Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2016 | May. 05, 2016 | |
Document and Entity Information | ||
Entity Registrant Name | TIMBERLAND BANCORP INC, | |
Entity Central Index Key | 1,046,050 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 6,936,068 |
Timberland Bancorp, Inc. and Su
Timberland Bancorp, Inc. and Subsidiary Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 | |
Cash and cash equivalents: | |||
Cash and due from financial institutions | $ 17,121 | $ 14,014 | [1] |
Interest-bearing deposits in banks | 92,908 | 78,275 | [1] |
Total cash and cash equivalents | 110,029 | 92,289 | [1] |
Certificates of deposit (“CDs”) held for investment (at cost, which approximates fair value) | 52,524 | 48,611 | [1] |
Investment securities held to maturity, at amortized cost (estimated fair value $8,628 and $8,894) | 7,743 | 7,913 | [1] |
Investment securities available for sale | 1,365 | 1,392 | [1] |
Federal Home Loan Bank (“FHLB”) stock | 2,804 | 2,699 | [1] |
Loans held for sale | 1,584 | 3,051 | [1] |
Loans receivable | 632,894 | 614,201 | [1] |
Less: Allowance for loan losses | (10,043) | (9,924) | [1] |
Loans receivable, net | 622,851 | 604,277 | [1] |
Premises and equipment, net | 16,355 | 16,854 | [1] |
Other real estate owned (“OREO”) and other repossessed assets, net | 5,458 | 7,854 | [1] |
Accrued interest receivable | 2,232 | 2,170 | [1] |
Bank owned life insurance (“BOLI”) | 18,443 | 18,170 | [1] |
Goodwill | 5,650 | 5,650 | [1] |
Mortgage servicing rights (“MSRs”), net | 1,488 | 1,478 | [1] |
Other assets | 3,436 | 3,407 | [1] |
Total assets | 851,962 | 815,815 | [1] |
Deposits: | |||
Non-interest-bearing demand | 148,980 | 141,388 | [1] |
Interest-bearing | 563,058 | 537,524 | [1] |
Total deposits | 712,038 | 678,912 | [1] |
FHLB advances | 45,000 | 45,000 | [1] |
Other liabilities and accrued expenses | 2,662 | 2,716 | [1] |
Total liabilities | 759,700 | 726,628 | [1] |
Shareholders’ equity | |||
Preferred stock, $.01 par value; 1,000,000 shares authorized; none issued | 0 | 0 | |
Common stock, $.01 par value; 50,000,000 shares authorized; 6,933,068 shares issued and outstanding - March 31, 2016 6,988,848 shares issued and outstanding - September 30, 2015 | 9,698 | 10,293 | [2] |
Unearned shares issued to Employee Stock Ownership Plan (“ESOP”) | (793) | (926) | [2] |
Retained earnings | 83,643 | 80,133 | [2] |
Accumulated other comprehensive loss | (286) | (313) | [2] |
Total shareholders’ equity | 92,262 | 89,187 | [2] |
Total liabilities and shareholders’ equity | $ 851,962 | $ 815,815 | [2] |
[1] | Derived from audited consolidated financial statements. | ||
[2] | Derived from audited consolidated financial statements. |
Timberland Bancorp, Inc. and S3
Timberland Bancorp, Inc. and Subsidiary Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Investments securities held to maturity, estimated fair value | $ 8,628 | $ 8,894 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock shares authorized (shares) | 1,000,000 | 1,000,000 |
Preferred stock shares issued (shares) | 0 | 0 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized (shares) | 50,000,000 | 50,000,000 |
Common stock shares issued (shares) | 6,933,068 | 6,988,848 |
Common stock shares outstanding (shares) | 6,933,068 | 6,988,848 |
Timberland Bancorp, Inc. and S4
Timberland Bancorp, Inc. and Subsidiary Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Interest and dividend income | ||||
Loans receivable and loans held for sale | $ 8,306 | $ 7,352 | $ 16,735 | $ 14,861 |
Investment securities | 74 | 55 | 143 | 120 |
Dividends from mutual funds and FHLB stock | 39 | 6 | 61 | 13 |
Interest-bearing deposits in banks and CDs | 231 | 114 | 402 | 219 |
Total interest and dividend income | 8,650 | 7,527 | 17,341 | 15,213 |
Interest expense | ||||
Deposits | 507 | 495 | 1,012 | 1,004 |
FHLB advances | 472 | 465 | 948 | 940 |
Total interest expense | 979 | 960 | 1,960 | 1,944 |
Net interest income | 7,671 | 6,567 | 15,381 | 13,269 |
Provision for loan losses | 0 | 0 | 0 | 0 |
Net interest income after provision for loan losses | 7,671 | 6,567 | 15,381 | 13,269 |
Non-interest income | ||||
Other than temporary impairment (“OTTI”) on investment securities | (24) | 0 | (24) | 0 |
Adjustment for portion of OTTI (transferred from) recorded as other comprehensive income (loss) before income taxes | 1 | (1) | 1 | (1) |
Net OTTI on investment securities | (23) | (1) | (23) | (1) |
Gain on sale of investment securities available for sale, net | 0 | 0 | 0 | 45 |
Service charges on deposits | 937 | 852 | 1,909 | 1,737 |
ATM and debit card interchange transaction fees | 710 | 643 | 1,409 | 1,273 |
BOLI net earnings | 137 | 131 | 273 | 268 |
Gain on sales of loans, net | 393 | 348 | 787 | 584 |
Escrow fees | 49 | 56 | 89 | 98 |
Servicing income (loss) on loans sold | 55 | (12) | 120 | (40) |
Other, net | 255 | 197 | 467 | 374 |
Total non-interest income, net | 2,513 | 2,214 | 5,031 | 4,338 |
Non-interest expense | ||||
Salaries and employee benefits | 3,466 | 3,284 | 6,936 | 6,680 |
Premises and equipment | 771 | 751 | 1,531 | 1,476 |
Advertising | 193 | 173 | 398 | 361 |
OREO and other repossessed assets, net | 195 | 349 | 438 | 425 |
ATM and debit card interchange transaction fees | 331 | 255 | 653 | 593 |
Postage and courier | 110 | 114 | 211 | 218 |
State and local taxes | 138 | 119 | 270 | 236 |
Professional fees | 117 | 223 | 247 | 399 |
Federal Deposit Insurance Corporation (FDIC) insurance | 127 | 148 | 234 | 308 |
Loan administration and foreclosure | 95 | 76 | 124 | 119 |
Data processing and telecommunications | 474 | 471 | 924 | 850 |
Deposit operations | 234 | 219 | 406 | 395 |
Other | 378 | 472 | 735 | 868 |
Total non-interest expense | 6,629 | 6,654 | 13,107 | 12,928 |
Income before federal income taxes | 3,555 | 2,127 | 7,305 | 4,679 |
Provision for federal income taxes | 1,175 | 676 | 2,397 | 1,501 |
Net income | $ 2,380 | $ 1,451 | $ 4,908 | $ 3,178 |
Net income per common share | ||||
Basic (in dollars per share) | $ 0.35 | $ 0.21 | $ 0.72 | $ 0.46 |
Diluted (in dollars per share) | $ 0.34 | $ 0.21 | $ 0.69 | $ 0.45 |
Weighted average common shares outstanding | ||||
Basic (in shares) | 6,846,527 | 6,898,192 | 6,858,190 | 6,895,038 |
Diluted (in shares) | 7,080,005 | 7,071,792 | 7,081,945 | 7,067,621 |
Dividends paid per common share (in dollars per share) | $ 0.08 | $ 0.06 | $ 0.20 | $ 0.11 |
Timberland Bancorp, Inc. and S5
Timberland Bancorp, Inc. and Subsidiary Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Comprehensive income | ||||
Net income | $ 2,380 | $ 1,451 | $ 4,908 | $ 3,178 |
Unrealized holding gain (loss) on investment securities available for sale, net of income taxes of $6, $4, ($1) and $2, respectively | 11 | 8 | (1) | 5 |
Reclassification adjustment for gain on sale of investment securities available for sale included in net income, net of income taxes of $0, $0, $0 and ($15), respectively. | 0 | 0 | 0 | (30) |
Change in OTTI on investment securities held to maturity, net of income taxes: | ||||
Additional amount recovered related to credit loss for which OTTI was previously recognized, net of income taxes of $6, $1, $7 and $1, respectively | (12) | (1) | (12) | (1) |
Amount reclassified to credit loss for previously recorded market loss, net of income taxes of ($1), $1, ($1) and $1, respectively | (1) | 1 | (1) | 1 |
Accretion of OTTI on investment securities held to maturity, net of income taxes of $4, $4, $9, and $8, respectively | 7 | 7 | 17 | 15 |
Total other comprehensive income (loss), net of income taxes | 29 | 17 | 27 | (8) |
Total comprehensive income | $ 2,409 | $ 1,468 | $ 4,935 | $ 3,170 |
Timberland Bancorp, Inc. and S6
Timberland Bancorp, Inc. and Subsidiary Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized holding loss on investment securities available for sale, tax | $ 6 | $ 4 | $ (1) | $ 2 |
Reclassification adjustment for gain on sale of investment securities available for sale included in net income, tax | 0 | 0 | 0 | (15) |
Additional amount recovered related to credit loss for which OTTI was previously recognized, tax | 6 | 1 | 7 | 1 |
Amount reclassified to previously recorded market loss, tax | (1) | 1 | (1) | 1 |
Accretion of OTTI on investment securities held to maturity, tax | $ 4 | $ 4 | $ 9 | $ 8 |
Timberland Bancorp, Inc. and S7
Timberland Bancorp, Inc. and Subsidiary Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Stock Options | Common Stock | Common StockStock Options | Unearned Shares Issued to ESOP | Retained Earnings | Accumulated Other Comprehensive Loss | |||
Balance at beginning of period (in shares) at Sep. 30, 2014 | 7,047,336 | |||||||||
Balance at beginning of period at Sep. 30, 2014 | $ 82,778 | $ 10,773 | $ (1,190) | $ 73,534 | $ (339) | [1] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 3,178 | 3,178 | ||||||||
Other comprehensive income (loss) | $ (8) | (8) | ||||||||
Exercise of stock options (in shares) | 5,300 | 5,300 | ||||||||
Exercise of stock options | $ 25 | $ 25 | ||||||||
Common stock dividends ($0.11 and $0.20 per common share in March 31, 2015 and March 31, 2016) | (775) | (775) | ||||||||
Earned ESOP shares, net of income taxes | 168 | $ 36 | 132 | |||||||
Stock option/MRDP compensation expense | $ 58 | $ 58 | ||||||||
Balance at end of period (in shares) at Mar. 31, 2015 | 7,052,636 | |||||||||
Balance at end of period at Mar. 31, 2015 | 85,424 | $ 10,892 | (1,058) | 75,937 | (347) | [1] | ||||
Balance at beginning of period at Dec. 31, 2014 | [1] | (364) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 1,451 | |||||||||
Other comprehensive income (loss) | 17 | |||||||||
Balance at end of period (in shares) at Mar. 31, 2015 | 7,052,636 | |||||||||
Balance at end of period at Mar. 31, 2015 | 85,424 | $ 10,892 | (1,058) | 75,937 | (347) | [1] | ||||
Balance at beginning of period (in shares) at Sep. 30, 2015 | 6,988,848 | |||||||||
Balance at beginning of period at Sep. 30, 2015 | 89,187 | [2] | $ 10,293 | (926) | 80,133 | (313) | [1] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Repurchase of common stock (in shares) | (66,000) | |||||||||
Repurchase of common stock | (820) | $ (820) | ||||||||
Net income | 4,908 | 4,908 | ||||||||
Other comprehensive income (loss) | $ 27 | 27 | ||||||||
Exercise of stock options (in shares) | 10,220 | 10,220 | ||||||||
Exercise of stock options | $ 86 | $ 86 | ||||||||
Common stock dividends ($0.11 and $0.20 per common share in March 31, 2015 and March 31, 2016) | (1,398) | (1,398) | ||||||||
Earned ESOP shares, net of income taxes | 188 | $ 55 | 133 | |||||||
Stock option/MRDP compensation expense | $ 84 | $ 84 | ||||||||
Balance at end of period (in shares) at Mar. 31, 2016 | 6,933,068 | |||||||||
Balance at end of period at Mar. 31, 2016 | 92,262 | $ 9,698 | (793) | 83,643 | (286) | [1] | ||||
Balance at beginning of period at Dec. 31, 2015 | [1] | (315) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 2,380 | |||||||||
Other comprehensive income (loss) | 29 | |||||||||
Balance at end of period (in shares) at Mar. 31, 2016 | 6,933,068 | |||||||||
Balance at end of period at Mar. 31, 2016 | $ 92,262 | $ 9,698 | $ (793) | $ 83,643 | $ (286) | [1] | ||||
[1] | All amounts are net of income taxes. | |||||||||
[2] | Derived from audited consolidated financial statements. |
Timberland Bancorp, inc. and S8
Timberland Bancorp, inc. and Subsidiary Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Sep. 30, 2015 | |
Common Stock | ||
Common stock dividends (in dollars per share) | $ 0.20 | $ 0.11 |
Timberland Bancorp, Inc. and S9
Timberland Bancorp, Inc. and Subsidiary Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Cash flows from operating activities | |||
Net income | $ 4,908 | $ 3,178 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 673 | 669 | |
Amortization of core deposit intangible (CDI) | 0 | 3 | |
Earned ESOP shares | 133 | 132 | |
Stock option compensation expense | 75 | 56 | |
Stock option tax effect less excess tax benefit | 5 | 1 | |
Gain on sales of OREO and other repossessed assets, net | (13) | (127) | |
Provision for OREO losses | 301 | 405 | |
Loss on sales/dispositions of premises and equipment, net | 3 | 0 | |
BOLI net earnings | (273) | (268) | |
Gain on sales of loans, net | (787) | (584) | |
Increase (decrease) in deferred loan origination fees | (145) | 147 | |
Net OTTI on investment securities | 23 | 1 | |
Gain on sale of investment securities available for sale, net | 0 | (45) | |
Amortization of MSRs | 295 | 40 | |
Loans originated for sale | (24,305) | (21,696) | |
Proceeds from sales of loans | 26,559 | 20,927 | |
Net change in accrued interest receivable and other assets, and other liabilities and accrued expenses | (514) | 524 | |
Net cash provided by operating activities | 6,938 | 3,363 | |
Cash flows from investing activities | |||
Net increase in CDs held for investment | (3,913) | (6,023) | |
Proceeds from sale of investment securities available for sale | 0 | 1,220 | |
Proceeds from maturities and prepayments of investment securities available for sale | 27 | 159 | |
Proceeds from maturities and prepayments of investment securities held to maturity | 238 | 243 | |
Purchase of FHLB stock | (105) | 0 | |
Redemption of FHLB stock | 0 | 111 | |
Increase in loans receivable, net | (18,505) | (17,955) | |
Additions to premises and equipment | (177) | (412) | |
Capitalized improvements to OREO | (142) | 0 | |
Proceeds from sales of OREO and other repossessed assets | 2,326 | 1,589 | |
Net cash used in investing activities | (20,251) | (21,068) | |
Cash flows from financing activities | |||
Net increase in deposits | 33,126 | 28,157 | |
ESOP tax effect | (55) | (36) | |
Proceeds from exercise of stock options | 86 | 24 | |
Stock option excess tax benefit | 4 | 1 | |
Issuance of common stock | 0 | 1 | |
Repurchase of common stock | (820) | 0 | |
Payment of dividends | (1,398) | (775) | |
Net cash provided by financing activities | 31,053 | 27,444 | |
Net increase in cash and cash equivalents | 17,740 | 9,739 | |
Cash and cash equivalents, at beginning of period | 92,289 | [1] | 72,354 |
Cash and cash equivalents, at end of period | 110,029 | ||
Supplemental disclosure of cash flow information | |||
Income taxes paid | 2,280 | 1,560 | |
Interest paid | 1,938 | 1,937 | |
Supplemental disclosure of non-cash investing activities | |||
Loans transferred to OREO and other repossessed assets | 76 | 641 | |
Other comprehensive loss related to investment securities | $ 27 | $ (8) | |
[1] | Derived from audited consolidated financial statements. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation: The accompanying unaudited consolidated financial statements for Timberland Bancorp, Inc. (“Company”) were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions for Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of consolidated financial condition, results of operations, and cash flows in conformity with GAAP. However, all adjustments which are, in the opinion of management, necessary for a fair presentation of the interim consolidated financial statements have been included. All such adjustments are of a normal recurring nature. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2015 (“2015 Form 10-K”). The unaudited consolidated results of operations for the six months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the entire fiscal year ending September 30, 2016. (b) Principles of Consolidation: The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Timberland Bank (“Bank”), and the Bank’s wholly-owned subsidiary, Timberland Service Corporation. All significant intercompany transactions and balances have been eliminated in consolidation. (c) Operating Segment: The Company has one reportable operating segment which is defined as community banking in western Washington under the operating name, “Timberland Bank.” (d) The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. (e) Certain prior period amounts have been reclassified to conform to the March 31, 2016 presentation with no change to net income or total shareholders’ equity as previously reported. |
Investment Securities
Investment Securities | 6 Months Ended |
Mar. 31, 2016 | |
Investments [Abstract] | |
Investment Securities | INVESTMENT SECURITIES Held to maturity and available for sale investment securities have been classified according to management’s intent and were as follows as of March 31, 2016 and September 30, 2015 (dollars in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value March 31, 2016 Held to maturity Mortgage-backed securities ("MBS"): U.S. government agencies $ 745 $ 21 $ (1 ) $ 765 Private label residential 993 799 (6 ) 1,786 U.S. Treasury and U.S government agency securities 6,005 72 — 6,077 Total $ 7,743 $ 892 $ (7 ) $ 8,628 Available for sale MBS: U.S. government agencies $ 361 $ 30 $ — $ 391 Mutual funds 1,000 — (26 ) 974 Total $ 1,361 $ 30 $ (26 ) $ 1,365 September 30, 2015 Held to maturity MBS: U.S. government agencies $ 828 $ 23 $ (1 ) $ 850 Private label residential 1,081 894 (12 ) 1,963 U.S. Treasury and U.S. government agency securities 6,004 77 — 6,081 Total $ 7,913 $ 994 $ (13 ) $ 8,894 Available for sale MBS: U.S. government agencies $ 387 $ 34 $ — $ 421 Mutual funds 1,000 — (29 ) 971 Total $ 1,387 $ 34 $ (29 ) $ 1,392 The following table summarizes the estimated fair value and gross unrealized losses for all securities and the length of time these unrealized losses existed as of March 31, 2016 (dollars in thousands): Less Than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Held to maturity MBS: U.S. government agencies $ 91 $ — 2 $ 59 $ (1 ) 4 $ 150 $ (1 ) Private label residential 40 (1 ) 3 163 (5 ) 12 203 (6 ) Total $ 131 $ (1 ) 5 $ 222 $ (6 ) 16 $ 353 $ (7 ) Available for sale Mutual funds $ — $ — — $ 974 $ (26 ) 1 $ 974 $ (26 ) Total $ — $ — — $ 974 $ (26 ) 1 $ 974 $ (26 ) The following table summarizes the estimated fair value and gross unrealized losses for all securities and the length of time these unrealized losses existed as of September 30, 2015 (dollars in thousands): Less Than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Held to maturity MBS: U.S. government agencies $ 49 $ — 4 $ 63 $ (1 ) 5 $ 112 $ (1 ) Private label residential 1 — 1 157 (12 ) 11 158 (12 ) Total $ 50 $ — 5 $ 220 $ (13 ) 16 $ 270 $ (13 ) Available for sale MBS: U.S. government agencies $ 1 $ — 1 $ 48 $ — 2 $ 49 $ — Mutual funds — — — 971 (29 ) 1 971 (29 ) Total $ 1 $ — 1 $ 1,019 $ (29 ) 3 $ 1,020 $ (29 ) 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 March 31, 2016 , 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 estimate of the credit loss component on OTTI securities as of March 31, 2016 and September 30, 2015 : Range Weighted Minimum Maximum Average March 31, 2016 Constant prepayment rate 6.00 % 15.00 % 9.16 % Collateral default rate 0.24 % 17.64 % 5.70 % Loss severity rate 7.00 % 77.00 % 41.97 % September 30, 2015 Constant prepayment rate 6.00 % 15.00 % 11.49 % Collateral default rate 0.16 % 14.65 % 6.08 % Loss severity rate 3.92 % 65.00 % 39.83 % The following table presents the OTTI for the three and six months ended March 31, 2016 and 2015 (dollars in thousands): Three Months Ended March 31, 2016 Three Months Ended Held To Maturity Available For Sale Held To Maturity Available For Sale Total OTTI $ (24 ) $ — $ — $ — Adjustment for