Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2017 | Feb. 01, 2018 | |
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 | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 7,378,127 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 | |
Cash and cash equivalents: | |||
Cash and due from financial institutions | $ 16,952 | $ 17,447 | [1] |
Interest-bearing deposits in banks | 149,255 | 130,741 | [1] |
Total cash and cash equivalents | 166,207 | 148,188 | [1] |
Certificates of deposit (“CDs”) held for investment (at cost, which approximates fair value) | 53,528 | 43,034 | [1] |
Investment securities held to maturity, at amortized cost (estimated fair value $7,609 and $7,744) | 7,077 | 7,139 | [1] |
Investment securities available for sale, at fair value | 1,221 | 1,241 | [1] |
Federal Home Loan Bank of Des Moines (“FHLB”) stock | 1,107 | 1,107 | [1] |
Other investments, at cost | 3,000 | 3,000 | [1] |
Loans held for sale | 3,407 | 3,599 | [1] |
Loans receivable, net of allowance for loan losses of $9,565 and $9,553 | 705,268 | 690,364 | [1] |
Premises and equipment, net | 18,307 | 18,418 | [1] |
Other real estate owned (“OREO”) and other repossessed assets, net | 2,887 | 3,301 | [1] |
Accrued interest receivable | 2,743 | 2,520 | [1] |
Bank owned life insurance (“BOLI”) | 19,402 | 19,266 | [1] |
Goodwill | 5,650 | 5,650 | [1] |
Mortgage servicing rights (“MSRs”), net | 1,871 | 1,825 | [1] |
Other assets | 2,220 | 3,372 | [1] |
Total assets | 993,895 | 952,024 | [1] |
Deposits: | |||
Non-interest-bearing demand | 210,108 | 205,952 | [1] |
Interest-bearing | 665,966 | 631,946 | [1] |
Total deposits | 876,074 | 837,898 | [1] |
Other liabilities and accrued expenses | 3,709 | 3,126 | [1] |
Total liabilities | 879,783 | 841,024 | [1] |
Shareholders’ equity | |||
Preferred stock, $.01 par value; 1,000,000 shares authorized; none issued | 0 | 0 | [2] |
Common stock, $.01 par value; 50,000,000 shares authorized; 7,367,327 shares issued and outstanding - December 31, 2017 7,361,077 shares issued and outstanding - September 30, 2017 | 13,540 | 13,286 | [2] |
Unearned shares issued to Employee Stock Ownership Plan (“ESOP”) | (331) | (397) | [2] |
Retained earnings | 101,039 | 98,235 | [2] |
Accumulated other comprehensive loss | (136) | (124) | [2] |
Total shareholders’ equity | 114,112 | 111,000 | [2] |
Total liabilities and shareholders’ equity | $ 993,895 | $ 952,024 | [2] |
[1] | Derived from audited consolidated financial statements. | ||
[2] | Derived from audited consolidated financial statements. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Investments securities held to maturity, estimated fair value | $ 7,609 | $ 7,744 |
Allowance for loan losses | $ 9,565 | $ 9,553 |
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) | 7,367,327 | 7,361,077 |
Common stock shares outstanding (shares) | 7,367,327 | 7,361,077 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Interest and dividend income | ||
Loans receivable and loans held for sale | $ 9,328 | $ 8,788 |
Investment securities | 58 | 70 |
Dividends from mutual funds, FHLB stock and other investments | 26 | 24 |
Interest-bearing deposits in banks and CDs | 623 | 281 |
Total interest and dividend income | 10,035 | 9,163 |
Interest expense | ||
Deposits | 601 | 543 |
FHLB borrowings | 0 | 307 |
Total interest expense | 601 | 850 |
Net interest income | 9,434 | 8,313 |
Provision for loan losses | 0 | 0 |
Net interest income after provision for loan losses | 9,434 | 8,313 |
Non-interest income | ||
Recoveries (other than temporary impairment OTTI) on investment securities | (27) | 0 |
Adjustment for portion of OTTI transferred from other comprehensive income before income taxes | (5) | 0 |
Net recoveries on investment securities | (22) | 0 |
Service charges on deposits | 1,179 | 1,105 |
ATM and debit card interchange transaction fees | 845 | 800 |
BOLI net earnings | 136 | 137 |
Gain on sales of loans, net | 521 | 689 |
Escrow fees | 59 | 76 |
Servicing income on loans sold | 116 | 97 |
Other, net | 259 | 312 |
Total non-interest income, net | 3,137 | 3,216 |
Non-interest expense | ||
Salaries and employee benefits | 3,950 | 3,680 |
Premises and equipment | 768 | 755 |
Advertising | 209 | 162 |
OREO and other repossessed assets, net | 113 | 30 |
ATM and debit card interchange transaction fees | 331 | 311 |
Postage and courier | 105 | 95 |
State and local taxes | 161 | 155 |
Professional fees | 218 | 201 |
Federal Deposit Insurance Corporation (FDIC) insurance | 65 | 113 |
Loan administration and foreclosure | 79 | 94 |
Data processing and telecommunications | 467 | 450 |
Deposit operations | 278 | 309 |
Other | 432 | 455 |
Total non-interest expense | 7,176 | 6,810 |
Income before income taxes | 5,395 | 4,719 |
Provision for income taxes | 1,781 | 1,572 |
Net income | $ 3,614 | $ 3,147 |
Net income per common share | ||
Basic (in dollars per share) | $ 0.49 | $ 0.46 |
Diluted (in dollars per share) | $ 0.48 | $ 0.43 |
Weighted average common shares outstanding | ||
Basic (in shares) | 7,312,531 | 6,862,749 |
Diluted (in shares) | 7,508,169 | 7,235,515 |
Dividends paid per common share (in dollars per share) | $ 0.11 | $ 0.09 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Comprehensive income | ||
Net income | $ 3,614 | $ 3,147 |
Unrealized holding loss on investment securities available for sale, net of income taxes of ($2) and ($14), respectively | (7) | (27) |
Change in OTTI on investment securities held to maturity, net of income taxes: | ||
Adjustments related to other factors for which OTTI was previously recognized, net of income taxes of ($6) and $0, respectively | (21) | 0 |
Amount reclassified to credit loss for previously recorded market loss, net of income taxes of $1 and $0, respectively | 4 | 0 |
Accretion of OTTI on investment securities held to maturity, net of income taxes of $3 and $7, respectively | 12 | 13 |
Total other comprehensive loss, net of income taxes | (12) | (14) |
Total comprehensive income | $ 3,602 | $ 3,133 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized holding loss on investment securities available for sale, tax | $ (2) | $ (14) |
Adjustments related to other factors for which OTTI was previously recognized, tax | (6) | 0 |
Amount reclassified to credit loss for previously recorded market loss, tax | 1 | 0 |
Accretion of OTTI on investment securities held to maturity, tax | $ 3 | $ 7 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Stock Options | Number of Shares | Number of SharesStock Options | Unearned Shares Issued to ESOP | Retained Earnings | Accumulated Other Comprehensive Loss | ||
Balance at beginning of period (in shares) at Sep. 30, 2016 | 6,943,868 | ||||||||
Balance at beginning of period at Sep. 30, 2016 | $ 96,834 | $ 9,961 | $ (661) | $ 87,709 | $ (175) | [1] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 3,147 | 3,147 | |||||||
Other comprehensive income (loss) | $ (14) | (14) | |||||||
Exercise of stock options (in shares) | 12,700 | 12,700 | |||||||
Exercise of stock options | $ 80 | $ 80 | |||||||
Common stock dividends ($0.09 and $0.11 per share, respectively) | (626) | (626) | |||||||
Earned ESOP shares, net of income taxes | 128 | $ 62 | 66 | ||||||
Stock option compensation expense | $ 85 | $ 85 | |||||||
Balance at end of period (in shares) at Dec. 31, 2016 | 6,956,568 | ||||||||
Balance at end of period at Dec. 31, 2016 | 99,634 | $ 10,188 | (595) | 90,230 | (189) | [1] | |||
Balance at beginning of period (in shares) at Sep. 30, 2017 | 7,361,077 | ||||||||
Balance at beginning of period at Sep. 30, 2017 | 111,000 | [2] | $ 13,286 | (397) | 98,235 | (124) | [1] | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 3,614 | 3,614 | |||||||
Other comprehensive income (loss) | $ (12) | (12) | |||||||
Exercise of stock options (in shares) | 6,250 | 6,250 | |||||||
Exercise of stock options | $ 61 | $ 61 | |||||||
Common stock dividends ($0.09 and $0.11 per share, respectively) | (810) | (810) | |||||||
Earned ESOP shares, net of income taxes | 215 | $ 149 | 66 | ||||||
Stock option compensation expense | $ 44 | $ 44 | |||||||
Balance at end of period (in shares) at Dec. 31, 2017 | 7,367,327 | ||||||||
Balance at end of period at Dec. 31, 2017 | $ 114,112 | $ 13,540 | $ (331) | $ 101,039 | $ (136) | [1] | |||
[1] | All amounts are net of income taxes. | ||||||||
[2] | Derived from audited consolidated financial statements. |
Consolidated Statements of Sha8
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Shares | ||
Common stock dividends (in dollars per share) | $ 0.11 | $ 0.09 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Cash flows from operating activities | |||
Net income | $ 3,614 | $ 3,147 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 310 | 313 | |
Earned ESOP shares | 215 | 128 | |
Stock option compensation expense | 44 | 85 | |
Net recoveries on investment securities | (22) | 0 | |
Gain on sales of OREO and other repossessed assets, net | (12) | (3) | |
Provision for OREO losses | 94 | 9 | |
Gain on sales of loans, net | (521) | (689) | |
Loans originated for sale | (15,193) | (21,914) | |
Proceeds from sales of loans | 15,906 | 24,199 | |
Amortization of MSRs | 120 | 125 | |
BOLI net earnings | (136) | (137) | |
Increase (decrease) in deferred loan origination fees | 38 | (45) | |
Net change in accrued interest receivable and other assets, and other liabilities and accrued expenses | 1,301 | 760 | |
Net cash provided by operating activities | 5,758 | 5,978 | |
Cash flows from investing activities | |||
Net increase in CDs held for investment | (10,494) | (432) | |
Proceeds from maturities and prepayments of investment securities held to maturity | 11 | 136 | |
Proceeds from maturities and prepayments of investment securities available for sale | 126 | 14 | |
Increase in loans receivable, net | (15,105) | (5,994) | |
Additions to premises and equipment | (199) | (1,970) | |
Proceeds from sales of OREO and other repossessed assets | 495 | 902 | |
Net cash used in investing activities | (25,166) | (7,344) | |
Cash flows from financing activities | |||
Net increase in deposits | 38,176 | 28,441 | |
Proceeds from exercise of stock options | 61 | 80 | |
Payment of dividends | (810) | (626) | |
Net cash provided by financing activities | 37,427 | 27,895 | |
Net increase in cash and cash equivalents | 18,019 | 26,529 | |
Cash and cash equivalents, at beginning of period | 148,188 | [1] | 108,941 |
Cash and cash equivalents, at end of period | 166,207 | 135,470 | |
Supplemental disclosure of cash flow information | |||
Income taxes paid | 0 | 200 | |
Interest paid | 584 | 834 | |
Supplemental disclosure of non-cash investing activities | |||
Loans transferred to OREO and other repossessed assets | 163 | 45 | |
Other comprehensive loss related to investment securities | $ (12) | $ (14) | |
[1] | Derived from audited consolidated financial statements. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2017 | |
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, 2017 (“2017 Form 10-K”). The unaudited consolidated results of operations for the three months ended December 31, 2017 are not necessarily indicative of the results that may be expected for the entire fiscal year ending September 30, 2018. (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 December 31, 2017 presentation with no change to net income or total shareholders’ equity as previously reported. |
Investment Securities
Investment Securities | 3 Months Ended |
Dec. 31, 2017 | |
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 December 31, 2017 and September 30, 2017 (dollars in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2017 Held to maturity Mortgage-backed securities ("MBS"): U.S. government agencies $ 502 $ 9 $ — $ 511 Private label residential 580 561 (2 ) 1,139 U.S. Treasury and U.S government agency securities 5,995 — (36 ) 5,959 Total $ 7,077 $ 570 $ (38 ) $ 7,609 Available for sale MBS: U.S. government agencies $ 260 $ 15 $ — $ 275 Mutual funds 1,000 — (54 ) 946 Total $ 1,260 $ 15 $ (54 ) $ 1,221 September 30, 2017 Held to maturity MBS: U.S. government agencies $ 532 $ 11 $ (1 ) $ 542 Private label residential 599 596 (2 ) 1,193 U.S. Treasury and U.S. government agency securities 6,008 10 (9 ) 6,009 Total $ 7,139 $ 617 $ (12 ) $ 7,744 Available for sale MBS: U.S. government agencies $ 271 $ 18 $ — $ 289 Mutual funds 1,000 — (48 ) 952 Total $ 1,271 $ 18 $ (48 ) $ 1,241 Held to maturity and available for sale investment securities with unrealized losses were as follows for December 31, 2017 (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 $ 8 $ — 2 $ 74 $ — 5 $ 82 $ — Private label residential — — — 81 (2 ) 10 81 (2 ) U.S. Treasury and U.S. government agency securities 5,959 (36 ) 2 — — — 5,959 (36 ) Total $ 5,967 $ (36 ) 4 $ 155 $ (2 ) 15 $ 6,122 $ (38 ) Available for sale Mutual funds $ — $ — — $ 946 $ (54 ) 1 $ 946 $ (54 ) Total $ — $ — — $ 946 $ (54 ) 1 $ 946 $ (54 ) Held to maturity and available for sale investment securities with unrealized losses were as follows for September 30, 2017 (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 $ — $ — — $ 114 $ (1 ) 6 $ 114 $ (1 ) Private label residential — — — 85 (2 ) 10 85 (2 ) U.S. Treasury and U.S. government agency securities 2,984 (9 ) 1 — — — 2,984 (9 ) Total $ 2,984 $ (9 ) 1 $ 199 $ (3 ) 16 $ 3,183 $ (12 ) Available for sale Mutual funds $ — $ — — $ 952 $ (48 ) 1 $ 952 $ (48 ) Total $ — $ — — $ 952 $ (48 ) 1 $ 952 $ (48 ) The Company has evaluated the investment securities in the above tables 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 December 31, 2017 , 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). The Company bifurcates OTTI into (1) amounts related to credit losses which are recognized through earnings and (2) amounts related to all other factors which are recognized as a component of other comprehensive income (loss). To determine the component of the gross OTTI related to credit losses, the Company compared the amortized cost basis of the OTTI security to the present value of its revised expected cash flows, discounted using its pre-impairment yield. The revised expected cash flow estimates for individual securities are based primarily on an analysis of default rates, prepayment speeds and third-party analytic reports. Significant judgment by management is required in this analysis that includes, but is not limited to, assumptions regarding the collectability of principal and interest, net of related expenses, on the underlying loans. The following table presents a summary of the significant inputs utilized to measure management’s estimates of the credit loss component on OTTI securities as of December 31, 2017 and 2016: Range Weighted Minimum Maximum Average December 31, 2017 Constant prepayment rate 6.00 % 15.00 % 9.91 % Collateral default rate — % 11.08 % 4.77 % Loss severity rate — % 62.00 % 37.32 % December 31, 2016 Constant prepayment rate 6.00 % 15.00 % 12.28 % Collateral default rate 0.34 % 13.35 % 5.66 % Loss severity rate 5.00 % 81.00 % 46.05 % The following table presents the OTTI recoveries (losses) for the three months ended December 31, 2017 and 2016 (dollars in thousands): Three Months Ended December 31, 2017 Three Months Ended Held To Maturity Available For Sale Held To Maturity Available For Sale Total recoveries $ 27 $ — $ — $ — Adjustment for portion of OTTI transferred from other comprehensive income before income taxes (1) (5 ) — — — Net recoveries recognized in earnings (2) $ 22 $ — $ — $ — _________________ (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 three months ended December 31, 2017 and 2016 (dollars in thousands): Three Months Ended December 31, 2017 2016 Beginning balance of credit loss $ 1,301 $ 1,505 Additions: Additional increases to the amount related to credit loss for which OTTI was previously recognized 6 — Subtractions: Realized losses previously recorded as credit losses (22 ) (13 ) Recovery of prior credit loss (26 ) — Ending balance of credit loss $ 1,259 $ 1,492 During the three months ended December 31, 2017 , the Company recorded a $22,000 net realized loss (as a result of the securities being deemed worthless) on 12 held to maturity investment securities, all of which had been recognized previously as a credit loss. During the three months ended December 31, 2016 , the Company recorded a $13,000 net realized loss (as a result of the securities being deemed worthless) on 11 held to maturity investment securities, all of which had been recognized previously as a credit loss. The recorded amount of investment securities pledged as collateral for public fund deposits, federal treasury tax and loan deposits, FHLB collateral and other non-profit organization deposits totaled $6.77 million and $6.82 million at December 31, 2017 and September 30, 2017 , respectively. The contractual maturities of debt securities at December 31, 2017 were as follows (dollars in thousands). Expected maturities may differ from scheduled maturities due to the prepayment of principal or call provisions. Held to Maturity Available for Sale Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due after one year to five years $ 5,997 $ 5,961 $ — $ — Due after five years to ten years 34 34 — — Due after ten years 1,046 1,614 260 275 Total $ 7,077 $ 7,609 $ 260 $ 275 |
