Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2015 | Feb. 02, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ESSA | |
Entity Registrant Name | ESSA Bancorp, Inc. | |
Entity Central Index Key | 1,382,230 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 11,330,544 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
ASSETS | ||
Cash and due from banks | $ 21,448 | $ 15,905 |
Interest-bearing deposits with other institutions | 4,280 | 2,853 |
Total cash and cash equivalents | 25,728 | 18,758 |
Certificates of deposit | 1,500 | 1,750 |
Investment securities available for sale, at fair value | 393,572 | 379,407 |
Loans receivable (net of allowance for loan losses of $9,257 and $8,919) | 1,228,007 | 1,102,118 |
Regulatory stock, at cost | 14,679 | 13,831 |
Premises and equipment, net | 17,524 | 16,553 |
Bank-owned life insurance | 30,885 | 30,655 |
Foreclosed real estate | 2,704 | 2,480 |
Intangible assets, net | 3,076 | 1,759 |
Goodwill | 13,801 | 10,259 |
Deferred income taxes | 13,095 | 11,149 |
Other assets | 18,842 | 17,825 |
TOTAL ASSETS | 1,763,413 | 1,606,544 |
LIABILITIES | ||
Deposits | 1,240,170 | 1,096,754 |
Short-term borrowings | 84,052 | 91,339 |
Other borrowings | 249,101 | 229,101 |
Advances by borrowers for taxes and insurance | 6,992 | 4,273 |
Other liabilities | 13,070 | 13,797 |
TOTAL LIABILITIES | $ 1,593,385 | $ 1,435,264 |
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; 11,330,544 and 11,353,244 outstanding at December 31, 2015 and September 30, 2015) | $ 181 | $ 181 |
Additional paid in capital | 182,371 | 182,295 |
Unallocated common stock held by the Employee Stock Ownership Plan (ESOP) | (9,513) | (9,627) |
Retained earnings | 84,684 | 83,658 |
Treasury stock, at cost; 6,802,551 and 6,779,851 shares outstanding at December 31, 2015 and September 30, 2015, respectively | (83,133) | (82,832) |
Accumulated other comprehensive loss | (4,562) | (2,395) |
TOTAL STOCKHOLDERS' EQUITY | 170,028 | 171,280 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,763,413 | $ 1,606,544 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 9,257 | $ 8,919 |
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 0 | 0 |
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 | 11,330,544 | 11,353,244 |
Treasury stock, shares outstanding | 6,802,551 | 6,779,851 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
INTEREST INCOME | ||
Loans receivable, including fees | $ 11,574 | $ 11,449 |
Investment securities: | ||
Taxable | 1,818 | 1,889 |
Exempt from federal income tax | 244 | 234 |
Other investment income | 179 | 136 |
Total interest income | 13,815 | 13,708 |
INTEREST EXPENSE | ||
Deposits | 1,845 | 1,965 |
Short-term borrowings | 94 | 103 |
Other borrowings | 784 | 590 |
Total interest expense | 2,723 | 2,658 |
NET INTEREST INCOME | 11,092 | 11,050 |
Provision for loan losses | 600 | 450 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 10,492 | 10,600 |
NONINTEREST INCOME | ||
Service fees on deposit accounts | 863 | 827 |
Services charges and fees on loans | 280 | 315 |
Trust and investment fees | 213 | 238 |
Gain on sale of investments | 3 | |
Earnings on Bank-owned life insurance | 230 | 239 |
Insurance commissions | 199 | 182 |
Other | 29 | 13 |
Total noninterest income | 1,817 | 1,814 |
NONINTEREST EXPENSE | ||
Compensation and employee benefits | 5,578 | 5,114 |
Occupancy and equipment | 1,109 | 981 |
Professional fees | 453 | 514 |
Data processing | 919 | 813 |
Advertising | 87 | 128 |
Federal Deposit Insurance Corporation (FDIC) premiums | 278 | 292 |
Gain on foreclosed real estate | (10) | (38) |
Merger related costs | 245 | |
Amortization of intangible assets | 174 | 166 |
Other | 953 | 996 |
Total noninterest expense | 9,786 | 8,966 |
Income before income taxes | 2,523 | 3,448 |
Income taxes | 566 | 852 |
NET INCOME | $ 1,957 | $ 2,596 |
Earnings per share | ||
Basic | $ 0.19 | $ 0.25 |
Diluted | 0.19 | 0.25 |
Dividends per share | $ 0.09 | $ 0.07 |
Consolidated Statement Of Compr
Consolidated Statement Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,957 | $ 2,596 |
Investment securities available for sale: | ||
Unrealized holding gain (loss) | (3,398) | 2,738 |
Tax effect | 1,154 | (930) |
Reclassification of gains recognized in net income | (3) | |
Tax effect | 1 | |
Net of tax amount | (2,246) | 1,808 |
Pension plan adjustment: | ||
Related to actuarial losses | 120 | 60 |
Tax effect | (41) | (20) |
Net of tax amount | 79 | 40 |
Total other comprehensive income (loss) | (2,167) | 1,848 |
Comprehensive income (loss) | $ (210) | $ 4,444 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - 3 months ended Dec. 31, 2015 - USD ($) $ in Thousands | 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 Loss [Member] |
Beginning Balance at Sep. 30, 2015 | $ 171,280 | $ 181 | $ 182,295 | $ (9,627) | $ 83,658 | $ (82,832) | $ (2,395) |
Beginning Balance, Shares at Sep. 30, 2015 | 11,353,244 | 11,353,244 | |||||
Net income | $ 1,957 | 1,957 | |||||
Other comprehensive loss | (2,167) | (2,167) | |||||
Cash dividends declared ($.09 per share) | (931) | (931) | |||||
Stock based compensation | 39 | 39 | |||||
Allocation of ESOP stock | 151 | 37 | 114 | ||||
Treasury shares purchased | (301) | (301) | |||||
Treasury shares purchased, Shares | (22,700) | ||||||
Ending Balance at Dec. 31, 2015 | $ 170,028 | $ 181 | $ 182,371 | $ (9,513) | $ 84,684 | $ (83,133) | $ (4,562) |
Ending Balance, Shares at Dec. 31, 2015 | 11,330,544 | 11,330,544 |
Consolidated Statement of Chan7
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) | 3 Months Ended |
Dec. 31, 2015$ / shares | |
Cash dividends declared, per share | $ 0.09 |
Retained Earnings [Member] | |
Cash dividends declared, per share | $ 0.09 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES | ||
Net income | $ 1,957 | $ 2,596 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 600 | 450 |
Provision for depreciation and amortization | 392 | 316 |
Amortization and accretion of discounts and premiums, net | 832 | 121 |
Gain on sale of investment securities | (3) | |
Compensation expense on ESOP | 151 | 130 |
Stock based compensation | 39 | 17 |
(Increase) decrease in accrued interest receivable | (348) | 58 |
Increase in accrued interest payable | 171 | 114 |
Earnings on bank-owned life insurance | (230) | (239) |
Deferred federal income taxes | 114 | (477) |
Increase in accrued pension liability | 296 | 116 |
Gain on foreclosed real estate, net | (10) | (38) |
Amortization of identifiable intangible assets | 174 | 166 |
Other, net | (780) | 216 |
Net cash provided by operating activities | 3,355 | 3,546 |
INVESTING ACTIVITIES | ||
Certificates of deposit maturities | 250 | 15 |
Investment securities available for sale: | ||
Proceeds from sale of investment securities | 17,365 | |
Proceeds from principal repayments and maturities | 31,094 | 11,676 |
Purchases | (30,134) | (7,054) |
Increase in loans receivable, net | (3,972) | (1,774) |
Redemption of regulatory stock | 4,345 | 4,704 |
Purchase of regulatory stock | (4,304) | (3,060) |
Proceeds from sale of foreclosed real estate | 202 | 455 |
Acquisition, net of cash acquired | (16,174) | |
Capital improvements to foreclosed real estate | 11 | |
Purchase of premises, equipment, and software | (400) | (275) |
Net cash (used for) provided by investing activities | (1,728) | 4,698 |
FINANCING ACTIVITIES | ||
Decrease in deposits, net | (8,857) | (27,435) |
Net increase (decrease) in short-term borrowings | (7,287) | 2,859 |
Proceeds from other borrowings | 47,300 | 21,129 |
Repayment of other borrowings | (27,300) | (7,200) |
Increase in advances by borrowers for taxes and insurance | 2,719 | 2,982 |
Purchase of treasury stock shares | (301) | (1,685) |
Dividends on common stock | (931) | (729) |
Net cash provided by (used for) financing activities | 5,343 | (10,079) |
Increase (decrease) in cash and cash equivalents | 6,970 | (1,835) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 18,758 | 22,301 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 25,728 | 20,466 |
Cash Paid: | ||
Interest | 2,489 | 2,544 |
Noncash items: | ||
Transfers from loans to foreclosed real estate | 416 | $ 564 |
Eagle National Bancorp, Inc [Member] | ||
Noncash assets acquired | ||
Investment securities, available for sale | 36,275 | |
Loans receivable | 123,380 | |
Federal Home Loan Bank stock | 889 | |
Premises and equipment | 945 | |
Accrued interest receivable | 185 | |
Intangible assets | 1,491 | |
Goodwill | 3,542 | |
Deferred tax assets | 715 | |
Other assets | 1,989 | |
Liabilities assumed: | ||
Certificates of deposit | 32,408 | |
Deposits other than certificates of deposit | 119,865 | |
Accrued interest payable | 64 | |
Other liabilities | 900 | |
Net noncash assets acquired | 16,174 | |
Cash acquired | $ 8,481 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | 1. 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. On November 6, 2014, the Company converted its status from a savings and loan holding company to a bank holding company. In addition, the Bank converted from a Pennsylvania-chartered savings association to a Pennsylvania-chartered savings bank. The Bank’s primary business consists of the taking of deposits and granting of loans to customers generally in Monroe, Northampton, Lehigh, Delaware, Chester, Lackawanna, and Luzerne Counties, Pennsylvania. The Bank is subject to regulation and supervision by the Pennsylvania Department of Banking and Securities 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 and is currently inactive. Integrated Abstract Incorporated is a Pennsylvania Corporation that provided title insurance services and is currently inactive. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited consolidated financial statements reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of the results of the interim periods and are of a normal and recurring nature. Operating results for the three month period ended December 31, 2015 are not necessarily indicative of the results that may be expected for the year ending September 30, 2016. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Dec. 31, 2015 | |
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 three month periods ended December 31, 2015 and 2014. Three months ended December 31, December 31, Weighted-average common shares outstanding 18,133,095 18,133,095 Average treasury stock shares (6,793,627 ) (6,609,500 ) Average unearned ESOP shares (944,875 ) (990,151 ) Average unearned non-vested shares (30,168 ) (17,347 ) Weighted average common shares and common stock equivalents used to calculate basic earnings per share 10,364,425 10,516,097 Additional common stock equivalents (non-vested stock) used to calculate diluted earnings per share 618 — Additional common stock equivalents (stock options) used to calculate diluted earnings per share 170,530 — Weighted average common shares and common stock equivalents used to calculate diluted earnings per share 10,535,573 10,516,097 At December 31, 2015 there were 18,021 shares of nonvested stock outstanding at a price of $13.05 per share that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive. At December 31, 2014 there were 16,820 shares of nonvested stock outstanding at a price of $11.07 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. |
Use of Estimates in the Prepara
Use of Estimates in the Preparation of Financial Statements | 3 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Use of Estimates in the Preparation of Financial Statements | 3. Use of Estimates in the Preparation of Financial Statements The accounting principles followed by the Company and its subsidiaries and the methods of applying these principles conform to U.S. generally accepted accounting principles (“GAAP”) and to general practice within the banking industry. In preparing the consolidated financial statements, management 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. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 4. Recent Accounting Pronouncements: Recent Accounting Pronouncements: In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-01, Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. . In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments when the Terms of an Award Provide that a Performance Target Could Be Achieved After the Requisite Service Period In August 2014, the FASB issued ASU 2014-14, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40) In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force). In January 2015, the FASB issued ASU 2015-01, Income Statement – Extraordinary and Unusual Items, In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30) In April 2015, the FASB issued ASU 2015-04, Compensation – Retirement Benefits (Topic 715), In May 2015, the FASB issued ASU 2015-09, Financial Services – Insurance (Topic 944): Disclosure About Short-Duration Contracts Financial Services – Insurance In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Improvements In August 2015, the FASB issued ASU 2015-14, Revenue from Contract with Customers Topic 606 In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805). In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities |
Investment Securities
Investment Securities | 3 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 5. Investment Securities The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale are summarized as follows (in thousands): December 31, 2015 Amortized Gross Gross Fair Value Available for Sale Fannie Mae $ 135,505 $ 1,015 $ (1,027 ) $ 135,493 Freddie Mac 92,675 401 (635 ) 92,441 Governmental National Mortgage Association 14,745 23 (119 ) 14,649 Other mortgage-backed securities 2,452 — (20 ) 2,432 Total mortgage-backed securities 245,377 1,439 (1,801 ) 245,015 Obligations of states and political subdivisions 48,433 1,705 (84 ) 50,054 U.S. government agency securities 45,386 133 (86 ) 45,433 Corporate obligations 32,156 99 (435 ) 31,820 Trust-preferred securities 1,620 30 — 1,650 Other debt securities 19,538 125 (88 ) 19,575 Total debt securities 392,510 3,531 (2,494 ) 393,547 Equity securities - financial services 25 — — 25 Total $ 392,535 $ 3,531 $ (2,494 ) $ 393,572 September 30, 2015 Amortized Gross Gross Fair Value Available for Sale Fannie Mae $ 130,476 $ 2,052 $ (541 ) $ 131,987 Freddie Mac 88,514 1,063 (286 ) 89,291 Governmental National Mortgage Association 13,201 103 (52 ) 13,252 Other mortgage-backed securities 2,494 — (17 ) 2,477 Total mortgage-backed securities 234,685 3,218 (896 ) 237,007 Obligations of states and political subdivisions 50,094 1,676 (145 ) 51,625 U.S. government agency securities 45,799 399 (12 ) 46,186 Corporate obligations 22,440 157 (237 ) 22,360 Trust-preferred securities 1,613 98 — 1,711 Other debt securities 20,313 216 (36 ) 20,493 Total debt securities 374,944 5,764 (1,326 ) 379,382 Equity securities - financial services 25 — — 25 Total $ 374,969 $ 5,764 $ (1,326 ) $ 379,407 The amortized cost and fair value of debt securities at December 31, 2015, 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 Value Due in one year or less $ 7,756 $ 7,774 Due after one year through five years 54,075 54,272 Due after five years through ten years 74,576 75,129 Due after ten years 256,103 256,372 Total $ 392,510 $ 393,547 For the three months ended December 31, 2015, the Company realized gross gains of $3,000 and no gross losses on proceeds from the sale of investment securities of $17.4 million. During the first quarter of 2016, the Company sold $16.2 million of investment securities which were acquired in the merger with Eagle National Bancorp, Inc (“ENB”). The Company realized no gain or loss from the sale of these securities. For the three months ended December 31, 2014, the Company did not sell any investment securities. |
Unrealized Losses on Securities
