Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2018 | Aug. 01, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Magyar Bancorp, Inc. | |
Entity Central Index Key | 1,337,068 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,018 | |
Document Period End Date | Jun. 30, 2018 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 5,820,746 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Assets | ||
Cash | $ 937 | $ 871 |
Interest earning deposits with banks | 12,557 | 21,463 |
Total cash and cash equivalents | 13,494 | 22,334 |
Investment securities - available for sale, at fair value | 23,111 | 11,815 |
Investment securities - held to maturity, at amortized cost (fair value of $32,905 and $51,241 at June 30, 2018 and September 30, 2017, respectively) | 34,342 | 51,368 |
Federal Home Loan Bank of New York stock, at cost | 2,760 | 2,002 |
Loans receivable, net of allowance for loan losses of $3,985 and $3,475 at June 30, 2018 and September 30, 2017, respectively | 498,818 | 470,693 |
Bank owned life insurance | 11,768 | 11,550 |
Accrued interest receivable | 2,014 | 1,929 |
Premises and equipment, net | 17,198 | 17,567 |
Other real estate owned ("OREO") | 10,040 | 11,056 |
Other assets | 2,599 | 2,730 |
Total assets | 616,144 | 603,044 |
Liabilities | ||
Deposits | 507,984 | 515,201 |
Escrowed funds | 2,478 | 1,937 |
Federal Home Loan Bank of New York advances | 48,764 | 31,905 |
Accrued interest payable | 160 | 105 |
Accounts payable and other liabilities | 6,201 | 4,439 |
Total liabilities | 565,587 | 553,587 |
Stockholders' equity | ||
Preferred stock: $.01 Par Value, 1,000,000 shares authorized; none issued | ||
Common stock: $.01 Par Value, 8,000,000 shares authorized; 5,923,742 issued; 5,820,746 shares outstanding at June 30, 2018 and September 30, 2017 | 59 | 59 |
Additional paid-in capital | 26,305 | 26,289 |
Treasury stock: 102,996 shares at June 30, 2018 and September 30, 2017, at cost | (1,152) | (1,152) |
Unearned Employee Stock Ownership Plan shares | (390) | (492) |
Retained earnings | 27,269 | 25,757 |
Accumulated other comprehensive loss | (1,534) | (1,004) |
Total stockholders' equity | 50,557 | 49,457 |
Total liabilities and stockholders' equity | $ 616,144 | $ 603,044 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Fair value of investment securities - held to maturity | $ 32,905 | $ 51,241 |
Allowance for loan losses | $ 3,985 | $ 3,475 |
Preferred stock; par value | $ 0.01 | $ 0.01 |
Preferred stock; shares authorized | 1,000,000 | 1,000,000 |
Preferred stock; shares issued | 0 | 0 |
Common stock; par value | $ 0.01 | $ 0.01 |
Common stock; shares authorized | 8,000,000 | 8,000,000 |
Common stock; shares issued | 5,923,742 | 5,923,742 |
Common stock, shares outstanding | 5,820,746 | 5,820,746 |
Treasury stock, shares | 102,996 | 102,996 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest and dividend income | ||||
Loans, including fees | $ 5,736 | $ 5,042 | $ 16,579 | $ 15,050 |
Investment securities | ||||
Taxable | 399 | 378 | 1,236 | 1,150 |
Federal Home Loan Bank of New York stock | 33 | 27 | 97 | 88 |
Total interest and dividend income | 6,168 | 5,447 | 17,912 | 16,288 |
Interest expense | ||||
Deposits | 981 | 748 | 2,746 | 2,195 |
Borrowings | 185 | 180 | 512 | 558 |
Total interest expense | 1,166 | 928 | 3,258 | 2,753 |
Net interest and dividend income | 5,002 | 4,519 | 14,654 | 13,535 |
Provision for loan losses | 276 | 315 | 782 | 1,048 |
Net interest and dividend income after provision for loan losses | 4,726 | 4,204 | 13,872 | 12,487 |
Other income | ||||
Service charges | 268 | 279 | 749 | 867 |
Income on bank owned life insurance | 73 | 71 | 218 | 214 |
Other operating income | 34 | 25 | 101 | 88 |
Gains on sales of loans | 146 | 72 | 362 | 183 |
Gains on sales of investment securities | 107 | |||
Total other income | 521 | 447 | 1,537 | 1,352 |
Other expenses | ||||
Compensation and employee benefits | 2,496 | 2,272 | 7,297 | 6,764 |
Occupancy expenses | 718 | 697 | 2,190 | 2,092 |
Professional fees | 284 | 251 | 768 | 770 |
Data processing expenses | 143 | 129 | 424 | 385 |
OREO expenses | 63 | 169 | 462 | 423 |
FDIC deposit insurance premiums | 114 | 125 | 319 | 384 |
Loan servicing expenses | 73 | 62 | 231 | 179 |
Insurance expense | 50 | 58 | 152 | 174 |
Other expenses | 418 | 390 | 1,207 | 1,063 |
Total other expenses | 4,359 | 4,153 | 13,050 | 12,234 |
Income before income tax expense | 888 | 498 | 2,359 | 1,605 |
Income tax expense | 289 | 210 | 1,035 | 670 |
Net income | $ 599 | $ 288 | $ 1,324 | $ 935 |
Net income per share-basic and diluted | $ 0.10 | $ 0.05 | $ 0.23 | $ 0.16 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 599 | $ 288 | $ 1,324 | $ 935 |
Other comprehensive income (loss) | ||||
Unrealized gain (loss) on securities available for sale | (223) | 44 | (469) | (237) |
Less reclassification adjustments for: | ||||
Net unrealized gains on securities reclassified available for sale | 104 | |||
Net gains realized on securities available for sale | (107) | |||
Other comprehensive income (loss), before tax | (223) | 44 | (472) | (237) |
Deferred income tax effect | 115 | (16) | 130 | 86 |
Total other comprehensive income (loss) | (108) | 28 | (342) | (151) |
Total comprehensive income | $ 491 | $ 316 | $ 982 | $ 784 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Unearned ESOP Shares [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total | |
Balance, at Sep. 30, 2016 | $ 59 | $ 26,270 | $ (1,152) | $ (627) | $ 24,334 | $ (1,159) | $ 47,725 | |
Balance, shares at Sep. 30, 2016 | 5,820,746 | |||||||
Net income | 935 | 935 | ||||||
Other comprehensive loss | (151) | (151) | ||||||
Reclassification of the stranded tax effect related to deferred taxes for: | ||||||||
ESOP shares allocated | 14 | 102 | 116 | |||||
Balance, at Jun. 30, 2017 | $ 59 | 26,284 | (1,152) | (525) | 25,269 | (1,310) | $ 48,625 | |
Balance, shares at Jun. 30, 2017 | 5,820,746 | 5,820,746 | ||||||
Balance, at Sep. 30, 2017 | $ 59 | 26,289 | (1,152) | (492) | 25,757 | (1,004) | $ 49,457 | |
Balance, shares at Sep. 30, 2017 | 5,820,746 | 5,820,746 | ||||||
Net income | 1,324 | $ 1,324 | ||||||
Other comprehensive loss | (342) | (342) | ||||||
Reclassification of the stranded tax effect related to deferred taxes for: | ||||||||
Defined benefit pension plan | [1] | 177 | (177) | |||||
Securities available-for-sale | [1] | 11 | (11) | |||||
ESOP shares allocated | 16 | 102 | 118 | |||||
Balance, at Jun. 30, 2018 | $ 59 | $ 26,305 | $ (1,152) | $ (390) | $ 27,269 | $ (1,534) | $ 50,557 | |
Balance, shares at Jun. 30, 2018 | 5,820,746 | 5,820,746 | ||||||
[1] | In January 2018, the Company adopted ASU 2018-02, as a result, the Company made a policy election to release income tax effects, as a result of the Tax Act, from AOCI to retained earnings. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating activities | ||
Net income | $ 1,324 | $ 935 |
Adjustment to reconcile net income to net cash provided by operating activities | ||
Depreciation expense | 612 | 606 |
Premium amortization on investment securities, net | 104 | 143 |
Provision for loan losses | 782 | 1,048 |
Provision for loss on other real estate owned | 308 | 218 |
Originations of loans held for sale | (6,255) | (2,651) |
Proceeds from the sales of loans receivable | 6,617 | 2,834 |
Gains on sale of loans receivable | (362) | (183) |
Gains on sales of investment securities | (107) | |
Gains on the sales of other real estate owned | (66) | (5) |
ESOP compensation expense | 118 | 116 |
Deferred income tax expense | 638 | 689 |
Increase in accrued interest receivable | (85) | (95) |
Increase in surrender value bank owned life insurance | (218) | (214) |
Increase in other assets | (377) | (121) |
Increase in accrued interest payable | 55 | 17 |
Increase (decrease) in accounts payable and other liabilities | 1,762 | (1,174) |
Net cash provided by operating activities | 4,850 | 2,163 |
Investing activities | ||
Net (increase) decrease in loans receivable | (28,166) | 371 |
Purchases of loans receivable | (4,463) | (12,626) |
Proceeds from the sale of loans receivable | 3,399 | |
Purchases of investment securities held to maturity | (3,492) | (3,974) |
Purchases of investment securities available for sale | (1,443) | (6,079) |
Sales of investment securities held to maturity | 3,408 | |
Principal repayments on investment securities held to maturity | 4,542 | 5,716 |
Principal repayments on investment securities available for sale | 2,246 | 809 |
Purchases of premises and equipment | (243) | (202) |
Investment in other real estate owned | (182) | (34) |
Proceeds from other real estate owned | 1,279 | 1,225 |
(Purchases) redemptions of Federal Home Loan Bank stock | (758) | 123 |
Net cash used by investing activities | (23,873) | (14,671) |
Financing activities | ||
Net (decrease) increase in deposits | (7,217) | 7,122 |
Net increase in escrowed funds | 541 | 460 |
Proceeds from long-term advances | 4,059 | 865 |
Repayments of long-term advances | (2,000) | (5,000) |
Net change in short-term advances | 14,800 | |
Net cash provided by financing activities | 10,183 | 3,447 |
Net decrease in cash and cash equivalents | (8,840) | (9,061) |
Cash and cash equivalents, beginning of period | 22,334 | 21,806 |
Cash and cash equivalents, end of period | 13,494 | 12,745 |
Supplemental disclosures of cash flow information | ||
Interest | 3,204 | 2,736 |
Income taxes | 964 | 36 |
Non-cash investing activities | ||
Real estate acquired in full satisfaction of loans in foreclosure | 1,161 | |
Investment securities transferred from held to maturity to available for sale | $ 12,619 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | NOTE A – BASIS OF PRESENTATION The consolidated financial statements include the accounts of Magyar Bancorp, Inc. (the “Company”), its wholly owned subsidiary, Magyar Bank (the “Bank”), and the Bank’s wholly owned subsidiaries Magyar Service Corporation, Hungaria Urban Renewal, LLC, and MagBank Investment Company. All material intercompany transactions and balances have been eliminated. The Company prepares its financial statements on the accrual basis and in conformity with accounting principles generally accepted in the United States of America ("US GAAP"). The unaudited information furnished herein reflects all adjustments (consisting of normal recurring accruals) that are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Operating results for the three and nine months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending September 30, 2018. The September 30, 2017 information has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by US GAAP for complete consolidated financial statements. The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the 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 income and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of other real estate owned, and the assessment of realizability of deferred income tax assets. The Company has evaluated events and transactions occurring subsequent to the balance sheet date of June 30, 2018 for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE B- 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 Revenue Recognition Based on our evaluation under the current guidance, we estimated that substantially all of our interest income and non-interest income will not be impacted by the adoption of ASU 2014-09 because either the revenue from those contracts with customers is covered by other guidance in US GAAP or the revenue recognition outcomes anticipated with the adoption of ASU 2014-09 will likely be similar to our current revenue recognition practices. The Company evaluated certain noninterest revenue streams, including, deposit related fees, service and interchange fees, and merchant income to determine the potential impact of the guidance on the Company’s consolidated financial statements. The Company expects additional financial statement disclosures of non-interest income revenue streams with the adoption of this ASU. In addition, we are reviewing our business processes, systems and controls to support recognition and disclosures under the new standard. The Company is expected to use the modified retrospective method for transition in which the cumulative effect will be recognized at the date of adoption with no restatement of comparative periods presented. The adoption of the ASU is not expected to have a material effect on the Company’s consolidated financial statements . In January 2016, FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01, among other things, (i) requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income; (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (iii) eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (v) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; and (vii) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale. In addition, the amendments in this ASU require an entity to disclose the fair value of its financial instruments using the exit price notion. Exit price is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. For public entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company has updated the fair value disclosure on Note G Fair Value Disclosures in this report to reflect adoption of this standard, to include using the exit price notion in the fair value disclosure of financial instruments. The Company`s adoption of the ASU did not have a significant impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses In August 2017, the FASB issued the ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . The purpose of this guidance is to better align a company’s financial reporting for hedging relationships with the company’s risk management activities by expanding strategies that qualify for hedge accounting, modifying the presentation of certain hedging relationships in the financial statements and simplifying the application of hedge accounting in certain situations. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted in any interim or annual period before the effective date. ASU 2017-12 will be applied using a modified retrospective approach through a cumulative-effect adjustment related to the elimination of the separate measurement of ineffectiveness to the balance of accumulated other comprehensive income with a corresponding adjustment to retained earnings as of the beginning of the fiscal year in which the amendments in this update are adopted. The amended presentation and disclosure guidance is required only prospectively. Upon adoption, the ASU allows for the reclassification of debt securities eligible to be hedged under the ASU from held-to-maturity to available-for-sale. In February 2018, the FASB issued ASU 2018-02, Income Statement- Reporting Comprehensive Income (Topic 220) – Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The Company adopted the provisions of ASU 2018-02 effective June 30, 2018 and elected to record a reclassification adjustment of $188,000 from AOCI to retained earnings in the consolidated statements of stockholders’ equity for stranded tax effects resulting from enactment of the Tax Act. |
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | NOTE C - CONTINGENCIES The Company, from time to time, is a party to routine litigation that arises in the normal course of business. In the opinion of management, the resolution of this litigation, if any, would not have a material adverse effect on the Company’s consolidated financial position or results of operations. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE D - EARNINGS PER SHARE Basic and diluted earnings per share for the three and nine months ended June 30, 2018 and 2017 were calculated by dividing net income by the weighted-average number of shares outstanding for the period considering the effect of dilutive equity options and stock awards for the diluted earnings per share calculations. For the Three Months For the Nine Months Ended June 30, Ended June 30, 2018 2017 2018 2017 (In thousands except for per share data) Income applicable to common shares $ 599 $ 288 $ 1,324 $ 935 Weighted average number of common shares outstanding - basic 5,821 5,821 5,821 5,821 Stock options and restricted stock — — — — Weighted average number of common shares and common share equivalents - diluted 5,821 5,821 5,821 5,821 Basic earnings per share $ 0.10 $ 0.05 $ 0.23 $ 0.16 Diluted earnings per share $ 0.10 $ 0.05 $ 0.23 $ 0.16 There were no outstanding options to purchase common stock at June 30, 2018 and 2017. |
