Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 16, 2013 | Mar. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'Eureka Financial Corp. | ' | ' |
Entity Central Index Key | '0001501350 | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $17,674,000 |
Entity Common Stock, Shares Outstanding | ' | 1,254,497 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Assets: | ' | ' |
Cash and due from banks | $587,444 | $483,633 |
Interest-bearing deposits in other banks | 6,593,625 | 7,625,961 |
Cash and cash equivalents | 7,181,069 | 8,109,594 |
Investment securities available for sale | 6,291,877 | ' |
Investment securities held to maturity (fair value of $2,586,765 and $13,975,782, respectively) | 2,776,027 | 13,873,592 |
Mortgage-backed securities available for sale | 8,834 | 15,813 |
Federal Home Loan Bank ("FHLB") stock, at cost | 237,400 | 502,600 |
Loans receivable, net of allowance for loan losses of $1,299,038 and $1,142,038, respectively | 121,446,463 | 112,440,299 |
Premises and equipment, net | 1,168,235 | 1,214,909 |
Deferred tax asset, net | 941,624 | 994,070 |
Accrued interest receivable and other assets | 898,472 | 1,338,283 |
Total Assets | 140,950,001 | 138,489,160 |
Liabilities and Stockholders' Equity: | ' | ' |
Non-interest bearing | 5,010,755 | 4,107,787 |
Interest bearing | 112,446,667 | 110,388,759 |
Total deposits | 117,457,422 | 114,496,546 |
Advances from borrowers for taxes and insurance | 477,035 | 517,517 |
Accrued interest payable and other liabilities | 1,029,344 | 1,089,109 |
Total Liabilities | 118,963,801 | 116,103,172 |
Stockholders' Equity: | ' | ' |
Common stock, $0.01 par value; 10,000,000 shares authorized; 1,255,819 shares outstanding at September 30, 2013; 1,325,397 shares outstanding at September 30, 2012 | 12,558 | 13,254 |
Paid-in capital | 10,647,396 | 11,717,327 |
Retained earnings - substantially restricted | 12,147,028 | 11,164,708 |
Accumulated other comprehensive income (loss) | -361,394 | 1,019 |
Unearned ESOP shares | -459,388 | -510,320 |
Total Stockholders' Equity | 21,986,200 | 22,385,988 |
Total Liabilities and Stockholders' Equity | $140,950,001 | $138,489,160 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Balance Sheets [Abstract] | ' | ' |
Investment securities held to maturity, fair value | $2,586,765 | $13,975,782 |
Loans receivable, allowance | $1,299,038 | $1,142,038 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares outstanding | 1,255,819 | 1,325,397 |
Consolidated_Statement_Of_Inco
Consolidated Statement Of Income (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Interest Income | ' | ' |
Loans, including fees | $6,442,090 | $6,241,077 |
Investment securities and other interest-earning assets: | ' | ' |
Taxable | 234,238 | 623,016 |
Tax exempt | 78,130 | 43,276 |
Mortgage-backed securities | 866 | 1,155 |
Total Interest Income | 6,755,324 | 6,908,524 |
Interest Expense | ' | ' |
Deposits | 1,148,065 | 1,310,637 |
Total Interest Expense | 1,148,065 | 1,310,637 |
Net Interest Income | 5,607,259 | 5,597,887 |
Provision for Loan Losses | 157,000 | 142,000 |
Net Interest Income after Provision for Loan Losses | 5,450,259 | 5,455,887 |
Non-Interest Income | ' | ' |
Fees on deposit accounts | 35,941 | 35,335 |
Other income | 101,619 | 89,501 |
Total Non-Interest Income | 137,560 | 124,836 |
Non-Interest Expenses | ' | ' |
Salaries and benefits | 1,983,041 | 1,874,731 |
Occupancy | 374,960 | 376,680 |
Data processing | 254,165 | 240,809 |
Professional fees | 291,411 | 292,498 |
FDIC insurance premiums | 66,743 | 63,168 |
Charitable contributions | 87,113 | 87,650 |
Other | 388,348 | 370,764 |
Total Non-Interest Expenses | 3,445,781 | 3,306,300 |
Income Before Income Tax Provision | 2,142,038 | 2,274,423 |
Income Tax Provision | 748,671 | 812,155 |
Net Income | $1,393,367 | $1,462,268 |
Earnings per Common Share - Basic and Diluted | $1.14 | $1.17 |
Consolidated_Statement_Of_Comp
Consolidated Statement Of Comprehensive Income (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Consolidated Statement Of Comprehensive Income [Abstract] | ' | ' |
Net Income | $1,393,367 | $1,462,268 |
Increase in unrealized losses on available for sale securities | -549,110 | -480 |
Income tax effect | 186,697 | 163 |
Other comprehensive loss, net of tax: | -362,413 | -317 |
Total Comprehensive Income | $1,030,954 | $1,461,951 |
Consolidated_Statement_Of_Chan
Consolidated Statement Of Changes In Stockholders' Equity (USD $) | Common Stock [Member] | Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Unearned ESOP Shares [Member] | Total |
Balance at Sep. 30, 2011 | $13,147 | $11,945,757 | $10,072,616 | $1,336 | ($568,130) | $21,464,726 |
Balance, Shares at Sep. 30, 2011 | 1,314,705 | ' | ' | ' | ' | ' |
Net Income | ' | ' | 1,462,268 | ' | ' | 1,462,268 |
Other comprehensive loss | ' | ' | ' | -317 | ' | -317 |
Issuance of restricted stock shares | 305 | -305 | ' | ' | ' | ' |
Issuance of restricted stock shares, shares | 30,545 | ' | ' | ' | ' | ' |
Compensation expense related to restricted stock | ' | 32,970 | ' | ' | ' | 32,970 |
Compensation expense related to stock options | ' | 7,225 | ' | ' | ' | 7,225 |
ESOP shares owned | ' | 31,173 | ' | ' | 57,810 | 88,983 |
Purchase and retirement of common stock | -198 | -299,493 | ' | ' | ' | -299,691 |
Purchase and retirement of common stock, Shares | -19,853 | ' | ' | ' | ' | ' |
Dividends on common stock | ' | ' | -370,176 | ' | ' | -370,176 |
Balance at Sep. 30, 2012 | 13,254 | 11,717,327 | 11,164,708 | 1,019 | -510,320 | 22,385,988 |
Balance, Shares at Sep. 30, 2012 | 1,325,397 | ' | ' | ' | ' | ' |
Net Income | ' | ' | 1,393,367 | ' | ' | 1,393,367 |
Other comprehensive loss | ' | ' | ' | -362,413 | ' | -362,413 |
Compensation expense related to restricted stock | ' | 79,128 | ' | ' | ' | 79,128 |
Compensation expense related to stock options | ' | 17,340 | ' | ' | ' | 17,340 |
ESOP shares owned | ' | 41,688 | ' | ' | 50,932 | 92,620 |
Purchase and retirement of common stock | -696 | -1,208,087 | ' | ' | ' | -1,208,783 |
Purchase and retirement of common stock, Shares | -69,578 | ' | ' | ' | ' | ' |
Dividends on common stock | ' | ' | -411,047 | ' | ' | -411,047 |
Balance at Sep. 30, 2013 | $12,558 | $10,647,396 | $12,147,028 | ($361,394) | ($459,388) | $21,986,200 |
Balance, Shares at Sep. 30, 2013 | 1,255,819 | ' | ' | ' | ' | ' |
Consolidated_Statement_Of_Chan1
Consolidated Statement Of Changes In Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Consolidated Statement Of Changes In Stockholders' Equity [Abstract] | ' | ' |
Common stock, dividends per share | $0.32 | $0.28 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
OPERATING ACTIVITIES | ' | ' |
Net income | $1,393,367 | $1,462,268 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation of premises and equipment | 165,711 | 172,602 |
Provision for loan losses | 157,000 | 142,000 |
Net accretion/amortization of discounts and premiums on securities and net amortization of loan fees and costs | -2,616 | -12,146 |
Compensation expense for ESOP, restricted stock, and stock options | 189,087 | 129,178 |
Deferred tax expense | 239,144 | 539,380 |
Decrease in accrued interest receivable | 85,020 | 7,182 |
Decrease in other assets | 270,320 | 231,090 |
Decrease in accrued interest payable | -16,430 | -57,627 |
Increase in retirement fund obligation | -33,457 | ' |
Increase in other liabilities | 66,906 | 175,193 |
Net cash provided by operating activities | 2,514,052 | 2,789,120 |
INVESTING ACTIVITIES | ' | ' |
Proceeds from maturities and redemptions of investment securities held to maturity | 12,450,000 | 16,505,000 |
Purchase of investment securities available for sale | -6,840,000 | ' |
Purchase of investment securities held to maturity | -1,350,000 | -13,400,000 |
Net paydowns in mortgage-backed securities | 6,173 | 9,394 |
Redemption of FHLB stock | 265,200 | 145,800 |
Net increase in loans | 144,041 | 3,302,363 |
Commercial leases purchased | -9,307,205 | -11,528,832 |
Premises and equipment expenditures | -119,037 | -148,846 |
Net cash (used for) provided by investing activities | -4,750,828 | -5,115,121 |
FINANCING ACTIVITIES | ' | ' |
Net increase (decrease) in deposit accounts | 2,960,876 | -287,750 |
Net (decrease) increase in advances from borrowers for taxes and insurance | -40,482 | 44,701 |
Purchase and retirement of common stock | -1,208,783 | -299,691 |
Payment of dividends | -403,360 | -369,426 |
Net cash provided by (used for) financing activities | 1,308,251 | -912,166 |
Net decrease in cash and cash equivalents | -928,525 | -3,238,167 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 8,109,594 | 11,347,761 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 7,181,069 | 8,109,594 |
SUPPLEMENTAL INFORMATION | ' | ' |
Interest on deposits | 1,164,495 | 1,368,264 |
Income taxes | $505,000 | $92,000 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | |||||
Sep. 30, 2013 | ||||||
Summary Of Significant Accounting Policies [Abstract] | ' | |||||
Summary Of Significant Accounting Policies | ' | |||||
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||
Eureka Financial Corp. and subsidiary (the “Company”) provide a variety of financial services to individuals and corporate customers through its main office and branch located in southwestern Pennsylvania. The Company’s primary deposit products are interest-bearing checking accounts, savings accounts, and certificates of deposits. Its primary lending products are single-family residential loans, multi-family and commercial real estate loans, and commercial leases. | ||||||
Nature of Operations and Basis of Presentation | ||||||
Eureka Financial Corp. (“Eureka Financial”) is a Maryland corporation and stock holding company established in 2011, whose wholly owned subsidiary is Eureka Bank (the “Bank”), a federally chartered stock savings bank located in Pittsburgh, Pennsylvania. | ||||||
The Bank operates as a community-oriented financial institution offering traditional financial services to consumers and businesses in the Oakland and Shaler sections of the Pittsburgh metropolitan area. The Bank attracts deposits from the general public and uses those funds to originate one-to-four family real estate, multi-family and commercial real estate, commercial loans, lines of credit, construction, and consumer loans and to purchase commercial leases. The Bank generally holds all its loans for investment. The Bank is subject to regulation and supervision by the Office of the Comptroller of the Currency, while Eureka Financial is subject to regulation and supervision by the Federal Reserve Board. | ||||||
The consolidated financial statements include the accounts of Eureka Financial and its wholly owned subsidiary, the Bank. All significant intercompany transactions and balances have been eliminated in consolidation. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles and with general practices within the banking industry. In preparing the financial statements, management is required to make certain estimates and assumptions that affect the reported amounts of assets and liabilities as of the Consolidated Balance Sheet date and reported amounts of revenue and expenses for the period. Actual results could differ significantly from those estimates. | ||||||
Investment and Mortgage-Backed Securities | ||||||
Investment securities and mortgage-backed securities are classified at the time of purchase, based on management’s intention and ability to hold such securities to maturity, as securities held to maturity or securities available for sale. Debt securities acquired with the intent and ability to hold to maturity are stated at cost adjusted for amortization of premium and accretion of discount that are computed using the level yield method and recognized as adjustments of interest income. Debt securities have been classified as available for sale to serve principally as a source of liquidity. Unrealized holding gains and losses for available-for-sale securities are reported in the other comprehensive income component of stockholders’ equity, net of tax, until realized. Realized securities gains and losses are computed using the specific identification method. Interest and dividends on investment securities are recognized as income when earned. | ||||||
Securities are evaluated on at least a quarterly basis and more frequently when economic or market conditions warrant such an evaluation to determine whether a decline in their value is other than temporary. For debt securities, management considers whether the present value of cash flows expected to be collected are less than the security’s amortized cost basis (the difference defined as the credit loss), the magnitude and duration of the decline, the reasons underlying the decline, and the Company’s intent to sell the security or whether it is more likely than not that the Company would be required to sell the security before its anticipated recovery in market value, to determine whether the loss in value is other than temporary. Once a decline in value is determined to be other than temporary, if the Company does not intend to sell the security, and it is more likely than not that it will not be required to sell the security, before recovery of the security’s amortized cost basis, the charge to earnings is limited to the amount of credit loss. Any remaining difference between fair value and amortized cost (the difference defined as the noncredit portion) is recognized in other comprehensive income, net of applicable taxes. Otherwise, the entire difference between fair value and amortized cost is charged to earnings. | ||||||
Loans | ||||||
Loans are reported at their unpaid principal balance plus loan premiums less any undisbursed portion of loans, unamortized loan fees and costs, and allowance for loan losses. Loan origination fees and certain direct loan origination costs are deferred and amortized over the contractual lives of the related loans, as an adjustment of yield (interest income), using the level yield method. Premiums on loans are amortized over the contractual lives of the related loans, using the level yield method. | ||||||
Recognition of interest by the accrual method is generally discontinued when interest or principal payments are over 90 days in arrears on a contractual basis, or when other factors indicate that the collection of such amounts is doubtful. At the time a loan is placed on nonaccrual status, an allowance for uncollected interest is recorded in the current period for previously accrued and uncollected interest. Interest on such loans is either applied against principal or recognized as income when payments are received. A loan is returned to accrual status when interest or principal payments are no longer more than 90 days in arrears on a contractual basis and factors indicating doubtful collectability no longer exist. | ||||||
Allowance for Loan Losses | ||||||
An allowance for loan losses is maintained at a level that represents management’s best estimate of losses known and inherent in the loan portfolio that are both probable and reasonable to estimate. The allowance is decreased by loan charge-offs, increased by subsequent recoveries of loans previously charged-off, and then adjusted, via either a charge or credit to operations, to an amount determined by management to be necessary. Loans or portions thereof are charged-off when, after collection efforts are exhausted, they are determined to be uncollectible. Management of the Company, in determining the allowance for loan losses, considers the losses inherent in its loan portfolio and changes in the nature and volume of its loan activities, along with the general economic and real estate market conditions. The Company utilizes a two-tier approach: (1) identification of impaired loans and establishment of a specific allowance allocation on such loans, and (2) establishment of general valuation allowances on the remainder of its loan portfolio. | ||||||
The Company maintains a loan review system which allows for a periodic review of its loan portfolio and the early identification of potential impaired loans. Such system takes into consideration, among other things, delinquency status, size of loans, type of collateral, and financial condition of the borrowers. Specific loan loss allowances are established for identified loans based on a review of such information and/or appraisals of the underlying collateral. General loan losses are based upon a combination of factors including, but not limited to, actual loan loss experience, size and composition of the loan portfolio, and current economic conditions and management’s judgment. Although management believes that specific and general loan losses are established in accordance with management’s best estimate, actual losses are dependent upon future events and, as such, further additions to the level of loan loss allowances may be necessary. | ||||||
A loan evaluated for impairment is deemed to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. All loans identified as impaired are evaluated independently. The Company does not aggregate such loans for evaluation purposes. Payments received on impaired loans are applied first to interest receivable and then to principal. | ||||||
Premises and Equipment | ||||||
Land is carried at cost. Building and improvements, furniture, fixtures and equipment, vehicles, and leasehold improvements are carried at cost, less accumulated depreciation computed on the straight-line method over the following estimated useful lives: | ||||||
Years | ||||||
Building and improvements | May-50 | |||||
Furniture, fixtures and equipment | 10-Mar | |||||
Leasehold improvements | Shorter of useful lives or lease term | |||||
Vehicles | 5 | |||||
Costs for maintenance and repairs are expensed currently while costs of major additions or improvements are capitalized. | ||||||
Restricted Investment in Bank Stock | ||||||
As a member of the Federal Home Loan Bank of Pittsburgh (the “FHLB”), the Bank is required to maintain a minimum amount of FHLB stock. The investment is required by law according to a predetermined formula. This investment is carried at cost. | ||||||
Management evaluates the restricted stock for impairment. Management’s determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of their cost is influenced by criteria such as: (1) the significance of the decline in net assets of the FHLB as compared with the capital stock amount for the FHLB and the length of time this situation has persisted; (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB; (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the FHLB; and (4) the liquidity position of the FHLB. There was no impairment of the FHLB stock as of September 30, 2013 or 2012. | ||||||
Other Real Estate Owned | ||||||
Real estate properties acquired through or in lieu of loan foreclosure are initially recorded at the lower of cost or fair value less estimated selling cost at the date of foreclosure. Any write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for loan losses. Costs of significant property improvements are capitalized, whereas costs relating to holding property are expensed. The portion of interest costs relating to development of real estate is capitalized. Valuations are periodically performed by management, and any subsequent write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the lower of its cost or fair value less cost to sell. | ||||||
Income Taxes | ||||||
The Company uses an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually for cumulative differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. Eureka Financial and the Bank file a consolidated federal income tax return. | ||||||
Eureka Financial has entered into a tax allocation agreement with the Bank as a result of their status as members of an affiliated group under the Internal Revenue Code. The tax allocation agreement generally provides that Eureka Financial will file consolidated federal income tax returns with the Bank. The tax allocation agreement also formalizes procedures for allocating the consolidated tax liability of the group among its members and establishes procedures for the payments by the Bank to Eureka Financial for tax liabilities attributable to the Bank. | ||||||
The Company prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Benefits from tax positions should be recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met. | ||||||
There is currently no liability for uncertain tax positions and no known unrecognized tax benefits. The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Consolidated Statement of Income. With few exceptions, the Company is no longer subject to U.S. federal or state income tax examinations by tax authorities for years before 2005 and for the year 2010. | ||||||
Advertising Costs | ||||||
Advertising costs are expensed as incurred. Advertising expense totaled $4,685 and $14,526 for the years ended September 30, 2013 and 2012, respectively. | ||||||
Earnings Per Share | ||||||
Basic earnings per share exclude dilution and are computed by dividing net income by weighted-average shares outstanding. Diluted earnings per share are computed by dividing net income by weighted-average shares outstanding plus potential common stock resulting from dilutive stock options. | ||||||
The following is a reconciliation of the numerators and denominators of the basic and dilutive earnings per share computations for net income for the years ended September 30, 2013 and 2012: | ||||||
September 30, | ||||||
2013 | 2012 | |||||
Weighted average common shares outstanding | 1,295,346 | 1,320,479 | ||||
Average unearned nonvested shares | -21,067 | -10,598 | ||||
Average unearned employee stock ownership plan shares | -47,106 | -57,799 | ||||
Weighted average common shares and common stock equivalents | ||||||
used to calculate basic earnings per share | 1,227,173 | 1,252,082 | ||||
Additional common stock equivalents (nonvested stock) used | ||||||
to calculate diluted earnings per share | - | - | ||||
Additional common stock equivalents (stock options) used | ||||||
to calculate diluted earnings per share | 98 | - | ||||
Weighted average common shares and common stock equivalents | ||||||
used to calculate basic and diluted earnings per share | 1,227,271 | 1,252,082 | ||||
Net income | $ | 1,393,367 | $ | 1,462,268 | ||
Basic and diluted earnings per share | $ | 1.14 | $ | 1.17 | ||
As of September 30, 2013 and 2012, there were 25,961 shares of restricted stock outstanding with a grant price of $15.24 not included in the computation of diluted earnings per share because to do so would be anti-dilutive. | ||||||
Options to purchase 13,681 and 64,907 shares of common stock at $15.24 per share were outstanding at September 30, 2013 and 2012, respectively, but were not included in the computation of diluted earnings per share as they were anti-dilutive due to the exercise price being greater than the average market price. | ||||||
Off-Balance Sheet Related Financial Instruments | ||||||
In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under commercial lines of credit, and standby letters of credit. Such financial instruments are recorded when they are funded. | ||||||
Comprehensive Income | ||||||
The Company is required to present comprehensive income in a full set of general-purpose financial statements for all periods presented. Other comprehensive income is comprised of unrealized holding gains (losses) on investment securities available for sale. | ||||||
Cash Equivalents | ||||||
For purposes of the Consolidated Statements of Cash Flows, all cash and amounts due from banks and interest-bearing deposits in other banks with an initial maturity of three months or less are considered to be cash equivalents. | ||||||
Reclassifications | ||||||
Certain comparative amounts from the prior-year period have been reclassified to conform to current-period classifications. Such reclassifications had no effect on net income and stockholders’ equity. | ||||||
Recent Accounting Pronouncements | ||||||
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The amendments in this ASU affect all entities that have financial instruments and derivative instruments that are either (1) offset in accordance with either Accounting Standards Codification (“ASC”) or or (2) subject to an enforceable master netting arrangement or similar agreement. The requirements amend the disclosure requirements on offsetting in ASC . This information will enable users of an entity's financial statements to evaluate the effect or potential effect of netting arrangements on an entity's financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments in the scope of this ASU. An entity is required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||||||
In October 2012, the FASB issued ASU 2012-06, Business Combinations (Topic 805): Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution. Accounting for a business combination requires that at each subsequent reporting date, an acquirer must measure an indemnification asset on the same basis as the indemnified liability or asset, subject to any contractual limitations on its amount, and, for an indemnification asset that is not subsequently measured at its fair value, management’s assessment of the collectibility of the indemnification asset. The objective of this ASU is to address the diversity in practice about how to interpret the terms on the same basis and contractual limitations when subsequently measuring an indemnification asset recognized in a government-assisted (Federal Deposit Insurance Corporation or National Credit Union Administration) acquisition of a financial institution that includes a loss-sharing agreement (indemnification agreement). This ASU is not expected to have a significant impact on the Company’s financial statements. | ||||||