Unrealized Losses on Securities | 3 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Unrealized Losses on Securities | 6. 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 (dollars in thousands): December 31, 2015 Number of Less than Twelve Twelve Months or Total Fair Gross Fair Gross Fair Gross Fannie Mae 37 $ 32,234 $ (235 ) $ 23,568 $ (792 ) $ 55,802 $ (1,027 ) Freddie Mac 29 32,721 (196 ) 13,188 (439 ) 45,909 (635 ) Governmental National Mortgage Association 8 8,351 (57 ) 2,047 (62 ) 10,398 (119 ) Other mortgage-backed securities 3 — — 2,432 (20 ) 2,432 (20 ) Obligations of states and political subdivisions 10 7,447 (39 ) 2,934 (45 ) 10,381 (84 ) U.S. government agency securities 10 25,845 (86 ) — — 25,845 (86 ) Corporate obligations 17 16,925 (400 ) 965 (35 ) 17,890 (435 ) Other debt securities 10 9,032 (74 ) 1,532 (14 ) 10,564 (88 ) Total 124 $ 132,555 $ (1,087 ) $ 46,666 $ (1,407 ) $ 179,221 $ (2,494 ) September 30, 2015 Number of Less than Twelve Twelve Months or Total Fair Gross Fair Gross Fair Gross Fannie Mae 22 $ 7,238 $ (28 ) $ 23,609 $ (513 ) $ 30,847 $ (541 ) Freddie Mac 12 1,487 (1 ) 15,477 (285 ) 16,964 (286 ) Governmental National Mortgage Association 2 — — 2,209 (52 ) 2,209 (52 ) Other mortgage-backed securities 3 — — 2,477 (17 ) 2,477 (17 ) Obligations of states and political subdivisions 14 9,184 (57 ) 4,667 (88 ) 13,851 (145 ) U.S. government agency securities 3 3,246 (12 ) — — 3,246 (12 ) Corporate obligations 10 9,263 (207 ) 970 (30 ) 10,233 (237 ) Other debt securities 6 5,232 (26 ) 1,748 (10 ) 6,980 (36 ) Total 72 $ 35,650 $ (331 ) $ 51,157 $ (995 ) $ 86,807 $ (1,326 ) 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, other mortgage backed securities, debt obligations of a U.S. state or political subdivision, corporate debt obligations and equity securities. The Company reviews its position quarterly and has asserted that at December 31, 2015, 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 is not other than temporary but is the result of interest rate changes that are not expected to result in the non-collection of principal and interest during the period. |
Loans Receivable, Net and Allow
Loans Receivable, Net and Allowance for Loan Losses | 3 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans Receivable, Net and Allowance for Loan Losses | 7. Loans Receivable, Net and Allowance for Loan Losses Loans receivable consist of the following (in thousands): December 31, September 30, Real estate loans: Residential $ 610,041 $ 610,582 Construction 1,864 878 Commercial 289,838 200,004 Commercial 52,277 34,314 Obligations of states and political subdivisions 57,903 59,820 Home equity loans and lines of credit 47,940 39,903 Auto Loans 173,775 162,193 Other 3,626 3,343 1,237,264 1,111,037 Less allowance for loan losses 9,257 8,919 Net loans $ 1,228,007 $ 1,102,118 Included in the December 31, 2015 balances are loans acquired from Eagle National Bank, as of the acquisition date of December 4, 2015 as follows: 2015 Real estate loans: Residential $ 10,743 Commercial 87,336 Commercial 16,604 Home equity loans and lines of credit 8,632 Other 65 Total loans $ 123,380 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. The fair value of purchased credit-impaired loans, on the acquisition date of December 4, 2015, was determined, primarily based on the fair value of loan collateral. The carrying value of all purchased loans acquired with deteriorated credit quality was $6.4 million at December 31, 2015. On the acquisition date, the preliminary estimate of the unpaid principal balance for all loans evidencing credit impairment acquired in the ENB acquisition was $3.5 million and the estimated fair value of the loans was $2.0 million. Total contractually required payments on these loans, including interest, at the acquisition date was $4.2 million. However, the Company’s preliminary estimate of expected cash flows was $2.2 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 $2.0 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 $240,000 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 Unpaid principal balance $ 3,468 Interest 717 Contractual cash flows 4,185 Non-accretable discount (1,973 ) Expected cash flows 2,212 Accretable discount (240 ) Estimated fair value $ 1,972 Changes in the accretable yield for purchased credit-impaired loans were as follows, since acquisition, for the periods ended December 31, 2015 and September 30, 2015: December 31, 2015 September 30, 2015 Balance at beginning of period $ 258 $ 170 Reclassification, new additions and other 240 228 Accretion (50 ) (140 ) Balance at end of period $ 448 $ 258 The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30 (in thousands): December 31, 2015 September 30, 2015 Acquired Loans with Specific Acquired Loans with Specific Outstanding balance $ 8,061 $ 4,779 Carrying amount $ 6,428 $ 4,162 The following table shows the amount of loans in each category that was individually and collectively evaluated for impairment at the dates indicated (in thousands): Total Loans Individually Loans Acquired Collectively December 31, 2015 Real estate loans: Residential $ 610,041 $ 10,546 $ — $ 599,495 Construction 1,864 — — 1,864 Commercial 289,838 13,173 5,790 270,875 Commercial 52,277 2,020 — 50,257 Obligations of states and political subdivisions 57,903 — — 57,903 Home equity loans and lines of credit 47,940 688 638 46,614 Auto loans 173,775 547 — 173,228 Other 3,626 18 — 3,608 Total $ 1,237,264 $ 26,992 $ 6,428 $ 1,203,844 Total Loans Individually Loans Acquired Collectively September 30, 2015 Real estate loans: Residential $ 610,582 $ 11,985 $ — $ 598,597 Construction 878 — — 878 Commercial 200,004 15,100 4,108 180,796 Commercial 34,314 204 54 34,056 Obligations of states and political subdivisions 59,820 — — 59,820 Home equity loans and lines of credit 39,903 795 — 39,108 Auto loans 162,193 625 — 161,568 Other 3,343 — — 3,343 Total $ 1,111,037 $ 28,709 $ 4,162 $ 1,078,166 We maintain a loan review system that 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 we 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. We do 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 one year of performance. The following table includes the recorded investment and unpaid principal balances for impaired loans with the associated allowance amount, if applicable (in thousands): Recorded Unpaid Associated December 31, 2015 With no specific allowance recorded: Real estate loans Residential $ 7,833 $ 9,549 $ — Construction — — — Commercial 17,589 19,106 — Commercial 2,011 2,027 — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 1,264 1,339 — Auto loans 298 415 — Other 18 43 — Total 29,013 32,479 — With an allowance recorded: Real estate loans Residential 2,713 3,125 349 Construction — — — Commercial 1,374 1,448 144 Commercial 9 9 9 Obligations of states and political subdivisions — — — Home equity loans and lines of credit 62 91 62 Auto loans 249 249 159 Other — — — Total 4,407 4,922 723 Total: Real estate loans Residential 10,546 12,674 349 Construction — — — Commercial 18,963 20,554 144 Commercial 2,020 2,036 9 Obligations of states and political subdivisions — — — Home equity loans and lines of credit 1,326 1,430 62 Auto loans 547 664 159 Other 18 43 — Total Impaired Loans $ 33,420 $ 37,401 $ 723 Recorded Unpaid Associated September 30, 2015 With no specific allowance recorded: Real Estate Loans Residential $ 9,552 $ 11,521 $ — Construction — — — Commercial 19,208 20,167 — Commercial 258 270 — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 731 743 — Auto Loans 350 464 — Other — — — Total 30,099 33,165 — With an allowance recorded: Real Estate Loans Residential 2,433 2,639 373 Construction — — — Commercial — — — Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 64 93 64 Auto Loans 275 275 131 Other — — — Total 2,772 3,007 568 Total: Real Estate Loans Residential 11,985 14,160 373 Construction — — — Commercial 19,208 20,167 — Commercial 258 270 — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 795 836 64 Auto Loans 625 739 131 Other — — — Total Impaired Loans $ 32,871 $ 36,172 $ 568 The following table represents 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): Three months ended December 31, 2015 2014 2015 2014 Average Average Interest Interest With no specific allowance recorded: Real estate loans Residential $ 8,785 $ 10,929 $ 27 $ 99 Construction — — — — Commercial 18,574 20,983 176 194 Commercial 820 889 15 2 Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 962 202 2 2 Auto loans 282 — 1 — Other — — — — Total 29,423 33,003 221 297 With an allowance recorded: Real estate loans Residential 2,592 2,496 5 24 Construction — — — — Commercial 457 578 — — Commercial 3 — — — Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 73 13 — — Auto loans 141 51 1 2 Other — — — — Total 3,266 3,138 6 26 Total: Real estate loans Residential 11,377 13,425 32 123 Construction — — — — Commercial 19,031 21,561 176 194 Commercial 823 889 15 2 Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 1,035 215 2 2 Auto loans 423 51 2 2 Other — — — — Total Impaired Loans $ 32,689 $ 36,141 $ 227 $ 323 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 fundamentally sound yet, exhibit potentially unacceptable credit risk or deteriorating trends or characteristics which if left uncorrected, may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. 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. Loans in the Doubtful category have all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans in the Loss category are considered uncollectible and of little value that their continuance as bankable assets is not warranted. Certain residential real estate loans, construction loans, home equity loans and lines of credit, auto loans and other consumer 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 non-performing. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Bank has a structured loan rating process with several layers of internal and external oversight. Generally, consumer and residential mortgage loans are included in the Pass categories unless a specific action, such as bankruptcy, repossession, or death occurs to raise awareness of a possible credit event. The Bank’s Commercial Loan Officers are responsible for the timely and accurate risk rating of the loans in their portfolios at origination and on an ongoing basis. The Bank’s Commercial Loan Officers perform an annual review of all commercial relationships $500,000 or greater. Confirmation of the appropriate risk grade is included in the review on an ongoing basis. The Bank engages an external consultant to conduct loan reviews on at least a semi-annual basis. Generally, the external consultant reviews commercial relationships greater than $1,000,000 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 tables present 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 December 31, 2015 and September 30, 2015 (in thousands): Pass Special Substandard Doubtful Total December 31, 2015 Commercial real estate loans $ 255,955 $ 10,926 $ 22,957 $ — $ 289,838 Commercial 48,672 320 3,285 — 52,277 Obligations of states and political subdivisions 57,903 — — — 57,903 Total $ 362,530 $ 11,246 $ 26,242 $ — $ 400,018 Pass Special Substandard Doubtful Total September 30, 2015 Commercial real estate loans $ 174,516 $ 4,521 $ 20,967 $ — $ 200,004 Commercial 33,801 — 513 — 34,314 Obligations of states and political subdivisions 59,820 — — — 59,820 Total $ 268,137 $ 4,521 $ 21,480 $ — $ 294,138 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 non-performing. The following tables present the risk ratings in the consumer categories of performing and non-performing loans at December 31, 2015 and September 30, 2015 (in thousands): Performing Non-performing Total December 31, 2015 Real estate loans: Residential $ 600,544 $ 9,497 $ 610,041 Construction 1,864 — 1,864 Home equity loans and lines of credit 46,615 1,325 47,940 Auto loans 173,228 547 173,775 Other 3,608 18 3,626 Total $ 825,859 $ 11,387 $ 837,246 Performing Non-performing Total September 30, 2015 Real estate loans: Residential $ 600,810 $ 9,772 $ 610,582 Construction 878 — 878 Home equity loans and lines of credit 39,213 690 39,903 Auto loans 161,827 366 162,193 Other 3,322 21 3,343 Total $ 806,050 $ 10,849 $ 816,899 Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of December 31, 2015 and September 30, 2015 (in thousands): Current 31-60 Days 61-90 Days Greater than Non-Accrual Total Past Total December 31, 2015 Real estate loans Residential $ 597,903 $ 1,883 $ 758 $ — $ 9,497 $ 12,138 $ 610,041 Construction 1,864 — — — — — 1,864 Commercial 278,220 507 337 — 10,774 11,618 289,838 Commercial 51,673 116 51 — 437 604 52,277 Obligations of states and political subdivisions 57,903 — — — — — 57,903 Home equity loans and lines of credit 46,414 157 44 — 1,325 1,526 47,940 Auto loans 171,599 1,399 230 — 547 2,176 173,775 Other 3,586 22 — — 18 40 3,626 Total $ 1,209,162 $ 4,084 $ 1,420 $ — $ 22,598 $ 28,102 $ 1,237,264 Current 31-60 Days 61-90 Days Greater than Non-Accrual Total Past Total September 30, 2015 Real estate loans Residential $ 598,190 $ 1,575 $ 1,045 $ — $ 9,772 $ 12,392 $ 610,582 Construction 878 — — — — — 878 Commercial 190,440 137 587 — 8,840 9,564 200,004 Commercial 33,545 346 7 — 416 769 34,314 Obligations of states and political subdivisions 59,820 — — — — — 59,820 Home equity loans and lines of credit 39,136 32 45 — 690 767 39,903 Auto loans 160,272 1,375 180 — 366 1,921 162,193 Other 3,295 27 — — 21 48 3,343 Total $ 1,085,576 $ 3,492 $ 1,864 $ — $ 20,105 $ 25,461 $ 1,111,037 Our allowance for loan losses 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. Our 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 December 31, 2015 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 and Securities, as an integral part of their examination process, have periodically reviewed our allowance for loan losses. The banking regulators may require that we recognize additions to the allowance based on its analysis and review of information available to it at the time of its 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 tables summarize changes in the primary segments of the ALL for the three month periods ending December 31, 2015 and 2014 (in thousands): Real Estate Loans Residential Construction Commercial Commercial Obligations of Home Auto Loans Other Unallocated Total ALL balance at September 30, 2015 $ 5,140 $ 7 $ 671 $ 693 $ 189 $ 461 $ 1,570 $ 27 $ 161 $ 8,919 Charge-offs (91 ) — — (3 ) — (25 ) (188 ) — — (307 ) Recoveries 3 — — 1 — 1 37 3 — 45 Provision (305 ) 7 187 14 (2 ) (48 ) 335 (3 ) 415 600 ALL balance at December 31, 2015 $ 4,747 $ 14 $ 858 $ 705 $ 187 $ 389 $ 1,754 $ 27 $ 576 $ 9,257 September 30, 2014 $ 5,573 $ 11 $ 663 $ 528 $ 163 $ 470 $ 459 $ 32 $ 735 $ 8,634 Charge-offs (509 ) — (11 ) (27 ) — (19 ) (40 ) — — (606 ) Recoveries 18 — 11 — — 8 1 — — 38 Provision 489 2 13 14 (18 ) 86 254 (6 ) (384 ) 450 ALL balance at December 31, 2014 $ 5,571 $ 13 $ 676 $ 515 $ 145 $ 545 $ 674 $ 26 $ 351 $ 8,516 Acquired loans are recorded at fair value on their purchase date without a carryover of the related allowance for loan losses. The following table summarizes the primary segments of the ALL, segregated into amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of December 31, 2015 and September 30, 2015 (in thousands): Real Estate Loans Residential Construction Commercial Commercial Obligations of Home Auto Loans Other Unallocated Total Individually evaluated for impairment $ 349 $ — $ 144 $ 9 $ — $ 62 $ 159 $ — $ — $ 723 Collectively evaluated for impairment 4,398 14 714 696 187 327 1,595 27 576 8,534 ALL Balance at December 31, 2015 $ 4,747 $ 14 $ 858 $ 705 $ 187 $ 389 $ 1,754 $ 27 $ 576 $ 9,257 Individually evaluated for impairment $ 373 $ — $ — $ — $ — $ 64 $ 131 $ — $ — $ 568 Collectively evaluated for impairment 4,767 7 671 693 189 397 1,439 27 161 8,351 ALL balance at September 30, 2015 $ 5,140 $ 7 $ 671 $ 693 $ 189 $ 461 $ 1,570 $ 27 $ 161 $ 8,919 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 decreased provisions to residential real estate, obligations of states and political subdivisions and home equity loans and lines of credit for the three month period ending December 31, 2015 due to declining loan balances and impairment evaluations in those segments. The Company allocated increased provisions to commercial real estate, commercial loans and construction loans for the three month period ending December 31, 2015 due primarily to increased loan balances and increased classified assets. The Company allocated increased provisions in auto loans due to increased loan balances, increased classified assets and increased charge off activity. 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 restructuring granted during the three months ended December 31, 2015 and 2014 (dollars in thousands). For the Three Months Ended December 31, 2015 Dollars in thousands Number of Pre-Modification Post-Modification Troubled Debt Restructurings Real estate loans: Residential 1 $ 81 $ 81 Construction — — — Commercial — — — Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit — — — Auto loans — — — Other — — — Total 1 $ 81 $ 81 For the Three Months Ended December 31, 2014 Dollars in thousands Number of Pre-Modification Post-Modification Recorded Troubled Debt Restructurings Real estate loans: Residential 7 $ 1,073 $ 1,073 Construction — — — Commercial — — — Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit — — — Auto loans — — — Other — — — Total 7 $ 1,073 $ 1,073 The one new troubled debt restructuring granted for the three months ended December 31, 2015 was granted term concessions. Of the seven new troubled debt restructurings granted for the three months ended December 31, 2014, four loans totaling $548,000 were granted term and rate concessions, two loans totaling $348,000 were granted term concessions and one loan totaling $177,000 was granted a rate concession. For the three months ended December 31, 2015, no loans defaulted on a restructuring agreement within one year of modification. For the three months ended December 31, 2014, one residential real estate loan totaling $156,000 defaulted on a restructuring agreement within one year of modification. Foreclosed assets acquired in settlement of loans are carried at fair value, less estimated costs to sell, and are included in other assets on the Consolidated Balance Sheet. As of December 31, 2015 and September 30, 2015 included with other assets are $2.7 million and $2.5 million, respectively, of foreclosed assets. As of December 31, 2015, included within the foreclosed assets is $2.2 million of consumer residential mortgages that were foreclosed on or received via a deed in lieu transaction prior to the period end. As of December 31, 2015, the Company has initiated formal foreclosure proceedings on $4.6 million of consumer residential mortgages which have not yet been transferred into foreclosed assets. |
