,303 Total ending allowance balance $ 1,877 $ 460 $ 1,989 $ 2,888 $ 89 $ 194 $ 3 $ 6 $ 797 $ 8,303 Loans: Individually evaluated for impairment $ 3,095 $ — $ 1,417 $ 8,525 $ — $ — $ — $ — $ 13,037 Collectively evaluated for impairment 230,777 31,100 138,526 252,123 6,000 12,916 176 604 672,222 Total loans $ 233,872 $ 31,100 $ 139,943 $ 260,648 $ 6,000 $ 12,916 $ 176 $ 604 $ 685,259 |
Schedule of impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary | The following table presents impaired loans by class as of March 31, 2021, segregated by those for which a specific allowance was required and those for which no specific allowance was required. Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans (Dollars in Thousands) Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance One-to-four family residential $ — $ — $ 3,475 $ 3,475 $ 3,792 Commercial real estate — — 1,328 1,328 1,505 Construction and land development — — 8,250 8,250 10,631 Total $ — $ — $ 13,053 $ 13,053 $ 15,928 The following table presents impaired loans by class as of September 30, 2020, segregated by those for which a specific allowance was required and those for which no specific allowance was required. Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans (Dollars in Thousands) Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance One-to-four family residential $ — $ — $ 3,095 $ 3,095 $ 3,482 Commercial real estate — — 1,417 1,417 1,600 Construction and land development — — 8,525 8,525 10,906 Total $ — $ — $ 13,037 $ 13,037 $ 15,988 |
Schedule of average investment in impaired loans and related interest income recognized | Three Months Ended March 31, 2021 Average Income Recorded Income Recognized Recognized on Investment on Accrual Basis Cash Basis (Dollars in Thousands) One-to-four family residential $ 3,281 $ 4 $ 2 Commercial real estate 1,329 — — Construction and land development 8,338 — — Total impaired loans $ 12,947 $ 4 $ 2 Three Months Ended March 31, 2020 Average Income Recorded Income Recognized Recognized on Investment on Accrual Basis Cash Basis (Dollars in Thousands) One-to-four family residential $ 4,195 $ — $ 8 Multi-family residential 74 — — Commercial real estate 1,593 — — Construction and land development 8,726 — — Consumer 16 — — Total impaired loans $ 14,604 $ — $ 8 Six Months Ended March 31, 2021 Average Income Recorded Income Recognized Recognized on Investment on Accrual Basis Cash Basis (Dollars in Thousands) One-to-four family residential $ 3,219 $ 9 $ 2 Commercial real estate 1,358 — — Construction and land development 8,400 — — Consumer — — — Total impaired loans $ 12,977 $ 9 $ 2 Six Months Ended March 31, 2020 Average Income Recorded Income Recognized Recognized on Investment on Accrual Basis Cash Basis (Dollars in Thousands) One-to-four family residential $ 4,195 $ 3 $ 17 Multi-family residential 74 — — Commercial real estate 1,593 — 1 Construction and land development 8,725 — — Commercial business 4 — 1 Consumer 16 — — Total impaired loans $ 14,607 $ 3 $ 19 |
Schedule of classes of the loan portfolio in which a formal risk weighting system is utilized | March 31, 2021 Special Pass Mention Substandard Doubtful Total (Dollars in Thousands) One-to-four residential $ 205,653 $ 1,441 $ 3,475 $ — $ 210,569 Multi-family residential 52,657 — — — 52,657 Commercial real estate 138,307 9,750 1,328 — 149,385 Construction and land development 256,368 — 8,250 — 264,618 Commercial business 41,882 — — — 41,882 Total $ 694,867 $ 11,191 $ 13,053 $ — $ 719,111 September 30, 2020 Special Pass Mention Substandard Doubtful Total (Dollars in Thousands) One-to-four residential $ 229,361 $ 1,416 $ 3,095 $ — $ 233,872 Multi-family residential 31,100 — — — 31,100 Commercial real estate 128,527 9,999 1,417 — 139,943 Construction and land development 252,123 — 8,525 — 260,648 Loans to financial institutions 6,000 — — — 6,000 Commercial business 12,916 — — — 12,916 Total $ 660,027 $ 11,415 $ 13,037 $ — $ 684,479 |
Schedule of loans in which a formal risk rating system is not utilized, but loans are segregated between performing and non-performing based primarily on delinquency status | March 31, 2021 Non- Performing Performing Total (Dollars in Thousands) Leases $ 117 $ — $ 117 Consumer 515 — 515 Total $ 632 $ — $ 632 September 30, 2020 Non- Performing Performing Total (Dollars in Thousands) Leases $ 176 $ — $ 176 Consumer 604 — 604 Total $ 780 $ — $ 780 |
Schedule of loan categories of the loan portfolio summarized by the aging categories of performing and delinquent loans and nonaccrual loans | March 31, 2021 90 Days+ 30 ‑ 89 Days 90 Days + Total Total Non- Past Due Current Past Due Past Due Past Due Loans Accrual and Accruing (Dollars in Thousands) One-to-four family residential $ 206,656 $ 671 $ 3,242 $ 3,913 $ 210,569 $ 3,475 $ — Multi-family residential 52,657 — — — 52,657 — — Commercial real estate 145,673 2,384 1,328 3,712 149,385 1,328 — Construction and land development 256,368 — 8,250 8,250 264,618 8,250 — Commercial business 41,882 — — — 41,882 — — Leases 117 — — — 117 — Consumer 458 57 — 57 515 — — Total Loans $ 703,811 $ 3,112 $ 12,820 $ 15,932 $ 719,743 $ 13,053 $ — September 30, 2020 90 Days+ 30 ‑ 89 Days 90 Days + Total Total Non- Past Due Current Past Due Past Due Past Due Loans Accrual and Accruing (Dollars in Thousands) One-to-four family residential $ 231,196 $ 523 $ 2,153 $ 2,676 $ 233,872 $ 3,095 $ — Multi-family residential 31,100 — — — 31,100 — — Commercial real estate 136,225 2,301 1,417 3,718 139,943 1,417 — Construction and land development 252,123 — 8,525 8,525 260,648 8,525 — Commercial business 12,916 — — — 12,916 — — Loans to financial institutions 6,000 — — — 6,000 — — Leases 176 — — — 176 — Consumer 604 — — — 604 — — Total Loans $ 670,340 $ 2,824 $ 12,095 $ 14,919 $ 685,259 $ 13,037 $ — |
Schedule of primary segments of the allowance for loan losses, segmented into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment. | The following tables summarize the primary segments of the allowance for loan losses. Activity in the allowance is presented for both the three and six month periods ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 One- to Multi- Construction Loans to four-family family Commercial and land Commercial financial residential residential real estate development business institutions Leases Consumer Unallocated Total (In Thousands) ALLL balance at December 31, 2020 $ 2,011 $ 457 $ 1,935 $ 2,828 $ 319 $ — $ 3 $ 6 $ 759 $ 8,318 Charge-offs — — — — — — — — — — Recoveries — — — — — — — 35 — 35 Provision (428) 263 34 (118) 261 — — (36) 24 — ALLL balance at March 31, 2021 $ 1,583 $ 720 $ 1,969 $ 2,710 $ 580 $ — $ 3 $ 5 $ 783 $ 8,353 Six Months Ended March 31, 2021 One- to Multi- Construction Loans to four-family family Commercial and land Commercial financial residential residential real estate development business institutions Leases Consumer Unallocated Total (In Thousands) ALLL balance at September 30, 2020 $ 1,877 $ 460 $ 1,989 $ 2,888 $ 194 $ 89 $ 3 $ 6 $ 797 $ 8,303 Charge-offs — — — — — — — — — — Recoveries 1 — — — 14 — — 35 — 50 Provision (295) 260 (20) (178) 372 (89) — (36) (14) — ALLL balance at March 31, 2021 $ 1,583 $ 720 $ 1,969 $ 2,710 $ 580 $ — $ 3 $ 5 $ 783 $ 8,353 Three Months Ended March 31, 2020 One- to Multi- Construction Loans to four-family family Commercial and land Commercial financial residential residential real estate development business institutions Leases Consumer Unallocated Total (In Thousands) ALLL balance at December 31, 2019 $ 999 $ 255 $ 1,281 $ 2,205 $ 201 $ 63 $ 4 $ 12 $ 508 $ 5,528 Charge-offs (3) - - - (15) — — (56) — (74) Recoveries 1 - - - - — — 6 — 7 Provision 304 40 84 -115 71 7 — 41 68 500 ALLL balance at March 31, 2020 $ 1,301 $ 295 $ 1,365 $ 2,090 $ 257 $ 70 $ 4 $ 3 $ 576 $ 5,961 Six Months Ended March 31, 2020 One- to Multi- Construction Loans to four-family family Commercial and land Commercial financial residential residential real estate development business institutions Leases Consumer Unallocated Total (In Thousands) ALLL balance at September 30, 2019 $ 1,002 $ 315 $ 1,257 $ 2,034 $ 206 $ 63 $ 5 $ 13 $ 498 $ 5,393 Charge-offs (3) — — — (15) — — (56) — (74) Recoveries 1 — — — — — 10 6 — 17 Provision 301 (20) 108 56 66 7 (11) 40 78 625 ALLL balance at March 31, 2020 $ 1,301 $ 295 $ 1,365 $ 2,090 $ 257 $ 70 $ 4 $ 3 $ 576 $ 5,961 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
DEPOSITS [Abstract] | |
Schedule of major classifications of deposits | March 31, September 30, 2021 2020 Amount Percent Amount Percent (Dollars in Thousands) Non-interest-bearing checking accounts $ 32,253 4.1 % $ 30,002 3.9 % Interest-bearing checking accounts 112,752 14.2 % 135,797 17.6 % Money market deposit accounts 116,882 14.7 % 111,105 14.4 % Passbook, club and statement savings 229,936 29.0 % 224,435 29.1 % Certificates maturing in six months or less 162,045 20.4 % 125,165 16.2 % Certificates maturing in more than six months 139,877 17.6 % 144,445 18.8 % Total $ 793,745 100.0 % $ 770,949 100.0 % |
ADVANCES FROM FEDERAL HOME LO_3
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM | |
Schedule of short-term borrowings from the FHLB of Pittsburgh | March 31, September 30, (Dollar Amounts in Thousands) 2021 2020 Balance at year-end $ — $ 25,000 Weight-average rate at period-end — % 0.39 % |
ADVANCES FROM FEDERAL HOME LO_4
ADVANCES FROM FEDERAL HOME LOAN BANK - LONG TERM (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
ADVANCES FROM FEDERAL HOME LOAN BANK - LONG TERM | |
Schedule of collateral agreement with the FHLB | Lomg-term FHLB advances: Maturity range Weighted average Stated interest rate range March 31, September 30, Description from to interest rate from to 2021 2020 (Dollars in Thousands) Fixed Rate - Amortizing 1 ‑ Oct ‑ 20 30 ‑ Sep ‑ 21 2.80 % 2.72 % 2.83 % $ 1,074 $ 5,179 Fixed Rate - Amortizing 1 ‑ Oct ‑ 21 30 ‑ Sep ‑ 22 2.88 % 1.99 % 3.05 % 3,886 5,523 Fixed Rate - Amortizing 1 ‑ Oct ‑ 22 30 ‑ Sep ‑ 23 2.89 % 1.94 % 3.11 % 4,414 5,265 Total 2.87 % 9,374 15,967 Fixed Rate - Advances 1 ‑ Oct ‑ 20 30 ‑ Sep ‑ 21 2.30 % 1.42 % 2.35 % 15,996 17,996 Fixed Rate - Advances 1 ‑ Oct ‑ 21 30 ‑ Sep ‑ 22 2.31 % 1.94 % 3.23 % 63,272 63,293 Fixed Rate - Advances 1 ‑ Oct ‑ 22 30 ‑ Sep ‑ 23 2.52 % 2.00 % 3.22 % 94,999 94,999 Fixed Rate - Advances 1 ‑ Oct ‑ 23 30 ‑ Sep ‑ 24 2.88 % 2.38 % 3.20 % 67,998 67,998 Total 2.55 % 242,265 244,286 2.57 % Total $ 251,639 $ 260,253 |
