Transactions with Related Parties

12 Months Ended

Sep. 30, 2020

Related Party Transactions [Abstract]

Transactions with Related Parties

Transactions With Related Parties

The Company has had, and may be expected to have in the future, banking transactions in the ordinary course of business with directors, executive officers, their immediate families, and affiliated companies in which they have 10% or more beneficial ownership (commonly referred to as related parties). Total loans committed to related parties were not significant at September 30, 2020 and 2019.

There was no interest paid to related parties for each of the fiscal years ended September 30, 2020, 2019 and 2018.

NAB provided the Company’s employees with restricted shares of NAB stock subsequent to meeting short- and long-term incentive goals. A payable was recorded between the Company and NAB based on the value and vesting schedule of issued shares. Final vesting of the shares occurred December 2017. The liability included in accrued expenses and other liabilities on the consolidated balance sheets was $0.0 million and $0.0 million at September 30, 2020 and 2019, respectively. The expense related to the restricted shares was $0.0 million for the fiscal year ended September 30, 2020 and negligible for the fiscal years ended September 30, 2019 and 2018, and was included within salaries and employee benefits on the consolidated statements of income.