In January 2013, the FASB issued ASU 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The main objective in this ASU is to address implementation issues about the scope of ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The amendments clarify that the scope of ASU 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with ASC Section 210-20-45 or Section 815-10-45 or subject to an enforceable master arrangement or similar agreement. Entities with other types of financial assets and financial liabilities subject to a master netting arrangement or similar agreement also are affected because these amendments make them no longer subject to the disclosure requirements in ASU 2011-11. An entity is required to apply the amendments for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||||||
In February 2013, the FASB issued ASU 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. The objective of the amendments in this ASU is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. generally accepted accounting principles (“GAAP”). Examples of obligations within the scope of this ASU include debt arrangements, other contractual obligations, and settled litigation and judicial rulings. U.S. GAAP does not include specific guidance on accounting for such obligations with joint and several liability, which has resulted in diversity in practice. Some entities record the entire amount under the joint and several liability arrangement on the basis of the concept of a liability and the guidance that must be met to extinguish a liability. Other entities record less than the total amount of the obligation, such as an amount allocated, an amount corresponding to the proceeds received, or the portion of the amount the entity agreed to pay among its co-obligors, on the basis of the guidance for contingent liabilities. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. This ASU is not expected to have a significant impact on the Company’s financial statements. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||||||
In April 2013, the FASB issued ASU 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting. The amendments in this ASU are being issued to clarify when an entity should apply the liquidation basis of accounting. In addition, the guidance provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. The amendments require an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is imminent when the likelihood is remote that the entity will return from liquidation and either (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective and the likelihood is remote that the execution of the plan will be blocked by other parties or (b) a plan for liquidation is being imposed by other forces (for example, involuntary bankruptcy). If a plan for liquidation was specified in the entity’s governing documents from the entity’s inception (for example, limited-life entities), the entity should apply the liquidation basis of accounting only if the approved plan for liquidation differs from the plan for liquidation that was specified at the entity’s inception. The amendments are effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. Entities should apply the requirements prospectively from the day that liquidation becomes imminent. Early adoption is permitted. Entities that use the liquidation basis of accounting as of the effective date in accordance with other Topics (for example, terminating employee benefit plans) are not required to apply the amendments. Instead, those entities should continue to apply the guidance in those other Topics until they have completed liquidation. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||||||
In June 2013, the FASB issued ASU 2013-08, Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements. The amendments in this ASU affect the scope, measurement, and disclosure requirements for investment companies under U.S. GAAP. The amendments do all of the following: (1.) change the approach to the investment company assessment in Topic 946, clarify the characteristics of an investment company, and provide comprehensive guidance for assessing whether an entity is an investment company; (2.) require an investment company to measure noncontrolling ownership interests in other investment companies at fair value rather than using the equity method of accounting; and (3.) require the following additional disclosures: (a) the fact that the entity is an investment company and is applying the guidance in Topic 946, (b) information about changes, if any, in an entity’s status as an investment company, and (c) information about financial support provided or contractually required to be provided by an investment company to any of its investees. The amendments in this ASU are effective for an entity’s interim and annual reporting periods in fiscal years that begin after December 15, 2013. Earlier application is prohibited. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||||||
In July 2013, the FASB issued ASU 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this ASU permit the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to UST and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||||||
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. | ||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||
Accumulated Other Comprehensive Income | ' | ||||||
2. ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||
The following table presents the changes in accumulated comprehensive income by component net of tax for the years ended September 30, 2013 and 2012: | |||||||
Unrealized Losses | Unrealized Losses | ||||||
on Available for Sale | on Available for Sale | ||||||
Securities | Securities | ||||||
Balance as of October 1, 2012 | $ | 1,019 | Balance as of October 1, 2011 | $ | 1,336 | ||
Other comprehensive loss before reclassification | -362,413 | Other comprehensive loss before reclassification | -317 | ||||
Amount reclassified from accumulated | Amount reclassified from accumulated | ||||||
other comprehensive income | - | other comprehensive income | - | ||||
Total other comprehensive loss | -362,413 | Total other comprehensive loss | -317 | ||||
Balance as of September 30, 2013 | $ | -361,394 | Balance as of September 30, 2012 | $ | 1,019 | ||
Investment_Securities
Investment Securities | 12 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Investment Securities [Abstract] | ' | |||||||||||||||||
Investment Securities | ' | |||||||||||||||||
3. INVESTMENT SECURITIES | ||||||||||||||||||
Investment securities available for sale consisted of the following at September 30, 2013. | ||||||||||||||||||
30-Sep-13 | ||||||||||||||||||
Gross | Gross | |||||||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||||
Obligations of states | ||||||||||||||||||
and political subdivisions | $ | 592,346 | $ | - | $ | -43,894 | $ | 548,452 | ||||||||||
U.S. government agency | ||||||||||||||||||
securities | 6,247,825 | - | -504,400 | 5,743,425 | ||||||||||||||
Total | $ | 6,840,171 | $ | - | $ | -548,294 | $ | 6,291,877 | ||||||||||
There were no investment securities available for sale at September 30, 2012. | ||||||||||||||||||
The amortized cost and fair value of investment securities available for sale at September 30, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers might have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||
30-Sep-13 | ||||||||||||||||||
Amortized | Fair | |||||||||||||||||
Cost | Value | |||||||||||||||||
Due after one year through five years | $ | 292,346 | $ | 290,812 | ||||||||||||||
Due after ten years | 6,547,825 | 6,001,065 | ||||||||||||||||
Total | $ | 6,840,171 | $ | 6,291,877 | ||||||||||||||
Investment securities held to maturity consisted of the following at September 30, 2013 and 2012: | ||||||||||||||||||
30-Sep-13 | ||||||||||||||||||
Gross | Gross | |||||||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||||
Obligations of states | ||||||||||||||||||
and political subdivisions | $ | 2,026,027 | $ | 50,094 | $ | -113,206 | $ | 1,962,915 | ||||||||||
U.S. government agency | ||||||||||||||||||
securities | 750,000 | - | -126,150 | 623,850 | ||||||||||||||
Total | $ | 2,776,027 | $ | 50,094 | $ | -239,356 | $ | 2,586,765 | ||||||||||
30-Sep-12 | ||||||||||||||||||
Gross | Gross | |||||||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||||
Obligations of states | ||||||||||||||||||
and political subdivisions | $ | 1,425,468 | $ | 28,878 | $ | -2,029 | $ | 1,452,317 | ||||||||||
U.S. government agency | ||||||||||||||||||
securities | 12,448,124 | 78,029 | -2,688 | 12,523,465 | ||||||||||||||
Total | $ | 13,873,592 | $ | 106,907 | $ | -4,717 | $ | 13,975,782 | ||||||||||
U.S. government agency securities with carrying values of $1,074,700 and $1,499,278 at September 30, 2013 and 2012, respectively, were pledged to secure public deposits held by the Company. | ||||||||||||||||||
The amortized cost and fair value of securities held to maturity at September 30, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers might have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||
30-Sep-13 | ||||||||||||||||||
Amortized | Fair | |||||||||||||||||
Cost | Value | |||||||||||||||||
Due from five to ten years | $ | 493,086 | $ | 537,620 | ||||||||||||||
Due after ten years | 2,282,941 | 2,049,145 | ||||||||||||||||
$ | 2,776,027 | $ | 2,586,765 | |||||||||||||||
The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at September 30, 2013 and 2012. | ||||||||||||||||||
30-Sep-13 | ||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | ||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||
Obligations of states | ||||||||||||||||||
and political subdivisions | $ | 1,376,627 | $ | -157,100 | $ | - | $ | - | $ | 1,376,627 | $ | -157,100 | ||||||
U.S. government agency | ||||||||||||||||||
securities | 6,367,275 | -630,550 | - | - | 6,367,275 | -630,550 | ||||||||||||
$ | 7,743,902 | $ | -787,650 | $ | - | $ | - | $ | 7,743,902 | $ | -787,650 | |||||||
30-Sep-12 | ||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | ||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||
Obligations of states | ||||||||||||||||||
and political subdivisions | $ | 588,930 | $ | -2,029 | $ | - | $ | - | $ | 588,930 | $ | -2,029 | ||||||
U.S. government agency | ||||||||||||||||||
securities | 1,997,125 | -2,688 | - | - | 1,997,125 | -2,688 | ||||||||||||
$ | 2,586,055 | $ | -4,717 | $ | - | $ | - | $ | 2,586,055 | $ | -4,717 | |||||||
The Company reviews its position quarterly and has determined that at September 30, 2013, the declines outlined in the above table represent temporary declines and the Company does not intend to sell and does not believe it will be required to sell these securities before recovery of its cost basis, which may be at maturity. All investments are interest rate sensitive. These investments earn interest at fixed and adjustable rates. The adjustable-rate instruments are generally linked to an index, such as the three-month LIBOR rate, plus or minus a variable. The value of these instruments fluctuates with interest rates. | ||||||||||||||||||
The Company had 16 securities in an unrealized loss position at September 30, 2013, and five securities in an unrealized loss position at September 30, 2012. The Company has concluded that the unrealized losses disclosed above are not other than temporary but are the result of interest rate changes or sector credit ratings changes that are not expected to result in the non-collection of principal and interest during the period. The Company’s current intention is not to sell any impaired securities and it is more likely than not it will not be required to sell these securities before the recovery of its amortized cost basis. | ||||||||||||||||||
MortgageBacked_Securities
Mortgage-Backed Securities | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Mortgage-Backed Securities [Abstract] | ' | |||||||||||
Mortgage-Backed Securities | ' | |||||||||||
4. MORTGAGE-BACKED SECURITIES | ||||||||||||
The amortized cost and fair values of mortgage-backed securities, all of which are government-sponsored entities secured by residential real estate and are available for sale, are summarized as follows at September 30, 2013 and 2012: | ||||||||||||
30-Sep-13 | ||||||||||||
Gross | Gross | |||||||||||
Amortized | Unrealized | Unrealized | ||||||||||
Cost | Gains | Losses | Fair Value | |||||||||
Freddie Mac Certificates | $ | 1,183 | $ | 91 | $ | - | $ | 1,274 | ||||
Fannie Mae Certificates | 6,923 | 637 | - | 7,560 | ||||||||
Total | $ | 8,106 | $ | 728 | $ | - | $ | 8,834 | ||||
30-Sep-12 | ||||||||||||
Gross | Gross | |||||||||||
Amortized | Unrealized | Unrealized | ||||||||||
Cost | Gains | Losses | Fair Value | |||||||||
Freddie Mac Certificates | $ | 1,552 | $ | 106 | $ | - | $ | 1,658 | ||||
Fannie Mae Certificates | 12,717 | 1,438 | - | 14,155 | ||||||||
Total | $ | 14,269 | $ | 1,544 | $ | - | $ | 15,813 | ||||
The amortized cost and fair values of mortgage-backed securities at September 30, 2013, by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers have the right to repay obligations without penalty. Amounts have been rounded to the nearest dollar. | ||||||||||||
30-Sep-13 | ||||||||||||
Amortized | ||||||||||||
Cost | Fair Value | |||||||||||
Due in one year or less | $ | - | $ | - | ||||||||
Due after one year through five years | 6,388 | 6,951 | ||||||||||
Due after five years through ten years | 509 | 549 | ||||||||||
Due after ten years | 1,209 | 1,334 | ||||||||||
$ | 8,106 | $ | 8,834 | |||||||||
The Company reviews its position quarterly for other-than-temporary impairment. The Company had no mortgage-backed securities in an unrealized loss position at September 30, 2013 or 2012. | ||||||||||||
Loans_And_Related_Allowance_Fo
Loans And Related Allowance For Loan Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Loans And Related Allowance For Loan Losses [Abstract] | ' | ||||||||||||||||||||||||||||||||
Loans And Related Allowance For Loan Losses | ' | ||||||||||||||||||||||||||||||||
5. LOANS AND RELATED ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||||||||||||||||
Major classifications of loans at September 30, 2013 and 2012 are summarized as follows: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
One-to-four family real estate - owner occupied | $ | 20,484,626 | $ | 22,841,158 | |||||||||||||||||||||||||||||
One-to-four family real estate - non-owner occupied | 32,747,845 | 29,150,275 | |||||||||||||||||||||||||||||||
Construction and land | 3,847,052 | 448,170 | |||||||||||||||||||||||||||||||
Multi-family real estate | 17,707,984 | 14,180,454 | |||||||||||||||||||||||||||||||
Commercial real estate | 22,682,578 | 20,913,333 | |||||||||||||||||||||||||||||||
Home equity and second mortgages | 1,235,098 | 1,261,447 | |||||||||||||||||||||||||||||||
Secured loans | 188,561 | 269,520 | |||||||||||||||||||||||||||||||
Commercial leases and loans | 20,074,035 | 19,411,283 | |||||||||||||||||||||||||||||||
Commercial lines of credit | 4,029,645 | 5,283,445 | |||||||||||||||||||||||||||||||
122,997,424 | 113,759,085 | ||||||||||||||||||||||||||||||||
Plus: | |||||||||||||||||||||||||||||||||
Unamortized loan premiums | 13,813 | 15,534 | |||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||
Unamortized loan fees and costs, net | -265,736 | -192,282 | |||||||||||||||||||||||||||||||
Allowance for loan losses | -1,299,038 | -1,142,038 | |||||||||||||||||||||||||||||||
$ | 121,446,463 | $ | $ 112,440,299 | ||||||||||||||||||||||||||||||
Loan Portfolio Composition | |||||||||||||||||||||||||||||||||
The loan and lease receivable portfolio is broken down into the following categories: (1) one-to-four family real estate loans - owner occupied and non-owner occupied (2) construction loans; (3) multi-family real estate loans; (4) commercial real estate loans; (5) home equity and second mortgage loans; (6) secured loans; (7) commercial leases and loans; and (8) commercial lines of credit. | |||||||||||||||||||||||||||||||||
One-to-four family real estate loans include residential first mortgage loans originated by the Company in the greater Pittsburgh metropolitan area. The Company currently originates fully amortizing loans with maturities up to 30 years. These loans have a maximum loan-to-value ratio of 80 percent, unless they fall into the first-time homebuyer program in the Company’s Community Reinvestment Act Assessment Area, and then the maximum loan-to-value ratio can extend up to 95 percent. Due to the Company’s stringent underwriting, historical losses, and location of the majority of the portfolio, the Company’s risk on this segment of the portfolio is considered minimal. | |||||||||||||||||||||||||||||||||
Construction loans include dwelling and land loans where funds are being held by the Company until the construction has ended. Dwelling construction consists of new construction and upgrades to existing dwellings. The normal construction period is for a term of six months. Construction loans on land are originated for developments where the land is being prepared for future home building. On-site inspections are performed as per the draw schedule for all construction loans. The risk associated with the construction loans is considered low, since the Company makes only a small number of these loans at any given time and adheres to the draw schedule to ensure work is being completed in a timely and professional manner. | |||||||||||||||||||||||||||||||||
Multi-family real estate loans include five or more unit dwellings. These loans could pose a higher risk to the Company than the one-to-four family real estate loans and, therefore, are originated with a term of up to 20 years and a loan-to-value ratio of 75 percent. Different risk factors are taken into consideration when originating these loans, such as location, the strength of borrower, rent rolls, and total lending relationship with the borrower(s). | |||||||||||||||||||||||||||||||||
Commercial real estate loans consist of loans that are originated in which a commercial property is being used as collateral. These loans also produce a higher risk to the Company and have the same maximum terms and loan-to-value ratios as the multi-family loans. The risks associated with these loans are affected by economic conditions, location, strength of borrower, rent rolls, and potential resale value should foreclosure become necessary. | |||||||||||||||||||||||||||||||||
Home equity and second mortgages include loans as first or second liens to any applicant who maintains an owner-occupied or single-family dwelling. These loans also include home equity lines of credit. The maximum loan amount is $100,000. The first and second liens combined cannot exceed 80 percent of the appraised value of the property. The risk to the Company depends on whether it holds the first and/or second lien. The Company relies heavily on the appraised value to ensure equity is available, as well as the strength of the borrower. These loans are not considered to be more than moderate risk. | |||||||||||||||||||||||||||||||||
Secured loans are made to applicants who maintain deposit accounts at the Company. The Company will originate these loans up to a term of five years or to maturity date whichever comes first. These loans pose no risk to the Company, since the loan amount will never exceed the collateral that is securing the loan. | |||||||||||||||||||||||||||||||||
Commercial leases and loans consist of loans that typically are collateralized by either equipment or vehicles. Forms under the Uniform Commercial Code are filed on all collateral to ensure the Company has the ability to take possession should the loan go into default. The maximum term is up to seven years but typically falls in the three- to five-year range, which gives the Company a quicker repayment of the debt. Based on the collateral alone, the value of which is sometimes difficult to ascertain and can fluctuate as the market and economic climate change, these loans do have a higher risk assigned to them. However, the Company’s historical loss on these loans has been negligible over the last ten years, which is also taken into consideration when the loans are originated and before they are assigned a risk weighting. | |||||||||||||||||||||||||||||||||
Commercial lines of credit consist of lines where residential property is primarily used as collateral. These loans are made to individuals as well as companies and are collateralized by residential and commercial property, equipment, or receivables. The loan amount is determined by the borrower’s financial strength as well as the collateral. The lines are based on the collateral and the ability of the borrower(s) to repay the debt. The lines are closely monitored and limits adjusted accordingly based on updated tax returns and/or other changes to the financial wellbeing of the borrower(s). Subsequently, risk is controlled but considered moderate based on the collateral and nature of the loan. | |||||||||||||||||||||||||||||||||
Credit Quality | |||||||||||||||||||||||||||||||||
Management has an established methodology to determine the adequacy of the allowance for loan losses that assesses the risks and losses inherent in the loan portfolio. For purposes of determining the allowance for loan losses, the Company has segmented certain loans in the portfolio by product type. Loans are segmented into the following pools: one-to-four family real estate (owner occupied), one-to-four family real estate (non-owner occupied), construction, multi-family real estate, commercial real estate, home equity and second mortgages, secured loans, commercial leases and loans, and commercial lines of credit. Historical loss percentages for each risk category are calculated and used as the basis for calculating allowance allocations. These historical loss percentages are calculated over a three-year period for all portfolio segments. Certain qualitative factors are then added to the historical allocation percentage to get the adjusted factor to be applied to nonclassified loans. These qualitative factors are reviewed each quarter and adjusted based upon relevant changes within the portfolio. During the year ended September 30, 2013, the qualitative factors did not change significantly in comparison to the prior year. | |||||||||||||||||||||||||||||||||
To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Company has a structured loan rating process with several layers of internal and external oversight. Generally, residential real estate and consumer loans are included in the pass category unless a specific action, such as delinquency greater than 90 days, bankruptcy, repossession, or death occurs to raise awareness of a possible credit event. | |||||||||||||||||||||||||||||||||
Rating 1 – Pass | |||||||||||||||||||||||||||||||||
Rating 1 has asset risks ranging from excellent low risk to acceptable. This rating considers customer history of earnings, cash flow, liquidity, leverage, capitalization, consistency of debt service coverage, the nature and extent of customer relationship, and other relevant specific business factors, such as the stability of the industry or market area, changes to management, litigation, or unexpected events that could have an impact on risks. | |||||||||||||||||||||||||||||||||
Rating 2 – Special Mention | |||||||||||||||||||||||||||||||||
A special mention asset has a potential weakness that deserves management’s close attention. If left uncorrected, the potential weakness may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. The Special mention classification is a transitory one and is the first classification that requires an action plan to resolve the weaknesses inherent to the credit. These relationships are reviewed at least quarterly. | |||||||||||||||||||||||||||||||||
Rating 3 – Substandard | |||||||||||||||||||||||||||||||||
Substandard assets are assets that are inadequately protected by the sound worth or paying capacity of the borrower or of the collateral pledged. These assets have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified as substandard. The loans may have a delinquent history or combination of weak collateral, weak guarantor strength, or income statement losses. These assets listed may include assets with histories of repossessions or some that are non-performing bankruptcies. These relationships are reviewed at least quarterly. | |||||||||||||||||||||||||||||||||
Rating 4 – Doubtful | |||||||||||||||||||||||||||||||||
Doubtful assets have many of the same characteristics of substandard assets, with the exception that the Company has determined that loss is not only possible but is probable and the risk is close to certain that loss will occur. When a loan is assigned to this category, the Company will identify the probable loss and it will receive allocation in the loan loss reserve analysis. These relationships are reviewed at least quarterly. | |||||||||||||||||||||||||||||||||
Rating 5 – Loss | |||||||||||||||||||||||||||||||||
Once an asset is identified as a definite loss to the Company, it will receive the classification of loss. There may be some future potential recovery; however, it is more practical to write off the loan at the time of classification. Losses will be taken in the period in which they are determined to be uncollectible. | |||||||||||||||||||||||||||||||||
Credit quality indicators as of September 30, 2013 and 2012, were as follows: | |||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||
One-to-four family real estate | |||||||||||||||||||||||||||||||||
non-owner occupied | $ | 31,654,257 | $ | 18,224 | $ | - | $ | - | $ | - | $ | 31,672,481 | |||||||||||||||||||||
Construction | 3,847,052 | - | - | - | - | 3,847,052 | |||||||||||||||||||||||||||
Multi-family real estate | 17,707,984 | - | - | - | - | 17,707,984 | |||||||||||||||||||||||||||
Commercial real estate | 22,682,578 | - | - | - | - | 22,682,578 | |||||||||||||||||||||||||||
Commercial leases and loans | 19,880,846 | 193,189 | - | - | - | 20,074,035 | |||||||||||||||||||||||||||
Commercial lines of credit | 3,441,048 | 164,680 | 423,917 | - | - | 4,029,645 | |||||||||||||||||||||||||||
