Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Dec. 31, 2013 | Feb. 13, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'FMTB | ' |
Entity Registrant Name | 'FAIRMOUNT BANCORP, INC. | ' |
Entity Central Index Key | '0001477968 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 484,839 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
Assets | ' | ' |
Cash and due from banks | $299,478 | $850,941 |
Interest-bearing deposits in other banks | 794,812 | 858,746 |
Federal funds sold | 2,862,991 | 2,141,774 |
Cash and cash equivalents | 3,957,281 | 3,851,461 |
Certificates of deposit | 3,784,029 | 3,783,568 |
Securities available for sale, at fair value | 5,565,890 | 5,791,725 |
Securities held to maturity, at amortized cost | 3,756,142 | 3,756,238 |
Federal Home Loan Bank stock, at cost | 453,700 | 453,700 |
Loans, net of allowances for loan and lease losses of 827,120 at December 31, 2013 and $733,451 at September 30, 2013 | 54,750,106 | 55,375,365 |
Accrued interest receivable | 238,974 | 233,680 |
Premises and equipment, net | 3,120,358 | 3,155,062 |
Foreclosed assets | 20,000 | 20,000 |
Deferred income tax asset | 290,777 | 287,746 |
Prepaid expenses and other assets | 251,080 | 319,604 |
Total assets | 76,188,337 | 77,028,149 |
Deposits | ' | ' |
Noninterest-bearing deposits | 686,240 | 561,563 |
Interest-bearing demand deposits | 3,920,878 | 4,075,532 |
Savings deposits | 15,991,813 | 16,850,314 |
Certificates of deposit | 34,406,032 | 34,442,370 |
Total deposits | 55,004,963 | 55,929,779 |
Federal Home Loan Bank advances | 8,000,000 | 8,000,000 |
Accrued interest payable | 44,287 | 42,503 |
Accounts payable and other liabilities | 71,413 | 52,638 |
Total liabilities | 63,120,663 | 64,024,920 |
Commitments and contingencies | ' | ' |
Stockholders' Equity | ' | ' |
Preferred stock, $0.01 par value; authorized 1,000,000; none issued | ' | ' |
Common stock, $0.01 par value; authorized 4,000,000; 500,314 issued; 484,839 outstanding at December 31, 2013 and September 30, 2013, respectively | 5,003 | 5,003 |
Additional paid in capital | 4,040,748 | 4,040,748 |
Unearned common stock held by: | ' | ' |
Employee Stock Ownership Plan | -209,736 | -209,736 |
Recognition and Retention Plan | -245,145 | -245,145 |
Retained earnings | 9,403,732 | 9,334,634 |
Accumulated other comprehensive income | 73,072 | 77,725 |
Total stockholders' equity | 13,067,674 | 13,003,229 |
Total liabilities and stockholders' equity | $76,188,337 | $77,028,149 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
Loans and lease losses, allowances | $827,120 | $733,451 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 4,000,000 | 4,000,000 |
Common stock, shares issued | 500,314 | 500,314 |
Common stock, shares outstanding | 484,839 | 484,839 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Interest and dividend income: | ' | ' |
Interest on loans | $788,438 | $817,179 |
Interest and dividends on investments | 71,048 | 82,156 |
Total interest income | 859,486 | 899,335 |
Interest expense: | ' | ' |
Interest on deposits | 104,473 | 132,346 |
Interest on borrowings | 67,555 | 67,555 |
Total interest expense | 172,028 | 199,901 |
Net interest income | 687,458 | 699,434 |
Provision for loan and lease losses | 105,000 | 125,000 |
Net interest income after provision for loan and lease losses | 582,458 | 574,434 |
Non-interest income: | ' | ' |
Service fees on deposit accounts | 1,807 | 742 |
Other service charges, commissions and fees | 15,825 | 19,266 |
Gain on disposal of assets | ' | 117,117 |
Other non-interest income | 1,320 | 1,111 |
Total non-interest income | 18,952 | 138,236 |
Non-interest expense: | ' | ' |
Salaries, fees and employment | 301,946 | 281,317 |
Premises and equipment | 54,501 | 50,765 |
Professional fees | 34,240 | 70,128 |
Data processing | 28,668 | 31,135 |
FDIC insurance premiums and regulatory assessment | 25,940 | 24,508 |
Insurance and bond premiums | 7,598 | 7,694 |
Stationery, printing and supplies | 4,451 | 8,874 |
Other operating expenses | 30,468 | 26,372 |
Total non-interest expense | 487,812 | 500,793 |
Income before income taxes | 113,598 | 211,877 |
Income taxes | 44,500 | 74,000 |
Net income | $69,098 | $137,877 |
Basic and dilutive earnings per common share: | ' | ' |
Net income, basic | $0.15 | $0.31 |
Basic weighted average shares outstanding | 450,599 | 444,552 |
Net income, dilutive | $0.15 | $0.31 |
Dilutive weighted average shares outstanding | 462,067 | 451,085 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Net income | $69,098 | $137,877 |
Other comprehensive income, net of tax: | ' | ' |
Unrealized gain (loss) on investment securities available for sale | -7,684 | 51,997 |
Reclassification adjustment for realized gain on investment securities available for sale included in net income | ' | -116,480 |
Other comprehensive income (loss) before income taxes | -7,684 | -64,483 |
Income tax relating to investment securities available for sale | 3,031 | 25,439 |
Other comprehensive income (loss), net of tax | -4,653 | -39,044 |
Comprehensive income | $64,445 | $98,833 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Unearned ESOP Shares | Unearned RRP Shares | Retained Earnings | Accumulated Other Comprehensive Income |
Beginning Balance at Sep. 30, 2012 | $12,855,190 | $5,003 | $3,979,972 | ($251,607) | ($162,271) | $9,077,164 | $206,929 |
Net income | 137,877 | ' | ' | ' | ' | 137,877 | ' |
Other comprehensive income (loss) | -39,044 | ' | ' | ' | ' | ' | -39,044 |
Repurchase of common stock | -133,080 | ' | ' | ' | -133,080 | ' | ' |
Ending Balance at Dec. 31, 2012 | 12,820,943 | 5,003 | 3,721,789 | -251,607 | -37,168 | 9,215,041 | 167,885 |
Beginning Balance at Sep. 30, 2013 | 13,003,229 | 5,003 | 4,040,748 | -209,736 | -245,145 | 9,334,634 | 77,725 |
Net income | 69,098 | ' | ' | ' | ' | 69,098 | ' |
Other comprehensive income (loss) | -4,653 | ' | ' | ' | ' | ' | -4,653 |
Ending Balance at Dec. 31, 2013 | $13,067,674 | $5,003 | $4,040,748 | ($209,736) | ($245,145) | $9,403,732 | $73,072 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | ' | ' |
Net income | $69,098 | $137,877 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 36,000 | 31,100 |
Amortization and accretion of securities | 9,251 | 25,861 |
Provision for loan and lease losses | 105,000 | 125,000 |
Other (gains) and losses, net | ' | -117,117 |
(Increase) decrease in accrued interest receivable | -5,294 | 33,260 |
(Increase) decrease in prepaid expenses and other assets | 68,524 | 17,558 |
Increase (decrease) in accrued interest payable | 1,784 | 1,546 |
Increase (decrease) in accounts payable and other liabilities | 18,775 | -8,005 |
Net cash provided (used) by operating activities | 303,138 | 247,080 |
Cash flows from investing activities: | ' | ' |
Proceeds from sales of available for sale securities | ' | 1,753,845 |
Proceeds from maturities, payments and calls of available for sale securities | 208,535 | 833,734 |
Proceeds from maturities, payments and calls of held to maturity securities | ' | 1,000,000 |
(Purchases) maturities of certificates of deposit | ' | 249,000 |
Net (increase) decrease in loans | 520,259 | -101,840 |
Proceeds from disposal of foreclosed assets | ' | 79,387 |
(Purchases) disposals of premises and equipment | -1,296 | -6,931 |
Net cash provided (used) by investing activities | 727,498 | 3,807,195 |
Cash flows from financing activities: | ' | ' |
Net increase (decrease) in deposits | -924,816 | -870,684 |
Repurchase of common stock | ' | -133,080 |
Net cash provided (used) by financing activities | -924,816 | -1,003,764 |
Net increase (decrease) in cash and cash equivalents | 105,820 | 3,050,511 |
Cash and cash equivalents, beginning balance | 3,851,461 | 4,363,186 |
Cash and cash equivalents, ending balance | 3,957,281 | 7,413,697 |
Cash paid during the year for: | ' | ' |
Interest | 170,244 | 702,739 |
Income taxes | 80,000 | ' |
Supplemental schedule of noncash investing and financing activities: | ' | ' |
Change in unrealized gain on securities available for sale - net of tax effect of $3,031 and $25,439, respectively | ($4,653) | ($39,044) |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Change in unrealized gain on securities available for sale, tax | $3,031 | $25,439 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |
Dec. 31, 2013 | ||
Summary of Significant Accounting Policies | ' | |
Note 1. | Summary of Significant Accounting Policies | |
Basis of Presentation | ||
Fairmount Bancorp, Inc., a Maryland corporation (the “Company”) was incorporated on November 30, 2009, to serve as the holding company for Fairmount Bank (the “Bank”), a federally chartered savings bank. On June 2, 2010, in accordance with a Plan of Conversion adopted by its Board of Directors and approved by its members, the Bank converted from a federal mutual savings bank to a Maryland state chartered commercial bank and became the wholly owned subsidiary of the Company. The conversion was accomplished through the sale and issuance of 444,038 shares of common stock at a price of $10.00 per share, through which the Company received proceeds of approximately $3,742,000, net of offering expenses of approximately $699,000. Approximately 50% of the net proceeds of the offering, or $1,900,000, were contributed by the Company to the Bank in return for 100% of the issued and outstanding shares of common stock of the Bank. In connection with the conversion, the Bank’s Board of Directors adopted an employee stock ownership plan (the “ESOP”) which subscribed for 8% of the sum of the number of shares, or 35,523 shares of common stock sold in the offering. | ||
On October 12, 2011, the Company completed the acquisition of Fullerton Federal Savings Association (“Fullerton”) in a conversion merger transaction. In connection with the acquisition and pursuant to the terms of the Agreement and Plan of Conversion Merger and the related Plan of Conversion Merger, the Company issued and sold 56,276 shares of common stock at a price of $14.10 per share, through which the Company received proceeds of approximately $452,000, net of offering expenses of $341,000. The shares were sold in a subscription offering to depositors of Fullerton and to the Company’s Employee Stock Ownership Plan and in a community offering to the Company’s Recognition and Retention Plan (the “RRP”) and to the general public. The amount of common stock offered for sale was based on an independent valuation of Fullerton. | ||
In accordance with the Office of the Commissioner of Financial Regulation of the State of Maryland (“Commissioner”) regulations, upon the completion of each of the conversions, the Bank restricted retained earnings by establishing a liquidation account. The liquidation account will be maintained for the benefit of eligible account holders who continue to maintain their accounts at the Bank after conversion. The liquidation account will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation account. In the event of a complete liquidation of the Bank, and only in such event, each account holder will be entitled to receive a distribution from the liquidation account in an amount proportionate to the adjusted qualifying account balances then held. The Bank may not pay dividends if those dividends would reduce equity capital below the required liquidation account amount. | ||
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X as promulgated by the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Operating results for the three months ended December 31, 2013, are not necessarily indicative of the results that may be expected for the year ending September 30, 2014, or any other period. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2013. Certain amounts from prior period financial statements have been reclassified to conform to the current period’s presentation. | ||
Nature of Operations | ||
The Bank is a community-oriented commercial bank, which provides a variety of financial services to individuals and corporate customers through its office in Baltimore County, Maryland, and is subject to competition from other financial institutions. The Bank’s primary deposit products are interest-bearing savings, certificates of deposit and individual retirement accounts. The Bank’s primary lending products are single-family residential mortgage loans. The Bank is subject to the regulation of certain Federal agencies and undergoes periodic examination by those regulatory authorities. The accounting policies of the Bank conform to accounting principles generally accepted in the United States of America and general practices within the banking industry. | ||
Principles of Consolidation | ||
The consolidated financial statements include the accounts of Fairmount Bancorp, Inc., and its wholly owned subsidiary Fairmount Bank. Material intercompany accounts and transactions have been eliminated in consolidation. | ||
Estimates | ||
The preparation of consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reported 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 losses on loans and leases and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowances for losses on loans and leases and foreclosed real estate, management obtains independent appraisals for significant properties. | ||
In July 2012, the FASB issued ASU 2012-02, “Intangibles – Goodwill and Other (Topic 350) – Testing Indefinite-Lived Intangible Assets for Impairment.” The objective of this amendment is to reduce the cost and complexity of performing an impairment test for indefinite-lived intangible assets by simplifying how an entity tests those assets for impairment and to improve consistency in impairment testing guidance among long-lived asset categories. The amendments permit an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived tangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles – Goodwill and Other – General Intangibles Other than Goodwill. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. Previous guidance in Subtopic 350-30 required an entity to test indefinite-lived intangible assets for impairment, on at least an annual basis, by comparing the fair value of the asset with its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, an entity should recognize an impairment loss in the amount of that excess. In accordance with the amendments in this ASU, an entity will have an option not to calculate annually the fair value of an indefinite-lived intangible asset if the entity determines that it is not more likely than not that the asset is impaired. Permitting an entity to assess qualitative factors when testing indefinite-lived intangible assets for impairment results in guidance that is similar to the goodwill impairment testing guidance in ASU 2011-08. The amendments in this ASU are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity’s financial statements for the most recent annual or interim period have not yet been issued. | ||
In February 2013, the FASB issued ASU 2013 -02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”. The amendments in this ASU require an entity to present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income. In addition, the amendments require a cross-reference to other disclosures currently required for other reclassification items to be reclassified directly to net income in their entirety in the same reporting period. Companies should apply these amendments for fiscal years, and interim periods within those years, beginning on or after December 15, 2012. The Company has included the required disclosures from ASU 2013-02 in the consolidated financial statements. | ||
In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendments in this update provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of the new guidance did not have a material impact on the Company’s consolidated financial statements. Other than the disclosures contained within these statements, the Company has determined that all other recently issued accounting pronouncements will not have a material impact on its consolidated financial statements or do not apply to its operations. | ||
In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings By Creditors (Subtopic 310-40)– Reclassification of residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. This amendment clarifies the circumstances under which an in substance repossession or foreclosure is deemed to occur determining when all or a portion of the loan should be derecognized and the real estate property received should be recognized. The amendment is effective for annual and interim periods beginning after December 15, 2014. Early adoption is permitted. |
Securities
Securities | 3 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Securities | ' | ||||||||||||||||||||||||
Note 2. | Securities | ||||||||||||||||||||||||
The amortized cost and estimated fair value of securities classified as available for sale and held to maturity at December 31, 2013 and September 30, 2013, are as follows: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||
Residential Mortgage-Backed Securities | $ | 3,678,659 | $ | 156,338 | $ | — | $ | 3,834,997 | |||||||||||||||||
Collateralized Mortgage Obligations | 496,341 | — | 4,963 | 491,378 | |||||||||||||||||||||
State and Municipal Securities | 1,270,209 | — | 30,694 | 1,239,515 | |||||||||||||||||||||
Total securities available for sale | $ | 5,445,209 | $ | 156,338 | $ | 35,657 | $ | 5,565,890 | |||||||||||||||||
Securities Held to Maturity | |||||||||||||||||||||||||
U.S. Government and Federal Agency Obligations | $ | 3,756,142 | $ | 5,487 | $ | 149,004 | $ | 3,612,625 | |||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||
Residential Mortgage-Backed Securities | $ | 3,855,067 | $ | 166,298 | $ | — | $ | 4,021,365 | |||||||||||||||||
Collateralized Mortgage Obligations | 535,148 | — | 5,409 | 529,739 | |||||||||||||||||||||
State and Municipal Securities | 1,273,145 | — | 32,524 | 1,240,621 | |||||||||||||||||||||
Total securities available for sale | $ | 5,663,360 | $ | 166,298 | $ | 37,933 | $ | 5,791,725 | |||||||||||||||||
Securities Held to Maturity | |||||||||||||||||||||||||
U.S. Government and Federal Agency Obligations | $ | 3,756,238 | $ | 4,991 | $ | 158,526 | $ | 3,602,703 | |||||||||||||||||
The amortized cost and estimated market value of securities at December 31, 2013 and September 30, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Securities Available for Sale | Securities Held to Maturity | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Due after one year through five years | 542,403 | 542,388 | 1,741,332 | 1,728,380 | |||||||||||||||||||||
Due five years to ten years | 487,182 | 472,320 | 2,014,810 | 1,884,245 | |||||||||||||||||||||
Due after ten years | 4,415,624 | 4,551,182 | — | — | |||||||||||||||||||||
$ | 5,445,209 | $ | 5,565,890 | $ | 3,756,142 | $ | 3,612,625 | ||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Securities Available for Sale | Securities Held to Maturity | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Due after one year through five years | 550,169 | 549,536 | 1,740,850 | 1,724,203 | |||||||||||||||||||||
Due five years to ten years | 490,391 | 475,290 | 2,015,388 | 1,878,500 | |||||||||||||||||||||
Due after ten years | 4,622,800 | 4,766,899 | — | — | |||||||||||||||||||||
$ | 5,663,360 | $ | 5,791,725 | $ | 3,756,238 | $ | 3,602,703 | ||||||||||||||||||
There were no sales during the three months ending December 31, 2013. During the three months ended December 31, 2012, the Company sold its state and municipal securities portfolio at a gain. Proceeds from the sale of available for sale securities totaled $1,753,845, realizing gross gains of $116,480 for the three months ended December 31, 2012. | |||||||||||||||||||||||||
