Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2016 | Sep. 20, 2017 | |
Document and Entity Information | ||
Entity Registrant Name | Standard AVB Financial Corp. | |
Entity Central Index Key | 1,492,915 | |
Trading Symbol | stnd | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 4,781,323 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 |
ASSETS | ||
Cash on hand and due from banks | $ 1,924 | $ 1,786 |
Interest-earning deposits in other institutions | 8,596 | 16,375 |
Cash and Cash Equivalents | 10,520 | 18,161 |
Investment securities available for sale, at fair value | 42,948 | 44,250 |
Mortgage-backed securities available for sale, at fair value | 17,733 | 19,653 |
Certificate of deposit | 500 | 500 |
Federal Home Loan Bank stock, at cost | 3,171 | 3,161 |
Loans receivable, net of allowance for loan losses of $3,837 and $3,800 | 381,532 | 378,080 |
Loans held for sale | 234 | |
Foreclosed real estate | 251 | 281 |
Office properties and equipment, at cost, less accumulated depreciation and amortization | 3,209 | 3,155 |
Bank-owned life insurance | 15,044 | 14,946 |
Goodwill | 8,769 | 8,769 |
Accrued interest receivable and other assets | 4,319 | 4,029 |
TOTAL ASSETS | 487,996 | 495,219 |
Deposits: | ||
Demand, savings and club accounts | 224,630 | 231,378 |
Certificate accounts | 137,557 | 137,256 |
Total Deposits | 362,187 | 368,634 |
Federal Home Loan Bank advances | 47,668 | 48,856 |
Securities sold under agreements to repurchase | 2,342 | 1,964 |
Advance deposits by borrowers for taxes and insurance | 28 | 10 |
Accrued interest payable and other liabilities | 2,781 | 2,743 |
TOTAL LIABILITIES | 415,006 | 422,207 |
Stockholders' Equity | ||
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized, none issued | ||
Common stock, $0.01 par value per share, 40,000,000 shares authorized, 2,606,725 and 2,585,125 shares outstanding, respectively | 26 | 26 |
Additional paid-in-capital | 16,626 | 16,071 |
Retained earnings | 59,107 | 58,810 |
Unearned Employee Stock Ownership Plan (ESOP) shares | (1,992) | (2,031) |
Accumulated other comprehensive (loss) income | (777) | 136 |
TOTAL STOCKHOLDERS' EQUITY | 72,990 | 73,012 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 487,996 | $ 495,219 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 |
Consolidated Statements of Financial Condition | ||
Loans receivable, allowance for loan losses (in dollars) | $ 3,837 | $ 3,800 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares outstanding | 2,606,725 | 2,585,125 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Interest and Dividend Income | ||
Loans, including fees | $ 3,726 | $ 3,553 |
Mortgage-backed securities | 80 | 133 |
Investments: | ||
Taxable | 72 | 98 |
Tax-exempt | 209 | 222 |
Interest-earning deposits and federal funds sold | 10 | 1 |
Total Interest and Dividend Income | 4,097 | 4,007 |
Interest Expense | ||
Deposits | 678 | 627 |
Federal Home Loan Bank advances | 200 | 204 |
Securities sold under agreements to repurchase | 1 | 1 |
Total Interest Expense | 879 | 832 |
Net Interest Income | 3,218 | 3,175 |
Provision for Loan Losses | 40 | |
Net Interest Income after Provision for Loan Losses | 3,178 | 3,175 |
Noninterest Income | ||
Service charges | 403 | 414 |
Earnings on bank-owned life insurance | 124 | 122 |
Net securities gains (losses) | 33 | (2) |
Net loan sale gains | 37 | 19 |
Annuity and mutual fund fees | 56 | 49 |
Other income | 47 | 50 |
Total Noninterest Income | 700 | 652 |
Noninterest Expenses | ||
Compensation and employee benefits | 1,586 | 1,660 |
Data processing | 117 | 112 |
Premises and occupancy costs | 317 | 293 |
Core deposit amortization | 15 | |
Automatic teller machine expense | 90 | 82 |
Federal deposit insurance | 39 | 57 |
Other operating expenses | 469 | 370 |
Merger related expenses | 307 | |
Total Noninterest Expenses | 2,925 | 2,589 |
Income before Income Tax Expense | 953 | 1,238 |
Income Tax Expense | ||
Federal | 377 | 328 |
State | 17 | 44 |
Total Income Tax Expense | 394 | 372 |
Net Income | $ 559 | $ 866 |
Earnings Per Share: | ||
Basic earnings per common share (in dollars per share) | $ 0.23 | $ 0.34 |
Diluted earnings per common share (in dollars per share) | 0.23 | 0.33 |
Cash dividends paid per common share (in dollars per share) | $ 0.110 | $ 0.085 |
Basic weighted average shares outstanding (in shares) | 2,393,328 | 2,547,021 |
Diluted weighted average shares outstanding (in shares) | 2,470,797 | 2,642,299 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements of Comprehensive Income | ||
Net Income | $ 559 | $ 866 |
Other comprehensive loss: | ||
Change in unrealized gain on securities available for sale | (1,350) | (85) |
Tax effect | 459 | 29 |
Reclassification adjustment for losses (gains) realized in income | (33) | 2 |
Tax effect | 11 | (1) |
Total other comprehensive loss | (913) | (55) |
Total Comprehensive (Loss) Income | $ (354) | $ 811 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 3 months ended Dec. 31, 2016 - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Income | Total |
Balance at Sep. 30, 2016 | $ 26 | $ 16,071 | $ 58,810 | $ (2,031) | $ 136 | $ 73,012 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income | 559 | 559 | ||||
Other comprehensive loss | (913) | (913) | ||||
Cash dividends ($0.11 per share) | (262) | (262) | ||||
Stock options exercised | 396 | 396 | ||||
Compensation expense on stock awards | 112 | 112 | ||||
Compensation expense on ESOP | 47 | 39 | 86 | |||
Balance at Dec. 31, 2016 | $ 26 | $ 16,626 | $ 59,107 | $ (1,992) | $ (777) | $ 72,990 |
Consolidated Statement of Chan7
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statement of Changes in Stockholders' Equity | ||
Cash dividends paid per common share (in dollars per share) | $ 0.110 | $ 0.085 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements of Cash Flows | ||
Net income | $ 559 | $ 866 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 115 | 68 |
Provision for loan losses | 40 | |
Net losses (gains) on securities | (33) | 2 |
Origination of loans held for sale | (2,215) | (1,272) |
Proceeds from sale of loans held for sale | 2,486 | 1,405 |
Net loan sale gains | (37) | (19) |
Compensation expense on ESOP | 86 | 93 |
Compensation expense on stock awards | 112 | 113 |
Deferred income taxes | 470 | (33) |
Increase in accrued interest receivable and other assets | (290) | (3) |
Earnings on bank-owned life insurance | (124) | (122) |
Increase (decrease) in accrued interest payable and other liabiliites | 38 | (60) |
Other, net | 34 | 38 |
Net Cash Provided by Operating Activities | 1,241 | 1,076 |
Cash Flows Used in Investing Activities | ||
Net increase in loans | (3,492) | (6,209) |
Purchases of investment securities | (844) | (4,363) |
Proceeds from maturities/principal repayments/calls of investment securities | 948 | 3,170 |
Proceeds from maturities/principal repayments/calls of mortgage-backed securities | 1,553 | 1,372 |
Proceeds from sales of investment securities | 154 | 130 |
Purchase of Federal Home Loan Bank stock | (85) | (651) |
Redemption of Federal Home Loan Bank stock | 75 | 386 |
Proceeds from sales of foreclosed real estate | 22 | 8 |
Net purchases of office properties and equipment | (108) | (123) |
Net Cash Used in Investing Activities | (1,777) | (6,280) |
Cash Flows Provided by (Used in) Financing Activities | ||
Net decrease in demand, savings and club accounts | (6,748) | (4,193) |
Net increase (decrease) in certificate accounts | 301 | (564) |
Net increase in securities sold under agreements to repurchase | 378 | 156 |
Repayments of Federal Home Loan Bank advances | (1,188) | (7,189) |
Proceeds from Federal Home Loan Bank advances | 12,712 | |
Net increase in advance deposits by borrowers for taxes and insurance | 18 | 11 |
Dividends paid | (262) | (218) |
Exercise of stock options | 396 | |
Net Cash (Used in) Provided by Financing Activities | (7,105) | 715 |
Net Decrease in Cash and Cash Equivalents | (7,641) | (4,489) |
Cash and Cash Equivalents - Beginning | 18,161 | 15,048 |
Cash and Cash Equivalents - Ending | 10,520 | 10,559 |
Supplementary Cash Flows Information | ||
Interest paid | 882 | 924 |
Income taxes paid | $ 168 | $ 426 |
Consolidation
Consolidation | 3 Months Ended |
Dec. 31, 2016 | |
Consolidation | |
Consolidation | (1) Consolidation The accompanying consolidated financial statements include the accounts of Standard Financial Corp. (the “Company”) and its direct and indirect wholly owned subsidiaries, Standard Bank, PaSB (the “Bank”), and Westmoreland Investment Company. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Dec. 31, 2016 | |
Basis Of Presentation [Abstract] | |
Basis of Presentation | (2) Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with instructions to Form 10-Q, and therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations, and cash flows in conformity with generally accepted accounting principles in the United States. All adjustments (consisting of normal recurring adjustments), which, in the opinion of management are necessary for a fair presentation of the financial statements and to make the financial statements not misleading have been included. These financial statements should be read in conjunction with the audited financial statements and the accompanying notes thereto for the fiscal year ended September 30, 2016 contained in the Company’s definitive prospectus dated February 1, 2017 (the “Prospectus”) as filed with the Securities and Exchange Commission pursuant to Securities Act Rule 424(b)(3) on February 3, 2017. The results for the three month period ended December 31, 2016 is not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2017 or any future interim period. Certain amounts in the 2015 financial statements have been reclassified to conform to the 2016 presentation format. These reclassifications had no effect on stockholders’ equity or net income. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Dec. 31, 2016 | |
Earnings per Share | |
Earnings per Share | (3) Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The following table sets forth the computation of basic and diluted EPS for the three months ended December 31, 2016 and 2015 (dollars in thousands, except per share data): Three Months Ended December 31, 2016 2015 Net income available to common stockholders $ 559 $ 866 Basic EPS: Weighted average shares outstanding 2,393,328 2,547,021 Basic EPS $ 0.23 $ 0.34 Diluted EPS: Weighted average shares outstanding - Basic 2,393,328 2,547,021 Diluted effect of common stock equivalents 77,469 95,278 Weighted average shares outstanding - Diluted 2,470,797 2,642,299 Diluted EPS $ 0.23 $ 0.33 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Dec. 31, 2016 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | (4) Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers Topic 606 In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805). In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718) Share-Based Payment In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In October 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) In March 2017, the FASB issued ASU 2017-07, Compensation—Retirement Benefits (Topic 715) In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20). The amendments in this Update shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beg For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity should apply the amendments in this Update on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. |
Investment Securities
Investment Securities | 3 Months Ended |
Dec. 31, 2016 | |
Investment securities available for sale | |
Schedule of Available-for-sale Securities [Line Items] | |
Investment Securities | (5) Investment Securities Investment securities available for sale at December 31, 2016 and at September 30, 2016 are as follows (dollars in thousands): Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2016: U.S. government and agency obligations due: Beyond 1 year but within 5 years $ 9,000 - (66 ) 8,934 Corporate bonds due: Beyond 1 year but within 5 years 2,028 - (18 ) 2,010 Beyond 5 years but within 10 years 506 9 - 515 Municipal obligations due: Beyond 1 year but within 5 years 7,942 441 (7 ) 8,376 Beyond 5 years but within 10 years 11,739 24 (213 ) 11,550 Beyond 10 years 9,756 11 (367 ) 9,400 Equity securities 2,050 234 (121 ) 2,163 $ 43,021 719 (792 ) 42,948 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value September 30, 2016: U.S. government and agency obligations due: Beyond 1 year but within 5 years $ 10,000 $ 32 $ (5 ) $ 10,027 Corporate bonds due: Beyond 1 year but within 5 years 2,032 - (7 ) 2,025 Beyond 5 years but within 10 years 507 2 - 509 Municipal obligations due: 1 year or less 978 12 - 990 Beyond 1 year but within 5 years 3,784 294 - 4,078 Beyond 5 years but within 10 years 12,144 417 - 12,561 Beyond 10 years 11,769 185 (38 ) 11,916 Equity securities 2,052 207 (115 ) 2,144 $ 43,266 $ 1,149 $ (165 ) $ 44,250 During the three months ended December 31, 2016, gains on sales of investment securities were $33,000 and proceeds from such sales were $154,000. During the three months ended December 31, 2015, losses on sales of investment securities were $2,000 and proceeds from such sales were $130,000. The following table shows the fair value and gross unrealized losses on investment securities and the length of time that the securities have been in a continuous unrealized loss position at December 31, 2016 and at September 30, 2016 (dollars in thousands): December 31, 2016 Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. government and agency obligations $ 8,934 $ (66 ) $ - $ - $ 8,934 $ (66 ) Corporate bonds 2,009 (18 ) - - 2,009 (18 ) Municipal obligations 12,225 (558 ) 1,207 (29 ) 13,432 (587 ) Equity securities 196 (22 ) 949 (99 ) 1,145 (121 ) Total $ 23,364 $ (664 ) $ 2,156 $ (128 ) $ 25,520 $ (792 ) September 30, 2016 Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. government and agency obligations 1,995 $ (5 ) $ - $ - $ 1,995 $ (5 ) Corporate bonds $ 1,021 $ (7 ) $ - $ - $ 1,021 $ (7 ) Municipal obligations 2,803 (38 ) - - 2,803 (38 ) Equity securities 171 (13 ) 570 (102 ) 741 (115 ) Total $ 5,990 $ (63 ) 570 (102 ) 6,560 (165 ) At December 31, 2016, the Company held 22 securities in an unrealized loss position. The decline in the fair value of these securities resulted primarily from interest rate fluctuations. The Company does not intend to sell these securities nor is it more likely than not that the Company would be required to sell these securities before their anticipated recovery, and the Company believes the collection of the investment and related interest is probable. Based on the above, the Company considers all of the unrealized losses to be temporary impairment losses. Investment securities with a carrying value of $18.8 million and $25.9 million were pledged to secure repurchase agreements and public funds accounts at December 31, 2016 and September 30, 2016, respectively. |