$ | 99,213,765 | $ | 376,093 | $ | 423,917 | $ | - | $ | - | $ | 100,013,775 | ||||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||
One-to-four family real estate | |||||||||||||||||||||||||||||||||
non-owner occupied | $ | 28,934,037 | $ | 216,238 | $ | - | $ | - | $ | - | $ | 29,150,275 | |||||||||||||||||||||
Construction | 448,170 | - | - | - | - | 448,170 | |||||||||||||||||||||||||||
Multi-family real estate | 14,180,454 | - | - | - | - | 14,180,454 | |||||||||||||||||||||||||||
Commercial real estate | 20,913,333 | - | - | - | - | 20,913,333 | |||||||||||||||||||||||||||
Commercial leases and loans | 19,411,283 | - | - | - | - | 19,411,283 | |||||||||||||||||||||||||||
Commercial lines of credit | 4,766,142 | 93,386 | 423,917 | - | - | 5,283,445 | |||||||||||||||||||||||||||
$ | 88,653,419 | $ | 309,624 | $ | 423,917 | $ | - | $ | - | $ | 89,386,960 | ||||||||||||||||||||||
The following tables present performing and nonperforming residential real estate and consumer loans based on payment activity for the years ended September 30, 2013 and 2012. Payment activity is reviewed by management on a monthly basis to determine how loans are performing. Loans are considered to be nonperforming when they become 90 days past due or are placed on nonaccrual status. | |||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Nonperforming | Performing | ||||||||||||||||||||||||||||||||
Loans | Loans | Total | |||||||||||||||||||||||||||||||
One-to-four family real estate - | |||||||||||||||||||||||||||||||||
owner occupied | $ | - | $ | 20,896,914 | $ | 20,896,914 | |||||||||||||||||||||||||||
Home equity and second mortgages | - | 1,235,098 | 1,235,098 | ||||||||||||||||||||||||||||||
Secured loans | - | 188,561 | 188,561 | ||||||||||||||||||||||||||||||
$ | - | $ | 22,320,573 | $ | 22,320,573 | ||||||||||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||||||||||
Nonperforming | Performing | ||||||||||||||||||||||||||||||||
Loans | Loans | Total | |||||||||||||||||||||||||||||||
One-to-four family real estate - | $ | 660,078 | $ | 22,181,080 | $ | 22,841,158 | |||||||||||||||||||||||||||
owner occupied | |||||||||||||||||||||||||||||||||
Home equity and second mortgages | - | 1,261,447 | 1,261,447 | ||||||||||||||||||||||||||||||
Secured loans | - | 269,520 | 269,520 | ||||||||||||||||||||||||||||||
$ | 660,078 | $ | 23,712,047 | $ | 24,372,125 | ||||||||||||||||||||||||||||
Consistent with accounting and regulatory guidance, the Bank recognizes a troubled debt restructuring (“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 Bank’s objective in offering a TDR is to increase the probability of repayment of the borrower’s loan. | |||||||||||||||||||||||||||||||||
To be considered a TDR, both of the following criteria must be met: | |||||||||||||||||||||||||||||||||
•the borrower must be experiencing financial difficulties; and | |||||||||||||||||||||||||||||||||
•the Bank, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that would not otherwise be considered. | |||||||||||||||||||||||||||||||||
Factors that indicate a borrower is experiencing financial difficulties include, but are not limited to: | |||||||||||||||||||||||||||||||||
•the borrower is currently in default on their loan(s); | |||||||||||||||||||||||||||||||||
•the borrower has filed for bankruptcy; | |||||||||||||||||||||||||||||||||
•the borrower has insufficient cash flows to service their loan(s); or | |||||||||||||||||||||||||||||||||
•the borrower is unable to obtain refinancing from other sources at a market rate similar to rates available to a non-troubled debtor. | |||||||||||||||||||||||||||||||||
Factors that indicate that a concession has been granted include, but are not limited to: | |||||||||||||||||||||||||||||||||
•the borrower is granted an interest rate reduction to a level below market rates for debt with similar risk; or | |||||||||||||||||||||||||||||||||
•the borrower is granted a material maturity date extension, or extension of the amortization plan to provide payment relief. For purposes of this policy, a material maturity date extension will generally include any maturity date extension, or the aggregate of multiple consecutive maturity date extensions, that exceed 120 days. A restructuring that results in an insignificant delay in payment, i.e. 120 days or less, is not necessarily a TDR. Insignificant payment delays occur when the amount of the restructured payments subject to the delay is insignificant relative to the unpaid principal or collateral value, and will result in an insignificant shortfall in the originally scheduled contractual amount due, and/or the delay in timing of the restructured payment period is insignificant relative to the frequency of payments, the original maturity or the original amortization. | |||||||||||||||||||||||||||||||||
The determination of whether a restructured loan is a TDR requires consideration of all of the facts and circumstances surrounding the modification. No single factor is determinative of whether a restructuring is a TDR. An overall general decline in the economy or some deterioration in a borrower’s financial condition does not automatically mean that the borrower is experiencing financial difficulty. Accordingly, determination of whether a modification is a TDR involves a large degree of judgment. | |||||||||||||||||||||||||||||||||
The following table details the TDR at September 30, 2013. | |||||||||||||||||||||||||||||||||
Loans in non-accrual status | Number of Loans | Balance | Concession Granted | ||||||||||||||||||||||||||||||
Commercial loan secured by business | |||||||||||||||||||||||||||||||||
equipment | 1 | $442,494 | Extension of maturity date | ||||||||||||||||||||||||||||||
The Bank did not have any TDRs in 2012 nor did it have any TDRs within the year ended September 30, 2013 that then defaulted. The TDR was individually evaluated for impairment and no related allowance was recorded. | |||||||||||||||||||||||||||||||||
Once a loan is classified as a TDR, this classification will remain until documented improvement in the financial position of the borrower supports confidence that all principal and interest will be paid according to terms. Additionally, the customer must have re-established a track record of timely payments according to the restructured contract terms for a minimum of six consecutive months prior to consideration for removing the loan from non-accrual TDR status. | |||||||||||||||||||||||||||||||||
The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable 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 past-due status as of September 30, 2013 and 2012: | |||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater than | |||||||||||||||||||||||||||||||
Days | Days | 90 Days | Total | Nonaccrual | |||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Total Loans | Loans | |||||||||||||||||||||||||||
One-to-four family real estate | |||||||||||||||||||||||||||||||||
owner occupied | $ | 116,259 | $ | 60,242 | $ | - | $ | 176,501 | $ | 20,308,125 | $ | 20,484,626 | $ | - | |||||||||||||||||||
One-to-four family real estate | |||||||||||||||||||||||||||||||||
non-owner occupied | - | - | - | - | 32,747,845 | 32,747,845 | - | ||||||||||||||||||||||||||
Construction | - | - | - | - | 3,847,052 | 3,847,052 | - | ||||||||||||||||||||||||||
Multi-family real estate | - | - | - | - | 17,707,984 | 17,707,984 | - | ||||||||||||||||||||||||||
Commercial real estate | - | - | - | - | 22,682,578 | 22,682,578 | - | ||||||||||||||||||||||||||
Home equity and | |||||||||||||||||||||||||||||||||
second mortgages | - | 18,987 | - | 18,987 | 1,216,111 | 1,235,098 | - | ||||||||||||||||||||||||||
Secured loans | - | - | - | - | 188,561 | 188,561 | - | ||||||||||||||||||||||||||
Commercial leases and loans | 193,190 | - | - | 193,190 | 19,880,845 | 20,074,035 | 442,494 | ||||||||||||||||||||||||||
Commercial lines of credit | - | - | 423,917 | 423,917 | 3,605,728 | 4,029,645 | 423,917 | ||||||||||||||||||||||||||
$ | 309,449 | $ | 79,229 | $ | 423,917 | $ | 812,595 | $ | 122,184,829 | $ | 122,997,424 | $ | 866,411 | ||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater than | |||||||||||||||||||||||||||||||
Days | Days | 90 Days | Total | Nonaccrual | |||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Total Loans | Loans | |||||||||||||||||||||||||||
One-to-four family real estate | |||||||||||||||||||||||||||||||||
owner occupied | $ | 133,533 | $ | - | $ | 660,078 | $ | 793,611 | $ | 22,047,547 | $ | 22,841,158 | $ | 660,078 | |||||||||||||||||||
One-to-four family real estate | |||||||||||||||||||||||||||||||||
non-owner occupied | 124,963 | 91,276 | - | 216,239 | 28,934,036 | 29,150,275 | - | ||||||||||||||||||||||||||
Construction | - | - | - | - | 448,170 | 448,170 | - | ||||||||||||||||||||||||||
Multi-family real estate | - | - | - | - | 14,180,454 | 14,180,454 | - | ||||||||||||||||||||||||||
Commercial real estate | - | - | - | - | 20,913,333 | 20,913,333 | - | ||||||||||||||||||||||||||
Home equity and | |||||||||||||||||||||||||||||||||
second mortgages | - | - | - | - | 1,261,447 | 1,261,447 | - | ||||||||||||||||||||||||||
Secured loans | - | - | - | - | 269,520 | 269,520 | - | ||||||||||||||||||||||||||
Commercial leases and loans | - | - | - | - | 19,411,283 | 19,411,283 | - | ||||||||||||||||||||||||||
Commercial lines of credit | 423,917 | - | - | 423,917 | 4,859,528 | 5,283,445 | - | ||||||||||||||||||||||||||
$ | 682,413 | $ | 91,276 | $ | 660,078 | $ | 1,433,767 | $ | 112,325,318 | $ | 113,759,085 | $ | 660,078 | ||||||||||||||||||||
The Company primarily grants loans to customers throughout southwestern Pennsylvania. The Company maintains a diversified loan portfolio and the ability of its debtors to honor their obligations is not substantially dependent on any particular economic business sector. Loans on nonaccrual at September 30, 2013 and September 30, 2012, were approximately $866,000 and $660,000, respectively. The foregone interest on nonaccrual loans was approximately $32,000 and $12,000 for years ended September 30, 2013 and 2012, respectively. As of September 30, 2013 and 2012, there were no loans that were 90 days or more delinquent and still accruing interest. | |||||||||||||||||||||||||||||||||
An allowance for loan and lease losses (“ALLL”) is maintained to absorb losses from the loan and lease portfolio. The ALLL is based on management’s continuing evaluation of the risk classifications and credit quality of the loan and lease portfolio, assessment of current economic conditions, diversification and size of the portfolio, adequacy of collateral, past and anticipated loss experience, and the amount of nonperforming loans. Management reviews the loan and lease portfolio on a quarterly basis using a defined, consistently applied process in order to make appropriate and timely adjustments to the ALLL. | |||||||||||||||||||||||||||||||||
The following table details the allowance for loan losses and loan receivable balances at September 30, 2013 and 2012. An allocation of the allowance to one category of loans does not prevent the Company’s ability to utilize the allowance to absorb losses in a different category. The loans receivable are disaggregated on the basis of the Company’s impairment methodology. | |||||||||||||||||||||||||||||||||
One-to-four family real estate -owner occupied | One-to-four family real estate -non-owner occupied | Construction | Multi-family real estate | Commercial real estate | Home equity and second mortgages | Secured loans | Commercial leases and loans | Commercial lines of credit | Non-allocated | Total | |||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||
Beginning balance 10/1/2012 | $ | 114,206 | $ | 306,078 | $ | 4,482 | $ | 127,624 | $ | 240,503 | $ | 6,938 | $ | - | $ | 242,641 | $ | 60,760 | $ | 38,806 | $ | 1,142,038 | |||||||||||
Charge-offs | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||
Provisions | 42,769 | -38,183 | 14,953 | 14,059 | 29,437 | 533 | - | 4,337 | -14,379 | 103,474 | 157,000 | ||||||||||||||||||||||
Ending balance 9/30/13 | $ | 156,975 | $ | 267,895 | $ | 19,435 | $ | 141,683 | $ | 269,940 | $ | 7,471 | $ | - | $ | 246,978 | $ | 46,381 | $ | 142,280 | $ | 1,299,038 | |||||||||||
Beginning balance 10/1/2011 | $ | 115,299 | $ | 192,729 | $ | 2,615 | $ | 121,452 | $ | 284,883 | $ | 7,049 | $ | - | $ | 216,894 | $ | - | $ | 59,117 | $ | 1,000,038 | |||||||||||
Charge-offs | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||
Provisions | -1,093 | 113,349 | 1,867 | 6,172 | -44,380 | -111 | - | 25,747 | 60,760 | -20,311 | 142,000 | ||||||||||||||||||||||
Ending balance 9/30/12 | $ | 114,206 | $ | 306,078 | $ | 4,482 | $ | 127,624 | $ | 240,503 | $ | 6,938 | $ | - | $ | 242,641 | $ | 60,760 | $ | 38,806 | $ | 1,142,038 | |||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||
Ending balance 9/30/2013 | $ | 156,975 | $ | 267,895 | $ | 19,435 | $ | 141,683 | $ | 269,940 | $ | 7,471 | $ | - | $ | 246,978 | $ | 46,381 | $ | 142,280 | $ | 1,299,038 | |||||||||||
Ending balance: individually | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||
Ending balance: collectively | $ | 156,975 | $ | 267,895 | $ | 19,435 | $ | 141,683 | $ | 269,940 | $ | 7,471 | $ | - | $ | 246,978 | $ | 46,381 | $ | 142,280 | $ | 1,299,038 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||
Loans receivables: | |||||||||||||||||||||||||||||||||
Ending balance 9/30/2013 | $ | 20,484,626 | $ | 32,747,845 | $ | 3,847,052 | $ | 17,707,984 | $ | 22,682,578 | $ | 1,235,098 | $ | 188,561 | $ | 20,074,035 | $ | 4,029,645 | $ | - | $ | 122,997,424 | |||||||||||
Ending balance: individually | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 442,494 | $ | 423,917 | $ | - | $ | 866,411 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||
Ending balance: collectively | $ | 20,484,626 | $ | 32,747,845 | $ | 3,847,052 | $ | 17,707,984 | $ | 22,682,578 | $ | 1,235,098 | $ | 188,561 | $ | 19,631,541 | $ | 3,605,728 | $ | - | $ | 122,131,013 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||
Ending balance 9/30/2012 | $ | 114,206 | $ | 306,078 | $ | 4,482 | $ | 127,624 | $ | 240,503 | $ | 6,938 | $ | - | $ | 242,641 | $ | 60,760 | $ | 38,806 | $ | 1,142,038 | |||||||||||
Ending balance: individually | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||
Ending balance: collectively | $ | 114,206 | $ | 306,078 | $ | 4,482 | $ | 127,624 | $ | 240,503 | $ | 6,938 | $ | - | $ | 242,641 | $ | 60,760 | $ | 38,806 | $ | 1,142,038 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||
Loans receivables: | |||||||||||||||||||||||||||||||||
Ending balance 9/30/2012 | $ | 22,841,158 | $ | 29,150,275 | $ | 448,170 | $ | 14,180,454 | $ | 20,913,333 | $ | 1,261,447 | $ | 269,520 | $ | 19,411,283 | $ | 5,283,445 | $ | - | $ | 113,759,085 | |||||||||||
Ending balance: individually | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||
Ending balance: collectively | $ | 22,841,158 | $ | 29,150,275 | $ | 448,170 | $ | 14,180,454 | $ | 20,913,333 | $ | 1,261,447 | $ | 269,520 | $ | 19,411,283 | $ | 5,283,445 | $ | - | $ | 113,759,085 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral, if the loan is collateral-dependent. There were two impaired loans as of September 30, 2013 and no impaired loans as of September 30, 2012. | |||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||
Impaired Loans with Specific | with No Specific | ||||||||||||||||||||||||||||||||
Allowance | Allowance | Total Impaired Loans | |||||||||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||
Recorded | Related | Recorded | Recorded | Principal | Recorded | Income | |||||||||||||||||||||||||||
Investment | Allowance | Investment | Investment | Balance | Investment | Recognized | |||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Commercial leases and loans | $ | - | $ | - | $ | 866,411 | $ | 866,411 | $ | 866,411 | $ | 877,863 | $ | 7,447 | |||||||||||||||||||
Premises_And_Equipment
Premises And Equipment | 12 Months Ended | |||||
Sep. 30, 2013 | ||||||
Premises and Equipment [Abstract] | ' | |||||
Premises And Equipment | ' | |||||
6. PREMISES AND EQUIPMENT | ||||||
Major classifications of premises and equipment at September 30, 2013 and 2012 are summarized as follows: | ||||||
2013 | 2012 | |||||
Land, building, and improvements | $ | 2,257,873 | $ | 2,254,054 | ||
Furniture, fixtures, and equipment | 1,094,911 | 1,028,678 | ||||
Vehicle | 48,985 | 41,280 | ||||
Total premises and equipment | 3,401,769 | 3,324,012 | ||||
Less accumulated depreciation | -2,233,534 | -2,109,103 | ||||
Total | $ | 1,168,235 | $ | 1,214,909 | ||
Depreciation charged to operations was $165,711 in 2013 and $172,602 in 2012. | ||||||
The Company leases a branch, located in Shaler, Pennsylvania, under a long-term lease which qualifies as an operating lease. In addition to the fixed rental payments, the lease requires the Company to pay for operating expenses, including real estate taxes, insurance premiums, utilities, and maintenance. The lease has an initial term of 10 years with a renewal option of an additional 10 years. The Company also has a lease on a time and temperature sign located at its main office building. The lease expires in 2014. The following is a schedule by year for the future minimum lease payments under the existing operating and sign lease with initial or remaining terms in excess of one year: | ||||||
2014 | $ | 61,500 | ||||
2015 | 58,621 | |||||
2016 | 57,528 | |||||
2017 | 57,528 | |||||
2018 | 4,794 | |||||
Total | $ | 239,971 | ||||
Rent expense was $70,748 and $62,752 for the years ended September 30, 2013 and 2012, respectively. | ||||||
Borrowings
Borrowings | 12 Months Ended |
Sep. 30, 2013 | |
Borrowings [Abstract] | ' |
Borrowings | ' |
7. BORROWINGS | |
The Company maintains a $15,000,000 line of credit with the FHLB for the short-term use in funding loan and lease obligations, should the need for short-term borrowing occur. There were no borrowings outstanding on this line of credit at September 30, 2013 and 2012. | |
At September 30, 2013, the Company’s maximum borrowing capacity with the FHLB was approximately $70,259,000. | |
Deposits
Deposits | 12 Months Ended | |||||
Sep. 30, 2013 | ||||||
Deposits [Abstract] | ' | |||||
Deposits | ' | |||||
8. DEPOSITS | ||||||
The composition of deposits is as follows: | ||||||
2013 | 2012 | |||||
Demand deposits | $ | 5,010,755 | $ | 4,107,787 | ||
Passbook savings and Christmas club | 22,456,473 | 20,453,623 | ||||
NOW and money market accounts | 22,259,395 | 18,188,421 | ||||
Certificates of deposit and CDARS | 58,694,060 | 62,700,981 | ||||
Individual retirement accounts | 9,036,739 | 9,045,734 | ||||
Total | $ | 117,457,422 | $ | 114,496,546 | ||
Time deposit accounts include certificates of deposit, CDARS brokered deposits, and individual retirement accounts. Time deposit accounts maturing in years ended September 30, as of September 30, 2013, are summarized as follows: | ||||||
2014 | $ | 37,952,361 | ||||
2015 | 8,147,550 | |||||
2016 | 4,365,402 | |||||
2017 | 1,785,431 | |||||
2018 | 3,444,342 | |||||
2019 and thereafter | 12,035,713 | |||||
$ | 67,730,799 | |||||
The Company held related-party deposits of approximately $1,033,918 and $1,052,193 as of September 30, 2013 and 2012, respectively. | ||||||
At September 30, 2013 and 2012, time deposit accounts of $100,000 or more amounted to $29,280,540 and $31,464,879, respectively. Deposits in excess of $250,000 as of September 30, 2013, are not insured by the Federal Deposit Insurance Corporation. As of September 30, 2013, the public funds held by the Company were secured by a pledge of government agency debentures. The Company had $2,331,366 in CDARS brokered deposits at September 30, 2013. | ||||||
Interest expense on deposit accounts during the years ended September 30, 2013 and 2012 consists of: | ||||||
2013 | 2012 | |||||
Passbook savings and Christmas club | $ | 25,425 | $ | 29,933 | ||
NOW and money market accounts | 33,041 | 48,172 | ||||
Certificates of deposit and CDARS | 912,548 | 1,002,367 | ||||
Individual retirement accounts | 177,051 | 230,165 | ||||
$ | 1,148,065 | $ | 1,310,637 | |||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Income Taxes [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
9. INCOME TAXES | ||||||||||||
The provision for federal income taxes consists of: | ||||||||||||
2013 | 2012 | |||||||||||
Federal currently payable | $ | 430,429 | $ | 188,898 | ||||||||
State currently payable | 79,098 | 83,877 | ||||||||||
Deferred tax expense | 239,144 | 539,380 | ||||||||||
Total income tax provision | $ | 748,671 | $ | 812,155 | ||||||||
No valuation allowance was established at September 30, 2013 and 2012, in view of the Bank’s ability to carryback to taxes paid in previous years and certain tax strategies, coupled with the anticipated future taxable income as evidenced by the Bank’s earnings potential. | ||||||||||||
Reconciliation between the expected and actual tax provision for the years ended September 30, 2013 and 2012: | ||||||||||||
2013 | 2012 | |||||||||||
% | % | |||||||||||
Pretax | Pretax | |||||||||||
Amount | Income | Amount | Income | |||||||||
Provision at statutory rate | $ | 728,293 | 34.00 | % | $ | 773,304 | 34.00 | % | ||||
Effect of tax-free income | -48,749 | -2.27 | -44,044 | -1.94 | ||||||||
State income tax, net of | ||||||||||||
federal tax benefit | 52,205 | 2.44 | 55,359 | 2.43 | ||||||||
Other | 16,922 | 0.78 | 27,536 | 1.22 | ||||||||
Income tax expense and | ||||||||||||
effective tax rate | $ | 748,671 | 34.95 | % | $ | 812,155 | 35.71 | % | ||||
The deferred tax assets and deferred tax liabilities recorded on the consolidated balance sheets are as follows at September 30, 2013 and 2012: | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets | ||||||||||||
Net operating loss | $ | - | $ | 87,192 | ||||||||
Provision for loan losses | 346,658 | 293,278 | ||||||||||
Depreciation | 102,640 | 117,780 | ||||||||||
Deferred loan fees | 90,350 | 65,864 | ||||||||||
Unrealized loss on available for sale securities | 186,172 | - | ||||||||||
Other | 215,804 | 430,481 | ||||||||||
Deferred tax assets | 941,624 | 994,595 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Unrealized loss on available for sale securities | - | 525 | ||||||||||
Deferred tax liabilities | - | 525 | ||||||||||
Net deferred tax assets | $ | 941,624 | $ | 994,070 | ||||||||
The Company may establish a valuation allowance when it is more likely than not that the Company will not be able to realize the deferred tax assets for federal income tax purposes. Periodically, the valuation allowance is reviewed and adjusted based on management’s assessments of realizable deferred tax assets. The ultimate realization of deferred tax assets is dependent upon the generation of future federal taxable income during the periods in which they become deductible. Based on projections for future federal taxable income, management expects to fully realize the benefits of those deductible differences; therefore, as of September 30, 2013, the Company did not record a valuation allowance against deferred tax assets. As of September 30, 2013, the Company did not have a net operating loss carry forward. | ||||||||||||
Tax basis bad debt reserves established after 1987 are treated as temporary differences on which deferred income taxes have been provided. Deferred taxes are not required to be provided on tax bad debt reserves recorded in 1987 and prior years (base year bad debt reserves). Approximately $1,000,000 of the balance in retained earnings at September 30, 2013 represents base year bad debt deductions for tax purposes only. No provision for federal income tax has been made for such amount. Should amounts previously claimed as a bad debt deduction be used for any purpose other than to absorb bad debts (which is not anticipated), tax liabilities will be incurred at the rate then in effect. | ||||||||||||
Employee_Benefits
Employee Benefits | 12 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Employee Benefits [Abstract] | ' | ||||||||||
Stock Based Compensation | ' | ||||||||||
10. EMPLOYEE BENEFITS | |||||||||||
Multi-Employer Defined Benefit Plan | |||||||||||
The Bank participates in the Pentegra Defined Benefit Plan for Financial Institutions. The plan is a tax-qualified defined-benefit pension plan. The plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. There are no collective bargaining agreements in place that require contributions to the Pentegra Defined Benefit Plan. The Plan covers substantially all employees. | |||||||||||
For the years ended September 30, 2013 and 2012, pension contributions charged to expense amounted to $238,000 and $282,000, respectively. | |||||||||||
The Pentegra Defined Benefit Plan is a single plan under Internal Revenue Code Section 413(c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the Pentegra Defined Benefit Plan contributions made by a participating employer may be used to provide benefits to participants of other participating employers. | |||||||||||
Total contributions made to the Pentegra Defined Benefit Plan, as reported on Form 5500, equaled $196,473,170 and $299,729,365 for the plan years ended June 30, 2013 and 2012, respectively. Eureka Bank's contribution to the Pentegra Defined Benefit Plan are not more than 5% of the total contributions to the Pentegra Defined Benefit Plan. | |||||||||||
The following contributions were paid by Eureka Bank during the fiscal years ending September 30. There were no changes that would affect affecting comparability for each period. | |||||||||||
2013 | 2012 | ||||||||||
Date Paid | Amount | Date Paid | Amount | ||||||||
12/1/12 | $ | 271,457 | 1/17/12 | $ | 197,021 | ||||||
5/3/12 | 75 | ||||||||||
Total | $ | 271,457 | Total | $ | 197,096 | ||||||
Funded Status as of | 108.29 | % | Funded Status as of | 109.97 | % | ||||||
Zone Status | Green | Zone Status | Green | ||||||||
Retirement Savings Plan | |||||||||||
