Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Nov. 30, 2014 | Mar. 31, 2014 |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'TIMBERLAND BANCORP INC, | ' | ' |
Entity Central Index Key | '0001046050 | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 7,052,036 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $71.40 |
Timberland_Bancorp_Inc_and_Sub
Timberland Bancorp, Inc. and Subsidiary Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents: | ' | ' |
Cash and due from financial institutions | $11,818 | $12,879 |
Interest-bearing deposits in banks | 60,536 | 81,617 |
Total cash and cash equivalents | 72,354 | 94,496 |
Certificates of deposit (“CDsâ€) held for investment (at cost, which approximates fair value) | 35,845 | 30,042 |
Securities held to maturity, at amortized cost (estimated fair value of $6,274 and $3,533) | 5,298 | 2,737 |
Securities available for sale | 2,857 | 4,101 |
Federal Home Loan Bank of Seattle (“FHLBâ€) stock | 5,246 | 5,452 |
Loans receivable, net of allowance for loan losses of $10,427 and $11,136 | 564,853 | 546,193 |
Loans held for sale | 899 | 1,911 |
Net loans receivable | 565,752 | 548,104 |
Premises and equipment, net | 17,679 | 17,764 |
Other real estate owned (“OREOâ€) and other repossessed assets, net | 9,092 | 11,720 |
Accrued interest receivable | 1,910 | 1,972 |
Bank owned life insurance (“BOLIâ€) | 17,632 | 17,102 |
Goodwill | 5,650 | 5,650 |
Core deposit intangible (“CDIâ€) | 3 | 119 |
Mortgage servicing rights (“MSRsâ€), net | 1,684 | 2,266 |
Other assets | 4,563 | 4,123 |
Total assets | 745,565 | 745,648 |
Deposits: | ' | ' |
Non-interest-bearing demand | 106,417 | 87,657 |
Interest-bearing | 508,699 | 520,605 |
Total deposits | 615,116 | 608,262 |
FHLB advances | 45,000 | 45,000 |
Other liabilities and accrued expenses | 2,671 | 2,698 |
Total liabilities | 662,787 | 655,960 |
Shareholders’ equity | ' | ' |
Fixed Rate Cumulative Perpetual Preferred Stock, Series A, $0.01 par value; 1,000,000 shares authorized; redeemable at $1,000 per share: 12,065 shares issued and outstanding - September 30, 2013 | 0 | 11,936 |
Common stock, $0.01 par value; 50,000,000 shares authorized; 7,047,336 shares issued and outstanding - September 30, 2014 7,045,036 shares issued and outstanding - September 30, 2013 | 10,773 | 10,570 |
Unearned shares issued to Employee Stock Ownership Plan (“ESOPâ€) | -1,190 | -1,454 |
Retained earnings | 73,534 | 68,998 |
Accumulated other comprehensive loss | -339 | -362 |
Total shareholders’ equity | 82,778 | 89,688 |
Total liabilities and shareholders’ equity | $745,565 | $745,648 |
Timberland_Bancorp_Inc_and_Sub1
Timberland Bancorp, Inc. and Subsidiary Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Mortgage-backed securities and other investments held to maturity-fair value | $6,274 | $3,533 |
Preferred stock par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock shares authorized | 1,000,000 | 1,000,000 |
Preferred stock shares issued | 0 | 12,065 |
Preferred stock shares outstanding | 0 | 12,065 |
Preferred stock per share liquidation value (in dollars per share) | $1,000 | $1,000 |
Common stock par value (in dollars per share) | $0.01 | $0.01 |
Common stock shares authorized | 50,000,000 | 50,000,000 |
Common stock shares issued | 7,047,336 | 7,045,036 |
Common stock shares outstanding | 7,047,336 | 7,045,036 |
Timberland_Bancorp_Inc_and_Sub2
Timberland Bancorp, Inc. and Subsidiary Condensed Consolidated Statements of Income (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest and dividend income | ' | ' | ' |
Loans receivable | $29,205 | $29,591 | $30,831 |
Securities | 259 | 281 | 404 |
Dividends from mutual funds and FHLB stock | 27 | 29 | 32 |
Interest-bearing deposits in banks and CDs | 366 | 336 | 338 |
Total interest and dividend income | 29,857 | 30,237 | 31,605 |
Interest expense | ' | ' | ' |
Deposits | 2,066 | 2,568 | 3,951 |
FHLB advances | 1,873 | 1,871 | 1,996 |
Total interest expense | 3,939 | 4,439 | 5,947 |
Net interest income | 25,918 | 25,798 | 25,658 |
Provision for loan losses | 0 | 2,925 | 3,500 |
Net interest income after provision for loan losses | 25,918 | 22,873 | 22,158 |
Non-interest income | ' | ' | ' |
Recoveries (other than temporary impairment “OTTIâ€) on securities | 7 | -15 | -206 |
Adjustment for portion of OTTI recorded as (transferred from) other comprehensive loss (before taxes) | 52 | -32 | -8 |
Net recoveries (OTTI) on securities | 59 | -47 | -214 |
Gain (loss) on sales of securities | -32 | 0 | 22 |
Service charges on deposits | 3,738 | 3,663 | 3,795 |
ATM and debit card interchange transaction fees | 2,426 | 2,142 | 2,172 |
BOLI net earnings | 530 | 577 | 607 |
Gain on sales of loans, net | 1,013 | 2,507 | 2,472 |
Escrow fees | 158 | 184 | 118 |
Valuation recovery on MSRs, net | 0 | 475 | 10 |
Other | 638 | 761 | 799 |
Total non-interest income, net | 8,530 | 10,262 | 9,781 |
Non-interest expense | ' | ' | ' |
Salaries and employee benefits | 13,294 | 12,605 | 12,050 |
Premises and equipment | 2,878 | 2,835 | 2,676 |
Gain on disposition of premises and equipment, net | -7 | -431 | 0 |
Advertising | 742 | 742 | 726 |
OREO and other repossessed assets, net | 1,010 | 2,587 | 1,982 |
ATM and debit card interchange transaction fees | 1,096 | 857 | 794 |
Postage and courier | 446 | 443 | 501 |
Amortization of CDI | 116 | 130 | 148 |
State and local taxes | 479 | 576 | 608 |
Professional fees | 792 | 856 | 822 |
Federal Deposit Insurance Corporation (FDIC) insurance | 636 | 685 | 942 |
Other insurance | 150 | 174 | 212 |
Loan administration and foreclosure | 456 | 430 | 816 |
Data processing and telecommunications | 1,450 | 1,232 | 1,265 |
Deposit operations | 759 | 607 | 776 |
Other | 1,501 | 1,536 | 1,250 |
Total non-interest expense | 25,798 | 25,864 | 25,568 |
Income before income taxes | 8,650 | 7,271 | 6,371 |
Provision for federal income taxes | 2,800 | 2,514 | 1,781 |
Net income | 5,850 | 4,757 | 4,590 |
Preferred stock dividends | -136 | -710 | -832 |
Preferred stock discount accretion | -70 | -283 | -240 |
Repurchase of preferred stock at a discount | 0 | 255 | 0 |
Net income to common shareholders | $5,644 | $4,019 | $3,518 |
Net income per common share | ' | ' | ' |
Basic (in dollars per share) | $0.82 | $0.59 | $0.52 |
Diluted (in dollars per share) | $0.80 | $0.58 | $0.52 |
Timberland_Bancorp_Inc_and_Sub3
Timberland Bancorp, Inc. and Subsidiary Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Comprehensive income: | ' | ' | ' |
Net income | $5,850 | $4,757 | $4,590 |
Unrealized holding gain (loss) on securities available for sale, net of tax | -63 | 23 | 14 |
Change in OTTI on securities held to maturity, net of tax: | ' | ' | ' |
Additions | 0 | 0 | -27 |
Additional amount recognized related to credit loss for which OTTI was previously recognized | 13 | 15 | 8 |
Amount of OTTI reclassified to credit loss for previously recorded market loss | 21 | 6 | 24 |
Accretion of OTTI securities held to maturity, net of tax | 52 | 57 | 46 |
Total comprehensive income | $5,873 | $4,858 | $4,655 |
Timberland_Bancorp_Inc_and_Sub4
Timberland Bancorp, Inc. and Subsidiary Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (USD $) | Total | MRDP Stock | Stock Options | Preferred Stock | Common Stock | Common Stock | Common Stock | Unearned Shares Issued to ESOP | Retained Earnings | Accumulated Other Comprehensive Loss | ||||
In Thousands, except Share data, unless otherwise specified | MRDP Stock | Stock Options | ||||||||||||
Balance at beginning of period - amount at Sep. 30, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income | $4,590 | ' | ' | ' | ' | ' | ' | ' | $4,590 | ' | ||||
Preferred stock accretion | -240 | ' | ' | 240 | ' | ' | ' | ' | -240 | ' | ||||
5% preferred stock dividends | -832 | ' | ' | ' | ' | ' | ' | ' | -832 | ' | ||||
Earned ESOP shares, net of tax | 199 | ' | ' | ' | -65 | ' | ' | 264 | ' | ' | ||||
Stock option/MRDP compensation expense | ' | 77 | [1] | 15 | ' | ' | 77 | [1] | 15 | ' | ' | ' | ||
Unrealized holding loss on securities available for sale, net of tax | 14 | ' | ' | ' | ' | ' | ' | ' | ' | 14 | ||||
Change in OTTI on securities held to maturity, net of tax | 5 | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ||||
Accretion of OTTI on securities held to maturity, net of tax | 46 | ' | ' | ' | ' | ' | ' | ' | ' | 46 | ||||
Balance at end of period - amount at Sep. 30, 2012 | 90,319 | ' | ' | 16,229 | 10,484 | ' | ' | -1,719 | 65,788 | -463 | ||||
Balance at end of period - shares at Sep. 30, 2012 | ' | ' | ' | 16,641 | 7,045,036 | ' | ' | ' | ' | ' | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income | 4,757 | ' | ' | ' | ' | ' | ' | ' | 4,757 | ' | ||||
Preferred stock accretion | -283 | ' | ' | 283 | ' | ' | ' | ' | -283 | ' | ||||
5% preferred stock dividends | -885 | ' | ' | ' | ' | ' | ' | ' | -885 | ' | ||||
Earned ESOP shares, net of tax | 271 | ' | ' | ' | 6 | ' | ' | 265 | ' | ' | ||||
Stock option/MRDP compensation expense | 0 | [1] | 31 | [1] | 49 | ' | 0 | [1] | 31 | [1] | 49 | ' | ' | ' |
Unrealized holding loss on securities available for sale, net of tax | 23 | ' | ' | ' | ' | ' | ' | ' | ' | 23 | ||||
Change in OTTI on securities held to maturity, net of tax | 21 | ' | ' | ' | ' | ' | ' | ' | ' | 21 | ||||
Accretion of OTTI on securities held to maturity, net of tax | 57 | ' | ' | ' | ' | ' | ' | ' | ' | 57 | ||||
Balance at end of period - amount at Sep. 30, 2013 | 89,688 | ' | ' | 11,936 | 10,570 | ' | ' | -1,454 | 68,998 | -362 | ||||
Balance at end of period - shares at Sep. 30, 2013 | ' | ' | ' | 12,065 | 7,045,036 | ' | ' | ' | ' | ' | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income | 5,850 | ' | ' | ' | ' | ' | ' | ' | 5,850 | ' | ||||
Preferred stock accretion | -70 | ' | ' | 70 | ' | ' | ' | ' | -70 | ' | ||||
Redemption of preferred stock - shares | ' | ' | ' | -12,065 | ' | ' | ' | ' | ' | ' | ||||
Redemption of preferred stock - amount | -12,065 | ' | ' | -12,006 | ' | ' | ' | ' | -59 | ' | ||||
5% preferred stock dividends | -58 | ' | ' | ' | ' | ' | ' | ' | -58 | ' | ||||
Common stock dividends ($0.16 per common share) | -1,127 | ' | ' | ' | ' | ' | ' | ' | -1,127 | ' | ||||
Earned ESOP shares, net of tax | 328 | ' | ' | ' | 64 | ' | ' | 264 | ' | ' | ||||
Stock option/MRDP compensation expense | 0 | [1] | 4 | [1] | 112 | ' | 0 | [1] | 4 | [1] | 112 | ' | ' | ' |
Unrealized holding loss on securities available for sale, net of tax | -63 | ' | ' | ' | ' | ' | ' | ' | ' | -63 | ||||
Change in OTTI on securities held to maturity, net of tax | 34 | ' | ' | ' | ' | ' | ' | ' | ' | 34 | ||||
Accretion of OTTI on securities held to maturity, net of tax | 52 | ' | ' | ' | ' | ' | ' | ' | ' | 52 | ||||
Balance at end of period - amount at Sep. 30, 2014 | $82,778 | ' | ' | $0 | $10,773 | ' | ' | ($1,190) | $73,534 | ($339) | ||||
Balance at end of period - shares at Sep. 30, 2014 | ' | ' | ' | 0 | 7,047,336 | ' | ' | ' | ' | ' | ||||
[1] | 1998 Management Recognition and Development Plan (“MRDPâ€). |
Recovered_Sheet1
Timberland Bancorp, inc. and Subsidiary Condensed Consolidated Statements of Shareholders' Equity (Parentheticals) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Preferred Stock | ' |
Preferred stock, dividend rate (percent) | 5.00% |
Common Stock | ' |
Common stock dividends (in dollars per share) | 0.16 |
Timberland_Bancorp_Inc_and_Sub5
Timberland Bancorp, Inc. and Subsidiary Condensed Consolidated Statements of Shareholders' Equity Timberland Bancorp, Inc. and Subsidiary Condensed Consolidated Statements of Shareholders' Equity (Phantom) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | ||
Stock option/MRDP compensation expense | $0 | [1] | $0 | [1] |
Common Stock | ' | ' | ||
Stock option/MRDP compensation expense | $0 | [1] | $0 | [1] |
[1] | 1998 Management Recognition and Development Plan (“MRDPâ€). |
Timberland_Bancorp_Inc_and_Sub6
Timberland Bancorp, Inc. and Subsidiary Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' | ' |
Net income | $5,850 | $4,757 | $4,590 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 1,244 | 1,095 | 940 |
Deferred federal income taxes | 451 | 777 | 154 |
Amortization of CDI | 116 | 130 | 148 |
Earned ESOP shares | 264 | 265 | 264 |
MRDP compensation expense | 2 | 39 | 105 |
Stock option compensation expense | 104 | 49 | 15 |
Stock Option Tax Effect Less Excess Tax Benefit | 4 | 0 | 0 |
(Gain) loss on sales of securities | 32 | 0 | -22 |
Net (recoveries) OTTI on securities | -59 | 47 | 214 |
(Gain) loss on sales of OREO and other repossessed assets, net | -169 | -264 | 373 |
Gains on sale of loans, net | -1,013 | -2,507 | -2,472 |
Gain on disposition of premises and equipment, net | -7 | -431 | 0 |
Provision for loan losses | 0 | 2,925 | 3,500 |
Provision for OREO losses | 605 | 2,064 | 1,048 |
Loans originated for sale | -31,320 | -87,329 | -93,073 |
Amortization of MSRs | 969 | 948 | 805 |
Proceeds from sales of loans | 33,345 | 89,352 | 97,357 |
Valuation recovery on MSRs, net | 0 | -475 | -10 |
BOLI net earnings | -530 | -577 | -607 |
Increase (decrease) in deferred loan origination fees | 36 | -60 | -180 |
Increase (decrease) in deferred loan origination fees | -1,301 | 767 | 2,239 |
Net cash provided by operating activities | 8,623 | 11,572 | 15,388 |
Proceeds from Stock Options Exercised | 23 | 0 | 0 |
Cash flows from investing activities | ' | ' | ' |
Net increase in CDs held for investment | -5,803 | -6,552 | -4,831 |
Payments to Acquire Held-to-maturity Securities | -3,003 | 0 | 0 |
Proceeds from maturities and prepayments of securities held to maturity | 583 | 689 | 751 |
Proceeds from maturities and prepayments of securities available for sale | 355 | 891 | 1,042 |
Proceeds from sales of securities available for sale | 856 | 0 | 743 |
Proceeds from redemption of FHLB stock | 206 | 203 | 50 |
Increase in loans receivable, net | -23,569 | -15,819 | -22,860 |
Additions to premises and equipment | -1,189 | -1,302 | -1,436 |
Proceeds from sales of OREO and other repossessed assets | 7,065 | 3,596 | 2,555 |
Proceeds from disposition of premises and equipment, net | 37 | 760 | 0 |
Net cash used in investing activities | -24,462 | -17,534 | -23,986 |
Cash flows from financing activities | ' | ' | ' |
Net increase in deposits | 6,854 | 10,336 | 5,248 |
Repayment of FHLB advances | 0 | 0 | -10,000 |
Net increase (decrease) in repurchase agreements | 0 | -855 | 126 |
ESOP tax effect | 64 | 6 | -65 |
MRDP compensation tax effect | 2 | -8 | -28 |
Repurchase of preferred stock | -12,065 | -4,321 | 0 |
Payment of dividends | -1,185 | -1,368 | -2,080 |
Net cash provided by (used in) financing activities | -6,303 | 3,790 | -6,799 |
Net decrease in cash and cash equivalents | -22,142 | -2,172 | -15,397 |
Beginning of year | 94,496 | 96,668 | ' |
End of year | 72,354 | 94,496 | 96,668 |
Supplemental disclosure of cash flow information | ' | ' | ' |
Income taxes paid | 2,888 | 1,793 | 2,343 |
Interest paid | 3,961 | 4,523 | 6,089 |
Supplemental disclosure of non-cash investing activities | ' | ' | ' |
Loans transferred to OREO and other repossessed assets | 6,155 | 6,375 | 9,443 |
Loans originated to facilitate the sale of OREO | $1,282 | $2,708 | $3,095 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary Of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of Timberland Bancorp, Inc. (“Timberland Bancorp”); its wholly owned subsidiary, Timberland Bank (the “Bank”); and the Bank’s wholly owned subsidiary, Timberland Service Corp. (collectively, “the Company”). All significant intercompany transactions and balances have been eliminated in consolidation. | |
Nature of Operations | |
Timberland Bancorp is a bank holding company which operates primarily through its subsidiary, the Bank. The Bank was established in 1915 and, through its 22 branches located in Grays Harbor, Pierce, Thurston, Kitsap, King and Lewis counties in Washington State, attracts deposits from the general public, and uses those funds, along with other borrowings, primarily to provide residential real estate, construction, commercial real estate, commercial business and consumer loans to borrowers primarily in western Washington. | |
Consolidated Financial Statement Presentation | |
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S.")(“GAAP”) and prevailing practices within the banking industry. The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, as of the date of the consolidated balance sheet, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the determination of OTTI in the estimated fair value of MBS, the valuation of MSRs, the valuation of OREO and the valuation of goodwill for potential impairment. | |
Certain prior year amounts have been reclassified to conform to the 2014 fiscal year presentation with no change to previously reported net income or shareholders’ equity. | |
Segment Reporting | |
The Company has one reportable operating segment which is defined as community banking in western Washington under the operating name “Timberland Bank.” | |
Preferred Stock Sold in Troubled Asset Relief Program ("TARP") Capital Purchase Program ("CPP") | |
On December 23, 2008, the Company received $16.64 million from the U.S. Treasury Department ("Treasury") as a part of the Treasury's CPP, which was established as part of the TARP. The Company sold 16,641 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A ("Series A Preferred Stock"), with a liquidation value of $1,000 per share and a related warrant to purchase 370,899 shares of the Company's common stock at an exercise price of $6.73 per share (subject to anti-dilution adjustments) at any time through December 23, 2018. The Series A Preferred Stock paid a 5.0% dividend through December 20, 2013, the date of its redemption. | |
The proceeds received in connection with the issuance of the Series A Preferred Stock were allocated between the preferred stock and warrant based on their relative fair values on the date of issuance. As a result, the preferred stock's initial recorded value was at a discount from the liquidation value or stated value. The discount from the liquidation value was accreted to the expected/actual redemption date and charged to retained earnings. This accretion was recorded using the level-yield method. | |
On November 13, 2012, the Company’s outstanding 16,641 shares of Series A Preferred Stock were sold by the Treasury as part of Treasury's efforts to manage and recover its investments under the TARP. While the sale of this preferred stock to new owners did not result in any proceeds to the Company and did not change the Company’s capital position or accounting for these securities, it did eliminate restrictions put in place by the Treasury on TARP recipients. | |
On June 12, 2013, the Treasury sold the warrant to purchase up to 370,899 shares of the Company’s common stock to private investors. The sale of the warrant to new owners did not result in any proceeds to the Company and did not change the Company's capital position or accounting for the warrant. | |
During the year ended September 30, 2013, the Company purchased and retired 4,576 shares of its Series A Preferred Stock for $4.32 million; a $255,000 discount from its liquidation value. The discount from liquidation value on the repurchased shares was recorded as an increase to retained earnings. On December 20, 2013, the Company redeemed the remaining 12,065 shares of its Series A Preferred Stock at the liquidation value of $12.07 million. | |
Investment Securities | |
Securities are classified upon acquisition as either held to maturity or available for sale. Securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and reflected at amortized cost. Securities classified as available for sale are reflected at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), net of tax effects. Premiums and discounts are amortized to earnings using the interest method over the contractual life of the securities. Gains and losses on sales of securities are recognized on the trade date and determined using the specific identification method. | |
In estimating whether there are any OTTI losses, management considers (1) the length of time and the extent to which the fair value has been less than amortized cost, (2) the financial condition and near term prospects of the issuer, (3) the impact of changes in market interest rates and (4) the intent and ability of the Company to retain its investment for a period of time sufficient to allow for any anticipated recovery in fair value. | |
Declines in the fair value of individual securities available for sale that are deemed to be other than temporary are reflected in earnings when identified. The fair value of the security then becomes the new cost basis. For individual securities which the Company does not intend to sell and it is not more likely than not that the Company will be required to sell before recovery of its amortized cost basis, the other than temporary decline in the fair value of the security related to: (1) credit loss is recognized in earnings and (2) market or other factors is recognized in other comprehensive income (loss). Credit loss is recorded if the present value of cash flows is less than the amortized cost. For individual securities which the Company intends to sell or more likely than not will not recover all of its amortized cost, the OTTI is recognized in earnings equal to the entire difference between the security’s cost basis and its fair value at the consolidated balance sheet date. For individual securities for which credit loss has been recognized in earnings, interest accruals and amortization and accretion of premiums and discounts are suspended when the credit loss is recognized. Interest received after accruals have been suspended is recognized on a cash basis. | |
FHLB Stock | |
The Company, as a member of the FHLB, is required to maintain an investment in capital stock of the FHLB in an amount equal to the greater of 1% of its outstanding home loans or 5% of advances from the FHLB. No ready market exists for this stock, and it has no quoted market value. However, redemption of this stock has historically been at par value. The Company's investment in FHLB stock is carried at cost, which approximates fair value. | |
The Company evaluates its FHLB stock for impairment as needed. The Company's determination of whether this investment is impaired is based on its assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as (1) the significance of any decline in net assets of the FHLB as compared with the capital stock amount and the length of time any decline has persisted; (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB; (3) the impact of legislative and regulatory changes on institutions and, accordingly, the customer base of the FHLB; and (4) the liquidity position of the FHLB. The FHLB has recently announced it has entered into an agreement to merge with the Federal Home Loan Bank of Des Moines. Although the agreement is still in process and has not yet been finalized and approved by certain regulatory agencies, management expects that the pending merger will positively affect the Company's recoverability of its investment in FHLB stock and continue to allow the Bank to obtain borrowings consistent with historical FHLB funding practices. Based on its evaluation, the Company determined that there was no impairment of FHLB stock at September 30, 2014 and 2013. | |
Loans Held for Sale | |
Mortgage loans originated and intended for sale in the secondary market are stated in the aggregate at the lower of cost or estimated fair value. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Gains or losses on sales of loans are recognized at the time of sale. The gain or loss is the difference between the net sales proceeds and the recorded value of the loans, including any remaining unamortized deferred loan origination fees. | |
Loans Receivable | |
Loans are stated at the amount of unpaid principal, reduced by the undisbursed portion of construction loans in process, deferred loan origination fees and the allowance for loan losses. | |
Non-Performing Loans | |
Loans on non-accrual status and loans past due 90 days or more and still accruing interest are considered to be non-performing loans. | |
Troubled Debt Restructured Loans | |
A troubled debt restructured loan is a loan for which the Company, for reasons related to a borrower’s financial difficulties, grants a significant concession to the borrower that the Company would not otherwise consider. | |
The loan terms which have been modified or restructured due to a borrower’s financial difficulty, include but are not limited to: a reduction in the stated interest rate; an extension of the maturity at an interest rate below current market rates; a reduction in the face amount of the debt; a reduction in the accrued interest; or re-amortizations, extensions, deferrals and renewals. Troubled debt restructured loans are considered impaired and are individually evaluated for impairment. Troubled debt restructured loans are classified as non-performing unless they have been performing in accordance with modified terms for a period of at least six months. | |
Impaired Loans | |
A loan is generally considered impaired when it is probable that the Company will be unable to collect all contractual principal and interest payments due in accordance with the original or modified terms of the loan agreement. When a loan is considered collateral dependent, impairment is measured using the estimated fair value of the underlying collateral, less any prior liens, and when applicable, less estimated selling costs. For impaired loans that are not collateral dependent, impairment is measured using the present value of expected future cash flows, discounted at the loan’s original effective interest rate. | |
The categories of non-accrual loans and impaired loans overlap, although they are not identical. The Company considers all circumstances regarding the loan and borrower on an individual basis when determining whether an impaired loan should be placed on non-accrual status, such as the financial strength of the borrower, the estimated collateral value, reasons for the delay, payment record, the amount past due and the number of days past due. | |
Allowance for Loan Losses | |
The allowance for loan losses is maintained at a level sufficient to provide for estimated loan losses based on evaluating known and inherent risks in the loan portfolio. The allowance is provided based upon management's comprehensive analysis of the pertinent factors underlying the quality of the loan portfolio. These factors include changes in the amount and composition of the loan portfolio, delinquency levels, actual loan loss experience, current economic conditions, and a detailed analysis of individual loans for which full collectability may not be assured. The detailed analysis includes methods to estimate the fair value of loan collateral and the existence of potential alternative sources of repayment. The allowance consists of specific and general components. The specific component relates to loans that are deemed impaired. For such loans that are classified as impaired, an allowance is established when the discounted cash flows, collateral value less selling costs (if applicable), or observable market price of the impaired loan is lower than the recorded value of that loan. The general component covers non-classified loans and classified loans that are not evaluated individually for impairment and is based on historical loss experience adjusted for qualitative factors. The Company's historical loss experience is determined by evaluating the average net charge-offs over the most recent economic cycle, but not to exceed six years. Qualitative factors are determined by loan type and allow management to adjust reserve levels to reflect the current general economic environment and portfolio performance trends including recent charge-off trends. Allowances are provided based on management’s continuing evaluation of the pertinent factors underlying the quality of the loan portfolio, including changes in the size and composition of the loan portfolio, actual loan loss experience, current economic conditions, collateral values, geographic concentrations, seasoning of the loan portfolio, specific industry conditions, the duration of the current business cycle and regulatory requirements and expectations. The appropriateness of the allowance for loan losses is estimated based upon these factors and trends identified by management at the time consolidated financial statements are prepared. | |
In accordance with GAAP, a loan is considered impaired when it is probable that a creditor will be unable to collect all amounts (principal and interest) due according to the contractual terms of the loan agreement. Smaller balance homogeneous loans, such as residential mortgage loans and consumer loans, may be collectively evaluated for impairment. When a loan has been identified as being impaired, the amount of the impairment is measured by using discounted cash flows, except when, as an alternative, the current estimated fair value of the collateral, reduced by estimated costs to sell (if applicable), or observable market price is used. The valuation of real estate collateral is subjective in nature and may be adjusted in future periods because of changes in economic conditions. Management considers third-party appraisals, as well as independent fair market value assessments from realtors or persons involved in selling real estate in determining the estimated fair value of particular properties. In addition, as certain of these third-party appraisals and independent fair market value assessments are only updated periodically, changes in the values of specific properties may have occurred subsequent to the most recent appraisals. Accordingly, the amounts of any such potential changes and any related adjustments are generally recorded at the time such information is received. When the measurement of the impaired loan is less than the recorded investment in the loan (including accrued interest and net deferred loan origination fees or costs), impairment is recognized by creating or adjusting an allocation of the allowance for loan losses and uncollected accrued interest is reversed against interest income. If ultimate collection of principal is in doubt, all cash receipts on impaired loans are applied to reduce the principal balance. | |
A provision for loan losses is charged against operations and is added to the allowance for loan losses based on a quarterly comprehensive analysis of the loan portfolio. The allowance for loan losses is allocated to certain loan categories based on the relative risk characteristics, asset classifications and actual loss experience of the loan portfolio. While management has allocated the allowance for loan losses to various loan portfolio segments, the allowance is general in nature and is available for the loan portfolio in its entirety. | |
The ultimate recovery of all loans is susceptible to future market factors beyond the Company’s control. These factors may result in losses or recoveries differing significantly from those provided in the consolidated financial statements. The Company has experienced a significant decline in valuations for some real estate collateral since October 2008. If real estate values decline further and as updated appraisals are received on collateral for impaired loans, the Company may need to increase the allowance for loan losses appropriately. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses, and may require the Company to make additions to the allowance based on their judgment about information available to them at the time of their examinations. | |
Interest on Loans and Loan Fees | |
Interest on loans is accrued daily based on the principal amount outstanding. Generally, the accrual of interest on loans is discontinued when, in management’s opinion, the borrower may be unable to meet payments as they become due or when they are past due 90 days as to either principal or interest (based on contractual terms), unless they are well secured and in the process of collection. In determining whether a borrower may be able to meet payments as they become due, management considers circumstances such as the financial strength of the borrower, the estimated collateral value, reasons for the delays in payments, payment record, the amounts past due and the number of days past due. All interest accrued but not collected for loans that are placed on non-accrual status or charged off is reversed against interest income. Subsequent collections on a cash basis are applied proportionately to past due principal and interest, unless collectability of principal is in doubt, in which case all payments are applied to principal. Loans are returned to accrual status when the loan is deemed current, and the collectability of principal and interest is no longer doubtful, or, in the case of one- to four-family loans, when the loan is less than 90 days delinquent. | |
The Company charges fees for originating loans. These fees, net of certain loan origination costs, are deferred and amortized to income, on the level-yield basis, over the loan term. If the loan is repaid prior to maturity, the remaining unamortized deferred loan origination fee is recognized in income at the time of repayment. | |
MSRs | |
The Company holds rights to service loans that it has originated and sold to the Federal Home Loan Mortgage Corporation (“Freddie Mac”). MSRs are capitalized at estimated fair value when acquired through the origination of loans that are subsequently sold with the servicing rights retained and are amortized to servicing income on loans sold approximately in proportion to and over the period of estimated net servicing income. The value of MSRs at the date of the sale of loans is estimated based on the discounted present value of expected future cash flows using key assumptions for servicing income and costs and prepayment rates on the underlying loans. The estimated fair value is periodically evaluated for impairment by comparing actual cash flows and estimated future cash flows from the servicing assets to those estimated at the time the servicing assets were originated. Fair values are estimated using discounted cash flows based on current market rates of interest. For purposes of measuring impairment, the MSRs must be stratified by one or more predominant risk characteristics of the underlying loans. The Company stratifies its capitalized MSRs based on product type and term of the underlying loans. The amount of impairment recognized is the amount, if any, by which the amortized cost of the MSRs exceeds their fair value. Impairment, if deemed temporary, is recognized through a valuation allowance to the extent that fair value is less than the recorded amount. | |
BOLI | |
BOLI policies are recorded at their cash surrender value less applicable cash surrender charges. Income from BOLI is recognized when earned. | |
Goodwill | |
Goodwill is initially recorded when the purchase price paid for an acquisition exceeds the estimated fair value of the net identified tangible and intangible assets acquired. Goodwill is presumed to have an indefinite useful life and is analyzed annually for impairment. An annual review is performed during the third quarter of each fiscal year, or more frequently if indicators of potential impairment exist, to determine if the recorded goodwill is impaired. If the estimated fair value of the Company’s sole reporting unit exceeds the recorded value of the reporting unit, goodwill is not considered impaired and no additional analysis is necessary. | |
The goodwill impairment test involves a two-step process. Step one estimates the fair value of the reporting unit. If the estimated fair value of the Company's sole reporting unit, the Bank, under step one exceeds the recorded value of the reporting unit, goodwill is not considered impaired and no further analysis is necessary. If the estimated fair value of the Company's sole reporting unit is less than the recorded value, then a step two test test, which calculates the fair value of assets and liabilities to calculate an implied value of goodwill, is performed. | |
Step one of the goodwill impairment test estimated the fair value of the reporting unit utilizing a discounted cash flow income approach analysis, a public company market approach analysis, a merger and acquisition market approach analysis and a trading price market approach analysis in order to derive an enterprise value for the Company. | |
The discounted cash flow income approach analysis uses a reporting unit's projection of estimated operating results and cash flows and discounts them using a rate that reflects current market conditions. The projection uses management's estimates of economic and market conditions over the projected period including growth rates in loans and deposits, estimates of future expected changes in net interest margins and cash expenditures. Key assumptions used by the Company in its discounted cash flow model (income approach) included an annual growth rate that ranged from 3.00% to 5.10%, an annual deposit growth rate that ranged from 2.80% to 4.00% and a return on assets that ranged from 0.70% to 1.00%. In addition to the above projections of estimated operating results, key assumptions used to determine the fair value estimate under the approach were the discount rate of 13.6% and the residual capitalization rate of 10.6%. The discount rate used was the cost of equity capital. The cost of equity capital was based on the capital asset pricing model ("CAPM"), modified to account for a small stock premium. The small stock premium represents the additional return required by investors for small stocks based on the Stocks, Bonds, Bills and Inflation 2013 Yearbook. Beyond the approximate five-year forecast period, residual free cash flows were estimated to increase at a constant rate into perpetuity. These cash flows were converted to a residual value using an appropriate residual capitalization rate. The residual capitalization rate was equal to the discount rate minus the expected long-term growth rate of cash flows. Based on historical results, the economic climate, the outlook for the industry and management's expectations, a long-term growth rate of 3.0% was estimated. | |
The public company market approach analysis estimates the fair value by applying cash flow multiples to the reporting unit's operating performance. The multiples are derived from comparable publicly traded companies with operating and investment characteristics similar to those of the Company. Key assumptions used by the Company included the selection of comparable public companies and performance ratios. In applying the public company analysis, the Company selected eight publicly traded institutions based on similar lines of business, markets, growth prospects, risks and firm size. The performance ratios included price to earnings (last twelve months), price to earnings (current year to date), price to book value, price to tangible book value and price to deposits. | |
The merger and acquisition market approach analysis estimates the fair value by using merger and acquisition transactions involving companies that are similar in nature to the Company. Key assumptions used by the Company included the selection of comparable merger and acquisition transactions and valuation ratios to be used. The analysis used banks located in Washington or Oregon that were acquired after January 1, 2012. The valuation ratios from these transactions for price to earnings and price to tangible book value were then used to derive an estimated fair value of the Company. | |
The trading price market approach analysis used the closing market price at May 30, 2014 of the Company's common stock, traded on the NASDAQ Global Market to determine the market value of total equity capital. | |
A key assumption used by the Company in the public company market approach analysis and the trading price market approach analysis was the application of a control premium. The Company's common stock is thinly traded and therefore management believes the trading price reflects a discount for illiquidity. In addition, the trading price of the Company's common stock reflects a minority interest value. To determine the fair market value of a majority interest in the Company's stock, premiums were calculated and applied to the indicated values. Therefore, a control premium was applied to the results of the public company market approach analysis and the trading price market approach analysis because the initial value conclusion was based on minority interest transactions. Merger and acquisition studies were analyzed to conclude that the difference between the acquisition price and a company's stock price prior to acquisition indicates, in part, the price effect of a controlling interest. Based on the evaluation of merger and acquisition studies, a control premium of 25% was used. | |
The Company performed its fiscal year 2014 goodwill impairment test during the quarter ended June 30, 2014 with the assistance of a third-party firm specializing in goodwill impairment valuations for financial institutions. The third-party analysis was conducted as of May 31, 2014 and the step one test concluded that the reporting unit's fair value was more than its recorded value and, therefore, step two of the analysis was not necessary. Accordingly, the recorded value of goodwill as of May 31, 2014 was not impaired. | |
A significant amount of judgment is involved in determining if an indicator of goodwill impairment has occurred. Such indicators may include, among others: a significant decline in the expected future cash flows; a sustained significant decline in the Company's stock price and market capitalization; a significant adverse change in legal factors or in the business climate; adverse assessment or action by a regulator; and unanticipated competition. Key assumptions used in the annual goodwill impairment test are highly judgmental and include: selection of comparable companies, amount of control premium, projected cash flows and discount rate applied to projected cash flows. Any change in these indicators or key assumptions could have a significant negative impact on the Company's financial condition, impact the goodwill impairment analysis or cause the Company to perform a goodwill impairment analysis more frequently than once per year. | |
As of September 30, 2014, management believed that there had been no events or changes in the circumstances since May 31, 2014 that would indicate a potential impairment of goodwill. No assurances can be given, however, that the Company will not record an impairment loss on goodwill in the future. | |
CDI | |
The CDI is amortized to non-interest expense using an accelerated method over a ten-year period. | |
Premises and Equipment | |
Premises and equipment are recorded at cost. Depreciation is computed using the straight-line method over the following estimated useful lives: buildings and improvements - five to 40 years; furniture and equipment - three to seven years; and automobiles - five years. The cost of maintenance and repairs is charged to expense as incurred. Gains and losses on dispositions are reflected in earnings. | |
Impairment of Long-Lived Assets | |
Long-lived assets, consisting of premises and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the recorded amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the recorded amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the recorded amount of the assets exceeds the discounted recovery amount or estimated fair value of the assets. No events or changes in circumstances have occurred during the years ended September 30, 2014 or 2013 that would cause management to evaluate the recoverability of the Company’s long-lived assets. | |
OREO and Other Repossessed Assets | |
OREO and other repossessed assets consist of properties or assets acquired through or in lieu of foreclosure, and are recorded initially at the estimated fair value of the properties less estimated costs of disposal. When the property is acquired, any excess of the loan balance over the estimated net realizable value is charged to the allowance for loan losses. Costs relating to development and improvement of the properties or assets are capitalized, while costs relating to holding the properties or assets are expensed. The valuation of real estate collateral is subjective in nature and may be adjusted in future periods because of changes in economic conditions. Management considers third-party appraisals, as well as independent fair market value assessments from realtors or persons involved in selling real estate, in determining the estimated fair value of particular properties. In addition, as certain of these third-party appraisals and independent fair market value assessments are only updated periodically, changes in the values of specific properties may have occurred subsequent to the most recent appraisals. Accordingly, the amounts of any such potential changes and any related adjustments are generally recorded at the time such information is received. | |
Transfers of Financial Assets | |
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |
Income Taxes | |
The Company files a consolidated federal income tax return. The Bank provides for income taxes separately and remits to (receives from) Timberland Bancorp amounts currently due (receivable). | |
Deferred federal income taxes result from temporary differences between the tax basis of assets and liabilities, and their reported amounts in the consolidated financial statements. These temporary differences will result in differences between income (loss) for tax purposes and income (loss) for financial reporting purposes in future years. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision (benefit) for income taxes. Valuation allowances are established to reduce the net recorded amount of deferred tax assets if it is determined to be more likely than not that all or some portion of the potential deferred tax asset will not be realized. | |
With respect to accounting for uncertainty in incomes taxes, a tax provision is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely to be realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters as income tax expense. The Company is no longer subject to United States federal income tax examination by tax authorities for years ended on or before September 30, 2010. | |
ESOP | |
The Bank sponsors a leveraged ESOP that is accounted for in accordance with GAAP. Accordingly, the debt of the ESOP is recorded as other borrowed funds of the Bank, and the shares pledged as collateral are reported as unearned shares issued to the ESOP in the consolidated balance sheets. The debt of the ESOP is payable to Timberland Bancorp and is therefore eliminated in the consolidated financial statements. As shares are released from collateral, compensation expense is recorded equal to the average market price of the shares for the period, and the shares become available for net income per common share calculations. Dividends paid on unallocated shares reduce the Company’s cash contributions to the ESOP. | |