Mortgage-Backed Securities
Mortgage-Backed Securities | 3 Months Ended |
Dec. 31, 2016 | |
Mortgage-backed securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Mortgage-Backed Securities | (6) Mortgage-Backed Securities Mortgage-backed securities available for sale at December 31, 2016 and at September 30, 2016 are as follows (dollars in thousands): Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2016: Government pass-throughs: Ginnie Mae $ 5,129 18 (54 ) 5,093 Fannie Mae 5,403 93 (18 ) 5,478 Freddie Mac 5,520 21 (20 ) 5,521 Private pass-throughs 85 - - 85 Collateralized mortgage obligations 1,571 1 (16 ) 1,556 $ 17,708 $ 133 $ (108 ) $ 17,733 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value September 30, 2016: Government pass-throughs: Ginnie Mae $ 5,695 $ 37 $ (17 ) $ 5,715 Fannie Mae 5,806 211 - 6,017 Freddie Mac 6,051 113 - 6,164 Private pass-throughs 87 - - 87 Collateralized mortgage obligations 1,663 $ 9 $ (2 ) $ 1,670 $ 19,302 $ 370 $ (19 ) $ 19,653 During the three months ended December 31, 2016 and 2015, there were no sales of mortgage-backed securities. The following table shows the fair value and gross unrealized losses on mortgage-backed securities and the length of time that the securities have been in a continuous unrealized loss position at December 31, 2016 and at September 30, 2016 (dollars in thousands): December 31, 2016 Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Ginnie Mae $ 2,352 $ (44 ) $ 1,214 $ (10 ) $ 3,566 $ (54 ) Fannie Mae 1,032 $ (18 ) $ - $ - $ 1,032 $ (18 ) Freddie Mac 3,069 $ (20 ) $ - $ - $ 3,069 $ (20 ) Collateralized mortgage obligations 1,494 $ (16 ) $ - $ - $ 1,494 $ (16 ) Total $ 7,947 $ (98 ) 1,214 (10 ) 9,161 $ (108 ) September 30, 2016 Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Ginnie Mae $ 2,748 $ (6 ) $ 1,313 $ (11 ) $ 4,061 $ (17 ) Private pass-throughs - - 604 (2 ) 604 (2 ) Total $ 2,748 $ (6 ) $ 1,917 $ (13 ) $ 4,665 $ (19 ) At December 31, 2016, the Company held seven mortgage-backed security in an unrealized loss position. The decline in the fair value of these securities resulted primarily from interest rate fluctuations. The Company does not intend to sell these securities nor is it more likely than not that the Company would be required to sell them before their anticipated recovery, and the Company believes the collection of the investment and related interest is probable. Based on the above, the Company considers all of the unrealized loss to be temporary impairment loss. Mortgage-backed securities with a carrying value of $6.0 million and $6.5 million were pledged to secure repurchase agreements and public fund accounts at December 31, 2016 and at September 30, 2016, respectively. |
Loans Receivable and Related Al
Loans Receivable and Related Allowance for Loan Losses | 3 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans Receivable and Related Allowance for Loan Losses | (7) Loans Receivable and Related Allowance for Loan Losses The following table summarizes the primary segments of the loan portfolio as of December 31, 2016 and September 30, 2016 (dollars in thousands): Real Estate Loans One-to-four- Home family Commercial Equity Loans Residential and Real and Lines Other Construction Estate of Credit Commercial Loans Total December 31, 2016: Collectively evaluated for impairment $ 174,740 $ 116,229 $ 77,913 $ 15,505 $ 520 $ 384,907 Individually evaluated for impairment - 462 - - - 462 Total loans before allowance for loan losses $ 174,740 $ 116,691 $ 77,913 $ 15,505 $ 520 $ 385,369 September 30, 2016: Collectively evaluated for impairment $ 167,512 $ 119,412 $ 79,157 $ 14,779 $ 553 $ 381,413 Individually evaluated for impairment - 467 - - - 467 Total loans before allowance for loan losses $ 167,512 $ 119,879 $ 79,157 $ 14,779 $ 553 $ 381,880 The segments of the Bank’s loan portfolio are disaggregated to a level that allows management to monitor risk and performance. Real estate loans are disaggregated into three categories which include one-to-four family residential (including residential construction loans), commercial real estate (which are primarily first liens) and home equity loans and lines of credit (which are generally second liens). The commercial loan segment consists of loans made for the purpose of financing the activities of commercial customers. Other loans consist of automobile loans, consumer loans and loans secured by savings accounts. The portfolio segments utilized in the calculation of the allowance for loan losses are disaggregated at the same level that management uses to monitor risk in the portfolio. Therefore the portfolio segments and classes of loans are the same. Management evaluates individual loans in the commercial and commercial real estate loan segments for possible impairment if the loan is in nonaccrual status or is risk rated Substandard, Doubtful or Loss and is greater than 90 days past due. Loans are considered to be impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in evaluating impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Company does not separately evaluate individual consumer and residential real estate loans for impairment, unless such loans are part of a larger relationship that is impaired, or are classified as a troubled debt restructuring (“TDR”). Once the determination has been made that a loan is impaired, the determination of whether a specific allocation of the allowance is necessary is measured by comparing the recorded investment in the loan to the fair value of the loan using one of three methods: (a) the present value of expected future cash flows discounted at the loan’s effective interest rate; (b) the loan’s observable market price; or (c) the fair value of the collateral less selling costs. The method is selected on a loan by loan basis, with management primarily utilizing the fair value of collateral method. The evaluation of the need and amount of a specific allocation of the allowance and whether a loan can be removed from impairment status is made on a quarterly basis. The Company’s policy for recognizing interest income on impaired loans does not differ from its overall policy for interest recognition. Consistent with accounting and regulatory guidance, the Company recognizes a TDR when the Bank, for economic or legal reasons related to a borrower's financial difficulties, grants a concession to the borrower that would not normally be considered. Regardless of the form of concession granted, the Company's objective in offering a TDR is to increase the probability of repayment of the borrower's loan. To be considered a TDR, the borrower must be experiencing financial difficulties and the Company, for economic or legal reasons related to the borrower's financial difficulties, grants a concession to the borrower that would not otherwise be considered. The Company did not have any TDRs at December 31, 2016 or September 30, 2016 nor did they have any TDRs within the preceding year where a concession had been made that then defaulted in the three month periods ending December 31, 2016 or 2015. The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary at December 31, 2016 and September 30, 2016 (dollars in thousands): Impaired Loans With Impaired Loans Total Impaired Loans Recorded Related Recorded Recorded Unpaid Principal Investment Allowance Investment Investment Balance December 31, 2016: Commercial real estate $ - $ - $ 462 $ 462 $ 462 Total impaired loans $ - $ - $ 462 $ 462 $ 462 September 30, 2016: Commercial real estate $ - $ - $ 467 $ 467 $ 467 Total impaired loans $ - $ - $ 467 $ 467 $ 467 The following table presents the average recorded investment in impaired loans and related interest income recognized for the periods indicated (dollars in thousands): Three months ended December 31, 2016 2015 Average investment in impaired loans: Commercial real estate $ 467 $ 750 Total impaired loans $ 467 $ 750 Interest income recognized on impaired loans: Accrual basis $ - $ - To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Bank has a structured loan rating process with several layers of internal and external oversight. Generally, consumer and residential real estate loans are included in the pass categories unless a specific action, such as delinquency, bankruptcy, repossession, or death occurs to raise awareness of a possible credit event. The Bank’s commercial loan officers are responsible for the timely and accurate risk rating of the loans in their portfolios at origination and on an ongoing basis. An annual loan review is performed for all commercial real estate and commercial loans for all commercial relationships greater than $500,000. The Bank engages an external consultant to conduct loan reviews on at least an annual basis. Generally, the external consultant reviews commercial relationships greater than $500,000 and all criticized relationships. Loans in the special mention, substandard or doubtful categories that are collectively evaluated for impairment are given separate consideration in the determination of the loan loss allowance. The loan rating categories utilized by management generally follow bank regulatory definitions. The special mention category includes assets that are currently protected but are potentially weak, resulting in an undue and unwarranted credit risk, but not to the point of justifying a substandard classification. Loans in the substandard category have well-defined weaknesses that jeopardize the liquidation of the debt, and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. All loans greater than 90 days past due are considered substandard. 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 and are charged off against the loan loss allowance. The pass category includes all loans not considered special mention, substandard, doubtful or loss. The following table presents the classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system as of December 31, 2016 and September 30, 2016 (dollars in thousands): Special Pass Mention Substandard Doubtful Total December 31, 2016: First mortgage loans: One-to-four-family residential and construction $ 174,196 $ - $ 544 $ - $ 174,740 Commercial real estate 116,229 - 462 - 116,691 Home equity loans and lines of credit 77,812 - 101 - 77,913 Commercial loans 15,505 - - - 15,505 Other loans 512 - 8 - 520 Total $ 384,254 $ - $ 1,115 $ - $ 385,369 September 30, 2016: First mortgage loans: One-to-four-family residential and construction $ 166,996 $ - $ 516 $ - $ 167,512 Commercial real estate 119,412 - 467 - 119,879 Home equity loans and lines of credit 79,084 - 73 - 79,157 Commercial loans 14,779 - - - 14,779 Other loans 553 - - - 553 Total $ 380,824 $ - $ 1,056 $ - $ 381,880 Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of December 31, 2016 and September 30, 2016 (dollars in thousands): 30-59 Days 60-89 Days Non-Accrual 90 Days Past Total Current Past Due Past Due (90 Days+) Due & Accruing Loans December 31, 2016: First mortgage loans: One-to-four-family residential and construction $ 173,138 $ 739 $ 319 $ 544 $ - $ 174,740 Commercial real estate 116,478 53 60 100 - 116,691 Home equity loans and lines of credit 77,289 460 63 101 - 77,913 Commercial loans 15,505 - - - - 15,505 Other loans 510 2 - 8 - 520 Total $ 382,920 $ 1,254 $ 442 $ 753 $ - $ 385,369 September 30, 2016: First mortgage loans: One-to-four-family residential and construction $ 166,136 $ 566 $ 294 $ 516 $ - $ 167,512 Commercial real estate 119,638 80 61 100 - 119,879 Home equity loans and lines of credit 78,888 115 81 73 - 79,157 Commercial loans 14,779 - - - - 14,779 Other loans 550 3 - - - 553 Total $ 379,991 $ 764 $ 436 $ 689 $ - $ 381,880 An allowance for loan losses (“ALL”) is maintained to absorb losses from the loan portfolio. The ALL is based on management’s continuing evaluation of the risk characteristics and credit quality of the loan portfolio, assessment of current economic conditions, diversification and size of the portfolio, adequacy of collateral, past and anticipated loss experience, and the amount of non-performing loans. Loans that are collectively evaluated for impairment are analyzed with general allowances being made as appropriate. For general allowances, historical loss trends are used in the estimation of losses in the current portfolio. These historical loss amounts are modified by other qualitative factors. Management tracks the historical net charge-off activity for the loan segments which may be adjusted for qualitative factors. Pass rated credits are segregated from criticized credits for the application of qualitative factors. Loans in the criticized pools, which possess certain qualities or characteristics that may lead to collection and loss issues, are closely monitored by management and subject to additional qualitative factors. Management has identified a number of additional qualitative factors which it uses to supplement the historical charge-off factor because these factors are likely to cause estimated credit losses associated with the existing loan pools to differ from historical loss experience. The additional factors are evaluated using information obtained from internal, regulatory, and governmental sources such as national and local economic trends and conditions; levels of and trends in delinquency rates and non-accrual loans; trends in volumes and terms of loans; effects of changes in lending policies; value of underlying collateral; and concentrations of credit from a loan type, industry and/or geographic standpoint. Management reviews the loan portfolio on a quarterly basis using a defined, consistently applied process in order to make appropriate and timely adjustments to the ALL. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ALL. Management utilizes an internally developed spreadsheet to track and apply the various components of the allowance. The following tables summarize the primary segments of the ALL, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment. Activity in the allowance is presented for the three months ended December 31, 2016 and 2015 (dollars in thousands): Real Estate Loans One-to-four- Home family Commercial Equity Loans Residential and Real and Lines Other Construction Estate of Credit Commercial Loans Total Balance at September 30, 2016 $ 1,250 $ 1,786 $ 547 $ 211 $ 6 $ 3,800 Charge-offs - - - - (4 ) (4 ) Recoveries - 1 - - - 1 Provision 30 - - - 10 40 Balance at December 31, 2016 $ 1,280 $ 1,787 $ 547 $ 211 $ 12 $ 3,837 Balance at September 30, 2015 $ 1,122 $ 1,867 $ 457 $ 411 $ 22 $ 3,879 Charge-offs (46 ) - (4 ) (4 ) (19 ) (73 ) Recoveries - 1 4 - - 5 Provision - - - - - - Balance at December 31, 2015 $ 1,076 $ 1,868 $ 457 $ 407 $ 3 $ 3,811 Real Estate Loans One-to-four- Home family Commercial Equity Loans Residential and Real and Lines Other Construction Estate of Credit Commercial Loans Total Evaluated for Impairment: Individually $ - $ - $ - $ - $ - $ - Collectively 1,280 1,787 547 211 12 3,837 Balance at December 31, 2016 $ 1,280 $ 1,787 $ 547 $ 211 $ 12 $ 3,837 Evaluated for Impairment: Individually $ - $ - $ - $ - $ - $ - Collectively 1,250 1,786 547 211 6 3,800 Balance at September 30, 2016 $ 1,250 $ 1,786 $ 547 $ 211 $ 6 $ 3,800 The ALL is based on estimates and actual losses will vary from current estimates. Management believes that the granularity of the homogeneous pools and the related historical loss ratios and other qualitative factors, as well as the consistency in the application of assumptions, result in an ALL that is representative of the risk found in the components of the loan portfolio at any given date. |
Foreclosed Real Estate
Foreclosed Real Estate | 3 Months Ended |
Dec. 31, 2016 | |
Foreclosed Real Estate [Abstract] | |
Foreclosed Real Estate | (8) Foreclosed Real Estate Foreclosed assets acquired in the settlement of loans are carried at fair value less estimated costs to sell. As of December 31, 2016, included within the foreclosed assets is $221,000 of residential property acquired upon foreclosure of consumer residential mortgages prior to the period end and $30,000 of commercial property acquired upon foreclosure of a commercial mortgage prior to the period end. As of December 31, 2016, the Company had initiated formal foreclosure procedures on $170,000 of consumer residential mortgages. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Dec. 31, 2016 | |
Stock Based Compensation | |
Stock Based Compensation | (9) Stock Based Compensation In 2012, the Standard Financial Corp.’s stockholders approved the 2012 Equity Incentive Plan (the “2012 Plan”). The purpose of the 2012 Plan is to provide officers, employees and directors with additional incentives to promote growth and performance of Standard Financial Corp. The 2012 Plan authorizes the granting of options to purchase shares of the Company’s stock, which may be nonqualified stock options or incentive stock options, and restricted stock which is subject to vesting conditions and other restrictions. The 2012 Plan reserved an aggregate number of 486,943 shares of which 347,817 may be issued in connection with the exercise of stock options and 139,126 may be issued as restricted stock. On July 25, 2012, certain directors and officers of the Company were awarded an aggregate of 278,075 options to purchase shares of common stock and 111,300 restricted shares of common stock. The awards vest over five years at the rate of 20% per year and the stock options have a ten year contractual life from the date of grant. The Company recognizes expense associated with the awards over the five year vesting period. Remaining shares available to be issued under the stock option and restricted stock plans are 69,742 and 27,826, respectively. The Company’s common stock closed at $16.50 per share on July 25, 2012, which is the exercise price of the options granted on that date. The estimated fair value of the stock options was $423,000, before the impact of income taxes. The per share weighted-average fair value of stock options granted with an exercise price equal to the market value on July 25, 2012 was $1.52 using the following Black-Scholes option pricing model assumptions: expected life of 7.5 years, expected dividend rate of 1.13%, risk-free interest rate of 1.10% and an expected volatility of 9.5% based on historical results of the stock prices of a bank peer group. Compensation expense on the options was $20,000, with a related tax benefit recorded of $2,000 for the three months ended December 31, 2016. As of December 31, 2016, there was $50,000 of total unrecognized compensation cost related to non-vested options which is expected to be recognized ratably over the weighted average remaining service period of 7 months. The following table summarizes transactions regarding the options under the Plan: Options Weighted Average Outstanding at September 30, 2016 278,075 $ 16.50 Granted - $ - Exercised (24,000 ) 16.50 Forfeited (6,000 ) 16.50 Outstanding at December 31, 2016 248,075 $ 16.50 Exercisable at December 31, 2016 198,460 16.50 On July 25, 2012, the date of grant, the fair value of the restricted stock awards was approximately $1.8 million, before the impact of income taxes. Compensation expense on the grants was $92,000, with a related tax benefit recorded of $31,000 for the three months ended December 31, 2016. As of December 31, 2016, there was $196,000 of total unrecognized compensation cost related to non-vested grants which is expected to be recognized ratably over the weighted average remaining service period of 7 months. The following table summarizes transactions regarding restricted stock under the Plan: Number of Weighted Average Non-vested shares at September 30, 2016 22,260 $ 16.50 Granted - - Vested - - Forfeited (2,400 ) 16.50 Non-vested shares at December 31, 2016 19,860 $ 16.50 |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 3 Months Ended |
Dec. 31, 2016 | |
Employee Stock Ownership Plan | |
Employee Stock Ownership Plan | (10) Employee Stock Ownership Plan The Company established a tax qualified Employee Stock Ownership Plan (“ESOP”) for the benefit of its employees in conjunction with the stock conversion on October 6, 2010. Eligible employees begin to participate in the plan after one year of service and become 20% vested in their accounts after two years of service, 40% after three years of service, 60% after four years of service, 80% after five years of service and 100% after six years of service or, if earlier, upon death, disability or attainment of normal retirement age. In connection with the stock conversion, the purchase of the 278,254 shares of the Company stock by the ESOP was funded by a loan from the Company through the Bank. Unreleased ESOP shares collateralize the loan payable, and the cost of the shares is recorded as a contra-equity account in the stockholders’ equity of the Company. Shares are released as debt payments are made by the ESOP to the loan. The ESOP’s sources of repayment of the loan can include dividends, if any, on the unallocated stock held by the ESOP and discretionary contributions from the Company to the ESOP and earnings thereon. Compensation expense is equal to the fair value of the shares committed to be released and unallocated ESOP shares are excluded from outstanding shares for purposes of computing earnings per share. Compensation expense related to the ESOP of $86,000 and $93,000 was recognized during the three months ended December 31, 2016 and 2015, respectively. Dividends on unallocated shares are not treated as ordinary dividends and are instead used to pay down the ESOP loan and recorded as compensation expense. As of December 31, 2016, the ESOP held a total of 268,455 shares of the Company’s stock, and there were 202,367 unallocated shares. The fair market value of the unallocated ESOP shares was $5.1 million at December 31, 2016. |
Pension Information
Pension Information | 3 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Information | (11) Pension Information The Company sponsors a pension plan which is a noncontributory defined benefit retirement plan. Effective August 1, 2005, the annual benefit provided to employees under this defined benefit pension plan was frozen by Standard Bank. Freezing the plan eliminated all future benefit accruals; however, the accrued benefit as of August 1, 2005 remained. Net periodic pension benefit was as follows: Three Months Ended December 31, 2016 2015 Interest cost $ - $ (38 ) Expected return on plan assets - 37 Net periodic pension benefit $ - $ (1 ) |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 3 Months Ended |
Dec. 31, 2016 | |
Fair Value of Assets and Liabilities | |
Fair Value of Assets and Liabilities | (12) Fair Value of Assets and Liabilities Fair Value Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. GAAP established a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. A contractually binding sales price also provides reliable evidence of fair value. Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that utilize model-based techniques for which all significant assumptions are observable in the market. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement; inputs to the valuation methodology that utilize model-based techniques for which significant assumptions are not observable in the market; or inputs to the valuation methodology that requires significant management judgment or estimation, some of which may be internally developed. Management maximizes the use of observable inputs and minimizes the use of unobservable inputs when determining fair value measurements. Management reviews and updates the fair value hierarchy classifications of the Company’s assets and liabilities on a quarterly basis. Assets Measured at Fair Value on a Recurring Basis Investment and Mortgage-Backed Securities Available for Sale Fair values of investment and mortgage-backed securities available for sale were primarily measured using information from a third-party pricing service. This service provides pricing information by utilizing evaluated pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data from market research publications. Level 1 securities are comprised of equity securities. As quoted prices were available, unadjusted, for identical securities in active markets, these securities were classified as Level 1 measurements. Level 2 securities were primarily comprised of debt securities issued by government agencies, states and municipalities, corporations, as well as mortgage-backed securities issued by government agencies. Fair values were estimated primarily by obtaining quoted prices for similar assets in active markets or through the use of pricing models. In cases where there may be limited or less transparent information provided by the Company’s third-party pricing service, fair value may be estimated by the use of secondary pricing services or through the use of non-binding third-party broker quotes. On a quarterly basis, management reviews the pricing information received from the Company’s third-party pricing service. This review process includes a comparison to non-binding third-party broker quotes, as well as a review of market-related conditions impacting the information provided by the Company’s third-party pricing service. Management primarily identifies investment securities which may have traded in illiquid or inactive markets by identifying instances of a significant decrease in the volume or frequency of trades, relative to historical levels, as well as instances of a significant widening of the bid-ask spread in the brokered markets. Securities that are deemed to have been trading in illiquid or inactive markets may require the use of significant unobservable inputs. As of December 31, 2016 and September 30, 2016, management did not make adjustments to prices provided by the third-party pricing service as a result of illiquid or inactive markets. On a quarterly basis, management also reviews a sample of securities priced by the Company’s third-party pricing service to review significant assumptions and valuation methodologies used. Based on this review, management determines whether the current placement of the security in the fair value hierarchy is appropriate or whether transfers may be warranted. The following table presents the assets measured at fair value on a recurring basis as of December 31, 2016 and September 30, 2016 by level within the fair value hierarchy (dollars in thousands): Quoted Prices in Significant Active Markets for Other Significant Identical Assets Observable Unobservable or Liabilities Inputs Inputs (Level 1) (Level 2) (Level 3) Total December 31, 2016: Investment securities available for sale: U.S. government and agency obligations $ - $ 8,934 $ - $ 8,934 Corporate bonds - 2,525 - 2,525 Municipal obligations - 29,326 - 29,326 Equity securities 2,163 - - 2,163 Total investment securities available for sale 2,163 40,785 - 42,948 Mortgage-backed securities available for sale - 17,733 - 17,733 Total recurring fair value measurements $ 2,163 $ 58,518 $ - $ 60,681 September 30, 2016: Investment securities available for sale: U.S. government and agency obligations $ - $ 10,027 $ - $ 10,027 Corporate bonds - 2,534 - 2,534 Municipal obligations - 29,545 - 29,545 Equity securities 2,144 - - 2,144 Total investment securities available for sale 2,144 42,106 - 44,250 Mortgage-backed securities available for sale - 19,653 - 19,653 Total recurring fair value measurements $ 2,144 $ 61,759 $ - $ 63,903 Assets Measured at Fair Value on a Nonrecurring Basis The following table presents the assets measured at fair value on a nonrecurring basis as of December 