INTEREST RATE SWAPS (Tables)
INTEREST RATE SWAPS (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
INTEREST RATE SWAPS | |
Schedule of interest rate swap agreements and the terms | Below is a summary of the interest rate swap agreements and their terms as of March 31, 2021. 2021 Hedged Notional Pay Rate Receive Maturity Date Unrealized Item Amount from to Rate from to Loss (Dollars in Thousands) State and political subdivisions $ 21,570 3.06 % 3.07 % 3 Mth Libor 1-Feb-27 1-May-28 $ (2,316) Commercial loans 23,656 4.10 % 5.74 % 1 Mth Libor +225 to 276 bp 13-Jun-25 1-Aug-26 — 30 day wholesale funding 90,000 1.36 % 2.70 % 1 Mth Libor 15-Feb-24 12-Jun-26 (4,099) 90 day wholesale funding 135,000 2.51 % 2.78 % 3 Mth Libor 11-Jan-24 27-Mar-24 (8,466) $ (14,881) Below is a summary of the interest rate swap agreements and their terms as of September 30, 2020. 2021 Hedged Notional Pay Rate Receive Maturity Date Unrealized Item Amount from to Rate from to Loss (Dollars in T housands) State and political subdivisions $ 21,570 3.06 % 3.07 % 3 Mth Libor 1-Feb-27 1-May-28 $ (3,834) Commercial loans 23,656 4.10 % 5.74 % 1 Mth Libor +225 to 276 bp 13-Jun-25 1-Aug-26 — 30 day wholesale funding 90,000 1.36 % 2.70 % 1 Mth Libor 15-Feb-24 12-Jun-26 (6,157) 90 day wholesale funding 135,000 2.51 % 2.78 % 3 Mth Libor 11-Jan-24 27-Mar-24 (10,969) $ (20,960) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
INCOME TAXES | |
Schedule of deferred income taxes | March 31, September 30, 2021 2020 (Dollars in Thousands) Deferred tax assets: Allowance for loan losses $ 2,074 $ 2,071 Nonaccrual interest 625 561 Accrued vacation 16 16 Capital loss carryforward 4 4 Split dollar life insurance 9 9 Post-retirement benefits 70 72 Realized loss on equity securities — 3 Unrealized losses on interest rate swaps 2,637 3,596 Deferred compensation 756 781 Goodwill 52 58 Lease liability 276 — Other 104 48 Employee benefit plans 214 187 Total deferred tax assets 6,837 7,406 Valuation allowance (4) (4) Total deferred tax assets, net of valuation allowance 6,833 7,402 Deferred tax liabilities: Property 173 137 Right of Use 251 — Realized gain on equity securities 9 — Unrealized gains on available for sale securities 2,227 2,813 Purchase accounting adjustments 359 321 Deferred loan fees 401 229 Total deferred tax liabilities 3,420 3,500 Net deferred tax assets $ 3,413 $ 3,902 |
STOCK COMPENSATION PLANS (Table
STOCK COMPENSATION PLANS (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
STOCK COMPENSATION PLANS | |
Schedule of summary of the non-vested stock award activity | Six Months Ended March 31, 2021 Number of Weighted Average Shares Grant Date Fair Value Non-vested stock awards at October 1, 2020 23,056 $ 17.78 Granted — — Forfeited — — Vested (8,128) 18.03 Non-vested stock awards at March 31, 2021 14,928 $ 17.66 |
Schedule of summary of the status of the company' stock options under the stock option plan | Six Months Ended March 31, 2021 Number of Weighted Average Shares Exercise Price Options outstanding at October 1, 2020 571,258 $ 14.58 Granted — — Exercised (15,000) 12.23 Forfeited (39,500) 18.42 Outstanding at March 31, 2021 516,758 $ 14.36 Exercisable at March 31, 2021 400,231 $ 13.70 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
FAIR VALUE MEASUREMENT | |
Schedule of assets measured at fair value on recurring basis | Those assets and liabilities as of March 31, 2021 which are measured at fair value on a recurring basis are as follows: Category Used for Fair Value Measurement Level 1 Level 2 Level 3 Total (Dollars in Thousands) Assets: Securities available for sale: U.S. Government and agency obligations $ — $ 10,893 $ — $ 10,893 State and political subdivisions — 79,351 — 79,351 Mortgage-backed securities - U.S. Government agencies — 179,701 — 179,701 Corporate bonds — 83,862 — 83,862 Equity securities 54 — — 54 Total $ 54 $ 353,807 $ — $ 353,861 Liabilities: Interest rate swap contracts $ — $ 14,881 $ — $ 14,881 Total $ — $ 14,881 $ — $ 14,881 Those assets and liabilities as of September 30, 2020 which are measured at fair value on a recurring basis are as follows: Category Used for Fair Value Measurement Level 1 Level 2 Level 3 Total (Dollars in Thousands) Assets: Securities available for sale: U.S. Government and agency obligations $ — $ 22,394 $ — $ 22,394 State and political subdivisions — 79,621 — 79,621 Mortgage-backed securities - U.S. Government agencies — 236,566 — 236,566 Corporate bonds — 81,783 — 81,783 Equity securities 51 — — 51 Total $ 51 $ 420,364 $ — $ 420,415 Liabilities: Interest rate swap contracts $ — $ 20,960 $ — $ 20,960 Total $ — $ 20,960 $ — $ 20,960 |
Schedule of the estimated fair value amounts | Fair Value Measurements at Carrying Fair March 31, 2021 Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Investment and mortgage-backed securities held to maturity $ 22,270 $ 23,460 $ — $ 23,460 $ — Loans receivable, net 620,875 622,637 — — 622,637 Liabilities: Certificates of deposit 301,922 311,058 311,058 — — Advances from FHLB - long-term 251,639 261,171 261,171 — — Fair Value Measurements at Carrying Fair September 30, 2020 Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Investment and mortgage-backed securities held to maturity $ 22,860 $ 24,330 $ — $ 24,330 $ — Loans receivable, net 588,300 593,768 593,768 Liabilities: Certificates of deposit 269,610 278,224 278,224 — — Advances from FHLB - long-term 260,253 274,172 274,172 — — |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
GOODWILL AND OTHER INTANGIBLE ASSETS | |
Schedule of goodwill and intangible assets are related to the acquisition of Polonia Bancorp | Balance Balance October 1, Additions/ March 31, Amortization 2020 Adjustments Amortization 2021 Period (Dollars in Thousands) Goodwill $ 6,102 $ — $ — $ 6,102 Core deposit intangible 340 — (49) 291 10 years $ 6,442 $ — $ (49) $ 6,393 |
Schedule of future fiscal periods amortization expense for core deposit intangible | (in Thousands) 2021 $ 44 2022 78 2023 64 2024 49 2025 34 Thereafter 22 $ 291 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Mar. 31, 2021 | |
LEASES [Abstract] | |
Schedule of information related to operating leases | The following table summarizes other information related to our operating leases: March 31, 2021 Weighted-average remaining lease term - operating leases in years 6.85 Weighted-average discount rate - operating leases 2.0 % |
Schedule of aggregate lease maturities and obligations | The following table presents aggregate lease maturities and obligations as of March 31, 2021: (Dollars in Thousands) 2021 $ 105 2022 213 2023 216 2024 220 2025 231 2025 and thereafter 423 Total lease payments 1,408 Less: interest 96 Present value of lease liabilities $ 1,312 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands | 6 Months Ended | |
Mar. 31, 2021USD ($)item | Sep. 30, 2020USD ($) | |
Significant Accounting Policies [Line Items] | ||
Number of full service branch offices | 9 | |
Number of banking offices | 10 | |
Operating right-of-use assets | $ | $ 1,200 | |
Operating lease liabilities | $ | 1,312 | |
Retained earnings | $ | $ 55,313 | $ 52,889 |
Philadelphia (Philadelphia County) | ||
Significant Accounting Policies [Line Items] | ||
Number of full service branch offices | 8 | |
PENNSYLVANIA | ||
Significant Accounting Policies [Line Items] | ||
Number of full service branch offices | 1 | |
Huntingdon Valley, Montgomery County | ||
Significant Accounting Policies [Line Items] | ||
Number of full service branch offices | 1 |
EARNINGS PER SHARE - Calculated
EARNINGS PER SHARE - Calculated basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings per share - basic | ||||
Net income | $ 1,715 | $ 2,924 | $ 3,551 | $ 5,387 |
Weighted average common shares outstanding - basic | 7,975,683 | 8,884,760 | 8,040,907 | 8,885,972 |
Effect of CSEs - basic | 0 | 0 | ||
Adjusted weighted average common shares used in earnings per share computation - basic | 7,975,683 | 8,884,760 | 8,040,907 | 8,885,972 |
Earnings per share - basic (in dollars per share) | $ 0.22 | $ 0.33 | $ 0.44 | $ 0.61 |
Earnings per share - diluted | ||||
Net income | $ 1,715 | $ 2,924 | $ 3,551 | $ 5,387 |
Weighted average shares outstanding - diluted | 7,975,683 | 8,884,760 | 8,040,907 | 8,885,972 |
Effect of CSEs - diluted | 14,671 | 117,342 | 4,512 | 133,815 |
Adjusted weighted average shares used in earnings per share computation - diluted | 7,990,354 | 9,002,102 | 8,045,419 | 9,019,787 |
Earnings per share - diluted (in dollars per share) | $ 0.21 | $ 0.32 | $ 0.44 | $ 0.60 |
EARNINGS PER SHARE - Additional
EARNINGS PER SHARE - Additional Information (Details) - shares | Mar. 31, 2021 | Mar. 31, 2020 |
EARNINGS PER SHARE | ||
Adjusted weighted average shares of common stock used in diluted earnings per share computation | 267,728 | 528,004 |
Adjusted weighted average shares of common stock having exercise prices less than the current market value and are considered anti-dilutive | 249,030 | 265,030 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in accumulated other comprehensive (loss) income by component net of tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ (2,943) | |||
Total other comprehensive (loss) gain | $ (1,342) | $ (6,678) | 1,394 | $ (6,045) |
Ending Balance | (1,549) | (1,549) | ||
Total accumulated other comprehensive income (loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (207) | 1,824 | (2,943) | 1,192 |
Other comprehensive (loss) income before reclassification | (1,342) | (4,809) | 1,394 | (3,926) |
Total other comprehensive (loss) gain | (1,549) | (2,985) | (1,549) | (2,734) |
Amount reclassified from accumulated other comprehensive income | 0 | (1,868) | (2,119) | |