Cash and Cash Equivalents and Cash Flows | |
The Company considers amounts included in the consolidated balance sheets’ captions “Cash and due from financial institutions,” and “Interest-bearing deposits in banks,” all of which mature within ninety days, to be cash equivalents for purposes of reporting cash flows. Cash flows from loans, deposits, FHLB advances and repurchase agreements are reported net in the accompanying consolidated statements of cash flows. | |
Interest-bearing deposits in banks as of September 30, 2014 and 2013 included deposits with the FRB of $55,445,000 and $72,955,000, respectively. The Company also maintains balances in correspondent bank accounts which, at times, may exceed FDIC insurance limits of $250,000. Management believes that its risk of loss associated with such balances is minimal due to the financial strength of the FRB and the correspondent banks. | |
Advertising | |
Costs for advertising and marketing are expensed as incurred. | |
Stock-Based Compensation | |
The Company measures compensation cost for all stock-based awards based on the grant-date fair value of the stock-based awards and recognizes compensation cost over the service period of stock-based awards. | |
The fair value of stock options is determined using the Black-Scholes valuation model. The fair value of stock grants under the MRDP was equal to the fair value of the shares at the grant date. | |
The Company’s stock compensation plans are described more fully in Note 15. | |
Net Income Per Common Share | |
Basic net income per common share is computed by dividing net income to common shareholders by the weighted average number of common shares outstanding during the period, without considering any dilutive items. Diluted net income per common share is computed by dividing net income to common shareholders by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the Timberland Bancorp's common stock during the period. The 5% dividend and related accretion for the amount of the Company's Series A Preferred Stock outstanding for the respective year was deducted from net income, and the discount on the redemption of Series A Preferred Stock was added to net income in computing net income to common shareholders. Common stock equivalents arise from assumed conversion of outstanding stock options and the outstanding warrant to purchase common stock. Shares owned by the Bank’s ESOP that have not been allocated are not considered to be outstanding for the purpose of computing net income per common share. | |
Related Party Transactions | |
The Chairman of the Board of the Bank and Timberland Bancorp is a member of the law firm that provides general counsel to the Company. Legal and other fees paid to this law firm for the years ended September 30, 2014, 2013 and 2012 totaled $179,000, $166,000 and $203,000, respectively. | |
Recent Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exits. The ASU clarifies when it is appropriate for an unrecognized tax benefit, or portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset. ASU 2013-11 is effective for annual periods, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The ASU should be applied prospectively to all unrecognized tax benefits that exist at the effective date; however, retrospective application is also permitted. Adoption of ASU 2013-11 is not expected to have a material impact on the Company's consolidated financial statements. | |
In January 2014, the FASB issued ASU No. 2014-04, Receivables - Troubled Debt Restructurings by Creditors. The ASU clarifies when an in-substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of the real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate property recognized. ASU 2014-04 is effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. The ASU can be adopted using a modified retrospective transition method or a prospective transition method. Adoption of ASU 2014-04 is not expected to have a material impact on the Company's consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The ASU implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 is effective for annual and interim reporting periods beginning after December 15, 2016. Adoption of ASU 2014-09 is not expected to have a material impact on the Company's consolidated financial statements. | |
In August 2014, the FASB issued ASU No. 2014-14, Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. The ASU addresses the classification of foreclosed loans that are either fully or partially guaranteed under government programs. ASU 2014-14 clarifies that upon foreclosure of fully or partially guaranteed loans which are guaranteed under government programs and meet certain conditions, the creditor will be required to reclassify the previously existing mortgage loan to a separate other receivable from the guarantor, measured at the amount of the loan balance (principal and interest) that it expects to collect from the guarantor. ASU 2014-14 will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2014 for public organizations. Adoption of ASU 2014-14 is not expected to have a material impact on the Company's consolidated financial statements. |
MBS_And_Other_Investments
MBS And Other Investments | 12 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||||||||
MBS And Other Investments | ' | |||||||||||||||||||||||||||||
Held to maturity and available for sale securities were as follows as of September 30, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||
U.S. government agencies | $ | 1,002 | $ | 32 | $ | (2 | ) | $ | 1,032 | |||||||||||||||||||||
Private label residential | 1,280 | 965 | (7 | ) | 2,238 | |||||||||||||||||||||||||
U.S. agency securities | 3,016 | 1 | (13 | ) | 3,004 | |||||||||||||||||||||||||
Total | $ | 5,298 | $ | 998 | $ | (22 | ) | $ | 6,274 | |||||||||||||||||||||
Available for Sale | ||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||
U.S. government agencies | $ | 1,801 | $ | 100 | $ | (2 | ) | $ | 1,899 | |||||||||||||||||||||
Mutual funds | 1,000 | — | (42 | ) | 958 | |||||||||||||||||||||||||
Total | $ | 2,801 | $ | 100 | $ | (44 | ) | $ | 2,857 | |||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||
U.S. government agencies | $ | 1,202 | $ | 31 | $ | (2 | ) | $ | 1,231 | |||||||||||||||||||||
Private label residential | 1,521 | 781 | (15 | ) | 2,287 | |||||||||||||||||||||||||
U.S. agency securities | 14 | 1 | — | 15 | ||||||||||||||||||||||||||
Total | $ | 2,737 | $ | 813 | $ | (17 | ) | $ | 3,533 | |||||||||||||||||||||
Available for Sale | ||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||
U.S. government agencies | $ | 2,144 | $ | 87 | $ | (2 | ) | $ | 2,229 | |||||||||||||||||||||
Private label residential | 804 | 120 | (10 | ) | 914 | |||||||||||||||||||||||||
Mutual funds | 1,000 | — | (42 | ) | 958 | |||||||||||||||||||||||||
Total | $ | 3,948 | $ | 207 | $ | (54 | ) | $ | 4,101 | |||||||||||||||||||||
Held to maturity and available for sale securities with unrealized losses were as follows as of September 30, 2014 (dollars in thousands): | ||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||
Estimated | Gross | Qty | Estimated | Gross | Qty | Estimated | Gross | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||
U.S. government agencies | $ | — | $ | — | — | $ | 76 | $ | (2 | ) | 8 | $ | 76 | $ | (2 | ) | ||||||||||||||
Private label residential | 9 | — | 1 | 188 | (7 | ) | 11 | 197 | (7 | ) | ||||||||||||||||||||
U.S. agency securities | 2,989 | (13 | ) | 1 | — | — | — | 2,989 | (13 | ) | ||||||||||||||||||||
Total | $ | 2,998 | $ | (13 | ) | 2 | $ | 264 | $ | (9 | ) | 19 | $ | 3,262 | $ | (22 | ) | |||||||||||||
Available for Sale | ||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||
U.S. government agencies | $ | 19 | $ | — | 1 | $ | 40 | $ | (2 | ) | 1 | $ | 59 | $ | (2 | ) | ||||||||||||||
Mutual funds | — | — | — | 958 | (42 | ) | 1 | 958 | (42 | ) | ||||||||||||||||||||
Total | $ | 19 | $ | — | 1 | $ | 998 | $ | (44 | ) | 2 | $ | 1,017 | $ | (44 | ) | ||||||||||||||
Held to maturity and available for sale securities with unrealized losses were as follows as of September 30, 2013 (dollars in thousands): | ||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||
Estimated | Gross | Qty | Estimated | Gross | Qty | Estimated | Gross | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||
U.S. government agencies | $ | 3 | $ | — | 6 | $ | 88 | $ | (2 | ) | 4 | $ | 91 | $ | (2 | ) | ||||||||||||||
Private label residential | 80 | (4 | ) | 4 | 239 | (11 | ) | 14 | 319 | (15 | ) | |||||||||||||||||||
Total | $ | 83 | $ | (4 | ) | 10 | $ | 327 | $ | (13 | ) | 18 | $ | 410 | $ | (17 | ) | |||||||||||||
Available for Sale | ||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||
U.S. government agencies | $ | 96 | $ | (2 | ) | 3 | $ | — | $ | — | 1 | $ | 96 | $ | (2 | ) | ||||||||||||||
Private label residential | — | — | — | 108 | (10 | ) | 2 | 108 | (10 | ) | ||||||||||||||||||||
Mutual funds | 958 | (42 | ) | 1 | — | — | — | 958 | (42 | ) | ||||||||||||||||||||
Total | $ | 1,054 | $ | (44 | ) | 4 | $ | 108 | $ | (10 | ) | 3 | $ | 1,162 | $ | (54 | ) | |||||||||||||
The Company has evaluated these securities and has determined that the decline in their value is temporary. The unrealized losses are primarily due to changes in market interest rates and spreads in the market for mortgage-related products. The fair value of these securities is expected to recover as the securities approach their maturity dates and/or as the pricing spreads narrow on mortgage-related securities. The Company has the ability and the intent to hold the investments until the market value recovers. Furthermore, as of September 30, 2014, management does not have the intent to sell any of the securities classified as available for sale where the estimated fair value is below the recorded value and believes that it is more likely than not that the Company will not have to sell such securities before a recovery of cost or recorded value if previously written down. | ||||||||||||||||||||||||||||||
In accordance with GAAP, the Company bifurcates OTTI into (1) amounts related to credit losses which are recognized through earnings and (2) amounts related to all other factors which are recognized as a component of other comprehensive income (loss). | ||||||||||||||||||||||||||||||
To determine the component of the gross OTTI related to credit losses, the Company compared the amortized cost basis of the OTTI security to the present value of its revised expected cash flows, discounted using its pre-impairment yield. The revised expected cash flow estimates for individual securities are based primarily on an analysis of default rates, prepayment speeds and third-party analytic reports. Significant judgment by management is required in this analysis that includes, but is not limited to, assumptions regarding the collectability of principal and interest, net of related expenses, on the underlying loans. | ||||||||||||||||||||||||||||||
The following table presents a summary of the significant inputs utilized to measure management’s estimates of the credit loss component on OTTI securities as of September 30, 2014, 2013 and 2012: | ||||||||||||||||||||||||||||||
Range | Weighted | |||||||||||||||||||||||||||||
Minimum | Maximum | Average | ||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||
Constant prepayment rate | 6 | % | 15 | % | 10.59 | % | ||||||||||||||||||||||||
Collateral default rate | 0.01 | % | 22.34 | % | 7.41 | % | ||||||||||||||||||||||||
Loss severity rate | 0.16 | % | 75.17 | % | 45.81 | % | ||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||
Constant prepayment rate | 6 | % | 15 | % | 12.33 | % | ||||||||||||||||||||||||
Collateral default rate | 0.73 | % | 22.53 | % | 7.84 | % | ||||||||||||||||||||||||
Loss severity rate | 20.48 | % | 75.02 | % | 52.69 | % | ||||||||||||||||||||||||
30-Sep-12 | ||||||||||||||||||||||||||||||
Constant prepayment rate | 6 | % | 15 | % | 8.77 | % | ||||||||||||||||||||||||
Collateral default rate | 0.06 | % | 28.4 | % | 8.74 | % | ||||||||||||||||||||||||
Loss severity rate | 0.52 | % | 76.03 | % | 48.28 | % | ||||||||||||||||||||||||
The following table presents the OTTI losses for the years ended September 30, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Held To | Available | Held To | Available | Held To Maturity | Available For Sale | |||||||||||||||||||||||||
Maturity | For Sale | Maturity | For Sale | |||||||||||||||||||||||||||
Total recoveries (OTTI) | $ | (83 | ) | $ | 90 | $ | (13 | ) | $ | (2 | ) | $ | (156 | ) | $ | (50 | ) | |||||||||||||
Adjustments for portion of OTTI recorded as (transferred from) other comprehensive loss (before taxes)(1) | 52 | — | (32 | ) | — | (8 | ) | — | ||||||||||||||||||||||
Net recoveries (OTTI) recognized in earnings (2) | $ | (31 | ) | $ | 90 | $ | (45 | ) | $ | (2 | ) | $ | (164 | ) | $ | (50 | ) | |||||||||||||
________________________ | ||||||||||||||||||||||||||||||
-1 | Represents OTTI related to all other factors. | |||||||||||||||||||||||||||||
-2 | Represents OTTI related to credit losses. | |||||||||||||||||||||||||||||
The following table presents a roll forward of the credit loss component of held to maturity and available for sale debt securities that have been written down for OTTI with the credit loss component recognized in earnings for the years ended September 30, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Balance, beginning of year | $ | 2,084 | $ | 2,703 | $ | 3,361 | ||||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||||||
Credit losses for which OTTI was | 2 | 7 | 81 | |||||||||||||||||||||||||||
not previously recognized | ||||||||||||||||||||||||||||||
Additional increases to the amount | 33 | 45 | 134 | |||||||||||||||||||||||||||
related to credit loss for which OTTI | ||||||||||||||||||||||||||||||
was previously recognized | ||||||||||||||||||||||||||||||
Subtractions: | ||||||||||||||||||||||||||||||
Realized losses previously recorded | (555 | ) | (671 | ) | (873 | ) | ||||||||||||||||||||||||
as credit losses | ||||||||||||||||||||||||||||||
Recovery of prior credit loss | 90 | — | — | |||||||||||||||||||||||||||
Balance, end of year | $ | 1,654 | $ | 2,084 | $ | 2,703 | ||||||||||||||||||||||||
During the year ended September 30, 2014 there were $32,000 in realized losses on five available for sale securities. During the year ended September 30, 2013 there were no realized gains on sales of available for sale securities. During the year ended September 30, 2012, there was a realized gain on one available for sale security in the amount of $22,000. During the year ended September 30, 2014, the Company recorded a $465,000 net realized loss (as a result of securities being deemed worthless) on fifteen held to maturity and six available for sale residential MBS, all of which had been recognized previously as a credit loss. During the year ended September 30, 2013, the Company recorded a $671,000 realized loss (as a result of securities being deemed worthless) on eighteen held to maturity and five available for sale residential MBS, all of which had been recognized previously as a credit loss. During the year ended September 30, 2012, the Company recorded a $873,000 realized loss (as a result of securities being deemed worthless) on twenty-five held to maturity and five available for sale residential MBS all of which had been recognized previously as a credit loss. | ||||||||||||||||||||||||||||||
The recorded amount of residential mortgage-backed and agency securities pledged as collateral for public fund deposits, federal treasury tax and loan deposits, FHLB collateral and other non-profit organization deposits totaled $6,221,000 and $4,537,000 at September 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||
The contractual maturities of debt securities at September 30, 2014, are as follows (dollars in thousands). Expected maturities may differ from scheduled maturities due to the prepayment of principal or call provisions. | ||||||||||||||||||||||||||||||
Held to Maturity | Available for Sale | |||||||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | |||||||||||||||||||||||||||
Cost | Fair | Cost | Fair | |||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||
Due after one year to five years | $ | 3,020 | $ | 3,008 | $ | 19 | $ | 19 | ||||||||||||||||||||||
Due after five years to ten years | 16 | 17 | 33 | 34 | ||||||||||||||||||||||||||
Due after ten years | 2,262 | 3,249 | 1,749 | 1,846 | ||||||||||||||||||||||||||
Total | $ | 5,298 | $ | 6,274 | $ | 1,801 | $ | 1,899 | ||||||||||||||||||||||
Restricted_Assets
Restricted Assets | 12 Months Ended |
Sep. 30, 2014 | |
Cash and Cash Equivalents [Abstract] | ' |
Restricted Assets | ' |
Restricted Assets | |
Federal Reserve Board regulations require that the Bank maintain certain minimum reserve balances on hand or on deposit with the FRB, based on a percentage of transaction account deposits. The amounts of the reserve requirement balances as of September 30, 2014 and 2013 were $1,008,000 and $840,000, respectively. |
Loans_Receivable_And_Allowance
Loans Receivable And Allowance For Loan Losses | 12 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | |||||||||||||||||||||||||||
Loans Receivable And Allowance For Loan Losses | ' | |||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses | ||||||||||||||||||||||||||||
Loans receivable and loans held for sale by portfolio segment consisted of the following at September 30, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 97,635 | $ | 102,387 | ||||||||||||||||||||||||
Multi-family | 46,206 | 51,108 | ||||||||||||||||||||||||||
Commercial | 294,354 | 291,297 | ||||||||||||||||||||||||||
Construction – custom and owner/builder | 59,752 | 40,811 | ||||||||||||||||||||||||||
Construction – speculative one- to four-family | 2,577 | 1,428 | ||||||||||||||||||||||||||
Construction – commercial | 3,310 | 2,239 | ||||||||||||||||||||||||||
Construction – multi-family | 2,840 | 143 | ||||||||||||||||||||||||||
Construction – land development | — | 515 | ||||||||||||||||||||||||||
Land | 29,589 | 31,144 | ||||||||||||||||||||||||||
Total mortgage loans | 536,263 | 521,072 | ||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 34,921 | 33,014 | ||||||||||||||||||||||||||
Other | 4,699 | 5,981 | ||||||||||||||||||||||||||
Total consumer loans | 39,620 | 38,995 | ||||||||||||||||||||||||||
Commercial business loans | 30,559 | 17,499 | ||||||||||||||||||||||||||
Total loans receivable | 606,442 | 577,566 | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Undisbursed portion of construction loans in process | 29,416 | 18,527 | ||||||||||||||||||||||||||
Deferred loan origination fees | 1,746 | 1,710 | ||||||||||||||||||||||||||
Allowance for loan losses | 10,427 | 11,136 | ||||||||||||||||||||||||||
41,589 | 31,373 | |||||||||||||||||||||||||||
Loans receivable, net | 564,853 | 546,193 | ||||||||||||||||||||||||||
Loans held for sale (one- to four-family) | 899 | 1,911 | ||||||||||||||||||||||||||
Total loans receivable and loans held for sale, net | $ | 565,752 | $ | 548,104 | ||||||||||||||||||||||||
Certain related parties of the Company, principally Bank directors and officers, are loan customers of the Bank in the ordinary course of business. Such related party loans were performing according to their repayment terms at September 30, 2014 and 2013. Activity in related party loans during the years ended September 30, 2014, 2013 and 2012 was as follows (dollars in thousands): | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Balance, beginning of year | $ | 1,095 | $ | 1,113 | $ | 2,498 | ||||||||||||||||||||||
New loans or advances | 40 | 276 | 175 | |||||||||||||||||||||||||
Repayments and reclassifications | (208 | ) | (294 | ) | (1,560 | ) | ||||||||||||||||||||||
Balance, end of year | $ | 927 | $ | 1,095 | $ | 1,113 | ||||||||||||||||||||||
Loan Segment Risk Characteristics | ||||||||||||||||||||||||||||
The Company believes that its loan classes are the same as its loan segments. | ||||||||||||||||||||||||||||
One- To Four-Family Residential Lending: The Company originates both fixed rate and adjustable rate loans secured by one- to four-family residences. A portion of the fixed-rate one- to four-family loans are sold in the secondary market for asset/liability management purposes and to generate non-interest income. The Company’s lending policies generally limit the maximum loan-to-value on one- to four-family loans to 90% of the lesser of the appraised value or the purchase price. However, the Company usually obtains private mortgage insurance on the portion of the principal amount that exceeds 80% of the appraised value of the property. | ||||||||||||||||||||||||||||
Multi-Family Lending: The Company originates loans secured by multi-family dwelling units (more than four units). Multi-family lending generally affords the Company an opportunity to receive interest at rates higher than those generally available from one- to four-family residential lending. However, loans secured by multi-family properties usually are greater in amount, more difficult to evaluate and monitor and, therefore, involve a greater degree of risk than one- to four-family residential mortgage loans. Because payments on loans secured by multi-family properties are often dependent on the successful operation and management of the properties, repayment of such loans may be affected by adverse conditions in the real estate market or economy. The Company attempts to minimize these risks by scrutinizing the financial condition of the borrower, the quality of the collateral and the management of the property securing the loan. | ||||||||||||||||||||||||||||
Commercial Mortgage Lending: The Company originates commercial real estate loans secured by properties such as office buildings, retail/wholesale facilities, motels, restaurants, mini-storage facilities and other commercial properties. Commercial real estate lending generally affords the Company an opportunity to receive interest at higher rates than those available from one- to four-family residential lending. However, loans secured by such properties usually are greater in amount, more difficult to evaluate and monitor and, therefore, involve a greater degree of risk than one- to four-family residential mortgage loans. Because payments on loans secured by commercial properties are often dependent on the successful operation and management of the properties, repayment of these loans may be affected by adverse conditions in the real estate market or economy. The Company attempts to mitigate these risks by generally limiting the maximum loan-to-value ratio to 80% and scrutinizing the financial condition of the borrower, the quality of the collateral and the management of the property securing the loan. | ||||||||||||||||||||||||||||
Construction Lending: The Company currently originates the following types of construction loans: custom construction loans, owner/builder construction loans, speculative construction loans (on a very limited basis), commercial real estate construction loans, and multi-family construction loans. The Company is not currently originating land development loans. | ||||||||||||||||||||||||||||
Construction lending affords the Company the opportunity to achieve higher interest rates and fees with shorter terms to maturity than does its single-family permanent mortgage lending. Construction lending, however, is generally considered to involve a higher degree of risk than one-to four family residential lending because of the inherent difficulty in estimating both a property’s value at completion of the project and the estimated cost of the project. The nature of these loans is such that they are generally more difficult to evaluate and monitor. If the estimated cost of construction proves to be inaccurate, the Company may be required to advance funds beyond the amount originally committed to complete the project. If the estimate of value upon completion proves to be inaccurate, the Company may be confronted with a project whose value is insufficient to assure full repayment, and the Company may incur a loss. Projects may also be jeopardized by disagreements between borrowers and builders and by the failure of builders to pay subcontractors. Loans to construct homes for which no purchaser has been identified carry more risk because the payoff for the loan depends on the builder’s ability to sell the property prior to the time that the construction loan is due. The Company attempts to mitigate these risks by adhering to its underwriting policies, disbursement procedures, and monitoring practices. | ||||||||||||||||||||||||||||
Construction Lending – Custom and Owner/Builder: Custom construction loans are made to home builders who, at the time of construction, have a signed contract with a home buyer who has a commitment to purchase the finished home. Owner/builder construction loans are originated to home owners rather than home builders and are typically refinanced into permanent loans at the completion of construction. | ||||||||||||||||||||||||||||
Construction Lending – Speculative One- To Four-Family: Speculative one-to four-family construction loans are made to home builders and are termed “speculative” because the home builder does not have, at the time of the loan origination, a signed contract with a home buyer who has a commitment for permanent financing with the Company or another lender for the finished home. The home buyer may be identified either during or after the construction period. The Company is currently originating speculative one-to four-family construction loans on a very limited basis. | ||||||||||||||||||||||||||||
Construction Lending – Commercial: Commercial construction loans are originated to construct properties such as office buildings, hotels, retail rental space and mini-storage facilities. | ||||||||||||||||||||||||||||
Construction Lending – Multi-Family: Multi-family construction loans are originated to construct apartment buildings and condominium projects. | ||||||||||||||||||||||||||||
Construction Lending – Land Development: The Company historically originated loans to real estate developers for the purpose of developing residential subdivisions. The Company is not currently originating any land development loans. | ||||||||||||||||||||||||||||
Land Lending: The Company has historically originated loans for the acquisition of land upon which the purchaser can then build or make improvements necessary to build or to sell as improved lots. Currently, the Company is originating new land loans on a very limited basis. Loans secured by undeveloped land or improved lots involve greater risks than one- to four-family residential mortgage loans because these loans are more difficult to evaluate. If the estimate of value proves to be inaccurate, in the event of default or foreclosure, the Company may be confronted with a property value which is insufficient to assure full repayment. The Company attempts to minimize this risk by generally limiting the maximum loan-to-value ratio on land loans to 75%. | ||||||||||||||||||||||||||||
Consumer Lending – Home Equity and Second Mortgages: The Company originates home equity lines of credit and second mortgage loans. Home equity lines of credit and second mortgage loans have a greater credit risk than one- to four-family residential mortgage loans because they are secured by mortgages subordinated to the existing first mortgage on the property, which may or may not be held by the Company. The Company attempts to mitigate these risks by adhering to its underwriting policies in evaluating the collateral and the credit-worthiness of the borrower. | ||||||||||||||||||||||||||||
Consumer Lending – Other: The Company originates other consumer loans, which include automobile loans, boat loans, motorcycle loans, recreational vehicle loans, savings account loans and unsecured loans. Other consumer loans generally have shorter terms to maturity than mortgage loans. Other consumer loans generally involve a greater degree of risk than do residential mortgage loans, particularly in the case of consumer loans that are unsecured or secured by rapidly depreciating assets such as automobiles. In such cases, any repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance as a result of the greater likelihood of damage, loss or depreciation. The Company attempts to mitigate these risks by adhering to its underwriting policies in evaluating the credit-worthiness of the borrower. | ||||||||||||||||||||||||||||
Commercial Business Lending: The Company originates commercial business loans which are generally secured by business equipment, accounts receivable, inventory or other property. The Company also generally obtains personal guarantees from the business owners based on a review of personal financial statements. Commercial business lending generally involves risks that are different from those associated with residential and commercial real estate lending. Real estate lending is generally considered to be collateral based lending with loan amounts based on predetermined loan to collateral values, and liquidation of the underlying real estate collateral is viewed as the primary source of repayment in the event of borrower default. Although commercial business loans are often collateralized by equipment, inventory, accounts receivable, or other business assets, the liquidation of collateral in the event of a borrower default is often an insufficient source of repayment, because accounts receivable may be uncollectible and inventories and equipment may be obsolete or of limited use. Accordingly, the repayment of a commercial business loan depends primarily on the credit-worthiness of the borrower (and any guarantors), while the liquidation of collateral is a secondary and potentially insufficient source of repayment. The Company attempts to mitigate | ||||||||||||||||||||||||||||
these risks by adhering to its underwriting policies in evaluating the management of the business and the credit-worthiness of the borrowers and the guarantors. | ||||||||||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||||||
The following table sets forth information for the year ended September 30, 2014 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands): | ||||||||||||||||||||||||||||
Beginning | Provision (Credit) | Charge- | Recoveries | Ending | ||||||||||||||||||||||||
Allowance | offs | Allowance | ||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One-to four-family | $ | 1,449 | $ | 1,113 | $ | 1,106 | $ | 194 | $ | 1,650 | ||||||||||||||||||
Multi-family | 749 | (362 | ) | — | — | 387 | ||||||||||||||||||||||
Commercial | 5,275 | 20 | 463 | 4 | 4,836 | |||||||||||||||||||||||
Construction – custom and owner/builder | 262 | 188 | — | — | 450 | |||||||||||||||||||||||
Construction – speculative one- to four-family | 96 | (44 | ) | — | — | 52 | ||||||||||||||||||||||
Construction – commercial | 56 | 22 | — | — | 78 | |||||||||||||||||||||||
Construction – multi-family | — | (226 | ) | — | 251 | 25 | ||||||||||||||||||||||
Construction – land development | — | (287 | ) | — | 287 | — | ||||||||||||||||||||||
Land | 1,940 | (664 | ) | 260 | 418 | 1,434 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 782 | 137 | 47 | 7 | 879 | |||||||||||||||||||||||
Other | 200 | (20 | ) | 6 | 2 | 176 | ||||||||||||||||||||||
Commercial business loans | 327 | 123 | 14 | 24 | 460 | |||||||||||||||||||||||
Total | $ | 11,136 | $ | — | $ | 1,896 | $ | 1,187 | $ | 10,427 | ||||||||||||||||||
The following table sets forth information for the year ended September 30, 2013 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands): | ||||||||||||||||||||||||||||
Beginning | Provision (Credit) | Charge- | Recoveries | Ending | ||||||||||||||||||||||||
Allowance | offs | Allowance | ||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One-to four-family | $ | 1,558 | $ | 565 | $ | 769 | $ | 95 | $ | 1,449 | ||||||||||||||||||
Multi-family | 1,156 | (407 | ) | — | — | 749 | ||||||||||||||||||||||
Commercial | 4,247 | 1,640 | 667 | 55 | 5,275 | |||||||||||||||||||||||
Construction – custom and owner/builder | 386 | (124 | ) | 26 | 26 | 262 | ||||||||||||||||||||||
Construction – speculative one- to four-family | 128 | (32 | ) | — | — | 96 | ||||||||||||||||||||||
Construction – commercial | 429 | (373 | ) | — | — | 56 | ||||||||||||||||||||||
Construction – multi-family | — | 116 | 116 | — | — | |||||||||||||||||||||||
Construction – land development | — | (129 | ) | 17 | 146 | — | ||||||||||||||||||||||
Land | 2,392 | 1,801 | 2,307 | 54 | 1,940 | |||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 759 | 202 | 184 | 5 | 782 | |||||||||||||||||||||||
Other | 254 | (40 | ) | 14 | — | 200 | ||||||||||||||||||||||
Commercial business loans | 516 | (294 | ) | — | 105 | 327 | ||||||||||||||||||||||
Total | $ | 11,825 | $ | 2,925 | $ | 4,100 | $ | 486 | $ | 11,136 | ||||||||||||||||||
The following table sets forth information for the year ended September 30, 2012 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands): | ||||||||||||||||||||||||||||
Beginning | Provision (Credit) | Charge- | Recoveries | Ending | ||||||||||||||||||||||||
Allowance | offs | Allowance | ||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One-to four-family | $ | 760 | $ | 1,000 | $ | 276 | $ | 74 | $ | 1,558 | ||||||||||||||||||
Multi-family | 1,076 | 80 | 14 | 14 | 1,156 | |||||||||||||||||||||||
Commercial | 4,035 | 1,427 | 1,215 | — | 4,247 | |||||||||||||||||||||||
Construction – custom and owner/builder | 222 | 164 | — | — | 386 | |||||||||||||||||||||||
Construction – speculative one- to four-family | 169 | (42 | ) | — | 1 | 128 | ||||||||||||||||||||||
Construction – commercial | 794 | 257 | 622 | — | 429 | |||||||||||||||||||||||
Construction – multi-family | 354 | (780 | ) | 24 | 450 | — | ||||||||||||||||||||||
Construction – land development | 79 | 106 | 239 | 54 | — | |||||||||||||||||||||||
Land | 2,795 | 751 | 1,251 | 97 | 2,392 | |||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 460 | 517 | 232 | 14 | 759 | |||||||||||||||||||||||
Other | 415 | (137 | ) | 24 | — | 254 | ||||||||||||||||||||||
Commercial business loans | 787 | 157 | 430 | 2 | 516 | |||||||||||||||||||||||
Total | $ | 11,946 | $ | 3,500 | $ | 4,327 | $ | 706 | $ | 11,825 | ||||||||||||||||||
The following table presents information on the loans evaluated individually and collectively for impairment in the allowance for loan losses by portfolio segment at September 30, 2014 (dollars in thousands): | ||||||||||||||||||||||||||||
Allowance for Loan Losses | Recorded Investment in Loans | |||||||||||||||||||||||||||
Individually | Collectively | Total | Individually | Collectively | Total | |||||||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | |||||||||||||||||||||||||
Impairment | Impairment | Impairment | Impairment | |||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 709 | $ | 941 | $ | 1,650 | $ | 7,011 | $ | 91,523 | $ | 98,534 | ||||||||||||||||
Multi-family | 39 | 348 | 387 | 3,317 | 42,889 | 46,206 | ||||||||||||||||||||||
Commercial | 797 | 4,039 | 4,836 | 17,188 | 277,166 | 294,354 | ||||||||||||||||||||||
Construction – custom and owner/ builder | — | 450 | 450 | — | 34,553 | 34,553 | ||||||||||||||||||||||
Construction – speculative one- to four-family | — | 52 | 52 | — | 1,204 | 1,204 | ||||||||||||||||||||||
Construction – commercial | — | 78 | 78 | — | 2,887 | 2,887 | ||||||||||||||||||||||
Construction – multi-family | — | 25 | 25 | — | 419 | 419 | ||||||||||||||||||||||
Land | 300 | 1,134 | 1,434 | 5,158 | 24,431 | 29,589 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 162 | 717 | 879 | 797 | 34,124 | 34,921 | ||||||||||||||||||||||
Other | — | 176 | 176 | 3 | 4,696 | 4,699 | ||||||||||||||||||||||
Commercial business loans | — | 460 | 460 | — | 30,559 | 30,559 | ||||||||||||||||||||||
Total | $ | 2,007 | $ | 8,420 | $ | 10,427 | $ | 33,474 | $ | 544,451 | $ | 577,925 | ||||||||||||||||
The following table presents information on the loans evaluated individually and collectively for impairment in the allowance for loan losses by portfolio segment at September 30, 2013 (dollars in thousands): | ||||||||||||||||||||||||||||
Allowance for Loan Losses | Recorded Investment in Loans | |||||||||||||||||||||||||||
Individually | Collectively | Total | Individually | Collectively | Total | |||||||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | |||||||||||||||||||||||||
Impairment | Impairment | Impairment | Impairment | |||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 600 | $ | 849 | $ | 1,449 | $ | 8,984 | $ | 95,314 | $ | 104,298 | ||||||||||||||||
Multi-family | 334 | 415 | 749 | 5,184 | 45,924 | 51,108 | ||||||||||||||||||||||
Commercial | 1,763 | 3,512 | 5,275 | 19,510 | 271,787 | 291,297 | ||||||||||||||||||||||
Construction – custom and owner/ builder | — | 262 | 262 | — | 22,788 | 22,788 | ||||||||||||||||||||||
Construction – speculative one- to four-family | 88 | 8 | 96 | 687 | 236 | 923 | ||||||||||||||||||||||
Construction – commercial | — | 56 | 56 | — | 2,239 | 2,239 | ||||||||||||||||||||||
Construction – multi-family | — | — | — | 143 | 1 | 144 | ||||||||||||||||||||||
Construction – land development | — | — | — | 515 | — | 515 | ||||||||||||||||||||||
Land | 234 | 1,706 | 1,940 | 2,391 | 28,753 | 31,144 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 57 | 725 | 782 | 679 | 32,335 | 33,014 | ||||||||||||||||||||||
Other | — | 200 | 200 | 6 | 5,975 | 5,981 | ||||||||||||||||||||||
Commercial business loans | — | 327 | 327 | — | 17,499 | 17,499 | ||||||||||||||||||||||
Total | $ | 3,076 | $ | 8,060 | $ | 11,136 | $ | 38,099 | $ | 522,851 | $ | 560,950 | ||||||||||||||||
The following table presents an age analysis of past due status of loans by portfolio segment at September 30, 2014 (dollars in thousands): | ||||||||||||||||||||||||||||
30–59 | 60-89 | Non- | Past Due | Total | Current | Total | ||||||||||||||||||||||
Days | Days | Accrual(1) | 90 Days | Past Due | Loans | |||||||||||||||||||||||
Past Due | Past Due | or More | ||||||||||||||||||||||||||
and Still | ||||||||||||||||||||||||||||
Accruing | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | — | $ | 577 | $ | 4,376 | $ | — | $ | 4,953 | $ | 93,581 | $ | 98,534 | ||||||||||||||
Multi-family | — | — | — | — | — | 46,206 | 46,206 | |||||||||||||||||||||
Commercial | — | 695 | 1,468 | 812 | 2,975 | 291,379 | 294,354 | |||||||||||||||||||||
Construction – custom and owner/ builder | — | 156 | — | — | 156 | 34,397 | 34,553 | |||||||||||||||||||||
Construction – speculative one- to four-family | — | — | — | — | — | 1,204 | 1,204 | |||||||||||||||||||||
Construction – commercial | — | — | — | — | — | 2,887 | 2,887 | |||||||||||||||||||||
Construction – multi-family | — | — | — | — | — | 419 | 419 | |||||||||||||||||||||
Land | 357 | 27 | 4,564 | — | 4,948 | 24,641 | 29,589 | |||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 62 | 44 | 498 | — | 604 | 34,317 | 34,921 | |||||||||||||||||||||
Other | 42 | — | 3 | — | 45 | 4,654 | 4,699 | |||||||||||||||||||||
Commercial business loans | 21 | — | — | — | 21 | 30,538 | 30,559 | |||||||||||||||||||||
Total | $ | 482 | $ | 1,499 | $ | 10,909 | $ | 812 | $ | 13,702 | $ | 564,223 | $ | 577,925 | ||||||||||||||
__________________ | ||||||||||||||||||||||||||||
-1 | Includes non-accrual loans past due 90 days or more and other loans classified as non-accrual. | |||||||||||||||||||||||||||
The following table presents an age analysis of past due status of loans by portfolio segment at September 30, 2013 (dollars in thousands): | ||||||||||||||||||||||||||||
30–59 | 60-89 | Non- | Past Due | Total | Current | Total | ||||||||||||||||||||||
Days | Days | Accrual(1) | 90 Days | Past Due | Loans | |||||||||||||||||||||||
Past Due | Past Due | or More | ||||||||||||||||||||||||||
and Still | ||||||||||||||||||||||||||||
Accruing | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 14 | $ | 1,218 | $ | 6,985 | $ | — | $ | 8,217 | $ | 96,081 | $ | 104,298 | ||||||||||||||
Multi-family | — | — | — | — | — | 51,108 | 51,108 | |||||||||||||||||||||
Commercial | — | 2,537 | 3,435 | — | 5,972 | 285,325 | 291,297 | |||||||||||||||||||||
Construction – custom and owner/ builder | — | — | — | — | — | 22,788 | 22,788 | |||||||||||||||||||||
Construction – speculative one- to four-family | — | — | — | — | — | 923 | 923 | |||||||||||||||||||||
Construction – commercial | — | — | — | — | — | 2,239 | 2,239 | |||||||||||||||||||||
Construction – multi-family | — | — | 144 | — | 144 | — | 144 | |||||||||||||||||||||
Construction – land development | — | — | 515 | — | 515 | — | 515 | |||||||||||||||||||||
Land | — | — | 2,146 | 284 | 2,430 | 28,714 | 31,144 | |||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 101 | 20 | 380 | 152 | 653 | 32,361 | 33,014 | |||||||||||||||||||||
Other | 1 | 39 | 5 | — | 45 | 5,936 | 5,981 | |||||||||||||||||||||
Commercial business loans | 83 | 15 | — | — | 98 | 17,401 | 17,499 | |||||||||||||||||||||
Total | $ | 199 | $ | 3,829 | $ | 13,610 | $ | 436 | $ | 18,074 | $ | 542,876 | $ | 560,950 | ||||||||||||||
___________________ | ||||||||||||||||||||||||||||
(1) Includes non-accrual loans past due 90 days or more and other loans classified as non-accrual. | ||||||||||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||||||
The Company uses credit risk grades which reflect the Company’s assessment of a loan’s risk or loss potential. The Company categorizes loans into risk grade categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors such as the estimated fair value of the collateral. The Company uses the following definitions for credit risk ratings as part of the on-going monitoring of the credit quality of its loan portfolio: | ||||||||||||||||||||||||||||
Pass: Pass loans are defined as those loans that meet acceptable quality underwriting standards. | ||||||||||||||||||||||||||||
Watch: Watch loans are defined as those loans that still exhibit acceptable quality, but have some concerns that justify greater attention. If these concerns are not corrected, a potential for further adverse categorization exists. These concerns could relate to a specific condition peculiar to the borrower or its industry segment or the general economic environment. | ||||||||||||||||||||||||||||
Special Mention: Special mention loans are defined as those loans deemed by management to have some potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the payment prospects of the loan. Assets in this category do not expose the Company to sufficient risk to warrant a substandard classification. | ||||||||||||||||||||||||||||
Substandard: Substandard loans are defined as those loans that are inadequately protected by the current net worth and paying capacity of the obligor, or of the collateral pledged. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. If the weakness or weaknesses are not corrected, there is the distinct possibility that some loss will be sustained. | ||||||||||||||||||||||||||||
Loss: Loans in this classification are considered uncollectible and of such little value that continuance as an asset is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not | ||||||||||||||||||||||||||||
practical or desirable to defer writing off this basically worthless loan even though partial recovery may be realized in the future. | ||||||||||||||||||||||||||||
The following table lists the loan credit risk grades utilized by the Company as credit quality indicators, by portfolio segment, at September 30, 2014 (dollars in thousands). At September 30, 2014 and 2013, there were no loans classified as loss. | ||||||||||||||||||||||||||||
Loan Grades | ||||||||||||||||||||||||||||
Pass | Watch | Special Mention | Substandard | Total | ||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 90,340 | $ | 1,749 | $ | 1,045 | $ | 5,400 | $ | 98,534 | ||||||||||||||||||
Multi-family | 37,336 | 1,697 | 6,410 | 763 | 46,206 | |||||||||||||||||||||||
Commercial | 266,467 | 5,819 | 15,946 | 6,122 | 294,354 | |||||||||||||||||||||||
Construction – custom and owner / builder | 34,553 | — | — | — | 34,553 | |||||||||||||||||||||||
Construction – speculative one- to four-family | 1,204 | — | — | — | 1,204 | |||||||||||||||||||||||
Construction – commercial | 2,887 | — | — | — | 2,887 | |||||||||||||||||||||||
Construction – multi-family | 419 | — | — | — | 419 | |||||||||||||||||||||||
Land | 21,084 | 114 | 3,586 | 4,805 | 29,589 | |||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 33,207 | 724 | 27 | 963 | 34,921 | |||||||||||||||||||||||
Other | 4,657 | 39 | — | 3 | 4,699 | |||||||||||||||||||||||
Commercial business loans | 30,355 | 112 | 92 | — | 30,559 | |||||||||||||||||||||||
Total | $ | 522,509 | $ | 10,254 | $ | 27,106 | $ | 18,056 | $ | 577,925 | ||||||||||||||||||
The following table lists the loan credit risk grades utilized by the Company as credit quality indicators, by portfolio segment, at September 30, 2013 (dollars in thousands): | ||||||||||||||||||||||||||||
Loan Grades | ||||||||||||||||||||||||||||
Pass | Watch | Special Mention | Substandard | Total | ||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 91,291 | $ | 4,032 | $ | 769 | $ | 8,206 | $ | 104,298 | ||||||||||||||||||
Multi-family | 41,863 | 132 | 8,337 | 776 | 51,108 | |||||||||||||||||||||||
Commercial | 262,502 | 3,309 | 12,522 | 12,964 | 291,297 | |||||||||||||||||||||||
Construction – custom and owner / builder | 22,788 | — | — | — | 22,788 | |||||||||||||||||||||||
Construction – speculative one- to four-family | 236 | 687 | — | — | 923 | |||||||||||||||||||||||
Construction – commercial | 2,239 | — | — | — | 2,239 | |||||||||||||||||||||||
Construction – multi-family | — | — | — | 144 | 144 | |||||||||||||||||||||||
Construction – land development | — | — | — | 515 | 515 | |||||||||||||||||||||||
Land | 20,627 | 5,101 | 1,129 | 4,287 | 31,144 | |||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 31,096 | 782 | 55 | 1,081 | 33,014 | |||||||||||||||||||||||
Other | 5,937 | 39 | — | 5 | 5,981 | |||||||||||||||||||||||
Commercial business loans | 17,029 | 366 | 104 | — | 17,499 | |||||||||||||||||||||||
Total | $ | 495,608 | $ | 14,448 | $ | 22,916 | $ | 27,978 | $ | 560,950 | ||||||||||||||||||
The following table is a summary of information related to impaired loans by portfolio segment as of and for the year ended September 30, 2014 (dollars in thousands): | ||||||||||||||||||||||||||||
September 30, 2014 | For the Year Ended | |||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||
Recorded | Unpaid Principal | Related | Average | Interest | Cash Basis | |||||||||||||||||||||||
Investment | Balance (Loan | Allowance | Recorded | Income | Interest | |||||||||||||||||||||||
Balance Plus | Investment | Recognized | Income | |||||||||||||||||||||||||
Charge Off) | Recognized | |||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 2,647 | $ | 3,301 | $ | — | $ | 3,763 | $ | — | $ | — | ||||||||||||||||