31, 2016 and September 30, 2016 by level within the fair value hierarchy (dollars in thousands): Quoted Prices in Significant Active Markets for Other Significant Identical Assets Observable Unobservable or Liabilities Inputs Inputs (Level 1) (Level 2) (Level 3) Total December 31, 2016: Foreclosed real estate $ - $ - $ 251 $ 251 Impaired loans - - 462 462 Total nonrecurring fair value measurements $ - $ - $ 713 $ 713 September 30, 2016: Foreclosed real estate $ - $ - $ 281 $ 281 Impaired loans - - 467 467 Total nonrecurring fair value measurements $ - $ - $ 748 $ 748 The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis for which the Company uses level 3 inputs to determine fair value (dollars in thousands): Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range December 31, 2016 September 30, 2016 Techniques Input (Weighted Average) Foreclosed real estate $ 251 $ 281 Appraisal of Appraisal adjustments (2) 0% to -40% (-25%) collateral (1) Liquidation expenses (2) 0% to -10% (-5%) Impaired loans $ 462 $ 467 Fair value of Appraisal adjustments (2) 0% to -40% (-25%) collateral (1), (3) Liquidation expenses (2) 0% to -10% (-5%) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. (3) Includes qualitative adjustments by management and estimated liquidation expenses. Disclosures about Fair Value of Financial Instruments The assumptions used below are expected to approximate those that market participants would use in valuing the following financial instruments. Loans Receivable and Loans Held for Sale The fair value of the Company’s loans was estimated by discounting the expected future cash flows using the current interest rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Loans were first segregated by type such as commercial, real estate, and home equity, and were then further segmented into fixed and variable rate and loan quality categories. Expected future cash flows were projected based on contractual cash flows, adjusted for estimated prepayments. The fair value of loans held for sale was estimated based on the price committed to sell the loan in the secondary market. Certificate Accounts The fair values of the Company’s certificate deposit accounts were estimated using discounted cash flow analyses. The discount rates used were based on rates currently offered for deposits with similar remaining maturities. The fair values of the Company’s certificate deposit accounts do not take into consideration the value of the Company’s long-term relationships with depositors, which may have significant value. Federal Home Loan Bank advances The fair value of Federal Home Loan Bank advances was calculated using a discounted cash flow approach that applies a comparable FHLB advance rate to the weighted average maturity of the borrowings. Other Financial Instruments The carrying amounts reported in the Consolidated Statements of Financial Condition approximate fair value for the following financial instruments (Level 1): cash on hand and due from banks, interest-earning deposits in other institutions, Federal Home Loan Bank stock, accrued interest receivable, bank-owned life insurance, demand, savings and club accounts, securities sold under agreements to repurchase and accrued interest payable. For short-term financial assets such as certificates of deposit, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For financial liabilities such as interest and noninterest-bearing demand, savings and club accounts, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity. For financial liabilities such as the Company’s securities sold under agreements to repurchase which are with commercial deposit customers, the carrying amount is a reasonable estimate of fair value due to the short time nature of the agreement. The following table presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2016 and September 30, 2016 (dollars in thousands): Fair Value Measurements Quoted Prices in Significant Active Markets for Other Significant Total Identical Assets Observable Unobservable Carrying Fair or Liabilities Inputs Inputs Amount Value (Level 1) (Level 2) (Level 3) December 31, 2016: Financial Instruments - Assets: Cash on hand and due from banks $ 1,924 $ 1,924 $ 1,924 $ - $ - Interest-earning deposits in other institutions 8,596 8,596 8,596 - - Certificate of deposit 500 500 500 - - Investment securities 42,948 42,948 2,163 40,785 - Mortgage-backed securities 17,733 17,733 - 17,733 - Federal Home Loan Bank stock 3,171 3,171 3,171 - - Loans receivable 381,532 387,056 - - 387,056 Bank-owned life insurance 15,044 15,044 15,044 - - Accrued interest receivable 1,155 1,155 1,155 - Financial Instruments - Liabilities: - Demand, savings and club accounts 224,630 224,630 224,630 - - Certificate accounts 137,557 138,552 - - 138,552 Federal Home Loan Bank advances 47,668 47,768 - - 47,768 Securities sold under agreements to repurchase 2,342 2,342 2,342 - - Accrued interest payable 191 191 191 - - September 30, 2016: Financial Instruments - Assets: Cash on hand and due from banks $ 1,786 $ 1,786 $ 1,786 $ - $ - Interest-earning deposits in other institutions 16,375 16,375 16,375 - - Certificate of deposit 500 500 500 - - Investment securities 44,250 44,250 2,144 42,106 - Mortgage-backed securities 19,653 19,653 - 19,653 - Federal Home Loan Bank stock 3,161 3,161 3,161 - - Loans receivable 378,080 384,161 - - 384,161 Loans held for sale 234 238 238 - - Bank-owned life insurance 14,946 14,946 14,946 - - Accrued interest receivable 1,098 1,098 1,098 - - Financial Instruments - Liabilities: - Demand, savings and club accounts 231,378 231,378 231,378 - - Certificate accounts 137,256 140,728 - - 140,728 Federal Home Loan Bank advances 48,856 49,843 - - 49,843 Securities sold under agreements to repurchase 1,964 1,964 1,964 - - Accrued interest payable 194 194 194 - - |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 3 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income | |
Accumulated Other Comprehensive (Loss) Income | (13) Accumulated Other Comprehensive (Loss) Income The following tables present the significant amounts reclassified out of accumulated other comprehensive (loss) income and the changes in accumulated other comprehensive income (loss) by component for the three and six months ended December 31, 2016 and 2015: Unrealized Gains on Unrecognized Available for Sale Pension Securities Costs Total Balance as of September 30, 2016 $ 881 $ (745 ) $ 136 Other comprehensive loss before reclassification (891 ) - (891 ) Amount reclassified from accumulated other comprehensive (loss) income (22 ) - (22 ) Total other comprehensive loss (913 ) - (913 ) Balance as of December 31, 2016 $ (32 ) $ (745 ) $ (777 ) Amount Reclassified from Accumulated Affected Line on Other Comprehensive the Consolidated Income Statements of Income Three months ended December 31, 2016: Unrealized gains on available for sale securities $ 33 Net securities gains (losses) (11 ) Income tax expense $ 22 Net of tax Total reclassification for the period $ 22 Net income Unrealized Gains on Unrecognized Available for Sale Pension Securities Costs Total Balance as of September 30, 2015 $ 760 $ (583 ) $ 177 Other comprehensive loss before reclassification (56 ) - (56 ) Amount reclassified from accumulated other comprehensive (loss) income 1 - 1 Total other comprehensive loss (55 ) - (55 ) Balance as of December 31, 2015 $ 705 $ (583 ) $ 122 Amount Reclassified from Accumulated Affected Line on Other Comprehensive the Consolidated Income Statements of Income Three months ended December 31, 2015 Unrealized gains on available for sale securities $ (2 ) Net securities gains (losses) 1 Income tax expense $ (1 ) Net of tax Total reclassification for the period $ (1 ) Net income |
Subsequent Events
Subsequent Events | 3 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | (14) Subsequent Events On August 29, 2016, Standard Financial Corp. and Allegheny Valley Bancorp, Inc. entered into an Agreement and Plan of Merger, which contemplated that Allegheny Valley would merge with and into Standard Financial Corp., with Standard Financial Corp. as the surviving entity to be known as “Standard AVB Financial Corp.” On April 7, 2017, Allegheny Valley merged with and into Standard Financial Corp. Accordingly, the Company is now referred to as “Standard AVB Financial Corp.” Under the terms of the Merger Agreement, each outstanding share of Allegheny Valley Bancorp common stock was converted into the right to receive 2.083 shares of Standard AVB Financial common stock and cash in lieu of fractional shares (the “Merger Consideration”). As of the closing date, there were 1,040,923 outstanding shares of Allegheny Valley Bancorp common stock and resulted in a total of 2,168,097 shares of Standard AVB Financial common stock issued for exchange, subject to adjustment for fractional shares. Cash for any fractional shares of Standard AVB Financial common stock was based on $26.60 for each whole share, based on the average closing price of Standard AVB Financial common stock for the five trading days immediately preceding the merger date. In addition, each option to purchase Allegheny Valley Bancorp common stock was converted into an option to Standard AVB Financial common stock at the same terms and conditions as were applicable prior to the Holding Company merger, except that the number of shares of Standard AVB Financial common stock issuable upon exercise of a converted option will be adjusted by multiplying the number of shares of Allegheny Valley Bancorp common stock subject to the Allegheny Valley Bancorp stock option by 2.083 and the exercise price per share of a converted option will be adjusted by dividing the exercise price per share of the Allegheny Valley Bancorp option by 2.083. Additionally, at the consummation of the Holding Company Merger, each Allegheny Valley Bancorp restricted stock award became fully vested and was converted into the right to receive the Merger Consideration. The acquired assets and assumed liabilities were measured at estimated fair values. Management made significant estimates and exercised significant judgement in accounting for the acquisition. Management measured loan fair values based on loan file reviews, appraised collateral values, expected cash flows, historical loss factors of Allegheny Valley and charge-off statistics published by the FDIC. The Company also recorded an identifiable intangible asset representing the core deposit base of Allegheny Valley based on management’s evaluation of the cost of deposits relative to alternative funding sources. Management used significant estimates including the average lives of depository accounts, future interest rate levels, and the cost of servicing various depository products. Management used market quotations to determine the fair value of investment securities. The merger resulted in the acquisition of loans with and without evidence of credit quality deterioration. The fair value of the loan portfolio included separate adjustments to reflect a credit risk and marketability component and a yield component reflecting the differential between portfolio and market yields. Allegheny Valley loans were deemed impaired at the acquisition date if the Company did not expect to receive all contractually required payments at the acquisition date. At the acquisition date, the Company recorded $2,467,000 of purchased credit impaired loans. These loans were reserved at 100% given the unlikelihood of collection of the principal and interest on the loans. Allegheny Valley’s loans without evidence of credit deterioration were fair valued by discounting both expected principal and interest cash flows using observable discount rates for similar instruments that a market participant would consider in determining fair value. Additionally, consideration was given to management’s best estimates of default rates and payment speeds. At acquisition date, Allegheny Valley’s loan portfolio without evidence of deterioration totaled $316,448,000 and was recorded at a fair value of $311,736,000, which included an interest rate adjustment of $861,000 and a general credit adjustment of $3,851,000. On August 22, 2017, the Board of Directors approved an amendment to the Company’s bylaws to change the Company’s fiscal year end to December 31. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The accompanying consolidated financial statements include the accounts of Standard Financial Corp. (the “Company”) and its direct and indirect wholly owned subsidiaries, Standard Bank, PaSB (the “Bank”), and Westmoreland Investment Company. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with instructions to Form 10-Q, and therefore, do not include information or footnotes necessary for a complete presentation of financial position, results of operations, and cash flows in conformity with generally accepted accounting principles in the United States. All adjustments (consisting of normal recurring adjustments), which, in the opinion of management are necessary for a fair presentation of the financial statements and to make the financial statements not misleading have been included. These financial statements should be read in conjunction with the audited financial statements and the accompanying notes thereto for the fiscal year ended September 30, 2016 contained in the Company’s definitive prospectus dated February 1, 2017 (the “Prospectus”) as filed with the Securities and Exchange Commission pursuant to Securities Act Rule 424(b)(3) on February 3, 2017. The results for the three month period ended December 31, 2016 is not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2017 or any future interim period. Certain amounts in the 2015 financial statements have been reclassified to conform to the 2016 presentation format. These reclassifications had no effect on stockholders’ equity or net income. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers Topic 606 In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805). In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718) Share-Based Payment In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In October 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) In March 2017, the FASB issued ASU 2017-07, Compensation—Retirement Benefits (Topic 715) In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20). The amendments in this Update shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beg For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity should apply the amendments in this Update on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Earnings per Share | |