The Company has established the Eureka Bank (formerly Eureka Federal) Retirement Savings Plan which covers substantially all employees. The plan is a tax-qualified Defined Contribution Plan that permits participants to contribute up to 10 percent of their salary to the plan. Additionally, during the years ended September 30, 2013 and 2012, the Company provided matching contributions of 100 percent of the first 6 percent contributed by each employee. | |||||||||||
For the years ended September 30, 2013 and 2012, contributions charged to expense were approximately $50,000 and $55,000, respectively. | |||||||||||
Employee Stock Ownership Plan (“ESOP”) | |||||||||||
In connection with the conversion in 2011, the Bank created an ESOP for the benefit of employees who meet the eligibility requirements. The ESOP trust acquired 61,090 shares of Eureka Financial stock with the proceeds of a loan from Eureka Financial. The Bank makes cash contributions to the ESOP on an annual basis sufficient to enable the ESOP to make the required loan payments. Cash dividends paid on allocated shares are distributed to participants and cash dividends paid on unallocated shares are used to repay the outstanding debt of the ESOP. The ESOP trust’s outstanding loan bears interest at 3.25 percent and requires an annual payment of principal and interest of $72,173 through February of 2021. The Bank’s ESOP, which is internally leveraged, does not report the loans receivable extended to the ESOP as assets and does not report the ESOP debt due to Eureka Financial. | |||||||||||
As the debt is repaid, shares are released from the collateral and allocated to qualified employees based on the proportion of payments made during the year to the remaining amount of payments due on the loan through maturity. The shares pledged as collateral are reported as unallocated common stock held by the ESOP shares in the Consolidated Balance Sheet. As shares are released from collateral, the Company reports compensation expense equal to the current market price of the shares, and the shares become outstanding for earnings-per-share computations. The Company recognized ESOP expense of $92,620 and $88,983 for the years ended September 30, 2013 and 2012, respectively. | |||||||||||
The following table presents the components of the ESOP shares: | |||||||||||
2013 | 2012 | ||||||||||
Allocated shares | 12,218 | 6,109 | |||||||||
Unreleased shares | 48,872 | 54,981 | |||||||||
Total ESOP shares | 61,090 | 61,090 | |||||||||
Fair value of unreleased shares | $ | 845,974 | $ | 865,951 | |||||||
Stock Based Compensation | |||||||||||
In 2012, Eureka Financials’ 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 Eureka Financial. The 2012 Plan authorizes the granting of options to purchase shares of Eureka Financial 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 106,908 shares of which 76,363 may be issued in connection with the exercise of stock options and 30,545 may be issued as restricted stock. | |||||||||||
On May 21, 2012, certain directors and officers of Eureka Financial and the Bank were awarded an aggregate of 64,907 options to purchase shares of common stock and 25,961 restricted shares of common stock. The awards vest equally over five years 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. | |||||||||||
The trading price of Eureka Financial common stock closed at $15.24 per share on May 21, 2012, which is the exercise price of the options granted on that date. The estimated value of the stock options was $86,975, 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 May 21, 2012, was $1.34 using the following Black-Scholes option pricing model assumptions: expected life of 10 years, expected dividend rate of 2.13%, risk-free interest rate of 1.76% and an expected volatility of 14.34% based on historical results of the stock prices of Eureka Financial. Compensation expense on the options was $17,340 and $7,225 respectively, for the years ended September 30, 2013 and 2012. As of September 30, 2013, there was $62,410 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 3.5 years. At September 30, 2013, future compensation expense related to the options is expected to be $17,340 in each of the years 2014 through 2016 and $10,390 in 2017. | |||||||||||
The following table summarizes transactions regarding the options under the 2012 Plan: | |||||||||||
Options | Weighted-Average Price | ||||||||||
Outstanding, September 30, 2012 | 64,907 | $ | 15.24 | ||||||||
Granted | - | - | |||||||||
Exercised | - | - | |||||||||
Forefeited | - | - | |||||||||
Outstanding, September 30, 2013 | 64,907 | $ | 15.24 | ||||||||
Exercisable, September 30, 2013 | 12,981 | $ | 15.24 | ||||||||
Options | Weighted-Average Price | ||||||||||
Outstanding, September 30, 2011 | - | - | |||||||||
Granted | 64,907 | $ | 15.24 | ||||||||
Exercised | - | - | |||||||||
Forefeited | - | - | |||||||||
Outstanding, September 30, 2012 | 64,907 | $ | 15.24 | ||||||||
Exercisable, September 30, 2012 | - | - | |||||||||
On May 21, 2012, the date of grant, the market value of the restricted stock awards was approximately $395,646 before the impact of income taxes. Compensation expense on the grants was $79,128 for the year ended September 30, 2013 and $32,970 for the year ended September 30, 2012. As of September 30, 2013, there was $283,548 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 3.5 years. At September 30, 2013, future compensation related to the grants is expected to be $79,129 in each of the years 2014 through 2016 and $46,159 in 2017. | |||||||||||
The following table summarizes transactions regarding restricted stock under the 2012 Plan: | |||||||||||
Number of | Weighted- | ||||||||||
Restricted Shares | Average Price | ||||||||||
Nonvested shares, September 30, 2012 | 25,961 | $ | 15.24 | ||||||||
Granted | - | - | |||||||||
Vested | 5,192 | 15.24 | |||||||||
Forefeited | - | - | |||||||||
Nonvested shares, September 30, 2013 | 20,769 | $ | 15.24 | ||||||||
Number of | Weighted- | ||||||||||
Restricted Shares | Average Price | ||||||||||
Nonvested shares, September 30, 2011 | - | - | |||||||||
Granted | 25,961 | $ | 15.24 | ||||||||
Vested | - | - | |||||||||
Forefeited | - | - | |||||||||
Nonvested shares, September 30, 2012 | 25,961 | $ | 15.24 | ||||||||
Deferred_Compensation_Arrangem
Deferred Compensation Arrangements | 12 Months Ended |
Sep. 30, 2013 | |
Deferred Compensation Arrangements [Abstract] | ' |
Deferred Compensation Arrangements | ' |
11. DEFERRED COMPENSATION ARRANGEMENTS | |
The Company maintains a non-qualified deferred compensation arrangement with participating members of management under which future defined benefits are funded principally by individual life insurance policies. The cash surrender value of the individual life insurance policies at September 30, 2013 and 2012 was approximately $256,000 and $218,000, respectively, and is included with other assets in the Consolidated Balance Sheet. An actuarially determined charge, which is included in other operating expense, is made each year based on the future benefits to be paid under the plan. The amount accrued during the years ended September 30, 2013 and 2012, was approximately $34,000 and $32,000, respectively. The aggregate liability for the deferred compensation arrangement at September 30, 2013 and 2012 was approximately $328,000 and $294,000, respectively, and is included with “other liabilities” in the Consolidated Balance Sheet. | |
Commitments
Commitments | 12 Months Ended |
Sep. 30, 2013 | |
Commitments [Abstract] | ' |
Commitments | ' |
12. COMMITMENTS | |
In the normal course of business, there are various outstanding commitments and contingent liabilities, such as commitments to extend credit which are not reflected in the accompanying consolidated financial statements. These commitments involve, to varying degrees, elements of credit risk in excess of amounts recognized in the Consolidated Balance Sheet. | |
Loan commitments are made to accommodate the financial needs of the Company’s customers. These arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Company’s normal credit policies and loan underwriting standards. Collateral is obtained based on management’s credit assessment of the customer. Management currently expects no loss from these activities. | |
The Company’s maximum exposure to credit loss for loan and lease commitments (unfunded loans and leases) at September 30, 2013 and 2012, was approximately $10,726,000 and $9,506,000, respectively, with rates of interest ranging from 2.25 percent to 6.75 percent and 2.25 percent to 6.75 percent, respectively. Fixed rate loan commitments at September 30, 2013 and 2012, were approximately $3,256,000 and $4,293,000, respectively, with fixed rates of interest ranging from 3.75 percent to 6.75 percent and 4.00 percent to 6.75 percent, respectively. | |
Fair_Value_Disclosure_Measurem
Fair Value Disclosure Measurements | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Fair Value Disclosure Measurements [Abstract] | ' | |||||||||||||
Fair Value Disclosure Measurements | ' | |||||||||||||
13. FAIR VALUE DISCLOSURE MEASUREMENTS | ||||||||||||||
Management uses its best judgment in determining the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The fair value amounts have been measured as of their respective year-ends and have not been reevaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year-end. | ||||||||||||||
The Company follows a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurements) and the lowest priority to unobservable inputs (Level III measurements). The three levels of the fair value hierarchy are as follows: | ||||||||||||||
Level I:Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||||||||||||
Level II:Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||||||
Level III:Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). | ||||||||||||||
An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | ||||||||||||||
For financial assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at September 30, 2013 and 2012, are as follows: | ||||||||||||||
30-Sep-13 | ||||||||||||||
Level I | Level II | Level III | Total | |||||||||||
Description | ||||||||||||||
Mortgage-backed securities available for sale | $ | - | $ | 8,834 | $ | - | $ | 8,834 | ||||||
Obligations of states and political subdivisions | ||||||||||||||
available for sale | - | 548,452 | - | 548,452 | ||||||||||
U.S. government agency securities | ||||||||||||||
available for sale | - | 5,743,425 | - | 5,743,425 | ||||||||||
Total | $ | - | $ | 6,300,711 | $ | - | $ | 6,300,711 | ||||||
30-Sep-12 | ||||||||||||||
Level I | Level II | Level III | Total | |||||||||||
Description | ||||||||||||||
Mortgage-backed securities available for sale | $ | - | $ | 15,813 | $ | - | $ | 15,813 | ||||||
The following table presents the financial assets measured at fair value on a recurring basis as of September 30, 2013 by level within the fair value hierarchy. Impaired loans that are collateral dependent are written down to fair value through the establishment of specific reserves. Techniques used to value the collateral that secure the impaired loan include: quoted market prices for identical assets classified as Level I inputs, employed by certified appraisers, for similar assets classified as Level II inputs. In cases where valuation techniques include inputs that are unobservable and are based on estimates and assumptions developed by management based on the best information available under each circumstance, the asset valuation is classified as Level III inputs. | ||||||||||||||
30-Sep-13 | ||||||||||||||
Level I | Level II | Level III | Total | |||||||||||
Description | ||||||||||||||
Assets measured at fair value on a nonrecurring basis: | ||||||||||||||
Impaired loans | $ | - | $ | - | $ | 866,411 | $ | 866,411 | ||||||
The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Bank uses Level III inputs to determine fair value: | ||||||||||||||
Quantative Information about Level III Fair Value Measurements | ||||||||||||||
Range | ||||||||||||||
Valuation | Unobservable | (Weighted | ||||||||||||
Fair Value | Technique | Inputs | Average) | |||||||||||
Impaired Loans | $ | 442,494 | Discounted | Probability of | - | |||||||||
cash flow | default | |||||||||||||
423,917 | Fair Value | Appraisal | 20 | % | ||||||||||
of collateral (1) | adjustments (2) | -20 | ||||||||||||
$ | 866,411 | |||||||||||||
-1 | Fair value is generally determined through independent appraisals of the underlying collateral, which generally includes various Level III inputs which are not identifiable. | |||||||||||||
-2 | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. | |||||||||||||
The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions that are presented below the following table were used to estimate fair values of the Company’s financial instruments at September 30, 2013 and 2012: | ||||||||||||||
The fair value of the Company’s financial instruments are as follows at September 30: | ||||||||||||||
30-Sep-13 | ||||||||||||||
Carrying | Total | |||||||||||||
Value | Level I | Level II | Level III | Fair Value | ||||||||||
Financial assets: | ||||||||||||||
Cash and cash equivalents | $ | 7,181,069 | $ | 7,181,069 | $ | - | $ | - | $ | 7,181,069 | ||||
Investment securities available for sale | 6,291,877 | - | 6,291,877 | - | 6,291,877 | |||||||||
Investment securities held to maturity | 2,776,027 | - | 2,586,765 | - | 2,586,765 | |||||||||
Mortgage-backed securities available for sale | 8,834 | - | 8,834 | - | 8,834 | |||||||||
Federal Home Loan Bank stock | 237,400 | 237,400 | - | - | 237,400 | |||||||||
Loans receivable, net | 121,446,463 | - | - | 127,426,461 | 127,426,461 | |||||||||
Accrued interest receivable | 521,613 | 521,613 | - | - | 521,613 | |||||||||
Financial liabilities: | ||||||||||||||
Deposits | $ | 117,457,422 | $ | 49,726,623 | $ | - | $ | 67,762,800 | $ | 117,489,423 | ||||
Advances from borrowers for taxes and | ||||||||||||||
insurance | 477,035 | 477,035 | - | - | 477,035 | |||||||||
Accrued interest payable | 83,646 | 83,646 | - | - | 83,646 | |||||||||
30-Sep-12 | ||||||||||||||
Carrying | Total | |||||||||||||
Value | Level I | Level II | Level III | Fair Value | ||||||||||
Financial assets: | ||||||||||||||
Cash and cash equivalents | $ | 8,109,594 | $ | 8,109,594 | $ | - | $ | - | $ | 8,109,594 | ||||
Investment securities held to maturity | 13,873,592 | - | 13,975,782 | - | 13,975,782 | |||||||||
Mortgage-backed securities available for sale | 15,813 | - | 15,813 | - | 15,813 | |||||||||
Federal Home Loan Bank stock | 502,600 | 502,600 | - | - | 502,600 | |||||||||
Loans receivable, net | 112,440,299 | - | - | 118,443,000 | 118,443,000 | |||||||||
Accrued interest receivable | 606,633 | 606,633 | - | - | 606,633 | |||||||||
Financial liabilities: | ||||||||||||||
Deposits | $ | 114,496,546 | $ | 42,749,831 | $ | - | $ | 73,138,169 | $ | 115,888,000 | ||||
Advances from borrowers for taxes and | ||||||||||||||
insurance | 517,517 | 517,517 | - | - | 517,517 | |||||||||
Accrued interest payable | 100,076 | 100,076 | - | - | 100,076 | |||||||||
Cash and Cash Equivalents | ||||||||||||||
The carrying amount is a reasonable estimate of fair value. | ||||||||||||||
Investment Securities and Mortgage-Backed Securities | ||||||||||||||
The fair value of securities available for sale (carried at fair value) and held to maturity (carried at amortized cost) is determined by obtaining matrix pricing (Level II), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. | ||||||||||||||
FHLB Stock | ||||||||||||||
The carrying value of the FHLB stock is a reasonable estimate of fair value due to restrictions on the securities. | ||||||||||||||
Loans Receivable | ||||||||||||||
The fair values for one-to-four family residential loans are estimated using discounted cash flow analysis using fields from similar products in the secondary markets. The carrying amount of construction loans approximated its fair value given their short-term nature. The fair values of consumer and commercial loans are estimated using discounted cash flow analysis, using interest rates reported in various government releases and the Company’s own product pricing schedule for loans with terms similar to the Company’s. The fair values of multi-family and nonresidential mortgages are estimated using discounted cash flow analysis, using interest rates based on a national survey of similar loans. | ||||||||||||||
Accrued Interest Receivable | ||||||||||||||
The carrying amount is a reasonable estimate of fair value. | ||||||||||||||
Deposits | ||||||||||||||
The fair values disclosed for demand deposits are, by definition, equal to the amount payable on demand at the repricing date (i.e., their carrying amounts). Fair values of certificates of deposits are estimated using a discounted cash flow calculation that applies a comparable FHLB advance rate to the aggregated weighted-average maturity on time deposits. | ||||||||||||||
Advances from Borrowers for Taxes and Insurance | ||||||||||||||
The fair value of advances from borrowers for taxes and insurance is the amount payable on demand at the reporting date. | ||||||||||||||
Accrued Interest Payable | ||||||||||||||
The carrying amount is a reasonable estimate of fair value. | ||||||||||||||
Concentrations_Of_Credit
Concentrations Of Credit | 12 Months Ended |
Sep. 30, 2013 | |
Concentrations Of Credit [Abstract] | ' |
Concentrations Of Credit | ' |
14. CONCENTRATIONS OF CREDIT | |
The Company primarily grants loans to customers in southwestern Pennsylvania and maintains a diversified loan portfolio. The ability of its debtors to honor their contracts is not substantially dependent on any particular economic business sector. All of the Company’s investments in municipal securities are obligations of state or political subdivisions located within Pennsylvania. As a whole, the Company’s loan and investment portfolios could be affected by the general economic conditions of Pennsylvania. In addition, as of September 30, 2013 and 2012, a significant portion of the Company’s “due from banks” was maintained with large financial institutions located in southwestern Pennsylvania. The Company maintains cash balances with financial institutions that exceed the $250,000 amount that is insured by the FDIC as of September 30, 2013 and 2012. Amounts in excess of insured limits were approximately $5,994,000 and $7,300,000 at September 30, 2013 and 2012, respectively. Of those amounts, approximately $1,614,000 and $491,000 respectively, were on deposit at the FHLB at September 30, 2013 and 2012. | |
Capital_Requirements
Capital Requirements | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Capital Requirements Disclosure [Abstract] | ' | ||||||||||||||||||
Capital Requirements | ' | ||||||||||||||||||
15. CAPITAL REQUIREMENTS | |||||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors. | |||||||||||||||||||
As of September 30, 2013 and 2012, the Bank was not required to maintain a clearing balance requirement with the Federal Reserve Bank of Cleveland. | |||||||||||||||||||
The Company may not declare or pay a cash dividend if the effect thereof would cause its net worth to be reduced below either the amounts required for the liquidation account or the regulatory capital requirements imposed by federal and state regulations. | |||||||||||||||||||
The most recent notification from the Office of the Comptroller of the Currency categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized” the Bank must maintain minimum total risk based, core and tangible ratios as set forth in the accompanying table. There are no conditions or events since the notification that management believed has changed the institution’s category. The following shows the Bank’s compliance with regulatory capital standards at September 30, 2013 and 2012: | |||||||||||||||||||
To be well Capitalized | |||||||||||||||||||
under Prompt | |||||||||||||||||||
For Capital Adequacy | Corrective Action | ||||||||||||||||||
Actual | Purposes | Provisions | |||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||
(in thousands) | |||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 22,351 | 23.80% | > | $ | 7,513 | >8.00% | > | $ | 9,391 | >10.00% | ||||||||
Tier 1 capital (to risk-weighted assets) | 21,176 | 22.55% | > | 3,756 | >4.00% | > | 5,634 | >6.00% | |||||||||||
Core (Tier 1) capital (to adjusted total assets) | 21,176 | 14.91% | > | 5,682 | >4.00% | > | 7,102 | >5.00% | |||||||||||
As of September 30, 2012 | |||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 21,745 | 23.77% | > | $ | 7,319 | >8.00% | > | $ | 9,149 | >10.00% | ||||||||
Tier 1 capital (to risk-weighted assets) | 20,620 | 22.54% | > | 3,659 | >4.00% | > | 5,489 | >6.00% | |||||||||||
Core (Tier 1) capital (to adjusted total assets) | 20,620 | 14.85% | > | 5,528 | >4.00% | > | 6,909 | >5.00% | |||||||||||
Risk-based capital at September 30, 2013 and 2012, includes supplementary capital of $1,299,000 and $1,142,000, respectively, representing the general valuation portion of the allowance for loan losses. | |||||||||||||||||||
The following is a reconciliation of Eureka Bank’s financial statement equity to regulatory capital as of September 30, 2013 and 2012: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||
Total equity | $ | 20,815 | $ | 20,672 | |||||||||||||||
Unrealized loss (gain) on securities available-for-sale | 361 | -1 | |||||||||||||||||
Deferred tax asset - disallowed portion | - | -51 | |||||||||||||||||
Tier 1 capital | 21,176 | 20,620 | |||||||||||||||||
Allowable allowances for loan and lease losses | 1,175 | 1,125 | |||||||||||||||||
Total risk-based capital | $ | 22,351 | $ | 21,745 | |||||||||||||||
Parent_Company
Parent Company | 12 Months Ended | |||||
Sep. 30, 2013 | ||||||
Parent Company [Abstract] | ' | |||||
Parent Company | ' | |||||
16. PARENT COMPANY | ||||||
Following are condensed financial statements for Eureka Financial: | ||||||
Condensed Balance Sheet | ||||||
2013 | 2012 | |||||
Assets: | ||||||
Cash and due from banks | $ | 965,015 | $ | 1,625,029 | ||
Investment in subsidiary | 20,814,525 | 20,672,426 | ||||
ESOP loan | 501,299 | 555,372 | ||||
Other assets | 64,991 | 64,697 | ||||
Total Assets | $ | 22,345,830 | $ | 22,917,524 | ||
Liabilities: | ||||||
Accounts payable and accrued expenses | $ | 359,630 | $ | 531,536 | ||
Total Liabilities | 359,630 | 531,536 | ||||
Stockholders' Equity | 21,986,200 | 22,385,988 | ||||
Total Liabilities and Stockholders' Equity | $ | 22,345,830 | $ | 22,917,524 | ||
Condensed Statement of Income | ||||||
2013 | 2012 | |||||
Interest Income: | ||||||
Interest income | $ | 18,016 | $ | 23,675 | ||
Dividend income from subsidiary bank | 1,000,000 | - | ||||
Total Interest Income | 1,018,016 | 23,675 | ||||
Non-Interest Expense: | ||||||
Other expense | 36,542 | 24,495 | ||||
Total Non-Interest Expense | 36,542 | 24,495 | ||||
Income (loss) before equity in undistributed | ||||||
net income of subsidiary | 981,474 | -820 | ||||
Equity in undistributed net income of subsidiary | 411,893 | 1,463,088 | ||||
Net Income | $ | 1,393,367 | $ | 1,462,268 | ||
Comprehensive Income | $ | 1,030,954 | $ | 1,461,951 | ||
Condensed Statement of Cash Flows | ||||||
Year Ended September 30, | ||||||
2013 | 2012 | |||||
Operating Activities | ||||||
Net income | $ | 1,393,367 | $ | 1,462,268 | ||
Adjustments to reconcile net income to cash provided | ||||||
by operating activities: | ||||||
Equity in undistributed income of subsidiary | -411,893 | -1,463,088 | ||||
(Decrease) increase in unearned liability for restricted stock program | -79,128 | 432,536 | ||||
Other | 3,397 | 132,334 | ||||
Net cash provided by operating activities | 905,743 | 564,050 | ||||
Investing Activities | ||||||
Decrease in loan due from subsidiary | 54,073 | 55,528 | ||||
Net cash provided by investing activities | 54,073 | 55,528 | ||||
Financing Activities | ||||||
Payment of dividends | -411,047 | -369,426 | ||||
Retirement of common stock | -1,208,783 | -299,691 | ||||
Net cash used by financing activities | -1,619,830 | -669,117 | ||||
Decrease in cash and cash equivalents | -660,014 | -49,539 | ||||
Cash and Cash Equivalents at Beginning of Year | 1,625,029 | 1,674,568 | ||||
Cash and Cash Equivalents at End of Year | $ | 965,015 | $ | 1,625,029 | ||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | |||||
Sep. 30, 2013 | ||||||
Summary Of Significant Accounting Policies [Abstract] | ' | |||||
Nature Of Operations And Basis Of Presentation | ' | |||||
Nature of Operations and Basis of Presentation | ||||||
Eureka Financial Corp. (“Eureka Financial”) is a Maryland corporation and stock holding company established in 2011, whose wholly owned subsidiary is Eureka Bank (the “Bank”), a federally chartered stock savings bank located in Pittsburgh, Pennsylvania. | ||||||
The Bank operates as a community-oriented financial institution offering traditional financial services to consumers and businesses in the Oakland and Shaler sections of the Pittsburgh metropolitan area. The Bank attracts deposits from the general public and uses those funds to originate one-to-four family real estate, multi-family and commercial real estate, commercial loans, lines of credit, construction, and consumer loans and to purchase commercial leases. The Bank generally holds all its loans for investment. The Bank is subject to regulation and supervision by the Office of the Comptroller of the Currency, while Eureka Financial is subject to regulation and supervision by the Federal Reserve Board. | ||||||
The consolidated financial statements include the accounts of Eureka Financial and its wholly owned subsidiary, the Bank. All significant intercompany transactions and balances have been eliminated in consolidation. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles and with general practices within the banking industry. In preparing the financial statements, management is required to make certain estimates and assumptions that affect the reported amounts of assets and liabilities as of the Consolidated Balance Sheet date and reported amounts of revenue and expenses for the period. Actual results could differ significantly from those estimates. | ||||||