Securities with gross unrealized losses at December 31, 2013 and September 30, 2013 aggregated by investment category and length of time that individual securities have been in a continuous loss position are as follows: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||
Residential Mortgage-Backed Securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Collateralized Mortgage Obligations | — | — | 491,378 | 4,963 | 491,378 | 4,963 | |||||||||||||||||||
State and Municipal Securities | 1,239,515 | 30,694 | — | — | 1,239,515 | 30,694 | |||||||||||||||||||
$ | 1,239,515 | $ | 30,694 | $ | 491,378 | $ | 4,963 | $ | 1,730,893 | $ | 35,657 | ||||||||||||||
Securities Held to Maturity | |||||||||||||||||||||||||
U.S. Government and Federal Agency Obligations | $ | 2,859,075 | $ | 149,004 | $ | — | $ | — | $ | 2,859,075 | $ | 149,004 | |||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||
Residential Mortgage-Backed Securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Collateralized Mortgage Obligations | — | — | 529,739 | 5,409 | 529,739 | 5,409 | |||||||||||||||||||
State and Municipal Securities | 1,240,621 | 32,524 | — | — | 1,240,621 | 32,524 | |||||||||||||||||||
$ | 1,240,621 | $ | 32,524 | $ | 529,739 | $ | 5,409 | $ | 1,770,360 | $ | 37,933 | ||||||||||||||
Securities Held to Maturity | |||||||||||||||||||||||||
U.S. Government and Federal Agency Obligations | $ | 2,849,720 | $ | 158,526 | $ | — | $ | — | $ | 2,849,720 | $ | 158,526 | |||||||||||||
At December 31, 2013, the Company held eight investments with gross unrealized losses totaling $179,174. At September 30, 2013, the Company held eight investments with gross unrealized losses totaling $196,459. The Company evaluates securities for other-than-temporary impairment on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Mortgage-backed securities are invested in U.S. Government Agencies, which guarantee payments to investors regardless of the status of the underlying mortgages. Consideration is given to the length of time and the amount of an unrealized loss, the financial condition of the issuer, and the intent an ability of the Company to retain its investment in the issuer long enough to allow for an anticipated recovery in fair value. The Company monitors the financial condition of these issuers continuously and will record other-than-temporary impairment if the recovery of value is unlikely. | |||||||||||||||||||||||||
Market Risks | |||||||||||||||||||||||||
Investments of the Company are exposed to various risks, such as interest rate, market, currency and credit risks. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the value of investments, it is at least reasonably possible that changes in risks in the near term would materially affect investment assets reported in the financial statements. In addition, recent economic uncertainty and market events have led to unprecedented volatility in currency, commodity, credit and equity markets, culminating in failures of some banking and financial service firms and government intervention to solidify others. These recent events underscore the level of investment risk associated with the current economic environment, and accordingly, the level of risk in the Company’s investments. |
Loans_and_Allowance_for_Loan_a
Loans and Allowance for Loan and Leases Losses | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Loans and Allowance for Loan and Leases Losses | ' | ||||||||
Note 3. | Loans and Allowance for Loan and Leases Losses | ||||||||
The Bank makes loans to customers primarily in the counties of Baltimore and Harford and in the City of Baltimore Maryland. The principal categories of the loan portfolio at December 31, 2013 and September 30, 2013, were as follows: | |||||||||
December 31, 2013 | September 30, 2013 | ||||||||
Real estate loans | |||||||||
One-to four-family owner occupied | $ | 25,924,797 | $ | 26,363,952 | |||||
One-to four-family non-owner occupied | 16,540,923 | 17,480,953 | |||||||
Home equity | 2,373,020 | 2,243,716 | |||||||
Mobile home | 1,658,650 | 1,785,854 | |||||||
Secured by other properties | 2,686,447 | 2,783,794 | |||||||
Construction and land development | 4,918,046 | 3,911,156 | |||||||
Total real estate loans | 54,101,883 | 54,569,425 | |||||||
Other loans | |||||||||
Secured commercial | 1,553,527 | 1,603,318 | |||||||
Savings | 3,953 | 9,159 | |||||||
Total other loans | 1,557,480 | 1,612,477 | |||||||
Total loans | 55,659,363 | 56,181,902 | |||||||
Unamortized premiums and loan fees | 235,485 | 250,880 | |||||||
Unearned income on loans | (317,622 | ) | (323,966 | ) | |||||
Allowance for loan and lease losses | (827,120 | ) | (733,451 | ) | |||||
Total loans, net | $ | 54,750,106 | $ | 55,375,365 | |||||
Management segregates the loan portfolio into portfolio segments which is defined as the level at which the Company develops and documents a systematic method for determining its allowance for loan losses. The portfolio segments are segregated based on loan types and the underlying risk factors present in each loan type. Such risk factors are periodically reviewed by management and revised as deemed appropriate. | |||||||||
The Company’s loan portfolio is segregated into the following portfolio segments. |
Credit_Quality_of_Financing_Re
Credit Quality of Financing Receivables and the Allowance for Loan Losses | 3 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Credit Quality of Financing Receivables and the Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||
Note 4. | Credit Quality of Financing Receivables and the Allowance for Loan Losses | ||||||||||||||||||||||||||||||||
One-to Four-Family Owner Occupied Loans. This portfolio segment consists of the origination of first mortgage loans and home equity second mortgage loans secured by one-to four-family owner occupied residential properties located in our market area. | |||||||||||||||||||||||||||||||||
One-to Four-Family Non-Owner Occupied Loans. This portfolio segment consists of the origination of first mortgage loans secured by one-to four-family non-owner occupied residential properties in our market area. A majority of these loans are sold on a participation basis to other community banks. Such lending involves additional risks, since the properties are not owner occupied, and the renters of these properties are less likely to be concerned with property upkeep. | |||||||||||||||||||||||||||||||||
Mobile Home Loans. This portfolio segment consists of mobile home loans that were purchased from a third-party originator and funded by us at settlement. Mobile home lending involves additional risks as a result of higher loan-to-value ratios usually associated with these types of loans. Mobile home loan customers have historically been more adversely impacted by weak economic conditions, consequently, mobile home loans bear a higher rate of interest, have a higher probability of default and may involve higher delinquency rates. In addition, the values of mobile home loans decline over time and higher levels of inventories of repossessed and used mobile homes may affect the values of collateral and result in higher charge-offs and provisions for loan losses. The Company ceased originating these loans in September 2007, and no future originations of these types of loans are planned. | |||||||||||||||||||||||||||||||||
Secured by Other Properties. This portfolio segment includes loans secured by commercial real estate, including multi-family dwellings. Loans secured by commercial real estate generally have larger loan balances and more credit risk than one-to four-family mortgage loans. The increased risk is the result of several factors, including the concentration of principal in a limited number of loans and borrowers, the impact of local and general economic conditions on the borrower’s ability to repay the loan, and the increased difficulty of evaluating and monitoring these types of loans. | |||||||||||||||||||||||||||||||||
Construction and Land Development Loans. This portfolio segment includes construction loans to individuals and builders, primarily for the construction of residential properties and land loans, which are loans made with land as security. Construction and land development financing generally involves greater credit risk than long-term financing on improved, owner-occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the value of the property at completion of construction compared to the estimated cost (including interest) of construction and other assumptions. If the estimate of construction cost proves to be inaccurate, the Company may be required to advance additional funds beyond the amount originally committed in order to protect the value of the property. Moreover, if the estimated value of the completed project proves to be inaccurate, the borrower may hold a property with a value that is insufficient to assure full repayment. Construction loans also expose the Company to the risks that improvements will not be completed on time in accordance with specifications and projected costs and that repayment will depend on the successful operation or sale of the properties. In addition, many of these borrowers have more than one outstanding loan, so an adverse development with respect to one loan or credit relationship can expose the Company to significantly greater risk of non-payment and loss. | |||||||||||||||||||||||||||||||||
Other Loans. This portfolio segment includes commercial business loans secured by assignments of corporate assets and personal guarantees of the business owners and consumer loans consisting solely of deposit account loans. Commercial business loans generally have higher interest rates and shorter terms than one- to four-family residential loans, but they also may involve higher average balances, increased difficulty of loan monitoring and a higher risk of default since their repayment generally depends on the successful operation of the borrower’s business. | |||||||||||||||||||||||||||||||||
Loans are generally carried at the amount of unpaid principal, less the allowance for loan losses and adjusted for deferred loan fees, which are amortized over the term of the loan using the interest method. Interest on loans is accrued based on the principal amounts outstanding. It is the Company’s policy to discontinue the accrual of interest when a loan is specifically determined to be impaired or when the principal or interest is delinquent for 90 days or more. When a loan is placed on nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income. Interest income generally is not recognized on specific impaired loans unless the likelihood of further loss is remote. Cash collections on such loans are applied as reductions of the loan principal and no interest income is recognized on those loans until the principal balance has been collected. The carrying value of impaired loans is based on the present value of the loan’s expected future cash flows or, alternatively, the observable market price of the loan or the fair value of the collateral. | |||||||||||||||||||||||||||||||||
As a financial services provider, the Company is routinely party to various financial instruments with off-balance sheet risks, such as commitments to extend credit and unused lines of credit. While these contractual obligations represent future cash requirements, a significant portion of commitments to extend credit may expire without being drawn upon. Such commitments are subject to the same credit policies and approval process accorded to loans made. | |||||||||||||||||||||||||||||||||
Management further disaggregates the loan portfolio segments into classes of loans, which are based on the initial measurement of the loan, risk characteristics of the loan and the method for monitoring and assessing the credit risk of the loan. | |||||||||||||||||||||||||||||||||
The allowance for loan losses is established through a provision for loan losses. The Company maintains the allowance at a level believed, to the best of management’s knowledge, to cover all known and inherent losses in the loan portfolio that are both probable and reasonable to estimate at each reporting date. | |||||||||||||||||||||||||||||||||
Management reviews the allowance for loan losses on no less than a quarterly basis in order to identify those inherent losses and to assess the overall collection probability for the loan portfolio. The evaluation process by portfolio segment includes, among other things, an analysis of delinquency trends, non-performing loan trends, the level of charge-offs and recoveries, prior loss experience, total loans outstanding, the volume of loan originations, the type, size and geographic concentration of the loans, the value of collateral securing the loan, the borrower’s ability to repay and repayment performance, the number of loans requiring heightened management oversight, local economic conditions and industry experience. | |||||||||||||||||||||||||||||||||
The establishment of the allowance for loan losses is significantly affected by management’s judgment and uncertainties, and there is a likelihood that different amounts would be reported under different conditions or assumptions. The Office of the Commissioner of Financial Regulation of the State of Maryland, as an integral part of its examination process, periodically reviews the allowance for loan losses and may require the Company to make additional provisions for estimated loan losses based upon judgments different from those of management. | |||||||||||||||||||||||||||||||||
The allowance generally consists of specific and general components. The specific component relates to loans that are classified as either doubtful, substandard or special mention. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. | |||||||||||||||||||||||||||||||||
The Company will continue to monitor and modify its allowance for loan losses as conditions dictate. No assurances can be given that the level of allowance for loan losses will cover all of the inherent losses on the loans or that future adjustments to the allowance for loan losses will not be necessary if economic and other conditions differ substantially from the economic and other conditions used by management to determine the current level of the allowance for loan losses. | |||||||||||||||||||||||||||||||||
The following tables set forth as of the end of each reporting period, the balance of the allowance for loan losses by portfolio segment, disaggregated by impairment methodology, which is then further segregated by amounts evaluated for impairment collectively and individually. The allowance for loan losses allocated to each portfolio segment is not necessarily indicative of future losses in any particular portfolio segment and does not restrict the use of the allowance to absorb losses in other portfolio segments. | |||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
One-to | One-to | Mobile | Secured by | Construction | Other | Unallocated | Total | ||||||||||||||||||||||||||
Four-Family | Four-Family | Home | Other | and Land | Loans | ||||||||||||||||||||||||||||
Owner | Non-Owner | Properties | Development | ||||||||||||||||||||||||||||||
Occupied | Occupied | ||||||||||||||||||||||||||||||||
Allowance for Credit Losses: | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 80,563 | $ | 475,584 | $ | 80,943 | $ | 22,365 | $ | 30,805 | $ | 4,031 | $ | 39,160 | $ | 733,451 | |||||||||||||||||
Charge-offs | — | (11,331 | ) | — | — | — | — | — | (11,331 | ) | |||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Provision | 14,852 | 73,219 | (2,776 | ) | (1,082 | ) | 8,306 | (137 | ) | 12,618 | 105,000 | ||||||||||||||||||||||
Ending Balance | $ | 95,415 | $ | 537,472 | $ | 78,167 | $ | 21,283 | $ | 39,111 | $ | 3,894 | $ | 51,778 | $ | 827,120 | |||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 13,000 | $ | 253,161 | $ | 488 | $ | — | $ | — | $ | — | $ | — | $ | 266,649 | |||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 82,415 | $ | 284,311 | $ | 77,679 | $ | 21,283 | $ | 39,111 | $ | 3,894 | $ | 51,778 | $ | 560,471 | |||||||||||||||||
Ending balance: loans acquired with deteriorated credit quality | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Financing receivables: Ending balance | $ | 28,297,817 | $ | 16,540,923 | $ | 1,658,650 | $ | 2,686,447 | $ | 4,918,046 | $ | 1,557,480 | $ | 55,659,363 | |||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 435,531 | $ | 1,627,906 | $ | 104,705 | $ | 211,632 | $ | 370,350 | $ | — | $ | 2,750,124 | |||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 27,471,821 | $ | 14,913,017 | $ | 1,553,945 | $ | 2,474,815 | $ | 4,547,696 | $ | 1,557,480 | $ | 52,518,774 | |||||||||||||||||||
Ending balance: loans acquired with deteriorated credit quality | $ | 390,465 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 390,465 | |||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||||||||||
One-to | One-to | Mobile | Secured by | Construction | Other | Unallocated | Total | ||||||||||||||||||||||||||
Four-Family | Four-Family | Home | Other | and Land | Loans | ||||||||||||||||||||||||||||
Owner | Non-Owner | Properties | Development | ||||||||||||||||||||||||||||||
Occupied | Occupied | ||||||||||||||||||||||||||||||||
Allowance for Credit Losses: | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 85,217 | $ | 273,683 | $ | 95,613 | $ | 30,442 | $ | 80,327 | $ | 3,057 | $ | 49,135 | $ | 617,474 | |||||||||||||||||
Charge-offs | — | (363,842 | ) | (23,921 | ) | — | — | — | — | (387,763 | ) | ||||||||||||||||||||||
Recoveries | — | 3,740 | — | — | — | — | — | 3,740 | |||||||||||||||||||||||||
Provision | (4,654 | ) | 562,003 | 9,251 | (8,077 | ) | (49,522 | ) | 974 | (9,975 | ) | 500,000 | |||||||||||||||||||||
Ending Balance | $ | 80,563 | $ | 475,584 | $ | 80,943 | $ | 22,365 | $ | 30,805 | $ | 4,031 | $ | 39,160 | $ | 733,451 | |||||||||||||||||
Ending balance: individually evaluated for impairment | $ | — | $ | 201,267 | $ | 488 | $ | — | $ | — | $ | — | $ | — | $ | 201,755 | |||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 80,563 | $ | 274,317 | $ | 80,455 | $ | 22,365 | $ | 30,805 | $ | 4,031 | $ | 39,160 | $ | 531,696 | |||||||||||||||||
Ending balance: loans acquired with deteriorated credit quality | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Financing receivables: Ending balance | $ | 28,607,668 | $ | 17,480,953 | $ | 1,785,854 | $ | 2,783,794 | $ | 3,911,156 | $ | 1,612,477 | $ | 56,181,902 | |||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 436,317 | $ | 1,635,383 | $ | 105,940 | $ | 213,099 | $ | 370,411 | $ | — | $ | 2,761,150 | |||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 27,780,213 | $ | 15,845,570 | $ | 1,679,914 | $ | 2,570,695 | $ | 3,540,745 | $ | 1,612,477 | $ | 53,029,614 | |||||||||||||||||||
Ending balance: loans acquired with deteriorated credit quality | $ | 391,138 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 391,138 | |||||||||||||||||||
The Company’s policies, consistent with regulatory guidelines, provide for the classification of loans and other assets that are considered to be of lesser quality as substandard, doubtful, or loss assets. An asset is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard assets include those assets characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Assets classified as doubtful have all of the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Assets (or portions of assets) classified as loss are those considered uncollectible and of such little value that their continuance as assets is not warranted. Assets that do not expose us to risk sufficient to warrant classification in one of the aforementioned categories, but which possess potential weaknesses that deserve close attention, are required to be designated as special mention. | |||||||||||||||||||||||||||||||||