Ending Balance | (1,549) | (4,853) | (1,549) | (4,853) |
Unrealized gain (loss) on AFS securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | 12,221 | 10,585 | 8,098 | |
Other comprehensive (loss) income before reclassification | (3,842) | (2,206) | 2,885 | |
Total other comprehensive (loss) gain | 8,379 | 8,379 | 10,983 | |
Amount reclassified from accumulated other comprehensive income | 0 | (2,119) | ||
Ending Balance | 8,379 | 8,864 | 8,379 | 8,864 |
Swaps | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (12,428) | |||
Other comprehensive (loss) income before reclassification | 2,500 | |||
Total other comprehensive (loss) gain | (9,928) | |||
Amount reclassified from accumulated other comprehensive income | 0 | |||
Ending Balance | (9,928) | (9,928) | ||
Unrealized gains on available for sale securities and interest rate swaps | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (5,096) | (13,528) | (6,906) | |
Other comprehensive (loss) income before reclassification | (8,621) | 3,600 | (6,811) | |
Total other comprehensive (loss) gain | (13,717) | (9,928) | (13,717) | |
Amount reclassified from accumulated other comprehensive income | 0 | |||
Ending Balance | $ (9,928) | (13,717) | $ (9,928) | (13,717) |
Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | 6,920 | |||
Other comprehensive (loss) income before reclassification | 3,812 | |||
Total other comprehensive (loss) gain | 10,732 | |||
Amount reclassified from accumulated other comprehensive income | (1,868) | |||
Ending Balance | $ 8,864 | $ 8,864 |
INVESTMENT AND MORTGAGE-BACKE_3
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized cost and fair value of investment and mortgage-backed securities, with gross unrealized gains and losses (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Securities Available for Sale: | ||
Amortized Cost | $ 343,200 | |
Gross Unrealized Gains | 12,366 | |
Gross Unrealized Losses | (1,759) | |
Fair Value | 353,807 | $ 420,364 |
U.S. Government and agency obligations | ||
Securities Available for Sale: | ||
Amortized Cost | 10,811 | 22,241 |
Gross Unrealized Gains | 82 | 153 |
Gross Unrealized Losses | 0 | |
Fair Value | 10,893 | 22,394 |
State and political subdivisions | ||
Securities Available for Sale: | ||
Amortized Cost | 77,437 | 79,099 |
Gross Unrealized Gains | 2,560 | 1,940 |
Gross Unrealized Losses | (646) | (1,418) |
Fair Value | 79,351 | 79,621 |
Mortgage-Backed Securities | ||
Securities Available for Sale: | ||
Amortized Cost | 174,243 | 226,863 |
Gross Unrealized Gains | 6,387 | 9,774 |
Gross Unrealized Losses | (929) | (71) |
Fair Value | 179,701 | 236,566 |
Corporate debt securities | ||
Securities Available for Sale: | ||
Amortized Cost | 80,709 | 78,764 |
Gross Unrealized Gains | 3,337 | 3,564 |
Gross Unrealized Losses | (184) | (545) |
Fair Value | $ 83,862 | 81,783 |
Total debt securities available for sale | ||
Securities Available for Sale: | ||
Amortized Cost | 406,967 | |
Gross Unrealized Gains | 15,431 | |
Gross Unrealized Losses | (2,034) | |
Fair Value | $ 420,364 |
INVESTMENT AND MORTGAGE-BACKE_4
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized cost and fair value of investment and mortgage-backed securities, with gross unrealized gains and losses (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Securities Held to Maturity: | ||
Amortized Cost | $ 22,270 | $ 22,860 |
Gross Unrealized Gains | 1,190 | 1,470 |
Gross unrealized losses | 0 | |
Fair value | 23,460 | 24,330 |
U.S. Government and agency obligations | ||
Securities Held to Maturity: | ||
Amortized Cost | 1,000 | 1,000 |
Gross Unrealized Gains | 185 | 236 |
Gross unrealized losses | 0 | |
Fair value | 1,185 | 1,236 |
Mortgage-Backed Securities | ||
Securities Held to Maturity: | ||
Amortized Cost | 3,248 | 3,784 |
Gross Unrealized Gains | 267 | 309 |
Gross unrealized losses | 0 | |
Fair value | 3,515 | 4,093 |
State and political subdivisions | ||
Securities Held to Maturity: | ||
Amortized Cost | 18,022 | 18,076 |
Gross Unrealized Gains | 738 | 925 |
Gross unrealized losses | 0 | |
Fair value | $ 18,760 | $ 19,001 |
INVESTMENT AND MORTGAGE-BACKE_5
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Gross unrealized losses and related fair values of investment securities, aggregated by investment category and length of time (Details) - USD ($) | Mar. 31, 2021 | Sep. 30, 2020 |
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | $ (1,249,000) | $ (737,000) |
Less than 12 months - Fair value | 48,279,000 | 37,232,000 |
More than 12 months - Gross Unrealized Losses | (510,000) | (1,297,000) |
More than 12 months - Fair value | 6,838,000 | 25,094,000 |
Gross Unrealized Losses - Total | (1,759,000) | (2,034,000) |
Fair Value - Total | 55,117,000 | 62,326,000 |
State and political subdivisions | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (136,000) | (126,000) |
Less than 12 months - Fair value | 10,686,000 | 10,735,000 |
More than 12 months - Gross Unrealized Losses | (510,000) | (1,292,000) |
More than 12 months - Fair value | 6,838,000 | 24,510,000 |
Gross Unrealized Losses - Total | (646,000) | (1,418,000) |
Fair Value - Total | 17,524,000 | 35,245,000 |
Mortgage-Backed Securities | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (929,000) | (66,000) |
Less than 12 months - Fair value | 25,777,000 | 10,025,000 |
More than 12 months - Gross Unrealized Losses | (5,000) | |
More than 12 months - Fair value | 584,000 | |
Gross Unrealized Losses - Total | (929,000) | (71,000) |
Fair Value - Total | 25,777,000 | 10,609,000 |
Corporate debt securities | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (184,000) | (545,000) |
Less than 12 months - Fair value | 11,816,000 | 16,472,000 |
Gross Unrealized Losses - Total | (184,000) | (545,000) |
Fair Value - Total | $ 11,816,000 | $ 16,472,000 |
INVESTMENT AND MORTGAGE-BACKE_6
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized cost and fair value of debt securities, by contractual maturity (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Available for Sale, Amortized Cost | |
Due after one through five years | $ 31,190 |
Due after five through ten years | 50,705 |
Due after ten years | 87,062 |
Total | 168,957 |
Available for Sale, Fair Value | |
Due after one through five years | 32,832 |
Due after five through ten years | 52,297 |
Due after ten years | 88,977 |
Total | $ 174,106 |
INVESTMENT AND MORTGAGE-BACKE_7
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized cost and fair value of debt securities, by contractual maturity (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Held to Maturity - Amortized Cost | |
Due after one through five years | $ 5,693 |
Due after five through ten years | 9,284 |
Due after ten years | 4,045 |
Total | 19,022 |
Held to Maturity - Fair Value | |
Due after one through five years | 6,085 |
Due after five through ten years | 9,594 |
Due after ten years | 4,266 |
Total | $ 19,945 |
INVESTMENT AND MORTGAGE-BACKE_8
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021USD ($)security | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($)security | Mar. 31, 2020USD ($) | Sep. 30, 2020USD ($) | |
Marketable Securities [Line Items] | |||||
Gain on sale of mortgage-backed securities available for sale | $ 2,364,000 | $ 2,682,000 | |||
Securities with a fair value in safekeeping account at the FHLB | $ 151,500,000 | $ 151,500,000 | |||
Aggregate Amount | 1,249,000 | 1,249,000 | $ 737,000 | ||
Gain (loss) on equity securities | (7,000) | (39,000) | 3,000 | (58,000) | |
Realized net gains (losses) | 2,400,000 | 2,700,000 | |||
Proceeds from sale of investment and mortgage-backed securities | 81,953,000 | ||||
Required to hold securities for its borrowings | 39,000,000 | 39,000,000 | |||
Excess securities not restricted and could be sold or transferred | 112,500,000 | 112,500,000 | |||
Gross unrealized loss | $ 1,759,000 | $ 1,759,000 | 2,034,000 | ||
Mortgage-back securities sold with an aggregate amortized cost | $ 44,600,000 | $ 62,100,000 | |||
Mortgage-Backed Securities | |||||
Marketable Securities [Line Items] | |||||
Number of investment securities in debt obligations in the category of loss position less than 12 months held by company | security | 15 | 15 | |||
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | security | 0 | 0 | |||
Aggregate Amount | $ 929,000 | $ 929,000 | 66,000 | ||
Gross unrealized loss | $ 929,000 | $ 929,000 | 71,000 | ||
Corporate debt securities | |||||
Marketable Securities [Line Items] | |||||
Number of investment securities in debt obligations in the category of loss position less than 12 months held by company | security | 3 | 3 | |||
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | security | 0 | 0 | |||
Aggregate Amount | $ 184,000 | $ 184,000 | 545,000 | ||
Gross unrealized loss | $ 184,000 | $ 184,000 | 545,000 | ||
State and political subdivisions | |||||
Marketable Securities [Line Items] | |||||
Number of investment securities in debt obligations in the category of loss position less than 12 months held by company | security | 4 | 4 | |||
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | security | 3 | 3 | |||
Aggregate Amount | $ 136,000 | $ 136,000 | 126,000 | ||
Gross unrealized loss | $ 646,000 | $ 646,000 | $ 1,418,000 |
LOANS RECEIVABLE (Details)
LOANS RECEIVABLE (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 719,743 | $ 685,259 | ||||
Undisbursed portion of loans-in-process | (89,912) | (86,862) | ||||
Deferred loan fees | (603) | (1,794) | ||||
Allowance for loan losses | (8,353) | $ (8,318) | (8,303) | $ (5,961) | $ (5,528) | $ (5,393) |
Net loans | 620,875 | 588,300 | ||||
One-to-four family residential | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 210,569 | 233,872 | ||||
Allowance for loan losses | (1,583) | (2,011) | (1,877) | (1,301) | (999) | (1,002) |
Multi Family Residential | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 52,657 | 31,100 | ||||
Allowance for loan losses | (720) | (457) | (460) | (295) | (255) | (315) |