Deposits
Deposits | 3 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Deposits | 8. Deposits Deposits consist of the following major classifications (in thousands): December 31, September 30, Non-interest bearing demand accounts $ 152,968 $ 98,514 Interest bearing demand accounts 99,151 110,268 Money market accounts 214,384 162,418 Savings and club accounts 138,936 129,227 Certificates of deposit 634,731 596,327 Total $ 1,240,170 $ 1,096,754 |
Net Periodic Benefit Cost-Defin
Net Periodic Benefit Cost-Defined Benefit Plan | 3 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Net Periodic Benefit Cost-Defined Benefit Plan | 9. Net Periodic Benefit Cost-Defined Benefit Plan For a detailed disclosure on the Bank’s pension and employee benefits plans, please refer to Note 13 of the Company’s Consolidated Financial Statements for the year ended September 30, 2015 included in the Company’s Form 10-K. The following table comprises the components of net periodic benefit cost for the periods ended (in thousands): Three Months Ended 2015 2014 Service Cost $ 249 $ 218 Interest Cost 245 206 Expected return on plan assets (311 ) (308 ) Amortization of unrecognized loss 120 60 Net periodic benefit cost $ 303 $ 176 The Bank plans to contribute $650,000 to its pension plan in March 2016. |
Equity Incentive Plan
Equity Incentive Plan | 3 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Plan | 10. Equity Incentive Plan The Company maintains the ESSA Bancorp, Inc. 2007 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 on May 23, 2008. Certain officers were granted in aggregate 30,000 shares of restricted stock on April 1, 2013, 19,880 of restricted stock on July 22, 2014 and 21,843 shares of restricted stock on May 20, 2015. In accordance with generally accepted accounting principles , 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 vest over a five-year service period and expire ten years after grant date. The Company recognizes compensation expense for the fair values of these awards, which vest on a straight-line basis over the requisite service period of the awards. The 2013 restricted stock shares vested over an 18-month service period. The 2014 restricted shares vest over a 39 month service period. The 2015 restricted shares vest over a 40 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. The Company recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period for the entire award. For the three months ended December 31, 2015 and 2014, the Company recorded $39,000 and $17,000 of share-based compensation expense, respectively, comprised of restricted stock expense. Expected future compensation expense relating to the 9,932 (2014 shares) restricted shares, at December 31, 2015 is $119,000 over the remaining vesting period of 1.75 years. Expected future compensation expense relating to the 16,379 restricted shares (2015 shares) at December 31, 2015 is $235,000 over the remaining vesting period of 2.75 years. The following is a summary of the Company’s stock option activity and related information for its option grants for the three month period ended December 31, 2015. Number of Stock Weighted- Weighted- Aggregate Outstanding, September 30, 2015 1,314,580 $ 12.35 2.67 $ 802,000 Granted — — — — Exercised — — — — Forfeited — — — — Outstanding, December 31, 2015 1,314,580 $ 12.35 2.42 $ 1,748,000 Exercisable at December 31, 2015 1,314,580 $ 12.35 2.42 $ 1,748,000 The following is a summary of the status of the Company’s restricted stock as of December 31, 2015, and changes therein during the three month period then ended: Number of Weighted- Nonvested at September 30, 2015 26,311 $ 12.30 Granted — — Vested — — Forfeited — — Nonvested at December 31, 2015 26,311 $ 12.30 |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 11. Fair Value Measurement 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. Expanded disclosures are also required about the use of fair value to measure assets and liabilities. The following table presents information about the Company’s securities, other real estate owned and impaired loans measured at fair value as of December 31, 2015 and September 30, 2015 and indicates the fair value hierarchy of the valuation techniques utilized by the Bank to determine such fair value: Fair Value Measurement at December 31, 2015 Fair Value Measurements Utilized for the Company’s Quoted Prices in Active Significant Other Significant Balances as of Securities available-for-sale measured on a recurring basis Mortgage backed securities $ — $ 245,015 $ — $ 245,015 Obligations of states and political subdivisions — 50,054 — 50,054 U.S. government agencies — 45,433 — 45,433 Corporate obligations — 26,820 5,000 31,820 Trust-preferred securities — — 1,650 1,650 Other debt securities — 19,089 486 19,575 Equity securities-financial services 25 — — 25 Total debt and equity securities $ 25 $ 386,411 $ 7,136 $ 393,572 Assets measured at fair value on a recurring basis: Foreclosed real estate owned measured on a non-recurring basis $ — $ — $ 2,704 $ 2,704 Impaired loans measured on a non-recurring basis $ — $ — $ 32,697 $ 32,697 Mortgage servicing rights $ — $ — $ 575 $ 575 Fair Value Measurement at September 30, 2015 Fair Value Measurements Utilized for the Company’s Quoted Prices in Active Significant Other Significant Balances as of Securities available-for-sale measured on a recurring basis Mortgage backed securities $ — $ 237,007 $ — $ 237,007 Obligations of states and political subdivisions — 51,625 — 51,625 U.S. government agencies — 46,186 — 46,186 Corporate obligations — 20,360 2,000 22,360 Trust-preferred securities — — 1,711 1,711 Other debt securities — 19,993 500 20,493 Equity securities-financial services 25 — — 25 Total debt and equity securities $ 25 $ 375,171 $ 4,211 $ 379,407 Assets measured at fair value on a nonrecurring basis: Foreclosed real estate owned measured on a non-recurring basis $ — $ — $ 2,480 $ 2,480 Impaired loans measured on a non-recurring basis $ — $ — $ 32,303 $ 32,303 Mortgage Servicing rights — — 412 412 The following table presents a summary of changes in the fair value of the Company’s Level III investments for the three month periods ended December 31, 2015 and December 31, 2014 (in thousands). Fair Value Measurement Using Significant Unobservable Inputs Three months ended December 31, 2015 December 31, 2014 Beginning balance $ 4,211 $ 2,230 Purchases, sales, issuances, settlements, net 3,000 — Total unrealized gain: Included in earnings — — Included in other comprehensive income (75 ) (30 ) Transfers in and/or out of Level III — — $ 7,136 $ 2,200 Each financial asset and liability is identified as having been valued according to a specified level of input, 1, 2 or 3. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset, either directly or indirectly. Level 2 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 3 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 2 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 1 inputs are limited to actively traded equity securities whose market price is readily available from the New York Stock Exchange or the NASDAQ exchange. A few securities are valued using Level 3 inputs, most of these are classified as available for sale and are reported at fair value using Level 3 inputs. 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 December 31, 2015, 240 impaired loans with a carrying value of $33.4 million were reduced by specific valuation allowance totaling $723,000 resulting in a net fair value of $32.7 million based on Level 3 inputs. At September 30, 2015, 227 impaired loans with a carrying value of $32.9 million were reduced by a specific valuation totaling $568,000 resulting in a net fair value of $32.3 million based on Level 3 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 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements (in thousands) Fair Value Valuation Unobservable Range December 31, 2015 Impaired loans $ 32,697 Appraisal of Appraisal 0% to 50% (20.2%) Foreclosed real estate owned 2,704 Appraisal of Appraisal 20% to 35% (18.2%) Mortgage servicing rights 575 Discounted cash flow Discount rate 6% to 11% (10.3%) Prepayment speeds 6% to 32% (14.3%) Quantitative Information about Level 3 Fair Value Measurements (in thousands) Fair Value Valuation Unobservable Range September 30, 2015 Impaired loans $ 32,303 Appraisal of Appraisal 0% to 60% (22.3%) Foreclosed real estate owned 2,480 Appraisal of Appraisal 20% to 46% (21.3%) Mortgage servicing rights 412 Discounted cash flow Discount rate 6% to 11% (10.1%) Prepayment speeds 5% to 79% (17.9%) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 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 are presented as a percent of the appraisal. The fair values presented represent the Company’s best estimate of fair value using the methodologies discussed below. Disclosures about Fair Value of Financial Instruments The fair values presented represent the Company’s best estimate of fair value using the methodologies discussed below. December 31, 2015 Carrying Value Level I Level II Level III Total Fair Financial assets: Cash and cash equivalents $ 25,728 $ 25,728 $ — $ — $ 25,728 Certificates of deposit 1,500 — — 1,513 1,513 Investment and mortgage backed securities available for sale 393,572 25 386,411 7,136 393,572 Loans receivable, net 1,228,007 — — 1,233,511 1,233,511 Accrued interest receivable 5,601 5,601 — — 5,601 Regulatory stock 14,679 14,679 — — 14,679 Mortgage servicing rights 575 — — 575 575 Bank owned life insurance 30,885 30,885 — — 30,885 Financial liabilities: Deposits $ 1,240,170 $ 605,439 $ — $ 636,267 $ 1,241,706 Short-term borrowings 84,052 84,052 — — 84,052 Other borrowings 249,101 — — 249,076 249,076 Advances by borrowers for taxes and insurance 6,992 6,992 — — 6,992 Accrued interest payable 1,101 1,101 — — 1,101 September 30, 2015 Carrying Value Level I Level II Level III Total Fair Financial assets: Cash and cash equivalents $ 18,758 $ 18,758 $ — $ — $ 18,758 Certificates of deposit 1,750 — — 1,774 1,774 Investment and mortgage backed securities available for sale 379,407 25 375,171 4,211 379,407 Loans receivable, net 1,102,118 — — 1,123,436 1,123,436 Accrued interest receivable 5,068 5,068 — — 5,068 Regulatory stock 13,831 13,831 — — 13,831 Mortgage servicing rights 412 — — 412 412 Bank owned life insurance 30,655 30,655 — — 30,655 Financial liabilities: Deposits $ 1,096,754 $ 500,427 $ — $ 600,250 1,100,677 Short-term borrowings 91,339 91,339 — — 91,339 Other borrowings 229,101 — — 230,255 230,255 Advances by borrowers for taxes and insurance 4,273 4,273 — — 4,273 Accrued interest payable 866 866 — — 866 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 Bank, 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 Regulatory 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 Regulatory stock is not actively traded on a secondary market and held exclusively by member financial institutions, the fair market value approximates the carrying amount. For certain securities which are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence (Level 3). In the absence of such evidence, management’s best estimate is used. Management’s best estimate consists of both internal and external support on certain Level 3 investments. Internal cash flow models using a present value formula that includes assumptions market participants would use along with indicative exit pricing obtained from broker/dealers (where available) are used to support fair values of certain Level 3 investments, if applicable. Loans Receivable The fair values of loans are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Mortgage Servicing Rights The Company utilizes a third party provider to estimate the fair value of certain loan servicing rights. Fair value for the purpose of this measurement is defined as the amount at which the asset could be exchanged in a current transaction between willing parties, other than in a forced liquidation. Deposits The fair values disclosed for demand, savings, and money market deposit accounts are valued at the amount payable on demand as of quarter-end. Fair values for time deposits 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 of similar remaining maturities. Other Borrowings Fair values for 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 other 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/(Loss) | 3 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income/(Loss) | 12. Accumulated Other Comprehensive Income/(Loss) The activity in accumulated other comprehensive income/(loss) for the three and three months ended December 31, 2015 and 2014 is as follows (in thousands): Accumulated Other Defined Benefit Unrealized Gains Total Balance at September 30, 2015 $ (5,325 ) $ 2,930 $ (2,395 ) Other comprehensive loss before reclassifications — (2,244 ) (2,244 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 79 (2 ) 77 Period change 79 (2,246 ) (2,167 ) Balance at December 31, 2015 $ (5,246 ) $ 684 $ (4,562 ) Balance at September 30, 2014 $ (3,228 ) $ 649 $ (2,579 ) Other comprehensive income before reclassifications — 1,808 1,808 Amounts reclassified from accumulated other comprehensive loss, net of tax 40 — 40 Period change 40 1,808 1,848 Balance at December 31, 2014 $ (3,188 ) $ 2,457 $ (731 ) Amount Reclassified from Accumulated Other Affected Line Item in the Consolidated 2015 2014 Securities available for sale: Securities gains reclassified into earnings $ 3 $ — Gain on sale of investments Related income tax expense (1 ) — Income taxes Net effect on accumulated other comprehensive loss for the period 2 — Net of tax Defined benefit pension plan: Amortization of net loss (120 ) (60 ) Compensation and employee benefits Related income tax expense 41 20 Income taxes Net effect on accumulated other comprehensive loss for the period $ (79 ) $ (40 ) Net of tax Total reclassification for the period $ (77 ) $ (40 ) Net of tax |
Acquisitions