When assets are classified as either substandard or doubtful, the Company allocates a portion of the related general loss allowances to such assets as the Company deems prudent. Determinations as to the classification of assets and the amount of loss allowances are subject to review by our principal federal regulator, the Office of the Commissioner of Financial Regulation of the State of Maryland, which can require that we establish additional loss allowances. The Company regularly reviews its asset portfolio to determine whether any assets require classification in accordance with applicable regulations. | |||||||||||||||||||||||||||||||||
The following tables are a summary of the loan portfolio quality indicators by loan class recorded investment as of December 31, 2013 and September 30, 2013: | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
One-to | One-to | Secured by | Construction | ||||||||||||||||||||||||||||||
Four-Family | Four-Family | ||||||||||||||||||||||||||||||||
Owner | Non-Owner | Home | Mobile | Other | and Land | ||||||||||||||||||||||||||||
Occupied | Occupied | Equity | Home | Properties | Development | ||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||
Pass | $ | 25,098,801 | $ | 14,361,789 | $ | 2,373,020 | $ | 1,529,752 | $ | 2,474,815 | $ | 4,547,696 | |||||||||||||||||||||
Special Mention | — | — | — | — | — | — | |||||||||||||||||||||||||||
Substandard | 825,996 | 1,834,481 | — | 128,898 | 211,632 | 370,350 | |||||||||||||||||||||||||||
Doubtful | — | 344,653 | — | — | — | — | |||||||||||||||||||||||||||
$ | 25,924,797 | $ | 16,540,923 | $ | 2,373,020 | $ | 1,658,650 | $ | 2,686,447 | $ | 4,918,046 | ||||||||||||||||||||||
Secured | Savings | ||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||
Pass | $ | 1,553,527 | $ | 3,953 | |||||||||||||||||||||||||||||
Special Mention | — | — | |||||||||||||||||||||||||||||||
Substandard | — | — | |||||||||||||||||||||||||||||||
Doubtful | — | — | |||||||||||||||||||||||||||||||
$ | 1,553,527 | $ | 3,953 | ||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
One-to | One-to | Secured by | Construction | ||||||||||||||||||||||||||||||
Four-Family | Four-Family | ||||||||||||||||||||||||||||||||
Owner | Non-Owner | Home | Mobile | Other | and Land | ||||||||||||||||||||||||||||
Occupied | Occupied | Equity | Home | Properties | Development | ||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||
Pass | $ | 25,536,497 | $ | 15,291,094 | $ | 2,243,716 | $ | 1,655,013 | $ | 2,570,695 | $ | 3,540,745 | |||||||||||||||||||||
Special Mention | — | — | — | — | — | — | |||||||||||||||||||||||||||
Substandard | 827,455 | 1,845,206 | — | 130,841 | 213,099 | 370,411 | |||||||||||||||||||||||||||
Doubtful | — | 344,653 | — | — | — | — | |||||||||||||||||||||||||||
$ | 26,363,952 | $ | 17,480,953 | $ | 2,243,716 | $ | 1,785,854 | $ | 2,783,794 | $ | 3,911,156 | ||||||||||||||||||||||
Secured | Savings | ||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||
Pass | $ | 1,603,318 | $ | 9,159 | |||||||||||||||||||||||||||||
Special Mention | — | — | |||||||||||||||||||||||||||||||
Substandard | — | — | |||||||||||||||||||||||||||||||
Doubtful | — | — | |||||||||||||||||||||||||||||||
$ | 1,603,318 | $ | 9,159 | ||||||||||||||||||||||||||||||
When a loan is 15 days past due, the Company sends the borrower a late notice. The Company also contacts the borrower by phone if the delinquency is not corrected promptly after the notice has been sent. When the loan is 30 days past due, the Company mails the borrower a letter reminding the borrower of the delinquency, and attempts to contact the borrower personally to determine the reason for the delinquency in order to ensure that the borrower understands the terms of the loan and the importance of making payments on or before the due date. If necessary, subsequent delinquency notices are issued and the account will be monitored on a regular basis thereafter. By the 90th day of delinquency, the Company will send the borrower a final demand for payment and may recommend foreclosure. Loans are charged off when the Company believes that the recovery of principal is improbable. A summary report of all loans 30 days or more past due is provided to the board of directors of the Company each month. | |||||||||||||||||||||||||||||||||
Loans are automatically placed on non-accrual status when payment of principal or interest is more than 90 days delinquent. Loans are also placed on non-accrual status if collection of principal or interest in full is in doubt or if the loan has been restructured. When loans are placed on non-accrual status, unpaid accrued interest is fully reversed, and further income is recognized only to the extent received. The loan may be returned to accrual status if unpaid principal and interest are repaid so that the loan is less than 90 days delinquent. | |||||||||||||||||||||||||||||||||
The following tables set forth certain information with respect to our loan portfolio delinquencies by loan class and amount as of December 31, 2013 and September 30, 2013: | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater | Total Past | Current | Total | Recorded | |||||||||||||||||||||||||||
Days | Days | Than 90 | Due | Financing | Investment > | ||||||||||||||||||||||||||||
Past | Past | Days | Receivables | 90 Days and | |||||||||||||||||||||||||||||
Due | Due | Accruing | |||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family owner occupied | $ | — | $ | — | $ | 690,301 | $ | 690,301 | $ | 25,234,496 | $ | 25,924,797 | $ | — | |||||||||||||||||||
One-to four-family non-owner occupied | 68,367 | — | 1,627,906 | 1,696,273 | 14,844,650 | 16,540,923 | — | ||||||||||||||||||||||||||
Home equity | — | — | — | — | 2,373,020 | 2,373,020 | — | ||||||||||||||||||||||||||
Mobile home | 30,554 | — | — | 30,554 | 1,628,096 | 1,658,650 | — | ||||||||||||||||||||||||||
Secured by other properties | — | — | — | — | 2,686,447 | 2,686,447 | — | ||||||||||||||||||||||||||
Construction and land development | — | — | — | — | 4,918,046 | 4,918,046 | — | ||||||||||||||||||||||||||
Total real estate loans | 98,921 | — | 2,318,207 | 2,417,128 | 51,684,755 | 54,101,883 | — | ||||||||||||||||||||||||||
Other loans: | |||||||||||||||||||||||||||||||||
Secured commercial | — | — | — | — | 1,553,527 | 1,553,527 | — | ||||||||||||||||||||||||||
Savings accounts | — | — | — | — | 3,953 | 3,953 | — | ||||||||||||||||||||||||||
Total other loans | — | — | — | — | 1,557,480 | 1,557,480 | — | ||||||||||||||||||||||||||
Total loans | $ | 98,921 | $ | — | $ | 2,318,207 | $ | 2,417,128 | $ | 53,242,235 | $ | 55,659,363 | $ | — | |||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater | Total Past | Current | Total | Recorded | |||||||||||||||||||||||||||
Days | Days | Than 90 | Due | Financing | Investment > | ||||||||||||||||||||||||||||
Past | Past | Days | Receivables | 90 Days and | |||||||||||||||||||||||||||||
Due | Due | Accruing | |||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family owner occupied | $ | — | $ | — | $ | 690,975 | $ | 690,975 | $ | 25,672,977 | $ | 26,363,952 | $ | — | |||||||||||||||||||
One-to four-family non-owner occupied | — | — | 1,635,383 | 1,635,383 | 15,845,570 | 17,480,953 | — | ||||||||||||||||||||||||||
Home equity | — | — | — | — | 2,243,716 | 2,243,716 | — | ||||||||||||||||||||||||||
Mobile home | 73,774 | — | — | 73,774 | 1,712,080 | 1,785,854 | — | ||||||||||||||||||||||||||
Secured by other properties | — | — | — | — | 2,783,794 | 2,783,794 | — | ||||||||||||||||||||||||||
Construction and land development | — | — | — | — | 3,911,156 | 3,911,156 | — | ||||||||||||||||||||||||||
Total real estate loans | 73,774 | — | 2,326,358 | 2,400,132 | 52,169,293 | 54,569,425 | — | ||||||||||||||||||||||||||
Other loans: | |||||||||||||||||||||||||||||||||
Secured commercial | — | — | — | — | 1,603,318 | 1,603,318 | — | ||||||||||||||||||||||||||
Savings accounts | — | — | — | — | 9,159 | 9,159 | — | ||||||||||||||||||||||||||
Total other loans | — | — | — | — | 1,612,477 | 1,612,477 | — | ||||||||||||||||||||||||||
Total loans | $ | 73,774 | $ | — | $ | 2,326,358 | $ | 2,400,132 | $ | 53,781,770 | $ | 56,181,902 | $ | — | |||||||||||||||||||
The following table is a summary of the recorded investment in non-accrual loans by loan class as of the dates indicated: | |||||||||||||||||||||||||||||||||
December 31, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family owner occupied | $ | 690,301 | $ | 690,975 | |||||||||||||||||||||||||||||
One-to four-family non-owner occupied | 1,627,906 | 1,635,383 | |||||||||||||||||||||||||||||||
Home equity | — | — | |||||||||||||||||||||||||||||||
Mobile home | 59,135 | 59,554 | |||||||||||||||||||||||||||||||
Secured by other properties | — | — | |||||||||||||||||||||||||||||||
Construction and land development | — | — | |||||||||||||||||||||||||||||||
Total real estate loans | 2,377,342 | 2,385,912 | |||||||||||||||||||||||||||||||
Other loans: | |||||||||||||||||||||||||||||||||
Secured commercial | — | — | |||||||||||||||||||||||||||||||
Savings accounts | — | — | |||||||||||||||||||||||||||||||
Total other loans | — | — | |||||||||||||||||||||||||||||||
Total loans | $ | 2,377,342 | $ | 2,385,912 | |||||||||||||||||||||||||||||
At December 31, 2013 and September 30, 2013, there were no loans 90 days past due and still accruing interest. At December 31, 2013, the Company had twenty-eight loans on non-accrual status with foregone interest in the amount of $289,472. At September 30, 2013, the Company had twenty-nine loans on non-accrual status with foregone interest in the amount of $251,798. | |||||||||||||||||||||||||||||||||
The Company accounts for impaired loans under generally accepted accounting principles. An impaired loan generally is one for which it is probable, based on current information, that the lender will not collect all the amounts due under the contractual terms of the loan. Loans are individually evaluated for impairment. When the Company classifies a problem asset as impaired, it may provide a specific reserve for that portion of the asset that is deemed uncollectible based on the present value of the expected future cash flows discounted at the loan’s original effective interest rate, or based on the loan’s observable market price or fair value of the collateral if the loan is collateral dependent. | |||||||||||||||||||||||||||||||||
The following tables are a summary of impaired loans by class of loans as of December 31, 2013 and September 30, 2013: | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
One-to four-family owner occupied | $ | 540,785 | $ | 526,160 | $ | — | $ | 540,785 | $ | 3,841 | |||||||||||||||||||||||
One-to four-family non-owner occupied | 241,513 | 200,518 | — | 241,513 | — | ||||||||||||||||||||||||||||
Secured by other properties | 225,053 | 211,632 | — | 225,053 | 2,075 | ||||||||||||||||||||||||||||
Construction and land development | 370,350 | 370,350 | — | 370,350 | 5,838 | ||||||||||||||||||||||||||||
Mobile home | 59,269 | 59,135 | — | 59,269 | 622 | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
One-to four-family owner occupied | $ | 358,945 | $ | 299,836 | $ | 13,000 | $ | 358,945 | $ | — | |||||||||||||||||||||||
One-to four-family non-owner occupied | 1,614,215 | 1,427,388 | 253,161 | 1,614,215 | 3,523 | ||||||||||||||||||||||||||||
Mobile home | 45,877 | 45,570 | 488 | 45,877 | 540 | ||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
One-to four-family owner occupied | $ | 899,730 | $ | 825,996 | $ | 13,000 | $ | 899,730 | $ | 3,841 | |||||||||||||||||||||||
One-to four-family non-owner occupied | 1,855,728 | 1,627,906 | 253,161 | 1,855,728 | 3,523 | ||||||||||||||||||||||||||||
Secured by other properties | 225,053 | 211,632 | — | 225,053 | 2,075 | ||||||||||||||||||||||||||||
Construction and land development | 370,350 | 370,350 | — | 370,350 | 5,838 | ||||||||||||||||||||||||||||
Mobile home | 105,146 | 104,705 | 488 | 105,146 | 1,162 | ||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
One-to four-family owner occupied | $ | 904,113 | $ | 827,455 | $ | — | $ | 904,113 | $ | 31,184 | |||||||||||||||||||||||
One-to four-family non-owner occupied | 609,362 | 507,227 | — | 609,362 | 13,288 | ||||||||||||||||||||||||||||
Secured by other properties | 226,434 | 213,099 | — | 226,434 | 684 | ||||||||||||||||||||||||||||
Construction and land development | 370,411 | 370,411 | — | 370,411 | 20,043 | ||||||||||||||||||||||||||||
Mobile home | 59,627 | 59,554 | — | 59,627 | 4,078 | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
One-to four-family non-owner occupied | $ | 1,217,512 | 1,128,156 | $ | 201,267 | $ | 1,217,512 | $ | 21,255 | ||||||||||||||||||||||||
Mobile home | 46,508 | 46,386 | 488 | 46,508 | 3,097 | ||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
One-to four-family owner occupied | $ | 904,113 | $ | 827,455 | $ | — | $ | 904,113 | $ | 31,184 | |||||||||||||||||||||||
One-to four-family non-owner occupied | 1,867,709 | 1,635,383 | 201,267 | 1,867,709 | 34,543 | ||||||||||||||||||||||||||||
Secured by other properties | 226,434 | 213,099 | — | 226,434 | 684 | ||||||||||||||||||||||||||||
Construction and land development | 370,411 | 370,411 | — | 370,411 | 20,043 | ||||||||||||||||||||||||||||
Mobile home | 106,135 | 105,940 | 488 | 106,135 | 7,175 | ||||||||||||||||||||||||||||
Loans may be periodically modified in a troubled debt restructuring (a “TDR”) to make concessions to help a borrower remain current on the loan and/or to avoid foreclosure. Generally we do not forgive principal or interest on a loan or modify the interest rate on loans that are below market rates. When we modify loans in a TDR, we evaluate any possible impairment similar to other impaired loans. If we determine that the value of the modified loan is less than the recorded investment in the loan, impairment is recognized through a specific allowance estimate or a charge-off to the allowance. At December 31, 2013, we had ten loans that were restructured. One loan was secured by a one-to four-family owner occupied property in the amount of $135,695. Five loans to the same borrower in the amount of $783,503 were secured by one-to four-family non-owner occupied properties. One loan was secured by other properties in the amount of $211,632. One loan was secured by construction and land development in the amount of $370,350 and two loans were secured by mobile homes in the amount of $104,705. At September 30, 2013, we had ten loans that were restructured. One loan was secured by a one-to four-family owner occupied property in the amount of $136,481. Five loans to the same borrower in the amount of $783,503 were secured by one-to four-family non-owner occupied properties. One loan was secured by other properties in the amount of $213,099 and one loan was secured by construction and land development in the amount of $370,411 and two loans were secured by mobile homes in the amount of $105,940. | |||||||||||||||||||||||||||||||||
The following table is a summary of impaired loans that were modified due to a TDR by class as for the three months ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
Modifications for the three months ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||
of | Outstanding Recorded | Outstanding | |||||||||||||||||||||||||||||||
contracts | Investments | Recorded | |||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||
Troubled Debt Restructuring | — | — | — | ||||||||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||||||||||
Troubled Debt Restructuring that subsequently defaulted | — | — | — | ||||||||||||||||||||||||||||||
Modifications for the three months ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||
of | Outstanding Recorded | Outstanding | |||||||||||||||||||||||||||||||
contracts | Investments | Recorded | |||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||
Troubled Debt Restructuring | — | — | — | ||||||||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||||||||||
Troubled Debt Restructuring that subsequently defaulted | — | — | — |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Note 5. | Fair Value Measurements | ||||||||||||||||||||
Generally accepted accounting principles (GAAP) define fair value, establish a framework for measuring fair value, a three-level valuation hierarchy for disclosure of fair value measurement and enhance disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. GAAP clarifies the definition of fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: | |||||||||||||||||||||
Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | |||||||||||||||||||||
Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar instruments in markets that are not active or by model-based techniques in which all significant inputs are observable in the market for the asset or liability, for substantially the full term of the financial instrument. | |||||||||||||||||||||
Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement and based on the Company’s own assumptions about market participants’ assumptions. | |||||||||||||||||||||
The following table presents a summary of financial assets and liabilities measured at fair value at December 31, 2013 and September 30, 2013: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Total | |||||||||||||||||
Losses | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Mortgage-backed securities invested in Government Agencies | $ | — | $ | 3,834,997 | $ | — | $ | 3,834,997 | $ | — | |||||||||||
Collateralized mortgage obligations invested in Government Agencies | 491,378 | 491,378 | |||||||||||||||||||
State and Municipal Securities | 1,239,515 | 1,239,515 | |||||||||||||||||||
Impaired loans | — | — | 1,506,145 | 1,506,145 | — | ||||||||||||||||
Foreclosed assets | 20,000 | 20,000 | — | ||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Mortgage-backed securities invested in Government Agencies | $ | — | $ | 4,021,365 | $ | — | $ | 4,021,365 | $ | — | |||||||||||
Collateralized mortgage obligations invested in Government Agencies | 529,739 | 529,739 | |||||||||||||||||||
State and Municipal Securities | 1,240,621 | 1,240,621 | |||||||||||||||||||
Impaired loans | — | — | 972,787 | 972,787 | — | ||||||||||||||||
Foreclosed assets | — | — | 20,000 | 20,000 | |||||||||||||||||
In accordance with generally accepted accounting principles concerning accounting for Loan and Lease Losses, there were no losses for the three months ended December 31, 2013 or the year ended September 30, 2013, respectively, recognized as charges to the Allowance for Loan and Lease Losses at the time the foreclosed real estate was acquired based on an independent appraisal of the property’s fair value. | |||||||||||||||||||||
The methods and assumptions used to estimate the fair values, including items in the above tables, are included in the disclosures that follow. | |||||||||||||||||||||
Cash and Cash Equivalents (Carried at Cost). The carrying amounts of cash and cash equivalents approximate fair value. | |||||||||||||||||||||
Certificates of Deposit (Carried at Cost). The carrying amounts of certificates of deposit approximate fair value. | |||||||||||||||||||||