Commercial Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 149,385 | 139,943 | ||||
Allowance for loan losses | (1,969) | (1,935) | (1,989) | (1,365) | (1,281) | (1,257) |
Construction and Land Development | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 264,618 | 260,648 | ||||
Allowance for loan losses | (2,710) | (2,828) | (2,888) | (2,090) | (2,205) | (2,034) |
Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 41,882 | 12,916 | ||||
Allowance for loan losses | (580) | (319) | (194) | (257) | (201) | (206) |
Financial institutions | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 6,000 | |||||
Allowance for loan losses | (89) | (70) | (63) | (63) | ||
Leases | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 117 | 176 | ||||
Allowance for loan losses | (3) | (3) | (3) | (4) | (4) | (5) |
Consumer Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 515 | 604 | ||||
Allowance for loan losses | $ (5) | $ (6) | $ (6) | $ (3) | $ (12) | $ (13) |
LOANS RECEIVABLE - Summary of l
LOANS RECEIVABLE - Summary of loans individually and collectively evaluated for impairment by loan segment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Loans: | ||||||
Individually evaluated for impairment | $ 13,053 | $ 13,037 | ||||
Collectively evaluated for impairment | 706,690 | 672,222 | ||||
Total loans | 719,743 | 685,259 | ||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 8,353 | 8,303 | ||||
Total ending allowance balance | 8,353 | $ 8,318 | 8,303 | $ 5,961 | $ 5,528 | $ 5,393 |
One-to-four family residential | ||||||
Loans: | ||||||
Individually evaluated for impairment | 3,475 | 3,095 | ||||
Collectively evaluated for impairment | 207,094 | 230,777 | ||||
Total loans | 210,569 | 233,872 | ||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 1,583 | 1,877 | ||||
Total ending allowance balance | 1,583 | 2,011 | 1,877 | 1,301 | 999 | 1,002 |
Multi Family Residential | ||||||
Loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 52,657 | 31,100 | ||||
Total loans | 52,657 | 31,100 | ||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 720 | 460 | ||||
Total ending allowance balance | 720 | 457 | 460 | 295 | 255 | 315 |
Commercial Real Estate | ||||||
Loans: | ||||||
Individually evaluated for impairment | 1,328 | 1,417 | ||||
Collectively evaluated for impairment | 148,057 | 138,526 | ||||
Total loans | 149,385 | 139,943 | ||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 1,969 | 1,989 | ||||
Total ending allowance balance | 1,969 | 1,935 | 1,989 | 1,365 | 1,281 | 1,257 |
Construction and Land Development | ||||||
Loans: | ||||||
Individually evaluated for impairment | 8,250 | 8,525 | ||||
Collectively evaluated for impairment | 256,368 | 252,123 | ||||
Total loans | 264,618 | 260,648 | ||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 2,710 | 2,888 | ||||
Total ending allowance balance | 2,710 | 2,828 | 2,888 | 2,090 | 2,205 | 2,034 |
Financial institutions | ||||||
Loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 0 | 6,000 | ||||
Total loans | 6,000 | |||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 0 | 89 | ||||
Total ending allowance balance | 89 | 70 | 63 | 63 | ||
Commercial loans | ||||||
Loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 41,882 | 12,916 | ||||
Total loans | 41,882 | 12,916 | ||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 580 | 194 | ||||
Total ending allowance balance | 580 | 319 | 194 | 257 | 201 | 206 |
Leases | ||||||
Loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 117 | 176 | ||||
Total loans | 117 | 176 | ||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 3 | 3 | ||||
Total ending allowance balance | 3 | 3 | 3 | 4 | 4 | 5 |
Consumer Loans | ||||||
Loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 515 | 604 | ||||
Total loans | 515 | 604 | ||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 5 | 6 | ||||
Total ending allowance balance | 5 | 6 | 6 | 3 | 12 | 13 |
Unallocated | ||||||
Loans: | ||||||
Collectively evaluated for impairment | 783 | 797 | ||||
Total ending allowance balance | $ 783 | $ 759 | $ 797 | $ 576 | $ 508 | $ 498 |
LOANS RECEIVABLE - Impaired loa
LOANS RECEIVABLE - Impaired loans by class, segregated by those for which specific allowance was required and those for which specific allowance was not necessary (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance - Recorded Investment | $ 0 | $ 0 |
Impaired Loans with Specific Allowance - Related Allowance | 0 | 0 |
Impaired Loans with No Specific Allowance - Recorded Investment | 13,053 | 13,037 |
Total Impaired Loans - Recorded Investment | 13,053 | 13,037 |
Total impaired loans - Unpaid Principal Balance | 15,928 | 15,988 |
One-to-four family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance - Recorded Investment | 0 | 0 |
Impaired Loans with Specific Allowance - Related Allowance | 0 | 0 |
Impaired Loans with No Specific Allowance - Recorded Investment | 3,475 | 3,095 |
Total Impaired Loans - Recorded Investment | 3,475 | 3,095 |
Total impaired loans - Unpaid Principal Balance | 3,792 | 3,482 |
Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance - Recorded Investment | 0 | 0 |
Impaired Loans with Specific Allowance - Related Allowance | 0 | 0 |
Impaired Loans with No Specific Allowance - Recorded Investment | 1,328 | 1,417 |
Total Impaired Loans - Recorded Investment | 1,328 | 1,417 |
Total impaired loans - Unpaid Principal Balance | 1,505 | 1,600 |
Construction and Land Development | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance - Recorded Investment | 0 | 0 |
Impaired Loans with Specific Allowance - Related Allowance | 0 | 0 |
Impaired Loans with No Specific Allowance - Recorded Investment | 8,250 | 8,525 |
Total Impaired Loans - Recorded Investment | 8,250 | 8,525 |
Total impaired loans - Unpaid Principal Balance | $ 10,631 | $ 10,906 |
LOANS RECEIVABLE - Average reco
LOANS RECEIVABLE - Average recorded investment in impaired loans and related interest income recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 12,947 | $ 14,604 | $ 12,977 | $ 14,607 |
Income Recognized on Accrual Basis | 4 | 0 | 9 | 3 |
Income Recognized on Cash Basis | 2 | 8 | 2 | 19 |
One-to-four family residential | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 3,281 | 4,195 | 3,219 | 4,195 |
Income Recognized on Accrual Basis | 4 | 0 | 9 | 3 |
Income Recognized on Cash Basis | 2 | 8 | 2 | 17 |
Multi Family Residential | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 74 | 74 | ||
Income Recognized on Accrual Basis | 0 | |||
Income Recognized on Cash Basis | 0 | |||
Commercial Real Estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 1,329 | 1,593 | 1,358 | 1,593 |
Income Recognized on Accrual Basis | 0 | 0 | ||
Income Recognized on Cash Basis | 0 | 0 | 1 | |
Construction and Land Development | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 8,338 | 8,726 | $ 8,400 | 8,725 |
Income Recognized on Accrual Basis | 0 | 0 | ||
Income Recognized on Cash Basis | $ 0 | 0 | ||
Commercial loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 4 | |||
Income Recognized on Cash Basis | 1 | |||
Consumer Loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 16 | $ 16 | ||
Income Recognized on Accrual Basis | 0 | |||
Income Recognized on Cash Basis | $ 0 |
LOANS RECEIVABLE - Summary of c
LOANS RECEIVABLE - Summary of classes of loan portfolio in which formal risk weighting system is utilized (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 719,743 | $ 685,259 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 210,569 | 233,872 |
Multi Family Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 52,657 | 31,100 |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 149,385 | 139,943 |
Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 264,618 | 260,648 |
Financial institutions | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,000 | |
Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 41,882 | 12,916 |
Consumer Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 515 | 604 |
Risk Rating System | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 719,111 | 684,479 |
Risk Rating System | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 210,569 | 233,872 |
Risk Rating System | Multi Family Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 52,657 | 31,100 |
Risk Rating System | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 149,385 | 139,943 |
Risk Rating System | Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 264,618 | 260,648 |
Risk Rating System | Financial institutions | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,000 | |
Risk Rating System | Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 41,882 | 12,916 |
Risk Rating System | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 694,867 | |
Risk Rating System | Pass | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 205,653 | |
Risk Rating System | Pass | Multi Family Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 52,657 | |
Risk Rating System | Pass | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 138,307 | |
Risk Rating System | Pass | Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 256,368 | |
Risk Rating System | Pass | Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 41,882 | |
Risk Rating System | Special Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 660,027 | |
Risk Rating System | Special Pass | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 229,361 | |
Risk Rating System | Special Pass | Multi Family Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 31,100 | |
Risk Rating System | Special Pass | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 128,527 | |
Risk Rating System | Special Pass | Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 252,123 | |
Risk Rating System | Special Pass | Financial institutions | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,000 | |
Risk Rating System | Special Pass | Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 12,916 | |
