Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 12, 2014 | Mar. 31, 2014 |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 30-Sep-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FSFG | ||
Entity Registrant Name | First Savings Financial Group Inc | ||
Entity Central Index Key | 1435508 | ||
Current Fiscal Year End Date | -21 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 2,175,993 | ||
Entity Public Float | $47.10 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $8,853 | $9,607 |
Interest-bearing deposits with banks | 11,477 | 11,208 |
Total cash and cash equivalents | 20,330 | 20,815 |
Interest-bearing time deposits | 1,500 | 1,500 |
Trading account securities, at fair value | 5,319 | 3,210 |
Securities available for sale, at fair value | 184,697 | 164,167 |
Securities held to maturity (fair value of $5,849 in 2014 and $6,514 in 2013) | 5,419 | 6,417 |
Loans held for sale | 281 | 399 |
Loans, net of allowance for loan losses of $6,250 in 2014 and $5,538 in 2013 | 433,876 | 408,375 |
Federal Home Loan Bank stock, at cost | 6,517 | 5,500 |
Real estate development and construction | 7,202 | 7,178 |
Premises and equipment | 14,275 | 14,842 |
Other real estate owned, held for sale | 953 | 799 |
Accrued interest receivable: | ||
Loans | 1,276 | 1,208 |
Securities | 1,235 | 1,183 |
Cash surrender value of life insurance | 18,021 | 12,933 |
Goodwill | 7,936 | 7,936 |
Core deposit intangibles | 1,725 | 2,069 |
Other assets | 2,567 | 1,924 |
Total Assets | 713,129 | 660,455 |
Deposits: | ||
Noninterest-bearing | 56,092 | 50,093 |
Interest-bearing | 477,102 | 427,633 |
Total deposits | 533,194 | 477,726 |
Repurchase agreements | 1,338 | 1,335 |
Borrowings from Federal Home Loan Bank | 79,548 | 89,348 |
Other long-term debt | 4,812 | 4,973 |
Accrued interest payable | 175 | 184 |
Advance payments by borrowers for taxes and insurance | 748 | 707 |
Accrued expenses and other liabilities | 6,234 | 3,929 |
Total Liabilities | 626,049 | 578,202 |
STOCKHOLDERS' EQUITY | ||
Common stock of $.01 par value per share Authorized 20,000,000 shares; issued 2,542,042 shares; outstanding 2,171,812 shares (2,299,654 shares at September 30, 2013) | 25 | 25 |
Retained earnings - substantially restricted | 47,175 | 42,870 |
Accumulated other comprehensive income | 3,853 | 1,468 |
Unearned ESOP shares | -537 | -865 |
Unearned stock compensation | -162 | -422 |
Less treasury stock, at cost - 370,230 shares (242,388 shares at September 30, 2013) | -6,473 | -3,407 |
Total Stockholders' Equity | 87,080 | 82,253 |
Total Liabilities and Stockholders' Equity | 713,129 | 660,455 |
Preferred Stock | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock | 0 | 0 |
Additional paid-in capital | 17,120 | 17,120 |
Senior Non-Cumulative Perpetual Preferred Stock, Series A | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock | 0 | 0 |
Common Stock | ||
STOCKHOLDERS' EQUITY | ||
Additional paid-in capital | $26,079 | $25,464 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Securities held to maturity, fair value | $5,849 | $6,514 |
Loans, net of allowance for loan losses | 6,250 | 5,538 |
Common stock, par value | $0.01 | $0.01 |
Common stock, Authorized | 20,000,000 | 20,000,000 |
Common stock, issued | 2,542,042 | 2,542,042 |
Common Stock, Outstanding | 2,171,812 | 2,299,654 |
Treasury stock, shares | 370,230 | 242,388 |
Preferred Stock | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred Stock, Authorized | 982,880 | 982,880 |
Preferred Stock, issued | 0 | 0 |
Senior Non-Cumulative Perpetual Preferred Stock, Series A | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred Stock, Authorized | 17,120 | 17,120 |
Preferred Stock, issued | 17,120 | 17,120 |
Preferred Stock, Outstanding | 17,120 | 17,120 |
Preferred Stock, aggregate liquidation preference | $17,120 | $17,120 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
INTEREST INCOME | ||
Loans, including fees | $20,961 | $21,126 |
Securities: | ||
Taxable | 4,523 | 4,255 |
Tax-exempt | 1,730 | 1,565 |
Dividend income | 245 | 200 |
Interest-bearing deposits with banks | 35 | 29 |
Total interest income | 27,494 | 27,175 |
INTEREST EXPENSE | ||
Deposits | 2,381 | 2,799 |
Repurchase agreements | 3 | 6 |
Borrowings from Federal Home Loan Bank | 968 | 1,059 |
Loans payable | 203 | 72 |
Total interest expense | 3,555 | 3,936 |
Net interest income | 23,939 | 23,239 |
Provision for loan losses | 1,246 | 1,858 |
Net interest income after provision for loan losses | 22,693 | 21,381 |
NONINTEREST INCOME | ||
Service charges on deposit accounts | 1,263 | 1,251 |
Net gain on sales of available for sale securities | 123 | 1 |
Net gain on trading account securities | 704 | 464 |
Unrealized loss on derivative contract | -11 | 0 |
Net gain on sales of loans | 287 | 510 |
Increase in cash surrender value of life insurance | 496 | 387 |
Commission income | 331 | 293 |
Real estate lease income | 568 | 317 |
Other income | 1,285 | 1,035 |
Total noninterest income | 5,046 | 4,258 |
NONINTEREST EXPENSE | ||
Compensation and benefits | 11,167 | 10,510 |
Occupancy and equipment | 2,555 | 2,260 |
Data processing | 1,237 | 1,186 |
Advertising | 400 | 449 |
Professional fees | 1,276 | 914 |
FDIC insurance premiums | 443 | 473 |
Net loss on other real estate owned | 230 | 181 |
Other operating expenses | 2,964 | 3,159 |
Total noninterest expense | 20,272 | 19,132 |
Income before income taxes | 7,467 | 6,507 |
Income tax expense | 2,077 | 1,811 |
Net income | 5,390 | 4,696 |
Preferred stock dividends declared | 171 | 171 |
Net Income Available to Common Shareholders | $5,219 | $4,525 |
Net income per common share: | ||
Basic | $2.46 | $2.09 |
Diluted | $2.34 | $1.99 |
Weighted average common shares outstanding: | ||
Basic | 2,122,880 | 2,168,770 |
Diluted | 2,229,314 | 2,269,063 |
Dividends per common share | $0.43 | $0.70 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Net Income | $5,390 | $4,696 |
Unrealized gains (losses) on securities available for sale: | ||
Unrealized holding gains (losses) arising during the period | 3,795 | -6,443 |
Income tax (expense) benefit | -1,335 | 2,302 |
Net of tax amount | 2,460 | -4,141 |
Less: reclassification adjustment for realized gains included in net income | -123 | -1 |
Income tax expense | 48 | 1 |
Net of tax amount | -75 | 0 |
Other Comprehensive Income (Loss) | 2,385 | -4,141 |
Comprehensive Income | $7,775 | $555 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Unearned Stock Compensation and ESOP | Treasury Stock |
In Thousands | ||||||||
Balances at Sep. 30, 2012 | $82,926 | $0 | $25 | $42,021 | $39,917 | $5,609 | ($1,880) | ($2,766) |
Net income | 4,696 | 0 | 0 | 0 | 4,696 | 0 | 0 | 0 |
Other comprehensive income (loss) | -4,141 | 0 | 0 | 0 | 0 | -4,141 | 0 | 0 |
Preferred stock dividends | -171 | 0 | 0 | 0 | -171 | 0 | 0 | 0 |
Common stock dividends | -1,572 | 0 | 0 | 0 | -1,572 | 0 | 0 | 0 |
Stock compensation expense | 483 | 0 | 0 | 222 | 0 | 0 | 261 | 0 |
Shares released by ESOP trust | 673 | 0 | 0 | 341 | 0 | 0 | 332 | 0 |
Purchase of treasury shares | -641 | 0 | 0 | 0 | 0 | 0 | 0 | -641 |
Balances at Sep. 30, 2013 | 82,253 | 0 | 25 | 42,584 | 42,870 | 1,468 | -1,287 | -3,407 |
Net income | 5,390 | 0 | 0 | 0 | 5,390 | 0 | 0 | 0 |
Other comprehensive income (loss) | 2,385 | 0 | 0 | 0 | 0 | 2,385 | 0 | 0 |
Preferred stock dividends | -171 | 0 | 0 | 0 | -171 | 0 | 0 | 0 |
Common stock dividends | -914 | 0 | 0 | 0 | -914 | 0 | 0 | 0 |
Stock compensation expense | 495 | 0 | 0 | 235 | 0 | 0 | 260 | 0 |
Shares released by ESOP trust | 752 | 0 | 0 | 424 | 0 | 0 | 328 | 0 |
Stock options exercise - 11,000 shares | 146 | 0 | 0 | -44 | 0 | 0 | 0 | 190 |
Purchase of treasury shares | -3,256 | 0 | 0 | 0 | 0 | 0 | 0 | -3,256 |
Balances at Sep. 30, 2014 | $87,080 | $0 | $25 | $43,199 | $47,175 | $3,853 | ($699) | ($6,473) |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Dividends per common share | $0.43 | $0.70 |
Purchase of treasury shares, shares | 138,842 | 30,027 |
Stock option exercise, shares | 11,000 | 0 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $5,390 | $4,696 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 1,246 | 1,858 |
Depreciation and amortization | 1,445 | 1,241 |
Amortization of premiums and accretion of discounts on securities, net | 643 | 615 |
(Increase) decrease in trading account securities | -2,109 | 352 |
Loans originated for sale | -8,458 | -16,435 |
Proceeds on sales of loans | 8,863 | 17,189 |
Net gain on sales of loans | -287 | -510 |
Net realized and unrealized (gain) loss on other real estate owned | 73 | -42 |
Net gain on sales of available for sale securities | -123 | -1 |
Unrealized loss on derivative contract | 11 | 0 |
Increase in cash surrender value of life insurance | -496 | -387 |
Deferred income taxes | 150 | 513 |
ESOP and stock compensation expense | 1,127 | 1,063 |
(Increase) decrease in accrued interest receivable | -120 | 21 |
Decrease in accrued interest payable | -9 | -52 |
Change in other assets and liabilities, net | 782 | 1,201 |
Net Cash Provided By Operating Activities | 8,128 | 11,322 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Investment in interest-bearing time deposits | 0 | -1,500 |
Purchase of securities available for sale | -41,765 | -50,951 |
Proceeds from sales of securities available for sale | 808 | 801 |
Proceeds from maturities of securities available for sale | 9,660 | 12,223 |
Proceeds from maturities of securities held to maturity | 698 | 767 |
Principal collected on securities | 14,219 | 19,910 |
Net increase in loans | -27,775 | -21,070 |
Purchase of Federal Home Loan Bank stock | -1,017 | -100 |
Investment in cash surrender value of life insurance | -5,000 | -4,000 |
Proceeds from life insurance | 0 | 606 |
Proceeds from sale of foreclosed real estate | 778 | 1,146 |
Investment in real estate development and construction | -216 | -2,727 |
Purchase of premises and equipment | -342 | -4,745 |
Net Cash Used In Investing Activities | -49,952 | -49,640 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase (decrease) in deposits | 55,468 | -16,508 |
Net increase in repurchase agreements | 3 | 6 |
Increase in Federal Home Loan Bank line of credit | 200 | 9,348 |
Proceeds from Federal Home Loan Bank advances | 372,000 | 130,000 |
Repayment of Federal Home Loan Bank advances | -382,000 | -103,062 |
Proceeds from other long-term debt | 0 | 2,868 |
Repayment of other long-term debt | -161 | -27 |
Net increase in advance payments by borrowers for taxes and insurance | 41 | 85 |
Exercise of stock options | 146 | |
Purchase of treasury stock | -3,273 | -625 |
Dividends paid on preferred stock | -171 | -171 |
Dividends paid on common stock | -914 | -1,572 |
Net Cash Provided By Financing Activities | 41,339 | 20,342 |
Net Decrease in Cash and Cash Equivalents | -485 | -17,976 |
Cash and cash equivalents at beginning of year | 20,815 | 38,791 |
Cash and Cash Equivalents at End of Year | $20,330 | $20,815 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||
Sep. 30, 2014 | |||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | -1 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Nature of Operations | |||
First Savings Financial Group, Inc. (the “Company”) is a financial holding company and the parent of First Savings Bank, F.S.B. (the “Bank”) and First Savings Insurance Risk Management, Inc. (the “Captive”). | |||
The Bank, which is a wholly-owned federally-chartered savings bank subsidiary of the Company, provides a variety of banking services to individuals and business customers through fourteen locations in southern Indiana. The Bank attracts deposits primarily from the general public and uses those funds, along with other borrowings, primarily to originate residential mortgage, commercial mortgage, construction, commercial business and consumer loans, and to a lesser extent, to invest in mortgage-backed securities and other securities. The Bank has three-wholly owned subsidiaries: First Savings Investments, Inc., a Nevada corporation that manages a securities portfolio, FFCC, Inc., which is an Indiana corporation that participates in commercial real estate development and leasing, and Southern Indiana Financial Corporation, which is currently inactive. | |||
The Captive, which is a wholly-owned insurance subsidiary of the Company formed during the fourth fiscal quarter of 2014, is a Nevada corporation that provides property and casualty insurance to the Company, the Bank and the Bank’s active subsidiaries. In addition, the Captive provides reinsurance to seven other third-party insurance captives for which insurance may not be currently available or economically feasible in the insurance marketplace. | |||
Basis of Consolidation and Reclassifications | |||
The consolidated financial statements include the accounts of the Company and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America and conform to general practices within the banking industry. Intercompany balances and transactions have been eliminated. Certain prior year amounts have been reclassified to conform with current year presentation. | |||
Statements of Cash Flows | |||
For purposes of the statements of cash flows, the Company has defined cash and cash equivalents as cash on hand, amounts due from banks (including cash items in process of clearing), interest-bearing deposits with other banks having an original maturity of 90 days or less and money market funds. | |||
Use of Estimates | |||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||
Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate and other assets acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowances for loan losses and other real estate owned, management obtains independent appraisals for significant properties. | |||
A majority of the Bank’s loan portfolio consists of single-family residential and commercial real estate loans in the southern Indiana area. Accordingly, the ultimate collectability of a substantial portion of the Bank’s loan portfolio and the recovery of the carrying amount of other real estate owned are susceptible to changes in local market conditions. | |||
While management uses available information to recognize losses on loans and other real estate owned, further reductions in the carrying amounts of loans and other real estate owned may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the estimated losses on loans and other real estate owned. Such agencies may require the Bank to recognize additional losses based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible the estimated losses on loans and other real estate owned may change materially in the near term. However, the amount of the change that is reasonably possible cannot be estimated. | |||
Investment Securities | |||
Trading Account Securities: Securities purchased with the intention of recognizing short-term profits or which are actively bought and sold are classified as trading account securities and reported at fair value. The net realized and unrealized gains and losses on trading account securities are reported in other noninterest income. Realized gains and losses on trading account securities are determined using the specific identification method. | |||
Securities Available for Sale: Securities available for sale consist primarily of mortgage-backed and other debt securities and are stated at fair value. The Company holds mortgage-backed securities issued by the Government National Mortgage Association (GNMA), a U.S. government agency, and the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC), government-sponsored enterprises, as well as privately-issued collateralized mortgage obligations (“CMOs”), privately-issued asset-backed securities (“ABSs”) and other mortgage-backed securities. The Company also holds a pass-through asset-backed security guaranteed by the Small Business Administration (“SBA”) representing participating interests in pools of long-term debentures issued by state and local development companies certified by the SBA. Mortgage-backed securities represent participating interests in pools of long-term first mortgage loans originated and serviced by issuers of the securities. CMOs and ABSs are complex mortgage-backed securities that restructure the cash flows and risks of the underlying mortgage collateral. The Company also holds debt securities issued by government-sponsored enterprises and municipal bonds. | |||
Amortization of premiums and accretion of discounts are recognized in interest income using methods approximating the interest method over the period to maturity, adjusted for anticipated prepayments. Unrealized gains and losses, net of tax, on securities available for sale are included in other comprehensive income and the accumulated unrealized holding gains and losses are reported as a separate component of equity until realized. Realized gains and losses on the sale of securities available for sale are determined using the specific identification method and are included in other noninterest income and, when applicable, are reported as a reclassification adjustment, net of tax, in other comprehensive income. | |||
Securities Held to Maturity: Debt securities for which the Company has the positive intent and ability to hold to maturity are reported at cost, adjusted for amortization of premiums and accretion of discounts that are recognized in interest income using methods approximating the interest method over the period to maturity, adjusted for anticipated prepayments. The Company classifies certain mortgage-backed securities and municipal obligations as held to maturity. | |||
Declines in the fair value of individual available for sale and held to maturity securities below their amortized cost that are other than temporary result in write-downs of the individual securities to their fair value. The related write-downs are included in earnings as realized losses. In estimating other-than-temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than amortized cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment for a period of time sufficient to allow for any anticipated recovery in fair value. | |||
Investments in non-marketable equity securities such as Federal Home Loan Bank (“FHLB”) stock are carried at cost. Impairment testing on these investments is based on applicable accounting guidance and the cost basis is reduced when impairment is deemed to be other-than-temporary. | |||
Derivative Financial Instruments | |||
The Company applies Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 815, Derivatives and Hedging, in accounting for derivative financial instruments, including certain derivative instruments embedded in other contracts and for hedging activities. Derivative financial instruments are recognized in the consolidated balance sheet at fair value. | |||
Mortgage Banking Activities | |||
Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or market value. Aggregate market value is determined based on the quoted prices under a “best efforts” sales agreement with a third party. Net unrealized losses are recognized through a valuation allowance by charges to income. Realized gains on sales of mortgage loans are included in noninterest income. Mortgage loans are sold with servicing released. | |||
Commitments to originate mortgage loans held for sale are considered derivative financial instruments to be accounted for at fair value. The Bank’s mortgage loan commitments subject to derivative accounting are fixed rate mortgage loan commitments at market rates when initiated. At September 30, 2014, the Bank did not have any commitments to originate fixed-rate mortgage loans intended for sale in the secondary market after the loans are closed. Fair value is estimated based on fees that would be charged on commitments with similar terms. | |||
Loans and Allowance for Loan Losses | |||
Loans Held for Investment | |||
Loans are stated at unpaid principal balances, less net deferred loan fees and the allowance for loan losses. The Company grants real estate mortgage, commercial business and consumer loans. A substantial portion of the loan portfolio is represented by residential and commercial mortgage loans to customers in southern Indiana. The ability of the Company customers to honor their contracts is dependent upon the real estate and general economic conditions in this area. | |||
Loan origination and commitment fees, as well as certain direct costs of underwriting and closing loans, are deferred and amortized as a yield adjustment to interest income over the lives of the related loans using the interest method. Amortization of deferred loan fees is discontinued when a loan is placed on nonaccrual status. | |||
Nonaccrual Loans | |||
The recognition of income on a loan is discontinued and previously accrued interest is reversed when interest or principal payments become 90 days past due unless, in the opinion of management, the outstanding interest remains collectible. Past due status is determined based on contractual terms. Generally, by applying the cash receipts method, interest income is subsequently recognized only as received until the loan is returned to accrual status. The cash receipts method is used when the likelihood of further loss on the loan is remote. Otherwise, the Company applies the cost recovery method and applies all payments as a reduction of the unpaid principal balance until the loan qualifies for return to accrual status. Interest income on impaired loans is recognized using the cost recovery method, unless the likelihood of further loss is considered remote. | |||
A loan is restored to accrual status when all principal and interest payments are brought current and the borrower has demonstrated the ability to make future payments of principal and interest as scheduled, which generally requires that the borrower demonstrate a period of performance of at least six consecutive months. | |||
Loan Charge-Offs | |||
For portfolio segments other than consumer loans, the Company’s practice is to charge-off any loan or portion of a loan when the loan is determined by management to be uncollectible due to the borrower’s failure to meet repayment terms, the borrower’s deteriorating or deteriorated financial condition, depreciation of the underlying collateral, the loan’s classification as a loss by regulatory examiners, or for other reasons. A partial charge-off is recorded on a loan when the uncollectibility of a portion of the loan has been confirmed, such as when a loan is discharged in bankruptcy, the collateral is liquidated, a loan is restructured at a reduced principal balance, or other identifiable events that lead management to determine the full principal balance of the loan will not be repaid. A specific reserve is recognized as a component of the allowance for estimated losses on loans individually evaluated for impairment. Partial charge-offs on nonperforming and impaired loans are included in the Company’s historical loss experience used to estimate the general component of the allowance for loan losses as discussed below. Specific reserves are not considered charge-offs in management’s analysis of the allowance for loan losses because they are estimates and the outcome of the loan relationship is undetermined. | |||
During the year ended September 30, 2014, the Company did not recognize any partial charge-offs. At September 30, 2014, the Company had one outstanding loan with a recorded investment of $229,000 on which partial charge-offs had been recorded. During the year ended September 30, 2013, the Company recognized partial charge-offs on loans totaling $306,000. At September 30, 2013, the Company had three outstanding loans with an aggregate recorded investment of $920,000 on which partial charge-offs totaling $525,000 had been recorded. | |||
Consumer loans are typically charged off at 90 days past due, or earlier if deemed uncollectible, unless the loans are in the process of collection. Overdrafts are charged off after 45 days past due. Charge-offs are typically recorded on loans secured by real estate when the property is foreclosed upon when the carrying value of the loan exceeds the property’s fair value less the estimated costs to sell. | |||
Allowance for Loan Losses | |||
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |||
The Company uses a disciplined process and methodology to evaluate the allowance for loan losses on at least a quarterly basis that is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | |||
The allowance consists of specific and general components. The specific component relates to loans that are individually evaluated for impairment or loans otherwise classified as doubtful, substandard, or special mention. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. | |||
The general component covers non-classified loans and classified loans that are found, upon individual evaluation, to not be impaired. Such loans are pooled by segment and losses are modeled using annualized historical loss experience adjusted for qualitative factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent 36-month period. This actual loss experience is then adjusted for qualitative factors that are reviewed on a quarterly basis based on the risks present for each portfolio segment. Management considers changes and trends in the following qualitative loss factors: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in the volume and term of new loan originations; national and local economic trends and conditions; changes in lending policies, procedures and practices; changes in the experience and ability of lending management and other staff; changes in the quality and depth of the internal loan review process; trends in collateral valuation in the Company’s lending area; and other factors as determined by management. Each qualitative factor is evaluated and a qualitative factor adjustment is applied to the actual historical loss factors in determining the adjusted loss factors used in management’s allowance for loan losses adequacy calculation. | |||
Management exercises significant judgment in evaluating the relevant historical loss experience and the qualitative factors. Management also monitors the differences between estimated and actual incurred loan losses for loans considered impaired in order to evaluate the effectiveness of the estimation process and make any changes in the methodology as necessary. | |||
The following portfolio segments are considered in the allowance for loan loss analysis: residential real estate, commercial real estate, multi-family residential real estate, construction, land and land development, commercial business and consumer. | |||
Residential real estate loans primarily consist of loans to individuals for the purchase or refinance of their primary residence, with a smaller portion of the segment secured by non-owner-occupied residential investment properties. The risks associated with residential real estate loans are closely correlated to the local housing market and general economic conditions, as repayment of the loans is primarily dependent on the borrower’s or tenant’s personal cash flow and employment status. | |||
Commercial real estate loans are comprised of loans secured by various types of collateral including office buildings, warehouses, retail space and mixed use buildings located in the Company’s primary lending area. Risks related to commercial real estate lending are related to the market value of the property taken as collateral, the underlying cash flows and general economic condition of the local real estate market. Repayment of these loans is generally dependent on the ability of the borrower to attract tenants at lease rates that provide for adequate debt service and can be impacted by local economic conditions which impact vacancy rates. The Company generally obtains loan guarantees from financially capable parties for commercial real estate loans. | |||
Multi-family residential real estate loans primarily consist of loans secured by apartment buildings and other multi-tenant developments. Repayment of these loans is primarily dependent on the borrower’s ability to attract tenants and collect rents that provide for adequate debt service. The risks associated with these loans are closely correlated to the local housing market and general economic conditions. | |||
The Company’s construction loan portfolio consists of single-family residential properties, multi-family properties and commercial projects, and includes both owner-occupied and speculative investment properties. Risks inherent in construction lending are related to the market value of the property held as collateral, the cost and timing of constructing or improving a property, the borrower’s ability to use funds generated by a project to service a loan until a project is completed, movements in interest rates and the real estate market during the construction phase, and the ability of the borrower to obtain permanent financing. | |||
Land and land development loans primarily consist of loans secured by farmland and vacant land held for long-term investment or development. The risks associated with land and land development loans are related to the market value of the property taken as collateral and the underlying cash flows for loans secured by farmland, and general economic conditions. | |||
Commercial business loans includes lines of credit to businesses, term loans and letters of credit secured by business assets such as equipment, accounts receivable, inventory, or other assets excluding real estate and are generally made to finance capital expenditures or fund operations. Commercial loans contain risks related to the value of the collateral securing the loan and the repayment is primarily dependent upon the financial success and viability of the borrower. As with commercial real estate loans, the Company generally obtains loan guarantees from financially capable parties for commercial business loans. | |||
Consumer loans consist primarily of home equity lines of credit and other loans secured by junior liens on the borrower’s personal residence, home improvement loans, automobile and truck loans, boat loans, mobile home loans, loans secured by savings deposits and other personal loans. The risks associated with these loans are related to the local housing market and local economic conditions including the unemployment level. | |||
There were no significant changes to the Company’s accounting policies or methodology used to estimate the allowance for loan losses during the years ended September 30, 2014 and 2013. | |||
Impaired Loans | |||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis by either 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. | |||
Values for collateral dependent loans are generally based on appraisals obtained from independent licensed real estate appraisers, with adjustments applied for estimated costs to sell the property, costs to complete unfinished or repair damaged property and other known defects. New appraisals are generally obtained for all significant properties when a loan is identified as impaired. Generally, a property is considered significant if the value of the property is estimated to exceed $250,000. Subsequent appraisals are obtained as needed or if management believes there has been a significant change in the market value of a collateral property securing an impaired loan. In instances where it is not deemed necessary to obtain a new appraisal, management would base its impairment and allowance for loan loss analysis on the original appraisal with adjustments for current conditions based on management’s assessment of market factors and management’s inspection of the property. | |||
Troubled Debt Restructurings | |||
The modification of a loan is considered to be a troubled debt restructuring (TDR) if the debtor is experiencing financial difficulties and the Company grants a concession to the debtor that it would not otherwise consider. By granting the concession, the Company expects to obtain more cash or other value from the debtor, or to increase the probability of receipt, than would be expected by not granting the concession. The concession may include, but is not limited to, reduction of the stated interest rate of the loan, reduction of accrued interest, extension of the maturity date or reduction of the face amount of the debt. A concession will be granted when, as a result of the restructuring, the Company does not expect to collect all amounts due, including interest at the original stated rate. A concession may also be granted if the debtor is not able to access funds elsewhere at a market rate for debt with similar risk characteristics as the restructured debt. The Company’s determination of whether a loan modification is a TDR considers the individual facts and circumstances surrounding each modification. | |||
A TDR can involve loans remaining on nonaccrual, moving to nonaccrual, or continuing on accrual status, depending on the individual facts and circumstances of the borrower. Generally, a nonaccrual loan that is restructured in a TDR remains on nonaccrual status for a period of at least six months following the restructuring to ensure that the borrower performs in accordance with the restructured terms including consistent and timely payments of at least six consecutive months according to the restructured terms. | |||
Real Estate Development and Construction | |||
Real estate that is developed and on which buildings are constructed for the purpose of leasing or sale to third parties by the Company is stated at cost, including interest capitalized during the construction period, less accumulated depreciation. The Company uses the straight line method of computing depreciation at rates adequate to amortize the cost of the applicable assets over their estimated useful lives. Maintenance and repairs are expensed as incurred. The cost and related accumulated depreciation of assets sold, or otherwise disposed of, are removed from the related accounts and any gain or loss is included in earnings. | |||
Premises and Equipment | |||
Premises and equipment are stated at cost less accumulated depreciation. The Company uses the straight line method of computing depreciation at rates adequate to amortize the cost of the applicable assets over their estimated useful lives. Maintenance and repairs are expensed as incurred. The cost and related accumulated depreciation of assets sold, or otherwise disposed of, are removed from the related accounts and any gain or loss is included in earnings. | |||
Other Real Estate Owned | |||
Other real estate owned includes formally foreclosed property and former banking facilities held for sale. At the time of foreclosure, foreclosed real estate is recorded at its fair value less estimated costs to sell, which becomes the property’s new basis. Any write-downs based on the property’s fair value at date of acquisition are charged to the allowance for loan losses. After foreclosure or the decision to classify property as held for sale, valuations are periodically performed by management and property held for sale is carried at the lower of the new cost basis or fair value less cost to sell. Costs incurred in maintaining other real estate owned and subsequent impairment adjustments to the carrying amount of a property, if any, are included in noninterest expense. | |||
Cash Surrender Value of Life Insurance | |||
The Bank has purchased life insurance policies on certain directors, officers and key employees to help offset costs associated with the Bank’s compensation and benefit programs. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. | |||
Goodwill and Other Intangibles | |||
Goodwill recognized in a business combination represents the excess of the cost of the acquired entity over the net of the amounts assigned to assets acquired and liabilities assumed. Goodwill is carried at its implied fair value and is evaluated for possible impairment at least annually or more frequently upon the occurrence of an event or change in circumstances that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Such circumstances could include, but are not limited to: (1) a significant adverse change in legal factors or in business climate, (2) unanticipated competition, or (3) an adverse action or assessment by a regulator. If the carrying amount of the goodwill exceeds its implied fair value, an impairment loss is recognized in earnings equal to that excess amount. The loss recognized cannot exceed the carrying amount of goodwill. After a goodwill impairment loss is recognized, the adjusted carrying amount of goodwill is its new accounting basis. | |||
Other intangible assets consist of acquired core deposit intangibles. Core deposit intangibles are amortized over the estimated economic lives of the acquired core deposits. The carrying amount of core deposit intangibles and the remaining estimated economic life are evaluated annually or whenever events or circumstances indicate the carrying amount may not be recoverable or the remaining period of amortization requires revision. After an impairment loss is recognized, the adjusted carrying amount of the intangible asset is its new accounting basis. | |||
Securities Lending and Financing Arrangements | |||
Securities purchased under agreements to resell (reverse repurchase agreements) and securities sold under agreements to repurchase (repurchase agreements) are treated as collateralized lending and borrowing transactions, respectively, and are carried at the amounts at which the securities were initially acquired or sold. | |||
Benefit Plans | |||
The Bank provides a contributory defined contribution plan available to all eligible employees. The Company also established a leveraged employee stock ownership plan (“ESOP”) on October 6, 2008 that includes substantially all employees. The Company accounts for the employee stock ownership plan in accordance with ASC Topic 718-40, Employee Stock Ownership Plans. Dividends declared on allocated shares are recorded as a reduction of retained earnings and paid to the participants’ accounts or used for additional debt service on the ESOP loan. Dividends declared on unallocated shares are not considered dividends for financial reporting purposes and are used for additional debt service on the ESOP loan. As shares are committed to be released for allocation to participants’ accounts, compensation expense is recognized based on the average fair value of the shares and the shares become available for earnings per share calculations. | |||