Goodwill
Goodwill | 3 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | GOODWILL Goodwill is initially recorded when the purchase price paid in a business combination exceeds the estimated fair value of the net identified tangible and intangible assets acquired and liabilities assumed. 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. For purposes of goodwill impairment testing, the services offered through the Bank and its subsidiary are managed as one strategic unit and represent the Company's only reporting unit. The annual goodwill impairment test begins with a qualitative assessment of whether it is "more likely than not" that the reporting unit's fair value is less than its carrying amount. If an entity concludes that it is not "more likely than not" that the fair value of a reporting unit is less than its carrying amount, it need not perform a two-step impairment test. If the Company's qualitative assessment concluded that it is "more likely than not" that the fair value of its reporting unit is less than its carrying amount, it must perform the two-step impairment test to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be recognized, if any. The first step of the goodwill impairment test compares the estimated fair value of the reporting unit with its carrying amount, or the book value, including goodwill. If the estimated fair value of the reporting unit equals or exceeds its book value, goodwill is considered not impaired, and the second step of the impairment test is unnecessary. The second step, if necessary, measures the amount of goodwill impairment loss to be recognized. The reporting unit must determine fair value for all assets and liabilities, excluding goodwill. The net of the assigned fair value of assets and liabilities is then compared to the book value of the reporting unit, and any excess book value becomes the implied fair value of goodwill. If the carrying amount of the goodwill exceeds the newly calculated implied fair value of goodwill, an impairment loss is recognized in the amount required to write-down the goodwill to the implied fair value. Management's qualitative assessment takes into consideration macroeconomic conditions, industry and market considerations, cost or margin factors, financial performance and share price. Based on this assessment, the Company determined that it is not "more likely than not" that the Company's fair value is less than its carrying amount and therefore goodwill was determined not to be impaired at May 31, 2017. 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 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. Any change in these indicators 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 December 31, 2017, management believes that there have been no events or changes in the circumstances since May 31, 2017 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 | 3 Months Ended |
Dec. 31, 2017 | |
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 by portfolio segment consisted of the following at December 31, 2017 and September 30, 2017 (dollars in thousands): December 31, September 30, Amount Percent Amount Percent Mortgage loans: One- to four-family (1) $ 116,976 14.6 % $ 118,147 15.1 % Multi-family 61,366 7.7 58,607 7.5 Commercial 333,085 41.8 328,927 41.9 Construction - custom and owner/builder 123,365 15.5 117,641 15.0 Construction - speculative one- to four-family 7,253 0.9 9,918 1.2 Construction - commercial 22,000 2.8 19,630 2.5 Construction - multi-family 24,601 3.1 21,327 2.7 Land 21,122 2.7 23,910 3.0 Total mortgage loans 709,768 89.1 698,107 88.9 Consumer loans: Home equity and second mortgage 38,975 4.9 38,420 4.9 Other 4,050 0.5 3,823 0.5 Total consumer loans 43,025 5.4 42,243 5.4 Commercial business loans (2) 43,993 5.5 44,444 5.7 Total loans receivable 796,786 100.0 % 784,794 100.0 % Less: Undisbursed portion of construction loans in process 79,449 82,411 Deferred loan origination fees, net 2,504 2,466 Allowance for loan losses 9,565 9,553 91,518 94,430 Loans receivable, net $ 705,268 $ 690,364 _____________________________ (1) Does not include one- to four-family loans held for sale totaling $ 3,236 and $3,515 at December 31, 2017 and September 30, 2017, respectively. (2) Does not include commercial business loans held for sale totaling $171 and $84 at December 31, 2017 and September 30, 2017, respectively. Allowance for Loan Losses The following tables set forth information for the three months ended December 31, 2017 and 2016 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands): Three Months Ended December 31, 2017 Beginning Allowance Provision for (Recapture of) Loan Losses Charge- offs Recoveries Ending Allowance Mortgage loans: One- to four-family $ 1,082 $ 43 $ — $ — $ 1,125 Multi-family 447 (17 ) — — 430 Commercial 4,184 (91 ) — — 4,093 Construction – custom and owner/builder 699 89 — — 788 Construction – speculative one- to four-family 128 (61 ) — 8 75 Construction – commercial 303 93 — — 396 Construction – multi-family 173 55 — — 228 Land 918 (142 ) — 4 780 Consumer loans: Home equity and second mortgage 983 (25 ) — — 958 Other 121 8 (1 ) 1 129 Commercial business loans 515 48 — — 563 Total $ 9,553 $ — $ (1 ) $ 13 $ 9,565 Three Months Ended December 31, 2016 Beginning Allowance Provision for (Recapture of) Loan Losses Charge- offs Recoveries Ending Allowance Mortgage loans: One- to four-family $ 1,239 $ (83 ) $ — $ 21 $ 1,177 Multi-family 473 (73 ) — — 400 Commercial 4,384 144 (5 ) — 4,523 Construction – custom and owner/builder 619 17 — — 636 Construction – speculative one- to four-family 130 (30 ) — — 100 Construction – commercial 268 14 — — 282 Construction – multi-family 316 69 — — 385 Land 820 13 (2 ) 5 836 Consumer loans: Home equity and second mortgage 939 (80 ) — — 859 Other 156 2 (3 ) 1 156 Commercial business loans 482 7 — — 489 Total $ 9,826 $ — $ (10 ) $ 27 $ 9,843 The following tables present information on the loans evaluated individually and collectively for impairment in the allowance for loan losses by portfolio segment at December 31, 2017 and September 30, 2017 (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 December 31, 2017 Mortgage loans: One- to four-family $ 1 $ 1,124 $ 1,125 $ 1,467 $ 115,509 $ 116,976 Multi-family — 430 430 — 61,366 61,366 Commercial 16 4,077 4,093 4,044 329,041 333,085 Construction – custom and owner/builder — 788 788 — 71,548 71,548 Construction – speculative one- to four-family — 75 75 — 2,723 2,723 Construction – commercial — 396 396 — 14,390 14,390 Construction – multi-family — 228 228 — 9,109 9,109 Land 72 708 780 944 20,178 21,122 Consumer loans: Home equity and second mortgage 291 667 958 484 38,491 38,975 Other — 129 129 4,050 4,050 Commercial business loans 55 508 563 181 43,812 43,993 Total $ 435 $ 9,130 $ 9,565 $ 7,120 $ 710,217 $ 717,337 September 30, 2017 Mortgage loans: One- to four-family $ — $ 1,082 $ 1,082 $ 1,443 $ 116,704 $ 118,147 Multi-family — 447 447 — 58,607 58,607 Commercial 26 4,158 4,184 3,873 325,054 328,927 Construction – custom and owner/builder — 699 699 — 63,538 63,538 Construction – speculative one- to four-family — 128 128 — 4,639 4,639 Construction – commercial — 303 303 — 11,016 11,016 Construction – multi-family — 173 173 — 6,912 6,912 Land 125 793 918 1,119 22,791 23,910 Consumer loans: Home equity and second mortgage 325 658 983 557 37,863 38,420 Other — 121 121 — 3,823 3,823 Commercial business loans — 515 515 — 44,444 44,444 Total $ 476 $ 9,077 $ 9,553 $ 6,992 $ 695,391 $ 702,383 The following tables present an analysis of loans by aging category and portfolio segment at December 31, 2017 and September 30, 2017 (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 December 31, 2017 Mortgage loans: One- to four-family $ 325 $ — $ 947 $ — $ 1,272 $ 115,704 $ 116,976 Multi-family — — — — — 61,366 61,366 Commercial 502 — 402 — 904 332,181 333,085 Construction – custom and owner/builder — — — — — 71,548 71,548 Construction – speculative one- to four- family — — — — — 2,723 2,723 Construction – commercial — — — — — 14,390 14,390 Construction – multi-family — — — — — 9,109 9,109 Land 43 — 395 — 438 20,684 21,122 Consumer loans: Home equity and second mortgage 101 — 188 — 289 38,686 38,975 Other — 36 — — 36 4,014 4,050 Commercial business loans — — 181 — 181 43,812 43,993 Total $ 971 $ 36 $ 2,113 $ — $ 3,120 $ 714,217 $ 717,337 September 30, 2017 Mortgage loans: One- to four-family $ 193 $ — $ 874 $ — $ 1,067 $ 117,080 $ 118,147 Multi-family — — — — — 58,607 58,607 Commercial — 107 213 — 320 328,607 328,927 Construction – custom and owner/ — — — — — 63,538 63,538 Construction – speculative one- to four- family — — — — — 4,639 4,639 Construction – commercial — — — — — 11,016 11,016 Construction – multi-family — — — — — 6,912 6,912 Land — — 566 — 566 23,344 23,910 Consumer loans: Home equity and second mortgage 56 — 258 — 314 38,106 38,420 Other 36 — — — 36 3,787 3,823 Commercial business loans 110 — — — 110 44,334 44,444 Total $ 395 $ 107 $ 1,911 $ — $ 2,413 $ 699,970 $ 702,383 ______________________ (1) Includes non-accrual loans past due 90 days or more and other loans classified as non-accrual. Credit Quality Indicators The Company uses credit risk grades which reflect the Company’s assessment of a loan’s risk or loss potential. The Company categorizes loans into risk grade categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors such as the estimated fair value of the collateral. The Company uses the following definitions for credit risk ratings as part of the on-going monitoring of the credit quality of its loan portfolio: Pass: Pass loans are defined as those loans that meet acceptable quality underwriting standards. Watch: Watch loans are defined as those loans that still exhibit acceptable quality, but have some concerns that justify greater attention. If these concerns are not corrected, a potential for further adverse categorization exists. These concerns could relate to a specific condition peculiar to the borrower, 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. 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 December 31, 2017 and September 30, 2017 , there were no loans classified as loss. The following tables present an analysis of loans by credit quality indicator and portfolio segment at December 31, 2017 and September 30, 2017 (dollars in thousands): Loan Grades December 31, 2017 Pass Watch Special Substandard Total Mortgage loans: One- to four-family $ 113,235 $ 902 $ 595 $ 2,244 $ 116,976 Multi-family 61,366 — — — 61,366 Commercial 322,737 6,028 3,522 798 333,085 Construction – custom and owner/builder 70,989 559 — — 71,548 Construction – speculative one- to four-family 2,723 — — — 2,723 Construction – commercial 14,390 — — — 14,390 Construction – multi-family 9,109 — — — 9,109 Land 17,929 1,014 1,784 395 21,122 Consumer loans: Home equity and second mortgage 38,463 149 — 363 38,975 Other 4,014 — — 36 4,050 Commercial business loans 43,728 29 55 181 43,993 Total $ 698,683 $ 8,681 $ 5,956 $ 4,017 $ 717,337 September 30, 2017 Mortgage loans: One- to four-family $ 115,481 $ 422 $ 644 $ 1,600 $ 118,147 Multi-family 56,857 — 1,750 — 58,607 Commercial 318,717 6,059 3,540 611 328,927 Construction – custom and owner/builder 63,210 328 — — 63,538 Construction – speculative one- to four-family 4,639 — — — 4,639 Construction – commercial 11,016 — — — 11,016 Construction – multi-family 6,912 — — — 6,912 Land 20,528 1,022 1,794 566 23,910 Consumer loans: Home equity and second mortgage 37,828 152 — 440 38,420 Other 3,787 — — 36 3,823 Commercial business loans 43,416 973 55 — 44,444 Total $ 682,391 $ 8,956 $ 7,783 $ 3,253 $ 702,383 Impaired Loans A loan is considered impaired when it is probable that the Company will be unable to collect all amounts (principal and interest) when due according to the contractual terms of the loan agreement. Smaller balance homogeneous loans, such as residential mortgage loans and consumer loans, may be collectively evaluated for impairment. When a loan has been identified as being impaired, the amount of the impairment is measured by using discounted cash flows, except when, as an alternative, the current estimated fair value of the collateral, reduced by estimated costs to sell (if applicable), or observable market price is used. The valuation of real estate collateral is subjective in nature and may be adjusted in future periods because of changes in economic conditions. Management considers third-party appraisals, as well as independent fair market value assessments from realtors or persons involved in selling real estate, in determining the estimated fair value of particular properties. In addition, as certain of these third-party appraisals and independent fair market value assessments are only updated periodically, changes in the values of specific properties may have occurred subsequent to the most recent appraisals. Accordingly, the amounts of any such potential changes and any related adjustments are generally recorded at the time such information is received. When the measurement of the impaired loan is less than the recorded investment in the loan (including accrued interest and net deferred loan origination fees or costs), impairment is recognized by creating or adjusting an allocation of the allowance for loan losses and uncollected accrued interest is reversed against interest income. If ultimate collection of principal is in doubt, all cash receipts on impaired loans are applied to reduce the principal balance. The categories of non-accrual loans and impaired loans overlap, although they are not identical. The following table is a summary of information related to impaired loans by portfolio segment as of December 31, 2017 and for the three months then ended (dollars in thousands): Recorded Investment Unpaid Principal Balance (Loan Balance Plus Charge Off) Related Allowance Year to Date ("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 $ 1,423 $ 1,569 $ — $ 1,433 $ 19 $ 16 Commercial 2,151 2,151 — 2,059 24 17 Land 45 141 — 171 — — Consumer loans: Home equity and second mortgage 188 188 — 156 2 2 Subtotal 3,807 4,049 — 3,819 45 35 With an allowance recorded: Mortgage loans: One- to four-family 44 44 1 22 — — Commercial 1,893 1,893 16 1,900 27 21 Land 899 899 72 861 9 8 Consumer loans: Home equity and second mortgage 296 296 291 365 6 5 Commercial business loans 181 181 55 91 — — Subtotal 3,313 3,313 435 3,239 42 34 Total: Mortgage loans: One- to four-family 1,467 1,613 1 1,455 19 16 Commercial 4,044 4,044 16 3,959 51 38 Land 944 1,040 72 1,032 9 8 Consumer loans: Home equity and second mortgage 484 484 291 521 8 7 Commercial business loans 181 181 55 91 — — Total $ 7,120 $ 7,362 $ 435 $ 7,058 $ 87 $ 69 ______________________________________________ (1) For the three months ended December 31, 2017 . The following table is a summary of information related to impaired loans by portfolio segment as of and for the year ended September 30, 2017 (dollars in thousands): Recorded Investment Unpaid Principal Balance (Loan Balance Plus Charge Off) Related Allowance Average Recorded Investment (1) Interest Income Recognized (1) Cash Basis Interest Income Recognized (1) With no related allowance recorded: Mortgage loans: One- to four-family $ 1,443 $ 1,589 $ — $ 1,108 $ 68 $ 62 Commercial 1,967 1,967 — 3,901 188 143 Construction – custom and owner/builder — — — 147 7 7 Land 297 410 — 512 8 6 Consumer loans: Home equity and second mortgage 123 123 — 284 — — Commercial business loans — — — 11 — — Subtotal 3,830 4,089 — 