Securities Available for Sale (Carried at Fair Value). Where quoted prices are available in an active market, securities available for sale are classified within Level 1 of the valuation hierarchy. Level 1 would include highly liquid government bonds, mortgage products and exchange-traded equities. If quoted market prices are not available, securities available for sale are classified within level 2 and fair value values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flow. Level 2 would include U.S. agency securities, mortgage-backed securities, obligations of states and political subdivisions and certain corporate, asset-backed and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. | |||||||||||||||||||||
Federal Home Loan Bank Stock (Carried at Cost). The carrying amount of Federal Home Loan Bank stock approximates fair value, and considers the limited marketability of such securities. | |||||||||||||||||||||
Loans Receivable (Carried at Cost). The fair values of loans are estimated using discounted cash flow analyses, using market rates at the statement of condition date that reflect the credit and interest rate risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently with no significant change in credit risk, fair values are based on carrying values. | |||||||||||||||||||||
Impaired Loans (Generally Carried at Fair Value). Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. Impaired loans are measured at an observable market price (if available), or at fair value of the loan’s collateral (if the loan is collateral dependent). When the loan is dependent on collateral, fair value of collateral is determined by appraisal or independent valuation, which is then adjusted for the related cost to sell. Impaired loans allocated to the Allowance for Loan and Lease Losses are measured at the lower of cost or fair value on a nonrecurring basis. | |||||||||||||||||||||
Foreclosed Assets (Carried at Lower of Cost or Fair Value Less Estimated Selling Costs). Fair values of foreclosed assets are measured at fair value less cost to sell. The valuation of the fair value measurement follows GAAP. Foreclosed assets are measured on a nonrecurring basis. | |||||||||||||||||||||
Deposit Liabilities (Carried at Cost). The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings, and certain types of money market accounts) are, by definition, equal | |||||||||||||||||||||
to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair value for certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities. | |||||||||||||||||||||
Federal Home Loan Bank Advances (Carried at Cost). Fair values of FHLB advances are estimated using discounted cash flows analysis, based on quoted prices for new FHLB advances with similar credit risk characteristics, terms and remaining maturity. These prices obtained from this active market represent a market value that is deemed to represent the transfer price if the liability were assumed by a third party. | |||||||||||||||||||||
Accrued Interest Receivable and Payable (Carried at Cost). The carrying amounts of accrued interest approximate fair value. | |||||||||||||||||||||
Off Balance Sheet Credit-Related Instruments (Disclosures at Cost). Fair values for off balance-sheet financial instruments (lending commitments and letters of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of these instruments is not material. | |||||||||||||||||||||
The following table presents quantitative information about Level 3 Fair Value Measurements for certain financial assets measured at fair value on a non-recurring basis for December 31, 2013 and September 30, 2013: | |||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements for | |||||||||||||||||||||
December 31, 2013 and September 30, 2013 | |||||||||||||||||||||
Valuation Techniques | Unobservable Input | Range | |||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | Discounted appraised value | Selling costs | 6-12% | ||||||||||||||||||
Foreclosed assets | Discounted appraised value | Selling costs | 6-12% | ||||||||||||||||||
The following table presents a reconciliation of the beginning and ending balances for Level 3 assets; | |||||||||||||||||||||
Impaired Loans | Foreclosed Assets | ||||||||||||||||||||
Balance, September 30, 2012 | 940,717 | 295,750 | |||||||||||||||||||
Purchases, settlements and charge-offs | (294,140 | ) | (295,750 | ) | |||||||||||||||||
Transfers in and/or out of Level 3 | 326,210 | 20,000 | |||||||||||||||||||
Balance, September 30, 2013 | 972,787 | 20,000 | |||||||||||||||||||
Purchases, settlements and charge-offs (unaudited) | — | — | |||||||||||||||||||
Transfers in and/or out of Level 3 (unaudited) | 533,358 | — | |||||||||||||||||||
Balance, December 31, 2013 (unaudited) | $ | 1,506,145 | $ | 20,000 | |||||||||||||||||
The estimated fair values of the Company’s financial instruments were as follows: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||||||
Carrying | Quoted | Significant | Significant | Fair | |||||||||||||||||
Value | Prices in | Other | Unobservable | Value | |||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||
Market for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 3,957 | $ | 3,957 | $ | — | $ | — | $ | 3,957 | |||||||||||
Certificates of deposit | 3,784 | 3,784 | — | — | 3,784 | ||||||||||||||||
Securities available for sale | 5,566 | — | 5,566 | — | 5,566 | ||||||||||||||||
Securities held to maturity | 3,756 | — | 3,603 | — | 3,603 | ||||||||||||||||
Federal Home Loan Bank stock | 454 | — | 454 | — | 454 | ||||||||||||||||
Loans receivable, net | 54,750 | — | 53,845 | 1,506 | 55,351 | ||||||||||||||||
Foreclosed assets | 20 | — | — | 20 | 20 | ||||||||||||||||
Accrued interest receivable | 239 | — | 239 | — | 239 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 55,005 | — | 55,012 | — | 55,012 | ||||||||||||||||
Federal Home Loan Bank advances | 8,000 | — | 8,363 | — | 8,363 | ||||||||||||||||
Accrued interest payable | 44 | — | 44 | — | 44 | ||||||||||||||||
Off-Balance sheet financial instruments | — | — | — | — | |||||||||||||||||
Fair Value Measurements at September 30, 2013 Using | |||||||||||||||||||||
Carrying | Quoted | Significant | Significant | Fair | |||||||||||||||||
Value | Prices in | Other | Unobservable | Value | |||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||
Market for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 3,851 | $ | 3,851 | $ | — | $ | — | $ | 3,851 | |||||||||||
Certificates of Deposit | 3,784 | 3,784 | — | 3,784 | |||||||||||||||||
Securities available for sale | 5,792 | — | 5,792 | — | 5,792 | ||||||||||||||||
Securities held to maturity | 3,756 | — | 3,603 | — | 3,603 | ||||||||||||||||
Federal Home Loan Bank stock | 454 | — | 454 | — | 454 | ||||||||||||||||
Loans receivable, net | 55,375 | — | 55,058 | 973 | 56,031 | ||||||||||||||||
Foreclosed real estate | 20 | — | — | 20 | 20 | ||||||||||||||||
Accrued interest receivable | 234 | — | 234 | — | 234 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 55,930 | — | 56,178 | — | 56,178 | ||||||||||||||||
Federal Home Loan Bank advances | 8,000 | — | 8,698 | — | 8,698 | ||||||||||||||||
Accrued interest payable | 43 | — | 43 | — | 43 | ||||||||||||||||
Off-Balance sheet financial instruments | — | — | — | — |
Employee_Stock_Ownership_Plan
Employee Stock Ownership Plan | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Employee Stock Ownership Plan | ' | ||||||||
Note 6. | Employee Stock Ownership Plan | ||||||||
In connection with the conversion to stock form in June 2010, the Company established an Employee Stock Ownership Plan (“ESOP”) for the exclusive benefit of eligible employees. The ESOP borrowed funds from the Company in the amount of $355,230, which was sufficient to purchase 35,523 shares or 8% of the common stock issued and sold in the initial public offering in June 2010. The shares were acquired at a price of $10.00 per share. The ESOP borrowed additional funds from the Company in the amount of $63,478, which was sufficient to purchase 4,502 shares or 8% of the common stock issued and sold in the conversion merger of Fullerton in October 2011. The shares were acquired at a price of $14.10 per share. | |||||||||
The loans are secured by the shares purchased with the loan proceeds and will be repaid by the ESOP over the 10-year terms of the loans with funds from Fairmount Bank’s contributions to the ESOP and dividends paid on the stock, if any. The interest rate on the ESOP loans is an adjustable rate equal to the lowest prime rate, as published in The Wall Street Journal. The interest rate will adjust annually and will be the prime rate on the last business day of the fiscal year. The interest rate on the loan as of December 31, 2013, is 3.25%. | |||||||||
Shares purchased with the loan proceeds are held in a suspense account for allocation among participants as the loan is repaid. Contributions to the ESOP and shares released from the suspense account are allocated among participants in proportion to their compensation, relative to total compensation of all active participants. Participants will vest their accrued benefits under the employee stock ownership plan at the rate of 20% per year. Vesting is accelerated upon retirement, death or disability of the participant, or a change in control of the Bank. Forfeitures will be reallocated to remaining plan participants. Benefits may be payable upon retirement, death, disability, separation of service, or termination of the ESOP. | |||||||||
The debt of the ESOP, in accordance with generally accepted accounting principles, is eliminated in consolidation and the shares pledged as collateral are reported as unearned ESOP shares in the consolidated balance sheet. Contributions to the ESOP shall be sufficient to pay principal and interest currently due under the loan agreement. As shares are committed to be released from collateral, the Company reports compensation expense equal to the average market price of the shares for the respective period, and the shares become outstanding for earnings per share computations. Dividends on allocated ESOP shares are recorded as a reduction of debt and accrued interest. There was no ESOP compensation expense for the three months ended December 31, 2013 and 2012, respectively. | |||||||||
A summary of ESOP shares is as follows: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Shares committed for release | 20,527 | 16,525 | |||||||
Unearned shares | 19,498 | 23,500 | |||||||
Total ESOP shares | 40,025 | 40,025 | |||||||
Fair value of unearned shares | $ | 394,835 | $ | 400,675 | |||||
Recognition_and_Retention_Plan
Recognition and Retention Plan | 3 Months Ended | |
Dec. 31, 2013 | ||
Recognition and Retention Plan | ' | |
Note 7. | Recognition and Retention Plan | |
On December 15, 2010, the Board of Directors adopted the 2010 Recognition and Retention Plan and Trust Agreement (the “RRP”), which was approved at the 2011 Annual Meeting of Stockholders. The RRP is designed to enable Fairmount to provide officers, other employees and non-employee directors with a proprietary interest in Fairmount and as incentive to contribute to its success. Officers, other employees and non-employee directors who are selected by the board of directors or members of a committee appointed by the Board will be eligible to receive benefits under the RRP. | ||
The Board may make grants under the 2010 Recognition and Retention Plan to eligible participants based on the following factors. RRP participants will vest in their share awards at a rate no more rapid than 20% per year over a five year period, beginning on the date of the plan share award. If service to the Company is terminated for any reason other than death, disability or change in control, the unvested share awards will Be forfeited. As of December 31, 2013, 15,104 shares have been awarded under the plan. No compensation expense has been recorded for the three months ended December 31, 2013 and 2012, respectively. | ||
The Recognition and Retention Plan Trust (the “Trust”) has been established to acquire, hold, administer, invest and make distributions from the Trust in accordance with provisions of the Plan and Trust. The Company will contribute sufficient funds to the Trust so that the Trust can acquire 17,761 shares of common stock as part of the initial public offering, which are held in the Trust subject to the RRP’s vesting requirements. The RRP provides that grants to each employee and non-employee director shall not exceed 25% and 5% of the shares available under the Plan, respectively. Shares awarded to non-employee directors in the aggregate shall not exceed 30% of the shares available under the RRP. |
Stock_Option_Plan
Stock Option Plan | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stock Option Plan | ' | ||||||||
Note 8. | Stock Option Plan | ||||||||
On December 15, 2010, the Board of Directors adopted the 2010 Stock Option Plan. The 2010 Stock Option Plan will provide Fairmount’s directors and key employees with a proprietary interest in Fairmount as an as incentive to contribute to its success. The Board of Directors of the Company may grant options to eligible employees and non-employee directors based on these factors. Plan participants will vest in their options at a rate of no more rapid than 20% per year over a five year period, beginning on the grant date of the option. Vested options will have an exercise period of ten years commencing on the date of grant. If service to the Company is terminated for any reason other than death, disability or change in control, the unvested options shall be forfeited. The Company recognizes compensation expense during the vesting period based on the fair value of the option on the date of the grant. As of December 31, 2013, 37,760 options have been granted to eligible employees and non-employee directors. For the three months ended December 31, 2013, the Company recognized $9,421 of compensation expense related to the stock options granted. No compensation expense had been recorded for the three months ended December 31, 2012. | |||||||||
A summary of the Stock Option Plan during the three months ended December 31, 2013: | |||||||||
Number of | Weighted Average | ||||||||
Shares | Exercise Price | ||||||||
Outstanding at September 30, 2013 | — | — | |||||||
Granted | 37,760 | $ | 14.1 | ||||||
Outstanding at December 31, 2013 | 37,760 | $ | 14.1 | ||||||
Options Exercisable at December 31, 2013 | 7,552 | — | |||||||
Stock_Repurchases
Stock Repurchases | 3 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Stock Repurchases | ' | ||||||||||||||||||
Note 9. | Stock Repurchases | ||||||||||||||||||
On January 9, 2014, the Board of Directors authorized the repurchase of up to 25,000 shares of the Company’s outstanding common stock. The repurchase program is equal to approximately 5% of the total shares outstanding. The repurchase program began on January 13, 2014 and will occur over a period of six months. | |||||||||||||||||||
On September 7, 2012, the Board of Directors authorized the repurchase of up to 25,000 shares of the Company’s outstanding common stock. The repurchase program is equal to approximately 5% of the total shares outstanding. On October 4, 2012, the Board of Directors approved an increase in its current stock repurchase program from 25,000 to 40,000 shares, which is equal to approximately 8% of the total shares outstanding. The repurchase program began on September 10, 2012 and was finalized in February 2013. The following table sets forth information in connection with repurchases of the Company’s shares of common stock during the period listed. | |||||||||||||||||||
Period | Total Number of | Average Price | Total Number of Shares | Maximum Number of | |||||||||||||||
Shares | Paid per | Purchased as Part of | Shares That May Yet Be | ||||||||||||||||
Purchased | Share | Publicly Announced | Purchased Under | ||||||||||||||||
Plans or Programs | the Plan | ||||||||||||||||||
September | 1 – 30, 2012 | 22,800 | $ | 17.07 | 22,800 | 17,200 | |||||||||||||
October | 1 – 31, 2012 | 6,000 | 17.05 | 28,800 | 11,200 | ||||||||||||||
November | 1 – 30, 2012 | 1,800 | 17.1 | 30,600 | 9,400 | ||||||||||||||
December | 1 – 31, 2012 | — | — | 30,600 | 9,400 | ||||||||||||||
January | 1 – 31, 2013 | — | — | 30,600 | 9,400 | ||||||||||||||
February | 1 – 28, 2013 | — | — | 30,600 | 9,400 |
Earnings_per_Share
Earnings per Share | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings per Share | ' | ||||||||
Note 10. | Earnings per Share | ||||||||
Earnings per common share on income before extraordinary income is computed by dividing income before extraordinary item by the weighted average number of common shares outstanding during the period and the earnings per share on the extraordinary items is computed by dividing the extraordinary item by the weighted average number of common shares outstanding during the period. Weighted average shares excludes unallocated ESOP shares and unearned RRP shares. Basic earnings per share excludes dilution and is computed by dividing net income by the basic weighted average number of common shares outstanding during the period. Dilutive earnings per share reflects the potential dilution that could occur if stock options were exercised and is computed by dividing net income by the dilutive weighted average number of common shares outstanding during the period. | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
(Unaudited) | |||||||||
Net income | $ | 69,098 | $ | 137,877 | |||||
Weighted average number of shares used in: | |||||||||
Basic earnings per share | 450,599 | 444,552 | |||||||
Dilutive common stock equivalents: | |||||||||
Stock options | 11,468 | 6,533 | |||||||
Dilutive earnings per share | 462,067 | 451,085 | |||||||
Basic and dilutive earnings per common share: | |||||||||
Net income, basic | $ | 0.15 | $ | 0.31 | |||||
Net income, dilutive | $ | 0.15 | $ | 0.31 | |||||
Subsequent_Events
Subsequent Events | 3 Months Ended | |
Dec. 31, 2013 | ||
Subsequent Events | ' | |
Note 11. | Subsequent Events | |
The Company has evaluated events and transactions subsequent to December 31, 2013, through the date these financials were issued. Based on definitions and requirements of Generally Accepted Accounting Principles for “Subsequent Events”, the Company has not identified any events that require adjustment to or disclosure in the financial statements. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2013 | |
Basis of Presentation | ' |
Basis of Presentation | |
Fairmount Bancorp, Inc., a Maryland corporation (the “Company”) was incorporated on November 30, 2009, to serve as the holding company for Fairmount Bank (the “Bank”), a federally chartered savings bank. On June 2, 2010, in accordance with a Plan of Conversion adopted by its Board of Directors and approved by its members, the Bank converted from a federal mutual savings bank to a Maryland state chartered commercial bank and became the wholly owned subsidiary of the Company. The conversion was accomplished through the sale and issuance of 444,038 shares of common stock at a price of $10.00 per share, through which the Company received proceeds of approximately $3,742,000, net of offering expenses of approximately $699,000. Approximately 50% of the net proceeds of the offering, or $1,900,000, were contributed by the Company to the Bank in return for 100% of the issued and outstanding shares of common stock of the Bank. In connection with the conversion, the Bank’s Board of Directors adopted an employee stock ownership plan (the “ESOP”) which subscribed for 8% of the sum of the number of shares, or 35,523 shares of common stock sold in the offering. | |