Stock Based Compensation | |||
The Company has adopted the fair value based method of accounting for stock-based compensation prescribed in ASC Topic 718 for its stock plan. | |||
Income Taxes | |||
When income tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while other positions are subject to some degree of uncertainty regarding the merits of the position taken or the amount of the position that would be sustained. The Company recognizes the benefits of a tax position in the consolidated financial statements of the period during which, based on all available evidence, management believes it is more-likely-than-not (more than 50 percent probable) that the tax position would be sustained upon examination. Income tax positions that meet the more-likely-than-not threshold are measured as the largest amount of income tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with the income tax positions claimed on income tax returns that exceeds the amount measured as described above is reflected as a liability for unrecognized income tax benefits in the consolidated balance sheets, along with any associated interest and penalties that would be payable to the taxing authorities, if there were an examination. Interest and penalties associated with unrecognized income tax benefits are classified as additional income taxes in the consolidated statements of income. | |||
Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus deferred income taxes. Income tax reporting and financial statement reporting rules differ in many respects. As a result, there will often be a difference between the carrying amount of an asset or liability as presented in the accompanying consolidated balance sheets and the amount that would be recognized as the tax basis of the same asset or liability computed based on the effects of tax positions recognized, as described in the preceding paragraph. These differences are referred to as temporary differences because they are expected to reverse in future years. Deferred income tax assets are recognized for temporary differences where their future reversal will result in future tax benefits. Deferred income tax assets are also recognized for the future tax benefits expected to be realized from net operating loss or tax credit carryforwards. Deferred income tax liabilities are recognized for temporary differences where their future reversal will result in the payment of future income taxes. Deferred income tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred income tax assets will not be realized. Deferred tax assets and liabilities are reflected at income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. | |||
Advertising Costs | |||
Advertising costs are charged to operations when incurred. | |||
Comprehensive Income | |||
Comprehensive income consists of reported net income and other comprehensive income. Other comprehensive income refers to revenue, expenses, gains and losses that are recorded as an element of equity but are excluded from reported net income. Other comprehensive income includes changes in the unrealized gains and losses on securities available for sale. | |||
Loss Contingencies | |||
Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. | |||
Recent Accounting Pronouncements | |||
The following are summaries of recently issued accounting pronouncements that impact the accounting and reporting practices of the Company: | |||
In January 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40), Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The objective of the amendments in this update is to reduce diversity by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The amendments in the update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure, or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor, and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in the update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial position or results of operations. | |||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The update provides a five-step revenue recognition model for all revenue arising from contracts with customer and affects all entities that enter into contracts to provide goods or services to their customers (unless the contracts are included in the scope of other standards). The guidance requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. For public entities, the guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and must be applied either retrospectively or using the modified retrospective approach. Early adoption is not permitted. Management is evaluating the new guidance, but does not expect the adoption of this guidance to have a material impact on the Company’s consolidated financial position or results of operations. | |||
In August 2014, the FASB issued ASU No. 2014-14, Trouble Debt Restructurings by Creditors (Subtopic 310-40). The update addresses the classification of certain foreclosed mortgage loans held by creditors that are either fully or partially guaranteed under government programs (e.g. FHA, VA, HUD). For public entities, the guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial position or results of operations. | |||
RESTRICTION_ON_CASH_AND_DUE_FR
RESTRICTION ON CASH AND DUE FROM BANKS | 12 Months Ended | ||
Sep. 30, 2014 | |||
Restricted Cash and Cash Equivalents [Abstract] | |||
RESTRICTION ON CASH AND DUE FROM BANKS | -2 | RESTRICTION ON CASH AND DUE FROM BANKS | |
The Bank is required to maintain reserve balances on hand and with the Federal Reserve Bank which are unavailable for investment but are interest-bearing. The average amount of those reserve balances was approximately $7.1 million and $6.3 million for the years ended September 30, 2014 and 2013, respectively. | |||
INVESTMENT_SECURITIES
INVESTMENT SECURITIES | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||
INVESTMENT SECURITIES | -3 | INVESTMENT SECURITIES | ||||||||||||
Investment securities have been classified according to management’s intent. | ||||||||||||||
Trading Account Securities | ||||||||||||||
The Company invests in small and medium lot, investment grade municipal bonds through a managed brokerage account. The brokerage account is managed by an investment advisory firm registered with the U.S. Securities and Exchange Commission. Trading account securities recorded at fair value totaled $5.3 million and $3.2 million as of September 30, 2014 and 2013, respectively, comprised of investment grade municipal bonds. During the year ended September 30, 2014, the Company reported net gains on trading account securities of $704,000, including net realized gains on the sale of securities of $713,000, partially offset by net unrealized losses on securities still held as of the balance sheet date of $9,000. During the year ended September 30, 2013, the Company reported net gains on trading account securities of $464,000, including net realized gains on the sale of securities of $472,000 partially offset by net unrealized losses on securities still held as of the balance sheet date of $8,000. | ||||||||||||||
Securities Available for Sale and Held to Maturity | ||||||||||||||
The amortized cost of securities available for sale and held to maturity and their approximate fair values are as follows: | ||||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||
(In thousands) | Cost | Gains | Losses | Value | ||||||||||
September 30, 2014: | ||||||||||||||
Securities available for sale: | ||||||||||||||
Agency bonds and notes | $ | 12,269 | $ | 12 | $ | 190 | $ | 12,091 | ||||||
Agency mortgage-backed | 51,845 | 518 | 108 | 52,255 | ||||||||||
Agency CMO | 29,648 | 95 | 259 | 29,484 | ||||||||||
Privately-issued CMO | 3,302 | 618 | - | 3,920 | ||||||||||
Privately-issued ABS | 5,552 | 1,801 | - | 7,353 | ||||||||||
SBA certificates | 1,753 | 9 | - | 1,762 | ||||||||||
Municipal obligations | 74,148 | 3,818 | 134 | 77,832 | ||||||||||
Total securities available for sale | $ | 178,517 | $ | 6,871 | $ | 691 | $ | 184,697 | ||||||
Securities held to maturity: | ||||||||||||||
Agency mortgage-backed | $ | 455 | $ | 37 | $ | - | $ | 492 | ||||||
Municipal | 4,964 | 393 | - | 5,357 | ||||||||||
Total securities held to maturity | $ | 5,419 | $ | 430 | $ | - | $ | 5,849 | ||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||
(In thousands) | Cost | Gains | Losses | Value | ||||||||||
September 30, 2013: | ||||||||||||||
Securities available for sale: | ||||||||||||||
Agency bonds and notes | $ | 15,877 | $ | 10 | $ | 690 | $ | 15,197 | ||||||
Agency mortgage-backed | 41,720 | 285 | 291 | 41,714 | ||||||||||
Agency CMO | 24,200 | 199 | 325 | 24,074 | ||||||||||
Privately-issued CMO | 3,881 | 735 | - | 4,616 | ||||||||||
Privately-issued ABS | 5,829 | 1,972 | 2 | 7,799 | ||||||||||
SBA certificates | 2,081 | 12 | - | 2,093 | ||||||||||
Municipal obligations | 68,072 | 2,057 | 1,548 | 68,581 | ||||||||||
Subtotal – debt securities | 161,660 | 5,270 | 2,856 | 164,074 | ||||||||||
Equity securities | - | 93 | - | 93 | ||||||||||
Total securities available for sale | $ | 161,660 | $ | 5,363 | $ | 2,856 | $ | 164,167 | ||||||
Securities held to maturity: | ||||||||||||||
Agency mortgage-backed | $ | 721 | $ | 52 | $ | - | $ | 773 | ||||||
Municipal obligations | 5,696 | 45 | - | 5,741 | ||||||||||
Total securities held to maturity | $ | 6,417 | $ | 97 | $ | - | $ | 6,514 | ||||||
The amortized cost and fair value of available for sale and held to maturity debt securities as of September 30, 2014 by contractual maturity are shown below. Expected maturities of mortgage and other asset-backed securities may differ from contractual maturities because the mortgages and other assets underlying the obligations may be prepaid without penalty. | ||||||||||||||
Available for Sale | Held to Maturity | |||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||
(In thousands) | Cost | Value | Cost | Value | ||||||||||
Due within one year | $ | 830 | $ | 833 | $ | 593 | $ | 621 | ||||||
Due after one year through five years | 5,565 | 5,824 | 1,906 | 2,076 | ||||||||||
Due after five years through ten years | 22,311 | 23,038 | 1,496 | 1,621 | ||||||||||
Due after ten years | 57,711 | 60,228 | 969 | 1,039 | ||||||||||
86,417 | 89,923 | 4,964 | 5,357 | |||||||||||
CMO | 32,950 | 33,404 | - | - | ||||||||||
ABS | 5,552 | 7,353 | - | - | ||||||||||
SBA certificates | 1,753 | 1,762 | - | - | ||||||||||
Mortgage-backed securities | 51,845 | 52,255 | 455 | 492 | ||||||||||
$ | 178,517 | $ | 184,697 | $ | 5,419 | $ | 5,849 | |||||||
Information pertaining to securities with gross unrealized losses at September 30, 2014, aggregated by investment category and the length of time that individual securities have been in a continuous loss position, follows: | ||||||||||||||
Number | Gross | |||||||||||||
of Investment | Fair | Unrealized | ||||||||||||
(Dollars in thousands) | Positions | Value | Losses | |||||||||||
Securities available for sale: | ||||||||||||||
Continuous loss position less than twelve months: | ||||||||||||||
Agency mortgage-backed | 7 | $ | 12,207 | $ | 28 | |||||||||
Agency CMO | 8 | 12,373 | 56 | |||||||||||
Municipal | 2 | 1,093 | 2 | |||||||||||
Total less than twelve months | 17 | 25,673 | 86 | |||||||||||
Continuous loss position more than twelve months: | ||||||||||||||
Agency bonds and notes | 5 | $ | 10,477 | $ | 190 | |||||||||
Agency mortgage-backed | 4 | 3,653 | 80 | |||||||||||
Agency CMO | 3 | 9,171 | 203 | |||||||||||
Municipal obligations | 15 | 7,860 | 132 | |||||||||||
Total more than twelve months | 27 | 31,161 | 605 | |||||||||||
Total securities available for sale | 44 | $ | 56,834 | $ | 691 | |||||||||
At September 30, 2014, the Company did not have any securities held to maturity with an unrealized loss. | ||||||||||||||
Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. | ||||||||||||||
The total available for sale debt securities in loss positions at September 30, 2014, which consisted of U.S. government agency notes, mortgage-backed securities and CMOs, and municipal bonds, had depreciated approximately 1.20% from the Company’s amortized cost basis and are fixed and variable rate securities with a weighted-average yield of 1.92% and a weighted-average coupon rate of 2.80% at September 30, 2014. All of the agency and municipal securities are issued by U.S. government-sponsored enterprises and municipal governments, and are generally secured by first mortgage loans and municipal project revenues. | ||||||||||||||
The Company evaluates the existence of a potential credit loss component related to the decline in fair value of the privately-issued CMO and ABS portfolios each quarter using an independent third party analysis. At September 30, 2014, the Company held twenty privately-issued CMO and ABS securities acquired in a 2009 bank acquisition with an aggregate carrying value of $2.9 million and fair value of $4.4 million that have been downgraded to a substandard regulatory classification due to a downgrade of the security’s credit quality rating by various rating agencies. | ||||||||||||||
At September 30, 2014, there were no privately-issued CMOs or ABS in loss positions. Based on the independent third party analysis of the expected cash flows, management has determined that no other-than-temporary impairment is required to be recognized on the privately-issued CMO and ABS portfolios. While the Company did not recognize a credit-related impairment loss at September 30, 2014, additional deterioration in market and economic conditions may have an adverse impact on the credit quality in the future and therefore, require a credit-related impairment charge. | ||||||||||||||
The unrealized losses on U.S. government agency notes, mortgage-backed securities and CMOs, and municipal bonds relate principally to current interest rates for similar types of securities. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government, its agencies, or other governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. As management has the ability to hold debt securities to maturity, or for the foreseeable future if classified as available for sale, no declines are deemed to be other-than-temporary. | ||||||||||||||
During the year ended September 30, 2014, the Company realized gross gains on sales of available for sale U.S. government agency notes, equity securities and municipal bonds of $1,000, $111,000 and $11,000, respectively. The Company realized gross gains on sales of available for sale U.S. government agency notes of $1,000 for the year ended September 30, 2013. | ||||||||||||||
Certain available for sale debt securities were pledged under repurchase agreements and to secure FHLB borrowings during the years ended September 30, 2014 and 2013, and may be pledged to secure federal funds borrowings (see Notes 10, 11 and 12). | ||||||||||||||
LOANS_AND_ALLOWANCE_FOR_LOAN_L
LOANS AND ALLOWANCE FOR LOAN LOSSES | 12 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||||||||||||||||||||||||||
LOANS AND ALLOWANCE FOR LOAN LOSSES | -4 | LOANS AND ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||||||
Loans at September 30, 2014 and 2013 consisted of the following: | ||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||||||
1-4 family residential | $ | 182,743 | $ | 184,390 | ||||||||||||||||||||||
Commercial | 153,896 | 117,782 | ||||||||||||||||||||||||
Multifamily residential | 21,286 | 26,759 | ||||||||||||||||||||||||
Residential construction | 14,528 | 12,537 | ||||||||||||||||||||||||
Commercial construction | 8,354 | 6,730 | ||||||||||||||||||||||||
Land and land development | 11,290 | 11,396 | ||||||||||||||||||||||||
Commercial business | 28,448 | 31,627 | ||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||
Home equity | 17,903 | 17,133 | ||||||||||||||||||||||||
Auto | 5,619 | 6,519 | ||||||||||||||||||||||||
Other consumer | 2,320 | 3,266 | ||||||||||||||||||||||||
Gross loans | 446,387 | 418,139 | ||||||||||||||||||||||||
Undisbursed portion of construction loans | -6,271 | -4,389 | ||||||||||||||||||||||||
Principal loan balance | 440,116 | 413,750 | ||||||||||||||||||||||||
Deferred loan origination fees and costs, net | 10 | 163 | ||||||||||||||||||||||||
Allowance for loan losses | -6,250 | -5,538 | ||||||||||||||||||||||||
Loans, net | $ | 433,876 | $ | 408,375 | ||||||||||||||||||||||
Mortgage loans serviced for the benefit of others amounted to $91,000 and $138,000 at September 30, 2014 and 2013, respectively. No mortgage servicing rights have been capitalized since the year ended September 30, 1999. | ||||||||||||||||||||||||||
At September 30, 2014, the recorded investment in residential mortgage loans secured by one-to-four family residential properties with loan-to-value ratios exceeding 90% amounted to $12.8 million, of which some do not have private mortgage insurance or government guaranty. | ||||||||||||||||||||||||||
The Bank has entered into loan transactions with certain directors, officers and their affiliates (related parties). In the opinion of management, such indebtedness was incurred in the ordinary course of business on substantially the same terms as those prevailing at the time for comparable transactions with other persons and does not involve more than normal risk of collectability or present other unfavorable features. | ||||||||||||||||||||||||||
The following is a summary of activity for related party loans for the years ended September 30, 2014 and 2013: | ||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||||||||||||
Beginning balance | $ | 5,946 | $ | 7,182 | ||||||||||||||||||||||
New loans and advances | 1,897 | 1,363 | ||||||||||||||||||||||||
Repayments | -1,431 | -1,665 | ||||||||||||||||||||||||
Reclassifications | -106 | -934 | ||||||||||||||||||||||||
Ending balance | $ | 6,306 | $ | 5,946 | ||||||||||||||||||||||
The following table provides the components of the recorded investment in loans as of September 30, 2014: | ||||||||||||||||||||||||||
Residential | Commercial | Land & Land | Commercial | |||||||||||||||||||||||
Real Estate | Real Estate | Multifamily | Construction | Development | Business | Consumer | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Recorded Investment in Loans: | ||||||||||||||||||||||||||
Principal loan balance | $ | 182,743 | $ | 153,896 | $ | 21,286 | $ | 16,611 | $ | 11,290 | $ | 28,448 | $ | 25,842 | $ | 440,116 | ||||||||||
Accrued interest receivable | 590 | 384 | 53 | 44 | 31 | 111 | 63 | 1,276 | ||||||||||||||||||
Net deferred loan origination fees and costs | 337 | -252 | -28 | -54 | 4 | -9 | 12 | 10 | ||||||||||||||||||
Recorded investment in loans | $ | 183,670 | $ | 154,028 | $ | 21,311 | $ | 16,601 | $ | 11,325 | $ | 28,550 | $ | 25,917 | $ | 441,402 | ||||||||||
Recorded Investment in Loans as Evaluated for Impairment: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,866 | $ | 5,705 | $ | - | $ | - | $ | - | $ | 145 | $ | 350 | $ | 11,066 | ||||||||||
Collectively evaluated for impairment | 178,298 | 148,323 | 21,311 | 16,601 | 11,325 | 28,405 | 25,535 | 429,798 | ||||||||||||||||||
Acquired with deteriorated credit quality | 506 | - | - | - | - | - | 32 | 538 | ||||||||||||||||||
Recorded investment in loans | $ | 183,670 | $ | 154,028 | $ | 21,311 | $ | 16,601 | $ | 11,325 | $ | 28,550 | $ | 25,917 | $ | 441,402 | ||||||||||
The following table provides the components of the recorded investment in loans as of September 30, 2013: | ||||||||||||||||||||||||||
Residential | Commercial | Land & Land | Commercial | |||||||||||||||||||||||
Real Estate | Real Estate | Multifamily | Construction | Development | Business | Consumer | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Recorded Investment in Loans: | ||||||||||||||||||||||||||
Principal loan balance | $ | 184,390 | $ | 117,782 | $ | 26,759 | $ | 14,878 | $ | 11,396 | $ | 31,627 | $ | 26,918 | $ | 413,750 | ||||||||||
Accrued interest receivable | 600 | 316 | 57 | 31 | 40 | 86 | 78 | 1,208 | ||||||||||||||||||
Net deferred loan origination fees and costs | 415 | -169 | -38 | -46 | -7 | -5 | 13 | 163 | ||||||||||||||||||
Recorded investment in loans | $ | 185,405 | $ | 117,929 | $ | 26,778 | $ | 14,863 | $ | 11,429 | $ | 31,708 | $ | 27,009 | $ | 415,121 | ||||||||||
Recorded Investment in Loans as Evaluated for Impairment: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 5,429 | $ | 6,091 | $ | 2,306 | $ | 29 | $ | - | $ | 235 | $ | 456 | $ | 14,546 | ||||||||||
Collectively evaluated for impairment | 179,372 | 111,838 | 24,472 | 14,834 | 11,429 | 31,473 | 26,519 | 399,937 | ||||||||||||||||||
Acquired with deteriorated credit quality | 604 | - | - | - | - | - | 34 | 638 | ||||||||||||||||||
Recorded investment in loans | $ | 185,405 | $ | 117,929 | $ | 26,778 | $ | 14,863 | $ | 11,429 | $ | 31,708 | $ | 27,009 | $ | 415,121 | ||||||||||
An analysis of the allowance for loan losses as of and for the year ended September 30, 2014 is as follows: | ||||||||||||||||||||||||||
Residential | Commercial | Multifamily | Construction | Land & Land | Commercial | Consumer | Total | |||||||||||||||||||
Real Estate | Real Estate | Development | Business | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Changes in Allowance for Loan Losses: | ||||||||||||||||||||||||||
Beginning balance | $ | 780 | $ | 2,826 | $ | 249 | $ | 229 | $ | 299 | $ | 907 | $ | 248 | $ | 5,538 | ||||||||||
Provisions | 47 | 987 | -103 | 214 | 3 | 122 | -24 | 1,246 | ||||||||||||||||||
Charge-offs | -278 | -224 | - | - | - | -234 | -136 | -872 | ||||||||||||||||||
Recoveries | 28 | 219 | - | - | - | - | 91 | 338 | ||||||||||||||||||
Ending balance | $ | 577 | $ | 3,808 | $ | 146 | $ | 443 | $ | 302 | $ | 795 | $ | 179 | $ | 6,250 | ||||||||||
Ending Allowance Balance Attributable to Loans: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 13 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 8 | $ | 21 | ||||||||||
Collectively evaluated for impairment | 564 | 3,808 | 146 | 443 | 302 | 795 | 171 | 6,229 | ||||||||||||||||||
Acquired with deteriorated credit quality | - | - | - | - | - | - | - | - | ||||||||||||||||||
Ending balance | $ | 577 | $ | 3,808 | $ | 146 | $ | 443 | $ | 302 | $ | 795 | $ | 179 | $ | 6,250 | ||||||||||
An analysis of the allowance for loan losses as of and for the year ended September 30, 2013 is as follows: | ||||||||||||||||||||||||||
Residential | Commercial | Multifamily | Construction | Land & Land | Commercial | Consumer | Total | |||||||||||||||||||
Real Estate | Real Estate | Development | Business | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Changes in Allowance for Loan Losses: | ||||||||||||||||||||||||||
Beginning balance | $ | 908 | $ | 2,204 | $ | 389 | $ | 52 | $ | 2 | $ | 1,084 | $ | 267 | $ | 4,906 | ||||||||||
Provisions | 91 | 608 | -140 | 177 | 297 | 795 | 30 | 1,858 | ||||||||||||||||||
Charge-offs | -284 | -11 | - | - | - | -1,013 | -111 | -1,419 | ||||||||||||||||||
Recoveries | 65 | 25 | - | - | - | 41 | 62 | 193 | ||||||||||||||||||
Ending balance | $ | 780 | $ | 2,826 | $ | 249 | $ | 229 | $ | 299 | $ | 907 | $ | 248 | $ | 5,538 | ||||||||||
Ending Allowance Balance Attributable to Loans: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 30 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 6 | $ | 36 | ||||||||||
Collectively evaluated for impairment | 750 | 2,826 | 249 | 229 | 299 | 907 | 242 | 5,502 | ||||||||||||||||||
Acquired with deteriorated credit quality | - | - | - | - | - | - | - | - | ||||||||||||||||||
Ending balance | $ | 780 | $ | 2,826 | $ | 249 | $ | 229 | $ | 299 | $ | 907 | $ | 248 | $ | 5,538 | ||||||||||
The following table presents impaired loans individually evaluated for impairment as of and for the year ended September 30, 2014. The Company recognized $52,000 of interest income on impaired commercial real estate loans using the cash receipts method of accounting for the year ended September 30, 2014. | ||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Loans with no related allowance recorded: | ||||||||||||||||||||||||||
Residential real estate | $ | 4,974 | $ | 5,426 | $ | - | $ | 5,878 | $ | 131 | ||||||||||||||||
Commercial real estate | 5,705 | 5,739 | - | 5,864 | 189 | |||||||||||||||||||||
Multifamily | - | - | - | 1,883 | 94 | |||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||
Land and land development | - | - | - | - | - | |||||||||||||||||||||
Commercial business | 145 | 133 | - | 287 | 1 | |||||||||||||||||||||
Consumer | 255 | 258 | - | 285 | 6 | |||||||||||||||||||||
$ | 11,079 | $ | 11,556 | $ | - | $ | 14,197 | $ | 421 | |||||||||||||||||
Loans with an allowance recorded: | ||||||||||||||||||||||||||
Residential real estate | $ | 167 | $ | 166 | $ | 13 | $ | 64 | $ | - | ||||||||||||||||
Commercial real estate | - | - | - | - | - | |||||||||||||||||||||
Multifamily | - | - | - | - | - | |||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||
Land and land development | - | - | - | - | - | |||||||||||||||||||||
Commercial business | - | - | - | - | - | |||||||||||||||||||||
Consumer | 95 | 95 | 8 | 97 | - | |||||||||||||||||||||
$ | 262 | $ | 261 | $ | 21 | $ | 161 | $ | - | |||||||||||||||||
Total: | ||||||||||||||||||||||||||
Residential real estate | $ | 5,141 | $ | 5,592 | $ | 13 | $ | 5,942 | $ | 131 | ||||||||||||||||
Commercial real estate | 5,705 | 5,739 | - | 5,864 | 189 | |||||||||||||||||||||
Multifamily | - | - | - | 1,883 | 94 | |||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||
Land and land development | - | - | - | - | - | |||||||||||||||||||||
Commercial business | 145 | 133 | - | 287 | 1 | |||||||||||||||||||||
Consumer | 350 | 353 | 8 | 382 | 6 | |||||||||||||||||||||
$ | 11,341 | $ | 11,817 | $ | 21 | $ | 14,358 | $ | 421 | |||||||||||||||||
The following table presents impaired loans individually evaluated for impairment as of and for the year ended September 30, 2013. The Company did not recognize any interest income on impaired loans using the cash receipts method of accounting for the year ended September 30, 2013. | ||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Loans with no related allowance recorded: | ||||||||||||||||||||||||||
Residential real estate | $ | 5,647 | $ | 5,975 | $ | - | $ | 6,561 | $ | 119 | ||||||||||||||||
Commercial real estate | 6,091 | 6,099 | - | 2,368 | 77 | |||||||||||||||||||||
Multifamily | 2,306 | 2,246 | - | 2,265 | 113 | |||||||||||||||||||||
Construction | 29 | 13 | - | 147 | - | |||||||||||||||||||||
Land and land development | - | - | - | - | - | |||||||||||||||||||||
Commercial business | 235 | 235 | - | 443 | 1 | |||||||||||||||||||||
Consumer | 361 | 357 | - | 336 | 7 | |||||||||||||||||||||
$ | 14,669 | $ | 14,925 | $ | - | $ | 12,120 | $ | 317 | |||||||||||||||||
Loans with an allowance recorded: | ||||||||||||||||||||||||||
Residential real estate | $ | 59 | $ | 55 | $ | 30 | $ | 157 | $ | - | ||||||||||||||||
Commercial real estate | - | - | - | 106 | - | |||||||||||||||||||||
Multifamily | - | - | - | - | - | |||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||
Land and land development | - | - | - | - | - | |||||||||||||||||||||
Commercial business | - | - | - | 165 | - | |||||||||||||||||||||
Consumer | 95 | 95 | 6 | 78 | - | |||||||||||||||||||||
$ | 154 | $ | 150 | $ | 36 | $ | 506 | $ | - | |||||||||||||||||
Total: | ||||||||||||||||||||||||||
Residential real estate | $ | 5,706 | $ | 6,030 | $ | 30 | $ | 6,718 | $ | 119 | ||||||||||||||||
Commercial real estate | 6,091 | 6,099 | - | 2,474 | 77 | |||||||||||||||||||||
Multifamily | 2,306 | 2,246 | - | 2,265 | 113 | |||||||||||||||||||||
Construction | 29 | 13 | - | 147 | - | |||||||||||||||||||||
Land and land development | - | - | - | - | - | |||||||||||||||||||||
Commercial business | 235 | 235 | - | 608 | 1 | |||||||||||||||||||||
Consumer | 456 | 452 | 6 | 414 | 7 | |||||||||||||||||||||
$ | 14,823 | $ | 15,075 | $ | 36 | $ | 12,626 | $ | 317 | |||||||||||||||||
Nonperforming loans consists of nonaccrual loans and loans over 90 days past due and still accruing interest. The following table presents the recorded investment in nonperforming loans at September 30, 2014 and 2013: | ||||||||||||||||||||||||||
At September 30, 2014 | At September 30, 2013 | |||||||||||||||||||||||||
Loans 90+ | Loans 90+ | |||||||||||||||||||||||||
Days | Total | Nonaccrual | Days | Total | ||||||||||||||||||||||
Nonaccrual | Past Due | Nonperforming | Loans | Past Due | Nonperforming | |||||||||||||||||||||
Loans | Still Accruing | Loans | Still Accruing | Loans | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Residential real estate | $ | 2,431 | $ | 458 | $ | 2,889 | $ | 3,519 | $ | 143 | $ | 3,662 | ||||||||||||||
Commercial real estate | 1,034 | - | 1,034 | 4,817 | - | 4,817 | ||||||||||||||||||||
Multifamily | - | - | - | - | - | - | ||||||||||||||||||||
Construction | - | - | - | 29 | - | 29 | ||||||||||||||||||||
Land and land development | - | - | - | - | - | - | ||||||||||||||||||||
Commercial business | 123 | - | 123 | 218 | - | 218 | ||||||||||||||||||||
Consumer | 216 | 20 | 236 | 310 | 21 | 331 | ||||||||||||||||||||
Total | $ | 3,804 | $ | 478 | $ | 4,282 | $ | 8,893 | $ | 164 | $ | 9,057 | ||||||||||||||
The following table presents the aging of the recorded investment in past due loans at September 30, 2014: | ||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Total | Total | ||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Loans | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Residential real estate | $ | 4,493 | $ | 1,639 | $ | 1,823 | $ | 7,955 | $ | 175,715 | $ | 183,670 | ||||||||||||||
Commercial real estate | 115 | 54 | 59 | 228 | 153,800 | 154,028 | ||||||||||||||||||||
Multifamily | 297 | - | - | 297 | 21,014 | 21,311 | ||||||||||||||||||||
Construction | - | - | - | - | 16,601 | 16,601 | ||||||||||||||||||||
Land and land development | 6 | 205 | - | 211 | 11,114 | 11,325 | ||||||||||||||||||||
Commercial business | 259 | - | 123 | 382 | 28,168 | 28,550 | ||||||||||||||||||||
Consumer | 39 | 79 | 72 | 190 | 25,727 | 25,917 | ||||||||||||||||||||
Total | $ | 5,209 | $ | 1,977 | $ | 2,077 | $ | 9,263 | $ | 432,139 | $ | 441,402 | ||||||||||||||
The following table presents the aging of the recorded investment in past due loans at September 30, 2013: | ||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Total | Total | ||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Loans | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Residential real estate | $ | 2,981 | $ | 1,333 | $ | 2,466 | $ | 6,780 | $ | 178,625 | $ | 185,405 | ||||||||||||||
Commercial real estate | 295 | 211 | 667 | 1,173 | 116,756 | 117,929 | ||||||||||||||||||||
Multifamily | 35 | - | - | 35 | 26,743 | 26,778 | ||||||||||||||||||||
Construction | - | - | - | - | 14,863 | 14,863 | ||||||||||||||||||||
Land and land development | 9 | - | - | 9 | 11,420 | 11,429 | ||||||||||||||||||||
Commercial business | - | 14 | 234 | 248 | 31,460 | 31,708 | ||||||||||||||||||||
Consumer | 186 | 53 | 223 | 462 | 26,547 | 27,009 | ||||||||||||||||||||
Total | $ | 3,506 | $ | 1,611 | $ | 3,590 | $ | 8,707 | $ | 406,414 | $ | 415,121 | ||||||||||||||
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, public information, historical payment experience, credit documentation, and current economic trends, among other factors. The Company classifies loans based on credit risk at least quarterly. The Company uses the following regulatory definitions for risk ratings: | ||||||||||||||||||||||||||
Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. | ||||||||||||||||||||||||||
Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. | ||||||||||||||||||||||||||
Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as 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. | ||||||||||||||||||||||||||
Loss: Loans classified as loss are considered uncollectible and of such little value that their continuance on the Company’s books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. | ||||||||||||||||||||||||||
Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. The following table presents the recorded investment in loans by risk category as of the date indicated: | ||||||||||||||||||||||||||
Residential | Commercial | Land and Land | Commercial | |||||||||||||||||||||||
Real Estate | Real Estate | Multifamily | Construction | Development | Business | Consumer | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
September 30, 2014: | ||||||||||||||||||||||||||
Pass | $ | 172,822 | $ | 138,854 | $ | 21,311 | $ | 16,601 | $ | 11,206 | $ | 28,127 | $ | 25,471 | $ | 414,392 | ||||||||||
Special Mention | 4,233 | 10,226 | - | - | 6 | 278 | 89 | 14,832 | ||||||||||||||||||
Substandard | 6,398 | 4,948 | - | - | 113 | 145 | 350 | 11,954 | ||||||||||||||||||
Doubtful | 217 | - | - | - | - | - | 7 | 224 | ||||||||||||||||||
Loss | - | - | - | - | - | - | - | - | ||||||||||||||||||
Total | $ | 183,670 | $ | 154,028 | $ | 21,311 | $ | 16,601 | $ | 11,325 | $ | 28,550 | $ | 25,917 | $ | 441,402 | ||||||||||
September 30, 2013: | ||||||||||||||||||||||||||
Pass | $ | 173,350 | $ | 109,311 | $ | 26,778 | $ | 14,863 | $ | 11,283 | $ | 30,920 | $ | 26,272 | $ | 392,777 | ||||||||||
Special Mention | 4,519 | 2,104 | - | - | 146 | 373 | 114 | 7,256 | ||||||||||||||||||
Substandard | 7,190 | 6,033 | - | - | - | 210 | 568 | 14,001 | ||||||||||||||||||
Doubtful | 346 | 481 | - | - | - | 205 | 55 | 1,087 | ||||||||||||||||||
Loss | - | - | - | - | - | - | - | - | ||||||||||||||||||
Total | $ | 185,405 | $ | 117,929 | $ | 26,778 | $ | 14,863 | $ | 11,429 | $ | 31,708 | $ | 27,009 | $ | 415,121 | ||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||||
The following table summarizes the Company’s TDRs by accrual status at September 30, 2014 and 2013. There was no specific reserve included in the allowance for loan losses related to TDRs at September 30, 2014 and 2013. | ||||||||||||||||||||||||||
Accruing | Nonaccrual | Total | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
September 30, 2014: | ||||||||||||||||||||||||||
Residential real estate | $ | 2,710 | $ | 214 | $ | 2,924 | ||||||||||||||||||||
Commercial real estate | 4,671 | 696 | 5,367 | |||||||||||||||||||||||
Commercial business | 22 | - | 22 | |||||||||||||||||||||||
Consumer | 134 | - | 134 | |||||||||||||||||||||||
Total | $ | 7,537 | $ | 910 | $ | 8,447 | ||||||||||||||||||||
September 30, 2013: | ||||||||||||||||||||||||||
Residential real estate | $ | 2,187 | $ | 777 | $ | 2,964 | ||||||||||||||||||||
Commercial real estate | 1,274 | 4,029 | 5,303 | |||||||||||||||||||||||
Multifamily | 2,306 | - | 2,306 | |||||||||||||||||||||||
Commercial business | 17 | 13 | 30 | |||||||||||||||||||||||
Consumer | 146 | - | 146 | |||||||||||||||||||||||
Total | $ | 5,930 | $ | 4,819 | $ | 10,749 | ||||||||||||||||||||
The following table summarizes information in regard to TDRs that were restructured during the years ended September 30, 2014 and 2013. | ||||||||||||||||||||||||||
Pre- | Post- | |||||||||||||||||||||||||
Modification | Modification | |||||||||||||||||||||||||
Number of | Principal | Principal | ||||||||||||||||||||||||
Loans | Balance | Balance | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
September 30, 2014: | ||||||||||||||||||||||||||
Residential real estate | 6 | $ | 326 | $ | 397 | |||||||||||||||||||||
Commercial real estate | 1 | 716 | 724 | |||||||||||||||||||||||
Total | 7 | $ | 1,042 | $ | 1,121 | |||||||||||||||||||||
September 30, 2013: | ||||||||||||||||||||||||||
Residential real estate | 2 | $ | 143 | $ | 143 | |||||||||||||||||||||
Commercial real estate | 1 | 4,061 | 4,066 | |||||||||||||||||||||||
Commercial business | 1 | 18 | 20 | |||||||||||||||||||||||
Consumer | 1 | 5 | 5 | |||||||||||||||||||||||
Total | 5 | $ | 4,227 | $ | 4,234 | |||||||||||||||||||||
The Company has not committed to lend any additional amounts as of September 30, 2014 and 2013 to customers with outstanding loans that are classified as TDRs. | ||||||||||||||||||||||||||
For the TDRs listed above, the terms of modification included temporary interest-only payment periods, reduction of the stated interest rate, reduction of principal balance, extension of the maturity date, and the renewal of matured loans where the debtor was unable to access funds elsewhere at a market interest rate for debt with similar risk characteristics. | ||||||||||||||||||||||||||
There were no principal charge-offs recorded as a result of TDRs during the years ended September 30, 2014 and 2013. There was no specific allowance for loan losses related to TDRs modified during the years ended September 30, 2014 and 2013. In the event that a TDR subsequently defaults, the Company evaluates the restructuring for possible impairment. As a result, the related allowance for loan losses may be increased or charge-offs may be taken to reduce the carrying amount of the loan. | ||||||||||||||||||||||||||
During the year ended September 30, 2014, the Company had two TDRs totaling $476,000 that were modified within the previous twelve months for which there was a payment default (defined as more than 90 days past due or in the process of foreclosure). The total consisted of two residential real estate loans with a balance of $476,000 at the date of default. As of September 30, 2014, one of the defaulted TDRs totaling $200,000 was accruing and performing in agreement with the modified terms after curing the default. The other defaulted TDR resulted in foreclosure of the property and its transfer to other real estate owned during the year ended September 30, 2014. The Company did not recognize a net charge-off to allowance for loan losses as a result of this foreclosure. | ||||||||||||||||||||||||||
During the year ended September 30, 2013, the Company had four TDRs totaling $220,000 that were modified within the previous twelve months for which there was a payment default (defined as more than 90 days past due or in the process of foreclosure). The total consisted of two residential real estate loans with a balance of $204,000, one commercial business loan with a balance of $14,000 and one consumer loan with a balance of $2,000 at the date of default. As of September 30, 2013, two of the defaulted TDRs totaling $143,000 were on nonaccrual status and one defaulted TDR with a balance of $75,000 was accruing and performing in agreement with the modified terms after curing the default. The Company recognized a net charge-off of $2,000 on the remaining defaulted TDR during the year ended September 30, 2013. | ||||||||||||||||||||||||||