5,963 271 218 With an allowance recorded: Mortgage loans: One- to four-family — — — 721 50 38 Commercial 1,906 1,906 26 3,326 182 144 Land 822 881 125 666 35 29 Consumer loans: Home equity and second mortgage 434 434 325 530 29 26 Other — — — 17 — — Subtotal 3,162 3,221 476 5,260 296 237 Total: Mortgage loans: One- to four-family 1,443 1,589 — 1,829 118 100 Commercial 3,873 3,873 26 7,227 370 287 Construction – custom and owner/builder — — — 147 7 7 Land 1,119 1,291 125 1,178 43 35 Consumer loans: Home equity and second mortgage 557 557 325 814 29 26 Other — — — 17 — — Commercial business loans — — — 11 — — Total $ 6,992 $ 7,310 $ 476 $ 11,223 $ 567 $ 455 ______________________________________________ (1) For the year ended September 30, 2017. A troubled debt restructured loan ("TDR") is a loan for which the Company, for reasons related to a borrower’s financial difficulties, grants a 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-amortizations, extensions, deferrals and renewals. TDRs are considered impaired and are individually evaluated for impairment. TDRs are classified as non-accrual (and considered to be non-performing) unless they have been performing in accordance with modified terms for a period of at least six months. The Company had $3.48 million and $3.60 million in TDRs included in impaired loans at December 31, 2017 and September 30, 2017, respectively, and had no commitments at these dates to lend additional funds on these loans. The allowance for loan losses allocated to TDRs at December 31, 2017 and September 30, 2017 was $33,000 and $10,000 , respectively. There were no TDRs for which there was a payment default within the first 12 months of the modification during the three months ended December 31, 2017. The following tables set forth information with respect to the Company’s TDRs by interest accrual status as of December 31, 2017 and September 30, 2017 (dollars in thousands): December 31, 2017 Accruing Non- Accrual Total Mortgage loans: One- to four-family $ 520 $ 44 $ 564 Commercial 2,214 — 2,214 Land 548 155 703 Total $ 3,282 $ 199 $ 3,481 September 30, 2017 Accruing Non- Accrual Total Mortgage loans: One- to four-family $ 569 $ — $ 569 Commercial 2,219 — 2,219 Land 554 253 807 Total $ 3,342 $ 253 $ 3,595 There was one new TDR during the three months ended December 31, 2017 as a result of a reduction in the face amount of the debt on a land loan. This TDR had a pre-modification balance of $214,000 , a post-modification balance of $155,000 and a balance at December 31, 2017 of $155,000 . There were no new TDRs during the year ended September 30, 2017. |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Dec. 31, 2017 | |
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 to common shareholders by the weighted average number of common shares outstanding during the period, without considering any dilutive items. Diluted net income per common share is computed by dividing net income to common shareholders by the weighted average number of common shares and common stock equivalents for items that are dilutive, net of shares assumed to be repurchased using the treasury stock method at the average share price for the 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 December 31, 2017 and 2016, there were 51,105 and 84,964 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 months ended December 31, 2017 and 2016 is as follows (dollars in thousands, except per share amounts): Three Months Ended 2017 2016 Basic net income per common share computation Numerator – net income $ 3,614 $ 3,147 Denominator – weighted average common shares outstanding 7,312,531 6,862,749 Basic net income per common share $ 0.49 $ 0.46 Diluted net income per common share computation Numerator – net income $ 3,614 $ 3,147 Denominator – weighted average common shares outstanding 7,312,531 6,862,749 Effect of dilutive stock options (1) 195,638 139,493 Effect of dilutive stock warrant (2) — 233,273 Weighted average common shares outstanding - assuming dilution 7,508,169 7,235,515 Diluted net income per common share $ 0.48 $ 0.43 ____________________________________________ (1) For the three months ended December 31, 2017, average options to purchase 14,651 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. For the three months ended December 31, 2016, all outstanding options were included in the computation of diluted net income per share. (2) Represented 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. On January 31, 2017, the Warrant was exercised and 370,899 shares of the Company's common stock were issued in exchange for $2.50 million . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS The changes in accumulated other comprehensive loss ("AOCI") by component during the three months ended December 31, 2017 and 2016 are as follows (dollars in thousands): Three Months Ended December 31, 2017 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 $ (19 ) $ (105 ) $ (124 ) Net change (7 ) (5 ) (12 ) Balance of AOCI at the end of period $ (26 ) $ (110 ) $ (136 ) Three Months Ended December 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 $ 4 $ (179 ) $ (175 ) Net change (27 ) 13 (14 ) Balance of AOCI at the end of period $ (23 ) $ (166 ) $ (189 ) __________________________ (1) All amounts are net of income taxes. |
Stock Compensation Plans
Stock Compensation Plans | 3 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
Stock Compensation Plans | STOCK COMPENSATION PLANS Under the Company’s 2003 Stock Option Plan, the Company was able to grant options for up to 300,000 shares of common stock to employees, officers, directors and directors emeriti. Under the Company's 2014 Equity Incentive Plan, 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 market 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, and options generally have a maximum contractual term of 10 years from the date of grant. At December 31, 2017 , there were 116,516 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 both December 31, 2017 and 2016, there were no unvested restricted stock awards. There were no restricted stock grants awarded during the three months ended December 31, 2017 and 2016. Stock option activity for the three months ended December 31, 2017 and 2016 is summarized as follows: Three Months Ended Three Months Ended Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Options outstanding, beginning of period 380,120 $ 13.23 373,130 $ 9.82 Exercised (6,250 ) 9.65 (12,700 ) 6.31 Forfeited (4,300 ) 11.66 — — Options outstanding, end of period 369,570 $ 13.31 360,430 $ 9.94 The aggregate intrinsic value of options exercised during the three months ended December 31, 2017 and 2016 was $124,000 and $157,000 , respectively. At December 31, 2017 , there were 203,250 unvested options with an aggregate grant date fair value of $499,000 , all of which the Company assumes will vest. The aggregate intrinsic value of unvested options at December 31, 2017 was $1.94 million . There were 29,500 options with an aggregate grant date fair value of $75,000 that vested during the three months ended December 31, 2017 . At December 31, 2016 , there were 221,950 unvested options with an aggregate grant date fair value of $438,000 . There were 28,500 options with an aggregate grant date fair value of $67,000 that vested during the three months ended December 31, 2016 . Additional information regarding options outstanding at December 31, 2017 is as follows: Options Outstanding Options Exercisable Range of Exercise Prices ($) 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 10,000 $ 4.28 2.9 10,000 $ 4.28 2.9 5.86 - 6.00 39,000 5.94 4.8 39,000 5.94 4.8 9.00 78,000 9.00 5.8 59,800 9.00 5.8 10.26 - 10.71 131,520 10.57 7.3 48,070 10.56 7.2 15.67 53,050 15.67 8.8 9,450 15.67 8.8 29.69 58,000 29.69 9.8 — N/A N/A 369,570 $ 13.31 7.2 166,320 $ 8.83 6.0 The aggregate intrinsic value of options outstanding at December 31, 2017 and 2016 was $4.89 million and $3.86 million , respectively. As of December 31, 2017, unrecognized compensation cost related to non-vested stock options was $446,000 , which is expected to be recognized over a weighted average life of 2.25 years. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS 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 values of MBS are based upon market prices of similar securities or observable inputs (Level 2). The estimated fair values 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 December 31, 2017 and September 30, 2017. The Company's assets measured at estimated fair value on a recurring basis at December 31, 2017 and September 30, 2017 were as follows (dollars in thousands): December 31, 2017 Estimated Fair Value Level 1 Level 2 Level 3 Total Available for sale investment securities MBS: U.S. government agencies $ — $ 275 $ — $ 275 Mutual funds 946 — — 946 Total $ 946 $ 275 $ — $ 1,221 September 30, 2017 Estimated Fair Value Level 1 Level 2 Level 3 Total Available for sale investment securities MBS: U.S. government agencies $ — $ 289 $ — $ 289 Mutual funds 952 — — 952 Total $ 952 $ 289 $ — $ 1,241 There were no transfers among Level 1, Level 2 and Level 3 during the three months ended December 31, 2017 and the year ended September 30, 2017 . The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring 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 comparables included in the appraisal and known changes in the market and in the collateral. Such adjustments may be significant and typically result in a Level 3 classification of the inputs for determining fair value. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. 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: OREO and other repossessed assets are recorded at estimated fair value less estimated costs to sell. 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 December 31, 2017 (dollars in thousands): Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans: Mortgage loans: One- to four-family $ — $ — $ 43 Commercial — — 1,877 Land — — 827 Consumer loans: Home equity and second mortgage — — 5 Commercial business loans — — 126 Total impaired loans — — 2,878 Investment securities – held to maturity: MBS - private label residential — 112 — OREO and other repossessed assets — — 2,887 Total $ — $ 112 $ 5,765 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 December 31, 2017 (dollars in thousands): Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Impaired loans $ 2,878 Market approach Appraised value less selling costs NA OREO and other repossessed assets $ 2,887 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, 2017 (dollars in thousands): Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans: Mortgage loans: Commercial $ — $ — $ 1,880 Land — — 697 Consumer loans: Home equity and second mortgage — — 109 Total impaired loans — — 2,686 Investment securities – held to maturity: MBS - private label residential — 125 — OREO and other repossessed assets — — 3,301 Total $ — $ 125 $ 5,987 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, 2017 (dollars in thousands): Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Impaired loans $ 2,686 Market approach Appraised value less selling costs NA OREO and other repossessed assets $ 3,301 Market approach Lower of appraised value or listing price less selling costs NA 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 December 31, 2017 and September 30, 2017. 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. The following methods and assumptions were used by the Company in estimating fair value of its other financial instruments: Cash and Cash Equivalents and 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. Other Investments: The Bank invests in the Solomon Hess SBA Loan Fund LLC. Shares in the fund are not publicly traded and therefore have no readily determinable fair market value, therefore they are recorded on the balance sheet at cost. An investor can have its investment in the funds redeemed for the balance of its capital account at any quarter end with 60 days notice to the fund. Loans Held for Sale: The estimated fair value is based on quoted market prices (for one-to four-family loans) and the guaranteed value of U.S. Small Business Administration ("SBA") loans (made to small businesses under the SBA's 7(a) loan programs). Quoted market prices are obtained from the Federal Home Loan Mortgage Corporation ("Freddie Mac") and the FHLB. 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. 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 Borrowings: The estimated fair value of FHLB borrowings 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 recorded amounts and estimated fair values of financial instruments were as follows as of December 31, 2017 and September 30, 2017 (dollars in thousands): December 31, 2017 Fair Value Measurements Using: Recorded Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 166,207 $ 166,207 $ 166,207 $ — $ — CDs held for investment 53,528 53,528 53,528 — — Investment securities 8,298 8,830 3,910 4,920 — FHLB stock 1,107 1,107 1,107 — — Other investments 3,000 3,000 3,000 — — Loans held for sale 3,407 3,501 3,501 — — Loans receivable, net 705,268 697,940 — — 697,940 Accrued interest receivable 2,743 2,743 2,743 — — Financial liabilities Deposits: Non-interest-bearing demand 210,108 210,108 210,108 — — Interest-bearing 665,966 665,783 528,543 — 137,240 Total deposits 876,074 875,891 738,651 — 137,240 Accrued interest payable 178 178 178 — — September 30, 2017 Fair Value Measurements Using: Recorded Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 148,188 $ 148,188 $ 148,188 $ — $ — CDs held for investment 43,034 43,034 43,034 — — Investment securities 8,380 8,985 3,954 5,031 — FHLB stock 1,107 1,107 1,107 — — Other investments 3,000 3,000 3,000 — — Loans held for sale 3,599 3,619 3,619 — — Loans receivable, net 690,364 688,332 — — 688,332 Accrued interest receivable 2,520 2,520 2,520 — — Financial liabilities Deposits: Non-interest-bearing demand 205,952 205,952 205,952 — — Interest-bearing 631,946 632,629 492,305 — 140,324 Total deposits 837,898 838,581 698,257 — 140,324 Accrued interest payable 161 161 161 — — 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 | 3 Months Ended |
Dec. 31, 2017 | |
