New Accounting Pronouncements (Tables)

12 Months Ended

Sep. 30, 2020

Accounting Changes and Error Corrections [Abstract]

ASU and change in accounting principle

The Company recorded a decrease to retained earnings of $21,945,000 as of October 1, 2019 for the cumulative effect of adopting ASC 326 as further detailed below.

	September 30, 2019		CECL Adoption Impact		October 1, 2019
(In thousands)
Allowance for credit losses:
Commercial loans
Multi-family	$	7,391	$	3,013	$	10,404
Commercial real estate	13,170		(146)		13,024
Commercial & industrial	31,450		785		32,235
Construction	32,304		(9,536)		22,768
Land - acquisition & development	9,155		1,749		10,904
Total commercial loans	93,470		(4,135)		89,335
Consumer loans
Single-family residential	30,988		16,783		47,771
Construction - custom	1,369		1,511		2,880
Land - consumer lot loans	2,143		492		2,635
HELOC	1,103		945		2,048
Consumer	2,461		2,154		4,615
Total consumer loans	38,064		21,885		59,949
Total allowance for loan losses	131,534		17,750		149,284
Reserve for unfunded commitments	6,900		10,750		17,650
Total allowance for credit losses	$	138,434	$	28,500	$	166,934
Retained earnings
Total pre-tax impact			$	28,500
Tax effect			(6,555)
Decrease to retained earnings			$	21,945

	September 30, 2019		CECL Adoption Impact		October 1, 2019 (Post ASC 326 Adoption)		September 30, 2020
(In thousands)
Allowance for credit losses:
Commercial loans
Multi-family	$	7,391	$	3,013	$	10,404	$	13,853
Commercial real estate	13,170		(146)		13,024		22,516
Commercial & industrial	31,450		785		32,235		38,665
Construction	32,304		(9,536)		22,768		24,156
Land - acquisition & development	9,155		1,749		10,904		10,733
Total commercial loans	93,470		(4,135)		89,335		109,923
Consumer loans
Single-family residential	30,988		16,783		47,771		45,186
Construction - custom	1,369		1,511		2,880		3,555
Land - consumer lot loans	2,143		492		2,635		2,729
HELOC	1,103		945		2,048		2,571
Consumer	2,461		2,154		4,615		2,991
Total consumer loans	38,064		21,885		59,949		57,032
Total allowance for loan losses	$	131,534	$	17,750	149,284		166,955
Reserve for unfunded commitments	$	6,900	$	10,750	17,650		25,000
Total allowance for credit losses	$	138,434	$	28,500	$	166,934	$	191,955