REAL_ESTATE_DEVELOPMENT_AND_CO
REAL ESTATE DEVELOPMENT AND CONSTRUCTION | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Real Estate [Abstract] | ||||||||
REAL ESTATE DEVELOPMENT AND CONSTRUCTION | -5 | REAL ESTATE DEVELOPMENT AND CONSTRUCTION | ||||||
The Company is developing a parcel of land in New Albany, Indiana for retail purposes through the Bank’s subsidiary, FFCC. The total cost of the development is expected to be approximately $7.7 million, including the $7.5 million paid as of September 30, 2014. The development costs were partially funded by a loan from another financial institution (see Note 13). The development is substantially completed, with only certain tenant improvements in a multi-tenant retail building to be completed for future lessees, and nine tenants have commenced occupancy as of September 30, 2014. The development plans provide for up to thirteen tenants when fully occupied. | ||||||||
Development and construction period interest of $79,000 was capitalized as part of the real estate carrying value during the year ended September 30, 2013. There was no development and construction period interest capitalized as part of the real estate carrying value during the year ended September 30, 2014. | ||||||||
Real estate development and construction consisted of the following at September 30, 2014 and 2013: | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Land and land improvements | $ | 4,159 | $ | 4,159 | ||||
Office buildings | 3,248 | 3,032 | ||||||
Furniture, fixtures and equipment | 74 | 74 | ||||||
7,481 | 7,265 | |||||||
Less accumulated depreciation | 279 | 87 | ||||||
Totals | $ | 7,202 | $ | 7,178 | ||||
Depreciation expense of $192,000 and $87,000 was recognized for real estate development and construction for the years ended September 30, 2014 and 2013, respectively. | ||||||||
The Bank and FFCC lease commercial retail space to tenants under noncancelable operating leases with terms of five to twenty years. The following is a schedule by years of future minimum lease payments under the leases as of September 30, 2014: | ||||||||
Years ending September 30: | (In thousands) | |||||||
2015 | $ | 632 | ||||||
2016 | 632 | |||||||
2017 | 632 | |||||||
2018 | 644 | |||||||
2019 | 628 | |||||||
2020 and thereafter | 3,632 | |||||||
Total | $ | 6,800 | ||||||
PREMISES_AND_EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
PREMISES AND EQUIPMENT | -6 | PREMISES AND EQUIPMENT | ||||||
Premises and equipment consisted of the following: | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Land and land improvements | $ | 5,218 | $ | 5,242 | ||||
Office buildings | 10,376 | 10,400 | ||||||
Furniture, fixtures and equipment | 4,467 | 4,264 | ||||||
20,061 | 19,906 | |||||||
Less accumulated depreciation | 5,786 | 5,064 | ||||||
Totals | $ | 14,275 | $ | 14,842 | ||||
Depreciation expense of $909,000 and $810,000 was recognized for premises and equipment for the years ended September 30, 2014 and 2013, respectively. | ||||||||
OTHER_REAL_ESTATE_OWNED
OTHER REAL ESTATE OWNED | 12 Months Ended | ||
Sep. 30, 2014 | |||
Other Real Estate [Abstract] | |||
OTHER REAL ESTATE OWNED | -7 | OTHER REAL ESTATE OWNED | |
At September 30, 2014 and 2013, the Bank had other real estate owned held for sale of $953,000 and $799,000, respectively, including $130,000 and $250,000 in former banking facilities held for sale, respectively. During the years ended September 30, 2014 and 2013, foreclosure losses in the amount of $321,000 and $191,000, respectively, were charged-off to the allowance for loan losses. The losses on subsequent write downs of other real estate owned amounted to $210,000 and $165,000 for the years ended September 30, 2014 and 2013, respectively, and were aggregated with realized gains and losses from the sale of other real estate owned, and real estate taxes and other expenses of holding other real estate owned. Net realized gains from the sale of other real estate owned amounted to $115,000 and $125,000 for the years ended September 30, 2014 and 2013, respectively. Real estate taxes, other expenses of holding other real estate owned and net of income received from the operation of other real estate owned held for sale amounted to $135,000 and $140,000 for the years ended September 30, 2014 and 2013, respectively. The net loss is reported in noninterest expense. Realized gains from the sale of other real estate owned totaling $82,000 and $93,000 for the years ended September 30, 2014 and 2013, respectively, were deferred because the sales were financed by the Bank and did not qualify for recognition under generally accepted accounting principles. At September 30, 2014 and 2013, aggregate deferred gains on the sale of other real estate owned financed by the Bank amounted to $237,000 and $214,000, respectively. | |||
GOODWILL_AND_OTHER_INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
GOODWILL AND OTHER INTANGIBLES | -8 | GOODWILL AND OTHER INTANGIBLES | ||||||
Goodwill and the core deposit intangibles acquired in the acquisitions of Community First Bank (“Community First”) on September 30, 2009 and the First Federal Savings Bank of Elizabethtown, Inc. (“First Federal”) branches on July 6, 2012 are evaluated for impairment at least annually or more frequently upon the occurrence of an event or when circumstances indicate that the carrying amount is greater than its fair value. No impairment of goodwill or the core deposit intangibles was recognized during 2014 or 2013. | ||||||||
The changes in the carrying amount of goodwill for the years ended September 30, 2014 and 2013 are summarized as follows: | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Beginning balance | $ | 7,936 | $ | 7,936 | ||||
Changes in goodwill | - | - | ||||||
Ending balance | $ | 7,936 | $ | 7,936 | ||||
The following is a summary of other intangible assets subject to amortization: | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Core deposit intangible acquired in Community First acquisition | $ | 2,741 | $ | 2,741 | ||||
Core deposit intangible acquired in First Federal branch acquisition | 566 | 566 | ||||||
Less accumulated amortization | -1,582 | -1,238 | ||||||
Ending balance | $ | 1,725 | $ | 2,069 | ||||
Amortization expense of intangibles amounted to $344,000 and $344,000 for the years ended September 30, 2014 and 2013, respectively. Estimated amortization expense for the core deposit intangibles for each of the ensuing five years and in the aggregate is as follows: | ||||||||
Years ending September 30: | (In thousands) | |||||||
2015 | $ | 344 | ||||||
2016 | 344 | |||||||
2017 | 344 | |||||||
2018 | 344 | |||||||
2019 | 148 | |||||||
2020 and thereafter | 201 | |||||||
Total | $ | 1,725 | ||||||
DEPOSITS
DEPOSITS | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Debt Disclosure [Abstract] | |||||
DEPOSITS | -9 | DEPOSITS | |||
The aggregate amount of time deposit accounts (certificates of deposit) with balances of $100,000 or more was $45.0 million and $52.9 million at September 30, 2014 and 2013, respectively. | |||||
At September 30, 2014, scheduled maturities of certificates of deposit were as follows: | |||||
Years ending September 30: | (In thousands) | ||||
2015 | $ | 116,192 | |||
2016 | 26,869 | ||||
2017 | 31,609 | ||||
2018 | 7,313 | ||||
2019 and thereafter | 25,532 | ||||
Total | $ | 207,515 | |||
The Bank held deposits for related parties of $4.8 million and $5.3 million at September 30, 2014 and 2013, respectively. | |||||
FEDERAL_FUNDS_PURCHASED
FEDERAL FUNDS PURCHASED | 12 Months Ended | ||
Sep. 30, 2014 | |||
Federal Funds Purchased and Securities Sold Under Agreements To Repurchase [Abstract] | |||
FEDERAL FUNDS PURCHASED | -10 | FEDERAL FUNDS PURCHASED | |
The Bank has entered into a federal funds purchased line of credit facility with another financial institution that established a line of credit not to exceed the lesser of $10 million or 25% of the Bank’s equity capital excluding reserves. Availability under the line of credit is subject to continued borrower eligibility and expires on June 30, 2015 unless it is extended. The line of credit is intended to support short-term liquidity needs, and the agreement states that the Bank may borrow under the facility for up to seven consecutive days without pledging collateral to secure the borrowing. At September 30, 2014 and 2013, the Bank had no outstanding federal funds purchased under the facility. | |||
REPURCHASE_AGREEMENTS
REPURCHASE AGREEMENTS | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Repurchase Agreements [Abstract] | ||||||||||||||
REPURCHASE AGREEMENTS | -11 | REPURCHASE AGREEMENTS | ||||||||||||
Repurchase agreements include retail repurchase agreements representing overnight borrowings from deposit customers. | ||||||||||||||
Repurchase agreements at September 30, 2014 and 2013 are summarized as follows: | ||||||||||||||
2014 | 2013 | |||||||||||||
Weighted | Weighted | |||||||||||||
Average | Average | |||||||||||||
(Dollars in thousands) | Rate | Amount | Rate | Amount | ||||||||||
Retail repurchase agreements | 0.25 | % | $ | 1,338 | 0.25 | % | $ | 1,335 | ||||||
The debt securities underlying the retail repurchase agreements were under the control of the Bank at September 30, 2014 and 2013. | ||||||||||||||
Information concerning borrowings under retail repurchase agreements as of and for the years ended September 30, 2014 and 2013 is summarized as follows: | ||||||||||||||
(Dollars in thousands) | 2014 | 2013 | ||||||||||||
Weighted average interest rate during the year | 0.25 | % | 0.45 | % | ||||||||||
Average balance during the year | $ | 1,336 | $ | 1,332 | ||||||||||
Maximum month-end balance during the year | 1,338 | 1,335 | ||||||||||||
Available for sale debt securities underlying the agreements at September 30: | ||||||||||||||
Amortized cost | $ | 1,719 | $ | 1,889 | ||||||||||
Fair value | 1,758 | 1,913 | ||||||||||||
BORROWINGS_FROM_FEDERAL_HOME_L
BORROWINGS FROM FEDERAL HOME LOAN BANK | 12 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Borrowings Federal Home Loan Bank [Abstract] | |||||||||||||||
BORROWINGS FROM FEDERAL HOME LOAN BANK | -12 | BORROWINGS FROM FEDERAL HOME LOAN BANK | |||||||||||||
At September 30, 2014 and 2013 borrowings from the FHLB were as follows: | |||||||||||||||
2014 | 2013 | ||||||||||||||
Weighted | Weighted | ||||||||||||||
Average | Average | ||||||||||||||
(Dollars in thousands) | Rate | Amount | Rate | Amount | |||||||||||
Advances maturing in: | |||||||||||||||
2014 | - | % | $ | - | 0.34 | % | $ | 35,000 | |||||||
2015 | 1.38 | % | 45,000 | 2.66 | % | 20,000 | |||||||||
2017 | 1.1 | % | 15,000 | 1.1 | % | 15,000 | |||||||||
2018 | 1.04 | % | 10,000 | 1.04 | % | 10,000 | |||||||||
Total advances | 70,000 | 80,000 | |||||||||||||
Line of credit balance | 0.43 | % | 9,548 | 0.45 | % | 9,348 | |||||||||
Total borrowings from | |||||||||||||||
Federal Home Loan Bank | $ | 79,548 | $ | 89,348 | |||||||||||
The Bank entered into an Advances, Pledge and Security Agreement with the Federal Home Loan Bank of Indianapolis (“FHLBI”), allowing the Bank to initiate advances from the FHLBI. The advances are secured under a blanket collateral agreement. At September 30, 2014, the eligible blanket collateral included residential mortgage loans with a carrying value of $181.4 million. | |||||||||||||||
On August 12, 2014, the Bank entered into an Overdraft Line of Credit Agreement with the FHLBI which established a line of credit not to exceed $25.0 million secured under the blanket collateral agreement. This agreement expires on August 12, 2015. At September 30, 2014, $9.5 million was outstanding under this agreement. | |||||||||||||||
On June 19, 2014, the Bank entered into a Letter of Credit Agreement with the FHLBI which established a letter of credit not to exceed $3.3 million secured under the blanket collateral agreement. This agreement expires on July 1, 2015. At September 30, 2014, there was no outstanding balance under this agreement. | |||||||||||||||
OTHER_LONGTERM_DEBT
OTHER LONG-TERM DEBT | 12 Months Ended | ||
Sep. 30, 2014 | |||
Other Long-Term Debt [Abstract] | |||
OTHER LONG-TERM DEBT | -13 | OTHER LONG-TERM DEBT | |
On July 27, 2012, FFCC entered into a loan agreement with another financial institution to finance the retail development and construction project discussed in Note 5. The loan had a maximum commitment of $5.0 million and is for a ten-year term with a fixed interest rate of 4.0% for the first six years of the loan term, then adjusting annually thereafter to the one-year LIBOR rate plus 250 basis points. The loan provided for 12 interest only monthly payments through July 27, 2013, followed by 107 monthly payments sufficient to fully amortize the loan over a 20 year period and a balloon payment of all outstanding principal and interest at maturity on July 27, 2022. The loan is secured by a mortgage and assignment of leases and rents on the retail development property, which had a carrying amount of $7.2 million at September 30, 2014. The outstanding principal balance of the loan was $4.8 million and $5.0 million at September 30, 2014 and 2013, respectively. | |||
Interest expense of $203,000 and $72,000 was recognized on other long-term debt for the years ending September 30, 2014 and 2013, respectively. | |||
Future maturities of other long-term debt, based on the amount outstanding under the loan agreement at September 30, 2014, are as follows for the years ending September 30, 2015, 2016, 2017, 2018, 2019 and later years: $173,000, $181,000, $189,000, $196,000, $204,000 and $3.9 million, respectively. | |||
DEFERRED_COMPENSATION_PLANS
DEFERRED COMPENSATION PLANS | 12 Months Ended | ||
Sep. 30, 2014 | |||
Deferred Compensation Arrangements [Abstract] | |||
DEFERRED COMPENSATION PLANS | -14 | DEFERRED COMPENSATION PLANS | |
The Bank has deferred compensation agreements with former officers who are receiving benefits under these agreements. The agreements provide for the payment of specific benefits following retirement. Deferred compensation expense was $16,000 and $18,000 for the years ended September 30, 2014 and 2013, respectively. | |||
The Company has a directors’ deferred compensation plan whereby a director, at his or her election on an annual basis, may defer all or a portion of the director fees into an account with the Company. The Company accrues interest on the deferred obligation at an annual rate equal to the prime rate for the immediately preceding calendar quarter plus 2%, but in no event at a rate in excess of 8%. The deferral period extends until separation from service by the director. The benefits under the plan are payable in a lump sum or in monthly installments over a period of up to ten years following the separation from service; however, the agreements provide for payment of benefits in the event of disability, early retirement, termination of service or death. Deferred compensation expense for this plan was $178,000 and $161,000 for the years ended September 30, 2014 and 2013, respectively. | |||
BENEFIT_PLANS
BENEFIT PLANS | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||
BENEFIT PLANS | -15 | BENEFIT PLANS | ||||||
Defined Contribution Plan: | ||||||||
The Bank has a qualified contributory defined contribution plan available to all eligible employees. The plan allows participating employees to make tax-deferred contributions under Internal Revenue Code Section 401(k). Company contributions to the plan amounted to $368,000 and $336,000 for the years ended September 30, 2014 and 2013, respectively. | ||||||||
Employee Stock Ownership Plan: | ||||||||
On October 6, 2008, the Company established a leveraged employee stock ownership plan (“ESOP”) covering substantially all employees. The ESOP trust acquired 203,363 shares of Company common stock at a cost of $10.00 per share financed by a term loan with the Company. The employer loan and the related interest income are not recognized in the consolidated financial statements as the debt is serviced from Company contributions. Dividends payable on allocated shares are charged to retained earnings and are satisfied by the allocation of cash dividends to participant accounts or by utilizing the dividends as additional debt service on the ESOP loan. Dividends payable on unallocated shares are not considered dividends for financial reporting purposes. Shares held by the ESOP trust are allocated to participant accounts based on the ratio of the current year principal and interest payments to the total of the current year and future years’ principal and interest to be paid on the employer loan. Compensation expense is recognized based on the average fair value of shares released for allocation to participant accounts during the year with a corresponding credit to stockholders’ equity. Compensation expense recognized for the years ended September 30, 2014 and 2013 amounted to $715,000 and $652,000, respectively. Company common stock held by the ESOP trust at September 30, 2014 and 2013 was as follows: | ||||||||
2014 | 2013 | |||||||
Allocated shares | 132,339 | 103,116 | ||||||
Unearned shares | 53,706 | 86,495 | ||||||
Total ESOP shares | 186,045 | 189,611 | ||||||
Fair value of unearned shares | $ | 1,341,000 | $ | 1,946,000 | ||||
STOCK_BASED_COMPENSATION_PLANS
STOCK BASED COMPENSATION PLANS | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ||||||||||||||
STOCK BASED COMPENSATION PLANS | -16 | STOCK BASED COMPENSATION PLANS | ||||||||||||
In December 2009, the Company adopted the 2010 Equity Incentive Plan (“Plan”), which the Company’s shareholders approved in February 2010. The Plan provides for the award of stock options, restricted shares and performance shares. The aggregate number of shares of the Company’s common stock available for issuance under the Plan may not exceed 355,885 shares. The Company may grant both non-statutory and statutory (i.e., incentive) stock options that may not have a term exceeding ten years. An award of a performance share is a grant of a right to receive shares of the Company’s common stock contingent upon the achievement of specific performance criteria or other objectives set at the grant date. Awards granted under the Plan may be granted either alone, in addition to, or in tandem with any other award granted under the Plan. The terms of the Plan include a provision whereby all unearned options and shares become immediately exercisable and fully vested upon a change in control. | ||||||||||||||
In April 2010, the Company funded a trust, administered by an independent trustee, which acquired 101,681 common shares in the open market at a price per share of $13.60 for a total cost of $1.4 million. These acquired common shares were granted to directors, officers and key employees in the form of restricted stock in May 2010 at a price per share of $13.25 for a total of $1.3 million. The difference between the purchase price and grant price of the common shares issued as restricted stock, totaling $41,000, was recognized by the Company as a reduction of additional paid in capital. The vesting period of the restricted stock is five years beginning one year after the date of grant of the awards. Compensation expense is measured based on the fair market value of the restricted stock at the grant date and is recognized ratably over the period during which the shares are earned (the vesting period). Compensation expense related to restricted stock recognized for both years ended September 30, 2014 and 2013 amounted to $260,000. A summary of the Company’s nonvested restricted shares for the year ended September 30, 2014 is as follows: | ||||||||||||||
Weighted | ||||||||||||||
Number | Average | |||||||||||||
of | Grant-Date | |||||||||||||
Shares | Fair Value | |||||||||||||
Nonvested at beginning of year | 39,230 | $ | 13.25 | |||||||||||
Granted | - | - | ||||||||||||
Vested | -19,620 | 13.25 | ||||||||||||
Forfeited | - | - | ||||||||||||
Nonvested at end of year | 19,610 | $ | 13.25 | |||||||||||
There were no restricted shares granted during the years ended September 30, 2014 and 2013. The total fair value of restricted shares that vested during the years ended September 30, 2014 and 2013 was $479,000 and $441,000, respectively. At September 30, 2014, there was $162,000 of total unrecognized compensation expense related to nonvested restricted shares. The compensation expense is expected to be recognized over the remaining vesting period of 0.63 years. | ||||||||||||||
In May 2010, the Company awarded 177,549 incentive and 76,655 non-statutory stock options to directors, officers and key employees. The options granted vest ratably over five years and are exercisable in whole or in part for a period up to ten years from the date of the grant. Compensation expense is measured based on the fair market value of the options at the grant date and is recognized ratably over the period during which the shares are earned (the vesting period). The fair market value of stock options granted was estimated at the date of grant using the Binomial option pricing model. Expected volatilities are based on historical volatility of the Company’s stock and that of peer institutions located in its geographic market area. The expected term of options granted represents the period of time that options are expected to be outstanding. The risk free rate for the expected life of the options is based on the U.S. Treasury yield curve in effect at the grant date. | ||||||||||||||
The fair value of options granted was determined using the following assumptions: | ||||||||||||||
Expected dividend yield | 4.53 | % | ||||||||||||
Risk-free interest rate | 2.82 | % | ||||||||||||
Expected volatility | 30 | % | ||||||||||||
Expected life of options | 7.0 years | |||||||||||||
Weighted average fair value at grant date | $ | 3.09 | ||||||||||||
A summary of stock option activity under the plan as of September 30, 2014, and changes during the year then ended is presented below. | ||||||||||||||
Weighted | ||||||||||||||
Weighted | Average | |||||||||||||
Number | Average | Remaining | Aggregate | |||||||||||
of | Exercise | Contractual | Intrinsic | |||||||||||
Shares | Price | Term | Value | |||||||||||
Outstanding at beginning of year | 245,232 | $ | 13.25 | 6.6 | $ | 2,268,000 | ||||||||
Granted | - | - | ||||||||||||
Exercised | -11,000 | $ | 13.25 | $ | 127,000 | |||||||||
Forfeited or expired | - | - | ||||||||||||
Outstanding at end of year | 234,232 | $ | 13.25 | 5.6 | $ | 2,743,000 | ||||||||
Exercisable at end of year | 185,185 | $ | 13.25 | 5.6 | $ | 2,169,000 | ||||||||
There were no stock options granted during the years ended September 30, 2014 and 2013. The Company recognized compensation expense related to stock options of $152,000 for both years ended September 30, 2014 and 2013. At September 30, 2014, there was $95,000 of unrecognized compensation expense related to nonvested stock options, which will be recognized over the remaining vesting period of 0.63 years. | ||||||||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
INCOME TAXES | (17) INCOME TAXES | |||||||
The Company and its subsidiaries file consolidated income tax returns. The components of consolidated income tax expense were as follows for the years ended September 30, 2014 and 2013: | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Current | $ | 1,843 | $ | 1,228 | ||||
Tax benefit allocated to additional paid-in capital related to equity incentive plan | 84 | 70 | ||||||
Deferred | 150 | 513 | ||||||
Income tax expense | $ | 2,077 | $ | 1,811 | ||||
The reconciliation of income tax expense with the amount which would have been provided at the federal statutory rate of 34 percent follows for the years ended September 30, 2014 and 2013: | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Provision at federal statutory rate | $ | 2,539 | $ | 2,212 | ||||
State income tax-net of federal tax benefit | 161 | 159 | ||||||
Tax-exempt interest income | -653 | -608 | ||||||
Increase in cash value of life insurance | -169 | -130 | ||||||
Other | 199 | 178 | ||||||
Income tax expense | $ | 2,077 | $ | 1,811 | ||||
Significant components of the Company’s deferred tax assets and liabilities as of September 30, 2014 and 2013 are as follows: | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Deferred tax assets: | ||||||||
Allowance for loan losses | $ | 2,475 | $ | 2,212 | ||||
Acquisition purchase accounting adjustments | - | 9 | ||||||
Deferred compensation plans | 374 | 315 | ||||||
Equity incentive plans | 108 | 92 | ||||||
Other-than-temporary impairment loss on available for sale securities | 17 | 16 | ||||||
Valuation allowance on other real estate owned and repossessed assets | 74 | 48 | ||||||
Deferred interest income on nonaccrual loans | 68 | 78 | ||||||
Other | - | 239 | ||||||
Deferred tax assets | 3,116 | 3,009 | ||||||
Deferred tax liabilities: | ||||||||
Unrealized gain on securities available for sale | -2,169 | -882 | ||||||
Accumulated depreciation | -1,417 | -1,399 | ||||||
Acquisition purchase accounting adjustments | -219 | - | ||||||
Deferred loan fees and costs, net | -4 | -63 | ||||||
FHLB stock dividends | -133 | -133 | ||||||
Section 481 adjustment for bad debt recapture | - | -62 | ||||||
Unrealized gain on trading account securities | -14 | -17 | ||||||
Other | -144 | - | ||||||
Deferred tax liabilities | -4,100 | -2,556 | ||||||
Net deferred tax asset (liability) | $ | -984 | $ | 453 | ||||
At September 30, 2014 and 2013, the Company had no liability for unrecognized income tax benefits and does not anticipate any increase in the liability for unrecognized tax benefits during the next twelve months. The Company believes that its income tax positions would be sustained upon examination and does not anticipate any adjustments that would result in a material change to its financial position or results of operations. The Company files U.S. federal and Indiana state income tax returns. Returns filed in these jurisdictions for tax years ended on or after September 30, 2011 are subject to examination by the relevant taxing authorities. | ||||||||
Prior to October 1, 1996, the Bank was permitted by the Internal Revenue Code to deduct from taxable income an annual addition to a statutory bad debt reserve subject to certain limitations. Retained earnings at September 30, 2014 and 2015 include $4.6 million of cumulative deductions for which no deferred federal income tax liability has been recorded. Reduction of these reserves for purposes other than tax bad debt losses or adjustments arising from carryback of net operating losses would create income for tax purposes subject to the then current corporate income tax rate. The unrecorded deferred liability on these amounts was $1.5 million at September 30, 2014 and 2013. | ||||||||
Federal legislation enacted in 1996 repealed the use of the qualified thrift reserve method of accounting for bad debts for tax years beginning after December 31, 1995. As a result, the Bank discontinued the calculation of the annual addition to the statutory bad debt reserve using the percentage-of-taxable-income method and adopted the experience reserve method for banks for tax years through September 30, 2010. Under this method, the Bank computed its federal tax bad debt deduction based on actual loss experience over a period of years. Beginning with its tax year ended September 30, 2011, the Bank is required to use the specific charge-off method to compute its federal tax bad debt deduction. The 1996 legislation also provided that the Bank will not be required to recapture its pre-1988 statutory bad debt reserves if it ceases to meet the qualifying thrift definitional tests and if the Bank continues to qualify as a “bank” under existing provisions of the Internal Revenue Code. | ||||||||
COMMITMENTS_AND_CONTINGENT_LIA
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
COMMITMENTS AND CONTINGENT LIABILITIES | -18 | COMMITMENTS AND CONTINGENT LIABILITIES | ||||||
In the normal course of business, there are outstanding various commitments and contingent liabilities, such as commitments to extend credit and legal claims, which are not reflected in the accompanying consolidated financial statements. | ||||||||
Commitments under outstanding standby letters of credit totaled $4.4 million at September 30, 2014. | ||||||||
The following is a summary of the commitments to extend credit at September 30, 2014 and 2013: | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Loan commitments: | ||||||||
Fixed rate | $ | 11,640 | $ | 13,353 | ||||
Adjustable rate | 5,146 | 3,978 | ||||||
Guarantees of third-party revolving credit | 89 | - | ||||||
Undisbursed portion of home equity lines of credit | 20,072 | 19,043 | ||||||
Undisbursed portion of commercial and personal lines of credit | 24,149 | 23,722 | ||||||
Undisbursed portion of construction loans in process | 6,271 | 4,388 | ||||||
Total commitments to extend credit | $ | 67,367 | $ | 64,484 | ||||
FINANCIAL_INSTRUMENTS_WITH_OFF
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK | 12 Months Ended | ||
Sep. 30, 2014 | |||
Financial Instruments Off Balance Sheet Risks Abstract [Abstract] | |||
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK | -19 | FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK | |
The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the balance sheet. | |||
The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and standby letters of credit is represented by the contractual notional amount of those instruments (see Note 18). The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. | |||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount and type of collateral obtained, if deemed necessary by the Bank upon extension of credit, varies and is based on management’s credit evaluation of the counterparty. | |||
Standby letters of credit are conditional lending commitments issued by the Bank to guarantee the performance of a customer to a third party. Standby letters of credit generally have fixed expiration dates or other termination clauses and may require payment of a fee. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank’s policy for obtaining collateral, and the nature of such collateral, is essentially the same as that involved in making commitments to extend credit. | |||
The Bank has not been obligated to perform on any financial guarantees and has incurred no losses on its commitments in 2014 or 2013. | |||
DISCLOSURES_ABOUT_FAIR_VALUE_O
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS | -20 | DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||
The following table summarizes the carrying value and estimated fair value of financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2014 and 2013. | ||||||||||||||
Carrying | Fair Value Measurements Using: | |||||||||||||
Amount | Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | ||||||||||||||
September 30, 2014: | ||||||||||||||
Financial assets: | ||||||||||||||
Cash and due from banks | $ | 8,853 | $ | 8,853 | $ | - | $ | - | ||||||
Interest-bearing deposits with banks | 11,477 | 11,477 | - | - | ||||||||||
Interest-bearing time deposits | 1,500 | - | 1,496 | - | ||||||||||
Trading account securities | 5,319 | - | 5,319 | - | ||||||||||
Securities available for sale | 184,697 | - | 184,697 | - | ||||||||||
Securities held to maturity | 5,419 | - | 5,849 | - | ||||||||||
Loans, net | 433,876 | - | - | 434,023 | ||||||||||
Loans held for sale | 281 | - | 281 | - | ||||||||||
FHLB stock | 6,517 | - | 6,517 | - | ||||||||||
Accrued interest receivable | 2,511 | - | 2,511 | - | ||||||||||
Interest rate cap (included in other assets) | 1 | - | 1 | - | ||||||||||
Financial liabilities: | ||||||||||||||
Deposits | 533,194 | - | - | 535,364 | ||||||||||
Short-term repurchase agreements | 1,338 | - | 1,338 | - | ||||||||||
Borrowings from FHLB | 79,548 | - | 79,455 | - | ||||||||||
Other long-term debt | 4,812 | - | 4,812 | - | ||||||||||
Accrued interest payable | 175 | - | 175 | - | ||||||||||
Advance payments by borrowers for taxes and insurance | 748 | - | 748 | - | ||||||||||
September 30, 2013: | ||||||||||||||
Financial assets: | ||||||||||||||
Cash and due from banks | $ | 9,607 | $ | 9,607 | $ | - | $ | - | ||||||
Interest-bearing deposits with banks | 11,208 | 11,208 | - | - | ||||||||||
Interest-bearing time deposits | 1,500 | - | 1,475 | - | ||||||||||
Trading account securities | 3,210 | - | 3,210 | - | ||||||||||
Securities available for sale | 164,167 | 93 | 164,074 | - | ||||||||||
Securities held to maturity | 6,417 | - | 6,514 | - | ||||||||||
Loans, net | 408,375 | - | - | 413,629 | ||||||||||
Loans held for sale | 399 | - | 399 | - | ||||||||||
FHLB stock | 5,500 | - | 5,500 | - | ||||||||||
Accrued interest receivable | 2,391 | - | 2,391 | - | ||||||||||
Interest rate cap (included in other assets) | 11 | - | 11 | - | ||||||||||
Financial liabilities: | ||||||||||||||
Deposits | 477,726 | - | - | 477,094 | ||||||||||
Short-term repurchase agreements | 1,335 | - | 1,335 | - | ||||||||||
Borrowings from FHLB | 89,348 | - | 87,932 | - | ||||||||||
Other long-term debt | 4,973 | - | 4,973 | - | ||||||||||
Accrued interest payable | 184 | - | 184 | - | ||||||||||
Advance payments by borrowers for taxes and insurance | 707 | - | 707 | - | ||||||||||
The carrying amounts in the preceding table are included in the consolidated balances sheets under the applicable captions. The contract or notional amounts of the Bank’s financial instruments with off-balance-sheet risk are disclosed in Note 18, and the fair value of these instruments is considered immaterial. | ||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate: | ||||||||||||||
Cash and Cash Equivalents and Interest-Bearing Time Deposits | ||||||||||||||
For cash and short-term instruments, including cash and due from banks, interest-bearing deposits with banks, money market funds, and interest-bearing time deposits with other financial institutions, the carrying amount is a reasonable estimate of fair value. | ||||||||||||||
Debt and Equity Securities | ||||||||||||||
For marketable equity securities, the fair values are based on quoted market prices. For debt securities, the Company obtains fair value measurements from an independent pricing service and the fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, U.S. government and agency yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the security’s terms and conditions, among other factors. For FHLB stock, a restricted equity security, the carrying amount is a reasonable estimate of fair value because it is not marketable. | ||||||||||||||
Loans | ||||||||||||||
The fair value of loans, excluding loans held for sale, is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and terms. Impaired loans are valued at the lower of their carrying value or fair value. The carrying amount of accrued interest receivable approximates its fair value. | ||||||||||||||
The fair value of loans held for sale is estimated based on specific prices of underlying contracts for sales to investors. | ||||||||||||||
Deposits | ||||||||||||||
The fair value of demand and savings deposits and other transaction accounts is the amount payable on demand at the balance sheet date. The fair value of fixed-maturity time deposits is estimated by discounting the future cash flows using the rates currently offered for deposits with similar remaining maturities. The carrying amount of accrued interest payable approximates its fair value. | ||||||||||||||
Borrowed Funds | ||||||||||||||
Borrowed funds include borrowings from the FHLB, repurchase agreements and other long-term debt. Fair value for FHLB advances and long-term repurchase agreements is estimated by discounting the future cash flows at current interest rates for FHLB advances of similar maturities. For short-term repurchase agreements, FHLB line of credit borrowings and other debt, the carrying value is a reasonable estimate of fair value. | ||||||||||||||
Derivative Financial Instruments | ||||||||||||||
For derivative financial instruments, the fair values generally represent an estimate of the amount the Company would receive or pay upon termination of the agreement at the reporting date, taking into account the current interest rates, and exclusive of any accrued interest. | ||||||||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
FAIR VALUE MEASUREMENTS | -21 | FAIR VALUE MEASUREMENTS | ||||||||||||
FASB ASC Topic 820, Fair Value Measurements, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC Topic 820 are described as follows: | ||||||||||||||
Level 1: | Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted market price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. | |||||||||||||
Level 2: | Inputs to the valuation methodology include quoted market prices for similar assets or liabilities in active markets; quoted market prices for identical or similar assets or liabilities in markets that are not active; or inputs that are derived principally from or can be corroborated by observable market data by correlation or other means. | |||||||||||||
Level 3: | Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | |||||||||||||
A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s financial assets carried at fair value or the lower of cost or fair value. | ||||||||||||||
The table below presents the balances of financial assets measured at fair value on a recurring and nonrecurring basis as of September 30, 2014. The Company had no liabilities measured at fair value as of September 30, 2014. | ||||||||||||||
Carrying Value | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
(In thousands) | ||||||||||||||
September 30, 2014: | ||||||||||||||
Assets Measured – Recurring Basis | ||||||||||||||
Trading account securities | $ | - | $ | 5,319 | $ | - | $ | 5,319 | ||||||
Securities available for sale: | ||||||||||||||
Agency bonds and notes | $ | - | $ | 12,091 | $ | - | $ | 12,091 | ||||||
Agency mortgage-backed | - | 52,255 | - | 52,255 | ||||||||||
Agency CMO | - | 29,484 | - | 29,484 | ||||||||||
Privately-issued CMO | - | 3,920 | - | 3,920 | ||||||||||
Privately-issued ABS | - | 7,353 | - | 7,353 | ||||||||||
SBA certificates | - | 1,762 | - | 1,762 | ||||||||||