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) . 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 new guidance 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. This ASU is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. The Company's primary source of revenue is interest income, which is recognized when earned and is deemed to be in compliance with this ASU. Accordingly, the adoption of ASU No. 2014-09 is not expected to have a material impact on the Company's future 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 the fair value of financial instruments. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Management is in the planning stages of developing processes and procedures to comply with the disclosure requirements of this ASU, which could impact the disclosures the Company makes related to the fair value of its financial instruments; however, the adoption of ASU No. 2016-01 is not expected to have a material impact on the Company's future 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 effect of adoption will depend on leases at the time of adoption. Once adopted, the Company expects to report higher assets and liabilities as a result of including right-of-use assets and lease liabilities related to certain banking offices and certain equipment under non-cancelable operating lease agreements; however, based on current leases the adoption of ASU No. 2016-02 is not expected to have a material impact on the Company's future consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses . This ASU replaces the existing incurred losses methodology with a current expected losses methodology with respect to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held to maturity investment securities and off-balance sheet commitments. In addition, this ASU requires credit losses relating to available for sale debt securities to be recorded through an allowance for credit losses rather than as a reduction of the carrying amount. ASU No. 2016-13 also changes the accounting for purchased credit-impaired debt securities and loans. The standard retains many of the current disclosure requirements in GAAP and expands disclosure requirements. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Upon adoption, the Company expects a change in the processes and procedures to calculate the allowance for loan losses, including changes in the assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current policy for other-than-temporary impairment on investment securities available for sale will be replaced with an allowance approach. The Company is reviewing the requirements of ASU No. 2016-13 and expects to begin developing and implementing processes and procedures to ensure it is fully compliant with the amendments at the adoption date. At this time, the Company anticipates the allowance for loan losses will increase as a result of the implementation of this ASU; however, until its evaluation is complete, the magnitude of the increase will be unknown. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment. This ASU simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value of its assets and liabilities (including unrecognized assets and liabilities) at the impairment testing date following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Under ASU No. 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU No. 2017-04 is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early application of this ASU is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of ASU No. 2017-04 is not expected to have a material impact on the Company's future consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The ASU shortens the amortization period for certain callable debt securities held at a premium. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of ASU No. 2017-08 is not expected to have a material impact on the Company's future consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation--Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU was issued to provide clarity as to when to apply modification accounting when there is a change in the terms or conditions of a share-based payment award. According to the ASU, an entity should account for the effects of a modification unless the fair value, vesting conditions, and balance sheet classification of the award are the same after the modification as compared to the original award prior to modification. ASU No. 2017-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. The adoption of ASU No. 2017-09 is not expected to have a material impact on the Company's future consolidated financial statements. (10) U.S. TAX REFORM On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revises the future ongoing U.S. corporate income tax by, among other things, decreasing U.S. corporate income tax rates to 21.0% from 35.0%. As the Company has a September 30 fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a blended U.S. statutory federal rate of approximately 24.5% for the Company's fiscal year ending September 30, 2018, and 21.0% for subsequent fiscal years. In addition, the reduction of the corporate tax rate required the Company to revalue its deferred tax assets and liabilities based on the lower federal tax rate of 21.0%. As a result of the new legislation, during the quarter ended December 31, 2017, the Company recorded a one-time income tax expense of $548,000 in conjunction with writing down its net deferred tax assets. The impact of using the 24.5% blended federal tax rate for the quarter ended December 31, 2017 versus a 35.0% rate reduced the provision for income taxes by approximately $551,000 . The changes included in the Tax Act are broad and complex. The final transition impacts of the Tax Act may differ from the above estimates, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, and any changes in accounting standards for income taxes or related interpretations in response to the Tax Act. |
Summary Of Significant Accoun19
Summary Of Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
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, 2017 (“2017 Form 10-K”). The unaudited consolidated results of operations for the three months ended December 31, 2017 are not necessarily indicative of the results that may be expected for the entire fiscal year ending September 30, 2018. |
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 December 31, 2017 presentation with no change to net income or total shareholders’ equity as previously reported. |
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) . 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 new guidance 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. This ASU is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. The Company's primary source of revenue is interest income, which is recognized when earned and is deemed to be in compliance with this ASU. Accordingly, the adoption of ASU No. 2014-09 is not expected to have a material impact on the Company's future 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 the fair value of financial instruments. The amendments in this ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Management is in the planning stages of developing processes and procedures to comply with the disclosure requirements of this ASU, which could impact the disclosures the Company makes related to the fair value of its financial instruments; however, the adoption of ASU No. 2016-01 is not expected to have a material impact on the Company's future 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 effect of adoption will depend on leases at the time of adoption. Once adopted, the Company expects to report higher assets and liabilities as a result of including right-of-use assets and lease liabilities related to certain banking offices and certain equipment under non-cancelable operating lease agreements; however, based on current leases the adoption of ASU No. 2016-02 is not expected to have a material impact on the Company's future consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses . This ASU replaces the existing incurred losses methodology with a current expected losses methodology with respect to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held to maturity investment securities and off-balance sheet commitments. In addition, this ASU requires credit losses relating to available for sale debt securities to be recorded through an allowance for credit losses rather than as a reduction of the carrying amount. ASU No. 2016-13 also changes the accounting for purchased credit-impaired debt securities and loans. The standard retains many of the current disclosure requirements in GAAP and expands disclosure requirements. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Upon adoption, the Company expects a change in the processes and procedures to calculate the allowance for loan losses, including changes in the assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current policy for other-than-temporary impairment on investment securities available for sale will be replaced with an allowance approach. The Company is reviewing the requirements of ASU No. 2016-13 and expects to begin developing and implementing processes and procedures to ensure it is fully compliant with the amendments at the adoption date. At this time, the Company anticipates the allowance for loan losses will increase as a result of the implementation of this ASU; however, until its evaluation is complete, the magnitude of the increase will be unknown. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment. This ASU simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value of its assets and liabilities (including unrecognized assets and liabilities) at the impairment testing date following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Under ASU No. 2017-04, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. ASU No. 2017-04 is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early application of this ASU is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of ASU No. 2017-04 is not expected to have a material impact on the Company's future consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The ASU shortens the amortization period for certain callable debt securities held at a premium. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of ASU No. 2017-08 is not expected to have a material impact on the Company's future consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation--Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU was issued to provide clarity as to when to apply modification accounting when there is a change in the terms or conditions of a share-based payment award. According to the ASU, an entity should account for the effects of a modification unless the fair value, vesting conditions, and balance sheet classification of the award are the same after the modification as compared to the original award prior to modification. ASU No. 2017-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. The adoption of ASU No. 2017-09 is not expected to have a material impact on the Company's future consolidated financial statements. (10) U.S. TAX REFORM On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revises the future ongoing U.S. corporate income tax by, among other things, decreasing U.S. corporate income tax rates to 21.0% from 35.0%. As the Company has a September 30 fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a blended U.S. statutory federal rate of approximately 24.5% for the Company's fiscal year ending September 30, 2018, and 21.0% for subsequent fiscal years. In addition, the reduction of the corporate tax rate required the Company to revalue its deferred tax assets and liabilities based on the lower federal tax rate of 21.0%. As a result of the new legislation, during the quarter ended December 31, 2017, the Company recorded a one-time income tax expense of $548,000 in conjunction with writing down its net deferred tax assets. The impact of using the 24.5% blended federal tax rate for the quarter ended December 31, 2017 versus a 35.0% rate reduced the provision for income taxes by approximately $551,000 . The changes included in the Tax Act are broad and complex. The final transition impacts of the Tax Act may differ from the above estimates, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, and any changes in accounting standards for income taxes or related interpretations in response to the Tax Act. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
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 December 31, 2017 and September 30, 2017 (dollars in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2017 Held to maturity Mortgage-backed securities ("MBS"): U.S. government agencies $ 502 $ 9 $ — $ 511 Private label residential 580 561 (2 ) 1,139 U.S. Treasury and U.S government agency securities 5,995 — (36 ) 5,959 Total $ 7,077 $ 570 $ (38 ) $ 7,609 Available for sale MBS: U.S. government agencies $ 260 $ 15 $ — $ 275 Mutual funds 1,000 — (54 ) 946 Total $ 1,260 $ 15 $ (54 ) $ 1,221 September 30, 2017 Held to maturity MBS: U.S. government agencies $ 532 $ 11 $ (1 ) $ 542 Private label residential 599 596 (2 ) 1,193 U.S. Treasury and U.S. government agency securities 6,008 10 (9 ) 6,009 Total $ 7,139 $ 617 $ (12 ) $ 7,744 Available for sale MBS: U.S. government agencies $ 271 $ 18 $ — $ 289 Mutual funds 1,000 — (48 ) 952 Total $ 1,271 $ 18 $ (48 ) $ 1,241 |
Unrealized Gain (Loss) on Investments | December 31, 2017 (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 $ 8 $ — 2 $ 74 $ — 5 $ 82 $ — Private label residential — — — 81 (2 ) 10 81 (2 ) U.S. Treasury and U.S. government agency securities 5,959 (36 ) 2 — — — 5,959 (36 ) Total $ 5,967 $ (36 ) 4 $ 155 $ (2 ) 15 $ 6,122 $ (38 ) Available for sale Mutual funds $ — $ — — $ 946 $ (54 ) 1 $ 946 $ (54 ) Total $ — $ — — $ 946 $ (54 ) 1 $ 946 $ (54 ) Held to maturity and available for sale investment securities with unrealized losses were as follows for September 30, 2017 (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 $ — $ — — $ 114 $ (1 ) 6 $ 114 $ (1 ) Private label residential — — — 85 (2 ) 10 85 (2 ) U.S. Treasury and U.S. government agency securities 2,984 (9 ) 1 — — — 2,984 (9 ) Total $ 2,984 $ (9 ) 1 $ 199 $ (3 ) 16 $ 3,183 $ (12 ) Available for sale Mutual funds $ — $ — — $ 952 $ (48 ) 1 $ 952 $ (48 ) Total $ — $ — — $ 952 $ (48 ) 1 $ 952 $ (48 ) |
Schedule of Significant Inputs Utilized to Measure Estimate of Credit Loss Component on OTTI Securities | The following table presents a summary of the significant inputs utilized to measure management’s estimates of the credit loss component on OTTI securities as of December 31, 2017 and 2016: Range Weighted Minimum Maximum Average December 31, 2017 Constant prepayment rate 6.00 % 15.00 % 9.91 % Collateral default rate — % 11.08 % 4.77 % Loss severity rate — % 62.00 % 37.32 % December 31, 2016 Constant prepayment rate 6.00 % 15.00 % 12.28 % Collateral default rate 0.34 % 13.35 % 5.66 % Loss severity rate 5.00 % 81.00 % 46.05 % |
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 three months ended December 31, 2017 and 2016 (dollars in thousands): Three Months Ended December 31, 2017 2016 Beginning balance of credit loss $ 1,301 $ 1,505 Additions: Additional increases to the amount related to credit loss for which OTTI was previously recognized 6 — Subtractions: Realized losses previously recorded as credit losses (22 ) (13 ) Recovery of prior credit loss (26 ) — Ending balance of credit loss $ 1,259 $ 1,492 |
Schedule of Contractual Maturities of Debt Securities | The contractual maturities of debt securities at December 31, 2017 were as follows (dollars in thousands). Expected maturities may differ from scheduled maturities due to the prepayment of principal or call provisions. Held to Maturity Available for Sale Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due after one year to five years $ 5,997 $ 5,961 $ — $ — Due after five years to ten years 34 34 — — Due after ten years 1,046 1,614 260 275 Total $ 7,077 $ 7,609 $ 260 $ 275 |
Loans Receivable And Allowanc21
Loans Receivable And Allowance For Loan Losses (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Schedule of Loans receivable and Loans held for sale | Loans receivable by portfolio segment consisted of the following at December 31, 2017 and September 30, 2017 (dollars in thousands): December 31, September 30, Amount Percent Amount Percent Mortgage loans: One- to four-family (1) $ 116,976 14.6 % $ 118,147 15.1 % Multi-family 61,366 7.7 58,607 7.5 Commercial 333,085 41.8 328,927 41.9 Construction - custom and owner/builder 123,365 15.5 117,641 15.0 Construction - speculative one- to four-family 7,253 0.9 9,918 1.2 Construction - commercial 22,000 2.8 19,630 2.5 Construction - multi-family 24,601 3.1 21,327 2.7 Land 21,122 2.7 23,910 3.0 Total mortgage loans 709,768 89.1 698,107 88.9 Consumer loans: Home equity and second mortgage 38,975 4.9 38,420 4.9 Other 4,050 0.5 3,823 0.5 Total consumer loans 43,025 5.4 42,243 5.4 Commercial business loans (2) 43,993 5.5 44,444 5.7 Total loans receivable 796,786 100.0 % 784,794 100.0 % Less: Undisbursed portion of construction loans in process 79,449 82,411 Deferred loan origination fees, net 2,504 2,466 Allowance for loan losses 9,565 9,553 91,518 94,430 Loans receivable, net $ 705,268 $ 690,364 _____________________________ (1) Does not include one- to four-family loans held for sale totaling $ 3,236 and $3,515 at December 31, 2017 and September 30, 2017, respectively. (2) Does not include commercial business loans held for sale totaling $171 and $84 at December 31, 2017 and September 30, 2017, respectively. |
Schedule of Allowance for Loan Losses | The following tables set forth information for the three months ended December 31, 2017 and 2016 regarding activity in the allowance for loan losses by portfolio segment (dollars in thousands): Three Months Ended December 31, 2017 Beginning Allowance Provision for (Recapture of) Loan Losses Charge- offs Recoveries Ending Allowance Mortgage loans: One- to four-family $ 1,082 $ 43 $ — $ — $ 1,125 Multi-family 447 (17 ) — — 430 Commercial 4,184 (91 ) — — 4,093 Construction – custom and owner/builder 699 89 — — 788 Construction – speculative one- to four-family 128 (61 ) — 8 75 Construction – commercial 303 93 — — 396 Construction – multi-family 173 55 — — 228 Land 918 (142 ) — 4 780 Consumer loans: Home equity and second mortgage 983 (25 ) — — 958 Other 121 8 (1 ) 1 129 Commercial business loans 515 48 — — 563 Total $ 9,553 $ — $ (1 ) $ 13 $ 9,565 Three Months Ended December 31, 2016 Beginning Allowance Provision for (Recapture of) Loan Losses Charge- offs Recoveries Ending Allowance Mortgage loans: One- to four-family $ 1,239 $ (83 ) $ — $ 21 $ 1,177 Multi-family 473 (73 ) — — 400 Commercial 4,384 144 (5 ) — 4,523 Construction – custom and owner/builder 619 17 — — 636 Construction – speculative one- to four-family 130 (30 ) — — 100 Construction – commercial 268 14 — — 282 Construction – multi-family 316 69 — — 385 Land 820 13 (2 ) 5 836 Consumer loans: Home equity and second mortgage 939 (80 ) — — 859 Other 156 2 (3 ) 1 156 Commercial business loans 482 7 — — 489 Total $ 9,826 $ — $ (10 ) $ 27 $ 9,843 |