Multi-family | — | 857 | — | — | — | — | ||||||||||||||||||||||
Commercial | 11,057 | 14,184 | — | 7,859 | 414 | 325 | ||||||||||||||||||||||
Construction – multi-family | — | — | — | 57 | — | — | ||||||||||||||||||||||
Construction – land development | — | — | — | 141 | — | — | ||||||||||||||||||||||
Land | 1,079 | 1,674 | — | 1,044 | 12 | 10 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 351 | 574 | — | 276 | — | — | ||||||||||||||||||||||
Other | 3 | 3 | — | 7 | — | — | ||||||||||||||||||||||
Commercial business loans | — | 10 | — | 22 | — | — | ||||||||||||||||||||||
Subtotal | 15,137 | 20,603 | — | 13,169 | 426 | 335 | ||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | 4,364 | 4,364 | 709 | 4,140 | 146 | 110 | ||||||||||||||||||||||
Multi-family | 3,317 | 3,317 | 39 | 4,157 | 220 | 165 | ||||||||||||||||||||||
Commercial | 6,131 | 6,131 | 797 | 10,083 | 541 | 423 | ||||||||||||||||||||||
Construction – speculative one- to four-family | — | — | — | 275 | 11 | 7 | ||||||||||||||||||||||
Land | 4,079 | 4,079 | 300 | 3,780 | 18 | 16 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 446 | 446 | 162 | 404 | 16 | 12 | ||||||||||||||||||||||
Subtotal | 18,337 | 18,337 | 2,007 | 22,839 | 952 | 733 | ||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | 7,011 | 7,665 | 709 | 7,903 | 146 | 110 | ||||||||||||||||||||||
Multi-family | 3,317 | 4,174 | 39 | 4,157 | 220 | 165 | ||||||||||||||||||||||
Commercial | 17,188 | 20,315 | 797 | 17,942 | 955 | 748 | ||||||||||||||||||||||
Construction – speculative one- to four-family | — | — | — | 275 | 11 | 7 | ||||||||||||||||||||||
Construction – multi-family | — | — | — | 57 | — | — | ||||||||||||||||||||||
Construction – land development | — | — | — | 141 | — | — | ||||||||||||||||||||||
Land | 5,158 | 5,753 | 300 | 4,824 | 30 | 26 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 797 | 1,020 | 162 | 680 | 16 | 12 | ||||||||||||||||||||||
Other | 3 | 3 | — | 7 | — | — | ||||||||||||||||||||||
Commercial business loans | — | 10 | — | 22 | — | — | ||||||||||||||||||||||
Total | $ | 33,474 | $ | 38,940 | $ | 2,007 | $ | 36,008 | $ | 1,378 | $ | 1,068 | ||||||||||||||||
The following table is a summary of information related to impaired loans by portfolio segment as of and for the year ended September 30, 2013 (dollars in thousands): | ||||||||||||||||||||||||||||
September 30, 2013 | For the Year Ended | |||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||
Recorded | Unpaid Principal | Related | Average | Interest | Cash Basis | |||||||||||||||||||||||
Investment | Balance (Loan | Allowance | Recorded | Income | Interest | |||||||||||||||||||||||
Balance Plus | Investment | Recognized | Income | |||||||||||||||||||||||||
Charge Off) | Recognized | |||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 5,342 | $ | 5,775 | $ | — | $ | 2,661 | $ | 18 | $ | 13 | ||||||||||||||||
Multi-family | — | 982 | — | 473 | 3 | 3 | ||||||||||||||||||||||
Commercial | 4,879 | 8,005 | — | 8,781 | 322 | 267 | ||||||||||||||||||||||
Construction – custom and owner / builder | — | — | — | 97 | — | — | ||||||||||||||||||||||
Construction – speculative one- to four-family | — | — | — | 65 | — | — | ||||||||||||||||||||||
Construction – multi-family | 143 | 608 | — | 293 | — | — | ||||||||||||||||||||||
Construction – land development | 515 | 3,279 | — | 534 | — | — | ||||||||||||||||||||||
Land | 1,188 | 2,133 | — | 3,519 | 9 | 8 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 380 | 556 | — | 266 | — | — | ||||||||||||||||||||||
Other | 6 | 6 | — | 8 | — | — | ||||||||||||||||||||||
Commercial business loans | — | 33 | — | — | — | — | ||||||||||||||||||||||
Subtotal | 12,453 | 21,377 | — | 16,697 | 352 | 291 | ||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | 3,642 | 3,726 | 600 | 4,397 | 91 | 68 | ||||||||||||||||||||||
Multi-family | 5,184 | 5,184 | 334 | 5,960 | 301 | 230 | ||||||||||||||||||||||
Commercial | 14,631 | 15,297 | 1,763 | 9,052 | 526 | 420 | ||||||||||||||||||||||
Construction – custom and owner / builder | — | — | — | 60 | — | — | ||||||||||||||||||||||
Construction – speculative one- to four-family | 687 | 687 | 88 | 695 | 29 | 16 | ||||||||||||||||||||||
Construction – commercial | — | — | — | — | — | — | ||||||||||||||||||||||
Construction – multi-family | — | — | — | — | — | — | ||||||||||||||||||||||
Land | 1,203 | 1,226 | 234 | 1,962 | 27 | 27 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 299 | 299 | 57 | 352 | 16 | 12 | ||||||||||||||||||||||
Subtotal | 25,646 | 26,419 | 3,076 | 22,478 | 990 | 773 | ||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | 8,984 | 9,501 | 600 | 7,058 | 109 | 81 | ||||||||||||||||||||||
Multi-family | 5,184 | 6,166 | 334 | 6,433 | 304 | 233 | ||||||||||||||||||||||
Commercial | 19,510 | 23,302 | 1,763 | 17,833 | 848 | 687 | ||||||||||||||||||||||
Construction – custom and owner / builder | — | — | — | 157 | — | — | ||||||||||||||||||||||
Construction – speculative one- to four-family | 687 | 687 | 88 | 760 | 29 | 16 | ||||||||||||||||||||||
Construction – multi-family | 143 | 608 | — | 293 | — | — | ||||||||||||||||||||||
Construction – land development | 515 | 3,279 | — | 534 | — | — | ||||||||||||||||||||||
Land | 2,391 | 3,359 | 234 | 5,481 | 36 | 35 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 679 | 855 | 57 | 618 | 16 | 12 | ||||||||||||||||||||||
Other | 6 | 6 | — | 8 | — | — | ||||||||||||||||||||||
Commercial business loans | — | 33 | — | — | — | — | ||||||||||||||||||||||
Total | $ | 38,099 | $ | 47,796 | $ | 3,076 | $ | 39,175 | $ | 1,342 | $ | 1,064 | ||||||||||||||||
The following table is a summary of information related to impaired loans by portfolio segment as of and for the year ended September 30, 2012 (dollars in thousands): | ||||||||||||||||||||||||||||
30-Sep-12 | For the Year Ended | |||||||||||||||||||||||||||
30-Sep-12 | ||||||||||||||||||||||||||||
Recorded | Unpaid Principal | Related | Average | Interest | Cash Basis | |||||||||||||||||||||||
Investment | Balance (Loan | Allowance | Recorded | Income | Interest | |||||||||||||||||||||||
Balance Plus | Investment | Recognized | Income | |||||||||||||||||||||||||
Charge Off) | Recognized | |||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 1,510 | $ | 1,605 | $ | — | $ | 1,838 | $ | 20 | $ | 16 | ||||||||||||||||
Multi-family | — | 982 | — | — | 1 | 1 | ||||||||||||||||||||||
Commercial | 7,596 | 8,664 | — | 14,491 | 543 | 348 | ||||||||||||||||||||||
Construction – custom and owner / builder | 208 | 208 | — | 209 | — | — | ||||||||||||||||||||||
Construction – speculative one- to four-family | 327 | 327 | — | 65 | — | — | ||||||||||||||||||||||
Construction – commercial | — | 2,066 | — | 14 | 14 | |||||||||||||||||||||||
Construction – multi-family | 345 | 810 | — | 338 | — | — | ||||||||||||||||||||||
Construction – land development | 589 | 3,497 | — | 1,089 | 14 | 14 | ||||||||||||||||||||||
Land | 5,989 | 8,247 | — | 6,279 | 28 | 16 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 261 | 383 | — | 482 | — | — | ||||||||||||||||||||||
Other | 7 | 7 | — | 5 | — | — | ||||||||||||||||||||||
Commercial business loans | — | 166 | — | 32 | 2 | 2 | ||||||||||||||||||||||
Subtotal | 16,832 | 26,962 | — | 24,828 | 622 | 411 | ||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | 3,772 | 3,772 | 678 | 2,520 | 81 | 62 | ||||||||||||||||||||||
Multi-family | 6,879 | 6,879 | 711 | 6,618 | 294 | 189 | ||||||||||||||||||||||
Commercial | 9,596 | 9,596 | 667 | 5,043 | 60 | 39 | ||||||||||||||||||||||
Construction – custom and owner / builder | 101 | 101 | 15 | 106 | — | — | ||||||||||||||||||||||
Construction – speculative one- to four-family | 700 | 700 | 109 | 700 | 29 | 20 | ||||||||||||||||||||||
Construction – commercial | — | — | — | 3,248 | 230 | 146 | ||||||||||||||||||||||
Construction – multi-family | — | — | — | 74 | — | — | ||||||||||||||||||||||
Land | 2,624 | 2,811 | 686 | 3,307 | 37 | 36 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 301 | 301 | 36 | 515 | 31 | 23 | ||||||||||||||||||||||
Commercial business loans | — | — | — | 55 | — | — | ||||||||||||||||||||||
Subtotal | 23,973 | 24,160 | 2,902 | 22,186 | 762 | 515 | ||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | 5,282 | 5,377 | 678 | 4,358 | 101 | 78 | ||||||||||||||||||||||
Multi-family | 6,879 | 7,861 | 711 | 6,618 | 295 | 190 | ||||||||||||||||||||||
Commercial | 17,192 | 18,260 | 667 | 19,534 | 603 | 387 | ||||||||||||||||||||||
Construction – custom and owner / builder | 309 | 309 | 15 | 315 | — | — | ||||||||||||||||||||||
Construction – speculative one- to four-family | 1,027 | 1,027 | 109 | 765 | 29 | 20 | ||||||||||||||||||||||
Construction – commercial | — | 2,066 | — | 3,248 | 244 | 160 | ||||||||||||||||||||||
Construction – multi-family | 345 | 810 | — | 412 | — | — | ||||||||||||||||||||||
Construction – land development | 589 | 3,497 | — | 1,089 | 14 | 14 | ||||||||||||||||||||||
Land | 8,613 | 11,058 | 686 | 9,586 | 65 | 52 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 562 | 684 | 36 | 997 | 31 | 23 | ||||||||||||||||||||||
Other | 7 | 7 | — | 5 | — | — | ||||||||||||||||||||||
Commercial business loans | — | 166 | — | 87 | 2 | 2 | ||||||||||||||||||||||
Total | $ | 40,805 | $ | 51,122 | $ | 2,902 | $ | 47,014 | $ | 1,384 | $ | 926 | ||||||||||||||||
Troubled debt restructured loans are considered impaired loans and are individually evaluated for impairment. Troubled debt restructured loans can be classified as either accrual or non-accrual. The Company had $19,088,000 in troubled debt restructured loans included in impaired loans at September 30, 2014 and had no commitments to lend additional funds on these loans. The Company had $22,604,000 in troubled debt restructured loans included in impaired loans at September 30, 2013 and had $1,000 in commitments to lend additional funds on these loans. The allowance for loan losses allocated to troubled debt restructured loans at September 30, 2014 and 2013 was $994,000 and $2,371,000, respectively. | ||||||||||||||||||||||||||||
The following tables set forth information with respect to the Company’s troubled debt restructured loans by interest accrual status as of September 30, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
Accruing | Non- | Total | ||||||||||||||||||||||||||
Accrual | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 2,634 | $ | 233 | $ | 2,867 | ||||||||||||||||||||||
Multi-family | 3,317 | — | 3,317 | |||||||||||||||||||||||||
Commercial | 9,960 | 1,468 | 11,428 | |||||||||||||||||||||||||
Land | 594 | 431 | 1,025 | |||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 299 | 152 | 451 | |||||||||||||||||||||||||
Total | $ | 16,804 | $ | 2,284 | $ | 19,088 | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||
Accruing | Non- | Total | ||||||||||||||||||||||||||
Accrual | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 1,999 | $ | 198 | $ | 2,197 | ||||||||||||||||||||||
Multi-family | 5,184 | — | 5,184 | |||||||||||||||||||||||||
Commercial | 10,160 | 1,574 | 11,734 | |||||||||||||||||||||||||
Construction – speculative one- to four-family | 687 | — | 687 | |||||||||||||||||||||||||
Construction – land development | — | 515 | 515 | |||||||||||||||||||||||||
Land | 244 | 1,564 | 1,808 | |||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 299 | 180 | 479 | |||||||||||||||||||||||||
Total | $ | 18,573 | $ | 4,031 | $ | 22,604 | ||||||||||||||||||||||
The following tables set forth information with respect to the Company’s troubled debt restructured loans by portfolio segment that occurred during the years ended September 30, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||
2014 | Number of | Pre-Modification | Post- Modification | End of | ||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | Period | |||||||||||||||||||||||||
Recorded | Recorded | Balance | ||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||
One-to four-family (1) | 1 | $ | 42 | $ | 42 | $ | 42 | |||||||||||||||||||||
Land (1) | 1 | 157 | 157 | 153 | ||||||||||||||||||||||||
Total | 2 | $ | 199 | $ | 199 | $ | 195 | |||||||||||||||||||||
___________________________ | ||||||||||||||||||||||||||||
(1) Modifications were a result of a reduction in the stated interest rate. | ||||||||||||||||||||||||||||
2013 | Number of | Pre-Modification | Post- Modification | End of | ||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | Period | |||||||||||||||||||||||||
Recorded | Recorded | Balance | ||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||
One-to four-family (1) | 2 | $ | 353 | $ | 353 | $ | 350 | |||||||||||||||||||||
Commercial (2) | 2 | 2,327 | 2,327 | 2,318 | ||||||||||||||||||||||||
Total | 4 | $ | 2,680 | $ | 2,680 | $ | 2,668 | |||||||||||||||||||||
_______________________________ | ||||||||||||||||||||||||||||
-1 | Modifications were a result of a combination of changes (i.e., a reduction in the stated interest rate and an extension of the maturity at an interest rate below current market). | |||||||||||||||||||||||||||
(2) Modifications were a result of a reduction in the stated interest rate. | ||||||||||||||||||||||||||||
2012 | Number of | Pre-Modification | Post- Modification | End of | ||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | Period | |||||||||||||||||||||||||
Recorded | Recorded | Balance | ||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||
One-to four-family (1) | 1 | $ | 373 | $ | 373 | $ | 372 | |||||||||||||||||||||
Commercial (1) | 1 | 2,718 | 2,718 | 2,657 | ||||||||||||||||||||||||
Land (2) | 1 | 249 | 249 | 233 | ||||||||||||||||||||||||
Total | 3 | $ | 3,340 | $ | 3,340 | $ | 3,262 | |||||||||||||||||||||
-1 | Modifications were a result of a combination of changes (i.e., a reduction in the stated interest rate; an extension of the maturity at an interest rate below current market; a reduction in the accrued interest; or re-aging, extensions, deferrals and renewals). | |||||||||||||||||||||||||||
-2 | Modification was a result of a reduction in the stated interest rate. | |||||||||||||||||||||||||||
No troubled debt restructured loans were recorded that subsequently defaulted during the years ended September 30, 2014, 2013 and 2012. |
Mortgage_Servicing_Rights
Mortgage Servicing Rights | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Transfers and Servicing [Abstract] | ' | |||||||||||
Mortgage Servicing Rights | ' | |||||||||||
Mortgage Servicing Rights | ||||||||||||
Loans serviced for Freddie Mac are not included in the accompanying consolidated balance sheets. The principal amounts of those loans at September 30, 2014, 2013 and 2012 were $327,594,000, $325,726,000 and $304,872,000, respectively. | ||||||||||||
The following is an analysis of the changes in MSRs for the years ended September 30, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 2,266 | $ | 2,011 | $ | 2,108 | ||||||
Additions | 387 | 728 | 698 | |||||||||
Amortization | (969 | ) | (948 | ) | (805 | ) | ||||||
Valuation allowance | — | — | (216 | ) | ||||||||
Recovery of valuation allowance | — | 475 | 226 | |||||||||
Balance, end of year | $ | 1,684 | $ | 2,266 | $ | 2,011 | ||||||
At September 30, 2014, 2013 and 2012, the estimated fair value of MSRs totaled $3,204,000, $3,129,000 and $2,011,000, respectively. The MSRs' fair values for 2014, 2013 and 2012 were estimated using discounted cash flow analyses with average discount rates of 10.04%, 10.04% and 10.07%, respectively, and average prepayment speed factors of 164, 177 and | ||||||||||||
330, respectively. At September 30, 2014 and 2013 there were no valuation allowances on MSRs. At September 30, 2012 there was a valuation allowance on MSRs of $475,000. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Premises and Equipment | ' | |||||||
Premises and Equipment | ||||||||
Premises and equipment consisted of the following at September 30, 2014 and 2013 (dollars in thousands): | ||||||||
2014 | 2013 | |||||||
Land | $ | 4,085 | $ | 4,112 | ||||
Buildings and improvements | 17,546 | 17,344 | ||||||
Furniture and equipment | 8,332 | 7,527 | ||||||
Property held for future expansion | 110 | 110 | ||||||
Construction and purchases in progress | 153 | 370 | ||||||
30,226 | 29,463 | |||||||
Less accumulated depreciation | 12,547 | 11,699 | ||||||
Premises and equipment, net | $ | 17,679 | $ | 17,764 | ||||
The Company leases certain premises under operating leases. Total rental expense was $267,000, $250,000 and $248,000 for the years ended September 30, 2014, 2013, and 2012, respectively, which was included in premises and equipment expense in the accompanying consolidated statements of income. | ||||||||
Minimum net rental commitments under non-cancellable leases having an original or remaining term of more than one year for fiscal years ending subsequent to September 30, 2014 are as follows (dollars in thousands): | ||||||||
2015 | $ | 280 | ||||||
2016 | 225 | |||||||
2017 | 96 | |||||||
2018 | 96 | |||||||
2019 | 96 | |||||||
Thereafter | 120 | |||||||
Total minimum payments required | $ | 913 | ||||||
Certain leases contain renewal options from five to ten years and escalation clauses based on increases in property taxes and other costs. |
OREO_and_Other_Repossessed_Ass
OREO and Other Repossessed Assets | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | ' | |||||||||||||
OREO and Other Repossessed Assets | ' | |||||||||||||
OREO and Other Repossessed Assets | ||||||||||||||
The following table presents the activity related to OREO and other repossessed assets for the years ended September 30, 2014 and 2013 (dollars in thousands): | ||||||||||||||
2014 | 2013 | |||||||||||||
Amount | Number | Number | ||||||||||||
Amount | ||||||||||||||
Balance, beginning of year | $ | 11,720 | 47 | $ | 13,302 | 56 | ||||||||
Additions to OREO and other repossessed assets | 6,108 | 29 | 6,375 | 25 | ||||||||||
Capitalized improvements | 47 | — | 146 | — | ||||||||||
Lower of cost or estimated fair value losses | (605 | ) | — | (2,064 | ) | — | ||||||||
Disposition of OREO and other repossessed assets | (8,178 | ) | (36 | ) | (6,039 | ) | (34 | ) | ||||||
Balance, end of year | $ | 9,092 | 40 | $ | 11,720 | 47 | ||||||||
At September 30, 2014, OREO and other repossessed assets consisted of 40 properties in Washington, with balances ranging from $6,000 to $1,203,000. At September 30, 2013, OREO consisted of 47 properties in Washington, with balances ranging from $4,000 to $1,301,000. The Company recorded net gains on sale of OREO and other repossessed assets of $169,000 and $264,000 for the years ended September 30, 2014 and 2013, respectively. The Company recorded net losses on sales of OREO and other repossessed assets of $373,000 for the year ended September 30, 2012. Gains and losses on sales of OREO and other repossessed assets are recorded in the OREO and other repossessed assets, net category in non-interest expense in the accompanying consolidated statements of income. |
CDI
CDI | 12 Months Ended |
Sep. 30, 2014 | |
Finite-Lived Intangible Assets, Net [Abstract] | ' |
CDI | ' |
CDI | |
During the year ended September 30, 2005, the Company recorded a CDI of $2,201,000 in connection with the October 2004 acquisition of seven branches and related deposits. Net unamortized CDI totaled $3,000 and $119,000 at September 30, 2014 | |
and 2013, respectively. Amortization expense related to the CDI for the years ended September 30, 2014, 2013 and 2012 was $116,000, $130,000 and $148,000, respectively. | |
Amortization expense for CDI for the year ending September 30, 2015 will be $3,000. |
Deposits
Deposits | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Deposits [Abstract] | ' | |||||||||||
Deposits | ' | |||||||||||
Deposits | ||||||||||||
Deposits consisted of the following at September 30, 2014 and 2013 (dollars in thousands): | ||||||||||||
2014 | 2013 | |||||||||||
Non-interest-bearing demand | $ | 106,417 | $ | 87,657 | ||||||||
NOW checking | 160,748 | 156,100 | ||||||||||
Savings | 95,665 | 91,349 | ||||||||||
Money market accounts | 88,999 | 99,006 | ||||||||||
Certificates of deposit | 163,287 | 174,150 | ||||||||||
Total | $ | 615,116 | $ | 608,262 | ||||||||
Certificates of deposit of $100,000 or greater totaled $66,663,000 and $63,958,000 at September 30, 2014 and 2013, respectively. The Company had brokered deposits totaling $3,192,000 and $1,191,000 at September 30, 2014 and 2013, respectively. | ||||||||||||
Scheduled maturities of certificates of deposit for future years ending September 30 are as follows (dollars in thousands): | ||||||||||||
2015 | $ | 98,503 | ||||||||||
2016 | 32,746 | |||||||||||
2017 | 16,168 | |||||||||||
2018 | 6,075 | |||||||||||
2019 | 8,338 | |||||||||||
Thereafter | 1,457 | |||||||||||
Total | $ | 163,287 | ||||||||||
Interest expense on deposits by account type was as follows for the years ended September 30, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
NOW checking | $ | 440 | $ | 463 | $ | 651 | ||||||
Savings | 46 | 55 | 245 | |||||||||
Money market accounts | 246 | 246 | 334 | |||||||||
Certificates of deposit | 1,334 | 1,804 | 2,721 | |||||||||
Total | $ | 2,066 | $ | 2,568 | $ | 3,951 | ||||||
FHLB_Advances_and_Other_Borrow
FHLB Advances and Other Borrowings | 12 Months Ended |
Sep. 30, 2014 | |
Advances from Federal Home Loan Banks [Abstract] | ' |
FHLB Advances and Other Borrowings | ' |
FHLB Advances and Other Borrowings | |
The Bank has long- and short-term borrowing lines with the FHLB with total credit on the lines equal to 25% of the Bank’s total assets, limited by available collateral. Borrowings are considered short-term when the original maturity is less than one year. The Bank had $45,000,000 of long-term FHLB advances outstanding at September 30, 2014 and 2013. The long-term borrowings at September 30, 2014 mature at various dates during the 2017 fiscal year and bear interest at rates ranging from 3.69% to 4.34%. Under the Advances, Security and Deposit Agreement entered into with the FHLB ("FHLB Advance Agreement"), virtually all of the Bank’s assets, not otherwise encumbered, are pledged as collateral for advances. A portion of the long-term advances have a putable feature and may be called by the FHLB earlier than the scheduled maturities. | |
The Bank also has a variable letter of credit ("VLOC") of up to $5,000,000 with the FHLB for the purpose of collateralizing Washington State public deposits at September 30, 2014. Any amounts advanced by the FHLB on the VLOC will reduce the Bank's available borrowings under the FHLB Advance Agreement. | |
The Bank also maintains a short-term borrowing line with the FRB with total credit based on eligible collateral. At September 30, 2014 the Bank had a borrowing capacity on this line of $39,842,000. The Bank had no outstanding balance on this line at September 30, 2014 and 2013. | |
The Bank has a short-term $10,000,000 overnight borrowing line with Pacific Coast Banker's Bank. The borrowing line may be reduced or withdrawn at any time. As of September 30, 2014 and 2013 the Bank did not have any outstanding advances on this borrowing line. | |
There were no short-term borrowings during the years ended September 30, 2014, 2013 and 2012. |
Repurchase_Agreements
Repurchase Agreements | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Disclosure of Repurchase Agreements [Abstract] | ' | |||
Repurchase Agreements | ' | |||
Repurchase Agreements | ||||
The Bank had no overnight repurchase agreements with customers at September 30, 2014 and 2013, or during the year ended September 30, 2014. Information concerning repurchase agreements for the year ended September 30, 2013 is summarized as follows (dollars in thousands): | ||||
Average daily balance during the period | $ | 352 | ||
Average daily interest rate during the period | 0.05 | % | ||
Maximum month-end balance during the period | $ | 787 | ||
Other_Liabilities_and_Accrued_
Other Liabilities and Accrued Expenses | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Other Liabilities and Accrued Expenses | ' | |||||||
Other Liabilities and Accrued Expenses | ||||||||
Other liabilities and accrued expenses were comprised of the following at September 30, 2014 and 2013 (dollars in thousands): | ||||||||
2014 | 2013 | |||||||
Accrued deferred compensation and profit sharing plans payable | $ | 657 | $ | 660 | ||||
Accrued interest payable on deposits and advances | 298 | 320 | ||||||
Accounts payable and accrued expenses - other | 1,716 | 1,718 | ||||||
Total other liabilities and accrued expenses | $ | 2,671 | $ | 2,698 | ||||
Federal_Income_Taxes
Federal Income Taxes | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Federal Income Taxes | ' | |||||||||||
Federal Income Taxes | ||||||||||||
The components of the provision for federal income taxes for the years ended September 30, 2014, 2013 and 2012 were as follows (dollars in thousands): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current | $ | 2,349 | $ | 1,737 | $ | 1,627 | ||||||
Deferred | 451 | 777 | 154 | |||||||||
Provision | $ | 2,800 | $ | 2,514 | $ | 1,781 | ||||||
At September 30, 2014 and 2013, the Company had income taxes receivable of $461,000 and $80,000, respectively, which are included in other assets in the accompanying consolidated balance sheets. | ||||||||||||
The components of the Company’s deferred tax assets and liabilities at September 30, 2014 and 2013 were as follows (dollars in thousands): | ||||||||||||
2014 | 2013 | |||||||||||
Deferred Tax Assets | ||||||||||||
Accrued interest on loans | $ | — | $ | 83 | ||||||||
Unearned ESOP shares | 202 | 282 | ||||||||||
Allowance for loan losses | 3,669 | 4,018 | ||||||||||
Allowance for OREO losses | 628 | 794 | ||||||||||
CDI | 249 | 259 | ||||||||||
Net unrealized securities losses | 128 | 139 | ||||||||||
OTTI credit impairment | 185 | 198 | ||||||||||
Other | 180 | 174 | ||||||||||
Total deferred tax assets | 5,241 | 5,947 | ||||||||||
Deferred Tax Liabilities | ||||||||||||
FHLB stock dividends | 773 | 840 | ||||||||||
Depreciation | 141 | 147 | ||||||||||
Goodwill | 1,281 | 1,153 | ||||||||||
MSRs | 572 | 770 | ||||||||||
Prepaid expenses | 134 | 233 | ||||||||||
Other | 9 | 11 | ||||||||||
Total deferred tax liabilities | 2,910 | 3,154 | ||||||||||
Net deferred tax assets | $ | 2,331 | $ | 2,793 | ||||||||
The provision for federal income taxes for the years ended September 30, 2014, 2013 and 2012 differs from that computed at the statutory corporate tax rate as follows (dollars in thousands): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Expected tax provision at statutory rate | $ | 2,941 | $ | 2,472 | $ | 2,166 | ||||||
BOLI income | (180 | ) | (196 | ) | (206 | ) | ||||||
Change in estimated utilization of net capital loss carry-forward | — | 281 | (208 | ) | ||||||||
Dividends on ESOP | (41 | ) | (24 | ) | — | |||||||
Other - net | 80 | (19 | ) | 29 | ||||||||
Provision for federal income taxes | $ | 2,800 | $ | 2,514 | $ | 1,781 | ||||||
During the year ended September 30, 2013, the Company utilized $183,000 of the capital loss carry-forward and wrote-off the remaining portion of the related deferred tax asset and valuation allowance due to the expiration of the capital loss carry-forward period. No valuation allowance for net deferred tax assets was recorded as of September 30, 2014 and 2013, as management believes that it is more likely than not that all of the net deferred tax assets will be realized based on management's expectations of future taxable income and/or because they were supported by recoverable taxes paid in prior years. |
Employee_Stock_Ownership_and_4
Employee Stock Ownership and 401(k) Plan ("KSOP") | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Employee Stock Ownership and 401(k) Plan (KSOP) | ' | ||||||||
Employee Stock Ownership and 401(k) Plan (“KSOP”) | |||||||||
Effective October 3, 2007, the Bank established the Timberland Bank Employee Stock Ownership and 401(k) Plan (“KSOP”) by combining the existing Timberland Bank Employee Stock Ownership Plan (established in 1997) and the Timberland Bank 401(k) Profit Sharing Plan (established in 1970). The KSOP is comprised of two components, the ESOP and the 401(k) Plan. The KSOP benefits employees with at least one year of service who are 21 years of age or older. It may be funded by Bank contributions in cash or stock for the ESOP and in cash only for the 401(k) profit sharing. Employee vesting occurs over six years. | |||||||||
ESOP | |||||||||
The amount of the annual contribution is discretionary, except that it must be sufficient to enable the ESOP to service its debt. All dividends received by the ESOP are used to pay debt service. Dividends of $120,000 and $72,000 were used to service the debt during the years ended September 30, 2014 and 2013, respectively. There were no dividends used to service debt for the year ended September 30, 2012. As the Plan makes each payment of principal and interest, an appropriate percentage of stock is released and allocated annually to eligible employee accounts, in accordance with applicable regulations. As of September 30, 2014, 335,187 ESOP shares had been distributed to participants. | |||||||||
In January 1998, the ESOP borrowed $7,930,000 from the Company to purchase 1,058,000 shares of common stock of the Company. The loan is being repaid primarily from the Bank’s contributions to the ESOP and is scheduled to be fully repaid by March 31, 2019. The interest rate on the loan is 8.5%. Interest expense on the ESOP debt was $206,000, $237,000 and | |||||||||
$266,000 for the years ended September 30, 2014, 2013 and 2012, respectively. The balance of the loan at September 30, 2014 was $2,183,000. | |||||||||
Shares held by the ESOP as of September 30, 2014, 2013 and 2012 were classified as follows: | |||||||||
2014 | 2013 | 2012 | |||||||
Unallocated shares | 158,702 | 193,968 | 229,234 | ||||||
Shares released for allocation | 564,111 | 592,468 | 597,641 | ||||||
Total ESOP shares | 722,813 | 786,436 | 826,875 | ||||||
The approximate fair market value of the ESOP’s unallocated shares at September 30, 2014, 2013 and 2012, was $1,673,000, $1,746,000 and $1,375,000, respectively. Compensation expense recognized under the ESOP for the years ended September 30, 2014, 2013 and 2012 was $242,000, $202,000, and $165,000, respectively. | |||||||||
401(k) | |||||||||
Eligible employees may contribute a portion of their wages to the 401(k) part of the plan up to the maximum established by the Internal Revenue Service. Contributions by the Bank are at the discretion of the Board except for a 3% safe harbor contribution which is mandatory according to the plan document. Bank contributions totaled $302,000, $289,000 and $283,000 for the years ended September 30, 2014, 2013 and 2012, respectively. |
Stock_Compensation_Plans
Stock Compensation Plans | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||||
Stock Compensation Plans | ' | ||||||||||||||||||
Stock Compensation Plans | |||||||||||||||||||
Stock Option Plans | |||||||||||||||||||
Under the Company’s stock option plans (1999 Stock Option Plan and 2003 Stock Option Plan), the Company was able to grant options for up to 1,622,500 shares of common stock to employees, officers and directors. Shares issued may be purchased in the open market or may be issued from authorized and unissued shares. The exercise price of each option equals the fair market value of the Company’s common stock on the date of grant. Generally, options vest in 20% annual installments on each of the five anniversaries from the date of the grant. At September 30, 2014, there were no options for common shares available for future grant under the Company's stock option plans. | |||||||||||||||||||
Stock option activity for the years ended September 30, 2014, 2013 and 2012 is summarized as follows: | |||||||||||||||||||
Number of | Weighted Average | ||||||||||||||||||
Shares | Exercise Price | ||||||||||||||||||
Outstanding September 30, 2011 | 137,726 | $ | 9.25 | ||||||||||||||||
Options granted | 76,000 | 5.04 | |||||||||||||||||
Options forfeited | (18,100 | ) | 5.44 | ||||||||||||||||
Outstanding September 30, 2012 | 195,626 | 7.97 | |||||||||||||||||
Options granted | 29,000 | 6 | |||||||||||||||||
Options forfeited | (61,680 | ) | 9.69 | ||||||||||||||||
Outstanding September 30, 2013 | 162,946 | 6.96 | |||||||||||||||||
Options granted | 135,000 | 9.29 | |||||||||||||||||
Options exercised | (5,000 | ) | 4.66 | ||||||||||||||||
Options forfeited | (71,546 | ) | 9.87 | ||||||||||||||||
Outstanding September 30, 2014 | 221,400 | $ | 7.49 | ||||||||||||||||
The Company uses the Black-Scholes option pricing model to estimate the fair value of stock-based awards with the weighted average assumptions noted in the following table. The risk-free interest rate is based on the U.S. Treasury rate of a similar term | |||||||||||||||||||
as the stock option at the particular grant date. The expected life is based on historical data, vesting terms, and estimated exercise dates. The expected dividend yield is based on the most recent quarterly dividend on an annualized basis in effect at the time the options were granted, adjusted, if appropriate, for management's expectations regarding future dividends. At the time the options were granted for the years ended September 30, 2013 and 2012, the Company was under regulatory restrictions prohibiting the payment of dividends. Since management did not know when the Company would be allowed to pay dividends, an expected dividend yield of 0% was used. The expected volatility is based on historical volatility of the Company’s stock price. There were 76,000 options granted during the year ended September 30, 2012 with an aggregate grant date fair value of $150,000. There were 29,000 options granted during the year ended September 30, 2013 with an aggregate grant date fair value of $69,000. There were 135,000 options granted during the year ended September 30, 2014 with an aggregate grant date fair value of $349,000. The weighted average assumptions for options granted during the years ended September 30, 2014, 2013 and 2012 were as follows: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Expected volatility | 39 | % | 45 | % | 45 | % | |||||||||||||
Expected term (in years) | 5 | 5 | 5 | ||||||||||||||||
Expected dividend yield | 2.51 | % | — | % | — | % | |||||||||||||
Risk free interest rate | 1.41 | % | 0.76 | % | 0.76 | % | |||||||||||||
Grant date fair value per share | $ | 2.59 | $ | 2.37 | $ | 1.97 | |||||||||||||
There were 43,800 options that vested during the year ended September 30, 2014 with a total fair value of $80,000. There were 17,300 options that vested during the year ended September 30, 2013 with a total fair value of $32,000. There were 5,000 options that vested during the year ended September 30, 2012 with a total fair value of $6,000. | |||||||||||||||||||
At September 30, 2014 there were 177,600 unvested options with an aggregate grant date fair value of $434,000, all of which the Company assumes will vest. The unvested options had an aggregate intrinsic value of $435,000 at September 30, 2014. At September 30, 2013 there were 91,000 unvested options with an aggregate grant date fair value of $189,000. | |||||||||||||||||||
There were 5,000 options exercised during the year ended September 30, 2014, with an intrinsic value of $25,000. Proceeds from the exercise of these options totaled $23,000 and the related tax benefit recognized was $8,000 There were no options exercised during the years ended September 30, 2013 and 2012. | |||||||||||||||||||
Additional information regarding options outstanding at September 30, 2014, is as follows: | |||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||
Range of | Number | Weighted | Weighted | Number | Weighted | Weighted | |||||||||||||
Exercise | Average | Average | Average | Average | |||||||||||||||
Prices ($) | Exercise | Remaining | Exercise | Remaining | |||||||||||||||
Price | Contractual | Price | Contractual | ||||||||||||||||
Life (Years) | Life (Years) | ||||||||||||||||||
$ 4.01 - 4.55 | 37,700 | $ | 4.26 | 6.2 | 23,600 | $ | 4.34 | 5.9 | |||||||||||
5.86 - 6.00 | 61,700 | 5.92 | 8 | 20,200 | 5.9 | 8 | |||||||||||||
9.00 | 96,000 | 9 | 9.1 | — | n/a | n/a | |||||||||||||
10.26 - 10.59 | 26,000 | 10.34 | 9.3 | — | n/a | n/a | |||||||||||||
221,400 | $ | 7.49 | 8.3 | 43,800 | $ | 5.06 | 6.9 | ||||||||||||
The aggregate intrinsic value of options outstanding at September 30, 2014 was $675,000. The aggregate intrinsic value of options outstanding at September 30, 2013 was $443,000. The aggregate intrinsic value of options outstanding at September 30, 2012 was $88,000. | |||||||||||||||||||
Stock Grant Plan | |||||||||||||||||||
The Company adopted the MRDP in 1998 for the benefit of employees, officers and directors of the Company. The objective of the MRDP was to retain personnel of experience and ability in key positions by providing them with a proprietary interest in the Company. | |||||||||||||||||||
The MRDP allowed for the issuance to participants of up to 529,000 shares of the Company’s common stock. Awards under the MRDP were made in the form of restricted shares of common stock that are subject to restrictions on the transfer of ownership and are subject to a five-year vesting period. Compensation expense in the amount of the fair value of the common stock at the date of the grant to the plan participants was recognized over a five-year vesting period, with 20% vesting on each of the five anniversaries from the date of the grant. At September 30, 2014, there were no shares available for future awards under the MRDP. There were no MRDP shares granted during the years ended September 30, 2014, 2013 or 2012. | |||||||||||||||||||
A summary of MRDP shares vested for the years ended September 30, 2014, 2013 and 2012 were as follows: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Shares vested | 3,254 | 6,207 | 10,831 | ||||||||||||||||
Aggregate vesting date fair value | $ | 30,000 | $ | 38,000 | $ | 46,000 | |||||||||||||
A summary of unvested MRDP shares as of September 30, 2014 and changes during the year ended September 30, 2014, were as follows: | |||||||||||||||||||
Shares | Weighted Average | ||||||||||||||||||
Grant Date | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Unvested shares, beginning of period | 3,254 | $ | 7.01 | ||||||||||||||||
Shares vested | 3,254 | 7.01 | |||||||||||||||||
Unvested shares, end of period | — | $ | — | ||||||||||||||||
Expense for Stock Compensation Plans | |||||||||||||||||||
Compensation expense recorded in the consolidated financial statements for all stock-based plans was as follows for the years ended September 30, 2014, 2013 and 2012 (dollars in thousands): | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Stock options | $ | 112 | $ | 49 | $ | 15 | |||||||||||||
MRDP stock grants | 2 | 39 | 105 | ||||||||||||||||
Less: related tax benefit recognized | (10 | ) | (8 | ) | (28 | ) | |||||||||||||
$ | 104 | $ | 80 | $ | 92 | ||||||||||||||
The compensation expense to be recognized in the future years ending September 30 for stock options that had been awarded as of September 30, 2014 is as follows (in thousands): | |||||||||||||||||||
2015 | $ | 106 | |||||||||||||||||
2016 | 106 | ||||||||||||||||||
2017 | 98 | ||||||||||||||||||
2018 | 67 | ||||||||||||||||||
2019 | 9 | ||||||||||||||||||
$ | 386 | ||||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments and Contingencies | ' | |||||||
Commitments and Contingencies | ||||||||
The Company is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. These instruments involve, to varying degrees, elements of credit risk not recognized in the consolidated balance sheets. | ||||||||
The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments as it does for on-balance-sheet instruments. | ||||||||
A summary of the Company’s commitments at September 30, 2014 and 2013 is as follows (dollars in thousands): | ||||||||
2014 | 2013 | |||||||
Undisbursed portion of construction loans in process (see Note 4) | $ | 29,416 | $ | 18,527 | ||||
Undisbursed lines of credit | 30,678 | 25,187 | ||||||
Commitments to extend credit | 18,119 | 16,399 | ||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit-worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the party. However, such loan to value ratios will subsequently change, based on increases and decreases in the supporting collateral values. Collateral held varies, but may include accounts receivable, inventory, property and equipment, residential real estate, land, and income-producing commercial properties. | ||||||||
The Company maintains a separate reserve for losses related to unfunded loan commitments. Management estimates the amount of probable losses related to unfunded loan commitments by applying the loss factors used in the allowance for loan loss methodology to an estimate of the expected amount of funding and applies this adjusted factor to the unused portion of unfunded loan commitments. The reserve for unfunded loan commitments totaled $192,000 and $165,000 at September 30, 2014 and 2013, respectively. These amounts are included in other liabilities and accrued expenses in the accompanying consolidated balance sheets. Increases (decreases) in the reserve for unfunded loan commitments are recorded in non-interest expense in the accompanying consolidated statements of income. | ||||||||
The Bank has an employee severance compensation plan which expires in 2017, and which provides severance pay benefits to eligible employees in the event of a change in control of Timberland Bancorp or the Bank (as defined in the plan). In general, all employees with two or more years of service will be eligible to participate in the plan. Under the plan, in the event of a change in control of Timberland Bancorp or the Bank, eligible employees who are terminated or who terminate employment (but only upon the occurrence of events specified in the plan) within 12 months of the effective date of a change in control would be entitled to a payment based on years of service or officer rank with the Bank. The maximum payment for any eligible employee would be equal to 24 months of the employee’s current compensation. | ||||||||
In March 2013, the Bank and the Company entered into employment agreements with the Chief Executive Officer and the Chief Financial Officer. The employment agreements provide for a severance payment and other benefits if the officers are involuntarily terminated following a change in control of the Company or the Bank. The maximum value of the severance benefits under the employment agreements is 2.99 times the officer's average annual compensation during the five-year period prior to the effective date of the change in control. | ||||||||
Because of the nature of its activities, the Company is subject to various pending and threatened legal actions which arise in the ordinary course of business. In the opinion of management, liabilities arising from these claims, if any, will not have a material effect on the consolidated financial position of the Company. |
Significant_Concentrations_of_
Significant Concentrations of Credit Risk | 12 Months Ended |
Sep. 30, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Significant Concentrations of Credit Risk | ' |
Significant Concentrations of Credit Risk | |
Most of the Company’s lending activity is with customers located in the state of Washington and involves real estate. At September 30, 2014, the Company had $572,083,000 (including $29,416,000 of undisbursed construction loans in process) in loans secured by real estate, which represents 94.2% of total loans and loans held for sale. The real estate loan portfolio is primarily secured by one- to four-family properties, multi-family properties, undeveloped land, and a variety of commercial real estate property types. At September 30, 2014, there were no concentrations of real estate loans to a specific industry or secured by a specific collateral type that equaled or exceeded 20% of the Company’s total loan portfolio, other than loans secured by one-to four-family properties. The ultimate collectability of a substantial portion of the loan portfolio is susceptible to changes in economic and market conditions in the region and the impact of those changes on the real estate market. The Company typically originates real estate loans with loan-to-value ratios of no greater than 90%. Collateral and/or guarantees are required for all loans. The Company also had $35,845,000 in CDs held for investment at September 30, 2014. The CDs are held with various FDIC insured institutions throughout the U.S., and each CD is below the FDIC insurance limit of $250,000. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | ||||||||||||||||||||
Regulatory Matters | ' | ||||||||||||||||||||
Regulatory Matters | |||||||||||||||||||||
Timberland Bancorp and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines of the regulatory framework for prompt corrective action, the Bank must meet specific capital adequacy guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital classifications of Timberland Bancorp and the Bank are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. | |||||||||||||||||||||
Federally-insured state-chartered banks are required to maintain minimum levels of regulatory capital. Under current FDIC regulations, insured state-chartered banks generally must maintain (1) a ratio of Tier 1 leverage capital to total assets of at least 4.0%, (2) a ratio of Tier 1 capital to risk weighted assets of at least 4.0% and (3) a ratio of total capital to risk weighted assets of at least 8.0%. | |||||||||||||||||||||
The following table compares Timberland Bancorp’s (consolidated) and the Bank’s actual capital amounts at September 30, 2014 and 2013 to their minimum regulatory capital requirements at those dates (dollars in thousands): | |||||||||||||||||||||
Actual | Capital Adequacy | To be Well Capitalized | |||||||||||||||||||
Purposes | Under Prompt | ||||||||||||||||||||
Corrective | |||||||||||||||||||||
Action Provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Tier 1 leverage capital: | |||||||||||||||||||||
Timberland Bancorp | $ | 78,480 | 10.6 | % | $ | 29,644 | 4 | % | N/A | N/A | |||||||||||
Timberland Bank | 75,734 | 10.2 | 29,629 | 4 | $ | 37,036 | 5 | % | |||||||||||||
Tier 1 risk adjusted capital: | |||||||||||||||||||||
Timberland Bancorp | 78,480 | 13.7 | 22,943 | 4 | N/A | N/A | |||||||||||||||
Timberland Bank | 75,734 | 13.2 | 22,939 | 4 | 34,409 | 6 | |||||||||||||||
Total risk based capital: | |||||||||||||||||||||
Timberland Bancorp | 85,692 | 14.9 | 45,886 | 8 | N/A | N/A | |||||||||||||||
Timberland Bank | 82,945 | 14.5 | 45,878 | 8 | 57,348 | 10 | |||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Tier 1 leverage capital: | |||||||||||||||||||||
Timberland Bancorp | $ | 85,158 | 11.5 | % | $ | 29,677 | 4 | % | N/A | N/A | |||||||||||
Timberland Bank | 82,265 | 11.1 | 29,662 | 4 | $ | 37,078 | 5 | % | |||||||||||||
Tier 1 risk adjusted capital: | |||||||||||||||||||||
Timberland Bancorp | 85,158 | 15.3 | 22,259 | 4 | N/A | N/A | |||||||||||||||
Timberland Bank | 82,265 | 14.8 | 22,255 | 4 | 33,382 | 6 | |||||||||||||||