Acquisitions | 3 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 13 Acquisitions Acquisition of Eagle National Bancorp, Inc. On December 4, 2015, the Company closed on a merger transaction pursuant to which ESSA Bancorp, Inc. acquired Eagle National Bancorp, Inc. (“ENB”) and its’ wholly owned subsidiary Eagle National Bank, in a cash transaction. The acquisition added five branch locations in the Philadelphia, Pennsylvania market, establishing ESSA’s presence in that market. Under the terms of the merger agreement, the Company acquired all of the outstanding shares of ENB, for a total cash purchase price of approximately $24.7 million. Eagle National Bank has been merged into ESSA Bank & Trust, with ESSA Bank & Trust as the surviving entity. The acquired assets and assumed liabilities were measured at estimated fair values. Management made significant estimates and exercised significant judgment in accounting for the acquisition. Management measured loan fair values based on loan file reviews (including borrower financial statements or tax returns), appraised collateral values, expected cash flows and historical loss factors of ENB. The Company also recorded an identifiable intangible asset representing the core deposit base of ENB based on management’s evaluation of the cost of such deposits relative to alternative funding sources. Management used market quotations to measure the fair value of investment securities. The business combination resulted in the acquisition of loans with and without evidence of credit quality deterioration. ENB’s loans were deemed impaired at the acquisition date if the Company did not expect to receive all contractually required cash flows due to concerns about credit quality. Such loans were fair valued and the difference between contractually required payments at the acquisition date and cash flows expected to be collected was recorded as a nonaccretable difference. At the acquisition date, the Company recorded $3.5 million of purchased credit-impaired loans subject to a nonaccretable difference of $2.0 million. The method of measuring carrying value of purchased loans differs from loans originated by the Company (originated loans), and as such, the Company identifies purchased loans and purchased loans with a credit quality discount and originated loans as amortized cost. ENB’s loans without evidence of credit deterioration were measured to fair valued by discounting both expected principal and interest cash flows using an observable discount rate for similar instruments that a market participant would consider in determining fair value. Additionally, consideration was given to management’s best estimates of default rates and payment speeds. At acquisition, ENB’s loan portfolio without evidence of deterioration totaled $120.7 million and was recorded at a fair value of $121.4 million. The following condensed statement reflects the values assigned to ENB net assets as of the acquisitions date: Total purchase price $ 24,655 Net assets acquired: Cash $ 8,481 Investments available for sale 36,275 Loans receivable 123,380 Regulatory stock 889 Premises and equipment, net 945 Intangible assets 1,491 Deferred tax assets 715 Other assets 2,174 Certificates of deposits (32,408 ) Deposits other than certificates of deposits (119,865 ) Other liabilities (964 ) 21,113 Goodwill resulting from the ENB merger 3,542 Results of operations for ENB prior to the acquisition date are not included in the Consolidated Statement of Income for the three month period ended December 31, 2015. The following table presents financial information regarding the former Eagle National Bank operations included in the Consolidated Statement of Income from the date of acquisition through December 31, 2015 under column “Actual from acquisition date through December 31, 2015.” In addition, the following table presents unaudited pro forma information as if the acquisition of ENB had occurred on October 1, 2014 under the “Pro Forma” columns. The table below has been prepared for comparative purposes only and is not necessarily indicative of the actual results that would have been attained had the acquisition occurred as of the beginning of the periods presented, nor is it indicative of future results. Furthermore, the unaudited pro forma information does not reflect management’s estimate of any revenue-enhancing opportunities nor anticipated cost savings as a result of the integration and consolidation of the acquisition. Merger and acquisition integration costs and amortization of fair value adjustments net of the related income tax effects are included in the amounts below. Actual From Acquisition Date Net interest income $ 473 Non interest income 31 Net income $ 14 Pro Formas Three months ended 2015 2014 (in thousands, except per Net interest income $ 12,476 $ 12,723 Non interest income 1,899 1,962 Net income 308 2,492 Pro forma earnings per share: Basic $ 0.03 $ 0.24 Diluted $ 0.03 $ 0.24 |
Recent Accounting Pronounceme22
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Investments | In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-01, Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. |
Receivables Troubled Debt Restructurings | In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. . In August 2014, the FASB issued ASU 2014-14, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40) |
Revenue from Contracts with Customers | In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In August 2015, the FASB issued ASU 2015-14, Revenue from Contract with Customers Topic 606 |
Transfers and Servicing | In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures |
Compensation Stock Compensation | In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments when the Terms of an Award Provide that a Performance Target Could Be Achieved After the Requisite Service Period |
Presentation of Financial Statements Going Concern | In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic |
Derivatives and Hedging | In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force). |
Income Statement Extraordinary and Unusual Items | In January 2015, the FASB issued ASU 2015-01, Income Statement – Extraordinary and Unusual Items, |
Consolidation | In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) |
Interest Imputation of Interest | In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30) |
Compensation Retirement Benefits | In April 2015, the FASB issued ASU 2015-04, Compensation – Retirement Benefits (Topic 715), |
Business Combinations | In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805). |
Income Taxes | In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes |
Financial Instruments | In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
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 three month periods ended December 31, 2015 and 2014. Three months ended December 31, December 31, Weighted-average common shares outstanding 18,133,095 18,133,095 Average treasury stock shares (6,793,627 ) (6,609,500 ) Average unearned ESOP shares (944,875 ) (990,151 ) Average unearned non-vested shares (30,168 ) (17,347 ) Weighted average common shares and common stock equivalents used to calculate basic earnings per share 10,364,425 10,516,097 Additional common stock equivalents (non-vested stock) used to calculate diluted earnings per share 618 — Additional common stock equivalents (stock options) used to calculate diluted earnings per share 170,530 — Weighted average common shares and common stock equivalents used to calculate diluted earnings per share 10,535,573 10,516,097 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Fair Value of Investment Securities Available for Sale | The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale are summarized as follows (in thousands): December 31, 2015 Amortized Gross Gross Fair Value Available for Sale Fannie Mae $ 135,505 $ 1,015 $ (1,027 ) $ 135,493 Freddie Mac 92,675 401 (635 ) 92,441 Governmental National Mortgage Association 14,745 23 (119 ) 14,649 Other mortgage-backed securities 2,452 — (20 ) 2,432 Total mortgage-backed securities 245,377 1,439 (1,801 ) 245,015 Obligations of states and political subdivisions 48,433 1,705 (84 ) 50,054 U.S. government agency securities 45,386 133 (86 ) 45,433 Corporate obligations 32,156 99 (435 ) 31,820 Trust-preferred securities 1,620 30 — 1,650 Other debt securities 19,538 125 (88 ) 19,575 Total debt securities 392,510 3,531 (2,494 ) 393,547 Equity securities - financial services 25 — — 25 Total $ 392,535 $ 3,531 $ (2,494 ) $ 393,572 September 30, 2015 Amortized Gross Gross Fair Value Available for Sale Fannie Mae $ 130,476 $ 2,052 $ (541 ) $ 131,987 Freddie Mac 88,514 1,063 (286 ) 89,291 Governmental National Mortgage Association 13,201 103 (52 ) 13,252 Other mortgage-backed securities 2,494 — (17 ) 2,477 Total mortgage-backed securities 234,685 3,218 (896 ) 237,007 Obligations of states and political subdivisions 50,094 1,676 (145 ) 51,625 U.S. government agency securities 45,799 399 (12 ) 46,186 Corporate obligations 22,440 157 (237 ) 22,360 Trust-preferred securities 1,613 98 — 1,711 Other debt securities 20,313 216 (36 ) 20,493 Total debt securities 374,944 5,764 (1,326 ) 379,382 Equity securities - financial services 25 — — 25 Total $ 374,969 $ 5,764 $ (1,326 ) $ 379,407 |
Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities at December 31, 2015, 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 Value Due in one year or less $ 7,756 $ 7,774 Due after one year through five years 54,075 54,272 Due after five years through ten years 74,576 75,129 Due after ten years 256,103 256,372 Total $ 392,510 $ 393,547 |
Unrealized Losses on Securiti25
Unrealized Losses on Securities (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
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 (dollars in thousands): December 31, 2015 Number of Less than Twelve Twelve Months or Total Fair Gross Fair Gross Fair Gross Fannie Mae 37 $ 32,234 $ (235 ) $ 23,568 $ (792 ) $ 55,802 $ (1,027 ) Freddie Mac 29 32,721 (196 ) 13,188 (439 ) 45,909 (635 ) Governmental National Mortgage Association 8 8,351 (57 ) 2,047 (62 ) 10,398 (119 ) Other mortgage-backed securities 3 — — 2,432 (20 ) 2,432 (20 ) Obligations of states and political subdivisions 10 7,447 (39 ) 2,934 (45 ) 10,381 (84 ) U.S. government agency securities 10 25,845 (86 ) — — 25,845 (86 ) Corporate obligations 17 16,925 (400 ) 965 (35 ) 17,890 (435 ) Other debt securities 10 9,032 (74 ) 1,532 (14 ) 10,564 (88 ) Total 124 $ 132,555 $ (1,087 ) $ 46,666 $ (1,407 ) $ 179,221 $ (2,494 ) September 30, 2015 Number of Less than Twelve Twelve Months or Total Fair Gross Fair Gross Fair Gross Fannie Mae 22 $ 7,238 $ (28 ) $ 23,609 $ (513 ) $ 30,847 $ (541 ) Freddie Mac 12 1,487 (1 ) 15,477 (285 ) 16,964 (286 ) Governmental National Mortgage Association 2 — — 2,209 (52 ) 2,209 (52 ) Other mortgage-backed securities 3 — — 2,477 (17 ) 2,477 (17 ) Obligations of states and political subdivisions 14 9,184 (57 ) 4,667 (88 ) 13,851 (145 ) U.S. government agency securities 3 3,246 (12 ) — — 3,246 (12 ) Corporate obligations 10 9,263 (207 ) 970 (30 ) 10,233 (237 ) Other debt securities 6 5,232 (26 ) 1,748 (10 ) 6,980 (36 ) Total 72 $ 35,650 $ (331 ) $ 51,157 $ (995 ) $ 86,807 $ (1,326 ) |
Loans Receivable, Net and All26
Loans Receivable, Net and Allowance for Loan Losses (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Summary of Loans Receivable | Loans receivable consist of the following (in thousands): December 31, September 30, Real estate loans: Residential $ 610,041 $ 610,582 Construction 1,864 878 Commercial 289,838 200,004 Commercial 52,277 34,314 Obligations of states and political subdivisions 57,903 59,820 Home equity loans and lines of credit 47,940 39,903 Auto Loans 173,775 162,193 Other 3,626 3,343 1,237,264 1,111,037 Less allowance for loan losses 9,257 8,919 Net loans $ 1,228,007 $ 1,102,118 |
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 (in thousands): Recorded Unpaid Associated December 31, 2015 With no specific allowance recorded: Real estate loans Residential $ 7,833 $ 9,549 $ — Construction — — — Commercial 17,589 19,106 — Commercial 2,011 2,027 — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 1,264 1,339 — Auto loans 298 415 — Other 18 43 — Total 29,013 32,479 — With an allowance recorded: Real estate loans Residential 2,713 3,125 349 Construction — — — Commercial 1,374 1,448 144 Commercial 9 9 9 Obligations of states and political subdivisions — — — Home equity loans and lines of credit 62 91 62 Auto loans 249 249 159 Other — — — Total 4,407 4,922 723 Total: Real estate loans Residential 10,546 12,674 349 Construction — — — Commercial 18,963 20,554 144 Commercial 2,020 2,036 9 Obligations of states and political subdivisions — — — Home equity loans and lines of credit 1,326 1,430 62 Auto loans 547 664 159 Other 18 43 — Total Impaired Loans $ 33,420 $ 37,401 $ 723 Recorded Unpaid Associated September 30, 2015 With no specific allowance recorded: Real Estate Loans Residential $ 9,552 $ 11,521 $ — Construction — — — Commercial 19,208 20,167 — Commercial 258 270 — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 731 743 — Auto Loans 350 464 — Other — — — Total 30,099 33,165 — With an allowance recorded: Real Estate Loans Residential 2,433 2,639 373 Construction — — — Commercial — — — Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 64 93 64 Auto Loans 275 275 131 Other — — — Total 2,772 3,007 568 Total: Real Estate Loans Residential 11,985 14,160 373 Construction — — — Commercial 19,208 20,167 — Commercial 258 270 — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 795 836 64 Auto Loans 625 739 131 Other — — — Total Impaired Loans $ 32,871 $ 36,172 $ 568 The following table represents 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): Three months ended December 31, 2015 2014 2015 2014 Average Average Interest Interest With no specific allowance recorded: Real estate loans Residential $ 8,785 $ 10,929 $ 27 $ 99 Construction — — — — Commercial 18,574 20,983 176 194 Commercial 820 889 15 2 Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 962 202 2 2 Auto loans 282 — 1 — Other — — — — Total 29,423 33,003 221 297 With an allowance recorded: Real estate loans Residential 2,592 2,496 5 24 Construction — — — — Commercial 457 578 — — Commercial 3 — — — Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 73 13 — — Auto loans 141 51 1 2 Other — — — — Total 3,266 3,138 6 26 Total: Real estate loans Residential 11,377 13,425 32 123 Construction — — — — Commercial 19,031 21,561 176 194 Commercial 823 889 15 2 Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 1,035 215 2 2 Auto loans 423 51 2 2 Other — — — — Total Impaired Loans $ 32,689 $ 36,141 $ 227 $ 323 |
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 December 31, 2015 and September 30, 2015: December 31, 2015 September 30, 2015 Balance at beginning of period $ 258 $ 170 Reclassification, new additions and other 240 228 Accretion (50 ) (140 ) Balance at end of period $ 448 $ 258 |
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): December 31, 2015 September 30, 2015 Acquired Loans with Specific Acquired Loans with Specific Outstanding balance $ 8,061 $ 4,779 Carrying amount $ 6,428 $ 4,162 |
Schedule of Loans Evaluated for Impairment | The following table shows the amount of loans in each category that was individually and collectively evaluated for impairment at the dates indicated (in thousands): Total Loans Individually Loans Acquired Collectively December 31, 2015 Real estate loans: Residential $ 610,041 $ 10,546 $ — $ 599,495 Construction 1,864 — — 1,864 Commercial 289,838 13,173 5,790 270,875 Commercial 52,277 2,020 — 50,257 Obligations of states and political subdivisions 57,903 — — 57,903 Home equity loans and lines of credit 47,940 688 638 46,614 Auto loans 173,775 547 — 173,228 Other 3,626 18 — 3,608 Total $ 1,237,264 $ 26,992 $ 6,428 $ 1,203,844 Total Loans Individually Loans Acquired Collectively September 30, 2015 Real estate loans: Residential $ 610,582 $ 11,985 $ — $ 598,597 Construction 878 — — 878 Commercial 200,004 15,100 4,108 180,796 Commercial 34,314 204 54 34,056 Obligations of states and political subdivisions 59,820 — — 59,820 Home equity loans and lines of credit 39,903 795 — 39,108 Auto loans 162,193 625 — 161,568 Other 3,343 — — 3,343 Total $ 1,111,037 $ 28,709 $ 4,162 $ 1,078,166 |
Classes of the Loan Portfolio, Internal Risk Rating System | The following tables present 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 December 31, 2015 and September 30, 2015 (in thousands): Pass Special Substandard Doubtful Total December 31, 2015 Commercial real estate loans $ 255,955 $ 10,926 $ 22,957 $ — $ 289,838 Commercial 48,672 320 3,285 — 52,277 Obligations of states and political subdivisions 57,903 — — — 57,903 Total $ 362,530 $ 11,246 $ 26,242 $ — $ 400,018 Pass Special Substandard Doubtful Total September 30, 2015 Commercial real estate loans $ 174,516 $ 4,521 $ 20,967 $ — $ 200,004 Commercial 33,801 — 513 — 34,314 Obligations of states and political subdivisions 59,820 — — — 59,820 Total $ 268,137 $ 4,521 $ 21,480 $ — $ 294,138 |
Schedule of Performing or Nonperforming Loans | The following tables present the risk ratings in the consumer categories of performing and non-performing loans at December 31, 2015 and September 30, 2015 (in thousands): Performing Non-performing Total December 31, 2015 Real estate loans: Residential $ 600,544 $ 9,497 $ 610,041 Construction 1,864 — 1,864 Home equity loans and lines of credit 46,615 1,325 47,940 Auto loans 173,228 547 173,775 Other 3,608 18 3,626 Total $ 825,859 $ 11,387 $ 837,246 Performing Non-performing Total September 30, 2015 Real estate loans: Residential $ 600,810 $ 9,772 $ 610,582 Construction 878 — 878 Home equity loans and lines of credit 39,213 690 39,903 Auto loans 161,827 366 162,193 Other 3,322 21 3,343 Total $ 806,050 $ 10,849 $ 816,899 |