Investment And Mortgage-Backed Securities | ' | |||||
Investment and Mortgage-Backed Securities | ||||||
Investment securities and mortgage-backed securities are classified at the time of purchase, based on management’s intention and ability to hold such securities to maturity, as securities held to maturity or securities available for sale. Debt securities acquired with the intent and ability to hold to maturity are stated at cost adjusted for amortization of premium and accretion of discount that are computed using the level yield method and recognized as adjustments of interest income. Debt securities have been classified as available for sale to serve principally as a source of liquidity. Unrealized holding gains and losses for available-for-sale securities are reported in the other comprehensive income component of stockholders’ equity, net of tax, until realized. Realized securities gains and losses are computed using the specific identification method. Interest and dividends on investment securities are recognized as income when earned. | ||||||
Securities are evaluated on at least a quarterly basis and more frequently when economic or market conditions warrant such an evaluation to determine whether a decline in their value is other than temporary. For debt securities, management considers whether the present value of cash flows expected to be collected are less than the security’s amortized cost basis (the difference defined as the credit loss), the magnitude and duration of the decline, the reasons underlying the decline, and the Company’s intent to sell the security or whether it is more likely than not that the Company would be required to sell the security before its anticipated recovery in market value, to determine whether the loss in value is other than temporary. Once a decline in value is determined to be other than temporary, if the Company does not intend to sell the security, and it is more likely than not that it will not be required to sell the security, before recovery of the security’s amortized cost basis, the charge to earnings is limited to the amount of credit loss. Any remaining difference between fair value and amortized cost (the difference defined as the noncredit portion) is recognized in other comprehensive income, net of applicable taxes. Otherwise, the entire difference between fair value and amortized cost is charged to earnings. | ||||||
Loans | ' | |||||
Loans | ||||||
Loans are reported at their unpaid principal balance plus loan premiums less any undisbursed portion of loans, unamortized loan fees and costs, and allowance for loan losses. Loan origination fees and certain direct loan origination costs are deferred and amortized over the contractual lives of the related loans, as an adjustment of yield (interest income), using the level yield method. Premiums on loans are amortized over the contractual lives of the related loans, using the level yield method. | ||||||
Recognition of interest by the accrual method is generally discontinued when interest or principal payments are over 90 days in arrears on a contractual basis, or when other factors indicate that the collection of such amounts is doubtful. At the time a loan is placed on nonaccrual status, an allowance for uncollected interest is recorded in the current period for previously accrued and uncollected interest. Interest on such loans is either applied against principal or recognized as income when payments are received. A loan is returned to accrual status when interest or principal payments are no longer more than 90 days in arrears on a contractual basis and factors indicating doubtful collectability no longer exist. | ||||||
Allowance For Loan Losses | ' | |||||
Allowance for Loan Losses | ||||||
An allowance for loan losses is maintained at a level that represents management’s best estimate of losses known and inherent in the loan portfolio that are both probable and reasonable to estimate. The allowance is decreased by loan charge-offs, increased by subsequent recoveries of loans previously charged-off, and then adjusted, via either a charge or credit to operations, to an amount determined by management to be necessary. Loans or portions thereof are charged-off when, after collection efforts are exhausted, they are determined to be uncollectible. Management of the Company, in determining the allowance for loan losses, considers the losses inherent in its loan portfolio and changes in the nature and volume of its loan activities, along with the general economic and real estate market conditions. The Company utilizes a two-tier approach: (1) identification of impaired loans and establishment of a specific allowance allocation on such loans, and (2) establishment of general valuation allowances on the remainder of its loan portfolio. | ||||||
The Company maintains a loan review system which allows for a periodic review of its loan portfolio and the early identification of potential impaired loans. Such system takes into consideration, among other things, delinquency status, size of loans, type of collateral, and financial condition of the borrowers. Specific loan loss allowances are established for identified loans based on a review of such information and/or appraisals of the underlying collateral. General loan losses are based upon a combination of factors including, but not limited to, actual loan loss experience, size and composition of the loan portfolio, and current economic conditions and management’s judgment. Although management believes that specific and general loan losses are established in accordance with management’s best estimate, actual losses are dependent upon future events and, as such, further additions to the level of loan loss allowances may be necessary. | ||||||
A loan evaluated for impairment is deemed to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. All loans identified as impaired are evaluated independently. The Company does not aggregate such loans for evaluation purposes. Payments received on impaired loans are applied first to interest receivable and then to principal. | ||||||
Premises And Equipment | ' | |||||
Premises and Equipment | ||||||
Land is carried at cost. Building and improvements, furniture, fixtures and equipment, vehicles, and leasehold improvements are carried at cost, less accumulated depreciation computed on the straight-line method over the following estimated useful lives: | ||||||
Years | ||||||
Building and improvements | May-50 | |||||
Furniture, fixtures and equipment | 10-Mar | |||||
Leasehold improvements | Shorter of useful lives or lease term | |||||
Vehicles | 5 | |||||
Costs for maintenance and repairs are expensed currently while costs of major additions or improvements are capitalized. | ||||||
Restricted Investment In Bank Stock | ' | |||||
Restricted Investment in Bank Stock | ||||||
As a member of the Federal Home Loan Bank of Pittsburgh (the “FHLB”), the Bank is required to maintain a minimum amount of FHLB stock. The investment is required by law according to a predetermined formula. This investment is carried at cost. | ||||||
Management evaluates the restricted stock for impairment. Management’s determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of their cost is influenced by criteria such as: (1) the significance of the decline in net assets of the FHLB as compared with the capital stock amount for the FHLB and the length of time this situation has persisted; (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB; (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the FHLB; and (4) the liquidity position of the FHLB. There was no impairment of the FHLB stock as of September 30, 2013 or 2012. | ||||||
Other Real Estate Owned | ' | |||||
Other Real Estate Owned | ||||||
Real estate properties acquired through or in lieu of loan foreclosure are initially recorded at the lower of cost or fair value less estimated selling cost at the date of foreclosure. Any write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for loan losses. Costs of significant property improvements are capitalized, whereas costs relating to holding property are expensed. The portion of interest costs relating to development of real estate is capitalized. Valuations are periodically performed by management, and any subsequent write-downs are recorded as a charge to operations, if necessary, to reduce the carrying value of a property to the lower of its cost or fair value less cost to sell. | ||||||
Income Taxes | ' | |||||
Income Taxes | ||||||
The Company uses an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually for cumulative differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. Eureka Financial and the Bank file a consolidated federal income tax return. | ||||||
Eureka Financial has entered into a tax allocation agreement with the Bank as a result of their status as members of an affiliated group under the Internal Revenue Code. The tax allocation agreement generally provides that Eureka Financial will file consolidated federal income tax returns with the Bank. The tax allocation agreement also formalizes procedures for allocating the consolidated tax liability of the group among its members and establishes procedures for the payments by the Bank to Eureka Financial for tax liabilities attributable to the Bank. | ||||||
The Company prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Benefits from tax positions should be recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met. | ||||||
There is currently no liability for uncertain tax positions and no known unrecognized tax benefits. The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Consolidated Statement of Income. With few exceptions, the Company is no longer subject to U.S. federal or state income tax examinations by tax authorities for years before 2005 and for the year 2010. | ||||||
Advertising Costs | ' | |||||
Advertising Costs | ||||||
Advertising costs are expensed as incurred. Advertising expense totaled $4,685 and $14,526 for the years ended September 30, 2013 and 2012, respectively. | ||||||
Earnings Per Share | ' | |||||
Earnings Per Share | ||||||
Basic earnings per share exclude dilution and are computed by dividing net income by weighted-average shares outstanding. Diluted earnings per share are computed by dividing net income by weighted-average shares outstanding plus potential common stock resulting from dilutive stock options. | ||||||
The following is a reconciliation of the numerators and denominators of the basic and dilutive earnings per share computations for net income for the years ended September 30, 2013 and 2012: | ||||||
September 30, | ||||||
2013 | 2012 | |||||
Weighted average common shares outstanding | 1,295,346 | 1,320,479 | ||||
Average unearned nonvested shares | -21,067 | -10,598 | ||||
Average unearned employee stock ownership plan shares | -47,106 | -57,799 | ||||
Weighted average common shares and common stock equivalents | ||||||
used to calculate basic earnings per share | 1,227,173 | 1,252,082 | ||||
Additional common stock equivalents (nonvested stock) used | ||||||
to calculate diluted earnings per share | - | - | ||||
Additional common stock equivalents (stock options) used | ||||||
to calculate diluted earnings per share | 98 | - | ||||
Weighted average common shares and common stock equivalents | ||||||
used to calculate basic and diluted earnings per share | 1,227,271 | 1,252,082 | ||||
Net income | $ | 1,393,367 | $ | 1,462,268 | ||
Basic and diluted earnings per share | $ | 1.14 | $ | 1.17 | ||
As of September 30, 2013 and 2012, there were 25,961 shares of restricted stock outstanding with a grant price of $15.24 not included in the computation of diluted earnings per share because to do so would be anti-dilutive. | ||||||
Options to purchase 13,681 and 64,907 shares of common stock at $15.24 per share were outstanding at September 30, 2013 and 2012, respectively, but were not included in the computation of diluted earnings per share as they were anti-dilutive due to the exercise price being greater than the average market price. | ||||||
Off-Balance Sheet Related Financial Instruments | ' | |||||
Off-Balance Sheet Related Financial Instruments | ||||||
In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under commercial lines of credit, and standby letters of credit. Such financial instruments are recorded when they are funded. | ||||||
Comprehensive Income | ' | |||||
Comprehensive Income | ||||||
The Company is required to present comprehensive income in a full set of general-purpose financial statements for all periods presented. Other comprehensive income is comprised of unrealized holding gains (losses) on investment securities available for sale. | ||||||
Cash Equivalents | ' | |||||
Cash Equivalents | ||||||
For purposes of the Consolidated Statements of Cash Flows, all cash and amounts due from banks and interest-bearing deposits in other banks with an initial maturity of three months or less are considered to be cash equivalents. | ||||||
Reclassifications | ' | |||||
Reclassifications | ||||||
Certain comparative amounts from the prior-year period have been reclassified to conform to current-period classifications. Such reclassifications had no effect on net income and stockholders’ equity. | ||||||
Recent Accounting Pronouncements | ' | |||||
Recent Accounting Pronouncements | ||||||
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The amendments in this ASU affect all entities that have financial instruments and derivative instruments that are either (1) offset in accordance with either Accounting Standards Codification (“ASC”) or or (2) subject to an enforceable master netting arrangement or similar agreement. The requirements amend the disclosure requirements on offsetting in ASC . This information will enable users of an entity's financial statements to evaluate the effect or potential effect of netting arrangements on an entity's financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments in the scope of this ASU. An entity is required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||||||
In October 2012, the FASB issued ASU 2012-06, Business Combinations (Topic 805): Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution. Accounting for a business combination requires that at each subsequent reporting date, an acquirer must measure an indemnification asset on the same basis as the indemnified liability or asset, subject to any contractual limitations on its amount, and, for an indemnification asset that is not subsequently measured at its fair value, management’s assessment of the collectibility of the indemnification asset. The objective of this ASU is to address the diversity in practice about how to interpret the terms on the same basis and contractual limitations when subsequently measuring an indemnification asset recognized in a government-assisted (Federal Deposit Insurance Corporation or National Credit Union Administration) acquisition of a financial institution that includes a loss-sharing agreement (indemnification agreement). This ASU is not expected to have a significant impact on the Company’s financial statements. | ||||||
In January 2013, the FASB issued ASU 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The main objective in this ASU is to address implementation issues about the scope of ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The amendments clarify that the scope of ASU 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with ASC Section 210-20-45 or Section 815-10-45 or subject to an enforceable master arrangement or similar agreement. Entities with other types of financial assets and financial liabilities subject to a master netting arrangement or similar agreement also are affected because these amendments make them no longer subject to the disclosure requirements in ASU 2011-11. An entity is required to apply the amendments for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||||||
In February 2013, the FASB issued ASU 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. The objective of the amendments in this ASU is to provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. generally accepted accounting principles (“GAAP”). Examples of obligations within the scope of this ASU include debt arrangements, other contractual obligations, and settled litigation and judicial rulings. U.S. GAAP does not include specific guidance on accounting for such obligations with joint and several liability, which has resulted in diversity in practice. Some entities record the entire amount under the joint and several liability arrangement on the basis of the concept of a liability and the guidance that must be met to extinguish a liability. Other entities record less than the total amount of the obligation, such as an amount allocated, an amount corresponding to the proceeds received, or the portion of the amount the entity agreed to pay among its co-obligors, on the basis of the guidance for contingent liabilities. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. This ASU is not expected to have a significant impact on the Company’s financial statements. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||||||
In April 2013, the FASB issued ASU 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting. The amendments in this ASU are being issued to clarify when an entity should apply the liquidation basis of accounting. In addition, the guidance provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. The amendments require an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is imminent when the likelihood is remote that the entity will return from liquidation and either (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective and the likelihood is remote that the execution of the plan will be blocked by other parties or (b) a plan for liquidation is being imposed by other forces (for example, involuntary bankruptcy). If a plan for liquidation was specified in the entity’s governing documents from the entity’s inception (for example, limited-life entities), the entity should apply the liquidation basis of accounting only if the approved plan for liquidation differs from the plan for liquidation that was specified at the entity’s inception. The amendments are effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. Entities should apply the requirements prospectively from the day that liquidation becomes imminent. Early adoption is permitted. Entities that use the liquidation basis of accounting as of the effective date in accordance with other Topics (for example, terminating employee benefit plans) are not required to apply the amendments. Instead, those entities should continue to apply the guidance in those other Topics until they have completed liquidation. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||||||
In June 2013, the FASB issued ASU 2013-08, Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements. The amendments in this ASU affect the scope, measurement, and disclosure requirements for investment companies under U.S. GAAP. The amendments do all of the following: (1.) change the approach to the investment company assessment in Topic 946, clarify the characteristics of an investment company, and provide comprehensive guidance for assessing whether an entity is an investment company; (2.) require an investment company to measure noncontrolling ownership interests in other investment companies at fair value rather than using the equity method of accounting; and (3.) require the following additional disclosures: (a) the fact that the entity is an investment company and is applying the guidance in Topic 946, (b) information about changes, if any, in an entity’s status as an investment company, and (c) information about financial support provided or contractually required to be provided by an investment company to any of its investees. The amendments in this ASU are effective for an entity’s interim and annual reporting periods in fiscal years that begin after December 15, 2013. Earlier application is prohibited. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||||||
In July 2013, the FASB issued ASU 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this ASU permit the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to UST and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||||||
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. | ||||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |||||
Sep. 30, 2013 | ||||||
Summary Of Significant Accounting Policies [Abstract] | ' | |||||
Schedule Of Earnings Per Share Basic And Diluted | ' | |||||
September 30, | ||||||
2013 | 2012 | |||||
Weighted average common shares outstanding | 1,295,346 | 1,320,479 | ||||
Average unearned nonvested shares | -21,067 | -10,598 | ||||
Average unearned employee stock ownership plan shares | -47,106 | -57,799 | ||||
Weighted average common shares and common stock equivalents | ||||||
used to calculate basic earnings per share | 1,227,173 | 1,252,082 | ||||
Additional common stock equivalents (nonvested stock) used | ||||||
to calculate diluted earnings per share | - | - | ||||
Additional common stock equivalents (stock options) used | ||||||
to calculate diluted earnings per share | 98 | - | ||||
Weighted average common shares and common stock equivalents | ||||||
used to calculate basic and diluted earnings per share | 1,227,271 | 1,252,082 | ||||
Net income | $ | 1,393,367 | $ | 1,462,268 | ||
Basic and diluted earnings per share | $ | 1.14 | $ | 1.17 | ||
Schedule Of Estimated Useful Life | ' | |||||
Years | ||||||
Building and improvements | May-50 | |||||
Furniture, fixtures and equipment | 10-Mar | |||||
Leasehold improvements | Shorter of useful lives or lease term | |||||
Vehicles | 5 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||
Changes In Accumulated Other Comprehensive Income By Component | ' | ||||||
Unrealized Losses | Unrealized Losses | ||||||
on Available for Sale | on Available for Sale | ||||||
Securities | Securities | ||||||
Balance as of October 1, 2012 | $ | 1,019 | Balance as of October 1, 2011 | $ | 1,336 | ||
Other comprehensive loss before reclassification | -362,413 | Other comprehensive loss before reclassification | -317 | ||||
Amount reclassified from accumulated | Amount reclassified from accumulated | ||||||
other comprehensive income | - | other comprehensive income | - | ||||
Total other comprehensive loss | -362,413 | Total other comprehensive loss | -317 | ||||
Balance as of September 30, 2013 | $ | -361,394 | Balance as of September 30, 2012 | $ | 1,019 | ||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Investment Securities [Abstract] | ' | |||||||||||||||||
Investment Securities Available For Sale | ' | |||||||||||||||||
30-Sep-13 | ||||||||||||||||||
Gross | Gross | |||||||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||||
Obligations of states | ||||||||||||||||||
and political subdivisions | $ | 592,346 | $ | - | $ | -43,894 | $ | 548,452 | ||||||||||
U.S. government agency | ||||||||||||||||||
securities | 6,247,825 | - | -504,400 | 5,743,425 | ||||||||||||||
Total | $ | 6,840,171 | $ | - | $ | -548,294 | $ | 6,291,877 | ||||||||||
Available For Sale Contractual Maturity | ' | |||||||||||||||||
30-Sep-13 | ||||||||||||||||||
Amortized | Fair | |||||||||||||||||
Cost | Value | |||||||||||||||||
Due after one year through five years | $ | 292,346 | $ | 290,812 | ||||||||||||||
Due after ten years | 6,547,825 | 6,001,065 | ||||||||||||||||
Total | $ | 6,840,171 | $ | 6,291,877 | ||||||||||||||
Investment Securities Held To Maturity | ' | |||||||||||||||||
30-Sep-13 | ||||||||||||||||||
Gross | Gross | |||||||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||||
Obligations of states | ||||||||||||||||||
and political subdivisions | $ | 2,026,027 | $ | 50,094 | $ | -113,206 | $ | 1,962,915 | ||||||||||
U.S. government agency | ||||||||||||||||||
securities | 750,000 | - | -126,150 | 623,850 | ||||||||||||||
Total | $ | 2,776,027 | $ | 50,094 | $ | -239,356 | $ | 2,586,765 | ||||||||||
30-Sep-12 | ||||||||||||||||||
Gross | Gross | |||||||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||||
Obligations of states | ||||||||||||||||||
and political subdivisions | $ | 1,425,468 | $ | 28,878 | $ | -2,029 | $ | 1,452,317 | ||||||||||
U.S. government agency | ||||||||||||||||||
securities | 12,448,124 | 78,029 | -2,688 | 12,523,465 | ||||||||||||||
Total | $ | 13,873,592 | $ | 106,907 | $ | -4,717 | $ | 13,975,782 | ||||||||||
Securities Held By Contractual Maturity | ' | |||||||||||||||||
30-Sep-13 | ||||||||||||||||||
Amortized | Fair | |||||||||||||||||
Cost | Value | |||||||||||||||||
Due from five to ten years | $ | 493,086 | $ | 537,620 | ||||||||||||||
Due after ten years | 2,282,941 | 2,049,145 | ||||||||||||||||
$ | 2,776,027 | $ | 2,586,765 | |||||||||||||||
Schedule Of Unrealized Loss On Investments | ' | |||||||||||||||||
30-Sep-13 | ||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | ||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||
Obligations of states | ||||||||||||||||||
and political subdivisions | $ | 1,376,627 | $ | -157,100 | $ | - | $ | - | $ | 1,376,627 | $ | -157,100 | ||||||
U.S. government agency | ||||||||||||||||||
securities | 6,367,275 | -630,550 | - | - | 6,367,275 | -630,550 | ||||||||||||
$ | 7,743,902 | $ | -787,650 | $ | - | $ | - | $ | 7,743,902 | $ | -787,650 | |||||||
30-Sep-12 | ||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | ||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||
Obligations of states | ||||||||||||||||||
and political subdivisions | $ | 588,930 | $ | -2,029 | $ | - | $ | - | $ | 588,930 | $ | -2,029 | ||||||
U.S. government agency | ||||||||||||||||||
securities | 1,997,125 | -2,688 | - | - | 1,997,125 | -2,688 | ||||||||||||
$ | 2,586,055 | $ | -4,717 | $ | - | $ | - | $ | 2,586,055 | $ | -4,717 | |||||||
MortgageBacked_Securities_Tabl
Mortgage-Backed Securities (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Mortgage-Backed Securities [Abstract] | ' | |||||||||||