Schedule of computation of basic and diluted EPS | Three Months Ended December 31, 2016 2015 Net income available to common stockholders $ 559 $ 866 Basic EPS: Weighted average shares outstanding 2,393,328 2,547,021 Basic EPS $ 0.23 $ 0.34 Diluted EPS: Weighted average shares outstanding - Basic 2,393,328 2,547,021 Diluted effect of common stock equivalents 77,469 95,278 Weighted average shares outstanding - Diluted 2,470,797 2,642,299 Diluted EPS $ 0.23 $ 0.33 |
Investment Securities (Tables)
Investment Securities (Tables) - Investment securities available for sale | 3 Months Ended |
Dec. 31, 2016 | |
Investment Securities | |
Schedule of investment securities available for sale | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2016: U.S. government and agency obligations due: Beyond 1 year but within 5 years $ 9,000 - (66 ) 8,934 Corporate bonds due: Beyond 1 year but within 5 years 2,028 - (18 ) 2,010 Beyond 5 years but within 10 years 506 9 - 515 Municipal obligations due: Beyond 1 year but within 5 years 7,942 441 (7 ) 8,376 Beyond 5 years but within 10 years 11,739 24 (213 ) 11,550 Beyond 10 years 9,756 11 (367 ) 9,400 Equity securities 2,050 234 (121 ) 2,163 $ 43,021 719 (792 ) 42,948 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value September 30, 2016: U.S. government and agency obligations due: Beyond 1 year but within 5 years $ 10,000 $ 32 $ (5 ) $ 10,027 Corporate bonds due: Beyond 1 year but within 5 years 2,032 - (7 ) 2,025 Beyond 5 years but within 10 years 507 2 - 509 Municipal obligations due: 1 year or less 978 12 - 990 Beyond 1 year but within 5 years 3,784 294 - 4,078 Beyond 5 years but within 10 years 12,144 417 - 12,561 Beyond 10 years 11,769 185 (38 ) 11,916 Equity securities 2,052 207 (115 ) 2,144 $ 43,266 $ 1,149 $ (165 ) $ 44,250 |
Schedule of fair value and gross unrealized losses on investment securities and the length of time the securities have been in a continuous unrealized loss position | December 31, 2016 Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. government and agency obligations $ 8,934 $ (66 ) $ - $ - $ 8,934 $ (66 ) Corporate bonds 2,009 (18 ) - - 2,009 (18 ) Municipal obligations 12,225 (558 ) 1,207 (29 ) 13,432 (587 ) Equity securities 196 (22 ) 949 (99 ) 1,145 (121 ) Total $ 23,364 $ (664 ) $ 2,156 $ (128 ) $ 25,520 $ (792 ) September 30, 2016 Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. government and agency obligations 1,995 $ (5 ) $ - $ - $ 1,995 $ (5 ) Corporate bonds $ 1,021 $ (7 ) $ - $ - $ 1,021 $ (7 ) Municipal obligations 2,803 (38 ) - - 2,803 (38 ) Equity securities 171 (13 ) 570 (102 ) 741 (115 ) Total $ 5,990 $ (63 ) 570 (102 ) 6,560 (165 ) |
Mortgage-Backed Securities (Tab
Mortgage-Backed Securities (Tables) - Mortgage-backed securities | 3 Months Ended |
Dec. 31, 2016 | |
Mortgage-backed securities | |
Schedule of securities available for sale | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2016: Government pass-throughs: Ginnie Mae $ 5,129 18 (54 ) 5,093 Fannie Mae 5,403 93 (18 ) 5,478 Freddie Mac 5,520 21 (20 ) 5,521 Private pass-throughs 85 - - 85 Collateralized mortgage obligations 1,571 1 (16 ) 1,556 $ 17,708 $ 133 $ (108 ) $ 17,733 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value September 30, 2016: Government pass-throughs: Ginnie Mae $ 5,695 $ 37 $ (17 ) $ 5,715 Fannie Mae 5,806 211 - 6,017 Freddie Mac 6,051 113 - 6,164 Private pass-throughs 87 - - 87 Collateralized mortgage obligations 1,663 $ 9 $ (2 ) $ 1,670 $ 19,302 $ 370 $ (19 ) $ 19,653 |
Schedule of fair value and gross unrealized losses on mortgage-backed securities and the length of time the securities have been in a continuous unrealized loss position | December 31, 2016 Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Ginnie Mae $ 2,352 $ (44 ) $ 1,214 $ (10 ) $ 3,566 $ (54 ) Fannie Mae 1,032 $ (18 ) $ - $ - $ 1,032 $ (18 ) Freddie Mac 3,069 $ (20 ) $ - $ - $ 3,069 $ (20 ) Collateralized mortgage obligations 1,494 $ (16 ) $ - $ - $ 1,494 $ (16 ) Total $ 7,947 $ (98 ) 1,214 (10 ) 9,161 $ (108 ) September 30, 2016 Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Ginnie Mae $ 2,748 $ (6 ) $ 1,313 $ (11 ) $ 4,061 $ (17 ) Private pass-throughs - - 604 (2 ) 604 (2 ) Total $ 2,748 $ (6 ) $ 1,917 $ (13 ) $ 4,665 $ (19 ) |
Loans Receivable and Related 27
Loans Receivable and Related Allowance for Loan Losses (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of loans receivable | Real Estate Loans One-to-four- Home family Commercial Equity Loans Residential and Real and Lines Other Construction Estate of Credit Commercial Loans Total December 31, 2016: Collectively evaluated for impairment $ 174,740 $ 116,229 $ 77,913 $ 15,505 $ 520 $ 384,907 Individually evaluated for impairment - 462 - - - 462 Total loans before allowance for loan losses $ 174,740 $ 116,691 $ 77,913 $ 15,505 $ 520 $ 385,369 September 30, 2016: Collectively evaluated for impairment $ 167,512 $ 119,412 $ 79,157 $ 14,779 $ 553 $ 381,413 Individually evaluated for impairment - 467 - - - 467 Total loans before allowance for loan losses $ 167,512 $ 119,879 $ 79,157 $ 14,779 $ 553 $ 381,880 |
Schedule of impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary | Impaired Loans With Impaired Loans Total Impaired Loans Recorded Related Recorded Recorded Unpaid Principal Investment Allowance Investment Investment Balance December 31, 2016: Commercial real estate $ - $ - $ 462 $ 462 $ 462 Total impaired loans $ - $ - $ 462 $ 462 $ 462 September 30, 2016: Commercial real estate $ - $ - $ 467 $ 467 $ 467 Total impaired loans $ - $ - $ 467 $ 467 $ 467 |
Schedule of average recorded investment in impaired loans and related interest income recognized for the periods indicated | Three months ended December 31, 2016 2015 Average investment in impaired loans: Commercial real estate $ 467 $ 750 Total impaired loans $ 467 $ 750 Interest income recognized on impaired loans: Accrual basis $ - $ - |
Schedule of classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | Special Pass Mention Substandard Doubtful Total December 31, 2016: First mortgage loans: One-to-four-family residential and construction $ 174,196 $ - $ 544 $ - $ 174,740 Commercial real estate 116,229 - 462 - 116,691 Home equity loans and lines of credit 77,812 - 101 - 77,913 Commercial loans 15,505 - - - 15,505 Other loans 512 - 8 - 520 Total $ 384,254 $ - $ 1,115 $ - $ 385,369 September 30, 2016: First mortgage loans: One-to-four-family residential and construction $ 166,996 $ - $ 516 $ - $ 167,512 Commercial real estate 119,412 - 467 - 119,879 Home equity loans and lines of credit 79,084 - 73 - 79,157 Commercial loans 14,779 - - - 14,779 Other loans 553 - - - 553 Total $ 380,824 $ - $ 1,056 $ - $ 381,880 |
Schedule of classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | 30-59 Days 60-89 Days Non-Accrual 90 Days Past Total Current Past Due Past Due (90 Days+) Due & Accruing Loans December 31, 2016: First mortgage loans: One-to-four-family residential and construction $ 173,138 $ 739 $ 319 $ 544 $ - $ 174,740 Commercial real estate 116,478 53 60 100 - 116,691 Home equity loans and lines of credit 77,289 460 63 101 - 77,913 Commercial loans 15,505 - - - - 15,505 Other loans 510 2 - 8 - 520 Total $ 382,920 $ 1,254 $ 442 $ 753 $ - $ 385,369 September 30, 2016: First mortgage loans: One-to-four-family residential and construction $ 166,136 $ 566 $ 294 $ 516 $ - $ 167,512 Commercial real estate 119,638 80 61 100 - 119,879 Home equity loans and lines of credit 78,888 115 81 73 - 79,157 Commercial loans 14,779 - - - - 14,779 Other loans 550 3 - - - 553 Total $ 379,991 $ 764 $ 436 $ 689 $ - $ 381,880 |
Schedule of activity in the allowance | Real Estate Loans One-to-four- Home family Commercial Equity Loans Residential and Real and Lines Other Construction Estate of Credit Commercial Loans Total Balance at September 30, 2016 $ 1,250 $ 1,786 $ 547 $ 211 $ 6 $ 3,800 Charge-offs - - - - (4 ) (4 ) Recoveries - 1 - - - 1 Provision 30 - - - 10 40 Balance at December 31, 2016 $ 1,280 $ 1,787 $ 547 $ 211 $ 12 $ 3,837 Balance at September 30, 2015 $ 1,122 $ 1,867 $ 457 $ 411 $ 22 $ 3,879 Charge-offs (46 ) - (4 ) (4 ) (19 ) (73 ) Recoveries - 1 4 - - 5 Provision - - - - - - Balance at December 31, 2015 $ 1,076 $ 1,868 $ 457 $ 407 $ 3 $ 3,811 Real Estate Loans One-to-four- Home family Commercial Equity Loans Residential and Real and Lines Other Construction Estate of Credit Commercial Loans Total Evaluated for Impairment: Individually $ - $ - $ - $ - $ - $ - Collectively 1,280 1,787 547 211 12 3,837 Balance at December 31, 2016 $ 1,280 $ 1,787 $ 547 $ 211 $ 12 $ 3,837 Evaluated for Impairment: Individually $ - $ - $ - $ - $ - $ - Collectively 1,250 1,786 547 211 6 3,800 Balance at September 30, 2016 $ 1,250 $ 1,786 $ 547 $ 211 $ 6 $ 3,800 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Stock Based Compensation | |
Schedule of transactions regarding the options under the Plan | Options Weighted Average Outstanding at September 30, 2016 278,075 $ 16.50 Granted - $ - Exercised (24,000 ) 16.50 Forfeited (6,000 ) 16.50 Outstanding at December 31, 2016 248,075 $ 16.50 Exercisable at December 31, 2016 198,460 16.50 |
Schedule of transactions regarding restricted stock under the Plan | Number of Weighted Average Non-vested shares at September 30, 2016 22,260 $ 16.50 Granted - - Vested - - Forfeited (2,400 ) 16.50 Non-vested shares at December 31, 2016 19,860 $ 16.50 |
Pension Information (Tables)
Pension Information (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of net periodic pension benefit | Three Months Ended December 31, 2016 2015 Interest cost $ - $ (38 ) Expected return on plan assets - 37 Net periodic pension benefit $ - $ (1 ) |
Fair Value of Assets and Liab30
Fair Value of Assets and Liabilities (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Fair Value of Assets and Liabilities | |
Schedule of assets measured at fair value on a recurring basis by level within the fair value hierarchy | Quoted Prices in Significant Active Markets for Other Significant Identical Assets Observable Unobservable or Liabilities Inputs Inputs (Level 1) (Level 2) (Level 3) Total December 31, 2016: Investment securities available for sale: U.S. government and agency obligations $ - $ 8,934 $ - $ 8,934 Corporate bonds - 2,525 - 2,525 Municipal obligations - 29,326 - 29,326 Equity securities 2,163 - - 2,163 Total investment securities available for sale 2,163 40,785 - 42,948 Mortgage-backed securities available for sale - 17,733 - 17,733 Total recurring fair value measurements $ 2,163 $ 58,518 $ - $ 60,681 September 30, 2016: Investment securities available for sale: U.S. government and agency obligations $ - $ 10,027 $ - $ 10,027 Corporate bonds - 2,534 - 2,534 Municipal obligations - 29,545 - 29,545 Equity securities 2,144 - - 2,144 Total investment securities available for sale 2,144 42,106 - 44,250 Mortgage-backed securities available for sale - 19,653 - 19,653 Total recurring fair value measurements $ 2,144 $ 61,759 $ - $ 63,903 |
Schedule of assets measured at fair value on a nonrecurring basis by level within the fair value hierarchy | Quoted Prices in Significant Active Markets for Other Significant Identical Assets Observable Unobservable or Liabilities Inputs Inputs (Level 1) (Level 2) (Level 3) Total December 31, 2016: Foreclosed real estate $ - $ - $ 251 $ 251 Impaired loans - - 462 462 Total nonrecurring fair value measurements $ - $ - $ 713 $ 713 September 30, 2016: Foreclosed real estate $ - $ - $ 281 $ 281 Impaired loans - - 467 467 Total nonrecurring fair value measurements $ - $ - $ 748 $ 748 |
Schedule of additional quantitative information about assets measured at fair value on a nonrecurring basis for level 3 inputs to determine fair value | Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range December 31, 2016 September 30, 2016 Techniques Input (Weighted Average) Foreclosed real estate $ 251 $ 281 Appraisal of Appraisal adjustments (2) 0% to -40% (-25%) collateral (1) Liquidation expenses (2) 0% to -10% (-5%) Impaired loans $ 462 $ 467 Fair value of Appraisal adjustments (2) 0% to -40% (-25%) collateral (1), (3) Liquidation expenses (2) 0% to -10% (-5%) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. (3) Includes qualitative adjustments by management and estimated liquidation expenses. |
Schedule of carrying amount, fair value, and placement in the fair value hierarchy of the financial instruments | Fair Value Measurements Quoted Prices in Significant Active Markets for Other Significant Total Identical Assets Observable Unobservable Carrying Fair or Liabilities Inputs Inputs Amount Value (Level 1) (Level 2) (Level 3) December 31, 2016: Financial Instruments - Assets: Cash on hand and due from banks $ 1,924 $ 1,924 $ 1,924 $ - $ - Interest-earning deposits in other institutions 8,596 8,596 8,596 - - Certificate of deposit 500 500 500 - - Investment securities 42,948 42,948 2,163 40,785 - Mortgage-backed securities 17,733 17,733 - 17,733 - Federal Home Loan Bank stock 3,171 3,171 3,171 - - Loans receivable 381,532 387,056 - - 387,056 Bank-owned life insurance 15,044 15,044 15,044 - - Accrued interest receivable 1,155 1,155 1,155 - Financial Instruments - Liabilities: - Demand, savings and club accounts 224,630 224,630 224,630 - - Certificate accounts 137,557 138,552 - - 138,552 Federal Home Loan Bank advances 47,668 47,768 - - 47,768 Securities sold under agreements to repurchase 2,342 2,342 2,342 - - Accrued interest payable 191 191 191 - - September 30, 2016: Financial Instruments - Assets: Cash on hand and due from banks $ 1,786 $ 1,786 $ 1,786 $ - $ - Interest-earning deposits in other institutions 16,375 16,375 16,375 - - Certificate of deposit 500 500 500 - - Investment securities 44,250 44,250 2,144 42,106 - Mortgage-backed securities 19,653 19,653 - 19,653 - Federal Home Loan Bank stock 3,161 3,161 3,161 - - Loans receivable 378,080 384,161 - - 384,161 Loans held for sale 234 238 238 - - Bank-owned life insurance 14,946 14,946 14,946 - - Accrued interest receivable 1,098 1,098 1,098 - - Financial Instruments - Liabilities: - Demand, savings and club accounts 231,378 231,378 231,378 - - Certificate accounts 137,256 140,728 - - 140,728 Federal Home Loan Bank advances 48,856 49,843 - - 49,843 Securities sold under agreements to repurchase 1,964 1,964 1,964 - - Accrued interest payable 194 194 194 - - |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive (Loss) Income (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income | |