On October 12, 2011, the Company completed the acquisition of Fullerton Federal Savings Association (“Fullerton”) in a conversion merger transaction. In connection with the acquisition and pursuant to the terms of the Agreement and Plan of Conversion Merger and the related Plan of Conversion Merger, the Company issued and sold 56,276 shares of common stock at a price of $14.10 per share, through which the Company received proceeds of approximately $452,000, net of offering expenses of $341,000. The shares were sold in a subscription offering to depositors of Fullerton and to the Company’s Employee Stock Ownership Plan and in a community offering to the Company’s Recognition and Retention Plan (the “RRP”) and to the general public. The amount of common stock offered for sale was based on an independent valuation of Fullerton. | |
In accordance with the Office of the Commissioner of Financial Regulation of the State of Maryland (“Commissioner”) regulations, upon the completion of each of the conversions, the Bank restricted retained earnings by establishing a liquidation account. The liquidation account will be maintained for the benefit of eligible account holders who continue to maintain their accounts at the Bank after conversion. The liquidation account will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation account. In the event of a complete liquidation of the Bank, and only in such event, each account holder will be entitled to receive a distribution from the liquidation account in an amount proportionate to the adjusted qualifying account balances then held. The Bank may not pay dividends if those dividends would reduce equity capital below the required liquidation account amount. | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X as promulgated by the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Operating results for the three months ended December 31, 2013, are not necessarily indicative of the results that may be expected for the year ending September 30, 2014, or any other period. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2013. Certain amounts from prior period financial statements have been reclassified to conform to the current period’s presentation. | |
Nature of Operations | ' |
Nature of Operations | |
The Bank is a community-oriented commercial bank, which provides a variety of financial services to individuals and corporate customers through its office in Baltimore County, Maryland, and is subject to competition from other financial institutions. The Bank’s primary deposit products are interest-bearing savings, certificates of deposit and individual retirement accounts. The Bank’s primary lending products are single-family residential mortgage loans. The Bank is subject to the regulation of certain Federal agencies and undergoes periodic examination by those regulatory authorities. The accounting policies of the Bank conform to accounting principles generally accepted in the United States of America and general practices within the banking industry. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts of Fairmount Bancorp, Inc., and its wholly owned subsidiary Fairmount Bank. Material intercompany accounts and transactions have been eliminated in consolidation. | |
Estimates | ' |
Estimates | |
The preparation of consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reported 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 losses on loans and leases and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowances for losses on loans and leases and foreclosed real estate, management obtains independent appraisals for significant properties. | |
In July 2012, the FASB issued ASU 2012-02, “Intangibles – Goodwill and Other (Topic 350) – Testing Indefinite-Lived Intangible Assets for Impairment.” The objective of this amendment is to reduce the cost and complexity of performing an impairment test for indefinite-lived intangible assets by simplifying how an entity tests those assets for impairment and to improve consistency in impairment testing guidance among long-lived asset categories. The amendments permit an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived tangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles – Goodwill and Other – General Intangibles Other than Goodwill. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. Previous guidance in Subtopic 350-30 required an entity to test indefinite-lived intangible assets for impairment, on at least an annual basis, by comparing the fair value of the asset with its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, an entity should recognize an impairment loss in the amount of that excess. In accordance with the amendments in this ASU, an entity will have an option not to calculate annually the fair value of an indefinite-lived intangible asset if the entity determines that it is not more likely than not that the asset is impaired. Permitting an entity to assess qualitative factors when testing indefinite-lived intangible assets for impairment results in guidance that is similar to the goodwill impairment testing guidance in ASU 2011-08. The amendments in this ASU are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity’s financial statements for the most recent annual or interim period have not yet been issued. | |
In February 2013, the FASB issued ASU 2013 -02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”. The amendments in this ASU require an entity to present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income. In addition, the amendments require a cross-reference to other disclosures currently required for other reclassification items to be reclassified directly to net income in their entirety in the same reporting period. Companies should apply these amendments for fiscal years, and interim periods within those years, beginning on or after December 15, 2012. The Company has included the required disclosures from ASU 2013-02 in the consolidated financial statements. | |
In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendments in this update provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of the new guidance did not have a material impact on the Company’s consolidated financial statements. Other than the disclosures contained within these statements, the Company has determined that all other recently issued accounting pronouncements will not have a material impact on its consolidated financial statements or do not apply to its operations. | |
In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings By Creditors (Subtopic 310-40)– Reclassification of residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. This amendment clarifies the circumstances under which an in substance repossession or foreclosure is deemed to occur determining when all or a portion of the loan should be derecognized and the real estate property received should be recognized. The amendment is effective for annual and interim periods beginning after December 15, 2014. Early adoption is permitted. |
Securities_Tables
Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Amortized Cost and Estimated Market Value of Securities Classified as Available for Sale and Held to Maturity | ' | ||||||||||||||||||||||||
The amortized cost and estimated fair value of securities classified as available for sale and held to maturity at December 31, 2013 and September 30, 2013, are as follows: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||
Residential Mortgage-Backed Securities | $ | 3,678,659 | $ | 156,338 | $ | — | $ | 3,834,997 | |||||||||||||||||
Collateralized Mortgage Obligations | 496,341 | — | 4,963 | 491,378 | |||||||||||||||||||||
State and Municipal Securities | 1,270,209 | — | 30,694 | 1,239,515 | |||||||||||||||||||||
Total securities available for sale | $ | 5,445,209 | $ | 156,338 | $ | 35,657 | $ | 5,565,890 | |||||||||||||||||
Securities Held to Maturity | |||||||||||||||||||||||||
U.S. Government and Federal Agency Obligations | $ | 3,756,142 | $ | 5,487 | $ | 149,004 | $ | 3,612,625 | |||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||
Residential Mortgage-Backed Securities | $ | 3,855,067 | $ | 166,298 | $ | — | $ | 4,021,365 | |||||||||||||||||
Collateralized Mortgage Obligations | 535,148 | — | 5,409 | 529,739 | |||||||||||||||||||||
State and Municipal Securities | 1,273,145 | — | 32,524 | 1,240,621 | |||||||||||||||||||||
Total securities available for sale | $ | 5,663,360 | $ | 166,298 | $ | 37,933 | $ | 5,791,725 | |||||||||||||||||
Securities Held to Maturity | |||||||||||||||||||||||||
U.S. Government and Federal Agency Obligations | $ | 3,756,238 | $ | 4,991 | $ | 158,526 | $ | 3,602,703 | |||||||||||||||||
Securities with Gross Unrealized Losses Aggregated by Investment Category and Length of Time That Individual Securities Have Been in Continuous Loss Position | ' | ||||||||||||||||||||||||
Securities with gross unrealized losses at December 31, 2013 and September 30, 2013 aggregated by investment category and length of time that individual securities have been in a continuous loss position are as follows: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||
Residential Mortgage-Backed Securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Collateralized Mortgage Obligations | — | — | 491,378 | 4,963 | 491,378 | 4,963 | |||||||||||||||||||
State and Municipal Securities | 1,239,515 | 30,694 | — | — | 1,239,515 | 30,694 | |||||||||||||||||||
$ | 1,239,515 | $ | 30,694 | $ | 491,378 | $ | 4,963 | $ | 1,730,893 | $ | 35,657 | ||||||||||||||
Securities Held to Maturity | |||||||||||||||||||||||||
U.S. Government and Federal Agency Obligations | $ | 2,859,075 | $ | 149,004 | $ | — | $ | — | $ | 2,859,075 | $ | 149,004 | |||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | ||||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Securities Available for Sale | |||||||||||||||||||||||||
Residential Mortgage-Backed Securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Collateralized Mortgage Obligations | — | — | 529,739 | 5,409 | 529,739 | 5,409 | |||||||||||||||||||
State and Municipal Securities | 1,240,621 | 32,524 | — | — | 1,240,621 | 32,524 | |||||||||||||||||||
$ | 1,240,621 | $ | 32,524 | $ | 529,739 | $ | 5,409 | $ | 1,770,360 | $ | 37,933 | ||||||||||||||
Securities Held to Maturity | |||||||||||||||||||||||||
U.S. Government and Federal Agency Obligations | $ | 2,849,720 | $ | 158,526 | $ | — | $ | — | $ | 2,849,720 | $ | 158,526 | |||||||||||||
Available-for-sale Securities | ' | ||||||||||||||||||||||||
Amortized Cost and Estimated Market Value of Securities, by Contractual Maturity | ' | ||||||||||||||||||||||||
The amortized cost and estimated market value of securities at December 31, 2013 and September 30, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Securities Available for Sale | Securities Held to Maturity | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Due after one year through five years | 542,403 | 542,388 | 1,741,332 | 1,728,380 | |||||||||||||||||||||
Due five years to ten years | 487,182 | 472,320 | 2,014,810 | 1,884,245 | |||||||||||||||||||||
Due after ten years | 4,415,624 | 4,551,182 | — | — | |||||||||||||||||||||
$ | 5,445,209 | $ | 5,565,890 | $ | 3,756,142 | $ | 3,612,625 | ||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Securities Available for Sale | Securities Held to Maturity | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Due after one year through five years | 550,169 | 549,536 | 1,740,850 | 1,724,203 | |||||||||||||||||||||
Due five years to ten years | 490,391 | 475,290 | 2,015,388 | 1,878,500 | |||||||||||||||||||||
Due after ten years | 4,622,800 | 4,766,899 | — | — | |||||||||||||||||||||
$ | 5,663,360 | $ | 5,791,725 | $ | 3,756,238 | $ | 3,602,703 | ||||||||||||||||||
Loans_and_Allowance_for_Loan_a1
Loans and Allowance for Loan and Leases Losses (Tables) | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Principal Categories of Loan Portfolio | ' | ||||||||
The principal categories of the loan portfolio at December 31, 2013 and September 30, 2013, were as follows: | |||||||||
December 31, 2013 | September 30, 2013 | ||||||||
Real estate loans | |||||||||
One-to four-family owner occupied | $ | 25,924,797 | $ | 26,363,952 | |||||
One-to four-family non-owner occupied | 16,540,923 | 17,480,953 | |||||||
Home equity | 2,373,020 | 2,243,716 | |||||||
Mobile home | 1,658,650 | 1,785,854 | |||||||
Secured by other properties | 2,686,447 | 2,783,794 | |||||||
Construction and land development | 4,918,046 | 3,911,156 | |||||||
Total real estate loans | 54,101,883 | 54,569,425 | |||||||
Other loans | |||||||||
Secured commercial | 1,553,527 | 1,603,318 | |||||||
Savings | 3,953 | 9,159 | |||||||
Total other loans | 1,557,480 | 1,612,477 | |||||||
Total loans | 55,659,363 | 56,181,902 | |||||||
Unamortized premiums and loan fees | 235,485 | 250,880 | |||||||
Unearned income on loans | (317,622 | ) | (323,966 | ) | |||||
Allowance for loan and lease losses | (827,120 | ) | (733,451 | ) | |||||
Total loans, net | $ | 54,750,106 | $ | 55,375,365 | |||||
Credit_Quality_of_Financing_Re1
Credit Quality of Financing Receivables and the Allowance for Loan Losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Balance of Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||
The allowance for loan losses allocated to each portfolio segment is not necessarily indicative of future losses in any particular portfolio segment and does not restrict the use of the allowance to absorb losses in other portfolio segments. | |||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||
One-to | One-to | Mobile | Secured by | Construction | Other | Unallocated | Total | ||||||||||||||||||||||||||
Four-Family | Four-Family | Home | Other | and Land | Loans | ||||||||||||||||||||||||||||
Owner | Non-Owner | Properties | Development | ||||||||||||||||||||||||||||||
Occupied | Occupied | ||||||||||||||||||||||||||||||||
Allowance for Credit Losses: | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 80,563 | $ | 475,584 | $ | 80,943 | $ | 22,365 | $ | 30,805 | $ | 4,031 | $ | 39,160 | $ | 733,451 | |||||||||||||||||
Charge-offs | — | (11,331 | ) | — | — | — | — | — | (11,331 | ) | |||||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Provision | 14,852 | 73,219 | (2,776 | ) | (1,082 | ) | 8,306 | (137 | ) | 12,618 | 105,000 | ||||||||||||||||||||||
Ending Balance | $ | 95,415 | $ | 537,472 | $ | 78,167 | $ | 21,283 | $ | 39,111 | $ | 3,894 | $ | 51,778 | $ | 827,120 | |||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 13,000 | $ | 253,161 | $ | 488 | $ | — | $ | — | $ | — | $ | — | $ | 266,649 | |||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 82,415 | $ | 284,311 | $ | 77,679 | $ | 21,283 | $ | 39,111 | $ | 3,894 | $ | 51,778 | $ | 560,471 | |||||||||||||||||
Ending balance: loans acquired with deteriorated credit quality | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Financing receivables: Ending balance | $ | 28,297,817 | $ | 16,540,923 | $ | 1,658,650 | $ | 2,686,447 | $ | 4,918,046 | $ | 1,557,480 | $ | 55,659,363 | |||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 435,531 | $ | 1,627,906 | $ | 104,705 | $ | 211,632 | $ | 370,350 | $ | — | $ | 2,750,124 | |||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 27,471,821 | $ | 14,913,017 | $ | 1,553,945 | $ | 2,474,815 | $ | 4,547,696 | $ | 1,557,480 | $ | 52,518,774 | |||||||||||||||||||
Ending balance: loans acquired with deteriorated credit quality | $ | 390,465 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 390,465 | |||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||||||||||
One-to | One-to | Mobile | Secured by | Construction | Other | Unallocated | Total | ||||||||||||||||||||||||||
Four-Family | Four-Family | Home | Other | and Land | Loans | ||||||||||||||||||||||||||||
Owner | Non-Owner | Properties | Development | ||||||||||||||||||||||||||||||
Occupied | Occupied | ||||||||||||||||||||||||||||||||
Allowance for Credit Losses: | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 85,217 | $ | 273,683 | $ | 95,613 | $ | 30,442 | $ | 80,327 | $ | 3,057 | $ | 49,135 | $ | 617,474 | |||||||||||||||||
Charge-offs | — | (363,842 | ) | (23,921 | ) | — | — | — | — | (387,763 | ) | ||||||||||||||||||||||
Recoveries | — | 3,740 | — | — | — | — | — | 3,740 | |||||||||||||||||||||||||
Provision | (4,654 | ) | 562,003 | 9,251 | (8,077 | ) | (49,522 | ) | 974 | (9,975 | ) | 500,000 | |||||||||||||||||||||
Ending Balance | $ | 80,563 | $ | 475,584 | $ | 80,943 | $ | 22,365 | $ | 30,805 | $ | 4,031 | $ | 39,160 | $ | 733,451 | |||||||||||||||||
Ending balance: individually evaluated for impairment | $ | — | $ | 201,267 | $ | 488 | $ | — | $ | — | $ | — | $ | — | $ | 201,755 | |||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 80,563 | $ | 274,317 | $ | 80,455 | $ | 22,365 | $ | 30,805 | $ | 4,031 | $ | 39,160 | $ | 531,696 | |||||||||||||||||
Ending balance: loans acquired with deteriorated credit quality | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Financing receivables: Ending balance | $ | 28,607,668 | $ | 17,480,953 | $ | 1,785,854 | $ | 2,783,794 | $ | 3,911,156 | $ | 1,612,477 | $ | 56,181,902 | |||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 436,317 | $ | 1,635,383 | $ | 105,940 | $ | 213,099 | $ | 370,411 | $ | — | $ | 2,761,150 | |||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 27,780,213 | $ | 15,845,570 | $ | 1,679,914 | $ | 2,570,695 | $ | 3,540,745 | $ | 1,612,477 | $ | 53,029,614 | |||||||||||||||||||
Ending balance: loans acquired with deteriorated credit quality | $ | 391,138 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 391,138 | |||||||||||||||||||
Summary of Loan Portfolio Quality Indicators by Loan Class Recorded Investment | ' | ||||||||||||||||||||||||||||||||
The following tables are a summary of the loan portfolio quality indicators by loan class recorded investment as of December 31, 2013 and September 30, 2013: | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
One-to | One-to | Secured by | Construction | ||||||||||||||||||||||||||||||
Four-Family | Four-Family | ||||||||||||||||||||||||||||||||
Owner | Non-Owner | Home | Mobile | Other | and Land | ||||||||||||||||||||||||||||
Occupied | Occupied | Equity | Home | Properties | Development | ||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||
Pass | $ | 25,098,801 | $ | 14,361,789 | $ | 2,373,020 | $ | 1,529,752 | $ | 2,474,815 | $ | 4,547,696 | |||||||||||||||||||||
Special Mention | — | — | — | — | — | — | |||||||||||||||||||||||||||
Substandard | 825,996 | 1,834,481 | — | 128,898 | 211,632 | 370,350 | |||||||||||||||||||||||||||
Doubtful | — | 344,653 | — | — | — | — | |||||||||||||||||||||||||||
$ | 25,924,797 | $ | 16,540,923 | $ | 2,373,020 | $ | 1,658,650 | $ | 2,686,447 | $ | 4,918,046 | ||||||||||||||||||||||
Secured | Savings | ||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||
Pass | $ | 1,553,527 | $ | 3,953 | |||||||||||||||||||||||||||||
Special Mention | — | — | |||||||||||||||||||||||||||||||
Substandard | — | — | |||||||||||||||||||||||||||||||
Doubtful | — | — | |||||||||||||||||||||||||||||||
$ | 1,553,527 | $ | 3,953 | ||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
One-to | One-to | Secured by | Construction | ||||||||||||||||||||||||||||||
Four-Family | Four-Family | ||||||||||||||||||||||||||||||||
Owner | Non-Owner | Home | Mobile | Other | and Land | ||||||||||||||||||||||||||||
Occupied | Occupied | Equity | Home | Properties | Development | ||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||
Pass | $ | 25,536,497 | $ | 15,291,094 | $ | 2,243,716 | $ | 1,655,013 | $ | 2,570,695 | $ | 3,540,745 | |||||||||||||||||||||
Special Mention | — | — | — | — | — | — | |||||||||||||||||||||||||||