Schedule Of Amortized Cost And Fair Values Of Mortgage-Backed Securities | ' | |||||||||||
30-Sep-13 | ||||||||||||
Gross | Gross | |||||||||||
Amortized | Unrealized | Unrealized | ||||||||||
Cost | Gains | Losses | Fair Value | |||||||||
Freddie Mac Certificates | $ | 1,183 | $ | 91 | $ | - | $ | 1,274 | ||||
Fannie Mae Certificates | 6,923 | 637 | - | 7,560 | ||||||||
Total | $ | 8,106 | $ | 728 | $ | - | $ | 8,834 | ||||
30-Sep-12 | ||||||||||||
Gross | Gross | |||||||||||
Amortized | Unrealized | Unrealized | ||||||||||
Cost | Gains | Losses | Fair Value | |||||||||
Freddie Mac Certificates | $ | 1,552 | $ | 106 | $ | - | $ | 1,658 | ||||
Fannie Mae Certificates | 12,717 | 1,438 | - | 14,155 | ||||||||
Total | $ | 14,269 | $ | 1,544 | $ | - | $ | 15,813 | ||||
Schedule Of Amortized Cost And Fair Values Of Mortgage-Backed Securities By Contractual Maturity | ' | |||||||||||
30-Sep-13 | ||||||||||||
Amortized | ||||||||||||
Cost | Fair Value | |||||||||||
Due in one year or less | $ | - | $ | - | ||||||||
Due after one year through five years | 6,388 | 6,951 | ||||||||||
Due after five years through ten years | 509 | 549 | ||||||||||
Due after ten years | 1,209 | 1,334 | ||||||||||
$ | 8,106 | $ | 8,834 | |||||||||
Loans_And_Related_Allowance_Fo1
Loans And Related Allowance For Loan Losses(Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Loans And Related Allowance For Loan Losses [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary Of Major Classifications Of Loans | ' | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
One-to-four family real estate - owner occupied | $ | 20,484,626 | $ | 22,841,158 | |||||||||||||||||||||||||||||
One-to-four family real estate - non-owner occupied | 32,747,845 | 29,150,275 | |||||||||||||||||||||||||||||||
Construction and land | 3,847,052 | 448,170 | |||||||||||||||||||||||||||||||
Multi-family real estate | 17,707,984 | 14,180,454 | |||||||||||||||||||||||||||||||
Commercial real estate | 22,682,578 | 20,913,333 | |||||||||||||||||||||||||||||||
Home equity and second mortgages | 1,235,098 | 1,261,447 | |||||||||||||||||||||||||||||||
Secured loans | 188,561 | 269,520 | |||||||||||||||||||||||||||||||
Commercial leases and loans | 20,074,035 | 19,411,283 | |||||||||||||||||||||||||||||||
Commercial lines of credit | 4,029,645 | 5,283,445 | |||||||||||||||||||||||||||||||
122,997,424 | 113,759,085 | ||||||||||||||||||||||||||||||||
Plus: | |||||||||||||||||||||||||||||||||
Unamortized loan premiums | 13,813 | 15,534 | |||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||
Unamortized loan fees and costs, net | -265,736 | -192,282 | |||||||||||||||||||||||||||||||
Allowance for loan losses | -1,299,038 | -1,142,038 | |||||||||||||||||||||||||||||||
$ | 121,446,463 | $ | $ 112,440,299 | ||||||||||||||||||||||||||||||
Summary Of Credit Quality Indicators | ' | ||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||
One-to-four family real estate | |||||||||||||||||||||||||||||||||
non-owner occupied | $ | 31,654,257 | $ | 18,224 | $ | - | $ | - | $ | - | $ | 31,672,481 | |||||||||||||||||||||
Construction | 3,847,052 | - | - | - | - | 3,847,052 | |||||||||||||||||||||||||||
Multi-family real estate | 17,707,984 | - | - | - | - | 17,707,984 | |||||||||||||||||||||||||||
Commercial real estate | 22,682,578 | - | - | - | - | 22,682,578 | |||||||||||||||||||||||||||
Commercial leases and loans | 19,880,846 | 193,189 | - | - | - | 20,074,035 | |||||||||||||||||||||||||||
Commercial lines of credit | 3,441,048 | 164,680 | 423,917 | - | - | 4,029,645 | |||||||||||||||||||||||||||
$ | 99,213,765 | $ | 376,093 | $ | 423,917 | $ | - | $ | - | $ | 100,013,775 | ||||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||
One-to-four family real estate | |||||||||||||||||||||||||||||||||
non-owner occupied | $ | 28,934,037 | $ | 216,238 | $ | - | $ | - | $ | - | $ | 29,150,275 | |||||||||||||||||||||
Construction | 448,170 | - | - | - | - | 448,170 | |||||||||||||||||||||||||||
Multi-family real estate | 14,180,454 | - | - | - | - | 14,180,454 | |||||||||||||||||||||||||||
Commercial real estate | 20,913,333 | - | - | - | - | 20,913,333 | |||||||||||||||||||||||||||
Commercial leases and loans | 19,411,283 | - | - | - | - | 19,411,283 | |||||||||||||||||||||||||||
Commercial lines of credit | 4,766,142 | 93,386 | 423,917 | - | - | 5,283,445 | |||||||||||||||||||||||||||
$ | 88,653,419 | $ | 309,624 | $ | 423,917 | $ | - | $ | - | $ | 89,386,960 | ||||||||||||||||||||||
Summary Of Performing And Non Performing Of Loans | ' | ||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Nonperforming | Performing | ||||||||||||||||||||||||||||||||
Loans | Loans | Total | |||||||||||||||||||||||||||||||
One-to-four family real estate - | |||||||||||||||||||||||||||||||||
owner occupied | $ | - | $ | 20,896,914 | $ | 20,896,914 | |||||||||||||||||||||||||||
Home equity and second mortgages | - | 1,235,098 | 1,235,098 | ||||||||||||||||||||||||||||||
Secured loans | - | 188,561 | 188,561 | ||||||||||||||||||||||||||||||
$ | - | $ | 22,320,573 | $ | 22,320,573 | ||||||||||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||||||||||
Nonperforming | Performing | ||||||||||||||||||||||||||||||||
Loans | Loans | Total | |||||||||||||||||||||||||||||||
One-to-four family real estate - | $ | 660,078 | $ | 22,181,080 | $ | 22,841,158 | |||||||||||||||||||||||||||
owner occupied | |||||||||||||||||||||||||||||||||
Home equity and second mortgages | - | 1,261,447 | 1,261,447 | ||||||||||||||||||||||||||||||
Secured loans | - | 269,520 | 269,520 | ||||||||||||||||||||||||||||||
$ | 660,078 | $ | 23,712,047 | $ | 24,372,125 | ||||||||||||||||||||||||||||
Schedule Of Trouble Debt Restructurings | ' | ||||||||||||||||||||||||||||||||
Loans in non-accrual status | Number of Loans | Balance | Concession Granted | ||||||||||||||||||||||||||||||
Commercial loan secured by business | |||||||||||||||||||||||||||||||||
equipment | 1 | $442,494 | Extension of maturity date | ||||||||||||||||||||||||||||||
Summary Of Classes Of Loan Past Due | ' | ||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater than | |||||||||||||||||||||||||||||||
Days | Days | 90 Days | Total | Nonaccrual | |||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Total Loans | Loans | |||||||||||||||||||||||||||
One-to-four family real estate | |||||||||||||||||||||||||||||||||
owner occupied | $ | 116,259 | $ | 60,242 | $ | - | $ | 176,501 | $ | 20,308,125 | $ | 20,484,626 | $ | - | |||||||||||||||||||
One-to-four family real estate | |||||||||||||||||||||||||||||||||
non-owner occupied | - | - | - | - | 32,747,845 | 32,747,845 | - | ||||||||||||||||||||||||||
Construction | - | - | - | - | 3,847,052 | 3,847,052 | - | ||||||||||||||||||||||||||
Multi-family real estate | - | - | - | - | 17,707,984 | 17,707,984 | - | ||||||||||||||||||||||||||
Commercial real estate | - | - | - | - | 22,682,578 | 22,682,578 | - | ||||||||||||||||||||||||||
Home equity and | |||||||||||||||||||||||||||||||||
second mortgages | - | 18,987 | - | 18,987 | 1,216,111 | 1,235,098 | - | ||||||||||||||||||||||||||
Secured loans | - | - | - | - | 188,561 | 188,561 | - | ||||||||||||||||||||||||||
Commercial leases and loans | 193,190 | - | - | 193,190 | 19,880,845 | 20,074,035 | 442,494 | ||||||||||||||||||||||||||
Commercial lines of credit | - | - | 423,917 | 423,917 | 3,605,728 | 4,029,645 | 423,917 | ||||||||||||||||||||||||||
$ | 309,449 | $ | 79,229 | $ | 423,917 | $ | 812,595 | $ | 122,184,829 | $ | 122,997,424 | $ | 866,411 | ||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||||||||||
30-59 | 60-89 | Greater than | |||||||||||||||||||||||||||||||
Days | Days | 90 Days | Total | Nonaccrual | |||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Total Loans | Loans | |||||||||||||||||||||||||||
One-to-four family real estate | |||||||||||||||||||||||||||||||||
owner occupied | $ | 133,533 | $ | - | $ | 660,078 | $ | 793,611 | $ | 22,047,547 | $ | 22,841,158 | $ | 660,078 | |||||||||||||||||||
One-to-four family real estate | |||||||||||||||||||||||||||||||||
non-owner occupied | 124,963 | 91,276 | - | 216,239 | 28,934,036 | 29,150,275 | - | ||||||||||||||||||||||||||
Construction | - | - | - | - | 448,170 | 448,170 | - | ||||||||||||||||||||||||||
Multi-family real estate | - | - | - | - | 14,180,454 | 14,180,454 | - | ||||||||||||||||||||||||||
Commercial real estate | - | - | - | - | 20,913,333 | 20,913,333 | - | ||||||||||||||||||||||||||
Home equity and | |||||||||||||||||||||||||||||||||
second mortgages | - | - | - | - | 1,261,447 | 1,261,447 | - | ||||||||||||||||||||||||||
Secured loans | - | - | - | - | 269,520 | 269,520 | - | ||||||||||||||||||||||||||
Commercial leases and loans | - | - | - | - | 19,411,283 | 19,411,283 | - | ||||||||||||||||||||||||||
Commercial lines of credit | 423,917 | - | - | 423,917 | 4,859,528 | 5,283,445 | - | ||||||||||||||||||||||||||
$ | 682,413 | $ | 91,276 | $ | 660,078 | $ | 1,433,767 | $ | 112,325,318 | $ | 113,759,085 | $ | 660,078 | ||||||||||||||||||||
Summary Of Allowance For Loan Losse And Loan Receivable Balances | ' | ||||||||||||||||||||||||||||||||
One-to-four family real estate -owner occupied | One-to-four family real estate -non-owner occupied | Construction | Multi-family real estate | Commercial real estate | Home equity and second mortgages | Secured loans | Commercial leases and loans | Commercial lines of credit | Non-allocated | Total | |||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||
Beginning balance 10/1/2012 | $ | 114,206 | $ | 306,078 | $ | 4,482 | $ | 127,624 | $ | 240,503 | $ | 6,938 | $ | - | $ | 242,641 | $ | 60,760 | $ | 38,806 | $ | 1,142,038 | |||||||||||
Charge-offs | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||
Provisions | 42,769 | -38,183 | 14,953 | 14,059 | 29,437 | 533 | - | 4,337 | -14,379 | 103,474 | 157,000 | ||||||||||||||||||||||
Ending balance 9/30/13 | $ | 156,975 | $ | 267,895 | $ | 19,435 | $ | 141,683 | $ | 269,940 | $ | 7,471 | $ | - | $ | 246,978 | $ | 46,381 | $ | 142,280 | $ | 1,299,038 | |||||||||||
Beginning balance 10/1/2011 | $ | 115,299 | $ | 192,729 | $ | 2,615 | $ | 121,452 | $ | 284,883 | $ | 7,049 | $ | - | $ | 216,894 | $ | - | $ | 59,117 | $ | 1,000,038 | |||||||||||
Charge-offs | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||
Provisions | -1,093 | 113,349 | 1,867 | 6,172 | -44,380 | -111 | - | 25,747 | 60,760 | -20,311 | 142,000 | ||||||||||||||||||||||
Ending balance 9/30/12 | $ | 114,206 | $ | 306,078 | $ | 4,482 | $ | 127,624 | $ | 240,503 | $ | 6,938 | $ | - | $ | 242,641 | $ | 60,760 | $ | 38,806 | $ | 1,142,038 | |||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||
Ending balance 9/30/2013 | $ | 156,975 | $ | 267,895 | $ | 19,435 | $ | 141,683 | $ | 269,940 | $ | 7,471 | $ | - | $ | 246,978 | $ | 46,381 | $ | 142,280 | $ | 1,299,038 | |||||||||||
Ending balance: individually | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||
Ending balance: collectively | $ | 156,975 | $ | 267,895 | $ | 19,435 | $ | 141,683 | $ | 269,940 | $ | 7,471 | $ | - | $ | 246,978 | $ | 46,381 | $ | 142,280 | $ | 1,299,038 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||
Loans receivables: | |||||||||||||||||||||||||||||||||
Ending balance 9/30/2013 | $ | 20,484,626 | $ | 32,747,845 | $ | 3,847,052 | $ | 17,707,984 | $ | 22,682,578 | $ | 1,235,098 | $ | 188,561 | $ | 20,074,035 | $ | 4,029,645 | $ | - | $ | 122,997,424 | |||||||||||
Ending balance: individually | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 442,494 | $ | 423,917 | $ | - | $ | 866,411 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||
Ending balance: collectively | $ | 20,484,626 | $ | 32,747,845 | $ | 3,847,052 | $ | 17,707,984 | $ | 22,682,578 | $ | 1,235,098 | $ | 188,561 | $ | 19,631,541 | $ | 3,605,728 | $ | - | $ | 122,131,013 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||
Ending balance 9/30/2012 | $ | 114,206 | $ | 306,078 | $ | 4,482 | $ | 127,624 | $ | 240,503 | $ | 6,938 | $ | - | $ | 242,641 | $ | 60,760 | $ | 38,806 | $ | 1,142,038 | |||||||||||
Ending balance: individually | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||
Ending balance: collectively | $ | 114,206 | $ | 306,078 | $ | 4,482 | $ | 127,624 | $ | 240,503 | $ | 6,938 | $ | - | $ | 242,641 | $ | 60,760 | $ | 38,806 | $ | 1,142,038 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||
Loans receivables: | |||||||||||||||||||||||||||||||||
Ending balance 9/30/2012 | $ | 22,841,158 | $ | 29,150,275 | $ | 448,170 | $ | 14,180,454 | $ | 20,913,333 | $ | 1,261,447 | $ | 269,520 | $ | 19,411,283 | $ | 5,283,445 | $ | - | $ | 113,759,085 | |||||||||||
Ending balance: individually | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||
Ending balance: collectively | $ | 22,841,158 | $ | 29,150,275 | $ | 448,170 | $ | 14,180,454 | $ | 20,913,333 | $ | 1,261,447 | $ | 269,520 | $ | 19,411,283 | $ | 5,283,445 | $ | - | $ | 113,759,085 | |||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||
Schedule Of Impaired Loans | ' | ||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||
Impaired Loans with Specific | with No Specific | ||||||||||||||||||||||||||||||||
Allowance | Allowance | Total Impaired Loans | |||||||||||||||||||||||||||||||
Unpaid | Average | Interest | |||||||||||||||||||||||||||||||
Recorded | Related | Recorded | Recorded | Principal | Recorded | Income | |||||||||||||||||||||||||||
Investment | Allowance | Investment | Investment | Balance | Investment | Recognized | |||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Commercial leases and loans | $ | - | $ | - | $ | 866,411 | $ | 866,411 | $ | 866,411 | $ | 877,863 | $ | 7,447 | |||||||||||||||||||
Premises_And_Equipment_Tables
Premises And Equipment (Tables) | 12 Months Ended | |||||
Sep. 30, 2013 | ||||||
Premises and Equipment [Abstract] | ' | |||||
Schedule Of Premises And Equipment | ' | |||||
2013 | 2012 | |||||
Land, building, and improvements | $ | 2,257,873 | $ | 2,254,054 | ||
Furniture, fixtures, and equipment | 1,094,911 | 1,028,678 | ||||
Vehicle | 48,985 | 41,280 | ||||
Total premises and equipment | 3,401,769 | 3,324,012 | ||||
Less accumulated depreciation | -2,233,534 | -2,109,103 | ||||
Total | $ | 1,168,235 | $ | 1,214,909 | ||
Schedule Of Future Minimum Operating Lease Payments | ' | |||||
2014 | $ | 61,500 | ||||
2015 | 58,621 | |||||
2016 | 57,528 | |||||
2017 | 57,528 | |||||
2018 | 4,794 | |||||
Total | $ | 239,971 | ||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||
Sep. 30, 2013 | ||||||
Deposits [Abstract] | ' | |||||
Schedule Of Interest Bearing Deposits | ' | |||||
2013 | 2012 | |||||
Demand deposits | $ | 5,010,755 | $ | 4,107,787 | ||
Passbook savings and Christmas club | 22,456,473 | 20,453,623 | ||||
NOW and money market accounts | 22,259,395 | 18,188,421 | ||||
Certificates of deposit and CDARS | 58,694,060 | 62,700,981 | ||||
Individual retirement accounts | 9,036,739 | 9,045,734 | ||||
Total | $ | 117,457,422 | $ | 114,496,546 | ||
Schedule Of Time Deposits, By Contractual Maturity | ' | |||||
2014 | $ | 37,952,361 | ||||
2015 | 8,147,550 | |||||
2016 | 4,365,402 | |||||
2017 | 1,785,431 | |||||
2018 | 3,444,342 | |||||
2019 and thereafter | 12,035,713 | |||||
$ | 67,730,799 | |||||
Schedule Of Interest Expense On Deposits | ' | |||||
2013 | 2012 | |||||
Passbook savings and Christmas club | $ | 25,425 | $ | 29,933 | ||
NOW and money market accounts | 33,041 | 48,172 | ||||
Certificates of deposit and CDARS | 912,548 | 1,002,367 | ||||
Individual retirement accounts | 177,051 | 230,165 | ||||
$ | 1,148,065 | $ | 1,310,637 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Income Taxes [Abstract] | ' | |||||||||||
Schedule Of Provision For Federal Income Taxes | ' | |||||||||||
2013 | 2012 | |||||||||||
Federal currently payable | $ | 430,429 | $ | 188,898 | ||||||||
State currently payable | 79,098 | 83,877 | ||||||||||
Deferred tax expense | 239,144 | 539,380 | ||||||||||
Total income tax provision | $ | 748,671 | $ | 812,155 | ||||||||
Reconciliation Between Expected And Actual Tax Provision | ' | |||||||||||
2013 | 2012 | |||||||||||
% | % | |||||||||||
Pretax | Pretax | |||||||||||
Amount | Income | Amount | Income | |||||||||
Provision at statutory rate | $ | 728,293 | 34.00 | % | $ | 773,304 | 34.00 | % | ||||
Effect of tax-free income | -48,749 | -2.27 | -44,044 | -1.94 | ||||||||
State income tax, net of | ||||||||||||
federal tax benefit | 52,205 | 2.44 | 55,359 | 2.43 | ||||||||
Other | 16,922 | 0.78 | 27,536 | 1.22 | ||||||||
Income tax expense and | ||||||||||||
effective tax rate | $ | 748,671 | 34.95 | % | $ | 812,155 | 35.71 | % | ||||
Schedule Of Deferred Tax Assets And Liabilities | ' | |||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets | ||||||||||||
Net operating loss | $ | - | $ | 87,192 | ||||||||
Provision for loan losses | 346,658 | 293,278 | ||||||||||
Depreciation | 102,640 | 117,780 | ||||||||||
Deferred loan fees | 90,350 | 65,864 | ||||||||||
Unrealized loss on available for sale securities | 186,172 | - | ||||||||||
Other | 215,804 | 430,481 | ||||||||||
Deferred tax assets | 941,624 | 994,595 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Unrealized loss on available for sale securities | - | 525 | ||||||||||
Deferred tax liabilities | - | 525 | ||||||||||
Net deferred tax assets | $ | 941,624 | $ | 994,070 | ||||||||
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Employee Benefits [Abstract] | ' | ||||||||||
Schedule Of Contributions Paid | ' | ||||||||||
2013 | 2012 | ||||||||||
Date Paid | Amount | Date Paid | Amount | ||||||||
12/1/12 | $ | 271,457 | 1/17/12 | $ | 197,021 | ||||||
5/3/12 | 75 | ||||||||||
Total | $ | 271,457 | Total | $ | 197,096 | ||||||
Funded Status as of | 108.29 | % | Funded Status as of | 109.97 | % | ||||||
Zone Status | Green | Zone Status | Green | ||||||||
Components Of Employee Stock Ownership Plan (ESOP) | ' | ||||||||||
2013 | 2012 | ||||||||||
Allocated shares | 12,218 | 6,109 | |||||||||
Unreleased shares | 48,872 | 54,981 | |||||||||
Total ESOP shares | 61,090 | 61,090 | |||||||||
Fair value of unreleased shares | $ | 845,974 | $ | 865,951 | |||||||
Schedule Of Stock Options Activity | ' | ||||||||||
Options | Weighted-Average Price | ||||||||||
Outstanding, September 30, 2012 | 64,907 | $ | 15.24 | ||||||||
Granted | - | - | |||||||||
Exercised | - | - | |||||||||
Forefeited | - | - | |||||||||
Outstanding, September 30, 2013 | 64,907 | $ | 15.24 | ||||||||
Exercisable, September 30, 2013 | 12,981 | $ | 15.24 | ||||||||
Options | Weighted-Average Price | ||||||||||
Outstanding, September 30, 2011 | - | - | |||||||||
Granted | 64,907 | $ | 15.24 | ||||||||
Exercised | - | - | |||||||||
Forefeited | - | - | |||||||||
Outstanding, September 30, 2012 | 64,907 | $ | 15.24 | ||||||||
Exercisable, September 30, 2012 | - | - | |||||||||
Schedule Of Restricted Stock Activity | ' | ||||||||||
Number of | Weighted- | ||||||||||
Restricted Shares | Average Price | ||||||||||
Nonvested shares, September 30, 2012 | 25,961 | $ | 15.24 | ||||||||
Granted | - | - | |||||||||
Vested | 5,192 | 15.24 | |||||||||
Forefeited | - | - | |||||||||
Nonvested shares, September 30, 2013 | 20,769 | $ | 15.24 | ||||||||
Number of | Weighted- | ||||||||||
Restricted Shares | Average Price | ||||||||||
Nonvested shares, September 30, 2011 | - | - | |||||||||
Granted | 25,961 | $ | 15.24 | ||||||||
Vested | - | - | |||||||||
Forefeited | - | - | |||||||||
Nonvested shares, September 30, 2012 | 25,961 | $ | 15.24 | ||||||||
Fair_Value_Disclosure_Measurem1
Fair Value Disclosure Measurements (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Fair Value Disclosure Measurements [Abstract] | ' | |||||||||||||
Schedule Of Financial Assets Measured At Fair Value On A Recurring Basis | ' | |||||||||||||
30-Sep-13 | ||||||||||||||
Level I | Level II | Level III | Total | |||||||||||
Description | ||||||||||||||
Mortgage-backed securities available for sale | $ | - | $ | 8,834 | $ | - | $ | 8,834 | ||||||
Obligations of states and political subdivisions | ||||||||||||||
available for sale | - | 548,452 | - | 548,452 | ||||||||||
U.S. government agency securities | ||||||||||||||
available for sale | - | 5,743,425 | - | 5,743,425 | ||||||||||
Total | $ | - | $ | 6,300,711 | $ | - | $ | 6,300,711 | ||||||
30-Sep-12 | ||||||||||||||
Level I | Level II | Level III | Total | |||||||||||
Description | ||||||||||||||
Mortgage-backed securities available for sale | $ | - | $ | 15,813 | $ | - | $ | 15,813 | ||||||
Schedule Of Financial Assets Measured At Fair Value On A Non Recurring Basis | ' | |||||||||||||
30-Sep-13 | ||||||||||||||
Level I | Level II | Level III | Total | |||||||||||
Description | ||||||||||||||
Assets measured at fair value on a nonrecurring basis: | ||||||||||||||
Impaired loans | $ | - | $ | - | $ | 866,411 | $ | 866,411 | ||||||
Schedule Of Financial Assets Quantitative Information For Level 3 | ' | |||||||||||||
Quantative Information about Level III Fair Value Measurements | ||||||||||||||
Range | ||||||||||||||
Valuation | Unobservable | (Weighted | ||||||||||||
Fair Value | Technique | Inputs | Average) | |||||||||||
Impaired Loans | $ | 442,494 | Discounted | Probability of | - | |||||||||
cash flow | default | |||||||||||||
423,917 | Fair Value | Appraisal | 20 | % | ||||||||||
of collateral (1) | adjustments (2) | -20 | ||||||||||||
$ | 866,411 | |||||||||||||
-1 | Fair value is generally determined through independent appraisals of the underlying collateral, which generally includes various Level III inputs which are not identifiable. | |||||||||||||
-2 | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. | |||||||||||||
Schedule Of Estimated Fair Values Of Financial Instruments | ' | |||||||||||||
30-Sep-13 | ||||||||||||||
Carrying | Total | |||||||||||||
Value | Level I | Level II | Level III | Fair Value | ||||||||||
Financial assets: | ||||||||||||||
Cash and cash equivalents | $ | 7,181,069 | $ | 7,181,069 | $ | - | $ | - | $ | 7,181,069 | ||||
Investment securities available for sale | 6,291,877 | - | 6,291,877 | - | 6,291,877 | |||||||||
Investment securities held to maturity | 2,776,027 | - | 2,586,765 | - | 2,586,765 | |||||||||
Mortgage-backed securities available for sale | 8,834 | - | 8,834 | - | 8,834 | |||||||||
Federal Home Loan Bank stock | 237,400 | 237,400 | - | - | 237,400 | |||||||||
Loans receivable, net | 121,446,463 | - | - | 127,426,461 | 127,426,461 | |||||||||
Accrued interest receivable | 521,613 | 521,613 | - | - | 521,613 | |||||||||
Financial liabilities: | ||||||||||||||
Deposits | $ | 117,457,422 | $ | 49,726,623 | $ | - | $ | 67,762,800 | $ | 117,489,423 | ||||
Advances from borrowers for taxes and | ||||||||||||||
insurance | 477,035 | 477,035 | - | - | 477,035 | |||||||||
Accrued interest payable | 83,646 | 83,646 | - | - | 83,646 | |||||||||
30-Sep-12 | ||||||||||||||
Carrying | Total | |||||||||||||
Value | Level I | Level II | Level III | Fair Value | ||||||||||
Financial assets: | ||||||||||||||
Cash and cash equivalents | $ | 8,109,594 | $ | 8,109,594 | $ | - | $ | - | $ | 8,109,594 | ||||
Investment securities held to maturity | 13,873,592 | - | 13,975,782 | - | 13,975,782 | |||||||||
Mortgage-backed securities available for sale | 15,813 | - | 15,813 | - | 15,813 | |||||||||
Federal Home Loan Bank stock | 502,600 | 502,600 | - | - | 502,600 | |||||||||
Loans receivable, net | 112,440,299 | - | - | 118,443,000 | 118,443,000 | |||||||||
Accrued interest receivable | 606,633 | 606,633 | - | - | 606,633 | |||||||||
Financial liabilities: | ||||||||||||||
Deposits | $ | 114,496,546 | $ | 42,749,831 | $ | - | $ | 73,138,169 | $ | 115,888,000 | ||||
Advances from borrowers for taxes and | ||||||||||||||
insurance | 517,517 | 517,517 | - | - | 517,517 | |||||||||
Accrued interest payable | 100,076 | 100,076 | - | - | 100,076 | |||||||||
Capital_Requirements_Tables
Capital Requirements (Tables) | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Capital Requirements Disclosure [Abstract] | ' | ||||||||||||||||||
Bank's Compliance With Regulatory Capital Requirements | ' | ||||||||||||||||||
To be well Capitalized | |||||||||||||||||||
under Prompt | |||||||||||||||||||
For Capital Adequacy | Corrective Action | ||||||||||||||||||
Actual | Purposes | Provisions | |||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||
(in thousands) | |||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 22,351 | 23.80% | > | $ | 7,513 | >8.00% | > | $ | 9,391 | >10.00% | ||||||||
Tier 1 capital (to risk-weighted assets) | 21,176 | 22.55% | > | 3,756 | >4.00% | > | 5,634 | >6.00% | |||||||||||
Core (Tier 1) capital (to adjusted total assets) | 21,176 | 14.91% | > | 5,682 | >4.00% | > | 7,102 | >5.00% | |||||||||||
As of September 30, 2012 | |||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 21,745 | 23.77% | > | $ | 7,319 | >8.00% | > | $ | 9,149 | >10.00% | ||||||||
Tier 1 capital (to risk-weighted assets) | 20,620 | 22.54% | > | 3,659 | >4.00% | > | 5,489 | >6.00% | |||||||||||
Core (Tier 1) capital (to adjusted total assets) | 20,620 | 14.85% | > | 5,528 | >4.00% | > | 6,909 | >5.00% | |||||||||||
Bank's Equity Under Accounting Principles To Regulatory Capital Requirements | ' | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||
Total equity | $ | 20,815 | $ | 20,672 | |||||||||||||||
Unrealized loss (gain) on securities available-for-sale | 361 | -1 | |||||||||||||||||
Deferred tax asset - disallowed portion | - | -51 | |||||||||||||||||
Tier 1 capital | 21,176 | 20,620 | |||||||||||||||||
Allowable allowances for loan and lease losses | 1,175 | 1,125 | |||||||||||||||||
Total risk-based capital | $ | 22,351 | $ | 21,745 | |||||||||||||||
Parent_Company_Tables
Parent Company (Tables) | 12 Months Ended | |||||
Sep. 30, 2013 | ||||||
Parent Company [Abstract] | ' | |||||
Condensed Balance Sheet For Parent Company | ' | |||||
Condensed Balance Sheet | ||||||
2013 | 2012 | |||||
Assets: | ||||||
Cash and due from banks | $ | 965,015 | $ | 1,625,029 | ||
Investment in subsidiary | 20,814,525 | 20,672,426 | ||||
ESOP loan | 501,299 | 555,372 | ||||