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 December 31, 2017 and September 30, 2017 (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 December 31, 2017 Mortgage loans: One- to four-family $ 1 $ 1,124 $ 1,125 $ 1,467 $ 115,509 $ 116,976 Multi-family — 430 430 — 61,366 61,366 Commercial 16 4,077 4,093 4,044 329,041 333,085 Construction – custom and owner/builder — 788 788 — 71,548 71,548 Construction – speculative one- to four-family — 75 75 — 2,723 2,723 Construction – commercial — 396 396 — 14,390 14,390 Construction – multi-family — 228 228 — 9,109 9,109 Land 72 708 780 944 20,178 21,122 Consumer loans: Home equity and second mortgage 291 667 958 484 38,491 38,975 Other — 129 129 4,050 4,050 Commercial business loans 55 508 563 181 43,812 43,993 Total $ 435 $ 9,130 $ 9,565 $ 7,120 $ 710,217 $ 717,337 September 30, 2017 Mortgage loans: One- to four-family $ — $ 1,082 $ 1,082 $ 1,443 $ 116,704 $ 118,147 Multi-family — 447 447 — 58,607 58,607 Commercial 26 4,158 4,184 3,873 325,054 328,927 Construction – custom and owner/builder — 699 699 — 63,538 63,538 Construction – speculative one- to four-family — 128 128 — 4,639 4,639 Construction – commercial — 303 303 — 11,016 11,016 Construction – multi-family — 173 173 — 6,912 6,912 Land 125 793 918 1,119 22,791 23,910 Consumer loans: Home equity and second mortgage 325 658 983 557 37,863 38,420 Other — 121 121 — 3,823 3,823 Commercial business loans — 515 515 — 44,444 44,444 Total $ 476 $ 9,077 $ 9,553 $ 6,992 $ 695,391 $ 702,383 |
Past Due Status of Loans Receivable | The following tables present an analysis of loans by aging category and portfolio segment at December 31, 2017 and September 30, 2017 (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 December 31, 2017 Mortgage loans: One- to four-family $ 325 $ — $ 947 $ — $ 1,272 $ 115,704 $ 116,976 Multi-family — — — — — 61,366 61,366 Commercial 502 — 402 — 904 332,181 333,085 Construction – custom and owner/builder — — — — — 71,548 71,548 Construction – speculative one- to four- family — — — — — 2,723 2,723 Construction – commercial — — — — — 14,390 14,390 Construction – multi-family — — — — — 9,109 9,109 Land 43 — 395 — 438 20,684 21,122 Consumer loans: Home equity and second mortgage 101 — 188 — 289 38,686 38,975 Other — 36 — — 36 4,014 4,050 Commercial business loans — — 181 — 181 43,812 43,993 Total $ 971 $ 36 $ 2,113 $ — $ 3,120 $ 714,217 $ 717,337 September 30, 2017 Mortgage loans: One- to four-family $ 193 $ — $ 874 $ — $ 1,067 $ 117,080 $ 118,147 Multi-family — — — — — 58,607 58,607 Commercial — 107 213 — 320 328,607 328,927 Construction – custom and owner/ — — — — — 63,538 63,538 Construction – speculative one- to four- family — — — — — 4,639 4,639 Construction – commercial — — — — — 11,016 11,016 Construction – multi-family — — — — — 6,912 6,912 Land — — 566 — 566 23,344 23,910 Consumer loans: Home equity and second mortgage 56 — 258 — 314 38,106 38,420 Other 36 — — — 36 3,787 3,823 Commercial business loans 110 — — — 110 44,334 44,444 Total $ 395 $ 107 $ 1,911 $ — $ 2,413 $ 699,970 $ 702,383 ______________________ (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 present an analysis of loans by credit quality indicator and portfolio segment at December 31, 2017 and September 30, 2017 (dollars in thousands): Loan Grades December 31, 2017 Pass Watch Special Substandard Total Mortgage loans: One- to four-family $ 113,235 $ 902 $ 595 $ 2,244 $ 116,976 Multi-family 61,366 — — — 61,366 Commercial 322,737 6,028 3,522 798 333,085 Construction – custom and owner/builder 70,989 559 — — 71,548 Construction – speculative one- to four-family 2,723 — — — 2,723 Construction – commercial 14,390 — — — 14,390 Construction – multi-family 9,109 — — — 9,109 Land 17,929 1,014 1,784 395 21,122 Consumer loans: Home equity and second mortgage 38,463 149 — 363 38,975 Other 4,014 — — 36 4,050 Commercial business loans 43,728 29 55 181 43,993 Total $ 698,683 $ 8,681 $ 5,956 $ 4,017 $ 717,337 September 30, 2017 Mortgage loans: One- to four-family $ 115,481 $ 422 $ 644 $ 1,600 $ 118,147 Multi-family 56,857 — 1,750 — 58,607 Commercial 318,717 6,059 3,540 611 328,927 Construction – custom and owner/builder 63,210 328 — — 63,538 Construction – speculative one- to four-family 4,639 — — — 4,639 Construction – commercial 11,016 — — — 11,016 Construction – multi-family 6,912 — — — 6,912 Land 20,528 1,022 1,794 566 23,910 Consumer loans: Home equity and second mortgage 37,828 152 — 440 38,420 Other 3,787 — — 36 3,823 Commercial business loans 43,416 973 55 — 44,444 Total $ 682,391 $ 8,956 $ 7,783 $ 3,253 $ 702,383 |
Impaired Loans Receivable | The following table is a summary of information related to impaired loans by portfolio segment as of December 31, 2017 and for the three months then ended (dollars in thousands): Recorded Investment Unpaid Principal Balance (Loan Balance Plus Charge Off) Related Allowance Year to Date ("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 $ 1,423 $ 1,569 $ — $ 1,433 $ 19 $ 16 Commercial 2,151 2,151 — 2,059 24 17 Land 45 141 — 171 — — Consumer loans: Home equity and second mortgage 188 188 — 156 2 2 Subtotal 3,807 4,049 — 3,819 45 35 With an allowance recorded: Mortgage loans: One- to four-family 44 44 1 22 — — Commercial 1,893 1,893 16 1,900 27 21 Land 899 899 72 861 9 8 Consumer loans: Home equity and second mortgage 296 296 291 365 6 5 Commercial business loans 181 181 55 91 — — Subtotal 3,313 3,313 435 3,239 42 34 Total: Mortgage loans: One- to four-family 1,467 1,613 1 1,455 19 16 Commercial 4,044 4,044 16 3,959 51 38 Land 944 1,040 72 1,032 9 8 Consumer loans: Home equity and second mortgage 484 484 291 521 8 7 Commercial business loans 181 181 55 91 — — Total $ 7,120 $ 7,362 $ 435 $ 7,058 $ 87 $ 69 ______________________________________________ (1) For the three months ended December 31, 2017 . The following table is a summary of information related to impaired loans by portfolio segment as of and for the year ended September 30, 2017 (dollars in thousands): Recorded Investment Unpaid Principal Balance (Loan Balance Plus Charge Off) Related Allowance Average Recorded Investment (1) Interest Income Recognized (1) Cash Basis Interest Income Recognized (1) With no related allowance recorded: Mortgage loans: One- to four-family $ 1,443 $ 1,589 $ — $ 1,108 $ 68 $ 62 Commercial 1,967 1,967 — 3,901 188 143 Construction – custom and owner/builder — — — 147 7 7 Land 297 410 — 512 8 6 Consumer loans: Home equity and second mortgage 123 123 — 284 — — Commercial business loans — — — 11 — — Subtotal 3,830 4,089 — 5,963 271 218 With an allowance recorded: Mortgage loans: One- to four-family — — — 721 50 38 Commercial 1,906 1,906 26 3,326 182 144 Land 822 881 125 666 35 29 Consumer loans: Home equity and second mortgage 434 434 325 530 29 26 Other — — — 17 — — Subtotal 3,162 3,221 476 5,260 296 237 Total: Mortgage loans: One- to four-family 1,443 1,589 — 1,829 118 100 Commercial 3,873 3,873 26 7,227 370 287 Construction – custom and owner/builder — — — 147 7 7 Land 1,119 1,291 125 1,178 43 35 Consumer loans: Home equity and second mortgage 557 557 325 814 29 26 Other — — — 17 — — Commercial business loans — — — 11 — — Total $ 6,992 $ 7,310 $ 476 $ 11,223 $ 567 $ 455 ______________________________________________ (1) For the year ended September 30, 2017. |
Schedule of Troubled Debt Restructured Loans by Interest Accrual Status | The following tables set forth information with respect to the Company’s TDRs by interest accrual status as of December 31, 2017 and September 30, 2017 (dollars in thousands): December 31, 2017 Accruing Non- Accrual Total Mortgage loans: One- to four-family $ 520 $ 44 $ 564 Commercial 2,214 — 2,214 Land 548 155 703 Total $ 3,282 $ 199 $ 3,481 September 30, 2017 Accruing Non- Accrual Total Mortgage loans: One- to four-family $ 569 $ — $ 569 Commercial 2,219 — 2,219 Land 554 253 807 Total $ 3,342 $ 253 $ 3,595 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
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 months ended December 31, 2017 and 2016 is as follows (dollars in thousands, except per share amounts): Three Months Ended 2017 2016 Basic net income per common share computation Numerator – net income $ 3,614 $ 3,147 Denominator – weighted average common shares outstanding 7,312,531 6,862,749 Basic net income per common share $ 0.49 $ 0.46 Diluted net income per common share computation Numerator – net income $ 3,614 $ 3,147 Denominator – weighted average common shares outstanding 7,312,531 6,862,749 Effect of dilutive stock options (1) 195,638 139,493 Effect of dilutive stock warrant (2) — 233,273 Weighted average common shares outstanding - assuming dilution 7,508,169 7,235,515 Diluted net income per common share $ 0.48 $ 0.43 ____________________________________________ (1) For the three months ended December 31, 2017, average options to purchase 14,651 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. For the three months ended December 31, 2016, all outstanding options were included in the computation of diluted net income per share. (2) Represented 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. On January 31, 2017, the Warrant was exercised and 370,899 shares of the Company's common stock were issued in exchange for $2.50 million . |
Accumulated Other Comprehensi23
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive loss ("AOCI") by component during the three months ended December 31, 2017 and 2016 are as follows (dollars in thousands): Three Months Ended December 31, 2017 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 $ (19 ) $ (105 ) $ (124 ) Net change (7 ) (5 ) (12 ) Balance of AOCI at the end of period $ (26 ) $ (110 ) $ (136 ) Three Months Ended December 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 $ 4 $ (179 ) $ (175 ) Net change (27 ) 13 (14 ) Balance of AOCI at the end of period $ (23 ) $ (166 ) $ (189 ) __________________________ (1) All amounts are net of income taxes. |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | for the three months ended December 31, 2017 and 2016 is summarized as follows: Three Months Ended Three Months Ended Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Options outstanding, beginning of period 380,120 $ 13.23 373,130 $ 9.82 Exercised (6,250 ) 9.65 (12,700 ) 6.31 Forfeited (4,300 ) 11.66 — — Options outstanding, end of period 369,570 $ 13.31 360,430 $ 9.94 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | Additional information regarding options outstanding at December 31, 2017 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 10,000 $ 4.28 2.9 10,000 $ 4.28 2.9 5.86 - 6.00 39,000 5.94 4.8 39,000 5.94 4.8 9.00 78,000 9.00 5.8 59,800 9.00 5.8 10.26 - 10.71 131,520 10.57 7.3 48,070 10.56 7.2 15.67 53,050 15.67 8.8 9,450 15.67 8.8 29.69 58,000 29.69 9.8 — N/A N/A 369,570 $ 13.31 7.2 166,320 $ 8.83 6.0 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
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 December 31, 2017 and September 30, 2017 were as follows (dollars in thousands): December 31, 2017 Estimated Fair Value Level 1 Level 2 Level 3 Total Available for sale investment securities MBS: U.S. government agencies $ — $ 275 $ — $ 275 Mutual funds 946 — — 946 Total $ 946 $ 275 $ — $ 1,221 September 30, 2017 Estimated Fair Value Level 1 Level 2 Level 3 Total Available for sale investment securities MBS: U.S. government agencies $ — $ 289 $ — $ 289 Mutual funds 952 — — 952 Total $ 952 $ 289 $ — $ 1,241 |
Balances of Assets Measured at Estimated Fair Value, Nonrecurring Basis | The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2017 (dollars in thousands): Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans: Mortgage loans: Commercial $ — $ — $ 1,880 Land — — 697 Consumer loans: Home equity and second mortgage — — 109 Total impaired loans — — 2,686 Investment securities – held to maturity: MBS - private label residential — 125 — OREO and other repossessed assets — — 3,301 Total $ — $ 125 $ 5,987 The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at December 31, 2017 (dollars in thousands): Estimated Fair Value Level 1 Level 2 Level 3 Impaired loans: Mortgage loans: One- to four-family $ — $ — $ 43 Commercial — — 1,877 Land — — 827 Consumer loans: Home equity and second mortgage — — 5 Commercial business loans — — 126 Total impaired loans — — 2,878 Investment securities – held to maturity: MBS - private label residential — 112 — OREO and other repossessed assets — — 2,887 Total $ — $ 112 $ 5,765 |
Level 3 Fair Value Measurements, Nonrecurring Basis | The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis as of September 30, 2017 (dollars in thousands): Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Impaired loans $ 2,686 Market approach Appraised value less selling costs NA OREO and other repossessed assets $ 3,301 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 December 31, 2017 (dollars in thousands): Estimated Fair Value Valuation Technique(s) Unobservable Input(s) Range Impaired loans $ 2,878 Market approach Appraised value less selling costs NA OREO and other repossessed assets $ 2,887 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 recorded amounts and estimated fair values of financial instruments were as follows as of December 31, 2017 and September 30, 2017 (dollars in thousands): December 31, 2017 Fair Value Measurements Using: Recorded Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 166,207 $ 166,207 $ 166,207 $ — $ — CDs held for investment 53,528 53,528 53,528 — — Investment securities 8,298 8,830 3,910 4,920 — FHLB stock 1,107 1,107 1,107 — — Other investments 3,000 3,000 3,000 — — Loans held for sale 3,407 3,501 3,501 — — Loans receivable, net 705,268 697,940 — — 697,940 Accrued interest receivable 2,743 2,743 2,743 — — Financial liabilities Deposits: Non-interest-bearing demand 210,108 210,108 210,108 — — Interest-bearing 665,966 665,783 528,543 — 137,240 Total deposits 876,074 875,891 738,651 — 137,240 Accrued interest payable 178 178 178 — — September 30, 2017 Fair Value Measurements Using: Recorded Amount Estimated Fair Value Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 148,188 $ 148,188 $ 148,188 $ — $ — CDs held for investment 43,034 43,034 43,034 — — Investment securities 8,380 8,985 3,954 5,031 — FHLB stock 1,107 1,107 1,107 — — Other investments 3,000 3,000 3,000 — — Loans held for sale 3,599 3,619 3,619 — — Loans receivable, net 690,364 688,332 — — 688,332 Accrued interest receivable 2,520 2,520 2,520 — — Financial liabilities Deposits: Non-interest-bearing demand 205,952 205,952 205,952 — — Interest-bearing 631,946 632,629 492,305 — 140,324 Total deposits 837,898 838,581 698,257 — 140,324 Accrued interest payable 161 161 161 — — |
Summary Of Significant Accoun26
Summary Of Significant Accounting Policies (Details) | 3 Months Ended |
Dec. 31, 2017segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Investment Securities_ Marketab
Investment Securities: Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Held to maturity | ||
Amortized Cost | $ 7,077 | $ 7,139 |
Gross Unrealized Gains | 570 | 617 |
Gross Unrealized Losses | (38) | (12) |
Estimated Fair Value | 7,609 | 7,744 |
Available for sale | ||
Amortized Cost | 1,260 | 1,271 |
Gross Unrealized Gains | 15 | 18 |
Gross Unrealized Losses | (54) | (48) |
Estimated Fair Value | 1,221 | 1,241 |
Mortgage-backed Securities, U.S. government agencies | ||
Held to maturity | ||
Amortized Cost | 502 | 532 |
Gross Unrealized Gains | 9 | 11 |
Gross Unrealized Losses | 0 | (1) |
Estimated Fair Value | 511 | 542 |
Available for sale | ||
Amortized Cost | 260 | 271 |
Gross Unrealized Gains | 15 | 18 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 275 | 289 |