Municipal obligations | - | 77,832 | - | 77,832 | ||||||||||
Total securities available for sale | $ | - | $ | 184,697 | $ | - | $ | 184,697 | ||||||
Interest rate cap | $ | - | $ | 1 | $ | - | $ | 1 | ||||||
Assets Measured – Nonrecurring Basis | ||||||||||||||
Impaired loans: | ||||||||||||||
Residential real estate | $ | - | $ | - | $ | 5,128 | $ | 5,128 | ||||||
Commercial real estate | - | - | 5,705 | 5,705 | ||||||||||
Multifamily | - | - | - | - | ||||||||||
Construction | - | - | - | - | ||||||||||
Commercial business | - | - | 145 | 145 | ||||||||||
Consumer | - | - | 342 | 342 | ||||||||||
Total impaired loans | $ | - | $ | - | $ | 11,320 | $ | 11,320 | ||||||
Loans held for sale | $ | - | $ | 281 | $ | - | $ | 281 | ||||||
Other real estate owned, held for sale: | ||||||||||||||
Residential real estate | $ | - | $ | - | $ | 518 | $ | 518 | ||||||
Commercial real estate | - | - | 377 | 377 | ||||||||||
Land and land development | - | - | 58 | 58 | ||||||||||
Total other real estate owned | $ | - | $ | - | $ | 953 | $ | 953 | ||||||
The table below presents the balances of financial assets measured at fair value on a recurring and nonrecurring basis as of September 30, 2013. The Company had no liabilities measured at fair value as of September 30, 2013. | ||||||||||||||
Carrying Value | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
(In thousands) | ||||||||||||||
September 30, 2013: | ||||||||||||||
Assets Measured – Recurring Basis | ||||||||||||||
Trading account securities | $ | - | $ | 3,210 | $ | - | $ | 3,210 | ||||||
Securities available for sale: | ||||||||||||||
Agency bonds and notes | $ | - | $ | 15,197 | $ | - | $ | 15,197 | ||||||
Agency mortgage-backed | - | 41,714 | - | 41,714 | ||||||||||
Agency CMO | - | 24,074 | - | 24,074 | ||||||||||
Privately-issued CMO | - | 4,616 | - | 4,616 | ||||||||||
Privately-issued ABS | - | 7,799 | - | 7,799 | ||||||||||
SBA certificates | - | 2,093 | - | 2,093 | ||||||||||
Municipal obligations | - | 68,581 | - | 68,581 | ||||||||||
Equity securities | 93 | - | - | 93 | ||||||||||
Total securities available for sale | $ | 93 | $ | 164,074 | $ | - | $ | 164,167 | ||||||
Interest rate cap | $ | - | $ | 11 | $ | - | $ | 11 | ||||||
Assets Measured – Nonrecurring Basis | ||||||||||||||
Impaired loans: | ||||||||||||||
Residential real estate | $ | - | $ | - | $ | 5,676 | $ | 5,676 | ||||||
Commercial real estate | - | - | 6,091 | 6,091 | ||||||||||
Multifamily | - | - | 2,306 | 2,306 | ||||||||||
Construction | - | - | 29 | 29 | ||||||||||
Commercial business | - | - | 235 | 235 | ||||||||||
Consumer | - | - | 450 | 450 | ||||||||||
Total impaired loans | $ | - | $ | - | $ | 14,787 | $ | 14,787 | ||||||
Loans held for sale | $ | - | $ | 399 | $ | - | $ | 399 | ||||||
Other real estate owned, held for sale: | ||||||||||||||
Residential real estate | $ | - | $ | - | $ | 397 | $ | 397 | ||||||
Commercial real estate | - | - | 375 | 375 | ||||||||||
Land and land development | - | - | 27 | 27 | ||||||||||
Total other real estate owned | $ | - | $ | - | $ | 799 | $ | 799 | ||||||
Fair value is based upon quoted market prices, where available. If quoted market prices are not available, fair value is based on internally-developed models or obtained from third parties that primarily use, as inputs, observable market-based parameters or a matrix pricing model that employs the Bond Market Association’s standard calculations for cash flow and price/yield analysis and observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value, or the lower of cost or fair value. These adjustments may include unobservable parameters. Any such valuation adjustments have been applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. | ||||||||||||||
Trading Account Securities and Securities Available for Sale.Securities classified as trading and available for sale are reported at fair value on a recurring basis. These securities are classified as Level 1 of the valuation hierarchy where quoted market prices from reputable third-party brokers are available in an active market. If quoted market prices are not available, the Company obtains fair value measurements from an independent pricing service. These securities are reported using Level 2 inputs and the fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, U.S. government and agency yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the security’s terms and conditions, among other factors. For securities where quoted market prices, market prices of similar securities or prices from an independent third party pricing service are not available, fair values are calculated using discounted cash flows or other market indicators and are classified within Level 3 of the fair value hierarchy. Changes in fair value of trading account securities are reported in noninterest income. Changes in fair value of securities available for sale are recorded in other comprehensive income, net of income tax effect. | ||||||||||||||
Derivative Financial Instruments. Derivative financial instruments consist of an interest rate cap contract. As such, significant fair value inputs can generally be verified by counterparties and do not involve significant management judgments (Level 2 inputs). | ||||||||||||||
Impaired Loans. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly. The fair value of impaired loans is classified as Level 3 in the fair value hierarchy. | ||||||||||||||
Impaired loans are measured at the present value of estimated future cash flows using the loan's effective interest rate or the fair value of the collateral if the loan is a collateral-dependent loan. Collateral may be real estate and/or business assets, including equipment, inventory and/or accounts receivable, and its fair value is generally determined based on real estate appraisals or other independent evaluations by qualified professionals. The appraisals are then discounted to reflect management’s estimate of the fair value of the collateral given the current market conditions and the condition of the collateral. At September 30, 2014 and 2013, the significant unobservable inputs used in the fair value measurement of impaired loans included a discount from appraised value ranging from 0.0% to 15.0% and estimated costs to sell the collateral ranging from 0.0% to 6.0%. During the years ended September 30, 2014 and 2013, the Company recognized provisions for loan losses of $2,000 and $416,000, respectively, for impaired loans. | ||||||||||||||
Loans Held for Sale. Loans held for sale are carried at the lower of cost or market value. The portfolio is comprised of residential real estate loans and fair value is based on specific prices of underlying contracts for sales to investors. These measurements are carried at Level 2. | ||||||||||||||
Other Real Estate Owned. Other real estate owned held for sale is reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly. Fair value of other real estate owned is classified as Level 3 in the fair value hierarchy. | ||||||||||||||
Other real estate owned is reported at fair value less estimated costs to dispose of the property. The fair values are determined by real estate appraisals which are then discounted to reflect management’s estimate of the fair value of the property given current market conditions and the condition of the collateral. At September 30, 2014, the significant unobservable inputs used in the fair value measurement of other real estate owned included a discount from appraised value ranging from 13.3% to 50.0% with a weighted average of 18.7%. At September 30, 2013, the significant unobservable inputs used in the fair value measurement of other real estate owned included a discount from appraised value ranging from 15.0% to 65.1% with a weighted average of 25.4%. The Company recognized charges of $210,000 and $165,000 to write down other real estate owned to fair value for the years ended September 30, 2014 and 2013, respectively. | ||||||||||||||
Transfers Between Categories. There have been no changes in the valuation techniques and related inputs used for assets measured at fair value on a recurring and nonrecurring basis during the years ended September 30, 2014 and 2013. There were no transfers into or out of Level 3 financial assets or liabilities for the years ended September 30, 2014 or 2013. In addition, there were no transfers into or out of Levels 1 and 2 of the fair value hierarchy during the years ended September 30, 2014 or 2013. | ||||||||||||||
DERIVATIVE_INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||
DERIVATIVE INSTRUMENTS | -22 | DERIVATIVE INSTRUMENTS | |||||||||||||||
The Company has an interest rate cap contract that is not designated as a hedge. Realized and unrealized gains and losses on derivatives not designated for hedge accounting are recognized in noninterest income. The following is a summary of the terms of the interest rate cap contract reported in the consolidated balance sheet in other assets at September 30, 2014: | |||||||||||||||||
Strike | Remaining | Notional | Purchase | Unrealized | Fair | ||||||||||||
Rate | Term | Amount | Premium | Loss | Value | ||||||||||||
(Dollars in thousands) | |||||||||||||||||
7.5 | % | 2.84 years | $ | 10,000 | $ | 150 | $ | 149 | $ | 1 | |||||||
The notional amounts of derivatives do not represent amounts exchanged by the parties, but provide the basis for calculating payments. For interest rate caps, the notional amounts are not a measure of exposure to credit or market risk. Counterparties to financial instruments expose the Company to credit-related losses in the event of nonperformance, but the Company does not expect any counterparties to fail to meet their obligations. The Company deals only with highly rated counterparties. The current credit exposure of derivatives is represented by the fair value of contracts at the reporting date. (Also see Notes 20 and 21) | |||||||||||||||||
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended | ||
Sep. 30, 2014 | |||
Stockholders' Equity Note [Abstract] | |||
STOCKHOLDERS' EQUITY | -23 | STOCKHOLDERS’ EQUITY | |
Liquidation Account | |||
Upon completion of its conversion from mutual to stock form on October 6, 2008, the Bank established a liquidation account in an amount equal to its retained earnings at March 31, 2008, totaling $29.3 million. The liquidation account is maintained for the benefit of depositors as of the March 31, 2007 eligibility record date (or the June 30, 2008 supplemental eligibility record date) who maintain their deposits in the Bank after conversion. | |||
In the event of complete liquidation, and only in such an event, each eligible depositor is entitled to receive a liquidation distribution from the liquidation account in the proportionate amount of the then current adjusted balance for deposits held, before any liquidation distribution may be made with respect to the stockholders. Except for the repurchase of stock and payment of dividends by the Bank, the existence of the liquidation account does not restrict the use or application of retained earnings of the Bank. | |||
PREFERRED_STOCK
PREFERRED STOCK | 12 Months Ended | ||
Sep. 30, 2014 | |||
Equity [Abstract] | |||
PREFERRED STOCK | -24 | PREFERRED STOCK | |
On August 11, 2011, the Company entered into a Securities Purchase Agreement (“Purchase Agreement”) with the United States Department of the Treasury, pursuant to which the Company issued 17,120 shares of its Senior Non-Cumulative Perpetual Preferred Stock, Series A (“Series A Preferred Stock”), having a liquidation amount per share equal to $1,000, for a total purchase price of $17,120,000. The Purchase Agreement was entered into, and the Series A Preferred Stock was issued, pursuant to the Small Business Lending Fund (“SBLF”) program, a $30 billion fund established under the Small Business Jobs Act of 2010, that encourages lending to small businesses by providing Tier 1 capital to qualified community banks with assets of less than $10 billion. | |||
Holders of the Series A Preferred Stock are entitled to receive non-cumulative dividends, payable quarterly, on each January 1, April 1, July 1 and October 1, beginning October 1, 2011. The dividend rate, as a percentage of the liquidation amount, can fluctuate on a quarterly basis during the first ten quarters during which the Series A Preferred Stock is outstanding and may be adjusted between 1.0% and 5.0% per annum, to reflect the amount of change in the Bank’s level of Qualified Small Business Lending (“QSBL”) (as defined in the Purchase Agreement) over the baseline level calculated under the terms of the Purchase Agreement (“Baseline”). In addition to the dividend, in the event the Bank’s level of QSBL has not increased relative to the Baseline, at the beginning of the tenth calendar quarter, the Company will be subject to an additional lending incentive fee equal to 2.0% per annum. For the eleventh dividend period through the eighteenth dividend period, inclusive, and that portion of the nineteenth dividend period before, but not including, the four and one half (4½) year anniversary of the date of issuance, the dividend rate will be fixed at between 1.0% and 7.0% per annum based upon the increase in QSBL as compared to the Baseline. After four and one half (4½) years from issuance, the dividend rate will increase to 9.0%. Based upon the Bank’s level of QSBL over the Baseline for purposes of calculating the dividend rate for the initial dividend period, the dividend rate for the initial dividend period ended September 30, 2011 was 4.84%. The dividend rate for the thirteenth dividend period ended September 30, 2014 was 1.0% and the weighted average dividend rate for the years ended September 30, 2014 and 2013 was 1.0%. | |||
The Series A Preferred Stock is non-voting, except in limited circumstances. In the event that the Company fails to timely make five dividend payments, whether or not consecutive, the holder of the Series A Preferred Stock will have the right, but not the obligation, to appoint a representative as an observer on the Company’s board of directors. | |||
The Series A Preferred Stock may be redeemed at any time at the Company’s option, at a redemption price of one hundred percent (100%) of the liquidation amount plus accrued but unpaid dividends to the date of redemption for the current period, subject to the approval of its federal banking regulator. | |||
The Series A Preferred Stock was issued in a private placement exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended. The Company has agreed to register the Series A Preferred Stock under certain circumstances set forth in the Purchase Agreement. The Series A Preferred Stock is not subject to any contractual restrictions on transfer. | |||
DIVIDEND_RESTRICTION
DIVIDEND RESTRICTION | 12 Months Ended | |
Sep. 30, 2014 | ||
Disclosure Of Restrictions On Dividends, Loans and Advances Disclosure [Abstract] | ||
DIVIDEND RESTRICTION | -25 | DIVIDEND RESTRICTION |
As an Indiana corporation, the Company is subject to Indiana law with respect to the payment of dividends. Under Indiana law, the Company may pay dividends so long as it is able to pay its debts as they become due in the usual course of business and its assets exceed the sum of its total liabilities, plus the amount that would be needed, if the Company were to be dissolved at the time of the dividend, to satisfy any rights that are preferential to the rights of the persons receiving the dividend. The ability of the Company to pay dividends depends primarily on the ability of the Bank to pay dividends to the Company. | ||
The payment of dividends by the Bank is subject to regulation by the OCC. The Bank must also file prior notice with the Federal Reserve Board before the Bank may declare and pay dividends to the Company. The amount of dividends that the Bank may declare and pay to the Company in any calendar year cannot exceed net income for that year to date plus retained net income (as defined) for the preceding two calendar years. The Bank may not declare or pay a cash dividend or repurchase any of its capital stock if the effect thereof would cause the regulatory capital of the Bank to be reduced below regulatory capital requirements imposed by the OCC or below the amount of the liquidation account established upon completion of the conversion. | ||
REGULATORY_MATTERS
REGULATORY MATTERS | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||||||
REGULATORY MATTERS | -26 | REGULATORY MATTERS | ||||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by its primary federal regulator, the OCC. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | ||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total risk-based capital and Tier I capital to risk-weighted assets (as defined in the regulations), Tier I capital to adjusted total assets (as defined) and tangible capital to adjusted total assets (as defined). Management believes, as of September 30, 2014, that the Bank meets all capital adequacy requirements to which it is subject. | ||||||||||||||||||||
As of September 30, 2014, the most recent notification from the OCC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the table below. There are no conditions or events since that notification that management believes have changed the institution’s category. | ||||||||||||||||||||
The Bank’s actual capital amounts and ratios are also presented in the table. No amount was deducted from capital for interest-rate risk in either year. | ||||||||||||||||||||
Minimum | ||||||||||||||||||||
To Be Well | ||||||||||||||||||||
Minimum | Capitalized Under | |||||||||||||||||||
For Capital | Prompt Corrective | |||||||||||||||||||
Actual | Adequacy Purposes: | Action Provisions: | ||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||
As of September 30, 2014: | ||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 68,963 | 14.87 | % | $ | 37,101 | 8 | % | $ | 46,376 | 10 | % | ||||||||
Tier I capital (to risk weighted assets) | $ | 63,160 | 13.62 | % | N/A | $ | 27,826 | 6 | % | |||||||||||
Tier I capital (to adjusted total assets) | $ | 63,160 | 9.14 | % | $ | 27,653 | 4 | % | $ | 34,566 | 5 | % | ||||||||
Tangible capital (to adjusted total assets) | $ | 63,160 | 9.14 | % | $ | 10,370 | 1.5 | % | N/A | |||||||||||
As of September 30, 2013: | ||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 71,828 | 17.04 | % | $ | 33,713 | 8 | % | $ | 42,141 | 10 | % | ||||||||
Tier I capital (to risk weighted assets) | $ | 66,515 | 15.78 | % | N/A | $ | 25,285 | 6 | % | |||||||||||
Tier I capital (to adjusted total assets) | $ | 66,515 | 10.36 | % | $ | 25,682 | 4 | % | $ | 32,103 | 5 | % | ||||||||
Tangible capital (to adjusted total assets) | $ | 66,515 | 10.36 | % | $ | 9,631 | 1.5 | % | N/A | |||||||||||
In accordance with the Plan of Charter Conversion adopted by the Bank’s board of directors on May 21, 2014, the Bank will operate as an Indiana-charted commercial bank and become a member the Federal Reserve System following its conversion from a federally-chartered savings bank effective December 19, 2014. As a result of the Bank’s charter conversion, the Bank will be subject to supervision and regulation by the Indiana Department of Financial Institutions and the Federal Reserve Bank of St. Louis. Also as a result of the Bank’s charter conversion, the Company will convert to a bank holding company and simultaneously elect financial holding company status effective December 19, 2014. The Company will continue to be supervised and regulated by the Federal Reserve Bank of St. Louis. | ||||||||||||||||||||
SUPPLEMENTAL_DISCLOSURE_FOR_EA
SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Earnings Per Share [Abstract] | ||||||||
SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE | -27 | SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE | ||||||
Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the periods presented. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options, restricted stock and other potentially dilutive securities outstanding. Earnings and dividends per share are restated for stock splits and dividends through the date of issuance of the financial statements. Earnings per share information is presented below for the years ended September 30, 2014 and 2013. | ||||||||
(In thousands, except share and per share data) | Years Ended September 30, | |||||||
2014 | 2013 | |||||||
Basic: | ||||||||
Earnings: | ||||||||
Net income | $ | 5,390 | $ | 4,696 | ||||
Less: Preferred stock dividends declared | -171 | -171 | ||||||
Net income available to common shareholders | $ | 5,219 | $ | 4,525 | ||||
Shares: | ||||||||
Weighted average common shares outstanding | 2,122,880 | 2,168,770 | ||||||
Net income per common share, basic | $ | 2.46 | $ | 2.09 | ||||
Diluted: | ||||||||
Earnings: | ||||||||
Net income | $ | 5,390 | $ | 4,696 | ||||
Less: Preferred stock dividends declared | -171 | -171 | ||||||
Net income available to common shareholders | $ | 5,219 | $ | 4,525 | ||||
Shares: | ||||||||
Weighted average common shares outstanding | 2,122,880 | 2,168,770 | ||||||
Add: Dilutive effect of outstanding options | 94,656 | 84,565 | ||||||
Add: Dilutive effect of restricted stock | 11,778 | 15,728 | ||||||
Weighted average common shares outstanding, as adjusted | 2,229,314 | 2,269,063 | ||||||
Net income per common share, diluted | $ | 2.34 | $ | 1.99 | ||||
Unearned ESOP and nonvested restricted stock shares are not considered as outstanding for purposes of computing weighted average common shares outstanding. | ||||||||
PARENT_COMPANY_CONDENSED_FINAN
PARENT COMPANY CONDENSED FINANCIAL INFORMATION | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ||||||||
PARENT COMPANY CONDENSED FINANCIAL INFORMATION | -28 | PARENT COMPANY CONDENSED FINANCIAL INFORMATION | ||||||
Condensed financial information for First Savings Financial Group, Inc. (parent company only) follows: | ||||||||
Balance Sheets | ||||||||
(In thousands) | ||||||||
As of September 30, | ||||||||
2014 | 2013 | |||||||
Assets: | ||||||||
Cash and interest bearing deposits | $ | 7,419 | $ | 1,691 | ||||
Other assets | 904 | 745 | ||||||
Investment in subsidiaries | 79,233 | 80,057 | ||||||
$ | 87,556 | $ | 82,493 | |||||
Liabilities and Equity: | ||||||||
Accrued expenses | $ | 476 | $ | 240 | ||||
Stockholders' equity | 87,080 | 82,253 | ||||||
$ | 87,556 | $ | 82,493 | |||||
Statements of Income | ||||||||
(In thousands) | ||||||||
Years Ended September 30, | ||||||||
2014 | 2013 | |||||||
Dividend income from subsidiary | $ | 10,000 | $ | 2,000 | ||||
Other operating expenses | -1,551 | -1,351 | ||||||
Income before income taxes and equity in undistributed net income of subsidiaries | 8,449 | 649 | ||||||
Income tax benefit | 400 | 355 | ||||||
Income before equity in undistributed net income of subsidiaries | 8,849 | 1,004 | ||||||
Equity in undistributed net income of subsidiaries | -3,459 | 3,692 | ||||||
Net income | $ | 5,390 | $ | 4,696 | ||||
Statements of Cash Flows | ||||||||
(In thousands) | ||||||||
Years Ended September 30, | ||||||||
2014 | 2013 | |||||||
Operating Activities: | ||||||||
Net income | $ | 5,390 | $ | 4,696 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Equity in undistributed net income of subsidiaries | 3,459 | -3,692 | ||||||
ESOP and stock compensation expense | 1,127 | 1,063 | ||||||
Net change in other assets and liabilities | 214 | 97 | ||||||
Net cash provided by operating activities | 10,190 | 2,164 | ||||||
Investing Activities: | ||||||||
Investment in Captive | -250 | - | ||||||
Net cash used in investing activities | -250 | - | ||||||
Financing Activities: | ||||||||
Exercise of stock options | 146 | - | ||||||
Purchase of treasury stock | -3,273 | -625 | ||||||
Dividends paid | -1,085 | -1,743 | ||||||
Net cash used in financing activities | -4,212 | -2,368 | ||||||
Net increase (decrease) in cash and interest bearing deposits | 5,728 | -204 | ||||||
Cash and interest bearing deposits at beginning of year | 1,691 | 1,895 | ||||||
Cash and interest bearing deposits at end of year | $ | 7,419 | $ | 1,691 | ||||
CONCENTRATION_OF_CREDIT_RISK
CONCENTRATION OF CREDIT RISK | 12 Months Ended | ||
Sep. 30, 2014 | |||
Risks and Uncertainties [Abstract] | |||
CONCENTRATION OF CREDIT RISK | -29 | CONCENTRATION OF CREDIT RISK | |
At September 30, 2014 and 2013, the Bank had a concentration of credit risk with correspondent banks in excess of the federal deposit insurance limit of $5.8 million and $5.4 million, respectively. | |||
SUPPLEMENTAL_DISCLOSURE_OF_CAS
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | -30 | SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||
(In thousands) | 2014 | 2013 | ||||||
Cash payments for: | ||||||||
Interest | $ | 3,794 | $ | 4,496 | ||||
Taxes | 1,593 | 1,354 | ||||||
Non-cash investing activities: | ||||||||
Transfers from loans to other real estate owned | 1,571 | 1,212 | ||||||
Proceeds from sales of other real estate owned financed through loans | 536 | 1,093 | ||||||
SELECTED_QUARTERLY_FINANCIAL_I
SELECTED QUARTERLY FINANCIAL INFORMATION | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | -31 | SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ||||||||||||
First | Second | Third | Fourth | |||||||||||
(In thousands, except per share data) | Quarter | Quarter | Quarter | Quarter | ||||||||||
September 30, 2014: | ||||||||||||||
Interest income | $ | 6,734 | $ | 6,990 | $ | 6,922 | $ | 6,848 | ||||||
Interest expense | 922 | 888 | 873 | 872 | ||||||||||
Net interest income | 5,812 | 6,102 | 6,049 | 5,976 | ||||||||||
Provision for loan losses | 301 | 303 | 300 | 342 | ||||||||||
Net interest income after provision for loan losses | 5,511 | 5,799 | 5,749 | 5,634 | ||||||||||
Noninterest income | 1,104 | 1,382 | 1,291 | 1,269 | ||||||||||
Noninterest expenses | 5,164 | 5,021 | 5,050 | 5,037 | ||||||||||
Income before income taxes | 1,451 | 2,160 | 1,990 | 1,866 | ||||||||||
Income tax expense | 423 | 624 | 534 | 496 | ||||||||||
Net income | 1,028 | 1,536 | 1,456 | 1,370 | ||||||||||
Less: Preferred stock dividends declared | 43 | 43 | 43 | 42 | ||||||||||
Net income available to common shareholders | $ | 985 | $ | 1,493 | $ | 1,413 | $ | 1,328 | ||||||
Net income per common share, basic | $ | 0.46 | $ | 0.7 | $ | 0.68 | $ | 0.63 | ||||||
Net income per common share, diluted | $ | 0.44 | $ | 0.66 | $ | 0.64 | $ | 0.6 | ||||||
September 30, 2013: | ||||||||||||||
Interest income | $ | 6,760 | $ | 7,001 | $ | 6,689 | $ | 6,725 | ||||||
Interest expense | 1,095 | 1,010 | 909 | 922 | ||||||||||
Net interest income | 5,665 | 5,991 | 5,780 | 5,803 | ||||||||||
Provision for loan losses | 452 | 550 | 560 | 296 | ||||||||||
Net interest income after provision for loan losses | 5,213 | 5,441 | 5,220 | 5,507 | ||||||||||
Noninterest income | 1,000 | 925 | 1,035 | 1,298 | ||||||||||
Noninterest expenses | 4,819 | 4,777 | 4,673 | 4,863 | ||||||||||
Income before income taxes | 1,394 | 1,589 | 1,582 | 1,942 | ||||||||||
Income tax expense | 378 | 419 | 441 | 573 | ||||||||||
Net income | 1,016 | 1,170 | 1,141 | 1,369 | ||||||||||
Less: Preferred stock dividends declared | 43 | 43 | 43 | 42 | ||||||||||
Net income available to common shareholders | $ | 973 | $ | 1,127 | $ | 1,098 | $ | 1,327 | ||||||
Net income per common share, basic | $ | 0.45 | $ | 0.52 | $ | 0.51 | $ | 0.61 | ||||||
Net income per common share, diluted | $ | 0.43 | $ | 0.5 | $ | 0.48 | $ | 0.58 | ||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations |
First Savings Financial Group, Inc. (the “Company”) is a financial holding company and the parent of First Savings Bank, F.S.B. (the “Bank”) and First Savings Insurance Risk Management, Inc. (the “Captive”). | |
The Bank, which is a wholly-owned federally-chartered savings bank subsidiary of the Company, provides a variety of banking services to individuals and business customers through fourteen locations in southern Indiana. The Bank attracts deposits primarily from the general public and uses those funds, along with other borrowings, primarily to originate residential mortgage, commercial mortgage, construction, commercial business and consumer loans, and to a lesser extent, to invest in mortgage-backed securities and other securities. The Bank has three-wholly owned subsidiaries: First Savings Investments, Inc., a Nevada corporation that manages a securities portfolio, FFCC, Inc., which is an Indiana corporation that participates in commercial real estate development and leasing, and Southern Indiana Financial Corporation, which is currently inactive. | |
The Captive, which is a wholly-owned insurance subsidiary of the Company formed during the fourth fiscal quarter of 2014, is a Nevada corporation that provides property and casualty insurance to the Company, the Bank and the Bank’s active subsidiaries. In addition, the Captive provides reinsurance to seven other third-party insurance captives for which insurance may not be currently available or economically feasible in the insurance marketplace. | |
Basis of Consolidation and Reclassifications | Basis of Consolidation and Reclassifications |
The consolidated financial statements include the accounts of the Company and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America and conform to general practices within the banking industry. Intercompany balances and transactions have been eliminated. Certain prior year amounts have been reclassified to conform with current year presentation. | |
Statements of Cash Flows | Statements of Cash Flows |
For purposes of the statements of cash flows, the Company has defined cash and cash equivalents as cash on hand, amounts due from banks (including cash items in process of clearing), interest-bearing deposits with other banks having an original maturity of 90 days or less and money market funds. | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate and other assets acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowances for loan losses and other real estate owned, management obtains independent appraisals for significant properties. | |
A majority of the Bank’s loan portfolio consists of single-family residential and commercial real estate loans in the southern Indiana area. Accordingly, the ultimate collectability of a substantial portion of the Bank’s loan portfolio and the recovery of the carrying amount of other real estate owned are susceptible to changes in local market conditions. | |
While management uses available information to recognize losses on loans and other real estate owned, further reductions in the carrying amounts of loans and other real estate owned may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the estimated losses on loans and other real estate owned. Such agencies may require the Bank to recognize additional losses based on their judgments about information available to them at the time of their examination. Because of these factors, it is reasonably possible the estimated losses on loans and other real estate owned may change materially in the near term. However, the amount of the change that is reasonably possible cannot be estimated. | |
Investment Securities | Investment Securities |
Trading Account Securities: Securities purchased with the intention of recognizing short-term profits or which are actively bought and sold are classified as trading account securities and reported at fair value. The net realized and unrealized gains and losses on trading account securities are reported in other noninterest income. Realized gains and losses on trading account securities are determined using the specific identification method. | |
Securities Available for Sale: Securities available for sale consist primarily of mortgage-backed and other debt securities and are stated at fair value. The Company holds mortgage-backed securities issued by the Government National Mortgage Association (GNMA), a U.S. government agency, and the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC), government-sponsored enterprises, as well as privately-issued collateralized mortgage obligations (“CMOs”), privately-issued asset-backed securities (“ABSs”) and other mortgage-backed securities. The Company also holds a pass-through asset-backed security guaranteed by the Small Business Administration (“SBA”) representing participating interests in pools of long-term debentures issued by state and local development companies certified by the SBA. Mortgage-backed securities represent participating interests in pools of long-term first mortgage loans originated and serviced by issuers of the securities. CMOs and ABSs are complex mortgage-backed securities that restructure the cash flows and risks of the underlying mortgage collateral. The Company also holds debt securities issued by government-sponsored enterprises and municipal bonds. | |
Amortization of premiums and accretion of discounts are recognized in interest income using methods approximating the interest method over the period to maturity, adjusted for anticipated prepayments. Unrealized gains and losses, net of tax, on securities available for sale are included in other comprehensive income and the accumulated unrealized holding gains and losses are reported as a separate component of equity until realized. Realized gains and losses on the sale of securities available for sale are determined using the specific identification method and are included in other noninterest income and, when applicable, are reported as a reclassification adjustment, net of tax, in other comprehensive income. | |
Securities Held to Maturity: Debt securities for which the Company has the positive intent and ability to hold to maturity are reported at cost, adjusted for amortization of premiums and accretion of discounts that are recognized in interest income using methods approximating the interest method over the period to maturity, adjusted for anticipated prepayments. The Company classifies certain mortgage-backed securities and municipal obligations as held to maturity. | |
Declines in the fair value of individual available for sale and held to maturity securities below their amortized cost that are other than temporary result in write-downs of the individual securities to their fair value. The related write-downs are included in earnings as realized losses. In estimating other-than-temporary impairment losses, management considers (1) the length of time and the extent to which the fair value has been less than amortized cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment for a period of time sufficient to allow for any anticipated recovery in fair value. | |
Investments in non-marketable equity securities such as Federal Home Loan Bank (“FHLB”) stock are carried at cost. Impairment testing on these investments is based on applicable accounting guidance and the cost basis is reduced when impairment is deemed to be other-than-temporary. | |
Derivative Financial Instruments | Derivative Financial Instruments |
The Company applies Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 815, Derivatives and Hedging, in accounting for derivative financial instruments, including certain derivative instruments embedded in other contracts and for hedging activities. Derivative financial instruments are recognized in the consolidated balance sheet at fair value. | |
Mortgage Banking Activities | Mortgage Banking Activities |
Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or market value. Aggregate market value is determined based on the quoted prices under a “best efforts” sales agreement with a third party. Net unrealized losses are recognized through a valuation allowance by charges to income. Realized gains on sales of mortgage loans are included in noninterest income. Mortgage loans are sold with servicing released. | |
Commitments to originate mortgage loans held for sale are considered derivative financial instruments to be accounted for at fair value. The Bank’s mortgage loan commitments subject to derivative accounting are fixed rate mortgage loan commitments at market rates when initiated. At September 30, 2014, the Bank did not have any commitments to originate fixed-rate mortgage loans intended for sale in the secondary market after the loans are closed. Fair value is estimated based on fees that would be charged on commitments with similar terms. | |
Loans and Allowance for Loan Losses | Loans and Allowance for Loan Losses |
Loans Held for Investment | |
Loans are stated at unpaid principal balances, less net deferred loan fees and the allowance for loan losses. The Company grants real estate mortgage, commercial business and consumer loans. A substantial portion of the loan portfolio is represented by residential and commercial mortgage loans to customers in southern Indiana. The ability of the Company customers to honor their contracts is dependent upon the real estate and general economic conditions in this area. | |
Loan origination and commitment fees, as well as certain direct costs of underwriting and closing loans, are deferred and amortized as a yield adjustment to interest income over the lives of the related loans using the interest method. Amortization of deferred loan fees is discontinued when a loan is placed on nonaccrual status. | |
Nonaccrual Loans | |
The recognition of income on a loan is discontinued and previously accrued interest is reversed when interest or principal payments become 90 days past due unless, in the opinion of management, the outstanding interest remains collectible. Past due status is determined based on contractual terms. Generally, by applying the cash receipts method, interest income is subsequently recognized only as received until the loan is returned to accrual status. The cash receipts method is used when the likelihood of further loss on the loan is remote. Otherwise, the Company applies the cost recovery method and applies all payments as a reduction of the unpaid principal balance until the loan qualifies for return to accrual status. Interest income on impaired loans is recognized using the cost recovery method, unless the likelihood of further loss is considered remote. | |
A loan is restored to accrual status when all principal and interest payments are brought current and the borrower has demonstrated the ability to make future payments of principal and interest as scheduled, which generally requires that the borrower demonstrate a period of performance of at least six consecutive months. | |