Other assets | 64,991 | 64,697 | ||||
Total Assets | $ | 22,345,830 | $ | 22,917,524 | ||
Liabilities: | ||||||
Accounts payable and accrued expenses | $ | 359,630 | $ | 531,536 | ||
Total Liabilities | 359,630 | 531,536 | ||||
Stockholders' Equity | 21,986,200 | 22,385,988 | ||||
Total Liabilities and Stockholders' Equity | $ | 22,345,830 | $ | 22,917,524 | ||
Condensed Income Statement For Parent Company | ' | |||||
Condensed Statement of Income | ||||||
2013 | 2012 | |||||
Interest Income: | ||||||
Interest income | $ | 18,016 | $ | 23,675 | ||
Dividend income from subsidiary bank | 1,000,000 | - | ||||
Total Interest Income | 1,018,016 | 23,675 | ||||
Non-Interest Expense: | ||||||
Other expense | 36,542 | 24,495 | ||||
Total Non-Interest Expense | 36,542 | 24,495 | ||||
Income (loss) before equity in undistributed | ||||||
net income of subsidiary | 981,474 | -820 | ||||
Equity in undistributed net income of subsidiary | 411,893 | 1,463,088 | ||||
Net Income | $ | 1,393,367 | $ | 1,462,268 | ||
Comprehensive Income | $ | 1,030,954 | $ | 1,461,951 | ||
Condensed Cash Flow Statement For Parent Company | ' | |||||
Condensed Statement of Cash Flows | ||||||
Year Ended September 30, | ||||||
2013 | 2012 | |||||
Operating Activities | ||||||
Net income | $ | 1,393,367 | $ | 1,462,268 | ||
Adjustments to reconcile net income to cash provided | ||||||
by operating activities: | ||||||
Equity in undistributed income of subsidiary | -411,893 | -1,463,088 | ||||
(Decrease) increase in unearned liability for restricted stock program | -79,128 | 432,536 | ||||
Other | 3,397 | 132,334 | ||||
Net cash provided by operating activities | 905,743 | 564,050 | ||||
Investing Activities | ||||||
Decrease in loan due from subsidiary | 54,073 | 55,528 | ||||
Net cash provided by investing activities | 54,073 | 55,528 | ||||
Financing Activities | ||||||
Payment of dividends | -411,047 | -369,426 | ||||
Retirement of common stock | -1,208,783 | -299,691 | ||||
Net cash used by financing activities | -1,619,830 | -669,117 | ||||
Decrease in cash and cash equivalents | -660,014 | -49,539 | ||||
Cash and Cash Equivalents at Beginning of Year | 1,625,029 | 1,674,568 | ||||
Cash and Cash Equivalents at End of Year | $ | 965,015 | $ | 1,625,029 | ||
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Advertising expense | $4,685 | $14,526 |
Restricted Stock [Member] | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Antidilutive shares | 25,961 | 25,961 |
Antidilutive shares, price per share | $15.24 | $15.24 |
Stock Options [Member] | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Antidilutive shares | 13,681 | 64,907 |
Antidilutive shares, price per share | $15.24 | $15.24 |
Recovered_Sheet1
Summary of Significant Accounting Policies (Schedule Of Estimated Useful Life) (Details) | 12 Months Ended |
Sep. 30, 2013 | |
Building and Building Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful life | '50 years |
Building and Building Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful life | '5 years |
Furniture, fixtures and equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful life | '10 years |
Furniture, fixtures and equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful life | '3 years |
Leasehold Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful lives | 'Shorter of useful lives or lease term |
Vehicles [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful life | '5 years |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Schedule Of Earnings Per Share Basic And Diluted) (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Summary Of Significant Accounting Policies [Abstract] | ' | ' |
Weighted average common shares outstanding | 1,295,346 | 1,320,479 |
Average unearned nonvested shares | -21,067 | -10,598 |
Average unearned employee stock ownership plan shares | -47,106 | -57,799 |
Weighted average common shares and common stock equivalents used to calculate basic earnings per share | 1,227,173 | 1,252,082 |
Additional common stock equivalents (nonvested stock) used to calculate dilutedearnings per share | ' | ' |
Additional common stock equivalents (stock options) used to calculate diluted earnings per share | 98 | ' |
Weighted average common shares and common stock equivalents used to calculate basic and diluted earnings per share | 1,227,271 | 1,252,082 |
Net Income | $1,393,367 | $1,462,268 |
Basic and diluted earnings per share | $1.14 | $1.17 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Ending balance | ($361,394) | $1,019 |
Unrealized Losses On Available For Sale Securitites [Member] | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Beginning balance | 1,019 | 1,336 |
Other comprehensive loss before reclassification | -362,413 | -317 |
Amount reclassified from accumulated other comprehensive income | ' | ' |
Total other comprehensive loss | -362,413 | -317 |
Ending balance | ($361,394) | $1,019 |
Investment_Securities_Narrativ
Investment Securities (Narrative) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
security | security | |
Investment Securities [Abstract] | ' | ' |
Pledged government agencies | $1,074,700 | $1,499,278 |
Number of securities in unrealized loss position | 16 | 5 |
Investment_Securities_Availabl
Investment Securities (Available for Sale Securities) (Details) (USD $) | Sep. 30, 2013 |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Amortized Cost | $6,840,171 |
Gross Unrealized Gains | ' |
Gross Unrealized Losses | -548,294 |
Fair value total | 6,291,877 |
Obligations Of States And Political Subdivisions [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Amortized Cost | 592,346 |
Gross Unrealized Gains | ' |
Gross Unrealized Losses | -43,894 |
Fair value total | 548,452 |
U.S. Government Agency Securities [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Amortized Cost | 6,247,825 |
Gross Unrealized Gains | ' |
Gross Unrealized Losses | -504,400 |
Fair value total | $5,743,425 |
Investment_Securities_Availabl1
Investment Securities (Available for Sale Securities Held By Contractual Maturity) (Details) (USD $) | Sep. 30, 2013 |
Investment Securities [Abstract] | ' |
Amortized cost due after one year through five years | $292,346 |
Amortized cost due after ten years | 6,547,825 |
Amortized cost total | 6,840,171 |
Fair value due after one year through five years | 290,812 |
Fair value due after ten years | 6,001,065 |
Fair value total | $6,291,877 |
Investment_Securities_Investme
Investment Securities (Investment Securities Held To Maturity) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | $2,776,027 | $13,873,592 |
Gross Unrealized Gains | 50,094 | 106,907 |
Gross Unrealized Losses | -239,356 | -4,717 |
Fair Value | 2,586,765 | 13,975,782 |
Obligations Of States And Political Subdivisions [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 2,026,027 | 1,425,468 |
Gross Unrealized Gains | 50,094 | 28,878 |
Gross Unrealized Losses | -113,206 | -2,029 |
Fair Value | 1,962,915 | 1,452,317 |
U.S. Government Agency Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 750,000 | 12,448,124 |
Gross Unrealized Gains | ' | 78,029 |
Gross Unrealized Losses | -126,150 | -2,688 |
Fair Value | $623,850 | $12,523,465 |
Investment_Securities_Held_to_
Investment Securities (Held to Maturity Securities Held By Contractual Maturity) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Investment Securities [Abstract] | ' | ' |
Due after five years through ten years, Amortized Cost | $493,086 | ' |
Due after five years through ten years, Fair Value | 537,620 | ' |
Due after ten years, Amortized Cost | 2,282,941 | ' |
Due after ten years, Fair Value | 2,049,145 | ' |
Amortized Cost | 2,776,027 | 13,873,592 |
Fair Value | $2,586,765 | $13,975,782 |
Investment_Securities_Unrealiz
Investment Securities (Unrealized Loss On Investments) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Fair Value, Less than 12 Months | $7,743,902 | $2,586,055 |
Unrealized Losses, Less than 12 Months | -787,650 | -4,717 |
Fair Value, More than 12 Months | ' | ' |
Unrealized Losses, More than 12 Months | ' | ' |
Fair Value | 7,743,902 | 2,586,055 |
Unrealized Losses | -787,650 | -4,717 |
Obligations Of States And Political Subdivisions [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Fair Value, Less than 12 Months | 1,376,627 | 588,930 |
Unrealized Losses, Less than 12 Months | -157,100 | -2,029 |
Fair Value, More than 12 Months | ' | ' |
Unrealized Losses, More than 12 Months | ' | ' |
Fair Value | 1,376,627 | 588,930 |
Unrealized Losses | -157,100 | -2,029 |
U.S. Government Agency Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Fair Value, Less than 12 Months | 6,367,275 | 1,997,125 |
Unrealized Losses, Less than 12 Months | -630,550 | -2,688 |
Fair Value, More than 12 Months | ' | ' |
Unrealized Losses, More than 12 Months | ' | ' |
Fair Value | 6,367,275 | 1,997,125 |
Unrealized Losses | ($630,550) | ($2,688) |
MortgageBacked_Securities_Sche
Mortgage-Backed Securities (Schedule Of Amortized Cost And Fair Values Of Mortgage-Backed Securities) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Mortgage-backed securities, Amortized Cost | $6,840,171 | ' |
Mortgage-backed securities, Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | 548,294 | ' |
Mortgage-backed securities, at fair value | 8,834 | 15,813 |
Freddie Mac Certificates [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Mortgage-backed securities, Amortized Cost | 1,183 | 1,552 |
Mortgage-backed securities, Gross Unrealized Gains | 91 | 106 |
Mortgage-backed securities, at fair value | 1,274 | 1,658 |
Fannie Mae Certificates [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Mortgage-backed securities, Amortized Cost | 6,923 | 12,717 |
Mortgage-backed securities, Gross Unrealized Gains | 637 | 1,438 |
Mortgage-backed securities, at fair value | 7,560 | 14,155 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Mortgage-backed securities, Amortized Cost | 8,106 | 14,269 |
Mortgage-backed securities, Gross Unrealized Gains | 728 | 1,544 |
Mortgage-backed securities, at fair value | $8,834 | $15,813 |
MortgageBacked_Securities_Sche1
Mortgage-Backed Securities (Schedule Of Amortized Cost And Fair Values Of Mortgage-Backed Securities By Contractual Maturity) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Mortgage-Backed Securities [Line Items] | ' | ' |
Mortgage-backed securities, Due after one year through five years, Amortized Cost | $292,346 | ' |
Mortgage-backed securities, Due after one year through five years, Fair Value | 290,812 | ' |
Mortgage-backed securities, Due after ten years, Amortized Cost | 6,547,825 | ' |
Mortgage-backed securities, Due after ten years, Fair Value | 6,001,065 | ' |
Mortgage-backed securities, amortized cost, Total | 6,840,171 | ' |
Mortgage-backed securities, Fair Value, Total | 8,834 | 15,813 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ' | ' |
Mortgage-Backed Securities [Line Items] | ' | ' |
Mortgage-backed securities, Due after one year through five years, Amortized Cost | 6,388 | ' |
Mortgage-backed securities, Due after one year through five years, Fair Value | 6,951 | ' |
Mortgage-backed securities, Due after five years through ten years, Amortized Cost | 509 | ' |
Mortgage-backed securities, Due after five years through ten years, Fair Value | 549 | ' |
Mortgage-backed securities, Due after ten years, Amortized Cost | 1,209 | ' |
Mortgage-backed securities, Due after ten years, Fair Value | 1,334 | ' |
Mortgage-backed securities, amortized cost, Total | 8,106 | 14,269 |
Mortgage-backed securities, Fair Value, Total | $8,834 | $15,813 |
Loans_And_Related_Allowance_Fo2
Loans And Related Allowance For Loan Losses (Narrative) (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
loan | loan | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans on non-accrual status | $866,411 | $660,078 |
Foregone interest on non-accrual loans | 32,000 | 12,000 |
90 days or more delinquent loans and still accruing | 0 | 0 |
Number of impaired loans | 2 | 0 |
One- To Four-Family Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Maximum maturity period of loans | '30 years | ' |
Loan to value ratio | 80.00% | ' |
Maximum loan to value ratio in first time homebuyer program | 95.00% | ' |
One-To-Four Family Real Estate - Owner Occupied [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans on non-accrual status | ' | 660,078 |
Construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Maximum maturity period of loans | '6 months | ' |
Multi-Family Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Maximum maturity period of loans | '20 years | ' |
Loan to value ratio | 75.00% | ' |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Maximum maturity period of loans | '20 years | ' |
Loan to value ratio | 75.00% | ' |
Home Equity And Second Mortgages [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Maximum Loan Amount | 100,000 | ' |
First and second lien maximum as percentage of appraised value of property | 80.00% | ' |
Secured Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Maximum maturity period of loans | '5 years | ' |
Commercial Leases And Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Maximum maturity period of loans | '7 years | ' |
Loans on non-accrual status | 442,494 | ' |
Related Allowance | ' | ' |
Commercial Lines Of Credit [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans on non-accrual status | $423,917 | ' |
Maximum [Member] | Commercial Leases And Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Average maturity period | '5 years | ' |
Minimum [Member] | Commercial Leases And Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Average maturity period | '3 years | ' |
Loans_And_Related_Allowance_Fo3
Loans And Related Allowance For Loan Losses (Summary Of Major Classifications Of Loans) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans, total | $122,997,424 | $113,759,085 |
Plus: Unamortized loan premiums | 13,813 | 15,534 |
Less: Unamortized loan fees and costs, net | -265,736 | -192,282 |
Less: Allowance for loan losses | -1,299,038 | -1,142,038 |
Loans and Leases Receivable, Net Reported Amount, Total | 121,446,463 | 112,440,299 |
One-To-Four Family Real Estate - Owner Occupied [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans, total | 20,484,626 | 22,841,158 |
One- To Four-Family Real Estate - Non-Owner Occupied [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans, total | 32,747,845 | 29,150,275 |
Construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans, total | 3,847,052 | 448,170 |
Multi-Family Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans, total | 17,707,984 | 14,180,454 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans, total | 22,682,578 | 20,913,333 |
Home Equity And Second Mortgages [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans, total | 1,235,098 | 1,261,447 |
Secured Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans, total | 188,561 | 269,520 |
Commercial Leases And Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans, total | 20,074,035 | 19,411,283 |
Commercial Lines Of Credit [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans, total | $4,029,645 | $5,283,445 |
Loans_And_Related_Allowance_Fo4
Loans And Related Allowance For Loan Losses(Summary Of Credit Quality Indicators) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | $100,013,775 | $89,386,960 |
Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 99,213,765 | 88,653,419 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 376,093 | 309,624 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 423,917 | 423,917 |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | ' | ' |
Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | ' | ' |
One- To Four-Family Real Estate - Non-Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 31,672,481 | 29,150,275 |
One- To Four-Family Real Estate - Non-Owner Occupied [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 31,654,257 | 28,934,037 |
One- To Four-Family Real Estate - Non-Owner Occupied [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 18,224 | 216,238 |
One- To Four-Family Real Estate - Non-Owner Occupied [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | ' | ' |
One- To Four-Family Real Estate - Non-Owner Occupied [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | ' | ' |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 3,847,052 | 448,170 |
Construction [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 3,847,052 | 448,170 |
Construction [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | ' | ' |
Construction [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | ' | ' |
Multi-Family Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 17,707,984 | 14,180,454 |
Multi-Family Real Estate [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 17,707,984 | 14,180,454 |
Multi-Family Real Estate [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | ' | ' |
Multi-Family Real Estate [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | ' | ' |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 22,682,578 | 20,913,333 |
Commercial Real Estate [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 22,682,578 | 20,913,333 |
Commercial Real Estate [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | ' | ' |
Commercial Real Estate [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | ' | ' |
Commercial Leases And Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 20,074,035 | 19,411,283 |
Commercial Leases And Loans [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 19,880,846 | 19,411,283 |
Commercial Leases And Loans [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 193,189 | ' |
Commercial Leases And Loans [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | ' | ' |
Commercial Leases And Loans [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | ' | ' |
Commercial Lines Of Credit [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 4,029,645 | 5,283,445 |
Commercial Lines Of Credit [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 3,441,048 | 4,766,142 |
Commercial Lines Of Credit [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 164,680 | 93,386 |
Commercial Lines Of Credit [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 423,917 | 423,917 |
Commercial Lines Of Credit [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | ' | ' |
Commercial Lines Of Credit [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | ' | ' |
Loans_And_Related_Allowance_Fo5
Loans And Related Allowance For Loan Losses (Summary Of Performing And Non-Performing Of Loans) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | $100,013,775 | $89,386,960 |
One-To-Four Family Real Estate - Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 20,896,914 | 22,841,158 |
One-To-Four Family Real Estate - Owner Occupied [Member] | Non-Performing Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | ' | 660,078 |
One-To-Four Family Real Estate - Owner Occupied [Member] | Performing Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 20,896,914 | 22,181,080 |
One- To Four-Family Real Estate - Non-Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 31,672,481 | 29,150,275 |
Home Equity And Second Mortgages [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 1,235,098 | 1,261,447 |
Home Equity And Second Mortgages [Member] | Non-Performing Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | ' | ' |
Home Equity And Second Mortgages [Member] | Performing Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 1,235,098 | 1,261,447 |
Secured Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 188,561 | 269,520 |
Secured Loans [Member] | Non-Performing Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | ' | ' |
Secured Loans [Member] | Performing Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 188,561 | 269,520 |
Residential Real Estate And Cosumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | 22,320,573 | 24,372,125 |
Residential Real Estate And Cosumer Loans [Member] | Non-Performing Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | ' | 660,078 |
Residential Real Estate And Cosumer Loans [Member] | Performing Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, net | $22,320,573 | $23,712,047 |
Loans_And_Related_Allowance_Fo6
Loans And Related Allowance For Loan Losses (Summary OfTtrouble Debt Restructuring) (Details) (Commercial Loans Secured By Business Equipment [Member], USD $) | Sep. 30, 2013 |
loan | |
Commercial Loans Secured By Business Equipment [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Loans in non-accrual status, Number of Loans | 1 |
Loans in non-accrual status, Balance | $442,494 |
Loans_And_Related_Allowance_Fo7
Loans And Related Allowance For Loan Losses (Summary Of Classes Of Loan Past Due) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | $309,449 | $682,413 |
60-89 Days Past Due | 79,229 | 91,276 |
Greater than 90 Days | 423,917 | 660,078 |
Total Past Due | 812,595 | 1,433,767 |
Current | 122,184,829 | 112,325,318 |
Loans receivables | 122,997,424 | 113,759,085 |
Non-accrual Loans | 866,411 | 660,078 |
One-To-Four Family Real Estate - Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 116,259 | 133,533 |
60-89 Days Past Due | 60,242 | ' |
Greater than 90 Days | ' | 660,078 |
Total Past Due | 176,501 | 793,611 |
Current | 20,308,125 | 22,047,547 |
Loans receivables | 20,484,626 | 22,841,158 |
Non-accrual Loans | ' | 660,078 |
One- To Four-Family Real Estate - Non-Owner Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | 124,963 |
60-89 Days Past Due | ' | 91,276 |
Total Past Due | ' | 216,239 |
Current | 32,747,845 | 28,934,036 |
Loans receivables | 32,747,845 | 29,150,275 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 3,847,052 | 448,170 |
Loans receivables | 3,847,052 | 448,170 |
Multi-Family Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 17,707,984 | 14,180,454 |
Loans receivables | 17,707,984 | 14,180,454 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 22,682,578 | 20,913,333 |
Loans receivables | 22,682,578 | 20,913,333 |
Home Equity And Second Mortgages [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
60-89 Days Past Due | 18,987 | ' |
Total Past Due | 18,987 | ' |
Current | 1,216,111 | 1,261,447 |
Loans receivables | 1,235,098 | 1,261,447 |
Secured Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 188,561 | 269,520 |
Loans receivables | 188,561 | 269,520 |
Commercial Leases And Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 193,190 | ' |
Total Past Due | 193,190 | ' |
Current | 19,880,845 | 19,411,283 |
Loans receivables | 20,074,035 | 19,411,283 |
Non-accrual Loans | 442,494 | ' |
Commercial Lines Of Credit [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | 423,917 |
Greater than 90 Days | 423,917 | ' |
Total Past Due | 423,917 | 423,917 |
Current | 3,605,728 | 4,859,528 |
Loans receivables | 4,029,645 | 5,283,445 |
Non-accrual Loans | $423,917 | ' |
Loans_And_Related_Allowance_Fo8
Loans And Related Allowance For Loan Losses (Summary Of Changes In The Allowance For Loan Losses)(Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for credit losses: Beginning balance | $1,142,038 | $1,000,038 |
Allowance for credit Losses, Charge-offs | ' | ' |
Allowance for credit Losses, Recoveries | ' | ' |
Allowance for credit Losses, Provisions | 157,000 | 142,000 |
Allowance for credit losses: Ending balance | 1,299,038 | 1,142,038 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | 1,299,038 | 1,142,038 |
Loans receivable: Ending balance | 122,997,424 | 113,759,085 |
Loans receivable: Ending balance: individually evaluated for impairment | 866,411 | ' |
Loans receivable: Ending balance: collectively evaluated for impairment | 122,131,013 | 113,759,085 |
One-To-Four Family Real Estate - Owner Occupied [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for credit losses: Beginning balance | 114,206 | 115,299 |
Allowance for credit Losses, Charge-offs | ' | ' |
Allowance for credit Losses, Recoveries | ' | ' |
Allowance for credit Losses, Provisions | 42,769 | -1,093 |
Allowance for credit losses: Ending balance | 156,975 | 114,206 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | 156,975 | 114,206 |
Loans receivable: Ending balance | 20,484,626 | 22,841,158 |
Loans receivable: Ending balance: collectively evaluated for impairment | 20,484,626 | 22,841,158 |
One- To Four-Family Real Estate - Non-Owner Occupied [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for credit losses: Beginning balance | 306,078 | 192,729 |
Allowance for credit Losses, Charge-offs | ' | ' |
Allowance for credit Losses, Recoveries | ' | ' |
Allowance for credit Losses, Provisions | -38,183 | 113,349 |
Allowance for credit losses: Ending balance | 267,895 | 306,078 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | 267,895 | 306,078 |
Loans receivable: Ending balance | 32,747,845 | 29,150,275 |
Loans receivable: Ending balance: collectively evaluated for impairment | 32,747,845 | 29,150,275 |
Construction [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for credit losses: Beginning balance | 4,482 | 2,615 |
Allowance for credit Losses, Charge-offs | ' | ' |
Allowance for credit Losses, Recoveries | ' | ' |
Allowance for credit Losses, Provisions | 14,953 | 1,867 |
Allowance for credit losses: Ending balance | 19,435 | 4,482 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | 19,435 | 4,482 |
Loans receivable: Ending balance | 3,847,052 | 448,170 |
Loans receivable: Ending balance: collectively evaluated for impairment | 3,847,052 | 448,170 |
Multi-Family Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for credit losses: Beginning balance | 127,624 | 121,452 |
Allowance for credit Losses, Charge-offs | ' | ' |
Allowance for credit Losses, Recoveries | ' | ' |
Allowance for credit Losses, Provisions | 14,059 | 6,172 |
Allowance for credit losses: Ending balance | 141,683 | 127,624 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | 141,683 | 127,624 |
Loans receivable: Ending balance | 17,707,984 | 14,180,454 |