Substandard | 827,455 | 1,845,206 | — | 130,841 | 213,099 | 370,411 | |||||||||||||||||||||||||||
Doubtful | — | 344,653 | — | — | — | — | |||||||||||||||||||||||||||
$ | 26,363,952 | $ | 17,480,953 | $ | 2,243,716 | $ | 1,785,854 | $ | 2,783,794 | $ | 3,911,156 | ||||||||||||||||||||||
Secured | Savings | ||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||||||
Pass | $ | 1,603,318 | $ | 9,159 | |||||||||||||||||||||||||||||
Special Mention | — | — | |||||||||||||||||||||||||||||||
Substandard | — | — | |||||||||||||||||||||||||||||||
Doubtful | — | — | |||||||||||||||||||||||||||||||
$ | 1,603,318 | $ | 9,159 | ||||||||||||||||||||||||||||||
Loan Portfolio Delinquencies by Loan Class | ' | ||||||||||||||||||||||||||||||||
The following tables set forth certain information with respect to our loan portfolio delinquencies by loan class and amount as of December 31, 2013 and September 30, 2013: | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater | Total Past | Current | Total | Recorded | |||||||||||||||||||||||||||
Days | Days | Than 90 | Due | Financing | Investment > | ||||||||||||||||||||||||||||
Past | Past | Days | Receivables | 90 Days and | |||||||||||||||||||||||||||||
Due | Due | Accruing | |||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family owner occupied | $ | — | $ | — | $ | 690,301 | $ | 690,301 | $ | 25,234,496 | $ | 25,924,797 | $ | — | |||||||||||||||||||
One-to four-family non-owner occupied | 68,367 | — | 1,627,906 | 1,696,273 | 14,844,650 | 16,540,923 | — | ||||||||||||||||||||||||||
Home equity | — | — | — | — | 2,373,020 | 2,373,020 | — | ||||||||||||||||||||||||||
Mobile home | 30,554 | — | — | 30,554 | 1,628,096 | 1,658,650 | — | ||||||||||||||||||||||||||
Secured by other properties | — | — | — | — | 2,686,447 | 2,686,447 | — | ||||||||||||||||||||||||||
Construction and land development | — | — | — | — | 4,918,046 | 4,918,046 | — | ||||||||||||||||||||||||||
Total real estate loans | 98,921 | — | 2,318,207 | 2,417,128 | 51,684,755 | 54,101,883 | — | ||||||||||||||||||||||||||
Other loans: | |||||||||||||||||||||||||||||||||
Secured commercial | — | — | — | — | 1,553,527 | 1,553,527 | — | ||||||||||||||||||||||||||
Savings accounts | — | — | — | — | 3,953 | 3,953 | — | ||||||||||||||||||||||||||
Total other loans | — | — | — | — | 1,557,480 | 1,557,480 | — | ||||||||||||||||||||||||||
Total loans | $ | 98,921 | $ | — | $ | 2,318,207 | $ | 2,417,128 | $ | 53,242,235 | $ | 55,659,363 | $ | — | |||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater | Total Past | Current | Total | Recorded | |||||||||||||||||||||||||||
Days | Days | Than 90 | Due | Financing | Investment > | ||||||||||||||||||||||||||||
Past | Past | Days | Receivables | 90 Days and | |||||||||||||||||||||||||||||
Due | Due | Accruing | |||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family owner occupied | $ | — | $ | — | $ | 690,975 | $ | 690,975 | $ | 25,672,977 | $ | 26,363,952 | $ | — | |||||||||||||||||||
One-to four-family non-owner occupied | — | — | 1,635,383 | 1,635,383 | 15,845,570 | 17,480,953 | — | ||||||||||||||||||||||||||
Home equity | — | — | — | — | 2,243,716 | 2,243,716 | — | ||||||||||||||||||||||||||
Mobile home | 73,774 | — | — | 73,774 | 1,712,080 | 1,785,854 | — | ||||||||||||||||||||||||||
Secured by other properties | — | — | — | — | 2,783,794 | 2,783,794 | — | ||||||||||||||||||||||||||
Construction and land development | — | — | — | — | 3,911,156 | 3,911,156 | — | ||||||||||||||||||||||||||
Total real estate loans | 73,774 | — | 2,326,358 | 2,400,132 | 52,169,293 | 54,569,425 | — | ||||||||||||||||||||||||||
Other loans: | |||||||||||||||||||||||||||||||||
Secured commercial | — | — | — | — | 1,603,318 | 1,603,318 | — | ||||||||||||||||||||||||||
Savings accounts | — | — | — | — | 9,159 | 9,159 | — | ||||||||||||||||||||||||||
Total other loans | — | — | — | — | 1,612,477 | 1,612,477 | — | ||||||||||||||||||||||||||
Total loans | $ | 73,774 | $ | — | $ | 2,326,358 | $ | 2,400,132 | $ | 53,781,770 | $ | 56,181,902 | $ | — | |||||||||||||||||||
Summary of Non-Accrual Loans | ' | ||||||||||||||||||||||||||||||||
The following table is a summary of the recorded investment in non-accrual loans by loan class as of the dates indicated: | |||||||||||||||||||||||||||||||||
December 31, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||
One-to four-family owner occupied | $ | 690,301 | $ | 690,975 | |||||||||||||||||||||||||||||
One-to four-family non-owner occupied | 1,627,906 | 1,635,383 | |||||||||||||||||||||||||||||||
Home equity | — | — | |||||||||||||||||||||||||||||||
Mobile home | 59,135 | 59,554 | |||||||||||||||||||||||||||||||
Secured by other properties | — | — | |||||||||||||||||||||||||||||||
Construction and land development | — | — | |||||||||||||||||||||||||||||||
Total real estate loans | 2,377,342 | 2,385,912 | |||||||||||||||||||||||||||||||
Other loans: | |||||||||||||||||||||||||||||||||
Secured commercial | — | — | |||||||||||||||||||||||||||||||
Savings accounts | — | — | |||||||||||||||||||||||||||||||
Total other loans | — | — | |||||||||||||||||||||||||||||||
Total loans | $ | 2,377,342 | $ | 2,385,912 | |||||||||||||||||||||||||||||
Summary of Impaired Loans by Class of Loans | ' | ||||||||||||||||||||||||||||||||
The following tables are a summary of impaired loans by class of loans as of December 31, 2013 and September 30, 2013: | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
One-to four-family owner occupied | $ | 540,785 | $ | 526,160 | $ | — | $ | 540,785 | $ | 3,841 | |||||||||||||||||||||||
One-to four-family non-owner occupied | 241,513 | 200,518 | — | 241,513 | — | ||||||||||||||||||||||||||||
Secured by other properties | 225,053 | 211,632 | — | 225,053 | 2,075 | ||||||||||||||||||||||||||||
Construction and land development | 370,350 | 370,350 | — | 370,350 | 5,838 | ||||||||||||||||||||||||||||
Mobile home | 59,269 | 59,135 | — | 59,269 | 622 | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
One-to four-family owner occupied | $ | 358,945 | $ | 299,836 | $ | 13,000 | $ | 358,945 | $ | — | |||||||||||||||||||||||
One-to four-family non-owner occupied | 1,614,215 | 1,427,388 | 253,161 | 1,614,215 | 3,523 | ||||||||||||||||||||||||||||
Mobile home | 45,877 | 45,570 | 488 | 45,877 | 540 | ||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
One-to four-family owner occupied | $ | 899,730 | $ | 825,996 | $ | 13,000 | $ | 899,730 | $ | 3,841 | |||||||||||||||||||||||
One-to four-family non-owner occupied | 1,855,728 | 1,627,906 | 253,161 | 1,855,728 | 3,523 | ||||||||||||||||||||||||||||
Secured by other properties | 225,053 | 211,632 | — | 225,053 | 2,075 | ||||||||||||||||||||||||||||
Construction and land development | 370,350 | 370,350 | — | 370,350 | 5,838 | ||||||||||||||||||||||||||||
Mobile home | 105,146 | 104,705 | 488 | 105,146 | 1,162 | ||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | |||||||||||||||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||
One-to four-family owner occupied | $ | 904,113 | $ | 827,455 | $ | — | $ | 904,113 | $ | 31,184 | |||||||||||||||||||||||
One-to four-family non-owner occupied | 609,362 | 507,227 | — | 609,362 | 13,288 | ||||||||||||||||||||||||||||
Secured by other properties | 226,434 | 213,099 | — | 226,434 | 684 | ||||||||||||||||||||||||||||
Construction and land development | 370,411 | 370,411 | — | 370,411 | 20,043 | ||||||||||||||||||||||||||||
Mobile home | 59,627 | 59,554 | — | 59,627 | 4,078 | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||
One-to four-family non-owner occupied | $ | 1,217,512 | 1,128,156 | $ | 201,267 | $ | 1,217,512 | $ | 21,255 | ||||||||||||||||||||||||
Mobile home | 46,508 | 46,386 | 488 | 46,508 | 3,097 | ||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
One-to four-family owner occupied | $ | 904,113 | $ | 827,455 | $ | — | $ | 904,113 | $ | 31,184 | |||||||||||||||||||||||
One-to four-family non-owner occupied | 1,867,709 | 1,635,383 | 201,267 | 1,867,709 | 34,543 | ||||||||||||||||||||||||||||
Secured by other properties | 226,434 | 213,099 | — | 226,434 | 684 | ||||||||||||||||||||||||||||
Construction and land development | 370,411 | 370,411 | — | 370,411 | 20,043 | ||||||||||||||||||||||||||||
Mobile home | 106,135 | 105,940 | 488 | 106,135 | 7,175 | ||||||||||||||||||||||||||||
Summary of Impaired Loans That Were Modified Due to Troubled Debt Restructuring by Class | ' | ||||||||||||||||||||||||||||||||
The following table is a summary of impaired loans that were modified due to a TDR by class as for the three months ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
Modifications for the three months ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||
of | Outstanding Recorded | Outstanding | |||||||||||||||||||||||||||||||
contracts | Investments | Recorded | |||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||
Troubled Debt Restructuring | — | — | — | ||||||||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||||||||||
Troubled Debt Restructuring that subsequently defaulted | — | — | — | ||||||||||||||||||||||||||||||
Modifications for the three months ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Number | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||
of | Outstanding Recorded | Outstanding | |||||||||||||||||||||||||||||||
contracts | Investments | Recorded | |||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||
Troubled Debt Restructuring | — | — | — | ||||||||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||||||||||
Troubled Debt Restructuring that subsequently defaulted | — | — | — |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Summary of Financial Assets and Liabilities Measured at Fair Value | ' | ||||||||||||||||||||
The following table presents a summary of financial assets and liabilities measured at fair value at December 31, 2013 and September 30, 2013: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Total | |||||||||||||||||
Losses | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Mortgage-backed securities invested in Government Agencies | $ | — | $ | 3,834,997 | $ | — | $ | 3,834,997 | $ | — | |||||||||||
Collateralized mortgage obligations invested in Government Agencies | 491,378 | 491,378 | |||||||||||||||||||
State and Municipal Securities | 1,239,515 | 1,239,515 | |||||||||||||||||||
Impaired loans | — | — | 1,506,145 | 1,506,145 | — | ||||||||||||||||
Foreclosed assets | 20,000 | 20,000 | — | ||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Mortgage-backed securities invested in Government Agencies | $ | — | $ | 4,021,365 | $ | — | $ | 4,021,365 | $ | — | |||||||||||
Collateralized mortgage obligations invested in Government Agencies | 529,739 | 529,739 | |||||||||||||||||||
State and Municipal Securities | 1,240,621 | 1,240,621 | |||||||||||||||||||
Impaired loans | — | — | 972,787 | 972,787 | — | ||||||||||||||||
Foreclosed assets | — | — | 20,000 | 20,000 | |||||||||||||||||
Fair Value Measurements for Certain Financial Assets Measured at Fair Value on Non-recurring Basis | ' | ||||||||||||||||||||
The following table presents quantitative information about Level 3 Fair Value Measurements for certain financial assets measured at fair value on a non-recurring basis for December 31, 2013 and September 30, 2013: | |||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements for | |||||||||||||||||||||
December 31, 2013 and September 30, 2013 | |||||||||||||||||||||
Valuation Techniques | Unobservable Input | Range | |||||||||||||||||||
Assets: | |||||||||||||||||||||
Impaired loans | Discounted appraised value | Selling costs | 6-12% | ||||||||||||||||||
Foreclosed assets | Discounted appraised value | Selling costs | 6-12% | ||||||||||||||||||
Reconciliation of Beginning and Ending Balances for Level 3 Assets | ' | ||||||||||||||||||||
The following table presents a reconciliation of the beginning and ending balances for Level 3 assets; | |||||||||||||||||||||
Impaired Loans | Foreclosed Assets | ||||||||||||||||||||
Balance, September 30, 2012 | 940,717 | 295,750 | |||||||||||||||||||
Purchases, settlements and charge-offs | (294,140 | ) | (295,750 | ) | |||||||||||||||||
Transfers in and/or out of Level 3 | 326,210 | 20,000 | |||||||||||||||||||
Balance, September 30, 2013 | 972,787 | 20,000 | |||||||||||||||||||
Purchases, settlements and charge-offs (unaudited) | — | — | |||||||||||||||||||
Transfers in and/or out of Level 3 (unaudited) | 533,358 | — | |||||||||||||||||||
Balance, December 31, 2013 (unaudited) | $ | 1,506,145 | $ | 20,000 | |||||||||||||||||
Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||||||
The estimated fair values of the Company’s financial instruments were as follows: | |||||||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||||||
Carrying | Quoted | Significant | Significant | Fair | |||||||||||||||||
Value | Prices in | Other | Unobservable | Value | |||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||
Market for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 3,957 | $ | 3,957 | $ | — | $ | — | $ | 3,957 | |||||||||||
Certificates of deposit | 3,784 | 3,784 | — | — | 3,784 | ||||||||||||||||
Securities available for sale | 5,566 | — | 5,566 | — | 5,566 | ||||||||||||||||
Securities held to maturity | 3,756 | — | 3,603 | — | 3,603 | ||||||||||||||||
Federal Home Loan Bank stock | 454 | — | 454 | — | 454 | ||||||||||||||||
Loans receivable, net | 54,750 | — | 53,845 | 1,506 | 55,351 | ||||||||||||||||
Foreclosed assets | 20 | — | — | 20 | 20 | ||||||||||||||||
Accrued interest receivable | 239 | — | 239 | — | 239 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 55,005 | — | 55,012 | — | 55,012 | ||||||||||||||||
Federal Home Loan Bank advances | 8,000 | — | 8,363 | — | 8,363 | ||||||||||||||||
Accrued interest payable | 44 | — | 44 | — | 44 | ||||||||||||||||
Off-Balance sheet financial instruments | — | — | — | — | |||||||||||||||||
Fair Value Measurements at September 30, 2013 Using | |||||||||||||||||||||
Carrying | Quoted | Significant | Significant | Fair | |||||||||||||||||
Value | Prices in | Other | Unobservable | Value | |||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||
Market for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 3,851 | $ | 3,851 | $ | — | $ | — | $ | 3,851 | |||||||||||
Certificates of Deposit | 3,784 | 3,784 | — | 3,784 | |||||||||||||||||
Securities available for sale | 5,792 | — | 5,792 | — | 5,792 | ||||||||||||||||
Securities held to maturity | 3,756 | — | 3,603 | — | 3,603 | ||||||||||||||||
Federal Home Loan Bank stock | 454 | — | 454 | — | 454 | ||||||||||||||||
Loans receivable, net | 55,375 | — | 55,058 | 973 | 56,031 | ||||||||||||||||
Foreclosed real estate | 20 | — | — | 20 | 20 | ||||||||||||||||
Accrued interest receivable | 234 | — | 234 | — | 234 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 55,930 | — | 56,178 | — | 56,178 | ||||||||||||||||
Federal Home Loan Bank advances | 8,000 | — | 8,698 | — | 8,698 | ||||||||||||||||
Accrued interest payable | 43 | — | 43 | — | 43 | ||||||||||||||||
Off-Balance sheet financial instruments | — | — | — | — |
Employee_Stock_Ownership_Plan_
Employee Stock Ownership Plan (Tables) | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Summary of Employee Stock Ownership Plan Shares | ' | ||||||||
A summary of ESOP shares is as follows: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Shares committed for release | 20,527 | 16,525 | |||||||
Unearned shares | 19,498 | 23,500 | |||||||
Total ESOP shares | 40,025 | 40,025 | |||||||
Fair value of unearned shares | $ | 394,835 | $ | 400,675 | |||||
Stock_Option_Plan_Tables
Stock Option Plan (Tables) | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Summary of Stock Option Plan | ' | ||||||||
A summary of the Stock Option Plan during the three months ended December 31, 2013: | |||||||||
Number of | Weighted Average | ||||||||
Shares | Exercise Price | ||||||||
Outstanding at September 30, 2013 | — | — | |||||||
Granted | 37,760 | $ | 14.1 | ||||||
Outstanding at December 31, 2013 | 37,760 | $ | 14.1 | ||||||
Options Exercisable at December 31, 2013 | 7,552 | — | |||||||
Stock_Repurchases_Tables
Stock Repurchases (Tables) | 3 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Information in Connection with Repurchases of Shares of Common Stock | ' | ||||||||||||||||||
The following table sets forth information in connection with repurchases of the Company’s shares of common stock during the period listed. | |||||||||||||||||||
Period | Total Number of | Average Price | Total Number of Shares | Maximum Number of | |||||||||||||||
Shares | Paid per | Purchased as Part of | Shares That May Yet Be | ||||||||||||||||
Purchased | Share | Publicly Announced | Purchased Under | ||||||||||||||||
Plans or Programs | the Plan | ||||||||||||||||||
September | 1 – 30, 2012 | 22,800 | $ | 17.07 | 22,800 | 17,200 | |||||||||||||
October | 1 – 31, 2012 | 6,000 | 17.05 | 28,800 | 11,200 | ||||||||||||||
November | 1 – 30, 2012 | 1,800 | 17.1 | 30,600 | 9,400 | ||||||||||||||
December | 1 – 31, 2012 | — | — | 30,600 | 9,400 | ||||||||||||||
January | 1 – 31, 2013 | — | — | 30,600 | 9,400 | ||||||||||||||
February | 1 – 28, 2013 | — | — | 30,600 | 9,400 |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Computation of Basic and Dilutive Earnings per Share | ' | ||||||||
Basic earnings per share excludes dilution and is computed by dividing net income by the basic weighted average number of common shares outstanding during the period. Dilutive earnings per share reflects the potential dilution that could occur if stock options were exercised and is computed by dividing net income by the dilutive weighted average number of common shares outstanding during the period. | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
(Unaudited) | |||||||||
Net income | $ | 69,098 | $ | 137,877 | |||||
Weighted average number of shares used in: | |||||||||
Basic earnings per share | 450,599 | 444,552 | |||||||
Dilutive common stock equivalents: | |||||||||
Stock options | 11,468 | 6,533 | |||||||
Dilutive earnings per share | 462,067 | 451,085 | |||||||
Basic and dilutive earnings per common share: | |||||||||
Net income, basic | $ | 0.15 | $ | 0.31 | |||||
Net income, dilutive | $ | 0.15 | $ | 0.31 | |||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | |
Jun. 02, 2010 | Oct. 31, 2011 | Jun. 30, 2010 | Oct. 12, 2011 | |
Fullerton | ||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Shares of common stock converted through sale and issuance | 444,038 | ' | ' | ' |
Conversion price per share | $10 | ' | $10 | $14.10 |
Proceeds from sale of common stock | $3,742,000 | ' | ' | $452,000 |
Net of offering expenses | 699,000 | ' | ' | 341,000 |
Percentage of net proceeds of offering | 50.00% | ' | ' | ' |
Amount of net proceeds of offering | 1,900,000 | ' | ' | ' |
Percentage of issued and outstanding shares of common stock of the Bank | 100.00% | ' | ' | ' |
Percentage of shares subscribed | 8.00% | 8.00% | 8.00% | ' |
Shares of common stock sold in offering | 35,523 | 4,502 | 35,523 | ' |
Common stock issued and sold | ' | ' | ' | $56,276 |
Amortized_Cost_and_Estimated_M
Amortized Cost and Estimated Market Value of Securities Classified as Available for Sale and Held to Maturity (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
Schedule Of Marketable Securities [Line Items] | ' | ' |
Securities Available for sale, Amortized Cost | $5,445,209 | $5,663,360 |
Securities Available for Sale, Gross Unrealized Gains | 156,338 | 166,298 |
Securities Available for Sale, Gross Unrealized Losses | 35,657 | 37,933 |
Securities Available for sale, Fair Value | 5,565,890 | 5,791,725 |