portion of OTTI recorded as (transfered from) other comprehensive income (loss) before income taxes (1) 1 — (1 ) — Net OTTI recognized in earnings (2) $ (23 ) $ — $ (1 ) $ — Six Months Ended March 31, 2016 Six Months Ended Held To Maturity Available For Sale Held To Maturity Available For Sale Total OTTI $ (24 ) $ — $ — $ — Adjustment for portion recorded as (transferred from) other comprehensive income (loss) before income taxes (1) 1 — (1 ) — Net OTTI recognized in earnings (2) $ (23 ) $ — $ (1 ) $ — ________________________ (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 six months ended March 31, 2016 and 2015 (dollars in thousands): Six Months Ended March 31, 2016 2015 Beginning balance of credit loss $ 1,576 $ 1,654 Additions: Credit losses for which OTTI was not previously recognized — 1 Additional increases to the amount related to credit loss for which OTTI was previously recognized 20 — Subtractions: Realized losses previously recorded as credit losses (59 ) (38 ) Ending balance of credit loss $ 1,537 $ 1,617 There was no realized gain on the sale of investment securities for the three and six months ended March 31, 2016 . There was no realized gain on the sale of investment securities for the three months ended March 31, 2015 and there was a $45,000 realized gain on the sale of investment securities for the six months ended March 31, 2015 . During the three months ended March 31, 2016 , the Company recorded a $35,000 net realized loss (as a result of the securities being deemed worthless) on 12 held to maturity residential MBS, of which $32,000 had been recognized previously as a credit loss. During the six months ended March 31, 2016 the Company recorded a $63,000 net realized loss (as a result of securities being deemed worthless) on 15 held to maturity residential MBS, of which $59,000 had been previously recognized as a credit loss. During the three months ended March 31, 2015 , the Company recorded a $21,000 net realized loss (as a result of the securities being deemed worthless) on 12 held to maturity residential MBS, of which the entire amount had been recognized previously as a credit loss. During the six months ended March 31, 2015, the Company recorded a $38,000 net realized loss (as a result of securities being deemed worthless) on 14 held to maturity residential MBS, of which the entire amount had been recognized previously as a credit loss. The recorded amount of residential MBS, treasury 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 $7.14 million and $7.25 million at March 31, 2016 and September 30, 2015 , respectively. The contractual maturities of debt securities at March 31, 2016 were as follows (dollars in thousands). Expected maturities may differ from scheduled maturities as a result of the prepayment of principal or call provisions. Held to Maturity Available for Sale Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ — $ — $ 5 $ 6 Due after one year to five years 6,005 6,077 — — Due after five to ten years 22 23 — — Due after ten years 1,716 2,528 356 385 Total $ 7,743 $ 8,628 $ 361 $ 391 |
Goodwill
Goodwill | 6 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
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. The Company performs an annual review 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. 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, which calculates the fair value of assets and liabilities to calculate an implied value of goodwill, is performed. The Company performed its fiscal year 2015 goodwill impairment test during the quarter ended June 30, 2015 with the assistance of an independent third-party firm specializing in goodwill impairment valuations for financial institutions. The third-party analysis was conducted as of May 31, 2015 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, 2015 was not impaired. Step one of the goodwill impairment test estimates 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 loan growth rate that ranged from 3.00% to 3.60% , an annual deposit growth rate that ranged from 2.20% to 3.20% and a return on assets that ranged from 0.80% to 1.00% . In addition to the above projections of estimated operating results, key assumptions used to determine the fair value estimate under the income approach were the discount rate of 12.2% and the residual capitalization rate of 9.2% . 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 2015 Valuation Handbook - Guide to Cost of Capital . 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 nine 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 the valuation ratios to be used. The analysis used banks located in Washington or Oregon that were acquired after January 1, 2013. 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 29, 2015 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 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 discounted cash flow income approach analysis, 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 mergers and acquisition studies, a control premium of 25% was used. 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 March 31, 2016, management believed that there had been no events or changes in the circumstances since May 31, 2015 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. |
Loans Receivable And Allowance
Loans Receivable And Allowance For Loan Losses | 6 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and September 30, 2015 (dollars in thousands): March 31, September 30, Amount Percent Amount Percent Mortgage loans: One- to four-family $ 117,465 17.3 % $ 116,664 17.4 % Multi-family 42,666 6.3 52,322 7.8 Commercial 290,817 42.8 291,216 43.5 Construction - custom and owner/builder 69,817 10.3 62,954 9.4 Construction - speculative one- to four-family 6,384 0.9 6,668 1.0 Construction - commercial 22,487 3.3 20,728 3.1 Construction - multi-family 20,570 3.0 20,570 3.1 Land 24,322 3.6 26,140 3.9 Total mortgage loans 594,528 87.5 597,262 89.2 Consumer loans: Home equity and second mortgage 37,144 5.5 34,157 5.1 Other 4,380 0.6 4,669 0.7 Total consumer loans 41,524 6.1 38,826 5.8 Commercial business loans 43,355 6.4 33,763 5.0 Total loans receivable 679,407 100.0 % 669,851 100.0 % Less: Undisbursed portion of construction loans in process 44,465 53,457 Deferred loan origination fees 2,048 2,193 Allowance for loan losses 10,043 9,924 56,556 65,574 Loans receivable, net 622,851 604,277 Loans held for sale (one- to four-family) 1,584 3,051 Total loans receivable and loans held for sale, net $ 624,435 $ 607,328 Allowance for Loan Losses The following tables set forth information for the three and six months ended March 31, 2016 and 2015 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands): Three Months Ended March 31, 2016 Beginning Allowance Provision for /(Recapture of) Charge- offs Recoveries Ending Allowance Mortgage loans: One-to four-family $ 1,420 $ (147 ) $ (2 ) $ 52 $ 1,323 Multi-family 373 (58 ) — — 315 Commercial 3,898 239 (54 ) — 4,083 Construction – custom and owner/builder 555 (13 ) — — 542 Construction – speculative one- to four-family 122 (28 ) — 2 96 Construction – commercial 486 131 — — 617 Construction – multi-family 336 (77 ) — 150 409 Land 923 24 — 7 954 Consumer loans: Home equity and second mortgage 1,102 (81 ) — — 1,021 Other 161 3 (2 ) — 162 Commercial business loans 513 7 — 1 521 Total $ 9,889 $ — $ (58 ) $ 212 $ 10,043 Six Months Ended March 31, 2016 Beginning Allowance Provision for /(Recapture of) Charge- offs Recoveries Ending Allowance Mortgage loans: One-to four-family $ 1,480 $ (184 ) $ (28 ) $ 55 $ 1,323 Multi-family 392 (77 ) — — 315 Commercial 4,065 99 (81 ) — 4,083 Construction – custom and owner/builder 451 91 — — 542 Construction – speculative one- to four-family 123 (29 ) — 2 96 Construction – commercial 426 191 — — 617 Construction – multi-family 283 (55 ) — 181 409 Land 1,021 (72 ) (8 ) 13 954 Consumer loans: Home equity and second mortgage 1,073 (39 ) (13 ) — 1,021 Other 187 (21 ) (5 ) 1 162 Commercial business loans 423 96 — 2 521 Total $ 9,924 $ — $ (135 ) $ 254 $ 10,043 Three Months Ended March 31, 2015 Beginning Allowance Provision for /(Recapture of) Charge- offs Recoveries Ending Allowance Mortgage loans: One-to four-family $ 1,504 $ 24 $ (39 ) $ 107 $ 1,596 Multi-family 368 (66) — — 302 Commercial 3,646 (45) — — 3,601 Construction – custom and owner/builder 460 15 — — 475 Construction – speculative one- to four-family 50 14 — — 64 Construction – commercial 28 9 — — 37 Construction – multi-family 75 54 — — 129 Land 2,817 (67 ) — 3 2,753 Consumer loans: Home equity and second mortgage 801 5 (9 ) — 797 Other 159 34 (4 ) 1 190 Commercial business loans 414 23 — 1 438 Total $ 10,322 $ — $ (52 ) $ 112 $ 10,382 Six Months Ended March 31, 2015 Beginning Allowance Provision for /(Recapture of) Charge- offs Recoveries Ending Allowance Mortgage loans: One-to four-family $ 1,650 $ (23 ) $ (157 ) $ 126 $ 1,596 Multi-family 387 (85) — — 302 Commercial 4,836 (1,235) — — 3,601 Construction – custom and owner/builder 450 25 — — 475 Construction – speculative one- to four-family 52 12 — — 64 Construction – commercial 78 (41) — — 37 Construction – multi-family 25 104 — — 129 Land 1,434 1,312 (4 ) 11 2,753 Consumer loans: Home equity and second mortgage 879 (62) (20 ) — 797 Other 176 17 (5 ) 2 190 Commercial business loans 460 (24) — 2 438 Total $ 10,427 $ — $ (186 ) $ 141 $ 10,382 The following tables present information on the loans evaluated individually and collectively for impairment in the allowance for loan losses by portfolio segment at March 31, 2016 and September 30, 2015 (dollars in thousands): Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total March 31, 2016 Mortgage loans: One- to four-family $ 120 $ 1,203 $ 1,323 $ 2,930 $ 114,535 $ 117,465 Multi-family — 315 315 — 42,666 42,666 Commercial 412 3,671 4,083 11,977 278,840 290,817 Construction – custom and owner/builder — 542 542 — 41,312 41,312 Construction – speculative one- to four-family — 96 96 — 2,956 2,956 Construction – commercial — 617 617 — 16,902 16,902 Construction – multi-family — 409 409 — 13,623 13,623 Land 57 897 954 1,185 23,137 24,322 Consumer loans: Home equity and second mortgage 259 762 1,021 1,015 36,129 37,144 Other 16 146 162 33 4,347 4,380 Commercial business loans — 521 521 — 43,355 43,355 Total $ 864 $ 9,179 $ 10,043 $ 17,140 $ 617,802 $ 634,942 September 30, 2015 Mortgage loans: One- to four-family $ 307 $ 1,173 $ 1,480 $ 4,291 $ 112,373 $ 116,664 Multi-family 16 376 392 4,037 48,285 52,322 Commercial 265 3,800 4,065 12,852 278,364 291,216 Construction – custom and owner/builder — 451 451 — 36,192 36,192 Construction – speculative one- to four-family — 123 123 — 3,781 3,781 Construction – commercial — 426 426 — 12,200 12,200 Construction – multi-family — 283 283 — 5,290 5,290 Land 37 984 1,021 2,305 23,835 26,140 Consumer loans: Home equity and second mortgage 362 711 1,073 910 33,247 34,157 Other 24 163 187 36 4,633 4,669 Commercial business loans — 423 423 — 33,763 33,763 Total $ 1,011 $ 8,913 $ 9,924 $ 24,431 $ 591,963 $ 616,394 The following tables present an age analysis of past due status of loans by portfolio segment at March 31, 2016 and September 30, 2015 (dollars in thousands): 30–59 Days Past Due 60-89 Days Past Due Non- Accrual (1) Past Due 90 Days or More and Still Accruing Total Past Due Current Total Loans March 31, 2016 Mortgage loans: One- to four-family $ — $ — $ 1,365 $ — $ 1,365 $ 116,100 $ 117,465 Multi-family — — — — — 42,666 42,666 Commercial — — 1,129 — 1,129 289,688 290,817 Construction – custom and owner/builder — — — — — 41,312 41,312 Construction – speculative one- to four- family — — — — — 2,956 2,956 Construction – commercial — — — — — 16,902 16,902 Construction – multi-family — — — — — 13,623 13,623 Land 64 — 451 — 515 23,807 24,322 Consumer loans: Home equity and second mortgage 29 48 413 135 625 36,519 37,144 Other — — 33 — 33 4,347 4,380 Commercial business loans — — — — — 43,355 43,355 Total $ 93 $ 48 $ 3,391 $ 135 $ 3,667 $ 631,275 $ 634,942 September 30, 2015 Mortgage loans: One- to four-family $ — $ 425 $ 2,368 $ — $ 2,793 $ 113,871 $ 116,664 Multi-family — — 760 — 760 51,562 52,322 Commercial — — 1,016 — 1,016 290,200 291,216 Construction – custom and owner/ — 345 — — 345 35,847 36,192 Construction – speculative one- to four- family — — — — — 3,781 3,781 Construction – commercial — — — — — 12,200 12,200 Construction – multi-family — — — — — 5,290 5,290 Land 15 32 1,558 — 1,605 24,535 26,140 Consumer loans: Home equity and second mortgage 146 14 303 151 614 33,543 34,157 Other — — 35 — 35 4,634 4,669 Commercial business loans — — — — — 33,763 33,763 Total $ 161 $ 816 $ 6,040 $ 151 $ 7,168 $ 609,226 $ 616,394 ______________________ (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 ongoing 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, 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 bankable assets 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 loan even though partial recovery may be realized in the future. At March 31, 2016 and September 30, 2015 , there were no loans classified as loss. The following tables list the loan credit risk grades utilized by the Company that serve as credit quality indicators by portfolio segment at March 31, 2016 and September 30, 2015 (dollars in thousands): Loan Grades March 31, 2016 Pass Watch Special Substandard Total Mortgage loans: One- to four-family $ 113,311 $ 722 $ 668 $ 2,764 $ 117,465 Multi-family 40,844 — 1,822 — 42,666 Commercial 271,130 8,266 5,686 5,735 290,817 Construction – custom and owner/builder 41,125 — — 187 41,312 Construction – speculative one- to four-family 2,956 — — — 2,956 Construction – commercial 16,902 — — — 16,902 Construction – multi-family 13,623 — — — 13,623 Land 20,502 1,058 1,887 875 24,322 Consumer loans: Home equity and second mortgage 34,796 626 710 1,012 37,144 Other 4,347 — — 33 4,380 Commercial business loans 43,310 45 — — 43,355 Total $ 602,846 $ 10,717 $ 10,773 $ 10,606 $ 634,942 September 30, 2015 Mortgage loans: One- to four-family $ 111,351 $ 653 $ 1,339 $ 3,321 $ 116,664 Multi-family 45,249 — 6,313 760 52,322 Commercial 270,685 8,040 6,803 5,688 291,216 Construction – custom and owner/builder 36,192 — — — 36,192 Construction – speculative one- to four-family 3,781 — — — 3,781 Construction – commercial 12,200 — — — 12,200 Construction – multi-family 5,290 — — — 5,290 Land 20,964 1,105 2,078 1,993 26,140 Consumer loans: Home equity and second mortgage 32,172 664 404 917 34,157 Other 4,631 — — 38 4,669 Commercial business loans 33,635 49 79 — 33,763 Total $ 576,150 $ 10,511 $ 17,016 $ 12,717 $ 616,394 Impaired Loans A loan is considered impaired when (based on current information and events) it is probable that the Company will be unable to collect all contractual principal and interest payments when due in accordance with the original or modified terms of the loan agreement. Impaired loans are measured based on the estimated fair value of the collateral less the estimated cost to sell if the loan is considered collateral dependent. Impaired loans that are not considered to be collateral dependent are measured based on the present value of expected future cash flows. 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. The following table is a summary of information related to impaired loans by portfolio segment as of March 31, 2016 and for the three and six months then ended (dollars in thousands): Recorded Investment Unpaid Principal Balance (Loan Balance Plus Charge Off) Related Allowance QTD Average Recorded Investment (1) YTD Average Recorded Investment (2) QTD Interest Income Recognized (1) YTD Interest Income Recognized (2) QTD Cash Basis Interest Income Recognized (1) YTD Cash Basis Interest Income Recognized (2) With no related allowance recorded: Mortgage loans: One- to four-family $ 1,365 $ 1,435 $ — $ 1,634 $ 1,531 $ 6 $ 18 $ 6 $ 18 Multi-family — — — — 253 — — — — Commercial 8,207 9,348 — 8,167 7,844 112 234 88 184 Land 600 1,009 — 648 970 4 8 3 6 Consumer loans: Home equity and second mortgage 280 485 — 223 204 — — — — Other — — — — — — — — — Commercial business loans — 3 — 37 24 — — — — Subtotal 10,452 12,280 — 10,709 10,826 122 260 97 208 With an allowance recorded: Mortgage loans: One- to four-family 1,565 1,565 120 1,964 2,299 31 63 23 47 Multi-family — — — — 1,092 — — — — Commercial 3,770 3,770 412 3,877 4,469 59 113 46 88 Land 585 585 57 588 622 10 20 8 16 Consumer loans: Home equity and second mortgage 735 735 259 737 740 10 21 9 19 Other 33 33 16 34 34 — — — — Commercial business loans — — — — — — — — Subtotal 6,688 6,688 864 7,200 9,256 110 217 86 170 Recorded Investment Unpaid Principal Balance (Loan Balance Plus Charge Off) Related Allowance QTD Average Recorded Investment (1) YTD Average Recorded Investment (2) QTD Interest Income Recognized (1) YTD Interest Income Recognized (2) QTD Cash Basis Interest Income Recognized (1) YTD Cash Basis Interest Income Recognized (2) Total: Mortgage loans: One- to four-family $ 2,930 $ 3,000 $ 120 $ 3,598 $ 3,830 $ 37 $ 81 $ 29 $ 65 Multi-family — — — — 1,345 — — — — Commercial 11,977 13,118 412 12,044 12,313 171 347 134 272 Land 1,185 1,594 57 1,236 1,592 14 28 11 22 Consumer loans: Home equity and second mortgage 1,015 1,220 259 960 944 10 21 9 19 Other 33 33 16 34 34 — — — — Commercial business loans — 3 — 37 24 — — — — Total $ 17,140 $ 18,968 $ 864 $ 17,909 $ 20,082 $ 232 $ 477 $ 183 $ 378 ________________________________________________ (1) For the three months ended March 31, 2016 . (2) For the six months ended March 31, 2016. The following table is a summary of information related to impaired loans by portfolio segment as of and for the year ended September 30, 2015 (dollars in thousands): Recorded Investment Unpaid Principal Balance (Loan Balance Plus Charge Off) Related Allowance YTD Average Recorded Investment (1) YTD Interest Income Recognized (1) YTD Cash Basis Interest Income Recognized (1) With no related allowance recorded: Mortgage loans: One- to four-family $ 1,321 $ 1,546 $ — $ 1,919 $ 25 $ 25 Multi-family 760 791 — 570 3 3 Commercial 7,199 8,259 — 9,078 521 412 Construction – custom and owner/builder — — — 118 — — Land 1,614 2,150 — 1,028 25 20 Consumer loans: Home equity and second mortgage 165 381 — 270 — — Commercial business loans — 6 — — — — Subtotal 11,059 13,133 — 12,983 574 460 With an allowance recorded: Mortgage loans: One- to four-family 2,970 2,970 307 3,833 149 112 Multi-family 3,277 3,277 16 3,291 184 137 Commercial 5,653 5,653 265 3,475 202 152 Construction – custom and owner/builder — — — 17 — — Land 691 691 37 3,298 32 27 Consumer loans: Home equity and second mortgage 745 745 362 516 18 15 Other 36 36 24 28 — — Subtotal 13,372 13,372 1,011 14,458 585 443 Total: Mortgage loans: One- to four-family 4,291 4,516 307 5,752 174 137 Multi-family 4,037 4,068 16 3,861 187 140 Commercial 12,852 13,912 265 12,553 723 564 Construction – custom and owner/builder — — — 135 — — Land 2,305 2,841 37 4,326 57 47 Consumer loans: Home equity and second mortgage 910 1,126 362 786 18 15 Other 36 36 24 28 — — Commercial business loans — 6 — — — — Total $ 24,431 $ 26,505 $ 1,011 $ 27,441 $ 1,159 $ 903 ______________________________________________ (1) For the year ended September 30, 2015. 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. Examples of such concessions 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-amorizations, extensions, deferrals and renewals. Troubled debt restructured loans are considered impaired and are individually evaluated for impairment. Troubled debt restructured loans can be classified as either accrual or non-accrual. Troubled debt restructured loans are classified as non-performing loans unless they have been performing in accordance with their modified terms for a period of at least six months. The Company had $8.46 million and $13.72 million in troubled debt restructured loans included in impaired loans at March 31, 2016 and September 30, 2015, respectively, and had no commitments at these dates to lend additional funds on these loans. The allowance for loan losses allocated to troubled debt restructured loans at March 31, 2016 and September 30, 2015 was $525,000 and $310,000 , respectively. There were no troubled debt restructured loans which incurred a payment default within 12 months of the restructure date during the six months ended March 31, 2016. The following tables set forth information with respect to the Company’s troubled debt restructured loans by interest accrual status as of March 31, 2016 and September 30, 2015 (dollars in thousands): March 31, 2016 Accruing Non- Accrual Total Mortgage loans: One- to four-family $ 1,565 $ 127 $ 1,692 Commercial 5,331 — 5,331 Land 734 253 987 Consumer loans: Home equity and second mortgage 293 152 445 Total $ 7,923 $ 532 $ 8,455 September 30, 2015 Accruing Non- Accrual Total Mortgage loans: One- to four-family $ 1,929 $ 826 $ 2,755 Multi-family 3,277 — 3,277 Commercial 6,237 — 6,237 Land 747 255 1,002 Consumer loans: Home equity and second mortgage 295 152 447 Total $ 12,485 $ 1,233 $ 13,718 The following tables set forth information with respect to the Company’s troubled debt restructured loans by portfolio segment that occurred during the six months ended March 31, 2016 and the year ended September 30, 2015 (dollars in thousands): March 31, 2016 There were no new troubled debt restructured loans during the six months ended March 31, 2016. September 30, 2015 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment End of Period Balance One-to four-family (1) 1 $ 48 $ 48 $ 48 Total 1 $ 48 $ 48 $ 48 ___________________________ (1) Modification was a result of a reduction in the stated interest rate. |