Loan Charge-Offs | |
For portfolio segments other than consumer loans, the Company’s practice is to charge-off any loan or portion of a loan when the loan is determined by management to be uncollectible due to the borrower’s failure to meet repayment terms, the borrower’s deteriorating or deteriorated financial condition, depreciation of the underlying collateral, the loan’s classification as a loss by regulatory examiners, or for other reasons. A partial charge-off is recorded on a loan when the uncollectibility of a portion of the loan has been confirmed, such as when a loan is discharged in bankruptcy, the collateral is liquidated, a loan is restructured at a reduced principal balance, or other identifiable events that lead management to determine the full principal balance of the loan will not be repaid. A specific reserve is recognized as a component of the allowance for estimated losses on loans individually evaluated for impairment. Partial charge-offs on nonperforming and impaired loans are included in the Company’s historical loss experience used to estimate the general component of the allowance for loan losses as discussed below. Specific reserves are not considered charge-offs in management’s analysis of the allowance for loan losses because they are estimates and the outcome of the loan relationship is undetermined. | |
During the year ended September 30, 2014, the Company did not recognize any partial charge-offs. At September 30, 2014, the Company had one outstanding loan with a recorded investment of $229,000 on which partial charge-offs had been recorded. During the year ended September 30, 2013, the Company recognized partial charge-offs on loans totaling $306,000. At September 30, 2013, the Company had three outstanding loans with an aggregate recorded investment of $920,000 on which partial charge-offs totaling $525,000 had been recorded. | |
Consumer loans are typically charged off at 90 days past due, or earlier if deemed uncollectible, unless the loans are in the process of collection. Overdrafts are charged off after 45 days past due. Charge-offs are typically recorded on loans secured by real estate when the property is foreclosed upon when the carrying value of the loan exceeds the property’s fair value less the estimated costs to sell. | |
Allowance for Loan Losses | |
The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. | |
The Company uses a disciplined process and methodology to evaluate the allowance for loan losses on at least a quarterly basis that is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. | |
The allowance consists of specific and general components. The specific component relates to loans that are individually evaluated for impairment or loans otherwise classified as doubtful, substandard, or special mention. For such loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. | |
The general component covers non-classified loans and classified loans that are found, upon individual evaluation, to not be impaired. Such loans are pooled by segment and losses are modeled using annualized historical loss experience adjusted for qualitative factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent 36-month period. This actual loss experience is then adjusted for qualitative factors that are reviewed on a quarterly basis based on the risks present for each portfolio segment. Management considers changes and trends in the following qualitative loss factors: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in the volume and term of new loan originations; national and local economic trends and conditions; changes in lending policies, procedures and practices; changes in the experience and ability of lending management and other staff; changes in the quality and depth of the internal loan review process; trends in collateral valuation in the Company’s lending area; and other factors as determined by management. Each qualitative factor is evaluated and a qualitative factor adjustment is applied to the actual historical loss factors in determining the adjusted loss factors used in management’s allowance for loan losses adequacy calculation. | |
Management exercises significant judgment in evaluating the relevant historical loss experience and the qualitative factors. Management also monitors the differences between estimated and actual incurred loan losses for loans considered impaired in order to evaluate the effectiveness of the estimation process and make any changes in the methodology as necessary. | |
The following portfolio segments are considered in the allowance for loan loss analysis: residential real estate, commercial real estate, multi-family residential real estate, construction, land and land development, commercial business and consumer. | |
Residential real estate loans primarily consist of loans to individuals for the purchase or refinance of their primary residence, with a smaller portion of the segment secured by non-owner-occupied residential investment properties. The risks associated with residential real estate loans are closely correlated to the local housing market and general economic conditions, as repayment of the loans is primarily dependent on the borrower’s or tenant’s personal cash flow and employment status. | |
Commercial real estate loans are comprised of loans secured by various types of collateral including office buildings, warehouses, retail space and mixed use buildings located in the Company’s primary lending area. Risks related to commercial real estate lending are related to the market value of the property taken as collateral, the underlying cash flows and general economic condition of the local real estate market. Repayment of these loans is generally dependent on the ability of the borrower to attract tenants at lease rates that provide for adequate debt service and can be impacted by local economic conditions which impact vacancy rates. The Company generally obtains loan guarantees from financially capable parties for commercial real estate loans. | |
Multi-family residential real estate loans primarily consist of loans secured by apartment buildings and other multi-tenant developments. Repayment of these loans is primarily dependent on the borrower’s ability to attract tenants and collect rents that provide for adequate debt service. The risks associated with these loans are closely correlated to the local housing market and general economic conditions. | |
The Company’s construction loan portfolio consists of single-family residential properties, multi-family properties and commercial projects, and includes both owner-occupied and speculative investment properties. Risks inherent in construction lending are related to the market value of the property held as collateral, the cost and timing of constructing or improving a property, the borrower’s ability to use funds generated by a project to service a loan until a project is completed, movements in interest rates and the real estate market during the construction phase, and the ability of the borrower to obtain permanent financing. | |
Land and land development loans primarily consist of loans secured by farmland and vacant land held for long-term investment or development. The risks associated with land and land development loans are related to the market value of the property taken as collateral and the underlying cash flows for loans secured by farmland, and general economic conditions. | |
Commercial business loans includes lines of credit to businesses, term loans and letters of credit secured by business assets such as equipment, accounts receivable, inventory, or other assets excluding real estate and are generally made to finance capital expenditures or fund operations. Commercial loans contain risks related to the value of the collateral securing the loan and the repayment is primarily dependent upon the financial success and viability of the borrower. As with commercial real estate loans, the Company generally obtains loan guarantees from financially capable parties for commercial business loans. | |
Consumer loans consist primarily of home equity lines of credit and other loans secured by junior liens on the borrower’s personal residence, home improvement loans, automobile and truck loans, boat loans, mobile home loans, loans secured by savings deposits and other personal loans. The risks associated with these loans are related to the local housing market and local economic conditions including the unemployment level. | |
There were no significant changes to the Company’s accounting policies or methodology used to estimate the allowance for loan losses during the years ended September 30, 2014 and 2013. | |
Impaired Loans | |
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis by either 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. | |
Values for collateral dependent loans are generally based on appraisals obtained from independent licensed real estate appraisers, with adjustments applied for estimated costs to sell the property, costs to complete unfinished or repair damaged property and other known defects. New appraisals are generally obtained for all significant properties when a loan is identified as impaired. Generally, a property is considered significant if the value of the property is estimated to exceed $250,000. Subsequent appraisals are obtained as needed or if management believes there has been a significant change in the market value of a collateral property securing an impaired loan. In instances where it is not deemed necessary to obtain a new appraisal, management would base its impairment and allowance for loan loss analysis on the original appraisal with adjustments for current conditions based on management’s assessment of market factors and management’s inspection of the property. | |
Troubled Debt Restructurings | |
The modification of a loan is considered to be a troubled debt restructuring (TDR) if the debtor is experiencing financial difficulties and the Company grants a concession to the debtor that it would not otherwise consider. By granting the concession, the Company expects to obtain more cash or other value from the debtor, or to increase the probability of receipt, than would be expected by not granting the concession. The concession may include, but is not limited to, reduction of the stated interest rate of the loan, reduction of accrued interest, extension of the maturity date or reduction of the face amount of the debt. A concession will be granted when, as a result of the restructuring, the Company does not expect to collect all amounts due, including interest at the original stated rate. A concession may also be granted if the debtor is not able to access funds elsewhere at a market rate for debt with similar risk characteristics as the restructured debt. The Company’s determination of whether a loan modification is a TDR considers the individual facts and circumstances surrounding each modification. | |
A TDR can involve loans remaining on nonaccrual, moving to nonaccrual, or continuing on accrual status, depending on the individual facts and circumstances of the borrower. Generally, a nonaccrual loan that is restructured in a TDR remains on nonaccrual status for a period of at least six months following the restructuring to ensure that the borrower performs in accordance with the restructured terms including consistent and timely payments of at least six consecutive months according to the restructured terms. | |
Real Estate Development and Construction | Real Estate Development and Construction |
Real estate that is developed and on which buildings are constructed for the purpose of leasing or sale to third parties by the Company is stated at cost, including interest capitalized during the construction period, less accumulated depreciation. The Company uses the straight line method of computing depreciation at rates adequate to amortize the cost of the applicable assets over their estimated useful lives. Maintenance and repairs are expensed as incurred. The cost and related accumulated depreciation of assets sold, or otherwise disposed of, are removed from the related accounts and any gain or loss is included in earnings. | |
Premises and Equipment | Premises and Equipment |
Premises and equipment are stated at cost less accumulated depreciation. The Company uses the straight line method of computing depreciation at rates adequate to amortize the cost of the applicable assets over their estimated useful lives. Maintenance and repairs are expensed as incurred. The cost and related accumulated depreciation of assets sold, or otherwise disposed of, are removed from the related accounts and any gain or loss is included in earnings. | |
Other Real Estate Owned | Other Real Estate Owned |
Other real estate owned includes formally foreclosed property and former banking facilities held for sale. At the time of foreclosure, foreclosed real estate is recorded at its fair value less estimated costs to sell, which becomes the property’s new basis. Any write-downs based on the property’s fair value at date of acquisition are charged to the allowance for loan losses. After foreclosure or the decision to classify property as held for sale, valuations are periodically performed by management and property held for sale is carried at the lower of the new cost basis or fair value less cost to sell. Costs incurred in maintaining other real estate owned and subsequent impairment adjustments to the carrying amount of a property, if any, are included in noninterest expense. | |
Cash Surrender Value of Life Insurance | Cash Surrender Value of Life Insurance |
The Bank has purchased life insurance policies on certain directors, officers and key employees to help offset costs associated with the Bank’s compensation and benefit programs. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. | |
Goodwill and Other Intangibles | Goodwill and Other Intangibles |
Goodwill recognized in a business combination represents the excess of the cost of the acquired entity over the net of the amounts assigned to assets acquired and liabilities assumed. Goodwill is carried at its implied fair value and is evaluated for possible impairment at least annually or more frequently upon the occurrence of an event or change in circumstances that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Such circumstances could include, but are not limited to: (1) a significant adverse change in legal factors or in business climate, (2) unanticipated competition, or (3) an adverse action or assessment by a regulator. If the carrying amount of the goodwill exceeds its implied fair value, an impairment loss is recognized in earnings equal to that excess amount. The loss recognized cannot exceed the carrying amount of goodwill. After a goodwill impairment loss is recognized, the adjusted carrying amount of goodwill is its new accounting basis. | |
Other intangible assets consist of acquired core deposit intangibles. Core deposit intangibles are amortized over the estimated economic lives of the acquired core deposits. The carrying amount of core deposit intangibles and the remaining estimated economic life are evaluated annually or whenever events or circumstances indicate the carrying amount may not be recoverable or the remaining period of amortization requires revision. After an impairment loss is recognized, the adjusted carrying amount of the intangible asset is its new accounting basis. | |
Securities Lending and Financing Arrangements | Securities Lending and Financing Arrangements |
Securities purchased under agreements to resell (reverse repurchase agreements) and securities sold under agreements to repurchase (repurchase agreements) are treated as collateralized lending and borrowing transactions, respectively, and are carried at the amounts at which the securities were initially acquired or sold. | |
Benefit Plans | Benefit Plans |
The Bank provides a contributory defined contribution plan available to all eligible employees. The Company also established a leveraged employee stock ownership plan (“ESOP”) on October 6, 2008 that includes substantially all employees. The Company accounts for the employee stock ownership plan in accordance with ASC Topic 718-40, Employee Stock Ownership Plans. Dividends declared on allocated shares are recorded as a reduction of retained earnings and paid to the participants’ accounts or used for additional debt service on the ESOP loan. Dividends declared on unallocated shares are not considered dividends for financial reporting purposes and are used for additional debt service on the ESOP loan. As shares are committed to be released for allocation to participants’ accounts, compensation expense is recognized based on the average fair value of the shares and the shares become available for earnings per share calculations. | |
Stock Based Compensation | Stock Based Compensation |
The Company has adopted the fair value based method of accounting for stock-based compensation prescribed in ASC Topic 718 for its stock plan. | |
Income Taxes | Income Taxes |
When income tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while other positions are subject to some degree of uncertainty regarding the merits of the position taken or the amount of the position that would be sustained. The Company recognizes the benefits of a tax position in the consolidated financial statements of the period during which, based on all available evidence, management believes it is more-likely-than-not (more than 50 percent probable) that the tax position would be sustained upon examination. Income tax positions that meet the more-likely-than-not threshold are measured as the largest amount of income tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with the income tax positions claimed on income tax returns that exceeds the amount measured as described above is reflected as a liability for unrecognized income tax benefits in the consolidated balance sheets, along with any associated interest and penalties that would be payable to the taxing authorities, if there were an examination. Interest and penalties associated with unrecognized income tax benefits are classified as additional income taxes in the consolidated statements of income. | |
Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus deferred income taxes. Income tax reporting and financial statement reporting rules differ in many respects. As a result, there will often be a difference between the carrying amount of an asset or liability as presented in the accompanying consolidated balance sheets and the amount that would be recognized as the tax basis of the same asset or liability computed based on the effects of tax positions recognized, as described in the preceding paragraph. These differences are referred to as temporary differences because they are expected to reverse in future years. Deferred income tax assets are recognized for temporary differences where their future reversal will result in future tax benefits. Deferred income tax assets are also recognized for the future tax benefits expected to be realized from net operating loss or tax credit carryforwards. Deferred income tax liabilities are recognized for temporary differences where their future reversal will result in the payment of future income taxes. Deferred income tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred income tax assets will not be realized. Deferred tax assets and liabilities are reflected at income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. | |
Advertising Costs | Advertising Costs |
Advertising costs are charged to operations when incurred. | |
Comprehensive Income | Comprehensive Income |
Comprehensive income consists of reported net income and other comprehensive income. Other comprehensive income refers to revenue, expenses, gains and losses that are recorded as an element of equity but are excluded from reported net income. Other comprehensive income includes changes in the unrealized gains and losses on securities available for sale. | |
Loss Contingencies | Loss Contingencies |
Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
The following are summaries of recently issued accounting pronouncements that impact the accounting and reporting practices of the Company: | |
In January 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40), Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The objective of the amendments in this update is to reduce diversity by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The amendments in the update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure, or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor, and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in the update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial position or results of operations. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The update provides a five-step revenue recognition model for all revenue arising from contracts with customer and affects all entities that enter into contracts to provide goods or services to their customers (unless the contracts are included in the scope of other standards). The guidance requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. For public entities, the guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and must be applied either retrospectively or using the modified retrospective approach. Early adoption is not permitted. Management is evaluating the new guidance, but does not expect the adoption of this guidance to have a material impact on the Company’s consolidated financial position or results of operations. | |
In August 2014, the FASB issued ASU No. 2014-14, Trouble Debt Restructurings by Creditors (Subtopic 310-40). The update addresses the classification of certain foreclosed mortgage loans held by creditors that are either fully or partially guaranteed under government programs (e.g. FHA, VA, HUD). For public entities, the guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial position or results of operations. | |
INVESTMENT_SECURITIES_Tables
INVESTMENT SECURITIES (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||
Amortized Cost and Fair Value of Securities | The amortized cost of securities available for sale and held to maturity and their approximate fair values are as follows: | |||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||
(In thousands) | Cost | Gains | Losses | Value | ||||||||||
September 30, 2014: | ||||||||||||||
Securities available for sale: | ||||||||||||||
Agency bonds and notes | $ | 12,269 | $ | 12 | $ | 190 | $ | 12,091 | ||||||
Agency mortgage-backed | 51,845 | 518 | 108 | 52,255 | ||||||||||
Agency CMO | 29,648 | 95 | 259 | 29,484 | ||||||||||
Privately-issued CMO | 3,302 | 618 | - | 3,920 | ||||||||||
Privately-issued ABS | 5,552 | 1,801 | - | 7,353 | ||||||||||
SBA certificates | 1,753 | 9 | - | 1,762 | ||||||||||
Municipal obligations | 74,148 | 3,818 | 134 | 77,832 | ||||||||||
Total securities available for sale | $ | 178,517 | $ | 6,871 | $ | 691 | $ | 184,697 | ||||||
Securities held to maturity: | ||||||||||||||
Agency mortgage-backed | $ | 455 | $ | 37 | $ | - | $ | 492 | ||||||
Municipal | 4,964 | 393 | - | 5,357 | ||||||||||
Total securities held to maturity | $ | 5,419 | $ | 430 | $ | - | $ | 5,849 | ||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||
(In thousands) | Cost | Gains | Losses | Value | ||||||||||
September 30, 2013: | ||||||||||||||
Securities available for sale: | ||||||||||||||
Agency bonds and notes | $ | 15,877 | $ | 10 | $ | 690 | $ | 15,197 | ||||||
Agency mortgage-backed | 41,720 | 285 | 291 | 41,714 | ||||||||||
Agency CMO | 24,200 | 199 | 325 | 24,074 | ||||||||||
Privately-issued CMO | 3,881 | 735 | - | 4,616 | ||||||||||
Privately-issued ABS | 5,829 | 1,972 | 2 | 7,799 | ||||||||||
SBA certificates | 2,081 | 12 | - | 2,093 | ||||||||||
Municipal obligations | 68,072 | 2,057 | 1,548 | 68,581 | ||||||||||
Subtotal – debt securities | 161,660 | 5,270 | 2,856 | 164,074 | ||||||||||
Equity securities | - | 93 | - | 93 | ||||||||||
Total securities available for sale | $ | 161,660 | $ | 5,363 | $ | 2,856 | $ | 164,167 | ||||||
Securities held to maturity: | ||||||||||||||
Agency mortgage-backed | $ | 721 | $ | 52 | $ | - | $ | 773 | ||||||
Municipal obligations | 5,696 | 45 | - | 5,741 | ||||||||||
Total securities held to maturity | $ | 6,417 | $ | 97 | $ | - | $ | 6,514 | ||||||
Amortized Cost and Fair Value of Investment Securities by Contractual Maturity | The amortized cost and fair value of available for sale and held to maturity debt securities as of September 30, 2014 by contractual maturity are shown below. Expected maturities of mortgage and other asset-backed securities may differ from contractual maturities because the mortgages and other assets underlying the obligations may be prepaid without penalty. | |||||||||||||
Available for Sale | Held to Maturity | |||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||
(In thousands) | Cost | Value | Cost | Value | ||||||||||
Due within one year | $ | 830 | $ | 833 | $ | 593 | $ | 621 | ||||||
Due after one year through five years | 5,565 | 5,824 | 1,906 | 2,076 | ||||||||||
Due after five years through ten years | 22,311 | 23,038 | 1,496 | 1,621 | ||||||||||
Due after ten years | 57,711 | 60,228 | 969 | 1,039 | ||||||||||
86,417 | 89,923 | 4,964 | 5,357 | |||||||||||
CMO | 32,950 | 33,404 | - | - | ||||||||||
ABS | 5,552 | 7,353 | - | - | ||||||||||
SBA certificates | 1,753 | 1,762 | - | - | ||||||||||
Mortgage-backed securities | 51,845 | 52,255 | 455 | 492 | ||||||||||
$ | 178,517 | $ | 184,697 | $ | 5,419 | $ | 5,849 | |||||||
Available for Sale Securities with Gross Unrealized Losses by Investment Category and Length of Time Individual Securities Have Been in Continuous Loss Position | Information pertaining to securities with gross unrealized losses at September 30, 2014, aggregated by investment category and the length of time that individual securities have been in a continuous loss position, follows: | |||||||||||||
Number | Gross | |||||||||||||
of Investment | Fair | Unrealized | ||||||||||||
(Dollars in thousands) | Positions | Value | Losses | |||||||||||
Securities available for sale: | ||||||||||||||
Continuous loss position less than twelve months: | ||||||||||||||
Agency mortgage-backed | 7 | $ | 12,207 | $ | 28 | |||||||||
Agency CMO | 8 | 12,373 | 56 | |||||||||||
Municipal | 2 | 1,093 | 2 | |||||||||||
Total less than twelve months | 17 | 25,673 | 86 | |||||||||||
Continuous loss position more than twelve months: | ||||||||||||||
Agency bonds and notes | 5 | $ | 10,477 | $ | 190 | |||||||||
Agency mortgage-backed | 4 | 3,653 | 80 | |||||||||||
Agency CMO | 3 | 9,171 | 203 | |||||||||||
Municipal obligations | 15 | 7,860 | 132 | |||||||||||
Total more than twelve months | 27 | 31,161 | 605 | |||||||||||
Total securities available for sale | 44 | $ | 56,834 | $ | 691 | |||||||||
LOANS_AND_ALLOWANCE_FOR_LOAN_L1
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||||||||||||||||||||||||||
Loans | Loans at September 30, 2014 and 2013 consisted of the following: | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||||||||
1-4 family residential | $ | 182,743 | $ | 184,390 | ||||||||||||||||||||||
Commercial | 153,896 | 117,782 | ||||||||||||||||||||||||
Multifamily residential | 21,286 | 26,759 | ||||||||||||||||||||||||
Residential construction | 14,528 | 12,537 | ||||||||||||||||||||||||
Commercial construction | 8,354 | 6,730 | ||||||||||||||||||||||||
Land and land development | 11,290 | 11,396 | ||||||||||||||||||||||||
Commercial business | 28,448 | 31,627 | ||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||
Home equity | 17,903 | 17,133 | ||||||||||||||||||||||||
Auto | 5,619 | 6,519 | ||||||||||||||||||||||||
Other consumer | 2,320 | 3,266 | ||||||||||||||||||||||||
Gross loans | 446,387 | 418,139 | ||||||||||||||||||||||||
Undisbursed portion of construction loans | -6,271 | -4,389 | ||||||||||||||||||||||||
Principal loan balance | 440,116 | 413,750 | ||||||||||||||||||||||||
Deferred loan origination fees and costs, net | 10 | 163 | ||||||||||||||||||||||||
Allowance for loan losses | -6,250 | -5,538 | ||||||||||||||||||||||||
Loans, net | $ | 433,876 | $ | 408,375 | ||||||||||||||||||||||
Summary of activity for related party loans | The following is a summary of activity for related party loans for the years ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||||||||||||
Beginning balance | $ | 5,946 | $ | 7,182 | ||||||||||||||||||||||
New loans and advances | 1,897 | 1,363 | ||||||||||||||||||||||||
Repayments | -1,431 | -1,665 | ||||||||||||||||||||||||
Reclassifications | -106 | -934 | ||||||||||||||||||||||||
Ending balance | $ | 6,306 | $ | 5,946 | ||||||||||||||||||||||
Components of Recorded Investment in Loans for Each Portfolio Class | The following table provides the components of the recorded investment in loans as of September 30, 2014: | |||||||||||||||||||||||||
Residential | Commercial | Land & Land | Commercial | |||||||||||||||||||||||
Real Estate | Real Estate | Multifamily | Construction | Development | Business | Consumer | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Recorded Investment in Loans: | ||||||||||||||||||||||||||
Principal loan balance | $ | 182,743 | $ | 153,896 | $ | 21,286 | $ | 16,611 | $ | 11,290 | $ | 28,448 | $ | 25,842 | $ | 440,116 | ||||||||||
Accrued interest receivable | 590 | 384 | 53 | 44 | 31 | 111 | 63 | 1,276 | ||||||||||||||||||
Net deferred loan origination fees and costs | 337 | -252 | -28 | -54 | 4 | -9 | 12 | 10 | ||||||||||||||||||
Recorded investment in loans | $ | 183,670 | $ | 154,028 | $ | 21,311 | $ | 16,601 | $ | 11,325 | $ | 28,550 | $ | 25,917 | $ | 441,402 | ||||||||||
Recorded Investment in Loans as Evaluated for Impairment: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,866 | $ | 5,705 | $ | - | $ | - | $ | - | $ | 145 | $ | 350 | $ | 11,066 | ||||||||||
Collectively evaluated for impairment | 178,298 | 148,323 | 21,311 | 16,601 | 11,325 | 28,405 | 25,535 | 429,798 | ||||||||||||||||||
Acquired with deteriorated credit quality | 506 | - | - | - | - | - | 32 | 538 | ||||||||||||||||||
Recorded investment in loans | $ | 183,670 | $ | 154,028 | $ | 21,311 | $ | 16,601 | $ | 11,325 | $ | 28,550 | $ | 25,917 | $ | 441,402 | ||||||||||
The following table provides the components of the recorded investment in loans as of September 30, 2013: | ||||||||||||||||||||||||||
Residential | Commercial | Land & Land | Commercial | |||||||||||||||||||||||
Real Estate | Real Estate | Multifamily | Construction | Development | Business | Consumer | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Recorded Investment in Loans: | ||||||||||||||||||||||||||
Principal loan balance | $ | 184,390 | $ | 117,782 | $ | 26,759 | $ | 14,878 | $ | 11,396 | $ | 31,627 | $ | 26,918 | $ | 413,750 | ||||||||||
Accrued interest receivable | 600 | 316 | 57 | 31 | 40 | 86 | 78 | 1,208 | ||||||||||||||||||
Net deferred loan origination fees and costs | 415 | -169 | -38 | -46 | -7 | -5 | 13 | 163 | ||||||||||||||||||
Recorded investment in loans | $ | 185,405 | $ | 117,929 | $ | 26,778 | $ | 14,863 | $ | 11,429 | $ | 31,708 | $ | 27,009 | $ | 415,121 | ||||||||||
Recorded Investment in Loans as Evaluated for Impairment: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 5,429 | $ | 6,091 | $ | 2,306 | $ | 29 | $ | - | $ | 235 | $ | 456 | $ | 14,546 | ||||||||||
Collectively evaluated for impairment | 179,372 | 111,838 | 24,472 | 14,834 | 11,429 | 31,473 | 26,519 | 399,937 | ||||||||||||||||||
Acquired with deteriorated credit quality | 604 | - | - | - | - | - | 34 | 638 | ||||||||||||||||||
Recorded investment in loans | $ | 185,405 | $ | 117,929 | $ | 26,778 | $ | 14,863 | $ | 11,429 | $ | 31,708 | $ | 27,009 | $ | 415,121 | ||||||||||
Allowance for Loan Losses | An analysis of the allowance for loan losses as of and for the year ended September 30, 2014 is as follows: | |||||||||||||||||||||||||
Residential | Commercial | Multifamily | Construction | Land & Land | Commercial | Consumer | Total | |||||||||||||||||||
Real Estate | Real Estate | Development | Business | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Changes in Allowance for Loan Losses: | ||||||||||||||||||||||||||
Beginning balance | $ | 780 | $ | 2,826 | $ | 249 | $ | 229 | $ | 299 | $ | 907 | $ | 248 | $ | 5,538 | ||||||||||
Provisions | 47 | 987 | -103 | 214 | 3 | 122 | -24 | 1,246 | ||||||||||||||||||
Charge-offs | -278 | -224 | - | - | - | -234 | -136 | -872 | ||||||||||||||||||
Recoveries | 28 | 219 | - | - | - | - | 91 | 338 | ||||||||||||||||||
Ending balance | $ | 577 | $ | 3,808 | $ | 146 | $ | 443 | $ | 302 | $ | 795 | $ | 179 | $ | 6,250 | ||||||||||
Ending Allowance Balance Attributable to Loans: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 13 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 8 | $ | 21 | ||||||||||
Collectively evaluated for impairment | 564 | 3,808 | 146 | 443 | 302 | 795 | 171 | 6,229 | ||||||||||||||||||
Acquired with deteriorated credit quality | - | - | - | - | - | - | - | - | ||||||||||||||||||
Ending balance | $ | 577 | $ | 3,808 | $ | 146 | $ | 443 | $ | 302 | $ | 795 | $ | 179 | $ | 6,250 | ||||||||||
An analysis of the allowance for loan losses as of and for the year ended September 30, 2013 is as follows: | ||||||||||||||||||||||||||
Residential | Commercial | Multifamily | Construction | Land & Land | Commercial | Consumer | Total | |||||||||||||||||||
Real Estate | Real Estate | Development | Business | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Changes in Allowance for Loan Losses: | ||||||||||||||||||||||||||
Beginning balance | $ | 908 | $ | 2,204 | $ | 389 | $ | 52 | $ | 2 | $ | 1,084 | $ | 267 | $ | 4,906 | ||||||||||
Provisions | 91 | 608 | -140 | 177 | 297 | 795 | 30 | 1,858 | ||||||||||||||||||
Charge-offs | -284 | -11 | - | - | - | -1,013 | -111 | -1,419 | ||||||||||||||||||
Recoveries | 65 | 25 | - | - | - | 41 | 62 | 193 | ||||||||||||||||||
Ending balance | $ | 780 | $ | 2,826 | $ | 249 | $ | 229 | $ | 299 | $ | 907 | $ | 248 | $ | 5,538 | ||||||||||
Ending Allowance Balance Attributable to Loans: | ||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 30 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 6 | $ | 36 | ||||||||||
Collectively evaluated for impairment | 750 | 2,826 | 249 | 229 | 299 | 907 | 242 | 5,502 | ||||||||||||||||||
Acquired with deteriorated credit quality | - | - | - | - | - | - | - | - | ||||||||||||||||||
Ending balance | $ | 780 | $ | 2,826 | $ | 249 | $ | 229 | $ | 299 | $ | 907 | $ | 248 | $ | 5,538 | ||||||||||
Impaired Loans Individually Evaluated for Impairment | The following table presents impaired loans individually evaluated for impairment as of and for the year ended September 30, 2014. The Company recognized $52,000 of interest income on impaired commercial real estate loans using the cash receipts method of accounting for the year ended September 30, 2014. | |||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Loans with no related allowance recorded: | ||||||||||||||||||||||||||
Residential real estate | $ | 4,974 | $ | 5,426 | $ | - | $ | 5,878 | $ | 131 | ||||||||||||||||
Commercial real estate | 5,705 | 5,739 | - | 5,864 | 189 | |||||||||||||||||||||
Multifamily | - | - | - | 1,883 | 94 | |||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||
Land and land development | - | - | - | - | - | |||||||||||||||||||||
Commercial business | 145 | 133 | - | 287 | 1 | |||||||||||||||||||||
Consumer | 255 | 258 | - | 285 | 6 | |||||||||||||||||||||
$ | 11,079 | $ | 11,556 | $ | - | $ | 14,197 | $ | 421 | |||||||||||||||||
Loans with an allowance recorded: | ||||||||||||||||||||||||||
Residential real estate | $ | 167 | $ | 166 | $ | 13 | $ | 64 | $ | - | ||||||||||||||||
Commercial real estate | - | - | - | - | - | |||||||||||||||||||||
Multifamily | - | - | - | - | - | |||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||
Land and land development | - | - | - | - | - | |||||||||||||||||||||
Commercial business | - | - | - | - | - | |||||||||||||||||||||
Consumer | 95 | 95 | 8 | 97 | - | |||||||||||||||||||||
$ | 262 | $ | 261 | $ | 21 | $ | 161 | $ | - | |||||||||||||||||
Total: | ||||||||||||||||||||||||||
Residential real estate | $ | 5,141 | $ | 5,592 | $ | 13 | $ | 5,942 | $ | 131 | ||||||||||||||||
Commercial real estate | 5,705 | 5,739 | - | 5,864 | 189 | |||||||||||||||||||||
Multifamily | - | - | - | 1,883 | 94 | |||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||
Land and land development | - | - | - | - | - | |||||||||||||||||||||
Commercial business | 145 | 133 | - | 287 | 1 | |||||||||||||||||||||
Consumer | 350 | 353 | 8 | 382 | 6 | |||||||||||||||||||||
$ | 11,341 | $ | 11,817 | $ | 21 | $ | 14,358 | $ | 421 | |||||||||||||||||
The following table presents impaired loans individually evaluated for impairment as of and for the year ended September 30, 2013. The Company did not recognize any interest income on impaired loans using the cash receipts method of accounting for the year ended September 30, 2013. | ||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Loans with no related allowance recorded: | ||||||||||||||||||||||||||
Residential real estate | $ | 5,647 | $ | 5,975 | $ | - | $ | 6,561 | $ | 119 | ||||||||||||||||
Commercial real estate | 6,091 | 6,099 | - | 2,368 | 77 | |||||||||||||||||||||
Multifamily | 2,306 | 2,246 | - | 2,265 | 113 | |||||||||||||||||||||
Construction | 29 | 13 | - | 147 | - | |||||||||||||||||||||
Land and land development | - | - | - | - | - | |||||||||||||||||||||
Commercial business | 235 | 235 | - | 443 | 1 | |||||||||||||||||||||
Consumer | 361 | 357 | - | 336 | 7 | |||||||||||||||||||||
$ | 14,669 | $ | 14,925 | $ | - | $ | 12,120 | $ | 317 | |||||||||||||||||
Loans with an allowance recorded: | ||||||||||||||||||||||||||
Residential real estate | $ | 59 | $ | 55 | $ | 30 | $ | 157 | $ | - | ||||||||||||||||
Commercial real estate | - | - | - | 106 | - | |||||||||||||||||||||
Multifamily | - | - | - | - | - | |||||||||||||||||||||
Construction | - | - | - | - | - | |||||||||||||||||||||
Land and land development | - | - | - | - | - | |||||||||||||||||||||
Commercial business | - | - | - | 165 | - | |||||||||||||||||||||
Consumer | 95 | 95 | 6 | 78 | - | |||||||||||||||||||||
$ | 154 | $ | 150 | $ | 36 | $ | 506 | $ | - | |||||||||||||||||