Mortgage-backed Securities, Private label residential | ||
Held to maturity | ||
Amortized Cost | 580 | 599 |
Gross Unrealized Gains | 561 | 596 |
Gross Unrealized Losses | (2) | (2) |
Estimated Fair Value | 1,139 | 1,193 |
U.S. Treasury and U.S government agency securities | ||
Held to maturity | ||
Amortized Cost | 5,995 | 6,008 |
Gross Unrealized Gains | 0 | 10 |
Gross Unrealized Losses | (36) | (9) |
Estimated Fair Value | 5,959 | 6,009 |
Mutual funds | ||
Available for sale | ||
Amortized Cost | 1,000 | 1,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (54) | (48) |
Estimated Fair Value | $ 946 | $ 952 |
Investment Securities_ Unrealiz
Investment Securities: Unrealized Gain (Loss) on Investments (Details) $ in Thousands | Dec. 31, 2017USD ($)security | Sep. 30, 2017USD ($)security |
Held-to-maturity Securities, Fair Value: | ||
Held to maturity, Less Than 12 Months, Estimated Fair Value | $ 5,967 | $ 2,984 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 155 | 199 |
Held to maturity, Total, Estimated Fair Value | 6,122 | 3,183 |
Held-to-maturity Securities, Gross Unrealized Losses | ||
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | (36) | (9) |
Held to maturity, 12 Months or Longer, Gross Unrealized Losses | (2) | (3) |
Held to maturity, Total, Gross Unrealized Losses | $ (38) | $ (12) |
Held to maturity, Less Than 12 Months, Quantity | security | 4 | 1 |
Held to maturity, 12 Months or Longer, Quantity | security | 15 | 16 |
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 | 946 | 952 |
Available for sale, Total, Estimated Fair Value | 946 | 952 |
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 | (54) | (48) |
Available for sale, Total, Gross Unrealized Losses | $ (54) | $ (48) |
Available-for-sale, Less than 12 Months, Quantity | security | 0 | 0 |
Available-for-sale, 12 Months or Longer, Quantity | security | 1 | 1 |
Mortgage-backed Securities, U.S. government agencies | ||
Held-to-maturity Securities, Fair Value: | ||
Held to maturity, Less Than 12 Months, Estimated Fair Value | $ 8 | $ 0 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 74 | 114 |
Held to maturity, Total, Estimated Fair Value | 82 | 114 |
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 | 0 | (1) |
Held to maturity, Total, Gross Unrealized Losses | $ 0 | $ (1) |
Held to maturity, Less Than 12 Months, Quantity | security | 2 | 0 |
Held to maturity, 12 Months or Longer, Quantity | security | 5 | 6 |
Mortgage-backed Securities, Private label residential | ||
Held-to-maturity Securities, Fair Value: | ||
Held to maturity, Less Than 12 Months, Estimated Fair Value | $ 0 | $ 0 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 81 | 85 |
Held to maturity, Total, Estimated Fair Value | 81 | 85 |
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 | (2) | (2) |
Held to maturity, Total, Gross Unrealized Losses | $ (2) | $ (2) |
Held to maturity, Less Than 12 Months, Quantity | security | 0 | 0 |
Held to maturity, 12 Months or Longer, Quantity | security | 10 | 10 |
U.S. Treasury and U.S. government agency securities | ||
Held-to-maturity Securities, Fair Value: | ||
Held to maturity, Less Than 12 Months, Estimated Fair Value | $ 5,959 | $ 2,984 |
Held to maturity, 12 Months or Longer, Estimated Fair Value | 0 | 0 |
Held to maturity, Total, Estimated Fair Value | 5,959 | 2,984 |
Held-to-maturity Securities, Gross Unrealized Losses | ||
Held to maturity, Less Than 12 Months, Gross Unrealized Losses | (36) | (9) |
Held to maturity, 12 Months or Longer, Gross Unrealized Losses | 0 | 0 |
Held to maturity, Total, Gross Unrealized Losses | $ (36) | $ (9) |
Held to maturity, Less Than 12 Months, Quantity | security | 2 | 1 |
Held to maturity, 12 Months or Longer, Quantity | security | 0 | 0 |
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 | 946 | 952 |
Available for sale, Total, Estimated Fair Value | 946 | 952 |
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 | (54) | (48) |
Available for sale, Total, Gross Unrealized Losses | $ (54) | $ (48) |
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) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Recoveries (other than temporary impairment OTTI) on investment securities | $ (27) | $ 0 |
Net recoveries on investment securities | (22) | 0 |
Held-to-maturity Securities | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
Recoveries (other than temporary impairment OTTI) on investment securities | (27) | 0 |
Held to Maturity - adjustment for portion of OTTI recorded as OCI before income taxes | 5 | 0 |
Net recoveries on investment securities | (22) | 0 |
Available-for-sale Securities | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
AFS - OTTI | 0 | 0 |
AFS - - adjustment for portion of OTTI recorded as OCI before income taxes | 0 | 0 |
AFS - Net OTTI recognized in earnings | $ 0 | $ 0 |
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 | 0.00% | 0.34% |
OTTI significant inputs - Loss severity rate | 0.00% | 5.00% |
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 | 11.08% | 13.35% |
OTTI significant inputs - Loss severity rate | 62.00% | 81.00% |
Weighted Average | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||
OTTI significant inputs - Constant prepayment rate | 9.91% | 12.28% |
OTTI significant inputs - Collateral default rate | 4.77% | 5.66% |
OTTI significant inputs - Loss severity rate | 37.32% | 46.05% |
Investment Securities_ Other th
Investment Securities: Other than Temporary Impairment, Credit Losses Recognized in Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Beginning balance of credit loss | $ 1,301 | $ 1,505 |
Additional increases to the amount related to credit loss for which OTTI was previously recognized | 6 | 0 |
Realized losses previously recorded as credit losses | (22) | (13) |
Recovery of prior credit loss | (26) | 0 |
Ending balance of credit loss | $ 1,259 | $ 1,492 |
Investment Securities_ Narrativ
Investment Securities: Narrative-Realized Gains (Losses) (Details) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2017USD ($)security | Dec. 31, 2016USD ($)security | Sep. 30, 2017USD ($) | |
Investments [Abstract] | |||
Loss on sale of securities | $ 22 | $ 13 | |
Held-to-maturity securities, realized loss, number of securities | security | 12 | 11 | |
Security owned and pledged as collateral | $ 6,770 | $ 6,820 |
Investment Securities_ Schedu32
Investment Securities: Schedule of Contractual maturities of debt securities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 | |
Held-to-maturity Securities, Amortized Cost: | |||
Due after one year to five years | $ 5,997 | ||
Due after five years to ten years | 34 | ||
Due after ten years | 1,046 | ||
Total | 7,077 | $ 7,139 | [1] |
Held-to-maturity Securities, Estimated Fair Value: | |||
Due after one year to five years | 5,961 | ||
Due after five years to ten years | 34 | ||
Due after ten years | 1,614 | ||
Total | 7,609 | $ 7,744 | |
Available-for-sale Securities, Amortized Cost: | |||
Due after one year to five years | 0 | ||
Due after five years to ten years | 0 | ||
Due after ten years | 260 | ||
Total | 260 | ||
Available-for-sale Securities, Estimated Fair Value: | |||
Due after one year to five years | 0 | ||
Due after five years to ten years | 0 | ||
Due after ten years | 275 | ||
Total | $ 275 | ||
[1] | Derived from audited consolidated financial statements. |
Loans Receivable And Allowanc33
Loans Receivable And Allowance For Loan Losses: Schedule of Loans receivable and Loans held for sale (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans receivable | $ 796,786 | $ 784,794 | |
Undisbursed portion of construction loans in process | 79,449 | 82,411 | |
Deferred loan origination fees, net | 2,504 | 2,466 | |
Allowance for loan losses | 9,565 | 9,553 | |
Less: Loans in process, Deferred fees and Allowance for loan losses | 91,518 | 94,430 | |
Loans receivable, net | $ 705,268 | $ 690,364 | [1] |
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 | $ 709,768 | $ 698,107 | |
Ratio of loan category to total loans receivable (percent) | 89.10% | 88.90% | |
Mortgage loans, one-to-four family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 116,976 | $ 118,147 | |
Ratio of loan category to total loans receivable (percent) | 14.60% | 15.10% | |
Mortgage loans, multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 61,366 | $ 58,607 | |
Ratio of loan category to total loans receivable (percent) | 7.70% | 7.50% | |
Mortgage loans, commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 333,085 | $ 328,927 | |
Ratio of loan category to total loans receivable (percent) | 41.80% | 41.90% | |
Mortgage loans, construction - custom and owner/builder | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 123,365 | $ 117,641 | |
Ratio of loan category to total loans receivable (percent) | 15.50% | 15.00% | |
Mortgage loans, construction - speculative one-to-four family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 7,253 | $ 9,918 | |
Ratio of loan category to total loans receivable (percent) | 0.90% | 1.20% | |
Mortgage loans, construction – commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 22,000 | $ 19,630 | |
Ratio of loan category to total loans receivable (percent) | 2.80% | 2.50% | |
Mortgage loans, construction - Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 24,601 | $ 21,327 | |
Ratio of loan category to total loans receivable (percent) | 3.10% | 2.70% | |
Mortgage loans, land | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans | $ 21,122 | $ 23,910 | |
Ratio of loan category to total loans receivable (percent) | 2.70% | 3.00% | |
Total consumer loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans | $ 43,025 | $ 42,243 | |
Ratio of loan category to total loans receivable (percent) | 5.40% | 5.40% | |
Consumer loans, home equity and second mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans | $ 38,975 | $ 38,420 | |
Ratio of loan category to total loans receivable (percent) | 4.90% | 4.90% | |
Consumer loans, other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans | $ 4,050 | $ 3,823 | |
Ratio of loan category to total loans receivable (percent) | 0.50% | 0.50% | |
Commercial business loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial business loans (2) | $ 43,993 | $ 44,444 | |
Ratio of loan category to total loans receivable (percent) | 5.50% | 5.70% | |
[1] | Derived from audited consolidated financial statements. |
Loans Receivable And Allowanc34
Loans Receivable And Allowance For Loan Losses: Schedule of Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | $ 9,553 | $ 9,826 |
Provision for (Recapture of) Loan Losses | 0 | 0 |
Charge- offs | (1) | (10) |
Recoveries | 13 | 27 |
Allowance for loan losses, Ending Allowance | 9,565 | 9,843 |
Mortgage loans, one-to-four family | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 1,082 | 1,239 |
Provision for (Recapture of) Loan Losses | 43 | (83) |
Charge- offs | 0 | 0 |
Recoveries | 0 | 21 |
Allowance for loan losses, Ending Allowance | 1,125 | 1,177 |
Mortgage loans, multi-family | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 447 | 473 |
Provision for (Recapture of) Loan Losses | (17) | (73) |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 430 | 400 |
Mortgage loans, commercial | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 4,184 | 4,384 |
Provision for (Recapture of) Loan Losses | (91) | 144 |
Charge- offs | 0 | (5) |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 4,093 | 4,523 |
Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 699 | 619 |
Provision for (Recapture of) Loan Losses | 89 | 17 |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 788 | 636 |
Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 128 | 130 |
Provision for (Recapture of) Loan Losses | (61) | (30) |
Charge- offs | 0 | 0 |
Recoveries | 8 | 0 |
Allowance for loan losses, Ending Allowance | 75 | 100 |
Mortgage loans, construction – commercial | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 303 | 268 |
Provision for (Recapture of) Loan Losses | 93 | 14 |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 396 | 282 |
Mortgage loans, construction - Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 173 | 316 |
Provision for (Recapture of) Loan Losses | 55 | 69 |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 228 | 385 |
Mortgage loans, land | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 918 | 820 |
Provision for (Recapture of) Loan Losses | (142) | 13 |
Charge- offs | 0 | (2) |
Recoveries | 4 | 5 |
Allowance for loan losses, Ending Allowance | 780 | 836 |
Consumer loans, home equity and second mortgage | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 983 | 939 |
Provision for (Recapture of) Loan Losses | (25) | (80) |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | 958 | 859 |
Consumer loans, other | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 121 | 156 |
Provision for (Recapture of) Loan Losses | 8 | 2 |
Charge- offs | (1) | (3) |
Recoveries | 1 | 1 |
Allowance for loan losses, Ending Allowance | 129 | 156 |
Commercial business loans | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Allowance for loan losses, Beginning Allowance | 515 | 482 |
Provision for (Recapture of) Loan Losses | 48 | 7 |
Charge- offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, Ending Allowance | $ 563 | $ 489 |
Loans Receivable And Allowanc35
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 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | $ 435 | $ 476 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 9,130 | 9,077 | ||
Allowance for Loan Losses, Total | 9,565 | 9,553 | $ 9,843 | $ 9,826 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 7,120 | 6,992 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 710,217 | 695,391 | ||
Loans receivable | 717,337 | 702,383 | ||
Mortgage loans, one-to-four family | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 1 | 0 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,124 | 1,082 | ||
Allowance for Loan Losses, Total | 1,125 | 1,082 | 1,177 | 1,239 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,467 | 1,443 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 115,509 | 116,704 | ||
Loans receivable | 116,976 | 118,147 | ||
Mortgage loans, 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 | 430 | 447 | ||
Allowance for Loan Losses, Total | 430 | 447 | 400 | 473 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 61,366 | 58,607 | ||
Loans receivable | 61,366 | 58,607 | ||
Mortgage loans, commercial | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 16 | 26 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 4,077 | 4,158 | ||
Allowance for Loan Losses, Total | 4,093 | 4,184 | 4,523 | 4,384 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 4,044 | 3,873 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 329,041 | 325,054 | ||
Loans receivable | 333,085 | 328,927 | ||
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 | 788 | 699 | ||
Allowance for Loan Losses, Total | 788 | 699 | 636 | 619 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 71,548 | 63,538 | ||
Loans receivable | 71,548 | 63,538 | ||
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 | 75 | 128 | ||
Allowance for Loan Losses, Total | 75 | 128 | 100 | 130 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 2,723 | 4,639 | ||
Loans receivable | 2,723 | 4,639 | ||
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 | 396 | 303 | ||
Allowance for Loan Losses, Total | 396 | 303 | 282 | 268 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 14,390 | 11,016 | ||
Loans receivable | 14,390 | 11,016 | ||
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 | 228 | 173 | ||
Allowance for Loan Losses, Total | 228 | 173 | 385 | 316 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 9,109 | 6,912 | ||
Loans receivable | 9,109 | 6,912 | ||
Mortgage loans, land | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 72 | 125 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 708 | 793 | ||
Allowance for Loan Losses, Total | 780 | 918 | 836 | 820 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 944 | 1,119 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 20,178 | 22,791 | ||
Loans receivable | 21,122 | 23,910 | ||
Consumer loans, home equity and second mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 291 | 325 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 667 | 658 | ||