Net Income Per Common Share
Net Income Per Common Share | 6 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | NET INCOME PER COMMON SHARE Basic net income per common share is computed by dividing net income 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 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 Company’s common stock during the period. Common stock equivalents arise from the 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 basic and diluted net income per common share. At March 31, 2016 and 2015, there were 114,588 and 152,869 shares, respectively, that had not been allocated under the Bank’s ESOP. Information regarding the calculation of basic and diluted net income per common share for the three and six months ended March 31, 2016 and 2015 is as follows (dollars in thousands, except per share amounts): Three Months Ended Six Months Ended 2016 2015 2016 2015 Basic net income per common share computation Numerator – net income $ 2,380 $ 1,451 $ 4,908 $ 3,178 Denominator – weighted average common shares outstanding 6,846,527 6,898,192 6,858,190 6,895,038 Basic net income per common share $ 0.35 $ 0.21 $ 0.72 $ 0.46 Diluted net income per common share computation Numerator – net income $ 2,380 $ 1,451 $ 4,908 $ 3,178 Denominator – weighted average shares outstanding 6,846,527 6,898,192 6,858,190 6,895,038 Effect of dilutive stock options (1) 62,028 36,730 57,482 36,775 Effect of dilutive stock warrant (2) 171,450 136,870 166,273 135,808 Weighted average common shares and common stock equivalents 7,080,005 7,071,792 7,081,945 7,067,621 Diluted net income per common share $ 0.34 $ 0.21 $ 0.69 $ 0.45 ____________________________________________ (1) For the three and six months ended March 31, 2016 , average options to purchase 14,000 and 84,383 shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per share because their effect would have been anti-dilutive. For both the three and six months ended March 31, 2015, average options to purchase 122,000 shares of common stock were outstanding but not included in the computation of diluted net income per common share because their effect would have been anti-dilutive. (2) Represents a 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 "Warrant"). The Warrant was granted on December 23, 2008 to the U.S. Treasury Department ("Treasury") as part of the Company's participation in the Treasury's Troubled Asset Relief Program ("TARP"). On June 12, 2013, the Treasury sold the Warrant to private investors. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The changes in accumulated other comprehensive income (loss) ("AOCI") by component during the three and six months ended March 31, 2016 and 2015 are as follows (dollars in thousands): Three Months Ended March 31, 2016 Changes in fair value of available for sale securities (1) Changes in OTTI on held to maturity securities (1) Total (1) Balance of AOCI at the beginning of period $ (9 ) $ (306 ) $ (315 ) Net change, net of income taxes 11 18 29 Balance of AOCI at the end of period $ 2 $ (288 ) $ (286 ) Six Months Ended March 31, 2016 Changes in fair value of available for sale securities (1) Changes in OTTI on held to maturity securities (1) Total (1) Balance of AOCI at the beginning of period $ 3 $ (316 ) $ (313 ) Net change, net of income taxes (1 ) 28 27 Balance of AOCI at the end of period $ 2 $ (288 ) $ (286 ) Three Months Ended March 31, 2015 Changes in fair value of available for sale securities (1) Changes in OTTI on held to maturity securities (1) Total (1) Balance of AOCI at the beginning of period $ 4 $ (368 ) $ (364 ) Net change, net of income taxes 8 9 17 Balance of AOCI at the end of period $ 12 $ (359 ) $ (347 ) Six Months Ended March 31, 2015 Changes in fair value of available for sale securities (1) Changes in OTTI on held to maturity securities (1) Total (1) Balance of AOCI at the beginning of period $ 37 $ (376 ) $ (339 ) Net change, net of income tax (25 ) 17 (8 ) Balance of AOCI at the end of period $ 12 $ (359 ) $ (347 ) __________________________ (1) All amounts are net of income taxes. |
Stock Compensation Plans And St
Stock Compensation Plans And Stock Based Compensation | 6 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation [Abstract] | |
Stock Compensation Plans And Stock Based Compensation | STOCK COMPENSATION PLANS AND STOCK BASED COMPENSATION Stock Compensation Plans Under the Company’s prior stock compensation plans (1999 Stock Option Plan, 2003 Stock Option Plan and 1998 Management Recognition and Development Plan ("MRDP")), the Company was able to grant options and awards for restricted stock for up to a combined total of 2,151,500 shares of common stock to employees, officers, directors and directors emeriti. Under the Company's 2014 Equity Incentive Plan, which was approved by shareholders on January 27, 2015, the Company is able to grant options and awards of restricted stock (with or without performance measures) for up to 352,366 shares of common stock to employees, officers, directors and directors emeriti. 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 value of the Company’s common stock on the date of grant. Generally, options and restricted stock vest in 20% annual installments on each of the five anniversaries from the date of the grant. At March 31, 2016 , there were 226,866 shares of common stock available which may be awarded as options or restricted stock pursuant to future grant under the 2014 Equity Incentive Plan. At March 31, 2016, there were no options or awards for restricted stock available for future grant under the 1999 Stock Option Plan, the 2003 Stock Option Plan, or the MRDP. At March 31, 2016 and 2015, there were no unvested restricted stock grant shares. Activity under the Plans for the six months ended March 31, 2016 and 2015 is as follows: Six Months Ended Six Months Ended Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Options outstanding, beginning of period 341,300 $ 8.73 221,400 $ 7.49 Exercised (10,220 ) 8.37 (5,300 ) 4.62 Forfeited (2,900 ) 9.96 (200 ) 4.55 Options outstanding, end of period 328,180 $ 8.73 215,900 $ 7.57 The aggregate intrinsic value of options outstanding at March 31, 2016 was $1.28 million . At March 31, 2016 , there were 226,100 unvested options with an aggregate grant date fair value of $486,000 , all of which the Company assumes will vest. The aggregate intrinsic value of unvested options at March 31, 2016 was $691,000 . There were 33,700 options with an aggregate grant date fair value of $82,000 that vested during the six months ended March 31, 2016 . At March 31, 2015 , there were 141,200 unvested options with an aggregate grant date fair value of $348,000 . There were 42,900 options with an aggregate grant date fair value of $100,000 that vested during the six months ended March 31, 2015 . Additional information regarding options outstanding at March 31, 2016 is as follows: Options Outstanding Options Exercisable Range of Exercise Prices ($) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) $ 4.01 - 4.55 30,200 $ 4.22 4.8 26,400 $ 4.26 4.7 5.86 - 6.00 58,000 5.92 6.5 34,400 5.92 6.5 9.00 91,600 9.00 7.6 34,000 9.00 7.6 10.26 - 10.71 148,380 10.57 9.0 7,280 10.37 7.8 328,180 $ 8.73 7.8 102,080 $ 6.83 6.5 Expense for Stock Compensation Plans Compensation expense during the six months ended March 31, 2016 and 2015 for all stock-based plans was as follows (dollars in thousands): Six Months Ended March 31, 2016 2015 Stock Options Stock Options Compensation expense $ 84 $ 58 Less: related tax benefit recognized (9 ) (2 ) Total $ 75 $ 56 The compensation expense to be recognized in the years ending September 30 for stock options that have been awarded as of March 31, 2016 is as follows (dollars in thousands): Stock Options Remainder of 2016 $ 77 2017 146 2018 115 2019 58 2020 35 Total $ 431 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and September 30, 2015. 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. GAAP defines fair value and establishes a framework for measuring fair value. Fair value is the 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 three levels for categorizing assets and liabilities under GAAP's fair value measurement requirements are as follows: 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 for similar (as opposed to identical) assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities 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's assets measured at fair value on a recurring basis consist of investment securities available for sale. The estimated fair value of MBS are based upon market prices of similar securities or observable inputs (Level 2). The estimated fair value of mutual funds are based upon quoted market prices (Level 1). The Company had no liabilities measured at fair value on a recurring basis at March 31, 2016 and September 30, 2015. The Company's assets measured at estimated fair value on a recurring basis at March 31, 2016 and September 30, 2015 are as follows (dollars in thousands): March 31, 2016 Estimated Fair Value Level 1 Level 2 Level 3 Total Available for sale investment securities MBS: U.S. government agencies $ — $ 391 $ — $ 391 Mutual funds 974 — — 974 Total $ 974 $ 391 $ — $ 1,365 September 30, 2015 Estimated Fair Value Level 1 Level 2 Level 3 Total Available for sale investment securities MBS: U.S. government agencies $ — $ 421 $ — $ 421 Mutual funds 971 — — 971 Total $ 971 $ 421 $ — $ 1,392 There were no transfers among Level 1, Level 2 and Level 3 during the six months ended March 31, 2016 and the year ended September 30, 2015 . 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 estimated fair value of impaired loans is calculated using the collateral value method or on a discounted cash flow basis. The specific reserve for collateral dependent impaired loans is based on the estimated fair value of the collateral less estimated costs to sell, if applicable. In some cases, adjustments are made to the appraised values due to various factors including age of the appraisal, age of comparable collateral 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. Investment Securities Held to Maturity: The estimated fair value of investment securities held to maturity is based upon the assumptions market participants would use in pricing the investment 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 is 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 March 31, 2016 (dollars in thousands): Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans: Mortgage loans: One-to four-family $ — $ — $ 1,445 Commercial — — 3,358 Land — — 528 Consumer loans: Home equity and second mortgage — — 476 Other 17 Total impaired loans — — 5,824 Investment securities – held to maturity: MBS - private label residential — 49 — OREO and other repossessed assets — — 5,458 Total $ — $ 49 $ 11,282 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 March 31, 2016 (dollars in thousands): Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Impaired loans $ 5,824 Market approach Appraised value less selling costs NA OREO and other repossessed assets $ 5,458 Market approach Lower of appraised value or listing price less selling costs NA The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2015 (dollars in thousands): Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans: Mortgage loans: One-to four-family $ — $ — $ 2,663 Multi-family — — 3,261 Commercial — — 5,388 Land — — 654 Consumer loans: Home equity and second mortgage — — 383 Other — — 12 Total impaired loans — — 12,361 Investment securities – held to maturity: MBS - private label residential — 31 — OREO and other repossessed assets — — 7,854 Total $ — $ 31 $ 20,215 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, 2015 (dollars in thousands): Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Impaired loans $ 12,361 Market approach Appraised value less selling costs NA OREO and other repossessed assets $ 7,854 Market approach Lower of appraised value or listing price less selling costs NA 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. Investment 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. Accordingly, par value is deemed to be a reasonable estimate of fair value. Loans Receivable, Net: 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. Loans Held for Sale: The estimated fair value is based on quoted market prices obtained from the Federal Home Loan Mortgage Corporation ("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 March 31, 2016 and September 30, 2015 (dollars in thousands): March 31, 2016 Fair Value Measurements Using: Recorded Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 110,029 $ 110,029 $ 110,029 $ — $ — CDs held for investment 52,524 52,524 52,524 — — Investment securities 9,108 9,993 3,998 5,995 — FHLB stock 2,804 2,804 2,804 — — Loans receivable, net 622,851 630,306 — — 630,306 Loans held for sale 1,584 1,631 1,631 — — Accrued interest receivable 2,232 2,232 2,232 — — Financial liabilities Deposits: Non-interest-bearing demand 148,980 148,980 148,980 — — Interest-bearing 563,058 563,459 412,062 — 151,397 Total deposits 712,038 712,439 561,042 — 151,397 FHLB advances 45,000 46,288 — 46,288 — Accrued interest payable 311 311 311 — — September 30, 2015 Fair Value Measurements Using: Recorded Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 92,289 $ 92,289 $ 92,289 $ — $ — CDs held for investment 48,611 48,611 48,611 — — Investment securities 9,305 10,286 3,996 6,290 — FHLB stock 2,699 2,699 2,699 — — Loans receivable, net 604,277 614,734 — — 614,734 Loans held for sale 3,051 3,139 3,139 — — Accrued interest receivable 2,170 2,170 2,170 — — Financial liabilities Deposits: Non-interest-bearing demand 141,388 141,388 141,388 — — Interest-bearing 537,524 538,092 383,419 — 154,673 Total deposits 678,912 679,480 524,807 — 154,673 FHLB advances 45,000 46,742 — 46,742 — Accrued interest payable 289 289 289 — — 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. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) , with an effective date for annual reporting periods beginning after December 15, 2016. The core principle of this ASU is that an entity recognizes 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. In general, the ASU requires companies to use more judgment and make more estimates than under current guidance, including identifying performance obligations in the contract and estimating the amount of variable consideration to include in the transaction price related to each separate performance obligation. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606) , which deferred the effective date of ASU No. 2014-09 to annual periods beginning after December 15, 2017, including interim periods within that reporting period. The adoption of ASU No. 2014-09 is not expected to have a material impact on the Company's consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) . The ASU eliminates the need to separately classify, present and disclose extraordinary events. The disclosure of events or transactions that are unusual or infrequent in nature will be included in other guidance. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The adoption of ASU No. 2015-01 is not expected to have a material impact on the Company's consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This ASU requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this ASU require that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this ASU require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in the current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The adoption of ASU No. 2015-16 is not expected to have a material impact on the Company's consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . The main provisions of this ASU address the valuation and impairment of certain equity investments along with simplified disclosures about those investments. Equity securities with readily determinable fair values will be treated in the same manner as other financial instruments. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The adoption of ASU No. 2016-01 is not expected to have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . This ASU is intended to increase transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The principal change required by this ASU relates to lessee accounting, and is that for operating leases, a lessee is required to (1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, (2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis, and (3) classify all cash payments within operating activities in the statement of cash flows. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. This ASU also changes disclosure requirements related to leasing activities, and requires certain qualitative disclosures along with specific quantitative disclosures. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early application of the amendments in this ASU is permitted. The adoption of ASU No. 2016-02 is being reviewed for any material impact there may be on the Company's consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting , which amends ASC Topic 718, Compensation - Stock Compensation. This ASU includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. The adoption of ASU No. 2016-09 is being reviewed for any material impact there may be on the Company's consolidated financial statements. |