Classes of the Loan Portfolio Summarized by the Aging Categories | The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of December 31, 2015 and September 30, 2015 (in thousands): Current 31-60 Days 61-90 Days Greater than Non-Accrual Total Past Total December 31, 2015 Real estate loans Residential $ 597,903 $ 1,883 $ 758 $ — $ 9,497 $ 12,138 $ 610,041 Construction 1,864 — — — — — 1,864 Commercial 278,220 507 337 — 10,774 11,618 289,838 Commercial 51,673 116 51 — 437 604 52,277 Obligations of states and political subdivisions 57,903 — — — — — 57,903 Home equity loans and lines of credit 46,414 157 44 — 1,325 1,526 47,940 Auto loans 171,599 1,399 230 — 547 2,176 173,775 Other 3,586 22 — — 18 40 3,626 Total $ 1,209,162 $ 4,084 $ 1,420 $ — $ 22,598 $ 28,102 $ 1,237,264 Current 31-60 Days 61-90 Days Greater than Non-Accrual Total Past Total September 30, 2015 Real estate loans Residential $ 598,190 $ 1,575 $ 1,045 $ — $ 9,772 $ 12,392 $ 610,582 Construction 878 — — — — — 878 Commercial 190,440 137 587 — 8,840 9,564 200,004 Commercial 33,545 346 7 — 416 769 34,314 Obligations of states and political subdivisions 59,820 — — — — — 59,820 Home equity loans and lines of credit 39,136 32 45 — 690 767 39,903 Auto loans 160,272 1,375 180 — 366 1,921 162,193 Other 3,295 27 — — 21 48 3,343 Total $ 1,085,576 $ 3,492 $ 1,864 $ — $ 20,105 $ 25,461 $ 1,111,037 |
Summary of Primary Segments of ALL | The following tables summarize changes in the primary segments of the ALL for the three month periods ending December 31, 2015 and 2014 (in thousands): Real Estate Loans Residential Construction Commercial Commercial Obligations of Home Auto Loans Other Unallocated Total ALL balance at September 30, 2015 $ 5,140 $ 7 $ 671 $ 693 $ 189 $ 461 $ 1,570 $ 27 $ 161 $ 8,919 Charge-offs (91 ) — — (3 ) — (25 ) (188 ) — — (307 ) Recoveries 3 — — 1 — 1 37 3 — 45 Provision (305 ) 7 187 14 (2 ) (48 ) 335 (3 ) 415 600 ALL balance at December 31, 2015 $ 4,747 $ 14 $ 858 $ 705 $ 187 $ 389 $ 1,754 $ 27 $ 576 $ 9,257 September 30, 2014 $ 5,573 $ 11 $ 663 $ 528 $ 163 $ 470 $ 459 $ 32 $ 735 $ 8,634 Charge-offs (509 ) — (11 ) (27 ) — (19 ) (40 ) — — (606 ) Recoveries 18 — 11 — — 8 1 — — 38 Provision 489 2 13 14 (18 ) 86 254 (6 ) (384 ) 450 ALL balance at December 31, 2014 $ 5,571 $ 13 $ 676 $ 515 $ 145 $ 545 $ 674 $ 26 $ 351 $ 8,516 Acquired loans are recorded at fair value on their purchase date without a carryover of the related allowance for loan losses. The following table summarizes the primary segments of the ALL, segregated into amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of December 31, 2015 and September 30, 2015 (in thousands): Real Estate Loans Residential Construction Commercial Commercial Obligations of Home Auto Loans Other Unallocated Total Individually evaluated for impairment $ 349 $ — $ 144 $ 9 $ — $ 62 $ 159 $ — $ — $ 723 Collectively evaluated for impairment 4,398 14 714 696 187 327 1,595 27 576 8,534 ALL Balance at December 31, 2015 $ 4,747 $ 14 $ 858 $ 705 $ 187 $ 389 $ 1,754 $ 27 $ 576 $ 9,257 Individually evaluated for impairment $ 373 $ — $ — $ — $ — $ 64 $ 131 $ — $ — $ 568 Collectively evaluated for impairment 4,767 7 671 693 189 397 1,439 27 161 8,351 ALL balance at September 30, 2015 $ 5,140 $ 7 $ 671 $ 693 $ 189 $ 461 $ 1,570 $ 27 $ 161 $ 8,919 |
Summary of Troubled Debt Restructuring Granted | The following is a summary of troubled debt restructuring granted during the three months ended December 31, 2015 and 2014 (dollars in thousands). For the Three Months Ended December 31, 2015 Dollars in thousands Number of Pre-Modification Post-Modification Troubled Debt Restructurings Real estate loans: Residential 1 $ 81 $ 81 Construction — — — Commercial — — — Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit — — — Auto loans — — — Other — — — Total 1 $ 81 $ 81 For the Three Months Ended December 31, 2014 Dollars in thousands Number of Pre-Modification Post-Modification Recorded Troubled Debt Restructurings Real estate loans: Residential 7 $ 1,073 $ 1,073 Construction — — — Commercial — — — Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit — — — Auto loans — — — Other — — — Total 7 $ 1,073 $ 1,073 |
Eagle National Bancorp, Inc [Member] | |
Summary of Loans Receivable | Included in the December 31, 2015 balances are loans acquired from Eagle National Bank, as of the acquisition date of December 4, 2015 as follows: 2015 Real estate loans: Residential $ 10,743 Commercial 87,336 Commercial 16,604 Home equity loans and lines of credit 8,632 Other 65 Total loans $ 123,380 |
Schedule of Investment and Unpaid Principal Balances for 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 Unpaid principal balance $ 3,468 Interest 717 Contractual cash flows 4,185 Non-accretable discount (1,973 ) Expected cash flows 2,212 Accretable discount (240 ) Estimated fair value $ 1,972 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Deposits by Major Classifications | Deposits consist of the following major classifications (in thousands): December 31, September 30, Non-interest bearing demand accounts $ 152,968 $ 98,514 Interest bearing demand accounts 99,151 110,268 Money market accounts 214,384 162,418 Savings and club accounts 138,936 129,227 Certificates of deposit 634,731 596,327 Total $ 1,240,170 $ 1,096,754 |
Net Periodic Benefit Cost-Def28
Net Periodic Benefit Cost-Defined Benefit Plan (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Summary of the Components of Net Periodic Benefit Cost | The following table comprises the components of net periodic benefit cost for the periods ended (in thousands): Three Months Ended 2015 2014 Service Cost $ 249 $ 218 Interest Cost 245 206 Expected return on plan assets (311 ) (308 ) Amortization of unrecognized loss 120 60 Net periodic benefit cost $ 303 $ 176 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Option Activity | The following is a summary of the Company’s stock option activity and related information for its option grants for the three month period ended December 31, 2015. Number of Stock Weighted- Weighted- Aggregate Outstanding, September 30, 2015 1,314,580 $ 12.35 2.67 $ 802,000 Granted — — — — Exercised — — — — Forfeited — — — — Outstanding, December 31, 2015 1,314,580 $ 12.35 2.42 $ 1,748,000 Exercisable at December 31, 2015 1,314,580 $ 12.35 2.42 $ 1,748,000 |
Schedule of Restricted Stock Option Activity | The following is a summary of the status of the Company’s restricted stock as of December 31, 2015, and changes therein during the three month period then ended: Number of Weighted- Nonvested at September 30, 2015 26,311 $ 12.30 Granted — — Vested — — Forfeited — — Nonvested at December 31, 2015 26,311 $ 12.30 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
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 December 31, 2015 and September 30, 2015 and indicates the fair value hierarchy of the valuation techniques utilized by the Bank to determine such fair value: Fair Value Measurement at December 31, 2015 Fair Value Measurements Utilized for the Company’s Quoted Prices in Active Significant Other Significant Balances as of Securities available-for-sale measured on a recurring basis Mortgage backed securities $ — $ 245,015 $ — $ 245,015 Obligations of states and political subdivisions — 50,054 — 50,054 U.S. government agencies — 45,433 — 45,433 Corporate obligations — 26,820 5,000 31,820 Trust-preferred securities — — 1,650 1,650 Other debt securities — 19,089 486 19,575 Equity securities-financial services 25 — — 25 Total debt and equity securities $ 25 $ 386,411 $ 7,136 $ 393,572 Assets measured at fair value on a recurring basis: Foreclosed real estate owned measured on a non-recurring basis $ — $ — $ 2,704 $ 2,704 Impaired loans measured on a non-recurring basis $ — $ — $ 32,697 $ 32,697 Mortgage servicing rights $ — $ — $ 575 $ 575 Fair Value Measurement at September 30, 2015 Fair Value Measurements Utilized for the Company’s Quoted Prices in Active Significant Other Significant Balances as of Securities available-for-sale measured on a recurring basis Mortgage backed securities $ — $ 237,007 $ — $ 237,007 Obligations of states and political subdivisions — 51,625 — 51,625 U.S. government agencies — 46,186 — 46,186 Corporate obligations — 20,360 2,000 22,360 Trust-preferred securities — — 1,711 1,711 Other debt securities — 19,993 500 20,493 Equity securities-financial services 25 — — 25 Total debt and equity securities $ 25 $ 375,171 $ 4,211 $ 379,407 Assets measured at fair value on a nonrecurring basis: Foreclosed real estate owned measured on a non-recurring basis $ — $ — $ 2,480 $ 2,480 Impaired loans measured on a non-recurring basis $ — $ — $ 32,303 $ 32,303 Mortgage Servicing rights — — 412 412 |
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 three month periods ended December 31, 2015 and December 31, 2014 (in thousands). Fair Value Measurement Using Significant Unobservable Inputs Three months ended December 31, 2015 December 31, 2014 Beginning balance $ 4,211 $ 2,230 Purchases, sales, issuances, settlements, net 3,000 — Total unrealized gain: Included in earnings — — Included in other comprehensive income (75 ) (30 ) Transfers in and/or out of Level III — — $ 7,136 $ 2,200 |
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 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements (in thousands) Fair Value Valuation Unobservable Range December 31, 2015 Impaired loans $ 32,697 Appraisal of Appraisal 0% to 50% (20.2%) Foreclosed real estate owned 2,704 Appraisal of Appraisal 20% to 35% (18.2%) Mortgage servicing rights 575 Discounted cash flow Discount rate 6% to 11% (10.3%) Prepayment speeds 6% to 32% (14.3%) Quantitative Information about Level 3 Fair Value Measurements (in thousands) Fair Value Valuation Unobservable Range September 30, 2015 Impaired loans $ 32,303 Appraisal of Appraisal 0% to 60% (22.3%) Foreclosed real estate owned 2,480 Appraisal of Appraisal 20% to 46% (21.3%) Mortgage servicing rights 412 Discounted cash flow Discount rate 6% to 11% (10.1%) Prepayment speeds 5% to 79% (17.9%) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 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 are presented as a percent of the appraisal. |
Schedule of Estimate of Fair Value Using Methodologies | The fair values presented represent the Company’s best estimate of fair value using the methodologies discussed below. December 31, 2015 Carrying Value Level I Level II Level III Total Fair Financial assets: Cash and cash equivalents $ 25,728 $ 25,728 $ — $ — $ 25,728 Certificates of deposit 1,500 — — 1,513 1,513 Investment and mortgage backed securities available for sale 393,572 25 386,411 7,136 393,572 Loans receivable, net 1,228,007 — — 1,233,511 1,233,511 Accrued interest receivable 5,601 5,601 — — 5,601 Regulatory stock 14,679 14,679 — — 14,679 Mortgage servicing rights 575 — — 575 575 Bank owned life insurance 30,885 30,885 — — 30,885 Financial liabilities: Deposits $ 1,240,170 $ 605,439 $ — $ 636,267 $ 1,241,706 Short-term borrowings 84,052 84,052 — — 84,052 Other borrowings 249,101 — — 249,076 249,076 Advances by borrowers for taxes and insurance 6,992 6,992 — — 6,992 Accrued interest payable 1,101 1,101 — — 1,101 September 30, 2015 Carrying Value Level I Level II Level III Total Fair Financial assets: Cash and cash equivalents $ 18,758 $ 18,758 $ — $ — $ 18,758 Certificates of deposit 1,750 — — 1,774 1,774 Investment and mortgage backed securities available for sale 379,407 25 375,171 4,211 379,407 Loans receivable, net 1,102,118 — — 1,123,436 1,123,436 Accrued interest receivable 5,068 5,068 — — 5,068 Regulatory stock 13,831 13,831 — — 13,831 Mortgage servicing rights 412 — — 412 412 Bank owned life insurance 30,655 30,655 — — 30,655 Financial liabilities: Deposits $ 1,096,754 $ 500,427 $ — $ 600,250 1,100,677 Short-term borrowings 91,339 91,339 — — 91,339 Other borrowings 229,101 — — 230,255 230,255 Advances by borrowers for taxes and insurance 4,273 4,273 — — 4,273 Accrued interest payable 866 866 — — 866 |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Income/(Loss) (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | |
Activity in Accumulated Other Comprehensive Income/(Loss) | The activity in accumulated other comprehensive income/(loss) for the three and three months ended December 31, 2015 and 2014 is as follows (in thousands): Accumulated Other Defined Benefit Unrealized Gains Total Balance at September 30, 2015 $ (5,325 ) $ 2,930 $ (2,395 ) Other comprehensive loss before reclassifications — (2,244 ) (2,244 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 79 (2 ) 77 Period change 79 (2,246 ) (2,167 ) Balance at December 31, 2015 $ (5,246 ) $ 684 $ (4,562 ) Balance at September 30, 2014 $ (3,228 ) $ 649 $ (2,579 ) Other comprehensive income before reclassifications — 1,808 1,808 Amounts reclassified from accumulated other comprehensive loss, net of tax 40 — 40 Period change 40 1,808 1,848 Balance at December 31, 2014 $ (3,188 ) $ 2,457 $ (731 ) Amount Reclassified from Accumulated Other Affected Line Item in the Consolidated 2015 2014 Securities available for sale: Securities gains reclassified into earnings $ 3 $ — Gain on sale of investments Related income tax expense (1 ) — Income taxes Net effect on accumulated other comprehensive loss for the period 2 — Net of tax Defined benefit pension plan: Amortization of net loss (120 ) (60 ) Compensation and employee benefits Related income tax expense 41 20 Income taxes Net effect on accumulated other comprehensive loss for the period $ (79 ) $ (40 ) Net of tax Total reclassification for the period $ (77 ) $ (40 ) Net of tax |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Pro Forma Selected Information | Actual From Acquisition Date Net interest income $ 473 Non interest income 31 Net income $ 14 Pro Formas Three months ended 2015 2014 (in thousands, except per Net interest income $ 12,476 $ 12,723 Non interest income 1,899 1,962 Net income 308 2,492 Pro forma earnings per share: Basic $ 0.03 $ 0.24 Diluted $ 0.03 $ 0.24 |
Eagle National Bancorp, Inc [Member] | |
Condensed Statement Reflecting Values Assigned to Net Assets | The following condensed statement reflects the values assigned to ENB net assets as of the acquisitions date: Total purchase price $ 24,655 Net assets acquired: Cash $ 8,481 Investments available for sale 36,275 Loans receivable 123,380 Regulatory stock 889 Premises and equipment, net 945 Intangible assets 1,491 Deferred tax assets 715 Other assets 2,174 Certificates of deposits (32,408 ) Deposits other than certificates of deposits (119,865 ) Other liabilities (964 ) 21,113 Goodwill resulting from the ENB merger 3,542 |
Earnings Per Share - Compositio
Earnings Per Share - Composition of the Weighted-Average Common Shares (Denominator) Used in the Basic and Diluted Earnings per Share Computation (Detail) - shares | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Weighted-average common shares outstanding | 18,133,095 | 18,133,095 |
Average treasury stock shares | (6,793,627) | (6,609,500) |
Average unearned ESOP shares | (944,875) | (990,151) |
Average unearned non-vested shares | (30,168) | (17,347) |
Weighted average common shares and common stock equivalents used to calculate basic earnings per share | 10,364,425 | 10,516,097 |
Additional common stock equivalents (non-vested stock) used to calculate diluted earnings per share | 618 | |
Additional common stock equivalents (stock options) used to calculate diluted earnings per share | 170,530 | |
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share | 10,535,573 | 10,516,097 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - $ / shares | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 18,021 | 16,820 |
Price per share of anti-dilutive shares | $ 11.07 | |
Stock Compensation Plan [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 1,458,379 | |
Price per share of anti-dilutive shares | $ 13.05 | $ 12.35 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Fair Value of Investment Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | $ 392,535 | $ 374,969 |
Available for sale, Gross Unrealized Gains | 3,531 | 5,764 |
Available for sale, Gross Unrealized Losses | (2,494) | (1,326) |
Available for sale, Fair Value | 393,572 | 379,407 |
Fannie Mae [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 135,505 | 130,476 |