Total: | ||||||||||||||||||||||||||
Residential real estate | $ | 5,706 | $ | 6,030 | $ | 30 | $ | 6,718 | $ | 119 | ||||||||||||||||
Commercial real estate | 6,091 | 6,099 | - | 2,474 | 77 | |||||||||||||||||||||
Multifamily | 2,306 | 2,246 | - | 2,265 | 113 | |||||||||||||||||||||
Construction | 29 | 13 | - | 147 | - | |||||||||||||||||||||
Land and land development | - | - | - | - | - | |||||||||||||||||||||
Commercial business | 235 | 235 | - | 608 | 1 | |||||||||||||||||||||
Consumer | 456 | 452 | 6 | 414 | 7 | |||||||||||||||||||||
$ | 14,823 | $ | 15,075 | $ | 36 | $ | 12,626 | $ | 317 | |||||||||||||||||
Recorded Investment in Nonperforming Loans by Class of Loans | Nonperforming loans consists of nonaccrual loans and loans over 90 days past due and still accruing interest. The following table presents the recorded investment in nonperforming loans at September 30, 2014 and 2013: | |||||||||||||||||||||||||
At September 30, 2014 | At September 30, 2013 | |||||||||||||||||||||||||
Loans 90+ | Loans 90+ | |||||||||||||||||||||||||
Days | Total | Nonaccrual | Days | Total | ||||||||||||||||||||||
Nonaccrual | Past Due | Nonperforming | Loans | Past Due | Nonperforming | |||||||||||||||||||||
Loans | Still Accruing | Loans | Still Accruing | Loans | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Residential real estate | $ | 2,431 | $ | 458 | $ | 2,889 | $ | 3,519 | $ | 143 | $ | 3,662 | ||||||||||||||
Commercial real estate | 1,034 | - | 1,034 | 4,817 | - | 4,817 | ||||||||||||||||||||
Multifamily | - | - | - | - | - | - | ||||||||||||||||||||
Construction | - | - | - | 29 | - | 29 | ||||||||||||||||||||
Land and land development | - | - | - | - | - | - | ||||||||||||||||||||
Commercial business | 123 | - | 123 | 218 | - | 218 | ||||||||||||||||||||
Consumer | 216 | 20 | 236 | 310 | 21 | 331 | ||||||||||||||||||||
Total | $ | 3,804 | $ | 478 | $ | 4,282 | $ | 8,893 | $ | 164 | $ | 9,057 | ||||||||||||||
Aging of Recorded Investment in Past Due Loans | The following table presents the aging of the recorded investment in past due loans at September 30, 2014: | |||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Total | Total | ||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Loans | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Residential real estate | $ | 4,493 | $ | 1,639 | $ | 1,823 | $ | 7,955 | $ | 175,715 | $ | 183,670 | ||||||||||||||
Commercial real estate | 115 | 54 | 59 | 228 | 153,800 | 154,028 | ||||||||||||||||||||
Multifamily | 297 | - | - | 297 | 21,014 | 21,311 | ||||||||||||||||||||
Construction | - | - | - | - | 16,601 | 16,601 | ||||||||||||||||||||
Land and land development | 6 | 205 | - | 211 | 11,114 | 11,325 | ||||||||||||||||||||
Commercial business | 259 | - | 123 | 382 | 28,168 | 28,550 | ||||||||||||||||||||
Consumer | 39 | 79 | 72 | 190 | 25,727 | 25,917 | ||||||||||||||||||||
Total | $ | 5,209 | $ | 1,977 | $ | 2,077 | $ | 9,263 | $ | 432,139 | $ | 441,402 | ||||||||||||||
The following table presents the aging of the recorded investment in past due loans at September 30, 2013: | ||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Total | Total | ||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Loans | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Residential real estate | $ | 2,981 | $ | 1,333 | $ | 2,466 | $ | 6,780 | $ | 178,625 | $ | 185,405 | ||||||||||||||
Commercial real estate | 295 | 211 | 667 | 1,173 | 116,756 | 117,929 | ||||||||||||||||||||
Multifamily | 35 | - | - | 35 | 26,743 | 26,778 | ||||||||||||||||||||
Construction | - | - | - | - | 14,863 | 14,863 | ||||||||||||||||||||
Land and land development | 9 | - | - | 9 | 11,420 | 11,429 | ||||||||||||||||||||
Commercial business | - | 14 | 234 | 248 | 31,460 | 31,708 | ||||||||||||||||||||
Consumer | 186 | 53 | 223 | 462 | 26,547 | 27,009 | ||||||||||||||||||||
Total | $ | 3,506 | $ | 1,611 | $ | 3,590 | $ | 8,707 | $ | 406,414 | $ | 415,121 | ||||||||||||||
Recorded Investment in Loans by Risk Category | The following table presents the recorded investment in loans by risk category as of the date indicated: | |||||||||||||||||||||||||
Residential | Commercial | Land and Land | Commercial | |||||||||||||||||||||||
Real Estate | Real Estate | Multifamily | Construction | Development | Business | Consumer | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
September 30, 2014: | ||||||||||||||||||||||||||
Pass | $ | 172,822 | $ | 138,854 | $ | 21,311 | $ | 16,601 | $ | 11,206 | $ | 28,127 | $ | 25,471 | $ | 414,392 | ||||||||||
Special Mention | 4,233 | 10,226 | - | - | 6 | 278 | 89 | 14,832 | ||||||||||||||||||
Substandard | 6,398 | 4,948 | - | - | 113 | 145 | 350 | 11,954 | ||||||||||||||||||
Doubtful | 217 | - | - | - | - | - | 7 | 224 | ||||||||||||||||||
Loss | - | - | - | - | - | - | - | - | ||||||||||||||||||
Total | $ | 183,670 | $ | 154,028 | $ | 21,311 | $ | 16,601 | $ | 11,325 | $ | 28,550 | $ | 25,917 | $ | 441,402 | ||||||||||
September 30, 2013: | ||||||||||||||||||||||||||
Pass | $ | 173,350 | $ | 109,311 | $ | 26,778 | $ | 14,863 | $ | 11,283 | $ | 30,920 | $ | 26,272 | $ | 392,777 | ||||||||||
Special Mention | 4,519 | 2,104 | - | - | 146 | 373 | 114 | 7,256 | ||||||||||||||||||
Substandard | 7,190 | 6,033 | - | - | - | 210 | 568 | 14,001 | ||||||||||||||||||
Doubtful | 346 | 481 | - | - | - | 205 | 55 | 1,087 | ||||||||||||||||||
Loss | - | - | - | - | - | - | - | - | ||||||||||||||||||
Total | $ | 185,405 | $ | 117,929 | $ | 26,778 | $ | 14,863 | $ | 11,429 | $ | 31,708 | $ | 27,009 | $ | 415,121 | ||||||||||
Recorded Investment in Troubled Debt Restructurings by Class of Loan and Accrual Status | The following table summarizes the Company’s TDRs by accrual status at September 30, 2014 and 2013. There was no specific reserve included in the allowance for loan losses related to TDRs at September 30, 2014 and 2013. | |||||||||||||||||||||||||
Accruing | Nonaccrual | Total | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
September 30, 2014: | ||||||||||||||||||||||||||
Residential real estate | $ | 2,710 | $ | 214 | $ | 2,924 | ||||||||||||||||||||
Commercial real estate | 4,671 | 696 | 5,367 | |||||||||||||||||||||||
Commercial business | 22 | - | 22 | |||||||||||||||||||||||
Consumer | 134 | - | 134 | |||||||||||||||||||||||
Total | $ | 7,537 | $ | 910 | $ | 8,447 | ||||||||||||||||||||
September 30, 2013: | ||||||||||||||||||||||||||
Residential real estate | $ | 2,187 | $ | 777 | $ | 2,964 | ||||||||||||||||||||
Commercial real estate | 1,274 | 4,029 | 5,303 | |||||||||||||||||||||||
Multifamily | 2,306 | - | 2,306 | |||||||||||||||||||||||
Commercial business | 17 | 13 | 30 | |||||||||||||||||||||||
Consumer | 146 | - | 146 | |||||||||||||||||||||||
Total | $ | 5,930 | $ | 4,819 | $ | 10,749 | ||||||||||||||||||||
Troubled Debt Restructurings | The following table summarizes information in regard to TDRs that were restructured during the years ended September 30, 2014 and 2013. | |||||||||||||||||||||||||
Pre- | Post- | |||||||||||||||||||||||||
Modification | Modification | |||||||||||||||||||||||||
Number of | Principal | Principal | ||||||||||||||||||||||||
Loans | Balance | Balance | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
September 30, 2014: | ||||||||||||||||||||||||||
Residential real estate | 6 | $ | 326 | $ | 397 | |||||||||||||||||||||
Commercial real estate | 1 | 716 | 724 | |||||||||||||||||||||||
Total | 7 | $ | 1,042 | $ | 1,121 | |||||||||||||||||||||
September 30, 2013: | ||||||||||||||||||||||||||
Residential real estate | 2 | $ | 143 | $ | 143 | |||||||||||||||||||||
Commercial real estate | 1 | 4,061 | 4,066 | |||||||||||||||||||||||
Commercial business | 1 | 18 | 20 | |||||||||||||||||||||||
Consumer | 1 | 5 | 5 | |||||||||||||||||||||||
Total | 5 | $ | 4,227 | $ | 4,234 | |||||||||||||||||||||
REAL_ESTATE_DEVELOPMENT_AND_CO1
REAL ESTATE DEVELOPMENT AND CONSTRUCTION (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Real Estate [Abstract] | ||||||||
Schedule of Real Estate Properties | Real estate development and construction consisted of the following at September 30, 2014 and 2013: | |||||||
(In thousands) | 2014 | 2013 | ||||||
Land and land improvements | $ | 4,159 | $ | 4,159 | ||||
Office buildings | 3,248 | 3,032 | ||||||
Furniture, fixtures and equipment | 74 | 74 | ||||||
7,481 | 7,265 | |||||||
Less accumulated depreciation | 279 | 87 | ||||||
Totals | $ | 7,202 | $ | 7,178 | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | The following is a schedule by years of future minimum lease payments under the leases as of September 30, 2014: | |||||||
Years ending September 30: | (In thousands) | |||||||
2015 | $ | 632 | ||||||
2016 | 632 | |||||||
2017 | 632 | |||||||
2018 | 644 | |||||||
2019 | 628 | |||||||
2020 and thereafter | 3,632 | |||||||
Total | $ | 6,800 | ||||||
PREMISES_AND_EQUIPMENT_Tables
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Premises And Equipment | Premises and equipment consisted of the following: | |||||||
(In thousands) | 2014 | 2013 | ||||||
Land and land improvements | $ | 5,218 | $ | 5,242 | ||||
Office buildings | 10,376 | 10,400 | ||||||
Furniture, fixtures and equipment | 4,467 | 4,264 | ||||||
20,061 | 19,906 | |||||||
Less accumulated depreciation | 5,786 | 5,064 | ||||||
Totals | $ | 14,275 | $ | 14,842 | ||||
GOODWILL_AND_OTHER_INTANGIBLES1
GOODWILL AND OTHER INTANGIBLES (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the years ended September 30, 2014 and 2013 are summarized as follows: | |||||||
(In thousands) | 2014 | 2013 | ||||||
Beginning balance | $ | 7,936 | $ | 7,936 | ||||
Changes in goodwill | - | - | ||||||
Ending balance | $ | 7,936 | $ | 7,936 | ||||
Summary Of Other Intangible Assets | The following is a summary of other intangible assets subject to amortization: | |||||||
(In thousands) | 2014 | 2013 | ||||||
Core deposit intangible acquired in Community First acquisition | $ | 2,741 | $ | 2,741 | ||||
Core deposit intangible acquired in First Federal branch acquisition | 566 | 566 | ||||||
Less accumulated amortization | -1,582 | -1,238 | ||||||
Ending balance | $ | 1,725 | $ | 2,069 | ||||
Estimated Amortization Expense For The Core Deposit Intangibles | Amortization expense of intangibles amounted to $344,000 and $344,000 for the years ended September 30, 2014 and 2013, respectively. Estimated amortization expense for the core deposit intangibles for each of the ensuing five years and in the aggregate is as follows: | |||||||
Years ending September 30: | (In thousands) | |||||||
2015 | $ | 344 | ||||||
2016 | 344 | |||||||
2017 | 344 | |||||||
2018 | 344 | |||||||
2019 | 148 | |||||||
2020 and thereafter | 201 | |||||||
Total | $ | 1,725 | ||||||
DEPOSITS_Tables
DEPOSITS (Tables) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Scheduled Maturities Of Certificates Of Deposit | At September 30, 2014, scheduled maturities of certificates of deposit were as follows: | ||||
Years ending September 30: | (In thousands) | ||||
2015 | $ | 116,192 | |||
2016 | 26,869 | ||||
2017 | 31,609 | ||||
2018 | 7,313 | ||||
2019 and thereafter | 25,532 | ||||
Total | $ | 207,515 | |||
REPURCHASE_AGREEMENTS_Tables
REPURCHASE AGREEMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Schedule Of Repurchase Agreements | Repurchase agreements at September 30, 2014 and 2013 are summarized as follows: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Weighted | Weighted | ||||||||||||||||
Average | Average | ||||||||||||||||
(Dollars in thousands) | Rate | Amount | Rate | Amount | |||||||||||||
Retail repurchase agreements | 0.25 | % | $ | 1,338 | 0.25 | % | $ | 1,335 | |||||||||
Retail Repurchase Agreements [Member] | |||||||||||||||||
Borrowings Under Repurchase Agreements | Information concerning borrowings under retail repurchase agreements as of and for the years ended September 30, 2014 and 2013 is summarized as follows: | ||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||
Weighted average interest rate during the year | 0.25 | % | 0.45 | % | |||||||||||||
Average balance during the year | $ | 1,336 | $ | 1,332 | |||||||||||||
Maximum month-end balance during the year | 1,338 | 1,335 | |||||||||||||||
Available for sale debt securities underlying the agreements at September 30: | |||||||||||||||||
Amortized cost | $ | 1,719 | $ | 1,889 | |||||||||||||
Fair value | 1,758 | 1,913 | |||||||||||||||
BORROWINGS_FROM_FEDERAL_HOME_L1
BORROWINGS FROM FEDERAL HOME LOAN BANK (Tables) | 12 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||
Borrowings from the FHLB | At September 30, 2014 and 2013 borrowings from the FHLB were as follows: | ||||||||||||||
2014 | 2013 | ||||||||||||||
Weighted | Weighted | ||||||||||||||
Average | Average | ||||||||||||||
(Dollars in thousands) | Rate | Amount | Rate | Amount | |||||||||||
Advances maturing in: | |||||||||||||||
2014 | - | % | $ | - | 0.34 | % | $ | 35,000 | |||||||
2015 | 1.38 | % | 45,000 | 2.66 | % | 20,000 | |||||||||
2017 | 1.1 | % | 15,000 | 1.1 | % | 15,000 | |||||||||
2018 | 1.04 | % | 10,000 | 1.04 | % | 10,000 | |||||||||
Total advances | 70,000 | 80,000 | |||||||||||||
Line of credit balance | 0.43 | % | 9,548 | 0.45 | % | 9,348 | |||||||||
Total borrowings from | |||||||||||||||
Federal Home Loan Bank | $ | 79,548 | $ | 89,348 | |||||||||||
BENEFIT_PLANS_Tables
BENEFIT PLANS (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Share-Based Arrangements With Employees and Nonemployees [Abstract] | ||||||||
Common Stock Held by Employee Stock Ownership Plan Trust | Company common stock held by the ESOP trust at September 30, 2014 and 2013 was as follows: | |||||||
2014 | 2013 | |||||||
Allocated shares | 132,339 | 103,116 | ||||||
Unearned shares | 53,706 | 86,495 | ||||||
Total ESOP shares | 186,045 | 189,611 | ||||||
Fair value of unearned shares | $ | 1,341,000 | $ | 1,946,000 | ||||
STOCK_BASED_COMPENSATION_PLANS1
STOCK BASED COMPENSATION PLANS (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ||||||||||||||
Nonvested Restricted Shares Activity | A summary of the Company’s nonvested restricted shares for the year ended September 30, 2014 is as follows: | |||||||||||||
Weighted | ||||||||||||||
Number | Average | |||||||||||||
of | Grant-Date | |||||||||||||
Shares | Fair Value | |||||||||||||
Nonvested at beginning of year | 39,230 | $ | 13.25 | |||||||||||
Granted | - | - | ||||||||||||
Vested | -19,620 | 13.25 | ||||||||||||
Forfeited | - | - | ||||||||||||
Nonvested at end of year | 19,610 | $ | 13.25 | |||||||||||
Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of options granted was determined using the following assumptions: | |||||||||||||
Expected dividend yield | 4.53 | % | ||||||||||||
Risk-free interest rate | 2.82 | % | ||||||||||||
Expected volatility | 30 | % | ||||||||||||
Expected life of options | 7.0 years | |||||||||||||
Weighted average fair value at grant date | $ | 3.09 | ||||||||||||
Stock Option Activity | A summary of stock option activity under the plan as of September 30, 2014, and changes during the year then ended is presented below. | |||||||||||||
Weighted | ||||||||||||||
Weighted | Average | |||||||||||||
Number | Average | Remaining | Aggregate | |||||||||||
of | Exercise | Contractual | Intrinsic | |||||||||||
Shares | Price | Term | Value | |||||||||||
Outstanding at beginning of year | 245,232 | $ | 13.25 | 6.6 | $ | 2,268,000 | ||||||||
Granted | - | - | ||||||||||||
Exercised | -11,000 | $ | 13.25 | $ | 127,000 | |||||||||
Forfeited or expired | - | - | ||||||||||||
Outstanding at end of year | 234,232 | $ | 13.25 | 5.6 | $ | 2,743,000 | ||||||||
Exercisable at end of year | 185,185 | $ | 13.25 | 5.6 | $ | 2,169,000 | ||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Components of Income Tax Expense | The Company and its subsidiaries file consolidated income tax returns. The components of consolidated income tax expense were as follows for the years ended September 30, 2014 and 2013: | |||||||
(In thousands) | 2014 | 2013 | ||||||
Current | $ | 1,843 | $ | 1,228 | ||||
Tax benefit allocated to additional paid-in capital related to equity incentive plan | 84 | 70 | ||||||
Deferred | 150 | 513 | ||||||
Income tax expense | $ | 2,077 | $ | 1,811 | ||||
Reconciliation Of Income Tax Expense | The reconciliation of income tax expense with the amount which would have been provided at the federal statutory rate of 34 percent follows for the years ended September 30, 2014 and 2013: | |||||||
(In thousands) | 2014 | 2013 | ||||||
Provision at federal statutory rate | $ | 2,539 | $ | 2,212 | ||||
State income tax-net of federal tax benefit | 161 | 159 | ||||||
Tax-exempt interest income | -653 | -608 | ||||||
Increase in cash value of life insurance | -169 | -130 | ||||||
Other | 199 | 178 | ||||||
Income tax expense | $ | 2,077 | $ | 1,811 | ||||
Deferred Tax Assets And Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of September 30, 2014 and 2013 are as follows: | |||||||
(In thousands) | 2014 | 2013 | ||||||
Deferred tax assets: | ||||||||
Allowance for loan losses | $ | 2,475 | $ | 2,212 | ||||
Acquisition purchase accounting adjustments | - | 9 | ||||||
Deferred compensation plans | 374 | 315 | ||||||
Equity incentive plans | 108 | 92 | ||||||
Other-than-temporary impairment loss on available for sale securities | 17 | 16 | ||||||
Valuation allowance on other real estate owned and repossessed assets | 74 | 48 | ||||||
Deferred interest income on nonaccrual loans | 68 | 78 | ||||||
Other | - | 239 | ||||||
Deferred tax assets | 3,116 | 3,009 | ||||||
Deferred tax liabilities: | ||||||||
Unrealized gain on securities available for sale | -2,169 | -882 | ||||||
Accumulated depreciation | -1,417 | -1,399 | ||||||
Acquisition purchase accounting adjustments | -219 | - | ||||||
Deferred loan fees and costs, net | -4 | -63 | ||||||
FHLB stock dividends | -133 | -133 | ||||||
Section 481 adjustment for bad debt recapture | - | -62 | ||||||
Unrealized gain on trading account securities | -14 | -17 | ||||||
Other | -144 | - | ||||||
Deferred tax liabilities | -4,100 | -2,556 | ||||||
Net deferred tax asset (liability) | $ | -984 | $ | 453 | ||||
COMMITMENTS_AND_CONTINGENT_LIA1
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Commitments To Extend Credit | The following is a summary of the commitments to extend credit at September 30, 2014 and 2013: | |||||||
(In thousands) | 2014 | 2013 | ||||||
Loan commitments: | ||||||||
Fixed rate | $ | 11,640 | $ | 13,353 | ||||
Adjustable rate | 5,146 | 3,978 | ||||||
Guarantees of third-party revolving credit | 89 | - | ||||||
Undisbursed portion of home equity lines of credit | 20,072 | 19,043 | ||||||
Undisbursed portion of commercial and personal lines of credit | 24,149 | 23,722 | ||||||
Undisbursed portion of construction loans in process | 6,271 | 4,388 | ||||||
Total commitments to extend credit | $ | 67,367 | $ | 64,484 | ||||
DISCLOSURES_ABOUT_FAIR_VALUE_O1
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Estimated Fair Values of Financial Instruments | The following table summarizes the carrying value and estimated fair value of financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2014 and 2013. | |||||||||||||
Carrying | Fair Value Measurements Using: | |||||||||||||
Amount | Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | ||||||||||||||
September 30, 2014: | ||||||||||||||
Financial assets: | ||||||||||||||
Cash and due from banks | $ | 8,853 | $ | 8,853 | $ | - | $ | - | ||||||
Interest-bearing deposits with banks | 11,477 | 11,477 | - | - | ||||||||||
Interest-bearing time deposits | 1,500 | - | 1,496 | - | ||||||||||
Trading account securities | 5,319 | - | 5,319 | - | ||||||||||
Securities available for sale | 184,697 | - | 184,697 | - | ||||||||||
Securities held to maturity | 5,419 | - | 5,849 | - | ||||||||||
Loans, net | 433,876 | - | - | 434,023 | ||||||||||
Loans held for sale | 281 | - | 281 | - | ||||||||||
FHLB stock | 6,517 | - | 6,517 | - | ||||||||||
Accrued interest receivable | 2,511 | - | 2,511 | - | ||||||||||
Interest rate cap (included in other assets) | 1 | - | 1 | - | ||||||||||
Financial liabilities: | ||||||||||||||
Deposits | 533,194 | - | - | 535,364 | ||||||||||
Short-term repurchase agreements | 1,338 | - | 1,338 | - | ||||||||||
Borrowings from FHLB | 79,548 | - | 79,455 | - | ||||||||||
Other long-term debt | 4,812 | - | 4,812 | - | ||||||||||
Accrued interest payable | 175 | - | 175 | - | ||||||||||
Advance payments by borrowers for taxes and insurance | 748 | - | 748 | - | ||||||||||
September 30, 2013: | ||||||||||||||
Financial assets: | ||||||||||||||
Cash and due from banks | $ | 9,607 | $ | 9,607 | $ | - | $ | - | ||||||
Interest-bearing deposits with banks | 11,208 | 11,208 | - | - | ||||||||||
Interest-bearing time deposits | 1,500 | - | 1,475 | - | ||||||||||
Trading account securities | 3,210 | - | 3,210 | - | ||||||||||
Securities available for sale | 164,167 | 93 | 164,074 | - | ||||||||||
Securities held to maturity | 6,417 | - | 6,514 | - | ||||||||||
Loans, net | 408,375 | - | - | 413,629 | ||||||||||
Loans held for sale | 399 | - | 399 | - | ||||||||||
FHLB stock | 5,500 | - | 5,500 | - | ||||||||||
Accrued interest receivable | 2,391 | - | 2,391 | - | ||||||||||
Interest rate cap (included in other assets) | 11 | - | 11 | - | ||||||||||
Financial liabilities: | ||||||||||||||
Deposits | 477,726 | - | - | 477,094 | ||||||||||
Short-term repurchase agreements | 1,335 | - | 1,335 | - | ||||||||||
Borrowings from FHLB | 89,348 | - | 87,932 | - | ||||||||||
Other long-term debt | 4,973 | - | 4,973 | - | ||||||||||
Accrued interest payable | 184 | - | 184 | - | ||||||||||
Advance payments by borrowers for taxes and insurance | 707 | - | 707 | - | ||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Financial Assets Measured at Fair Value on Recurring and Nonrecurring Basis | The table below presents the balances of financial assets measured at fair value on a recurring and nonrecurring basis as of September 30, 2014. The Company had no liabilities measured at fair value as of September 30, 2014. | |||||||||||||
Carrying Value | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
(In thousands) | ||||||||||||||
September 30, 2014: | ||||||||||||||
Assets Measured – Recurring Basis | ||||||||||||||
Trading account securities | $ | - | $ | 5,319 | $ | - | $ | 5,319 | ||||||
Securities available for sale: | ||||||||||||||
Agency bonds and notes | $ | - | $ | 12,091 | $ | - | $ | 12,091 | ||||||
Agency mortgage-backed | - | 52,255 | - | 52,255 | ||||||||||
Agency CMO | - | 29,484 | - | 29,484 | ||||||||||
Privately-issued CMO | - | 3,920 | - | 3,920 | ||||||||||
Privately-issued ABS | - | 7,353 | - | 7,353 | ||||||||||
SBA certificates | - | 1,762 | - | 1,762 | ||||||||||
Municipal obligations | - | 77,832 | - | 77,832 | ||||||||||
Total securities available for sale | $ | - | $ | 184,697 | $ | - | $ | 184,697 | ||||||
Interest rate cap | $ | - | $ | 1 | $ | - | $ | 1 | ||||||
Assets Measured – Nonrecurring Basis | ||||||||||||||
Impaired loans: | ||||||||||||||
Residential real estate | $ | - | $ | - | $ | 5,128 | $ | 5,128 | ||||||
Commercial real estate | - | - | 5,705 | 5,705 | ||||||||||
Multifamily | - | - | - | - | ||||||||||
Construction | - | - | - | - | ||||||||||
Commercial business | - | - | 145 | 145 | ||||||||||
Consumer | - | - | 342 | 342 | ||||||||||
Total impaired loans | $ | - | $ | - | $ | 11,320 | $ | 11,320 | ||||||
Loans held for sale | $ | - | $ | 281 | $ | - | $ | 281 | ||||||
Other real estate owned, held for sale: | ||||||||||||||
Residential real estate | $ | - | $ | - | $ | 518 | $ | 518 | ||||||
Commercial real estate | - | - | 377 | 377 | ||||||||||
Land and land development | - | - | 58 | 58 | ||||||||||
Total other real estate owned | $ | - | $ | - | $ | 953 | $ | 953 | ||||||
The table below presents the balances of financial assets measured at fair value on a recurring and nonrecurring basis as of September 30, 2013. The Company had no liabilities measured at fair value as of September 30, 2013. | ||||||||||||||
Carrying Value | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
(In thousands) | ||||||||||||||
September 30, 2013: | ||||||||||||||
Assets Measured – Recurring Basis | ||||||||||||||
Trading account securities | $ | - | $ | 3,210 | $ | - | $ | 3,210 | ||||||
Securities available for sale: | ||||||||||||||
Agency bonds and notes | $ | - | $ | 15,197 | $ | - | $ | 15,197 | ||||||
Agency mortgage-backed | - | 41,714 | - | 41,714 | ||||||||||
Agency CMO | - | 24,074 | - | 24,074 | ||||||||||
Privately-issued CMO | - | 4,616 | - | 4,616 | ||||||||||
Privately-issued ABS | - | 7,799 | - | 7,799 | ||||||||||
SBA certificates | - | 2,093 | - | 2,093 | ||||||||||
Municipal obligations | - | 68,581 | - | 68,581 | ||||||||||
Equity securities | 93 | - | - | 93 | ||||||||||
Total securities available for sale | $ | 93 | $ | 164,074 | $ | - | $ | 164,167 | ||||||
Interest rate cap | $ | - | $ | 11 | $ | - | $ | 11 | ||||||
Assets Measured – Nonrecurring Basis | ||||||||||||||
Impaired loans: | ||||||||||||||
Residential real estate | $ | - | $ | - | $ | 5,676 | $ | 5,676 | ||||||
Commercial real estate | - | - | 6,091 | 6,091 | ||||||||||
Multifamily | - | - | 2,306 | 2,306 | ||||||||||
Construction | - | - | 29 | 29 | ||||||||||
Commercial business | - | - | 235 | 235 | ||||||||||
Consumer | - | - | 450 | 450 | ||||||||||
Total impaired loans | $ | - | $ | - | $ | 14,787 | $ | 14,787 | ||||||
Loans held for sale | $ | - | $ | 399 | $ | - | $ | 399 | ||||||
Other real estate owned, held for sale: | ||||||||||||||
Residential real estate | $ | - | $ | - | $ | 397 | $ | 397 | ||||||
Commercial real estate | - | - | 375 | 375 | ||||||||||
Land and land development | - | - | 27 | 27 | ||||||||||
Total other real estate owned | $ | - | $ | - | $ | 799 | $ | 799 | ||||||
DERIVATIVE_INSTRUMENTS_Tables
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Components of Interest Rate Cap Contract | The following is a summary of the terms of the interest rate cap contract reported in the consolidated balance sheet in other assets at September 30, 2014: | ||||||||||||||||
Strike | Remaining | Notional | Purchase | Unrealized | Fair | ||||||||||||
Rate | Term | Amount | Premium | Loss | Value | ||||||||||||
(Dollars in thousands) | |||||||||||||||||
7.5 | % | 2.84 years | $ | 10,000 | $ | 150 | $ | 149 | $ | 1 | |||||||
REGULATORY_MATTERS_Tables
REGULATORY MATTERS (Tables) | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||||||
REGULATORY MATTERS | The Bank’s actual capital amounts and ratios are also presented in the table. No amount was deducted from capital for interest-rate risk in either year. | |||||||||||||||||||
Minimum | ||||||||||||||||||||
To Be Well | ||||||||||||||||||||
Minimum | Capitalized Under | |||||||||||||||||||
For Capital | Prompt Corrective | |||||||||||||||||||
Actual | Adequacy Purposes: | Action Provisions: | ||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||
As of September 30, 2014: | ||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 68,963 | 14.87 | % | $ | 37,101 | 8 | % | $ | 46,376 | 10 | % | ||||||||
Tier I capital (to risk weighted assets) | $ | 63,160 | 13.62 | % | N/A | $ | 27,826 | 6 | % | |||||||||||
Tier I capital (to adjusted total assets) | $ | 63,160 | 9.14 | % | $ | 27,653 | 4 | % | $ | 34,566 | 5 | % | ||||||||
Tangible capital (to adjusted total assets) | $ | 63,160 | 9.14 | % | $ | 10,370 | 1.5 | % | N/A | |||||||||||
As of September 30, 2013: | ||||||||||||||||||||
Total capital (to risk weighted assets) | $ | 71,828 | 17.04 | % | $ | 33,713 | 8 | % | $ | 42,141 | 10 | % | ||||||||
Tier I capital (to risk weighted assets) | $ | 66,515 | 15.78 | % | N/A | $ | 25,285 | 6 | % | |||||||||||
Tier I capital (to adjusted total assets) | $ | 66,515 | 10.36 | % | $ | 25,682 | 4 | % | $ | 32,103 | 5 | % | ||||||||
Tangible capital (to adjusted total assets) | $ | 66,515 | 10.36 | % | $ | 9,631 | 1.5 | % | N/A | |||||||||||
SUPPLEMENTAL_DISCLOSURE_FOR_EA1
SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share Information | Earnings per share information is presented below for the years ended September 30, 2014 and 2013. | |||||||
(In thousands, except share and per share data) | Years Ended September 30, | |||||||
2014 | 2013 | |||||||
Basic: | ||||||||
Earnings: | ||||||||
Net income | $ | 5,390 | $ | 4,696 | ||||
Less: Preferred stock dividends declared | -171 | -171 | ||||||
Net income available to common shareholders | $ | 5,219 | $ | 4,525 | ||||
Shares: | ||||||||
Weighted average common shares outstanding | 2,122,880 | 2,168,770 | ||||||
Net income per common share, basic | $ | 2.46 | $ | 2.09 | ||||
Diluted: | ||||||||
Earnings: | ||||||||
Net income | $ | 5,390 | $ | 4,696 | ||||
Less: Preferred stock dividends declared | -171 | -171 | ||||||
Net income available to common shareholders | $ | 5,219 | $ | 4,525 | ||||
Shares: | ||||||||
Weighted average common shares outstanding | 2,122,880 | 2,168,770 | ||||||
Add: Dilutive effect of outstanding options | 94,656 | 84,565 | ||||||
Add: Dilutive effect of restricted stock | 11,778 | 15,728 | ||||||
Weighted average common shares outstanding, as adjusted | 2,229,314 | 2,269,063 | ||||||
Net income per common share, diluted | $ | 2.34 | $ | 1.99 | ||||
PARENT_COMPANY_CONDENSED_FINAN1
PARENT COMPANY CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ||||||||
Condensed Balance Sheet Information | Balance Sheets | |||||||
(In thousands) | ||||||||
As of September 30, | ||||||||
2014 | 2013 | |||||||
Assets: | ||||||||
Cash and interest bearing deposits | $ | 7,419 | $ | 1,691 | ||||
Other assets | 904 | 745 | ||||||
Investment in subsidiaries | 79,233 | 80,057 | ||||||
$ | 87,556 | $ | 82,493 | |||||
Liabilities and Equity: | ||||||||
Accrued expenses | $ | 476 | $ | 240 | ||||
Stockholders' equity | 87,080 | 82,253 | ||||||
$ | 87,556 | $ | 82,493 | |||||
Condensed Income Statement Information | Statements of Income | |||||||
(In thousands) | ||||||||
Years Ended September 30, | ||||||||
2014 | 2013 | |||||||
Dividend income from subsidiary | $ | 10,000 | $ | 2,000 | ||||
Other operating expenses | -1,551 | -1,351 | ||||||
Income before income taxes and equity in undistributed net income of subsidiaries | 8,449 | 649 | ||||||
Income tax benefit | 400 | 355 | ||||||
Income before equity in undistributed net income of subsidiaries | 8,849 | 1,004 | ||||||
Equity in undistributed net income of subsidiaries | -3,459 | 3,692 | ||||||
Net income | $ | 5,390 | $ | 4,696 | ||||
Condensed Cash Flow Statement Information | Statements of Cash Flows | |||||||
(In thousands) | ||||||||
Years Ended September 30, | ||||||||
2014 | 2013 | |||||||
Operating Activities: | ||||||||
Net income | $ | 5,390 | $ | 4,696 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Equity in undistributed net income of subsidiaries | 3,459 | -3,692 | ||||||
ESOP and stock compensation expense | 1,127 | 1,063 | ||||||
Net change in other assets and liabilities | 214 | 97 | ||||||
Net cash provided by operating activities | 10,190 | 2,164 | ||||||
Investing Activities: | ||||||||
Investment in Captive | -250 | - | ||||||
Net cash used in investing activities | -250 | - | ||||||
Financing Activities: | ||||||||
Exercise of stock options | 146 | - | ||||||
Purchase of treasury stock | -3,273 | -625 | ||||||
Dividends paid | -1,085 | -1,743 | ||||||
Net cash used in financing activities | -4,212 | -2,368 | ||||||
Net increase (decrease) in cash and interest bearing deposits | 5,728 | -204 | ||||||
Cash and interest bearing deposits at beginning of year | 1,691 | 1,895 | ||||||
Cash and interest bearing deposits at end of year | $ | 7,419 | $ | 1,691 | ||||
SUPPLEMENTAL_DISCLOSURE_OF_CAS1
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||
Supplemental Cash Flow Information | (In thousands) | 2014 | 2013 | |||||
Cash payments for: | ||||||||
Interest | $ | 3,794 | $ | 4,496 | ||||
Taxes | 1,593 | 1,354 | ||||||
Non-cash investing activities: | ||||||||
Transfers from loans to other real estate owned | 1,571 | 1,212 | ||||||
Proceeds from sales of other real estate owned financed through loans | 536 | 1,093 | ||||||
SELECTED_QUARTERLY_FINANCIAL_I1
SELECTED QUARTERLY FINANCIAL INFORMATION (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||||
Quarterly Financial Information | First | Second | Third | Fourth | ||||||||||
(In thousands, except per share data) | Quarter | Quarter | Quarter | Quarter | ||||||||||
September 30, 2014: | ||||||||||||||
Interest income | $ | 6,734 | $ | 6,990 | $ | 6,922 | $ | 6,848 | ||||||
Interest expense | 922 | 888 | 873 | 872 | ||||||||||
Net interest income | 5,812 | 6,102 | 6,049 | 5,976 | ||||||||||
Provision for loan losses | 301 | 303 | 300 | 342 | ||||||||||
Net interest income after provision for loan losses | 5,511 | 5,799 | 5,749 | 5,634 | ||||||||||
Noninterest income | 1,104 | 1,382 | 1,291 | 1,269 | ||||||||||
Noninterest expenses | 5,164 | 5,021 | 5,050 | 5,037 | ||||||||||
Income before income taxes | 1,451 | 2,160 | 1,990 | 1,866 | ||||||||||
Income tax expense | 423 | 624 | 534 | 496 | ||||||||||
Net income | 1,028 | 1,536 | 1,456 | 1,370 | ||||||||||
Less: Preferred stock dividends declared | 43 | 43 | 43 | 42 | ||||||||||
Net income available to common shareholders | $ | 985 | $ | 1,493 | $ | 1,413 | $ | 1,328 | ||||||
Net income per common share, basic | $ | 0.46 | $ | 0.7 | $ | 0.68 | $ | 0.63 | ||||||
Net income per common share, diluted | $ | 0.44 | $ | 0.66 | $ | 0.64 | $ | 0.6 | ||||||
September 30, 2013: | ||||||||||||||
Interest income | $ | 6,760 | $ | 7,001 | $ | 6,689 | $ | 6,725 | ||||||
Interest expense | 1,095 | 1,010 | 909 | 922 | ||||||||||
Net interest income | 5,665 | 5,991 | 5,780 | 5,803 | ||||||||||
Provision for loan losses | 452 | 550 | 560 | 296 | ||||||||||
Net interest income after provision for loan losses | 5,213 | 5,441 | 5,220 | 5,507 | ||||||||||
Noninterest income | 1,000 | 925 | 1,035 | 1,298 | ||||||||||
Noninterest expenses | 4,819 | 4,777 | 4,673 | 4,863 | ||||||||||
Income before income taxes | 1,394 | 1,589 | 1,582 | 1,942 | ||||||||||
Income tax expense | 378 | 419 | 441 | 573 | ||||||||||
Net income | 1,016 | 1,170 | 1,141 | 1,369 | ||||||||||
Less: Preferred stock dividends declared | 43 | 43 | 43 | 42 | ||||||||||
Net income available to common shareholders | $ | 973 | $ | 1,127 | $ | 1,098 | $ | 1,327 | ||||||
Net income per common share, basic | $ | 0.45 | $ | 0.52 | $ | 0.51 | $ | 0.61 | ||||||
Net income per common share, diluted | $ | 0.43 | $ | 0.5 | $ | 0.48 | $ | 0.58 | ||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Additional Information) (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||
Loans and Leases Receivable, Gross | $446,387,000 | $418,139,000 |
Allowance for Loan and Lease Losses, Write-offs | 229,000 | 306,000 |
Loans and Leases Receivable, Impaired, Interest Income Recognized, Change in Present Value Attributable to Passage of Time | 250,000 | |
Percentage Of Income Tax Realized Upon Settlement | 50.00% | |
Interest-bearing Deposits [Member] | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||
Maturity of Deposits | 90 days | |
Three Outstanding Loan | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||
Loans and Leases Receivable, Gross | 920,000 | |
Allowance for Loan and Lease Losses, Write-offs | $525,000 |
RESTRICTION_ON_CASH_AND_DUE_FR1
RESTRICTION ON CASH AND DUE FROM BANKS (Additional Information) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Restricted Cash and Cash Equivalents [Line Items] | ||
Restricted Cash and Cash Equivalents | $7.10 | $6.30 |
INVESTMENT_SECURITIES_Amortize
INVESTMENT SECURITIES (Amortized Cost And Fair Value Of Securities) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Cost-method Investments [Line Items] | ||
Available-for-Sale, Amortized Cost | $178,517 | $161,660 |
Available-for-Sale, Gross Unrealized Gains | 6,871 | 5,363 |
Available-for-Sale, Gross Unrealized Losses | 691 | 2,856 |
Available-for-sale, Fair Value | 184,697 | 164,167 |
Held-to-Maturity, Amortized Cost | 5,419 | 6,417 |
Held-to-Maturity, Gross Unrealized Gains | 430 | 97 |
Held-to-Maturity, Gross Unrealized Losses | 0 | 0 |
Held-to-Maturity, Fair Value | 5,849 | 6,514 |
Debt Securities | ||
Schedule of Cost-method Investments [Line Items] | ||
Available-for-Sale, Amortized Cost | 161,660 | |
Available-for-Sale, Gross Unrealized Gains | 5,270 | |
Available-for-Sale, Gross Unrealized Losses | 2,856 | |
Available-for-sale, Fair Value | 164,074 | |
Equity Securities | ||
Schedule of Cost-method Investments [Line Items] | ||
Available-for-Sale, Amortized Cost | 0 | |
Available-for-Sale, Gross Unrealized Gains | 93 | |
Available-for-Sale, Gross Unrealized Losses | 0 | |
Available-for-sale, Fair Value | 93 | |
Agency bonds and notes | Debt Securities | ||
Schedule of Cost-method Investments [Line Items] | ||
Available-for-Sale, Amortized Cost | 12,269 | 15,877 |
Available-for-Sale, Gross Unrealized Gains | 12 | 10 |
Available-for-Sale, Gross Unrealized Losses | 190 | 690 |
Available-for-sale, Fair Value | 12,091 | 15,197 |
Agency Mortgage-Backed | ||
Schedule of Cost-method Investments [Line Items] | ||
Held-to-Maturity, Amortized Cost | 455 | 721 |
Held-to-Maturity, Gross Unrealized Gains | 37 | 52 |
Held-to-Maturity, Gross Unrealized Losses | 0 | 0 |
Held-to-Maturity, Fair Value | 492 | 773 |
Agency Mortgage-Backed | Debt Securities | ||
Schedule of Cost-method Investments [Line Items] | ||
Available-for-Sale, Amortized Cost | 51,845 | 41,720 |
Available-for-Sale, Gross Unrealized Gains | 518 | 285 |
Available-for-Sale, Gross Unrealized Losses | 108 | 291 |
Available-for-sale, Fair Value | 52,255 | 41,714 |
Agency CMO | Debt Securities | ||
Schedule of Cost-method Investments [Line Items] | ||
Available-for-Sale, Amortized Cost | 29,648 | 24,200 |
Available-for-Sale, Gross Unrealized Gains | 95 | 199 |
Available-for-Sale, Gross Unrealized Losses | 259 | 325 |
Available-for-sale, Fair Value | 29,484 | 24,074 |
Privately-issued CMO | Debt Securities | ||
Schedule of Cost-method Investments [Line Items] | ||
Available-for-Sale, Amortized Cost | 3,302 | 3,881 |
Available-for-Sale, Gross Unrealized Gains | 618 | 735 |
Available-for-Sale, Gross Unrealized Losses | 0 | 0 |
Available-for-sale, Fair Value | 3,920 | 4,616 |
Privately-Issued ABS | Debt Securities | ||
Schedule of Cost-method Investments [Line Items] | ||
Available-for-Sale, Amortized Cost | 5,552 | 5,829 |
Available-for-Sale, Gross Unrealized Gains | 1,801 | 1,972 |