Risk Rating System | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 11,191 | |
Risk Rating System | Special Mention | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,441 | |
Risk Rating System | Special Mention | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 9,750 | |
Risk Rating System | Total Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 11,415 | |
Risk Rating System | Total Mention | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,416 | |
Risk Rating System | Total Mention | Multi Family Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Risk Rating System | Total Mention | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 9,999 | |
Risk Rating System | Total Mention | Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Risk Rating System | Total Mention | Financial institutions | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Risk Rating System | Total Mention | Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Risk Rating System | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 13,053 | 13,037 |
Risk Rating System | Substandard | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,475 | 3,095 |
Risk Rating System | Substandard | Multi Family Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Risk Rating System | Substandard | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,328 | 1,417 |
Risk Rating System | Substandard | Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 8,250 | 8,525 |
Risk Rating System | Substandard | Financial institutions | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Risk Rating System | Substandard | Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Risk Rating System | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Risk Rating System | Doubtful | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Risk Rating System | Doubtful | Multi Family Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Risk Rating System | Doubtful | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Risk Rating System | Doubtful | Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Risk Rating System | Doubtful | Financial institutions | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Risk Rating System | Doubtful | Commercial loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 0 |
LOANS RECEIVABLE - Loans in whi
LOANS RECEIVABLE - Loans in which formal risk rating system is not utilized, but loans are segregated between performing and non-performing based primarily on delinquency status (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 719,743 | $ 685,259 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 210,569 | 233,872 |
Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 117 | 176 |
Consumer Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 515 | 604 |
Non Risk Rating System | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 632 | 780 |
Non Risk Rating System | Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 117 | 176 |
Non Risk Rating System | Consumer Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 515 | 604 |
Non Risk Rating System | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 632 | 780 |
Non Risk Rating System | Performing | Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 117 | 176 |
Non Risk Rating System | Performing | Consumer Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 515 | $ 604 |
Non Risk Rating System | Non-performing assets | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Non Risk Rating System | Non-performing assets | Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Non Risk Rating System | Non-performing assets | Consumer Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 0 |
LOANS RECEIVABLE - Loan categor
LOANS RECEIVABLE - Loan categories of loan portfolio summarized by aging categories of performing loans and nonaccrual loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 703,811 | $ 670,340 |
Past Due | 15,932 | 14,919 |
Total Loans | 719,743 | 685,259 |
Non- Accrual | 13,053 | 13,037 |
90 Days+ Past Due and Accruing | 0 | 0 |
30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 3,112 | 2,824 |
Over 90 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 12,820 | 12,095 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 206,656 | 231,196 |
Past Due | 3,913 | 2,676 |
Total Loans | 210,569 | 233,872 |
Non- Accrual | 3,475 | 3,095 |
90 Days+ Past Due and Accruing | 0 | 0 |
One-to-four family residential | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 671 | 523 |
One-to-four family residential | Over 90 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 3,242 | 2,153 |
Multi Family Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 52,657 | 31,100 |
Past Due | 0 | 0 |
Total Loans | 52,657 | 31,100 |
Non- Accrual | 0 | 0 |
90 Days+ Past Due and Accruing | 0 | 0 |
Multi Family Residential | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Multi Family Residential | Over 90 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 145,673 | 136,225 |
Past Due | 3,712 | 3,718 |
Total Loans | 149,385 | 139,943 |
Non- Accrual | 1,328 | 1,417 |
90 Days+ Past Due and Accruing | 0 | 0 |
Commercial Real Estate | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 2,384 | 2,301 |
Commercial Real Estate | Over 90 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,328 | 1,417 |
Construction and Land Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 256,368 | 252,123 |
Past Due | 8,250 | 8,525 |
Total Loans | 264,618 | 260,648 |
Non- Accrual | 8,250 | 8,525 |
90 Days+ Past Due and Accruing | 0 | 0 |
Construction and Land Development | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Construction and Land Development | Over 90 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 8,250 | 8,525 |
Commercial loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 41,882 | 12,916 |
Past Due | 0 | 0 |
Total Loans | 41,882 | 12,916 |
Non- Accrual | 0 | 0 |
90 Days+ Past Due and Accruing | 0 | 0 |
Commercial loans | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Commercial loans | Over 90 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Financial institutions | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 6,000 | |
Past Due | 0 | |
Total Loans | 6,000 | |
Non- Accrual | 0 | |
90 Days+ Past Due and Accruing | 0 | |
Financial institutions | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | |
Financial institutions | Over 90 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | |
Leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 117 | 176 |
Past Due | 0 | 0 |
Total Loans | 117 | 176 |
Non- Accrual | 0 | 0 |
Leases | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Leases | Over 90 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 458 | 604 |
Past Due | 57 | 0 |
Total Loans | 515 | 604 |
Non- Accrual | 0 | 0 |
90 Days+ Past Due and Accruing | 0 | 0 |
Consumer Loans | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 57 | 0 |
Consumer Loans | Over 90 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | $ 0 | $ 0 |
LOANS RECEIVABLE - Activity in
LOANS RECEIVABLE - Activity in allowance (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
ALLL balance | $ 8,318,000 | $ 5,961,000 | $ 5,528,000 | $ 8,303,000 | $ 5,393,000 | |
Charge-offs | (74,000) | (74,000) | ||||
Recoveries | 35,000 | 7,000 | 50,000 | 17,000 | ||
Provision | 0 | 500,000 | 500,000 | 0 | 625,000 | |
ALLL balance | 8,353,000 | 5,961,000 | 8,353,000 | 5,961,000 | ||
Individually evaluated for impairment | 0 | 0 | $ 0 | |||
Collectively evaluated for impairment | 8,353,000 | 8,353,000 | 8,303,000 | |||
One-to-four family residential | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
ALLL balance | 2,011,000 | 1,301,000 | 999,000 | 1,877,000 | 1,002,000 | |
Charge-offs | (3,000) | (3,000) | ||||
Recoveries | 1,000 | 1,000 | 1,000 | |||
Provision | (428,000) | 304,000 | (295,000) | 301,000 | ||
ALLL balance | 1,583,000 | 1,301,000 | 1,583,000 | 1,301,000 | ||
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 1,583,000 | 1,583,000 | 1,877,000 | |||
Multi Family Residential | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
ALLL balance | 457,000 | 295,000 | 255,000 | 460,000 | 315,000 | |
Provision | 263,000 | 40,000 | 260,000 | (20,000) | ||
ALLL balance | 720,000 | 295,000 | 720,000 | 295,000 | ||
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 720,000 | 720,000 | 460,000 | |||
Commercial Real Estate | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
ALLL balance | 1,935,000 | 1,365,000 | 1,281,000 | 1,989,000 | 1,257,000 | |
Provision | 34,000 | 84,000 | (20,000) | 108,000 | ||
ALLL balance | 1,969,000 | 1,365,000 | 1,969,000 | 1,365,000 | ||
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 1,969,000 | 1,969,000 | 1,989,000 | |||
Construction and Land Development | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
ALLL balance | 2,828,000 | 2,090,000 | 2,205,000 | 2,888,000 | 2,034,000 | |
Provision | (118,000) | (115,000) | (178,000) | 56,000 | ||
ALLL balance | 2,710,000 | 2,090,000 | 2,710,000 | 2,090,000 | ||
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 2,710,000 | 2,710,000 | 2,888,000 | |||
Commercial loans | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
ALLL balance | 319,000 | 257,000 | 201,000 | 194,000 | 206,000 | |
Charge-offs | (15,000) | (15,000) | ||||
Recoveries | 14,000 | |||||
Provision | 261,000 | 71,000 | 372,000 | 66,000 | ||
ALLL balance | 580,000 | 257,000 | 580,000 | 257,000 | ||
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 580,000 | 580,000 | 194,000 | |||
Financial institutions | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
ALLL balance | 70,000 | 63,000 | 89,000 | 63,000 | ||
Provision | 7,000 | (89,000) | 7,000 | |||
ALLL balance | 70,000 | 70,000 | ||||
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 0 | 0 | 89,000 | |||
Leases | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
ALLL balance | 3,000 | 4,000 | 4,000 | 3,000 | 5,000 | |
Recoveries | 10,000 | |||||
Provision | (11,000) | |||||
ALLL balance | 3,000 | 4,000 | 3,000 | 4,000 | ||