Total risk based capital: | |||||||||||||||||||||
Timberland Bancorp | 92,168 | 16.6 | 44,518 | 8 | N/A | N/A | |||||||||||||||
Timberland Bank | 89,273 | 16.1 | 44,509 | 8 | 55,636 | 10 | |||||||||||||||
Restrictions on Retained Earnings | |||||||||||||||||||||
At the time of conversion of the Bank from a Washington-chartered mutual savings bank to a Washington-chartered stock savings bank, the Bank established a liquidation account in an amount equal to its retained earnings of $23,866,000 as of June 30, 1997, the date of the latest statement of financial condition used in the final conversion prospectus. The liquidation account is maintained for the benefit of eligible account holders who have maintained their deposit accounts in the Bank after conversion. The liquidation account reduces annually to the extent that eligible account holders have reduced their qualifying deposits as of each anniversary date. Subsequent increases do not restore an eligible account holder’s interest in the liquidation account. At September 30, 2014 management estimates the amount of the liquidation account to be $429,000. In the event of a complete liquidation of the Bank (and only in such an event), eligible depositors who have continued to maintain accounts will be entitled to receive a distribution from the liquidation account before any distribution may be made with respect to common stock. The Bank may not declare or pay cash dividends if the effect thereof would reduce its regulatory capital below the amount required for the liquidation account. |
Condensed_Financial_Informatio
Condensed Financial Information - Parent Company Only | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Condensed Financial Information - Parent Company Only | ' | |||||||||||
Condensed Financial Information - Parent Company Only | ||||||||||||
Condensed Balance Sheets - September 30, 2014 and 2013 | ||||||||||||
(dollars in thousands) | ||||||||||||
2014 | 2013 | |||||||||||
Assets | ||||||||||||
Cash and cash equivalents: | ||||||||||||
Cash and due from financial institutions | $ | 55 | $ | 126 | ||||||||
Interest-bearing deposits in banks | 440 | 379 | ||||||||||
Total cash and cash equivalents | 495 | 505 | ||||||||||
Loan receivable from ESOP | 2,183 | 2,565 | ||||||||||
Investment in Bank | 80,031 | 86,795 | ||||||||||
Other assets | 124 | 40 | ||||||||||
Total assets | $ | 82,833 | $ | 89,905 | ||||||||
Liabilities and shareholders’ equity | ||||||||||||
Accrued expenses | $ | 55 | $ | 217 | ||||||||
Shareholders’ equity | 82,778 | 89,688 | ||||||||||
Total liabilities and shareholders’ equity | $ | 82,833 | $ | 89,905 | ||||||||
Condensed Statements of Income - Years Ended September 30, 2014, 2013 and 2012 | ||||||||||||
(dollars in thousands) | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Operating income | ||||||||||||
Interest on deposits in banks | $ | — | $ | 1 | $ | 1 | ||||||
Interest on loan receivable from ESOP | 206 | 237 | 266 | |||||||||
Dividends from bank | 13,190 | 3,300 | — | |||||||||
Total operating income | 13,396 | 3,538 | 267 | |||||||||
Operating expenses | 409 | 455 | 556 | |||||||||
Income (loss) before income taxes and equity in undistributed | 12,987 | 3,083 | (289 | ) | ||||||||
income of Bank | ||||||||||||
Benefit for income taxes | (110 | ) | (98 | ) | (98 | ) | ||||||
Income (loss) before undistributed income of Bank | 13,097 | 3,181 | (191 | ) | ||||||||
Equity in undistributed income of Bank (dividends in | (7,247 | ) | 1,576 | 4,781 | ||||||||
excess of income of Bank) | ||||||||||||
Net income | 5,850 | 4,757 | 4,590 | |||||||||
Preferred stock dividends | (136 | ) | (710 | ) | (832 | ) | ||||||
Preferred stock accretion | (70 | ) | (283 | ) | (240 | ) | ||||||
Discount on redemption of preferred stock | — | 255 | — | |||||||||
Net income to common shareholders | $ | 5,644 | $ | 4,019 | $ | 3,518 | ||||||
Condensed Statements of Cash Flows - Years Ended September 30, 2014, 2013 and 2012 | ||||||||||||
(dollars in thousands) | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cash flows from operating activities | ||||||||||||
Net income | $ | 5,850 | $ | 4,757 | $ | 4,590 | ||||||
Adjustments to reconcile net income to | ||||||||||||
net cash provided by operating activities: | ||||||||||||
(Equity in undistributed income of Bank) dividends in excess | 7,247 | (1,576 | ) | (4,781 | ) | |||||||
of income of Bank | ||||||||||||
ESOP shares earned, net of tax | 264 | 265 | 264 | |||||||||
MRDP compensation expense | 2 | 39 | 105 | |||||||||
Stock option compensation expense | 104 | 49 | 15 | |||||||||
Stock option tax effect | 4 | — | — | |||||||||
Other, net | (247 | ) | (39 | ) | 406 | |||||||
Net cash provided by operating activities | 13,224 | 3,495 | 599 | |||||||||
Cash flows from investing activities | ||||||||||||
Investment in Bank | (459 | ) | (344 | ) | (243 | ) | ||||||
Principal repayments on loan receivable from Bank | 382 | 353 | 322 | |||||||||
Net cash provided by (used in) investing activities | (77 | ) | 9 | 79 | ||||||||
Cash flows from financing activities | ||||||||||||
Proceeds from issuance of common stock | 23 | — | — | |||||||||
Repurchase of preferred stock | (12,065 | ) | (4,321 | ) | — | |||||||
Payment of dividends | (1,185 | ) | (1,368 | ) | (2,080 | ) | ||||||
ESOP tax effect | 64 | 6 | (65 | ) | ||||||||
MRDP compensation tax effect | 2 | (8 | ) | (28 | ) | |||||||
Stock option excess tax benefit | 4 | — | — | |||||||||
Net cash used in financing activities | (13,157 | ) | (5,691 | ) | (2,173 | ) | ||||||
Net decrease in cash and cash equivalents | (10 | ) | (2,187 | ) | (1,495 | ) | ||||||
Cash and cash equivalents | ||||||||||||
Beginning of year | 505 | 2,692 | 4,187 | |||||||||
End of year | $ | 495 | $ | 505 | $ | 2,692 | ||||||
Net_Income_Per_Common_Share
Net Income Per Common Share | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Net Income Per Common Share | ' | |||||||||||
Net Income Per Common Share | ||||||||||||
Information regarding the calculation of basic and diluted net income per common share for the years ended September 30, 2014, 2013 and 2012 is as follows (dollars in thousands, except per share amounts): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Basic net income per common share computation | ||||||||||||
Numerator - net income | $ | 5,850 | $ | 4,757 | $ | 4,590 | ||||||
Preferred stock dividends | (136 | ) | (710 | ) | (832 | ) | ||||||
Discount on redemption of preferred stock | — | 255 | — | |||||||||
Preferred stock discount accretion | (70 | ) | (283 | ) | (240 | ) | ||||||
Net income to common stockholders | $ | 5,644 | $ | 4,019 | $ | 3,518 | ||||||
Denominator - weighted average common shares | 6,856,730 | 6,817,918 | 6,780,612 | |||||||||
outstanding | ||||||||||||
Basic net income per common share | $ | 0.82 | $ | 0.59 | $ | 0.52 | ||||||
Diluted net income per common share computation | ||||||||||||
Numerator - net income | $ | 5,850 | $ | 4,757 | $ | 4,590 | ||||||
Preferred stock dividends | (136 | ) | (710 | ) | (832 | ) | ||||||
Discount on redemption of preferred stock | — | 255 | — | |||||||||
Preferred stock discount accretion | (70 | ) | (283 | ) | (240 | ) | ||||||
Net income to common stockholders | $ | 5,644 | $ | 4,019 | $ | 3,518 | ||||||
Denominator - weighted average common shares | 6,856,730 | 6,817,918 | 6,780,612 | |||||||||
outstanding | ||||||||||||
Effect of dilutive stock options | 36,614 | 16,555 | — | |||||||||
Effect of dilutive stock warrant | 126,332 | 52,522 | — | |||||||||
Weighted average common shares outstanding- | 7,019,676 | 6,886,995 | 6,780,612 | |||||||||
assuming dilution | ||||||||||||
Diluted net income per common share | $ | 0.8 | $ | 0.58 | $ | 0.52 | ||||||
For the years ended September 30, 2014, 2013 and 2012, average options to purchase 131,489, 109,953 and 162,517 shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per common share because their effect would have been anti-dilutive. | ||||||||||||
For the year ended September 30, 2012 a warrant to purchase a weighted average of 370,899 shares was outstanding but not included in the computation of diluted net income per common share because the warrant’s exercise price was greater than the average market price of the common shares and, therefore, its effect would have been anti-dilutive. |
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
GAAP requires disclosure of estimated fair values for financial instruments. Such estimates are subjective in nature, and significant judgment is required regarding the risk characteristics of various financial instruments at a discrete point in time. Therefore, such estimates could vary significantly if assumptions regarding uncertain factors were to change. In addition, as the Company normally intends to hold the majority of its financial instruments until maturity, it does not expect to realize many of the estimated amounts disclosed. The disclosures also do not include estimated fair value amounts for certain items which are not defined as financial instruments but which may have significant value. The Company does not believe that it would be practicable to estimate a representational fair value for these types of items as of September 30, 2014 and 2013. Because GAAP excludes certain items from fair value disclosure requirements, any aggregation of the fair value amounts presented would not represent the underlying value of the Company. | |||||||||||||||||||||
Accounting guidance regarding fair value measurements defines fair value and establishes a framework for measuring fair value in accordance with GAAP. Fair value is the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The following definitions describe the levels of inputs that may be used to measure fair value: | |||||||||||||||||||||
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting | |||||||||||||||||||||
entity has the ability to access at the measurement date. | |||||||||||||||||||||
Level 2: Significant observable inputs other than quoted prices included within Level 1, such as | |||||||||||||||||||||
quoted prices in markets that are not active, and inputs other than quoted prices that are observable or | |||||||||||||||||||||
can be corroborated by observable market data. | |||||||||||||||||||||
Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the | |||||||||||||||||||||
assumptions market participants would use in pricing an asset or liability based on the best information | |||||||||||||||||||||
available in the circumstances. | |||||||||||||||||||||
The Company used the following methods and significant assumptions to estimate fair value on a recurring basis: | |||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||
The estimated fair value of MBS and other investments are based upon the assumptions market participants would use in pricing the security. Such assumptions include quoted market prices (Level 1), market prices of similar securities or observable inputs (Level 2). | |||||||||||||||||||||
The following table summarizes the balances of assets and liabilities measured at estimated fair value on a recurring basis at September 30, 2014 (dollars in thousands): | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Available for Sale Securities | |||||||||||||||||||||
MBS: U.S. government agencies | $ | — | $ | 1,899 | $ | — | $ | 1,899 | |||||||||||||
Mutual funds | 958 | — | — | 958 | |||||||||||||||||
Total | $ | 958 | $ | 1,899 | $ | — | $ | 2,857 | |||||||||||||
There were no transfers among Level 1, Level 2 and Level 3 during the year ended September 30, 2014. | |||||||||||||||||||||
The following table summarizes the balances of assets and liabilities measured at estimated fair value on a recurring basis at September 30, 2013 (dollars in thousands): | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Available for Sale Securities | |||||||||||||||||||||
MBS: | |||||||||||||||||||||
U.S. government agencies | $ | — | $ | 2,229 | $ | — | $ | 2,229 | |||||||||||||
Private label residential | — | 914 | — | 914 | |||||||||||||||||
Mutual funds | 958 | — | — | 958 | |||||||||||||||||
Total | $ | 958 | $ | 3,143 | $ | — | $ | 4,101 | |||||||||||||
There were no transfers among Level 1, Level 2 and Level 3 during the year ended September 30, 2013. | |||||||||||||||||||||
The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a nonrecurring basis in accordance with GAAP. These include assets that are measured at the lower of cost or market value that were recognized at fair value below cost at the end of the period. | |||||||||||||||||||||
The Company uses the following methods and significant assumptions to estimate fair value on a non-recurring basis: | |||||||||||||||||||||
Impaired Loans: The specific reserve for collateral dependent impaired loans was based on the estimated fair value of the collateral less estimated costs to sell, if applicable. The estimated fair value of impaired loans is calculated using the collateral value method or on a discounted cash flow basis. In some cases, adjustments were made to the appraised values due to various factors including age of the appraisal, age of comparables included in the appraisal, and known changes in the market and in the collateral. Such adjustments may be significant and typically result in a Level 3 classification of the inputs for determining fair value. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. | |||||||||||||||||||||
Securities Held to Maturity: The estimated fair value of securities held to maturity are based upon the assumptions market participants would use in pricing the security. Such assumptions include quoted market prices (Level 1), market prices of similar securities or observable inputs (Level 2) and unobservable inputs such as dealer quotes, discounted cash flows or similar techniques (Level 3). | |||||||||||||||||||||
OREO and Other Repossessed Assets, net: The Company’s OREO and other repossessed assets are initially recorded at estimated fair value less estimated costs to sell. This amount becomes the property’s new basis. Estimated fair value was generally determined by management based on a number of factors, including third-party appraisals of estimated fair value in an orderly sale. Estimated costs to sell are based on standard market factors. The valuation of OREO and other repossessed assets is subject to significant external and internal judgment (Level 3). | |||||||||||||||||||||
The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2014, and the total losses resulting from these estimated fair value adjustments for the year ended September 30, 2014 (dollars in thousands): | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Losses | ||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Mortgage Loans: | |||||||||||||||||||||
One-to four-family | $ | — | $ | — | $ | 3,655 | $ | 1,106 | |||||||||||||
Multi-family | — | — | 3,278 | — | |||||||||||||||||
Commercial | — | — | 5,334 | 463 | |||||||||||||||||
Land | — | — | 3,779 | 260 | |||||||||||||||||
Consumer loans: | |||||||||||||||||||||
Home equity and second mortgage | — | — | 284 | 47 | |||||||||||||||||
Total impaired loans (1) | — | — | 16,330 | 1,876 | |||||||||||||||||
MBS – held to maturity (2): | |||||||||||||||||||||
Private label residential | — | 40 | — | 31 | |||||||||||||||||
OREO and other repossessed assets (3) | — | — | 9,092 | 605 | |||||||||||||||||
Total | $ | — | $ | 40 | $ | 25,422 | $ | 2,512 | |||||||||||||
_______________________ | |||||||||||||||||||||
-1 | The loss represents charge-offs on collateral dependent loans for estimated fair value adjustments based on the estimated fair value of the collateral net of estimated costs to sell, if applicable. | ||||||||||||||||||||
-2 | The loss represents OTTI credit-related charges on held-to-maturity MBS. | ||||||||||||||||||||
-3 | The loss represents adjustments resulting from management’s periodic reviews of the recorded value to determine whether the property continues to be recorded at the lower of its recorded book value or estimated fair value, net of estimated costs to sell. | ||||||||||||||||||||
The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2013 and the total losses resulting from these estimated fair value adjustments for the year ended September 30, 2013 (dollars in thousands): | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Losses | ||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Mortgage Loans: | |||||||||||||||||||||
One-to four-family | $ | — | $ | — | $ | 3,042 | $ | 769 | |||||||||||||
Multi-family | — | — | 4,850 | — | |||||||||||||||||
Commercial | — | — | 12,868 | 667 | |||||||||||||||||
Construction – speculative one-to four-family | — | — | 599 | — | |||||||||||||||||
Land | — | — | 969 | 2,307 | |||||||||||||||||
Consumer loans: | |||||||||||||||||||||
Home equity and second mortgage | — | — | 242 | 184 | |||||||||||||||||
Total impaired loans (1) | — | — | 22,570 | 3,927 | |||||||||||||||||
MBS – held to maturity (2): | |||||||||||||||||||||
Private label residential | — | 83 | — | 45 | |||||||||||||||||
OREO and other repossessed assets (3) | — | — | 11,720 | 2,064 | |||||||||||||||||
Total | $ | — | $ | 83 | $ | 34,290 | $ | 6,036 | |||||||||||||
_______________________ | |||||||||||||||||||||
-1 | The loss represents charge-offs on collateral dependent loans for estimated fair value adjustments based on the estimated fair value of the collateral, net of estimated cost to sell, if applicable. | ||||||||||||||||||||
-2 | The loss represents OTTI credit-related charges on held-to-maturity MBS. | ||||||||||||||||||||
-3 | The loss represents adjustments resulting from management’s periodic reviews of the recorded value to determine whether the property continues to be recorded at the lower of its recorded book value or estimated fair value, net of estimated costs to sell. | ||||||||||||||||||||
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis as of September 30, 2014 (dollars in thousands): | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Valuation Technique(s) | Unobservable Input(s) | Range | |||||||||||||||||||
$ | 16,330 | Market approach | Appraised value less selling | NA | |||||||||||||||||
Impaired loans | costs | ||||||||||||||||||||
OREO and other repossessed assets | $ | 9,092 | Market approach | Lower of appraised value or | NA | ||||||||||||||||
listing price less selling costs | |||||||||||||||||||||
The following methods and assumptions were used by the Company in estimating fair value of its other financial instruments: | |||||||||||||||||||||
Cash and Cash Equivalents: The estimated fair value of financial instruments that are short-term or re-price frequently and that have little or no risk are considered to have an estimated fair value equal to the recorded value. | |||||||||||||||||||||
CDs Held for Investment: The estimated fair value of financial instruments that are short-term or re-price frequently and that have little or no risk are considered to have an estimated fair value equal to the recorded value. | |||||||||||||||||||||
Securities: See descriptions above. | |||||||||||||||||||||
FHLB Stock: No ready market exists for this stock, and it has no quoted market value. However, redemption of this stock has historically been at par value. During the year ended September 30, 2014, 2,061 shares of FHLB stock was redeemed from the Company at par value. Accordingly, par value is deemed to be a reasonable estimate of fair value. | |||||||||||||||||||||
Loans Receivable, Net: At September 30, 2014 the fair value of non-impaired loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers for the same remaining maturities. Prepayments are based on the historical experience of the Bank. Fair values for impaired loans are estimated using the methods described above. At September 30, 2013 the fair value of loans was estimated using a discounted cash flow analysis and comparable market statistics. A discounted cash flow analysis was used to estimate the fair value of loans graded pass. The fair value of loans graded, watch, special mention and substandard was estimated using comparable market statistics that approximated sales of similarly rated loans. | |||||||||||||||||||||
Loans Held for Sale: The estimated fair value is based on quoted market prices obtained from Freddie Mac. | |||||||||||||||||||||
Accrued Interest: The recorded amount of accrued interest approximates the estimated fair value. | |||||||||||||||||||||
Deposits: The estimated fair value of deposits with no stated maturity date is deemed to be the amount payable on demand. The estimated fair value of fixed maturity certificates of deposit is computed by discounting future cash flows using the rates currently offered by the Bank for deposits of similar remaining maturities. | |||||||||||||||||||||
FHLB Advances: The estimated fair value of FHLB advances is computed by discounting the future cash flows of the borrowings at a rate which approximates the current offering rate of the borrowings with a comparable remaining life. | |||||||||||||||||||||
Off-Balance-Sheet Instruments: Since the majority of the Company’s off-balance-sheet instruments consist of variable-rate commitments, the Company has determined that they do not have a distinguishable estimated fair value. | |||||||||||||||||||||
The estimated fair values of financial instruments were as follows as of September 30, 2014 (dollars in thousands): | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
Estimated | |||||||||||||||||||||
Recorded | Fair | ||||||||||||||||||||
Amount | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 72,354 | $ | 72,354 | $ | 72,354 | $ | — | $ | — | |||||||||||
CDs held for investment | 35,845 | 35,845 | 35,845 | — | — | ||||||||||||||||
Securities | 8,155 | 9,131 | 958 | 6,676 | 8,173 | — | |||||||||||||||
FHLB stock | 5,246 | 5,246 | 5,246 | — | — | ||||||||||||||||
Loans receivable, net | 564,853 | 563,802 | — | — | 563,802 | ||||||||||||||||
Loans held for sale | 899 | 921 | 921 | — | — | ||||||||||||||||
Accrued interest receivable | 1,910 | 1,910 | 1,910 | — | — | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Non-interest bearing demand | $ | 106,417 | $ | 106,417 | $ | 106,417 | $ | — | $ | — | |||||||||||
Interest-bearing | 508,699 | 509,406 | 345,412 | — | 163,994 | ||||||||||||||||
Total deposits | 615,116 | 615,823 | 451,829 | — | 163,994 | ||||||||||||||||
FHLB advances | 45,000 | 47,279 | — | 47,279 | — | ||||||||||||||||
Accrued interest payable | 298 | 298 | 298 | — | — | ||||||||||||||||
The estimated fair values of financial instruments were as follows as of September 30, 2013 (dollars in thousands): | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
Estimated | |||||||||||||||||||||
Recorded | Fair | ||||||||||||||||||||
Amount | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 94,496 | $ | 94,496 | $ | 94,496 | $ | — | $ | — | |||||||||||
CDs held for investment | 30,042 | 30,042 | 30,042 | — | — | ||||||||||||||||
Securities | 6,838 | 7,634 | 973 | 6,661 | — | ||||||||||||||||
FHLB stock | 5,452 | 5,452 | 5,452 | — | — | ||||||||||||||||
Loans receivable, net | 546,193 | 514,616 | — | — | 514,616 | ||||||||||||||||
Loans held for sale | 1,911 | 1,973 | 1,973 | — | — | ||||||||||||||||
Accrued interest receivable | 1,972 | 1,972 | 1,972 | — | — | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Non-interest bearing demand | $ | 87,657 | $ | 87,657 | $ | 87,657 | $ | — | $ | — | |||||||||||
Interest-bearing | 520,605 | 522,021 | 346,455 | — | 175,566 | ||||||||||||||||
Total deposits | 608,262 | 609,678 | 434,112 | — | 175,566 | ||||||||||||||||
FHLB advances | 45,000 | 48,445 | — | 48,445 | — | ||||||||||||||||
Accrued interest payable | 320 | 320 | 320 | — | — | ||||||||||||||||
The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the estimated fair value of the Company’s financial instruments will change when interest rate levels change, and that change may either be favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent believed necessary to appropriately manage interest rate risk. However, borrowers with fixed interest rate obligations are less likely to prepay in a rising interest rate environment and more likely to prepay in a falling interest rate environment. Conversely, depositors who are receiving fixed interest rates are more likely to withdraw funds before maturity in a rising interest rate environment and less likely to do so in a falling interest rate environment. Management monitors interest rates and maturities of assets and liabilities, and attempts to manage interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Company’s overall interest rate risk. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (unaudited) | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Selected Quarterly Financial Data (unaudited) | ' | |||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ||||||||||||||||
The following selected financial data are presented for the quarters ended (dollars in thousands, except per share amounts): | ||||||||||||||||
September 30, | June 30, | March 31, | December 31, | |||||||||||||
2014 | 2014 | 2014 | 2013 | |||||||||||||
Interest and dividend income | $ | 7,567 | $ | 7,397 | $ | 7,412 | $ | 7,481 | ||||||||
Interest expense | (978 | ) | (964 | ) | (975 | ) | (1,022 | ) | ||||||||
Net interest income | 6,589 | 6,433 | 6,437 | 6,459 | ||||||||||||
Non-interest income | 2,206 | 2,116 | 2,013 | 2,195 | ||||||||||||
Non-interest expense | (6,373 | ) | (6,430 | ) | (6,754 | ) | (6,241 | ) | ||||||||
Income before income taxes | 2,422 | 2,119 | 1,696 | 2,413 | ||||||||||||
Provision for federal income taxes | 776 | 685 | 537 | 802 | ||||||||||||
Net income | 1,646 | 1,434 | 1,159 | 1,611 | ||||||||||||
Preferred stock dividends | — | — | — | (136 | ) | |||||||||||
Preferred stock discount accretion | — | — | — | (70 | ) | |||||||||||
Net income to common shareholders | $ | 1,646 | $ | 1,434 | $ | 1,159 | $ | 1,405 | ||||||||
Net income per common share | ||||||||||||||||
Basic | $ | 0.24 | $ | 0.21 | $ | 0.17 | $ | 0.2 | ||||||||
Diluted | $ | 0.23 | $ | 0.2 | $ | 0.16 | $ | 0.2 | ||||||||
September 30, | June 30, | March 31, | December 31, | |||||||||||||
2013 | 2013 | 2013 | 2012 | |||||||||||||
Interest and dividend income | $ | 7,521 | $ | 7,575 | $ | 7,552 | $ | 7,589 | ||||||||
Interest expense | (1,052 | ) | (1,076 | ) | (1,111 | ) | (1,200 | ) | ||||||||
Net interest income | 6,469 | 6,499 | 6,441 | 6,389 | ||||||||||||
Provision for loan losses | (165 | ) | (1,385 | ) | (1,175 | ) | (200 | ) | ||||||||
Non-interest income | 2,397 | 2,372 | 2,778 | 2,715 | ||||||||||||
Non-interest expense | (7,066 | ) | (6,237 | ) | (6,184 | ) | (6,377 | ) | ||||||||
Income before income taxes | 1,635 | 1,249 | 1,860 | 2,527 | ||||||||||||
Provision for federal income taxes | 740 | 373 | 582 | 819 | ||||||||||||
Net income | 895 | 876 | 1,278 | 1,708 | ||||||||||||
Preferred stock dividends | (151 | ) | (151 | ) | (207 | ) | (201 | ) | ||||||||
Preferred stock discount accretion | (47 | ) | (47 | ) | (126 | ) | (63 | ) | ||||||||
Discount on redemption of preferred stock | — | — | 255 | — | ||||||||||||
Net income to common shareholders | $ | 697 | $ | 678 | $ | 1,200 | $ | 1,444 | ||||||||
Net income per common share | ||||||||||||||||
Basic | $ | 0.1 | $ | 0.1 | $ | 0.18 | $ | 0.21 | ||||||||
Diluted | $ | 0.1 | $ | 0.1 | $ | 0.17 | $ | 0.21 | ||||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies: Basis of Presentation (Policies) | 12 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of Timberland Bancorp, Inc. (“Timberland Bancorp”); its wholly owned subsidiary, Timberland Bank (the “Bank”); and the Bank’s wholly owned subsidiary, Timberland Service Corp. (collectively, “the Company”). All significant intercompany transactions and balances have been eliminated in consolidation. | |
Nature of Operations | ' |
Nature of Operations | |
Timberland Bancorp is a bank holding company which operates primarily through its subsidiary, the Bank. The Bank was established in 1915 and, through its 22 branches located in Grays Harbor, Pierce, Thurston, Kitsap, King and Lewis counties in Washington State, attracts deposits from the general public, and uses those funds, along with other borrowings, primarily to provide residential real estate, construction, commercial real estate, commercial business and consumer loans to borrowers primarily in western Washington. | |
Consolidated Financial Statement Presentation | ' |
Consolidated Financial Statement Presentation | |
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S.")(“GAAP”) and prevailing practices within the banking industry. | |
Use of Estimates | ' |
The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, as of the date of the consolidated balance sheet, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the determination of OTTI in the estimated fair value of MBS, the valuation of MSRs, the valuation of OREO and the valuation of goodwill for potential impairment. | |
Reclassification Policy | ' |
Certain prior year amounts have been reclassified to conform to the 2014 fiscal year presentation with no change to previously reported net income or shareholders’ equity. | |
Operating Segment Policy | ' |
Segment Reporting | |
The Company has one reportable operating segment which is defined as community banking in western Washington under the operating name “Timberland Bank.” | |
U.S. Treasury Department's Capital Purchase Program | ' |
Preferred Stock Sold in Troubled Asset Relief Program ("TARP") Capital Purchase Program ("CPP") | |
On December 23, 2008, the Company received $16.64 million from the U.S. Treasury Department ("Treasury") as a part of the Treasury's CPP, which was established as part of the TARP. The Company sold 16,641 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A ("Series A Preferred Stock"), with a liquidation value of $1,000 per share and a related warrant to purchase 370,899 shares of the Company's common stock at an exercise price of $6.73 per share (subject to anti-dilution adjustments) at any time through December 23, 2018. The Series A Preferred Stock paid a 5.0% dividend through December 20, 2013, the date of its redemption. | |
The proceeds received in connection with the issuance of the Series A Preferred Stock were allocated between the preferred stock and warrant based on their relative fair values on the date of issuance. As a result, the preferred stock's initial recorded value was at a discount from the liquidation value or stated value. The discount from the liquidation value was accreted to the expected/actual redemption date and charged to retained earnings. This accretion was recorded using the level-yield method. | |
On November 13, 2012, the Company’s outstanding 16,641 shares of Series A Preferred Stock were sold by the Treasury as part of Treasury's efforts to manage and recover its investments under the TARP. While the sale of this preferred stock to new owners did not result in any proceeds to the Company and did not change the Company’s capital position or accounting for these securities, it did eliminate restrictions put in place by the Treasury on TARP recipients. | |
On June 12, 2013, the Treasury sold the warrant to purchase up to 370,899 shares of the Company’s common stock to private investors. The sale of the warrant to new owners did not result in any proceeds to the Company and did not change the Company's capital position or accounting for the warrant. | |
During the year ended September 30, 2013, the Company purchased and retired 4,576 shares of its Series A Preferred Stock for $4.32 million; a $255,000 discount from its liquidation value. The discount from liquidation value on the repurchased shares was recorded as an increase to retained earnings. On December 20, 2013, the Company redeemed the remaining 12,065 shares of its Series A Preferred Stock at the liquidation value of $12.07 million. | |
MBS and Other Investments | ' |
Investment Securities | |
Securities are classified upon acquisition as either held to maturity or available for sale. Securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and reflected at amortized cost. Securities classified as available for sale are reflected at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), net of tax effects. Premiums and discounts are amortized to earnings using the interest method over the contractual life of the securities. Gains and losses on sales of securities are recognized on the trade date and determined using the specific identification method. | |
In estimating whether there are any OTTI losses, management considers (1) the length of time and the extent to which the fair value has been less than amortized cost, (2) the financial condition and near term prospects of the issuer, (3) the impact of changes in market interest rates and (4) the intent and ability of the Company to retain its investment for a period of time sufficient to allow for any anticipated recovery in fair value. | |
Declines in the fair value of individual securities available for sale that are deemed to be other than temporary are reflected in earnings when identified. The fair value of the security then becomes the new cost basis. For individual securities which the Company does not intend to sell and it is not more likely than not that the Company will be required to sell before recovery of its amortized cost basis, the other than temporary decline in the fair value of the security related to: (1) credit loss is recognized in earnings and (2) market or other factors is recognized in other comprehensive income (loss). Credit loss is recorded if the present value of cash flows is less than the amortized cost. For individual securities which the Company intends to sell or more likely than not will not recover all of its amortized cost, the OTTI is recognized in earnings equal to the entire difference between the security’s cost basis and its fair value at the consolidated balance sheet date. For individual securities for which credit loss has been recognized in earnings, interest accruals and amortization and accretion of premiums and discounts are suspended when the credit loss is recognized. Interest received after accruals have been suspended is recognized on a cash basis. | |
FHLB Stock | ' |
FHLB Stock | |
The Company, as a member of the FHLB, is required to maintain an investment in capital stock of the FHLB in an amount equal to the greater of 1% of its outstanding home loans or 5% of advances from the FHLB. No ready market exists for this stock, and it has no quoted market value. However, redemption of this stock has historically been at par value. The Company's investment in FHLB stock is carried at cost, which approximates fair value. | |
The Company evaluates its FHLB stock for impairment as needed. The Company's determination of whether this investment is impaired is based on its assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as (1) the significance of any decline in net assets of the FHLB as compared with the capital stock amount and the length of time any decline has persisted; (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB; (3) the impact of legislative and regulatory changes on institutions and, accordingly, the customer base of the FHLB; and (4) the liquidity position of the FHLB. The FHLB has recently announced it has entered into an agreement to merge with the Federal Home Loan Bank of Des Moines. Although the agreement is still in process and has not yet been finalized and approved by certain regulatory agencies, management expects that the pending merger will positively affect the Company's recoverability of its investment in FHLB stock and continue to allow the Bank to obtain borrowings consistent with historical FHLB funding practices. Based on its evaluation, the Company determined that there was no impairment of FHLB stock at September 30, 2014 and 2013. | |
Loans Held For Sale | ' |
Loans Held for Sale | |
Mortgage loans originated and intended for sale in the secondary market are stated in the aggregate at the lower of cost or estimated fair value. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Gains or losses on sales of loans are recognized at the time of sale. The gain or loss is the difference between the net sales proceeds and the recorded value of the loans, including any remaining unamortized deferred loan origination fees. | |
Loans Receivable | ' |
Loans Receivable | |
Loans are stated at the amount of unpaid principal, reduced by the undisbursed portion of construction loans in process, deferred loan origination fees and the allowance for loan losses. | |
Troubled Debt Restructured Loans | ' |
Troubled Debt Restructured Loans | |
A troubled debt restructured loan is a loan for which the Company, for reasons related to a borrower’s financial difficulties, grants a significant concession to the borrower that the Company would not otherwise consider. | |
The loan terms which have been modified or restructured due to a borrower’s financial difficulty, include but are not limited to: a reduction in the stated interest rate; an extension of the maturity at an interest rate below current market rates; a reduction in the face amount of the debt; a reduction in the accrued interest; or re-amortizations, extensions, deferrals and renewals. Troubled debt restructured loans are considered impaired and are individually evaluated for impairment. | |
Impaired Loans | ' |
Impaired Loans | |
A loan is generally considered impaired when it is probable that the Company will be unable to collect all contractual principal and interest payments due in accordance with the original or modified terms of the loan agreement. When a loan is considered collateral dependent, impairment is measured using the estimated fair value of the underlying collateral, less any prior liens, and when applicable, less estimated selling costs. For impaired loans that are not collateral dependent, impairment is measured using the present value of expected future cash flows, discounted at the loan’s original effective interest rate. | |
The categories of non-accrual loans and impaired loans overlap, although they are not identical. The Company considers all circumstances regarding the loan and borrower on an individual basis when determining whether an impaired loan should be placed on non-accrual status, such as the financial strength of the borrower, the estimated collateral value, reasons for the delay, payment record, the amount past due and the number of days past due. | |
Allowance for Loan Losses | ' |
Allowance for Loan Losses | |
The allowance for loan losses is maintained at a level sufficient to provide for estimated loan losses based on evaluating known and inherent risks in the loan portfolio. The allowance is provided based upon management's comprehensive analysis of the pertinent factors underlying the quality of the loan portfolio. These factors include changes in the amount and composition of the loan portfolio, delinquency levels, actual loan loss experience, current economic conditions, and a detailed analysis of individual loans for which full collectability may not be assured. The detailed analysis includes methods to estimate the fair value of loan collateral and the existence of potential alternative sources of repayment. The allowance consists of specific and general components. The specific component relates to loans that are deemed impaired. For such loans that are classified as impaired, an allowance is established when the discounted cash flows, collateral value less selling costs (if applicable), or observable market price of the impaired loan is lower than the recorded value of that loan. The general component covers non-classified loans and classified loans that are not evaluated individually for impairment and is based on historical loss experience adjusted for qualitative factors. The Company's historical loss experience is determined by evaluating the average net charge-offs over the most recent economic cycle, but not to exceed six years. Qualitative factors are determined by loan type and allow management to adjust reserve levels to reflect the current general economic environment and portfolio performance trends including recent charge-off trends. Allowances are provided based on management’s continuing evaluation of the pertinent factors underlying the quality of the loan portfolio, including changes in the size and composition of the loan portfolio, actual loan loss experience, current economic conditions, collateral values, geographic concentrations, seasoning of the loan portfolio, specific industry conditions, the duration of the current business cycle and regulatory requirements and expectations. The appropriateness of the allowance for loan losses is estimated based upon these factors and trends identified by management at the time consolidated financial statements are prepared. | |
In accordance with GAAP, a loan is considered impaired when it is probable that a creditor will be unable to collect all amounts (principal and interest) due according to the contractual terms of the loan agreement. Smaller balance homogeneous loans, such as residential mortgage loans and consumer loans, may be collectively evaluated for impairment. When a loan has been identified as being impaired, the amount of the impairment is measured by using discounted cash flows, except when, as an alternative, the current estimated fair value of the collateral, reduced by estimated costs to sell (if applicable), or observable market price is used. The valuation of real estate collateral is subjective in nature and may be adjusted in future periods because of changes in economic conditions. Management considers third-party appraisals, as well as independent fair market value assessments from realtors or persons involved in selling real estate in determining the estimated fair value of particular properties. In addition, as certain of these third-party appraisals and independent fair market value assessments are only updated periodically, changes in the values of specific properties may have occurred subsequent to the most recent appraisals. Accordingly, the amounts of any such potential changes and any related adjustments are generally recorded at the time such information is received. When the measurement of the impaired loan is less than the recorded investment in the loan (including accrued interest and net deferred loan origination fees or costs), impairment is recognized by creating or adjusting an allocation of the allowance for loan losses and uncollected accrued interest is reversed against interest income. If ultimate collection of principal is in doubt, all cash receipts on impaired loans are applied to reduce the principal balance. | |
A provision for loan losses is charged against operations and is added to the allowance for loan losses based on a quarterly comprehensive analysis of the loan portfolio. The allowance for loan losses is allocated to certain loan categories based on the relative risk characteristics, asset classifications and actual loss experience of the loan portfolio. While management has allocated the allowance for loan losses to various loan portfolio segments, the allowance is general in nature and is available for the loan portfolio in its entirety. | |
The ultimate recovery of all loans is susceptible to future market factors beyond the Company’s control. These factors may result in losses or recoveries differing significantly from those provided in the consolidated financial statements. The Company has experienced a significant decline in valuations for some real estate collateral since October 2008. If real estate values decline further and as updated appraisals are received on collateral for impaired loans, the Company may need to increase the allowance for loan losses appropriately. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses, and may require the Company to make additions to the allowance based on their judgment about information available to them at the time of their examinations. | |
Interest on Loans and Loan Fees | ' |
Interest on Loans and Loan Fees | |
Interest on loans is accrued daily based on the principal amount outstanding. Generally, the accrual of interest on loans is discontinued when, in management’s opinion, the borrower may be unable to meet payments as they become due or when they are past due 90 days as to either principal or interest (based on contractual terms), unless they are well secured and in the process of collection. In determining whether a borrower may be able to meet payments as they become due, management considers circumstances such as the financial strength of the borrower, the estimated collateral value, reasons for the delays in payments, payment record, the amounts past due and the number of days past due. All interest accrued but not collected for loans that are placed on non-accrual status or charged off is reversed against interest income. Subsequent collections on a cash basis are applied proportionately to past due principal and interest, unless collectability of principal is in doubt, in which case all payments are applied to principal. Loans are returned to accrual status when the loan is deemed current, and the collectability of principal and interest is no longer doubtful, or, in the case of one- to four-family loans, when the loan is less than 90 days delinquent. | |
The Company charges fees for originating loans. These fees, net of certain loan origination costs, are deferred and amortized to income, on the level-yield basis, over the loan term. If the loan is repaid prior to maturity, the remaining unamortized deferred loan origination fee is recognized in income at the time of repayment. | |
MSRs | ' |
MSRs | |
The Company holds rights to service loans that it has originated and sold to the Federal Home Loan Mortgage Corporation (“Freddie Mac”). MSRs are capitalized at estimated fair value when acquired through the origination of loans that are subsequently sold with the servicing rights retained and are amortized to servicing income on loans sold approximately in proportion to and over the period of estimated net servicing income. The value of MSRs at the date of the sale of loans is estimated based on the discounted present value of expected future cash flows using key assumptions for servicing income and costs and prepayment rates on the underlying loans. The estimated fair value is periodically evaluated for impairment by comparing actual cash flows and estimated future cash flows from the servicing assets to those estimated at the time the servicing assets were originated. Fair values are estimated using discounted cash flows based on current market rates of interest. For purposes of measuring impairment, the MSRs must be stratified by one or more predominant risk characteristics of the underlying loans. The Company stratifies its capitalized MSRs based on product type and term of the underlying loans. The amount of impairment recognized is the amount, if any, by which the amortized cost of the MSRs exceeds their fair value. Impairment, if deemed temporary, is recognized through a valuation allowance to the extent that fair value is less than the recorded amount. | |