STOCK-BASED COMPENSATION AND ST
STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM | 9 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM | NOTE E – STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM The Company follows FASB Accounting Standards Codification (“ASC”) Section 718, Compensation-Stock Compensation, which covers a wide range of share-based compensation arrangements including share options, restricted share plans, performance-based awards, share appreciation rights, and employee share purchase plans. ASC 718 requires that compensation cost relating to share-based payment transactions be recognized in consolidated financial statements. The cost is measured based on the fair value of the equity or liability instruments issued. Stock options generally vest over a five-year service period and expire ten years from issuance. The fair values of all option grants were estimated using the Black-Scholes option-pricing model. Management recognizes compensation expense for the fair values of these awards, which have graded vesting, on a straight-line basis over the vesting period of the awards. Once vested, these awards are irrevocable. There was no activity for the Company’s stock option plan for the months ended June 30, 2018. The following is a summary of the status of the Company’s stock option activity and related information for its option plan for the nine months ended June 30, 2017. Weighted Weighted Average Aggregate Number of Average Remaining Intrinsic Stock Options Exercise Price Contractual Life Value Balance at September 30, 2016 188,276 $ 14.61 0.4 years Granted — — Exercised — — Expired (188,276 ) 14.61 Forfeited — — Balance at June 30, 2017 — $ — — $ — Exercisable at June 30, 2017 — $ — — $ — There were no grants, vested shares or forfeitures of non-vested restricted stock awards as of or during the nine months ended June 30, 2018 and 2017. There were no stock option and stock award expenses included with compensation expense for the nine months ended June 30, 2018 and 2017. The Company announced in November 2007 its second stock repurchase program of up to 5% of its publicly-held outstanding shares of common stock, or 129,924 shares. Through June 30, 2018, the Company had repurchased a total of 81,000 shares of its common stock at an average cost of $8.33 per share under this program. No shares were repurchased during the nine months ended June 30, 2018 and 2017, respectively. Under the stock repurchase program, 48,924 shares of the 129,924 shares authorized remained available for repurchase as of June 30, 2018. The Company’s intended use of the repurchased shares is for general corporate purposes. The Company held 102,996 total treasury stock shares at June 30, 2018, of which 81,000 were from repurchases under this program. The Company has an Employee Stock Ownership Plan ("ESOP") for the benefit of employees of the Company and the Bank who meet the eligibility requirements as defined in the plan. The ESOP trust purchased 217,863 shares of common stock in the open market using proceeds of a loan from the Company. The total cost of shares purchased by the ESOP trust was $2.3 million, reflecting an average cost per share of $10.58. The Bank will make cash contributions to the ESOP on an annual basis sufficient to enable the ESOP to make the required loan payments to the Company. The loan bears a variable interest rate that adjusts annually every January 1 st As the debt is repaid, shares are released as collateral and allocated to qualified employees. Accordingly, the shares pledged as collateral are reported as unearned ESOP shares in the Consolidated Balance Sheets. As shares are released from collateral, the Company reports compensation expense equal to the then current market price of the shares, and the shares become outstanding for earnings per share computations. At June 30, 2018, shares allocated to participants totaled 165,771. Unallocated ESOP shares held in suspense totaled 52,092 at June 30, 2018 and had a fair market value of $670,945. The Company's contribution expense for the ESOP was $118,000 and $116,000 for the nine months ended June 30, 2018 and 2017, respectively. |
OTHER COMPREHENSIVE INCOME (LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended |
Jun. 30, 2018 | |
Other comprehensive income (loss) | |
OTHER COMPREHENSIVE INCOME (LOSS) | NOTE F – OTHER COMPREHENSIVE INCOME (LOSS) The components of other comprehensive income (loss) and the related income tax effects are as follows: Three Months Ended June 30, 2018 2017 Tax Net of Tax Net of Before Tax Benefit Tax Before Tax Benefit Tax Amount (Expense) Amount Amount (Expense) Amount (Dollars in thousands) Unrealized holding gain (loss) arising during period on: Available-for-sale investments $ (223 ) $ 115 $ (108 ) $ 44 $ (16 ) $ 28 Other comprehensive (loss) income, net $ (223 ) $ 115 $ (108 ) $ 44 $ (16 ) $ 28 Nine Months Ended June 30, 2018 2017 Tax Net of Tax Net of Before Tax Benefit Tax Before Tax Benefit Tax Amount (Expense) Amount Amount (Expense) Amount (Dollars in thousands) Unrealized holding gain (loss) arising during period on: Available-for-sale investments $ (469 ) $ 129 $ (340 ) $ (237 ) $ 86 $ (151 ) Less reclassification adjustments for: Net unrealized gains on securities reclassified available for sale 104 (32 ) 72 — — — Net gains realized on securities available for sale (a) (b) (107 ) 33 (74 ) — — — Other comprehensive (loss) income, net $ (472 ) $ 130 $ (342 ) $ (237 ) $ 86 $ (151 ) (a) Realized gains on securities transactions included in gains on sales of investment securities in the accompanying (b) Tax effect included in income tax expense in the accompanying Consolidated Statements of Operations. |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 9 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE DISCLOSURES | NOTE G – FAIR VALUE DISCLOSURES The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The securities available-for-sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets or liabilities on a non-recurring basis, such as held-to-maturity securities, mortgage servicing rights, loans receivable and other real estate owned, or OREO. These non-recurring fair value adjustments involve the application of lower-of-cost-or-market accounting or write-downs of individual assets. In accordance with ASC 820, the Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1 Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. The Company based its fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following is a description of valuation methodologies used for assets measured at fair value on a recurring basis. Securities available-for-sale The securities available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/loss in stockholders’ equity. The securities available-for-sale portfolio consists of U.S government-sponsored mortgage-backed securities and private label mortgage-backed securities. The fair values of these securities are obtained from an independent nationally recognized pricing service. An independent pricing service provides the Company with prices which are categorized as Level 2, as quoted prices in active markets for identical assets are generally not available for the securities in the Company’s portfolio. Various modeling techniques are used to determine pricing for Company’s mortgage-backed securities, including option pricing and discounted cash flow models. The inputs to these models include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. The following table provides the level of valuation assumptions used to determine the carrying value of the Company’s assets measured at fair value on a recurring basis. Fair Value at June 30, 2018 Total Level 1 Level 2 Level 3 (Dollars in thousands) Securities available for sale: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 1,543 $ — $ 1,543 $ — Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential 19,194 — 19,194 — Debt securities 2,371 — 2,371 — Private label mortgage-backed securities-residential 3 — 3 — Total securities available for sale $ 23,111 $ — $ 23,111 $ — Fair Value at September 30, 2017 Total Level 1 Level 2 Level 3 (Dollars in thousands) Securities available for sale: Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential $ 9,326 $ — $ 9,326 $ — Debt securities 2,449 — 2,449 — Private label mortgage-backed securities-residential 40 — 40 — Total securities available for sale $ 11,815 $ — $ 11,815 $ — The following is a description of valuation methodologies used for assets measured at fair value on a non-recurring basis. Mortgage Servicing Rights, net Mortgage Servicing Rights (“MSRs”) are carried at the lower of cost or estimated fair value. The estimated fair value of MSR is determined through a calculation of future cash flows, incorporating estimates of assumptions market participants would use in determining fair value including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market driven data, including the market’s perception of future interest rate movements and, as such, are classified as Level 3. The Company had MSRs totaling $49,000 and $69,000 at June 30, 2018 and September 30, 2017, respectively. Impaired Loans Loans which meet certain criteria are evaluated individually for impairment. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. All amounts due according to the contractual terms means that both the contractual interest and principal payments of a loan will be collected as scheduled in the loan agreement. Three impairment measurement methods are used, depending upon the collateral securing the asset: 1) the present value of expected future cash flows discounted at the loan’s effective interest rate (the rate of return implicit in the loan); 2) the asset’s observable market price; or 3) the fair value of the collateral, less anticipated selling and disposition costs, if the asset is collateral dependent. The regulatory agencies require the last method for loans from which repayment is expected to be provided solely by the underlying collateral. The Company’s impaired loans are generally collateral dependent and, as such, are carried at the estimated fair value of the collateral less estimated selling costs. Fair value is estimated through current appraisals, and adjusted as necessary, by management, to reflect current market conditions and, as such, are generally classified as Level 3. Appraisals of collateral securing impaired loans are conducted by approved, qualified, and independent third-party appraisers. Such appraisals are ordered via the Company’s credit administration department, independent from the lender who originated the loan, once the loan is deemed impaired, as described in the previous paragraph. Impaired loans are generally re-evaluated with an updated appraisal within one year of the last appraisal. However, the Company also obtains updated appraisals on performing construction loans that are approaching their maturity date to determine whether or not the fair value of the collateral securing the loan remains sufficient to cover the loan amount prior to considering an extension. The Company discounts the appraised “as is” value of the collateral for estimated selling and disposition costs and compares the resulting fair value of collateral to the outstanding loan amount. If the outstanding loan amount is greater than the discounted fair value, the Company requires a reduction in the outstanding loan balance or additional collateral before considering an extension to the loan. If the borrower is unwilling or unable to reduce the loan balance or increase the collateral securing the loan, it is deemed impaired and the difference between the loan amount and the fair value of collateral, net of estimated selling and disposition costs, is charged off through a reduction of the allowance for loan loss. Other Real Estate Owned The fair value of other real estate owned is determined through current appraisals, and adjusted as necessary, by management, to reflect current market conditions and anticipated selling and disposition costs. As such, other real estate owned is generally classified as Level 3. The following table provides the level of valuation assumptions used to determine the carrying value of the Company’s assets measured at fair value on a non-recurring basis at June 30, 2018 and September 30, 2017. Fair Value at June 30, 2018 Total Level 1 Level 2 Level 3 (Dollars in thousands) Impaired loans $ — $ — $ — $ — Other real estate owned 10,040 — — 10,040 $ 10,040 $ — $ — $ 10,040 Fair Value at September 30, 2017 Total Level 1 Level 2 Level 3 (Dollars in thousands) Impaired loans $ 909 $ — $ — $ 909 Other real estate owned 11,056 — — 11,056 $ 11,965 $ — $ — $ 11,965 The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements (Dollars in thousands) Fair Value Valuation June 30, 2018 Estimate Techniques Unobservable Input Range (Weighted Average) Impaired loans $ — Appraisal of collateral (1) Appraisal adjustments (2) Other real estate owned $ 10,040 Appraisal of collateral (1) Liquidation expenses (2) -3.1% to -42.2% (-14.4%) Fair Value Valuation September 30, 2017 Estimate Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 909 Appraisal of collateral (1) Appraisal adjustments (2) -7.9% to -35.2% (-22.3%) Other real estate owned $ 11,056 Appraisal of collateral (1) Liquidation expenses (2) -8.0% to -55.4% (-25.0%) (1) Fair value is generally determined through independent appraisals for the underlying collateral, which generally include various level 3 inputs which are not identifiable. (2) Appraisals may be adjusted downward by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. The following methods and assumptions were used to estimate the fair value of each class of financial instruments not already disclosed above for which it is practicable to estimate fair value: Cash and interest earning deposits with banks: The carrying amounts are a reasonable estimate of fair value. Held to maturity securities: The fair values of held to maturity securities are obtained from an independent nationally recognized pricing service. An independent pricing service provides the Company with prices which are categorized as Level 2, as quoted prices in active markets for identical assets are generally not available for the securities in Company’s portfolio. Loans receivable: Fair value for the loan portfolio, excluding impaired loans with specific loss allowances, is estimated based on discounted cash flow analysis using interest rates currently offered for loans with similar terms to borrowers of similar credit quality. Federal Home Loan Bank of New York (“FHLB”) stock: The carrying amount of FHLB stock approximates fair value and considers the limited marketability of the investment. Bank-owned life insurance: The carrying amounts are based on the cash surrender values of the individual policies, which is a reasonable estimate of fair value. Deposits: The fair value of deposits with no stated maturity, such as money market deposit accounts, interest-bearing checking accounts and savings accounts, is equal to the amount payable on demand. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is equivalent to current market rates for deposits of similar size, type and maturity. Accrued interest receivable and payable: For these short-term instruments, the carrying amount is a reasonable estimate of fair value. FHLB advances: The fair value of borrowings is based on the discounted value of contractual cash flows. The discount rate is equivalent to the rate currently offered by the FHLB for borrowings of similar maturity and terms. The fair value of commitments to extend credit is estimated based on the amount of unamortized deferred loan commitment fees. The fair value of letters of credit is based on the amount of unearned fees plus the estimated cost to terminate the letters of credit. Fair values of unrecognized financial instruments including commitments to extend credit and the fair value of letters of credit are considered immaterial. The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments carried at cost or amortized cost as of June 30, 2018 and September 30, 2017. This table excludes financial instruments for which the carrying amount approximates level 1 fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For financial liabilities such as interest-bearing demand, NOW, and money market savings deposits, the carrying amount is a reasonable estimate of fair value due to these products being payable on demand and having no stated maturity. Carrying Fair Fair Value Measurement Placement Value Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) June 30, 2018 Financial instruments - assets Investment securities held to maturity $ 34,342 $ 32,905 $ — $ 32,905 $ — Loans 498,818 495,929 — — 495,929 Financial instruments - liabilities Certificates of deposit including retirement certificates 123,206 123,628 — 123,628 — Borrowings 48,764 48,230 — 48,230 — September 30, 2017 Financial instruments - assets Investment securities held to maturity $ 51,368 $ 51,241 $ — $ 51,241 $ — Loans 470,693 473,538 — — 473,538 Financial instruments - liabilities Certificates of deposit including retirement certificates 128,028 128,750 — 128,750 — Borrowings 31,905 31,865 — 31,865 — There were no transfers between fair value measurement placements during the nine months ended June 30, 2018. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 9 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | NOTE H - INVESTMENT SECURITIES The following tables summarize the amortized cost and fair values of securities available for sale at June 30, 2018 and September 30, 2017: June 30, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) Securities available for sale: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 1,491 $ 54 $ (2 ) $ 1,543 Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential 19,756 20 (582 ) 19,194 Debt securities 2,500 — (129 ) 2,371 Private label mortgage-backed securities-residential 3 — — 3 Total securities available for sale $ 23,750 $ 74 $ (713 ) $ 23,111 September 30, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) Securities available for sale: Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential $ 9,442 $ 9 $ (125 ) $ 9,326 Debt securities 2,500 — (51 ) 2,449 Private label mortgage-backed securities-residential 40 — — 40 Total securities available for sale $ 11,982 $ 9 $ (176 ) $ 11,815 The maturities of the debt securities and mortgage-backed securities available for sale at June 30, 2018 are summarized in the following table: June 30, 2018 Amortized Fair Cost Value (Dollars in thousands) Due within 1 year $ — $ — Due after 1 but within 5 years 1,500 1,411 Due after 5 but within 10 years 1,000 960 Due after 10 years — — Total debt securities 2,500 2,371 Mortgage-backed securities: Residential 21,250 20,740 Commercial — — Total $ 23,750 $ 23,111 The following tables summarize the amortized cost and fair values of securities held to maturity at June 30, 2018 and September 30, 2017: June 30, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) Securities held to maturity: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 588 $ — $ (94 ) $ 494 Mortgage-backed securities - commercial 920 — (10 ) 910 Obligations of U.S. government-sponsored enterprises: Mortgage-backed-securities - residential 26,959 4 (806 ) 26,157 Debt securities 2,464 — (108 ) 2,356 Private label mortgage-backed securities - residential 411 1 (1 ) 411 Corporate securities 3,000 — (423 ) 2,577 Total securities held to maturity $ 34,342 $ 5 $ (1,442 ) $ 32,905 September 30, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) Securities held to maturity: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 3,466 $ 123 $ (96 ) $ 3,493 Mortgage-backed securities - commercial 968 — (10 ) 958 Obligations of U.S. government-sponsored enterprises: Mortgage backed securities - residential 39,016 349 (251 ) 39,114 Debt securities 4,461 — (24 ) 4,437 Private label mortgage-backed securities - residential 457 — (2 ) 455 Corporate securities 3,000 — (216 ) 2,784 Total securities held to maturity $ 51,368 $ 472 $ (599 ) $ 51,241 The maturities of the debt securities and the mortgage backed securities held to maturity at June 30, 2018 are summarized in the following table: June 30, 2018 Amortized Fair Cost Value (Dollars in thousands) Due within 1 year $ — $ — Due after 1 but within 5 years 1,499 1,460 Due after 5 but within 10 years 3,000 2,577 Due after 10 years 965 896 Total debt securities 5,464 4,933 Mortgage-backed securities: Residential 27,958 27,062 Commercial 920 910 Total $ 34,342 $ 32,905 |
IMPAIRMENT OF INVESTMENT SECURI
IMPAIRMENT OF INVESTMENT SECURITIES | 9 Months Ended |
Jun. 30, 2018 | |
Schedule of Investments [Abstract] | |
IMPAIRMENT OF INVESTMENT SECURITIES | NOTE I – IMPAIRMENT OF INVESTMENT SECURITIES The Company recognizes credit-related other-than-temporary impairment on debt securities in earnings while noncredit-related other-than-temporary impairment on debt securities not expected to be sold are recognized in other comprehensive income (“OCI”). The Company reviews its investment portfolio on a quarterly basis for indications of impairment. This review includes analyzing the length of time and the extent to which the fair value has been lower than the cost, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer and the intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in the market. The Company evaluates its intent and ability to hold debt securities based upon its investment strategy for the particular type of security and its cash flow needs, liquidity position, capital adequacy and interest rate risk position. In addition, the risk of future other-than-temporary impairment may be influenced by prolonged recession in the U.S. economy, changes in real estate values and interest deferrals. Investment securities with fair values less than their amortized cost contain unrealized losses. The following tables present the gross unrealized losses and fair value at June 30, 2018 and September 30, 2017 for both available for sale and held to maturity securities by investment category and time frame for which the loss has been outstanding: June 30, 2018 Less Than 12 Months 12 Months Or Greater Total Number of Fair Unrealized Fair Unrealized Fair Unrealized Securities Value Losses Value Losses Value Losses (Dollars in thousands) Obligations of U.S. government agencies: Mortgage-backed securities - residential 3 $ 561 $ (2 ) $ 494 $ (94 ) $ 1,055 $ (96 ) Mortgage-backed securities - commercial 1 — — 910 (10 ) 910 (10 ) Obligations of U.S. government-sponsored enterprises Mortgage-backed securities - residential 32 16,316 (377 ) 26,266 (1,011 ) 42,582 (1,388 ) Debt securities 4 — — 4,726 (237 ) 4,726 (237 ) Private label mortgage-backed securities residential 2 — — 122 (1 ) 122 (1 ) Corporate securities 1 — — 2,577 (423 ) 2,577 (423 ) Total 43 $ 16,877 $ (379 ) $ 35,095 $ (1,776 ) $ 51,972 $ (2,155 ) September 30, 2017 Less Than 12 Months 12 Months Or Greater Total Number of Fair Unrealized Fair Unrealized Fair Unrealized Securities Value Losses Value Losses Value Losses (Dollars in thousands) Obligations of U.S. government agencies: Mortgage-backed securities - residential 2 $ — $ — $ 605 $ (96 ) $ 605 $ (96 ) Mortgage-backed securities - commercial 1 958 (10 ) — — 958 (10 ) Obligations of U.S. government-sponsored enterprises Mortgage-backed securities - residential 20 6,582 (92 ) 21,713 (284 ) 28,295 (376 ) Debt securities 5 4,890 (71 ) 1,996 (4 ) 6,886 (75 ) Private label mortgage-backed securities residential 2 — — 193 (2 ) 193 (2 ) Corporate securities 1 — — 2,784 (216 ) 2,784 (216 ) Total 31 $ 12,430 $ (173 ) $ 27,291 $ (602 ) $ 39,721 $ (775 ) The Company evaluated these securities and determined that the decline in value was primarily related to fluctuations in the interest rate environment and were not related to any company or industry specific event. At June 30, 2018 and September 30, 2017, there were forty-three and thirty-one investment securities, respectively, with unrealized losses. The Company anticipates full recovery of amortized costs with respect to these securities. The Company does not intend to sell these securities and has determined that it is not more likely than not that the Company would be required to sell these securities prior to maturity or market price recovery. Management has considered factors regarding other than temporarily impaired securities and determined that there are no securities with impairment that is other than temporary as of June 30, 2018 and September 30, 2017. |
LOANS RECEIVABLE, NET AND RELAT
LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES | 9 Months Ended |
Jun. 30, 2018 | |
Loans Receivable, Net [Abstract] | |
LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES | NOTE J – LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES Loans receivable, net of allowance for loan losses, were comprised of the following: June 30, September 30, 2018 2017 (Dollars in thousands) One-to four-family residential $ 181,024 $ 178,336 Commercial real estate 216,058 207,118 Construction 29,663 22,622 Home equity lines of credit 19,232 18,536 Commercial business 51,188 41,113 Other 5,493 6,266 Total loans receivable 502,658 473,991 Net deferred loan costs 145 177 Allowance for loan losses (3,985 ) (3,475 ) Total loans receivable, net $ 498,818 $ 470,693 The segments of the Bank’s loan portfolio are disaggregated to a level that allows management to monitor risk and performance. The residential mortgage loan segment is further disaggregated into two classes: amortizing term loans, which are primarily first liens, and home equity lines of credit, which are generally second liens. The commercial real estate loan segment is further disaggregated into three classes: loans secured by multifamily structures, owner-occupied commercial structures, and non-owner occupied nonresidential properties. The construction loan segment consists primarily of loans to developers or investors for the purpose of acquiring, developing and constructing residential or commercial structures and to a lesser extent one-to-four family residential construction loans made to individuals for the acquisition of and/or construction on a lot or lots on which a residential dwelling is to be built. Construction loans to developers and investors have a higher risk profile because the ultimate buyer, once development is completed, is generally not known at the time of the loan. The commercial business loan segment consists of loans made for the purpose of financing the activities of commercial customers and consists primarily of revolving lines of credit. The other loan segment consists primarily of stock-secured installment loans, but also includes unsecured personal loans and overdraft lines of credit connected with customer deposit accounts. Management evaluates individual loans in all segments for possible impairment if the loan either is in nonaccrual status, or is risk rated Substandard and is greater than 90 days past due. Loans are considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in evaluating impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Once the determination has been made that a loan is impaired, the recorded investment in the loan is compared to the fair value of the loan using one of three methods: (a) the present value of expected future cash flows discounted at the loan’s effective interest rate; (b) the loan’s observable market price; or (c) the fair value of the collateral securing the loan, less anticipated selling and disposition costs. The method is selected on a loan by loan basis, with management primarily utilizing the fair value of collateral method. If there is a shortfall between the fair value of the loan and the recorded investment in the loan, the Company charges the difference to the allowance for loan loss as a charge-off and carries the impaired loan on its books at fair value. It is the Company’s policy to evaluate impaired loans on an annual basis to ensure the recorded investment in a loan does not exceed its fair value. The following tables present impaired loans by class, segregated by those for which a specific allowance was required and charged-off and those for which a specific allowance was not necessary at nine months ended June 30, 2018 and September 30, 2017: Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans Unpaid Recorded Related Recorded Recorded Principal At June 30, 2018 Investment Allowance Investment Investment Balance (Dollars in thousands) One-to four-family residential $ — $ — $ 1,253 $ 1,253 $ 1,253 Commercial real estate — — 3,680 3,680 3,680 Home equity lines of credit — — 58 58 58 Commercial business — — 359 359 449 Total impaired loans $ — $ — $ 5,350 $ 5,350 $ 5,440 Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans Unpaid Recorded Related Recorded Recorded Principal At September 30, 2017 Investment Allowance Investment Investment Balance (Dollars in thousands) One-to four-family residential $ — $ — $ 3,124 $ 3,124 $ 3,436 Commercial real estate — — 4,088 4,088 4,110 Commercial business — — 243 243 243 Total impaired loans $ — $ — $ 7,455 $ 7,455 $ 7,789 The following tables present the average recorded investment in impaired loans for the three and nine months ended June 30, 2018 and 2017. There was no interest income recognized on impaired loans during the nine months ended June 30, 2018. Three Months Nine Months Ended June 30, 2018 Ended June 30, 2018 (Dollars in thousands) One-to four-family residential $ 1,878 $ 2,360 Commercial real estate 3,661 3,771 Home equity lines of credit 29 15 Commercial business 361 332 Average investment in impaired loans $ 5,929 $ 6,478 Three Months Nine Months Ended June 30, 2017 Ended June 30, 2017 (Dollars in thousands) One-to four-family residential $ 3,051 $ 3,307 Commercial real estate 5,274 4,783 Home equity lines of credit 243 171 Commercial business 560 732 Other 12 12 Average investment in impaired loans $ 9,140 $ 9,005 Management uses a ten point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first six categories are considered not criticized, and are aggregated as “Pass” rated. The criticized rating categories utilized by management generally follow bank regulatory definitions. The Special Mention category includes assets that are currently protected but are potentially weak, resulting in an undue and unwarranted credit risk, but not to the point of justifying a Substandard classification. Loans in the Substandard category have well-defined weaknesses that jeopardize the liquidation of the debt, and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. Loans classified Doubtful have all the weaknesses inherent in loans classified Substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Bank has a structured loan rating process with several layers of internal and external oversight. Generally, consumer and residential mortgage loans are included in the Pass categories unless a specific action, such as severe delinquency, bankruptcy, repossession, or death occurs to