Available-for-Sale, Gross Unrealized Losses | 0 | 2 |
Available-for-sale, Fair Value | 7,353 | 7,799 |
SBA certificates | Debt Securities | ||
Schedule of Cost-method Investments [Line Items] | ||
Available-for-Sale, Amortized Cost | 1,753 | 2,081 |
Available-for-Sale, Gross Unrealized Gains | 9 | 12 |
Available-for-Sale, Gross Unrealized Losses | 0 | 0 |
Available-for-sale, Fair Value | 1,762 | 2,093 |
Municipal obligations | ||
Schedule of Cost-method Investments [Line Items] | ||
Held-to-Maturity, Amortized Cost | 4,964 | 5,696 |
Held-to-Maturity, Gross Unrealized Gains | 393 | 45 |
Held-to-Maturity, Gross Unrealized Losses | 0 | 0 |
Held-to-Maturity, Fair Value | 5,357 | 5,741 |
Municipal obligations | Debt Securities | ||
Schedule of Cost-method Investments [Line Items] | ||
Available-for-Sale, Amortized Cost | 74,148 | 68,072 |
Available-for-Sale, Gross Unrealized Gains | 3,818 | 2,057 |
Available-for-Sale, Gross Unrealized Losses | 134 | 1,548 |
Available-for-sale, Fair Value | $77,832 | $68,581 |
INVESTMENT_SECURITIES_Amortize1
INVESTMENT SECURITIES (Amortized Cost And Fair Value Of Investment Securities By Contractual Maturity) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Investments Classified by Contractual Maturity Date [Line Items] | ||
Available for Sale, amortized cost, Due within one year | $830 | |
Available for Sale, amortized cost, Due after one year through five years | 5,565 | |
Available for Sale, amortized cost, Due after five years through ten years | 22,311 | |
Available for Sale, amortized cost, Due after ten years | 57,711 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Total | 86,417 | |
Available-for-Sale, Amortized Cost | 178,517 | 161,660 |
Available for Sale, fair value, Due within one year | 833 | |
Available for Sale, fair value, Due after one year through five years | 5,824 | |
Available for Sale, fair value, Due after five years through ten years | 23,038 | |
Available for Sale, fair value, Due after ten years | 60,228 | |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Total | 89,923 | |
Available-for-sale, Fair Value | 184,697 | 164,167 |
Held to Maturity, amortized cost, Due within one year | 593 | |
Held to Maturity, amortized cost, Due after one year through five years | 1,906 | |
Held to Maturity, amortized cost, Due after five years through ten years | 1,496 | |
Held to Maturity, amortized cost, Due after ten years | 969 | |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount, Total | 4,964 | |
Held-to-Maturity, Amortized Cost | 5,419 | 6,417 |
Held to Maturity, fair value, Due within one year | 621 | |
Held to Maturity, fair value, Due after one year through five years | 2,076 | |
Held to Maturity, fair value, Due after five years through ten years | 1,621 | |
Held to Maturity, fair value, Due after ten years | 1,039 | |
Held-to-maturity Securities, Debt Maturities, Fair Value, Total | 5,357 | |
Held-to-Maturity, Fair Value | 5,849 | 6,514 |
Collateralized Mortgage Obligations | ||
Investments Classified by Contractual Maturity Date [Line Items] | ||
Available-for-Sale, Amortized Cost | 32,950 | |
Available-for-sale, Fair Value | 33,404 | |
Held-to-Maturity, Amortized Cost | 0 | |
Held-to-Maturity, Fair Value | 0 | |
Asset-backed Securities | ||
Investments Classified by Contractual Maturity Date [Line Items] | ||
Available-for-Sale, Amortized Cost | 5,552 | |
Available-for-sale, Fair Value | 7,353 | |
Held-to-Maturity, Amortized Cost | 0 | |
Held-to-Maturity, Fair Value | 0 | |
SBA certificates | ||
Investments Classified by Contractual Maturity Date [Line Items] | ||
Available-for-Sale, Amortized Cost | 1,753 | |
Available-for-sale, Fair Value | 1,762 | |
Held-to-Maturity, Amortized Cost | 0 | |
Held-to-Maturity, Fair Value | 0 | |
Mortgage-backed securities | ||
Investments Classified by Contractual Maturity Date [Line Items] | ||
Available-for-Sale, Amortized Cost | 51,845 | |
Available-for-sale, Fair Value | 52,255 | |
Held-to-Maturity, Amortized Cost | 455 | |
Held-to-Maturity, Fair Value | 492 | |
Equity Securities | ||
Investments Classified by Contractual Maturity Date [Line Items] | ||
Available-for-Sale, Amortized Cost | 0 | |
Available-for-sale, Fair Value | $93 |
INVESTMENT_SECURITIES_Availabl
INVESTMENT SECURITIES (Available For Sale Securities With Gross Unrealized Losses By Investment Category And Length Of Time Individual Securities Have Been In Continuous Loss Position) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Investments, Unrealized Loss Position [Line Items] | |
Securities available for sale, Continuous loss position less than twelve months, number of investment positions | 17 |
Securities available for sale, Continuous loss position more than twelve months, number of investment positions | 27 |
Securities available for sale, Number of Investment Positions | 44 |
Securities available for sale, Continuous loss position less than twelve months, fair value | $25,673 |
Securities available for sale, Continuous loss position more than twelve months, fair value | 31,161 |
Securities available for sale, Continuous loss position | 56,834 |
Securities available for sale, Continuous loss position less than twelve months, gross unrealized losses | 86 |
Securities available for sale, Continuous loss position more than twelve months, gross unrealized losses | 605 |
Securities available for sale, Continuous loss position, gross unrealized losses | 691 |
Agency bonds and notes | |
Investments, Unrealized Loss Position [Line Items] | |
Securities available for sale, Continuous loss position more than twelve months, number of investment positions | 5 |
Securities available for sale, Continuous loss position more than twelve months, fair value | 10,477 |
Securities available for sale, Continuous loss position more than twelve months, gross unrealized losses | 190 |
Agency Mortgage-Backed | |
Investments, Unrealized Loss Position [Line Items] | |
Securities available for sale, Continuous loss position less than twelve months, number of investment positions | 7 |
Securities available for sale, Continuous loss position more than twelve months, number of investment positions | 4 |
Securities available for sale, Continuous loss position less than twelve months, fair value | 12,207 |
Securities available for sale, Continuous loss position more than twelve months, fair value | 3,653 |
Securities available for sale, Continuous loss position less than twelve months, gross unrealized losses | 28 |
Securities available for sale, Continuous loss position more than twelve months, gross unrealized losses | 80 |
Agency CMO | |
Investments, Unrealized Loss Position [Line Items] | |
Securities available for sale, Continuous loss position less than twelve months, number of investment positions | 8 |
Securities available for sale, Continuous loss position more than twelve months, number of investment positions | 3 |
Securities available for sale, Continuous loss position less than twelve months, fair value | 12,373 |
Securities available for sale, Continuous loss position more than twelve months, fair value | 9,171 |
Securities available for sale, Continuous loss position less than twelve months, gross unrealized losses | 56 |
Securities available for sale, Continuous loss position more than twelve months, gross unrealized losses | 203 |
Municipal | |
Investments, Unrealized Loss Position [Line Items] | |
Securities available for sale, Continuous loss position less than twelve months, number of investment positions | 2 |
Securities available for sale, Continuous loss position more than twelve months, number of investment positions | 15 |
Securities available for sale, Continuous loss position less than twelve months, fair value | 1,093 |
Securities available for sale, Continuous loss position more than twelve months, fair value | 7,860 |
Securities available for sale, Continuous loss position less than twelve months, gross unrealized losses | 2 |
Securities available for sale, Continuous loss position more than twelve months, gross unrealized losses | $132 |
INVESTMENT_SECURITIES_Addition
INVESTMENT SECURITIES (Additional Information) (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale debt securities in loss position, weighted average yield | 1.92% | |
Available for sale debt securities in loss position, weighted average coupon rate | 2.80% | |
Available-for-Sale, Amortized Cost | $178,517,000 | $161,660,000 |
Realized gross gain on sales of available securities | 123,000 | 1,000 |
Trading account securities | 5,319,000 | 3,210,000 |
Net gain on trading account securities | 704,000 | 464,000 |
Net realized gain on trading account securities | 713,000 | 472,000 |
Unrealized gains on trading account securities | 9,000 | 8,000 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 0 | |
Realized gross gain on sales of available securities | 111,000 | |
US Treasury and Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Realized gross gain on sales of available securities | 1,000 | |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Realized gross gain on sales of available securities | 11,000 | |
Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale debt securities in loss position, depreciation percentage | 1.20% | |
Debt Securities | Privately-issued CMO | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | 2,900,000 | |
Debt Securities | Securities downgraded due to potential credit loss | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-Sale, Amortized Cost | $4,400,000 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L2
LOANS AND ALLOWANCE FOR LOAN LOSSES (Loans) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $446,387 | $418,139 |
Undisbursed portion of construction loans | -6,271 | -4,389 |
Principal loan balance | 440,116 | 413,750 |
Deferred loan origination fees and costs, net | 10 | 163 |
Allowance for loan losses | -6,250 | -5,538 |
Loans, net | 433,876 | 408,375 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal loan balance | 153,896 | 117,782 |
Deferred loan origination fees and costs, net | -252 | -169 |
Multifamily residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal loan balance | 21,286 | 26,759 |
Deferred loan origination fees and costs, net | -28 | -38 |
Land and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal loan balance | 11,290 | 11,396 |
Deferred loan origination fees and costs, net | 4 | -7 |
Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal loan balance | 28,448 | 31,627 |
Deferred loan origination fees and costs, net | -9 | -5 |
Real estate mortgage | 1-4 family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 182,743 | 184,390 |
Real estate mortgage | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 153,896 | 117,782 |
Real estate mortgage | Multifamily residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 21,286 | 26,759 |
Real estate mortgage | Residential construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 14,528 | 12,537 |
Real estate mortgage | Commercial construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 8,354 | 6,730 |
Real estate mortgage | Land and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 11,290 | 11,396 |
Real estate mortgage | Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 28,448 | 31,627 |
Consumer | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 17,903 | 17,133 |
Consumer | Auto | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 5,619 | 6,519 |
Consumer | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $2,320 | $3,266 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L3
LOANS AND ALLOWANCE FOR LOAN LOSSES (Activity For Related Party Loans) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance | $5,946 | $7,182 |
New loans and advances | 1,897 | 1,363 |
Repayments | -1,431 | -1,665 |
Reclassifications | -106 | -934 |
Ending balance | $6,306 | $5,946 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L4
LOANS AND ALLOWANCE FOR LOAN LOSSES (Components Of Recorded Investment In Loans For Each Portfolio Class) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Recorded Investment in Loans: | ||
Principal loan balance | $440,116 | $413,750 |
Accrued interest receivable | 1,276 | 1,208 |
Net deferred loan origination fees and costs | 10 | 163 |
Recorded investment in loans | 441,402 | 415,121 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 11,066 | 14,546 |
Collectively evaluated for impairment | 429,798 | 399,937 |
Acquired with deteriorated credit quality | 538 | 638 |
Recorded investment in loans | 441,402 | 415,121 |
Residential Real Estate | ||
Recorded Investment in Loans: | ||
Principal loan balance | 182,743 | 184,390 |
Accrued interest receivable | 590 | 600 |
Net deferred loan origination fees and costs | 337 | 415 |
Recorded investment in loans | 183,670 | 185,405 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 4,866 | 5,429 |
Collectively evaluated for impairment | 178,298 | 179,372 |
Acquired with deteriorated credit quality | 506 | 604 |
Recorded investment in loans | 183,670 | 185,405 |
Commercial real estate | ||
Recorded Investment in Loans: | ||
Principal loan balance | 153,896 | 117,782 |
Accrued interest receivable | 384 | 316 |
Net deferred loan origination fees and costs | -252 | -169 |
Recorded investment in loans | 154,028 | 117,929 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 5,705 | 6,091 |
Collectively evaluated for impairment | 148,323 | 111,838 |
Acquired with deteriorated credit quality | 0 | 0 |
Recorded investment in loans | 154,028 | 117,929 |
Multi-family residential | ||
Recorded Investment in Loans: | ||
Principal loan balance | 21,286 | 26,759 |
Accrued interest receivable | 53 | 57 |
Net deferred loan origination fees and costs | -28 | -38 |
Recorded investment in loans | 21,311 | 26,778 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 0 | 2,306 |
Collectively evaluated for impairment | 21,311 | 24,472 |
Acquired with deteriorated credit quality | 0 | 0 |
Recorded investment in loans | 21,311 | 26,778 |
Construction Loans | ||
Recorded Investment in Loans: | ||
Principal loan balance | 16,611 | 14,878 |
Accrued interest receivable | 44 | 31 |
Net deferred loan origination fees and costs | -54 | -46 |
Recorded investment in loans | 16,601 | 14,863 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 0 | 29 |
Collectively evaluated for impairment | 16,601 | 14,834 |
Acquired with deteriorated credit quality | 0 | 0 |
Recorded investment in loans | 16,601 | 14,863 |
Land and land development | ||
Recorded Investment in Loans: | ||
Principal loan balance | 11,290 | 11,396 |
Accrued interest receivable | 31 | 40 |
Net deferred loan origination fees and costs | 4 | -7 |
Recorded investment in loans | 11,325 | 11,429 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 11,325 | 11,429 |
Acquired with deteriorated credit quality | 0 | 0 |
Recorded investment in loans | 11,325 | 11,429 |
Commercial business loans | ||
Recorded Investment in Loans: | ||
Principal loan balance | 28,448 | 31,627 |
Accrued interest receivable | 111 | 86 |
Net deferred loan origination fees and costs | -9 | -5 |
Recorded investment in loans | 28,550 | 31,708 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 145 | 235 |
Collectively evaluated for impairment | 28,405 | 31,473 |
Acquired with deteriorated credit quality | 0 | 0 |
Recorded investment in loans | 28,550 | 31,708 |
Consumer | ||
Recorded Investment in Loans: | ||
Principal loan balance | 25,842 | 26,918 |
Accrued interest receivable | 63 | 78 |
Net deferred loan origination fees and costs | 12 | 13 |
Recorded investment in loans | 25,917 | 27,009 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 350 | 456 |
Collectively evaluated for impairment | 25,535 | 26,519 |
Acquired with deteriorated credit quality | 32 | 34 |
Recorded investment in loans | $25,917 | $27,009 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L5
LOANS AND ALLOWANCE FOR LOAN LOSSES (Allowance For Loan Losses) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Changes in Allowance for Loan Losses: | ||
Beginning balance | $5,538 | $4,906 |
Provisions | 1,246 | 1,858 |
Charge-offs | -872 | -1,419 |
Recoveries | 338 | 193 |
Ending balance | 6,250 | 5,538 |
Ending Allowance Balance Attributable to Loans: | ||
Individually evaluated for impairment | 21 | 36 |
Collectively evaluated for impairment | 6,229 | 5,502 |
Acquired with deteriorated credit quality | 0 | 0 |
Ending balance | 6,250 | 5,538 |
Residential Real Estate | ||
Changes in Allowance for Loan Losses: | ||
Beginning balance | 780 | 908 |
Provisions | 47 | 91 |
Charge-offs | -278 | -284 |
Recoveries | 28 | 65 |
Ending balance | 577 | 780 |
Ending Allowance Balance Attributable to Loans: | ||
Individually evaluated for impairment | 13 | 30 |
Collectively evaluated for impairment | 564 | 750 |
Acquired with deteriorated credit quality | 0 | 0 |
Ending balance | 577 | 780 |
Commercial real estate | ||
Changes in Allowance for Loan Losses: | ||
Beginning balance | 2,826 | 2,204 |
Provisions | 987 | 608 |
Charge-offs | -224 | -11 |
Recoveries | 219 | 25 |
Ending balance | 3,808 | 2,826 |
Ending Allowance Balance Attributable to Loans: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 3,808 | 2,826 |
Acquired with deteriorated credit quality | 0 | 0 |
Ending balance | 3,808 | 2,826 |
Multi-family residential | ||
Changes in Allowance for Loan Losses: | ||
Beginning balance | 249 | 389 |
Provisions | -103 | -140 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | 146 | 249 |
Ending Allowance Balance Attributable to Loans: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 146 | 249 |
Acquired with deteriorated credit quality | 0 | 0 |
Ending balance | 146 | 249 |
Construction Loans | ||
Changes in Allowance for Loan Losses: | ||
Beginning balance | 229 | 52 |
Provisions | 214 | 177 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | 443 | 229 |
Ending Allowance Balance Attributable to Loans: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 443 | 229 |
Acquired with deteriorated credit quality | 0 | 0 |
Ending balance | 443 | 229 |
Land and land development | ||
Changes in Allowance for Loan Losses: | ||
Beginning balance | 299 | 2 |
Provisions | 3 | 297 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | 302 | 299 |
Ending Allowance Balance Attributable to Loans: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 302 | 299 |
Acquired with deteriorated credit quality | 0 | 0 |
Ending balance | 302 | 299 |
Commercial business loans | ||
Changes in Allowance for Loan Losses: | ||
Beginning balance | 907 | 1,084 |
Provisions | 122 | 795 |
Charge-offs | -234 | -1,013 |
Recoveries | 0 | 41 |
Ending balance | 795 | 907 |
Ending Allowance Balance Attributable to Loans: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 795 | 907 |
Acquired with deteriorated credit quality | 0 | 0 |
Ending balance | 795 | 907 |
Consumer | ||
Changes in Allowance for Loan Losses: | ||
Beginning balance | 248 | 267 |
Provisions | -24 | 30 |
Charge-offs | -136 | -111 |
Recoveries | 91 | 62 |
Ending balance | 179 | 248 |
Ending Allowance Balance Attributable to Loans: | ||
Individually evaluated for impairment | 8 | 6 |
Collectively evaluated for impairment | 171 | 242 |
Acquired with deteriorated credit quality | 0 | 0 |
Ending balance | $179 | $248 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L6
LOANS AND ALLOWANCE FOR LOAN LOSSES (Impaired Loans Individually Evaluated For Impairment) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Financing Receivable, Impaired [Line Items] | ||
Loans with no related allowance recorded, Recorded Investment | $11,079 | $14,669 |
Loans with no related allowance recorded, Unpaid Principal Balance | 11,556 | 14,925 |
Loans with no related allowance recorded, Average Recorded Investment | 14,197 | 12,120 |
Loans with no related allowance recorded, Interest Income Recognized | 421 | 317 |
Loans with an allowance recorded, Recorded Investment | 262 | 154 |
Loans with an allowance recorded, Unpaid Principal Balance | 261 | 150 |
Loans with an allowance recorded, Related Allowance | 21 | 36 |
Loans with an allowance recorded, Average Recorded Investment | 161 | 506 |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 |
Total, Recorded Investment | 11,341 | 14,823 |
Total, Unpaid Principal Balance | 11,817 | 15,075 |
Total, Related Allowance | 21 | 36 |
Total, Average Recorded Investment | 14,358 | 12,626 |
Total, Interest Income Recognized | 421 | 317 |
Residential Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Loans with no related allowance recorded, Recorded Investment | 4,974 | 5,647 |
Loans with no related allowance recorded, Unpaid Principal Balance | 5,426 | 5,975 |
Loans with no related allowance recorded, Average Recorded Investment | 5,878 | 6,561 |
Loans with no related allowance recorded, Interest Income Recognized | 131 | 119 |
Loans with an allowance recorded, Recorded Investment | 167 | 59 |
Loans with an allowance recorded, Unpaid Principal Balance | 166 | 55 |
Loans with an allowance recorded, Related Allowance | 13 | 30 |
Loans with an allowance recorded, Average Recorded Investment | 64 | 157 |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 |
Total, Recorded Investment | 5,141 | 5,706 |
Total, Unpaid Principal Balance | 5,592 | 6,030 |
Total, Related Allowance | 13 | 30 |
Total, Average Recorded Investment | 5,942 | 6,718 |
Total, Interest Income Recognized | 131 | 119 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Loans with no related allowance recorded, Recorded Investment | 5,705 | 6,091 |
Loans with no related allowance recorded, Unpaid Principal Balance | 5,739 | 6,099 |
Loans with no related allowance recorded, Average Recorded Investment | 5,864 | 2,368 |
Loans with no related allowance recorded, Interest Income Recognized | 189 | 77 |
Loans with an allowance recorded, Recorded Investment | 0 | 0 |
Loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Loans with an allowance recorded, Related Allowance | 0 | 0 |
Loans with an allowance recorded, Average Recorded Investment | 0 | 106 |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 |
Total, Recorded Investment | 5,705 | 6,091 |
Total, Unpaid Principal Balance | 5,739 | 6,099 |
Total, Related Allowance | 0 | 0 |
Total, Average Recorded Investment | 5,864 | 2,474 |
Total, Interest Income Recognized | 189 | 77 |
Multi-family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Loans with no related allowance recorded, Recorded Investment | 0 | 2,306 |
Loans with no related allowance recorded, Unpaid Principal Balance | 0 | 2,246 |
Loans with no related allowance recorded, Average Recorded Investment | 1,883 | 2,265 |
Loans with no related allowance recorded, Interest Income Recognized | 94 | 113 |
Loans with an allowance recorded, Recorded Investment | 0 | 0 |
Loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Loans with an allowance recorded, Related Allowance | 0 | 0 |
Loans with an allowance recorded, Average Recorded Investment | 0 | 0 |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 |
Total, Recorded Investment | 0 | 2,306 |
Total, Unpaid Principal Balance | 0 | 2,246 |
Total, Related Allowance | 0 | 0 |
Total, Average Recorded Investment | 1,883 | 2,265 |
Total, Interest Income Recognized | 94 | 113 |
Construction Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Loans with no related allowance recorded, Recorded Investment | 0 | 29 |
Loans with no related allowance recorded, Unpaid Principal Balance | 0 | 13 |
Loans with no related allowance recorded, Average Recorded Investment | 0 | 147 |
Loans with no related allowance recorded, Interest Income Recognized | 0 | 0 |
Loans with an allowance recorded, Recorded Investment | 0 | 0 |
Loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Loans with an allowance recorded, Related Allowance | 0 | 0 |
Loans with an allowance recorded, Average Recorded Investment | 0 | 0 |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 |
Total, Recorded Investment | 0 | 29 |
Total, Unpaid Principal Balance | 0 | 13 |
Total, Related Allowance | 0 | 0 |
Total, Average Recorded Investment | 0 | 147 |
Total, Interest Income Recognized | 0 | 0 |
Land and land development | ||
Financing Receivable, Impaired [Line Items] | ||
Loans with no related allowance recorded, Recorded Investment | 0 | 0 |
Loans with no related allowance recorded, Unpaid Principal Balance | 0 | 0 |
Loans with no related allowance recorded, Average Recorded Investment | 0 | 0 |
Loans with no related allowance recorded, Interest Income Recognized | 0 | 0 |
Loans with an allowance recorded, Recorded Investment | 0 | 0 |
Loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Loans with an allowance recorded, Related Allowance | 0 | 0 |
Loans with an allowance recorded, Average Recorded Investment | 0 | 0 |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 |
Total, Recorded Investment | 0 | 0 |
Total, Unpaid Principal Balance | 0 | 0 |
Total, Related Allowance | 0 | 0 |
Total, Average Recorded Investment | 0 | 0 |
Total, Interest Income Recognized | 0 | 0 |
Commercial business loans | ||
Financing Receivable, Impaired [Line Items] | ||
Loans with no related allowance recorded, Recorded Investment | 145 | 235 |
Loans with no related allowance recorded, Unpaid Principal Balance | 133 | 235 |
Loans with no related allowance recorded, Average Recorded Investment | 287 | 443 |
Loans with no related allowance recorded, Interest Income Recognized | 1 | 1 |
Loans with an allowance recorded, Recorded Investment | 0 | 0 |
Loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Loans with an allowance recorded, Related Allowance | 0 | 0 |
Loans with an allowance recorded, Average Recorded Investment | 0 | 165 |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 |
Total, Recorded Investment | 145 | 235 |
Total, Unpaid Principal Balance | 133 | 235 |
Total, Related Allowance | 0 | 0 |
Total, Average Recorded Investment | 287 | 608 |
Total, Interest Income Recognized | 1 | 1 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Loans with no related allowance recorded, Recorded Investment | 255 | 361 |
Loans with no related allowance recorded, Unpaid Principal Balance | 258 | 357 |
Loans with no related allowance recorded, Average Recorded Investment | 285 | 336 |
Loans with no related allowance recorded, Interest Income Recognized | 6 | 7 |
Loans with an allowance recorded, Recorded Investment | 95 | 95 |
Loans with an allowance recorded, Unpaid Principal Balance | 95 | 95 |
Loans with an allowance recorded, Related Allowance | 8 | 6 |
Loans with an allowance recorded, Average Recorded Investment | 97 | 78 |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 |
Total, Recorded Investment | 350 | 456 |
Total, Unpaid Principal Balance | 353 | 452 |
Total, Related Allowance | 8 | 6 |
Total, Average Recorded Investment | 382 | 414 |
Total, Interest Income Recognized | $6 | $7 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L7
LOANS AND ALLOWANCE FOR LOAN LOSSES (Recorded Investment In Nonperforming Loans By Class Of Loans) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non accrual Loans | $3,804 | $8,893 |
Loans 90+ Days Past Due Still Accruing | 478 | 164 |
Total Nonperforming Loans | 4,282 | 9,057 |
Residential Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non accrual Loans | 2,431 | 3,519 |
Loans 90+ Days Past Due Still Accruing | 458 | 143 |
Total Nonperforming Loans | 2,889 | 3,662 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non accrual Loans | 1,034 | 4,817 |
Loans 90+ Days Past Due Still Accruing | 0 | 0 |
Total Nonperforming Loans | 1,034 | 4,817 |
Multifamily residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non accrual Loans | 0 | 0 |
Loans 90+ Days Past Due Still Accruing | 0 | 0 |
Total Nonperforming Loans | 0 | 0 |
Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non accrual Loans | 0 | 29 |
Loans 90+ Days Past Due Still Accruing | 0 | 0 |
Total Nonperforming Loans | 0 | 29 |
Land and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non accrual Loans | 0 | 0 |
Loans 90+ Days Past Due Still Accruing | 0 | 0 |
Total Nonperforming Loans | 0 | 0 |
Commercial business loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non accrual Loans | 123 | 218 |
Loans 90+ Days Past Due Still Accruing | 0 | 0 |
Total Nonperforming Loans | 123 | 218 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non accrual Loans | 216 | 310 |
Loans 90+ Days Past Due Still Accruing | 20 | 21 |
Total Nonperforming Loans | $236 | $331 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L8
LOANS AND ALLOWANCE FOR LOAN LOSSES (Aging of Recorded Investment in Past Due Loans) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | $5,209 | $3,506 |
60-89 Days Past Due | 1,977 | 1,611 |
90 + Days Past Due | 2,077 | 3,590 |
Total Past Due | 9,263 | 8,707 |
Current | 432,139 | 406,414 |
Recorded investment in loans | 441,402 | 415,121 |
Residential Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 4,493 | 2,981 |
60-89 Days Past Due | 1,639 | 1,333 |
90 + Days Past Due | 1,823 | 2,466 |
Total Past Due | 7,955 | 6,780 |
Current | 175,715 | 178,625 |
Recorded investment in loans | 183,670 | 185,405 |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 115 | 295 |
60-89 Days Past Due | 54 | 211 |
90 + Days Past Due | 59 | 667 |
Total Past Due | 228 | 1,173 |
Current | 153,800 | 116,756 |
Recorded investment in loans | 154,028 | 117,929 |
Multi-family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 297 | 35 |
60-89 Days Past Due | 0 | 0 |
90 + Days Past Due | 0 | 0 |
Total Past Due | 297 | 35 |
Current | 21,014 | 26,743 |
Recorded investment in loans | 21,311 | 26,778 |
Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
90 + Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 16,601 | 14,863 |
Recorded investment in loans | 16,601 | 14,863 |
Land and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 6 | 9 |
60-89 Days Past Due | 205 | 0 |
90 + Days Past Due | 0 | 0 |
Total Past Due | 211 | 9 |
Current | 11,114 | 11,420 |
Recorded investment in loans | 11,325 | 11,429 |
Commercial business loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 259 | 0 |
60-89 Days Past Due | 0 | 14 |
90 + Days Past Due | 123 | 234 |
Total Past Due | 382 | 248 |
Current | 28,168 | 31,460 |
Recorded investment in loans | 28,550 | 31,708 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 39 | 186 |
60-89 Days Past Due | 79 | 53 |
90 + Days Past Due | 72 | 223 |
Total Past Due | 190 | 462 |
Current | 25,727 | 26,547 |
Recorded investment in loans | $25,917 | $27,009 |
LOANS_AND_ALLOWANCE_FOR_LOAN_L9
LOANS AND ALLOWANCE FOR LOAN LOSSES (Recorded Investment in Loans by Risk Category) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $441,402 | $415,121 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 414,392 | 392,777 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 14,832 | 7,256 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 11,954 | 14,001 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 224 | 1,087 |
Residential Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 183,670 | 185,405 |
Residential Real Estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 172,822 | 173,350 |
Residential Real Estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,233 | 4,519 |
Residential Real Estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,398 | 7,190 |
Residential Real Estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 217 | 346 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 154,028 | 117,929 |
Commercial real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 138,854 | 109,311 |
Commercial real estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 10,226 | 2,104 |
Commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,948 | 6,033 |
Commercial real estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 481 |
Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 21,311 | 26,778 |
Multi-family residential | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 21,311 | 26,778 |
Multi-family residential | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Multi-family residential | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Multi-family residential | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 16,601 | 14,863 |
Construction Loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 16,601 | 14,863 |
Construction Loans | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Construction Loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Construction Loans | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Land and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 11,325 | 11,429 |
Land and land development | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 11,206 | 11,283 |
Land and land development | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6 | 146 |
Land and land development | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 113 | 0 |
Land and land development | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Commercial business loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 28,550 | 31,708 |
Commercial business loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 28,127 | 30,920 |
Commercial business loans | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 278 | 373 |
Commercial business loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 145 | 210 |
Commercial business loans | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 205 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 25,917 | 27,009 |
Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 25,471 | 26,272 |
Consumer | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 89 | 114 |
Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 350 | 568 |
Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $7 | $55 |
Recovered_Sheet1
LOANS AND ALLOWANCE FOR LOAN LOSSES (Recorded Investment in Troubled Debt Restructurings by Class of Loan and Accrual Status) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | $7,537 | $5,930 |
Non accrual | 910 | 4,819 |
Total | 8,447 | 10,749 |
Residential Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 2,710 | 2,187 |
Non accrual | 214 | 777 |
Total | 2,924 | 2,964 |
Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 4,671 | 1,274 |
Non accrual | 696 | 4,029 |
Total | 5,367 | 5,303 |
Multi-family residential | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 2,306 | |
Non accrual | 0 | |
Total | 2,306 | |
Commercial Business | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 22 | 17 |
Non accrual | 0 | 13 |
Total | 22 | 30 |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 134 | 146 |
Non accrual | 0 | 0 |
Total | $134 | $146 |
Recovered_Sheet2
LOANS AND ALLOWANCE FOR LOAN LOSSES (Troubled Debt Restructurings) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Number | Number | |
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||
Number of Loans | 7 | 5 |
Pre- Modification Principal Balance | $1,042 | $4,227 |
Post- Modification Principal Balance | 1,121 | 4,234 |
Residential Real Estate | ||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||
Number of Loans | 6 | 2 |
Pre- Modification Principal Balance | 326 | 143 |
Post- Modification Principal Balance | 397 | 143 |
Commercial real estate | ||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||
Number of Loans | 1 | 1 |
Pre- Modification Principal Balance | 716 | 4,061 |
Post- Modification Principal Balance | 724 | 4,066 |
Commercial Business | ||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||
Number of Loans | 1 | |
Pre- Modification Principal Balance | 18 | |
Post- Modification Principal Balance | 20 | |
Consumer | ||
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items] | ||
Number of Loans | 1 | |
Pre- Modification Principal Balance | 5 | |
Post- Modification Principal Balance | $5 |
Recovered_Sheet3
LOANS AND ALLOWANCE FOR LOAN LOSSES (Additional Information) (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Net charge-off | $2,000 | |
Mortgage Loans Serviced For Others | 91,000 | 138,000 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 52,000 | |
Real Estate Mortgage [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan To Value Ratio | 90.00% | |
Loan To Value | 12,800,000 | |
Four TDR | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Troubled debt restructuring modified within the previous twelve months | 220,000 | |
Four TDR | Two Residential Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Troubled debt restructuring modified within the previous twelve months | 204,000 | |
Four TDR | One Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Troubled debt restructuring modified within the previous twelve months | 14,000 | |
Four TDR | One Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Troubled debt restructuring modified within the previous twelve months | 2,000 | |
Two TDR | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Troubled debt restructuring modified within the previous twelve months | 476,000 | 143,000 |
Two TDR | Two Residential Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Troubled debt restructuring modified within the previous twelve months | 476,000 | |
One TDR | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Troubled debt restructuring modified within the previous twelve months | $200,000 | $75,000 |
REAL_ESTATE_DEVELOPMENT_AND_CO2
REAL ESTATE DEVELOPMENT AND CONSTRUCTION (Real Estate Development and Construction Properties) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Land and land improvements | $4,159 | $4,159 |
Office buildings | 3,248 | 3,032 |
Furniture, fixtures and equipment | 74 | 74 |
Real Estate Investment Property, at Cost, Total | 7,481 | 7,265 |
Less accumulated depreciation | 279 | 87 |
Totals | $7,202 | $7,178 |
REAL_ESTATE_DEVELOPMENT_AND_CO3
REAL ESTATE DEVELOPMENT AND CONSTRUCTION (Future Minimum Lease Payments) (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
2015 | $632 |
2016 | 632 |
2017 | 632 |
2018 | 644 |
2019 | 628 |
2020 and thereafter | 3,632 |
Total | $6,800 |
REAL_ESTATE_DEVELOPMENT_AND_CO4
REAL ESTATE DEVELOPMENT AND CONSTRUCTION (Additional Information) (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Real Estate Properties [Line Items] | ||
Expected total development costs | $7,700,000 | |
Development cost cash paid | 7,500,000 | |
Real Estate Inventory, Capitalized Interest Costs | 0 | 79,000 |
Real Estate Investment Property, Accumulated Depreciation | $279,000 | $87,000 |