BOLI | ' |
BOLI | |
BOLI policies are recorded at their cash surrender value less applicable cash surrender charges. Income from BOLI is recognized when earned. | |
Goodwill | ' |
Goodwill | |
Goodwill is initially recorded when the purchase price paid for an acquisition exceeds the estimated fair value of the net identified tangible and intangible assets acquired. Goodwill is presumed to have an indefinite useful life and is analyzed annually for impairment. An annual review is performed during the third quarter of each fiscal year, or more frequently if indicators of potential impairment exist, to determine if the recorded goodwill is impaired. If the estimated fair value of the Company’s sole reporting unit exceeds the recorded value of the reporting unit, goodwill is not considered impaired and no additional analysis is necessary. | |
The goodwill impairment test involves a two-step process. Step one estimates the fair value of the reporting unit. If the estimated fair value of the Company's sole reporting unit, the Bank, under step one exceeds the recorded value of the reporting unit, goodwill is not considered impaired and no further analysis is necessary. If the estimated fair value of the Company's sole reporting unit is less than the recorded value, then a step two test test, which calculates the fair value of assets and liabilities to calculate an implied value of goodwill, is performed. | |
Step one of the goodwill impairment test estimated the fair value of the reporting unit utilizing a discounted cash flow income approach analysis, a public company market approach analysis, a merger and acquisition market approach analysis and a trading price market approach analysis in order to derive an enterprise value for the Company. | |
The discounted cash flow income approach analysis uses a reporting unit's projection of estimated operating results and cash flows and discounts them using a rate that reflects current market conditions. The projection uses management's estimates of economic and market conditions over the projected period including growth rates in loans and deposits, estimates of future expected changes in net interest margins and cash expenditures. Key assumptions used by the Company in its discounted cash flow model (income approach) included an annual growth rate that ranged from 3.00% to 5.10%, an annual deposit growth rate that ranged from 2.80% to 4.00% and a return on assets that ranged from 0.70% to 1.00%. In addition to the above projections of estimated operating results, key assumptions used to determine the fair value estimate under the approach were the discount rate of 13.6% and the residual capitalization rate of 10.6%. The discount rate used was the cost of equity capital. The cost of equity capital was based on the capital asset pricing model ("CAPM"), modified to account for a small stock premium. The small stock premium represents the additional return required by investors for small stocks based on the Stocks, Bonds, Bills and Inflation 2013 Yearbook. Beyond the approximate five-year forecast period, residual free cash flows were estimated to increase at a constant rate into perpetuity. These cash flows were converted to a residual value using an appropriate residual capitalization rate. The residual capitalization rate was equal to the discount rate minus the expected long-term growth rate of cash flows. Based on historical results, the economic climate, the outlook for the industry and management's expectations, a long-term growth rate of 3.0% was estimated. | |
The public company market approach analysis estimates the fair value by applying cash flow multiples to the reporting unit's operating performance. The multiples are derived from comparable publicly traded companies with operating and investment characteristics similar to those of the Company. Key assumptions used by the Company included the selection of comparable public companies and performance ratios. In applying the public company analysis, the Company selected eight publicly traded institutions based on similar lines of business, markets, growth prospects, risks and firm size. The performance ratios included price to earnings (last twelve months), price to earnings (current year to date), price to book value, price to tangible book value and price to deposits. | |
The merger and acquisition market approach analysis estimates the fair value by using merger and acquisition transactions involving companies that are similar in nature to the Company. Key assumptions used by the Company included the selection of comparable merger and acquisition transactions and valuation ratios to be used. The analysis used banks located in Washington or Oregon that were acquired after January 1, 2012. The valuation ratios from these transactions for price to earnings and price to tangible book value were then used to derive an estimated fair value of the Company. | |
The trading price market approach analysis used the closing market price at May 30, 2014 of the Company's common stock, traded on the NASDAQ Global Market to determine the market value of total equity capital. | |
A key assumption used by the Company in the public company market approach analysis and the trading price market approach analysis was the application of a control premium. The Company's common stock is thinly traded and therefore management believes the trading price reflects a discount for illiquidity. In addition, the trading price of the Company's common stock reflects a minority interest value. To determine the fair market value of a majority interest in the Company's stock, premiums were calculated and applied to the indicated values. Therefore, a control premium was applied to the results of the public company market approach analysis and the trading price market approach analysis because the initial value conclusion was based on minority interest transactions. Merger and acquisition studies were analyzed to conclude that the difference between the acquisition price and a company's stock price prior to acquisition indicates, in part, the price effect of a controlling interest. Based on the evaluation of merger and acquisition studies, a control premium of 25% was used. | |
The Company performed its fiscal year 2014 goodwill impairment test during the quarter ended June 30, 2014 with the assistance of a third-party firm specializing in goodwill impairment valuations for financial institutions. The third-party analysis was conducted as of May 31, 2014 and the step one test concluded that the reporting unit's fair value was more than its recorded value and, therefore, step two of the analysis was not necessary. Accordingly, the recorded value of goodwill as of May 31, 2014 was not impaired. | |
A significant amount of judgment is involved in determining if an indicator of goodwill impairment has occurred. Such indicators may include, among others: a significant decline in the expected future cash flows; a sustained significant decline in the Company's stock price and market capitalization; a significant adverse change in legal factors or in the business climate; adverse assessment or action by a regulator; and unanticipated competition. Key assumptions used in the annual goodwill impairment test are highly judgmental and include: selection of comparable companies, amount of control premium, projected cash flows and discount rate applied to projected cash flows. Any change in these indicators or key assumptions could have a significant negative impact on the Company's financial condition, impact the goodwill impairment analysis or cause the Company to perform a goodwill impairment analysis more frequently than once per year. | |
CDI | ' |
CDI | |
The CDI is amortized to non-interest expense using an accelerated method over a ten-year period. | |
Premises and Equipment | ' |
Premises and Equipment | |
Premises and equipment are recorded at cost. Depreciation is computed using the straight-line method over the following estimated useful lives: buildings and improvements - five to 40 years; furniture and equipment - three to seven years; and automobiles - five years. The cost of maintenance and repairs is charged to expense as incurred. Gains and losses on dispositions are reflected in earnings. | |
Impairment of Long-Lived Assets | ' |
Impairment of Long-Lived Assets | |
Long-lived assets, consisting of premises and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the recorded amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the recorded amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the recorded amount of the assets exceeds the discounted recovery amount or estimated fair value of the assets. No events or changes in circumstances have occurred during the years ended September 30, 2014 or 2013 that would cause management to evaluate the recoverability of the Company’s long-lived assets. | |
OREO and Other Repossessed Assets | ' |
OREO and Other Repossessed Assets | |
OREO and other repossessed assets consist of properties or assets acquired through or in lieu of foreclosure, and are recorded initially at the estimated fair value of the properties less estimated costs of disposal. When the property is acquired, any excess of the loan balance over the estimated net realizable value is charged to the allowance for loan losses. Costs relating to development and improvement of the properties or assets are capitalized, while costs relating to holding the properties or assets are expensed. The valuation of real estate collateral is subjective in nature and may be adjusted in future periods because of changes in economic conditions. Management considers third-party appraisals, as well as independent fair market value assessments from realtors or persons involved in selling real estate, in determining the estimated fair value of particular properties. In addition, as certain of these third-party appraisals and independent fair market value assessments are only updated periodically, changes in the values of specific properties may have occurred subsequent to the most recent appraisals. Accordingly, the amounts of any such potential changes and any related adjustments are generally recorded at the time such information is received. | |
Transfers of Financial Assets | ' |
Transfers of Financial Assets | |
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |
Income Taxes | ' |
Income Taxes | |
The Company files a consolidated federal income tax return. The Bank provides for income taxes separately and remits to (receives from) Timberland Bancorp amounts currently due (receivable). | |
Deferred federal income taxes result from temporary differences between the tax basis of assets and liabilities, and their reported amounts in the consolidated financial statements. These temporary differences will result in differences between income (loss) for tax purposes and income (loss) for financial reporting purposes in future years. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision (benefit) for income taxes. Valuation allowances are established to reduce the net recorded amount of deferred tax assets if it is determined to be more likely than not that all or some portion of the potential deferred tax asset will not be realized. | |
With respect to accounting for uncertainty in incomes taxes, a tax provision is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely to be realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters as income tax expense. The Company is no longer subject to United States federal income tax examination by tax authorities for years ended on or before September 30, 2010. | |
ESOP | ' |
ESOP | |
The Bank sponsors a leveraged ESOP that is accounted for in accordance with GAAP. Accordingly, the debt of the ESOP is recorded as other borrowed funds of the Bank, and the shares pledged as collateral are reported as unearned shares issued to the ESOP in the consolidated balance sheets. The debt of the ESOP is payable to Timberland Bancorp and is therefore eliminated in the consolidated financial statements. As shares are released from collateral, compensation expense is recorded equal to the average market price of the shares for the period, and the shares become available for net income per common share calculations. Dividends paid on unallocated shares reduce the Company’s cash contributions to the ESOP. | |
Cash and Cash Equivalents and Cash Flows | ' |
Cash and Cash Equivalents and Cash Flows | |
The Company considers amounts included in the consolidated balance sheets’ captions “Cash and due from financial institutions,” and “Interest-bearing deposits in banks,” all of which mature within ninety days, to be cash equivalents for purposes of reporting cash flows. Cash flows from loans, deposits, FHLB advances and repurchase agreements are reported net in the accompanying consolidated statements of cash flows. | |
Interest-bearing deposits in banks as of September 30, 2014 and 2013 included deposits with the FRB of $55,445,000 and $72,955,000, respectively. The Company also maintains balances in correspondent bank accounts which, at times, may exceed FDIC insurance limits of $250,000. Management believes that its risk of loss associated with such balances is minimal due to the financial strength of the FRB and the correspondent banks. | |
Advertising | ' |
Advertising | |
Costs for advertising and marketing are expensed as incurred. | |
Stock-based Compensation | ' |
Stock-Based Compensation | |
The Company measures compensation cost for all stock-based awards based on the grant-date fair value of the stock-based awards and recognizes compensation cost over the service period of stock-based awards. | |
The fair value of stock options is determined using the Black-Scholes valuation model. The fair value of stock grants under the MRDP was equal to the fair value of the shares at the grant date. | |
Net Income (Loss) Per Common Share | ' |
Net Income Per Common Share | |
Basic net income per common share is computed by dividing net income to common shareholders by the weighted average number of common shares outstanding during the period, without considering any dilutive items. Diluted net income per common share is computed by dividing net income to common shareholders by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the Timberland Bancorp's common stock during the period. The 5% dividend and related accretion for the amount of the Company's Series A Preferred Stock outstanding for the respective year was deducted from net income, and the discount on the redemption of Series A Preferred Stock was added to net income in computing net income to common shareholders. Common stock equivalents arise from assumed conversion of outstanding stock options and the outstanding warrant to purchase common stock. Shares owned by the Bank’s ESOP that have not been allocated are not considered to be outstanding for the purpose of computing net income per common share. | |
Related Party Transactions | ' |
Related Party Transactions | |
The Chairman of the Board of the Bank and Timberland Bancorp is a member of the law firm that provides general counsel to the Company. Legal and other fees paid to this law firm for the years ended September 30, 2014, 2013 and 2012 totaled $179,000, $166,000 and $203,000, respectively. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exits. The ASU clarifies when it is appropriate for an unrecognized tax benefit, or portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset. ASU 2013-11 is effective for annual periods, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The ASU should be applied prospectively to all unrecognized tax benefits that exist at the effective date; however, retrospective application is also permitted. Adoption of ASU 2013-11 is not expected to have a material impact on the Company's consolidated financial statements. | |
In January 2014, the FASB issued ASU No. 2014-04, Receivables - Troubled Debt Restructurings by Creditors. The ASU clarifies when an in-substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of the real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate property recognized. ASU 2014-04 is effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. The ASU can be adopted using a modified retrospective transition method or a prospective transition method. Adoption of ASU 2014-04 is not expected to have a material impact on the Company's consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The ASU implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 is effective for annual and interim reporting periods beginning after December 15, 2016. Adoption of ASU 2014-09 is not expected to have a material impact on the Company's consolidated financial statements. | |
In August 2014, the FASB issued ASU No. 2014-14, Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. The ASU addresses the classification of foreclosed loans that are either fully or partially guaranteed under government programs. ASU 2014-14 clarifies that upon foreclosure of fully or partially guaranteed loans which are guaranteed under government programs and meet certain conditions, the creditor will be required to reclassify the previously existing mortgage loan to a separate other receivable from the guarantor, measured at the amount of the loan balance (principal and interest) that it expects to collect from the guarantor. ASU 2014-14 will be effective for fiscal years, and interim periods within those years, beginning after December 15, 2014 for public organizations. Adoption of ASU 2014-14 is not expected to have a material impact on the Company's consolidated financial statements. |
MBS_And_Other_Investments_Tabl
MBS And Other Investments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||||||||
Marketable Securities | ' | |||||||||||||||||||||||||||||
were as follows as of September 30, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||
U.S. government agencies | $ | 1,002 | $ | 32 | $ | (2 | ) | $ | 1,032 | |||||||||||||||||||||
Private label residential | 1,280 | 965 | (7 | ) | 2,238 | |||||||||||||||||||||||||
U.S. agency securities | 3,016 | 1 | (13 | ) | 3,004 | |||||||||||||||||||||||||
Total | $ | 5,298 | $ | 998 | $ | (22 | ) | $ | 6,274 | |||||||||||||||||||||
Available for Sale | ||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||
U.S. government agencies | $ | 1,801 | $ | 100 | $ | (2 | ) | $ | 1,899 | |||||||||||||||||||||
Mutual funds | 1,000 | — | (42 | ) | 958 | |||||||||||||||||||||||||
Total | $ | 2,801 | $ | 100 | $ | (44 | ) | $ | 2,857 | |||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||
U.S. government agencies | $ | 1,202 | $ | 31 | $ | (2 | ) | $ | 1,231 | |||||||||||||||||||||
Private label residential | 1,521 | 781 | (15 | ) | 2,287 | |||||||||||||||||||||||||
U.S. agency securities | 14 | 1 | — | 15 | ||||||||||||||||||||||||||
Total | $ | 2,737 | $ | 813 | $ | (17 | ) | $ | 3,533 | |||||||||||||||||||||
Available for Sale | ||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||
U.S. government agencies | $ | 2,144 | $ | 87 | $ | (2 | ) | $ | 2,229 | |||||||||||||||||||||
Private label residential | 804 | 120 | (10 | ) | 914 | |||||||||||||||||||||||||
Mutual funds | 1,000 | — | (42 | ) | 958 | |||||||||||||||||||||||||
Total | $ | 3,948 | $ | 207 | $ | (54 | ) | $ | 4,101 | |||||||||||||||||||||
Unrealized Gain (Loss) on Investments | ' | |||||||||||||||||||||||||||||
of September 30, 2014 (dollars in thousands): | ||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||
Estimated | Gross | Qty | Estimated | Gross | Qty | Estimated | Gross | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||
U.S. government agencies | $ | — | $ | — | — | $ | 76 | $ | (2 | ) | 8 | $ | 76 | $ | (2 | ) | ||||||||||||||
Private label residential | 9 | — | 1 | 188 | (7 | ) | 11 | 197 | (7 | ) | ||||||||||||||||||||
U.S. agency securities | 2,989 | (13 | ) | 1 | — | — | — | 2,989 | (13 | ) | ||||||||||||||||||||
Total | $ | 2,998 | $ | (13 | ) | 2 | $ | 264 | $ | (9 | ) | 19 | $ | 3,262 | $ | (22 | ) | |||||||||||||
Available for Sale | ||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||
U.S. government agencies | $ | 19 | $ | — | 1 | $ | 40 | $ | (2 | ) | 1 | $ | 59 | $ | (2 | ) | ||||||||||||||
Mutual funds | — | — | — | 958 | (42 | ) | 1 | 958 | (42 | ) | ||||||||||||||||||||
Total | $ | 19 | $ | — | 1 | $ | 998 | $ | (44 | ) | 2 | $ | 1,017 | $ | (44 | ) | ||||||||||||||
Held to maturity and available for sale securities with unrealized losses were as follows as of September 30, 2013 (dollars in thousands): | ||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||
Estimated | Gross | Qty | Estimated | Gross | Qty | Estimated | Gross | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||
U.S. government agencies | $ | 3 | $ | — | 6 | $ | 88 | $ | (2 | ) | 4 | $ | 91 | $ | (2 | ) | ||||||||||||||
Private label residential | 80 | (4 | ) | 4 | 239 | (11 | ) | 14 | 319 | (15 | ) | |||||||||||||||||||
Total | $ | 83 | $ | (4 | ) | 10 | $ | 327 | $ | (13 | ) | 18 | $ | 410 | $ | (17 | ) | |||||||||||||
Available for Sale | ||||||||||||||||||||||||||||||
MBS: | ||||||||||||||||||||||||||||||
U.S. government agencies | $ | 96 | $ | (2 | ) | 3 | $ | — | $ | — | 1 | $ | 96 | $ | (2 | ) | ||||||||||||||
Private label residential | — | — | — | 108 | (10 | ) | 2 | 108 | (10 | ) | ||||||||||||||||||||
Mutual funds | 958 | (42 | ) | 1 | — | — | — | 958 | (42 | ) | ||||||||||||||||||||
Total | $ | 1,054 | $ | (44 | ) | 4 | $ | 108 | $ | (10 | ) | 3 | $ | 1,162 | $ | (54 | ) | |||||||||||||
Schedule of Significant Inputs Utilized to Measure Estimate of Credit Loss Component on OTTI Securities | ' | |||||||||||||||||||||||||||||
The following table presents a summary of the significant inputs utilized to measure management’s estimates of the credit loss component on OTTI securities as of September 30, 2014, 2013 and 2012: | ||||||||||||||||||||||||||||||
Range | Weighted | |||||||||||||||||||||||||||||
Minimum | Maximum | Average | ||||||||||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||||||
Constant prepayment rate | 6 | % | 15 | % | 10.59 | % | ||||||||||||||||||||||||
Collateral default rate | 0.01 | % | 22.34 | % | 7.41 | % | ||||||||||||||||||||||||
Loss severity rate | 0.16 | % | 75.17 | % | 45.81 | % | ||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||||
Constant prepayment rate | 6 | % | 15 | % | 12.33 | % | ||||||||||||||||||||||||
Collateral default rate | 0.73 | % | 22.53 | % | 7.84 | % | ||||||||||||||||||||||||
Loss severity rate | 20.48 | % | 75.02 | % | 52.69 | % | ||||||||||||||||||||||||
30-Sep-12 | ||||||||||||||||||||||||||||||
Constant prepayment rate | 6 | % | 15 | % | 8.77 | % | ||||||||||||||||||||||||
Collateral default rate | 0.06 | % | 28.4 | % | 8.74 | % | ||||||||||||||||||||||||
Loss severity rate | 0.52 | % | 76.03 | % | 48.28 | % | ||||||||||||||||||||||||
Schedule of Other than Temporary Impairments | ' | |||||||||||||||||||||||||||||
The following table presents the OTTI losses for the years ended September 30, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Held To | Available | Held To | Available | Held To Maturity | Available For Sale | |||||||||||||||||||||||||
Maturity | For Sale | Maturity | For Sale | |||||||||||||||||||||||||||
Total recoveries (OTTI) | $ | (83 | ) | $ | 90 | $ | (13 | ) | $ | (2 | ) | $ | (156 | ) | $ | (50 | ) | |||||||||||||
Adjustments for portion of OTTI recorded as (transferred from) other comprehensive loss (before taxes)(1) | 52 | — | (32 | ) | — | (8 | ) | — | ||||||||||||||||||||||
Net recoveries (OTTI) recognized in earnings (2) | $ | (31 | ) | $ | 90 | $ | (45 | ) | $ | (2 | ) | $ | (164 | ) | $ | (50 | ) | |||||||||||||
________________________ | ||||||||||||||||||||||||||||||
-1 | Represents OTTI related to all other factors. | |||||||||||||||||||||||||||||
-2 | Represents OTTI related to credit losses. | |||||||||||||||||||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings | ' | |||||||||||||||||||||||||||||
The following table presents a roll forward of the credit loss component of held to maturity and available for sale debt securities that have been written down for OTTI with the credit loss component recognized in earnings for the years ended September 30, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Balance, beginning of year | $ | 2,084 | $ | 2,703 | $ | 3,361 | ||||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||||||
Credit losses for which OTTI was | 2 | 7 | 81 | |||||||||||||||||||||||||||
not previously recognized | ||||||||||||||||||||||||||||||
Additional increases to the amount | 33 | 45 | 134 | |||||||||||||||||||||||||||
related to credit loss for which OTTI | ||||||||||||||||||||||||||||||
was previously recognized | ||||||||||||||||||||||||||||||
Subtractions: | ||||||||||||||||||||||||||||||
Realized losses previously recorded | (555 | ) | (671 | ) | (873 | ) | ||||||||||||||||||||||||
as credit losses | ||||||||||||||||||||||||||||||
Recovery of prior credit loss | 90 | — | — | |||||||||||||||||||||||||||
Balance, end of year | $ | 1,654 | $ | 2,084 | $ | 2,703 | ||||||||||||||||||||||||
Schedule of Contractual Maturities of Debt Securities | ' | |||||||||||||||||||||||||||||
The contractual maturities of debt securities at September 30, 2014, are as follows (dollars in thousands). Expected maturities may differ from scheduled maturities due to the prepayment of principal or call provisions. | ||||||||||||||||||||||||||||||
Held to Maturity | Available for Sale | |||||||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | |||||||||||||||||||||||||||
Cost | Fair | Cost | Fair | |||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||
Due after one year to five years | $ | 3,020 | $ | 3,008 | $ | 19 | $ | 19 | ||||||||||||||||||||||
Due after five years to ten years | 16 | 17 | 33 | 34 | ||||||||||||||||||||||||||
Due after ten years | 2,262 | 3,249 | 1,749 | 1,846 | ||||||||||||||||||||||||||
Total | $ | 5,298 | $ | 6,274 | $ | 1,801 | $ | 1,899 | ||||||||||||||||||||||
Loans_Receivable_And_Allowance1
Loans Receivable And Allowance For Loan Losses (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Loans receivable and Loans held for sale | ' | |||||||||||||||||||||||||||
Loans receivable and loans held for sale by portfolio segment consisted of the following at September 30, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 97,635 | $ | 102,387 | ||||||||||||||||||||||||
Multi-family | 46,206 | 51,108 | ||||||||||||||||||||||||||
Commercial | 294,354 | 291,297 | ||||||||||||||||||||||||||
Construction – custom and owner/builder | 59,752 | 40,811 | ||||||||||||||||||||||||||
Construction – speculative one- to four-family | 2,577 | 1,428 | ||||||||||||||||||||||||||
Construction – commercial | 3,310 | 2,239 | ||||||||||||||||||||||||||
Construction – multi-family | 2,840 | 143 | ||||||||||||||||||||||||||
Construction – land development | — | 515 | ||||||||||||||||||||||||||
Land | 29,589 | 31,144 | ||||||||||||||||||||||||||
Total mortgage loans | 536,263 | 521,072 | ||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 34,921 | 33,014 | ||||||||||||||||||||||||||
Other | 4,699 | 5,981 | ||||||||||||||||||||||||||
Total consumer loans | 39,620 | 38,995 | ||||||||||||||||||||||||||
Commercial business loans | 30,559 | 17,499 | ||||||||||||||||||||||||||
Total loans receivable | 606,442 | 577,566 | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||
Undisbursed portion of construction loans in process | 29,416 | 18,527 | ||||||||||||||||||||||||||
Deferred loan origination fees | 1,746 | 1,710 | ||||||||||||||||||||||||||
Allowance for loan losses | 10,427 | 11,136 | ||||||||||||||||||||||||||
41,589 | 31,373 | |||||||||||||||||||||||||||
Loans receivable, net | 564,853 | 546,193 | ||||||||||||||||||||||||||
Loans held for sale (one- to four-family) | 899 | 1,911 | ||||||||||||||||||||||||||
Total loans receivable and loans held for sale, net | $ | 565,752 | $ | 548,104 | ||||||||||||||||||||||||
Schedule of Activity in Related Party Loans | ' | |||||||||||||||||||||||||||
Activity in related party loans during the years ended September 30, 2014, 2013 and 2012 was as follows (dollars in thousands): | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Balance, beginning of year | $ | 1,095 | $ | 1,113 | $ | 2,498 | ||||||||||||||||||||||
New loans or advances | 40 | 276 | 175 | |||||||||||||||||||||||||
Repayments and reclassifications | (208 | ) | (294 | ) | (1,560 | ) | ||||||||||||||||||||||
Balance, end of year | $ | 927 | $ | 1,095 | $ | 1,113 | ||||||||||||||||||||||
Schedule of Allowance for Loan Losses | ' | |||||||||||||||||||||||||||
The following table sets forth information for the year ended September 30, 2014 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands): | ||||||||||||||||||||||||||||
Beginning | Provision (Credit) | Charge- | Recoveries | Ending | ||||||||||||||||||||||||
Allowance | offs | Allowance | ||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One-to four-family | $ | 1,449 | $ | 1,113 | $ | 1,106 | $ | 194 | $ | 1,650 | ||||||||||||||||||
Multi-family | 749 | (362 | ) | — | — | 387 | ||||||||||||||||||||||
Commercial | 5,275 | 20 | 463 | 4 | 4,836 | |||||||||||||||||||||||
Construction – custom and owner/builder | 262 | 188 | — | — | 450 | |||||||||||||||||||||||
Construction – speculative one- to four-family | 96 | (44 | ) | — | — | 52 | ||||||||||||||||||||||
Construction – commercial | 56 | 22 | — | — | 78 | |||||||||||||||||||||||
Construction – multi-family | — | (226 | ) | — | 251 | 25 | ||||||||||||||||||||||
Construction – land development | — | (287 | ) | — | 287 | — | ||||||||||||||||||||||
Land | 1,940 | (664 | ) | 260 | 418 | 1,434 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 782 | 137 | 47 | 7 | 879 | |||||||||||||||||||||||
Other | 200 | (20 | ) | 6 | 2 | 176 | ||||||||||||||||||||||
Commercial business loans | 327 | 123 | 14 | 24 | 460 | |||||||||||||||||||||||
Total | $ | 11,136 | $ | — | $ | 1,896 | $ | 1,187 | $ | 10,427 | ||||||||||||||||||
The following table sets forth information for the year ended September 30, 2013 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands): | ||||||||||||||||||||||||||||
Beginning | Provision (Credit) | Charge- | Recoveries | Ending | ||||||||||||||||||||||||
Allowance | offs | Allowance | ||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One-to four-family | $ | 1,558 | $ | 565 | $ | 769 | $ | 95 | $ | 1,449 | ||||||||||||||||||
Multi-family | 1,156 | (407 | ) | — | — | 749 | ||||||||||||||||||||||
Commercial | 4,247 | 1,640 | 667 | 55 | 5,275 | |||||||||||||||||||||||
Construction – custom and owner/builder | 386 | (124 | ) | 26 | 26 | 262 | ||||||||||||||||||||||
Construction – speculative one- to four-family | 128 | (32 | ) | — | — | 96 | ||||||||||||||||||||||
Construction – commercial | 429 | (373 | ) | — | — | 56 | ||||||||||||||||||||||
Construction – multi-family | — | 116 | 116 | — | — | |||||||||||||||||||||||
Construction – land development | — | (129 | ) | 17 | 146 | — | ||||||||||||||||||||||
Land | 2,392 | 1,801 | 2,307 | 54 | 1,940 | |||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 759 | 202 | 184 | 5 | 782 | |||||||||||||||||||||||
Other | 254 | (40 | ) | 14 | — | 200 | ||||||||||||||||||||||
Commercial business loans | 516 | (294 | ) | — | 105 | 327 | ||||||||||||||||||||||
Total | $ | 11,825 | $ | 2,925 | $ | 4,100 | $ | 486 | $ | 11,136 | ||||||||||||||||||
Summary Analysis of Activity in the Allowance for Loan Losses | ' | |||||||||||||||||||||||||||
The following table sets forth information for the year ended September 30, 2012 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands): | ||||||||||||||||||||||||||||
Beginning | Provision (Credit) | Charge- | Recoveries | Ending | ||||||||||||||||||||||||
Allowance | offs | Allowance | ||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One-to four-family | $ | 760 | $ | 1,000 | $ | 276 | $ | 74 | $ | 1,558 | ||||||||||||||||||
Multi-family | 1,076 | 80 | 14 | 14 | 1,156 | |||||||||||||||||||||||
Commercial | 4,035 | 1,427 | 1,215 | — | 4,247 | |||||||||||||||||||||||
Construction – custom and owner/builder | 222 | 164 | — | — | 386 | |||||||||||||||||||||||
Construction – speculative one- to four-family | 169 | (42 | ) | — | 1 | 128 | ||||||||||||||||||||||
Construction – commercial | 794 | 257 | 622 | — | 429 | |||||||||||||||||||||||
Construction – multi-family | 354 | (780 | ) | 24 | 450 | — | ||||||||||||||||||||||
Construction – land development | 79 | 106 | 239 | 54 | — | |||||||||||||||||||||||
Land | 2,795 | 751 | 1,251 | 97 | 2,392 | |||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 460 | 517 | 232 | 14 | 759 | |||||||||||||||||||||||
Other | 415 | (137 | ) | 24 | — | 254 | ||||||||||||||||||||||
Commercial business loans | 787 | 157 | 430 | 2 | 516 | |||||||||||||||||||||||
Total | $ | 11,946 | $ | 3,500 | $ | 4,327 | $ | 706 | $ | 11,825 | ||||||||||||||||||
Schedule of Loans Evaluated Individually for Impairment and Collectively Evaluated for Impairment in the Allowance for Loan Losses | ' | |||||||||||||||||||||||||||
The following table presents information on the loans evaluated individually and collectively for impairment in the allowance for loan losses by portfolio segment at September 30, 2014 (dollars in thousands): | ||||||||||||||||||||||||||||
Allowance for Loan Losses | Recorded Investment in Loans | |||||||||||||||||||||||||||
Individually | Collectively | Total | Individually | Collectively | Total | |||||||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | |||||||||||||||||||||||||
Impairment | Impairment | Impairment | Impairment | |||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 709 | $ | 941 | $ | 1,650 | $ | 7,011 | $ | 91,523 | $ | 98,534 | ||||||||||||||||
Multi-family | 39 | 348 | 387 | 3,317 | 42,889 | 46,206 | ||||||||||||||||||||||
Commercial | 797 | 4,039 | 4,836 | 17,188 | 277,166 | 294,354 | ||||||||||||||||||||||
Construction – custom and owner/ builder | — | 450 | 450 | — | 34,553 | 34,553 | ||||||||||||||||||||||
Construction – speculative one- to four-family | — | 52 | 52 | — | 1,204 | 1,204 | ||||||||||||||||||||||
Construction – commercial | — | 78 | 78 | — | 2,887 | 2,887 | ||||||||||||||||||||||
Construction – multi-family | — | 25 | 25 | — | 419 | 419 | ||||||||||||||||||||||
Land | 300 | 1,134 | 1,434 | 5,158 | 24,431 | 29,589 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 162 | 717 | 879 | 797 | 34,124 | 34,921 | ||||||||||||||||||||||
Other | — | 176 | 176 | 3 | 4,696 | 4,699 | ||||||||||||||||||||||
Commercial business loans | — | 460 | 460 | — | 30,559 | 30,559 | ||||||||||||||||||||||
Total | $ | 2,007 | $ | 8,420 | $ | 10,427 | $ | 33,474 | $ | 544,451 | $ | 577,925 | ||||||||||||||||
The following table presents information on the loans evaluated individually and collectively for impairment in the allowance for loan losses by portfolio segment at September 30, 2013 (dollars in thousands): | ||||||||||||||||||||||||||||
Allowance for Loan Losses | Recorded Investment in Loans | |||||||||||||||||||||||||||
Individually | Collectively | Total | Individually | Collectively | Total | |||||||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | |||||||||||||||||||||||||
Impairment | Impairment | Impairment | Impairment | |||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 600 | $ | 849 | $ | 1,449 | $ | 8,984 | $ | 95,314 | $ | 104,298 | ||||||||||||||||
Multi-family | 334 | 415 | 749 | 5,184 | 45,924 | 51,108 | ||||||||||||||||||||||
Commercial | 1,763 | 3,512 | 5,275 | 19,510 | 271,787 | 291,297 | ||||||||||||||||||||||
Construction – custom and owner/ builder | — | 262 | 262 | — | 22,788 | 22,788 | ||||||||||||||||||||||
Construction – speculative one- to four-family | 88 | 8 | 96 | 687 | 236 | 923 | ||||||||||||||||||||||
Construction – commercial | — | 56 | 56 | — | 2,239 | 2,239 | ||||||||||||||||||||||
Construction – multi-family | — | — | — | 143 | 1 | 144 | ||||||||||||||||||||||
Construction – land development | — | — | — | 515 | — | 515 | ||||||||||||||||||||||
Land | 234 | 1,706 | 1,940 | 2,391 | 28,753 | 31,144 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 57 | 725 | 782 | 679 | 32,335 | 33,014 | ||||||||||||||||||||||
Other | — | 200 | 200 | 6 | 5,975 | 5,981 | ||||||||||||||||||||||
Commercial business loans | — | 327 | 327 | — | 17,499 | 17,499 | ||||||||||||||||||||||
Total | $ | 3,076 | $ | 8,060 | $ | 11,136 | $ | 38,099 | $ | 522,851 | $ | 560,950 | ||||||||||||||||
Past Due Status of Loans Receivable | ' | |||||||||||||||||||||||||||
The following table presents an age analysis of past due status of loans by portfolio segment at September 30, 2014 (dollars in thousands): | ||||||||||||||||||||||||||||
30–59 | 60-89 | Non- | Past Due | Total | Current | Total | ||||||||||||||||||||||
Days | Days | Accrual(1) | 90 Days | Past Due | Loans | |||||||||||||||||||||||
Past Due | Past Due | or More | ||||||||||||||||||||||||||
and Still | ||||||||||||||||||||||||||||
Accruing | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | — | $ | 577 | $ | 4,376 | $ | — | $ | 4,953 | $ | 93,581 | $ | 98,534 | ||||||||||||||
Multi-family | — | — | — | — | — | 46,206 | 46,206 | |||||||||||||||||||||
Commercial | — | 695 | 1,468 | 812 | 2,975 | 291,379 | 294,354 | |||||||||||||||||||||
Construction – custom and owner/ builder | — | 156 | — | — | 156 | 34,397 | 34,553 | |||||||||||||||||||||
Construction – speculative one- to four-family | — | — | — | — | — | 1,204 | 1,204 | |||||||||||||||||||||
Construction – commercial | — | — | — | — | — | 2,887 | 2,887 | |||||||||||||||||||||
Construction – multi-family | — | — | — | — | — | 419 | 419 | |||||||||||||||||||||
Land | 357 | 27 | 4,564 | — | 4,948 | 24,641 | 29,589 | |||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 62 | 44 | 498 | — | 604 | 34,317 | 34,921 | |||||||||||||||||||||
Other | 42 | — | 3 | — | 45 | 4,654 | 4,699 | |||||||||||||||||||||
Commercial business loans | 21 | — | — | — | 21 | 30,538 | 30,559 | |||||||||||||||||||||
Total | $ | 482 | $ | 1,499 | $ | 10,909 | $ | 812 | $ | 13,702 | $ | 564,223 | $ | 577,925 | ||||||||||||||
__________________ | ||||||||||||||||||||||||||||
-1 | Includes non-accrual loans past due 90 days or more and other loans classified as non-accrual. | |||||||||||||||||||||||||||
The following table presents an age analysis of past due status of loans by portfolio segment at September 30, 2013 (dollars in thousands): | ||||||||||||||||||||||||||||
30–59 | 60-89 | Non- | Past Due | Total | Current | Total | ||||||||||||||||||||||
Days | Days | Accrual(1) | 90 Days | Past Due | Loans | |||||||||||||||||||||||
Past Due | Past Due | or More | ||||||||||||||||||||||||||
and Still | ||||||||||||||||||||||||||||
Accruing | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 14 | $ | 1,218 | $ | 6,985 | $ | — | $ | 8,217 | $ | 96,081 | $ | 104,298 | ||||||||||||||
Multi-family | — | — | — | — | — | 51,108 | 51,108 | |||||||||||||||||||||
Commercial | — | 2,537 | 3,435 | — | 5,972 | 285,325 | 291,297 | |||||||||||||||||||||
Construction – custom and owner/ builder | — | — | — | — | — | 22,788 | 22,788 | |||||||||||||||||||||
Construction – speculative one- to four-family | — | — | — | — | — | 923 | 923 | |||||||||||||||||||||
Construction – commercial | — | — | — | — | — | 2,239 | 2,239 | |||||||||||||||||||||
Construction – multi-family | — | — | 144 | — | 144 | — | 144 | |||||||||||||||||||||
Construction – land development | — | — | 515 | — | 515 | — | 515 | |||||||||||||||||||||
Land | — | — | 2,146 | 284 | 2,430 | 28,714 | 31,144 | |||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 101 | 20 | 380 | 152 | 653 | 32,361 | 33,014 | |||||||||||||||||||||
Other | 1 | 39 | 5 | — | 45 | 5,936 | 5,981 | |||||||||||||||||||||
Commercial business loans | 83 | 15 | — | — | 98 | 17,401 | 17,499 | |||||||||||||||||||||
Total | $ | 199 | $ | 3,829 | $ | 13,610 | $ | 436 | $ | 18,074 | $ | 542,876 | $ | 560,950 | ||||||||||||||
___________________ | ||||||||||||||||||||||||||||
(1) Includes non-accrual loans past due 90 days or more and other loans classified as non-accrual. | ||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators | ' | |||||||||||||||||||||||||||
The following table lists the loan credit risk grades utilized by the Company as credit quality indicators, by portfolio segment, at September 30, 2014 (dollars in thousands). At September 30, 2014 and 2013, there were no loans classified as loss. | ||||||||||||||||||||||||||||
Loan Grades | ||||||||||||||||||||||||||||
Pass | Watch | Special Mention | Substandard | Total | ||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 90,340 | $ | 1,749 | $ | 1,045 | $ | 5,400 | $ | 98,534 | ||||||||||||||||||
Multi-family | 37,336 | 1,697 | 6,410 | 763 | 46,206 | |||||||||||||||||||||||
Commercial | 266,467 | 5,819 | 15,946 | 6,122 | 294,354 | |||||||||||||||||||||||
Construction – custom and owner / builder | 34,553 | — | — | — | 34,553 | |||||||||||||||||||||||
Construction – speculative one- to four-family | 1,204 | — | — | — | 1,204 | |||||||||||||||||||||||
Construction – commercial | 2,887 | — | — | — | 2,887 | |||||||||||||||||||||||
Construction – multi-family | 419 | — | — | — | 419 | |||||||||||||||||||||||
Land | 21,084 | 114 | 3,586 | 4,805 | 29,589 | |||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 33,207 | 724 | 27 | 963 | 34,921 | |||||||||||||||||||||||
Other | 4,657 | 39 | — | 3 | 4,699 | |||||||||||||||||||||||
Commercial business loans | 30,355 | 112 | 92 | — | 30,559 | |||||||||||||||||||||||
Total | $ | 522,509 | $ | 10,254 | $ | 27,106 | $ | 18,056 | $ | 577,925 | ||||||||||||||||||
The following table lists the loan credit risk grades utilized by the Company as credit quality indicators, by portfolio segment, at September 30, 2013 (dollars in thousands): | ||||||||||||||||||||||||||||
Loan Grades | ||||||||||||||||||||||||||||
Pass | Watch | Special Mention | Substandard | Total | ||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 91,291 | $ | 4,032 | $ | 769 | $ | 8,206 | $ | 104,298 | ||||||||||||||||||
Multi-family | 41,863 | 132 | 8,337 | 776 | 51,108 | |||||||||||||||||||||||
Commercial | 262,502 | 3,309 | 12,522 | 12,964 | 291,297 | |||||||||||||||||||||||
Construction – custom and owner / builder | 22,788 | — | — | — | 22,788 | |||||||||||||||||||||||
Construction – speculative one- to four-family | 236 | 687 | — | — | 923 | |||||||||||||||||||||||
Construction – commercial | 2,239 | — | — | — | 2,239 | |||||||||||||||||||||||
Construction – multi-family | — | — | — | 144 | 144 | |||||||||||||||||||||||
Construction – land development | — | — | — | 515 | 515 | |||||||||||||||||||||||
Land | 20,627 | 5,101 | 1,129 | 4,287 | 31,144 | |||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 31,096 | 782 | 55 | 1,081 | 33,014 | |||||||||||||||||||||||
Other | 5,937 | 39 | — | 5 | 5,981 | |||||||||||||||||||||||
Commercial business loans | 17,029 | 366 | 104 | — | 17,499 | |||||||||||||||||||||||
Total | $ | 495,608 | $ | 14,448 | $ | 22,916 | $ | 27,978 | $ | 560,950 | ||||||||||||||||||
Impaired Financing Receivables | ' | |||||||||||||||||||||||||||
The following table is a summary of information related to impaired loans by portfolio segment as of and for the year ended September 30, 2014 (dollars in thousands): | ||||||||||||||||||||||||||||
September 30, 2014 | For the Year Ended | |||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||
Recorded | Unpaid Principal | Related | Average | Interest | Cash Basis | |||||||||||||||||||||||
Investment | Balance (Loan | Allowance | Recorded | Income | Interest | |||||||||||||||||||||||
Balance Plus | Investment | Recognized | Income | |||||||||||||||||||||||||
Charge Off) | Recognized | |||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 2,647 | $ | 3,301 | $ | — | $ | 3,763 | $ | — | $ | — | ||||||||||||||||
Multi-family | — | 857 | — | — | — | — | ||||||||||||||||||||||
Commercial | 11,057 | 14,184 | — | 7,859 | 414 | 325 | ||||||||||||||||||||||
Construction – multi-family | — | — | — | 57 | — | — | ||||||||||||||||||||||
Construction – land development | — | — | — | 141 | — | — | ||||||||||||||||||||||
Land | 1,079 | 1,674 | — | 1,044 | 12 | 10 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 351 | 574 | — | 276 | — | — | ||||||||||||||||||||||
Other | 3 | 3 | — | 7 | — | — | ||||||||||||||||||||||
Commercial business loans | — | 10 | — | 22 | — | — | ||||||||||||||||||||||
Subtotal | 15,137 | 20,603 | — | 13,169 | 426 | 335 | ||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | 4,364 | 4,364 | 709 | 4,140 | 146 | 110 | ||||||||||||||||||||||
Multi-family | 3,317 | 3,317 | 39 | 4,157 | 220 | 165 | ||||||||||||||||||||||
Commercial | 6,131 | 6,131 | 797 | 10,083 | 541 | 423 | ||||||||||||||||||||||
Construction – speculative one- to four-family | — | — | — | 275 | 11 | 7 | ||||||||||||||||||||||
Land | 4,079 | 4,079 | 300 | 3,780 | 18 | 16 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 446 | 446 | 162 | 404 | 16 | 12 | ||||||||||||||||||||||
Subtotal | 18,337 | 18,337 | 2,007 | 22,839 | 952 | 733 | ||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | 7,011 | 7,665 | 709 | 7,903 | 146 | 110 | ||||||||||||||||||||||
Multi-family | 3,317 | 4,174 | 39 | 4,157 | 220 | 165 | ||||||||||||||||||||||
Commercial | 17,188 | 20,315 | 797 | 17,942 | 955 | 748 | ||||||||||||||||||||||
Construction – speculative one- to four-family | — | — | — | 275 | 11 | 7 | ||||||||||||||||||||||
Construction – multi-family | — | — | — | 57 | — | — | ||||||||||||||||||||||
Construction – land development | — | — | — | 141 | — | — | ||||||||||||||||||||||
Land | 5,158 | 5,753 | 300 | 4,824 | 30 | 26 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 797 | 1,020 | 162 | 680 | 16 | 12 | ||||||||||||||||||||||
Other | 3 | 3 | — | 7 | — | — | ||||||||||||||||||||||
Commercial business loans | — | 10 | — | 22 | — | — | ||||||||||||||||||||||
Total | $ | 33,474 | $ | 38,940 | $ | 2,007 | $ | 36,008 | $ | 1,378 | $ | 1,068 | ||||||||||||||||
The following table is a summary of information related to impaired loans by portfolio segment as of and for the year ended September 30, 2013 (dollars in thousands): | ||||||||||||||||||||||||||||
September 30, 2013 | For the Year Ended | |||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||
Recorded | Unpaid Principal | Related | Average | Interest | Cash Basis | |||||||||||||||||||||||
Investment | Balance (Loan | Allowance | Recorded | Income | Interest | |||||||||||||||||||||||
Balance Plus | Investment | Recognized | Income | |||||||||||||||||||||||||
Charge Off) | Recognized | |||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 5,342 | $ | 5,775 | $ | — | $ | 2,661 | $ | 18 | $ | 13 | ||||||||||||||||
Multi-family | — | 982 | — | 473 | 3 | 3 | ||||||||||||||||||||||
Commercial | 4,879 | 8,005 | — | 8,781 | 322 | 267 | ||||||||||||||||||||||
Construction – custom and owner / builder | — | — | — | 97 | — | — | ||||||||||||||||||||||
Construction – speculative one- to four-family | — | — | — | 65 | — | — | ||||||||||||||||||||||
Construction – multi-family | 143 | 608 | — | 293 | — | — | ||||||||||||||||||||||