raise awareness of a possible credit event. The Bank’s Commercial Loan Officers are responsible for the timely and accurate risk rating of the loans in their portfolios at origination and on an ongoing basis. The Asset Review Committee performs monthly reviews of all commercial relationships internally rated 6 (“Watch”) or worse. Confirmation of the appropriate risk grade is performed by an external Loan Review Company that semi-annually reviews and assesses loans within the portfolio. Generally, the external consultant reviews commercial relationships greater than $500,000 and/or criticized relationships greater than $250,000. Detailed reviews, including plans for resolution, are performed on loans classified as Substandard on a monthly basis. The following table presents the classes of the loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the Bank’s internal risk rating system at the dates presented: Special Pass Mention Substandard Doubtful Total (Dollars in thousands) June 30, 2018 One-to four-family residential $ 180,486 $ — $ 538 $ — $ 181,024 Commercial real estate 212,692 1,068 2,298 — 216,058 Construction 27,275 — 2,388 — 29,663 Home equity lines of credit 19,174 — 58 — 19,232 Commercial business 50,708 357 123 — 51,188 Other 5,493 — — — 5,493 Total $ 495,828 $ 1,425 $ 5,405 $ — $ 502,658 Special Pass Mention Substandard Doubtful Total (Dollars in thousands) September 30, 2017 One-to four-family residential $ 176,285 $ 127 $ 1,924 $ — $ 178,336 Commercial real estate 204,435 — 2,683 — 207,118 Construction 20,194 — 2,428 — 22,622 Home equity lines of credit 18,536 — — — 18,536 Commercial business 40,820 293 — — 41,113 Other 6,266 — — — 6,266 Total $ 466,536 $ 420 $ 7,035 $ — $ 473,991 Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans at the dates presented: 30-59 60-89 Days Days 90 Days + Total Non- Total Current Past Due Past Due Past Due Past Due Accrual Loans (Dollars in thousands) June 30, 2018 One-to four-family residential $ 180,774 $ — $ — $ 250 $ 250 $ 250 $ 181,024 Commercial real estate 214,842 — 759 457 1,216 148 216,058 Construction 29,663 — — — — — 29,663 Home equity lines of credit 19,181 — — 51 51 51 19,232 Commercial business 50,561 147 357 123 627 123 51,188 Other 5,483 — 10 — 10 — 5,493 Total $ 500,504 $ 147 $ 1,126 $ 881 $ 2,154 $ 572 $ 502,658 30-59 60-89 Days Days 90 Days + Total Non- Total Current Past Due Past Due Past Due Past Due Accrual Loans (Dollars in thousands) September 30, 2017 One-to four-family residential $ 176,546 $ — $ 127 $ 1,663 $ 1,790 $ 1,663 $ 178,336 Commercial real estate 206,218 418 — 482 900 482 207,118 Construction 22,622 — — — — — 22,622 Home equity lines of credit 18,344 — 192 — 192 — 18,536 Commercial business 40,420 400 80 213 693 213 41,113 Other 6,266 — — — — — 6,266 Total $ 470,416 $ 818 $ 399 $ 2,358 $ 3,575 $ 2,358 $ 473,991 An allowance for loan losses (“ALL”) is maintained to absorb losses from the loan portfolio. The ALL is based on management’s continuing evaluation of the risk characteristics and credit quality of the loan portfolio, assessment of current economic conditions, diversification and size of the portfolio, adequacy of collateral, past and anticipated loss experience, and the amount of non-performing loans (“NPLs”). The Bank’s methodology for determining the ALL is based on the requirements of ASC Section 310-10-35 for loans individually evaluated for impairment (discussed above) and ASC Subtopic 450-20 for loans collectively evaluated for impairment, as well as the Interagency Policy Statements on the Allowance for Loan and Lease Losses and other bank regulatory guidance. Loans that are collectively evaluated for impairment are analyzed with general allowances being made as appropriate. For general allowances, historical loss trends are used in the estimation of losses in the current portfolio. These historical loss amounts are modified by other qualitative and economic factors. The loans are segmented into classes based on their inherent varying degrees of risk, as described above. Management tracks the historical net charge-off activity by segment and utilizes this figure, as a percentage of the segment, as the general reserve percentage for pooled, homogenous loans that have not been deemed impaired. Typically, an average of losses incurred over a defined number of consecutive historical years is used. Non-impaired credits are segregated for the application of qualitative factors. Management has identified a number of additional qualitative factors which it uses to supplement the historical charge-off factor because these factors are likely to cause estimated credit losses associated with the existing loan pools to differ from historical loss experience. The additional factors that are evaluated quarterly and updated using information obtained from internal, regulatory, and governmental sources include: national and local economic trends and conditions; levels of and trends in delinquency rates and non-accrual loans; trends in volumes and terms of loans; effects of changes in lending policies; experience, ability, and depth of lending staff; value of underlying collateral; and concentrations of credit from a loan type, industry and/or geographic standpoint. Management reviews the loan portfolio on a quarterly basis using a defined, consistently applied process in order to make appropriate and timely adjustments to the ALL. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ALL. Since loans individually evaluated for impairment are promptly written down to their fair value, typically there is no portion of the ALL for loans individually evaluated for impairment. The following table summarizes the ALL by loan category and the related activity for the nine months ended June 30, 2018: One-to-Four Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (Dollars in thousands) Balance- September 30, 2017 $ 587 $ 1,277 $ 490 $ 57 $ 956 $ 6 $ 102 $ 3,475 Charge-offs (127 ) — — — (170 ) — — (297 ) Recoveries 82 23 3 — 1 — — 109 Provision 21 (1 ) (109 ) 74 265 (2 ) 2 250 Balance- December 31, 2017 $ 563 $ 1,299 $ 384 $ 131 $ 1,052 $ 4 $ 104 $ 3,537 Charge-offs (25 ) — — — — — — (25 ) Recoveries — — — — — — — — Provision (5 ) 119 58 (19 ) 106 — (2 ) 256 Balance- March 31, 2018 $ 533 $ 1,418 $ 442 $ 112 $ 1,158 $ 4 $ 102 $ 3,769 Charge-offs (61 ) — — — — (3 ) — (64 ) Recoveries 4 — — — — — — 4 Provision 58 70 70 4 19 3 52 276 Balance- June 30, 2018 $ 534 $ 1,488 $ 512 $ 116 $ 1,177 $ 4 $ 154 $ 3,985 The following table summarizes the ALL by loan category and the related activity for the nine months ended June 30, 2017: One-to Four- Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (Dollars in thousands) Balance-September 30, 2016 $ 542 $ 1,075 $ 361 $ 71 $ 976 $ 9 $ 22 $ 3,056 Charge-offs (18 ) — — — (237 ) — — (255 ) Recoveries 35 — 3 — 1 — — 39 Provision (35 ) 77 4 — 174 (2 ) 112 330 Balance-December 31, 2016 $ 524 $ 1,152 $ 368 $ 71 $ 914 $ 7 $ 134 $ 3,170 Charge-offs (52 ) — — — (226 ) — — (278 ) Recoveries — — 3 14 1 — — 18 Provision 175 (44 ) (3 ) (18 ) 323 6 (36 ) 403 Balance- March 31, 2017 $ 647 $ 1,108 $ 368 $ 67 $ 1,012 $ 13 $ 98 $ 3,313 Charge-offs (39 ) — — — (209 ) — — (248 ) Recoveries — — 3 — 2 — — 5 Provision (49 ) 65 — (11 ) 219 (7 ) 98 315 Balance- June 30, 2017 $ 559 $ 1,173 $ 371 $ 56 $ 1,024 $ 6 $ 196 $ 3,385 The following table summarizes the ALL by loan category, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of June 30, 2018 and September 30, 2017: One-to-Four Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (Dollars in thousands) Allowance for Loan Losses: Balance - June 30, 2018 $ 534 $ 1,488 $ 512 $ 116 $ 1,177 $ 4 $ 154 $ 3,985 Individually evaluated for impairment — — — — — — — — Collectively evaluated for impairment 534 1,488 512 116 1,177 4 154 3,985 Loans receivable: Balance - June 30, 2018 $ 181,024 $ 216,058 $ 29,663 $ 19,232 $ 51,188 $ 5,493 $ — $ 502,658 Individually evaluated for impairment 1,253 3,680 — 58 359 — — 5,350 Collectively evaluated for impairment 179,771 212,378 29,663 19,174 50,829 5,493 — 497,308 One-to- Four Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (Dollars in thousands) Allowance for Loan Losses: Balance - September 30, 2017 $ 587 $ 1,277 $ 490 $ 57 $ 956 $ 6 $ 102 $ 3,475 Individually evaluated for impairment — — — — — — — — Collectively evaluated for impairment 587 1,277 490 57 956 6 102 3,475 Loans receivable: Balance - September 30, 2017 $ 178,336 $ 207,118 $ 22,622 $ 18,536 $ 41,113 $ 6,266 $ — $ 473,991 Individually evaluated for impairment 3,124 4,088 — — 243 — — 7,455 Collectively evaluated for impairment 175,212 203,030 22,622 18,536 40,870 6,266 — 466,536 The allowance for loan losses is based on estimates, and actual losses will vary from current estimates. Management believes that the segmentation of the loan portfolio into homogeneous pools and the related historical loss ratios and other qualitative factors, as well as the consistency in the application of assumptions, result in an ALL that is representative of the risk found in the components of the portfolio at any given date. A Troubled Debt Restructuring (‘TDR’) is a loan that has been modified whereby the Bank has agreed to make certain concessions to a borrower to meet the needs of both the borrower and the Bank to maximize the ultimate recovery of a loan. TDR occurs when a borrower is experiencing, or is expected to experience, financial difficulties and the loan is modified using a modification that would otherwise not be granted to the borrower. The types of concessions granted generally include, but are not limited to, interest rate reductions, limitations on the accrued interest charged, term extensions, and deferment of principal. A default on a troubled debt restructured loan for purposes of this disclosure occurs when a borrower is 90 days past due or a foreclosure or repossession of the applicable collateral has occurred. There were no TDRs for the three and nine months ended and there was one TDR for the nine months ended 2017. Nine Months Ended June 30, 2017 Number of Investment Before Investment After Loans TDR Modification TDR Modification (Dollars in thousands) One-to four-family residential 1 $ 182 $ 182 Total 1 $ 182 $ 182 There were $3.2 million foreclosed residential real estate loans for the nine month ended June 30, 2018. There were $301,000 of consumer mortgage loans collateralized by residential real estate property that were in the process of foreclosure at the nine months ended June 30, 2018. |
DEPOSITS
DEPOSITS | 9 Months Ended |
Jun. 30, 2018 | |
Deposits [Abstract] | |
DEPOSITS | NOTE K - DEPOSITS A summary of deposits by type of account are summarized as follows: 2018 2017 June 30 September 30 (Dollars in thousands) Demand accounts $ 105,688 $ 98,728 Savings accounts 88,259 107,362 NOW accounts 47,925 43,556 Money market accounts 142,906 137,527 Certificates of deposit 105,024 108,740 Retirement certificates 18,182 19,288 $ 507,984 $ 515,201 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE L – INCOME TAXES On December 22, 2017, the Company revised its estimated annual effective rate to reflect a change in the United States federal corporate tax rate from 34% to 21%. The rate change is administratively effective at the beginning of our fiscal year resulting in the use of a blended rate for the annual period. As a result, the blended statutory federal tax rate for the Company’s year ended September 30, 2018 is 24%. In addition, we recognized a tax expense in our tax provision for the period ended June 30, 2018 related to the adjustment of our net deferred tax asset to reflect the new corporate tax rate. As a result, income tax expense reported for the nine months ended June 30, 2018 was adjusted to reflect the effects of the change in the tax law and resulted in an increase in income tax expense of $99,000. This amount comprises an increase of $306,000 from the application of the newly enacted rates to deferred tax asset balances at the time of enactment and a decrease of $207,000 in income tax expense for the nine months ended June 30, 2018 related to the lower federal income tax rate. The Company records income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities: (i) are recognized for the expected future tax consequences of events that have been recognized in the financial statements or tax returns; (ii) are attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases; and (iii) are measured using enacted tax rates expected to apply in the years when those temporary differences are expected to be recovered or settled. Where applicable, deferred tax assets are reduced by a valuation allowance for any portions determined not likely to be realized. The valuation allowance is assessed by management on a quarterly basis and adjusted, by a charge or credit to income tax expense, as changes in facts and circumstances warrant. In assessing whether it is more likely than not that some portion or all of the deferred tax assets will not be realized, management considers projections of future taxable income, the projected periods in which current temporary differences will be deductible, the availability of carry forwards, feasible and permissible tax planning strategies and existing tax laws and regulations. The Company did not have a valuation allowance against its net deferred tax assets at June 30, 2018 or September 30, 2017. A reconciliation of income tax between the amounts calculated based upon pre-tax income at the Company’s federal statutory rate and the amounts reflected in the consolidated statements of operations are as follows: For the Three Months For the Nine Months Ended June 30, Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Income tax expense at the statutory federal tax rate of 24% for the three and nine months ended June 30, 2018 and 34% for the three and nine months ended June 30, 2017 $ 213 $ 169 $ 565 $ 546 State tax expense 61 30 161 94 Reduction of deferred tax asset from tax legislation — — 306 — Other 15 11 3 30 Income tax expense $ 289 $ 210 $ 1,035 $ 670 |
FINANCIAL INSTRUMENTS WITH OFF-
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | 9 Months Ended |
Jun. 30, 2018 | |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK [Abstract] | |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | NOTE M - FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK The Company uses derivative financial instruments, such as interest rate floors and collars, as part of its interest rate risk management. Interest rate caps and floors are agreements whereby one party agrees to pay or receive a floating rate of interest on a notional principal amount for a predetermined period of time if certain market interest rate thresholds are met. The Company considers the credit risk inherent in these contracts to be negligible. As of June 30, 2018 and September 30, 2017, the Company did not hold any interest rate floors or collars. In the normal course of business the Bank is a party to financial instruments with off-balance-sheet risk and in only to meet the financing needs of its customers. These financial instruments are commitments to extend credit are summarized in the below table. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. 2018 2017 June 30 September 30 (Dollars in thousands) Financial instruments whose contract amounts represent credit risk Letters of credit $ 1,929 $ 633 Unused lines of credit 50,702 64,220 Fixed rate loan commitments 3,779 2,429 Variable rate loan commitments 21,929 3,952 $ 78,339 $ 71,234 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | For the Three Months For the Nine Months Ended June 30, Ended June 30, 2018 2017 2018 2017 (In thousands except for per share data) Income applicable to common shares $ 599 $ 288 $ 1,324 $ 935 Weighted average number of common shares outstanding - basic 5,821 5,821 5,821 5,821 Stock options and restricted stock — — — — Weighted average number of common shares and common share equivalents - diluted 5,821 5,821 5,821 5,821 Basic earnings per share $ 0.10 $ 0.05 $ 0.23 $ 0.16 Diluted earnings per share $ 0.10 $ 0.05 $ 0.23 $ 0.16 |
STOCK-BASED COMPENSATION AND 22
STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of entity's stock option activity and related information | The following is a summary of the status of the Company’s stock option activity and related information for its option plan for the nine months ended June 30, 2017. Weighted Weighted Average Aggregate Number of Average Remaining Intrinsic Stock Options Exercise Price Contractual Life Value Balance at September 30, 2016 188,276 $ 14.61 0.4 years Granted — — Exercised — — Expired (188,276 ) 14.61 Forfeited — — Balance at June 30, 2017 — $ — — $ — Exercisable at June 30, 2017 — $ — — $ — |
OTHER COMPREHENSIVE INCOME (L23
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Other comprehensive income (loss) | |
Schedule of components of other comprehensive income (loss) and the related income tax effects | The components of other comprehensive income (loss) and the related income tax effects are as follows: Three Months Ended June 30, 2018 2017 Tax Net of Tax Net of Before Tax Benefit Tax Before Tax Benefit Tax Amount (Expense) Amount Amount (Expense) Amount (Dollars in thousands) Unrealized holding gain (loss) arising during period on: Available-for-sale investments $ (223 ) $ 115 $ (108 ) $ 44 $ (16 ) $ 28 Other comprehensive (loss) income, net $ (223 ) $ 115 $ (108 ) $ 44 $ (16 ) $ 28 Nine Months Ended June 30, 2018 2017 Tax Net of Tax Net of Before Tax Benefit Tax Before Tax Benefit Tax Amount (Expense) Amount Amount (Expense) Amount (Dollars in thousands) Unrealized holding gain (loss) arising during period on: Available-for-sale investments $ (469 ) $ 129 $ (340 ) $ (237 ) $ 86 $ (151 ) Less reclassification adjustments for: Net unrealized gains on securities reclassified available for sale 104 (32 ) 72 — — — Net gains realized on securities available for sale (a) (b) (107 ) 33 (74 ) — — — Other comprehensive (loss) income, net $ (472 ) $ 130 $ (342 ) $ (237 ) $ 86 $ (151 ) (a) Realized gains on securities transactions included in gains on sales of investment securities in the accompanying (b) Tax effect included in income tax expense in the accompanying Consolidated Statements of Operations. |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured at fair value on a recurring basis | The following table provides the level of valuation assumptions used to determine the carrying value of the Company’s assets measured at fair value on a recurring basis. Fair Value at June 30, 2018 Total Level 1 Level 2 Level 3 (Dollars in thousands) Securities available for sale: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 1,543 $ — $ 1,543 $ — Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential 19,194 — 19,194 — Debt securities 2,371 — 2,371 — Private label mortgage-backed securities-residential 3 — 3 — Total securities available for sale $ 23,111 $ — $ 23,111 $ — Fair Value at September 30, 2017 Total Level 1 Level 2 Level 3 (Dollars in thousands) Securities available for sale: Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential $ 9,326 $ — $ 9,326 $ — Debt securities 2,449 — 2,449 — Private label mortgage-backed securities-residential 40 — 40 — Total securities available for sale $ 11,815 $ — $ 11,815 $ — |
Schedule of assets measured at fair value on a non-recurring basis | The following table provides the level of valuation assumptions used to determine the carrying value of the Company’s assets measured at fair value on a non-recurring basis at June 30, 2018 and September 30, 2017. Fair Value at June 30, 2018 Total Level 1 Level 2 Level 3 (Dollars in thousands) Impaired loans $ — $ — $ — $ — Other real estate owned 10,040 — — 10,040 $ 10,040 $ — $ — $ 10,040 Fair Value at September 30, 2017 Total Level 1 Level 2 Level 3 (Dollars in thousands) Impaired loans $ 909 $ — $ — $ 909 Other real estate owned 11,056 — — 11,056 $ 11,965 $ — $ — $ 11,965 |
Schedule of quantitative information about assets measured at fair value on a nonrecurring bassis for which Level 3 inputs were used to determine fair value | Quantitative Information about Level 3 Fair Value Measurements (Dollars in thousands) Fair Value Valuation June 30, 2018 Estimate Techniques Unobservable Input Range (Weighted Average) Impaired loans $ — Appraisal of collateral (1) Appraisal adjustments (2) Other real estate owned $ 10,040 Appraisal of collateral (1) Liquidation expenses (2) -3.1% to -42.2% (-14.4%) Fair Value Valuation September 30, 2017 Estimate Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 909 Appraisal of collateral (1) Appraisal adjustments (2) -7.9% to -35.2% (-22.3%) Other real estate owned $ 11,056 Appraisal of collateral (1) Liquidation expenses (2) -8.0% to -55.4% (-25.0%) (1) Fair value is generally determined through independent appraisals for the underlying collateral, which generally include various level 3 inputs which are not identifiable. (2) Appraisals may be adjusted downward by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
Schedule of the carrying amount, fair value, and placement in the fair value hierarchy of financial instruments carried at cost or amortized cost | Carrying Fair Fair Value Measurement Placement Value Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) June 30, 2018 Financial instruments - assets Investment securities held to maturity $ 34,342 $ 32,905 $ — $ 32,905 $ — Loans 498,818 495,929 — — 495,929 Financial instruments - liabilities Certificates of deposit including retirement certificates 123,206 123,628 — 123,628 — Borrowings 48,764 48,230 — 48,230 — September 30, 2017 Financial instruments - assets Investment securities held to maturity $ 51,368 $ 51,241 $ — $ 51,241 $ — Loans 470,693 473,538 — — 473,538 Financial instruments - liabilities Certificates of deposit including retirement certificates 128,028 128,750 — 128,750 — Borrowings 31,905 31,865 — 31,865 — |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of the amortized cost and fair values of securities available for sale | The following tables summarize the amortized cost and fair values of securities available for sale at June 30, 2018 and September 30, 2017: June 30, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) Securities available for sale: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 1,491 $ 54 $ (2 ) $ 1,543 Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential 19,756 20 (582 ) 19,194 Debt securities 2,500 — (129 ) 2,371 Private label mortgage-backed securities-residential 3 — — 3 Total securities available for sale $ 23,750 $ 74 $ (713 ) $ 23,111 September 30, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) Securities available for sale: Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential $ 9,442 $ 9 $ (125 ) $ 9,326 Debt securities 2,500 — (51 ) 2,449 Private label mortgage-backed securities-residential 40 — — 40 Total securities available for sale $ 11,982 $ 9 $ (176 ) $ 11,815 |
Summary of maturities of the debt securities and mortgage-backed securities available for sale | The maturities of the debt securities and mortgage-backed securities available for sale at June 30, 2018 are summarized in the following table: June 30, 2018 Amortized Fair Cost Value (Dollars in thousands) Due within 1 year $ — $ — Due after 1 but within 5 years 1,500 1,411 Due after 5 but within 10 years 1,000 960 Due after 10 years — — Total debt securities 2,500 2,371 Mortgage-backed securities: Residential 21,250 20,740 Commercial — — Total $ 23,750 $ 23,111 |
Summary of the amortized cost and fair values of securities held to maturity | The following tables summarize the amortized cost and fair values of securities held to maturity at June 30, 2018 and September 30, 2017: June 30, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) Securities held to maturity: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 588 $ — $ (94 ) $ 494 Mortgage-backed securities - commercial 920 — (10 ) 910 Obligations of U.S. government-sponsored enterprises: Mortgage-backed-securities - residential 26,959 4 (806 ) 26,157 Debt securities 2,464 — (108 ) 2,356 Private label mortgage-backed securities - residential 411 1 (1 ) 411 Corporate securities 3,000 — (423 ) 2,577 Total securities held to maturity $ 34,342 $ 5 $ (1,442 ) $ 32,905 September 30, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) Securities held to maturity: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 3,466 $ 123 $ (96 ) $ 3,493 Mortgage-backed securities - commercial 968 — (10 ) 958 Obligations of U.S. government-sponsored enterprises: Mortgage backed securities - residential 39,016 349 (251 ) 39,114 Debt securities 4,461 — (24 ) 4,437 Private label mortgage-backed securities - residential 457 — (2 ) 455 Corporate securities 3,000 — (216 ) 2,784 Total securities held to maturity $ 51,368 $ 472 $ (599 ) $ 51,241 |
Summary of maturities of the debt securities and mortgage-backed securities securities held to maturity | The maturities of the debt securities and the mortgage backed securities held to maturity at June 30, 2018 are summarized in the following table: June 30, 2018 Amortized Fair Cost Value (Dollars in thousands) Due within 1 year $ — $ — Due after 1 but within 5 years 1,499 1,460 Due after 5 but within 10 years 3,000 2,577 Due after 10 years 965 896 Total debt securities 5,464 4,933 Mortgage-backed securities: Residential 27,958 27,062 Commercial 920 910 Total $ 34,342 $ 32,905 |
IMPAIRMENT OF INVESTMENT SECU26
IMPAIRMENT OF INVESTMENT SECURITIES (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Schedule of Investments [Abstract] | |
Schedule of gross unrealized losses and fair value for both available for sale and held to maturity securities by investment category and time frame for which the loss has been outstanding | The following tables present the gross unrealized losses and fair value at June 30, 2018 and September 30, 2017 for both available for sale and held to maturity securities by investment category and time frame for which the loss has been outstanding: June 30, 2018 Less Than 12 Months 12 Months Or Greater Total Number of Fair Unrealized Fair Unrealized Fair Unrealized Securities Value Losses Value Losses Value Losses (Dollars in thousands) Obligations of U.S. government agencies: Mortgage-backed securities - residential 3 $ 561 $ (2 ) $ 494 $ (94 ) $ 1,055 $ (96 ) Mortgage-backed securities - commercial 1 — — 910 (10 ) 910 (10 ) Obligations of U.S. government-sponsored enterprises Mortgage-backed securities - residential 32 16,316 (377 ) 26,266 (1,011 ) 42,582 (1,388 ) Debt securities 4 — — 4,726 (237 ) 4,726 (237 ) Private label mortgage-backed securities residential 2 — — 122 (1 ) 122 (1 ) Corporate securities 1 — — 2,577 (423 ) 2,577 (423 ) Total 43 $ 16,877 $ (379 ) $ 35,095 $ (1,776 ) $ 51,972 $ (2,155 ) September 30, 2017 Less Than 12 Months 12 Months Or Greater Total Number of Fair Unrealized Fair Unrealized Fair Unrealized Securities Value Losses Value Losses Value Losses (Dollars in thousands) Obligations of U.S. government agencies: Mortgage-backed securities - residential 2 $ — $ — $ 605 $ (96 ) $ 605 $ (96 ) Mortgage-backed securities - commercial 1 958 (10 ) — — 958 (10 ) Obligations of U.S. government-sponsored enterprises Mortgage-backed securities - residential 20 6,582 (92 ) 21,713 (284 ) 28,295 (376 ) Debt securities 5 4,890 (71 ) 1,996 (4 ) 6,886 (75 ) Private label mortgage-backed securities residential 2 — — 193 (2 ) 193 (2 ) Corporate securities 1 — — 2,784 (216 ) 2,784 (216 ) Total 31 $ 12,430 $ (173 ) $ 27,291 $ (602 ) $ 39,721 $ (775 ) |
LOANS RECEIVABLE, NET AND REL27
LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Loans Receivable, Net [Abstract] | |
Schedule of loans receivable, net | Loans receivable, net of allowance for loan losses, were comprised of the following: June 30, September 30, 2018 2017 (Dollars in thousands) One-to four-family residential $ 181,024 $ 178,336 Commercial real estate 216,058 207,118 Construction 29,663 22,622 Home equity lines of credit 19,232 18,536 Commercial business 51,188 41,113 Other 5,493 6,266 Total loans receivable 502,658 473,991 Net deferred loan costs 145 177 Allowance for loan losses (3,985 ) (3,475 ) Total loans receivable, net $ 498,818 $ 470,693 |
Schedule of impaired loans | The following tables present impaired loans by class, segregated by those for which a specific allowance was required and charged-off and those for which a specific allowance was not necessary at nine months ended June 30, 2018 and September 30, 2017: Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans Unpaid Recorded Related Recorded Recorded Principal At June 30, 2018 Investment Allowance Investment Investment Balance (Dollars in thousands) One-to four-family residential $ — $ — $ 1,253 $ 1,253 $ 1,253 Commercial real estate — — 3,680 3,680 3,680 Home equity lines of credit — — 58 58 58 Commercial business — — 359 359 449 Total impaired loans $ — $ — $ 5,350 $ 5,350 $ 5,440 Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans Unpaid Recorded Related Recorded Recorded Principal At September 30, 2017 Investment Allowance Investment Investment Balance (Dollars in thousands) One-to four-family residential $ — $ — $ 3,124 $ 3,124 $ 3,436 Commercial real estate — — 4,088 4,088 4,110 Commercial business — — 243 243 243 Total impaired loans $ — $ — $ 7,455 $ 7,455 $ 7,789 |
Schedule of average recorded investment in impaired loans | The following tables present the average recorded investment in impaired loans for the three and nine months ended June 30, 2018 and 2017. There was no interest income recognized on impaired loans during the nine months ended June 30, 2018. Three Months Nine Months Ended June 30, 2018 Ended June 30, 2018 (Dollars in thousands) One-to four-family residential $ 1,878 $ 2,360 Commercial real estate 3,661 3,771 Home equity lines of credit 29 15 Commercial business 361 332 Average investment in impaired loans $ 5,929 $ 6,478 Three Months Nine Months Ended June 30, 2017 Ended June 30, 2017 (Dollars in thousands) One-to four-family residential $ 3,051 $ 3,307 Commercial real estate 5,274 4,783 Home equity lines of credit 243 171 Commercial business 560 732 Other 12 12 Average investment in impaired loans $ 9,140 $ 9,005 |
Schedule of loan portfolio summarized by Bank's internal risk rating system | The following table presents the classes of the loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the Bank’s internal risk rating system at the dates presented: Special Pass Mention Substandard Doubtful Total (Dollars in thousands) June 30, 2018 One-to four-family residential $ 180,486 $ — $ 538 $ — $ 181,024 Commercial real estate 212,692 1,068 2,298 — 216,058 Construction 27,275 — 2,388 — 29,663 Home equity lines of credit 19,174 — 58 — 19,232 Commercial business 50,708 357 123 — 51,188 Other 5,493 — — — 5,493 Total $ 495,828 $ 1,425 $ 5,405 $ — $ 502,658 Special Pass Mention Substandard Doubtful Total (Dollars in thousands) September 30, 2017 One-to four-family residential $ 176,285 $ 127 $ 1,924 $ — $ 178,336 Commercial real estate 204,435 — 2,683 — 207,118 Construction 20,194 — 2,428 — 22,622 Home equity lines of credit 18,536 — — — 18,536 Commercial business 40,820 293 — — 41,113 Other 6,266 — — — 6,266 Total $ 466,536 $ 420 $ 7,035 $ — $ 473,991 |
Schedule of aging analysis of past due loans, segregated by class of loans | The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans at the dates presented: 30-59 60-89 Days Days 90 Days + Total Non- Total Current Past Due Past Due Past Due Past Due Accrual Loans (Dollars in thousands) June 30, 2018 One-to four-family residential $ 180,774 $ — $ — $ 250 $ 250 $ 250 $ 181,024 Commercial real estate 214,842 — 759 457 1,216 148 216,058 Construction 29,663 — — — — — 29,663 Home equity lines of credit 19,181 — — 51 51 51 19,232 Commercial business 50,561 147 357 123 627 123 51,188 Other 5,483 — 10 — 10 — 5,493 Total $ 500,504 $ 147 $ 1,126 $ 881 $ 2,154 $ 572 $ 502,658 30-59 60-89 Days Days 90 Days + Total Non- Total Current Past Due Past Due Past Due Past Due Accrual Loans (Dollars in thousands) September 30, 2017 One-to four-family residential $ 176,546 $ — $ 127 $ 1,663 $ 1,790 $ 1,663 $ 178,336 Commercial real estate 206,218 418 — 482 900 482 207,118 Construction 22,622 — — — — — 22,622 Home equity lines of credit 18,344 — 192 — 192 — 18,536 Commercial business 40,420 400 80 213 693 213 41,113 Other 6,266 — — — — — 6,266 Total $ 470,416 $ 818 $ 399 $ 2,358 $ 3,575 $ 2,358 $ 473,991 |
Schedule of activity in the allowance for loan losses by portfolio segment | The following table summarizes the ALL by loan category and the related activity for the nine months ended June 30, 2018: One-to-Four Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (Dollars in thousands) Balance- September 30, 2017 $ 587 $ 1,277 $ 490 $ 57 $ 956 $ 6 $ 102 $ 3,475 Charge-offs (127 ) — — — (170 ) — — (297 ) Recoveries 82 23 3 — 1 — — 109 Provision 21 (1 ) (109 ) 74 265 (2 ) 2 250 Balance- December 31, 2017 $ 563 $ 1,299 $ 384 $ 131 $ 1,052 $ 4 $ 104 $ 3,537 Charge-offs (25 ) — — — — — — (25 ) Recoveries — — — — — — — — Provision (5 ) 119 58 (19 ) 106 — (2 ) 256 Balance- March 31, 2018 $ 533 $ 1,418 $ 442 $ 112 $ 1,158 $ 4 $ 102 $ 3,769 Charge-offs (61 ) — — — — (3 ) — (64 ) Recoveries 4 — — — — — — 4 Provision 58 70 70 4 19 3 52 276 Balance- June 30, 2018 $ 534 $ 1,488 $ 512 $ 116 $ 1,177 $ 4 $ 154 $ 3,985 The following table summarizes the ALL by loan category and the related activity for the nine months ended June 30, 2017: One-to Four- Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (Dollars in thousands) Balance-September 30, 2016 $ 542 $ 1,075 $ 361 $ 71 $ 976 $ 9 $ 22 $ 3,056 Charge-offs (18 ) — — — (237 ) — — (255 ) Recoveries 35 — 3 — 1 — — 39 Provision (35 ) 77 4 — 174 (2 ) 112 330 Balance-December 31, 2016 $ 524 $ 1,152 $ 368 $ 71 $ 914 $ 7 $ 134 $ 3,170 Charge-offs (52 ) — — — (226 ) — — (278 ) Recoveries — — 3 14 1 — — 18 Provision 175 (44 ) (3 ) (18 ) 323 6 (36 ) 403 Balance- March 31, 2017 $ 647 $ 1,108 $ 368 $ 67 $ 1,012 $ 13 $ 98 $ 3,313 Charge-offs (39 ) — — — (209 ) — — (248 ) Recoveries — — 3 — 2 — — 5 Provision (49 ) 65 — (11 ) 219 (7 ) 98 315 Balance- June 30, 2017 $ 559 $ 1,173 $ 371 $ 56 $ 1,024 $ 6 $ 196 $ 3,385 The following table summarizes the ALL by loan category, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of June 30, 2018 and September 30, 2017: One-to-Four Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (Dollars in thousands) Allowance for Loan Losses: Balance - June 30, 2018 $ 534 $ 1,488 $ 512 $ 116 $ 1,177 $ 4 $ 154 $ 3,985 Individually evaluated for impairment — — — — — — — — Collectively evaluated for impairment 534 1,488 512 116 1,177 4 154 3,985 Loans receivable: Balance - June 30, 2018 $ 181,024 $ 216,058 $ 29,663 $ 19,232 $ 51,188 $ 5,493 $ — $ 502,658 Individually evaluated for impairment 1,253 3,680 — 58 359 — — 5,350 Collectively evaluated for impairment 179,771 212,378 29,663 19,174 50,829 5,493 — 497,308 One-to- Four Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (Dollars in thousands) Allowance for Loan Losses: Balance - September 30, 2017 $ 587 $ 1,277 $ 490 $ 57 $ 956 $ 6 $ 102 $ 3,475 Individually evaluated for impairment — — — — — — — — Collectively evaluated for impairment 587 1,277 490 57 956 6 102 3,475 Loans receivable: Balance - September 30, 2017 $ 178,336 $ 207,118 $ 22,622 $ 18,536 $ 41,113 $ 6,266 $ — $ 473,991 Individually evaluated for impairment 3,124 4,088 — — 243 — — 7,455 Collectively evaluated for impairment 175,212 203,030 22,622 18,536 40,870 6,266 — 466,536 |
Schedule of troubled debt restructurings | Nine Months Ended June 30, 2017 Number of Investment Before Investment After Loans TDR Modification TDR Modification (Dollars in thousands) One-to four-family residential 1 $ 182 $ 182 Total 1 $ 182 $ 182 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Deposits [Abstract] | |
Schedule of deposits by type of account | A summary of deposits by type of account are summarized as follows: 2018 2017 June 30 September 30 (Dollars in thousands) Demand accounts $ 105,688 $ 98,728 Savings accounts 88,259 107,362 NOW accounts 47,925 43,556 Money market accounts 142,906 137,527 Certificates of deposit 105,024 108,740 Retirement certificates 18,182 19,288 $ 507,984 $ 515,201 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of reconciliation of income tax between the amounts calculated based upon pre-tax income at the Company's federal statutory rate and the amounts reflected in the consolidated statements of operations | A reconciliation of income tax between the amounts calculated based upon pre-tax income at the Company’s federal statutory rate and the amounts reflected in the consolidated statements of operations are as follows: For the Three Months For the Nine Months Ended June 30, Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Income tax expense at the statutory federal tax rate of 24% for the three and nine months ended June 30, 2018 and 34% for the three and nine months ended June 30, 2017 $ 213 $ 169 $ 565 $ 546 State tax expense 61 30 161 94 Reduction of deferred tax asset from tax legislation — — 306 — Other 15 11 3 30 Income tax expense $ 289 $ 210 $ 1,035 $ 670 |
FINANCIAL INSTRUMENTS WITH OF30
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK [Abstract] | |
Schedule of fair value, off-balance sheet financial instruments | 2018 2017 June 30 September 30 (Dollars in thousands) Financial instruments whose contract amounts represent credit risk Letters of credit $ 1,929 $ 633 Unused lines of credit 50,702 64,220 Fixed rate loan commitments 3,779 2,429 Variable rate loan commitments 21,929 3,952 $ 78,339 $ 71,234 |
RECENT ACCOUNTING PRONOUNCEME31
RECENT ACCOUNTING PRONOUNCEMENTS (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||
Reclassified mortgage-backed seurities | $ 12,619 | $ 12,619 | |
Reclassified adjustment from AOCI to retained earnings | $ 188 |
EARNINGS PER SHARE (Schedule of
EARNINGS PER SHARE (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Income applicable to common shares | $ 599 | $ 288 | $ 1,324 | $ 935 |
Weighted average number of common shares outstanding - basic | 5,821 | 5,821 | 5,821 | 5,821 |
Stock options and restricted stock | ||||
Weighted average number of common shares and common share equivalents - diluted | 5,821 | 5,821 | 5,821 | 5,821 |
Basic earnings per share | $ 0.10 | $ 0.05 | $ 0.23 | $ 0.16 |
Diluted earnings per share | $ 0.10 | $ 0.05 | $ 0.23 | $ 0.16 |
STOCK-BASED COMPENSATION AND 33
STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM (Narrative) (Details) - USD ($) | 9 Months Ended | 128 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Treasury stock, shares | 102,996 | 102,996 | 102,996 | |
Cost of shares repurchased by ESOP trust | $ 2,300,000 | |||
Average cost of shares repurchased (per share) | $ 10.58 | |||
Description of loan with respect to employee stock ownership plan | The ESOP trust purchased 217,863 shares of common stock in the open market using proceeds of a loan from the Company. The total cost of shares purchased by the ESOP trust was $2.3 million, reflecting an average cost per share of $10.58. The Bank will make cash contributions to the ESOP on an annual basis sufficient to enable the ESOP to make the required loan payments to the Company. The loan bears a variable interest rate that adjusts annually every January 1st to the then published Prime Rate (4.50% at January 1, 2018) with principal and interest payable annually in equal installments over thirty years. The loan is secured by shares of the Company’s stock. | |||
Interest rate of loan with respect to employee stock ownership plan | 4.50% | 4.50% | ||
Shares allocated | 165,771 | 165,771 | ||
Suspense shares | 52,092 | 52,092 | ||
Fair value of unallocated shares | $ 670,945 | $ 670,945 | ||
ESOP compensation expense | $ 118,000 | $ 116,000 | ||
Total ESOP shares | 217,863 | 217,863 | ||
Second Repurchase Program [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum stock repurchase authorization (as a percent) | 5.00% | |||
Stock authorized to be repurchased (in shares) | 129,924 | 129,924 | ||
Stock repurchased during period (in shares) | 81,000 | |||
Remaining shares available to be repurchased | 48,924 | 48,924 | ||
Common stock average cost (in dollars per share) | $ 8.33 | |||
Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 5 years | |||
Expiration period | 10 years |
STOCK-BASED COMPENSATION AND 34
STOCK-BASED COMPENSATION AND STOCK REPURCHASE PROGRAM (Schedule of Stock Option Activity And Related Information For Its Option Plan) (Details) | 9 Months Ended |
Jun. 30, 2017USD ($)$ / sharesshares | |
Number of Stock Options | |
Balance at the beginning of period | shares | 188,276 |
Options granted | shares | |
Options exercised | shares | |
Options expired | shares | (188,276) |
Options forfeited | shares | |
Balance at the end of period | shares | |
Exercisable at the end of period | shares | |
Weighted Average Exercise Price | |
Weighted average price at the beginning of period | $ / shares | $ 14.61 |
Options granted | $ / shares | |
Options exercised | $ / shares | |
Options expired | $ / shares | 14.61 |
Options forfeited | $ / shares | |
Weighted average price at the end of period | $ / shares | |
Exercisable at the end of period | $ / shares | |
Weighted Average Remaining Contractual Life, Outstanding | 4 months 24 days |
Aggregate Intrinsic Value, Oustanding | $ | |
Aggregate Intrinsic Value, Exercisable | $ |
OTHER COMPREHENSIVE INCOME (L35
OTHER COMPREHENSIVE INCOME (LOSS) (Schedule of Components of Other Comprehensive Income (Loss) and the Related Income Tax Effects) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Other comprehensive income (loss) | |||||
Available-for-sale investments before tax | $ (223) | $ 44 | $ (469) | $ (237) | |
Tax benefit (expense) | 115 | (16) | 129 | 86 | |
Available-for-sale investments after tax | (108) | 28 | (340) | (151) | |
Reclassification adjustment for net unrealized gains on securities reclassified available for sale | 104 | ||||
Tax benefit (expense) | (32) | ||||
Reclassification adjustment for net unrealized gains on securities reclassified available for sale net of tax | 72 | ||||
Reclassification adjustment for net gains (losses) realized on available-for-sale investments before tax | [1],[2] | (107) | |||
Tax benefit (expense) | [1],[2] | 33 | |||
Reclassification adjustment for net gains (losses) realized on available-for-sale investments after tax | [1],[2] | (74) | |||
Other comprehensive income, net before tax | (223) | 44 | (472) | (237) | |
Tax benefit (expense), Total | 115 | (16) | 130 | 86 | |
Other comprehensive (loss), net | $ (108) | $ 28 | $ (342) | $ (151) | |
[1] | Realized gains on securities transactions included in gains on sales of investment securities in the accompanying Consolidated Statements of Operations. | ||||
[2] | Tax effect included in income tax expense in the accompanying Consolidated Statements of Operations. |
FAIR VALUE DISCLOSURES (Narrati
FAIR VALUE DISCLOSURES (Narrative) (Details) - USD ($) | Jun. 30, 2018 | Sep. 30, 2017 |
Fair Value Disclosures [Abstract] | ||
Mortgage Servicing Rights | $ 49,000 | $ 69,000 |
FAIR VALUE DISCLOSURES (Schedul
FAIR VALUE DISCLOSURES (Schedule of Assets Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Fair value measured on recurring basis: | ||
Securities available for sale | $ 23,111 | $ 11,815 |
Obligations of U.S. government enterprises Mortgage-backed securities-residential [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | 1,543 | |
Obligations of U.S. government-sponsored enterprises Mortgage-backed securities-residential [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | 19,194 | 9,326 |
Obligations of U.S. government-sponsored enterprises Debt securities [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | 2,371 | 2,449 |
Private label mortgage-backed securities-residential [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | 3 | 40 |
Fair Value, Measurements, Recurring [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | 23,111 | 11,815 |
Fair Value, Measurements, Recurring [Member] | Obligations of U.S. government enterprises Mortgage-backed securities-residential [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | 1,543 | |
Fair Value, Measurements, Recurring [Member] | Obligations of U.S. government-sponsored enterprises Mortgage-backed securities-residential [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | 19,194 | 9,326 |
Fair Value, Measurements, Recurring [Member] | Obligations of U.S. government-sponsored enterprises Debt securities [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | 2,371 | 2,449 |
Fair Value, Measurements, Recurring [Member] | Private label mortgage-backed securities-residential [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | 3 | 40 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Obligations of U.S. government enterprises Mortgage-backed securities-residential [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Obligations of U.S. government-sponsored enterprises Mortgage-backed securities-residential [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Obligations of U.S. government-sponsored enterprises Debt securities [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Private label mortgage-backed securities-residential [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | 23,111 | 11,815 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Obligations of U.S. government enterprises Mortgage-backed securities-residential [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | 1,543 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Obligations of U.S. government-sponsored enterprises Mortgage-backed securities-residential [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | 19,194 | 9,326 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Obligations of U.S. government-sponsored enterprises Debt securities [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | 2,371 | 2,449 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Private label mortgage-backed securities-residential [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | 3 | 40 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Obligations of U.S. government enterprises Mortgage-backed securities-residential [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Obligations of U.S. government-sponsored enterprises Mortgage-backed securities-residential [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Obligations of U.S. government-sponsored enterprises Debt securities [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Private label mortgage-backed securities-residential [Member] | ||
Fair value measured on recurring basis: | ||
Securities available for sale |
FAIR VALUE DISCLOSURES (Sched38
FAIR VALUE DISCLOSURES (Schedule of Assets Measured at Fair Value on a Non-Recurring Basis) (Details) - Fair Value Measured on a Nonrecurring Basis [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 909 | |
Other real estate owned | 10,040 | 11,056 |
Assets measured at fair value on a non-recurring basis | 10,040 | 11,965 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Other real estate owned | ||
Assets measured at fair value on a non-recurring basis | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Other real estate owned | ||
Assets measured at fair value on a non-recurring basis | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 909 | |
Other real estate owned | 10,040 | 11,056 |
Assets measured at fair value on a non-recurring basis | $ 10,040 | $ 11,965 |
FAIR VALUE DISCLOSURES (Sched39
FAIR VALUE DISCLOSURES (Schedule of Additional Quantitative Information About Assets Measured at Fair Value) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Sep. 30, 2017 | ||
Fair Value Measured on a Nonrecurring Basis [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value estimate | $ 10,040 | $ 11,965 | |
Impaired Loans [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Valuation techniques and Unobservable Input | [1],[2] | Appraisal of collateral; Appraisal adjustments | Appraisal of collateral; Appraisal adjustments |
Impaired Loans [Member] | Fair Value Measured on a Nonrecurring Basis [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value estimate | $ 909 | ||
Impaired Loans [Member] | Fair Value Measured on a Nonrecurring Basis [Member] | Minimum [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value input- appraisal of collateral | (7.90%) | ||
Impaired Loans [Member] | Fair Value Measured on a Nonrecurring Basis [Member] | Maximum [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value input- appraisal of collateral | (35.20%) | ||
Impaired Loans [Member] | Fair Value Measured on a Nonrecurring Basis [Member] | Weighted Average [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value input- appraisal of collateral | (22.30%) | ||
Other Real Estate Owned [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Valuation techniques and Unobservable Input | [1],[2] | Appraisal of collateral; Liquidation expenses | Appraisal of collateral; Liquidation expenses |
Other Real Estate Owned [Member] | Fair Value Measured on a Nonrecurring Basis [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value estimate | $ 10,040 | $ 11,056 | |
Other Real Estate Owned [Member] | Fair Value Measured on a Nonrecurring Basis [Member] | Minimum [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value input- appraisal of collateral | (3.10%) | (8.00%) | |
Other Real Estate Owned [Member] | Fair Value Measured on a Nonrecurring Basis [Member] | Maximum [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value input- appraisal of collateral | (42.20%) | (55.40%) | |
Other Real Estate Owned [Member] | Fair Value Measured on a Nonrecurring Basis [Member] | Weighted Average [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value input- appraisal of collateral | (14.40%) | (25.00%) | |
[1] | Appraisals may be adjusted downward by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. | ||
[2] | Fair value is generally determined through independent appraisals for the underlying collateral, which generally include various level 3 inputs which are not identifiable. |
FAIR VALUE DISCLOSURES (Sched40
FAIR VALUE DISCLOSURES (Schedule of the Carrying Amount, Fair Value, and Placement in the Fair Value Hierarchy of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Financial instruments - assets | ||
Investment securities held to maturity | $ 34,342 | $ 51,368 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial instruments - assets | ||
Investment securities held to maturity | ||
Loans | ||
Financial instruments - liabilities | ||
Certificates of deposit including retirement certificates | ||
Borrowings | ||
Fair Value, Inputs, Level 2 [Member] | ||
Financial instruments - assets | ||
Investment securities held to maturity | 32,905 | 51,241 |
Loans | ||
Financial instruments - liabilities | ||
Certificates of deposit including retirement certificates | 123,628 | 128,750 |
Borrowings | 48,230 | 31,865 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial instruments - assets | ||
Investment securities held to maturity | ||
Loans | 495,929 | 473,538 |
Financial instruments - liabilities | ||
Certificates of deposit including retirement certificates | ||
Borrowings | ||
Carrying Value [Member] | ||
Financial instruments - assets | ||
Investment securities held to maturity | 34,342 | 51,368 |
Loans | 498,818 | 470,693 |
Financial instruments - liabilities | ||
Certificates of deposit including retirement certificates | 123,206 | 128,028 |
Borrowings | 48,764 | 31,905 |
Fair Value [Member] | ||
Financial instruments - assets | ||
Investment securities held to maturity | 32,905 | 51,241 |
Loans | 495,929 | 473,538 |
Financial instruments - liabilities | ||
Certificates of deposit including retirement certificates | 123,628 | 128,750 |
Borrowings | $ 48,230 | $ 31,865 |
INVESTMENT SECURITIES (Summary
INVESTMENT SECURITIES (Summary of Amortized Cost and Fair Values of Securities Available For Sale) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 23,750 | $ 11,982 |
Gross Unrealized Gains | 74 | 9 |
Gross Unrealized Losses | (713) | (176) |
Fair Value | 23,111 | 11,815 |
Obligations of U.S. government enterprises Mortgage-backed securities-residential [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,491 | |
Gross Unrealized Gains | 54 | |
Gross Unrealized Losses | (2) | |
Fair Value | 1,543 | |
Obligations of U.S. government-sponsored enterprises Mortgage-backed securities-residential [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 19,756 | 9,442 |
Gross Unrealized Gains | 20 | 9 |
Gross Unrealized Losses | (582) | (125) |
Fair Value | 19,194 | 9,326 |
Obligations of U.S. government-sponsored enterprises Debt securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,500 | 2,500 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (129) | (51) |
Fair Value | 2,371 | 2,449 |
Private label mortgage-backed securities-residential [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3 | 40 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | $ 3 | $ 40 |
INVESTMENT SECURITIES (Summar42
INVESTMENT SECURITIES (Summary of Maturities of Debt Securities and Mortgage-backed Securities Available For Sale) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Available for Sale Securities, Amortized Cost | ||
Due within 1 year | ||
Due after 1 but within 5 years | 1,500 | |
Due after 5 but within 10 years | 1,000 | |
Due after 10 years | ||
Total debt securities | 2,500 | |
Mortgage Backed Securities, Residential | 21,250 | |
Mortgage Backed Securities, Commercial | ||
Amortized Cost | 23,750 | $ 11,982 |
Available for Sale Securities, Fair Value | ||
Due within 1 year | ||
Due after 1 but within 5 years | 1,411 | |
Due after 5 but within 10 years | 960 | |
Due after 10 years | ||
Total debt securities | 2,371 | |
Mortgage Backed Securities, Residential | 20,740 | |
Mortgage Backed Securities, Commercial | ||
Fair Value | $ 23,111 | $ 11,815 |
INVESTMENT SECURITIES (Summar43
INVESTMENT SECURITIES (Summary of Maturities of Debt Securities and Mortgage-backed Securities Held to Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 34,342 | $ 51,368 |
Gross Unrealized Gains | 5 | 472 |
Gross Unrealized Losses | (1,442) | (599) |
Fair Value | 32,905 | 51,241 |
Obligations of U.S. government agencies Mortgage backed securities - residential [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 588 | 3,466 |
Gross Unrealized Gains | 123 | |
Gross Unrealized Losses | (94) | (96) |
Fair Value | 494 | 3,493 |
Obligations of U.S. government agencies Mortgage backed securities -commercial [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 920 | 968 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (10) | (10) |
Fair Value | 910 | 958 |
Obligations of U.S. government-sponsored enterprises Mortgage-backed securities-residential [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 26,959 | 39,016 |
Gross Unrealized Gains | 4 | 349 |
Gross Unrealized Losses | (806) | (251) |
Fair Value | 26,157 | 39,114 |
Obligations of U.S. government-sponsored enterprises Debt securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 2,464 | 4,461 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (108) | (24) |
Fair Value | 2,356 | 4,437 |
Private label mortgage-backed securities-residential [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 411 | 457 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (1) | (2) |
Fair Value | 411 | 455 |
Corporate securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 3,000 | 3,000 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (423) | (216) |
Fair Value | $ 2,577 | $ 2,784 |
INVESTMENT SECURITIES (Summar44
INVESTMENT SECURITIES (Summary of Amortized Cost and Fair Values of Securities Held to Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Held to Maturity Securities, Amortized Cost | ||
Due within 1 year | ||
Due after 1 but within 5 years | 1,499 | |
Due after 5 but within 10 years | 3,000 | |
Due after 10 years | 965 | |
Total debt securities | 5,464 | |
Mortgage Backed Securities, Residential | 27,958 | |
Mortgage Backed Securities, Commercial | 920 | |
Amortized cost | 34,342 | $ 51,368 |
Held to Maturity Securities, Fair Value | ||
Due within 1 year | ||
Due after 1 but within 5 years | 1,460 | |
Due after 5 but within 10 years | 2,577 | |
Due after 10 years | 896 | |
Total debt securities | 4,933 | |
Mortgage Backed Securities, Residential | 27,062 | |
Mortgage Backed Securities, Commercial | 910 | |
Fair value | $ 32,905 | $ 51,241 |
IMPAIRMENT OF INVESTMENT SECU45
IMPAIRMENT OF INVESTMENT SECURITIES (Schedule of Gross Unrealized Losses and Fair Value for Both Available For Sale and Held To Maturity Securities) (Details) $ in Thousands | Jun. 30, 2018USD ($)N | Sep. 30, 2017USD ($)N |
Investment [Line Items] | ||
Number of Securities | N | 43 | 31 |
Less Than 12 Months, Fair Value | $ 16,877 | $ 12,430 |
Less Than 12 Months, Unrealized Losses | (379) | (173) |
12 Months Or Greater, Fair Value | 35,095 | 27,291 |
12 Months Or Greater, Unrealized Losses | (1,776) | (602) |
Total, Fair Value | 51,972 | 39,721 |
Total, Unrealized Losses | $ (2,155) | $ (775) |
Obligations of U.S. government agencies Mortgage backed securities - residential [Member] | ||
Investment [Line Items] | ||
Number of Securities | N | 3 | 2 |
Less Than 12 Months, Fair Value | $ 561 | |
Less Than 12 Months, Unrealized Losses | (2) | |
12 Months Or Greater, Fair Value | 494 | 605 |
12 Months Or Greater, Unrealized Losses | (94) | (96) |
Total, Fair Value | 1,055 | 605 |
Total, Unrealized Losses | $ (96) | $ (96) |
Obligations of U.S. government agencies Mortgage backed securities -commercial [Member] | ||
Investment [Line Items] | ||
Number of Securities | N | 1 | 1 |
Less Than 12 Months, Fair Value | $ 958 | |
Less Than 12 Months, Unrealized Losses | (10) | |
12 Months Or Greater, Fair Value | 910 | |
12 Months Or Greater, Unrealized Losses | (10) | |
Total, Fair Value | 910 | 958 |
Total, Unrealized Losses | $ (10) | $ (10) |
Obligations of U.S. government-sponsored enterprises Mortgage-backed securities-residential [Member] | ||
Investment [Line Items] | ||
Number of Securities | N | 32 | 20 |
Less Than 12 Months, Fair Value | $ 16,316 | $ 6,582 |
Less Than 12 Months, Unrealized Losses | (377) | (92) |
12 Months Or Greater, Fair Value | 26,266 | 21,713 |
12 Months Or Greater, Unrealized Losses | (1,011) | (284) |
Total, Fair Value | 42,582 | 28,295 |
Total, Unrealized Losses | $ (1,388) | $ (376) |
Obligations of U.S. government-sponsored enterprises Debt securities [Member] | ||
Investment [Line Items] | ||
Number of Securities | N | 4 | 5 |
Less Than 12 Months, Fair Value | $ 4,890 | |
Less Than 12 Months, Unrealized Losses | (71) | |
12 Months Or Greater, Fair Value | 4,726 | 1,996 |
12 Months Or Greater, Unrealized Losses | (237) | (4) |
Total, Fair Value | 4,726 | 6,886 |
Total, Unrealized Losses | $ (237) | $ (75) |
Private label mortgage-backed securities-residential [Member] | ||
Investment [Line Items] | ||
Number of Securities | N | 2 | 2 |
Less Than 12 Months, Fair Value | ||
Less Than 12 Months, Unrealized Losses | ||
12 Months Or Greater, Fair Value | 122 | 193 |
12 Months Or Greater, Unrealized Losses | (1) | (2) |
Total, Fair Value | 122 | 193 |
Total, Unrealized Losses | $ (1) | $ (2) |
Corporate securities [Member] | ||
Investment [Line Items] | ||
Number of Securities | N | 1 | 1 |
Less Than 12 Months, Fair Value | ||
Less Than 12 Months, Unrealized Losses | ||
12 Months Or Greater, Fair Value | 2,577 | 2,784 |
12 Months Or Greater, Unrealized Losses | (423) | (216) |
Total, Fair Value | 2,577 | 2,784 |
Total, Unrealized Losses | $ (423) | $ (216) |
LOANS RECEIVABLE, NET AND REL46
LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable | $ 502,658 | $ 473,991 |
Consumer mortgage loans collateralized by residential real estate property in the process of foreclosure [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable | 301 | |
Foreclosed residential real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable | $ 3,200 |
LOANS RECEIVABLE, NET AND REL47
LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Loans Receivable, Net) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable | $ 502,658 | $ 473,991 |
Net deferred loan costs | 145 | 177 |
Allowance for loan losses | (3,985) | (3,475) |
Total loans receivable, net | 498,818 | 470,693 |
One-to four-family residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable | 181,024 | 178,336 |
Allowance for loan losses | (534) | (587) |
Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable | 216,058 | 207,118 |
Allowance for loan losses | (1,488) | (1,277) |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable | 29,663 | 22,622 |
Allowance for loan losses | (512) | (490) |
Home equity lines of credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable | 19,232 | 18,536 |
Allowance for loan losses | (116) | (57) |
Commercial business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable | 51,188 | 41,113 |
Allowance for loan losses | (1,177) | (956) |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans receivable | 5,493 | 6,266 |
Allowance for loan losses | $ (4) | $ (6) |
LOANS RECEIVABLE, NET AND REL48
LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Impaired Loans by Class) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment Impaired Loans with Specific Allowance | ||
Related Allowance Impaired Loans with Specific Allowance | ||
Recorded Investment Impaired Loans with No Specific Allowance | 5,350 | 7,455 |
Total Impaired Loans Recorded Investment | 5,350 | 7,455 |
Total Impaired Loans Unpaid Principal Balance | 5,440 | 7,789 |
One-to four-family residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment Impaired Loans with Specific Allowance | ||
Related Allowance Impaired Loans with Specific Allowance | ||
Recorded Investment Impaired Loans with No Specific Allowance | 1,253 | 3,124 |
Total Impaired Loans Recorded Investment | 1,253 | 3,124 |
Total Impaired Loans Unpaid Principal Balance | 1,253 | 3,436 |
Commercial real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment Impaired Loans with Specific Allowance | ||
Related Allowance Impaired Loans with Specific Allowance | ||
Recorded Investment Impaired Loans with No Specific Allowance | 3,680 | 4,088 |
Total Impaired Loans Recorded Investment | 3,680 | 4,088 |
Total Impaired Loans Unpaid Principal Balance | 3,680 | 4,110 |
Home equity lines of credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment Impaired Loans with Specific Allowance | ||
Related Allowance Impaired Loans with Specific Allowance | ||
Recorded Investment Impaired Loans with No Specific Allowance | 58 | |
Total Impaired Loans Recorded Investment | 58 | |
Total Impaired Loans Unpaid Principal Balance | 58 | |
Commercial business [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment Impaired Loans with Specific Allowance | ||
Related Allowance Impaired Loans with Specific Allowance | ||
Recorded Investment Impaired Loans with No Specific Allowance | 359 | 243 |
Total Impaired Loans Recorded Investment | 359 | 243 |
Total Impaired Loans Unpaid Principal Balance | $ 449 | $ 243 |
LOANS RECEIVABLE, NET AND REL49
LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Average Recorded Investment in Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable, Impaired [Line Items] | ||||
Average investment in impaired loans | $ 5,929 | $ 9,140 | $ 6,478 | $ 9,005 |
One-to four-family residential [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average investment in impaired loans | 1,878 | 3,051 | 2,360 | 3,307 |
Commercial real estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average investment in impaired loans | 3,661 | 5,274 | 3,771 | 4,783 |
Home equity lines of credit [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average investment in impaired loans | 29 | 243 | 15 | 171 |
Commercial business [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average investment in impaired loans | $ 361 | 560 | $ 332 | 732 |
Other [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average investment in impaired loans | $ 12 | $ 12 |
LOANS RECEIVABLE, NET AND REL50
LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Classes of the Loan Portfolio Summarized by Bank's Internal Risk Rating System) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 502,658 | $ 473,991 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 495,828 | 466,536 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,425 | 420 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 5,405 | 7,035 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | ||
One-to four-family residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 181,024 | 178,336 |
One-to four-family residential [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 180,486 | 176,285 |
One-to four-family residential [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 127 | |
One-to four-family residential [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 538 | 1,924 |
One-to four-family residential [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 216,058 | 207,118 |
Commercial real estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 212,692 | 204,435 |
Commercial real estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,068 | |
Commercial real estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,298 | 2,683 |
Commercial real estate [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 29,663 | 22,622 |
Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 27,275 | 20,194 |
Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,388 | 2,428 |
Construction [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Home equity lines of credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 19,232 | 18,536 |
Home equity lines of credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 19,174 | 18,536 |
Home equity lines of credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Home equity lines of credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 58 | |
Home equity lines of credit [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Commercial business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 51,188 | 41,113 |
Commercial business [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 50,708 | 40,820 |
Commercial business [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 357 | 293 |
Commercial business [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 123 | |
Commercial business [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 5,493 | 6,266 |
Other [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 5,493 | 6,266 |
Other [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Other [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | ||
Other [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross |
LOANS RECEIVABLE, NET AND REL51
LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Classes of the Loan Portfolio Summarized by Aging Categories) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Current | $ 500,504 | $ 470,416 |
Total Past Due | 2,154 | 3,575 |
Non - Accrual | 572 | 2,358 |
Total loans receivable | 502,658 | 473,991 |
One-to four-family residential [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Current | 180,774 | 176,546 |
Total Past Due | 250 | 1,790 |
Non - Accrual | 250 | 1,663 |
Total loans receivable | 181,024 | 178,336 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Current | 214,842 | 206,218 |
Total Past Due | 1,216 | 900 |
Non - Accrual | 148 | 482 |
Total loans receivable | 216,058 | 207,118 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Current | 29,663 | 22,622 |
Total Past Due | ||
Non - Accrual | ||
Total loans receivable | 29,663 | 22,622 |
Home equity lines of credit [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Current | 19,181 | 18,344 |
Total Past Due | 51 | 192 |
Non - Accrual | 51 | |
Total loans receivable | 19,232 | 18,536 |
Commercial business [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Current | 50,561 | 40,420 |
Total Past Due | 627 | 693 |
Non - Accrual | 123 | 213 |
Total loans receivable | 51,188 | 41,113 |
Other [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Current | 5,483 | 6,266 |
Total Past Due | 10 | |
Non - Accrual | ||
Total loans receivable | 5,493 | 6,266 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 147 | 818 |
30-59 Days Past Due [Member] | One-to four-family residential [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | ||
30-59 Days Past Due [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 418 | |
30-59 Days Past Due [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | ||
30-59 Days Past Due [Member] | Home equity lines of credit [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | ||
30-59 Days Past Due [Member] | Commercial business [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 147 | 400 |
30-59 Days Past Due [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | ||
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 1,126 | 399 |
60-89 Days Past Due [Member] | One-to four-family residential [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 127 | |
60-89 Days Past Due [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 759 | |
60-89 Days Past Due [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | ||
60-89 Days Past Due [Member] | Home equity lines of credit [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 192 | |
60-89 Days Past Due [Member] | Commercial business [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 357 | 80 |
60-89 Days Past Due [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 10 | |
90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 881 | 2,358 |
90 Days Past Due [Member] | One-to four-family residential [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 250 | 1,663 |
90 Days Past Due [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 457 | 482 |
90 Days Past Due [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | ||
90 Days Past Due [Member] | Home equity lines of credit [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 51 | |
90 Days Past Due [Member] | Commercial business [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due | 123 | 213 |
90 Days Past Due [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total Past Due |
LOANS RECEIVABLE, NET AND REL52
LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of Activity in the Allowance for Loan Losses by Loan Category) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | |
Activity in the allowance for loan losses by loan category: | ||||||||
Balance at beginning of period | $ 3,769 | $ 3,537 | $ 3,475 | $ 3,313 | $ 3,170 | $ 3,056 | $ 3,475 | $ 3,056 |
Charge-offs | (64) | (25) | (297) | (248) | (278) | (255) | ||
Recoveries | 4 | 109 | 5 | 18 | 39 | |||
Provision | 276 | 256 | 250 | 315 | 403 | 330 | 782 | 1,048 |
Balance at the end of period | 3,985 | 3,769 | 3,537 | 3,385 | 3,313 | 3,170 | 3,985 | 3,385 |
One-to four-family residential [Member] | ||||||||
Activity in the allowance for loan losses by loan category: | ||||||||
Balance at beginning of period | 533 | 563 | 587 | 647 | 524 | 542 | 587 | 542 |
Charge-offs | (61) | (25) | (127) | (39) | (52) | (18) | ||
Recoveries | 4 | 82 | 35 | |||||
Provision | 58 | (5) | 21 | (49) | 175 | (35) | ||
Balance at the end of period | 534 | 533 | 563 | 559 | 647 | 524 | 534 | 559 |
Commercial real estate [Member] | ||||||||
Activity in the allowance for loan losses by loan category: | ||||||||
Balance at beginning of period | 1,418 | 1,299 | 1,277 | 1,108 | 1,152 | 1,075 | 1,277 | 1,075 |
Charge-offs | ||||||||
Recoveries | 23 | |||||||
Provision | 70 | 119 | (1) | 65 | (44) | 77 | ||
Balance at the end of period | 1,488 | 1,418 | 1,299 | 1,173 | 1,108 | 1,152 | 1,488 | 1,173 |
Construction [Member] | ||||||||
Activity in the allowance for loan losses by loan category: | ||||||||
Balance at beginning of period | 442 | 384 | 490 | 368 | 368 | 361 | 490 | 361 |
Charge-offs | ||||||||
Recoveries | 3 | 3 | 3 | 3 | ||||
Provision | 70 | 58 | (109) | (3) | 4 | |||
Balance at the end of period | 512 | 442 | 384 | 371 | 368 | 368 | 512 | 371 |
Home equity lines of credit [Member] | ||||||||
Activity in the allowance for loan losses by loan category: | ||||||||
Balance at beginning of period | 112 | 131 | 57 | 67 | 71 | 71 | 57 | 71 |
Charge-offs | ||||||||
Recoveries | 14 | |||||||
Provision | 4 | (19) | 74 | (11) | (18) | |||
Balance at the end of period | 116 | 112 | 131 | 56 | 67 | 71 | 116 | 56 |
Commercial business [Member] | ||||||||
Activity in the allowance for loan losses by loan category: | ||||||||
Balance at beginning of period | 1,158 | 1,052 | 956 | 1,012 | 914 | 976 | 956 | 976 |
Charge-offs | (170) | (209) | (226) | (237) | ||||
Recoveries | 1 | 2 | 1 | 1 | ||||
Provision | 19 | 106 | 265 | 219 | 323 | 174 | ||
Balance at the end of period | 1,177 | 1,158 | 1,052 | 1,024 | 1,012 | 914 | 1,177 | 1,024 |
Other [Member] | ||||||||
Activity in the allowance for loan losses by loan category: | ||||||||
Balance at beginning of period | 4 | 4 | 6 | 13 | 7 | 9 | 6 | 9 |
Charge-offs | (3) | |||||||
Recoveries | ||||||||
Provision | 3 | (2) | (7) | 6 | (2) | |||
Balance at the end of period | 4 | 4 | 4 | 6 | 13 | 7 | 4 | 6 |
Unallocated [Member] | ||||||||
Activity in the allowance for loan losses by loan category: | ||||||||
Balance at beginning of period | 102 | 104 | 102 | 98 | 134 | 22 | 102 | 22 |
Charge-offs | ||||||||
Recoveries | ||||||||
Provision | 52 | (2) | 2 | 98 | (36) | 112 | ||
Balance at the end of period | $ 154 | $ 102 | $ 104 | $ 196 | $ 98 | $ 134 | $ 154 | $ 196 |
LOANS RECEIVABLE, NET AND REL53
LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of ALL by Loan Category) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Allowance for Loan Losses: | ||
Balance - Allowance for loans losses | $ 3,985 | $ 3,475 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 3,985 | 3,475 |
Balance - Loans receivable | 502,658 | 473,991 |
Loan balance individually evaluated for impairment | 5,350 | 7,455 |
Loan balance collectively evaluated for impairment | 497,308 | 466,536 |
One-to four-family residential [Member] | ||
Allowance for Loan Losses: | ||
Balance - Allowance for loans losses | 534 | 587 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 534 | 587 |
Balance - Loans receivable | 181,024 | 178,336 |
Loan balance individually evaluated for impairment | 1,253 | 3,124 |
Loan balance collectively evaluated for impairment | 179,771 | 175,212 |
Commercial real estate [Member] | ||
Allowance for Loan Losses: | ||
Balance - Allowance for loans losses | 1,488 | 1,277 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 1,488 | 1,277 |
Balance - Loans receivable | 216,058 | 207,118 |
Loan balance individually evaluated for impairment | 3,680 | 4,088 |
Loan balance collectively evaluated for impairment | 212,378 | 203,030 |
Construction [Member] | ||
Allowance for Loan Losses: | ||
Balance - Allowance for loans losses | 512 | 490 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 512 | 490 |
Balance - Loans receivable | 29,663 | 22,622 |
Loan balance individually evaluated for impairment | ||
Loan balance collectively evaluated for impairment | 29,663 | 22,622 |
Home equity lines of credit [Member] | ||
Allowance for Loan Losses: | ||
Balance - Allowance for loans losses | 116 | 57 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 116 | 57 |
Balance - Loans receivable | 19,232 | 18,536 |
Loan balance individually evaluated for impairment | 58 | |
Loan balance collectively evaluated for impairment | 19,174 | 18,536 |
Commercial business [Member] | ||
Allowance for Loan Losses: | ||
Balance - Allowance for loans losses | 1,177 | 956 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 1,177 | 956 |
Balance - Loans receivable | 51,188 | 41,113 |
Loan balance individually evaluated for impairment | 359 | 243 |
Loan balance collectively evaluated for impairment | 50,829 | 40,870 |
Other [Member] | ||
Allowance for Loan Losses: | ||
Balance - Allowance for loans losses | 4 | 6 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 4 | 6 |
Balance - Loans receivable | 5,493 | 6,266 |
Loan balance individually evaluated for impairment | ||
Loan balance collectively evaluated for impairment | 5,493 | 6,266 |
Unallocated [Member] | ||
Allowance for Loan Losses: | ||
Balance - Allowance for loans losses | 154 | 102 |
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 154 | 102 |
Balance - Loans receivable | ||
Loan balance individually evaluated for impairment | ||
Loan balance collectively evaluated for impairment |
LOANS RECEIVABLE, NET AND REL54
LOANS RECEIVABLE, NET AND RELATED ALLOWANCE FOR LOAN LOSSES (Schedule of troubled debt restructurings) (Details) $ in Thousands | 9 Months Ended |
Jun. 30, 2017USD ($)N | |
Number of Loans | N | 1 |
Investment Before TDR Modification | $ 182 |
Investment After TDR Modification | $ 182 |
One-to four-family residential [Member] | |
Number of Loans | N | 1 |
Investment Before TDR Modification | $ 182 |
Investment After TDR Modification | $ 182 |
DEPOSITS (Schedule of Deposits
DEPOSITS (Schedule of Deposits by Type of Account) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Deposits [Abstract] | ||
Demand accounts | $ 105,688 | $ 98,728 |
Savings accounts | 88,259 | 107,362 |
NOW accounts | 47,925 | 43,556 |
Money market accounts | 142,906 | 137,527 |
Certificates of deposit | 105,024 | 108,740 |
Retirement certificates | 18,182 | 19,288 |
Deposits, Total | $ 507,984 | $ 515,201 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2018 | |
Change in federal corporate tax rate | 21.00% | 34.00% | |
Increase income tax expense | $ 99 | ||
Change in income tax expense | 306 | ||
Amount of application of newly enacted rates deferred tax assets balances | $ 207 | ||
Subsequent Event [Member] | |||
Change in federal corporate tax rate | 24.00% |
INCOME TAXES (Schedule of Recon
INCOME TAXES (Schedule of Reconciliation of Income Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Statutory federal tax rate (as a percent) | 24.00% | 34.00% | 24.00% | 34.00% |
Income tax expense at the statutory federal tax rate of 24% for the three and nine months ended June 30, 2018 and 34% for the three and nine months ended June 30, 2017 | $ 213 | $ 169 | $ 565 | $ 546 |
State tax expense | 61 | 30 | 161 | 94 |
Reduction of deferred tax asset from tax legislation | 306 | |||
Other | 15 | 11 | 3 | 30 |
Income tax expense | $ 289 | $ 210 | $ 1,035 | $ 670 |
FINANCIAL INSTRUMENTS WITH OF58
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Schedule of Financial Instruments Whose Contract Amounts Representing Credit Risk) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments - contract amounts | $ 78,339 | $ 71,234 |
Letters of credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments - contract amounts | 1,929 | 633 |
Unused lines of credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments - contract amounts | 50,702 | 64,220 |
Fixed rate loan commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments - contract amounts | 3,779 | 2,429 |
Variable rate loan commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments - contract amounts | $ 21,929 | $ 3,952 |