Summary Of Significant Accoun19
Summary Of Significant Accounting Policies: Basis of Presentation (Policies) | 6 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying unaudited consolidated financial statements for Timberland Bancorp, Inc. (“Company”) were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions for Form 10-Q and, therefore, do not include all disclosures necessary for a complete presentation of consolidated financial condition, results of operations, and cash flows in conformity with GAAP. However, all adjustments which are, in the opinion of management, necessary for a fair presentation of the interim consolidated financial statements have been included. All such adjustments are of a normal recurring nature. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2015 (“2015 Form 10-K”). The unaudited consolidated results of operations for the six months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the entire fiscal year ending September 30, 2016. |
Principles of Consolidation | Principles of Consolidation: The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Timberland Bank (“Bank”), and the Bank’s wholly-owned subsidiary, Timberland Service Corporation. All significant intercompany transactions and balances have been eliminated in consolidation. |
Operating Segment | Operating Segment: The Company has one reportable operating segment which is defined as community banking in western Washington under the operating name, “Timberland Bank.” |
Use of Estimates | The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Reclassification | Certain prior period amounts have been reclassified to conform to the March 31, 2016 presentation with no change to net income or total shareholders’ equity as previously reported. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) , with an effective date for annual reporting periods beginning after December 15, 2016. The core principle of this ASU is that an entity recognizes 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. In general, the ASU requires companies to use more judgment and make more estimates than under current guidance, including identifying performance obligations in the contract and estimating the amount of variable consideration to include in the transaction price related to each separate performance obligation. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606) , which deferred the effective date of ASU No. 2014-09 to annual periods beginning after December 15, 2017, including interim periods within that reporting period. The adoption of ASU No. 2014-09 is not expected to have a material impact on the Company's consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) . The ASU eliminates the need to separately classify, present and disclose extraordinary events. The disclosure of events or transactions that are unusual or infrequent in nature will be included in other guidance. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The adoption of ASU No. 2015-01 is not expected to have a material impact on the Company's consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This ASU requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this ASU require that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this ASU require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in the current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The adoption of ASU No. 2015-16 is not expected to have a material impact on the Company's consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . The main provisions of this ASU address the valuation and impairment of certain equity investments along with simplified disclosures about those investments. Equity securities with readily determinable fair values will be treated in the same manner as other financial instruments. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The adoption of ASU No. 2016-01 is not expected to have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . This ASU is intended to increase transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The principal change required by this ASU relates to lessee accounting, and is that for operating leases, a lessee is required to (1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, (2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis, and (3) classify all cash payments within operating activities in the statement of cash flows. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. This ASU also changes disclosure requirements related to leasing activities, and requires certain qualitative disclosures along with specific quantitative disclosures. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018. Early application of the amendments in this ASU is permitted. The adoption of ASU No. 2016-02 is being reviewed for any material impact there may be on the Company's consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting , which amends ASC Topic 718, Compensation - Stock Compensation. This ASU includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. The adoption of ASU No. 2016-09 is being reviewed for any material impact there may be on the Company's consolidated financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Investments [Abstract] | |
Marketable Securities | Held to maturity and available for sale investment securities have been classified according to management’s intent and were as follows as of March 31, 2016 and September 30, 2015 (dollars in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value March 31, 2016 Held to maturity Mortgage-backed securities ("MBS"): U.S. government agencies $ 745 $ 21 $ (1 ) $ 765 Private label residential 993 799 (6 ) 1,786 U.S. Treasury and U.S government agency securities 6,005 72 — 6,077 Total $ 7,743 $ 892 $ (7 ) $ 8,628 Available for sale MBS: U.S. government agencies $ 361 $ 30 $ — $ 391 Mutual funds 1,000 — (26 ) 974 Total $ 1,361 $ 30 $ (26 ) $ 1,365 September 30, 2015 Held to maturity MBS: U.S. government agencies $ 828 $ 23 $ (1 ) $ 850 Private label residential 1,081 894 (12 ) 1,963 U.S. Treasury and U.S. government agency securities 6,004 77 — 6,081 Total $ 7,913 $ 994 $ (13 ) $ 8,894 Available for sale MBS: U.S. government agencies $ 387 $ 34 $ — $ 421 Mutual funds 1,000 — (29 ) 971 Total $ 1,387 $ 34 $ (29 ) $ 1,392 |
Unrealized Gain (Loss) on Investments | The following table summarizes the estimated fair value and gross unrealized losses for all securities and the length of time these unrealized losses existed as of March 31, 2016 (dollars in thousands): Less Than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Held to maturity MBS: U.S. government agencies $ 91 $ — 2 $ 59 $ (1 ) 4 $ 150 $ (1 ) Private label residential 40 (1 ) 3 163 (5 ) 12 203 (6 ) Total $ 131 $ (1 ) 5 $ 222 $ (6 ) 16 $ 353 $ (7 ) Available for sale Mutual funds $ — $ — — $ 974 $ (26 ) 1 $ 974 $ (26 ) Total $ — $ — — $ 974 $ (26 ) 1 $ 974 $ (26 ) The following table summarizes the estimated fair value and gross unrealized losses for all securities and the length of time these unrealized losses existed as of September 30, 2015 (dollars in thousands): Less Than 12 Months 12 Months or Longer Total Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Quantity Estimated Fair Value Gross Unrealized Losses Held to maturity MBS: U.S. government agencies $ 49 $ — 4 $ 63 $ (1 ) 5 $ 112 $ (1 ) Private label residential 1 — 1 157 (12 ) 11 158 (12 ) Total $ 50 $ — 5 $ 220 $ (13 ) 16 $ 270 $ (13 ) Available for sale MBS: U.S. government agencies $ 1 $ — 1 $ 48 $ — 2 $ 49 $ — Mutual funds — — — 971 (29 ) 1 971 (29 ) Total $ 1 $ — 1 $ 1,019 $ (29 ) 3 $ 1,020 $ (29 ) |
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 estimate of the credit loss component on OTTI securities as of March 31, 2016 and September 30, 2015 : Range Weighted Minimum Maximum Average March 31, 2016 Constant prepayment rate 6.00 % 15.00 % 9.16 % Collateral default rate 0.24 % 17.64 % 5.70 % Loss severity rate 7.00 % 77.00 % 41.97 % September 30, 2015 Constant prepayment rate 6.00 % 15.00 % 11.49 % Collateral default rate 0.16 % 14.65 % 6.08 % Loss severity rate 3.92 % 65.00 % 39.83 % |
Schedule of Other than Temporary Impairments | The following table presents the OTTI for the three and six months ended March 31, 2016 and 2015 (dollars in thousands): Three Months Ended March 31, 2016 Three Months Ended Held To Maturity Available For Sale Held To Maturity Available For Sale Total OTTI $ (24 ) $ — $ — $ — Adjustment for portion of OTTI recorded as (transfered from) other comprehensive income (loss) before income taxes (1) 1 — (1 ) — Net OTTI recognized in earnings (2) $ (23 ) $ — $ (1 ) $ — Six Months Ended March 31, 2016 Six Months Ended Held To Maturity Available For Sale Held To Maturity Available For Sale Total OTTI $ (24 ) $ — $ — $ — Adjustment for portion recorded as (transferred from) other comprehensive income (loss) before income taxes (1) 1 — (1 ) — Net OTTI recognized in earnings (2) $ (23 ) $ — $ (1 ) $ — ________________________ (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 six months ended March 31, 2016 and 2015 (dollars in thousands): Six Months Ended March 31, 2016 2015 Beginning balance of credit loss $ 1,576 $ 1,654 Additions: Credit losses for which OTTI was not previously recognized — 1 Additional increases to the amount related to credit loss for which OTTI was previously recognized 20 — Subtractions: Realized losses previously recorded as credit losses (59 ) (38 ) Ending balance of credit loss $ 1,537 $ 1,617 |
Schedule of Contractual Maturities of Debt Securities | The contractual maturities of debt securities at March 31, 2016 were as follows (dollars in thousands). Expected maturities may differ from scheduled maturities as a result of the prepayment of principal or call provisions. Held to Maturity Available for Sale Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ — $ — $ 5 $ 6 Due after one year to five years 6,005 6,077 — — Due after five to ten years 22 23 — — Due after ten years 1,716 2,528 356 385 Total $ 7,743 $ 8,628 $ 361 $ 391 |
Loans Receivable And Allowanc21
Loans Receivable And Allowance For Loan Losses (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and September 30, 2015 (dollars in thousands): March 31, September 30, Amount Percent Amount Percent Mortgage loans: One- to four-family $ 117,465 17.3 % $ 116,664 17.4 % Multi-family 42,666 6.3 52,322 7.8 Commercial 290,817 42.8 291,216 43.5 Construction - custom and owner/builder 69,817 10.3 62,954 9.4 Construction - speculative one- to four-family 6,384 0.9 6,668 1.0 Construction - commercial 22,487 3.3 20,728 3.1 Construction - multi-family 20,570 3.0 20,570 3.1 Land 24,322 3.6 26,140 3.9 Total mortgage loans 594,528 87.5 597,262 89.2 Consumer loans: Home equity and second mortgage 37,144 5.5 34,157 5.1 Other 4,380 0.6 4,669 0.7 Total consumer loans 41,524 6.1 38,826 5.8 Commercial business loans 43,355 6.4 33,763 5.0 Total loans receivable 679,407 100.0 % 669,851 100.0 % Less: Undisbursed portion of construction loans in process 44,465 53,457 Deferred loan origination fees 2,048 2,193 Allowance for loan losses 10,043 9,924 56,556 65,574 Loans receivable, net 622,851 604,277 Loans held for sale (one- to four-family) 1,584 3,051 Total loans receivable and loans held for sale, net $ 624,435 $ 607,328 |
Schedule of Allowance for Loan Losses | The following tables set forth information for the three and six months ended March 31, 2016 and 2015 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands): Three Months Ended March 31, 2016 Beginning Allowance Provision for /(Recapture of) Charge- offs Recoveries Ending Allowance Mortgage loans: One-to four-family $ 1,420 $ (147 ) $ (2 ) $ 52 $ 1,323 Multi-family 373 (58 ) — — 315 Commercial 3,898 239 (54 ) — 4,083 Construction – custom and owner/builder 555 (13 ) — — 542 Construction – speculative one- to four-family 122 (28 ) — 2 96 Construction – commercial 486 131 — — 617 Construction – multi-family 336 (77 ) — 150 409 Land 923 24 — 7 954 Consumer loans: Home equity and second mortgage 1,102 (81 ) — — 1,021 Other 161 3 (2 ) — 162 Commercial business loans 513 7 — 1 521 Total $ 9,889 $ — $ (58 ) $ 212 $ 10,043 Six Months Ended March 31, 2016 Beginning Allowance Provision for /(Recapture of) Charge- offs Recoveries Ending Allowance Mortgage loans: One-to four-family $ 1,480 $ (184 ) $ (28 ) $ 55 $ 1,323 Multi-family 392 (77 ) — — 315 Commercial 4,065 99 (81 ) — 4,083 Construction – custom and owner/builder 451 91 — — 542 Construction – speculative one- to four-family 123 (29 ) — 2 96 Construction – commercial 426 191 — — 617 Construction – multi-family 283 (55 ) — 181 409 Land 1,021 (72 ) (8 ) 13 954 Consumer loans: Home equity and second mortgage 1,073 (39 ) (13 ) — 1,021 Other 187 (21 ) (5 ) 1 162 Commercial business loans 423 96 — 2 521 Total $ 9,924 $ — $ (135 ) $ 254 $ 10,043 Three Months Ended March 31, 2015 Beginning Allowance Provision for /(Recapture of) Charge- offs Recoveries Ending Allowance Mortgage loans: One-to four-family $ 1,504 $ 24 $ (39 ) $ 107 $ 1,596 Multi-family 368 (66) — — 302 Commercial 3,646 (45) — — 3,601 Construction – custom and owner/builder 460 15 — — 475 Construction – speculative one- to four-family 50 14 — — 64 Construction – commercial 28 9 — — 37 Construction – multi-family 75 54 — — 129 Land 2,817 (67 ) — 3 2,753 Consumer loans: Home equity and second mortgage 801 5 (9 ) — 797 Other 159 34 (4 ) 1 190 Commercial business loans 414 23 — 1 438 Total $ 10,322 $ — $ (52 ) $ 112 $ 10,382 Six Months Ended March 31, 2015 Beginning Allowance Provision for /(Recapture of) Charge- offs Recoveries Ending Allowance Mortgage loans: One-to four-family $ 1,650 $ (23 ) $ (157 ) $ 126 $ 1,596 Multi-family 387 (85) — — 302 Commercial 4,836 (1,235) — — 3,601 Construction – custom and owner/builder 450 25 — — 475 Construction – speculative one- to four-family 52 12 — — 64 Construction – commercial 78 (41) — — 37 Construction – multi-family 25 104 — — 129 Land 1,434 1,312 (4 ) 11 2,753 Consumer loans: Home equity and second mortgage 879 (62) (20 ) — 797 Other 176 17 (5 ) 2 190 Commercial business loans 460 (24) — 2 438 Total $ 10,427 $ — $ (186 ) $ 141 $ 10,382 |
Schedule of loans evaluated individually for impairment and collectively evaluated for impairment in the allowance for loan losses | The following tables present information on the loans evaluated individually and collectively for impairment in the allowance for loan losses by portfolio segment at March 31, 2016 and September 30, 2015 (dollars in thousands): Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total March 31, 2016 Mortgage loans: One- to four-family $ 120 $ 1,203 $ 1,323 $ 2,930 $ 114,535 $ 117,465 Multi-family — 315 315 — 42,666 42,666 Commercial 412 3,671 4,083 11,977 278,840 290,817 Construction – custom and owner/builder — 542 542 — 41,312 41,312 Construction – speculative one- to four-family — 96 96 — 2,956 2,956 Construction – commercial — 617 617 — 16,902 16,902 Construction – multi-family — 409 409 — 13,623 13,623 Land 57 897 954 1,185 23,137 24,322 Consumer loans: Home equity and second mortgage 259 762 1,021 1,015 36,129 37,144 Other 16 146 162 33 4,347 4,380 Commercial business loans — 521 521 — 43,355 43,355 Total $ 864 $ 9,179 $ 10,043 $ 17,140 $ 617,802 $ 634,942 September 30, 2015 Mortgage loans: One- to four-family $ 307 $ 1,173 $ 1,480 $ 4,291 $ 112,373 $ 116,664 Multi-family 16 376 392 4,037 48,285 52,322 Commercial 265 3,800 4,065 12,852 278,364 291,216 Construction – custom and owner/builder — 451 451 — 36,192 36,192 Construction – speculative one- to four-family — 123 123 — 3,781 3,781 Construction – commercial — 426 426 — 12,200 12,200 Construction – multi-family — 283 283 — 5,290 5,290 Land 37 984 1,021 2,305 23,835 26,140 Consumer loans: Home equity and second mortgage 362 711 1,073 910 33,247 34,157 Other 24 163 187 36 4,633 4,669 Commercial business loans — 423 423 — 33,763 33,763 Total $ 1,011 $ 8,913 $ 9,924 $ 24,431 $ 591,963 $ 616,394 |
Past Due Status of Loans Receivable | The following tables present an age analysis of past due status of loans by portfolio segment at March 31, 2016 and September 30, 2015 (dollars in thousands): 30–59 Days Past Due 60-89 Days Past Due Non- Accrual (1) Past Due 90 Days or More and Still Accruing Total Past Due Current Total Loans March 31, 2016 Mortgage loans: One- to four-family $ — $ — $ 1,365 $ — $ 1,365 $ 116,100 $ 117,465 Multi-family — — — — — 42,666 42,666 Commercial — — 1,129 — 1,129 289,688 290,817 Construction – custom and owner/builder — — — — — 41,312 41,312 Construction – speculative one- to four- family — — — — — 2,956 2,956 Construction – commercial — — — — — 16,902 16,902 Construction – multi-family — — — — — 13,623 13,623 Land 64 — 451 — 515 23,807 24,322 Consumer loans: Home equity and second mortgage 29 48 413 135 625 36,519 37,144 Other — — 33 — 33 4,347 4,380 Commercial business loans — — — — — 43,355 43,355 Total $ 93 $ 48 $ 3,391 $ 135 $ 3,667 $ 631,275 $ 634,942 September 30, 2015 Mortgage loans: One- to four-family $ — $ 425 $ 2,368 $ — $ 2,793 $ 113,871 $ 116,664 Multi-family — — 760 — 760 51,562 52,322 Commercial — — 1,016 — 1,016 290,200 291,216 Construction – custom and owner/ — 345 — — 345 35,847 36,192 Construction – speculative one- to four- family — — — — — 3,781 3,781 Construction – commercial — — — — — 12,200 12,200 Construction – multi-family — — — — — 5,290 5,290 Land 15 32 1,558 — 1,605 24,535 26,140 Consumer loans: Home equity and second mortgage 146 14 303 151 614 33,543 34,157 Other — — 35 — 35 4,634 4,669 Commercial business loans — — — — — 33,763 33,763 Total $ 161 $ 816 $ 6,040 $ 151 $ 7,168 $ 609,226 $ 616,394 ______________________ (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 tables list the loan credit risk grades utilized by the Company that serve as credit quality indicators by portfolio segment at March 31, 2016 and September 30, 2015 (dollars in thousands): Loan Grades March 31, 2016 Pass Watch Special Substandard Total Mortgage loans: One- to four-family $ 113,311 $ 722 $ 668 $ 2,764 $ 117,465 Multi-family 40,844 — 1,822 — 42,666 Commercial 271,130 8,266 5,686 5,735 290,817 Construction – custom and owner/builder 41,125 — — 187 41,312 Construction – speculative one- to four-family 2,956 — — — 2,956 Construction – commercial 16,902 — — — 16,902 Construction – multi-family 13,623 — — — 13,623 Land 20,502 1,058 1,887 875 24,322 Consumer loans: Home equity and second mortgage 34,796 626 710 1,012 37,144 Other 4,347 — — 33 4,380 Commercial business loans 43,310 45 — — 43,355 Total $ 602,846 $ 10,717 $ 10,773 $ 10,606 $ 634,942 September 30, 2015 Mortgage loans: One- to four-family $ 111,351 $ 653 $ 1,339 $ 3,321 $ 116,664 Multi-family 45,249 — 6,313 760 52,322 Commercial 270,685 8,040 6,803 5,688 291,216 Construction – custom and owner/builder 36,192 — — — 36,192 Construction – speculative one- to four-family 3,781 — — — 3,781 Construction – commercial 12,200 — — — 12,200 Construction – multi-family 5,290 — — — 5,290 Land 20,964 1,105 2,078 1,993 26,140 Consumer loans: Home equity and second mortgage 32,172 664 404 917 34,157 Other 4,631 — — 38 4,669 Commercial business loans 33,635 49 79 — 33,763 Total $ 576,150 $ 10,511 $ 17,016 $ 12,717 $ 616,394 |