Allowance for Loan Losses, Total | 958 | 983 | 859 | 939 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 484 | 557 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 38,491 | 37,863 | ||
Loans receivable | 38,975 | 38,420 | ||
Consumer loans, other | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 129 | 121 | ||
Allowance for Loan Losses, Total | 129 | 121 | 156 | 156 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | |||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 4,050 | 3,823 | ||
Loans receivable | 4,050 | 3,823 | ||
Commercial business loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 55 | 0 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 508 | 515 | ||
Allowance for Loan Losses, Total | 563 | 515 | $ 489 | $ 482 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 181 | 0 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 43,812 | 44,444 | ||
Loans receivable | $ 43,993 | $ 44,444 |
Loans Receivable And Allowanc36
Loans Receivable And Allowance For Loan Losses: Past Due Status of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | $ 3,120 | $ 2,413 | |
Loans receivable, Non-Accrual | [1] | 2,113 | 1,911 |
Loans receivable, Current | 714,217 | 699,970 | |
Loans receivable | 717,337 | 702,383 | |
Mortgage loans, one-to-four family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 1,272 | 1,067 | |
Loans receivable, Non-Accrual | [1] | 947 | 874 |
Loans receivable, Current | 115,704 | 117,080 | |
Loans receivable | 116,976 | 118,147 | |
Mortgage loans, 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 | 61,366 | 58,607 | |
Loans receivable | 61,366 | 58,607 | |
Mortgage loans, commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 904 | 320 | |
Loans receivable, Non-Accrual | [1] | 402 | 213 |
Loans receivable, Current | 332,181 | 328,607 | |
Loans receivable | 333,085 | 328,927 | |
Mortgage loans, construction - custom and owner/builder | |||
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 | 71,548 | 63,538 | |
Loans receivable | 71,548 | 63,538 | |
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 | 2,723 | 4,639 | |
Loans receivable | 2,723 | 4,639 | |
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 | 14,390 | 11,016 | |
Loans receivable | 14,390 | 11,016 | |
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 | 9,109 | 6,912 | |
Loans receivable | 9,109 | 6,912 | |
Mortgage loans, land | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 438 | 566 | |
Loans receivable, Non-Accrual | [1] | 395 | 566 |
Loans receivable, Current | 20,684 | 23,344 | |
Loans receivable | 21,122 | 23,910 | |
Consumer loans, home equity and second mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 289 | 314 | |
Loans receivable, Non-Accrual | [1] | 188 | 258 |
Loans receivable, Current | 38,686 | 38,106 | |
Loans receivable | 38,975 | 38,420 | |
Consumer loans, other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 36 | 36 | |
Loans receivable, Non-Accrual | [1] | 0 | 0 |
Loans receivable, Current | 4,014 | 3,787 | |
Loans receivable | 4,050 | 3,823 | |
Commercial business loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 181 | 110 | |
Loans receivable, Non-Accrual | [1] | 181 | 0 |
Loans receivable, Current | 43,812 | 44,334 | |
Loans receivable | 43,993 | 44,444 | |
30 to 59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 971 | 395 | |
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 | 325 | 193 | |
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 | 502 | 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 | 43 | 0 | |
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 | 101 | 56 | |
30 to 59 Days Past Due | Consumer loans, other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 36 | |
30 to 59 Days Past Due | Commercial business loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 0 | 110 | |
60 to 89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 36 | 107 | |
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 | 0 | |
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 | 107 | |
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 | 0 | |
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 | 0 | |
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 | 0 | 0 | |
60 to 89 Days Past Due | Consumer loans, other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans receivable, Total Past Due | 36 | 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 | 0 | 0 | |
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 | 0 | 0 | |
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 Allowanc37
Loans Receivable And Allowance For Loan Losses: Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 717,337 | $ 702,383 |
Mortgage loans, one-to-four family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 116,976 | 118,147 |
Mortgage loans, multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 61,366 | 58,607 |
Mortgage loans, commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 333,085 | 328,927 |
Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 71,548 | 63,538 |
Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 2,723 | 4,639 |
Mortgage loans, construction – commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 14,390 | 11,016 |
Mortgage loans, construction - Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 9,109 | 6,912 |
Mortgage loans, land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 21,122 | 23,910 |
Consumer loans, home equity and second mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 38,975 | 38,420 |
Consumer loans, other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 4,050 | 3,823 |
Commercial business loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 43,993 | 44,444 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 698,683 | 682,391 |
Pass | Mortgage loans, one-to-four family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 113,235 | 115,481 |
Pass | Mortgage loans, multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 61,366 | 56,857 |
Pass | Mortgage loans, commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 322,737 | 318,717 |
Pass | Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 70,989 | 63,210 |
Pass | Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 2,723 | 4,639 |
Pass | Mortgage loans, construction – commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 14,390 | 11,016 |
Pass | Mortgage loans, construction - Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 9,109 | 6,912 |
Pass | Mortgage loans, land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 17,929 | 20,528 |
Pass | Consumer loans, home equity and second mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 38,463 | 37,828 |
Pass | Consumer loans, other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 4,014 | 3,787 |
Pass | Commercial business loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 43,728 | 43,416 |
Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 8,681 | 8,956 |
Watch | Mortgage loans, one-to-four family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 902 | 422 |
Watch | Mortgage loans, multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Watch | Mortgage loans, commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 6,028 | 6,059 |
Watch | Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 559 | 328 |
Watch | Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Watch | Mortgage loans, construction – commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Watch | Mortgage loans, construction - Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Watch | Mortgage loans, land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,014 | 1,022 |
Watch | Consumer loans, home equity and second mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 149 | 152 |
Watch | Consumer loans, other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Watch | Commercial business loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 29 | 973 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 5,956 | 7,783 |
Special Mention | Mortgage loans, one-to-four family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 595 | 644 |
Special Mention | Mortgage loans, multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 1,750 |
Special Mention | Mortgage loans, commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 3,522 | 3,540 |
Special Mention | Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Mortgage loans, construction – commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Mortgage loans, construction - Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Mortgage loans, land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,784 | 1,794 |
Special Mention | Consumer loans, home equity and second mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Consumer loans, other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Special Mention | Commercial business loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 55 | 55 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 4,017 | 3,253 |
Substandard | Mortgage loans, one-to-four family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 2,244 | 1,600 |
Substandard | Mortgage loans, multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Substandard | Mortgage loans, commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 798 | 611 |
Substandard | Mortgage loans, construction - custom and owner/builder | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Substandard | Mortgage loans, construction - speculative one-to-four family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Substandard | Mortgage loans, construction – commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Substandard | Mortgage loans, construction - Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 0 | 0 |
Substandard | Mortgage loans, land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 395 | 566 |
Substandard | Consumer loans, home equity and second mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 363 | 440 |
Substandard | Consumer loans, other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 36 | 36 |
Substandard | Commercial business loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | $ 181 | $ 0 |
Loans Receivable And Allowanc38
Loans Receivable And Allowance For Loan Losses: Impaired Financing Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Sep. 30, 2017 | |||
Recorded Investment | ||||
With no related allowance recorded | $ 3,807 | $ 3,830 | ||
With an allowance recorded | 3,313 | 3,162 | ||
Total: | 7,120 | 6,992 | ||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||
With no related allowance recorded | 4,049 | 4,089 | ||
With an allowance recorded | 3,313 | 3,221 | ||
Total: | 7,362 | 7,310 | ||
Related Allowance | 435 | 476 | ||
Average Recorded Investment | ||||
With no related allowance recorded | 3,819 | 5,963 | [1] | |
With an allowance recorded | 3,239 | 5,260 | [1] | |
Total | 7,058 | 11,223 | [1] | |
Interest Income Recognized | ||||
With no related allowance recorded | 45 | 271 | [1] | |
With an allowance recorded | 42 | 296 | [1] | |
Total | 87 | 567 | [1] | |
Cash Basis Interest Income Recognized | ||||
With no related allowance recorded | 35 | 218 | [1] | |
With an allowance recorded | 34 | 237 | [1] | |
Total | 69 | 455 | [1] | |
Mortgage loans, one-to-four family | ||||
Recorded Investment | ||||
With no related allowance recorded | 1,423 | 1,443 | ||
With an allowance recorded | 44 | 0 | ||
Total: | 1,467 | 1,443 | ||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||
With no related allowance recorded | 1,569 | 1,589 | ||
With an allowance recorded | 44 | 0 | ||
Total: | 1,613 | 1,589 | ||
Related Allowance | 1 | 0 | ||
Average Recorded Investment | ||||
With no related allowance recorded | 1,433 | 1,108 | [1] | |
With an allowance recorded | 22 | 721 | [1] | |
Total | 1,455 | 1,829 | [1] | |
Interest Income Recognized | ||||
With no related allowance recorded | 19 | 68 | [1] | |
With an allowance recorded | 0 | 50 | [1] | |
Total | 19 | 118 | [1] | |
Cash Basis Interest Income Recognized | ||||
With no related allowance recorded | 16 | 62 | [1] | |
With an allowance recorded | 0 | 38 | [1] | |
Total | 16 | 100 | [1] | |
Mortgage loans, commercial | ||||
Recorded Investment | ||||
With no related allowance recorded | 2,151 | 1,967 | ||
With an allowance recorded | 1,893 | 1,906 | ||
Total: | 4,044 | 3,873 | ||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||
With no related allowance recorded | 2,151 | 1,967 | ||
With an allowance recorded | 1,893 | 1,906 | ||
Total: | 4,044 | 3,873 | ||
Related Allowance | 16 | 26 | ||
Average Recorded Investment | ||||
With no related allowance recorded | 2,059 | 3,901 | [1] | |
With an allowance recorded | 1,900 | 3,326 | [1] | |
Total | 3,959 | 7,227 | [1] | |
Interest Income Recognized | ||||
With no related allowance recorded | 24 | 188 | [1] | |
With an allowance recorded | 27 | 182 | [1] | |
Total | 51 | 370 | [1] | |
Cash Basis Interest Income Recognized | ||||
With no related allowance recorded | 17 | 143 | [1] | |
With an allowance recorded | 21 | 144 | [1] | |
Total | 38 | 287 | [1] | |
Mortgage loans, construction - custom and owner/builder | ||||
Recorded Investment | ||||
With no related allowance recorded | 0 | |||
Total: | 0 | |||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||
With no related allowance recorded | 0 | |||
Total: | 0 | |||
Related Allowance | 0 | |||
Average Recorded Investment | ||||
With no related allowance recorded | [1] | 147 | ||
Total | [1] | 147 | ||
Interest Income Recognized | ||||
With no related allowance recorded | [1] | 7 | ||
Total | [1] | 7 | ||
Cash Basis Interest Income Recognized | ||||
With no related allowance recorded | [1] | 7 | ||
Total | [1] | 7 | ||
Mortgage loans, land | ||||
Recorded Investment | ||||
With no related allowance recorded | 45 | 297 | ||
With an allowance recorded | 899 | 822 | ||
Total: | 944 | 1,119 | ||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||
With no related allowance recorded | 141 | 410 | ||
With an allowance recorded | 899 | 881 | ||
Total: | 1,040 | 1,291 | ||
Related Allowance | 72 | 125 | ||
Average Recorded Investment | ||||
With no related allowance recorded | 171 | 512 | [1] | |
With an allowance recorded | 861 | 666 | [1] | |
Total | 1,032 | 1,178 | [1] | |
Interest Income Recognized | ||||
With no related allowance recorded | 0 | 8 | [1] | |
With an allowance recorded | 9 | 35 | [1] | |
Total | 9 | 43 | [1] | |
Cash Basis Interest Income Recognized | ||||
With no related allowance recorded | 0 | 6 | [1] | |
With an allowance recorded | 8 | 29 | [1] | |
Total | 8 | 35 | [1] | |
Consumer loans, home equity and second mortgage | ||||
Recorded Investment | ||||
With no related allowance recorded | 188 | 123 | ||
With an allowance recorded | 296 | 434 | ||
Total: | 484 | 557 | ||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||
With no related allowance recorded | 188 | 123 | ||
With an allowance recorded | 296 | 434 | ||
Total: | 484 | 557 | ||
Related Allowance | 291 | 325 | ||
Average Recorded Investment | ||||
With no related allowance recorded | 156 | 284 | [1] | |
With an allowance recorded | 365 | 530 | [1] | |
Total | 521 | 814 | [1] | |
Interest Income Recognized | ||||
With no related allowance recorded | 2 | 0 | [1] | |
With an allowance recorded | 6 | 29 | [1] | |
Total | 8 | 29 | [1] | |
Cash Basis Interest Income Recognized | ||||
With no related allowance recorded | 2 | 0 | [1] | |
With an allowance recorded | 5 | 26 | [1] | |
Total | 7 | 26 | [1] | |
Consumer loans, other | ||||
Recorded Investment | ||||
With an allowance recorded | 0 | |||
Total: | 0 | |||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||
With an allowance recorded | 0 | |||
Total: | 0 | |||
Related Allowance | 0 | |||
Average Recorded Investment | ||||
With an allowance recorded | [1] | 17 | ||
Total | [1] | 17 | ||
Interest Income Recognized | ||||
With an allowance recorded | [1] | 0 | ||
Total | [1] | 0 | ||
Cash Basis Interest Income Recognized | ||||
With an allowance recorded | [1] | 0 | ||
Total | [1] | 0 | ||
Commercial business loans | ||||
Recorded Investment | ||||
With no related allowance recorded | 0 | |||
With an allowance recorded | 181 | |||
Total: | 181 | 0 | ||
Unpaid Principal Balance (Loan Balance Plus Charge Off) | ||||
With no related allowance recorded | 0 | |||
With an allowance recorded | 181 | |||