Schedule of changes in accumulated other comprehensive income (loss) by component | Unrealized Gains on Unrecognized Available for Sale Pension Securities Costs Total Balance as of September 30, 2016 $ 881 $ (745 ) $ 136 Other comprehensive loss before reclassification (891 ) - (891 ) Amount reclassified from accumulated other comprehensive (loss) income (22 ) - (22 ) Total other comprehensive loss (913 ) - (913 ) Balance as of December 31, 2016 $ (32 ) $ (745 ) $ (777 ) Amount Reclassified from Accumulated Affected Line on Other Comprehensive the Consolidated Income Statements of Income Three months ended December 31, 2016: Unrealized gains on available for sale securities $ 33 Net securities gains (losses) (11 ) Income tax expense $ 22 Net of tax Total reclassification for the period $ 22 Net income Unrealized Gains on Unrecognized Available for Sale Pension Securities Costs Total Balance as of September 30, 2015 $ 760 $ (583 ) $ 177 Other comprehensive loss before reclassification (56 ) - (56 ) Amount reclassified from accumulated other comprehensive (loss) income 1 - 1 Total other comprehensive loss (55 ) - (55 ) Balance as of December 31, 2015 $ 705 $ (583 ) $ 122 |
Schedule of significant amounts reclassified out of accumulated other comprehensive income | Amount Reclassified from Accumulated Affected Line on Other Comprehensive the Consolidated Income Statements of Income Three months ended December 31, 2015 Unrealized gains on available for sale securities $ (2 ) Net securities gains (losses) 1 Income tax expense $ (1 ) Net of tax Total reclassification for the period $ (1 ) Net income |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings per Share | ||
Net income available to common stockholders | $ 559 | $ 866 |
Basic EPS: | ||
Weighted average shares outstanding (in shares) | 2,393,328 | 2,547,021 |
Basic EPS (in dollars per share) | $ 0.23 | $ 0.34 |
Diluted EPS: | ||
Weighted average shares outstanding - Basic (in shares) | 2,393,328 | 2,547,021 |
Diluted effect of common stock equivalents (in shares) | 77,469 | 95,278 |
Weighted average shares outstanding - Diluted (in shares) | 2,470,797 | 2,642,299 |
Diluted EPS (in dollars per share) | $ 0.23 | $ 0.33 |
Investment Securities (Details)
Investment Securities (Details) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2016USD ($)Security | Dec. 31, 2015USD ($) | Sep. 30, 2016USD ($) | |
Investment securities available for sale | |||
Amortized Cost | $ 43,021 | $ 43,266 | |
Gross Unrealized Gains | 719 | 1,149 | |
Gross Unrealized Losses | (792) | (165) | |
Fair Value | 42,948 | 44,250 | |
Proceeds, gains and losses on sale of investment securities available for sale | |||
Gains on sales of investment securities | 33 | ||
Losses on sales of investment securities | $ 2 | ||
Proceeds from sales of investment securities | 154 | $ 130 | |
Securities in a continuous unrealized loss position presented by length of time | |||
Less than 12 Months, Fair Value | 23,364 | 5,990 | |
Less than 12 Months, Gross Unrealized Losses | (664) | (63) | |
12 Months or More, Fair Value | 2,156 | 570 | |
12 Months or More, Gross Unrealized Losses | (128) | (102) | |
Total, Fair Value | 25,520 | 6,560 | |
Total, Gross Unrealized Losses | $ (792) | (165) | |
Number of securities held in an unrealized loss position | Security | 22 | ||
Investment securities pledged to secure repurchase agreements and public funds accounts | $ 18,800 | 25,900 | |
U.S. government and agency obligations | |||
Amortized Cost | |||
Beyond 1 year but within 5 years | 9,000 | 10,000 | |
Gross Unrealized Gains | |||
Beyond 1 year but within 5 years | 32 | ||
Gross Unrealized Losses | |||
Beyond 1 year but within 5 years | (66) | (5) | |
Fair Value | |||
Beyond 1 year but within 5 years | 8,934 | 10,027 | |
Securities in a continuous unrealized loss position presented by length of time | |||
Less than 12 Months, Fair Value | 8,934 | 1,995 | |
Less than 12 Months, Gross Unrealized Losses | (66) | (5) | |
12 Months or More, Fair Value | |||
12 Months or More, Gross Unrealized Losses | |||
Total, Fair Value | 8,934 | 1,995 | |
Total, Gross Unrealized Losses | (66) | (5) | |
Corporate bonds | |||
Amortized Cost | |||
Beyond 1 year but within 5 years | 2,028 | 2,032 | |
Beyond 5 years but within 10 years | 506 | 507 | |
Gross Unrealized Gains | |||
Beyond 1 year but within 5 years | |||
Beyond 5 years but within 10 years | 9 | 2 | |
Gross Unrealized Losses | |||
Beyond 1 year but within 5 years | (18) | (7) | |
Beyond 5 years but within 10 years | |||
Fair Value | |||
Beyond 1 year but within 5 years | 2,010 | 2,025 | |
Beyond 5 years but within 10 years | 515 | 509 | |
Securities in a continuous unrealized loss position presented by length of time | |||
Less than 12 Months, Fair Value | 2,009 | 1,021 | |
Less than 12 Months, Gross Unrealized Losses | (18) | (7) | |
12 Months or More, Fair Value | |||
12 Months or More, Gross Unrealized Losses | |||
Total, Fair Value | 2,009 | 1,021 | |
Total, Gross Unrealized Losses | (18) | (7) | |
Municipal obligations | |||
Amortized Cost | |||
1 year or less | 978 | ||
Beyond 1 year but within 5 years | 7,942 | 3,784 | |
Beyond 5 years but within 10 years | 11,739 | 12,144 | |
Beyond 10 years | 9,756 | 11,769 | |
Gross Unrealized Gains | |||
1 year or less | 12 | ||
Beyond 1 year but within 5 years | 441 | 294 | |
Beyond 5 years but within 10 years | 24 | 417 | |
Beyond 10 years | 11 | 185 | |
Gross Unrealized Losses | |||
1 year or less | |||
Beyond 1 year but within 5 years | (7) | ||
Beyond 5 years but within 10 years | (213) | ||
Beyond 10 years | (367) | (38) | |
Fair Value | |||
1 year or less | 990 | ||
Beyond 1 year but within 5 years | 8,376 | 4,078 | |
Beyond 5 years but within 10 years | 11,550 | 12,561 | |
Beyond 10 years | 9,400 | 11,916 | |
Securities in a continuous unrealized loss position presented by length of time | |||
Less than 12 Months, Fair Value | 12,225 | 2,803 | |
Less than 12 Months, Gross Unrealized Losses | (558) | (38) | |
12 Months or More, Fair Value | 1,207 | ||
12 Months or More, Gross Unrealized Losses | (29) | ||
Total, Fair Value | 13,432 | 2,803 | |
Total, Gross Unrealized Losses | (587) | (38) | |
Equity securities | |||
Investment securities available for sale | |||
Amortized Cost | 2,050 | 2,052 | |
Gross Unrealized Gains | 234 | 207 | |
Gross Unrealized Losses | (121) | (115) | |
Fair Value | 2,163 | 2,144 | |
Securities in a continuous unrealized loss position presented by length of time | |||
Less than 12 Months, Fair Value | 196 | 171 | |
Less than 12 Months, Gross Unrealized Losses | (22) | (13) | |
12 Months or More, Fair Value | 949 | 570 | |
12 Months or More, Gross Unrealized Losses | (99) | (102) | |
Total, Fair Value | 1,145 | 741 | |
Total, Gross Unrealized Losses | $ (121) | $ (115) |
Mortgage-Backed Securities (Det
Mortgage-Backed Securities (Details) $ in Thousands | Dec. 31, 2016USD ($)Security | Sep. 30, 2016USD ($) |
Mortgage-backed securities | ||
Amortized Cost | $ 43,021 | $ 43,266 |
Gross Unrealized Gains | 719 | 1,149 |
Gross Unrealized Losses | (792) | (165) |
Fair Value | 17,733 | 19,653 |
Securities in a continuous unrealized loss position presented by length of time | ||
Less than 12 Months, Fair Value | 23,364 | 5,990 |
Less than 12 Months, Gross Unrealized Losses | (664) | (63) |
12 Months or More, Fair Value | 2,156 | 570 |
12 Months or More, Gross Unrealized Losses | (128) | (102) |
Total, Fair Value | 25,520 | 6,560 |
Total, Gross Unrealized Losses | $ (792) | (165) |
Number of mortgage-backed securities held in an unrealized loss position | Security | 22 | |
Mortgage-backed securities available for sale | ||
Mortgage-backed securities | ||
Amortized Cost | $ 17,708 | 19,302 |
Gross Unrealized Gains | 133 | 370 |
Gross Unrealized Losses | (108) | (19) |
Fair Value | 17,733 | 19,653 |
Securities in a continuous unrealized loss position presented by length of time | ||
Less than 12 Months, Fair Value | 7,947 | 2,748 |
Less than 12 Months, Gross Unrealized Losses | (98) | (6) |
12 Months or More, Fair Value | 1,214 | 1,917 |
12 Months or More, Gross Unrealized Losses | (10) | (13) |
Total, Fair Value | 9,161 | 4,665 |
Total, Gross Unrealized Losses | $ (108) | (19) |
Number of mortgage-backed securities held in an unrealized loss position | Security | 7 | |
Mortgage-backed securities pledged to secure repurchase agreements and public fund accounts | ||
Carrying amount of mortgage-backed securities pledged to secure repurchase agreements and public fund accounts | $ 6,000 | 6,500 |
Government pass-throughs, Ginnie Mae | ||
Mortgage-backed securities | ||
Amortized Cost | 5,129 | 5,695 |
Gross Unrealized Gains | 18 | 37 |
Gross Unrealized Losses | (54) | (17) |
Fair Value | 5,093 | 5,715 |
Securities in a continuous unrealized loss position presented by length of time | ||
Less than 12 Months, Fair Value | 2,352 | 2,748 |
Less than 12 Months, Gross Unrealized Losses | (44) | (6) |
12 Months or More, Fair Value | 1,214 | 1,313 |
12 Months or More, Gross Unrealized Losses | (10) | (11) |
Total, Fair Value | 3,566 | 4,061 |
Total, Gross Unrealized Losses | (54) | (17) |
Government pass-throughs, Fannie Mae | ||
Mortgage-backed securities | ||
Amortized Cost | 5,403 | 5,806 |
Gross Unrealized Gains | 93 | 211 |
Gross Unrealized Losses | (18) | |
Fair Value | 5,478 | 6,017 |
Securities in a continuous unrealized loss position presented by length of time | ||
Less than 12 Months, Fair Value | 1,032 | |
Less than 12 Months, Gross Unrealized Losses | (18) | |
12 Months or More, Fair Value | ||
12 Months or More, Gross Unrealized Losses | ||
Total, Fair Value | 1,032 | |
Total, Gross Unrealized Losses | (18) | |
Government pass-throughs, Freddie Mac | ||
Mortgage-backed securities | ||
Amortized Cost | 5,520 | 6,051 |
Gross Unrealized Gains | 21 | 113 |
Gross Unrealized Losses | (20) | |
Fair Value | 5,521 | 6,164 |
Securities in a continuous unrealized loss position presented by length of time | ||
Less than 12 Months, Fair Value | 3,069 | |
Less than 12 Months, Gross Unrealized Losses | (20) | |
12 Months or More, Fair Value | ||
12 Months or More, Gross Unrealized Losses | ||
Total, Fair Value | 3,069 | |
Total, Gross Unrealized Losses | (20) | |
Private pass-throughs | ||
Mortgage-backed securities | ||
Amortized Cost | 85 | 87 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | 85 | 87 |
Securities in a continuous unrealized loss position presented by length of time | ||
Less than 12 Months, Fair Value | ||
Less than 12 Months, Gross Unrealized Losses | ||
12 Months or More, Fair Value | 604 | |
12 Months or More, Gross Unrealized Losses | (2) | |
Total, Fair Value | 604 | |
Total, Gross Unrealized Losses | (2) | |
Collateralized mortgage obligations | ||
Mortgage-backed securities | ||
Amortized Cost | 1,571 | 1,663 |
Gross Unrealized Gains | 1 | 9 |
Gross Unrealized Losses | (16) | (2) |
Fair Value | 1,556 | $ 1,670 |
Securities in a continuous unrealized loss position presented by length of time | ||
Less than 12 Months, Fair Value | 1,494 | |
Less than 12 Months, Gross Unrealized Losses | (16) | |
12 Months or More, Fair Value | ||
12 Months or More, Gross Unrealized Losses | ||
Total, Fair Value | 1,494 | |
Total, Gross Unrealized Losses | $ (16) |
Loans Receivable and Related 35
Loans Receivable and Related Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 |
Primary segments of the loan portfolio | ||
Collectively evaluated for impairment | $ 384,907 | $ 381,413 |
Individually evaluated for impairment | 462 | 467 |
Total loans before allowance for loan losses | 385,369 | 381,880 |
Real Estate Loans | One-to-four-family Residential and Construction | ||
Primary segments of the loan portfolio | ||
Collectively evaluated for impairment | 174,740 | 167,512 |
Individually evaluated for impairment | ||
Total loans before allowance for loan losses | 174,740 | 167,512 |
Real Estate Loans | Commercial Real Estate | ||
Primary segments of the loan portfolio | ||
Collectively evaluated for impairment | 116,229 | 119,412 |
Individually evaluated for impairment | 462 | 467 |
Total loans before allowance for loan losses | 116,691 | 119,879 |
Real Estate Loans | Home Equity Loans and Lines of Credit | ||
Primary segments of the loan portfolio | ||
Collectively evaluated for impairment | 77,913 | 79,157 |
Individually evaluated for impairment | ||
Total loans before allowance for loan losses | 77,913 | 79,157 |
Commercial | ||
Primary segments of the loan portfolio | ||
Collectively evaluated for impairment | 15,505 | 14,779 |
Individually evaluated for impairment | ||
Total loans before allowance for loan losses | 15,505 | 14,779 |
Other Loans | ||
Primary segments of the loan portfolio | ||
Collectively evaluated for impairment | 520 | 553 |
Individually evaluated for impairment | ||
Total loans before allowance for loan losses | $ 520 | $ 553 |
Loans Receivable and Related 36
Loans Receivable and Related Allowance for Loan Losses (Details 1) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | |
Impaired Loans | |||
Impaired Loans With Allowance, Recorded Investment | |||
Impaired Loans With Allowance, Related Allowance | |||
Impaired loans without allowance recorded investment | 462 | 467 | |
Total Impaired Loans, Recorded Investment | 462 | 467 | |
Total Impaired Loans, Unpaid Principal Balance | 462 | 467 | |
Average investment in impaired loans: | 467 | $ 750 | |
Interest income recognized on impaired loans: | |||
Accrual basis | |||
Threshold limit of watch list loans | 500,000 | ||
Real Estate Loans | Commercial real estate | |||