Impaired Loans Receivable | The following table is a summary of information related to impaired loans by portfolio segment as of March 31, 2016 and for the three and six months then ended (dollars in thousands): Recorded Investment Unpaid Principal Balance (Loan Balance Plus Charge Off) Related Allowance QTD Average Recorded Investment (1) YTD Average Recorded Investment (2) QTD Interest Income Recognized (1) YTD Interest Income Recognized (2) QTD Cash Basis Interest Income Recognized (1) YTD Cash Basis Interest Income Recognized (2) With no related allowance recorded: Mortgage loans: One- to four-family $ 1,365 $ 1,435 $ — $ 1,634 $ 1,531 $ 6 $ 18 $ 6 $ 18 Multi-family — — — — 253 — — — — Commercial 8,207 9,348 — 8,167 7,844 112 234 88 184 Land 600 1,009 — 648 970 4 8 3 6 Consumer loans: Home equity and second mortgage 280 485 — 223 204 — — — — Other — — — — — — — — — Commercial business loans — 3 — 37 24 — — — — Subtotal 10,452 12,280 — 10,709 10,826 122 260 97 208 With an allowance recorded: Mortgage loans: One- to four-family 1,565 1,565 120 1,964 2,299 31 63 23 47 Multi-family — — — — 1,092 — — — — Commercial 3,770 3,770 412 3,877 4,469 59 113 46 88 Land 585 585 57 588 622 10 20 8 16 Consumer loans: Home equity and second mortgage 735 735 259 737 740 10 21 9 19 Other 33 33 16 34 34 — — — — Commercial business loans — — — — — — — — Subtotal 6,688 6,688 864 7,200 9,256 110 217 86 170 Recorded Investment Unpaid Principal Balance (Loan Balance Plus Charge Off) Related Allowance QTD Average Recorded Investment (1) YTD Average Recorded Investment (2) QTD Interest Income Recognized (1) YTD Interest Income Recognized (2) QTD Cash Basis Interest Income Recognized (1) YTD Cash Basis Interest Income Recognized (2) Total: Mortgage loans: One- to four-family $ 2,930 $ 3,000 $ 120 $ 3,598 $ 3,830 $ 37 $ 81 $ 29 $ 65 Multi-family — — — — 1,345 — — — — Commercial 11,977 13,118 412 12,044 12,313 171 347 134 272 Land 1,185 1,594 57 1,236 1,592 14 28 11 22 Consumer loans: Home equity and second mortgage 1,015 1,220 259 960 944 10 21 9 19 Other 33 33 16 34 34 — — — — Commercial business loans — 3 — 37 24 — — — — Total $ 17,140 $ 18,968 $ 864 $ 17,909 $ 20,082 $ 232 $ 477 $ 183 $ 378 ________________________________________________ (1) For the three months ended March 31, 2016 . (2) For the six months ended March 31, 2016. The following table is a summary of information related to impaired loans by portfolio segment as of and for the year ended September 30, 2015 (dollars in thousands): Recorded Investment Unpaid Principal Balance (Loan Balance Plus Charge Off) Related Allowance YTD Average Recorded Investment (1) YTD Interest Income Recognized (1) YTD Cash Basis Interest Income Recognized (1) With no related allowance recorded: Mortgage loans: One- to four-family $ 1,321 $ 1,546 $ — $ 1,919 $ 25 $ 25 Multi-family 760 791 — 570 3 3 Commercial 7,199 8,259 — 9,078 521 412 Construction – custom and owner/builder — — — 118 — — Land 1,614 2,150 — 1,028 25 20 Consumer loans: Home equity and second mortgage 165 381 — 270 — — Commercial business loans — 6 — — — — Subtotal 11,059 13,133 — 12,983 574 460 With an allowance recorded: Mortgage loans: One- to four-family 2,970 2,970 307 3,833 149 112 Multi-family 3,277 3,277 16 3,291 184 137 Commercial 5,653 5,653 265 3,475 202 152 Construction – custom and owner/builder — — — 17 — — Land 691 691 37 3,298 32 27 Consumer loans: Home equity and second mortgage 745 745 362 516 18 15 Other 36 36 24 28 — — Subtotal 13,372 13,372 1,011 14,458 585 443 Total: Mortgage loans: One- to four-family 4,291 4,516 307 5,752 174 137 Multi-family 4,037 4,068 16 3,861 187 140 Commercial 12,852 13,912 265 12,553 723 564 Construction – custom and owner/builder — — — 135 — — Land 2,305 2,841 37 4,326 57 47 Consumer loans: Home equity and second mortgage 910 1,126 362 786 18 15 Other 36 36 24 28 — — Commercial business loans — 6 — — — — Total $ 24,431 $ 26,505 $ 1,011 $ 27,441 $ 1,159 $ 903 ______________________________________________ (1) For the year ended September 30, 2015. |
Schedule of Troubled Debt Restructured Loans by Interest Accrual Status | The following tables set forth information with respect to the Company’s troubled debt restructured loans by interest accrual status as of March 31, 2016 and September 30, 2015 (dollars in thousands): March 31, 2016 Accruing Non- Accrual Total Mortgage loans: One- to four-family $ 1,565 $ 127 $ 1,692 Commercial 5,331 — 5,331 Land 734 253 987 Consumer loans: Home equity and second mortgage 293 152 445 Total $ 7,923 $ 532 $ 8,455 September 30, 2015 Accruing Non- Accrual Total Mortgage loans: One- to four-family $ 1,929 $ 826 $ 2,755 Multi-family 3,277 — 3,277 Commercial 6,237 — 6,237 Land 747 255 1,002 Consumer loans: Home equity and second mortgage 295 152 447 Total $ 12,485 $ 1,233 $ 13,718 |
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 six months ended March 31, 2016 and the year ended September 30, 2015 (dollars in thousands): March 31, 2016 There were no new troubled debt restructured loans during the six months ended March 31, 2016. September 30, 2015 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment End of Period Balance One-to four-family (1) 1 $ 48 $ 48 $ 48 Total 1 $ 48 $ 48 $ 48 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings per Share | Information regarding the calculation of basic and diluted net income per common share for the three and six months ended March 31, 2016 and 2015 is as follows (dollars in thousands, except per share amounts): Three Months Ended Six Months Ended 2016 2015 2016 2015 Basic net income per common share computation Numerator – net income $ 2,380 $ 1,451 $ 4,908 $ 3,178 Denominator – weighted average common shares outstanding 6,846,527 6,898,192 6,858,190 6,895,038 Basic net income per common share $ 0.35 $ 0.21 $ 0.72 $ 0.46 Diluted net income per common share computation Numerator – net income $ 2,380 $ 1,451 $ 4,908 $ 3,178 Denominator – weighted average shares outstanding 6,846,527 6,898,192 6,858,190 6,895,038 Effect of dilutive stock options (1) 62,028 36,730 57,482 36,775 Effect of dilutive stock warrant (2) 171,450 136,870 166,273 135,808 Weighted average common shares and common stock equivalents 7,080,005 7,071,792 7,081,945 7,067,621 Diluted net income per common share $ 0.34 $ 0.21 $ 0.69 $ 0.45 ____________________________________________ (1) For the three and six months ended March 31, 2016 , average options to purchase 14,000 and 84,383 shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per share because their effect would have been anti-dilutive. For both the three and six months ended March 31, 2015, average options to purchase 122,000 shares of common stock were outstanding but not included in the computation of diluted net income per common share because their effect would have been anti-dilutive. (2) Represents a 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 "Warrant"). The Warrant was granted on December 23, 2008 to the U.S. Treasury Department ("Treasury") as part of the Company's participation in the Treasury's Troubled Asset Relief Program ("TARP"). On June 12, 2013, the Treasury sold the Warrant to private investors. |
Accumulated Other Comprehensi23
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income (loss) ("AOCI") by component during the three and six months ended March 31, 2016 and 2015 are as follows (dollars in thousands): Three Months Ended March 31, 2016 Changes in fair value of available for sale securities (1) Changes in OTTI on held to maturity securities (1) Total (1) Balance of AOCI at the beginning of period $ (9 ) $ (306 ) $ (315 ) Net change, net of income taxes 11 18 29 Balance of AOCI at the end of period $ 2 $ (288 ) $ (286 ) Six Months Ended March 31, 2016 Changes in fair value of available for sale securities (1) Changes in OTTI on held to maturity securities (1) Total (1) Balance of AOCI at the beginning of period $ 3 $ (316 ) $ (313 ) Net change, net of income taxes (1 ) 28 27 Balance of AOCI at the end of period $ 2 $ (288 ) $ (286 ) Three Months Ended March 31, 2015 Changes in fair value of available for sale securities (1) Changes in OTTI on held to maturity securities (1) Total (1) Balance of AOCI at the beginning of period $ 4 $ (368 ) $ (364 ) Net change, net of income taxes 8 9 17 Balance of AOCI at the end of period $ 12 $ (359 ) $ (347 ) Six Months Ended March 31, 2015 Changes in fair value of available for sale securities (1) Changes in OTTI on held to maturity securities (1) Total (1) Balance of AOCI at the beginning of period $ 37 $ (376 ) $ (339 ) Net change, net of income tax (25 ) 17 (8 ) Balance of AOCI at the end of period $ 12 $ (359 ) $ (347 ) __________________________ (1) All amounts are net of income taxes. |
Stock Compensation Plans And 24
Stock Compensation Plans And Stock Based Compensation (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Activity under the Plans for the six months ended March 31, 2016 and 2015 is as follows: Six Months Ended Six Months Ended Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Options outstanding, beginning of period 341,300 $ 8.73 221,400 $ 7.49 Exercised (10,220 ) 8.37 (5,300 ) 4.62 Forfeited (2,900 ) 9.96 (200 ) 4.55 Options outstanding, end of period 328,180 $ 8.73 215,900 $ 7.57 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | Additional information regarding options outstanding at March 31, 2016 is as follows: Options Outstanding Options Exercisable Range of Exercise Prices ($) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) $ 4.01 - 4.55 30,200 $ 4.22 4.8 26,400 $ 4.26 4.7 5.86 - 6.00 58,000 5.92 6.5 34,400 5.92 6.5 9.00 91,600 9.00 7.6 34,000 9.00 7.6 10.26 - 10.71 148,380 10.57 9.0 7,280 10.37 7.8 328,180 $ 8.73 7.8 102,080 $ 6.83 6.5 |
Schedule of Compensation Expense by Plan | Compensation expense during the six months ended March 31, 2016 and 2015 for all stock-based plans was as follows (dollars in thousands): Six Months Ended March 31, 2016 2015 Stock Options Stock Options Compensation expense $ 84 $ 58 Less: related tax benefit recognized (9 ) (2 ) Total $ 75 $ 56 |
Schedule of Unrecognized Compensation Expense for Share-based Awards | The compensation expense to be recognized in the years ending September 30 for stock options that have been awarded as of March 31, 2016 is as follows (dollars in thousands): Stock Options Remainder of 2016 $ 77 2017 146 2018 115 2019 58 2020 35 Total $ 431 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The Company's assets measured at estimated fair value on a recurring basis at March 31, 2016 and September 30, 2015 are as follows (dollars in thousands): March 31, 2016 Estimated Fair Value Level 1 Level 2 Level 3 Total Available for sale investment securities MBS: U.S. government agencies $ — $ 391 $ — $ 391 Mutual funds 974 — — 974 Total $ 974 $ 391 $ — $ 1,365 September 30, 2015 Estimated Fair Value Level 1 Level 2 Level 3 Total Available for sale investment securities MBS: U.S. government agencies $ — $ 421 $ — $ 421 Mutual funds 971 — — 971 Total $ 971 $ 421 $ — $ 1,392 |
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 March 31, 2016 (dollars in thousands): Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans: Mortgage loans: One-to four-family $ — $ — $ 1,445 Commercial — — 3,358 Land — — 528 Consumer loans: Home equity and second mortgage — — 476 Other 17 Total impaired loans — — 5,824 Investment securities – held to maturity: MBS - private label residential — 49 — OREO and other repossessed assets — — 5,458 Total $ — $ 49 $ 11,282 The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2015 (dollars in thousands): Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans: Mortgage loans: One-to four-family $ — $ — $ 2,663 Multi-family — — 3,261 Commercial — — 5,388 Land — — 654 Consumer loans: Home equity and second mortgage — — 383 Other — — 12 Total impaired loans — — 12,361 Investment securities – held to maturity: MBS - private label residential — 31 — OREO and other repossessed assets — — 7,854 Total $ — $ 31 $ 20,215 |
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 March 31, 2016 (dollars in thousands): Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Impaired loans $ 5,824 Market approach Appraised value less selling costs NA OREO and other repossessed assets $ 5,458 Market approach Lower of appraised value or listing price less selling costs NA 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, 2015 (dollars in thousands): Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Impaired loans $ 12,361 Market approach Appraised value less selling costs NA OREO and other repossessed assets $ 7,854 Market approach Lower of appraised value or listing price less selling costs NA |
Balances of Assets and Liabilities Measured at Estimated Fair Value, Recurring Basis | The estimated fair values of financial instruments were as follows as of March 31, 2016 and September 30, 2015 (dollars in thousands): March 31, 2016 Fair Value Measurements Using: Recorded Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 110,029 $ 110,029 $ 110,029 $ — $ — CDs held for investment 52,524 52,524 52,524 — — Investment securities 9,108 9,993 3,998 5,995 — FHLB stock 2,804 2,804 2,804 — — Loans receivable, net 622,851 630,306 — — 630,306 Loans held for sale 1,584 1,631 1,631 — — Accrued interest receivable 2,232 2,232 2,232 — — Financial liabilities Deposits: Non-interest-bearing demand 148,980 148,980 148,980 — — Interest-bearing 563,058 563,459 412,062 — 151,397 Total deposits 712,038 712,439 561,042 — 151,397 FHLB advances 45,000 46,288 — 46,288 — Accrued interest payable 311 311 311 — — September 30, 2015 Fair Value Measurements Using: Recorded Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 92,289 $ 92,289 $ 92,289 $ — $ — CDs held for investment 48,611 48,611 48,611 — — Investment securities 9,305 10,286 3,996 6,290 — FHLB stock 2,699 2,699 2,699 — — Loans receivable, net 604,277 614,734 — — 614,734 Loans held for sale 3,051 3,139 3,139 — — Accrued interest receivable 2,170 2,170 2,170 — — Financial liabilities Deposits: Non-interest-bearing demand 141,388 141,388 141,388 — — Interest-bearing 537,524 538,092 383,419 — 154,673 Total deposits 678,912 679,480 524,807 — 154,673 FHLB advances 45,000 46,742 — 46,742 — Accrued interest payable 289 289 289 — — |
Investment Securities_ Marketab
Investment Securities: Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 |
Held to maturity | ||
Amortized Cost | $ 7,743 | $ 7,913 |
Gross Unrealized Gains | 892 | 994 |
Gross Unrealized Losses | (7) | (13) |
Estimated Fair Value | 8,628 | 8,894 |
Available for sale | ||
Amortized Cost | 1,361 | 1,387 |
Gross Unrealized Gains | 30 | 34 |
Gross Unrealized Losses | (26) | (29) |
Estimated Fair Value | 1,365 | 1,392 |
Mortgage-backed Securities, U.S. government agencies | ||
Held to maturity | ||
Amortized Cost | 745 | 828 |
Gross Unrealized Gains | 21 | 23 |
Gross Unrealized Losses | (1) | (1) |
Estimated Fair Value | 765 | 850 |
Available for sale | ||
Amortized Cost | 361 | 387 |
Gross Unrealized Gains | 30 | 34 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 391 | 421 |
Mortgage-backed Securities, Private label residential | ||
Held to maturity | ||
Amortized Cost | 993 | 1,081 |
Gross Unrealized Gains | 799 | 894 |
Gross Unrealized Losses | (6) | (12) |
Estimated Fair Value | 1,786 | 1,963 |
U.S. Treasury and U.S government agency securities | ||
Held to maturity | ||
Amortized Cost | 6,005 | 6,004 |
Gross Unrealized Gains | 72 | 77 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 6,077 | 6,081 |
Mutual funds | ||
Available for sale | ||
Amortized Cost | 1,000 | 1,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (26) | (29) |
Estimated Fair Value | $ 974 | $ 971 |
Investment Securities_ Unrealiz
Investment Securities: Unrealized Gain (Loss) on Investments (Details) $ in Thousands | Mar. 31, 2016USD ($)security | Sep. 30, 2015USD ($)security |
Held-to-maturity Securities, Fair Value: | ||
Held to maturity, Less Than 12 Months, Estimated Fair Value | $ 131 | $ 50 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 222 | 220 |
Held to maturity, Total, Estimated Fair Value | 353 | 270 |
Held-to-maturity Securities, Gross Unrealized Losses | ||
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | (1) | 0 |
Held to maturity, 12 Months or Longer, Gross Unrealized Losses | (6) | (13) |
Held to maturity, Total, Gross Unrealized Losses | $ (7) | $ (13) |
Held to maturity, Less Than 12 Months, Quantity | security | 5 | 5 |
Held to maturity, 12 Months or Longer, Quantity | security | 16 | 16 |
Available-for-sale Securities, Fair Value: | ||
Available for sale, Less Than 12 Months, Estimated Fair Value | $ 0 | $ 1 |
Available for sale, 12 Months or Longer, Estimated Fair Value | 974 | 1,019 |
Available for sale, Total, Estimated Fair Value | 974 | 1,020 |
Available-for-sale Securities, Gross Unrealized Losses: | ||
Available for sale, Less Than 12 Months, Gross Unrealized Losses | 0 | 0 |
Available for sale, 12 Months or Longer, Gross Unrealized Losses | (26) | (29) |
Available for sale, Total, Gross Unrealized Losses | $ (26) | $ (29) |
Available-for-sale, Less than 12 Months, Quantity | security | 0 | 1 |
Available-for-sale, 12 Months or Longer, Quantity | security | 1 | 3 |
Mortgage-backed Securities, U.S. government agencies | ||
Held-to-maturity Securities, Fair Value: | ||
Held to maturity, Less Than 12 Months, Estimated Fair Value | $ 91 | $ 49 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 59 | 63 |
Held to maturity, Total, Estimated Fair Value | 150 | 112 |
Held-to-maturity Securities, Gross Unrealized Losses | ||
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | 0 | 0 |
Held to maturity, 12 Months or Longer, Gross Unrealized Losses | (1) | (1) |
Held to maturity, Total, Gross Unrealized Losses | $ (1) | $ (1) |
Held to maturity, Less Than 12 Months, Quantity | security | 2 | 4 |
Held to maturity, 12 Months or Longer, Quantity | security | 4 | 5 |
Available-for-sale Securities, Fair Value: | ||
Available for sale, Less Than 12 Months, Estimated Fair Value | $ 1 | |
Available for sale, 12 Months or Longer, Estimated Fair Value | 48 | |
Available for sale, Total, Estimated Fair Value | 49 | |
Available-for-sale Securities, Gross Unrealized Losses: | ||
Available for sale, Less Than 12 Months, Gross Unrealized Losses | 0 | |
Available for sale, 12 Months or Longer, Gross Unrealized Losses | 0 | |
Available for sale, Total, Gross Unrealized Losses | $ 0 | |
Available-for-sale, Less than 12 Months, Quantity | security | 1 | |
Available-for-sale, 12 Months or Longer, Quantity | security | 2 | |
Mortgage-backed Securities, Private label residential | ||
Held-to-maturity Securities, Fair Value: | ||
Held to maturity, Less Than 12 Months, Estimated Fair Value | $ 40 | $ 1 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 163 | 157 |
Held to maturity, Total, Estimated Fair Value | 203 | 158 |
Held-to-maturity Securities, Gross Unrealized Losses | ||