Construction – land development | 515 | 3,279 | — | 534 | — | — | ||||||||||||||||||||||
Land | 1,188 | 2,133 | — | 3,519 | 9 | 8 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 380 | 556 | — | 266 | — | — | ||||||||||||||||||||||
Other | 6 | 6 | — | 8 | — | — | ||||||||||||||||||||||
Commercial business loans | — | 33 | — | — | — | — | ||||||||||||||||||||||
Subtotal | 12,453 | 21,377 | — | 16,697 | 352 | 291 | ||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | 3,642 | 3,726 | 600 | 4,397 | 91 | 68 | ||||||||||||||||||||||
Multi-family | 5,184 | 5,184 | 334 | 5,960 | 301 | 230 | ||||||||||||||||||||||
Commercial | 14,631 | 15,297 | 1,763 | 9,052 | 526 | 420 | ||||||||||||||||||||||
Construction – custom and owner / builder | — | — | — | 60 | — | — | ||||||||||||||||||||||
Construction – speculative one- to four-family | 687 | 687 | 88 | 695 | 29 | 16 | ||||||||||||||||||||||
Construction – commercial | — | — | — | — | — | — | ||||||||||||||||||||||
Construction – multi-family | — | — | — | — | — | — | ||||||||||||||||||||||
Land | 1,203 | 1,226 | 234 | 1,962 | 27 | 27 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 299 | 299 | 57 | 352 | 16 | 12 | ||||||||||||||||||||||
Subtotal | 25,646 | 26,419 | 3,076 | 22,478 | 990 | 773 | ||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | 8,984 | 9,501 | 600 | 7,058 | 109 | 81 | ||||||||||||||||||||||
Multi-family | 5,184 | 6,166 | 334 | 6,433 | 304 | 233 | ||||||||||||||||||||||
Commercial | 19,510 | 23,302 | 1,763 | 17,833 | 848 | 687 | ||||||||||||||||||||||
Construction – custom and owner / builder | — | — | — | 157 | — | — | ||||||||||||||||||||||
Construction – speculative one- to four-family | 687 | 687 | 88 | 760 | 29 | 16 | ||||||||||||||||||||||
Construction – multi-family | 143 | 608 | — | 293 | — | — | ||||||||||||||||||||||
Construction – land development | 515 | 3,279 | — | 534 | — | — | ||||||||||||||||||||||
Land | 2,391 | 3,359 | 234 | 5,481 | 36 | 35 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 679 | 855 | 57 | 618 | 16 | 12 | ||||||||||||||||||||||
Other | 6 | 6 | — | 8 | — | — | ||||||||||||||||||||||
Commercial business loans | — | 33 | — | — | — | — | ||||||||||||||||||||||
Total | $ | 38,099 | $ | 47,796 | $ | 3,076 | $ | 39,175 | $ | 1,342 | $ | 1,064 | ||||||||||||||||
The following table is a summary of information related to impaired loans by portfolio segment as of and for the year ended September 30, 2012 (dollars in thousands): | ||||||||||||||||||||||||||||
30-Sep-12 | For the Year Ended | |||||||||||||||||||||||||||
30-Sep-12 | ||||||||||||||||||||||||||||
Recorded | Unpaid Principal | Related | Average | Interest | Cash Basis | |||||||||||||||||||||||
Investment | Balance (Loan | Allowance | Recorded | Income | Interest | |||||||||||||||||||||||
Balance Plus | Investment | Recognized | Income | |||||||||||||||||||||||||
Charge Off) | Recognized | |||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 1,510 | $ | 1,605 | $ | — | $ | 1,838 | $ | 20 | $ | 16 | ||||||||||||||||
Multi-family | — | 982 | — | — | 1 | 1 | ||||||||||||||||||||||
Commercial | 7,596 | 8,664 | — | 14,491 | 543 | 348 | ||||||||||||||||||||||
Construction – custom and owner / builder | 208 | 208 | — | 209 | — | — | ||||||||||||||||||||||
Construction – speculative one- to four-family | 327 | 327 | — | 65 | — | — | ||||||||||||||||||||||
Construction – commercial | — | 2,066 | — | 14 | 14 | |||||||||||||||||||||||
Construction – multi-family | 345 | 810 | — | 338 | — | — | ||||||||||||||||||||||
Construction – land development | 589 | 3,497 | — | 1,089 | 14 | 14 | ||||||||||||||||||||||
Land | 5,989 | 8,247 | — | 6,279 | 28 | 16 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 261 | 383 | — | 482 | — | — | ||||||||||||||||||||||
Other | 7 | 7 | — | 5 | — | — | ||||||||||||||||||||||
Commercial business loans | — | 166 | — | 32 | 2 | 2 | ||||||||||||||||||||||
Subtotal | 16,832 | 26,962 | — | 24,828 | 622 | 411 | ||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | 3,772 | 3,772 | 678 | 2,520 | 81 | 62 | ||||||||||||||||||||||
Multi-family | 6,879 | 6,879 | 711 | 6,618 | 294 | 189 | ||||||||||||||||||||||
Commercial | 9,596 | 9,596 | 667 | 5,043 | 60 | 39 | ||||||||||||||||||||||
Construction – custom and owner / builder | 101 | 101 | 15 | 106 | — | — | ||||||||||||||||||||||
Construction – speculative one- to four-family | 700 | 700 | 109 | 700 | 29 | 20 | ||||||||||||||||||||||
Construction – commercial | — | — | — | 3,248 | 230 | 146 | ||||||||||||||||||||||
Construction – multi-family | — | — | — | 74 | — | — | ||||||||||||||||||||||
Land | 2,624 | 2,811 | 686 | 3,307 | 37 | 36 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 301 | 301 | 36 | 515 | 31 | 23 | ||||||||||||||||||||||
Commercial business loans | — | — | — | 55 | — | — | ||||||||||||||||||||||
Subtotal | 23,973 | 24,160 | 2,902 | 22,186 | 762 | 515 | ||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | 5,282 | 5,377 | 678 | 4,358 | 101 | 78 | ||||||||||||||||||||||
Multi-family | 6,879 | 7,861 | 711 | 6,618 | 295 | 190 | ||||||||||||||||||||||
Commercial | 17,192 | 18,260 | 667 | 19,534 | 603 | 387 | ||||||||||||||||||||||
Construction – custom and owner / builder | 309 | 309 | 15 | 315 | — | — | ||||||||||||||||||||||
Construction – speculative one- to four-family | 1,027 | 1,027 | 109 | 765 | 29 | 20 | ||||||||||||||||||||||
Construction – commercial | — | 2,066 | — | 3,248 | 244 | 160 | ||||||||||||||||||||||
Construction – multi-family | 345 | 810 | — | 412 | — | — | ||||||||||||||||||||||
Construction – land development | 589 | 3,497 | — | 1,089 | 14 | 14 | ||||||||||||||||||||||
Land | 8,613 | 11,058 | 686 | 9,586 | 65 | 52 | ||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 562 | 684 | 36 | 997 | 31 | 23 | ||||||||||||||||||||||
Other | 7 | 7 | — | 5 | — | — | ||||||||||||||||||||||
Commercial business loans | — | 166 | — | 87 | 2 | 2 | ||||||||||||||||||||||
Total | $ | 40,805 | $ | 51,122 | $ | 2,902 | $ | 47,014 | $ | 1,384 | $ | 926 | ||||||||||||||||
Schedule 1 of Troubled debt restructured loans | ' | |||||||||||||||||||||||||||
The following tables set forth information with respect to the Company’s troubled debt restructured loans by interest accrual status as of September 30, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
Accruing | Non- | Total | ||||||||||||||||||||||||||
Accrual | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 2,634 | $ | 233 | $ | 2,867 | ||||||||||||||||||||||
Multi-family | 3,317 | — | 3,317 | |||||||||||||||||||||||||
Commercial | 9,960 | 1,468 | 11,428 | |||||||||||||||||||||||||
Land | 594 | 431 | 1,025 | |||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 299 | 152 | 451 | |||||||||||||||||||||||||
Total | $ | 16,804 | $ | 2,284 | $ | 19,088 | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||
Accruing | Non- | Total | ||||||||||||||||||||||||||
Accrual | ||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||
One- to four-family | $ | 1,999 | $ | 198 | $ | 2,197 | ||||||||||||||||||||||
Multi-family | 5,184 | — | 5,184 | |||||||||||||||||||||||||
Commercial | 10,160 | 1,574 | 11,734 | |||||||||||||||||||||||||
Construction – speculative one- to four-family | 687 | — | 687 | |||||||||||||||||||||||||
Construction – land development | — | 515 | 515 | |||||||||||||||||||||||||
Land | 244 | 1,564 | 1,808 | |||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||
Home equity and second mortgage | 299 | 180 | 479 | |||||||||||||||||||||||||
Total | $ | 18,573 | $ | 4,031 | $ | 22,604 | ||||||||||||||||||||||
Schedule 2 of Troubled debt restructured loans | ' | |||||||||||||||||||||||||||
The following tables set forth information with respect to the Company’s troubled debt restructured loans by portfolio segment that occurred during the years ended September 30, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||
2014 | Number of | Pre-Modification | Post- Modification | End of | ||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | Period | |||||||||||||||||||||||||
Recorded | Recorded | Balance | ||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||
One-to four-family (1) | 1 | $ | 42 | $ | 42 | $ | 42 | |||||||||||||||||||||
Land (1) | 1 | 157 | 157 | 153 | ||||||||||||||||||||||||
Total | 2 | $ | 199 | $ | 199 | $ | 195 | |||||||||||||||||||||
___________________________ | ||||||||||||||||||||||||||||
(1) Modifications were a result of a reduction in the stated interest rate. | ||||||||||||||||||||||||||||
2013 | Number of | Pre-Modification | Post- Modification | End of | ||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | Period | |||||||||||||||||||||||||
Recorded | Recorded | Balance | ||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||
One-to four-family (1) | 2 | $ | 353 | $ | 353 | $ | 350 | |||||||||||||||||||||
Commercial (2) | 2 | 2,327 | 2,327 | 2,318 | ||||||||||||||||||||||||
Total | 4 | $ | 2,680 | $ | 2,680 | $ | 2,668 | |||||||||||||||||||||
_______________________________ | ||||||||||||||||||||||||||||
-1 | Modifications were a result of a combination of changes (i.e., a reduction in the stated interest rate and an extension of the maturity at an interest rate below current market). | |||||||||||||||||||||||||||
(2) Modifications were a result of a reduction in the stated interest rate. | ||||||||||||||||||||||||||||
2012 | Number of | Pre-Modification | Post- Modification | End of | ||||||||||||||||||||||||
Contracts | Outstanding | Outstanding | Period | |||||||||||||||||||||||||
Recorded | Recorded | Balance | ||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||
One-to four-family (1) | 1 | $ | 373 | $ | 373 | $ | 372 | |||||||||||||||||||||
Commercial (1) | 1 | 2,718 | 2,718 | 2,657 | ||||||||||||||||||||||||
Land (2) | 1 | 249 | 249 | 233 | ||||||||||||||||||||||||
Total | 3 | $ | 3,340 | $ | 3,340 | $ | 3,262 | |||||||||||||||||||||
-1 | Modifications were a result of a combination of changes (i.e., a reduction in the stated interest rate; an extension of the maturity at an interest rate below current market; a reduction in the accrued interest; or re-aging, extensions, deferrals and renewals). | |||||||||||||||||||||||||||
-2 | Modification was a result of a reduction in the stated interest rate. |
Mortgage_Servicing_Rights_Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Transfers and Servicing [Abstract] | ' | |||||||||||
Analysis of the changes in MSRs | ' | |||||||||||
ollowing is an analysis of the changes in MSRs for the years ended September 30, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance, beginning of year | $ | 2,266 | $ | 2,011 | $ | 2,108 | ||||||
Additions | 387 | 728 | 698 | |||||||||
Amortization | (969 | ) | (948 | ) | (805 | ) | ||||||
Valuation allowance | — | — | (216 | ) | ||||||||
Recovery of valuation allowance | — | 475 | 226 | |||||||||
Balance, end of year | $ | 1,684 | $ | 2,266 | $ | 2,011 | ||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of Premises and Equipment | ' | |||||||
Premises and equipment consisted of the following at September 30, 2014 and 2013 (dollars in thousands): | ||||||||
2014 | 2013 | |||||||
Land | $ | 4,085 | $ | 4,112 | ||||
Buildings and improvements | 17,546 | 17,344 | ||||||
Furniture and equipment | 8,332 | 7,527 | ||||||
Property held for future expansion | 110 | 110 | ||||||
Construction and purchases in progress | 153 | 370 | ||||||
30,226 | 29,463 | |||||||
Less accumulated depreciation | 12,547 | 11,699 | ||||||
Premises and equipment, net | $ | 17,679 | $ | 17,764 | ||||
Minimum net rental commitments under non-cancellable leases | ' | |||||||
Minimum net rental commitments under non-cancellable leases having an original or remaining term of more than one year for fiscal years ending subsequent to September 30, 2014 are as follows (dollars in thousands): | ||||||||
2015 | $ | 280 | ||||||
2016 | 225 | |||||||
2017 | 96 | |||||||
2018 | 96 | |||||||
2019 | 96 | |||||||
Thereafter | 120 | |||||||
Total minimum payments required | $ | 913 | ||||||
OREO_and_Other_Repossessed_Ass1
OREO and Other Repossessed Assets (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | ' | |||||||||||||
Schedule of OREO and Other Repossesssed Assets | ' | |||||||||||||
The following table presents the activity related to OREO and other repossessed assets for the years ended September 30, 2014 and 2013 (dollars in thousands): | ||||||||||||||
2014 | 2013 | |||||||||||||
Amount | Number | Number | ||||||||||||
Amount | ||||||||||||||
Balance, beginning of year | $ | 11,720 | 47 | $ | 13,302 | 56 | ||||||||
Additions to OREO and other repossessed assets | 6,108 | 29 | 6,375 | 25 | ||||||||||
Capitalized improvements | 47 | — | 146 | — | ||||||||||
Lower of cost or estimated fair value losses | (605 | ) | — | (2,064 | ) | — | ||||||||
Disposition of OREO and other repossessed assets | (8,178 | ) | (36 | ) | (6,039 | ) | (34 | ) | ||||||
Balance, end of year | $ | 9,092 | 40 | $ | 11,720 | 47 | ||||||||
CDI_Tables
CDI (Tables) | 12 Months Ended |
Sep. 30, 2014 | |
Finite-Lived Intangible Assets, Net [Abstract] | ' |
CDI, Future Amortization Expense | ' |
Amortization expense for CDI for the year ending September 30, 2015 will be $3,000. |
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Deposits [Abstract] | ' | |||||||||||
Schedule of Deposits | ' | |||||||||||
Deposits consisted of the following at September 30, 2014 and 2013 (dollars in thousands): | ||||||||||||
2014 | 2013 | |||||||||||
Non-interest-bearing demand | $ | 106,417 | $ | 87,657 | ||||||||
NOW checking | 160,748 | 156,100 | ||||||||||
Savings | 95,665 | 91,349 | ||||||||||
Money market accounts | 88,999 | 99,006 | ||||||||||
Certificates of deposit | 163,287 | 174,150 | ||||||||||
Total | $ | 615,116 | $ | 608,262 | ||||||||
Scheduled maturities of certificates of deposit for future years | ' | |||||||||||
Scheduled maturities of certificates of deposit for future years ending September 30 are as follows (dollars in thousands): | ||||||||||||
2015 | $ | 98,503 | ||||||||||
2016 | 32,746 | |||||||||||
2017 | 16,168 | |||||||||||
2018 | 6,075 | |||||||||||
2019 | 8,338 | |||||||||||
Thereafter | 1,457 | |||||||||||
Total | $ | 163,287 | ||||||||||
Schedule of Interest Expense on Deposits | ' | |||||||||||
Interest expense on deposits by account type was as follows for the years ended September 30, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
NOW checking | $ | 440 | $ | 463 | $ | 651 | ||||||
Savings | 46 | 55 | 245 | |||||||||
Money market accounts | 246 | 246 | 334 | |||||||||
Certificates of deposit | 1,334 | 1,804 | 2,721 | |||||||||
Total | $ | 2,066 | $ | 2,568 | $ | 3,951 | ||||||
Repurchase_Agreements_Schedule
Repurchase Agreements: Schedule of Repurchase Agreements (Tables) | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Disclosure of Repurchase Agreements [Abstract] | ' | |||
Schedule of Repurchase Agreements | ' | |||
Information concerning repurchase agreements for the year ended September 30, 2013 is summarized as follows (dollars in thousands): | ||||
Average daily balance during the period | $ | 352 | ||
Average daily interest rate during the period | 0.05 | % | ||
Maximum month-end balance during the period | $ | 787 | ||
Other_Liabilities_and_Accrued_1
Other Liabilities and Accrued Expenses: Schedule of Other Liabilities and Accrued Expenses (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Other Liabilities and Accrued Expenses | ' | |||||||
Other liabilities and accrued expenses were comprised of the following at September 30, 2014 and 2013 (dollars in thousands): | ||||||||
2014 | 2013 | |||||||
Accrued deferred compensation and profit sharing plans payable | $ | 657 | $ | 660 | ||||
Accrued interest payable on deposits and advances | 298 | 320 | ||||||
Accounts payable and accrued expenses - other | 1,716 | 1,718 | ||||||
Total other liabilities and accrued expenses | $ | 2,671 | $ | 2,698 | ||||
Federal_Income_Taxes_Tables
Federal Income Taxes (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
The components of the provision for federal income taxes for the years ended September 30, 2014, 2013 and 2012 were as follows (dollars in thousands): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current | $ | 2,349 | $ | 1,737 | $ | 1,627 | ||||||
Deferred | 451 | 777 | 154 | |||||||||
Provision | $ | 2,800 | $ | 2,514 | $ | 1,781 | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
The components of the Company’s deferred tax assets and liabilities at September 30, 2014 and 2013 were as follows (dollars in thousands): | ||||||||||||
2014 | 2013 | |||||||||||
Deferred Tax Assets | ||||||||||||
Accrued interest on loans | $ | — | $ | 83 | ||||||||
Unearned ESOP shares | 202 | 282 | ||||||||||
Allowance for loan losses | 3,669 | 4,018 | ||||||||||
Allowance for OREO losses | 628 | 794 | ||||||||||
CDI | 249 | 259 | ||||||||||
Net unrealized securities losses | 128 | 139 | ||||||||||
OTTI credit impairment | 185 | 198 | ||||||||||
Other | 180 | 174 | ||||||||||
Total deferred tax assets | 5,241 | 5,947 | ||||||||||
Deferred Tax Liabilities | ||||||||||||
FHLB stock dividends | 773 | 840 | ||||||||||
Depreciation | 141 | 147 | ||||||||||
Goodwill | 1,281 | 1,153 | ||||||||||
MSRs | 572 | 770 | ||||||||||
Prepaid expenses | 134 | 233 | ||||||||||
Other | 9 | 11 | ||||||||||
Total deferred tax liabilities | 2,910 | 3,154 | ||||||||||
Net deferred tax assets | $ | 2,331 | $ | 2,793 | ||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
The provision for federal income taxes for the years ended September 30, 2014, 2013 and 2012 differs from that computed at the statutory corporate tax rate as follows (dollars in thousands): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Expected tax provision at statutory rate | $ | 2,941 | $ | 2,472 | $ | 2,166 | ||||||
BOLI income | (180 | ) | (196 | ) | (206 | ) | ||||||
Change in estimated utilization of net capital loss carry-forward | — | 281 | (208 | ) | ||||||||
Dividends on ESOP | (41 | ) | (24 | ) | — | |||||||
Other - net | 80 | (19 | ) | 29 | ||||||||
Provision for federal income taxes | $ | 2,800 | $ | 2,514 | $ | 1,781 | ||||||
During the year ended September 30, 2013, the Company utilized $183,000 of the capital loss carry-forward and wrote-off the remaining portion of the related deferred tax asset and valuation allowance due to the expiration of the capital loss carry-forward period. No valuation allowance for net deferred tax assets was recorded as of September 30, 2014 and 2013, as management believes that it is more likely than not that all of the net deferred tax assets will be realized based on management's expectations of future taxable income and/or because they were supported by recoverable taxes paid in prior years. |
Employee_Stock_Ownership_and_41
Employee Stock Ownership and 401(k) Plan ("KSOP") (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Schedule of Shares Held by the ESOP | ' | ||||||||
Shares held by the ESOP as of September 30, 2014, 2013 and 2012 were classified as follows: | |||||||||
2014 | 2013 | 2012 | |||||||
Unallocated shares | 158,702 | 193,968 | 229,234 | ||||||
Shares released for allocation | 564,111 | 592,468 | 597,641 | ||||||
Total ESOP shares | 722,813 | 786,436 | 826,875 | ||||||
Stock_Compensation_Plans_Table
Stock Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||||
Schedule of Stock Option Activity | ' | ||||||||||||||||||
tock option activity for the years ended September 30, 2014, 2013 and 2012 is summarized as follows: | |||||||||||||||||||
Number of | Weighted Average | ||||||||||||||||||
Shares | Exercise Price | ||||||||||||||||||
Outstanding September 30, 2011 | 137,726 | $ | 9.25 | ||||||||||||||||
Options granted | 76,000 | 5.04 | |||||||||||||||||
Options forfeited | (18,100 | ) | 5.44 | ||||||||||||||||
Outstanding September 30, 2012 | 195,626 | 7.97 | |||||||||||||||||
Options granted | 29,000 | 6 | |||||||||||||||||
Options forfeited | (61,680 | ) | 9.69 | ||||||||||||||||
Outstanding September 30, 2013 | 162,946 | 6.96 | |||||||||||||||||
Options granted | 135,000 | 9.29 | |||||||||||||||||
Options exercised | (5,000 | ) | 4.66 | ||||||||||||||||
Options forfeited | (71,546 | ) | 9.87 | ||||||||||||||||
Outstanding September 30, 2014 | 221,400 | $ | 7.49 | ||||||||||||||||
Schedule of Fair Value Assumptions | ' | ||||||||||||||||||
The weighted average assumptions for options granted during the years ended September 30, 2014, 2013 and 2012 were as follows: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Expected volatility | 39 | % | 45 | % | 45 | % | |||||||||||||
Expected term (in years) | 5 | 5 | 5 | ||||||||||||||||
Expected dividend yield | 2.51 | % | — | % | — | % | |||||||||||||
Risk free interest rate | 1.41 | % | 0.76 | % | 0.76 | % | |||||||||||||
Grant date fair value per share | $ | 2.59 | $ | 2.37 | $ | 1.97 | |||||||||||||
Schedule of Stock Option Plans, by Exercise Price Range | ' | ||||||||||||||||||
Additional information regarding options outstanding at September 30, 2014, is as follows: | |||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||
Range of | Number | Weighted | Weighted | Number | Weighted | Weighted | |||||||||||||
Exercise | Average | Average | Average | Average | |||||||||||||||
Prices ($) | Exercise | Remaining | Exercise | Remaining | |||||||||||||||
Price | Contractual | Price | Contractual | ||||||||||||||||
Life (Years) | Life (Years) | ||||||||||||||||||
$ 4.01 - 4.55 | 37,700 | $ | 4.26 | 6.2 | 23,600 | $ | 4.34 | 5.9 | |||||||||||
5.86 - 6.00 | 61,700 | 5.92 | 8 | 20,200 | 5.9 | 8 | |||||||||||||
9.00 | 96,000 | 9 | 9.1 | — | n/a | n/a | |||||||||||||
10.26 - 10.59 | 26,000 | 10.34 | 9.3 | — | n/a | n/a | |||||||||||||
221,400 | $ | 7.49 | 8.3 | 43,800 | $ | 5.06 | 6.9 | ||||||||||||
Summary of MRDP Shares Vested | ' | ||||||||||||||||||
A summary of MRDP shares vested for the years ended September 30, 2014, 2013 and 2012 were as follows: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Shares vested | 3,254 | 6,207 | 10,831 | ||||||||||||||||
Aggregate vesting date fair value | $ | 30,000 | $ | 38,000 | $ | 46,000 | |||||||||||||
Summary of MRDP Shares Unvested | ' | ||||||||||||||||||
A summary of unvested MRDP shares as of September 30, 2014 and changes during the year ended September 30, 2014, were as follows: | |||||||||||||||||||
Shares | Weighted Average | ||||||||||||||||||
Grant Date | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Unvested shares, beginning of period | 3,254 | $ | 7.01 | ||||||||||||||||
Shares vested | 3,254 | 7.01 | |||||||||||||||||
Unvested shares, end of period | — | $ | — | ||||||||||||||||
Schedule of Compensation Expense by Plan | ' | ||||||||||||||||||
Compensation expense recorded in the consolidated financial statements for all stock-based plans was as follows for the years ended September 30, 2014, 2013 and 2012 (dollars in thousands): | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Stock options | $ | 112 | $ | 49 | $ | 15 | |||||||||||||
MRDP stock grants | 2 | 39 | 105 | ||||||||||||||||
Less: related tax benefit recognized | (10 | ) | (8 | ) | (28 | ) | |||||||||||||
$ | 104 | $ | 80 | $ | 92 | ||||||||||||||
Schedule of Compensation Expense to be Recognized in Future Periods | ' | ||||||||||||||||||
The compensation expense to be recognized in the future years ending September 30 for stock options that had been awarded as of September 30, 2014 is as follows (in thousands): | |||||||||||||||||||
2015 | $ | 106 | |||||||||||||||||
2016 | 106 | ||||||||||||||||||
2017 | 98 | ||||||||||||||||||
2018 | 67 | ||||||||||||||||||
2019 | 9 | ||||||||||||||||||
$ | 386 | ||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Supply Commitment | ' | |||||||
A summary of the Company’s commitments at September 30, 2014 and 2013 is as follows (dollars in thousands): | ||||||||
2014 | 2013 | |||||||
Undisbursed portion of construction loans in process (see Note 4) | $ | 29,416 | $ | 18,527 | ||||
Undisbursed lines of credit | 30,678 | 25,187 | ||||||
Commitments to extend credit | 18,119 | 16,399 | ||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | ||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | ' | ||||||||||||||||||||
The following table compares Timberland Bancorp’s (consolidated) and the Bank’s actual capital amounts at September 30, 2014 and 2013 to their minimum regulatory capital requirements at those dates (dollars in thousands): | |||||||||||||||||||||
Actual | Capital Adequacy | To be Well Capitalized | |||||||||||||||||||
Purposes | Under Prompt | ||||||||||||||||||||
Corrective | |||||||||||||||||||||
Action Provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Tier 1 leverage capital: | |||||||||||||||||||||
Timberland Bancorp | $ | 78,480 | 10.6 | % | $ | 29,644 | 4 | % | N/A | N/A | |||||||||||
Timberland Bank | 75,734 | 10.2 | 29,629 | 4 | $ | 37,036 | 5 | % | |||||||||||||
Tier 1 risk adjusted capital: | |||||||||||||||||||||
Timberland Bancorp | 78,480 | 13.7 | 22,943 | 4 | N/A | N/A | |||||||||||||||
Timberland Bank | 75,734 | 13.2 | 22,939 | 4 | 34,409 | 6 | |||||||||||||||
Total risk based capital: | |||||||||||||||||||||
Timberland Bancorp | 85,692 | 14.9 | 45,886 | 8 | N/A | N/A | |||||||||||||||
Timberland Bank | 82,945 | 14.5 | 45,878 | 8 | 57,348 | 10 | |||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Tier 1 leverage capital: | |||||||||||||||||||||
Timberland Bancorp | $ | 85,158 | 11.5 | % | $ | 29,677 | 4 | % | N/A | N/A | |||||||||||
Timberland Bank | 82,265 | 11.1 | 29,662 | 4 | $ | 37,078 | 5 | % | |||||||||||||
Tier 1 risk adjusted capital: | |||||||||||||||||||||
Timberland Bancorp | 85,158 | 15.3 | 22,259 | 4 | N/A | N/A | |||||||||||||||
Timberland Bank | 82,265 | 14.8 | 22,255 | 4 | 33,382 | 6 | |||||||||||||||
Total risk based capital: | |||||||||||||||||||||
Timberland Bancorp | 92,168 | 16.6 | 44,518 | 8 | N/A | N/A | |||||||||||||||
Timberland Bank | 89,273 | 16.1 | 44,509 | 8 | 55,636 | 10 | |||||||||||||||
Condensed_Financial_Informatio1
Condensed Financial Information - Parent Company Only (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Condensed Balance Sheets, Parent Company | ' | |||||||||||
Condensed Balance Sheets - September 30, 2014 and 2013 | ||||||||||||
(dollars in thousands) | ||||||||||||
2014 | 2013 | |||||||||||
Assets | ||||||||||||
Cash and cash equivalents: | ||||||||||||
Cash and due from financial institutions | $ | 55 | $ | 126 | ||||||||
Interest-bearing deposits in banks | 440 | 379 | ||||||||||
Total cash and cash equivalents | 495 | 505 | ||||||||||
Loan receivable from ESOP | 2,183 | 2,565 | ||||||||||
Investment in Bank | 80,031 | 86,795 | ||||||||||
Other assets | 124 | 40 | ||||||||||
Total assets | $ | 82,833 | $ | 89,905 | ||||||||
Liabilities and shareholders’ equity | ||||||||||||
Accrued expenses | $ | 55 | $ | 217 | ||||||||
Shareholders’ equity | 82,778 | 89,688 | ||||||||||
Total liabilities and shareholders’ equity | $ | 82,833 | $ | 89,905 | ||||||||
Condensed Statements of Operations, Parent Company | ' | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Operating income | ||||||||||||
Interest on deposits in banks | $ | — | $ | 1 | $ | 1 | ||||||
Interest on loan receivable from ESOP | 206 | 237 | 266 | |||||||||
Dividends from bank | 13,190 | 3,300 | — | |||||||||
Total operating income | 13,396 | 3,538 | 267 | |||||||||
Operating expenses | 409 | 455 | 556 | |||||||||
Income (loss) before income taxes and equity in undistributed | 12,987 | 3,083 | (289 | ) | ||||||||
income of Bank | ||||||||||||
Benefit for income taxes | (110 | ) | (98 | ) | (98 | ) | ||||||
Income (loss) before undistributed income of Bank | 13,097 | 3,181 | (191 | ) | ||||||||
Equity in undistributed income of Bank (dividends in | (7,247 | ) | 1,576 | 4,781 | ||||||||
excess of income of Bank) | ||||||||||||
Net income | 5,850 | 4,757 | 4,590 | |||||||||
Preferred stock dividends | (136 | ) | (710 | ) | (832 | ) | ||||||
Preferred stock accretion | (70 | ) | (283 | ) | (240 | ) | ||||||
Discount on redemption of preferred stock | — | 255 | — | |||||||||
Net income to common shareholders | $ | 5,644 | $ | 4,019 | $ | 3,518 | ||||||
Condensed Statements of Cash Flows, Parent Company | ' | |||||||||||
Condensed Statements of Cash Flows - Years Ended September 30, 2014, 2013 and 2012 | ||||||||||||
(dollars in thousands) | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cash flows from operating activities | ||||||||||||
Net income | $ | 5,850 | $ | 4,757 | $ | 4,590 | ||||||
Adjustments to reconcile net income to | ||||||||||||
net cash provided by operating activities: | ||||||||||||
(Equity in undistributed income of Bank) dividends in excess | 7,247 | (1,576 | ) | (4,781 | ) | |||||||
of income of Bank | ||||||||||||
ESOP shares earned, net of tax | 264 | 265 | 264 | |||||||||
MRDP compensation expense | 2 | 39 | 105 | |||||||||
Stock option compensation expense | 104 | 49 | 15 | |||||||||
Stock option tax effect | 4 | — | — | |||||||||
Other, net | (247 | ) | (39 | ) | 406 | |||||||
Net cash provided by operating activities | 13,224 | 3,495 | 599 | |||||||||
Cash flows from investing activities | ||||||||||||
Investment in Bank | (459 | ) | (344 | ) | (243 | ) | ||||||
Principal repayments on loan receivable from Bank | 382 | 353 | 322 | |||||||||
Net cash provided by (used in) investing activities | (77 | ) | 9 | 79 | ||||||||
Cash flows from financing activities | ||||||||||||
Proceeds from issuance of common stock | 23 | — | — | |||||||||
Repurchase of preferred stock | (12,065 | ) | (4,321 | ) | — | |||||||
Payment of dividends | (1,185 | ) | (1,368 | ) | (2,080 | ) | ||||||
ESOP tax effect | 64 | 6 | (65 | ) | ||||||||
MRDP compensation tax effect | 2 | (8 | ) | (28 | ) | |||||||
Stock option excess tax benefit | 4 | — | — | |||||||||
Net cash used in financing activities | (13,157 | ) | (5,691 | ) | (2,173 | ) | ||||||
Net decrease in cash and cash equivalents | (10 | ) | (2,187 | ) | (1,495 | ) | ||||||
Cash and cash equivalents | ||||||||||||
Beginning of year | 505 | 2,692 | 4,187 | |||||||||
End of year | $ | 495 | $ | 505 | $ | 2,692 | ||||||
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | ' | |||||||||||
Information regarding the calculation of basic and diluted net income per common share for the years ended September 30, 2014, 2013 and 2012 is as follows (dollars in thousands, except per share amounts): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Basic net income per common share computation | ||||||||||||
Numerator - net income | $ | 5,850 | $ | 4,757 | $ | 4,590 | ||||||
Preferred stock dividends | (136 | ) | (710 | ) | (832 | ) | ||||||
Discount on redemption of preferred stock | — | 255 | — | |||||||||
Preferred stock discount accretion | (70 | ) | (283 | ) | (240 | ) | ||||||
Net income to common stockholders | $ | 5,644 | $ | 4,019 | $ | 3,518 | ||||||
Denominator - weighted average common shares | 6,856,730 | 6,817,918 | 6,780,612 | |||||||||
outstanding | ||||||||||||
Basic net income per common share | $ | 0.82 | $ | 0.59 | $ | 0.52 | ||||||
Diluted net income per common share computation | ||||||||||||
Numerator - net income | $ | 5,850 | $ | 4,757 | $ | 4,590 | ||||||
Preferred stock dividends | (136 | ) | (710 | ) | (832 | ) | ||||||
Discount on redemption of preferred stock | — | 255 | — | |||||||||
Preferred stock discount accretion | (70 | ) | (283 | ) | (240 | ) | ||||||
Net income to common stockholders | $ | 5,644 | $ | 4,019 | $ | 3,518 | ||||||
Denominator - weighted average common shares | 6,856,730 | 6,817,918 | 6,780,612 | |||||||||
outstanding | ||||||||||||
Effect of dilutive stock options | 36,614 | 16,555 | — | |||||||||
Effect of dilutive stock warrant | 126,332 | 52,522 | — | |||||||||
Weighted average common shares outstanding- | 7,019,676 | 6,886,995 | 6,780,612 | |||||||||
assuming dilution | ||||||||||||
Diluted net income per common share | $ | 0.8 | $ | 0.58 | $ | 0.52 | ||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis | ' | ||||||||||||||||||||
The following table summarizes the balances of assets and liabilities measured at estimated fair value on a recurring basis at September 30, 2014 (dollars in thousands): | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Available for Sale Securities | |||||||||||||||||||||
MBS: U.S. government agencies | $ | — | $ | 1,899 | $ | — | $ | 1,899 | |||||||||||||
Mutual funds | 958 | — | — | 958 | |||||||||||||||||
Total | $ | 958 | $ | 1,899 | $ | — | $ | 2,857 | |||||||||||||
There were no transfers among Level 1, Level 2 and Level 3 during the year ended September 30, 2014. | |||||||||||||||||||||
The following table summarizes the balances of assets and liabilities measured at estimated fair value on a recurring basis at September 30, 2013 (dollars in thousands): | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Available for Sale Securities | |||||||||||||||||||||
MBS: | |||||||||||||||||||||
U.S. government agencies | $ | — | $ | 2,229 | $ | — | $ | 2,229 | |||||||||||||
Private label residential | — | 914 | — | 914 | |||||||||||||||||
Mutual funds | 958 | — | — | 958 | |||||||||||||||||
Total | $ | 958 | $ | 3,143 | $ | — | $ | 4,101 | |||||||||||||
Balances of Assets Measured at Estimated Fair Value, Nonrecurring Basis | ' | ||||||||||||||||||||
The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2014, and the total losses resulting from these estimated fair value adjustments for the year ended September 30, 2014 (dollars in thousands): | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Losses | ||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Mortgage Loans: | |||||||||||||||||||||
One-to four-family | $ | — | $ | — | $ | 3,655 | $ | 1,106 | |||||||||||||
Multi-family | — | — | 3,278 | — | |||||||||||||||||
Commercial | — | — | 5,334 | 463 | |||||||||||||||||
Land | — | — | 3,779 | 260 | |||||||||||||||||
Consumer loans: | |||||||||||||||||||||
Home equity and second mortgage | — | — | 284 | 47 | |||||||||||||||||
Total impaired loans (1) | — | — | 16,330 | 1,876 | |||||||||||||||||
MBS – held to maturity (2): | |||||||||||||||||||||
Private label residential | — | 40 | — | 31 | |||||||||||||||||
OREO and other repossessed assets (3) | — | — | 9,092 | 605 | |||||||||||||||||
Total | $ | — | $ | 40 | $ | 25,422 | $ | 2,512 | |||||||||||||
_______________________ | |||||||||||||||||||||
-1 | The loss represents charge-offs on collateral dependent loans for estimated fair value adjustments based on the estimated fair value of the collateral net of estimated costs to sell, if applicable. | ||||||||||||||||||||
-2 | The loss represents OTTI credit-related charges on held-to-maturity MBS. | ||||||||||||||||||||
-3 | The loss represents adjustments resulting from management’s periodic reviews of the recorded value to determine whether the property continues to be recorded at the lower of its recorded book value or estimated fair value, net of estimated costs to sell. | ||||||||||||||||||||
The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2013 and the total losses resulting from these estimated fair value adjustments for the year ended September 30, 2013 (dollars in thousands): | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Losses | ||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Mortgage Loans: | |||||||||||||||||||||
One-to four-family | $ | — | $ | — | $ | 3,042 | $ | 769 | |||||||||||||
Multi-family | — | — | 4,850 | — | |||||||||||||||||
Commercial | — | — | 12,868 | 667 | |||||||||||||||||
Construction – speculative one-to four-family | — | — | 599 | — | |||||||||||||||||
Land | — | — | 969 | 2,307 | |||||||||||||||||
Consumer loans: | |||||||||||||||||||||
Home equity and second mortgage | — | — | 242 | 184 | |||||||||||||||||
Total impaired loans (1) | — | — | 22,570 | 3,927 | |||||||||||||||||
MBS – held to maturity (2): | |||||||||||||||||||||
Private label residential | — | 83 | — | 45 | |||||||||||||||||
OREO and other repossessed assets (3) | — | — | 11,720 | 2,064 | |||||||||||||||||
Total | $ | — | $ | 83 | $ | 34,290 | $ | 6,036 | |||||||||||||
_______________________ | |||||||||||||||||||||
-1 | The loss represents charge-offs on collateral dependent loans for estimated fair value adjustments based on the estimated fair value of the collateral, net of estimated cost to sell, if applicable. | ||||||||||||||||||||
-2 | The loss represents OTTI credit-related charges on held-to-maturity MBS. | ||||||||||||||||||||
-3 | The loss represents adjustments resulting from management’s periodic reviews of the recorded value to determine whether the property continues to be recorded at the lower of its recorded book value or estimated fair value, net of estimated costs to sell. | ||||||||||||||||||||
Level 3 Fair Value Measurements, Nonrecurring Basis | ' | ||||||||||||||||||||
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis as of September 30, 2014 (dollars in thousands): | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Valuation Technique(s) | Unobservable Input(s) | Range | |||||||||||||||||||
$ | 16,330 | Market approach | Appraised value less selling | NA | |||||||||||||||||
Impaired loans | costs | ||||||||||||||||||||
OREO and other repossessed assets | $ | 9,092 | Market approach | Lower of appraised value or | NA | ||||||||||||||||
listing price less selling costs | |||||||||||||||||||||
Balances of Assets and Liabilities Measured at Estimated Fair Value, Recurring Basis | ' | ||||||||||||||||||||
he estimated fair values of financial instruments were as follows as of September 30, 2014 (dollars in thousands): | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
Estimated | |||||||||||||||||||||
Recorded | Fair | ||||||||||||||||||||
Amount | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 72,354 | $ | 72,354 | $ | 72,354 | $ | — | $ | — | |||||||||||
CDs held for investment | 35,845 | 35,845 | 35,845 | — | — | ||||||||||||||||
Securities | 8,155 | 9,131 | 958 | 6,676 | 8,173 | — | |||||||||||||||
FHLB stock | 5,246 | 5,246 | 5,246 | — | — | ||||||||||||||||
Loans receivable, net | 564,853 | 563,802 | — | — | 563,802 | ||||||||||||||||
Loans held for sale | 899 | 921 | 921 | — | — | ||||||||||||||||
Accrued interest receivable | 1,910 | 1,910 | 1,910 | — | — | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Non-interest bearing demand | $ | 106,417 | $ | 106,417 | $ | 106,417 | $ | — | $ | — | |||||||||||
Interest-bearing | 508,699 | 509,406 | 345,412 | — | 163,994 | ||||||||||||||||
Total deposits | 615,116 | 615,823 | 451,829 | — | 163,994 | ||||||||||||||||
FHLB advances | 45,000 | 47,279 | — | 47,279 | — | ||||||||||||||||
Accrued interest payable | 298 | 298 | 298 | — | — | ||||||||||||||||
The estimated fair values of financial instruments were as follows as of September 30, 2013 (dollars in thousands): | |||||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||||
Estimated | |||||||||||||||||||||
Recorded | Fair | ||||||||||||||||||||
Amount | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 94,496 | $ | 94,496 | $ | 94,496 | $ | — | $ | — | |||||||||||
CDs held for investment | 30,042 | 30,042 | 30,042 | — | — | ||||||||||||||||
Securities | 6,838 | 7,634 | 973 | 6,661 | — | ||||||||||||||||
FHLB stock | 5,452 | 5,452 | 5,452 | — | — | ||||||||||||||||
Loans receivable, net | 546,193 | 514,616 | — | — | 514,616 | ||||||||||||||||
Loans held for sale | 1,911 | 1,973 | 1,973 | — | — | ||||||||||||||||
Accrued interest receivable | 1,972 | 1,972 | 1,972 | — | — | ||||||||||||||||
Financial Liabilities | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Non-interest bearing demand | $ | 87,657 | $ | 87,657 | $ | 87,657 | $ | — | $ | — | |||||||||||
Interest-bearing | 520,605 | 522,021 | 346,455 | — | 175,566 | ||||||||||||||||
Total deposits | 608,262 | 609,678 | 434,112 | — | 175,566 | ||||||||||||||||
FHLB advances | 45,000 | 48,445 | — | 48,445 | — | ||||||||||||||||
Accrued interest payable | 320 | 320 | 320 | — | — | ||||||||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (unaudited): Selected financial data (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Data | ' | |||||||||||||||
The following selected financial data are presented for the quarters ended (dollars in thousands, except per share amounts): | ||||||||||||||||
September 30, | June 30, | March 31, | December 31, | |||||||||||||
2014 | 2014 | 2014 | 2013 | |||||||||||||
Interest and dividend income | $ | 7,567 | $ | 7,397 | $ | 7,412 | $ | 7,481 | ||||||||
Interest expense | (978 | ) | (964 | ) | (975 | ) | (1,022 | ) | ||||||||
Net interest income | 6,589 | 6,433 | 6,437 | 6,459 | ||||||||||||
Non-interest income | 2,206 | 2,116 | 2,013 | 2,195 | ||||||||||||
Non-interest expense | (6,373 | ) | (6,430 | ) | (6,754 | ) | (6,241 | ) | ||||||||
Income before income taxes | 2,422 | 2,119 | 1,696 | 2,413 | ||||||||||||
Provision for federal income taxes | 776 | 685 | 537 | 802 | ||||||||||||
Net income | 1,646 | 1,434 | 1,159 | 1,611 | ||||||||||||
Preferred stock dividends | — | — | — | (136 | ) | |||||||||||
Preferred stock discount accretion | — | — | — | (70 | ) | |||||||||||
Net income to common shareholders | $ | 1,646 | $ | 1,434 | $ | 1,159 | $ | 1,405 | ||||||||
Net income per common share | ||||||||||||||||
Basic | $ | 0.24 | $ | 0.21 | $ | 0.17 | $ | 0.2 | ||||||||
Diluted | $ | 0.23 | $ | 0.2 | $ | 0.16 | $ | 0.2 | ||||||||
September 30, | June 30, | March 31, | December 31, | |||||||||||||
2013 | 2013 | 2013 | 2012 | |||||||||||||
Interest and dividend income | $ | 7,521 | $ | 7,575 | $ | 7,552 | $ | 7,589 | ||||||||
Interest expense | (1,052 | ) | (1,076 | ) | (1,111 | ) | (1,200 | ) | ||||||||
Net interest income | 6,469 | 6,499 | 6,441 | 6,389 | ||||||||||||
Provision for loan losses | (165 | ) | (1,385 | ) | (1,175 | ) | (200 | ) | ||||||||
Non-interest income | 2,397 | 2,372 | 2,778 | 2,715 | ||||||||||||
Non-interest expense | (7,066 | ) | (6,237 | ) | (6,184 | ) | (6,377 | ) | ||||||||
Income before income taxes | 1,635 | 1,249 | 1,860 | 2,527 | ||||||||||||
Provision for federal income taxes | 740 | 373 | 582 | 819 | ||||||||||||
Net income | 895 | 876 | 1,278 | 1,708 | ||||||||||||
Preferred stock dividends | (151 | ) | (151 | ) | (207 | ) | (201 | ) | ||||||||
Preferred stock discount accretion | (47 | ) | (47 | ) | (126 | ) | (63 | ) | ||||||||
Discount on redemption of preferred stock | — | — | 255 | — | ||||||||||||
Net income to common shareholders | $ | 697 | $ | 678 | $ | 1,200 | $ | 1,444 | ||||||||
Net income per common share | ||||||||||||||||
Basic | $ | 0.1 | $ | 0.1 | $ | 0.18 | $ | 0.21 | ||||||||
Diluted | $ | 0.1 | $ | 0.1 | $ | 0.17 | $ | 0.21 | ||||||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies: Operations (Details) | 12 Months Ended |
Sep. 30, 2014 | |
branch | |
Accounting Policies [Abstract] | ' |
Number of branches | 22 |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies: TARP and CPP (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 20, 2013 | Dec. 23, 2008 | Sep. 30, 2014 | Sep. 30, 2013 | Nov. 13, 2012 | Dec. 20, 2013 | Dec. 23, 2008 | Jun. 12, 2013 | Dec. 23, 2008 |
Fixed Rate Cumulative Perpetual Preferred Stock, Series A | Fixed Rate Cumulative Perpetual Preferred Stock, Series A | Fixed Rate Cumulative Perpetual Preferred Stock, Series A | Fixed Rate Cumulative Perpetual Preferred Stock, Series A | Fixed Rate Cumulative Perpetual Preferred Stock, Series A | Fixed Rate Cumulative Perpetual Preferred Stock, Series A | Fixed Rate Cumulative Perpetual Preferred Stock, Series A | Common Stock | Common Stock | |||
Subsequent Event | Dividend rate, term 1 | ||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from preferred stock sold under Capital Purchase Program under TARP | ' | ' | ' | $16,640,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock sold under Capital Purchase program under TARP | ' | ' | ' | 16,641 | ' | ' | ' | ' | ' | ' | ' |
Preferred stock per share liquidation value (in dollars per share) | $1,000 | $1,000 | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' |
Warrant issued to purchase common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 370,899 | 370,899 |
Exercise price of warrant (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.73 |
Preferred stock, dividend rate (percent) | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' |
Preferred stock outstanding under Capital Purchase program under TARP | 0 | 12,065 | ' | ' | ' | ' | 16,641 | ' | ' | ' | ' |
Preferred shares repurchased and retired (in shares) | ' | ' | ' | ' | 4,576 | ' | ' | 12,065 | ' | ' | ' |
Preferred shares repurchased and retired, amount | ' | ' | 12,070,000 | ' | ' | 4,320,000 | ' | ' | ' | ' | ' |
Preferred shares repurchased and retired, discount from par value | ' | ' | ' | ' | $255,000 | ' | ' | ' | ' | ' | ' |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies: FHLB Stock (Details) (Minimum) | 12 Months Ended |
Sep. 30, 2014 | |
Minimum | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' |
FHLB, investment in capital stock, home loans (percent) | 1.00% |
FHLB, investment in capital stock, advances (percent) | 5.00% |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies: Goodwill (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | 31-May-14 | Sep. 30, 2013 | 31-May-13 |
Goodwill [Line Items] | ' | ' | ' | ' |
Goodwill | $5,650 | ' | $5,650 | ' |
Expected control premium | ' | 25.00% | ' | ' |
Discount rate | ' | 13.60% | ' | ' |
Terminal value | ' | ' | ' | 125.00% |
Estimated useful life, CDI | '10 years | ' | ' | ' |
Summary_Of_Significant_Account6
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies: Premises and Equipment (Details) | 12 Months Ended |
Sep. 30, 2014 | |
Buildings and improvements | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '5 years |
Buildings and improvements | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '40 years |
Furniture and equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '3 years |
Furniture and equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '7 years |
Automobiles | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '5 years |
Summary_Of_Significant_Account7
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies: Cash (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' |
Interest-bearing deposits in Federal Reserve Bank | 60,536 | 81,617 | ' |
Preferred Stock | ' | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' |
Preferred stock, dividend rate (percent) | 5.00% | 5.00% | 5.00% |
Interest-bearing deposits | ' | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' |
Interest-bearing deposits in Federal Reserve Bank | 55,445 | 72,955 | ' |
Summary_Of_Significant_Account8
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies: Related Party Transactions (Details) (Chairman of the Board, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Chairman of the Board | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related party transaction, legal fees | $179 | $166 | $203 |
Restricted_Assets_Details
Restricted Assets (Details) (Federal Reserve Bank, USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Federal Reserve Bank | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Restricted assets | $1,008 | $840 |
MBS_And_Other_Investments_Mark
MBS And Other Investments: Marketable Securities (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Held to Maturity | ' | ' |