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 3,000 | 3,000 | 3,000 | |||
Consumer Loans | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
ALLL balance | 6,000 | 3,000 | 12,000 | 6,000 | 13,000 | |
Charge-offs | (56,000) | (56,000) | ||||
Recoveries | 35,000 | 6,000 | 35,000 | 6,000 | ||
Provision | (36,000) | 41,000 | (36,000) | 40,000 | ||
ALLL balance | 5,000 | 3,000 | 5,000 | 3,000 | ||
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 5,000 | 5,000 | 6,000 | |||
Unallocated | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
ALLL balance | 759,000 | $ 576,000 | 508,000 | 797,000 | 498,000 | |
Provision | 24,000 | 68,000 | (14,000) | 78,000 | ||
ALLL balance | 783,000 | $ 576,000 | 783,000 | $ 576,000 | ||
Collectively evaluated for impairment | $ 783,000 | $ 783,000 | $ 797,000 |
LOANS RECEIVABLE - Additional I
LOANS RECEIVABLE - Additional Information 2 (Details) | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2021USD ($)loan | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($)loan | Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($)loan | Sep. 30, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of loans default | loan | 4 | |||||
Loans classified as troubled debt restructurings ("TDRs"), Recorded investment | $ 4,900,000 | $ 4,900,000 | ||||
Write-down amount of TDR loans | $ 74,000 | $ 0 | $ 74,000 | |||
Number of loans classified as troubled debt restructuring | loan | 0 | 0 | 0 | 0 | ||
Loans receivable, net | $ 620,875,000 | $ 620,875,000 | $ 588,300,000 | |||
Charge-offs | $ 74,000 | $ 74,000 | ||||
Recoveries | 35,000 | 7,000 | 50,000 | 17,000 | ||
Provision for loan losses | 0 | $ 500,000 | $ 500,000 | 0 | $ 625,000 | |
Carrying amount | $ 719,743,000 | $ 719,743,000 | $ 685,259,000 | |||
Commercial and residential properties | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of loans classified as troubled debt restructuring | loan | 0 | 0 | 0 | 0 | ||
Non-performing assets | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Write-down amount of TDR loans | $ 0 | |||||
Recoveries | 35,000 | |||||
Non-performing assets | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of loans default | loan | 3 | |||||
Loans classified as troubled debt restructurings ("TDRs"), Recorded investment | 4,500,000 | $ 4,500,000 | ||||
Amount of TDR loans, default | 10,100,000 | |||||
Non-performing assets | Single family residential investment properties | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans classified as troubled debt restructurings ("TDRs"), Recorded investment | $ 399,000 | $ 399,000 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Amount | ||
Non interest-bearing checking accounts | $ 32,253 | $ 30,002 |
Interest-bearing checking accounts | 112,752 | 135,797 |
Money market deposit accounts | 116,882 | 111,105 |
Passbook, club and statement savings | 229,936 | 224,435 |
Certificates maturing in six months or less | 162,045 | 125,165 |
Certificates maturing in more than six months | 139,877 | 144,445 |
Total deposits | $ 793,745 | $ 770,949 |
Percent | ||
Non interest-bearing checking accounts | 4.10% | 3.90% |
Interest-bearing checking accounts | 14.20% | 17.60% |
Money market deposit accounts | 14.70% | 14.40% |
Passbook, club and statement savings | 29.00% | 29.10% |
Certificates maturing in six months or less | 20.40% | 16.20% |
Certificates maturing in more than six months | 17.60% | 18.80% |
Total | 100.00% | 100.00% |
DEPOSITS - Additional Informati
DEPOSITS - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Sep. 30, 2020 |
DEPOSITS [Abstract] | ||
Certificates of $250,000 and over | $ 99.7 | $ 76.6 |
ADVANCES FROM FEDERAL HOME LO_5
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM (Details) $ in Thousands | Sep. 30, 2020USD ($) |
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM | |
Balance at period end | $ 25,000 |
Weight-average rate at period end | 0.39% |
ADVANCES FROM FEDERAL HOME LO_6
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM - Additional Information (Details) | Mar. 31, 2021USD ($)loan | Sep. 30, 2020USD ($) |
Short-term Debt [Line Items] | ||
Advances from Federal Home Loan Bank - short term | $ 25,000,000 | |
Unsecured borrowing facility, amount drawn | $ 0 | |
Coupon | 2.57% | |
Atlantic Community Bankers Bank [Member] | ||
Short-term Debt [Line Items] | ||
Unsecured borrowing facilities maximum capacity | $ 12,500,000 | |
PNC [Member] | ||
Short-term Debt [Line Items] | ||
Unsecured borrowing facilities maximum capacity | $ 10,000,000 | |
Interest rate swap contract one | ||
Short-term Debt [Line Items] | ||
Number of 90 day FHLB advances | loan | 1 | |
Advances from Federal Home Loan Bank - short term | $ 25,000,000 |
ADVANCES FROM FEDERAL HOME LO_7
ADVANCES FROM FEDERAL HOME LOAN BANK - LONG TERM (Details) - USD ($) $ in Thousands | 18 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2020 | |
Federal Home Loan Bank, Advances [Line Items] | ||
Stated interest rate range | 2.57% | |
Amount | $ 251,639 | $ 260,253 |
Fixed Rate - Amortizing | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Amount | $ 9,374 | 15,967 |
Weighted average interest rate | 2.87% | |
Long-term FHLB advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Amount | $ 242,265 | 244,286 |
Weighted average interest rate | 2.55% | |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 20 to 30 Sep 21 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Date of maturity from | Oct. 1, 2020 | |
Date of maturity to | Sep. 30, 2021 | |
Amount | $ 1,074 | 5,179 |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 20 to 30 Sep 21 | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Stated interest rate range | 2.72% | |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 20 to 30 Sep 21 | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Stated interest rate range | 2.83% | |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 20 to 30 Sep 21 | Weighted average | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Weighted average interest rate | 2.80% | |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 21 to 30 Sep 22 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Date of maturity from | Oct. 1, 2021 | |
Date of maturity to | Sep. 30, 2022 | |
Amount | $ 3,886 | 5,523 |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 21 to 30 Sep 22 | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Stated interest rate range | 1.99% | |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 21 to 30 Sep 22 | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Stated interest rate range | 3.05% | |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 21 to 30 Sep 22 | Weighted average | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Weighted average interest rate | 2.88% | |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 22 to 30 Sep 23 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Date of maturity from | Oct. 1, 2022 | |
Date of maturity to | Sep. 30, 2023 | |
Amount | $ 4,414 | 5,265 |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 22 to 30 Sep 23 | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Stated interest rate range | 1.94% | |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 22 to 30 Sep 23 | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Stated interest rate range | 3.11% | |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 22 to 30 Sep 23 | Weighted average | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Weighted average interest rate | 2.89% | |
Long-term | Fixed Rate Advances Maturity from 1 Oct 20 to 30 Sep 21 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Date of maturity from | Oct. 1, 2020 | |
Date of maturity to | Sep. 30, 2021 | |
Amount | $ 15,996 | 17,996 |
Long-term | Fixed Rate Advances Maturity from 1 Oct 20 to 30 Sep 21 | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Stated interest rate range | 1.42% | |
Long-term | Fixed Rate Advances Maturity from 1 Oct 20 to 30 Sep 21 | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Stated interest rate range | 2.35% | |
Long-term | Fixed Rate Advances Maturity from 1 Oct 20 to 30 Sep 21 | Weighted average | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Weighted average interest rate | 2.30% | |
Long-term | Fixed Rate Advances Maturity from 1 Oct 21 to 30 Sep 22 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Date of maturity from | Oct. 1, 2021 | |
Date of maturity to | Sep. 30, 2022 | |
Amount | $ 63,272 | 63,293 |
Long-term | Fixed Rate Advances Maturity from 1 Oct 21 to 30 Sep 22 | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Stated interest rate range | 1.94% | |
Long-term | Fixed Rate Advances Maturity from 1 Oct 21 to 30 Sep 22 | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Stated interest rate range | 3.23% | |
Long-term | Fixed Rate Advances Maturity from 1 Oct 21 to 30 Sep 22 | Weighted average | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Weighted average interest rate | 2.31% | |
Long-term | Fixed Rate Advances Maturity from 1 Oct 22 to 30 Sep 23 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Date of maturity from | Oct. 1, 2022 | |
Date of maturity to | Sep. 30, 2023 | |
Amount | $ 94,999 | 94,999 |
Long-term | Fixed Rate Advances Maturity from 1 Oct 22 to 30 Sep 23 | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Stated interest rate range | 2.00% | |
Long-term | Fixed Rate Advances Maturity from 1 Oct 22 to 30 Sep 23 | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Stated interest rate range | 3.22% | |
Long-term | Fixed Rate Advances Maturity from 1 Oct 22 to 30 Sep 23 | Weighted average | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Weighted average interest rate | 2.52% | |
Long-term | Fixed Rate Advances Maturity from 1 Oct 23 to 30 Sep 24 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Date of maturity from | Oct. 1, 2023 | |
Date of maturity to | Sep. 30, 2024 | |
Amount | $ 67,998 | $ 67,998 |