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | (1) | 0 |
Held to maturity, 12 Months or Longer, Gross Unrealized Losses | (5) | (12) |
Held to maturity, Total, Gross Unrealized Losses | $ (6) | $ (12) |
Held to maturity, Less Than 12 Months, Quantity | security | 3 | 1 |
Held to maturity, 12 Months or Longer, Quantity | security | 12 | 11 |
Mutual funds | ||
Available-for-sale Securities, Fair Value: | ||
Available for sale, Less Than 12 Months, Estimated Fair Value | $ 0 | $ 0 |
Available for sale, 12 Months or Longer, Estimated Fair Value | 974 | 971 |
Available for sale, Total, Estimated Fair Value | 974 | 971 |
Available-for-sale Securities, Gross Unrealized Losses: | ||
Available for sale, Less Than 12 Months, Gross Unrealized Losses | 0 | 0 |
Available for sale, 12 Months or Longer, Gross Unrealized Losses | (26) | (29) |
Available for sale, Total, Gross Unrealized Losses | $ (26) | $ (29) |
Available-for-sale, Less than 12 Months, Quantity | security | 0 | 0 |
Available-for-sale, 12 Months or Longer, Quantity | security | 1 | 1 |
Investment Securities_ Schedule
Investment Securities: Schedule of significant inputs utilized to measure management's estimate of the credit loss component on OTTI securities (Details) | Mar. 31, 2016 | Sep. 30, 2015 |
Minimum | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
OTTI significant inputs - Constant prepayment rate | 6.00% | 6.00% |
OTTI significant inputs - Collateral default rate | 0.24% | 0.16% |
OTTI significant inputs - Loss severity rate | 7.00% | 3.92% |
Maximum | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
OTTI significant inputs - Constant prepayment rate | 15.00% | 15.00% |
OTTI significant inputs - Collateral default rate | 17.64% | 14.65% |
OTTI significant inputs - Loss severity rate | 77.00% | 65.00% |
Weighted Average | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
OTTI significant inputs - Constant prepayment rate | 9.16% | 11.49% |
OTTI significant inputs - Collateral default rate | 5.70% | 6.08% |
OTTI significant inputs - Loss severity rate | 41.97% | 39.83% |
Investment Securities_ Schedu29
Investment Securities: Schedule of Other than Temporary Impairments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Held-to-maturity Securities | |||||
Held to maturity | |||||
Total OTTI | $ (24) | $ 0 | $ (24) | $ 0 | |
Adjustment for portion of OTTI recorded as (transfered from) other comprehensive income (loss) before income taxes | [1] | 1 | (1) | 1 | (1) |
Net OTTI recognized in earnings | [2] | (23) | (1) | (23) | (1) |
Available-for-sale Securities | |||||
Available for sale | |||||
Total OTTI | 0 | 0 | 0 | 0 | |
Adjustment for portion of OTTI recorded as (transfered from) other comprehensive income (loss) before income taxes | [1] | 0 | 0 | 0 | 0 |
Net OTTI recognized in earnings | [2] | $ 0 | $ 0 | $ 0 | $ 0 |
[1] | Represents OTTI related to all other factors | ||||
[2] | Represents OTTI related to credit losses. |
Investment Securities_ Other th
Investment Securities: Other than Temporary Impairment, Credit Losses Recognized in Earnings (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Beginning balance of credit loss | $ 1,576 | $ 1,654 |
Credit losses for which OTTI was not previously recognized | 0 | 1 |
Additional increases to the amount related to credit loss for which OTTI was previously recognized | 20 | 0 |
Realized losses previously recorded as credit losses | (59) | (38) |
Ending balance of credit loss | $ 1,537 | $ 1,617 |
Investment Securities_ Narrativ
Investment Securities: Narrative-Realized Gains (Losses) (Details) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2016USD ($)security | Mar. 31, 2015USD ($)security | Mar. 31, 2016USD ($)security | Mar. 31, 2015USD ($)security | Sep. 30, 2015USD ($) | |
Investments [Abstract] | |||||
Marketable securities gain | $ 0 | $ 0 | $ 0 | $ 45,000 | |
Loss on sale of securities | $ 35,000 | $ 21,000 | $ 63,000 | $ 38,000 | |
Held-to-maturity securities, realized loss, number of securities | security | 12 | 12 | 15 | 14 | |
Held-to-maturity securities, unrecognized loss | $ 32,000 | $ 59,000 | |||
Security owned and pledged as collateral | $ 7,140,000 | $ 7,140,000 | $ 7,250,000 |
Investment Securities_ Schedu32
Investment Securities: Schedule of Contractual maturities of debt securities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 | |
Held-to-maturity Securities, Amortized Cost: | |||
Due within one year | $ 0 | ||
Due after one year to five years | 6,005 | ||
Due after five to ten years | 22 | ||
Due after ten years | 1,716 | ||
Total | 7,743 | $ 7,913 | [1] |
Held-to-maturity Securities, Estimated Fair Value: | |||
Due within one year | 0 | ||
Due after one year to five years | 6,077 | ||
Due after five to ten years | 23 | ||
Due after ten years | 2,528 | ||
Total | 8,628 | $ 8,894 | |
Available-for-sale Securities, Amortized Cost: | |||
Due within one year | 5 | ||
Due after one year to five years | 0 | ||
Due after five to ten years | 0 | ||
Due after ten years | 356 | ||
Total | 361 | ||
Available-for-sale Securities, Estimated Fair Value: | |||
Due within one year | 6 | ||
Due after one year to five years | 0 | ||
Due after five to ten years | 0 | ||
Due after ten years | 385 | ||
Total | $ 391 | ||
[1] | Derived from audited consolidated financial statements. |
Goodwill (Details)
Goodwill (Details) | 6 Months Ended |
Mar. 31, 2016 | |
Goodwill [Line Items] | |
Discount rate | 12.20% |
Residual capitalization rate | 9.20% |
CAPM forecast period (years) | 5 years |
Long-term growth rate | 3.00% |
Expected control premium rate | 25.00% |
Minimum | |
Goodwill [Line Items] | |
Annual loan growth rate | 3.00% |
Annual deposit growth rate | 2.20% |
Return on assets | 0.80% |
Maximum | |
Goodwill [Line Items] | |
Annual loan growth rate | 3.60% |
Annual deposit growth rate | 3.20% |
Return on assets | 1.00% |
Loans Receivable And Allowanc34
Loans Receivable And Allowance For Loan Losses: Schedule of Loans receivable and Loans held for sale (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans receivable | $ 679,407 | $ 669,851 | |
Undisbursed portion of construction loans in process | (44,465) | (53,457) | |
Deferred loan origination fees | (2,048) | (2,193) | |
Less: Allowance for loan losses | (10,043) | (9,924) | [1] |
Less: Loans in process, Deferred fees and Allowance for loan losses | 56,556 | 65,574 | |
Loans receivable, net | 622,851 | 604,277 | [1] |
Loans held for sale (one- to four-family) | 1,584 | 3,051 | |
Total loans receivable and loans held for sale, net | $ 624,435 | $ 607,328 | |
Ratio of loan category to total loans receivable (percent) | 100.00% | 100.00% | |
Total mortgage loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 594,528 | $ 597,262 | |
Ratio of loan category to total loans receivable (percent) | 87.50% | 89.20% | |
Mortgage loans, one-to-four family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 117,465 | $ 116,664 | |
Ratio of loan category to total loans receivable (percent) | 17.30% | 17.40% | |
Mortgage loans, multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 42,666 | $ 52,322 | |
Ratio of loan category to total loans receivable (percent) | 6.30% | 7.80% | |
Mortgage loans, commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 290,817 | $ 291,216 | |
Ratio of loan category to total loans receivable (percent) | 42.80% | 43.50% | |
Mortgage loans, construction - custom and owner/builder | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 69,817 | $ 62,954 | |
Ratio of loan category to total loans receivable (percent) | 10.30% | 9.40% | |
Mortgage loans, construction - speculative one-to-four family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 6,384 | $ 6,668 | |
Ratio of loan category to total loans receivable (percent) | 0.90% | 1.00% | |
Mortgage loans, construction – commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 22,487 | $ 20,728 | |
Ratio of loan category to total loans receivable (percent) | 3.30% | 3.10% | |
Mortgage loans, construction - Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 20,570 | $ 20,570 | |
Ratio of loan category to total loans receivable (percent) | 3.00% | 3.10% | |
Mortgage loans, land | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 24,322 | $ 26,140 | |
Ratio of loan category to total loans receivable (percent) | 3.60% | 3.90% | |
Total consumer loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans | $ 41,524 | $ 38,826 | |
Ratio of loan category to total loans receivable (percent) | 6.10% | 5.80% | |
Consumer loans, home equity and second mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans | $ 37,144 | $ 34,157 | |
Ratio of loan category to total loans receivable (percent) | 5.50% | 5.10% | |
Consumer loans, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans | $ 4,380 | $ 4,669 | |
Ratio of loan category to total loans receivable (percent) | 0.60% | 0.70% | |
Commercial business loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial business loans | $ 43,355 | $ 33,763 | |
Ratio of loan category to total loans receivable (percent) | 6.40% | 5.00% | |
[1] | Derived from audited consolidated financial statements. |
Loans Receivable And Allowanc35
Loans Receivable And Allowance For Loan Losses: Schedule of Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | $ 9,889 | $ 10,322 | $ 9,924 | $ 10,427 |
Provision for /(Recapture of) | 0 | 0 | 0 | 0 |
Charge- offs | (58) | (52) | (135) | (186) |
Recoveries | 212 | 112 | 254 | 141 |
Allowance for loan losses, Ending Allowance | 10,043 | 10,382 | 10,043 | 10,382 |
Mortgage loans, one-to-four family | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 1,420 | 1,504 | 1,480 | 1,650 |
Provision for /(Recapture of) | (147) | 24 | (184) | (23) |
Charge- offs | (2) | (39) | (28) | (157) |
Recoveries | 52 | 107 | 55 | 126 |
Allowance for loan losses, Ending Allowance | 1,323 | 1,596 | 1,323 | 1,596 |
Mortgage loans, multi-family | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 373 | 368 | 392 | 387 |
Provision for /(Recapture of) | (58) | (66) | (77) | (85) |
Charge- offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, Ending Allowance | 315 | 302 | 315 | 302 |
Mortgage loans, commercial | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 3,898 | 3,646 | 4,065 | 4,836 |
Provision for /(Recapture of) | 239 | (45) | 99 | (1,235) |
Charge- offs | (54) | 0 | (81) | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, Ending Allowance | 4,083 | 3,601 | 4,083 | 3,601 |
Mortgage loans, construction - custom and owner/builder | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 555 | 460 | 451 | 450 |
Provision for /(Recapture of) | (13) | 15 | 91 | 25 |
Charge- offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, Ending Allowance | 542 | 475 | 542 | 475 |
Mortgage loans, construction - speculative one-to-four family | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 122 | 50 | 123 | 52 |
Provision for /(Recapture of) | (28) | 14 | (29) | 12 |
Charge- offs | 0 | 0 | 0 | 0 |
Recoveries | 2 | 0 | 2 | 0 |
Allowance for loan losses, Ending Allowance | 96 | 64 | 96 | 64 |
Mortgage loans, construction – commercial | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 486 | 28 | 426 | 78 |
Provision for /(Recapture of) | 131 | 9 | 191 | (41) |
Charge- offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, Ending Allowance | 617 | 37 | 617 | 37 |
Mortgage loans, construction - Multi-family | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 336 | 75 | 283 | 25 |
Provision for /(Recapture of) | (77) | 54 | (55) | 104 |
Charge- offs | 0 | 0 | ||
Recoveries | 150 | 0 | 181 | 0 |
Allowance for loan losses, Ending Allowance | 409 | 129 | 409 | 129 |
Mortgage loans, land | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 923 | 2,817 | 1,021 | 1,434 |
Provision for /(Recapture of) | 24 | (67) | (72) | 1,312 |
Charge- offs | 0 | (8) | ||
Recoveries | 7 | 3 | 13 | 11 |
Allowance for loan losses, Ending Allowance | 954 | 2,753 | 954 | 2,753 |
Consumer loans, home equity and second mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 1,102 | 801 | 1,073 | 879 |
Provision for /(Recapture of) | (81) | 5 | (39) | (62) |
Charge- offs | 0 | (9) | (13) | (20) |
Recoveries | 0 | 0 | 0 | 0 |
Allowance for loan losses, Ending Allowance | 1,021 | 797 | 1,021 | 797 |
Consumer loans, other | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 161 | 159 | 187 | 176 |
Provision for /(Recapture of) | 3 | 34 | (21) | 17 |
Charge- offs | (2) | (4) | (5) | (5) |
Recoveries | 0 | 1 | 1 | 2 |
Allowance for loan losses, Ending Allowance | 162 | 190 | 162 | 190 |
Commercial business loans | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Allowance for loan losses, Beginning Allowance | 513 | 414 | 423 | 460 |
Provision for /(Recapture of) | 7 | 23 | 96 | (24) |
Charge- offs | 0 | 0 | 0 | 0 |
Recoveries | 1 | 1 | 2 | 2 |
Allowance for loan losses, Ending Allowance | $ 521 | 438 | $ 521 | 438 |
Mortgage loans, construction - land development | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Charge- offs | 0 | 0 | ||
Land and Land Improvements [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Charge- offs | $ 0 | $ (4) |
Loans Receivable And Allowanc36
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 ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | $ 864 | $ 1,011 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 9,179 | 8,913 | ||||
Allowance for Loan Losses, Total | 10,043 | $ 9,889 | 9,924 | $ 10,382 | $ 10,322 | $ 10,427 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 17,140 | 24,431 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 617,802 | 591,963 | ||||
Loans receivable | 634,942 | 616,394 | ||||
Mortgage loans, one-to-four family | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 120 | 307 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,203 | 1,173 | ||||
Allowance for Loan Losses, Total | 1,323 | 1,420 | 1,480 | 1,596 | 1,504 | 1,650 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 2,930 | 4,291 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 114,535 | 112,373 | ||||
Loans receivable | 117,465 | 116,664 | ||||
Mortgage loans, multi-family | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 16 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 315 | 376 | ||||
Allowance for Loan Losses, Total | 315 | 373 | 392 | 302 | 368 | 387 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 4,037 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 42,666 | 48,285 | ||||
Loans receivable | 42,666 | 52,322 | ||||
Mortgage loans, commercial | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 412 | 265 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 3,671 | 3,800 | ||||
Allowance for Loan Losses, Total | 4,083 | 3,898 | 4,065 | 3,601 | 3,646 | 4,836 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 11,977 | 12,852 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 278,840 | 278,364 | ||||
Loans receivable | 290,817 | 291,216 | ||||
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 | 542 | 451 | ||||
Allowance for Loan Losses, Total | 542 | 555 | 451 | 475 | 460 | 450 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 41,312 | 36,192 | ||||
Loans receivable | 41,312 | 36,192 | ||||
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 | 0 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 96 | 123 | ||||
Allowance for Loan Losses, Total | 96 | 122 | 123 | 64 | 50 | 52 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 2,956 | 3,781 | ||||
Loans receivable | 2,956 | 3,781 | ||||
Mortgage loans, 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 | 617 | 426 | ||||
Allowance for Loan Losses, Total | 617 | 486 | 426 | 37 | 28 | 78 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 16,902 | 12,200 | ||||
Loans receivable | 16,902 | 12,200 | ||||
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 | 409 | 283 | ||||
Allowance for Loan Losses, Total | 409 | 336 | 283 | 129 | 75 | 25 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 13,623 | 5,290 | ||||
Loans receivable | 13,623 | 5,290 | ||||
Mortgage loans, land | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 57 | 37 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 897 | 984 | ||||
Allowance for Loan Losses, Total | 954 | 923 | 1,021 | 2,753 | 2,817 | 1,434 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,185 | 2,305 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 23,137 | 23,835 | ||||
Loans receivable | 24,322 | 26,140 | ||||
Consumer loans, home equity and second mortgage | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 259 | 362 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 762 | 711 | ||||
Allowance for Loan Losses, Total | 1,021 | 1,102 | 1,073 | 797 | 801 | 879 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,015 | 910 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 36,129 | 33,247 | ||||
Loans receivable | 37,144 | 34,157 | ||||
Consumer loans, other | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 16 | 24 | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 146 | 163 | ||||
Allowance for Loan Losses, Total | 162 | 161 | 187 | 190 | 159 | 176 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 33 | 36 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 4,347 | 4,633 | ||||
Loans receivable | 4,380 | 4,669 | ||||
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 | 521 | 423 | ||||
Allowance for Loan Losses, Total | 521 | $ 513 | 423 | $ 438 | $ 414 | $ 460 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 43,355 | 33,763 | ||||
Loans receivable | $ 43,355 | $ 33,763 |
Loans Receivable And Allowanc37
Loans Receivable And Allowance For Loan Losses: Past Due Status of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | $ 3,667 | $ 7,168 | |
Loans receivable, Non-Accrual | [1] | 3,391 | 6,040 |
Loans receivable, Current | 631,275 | 609,226 | |
Loans receivable | 634,942 | 616,394 | |
Mortgage loans, one-to-four family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 1,365 | 2,793 | |
Loans receivable, Non-Accrual | [1] | 1,365 | 2,368 |
Loans receivable, Current | 116,100 | 113,871 | |
Loans receivable | 117,465 | 116,664 | |
Mortgage loans, multi-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 760 | |
Loans receivable, Non-Accrual | [1] | 0 | 760 |
Loans receivable, Current | 42,666 | 51,562 | |
Loans receivable | 42,666 | 52,322 | |
Mortgage loans, commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 1,129 | 1,016 | |
Loans receivable, Non-Accrual | [1] | 1,129 | 1,016 |
Loans receivable, Current | 289,688 | 290,200 | |
Loans receivable | 290,817 | 291,216 | |
Mortgage loans, construction - custom and owner/builder | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 345 | |
Loans receivable, Non-Accrual | [1] | 0 | 0 |
Loans receivable, Current | 41,312 | 35,847 | |
Loans receivable | 41,312 | 36,192 | |
Mortgage loans, construction - speculative one-to-four family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Loans receivable, Non-Accrual | [1] | 0 | 0 |
Loans receivable, Current | 2,956 | 3,781 | |
Loans receivable | 2,956 | 3,781 | |
Mortgage loans, construction – commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Loans receivable, Non-Accrual | [1] | 0 | 0 |
Loans receivable, Current | 16,902 | 12,200 | |
Loans receivable | 16,902 | 12,200 | |