Impaired Loans | |||
Impaired Loans With Allowance, Recorded Investment | |||
Impaired Loans With Allowance, Related Allowance | |||
Impaired loans without allowance recorded investment | 462 | 467 | |
Total Impaired Loans, Recorded Investment | 462 | 467 | |
Total Impaired Loans, Unpaid Principal Balance | 462 | $ 467 | |
Average investment in impaired loans: | $ 467 | $ 750 |
Loans Receivable and Related 37
Loans Receivable and Related Allowance for Loan Losses (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 |
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | $ 385,369 | $ 381,880 |
Pass | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | 384,254 | 380,824 |
Special Mention | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | ||
Substandard | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | 1,115 | 1,056 |
Doubtful | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | ||
Real Estate Loans | One-to-four-family Residential and Construction | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | 174,740 | 167,512 |
Real Estate Loans | One-to-four-family Residential and Construction | Pass | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | 174,196 | 166,996 |
Real Estate Loans | One-to-four-family Residential and Construction | Special Mention | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | ||
Real Estate Loans | One-to-four-family Residential and Construction | Substandard | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | 544 | 516 |
Real Estate Loans | One-to-four-family Residential and Construction | Doubtful | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | ||
Real Estate Loans | Commercial real estate | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | 116,691 | 119,879 |
Real Estate Loans | Commercial real estate | Pass | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | 116,229 | 119,412 |
Real Estate Loans | Commercial real estate | Special Mention | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | ||
Real Estate Loans | Commercial real estate | Substandard | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | 462 | 467 |
Real Estate Loans | Commercial real estate | Doubtful | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | ||
Real Estate Loans | Home equity loans and lines of credit | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | 77,913 | 79,157 |
Real Estate Loans | Home equity loans and lines of credit | Pass | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | 77,812 | 79,084 |
Real Estate Loans | Home equity loans and lines of credit | Special Mention | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | ||
Real Estate Loans | Home equity loans and lines of credit | Substandard | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | 101 | 73 |
Real Estate Loans | Home equity loans and lines of credit | Doubtful | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | ||
Commercial loans | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | 15,505 | 14,779 |
Commercial loans | Pass | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | 15,505 | 14,779 |
Commercial loans | Special Mention | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | ||
Commercial loans | Substandard | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | ||
Commercial loans | Doubtful | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | ||
Other loans | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | 520 | 553 |
Other loans | Pass | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | 512 | 553 |
Other loans | Special Mention | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | ||
Other loans | Substandard | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans | 8 | |
Other loans | Doubtful | ||
Classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the internal risk rating system | ||
Loans |
Loans Receivable and Related 38
Loans Receivable and Related Allowance for Loan Losses (Details 3) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 |
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | $ 382,920 | $ 379,991 |
90 Days Past Due and Accruing | ||
Total loans before allowance for loan losses | 385,369 | 381,880 |
30-59 Days Past Due | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 1,254 | 764 |
60-89 Days Past Due | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 442 | 436 |
Non-Accrual (90 Days+) | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 753 | 689 |
Real Estate Loans | One-to-four-family Residential and Construction | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | 173,138 | 166,136 |
90 Days Past Due and Accruing | ||
Total loans before allowance for loan losses | 174,740 | 167,512 |
Real Estate Loans | One-to-four-family Residential and Construction | 30-59 Days Past Due | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 739 | 566 |
Real Estate Loans | One-to-four-family Residential and Construction | 60-89 Days Past Due | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 319 | 294 |
Real Estate Loans | One-to-four-family Residential and Construction | Non-Accrual (90 Days+) | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 544 | 516 |
Real Estate Loans | Commercial real estate | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | 116,478 | 119,638 |
90 Days Past Due and Accruing | ||
Total loans before allowance for loan losses | 116,691 | 119,879 |
Real Estate Loans | Commercial real estate | 30-59 Days Past Due | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 53 | 80 |
Real Estate Loans | Commercial real estate | 60-89 Days Past Due | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 60 | 61 |
Real Estate Loans | Commercial real estate | Non-Accrual (90 Days+) | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 100 | 100 |
Real Estate Loans | Home equity loans and lines of credit | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | 77,289 | 78,888 |
90 Days Past Due and Accruing | ||
Total loans before allowance for loan losses | 77,913 | 79,157 |
Real Estate Loans | Home equity loans and lines of credit | 30-59 Days Past Due | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 460 | 115 |
Real Estate Loans | Home equity loans and lines of credit | 60-89 Days Past Due | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 63 | 81 |
Real Estate Loans | Home equity loans and lines of credit | Non-Accrual (90 Days+) | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 101 | 73 |
Commercial loans | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | 15,505 | 14,779 |
90 Days Past Due and Accruing | ||
Total loans before allowance for loan losses | 15,505 | 14,779 |
Commercial loans | 30-59 Days Past Due | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | ||
Commercial loans | 60-89 Days Past Due | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | ||
Commercial loans | Non-Accrual (90 Days+) | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | ||
Other loans | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Current | 510 | 550 |
90 Days Past Due and Accruing | ||
Total loans before allowance for loan losses | 520 | 553 |
Other loans | 30-59 Days Past Due | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | 2 | 3 |
Other loans | 60-89 Days Past Due | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | ||
Other loans | Non-Accrual (90 Days+) | ||
Classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ||
Past Due | $ 8 |
Loans Receivable and Related 39
Loans Receivable and Related Allowance for Loan Losses (Details 4) - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | |
Allowance for loan losses | ||||
Balance at the beginning of the period | $ 3,800 | $ 3,879 | ||
Charge-offs | (4) | (73) | ||
Recoveries | 1 | 5 | ||
Provision for Loan Losses | 40 | |||
Balance at the end of the period | 3,837 | 3,811 | ||
Additional information | ||||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 3,837 | 3,800 | ||
Balance at the end of the period | 3,800 | 3,879 | 3,837 | 3,800 |
Real Estate Loans | One-to-four-family Residential and Construction | ||||
Allowance for loan losses | ||||
Balance at the beginning of the period | 1,250 | 1,122 | ||
Charge-offs | (46) | |||
Recoveries | ||||
Provision for Loan Losses | 30 | |||
Balance at the end of the period | 1,280 | 1,076 | ||
Additional information | ||||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 1,280 | 1,250 | ||
Balance at the end of the period | 1,250 | 1,122 | 1,280 | 1,250 |
Real Estate Loans | Commercial Real Estate | ||||
Allowance for loan losses | ||||
Balance at the beginning of the period | 1,786 | 1,867 | ||
Charge-offs | ||||
Recoveries | 1 | 1 | ||
Provision for Loan Losses | ||||
Balance at the end of the period | 1,787 | 1,868 | ||
Additional information | ||||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 1,787 | 1,786 | ||
Balance at the end of the period | 1,786 | 1,867 | 1,787 | 1,786 |
Real Estate Loans | Home Equity Loans and Lines of Credit | ||||
Allowance for loan losses | ||||
Balance at the beginning of the period | 547 | 457 | ||
Charge-offs | (4) | |||
Recoveries | 4 | |||
Provision for Loan Losses | ||||
Balance at the end of the period | 547 | 457 | ||
Additional information | ||||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 547 | 547 | ||
Balance at the end of the period | 547 | 457 | 547 | 547 |
Commercial | ||||
Allowance for loan losses | ||||
Balance at the beginning of the period | 211 | 411 | ||
Charge-offs | (4) | |||
Recoveries | ||||
Provision for Loan Losses | ||||
Balance at the end of the period | 211 | 407 | ||
Additional information | ||||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 211 | 211 | ||
Balance at the end of the period | 211 | 411 | 211 | 211 |
Other Loans | ||||
Allowance for loan losses | ||||
Balance at the beginning of the period | 6 | 22 | ||
Charge-offs | (4) | (19) | ||
Recoveries | ||||
Provision for Loan Losses | 10 | |||
Balance at the end of the period | 12 | 3 | ||
Additional information | ||||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 12 | 6 | ||
Balance at the end of the period | $ 6 | $ 22 | $ 12 | $ 6 |
Foreclosed Real Estate (Detail
Foreclosed Real Estate (Detail Textuals) | Dec. 31, 2016USD ($) |
Foreclosed Assets Held For Sale [Line Items] | |
Initiated formal foreclosure procedures | $ 170,000 |
Residential property | |
Foreclosed Assets Held For Sale [Line Items] | |
Foreclosed assets acquired in settlement of loans | 221,000 |
Commercial property | |
Foreclosed Assets Held For Sale [Line Items] | |
Foreclosed assets acquired in settlement of loans | $ 30,000 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - USD ($) | 1 Months Ended | 3 Months Ended |
Jul. 25, 2012 | Dec. 31, 2016 | |
Stock Based Compensation | ||
Aggregate number of shares reserved for issuance under the 2012 Equity Incentive Plan | 486,943 | |
Unearned ESOP Shares | ||
Stock Based Compensation | ||
Aggregate number of shares reserved for issuance under the 2012 Equity Incentive Plan | 347,817 | |
Vesting period | 5 years | |
Vesting percentage per year | 20.00% | |
Contractual life of stock options | 10 years | |
Estimated fair value of stock options before income taxes | $ 423,000 | |
Weighted-average fair value of stock options granted (in dollars per share) | $ 1.52 | |
Expected life | 7 years 6 months | |
Expected dividend rate (as a percent) | 1.13% | |
Risk-free interest rate (as a percent) | 1.10% | |
Expected volatility (as a percent) | 9.50% | |
Compensation expense | $ 20,000 | |
Share available issued under the stock | 69,742 | |
Tax benefit recorded related to compensation expense | $ 2,000 | |
Unrecognized compensation cost related to non-vested options | $ 50,000 | |
Options | ||
Outstanding at September 30, 2016 (in shares) | 278,075 | |
Granted (in shares) | ||
Exercised (in shares) | (24,000) | |
Forfeited (in shares) | (6,000) | |
Outstanding at December 31, 2016 (in shares) | 248,075 | |
Exercisable at December 31, 2016 (in shares) | 198,460 | |
Weighted Average Exercise Price | ||
Outstanding at September 30, 2016 (in dollars per share) | $ 16.50 | |
Granted (in dollars per share) | $ 16.50 | |
Exercise price (in dollars per share) | 16.50 | |
Forfeited (in dollars per share) | 16.50 | |
Outstanding at December 31, 2016 (in dollars per share) | 16.50 | |
Exercisable at December 31, 2016 (in dollars per share) | $ 16.50 | |
Unearned ESOP Shares | Directors and officers | ||
Options | ||
Granted (in shares) | 278,075 | |
Restricted stock | ||
Stock Based Compensation | ||
Aggregate number of shares reserved for issuance under the 2012 Equity Incentive Plan | 139,126 | |
Compensation expense | $ 92,000 | |
Share available issued under the stock | 27,826 | |
Tax benefit recorded related to compensation expense | $ 31,000 | |
Unrecognized compensation cost related to non-vested options | $ 196,000 | |
Weighted average remaining service period to recognize unrecognized compensation cost | 7 months | |
Weighted Average Exercise Price | ||
Fair value of restricted stock awards before income taxes | $ 1,800,000 | |
Number of Restricted Shares | ||
Non-vested shares at September 30, 2016 (in shares) | 22,260 | |
Granted (in shares) | ||
Vested (in shares) | ||
Forfeited (in shares) | (2,400) | |
Non-vested shares at December 31, 2016 (in shares) | 19,860 | |
Weighted Average Grant Date Price Per Share | ||
Non-vested shares at the beginning of the period (in dollars per share) | $ 16.50 | |
Granted (in dollars per share) | ||
Vested (in dollars per share) | ||
Forfeited (in dollars per share) | 16.50 | |
Non-vested shares at the end of the period (in dollars per share) | $ 16.50 | |
Restricted stock | Directors and officers | ||
Options | ||
Granted (in shares) | 111,300 |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Stock Ownership Plan | ||
Number of years of service to be completed to participate in the plan | 1 year | |
Employees vesting rate in ESOP account after two years of service (as a percent) | 20.00% | |
Employees vesting rate in ESOP account after three years of service (as a percent) | 40.00% | |
Employees vesting rate in ESOP account after four years of service (as a percent) | 60.00% | |