Amortized Cost | $5,298,000 | $2,737,000 |
Gross Unrealized Gains | 998,000 | 813,000 |
Gross Unrealized Losses | -22,000 | -17,000 |
Total | 6,274,000 | 3,533,000 |
Available for Sale | ' | ' |
Amortized Cost | 2,801,000 | 3,948,000 |
Gross Unrealized Gains | 100,000 | 207,000 |
Gross Unrealized Losses | -44,000 | -54,000 |
Estimated Fair Value | 2,857,000 | 4,101,000 |
Mortgage-backed Securities, U.S. government agencies | ' | ' |
Held to Maturity | ' | ' |
Amortized Cost | 1,002,000 | 1,202,000 |
Gross Unrealized Gains | 32,000 | 31,000 |
Gross Unrealized Losses | -2,000 | -2,000 |
Total | 1,032,000 | 1,231,000 |
Available for Sale | ' | ' |
Amortized Cost | 1,801,000 | 2,144,000 |
Gross Unrealized Gains | 100,000 | 87,000 |
Gross Unrealized Losses | -2,000 | -2,000 |
Estimated Fair Value | 1,899,000 | 2,229,000 |
Mortgage-backed Securities, Private label residential | ' | ' |
Held to Maturity | ' | ' |
Amortized Cost | 1,280,000 | 1,521,000 |
Gross Unrealized Gains | 965,000 | 781,000 |
Gross Unrealized Losses | -7,000 | -15,000 |
Total | 2,238,000 | 2,287,000 |
Available for Sale | ' | ' |
Amortized Cost | ' | 804,000 |
Gross Unrealized Gains | ' | 120,000 |
Gross Unrealized Losses | ' | -10,000 |
Estimated Fair Value | ' | 914,000 |
U.S. agency securities | ' | ' |
Held to Maturity | ' | ' |
Amortized Cost | 3,016,000 | 14,000 |
Gross Unrealized Gains | 1,000 | 1,000 |
Gross Unrealized Losses | -13,000 | 0 |
Total | 3,004,000 | 15,000 |
Mutual funds | ' | ' |
Available for Sale | ' | ' |
Amortized Cost | 1,000,000 | 1,000,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -42,000 | -42,000 |
Estimated Fair Value | $958,000 | $958,000 |
MBS_And_Other_Investments_Unre
MBS And Other Investments: Unrealized Gain (Loss) on Investments (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
security | security | |
Held-to-maturity Securities, Fair Value: | ' | ' |
Less Than 12 Months | $2,998 | $83 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 264 | 327 |
Total | 3,262 | 410 |
Held-to-maturity Securities, Gross Unrealized Losses | ' | ' |
Less Than 12 Months | -13 | -4 |
12 Months or Longer | -9 | -13 |
Total | -22 | -17 |
Held-to-maturity, Qty, Less Than 12 Months | 2 | 10 |
Held-to-maturity, Qty, 12 Months or Longer | 19 | 18 |
Available-for-sale Securities, Fair Value: | ' | ' |
Less Than 12 Months | 19 | 1,054 |
Available-for-sale Securities, 12 Months or Longer, Estimated Fair Value | 998 | 108 |
Total | 1,017 | 1,162 |
Available-for-sale Securities, Gross Unrealized Losses: | ' | ' |
Less Than 12 Months | 0 | -44 |
12 Months or Longer | -44 | -10 |
Total | -44 | -54 |
Available-for-sale, Qty, Less than 12 Months | 1 | 4 |
Available-for-sale, Qty, 12 Months or Longer | 2 | 3 |
Mortgage-backed Securities, U.S. government agencies | ' | ' |
Held-to-maturity Securities, Fair Value: | ' | ' |
Less Than 12 Months | 0 | 3 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 76 | 88 |
Total | 76 | 91 |
Held-to-maturity Securities, Gross Unrealized Losses | ' | ' |
Less Than 12 Months | 0 | 0 |
12 Months or Longer | -2 | -2 |
Total | -2 | -2 |
Held-to-maturity, Qty, Less Than 12 Months | 0 | 6 |
Held-to-maturity, Qty, 12 Months or Longer | 8 | 4 |
Available-for-sale Securities, Fair Value: | ' | ' |
Less Than 12 Months | 19 | 96 |
Available-for-sale Securities, 12 Months or Longer, Estimated Fair Value | 40 | 0 |
Total | 59 | 96 |
Available-for-sale Securities, Gross Unrealized Losses: | ' | ' |
Less Than 12 Months | 0 | -2 |
12 Months or Longer | -2 | 0 |
Total | -2 | -2 |
Available-for-sale, Qty, Less than 12 Months | 1 | 3 |
Available-for-sale, Qty, 12 Months or Longer | 1 | 1 |
Mortgage-backed Securities, Private label residential | ' | ' |
Held-to-maturity Securities, Fair Value: | ' | ' |
Less Than 12 Months | 9 | 80 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 188 | 239 |
Total | 197 | 319 |
Held-to-maturity Securities, Gross Unrealized Losses | ' | ' |
Less Than 12 Months | 0 | -4 |
12 Months or Longer | -7 | -11 |
Total | -7 | -15 |
Held-to-maturity, Qty, Less Than 12 Months | 1 | 4 |
Held-to-maturity, Qty, 12 Months or Longer | 11 | 14 |
US Government Agencies Debt Securities [Member] | ' | ' |
Held-to-maturity Securities, Fair Value: | ' | ' |
Less Than 12 Months | 2,989 | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ' |
Held-to-maturity Securities, Gross Unrealized Losses | ' | ' |
Less Than 12 Months | -13 | ' |
12 Months or Longer | 0 | ' |
Total | -13 | ' |
Held-to-maturity, Qty, Less Than 12 Months | 1 | ' |
Held-to-maturity, Qty, 12 Months or Longer | 0 | ' |
Mutual funds | ' | ' |
Available-for-sale Securities, Fair Value: | ' | ' |
Less Than 12 Months | 0 | 958 |
Available-for-sale Securities, 12 Months or Longer, Estimated Fair Value | 958 | 0 |
Total | 958 | 958 |
Available-for-sale Securities, Gross Unrealized Losses: | ' | ' |
Less Than 12 Months | 0 | -42 |
12 Months or Longer | -42 | 0 |
Total | ($42) | ($42) |
Available-for-sale, Qty, Less than 12 Months | 0 | 1 |
Available-for-sale, Qty, 12 Months or Longer | 1 | 0 |
MBS_And_Other_Investments_Sche
MBS And Other Investments: Schedule of significant inputs utilized to measure management's estimate of the credit loss component on OTTI securities (Details) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Minimum | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
OTTI significant inputs - Constant prepayment rate | 6.00% | 6.00% | 6.00% |
OTTI significant inputs - Collateral default rate | 0.01% | 0.73% | 0.06% |
OTTI significant inputs - Loss severity rate | 0.16% | 20.48% | 0.52% |
Maximum | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
OTTI significant inputs - Constant prepayment rate | 15.00% | 15.00% | 15.00% |
OTTI significant inputs - Collateral default rate | 22.34% | 22.53% | 28.40% |
OTTI significant inputs - Loss severity rate | 75.17% | 75.02% | 76.03% |
Weighted Average | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
OTTI significant inputs - Constant prepayment rate | 10.59% | 12.33% | 8.77% |
OTTI significant inputs - Collateral default rate | 7.41% | 7.84% | 8.74% |
OTTI significant inputs - Loss severity rate | 45.81% | 52.69% | 48.28% |
MBS_And_Other_Investments_Sche1
MBS And Other Investments: Schedule of Other than Temporary Impairments (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Held to Maturity | ' | ' | ' | |||
Net OTTI recognized in earnings | ($52) | ($57) | ($46) | |||
Held-to-maturity Securities | ' | ' | ' | |||
Held to Maturity | ' | ' | ' | |||
Total OTTI | -83 | -13 | -156 | |||
Portion of OTTI recognized in other comprehensive (income) loss (before income taxes) | 52 | -32 | -8 | |||
Net OTTI recognized in earnings | -31 | [1] | -45 | [1] | -164 | [1] |
Available-for-sale Securities | ' | ' | ' | |||
Available for Sale | ' | ' | ' | |||
Total OTTI | 90 | -2 | -50 | |||
Portion of OTTI recognized in other comprehensive (income) loss (before income taxes) | 0 | 0 | 0 | |||
Net OTTI recognized in earnings | $90 | [1] | ($2) | [1] | ($50) | [1] |
[1] | Represents OTTI related to credit losses. |
MBS_And_Other_Investments_Othe
MBS And Other Investments: Other than Temporary Impairment, Credit Losses Recognized in Earnings (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2010 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ' | ' | ' | ' |
Beginning balance of credit loss | $2,084 | $2,703 | ' | $3,361 |
Additions, Credit losses for which OTTI was not previously recognized | 2 | 7 | 81 | ' |
Additions, Additional increases to the amount related to credit loss for which OTTI was previously recognized | 33 | 45 | 134 | ' |
Subtractions, Realized losses previously recorded as credit losses | -555 | -671 | -873 | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Cash Flows | 90 | 0 | 0 | ' |
Ending balance of credit loss | $1,654 | $2,084 | $2,703 | $3,361 |
MBS_And_Other_Investments_Narr
MBS And Other Investments: Narrative-Realized Gains (Losses) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
security | security | security | security | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Loss on sale of securities | $465 | $671 | $873 | ' |
Held-to-maturity securities, realized loss, number of securities | 15 | 18 | 25 | ' |
Available-for-sale securities, realized loss, number of securities | 6 | 5 | ' | 1 |
Available-for-sale Securities, Gross Realized Gains | ' | ' | 0 | ' |
Available-for-sale Securities, Gross Realized Losses | ' | 32 | ' | 22 |
Security owned and pledged as collateral | $4,537 | $6,221 | $4,537 | ' |
MBS_And_Other_Investments_Sche2
MBS And Other Investments: Schedule of Contractual maturities of debt securities (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Held-to-maturity Securities, Amortized Cost: | ' | ' |
Due within one year | $3,020 | ' |
Due after one year to five years | 16 | ' |
Due after ten years | 2,262 | ' |
Total | 5,298 | 2,737 |
Held-to-maturity Securities, Estimated Fair Value: | ' | ' |
Due within one year | 3,008 | ' |
Due after one year to five years | 17 | ' |
Due after ten years | 3,249 | ' |
Total | 6,274 | 3,533 |
Available-for-sale Securities, Amortized Cost: | ' | ' |
Due within one year | 19 | ' |
Due after one year to five years | 33 | ' |
Due after ten years | 1,749 | ' |
Total | 1,801 | ' |
Available-for-sale Securities, Estimated Fair Value: | ' | ' |
Due within one year | 19 | ' |
Due after one year to five years | 34 | ' |
Due after ten years | 1,846 | ' |
Total | $1,899 | ' |
Loans_Receivable_And_Allowance2
Loans Receivable And Allowance For Loan Losses: Schedule of Loans receivable and Loans held for sale (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans receivable | $606,442 | $577,566 |
Undisbursed portion of construction loans in process | -29,416 | -18,527 |
Deferred loan origination fees | -1,746 | -1,710 |
Allowance for loan losses | -10,427 | -11,136 |
Less: Loans in process, Deferred fees and Allowance for loan losses | 41,589 | 31,373 |
Total loans receivable, net | 564,853 | 546,193 |
Loans held for sale (one- to four-family) | 899 | 1,911 |
Total loans receivable and loans held for sale, net | 565,752 | 548,104 |
Total mortgage loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Mortgage loans | 536,263 | 521,072 |
Mortgage loans, one-to-four family | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Mortgage loans | 97,635 | 102,387 |
Mortgage loans, multi-family | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Mortgage loans | 46,206 | 51,108 |
Mortgage loans, commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Mortgage loans | 294,354 | 291,297 |
Mortgage loans, construction - custom and owner/builder | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Mortgage loans | 59,752 | 40,811 |
Mortgage loans, construction - speculative one-to-four family | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Mortgage loans | 2,577 | 1,428 |
Construction - commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Mortgage loans | 3,310 | 2,239 |
Mortgage loans, construction - multi-family | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Mortgage loans | 2,840 | 143 |
Mortgage loans, construction - land development | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Mortgage loans | 0 | 515 |
Mortgage loans, land | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Mortgage loans | 29,589 | 31,144 |
Total consumer loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Consumer loans | 39,620 | 38,995 |
Consumer loans, home equity and second mortgage | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Consumer loans | 34,921 | 33,014 |
Consumer loans, other | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Consumer loans | 4,699 | 5,981 |
Commercial business loans | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Commercial business loans | $30,559 | $17,499 |
Loans_Receivable_And_Allowance3
Loans Receivable And Allowance For Loan Losses: Schedule of Activity in Related Party Loans (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Receivables [Abstract] | ' | ' |
Balance, beginning of year | $1,095 | $1,113 |
New loans or advances | 40 | 276 |
Repayments and reclassifications | -208 | -294 |
Balance, end of year | $927 | $1,095 |
Loans_Receivable_And_Allowance4
Loans Receivable And Allowance For Loan Losses: Loan Segment Risk Narrative (Details) | 12 Months Ended |
Sep. 30, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Ratio of loans to appraisal or purchase price | 90.00% |
Mortgage loans, one-to-four family | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Ratio of loans to appraisal or purchase price | 90.00% |
Ratio of loans to appraised value, private mortgage insurance requirement, percentage limit | 80.00% |
Mortgage loans, commercial | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Ratio of loans to appraisal or purchase price | 80.00% |
Mortgage loans, land | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Ratio of loans to appraisal or purchase price | 75.00% |
Loans_Receivable_And_Allowance5
Loans Receivable And Allowance For Loan Losses: Schedule of Allowance for Loan Losses (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2010 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Allowance for loan losses, Beginning Allowance | $11,136 | $11,825 | ' | $11,946 |
Provision/(Credit) | 0 | 2,925 | 3,500 | ' |
Charge-offs | 1,896 | 4,100 | 4,327 | ' |
Recoveries | 1,187 | 486 | 706 | ' |
Allowance for loan losses, Ending Allowance | 10,427 | 11,136 | 11,825 | 11,946 |
Mortgage loans, one-to-four family | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Allowance for loan losses, Beginning Allowance | 1,449 | 1,558 | ' | 760 |
Provision/(Credit) | 1,113 | -565 | -1,000 | ' |
Charge-offs | 1,106 | -769 | -276 | ' |
Recoveries | 194 | 95 | 74 | ' |
Allowance for loan losses, Ending Allowance | 1,650 | 1,449 | 1,558 | 760 |
Mortgage loans, multi-family | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Allowance for loan losses, Beginning Allowance | 749 | 1,156 | ' | 1,076 |
Provision/(Credit) | -362 | 407 | -80 | ' |
Charge-offs | 0 | 0 | -14 | ' |
Recoveries | 0 | 0 | 14 | ' |
Allowance for loan losses, Ending Allowance | 387 | 749 | 1,156 | 1,076 |
Mortgage loans, commercial | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Allowance for loan losses, Beginning Allowance | 5,275 | 4,247 | ' | 4,035 |
Provision/(Credit) | 20 | -1,640 | -1,427 | ' |
Charge-offs | 463 | -667 | -1,215 | ' |
Recoveries | 4 | 55 | 0 | ' |
Allowance for loan losses, Ending Allowance | 4,836 | 5,275 | 4,247 | 4,035 |
Mortgage loans, construction - custom and owner/builder | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Allowance for loan losses, Beginning Allowance | 262 | 386 | ' | 222 |
Provision/(Credit) | 188 | 124 | -164 | ' |
Charge-offs | 0 | -26 | 0 | ' |
Recoveries | 0 | 26 | 0 | ' |
Allowance for loan losses, Ending Allowance | 450 | 262 | 386 | 222 |
Mortgage loans, construction - speculative one-to-four family | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Allowance for loan losses, Beginning Allowance | 96 | 128 | ' | 169 |
Provision/(Credit) | -44 | 32 | 42 | ' |
Charge-offs | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 1 | ' |
Allowance for loan losses, Ending Allowance | 52 | 96 | 128 | 169 |
Construction - commercial | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Allowance for loan losses, Beginning Allowance | 56 | 429 | ' | 794 |
Provision/(Credit) | 22 | 373 | -257 | ' |
Charge-offs | 0 | 0 | -622 | ' |
Recoveries | 0 | 0 | 0 | ' |
Allowance for loan losses, Ending Allowance | 78 | 56 | 429 | 794 |
Mortgage loans, construction - multi-family | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Allowance for loan losses, Beginning Allowance | 0 | 0 | ' | 354 |
Provision/(Credit) | -226 | -116 | 780 | ' |
Charge-offs | 0 | -116 | -24 | ' |
Recoveries | 251 | 0 | 450 | ' |
Allowance for loan losses, Ending Allowance | 25 | 0 | 0 | 354 |
Mortgage loans, construction - land development | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Allowance for loan losses, Beginning Allowance | 0 | 0 | ' | 79 |
Provision/(Credit) | -287 | 129 | -106 | ' |
Charge-offs | 0 | -17 | -239 | ' |
Recoveries | 287 | 146 | 54 | ' |
Allowance for loan losses, Ending Allowance | 0 | 0 | 0 | 79 |
Mortgage loans, land | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Allowance for loan losses, Beginning Allowance | 1,940 | 2,392 | ' | 2,795 |
Provision/(Credit) | -664 | -1,801 | -751 | ' |
Charge-offs | 260 | -2,307 | -1,251 | ' |
Recoveries | 418 | 54 | 97 | ' |
Allowance for loan losses, Ending Allowance | 1,434 | 1,940 | 2,392 | 2,795 |
Consumer loans, home equity and second mortgage | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Allowance for loan losses, Beginning Allowance | 782 | 759 | ' | 460 |
Provision/(Credit) | 137 | -202 | -517 | ' |
Charge-offs | 47 | -184 | -232 | ' |
Recoveries | 7 | 5 | 14 | ' |
Allowance for loan losses, Ending Allowance | 879 | 782 | 759 | 460 |
Consumer loans, other | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Allowance for loan losses, Beginning Allowance | 200 | 254 | ' | 415 |
Provision/(Credit) | -20 | 40 | 137 | ' |
Charge-offs | 6 | -14 | -24 | ' |
Recoveries | 2 | 0 | 0 | ' |
Allowance for loan losses, Ending Allowance | 176 | 200 | 254 | 415 |
Commercial business loans | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Allowance for loan losses, Beginning Allowance | 327 | 516 | ' | 787 |
Provision/(Credit) | 123 | 294 | -157 | ' |
Charge-offs | 14 | 0 | -430 | ' |
Recoveries | 24 | 105 | 2 | ' |
Allowance for loan losses, Ending Allowance | $460 | $327 | $516 | $787 |
Loans_Receivable_And_Allowance6
Loans Receivable And Allowance For Loan Losses: Schedule of loans evaluated individually for impairment and collectively evaluated for impairment in the allowance for loan losses (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2010 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually Evaluated for Impairment | $2,007,000 | $3,076,000 | ' | ' |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 8,420,000 | 8,060,000 | ' | ' |
Allowance for Loan Losses, Total | 10,427,000 | 11,136,000 | 11,825,000 | 11,946,000 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 33,474,000 | 38,099,000 | ' | ' |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 544,451,000 | 522,851,000 | ' | ' |
Loans receivable | 577,925,000 | 560,950,000 | ' | ' |
Mortgage loans, one-to-four family | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually Evaluated for Impairment | 709,000 | 600,000 | ' | ' |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 941,000 | 849,000 | ' | ' |
Allowance for Loan Losses, Total | 1,650,000 | 1,449,000 | 1,558,000 | 760,000 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 7,011,000 | 8,984,000 | ' | ' |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 91,523,000 | 95,314,000 | ' | ' |
Loans receivable | 98,534,000 | 104,298,000 | ' | ' |
Mortgage loans, multi-family | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually Evaluated for Impairment | 39,000 | 334,000 | ' | ' |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 348,000 | 415,000 | ' | ' |
Allowance for Loan Losses, Total | 387,000 | 749,000 | 1,156,000 | 1,076,000 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 3,317,000 | 5,184,000 | ' | ' |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 42,889,000 | 45,924,000 | ' | ' |
Loans receivable | 46,206,000 | 51,108,000 | ' | ' |
Mortgage loans, commercial | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually Evaluated for Impairment | 797,000 | 1,763,000 | ' | ' |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 4,039,000 | 3,512,000 | ' | ' |
Allowance for Loan Losses, Total | 4,836,000 | 5,275,000 | 4,247,000 | 4,035,000 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 17,188,000 | 19,510,000 | ' | ' |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 277,166,000 | 271,787,000 | ' | ' |
Loans receivable | 294,354,000 | 291,297,000 | ' | ' |
Mortgage loans, construction - custom and owner/builder | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | ' | ' |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 450,000 | 262,000 | ' | ' |
Allowance for Loan Losses, Total | 450,000 | 262,000 | 386,000 | 222,000 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ' | ' |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 34,553,000 | 22,788,000 | ' | ' |
Loans receivable | 34,553,000 | 22,788,000 | ' | ' |
Mortgage loans, construction - speculative one-to-four family | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 88,000 | ' | ' |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 52,000 | 8,000 | ' | ' |
Allowance for Loan Losses, Total | 52,000 | 96,000 | 128,000 | 169,000 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 687,000 | ' | ' |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 1,204,000 | 236,000 | ' | ' |
Loans receivable | 1,204,000 | 923,000 | ' | ' |
Construction - commercial | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | ' | ' |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 78,000 | 56,000 | ' | ' |
Allowance for Loan Losses, Total | 78,000 | 56,000 | 429,000 | 794,000 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ' | ' |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 2,887,000 | 2,239,000 | ' | ' |
Loans receivable | 2,887,000 | 2,239,000 | ' | ' |
Mortgage loans, construction - multi-family | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | ' | ' |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 25,000 | 0 | ' | ' |
Allowance for Loan Losses, Total | 25,000 | 0 | 0 | 354,000 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 143,000 | ' | ' |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 419,000 | 1,000 | ' | ' |
Loans receivable | 419,000 | 144,000 | ' | ' |
Mortgage loans, construction - land development | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually Evaluated for Impairment | ' | 0 | ' | ' |
Allowance for Loan Losses, Collectively Evaluated for Impairment | ' | 0 | ' | ' |
Allowance for Loan Losses, Total | 0 | 0 | 0 | 79,000 |
Recorded Investment in Loans, Individually Evaluated for Impairment | ' | 515,000 | ' | ' |
Recorded Investment in Loans, Collectively Evaluated for Impairment | ' | 0 | ' | ' |
Loans receivable | ' | 515,000 | ' | ' |
Mortgage loans, land | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually Evaluated for Impairment | 300,000 | 234,000 | ' | ' |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,134,000 | 1,706,000 | ' | ' |
Allowance for Loan Losses, Total | 1,434,000 | 1,940,000 | 2,392,000 | 2,795,000 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 5,158,000 | 2,391,000 | ' | ' |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 24,431,000 | 28,753,000 | ' | ' |
Loans receivable | 29,589,000 | 31,144,000 | ' | ' |
Consumer loans, home equity and second mortgage | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually Evaluated for Impairment | 162,000 | 57,000 | ' | ' |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 717,000 | 725,000 | ' | ' |
Allowance for Loan Losses, Total | 879,000 | 782,000 | 759,000 | 460,000 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 797,000 | 679,000 | ' | ' |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 34,124,000 | 32,335,000 | ' | ' |
Loans receivable | 34,921,000 | 33,014,000 | ' | ' |
Consumer loans, other | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | ' | ' |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 176,000 | 200,000 | ' | ' |
Allowance for Loan Losses, Total | 176,000 | 200,000 | 254,000 | 415,000 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 3,000 | 6,000 | ' | ' |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 4,696,000 | 5,975,000 | ' | ' |
Loans receivable | 4,699,000 | 5,981,000 | ' | ' |
Commercial business loans | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | ' | ' |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 460,000 | 327,000 | ' | ' |
Allowance for Loan Losses, Total | 460,000 | 327,000 | 516,000 | 787,000 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ' | ' |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 30,559,000 | 17,499,000 | ' | ' |
Loans receivable | $30,559,000 | $17,499,000 | ' | ' |
Loans_Receivable_And_Allowance7
Loans Receivable And Allowance For Loan Losses: Past Due Status of Loans (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable, 30-59 Days Past Due | $482 | $199 |
Loans receivable, 60-89 Days Past Due | 1,499 | 3,829 |
Loans receivable, Non-Accrual | 10,909 | 13,610 |
Loans receivable, Past Due 90 Days or More and Still Accruing | 812 | 436 |
Loans receivable, Total Past Due | 13,702 | 18,074 |
Loans receivable, Current | 564,223 | 542,876 |
Loans receivable | 577,925 | 560,950 |
Mortgage loans, one-to-four family | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable, 30-59 Days Past Due | 0 | 14 |
Loans receivable, 60-89 Days Past Due | 577 | 1,218 |
Loans receivable, Non-Accrual | 4,376 | 6,985 |
Loans receivable, Past Due 90 Days or More and Still Accruing | 0 | 0 |
Loans receivable, Total Past Due | 4,953 | 8,217 |
Loans receivable, Current | 93,581 | 96,081 |
Loans receivable | 98,534 | 104,298 |
Mortgage loans, multi-family | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable, 30-59 Days Past Due | 0 | 0 |
Loans receivable, 60-89 Days Past Due | 0 | 0 |
Loans receivable, Non-Accrual | 0 | 0 |
Loans receivable, Past Due 90 Days or More and Still Accruing | 0 | 0 |
Loans receivable, Total Past Due | 0 | 0 |
Loans receivable, Current | 46,206 | 51,108 |
Loans receivable | 46,206 | 51,108 |
Mortgage loans, commercial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable, 30-59 Days Past Due | 0 | 0 |
Loans receivable, 60-89 Days Past Due | 695 | 2,537 |
Loans receivable, Non-Accrual | 1,468 | 3,435 |
Loans receivable, Past Due 90 Days or More and Still Accruing | 812 | 0 |
Loans receivable, Total Past Due | 2,975 | 5,972 |
Loans receivable, Current | 291,379 | 285,325 |
Loans receivable | 294,354 | 291,297 |
Mortgage loans, construction - custom and owner/builder | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable, 30-59 Days Past Due | 0 | 0 |
Loans receivable, 60-89 Days Past Due | 156 | 0 |
Loans receivable, Non-Accrual | 0 | 0 |
Loans receivable, Past Due 90 Days or More and Still Accruing | 0 | 0 |
Loans receivable, Total Past Due | 156 | 0 |
Loans receivable, Current | 34,397 | 22,788 |
Loans receivable | 34,553 | 22,788 |
Mortgage loans, construction - speculative one-to-four family | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable, 30-59 Days Past Due | 0 | 0 |
Loans receivable, 60-89 Days Past Due | 0 | 0 |
Loans receivable, Non-Accrual | 0 | 0 |
Loans receivable, Past Due 90 Days or More and Still Accruing | 0 | 0 |
Loans receivable, Total Past Due | 0 | 0 |
Loans receivable, Current | 1,204 | 923 |
Loans receivable | 1,204 | 923 |
Construction - commercial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable, 30-59 Days Past Due | 0 | 0 |
Loans receivable, 60-89 Days Past Due | 0 | 0 |
Loans receivable, Non-Accrual | 0 | 0 |
Loans receivable, Past Due 90 Days or More and Still Accruing | 0 | 0 |
Loans receivable, Total Past Due | 0 | 0 |
Loans receivable, Current | 2,887 | 2,239 |
Loans receivable | 2,887 | 2,239 |
Mortgage loans, construction - multi-family | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable, 30-59 Days Past Due | 0 | 0 |
Loans receivable, 60-89 Days Past Due | 0 | 0 |
Loans receivable, Non-Accrual | 0 | 144 |
Loans receivable, Past Due 90 Days or More and Still Accruing | 0 | 0 |
Loans receivable, Total Past Due | 0 | 144 |
Loans receivable, Current | 419 | 0 |
Loans receivable | 419 | 144 |
Mortgage loans, construction - land development | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable, 30-59 Days Past Due | ' | 0 |
Loans receivable, 60-89 Days Past Due | ' | 0 |
Loans receivable, Non-Accrual | ' | 515 |
Loans receivable, Past Due 90 Days or More and Still Accruing | ' | 0 |
Loans receivable, Total Past Due | ' | 515 |
Loans receivable, Current | ' | 0 |
Loans receivable | ' | 515 |
Mortgage loans, land | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable, 30-59 Days Past Due | 357 | 0 |
Loans receivable, 60-89 Days Past Due | 27 | 0 |
Loans receivable, Non-Accrual | 4,564 | 2,146 |
Loans receivable, Past Due 90 Days or More and Still Accruing | 0 | 284 |
Loans receivable, Total Past Due | 4,948 | 2,430 |
Loans receivable, Current | 24,641 | 28,714 |
Loans receivable | 29,589 | 31,144 |
Consumer loans, home equity and second mortgage | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable, 30-59 Days Past Due | 62 | 101 |
Loans receivable, 60-89 Days Past Due | 44 | 20 |
Loans receivable, Non-Accrual | 498 | 380 |
Loans receivable, Past Due 90 Days or More and Still Accruing | 0 | 152 |
Loans receivable, Total Past Due | 604 | 653 |
Loans receivable, Current | 34,317 | 32,361 |
Loans receivable | 34,921 | 33,014 |
Consumer loans, other | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable, 30-59 Days Past Due | 42 | 1 |
Loans receivable, 60-89 Days Past Due | 0 | 39 |
Loans receivable, Non-Accrual | 3 | 5 |
Loans receivable, Past Due 90 Days or More and Still Accruing | 0 | 0 |
Loans receivable, Total Past Due | 45 | 45 |
Loans receivable, Current | 4,654 | 5,936 |
Loans receivable | 4,699 | 5,981 |
Commercial business loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans receivable, 30-59 Days Past Due | 21 | 83 |
Loans receivable, 60-89 Days Past Due | 0 | 15 |
Loans receivable, Non-Accrual | 0 | 0 |
Loans receivable, Past Due 90 Days or More and Still Accruing | 0 | 0 |
Loans receivable, Total Past Due | 21 | 98 |
Loans receivable, Current | 30,538 | 17,401 |
Loans receivable | $30,559 | $17,499 |
Loans_Receivable_And_Allowance8
Loans Receivable And Allowance For Loan Losses: Financing Receivable Credit Quality Indicators (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | $577,925 | $560,950 |
Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 522,509 | 495,608 |
Watch | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 10,254 | 14,448 |
Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 27,106 | 22,916 |
Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 18,056 | 27,978 |
Mortgage loans, one-to-four family | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 98,534 | 104,298 |
Mortgage loans, one-to-four family | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 90,340 | 91,291 |
Mortgage loans, one-to-four family | Watch | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 1,749 | 4,032 |
Mortgage loans, one-to-four family | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 1,045 | 769 |
Mortgage loans, one-to-four family | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 5,400 | 8,206 |
Mortgage loans, multi-family | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 46,206 | 51,108 |
Mortgage loans, multi-family | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 37,336 | 41,863 |
Mortgage loans, multi-family | Watch | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 1,697 | 132 |
Mortgage loans, multi-family | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 6,410 | 8,337 |
Mortgage loans, multi-family | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 763 | 776 |
Mortgage loans, commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 294,354 | 291,297 |
Mortgage loans, commercial | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 266,467 | 262,502 |
Mortgage loans, commercial | Watch | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 5,819 | 3,309 |
Mortgage loans, commercial | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 15,946 | 12,522 |
Mortgage loans, commercial | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 6,122 | 12,964 |
Mortgage loans, construction - custom and owner/builder | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 34,553 | 22,788 |
Mortgage loans, construction - custom and owner/builder | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 34,553 | 22,788 |
Mortgage loans, construction - custom and owner/builder | Watch | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Mortgage loans, construction - custom and owner/builder | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Mortgage loans, construction - custom and owner/builder | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Mortgage loans, construction - speculative one-to-four family | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 1,204 | 923 |
Mortgage loans, construction - speculative one-to-four family | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 1,204 | 236 |
Mortgage loans, construction - speculative one-to-four family | Watch | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 687 |
Mortgage loans, construction - speculative one-to-four family | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Mortgage loans, construction - speculative one-to-four family | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Construction - commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 2,887 | 2,239 |
Construction - commercial | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 2,887 | 2,239 |
Construction - commercial | Watch | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Construction - commercial | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Construction - commercial | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Mortgage loans, construction - multi-family | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 419 | 144 |
Mortgage loans, construction - multi-family | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 419 | 0 |
Mortgage loans, construction - multi-family | Watch | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Mortgage loans, construction - multi-family | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Mortgage loans, construction - multi-family | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 144 |
Mortgage loans, construction - land development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | ' | 515 |
Mortgage loans, construction - land development | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | ' | 0 |
Mortgage loans, construction - land development | Watch | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | ' | 0 |
Mortgage loans, construction - land development | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | ' | 0 |
Mortgage loans, construction - land development | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | ' | 515 |
Mortgage loans, land | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 29,589 | 31,144 |
Mortgage loans, land | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 21,084 | 20,627 |
Mortgage loans, land | Watch | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 114 | 5,101 |
Mortgage loans, land | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 3,586 | 1,129 |
Mortgage loans, land | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 4,805 | 4,287 |
Consumer loans, home equity and second mortgage | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 34,921 | 33,014 |
Consumer loans, home equity and second mortgage | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 33,207 | 31,096 |
Consumer loans, home equity and second mortgage | Watch | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 724 | 782 |
Consumer loans, home equity and second mortgage | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 27 | 55 |
Consumer loans, home equity and second mortgage | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 963 | 1,081 |
Consumer loans, other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 4,699 | 5,981 |
Consumer loans, other | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 4,657 | 5,937 |
Consumer loans, other | Watch | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 39 | 39 |
Consumer loans, other | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 0 | 0 |
Consumer loans, other | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 3 | 5 |
Commercial business loans | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 30,559 | 17,499 |
Commercial business loans | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 30,355 | 17,029 |
Commercial business loans | Watch | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 112 | 366 |
Commercial business loans | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | 92 | 104 |
Commercial business loans | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable | $0 | $0 |
Loans_Receivable_And_Allowance9
Loans Receivable And Allowance For Loan Losses: Impaired Financing Receivables (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Recorded Investment | ' | ' | ' |
With no related allowance recorded | $15,137 | $12,453 | ' |
With an allowance recorded | 18,337 | 25,646 | ' |
Total | 33,474 | 38,099 | ' |
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ' | ' | ' |
With no related allowance recorded | 20,603 | 21,377 | ' |
With an allowance recorded | 18,337 | 26,419 | ' |
Total | 38,940 | 47,796 | ' |
Related Allowance | -2,007 | -3,076 | ' |
YTD Average Recorded Investment | ' | ' | ' |
With no related allowance recorded | 13,169 | 16,697 | ' |
With an allowance recorded | 22,839 | 22,478 | ' |
Total | 36,008 | 39,175 | ' |
YTD Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | 426 | 352 | ' |
With an allowance recorded | 952 | 990 | ' |
Total | 1,378 | 1,342 | ' |
YTD Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | 335 | 291 | ' |
With an allowance recorded | 733 | 773 | ' |
Total | 1,068 | 1,064 | ' |
Mortgage loans, one-to-four family | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance recorded | 2,647 | 5,342 | 1,510 |
With an allowance recorded | 4,364 | 3,642 | 3,772 |
Total | 7,011 | 8,984 | 5,282 |
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ' | ' | ' |
With no related allowance recorded | 3,301 | 5,775 | 1,605 |
With an allowance recorded | 4,364 | 3,726 | 3,772 |
Total | 7,665 | 9,501 | 5,377 |
Related Allowance | -709 | -600 | -678 |
YTD Average Recorded Investment | ' | ' | ' |
With no related allowance recorded | 3,763 | 2,661 | 1,838 |
With an allowance recorded | 4,140 | 4,397 | 2,520 |
Total | 7,903 | 7,058 | 4,358 |
YTD Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | 0 | 18 | 20 |
With an allowance recorded | 146 | 91 | 81 |
Total | 146 | 109 | 101 |
YTD Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | 0 | 13 | 16 |
With an allowance recorded | 110 | 68 | 62 |
Total | 110 | 81 | 78 |
Mortgage loans, multi-family | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance recorded | 0 | 0 | 0 |
With an allowance recorded | 3,317 | 5,184 | 6,879 |
Total | 3,317 | 5,184 | 6,879 |
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ' | ' | ' |
With no related allowance recorded | 857 | 982 | 982 |
With an allowance recorded | 3,317 | 5,184 | 6,879 |
Total | 4,174 | 6,166 | 7,861 |
Related Allowance | -39 | -334 | -711 |
YTD Average Recorded Investment | ' | ' | ' |
With no related allowance recorded | 0 | 473 | 0 |
With an allowance recorded | 4,157 | 5,960 | 6,618 |
Total | 4,157 | 6,433 | 6,618 |
YTD Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | 0 | 3 | 1 |
With an allowance recorded | 220 | 301 | 294 |
Total | 220 | 304 | 295 |
YTD Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | 0 | 3 | 1 |
With an allowance recorded | 165 | 230 | 189 |
Total | 165 | 233 | 190 |
Mortgage loans, commercial | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance recorded | 11,057 | 4,879 | 7,596 |
With an allowance recorded | 6,131 | 14,631 | 9,596 |
Total | 17,188 | 19,510 | 17,192 |
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ' | ' | ' |
With no related allowance recorded | 14,184 | 8,005 | 8,664 |
With an allowance recorded | 6,131 | 15,297 | 9,596 |
Total | 20,315 | 23,302 | 18,260 |
Related Allowance | -797 | -1,763 | -667 |
YTD Average Recorded Investment | ' | ' | ' |
With no related allowance recorded | 7,859 | 8,781 | 14,491 |
With an allowance recorded | 10,083 | 9,052 | 5,043 |
Total | 17,942 | 17,833 | 19,534 |
YTD Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | 414 | 322 | 543 |
With an allowance recorded | 541 | 526 | 60 |
Total | 955 | 848 | 603 |
YTD Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | 325 | 267 | 348 |
With an allowance recorded | 423 | 420 | 39 |
Total | 748 | 687 | 387 |
Mortgage loans, construction - custom and owner/builder | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance recorded | ' | 0 | 208 |
With an allowance recorded | ' | 0 | 101 |
Total | ' | 0 | 309 |
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ' | ' | ' |
With no related allowance recorded | ' | 0 | 208 |
With an allowance recorded | ' | 0 | 101 |
Total | ' | 0 | 309 |
Related Allowance | ' | 0 | -15 |
YTD Average Recorded Investment | ' | ' | ' |
With no related allowance recorded | ' | 97 | 209 |
With an allowance recorded | ' | 60 | 106 |
Total | ' | 157 | 315 |
YTD Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | ' | 0 | 0 |
With an allowance recorded | ' | 0 | 0 |
Total | ' | 0 | 0 |
YTD Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | ' | 0 | 0 |
With an allowance recorded | ' | 0 | 0 |
Total | ' | 0 | 0 |
Mortgage loans, construction - speculative one-to-four family | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance recorded | ' | 0 | 327 |
With an allowance recorded | 0 | 687 | 700 |
Total | 0 | 687 | 1,027 |
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ' | ' | ' |
With no related allowance recorded | ' | 0 | 327 |
With an allowance recorded | 0 | 687 | 700 |
Total | 0 | 687 | 1,027 |
Related Allowance | 0 | -88 | -109 |
YTD Average Recorded Investment | ' | ' | ' |
With no related allowance recorded | ' | 65 | 65 |
With an allowance recorded | 275 | 695 | 700 |
Total | 275 | 760 | 765 |
YTD Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | ' | 0 | 0 |
With an allowance recorded | 11 | 29 | 29 |
Total | 11 | 29 | 29 |
YTD Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | ' | 0 | 0 |
With an allowance recorded | 7 | 16 | 20 |
Total | 7 | 16 | 20 |
Construction - commercial | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance recorded | ' | ' | 0 |
With an allowance recorded | ' | 0 | 0 |
Total | ' | ' | 0 |
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ' | ' | ' |
With no related allowance recorded | ' | ' | 2,066 |
With an allowance recorded | ' | 0 | 0 |
Total | ' | ' | 2,066 |
Related Allowance | ' | 0 | 0 |
YTD Average Recorded Investment | ' | ' | ' |
With no related allowance recorded | ' | ' | 0 |
With an allowance recorded | ' | 0 | 3,248 |
Total | ' | ' | 3,248 |
YTD Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | ' | ' | 14 |
With an allowance recorded | ' | 0 | 230 |
Total | ' | ' | 244 |
YTD Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | ' | ' | 14 |
With an allowance recorded | ' | 0 | 146 |
Total | ' | ' | 160 |
Mortgage loans, construction - multi-family | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance recorded | 0 | 143 | 345 |
With an allowance recorded | ' | 0 | 0 |
Total | 0 | 143 | 345 |
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ' | ' | ' |
With no related allowance recorded | 0 | 608 | 810 |
With an allowance recorded | ' | 0 | 0 |
Total | 0 | 608 | 810 |
Related Allowance | 0 | 0 | 0 |
YTD Average Recorded Investment | ' | ' | ' |
With no related allowance recorded | 57 | 293 | 338 |
With an allowance recorded | ' | 0 | 74 |
Total | 57 | 293 | 412 |
YTD Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | 0 | 0 | 0 |
With an allowance recorded | ' | 0 | 0 |
Total | 0 | 0 | 0 |
YTD Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | 0 | 0 | 0 |
With an allowance recorded | ' | 0 | 0 |
Total | 0 | 0 | 0 |
Mortgage loans, construction - land development | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance recorded | 0 | 515 | 589 |
Total | 0 | 515 | 589 |
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ' | ' | ' |
With no related allowance recorded | 0 | 3,279 | 3,497 |
Total | 0 | 3,279 | 3,497 |
Related Allowance | 0 | 0 | 0 |
YTD Average Recorded Investment | ' | ' | ' |
With no related allowance recorded | 141 | 534 | 1,089 |
Total | 141 | 534 | 1,089 |
YTD Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | 0 | 0 | 14 |
Total | 0 | 0 | 14 |
YTD Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | 0 | 0 | 14 |
Total | 0 | 0 | 14 |
Mortgage loans, land | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance recorded | 1,079 | 1,188 | 5,989 |
With an allowance recorded | 4,079 | 1,203 | 2,624 |
Total | 5,158 | 2,391 | 8,613 |
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ' | ' | ' |
With no related allowance recorded | 1,674 | 2,133 | 8,247 |
With an allowance recorded | 4,079 | 1,226 | 2,811 |
Total | 5,753 | 3,359 | 11,058 |
Related Allowance | -300 | -234 | -686 |
YTD Average Recorded Investment | ' | ' | ' |
With no related allowance recorded | 1,044 | 3,519 | 6,279 |
With an allowance recorded | 3,780 | 1,962 | 3,307 |
Total | 4,824 | 5,481 | 9,586 |
YTD Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | 12 | 9 | 28 |
With an allowance recorded | 18 | 27 | 37 |
Total | 30 | 36 | 65 |
YTD Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | 10 | 8 | 16 |
With an allowance recorded | 16 | 27 | 36 |
Total | 26 | 35 | 52 |
Consumer loans, home equity and second mortgage | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance recorded | 351 | 380 | 261 |
With an allowance recorded | 446 | 299 | 301 |
Total | 797 | 679 | 562 |
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ' | ' | ' |
With no related allowance recorded | 574 | 556 | 383 |
With an allowance recorded | 446 | 299 | 301 |
Total | 1,020 | 855 | 684 |
Related Allowance | -162 | -57 | -36 |
YTD Average Recorded Investment | ' | ' | ' |
With no related allowance recorded | 276 | 266 | 482 |
With an allowance recorded | 404 | 352 | 515 |
Total | 680 | 618 | 997 |
YTD Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | 0 | 0 | 0 |
With an allowance recorded | 16 | 16 | 31 |
Total | 16 | 16 | 31 |
YTD Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | 0 | 0 | 0 |
With an allowance recorded | 12 | 12 | 23 |
Total | 12 | 12 | 23 |
Consumer loans, other | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance recorded | 3 | 6 | 7 |
Total | 3 | 6 | 7 |
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ' | ' | ' |
With no related allowance recorded | 3 | 6 | 7 |
Total | 3 | 6 | 7 |
Related Allowance | 0 | 0 | 0 |
YTD Average Recorded Investment | ' | ' | ' |
With no related allowance recorded | 7 | 8 | 5 |
Total | 7 | 8 | 5 |
YTD Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | 0 | 0 | 0 |
Total | 0 | 0 | 0 |
YTD Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | 0 | 0 | 0 |
Total | 0 | 0 | 0 |
Commercial business loans | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance recorded | 0 | 0 | 0 |
With an allowance recorded | ' | ' | 0 |
Total | 0 | 0 | 0 |
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ' | ' | ' |
With no related allowance recorded | 10 | 33 | 166 |
With an allowance recorded | ' | ' | 0 |