Available for sale, Gross Unrealized Gains | 1,015 | 2,052 |
Available for sale, Gross Unrealized Losses | (1,027) | (541) |
Available for sale, Fair Value | 135,493 | 131,987 |
Freddie Mac [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 92,675 | 88,514 |
Available for sale, Gross Unrealized Gains | 401 | 1,063 |
Available for sale, Gross Unrealized Losses | (635) | (286) |
Available for sale, Fair Value | 92,441 | 89,291 |
Governmental National Mortgage Association [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 14,745 | 13,201 |
Available for sale, Gross Unrealized Gains | 23 | 103 |
Available for sale, Gross Unrealized Losses | (119) | (52) |
Available for sale, Fair Value | 14,649 | 13,252 |
Other Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 2,452 | 2,494 |
Available for sale, Gross Unrealized Losses | (20) | (17) |
Available for sale, Fair Value | 2,432 | 2,477 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 245,377 | 234,685 |
Available for sale, Gross Unrealized Gains | 1,439 | 3,218 |
Available for sale, Gross Unrealized Losses | (1,801) | (896) |
Available for sale, Fair Value | 245,015 | 237,007 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 48,433 | 50,094 |
Available for sale, Gross Unrealized Gains | 1,705 | 1,676 |
Available for sale, Gross Unrealized Losses | (84) | (145) |
Available for sale, Fair Value | 50,054 | 51,625 |
U.S. Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 45,386 | 45,799 |
Available for sale, Gross Unrealized Gains | 133 | 399 |
Available for sale, Gross Unrealized Losses | (86) | (12) |
Available for sale, Fair Value | 45,433 | 46,186 |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 32,156 | 22,440 |
Available for sale, Gross Unrealized Gains | 99 | 157 |
Available for sale, Gross Unrealized Losses | (435) | (237) |
Available for sale, Fair Value | 31,820 | 22,360 |
Trust-Preferred Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 1,620 | 1,613 |
Available for sale, Gross Unrealized Gains | 30 | 98 |
Available for sale, Fair Value | 1,650 | 1,711 |
Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 19,538 | 20,313 |
Available for sale, Gross Unrealized Gains | 125 | 216 |
Available for sale, Gross Unrealized Losses | (88) | (36) |
Available for sale, Fair Value | 19,575 | 20,493 |
Total Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 392,510 | 374,944 |
Available for sale, Gross Unrealized Gains | 3,531 | 5,764 |
Available for sale, Gross Unrealized Losses | (2,494) | (1,326) |
Available for sale, Fair Value | 393,547 | 379,382 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Amortized Cost | 25 | 25 |
Available for sale, Fair Value | $ 25 | $ 25 |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |
Due in one year or less, Amortized Cost | $ 7,756 |
Due after one year through five years, Amortized Cost | 54,075 |
Due after five years through ten years, Amortized Cost | 74,576 |
Due after ten years, Amortized Cost | 256,103 |
Total, Amortized Cost | 392,510 |
Due in one year or less, Fair Value | 7,774 |
Due after one year through five years, Fair Value | 54,272 |
Due after five years through ten years, Fair Value | 75,129 |
Due after ten years, Fair Value | 256,372 |
Total, Fair Value | $ 393,547 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended |
Dec. 31, 2015USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |
Realized gross gains | $ 3,000 |
Proceeds from the sale of investment securities | 17,400,000 |
Realized gross losses | 0 |
Eagle National Bancorp, Inc [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Realized gross gains | 0 |
Proceeds from the sale of investment securities | 16,200,000 |
Realized gross losses | $ 0 |
Unrealized Losses on Securiti38
Unrealized Losses on Securities - Schedule of Gross Unrealized Losses and Fair Value (Detail) $ in Thousands | Dec. 31, 2015USD ($)Security | Sep. 30, 2015USD ($)Security |
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 124 | 72 |
Fair Value, Less than Twelve Months | $ 132,555 | $ 35,650 |
Gross Unrealized Losses, Less than Twelve Months | (1,087) | (331) |
Fair Value, Twelve Months or Greater | 46,666 | 51,157 |
Gross Unrealized Losses, Twelve Months or Greater | (1,407) | (995) |
Fair Value, Total | 179,221 | 86,807 |
Gross Unrealized Losses, Total | $ (2,494) | $ (1,326) |
Fannie Mae [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 37 | 22 |
Fair Value, Less than Twelve Months | $ 32,234 | $ 7,238 |
Gross Unrealized Losses, Less than Twelve Months | (235) | (28) |
Fair Value, Twelve Months or Greater | 23,568 | 23,609 |
Gross Unrealized Losses, Twelve Months or Greater | (792) | (513) |
Fair Value, Total | 55,802 | 30,847 |
Gross Unrealized Losses, Total | $ (1,027) | $ (541) |
Freddie Mac [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 29 | 12 |
Fair Value, Less than Twelve Months | $ 32,721 | $ 1,487 |
Gross Unrealized Losses, Less than Twelve Months | (196) | (1) |
Fair Value, Twelve Months or Greater | 13,188 | 15,477 |
Gross Unrealized Losses, Twelve Months or Greater | (439) | (285) |
Fair Value, Total | 45,909 | 16,964 |
Gross Unrealized Losses, Total | $ (635) | $ (286) |
Governmental National Mortgage Association [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 8 | 2 |
Fair Value, Less than Twelve Months | $ 8,351 | |
Gross Unrealized Losses, Less than Twelve Months | (57) | |
Fair Value, Twelve Months or Greater | 2,047 | $ 2,209 |
Gross Unrealized Losses, Twelve Months or Greater | (62) | (52) |
Fair Value, Total | 10,398 | 2,209 |
Gross Unrealized Losses, Total | $ (119) | $ (52) |
Other Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 3 | 3 |
Fair Value, Twelve Months or Greater | $ 2,432 | $ 2,477 |
Gross Unrealized Losses, Twelve Months or Greater | (20) | (17) |
Fair Value, Total | 2,432 | 2,477 |
Gross Unrealized Losses, Total | $ (20) | $ (17) |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 10 | 14 |
Fair Value, Less than Twelve Months | $ 7,447 | $ 9,184 |
Gross Unrealized Losses, Less than Twelve Months | (39) | (57) |
Fair Value, Twelve Months or Greater | 2,934 | 4,667 |
Gross Unrealized Losses, Twelve Months or Greater | (45) | (88) |
Fair Value, Total | 10,381 | 13,851 |
Gross Unrealized Losses, Total | $ (84) | $ (145) |
U.S. Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 10 | 3 |
Fair Value, Less than Twelve Months | $ 25,845 | $ 3,246 |
Gross Unrealized Losses, Less than Twelve Months | (86) | (12) |
Fair Value, Total | 25,845 | 3,246 |
Gross Unrealized Losses, Total | $ (86) | $ (12) |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 17 | 10 |
Fair Value, Less than Twelve Months | $ 16,925 | $ 9,263 |
Gross Unrealized Losses, Less than Twelve Months | (400) | (207) |
Fair Value, Twelve Months or Greater | 965 | 970 |
Gross Unrealized Losses, Twelve Months or Greater | (35) | (30) |
Fair Value, Total | 17,890 | 10,233 |
Gross Unrealized Losses, Total | $ (435) | $ (237) |
Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 10 | 6 |
Fair Value, Less than Twelve Months | $ 9,032 | $ 5,232 |
Gross Unrealized Losses, Less than Twelve Months | (74) | (26) |
Fair Value, Twelve Months or Greater | 1,532 | 1,748 |
Gross Unrealized Losses, Twelve Months or Greater | (14) | (10) |
Fair Value, Total | 10,564 | 6,980 |
Gross Unrealized Losses, Total | $ (88) | $ (36) |
Loans Receivable, Net and All39
Loans Receivable, Net and Allowance for Loan Losses - Summary of Loans Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 04, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Real estate loans: | |||||
Total Loans | $ 1,237,264 | $ 1,111,037 | |||
Less allowance for loan losses | 9,257 | 8,919 | $ 8,516 | $ 8,634 | |
Net loans | 1,228,007 | 1,102,118 | |||
Eagle National Bancorp, Inc [Member] | |||||
Real estate loans: | |||||
Total Loans | $ 123,380 | ||||
Residential Real Estate Loans [Member] | |||||
Real estate loans: | |||||
Total Loans | 610,041 | 610,582 | |||
Less allowance for loan losses | 4,747 | 5,140 | 5,571 | 5,573 | |
Residential Real Estate Loans [Member] | Eagle National Bancorp, Inc [Member] | |||||
Real estate loans: | |||||
Total Loans | 10,743 | ||||
Construction Real Estate Loans [Member] | |||||
Real estate loans: | |||||
Total Loans | 1,864 | 878 | |||
Commercial Real Estate Loans [Member] | |||||
Real estate loans: | |||||
Total Loans | 289,838 | 200,004 | |||
Less allowance for loan losses | 858 | 671 | 676 | 663 | |
Commercial Real Estate Loans [Member] | Eagle National Bancorp, Inc [Member] | |||||
Real estate loans: | |||||
Total Loans | 87,336 | ||||
Commercial Loans [Member] | |||||
Real estate loans: | |||||
Total Loans | 52,277 | 34,314 | |||
Less allowance for loan losses | 705 | 693 | 515 | 528 | |
Commercial Loans [Member] | Eagle National Bancorp, Inc [Member] | |||||
Real estate loans: | |||||
Total Loans | 16,604 | ||||
Obligations of States and Political Subdivisions [Member] | |||||
Real estate loans: | |||||
Total Loans | 57,903 | 59,820 | |||
Less allowance for loan losses | 187 | 189 | 145 | 163 | |
Home Equity Loans and Lines of Credit [Member] | |||||
Real estate loans: | |||||
Total Loans | 47,940 | 39,903 | |||
Less allowance for loan losses | 389 | 461 | 545 | 470 | |
Home Equity Loans and Lines of Credit [Member] | Eagle National Bancorp, Inc [Member] | |||||
Real estate loans: | |||||
Total Loans | 8,632 | ||||
Auto Loans [Member] | |||||
Real estate loans: | |||||
Total Loans | 173,775 | 162,193 | |||
Less allowance for loan losses | 1,754 | 1,570 | 674 | 459 | |
Other [Member] | |||||
Real estate loans: | |||||
Total Loans | 3,626 | 3,343 | |||
Less allowance for loan losses | $ 27 | $ 27 | $ 26 | $ 32 | |
Other [Member] | Eagle National Bancorp, Inc [Member] | |||||
Real estate loans: | |||||
Total Loans | $ 65 |
Loans Receivable, Net and All40
Loans Receivable, Net and Allowance for Loan Losses - Additional Information (Detail) | Dec. 04, 2015USD ($) | Dec. 31, 2015USD ($)ContractContracts | Dec. 31, 2014USD ($)ContractContractsSecurityLoan | Sep. 30, 2015USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unpaid Principal Balance | $ 3,468,000 | $ 37,401,000 | $ 36,172,000 | |
Estimated fair value | 1,972,000 | |||
Contractual cash flows | 4,185,000 | |||
Preliminary estimate of expected cash flows | 2,212,000 | |||
Non-accretable discount | 1,973,000 | |||
Cash flows in excess of estimated fair value | $ 240,000 | |||
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 | $ 500,000 | |||
Minimum external review amount | $ 1,000,000 | |||
Number of troubled debt restructuring loans granted | Contract | 1 | 7 | ||
Number of troubled debt restructuring loans granted terms and rate concessions | SecurityLoan | 4 | |||
Troubled debt restructurings granted terms and rate concession | $ 548,000 | |||
Number of troubled debt restructuring loans granted terms concessions | SecurityLoan | 2 | |||
Troubled debt restructurings granted terms concession | $ 348,000 | |||
Number of troubled debt restructuring loans granted interest rate concession | SecurityLoan | 1 | |||
Troubled debt restructurings loans granted interest rate concession | $ 177,000 | |||
Number of troubled debt restructurings, loan modified, defaulted within one year of modification | Contracts | 0 | 1 | ||
Troubled debt restructurings, loan modified, defaulted within one year of modification | $ 156,000 | |||
Other foreclosed assets | $ 2,700,000 | $ 2,500,000 | ||
Loans Acquired with Deteriorated Credit Quality [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Carrying value of Purchased loans | 6,400,000 | |||
Consumer Residential Mortgages [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Other foreclosed assets | 2,200,000 | |||
Formal foreclosure proceeding assets | 4,600,000 | |||
Eagle National Bancorp, Inc [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unpaid Principal Balance | 3,500,000 | |||
Estimated fair value | 2,000,000 | |||
Contractual cash flows | 4,200,000 | |||
Preliminary estimate of expected cash flows | 2,200,000 | |||
Non-accretable discount | 2,000,000 | |||
Cash flows in excess of estimated fair value | $ 240,000 |
Loans Receivable, Net and All41
Loans Receivable, Net and Allowance for Loan Losses - Schedule of Investment and Unpaid Principal Balances for Impaired Loans (Detail) - USD ($) $ in Thousands | Dec. 04, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 |
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | $ 33,420 | $ 32,871 | ||
Average Recorded Investment | 32,689 | $ 36,141 | ||
Unpaid Principal Balance | $ 3,468 | 37,401 | 36,172 | |
Associated Allowance | 723 | 568 | ||
Interest | 717 | 227 | 323 | |
Contractual cash flows | 4,185 | |||
Non-accretable discount | (1,973) | |||
Expected cash flows | 2,212 | |||
Accretable discount | (240) | |||
Estimated fair value | $ 1,972 | |||
With no Specific Allowance Recorded [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 29,013 | 30,099 | ||
Average Recorded Investment | 29,423 | 33,003 | ||
Unpaid Principal Balance | 32,479 | 33,165 | ||
Interest | 221 | 297 | ||
With an Allowance Recorded [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 4,407 | 2,772 | ||
Average Recorded Investment | 3,266 | 3,138 | ||
Unpaid Principal Balance | 4,922 | 3,007 | ||
Associated Allowance | 723 | 568 | ||
Interest | 6 | 26 | ||
Residential Real Estate Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 10,546 | 11,985 | ||
Average Recorded Investment | 11,377 | 13,425 | ||
Unpaid Principal Balance | 12,674 | 14,160 | ||
Associated Allowance | 349 | 373 | ||
Interest | 32 | 123 | ||
Residential Real Estate Loans [Member] | With no Specific Allowance Recorded [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 7,833 | 9,552 | ||
Average Recorded Investment | 8,785 | 10,929 | ||
Unpaid Principal Balance | 9,549 | 11,521 | ||
Interest | 27 | 99 | ||
Residential Real Estate Loans [Member] | With an Allowance Recorded [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 2,713 | 2,433 | ||
Average Recorded Investment | 2,592 | 2,496 | ||
Unpaid Principal Balance | 3,125 | 2,639 | ||
Associated Allowance | 349 | 373 | ||
Interest | 5 | 24 | ||
Commercial Real Estate Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 18,963 | 19,208 | ||
Average Recorded Investment | 19,031 | 21,561 | ||
Unpaid Principal Balance | 20,554 | 20,167 | ||
Associated Allowance | 144 | |||
Interest | 176 | 194 | ||
Commercial Real Estate Loans [Member] | With no Specific Allowance Recorded [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 17,589 | 19,208 | ||
Average Recorded Investment | 18,574 | 20,983 | ||
Unpaid Principal Balance | 19,106 | 20,167 | ||
Interest | 176 | 194 | ||
Commercial Real Estate Loans [Member] | With an Allowance Recorded [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 1,374 | |||
Average Recorded Investment | 457 | 578 | ||
Unpaid Principal Balance | 1,448 | |||
Associated Allowance | 144 | |||
Commercial Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 2,020 | 258 | ||
Average Recorded Investment | 823 | 889 | ||
Unpaid Principal Balance | 2,036 | 270 | ||
Associated Allowance | 9 | |||
Interest | 15 | 2 | ||
Commercial Loans [Member] | With no Specific Allowance Recorded [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 2,011 | 258 | ||
Average Recorded Investment | 820 | 889 | ||
Unpaid Principal Balance | 2,027 | 270 | ||
Interest | 15 | 2 | ||
Commercial Loans [Member] | With an Allowance Recorded [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 9 | |||
Average Recorded Investment | 3 | |||
Unpaid Principal Balance | 9 | |||
Associated Allowance | 9 | |||
Home Equity Loans and Lines of Credit [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 1,326 | 795 | ||
Average Recorded Investment | 1,035 | 215 | ||
Unpaid Principal Balance | 1,430 | 836 | ||
Associated Allowance | 62 | 64 | ||
Interest | 2 | 2 | ||
Home Equity Loans and Lines of Credit [Member] | With no Specific Allowance Recorded [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 1,264 | 731 | ||
Average Recorded Investment | 962 | 202 | ||
Unpaid Principal Balance | 1,339 | 743 | ||
Interest | 2 | 2 | ||
Home Equity Loans and Lines of Credit [Member] | With an Allowance Recorded [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 62 | 64 | ||
Average Recorded Investment | 73 | 13 | ||
Unpaid Principal Balance | 91 | 93 | ||
Associated Allowance | 62 | 64 | ||
Auto Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 547 | 625 | ||
Average Recorded Investment | 423 | 51 | ||
Unpaid Principal Balance | 664 | 739 | ||
Associated Allowance | 159 | 131 | ||
Interest | 2 | 2 | ||