Employees vesting rate in ESOP account after five years of service (as a percent) | 80.00% | |
Employees vesting rate in ESOP account after six years of service (as a percent) | 100.00% | |
Stock purchased by the ESOP, funded by loan (in shares) | 278,254 | |
Compensation expense related to the ESOP | $ 86 | $ 93 |
Total shares held by ESOP | 268,455 | |
Unallocated shares | 202,367 | |
Fair market value of the unallocated ESOP shares | $ 5,100 |
Pension Information (Details)
Pension Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||
Interest cost | $ (38) | |
Expected return on plan assets | 37 | |
Net periodic pension benefit | $ (1) |
Fair Value of Assets and Liab44
Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 |
Assets measured at fair value | ||
Total investment securities available for sale | $ 42,948 | $ 44,250 |
Equity securities | ||
Assets measured at fair value | ||
Total investment securities available for sale | 2,163 | 2,144 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ||
Assets measured at fair value | ||
Total investment securities available for sale | 2,163 | 2,144 |
Mortgage-backed securities available for sale | ||
Significant Other Observable Inputs (Level 2) | ||
Assets measured at fair value | ||
Total investment securities available for sale | 40,785 | 42,106 |
Mortgage-backed securities available for sale | 17,733 | 19,653 |
Significant Unobservable Inputs (Level 3) | ||
Assets measured at fair value | ||
Total investment securities available for sale | ||
Mortgage-backed securities available for sale | ||
Total | ||
Assets measured at fair value | ||
Total investment securities available for sale | 42,948 | 44,250 |
Mortgage-backed securities available for sale | 17,733 | 19,653 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ||
Assets measured at fair value | ||
Total investment securities available for sale | 2,163 | 2,144 |
Mortgage-backed securities available for sale | ||
Assets | 2,163 | 2,144 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Equity securities | ||
Assets measured at fair value | ||
Total investment securities available for sale | 2,163 | 2,144 |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets measured at fair value | ||
Total investment securities available for sale | 40,785 | 42,106 |
Mortgage-backed securities available for sale | 17,733 | 19,653 |
Assets | 58,518 | 61,759 |
Recurring basis | Significant Other Observable Inputs (Level 2) | U.S. government and agency obligations | ||
Assets measured at fair value | ||
Total investment securities available for sale | 8,934 | 10,027 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Corporate bonds | ||
Assets measured at fair value | ||
Total investment securities available for sale | 2,525 | 2,534 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Municipal obligations | ||
Assets measured at fair value | ||
Total investment securities available for sale | 29,326 | 29,545 |
Recurring basis | Total | ||
Assets measured at fair value | ||
Total investment securities available for sale | 42,948 | 44,250 |
Mortgage-backed securities available for sale | 17,733 | 19,653 |
Assets | 60,681 | 63,903 |
Recurring basis | Total | U.S. government and agency obligations | ||
Assets measured at fair value | ||
Total investment securities available for sale | 8,934 | 10,027 |
Recurring basis | Total | Corporate bonds | ||
Assets measured at fair value | ||
Total investment securities available for sale | 2,525 | 2,534 |
Recurring basis | Total | Municipal obligations | ||
Assets measured at fair value | ||
Total investment securities available for sale | 29,326 | 29,545 |
Recurring basis | Total | Equity securities | ||
Assets measured at fair value | ||
Total investment securities available for sale | 2,163 | 2,144 |
Nonrecurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets measured at fair value | ||
Total investment securities available for sale | 713 | 748 |
Nonrecurring basis | Significant Unobservable Inputs (Level 3) | Foreclosed real estate | ||
Assets measured at fair value | ||
Total investment securities available for sale | 251 | 281 |
Nonrecurring basis | Significant Unobservable Inputs (Level 3) | Impaired loans | ||
Assets measured at fair value | ||
Total investment securities available for sale | 462 | 467 |
Nonrecurring basis | Total | ||
Assets measured at fair value | ||
Total investment securities available for sale | 713 | 748 |
Nonrecurring basis | Total | Foreclosed real estate | ||
Assets measured at fair value | ||
Total investment securities available for sale | 251 | 281 |
Nonrecurring basis | Total | Impaired loans | ||
Assets measured at fair value | ||
Total investment securities available for sale | $ 462 | $ 467 |
Fair Value of Assets and Liab45
Fair Value of Assets and Liabilities (Details 2) - Significant Unobservable Inputs (Level 3) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2016 | Sep. 30, 2016 | ||
Foreclosed real estate | Appraisal of collateral | |||
Additional quantitative information about assets measured at fair value on a nonrecurring basis for level 3 inputs to determine fair value | |||
Estimate | [1] | $ 251 | $ 281 |
Foreclosed real estate | Minimum | Appraisal of collateral | |||
Additional quantitative information about assets measured at fair value on a nonrecurring basis for level 3 inputs to determine fair value | |||
Appraisal adjustments (as a percent) | [2] | (40.00%) | |
Liquidation expenses (as a percent) | [2] | (10.00%) | |
Foreclosed real estate | Maximum | Appraisal of collateral | |||
Additional quantitative information about assets measured at fair value on a nonrecurring basis for level 3 inputs to determine fair value | |||
Appraisal adjustments (as a percent) | [2] | 0.00% | |
Liquidation expenses (as a percent) | [2] | 0.00% | |
Foreclosed real estate | Weighted average | Appraisal of collateral | |||
Additional quantitative information about assets measured at fair value on a nonrecurring basis for level 3 inputs to determine fair value | |||
Appraisal adjustments (as a percent) | [2] | (25.00%) | |
Liquidation expenses (as a percent) | [2] | (5.00%) | |
Impaired loans | Fair value of collateral | |||
Additional quantitative information about assets measured at fair value on a nonrecurring basis for level 3 inputs to determine fair value | |||
Estimate | [1],[3] | $ 462 | $ 467 |
Impaired loans | Minimum | Fair value of collateral | |||
Additional quantitative information about assets measured at fair value on a nonrecurring basis for level 3 inputs to determine fair value | |||
Appraisal adjustments (as a percent) | [2] | (40.00%) | |
Liquidation expenses (as a percent) | [2] | (10.00%) | |
Impaired loans | Maximum | Fair value of collateral | |||
Additional quantitative information about assets measured at fair value on a nonrecurring basis for level 3 inputs to determine fair value | |||
Appraisal adjustments (as a percent) | [2] | 0.00% | |
Liquidation expenses (as a percent) | [2] | 0.00% | |
Impaired loans | Weighted average | Fair value of collateral | |||
Additional quantitative information about assets measured at fair value on a nonrecurring basis for level 3 inputs to determine fair value | |||
Appraisal adjustments (as a percent) | [2] | (25.00%) | |
Liquidation expenses (as a percent) | [2] | (5.00%) | |
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. | ||
[2] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. | ||
[3] | Includes qualitative adjustments by management and estimated liquidation expenses. |
Fair Value of Assets and Liab46
Fair Value of Assets and Liabilities (Details 3) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 30, 2016 |
Financial Instruments - Assets: | ||
Cash on hand and due from banks | $ 1,924 | $ 1,786 |
Interest-earning deposits in other institutions | 8,596 | 16,375 |
Investment securities | 42,948 | 44,250 |
Bank-owned life insurance | 15,044 | 14,946 |
Financial Instruments - Liabilities: | ||
Demand, savings and club accounts | 224,630 | 231,378 |
Certificate accounts | 137,557 | 137,256 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ||
Financial Instruments - Assets: | ||
Cash on hand and due from banks | 1,924 | 1,786 |
Interest-earning deposits in other institutions | 8,596 | 16,375 |
Certificate of deposit | 500 | 500 |
Investment securities | 2,163 | 2,144 |
Mortgage-backed securities | ||
Federal Home Loan Bank stock | 3,171 | 3,161 |
Loans receivable | ||
Loans held for sale | 238 | |
Bank-owned life insurance | 15,044 | 14,946 |
Accrued interest receivable | 1,155 | 1,098 |
Financial Instruments - Liabilities: | ||
Demand, savings and club accounts | 224,630 | 231,378 |
Certificate accounts | ||
Federal Home Loan Bank advances | ||
Securities sold under agreements to repurchase | 2,342 | 1,964 |
Accrued interest payable | 191 | 194 |
Significant Other Observable Inputs (Level 2) | ||
Financial Instruments - Assets: | ||
Cash on hand and due from banks | ||
Interest-earning deposits in other institutions | ||
Certificate of deposit | ||
Investment securities | 40,785 | 42,106 |
Mortgage-backed securities | 17,733 | 19,653 |
Federal Home Loan Bank stock | ||
Loans receivable | ||
Loans held for sale | ||
Bank-owned life insurance | ||
Accrued interest receivable | ||
Financial Instruments - Liabilities: | ||
Demand, savings and club accounts | ||
Certificate accounts | ||
Federal Home Loan Bank advances | ||
Securities sold under agreements to repurchase | ||
Accrued interest payable | ||
Significant Unobservable Inputs (Level 3) | ||
Financial Instruments - Assets: | ||
Cash on hand and due from banks | ||
Interest-earning deposits in other institutions | ||
Certificate of deposit | ||
Investment securities | ||
Mortgage-backed securities | ||
Federal Home Loan Bank stock | ||
Loans receivable | 387,056 | 384,161 |
Loans held for sale | ||
Bank-owned life insurance | ||
Accrued interest receivable | ||
Financial Instruments - Liabilities: | ||
Demand, savings and club accounts | ||
Certificate accounts | 138,552 | 140,728 |
Federal Home Loan Bank advances | 47,768 | 49,843 |
Securities sold under agreements to repurchase | ||
Accrued interest payable | ||
Carrying Amount | ||
Financial Instruments - Assets: | ||
Cash on hand and due from banks | 1,924 | 1,786 |
Interest-earning deposits in other institutions | 8,596 | 16,375 |
Certificate of deposit | 500 | 500 |
Investment securities | 42,948 | 44,250 |
Mortgage-backed securities | 17,733 | 19,653 |
Federal Home Loan Bank stock | 3,171 | 3,161 |
Loans receivable | 381,532 | 378,080 |
Loans held for sale | 234 | |
Bank-owned life insurance | 15,044 | 14,946 |
Accrued interest receivable | 1,155 | 1,098 |
Financial Instruments - Liabilities: | ||
Demand, savings and club accounts | 224,630 | 231,378 |
Certificate accounts | 137,557 | 137,256 |
Federal Home Loan Bank advances | 47,668 | 48,856 |
Securities sold under agreements to repurchase | 2,342 | 1,964 |
Accrued interest payable | 191 | 194 |
Fair Value | ||
Financial Instruments - Assets: | ||
Cash on hand and due from banks | 1,924 | 1,786 |
Interest-earning deposits in other institutions | 8,596 | 16,375 |
Certificate of deposit | 500 | 500 |
Investment securities | 42,948 | 44,250 |
Mortgage-backed securities | 17,733 | 19,653 |
Federal Home Loan Bank stock | 3,171 | 3,161 |
Loans receivable | 387,056 | 384,161 |
Loans held for sale | 238 | |
Bank-owned life insurance | 15,044 | 14,946 |
Accrued interest receivable | 1,155 | 1,098 |
Financial Instruments - Liabilities: | ||
Demand, savings and club accounts | 224,630 | 231,378 |
Certificate accounts | 138,552 | 140,728 |
Federal Home Loan Bank advances | 47,768 | 49,843 |
Securities sold under agreements to repurchase | 2,342 | 1,964 |
Accrued interest payable | $ 191 | $ 194 |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Changes in accumulated other comprehensive income by component | ||
Balance at the beginning of the period | $ 136 | $ 177 |
Other comprehensive loss before reclassification | (891) | (56) |
Amount reclassified from accumulated other comprehensive (loss) income | (22) | 1 |
Total other comprehensive loss | (913) | (55) |
Balance at the end of the period | (777) | 122 |
Amount Reclassified from Accumulated Other Comprehensive Income | ||
Changes in accumulated other comprehensive income by component | ||
Unrealized gains on available for sale securities, net securities gains (losses) | 33 | (2) |
Unrealized gains on available for sale securities, income tax expense | (11) | 1 |
Unrealized gains on available for sale securities, net of tax | 22 | (1) |
Amount reclassified from accumulated other comprehensive (loss) income | 22 | (1) |
Unrealized Gains on Available for Sale Securities | ||
Changes in accumulated other comprehensive income by component | ||
Balance at the beginning of the period | 881 | 760 |
Other comprehensive loss before reclassification | (891) | (56) |
Amount reclassified from accumulated other comprehensive (loss) income | (22) | 1 |
Total other comprehensive loss | (913) | (55) |
Balance at the end of the period | (32) | 705 |
Unrecognized Pension costs | ||
Changes in accumulated other comprehensive income by component | ||
Balance at the beginning of the period | (745) | (583) |
Other comprehensive loss before reclassification | ||
Amount reclassified from accumulated other comprehensive (loss) income | ||
Total other comprehensive loss | ||
Balance at the end of the period | $ (745) | $ (583) |
Subsequent Events (Detail Textu
Subsequent Events (Detail Textuals) - Subsequent Event - Allegheny Valley | Apr. 07, 2017USD ($)$ / sharesshares |
Subsequent Event [Line Items] | |
Number of shares received under merger agreement | shares | 2.083 |
Outstanding shares of Allegheny Valley common stock | shares | 1,040,924 |
Common stock issued for exchange | shares | 2,168,097 |
Per share price for fractional shares | $ / shares | $ 26.60 |
Purchased credit impaired loans | $ 2,467,000 |
Percentage reserved for collection of principal and interest on loans | 100.00% |
Loan portfolio without evidence of deterioration | $ 316,448,000 |
Fair value of loan | 311,736,000 |
Interest rate adjustment | 861,000 |
General credit adjustment | $ 3,851,000 |