Long-term | Fixed Rate Advances Maturity from 1 Oct 23 to 30 Sep 24 | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Stated interest rate range | 2.38% | |
Long-term | Fixed Rate Advances Maturity from 1 Oct 23 to 30 Sep 24 | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Stated interest rate range | 3.20% | |
Long-term | Fixed Rate Advances Maturity from 1 Oct 23 to 30 Sep 24 | Weighted average | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Weighted average interest rate | 2.88% |
INTEREST RATE SWAPS (Details)
INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Sep. 30, 2020 | |
Derivative [Line Items] | ||
Unrealized Gain (Loss) | $ (14,881) | $ (20,960) |
Interest rate swap contract maturing on 1 May 2028 | ||
Derivative [Line Items] | ||
Hedge Item | State and political subdivisions | State and political subdivisions |
Notional Amount | $ 21,570 | $ 21,570 |
Receive Rate | 3 Mth Libor | 3 Mth Libor |
Unrealized Gain (Loss) | $ (2,316) | $ (3,834) |
Interest rate swap contract maturing on 1 Aug 2026 | ||
Derivative [Line Items] | ||
Hedge Item | Commercial loans | Commercial loans |
Notional Amount | $ 23,656 | $ 23,656 |
Receive Rate | 1 Mth Libor +225 to 276 bp | 1 Mth Libor +225 to 276 bp |
Unrealized Gain (Loss) | $ 0 | $ 0 |
Interest rate swap contract maturing on 12 Jun 2026 | ||
Derivative [Line Items] | ||
Hedge Item | 30 day wholesale funding | 30 day wholesale funding |
Notional Amount | $ 90,000 | $ 90,000 |
Receive Rate | 1 Mth Libor | 1 Mth Libor |
Unrealized Gain (Loss) | $ (4,099) | $ (6,157) |
Interest rate swap contract maturing on 27 Mar 24 | ||
Derivative [Line Items] | ||
Hedge Item | 90 day wholesale funding | 90 day wholesale funding |
Notional Amount | $ 135,000 | $ 135,000 |
Receive Rate | 3 Mth Libor | 3 Mth Libor |
Unrealized Gain (Loss) | $ (8,466) | $ (10,969) |
Minimum | Interest rate swap contract maturing on 1 May 2028 | ||
Derivative [Line Items] | ||
Pay rate | 3.06% | 3.06% |
Maturity date | Feb. 1, 2027 | Feb. 1, 2027 |
Minimum | Interest rate swap contract maturing on 1 Aug 2026 | ||
Derivative [Line Items] | ||
Pay rate | 4.10% | 4.10% |
Maturity date | Jun. 13, 2025 | Jun. 13, 2025 |
Minimum | Interest rate swap contract maturing on 12 Jun 2026 | ||
Derivative [Line Items] | ||
Pay rate | 1.36% | 1.36% |
Maturity date | Feb. 15, 2024 | Feb. 15, 2024 |
Minimum | Interest rate swap contract maturing on 27 Mar 24 | ||
Derivative [Line Items] | ||
Pay rate | 2.51% | 2.51% |
Maturity date | Jan. 11, 2024 | Jan. 11, 2024 |
Maximum | Interest rate swap contract maturing on 1 May 2028 | ||
Derivative [Line Items] | ||
Pay rate | 3.07% | 3.07% |
Maturity date | May 1, 2028 | May 1, 2028 |
Maximum | Interest rate swap contract maturing on 1 Aug 2026 | ||
Derivative [Line Items] | ||
Pay rate | 5.74% | 5.74% |
Maturity date | Aug. 1, 2026 | Aug. 1, 2026 |
Maximum | Interest rate swap contract maturing on 12 Jun 2026 | ||
Derivative [Line Items] | ||
Pay rate | 2.70% | 2.70% |
Maturity date | Jun. 12, 2026 | Jun. 12, 2026 |
Maximum | Interest rate swap contract maturing on 27 Mar 24 | ||
Derivative [Line Items] | ||
Pay rate | 2.78% | 2.78% |
Maturity date | Mar. 27, 2024 | Mar. 27, 2024 |
INTEREST RATE SWAPS - Additiona
INTEREST RATE SWAPS - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021USD ($)contractloan | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($)contractloan | Mar. 31, 2020USD ($) | Sep. 30, 2020contractloan | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Number of hedges | 13 | 13 | 13 | ||
Income (expense) from components excluded from assessment of cash flow hedge effectiveness, net | $ | $ 3,000 | $ (4,000) | $ (5,000) | $ (3,000) | |
Deposits as collateral for hedges | $ | $ 26,300,000 | $ 26,300,000 | |||
Interest rate swap | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Number of hedges | 9 | 9 | 9 | ||
Derivative Asset, Number of Instruments Held | 7 | 7 | 7 | ||
Derivative Liability, Number of Instruments Held | loan | 3 | 3 | 3 |
INCOME TAXES - Items that gave
INCOME TAXES - Items that gave rise to significant portions of deferred income taxes (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Deferred tax assets: | ||
Allowance for loan losses | $ 2,074 | $ 2,071 |
Nonaccrual interest | 625 | 561 |
Accrued vacation | 16 | 16 |
Capital loss carryforward | 4 | 4 |
Split dollar life insurance | 9 | 9 |
Post-retirement benefits | 70 | 72 |
Realized loss on equity securities | 3 | |
Unrealized losses on interest rate swaps | 2,637 | 3,596 |
Deferred compensation | 756 | 781 |
Goodwill | 52 | 58 |
Lease liability | 276 | 0 |
Other | 104 | 48 |
Employee benefit plans | 214 | 187 |
Total deferred tax assets | 6,837 | 7,406 |
Valuation allowance | 4 | 4 |
Total deferred tax assets, net of valuation allowance | 6,833 | 7,402 |
Deferred tax liabilities: | ||
Property | 173 | 137 |
Right of Use | 251 | 0 |
Realized gain on equity securities | 9 | 0 |
Unrealized gains on available for sale securities | 2,227 | 2,813 |
Purchase accounting adjustments | 359 | 321 |
Deferred loan fees | 401 | 229 |
Total deferred tax liabilities | 3,420 | 3,500 |
Net deferred tax assets | $ 3,413 | $ 3,902 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2020 | |
INCOME TAXES | ||
Period of capital gains recognized | 5 years | |
Valuation allowance | $ 4 | $ 4 |
STOCK COMPENSATION PLANS - Summ
STOCK COMPENSATION PLANS - Summary of non-vested stock award activity (Details) | 6 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Number of Shares | |
Non-vested stock awards at beginning of period | shares | 23,056 |
Granted | shares | 0 |
Forfeited | shares | 0 |
Vested | shares | (8,128) |
Non-vested stock awards at the end of the period | shares | 14,928 |
Weighted Average Grant Date Fair Value | |
Nonvested stock awards at beginning of period | $ / shares | $ 17.78 |
Granted | $ / shares | 0 |
Forfeited | $ / shares | 0 |
Vested | $ / shares | 18.03 |
Non-vested stock awards at the end of the period | $ / shares | $ 17.66 |
STOCK COMPENSATION PLANS - Su_2
STOCK COMPENSATION PLANS - Summary of status of stock options under Stock Option Plan (Details) - 2008 Option Plan and 2014 SIP - Stock Options | 6 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Number of Shares | |
Options outstanding at beginning of period | shares | 571,258 |
Exercised | shares | (15,000) |
Forfeited | shares | (39,500) |
Outstanding at the end of the period | shares | 516,758 |
Exercisable at December 31 | shares | 400,231 |
Weighted Average Exercise Price | |
Options outstanding at beginning of period | $ / shares | $ 14.58 |
Exercised | $ / shares | 12.23 |
Forfeited | $ / shares | 18.42 |
Outstanding at the end of the period | $ / shares | 14.36 |
Exercisable at December 31 | $ / shares | $ 13.70 |
STOCK COMPENSATION PLANS - 2008
STOCK COMPENSATION PLANS - 2008 Recognition and Retention Plan (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | |
Mar. 31, 2018 | Aug. 31, 2016 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares granted | 0 | ||
2008 Recognition and Retention Plan ("2008 RRP") | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares purchased by RRP trust | 213,528 | ||
Value of shares purchased in open market by RRP trust | $ 2.5 | ||
Average price per share of common stock purchased in the open market | $ 11.49 | ||
Percentage of vesting per year | 20.00% | ||
Vesting period of awards granted | 5 years | ||
Number of shares granted | 8,209 | 7,473 |
STOCK COMPENSATION PLANS - Opti
STOCK COMPENSATION PLANS - Option Plan (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Sep. 30, 2020 | Jul. 31, 2019 | Mar. 31, 2018 | May 30, 2017 | Mar. 31, 2017 | Aug. 31, 2016 | Feb. 28, 2015 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares granted | 0 | ||||||||||
2008 Stock Option Plan (the "2008 Option Plan") | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares granted | 18,235 | 283 | |||||||||
2008 Stock Option Plan (the "2008 Option Plan") | Stock Options | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Percentage of vesting and exercisable per year | 20.00% | ||||||||||
Vesting period of options | 5 years | ||||||||||
Exercisable period of options after grant date | 10 years | ||||||||||
Number of common stock available for issuance | 533,808 | 533,808 | |||||||||
Number of shares purchased for award | 18,866 | ||||||||||
2014 Stock Incentive Plan (the "2014 SIP") | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares granted | 25,000 | 17,128 | 3,027 | ||||||||
2014 Stock Incentive Plan (the "2014 SIP") | Stock Options | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares for issuance pursuant to options | 714,145 | 714,145 | |||||||||
Number of shares granted | 12,500 | 22,828 | 8,634 | ||||||||
2014 Stock Incentive Plan (the "2014 SIP") | Restricted stock awards or units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of common stock available for issuance | 285,655 | ||||||||||
Number of shares granted | 233,500 | ||||||||||
2008 RRP and 2014 SIP | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares purchased for award | 605,000 | ||||||||||
Number of shares granted | 18,291 | ||||||||||
2008 RRP and 2014 SIP | Restricted stock awards or units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period of options | 5 years | ||||||||||
Recognized compensation expense | $ 41,000 | $ 120,000 | |||||||||
Additional compensation expense for shares awarded remained unrecognized | 339,000 | $ 339,000 | |||||||||
2008 Option Plan and 2014 SIP | Stock Options | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of shares granted | 39,702 | 159,265 | |||||||||
Recognized compensation expense | 41,000 | $ 117,000 | 84,000 | $ 270,000 | |||||||
Additional compensation expense for shares awarded remained unrecognized | $ 239,000 | 239,000 | |||||||||
2008 Option Plan and 2014 SIP | Restricted stock awards or units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Recognized compensation expense | $ 84,000 | $ 256,000 |
STOCK COMPENSATION PLANS - Op_2