Securities Held to Maturity, Amortized Cost | 3,756,142 | 3,756,238 |
Securities Held to Maturity, Fair Value | 3,612,625 | 3,602,703 |
Residential Mortgage-Backed Securities | ' | ' |
Schedule Of Marketable Securities [Line Items] | ' | ' |
Securities Available for sale, Amortized Cost | 3,678,659 | 3,855,067 |
Securities Available for Sale, Gross Unrealized Gains | 156,338 | 166,298 |
Securities Available for sale, Fair Value | 3,834,997 | 4,021,365 |
Collateralized Mortgage Obligations | ' | ' |
Schedule Of Marketable Securities [Line Items] | ' | ' |
Securities Available for sale, Amortized Cost | 496,341 | 535,148 |
Securities Available for Sale, Gross Unrealized Losses | 4,963 | 5,409 |
Securities Available for sale, Fair Value | 491,378 | 529,739 |
State and Municipal Securities | ' | ' |
Schedule Of Marketable Securities [Line Items] | ' | ' |
Securities Available for sale, Amortized Cost | 1,270,209 | 1,273,145 |
Securities Available for Sale, Gross Unrealized Losses | 30,694 | 32,524 |
Securities Available for sale, Fair Value | 1,239,515 | 1,240,621 |
U.S. Government and Federal Agency Obligations | ' | ' |
Schedule Of Marketable Securities [Line Items] | ' | ' |
Securities Held to Maturity, Amortized Cost | 3,756,142 | 3,756,238 |
Securities Held to Maturity, Gross Unrealized Gains | 5,487 | 4,991 |
Securities Held to Maturity, Gross Unrealized Losses | 149,004 | 158,526 |
Securities Held to Maturity, Fair Value | $3,612,625 | $3,602,703 |
Amortized_Cost_and_Estimated_M1
Amortized Cost and Estimated Market Value of Securities, by Contractual Maturity (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities Available for sale, Due in one year or less, Amortized Cost | ' | ' |
Securities Available for sale, Due after one year through five years, Amortized Cost | 542,403 | 550,169 |
Securities Available for sale, Due five years to ten years, Amortized Cost | 487,182 | 490,391 |
Securities Available for sale, Due after ten years, Amortized Cost | 4,415,624 | 4,622,800 |
Securities Available for sale, Amortized Cost | 5,445,209 | 5,663,360 |
Securities Available for sale, Due in one year or less, Fair Value | ' | ' |
Securities Available for sale, Due after one year through five years, Fair Value | 542,388 | 549,536 |
Securities Available for sale, Due five years to ten years, Fair Value | 472,320 | 475,290 |
Securities Available for sale, Due after ten years, Fair Value | 4,551,182 | 4,766,899 |
Securities Available for sale, Fair Value | 5,565,890 | 5,791,725 |
Securities Held to Maturity, Due in one year or less, Amortized Cost | ' | ' |
Securities Held to Maturity, Due after one year through five years, Amortized Cost | 1,741,332 | 1,740,850 |
Securities Held to Maturity, Due five years to ten years, Amortized Cost | 2,014,810 | 2,015,388 |
Securities Held to Maturity, Due after ten years, Amortized Cost | ' | ' |
Securities Held to Maturity, Amortized Cost | 3,756,142 | 3,756,238 |
Securities Held to Maturity, Due in one year or less, Fair Value | ' | ' |
Securities Held to Maturity, Due after one year through five years, Fair Value | 1,728,380 | 1,724,203 |
Securities Held to Maturity, Due five years to ten years, Fair Value | 1,884,245 | 1,878,500 |
Securities Held to Maturity, Due after ten years, Fair Value | ' | ' |
Securities Held to Maturity, Fair Value | $3,612,625 | $3,602,703 |
Securities_Additional_Informat
Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |
Investment | Investment | ||
Proceeds from sale of available for sale securities | ' | $1,753,845 | ' |
Realized gross gain on sale | ' | 116,480 | ' |
Number of securities with gross unrealized losses investments | 8 | ' | 8 |
Total gross unrealized losses | $179,174 | ' | $196,459 |
Securities_with_Gross_Unrealiz
Securities with Gross Unrealized Losses Aggregated by Investment Category and Length of Time That Individual Securities Have Been in Continuous Loss Position (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities Available-for-Sale, Fair Value, Less than 12 Months | $1,239,515 | $1,240,621 |
Securities Available-for-Sale, Gross Unrealized Losses, Less than 12 Months | 30,694 | 32,524 |
Securities Available-for-Sale, Fair Value, 12 Months or Greater | 491,378 | 529,739 |
Securities Available-for-Sale, Gross Unrealized Losses, 12 Months or Greater | 4,963 | 5,409 |
Securities Available-for-Sale, Fair Value, Total | 1,730,893 | 1,770,360 |
Securities Available-for-Sale, Gross Unrealized Losses, Total | 35,657 | 37,933 |
Securities Held-to-Maturity, Fair Value, 12 Months or Greater | ' | ' |
Securities Held-to-Maturity, Gross Unrealized Loss, 12 Months or Greater | ' | ' |
U.S. Government and Federal Agency Obligations | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities Held-to-Maturity, Fair Value, Less than 12 Months | 2,859,075 | 2,849,720 |
Securities Held-to-Maturity, Gross Unrealized Loss, Less than 12 Months | 149,004 | 158,526 |
Securities Held-to-Maturity, Fair Value, 12 Months or Greater | ' | ' |
Securities Held-to-Maturity, Gross Unrealized Loss, 12 Months or Greater | ' | ' |
Securities Held-to-Maturity, Fair Value, Total | 2,859,075 | 2,849,720 |
Securities Held-to-Maturity, Total Gross Unrealized Loss, Total | 149,004 | 158,526 |
State and Municipal Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities Available-for-Sale, Fair Value, Less than 12 Months | 1,239,515 | 1,240,621 |
Securities Available-for-Sale, Gross Unrealized Losses, Less than 12 Months | 30,694 | 32,524 |
Securities Available-for-Sale, Fair Value, Total | 1,239,515 | 1,240,621 |
Securities Available-for-Sale, Gross Unrealized Losses, Total | 30,694 | 32,524 |
Collateralized Mortgage Obligations | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities Available-for-Sale, Fair Value, 12 Months or Greater | 491,378 | 529,739 |
Securities Available-for-Sale, Gross Unrealized Losses, 12 Months or Greater | 4,963 | 5,409 |
Securities Available-for-Sale, Fair Value, Total | 491,378 | 529,739 |
Securities Available-for-Sale, Gross Unrealized Losses, Total | $4,963 | $5,409 |
Principal_Categories_of_Loan_P
Principal Categories of Loan Portfolio (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $55,659,363 | $56,181,902 |
Unamortized premiums and loan fees | 235,485 | 250,880 |
Unearned income on loans | -317,622 | -323,966 |
Allowance for loan and lease losses | -827,120 | -733,451 |
Total loans, net | 54,750,106 | 55,375,365 |
Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 54,101,883 | 54,569,425 |
Other Loans Receivable | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,557,480 | 1,612,477 |
One To Four Family Owner Occupied | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 25,924,797 | 26,363,952 |
One To Four Family Owner Occupied | Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 25,924,797 | 26,363,952 |
One To Four Family Non Owner Occupied | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 16,540,923 | 17,480,953 |
One To Four Family Non Owner Occupied | Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 16,540,923 | 17,480,953 |
Home Equity | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 2,373,020 | 2,243,716 |
Home Equity | Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 2,373,020 | 2,243,716 |
Mobile Home | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,658,650 | 1,785,854 |
Mobile Home | Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,658,650 | 1,785,854 |
Secured By Other Properties | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 2,686,447 | 2,783,794 |
Secured By Other Properties | Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 2,686,447 | 2,783,794 |
Construction and Land Development | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 4,918,046 | 3,911,156 |
Construction and Land Development | Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 4,918,046 | 3,911,156 |
Secured Commercial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,553,527 | 1,603,318 |
Secured Commercial | Other Loans Receivable | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 1,553,527 | 1,603,318 |
Savings | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | 3,953 | 9,159 |
Savings | Other Loans Receivable | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total loans | $3,953 | $9,159 |
Balance_of_Allowance_for_Loan_
Balance of Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Sep. 30, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | $733,451 | ' |
Charge-offs | 0 | 0 |
Ending Balance | 827,120 | 733,451 |
Ending balance: individually evaluated for impairment | 2,750,124 | 2,761,150 |
Ending balance: collectively evaluated for impairment | 52,518,774 | 53,029,614 |
Ending balance: loans acquired with deteriorated credit quality | 390,465 | 391,138 |
Financing receivables: Ending balance | 55,659,363 | 56,181,902 |
Loans Receivable | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 733,451 | 617,474 |
Charge-offs | -11,331 | -387,763 |
Recoveries | ' | 3,740 |
Provision | 105,000 | 500,000 |
Ending Balance | 827,120 | 733,451 |
Ending balance: individually evaluated for impairment | 266,649 | 201,755 |
Ending balance: collectively evaluated for impairment | 560,471 | 531,696 |
Financing receivables: Ending balance | 55,659,363 | 56,181,902 |
One To Four Family Owner Occupied | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Ending balance: individually evaluated for impairment | 435,531 | 436,317 |
Ending balance: collectively evaluated for impairment | 27,471,821 | 27,780,213 |
Ending balance: loans acquired with deteriorated credit quality | 390,465 | 391,138 |
Financing receivables: Ending balance | 25,924,797 | 26,363,952 |
One To Four Family Owner Occupied | Loans Receivable | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 80,563 | 85,217 |
Provision | 14,852 | -4,654 |
Ending Balance | 95,415 | 80,563 |
Ending balance: individually evaluated for impairment | 13,000 | ' |
Ending balance: collectively evaluated for impairment | 82,415 | 80,563 |
Financing receivables: Ending balance | 28,297,817 | 28,607,668 |
One To Four Family Non Owner Occupied | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Ending balance: individually evaluated for impairment | 1,627,906 | 1,635,383 |
Ending balance: collectively evaluated for impairment | 14,913,017 | 15,845,570 |
Financing receivables: Ending balance | 16,540,923 | 17,480,953 |
One To Four Family Non Owner Occupied | Loans Receivable | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 475,584 | 273,683 |
Charge-offs | -11,331 | -363,842 |
Recoveries | ' | 3,740 |
Provision | 73,219 | 562,003 |
Ending Balance | 537,472 | 475,584 |
Ending balance: individually evaluated for impairment | 253,161 | 201,267 |
Ending balance: collectively evaluated for impairment | 284,311 | 274,317 |
Financing receivables: Ending balance | 16,540,923 | 17,480,953 |
Mobile Home | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Ending balance: individually evaluated for impairment | 104,705 | 105,940 |
Ending balance: collectively evaluated for impairment | 1,553,945 | 1,679,914 |
Financing receivables: Ending balance | 1,658,650 | 1,785,854 |
Mobile Home | Loans Receivable | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 80,943 | 95,613 |
Charge-offs | ' | -23,921 |
Provision | -2,776 | 9,251 |
Ending Balance | 78,167 | 80,943 |
Ending balance: individually evaluated for impairment | 488 | 488 |
Ending balance: collectively evaluated for impairment | 77,679 | 80,455 |
Financing receivables: Ending balance | 1,658,650 | 1,785,854 |
Secured By Other Properties | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Ending balance: individually evaluated for impairment | 211,632 | 213,099 |
Ending balance: collectively evaluated for impairment | 2,474,815 | 2,570,695 |
Financing receivables: Ending balance | 2,686,447 | 2,783,794 |
Secured By Other Properties | Loans Receivable | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 22,365 | 30,442 |
Provision | -1,082 | -8,077 |
Ending Balance | 21,283 | 22,365 |
Ending balance: collectively evaluated for impairment | 21,283 | 22,365 |
Financing receivables: Ending balance | 2,686,447 | 2,783,794 |
Construction and Land Development | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Ending balance: individually evaluated for impairment | 370,350 | 370,411 |
Ending balance: collectively evaluated for impairment | 4,547,696 | 3,540,745 |
Financing receivables: Ending balance | 4,918,046 | 3,911,156 |
Construction and Land Development | Loans Receivable | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 30,805 | 80,327 |
Provision | 8,306 | -49,522 |
Ending Balance | 39,111 | 30,805 |
Ending balance: collectively evaluated for impairment | 39,111 | 30,805 |
Financing receivables: Ending balance | 4,918,046 | 3,911,156 |
Other Loans Receivable | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Ending balance: collectively evaluated for impairment | 1,557,480 | 1,612,477 |
Financing receivables: Ending balance | 1,557,480 | 1,612,477 |
Other Loans Receivable | Loans Receivable | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 4,031 | 3,057 |
Provision | -137 | 974 |
Ending Balance | 3,894 | 4,031 |
Ending balance: collectively evaluated for impairment | 3,894 | 4,031 |
Financing receivables: Ending balance | 1,557,480 | 1,612,477 |
Unallocated | Loans Receivable | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Beginning Balance | 39,160 | 49,135 |
Provision | 12,618 | -9,975 |
Ending Balance | 51,778 | 39,160 |
Ending balance: collectively evaluated for impairment | $51,778 | $39,160 |
Summary_of_Loan_Portfolio_Qual
Summary of Loan Portfolio Quality Indicators by Loan Class Recorded Investment (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | $55,659,363 | $56,181,902 |
One To Four Family Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 25,924,797 | 26,363,952 |
One To Four Family Owner Occupied | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 25,098,801 | 25,536,497 |
One To Four Family Owner Occupied | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 825,996 | 827,455 |
One To Four Family Non Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 16,540,923 | 17,480,953 |
One To Four Family Non Owner Occupied | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 14,361,789 | 15,291,094 |
One To Four Family Non Owner Occupied | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,834,481 | 1,845,206 |
One To Four Family Non Owner Occupied | Doubtful | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 344,653 | 344,653 |
Home Equity | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 2,373,020 | 2,243,716 |
Home Equity | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 2,373,020 | 2,243,716 |
Mobile Home | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,658,650 | 1,785,854 |
Mobile Home | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,529,752 | 1,655,013 |
Mobile Home | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 128,898 | 130,841 |
Secured By Other Properties | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 2,686,447 | 2,783,794 |
Secured By Other Properties | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 2,474,815 | 2,570,695 |
Secured By Other Properties | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 211,632 | 213,099 |
Construction and Land Development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 4,918,046 | 3,911,156 |
Construction and Land Development | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 4,547,696 | 3,540,745 |
Construction and Land Development | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 370,350 | 370,411 |
Secured Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,553,527 | 1,603,318 |
Secured Commercial | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,553,527 | 1,603,318 |
Savings | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 3,953 | 9,159 |
Savings | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | $3,953 | $9,159 |
Credit_Quality_of_Financing_Re2
Credit Quality of Financing Receivables and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | |
Contract | Contract | Troubled Debt Restructuring | Troubled Debt Restructuring | Non-accrual Loans | Non-accrual Loans | One To Four Family Owner Occupied | One To Four Family Owner Occupied | One To Four Family Non Owner Occupied | One To Four Family Non Owner Occupied | Secured By Other Properties | Secured By Other Properties | Construction and Land Development | Construction and Land Development | Mobile Home | Mobile Home | ||
Loan | Loan | Loan | Loan | Troubled Debt Restructuring | Troubled Debt Restructuring | Troubled Debt Restructuring | Troubled Debt Restructuring | Troubled Debt Restructuring | Troubled Debt Restructuring | Troubled Debt Restructuring | Troubled Debt Restructuring | Troubled Debt Restructuring | Troubled Debt Restructuring | ||||
Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | Contract | ||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notice for late payment of loan due after | '15 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter reminding the borrower of the delinquency for Loan due after | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Final demand for payment of the delinquency | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary report of all loans due after | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans placed on non-accrual status delinquency due after | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum duration for Loans returned to accrual status delinquent | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of loans on non-accrual status | ' | ' | ' | ' | ' | 28 | 29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of loans on non-accrual status | $289,472 | ' | $251,798 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans 90 days past due and still accruing interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Modifications, Number of Contracts | ' | ' | ' | 10 | 10 | ' | ' | 1 | 1 | 5 | 5 | 1 | 1 | 1 | 1 | 2 | 2 |
Financing Receivable, Modifications, Recorded Investment | ' | ' | ' | ' | ' | ' | ' | $135,695 | $136,481 | $783,503 | $783,503 | $211,632 | $213,099 | $370,350 | $370,411 | $104,705 | $105,940 |
Loan_Portfolio_Delinquencies_b
Loan Portfolio Delinquencies by Loan Class (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | $98,921 | $73,774 |
60-89 Days Past Due | ' | ' |
Greater Than 90 Days | 2,318,207 | 2,326,358 |
Total Past Due | 2,417,128 | 2,400,132 |
Current | 53,242,235 | 53,781,770 |
Total Financing Receivables | 55,659,363 | 56,181,902 |
Recorded Investment > 90 Days and Accruing | ' | ' |
One To Four Family Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 25,924,797 | 26,363,952 |
One To Four Family Non Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 16,540,923 | 17,480,953 |
Home Equity | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 2,373,020 | 2,243,716 |
Mobile Home | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 1,658,650 | 1,785,854 |
Secured By Other Properties | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 2,686,447 | 2,783,794 |
Construction and Land Development | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Financing Receivables | 4,918,046 | 3,911,156 |
Secured Commercial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
60-89 Days Past Due | ' | ' |
Current | 1,553,527 | 1,603,318 |
Total Financing Receivables | 1,553,527 | 1,603,318 |
Recorded Investment > 90 Days and Accruing | ' | ' |
Savings | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
60-89 Days Past Due | ' | ' |
Current | 3,953 | 9,159 |
Total Financing Receivables | 3,953 | 9,159 |