Auto Loans [Member] | With no Specific Allowance Recorded [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 298 | 350 | ||
Average Recorded Investment | 282 | |||
Unpaid Principal Balance | 415 | 464 | ||
Interest | 1 | |||
Auto Loans [Member] | With an Allowance Recorded [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 249 | 275 | ||
Average Recorded Investment | 141 | 51 | ||
Unpaid Principal Balance | 249 | 275 | ||
Associated Allowance | 159 | $ 131 | ||
Interest | 1 | $ 2 | ||
Other [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 18 | |||
Unpaid Principal Balance | 43 | |||
Other [Member] | With no Specific Allowance Recorded [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded Investment | 18 | |||
Unpaid Principal Balance | $ 43 |
Loans Receivable, Net and All42
Loans Receivable, Net and Allowance for Loan Losses - Changes in Accretable Yield for Purchased Credit-Impaired Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Sep. 30, 2015 | |
Receivables [Abstract] | ||
Balance at beginning of period | $ 258 | $ 170 |
Reclassification and other | 240 | 228 |
Accretion | (50) | (140) |
Balance at end of period | $ 448 | $ 258 |
Loans Receivable, Net and All43
Loans Receivable, Net and Allowance for Loan Losses - Summary of Additional Information Regarding Loans Acquired and Accounted (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount | $ 1,237,264 | $ 1,111,037 |
Loans Acquired with Deteriorated Credit Quality [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 8,061 | 4,779 |
Carrying amount | $ 6,428 | $ 4,162 |
Loans Receivable, Net and All44
Loans Receivable, Net and Allowance for Loan Losses - Schedule of Loans Evaluated for Impairment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 1,237,264 | $ 1,111,037 |
Individually Evaluated for Impairment | 26,992 | 28,709 |
Collectively Evaluated for Impairment | 1,203,844 | 1,078,166 |
Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,428 | 4,162 |
Residential Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 610,041 | 610,582 |
Individually Evaluated for Impairment | 10,546 | 11,985 |
Collectively Evaluated for Impairment | 599,495 | 598,597 |
Commercial Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 289,838 | 200,004 |
Individually Evaluated for Impairment | 13,173 | 15,100 |
Collectively Evaluated for Impairment | 270,875 | 180,796 |
Commercial Real Estate Loans [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 5,790 | 4,108 |
Commercial Real Estate Loans [Member] | Construction Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,864 | 878 |
Collectively Evaluated for Impairment | 1,864 | 878 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 52,277 | 34,314 |
Individually Evaluated for Impairment | 2,020 | 204 |
Collectively Evaluated for Impairment | 50,257 | 34,056 |
Commercial Loans [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 54 | |
Obligations of States and Political Subdivisions [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 57,903 | 59,820 |
Collectively Evaluated for Impairment | 57,903 | 59,820 |
Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 47,940 | 39,903 |
Individually Evaluated for Impairment | 688 | 795 |
Collectively Evaluated for Impairment | 46,614 | 39,108 |
Home Equity Loans and Lines of Credit [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 638 | |
Auto Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 173,775 | 162,193 |
Individually Evaluated for Impairment | 547 | 625 |
Collectively Evaluated for Impairment | 173,228 | 161,568 |
Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,626 | 3,343 |
Individually Evaluated for Impairment | 18 | |
Collectively Evaluated for Impairment | $ 3,608 | $ 3,343 |
Loans Receivable, Net and All45
Loans Receivable, Net and Allowance for Loan Losses - Classes of Loan Portfolio, Internal Risk Rating System (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | $ 400,018 | $ 294,138 |
Commercial Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 289,838 | 200,004 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 52,277 | 34,314 |
Obligations of States and Political Subdivisions [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 57,903 | 59,820 |
Pass [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 362,530 | 268,137 |
Pass [Member] | Commercial Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 255,955 | 174,516 |
Pass [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 48,672 | 33,801 |
Pass [Member] | Obligations of States and Political Subdivisions [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 57,903 | 59,820 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 11,246 | 4,521 |
Special Mention [Member] | Commercial Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 10,926 | 4,521 |
Special Mention [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 320 | |
Substandard [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 26,242 | 21,480 |
Substandard [Member] | Commercial Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 22,957 | 20,967 |
Substandard [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | $ 3,285 | $ 513 |
Loans Receivable, Net and All46
Loans Receivable, Net and Allowance for Loan Losses - Schedule of Performing or Non-Performing Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 837,246 | $ 816,899 |
Residential Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 610,041 | 610,582 |
Commercial Real Estate Loans [Member] | Construction Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,864 | 878 |
Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 47,940 | 39,903 |
Auto Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 173,775 | 162,193 |
Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 3,626 | 3,343 |
Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 825,859 | 806,050 |
Performing [Member] | Residential Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 600,544 | 600,810 |
Performing [Member] | Commercial Real Estate Loans [Member] | Construction Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,864 | 878 |
Performing [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 46,615 | 39,213 |
Performing [Member] | Auto Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 173,228 | 161,827 |
Performing [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 3,608 | 3,322 |
Nonperforming [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 11,387 | 10,849 |
Nonperforming [Member] | Residential Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 9,497 | 9,772 |
Nonperforming [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 1,325 | 690 |
Nonperforming [Member] | Auto Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 547 | 366 |
Nonperforming [Member] | Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 18 | $ 21 |
Loans Receivable, Net and All47
Loans Receivable, Net and Allowance for Loan Losses - Classes of Loan Portfolio Summarized by Aging Categories (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 1,209,162 | $ 1,085,576 |
31-60 Days Past Due | 4,084 | 3,492 |
61-90 Days Past Due | 1,420 | 1,864 |
Greater than 90 Days Past Due | 0 | 0 |
Non-accrual | 22,598 | 20,105 |
Total Past Due | 28,102 | 25,461 |
Total Loans | 1,237,264 | 1,111,037 |
Residential Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 597,903 | 598,190 |
31-60 Days Past Due | 1,883 | 1,575 |
61-90 Days Past Due | 758 | 1,045 |
Greater than 90 Days Past Due | 0 | 0 |
Non-accrual | 9,497 | 9,772 |
Total Past Due | 12,138 | 12,392 |
Total Loans | 610,041 | 610,582 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,864 | 878 |
Greater than 90 Days Past Due | 0 | 0 |
Total Loans | 1,864 | 878 |
Commercial Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 278,220 | 190,440 |
31-60 Days Past Due | 507 | 137 |
61-90 Days Past Due | 337 | 587 |
Greater than 90 Days Past Due | 0 | 0 |
Non-accrual | 10,774 | 8,840 |
Total Past Due | 11,618 | 9,564 |
Total Loans | 289,838 | 200,004 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 51,673 | 33,545 |
31-60 Days Past Due | 116 | 346 |
61-90 Days Past Due | 51 | 7 |
Greater than 90 Days Past Due | 0 | 0 |
Non-accrual | 437 | 416 |
Total Past Due | 604 | 769 |
Total Loans | 52,277 | 34,314 |
Obligations of States and Political Subdivisions [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 57,903 | 59,820 |
Greater than 90 Days Past Due | 0 | 0 |
Total Loans | 57,903 | 59,820 |
Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 46,414 | 39,136 |
31-60 Days Past Due | 157 | 32 |
61-90 Days Past Due | 44 | 45 |
Greater than 90 Days Past Due | 0 | 0 |
Non-accrual | 1,325 | 690 |
Total Past Due | 1,526 | 767 |
Total Loans | 47,940 | 39,903 |
Auto Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 171,599 | 160,272 |
31-60 Days Past Due | 1,399 | 1,375 |
61-90 Days Past Due | 230 | 180 |
Greater than 90 Days Past Due | 0 | 0 |
Non-accrual | 547 | 366 |
Total Past Due | 2,176 | 1,921 |
Total Loans | 173,775 | 162,193 |
Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,586 | 3,295 |
31-60 Days Past Due | 22 | 27 |
Greater than 90 Days Past Due | 0 | 0 |
Non-accrual | 18 | 21 |
Total Past Due | 40 | 48 |
Total Loans | $ 3,626 | $ 3,343 |
Loans Receivable, Net and All48
Loans Receivable, Net and Allowance for Loan Losses - Summary of Primary Segments of ALL (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance, Beginning of period | $ 8,919 | $ 8,634 | ||
Individually evaluated for impairment | $ 723 | $ 568 | ||
Charge-offs | (307) | (606) | ||
Collectively evaluated for impairment | 8,534 | 8,351 | ||
Recoveries | 45 | 38 | ||
Balance, End of period | 9,257 | 8,516 | 9,257 | 8,919 |
Provision | 600 | 450 | ||
Balance, End of period | 9,257 | 8,516 | ||
Residential Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance, Beginning of period | 5,140 | 5,573 | ||
Individually evaluated for impairment | 349 | 373 | ||
Charge-offs | (91) | (509) | ||
Collectively evaluated for impairment | 4,398 | 4,767 | ||
Recoveries | 3 | 18 | ||
Balance, End of period | 4,747 | 5,571 | 4,747 | 5,140 |
Provision | (305) | 489 | ||
Balance, End of period | 4,747 | 5,571 | ||
Commercial Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance, Beginning of period | 671 | 663 | ||
Individually evaluated for impairment | 144 | |||
Charge-offs | (11) | |||
Collectively evaluated for impairment | 714 | 671 | ||
Recoveries | 11 | |||
Balance, End of period | 858 | 676 | 858 | 671 |
Provision | 187 | 13 | ||
Balance, End of period | 858 | 676 | ||
Commercial Real Estate Loans [Member] | Construction Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance, Beginning of period | 7 | 11 | ||
Collectively evaluated for impairment | 14 | 7 | ||
Balance, End of period | 14 | 13 | 14 | 7 |
Provision | 7 | 2 | ||
Balance, End of period | 14 | 13 | ||
Commercial Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance, Beginning of period | 693 | 528 | ||
Individually evaluated for impairment | 9 | |||
Charge-offs | (3) | (27) | ||
Collectively evaluated for impairment | 696 | 693 | ||
Recoveries | 1 | |||
Balance, End of period | 705 | 515 | 705 | 693 |
Provision | 14 | 14 | ||
Balance, End of period | 705 | 515 | ||
Obligations of States and Political Subdivisions [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance, Beginning of period | 189 | 163 | ||
Collectively evaluated for impairment | 187 | 189 | ||
Balance, End of period | 187 | 145 | 187 | 189 |
Provision | (2) | (18) | ||
Balance, End of period | 187 | 145 | ||
Home Equity Loans and Lines of Credit [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance, Beginning of period | 461 | 470 | ||
Individually evaluated for impairment | 62 | 64 | ||
Charge-offs | (25) | (19) | ||
Collectively evaluated for impairment | 327 | 397 | ||
Recoveries | 1 | 8 | ||
Balance, End of period | 389 | 545 | 389 | 461 |
Provision | (48) | 86 | ||
Balance, End of period | 389 | 545 | ||
Auto Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance, Beginning of period | 1,570 | 459 | ||
Individually evaluated for impairment | 159 | 131 | ||
Charge-offs | (188) | (40) | ||
Collectively evaluated for impairment | 1,595 | 1,439 | ||
Recoveries | 37 | 1 | ||
Balance, End of period | 1,754 | 674 | 1,754 | 1,570 |
Provision | 335 | 254 | ||
Balance, End of period | 1,754 | 674 | ||
Other [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance, Beginning of period | 27 | 32 | ||
Collectively evaluated for impairment | 27 | 27 | ||
Recoveries | 3 | |||
Balance, End of period | 27 | 26 | 27 | 27 |
Provision | (3) | (6) | ||
Balance, End of period | 27 | 26 | ||
Unallocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance, Beginning of period | 161 | 735 | ||
Collectively evaluated for impairment | 576 | 161 | ||
Balance, End of period | 576 | 351 | $ 576 | $ 161 |
Provision | 415 | (384) | ||
Balance, End of period | $ 576 | $ 351 |
Loans Receivable, Net and All49
Loans Receivable, Net and Allowance for Loan Losses - Summary of Troubled Debt Restructuring Granted (Detail) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 7 |
Real Estate Loans [Member] | Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 7 |
Pre-Modification Outstanding Recorded Investment | $ 81 | $ 1,073 |
Post-Modification Outstanding Recorded Investment | $ 81 | $ 1,073 |
Troubled Debt Restructurings [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 7 |
Pre-Modification Outstanding Recorded Investment | $ 81 | $ 1,073 |
Post-Modification Outstanding Recorded Investment | $ 81 | $ 1,073 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits by Major Classifications (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Banking and Thrift [Abstract] | ||
Noninterest-bearing demand accounts | $ 152,968 | $ 98,514 |
Interest bearing demand accounts | 99,151 | 110,268 |
Money market accounts | 214,384 | 162,418 |
Savings and club accounts | 138,936 | 129,227 |
Certificates of deposit | 634,731 | 596,327 |
Total | $ 1,240,170 | $ 1,096,754 |
Net Periodic Benefit Cost-Def51
Net Periodic Benefit Cost-Defined Benefit Plan - Summary of the Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation Related Costs [Abstract] | ||
Service cost | $ 249 | $ 218 |
Interest cost | 245 | 206 |
Expected return on plan assets | (311) | (308) |
Amortization of unrecognized loss | 120 | 60 |
Net periodic benefit cost | $ 303 | $ 176 |
Net Periodic Benefit Cost-Def52
Net Periodic Benefit Cost-Defined Benefit Plan - Additional Information (Detail) | 3 Months Ended |
Dec. 31, 2015USD ($) | |
Compensation Related Costs [Abstract] | |
Expected contribution of bank | $ 650,000 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Detail) - USD ($) | May. 20, 2015 | Jul. 22, 2014 | Apr. 01, 2013 | May. 23, 2008 | Dec. 31, 2015 | Dec. 31, 2014 |
Compensation Related Costs Disclosure [Line Items] | ||||||
Option vesting period | 5 years | |||||
Option expiration period | 10 years | |||||
Share-based compensation expense | $ 39,000 | $ 17,000 | ||||
Equity Incentive Plan [Member] | ||||||
Compensation Related Costs Disclosure [Line Items] | ||||||
Common stock issuance, Grant | 2,377,326 | |||||
Stock Option [Member] | ||||||
Compensation Related Costs Disclosure [Line Items] | ||||||
Number of available shares | 1,698,090 | |||||
Restricted Stock [Member] | ||||||
Compensation Related Costs Disclosure [Line Items] | ||||||
Number of available shares | 679,236 | |||||
Shares granted | 21,843 | 19,880 | 30,000 | 590,320 | ||
Restricted Stock [Member] | 2013 [Member] | ||||||
Compensation Related Costs Disclosure [Line Items] | ||||||
Restricted shares vesting period | 18 months | |||||
Restricted Stock [Member] | 2014 [Member] | ||||||
Compensation Related Costs Disclosure [Line Items] | ||||||
Restricted shares vesting period | 39 months | |||||
Outstanding nonvested restricted stock | 9,932 | |||||
Expected future expense | $ 119,000 | |||||
Remaining vesting periods | 1 year 9 months | |||||
Restricted Stock [Member] | 2015 [Member] | ||||||
Compensation Related Costs Disclosure [Line Items] | ||||||
Restricted shares vesting period | 40 months | |||||
Outstanding nonvested restricted stock | 16,379 | |||||
Expected future expense | $ 235,000 | |||||
Remaining vesting periods | 2 years 9 months | |||||
Non Qualified Stock Option [Member] | ||||||
Compensation Related Costs Disclosure [Line Items] | ||||||
Shares granted | 1,140,469 | |||||
Incentive Stock Option [Member] | ||||||
Compensation Related Costs Disclosure [Line Items] | ||||||
Shares granted | 317,910 |
Equity Incentive Plan - Schedul