Loans receivable: Ending balance: collectively evaluated for impairment | 17,707,984 | 14,180,454 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for credit losses: Beginning balance | 240,503 | 284,883 |
Allowance for credit Losses, Charge-offs | ' | ' |
Allowance for credit Losses, Recoveries | ' | ' |
Allowance for credit Losses, Provisions | 29,437 | -44,380 |
Allowance for credit losses: Ending balance | 269,940 | 240,503 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | 269,940 | 240,503 |
Loans receivable: Ending balance | 22,682,578 | 20,913,333 |
Loans receivable: Ending balance: collectively evaluated for impairment | 22,682,578 | 20,913,333 |
Home Equity And Second Mortgages [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for credit losses: Beginning balance | 6,938 | 7,049 |
Allowance for credit Losses, Charge-offs | ' | ' |
Allowance for credit Losses, Recoveries | ' | ' |
Allowance for credit Losses, Provisions | 533 | -111 |
Allowance for credit losses: Ending balance | 7,471 | 6,938 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | 7,471 | 6,938 |
Loans receivable: Ending balance | 1,235,098 | 1,261,447 |
Loans receivable: Ending balance: collectively evaluated for impairment | 1,235,098 | 1,261,447 |
Secured Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for credit Losses, Charge-offs | ' | ' |
Allowance for credit Losses, Recoveries | ' | ' |
Loans receivable: Ending balance | 188,561 | 269,520 |
Loans receivable: Ending balance: collectively evaluated for impairment | 188,561 | 269,520 |
Commercial Leases And Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for credit losses: Beginning balance | 242,641 | 216,894 |
Allowance for credit Losses, Charge-offs | ' | ' |
Allowance for credit Losses, Recoveries | ' | ' |
Allowance for credit Losses, Provisions | 4,337 | 25,747 |
Allowance for credit losses: Ending balance | 246,978 | 242,641 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | 246,978 | 242,641 |
Loans receivable: Ending balance | 20,074,035 | 19,411,283 |
Loans receivable: Ending balance: individually evaluated for impairment | 442,494 | ' |
Loans receivable: Ending balance: collectively evaluated for impairment | 19,631,541 | 19,411,283 |
Commercial Lines Of Credit [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for credit losses: Beginning balance | 60,760 | ' |
Allowance for credit Losses, Charge-offs | ' | ' |
Allowance for credit Losses, Recoveries | ' | ' |
Allowance for credit Losses, Provisions | -14,379 | 60,760 |
Allowance for credit losses: Ending balance | 46,381 | 60,760 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | 46,381 | 60,760 |
Loans receivable: Ending balance | 4,029,645 | 5,283,445 |
Loans receivable: Ending balance: individually evaluated for impairment | 423,917 | ' |
Loans receivable: Ending balance: collectively evaluated for impairment | 3,605,728 | 5,283,445 |
Non-allocated [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Allowance for credit losses: Beginning balance | 38,806 | 59,117 |
Allowance for credit Losses, Charge-offs | ' | ' |
Allowance for credit Losses, Recoveries | ' | ' |
Allowance for credit Losses, Provisions | 103,474 | -20,311 |
Allowance for credit losses: Ending balance | 142,280 | 38,806 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | $142,280 | $38,806 |
Loans_And_Related_Allowance_Fo9
Loans And Related Allowance For Loan Losses (Schedule Of Impaired Financial Loans) (Details) (Commercial Leases And Loans [Member], USD $) | 12 Months Ended |
Sep. 30, 2013 | |
Commercial Leases And Loans [Member] | ' |
Financing Receivable, Impaired [Line Items] | ' |
Recorded Investment, With Specific Allowance | ' |
Related Allowance | ' |
Recorded Investment, With No Specific Allowance | 866,411 |
Unpaid Principal Balance | 866,411 |
Average Recorded Investment | 877,863 |
Interest Income Recognized | $7,447 |
Premises_And_Equipment_Narrati
Premises And Equipment (Narrative) (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Premises and Equipment [Abstract] | ' | ' |
Depreciation | $165,711 | $172,602 |
Rent expense | $70,748 | $62,752 |
Initial term of the lease | '10 years | ' |
Lease renewal option | '10 years | ' |
Premises_And_Equipment_Major_C
Premises And Equipment (Major Classifications Of Premises and Equipment) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Total premises and equipment | $3,401,769 | $3,324,012 |
Less accumulated depreciation | -2,233,534 | -2,109,103 |
Total | 1,168,235 | 1,214,909 |
Land, Buildings and Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total premises and equipment | 2,257,873 | 2,254,054 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total premises and equipment | 1,094,911 | 1,028,678 |
Vehicles [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total premises and equipment | $48,985 | $41,280 |
Premises_And_Equipment_Future_
Premises And Equipment (Future Operating Leases Payments) (Details) (USD $) | Sep. 30, 2013 |
Premises and Equipment [Abstract] | ' |
2014 | $61,500 |
2015 | 58,621 |
2016 | 57,528 |
2017 | 57,528 |
2018 | 4,794 |
Total | $239,971 |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Borrowings [Abstract] | ' | ' |
Long-term Federal Home Loan Bank Advances | $15,000,000 | ' |
Line of Credit Facility, maximum borrowing capacity | 70,259,000 | ' |
Outstanding amounts under line of credit | $0 | $0 |
Deposits_Narrative_Details
Deposits (Narrative) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Deposits [Abstract] | ' | ' |
Related party deposit liabilities | $1,033,918 | $1,052,193 |
Time Deposits of $100,000 or more | 29,280,540 | 31,464,879 |
CDARS brokered deposits | $2,331,366 | ' |
Deposits_Deposits_Composition_
Deposits (Deposits Composition Of Deposits) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Deposits [Abstract] | ' | ' |
Demand deposits | $5,010,755 | $4,107,787 |
Passbook savings and Christmas Club | 22,456,473 | 20,453,623 |
NOW and money market accounts | 22,259,395 | 18,188,421 |
Certificates of deposit and CDARS | 58,694,060 | 62,700,981 |
Individual retirement accounts | 9,036,739 | 9,045,734 |
Total deposits | $117,457,422 | $114,496,546 |
Deposits_Deposit_Maturities_De
Deposits (Deposit Maturities) (Details) (USD $) | Sep. 30, 2013 |
Deposits [Abstract] | ' |
2014 | $37,952,361 |
2015 | 8,147,550 |
2016 | 4,365,402 |
2017 | 1,785,431 |
2018 | 3,444,342 |
2019 and thereafter | 12,035,713 |
Time Deposits, Total | $67,730,799 |
Deposit_Interest_Expense_On_De
Deposit (Interest Expense On Deposit Accounts) (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Deposits [Abstract] | ' | ' |
Passbook savings and Christmas club | $25,425 | $29,933 |
NOW and money market accounts | 33,041 | 48,172 |
Certificates of deposit and CDARS | 912,548 | 1,002,367 |
Individual retirement accounts | 177,051 | 230,165 |
Total interest expense on deposit accounts | $1,148,065 | $1,310,637 |
Income_Taxes_Provision_For_Fed
Income Taxes (Provision For Federal Income Taxes) (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes [Abstract] | ' | ' |
Federal currently payable | $430,429 | $188,898 |
State currently payable | 79,098 | 83,877 |
Deferred tax expense | 239,144 | 539,380 |
Total income tax provision | $748,671 | $812,155 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of Expected And Actual Tax Provision) (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes [Abstract] | ' | ' |
Provision at statutory rate, amount | $728,293 | $773,304 |
Effect of tax-free income, amount | -48,749 | -44,044 |
State income tax, net of federal tax benefit, amount | 52,205 | 55,359 |
Other, amount | 16,922 | 27,536 |
Total income tax provision | $748,671 | $812,155 |
Effective tax rate reconciliation, at Federal statutory rate | 34.00% | 34.00% |
Effective tax rate reconciliation, Tax-free income | -2.27% | -1.94% |
Effective tax rate reconciliation, State income tax, net of federal tax benefit | 2.44% | 2.43% |
Effective tax rate reconciliation, Other | 0.78% | 1.22% |
Effective tax rate | 34.95% | 35.71% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets And Liabilities) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Deferred tax assets | ' | ' |
Net operating loss | ' | $87,192 |
Provision for loan losses | 346,658 | 293,278 |
Depreciation | 102,640 | 117,780 |
Deferred loan fees | 90,350 | 65,864 |
Unrealized loss on available for sale securities | 186,172 | ' |
Other | 215,804 | 430,481 |
Deferred tax assets | 941,624 | 994,595 |
Deferred tax liabilities: | ' | ' |
Unrealized loss on available for sale securities | ' | 525 |
Deferred tax liabilities | ' | 525 |
Net deferred tax assets | 941,624 | 994,070 |
Deferred tax assets, bad debt carryforwards | $1,000,000 | ' |
Employee_Benefits_Narrative_De
Employee Benefits (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
21-May-12 | Sep. 30, 2013 | Sep. 30, 2012 | |
Employee Benefits [Line Items] | ' | ' | ' |
Pension contributions charged to expense | ' | $238,000 | $282,000 |
Percentage of contributions to total defined benefit plan | ' | 5.00% | ' |
Maximum contribution percentage of salary by employees to plan | ' | 10.00% | ' |
Contributions percentage matched by employer | ' | 6.00% | ' |
Percent of match | ' | 100.00% | ' |
ESOP acquired shares | ' | 61,090 | ' |
ESOP trust's outstanding interest rate | ' | 3.25% | ' |
ESOP annual payment of principal and interest | ' | 72,173 | ' |
ESOP compensation expense | ' | 92,620 | 88,983 |
Stock based compensation aggregate shares | ' | ' | 106,908 |
Vesting period of awards | ' | '5 years | ' |
Stock options contractual life | ' | '10 years | ' |
Exercise price of options granted | $15.24 | ' | ' |
Estimated value of stock options | 86,975 | ' | ' |
Weighted-average fair value based on Black-Scholes model | $1.34 | ' | ' |
Unrecognized compensation cost related to non vested options | ' | 62,410 | ' |
Market value of restricted stock awards | 395,646 | ' | ' |
Unrecognized compensation cost related to non vested grants | ' | 283,548 | ' |
Expected life | ' | ' | '10 years |
Expected dividend rate | ' | ' | 2.13% |
Risk-free interest rate | ' | ' | 1.76% |
Expected volatility | ' | ' | 14.34% |
Stock Options [Member] | ' | ' | ' |
Employee Benefits [Line Items] | ' | ' | ' |
Stock based compensation aggregate shares | ' | ' | 76,363 |
Share-based compensation expense | ' | 17,340 | 7,225 |
Weighted average remaining service period | ' | '3 years 6 months | ' |
Future compensation expense 2014 - 2016 | ' | 17,340 | ' |
Future compensation expense 2017 | ' | 10,390 | ' |
Stock Options [Member] | Directors And Officers [Member] | ' | ' | ' |
Employee Benefits [Line Items] | ' | ' | ' |
Stock based compensation aggregate shares | 64,907 | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Employee Benefits [Line Items] | ' | ' | ' |
Stock based compensation aggregate shares | ' | ' | 30,545 |
Share-based compensation expense | ' | 79,128 | 32,970 |
Weighted average remaining service period | ' | '3 years 6 months | ' |
Future compensation expense 2014 - 2016 | ' | 79,129 | ' |
Future compensation expense 2017 | ' | 46,159 | ' |
Restricted Stock [Member] | Directors And Officers [Member] | ' | ' | ' |
Employee Benefits [Line Items] | ' | ' | ' |
Stock based compensation aggregate shares | 25,961 | ' | ' |
Pentegra Defined Benefit Plan [Member] | ' | ' | ' |
Employee Benefits [Line Items] | ' | ' | ' |
Pension contributions charged to expense | ' | 196,473,170 | 299,729,365 |
Retirement Savings Plan [Member] | ' | ' | ' |
Employee Benefits [Line Items] | ' | ' | ' |
Pension contributions charged to expense | ' | $50,000 | $55,000 |
Employee_Benefits_Schedule_Of_
Employee Benefits (Schedule Of Contributions Paid) (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
Dec. 01, 2012 | 3-May-12 | Jan. 17, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Employee Benefits [Abstract] | ' | ' | ' | ' | ' |
Contributions by employer | $271,457 | $75 | $197,021 | $271,457 | $197,096 |
Fund status percentage | ' | ' | ' | 108.29% | 109.97% |
Employee_Benefits_Components_O
Employee Benefits (Components Of Employee Stock Ownership Plan (ESOP)) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Benefits [Abstract] | ' | ' |
Allocated shares | 12,218 | 6,109 |
Unreleased shares | 48,872 | 54,981 |
Total ESOP Shares | 61,090 | 61,090 |
Fair value of unreleased shares | $845,974 | $865,951 |
Employee_Benefits_Schedule_Of_1
Employee Benefits (Schedule Of Stock Options Activity) (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Employee Benefits [Abstract] | ' | ' |
Outstanding options, Shares, Beginning balance | 64,907 | ' |
Granted, shares | ' | 64,907 |
Exercised, shares | ' | ' |
Forfeited, shares | ' | ' |
Outstanding options, Shares, Ending balance | 64,907 | 64,907 |
Exercisable options, shares | 12,981 | ' |
Outstanding options, Weighted average price, Beginning balance | $15.24 | ' |
Granted, weighted average price | ' | $15.24 |
Exercised, weighted average price | ' | ' |
Forfeited, weighted average price | ' | ' |
Outstanding options, Weighted average price, Ending balance | $15.24 | $15.24 |
Exercisable options, weighted average price | $15.24 | ' |
Employee_Benefits_Schedule_Of_2
Employee Benefits (Schedule Of Restricted Stock Activity) (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Employee Benefits [Abstract] | ' | ' |
Nonvested restricted shares, Beginning balance | 25,961 | ' |
Nonvested restricted shares, granted | ' | 25,961 |
Nonvested restricted shares, vested | 5,192 | ' |
Nonvested restricted shares, forfeited | ' | ' |
Nonvested restricted shares, Ending balance | 20,769 | 25,961 |
Nonvested restricted shares, Weighted average price, Beginning balance | $15.24 | ' |
Nonvested shares granted, weighted average price | ' | $15.24 |
Nonvested shares vested, weighted average price | $15.24 | ' |
Nonvested shares forfeited, weighted average price | ' | ' |
Nonvested restricted shares, Weighted average price, Ending balance | $15.24 | $15.24 |
Deferred_Compensation_Arrangem1
Deferred Compensation Arrangements (Narrative) (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Deferred Compensation Arrangements [Abstract] | ' | ' |
Cash surrender value of life insurance | $256,000 | $218,000 |
Deferred compensation arrangement with individual, compensation expense | 34,000 | 32,000 |
Other deferred compensation arrangements, current and noncurrent liabilities | $328,000 | $294,000 |
Commitments_Details
Commitments (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Exposure to Credit Loss for Loan and Lease Commitments [Line Items] | ' | ' |
Maximum exposure to credit loss for unfunded loans and lease commitments | $10,726,000 | $9,506,000 |
Fixed rate loan commitments | $3,256,000 | $4,293,000 |
Minimum [Member] | ' | ' |
Exposure to Credit Loss for Loan and Lease Commitments [Line Items] | ' | ' |
Interest rate for unfunded loans and lease commitments | 2.25% | 2.25% |
Interest rate for fixed rate loan commitments | 3.75% | 4.00% |
Maximum [Member] | ' | ' |
Exposure to Credit Loss for Loan and Lease Commitments [Line Items] | ' | ' |
Interest rate for unfunded loans and lease commitments | 6.75% | 6.75% |
Interest rate for fixed rate loan commitments | 6.75% | 6.75% |
Fair_Value_Measurements_And_Fa
Fair Value Measurements And Fair Values Of Financial Instruments (Schedule Of Financial Assets Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mortgage-backed securities available for sale | $8,834 | $15,813 |
Assets Fair Value | 6,300,711 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Mortgage-backed securities available for sale | 8,834 | 15,813 |
Investment securities available for sale | 6,291,877 | ' |
Assets Fair Value | 6,300,711 | ' |
Obligations Of States And Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 548,452 | ' |
Obligations Of States And Political Subdivisions [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 548,452 | ' |
U.S. Government Agency Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | 5,743,425 | ' |
U.S. Government Agency Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available for sale | $5,743,425 | ' |
Fair_Value_Disclosure_Measurem2
Fair Value Disclosure Measurements (Schedule Of Financial Assets Measured At Fair Value On A Non Recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans receivables | $122,997,424 | $113,759,085 |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans receivables | 866,411 | ' |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans receivables | $866,411 | ' |
Fair_Value_Disclosure_Measurem3
Fair Value Disclosure Measurements (Schedule Of Financial Assets Quantitative Information For Level 3) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | Commercial Lines Of Credit [Member] | Commercial Lines Of Credit [Member] | Commercial Lines Of Credit [Member] | Commercial Lines Of Credit [Member] | Commercial Lines Of Credit [Member] | ||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Maximum [Member] | |||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Loans receivables | $122,997,424 | $113,759,085 | $866,411 | $866,411 | $442,494 | $4,029,645 | $5,283,445 | $423,917 | ' | ' | |
Fair value valuation techniques | ' | ' | ' | ' | 'Discounted cash flow | ' | ' | 'Fair Value of Collateral | [1] | ' | ' |
Fair value significant assumptions | ' | ' | ' | ' | 'Probability of default | ' | ' | 'Appraisal adjustments | [2] | ' | ' |
Fair value discount rate | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | -20.00% | |
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally includes various Level III inputs which are not identifiable. | ||||||||||
[2] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
Fair_Value_Disclosure_Measurem4
Fair Value Disclosure Measurements (Schedule Of Estimated Fair Values Of Financial Instruments) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgage-backed securities available for sale | $8,834 | $15,813 |
Carrying Amount [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 7,181,069 | 8,109,594 |
Investment securities available for sale | 6,291,877 | ' |
Investment securities held to maturity | 2,776,027 | 13,873,592 |
Mortgage-backed securities available for sale | 8,834 | 15,813 |
Federal Home Loan Bank stock | 237,400 | 502,600 |
Loans receivable, net | 121,446,463 | 112,440,299 |
Accrued interest receivable | 521,613 | 606,633 |
Deposits | 117,457,422 | 114,496,546 |
Advances from borrowers for taxes and insurance | 477,035 | 517,517 |
Accrued interest payable | 83,646 | 100,076 |
Fair Market Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 7,181,069 | 8,109,594 |
Investment securities available for sale | 6,291,877 | ' |
Investment securities held to maturity | 2,586,765 | 13,975,782 |
Mortgage-backed securities available for sale | 8,834 | 15,813 |
Federal Home Loan Bank stock | 237,400 | 502,600 |
Loans receivable, net | 127,426,461 | 118,443,000 |
Accrued interest receivable | 521,613 | 606,633 |
Deposits | 117,489,423 | 115,888,000 |
Advances from borrowers for taxes and insurance | 477,035 | 517,517 |
Accrued interest payable | 83,646 | 100,076 |
Fair Value, Inputs, Level 1 [Member | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 7,181,069 | 8,109,594 |
Federal Home Loan Bank stock | 237,400 | 502,600 |
Accrued interest receivable | 521,613 | 606,633 |
Deposits | 49,726,623 | 42,749,831 |
Advances from borrowers for taxes and insurance | 477,035 | 517,517 |
Accrued interest payable | 83,646 | 100,076 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investment securities available for sale | 6,291,877 | ' |
Investment securities held to maturity | 2,586,765 | 13,975,782 |
Mortgage-backed securities available for sale | 8,834 | 15,813 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans receivable, net | 127,426,461 | 118,443,000 |
Deposits | $67,762,800 | $73,138,169 |
Concentrations_Of_Credit_Narra
Concentrations Of Credit (Narrative) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Concentrations Of Credit [Abstract] | ' | ' |
Cash, FDIC Insured Amount | $250,000 | $250,000 |
Cash, Uninsured Amount | 5,994,000 | 7,300,000 |
Cash on Deposit at The Federal Home Loan Bank | $1,614,000 | $491,000 |
Capital_Requirements_Banks_Com
Capital Requirements (Bank's Compliance With Regulatory Capital Requirements) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Capital Requirements Disclosure [Abstract] | ' | ' |
Total capital, Actual | $22,351,000 | $21,745,000 |
Total capital, For Capital Adequacy Purposes | 7,513,000 | 7,319,000 |
Total capital, To be well Capitalized | 9,391,000 | 9,149,000 |
Tier 1 capital, Actual | 21,176,000 | 20,620,000 |
Tier 1 capital, For Capital Adequacy Purposes | 3,756,000 | 3,659,000 |
Tier 1 capital, To be well Capitalized | 5,634,000 | 5,489,000 |
Core (Tier 1) capital, Actual | 21,176,000 | 20,620,000 |
Core (Tier 1) capital, For Capital Adequacy Purposes | 5,682,000 | 5,528,000 |
Core (Tier 1) capital, To be well Capitalized | 7,102,000 | 6,909,000 |
Total capital to risk-weighted assets, Actual, Ratio | 23.80% | 23.77% |
Total capital to risk-weighted assets, For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total capital to risk-weighted assets, To be well Capitalized, Ratio | 10.00% | 10.00% |
Tier 1 capital to risk-weighted assets, Actual, Ratio | 22.55% | 22.54% |
Tier 1 capital to risk-weighted assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 capital to risk-weighted assets, To be well Capitalized, Ratio | 6.00% | 6.00% |
Core (Tier 1) capital to adjusted total assets, Actual, Ratio | 14.91% | 14.85% |
Core (Tier 1) capital to adjusted total assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Core (Tier 1) capital to adjusted total assets, To be well Capitalized, Ratio | 5.00% | 5.00% |
Loans receivable, allowance | $1,299,038 | $1,142,038 |
Capital_Requirements_Banks_Equ
Capital Requirements (Bank's Equity Under Accounting Principles To Regulatory Capital Requirements) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Stockholders' Equity | $21,986,200 | $22,385,988 | $21,464,726 |
Tier 1 capital, Total | 21,176,000 | 20,620,000 | ' |
Total risk-based capital | 22,351,000 | 21,745,000 | ' |
Parent Company [Member] | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Stockholders' Equity | 21,986,200 | 22,385,988 | ' |
Eureka Bank [Member] | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Stockholders' Equity | 20,815,000 | 20,672,000 | ' |
Unrealized loss (gain) on securities available-for-sale | 361,000 | -1,000 | ' |
Deferred tax asset - disallowed portion | ' | -51,000 | ' |
Tier 1 capital, Total | 21,176,000 | 20,620,000 | ' |
Allowable allowances for loan and lease losses | 1,175,000 | 1,125,000 | ' |
Total risk-based capital | $22,351,000 | $21,745,000 | ' |
Parent_Company_Condensed_Balan
Parent Company (Condensed Balance Sheet For Parent Company) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Cash and due from banks | $587,444 | $483,633 | ' |
Total Assets | 140,950,001 | 138,489,160 | ' |
Total Liabilities | 118,963,801 | 116,103,172 | ' |
Stockholders' Equity | 21,986,200 | 22,385,988 | 21,464,726 |
Total Liabilities and Stockholders' Equity | 140,950,001 | 138,489,160 | ' |
Parent Company [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Cash and due from banks | 965,015 | 1,625,029 | ' |
Investment in subsidiary | 20,814,525 | 20,672,426 | ' |
ESOP Loan | 501,299 | 555,372 | ' |
Other assets | 64,991 | 64,697 | ' |
Total Assets | 22,345,830 | 22,917,524 | ' |
Accounts payable and accrued expenses | 359,630 | 531,536 | ' |
Total Liabilities | 359,630 | 531,536 | ' |
Stockholders' Equity | 21,986,200 | 22,385,988 | ' |
Total Liabilities and Stockholders' Equity | $22,345,830 | $22,917,524 | ' |
Parent_Company_Condensed_Incom
Parent Company (Condensed Income Statement For Parent Company) (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Total Interest Income | $6,755,324 | $6,908,524 |
Net Income | 1,393,367 | 1,462,268 |
Comprehensive income | 1,030,954 | 1,461,951 |
Parent Company [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Interest income | 18,016 | 23,675 |
Dividend income from subsidiary bank | 1,000,000 | ' |
Total Interest Income | 1,018,016 | 23,675 |
Other expense | 36,542 | 24,495 |
Total Non-Interest Expense | 36,542 | 24,495 |
Income (loss) before equity in undistributed net income of subsidiary | 981,474 | -820 |
Equity in the undistributed income of subsidiary | 411,893 | 1,463,088 |
Net Income | 1,393,367 | 1,462,268 |
Comprehensive income | $1,030,954 | $1,461,951 |
Parent_Company_Condensed_Cash_
Parent Company (Condensed Cash Flow Statement For Parent Company) (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net income | $1,393,367 | $1,462,268 |
Net cash provided by operating activities | 2,514,052 | 2,789,120 |
Net cash (used for) provided by investing activities | -4,750,828 | -5,115,121 |
Payment of dividends | -403,360 | -369,426 |
Purchase and retirement of common stock | -1,208,783 | -299,691 |
Net cash provided by (used for) financing activities | 1,308,251 | -912,166 |
Decrease in cash and cash equivalents | -928,525 | -3,238,167 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 8,109,594 | 11,347,761 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 7,181,069 | 8,109,594 |
Parent Company [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net income | 1,393,367 | 1,462,268 |
Equity in the undistributed net income subsidiary | -411,893 | -1,463,088 |
(Decrease) increase in unearned liability for restricted stock program | -79,128 | 432,536 |
Other | 3,397 | 132,334 |
Net cash provided by operating activities | 905,743 | 564,050 |
Decrease in loan due from subsidiary | 54,073 | 55,528 |
Net cash (used for) provided by investing activities | 54,073 | 55,528 |
Payment of dividends | -411,047 | -369,426 |
Purchase and retirement of common stock | -1,208,783 | -299,691 |
Net cash provided by (used for) financing activities | -1,619,830 | -669,117 |
Decrease in cash and cash equivalents | -660,014 | -49,539 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 1,625,029 | 1,674,568 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $965,015 | $1,625,029 |