Total | 10 | 33 | 166 |
Related Allowance | 0 | 0 | 0 |
YTD Average Recorded Investment | ' | ' | ' |
With no related allowance recorded | 22 | 0 | 32 |
With an allowance recorded | ' | ' | 55 |
Total | 22 | 0 | 87 |
YTD Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | 0 | 0 | 2 |
With an allowance recorded | ' | ' | 0 |
Total | 0 | 0 | 2 |
YTD Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance recorded | 0 | 0 | 2 |
With an allowance recorded | ' | ' | 0 |
Total | $0 | $0 | $2 |
Recovered_Sheet2
Loans Receivable And Allowance For Loan Losses Loans Receivable And Allowance For Loan Losses: Summary of TDR Loans (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
contract | contract | |
Financing Receivable, Modifications [Line Items] | ' | ' |
TDR loans included in impaired loans | $19,088,000 | $22,604,000 |
TDR loans, commitment to lend additional funds | 0 | 1,000 |
Financing receivable modifications, subsequent default, number of contracts | 0 | 0 |
Financing receivable modifications, subsequent default, recorded investment | 0 | 0 |
Allowance for loan losses | 10,427,000 | 11,136,000 |
Troubled debt restructured loans | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Allowance for loan losses | $994,000 | $2,371,000 |
Recovered_Sheet3
Loans Receivable And Allowance For Loan Losses: Schedule of Troubled debt restructured loans (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructured loan | $19,088 | $22,604 |
Accruing | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructured loan | 16,804 | 18,573 |
Non-Accrual | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructured loan | 2,284 | 4,031 |
Mortgage loans, one-to-four family | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructured loan | 2,867 | 2,197 |
Mortgage loans, multi-family | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructured loan | 3,317 | 5,184 |
Mortgage loans, construction - speculative one-to-four family | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructured loan | ' | 687 |
Mortgage loans, commercial | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructured loan | 11,428 | 11,734 |
Mortgage loans, construction - land development | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructured loan | ' | 515 |
Mortgage loans, land | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructured loan | 1,025 | 1,808 |
Consumer loans, home equity and second mortgage | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Troubled debt restructured loan | $451 | $479 |
Recovered_Sheet4
Loans Receivable And Allowance For Loan Losses: Schedule of Troubled Debt Restructurings by Portfolio Segment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
contract | contract | contract | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructurings, End of Period Balance | $19,088 | $22,604 | ' |
Portfolio Segment [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 2,000 | 4,000 | 3,000 |
Pre- Modification Outstanding Recorded Investment | 199 | 2,680 | 3,340 |
Post- Modification Outstanding Recorded Investment | 199 | 2,680 | 3,340 |
Troubled debt restructurings, End of Period Balance | $195 | $2,668 | $3,262 |
Mortgage_Servicing_Rights_Summ
Mortgage Servicing Rights: Summary of Loans serviced for Freddie Mac (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Transfers and Servicing [Abstract] | ' | ' | ' |
Loans serviced for Freddie Mac, Principal amount | $327,594 | $325,726 | $304,872 |
Mortgage_Servicing_Rights_Anal
Mortgage Servicing Rights: Analysis of the changes in MSRs (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2010 |
Transfers and Servicing [Abstract] | ' | ' | ' | ' |
Mortgage Servicing Rights (MSR), Starting Balance | $2,266 | $2,011 | ' | $2,108 |
Mortgage Servicing Rights (MSR), Additions | -387 | -728 | -698 | ' |
Mortgage Servicing Rights (MSR), Amortization | -969 | -948 | -805 | ' |
Mortgage Servicing Rights (MSR), Valuation Allowance | 0 | 0 | 216 | ' |
Mortgage Servicing Rights (MSR), Recovery of Valuation Allowance | 0 | 475 | 226 | ' |
Mortgage Servicing Rights (MSR), Ending Balance | $1,684 | $2,266 | $2,011 | $2,108 |
Mortgage_Servicing_Rights_Deta
Mortgage Servicing Rights (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
prepayment_speed_factor | prepayment_speed_factor | prepayment_speed_factor | |
Transfers and Servicing [Abstract] | ' | ' | ' |
Mortgate Servicing Rights (MSR), Fair Value | $3,204,000 | $3,129,000 | $2,011,000 |
Mortgate Servicing Rights (MSR), Average Discount Rate for estimating Fair Value | 10.04% | 10.04% | 10.07% |
Mortgate Servicing Rights (MSR), Average Prepayment Speed Factor for estimating Fair Value | 164 | 177 | 330 |
MSRs valuation allowances | $0 | $475,000 | ' |
Premises_and_Equipment_Propert
Premises and Equipment: Property, Plant and Equipment (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | $30,226 | $29,463 |
Less accumulated depreciation | 12,547 | 11,699 |
Premises and equipment, net | 17,679 | 17,764 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | 4,085 | 4,112 |
Buildings and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | 17,546 | 17,344 |
Furniture and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | 8,332 | 7,527 |
Property held for future expansion | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | 110 | 110 |
Construction and purchases in progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and equipment, gross | $153 | $370 |
Premises_and_Equipment_Rent_Ex
Premises and Equipment: Rent Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Operating Leases, Rent Expense | $267 | $250 | $248 |
Premises_and_Equipment_Minimum
Premises and Equipment: Minimum net rental commitments under non-cancellable leases (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | 280 |
2015 | 225 |
2016 | 96 |
2017 | 96 |
2018 | 96 |
Thereafter | 120 |
Total minimum payments required | 913 |
Minimum | ' |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
Operating lease renewal options, term | '5 years |
Maximum | ' |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
Operating lease renewal options, term | '10 years |
OREO_and_Other_Repossessed_Ass2
OREO and Other Repossessed Assets: Other Real Estate, Roll Forward (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
property | property | |
OREO and Other Repossessed Assets | ' | ' |
OREO and Other Repossessed Assets, Amount, Starting Balance | $11,720 | $13,302 |
Additions to OREO and other repossessed assets, Amount | 6,108 | 6,375 |
Capitalized improvements | 47 | 146 |
Lower of cost or fair value losses | -605 | -2,064 |
Disposition of OREO and other repossessed assets, Amount | -8,178 | -6,039 |
OREO and Other Repossessed Assets, Amount, Ending Balance | $9,092 | $11,720 |
OREO and Other Repossessed Assets, Number, Starting | 47 | 56 |
Additions to OREO and other repossessed assets, Number | 29 | 25 |
Disposition of OREO and other repossessed assets, Number | -36 | -34 |
OREO and Other Repossessed Assets, Number, Ending | 40 | 47 |
OREO_and_Other_Repossessed_Ass3
OREO and Other Repossessed Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
property | property | property | |
Real Estate Properties [Line Items] | ' | ' | ' |
OREO and Other Repossessed Assets, Number | 40 | 47 | 56 |
Other real estate owned (“OREOâ€) and other repossessed assets, net | $9,092 | $11,720 | $13,302 |
(Gain) loss on sales of OREO and other repossessed assets, net | -169 | -264 | 373 |
Minimum | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Other real estate owned (“OREOâ€) and other repossessed assets, net | 6 | 4 | ' |
Maximum | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Other real estate owned (“OREOâ€) and other repossessed assets, net | $1,203 | $1,301 | ' |
Washington | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
OREO and Other Repossessed Assets, Number | 40 | 47 | ' |
CDI_Details
CDI (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2005 |
branch | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Number of branches | 22 | ' | ' | ' |
Amortization of CDI | $116 | $130 | $148 | ' |
Core deposits | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
CDI acquired, gross | ' | ' | ' | 2,201 |
Number of branches | ' | ' | ' | 7 |
Unamortized CDI, net | 3 | 119 | ' | ' |
Amortization of CDI | $116 | $130 | $148 | ' |
CDI_Amortization_expense_for_t
CDI: Amortization expense for the CDI for future years (Details) (Core deposits, USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Core deposits | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total | $3 | $119 |
Deposits_Schedule_of_Deposits_
Deposits: Schedule of Deposits (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ' | ' |
Non-interest-bearing demand | $106,417 | $87,657 |
NOW checking | 160,748 | 156,100 |
Savings | 95,665 | 91,349 |
Money market accounts | 88,999 | 99,006 |
Certificates of deposit | 163,287 | 174,150 |
Total deposits | $615,116 | $608,262 |
Deposits_Details
Deposits (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Deposits [Abstract] | ' | ' |
Time Deposits, $100,000 or More | $66,663,000 | $63,958,000 |
Brokered deposits | $3,192,000 | $1,191,000 |
Deposits_Scheduled_maturities_
Deposits: Scheduled maturities of certificates of deposit for future years (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Deposits [Abstract] | ' |
2014 | $98,503 |
2015 | 32,746 |
2016 | 16,168 |
2017 | 6,075 |
2018 | 8,338 |
Thereafter | 1,457 |
Total | $163,287 |
Deposits_Schedule_of_Interest_
Deposits: Schedule of Interest Expense on Deposits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Deposits [Abstract] | ' | ' | ' |
NOW checking | $440 | $463 | $651 |
Savings | 46 | 55 | 245 |
Money market accounts | 246 | 246 | 334 |
Certificates of deposit | 1,334 | 1,804 | 2,721 |
Total | $2,066 | $2,568 | $3,951 |
FHLB_Advances_and_Other_Borrow1
FHLB Advances and Other Borrowings (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
FHLB borrowings, ratio of maximum borrowing capacity to total assets | 25.00% | ' | ' |
Short-term borrowings | $0 | $0 | $0 |
Pacific Coast Banker's Bank | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
Short-term overnight borrowings, maximum borrowing capacity | 10,000,000 | ' | ' |
Overnight line of credit, amount outstanding | 0 | 0 | ' |
Federal Home Loan Bank Advances | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
Short-term FHLB borrowings, maximum borrowing capacity | 39,842,000 | ' | ' |
Short-term FHLB advances | 0 | ' | ' |
Federal Home Loan Bank Advances | ' | ' | ' |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
Long-term FHLB advances | $45,000,000 | $45,000,000 | ' |
Long-term FHLB borrowings, minimum interest rate | 3.69% | ' | ' |
Long-term FHLB borrowings, maximum interest rate | 4.34% | ' | ' |
Repurchase_Agreements_Details
Repurchase Agreements (Details) (Overnight, USD $) | Sep. 30, 2014 |
Overnight | ' |
Repurchase Agreement Counterparty [Line Items] | ' |
Repurchase agreements | $0 |
Repurchase_Agreements_Schedule1
Repurchase Agreements: Schedule of Repurchase Agreements (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Disclosure of Repurchase Agreements [Abstract] | ' |
Average daily balance during the period | $352 |
Average daily interest rate during the period | 0.05% |
Maximum month-end balance during the period | $787 |
Other_Liabilities_and_Accrued_2
Other Liabilities and Accrued Expenses: Schedule of Other Liabilities and Accrued Expenses (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Accrued deferred compensation and profit sharing plans payable | $657 | $660 |
Accrued interest payable on deposits and advances | 298 | 320 |
Accounts payable and accrued expenses - other | 1,716 | 1,718 |
Total other liabilities and accrued expenses | $2,671 | $2,698 |
Federal_Income_Taxes_Schedule_
Federal Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current | ' | ' | ' | ' | ' | ' | ' | ' | $2,349 | $1,737 | $1,627 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 451 | 777 | 154 |
Provision | $776 | $685 | $537 | $802 | $740 | $373 | $582 | $819 | $2,800 | $2,514 | $1,781 |
Federal_Income_Taxes_Details
Federal Income Taxes (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Income Taxes Receivable | $461 | $80 |
Capital loss carry-forward utilized during period | $183 | ' |
Federal_Income_Taxes_Schedule_1
Federal Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets | ' | ' |
Accrued interest on loans | $0 | $83 |
Unearned ESOP shares | 202 | 282 |
Allowance for loan losses | 3,669 | 4,018 |
Allowance for OREO losses | 628 | 794 |
CDI | 249 | 259 |
Net unrealized securities losses | 128 | 139 |
OTTI credit impairment | 185 | 198 |
Other | 180 | 174 |
Total deferred tax assets | 5,241 | 5,947 |
Deferred Tax Liabilities | ' | ' |
FHLB stock dividends | 773 | 840 |
Depreciation | 141 | 147 |
Goodwill | 1,281 | 1,153 |
MSRs | 572 | 770 |
Prepaid expenses | 134 | 233 |
Other | 9 | 11 |
Total deferred tax liabilities | 2,910 | 3,154 |
Net deferred tax assets | $2,331 | $2,793 |
Federal_Income_Taxes_Schedule_2
Federal Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected tax provision at statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | $2,941 | $2,472 | $2,166 |
BOLI income | ' | ' | ' | ' | ' | ' | ' | ' | -180 | -196 | -206 |
Change in estimated utilization of net capital loss carry-forward | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 281 | -208 |
Dividends on ESOP | ' | ' | ' | ' | ' | ' | ' | ' | -41 | -24 | 0 |
Other - net | ' | ' | ' | ' | ' | ' | ' | ' | 80 | -19 | 29 |
Provision for federal income taxes | $776 | $685 | $537 | $802 | $740 | $373 | $582 | $819 | $2,800 | $2,514 | $1,781 |
Employee_Stock_Ownership_and_42
Employee Stock Ownership and 401(k) Plan ("KSOP") (Details) (USD $) | 1 Months Ended | 12 Months Ended | 72 Months Ended | |||
Jan. 31, 2008 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jan. 31, 1998 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' | ' | ' | ' |
ESOP shares earned, net of tax | ' | ($328,000) | ($271,000) | ($199,000) | ' | ' |
KSOP | ' | ' | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' | ' | ' | ' |
Number of components in KSOP | ' | 2 | ' | ' | ' | ' |
Required service period | ' | '1 year | ' | ' | ' | ' |
Employee minimum age requirement | ' | '21 years | ' | ' | ' | ' |
Award vesting period | ' | '6 years | ' | ' | ' | ' |
ESOP | ' | ' | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' | ' | ' | ' |
Dividends used for debt service | ' | 120,000 | 0 | 0 | ' | ' |
ESOP, shares distributed to participants | ' | ' | ' | ' | 335,187 | ' |
ESOP, loan borrowed from employer | ' | ' | ' | ' | ' | 7,930,000 |
ESOP, shares purchased for plan | 1,058,000 | ' | ' | ' | ' | ' |
ESOP, interest rate on employer loan | ' | 8.50% | ' | ' | ' | ' |
ESOP, interest expense on employer loan | ' | 206,000 | 237,000 | 266,000 | ' | ' |
ESOP, amount outstanding on employer loan | ' | 2,183,000 | ' | ' | ' | ' |
ESOP, fair value of unallocated shares | ' | 1,673,000 | 1,746,000 | 1,375,000 | 1,746,000 | ' |
ESOP shares earned, net of tax | ' | 242,000 | 202,000 | 165,000 | ' | ' |
401(k) | ' | ' | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' | ' | ' | ' |
401(k), employer safe harbor contribution (percent) | ' | 3.00% | ' | ' | ' | ' |
401(k), employer contributions | ' | $302,000 | $289,000 | $283,000 | ' | ' |
Employee_Stock_Ownership_and_43
Employee Stock Ownership and 401(k) Plan ("KSOP"): Schedule of Shares held by the ESOP (Details) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Unallocated shares | 158,702 | 193,968 | 229,234 |
Shares released for allocation | 564,111 | 592,468 | 597,641 |
Total ESOP shares | 722,813 | 786,436 | 826,875 |
Stock_Compensation_Plans_Detai
Stock Compensation Plans (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 1998 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock options granted during period | ' | ' | ' | ' |
Stock Options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of shares authorized | 1,622,500 | ' | ' | ' |
Award vesting percentage | 20.00% | ' | ' | ' |
Award vesting period | '5 years | ' | ' | ' |
Stock options granted during period | 135,000 | 29,000 | 76,000 | ' |
Stock options, aggregate grant date fair value | 349 | 69 | 150 | ' |
Stock options vested during period | 43,800 | 17,300 | 5,000 | ' |
Stock options vested during period, aggregate grant date fair value | 80 | 32 | 6 | ' |
Number of unvested stock options | 178,000 | 91,000 | ' | ' |
Unvested stock awards, aggregate grant date fair value | 434 | 189 | ' | ' |
Unvested stock options, aggregate intrinsic value | 435 | ' | ' | ' |
Stock options exercised during period | 0 | 0 | 0 | ' |
Stock options, outstanding, aggregate intrinsic value | 675 | 443 | 88 | ' |
Stock Grants | MRDP | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of shares authorized | ' | ' | ' | 529,000 |
Award vesting percentage | 20.00% | ' | ' | ' |
Award vesting period | '5 years | ' | ' | ' |
Number of shares available for grant (shares) | 0 | ' | ' | ' |
Stock awards, granted during period | 0 | 0 | 0 | ' |
Number of unvested stock awards (shares) | 0 | 3,254,000 | ' | ' |
Stock_Compensation_Plans_Stock
Stock Compensation Plans: Stock Option Activity (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2010 |
Shares: | ' | ' | ' | ' |
Options outstanding, beginning of period | -61,680 | -18,100 | ' | 137,726 |
Granted | ' | ' | ' | ' |
Forfeited | -135,000 | -29,000 | -76,000 | ' |
Options outstanding, end of period | -71,546 | -61,680 | -18,100 | 137,726 |
Weighted Average Exercise Price (in dollars per share): | ' | ' | ' | ' |
Options outstanding, beginning of period | $9.69 | $5.44 | ' | $9.25 |
Forfeited | $9.29 | $6 | $5.04 | ' |
Options outstanding, end of period | $9.87 | $9.69 | $5.44 | $9.25 |
Stock_Compensation_Plans_Fair_
Stock Compensation Plans: Fair Value Assumptions (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | ' | ' | ' |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrrangement by Share-based Payment Award, Options, Aggregate Grant Date Fair Value | $349 | $69 | $150 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 135 | 29 | 76 |
Expected Volatility | 39.00% | 45.00% | 45.00% |
Expected term (in years) | '5 years | '5 years | '5 years |
Expected dividend yield | 2.51% | 0.00% | 0.00% |
Risk free interest rate | 1.41% | 0.76% | 0.76% |
Grant date fair value per share (in dollars per share) | $2.59 | $2.37 | $1.97 |
Stock_Compensation_Plans_Stock1
Stock Compensation Plans: Stock Options by Exercise Price (Details) (Stock Options, USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Outstanding, Number | 221,400 |
Options Outstanding, Weighted Average Exercise Price | $7.49 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | '8 years 3 months 18 days |
Options Exercisable, Number | 43,800 |
Options Exercisable, Weighted Average Exercise Price | $5.06 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | '6 years 10 months 24 days |
$4.01 - $4.55 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Outstanding, Number | 37,700 |
Options Outstanding, Weighted Average Exercise Price | $4.26 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | '6 years 2 months 12 days |
Options Exercisable, Number | 23,600 |
Options Exercisable, Weighted Average Exercise Price | $4.34 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | '5 years 10 months 24 days |
$5.86 - $6.00 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Outstanding, Number | 61,700 |
Options Outstanding, Weighted Average Exercise Price | $5.92 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | '8 years |
Options Exercisable, Number | 20,200 |
Options Exercisable, Weighted Average Exercise Price | $5.90 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | '8 years |
$9.00 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Outstanding, Number | 96,000 |
Options Outstanding, Weighted Average Exercise Price | $9 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | '9 years 1 month 6 days |
Options Exercisable, Number | 0 |
$10.26 - $10.59 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options Outstanding, Number | 26,000 |
Options Outstanding, Weighted Average Exercise Price | $10.34 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | '9 years 3 months 18 days |
Options Exercisable, Number | 0 |
Stock_Compensation_Plans_Summa
Stock Compensation Plans: Summary of MRDP Shares Vested (Details) (MRDP, Stock Grants, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
MRDP | Stock Grants | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares vested | 3,254 | 6,207 | 10,831 |
Aggregate vesting date fair value | $30,000 | $38,000 | $46,000 |
Stock_Compensation_Plans_Summa1
Stock Compensation Plans: Summary of MRDP Shares Unvested (Details) (MRDP, Stock Grants, USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
MRDP | Stock Grants | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Unvested shares, beginning of period | 3,254 | ' | ' |
Shares vested | 3,254 | 6,207 | 10,831 |
Unvested shares, end of period | 0 | 3,254 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Unvested shares, beginning of period, Weighted Average Grant Date Fair Value | $7.01 | ' | ' |
Shares vested, Weighted Average Grant Date Fair Value | $7.01 | ' | ' |
Unvested shares, end of period, Weighted Average Grant Date Fair Value | $0 | $7.01 | ' |
Stock_Compensation_Plans_Sched
Stock Compensation Plans: Schedule of Expenses for Stock Compensation Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation expense | $104 | $80 | $92 |
Related tax benefit recognized | -10 | -8 | -28 |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation expense | 112 | 49 | 15 |
Stock Grants | MRDP | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation expense | $2 | $39 | $105 |
Stock_Compensation_Plans_Sched1
Stock Compensation Plans: Schedule of Unrecognized Compensation Expense for Stock Compensation Plans (Details) (Stock Options, USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based compensation, nonvested awards, future recognition of compensation cost, Stock Options | $386 |
2014 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based compensation, nonvested awards, future recognition of compensation cost, Stock Options | 106 |
2015 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based compensation, nonvested awards, future recognition of compensation cost, Stock Options | 106 |
2016 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based compensation, nonvested awards, future recognition of compensation cost, Stock Options | 98 |
2017 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based compensation, nonvested awards, future recognition of compensation cost, Stock Options | 67 |
2018 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based compensation, nonvested awards, future recognition of compensation cost, Stock Options | $9 |
Commitments_and_Contingencies_1
Commitments and Contingencies: Supply Commitment (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Undisbursed portion of construction loans in process | $29,416 | $18,527 |
Undisbursed lines of credit | 30,678 | 25,187 |
Commitments to extend credit | $18,119 | $16,399 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Reserve for unfunded loan commitments | $192 | $165 |
Employee severance compensation plan, employee minimum service requirement | '2 years | ' |
Employee severance compensation plan, eligible payment, maximum compensation term | '24 months | ' |
Significant_Concentrations_of_1
Significant Concentrations of Credit Risk (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Risks and Uncertainties [Abstract] | ' |
Loans secured by real estate | $572,083 |
Undisbursed construction loan proceeds | 29,416 |
Loans secured by real estate, percentage of total portfolio | 94.20% |
Concentration of credit risk, real estate loans by industry, benchmark percentage | 20.00% |
Ratio of loans to appraisal or purchase price | 90.00% |
CDs held for investment | $35,845 |
Regulatory_Matters_Restriction
Regulatory Matters: Restrictions on Retained Earnings (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 1997 |
In Thousands, unless otherwise specified | |||
Regulatory Capital Requirements [Abstract] | ' | ' | ' |
Retained earnings | $73,534 | $68,998 | $23,866 |
Liquidation Account, Amount | $429 | ' | ' |
Regulatory_Matters_Schedule_of
Regulatory Matters: Schedule of Compliance with Regulatory Capital Requirements for Mortgage Companies (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Timberland Bancorp | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Tier 1 leverage capital, Actual Amount | $78,480 | $85,158 |
Tier 1 leverage capital, Actual Ratio | 10.60% | 11.50% |
Tier 1 leverage capital, Capital Adequacy Purposes Amount | 29,644 | 29,677 |
Tier 1 leverage capital, Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 risk adjusted capital, Actual Amount | 78,480 | 85,158 |
Tier 1 risk adjusted capital, Actual Ratio | 13.70% | 15.30% |
Tier 1 risk adjusted capital, Capital Adequacy Purposes Amount | 22,943 | 22,259 |
Tier 1 risk adjusted capital, Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 risk based capital, Actual Amount | 85,692 | 92,168 |
Tier 1 risk based capital, Actual Ratio | 14.90% | 16.60% |
Total risk based capital, Capital Adequacy Purposes Amount | 45,886 | 44,518 |
Total risk based capital, Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Timberland Bank | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Tier 1 leverage capital, Actual Amount | 75,734 | 82,265 |
Tier 1 leverage capital, Actual Ratio | 10.20% | 11.10% |
Tier 1 leverage capital, Capital Adequacy Purposes Amount | 29,629 | 29,662 |
Tier 1 leverage capital, Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 leverage capital, To be Well Capitalized Under Prompt Corrective Action Provisions Amount | 37,036 | 37,078 |
Tier 1 leverage capital, To be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Tier 1 risk adjusted capital, Actual Amount | 75,734 | 82,265 |
Tier 1 risk adjusted capital, Actual Ratio | 13.20% | 14.80% |
Tier 1 risk adjusted capital, Capital Adequacy Purposes Amount | 22,939 | 22,255 |
Tier 1 risk adjusted capital, Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 risk adjusted capital, To be Well Capitalized Under Prompt Corrective Action Provisions Amount | 34,409 | 33,382 |
Tier 1 risk adjusted capital, To be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% | 6.00% |
Tier 1 risk based capital, Actual Amount | 82,945 | 89,273 |
Tier 1 risk based capital, Actual Ratio | 14.50% | 16.10% |
Total risk based capital, Capital Adequacy Purposes Amount | 45,878 | 44,509 |
Total risk based capital, Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total risk based capital, To be Well Capitalized Under Prompt Corrective Action Provisions Amount | $57,348 | $55,636 |
Total risk based capital, To be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Condensed_Financial_Informatio2
Condensed Financial Information - Parent Company Only: Condensed Balance Sheets, Parent Company (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2010 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents: | ' | ' | ' | ' |
Cash and due from financial institutions | $11,818 | $12,879 | ' | ' |
Interest-bearing deposits in banks | 60,536 | 81,617 | ' | ' |
Total cash and cash equivalents | 72,354 | 94,496 | 96,668 | 112,065 |
Other assets | 4,563 | 4,123 | ' | ' |
Total assets | 745,565 | 745,648 | ' | ' |
Liabilities and shareholders’ equity | ' | ' | ' | ' |
Shareholders’ equity | 82,778 | 89,688 | 90,319 | 86,205 |
Total liabilities and shareholders’ equity | 745,565 | 745,648 | ' | ' |
Parent Company | ' | ' | ' | ' |
Cash and cash equivalents: | ' | ' | ' | ' |
Cash and due from financial institutions | 55 | 126 | ' | ' |
Interest-bearing deposits in banks | 440 | 379 | ' | ' |
Total cash and cash equivalents | 495 | 505 | 2,692 | 4,187 |
Loan receivable from ESOP | 2,183 | 2,565 | ' | ' |
Investment in Bank | 80,031 | 86,795 | ' | ' |
Other assets | 124 | 40 | ' | ' |
Total assets | 82,833 | 89,905 | ' | ' |
Liabilities and shareholders’ equity | ' | ' | ' | ' |
Accrued expenses | 55 | 217 | ' | ' |
Shareholders’ equity | 82,778 | 89,688 | ' | ' |
Total liabilities and shareholders’ equity | $82,833 | $89,905 | ' | ' |
Condensed_Financial_Informatio3
Condensed Financial Information - Parent Company Only: Condensed Statements of Operations, Parent Company (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on deposits in banks | ' | ' | ' | ' | ' | ' | ' | ' | $366 | $336 | $338 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 759 | 607 | 776 |
Income (loss) before income taxes and equity in undistributed income of Bank | ' | ' | ' | ' | ' | ' | ' | ' | 8,650 | 7,271 | 6,371 |
Benefit for income taxes | -776 | -685 | -537 | -802 | -740 | -373 | -582 | -819 | -2,800 | -2,514 | -1,781 |
Net income | 1,646 | 1,434 | 1,159 | 1,611 | 895 | 876 | 1,278 | 1,708 | 5,850 | 4,757 | 4,590 |
Preferred stock dividends | 0 | 0 | 0 | 136 | 151 | 151 | 207 | 201 | -136 | -710 | -832 |
Preferred stock accretion | 0 | 0 | 0 | 70 | 47 | 47 | 126 | 63 | -70 | -283 | -240 |
Discount on redemption of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 255 | 0 |
Net income to common shareholders | 1,646 | 1,434 | 1,159 | 1,405 | ' | ' | ' | ' | 5,644 | 4,019 | 3,518 |
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on deposits in banks | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1 | 1 |
Interest on loan receivable from ESOP | ' | ' | ' | ' | ' | ' | ' | ' | 206 | 237 | 266 |
Dividend Income, Operating | ' | ' | ' | ' | ' | ' | ' | ' | 13,190 | 3,300 | 0 |
Total operating income | ' | ' | ' | ' | ' | ' | ' | ' | 13,396 | 3,538 | 267 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 409 | 455 | 556 |
Income (loss) before income taxes and equity in undistributed income of Bank | ' | ' | ' | ' | ' | ' | ' | ' | 12,987 | 3,083 | -289 |
Benefit for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 110 | 98 | 98 |
Income (loss) before undistributed income of Bank | ' | ' | ' | ' | ' | ' | ' | ' | 13,097 | 3,181 | -191 |
Equity in undistributed income of Bank (dividends in excess of income of Bank) | ' | ' | ' | ' | ' | ' | ' | ' | -7,247 | 1,576 | 4,781 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 5,850 | 4,757 | 4,590 |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -136 | -710 | -832 |
Preferred stock accretion | ' | ' | ' | ' | ' | ' | ' | ' | -70 | -283 | -240 |
Discount on redemption of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 255 | 0 |
Net income to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $5,644 | $4,019 | $3,518 |
Condensed_Financial_Informatio4
Condensed Financial Information - Parent Company Only: Condensed Statements of Cash Flows, Parent Company (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' | ' |
Net income | $5,850 | $4,757 | $4,590 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
ESOP shares earned, net of tax | -328 | -271 | -199 |
MRDP compensation expense | 2 | 39 | 105 |
Stock option compensation expense | 104 | 49 | 15 |
Stock Option Tax Effect Less Excess Tax Benefit | 4 | 0 | 0 |
Net cash provided by operating activities | 8,623 | 11,572 | 15,388 |
Cash flows from investing activities | ' | ' | ' |
Net cash provided by (used in) investing activities | -24,462 | -17,534 | -23,986 |
Cash flows from financing activities | ' | ' | ' |
Repurchase of preferred stock | -12,065 | -4,321 | 0 |
Payment of dividends | -1,185 | -1,368 | -2,080 |
ESOP tax effect | 64 | 6 | -65 |
MRDP compensation tax effect | 2 | -8 | -28 |
Net cash used in financing activities | -6,303 | 3,790 | -6,799 |
Net decrease in cash and cash equivalents | -22,142 | -2,172 | -15,397 |
Cash and cash equivalents: | ' | ' | ' |
Beginning of year | 94,496 | 96,668 | ' |
End of year | 72,354 | 94,496 | 96,668 |
Parent Company | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' |
Net income | 5,850 | 4,757 | 4,590 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
(Equity in undistributed income of Bank) dividends in excess of income of Bank | 7,247 | -1,576 | -4,781 |
ESOP shares earned, net of tax | 264 | 265 | 264 |
MRDP compensation expense | 2 | 39 | 105 |
Stock option compensation expense | 104 | 49 | 15 |
Stock Option Tax Effect Less Excess Tax Benefit | 4 | 0 | 0 |
Other, net | 247 | 39 | -406 |
Net cash provided by operating activities | 13,224 | 3,495 | 599 |
Cash flows from investing activities | ' | ' | ' |
Investment in Bank | 459 | 344 | 243 |
Principal repayments on loan receivable from Bank | 382 | 353 | 322 |
Net cash provided by (used in) investing activities | -77 | 9 | 79 |
Proceeds from Issuance of Common Stock | 23 | 0 | 0 |
Cash flows from financing activities | ' | ' | ' |
Repurchase of preferred stock | 12,065 | 4,321 | 0 |
Payment of dividends | 1,185 | 1,368 | 2,080 |
ESOP tax effect | -64 | -6 | 65 |
MRDP compensation tax effect | -2 | 8 | 28 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 4 | 0 | 0 |
Net cash used in financing activities | -13,157 | -5,691 | -2,173 |
Net decrease in cash and cash equivalents | -10 | -2,187 | -1,495 |
Cash and cash equivalents: | ' | ' | ' |
Beginning of year | 505 | 2,692 | ' |
End of year | $495 | $505 | $2,692 |
Net_Income_Per_Common_Share_Sc
Net Income Per Common Share: Schedule of Earnings per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share, Basic [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Numerator – net income | $1,646 | $1,434 | $1,159 | $1,611 | $895 | $876 | $1,278 | $1,708 | $5,850 | $4,757 | $4,590 |
Preferred stock dividends | 0 | 0 | 0 | 136 | 151 | 151 | 207 | 201 | -136 | -710 | -832 |
Repurchase of preferred stock at a discount | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 255 | 0 |
Preferred stock discount accretion | 0 | 0 | 0 | 70 | 47 | 47 | 126 | 63 | -70 | -283 | -240 |
Net income to common shareholders | $1,646 | $1,434 | $1,159 | $1,405 | ' | ' | ' | ' | $5,644 | $4,019 | $3,518 |
Denominator – weighted average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 6,856,730 | 6,817,918 | 6,780,612 |
Basic net income per common share (in dollars per share) | $0.24 | $0.21 | $0.17 | $0.20 | ' | ' | ' | ' | $0.82 | $0.59 | $0.52 |
Diluted net income per common share computation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of dilutive stock options | ' | ' | ' | ' | ' | ' | ' | ' | 36,614 | 16,555 | 0 |
Effect of dilutive stock warrant | ' | ' | ' | ' | ' | ' | ' | ' | 126,332 | 52,522 | 0 |
Weighted average common shares outstanding- assuming dilution | ' | ' | ' | ' | ' | ' | ' | ' | 7,019,676 | 6,886,995 | 6,780,612 |
Diluted net income per common share (in dollars per share) | $0.23 | $0.20 | $0.16 | $0.20 | $0.10 | $0.10 | $0.18 | $0.21 | $0.80 | $0.58 | $0.52 |
Net_Income_Per_Common_Share_De
Net Income Per Common Share (Details) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Options | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 131,489 | 109,953 | 162,517 |
Warrant | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 370,899 | ' |
Preferred Stock | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Preferred stock, dividend rate (percent) | 5.00% | 5.00% | 5.00% |
Fair_Value_Measurement_Balance
Fair Value Measurement: Balances of Assets and Liabilities Measured on Recurring Basis (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | $2,857,000 | $4,101,000 |
Mortgage-backed Securities, U.S. government agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 1,899,000 | 2,229,000 |
Mutual funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 958,000 | 958,000 |
Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 2,857,000 | 4,101,000 |
Recurring | Mortgage-backed Securities, U.S. government agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 1,899,000 | 2,229,000 |
Recurring | Private label residential | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | ' | 914,000 |
Recurring | Mutual funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 958,000 | 958,000 |
Recurring | Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 958,000 | 958,000 |
Recurring | Fair Value, Inputs, Level 1 | Mortgage-backed Securities, U.S. government agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 1 | Private label residential | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | ' | 0 |
Recurring | Fair Value, Inputs, Level 1 | Mutual funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 958,000 | 958,000 |
Recurring | Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 1,899,000 | 3,143,000 |
Recurring | Fair Value, Inputs, Level 2 | Mortgage-backed Securities, U.S. government agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 1,899,000 | 2,229,000 |
Recurring | Fair Value, Inputs, Level 2 | Private label residential | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | ' | 914,000 |
Recurring | Fair Value, Inputs, Level 2 | Mutual funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 3 | Mortgage-backed Securities, U.S. government agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | 0 | 0 |
Recurring | Fair Value, Inputs, Level 3 | Private label residential | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | ' | 0 |
Recurring | Fair Value, Inputs, Level 3 | Mutual funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for Sale Securities | $0 | $0 |
Fair_Value_Measurement_Balance1
Fair Value Measurement: Balances of Assets and Liabilities Measured on Nonrecurring Basis (Details) (Nonrecurring, USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | $2,512,000 | $6,036,000 |
Mortgage loans, one-to-four family | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 1,106,000 | 769,000 |
Mortgage loans, multi-family | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 0 | 0 |
Mortgage loans, commercial | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 463,000 | 667,000 |
Mortgage loans, construction - speculative one-to-four family | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | ' | 0 |
Mortgage loans, land | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 260,000 | 2,307,000 |
Consumer loans, home equity and second mortgage | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 47,000 | 184,000 |
Total impaired loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 1,876,000 | 3,927,000 |
Private label residential | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 31,000 | 45,000 |
OREO and other repossessed items | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 605,000 | 2,064,000 |
Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Mortgage loans, one-to-four family | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Mortgage loans, multi-family | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Mortgage loans, commercial | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Mortgage loans, construction - speculative one-to-four family | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | ' | 0 |
Fair Value, Inputs, Level 1 | Mortgage loans, land | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Consumer loans, home equity and second mortgage | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Total impaired loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | Private label residential | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 | OREO and other repossessed items | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 40,000 | 83,000 |
Fair Value, Inputs, Level 2 | Mortgage loans, one-to-four family | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Mortgage loans, multi-family | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Mortgage loans, commercial | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Mortgage loans, construction - speculative one-to-four family | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | ' | 0 |
Fair Value, Inputs, Level 2 | Mortgage loans, land | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Consumer loans, home equity and second mortgage | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Total impaired loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 2 | Private label residential | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 40,000 | 83,000 |
Fair Value, Inputs, Level 2 | OREO and other repossessed items | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 25,422,000 | 34,290,000 |
Fair Value, Inputs, Level 3 | Mortgage loans, one-to-four family | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 3,655,000 | 3,042,000 |
Fair Value, Inputs, Level 3 | Mortgage loans, multi-family | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 3,278,000 | 4,850,000 |
Fair Value, Inputs, Level 3 | Mortgage loans, commercial | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 5,334,000 | 12,868,000 |
Fair Value, Inputs, Level 3 | Mortgage loans, construction - speculative one-to-four family | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | ' | 599,000 |
Fair Value, Inputs, Level 3 | Mortgage loans, land | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 3,779,000 | 969,000 |
Fair Value, Inputs, Level 3 | Consumer loans, home equity and second mortgage | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 284,000 | 242,000 |
Fair Value, Inputs, Level 3 | Total impaired loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 16,330,000 | 22,570,000 |
Fair Value, Inputs, Level 3 | Private label residential | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 3 | OREO and other repossessed items | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, estimated fair value, nonrecurring | $9,092,000 | $11,720,000 |
Fair_Value_Measurement_Level_3
Fair Value Measurement: Level 3 Fair Value Measurements, Nonrecurring (Details) (USD $) | 12 Months Ended | ||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | |
Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | Nonrecurring | ||
Impaired loans | Impaired loans | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | ||||
Impaired loans | Impaired loans | Impaired loans | Other real estate owned | ||||||||
Market approach | Market approach | ||||||||||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets, estimated fair value, nonrecurring | ' | $2,512,000 | $6,036,000 | $1,876,000 | $3,927,000 | $25,422,000 | $34,290,000 | $16,330,000 | $22,570,000 | $16,330,000 | $9,092,000 |
FHLB stock, shares redeemed during period | 2,061 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurement_Estimat
Fair Value Measurement: Estimated Fair Values of Financial Instruments (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Recorded Amount | ' | ' |
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | $72,354,000 | $94,496,000 |
CDs held for investment | 35,845,000 | 30,042,000 |
Securities | 8,155,000 | 6,838,000 |
FHLB stock | 5,246,000 | 5,452,000 |
Loans receivable, net | 564,853,000 | 546,193,000 |
Loans held for sale | 899,000 | 1,911,000 |
Accrued interest receivable | 1,910,000 | 1,972,000 |
Non-interest bearing demand | 106,417,000 | 87,657,000 |
Interest-bearing | 508,699,000 | 520,605,000 |
Total deposits | 615,116,000 | 608,262,000 |
FHLB advances | 45,000,000 | 45,000,000 |
Accrued interest payable | 298,000 | 320,000 |
Fair Value | ' | ' |
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 72,354,000 | 94,496,000 |
CDs held for investment | 35,845,000 | 30,042,000 |
Securities | 9,131,000 | 7,634,000 |
FHLB stock | 5,246,000 | 5,452,000 |
Loans receivable, net | 563,802,000 | 514,616,000 |
Loans held for sale | 921,000 | 1,973,000 |
Accrued interest receivable | 1,910,000 | 1,972,000 |
Non-interest bearing demand | 106,417,000 | 87,657,000 |
Interest-bearing | 509,406,000 | 522,021,000 |
Total deposits | 615,823,000 | 609,678,000 |
FHLB advances | 47,279,000 | 48,445,000 |
Accrued interest payable | 298,000 | 320,000 |
Fair Value | Fair Value, Inputs, Level 1 | ' | ' |
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 72,354,000 | 94,496,000 |
CDs held for investment | 35,845,000 | 30,042,000 |
Securities | 958,000 | 973,000 |
FHLB stock | 5,246,000 | 5,452,000 |
Loans receivable, net | 0 | 0 |
Loans held for sale | 921,000 | 1,973,000 |
Accrued interest receivable | 1,910,000 | 1,972,000 |
Non-interest bearing demand | 106,417,000 | 87,657,000 |
Interest-bearing | 345,412,000 | 346,455,000 |
Total deposits | 451,829,000 | 434,112,000 |
FHLB advances | 0 | 0 |
Accrued interest payable | 298,000 | 320,000 |
Fair Value | Fair Value, Inputs, Level 2 | ' | ' |
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
CDs held for investment | 0 | 0 |
Securities | 8,173,000 | 6,661,000 |
FHLB stock | 0 | 0 |
Loans receivable, net | 0 | 0 |
Loans held for sale | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Non-interest bearing demand | 0 | 0 |
Interest-bearing | 0 | 0 |
Total deposits | 0 | 0 |
FHLB advances | 47,279,000 | 48,445,000 |
Accrued interest payable | 0 | 0 |
Fair Value | Fair Value, Inputs, Level 3 | ' | ' |
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
CDs held for investment | 0 | 0 |
Securities | 0 | 0 |
FHLB stock | 0 | 0 |
Loans receivable, net | 563,802,000 | 514,616,000 |
Loans held for sale | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Non-interest bearing demand | 0 | 0 |
Interest-bearing | ' | 175,566,000 |
Total deposits | 163,994,000 | 175,566,000 |
FHLB advances | 0 | 0 |
Accrued interest payable | $0 | $0 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (unaudited): Selected financial data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and dividend income | $7,567 | $7,397 | $7,412 | $7,481 | $7,521 | $7,575 | $7,552 | $7,589 | ' | ' | ' |
Interest expense | -978 | -964 | -975 | -1,022 | -1,052 | -1,076 | -1,111 | -1,200 | -3,939 | -4,439 | -5,947 |
Net interest income | 6,589 | 6,433 | 6,437 | 6,459 | 6,469 | 6,499 | 6,441 | 6,389 | 25,918 | 25,798 | 25,658 |
Provision for loan losses | ' | ' | ' | ' | 165 | 1,385 | 1,175 | 200 | 0 | -2,925 | -3,500 |
Non-interest income | 2,206 | 2,116 | 2,013 | 2,195 | 2,397 | 2,372 | 2,778 | 2,715 | 8,530 | 10,262 | 9,781 |
Non-interest expense | 6,373 | 6,430 | 6,754 | 6,241 | 7,066 | 6,237 | 6,184 | 6,377 | -25,798 | -25,864 | -25,568 |
Income before income taxes | 2,422 | 2,119 | 1,696 | 2,413 | 1,635 | 1,249 | 1,860 | 2,527 | ' | ' | ' |
Provision for federal income taxes | 776 | 685 | 537 | 802 | 740 | 373 | 582 | 819 | 2,800 | 2,514 | 1,781 |
Net income | 1,646 | 1,434 | 1,159 | 1,611 | 895 | 876 | 1,278 | 1,708 | 5,850 | 4,757 | 4,590 |
Preferred stock dividends | 0 | 0 | 0 | 136 | 151 | 151 | 207 | 201 | -136 | -710 | -832 |
Preferred stock accretion | 0 | 0 | 0 | 70 | 47 | 47 | 126 | 63 | -70 | -283 | -240 |
Repurchase of preferred stock at a discount | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 255 | 0 |
Net income to common shareholders | $1,646 | $1,434 | $1,159 | $1,405 | ' | ' | ' | ' | $5,644 | $4,019 | $3,518 |
Net income per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.24 | $0.21 | $0.17 | $0.20 | ' | ' | ' | ' | $0.82 | $0.59 | $0.52 |
Diluted (in dollars per share) | $0.23 | $0.20 | $0.16 | $0.20 | $0.10 | $0.10 | $0.18 | $0.21 | $0.80 | $0.58 | $0.52 |