Equity Incentive Plan - Schedule of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of Stock Options, Outstanding, September 30, 2015 | 1,314,580 | |
Number of Stock Options, Granted | 0 | |
Number of Stock Options, Exercised | 0 | |
Number of Stock Options, Forfeited | 0 | |
Number of Stock Options, Outstanding, December 31, 2015 | 1,314,580 | 1,314,580 |
Number of Stock Options, Exercisable at year-end | 1,314,580 | |
Weighted-average Exercise Price, Outstanding, September 30, 2015 | $ 12.35 | |
Weighted-average Exercise Price, Granted | 0 | |
Weighted-average Exercise Price, Exercised | 0 | |
Weighted-average Exercise Price, Forfeited | 0 | |
Weighted-average Exercise Price, Outstanding, December 31, 2015 | 12.35 | $ 12.35 |
Weighted-average Exercise Price, Exercisable at year-end | $ 12.35 | |
Weighted-average Remaining Contractual Term (in years), Outstanding | 2 years 5 months 1 day | 2 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, Ending Balance | 2 years 5 months 1 day | 2 years 8 months 1 day |
Weighted-average Remaining Contractual Term (in years), Exercisable, Ending Balance | 2 years 5 months 1 day | |
Aggregate Intrinsic Value, Outstanding, Beginning Balance | $ 802,000 | |
Aggregate Intrinsic Value, Granted | 0 | |
Aggregate Intrinsic Value, Exercised | 0 | |
Aggregate Intrinsic Value, Forfeited | 0 | |
Aggregate Intrinsic Value, Outstanding, Ending Balance | 1,748,000 | $ 802,000 |
Aggregate Intrinsic Value, Exercisable at year-end | $ 1,748,000 |
Equity Incentive Plan - Sched55
Equity Incentive Plan - Schedule of Restricted Stock Option Activity (Detail) | 3 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Restricted Stock, Granted | 0 |
Number of Restricted Stock, Forfeited | 0 |
Weighted-average Grant Date Fair Value, Forfeited | $ / shares | $ 0 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Restricted Stock, Nonvested at September 30, 2015 | 26,311 |
Number of Restricted Stock, Granted | 0 |
Number of Restricted Stock, Vested | 0 |
Number of Restricted Stock, Forfeited | 0 |
Number of Restricted Stock, Nonvested at December 31, 2015 | 26,311 |
Weighted-average Grant Date Fair Value, Nonvested at September 30, 2015 | $ / shares | $ 12.30 |
Weighted-average Grant Date Fair Value, Granted | $ / shares | 0 |
Weighted-average Grant Date Fair Value, Vested | $ / shares | 0 |
Weighted-average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted-average Grant Date Fair Value, Nonvested at December 31, 2015 | $ / shares | $ 12.30 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Securities, Other Real Estate Owned and Impaired Loans Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Securities available-for-sale measured on a recurring basis | ||
Total debt and equity securities | $ 393,572 | $ 379,407 |
Foreclosed real estate owned | 2,704 | 2,480 |
Impaired loans | 32,697 | 32,303 |
Mortgage servicing rights | 575 | 412 |
Mortgage-Backed Securities [Member] | ||
Securities available-for-sale measured on a recurring basis | ||
Total debt and equity securities | 245,015 | 237,007 |
Obligations of States and Political Subdivisions [Member] | ||
Securities available-for-sale measured on a recurring basis | ||
Total debt and equity securities | 50,054 | 51,625 |
U.S. Government Agency Securities [Member] | ||
Securities available-for-sale measured on a recurring basis | ||
Total debt and equity securities | 45,433 | 46,186 |
Corporate Obligations [Member] | ||
Securities available-for-sale measured on a recurring basis | ||
Total debt and equity securities | 31,820 | 22,360 |
Trust-Preferred Securities [Member] | ||
Securities available-for-sale measured on a recurring basis | ||
Total debt and equity securities | 1,650 | 1,711 |
Other Debt Securities [Member] | ||
Securities available-for-sale measured on a recurring basis | ||
Total debt and equity securities | 19,575 | 20,493 |
Equity Securities [Member] | ||
Securities available-for-sale measured on a recurring basis | ||
Total debt and equity securities | 25 | 25 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available-for-sale measured on a recurring basis | ||
Total debt and equity securities | 25 | 25 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | ||
Securities available-for-sale measured on a recurring basis | ||
Total debt and equity securities | 25 | 25 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available-for-sale measured on a recurring basis | ||
Total debt and equity securities | 386,411 | 375,171 |
Significant Other Observable Inputs (Level 2) [Member] | Mortgage-Backed Securities [Member] | ||
Securities available-for-sale measured on a recurring basis | ||
Total debt and equity securities | 245,015 | 237,007 |
Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | ||
Securities available-for-sale measured on a recurring basis | ||
Total debt and equity securities | 50,054 | 51,625 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Agency Securities [Member] | ||
Securities available-for-sale measured on a recurring basis | ||
Total debt and equity securities | 45,433 | 46,186 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Obligations [Member] | ||
Securities available-for-sale measured on a recurring basis | ||
Total debt and equity securities | 26,820 | 20,360 |
Significant Other Observable Inputs (Level 2) [Member] | Other Debt Securities [Member] | ||
Securities available-for-sale measured on a recurring basis | ||
Total debt and equity securities | 19,089 | 19,993 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available-for-sale measured on a recurring basis | ||
Total debt and equity securities | 7,136 | 4,211 |
Foreclosed real estate owned | 2,704 | 2,480 |
Impaired loans | 32,697 | 32,303 |
Mortgage servicing rights | 575 | 412 |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Obligations [Member] | ||
Securities available-for-sale measured on a recurring basis | ||
Total debt and equity securities | 5,000 | 2,000 |
Significant Unobservable Inputs (Level 3) [Member] | Trust-Preferred Securities [Member] | ||
Securities available-for-sale measured on a recurring basis | ||
Total debt and equity securities | 1,650 | 1,711 |
Significant Unobservable Inputs (Level 3) [Member] | Other Debt Securities [Member] | ||
Securities available-for-sale measured on a recurring basis | ||
Total debt and equity securities | $ 486 | $ 500 |
Fair Value Measurement - Sche57
Fair Value Measurement - Schedule of Changes in Fair Value of Level III Investments (Detail) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Beginning balance | $ 4,211 | $ 2,230 |
Purchases, sales, issuances, settlements, net | 3,000 | |
Total unrealized gain: | ||
Included in earnings | 0 | 0 |
Included in other comprehensive income | (75) | (30) |
Transfers in and/or out of Level III | 0 | 0 |
Ending balance | $ 7,136 | $ 2,200 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015USD ($)Loans | Sep. 30, 2015USD ($)Loans | |
Fair Value Disclosures [Abstract] | ||
Number of impaired loans | Loans | 240 | 227 |
Impaired loans, carrying value | $ 33,400,000 | $ 32,900,000 |
Impaired loans, valuation allowance | 723,000 | 568,000 |
Impaired loans, net fair value | $ 32,700,000 | $ 32,300,000 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Sep. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | Prepayment speeds | |
Fair value input appraisal adjustments | 14.30% | 17.90% |
Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input appraisal adjustments | 6.00% | 5.00% |
Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input appraisal adjustments | 32.00% | 79.00% |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Estimate | $ 32,697 | $ 32,303 |
Unobservable Input | Appraisal adjustments | |
Fair value input appraisal adjustments | 20.20% | 22.30% |
Impaired Loans [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input appraisal adjustments | 0.00% | 0.00% |
Impaired Loans [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input appraisal adjustments | 50.00% | 60.00% |
Foreclosed Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Estimate | $ 2,704 | $ 2,480 |
Unobservable Input | Appraisal adjustments | |
Fair value input appraisal adjustments | 18.20% | 21.30% |
Foreclosed Real Estate Owned [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input appraisal adjustments | 20.00% | 20.00% |
Foreclosed Real Estate Owned [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input appraisal adjustments | 35.00% | 46.00% |
Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Estimate | $ 575 | $ 412 |
Unobservable Input | Discount rate | |
Fair value input appraisal adjustments | 10.30% | 10.10% |
Mortgage Servicing Rights [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input appraisal adjustments | 6.00% | 6.00% |
Mortgage Servicing Rights [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input appraisal adjustments | 11.00% | 11.00% |
Appraisal of Collateral [Member] | Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation Techniques | Appraisal of collateral | |
Appraisal of Collateral [Member] | Foreclosed Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation Techniques | Appraisal of collateral | |
Appraisal of Collateral [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation Techniques | Discounted cash flow |
Fair Value Measurement - Sche60
Fair Value Measurement - Schedule of Estimate of Fair Value Using Methodologies (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financial assets: | ||||
Cash and cash equivalents | $ 25,728 | $ 18,758 | $ 20,466 | $ 22,301 |
Certificates of deposit | 1,500 | 1,750 | ||
Investment and mortgage backed securities available for sale | 393,572 | 379,407 | ||
Loans receivable, net | 1,228,007 | 1,102,118 | ||
Mortgage servicing rights | 575 | 412 | ||
Bank owned life insurance | 30,885 | 30,655 | ||
Financial liabilities: | ||||
Deposits | 1,240,170 | 1,096,754 | ||
Short-term borrowings | 84,052 | 91,339 | ||
Other borrowings | 249,101 | 229,101 | ||
Advances by borrowers for taxes and insurance | 6,992 | 4,273 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Investment and mortgage backed securities available for sale | 25 | 25 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Investment and mortgage backed securities available for sale | 386,411 | 375,171 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Investment and mortgage backed securities available for sale | 7,136 | 4,211 | ||
Mortgage servicing rights | 575 | 412 | ||
Carrying Value [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 25,728 | 18,758 | ||
Certificates of deposit | 1,500 | 1,750 | ||
Investment and mortgage backed securities available for sale | 393,572 | 379,407 | ||
Loans receivable, net | 1,228,007 | 1,102,118 | ||
Accrued interest receivable | 5,601 | 5,068 | ||
Regulatory stock | 14,679 | 13,831 | ||
Mortgage servicing rights | 575 | 412 | ||
Bank owned life insurance | 30,885 | 30,655 | ||
Financial liabilities: | ||||
Deposits | 1,240,170 | 1,096,754 | ||
Short-term borrowings | 84,052 | 91,339 | ||
Other borrowings | 249,101 | 229,101 | ||
Advances by borrowers for taxes and insurance | 6,992 | 4,273 | ||
Accrued interest payable | 1,101 | 866 | ||
Estimated Fair Value [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 25,728 | 18,758 | ||
Certificates of deposit | 1,513 | 1,774 | ||
Investment and mortgage backed securities available for sale | 393,572 | 379,407 | ||
Loans receivable, net | 1,233,511 | 1,123,436 | ||
Accrued interest receivable | 5,601 | 5,068 | ||
Regulatory stock | 14,679 | 13,831 | ||
Mortgage servicing rights | 575 | 412 | ||
Bank owned life insurance | 30,885 | 30,655 | ||
Financial liabilities: | ||||
Deposits | 1,241,706 | 1,100,677 | ||
Short-term borrowings | 84,052 | 91,339 | ||
Other borrowings | 249,076 | 230,255 | ||
Advances by borrowers for taxes and insurance | 6,992 | 4,273 | ||
Accrued interest payable | 1,101 | 866 | ||
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 25,728 | 18,758 | ||
Investment and mortgage backed securities available for sale | 25 | 25 | ||
Accrued interest receivable | 5,601 | 5,068 | ||
Regulatory stock | 14,679 | 13,831 | ||
Bank owned life insurance | 30,885 | 30,655 | ||
Financial liabilities: | ||||
Deposits | 605,439 | 500,427 | ||
Short-term borrowings | 84,052 | 91,339 | ||
Advances by borrowers for taxes and insurance | 6,992 | 4,273 | ||
Accrued interest payable | 1,101 | 866 | ||
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Investment and mortgage backed securities available for sale | 386,411 | 375,171 | ||
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Certificates of deposit | 1,513 | 1,774 | ||
Investment and mortgage backed securities available for sale | 7,136 | 4,211 | ||
Loans receivable, net | 1,233,511 | 1,123,436 | ||
Mortgage servicing rights | 575 | 412 | ||
Financial liabilities: | ||||
Deposits | 636,267 | 600,250 | ||
Other borrowings | $ 249,076 | $ 230,255 |
Accumulated Other Comprehensi61
Accumulated Other Comprehensive Income/(Loss) - Activity in Accumulated Other Comprehensive Income/(Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Beginning balance, Accumulated Other Comprehensive Income/(Loss) | $ (2,395) | $ (2,579) |
Other comprehensive income (loss) before reclassifications | (2,244) | 1,808 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 77 | 40 |
Total other comprehensive income (loss) | (2,167) | 1,848 |
Ending balance, Accumulated Other Comprehensive Income/(Loss) | (4,562) | (731) |
Gain on sale of investments | 3 | |
Income taxes | 566 | 852 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Net of tax | (77) | (40) |
Defined Benefit Pension Plan [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Beginning balance, Accumulated Other Comprehensive Income/(Loss) | (5,325) | (3,228) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 79 | 40 |
Total other comprehensive income (loss) | 79 | 40 |
Ending balance, Accumulated Other Comprehensive Income/(Loss) | (5,246) | (3,188) |
Defined Benefit Pension Plan [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Compensation and employee benefits | (120) | (60) |
Income taxes | 41 | 20 |
Net of tax | (79) | (40) |
Unrealized Gains (Losses) on Securities Available for Sale [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Beginning balance, Accumulated Other Comprehensive Income/(Loss) | 2,930 | 649 |
Other comprehensive income (loss) before reclassifications | (2,244) | 1,808 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | (2) | |
Total other comprehensive income (loss) | (2,246) | 1,808 |
Ending balance, Accumulated Other Comprehensive Income/(Loss) | 684 | $ 2,457 |
Unrealized Gains (Losses) on Securities Available for Sale [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gain on sale of investments | 3 | |
Income taxes | (1) | |
Net of tax | $ 2 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - Eagle National Bancorp, Inc [Member] $ in Thousands | Dec. 04, 2015USD ($)Branch |
Business Acquisition [Line Items] | |
Date of acquisition | Dec. 4, 2015 |
Number of branches acquired | Branch | 5 |
Total purchase price related to acquisition | $ 24,655 |
Acquired credit impaired loans | 3,500 |
Credit impaired loans, nonaccretable difference amount | 2,000 |
Loan portfolio without evidence of deterioration | 120,700 |
Fair value of loan portfolio | $ 121,400 |
Acquisitions - Condensed Statem
Acquisitions - Condensed Statement Reflecting Values Assigned to Net Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 04, 2015 | Sep. 30, 2015 |
Net assets acquired: | |||
Goodwill resulting from the ENB merger | $ 13,801 | $ 10,259 | |
Eagle National Bancorp, Inc [Member] | |||
Business Acquisition [Line Items] | |||
Total purchase price | $ 24,655 | ||
Net assets acquired: | |||
Cash | 8,481 | ||
Investments available for sale | 36,275 | ||
Loans receivable | 123,380 | ||
Regulatory stock | 889 | ||
Premises and equipment, net | 945 | ||
Intangible assets | 1,491 | ||
Deferred tax assets | 715 | ||
Other assets | 2,174 | ||
Certificates of deposits | (32,408) | ||
Deposits other than certificates of deposits | (119,865) | ||
Other liabilities | (964) | ||
Net Cash acquired | 21,113 | ||
Goodwill resulting from the ENB merger | $ 3,542 |
Acquisitions - Pro Forma Select
Acquisitions - Pro Forma Selected Information (Detail) - Eagle National Bancorp, Inc [Member] - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||
Net interest income | $ 473 | $ 12,476 | $ 12,723 |
Non interest income | 31 | 1,899 | 1,962 |
Net | $ 14 | $ 308 | $ 2,492 |
Earnings per share, basic | $ 0.03 | $ 0.24 | |
Earnings per share, diluted | $ 0.03 | $ 0.24 |