Recorded Investment > 90 Days and Accruing | ' | ' |
Other Loans Receivable | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
60-89 Days Past Due | ' | ' |
Current | 1,557,480 | 1,612,477 |
Total Financing Receivables | 1,557,480 | 1,612,477 |
Recorded Investment > 90 Days and Accruing | ' | ' |
Real Estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 98,921 | 73,774 |
60-89 Days Past Due | ' | ' |
Greater Than 90 Days | 2,318,207 | 2,326,358 |
Total Past Due | 2,417,128 | 2,400,132 |
Current | 51,684,755 | 52,169,293 |
Total Financing Receivables | 54,101,883 | 54,569,425 |
Recorded Investment > 90 Days and Accruing | ' | ' |
Real Estate | One To Four Family Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
60-89 Days Past Due | ' | ' |
Greater Than 90 Days | 690,301 | 690,975 |
Total Past Due | 690,301 | 690,975 |
Current | 25,234,496 | 25,672,977 |
Total Financing Receivables | 25,924,797 | 26,363,952 |
Recorded Investment > 90 Days and Accruing | ' | ' |
Real Estate | One To Four Family Non Owner Occupied | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 68,367 | ' |
60-89 Days Past Due | ' | ' |
Greater Than 90 Days | 1,627,906 | 1,635,383 |
Total Past Due | 1,696,273 | 1,635,383 |
Current | 14,844,650 | 15,845,570 |
Total Financing Receivables | 16,540,923 | 17,480,953 |
Recorded Investment > 90 Days and Accruing | ' | ' |
Real Estate | Home Equity | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
60-89 Days Past Due | ' | ' |
Current | 2,373,020 | 2,243,716 |
Total Financing Receivables | 2,373,020 | 2,243,716 |
Recorded Investment > 90 Days and Accruing | ' | ' |
Real Estate | Mobile Home | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 30,554 | 73,774 |
60-89 Days Past Due | ' | ' |
Total Past Due | 30,554 | 73,774 |
Current | 1,628,096 | 1,712,080 |
Total Financing Receivables | 1,658,650 | 1,785,854 |
Recorded Investment > 90 Days and Accruing | ' | ' |
Real Estate | Secured By Other Properties | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
60-89 Days Past Due | ' | ' |
Current | 2,686,447 | 2,783,794 |
Total Financing Receivables | 2,686,447 | 2,783,794 |
Recorded Investment > 90 Days and Accruing | ' | ' |
Real Estate | Construction and Land Development | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
60-89 Days Past Due | ' | ' |
Current | 4,918,046 | 3,911,156 |
Total Financing Receivables | 4,918,046 | 3,911,156 |
Recorded Investment > 90 Days and Accruing | ' | ' |
Recorded_Investment_in_Nonaccr
Recorded Investment in Non-accrual Loans (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
Financing Receivable Recorded Investment Nonaccrual Status [Line Items] | ' | ' |
Recorded investment in non-accrual loans | $2,377,342 | $2,385,912 |
Real Estate | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Line Items] | ' | ' |
Recorded investment in non-accrual loans | 2,377,342 | 2,385,912 |
Real Estate | One To Four Family Owner Occupied | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Line Items] | ' | ' |
Recorded investment in non-accrual loans | 690,301 | 690,975 |
Real Estate | One To Four Family Non Owner Occupied | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Line Items] | ' | ' |
Recorded investment in non-accrual loans | 1,627,906 | 1,635,383 |
Real Estate | Mobile Home | ' | ' |
Financing Receivable Recorded Investment Nonaccrual Status [Line Items] | ' | ' |
Recorded investment in non-accrual loans | $59,135 | $59,554 |
Summary_of_Impaired_Loans_by_C
Summary of Impaired Loans by Class of Loans (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Sep. 30, 2013 | |
One To Four Family Owner Occupied | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, with no related allowance recorded | $540,785 | $904,113 |
Unpaid Principal Balance, with no related allowance recorded | 526,160 | 827,455 |
Related allowance, with no related allowance | ' | ' |
Average recorded investment, with no related allowance recorded | 540,785 | 904,113 |
Interest Income Recognized, with no related allowance recorded | 3,841 | 31,184 |
Recorded investment, with related allowance recorded | 358,945 | ' |
Unpaid Principal Balance, with related allowance recorded | 299,836 | ' |
Related Allowance, With Related Allowance | 13,000 | ' |
Average recorded investment, with related allowance recorded | 358,945 | ' |
Recorded Investment, total | 899,730 | 904,113 |
Unpaid Principal Balance, total | 825,996 | 827,455 |
Related Allowance, total | 13,000 | ' |
Average Recorded Investment, total | 899,730 | 904,113 |
Interest Income Recognized, total | 3,841 | 31,184 |
One To Four Family Non Owner Occupied | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, with no related allowance recorded | 241,513 | 609,362 |
Unpaid Principal Balance, with no related allowance recorded | 200,518 | 507,227 |
Related allowance, with no related allowance | ' | ' |
Average recorded investment, with no related allowance recorded | 241,513 | 609,362 |
Interest Income Recognized, with no related allowance recorded | ' | 13,288 |
Recorded investment, with related allowance recorded | 1,614,215 | 1,217,512 |
Unpaid Principal Balance, with related allowance recorded | 1,427,388 | 1,128,156 |
Related Allowance, With Related Allowance | 253,161 | 201,267 |
Average recorded investment, with related allowance recorded | 1,614,215 | 1,217,512 |
Interest Income Recognized, with related allowance recorded | 3,523 | 21,255 |
Recorded Investment, total | 1,855,728 | 1,867,709 |
Unpaid Principal Balance, total | 1,627,906 | 1,635,383 |
Related Allowance, total | 253,161 | 201,267 |
Average Recorded Investment, total | 1,855,728 | 1,867,709 |
Interest Income Recognized, total | 3,523 | 34,543 |
Secured By Other Properties | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, with no related allowance recorded | 225,053 | 226,434 |
Unpaid Principal Balance, with no related allowance recorded | 211,632 | 213,099 |
Related allowance, with no related allowance | ' | ' |
Average recorded investment, with no related allowance recorded | 225,053 | 226,434 |
Interest Income Recognized, with no related allowance recorded | 2,075 | 684 |
Recorded Investment, total | 225,053 | 226,434 |
Unpaid Principal Balance, total | 211,632 | 213,099 |
Average Recorded Investment, total | 225,053 | 226,434 |
Interest Income Recognized, total | 2,075 | 684 |
Construction and Land Development | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, with no related allowance recorded | 370,350 | 370,411 |
Unpaid Principal Balance, with no related allowance recorded | 370,350 | 370,411 |
Related allowance, with no related allowance | ' | ' |
Average recorded investment, with no related allowance recorded | 370,350 | 370,411 |
Interest Income Recognized, with no related allowance recorded | 5,838 | 20,043 |
Recorded Investment, total | 370,350 | 370,411 |
Unpaid Principal Balance, total | 370,350 | 370,411 |
Average Recorded Investment, total | 370,350 | 370,411 |
Interest Income Recognized, total | 5,838 | 20,043 |
Mobile Home | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, with no related allowance recorded | 59,269 | 59,627 |
Unpaid Principal Balance, with no related allowance recorded | 59,135 | 59,554 |
Related allowance, with no related allowance | ' | ' |
Average recorded investment, with no related allowance recorded | 59,269 | 59,627 |
Interest Income Recognized, with no related allowance recorded | 622 | 4,078 |
Recorded investment, with related allowance recorded | 45,877 | 46,508 |
Unpaid Principal Balance, with related allowance recorded | 45,570 | 46,386 |
Related Allowance, With Related Allowance | 488 | 488 |
Average recorded investment, with related allowance recorded | 45,877 | 46,508 |
Interest Income Recognized, with related allowance recorded | 540 | 3,097 |
Recorded Investment, total | 105,146 | 106,135 |
Unpaid Principal Balance, total | 104,705 | 105,940 |
Related Allowance, total | 488 | 488 |
Average Recorded Investment, total | 105,146 | 106,135 |
Interest Income Recognized, total | $1,162 | $7,175 |
Summary_of_Impaired_Loans_That
Summary of Impaired Loans That Were Modified Due to Troubled Debt Restructuring by Class (Detail) (USD $) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of contracts | ' | ' |
Pre-Modification Outstanding Recorded Investments | ' | ' |
Post-Modification Outstanding Recorded Investments | ' | ' |
Number of contracts subsequently defaulted | ' | ' |
Recorded Investment subsequently defaulted | ' | ' |
Summary_of_Financial_Assets_an
Summary of Financial Assets and Liabilities Measured at Fair Value (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
Level 2 | Mortgage-backed securities invested in Government Agencies | ' | ' |
Securities available for sale | $3,834,997 | $4,021,365 |
Level 2 | Collateralized mortgage obligations invested in Government Agencies | ' | ' |
Securities available for sale | 491,378 | 529,739 |
Level 2 | State and Municipal Securities | ' | ' |
Securities available for sale | 1,239,515 | 1,240,621 |
Level 3 | ' | ' |
Impaired loans | 1,506,145 | 972,787 |
Foreclosed assets | 20,000 | 20,000 |
Total | ' | ' |
Impaired loans | 1,506,145 | 972,787 |
Foreclosed assets | 20,000 | 20,000 |
Total | Mortgage-backed securities invested in Government Agencies | ' | ' |
Securities available for sale | 3,834,997 | 4,021,365 |
Total | Collateralized mortgage obligations invested in Government Agencies | ' | ' |
Securities available for sale | 491,378 | 529,739 |
Total | State and Municipal Securities | ' | ' |
Securities available for sale | $1,239,515 | $1,240,621 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Sep. 30, 2013 | |
Fair Value Measurements Disclosure [Line Items] | ' | ' |
Financing receivable allowance for credit losses write offs | $0 | $0 |
Fair_Value_Measurements_for_Ce
Fair Value Measurements for Certain Financial Assets Measured at Fair Value on Non-recurring Basis (Detail) | Dec. 31, 2013 | Sep. 30, 2013 |
Fair Value, Measurement Inputs, Disclosure [Line Items] | ' | ' |
Impaired loans valuation techniques | 'Discounted appraised value | 'Discounted appraised value |
Foreclosed assets valuation techniques | 'Discounted appraised value | 'Discounted appraised value |
Impaired loans unobservable input | 'Selling costs | 'Selling costs |
Foreclosed assets unobservable input | 'Selling costs | 'Selling costs |
Minimum | ' | ' |
Fair Value, Measurement Inputs, Disclosure [Line Items] | ' | ' |
Range of impaired Loans | 6.00% | 6.00% |
Range of foreclosed assets | 6.00% | 6.00% |
Maximum | ' | ' |
Fair Value, Measurement Inputs, Disclosure [Line Items] | ' | ' |
Range of impaired Loans | 12.00% | 12.00% |
Range of foreclosed assets | 12.00% | 12.00% |
Reconciliation_of_Beginning_an
Reconciliation of Beginning and Ending Balances for Level 3 Assets (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Sep. 30, 2013 | |
Impaired Loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Beginning Balance | $972,787 | $940,717 |
Purchases, settlements and charge-offs | ' | -294,140 |
Transfers in and/or out of Level 3 | 533,358 | 326,210 |
Ending Balance | 1,506,145 | 972,787 |
Foreclosed Assets | ' | ' |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ' | ' |
Beginning Balance | ' | 295,750 |
Purchases, settlements and charge-offs | ' | -295,750 |
Transfers in and/or out of Level 3 | ' | 20,000 |
Ending Balance | $20,000 | $20,000 |
Estimated_Fair_Values_of_Finan
Estimated Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
Financial assets: | ' | ' |
Securities held to maturity | $3,612,625 | $3,602,703 |
Carrying Value | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 3,957,000 | 3,851,000 |
Certificates of Deposit | 3,784,000 | 3,784,000 |
Securities available for sale | 5,566,000 | 5,792,000 |
Securities held to maturity | 3,756,000 | 3,756,000 |
Federal Home Loan Bank stock | 454,000 | 454,000 |
Loans receivable, net | 54,750,000 | 55,375,000 |
Foreclosed assets | 20,000 | 20,000 |
Accrued interest receivable | 239,000 | 234,000 |
Financial liabilities: | ' | ' |
Deposits | 55,005,000 | 55,930,000 |
Federal Home Loan Bank advances | 8,000,000 | 8,000,000 |
Accrued interest payable | 44,000 | 43,000 |
Off-Balance sheet financial instruments | ' | ' |
Level 1 | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 3,957,000 | 3,851,000 |
Certificates of Deposit | 3,784,000 | 3,784,000 |
Financial liabilities: | ' | ' |
Off-Balance sheet financial instruments | ' | ' |
Level 2 | ' | ' |
Financial assets: | ' | ' |
Securities available for sale | 5,566,000 | 5,792,000 |
Securities held to maturity | 3,603,000 | 3,603,000 |
Federal Home Loan Bank stock | 454,000 | 454,000 |
Loans receivable, net | 53,845,000 | 55,058,000 |
Accrued interest receivable | 239,000 | 234,000 |
Financial liabilities: | ' | ' |
Deposits | 55,012,000 | 56,178,000 |
Federal Home Loan Bank advances | 8,363,000 | 8,698,000 |
Accrued interest payable | 44,000 | 43,000 |
Off-Balance sheet financial instruments | ' | ' |
Level 3 | ' | ' |
Financial assets: | ' | ' |
Loans receivable, net | 1,506,000 | 973,000 |
Foreclosed assets | 20,000 | 20,000 |
Financial liabilities: | ' | ' |
Off-Balance sheet financial instruments | ' | ' |
Fair Value | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 3,957,000 | 3,851,000 |
Certificates of Deposit | 3,784,000 | 3,784,000 |
Securities available for sale | 5,566,000 | 5,792,000 |
Securities held to maturity | 3,603,000 | 3,603,000 |
Federal Home Loan Bank stock | 454,000 | 454,000 |
Loans receivable, net | 55,351,000 | 56,031,000 |
Foreclosed assets | 20,000 | 20,000 |
Accrued interest receivable | 239,000 | 234,000 |
Financial liabilities: | ' | ' |
Deposits | 55,012,000 | 56,178,000 |
Federal Home Loan Bank advances | 8,363,000 | 8,698,000 |
Accrued interest payable | 44,000 | 43,000 |
Off-Balance sheet financial instruments | ' | ' |
Employee_Stock_Ownership_Plan_1
Employee Stock Ownership Plan - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | ||
Jun. 02, 2010 | Oct. 31, 2011 | Jun. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' | ' | ' |
Borrowed funds under ESOP | ' | $63,478 | $355,230 | ' | ' |
Shares of common stock sold in offering | 35,523 | 4,502 | 35,523 | ' | ' |
Percentage of shares subscribed | 8.00% | 8.00% | 8.00% | ' | ' |
Conversion price per share | $10 | ' | $10 | ' | ' |
Stock issued during period shares with conversion merger | ' | $14.10 | ' | ' | ' |
Term of loan repaid by ESOP | ' | ' | ' | '10 years | ' |
Interest rate on ESOP loan | ' | ' | ' | 3.25% | ' |
Rate of accrued benefits under ESOP | ' | ' | ' | 20.00% | ' |
Compensation expense under ESOP | ' | ' | ' | $0 | $0 |
Summary_of_Employee_Stock_Owne
Summary of Employee Stock Ownership Plan Shares (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' |
Shares committed for release | 20,527 | 16,525 |
Unearned shares | 19,498 | 23,500 |
Total ESOP shares | 40,025 | 40,025 |
Fair value of unearned shares | $394,835 | $400,675 |
Recognition_and_Retention_Plan1
Recognition and Retention Plan - Additional Information (Detail) (USD $) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Reinsurance Retention Policy [Line Items] | ' | ' |
Maximum rate at which RRP participants will vest in their share awards | 20.00% | ' |
Term period of RRP participants vest in share awards | '5 years | ' |
Compensation expense | $0 | $0 |
RRP | ' | ' |
Reinsurance Retention Policy [Line Items] | ' | ' |
Maximum rate at which RRP participants will vest in their share awards | 20.00% | ' |
Shares awarded under the RRP | 15,104 | ' |
Maximum number of shares acquired in Initial Public Offering | 17,761 | ' |
RRP maximum grant percentage, employee director | 25.00% | ' |
RRP maximum grant percentage, non-employee director | 5.00% | ' |
Maximum percentage of shares awarded to non-employee director in aggregate | 30.00% | ' |
Stock_Option_Plan_Additional_I
Stock Option Plan - Additional Information (Detail) (USD $) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Stock Options [Line Items] | ' | ' |
Maximum rate for plan participants to exercise the options | 20.00% | ' |
Vested period of options | '5 years | ' |
Exercise period of options | '10 years | ' |
Number of Grants made | 37,760 | ' |
Compensation expense | $0 | $0 |
Employees And Non Employee Directors | ' | ' |
Schedule Of Stock Options [Line Items] | ' | ' |
Number of Grants made | 37,760 | ' |
Stock Option Plans | ' | ' |
Schedule Of Stock Options [Line Items] | ' | ' |
Compensation expense | $9,421 | $0 |
Summary_of_Stock_Option_Plan_D
Summary of Stock Option Plan (Detail) (USD $) | 3 Months Ended |
Dec. 31, 2013 | |
Schedule Of Stock Options [Line Items] | ' |
Granted | 37,760 |
Outstanding at December 31, 2013 | 37,760 |
Options Exercisable at December 31, 2013 | 7,552 |
Weighted Average Exercise Price, Granted | $14.10 |
Weighted Average Exercise Price at December 31, 2013 | $14.10 |
Weighted Average Exercise Price Options Exercisable at December 31, 2013 | ' |
Stock_Repurchases_Additional_I
Stock Repurchases - Additional Information (Detail) | Oct. 04, 2012 | Sep. 07, 2012 | Jan. 09, 2014 |
Subsequent Event | |||
Share Repurchases [Line Items] | ' | ' | ' |
Initial number of outstanding common stock Board of Directors authorized to repurchase | 40,000 | 25,000 | 25,000 |
Initial percentage of shares outstanding equal to shares authorized to repurchase | ' | 5.00% | 5.00% |
Percentage of shares outstanding equal to shares authorized to repurchase | 8.00% | ' | ' |
Information_in_Connection_with
Information in Connection with Repurchases of Shares of Common Stock (Detail) (USD $) | 3 Months Ended |
Dec. 31, 2013 | |
September 1 - 30, 2012 | ' |
Share Repurchases [Line Items] | ' |
Total Number of Shares Purchased | 22,800 |
Average Price Paid per Share | $17.07 |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | 22,800 |
Maximum Number of Shares That May Yet Be Purchased Under the Plan | 17,200 |
October 1 - 31, 2012 | ' |
Share Repurchases [Line Items] | ' |
Total Number of Shares Purchased | 6,000 |
Average Price Paid per Share | $17.05 |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | 28,800 |
Maximum Number of Shares That May Yet Be Purchased Under the Plan | 11,200 |
November 1 - 30, 2012 | ' |
Share Repurchases [Line Items] | ' |
Total Number of Shares Purchased | 1,800 |
Average Price Paid per Share | $17.10 |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | 30,600 |
Maximum Number of Shares That May Yet Be Purchased Under the Plan | 9,400 |
December 1 - 31, 2012 | ' |
Share Repurchases [Line Items] | ' |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | 30,600 |
Maximum Number of Shares That May Yet Be Purchased Under the Plan | 9,400 |
January 1 - 31, 2013 | ' |
Share Repurchases [Line Items] | ' |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | 30,600 |
Maximum Number of Shares That May Yet Be Purchased Under the Plan | 9,400 |
February 1 - 28,2013 | ' |
Share Repurchases [Line Items] | ' |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | 30,600 |
Maximum Number of Shares That May Yet Be Purchased Under the Plan | 9,400 |
Computation_of_Basic_and_Dilut
Computation of Basic and Dilutive Earnings per Share (Detail) (USD $) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Line Items] | ' | ' |
Net income | $69,098 | $137,877 |
Weighted average number of shares used in: | ' | ' |
Basic earnings per share | 450,599 | 444,552 |
Dilutive common stock equivalents: | ' | ' |
Stock options | 11,468 | 6,533 |
Dilutive earnings per share | 462,067 | 451,085 |
Basic and dilutive earnings per common share: | ' | ' |
Net income, basic | $0.15 | $0.31 |
Net income, dilutive | $0.15 | $0.31 |