STOCK COMPENSATION PLANS - Option Granted (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average remaining contractual term for options outstanding | 5 years 1 month 6 days | |||
Exercise price and fair value | $ 18.46 | $ 18.46 | ||
2008 Option Plan and 2014 SIP | Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recognized compensation expense | $ 41,000 | $ 117,000 | $ 84,000 | $ 270,000 |
Additional compensation expense for shares awarded remained unrecognized | $ 239,000 | $ 239,000 | ||
Weighted average period for recognition of nonvested awards | 2 years 4 months 24 days | |||
2008 Option Plan and 2014 SIP | Stock Options | Granted in fiscal 2009 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Estimated fair value of options granted per share | $ 2.98 | |||
2008 Option Plan and 2014 SIP | Stock Options | Granted in fiscal 2010 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Estimated fair value of options granted per share | 2.92 | |||
2008 Option Plan and 2014 SIP | Stock Options | Granted in fiscal 2013 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Estimated fair value of options granted per share | 3.34 | |||
2008 Option Plan and 2014 SIP | Stock Options | Granted in fiscal 2014 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Estimated fair value of options granted per share | 4.67 | |||
2008 Option Plan and 2014 SIP | Stock Options | Granted in fiscal 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Estimated fair value of options granted per share | 4.58 | |||
2008 Option Plan and 2014 SIP | Stock Options | Granted in fiscal 2016 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Estimated fair value of options granted per share | 2.13 | |||
2008 Option Plan and 2014 SIP | Stock Options | Granted in fiscal 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Estimated fair value of options granted per share | $ 3.18 | |||
Fair value, valuation method | Black-Scholes pricing model | |||
Expected term | 7 years | |||
Volatility rate | 14.37% | |||
Expected interest rate | 2.22% | |||
Expected yield | 0.69% | |||
2008 Option Plan and 2014 SIP | Stock Options | Granted in fiscal 2017 | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price and fair value | $ 17.43 | $ 17.43 | ||
2008 Option Plan and 2014 SIP | Stock Options | Granted in fiscal 2018 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Estimated fair value of options granted per share | $ 3.63 | |||
2008 Option Plan and 2014 SIP | Stock Options | Granted In March 2018 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value, valuation method | Black-Scholes pricing model | |||
Expected term | 7 years | |||
Volatility rate | 15.90% | |||
Expected interest rate | 2.82% | |||
Expected yield | 1.08% | |||
2008 Option Plan and 2014 SIP | Stock Options | Granted in fiscal 2019 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Estimated fair value of options granted per share | $ 3.38 | |||
Fair value, valuation method | Black-Scholes pricing model | |||
Exercise price and fair value | 18.16 | $ 18.16 | ||
Expected term | 7 years | |||
Volatility rate | 17.76% | |||
Expected interest rate | 1.87% | |||
Expected yield | 1.10% | |||
2008 Option Plan and 2014 SIP | Stock Options | Granted In Fiscal 2020 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Estimated fair value of options granted per share | $ 2.31 | |||
Fair value, valuation method | Black-Scholes pricing model | |||
Exercise price and fair value | $ 10 | $ 10 | ||
Expected term | 7 years | |||
Volatility rate | 33.22% | |||
Expected interest rate | 0.41% | |||
Expected yield | 2.80% |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Sep. 30, 2020 | |
COMMITMENTS AND CONTINGENT LIABILITIES | ||
Outstanding commitments | $ 1,000 | |
Aggregate undisbursed portion of loans-in-process | 89,912 | $ 86,862 |
Loan Origination Commitments | ||
COMMITMENTS AND CONTINGENT LIABILITIES | ||
Outstanding commitments | 55,000 | 29,900 |
Aggregate undisbursed portion of loans-in-process | $ 89,900 | $ 86,900 |
Loan Origination Commitments | Minimum | ||
COMMITMENTS AND CONTINGENT LIABILITIES | ||
Market interest rate on fixed and variable rate loans | 3.13% | 3.25% |
Loan Origination Commitments | Maximum | ||
COMMITMENTS AND CONTINGENT LIABILITIES | ||
Market interest rate on fixed and variable rate loans | 4.50% | 4.75% |
Unused lines of Credit | ||
COMMITMENTS AND CONTINGENT LIABILITIES | ||
Outstanding commitments | $ 45,900 | $ 40,100 |
Letters of Credit | ||
COMMITMENTS AND CONTINGENT LIABILITIES | ||
Outstanding commitments | $ 1,100 | $ 1,100 |
FAIR VALUE MEASUREMENT - Assets
FAIR VALUE MEASUREMENT - Assets measured at fair value on recurring basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Assets: | ||
Assets, Total | $ 353,861 | $ 420,415 |
Liabilities: | ||
Liabilities, Total | 14,881 | 20,960 |
Level 1 | ||
Assets: | ||
Assets, Total | 54 | 51 |
Level 2 | ||
Assets: | ||
Assets, Total | 353,807 | 420,364 |
Liabilities: | ||
Liabilities, Total | 14,881 | 20,960 |
U.S. Government and agency obligations | ||
Assets: | ||
Assets, Total | 10,893 | 22,394 |
U.S. Government and agency obligations | Level 2 | ||
Assets: | ||
Assets, Total | 10,893 | 22,394 |
State and political subdivisions | ||
Assets: | ||
Assets, Total | 79,351 | 79,621 |
State and political subdivisions | Level 2 | ||
Assets: | ||
Assets, Total | 79,351 | 79,621 |
Mortgage-Backed Securities | ||
Assets: | ||
Assets, Total | 179,701 | 236,566 |
Mortgage-Backed Securities | Level 2 | ||
Assets: | ||
Assets, Total | 179,701 | 236,566 |
Corporate bonds | ||
Assets: | ||
Assets, Total | 83,862 | 81,783 |
Corporate bonds | Level 2 | ||
Assets: | ||
Assets, Total | 83,862 | 81,783 |
Equity security - FHLMC preferred stock | ||
Assets: | ||
Assets, Total | 54 | 51 |
Equity security - FHLMC preferred stock | Level 1 | ||
Assets: | ||
Assets, Total | 54 | 51 |
Interest rate swap | ||
Liabilities: | ||
Liabilities, Total | 14,881 | 20,960 |
Interest rate swap | Level 2 | ||
Liabilities: | ||
Liabilities, Total | $ 14,881 | $ 20,960 |
FAIR VALUE MEASUREMENT - Asse_2
FAIR VALUE MEASUREMENT - Assets measured at fair value on a non-recurring basis and the adjustments to the carrying value (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
Assets: | ||
Loans receivable, net | $ 620,875 | $ 588,300 |
Liabilities: | ||
Advances from FHLB long-term | 251,639 | 260,253 |
Carrying Amount | ||
Assets: | ||
Investment and mortgage-backed securities held to maturity | 22,270 | 22,860 |
Loans receivable, net | 620,875 | 588,300 |
Liabilities: | ||
Certificates of deposit | 301,922 | 269,610 |
Advances from FHLB long-term | 251,639 | 260,253 |
Fair Value | ||
Assets: | ||
Investment and mortgage-backed securities held to maturity | 23,460 | 24,330 |
Loans receivable, net | 622,637 | 593,768 |
Liabilities: | ||
Certificates of deposit | 311,058 | 278,224 |
Advances from FHLB long-term | 261,171 | 274,172 |
Level 1 | ||
Assets: | ||
Investment and mortgage-backed securities held to maturity | 0 | 0 |
Loans receivable, net | 0 | |
Liabilities: | ||
Certificates of deposit | 311,058 | 278,224 |
Advances from FHLB long-term | 261,171 | 274,172 |
Level 2 | ||
Assets: | ||
Investment and mortgage-backed securities held to maturity | 23,460 | 24,330 |
Loans receivable, net | 0 | |
Liabilities: | ||
Certificates of deposit | 0 | 0 |
Advances from FHLB long-term | 0 | 0 |
Level 3 | ||
Assets: | ||
Investment and mortgage-backed securities held to maturity | 0 | 0 |
Loans receivable, net | 622,637 | 593,768 |
Liabilities: | ||
Certificates of deposit | 0 | 0 |
Advances from FHLB long-term | $ 0 | $ 0 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Related to acquisition of Polonia Bancorp (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill | ||||
Balance, Goodwill | $ 6,102 | |||
Balance, Goodwill | $ 6,102 | 6,102 | ||
Core deposit intangible | ||||
Balance | 340 | |||
Balance | 291 | 291 | ||
GOODWILL AND OTHER INTANGIBLE ASSETS, Total | ||||
Amortization | (23) | $ (26) | (49) | $ (56) |
Polonia Bancorp | ||||
Goodwill | ||||
Balance, Goodwill | 6,102 | |||
Additions/Adjustments | 0 | |||
Balance, Goodwill | 6,102 | 6,102 | ||
GOODWILL AND OTHER INTANGIBLE ASSETS, Total | ||||
Balance, Total | 6,442 | |||
Additions/Adjustments | 0 | |||
Amortization | (49) | |||
Balance, Total | 6,393 | 6,393 | ||
Polonia Bancorp | Core deposit intangible | ||||
Core deposit intangible | ||||
Balance | 340 | |||
Additions/Adjustments | 0 | |||
Amortization | (49) | |||
Balance | $ 291 | $ 291 | ||
Amortization Period | 10 years |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Future fiscal periods amortization expense (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Sep. 30, 2020 |
GOODWILL AND OTHER INTANGIBLE ASSETS | ||
2021 | $ 44 | |
2022 | 78 | |
2023 | 64 | |
2024 | 49 | |
2025 | 34 | |
Thereafter | 22 | |
Total | $ 291 | $ 340 |
LEASES (Details)
LEASES (Details) | Mar. 31, 2021 |
Lessee, Lease, Description [Line Items] | |
Weighted-average remaining lease term - operating leases in years | 6 years 10 months 6 days |
Weighted-average discount rate - operating leases | 2.00% |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term (in years) | 5 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term (in years) | 9 years |
LEASES - Aggregate lease maturi
LEASES - Aggregate lease maturities and obligations (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Aggregate lease maturities and obligations | |
2021 | $ 105 |
2022 | 213 |
2023 | 216 |
2024 | 220 |
2025 | 231 |
2025 and thereafter | 423 |
Total lease payments | 1,408 |
Less: interest | 96 |
Present value of lease liabilities | $ 1,312 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021USD ($) | Mar. 31, 2021USD ($) | |
Operating lease ROU assets | $ 1,200,000 | $ 1,200,000 |
Operating lease liabilities | 1,312,000 | 1,312,000 |
Operating lease liabilities | 1,408,000 | 1,408,000 |
Operating lease cost | $ 51,000 | $ 102,000 |
Minimum | ||
Remaining lease term (in years) | 5 years | 5 years |
Maximum | ||
Remaining lease term (in years) | 9 years | 9 years |