Mortgage loans, construction - Multi-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Loans receivable, Non-Accrual | [1] | 0 | 0 |
Loans receivable, Current | 13,623 | 5,290 | |
Loans receivable | 13,623 | 5,290 | |
Mortgage loans, land | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 515 | 1,605 | |
Loans receivable, Non-Accrual | [1] | 451 | 1,558 |
Loans receivable, Current | 23,807 | 24,535 | |
Loans receivable | 24,322 | 26,140 | |
Consumer loans, home equity and second mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 625 | 614 | |
Loans receivable, Non-Accrual | [1] | 413 | 303 |
Loans receivable, Current | 36,519 | 33,543 | |
Loans receivable | 37,144 | 34,157 | |
Consumer loans, other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 33 | 35 | |
Loans receivable, Non-Accrual | [1] | 33 | 35 |
Loans receivable, Current | 4,347 | 4,634 | |
Loans receivable | 4,380 | 4,669 | |
Commercial business loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Loans receivable, Non-Accrual | [1] | 0 | 0 |
Loans receivable, Current | 43,355 | 33,763 | |
Loans receivable | 43,355 | 33,763 | |
30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 93 | 161 | |
30 to 59 Days Past Due | Mortgage loans, one-to-four family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Mortgage loans, multi-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Mortgage loans, commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Mortgage loans, construction - custom and owner/builder | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Mortgage loans, construction - speculative one-to-four family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Mortgage loans, construction – commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Mortgage loans, construction - Multi-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Mortgage loans, land | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 64 | 15 | |
30 to 59 Days Past Due | Consumer loans, home equity and second mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 29 | 146 | |
30 to 59 Days Past Due | Consumer loans, other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
30 to 59 Days Past Due | Commercial business loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 48 | 816 | |
60 to 89 Days Past Due | Mortgage loans, one-to-four family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 425 | |
60 to 89 Days Past Due | Mortgage loans, multi-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Mortgage loans, commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Mortgage loans, construction - custom and owner/builder | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 345 | |
60 to 89 Days Past Due | Mortgage loans, construction - speculative one-to-four family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Mortgage loans, construction – commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Mortgage loans, construction - Multi-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Mortgage loans, land | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 32 | |
60 to 89 Days Past Due | Consumer loans, home equity and second mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 48 | 14 | |
60 to 89 Days Past Due | Consumer loans, other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
60 to 89 Days Past Due | Commercial business loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 135 | 151 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, one-to-four family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, multi-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, construction - custom and owner/builder | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, construction - speculative one-to-four family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, construction – commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, construction - Multi-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Mortgage loans, land | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Consumer loans, home equity and second mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 135 | 151 | |
Past Due 90 Days or More and Still Accruing | Consumer loans, other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 0 | |
Past Due 90 Days or More and Still Accruing | Commercial business loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | $ 0 | $ 0 | |
[1] | Includes non-accrual loans past due 90 days or more and other loans classified as non-accrual. |
Loans Receivable And Allowanc38
Loans Receivable And Allowance For Loan Losses: Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 634,942 | $ 616,394 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 602,846 | 576,150 |
Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 10,717 | 10,511 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 10,773 | 17,016 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 10,606 | 12,717 |
Mortgage loans, one-to-four family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 117,465 | 116,664 |
Mortgage loans, one-to-four family | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 113,311 | 111,351 |
Mortgage loans, one-to-four family | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 722 | 653 |
Mortgage loans, one-to-four family | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 668 | 1,339 |
Mortgage loans, one-to-four family | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 2,764 | 3,321 |
Mortgage loans, multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 42,666 | 52,322 |
Mortgage loans, multi-family | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 40,844 | 45,249 |
Mortgage loans, multi-family | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Mortgage loans, multi-family | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,822 | 6,313 |
Mortgage loans, multi-family | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 760 |
Mortgage loans, commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 290,817 | 291,216 |
Mortgage loans, commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 271,130 | 270,685 |
Mortgage loans, commercial | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 8,266 | 8,040 |
Mortgage loans, commercial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 5,686 | 6,803 |
Mortgage loans, commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 5,735 | 5,688 |
Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 41,312 | 36,192 |
Mortgage loans, construction - custom and owner/builder | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 41,125 | 36,192 |
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 | 187 | 0 |
Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 2,956 | 3,781 |
Mortgage loans, construction - speculative one-to-four family | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 2,956 | 3,781 |
Mortgage loans, construction - speculative one-to-four family | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
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 |
Mortgage loans, construction – commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 16,902 | 12,200 |
Mortgage loans, construction – commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 16,902 | 12,200 |
Mortgage loans, construction – commercial | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Mortgage loans, construction – commercial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Mortgage loans, 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 | 13,623 | 5,290 |
Mortgage loans, construction - Multi-family | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 13,623 | 5,290 |
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 | 0 |
Mortgage loans, land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 24,322 | 26,140 |
Mortgage loans, land | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 20,502 | 20,964 |
Mortgage loans, land | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,058 | 1,105 |
Mortgage loans, land | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,887 | 2,078 |
Mortgage loans, land | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 875 | 1,993 |
Consumer loans, home equity and second mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 37,144 | 34,157 |
Consumer loans, home equity and second mortgage | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 34,796 | 32,172 |
Consumer loans, home equity and second mortgage | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 626 | 664 |
Consumer loans, home equity and second mortgage | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 710 | 404 |
Consumer loans, home equity and second mortgage | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,012 | 917 |
Consumer loans, other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 4,380 | 4,669 |
Consumer loans, other | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 4,347 | 4,631 |
Consumer loans, other | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
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 | 33 | 38 |
Commercial business loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 43,355 | 33,763 |
Commercial business loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 43,310 | 33,635 |
Commercial business loans | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 45 | 49 |
Commercial business loans | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 79 |
Commercial business loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 0 | $ 0 |
Loans Receivable And Allowanc39
Loans Receivable And Allowance For Loan Losses: Impaired Financing Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | |||||
Recorded Investment | |||||||
With no related allowance recorded | $ 10,452 | $ 10,452 | $ 11,059 | ||||
With an allowance recorded | 6,688 | 6,688 | 13,372 | ||||
Total: | 17,140 | 17,140 | 24,431 | ||||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | |||||||
With no related allowance recorded | 12,280 | 12,280 | 13,133 | ||||
With an allowance recorded | 6,688 | 6,688 | 13,372 | ||||
Total: | 18,968 | 18,968 | 26,505 | ||||
Related Allowance | 864 | 864 | 1,011 | ||||
Average Recorded Investment | |||||||
With no related allowance recorded | 10,709 | [1] | 10,826 | [2] | 12,983 | [3] | |
With an allowance recorded | 7,200 | [1] | 9,256 | [2] | 14,458 | [3] | |
Total | 17,909 | [1] | 20,082 | [2] | 27,441 | [3] | |
Interest Income Recognized | |||||||
With no related allowance recorded | 122 | [1] | 260 | [2] | 574 | [3] | |
With an allowance recorded | 110 | [1] | 217 | [2] | 585 | [3] | |
Total | 232 | [1] | 477 | [2] | 1,159 | [3] | |
Cash Basis Interest Income Recognized | |||||||
With no related allowance recorded | 97 | [1] | 208 | [2] | 460 | [3] | |
With an allowance recorded | 86 | [1] | 170 | [2] | 443 | [3] | |
Total | 183 | [1] | 378 | [2] | 903 | [3] | |
Mortgage loans, one-to-four family | |||||||
Recorded Investment | |||||||
With no related allowance recorded | 1,365 | 1,365 | 1,321 | ||||
With an allowance recorded | 1,565 | 1,565 | 2,970 | ||||
Total: | 2,930 | 2,930 | 4,291 | ||||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | |||||||
With no related allowance recorded | 1,435 | 1,435 | 1,546 | ||||
With an allowance recorded | 1,565 | 1,565 | 2,970 | ||||
Total: | 3,000 | 3,000 | 4,516 | ||||
Related Allowance | 120 | 120 | 307 | ||||
Average Recorded Investment | |||||||
With no related allowance recorded | 1,634 | [1] | 1,531 | [2] | 1,919 | [3] | |
With an allowance recorded | 1,964 | [1] | 2,299 | [2] | 3,833 | [3] | |
Total | 3,598 | [1] | 3,830 | [2] | 5,752 | [3] | |
Interest Income Recognized | |||||||
With no related allowance recorded | 6 | [1] | 18 | [2] | 25 | [3] | |
With an allowance recorded | 31 | [1] | 63 | [2] | 149 | [3] | |
Total | 37 | [1] | 81 | [2] | 174 | [3] | |
Cash Basis Interest Income Recognized | |||||||
With no related allowance recorded | 6 | [1] | 18 | [2] | 25 | [3] | |
With an allowance recorded | 23 | [1] | 47 | [2] | 112 | [3] | |
Total | 29 | [1] | 65 | [2] | 137 | [3] | |
Mortgage loans, multi-family | |||||||
Recorded Investment | |||||||
With no related allowance recorded | 0 | 0 | 760 | ||||
With an allowance recorded | 0 | 0 | 3,277 | ||||
Total: | 0 | 0 | 4,037 | ||||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | |||||||
With no related allowance recorded | 0 | 0 | 791 | ||||
With an allowance recorded | 0 | 0 | 3,277 | ||||
Total: | 0 | 0 | 4,068 | ||||
Related Allowance | 0 | 0 | 16 | ||||
Average Recorded Investment | |||||||
With no related allowance recorded | 0 | [1] | 253 | [2] | 570 | [3] | |
With an allowance recorded | 0 | [1] | 1,092 | [2] | 3,291 | [3] | |
Total | 0 | [1] | 1,345 | [2] | 3,861 | [3] | |
Interest Income Recognized | |||||||
With no related allowance recorded | 0 | [1] | 0 | [2] | 3 | [3] | |
With an allowance recorded | 0 | [1] | 0 | [2] | 184 | [3] | |
Total | 0 | [1] | 0 | [2] | 187 | [3] | |
Cash Basis Interest Income Recognized | |||||||
With no related allowance recorded | 0 | [1] | 0 | [2] | 3 | [3] | |
With an allowance recorded | 0 | [1] | 0 | [2] | 137 | [3] | |
Total | 0 | [1] | 0 | [2] | 140 | [3] | |
Mortgage loans, commercial | |||||||
Recorded Investment | |||||||
With no related allowance recorded | 8,207 | 8,207 | 7,199 | ||||
With an allowance recorded | 3,770 | 3,770 | 5,653 | ||||
Total: | 11,977 | 11,977 | 12,852 | ||||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | |||||||
With no related allowance recorded | 9,348 | 9,348 | 8,259 | ||||
With an allowance recorded | 3,770 | 3,770 | 5,653 | ||||
Total: | 13,118 | 13,118 | 13,912 | ||||
Related Allowance | 412 | 412 | 265 | ||||
Average Recorded Investment | |||||||
With no related allowance recorded | 8,167 | [1] | 7,844 | [2] | 9,078 | [3] | |
With an allowance recorded | 3,877 | [1] | 4,469 | [2] | 3,475 | [3] | |
Total | 12,044 | [1] | 12,313 | [2] | 12,553 | [3] | |
Interest Income Recognized | |||||||
With no related allowance recorded | 112 | [1] | 234 | [2] | 521 | [3] | |
With an allowance recorded | 59 | [1] | 113 | [2] | 202 | [3] | |
Total | 171 | [1] | 347 | [2] | 723 | [3] | |
Cash Basis Interest Income Recognized | |||||||
With no related allowance recorded | 88 | [1] | 184 | [2] | 412 | [3] | |
With an allowance recorded | 46 | [1] | 88 | [2] | 152 | [3] | |
Total | 134 | [1] | 272 | [2] | 564 | [3] | |
Mortgage loans, construction - custom and owner/builder | |||||||
Recorded Investment | |||||||
With no related allowance recorded | 0 | ||||||
With an allowance recorded | 0 | ||||||
Total: | 0 | ||||||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | |||||||
With no related allowance recorded | 0 | ||||||
With an allowance recorded | 0 | ||||||
Total: | 0 | ||||||
Related Allowance | 0 | ||||||
Average Recorded Investment | |||||||
With no related allowance recorded | [3] | 118 | |||||
With an allowance recorded | [3] | 17 | |||||
Total | [3] | 135 | |||||
Interest Income Recognized | |||||||
With no related allowance recorded | [3] | 0 | |||||
With an allowance recorded | [3] | 0 | |||||
Total | [3] | 0 | |||||
Cash Basis Interest Income Recognized | |||||||
With no related allowance recorded | [3] | 0 | |||||
With an allowance recorded | [3] | 0 | |||||
Total | [3] | 0 | |||||
Mortgage loans, land | |||||||
Recorded Investment | |||||||
With no related allowance recorded | 600 | 600 | 1,614 | ||||
With an allowance recorded | 585 | 585 | 691 | ||||
Total: | 1,185 | 1,185 | 2,305 | ||||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | |||||||
With no related allowance recorded | 1,009 | 1,009 | 2,150 | ||||
With an allowance recorded | 585 | 585 | 691 | ||||
Total: | 1,594 | 1,594 | 2,841 | ||||
Related Allowance | 57 | 57 | 37 | ||||
Average Recorded Investment | |||||||
With no related allowance recorded | 648 | [1] | 970 | [2] | 1,028 | [3] | |
With an allowance recorded | 588 | [1] | 622 | [2] | 3,298 | [3] | |
Total | 1,236 | [1] | 1,592 | [2] | 4,326 | [3] | |
Interest Income Recognized | |||||||
With no related allowance recorded | 4 | [1] | 8 | [2] | 25 | [3] | |
With an allowance recorded | 10 | [1] | 20 | [2] | 32 | [3] | |
Total | 14 | [1] | 28 | [2] | 57 | [3] | |
Cash Basis Interest Income Recognized | |||||||
With no related allowance recorded | 3 | [1] | 6 | [2] | 20 | [3] | |
With an allowance recorded | 8 | [1] | 16 | [2] | 27 | [3] | |
Total | 11 | [1] | 22 | [2] | 47 | [3] | |
Consumer loans, home equity and second mortgage | |||||||
Recorded Investment | |||||||
With no related allowance recorded | 280 | 280 | 165 | ||||
With an allowance recorded | 735 | 735 | 745 | ||||
Total: | 1,015 | 1,015 | 910 | ||||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | |||||||
With no related allowance recorded | 485 | 485 | 381 | ||||
With an allowance recorded | 735 | 735 | 745 | ||||
Total: | 1,220 | 1,220 | 1,126 | ||||
Related Allowance | 259 | 259 | 362 | ||||
Average Recorded Investment | |||||||
With no related allowance recorded | 223 | [1] | 204 | [2] | 270 | [3] | |
With an allowance recorded | 737 | [1] | 740 | [2] | 516 | [3] | |
Total | 960 | [1] | 944 | [2] | 786 | [3] | |
Interest Income Recognized | |||||||
With no related allowance recorded | 0 | [1] | 0 | [2] | 0 | [3] | |
With an allowance recorded | 10 | [1] | 21 | [2] | 18 | [3] | |
Total | 10 | [1] | 21 | [2] | 18 | [3] | |
Cash Basis Interest Income Recognized | |||||||
With no related allowance recorded | 0 | [1] | 0 | [2] | 0 | [3] | |
With an allowance recorded | 9 | [1] | 19 | [2] | 15 | [3] | |
Total | 9 | [1] | 19 | [2] | 15 | [3] | |
Consumer loans, other | |||||||
Recorded Investment | |||||||
With no related allowance recorded | 0 | 0 | |||||
With an allowance recorded | 33 | 33 | 36 | ||||
Total: | 33 | 33 | 36 | ||||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | |||||||
With no related allowance recorded | 0 | 0 | |||||
With an allowance recorded | 33 | 33 | 36 | ||||
Total: | 33 | 33 | 36 | ||||
Related Allowance | 16 | 16 | 24 | ||||
Average Recorded Investment | |||||||
With no related allowance recorded | 0 | [1] | 0 | [2] | |||
With an allowance recorded | 34 | [1] | 34 | [2] | 28 | [3] | |
Total | 34 | [1] | 34 | [2] | 28 | [3] | |
Interest Income Recognized | |||||||
With no related allowance recorded | 0 | [1] | 0 | [2] | |||
With an allowance recorded | 0 | [1] | 0 | [2] | 0 | [3] | |
Total | 0 | [1] | 0 | [2] | 0 | [3] | |
Cash Basis Interest Income Recognized | |||||||
With no related allowance recorded | 0 | [1] | 0 | [2] | |||
With an allowance recorded | 0 | [1] | 0 | [2] | 0 | [3] | |
Total | 0 | [1] | 0 | [2] | 0 | [3] | |
Commercial business loans | |||||||
Recorded Investment | |||||||
With no related allowance recorded | 0 | 0 | 0 | ||||
With an allowance recorded | 0 | 0 | |||||
Total: | 0 | 0 | 0 | ||||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | |||||||
With no related allowance recorded | 3 | 3 | 6 | ||||
With an allowance recorded | 0 | 0 | |||||
Total: | 3 | 3 | 6 | ||||
Related Allowance | 0 | 0 | 0 | ||||
Average Recorded Investment | |||||||
With no related allowance recorded | 37 | [1] | 24 | [2] | 0 | [3] | |
With an allowance recorded | [2] | 0 | |||||
Total | 37 | [1] | 24 | [2] | 0 | [3] | |
Interest Income Recognized | |||||||
With no related allowance recorded | 0 | [1] | 0 | [2] | 0 | [3] | |
With an allowance recorded | 0 | [1] | 0 | [2] | |||