Total: | 181 | 0 | ||
Related Allowance | 55 | 0 | ||
Average Recorded Investment | ||||
With no related allowance recorded | [1] | 11 | ||
With an allowance recorded | 91 | |||
Total | 91 | 11 | [1] | |
Interest Income Recognized | ||||
With no related allowance recorded | [1] | 0 | ||
With an allowance recorded | 0 | |||
Total | 0 | 0 | [1] | |
Cash Basis Interest Income Recognized | ||||
With no related allowance recorded | [1] | 0 | ||
With an allowance recorded | 0 | |||
Total | $ 0 | $ 0 | [1] | |
[1] | For the year ended September 30, 2017. |
Loans Receivable And Allowanc39
Loans Receivable And Allowance For Loan Losses: Schedule 1 of Troubled debt restructured loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | $ 3,481 | $ 3,595 |
Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 3,282 | 3,342 |
Non-Accrual | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 199 | 253 |
Mortgage loans, one-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 564 | 569 |
Mortgage loans, one-to-four family | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 520 | 569 |
Mortgage loans, one-to-four family | Non-Accrual | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 44 | 0 |
Mortgage loans, commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 2,214 | 2,219 |
Mortgage loans, commercial | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 2,214 | 2,219 |
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 | 703 | 807 |
Mortgage loans, land | Accruing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | 548 | 554 |
Mortgage loans, land | Non-Accrual | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loan | $ 155 | $ 253 |
Loans Receivable And Allowanc40
Loans Receivable And Allowance For Loan Losses - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Sep. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||
Troubled debt restructured loan | $ 3,481,000 | $ 3,595,000 |
Loans and leases receivable, impaired, commitment to lend | 0 | 0 |
Allowance for loan losses allocated to TDR loans | 33,000 | 10,000 |
Pre-modification TDR balance | $ 214,000 | |
Post-modification TDR balance | $ 155,000 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - shares | Dec. 31, 2017 | Dec. 31, 2016 |
Earnings Per Share [Abstract] | ||
ESOP, number of suspense shares (in shares) | 51,105 | 84,964 |
Net Income Per Common Share_ Sc
Net Income Per Common Share: Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share, Basic [Abstract] | ||||
Numerator – net income | $ 3,614 | $ 3,147 | ||
Denominator – weighted average common shares outstanding (in shares) | 7,312,531 | 6,862,749 | ||
Basic net income per common share (in dollars per share) | $ 0.49 | $ 0.46 | ||
Earnings Per Share, Diluted [Abstract] | ||||
Effect of dilutive stock options (in shares) | [1] | 195,638 | 139,493 | |
Effect of dilutive stock warrant (in shares) | [2] | 0 | 233,273 | |
Weighted average common shares and common stock equivalents (in shares) | 7,508,169 | 7,235,515 | ||
Diluted net income per common share (in dollars per share) | $ 0.48 | $ 0.43 | ||
Shares issued for warrants exercised | 370,899 | |||
Proceeds from warrants exercised | $ 2,500 | |||
Stock Options | ||||
Earnings Per Share, Diluted [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 14,651 | |||
Warrant | ||||
Earnings Per Share, Diluted [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 370,899 | |||
Number of Shares | ||||
Earnings Per Share, Diluted [Abstract] | ||||
Class of warrant, exercise price (in dollars per share) | $ 6.73 | |||
[1] | For the three months ended December 31, 2017, average options to purchase 14,651 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. For the three months ended December 31, 2016, all outstanding options were included in the computation of diluted net income per share. | |||
[2] | Represented 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. On January 31, 2017, the Warrant was exercised and 370,899 shares of the Company's common stock were issued in exchange for $2.50 million. |
Accumulated Other Comprehensi43
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 111,000 | [1] | $ 96,834 | |
Balance at end of period | 114,112 | 99,634 | ||
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | [2] | (124) | (175) | |
Net change | [2] | (12) | (14) | |
Balance at end of period | [2] | (136) | (189) | |
Accumulated Net Unrealized Investment Gain (Loss) | Available-for-sale Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | [2] | (19) | 4 | |
Net change | [2] | (7) | (27) | |
Balance at end of period | [2] | (26) | (23) | |
Accumulated Net Unrealized Investment Gain (Loss) | Held-to-maturity Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | [2] | (105) | (179) | |
Net change | [2] | (5) | 13 | |
Balance at end of period | [2] | $ (110) | $ (166) | |
[1] | Derived from audited consolidated financial statements. | |||
[2] | All amounts are net of income taxes. |
Stock Compensation Plans (Detai
Stock Compensation Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Jan. 27, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options, outstanding, aggregate intrinsic value | $ 4,890 | $ 3,860 | |
Number of unvested stock options (shares) | 203,250 | 221,950 | |
Unvested stock options, aggregate grant date fair value | $ 499 | $ 438 | |
Unvested stock options, aggregate intrinsic value | $ 1,940 | ||
Stock options vested during period (shares) | 29,500 | 28,500 | |
Stock options vested during period, aggregate grant date fair value | $ 75 | $ 67 | |
Aggregate intrinsic value of options exercised during the period | 124 | $ 157 | |
Unrecognized compensation expense, non-vested options | $ 446 | ||
Unrecognized compensation expense, non-vested options, amortization period (in years) | 2 years 3 months | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 300,000 | ||
Award vesting percentage | 20.00% | ||
Award vesting period (years) | 5 years | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contractual term | 10 years | ||
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 | 116,516 | ||
MRDP | Stock Grant Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 |
Stock Compensation Plans_ Discl
Stock Compensation Plans: Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) - $ / shares | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Shares: | ||
Options outstanding, beginning of period (shares) | 380,120 | 373,130 |
Exercised (shares) | (6,250) | (12,700) |
Forfeited (shares) | (4,300) | 0 |
Options outstanding, end of period (shares) | 369,570 | 360,430 |
Weighted Average Exercise Price (in dollars per share): | ||
Options outstanding, beginning of period (dollars per share) | $ 13.23 | $ 9.82 |
Exercised (dollars per share) | 9.65 | 6.31 |
Forfeited (dollars per share) | 11.66 | 0 |
Options outstanding, end of period (dollars per share) | $ 13.31 | $ 9.94 |
Stock Compensation Plans_ Stock
Stock Compensation Plans: Stock Options by Exercise Price (Details) - Stock Options shares in Thousands | 3 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 369,570 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 13.31 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 7 years 2 months 9 days |
Options Exercisable, Number (shares) | shares | 166,320 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 8.83 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 5 years 11 months 24 days |
$4.01 - $4.55 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 10,000 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 4.28 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 2 years 10 months 15 days |
Options Exercisable, Number (shares) | shares | 10,000 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 4.28 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 2 years 10 months 15 days |
Weighted Average Exercise Price, minimum (dollars per share) | $ 4.01 |
Weighted Average Exercise Price, maximum (dollars per share) | $ 4.55 |
$5.86 - $6.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 39,000 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 5.94 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 4 years 9 months 15 days |
Options Exercisable, Number (shares) | shares | 39,000 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 5.94 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 4 years 9 months 15 days |
Weighted Average Exercise Price, minimum (dollars per share) | $ 5.86 |
Weighted Average Exercise Price, maximum (dollars per share) | $ 6 |
$ 9 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 78,000 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 9 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 5 years 9 months 30 days |
Options Exercisable, Number (shares) | shares | 59,800 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 9 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 5 years 9 months 30 days |
Weighted Average Exercise Price, minimum (dollars per share) | $ 9 |
$10.26 - $10.71 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 131,520 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 10.57 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 7 years 3 months 15 days |
Options Exercisable, Number (shares) | shares | 48,070 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 10.56 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 7 years 2 months 21 days |
Weighted Average Exercise Price, minimum (dollars per share) | $ 10.26 |
Weighted Average Exercise Price, maximum (dollars per share) | $ 10.71 |
$ 15.67 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 53,050 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 15.67 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 8 years 9 months |
Options Exercisable, Number (shares) | shares | 9,450 |
Options Exercisable, Weighted Average Exercise Price (dollars per share) | $ 15.67 |
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 8 years 10 months 6 days |
Weighted Average Exercise Price, minimum (dollars per share) | $ 15.67 |
$ 29.69 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Number (shares) | shares | 58,000 |
Options Outstanding, Weighed Average Exercise Price (dollars per share) | $ 29.69 |
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 9 years 9 months |
Options Exercisable, Number (shares) | shares | 0 |
Weighted Average Exercise Price, minimum (dollars per share) | $ 29.69 |
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 | Dec. 31, 2017 | Sep. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | $ 1,221 | $ 1,241 |
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 | 275 | 289 |
Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 946 | 952 |
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 | 946 | 952 |
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 | 275 | 289 |
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 | 275 | 289 |
Recurring | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale investment securities, estimated fair value | 946 | 952 |
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 | 946 | 952 |
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 | 275 | 289 |
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_ Bala48
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 | Dec. 31, 2017 | Sep. 30, 2017 |
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 | |
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 | Commercial business loans | ||
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 | 112 | 125 |
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 | |
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 | Commercial business loans | ||
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 | 112 | 125 |
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 | 5,765 | 5,987 |
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 | 43 | |
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 | 1,877 | 1,880 |
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 | 827 | 697 |
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 | 5 | 109 |
Fair Value, Inputs, Level 3 | Commercial business loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, estimated fair value, nonrecurring | 126 | |
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 | 2,878 | 2,686 |
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 | $ 2,887 | $ 3,301 |
Fair Value Measurements_ Fair V
Fair Value Measurements: Fair Value Measurements, Nonrecurring, Valuation Techniques (Details) - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, estimated fair value, nonrecurring | $ 5,765 | $ 5,987 |
Impaired loans | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, estimated fair value, nonrecurring | 2,878 | 2,686 |
Nonrecurring | Impaired loans | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, estimated fair value, nonrecurring | 2,878 | 2,686 |
Nonrecurring | OREO and other repossessed assets | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, estimated fair value, nonrecurring | $ 2,887 | $ 3,301 |
Fair Value Measurements_ Schedu
Fair Value Measurements: Schedule of estimated fair values of financial instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 | |
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other investments, at cost | $ 3,000 | $ 3,000 | [1] |
Recorded Amount | |||
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 166,207 | 148,188 | |
CDs held for investment | 53,528 | 43,034 | |
Investment securities | 8,298 | 8,380 | |
FHLB stock | 1,107 | 1,107 | |
Other investments, at cost | 3,000 | 3,000 | |
Loans receivable, net | 3,407 | 3,599 | |
Loans Receivable, Fair Value Disclosure | 705,268 | 690,364 | |
Accrued interest receivable | 2,743 | 2,520 | |
Non-interest-bearing demand | 210,108 | 205,952 | |
Interest-bearing | 665,966 | 631,946 | |
Total deposits | 876,074 | 837,898 | |
Accrued interest payable | 178 | 161 | |
Fair Value | |||
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 166,207 | 148,188 | |
CDs held for investment | 53,528 | 43,034 | |
Investment securities | 8,830 | 8,985 | |
FHLB stock | 1,107 | 1,107 | |
Other investments, at cost | 3,000 | 3,000 | |
Loans receivable, net | 3,501 | 3,619 | |
Loans Receivable, Fair Value Disclosure | 697,940 | 688,332 | |
Accrued interest receivable | 2,743 | 2,520 | |
Non-interest-bearing demand | 210,108 | 205,952 | |
Interest-bearing | 665,783 | 632,629 | |
Total deposits | 875,891 | 838,581 | |
Accrued interest payable | 178 | 161 | |
Fair Value | Fair Value, Inputs, Level 1 | |||
Fair value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 166,207 | 148,188 | |
CDs held for investment | 53,528 | 43,034 | |
Investment securities | 3,910 | 3,954 | |
FHLB stock | 1,107 | 1,107 | |
Other investments, at cost | 3,000 | 3,000 | |
Loans receivable, net | 3,501 | 3,619 | |
Loans Receivable, Fair Value Disclosure | 0 | 0 | |
Accrued interest receivable | 2,743 | 2,520 | |
Non-interest-bearing demand | 210,108 | 205,952 | |
Interest-bearing | 528,543 | 492,305 | |
Total deposits | 738,651 | 698,257 | |
Accrued interest payable | 178 | 161 | |
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 | 4,920 | 5,031 | |
FHLB stock | 0 | 0 | |
Other investments, at cost | 0 | 0 | |
Loans receivable, net | 0 | 0 | |
Loans Receivable, Fair Value Disclosure | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Non-interest-bearing demand | 0 | 0 | |
Interest-bearing | 0 | 0 | |
Total deposits | 0 | 0 | |
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 | |
Other investments, at cost | 0 | 0 | |
Loans receivable, net | 0 | 0 | |
Loans Receivable, Fair Value Disclosure | 697,940 | 688,332 | |
Accrued interest receivable | 0 | 0 | |
Non-interest-bearing demand | 0 | 0 | |
Interest-bearing | 137,240 | 140,324 | |
Total deposits | 137,240 | 140,324 | |
Accrued interest payable | $ 0 | $ 0 | |
[1] | Derived from audited consolidated financial statements. |
Recent Accounting Pronounceme51
Recent Accounting Pronouncements - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Sep. 30, 2018 | |
Investments, Owned, Federal Income Tax Note [Line Items] | ||
Tax Cuts and Jobs Act of 2017, change in tax rate, deferred tax asset, income tax expense (benefit) | $ 548,000 | |
Tax Cuts and Jobs Act of 2017, change in tax rate, income tax expense (benefit) | $ 551,000 | |
Forecast | ||
Investments, Owned, Federal Income Tax Note [Line Items] | ||
Statutory tax rate | 24.50% |