PREMISES_AND_EQUIPMENT_Premise
PREMISES AND EQUIPMENT (Premises And Equipment) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $20,061 | $19,906 |
Less accumulated depreciation | 5,786 | 5,064 |
Totals | 14,275 | 14,842 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 5,218 | 5,242 |
Office buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 10,376 | 10,400 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $4,467 | $4,264 |
PREMISES_AND_EQUIPMENT_Additio
PREMISES AND EQUIPMENT (Additional Information) (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $909,000 | $810,000 |
OTHER_REAL_ESTATE_OWNED_Additi
OTHER REAL ESTATE OWNED (Additional Information) (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Total foreclosed real estate | $953,000 | $799,000 |
Other Repossessed Assets | 130,000 | 250,000 |
Foreclosed real estate loss | 210,000 | 165,000 |
Realized Gain Losses Sale Of Foreclosed Real Estate Net | 321,000 | 191,000 |
Foreclosed real estate expense | 135,000 | 140,000 |
Deferred Gain on Sale of foreclosed real estate property | 82,000 | 93,000 |
Accumulated Deferred Gain on Sale of foreclosed real estate property | 237,000 | 214,000 |
Gains (Losses) on Sales of Other Real Estate | $115,000 | $125,000 |
GOODWILL_AND_OTHER_INTANGIBLES2
GOODWILL AND OTHER INTANGIBLES (Changes In The Carrying Amount Of Goodwill) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Beginning balance | $7,936 | $7,936 |
Changes in goodwill | 0 | 0 |
Ending balance | $7,936 | $7,936 |
GOODWILL_AND_OTHER_INTANGIBLES3
GOODWILL AND OTHER INTANGIBLES (Summary Of Other Intangible Assets) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Less accumulated amortization | ($1,582) | ($1,238) |
Ending balance | 1,725 | 2,069 |
Core Deposit Intangible Acquired In Community First Acquisition [Member] | ||
Core deposit intangible acquired | 2,741 | 2,741 |
Core Deposit Intangible Acquired In First Federal Branch Acquisition [Member] | ||
Core deposit intangible acquired | $566 | $566 |
GOODWILL_AND_OTHER_INTANGIBLES4
GOODWILL AND OTHER INTANGIBLES (Estimated Amortization Expense For The Core Deposit Intangibles) (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
2015 | $344 |
2016 | 344 |
2017 | 344 |
2018 | 344 |
2019 | 148 |
2020 and thereafter | 201 |
Total | $1,725 |
GOODWILL_AND_OTHER_INTANGIBLES5
GOODWILL AND OTHER INTANGIBLES (Additional Information) (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Amortization expense of intangibles | $344,000 | $344,000 |
DEPOSITS_Scheduled_Maturities_
DEPOSITS (Scheduled Maturities Of Certificates Of Deposit) (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
2015 | $116,192 |
2016 | 26,869 |
2017 | 31,609 |
2018 | 7,313 |
2019 and thereafter | 25,532 |
Total | $207,515 |
DEPOSITS_Additional_Informatio
DEPOSITS (Additional Information) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Time deposit accounts with balances of $100,000 or more | $45 | $52.90 |
Related parties deposits | $4.80 | $5.30 |
FEDERAL_FUNDS_PURCHASED_Additi
FEDERAL FUNDS PURCHASED (Additional Information) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Federal funds purchased line of credit facility | $10 |
Percentage Of Equity Capital | 25.00% |
Federal Funds Purchased Expiration Date1 | 30-Jun-15 |
REPURCHASE_AGREEMENTS_Deposit_
REPURCHASE AGREEMENTS (Deposit Customers And Long-Term Repurchase Agreements) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Short-term repurchase agreements | $1,338 | $1,335 |
Retail Repurchase Agreements [Member] | ||
Assets Sold under Agreements to Repurchase, Interest Rate | 0.25% | 0.25% |
Short-term repurchase agreements | $1,338 | $1,335 |
REPURCHASE_AGREEMENTS_Borrowin
REPURCHASE AGREEMENTS (Borrowings Under Retail Repurchase Agreements) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Amortized cost | $86,417 | |
Retail Repurchase Agreements [Member] | ||
Weighted average interest rate during the year | 0.25% | 0.45% |
Average balance during the year | 1,336 | 1,332 |
Maximum month-end balance during the year | 1,338 | 1,335 |
Amortized cost | 1,719 | 1,889 |
Fair value | $1,758 | $1,913 |
BORROWINGS_FROM_FEDERAL_HOME_L2
BORROWINGS FROM FEDERAL HOME LOAN BANK (Borrowings From The FHLB) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
2014 Weighted Average Rate | 0.00% | 0.34% |
2015 Weighted Average Rate | 1.38% | 2.66% |
2017 Weighted Average Rate | 1.10% | 1.10% |
2018 Weighted Average Rate | 1.04% | 1.04% |
2014 Amount | $0 | $35,000 |
2015 Amount | 45,000 | 20,000 |
2017 Amount | 15,000 | 15,000 |
2018 Amount | 10,000 | 10,000 |
Total advances | 70,000 | 80,000 |
Line of credit facility maximum amount outstanding | 9,548 | 9,348 |
Line of credit balance (Weighted Average Rate) | 0.43% | 0.45% |
Total borrowings from Federal Home Loan Bank | $79,548 | $89,348 |
BORROWINGS_FROM_FEDERAL_HOME_L3
BORROWINGS FROM FEDERAL HOME LOAN BANK (Additional Information) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 12, 2014 | Jun. 19, 2014 |
Line of credit facility maximum amount outstanding | $9,548,000 | $9,348,000 | ||
Residential Mortgage Loans [Member] | ||||
Mortgage Collateral Pledged For Borrowings | 181,400,000 | |||
Securities Investment [Member] | ||||
Security Owned and Pledged as Collateral, Fair Value | $25,000,000 | $3,300,000 |
OTHER_LONGTERM_DEBT_Additional
OTHER LONG-TERM DEBT (Additional Information) (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Loan maximum commitment | $5,000,000 | |
Loan Expiration Period | 10 years | |
Loan fixed interest rate | 4.00% | |
Loan Payments Period | 107 monthly payments | |
Loan Amortization Period | 20 years | |
Loan maturity date | 27-Jul-22 | |
Real estate pledged for borrowings, carrying value | 7,200,000 | |
Other long-erm debt, maturities, 2014 | 173,000 | |
Other long-erm debt, maturities, 2015 | 181,000 | |
Other long-erm debt, maturities, 2016 | 189,000 | |
Other long-erm debt, maturities, 2017 | 196,000 | |
Other long-erm debt, maturities, 2018 | 204,000 | |
Other long-erm debt, maturities, 2019 and later years | 3,900,000 | |
Interest Expense, Other Long-term Debt | 203,000 | 72,000 |
Line Of Credit Facility Principal Amount Outstanding | $4,800,000 | $5,000,000 |
DEFERRED_COMPENSATION_PLANS_Ad
DEFERRED COMPENSATION PLANS (Additional Information) (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Deferred Compensation Arrangement with Individual, Description | The Company accrues interest on the deferred obligation at an annual rate equal to the prime rate for the immediately preceding calendar quarter plus 2%, but in no event at a rate in excess of 8%. | |
Officer [Member] | ||
Deferred compensation expense | $16,000 | $18,000 |
Director [Member] | ||
Deferred compensation expense | $178,000 | $161,000 |
BENEFIT_PLANS_Common_Stock_Hel
BENEFIT PLANS (Common Stock Held By The ESOP) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 06, 2008 |
Allocated shares | 132,339 | 103,116 | |
Unearned shares | 53,706 | 86,495 | |
Total ESOP shares | 186,045 | 189,611 | 203,363 |
Fair value of unearned shares | $1,341,000 | $1,946,000 |
BENEFIT_PLANS_Additional_Infor
BENEFIT PLANS (Additional Information) (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
Oct. 06, 2008 | Sep. 30, 2014 | Sep. 30, 2013 | |
Defined Benefit Plan, Contributions by Employer | $368,000 | $336,000 | |
Total ESOP shares | 203,363 | 186,045 | 189,611 |
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased | $10 | ||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $715,000 | $652,000 |
STOCK_BASED_COMPENSATION_PLANS2
STOCK BASED COMPENSATION PLANS (Nonvested Restricted Shares) (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | 31-May-10 | |
Shares | ||
Nonvested at beginning of year | 39,230 | |
Granted | 0 | |
Vested | -19,620 | |
Forfeited | 0 | |
Nonvested at end of year | 19,610 | |
Weighted Average Grant Date Fair Value | ||
Nonvested, Beginning Balance | $13.25 | $13.25 |
Granted | $0 | |
Vested | $13.25 | |
Forfeited | $0 | |
Nonvested, Ending Balance | $13.25 | $13.25 |
STOCK_BASED_COMPENSATION_PLANS3
STOCK BASED COMPENSATION PLANS (Fair Value Of Options Granted) (Detail) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Expected dividend yield | 4.53% |
Risk-free interest rate | 2.82% |
Expected volatility | 30.00% |
Expected life of options | 7 years |
Weighted average fair value at grant date | $3.09 |
STOCK_BASED_COMPENSATION_PLANS4
STOCK BASED COMPENSATION PLANS (Stock Option Activity Under The Plan) (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Number of Shares | ||
Outstanding at beginning of year | 245,232 | |
Granted | 0 | |
Exercised | 11,000 | 0 |
Forfeited or expired | 0 | |
Outstanding at end of year | 234,232 | 245,232 |
Exercisable at end of year | 185,185 | |
Weighted Average Exercise Price | ||
Outstanding at beginning of year | $13.25 | |
Granted | $0 | |
Exercised | $13.25 | |
Forfeited or expired | $0 | |
Outstanding at end of year | $13.25 | $13.25 |
Exercisable at end of year | $13.25 | |
Weighted Average Remaining Contractual Term | ||
Outstanding of year | 5 years 7 months 6 days | 6 years 7 months 6 days |
Exercisable at end of year | 5 years 7 months 6 days | |
Aggregate Intrinsic Value | ||
Outstanding at beginning of year | $2,268,000 | |
Exercised | 127,000 | |
Outstanding at end of year | 2,743,000 | 2,268,000 |
Exercisable at end of year | $2,169,000 |
STOCK_BASED_COMPENSATION_PLANS5
STOCK BASED COMPENSATION PLANS (Additional Information) (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
31-May-10 | Apr. 30, 2010 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 177,549 | 355,885 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 101,681 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $13.60 | |||
Share Based Compensation Arrangement By Share Based Payment Award Value Of Shares Purchased For Award | $1,400,000 | |||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Nonvested, Weighted Average Grant Date Fair Value | $13.25 | $13.25 | $13.25 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other than Options Grants In Period Aggregate Fair Value | 1,300,000 | |||
Decrease In Additional Paid In Capital | 41,000 | |||
Restricted Stock or Unit Expense | 260,000 | 260,000 | ||
Stock or Unit Option Plan Expense | 152,000 | 152,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | 95,000 | |||
Restricted Stock [Member] | ||||
Fair value of restricted shares | 479,000 | 441,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $162,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 7 months 17 days | |||
Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 76,655 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 7 months 17 days |
INCOME_TAXES_Consolidated_Inco
INCOME TAXES (Consolidated Income Tax Expense) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 |
Current | $1,843 | $1,228 | ||||||||
Tax benefit allocated to additional paid-in capital related to equity incentive plan | 84 | 70 | ||||||||
Deferred | 150 | 513 | ||||||||
Income tax expense | $496 | $534 | $624 | $423 | $573 | $441 | $419 | $378 | $2,077 | $1,811 |
INCOME_TAXES_Reconciliation_Of
INCOME TAXES (Reconciliation Of Income Tax Expense) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 |
Provision at federal statutory rate | $2,539 | $2,212 | ||||||||
State income tax-net of federal tax benefit | 161 | 159 | ||||||||
Tax-exempt interest income | -653 | -608 | ||||||||
Increase in cash value of life insurance | -169 | -130 | ||||||||
Other | 199 | 178 | ||||||||
Income tax expense | $496 | $534 | $624 | $423 | $573 | $441 | $419 | $378 | $2,077 | $1,811 |
INCOME_TAXES_Deferred_Tax_Asse
INCOME TAXES (Deferred Tax Assets And Liabilities) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Allowance for loan losses | $2,475 | $2,212 |
Acquisition purchase accounting adjustments | 0 | 9 |
Deferred compensation plans | 374 | 315 |
Equity incentive plans | 108 | 92 |
Other-than-temporary impairment loss on available for sale securities | 17 | 16 |
Valuation allowance on other real estate owned and repossessed assets | 74 | 48 |
Deferred interest income on nonaccrual loans | 68 | 78 |
Other | 0 | 239 |
Deferred tax assets | 3,116 | 3,009 |
Deferred tax liabilities: | ||
Unrealized gain on securities available for sale | -2,169 | -882 |
Accumulated depreciation | -1,417 | -1,399 |
Acquisition purchase accounting adjustments | -219 | 0 |
Deferred loan fees and costs, net | -4 | -63 |
FHLB stock dividends | -133 | -133 |
Section 481 adjustment for bad debt recapture | 0 | -62 |
Unrealized gain on trading account securities | -14 | -17 |
Other | -144 | 0 |
Deferred tax liabilities | -4,100 | -2,556 |
Net deferred tax asset (liability) | ($984) | $453 |
INCOME_TAXES_Additional_Inform
INCOME TAXES (Additional Information) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cumulative Effect on Retained Earnings, Net of Tax | $4.60 | |
Deferred Tax Liabilities, Deferred Expense | $1.50 | $1.50 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 34.00% | 34.00% |
COMMITMENTS_AND_CONTINGENT_LIA2
COMMITMENTS AND CONTINGENT LIABILITIES (Commitments To Extend Credit) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Contractual Obligation | $67,367 | $64,484 |
Fixed Rate [Member] | ||
Contractual Obligation | 11,640 | 13,353 |
Adjustable Rate [Member] | ||
Contractual Obligation | 5,146 | 3,978 |
Guarantees of third-party revolving credit [Member] | ||
Contractual Obligation | 89 | 0 |
Undisbursed Portion Of Home Equity Lines Of Credit [Member] | ||
Contractual Obligation | 20,072 | 19,043 |
Undisbursed Portion Of Commercial and Personal Lines Of Credit [Member] | ||
Contractual Obligation | 24,149 | 23,722 |
Undisbursed Portion Of Construction Loans In Process [Member] | ||
Contractual Obligation | $6,271 | $4,388 |
COMMITMENTS_AND_CONTINGENT_LIA3
COMMITMENTS AND CONTINGENT LIABILITIES (Additional Information) (Detail) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Letters of Credit Outstanding, Amount | $4.40 |
DISCLOSURES_ABOUT_FAIR_VALUE_O2
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS (Carrying Value And Estimated Fair Value Of Financial Instruments) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets: | ||
Cash and due from banks | $8,853 | $9,607 |
Interest-bearing deposits with banks | 11,477 | 11,208 |
Interest-bearing time deposits | 1,500 | 1,500 |
Trading account securities | 5,319 | 3,210 |
Securities available for sale | 184,697 | 164,167 |
Securities held to maturity | 5,419 | 6,417 |
Loans, net | 433,876 | 408,375 |
Loans held for sale | 281 | 399 |
FHLB stock | 6,517 | 5,500 |
Accrued interest receivable | 2,511 | 2,391 |
Interest rate cap (included in other assets) | 1 | 11 |
Financial liabilities: | ||
Deposits | 533,194 | 477,726 |
Short-term repurchase agreements | 1,338 | 1,335 |
Borrowings from FHLB | 79,548 | 89,348 |
Other long-term debt | 4,812 | 4,973 |
Accrued interest payable | 175 | 184 |
Advance payments by borrowers for taxes and insurance | 748 | 707 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial assets: | ||
Cash and due from banks | 8,853 | 9,607 |
Interest-bearing deposits with banks | 11,477 | 11,208 |
Interest-bearing time deposits | 0 | 0 |
Trading account securities | 0 | 0 |
Securities available for sale | 0 | 93 |
Securities held to maturity | 0 | 0 |
Loans, net | 0 | 0 |
Loans held for sale | 0 | 0 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Short-term repurchase agreements | 0 | 0 |
Borrowings from FHLB | 0 | 0 |
Other long-term debt | 0 | 0 |
Accrued interest payable | 0 | 0 |
Advance payments by borrowers for taxes and insurance | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Cash and due from banks | 0 | 0 |
Interest-bearing deposits with banks | 0 | 0 |
Interest-bearing time deposits | 1,496 | 1,475 |
Trading account securities | 5,319 | 3,210 |
Securities available for sale | 184,697 | 164,074 |
Securities held to maturity | 5,849 | 6,514 |
Loans, net | 0 | 0 |
Loans held for sale | 281 | 399 |
FHLB stock | 6,517 | 5,500 |
Accrued interest receivable | 2,511 | 2,391 |
Interest rate cap (included in other assets) | 1 | 11 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Short-term repurchase agreements | 1,338 | 1,335 |
Borrowings from FHLB | 79,455 | 87,932 |
Other long-term debt | 4,812 | 4,973 |
Accrued interest payable | 175 | 184 |
Advance payments by borrowers for taxes and insurance | 748 | 707 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Cash and due from banks | 0 | 0 |
Interest-bearing deposits with banks | 0 | 0 |
Interest-bearing time deposits | 0 | 0 |
Trading account securities | 0 | 0 |
Securities available for sale | 0 | 0 |
Securities held to maturity | 0 | 0 |
Loans, net | 434,023 | 413,629 |
Loans held for sale | 0 | 0 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Deposits | 535,364 | 477,094 |
Short-term repurchase agreements | 0 | 0 |
Borrowings from FHLB | 0 | 0 |
Other long-term debt | 0 | 0 |
Accrued interest payable | 0 | 0 |
Advance payments by borrowers for taxes and insurance | $0 | $0 |
FAIR_VALUE_MEASUREMENTS_Balanc
FAIR VALUE MEASUREMENTS (Balances Of Financial Assets Measured At Fair Value On Recurring And Nonrecurring) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account securities | $5,319 | $3,210 |
Securities available for sale | 184,697 | 164,167 |
Interest rate cap | 1 | |
Loans held for sale | 281 | 399 |
Total other real estate owned | 953 | 799 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account securities | 5,319 | 3,210 |
Securities available for sale | 184,697 | 164,167 |
Interest rate cap | 1 | 11 |
Fair Value, Measurements, Recurring | Agency bonds and notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 12,091 | 15,197 |
Fair Value, Measurements, Recurring | Agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 52,255 | 41,714 |
Fair Value, Measurements, Recurring | Agency CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 29,484 | 24,074 |
Fair Value, Measurements, Recurring | Privately-issued CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,920 | 4,616 |
Fair Value, Measurements, Recurring | Privately-issued ABS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 7,353 | 7,799 |
Fair Value, Measurements, Recurring | SBA Certificates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 1,762 | 2,093 |
Fair Value, Measurements, Recurring | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 77,832 | 68,581 |
Fair Value, Measurements, Recurring | Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 93 | |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 11,320 | 14,787 |
Loans held for sale | 281 | 399 |
Fair Value, Measurements, Nonrecurring | Residential real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 5,128 | 5,676 |
Fair Value, Measurements, Nonrecurring | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 5,705 | 6,091 |
Fair Value, Measurements, Nonrecurring | Multifamily | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 0 | 2,306 |
Fair Value, Measurements, Nonrecurring | Construction | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 0 | 29 |
Fair Value, Measurements, Nonrecurring | Commercial business | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 145 | 235 |
Fair Value, Measurements, Nonrecurring | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 342 | 450 |
other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 953 | 799 |
other real estate owned | Residential real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 518 | 397 |
other real estate owned | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 377 | 375 |
other real estate owned | Land and land development | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 58 | 27 |
Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account securities | 0 | 0 |
Securities available for sale | 0 | 93 |
Interest rate cap | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Agency bonds and notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Agency CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Privately-issued CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Privately-issued ABS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | SBA Certificates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 93 | |
Level 1 | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 0 | 0 |
Loans held for sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Nonrecurring | Residential real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 0 | 0 |
Level 1 | Fair Value, Measurements, Nonrecurring | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 0 | 0 |
Level 1 | Fair Value, Measurements, Nonrecurring | Multifamily | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 0 | 0 |
Level 1 | Fair Value, Measurements, Nonrecurring | Construction | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 0 | 0 |
Level 1 | Fair Value, Measurements, Nonrecurring | Commercial business | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 0 | 0 |
Level 1 | Fair Value, Measurements, Nonrecurring | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 0 | 0 |
Level 1 | other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 0 | 0 |
Level 1 | other real estate owned | Residential real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 0 | 0 |
Level 1 | other real estate owned | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 0 | 0 |
Level 1 | other real estate owned | Land and land development | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account securities | 5,319 | 3,210 |
Securities available for sale | 184,697 | 164,074 |
Interest rate cap | 1 | 11 |
Level 2 | Fair Value, Measurements, Recurring | Agency bonds and notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 12,091 | 15,197 |
Level 2 | Fair Value, Measurements, Recurring | Agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 52,255 | 41,714 |
Level 2 | Fair Value, Measurements, Recurring | Agency CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 29,484 | 24,074 |
Level 2 | Fair Value, Measurements, Recurring | Privately-issued CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,920 | 4,616 |
Level 2 | Fair Value, Measurements, Recurring | Privately-issued ABS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 7,353 | 7,799 |
Level 2 | Fair Value, Measurements, Recurring | SBA Certificates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 1,762 | 2,093 |
Level 2 | Fair Value, Measurements, Recurring | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 77,832 | 68,581 |
Level 2 | Fair Value, Measurements, Recurring | Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | |
Level 2 | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 0 | 0 |
Loans held for sale | 281 | 399 |
Level 2 | Fair Value, Measurements, Nonrecurring | Residential real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 0 | 0 |
Level 2 | Fair Value, Measurements, Nonrecurring | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 0 | 0 |
Level 2 | Fair Value, Measurements, Nonrecurring | Multifamily | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 0 | 0 |
Level 2 | Fair Value, Measurements, Nonrecurring | Construction | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 0 | 0 |
Level 2 | Fair Value, Measurements, Nonrecurring | Commercial business | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 0 | 0 |
Level 2 | Fair Value, Measurements, Nonrecurring | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 0 | 0 |
Level 2 | other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 0 | 0 |
Level 2 | other real estate owned | Residential real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 0 | 0 |
Level 2 | other real estate owned | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 0 | 0 |
Level 2 | other real estate owned | Land and land development | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account securities | 0 | 0 |
Securities available for sale | 0 | 0 |
Interest rate cap | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Agency bonds and notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Agency CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Privately-issued CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Privately-issued ABS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | SBA Certificates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | |
Level 3 | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 11,320 | 14,787 |
Loans held for sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Nonrecurring | Residential real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 5,128 | 5,676 |
Level 3 | Fair Value, Measurements, Nonrecurring | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 5,705 | 6,091 |
Level 3 | Fair Value, Measurements, Nonrecurring | Multifamily | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 0 | 2,306 |
Level 3 | Fair Value, Measurements, Nonrecurring | Construction | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 0 | 29 |
Level 3 | Fair Value, Measurements, Nonrecurring | Commercial business | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 145 | 235 |
Level 3 | Fair Value, Measurements, Nonrecurring | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans | 342 | 450 |
Level 3 | other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 953 | 799 |
Level 3 | other real estate owned | Residential real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 518 | 397 |
Level 3 | other real estate owned | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | 377 | 375 |
Level 3 | other real estate owned | Land and land development | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total other real estate owned | $58 | $27 |
FAIR_VALUE_MEASUREMENTS_Additi
FAIR VALUE MEASUREMENTS (Additional information) (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Foreclosed Real Estate Expense | $210,000 | $165,000 |
Impaired Loans [Member] | ||
Foreclosed Real Estate Expense | $2,000 | $416,000 |
Maximum [Member] | Foreclosed Real Estate Held [Member] | ||
Fair Value Inputs, Discount Rate | 50.00% | 65.10% |
Maximum [Member] | Collateral [Member] | ||
Fair Value Inputs, Discount Rate | 6.00% | 6.00% |
Maximum [Member] | Impaired Loans [Member] | ||
Fair Value Inputs, Discount Rate | 15.00% | 15.00% |
Minimum [Member] | Foreclosed Real Estate Held [Member] | ||
Fair Value Inputs, Discount Rate | 13.30% | 15.00% |
Minimum [Member] | Collateral [Member] | ||
Fair Value Inputs, Discount Rate | 0.00% | 0.00% |
Minimum [Member] | Impaired Loans [Member] | ||
Fair Value Inputs, Discount Rate | 0.00% | 0.00% |
Weighted Average [Member] | Foreclosed Real Estate Held [Member] | ||
Fair Value Inputs, Discount Rate | 18.70% | 25.40% |
DERIVATIVE_INSTRUMENTS_Interes
DERIVATIVE INSTRUMENTS (Interest Rate Cap Contract Report) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Strike Rate | 7.50% |
Remaining Term | 2 years 10 months 2 days |
Notional Amount | $10,000 |
Purchase Premium | 150 |
Unrealized Loss | 149 |
Fair value | $1 |
STOCKHOLDERS_EQUITY_Additional
STOCKHOLDERS' EQUITY (Additional Information) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2008 |
In Thousands, unless otherwise specified | |||
Retained earnings | $47,175 | $42,870 | $29,300 |
PREFERRED_STOCK_Additional_Inf
PREFERRED STOCK (Additional Information) (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 11, 2011 |
Auction Market Preferred Securities, Stock Series [Line Items] | ||||
Weighted Average Dividend Rate | 1.00% | 1.00% | ||
Preferred Stock, issued | 17,120 | |||
Series A Preferred Stock, total purchase price under Purchase Agreement | $17,120 | |||
Series A Preferred Stock, dividend rate under Purchase Agreement | 4.84% | 1.00% | ||
Series A Preferred Stock redemption price, under Purchase Agreement | 100.00% | |||
Preferred Stock, aggregate liquidation preference | $1,000 | |||
Tier One Risk Based Capital | 63,160 | 66,515 | ||
First ten quarters | ||||
Auction Market Preferred Securities, Stock Series [Line Items] | ||||
Annual lending incentive fee, percentage under Purchase Agreement | 2.00% | |||
First ten quarters | Minimum | ||||
Auction Market Preferred Securities, Stock Series [Line Items] | ||||
Weighted Average Dividend Rate | 1.00% | |||
Series A Preferred Stock, dividend rate under Purchase Agreement | 1.00% | |||
First ten quarters | Maximum | ||||
Auction Market Preferred Securities, Stock Series [Line Items] | ||||
Weighted Average Dividend Rate | 7.00% | |||
Series A Preferred Stock, dividend rate under Purchase Agreement | 5.00% | |||
After four and one half years from issuance | ||||
Auction Market Preferred Securities, Stock Series [Line Items] | ||||
Series A Preferred Stock redemption price, under Purchase Agreement | 9.00% | |||
Small Business Jobs Act of 2010 [Member] | ||||
Auction Market Preferred Securities, Stock Series [Line Items] | ||||
Preferred Stock Value | 30,000,000 | |||
Senior Non-Cumulative Perpetual Preferred Stock, Series A | ||||
Auction Market Preferred Securities, Stock Series [Line Items] | ||||
Preferred Stock, issued | 17,120 | 17,120 | ||
Series A Preferred Stock, total purchase price under Purchase Agreement | 17,120 | 17,120 | ||
Preferred Stock Value | $0 | $0 |
REGULATORY_MATTERS_Banks_Actua
REGULATORY MATTERS (Bank's Actual Capital Amounts And Ratios) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Total capital (to risk weighted assets) Actual Amount | $68,963 | $71,828 |
Tier I capital (to risk weighted assets) Actual Amount | 63,160 | 66,515 |
Tier I capital (to adjusted total assets) Actual Amount | 63,160 | 66,515 |
Tangible capital (to adjusted total assets) Actual Amount | 63,160 | 66,515 |
Total capital (to risk weighted assets) Actual Ratio | 14.87% | 17.04% |
Tier I capital (to risk weighted assets) Actual Ratio | 13.62% | 15.78% |
Tier I capital (to adjusted total assets) Actual Ratio | 9.14% | 10.36% |
Tangible capital (to adjusted total assets) Actual Ratio | 9.14% | 10.36% |
Total capital (to risk weighted assets) Minimum For Capital Adequacy Purposes Amount | 37,101 | 33,713 |
Tier I capital (to adjusted total assets) Minimum For Capital Adequacy Purposes Amount | 27,653 | 25,682 |
Tangible capital (to adjusted total assets) Minimum For Capital Adequacy Purposes Amount | 10,370 | 9,631 |
Total capital (to risk weighted assets) Minimum For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier I capital (to adjusted total assets) Minimum For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tangible capital (to adjusted total assets) Minimum For Capital Adequacy Purposes Ratio | 1.50% | 1.50% |
Total capital (to risk weighted assets) Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 46,376 | 42,141 |
Tier I capital (to risk weighted assets) Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 27,826 | 25,285 |
Tier I capital (to adjusted total assets) Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $34,566 | $32,103 |
Total capital (to risk weighted assets) Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier I capital (to risk weighted assets) Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% | 6.00% |
Tier I capital (to adjusted total assets) Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
SUPPLEMENTAL_DISCLOSURE_FOR_EA2
SUPPLEMENTAL DISCLOSURE FOR EARNINGS PER SHARE (Earnings Per Share Information) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings: | ||||||||||
Net income | $1,370 | $1,456 | $1,536 | $1,028 | $1,369 | $1,141 | $1,170 | $1,016 | $5,390 | $4,696 |
Less: Preferred stock dividends declared | -42 | -43 | -43 | -43 | -42 | -43 | -43 | -43 | -171 | -171 |
Net Income Available to Common Shareholders | 1,328 | 1,413 | 1,493 | 985 | 1,327 | 1,098 | 1,127 | 973 | 5,219 | 4,525 |
Shares: | ||||||||||
Weighted average common shares outstanding | 2,122,880 | 2,168,770 | ||||||||
Net income per common share, basic | $0.63 | $0.68 | $0.70 | $0.46 | $0.61 | $0.51 | $0.52 | $0.45 | $2.46 | $2.09 |
Earnings: | ||||||||||
Net income | 1,370 | 1,456 | 1,536 | 1,028 | 1,369 | 1,141 | 1,170 | 1,016 | 5,390 | 4,696 |
Less: Preferred stock dividends declared | -42 | -43 | -43 | -43 | -42 | -43 | -43 | -43 | -171 | -171 |
Net Income Available to Common Shareholders | $5,219 | $4,525 | ||||||||
Shares | ||||||||||
Weighted average common shares outstanding | 2,122,880 | 2,168,770 | ||||||||
Add: Dilutive effect of outstanding options | 94,656 | 84,565 | ||||||||
Add: Dilutive effect of restricted stock | 11,778 | 15,728 | ||||||||
Weighted average common shares outstanding, as adjusted | 2,229,314 | 2,269,063 | ||||||||
Net income per common share, diluted | $0.60 | $0.64 | $0.66 | $0.44 | $0.58 | $0.48 | $0.50 | $0.43 | $2.34 | $1.99 |
PARENT_COMPANY_CONDENSED_FINAN2
PARENT COMPANY CONDENSED FINANCIAL INFORMATION (Condensed Financial Information) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Assets: | |||
Cash and interest bearing deposits | $20,330 | $20,815 | $38,791 |
Other assets | 2,567 | 1,924 | |
Total Assets | 713,129 | 660,455 | |
Liabilities and Equity: | |||
Stockholders' equity | 87,080 | 82,253 | 82,926 |
Total Liabilities and Stockholders' Equity | 713,129 | 660,455 | |
Parent Company [Member] | |||
Assets: | |||
Cash and interest bearing deposits | 7,419 | 1,691 | 1,895 |
Other assets | 904 | 745 | |
Investment in subsidiaries | 79,233 | 80,057 | |
Total Assets | 87,556 | 82,493 | |
Liabilities and Equity: | |||
Accrued expenses | 476 | 240 | |
Stockholders' equity | 87,080 | 82,253 | |
Total Liabilities and Stockholders' Equity | $87,556 | $82,493 |
PARENT_COMPANY_CONDENSED_FINAN3
PARENT COMPANY CONDENSED FINANCIAL INFORMATION (Condensed Statements of Income) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 |
Dividend income from subsidiary | $245 | $200 | ||||||||
Income before income taxes | 1,866 | 1,990 | 2,160 | 1,451 | 1,942 | 1,582 | 1,589 | 1,394 | 7,467 | 6,507 |
Income tax benefit | -496 | -534 | -624 | -423 | -573 | -441 | -419 | -378 | -2,077 | -1,811 |
Net income | 1,370 | 1,456 | 1,536 | 1,028 | 1,369 | 1,141 | 1,170 | 1,016 | 5,390 | 4,696 |
Parent Company [Member] | ||||||||||
Dividend income from subsidiary | 10,000 | 2,000 | ||||||||
Other operating expenses | -1,551 | -1,351 | ||||||||
Income before income taxes | 8,449 | 649 | ||||||||
Income tax benefit | 400 | 355 | ||||||||
Income before equity in undistributed net income of subsidiaries | 8,849 | 1,004 | ||||||||
Equity in undistributed net income of subsidiaries | -3,459 | 3,692 | ||||||||
Net income | $5,390 | $4,696 |
PARENT_COMPANY_CONDENSED_FINAN4
PARENT COMPANY CONDENSED FINANCIAL INFORMATION (Statements Of Cash Flows) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Activities: | ||
Net income | $5,390 | $4,696 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
ESOP and stock compensation expense | 1,127 | 1,063 |
Net change in other assets and liabilities | 782 | 1,201 |
Net Cash Provided By Operating Activities | 8,128 | 11,322 |
Investing Activities: | ||
Net Cash Used In Investing Activities | -49,952 | -49,640 |
Financing Activities: | ||
Purchase of treasury stock | -3,273 | -625 |
Dividends paid | -171 | -171 |
Net Cash Provided By Financing Activities | 41,339 | 20,342 |
Net Decrease in Cash and Cash Equivalents | -485 | -17,976 |
Cash and cash equivalents at beginning of year | 20,815 | 38,791 |
Cash and Cash Equivalents at End of Year | 20,330 | 20,815 |
Parent Company [Member] | ||
Operating Activities: | ||
Net income | 5,390 | 4,696 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Equity in undistributed net income of subsidiaries | 3,459 | -3,692 |
ESOP and stock compensation expense | 1,127 | 1,063 |
Net change in other assets and liabilities | 214 | 97 |
Net Cash Provided By Operating Activities | 10,190 | 2,164 |
Investing Activities: | ||
Investment in Captive | -250 | 0 |
Net Cash Used In Investing Activities | -250 | 0 |
Financing Activities: | ||
Exercise of stock options | 146 | 0 |
Purchase of treasury stock | -3,273 | -625 |
Dividends paid | -1,085 | -1,743 |
Net Cash Provided By Financing Activities | -4,212 | -2,368 |
Net Decrease in Cash and Cash Equivalents | 5,728 | -204 |
Cash and cash equivalents at beginning of year | 1,691 | 1,895 |
Cash and Cash Equivalents at End of Year | $7,419 | $1,691 |
CONCENTRATION_OF_CREDIT_RISK_A
CONCENTRATION OF CREDIT RISK (Additional Information) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $5.80 | $5.40 |
SUPPLEMENTAL_DISCLOSURE_OF_CAS2
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION (Cash Flow Information) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash payments for: | ||
Interest | $3,794 | $4,496 |
Taxes | 1,593 | 1,354 |
Non-cash investing activities: | ||
Transfers from loans to other real estate owned | 1,571 | 1,212 |
Proceeds from sales of other real estate owned financed through loans | $536 | $1,093 |
SELECTED_QUARTERLY_FINANCIAL_I2
SELECTED QUARTERLY FINANCIAL INFORMATION (Financial Information) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest income | $6,848 | $6,922 | $6,990 | $6,734 | $6,725 | $6,689 | $7,001 | $6,760 | $27,494 | $27,175 |
Interest expense | 872 | 873 | 888 | 922 | 922 | 909 | 1,010 | 1,095 | 3,555 | 3,936 |
Net interest income | 5,976 | 6,049 | 6,102 | 5,812 | 5,803 | 5,780 | 5,991 | 5,665 | 23,939 | 23,239 |
Provision for loan losses | 342 | 300 | 303 | 301 | 296 | 560 | 550 | 452 | 1,246 | 1,858 |
Net interest income after provision for loan losses | 5,634 | 5,749 | 5,799 | 5,511 | 5,507 | 5,220 | 5,441 | 5,213 | 22,693 | 21,381 |
Noninterest income | 1,269 | 1,291 | 1,382 | 1,104 | 1,298 | 1,035 | 925 | 1,000 | 5,046 | 4,258 |
Noninterest expenses | 5,037 | 5,050 | 5,021 | 5,164 | 4,863 | 4,673 | 4,777 | 4,819 | 20,272 | 19,132 |
Income before income taxes | 1,866 | 1,990 | 2,160 | 1,451 | 1,942 | 1,582 | 1,589 | 1,394 | 7,467 | 6,507 |
Income tax expense | 496 | 534 | 624 | 423 | 573 | 441 | 419 | 378 | 2,077 | 1,811 |
Net income | 1,370 | 1,456 | 1,536 | 1,028 | 1,369 | 1,141 | 1,170 | 1,016 | 5,390 | 4,696 |
Less: Preferred stock dividends declared | 42 | 43 | 43 | 43 | 42 | 43 | 43 | 43 | 171 | 171 |
Net Income Available to Common Shareholders | $1,328 | $1,413 | $1,493 | $985 | $1,327 | $1,098 | $1,127 | $973 | $5,219 | $4,525 |
Net income per common share, basic | $0.63 | $0.68 | $0.70 | $0.46 | $0.61 | $0.51 | $0.52 | $0.45 | $2.46 | $2.09 |
Net income per common share, diluted | $0.60 | $0.64 | $0.66 | $0.44 | $0.58 | $0.48 | $0.50 | $0.43 | $2.34 | $1.99 |