Total | 0 | [1] | 0 | [2] | 0 | [3] | |
Cash Basis Interest Income Recognized | |||||||
With no related allowance recorded | 0 | [1] | 0 | [2] | 0 | [3] | |
With an allowance recorded | 0 | [1] | 0 | [2] | |||
Total | $ 0 | [1] | $ 0 | [2] | $ 0 | [3] | |
[1] | For the three months ended March 31, 2016. | ||||||
[2] | For the six months ended March 31, 2016. | ||||||
[3] | For the year ended September 30, 2015. |
Loans Receivable And Allowanc40
Loans Receivable And Allowance For Loan Losses: Schedule 1 of Troubled debt restructured loans (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 |
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | $ 8,455 | $ 13,718 |
Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 7,923 | 12,485 |
Non-Accrual | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 532 | 1,233 |
Mortgage loans, one-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 1,692 | 2,755 |
Mortgage loans, one-to-four family | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 1,565 | 1,929 |
Mortgage loans, one-to-four family | Non-Accrual | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 127 | 826 |
Mortgage loans, multi-family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 3,277 | |
Mortgage loans, multi-family | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 3,277 | |
Mortgage loans, multi-family | Non-Accrual | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 0 | |
Mortgage loans, commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 5,331 | 6,237 |
Mortgage loans, commercial | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 5,331 | 6,237 |
Mortgage loans, commercial | Non-Accrual | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 0 | 0 |
Mortgage loans, land | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 987 | 1,002 |
Mortgage loans, land | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 734 | 747 |
Mortgage loans, land | Non-Accrual | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 253 | 255 |
Consumer loans, home equity and second mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 445 | 447 |
Consumer loans, home equity and second mortgage | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 293 | 295 |
Consumer loans, home equity and second mortgage | Non-Accrual | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | $ 152 | $ 152 |
Loans Receivable And Allowanc41
Loans Receivable And Allowance For Loan Losses: Schedule of Troubled Debt Restructurings by Portfolio Segment (Details) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015USD ($)contract | Mar. 31, 2016USD ($) | ||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, End of Period Balance | $ 13,718 | $ 8,455 | |
Portfolio Segment | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 48 | ||
Post-Modification Outstanding Recorded Investment | 48 | ||
Troubled debt restructurings, End of Period Balance | $ 48 | ||
Portfolio Segment | Mortgage loans, one-to-four family | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | [1] | 1 | |
Pre-Modification Outstanding Recorded Investment | [1] | $ 48 | |
Post-Modification Outstanding Recorded Investment | [1] | 48 | |
Troubled debt restructurings, End of Period Balance | [1] | $ 48 | |
[1] | Modification was a result of a reduction in the stated interest rate. |
Loans Receivable And Allowanc42
Loans Receivable And Allowance For Loan Losses - Narrative (Details) - USD ($) | Mar. 31, 2016 | Sep. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||
Troubled debt restructured loan | $ 8,455,000 | $ 13,718,000 |
Loans and leases receivable, impaired, commitment to lend | 0 | 0 |
Allowance for loan losses allocated to TDR loans | $ 525,000 | $ 310,000 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - shares | Mar. 31, 2016 | Jun. 30, 2012 |
Earnings Per Share [Abstract] | ||
ESOP, number of suspense shares (in shares) | 114,588 | 152,869 |
Net Income Per Common Share_ Sc
Net Income Per Common Share: Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Earnings Per Share, Basic [Abstract] | |||||
Numerator – net income | $ 2,380 | $ 1,451 | $ 4,908 | $ 3,178 | |
Denominator – weighted average common shares outstanding (in shares) | 6,846,527 | 6,898,192 | 6,858,190 | 6,895,038 | |
Basic net income per common share (in dollars per share) | $ 0.35 | $ 0.21 | $ 0.72 | $ 0.46 | |
Earnings Per Share, Diluted [Abstract] | |||||
Effect of dilutive stock options (in shares) | [1] | 62,028 | 36,730 | 57,482 | 36,775 |
Effect of dilutive stock warrant (in shares) | [2] | 171,450 | 136,870 | 166,273 | 135,808 |
Weighted average common shares and common stock equivalents (in shares) | 7,080,005 | 7,071,792 | 7,081,945 | 7,067,621 | |
Diluted net income per common share (in dollars per share) | $ 0.34 | $ 0.21 | $ 0.69 | $ 0.45 | |
Stock Options | |||||
Earnings Per Share, Diluted [Abstract] | |||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 14,000 | 122,000 | 84,383 | 122,000 | |
Warrant | |||||
Earnings Per Share, Diluted [Abstract] | |||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 370,899 | ||||
Common Stock | |||||
Earnings Per Share, Diluted [Abstract] | |||||
Class of warrant, exercise price (in dollars per share) | $ 6.73 | $ 6.73 | |||
[1] | For the three and six months ended March 31, 2016, average options to purchase 14,000 and 84,383 shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per share because their effect would have been anti-dilutive. For both the three and six months ended March 31, 2015, average options to purchase 122,000 shares of common stock were outstanding but not included in the computation of diluted net income per common share because their effect would have been anti-dilutive. | ||||
[2] | Represents a warrant to purchase 370,899 shares of the Company's common stock at an exercise price of $6.73 per share (subject to anti-dilution adjustments) at any time through December 23, 2018 (the "Warrant"). The Warrant was granted on December 23, 2008 to the U.S. Treasury Department ("Treasury") as part of the Company's participation in the Treasury's Troubled Asset Relief Program ("TARP"). On June 12, 2013, the Treasury sold the Warrant to private investors. |
Accumulated Other Comprehensi45
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | $ 89,187 | [1] | $ 82,778 | |||
Balance at end of period | $ 92,262 | $ 85,424 | 92,262 | 85,424 | ||
Accumulated Other Comprehensive Income (Loss) | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | [2] | (315) | (364) | (313) | (339) | |
Net change, net of income taxes | [2] | 29 | 17 | 27 | (8) | |
Balance at end of period | [2] | (286) | (347) | (286) | (347) | |
Available-for-sale Securities | Accumulated Net Unrealized Investment Gain (Loss) | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | [2] | (9) | 4 | 3 | 37 | |
Net change, net of income taxes | [2] | 11 | 8 | (1) | (25) | |
Balance at end of period | [2] | 2 | 12 | 2 | 12 | |
Held-to-maturity Securities | Accumulated Net Unrealized Investment Gain (Loss) | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | [2] | (306) | (368) | (316) | (376) | |
Net change, net of income taxes | [2] | 18 | 9 | 28 | 17 | |
Balance at end of period | [2] | $ (288) | $ (359) | $ (288) | $ (359) | |
[1] | Derived from audited consolidated financial statements. | |||||
[2] | All amounts are net of income taxes. |
Stock Compensation Plans And 46
Stock Compensation Plans And Stock Based Compensation (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Jan. 27, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options, outstanding, aggregate intrinsic value | $ 1,280 | ||
Number of unvested stock options (shares) | 226,100 | 141,200 | |
Unvested stock options, aggregate grant date fair value | $ 486 | $ 348 | |
Unvested stock options, aggregate intrinsic value | $ 691 | ||
Stock options vested during period (shares) | 33,700 | 42,900 | |
Stock options vested during period, aggregate grant date fair value | $ 82 | $ 100 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 2,151,500 | ||
Award vesting percentage | 20.00% | ||
Award vesting period (years) | 5 years | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of unvested shares | 0 | 0 | |
Equity Incentive Plan 2014 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 352,366 | ||
Number of shares available for grant | 226,866 | ||
MRDP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for grant | 0 |
Stock Compensation Plans And 47
Stock Compensation Plans And Stock Based Compensation: Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) - $ / shares | 6 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Shares: | ||
Options outstanding, beginning of period (shares) | 341,300 | 221,400 |
Exercised (shares) | (10,220) | (5,300) |
Forfeited (shares) | (2,900) | (200) |
Options outstanding, end of period (shares) | 328,180 | 215,900 |
Weighted Average Exercise Price (in dollars per share): | ||
Options outstanding, beginning of period (dollars per share) | $ 8.73 | $ 7.49 |
Exercised (dollars per share) | 8.37 | 4.62 |
Forfeited (dollars per share) | 9.96 | 4.55 |
Options outstanding, end of period (dollars per share) | $ 8.73 | $ 7.57 |
Stock Compensation Plans and 48
Stock Compensation Plans and Stock Based Compensation: Stock Options by Exercise Price (Details) - Stock Options shares in Thousands | 6 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 328,180 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 8.73 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 7 years 9 months 18 days |
Options Exercisable, Number (shares) | shares | 102,080 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 6.83 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 6 years 6 months |
$4.01 - $4.55 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Exercise Price, minimum (dollars per share) | $ 4.01 |
Weighted Average Exercise Price, maximum (dollars per share) | $ 4.55 |
Options Outstanding, Number (shares) | shares | 30,200 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 4.22 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 4 years 9 months 18 days |
Options Exercisable, Number (shares) | shares | 26,400 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 4.26 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 4 years 8 months 12 days |
$5.86 - $6.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Exercise Price, minimum (dollars per share) | $ 5.86 |
Weighted Average Exercise Price, maximum (dollars per share) | $ 6 |
Options Outstanding, Number (shares) | shares | 58,000 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 5.92 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 6 years 6 months |
Options Exercisable, Number (shares) | shares | 34,400 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 5.92 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 6 years 6 months |
$ 9 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Exercise Price, minimum (dollars per share) | $ 9 |
Options Outstanding, Number (shares) | shares | 91,600 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 9 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 7 years 7 months 6 days |
Options Exercisable, Number (shares) | shares | 34,000 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 9 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 7 years 7 months 6 days |
$10.26 - $10.71 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Exercise Price, minimum (dollars per share) | $ 10.26 |
Weighted Average Exercise Price, maximum (dollars per share) | $ 10.71 |
Options Outstanding, Number (shares) | shares | 148,380 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 10.57 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 9 years |
Options Exercisable, Number (shares) | shares | 7,280 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 10.37 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 7 years 9 months 18 days |
Stock Compensation Plans And 49
Stock Compensation Plans And Stock Based Compensation: Schedule of Expenses for Stock Compensation Plans (Details) - Stock Options - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 84 | $ 58 |
Less: related tax benefit recognized | (9) | (2) |
Total | $ 75 | $ 56 |
Stock Compensation Plans And 50
Stock Compensation Plans And Stock Based Compensation: Schedule of Unrecognized Compensation Expense for stock-based awards (Details) - Stock Options $ in Thousands | Mar. 31, 2016USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation expense yet to be recognized for stock-based awards that have been awarded but not vested | $ 431 |
Remainder of 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation expense yet to be recognized for stock-based awards that have been awarded but not vested | 77 |
2,017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation expense yet to be recognized for stock-based awards that have been awarded but not vested | 146 |
2,018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation expense yet to be recognized for stock-based awards that have been awarded but not vested | 115 |
2,019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation expense yet to be recognized for stock-based awards that have been awarded but not vested | 58 |
2,020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation expense yet to be recognized for stock-based awards that have been awarded but not vested | $ 35 |
Fair Value Measurements_ Balanc
Fair Value Measurements: Balances of assets and liabilities measured at estimated fair value on a recurring basis (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | $ 1,365 | $ 1,392 |
MBS: U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 391 | 421 |
Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 974 | 971 |
Fair Value, Inputs, Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 974 | 971 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 391 | 421 |
Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 0 | 0 |
Recurring | MBS: U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 391 | 421 |
Recurring | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 974 | 971 |
Recurring | Fair Value, Inputs, Level 1 | MBS: U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 0 | 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 investment securities, estimated fair value | 974 | 971 |
Recurring | Fair Value, Inputs, Level 2 | MBS: U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 391 | 421 |
Recurring | Fair Value, Inputs, Level 2 | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 0 | 0 |
Recurring | Fair Value, Inputs, Level 3 | MBS: U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 0 | 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 investment securities, estimated fair value | $ 0 | $ 0 |
Fair Value Measurements_ Bala52
Fair Value Measurements: Balances of assets measured at estimated fair value on a non-recurring basis, and total losses resulting from estimated fair value adjustments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 |
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 | |
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, 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 | Consumer loans, Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 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 | 49 | 31 |
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 | |
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, 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 | Consumer loans, Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 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 | 49 | 31 |
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 | 11,282 | 20,215 |
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 | 1,445 | 2,663 |
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 | 3,261 | |
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 | 3,358 | 5,388 |
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 | 528 | 654 |
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 | 476 | 383 |
Fair Value, Inputs, Level 3 | Consumer loans, Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 17 | 12 |
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 | 5,824 | 12,361 |
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 | $ 5,458 | $ 7,854 |
Fair Value Measurements_ Fair V
Fair Value Measurements: Fair Value Measurements, Nonrecurring, Valuation Techniques (Details) - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, estimated fair value, nonrecurring | $ 11,282 | $ 20,215 |
Impaired loans | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, estimated fair value, nonrecurring | 5,824 | 12,361 |
Nonrecurring | Impaired loans | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, estimated fair value, nonrecurring | 5,824 | 12,361 |
Nonrecurring | OREO and other repossessed assets | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, estimated fair value, nonrecurring | $ 5,458 | $ 7,854 |
Fair Value Measurements_ Schedu
Fair Value Measurements: Schedule of estimated fair values of financial instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 |
Recorded Amount | ||
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 110,029 | $ 92,289 |
CDs held for investment | 52,524 | 48,611 |
Investment securities | 9,108 | 9,305 |
FHLB stock | 2,804 | 2,699 |
Loans receivable, net | 622,851 | 604,277 |
Loans held for sale | 1,584 | 3,051 |
Accrued interest receivable | 2,232 | 2,170 |
Non-interest-bearing demand | 148,980 | 141,388 |
Interest-bearing | 563,058 | 537,524 |
Total deposits | 712,038 | 678,912 |
FHLB advances | 45,000 | 45,000 |
Accrued interest payable | 311 | 289 |
Fair Value | ||
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 110,029 | 92,289 |
CDs held for investment | 52,524 | 48,611 |
Investment securities | 9,993 | 10,286 |
FHLB stock | 2,804 | 2,699 |
Loans receivable, net | 630,306 | 614,734 |
Loans held for sale | 1,631 | 3,139 |
Accrued interest receivable | 2,232 | 2,170 |
Non-interest-bearing demand | 148,980 | 141,388 |
Interest-bearing | 563,459 | 538,092 |
Total deposits | 712,439 | 679,480 |
FHLB advances | 46,288 | 46,742 |
Accrued interest payable | 311 | 289 |
Fair Value | Fair Value, Inputs, Level 1 | ||
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 110,029 | 92,289 |
CDs held for investment | 52,524 | 48,611 |
Investment securities | 3,998 | 3,996 |
FHLB stock | 2,804 | 2,699 |
Loans receivable, net | 0 | 0 |
Loans held for sale | 1,631 | 3,139 |
Accrued interest receivable | 2,232 | 2,170 |
Non-interest-bearing demand | 148,980 | 141,388 |
Interest-bearing | 412,062 | 383,419 |
Total deposits | 561,042 | 524,807 |
FHLB advances | 0 | 0 |
Accrued interest payable | 311 | 289 |
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 |
Investment securities | 5,995 | 6,290 |
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 | 46,288 | 46,742 |
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 |
Investment securities | 0 | 0 |
FHLB stock | 0 | 0 |
Loans receivable, net | 630,306 | 614,734 |
Loans held for sale | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Non-interest-bearing demand | 0 | 0 |
Interest-bearing | 151,397 | 154,673 |
Total deposits | 151,397 | 154,673 |
FHLB advances | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |