Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 06, 2013 | Mar. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'ESSA Bancorp, Inc. | ' | ' |
Entity Central Index Key | '0001382230 | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $114,120,886 |
Entity Common Stock, Shares Outstanding | ' | 11,945,564 | ' |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $22,393 | $11,034 |
Interest-bearing deposits with other institutions | 4,255 | 4,516 |
Total cash and cash equivalents | 26,648 | 15,550 |
Certificates of deposit | 1,767 | 1,266 |
Investment securities available for sale, at fair value | 315,622 | 329,585 |
Loans receivable (net of allowance for loan losses of $8,064 and $7,302) | 928,230 | 950,355 |
Regulatory stock, at cost | 9,415 | 21,914 |
Premises and equipment, net | 15,747 | 16,170 |
Bank-owned life insurance | 28,797 | 27,848 |
Foreclosed real estate | 2,111 | 2,998 |
Intangible assets, net | 2,466 | 3,457 |
Goodwill | 8,817 | 8,541 |
Deferred income taxes | 11,183 | 11,336 |
Other assets | 21,512 | 29,766 |
TOTAL ASSETS | 1,372,315 | 1,418,786 |
LIABILITIES | ' | ' |
Deposits | 1,041,059 | 995,634 |
Short-term borrowings | 23,000 | 43,281 |
Other borrowings | 129,260 | 191,460 |
Advances by borrowers for taxes and insurance | 4,962 | 3,432 |
Other liabilities | 7,588 | 9,568 |
TOTAL LIABILITIES | 1,205,869 | 1,243,375 |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock ($.01 par value; 10,000,000 shares authorized, none issued) | ' | ' |
Common stock ($.01 par value; 40,000,000 shares authorized, 18,133,095 issued; 11,945,564 and 13,229,908 outstanding at September 30, 2013 and 2012, respectively) | 181 | 181 |
Additional paid-in capital | 182,440 | 181,220 |
Unallocated common stock held by the Employee Stock Ownership Plan ("ESOP") | -10,532 | -10,985 |
Retained earnings | 71,709 | 65,181 |
Treasury stock, at cost; 6,187,531 and 4,903,187 shares outstanding at September 30, 2013 and 2012, respectively | -76,117 | -61,944 |
Accumulated other comprehensive income (loss) | -1,235 | 1,758 |
TOTAL STOCKHOLDERS' EQUITY | 166,446 | 175,411 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1,372,315 | $1,418,786 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for loan losses | $8,064 | $7,302 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 18,133,095 | 18,133,095 |
Common stock, shares outstanding | 11,945,564 | 13,229,908 |
Treasury stock, shares outstanding | 6,187,531 | 4,903,187 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
INTEREST INCOME | ' | ' | ' |
Loans receivable, including fees | $44,744 | $38,384 | $38,949 |
Investment securities: | ' | ' | ' |
Taxable | 5,958 | 6,583 | 7,964 |
Exempt from federal income tax | 272 | 209 | 258 |
Other investment income | 128 | 24 | 5 |
Total interest income | 51,102 | 45,200 | 47,176 |
INTEREST EXPENSE | ' | ' | ' |
Deposits | 7,408 | 7,486 | 7,486 |
Short-term borrowings | 129 | 32 | 46 |
Other borrowings | 3,720 | 8,614 | 10,748 |
Total interest expense | 11,257 | 16,132 | 18,280 |
NET INTEREST INCOME | 39,845 | 29,068 | 28,896 |
Provision for loan losses | 3,750 | 2,550 | 2,055 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 36,095 | 26,518 | 26,841 |
NONINTEREST INCOME | ' | ' | ' |
Service fees on deposit accounts | 3,133 | 2,871 | 3,019 |
Services charges and fees on loans | 1,027 | 747 | 639 |
Trust and investment fees | 853 | 905 | 851 |
Gain on sale of investments, net | 749 | 343 | 778 |
Gain on sale of loans, net | 426 | 282 | 3 |
Earnings on bank-owned life insurance | 949 | 806 | 638 |
Insurance commissions | 838 | 748 | 361 |
Other | 49 | 33 | 36 |
Total noninterest income | 8,024 | 6,735 | 6,325 |
NONINTEREST EXPENSE | ' | ' | ' |
Compensation and employee benefits | 19,002 | 16,284 | 15,865 |
Occupancy and equipment | 3,895 | 3,178 | 3,071 |
Professional fees | 1,868 | 1,368 | 1,488 |
Data processing | 2,907 | 2,058 | 1,876 |
Advertising | 574 | 415 | 658 |
Federal Deposit Insurance Corporation ("FDIC") premiums | 947 | 783 | 763 |
(Gain) loss on foreclosed real estate | -468 | 112 | 35 |
Merger-related costs | ' | 1,379 | ' |
Prepayment penalties on borrowings | ' | 4,644 | ' |
Amortization of intangible assets | 991 | 436 | 135 |
Other | 2,746 | 2,348 | 2,154 |
Total noninterest expense | 32,462 | 33,005 | 26,045 |
Income before income taxes | 11,657 | 248 | 7,121 |
Income taxes | 2,834 | 33 | 1,863 |
Net income | $8,823 | $215 | $5,258 |
Earnings per share: | ' | ' | ' |
Basic | $0.76 | $0.02 | $0.46 |
Diluted | $0.76 | $0.02 | $0.46 |
Dividends per share: | $0.20 | $0.20 | $0.20 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract] | ' | ' | ' |
Net income | $8,823 | $215 | $5,258 |
Investment securities available for sale: | ' | ' | ' |
Unrealized holding gain (loss) | -8,550 | 1,163 | 3,549 |
Tax effect | 2,907 | -396 | -1,207 |
Reclassification of gains recognized in net income | -749 | -343 | -778 |
Tax effect | 255 | 117 | 264 |
Net of tax amount | -6,137 | 541 | 1,828 |
Pension plan adjustment: | ' | ' | ' |
Related to actuarial losses and prior service cost | 4,763 | 956 | -1,045 |
Tax effect | -1,619 | -325 | 355 |
Net of tax amount | 3,144 | 631 | -690 |
Total other comprehensive gain (loss) | -2,993 | 1,172 | 1,138 |
Comprehensive income | $5,830 | $1,387 | $6,396 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Unallocated Common Stock Held by the ESOP [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data | |||||||
Beginning Balance at Sep. 30, 2010 | $171,623 | $170 | $164,494 | ($11,891) | $64,272 | ($44,870) | ($552) |
Beginning Balance, Shares at Sep. 30, 2010 | ' | 13,482,612 | ' | ' | ' | ' | ' |
Net income | 5,258 | ' | ' | ' | 5,258 | ' | ' |
Unrealized gain (loss) on securities available for sale, net of income taxes of $942, $279 and $3161 in 2011, 2012 and 2013, respectively | 1,828 | ' | ' | ' | ' | ' | 1,828 |
Change in unrecognized pension cost, net of income tax benefit of $355, $325 and $1620 in 2011, 2012 and 2013, respectively | -690 | ' | ' | ' | ' | ' | -690 |
Cash dividends declared ($.20 per share) | -2,315 | ' | ' | ' | -2,315 | ' | ' |
Stock-based compensation | 2,162 | ' | 2,162 | ' | ' | ' | ' |
Allocation of ESOP stock | 555 | ' | 102 | 453 | ' | ' | ' |
Treasury shares purchased | -16,742 | ' | ' | ' | ' | -16,742 | ' |
Treasury shares purchased, Shares | ' | -1,372,990 | ' | ' | ' | ' | ' |
Ending Balance at Sep. 30, 2011 | 161,679 | 170 | 166,758 | -11,438 | 67,215 | -61,612 | 586 |
Ending Balance, Shares at Sep. 30, 2011 | ' | 12,109,622 | ' | ' | ' | ' | ' |
Net income | 215 | ' | ' | ' | 215 | ' | ' |
Unrealized gain (loss) on securities available for sale, net of income taxes of $942, $279 and $3161 in 2011, 2012 and 2013, respectively | 541 | ' | ' | ' | ' | ' | 541 |
Change in unrecognized pension cost, net of income tax benefit of $355, $325 and $1620 in 2011, 2012 and 2013, respectively | 631 | ' | ' | ' | ' | ' | 631 |
Cash dividends declared ($.20 per share) | -2,249 | ' | ' | ' | -2,249 | ' | ' |
Stock-based compensation | 2,151 | ' | 2,151 | ' | ' | ' | ' |
Allocation of ESOP stock | 469 | ' | 16 | 453 | ' | ' | ' |
Treasury shares purchased | -332 | ' | ' | ' | ' | -332 | ' |
Treasury shares purchased, Shares | ' | -31,909 | ' | ' | ' | ' | ' |
First Star Bank acquisition | 12,306 | 11 | 12,295 | ' | ' | ' | ' |
First Star Bank acquisition, Shares | ' | 1,152,195 | ' | ' | ' | ' | ' |
Ending Balance at Sep. 30, 2012 | 175,411 | 181 | 181,220 | -10,985 | 65,181 | -61,944 | 1,758 |
Ending Balance, Shares at Sep. 30, 2012 | 13,229,908 | 13,229,908 | ' | ' | ' | ' | ' |
Net income | 8,823 | ' | ' | ' | 8,823 | ' | ' |
Unrealized gain (loss) on securities available for sale, net of income taxes of $942, $279 and $3161 in 2011, 2012 and 2013, respectively | -6,137 | ' | ' | ' | ' | ' | -6,137 |
Change in unrecognized pension cost, net of income tax benefit of $355, $325 and $1620 in 2011, 2012 and 2013, respectively | 3,144 | ' | ' | ' | ' | ' | 3,144 |
Cash dividends declared ($.20 per share) | -2,295 | ' | ' | ' | -2,295 | ' | ' |
Stock-based compensation | 1,516 | ' | 1,516 | ' | ' | ' | ' |
Allocation of ESOP stock | 485 | ' | 32 | 453 | ' | ' | ' |
Allocation of treasury shares to incentive plan | ' | ' | -328 | ' | ' | 328 | ' |
Treasury shares purchased | -14,501 | ' | ' | ' | ' | -14,501 | ' |
Treasury shares purchased, Shares | ' | -1,284,344 | ' | ' | ' | ' | ' |
Ending Balance at Sep. 30, 2013 | $166,446 | $181 | $182,440 | ($10,532) | $71,709 | ($76,117) | ($1,235) |
Ending Balance, Shares at Sep. 30, 2013 | 11,945,564 | 11,945,564 | ' | ' | ' | ' | ' |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Unrealized gain (loss) on securities available for sale, tax | $3,161 | $279 | $942 |
Change in unrecognized pension cost, tax | 1,620 | 325 | 355 |
Cash dividends declared, per share | $0.20 | $0.20 | $0.20 |
Retained Earnings [Member] | ' | ' | ' |
Cash dividends declared, per share | $0.20 | $0.20 | $0.20 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' |
Unrealized gain (loss) on securities available for sale, tax | 3,161 | 279 | 942 |
Change in unrecognized pension cost, tax | $1,620 | $325 | $355 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income | $8,823 | $215 | $5,258 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Provision for loan losses | 3,750 | 2,550 | 2,055 |
Provision for depreciation and amortization | 1,145 | 986 | 1,082 |
Amortization and accretion of discounts and premiums, net | 1,504 | 1,567 | 1,195 |
Net gain on sale of investment securities | -749 | -343 | -778 |
Gain on sale of loans, net | -426 | -282 | -3 |
Origination of mortgage loans sold | -19,530 | -7,966 | -97 |
Proceeds from sale of mortgage loans originated for sale | 19,956 | 8,248 | 100 |
Compensation expense from ESOP | 485 | 469 | 555 |
Stock-based compensation | 1,516 | 2,151 | 2,162 |
Decrease in accrued interest receivable | 544 | 73 | 199 |
Decrease in accrued interest payable | -295 | -836 | -161 |
Earnings on bank-owned life insurance | -949 | -806 | -638 |
Deferred federal income taxes | 1,188 | 1,825 | -274 |
(Increase) decrease in prepaid FDIC insurance premiums | 1,934 | -1,340 | 699 |
Increase in accrued pension liability | 4,587 | 379 | 419 |
(Gain) loss on foreclosed real estate | -468 | 112 | 35 |
Amortization of identifiable intangible assets | 991 | 436 | 135 |
Other, net | -812 | -2,111 | -1,755 |
Net cash provided by operating activities | 23,194 | 5,327 | 10,188 |
INVESTING ACTIVITIES | ' | ' | ' |
Purchase of certificates of deposit | -501 | -1,250 | ' |
Investment securities available for sale: | ' | ' | ' |
Proceeds from sale of investment securities | 39,212 | 44,844 | 18,856 |
Proceeds from principal repayments and maturities | 95,919 | 72,667 | 93,711 |
Purchases | -131,264 | -91,967 | -96,814 |
Investment securities held to maturity: | ' | ' | ' |
Proceeds from sale of investment securities | ' | ' | 5,787 |
Proceeds from principal repayments and maturities | ' | ' | 2,523 |
Purchases | ' | ' | -2,001 |
Decrease (increase) in loans receivable, net | 16,719 | -4,353 | -13,276 |
Redemption of FHLB stock | 13,795 | 3,793 | 3,845 |
Purchase of FHLB Stock | -1,296 | ' | ' |
Purchase of bank-owned life insurance | ' | -8 | -7,000 |
Investment in limited partnership | -327 | -4,951 | -2,441 |
Proceeds from sale of foreclosed real estate | 3,150 | 2,354 | 3,318 |
Capital improvements to foreclosed real estate | -96 | -30 | -46 |
Purchase of insurance subsidiary | ' | ' | -2,025 |
Investment in insurance subsidiary | -276 | -374 | ' |
Acquisition, net of cash acquired | ' | 55,472 | ' |
Purchase of premises, equipment, and software | -806 | -799 | -353 |
Net cash provided by investing activities | 34,229 | 75,398 | 4,084 |
FINANCING ACTIVITIES | ' | ' | ' |
Increase in deposits, net | 51,422 | 12,044 | 97,514 |
Net increase (decrease) in short-term borrowings | -20,281 | 39,281 | -10,719 |
Proceeds from other borrowings | 27,800 | 23,150 | 38,300 |
Repayment of other borrowings | -90,000 | -177,338 | -89,247 |
Increase (decrease) in advances by borrowers for taxes and insurance | 1,530 | -1,425 | -84 |
Purchase of treasury stock shares | -14,501 | -332 | -16,917 |
Dividends on common stock | -2,295 | -2,249 | -2,315 |
Net cash (used for) provided by financing activities | -46,325 | -106,869 | 16,532 |
Increase (decrease) in cash and cash equivalents | 11,098 | -26,144 | 30,804 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 15,550 | 41,694 | 10,890 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 26,648 | 15,550 | 41,694 |
Cash paid: | ' | ' | ' |
Interest | 11,552 | 16,489 | 18,441 |
Income taxes | 662 | 300 | 2,475 |
Noncash items: | ' | ' | ' |
Transfers from loans to foreclosed real estate | 1,699 | 2,685 | 3,349 |
Treasury stock payable | ' | ' | -175 |
Transfers from held-to-maturity investments to available-for-sale investments | ' | ' | -6,442 |
Brokered certificate purchase not settled | ' | 5,597 | ' |
Acquisition of insurance company: | ' | ' | ' |
Cash paid | ' | ' | -2,025 |
Acquisition of First Star Bancorp, Inc. | ' | ' | ' |
Cash paid | ' | 24,611 | ' |
Noncash assets acquired: | ' | ' | ' |
Investments available for sale | ' | 110,140 | ' |
Certificates of deposit | ' | 16 | ' |
Loans receivable | ' | 212,617 | ' |
Regulatory stock | ' | 8,825 | ' |
Premises and equipment | ' | 4,881 | ' |
Bank-owned life insurance | ' | 3,778 | ' |
Foreclosed real estate | ' | 393 | ' |
Accrued interest receivable | ' | 1,059 | ' |
Intangible assets | ' | 2,068 | 1,960 |
Goodwill | ' | 8,127 | 40 |
Deferred tax assets | ' | 11,760 | ' |
Other assets | ' | 1,702 | ' |
Total noncash assets | ' | 365,366 | 2,000 |
Liabilities assumed: | ' | ' | ' |
Certificates of deposit | ' | 221,442 | ' |
Deposits other than certificates of deposit | ' | 118,627 | ' |
Borrowings | ' | 61,238 | ' |
Advances by borrowers for taxes and insurance | ' | 3,476 | ' |
Accrued interest payable | ' | 479 | ' |
Other liabilities | ' | 3,270 | ' |
Total noncash liabilities | ' | 408,532 | ' |
Net noncash assets acquired | ' | -43,166 | 2,000 |
Cash acquired | ' | $67,777 | ' |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
1 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
A summary of significant accounting and reporting policies applied in the presentation of the accompanying financial statements follows: | |||||||||||||
Nature of Operations and Basis of Presentation | |||||||||||||
The consolidated financial statements include the accounts of ESSA Bancorp, Inc. (the “Company”), its wholly owned subsidiary, ESSA Bank & Trust (the “Bank”), and the Bank’s wholly owned subsidiaries, ESSACOR Inc.; Pocono Investments Company; ESSA Advisory Services, LLC; Integrated Financial Corporation; and Integrated Abstract Incorporated, a wholly owned subsidiary of Integrated Financial Corporation. The primary purpose of the Company is to act as a holding company for the Bank. The Company is subject to regulation and supervision as a savings and loan holding company by the Federal Reserve Board. The Bank is a Pennsylvania-chartered savings association located in Stroudsburg, Pennsylvania. The Bank’s primary business consists of the taking of deposits and granting of loans to customers generally in Monroe, Northampton, and Lehigh counties, Pennsylvania. The Bank is subject to regulation and supervision by the Pennsylvania Banking Department and the Federal Deposit Insurance Corporation. The investment in subsidiary on the parent company’s financial statements is carried at the parent company’s equity in the underlying net assets. | |||||||||||||
ESSACOR, Inc. is a Pennsylvania corporation that has been used to purchase properties at tax sales that represent collateral for delinquent loans of the Bank. Pocono Investment Company is a Delaware corporation formed as an investment company subsidiary to hold and manage certain investments, including certain intellectual property. ESSA Advisory Services, LLC is a Pennsylvania limited liability company owned 100 percent by ESSA Bank & Trust. ESSA Advisory Services, LLC is a full-service insurance benefits consulting company offering group services such as health insurance, life insurance, short-term and long-term disability, dental, vision, and 401(k) retirement planning as well as individual health products. Integrated Financial Corporation is a Pennsylvania Corporation that provided investment advisory services to the general public. Integrated Abstract Incorporated is a Pennsylvania Corporation that provides title insurance services. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||
Use of Estimates in the Preparation of Financial Statements | |||||||||||||
The accounting principles followed by the Company and its subsidiary and the methods of applying these principles conform to U.S. generally accepted accounting principles and to general practice within the banking industry. In preparing the consolidated financial statements, the Company is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the Consolidated Balance Sheet date and related revenues and expenses for the period. Actual results could differ significantly from those estimates. | |||||||||||||
Securities | |||||||||||||
The Company determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. | |||||||||||||
Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movement in interest rates, changes in maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital considerations, and other similar factors. | |||||||||||||
Securities available for sale are carried at fair value. Unrealized gains and losses are reported in other comprehensive income, net of the related deferred tax effects. Realized gains or losses, determined on the basis of the cost of the specific securities sold, are included in earnings. Premiums and discounts are recognized in interest income using the interest method over the period to maturity. | |||||||||||||
Declines in the fair value of available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, the Company considers: (1) the length of time and the extent to which the fair value has been less than cost; (2) the financial condition and near-term prospects of the issuer; and (3) the Company’s intent to sell the security or whether its more likely than not that the Company would be required to sell the security before its anticipated recovery in market value. | |||||||||||||
Loans Receivable | |||||||||||||
Loans receivable that the Company has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Company is generally amortizing these amounts over the contractual life of the loan. Mortgage loans sold in the secondary market are sold without recourse. | |||||||||||||
The accrual of interest is generally discontinued when the contractual payment of principal or interest has become 90 days past due or the Company has serious doubts about further collectibility of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income is reversed. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to the Company’s judgment as to the collectibility of principal. Generally, loans are restored to accrual status when the obligation is brought current and has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectibility of the total contractual principal and interest is no longer in doubt. | |||||||||||||
Loans Held for Sale | |||||||||||||
Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. All sales are made without recourse. | |||||||||||||
Loans Acquired | |||||||||||||
Loans acquired including loans that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. Loans are evaluated individually to determine if there is evidence of deterioration of credit quality since origination. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “non-accretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining estimated life. Decreases in expected cash flows are recognized immediately as impairment. Any valuation allowances on these impaired loans reflect only losses incurred after acquisition. | |||||||||||||
For purchased loans acquired that are not deemed impaired at acquisition, credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value. Loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. Subsequent to the purchase date, the methods utilized to estimate the required allowance for credit losses for these loans is similar to originated loans; however, the Company records a provision for loan losses only when the required allowance exceeds any remaining credit discounts. The remaining differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loans. | |||||||||||||
Allowance for Loan Losses | |||||||||||||
The allowance for loan losses is established through provisions for loan losses charged against income. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. | |||||||||||||
The allowance for loan losses is maintained at a level by management which represents the evaluation of known and inherent risks in the loan portfolio at the consolidated balance sheet date. Management’s periodic evaluation of the adequacy of the allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions, and other relevant factors. This evaluation is inherently subjective, since it requires material estimates that may be susceptible to significant change, including the amounts and timing of future cash flows expected to be received on impaired loans. | |||||||||||||
The allowance consists of specific and general components. The specific component relates to loans that are classified as impaired. For such loans an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers nonclassified loans and is based on historical loss experience adjusted for qualitative factors. | |||||||||||||
A loan is considered 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 and all loan types are considered impaired if the loan is restructured in a troubled debt restructuring. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. 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. Impairment is measured on a loan-by-loan basis for commercial and construction loans by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral-dependent. | |||||||||||||
Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential mortgage loans for impairment disclosures. | |||||||||||||
A loan is considered to be a troubled debt restructuring (“TDR”) loan when the Company grants a concession to the borrower because of the borrower’s financial condition that it would not otherwise consider. Such concessions include the reduction of interest rates, forgiveness of principal or interest, or other modifications of interest rates that are less than the current market rate for new obligations with similar risk. TDR loans that are in compliance with their modified terms and that yield a market rate may be removed from the TDR status after a period of performance. | |||||||||||||
Federal Home Loan Bank Stock | |||||||||||||
The Company is a member of the Federal Home Loan Bank System and holds stock in the Federal Home Loan Bank (“FHLB”) of Pittsburgh. As a member, the Company maintains an investment in the capital stock of the FHLB of Pittsburgh in an amount not less than 35 basis points of the outstanding member asset value plus 4.6 percent of its outstanding FHLB borrowings, as calculated throughout the year. The equity security is accounted for at cost and classified separately on the Consolidated Balance Sheet. The stock is bought from and sold to the FHLB based upon its $100 par value. The stock does not have a readily determinable fair value and as such is classified as restricted stock, carried at cost and evaluated by management. The stock’s value is determined by the ultimate recoverability of the par value rather than by recognizing temporary declines. The determination of whether the par value will ultimately be recovered is influenced by criteria such as the following: (a) The significance of the decline in net assets of the FHLB as compared to the capital stock amount and the length of time this situation has persisted (b) Commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance (c) The impact of legislative and regulatory changes on the customer base of the FHLB and (d) The liquidity position of the FHLB. | |||||||||||||
While the FHLB have been negatively impacted by the current economic conditions, the FHLB of Pittsburgh has reported profits for 2012, remains in compliance with regulatory capital and liquidity requirements, and continues to make redemptions at the par value. With consideration given these factors, management concluded that the stock was not impaired at September 30, 2013. | |||||||||||||
Loan Servicing | |||||||||||||
Servicing assets are recognized as separate assets when rights are acquired through purchase or through sale of financial assets. Capitalized servicing rights are reported in other assets and are amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Servicing assets are evaluated for impairment based upon a third-party appraisal. Fair value is determined using prices for similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. Impairment is recognized through a valuation allowance to the extent that fair value is less than the capitalized amount. The Company’s loan servicing assets at September 30, 2013 and 2012, were not impaired. Total servicing assets included in other assets as of September 30, 2013 and 2012, were $382,000 and $365,000, respectively. | |||||||||||||
Premises and Equipment | |||||||||||||
Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the useful lives of the related assets, which range from 10 to 40 years for buildings, land improvements, and leasehold improvements and 3 to 7 years for furniture, fixtures, and equipment. Expenditures for maintenance and repairs are charged to operations as incurred. Costs of major additions and improvements are capitalized. | |||||||||||||
Bank-Owned Life Insurance (“BOLI”) | |||||||||||||
The Company owns insurance on the lives of a certain group of key employees. The policies were purchased to help offset the increase in the costs of various fringe benefit plans, including healthcare. The cash surrender value of these policies is included as an asset on the Consolidated Balance Sheet, and any increase in cash surrender value is recorded as noninterest income on the Consolidated Statement of Income. In the event of the death of an insured individual under these policies, the Company would receive a death benefit which would be recorded as noninterest income. | |||||||||||||
Foreclosed Real Estate | |||||||||||||
Real estate owned acquired in settlement of foreclosed loans is carried at fair value minus estimated costs to sell. At acquisition of real estate acquired in settlement of foreclosed loans, the excess of the remaining loan balance over the asset’s estimated fair value less cost to sell is charged off against the allowance for loan losses. Subsequent declines in the asset’s value are recognized as noninterest expense in the consolidated statement of income. Operating expenses of such properties, net of related income, are expensed in the period incurred. | |||||||||||||
Goodwill and Intangible Assets | |||||||||||||
Goodwill is not amortized, but it is tested at least annually for impairment, in the fourth quarter or more frequently if indicators of impairment are present. If the estimated current fair value of a reporting unit exceeds its carrying value, no additional testing is required and an impairment loss is not recorded. The Company uses market capitalization and multiples of tangible book value methods to determine the estimated current fair value of its reporting unit. Based on this analysis, no impairment was recorded in 2013 or 2012. | |||||||||||||
The other intangibles assets are assigned useful lives, which are amortized on an accelerated basis over their weighted-average lives. The Company periodically reviews the intangible asset for impairment as events or changes in circumstances indicate that the carrying amount of such asset may not be recoverable. | |||||||||||||
The following tables provide information for the carrying amount of goodwill and intangible assets. | |||||||||||||
Goodwill | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 8,541 | $ | 40 | |||||||||
Goodwill acquired | 276 | 8,501 | |||||||||||
Balance at end of year | $ | 8,817 | $ | 8,541 | |||||||||
Intangible assets | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 3,457 | $ | 1,825 | |||||||||
Intangible assets acquired | — | 2,068 | |||||||||||
Amortization | (991 | ) | (436 | ) | |||||||||
Balance at end of year | $ | 2,466 | $ | 3,457 | |||||||||
Amortizable intangible assets were composed of the following: | |||||||||||||
September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Gross Carrying | Accumulated | ||||||||||||
Amount | Amortization | ||||||||||||
(dollars in thousands) | |||||||||||||
Customer data | $ | 2,408 | $ | 694 | $ | 283 | |||||||
Employment obligations | 1,620 | 868 | 288 | ||||||||||
$ | 4,028 | $ | 1,562 | $ | 571 | ||||||||
2013 | 2012 | ||||||||||||
Aggregate amortization expense: | |||||||||||||
For the years ended September 30 | $ | 991 | $ | 436 | |||||||||
Estimated amortization expense: | |||||||||||||
2014 | $ | 870,000 | |||||||||||
2015 | 477,000 | ||||||||||||
2016 | 382,000 | ||||||||||||
2017 | 267,000 | ||||||||||||
2018 | 180,000 | ||||||||||||
2019 | 81,000 | ||||||||||||
2020 | 81,000 | ||||||||||||
2021 | 78,000 | ||||||||||||
2022 | 50,000 | ||||||||||||
$ | 2,466,000 | ||||||||||||
Employee Benefit Plans | |||||||||||||
The Bank maintains a noncontributory, defined benefit pension plan for all employees who have met age and length of service requirements. The Bank’s funding policy is to contribute annually up to the maximum amount that can be deducted for federal income tax purposes. The Bank also maintains a defined contribution Section 401(k) plan covering eligible employees. The Company created an ESOP for the benefit of employees who meet certain eligibility requirements. The Company makes cash contributions to the ESOP on an annual basis. | |||||||||||||
The Company maintains an equity incentive plan to provide for issuance or granting of shares of common stock for stock options or restricted stock. The Company has recorded stock-based employee compensation cost using the fair value method as allowed under generally accepted accounting principles. Management estimated the fair values of all option grants using the Black-Scholes option-pricing model. Management estimated the expected life of the options using the simplified method as allowed under generally accepted accounting principles. The risk-free rate was determined utilizing the treasury yield for the expected life of the option contract. | |||||||||||||
Advertising Costs | |||||||||||||
In accordance with generally accepted accounting principles, the Company expenses all advertising expenditures incurred. | |||||||||||||
Transfers of Financial Assets | |||||||||||||
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company; (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |||||||||||||
Income Taxes | |||||||||||||
Deferred tax assets and liabilities are reflected based on the differences between the financial statement and the income tax basis of assets and liabilities using the enacted marginal tax rates. Deferred income tax expense and benefit are based on the changes in the deferred tax assets or liabilities from period to period. Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which such items are expected to be realized or settled. As changes in tax rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. The Company files a consolidated federal income tax return and individual state income tax returns. | |||||||||||||
The Company prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Benefits from tax positions should be recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met. Accounting literature also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest, and penalties. In accordance with generally accepted accounting principles, interest or penalties incurred for income taxes will be recorded as a component of other expenses. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
The Company has defined cash and cash equivalents as cash and due from banks and interest-bearing deposits with other institutions with original maturities of less than 90 days. | |||||||||||||
Earnings Per Share | |||||||||||||
The Company provides dual presentation of basic and diluted earnings per share. Basic earnings per share are calculated utilizing net income as reported as the numerator and average shares outstanding as the denominator. The computation of diluted earnings per share differs in that the dilutive effects of any options are adjusted for in the denominator. | |||||||||||||
Comprehensive Income (Loss) | |||||||||||||
The Company is required to present comprehensive income (loss) and its components in a full set of general-purpose financial statements for all periods presented. Other comprehensive income (loss) is composed of net unrealized holding gains or losses on its available-for-sale investment and mortgage-backed securities portfolio, as well as changes in unrecognized pension cost. | |||||||||||||
The components of accumulated other comprehensive income (loss), net of tax, as of year-end were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net unrealized gain on securities available for sale | $ | 71 | $ | 6,208 | $ | 5,667 | |||||||
Net unrecognized pension cost | (1,306 | ) | (4,450 | ) | (5,081 | ) | |||||||
Total | $ | (1,235 | ) | $ | 1,758 | $ | 586 | ||||||
Fair Value Measurements | |||||||||||||
We group our assets 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 I – Valuation is based upon quoted prices for identical instruments traded in active markets. | ||||||||||||
• | Level II – 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 III – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset. | ||||||||||||
We base our 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. It is our policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements, in accordance with the fair value hierarchy in generally accepted accounting principles. | |||||||||||||
Fair value measurements for most of our assets are obtained from independent pricing services that we have engaged for this purpose. When available, we, or our independent pricing service, use quoted market prices to measure fair value. If market prices are not available, fair value measurement is based upon models that incorporate available trade, bid, and other market information. Subsequently, all of our financial instruments use either of the foregoing methodologies to determine fair value adjustments recorded to our financial statements. In certain cases, however, when market observable inputs for model-based valuation techniques may not be readily available, we are required to make judgments about assumptions market participants would use in estimating the fair value of financial instruments. The degree of management judgment involved in determining the fair value of financial instrument is dependent upon the availability of quoted market prices or observable market parameters. For financial instruments that trade actively and have quoted market prices or observable market parameters, there is minimal subjectivity involved in measuring fair value. When observable market prices and parameters are not fully available, management judgment is necessary to estimate fair value. In addition, changes in the market conditions may reduce the availability of quoted prices or observable data. When market data is not available, we use valuation techniques requiring more management judgment to estimate the appropriate fair value measurement. Therefore, the results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset. Additionally, there may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, that could significantly affect the results of current or future valuations. | |||||||||||||
Reclassification of Comparative Amounts | |||||||||||||
Certain items previously reported have been reclassified to conform to the current year’s reporting format. Such reclassifications did not affect consolidated net income or consolidated stockholders’ equity. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In December 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The amendments in this Update affect all entities that have financial instruments and derivative instruments that are either (1) offset in accordance with either Section 210-20-45 or Section 815-10-45 or (2) subject to an enforceable master netting arrangement or similar agreement. The requirements amend the disclosure requirements on offsetting in Section 210-20-50. This information will enable users of an entity’s financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments in the scope of this Update. An entity is required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. This Update is not expected to have a significant impact on the Company’s financial statements. | |||||||||||||
In October 2012, the FASB issued ASU 2012-06, Business Combinations (Topic 805): Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution. Update 2012-06 requires that when a reporting entity recognizes an indemnification asset (in accordance with Subtopic 805-20) as a result of a government-assisted acquisition of a financial institution and subsequently a change in the cash flows expected to be collected on the indemnification asset occurs (as a result of a change in cash flows expected to be collected on the assets subject to indemnification), the reporting entity should subsequently account for the change in the measurement of the indemnification asset on the same basis as the change in the assets subject to indemnification. Any amortization of changes in value should be limited to the contractual term of the indemnification agreement (that is, the lesser of the term of the indemnification agreement and the remaining life of the indemnified assets). Update 2012-06 is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2012. Early adoption is permitted. The amendments should be applied prospectively to any new indemnification assets acquired after the date of adoption and to indemnification assets existing as of the date of adoption arising from a government-assisted acquisition of a financial institution. This Update is not expected to have a significant impact on the Company’s financial statements. | |||||||||||||
In January 2013, the FASB issued ASU 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The amendments clarify that the scope of Update 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. An entity is required to apply the amendments for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the required disclosures retrospectively for all comparative periods presented. The effective date is the same as the effective date of Update 2011-11. This Update is not expected to have a significant impact on the Company’s financial statements. | |||||||||||||
In February 2013, the FASB issued ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. The Update requires the measurement of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement with its co-obligors as well as any additional amount that the entity expects to pay on behalf of its co-obligors. The new standard is effective retrospectively for fiscal years and interim periods within those years, beginning after December 15, 2013, and early adoption is permitted. This Update is not expected to have a significant impact on the Company’s financial statements. | |||||||||||||
In April 2013, the FASB issued ASU 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting. The amendments in this Update are being issued to clarify when an entity should apply the liquidation basis of accounting. In addition, the guidance provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. The amendments require an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is imminent when the likelihood is remote that the entity will return from liquidation and either (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective and the likelihood is remote that the execution of the plan will be blocked by other parties or (b) a plan for liquidation is being imposed by other forces (for example, involuntary bankruptcy). If a plan for liquidation was specified in the entity’s governing documents from the entity’s inception (for example, limited-life entities), the entity should apply the liquidation basis of accounting only if the approved plan for liquidation differs from the plan for liquidation that was specified at the entity’s inception. The amendments are effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. Entities should apply the requirements prospectively from the day that liquidation becomes imminent. Early adoption is permitted. Entities that use the liquidation basis of accounting as of the effective date in accordance with other Topics (for example, terminating employee benefit plans) are not required to apply the amendments. Instead, those entities should continue to apply the guidance in those other Topics until they have completed liquidation. This Update is not expected to have a significant impact on the Company’s financial statements. | |||||||||||||
In June 2013, the FASB issued ASU 2013-08, Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements. The amendments in this Update affect the scope, measurement, and disclosure requirements for investment companies under U.S. GAAP. The amendments do all of the following: 1. Change the approach to the investment company assessment in Topic 946, clarify the characteristics of an investment company, and provide comprehensive guidance for assessing whether an entity is an investment company. 2. Require an investment company to measure noncontrolling ownership interests in other investment companies at fair value rather than using the equity method of accounting. 3. Require the following additional disclosures: (a) the fact that the entity is an investment company and is applying the guidance in Topic 946, (b) information about changes, if any, in an entity’s status as an investment company, and (c) information about financial support provided or contractually required to be provided by an investment company to any of its investees. The amendments in this Update are effective for an entity’s interim and annual reporting periods in fiscal years that begin after December 15, 2013. Earlier application is prohibited. This Update is not expected to have a significant impact on the Company’s financial statements. | |||||||||||||
In July 2013, the FASB issued ASU 2013-09, Fair Value Measurement (Topic 820): Deferral of the Effective Date of Certain Disclosures for Nonpublic Employee Benefit Plans in Update 2011-04. The amendments in this Update apply to certain quantitative disclosure requirements for an employee benefit plan, other than those plans that are subject to the Securities and Exchange Commission’s filing requirements (hereafter “nonpublic employee benefit plan”), that holds investments in its plan sponsor’s own nonpublic entity equity securities, including equity securities of its plan sponsor’s nonpublic affiliated entities and that are within the scope of the disclosure requirements contained in FASB Accounting Standards Update 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The amendments in this Update defer indefinitely the effective date of certain required disclosures in Update 2011-04 (Topic 820) of quantitative information about the significant unobservable inputs used in Level 3 fair value measurements for investments held by a nonpublic employee benefit plan in its plan sponsor’s own nonpublic entity equity securities, including equity securities of its plan sponsor’s nonpublic affiliated entities. The amendments in this Update do not defer the effective date for those certain quantitative disclosures for other nonpublic entity equity securities held in the nonpublic employee benefit plan or any qualitative disclosures. The deferral in this amendment is effective upon issuance for financial statements that have not been issued. This Update did not have a significant impact on the Company’s financial statements. | |||||||||||||
In July 2013, the FASB issued ASU 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this Update permit the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to UST and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. This Update did not have a significant impact on the Company’s financial statements. | |||||||||||||
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This Update applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments in this Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. This Update is not expected to have a significant impact on the Company’s financial statements. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
2 | EARNINGS PER SHARE | ||||||||||||
The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation for the years ended September 30, 2013, 2012, and 2011. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted-average common shares outstanding | 18,133,094 | 17,172,932 | 16,980,900 | ||||||||||
Average treasury stock shares | (5,475,194 | ) | (4,882,611 | ) | (4,089,417 | ) | |||||||
Average unearned ESOP shares | (1,063,720 | ) | (1,109,012 | ) | (1,154,272 | ) | |||||||
Average unearned nonvested shares | (34,627 | ) | (130,626 | ) | (249,296 | ) | |||||||
Weighted-average common shares and common stock equivalents used to calculate basic earnings per share | 11,559,553 | 11,050,683 | 11,487,915 | ||||||||||
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share | — | — | — | ||||||||||
Additional common stock equivalents (stock options) used to calculate diluted earnings per share | — | — | — | ||||||||||
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share | 11,559,553 | 11,050,683 | 11,487,915 | ||||||||||
At September 30, 2013, there were 19,998 shares of nonvested stock outstanding at a price of $10.94 per share and options to purchase 1,458,379 shares of common stock outstanding at a price of $12.35 per share that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive. At September 30, 2012, there were 76,716 shares of nonvested stock outstanding at a price of $12.35 per share and options to purchase 1,458,379 shares of common stock outstanding at a price of $12.35 per share that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive. At September 30, 2011, there were 195,262 shares of nonvested stock outstanding at a price of $12.35 per share and options to purchase 1,458,379 shares of common stock outstanding at a price of $12.35 per share that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Investment Securities | ' | ||||||||||||||||
3 | INVESTMENT SECURITIES | ||||||||||||||||
The amortized cost and fair value of investment securities available for sale are summarized as follows (in thousands): | |||||||||||||||||
2013 | |||||||||||||||||
Gross | Gross | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Available for sale | |||||||||||||||||
Fannie Mae | $ | 114,927 | $ | 1,691 | $ | (1,595 | ) | $ | 115,023 | ||||||||
Freddie Mac | 60,111 | 838 | (1,252 | ) | 59,697 | ||||||||||||
Governmental National Mortgage Association securities | 39,692 | 289 | (230 | ) | 39,751 | ||||||||||||
Other mortgage-backed securities | 3,385 | — | (19 | ) | 3,366 | ||||||||||||
Total mortgage-backed securities | 218,115 | 2,818 | (3,096 | ) | 217,837 | ||||||||||||
Obligations of states and political subdivisions | 23,754 | 654 | (499 | ) | 23,909 | ||||||||||||
U.S. government agency securities | 52,775 | 225 | (480 | ) | 52,520 | ||||||||||||
Corporate obligations | 12,756 | 186 | (169 | ) | 12,773 | ||||||||||||
Trust-preferred securities | 4,943 | 471 | — | 5,414 | |||||||||||||
Other debt securities | 1,147 | 7 | — | 1,154 | |||||||||||||
Total debt securities | 313,490 | 4,361 | (4,244 | ) | 313,607 | ||||||||||||
Equity securities—financial services | 2,025 | — | (10 | ) | 2,015 | ||||||||||||
Total | $ | 315,515 | $ | 4,361 | $ | (4,254 | ) | $ | 315,622 | ||||||||
2012 | |||||||||||||||||
Gross | Gross | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Available for sale | |||||||||||||||||
Fannie Mae | $ | 111,145 | $ | 4,652 | $ | (3 | ) | $ | 115,794 | ||||||||
Freddie Mac | 48,913 | 1,952 | (11 | ) | 50,854 | ||||||||||||
Governmental National Mortgage Association securities | 43,164 | 803 | (16 | ) | 43,951 | ||||||||||||
Other mortgage-backed securities | 5,043 | 162 | — | 5,205 | |||||||||||||
Total mortgage-backed securities | 208,265 | 7,569 | (30 | ) | 215,804 | ||||||||||||
Obligations of states and political subdivisions | 18,611 | 906 | — | 19,517 | |||||||||||||
U.S. government agency securities | 74,106 | 379 | (1 | ) | 74,484 | ||||||||||||
Corporate obligations | 8,602 | 146 | (91 | ) | 8,657 | ||||||||||||
Trust-preferred securities | 5,852 | 382 | (1 | ) | 6,233 | ||||||||||||
Other debt securities | 1,476 | 36 | — | 1,512 | |||||||||||||
Total debt securities | 316,912 | 9,418 | (123 | ) | 326,207 | ||||||||||||
Equity securities—financial services | 3,267 | 111 | — | 3,378 | |||||||||||||
Total | $ | 320,179 | $ | 9,529 | $ | (123 | ) | $ | 329,585 | ||||||||
The amortized cost and fair value of debt securities at September 30, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (in thousands): | |||||||||||||||||
Available for Sale | |||||||||||||||||
Amortized | Fair | ||||||||||||||||
Cost | Value | ||||||||||||||||
Due in one year or less | $ | 3,026 | $ | 3,044 | |||||||||||||
Due after one year through five years | 41,889 | 42,147 | |||||||||||||||
Due after five years through ten years | 65,780 | 65,847 | |||||||||||||||
Due after ten years | 202,795 | 202,569 | |||||||||||||||
Total | $ | 313,490 | $ | 313,607 | |||||||||||||
For the years ended September 30, 2013, 2012, and 2011, the Company realized gross gains of $766,000, $343,000, and $792,000, and gross losses of $17,000, $0, and $14,000, respectively, and proceeds from the sale of investment securities of $39,212,000, $44,844,000, and $24,643,000, respectively. | |||||||||||||||||
Investment securities with carrying values of $50,162,000 and $22,832,000 at September 30, 2013 and 2012, respectively, were pledged to secure public deposits and other purposes as required by law. Securities sold under agreements to repurchase and other borrowings are secured by U.S. government agency and mortgage-backed securities with a carrying value of $14,795,000 and $56,947,000 at September 30, 2013 and 2012, respectively. |
Unrealized_Losses_on_Securitie
Unrealized Losses on Securities | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Unrealized Losses on Securities | ' | ||||||||||||||||||||||||||||
4 | UNREALIZED LOSSES ON SECURITIES | ||||||||||||||||||||||||||||
The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (in thousands): | |||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | |||||||||||||||||||||||||||
Number | Gross | Gross | Gross | ||||||||||||||||||||||||||
of | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||
Securities | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||
Fannie Mae | 30 | $ | 47,814 | $ | (1,589 | ) | $ | 1,057 | $ | (6 | ) | $ | 48,871 | $ | (1,595 | ) | |||||||||||||
Freddie Mac | 20 | 32,781 | (1,252 | ) | — | — | 32,781 | (1,252 | ) | ||||||||||||||||||||
Governmental National Mortgage Association securities | 6 | 10,301 | (230 | ) | — | — | 10,301 | (230 | ) | ||||||||||||||||||||
Other mortgage-backed securities | 3 | 3,366 | (19 | ) | — | — | 3,366 | (19 | ) | ||||||||||||||||||||
Obligations of states and political subdivisions | 7 | 8,064 | (499 | ) | — | — | 8,064 | (499 | ) | ||||||||||||||||||||
U.S. government agency securities | 10 | 30,084 | (479 | ) | 999 | (1 | ) | 31,083 | (480 | ) | |||||||||||||||||||
Corporate obligations | 5 | 5,042 | (169 | ) | — | — | 5,042 | (169 | ) | ||||||||||||||||||||
Equity securities | 1 | 1,990 | (10 | ) | — | — | 1,990 | (10 | ) | ||||||||||||||||||||
Total | 82 | $ | 139,442 | $ | (4,247 | ) | $ | 2,056 | $ | (7 | ) | $ | 141,498 | $ | (4,254 | ) | |||||||||||||
2012 | |||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | |||||||||||||||||||||||||||
Number | Gross | Gross | Gross | ||||||||||||||||||||||||||
of | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||
Securities | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||
Fannie Mae | 3 | $ | 4,083 | $ | (3 | ) | $ | — | $ | — | $ | 4,083 | $ | (3 | ) | ||||||||||||||
Freddie Mac | 1 | 2,002 | (11 | ) | — | — | 2,002 | (11 | ) | ||||||||||||||||||||
Governmental National Mortgage Association securities | 5 | 6,090 | (16 | ) | — | — | 6,090 | (16 | ) | ||||||||||||||||||||
U.S. government agency securities | 1 | 999 | (1 | ) | — | — | 999 | (1 | ) | ||||||||||||||||||||
Corporate obligations | 5 | 1,059 | (25 | ) | 1,434 | (66 | ) | 2,493 | (91 | ) | |||||||||||||||||||
Trust-preferred securities | 1 | 998 | (1 | ) | — | — | 998 | (1 | ) | ||||||||||||||||||||
Total | 16 | $ | 15,231 | $ | (57 | ) | $ | 1,434 | $ | (66 | ) | $ | 16,665 | $ | (123 | ) | |||||||||||||
The Company’s investment securities portfolio contains unrealized losses on securities, including mortgage-related instruments issued or backed by the full faith and credit of the United States government, or generally viewed as having the implied guarantee of the U.S. government, corporate obligations, and debt obligations of a U.S. state or political subdivision. | |||||||||||||||||||||||||||||
The Company reviews its position quarterly and has asserted that at September 30, 2013 and 2012, the declines outlined in the above table represent temporary declines and the Company would not be required to sell the security before its anticipated recovery in market value. | |||||||||||||||||||||||||||||
The Company has concluded that any impairment of its investment securities portfolio at September 30, 2013, is not other than temporary but is the result of interest rate changes that are not expected to result in the noncollection of principal and interest during the period. The Company has concluded that any impairment of its investment securities portfolio at September 30, 2013 and 2012, is not other than temporary but is the result of interest rate changes that are not expected to result in the noncollection of principal and interest during the period. |
Loans_Receivable
Loans Receivable | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Loans Receivable | ' | ||||||||||||||||||||||||||||||||||||
5 | LOANS RECEIVABLE | ||||||||||||||||||||||||||||||||||||
Loans receivable consist of the following (in thousands): | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 686,651 | $ | 696,696 | |||||||||||||||||||||||||||||||||
Construction | 2,288 | 3,805 | |||||||||||||||||||||||||||||||||||
Commercial | 159,469 | 160,192 | |||||||||||||||||||||||||||||||||||
Commercial | 10,125 | 12,818 | |||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 33,445 | 33,736 | |||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 41,923 | 47,925 | |||||||||||||||||||||||||||||||||||
Other | 2,393 | 2,485 | |||||||||||||||||||||||||||||||||||
936,294 | 957,657 | ||||||||||||||||||||||||||||||||||||
Less allowance for loan losses | 8,064 | 7,302 | |||||||||||||||||||||||||||||||||||
Net loans | $ | 928,230 | $ | 950,355 | |||||||||||||||||||||||||||||||||
Purchased loans acquired in a business combination are recorded at fair value on their purchase date without a carryover of the related allowance for loan losses. | |||||||||||||||||||||||||||||||||||||
Upon acquisition, the Company evaluated whether each acquired loan (regardless of size) was within the scope of ASC 310-30, Receivables-Loans and Debt Securities Acquired with Deteriorated Credit Quality. Purchased credit-impaired loans are loans that have evidence of credit deterioration since origination and it is probable at the date of acquisition that the Company will not collect all contractually required principal and interest payments. There were no material increases or decreases in the expected cash flows of these loans between July 31, 2012 (the “acquisition date”) and September 30, 2013. The fair value of purchased credit-impaired loans, on the acquisition date, was determined, primarily based on the fair value of loan collateral. The carrying value of purchased loans acquired with deteriorated credit quality was $7.1 million at September 30, 2013. | |||||||||||||||||||||||||||||||||||||
On the acquisition date, the preliminary estimate of the unpaid principal balance for all loans evidencing credit impairment acquired in the First Star Bank acquisition was $12.9 million and the estimated fair value of the loans was $7.3 million. Total contractually required payments on these loans, including interest, at the acquisition date was $13.9 million. However, the Company’s preliminary estimate of expected cash flows was $8.8 million. At such date, the Company established a credit risk related non-accretable discount (a discount representing amounts which are not expected to be collected from the customer nor liquidation of collateral) of $5.1 million relating to these impaired loans, reflected in the recorded net fair value. Such amount is reflected as a non-accretable fair value adjustment to loans. The Company further estimated the timing and amount of expected cash flows in excess of the estimated fair value and established an accretable discount of $1.4 million on the acquisition date relating to these impaired loans. | |||||||||||||||||||||||||||||||||||||
The carrying value of the loans acquired and accounted for in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, was determined by projecting discounted contractual cash flows. The table below presents the components of the purchase accounting adjustments related to the purchased impaired loans acquired in the First Star acquisition as of July 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||||||
Unpaid principal balance | $ | 12,922 | |||||||||||||||||||||||||||||||||||
Interest | 968 | ||||||||||||||||||||||||||||||||||||
Contractual cash flows | 13,890 | ||||||||||||||||||||||||||||||||||||
Non-accretable discount | (5,137 | ) | |||||||||||||||||||||||||||||||||||
Expected cash flows | 8,753 | ||||||||||||||||||||||||||||||||||||
Accretable discount | (1,432 | ) | |||||||||||||||||||||||||||||||||||
Estimated fair value | $ | 7,321 | |||||||||||||||||||||||||||||||||||
Changes in the accretable yield for purchased credit-impaired loans were as follows, since acquisition, for the periods ended September 30, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 1,098 | $ | 1,432 | |||||||||||||||||||||||||||||||||
Accretion | (1,098 | ) | (334 | ) | |||||||||||||||||||||||||||||||||
Balance at end of period | $ | — | $ | 1,098 | |||||||||||||||||||||||||||||||||
The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30 (in thousands): | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||||||||||||||||||||||
Acquired Loans with Specific | Acquired Loans with Specific | ||||||||||||||||||||||||||||||||||||
Evidence or Deterioration in | Evidence or Deterioration in | ||||||||||||||||||||||||||||||||||||
Credit Quality (ASC 310-30) | Credit Quality (ASC 310-30) | ||||||||||||||||||||||||||||||||||||
Outstanding balance | $ | 9,371 | $ | 12,527 | |||||||||||||||||||||||||||||||||
Carrying amount | 7,131 | 7,500 | |||||||||||||||||||||||||||||||||||
There has been no allowance for loan losses recorded for acquired loans with or without specific evidence of deterioration in credit quality as of July 31, 2012 or September 30, 2013. In addition, no allowance for loan losses had to be reversed. | |||||||||||||||||||||||||||||||||||||
Loans serviced by the Company for others amounted to $80,986,000 and $82,263,000 at September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||
The Company’s primary business activity is with customers located within its local trade area. Commercial, residential, and consumer loans are granted. The Company also funds commercial and residential loans originated outside its immediate trade area provided such loans meet the Company’s credit policy guidelines. Although the Company has a diversified loan portfolio at September 30, 2013 and 2012, loans outstanding to individuals and businesses are dependent upon the local economic conditions in its immediate trade area. | |||||||||||||||||||||||||||||||||||||
At September 30, 2013, 2012, and 2011, the Company had nonaccrual loans of $23,279,000, $23,707,000, and $10,971,000, respectively. Additional interest income that would have been recorded under the original terms of the loan agreements amounted to $883,000, $592,000, and $615,000, for the years ended September 30, 2013, 2012, and 2011, respectively. | |||||||||||||||||||||||||||||||||||||
Impaired loans for the year ended September 30 are summarized as follows (in thousands): | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Impaired loans with a related allowance | $ | 6,160 | $ | 4,368 | $ | 5,630 | |||||||||||||||||||||||||||||||
Impaired loans without a related allowance | 31,066 | 29,103 | 12,589 | ||||||||||||||||||||||||||||||||||
Related allowance for loan losses | 819 | 952 | 1,160 | ||||||||||||||||||||||||||||||||||
Average recorded balance of impaired loans | 37,386 | 22,393 | 10,718 | ||||||||||||||||||||||||||||||||||
Interest income recognized | 860 | 649 | 109 | ||||||||||||||||||||||||||||||||||
The following table shows the amount of loans in each category that were individually and collectively evaluated for impairment at the dates indicated (in thousands): | |||||||||||||||||||||||||||||||||||||
Loans | Collectively | ||||||||||||||||||||||||||||||||||||
Individually | Acquired with | Evalauated | |||||||||||||||||||||||||||||||||||
Total | Evaluated | Deteriorated | for | ||||||||||||||||||||||||||||||||||
Loans | for Impairment | Credit Quality | Impairment | ||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 686,651 | $ | 14,018 | $ | 271 | $ | 672,362 | |||||||||||||||||||||||||||||
Construction | 2,288 | — | — | 2,288 | |||||||||||||||||||||||||||||||||
Commercial | 159,469 | 15,478 | 6,355 | 137,636 | |||||||||||||||||||||||||||||||||
Commercial | 10,125 | 220 | 502 | 9,403 | |||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 33,445 | — | — | 33,445 | |||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 41,923 | 379 | 3 | 41,541 | |||||||||||||||||||||||||||||||||
Other | 2,393 | — | — | 2,393 | |||||||||||||||||||||||||||||||||
Total | $ | 936,294 | $ | 30,095 | $ | 7,131 | $ | 899,068 | |||||||||||||||||||||||||||||
Loans | Collectively | ||||||||||||||||||||||||||||||||||||
Individually | Acquired with | Evalauated | |||||||||||||||||||||||||||||||||||
Total | Evaluated | Deteriorated | for | ||||||||||||||||||||||||||||||||||
Loans | for Impairment | Credit Quality | Impairment | ||||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 696,696 | $ | 7,942 | $ | 271 | $ | 688,483 | |||||||||||||||||||||||||||||
Construction | 3,805 | — | — | 3,805 | |||||||||||||||||||||||||||||||||
Commercial | 160,192 | 17,415 | 6,159 | 136,618 | |||||||||||||||||||||||||||||||||
Commercial | 12,818 | 423 | 1,007 | 11,388 | |||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 33,736 | — | — | 33,736 | |||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 47,925 | 191 | 44 | 47,690 | |||||||||||||||||||||||||||||||||
Other | 2,485 | — | 19 | 2,466 | |||||||||||||||||||||||||||||||||
Total | $ | 957,657 | $ | 25,971 | $ | 7,500 | $ | 924,186 | |||||||||||||||||||||||||||||
The Company maintains a loan review system, which allows for a periodic review of our loan portfolio and the early identification of potential impaired loans. Such system takes into consideration, among other things, delinquency status, size of loans, type and market value of collateral, and financial condition of the borrowers. Specific loan loss allowances are established for identified losses based on a review of such information. A loan evaluated for impairment is considered to be 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 loans identified as impaired are evaluated independently. The Company does not aggregate such loans for evaluation purposes. Impairment is measured on a loan-by-loan basis for commercial and construction loans by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral-dependent. | |||||||||||||||||||||||||||||||||||||
Large groups of smaller-balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential mortgage loans for impairment disclosures, unless such loans are part of a larger relationship that is impaired or are classified as a troubled debt restructuring. | |||||||||||||||||||||||||||||||||||||
A loan is considered to be a troubled debt restructuring (“TDR”) loan when the Company grants a concession to the borrower because of the borrower’s financial condition that it would not otherwise consider. Such concessions include the reduction of interest rates, forgiveness of principal or interest, or other modifications of interest rates that are less than the current market rate for new obligations with similar risk. TDR loans that are in compliance with their modified terms and that yield a market rate may be removed from the TDR status after a period of performance. | |||||||||||||||||||||||||||||||||||||
The following table includes the recorded investment and unpaid principal balances for impaired loans with the associated allowance amount, if applicable. Also presented are the average recorded investments in the impaired loans and the related amount of interest recognized during the time within the period that the impaired loans were impaired (in thousands). | |||||||||||||||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Associated | Recorded | Income | |||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
With no specific allowance recorded: | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 11,251 | $ | 11,245 | $ | — | $ | 9,716 | $ | 159 | |||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Commercial | 18,711 | 18,723 | — | 20,751 | 615 | ||||||||||||||||||||||||||||||||
Commercial | 722 | 722 | — | 1,034 | 9 | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 382 | 382 | — | 373 | 3 | ||||||||||||||||||||||||||||||||
Other | — | — | — | 18 | — | ||||||||||||||||||||||||||||||||
Subtotal | 31,066 | 31,072 | — | 31,892 | 786 | ||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | 3,038 | 3,041 | 518 | 2,655 | 74 | ||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Commercial | 3,122 | 3,123 | 301 | 2,839 | — | ||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Subtotal | 6,160 | 6,164 | 819 | 5,494 | 74 | ||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | 14,289 | 14,286 | 518 | 12,371 | 233 | ||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Commercial | 21,833 | 21,846 | 301 | 23,590 | 615 | ||||||||||||||||||||||||||||||||
Commercial | 722 | 722 | — | 1,034 | 9 | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 382 | 382 | — | 373 | 3 | ||||||||||||||||||||||||||||||||
Other | — | — | — | 18 | — | ||||||||||||||||||||||||||||||||
Total | $ | 37,226 | $ | 37,236 | $ | 819 | $ | 37,386 | $ | 860 | |||||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Associated | Recorded | Income | |||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||
With no specific allowance recorded: | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 5,182 | $ | 5,177 | $ | — | $ | 4,687 | $ | 82 | |||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Commercial | 22,290 | 22,341 | — | 13,584 | 457 | ||||||||||||||||||||||||||||||||
Commercial | 1,386 | 1,385 | — | 581 | 28 | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 226 | 226 | — | 238 | — | ||||||||||||||||||||||||||||||||
Other | 19 | 19 | — | 25 | — | ||||||||||||||||||||||||||||||||
Subtotal | 29,103 | 29,148 | — | 19,115 | 567 | ||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | 3,031 | 3,030 | 661 | 1,892 | 68 | ||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Commercial | 1,284 | 1,286 | 270 | 1,326 | 13 | ||||||||||||||||||||||||||||||||
Commercial | 44 | 44 | 12 | 47 | — | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 9 | 9 | 9 | 13 | 1 | ||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Subtotal | 4,368 | 4,369 | 952 | 3,278 | 82 | ||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | 8,213 | 8,207 | 661 | 6,579 | 150 | ||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Commercial | 23,574 | 23,627 | 270 | 14,910 | 470 | ||||||||||||||||||||||||||||||||
Commercial | 1,430 | 1,429 | 12 | 628 | 28 | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 235 | 235 | 9 | 251 | 1 | ||||||||||||||||||||||||||||||||
Other | 19 | 19 | — | 25 | — | ||||||||||||||||||||||||||||||||
Total | $ | 33,471 | $ | 33,517 | $ | 952 | $ | 22,393 | $ | 649 | |||||||||||||||||||||||||||
The Company 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. All loans greater than 90 days past due are considered Substandard. The portion of any loan that represents a specific allocation of the allowance for loan losses is placed in the Doubtful category. Any portion of a loan that has been charged off is placed in the Loss category. | |||||||||||||||||||||||||||||||||||||
To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Comapany 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 bankruptcy, repossession, or death, occurs to raise awareness of a possible credit event. The Company’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 Company’s Commercial Loan Officers perform an annual review of all commercial relationships $250,000 or greater. Confirmation of the appropriate risk grade is included in the review on an ongoing basis. The Company engages an external consultant to conduct loan reviews on at least a semiannual basis. Generally, the external consultant reviews commercial relationships greater than $500,000 and/or all criticized relationships. Detailed reviews, including plans for resolution, are performed on loans classified as Substandard on a quarterly basis. Loans in the Special Mention and Substandard categories that are collectively evaluated for impairment are given separate consideration in the determination of the allowance. | |||||||||||||||||||||||||||||||||||||
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 internal risk rating system as of September 30, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial real estate loans | $ | 129,799 | $ | 9,440 | $ | 20,230 | $ | — | $ | 159,469 | |||||||||||||||||||||||||||
Commercial | 9,466 | 436 | 223 | — | 10,125 | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 33,445 | — | — | — | 33,445 | ||||||||||||||||||||||||||||||||
Total | $ | 172,710 | $ | 9,876 | $ | 20,453 | $ | — | $ | 203,039 | |||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial real estate loans | $ | 132,841 | $ | 5,502 | $ | 21,849 | $ | — | $ | 160,192 | |||||||||||||||||||||||||||
Commercial | 12,035 | 360 | 423 | — | 12,818 | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 33,736 | — | — | — | 33,736 | ||||||||||||||||||||||||||||||||
Total | $ | 178,612 | $ | 5,862 | $ | 22,272 | $ | — | $ | 206,746 | |||||||||||||||||||||||||||
All other loans are underwritten and structured using standardized criteria and characteristics, primarily payment performance, and are normally risk rated and monitored collectively on a monthly basis. These are typically loans to individuals in the consumer categories and are delineated as either performing or nonperforming. | |||||||||||||||||||||||||||||||||||||
For residential real estate loans, construction real estate loans, home equity loans and lines of credit, and other loans, the Company evaluates credit quality based on the performance of the individual credits. The following table presents the recorded investment in the loan classes based on payment activity as of September 30, 2013 and September 30, 2012 (in thousands): | |||||||||||||||||||||||||||||||||||||
Performing | Nonperforming | Total | |||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 675,706 | $ | 10,945 | $ | 686,651 | |||||||||||||||||||||||||||||||
Construction | 2,288 | — | 2,288 | ||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 41,584 | 339 | 41,923 | ||||||||||||||||||||||||||||||||||
Other | 2,393 | — | 2,393 | ||||||||||||||||||||||||||||||||||
Total | $ | 721,971 | $ | 11,284 | $ | 733,255 | |||||||||||||||||||||||||||||||
Performing | Nonperforming | Total | |||||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 686,160 | $ | 10,536 | $ | 696,696 | |||||||||||||||||||||||||||||||
Construction | 3,805 | — | 3,805 | ||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 47,552 | 373 | 47,925 | ||||||||||||||||||||||||||||||||||
Other | 2,466 | 19 | 2,485 | ||||||||||||||||||||||||||||||||||
Total | $ | 739,983 | $ | 10,928 | $ | 750,911 | |||||||||||||||||||||||||||||||
The Company 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 as of September 30, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||||||||||||||
31-60 | 61-90 | Greater than | |||||||||||||||||||||||||||||||||||
Days | Days | 90 Days | Non | Total | Total | ||||||||||||||||||||||||||||||||
Current | Past Due | Past Due | Past Due | Accrual | Past Due | Loans | |||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 671,850 | $ | 2,866 | $ | 990 | $ | — | $ | 10,945 | $ | 14,801 | $ | 686,651 | |||||||||||||||||||||||
Construction | 2,288 | — | — | — | — | — | 2,288 | ||||||||||||||||||||||||||||||
Commercial | 146,062 | 2,589 | — | — | 10,818 | 13,407 | 159,469 | ||||||||||||||||||||||||||||||
Commercial | 8,948 | — | — | — | 1,177 | 1,177 | 10,125 | ||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 33,445 | — | — | — | — | — | 33,445 | ||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 41,380 | 127 | 77 | — | 339 | 543 | 41,923 | ||||||||||||||||||||||||||||||
Other | 2,336 | 57 | — | — | — | 57 | 2,393 | ||||||||||||||||||||||||||||||
Total | $ | 906,309 | $ | 5,639 | $ | 1,067 | $ | — | $ | 23,279 | $ | 29,985 | $ | 936,294 | |||||||||||||||||||||||
31-60 | 61-90 | Greater than | |||||||||||||||||||||||||||||||||||
Days | Days | 90 Days | Non | Total | Total | ||||||||||||||||||||||||||||||||
Current | Past Due | Past Due | Past Due | Accrual | Past Due | Loans | |||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 681,222 | $ | 3,664 | $ | 1,274 | $ | — | $ | 10,536 | $ | 15,474 | $ | 696,696 | |||||||||||||||||||||||
Construction | 3,805 | — | — | — | — | — | 3,805 | ||||||||||||||||||||||||||||||
Commercial | 142,277 | 3,658 | 3,348 | — | 10,909 | 17,915 | 160,192 | ||||||||||||||||||||||||||||||
Commercial | 10,948 | — | — | — | 1,870 | 1,870 | 12,818 | ||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 33,736 | — | — | — | — | — | 33,736 | ||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 46,967 | 447 | 138 | — | 373 | 958 | 47,925 | ||||||||||||||||||||||||||||||
Other | 2,452 | 14 | — | — | 19 | 33 | 2,485 | ||||||||||||||||||||||||||||||
Total | $ | 921,407 | $ | 7,783 | $ | 4,760 | $ | — | $ | 23,707 | $ | 36,250 | $ | 957,657 | |||||||||||||||||||||||
The allowance for loan losses (“ALL”) is maintained at a level necessary to absorb loan losses that are both probable and reasonably estimable. Management, in determining the allowance for loan losses, considers the losses inherent in its loan portfolio and changes in the nature and volume of loan activities, along with the general economic and real estate market conditions. The allowance for loan losses consists of two elements: (1) an allocated allowance, which comprises allowances established on specific loans and class allowances based on historical loss experience and current trends, and (2) an allocated allowance based on general economic conditions and other risk factors in our markets and portfolios. We maintain a loan review system, which allows for a periodic review of our loan portfolio and the early identification of potential impaired loans. Such system takes into consideration, among other things, delinquency status, size of loans, type and market value of collateral, and financial condition of the borrowers. General loan loss allowances are based upon a combination of factors including, but not limited to, actual loan loss experience, composition of the loan portfolio, current economic conditions, management’s judgment and losses which are probable and reasonably estimable. The allowance is increased through provisions charged against current earnings and recoveries of previously charged-off loans. Loans that are determined to be uncollectible are charged against the allowance. While management uses available information to recognize probable and reasonably estimable loan losses, future loss provisions may be necessary, based on changing economic conditions. Payments received on impaired loans generally are either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. The allowance for loan losses as of September 30, 2013, is maintained at a level that represents management’s best estimate of losses inherent in the loan portfolio, and such losses were both probable and reasonably estimable. | |||||||||||||||||||||||||||||||||||||
In addition, the FDIC and the Pennsylvania Department of Banking, as an integral part of their examination process, have periodically reviewed the Company’s allowance for loan losses. The banking regulators may require that the Company recognize additions to the allowance based on their analysis and review of information available to it at the time of their examination. | |||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||
The following table summarizes the primary segments of the ALL, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of September 30, 2013 (in thousands): | |||||||||||||||||||||||||||||||||||||
Real | Obligations of | Home Equity | |||||||||||||||||||||||||||||||||||
Estate | States and | Loans and | |||||||||||||||||||||||||||||||||||
Loans | Political | Lines of | |||||||||||||||||||||||||||||||||||
Residential | Construction | Commercial | Commercial | Subdivisions | Credit | Other | Unallocated | Total | |||||||||||||||||||||||||||||
ALL balance at September 30, 2011 | $ | 5,220 | $ | 8 | $ | 1,255 | $ | 500 | $ | 74 | $ | 622 | $ | 80 | $ | 411 | $ | 8,170 | |||||||||||||||||||
Charge-offs | (2,366 | ) | — | (987 | ) | (31 | ) | — | (393 | ) | — | — | (3,777 | ) | |||||||||||||||||||||||
Recoveries | 291 | — | 7 | 26 | — | 35 | — | — | 359 | ||||||||||||||||||||||||||||
Provision | 2,256 | 21 | 424 | (21 | ) | 53 | 235 | (58 | ) | (360 | ) | 2,550 | |||||||||||||||||||||||||
ALL balance at September 30, 2012 | $ | 5,401 | $ | 29 | $ | 699 | $ | 474 | $ | 127 | $ | 499 | $ | 22 | $ | 51 | $ | 7,302 | |||||||||||||||||||
September 30, 2012 | $ | 5,401 | $ | 29 | $ | 699 | $ | 474 | $ | 127 | $ | 499 | $ | 22 | $ | 51 | $ | 7,302 | |||||||||||||||||||
Charge-offs | (2,401 | ) | — | (403 | ) | — | — | (243 | ) | (6 | ) | — | (3,053 | ) | |||||||||||||||||||||||
Recoveries | 50 | — | 2 | — | — | 13 | — | — | 65 | ||||||||||||||||||||||||||||
Provision | 2,737 | (9 | ) | 648 | (137 | ) | 3 | 161 | 5 | 342 | 3,750 | ||||||||||||||||||||||||||
ALL balance at September 30, 2013 | $ | 5,787 | $ | 20 | $ | 946 | $ | 337 | $ | 130 | $ | 430 | $ | 21 | $ | 393 | $ | 8,064 | |||||||||||||||||||
Individually evaluated for impairment | $ | 518 | $ | — | $ | 301 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 819 | |||||||||||||||||||
Collectively evaluated for impairment | 5,269 | 20 | 645 | 337 | 130 | 430 | 21 | 393 | 7,245 | ||||||||||||||||||||||||||||
ALL balance at September 30, 2013 | $ | 5,787 | $ | 20 | $ | 946 | $ | 337 | $ | 130 | $ | 430 | $ | 21 | $ | 393 | $ | 8,064 | |||||||||||||||||||
Individually evaluated for impairment | $ | 661 | $ | — | $ | 270 | $ | 12 | $ | — | $ | 9 | $ | — | $ | — | $ | 952 | |||||||||||||||||||
Collectively evaluated for impairment | 4,740 | 29 | 429 | 462 | 127 | 490 | 22 | 51 | 6,350 | ||||||||||||||||||||||||||||
ALL balance at September 30, 2012 | $ | 5,401 | $ | 29 | $ | 699 | $ | 474 | $ | 127 | $ | 499 | $ | 22 | $ | 51 | $ | 7,302 | |||||||||||||||||||
The allowance for loan losses is based on estimates, and actual losses will vary from current estimates. Management believes that the granularity of the 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. The Company allocated increased provisions to the residential real estate, commercial and home equity loans, and lines of credit segments for the year ended September 30, 2013, due to increased charge-off activity in those segments. The Company allocated decreased allowance for loan loss provisions to the commercial real estate segment due to actual loss experience being less than previously estimated. Despite the above allocations, the allowance for loan losses is general in nature and is available to absorb losses from any loan segment. | |||||||||||||||||||||||||||||||||||||
The following is a summary of troubled debt restructurings granted during the periods indicated (in thousands). | |||||||||||||||||||||||||||||||||||||
For the Year Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||||||||||||||||
Troubled debt restructurings | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | 12 | $ | 1,578 | $ | 1,578 | ||||||||||||||||||||||||||||||||
Construction | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 1 | 98 | 98 | ||||||||||||||||||||||||||||||||||
Other | — | — | — | ||||||||||||||||||||||||||||||||||
Total | 13 | $ | 1,676 | $ | 1,676 | ||||||||||||||||||||||||||||||||
For the Year Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||||||||||||||||
Troubled debt restructurings | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | 20 | $ | 3,365 | $ | 3,281 | ||||||||||||||||||||||||||||||||
Construction | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial | 10 | 3,165 | 3,102 | ||||||||||||||||||||||||||||||||||
Commercial | 3 | 217 | 162 | ||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 2 | 5 | 4 | ||||||||||||||||||||||||||||||||||
Other | — | — | — | ||||||||||||||||||||||||||||||||||
Total | 35 | $ | 6,752 | $ | 6,549 | ||||||||||||||||||||||||||||||||
During 2013, there were no new loans identified as troubled debt restructurings, nor were there any loan modifications classified as troubled debt restructurings that subsequently defaulted. | |||||||||||||||||||||||||||||||||||||
The following is a summary of troubled debt restructurings that have subsequently defaulted within one year of modification (in thousands). | |||||||||||||||||||||||||||||||||||||
For the Year Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Number of | Recorded | ||||||||||||||||||||||||||||||||||||
Contracts | Investment | ||||||||||||||||||||||||||||||||||||
Troubled debt restructurings | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | — | $ | — | ||||||||||||||||||||||||||||||||||
Construction | — | — | |||||||||||||||||||||||||||||||||||
Commercial | 1 | 41 | |||||||||||||||||||||||||||||||||||
Commercial | 1 | 31 | |||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | — | — | |||||||||||||||||||||||||||||||||||
Other | — | — | |||||||||||||||||||||||||||||||||||
Total | 2 | $ | 72 | ||||||||||||||||||||||||||||||||||
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Premises and Equipment | ' | ||||||||
6 | PREMISES AND EQUIPMENT | ||||||||
Premises and equipment consist of the following (in thousands): | |||||||||
2013 | 2012 | ||||||||
Land and land improvements | $ | 5,930 | $ | 5,001 | |||||
Buildings and leasehold improvements | 14,102 | 14,772 | |||||||
Furniture, fixtures, and equipment | 9,549 | 9,003 | |||||||
Construction in process | 15 | 234 | |||||||
29,596 | 29,010 | ||||||||
Less accumulated depreciation | (13,849 | ) | (12,840 | ) | |||||
Total | $ | 15,747 | $ | 16,170 | |||||
Depreciation expense amounted to $1,009,000, $885,000, and $920,000, for the years ended September 30, 2013, 2012, and 2011, respectively. |
Deposits
Deposits | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||
Deposits | ' | ||||||||||||||||
7 | DEPOSITS | ||||||||||||||||
Deposits and their respective weighted-average interest rates consist of the following major classifications (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted- | Weighted- | ||||||||||||||||
Average | Average | ||||||||||||||||
Interest Rate | Amount | Interest Rate | Amount | ||||||||||||||
Noninterest-bearing demand accounts | — | % | $ | 58,795 | — | % | $ | 41,767 | |||||||||
NOW accounts | 0.04 | 99,857 | 0.05 | 109,923 | |||||||||||||
Money market accounts | 0.2 | 138,049 | 0.3 | 155,666 | |||||||||||||
Savings and club accounts | 0.05 | 110,189 | 0.06 | 102,143 | |||||||||||||
Certificates of deposit | 1.26 | 634,169 | 1.46 | 586,135 | |||||||||||||
Total | 0.8 | % | $ | 1,041,059 | 0.92 | % | $ | 995,634 | |||||||||
2013 | 2012 | ||||||||||||||||
Weighted- | Weighted- | ||||||||||||||||
Average | Average | ||||||||||||||||
Interest Rate | Amount | Interest Rate | Amount | ||||||||||||||
Certificates of deposit: | |||||||||||||||||
0.00 - 2.00% | 0.84 | % | $ | 496,310 | 0.93 | % | $ | 423,426 | |||||||||
2.01 - 4.00% | 2.71 | 133,579 | 2.72 | 150,692 | |||||||||||||
4.01 - 6.00% | 4.55 | 4,280 | 4.46 | 12,017 | |||||||||||||
Total | 1.26 | % | $ | 634,169 | 1.46 | % | $ | 586,135 | |||||||||
At September 30 scheduled maturities of certificates of deposit are as follows (in thousands): | |||||||||||||||||
Within three months | $ | 129,805 | |||||||||||||||
Three through six months | 97,656 | ||||||||||||||||
Six through twelve months | 84,691 | ||||||||||||||||
Over twelve months | 322,017 | ||||||||||||||||
Total | $ | 634,169 | |||||||||||||||
Brokered deposits totaled $233,315,000 and $156,823,000 at September 30, 2013 and 2012, respectively. The aggregate amount of certificates of deposit with a minimum denomination of $100,000 were $443,863,000 at September 30, 2013. | |||||||||||||||||
The scheduled maturities of certificates of deposit in denominations of $100,000 or more as of September 30, 2013, are as follows (in thousands): | |||||||||||||||||
Within three months | $ | 82,817 | |||||||||||||||
Three through six months | 71,392 | ||||||||||||||||
Six through twelve months | 43,247 | ||||||||||||||||
Over twelve months | 246,407 | ||||||||||||||||
Total | $ | 443,863 | |||||||||||||||
A summary of interest expense on deposits for the years ended September 30 is as follows (in thousands): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
NOW accounts | $ | 51 | $ | 24 | $ | 25 | |||||||||||
Money market accounts | 327 | 326 | 551 | ||||||||||||||
Savings and club accounts | 51 | 80 | 156 | ||||||||||||||
Certificates of deposits | 6,979 | 7,056 | 6,754 | ||||||||||||||
Total | $ | 7,408 | $ | 7,486 | $ | 7,486 | |||||||||||
ShortTerm_Borrowings
Short-Term Borrowings | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Short-Term Borrowings | ' | ||||||||||||
8 | SHORT-TERM BORROWINGS | ||||||||||||
As of September 30, 2013 and 2012, the Company had $23,000,000 and $43,281,000 of short-term borrowings, respectively, of which $20,281,000 in 2012 were advances on a $75,000,000 line of credit with the FHLB. There were no advances on the line of credit in 2013. | |||||||||||||
All borrowings from the FHLB are secured by a blanket lien on qualified collateral, defined principally as investment securities and mortgage loans that are owned by the Company free and clear of any liens or encumbrances. At September 30, 2013, the Company had a borrowing limit of approximately $599 million, with a variable rate of interest, based on the FHLB’s cost of funds. | |||||||||||||
The following table sets forth information concerning short-term borrowings (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at year-end | $ | 23,000 | $ | 43,281 | $ | 4,000 | |||||||
Maximum amount outstanding at any month-end | 84,500 | 43,281 | 28,086 | ||||||||||
Average balance outstanding during the year | 45,792 | 11,712 | 6,439 | ||||||||||
Weighted-average interest rate: | |||||||||||||
As of year-end | 0.29 | % | 0.3 | % | 0.22 | % | |||||||
Paid during the year | 0.28 | % | 0.27 | % | 0.71 | % | |||||||
Average balances outstanding during the year represent daily average balances, and average interest rates represent interest expenses divided by the related average balance. |
Other_Borrowings
Other Borrowings | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Other Borrowings | ' | ||||||||||||||||||||||||||||
9 | OTHER BORROWINGS | ||||||||||||||||||||||||||||
The following table presents contractual maturities of FHLB long-term advances and securities sold under agreements to repurchase (in thousands): | |||||||||||||||||||||||||||||
Weighted- | Stated Interest | ||||||||||||||||||||||||||||
Maturity Range | Average | Rate Ranged | |||||||||||||||||||||||||||
Description | From | To | Interest Rate | From | To | 2013 | 2012 | ||||||||||||||||||||||
Convertible | 12/5/18 | 12/5/18 | 3.3 | % | 3.3 | % | 3.3 | % | $ | 5,000 | $ | 5,000 | |||||||||||||||||
Fixed rate | 11/19/13 | 9/21/20 | 1.9 | 0.63 | 4.1 | 107,260 | 133,960 | ||||||||||||||||||||||
Mid-term | 5/12/14 | 3/4/16 | 0.71 | 0.46 | 0.87 | 7,000 | 7,500 | ||||||||||||||||||||||
Securities sold under agreements to repurchase | 1/12/14 | 4/6/14 | 2.75 | 2.63 | 2.86 | 10,000 | 45,000 | ||||||||||||||||||||||
Total | $ | 129,260 | $ | 191,460 | |||||||||||||||||||||||||
Maturities of FHLB long-term advances and securities sold under agreements to repurchase are summarized as follows (in thousands): | |||||||||||||||||||||||||||||
Year Ending | Weighted- | ||||||||||||||||||||||||||||
September 30, | Amount | Average Rate | |||||||||||||||||||||||||||
2014 | $ | 33,710 | 2.74 | % | |||||||||||||||||||||||||
2015 | 10,300 | 2.26 | |||||||||||||||||||||||||||
2016 | 28,300 | 1.41 | |||||||||||||||||||||||||||
2017 | 23,250 | 1.41 | |||||||||||||||||||||||||||
2018 | 20,000 | 1.64 | |||||||||||||||||||||||||||
2019 and thereafter | 13,700 | 2.3 | |||||||||||||||||||||||||||
Total | $ | 129,260 | 1.95 | % | |||||||||||||||||||||||||
Included above is one convertible note for $5,000,000 which is convertible to a variable-rate advance on specific dates at the discretion of the FHLB. Should the FHLB convert this advance, the Bank has the option of accepting the variable rate or repaying the advance without penalty. | |||||||||||||||||||||||||||||
The FHLB long-term advances are secured by qualifying assets of the Bank, which include the FHLB stock, securities, and first-mortgage loans. | |||||||||||||||||||||||||||||
Included in other borrowings are sales of securities under repurchase agreements. Repurchase agreements are treated as financings with the obligations to repurchase securities sold reflected as a liability in the balance sheet. The dollar amount of securities underlying the agreements remains recorded as an asset, although the securities underlying the agreements are delivered to the brokers who arranged the transactions. | |||||||||||||||||||||||||||||
Securities sold under agreements to repurchase and other borrowings are secured by U.S. government mortgage-backed securities with a carrying value of $14,795,000 and $56,947,000 at September 30, 2013 and 2012, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||
10 | INCOME TAXES | ||||||||||||||||||||||||
The provision for income taxes consists of (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | 1,646 | $ | (1,807 | ) | $ | 2,130 | ||||||||||||||||||
State | — | 15 | 7 | ||||||||||||||||||||||
Total current taxes | 1,646 | (1,792 | ) | 2,137 | |||||||||||||||||||||
Deferred income tax benefit | 1,188 | 1,825 | (274 | ) | |||||||||||||||||||||
Total income tax provision | $ | 2,834 | $ | 33 | $ | 1,863 | |||||||||||||||||||
Total | |||||||||||||||||||||||||
The tax effects of deductible and taxable temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Allowance for loan losses | $ | 2,742 | $ | 2,515 | |||||||||||||||||||||
Charitable contributions carryover | — | 12 | |||||||||||||||||||||||
Employee benefit plan | 673 | 2,292 | |||||||||||||||||||||||
Investment losses subject to Section 382 limitation | 5,622 | 5,895 | |||||||||||||||||||||||
Purchase accounting adjustment | 789 | 2,287 | |||||||||||||||||||||||
Other | 4,232 | 3,447 | |||||||||||||||||||||||
Total gross deferred tax assets | 14,058 | 16,448 | |||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Pension plan | 1,137 | 1,197 | |||||||||||||||||||||||
Net unrealized gain on securities | 36 | 3,198 | |||||||||||||||||||||||
Mortgage servicing rights | 131 | 125 | |||||||||||||||||||||||
Premises and equipment | 462 | 175 | |||||||||||||||||||||||
Other | 601 | 417 | |||||||||||||||||||||||
Total gross deferred tax liabilities | 2,367 | 5,112 | |||||||||||||||||||||||
Net deferred tax assets | $ | 11,691 | $ | 11,336 | |||||||||||||||||||||
The Company establishes a valuation allowance for deferred tax assets when management believes that the deferred tax assets are not likely to be realized either through a carryback to taxable income in prior years, future reversals of existing taxable temporary differences, and, to a lesser extent, future taxable income. The tax deduction generated by the contribution to the ESSA Bank & Trust Foundation exceeded the allowable federal income tax deduction limitations, resulting in the establishment of a valuation allowance in the amount of $0 at September 30, 2012. At September 30, 2013, this tax deduction and the corresponding allowance were both $0 due to the expiration of the carry forward for the deduction. | |||||||||||||||||||||||||
Accounting principles prescribe a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Benefits from tax positions should be recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met. | |||||||||||||||||||||||||
There is currently no liability for uncertain tax positions and no known unrecognized tax benefits. The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Statement of Income. The Company’s federal and state income tax returns for taxable years through 2008 have been closed for purposes of examination by the Internal Revenue Service and the Pennsylvania Department of Revenue. | |||||||||||||||||||||||||
The reconciliation of the federal statutory rate and the Company’s effective income tax rate is as follows (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | % of | Amount | % of | Amount | % of | ||||||||||||||||||||
Pretax | Pretax | Pretax | |||||||||||||||||||||||
Income | Income | Income | |||||||||||||||||||||||
Provision at statutory rate | $ | 3,963 | 34 | % | $ | 84 | 34 | % | $ | 2,421 | 34 | % | |||||||||||||
Valuation allowance | — | — | 247 | 99.6 | 39 | 0.5 | |||||||||||||||||||
Income from bank-owned life insurance | (322 | ) | (2.8 | ) | (274 | ) | (110.7 | ) | (217 | ) | (3.0 | ) | |||||||||||||
Tax-exempt income | (388 | ) | (3.3 | ) | (310 | ) | (125.5 | ) | (371 | ) | (5.2 | ) | |||||||||||||
Low-income housing credits | (289 | ) | (2.5 | ) | (195 | ) | (78.7 | ) | (175 | ) | (2.5 | ) | |||||||||||||
Nondeductible merger expenses | — | — | 163 | 65.8 | — | — | |||||||||||||||||||
Other, net | (130 | ) | (1.1 | ) | 318 | 128.8 | 166 | 2.3 | |||||||||||||||||
Actual tax expense and effective rate | $ | 2,834 | 24.3 | % | $ | 33 | 13.3 | % | $ | 1,863 | 26.1 | % | |||||||||||||
The Bank is subject to the Pennsylvania Mutual Thrift Institutions Tax that is calculated at 11.5 percent of earnings based on U.S. generally accepted accounting principles with certain adjustments. | |||||||||||||||||||||||||
Retained earnings include $4,600,000 at September 30, 2013, for which no provision for federal income tax has been made. This amount represents deductions for bad debt reserves for tax purposes, which were only allowed to savings institutions that met certain definitional tests prescribed by the Internal Revenue Code of 1986, as amended. The Small Business Job Protection Act of 1996 eliminated the special bad debt deduction granted solely to thrifts. Under the terms of the Act, there would be no recapture of the pre-1988 (base year) reserves. However, these pre-1988 reserves would be subject to recapture under the rules of the Internal Revenue Code if the Bank itself pays a cash dividend in excess of earnings and profits or liquidates. The act also provides for the recapture of deductions arising from “applicable excess reserve: defined as the total amount of reserve over the base year reserve.” The Bank’s total reserve exceeds the base year reserve, and deferred taxes have been provided for this excess. |
Commitments
Commitments | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments | ' | ||||||||
11 | COMMITMENTS | ||||||||
In the normal course of business, management makes various commitments that are not reflected in the consolidated financial statements. These commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheet. The Company’s exposure to credit loss in the event of nonperformance by the other parties to the financial instruments is represented by the contractual amounts as disclosed. Losses, if any, are charged to the allowance for loan losses. The Company minimizes its exposure to credit loss under these commitments by subjecting them to credit approval and review procedures and collateral requirements, as deemed necessary, in compliance with lending policy guidelines. | |||||||||
The off-balance sheet commitments consist of the following (in thousands): | |||||||||
2013 | 2012 | ||||||||
Commitments to extend credit | $ | 22,333 | $ | 21,461 | |||||
Standby letters of credit | 4,769 | 3,244 | |||||||
Unfunded lines of credit | 42,016 | 38,750 | |||||||
Commitments to extend credit consist of fixed-rate commitments with interest rates ranging from 3.25 percent to 5.25 percent. The commitments outstanding at September 30, 2013, contractually mature in less than one year. | |||||||||
The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheet. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The amount of collateral obtained, as deemed necessary, is based upon management’s credit evaluation in compliance with the lending policy guidelines. Since many of the credit line commitments are expected to expire without being fully drawn upon, the total contractual amounts do not necessarily represent future funding requirements. | |||||||||
Standby letters of credit and financial guarantees represent conditional commitments issued to guarantee performance of a customer to a third party. The coverage period for these instruments is typically a one-year period with renewal option subject to prior approval by management. Fees earned from the issuance of these letters are recognized over the coverage period. For secured letters of credit, the collateral is typically Company deposit instruments. |
Lease_Commitments_and_Total_Re
Lease Commitments and Total Rental Expense | 12 Months Ended | ||||
Sep. 30, 2013 | |||||
Text Block [Abstract] | ' | ||||
Lease Commitments and Total Rental Expense | ' | ||||
12 | LEASE COMMITMENTS AND TOTAL RENTAL EXPENSE | ||||
The Company leases various branch locations and other offices under long-term operating leases. Future minimum lease payments by year and in the aggregate, under noncancellable operating leases with initial or remaining terms of one year or more, consisted of the following at September 30, 2013 (in thousands): | |||||
2014 | $ | 524 | |||
2015 | 451 | ||||
2016 | 391 | ||||
2017 | 230 | ||||
2018 | 128 | ||||
2019 and beyond | 1,151 | ||||
Total | $ | 2,875 | |||
The total rental expenses for the above leases for the years ended September 30, 2013, 2012, and 2011, were $913,000, $835,000, and $760,000, respectively. The Company also operates six offices that currently do not have long-term operating leases. |
Employee_Benefits
Employee Benefits | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Postemployment Benefits [Abstract] | ' | ||||||||||||||||
Employee Benefits | ' | ||||||||||||||||
13 | EMPLOYEE BENEFITS | ||||||||||||||||
Employee Stock Ownership Plan (“ESOP”) | |||||||||||||||||
The Company created an ESOP for the benefit of employees who meet the eligibility requirements, which include having completed one year of service with the Company or its subsidiary and attained age 21. The ESOP trust acquired 1,358,472 shares of the Company’s stock from proceeds from a loan with the Company. The Company makes cash contributions to the ESOP on an annual basis sufficient to enable the ESOP to make the required loan payments. Cash dividends paid on allocated shares are distributed to participants and cash dividends paid on unallocated shares are used to repay the outstanding debt of the ESOP. The ESOP trust’s outstanding loan bears interest at 3.25 percent and requires an annual payment of principal and interest of $718,000 through December of 2036. The Company’s ESOP, which is internally leveraged, does not report the loans receivable extended to the ESOP as assets and does not report the ESOP debt due to the Company. | |||||||||||||||||
As the debt is repaid, shares are released from the collateral and allocated to qualified employees based on the proportion of payments made during the year to the remaining amount of payments due on the loan through maturity. Accordingly, the shares pledged as collateral are reported as unallocated common stock held by the ESOP shares in the Consolidated Balance Sheet. As shares are released from collateral, the Company reports compensation expense equal to the current market price of the shares, and the shares become outstanding for earnings-per-share computations. The Company recognized ESOP expense of $485,000, $469,000, and $555,000, for the years ended September 30, 2013, 2012, and 2011, respectively. | |||||||||||||||||
The following table presents the components of the ESOP shares: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Allocated shares | 271,694 | 226,412 | |||||||||||||||
Shares committed to be released | 33,962 | 33,962 | |||||||||||||||
Unreleased shares | 1,052,816 | 1,098,098 | |||||||||||||||
Total ESOP shares | 1,358,472 | 1,358,472 | |||||||||||||||
Fair value of unreleased shares (in thousands) | $ | 10,970 | $ | 11,409 | |||||||||||||
Equity Incentive Plan | |||||||||||||||||
The Company implemented the ESSA Bancorp, Inc. Equity Incentive Plan (the “Plan”). The Plan provides for a total of 2,377,326 shares of common stock for issuance upon the grant or exercise of awards. Of the shares available under the Plan, 1,698,090 may be issued in connection with the exercise of stock options and 679,236 may be issued as restricted stock. The Plan allows for the granting of non-qualified stock options (“NSOs”), incentive stock options (“ISOs”), and restricted stock. Options are granted at no less than the fair value of the Company’s common stock on the date of the grant. | |||||||||||||||||
Certain officers, employees, and outside directors were granted in aggregate 1,140,469 NSOs; 317,910 ISOs; and 590,320 shares of restricted stock. Certain officers were granted in aggregate 30,000 shares of restricted stock on April 1, 2013. In accordance with generally accepted accounting principles, the Company began to expense the fair value of all share-based compensation grants over the requisite service periods. | |||||||||||||||||
The Company classifies share-based compensation for employees and outside directors within “Compensation and employee benefits” in the consolidated statement of income to correspond with the same line item as compensation paid. Additionally, generally accepted accounting principles require the Company to report: (1) the expense associated with the grants as an adjustment to operating cash flows, and (2) any benefits of realized tax deductions in excess of previously recognized tax benefits on compensation expense as a financing cash flow. | |||||||||||||||||
Stock options vested over a five-year service period and expire ten years after grant date. Management recognizes compensation expense for the fair values of these awards, which vested on a straight-line basis over the requisite service period of the awards. | |||||||||||||||||
The 2008 restricted shares vested over a five-year service period. The 2013 restricted shares vest over an 18-month service period. The product of the number of shares granted and the grant date market price of the Company’s common stock determines the fair value of restricted shares under the Company’s restricted stock plan. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period for the entire award. | |||||||||||||||||
During the years ended September 30, 2013, 2012, and 2011, the Company recorded $1.5 million, $2.2 million, and $2.2 million of share-based compensation expense, consisting of stock option expense of $458,000, $687,000, and $705,000, and restricted stock expense of $1.1 million, $1.5 million, and $1.5 million, respectively. Expected future compensation expense relating to the 14,995 restricted shares at September 30, 2013, is $219,000 over the remaining vesting period of 1.00 years. | |||||||||||||||||
The following is a summary of the Company’s stock option activity and related information for its option plan for the year ended September 30, 2013. | |||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||
Stock Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (in thousands) | |||||||||||||||
Term (in years) | |||||||||||||||||
Outstanding, September 30, 2012 | 1,458,379 | $ | 12.35 | 5.67 | $ | — | |||||||||||
Granted | — | — | — | — | |||||||||||||
Exercised | — | — | — | — | |||||||||||||
Forfeited | — | — | — | — | |||||||||||||
Outstanding, September 30, 2013 | 1,458,379 | 12.35 | 4.67 | — | |||||||||||||
Exercisable at year-end | 1,458,379 | 12.35 | 4.67 | — | |||||||||||||
The following is a summary of the status of the Company’s restricted stock as of September 30, 2013, and changes therein during the year then ended: | |||||||||||||||||
Number of | Weighted- | ||||||||||||||||
Restricted Stock | Average | ||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at September 30, 2012 | 115,212 | $ | 12.35 | ||||||||||||||
Granted | 30,000 | 10.94 | |||||||||||||||
Vested | (130,217 | ) | 12.19 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Nonvested at September 30, 2013 | 14,995 | 10.94 | |||||||||||||||
Defined Benefit Plan | |||||||||||||||||
The Bank sponsors a trusteed, noncontributory defined benefit pension plan covering substantially all employees and officers. The plan calls for benefits to be paid to eligible employees at retirement based primarily upon years of service with the Bank and compensation rates near retirement. The Bank’s funding policy is to make annual contributions, if needed, based upon the funding formula developed by the plan’s actuary. | |||||||||||||||||
The following table sets forth the change in plan assets and benefit obligation at September 30 (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 17,264 | $ | 15,024 | |||||||||||||
Service cost | 702 | 597 | |||||||||||||||
Interest cost | 716 | 713 | |||||||||||||||
Actuarial gains | (3,588 | ) | 1,043 | ||||||||||||||
Benefits paid | (97 | ) | (113 | ) | |||||||||||||
Benefit obligation at end of year | 14,997 | 17,264 | |||||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | 14,042 | 11,457 | |||||||||||||||
Actual return on plan assets | 1,818 | 2,338 | |||||||||||||||
Contributions | 600 | 360 | |||||||||||||||
Benefits paid | (97 | ) | (113 | ) | |||||||||||||
Fair value of plan assets at end of year | 16,363 | 14,042 | |||||||||||||||
Funded status | $ | 1,366 | $ | (3,222 | ) | ||||||||||||
Amounts not yet recognized as a component of net periodic pension cost (in thousands): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Amounts recognized in accumulated other comprehensive income consist of: | |||||||||||||||||
Net gain | $ | 1,979 | $ | 6,742 | $ | 7,697 | |||||||||||
Prior service cost | — | — | — | ||||||||||||||
Total | $ | 1,979 | $ | 6,742 | $ | 7,697 | |||||||||||
The accumulated benefit obligation for the defined benefit pension plan was $11,349,000 and $11,746,000 at September 30, 2013 and 2012, respectively. | |||||||||||||||||
The following table comprises the components of net periodic benefit cost for the years ended September 30 (in thousands): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Service cost | $ | 702 | $ | 598 | $ | 533 | |||||||||||
Interest cost | 716 | 713 | 698 | ||||||||||||||
Expected return on plan assets | (1,034 | ) | (814 | ) | (769 | ) | |||||||||||
Amortization of prior service cost | — | — | 8 | ||||||||||||||
Amortization of unrecognized loss | 392 | 475 | 404 | ||||||||||||||
Net periodic benefit cost | $ | 776 | $ | 972 | $ | 874 | |||||||||||
The estimated net loss and prior service cost for the defined benefit pension plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost over the next fiscal year are $28,000 and $392,000, respectively. | |||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Discount rate | 5.1 | % | 4.15 | % | |||||||||||||
Rate of compensation increase | 4 | 4 | |||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for the years ended: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Discount rate | 4.15 | % | 4.75 | % | 5.25 | % | |||||||||||
Expected long-term return on plan assets | 7 | 7 | 7 | ||||||||||||||
Rate of compensation increase | 4 | 5 | 5 | ||||||||||||||
The expected long-term rate of return was estimated using market benchmarks by which the plan assets would outperform the market in the future, based on historical experience adjusted for changes in asset allocation and expectations for overall lower future returns on similar investments compared with past periods. | |||||||||||||||||
Plan Assets | |||||||||||||||||
The following tables set forth by level, within the fair value hierarchy, the plan’s financial assets at fair value as of September 30, 2013 and 2012 (in thousands): | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Assets: | |||||||||||||||||
Investment in collective trusts | |||||||||||||||||
Fixed income | $ | — | $ | 5,722 | $ | $ | 5,722 | ||||||||||
Equity | — | 10,631 | 10,631 | ||||||||||||||
Investment in short-term investments | — | 10 | 10 | ||||||||||||||
Total assets at fair value | $ | — | $ | 16,363 | $ | — | $ | 16,363 | |||||||||
30-Sep-12 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Assets: | |||||||||||||||||
Investment in collective trusts | |||||||||||||||||
Fixed income | $ | — | $ | 4,884 | $ | $ | 4,884 | ||||||||||
Equity | — | 9,142 | 9,142 | ||||||||||||||
Investment in short-term investments | — | 16 | 16 | ||||||||||||||
Total assets at fair value | $ | — | $ | 14,042 | $ | — | $ | 14,042 | |||||||||
Investments in collective trusts and short-term investments are valued at the net asset value of shares held by the plan. | |||||||||||||||||
The Bank’s defined benefit pension plan weighted-average asset allocations at September 30, by asset category, are as follows: | |||||||||||||||||
Asset Category | 2013 | 2012 | |||||||||||||||
Cash and fixed income securities | 35 | % | 34.8 | % | |||||||||||||
Equity securities | 64.9 | 65.1 | |||||||||||||||
Other | 0.1 | 0.1 | |||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||
The Bank believes that the plan’s risk and liquidity position are, in large part, a function of the asset class mix. The Bank desires to utilize a portfolio mix that results in a balanced investment strategy. Two asset classes are outlined, as above. The target allocations of these classes are as follows: equities, 65 percent, and cash and fixed income, 35 percent. | |||||||||||||||||
Cash Flows | |||||||||||||||||
The Bank expects to contribute $600,000 to its pension plan in 2014. | |||||||||||||||||
Estimated future benefit payments, which reflect expected future service, as appropriate, are as follows (in thousands): | |||||||||||||||||
2014 | $ | 72 | |||||||||||||||
2015 | 79 | ||||||||||||||||
2016 | 85 | ||||||||||||||||
2017 | 108 | ||||||||||||||||
2018 | 298 | ||||||||||||||||
2019-2023 | 3,963 | ||||||||||||||||
401(k) Plan | |||||||||||||||||
The Bank also has a savings plan qualified under Section 401(k) of the Internal Revenue Code, which covers substantially all employees over 21 years of age. Employees can contribute to the plan, but are not required to. Employer contributions were suspended in January 2011. The expense related to the plan for the years ended September 30, 2013, 2012, and 2011, were $0, $0, and $65,000, respectively. | |||||||||||||||||
Supplemental Executive Retirement Plan | |||||||||||||||||
The Bank maintains a salary continuation agreement with certain executives of the Bank, which provides for benefits upon retirement to be paid to the executive for no less than 192 months, unless the executive elects to receive the present value of the payments as a lump sum. The Bank has recorded accruals of $680,000 and $677,000, at September 30, 2013 and 2012, respectively, which represent the estimated present value (using a discount rate of 6.25 percent) of the benefits earned under this agreement. |
Regulatory_Restrictions
Regulatory Restrictions | 12 Months Ended | |
Sep. 30, 2013 | ||
Text Block [Abstract] | ' | |
Regulatory Restrictions | ' | |
14 | REGULATORY RESTRICTIONS | |
Reserve Requirements | ||
The Bank is required to maintain reserve funds in cash or in deposit with the Federal Reserve Bank. The required reserve at September 30, 2013 and 2012, was $3,476,000 and $9,003,000, respectively. | ||
Dividend Restrictions | ||
Federal banking laws, regulations, and policies limit the Bank’s ability to pay dividends to the Company. Dividends may be declared and paid by the Bank only out of net earnings for the then current year. A dividend may not be declared or paid if it would impair the general reserves of the Bank as required to be maintained under the Savings Association Code. In addition, the Bank is required to notify the Federal Reserve Board prior to declaring a dividend to the Company and receive the nonobjection of the Federal Reserve Board to any such dividend. |
Regulatory_Capital_Requirement
Regulatory Capital Requirements | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||
Regulatory Capital Requirements | ' | ||||||||||||||||
15 | REGULATORY CAPITAL REQUIREMENTS | ||||||||||||||||
Federal regulations require the Bank to maintain certain minimum amounts of capital. Specifically, the Bank is required to maintain certain minimum dollar amounts and ratios of Total and Tier I capital to risk-weighted assets and of Tier I capital to average total assets. | |||||||||||||||||
In addition to the capital requirements, the Federal Deposit Insurance Corporation Improvement Act (“FDICIA”) established five capital categories ranging from “well capitalized” to “critically undercapitalized.” Should any institution fail to meet the requirements to be considered “adequately capitalized,” it would become subject to a series of increasingly restrictive regulatory actions. Management believes as of September 30, 2013, the Bank met all capital adequacy requirements to which it is subject. | |||||||||||||||||
As of September 30, 2013 and 2012, the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be classified as a well capitalized financial institution, Total risk-based, Tier I risk-based, core capital, and tangible equity capital ratios must be at least 10 percent, 6 percent, 5 percent, and 1.5 percent, respectively. There have been no conditions or events since the notification that management believes have changed the Bank’s category. | |||||||||||||||||
The following table reconciles the Bank’s capital under U.S. generally accepted accounting principles to regulatory capital (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Total stockholders’ equity | $ | 161,701 | $ | 168,676 | |||||||||||||
Accumulated other comprehensive (income) loss | 1,235 | (1,702 | ) | ||||||||||||||
Unrealized loss on equity securities | (10 | ) | — | ||||||||||||||
Goodwill and certain other intangible assets | (10,930 | ) | (11,812 | ) | |||||||||||||
Disallowed servicing assets | (37 | ) | (36 | ) | |||||||||||||
Tier I, core, and tangible capital | 151,959 | 155,126 | |||||||||||||||
Allowance for loan losses | 7,297 | 6,402 | |||||||||||||||
Unrealized gains on equity securities | — | 4 | |||||||||||||||
Total risk-based capital | $ | 159,256 | $ | 161,532 | |||||||||||||
The Bank’s actual capital ratios are presented in the following table (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||||
Total Capital | |||||||||||||||||
(to Risk-Weighted Assets) | |||||||||||||||||
Actual | $ | 159,256 | 20.4 | % | $ | 161,532 | 19.6 | % | |||||||||
For Capital Adequacy Purposes | 62,603 | 8 | 65,962 | 8 | |||||||||||||
To Be Well Capitalized | 78,254 | 10 | 82,453 | 10 | |||||||||||||
Tier I Capital | |||||||||||||||||
(to Risk-Weighted Assets) | |||||||||||||||||
Actual | $ | 151,959 | 19.4 | % | $ | 155,126 | 18.8 | % | |||||||||
For Capital Adequacy Purposes | 31,301 | 4 | 32,981 | 4 | |||||||||||||
To Be Well Capitalized | 46,952 | 6 | 49,972 | 6 | |||||||||||||
Tier I Capital | |||||||||||||||||
(to Adjusted Assets) | |||||||||||||||||
Actual | $ | 151,959 | 11.2 | % | $ | 155,126 | 11.1 | % | |||||||||
For Capital Adequacy Purposes | 54,337 | 4 | 56,001 | 4 | |||||||||||||
To Be Well Capitalized | 67,921 | 5 | 70,002 | 5 |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
16 | FAIR VALUE MEASUREMENTS | ||||||||||||||||
The following disclosures show the hierarchal disclosure framework associated within the level of pricing observations utilized in measuring assets and liabilities at fair value. The definition of fair value maintains the exchange price notion in earlier definitions of fair value but focuses on the exit price of the asset or liability. The exit price is the price that would be received to sell the asset or paid to transfer the liability adjusted for certain inherent risks and restrictions. | |||||||||||||||||
The following table presents information about the Company’s securities, other real estate owned and impaired loans measured at fair value as of September 30, 2013 and 2012, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Assets measured at fair value on a recurring basis: | |||||||||||||||||
Investment securities available for sale: | |||||||||||||||||
Mortgage-backed securities | $ | — | $ | 217,837 | $ | — | $ | 217,837 | |||||||||
Obligations of states and political subdivisions | — | 23,909 | — | 23,909 | |||||||||||||
U.S. government agency securities | — | 52,520 | — | 52,520 | |||||||||||||
Corporate obligations | — | 12,773 | — | 12,773 | |||||||||||||
Trust-preferred securities | — | 3,614 | 1,800 | 5,414 | |||||||||||||
Other debt securities | — | 1,154 | — | 1,154 | |||||||||||||
Equity securities - financial services | 2,015 | — | — | 2,015 | |||||||||||||
Total securities | 2,015 | 311,807 | 1,800 | 315,622 | |||||||||||||
Assets measured at fair value on a nonrecurring basis: | |||||||||||||||||
Foreclosed real estate owned | — | — | 2,111 | 2,111 | |||||||||||||
Impaired loans | — | — | 36,407 | 36,407 | |||||||||||||
30-Sep-12 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Assets measured at fair value on a recurring basis: | |||||||||||||||||
Investment securities available for sale | |||||||||||||||||
Mortgage-backed securities | $ | — | $ | 215,804 | $ | — | $ | 215,804 | |||||||||
Obligations of states and political subdivisions | — | 19,517 | — | 19,517 | |||||||||||||
U.S. government agency securities | — | 74,484 | — | 74,484 | |||||||||||||
Corporate obligations | — | 8,657 | — | 8,657 | |||||||||||||
Trust-preferred securities | — | 4,493 | 1,740 | 6,233 | |||||||||||||
Other debt securities | — | 1,512 | — | 1,512 | |||||||||||||
Equity securities - financial services | 3,378 | — | — | 3,378 | |||||||||||||
Total securities | 3,378 | 324,467 | 1,740 | 329,585 | |||||||||||||
Assets measured at fair value on a nonrecurring basis: | |||||||||||||||||
Foreclosed real estate owned | — | — | 2,998 | 2,998 | |||||||||||||
Impaired loans | — | — | 32,520 | 32,520 | |||||||||||||
The following table presents a summary of changes in the fair value of the Company’s Level III investments for the years ended September 30, 2013 and 2012 (in thousands). | |||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||
Significant Unobservable Inputs | |||||||||||||||||
(Level III) | |||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||
Beginning balance | $ | 1,740 | $ | — | |||||||||||||
Purchases, sales, issuances, settlements, net | — | 1,528 | |||||||||||||||
Total unrealized gain: | |||||||||||||||||
Included in earnings | — | — | |||||||||||||||
Included in other comprehensive income | 60 | 212 | |||||||||||||||
Transfers in and/or out of Level III | — | — | |||||||||||||||
$ | 1,800 | $ | 1,740 | ||||||||||||||
Financial assets and liabilities must be identified as having been valued according to a specified level of input, I, II or III. Level I inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Bank has the ability to access at the measurement date. Fair values determined by Level II inputs utilize inputs other than quoted prices included in Level I that are observable for the asset, either directly or indirectly. Level II inputs include quoted prices for similar assets in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level III inputs are unobservable inputs for the asset, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset. | |||||||||||||||||
The measurement of fair value should be consistent with one of the following valuation techniques: market approach, income approach, and/or cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). For example, valuation techniques consistent with the market approach often use market multiples derived from a set of comparables. Multiples might lie in ranges with a different multiple for each comparable. The selection of where within the range the appropriate multiple falls requires judgment, considering factors specific to the measurement (qualitative and quantitative). Valuation techniques consistent with the market approach include matrix pricing. Matrix pricing is a mathematical technique used principally to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on a security’s relationship to other benchmark quoted securities. Most of the securities classified as available for sale are reported at fair value utilizing Level II inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quoted market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Securities reported at fair value utilizing Level I inputs are limited to actively traded equity securities whose market price is readily available from the New York Stock Exchange or the NASDAQ exchange. Foreclosed real estate is measured at fair value, less cost to sell at the date of foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value, less cost to sell. Income and expenses from operations and changes in valuation allowance are included in the net expenses from foreclosed real estate. Impaired loans are reported at fair value utilizing level three inputs. For these loans, a review of the collateral is conducted and an appropriate allowance for loan losses is allocated to the loan. At September 30, 2013, 233 impaired loans with a carrying value of $37.2 million were reduced by specific valuation allowance totaling $819,000 resulting in a net fair value of $36.4 million based on Level III inputs. | |||||||||||||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level III inputs to determine fair value: | |||||||||||||||||
Quantitative Information About Level III Fair Value Measurements | |||||||||||||||||
Fair Value | Valuation | Unobservable | Range | ||||||||||||||
Estimate | Techniques | Input | |||||||||||||||
September 30, 2013 | |||||||||||||||||
Impaired loans | $ | 36,407 | Appraisal of | Appraisal | 0% to 30% | ||||||||||||
collateral (1) | adjustments (2) | ||||||||||||||||
Foreclosed real estate owned | 2,111 | Appraisal of | Appraisal | 0% to 30% | |||||||||||||
collateral (1), (3) | adjustments (2) | ||||||||||||||||
September 30, 2012 | |||||||||||||||||
Impaired loans | $ | 32,520 | Appraisal of | Appraisal | 0% to 30% | ||||||||||||
collateral (1) | adjustments (2) | ||||||||||||||||
Foreclosed real estate owned | 2,998 | Appraisal of | Appraisal | 0% to 30% | |||||||||||||
collateral (1), (3) | adjustments (2) | ||||||||||||||||
-1 | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level III inputs which are not identifiable. | ||||||||||||||||
-2 | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments is presented as a percent of the appraisal. | ||||||||||||||||
-3 | Includes qualitative adjustments by management and estimated liquidation expenses. | ||||||||||||||||
Investment Securities Available for Sale | |||||||||||||||||
Fair values for securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique that is widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark-quoted securities. | |||||||||||||||||
Impaired Loans | |||||||||||||||||
The Company has measured impairment on impaired loans generally based on the fair value of the loan’s collateral. Evaluating impaired loan collateral is based on Level II inputs utilizing outside appraisals. Those impaired loans for which management incorporates significant adjustments for sales costs and other discount assumptions regarding market conditions are considered Level III fair values. The fair value consists of the loan balances of $37,226,000 less their valuation allowances of $819,000 at September 30, 2013. The fair value consists of the loan balances of $33,471,000 less their valuation allowances of $952,000 at September 30, 2012. | |||||||||||||||||
Foreclosed Real Estate Owned | |||||||||||||||||
Foreclosed real estate owned is measured at fair value, less cost to sell at the date of foreclosure; valuations are periodically performed by management; and the assets are carried at fair value, less cost to sell. Income and expenses from operations and changes in valuation allowance are included in the net expenses from foreclosed real estate. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||
17 | FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||||||
The fair values of the Company’s financial instruments are as follows (in thousands): | |||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Carrying | Total | ||||||||||||||||||||
Value | Level I | Level II | Level III | Fair Value | |||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 26,648 | $ | 26,648 | $ | — | $ | — | $ | 26,648 | |||||||||||
Investment and mortgage-backed securities available for sale | 315,622 | 2,015 | 311,807 | 1,800 | 315,622 | ||||||||||||||||
Loans receivable, net | 928,230 | — | — | 951,120 | 951,120 | ||||||||||||||||
Accrued interest receivable | 4,413 | 4,413 | — | — | 4,413 | ||||||||||||||||
Regulatory stock | 9,415 | 9,415 | — | — | 9,415 | ||||||||||||||||
Mortgage servicing rights | 382 | — | — | 382 | 382 | ||||||||||||||||
Bank-owned life insurance | 28,797 | 28,797 | — | — | 28,797 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | $ | 1,041,059 | $ | 406,890 | $ | — | $ | 638,510 | $ | 1,045,400 | |||||||||||
Short-term borrowings | 23,000 | 23,000 | — | — | 23,000 | ||||||||||||||||
Other borrowings | 129,260 | — | 124,504 | 124,504 | |||||||||||||||||
Advances by borrowers for taxes and insurance | 4,962 | 4,962 | — | — | 4,962 | ||||||||||||||||
Accrued interest payable | 833 | 833 | — | — | 833 | ||||||||||||||||
September 30, 2012 | |||||||||||||||||||||
Carrying | Total | ||||||||||||||||||||
Value | Level I | Level II | Level III | Fair Value | |||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 15,550 | $ | 15,550 | $ | — | $ | — | $ | 15,550 | |||||||||||
Investment and mortgage-backed securities available for sale | 329,585 | 3,378 | 324,467 | 1,740 | 329,585 | ||||||||||||||||
Loans receivable, net | 950,355 | — | — | 997,685 | 997,685 | ||||||||||||||||
Accrued interest receivable | 4,929 | 4,929 | — | — | 4,929 | ||||||||||||||||
Regulatory stock | 21,914 | 21,914 | — | — | 21,914 | ||||||||||||||||
Mortgage servicing rights | 365 | — | — | 365 | 365 | ||||||||||||||||
Bank-owned life insurance | 27,848 | 27,848 | — | — | 27,848 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | $ | 995,634 | $ | 409,499 | $ | 597,028 | $ | — | $ | 1,006,527 | |||||||||||
Short-term borrowings | 43,281 | 43,281 | — | — | 43,281 | ||||||||||||||||
Other borrowings | 191,460 | — | 195,636 | — | 195,636 | ||||||||||||||||
Advances by borrowers for taxes and insurance | 3,432 | 3,432 | — | — | 3,432 | ||||||||||||||||
Accrued interest payable | 1,128 | 1,128 | — | — | 1,128 | ||||||||||||||||
Financial instruments are defined as cash, evidence of an ownership interest in an entity, or a contract which creates an obligation or right to receive or deliver cash or another financial instrument from/to a second entity on potentially favorable or unfavorable terms. | |||||||||||||||||||||
Fair value is defined as the amount at which a financial instrument could be exchanged in a current transaction between willing parties other than in a forced or liquidation sale. If a quoted market price is available for a financial instrument, the fair value would be calculated based upon the market price per trading unit of the instrument. | |||||||||||||||||||||
If no readily available market exists, the fair value for financial instruments should be based upon management’s judgment regarding current economic conditions, interest rate risk, expected cash flows, future estimated losses, and other factors as determined through various option pricing formulas or simulation modeling. | |||||||||||||||||||||
As many of these assumptions result from judgments made by management based upon estimates which are inherently uncertain, the resulting values may not be indicative of the amount realizable in the sale of a particular financial instrument. In addition, changes in the assumptions on which the values are based may have a significant impact on the resulting estimated values. | |||||||||||||||||||||
As certain assets and liabilities, such as deferred tax assets, premises and equipment, and many other operational elements of the Company, are not considered financial instruments but have value, this fair value of financial instruments would not represent the full market value of the Company. | |||||||||||||||||||||
The Company employed simulation modeling in determining the fair value of financial instruments for which quoted market prices were not available based upon the following assumptions: | |||||||||||||||||||||
Cash and Cash Equivalents, Accrued Interest Receivable, Short-Term Borrowings, Advances by Borrowers for Taxes and Insurance, and Accrued Interest Payable | |||||||||||||||||||||
The fair value approximates the current book value. | |||||||||||||||||||||
Bank-Owned Life Insurance | |||||||||||||||||||||
The fair value is equal to the cash surrender value of the bank-owned life insurance. | |||||||||||||||||||||
Investment and Mortgage-Backed Securities Available for Sale and FHLB Stock | |||||||||||||||||||||
The fair value of investment and mortgage-backed securities available for sale is equal to the available quoted market price. If no quoted market price is available, fair value is estimated using the quoted market price for similar securities. Since the FHLB stock is not actively traded on a secondary market and held exclusively by member financial institutions, the fair market value approximates the carrying amount. | |||||||||||||||||||||
Certificates of Deposit, Loans Receivable, Deposits, Other Borrowings, and Mortgage Servicing Rights | |||||||||||||||||||||
The fair values for loans and mortgage servicing rights are estimated by discounting contractual cash flows and adjusting for prepayment estimates. Discount rates are based upon rates generally charged for such loans with similar characteristics. Demand, savings, and money market deposit accounts are valued at the amount payable on demand as of year end. Fair values for certificates of deposit, time deposits, and other borrowings are estimated using a discounted cash flow calculation that applies contractual costs currently being offered in the existing portfolio to current market rates being offered for deposits and borrowings of similar remaining maturities. | |||||||||||||||||||||
Commitments to Extend Credit | |||||||||||||||||||||
These financial instruments are generally not subject to sale, and fair values are not readily available. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, are not considered material for disclosure. The contractual amounts of unfunded commitments are presented in Note 11. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||
18 | ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||||
The activity in accumulated other comprehensive income for the years ended September 30, 2013 and 2012, is as follows (in thousands): | |||||||||||||
Accumulated Other Comprehensive Income (1) | |||||||||||||
Defined | Unrealized Gains | Total | |||||||||||
Benefit | (Losses) on | ||||||||||||
Pension | Securities | ||||||||||||
Plan | Available for Sale | ||||||||||||
Balance at September 30, 2012 | $ | (4,450 | ) | $ | 6,208 | $ | 1,758 | ||||||
Other comprehensive income before reclassifications | — | (5,643 | ) | (5,643 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income | 3,144 | (494 | ) | 2,650 | |||||||||
Period change | 3,144 | (6,137 | ) | (2,993 | ) | ||||||||
Balance at September 30, 2013 | $ | (1,306 | ) | $ | 71 | $ | (1,235 | ) | |||||
Balance at September 30, 2011 | $ | (5,080 | ) | $ | 5,666 | $ | 586 | ||||||
Other comprehensive income before reclassifications | — | 767 | 767 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 631 | (226 | ) | 405 | |||||||||
Period change | 631 | 541 | 1,172 | ||||||||||
Balance at September 30, 2012 | $ | (4,449 | ) | $ | 6,207 | $ | 1,758 | ||||||
(1) | All amounts are net of tax. Related income tax expense or benefit is calculated using an income tax rate approximating 34%. | ||||||||||||
Amount Reclassified from | |||||||||||||
Accumulated Other Comprehensive | |||||||||||||
Income | |||||||||||||
Details about Accumulated Other Comprehensive Income Components | For the Year Ended | Affected Line Item | |||||||||||
September 30, (3) | in the Consolidated | ||||||||||||
(in thousands) | 2013 | 2012 | Statement of Income | ||||||||||
Securities available for sale (1): | |||||||||||||
Net securities gains reclassified into earnings | $ | 749 | $ | 343 | Gain on sale of investments, net | ||||||||
Related income tax expense | (255 | ) | (117 | ) | Provision for income taxes | ||||||||
Net effect on accumulated other comprehensive income for the period | 494 | 226 | Net of tax | ||||||||||
Defined benefit pension plan (2): | |||||||||||||
Amortization of net loss and prior service costs | (4,763 | ) | (956 | ) | Compensation and employee benefits | ||||||||
Related income tax expense | 1,619 | 325 | Provision for income taxes | ||||||||||
Net effect on accumulated other comprehensive income for the period | (3,144 | ) | (631 | ) | Net of tax | ||||||||
Total reclassifications for the period | $ | (2,650 | ) | $ | (405 | ) | Net of tax | ||||||
-1 | For additional details related to unrealized gains on securities and related amounts reclassified from accumulated other comprehensive income see Note 3, “Investment Securities.” | ||||||||||||
-2 | Included in the computation of net periodic pension cost. See Note 13, “Employee Benefits” for additional detail. | ||||||||||||
-3 | Amounts in parenthesis indicate debits. |
Parent_Company
Parent Company | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Parent Company | ' | ||||||||||||
19 | PARENT COMPANY | ||||||||||||
Condensed financial statements of ESSA Bancorp, Inc. are as follows (in thousands): | |||||||||||||
CONDENSED BALANCE SHEET | |||||||||||||
September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
ASSETS | |||||||||||||
Cash and due from banks | $ | 3,195 | $ | 3,650 | |||||||||
Certificates of deposit | 17 | 16 | |||||||||||
Investment securities available for sale | 25 | 1,280 | |||||||||||
Investment in subsidiary | 161,701 | 168,082 | |||||||||||
Premises and equipment, net | 1,152 | 1,727 | |||||||||||
Other assets | 1,211 | 1,505 | |||||||||||
TOTAL ASSETS | $ | 167,301 | $ | 176,260 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
Other liabilities | $ | 855 | $ | 849 | |||||||||
Stockholders’ equity | 166,446 | 175,411 | |||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 167,301 | $ | 176,260 | |||||||||
CONDENSED STATEMENT OF INCOME | |||||||||||||
Year Ended September 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
INCOME | |||||||||||||
Interest income | $ | 408 | $ | 403 | $ | 473 | |||||||
Net gains on sale of investments | 30 | — | 99 | ||||||||||
Dividends | 15,000 | 25,000 | 10,000 | ||||||||||
Total income | 15,438 | 25,403 | 10,572 | ||||||||||
EXPENSES | |||||||||||||
Interest expense | — | 101 | — | ||||||||||
Professional fees | 505 | 1,741 | 303 | ||||||||||
Other | 527 | 132 | 63 | ||||||||||
Total expenses | 1,032 | 1,974 | 366 | ||||||||||
Income before income tax expense | 14,406 | 23,429 | 10,206 | ||||||||||
Income tax expense (benefit) | — | (32 | ) | 94 | |||||||||
Income before equity in undistributed net earnings of subsidiary | 14,406 | 23,461 | 10,112 | ||||||||||
Equity in undistributed net earnings of subsidiary | (5,583 | ) | (23,246 | ) | (4,854 | ) | |||||||
NET INCOME | $ | 8,823 | $ | 215 | $ | 5,258 | |||||||
September 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
OPERATING ACTIVITIES | |||||||||||||
Net income | $ | 8,823 | $ | 215 | $ | 5,258 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed net earnings of subsidiary | 5,583 | 23,246 | 4,854 | ||||||||||
Net gain on sale of investments | (30 | ) | — | (99 | ) | ||||||||
(Decrease) increase in accrued income taxes | (12 | ) | 1,254 | 56 | |||||||||
Decrease in accrued interest receivable | 8 | 8 | 117 | ||||||||||
Deferred federal income taxes | (29 | ) | 576 | (91 | ) | ||||||||
Other, net | 798 | (1,362 | ) | 186 | |||||||||
Net cash provided by operating activities | 15,141 | 23,937 | 10,281 | ||||||||||
INVESTING ACTIVITIES | |||||||||||||
Business acquisitions | — | (12,306 | ) | — | |||||||||
Proceeds from principal repayment, maturities, and sales | 1,200 | — | 9,788 | ||||||||||
Net cash provided by (used for) investing activities | 1,200 | (12,306 | ) | 9,788 | |||||||||
FINANCING ACTIVITIES | |||||||||||||
Repayment of trust-preferred debt | — | (8,596 | ) | — | |||||||||
Purchase of treasury stock shares | (14,501 | ) | (332 | ) | (16,917 | ) | |||||||
Dividends on common stock | (2,295 | ) | (2,249 | ) | (2,315 | ) | |||||||
Net cash used for financing activities | (16,796 | ) | (11,177 | ) | (19,232 | ) | |||||||
Increase (decrease) in cash | (455 | ) | 454 | 837 | |||||||||
CASH AT BEGINNING OF YEAR | 3,650 | 3,196 | 2,359 | ||||||||||
CASH AT END OF YEAR | $ | 3,195 | $ | 3,650 | $ | 3,196 | |||||||
Selected_Quarterly_Data_Unaudi
Selected Quarterly Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Selected Quarterly Data (Unaudited) | ' | ||||||||||||||||
20 | SELECTED QUARTERLY DATA (UNAUDITED) | ||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, | March 31, | June 30, | September 30, | ||||||||||||||
2012 | 2013 | 2013 | 2013 | ||||||||||||||
Total interest income | $ | 13,950 | $ | 12,690 | $ | 12,491 | $ | 11,971 | |||||||||
Total interest expense | 3,231 | 2,806 | 2,642 | 2,578 | |||||||||||||
Net interest income | 10,719 | 9,884 | 9,849 | 9,393 | |||||||||||||
Provision for loan losses | 1,000 | 850 | 1,100 | 800 | |||||||||||||
Net interest income after provision for loan losses | 9,719 | 9,034 | 8,749 | 8,593 | |||||||||||||
Total noninterest income | 2,026 | 2,458 | 1,800 | 1,740 | |||||||||||||
Total noninterest expense | 7,505 | 8,790 | 8,154 | 8,013 | |||||||||||||
Income (loss) before income taxes | 4,240 | 2,702 | 2,395 | 2,320 | |||||||||||||
Income taxes (benefit) | 1,361 | 662 | 519 | 292 | |||||||||||||
Net income | $ | 2,879 | $ | 2,040 | $ | 1,876 | $ | 2,028 | |||||||||
Per share data: | |||||||||||||||||
Net income | |||||||||||||||||
Basic | $ | 0.24 | $ | 0.17 | $ | 0.16 | $ | 0.19 | |||||||||
Diluted | $ | 0.24 | $ | 0.17 | $ | 0.16 | $ | 0.19 | |||||||||
Average shares outstanding | |||||||||||||||||
Basic | 12,088,125 | 11,763,581 | 11,409,791 | 10,954,982 | |||||||||||||
Diluted | 12,088,125 | 11,763,581 | 11,409,791 | 10,954,982 | |||||||||||||
Three Months Ended | |||||||||||||||||
December 31, | March 31, | June 30, | September 30, | ||||||||||||||
2011 | 2012 | 2012 | 2012 | ||||||||||||||
Total interest income | $ | 11,029 | $ | 10,834 | $ | 10,576 | $ | 12,761 | |||||||||
Total interest expense | 4,321 | 4,063 | 3,840 | 3,908 | |||||||||||||
Net interest income | 6,708 | 6,771 | 6,736 | 8,853 | |||||||||||||
Provision for loan losses | 500 | 650 | 600 | 800 | |||||||||||||
Net interest income after provision for loan losses | 6,208 | 6,121 | 6,136 | 8,053 | |||||||||||||
Total noninterest income | 1,524 | 1,623 | 1,495 | 2,093 | |||||||||||||
Total noninterest expense | 6,662 | 6,874 | 6,526 | 12,943 | |||||||||||||
Income (loss) before income taxes | 1,070 | 870 | 1,105 | (2,797 | ) | ||||||||||||
Income taxes (benefit) | 184 | 211 | 311 | (673 | ) | ||||||||||||
Net income (loss) | $ | 886 | $ | 659 | $ | 794 | $ | (2,124 | ) | ||||||||
Per share data: | |||||||||||||||||
Net income | |||||||||||||||||
Basic | $ | 0.08 | $ | 0.06 | $ | 0.07 | $ | (0.18 | ) | ||||||||
Diluted | $ | 0.08 | $ | 0.06 | $ | 0.07 | $ | (0.18 | ) | ||||||||
Average shares outstanding | |||||||||||||||||
Basic | 10,807,598 | 10,840,604 | 10,857,483 | 11,632,918 | |||||||||||||
Diluted | 10,807,598 | 10,840,604 | 10,857,483 | 11,632,918 |
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Sep. 30, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
21 | SUBSEQUENT EVENTS | |
On August 16, 2013, the Company announced its intent to acquire the customer deposits and loans from two branches and the property, plant, and equipment of one branch of another community bank in the Company’s market area. The estimated cost of the property, plant, and equipment is $2.5 million. The cost of the customer loans to be acquired, at par, will depend on the balances of these loans immediately preceding the transaction’s closing. The cost of the customer deposits to be acquired, including a weighted-average premium of 5.4 percent will depend on the balances of the deposits immediately preceding the transaction’s closing. The transaction is expected to close in January 2014. | ||
On November 18, 2013, the Company announced that it and Franklin Security Bancorp, Inc. (“FSB”) had executed a definitive agreement whereby the Company will acquire FSB and its wholly owned subsidiary, Franklin Security Bank, through and all-cash deal. Under the terms of the merger agreement, stockholders of FSB will receive $9.75 per share or an aggregate of approximately $15.7 million. Pending the satisfaction of customary closing conditions, including the receipt of all regulatory approvals and the approval of FSB stockholders, the transaction is expected to close in the second quarter of 2014. The merger is expected to be immediately accretive to ESSA Bancorp Inc.’s earnings upon closing. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||
Sep. 30, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Nature of Operations and Basis of Presentation | ' | |||
Nature of Operations and Basis of Presentation | ||||
The consolidated financial statements include the accounts of ESSA Bancorp, Inc. (the “Company”), its wholly owned subsidiary, ESSA Bank & Trust (the “Bank”), and the Bank’s wholly owned subsidiaries, ESSACOR Inc.; Pocono Investments Company; ESSA Advisory Services, LLC; Integrated Financial Corporation; and Integrated Abstract Incorporated, a wholly owned subsidiary of Integrated Financial Corporation. The primary purpose of the Company is to act as a holding company for the Bank. The Company is subject to regulation and supervision as a savings and loan holding company by the Federal Reserve Board. The Bank is a Pennsylvania-chartered savings association located in Stroudsburg, Pennsylvania. The Bank’s primary business consists of the taking of deposits and granting of loans to customers generally in Monroe, Northampton, and Lehigh counties, Pennsylvania. The Bank is subject to regulation and supervision by the Pennsylvania Banking Department and the Federal Deposit Insurance Corporation. The investment in subsidiary on the parent company’s financial statements is carried at the parent company’s equity in the underlying net assets. | ||||
ESSACOR, Inc. is a Pennsylvania corporation that has been used to purchase properties at tax sales that represent collateral for delinquent loans of the Bank. Pocono Investment Company is a Delaware corporation formed as an investment company subsidiary to hold and manage certain investments, including certain intellectual property. ESSA Advisory Services, LLC is a Pennsylvania limited liability company owned 100 percent by ESSA Bank & Trust. ESSA Advisory Services, LLC is a full-service insurance benefits consulting company offering group services such as health insurance, life insurance, short-term and long-term disability, dental, vision, and 401(k) retirement planning as well as individual health products. Integrated Financial Corporation is a Pennsylvania Corporation that provided investment advisory services to the general public. Integrated Abstract Incorporated is a Pennsylvania Corporation that provides title insurance services. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||||
Use of Estimates in the Preparation of Financial Statements | ' | |||
Use of Estimates in the Preparation of Financial Statements | ||||
The accounting principles followed by the Company and its subsidiary and the methods of applying these principles conform to U.S. generally accepted accounting principles and to general practice within the banking industry. In preparing the consolidated financial statements, the Company is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the Consolidated Balance Sheet date and related revenues and expenses for the period. Actual results could differ significantly from those estimates. | ||||
Securities | ' | |||
Securities | ||||
The Company determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. | ||||
Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movement in interest rates, changes in maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital considerations, and other similar factors. | ||||
Securities available for sale are carried at fair value. Unrealized gains and losses are reported in other comprehensive income, net of the related deferred tax effects. Realized gains or losses, determined on the basis of the cost of the specific securities sold, are included in earnings. Premiums and discounts are recognized in interest income using the interest method over the period to maturity. | ||||
Declines in the fair value of available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, the Company considers: (1) the length of time and the extent to which the fair value has been less than cost; (2) the financial condition and near-term prospects of the issuer; and (3) the Company’s intent to sell the security or whether its more likely than not that the Company would be required to sell the security before its anticipated recovery in market value. | ||||
Loans Receivable | ' | |||
Loans Receivable | ||||
Loans receivable that the Company has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Company is generally amortizing these amounts over the contractual life of the loan. Mortgage loans sold in the secondary market are sold without recourse. | ||||
The accrual of interest is generally discontinued when the contractual payment of principal or interest has become 90 days past due or the Company has serious doubts about further collectibility of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income is reversed. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to the Company’s judgment as to the collectibility of principal. Generally, loans are restored to accrual status when the obligation is brought current and has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectibility of the total contractual principal and interest is no longer in doubt. | ||||
Loans Held for Sale | ' | |||
Loans Held for Sale | ||||
Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. All sales are made without recourse. | ||||
Loans Acquired | ' | |||
Loans Acquired | ||||
Loans acquired including loans that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. Loans are evaluated individually to determine if there is evidence of deterioration of credit quality since origination. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “non-accretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining estimated life. Decreases in expected cash flows are recognized immediately as impairment. Any valuation allowances on these impaired loans reflect only losses incurred after acquisition. | ||||
For purchased loans acquired that are not deemed impaired at acquisition, credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value. Loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. Subsequent to the purchase date, the methods utilized to estimate the required allowance for credit losses for these loans is similar to originated loans; however, the Company records a provision for loan losses only when the required allowance exceeds any remaining credit discounts. The remaining differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loans. | ||||
Allowance for Loan Losses | ' | |||
Allowance for Loan Losses | ||||
The allowance for loan losses is established through provisions for loan losses charged against income. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. | ||||
The allowance for loan losses is maintained at a level by management which represents the evaluation of known and inherent risks in the loan portfolio at the consolidated balance sheet date. Management’s periodic evaluation of the adequacy of the allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions, and other relevant factors. This evaluation is inherently subjective, since it requires material estimates that may be susceptible to significant change, including the amounts and timing of future cash flows expected to be received on impaired loans. | ||||
The allowance consists of specific and general components. The specific component relates to loans that are classified as impaired. For such loans an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers nonclassified loans and is based on historical loss experience adjusted for qualitative factors. | ||||
A loan is considered 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 and all loan types are considered impaired if the loan is restructured in a troubled debt restructuring. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. 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. Impairment is measured on a loan-by-loan basis for commercial and construction loans by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral-dependent. | ||||
Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential mortgage loans for impairment disclosures. | ||||
A loan is considered to be a troubled debt restructuring (“TDR”) loan when the Company grants a concession to the borrower because of the borrower’s financial condition that it would not otherwise consider. Such concessions include the reduction of interest rates, forgiveness of principal or interest, or other modifications of interest rates that are less than the current market rate for new obligations with similar risk. TDR loans that are in compliance with their modified terms and that yield a market rate may be removed from the TDR status after a period of performance. | ||||
Federal Home Loan Bank Stock | ' | |||
Federal Home Loan Bank Stock | ||||
The Company is a member of the Federal Home Loan Bank System and holds stock in the Federal Home Loan Bank (“FHLB”) of Pittsburgh. As a member, the Company maintains an investment in the capital stock of the FHLB of Pittsburgh in an amount not less than 35 basis points of the outstanding member asset value plus 4.6 percent of its outstanding FHLB borrowings, as calculated throughout the year. The equity security is accounted for at cost and classified separately on the Consolidated Balance Sheet. The stock is bought from and sold to the FHLB based upon its $100 par value. The stock does not have a readily determinable fair value and as such is classified as restricted stock, carried at cost and evaluated by management. The stock’s value is determined by the ultimate recoverability of the par value rather than by recognizing temporary declines. The determination of whether the par value will ultimately be recovered is influenced by criteria such as the following: (a) The significance of the decline in net assets of the FHLB as compared to the capital stock amount and the length of time this situation has persisted (b) Commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance (c) The impact of legislative and regulatory changes on the customer base of the FHLB and (d) The liquidity position of the FHLB. | ||||
While the FHLB have been negatively impacted by the current economic conditions, the FHLB of Pittsburgh has reported profits for 2012, remains in compliance with regulatory capital and liquidity requirements, and continues to make redemptions at the par value. With consideration given these factors, management concluded that the stock was not impaired at September 30, 2013. | ||||
Loan Servicing | ' | |||
Loan Servicing | ||||
Servicing assets are recognized as separate assets when rights are acquired through purchase or through sale of financial assets. Capitalized servicing rights are reported in other assets and are amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Servicing assets are evaluated for impairment based upon a third-party appraisal. Fair value is determined using prices for similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. Impairment is recognized through a valuation allowance to the extent that fair value is less than the capitalized amount. The Company’s loan servicing assets at September 30, 2013 and 2012, were not impaired. Total servicing assets included in other assets as of September 30, 2013 and 2012, were $382,000 and $365,000, respectively. | ||||
Premises and Equipment | ' | |||
Premises and Equipment | ||||
Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the useful lives of the related assets, which range from 10 to 40 years for buildings, land improvements, and leasehold improvements and 3 to 7 years for furniture, fixtures, and equipment. Expenditures for maintenance and repairs are charged to operations as incurred. Costs of major additions and improvements are capitalized. | ||||
Bank-Owned Life Insurance ("BOLI") | ' | |||
Bank-Owned Life Insurance (“BOLI”) | ||||
The Company owns insurance on the lives of a certain group of key employees. The policies were purchased to help offset the increase in the costs of various fringe benefit plans, including healthcare. The cash surrender value of these policies is included as an asset on the Consolidated Balance Sheet, and any increase in cash surrender value is recorded as noninterest income on the Consolidated Statement of Income. In the event of the death of an insured individual under these policies, the Company would receive a death benefit which would be recorded as noninterest income. | ||||
Foreclosed Real Estate | ' | |||
Foreclosed Real Estate | ||||
Real estate owned acquired in settlement of foreclosed loans is carried at fair value minus estimated costs to sell. At acquisition of real estate acquired in settlement of foreclosed loans, the excess of the remaining loan balance over the asset’s estimated fair value less cost to sell is charged off against the allowance for loan losses. Subsequent declines in the asset’s value are recognized as noninterest expense in the consolidated statement of income. Operating expenses of such properties, net of related income, are expensed in the period incurred. | ||||
Goodwill and Intangible Assets | ' | |||
Goodwill and Intangible Assets | ||||
Goodwill is not amortized, but it is tested at least annually for impairment, in the fourth quarter or more frequently if indicators of impairment are present. If the estimated current fair value of a reporting unit exceeds its carrying value, no additional testing is required and an impairment loss is not recorded. The Company uses market capitalization and multiples of tangible book value methods to determine the estimated current fair value of its reporting unit. Based on this analysis, no impairment was recorded in 2013 or 2012. | ||||
The other intangibles assets are assigned useful lives, which are amortized on an accelerated basis over their weighted-average lives. The Company periodically reviews the intangible asset for impairment as events or changes in circumstances indicate that the carrying amount of such asset may not be recoverable. | ||||
Employee Benefit Plans | ' | |||
Employee Benefit Plans | ||||
The Bank maintains a noncontributory, defined benefit pension plan for all employees who have met age and length of service requirements. The Bank’s funding policy is to contribute annually up to the maximum amount that can be deducted for federal income tax purposes. The Bank also maintains a defined contribution Section 401(k) plan covering eligible employees. The Company created an ESOP for the benefit of employees who meet certain eligibility requirements. The Company makes cash contributions to the ESOP on an annual basis. | ||||
The Company maintains an equity incentive plan to provide for issuance or granting of shares of common stock for stock options or restricted stock. The Company has recorded stock-based employee compensation cost using the fair value method as allowed under generally accepted accounting principles. Management estimated the fair values of all option grants using the Black-Scholes option-pricing model. Management estimated the expected life of the options using the simplified method as allowed under generally accepted accounting principles. The risk-free rate was determined utilizing the treasury yield for the expected life of the option contract. | ||||
Advertising Costs | ' | |||
Advertising Costs | ||||
In accordance with generally accepted accounting principles, the Company expenses all advertising expenditures incurred. | ||||
Transfers of Financial Assets | ' | |||
Transfers of Financial Assets | ||||
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company; (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets; and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | ||||
Income Taxes | ' | |||
Income Taxes | ||||
Deferred tax assets and liabilities are reflected based on the differences between the financial statement and the income tax basis of assets and liabilities using the enacted marginal tax rates. Deferred income tax expense and benefit are based on the changes in the deferred tax assets or liabilities from period to period. Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which such items are expected to be realized or settled. As changes in tax rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. The Company files a consolidated federal income tax return and individual state income tax returns. | ||||
The Company prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Benefits from tax positions should be recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met. Accounting literature also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest, and penalties. In accordance with generally accepted accounting principles, interest or penalties incurred for income taxes will be recorded as a component of other expenses. | ||||
Cash and Cash Equivalents | ' | |||
Cash and Cash Equivalents | ||||
The Company has defined cash and cash equivalents as cash and due from banks and interest-bearing deposits with other institutions with original maturities of less than 90 days. | ||||
Earnings Per Share | ' | |||
Earnings Per Share | ||||
The Company provides dual presentation of basic and diluted earnings per share. Basic earnings per share are calculated utilizing net income as reported as the numerator and average shares outstanding as the denominator. The computation of diluted earnings per share differs in that the dilutive effects of any options are adjusted for in the denominator. | ||||
Comprehensive Income (Loss) | ' | |||
Comprehensive Income (Loss) | ||||
The Company is required to present comprehensive income (loss) and its components in a full set of general-purpose financial statements for all periods presented. Other comprehensive income (loss) is composed of net unrealized holding gains or losses on its available-for-sale investment and mortgage-backed securities portfolio, as well as changes in unrecognized pension cost. | ||||
Fair Value Measurements | ' | |||
Fair Value Measurements | ||||
We group our assets 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 I – Valuation is based upon quoted prices for identical instruments traded in active markets. | |||
• | Level II – 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 III – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset. | |||
We base our 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. It is our policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements, in accordance with the fair value hierarchy in generally accepted accounting principles. | ||||
Fair value measurements for most of our assets are obtained from independent pricing services that we have engaged for this purpose. When available, we, or our independent pricing service, use quoted market prices to measure fair value. If market prices are not available, fair value measurement is based upon models that incorporate available trade, bid, and other market information. Subsequently, all of our financial instruments use either of the foregoing methodologies to determine fair value adjustments recorded to our financial statements. In certain cases, however, when market observable inputs for model-based valuation techniques may not be readily available, we are required to make judgments about assumptions market participants would use in estimating the fair value of financial instruments. The degree of management judgment involved in determining the fair value of financial instrument is dependent upon the availability of quoted market prices or observable market parameters. For financial instruments that trade actively and have quoted market prices or observable market parameters, there is minimal subjectivity involved in measuring fair value. When observable market prices and parameters are not fully available, management judgment is necessary to estimate fair value. In addition, changes in the market conditions may reduce the availability of quoted prices or observable data. When market data is not available, we use valuation techniques requiring more management judgment to estimate the appropriate fair value measurement. Therefore, the results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset. Additionally, there may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, that could significantly affect the results of current or future valuations. | ||||
Reclassification of Comparative Amounts | ' | |||
Reclassification of Comparative Amounts | ||||
Certain items previously reported have been reclassified to conform to the current year’s reporting format. Such reclassifications did not affect consolidated net income or consolidated stockholders’ equity. | ||||
Recent Accounting Pronouncements | ' | |||
Recent Accounting Pronouncements | ||||
In December 2011, the FASB issued ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The amendments in this Update affect all entities that have financial instruments and derivative instruments that are either (1) offset in accordance with either Section 210-20-45 or Section 815-10-45 or (2) subject to an enforceable master netting arrangement or similar agreement. The requirements amend the disclosure requirements on offsetting in Section 210-20-50. This information will enable users of an entity’s financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments in the scope of this Update. An entity is required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. This Update is not expected to have a significant impact on the Company’s financial statements. | ||||
In October 2012, the FASB issued ASU 2012-06, Business Combinations (Topic 805): Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution. Update 2012-06 requires that when a reporting entity recognizes an indemnification asset (in accordance with Subtopic 805-20) as a result of a government-assisted acquisition of a financial institution and subsequently a change in the cash flows expected to be collected on the indemnification asset occurs (as a result of a change in cash flows expected to be collected on the assets subject to indemnification), the reporting entity should subsequently account for the change in the measurement of the indemnification asset on the same basis as the change in the assets subject to indemnification. Any amortization of changes in value should be limited to the contractual term of the indemnification agreement (that is, the lesser of the term of the indemnification agreement and the remaining life of the indemnified assets). Update 2012-06 is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2012. Early adoption is permitted. The amendments should be applied prospectively to any new indemnification assets acquired after the date of adoption and to indemnification assets existing as of the date of adoption arising from a government-assisted acquisition of a financial institution. This Update is not expected to have a significant impact on the Company’s financial statements. | ||||
In January 2013, the FASB issued ASU 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The amendments clarify that the scope of Update 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. An entity is required to apply the amendments for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the required disclosures retrospectively for all comparative periods presented. The effective date is the same as the effective date of Update 2011-11. This Update is not expected to have a significant impact on the Company’s financial statements. | ||||
In February 2013, the FASB issued ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. The Update requires the measurement of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement with its co-obligors as well as any additional amount that the entity expects to pay on behalf of its co-obligors. The new standard is effective retrospectively for fiscal years and interim periods within those years, beginning after December 15, 2013, and early adoption is permitted. This Update is not expected to have a significant impact on the Company’s financial statements. | ||||
In April 2013, the FASB issued ASU 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting. The amendments in this Update are being issued to clarify when an entity should apply the liquidation basis of accounting. In addition, the guidance provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. The amendments require an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is imminent when the likelihood is remote that the entity will return from liquidation and either (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective and the likelihood is remote that the execution of the plan will be blocked by other parties or (b) a plan for liquidation is being imposed by other forces (for example, involuntary bankruptcy). If a plan for liquidation was specified in the entity’s governing documents from the entity’s inception (for example, limited-life entities), the entity should apply the liquidation basis of accounting only if the approved plan for liquidation differs from the plan for liquidation that was specified at the entity’s inception. The amendments are effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. Entities should apply the requirements prospectively from the day that liquidation becomes imminent. Early adoption is permitted. Entities that use the liquidation basis of accounting as of the effective date in accordance with other Topics (for example, terminating employee benefit plans) are not required to apply the amendments. Instead, those entities should continue to apply the guidance in those other Topics until they have completed liquidation. This Update is not expected to have a significant impact on the Company’s financial statements. | ||||
In June 2013, the FASB issued ASU 2013-08, Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements. The amendments in this Update affect the scope, measurement, and disclosure requirements for investment companies under U.S. GAAP. The amendments do all of the following: 1. Change the approach to the investment company assessment in Topic 946, clarify the characteristics of an investment company, and provide comprehensive guidance for assessing whether an entity is an investment company. 2. Require an investment company to measure noncontrolling ownership interests in other investment companies at fair value rather than using the equity method of accounting. 3. Require the following additional disclosures: (a) the fact that the entity is an investment company and is applying the guidance in Topic 946, (b) information about changes, if any, in an entity’s status as an investment company, and (c) information about financial support provided or contractually required to be provided by an investment company to any of its investees. The amendments in this Update are effective for an entity’s interim and annual reporting periods in fiscal years that begin after December 15, 2013. Earlier application is prohibited. This Update is not expected to have a significant impact on the Company’s financial statements. | ||||
In July 2013, the FASB issued ASU 2013-09, Fair Value Measurement (Topic 820): Deferral of the Effective Date of Certain Disclosures for Nonpublic Employee Benefit Plans in Update 2011-04. The amendments in this Update apply to certain quantitative disclosure requirements for an employee benefit plan, other than those plans that are subject to the Securities and Exchange Commission’s filing requirements (hereafter “nonpublic employee benefit plan”), that holds investments in its plan sponsor’s own nonpublic entity equity securities, including equity securities of its plan sponsor’s nonpublic affiliated entities and that are within the scope of the disclosure requirements contained in FASB Accounting Standards Update 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The amendments in this Update defer indefinitely the effective date of certain required disclosures in Update 2011-04 (Topic 820) of quantitative information about the significant unobservable inputs used in Level 3 fair value measurements for investments held by a nonpublic employee benefit plan in its plan sponsor’s own nonpublic entity equity securities, including equity securities of its plan sponsor’s nonpublic affiliated entities. The amendments in this Update do not defer the effective date for those certain quantitative disclosures for other nonpublic entity equity securities held in the nonpublic employee benefit plan or any qualitative disclosures. The deferral in this amendment is effective upon issuance for financial statements that have not been issued. This Update did not have a significant impact on the Company’s financial statements. | ||||
In July 2013, the FASB issued ASU 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this Update permit the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to UST and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. This Update did not have a significant impact on the Company’s financial statements. | ||||
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This Update applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments in this Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. This Update is not expected to have a significant impact on the Company’s financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Carrying Amount of Goodwill and Intangible Assets | ' | ||||||||||||
The following tables provide information for the carrying amount of goodwill and intangible assets. | |||||||||||||
Goodwill | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 8,541 | $ | 40 | |||||||||
Goodwill acquired | 276 | 8,501 | |||||||||||
Balance at end of year | $ | 8,817 | $ | 8,541 | |||||||||
Intangible assets | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 3,457 | $ | 1,825 | |||||||||
Intangible assets acquired | — | 2,068 | |||||||||||
Amortization | (991 | ) | (436 | ) | |||||||||
Balance at end of year | $ | 2,466 | $ | 3,457 | |||||||||
Amortizable Intangible Assets | ' | ||||||||||||
Amortizable intangible assets were composed of the following: | |||||||||||||
September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Gross Carrying | Accumulated | ||||||||||||
Amount | Amortization | ||||||||||||
(dollars in thousands) | |||||||||||||
Customer data | $ | 2,408 | $ | 694 | $ | 283 | |||||||
Employment obligations | 1,620 | 868 | 288 | ||||||||||
$ | 4,028 | $ | 1,562 | $ | 571 | ||||||||
2013 | 2012 | ||||||||||||
Aggregate amortization expense: | |||||||||||||
For the years ended September 30 | $ | 991 | $ | 436 | |||||||||
Estimated Amortization Expense | ' | ||||||||||||
Estimated amortization expense: | |||||||||||||
2014 | $ | 870,000 | |||||||||||
2015 | 477,000 | ||||||||||||
2016 | 382,000 | ||||||||||||
2017 | 267,000 | ||||||||||||
2018 | 180,000 | ||||||||||||
2019 | 81,000 | ||||||||||||
2020 | 81,000 | ||||||||||||
2021 | 78,000 | ||||||||||||
2022 | 50,000 | ||||||||||||
$ | 2,466,000 | ||||||||||||
Activity in Accumulated Other Comprehensive Income | ' | ||||||||||||
The components of accumulated other comprehensive income (loss), net of tax, as of year-end were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net unrealized gain on securities available for sale | $ | 71 | $ | 6,208 | $ | 5,667 | |||||||
Net unrecognized pension cost | (1,306 | ) | (4,450 | ) | (5,081 | ) | |||||||
Total | $ | (1,235 | ) | $ | 1,758 | $ | 586 | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ||||||||||||
Activity in Accumulated Other Comprehensive Income | ' | ||||||||||||
The activity in accumulated other comprehensive income for the years ended September 30, 2013 and 2012, is as follows (in thousands): | |||||||||||||
Accumulated Other Comprehensive Income (1) | |||||||||||||
Defined | Unrealized Gains | Total | |||||||||||
Benefit | (Losses) on | ||||||||||||
Pension | Securities | ||||||||||||
Plan | Available for Sale | ||||||||||||
Balance at September 30, 2012 | $ | (4,450 | ) | $ | 6,208 | $ | 1,758 | ||||||
Other comprehensive income before reclassifications | — | (5,643 | ) | (5,643 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income | 3,144 | (494 | ) | 2,650 | |||||||||
Period change | 3,144 | (6,137 | ) | (2,993 | ) | ||||||||
Balance at September 30, 2013 | $ | (1,306 | ) | $ | 71 | $ | (1,235 | ) | |||||
Balance at September 30, 2011 | $ | (5,080 | ) | $ | 5,666 | $ | 586 | ||||||
Other comprehensive income before reclassifications | — | 767 | 767 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 631 | (226 | ) | 405 | |||||||||
Period change | 631 | 541 | 1,172 | ||||||||||
Balance at September 30, 2012 | $ | (4,449 | ) | $ | 6,207 | $ | 1,758 | ||||||
(1) | All amounts are net of tax. Related income tax expense or benefit is calculated using an income tax rate approximating 34%. | ||||||||||||
Amount Reclassified from | |||||||||||||
Accumulated Other Comprehensive | |||||||||||||
Income | |||||||||||||
Details about Accumulated Other Comprehensive Income Components | For the Year Ended | Affected Line Item | |||||||||||
September 30, (3) | in the Consolidated | ||||||||||||
(in thousands) | 2013 | 2012 | Statement of Income | ||||||||||
Securities available for sale (1): | |||||||||||||
Net securities gains reclassified into earnings | $ | 749 | $ | 343 | Gain on sale of investments, net | ||||||||
Related income tax expense | (255 | ) | (117 | ) | Provision for income taxes | ||||||||
Net effect on accumulated other comprehensive income for the period | 494 | 226 | Net of tax | ||||||||||
Defined benefit pension plan (2): | |||||||||||||
Amortization of net loss and prior service costs | (4,763 | ) | (956 | ) | Compensation and employee benefits | ||||||||
Related income tax expense | 1,619 | 325 | Provision for income taxes | ||||||||||
Net effect on accumulated other comprehensive income for the period | (3,144 | ) | (631 | ) | Net of tax | ||||||||
Total reclassifications for the period | $ | (2,650 | ) | $ | (405 | ) | Net of tax | ||||||
-1 | For additional details related to unrealized gains on securities and related amounts reclassified from accumulated other comprehensive income see Note 3, “Investment Securities.” | ||||||||||||
-2 | Included in the computation of net periodic pension cost. See Note 13, “Employee Benefits” for additional detail. | ||||||||||||
-3 | Amounts in parenthesis indicate debits. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Composition of the Weighted-Average Common Shares (Denominator) Used in the Basic and Diluted Earnings Per Share Computation | ' | ||||||||||||
The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation for the years ended September 30, 2013, 2012, and 2011. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted-average common shares outstanding | 18,133,094 | 17,172,932 | 16,980,900 | ||||||||||
Average treasury stock shares | (5,475,194 | ) | (4,882,611 | ) | (4,089,417 | ) | |||||||
Average unearned ESOP shares | (1,063,720 | ) | (1,109,012 | ) | (1,154,272 | ) | |||||||
Average unearned nonvested shares | (34,627 | ) | (130,626 | ) | (249,296 | ) | |||||||
Weighted-average common shares and common stock equivalents used to calculate basic earnings per share | 11,559,553 | 11,050,683 | 11,487,915 | ||||||||||
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share | — | — | — | ||||||||||
Additional common stock equivalents (stock options) used to calculate diluted earnings per share | — | — | — | ||||||||||
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share | 11,559,553 | 11,050,683 | 11,487,915 | ||||||||||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Summary of Amortized Cost and Fair Value of Investment Securities Available for Sale | ' | ||||||||||||||||
The amortized cost and fair value of investment securities available for sale are summarized as follows (in thousands): | |||||||||||||||||
2013 | |||||||||||||||||
Gross | Gross | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Available for sale | |||||||||||||||||
Fannie Mae | $ | 114,927 | $ | 1,691 | $ | (1,595 | ) | $ | 115,023 | ||||||||
Freddie Mac | 60,111 | 838 | (1,252 | ) | 59,697 | ||||||||||||
Governmental National Mortgage Association securities | 39,692 | 289 | (230 | ) | 39,751 | ||||||||||||
Other mortgage-backed securities | 3,385 | — | (19 | ) | 3,366 | ||||||||||||
Total mortgage-backed securities | 218,115 | 2,818 | (3,096 | ) | 217,837 | ||||||||||||
Obligations of states and political subdivisions | 23,754 | 654 | (499 | ) | 23,909 | ||||||||||||
U.S. government agency securities | 52,775 | 225 | (480 | ) | 52,520 | ||||||||||||
Corporate obligations | 12,756 | 186 | (169 | ) | 12,773 | ||||||||||||
Trust-preferred securities | 4,943 | 471 | — | 5,414 | |||||||||||||
Other debt securities | 1,147 | 7 | — | 1,154 | |||||||||||||
Total debt securities | 313,490 | 4,361 | (4,244 | ) | 313,607 | ||||||||||||
Equity securities—financial services | 2,025 | — | (10 | ) | 2,015 | ||||||||||||
Total | $ | 315,515 | $ | 4,361 | $ | (4,254 | ) | $ | 315,622 | ||||||||
2012 | |||||||||||||||||
Gross | Gross | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Available for sale | |||||||||||||||||
Fannie Mae | $ | 111,145 | $ | 4,652 | $ | (3 | ) | $ | 115,794 | ||||||||
Freddie Mac | 48,913 | 1,952 | (11 | ) | 50,854 | ||||||||||||
Governmental National Mortgage Association securities | 43,164 | 803 | (16 | ) | 43,951 | ||||||||||||
Other mortgage-backed securities | 5,043 | 162 | — | 5,205 | |||||||||||||
Total mortgage-backed securities | 208,265 | 7,569 | (30 | ) | 215,804 | ||||||||||||
Obligations of states and political subdivisions | 18,611 | 906 | — | 19,517 | |||||||||||||
U.S. government agency securities | 74,106 | 379 | (1 | ) | 74,484 | ||||||||||||
Corporate obligations | 8,602 | 146 | (91 | ) | 8,657 | ||||||||||||
Trust-preferred securities | 5,852 | 382 | (1 | ) | 6,233 | ||||||||||||
Other debt securities | 1,476 | 36 | — | 1,512 | |||||||||||||
Total debt securities | 316,912 | 9,418 | (123 | ) | 326,207 | ||||||||||||
Equity securities—financial services | 3,267 | 111 | — | 3,378 | |||||||||||||
Total | $ | 320,179 | $ | 9,529 | $ | (123 | ) | $ | 329,585 | ||||||||
Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | ' | ||||||||||||||||
The amortized cost and fair value of debt securities at September 30, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (in thousands): | |||||||||||||||||
Available for Sale | |||||||||||||||||
Amortized | Fair | ||||||||||||||||
Cost | Value | ||||||||||||||||
Due in one year or less | $ | 3,026 | $ | 3,044 | |||||||||||||
Due after one year through five years | 41,889 | 42,147 | |||||||||||||||
Due after five years through ten years | 65,780 | 65,847 | |||||||||||||||
Due after ten years | 202,795 | 202,569 | |||||||||||||||
Total | $ | 313,490 | $ | 313,607 | |||||||||||||
Unrealized_Losses_on_Securitie1
Unrealized Losses on Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Gross Unrealized Losses and Fair Value | ' | ||||||||||||||||||||||||||||
The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (in thousands): | |||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | |||||||||||||||||||||||||||
Number | Gross | Gross | Gross | ||||||||||||||||||||||||||
of | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||
Securities | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||
Fannie Mae | 30 | $ | 47,814 | $ | (1,589 | ) | $ | 1,057 | $ | (6 | ) | $ | 48,871 | $ | (1,595 | ) | |||||||||||||
Freddie Mac | 20 | 32,781 | (1,252 | ) | — | — | 32,781 | (1,252 | ) | ||||||||||||||||||||
Governmental National Mortgage Association securities | 6 | 10,301 | (230 | ) | — | — | 10,301 | (230 | ) | ||||||||||||||||||||
Other mortgage-backed securities | 3 | 3,366 | (19 | ) | — | — | 3,366 | (19 | ) | ||||||||||||||||||||
Obligations of states and political subdivisions | 7 | 8,064 | (499 | ) | — | — | 8,064 | (499 | ) | ||||||||||||||||||||
U.S. government agency securities | 10 | 30,084 | (479 | ) | 999 | (1 | ) | 31,083 | (480 | ) | |||||||||||||||||||
Corporate obligations | 5 | 5,042 | (169 | ) | — | — | 5,042 | (169 | ) | ||||||||||||||||||||
Equity securities | 1 | 1,990 | (10 | ) | — | — | 1,990 | (10 | ) | ||||||||||||||||||||
Total | 82 | $ | 139,442 | $ | (4,247 | ) | $ | 2,056 | $ | (7 | ) | $ | 141,498 | $ | (4,254 | ) | |||||||||||||
2012 | |||||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | |||||||||||||||||||||||||||
Number | Gross | Gross | Gross | ||||||||||||||||||||||||||
of | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||
Securities | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||
Fannie Mae | 3 | $ | 4,083 | $ | (3 | ) | $ | — | $ | — | $ | 4,083 | $ | (3 | ) | ||||||||||||||
Freddie Mac | 1 | 2,002 | (11 | ) | — | — | 2,002 | (11 | ) | ||||||||||||||||||||
Governmental National Mortgage Association securities | 5 | 6,090 | (16 | ) | — | — | 6,090 | (16 | ) | ||||||||||||||||||||
U.S. government agency securities | 1 | 999 | (1 | ) | — | — | 999 | (1 | ) | ||||||||||||||||||||
Corporate obligations | 5 | 1,059 | (25 | ) | 1,434 | (66 | ) | 2,493 | (91 | ) | |||||||||||||||||||
Trust-preferred securities | 1 | 998 | (1 | ) | — | — | 998 | (1 | ) | ||||||||||||||||||||
Total | 16 | $ | 15,231 | $ | (57 | ) | $ | 1,434 | $ | (66 | ) | $ | 16,665 | $ | (123 | ) | |||||||||||||
Loans_Receivable_Tables
Loans Receivable (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Summary of Loans Receivable | ' | ||||||||||||||||||||||||||||||||||||
Loans receivable consist of the following (in thousands): | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 686,651 | $ | 696,696 | |||||||||||||||||||||||||||||||||
Construction | 2,288 | 3,805 | |||||||||||||||||||||||||||||||||||
Commercial | 159,469 | 160,192 | |||||||||||||||||||||||||||||||||||
Commercial | 10,125 | 12,818 | |||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 33,445 | 33,736 | |||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 41,923 | 47,925 | |||||||||||||||||||||||||||||||||||
Other | 2,393 | 2,485 | |||||||||||||||||||||||||||||||||||
936,294 | 957,657 | ||||||||||||||||||||||||||||||||||||
Less allowance for loan losses | 8,064 | 7,302 | |||||||||||||||||||||||||||||||||||
Net loans | $ | 928,230 | $ | 950,355 | |||||||||||||||||||||||||||||||||
Accounting Adjustments Related to the Purchased Impaired Loans | ' | ||||||||||||||||||||||||||||||||||||
The table below presents the components of the purchase accounting adjustments related to the purchased impaired loans acquired in the First Star acquisition as of July 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||||||
Unpaid principal balance | $ | 12,922 | |||||||||||||||||||||||||||||||||||
Interest | 968 | ||||||||||||||||||||||||||||||||||||
Contractual cash flows | 13,890 | ||||||||||||||||||||||||||||||||||||
Non-accretable discount | (5,137 | ) | |||||||||||||||||||||||||||||||||||
Expected cash flows | 8,753 | ||||||||||||||||||||||||||||||||||||
Accretable discount | (1,432 | ) | |||||||||||||||||||||||||||||||||||
Estimated fair value | $ | 7,321 | |||||||||||||||||||||||||||||||||||
Changes in Accretable Yield for Purchased Credit-Impaired Loans | ' | ||||||||||||||||||||||||||||||||||||
Changes in the accretable yield for purchased credit-impaired loans were as follows, since acquisition, for the periods ended September 30, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 1,098 | $ | 1,432 | |||||||||||||||||||||||||||||||||
Accretion | (1,098 | ) | (334 | ) | |||||||||||||||||||||||||||||||||
Balance at end of period | $ | — | $ | 1,098 | |||||||||||||||||||||||||||||||||
Summary of Additional Information Regarding Loans Acquired and Accounted | ' | ||||||||||||||||||||||||||||||||||||
The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30 (in thousands): | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||||||||||||||||||||||
Acquired Loans with Specific | Acquired Loans with Specific | ||||||||||||||||||||||||||||||||||||
Evidence or Deterioration in | Evidence or Deterioration in | ||||||||||||||||||||||||||||||||||||
Credit Quality (ASC 310-30) | Credit Quality (ASC 310-30) | ||||||||||||||||||||||||||||||||||||
Outstanding balance | $ | 9,371 | $ | 12,527 | |||||||||||||||||||||||||||||||||
Carrying amount | 7,131 | 7,500 | |||||||||||||||||||||||||||||||||||
Summary of Impaired Loans | ' | ||||||||||||||||||||||||||||||||||||
Impaired loans for the year ended September 30 are summarized as follows (in thousands): | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Impaired loans with a related allowance | $ | 6,160 | $ | 4,368 | $ | 5,630 | |||||||||||||||||||||||||||||||
Impaired loans without a related allowance | 31,066 | 29,103 | 12,589 | ||||||||||||||||||||||||||||||||||
Related allowance for loan losses | 819 | 952 | 1,160 | ||||||||||||||||||||||||||||||||||
Average recorded balance of impaired loans | 37,386 | 22,393 | 10,718 | ||||||||||||||||||||||||||||||||||
Interest income recognized | 860 | 649 | 109 | ||||||||||||||||||||||||||||||||||
Schedule of Loans Evaluated for Impairment | ' | ||||||||||||||||||||||||||||||||||||
The following table shows the amount of loans in each category that were individually and collectively evaluated for impairment at the dates indicated (in thousands): | |||||||||||||||||||||||||||||||||||||
Loans | Collectively | ||||||||||||||||||||||||||||||||||||
Individually | Acquired with | Evalauated | |||||||||||||||||||||||||||||||||||
Total | Evaluated | Deteriorated | for | ||||||||||||||||||||||||||||||||||
Loans | for Impairment | Credit Quality | Impairment | ||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 686,651 | $ | 14,018 | $ | 271 | $ | 672,362 | |||||||||||||||||||||||||||||
Construction | 2,288 | — | — | 2,288 | |||||||||||||||||||||||||||||||||
Commercial | 159,469 | 15,478 | 6,355 | 137,636 | |||||||||||||||||||||||||||||||||
Commercial | 10,125 | 220 | 502 | 9,403 | |||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 33,445 | — | — | 33,445 | |||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 41,923 | 379 | 3 | 41,541 | |||||||||||||||||||||||||||||||||
Other | 2,393 | — | — | 2,393 | |||||||||||||||||||||||||||||||||
Total | $ | 936,294 | $ | 30,095 | $ | 7,131 | $ | 899,068 | |||||||||||||||||||||||||||||
Loans | Collectively | ||||||||||||||||||||||||||||||||||||
Individually | Acquired with | Evalauated | |||||||||||||||||||||||||||||||||||
Total | Evaluated | Deteriorated | for | ||||||||||||||||||||||||||||||||||
Loans | for Impairment | Credit Quality | Impairment | ||||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 696,696 | $ | 7,942 | $ | 271 | $ | 688,483 | |||||||||||||||||||||||||||||
Construction | 3,805 | — | — | 3,805 | |||||||||||||||||||||||||||||||||
Commercial | 160,192 | 17,415 | 6,159 | 136,618 | |||||||||||||||||||||||||||||||||
Commercial | 12,818 | 423 | 1,007 | 11,388 | |||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 33,736 | — | — | 33,736 | |||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 47,925 | 191 | 44 | 47,690 | |||||||||||||||||||||||||||||||||
Other | 2,485 | — | 19 | 2,466 | |||||||||||||||||||||||||||||||||
Total | $ | 957,657 | $ | 25,971 | $ | 7,500 | $ | 924,186 | |||||||||||||||||||||||||||||
Schedule of Investment and Unpaid Principal Balances for Impaired Loans | ' | ||||||||||||||||||||||||||||||||||||
The following table includes the recorded investment and unpaid principal balances for impaired loans with the associated allowance amount, if applicable. Also presented are the average recorded investments in the impaired loans and the related amount of interest recognized during the time within the period that the impaired loans were impaired (in thousands). | |||||||||||||||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Associated | Recorded | Income | |||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
With no specific allowance recorded: | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 11,251 | $ | 11,245 | $ | — | $ | 9,716 | $ | 159 | |||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Commercial | 18,711 | 18,723 | — | 20,751 | 615 | ||||||||||||||||||||||||||||||||
Commercial | 722 | 722 | — | 1,034 | 9 | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 382 | 382 | — | 373 | 3 | ||||||||||||||||||||||||||||||||
Other | — | — | — | 18 | — | ||||||||||||||||||||||||||||||||
Subtotal | 31,066 | 31,072 | — | 31,892 | 786 | ||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | 3,038 | 3,041 | 518 | 2,655 | 74 | ||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Commercial | 3,122 | 3,123 | 301 | 2,839 | — | ||||||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Subtotal | 6,160 | 6,164 | 819 | 5,494 | 74 | ||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | 14,289 | 14,286 | 518 | 12,371 | 233 | ||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Commercial | 21,833 | 21,846 | 301 | 23,590 | 615 | ||||||||||||||||||||||||||||||||
Commercial | 722 | 722 | — | 1,034 | 9 | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 382 | 382 | — | 373 | 3 | ||||||||||||||||||||||||||||||||
Other | — | — | — | 18 | — | ||||||||||||||||||||||||||||||||
Total | $ | 37,226 | $ | 37,236 | $ | 819 | $ | 37,386 | $ | 860 | |||||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||||||
Recorded | Principal | Associated | Recorded | Income | |||||||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||
With no specific allowance recorded: | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 5,182 | $ | 5,177 | $ | — | $ | 4,687 | $ | 82 | |||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Commercial | 22,290 | 22,341 | — | 13,584 | 457 | ||||||||||||||||||||||||||||||||
Commercial | 1,386 | 1,385 | — | 581 | 28 | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 226 | 226 | — | 238 | — | ||||||||||||||||||||||||||||||||
Other | 19 | 19 | — | 25 | — | ||||||||||||||||||||||||||||||||
Subtotal | 29,103 | 29,148 | — | 19,115 | 567 | ||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | 3,031 | 3,030 | 661 | 1,892 | 68 | ||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Commercial | 1,284 | 1,286 | 270 | 1,326 | 13 | ||||||||||||||||||||||||||||||||
Commercial | 44 | 44 | 12 | 47 | — | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 9 | 9 | 9 | 13 | 1 | ||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Subtotal | 4,368 | 4,369 | 952 | 3,278 | 82 | ||||||||||||||||||||||||||||||||
Total: | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | 8,213 | 8,207 | 661 | 6,579 | 150 | ||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Commercial | 23,574 | 23,627 | 270 | 14,910 | 470 | ||||||||||||||||||||||||||||||||
Commercial | 1,430 | 1,429 | 12 | 628 | 28 | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 235 | 235 | 9 | 251 | 1 | ||||||||||||||||||||||||||||||||
Other | 19 | 19 | — | 25 | — | ||||||||||||||||||||||||||||||||
Total | $ | 33,471 | $ | 33,517 | $ | 952 | $ | 22,393 | $ | 649 | |||||||||||||||||||||||||||
Classes of the Loan Portfolio, 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 internal risk rating system as of September 30, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial real estate loans | $ | 129,799 | $ | 9,440 | $ | 20,230 | $ | — | $ | 159,469 | |||||||||||||||||||||||||||
Commercial | 9,466 | 436 | 223 | — | 10,125 | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 33,445 | — | — | — | 33,445 | ||||||||||||||||||||||||||||||||
Total | $ | 172,710 | $ | 9,876 | $ | 20,453 | $ | — | $ | 203,039 | |||||||||||||||||||||||||||
Special | |||||||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial real estate loans | $ | 132,841 | $ | 5,502 | $ | 21,849 | $ | — | $ | 160,192 | |||||||||||||||||||||||||||
Commercial | 12,035 | 360 | 423 | — | 12,818 | ||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 33,736 | — | — | — | 33,736 | ||||||||||||||||||||||||||||||||
Total | $ | 178,612 | $ | 5,862 | $ | 22,272 | $ | — | $ | 206,746 | |||||||||||||||||||||||||||
Schedule of Performing or Nonperforming Loans | ' | ||||||||||||||||||||||||||||||||||||
The following table presents the recorded investment in the loan classes based on payment activity as of September 30, 2013 and September 30, 2012 (in thousands): | |||||||||||||||||||||||||||||||||||||
Performing | Nonperforming | Total | |||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 675,706 | $ | 10,945 | $ | 686,651 | |||||||||||||||||||||||||||||||
Construction | 2,288 | — | 2,288 | ||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 41,584 | 339 | 41,923 | ||||||||||||||||||||||||||||||||||
Other | 2,393 | — | 2,393 | ||||||||||||||||||||||||||||||||||
Total | $ | 721,971 | $ | 11,284 | $ | 733,255 | |||||||||||||||||||||||||||||||
Performing | Nonperforming | Total | |||||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 686,160 | $ | 10,536 | $ | 696,696 | |||||||||||||||||||||||||||||||
Construction | 3,805 | — | 3,805 | ||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 47,552 | 373 | 47,925 | ||||||||||||||||||||||||||||||||||
Other | 2,466 | 19 | 2,485 | ||||||||||||||||||||||||||||||||||
Total | $ | 739,983 | $ | 10,928 | $ | 750,911 | |||||||||||||||||||||||||||||||
Classes of the Loan Portfolio Summarized by the Aging Categories | ' | ||||||||||||||||||||||||||||||||||||
The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of September 30, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||||||||||||||
31-60 | 61-90 | Greater than | |||||||||||||||||||||||||||||||||||
Days | Days | 90 Days | Non | Total | Total | ||||||||||||||||||||||||||||||||
Current | Past Due | Past Due | Past Due | Accrual | Past Due | Loans | |||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 671,850 | $ | 2,866 | $ | 990 | $ | — | $ | 10,945 | $ | 14,801 | $ | 686,651 | |||||||||||||||||||||||
Construction | 2,288 | — | — | — | — | — | 2,288 | ||||||||||||||||||||||||||||||
Commercial | 146,062 | 2,589 | — | — | 10,818 | 13,407 | 159,469 | ||||||||||||||||||||||||||||||
Commercial | 8,948 | — | — | — | 1,177 | 1,177 | 10,125 | ||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 33,445 | — | — | — | — | — | 33,445 | ||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 41,380 | 127 | 77 | — | 339 | 543 | 41,923 | ||||||||||||||||||||||||||||||
Other | 2,336 | 57 | — | — | — | 57 | 2,393 | ||||||||||||||||||||||||||||||
Total | $ | 906,309 | $ | 5,639 | $ | 1,067 | $ | — | $ | 23,279 | $ | 29,985 | $ | 936,294 | |||||||||||||||||||||||
31-60 | 61-90 | Greater than | |||||||||||||||||||||||||||||||||||
Days | Days | 90 Days | Non | Total | Total | ||||||||||||||||||||||||||||||||
Current | Past Due | Past Due | Past Due | Accrual | Past Due | Loans | |||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | $ | 681,222 | $ | 3,664 | $ | 1,274 | $ | — | $ | 10,536 | $ | 15,474 | $ | 696,696 | |||||||||||||||||||||||
Construction | 3,805 | — | — | — | — | — | 3,805 | ||||||||||||||||||||||||||||||
Commercial | 142,277 | 3,658 | 3,348 | — | 10,909 | 17,915 | 160,192 | ||||||||||||||||||||||||||||||
Commercial | 10,948 | — | — | — | 1,870 | 1,870 | 12,818 | ||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | 33,736 | — | — | — | — | — | 33,736 | ||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 46,967 | 447 | 138 | — | 373 | 958 | 47,925 | ||||||||||||||||||||||||||||||
Other | 2,452 | 14 | — | — | 19 | 33 | 2,485 | ||||||||||||||||||||||||||||||
Total | $ | 921,407 | $ | 7,783 | $ | 4,760 | $ | — | $ | 23,707 | $ | 36,250 | $ | 957,657 | |||||||||||||||||||||||
Summary of Primary Segments of ALL | ' | ||||||||||||||||||||||||||||||||||||
The following table summarizes the primary segments of the ALL, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of September 30, 2013 (in thousands): | |||||||||||||||||||||||||||||||||||||
Real | Obligations of | Home Equity | |||||||||||||||||||||||||||||||||||
Estate | States and | Loans and | |||||||||||||||||||||||||||||||||||
Loans | Political | Lines of | |||||||||||||||||||||||||||||||||||
Residential | Construction | Commercial | Commercial | Subdivisions | Credit | Other | Unallocated | Total | |||||||||||||||||||||||||||||
ALL balance at September 30, 2011 | $ | 5,220 | $ | 8 | $ | 1,255 | $ | 500 | $ | 74 | $ | 622 | $ | 80 | $ | 411 | $ | 8,170 | |||||||||||||||||||
Charge-offs | (2,366 | ) | — | (987 | ) | (31 | ) | — | (393 | ) | — | — | (3,777 | ) | |||||||||||||||||||||||
Recoveries | 291 | — | 7 | 26 | — | 35 | — | — | 359 | ||||||||||||||||||||||||||||
Provision | 2,256 | 21 | 424 | (21 | ) | 53 | 235 | (58 | ) | (360 | ) | 2,550 | |||||||||||||||||||||||||
ALL balance at September 30, 2012 | $ | 5,401 | $ | 29 | $ | 699 | $ | 474 | $ | 127 | $ | 499 | $ | 22 | $ | 51 | $ | 7,302 | |||||||||||||||||||
September 30, 2012 | $ | 5,401 | $ | 29 | $ | 699 | $ | 474 | $ | 127 | $ | 499 | $ | 22 | $ | 51 | $ | 7,302 | |||||||||||||||||||
Charge-offs | (2,401 | ) | — | (403 | ) | — | — | (243 | ) | (6 | ) | — | (3,053 | ) | |||||||||||||||||||||||
Recoveries | 50 | — | 2 | — | — | 13 | — | — | 65 | ||||||||||||||||||||||||||||
Provision | 2,737 | (9 | ) | 648 | (137 | ) | 3 | 161 | 5 | 342 | 3,750 | ||||||||||||||||||||||||||
ALL balance at September 30, 2013 | $ | 5,787 | $ | 20 | $ | 946 | $ | 337 | $ | 130 | $ | 430 | $ | 21 | $ | 393 | $ | 8,064 | |||||||||||||||||||
Individually evaluated for impairment | $ | 518 | $ | — | $ | 301 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 819 | |||||||||||||||||||
Collectively evaluated for impairment | 5,269 | 20 | 645 | 337 | 130 | 430 | 21 | 393 | 7,245 | ||||||||||||||||||||||||||||
ALL balance at September 30, 2013 | $ | 5,787 | $ | 20 | $ | 946 | $ | 337 | $ | 130 | $ | 430 | $ | 21 | $ | 393 | $ | 8,064 | |||||||||||||||||||
Individually evaluated for impairment | $ | 661 | $ | — | $ | 270 | $ | 12 | $ | — | $ | 9 | $ | — | $ | — | $ | 952 | |||||||||||||||||||
Collectively evaluated for impairment | 4,740 | 29 | 429 | 462 | 127 | 490 | 22 | 51 | 6,350 | ||||||||||||||||||||||||||||
ALL balance at September 30, 2012 | $ | 5,401 | $ | 29 | $ | 699 | $ | 474 | $ | 127 | $ | 499 | $ | 22 | $ | 51 | $ | 7,302 | |||||||||||||||||||
Summary of Troubled Debt Restructuring Granted | ' | ||||||||||||||||||||||||||||||||||||
The following is a summary of troubled debt restructurings granted during the periods indicated (in thousands). | |||||||||||||||||||||||||||||||||||||
For the Year Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||||||||||||||||
Troubled debt restructurings | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | 12 | $ | 1,578 | $ | 1,578 | ||||||||||||||||||||||||||||||||
Construction | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial | — | — | — | ||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 1 | 98 | 98 | ||||||||||||||||||||||||||||||||||
Other | — | — | — | ||||||||||||||||||||||||||||||||||
Total | 13 | $ | 1,676 | $ | 1,676 | ||||||||||||||||||||||||||||||||
For the Year Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||
Number of | Recorded | Recorded | |||||||||||||||||||||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||||||||||||||||||||
Troubled debt restructurings | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | 20 | $ | 3,365 | $ | 3,281 | ||||||||||||||||||||||||||||||||
Construction | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial | 10 | 3,165 | 3,102 | ||||||||||||||||||||||||||||||||||
Commercial | 3 | 217 | 162 | ||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 2 | 5 | 4 | ||||||||||||||||||||||||||||||||||
Other | — | — | — | ||||||||||||||||||||||||||||||||||
Total | 35 | $ | 6,752 | $ | 6,549 | ||||||||||||||||||||||||||||||||
Summary of Troubled Debt Restructurings Subsequently Defaulted within One Year of Modification | ' | ||||||||||||||||||||||||||||||||||||
The following is a summary of troubled debt restructurings that have subsequently defaulted within one year of modification (in thousands). | |||||||||||||||||||||||||||||||||||||
For the Year Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Number of | Recorded | ||||||||||||||||||||||||||||||||||||
Contracts | Investment | ||||||||||||||||||||||||||||||||||||
Troubled debt restructurings | |||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||
Residential | — | $ | — | ||||||||||||||||||||||||||||||||||
Construction | — | — | |||||||||||||||||||||||||||||||||||
Commercial | 1 | 41 | |||||||||||||||||||||||||||||||||||
Commercial | 1 | 31 | |||||||||||||||||||||||||||||||||||
Obligations of states and political subdivisions | |||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | — | — | |||||||||||||||||||||||||||||||||||
Other | — | — | |||||||||||||||||||||||||||||||||||
Total | 2 | $ | 72 | ||||||||||||||||||||||||||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Composition of Premises and Equipment | ' | ||||||||
Premises and equipment consist of the following (in thousands): | |||||||||
2013 | 2012 | ||||||||
Land and land improvements | $ | 5,930 | $ | 5,001 | |||||
Buildings and leasehold improvements | 14,102 | 14,772 | |||||||
Furniture, fixtures, and equipment | 9,549 | 9,003 | |||||||
Construction in process | 15 | 234 | |||||||
29,596 | 29,010 | ||||||||
Less accumulated depreciation | (13,849 | ) | (12,840 | ) | |||||
Total | $ | 15,747 | $ | 16,170 | |||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||
Schedule of Deposits and Respective Weighted-Average Interest Rates by Major Classifications | ' | ||||||||||||||||
Deposits and their respective weighted-average interest rates consist of the following major classifications (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted- | Weighted- | ||||||||||||||||
Average | Average | ||||||||||||||||
Interest Rate | Amount | Interest Rate | Amount | ||||||||||||||
Noninterest-bearing demand accounts | — | % | $ | 58,795 | — | % | $ | 41,767 | |||||||||
NOW accounts | 0.04 | 99,857 | 0.05 | 109,923 | |||||||||||||
Money market accounts | 0.2 | 138,049 | 0.3 | 155,666 | |||||||||||||
Savings and club accounts | 0.05 | 110,189 | 0.06 | 102,143 | |||||||||||||
Certificates of deposit | 1.26 | 634,169 | 1.46 | 586,135 | |||||||||||||
Total | 0.8 | % | $ | 1,041,059 | 0.92 | % | $ | 995,634 | |||||||||
2013 | 2012 | ||||||||||||||||
Weighted- | Weighted- | ||||||||||||||||
Average | Average | ||||||||||||||||
Interest Rate | Amount | Interest Rate | Amount | ||||||||||||||
Certificates of deposit: | |||||||||||||||||
0.00 - 2.00% | 0.84 | % | $ | 496,310 | 0.93 | % | $ | 423,426 | |||||||||
2.01 - 4.00% | 2.71 | 133,579 | 2.72 | 150,692 | |||||||||||||
4.01 - 6.00% | 4.55 | 4,280 | 4.46 | 12,017 | |||||||||||||
Total | 1.26 | % | $ | 634,169 | 1.46 | % | $ | 586,135 | |||||||||
Scheduled Maturities of Certificates of Deposit | ' | ||||||||||||||||
At September 30 scheduled maturities of certificates of deposit are as follows (in thousands): | |||||||||||||||||
Within three months | $ | 129,805 | |||||||||||||||
Three through six months | 97,656 | ||||||||||||||||
Six through twelve months | 84,691 | ||||||||||||||||
Over twelve months | 322,017 | ||||||||||||||||
Total | $ | 634,169 | |||||||||||||||
Scheduled Maturities of Certificates of Deposit in Denominations | ' | ||||||||||||||||
The scheduled maturities of certificates of deposit in denominations of $100,000 or more as of September 30, 2013, are as follows (in thousands): | |||||||||||||||||
Within three months | $ | 82,817 | |||||||||||||||
Three through six months | 71,392 | ||||||||||||||||
Six through twelve months | 43,247 | ||||||||||||||||
Over twelve months | 246,407 | ||||||||||||||||
Total | $ | 443,863 | |||||||||||||||
Summary of Interest Expense on Deposits | ' | ||||||||||||||||
A summary of interest expense on deposits for the years ended September 30 is as follows (in thousands): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
NOW accounts | $ | 51 | $ | 24 | $ | 25 | |||||||||||
Money market accounts | 327 | 326 | 551 | ||||||||||||||
Savings and club accounts | 51 | 80 | 156 | ||||||||||||||
Certificates of deposits | 6,979 | 7,056 | 6,754 | ||||||||||||||
Total | $ | 7,408 | $ | 7,486 | $ | 7,486 | |||||||||||
ShortTerm_Borrowings_Tables
Short-Term Borrowings (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Schedule of Short-Term Borrowings | ' | ||||||||||||
The following table sets forth information concerning short-term borrowings (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at year-end | $ | 23,000 | $ | 43,281 | $ | 4,000 | |||||||
Maximum amount outstanding at any month-end | 84,500 | 43,281 | 28,086 | ||||||||||
Average balance outstanding during the year | 45,792 | 11,712 | 6,439 | ||||||||||
Weighted-average interest rate: | |||||||||||||
As of year-end | 0.29 | % | 0.3 | % | 0.22 | % | |||||||
Paid during the year | 0.28 | % | 0.27 | % | 0.71 | % |
Other_Borrowings_Tables
Other Borrowings (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Contractual Maturities of FHLB Long-Term Advances and Securities Sold under Agreements to Repurchase | ' | ||||||||||||||||||||||||||||
The following table presents contractual maturities of FHLB long-term advances and securities sold under agreements to repurchase (in thousands): | |||||||||||||||||||||||||||||
Weighted- | Stated Interest | ||||||||||||||||||||||||||||
Maturity Range | Average | Rate Ranged | |||||||||||||||||||||||||||
Description | From | To | Interest Rate | From | To | 2013 | 2012 | ||||||||||||||||||||||
Convertible | 12/5/18 | 12/5/18 | 3.3 | % | 3.3 | % | 3.3 | % | $ | 5,000 | $ | 5,000 | |||||||||||||||||
Fixed rate | 11/19/13 | 9/21/20 | 1.9 | 0.63 | 4.1 | 107,260 | 133,960 | ||||||||||||||||||||||
Mid-term | 5/12/14 | 3/4/16 | 0.71 | 0.46 | 0.87 | 7,000 | 7,500 | ||||||||||||||||||||||
Securities sold under agreements to repurchase | 1/12/14 | 4/6/14 | 2.75 | 2.63 | 2.86 | 10,000 | 45,000 | ||||||||||||||||||||||
Total | $ | 129,260 | $ | 191,460 | |||||||||||||||||||||||||
Maturities of FHLB Long-Term Advances and Securities Sold under Agreements to Repurchase | ' | ||||||||||||||||||||||||||||
Maturities of FHLB long-term advances and securities sold under agreements to repurchase are summarized as follows (in thousands): | |||||||||||||||||||||||||||||
Year Ending | Weighted- | ||||||||||||||||||||||||||||
September 30, | Amount | Average Rate | |||||||||||||||||||||||||||
2014 | $ | 33,710 | 2.74 | % | |||||||||||||||||||||||||
2015 | 10,300 | 2.26 | |||||||||||||||||||||||||||
2016 | 28,300 | 1.41 | |||||||||||||||||||||||||||
2017 | 23,250 | 1.41 | |||||||||||||||||||||||||||
2018 | 20,000 | 1.64 | |||||||||||||||||||||||||||
2019 and thereafter | 13,700 | 2.3 | |||||||||||||||||||||||||||
Total | $ | 129,260 | 1.95 | % | |||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Provision for Income Taxes | ' | ||||||||||||||||||||||||
The provision for income taxes consists of (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | 1,646 | $ | (1,807 | ) | $ | 2,130 | ||||||||||||||||||
State | — | 15 | 7 | ||||||||||||||||||||||
Total current taxes | 1,646 | (1,792 | ) | 2,137 | |||||||||||||||||||||
Deferred income tax benefit | 1,188 | 1,825 | (274 | ) | |||||||||||||||||||||
Total income tax provision | $ | 2,834 | $ | 33 | $ | 1,863 | |||||||||||||||||||
Total | |||||||||||||||||||||||||
Schedule of Changes in Significant Portions of the Deferred Tax Assets and Deferred Tax Liabilities | ' | ||||||||||||||||||||||||
The tax effects of deductible and taxable temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Allowance for loan losses | $ | 2,742 | $ | 2,515 | |||||||||||||||||||||
Charitable contributions carryover | — | 12 | |||||||||||||||||||||||
Employee benefit plan | 673 | 2,292 | |||||||||||||||||||||||
Investment losses subject to Section 382 limitation | 5,622 | 5,895 | |||||||||||||||||||||||
Purchase accounting adjustment | 789 | 2,287 | |||||||||||||||||||||||
Other | 4,232 | 3,447 | |||||||||||||||||||||||
Total gross deferred tax assets | 14,058 | 16,448 | |||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Pension plan | 1,137 | 1,197 | |||||||||||||||||||||||
Net unrealized gain on securities | 36 | 3,198 | |||||||||||||||||||||||
Mortgage servicing rights | 131 | 125 | |||||||||||||||||||||||
Premises and equipment | 462 | 175 | |||||||||||||||||||||||
Other | 601 | 417 | |||||||||||||||||||||||
Total gross deferred tax liabilities | 2,367 | 5,112 | |||||||||||||||||||||||
Net deferred tax assets | $ | 11,691 | $ | 11,336 | |||||||||||||||||||||
Schedule of Reconciliation of the Federal Statutory Rate and the Effective Income Tax Rate | ' | ||||||||||||||||||||||||
The reconciliation of the federal statutory rate and the Company’s effective income tax rate is as follows (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Amount | % of | Amount | % of | Amount | % of | ||||||||||||||||||||
Pretax | Pretax | Pretax | |||||||||||||||||||||||
Income | Income | Income | |||||||||||||||||||||||
Provision at statutory rate | $ | 3,963 | 34 | % | $ | 84 | 34 | % | $ | 2,421 | 34 | % | |||||||||||||
Valuation allowance | — | — | 247 | 99.6 | 39 | 0.5 | |||||||||||||||||||
Income from bank-owned life insurance | (322 | ) | (2.8 | ) | (274 | ) | (110.7 | ) | (217 | ) | (3.0 | ) | |||||||||||||
Tax-exempt income | (388 | ) | (3.3 | ) | (310 | ) | (125.5 | ) | (371 | ) | (5.2 | ) | |||||||||||||
Low-income housing credits | (289 | ) | (2.5 | ) | (195 | ) | (78.7 | ) | (175 | ) | (2.5 | ) | |||||||||||||
Nondeductible merger expenses | — | — | 163 | 65.8 | — | — | |||||||||||||||||||
Other, net | (130 | ) | (1.1 | ) | 318 | 128.8 | 166 | 2.3 | |||||||||||||||||
Actual tax expense and effective rate | $ | 2,834 | 24.3 | % | $ | 33 | 13.3 | % | $ | 1,863 | 26.1 | % | |||||||||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Components of Off Balance Sheet Commitments | ' | ||||||||
The off-balance sheet commitments consist of the following (in thousands): | |||||||||
2013 | 2012 | ||||||||
Commitments to extend credit | $ | 22,333 | $ | 21,461 | |||||
Standby letters of credit | 4,769 | 3,244 | |||||||
Unfunded lines of credit | 42,016 | 38,750 |
Lease_Commitments_and_Total_Re1
Lease Commitments and Total Rental Expense (Tables) | 12 Months Ended | ||||
Sep. 30, 2013 | |||||
Text Block [Abstract] | ' | ||||
Future Minimum Lease Payments By Year and in the Aggregate | ' | ||||
Future minimum lease payments by year and in the aggregate, under noncancellable operating leases with initial or remaining terms of one year or more, consisted of the following at September 30, 2013 (in thousands): | |||||
2014 | $ | 524 | |||
2015 | 451 | ||||
2016 | 391 | ||||
2017 | 230 | ||||
2018 | 128 | ||||
2019 and beyond | 1,151 | ||||
Total | $ | 2,875 | |||
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Postemployment Benefits [Abstract] | ' | ||||||||||||||||
Components of the ESOP Shares | ' | ||||||||||||||||
The following table presents the components of the ESOP shares: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Allocated shares | 271,694 | 226,412 | |||||||||||||||
Shares committed to be released | 33,962 | 33,962 | |||||||||||||||
Unreleased shares | 1,052,816 | 1,098,098 | |||||||||||||||
Total ESOP shares | 1,358,472 | 1,358,472 | |||||||||||||||
Fair value of unreleased shares (in thousands) | $ | 10,970 | $ | 11,409 | |||||||||||||
Schedule of Stock Option Activity | ' | ||||||||||||||||
The following is a summary of the Company’s stock option activity and related information for its option plan for the year ended September 30, 2013. | |||||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||||||
Stock Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (in thousands) | |||||||||||||||
Term (in years) | |||||||||||||||||
Outstanding, September 30, 2012 | 1,458,379 | $ | 12.35 | 5.67 | $ | — | |||||||||||
Granted | — | — | — | — | |||||||||||||
Exercised | — | — | — | — | |||||||||||||
Forfeited | — | — | — | — | |||||||||||||
Outstanding, September 30, 2013 | 1,458,379 | 12.35 | 4.67 | — | |||||||||||||
Exercisable at year-end | 1,458,379 | 12.35 | 4.67 | — | |||||||||||||
Schedule of Restricted Stock Option Activity | ' | ||||||||||||||||
The following is a summary of the status of the Company’s restricted stock as of September 30, 2013, and changes therein during the year then ended: | |||||||||||||||||
Number of | Weighted- | ||||||||||||||||
Restricted | Average | ||||||||||||||||
Stock | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Nonvested at September 30, 2012 | 115,212 | $ | 12.35 | ||||||||||||||
Granted | 30,000 | 10.94 | |||||||||||||||
Vested | (130,217 | ) | 12.19 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Nonvested at September 30, 2013 | 14,995 | 10.94 | |||||||||||||||
Summary of Change in Plan Assets and Benefit Obligation | ' | ||||||||||||||||
The following table sets forth the change in plan assets and benefit obligation at September 30 (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Benefit obligation at beginning of year | $ | 17,264 | $ | 15,024 | |||||||||||||
Service cost | 702 | 597 | |||||||||||||||
Interest cost | 716 | 713 | |||||||||||||||
Actuarial gains | (3,588 | ) | 1,043 | ||||||||||||||
Benefits paid | (97 | ) | (113 | ) | |||||||||||||
Benefit obligation at end of year | 14,997 | 17,264 | |||||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | 14,042 | 11,457 | |||||||||||||||
Actual return on plan assets | 1,818 | 2,338 | |||||||||||||||
Contributions | 600 | 360 | |||||||||||||||
Benefits paid | (97 | ) | (113 | ) | |||||||||||||
Fair value of plan assets at end of year | 16,363 | 14,042 | |||||||||||||||
Funded status | $ | 1,366 | $ | (3,222 | ) | ||||||||||||
Summary of the Components of Net Periodic Pension Cost | ' | ||||||||||||||||
Amounts not yet recognized as a component of net periodic pension cost (in thousands): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Amounts recognized in accumulated other comprehensive income consist of: | |||||||||||||||||
Net gain | $ | 1,979 | $ | 6,742 | $ | 7,697 | |||||||||||
Prior service cost | — | — | — | ||||||||||||||
Total | $ | 1,979 | $ | 6,742 | $ | 7,697 | |||||||||||
Summary of the Components of Net Periodic Benefit Cost | ' | ||||||||||||||||
The following table comprises the components of net periodic benefit cost for the years ended September 30 (in thousands): | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Service cost | $ | 702 | $ | 598 | $ | 533 | |||||||||||
Interest cost | 716 | 713 | 698 | ||||||||||||||
Expected return on plan assets | (1,034 | ) | (814 | ) | (769 | ) | |||||||||||
Amortization of prior service cost | — | — | 8 | ||||||||||||||
Amortization of unrecognized loss | 392 | 475 | 404 | ||||||||||||||
Net periodic benefit cost | $ | 776 | $ | 972 | $ | 874 | |||||||||||
Schedule of Weighted-Average Assumptions | ' | ||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Discount rate | 5.1 | % | 4.15 | % | |||||||||||||
Rate of compensation increase | 4 | 4 | |||||||||||||||
Schedule of Assumptions Used to Determine Net Periodic Benefit Cost | ' | ||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for the years ended: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Discount rate | 4.15 | % | 4.75 | % | 5.25 | % | |||||||||||
Expected long-term return on plan assets | 7 | 7 | 7 | ||||||||||||||
Rate of compensation increase | 4 | 5 | 5 | ||||||||||||||
Summary of the Plan's Financial Assets at Fair Value, within the Fair Value Hierarchy | ' | ||||||||||||||||
The following tables set forth by level, within the fair value hierarchy, the plan’s financial assets at fair value as of September 30, 2013 and 2012 (in thousands): | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Assets: | |||||||||||||||||
Investment in collective trusts | |||||||||||||||||
Fixed income | $ | — | $ | 5,722 | $ | $ | 5,722 | ||||||||||
Equity | — | 10,631 | 10,631 | ||||||||||||||
Investment in short-term investments | — | 10 | 10 | ||||||||||||||
Total assets at fair value | $ | — | $ | 16,363 | $ | — | $ | 16,363 | |||||||||
September 30, 2012 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Assets: | |||||||||||||||||
Investment in collective trusts | |||||||||||||||||
Fixed income | $ | — | $ | 4,884 | $ | $ | 4,884 | ||||||||||
Equity | — | 9,142 | 9,142 | ||||||||||||||
Investment in short-term investments | — | 16 | 16 | ||||||||||||||
Total assets at fair value | $ | — | $ | 14,042 | $ | — | $ | 14,042 | |||||||||
The Bank's Defined Benefit Pension Plan Weighted-Average Asset Allocations | ' | ||||||||||||||||
The Bank’s defined benefit pension plan weighted-average asset allocations at September 30, by asset category, are as follows: | |||||||||||||||||
Asset Category | 2013 | 2012 | |||||||||||||||
Cash and fixed income securities | 35 | % | 34.8 | % | |||||||||||||
Equity securities | 64.9 | 65.1 | |||||||||||||||
Other | 0.1 | 0.1 | |||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||
Summary of Estimated Future Benefit Payments | ' | ||||||||||||||||
Estimated future benefit payments, which reflect expected future service, as appropriate, are as follows (in thousands): | |||||||||||||||||
2014 | $ | 72 | |||||||||||||||
2015 | 79 | ||||||||||||||||
2016 | 85 | ||||||||||||||||
2017 | 108 | ||||||||||||||||
2018 | 298 | ||||||||||||||||
2019-2023 | 3,963 |
Regulatory_Capital_Requirement1
Regulatory Capital Requirements (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||
Reconciliation of Bank's Capital Under U.S. Generally Accepted Accounting Principles to Regulatory Capital | ' | ||||||||||||||||
The following table reconciles the Bank’s capital under U.S. generally accepted accounting principles to regulatory capital (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Total stockholders’ equity | $ | 161,701 | $ | 168,676 | |||||||||||||
Accumulated other comprehensive (income) loss | 1,235 | (1,702 | ) | ||||||||||||||
Unrealized loss on equity securities | (10 | ) | — | ||||||||||||||
Goodwill and certain other intangible assets | (10,930 | ) | (11,812 | ) | |||||||||||||
Disallowed servicing assets | (37 | ) | (36 | ) | |||||||||||||
Tier I, core, and tangible capital | 151,959 | 155,126 | |||||||||||||||
Allowance for loan losses | 7,297 | 6,402 | |||||||||||||||
Unrealized gains on equity securities | — | 4 | |||||||||||||||
Total risk-based capital | $ | 159,256 | $ | 161,532 | |||||||||||||
The Bank's Actual Capital Ratios | ' | ||||||||||||||||
The Bank’s actual capital ratios are presented in the following table (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||||
Total Capital | |||||||||||||||||
(to Risk-Weighted Assets) | |||||||||||||||||
Actual | $ | 159,256 | 20.4 | % | $ | 161,532 | 19.6 | % | |||||||||
For Capital Adequacy Purposes | 62,603 | 8 | 65,962 | 8 | |||||||||||||
To Be Well Capitalized | 78,254 | 10 | 82,453 | 10 | |||||||||||||
Tier I Capital | |||||||||||||||||
(to Risk-Weighted Assets) | |||||||||||||||||
Actual | $ | 151,959 | 19.4 | % | $ | 155,126 | 18.8 | % | |||||||||
For Capital Adequacy Purposes | 31,301 | 4 | 32,981 | 4 | |||||||||||||
To Be Well Capitalized | 46,952 | 6 | 49,972 | 6 | |||||||||||||
Tier I Capital | |||||||||||||||||
(to Adjusted Assets) | |||||||||||||||||
Actual | $ | 151,959 | 11.2 | % | $ | 155,126 | 11.1 | % | |||||||||
For Capital Adequacy Purposes | 54,337 | 4 | 56,001 | 4 | |||||||||||||
To Be Well Capitalized | 67,921 | 5 | 70,002 | 5 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Securities, Other Real Estate Owned and Impaired Loans Measured at Fair Value | ' | ||||||||||||||||
The following table presents information about the Company’s securities, other real estate owned and impaired loans measured at fair value as of September 30, 2013 and 2012, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Assets measured at fair value on a recurring basis: | |||||||||||||||||
Investment securities available for sale: | |||||||||||||||||
Mortgage-backed securities | $ | — | $ | 217,837 | $ | — | $ | 217,837 | |||||||||
Obligations of states and political subdivisions | — | 23,909 | — | 23,909 | |||||||||||||
U.S. government agency securities | — | 52,520 | — | 52,520 | |||||||||||||
Corporate obligations | — | 12,773 | — | 12,773 | |||||||||||||
Trust-preferred securities | — | 3,614 | 1,800 | 5,414 | |||||||||||||
Other debt securities | — | 1,154 | — | 1,154 | |||||||||||||
Equity securities - financial services | 2,015 | — | — | 2,015 | |||||||||||||
Total securities | 2,015 | 311,807 | 1,800 | 315,622 | |||||||||||||
Assets measured at fair value on a nonrecurring basis: | |||||||||||||||||
Foreclosed real estate owned | — | — | 2,111 | 2,111 | |||||||||||||
Impaired loans | — | — | 36,407 | 36,407 | |||||||||||||
30-Sep-12 | |||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||
Assets measured at fair value on a recurring basis: | |||||||||||||||||
Investment securities available for sale | |||||||||||||||||
Mortgage-backed securities | $ | — | $ | 215,804 | $ | — | $ | 215,804 | |||||||||
Obligations of states and political subdivisions | — | 19,517 | — | 19,517 | |||||||||||||
U.S. government agency securities | — | 74,484 | — | 74,484 | |||||||||||||
Corporate obligations | — | 8,657 | — | 8,657 | |||||||||||||
Trust-preferred securities | — | 4,493 | 1,740 | 6,233 | |||||||||||||
Other debt securities | — | 1,512 | — | 1,512 | |||||||||||||
Equity securities - financial services | 3,378 | — | — | 3,378 | |||||||||||||
Total securities | 3,378 | 324,467 | 1,740 | 329,585 | |||||||||||||
Assets measured at fair value on a nonrecurring basis: | |||||||||||||||||
Foreclosed real estate owned | — | — | 2,998 | 2,998 | |||||||||||||
Impaired loans | — | — | 32,520 | 32,520 | |||||||||||||
Schedule of Changes in Fair Value of Level III Investments | ' | ||||||||||||||||
The following table presents a summary of changes in the fair value of the Company’s Level III investments for the years ended September 30, 2013 and 2012 (in thousands). | |||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||
Significant Unobservable Inputs | |||||||||||||||||
(Level III) | |||||||||||||||||
September 30, 2013 | September 30, 2012 | ||||||||||||||||
Beginning balance | $ | 1,740 | $ | — | |||||||||||||
Purchases, sales, issuances, settlements, net | — | 1,528 | |||||||||||||||
Total unrealized gain: | |||||||||||||||||
Included in earnings | — | — | |||||||||||||||
Included in other comprehensive income | 60 | 212 | |||||||||||||||
Transfers in and/or out of Level III | — | — | |||||||||||||||
$ | 1,800 | $ | 1,740 | ||||||||||||||
Summary of Additional Quantitative Information about Assets Measured at Fair Value on a Nonrecurring Basis | ' | ||||||||||||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level III inputs to determine fair value: | |||||||||||||||||
Quantitative Information About Level III Fair Value Measurements | |||||||||||||||||
Fair Value | Valuation | Unobservable | |||||||||||||||
Estimate | Techniques | Input | Range | ||||||||||||||
September 30, 2013 | |||||||||||||||||
Impaired loans | $ | 36,407 | Appraisal of | Appraisal | 0% to 30% | ||||||||||||
collateral (1) | adjustments (2) | ||||||||||||||||
Foreclosed real estate owned | 2,111 | Appraisal of | Appraisal | 0% to 30% | |||||||||||||
collateral (1), (3) | adjustments (2) | ||||||||||||||||
September 30, 2012 | |||||||||||||||||
Impaired loans | $ | 32,520 | Appraisal of | Appraisal | 0% to 30% | ||||||||||||
collateral (1) | adjustments (2) | ||||||||||||||||
Foreclosed real estate owned | 2,998 | Appraisal of | Appraisal | 0% to 30% | |||||||||||||
collateral (1), (3) | adjustments (2) | ||||||||||||||||
-1 | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level III inputs which are not identifiable. | ||||||||||||||||
-2 | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments is presented as a percent of the appraisal. | ||||||||||||||||
-3 | Includes qualitative adjustments by management and estimated liquidation expenses. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||
Schedule of Fair Values of the Company's Financial Instruments | ' | ||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Carrying | Total | ||||||||||||||||||||
Value | Level I | Level II | Level III | Fair Value | |||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 26,648 | $ | 26,648 | $ | — | $ | — | $ | 26,648 | |||||||||||
Investment and mortgage-backed securities available for sale | 315,622 | 2,015 | 311,807 | 1,800 | 315,622 | ||||||||||||||||
Loans receivable, net | 928,230 | — | — | 951,120 | 951,120 | ||||||||||||||||
Accrued interest receivable | 4,413 | 4,413 | — | — | 4,413 | ||||||||||||||||
Regulatory stock | 9,415 | 9,415 | — | — | 9,415 | ||||||||||||||||
Mortgage servicing rights | 382 | — | — | 382 | 382 | ||||||||||||||||
Bank-owned life insurance | 28,797 | 28,797 | — | — | 28,797 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | $ | 1,041,059 | $ | 406,890 | $ | — | $ | 638,510 | $ | 1,045,400 | |||||||||||
Short-term borrowings | 23,000 | 23,000 | — | — | 23,000 | ||||||||||||||||
Other borrowings | 129,260 | — | 124,504 | 124,504 | |||||||||||||||||
Advances by borrowers for taxes and insurance | 4,962 | 4,962 | — | — | 4,962 | ||||||||||||||||
Accrued interest payable | 833 | 833 | — | — | 833 | ||||||||||||||||
September 30, 2012 | |||||||||||||||||||||
Carrying | Total | ||||||||||||||||||||
Value | Level I | Level II | Level III | Fair Value | |||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 15,550 | $ | 15,550 | $ | — | $ | — | $ | 15,550 | |||||||||||
Investment and mortgage-backed securities available for sale | 329,585 | 3,378 | 324,467 | 1,740 | 329,585 | ||||||||||||||||
Loans receivable, net | 950,355 | — | — | 997,685 | 997,685 | ||||||||||||||||
Accrued interest receivable | 4,929 | 4,929 | — | — | 4,929 | ||||||||||||||||
Regulatory stock | 21,914 | 21,914 | — | — | 21,914 | ||||||||||||||||
Mortgage servicing rights | 365 | — | — | 365 | 365 | ||||||||||||||||
Bank-owned life insurance | 27,848 | 27,848 | — | — | 27,848 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | $ | 995,634 | $ | 409,499 | $ | 597,028 | $ | — | $ | 1,006,527 | |||||||||||
Short-term borrowings | 43,281 | 43,281 | — | — | 43,281 | ||||||||||||||||
Other borrowings | 191,460 | — | 195,636 | — | 195,636 | ||||||||||||||||
Advances by borrowers for taxes and insurance | 3,432 | 3,432 | — | — | 3,432 | ||||||||||||||||
Accrued interest payable | 1,128 | 1,128 | — | — | 1,128 |
Parent_Company_Tables
Parent Company (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Condensed Balance Sheet | ' | ||||||||||||
CONDENSED BALANCE SHEET | |||||||||||||
September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
ASSETS | |||||||||||||
Cash and due from banks | $ | 3,195 | $ | 3,650 | |||||||||
Certificates of deposit | 17 | 16 | |||||||||||
Investment securities available for sale | 25 | 1,280 | |||||||||||
Investment in subsidiary | 161,701 | 168,082 | |||||||||||
Premises and equipment, net | 1,152 | 1,727 | |||||||||||
Other assets | 1,211 | 1,505 | |||||||||||
TOTAL ASSETS | $ | 167,301 | $ | 176,260 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
Other liabilities | $ | 855 | $ | 849 | |||||||||
Stockholders’ equity | 166,446 | 175,411 | |||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 167,301 | $ | 176,260 | |||||||||
Condensed Statement of Income | ' | ||||||||||||
CONDENSED STATEMENT OF INCOME | |||||||||||||
Year Ended September 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
INCOME | |||||||||||||
Interest income | $ | 408 | $ | 403 | $ | 473 | |||||||
Net gains on sale of investments | 30 | — | 99 | ||||||||||
Dividends | 15,000 | 25,000 | 10,000 | ||||||||||
Total income | 15,438 | 25,403 | 10,572 | ||||||||||
EXPENSES | |||||||||||||
Interest expense | — | 101 | — | ||||||||||
Professional fees | 505 | 1,741 | 303 | ||||||||||
Other | 527 | 132 | 63 | ||||||||||
Total expenses | 1,032 | 1,974 | 366 | ||||||||||
Income before income tax expense | 14,406 | 23,429 | 10,206 | ||||||||||
Income tax expense (benefit) | — | (32 | ) | 94 | |||||||||
Income before equity in undistributed net earnings of subsidiary | 14,406 | 23,461 | 10,112 | ||||||||||
Equity in undistributed net earnings of subsidiary | (5,583 | ) | (23,246 | ) | (4,854 | ) | |||||||
NET INCOME | $ | 8,823 | $ | 215 | $ | 5,258 | |||||||
Condensed Statement of Cash Flows | ' | ||||||||||||
September 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
OPERATING ACTIVITIES | |||||||||||||
Net income | $ | 8,823 | $ | 215 | $ | 5,258 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed net earnings of subsidiary | 5,583 | 23,246 | 4,854 | ||||||||||
Net gain on sale of investments | (30 | ) | — | (99 | ) | ||||||||
(Decrease) increase in accrued income taxes | (12 | ) | 1,254 | 56 | |||||||||
Decrease in accrued interest receivable | 8 | 8 | 117 | ||||||||||
Deferred federal income taxes | (29 | ) | 576 | (91 | ) | ||||||||
Other, net | 798 | (1,362 | ) | 186 | |||||||||
Net cash provided by operating activities | 15,141 | 23,937 | 10,281 | ||||||||||
INVESTING ACTIVITIES | |||||||||||||
Business acquisitions | — | (12,306 | ) | — | |||||||||
Proceeds from principal repayment, maturities, and sales | 1,200 | — | 9,788 | ||||||||||
Net cash provided by (used for) investing activities | 1,200 | (12,306 | ) | 9,788 | |||||||||
FINANCING ACTIVITIES | |||||||||||||
Repayment of trust-preferred debt | — | (8,596 | ) | — | |||||||||
Purchase of treasury stock shares | (14,501 | ) | (332 | ) | (16,917 | ) | |||||||
Dividends on common stock | (2,295 | ) | (2,249 | ) | (2,315 | ) | |||||||
Net cash used for financing activities | (16,796 | ) | (11,177 | ) | (19,232 | ) | |||||||
Increase (decrease) in cash | (455 | ) | 454 | 837 | |||||||||
CASH AT BEGINNING OF YEAR | 3,650 | 3,196 | 2,359 | ||||||||||
CASH AT END OF YEAR | $ | 3,195 | $ | 3,650 | $ | 3,196 | |||||||
Selected_Quarterly_Data_Unaudi1
Selected Quarterly Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Selected Quarterly Data | ' | ||||||||||||||||
20 | SELECTED QUARTERLY DATA (UNAUDITED) | ||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, | March 31, | June 30, | September 30, | ||||||||||||||
2012 | 2013 | 2013 | 2013 | ||||||||||||||
Total interest income | $ | 13,950 | $ | 12,690 | $ | 12,491 | $ | 11,971 | |||||||||
Total interest expense | 3,231 | 2,806 | 2,642 | 2,578 | |||||||||||||
Net interest income | 10,719 | 9,884 | 9,849 | 9,393 | |||||||||||||
Provision for loan losses | 1,000 | 850 | 1,100 | 800 | |||||||||||||
Net interest income after provision for loan losses | 9,719 | 9,034 | 8,749 | 8,593 | |||||||||||||
Total noninterest income | 2,026 | 2,458 | 1,800 | 1,740 | |||||||||||||
Total noninterest expense | 7,505 | 8,790 | 8,154 | 8,013 | |||||||||||||
Income (loss) before income taxes | 4,240 | 2,702 | 2,395 | 2,320 | |||||||||||||
Income taxes (benefit) | 1,361 | 662 | 519 | 292 | |||||||||||||
Net income | $ | 2,879 | $ | 2,040 | $ | 1,876 | $ | 2,028 | |||||||||
Per share data: | |||||||||||||||||
Net income | |||||||||||||||||
Basic | $ | 0.24 | $ | 0.17 | $ | 0.16 | $ | 0.19 | |||||||||
Diluted | $ | 0.24 | $ | 0.17 | $ | 0.16 | $ | 0.19 | |||||||||
Average shares outstanding | |||||||||||||||||
Basic | 12,088,125 | 11,763,581 | 11,409,791 | 10,954,982 | |||||||||||||
Diluted | 12,088,125 | 11,763,581 | 11,409,791 | 10,954,982 | |||||||||||||
Three Months Ended | |||||||||||||||||
December 31, | March 31, | June 30, | September 30, | ||||||||||||||
2011 | 2012 | 2012 | 2012 | ||||||||||||||
Total interest income | $ | 11,029 | $ | 10,834 | $ | 10,576 | $ | 12,761 | |||||||||
Total interest expense | 4,321 | 4,063 | 3,840 | 3,908 | |||||||||||||
Net interest income | 6,708 | 6,771 | 6,736 | 8,853 | |||||||||||||
Provision for loan losses | 500 | 650 | 600 | 800 | |||||||||||||
Net interest income after provision for loan losses | 6,208 | 6,121 | 6,136 | 8,053 | |||||||||||||
Total noninterest income | 1,524 | 1,623 | 1,495 | 2,093 | |||||||||||||
Total noninterest expense | 6,662 | 6,874 | 6,526 | 12,943 | |||||||||||||
Income (loss) before income taxes | 1,070 | 870 | 1,105 | (2,797 | ) | ||||||||||||
Income taxes (benefit) | 184 | 211 | 311 | (673 | ) | ||||||||||||
Net income (loss) | $ | 886 | $ | 659 | $ | 794 | $ | (2,124 | ) | ||||||||
Per share data: | |||||||||||||||||
Net income | |||||||||||||||||
Basic | $ | 0.08 | $ | 0.06 | $ | 0.07 | $ | (0.18 | ) | ||||||||
Diluted | $ | 0.08 | $ | 0.06 | $ | 0.07 | $ | (0.18 | ) | ||||||||
Average shares outstanding | |||||||||||||||||
Basic | 10,807,598 | 10,840,604 | 10,857,483 | 11,632,918 | |||||||||||||
Diluted | 10,807,598 | 10,840,604 | 10,857,483 | 11,632,918 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Percentage ownership of wholly owned subsidiary | 100.00% | ' |
Total servicing assets included in other assets | $382,000 | $365,000 |
Goodwill and Intangible Asset Impairment | 0 | 0 |
Threshold percentage minimum for recognition upon settlement | 'Greater than 50% | ' |
Cash equivalents interest bearing deposits with original maturities | '90 days | ' |
Minimum [Member] | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Depreciation range for buildings, land improvements, and leasehold improvements | '10 years | ' |
Depreciation range for furniture, fixtures, and equipment | '3 years | ' |
Maximum [Member] | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Depreciation range for buildings, land improvements, and leasehold improvements | ' | '40 years |
Depreciation range for furniture, fixtures, and equipment | ' | '7 years |
Federal Home Loan Bank System [Member] | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Loan receivables contractual period for interest and principal accrual | '90 days | ' |
Percentage Investment in capital stock | 0.35% | ' |
Investment on outstanding Borrowings, percentage | 4.60% | ' |
Stock bought and sold based upon par value | $100 | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Carrying Amount of Goodwill and Intangible Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Goodwill | ' | ' | ' |
Balance at beginning of year | $8,541 | $40 | ' |
Goodwill acquired | 276 | 8,501 | ' |
Balance at end of year | 8,817 | 8,541 | 40 |
Intangible assets | ' | ' | ' |
Balance at beginning of year | 3,457 | 1,825 | ' |
Intangible assets acquired | ' | 2,068 | ' |
Amortization | -991 | -436 | -135 |
Balance at end of year | $2,466 | $3,457 | $1,825 |
Recovered_Sheet1
Summary of significant Accounting Policies - Amortizable Intangible Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Finite And Infinite Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | $4,028 | ' | ' |
Accumulated Amortization | 1,562 | 571 | ' |
Amortization of intangible assets | 991 | 436 | 135 |
Customer Data [Member] | ' | ' | ' |
Finite And Infinite Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 2,408 | ' | ' |
Accumulated Amortization | 694 | 283 | ' |
Employment Obligations [Member] | ' | ' | ' |
Finite And Infinite Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Carrying Amount | 1,620 | ' | ' |
Accumulated Amortization | $868 | $288 | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Estimated Amortization Expense (Detail) (USD $) | Sep. 30, 2013 |
Accounting Policies [Abstract] | ' |
2014 | $870,000 |
2015 | 477,000 |
2016 | 382,000 |
2017 | 267,000 |
2018 | 180,000 |
2019 | 81,000 |
2020 | 81,000 |
2021 | 78,000 |
2022 | 50,000 |
Total estimated amortization of expense | $2,466,000 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Components of Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Net unrealized gain on securities available for sale | $71 | $6,208 | $5,667 |
Net unrecognized pension cost | -1,306 | -4,450 | -5,081 |
Total | ($1,235) | $1,758 | $586 |
Earnings_per_Share_Composition
Earnings per Share - Composition of the Weighted-Average Common Shares (Denominator) Used in the Basic and Diluted Earnings Per Share Computation (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 18,133,094 | 17,172,932 | 16,980,900 |
Average treasury stock shares | ' | ' | ' | ' | ' | ' | ' | ' | -5,475,194 | -4,882,611 | -4,089,417 |
Average unearned ESOP shares | ' | ' | ' | ' | ' | ' | ' | ' | -1,063,720 | -1,109,012 | -1,154,272 |
Average unearned nonvested shares | ' | ' | ' | ' | ' | ' | ' | ' | -34,627 | -130,626 | -249,296 |
Weighted-average common shares and common stock equivalents used to calculate basic earnings per share | 10,954,982 | 11,409,791 | 11,763,581 | 12,088,125 | 11,632,918 | 10,857,483 | 10,840,604 | 10,807,598 | 11,559,553 | 11,050,683 | 11,487,915 |
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional common stock equivalents (stock options) used to calculate diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 11,559,553 | 11,050,683 | 11,487,915 |
Earnings_per_Share_Additional_
Earnings per Share - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Stock Option [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive securities | 19,998 | 76,716 | 195,262 |
Price per share of anti-dilutive shares | $10.94 | $12.35 | $12.35 |
Stock Compensation Plan [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive securities | 1,458,379 | 1,458,379 | 1,458,379 |
Price per share of anti-dilutive shares | $12.35 | $12.35 | $12.35 |
Investment_Securities_Summary_
Investment Securities - Summary of Amortized Cost and Fair Value of Investment Securities Available for Sale (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | $315,515 | $320,179 |
Available for sale, Gross Unrealized Gains | 4,361 | 9,529 |
Available for sale, Gross Unrealized Losses | -4,254 | -123 |
Available for sale, Fair Value | 315,622 | 329,585 |
Fannie Mae [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 114,927 | 111,145 |
Available for sale, Gross Unrealized Gains | 1,691 | 4,652 |
Available for sale, Gross Unrealized Losses | -1,595 | -3 |
Available for sale, Fair Value | 115,023 | 115,794 |
Freddie Mac [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 60,111 | 48,913 |
Available for sale, Gross Unrealized Gains | 838 | 1,952 |
Available for sale, Gross Unrealized Losses | -1,252 | -11 |
Available for sale, Fair Value | 59,697 | 50,854 |
Governmental National Mortgage Association Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 39,692 | 43,164 |
Available for sale, Gross Unrealized Gains | 289 | 803 |
Available for sale, Gross Unrealized Losses | -230 | -16 |
Available for sale, Fair Value | 39,751 | 43,951 |
Other Mortgage-backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 3,385 | 5,043 |
Available for sale, Gross Unrealized Gains | ' | 162 |
Available for sale, Gross Unrealized Losses | -19 | ' |
Available for sale, Fair Value | 3,366 | 5,205 |
Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 218,115 | 208,265 |
Available for sale, Gross Unrealized Gains | 2,818 | 7,569 |
Available for sale, Gross Unrealized Losses | -3,096 | -30 |
Available for sale, Fair Value | 217,837 | 215,804 |
Obligations of States and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 23,754 | 18,611 |
Available for sale, Gross Unrealized Gains | 654 | 906 |
Available for sale, Gross Unrealized Losses | -499 | ' |
Available for sale, Fair Value | 23,909 | 19,517 |
U.S. Government Agency Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 52,775 | 74,106 |
Available for sale, Gross Unrealized Gains | 225 | 379 |
Available for sale, Gross Unrealized Losses | -480 | -1 |
Available for sale, Fair Value | 52,520 | 74,484 |
Corporate Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 12,756 | 8,602 |
Available for sale, Gross Unrealized Gains | 186 | 146 |
Available for sale, Gross Unrealized Losses | -169 | -91 |
Available for sale, Fair Value | 12,773 | 8,657 |
Trust-preferred Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 4,943 | 5,852 |
Available for sale, Gross Unrealized Gains | 471 | 382 |
Available for sale, Gross Unrealized Losses | ' | -1 |
Available for sale, Fair Value | 5,414 | 6,233 |
Other Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 1,147 | 1,476 |
Available for sale, Gross Unrealized Gains | 7 | 36 |
Available for sale, Fair Value | 1,154 | 1,512 |
Total Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 313,490 | 316,912 |
Available for sale, Gross Unrealized Gains | 4,361 | 9,418 |
Available for sale, Gross Unrealized Losses | -4,244 | -123 |
Available for sale, Fair Value | 313,607 | 326,207 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available for sale, Amortized Cost | 2,025 | 3,267 |
Available for sale, Gross Unrealized Gains | ' | 111 |
Available for sale, Gross Unrealized Losses | -10 | ' |
Available for sale, Fair Value | $2,015 | $3,378 |
Investment_Securities_Schedule
Investment Securities - Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Available For Sale Securities Debt Maturities Amortized Cost [Abstract] | ' |
Due in one year or less, Amortized Cost | $3,026 |
Due after one year through five years, Amortized Cost | 41,889 |
Due after five years through ten years, Amortized Cost | 65,780 |
Due after ten years, Amortized Cost | 202,795 |
Total, Amortized Cost | 313,490 |
Due in one year or less, Fair Value | 3,044 |
Due after one year through five years, Fair Value | 42,147 |
Due after five years through ten years, Fair Value | 65,847 |
Due after ten years, Fair Value | 202,569 |
Total, Fair Value | $313,607 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Realized gross gains | $766,000 | $343,000 | $792,000 |
Realized gross losses | 17,000 | 0 | 14,000 |
Proceeds from the sale of investment securities | 39,212,000 | 44,844,000 | 24,643,000 |
Investment securities with carrying values | 50,162,000 | 22,832,000 | ' |
U.S. Government Agency Securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Securities sold under agreement to repurchase and other borrowings | 14,795,000 | ' | ' |
Mortgage-Backed Securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Securities sold under agreement to repurchase and other borrowings | ' | $56,947,000 | ' |
Unrealized_Losses_on_Securitie2
Unrealized Losses on Securities - Schedule of Gross Unrealized Losses and Fair Value (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | Security | Security |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 82 | 16 |
Fair Value, Less than Twelve Months | $139,442 | $15,231 |
Gross Unrealized Losses, Less than Twelve Months | -4,247 | -57 |
Fair Value, Twelve Months or Greater | 2,056 | 1,434 |
Gross Unrealized Losses, Twelve Months or Greater | -7 | -66 |
Fair Value, Total | 141,498 | 16,665 |
Gross Unrealized Losses, Total | -4,254 | -123 |
Fannie Mae [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 30 | 3 |
Fair Value, Less than Twelve Months | 47,814 | 4,083 |
Gross Unrealized Losses, Less than Twelve Months | -1,589 | -3 |
Fair Value, Twelve Months or Greater | 1,057 | ' |
Gross Unrealized Losses, Twelve Months or Greater | -6 | ' |
Fair Value, Total | 48,871 | 4,083 |
Gross Unrealized Losses, Total | -1,595 | -3 |
Freddie Mac [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 20 | 1 |
Fair Value, Less than Twelve Months | 32,781 | 2,002 |
Gross Unrealized Losses, Less than Twelve Months | -1,252 | -11 |
Fair Value, Total | 32,781 | 2,002 |
Gross Unrealized Losses, Total | -1,252 | -11 |
Governmental National Mortgage Association Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 6 | 5 |
Fair Value, Less than Twelve Months | 10,301 | 6,090 |
Gross Unrealized Losses, Less than Twelve Months | -230 | -16 |
Fair Value, Total | 10,301 | 6,090 |
Gross Unrealized Losses, Total | -230 | -16 |
Other Mortgage-backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 3 | ' |
Fair Value, Less than Twelve Months | 3,366 | ' |
Gross Unrealized Losses, Less than Twelve Months | -19 | ' |
Fair Value, Total | 3,366 | ' |
Gross Unrealized Losses, Total | -19 | ' |
Obligations of States and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 7 | ' |
Fair Value, Less than Twelve Months | 8,064 | ' |
Gross Unrealized Losses, Less than Twelve Months | -499 | ' |
Fair Value, Total | 8,064 | ' |
Gross Unrealized Losses, Total | -499 | ' |
U.S. Government Agency Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 10 | 1 |
Fair Value, Less than Twelve Months | 30,084 | 999 |
Gross Unrealized Losses, Less than Twelve Months | -479 | -1 |
Fair Value, Twelve Months or Greater | 999 | ' |
Gross Unrealized Losses, Twelve Months or Greater | -1 | ' |
Fair Value, Total | 31,083 | 999 |
Gross Unrealized Losses, Total | -480 | -1 |
Corporate Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 5 | 5 |
Fair Value, Less than Twelve Months | 5,042 | 1,059 |
Gross Unrealized Losses, Less than Twelve Months | -169 | -25 |
Fair Value, Twelve Months or Greater | ' | 1,434 |
Gross Unrealized Losses, Twelve Months or Greater | ' | -66 |
Fair Value, Total | 5,042 | 2,493 |
Gross Unrealized Losses, Total | -169 | -91 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 1 | ' |
Fair Value, Less than Twelve Months | 1,990 | ' |
Gross Unrealized Losses, Less than Twelve Months | -10 | ' |
Fair Value, Total | 1,990 | ' |
Gross Unrealized Losses, Total | -10 | ' |
Trust-preferred Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | ' | 1 |
Fair Value, Less than Twelve Months | ' | 998 |
Gross Unrealized Losses, Less than Twelve Months | ' | -1 |
Fair Value, Total | ' | 998 |
Gross Unrealized Losses, Total | ' | ($1) |
Loans_Receivable_Summary_of_Lo
Loans Receivable - Summary of Loans Receivable (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | |||
Real estate loans: | ' | ' | ' |
Total Loans | $936,294 | $957,657 | ' |
Less allowance for loan losses | 8,064 | 7,302 | 8,170 |
Net loans | 928,230 | 950,355 | ' |
Residential Real Estate Loans [Member] | ' | ' | ' |
Real estate loans: | ' | ' | ' |
Total Loans | 686,651 | 696,696 | ' |
Less allowance for loan losses | 5,787 | 5,401 | 5,220 |
Construction Real Estate Loans [Member] | ' | ' | ' |
Real estate loans: | ' | ' | ' |
Total Loans | 2,288 | 3,805 | ' |
Less allowance for loan losses | 20 | 29 | 8 |
Commercial Real Estate Loans [Member] | ' | ' | ' |
Real estate loans: | ' | ' | ' |
Total Loans | 159,469 | 160,192 | ' |
Less allowance for loan losses | 946 | 699 | 1,255 |
Commercial [Member] | ' | ' | ' |
Real estate loans: | ' | ' | ' |
Total Loans | 10,125 | 12,818 | ' |
Less allowance for loan losses | 337 | 474 | 500 |
Obligations of States and Political Subdivisions [Member] | ' | ' | ' |
Real estate loans: | ' | ' | ' |
Total Loans | 33,445 | 33,736 | ' |
Less allowance for loan losses | 130 | 127 | 74 |
Home Equity Loans and Lines of Credit [Member] | ' | ' | ' |
Real estate loans: | ' | ' | ' |
Total Loans | 41,923 | 47,925 | ' |
Less allowance for loan losses | 430 | 499 | 622 |
Other [Member] | ' | ' | ' |
Real estate loans: | ' | ' | ' |
Total Loans | 2,393 | 2,485 | ' |
Less allowance for loan losses | $21 | $22 | $80 |
Loans_Receivable_Additional_In
Loans Receivable - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Receivables [Abstract] | ' | ' | ' | ' |
Carrying value of Purchased loans | ' | $7,100,000 | ' | ' |
Unpaid principal balance | 12,922,000 | 37,236,000 | 33,517,000 | ' |
Estimated fair value | 7,321,000 | 7,300,000 | ' | ' |
Contractual cash flows | 13,890,000 | 13,900,000 | ' | ' |
Preliminary estimate of expected cash flows | 8,753,000 | 8,800,000 | ' | ' |
Non-accretable discount | -5,137,000 | 5,100,000 | ' | ' |
Cash flows in excess of estimated fair value | ' | 1,400,000 | ' | ' |
Mortgage loans | ' | 80,986,000 | 82,263,000 | ' |
Non Accrual loans | ' | 23,279,000 | 23,707,000 | 10,971,000 |
Additional interest income under loan agreements | ' | 883,000 | 592,000 | 615,000 |
Criteria in internal rating system | ' | 'Ten point | ' | ' |
Categories considered as not criticized | ' | 'Six | ' | ' |
Days past due over which loans are considered as substandard | ' | '90 days | ' | ' |
Minimum internal review amount | ' | 250,000 | ' | ' |
Minimum external review amount | ' | $500,000 | ' | ' |
Loans_Receivable_Accounting_Ad
Loans Receivable - Accounting Adjustments Related to the Purchased Impaired Loans (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Receivables [Abstract] | ' | ' | ' |
Unpaid principal balance | $12,922 | $37,236 | $33,517 |
Interest | 968 | ' | ' |
Contractual cash flows | 13,890 | 13,900 | ' |
Non-accretable discount | -5,137 | 5,100 | ' |
Expected cash flows | 8,753 | 8,800 | ' |
Accretable discount | -1,432 | ' | ' |
Estimated fair value | $7,321 | $7,300 | ' |
Loans_Receivable_Changes_in_Yi
Loans Receivable - Changes in Yield for Accretable Purchased Credit-Impaired Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Receivables [Abstract] | ' | ' |
Balance at beginning of period | $1,098 | $1,432 |
Accretion | -1,098 | -334 |
Balance at end of period | ' | $1,098 |
Loans_Receivable_Summary_of_Ad
Loans Receivable - Summary of Additional Information Regarding Loans Acquired and Accounted (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Outstanding balance | $9,371 | $12,527 |
Carrying amount | $7,131 | $7,500 |
Loans_Receivable_Summary_of_Im
Loans Receivable - Summary of Impaired Loans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Receivables [Abstract] | ' | ' | ' |
Impaired loans with a related allowance | $6,160 | $4,368 | $5,630 |
Impaired loans without a related allowance | 31,066 | 29,103 | 12,589 |
Related allowance for loan losses | 819 | 952 | 1,160 |
Average recorded balance of impaired loans | 37,386 | 22,393 | 10,718 |
Interest income recognized | $860 | $649 | $109 |
Loans_Receivable_Schedule_of_L
Loans Receivable - Schedule of Loans Evaluated for Impairment (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | $936,294 | $957,657 |
Individually Evaluated for Impairment | 30,095 | 25,971 |
Loans Acquired with Deteriorated Credit Quality | 7,131 | 7,500 |
Collectively Evaluated for Impairment | 899,068 | 924,186 |
Residential Real Estate Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 686,651 | 696,696 |
Individually Evaluated for Impairment | 14,018 | 7,942 |
Loans Acquired with Deteriorated Credit Quality | 271 | 271 |
Collectively Evaluated for Impairment | 672,362 | 688,483 |
Construction Real Estate Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 2,288 | 3,805 |
Collectively Evaluated for Impairment | 2,288 | 3,805 |
Commercial Real Estate Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 159,469 | 160,192 |
Individually Evaluated for Impairment | 15,478 | 17,415 |
Loans Acquired with Deteriorated Credit Quality | 6,355 | 6,159 |
Collectively Evaluated for Impairment | 137,636 | 136,618 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 10,125 | 12,818 |
Individually Evaluated for Impairment | 220 | 423 |
Loans Acquired with Deteriorated Credit Quality | 502 | 1,007 |
Collectively Evaluated for Impairment | 9,403 | 11,388 |
Obligations of States and Political Subdivisions [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 33,445 | 33,736 |
Collectively Evaluated for Impairment | 33,445 | 33,736 |
Home Equity Loans and Lines of Credit [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 41,923 | 47,925 |
Individually Evaluated for Impairment | 379 | 191 |
Loans Acquired with Deteriorated Credit Quality | 3 | 44 |
Collectively Evaluated for Impairment | 41,541 | 47,690 |
Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total Loans | 2,393 | 2,485 |
Loans Acquired with Deteriorated Credit Quality | ' | 19 |
Collectively Evaluated for Impairment | $2,393 | $2,466 |
Loans_Receivable_Schedule_of_I
Loans Receivable - Schedule of Investment and Unpaid Principal Balances for Impaired Loans (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Jul. 31, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | $37,226 | $33,471 | ' | ' |
Unpaid principal balance | 37,236 | 33,517 | ' | 12,922 |
Associated Allowance | 819 | 952 | 1,160 | ' |
Average Recorded Investment | 37,386 | 22,393 | 10,718 | ' |
Interest income recognized | 860 | 649 | 109 | ' |
With no Specific Allowance Recorded [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | 31,066 | 29,103 | ' | ' |
Unpaid principal balance | 31,072 | 29,148 | ' | ' |
Associated Allowance | ' | ' | ' | ' |
Average Recorded Investment | 31,892 | 19,115 | ' | ' |
Interest income recognized | 786 | 567 | ' | ' |
With an Allowance Recorded [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | 6,160 | 4,368 | ' | ' |
Unpaid principal balance | 6,164 | 4,369 | ' | ' |
Associated Allowance | 819 | 952 | ' | ' |
Average Recorded Investment | 5,494 | 3,278 | ' | ' |
Interest income recognized | 74 | 82 | ' | ' |
Residential Real Estate Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | 14,289 | 8,213 | ' | ' |
Unpaid principal balance | 14,286 | 8,207 | ' | ' |
Associated Allowance | 518 | 661 | ' | ' |
Average Recorded Investment | 12,371 | 6,579 | ' | ' |
Interest income recognized | 233 | 150 | ' | ' |
Residential Real Estate Loans [Member] | With no Specific Allowance Recorded [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | 11,251 | 5,182 | ' | ' |
Unpaid principal balance | 11,245 | 5,177 | ' | ' |
Associated Allowance | ' | ' | ' | ' |
Average Recorded Investment | 9,716 | 4,687 | ' | ' |
Interest income recognized | 159 | 82 | ' | ' |
Residential Real Estate Loans [Member] | With an Allowance Recorded [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | 3,038 | 3,031 | ' | ' |
Unpaid principal balance | 3,041 | 3,030 | ' | ' |
Associated Allowance | 518 | 661 | ' | ' |
Average Recorded Investment | 2,655 | 1,892 | ' | ' |
Interest income recognized | 74 | 68 | ' | ' |
Construction [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | ' | ' | ' | ' |
Unpaid principal balance | ' | ' | ' | ' |
Associated Allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
Interest income recognized | ' | ' | ' | ' |
Construction [Member] | With no Specific Allowance Recorded [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | ' | ' | ' | ' |
Unpaid principal balance | ' | ' | ' | ' |
Associated Allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
Interest income recognized | ' | ' | ' | ' |
Construction [Member] | With an Allowance Recorded [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | ' | ' | ' | ' |
Unpaid principal balance | ' | ' | ' | ' |
Associated Allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
Interest income recognized | ' | ' | ' | ' |
Commercial Real Estate Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | 21,833 | 23,574 | ' | ' |
Unpaid principal balance | 21,846 | 23,627 | ' | ' |
Associated Allowance | 301 | 270 | ' | ' |
Average Recorded Investment | 23,590 | 14,910 | ' | ' |
Interest income recognized | 615 | 470 | ' | ' |
Commercial Real Estate Loans [Member] | With no Specific Allowance Recorded [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | 18,711 | 22,290 | ' | ' |
Unpaid principal balance | 18,723 | 22,341 | ' | ' |
Associated Allowance | ' | ' | ' | ' |
Average Recorded Investment | 20,751 | 13,584 | ' | ' |
Interest income recognized | 615 | 457 | ' | ' |
Commercial Real Estate Loans [Member] | With an Allowance Recorded [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | 3,122 | 1,284 | ' | ' |
Unpaid principal balance | 3,123 | 1,286 | ' | ' |
Associated Allowance | 301 | 270 | ' | ' |
Average Recorded Investment | 2,839 | 1,326 | ' | ' |
Interest income recognized | ' | 13 | ' | ' |
Commercial [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | 722 | 1,430 | ' | ' |
Unpaid principal balance | 722 | 1,429 | ' | ' |
Associated Allowance | ' | 12 | ' | ' |
Average Recorded Investment | 1,034 | 628 | ' | ' |
Interest income recognized | 9 | 28 | ' | ' |
Commercial [Member] | With no Specific Allowance Recorded [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | 722 | 1,386 | ' | ' |
Unpaid principal balance | 722 | 1,385 | ' | ' |
Associated Allowance | ' | ' | ' | ' |
Average Recorded Investment | 1,034 | 581 | ' | ' |
Interest income recognized | 9 | 28 | ' | ' |
Commercial [Member] | With an Allowance Recorded [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | ' | 44 | ' | ' |
Unpaid principal balance | ' | 44 | ' | ' |
Associated Allowance | ' | 12 | ' | ' |
Average Recorded Investment | ' | 47 | ' | ' |
Interest income recognized | ' | ' | ' | ' |
Obligations of States and Political Subdivisions [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | ' | ' | ' | ' |
Unpaid principal balance | ' | ' | ' | ' |
Associated Allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
Interest income recognized | ' | ' | ' | ' |
Obligations of States and Political Subdivisions [Member] | With no Specific Allowance Recorded [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | ' | ' | ' | ' |
Unpaid principal balance | ' | ' | ' | ' |
Associated Allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
Interest income recognized | ' | ' | ' | ' |
Obligations of States and Political Subdivisions [Member] | With an Allowance Recorded [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | ' | ' | ' | ' |
Unpaid principal balance | ' | ' | ' | ' |
Associated Allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
Interest income recognized | ' | ' | ' | ' |
Home Equity Loans and Lines of Credit [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | 382 | 235 | ' | ' |
Unpaid principal balance | 382 | 235 | ' | ' |
Associated Allowance | ' | 9 | ' | ' |
Average Recorded Investment | 373 | 251 | ' | ' |
Interest income recognized | 3 | 1 | ' | ' |
Home Equity Loans and Lines of Credit [Member] | With no Specific Allowance Recorded [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | 382 | 226 | ' | ' |
Unpaid principal balance | 382 | 226 | ' | ' |
Associated Allowance | ' | ' | ' | ' |
Average Recorded Investment | 373 | 238 | ' | ' |
Interest income recognized | 3 | ' | ' | ' |
Home Equity Loans and Lines of Credit [Member] | With an Allowance Recorded [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | ' | 9 | ' | ' |
Unpaid principal balance | ' | 9 | ' | ' |
Associated Allowance | ' | 9 | ' | ' |
Average Recorded Investment | ' | 13 | ' | ' |
Interest income recognized | ' | 1 | ' | ' |
Other [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | ' | 19 | ' | ' |
Unpaid principal balance | ' | 19 | ' | ' |
Associated Allowance | ' | ' | ' | ' |
Average Recorded Investment | 18 | 25 | ' | ' |
Interest income recognized | ' | ' | ' | ' |
Other [Member] | With no Specific Allowance Recorded [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | ' | 19 | ' | ' |
Unpaid principal balance | ' | 19 | ' | ' |
Associated Allowance | ' | ' | ' | ' |
Average Recorded Investment | 18 | 25 | ' | ' |
Interest income recognized | ' | ' | ' | ' |
Other [Member] | With an Allowance Recorded [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Recorded Investment | ' | ' | ' | ' |
Unpaid principal balance | ' | ' | ' | ' |
Associated Allowance | ' | ' | ' | ' |
Average Recorded Investment | ' | ' | ' | ' |
Interest income recognized | ' | ' | ' | ' |
Loans_Receivable_Classes_of_Lo
Loans Receivable - Classes of Loan Portfolio, Internal Risk Rating System (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan, total | $203,039 | $206,746 |
Commercial Real Estate Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan, total | 159,469 | 160,192 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan, total | 10,125 | 12,818 |
Obligations of States and Political Subdivisions [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan, total | 33,445 | 33,736 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan, total | 172,710 | 178,612 |
Pass [Member] | Commercial Real Estate Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan, total | 129,799 | 132,841 |
Pass [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan, total | 9,466 | 12,035 |
Pass [Member] | Obligations of States and Political Subdivisions [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan, total | 33,445 | 33,736 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan, total | 9,876 | 5,862 |
Special Mention [Member] | Commercial Real Estate Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan, total | 9,440 | 5,502 |
Special Mention [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan, total | 436 | 360 |
Special Mention [Member] | Obligations of States and Political Subdivisions [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan, total | ' | ' |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan, total | 20,453 | 22,272 |
Substandard [Member] | Commercial Real Estate Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan, total | 20,230 | 21,849 |
Substandard [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan, total | 223 | 423 |
Substandard [Member] | Obligations of States and Political Subdivisions [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan, total | ' | ' |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan, total | ' | ' |
Doubtful [Member] | Commercial Real Estate Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan, total | ' | ' |
Doubtful [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan, total | ' | ' |
Doubtful [Member] | Obligations of States and Political Subdivisions [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan, total | ' | ' |
Loans_Receivable_Schedule_of_P
Loans Receivable - Schedule of Performing or Nonperforming Loans (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | $733,255 | $750,911 |
Residential Real Estate Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 686,651 | 696,696 |
Construction Real Estate Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 2,288 | 3,805 |
Home Equity Loans and Lines of Credit [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 41,923 | 47,925 |
Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 2,393 | 2,485 |
Performing [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 721,971 | 739,983 |
Performing [Member] | Residential Real Estate Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 675,706 | 686,160 |
Performing [Member] | Construction Real Estate Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 2,288 | 3,805 |
Performing [Member] | Home Equity Loans and Lines of Credit [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 41,584 | 47,552 |
Performing [Member] | Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 2,393 | 2,466 |
Nonperforming [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 11,284 | 10,928 |
Nonperforming [Member] | Residential Real Estate Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 10,945 | 10,536 |
Nonperforming [Member] | Home Equity Loans and Lines of Credit [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | 339 | 373 |
Nonperforming [Member] | Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total | ' | $19 |
Loans_Receivable_Classes_of_th
Loans Receivable - Classes of the Loan Portfolio Summarized by the Aging Categories (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | $906,309 | $921,407 | ' |
31-60 Days Past Due | 5,639 | 7,783 | ' |
61-90 Days Past Due | 1,067 | 4,760 | ' |
Greater than 90 Days Past Due | ' | ' | ' |
Non Accrual | 23,279 | 23,707 | 10,971 |
Total Past Due | 29,985 | 36,250 | ' |
Total Loans | 936,294 | 957,657 | ' |
Residential Real Estate Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 671,850 | 681,222 | ' |
31-60 Days Past Due | 2,866 | 3,664 | ' |
61-90 Days Past Due | 990 | 1,274 | ' |
Greater than 90 Days Past Due | ' | ' | ' |
Non Accrual | 10,945 | 10,536 | ' |
Total Past Due | 14,801 | 15,474 | ' |
Total Loans | 686,651 | 696,696 | ' |
Construction Real Estate Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 2,288 | 3,805 | ' |
31-60 Days Past Due | ' | ' | ' |
61-90 Days Past Due | ' | ' | ' |
Greater than 90 Days Past Due | ' | ' | ' |
Non Accrual | ' | ' | ' |
Total Past Due | ' | ' | ' |
Total Loans | 2,288 | 3,805 | ' |
Commercial Real Estate Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 146,062 | 142,277 | ' |
31-60 Days Past Due | 2,589 | 3,658 | ' |
61-90 Days Past Due | ' | 3,348 | ' |
Greater than 90 Days Past Due | ' | ' | ' |
Non Accrual | 10,818 | 10,909 | ' |
Total Past Due | 13,407 | 17,915 | ' |
Total Loans | 159,469 | 160,192 | ' |
Commercial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 8,948 | 10,948 | ' |
31-60 Days Past Due | ' | ' | ' |
61-90 Days Past Due | ' | ' | ' |
Greater than 90 Days Past Due | ' | ' | ' |
Non Accrual | 1,177 | 1,870 | ' |
Total Past Due | 1,177 | 1,870 | ' |
Total Loans | 10,125 | 12,818 | ' |
Obligations of States and Political Subdivisions [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 33,445 | 33,736 | ' |
31-60 Days Past Due | ' | ' | ' |
61-90 Days Past Due | ' | ' | ' |
Greater than 90 Days Past Due | ' | ' | ' |
Non Accrual | ' | ' | ' |
Total Past Due | ' | ' | ' |
Total Loans | 33,445 | 33,736 | ' |
Home Equity Loans and Lines of Credit [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 41,380 | 46,967 | ' |
31-60 Days Past Due | 127 | 447 | ' |
61-90 Days Past Due | 77 | 138 | ' |
Greater than 90 Days Past Due | ' | ' | ' |
Non Accrual | 339 | 373 | ' |
Total Past Due | 543 | 958 | ' |
Total Loans | 41,923 | 47,925 | ' |
Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 2,336 | 2,452 | ' |
31-60 Days Past Due | 57 | 14 | ' |
61-90 Days Past Due | ' | ' | ' |
Greater than 90 Days Past Due | ' | ' | ' |
Non Accrual | ' | 19 | ' |
Total Past Due | 57 | 33 | ' |
Total Loans | $2,393 | $2,485 | ' |
Loans_Receivable_Summary_of_Pr
Loans Receivable - Summary of Primary Segments of ALL (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Beginning of period | ' | ' | ' | $7,302 | ' | ' | ' | $8,170 | $7,302 | $8,170 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -3,053 | -3,777 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 65 | 359 | ' |
Provision | 800 | 1,100 | 850 | 1,000 | 800 | 600 | 650 | 500 | 3,750 | 2,550 | 2,055 |
Balance, End of period | 8,064 | ' | ' | ' | 7,302 | ' | ' | ' | 8,064 | 7,302 | 8,170 |
Individually evaluated for impairment | 819 | ' | ' | ' | 952 | ' | ' | ' | 819 | 952 | ' |
Collectively evaluated for impairment | 7,245 | ' | ' | ' | 6,350 | ' | ' | ' | 7,245 | 6,350 | ' |
Balance, End of period | 8,064 | ' | ' | ' | 7,302 | ' | ' | ' | 8,064 | 7,302 | 8,170 |
Residential Real Estate Loans [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Beginning of period | ' | ' | ' | 5,401 | ' | ' | ' | 5,220 | 5,401 | 5,220 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -2,401 | -2,366 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 50 | 291 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 2,737 | 2,256 | ' |
Balance, End of period | 5,787 | ' | ' | ' | 5,401 | ' | ' | ' | 5,787 | 5,401 | ' |
Individually evaluated for impairment | 518 | ' | ' | ' | 661 | ' | ' | ' | 518 | 661 | ' |
Collectively evaluated for impairment | 5,269 | ' | ' | ' | 4,740 | ' | ' | ' | 5,269 | 4,740 | ' |
Balance, End of period | 5,787 | ' | ' | ' | 5,401 | ' | ' | ' | 5,787 | 5,401 | ' |
Construction Real Estate Loans [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Beginning of period | ' | ' | ' | 29 | ' | ' | ' | 8 | 29 | 8 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | -9 | 21 | ' |
Balance, End of period | 20 | ' | ' | ' | 29 | ' | ' | ' | 20 | 29 | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 20 | ' | ' | ' | 29 | ' | ' | ' | 20 | 29 | ' |
Balance, End of period | 20 | ' | ' | ' | 29 | ' | ' | ' | 20 | 29 | ' |
Commercial Real Estate Loans [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Beginning of period | ' | ' | ' | 699 | ' | ' | ' | 1,255 | 699 | 1,255 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -403 | -987 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 7 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 648 | 424 | ' |
Balance, End of period | 946 | ' | ' | ' | 699 | ' | ' | ' | 946 | 699 | ' |
Individually evaluated for impairment | 301 | ' | ' | ' | 270 | ' | ' | ' | 301 | 270 | ' |
Collectively evaluated for impairment | 645 | ' | ' | ' | 429 | ' | ' | ' | 645 | 429 | ' |
Balance, End of period | 946 | ' | ' | ' | 699 | ' | ' | ' | 946 | 699 | ' |
Commercial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Beginning of period | ' | ' | ' | 474 | ' | ' | ' | 500 | 474 | 500 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | -31 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | -137 | -21 | ' |
Balance, End of period | 337 | ' | ' | ' | 474 | ' | ' | ' | 337 | 474 | ' |
Individually evaluated for impairment | ' | ' | ' | ' | 12 | ' | ' | ' | ' | 12 | ' |
Collectively evaluated for impairment | 337 | ' | ' | ' | 462 | ' | ' | ' | 337 | 462 | ' |
Balance, End of period | 337 | ' | ' | ' | 474 | ' | ' | ' | 337 | 474 | ' |
Obligations of States and Political Subdivisions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Beginning of period | ' | ' | ' | 127 | ' | ' | ' | 74 | 127 | 74 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 53 | ' |
Balance, End of period | 130 | ' | ' | ' | 127 | ' | ' | ' | 130 | 127 | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 130 | ' | ' | ' | 127 | ' | ' | ' | 130 | 127 | ' |
Balance, End of period | 130 | ' | ' | ' | 127 | ' | ' | ' | 130 | 127 | ' |
Home Equity Loans and Lines of Credit [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Beginning of period | ' | ' | ' | 499 | ' | ' | ' | 622 | 499 | 622 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -243 | -393 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 35 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 161 | 235 | ' |
Balance, End of period | 430 | ' | ' | ' | 499 | ' | ' | ' | 430 | 499 | ' |
Individually evaluated for impairment | ' | ' | ' | ' | 9 | ' | ' | ' | ' | 9 | ' |
Collectively evaluated for impairment | 430 | ' | ' | ' | 490 | ' | ' | ' | 430 | 490 | ' |
Balance, End of period | 430 | ' | ' | ' | 499 | ' | ' | ' | 430 | 499 | ' |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Beginning of period | ' | ' | ' | 22 | ' | ' | ' | 80 | 22 | 80 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -6 | ' | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 5 | -58 | ' |
Balance, End of period | 21 | ' | ' | ' | 22 | ' | ' | ' | 21 | 22 | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 21 | ' | ' | ' | 22 | ' | ' | ' | 21 | 22 | ' |
Balance, End of period | 21 | ' | ' | ' | 22 | ' | ' | ' | 21 | 22 | ' |
Unallocated [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Beginning of period | ' | ' | ' | 51 | ' | ' | ' | 411 | 51 | 411 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 342 | -360 | ' |
Balance, End of period | 393 | ' | ' | ' | 51 | ' | ' | ' | 393 | 51 | ' |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 393 | ' | ' | ' | 51 | ' | ' | ' | 393 | 51 | ' |
Balance, End of period | $393 | ' | ' | ' | $51 | ' | ' | ' | $393 | $51 | ' |
Loans_Receivable_Summary_of_Tr
Loans Receivable - Summary of Troubled Debt Restructuring Granted (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Contract | Contract | |
Real Estate Loans [Member] | Residential [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Contracts | 12 | 20 |
Pre-Modification Outstanding Recorded Investment | $1,578 | $3,365 |
Post-Modification Outstanding Recorded Investment | 1,578 | 3,281 |
Real Estate Loans [Member] | Construction [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Contracts | ' | ' |
Pre-Modification Outstanding Recorded Investment | ' | ' |
Post-Modification Outstanding Recorded Investment | ' | ' |
Real Estate Loans [Member] | Commercial [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Contracts | ' | 10 |
Pre-Modification Outstanding Recorded Investment | ' | 3,165 |
Post-Modification Outstanding Recorded Investment | ' | 3,102 |
Commercial [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Contracts | ' | 3 |
Pre-Modification Outstanding Recorded Investment | ' | 217 |
Post-Modification Outstanding Recorded Investment | ' | 162 |
Obligations of States and Political Subdivisions [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Contracts | ' | ' |
Pre-Modification Outstanding Recorded Investment | ' | ' |
Post-Modification Outstanding Recorded Investment | ' | ' |
Home Equity Loans and Lines of Credit [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Contracts | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | 98 | 5 |
Post-Modification Outstanding Recorded Investment | 98 | 4 |
Other [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Contracts | ' | ' |
Pre-Modification Outstanding Recorded Investment | ' | ' |
Post-Modification Outstanding Recorded Investment | ' | ' |
Troubled Debt Restructurings [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Contracts | 13 | 35 |
Pre-Modification Outstanding Recorded Investment | 1,676 | 6,752 |
Post-Modification Outstanding Recorded Investment | $1,676 | $6,549 |
Loans_Receivable_Summary_of_Tr1
Loans Receivable - Summary of Troubled Debt Restructurings Subsequently Defaulted within One Year of Modification (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 |
Contract | |
Real Estate Loans [Member] | Residential [Member] | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' |
Number of Contracts | ' |
Recorded Investment | ' |
Real Estate Loans [Member] | Construction [Member] | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' |
Number of Contracts | ' |
Recorded Investment | ' |
Real Estate Loans [Member] | Commercial [Member] | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' |
Number of Contracts | 1 |
Recorded Investment | 41 |
Commercial [Member] | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' |
Number of Contracts | 1 |
Recorded Investment | 31 |
Obligations of States and Political Subdivisions [Member] | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' |
Number of Contracts | ' |
Recorded Investment | ' |
Home Equity Loans and Lines of Credit [Member] | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' |
Number of Contracts | ' |
Recorded Investment | ' |
Other [Member] | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' |
Number of Contracts | ' |
Recorded Investment | ' |
Troubled Debt Restructurings [Member] | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' |
Number of Contracts | 2 |
Recorded Investment | $72 |
Premises_and_Equipment_Composi
Premises and Equipment - Composition of premises and Equipment (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment Useful Life And Values [Abstract] | ' | ' |
Land and land improvements | $5,930 | $5,001 |
Buildings and leasehold improvements | 14,102 | 14,772 |
Furniture, fixtures, and equipment | 9,549 | 9,003 |
Construction in process | 15 | 234 |
Premises and equipment Gross | 29,596 | 29,010 |
Less accumulated depreciation | -13,849 | -12,840 |
Total | $15,747 | $16,170 |
Premises_and_Equipment_Additio
Premises and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Property Plant And Equipment Useful Life And Values [Abstract] | ' | ' | ' |
Depreciation Expense | $1,009,000 | $885,000 | $920,000 |
Deposits_Schedule_of_Depositsa
Deposits - Schedule of Depositsand Respective Weighted-Average Interest Rates by Major Classifications (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Deposits [Line Items] | ' | ' |
Weighted Average Interest Rate, Noninterest-bearing demand accounts | ' | ' |
Weighted Average Interest Rate, NOW accounts | 0.04% | 0.05% |
Weighted Average Interest Rate, Money market accounts | 0.20% | 0.30% |
Weighted Average Interest Rate, Savings and club accounts | 0.05% | 0.06% |
Weighted Average Interest Rate, Certificates of deposit | 1.26% | 1.46% |
Weighted Average Interest Rate, Total | 0.80% | 0.92% |
Noninterest-bearing demand accounts | $58,795 | $41,767 |
NOW accounts | 99,857 | 109,923 |
Money market accounts | 138,049 | 155,666 |
Savings and club accounts | 110,189 | 102,143 |
Certificates of deposit | 634,169 | 586,135 |
Total | 1,041,059 | 995,634 |
Certificates of deposit | 634,169 | 586,135 |
0.00 - 2.00% [Member] | ' | ' |
Deposits [Line Items] | ' | ' |
Weighted Average Interest Rate, Certificates of deposit | 0.84% | 0.93% |
Certificates of deposit | 496,310 | 423,426 |
Certificates of deposit | 496,310 | 423,426 |
2.01 - 4.00% [Member] | ' | ' |
Deposits [Line Items] | ' | ' |
Weighted Average Interest Rate, Certificates of deposit | 2.71% | 2.72% |
Certificates of deposit | 133,579 | 150,692 |
Certificates of deposit | 133,579 | 150,692 |
4.01 - 6.00% [Member] | ' | ' |
Deposits [Line Items] | ' | ' |
Weighted Average Interest Rate, Certificates of deposit | 4.55% | 4.46% |
Certificates of deposit | 4,280 | 12,017 |
Certificates of deposit | $4,280 | $12,017 |
Deposits_Scheduled_Maturities_
Deposits - Scheduled Maturities of Certificates of Deposit (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Fees And Commissions Income [Line Items] | ' |
Within three months | $129,805 |
Three through six months | 97,656 |
Six through twelve months | 84,691 |
Over twelve months | 322,017 |
Total | $634,169 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Fees And Commissions Income [Line Items] | ' | ' |
Brokered deposits Total | $233,315,000 | $156,823,000 |
Aggregate amount of time certificates of deposit | 443,863,000 | ' |
Aggregate amount of time certificates of deposit with a minimum denomination | $100,000 | ' |
Deposits_Scheduled_Maturities_1
Deposits - Scheduled Maturities of Certificates of Deposit in Denominations (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Fees And Commissions Income [Line Items] | ' |
Within three months | $82,817 |
Three through six months | 71,392 |
Six through twelve months | 43,247 |
Over twelve months | 246,407 |
Total | $443,863 |
Deposits_Summary_of_Interest_E
Deposits - Summary of Interest Expense on Deposits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Fees And Commissions Income [Line Items] | ' | ' | ' |
NOW accounts | $51 | $24 | $25 |
Money market accounts | 327 | 326 | 551 |
Savings and club accounts | 51 | 80 | 156 |
Certificates of deposits | 6,979 | 7,056 | 6,754 |
Total | $7,408 | $7,486 | $7,486 |
ShortTerm_Borrowings_Additiona
Short-Term Borrowings - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Debt Disclosure [Abstract] | ' | ' |
Short-term borrowings | $23,000,000 | $43,281,000 |
Advances on line of credit with the FHLB | 0 | 20,281,000 |
Line of credit with the FHLB | 75,000,000 | ' |
Borrowing limit | $599,000,000 | ' |
ShortTerm_Borrowings_Schedule_
Short-Term Borrowings - Schedule of Short-Term Borrowings (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Debt Disclosure [Abstract] | ' | ' | ' |
Balance at year-end | $23,000 | $43,281 | $4,000 |
Maximum amount outstanding at any month-end | 84,500 | 43,281 | 28,086 |
Average balance outstanding during the year | $45,792 | $11,712 | $6,439 |
Weighted-average interest rate: | ' | ' | ' |
As of year-end | 0.29% | 0.30% | 0.22% |
Paid during the year | 0.28% | 0.27% | 0.71% |
Other_Borrowings_Contractual_M
Other Borrowings - Contractual Maturities of FHLB Long-term Advances and Securities Sold Under Agreements to Repurchase (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Federal Home Loan Bank Advances [Line Items] | ' | ' |
FHLB bank amount of advances by branch | $129,260 | $191,460 |
Convertible [Member] | ' | ' |
Federal Home Loan Bank Advances [Line Items] | ' | ' |
Maturity Range From | '2018 | ' |
Maturity Range To | '2018 | ' |
Weighted- Average Interest Rate | 3.30% | ' |
Stated Interest Rate Ranged From | 3.30% | ' |
Stated Interest Rate Ranged To | 3.30% | ' |
FHLB bank amount of advances by branch | 5,000 | 5,000 |
Fixed Rate [Member] | ' | ' |
Federal Home Loan Bank Advances [Line Items] | ' | ' |
Maturity Range From | '2013 | ' |
Maturity Range To | '2020 | ' |
Weighted- Average Interest Rate | 1.90% | ' |
Stated Interest Rate Ranged From | 0.63% | ' |
Stated Interest Rate Ranged To | 4.10% | ' |
FHLB bank amount of advances by branch | 107,260 | 133,960 |
Mid-Term [Member] | ' | ' |
Federal Home Loan Bank Advances [Line Items] | ' | ' |
Maturity Range From | '2014 | ' |
Maturity Range To | '2016 | ' |
Weighted- Average Interest Rate | 0.71% | ' |
Stated Interest Rate Ranged From | 0.46% | ' |
Stated Interest Rate Ranged To | 0.87% | ' |
FHLB bank amount of advances by branch | 7,000 | 7,500 |
Securities Sold Under Agreements to Repurchase [Member] | ' | ' |
Federal Home Loan Bank Advances [Line Items] | ' | ' |
Maturity Range From | '2014 | ' |
Maturity Range To | '2014 | ' |
Weighted- Average Interest Rate | 2.75% | ' |
Stated Interest Rate Ranged From | 2.63% | ' |
Stated Interest Rate Ranged To | 2.86% | ' |
FHLB bank amount of advances by branch | $10,000 | $45,000 |
Other_Borrowings_Maturities_of
Other Borrowings - Maturities of FHLB Long-term Advances and Securities Sold Under Agreements to Repurchase (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Fees And Commissions Income [Line Items] | ' | ' |
2014 | $33,710 | ' |
2015 | 10,300 | ' |
2016 | 28,300 | ' |
2017 | 23,250 | ' |
2018 | 20,000 | ' |
2019 and thereafter | 13,700 | ' |
Total | $129,260 | $191,460 |
Weighted Average Rate 2014 | 2.74% | ' |
Weighted Average Rate 2015 | 2.26% | ' |
Weighted Average Rate 2016 | 1.41% | ' |
Weighted Average Rate 2017 | 1.41% | ' |
Weighted Average Rate 2018 | 1.64% | ' |
Weighted Average Rate 2019 and thereafter | 2.30% | ' |
Weighted Average Rate Total | 1.95% | ' |
Other_Borrowings_Additional_In
Other Borrowings - Additional Information (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Note | ||
Fees And Commissions Income [Line Items] | ' | ' |
Note payable | $5,000,000 | ' |
Number of convertible notes | 1 | ' |
Mortgage-backed securities | $14,795,000 | $56,947,000 |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $1,646 | ($1,807) | $2,130 |
State | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 7 |
Total current taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,646 | -1,792 | 2,137 |
Deferred income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 1,188 | 1,825 | -274 |
Actual tax expense and effective rate, Amount | $292 | $519 | $662 | $1,361 | ($673) | $311 | $211 | $184 | $2,834 | $33 | $1,863 |
Income_Taxes_Schedule_of_Chang
Income Taxes - Schedule of Changes in Significant Portions of the Deferred Tax Assets and Deferred Tax Liabilities (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Allowance for loan losses | $2,742 | $2,515 |
Charitable contributions carryover | ' | 12 |
Employee benefit plan | 673 | 2,292 |
Investment losses subject to Section 382 limitation | 5,622 | 5,895 |
Purchase accounting adjustment | 789 | 2,287 |
Other | 4,232 | 3,447 |
Total gross deferred tax assets | 14,058 | 16,448 |
Deferred tax liabilities: | ' | ' |
Pension plan | 1,137 | 1,197 |
Net unrealized gain on securities | 36 | 3,198 |
Mortgage servicing rights | 131 | 125 |
Premises and equipment | 462 | 175 |
Other | 601 | 417 |
Total gross deferred tax liabilities | 2,367 | 5,112 |
Net deferred tax assets | $11,183 | $11,336 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Valuation allowance | $0 | $0 |
Unrecognized Tax Benefits | 0 | ' |
Uncertain tax position | 0 | ' |
Effective income tax rate | 11.50% | ' |
Retained earnings | 4,600,000 | ' |
Provision for Federal income tax | $0 | ' |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation of the Federal Statutory Rate and the Effective Income Tax Rate (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision at statutory rate, Amount | ' | ' | ' | ' | ' | ' | ' | ' | $3,963 | $84 | $2,421 |
Valuation allowance, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 247 | 39 |
Income from bank-owned life insurance, Amount | ' | ' | ' | ' | ' | ' | ' | ' | -322 | -274 | -217 |
Tax-exempt income, Amount | ' | ' | ' | ' | ' | ' | ' | ' | -388 | -310 | -371 |
Low-income housing credits, Amount | ' | ' | ' | ' | ' | ' | ' | ' | -289 | -195 | -175 |
Nondeductible merger expenses, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 163 | ' |
Other, net, Amount | ' | ' | ' | ' | ' | ' | ' | ' | -130 | 318 | 166 |
Actual tax expense and effective rate, Amount | $292 | $519 | $662 | $1,361 | ($673) | $311 | $211 | $184 | $2,834 | $33 | $1,863 |
Provision at statutory rate, Percentage of pretax income | ' | ' | ' | ' | ' | ' | ' | ' | 34.00% | 34.00% | 34.00% |
Valuation allowance, Percentage of pretax income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.60% | 0.50% |
Income from bank-owned life insurance, Percentage of pretax income | ' | ' | ' | ' | ' | ' | ' | ' | -2.80% | -110.70% | -3.00% |
Tax-exempt income, Percentage of pretax income | ' | ' | ' | ' | ' | ' | ' | ' | -3.30% | -125.50% | -5.20% |
Low-income housing credits, Percentage of pretax income | ' | ' | ' | ' | ' | ' | ' | ' | -2.50% | -78.70% | -2.50% |
Nondeductible merger expenses, Percentage of pretax income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.80% | ' |
Other, net, Percentage of pretax income | ' | ' | ' | ' | ' | ' | ' | ' | -1.10% | 128.80% | 2.30% |
Actual tax expense and effective rate, Percentage of pretax income | ' | ' | ' | ' | ' | ' | ' | ' | 24.30% | 13.30% | 26.10% |
Commitments_Components_of_Off_
Commitments - Components of Off Balance Sheet Commitments (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Commitments to Extend Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off balance sheet commitments | $22,333 | $21,461 |
Standby Letters of Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off balance sheet commitments | 4,769 | 3,244 |
Unfunded Lines of Credit [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Off balance sheet commitments | $42,016 | $38,750 |
Commitments_Additional_Informa
Commitments - Additional Information (Detail) | 12 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Interest Rate, Fixed Rate Commitments Minimum | 3.25% |
Interest Rate, Fixed Rate Commitments Maximum | 5.25% |
Contract Maturity Period | 'Less than one year |
Coverage Period for Instrument | '1 year |
Lease_Commitments_and_Total_Re2
Lease Commitments and Total Rental Expense - Future Minimum Lease Payments By Year and in the Aggregate (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $524 |
2015 | 451 |
2016 | 391 |
2017 | 230 |
2018 | 128 |
2019 and beyond | 1,151 |
Total | $2,875 |
Lease_Commitments_and_Total_Re3
Lease Commitments and Total Rental Expense - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Office | |||
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Total rental expenses | $913,000 | $835,000 | $760,000 |
Number of offices | 6 | ' | ' |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Age | Equity Incentive Plan [Member] | Equity [Member] | Cash and Fixed Income [Member] | Stock Option [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Non Qualified Stock Option [Member] | Incentive Stock Option [Member] | |||
2013 [Member] | ||||||||||||
Compensation Related Costs Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service Period | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Age of Employee | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Shares of the Company's Stock | 1,358,472 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding loan interest | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual payment of principal and interest | $718,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized ESOP expense | 485,000 | 469,000 | 555,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issuance, Grant | ' | ' | ' | 2,377,326 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of available shares | ' | ' | ' | ' | ' | ' | 1,698,090 | ' | 679,236 | ' | ' | ' |
Shares granted | ' | ' | ' | ' | ' | ' | ' | 30,000 | 590,320 | ' | 1,140,469 | 317,910 |
Option vesting period (in years) | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option expiration date (in years) | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares vesting period | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '18 months | ' | ' |
Share-based compensation expense | 1,516,000 | 2,151,000 | 2,162,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option expense | 458,000 | 687,000 | 705,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock expense | 1,100,000 | 1,500,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested option outstanding, shares | 1,458,379 | 1,458,379 | ' | ' | ' | ' | ' | ' | 14,995 | ' | ' | ' |
Expected future expense | ' | ' | ' | ' | ' | ' | ' | ' | 219,000 | ' | ' | ' |
Remaining vesting period | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' |
Accumulated benefit obligation | 11,349,000 | 11,746,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated net loss | 28,000 | 392,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target allocation of cash and fixed income | ' | ' | ' | ' | 65.00% | 35.00% | ' | ' | ' | ' | ' | ' |
Expected contribution of bank | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit pension 401(k) plan related expenses | 0 | 0 | 65,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Executive Retirement Plan Minimum Period | 'No less than 192 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Present Value Of Benefits Under Plan | $680,000 | $677,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental executive retirement plan discounting rate for present value calculation | 6.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefits_Components_o
Employee Benefits - Components of the ESOP Shares (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Compensation Related Costs [Abstract] | ' | ' |
Allocated shares | 271,694 | 226,412 |
Shares committed to be released | 33,962 | 33,962 |
Unreleased shares | 1,052,816 | 1,098,098 |
Total ESOP shares | 1,358,472 | 1,358,472 |
Fair value of unreleased shares | $10,970 | $11,409 |
Employee_Benefits_Summary_of_t
Employee Benefits - Summary of the Company's Stock Option Activity (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Compensation Related Costs [Abstract] | ' | ' |
Number of Stock Options, Outstanding, September 30, 2012 | 1,458,379 | ' |
Number of Stock Options, Granted | ' | ' |
Number of Stock Options, Exercised | ' | ' |
Number of Stock Options, Forfeited | ' | ' |
Number of Stock Options, Outstanding, September 30, 2013 | 1,458,379 | 1,458,379 |
Number of Stock Options, Exercisable at year-end | 1,458,379 | ' |
Weighted-average Exercise Price, Outstanding, September 30, 2012 | $12.35 | ' |
Weighted-average Exercise Price, Granted | ' | ' |
Weighted-average Exercise Price, Exercised | ' | ' |
Weighted-average Exercise Price, Forfeited | ' | ' |
Weighted-average Exercise Price, Outstanding, September 30, 2013 | $12.35 | $12.35 |
Weighted-average Exercise Price, Exercisable at year-end | $12.35 | ' |
Weighted-average Remaining Contractual Term (in years), Outstanding, September 30, 2012 | '4 years 8 months 1 day | '5 years 8 months 1 day |
Weighted-average Remaining Contractual Term (in years), Granted | '0 years | ' |
Weighted-average Remaining Contractual Term (in years), Exercised | '0 years | ' |
Weighted-average Remaining Contractual Term (in years), Forfeited | '0 years | ' |
Weighted-average Remaining Contractual Term (in years), Outstanding, September 30, 2013 | '4 years 8 months 1 day | '5 years 8 months 1 day |
Weighted-average Remaining Contractual Term (in years), Exercisable at year-end | '4 years 8 months 1 day | ' |
Aggregate Intrinsic Value, Outstanding, September 30, 2012 | ' | ' |
Aggregate Intrinsic Value, Granted | ' | ' |
Aggregate Intrinsic Value, Exercised | ' | ' |
Aggregate Intrinsic Value, Forfeited | ' | ' |
Aggregate Intrinsic Value, Outstanding, September 30, 2013 | ' | ' |
Aggregate Intrinsic Value, Exercisable at year-end | ' | ' |
Employee_Benefits_Summary_of_t1
Employee Benefits - Summary of the Status of the Company's Restricted Stock (Detail) (USD $) | 12 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Restricted Stock, Granted | ' |
Number of Restricted Stock, Forfeited | ' |
Weighted-average Grant Date Fair Value, Forfeited | ' |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Restricted Stock, Nonvested at September 30, 2012 | 115,212 |
Number of Restricted Stock, Granted | 30,000 |
Number of Restricted Stock, Vested | -130,217 |
Number of Restricted Stock, Forfeited | ' |
Number of Restricted Stock, Nonvested at September 30, 2013 | 14,995 |
Weighted-average Grant Date Fair Value, Nonvested at September 30, 2012 | $12.35 |
Weighted-average Grant Date Fair Value, Granted | $10.94 |
Weighted-average Grant Date Fair Value, Vested | $12.19 |
Weighted-average Grant Date Fair Value, Forfeited | ' |
Weighted-average Grant Date Fair Value, Nonvested at September 30, 2013 | $10.94 |
Employee_Benefits_Summary_of_C
Employee Benefits - Summary of Change in Plan Assets and Benefit Obligation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Compensation Related Costs [Abstract] | ' | ' | ' |
Benefit obligation at beginning of year | $17,264 | $15,024 | ' |
Service cost | 702 | 597 | 533 |
Interest cost | 716 | 713 | 698 |
Actuarial gains | -3,588 | 1,043 | ' |
Benefits paid | -97 | -113 | ' |
Benefit obligation at end of year | 14,997 | 17,264 | 15,024 |
Fair value of plan assets at beginning of year | 14,042 | 11,457 | ' |
Actual return on plan assets | 1,818 | 2,338 | ' |
Contributions | 600 | 360 | ' |
Benefits paid | -97 | -113 | ' |
Fair value of plan assets at end of year | 16,363 | 14,042 | 11,457 |
Funded status | $1,366 | ($3,222) | ' |
Employee_Benefits_Summary_of_t2
Employee Benefits - Summary of the Components of Net Periodic Pension Cost (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | |||
Compensation Related Costs [Abstract] | ' | ' | ' |
Net gain | $1,979 | $6,742 | $7,697 |
Prior service cost | ' | ' | ' |
Total | $1,979 | $6,742 | $7,697 |
Employee_Benefits_Summary_of_t3
Employee Benefits - Summary of the Components of Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Compensation Related Costs [Abstract] | ' | ' | ' |
Service cost | $702 | $597 | $533 |
Interest cost | 716 | 713 | 698 |
Expected return on plan assets | -1,034 | -814 | -769 |
Amortization of prior service cost | ' | ' | 8 |
Amortization of unrecognized loss | 392 | 475 | 404 |
Net periodic benefit cost | $776 | $972 | $874 |
Employee_Benefits_Schedule_of_
Employee Benefits - Schedule of Weighted-Average Assumptions (Detail) | Sep. 30, 2013 | Sep. 30, 2012 |
Compensation Related Costs [Abstract] | ' | ' |
Discount rate | 5.10% | 4.15% |
Rate of compensation increase | 4.00% | 4.00% |
Employee_Benefits_Schedule_of_1
Employee Benefits - Schedule of Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Compensation Related Costs [Abstract] | ' | ' | ' |
Discount rate | 4.15% | 4.75% | 5.25% |
Expected long-term return on plan assets | 7.00% | 7.00% | 7.00% |
Rate of compensation increase | 4.00% | 5.00% | 5.00% |
Employee_Benefits_Summary_of_t4
Employee Benefits - Summary of the Plan's Financial Assets at Fair Value, Within the Fair Value Hierarchy (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total assets at fair value | $16,363 | $14,042 |
Investment in Collective Trusts Fixed Income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total assets at fair value | 5,722 | 4,884 |
Investment in Collective Trusts Equity [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total assets at fair value | 10,631 | 9,142 |
Investment in Short-Term Investments [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total assets at fair value | 10 | 16 |
Level I [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total assets at fair value | ' | ' |
Level I [Member] | Investment in Collective Trusts Fixed Income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total assets at fair value | ' | ' |
Level I [Member] | Investment in Collective Trusts Equity [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total assets at fair value | ' | ' |
Level I [Member] | Investment in Short-Term Investments [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total assets at fair value | ' | ' |
Level II [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total assets at fair value | 16,363 | 14,042 |
Level II [Member] | Investment in Collective Trusts Fixed Income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total assets at fair value | 5,722 | 4,884 |
Level II [Member] | Investment in Collective Trusts Equity [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total assets at fair value | 10,631 | 9,142 |
Level II [Member] | Investment in Short-Term Investments [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total assets at fair value | 10 | 16 |
Level III [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total assets at fair value | ' | ' |
Level III [Member] | Investment in Collective Trusts Fixed Income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total assets at fair value | ' | ' |
Level III [Member] | Investment in Collective Trusts Equity [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total assets at fair value | ' | ' |
Level III [Member] | Investment in Short-Term Investments [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total assets at fair value | ' | ' |
Employee_Benefits_The_Banks_De
Employee Benefits - The Bank's Defined Benefit Pension Plan Weighted-Average Asset Allocations (Detail) | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Cash and Fixed Income Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Defined Benefit Plan, Actual Plan Asset Allocations | 35.00% | 34.80% |
Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Defined Benefit Plan, Actual Plan Asset Allocations | 64.90% | 65.10% |
Other [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Total Defined Benefit Plan, Actual Plan Asset Allocations | 0.10% | 0.10% |
Employee_Benefits_Summary_of_E
Employee Benefits - Summary of Estimated Future Benefit Payments (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Compensation Related Costs [Abstract] | ' |
2014 | $72 |
2015 | 79 |
2016 | 85 |
2017 | 108 |
2018 | 298 |
2019-2023 | $3,963 |
Regulatory_Restrictions_Additi
Regulatory Restrictions - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Fees And Commissions Income [Line Items] | ' | ' |
Reserve funds deposit | $3,476,000 | $9,003,000 |
Regulatory_Capital_Requirement2
Regulatory Capital Requirements - Additional Information (Detail) | Sep. 30, 2013 | Sep. 30, 2012 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total risk-based ratio | 10.00% | 10.00% |
Tier 1 risk-based ratio | 4.00% | 4.00% |
Minimum [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total risk-based ratio | 10.00% | 10.00% |
Tier 1 risk-based ratio | 6.00% | 6.00% |
Core capital ratio | 5.00% | 5.00% |
Tangible equity capital ratio | 1.50% | 1.50% |
Regulatory_Capital_Requirement3
Regulatory Capital Requirements - Reconciliation of Bank's Capital under U.S. Generally Accepted Accounting Principles to Regulatory Capital (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 |
In Thousands, unless otherwise specified | ||||
Fees And Commissions Income [Line Items] | ' | ' | ' | ' |
Total stockholders' equity | $166,446 | $175,411 | $161,679 | $171,623 |
Accumulated other comprehensive (income) loss | -1,235 | 1,758 | 586 | ' |
Unrealized loss on equity securities | -10 | ' | ' | ' |
Goodwill and certain other intangible assets | -10,930 | -11,812 | ' | ' |
Disallowed servicing assets | -37 | -36 | ' | ' |
Tier I, core, and tangible capital | 151,959 | 155,126 | ' | ' |
Allowance for loan losses | 7,297 | 6,402 | ' | ' |
Unrealized gains on equity securities | ' | 4 | ' | ' |
Total risk-based capital | $159,256 | $161,532 | ' | ' |
Regulatory_Capital_Requirement4
Regulatory Capital Requirements - Bank's Actual Capital Ratios (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Fees And Commissions Income [Line Items] | ' | ' |
Actual, Amount | $159,256 | $161,532 |
For Capital Adequacy Purposes, Amount | 62,603 | 65,962 |
To Be Well Capitalized, Amount | 78,254 | 82,453 |
Actual, Amount | 151,959 | 155,126 |
For Capital Adequacy Purposes, Amount | 31,301 | 32,981 |
To Be Well Capitalized, Amount | 46,952 | 49,972 |
Actual, Amount | 151,959 | 155,126 |
For Capital Adequacy Purposes, Amount | 54,337 | 56,001 |
To Be Well Capitalized, Amount | $67,921 | $70,002 |
Actual, Ratio | 20.40% | 19.60% |
For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
To Be Well Capitalized, Ratio | 10.00% | 10.00% |
Actual, Ratio | 19.40% | 18.80% |
For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
To Be Well Capitalized, Ratio | 6.00% | 6.00% |
Actual, Ratio | 11.20% | 11.10% |
For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
To Be Well Capitalized, Ratio | 5.00% | 5.00% |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Securities, Other Real Estate Owned and Impaired Loans Measured at Fair Value (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Investment securities available for sale | ' | ' |
Total securities | $315,622 | $329,585 |
Foreclosed real estate owned | 2,111 | 2,998 |
Impaired loans | 36,407 | 32,520 |
Level I [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | 2,015 | 3,378 |
Foreclosed real estate owned | ' | ' |
Impaired loans | ' | ' |
Level II [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | 311,807 | 324,467 |
Foreclosed real estate owned | ' | ' |
Impaired loans | ' | ' |
Level III [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | 1,800 | 1,740 |
Foreclosed real estate owned | 2,111 | 2,998 |
Impaired loans | 36,407 | 32,520 |
Mortgage-Backed Securities [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | 217,837 | 215,804 |
Mortgage-Backed Securities [Member] | Level II [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | 217,837 | 215,804 |
Mortgage-Backed Securities [Member] | Level III [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | ' | ' |
Obligations of States and Political Subdivisions [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | 23,909 | 19,517 |
Obligations of States and Political Subdivisions [Member] | Level I [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | ' | ' |
Obligations of States and Political Subdivisions [Member] | Level II [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | 23,909 | 19,517 |
Obligations of States and Political Subdivisions [Member] | Level III [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | ' | ' |
U.S. Government Agency Securities [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | 52,520 | 74,484 |
U.S. Government Agency Securities [Member] | Level I [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | ' | ' |
U.S. Government Agency Securities [Member] | Level II [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | 52,520 | 74,484 |
U.S. Government Agency Securities [Member] | Level III [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | ' | ' |
Corporate Obligations [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | 12,773 | 8,657 |
Corporate Obligations [Member] | Level I [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | ' | ' |
Corporate Obligations [Member] | Level II [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | 12,773 | 8,657 |
Corporate Obligations [Member] | Level III [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | ' | ' |
Trust-Preferred Securities [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | 5,414 | 6,233 |
Trust-Preferred Securities [Member] | Level I [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | ' | ' |
Trust-Preferred Securities [Member] | Level II [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | 3,614 | 4,493 |
Trust-Preferred Securities [Member] | Level III [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | 1,800 | 1,740 |
Other Debt Securities [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | 1,154 | 1,512 |
Other Debt Securities [Member] | Level I [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | ' | ' |
Other Debt Securities [Member] | Level II [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | 1,154 | 1,512 |
Other Debt Securities [Member] | Level III [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | ' | ' |
Equity Securities [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | 2,015 | 3,378 |
Equity Securities [Member] | Level I [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | 2,015 | 3,378 |
Equity Securities [Member] | Level III [Member] | ' | ' |
Investment securities available for sale | ' | ' |
Total securities | ' | ' |
Fair_Value_Measurement_Schedul
Fair Value Measurement - Schedule of Changes in Fair Value of Level III Investments (Detail) (Level III [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Level III [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Beginning balance | $1,740 | ' |
Purchases, sales, issuances, settlements, net | ' | 1,528 |
Total unrealized gain: | ' | ' |
Included in earnings | ' | ' |
Included in other comprehensive income | 60 | 212 |
Transfers in and/or out of Level III | ' | ' |
Ending Balance | $1,800 | $1,740 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Loans | |||
Fair Value Disclosures [Abstract] | ' | ' | ' |
Number of impaired loans | 233 | ' | ' |
Impaired loans, carrying value | $37,200,000 | ' | ' |
Impaired loans, valuation allowance | 819,000 | ' | ' |
Impaired loans, net fair value | 36,400,000 | ' | ' |
Fair value consists of the loan receivable | 951,120,000 | 997,685,000 | ' |
Impaired financing valuation allowances | $819,000 | $952,000 | $1,160,000 |
Fair_Value_Measurement_Summary
Fair Value Measurement - Summary of Additional Quantitative Information about Assets Measured at Fair Value on a Nonrecurring Basis (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Fair Value Estimate | $16,363 | $14,042 |
Impaired Loans [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Fair Value Estimate | 36,407 | 32,520 |
Unobservable Input | 'Appraisal adjustments (2) | 'Appraisal adjustments (2) |
Impaired Loans [Member] | Minimum [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Fair value input appraisal adjustments | 0.00% | 0.00% |
Impaired Loans [Member] | Maximum [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Fair value input appraisal adjustments | 30.00% | 30.00% |
Foreclosed Real Estate Owned [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Fair Value Estimate | $2,111 | $2,998 |
Unobservable Input | 'Appraisal adjustments (2) | 'Appraisal adjustments (2) |
Foreclosed Real Estate Owned [Member] | Minimum [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Fair value input appraisal adjustments | 0.00% | 0.00% |
Foreclosed Real Estate Owned [Member] | Maximum [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Fair value input appraisal adjustments | 30.00% | 30.00% |
Appraisal of Collateral [Member] | Impaired Loans [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Valuation Techniques | 'Appraisal of collateral (1) | 'Appraisal of collateral (1) |
Appraisal of Collateral [Member] | Foreclosed Real Estate Owned [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Valuation Techniques | 'Appraisal of collateral (1), (3) | 'Appraisal of collateral (1), (3) |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Schedule of Fair Values of the Company's Financial Instruments (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Financial assets: | ' | ' |
Cash and cash equivalents | $26,648 | $15,550 |
Investment and mortgage-backed securities available for sale | 315,622 | 329,585 |
Loans receivable, net | 951,120 | 997,685 |
Accrued interest receivable | 4,413 | 4,929 |
Regulatory stock | 9,415 | 21,914 |
Mortgage servicing rights | 382 | 365 |
Bank-owned life insurance | 28,797 | 27,848 |
Financial liabilities: | ' | ' |
Deposits | 1,045,400 | 1,006,527 |
Short-term borrowings | 23,000 | 43,281 |
Other borrowings | 129,260 | 191,460 |
Advances by borrowers for taxes and insurance | 4,962 | 3,432 |
Accrued interest payable | 833 | 1,128 |
Carrying Value [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 26,648 | 15,550 |
Investment and mortgage-backed securities available for sale | 315,622 | 329,585 |
Loans receivable, net | 928,230 | 950,355 |
Accrued interest receivable | 4,413 | 4,929 |
Regulatory stock | 9,415 | 21,914 |
Mortgage servicing rights | 382 | 365 |
Bank-owned life insurance | 28,797 | 27,848 |
Financial liabilities: | ' | ' |
Deposits | 1,041,059 | 995,634 |
Short-term borrowings | 23,000 | 43,281 |
Other borrowings | 129,260 | 191,460 |
Advances by borrowers for taxes and insurance | 4,962 | 3,432 |
Accrued interest payable | 833 | 1,128 |
Level I [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 26,648 | 15,550 |
Investment and mortgage-backed securities available for sale | 2,015 | 3,378 |
Loans receivable, net | ' | ' |
Accrued interest receivable | 4,413 | 4,929 |
Regulatory stock | 9,415 | 21,914 |
Mortgage servicing rights | ' | ' |
Bank-owned life insurance | 28,797 | 27,848 |
Financial liabilities: | ' | ' |
Deposits | 406,890 | 409,499 |
Short-term borrowings | 23,000 | 43,281 |
Other borrowings | ' | ' |
Advances by borrowers for taxes and insurance | 4,962 | 3,432 |
Accrued interest payable | 833 | 1,128 |
Level II [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | ' | ' |
Investment and mortgage-backed securities available for sale | 311,807 | 324,467 |
Loans receivable, net | ' | ' |
Accrued interest receivable | ' | ' |
Regulatory stock | ' | ' |
Mortgage servicing rights | ' | ' |
Bank-owned life insurance | ' | ' |
Financial liabilities: | ' | ' |
Deposits | ' | 597,028 |
Short-term borrowings | ' | ' |
Other borrowings | ' | 195,636 |
Advances by borrowers for taxes and insurance | ' | ' |
Accrued interest payable | ' | ' |
Level III [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | ' | ' |
Investment and mortgage-backed securities available for sale | 1,800 | 1,740 |
Loans receivable, net | 951,120 | 997,685 |
Accrued interest receivable | ' | ' |
Regulatory stock | ' | ' |
Mortgage servicing rights | 382 | 365 |
Bank-owned life insurance | ' | ' |
Financial liabilities: | ' | ' |
Deposits | 638,510 | ' |
Short-term borrowings | ' | ' |
Other borrowings | 124,504 | ' |
Advances by borrowers for taxes and insurance | ' | ' |
Accrued interest payable | ' | ' |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income - Activity in Accumulated Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Beginning Balance, Defined Benefit Pension Plan | ($4,449) | ($5,080) | ' |
Other comprehensive income before reclassifications, Defined Benefit Pension Plan | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income, Defined Benefit Pension Plan | 3,144 | 631 | ' |
Period change, Defined Benefit Pension Plan | 3,144 | 631 | ' |
Ending Balance, Defined Benefit Pension Plan | -1,306 | -4,449 | -5,080 |
Beginning Balance, Unrealized Gains (Losses) on Securities Available for Sale | 6,207 | 5,666 | ' |
Other comprehensive income before reclassifications, Unrealized Gains (Losses) on Securities Available for Sale | -5,643 | 767 | ' |
Amounts reclassified from accumulated other comprehensive income, Unrealized Gains (Losses) on Securities Available for Sale | -494 | -226 | ' |
Period change, Unrealized Gains (Losses) on Securities Available for Sale | -6,137 | 541 | ' |
Ending Balance, Unrealized Gains (Losses) on Securities Available for Sale | 71 | 6,207 | 5,666 |
Beginning Balance, Accumulated Other Comprehensive Income | 1,758 | 586 | ' |
Other comprehensive income before reclassifications | -5,643 | 767 | ' |
Amounts reclassified from accumulated other comprehensive income | 2,650 | 405 | ' |
Period change | -2,993 | 1,172 | ' |
Ending Balance, Accumulated Other Comprehensive Income | -1,235 | 1,758 | 586 |
Securities available for sale, Net securities gains reclassified into earnings | 749 | 343 | 778 |
Securities available for sale, Related income tax expense | 255 | 117 | 264 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income, Defined Benefit Pension Plan | -3,144 | -631 | ' |
Amounts reclassified from accumulated other comprehensive income, Unrealized Gains (Losses) on Securities Available for Sale | 494 | 226 | ' |
Amounts reclassified from accumulated other comprehensive income | -2,650 | -405 | ' |
Securities available for sale, Net securities gains reclassified into earnings | 749 | 343 | ' |
Securities available for sale, Related income tax expense | -255 | -117 | ' |
Defined benefit pension plan, Amortization of net loss and prior service costs | -4,763 | -956 | ' |
Defined benefit pension plan, Related income tax expense | $1,619 | $325 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Activity in Accumulated Other Comprehensive Income (Parenthetical) (Detail) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Text Block [Abstract] | ' | ' | ' |
Related income tax expense or benefit | 34.00% | 34.00% | 34.00% |
Parent_Company_Condensed_Balan
Parent Company - Condensed Balance Sheet (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and due from banks | $22,393 | $11,034 | ' | ' |
Certificates of deposit | 1,767 | 1,266 | ' | ' |
Investment securities available for sale | 315,622 | 329,585 | ' | ' |
Premises and equipment, net | 15,747 | 16,170 | ' | ' |
Other assets | 21,512 | 29,766 | ' | ' |
TOTAL ASSETS | 1,372,315 | 1,418,786 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Other liabilities | 7,588 | 9,568 | ' | ' |
Stockholders' equity | 166,446 | 175,411 | 161,679 | 171,623 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,372,315 | 1,418,786 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and due from banks | 3,195 | 3,650 | ' | ' |
Certificates of deposit | 17 | 16 | ' | ' |
Investment securities available for sale | 25 | 1,280 | ' | ' |
Investment in subsidiary | 161,701 | 168,082 | ' | ' |
Premises and equipment, net | 1,152 | 1,727 | ' | ' |
Other assets | 1,211 | 1,505 | ' | ' |
TOTAL ASSETS | 167,301 | 176,260 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Other liabilities | 855 | 849 | ' | ' |
Stockholders' equity | 166,446 | 175,411 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $167,301 | $176,260 | ' | ' |
Parent_Company_Condensed_State
Parent Company - Condensed Statement of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $9,393 | $9,849 | $9,884 | $10,719 | $8,853 | $6,736 | $6,771 | $6,708 | $39,845 | $29,068 | $28,896 |
Net gains on sale of investments | ' | ' | ' | ' | ' | ' | ' | ' | 749 | 343 | 778 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | 2,578 | 2,642 | 2,806 | 3,231 | 3,908 | 3,840 | 4,063 | 4,321 | 11,257 | 16,132 | 18,280 |
Professional fees | ' | ' | ' | ' | ' | ' | ' | ' | 1,868 | 1,368 | 1,488 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 2,746 | 2,348 | 2,154 |
Total noninterest expense | 8,013 | 8,154 | 8,790 | 7,505 | 12,943 | 6,526 | 6,874 | 6,662 | 32,462 | 33,005 | 26,045 |
Income (loss) before income taxes | 2,320 | 2,395 | 2,702 | 4,240 | -2,797 | 1,105 | 870 | 1,070 | 11,657 | 248 | 7,121 |
Income tax expense (benefit) | 292 | 519 | 662 | 1,361 | -673 | 311 | 211 | 184 | 2,834 | 33 | 1,863 |
Net income | 2,028 | 1,876 | 2,040 | 2,879 | -2,124 | 794 | 659 | 886 | 8,823 | 215 | 5,258 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 408 | 403 | 473 |
Net gains on sale of investments | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | 99 |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | 25,000 | 10,000 |
Total income | ' | ' | ' | ' | ' | ' | ' | ' | 15,438 | 25,403 | 10,572 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101 | ' |
Professional fees | ' | ' | ' | ' | ' | ' | ' | ' | 505 | 1,741 | 303 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 527 | 132 | 63 |
Total noninterest expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,032 | 1,974 | 366 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 14,406 | 23,429 | 10,206 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -32 | 94 |
Income before equity in undistributed net earnings of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 14,406 | 23,461 | 10,112 |
Equity in undistributed net earnings of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | -5,583 | -23,246 | -4,854 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $8,823 | $215 | $5,258 |
Parent_Company_Condensed_State1
Parent Company - Condensed Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income | $8,823 | $215 | $5,258 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Net gain on sale of investments | -749 | -343 | -778 |
Decrease in accrued interest receivable | 544 | 73 | 199 |
Other, net | -812 | -2,111 | -1,755 |
Net cash provided by operating activities | 23,194 | 5,327 | 10,188 |
INVESTING ACTIVITIES | ' | ' | ' |
Proceeds from principal repayment, maturities, and sales | -806 | -799 | -353 |
Net cash provided by investing activities | 34,229 | 75,398 | 4,084 |
FINANCING ACTIVITIES | ' | ' | ' |
Repayment of trust-preferred debt | -90,000 | -177,338 | -89,247 |
Purchase of treasury stock shares | -14,501 | -332 | -16,917 |
Dividends on common stock | -2,295 | -2,249 | -2,315 |
Net cash (used for) provided by financing activities | -46,325 | -106,869 | 16,532 |
Increase (decrease) in cash | 11,098 | -26,144 | 30,804 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 15,550 | 41,694 | 10,890 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 26,648 | 15,550 | 41,694 |
Parent Company [Member] | ' | ' | ' |
OPERATING ACTIVITIES | ' | ' | ' |
Net income | 8,823 | 215 | 5,258 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Equity in undistributed net earnings of subsidiary | 5,583 | 23,246 | 4,854 |
Net gain on sale of investments | -30 | ' | -99 |
(Decrease) increase in accrued income taxes | -12 | 1,254 | 56 |
Decrease in accrued interest receivable | 8 | 8 | 117 |
Deferred federal income taxes | -29 | 576 | -91 |
Other, net | 798 | -1,362 | 186 |
Net cash provided by operating activities | 15,141 | 23,937 | 10,281 |
INVESTING ACTIVITIES | ' | ' | ' |
Business acquisitions | ' | -12,306 | ' |
Proceeds from principal repayment, maturities, and sales | 1,200 | ' | 9,788 |
Net cash provided by investing activities | 1,200 | -12,306 | 9,788 |
FINANCING ACTIVITIES | ' | ' | ' |
Repayment of trust-preferred debt | ' | -8,596 | ' |
Purchase of treasury stock shares | -14,501 | -332 | -16,917 |
Dividends on common stock | -2,295 | -2,249 | -2,315 |
Net cash (used for) provided by financing activities | -16,796 | -11,177 | -19,232 |
Increase (decrease) in cash | -455 | 454 | 837 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 3,650 | 3,196 | 2,359 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $3,195 | $3,650 | $3,196 |
Selected_Quarterly_Data_Unaudi2
Selected Quarterly Data (Unaudited) - Summary of Selected Quarterly Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total interest income | $11,971 | $12,491 | $12,690 | $13,950 | $12,761 | $10,576 | $10,834 | $11,029 | $51,102 | $45,200 | $47,176 |
Total interest expense | 2,578 | 2,642 | 2,806 | 3,231 | 3,908 | 3,840 | 4,063 | 4,321 | 11,257 | 16,132 | 18,280 |
Net interest income | 9,393 | 9,849 | 9,884 | 10,719 | 8,853 | 6,736 | 6,771 | 6,708 | 39,845 | 29,068 | 28,896 |
Provision for loan losses | 800 | 1,100 | 850 | 1,000 | 800 | 600 | 650 | 500 | 3,750 | 2,550 | 2,055 |
Net interest income after provision for loan losses | 8,593 | 8,749 | 9,034 | 9,719 | 8,053 | 6,136 | 6,121 | 6,208 | 36,095 | 26,518 | 26,841 |
Total noninterest income | 1,740 | 1,800 | 2,458 | 2,026 | 2,093 | 1,495 | 1,623 | 1,524 | 8,024 | 6,735 | 6,325 |
Total noninterest expense | 8,013 | 8,154 | 8,790 | 7,505 | 12,943 | 6,526 | 6,874 | 6,662 | 32,462 | 33,005 | 26,045 |
Income (loss) before income taxes | 2,320 | 2,395 | 2,702 | 4,240 | -2,797 | 1,105 | 870 | 1,070 | 11,657 | 248 | 7,121 |
Income taxes (benefit) | 292 | 519 | 662 | 1,361 | -673 | 311 | 211 | 184 | 2,834 | 33 | 1,863 |
Net income | $2,028 | $1,876 | $2,040 | $2,879 | ($2,124) | $794 | $659 | $886 | $8,823 | $215 | $5,258 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.19 | $0.16 | $0.17 | $0.24 | ($0.18) | $0.07 | $0.06 | $0.08 | $0.76 | $0.02 | $0.46 |
Diluted | $0.19 | $0.16 | $0.17 | $0.24 | ($0.18) | $0.07 | $0.06 | $0.08 | $0.76 | $0.02 | $0.46 |
Average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | 10,954,982 | 11,409,791 | 11,763,581 | 12,088,125 | 11,632,918 | 10,857,483 | 10,840,604 | 10,807,598 | 11,559,553 | 11,050,683 | 11,487,915 |
Diluted | 10,954,982 | 11,409,791 | 11,763,581 | 12,088,125 | 11,632,918 | 10,857,483 | 10,840,604 | 10,807,598 | ' | ' | ' |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Subsequent Event [Member], USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Aug. 16, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Nov. 18, 2013 |
Subsequent Event [Member] | ' | ' | ' | ' |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Estimated cost of the property, plant, and equipment | $2.50 | ' | ' | ' |
Weighted-average premium | 5.40% | ' | ' | ' |
Transaction's closing date | ' | '2014-01 | ' | ' |
Merger agreement, stockholders of FSB per share | ' | ' | ' | $9.75 |
Merger agreement, stockholders of FSB amount | ' | ' | ' | $15.70 |
Expected date of transaction to close | ' | ' | 'Second quarter of 2014 | ' |