Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 15, 2015 | Mar. 31, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Eureka Financial Corp. | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Central Index Key | 1,501,350 | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Sep. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Common Stock, Shares Outstanding | 1,225,735 | ||
Entity Public Float | $ 26,564,120 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Assets: | ||
Cash and due from banks | $ 868,709 | $ 698,899 |
Interest-bearing deposits in other banks | 6,714,637 | 8,941,044 |
Cash and cash equivalents | 7,583,346 | 9,639,943 |
Investment securities available for sale | 5,860,878 | 8,403,565 |
Investment securities held to maturity (fair value of $2,795,317 and $2,740,940, respectively) | 2,768,913 | 2,772,470 |
Mortgage-backed securities available for sale | 3,004 | 5,585 |
Federal Home Loan Bank ("FHLB") stock, at cost | 131,900 | 302,500 |
Loans receivable, net of allowance for loan losses of $1,346,038 and $1,361,038, respectively | 135,063,718 | 128,030,483 |
Premises and equipment, net | 1,007,329 | 1,073,073 |
Deferred tax asset, net | 834,347 | 832,735 |
Other real estate owned | 593,612 | |
Accrued interest receivable and other assets | 1,169,190 | 1,126,697 |
Total Assets | 155,016,237 | 152,187,051 |
Deposits: | ||
Non-interest bearing | 5,479,236 | 5,639,321 |
Interest bearing | 124,177,212 | 122,221,240 |
Total deposits | 129,656,448 | 127,860,561 |
Advances from borrowers for taxes and insurance | 717,869 | 633,159 |
Accrued interest payable and other liabilities | 1,058,383 | 999,554 |
Total Liabilities | 131,432,700 | 129,493,274 |
Stockholders' Equity: | ||
Common stock, $0.01 par value; 10,000,000 shares authorized; 1,207,408 shares outstanding at September 30, 2015; 1,213,986 shares outstanding at September 30, 2014 | 12,074 | 12,140 |
Paid-in capital | 10,077,648 | 10,025,400 |
Retained earnings - substantially restricted | 13,891,183 | 13,179,662 |
Accumulated other comprehensive loss | (54,325) | (121,279) |
Unearned ESOP shares | (343,043) | (402,146) |
Total Stockholders' Equity | 23,583,537 | 22,693,777 |
Total Liabilities and Stockholders' Equity | $ 155,016,237 | $ 152,187,051 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Assets: | ||
Investment securities held to maturity, fair value | $ 2,795,317 | $ 2,740,940 |
Loans receivable, allowance for loan losses | $ 1,346,038 | $ 1,361,038 |
Stockholders' Equity: | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares outstanding | 1,207,408 | 1,213,986 |
Consolidated Statement Of Incom
Consolidated Statement Of Income - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Interest Income | ||
Loans, including fees | $ 6,589,371 | $ 6,511,365 |
Investment securities and other interest-earning assets: | ||
Taxable | 260,440 | 211,999 |
Tax exempt | 88,051 | 89,447 |
Mortgage-backed securities | 271 | 483 |
Total Interest Income | 6,938,133 | 6,813,294 |
Interest Expense | ||
Deposits | 835,177 | 857,378 |
FHLB advances | 12,258 | |
Total Interest Expense | 835,177 | 869,636 |
Net Interest Income | 6,102,956 | 5,943,658 |
Provision for Loan Losses | 70,000 | 62,000 |
Net Interest Income after Provision for Loan Losses | 6,032,956 | 5,881,658 |
Non-Interest Income | ||
Fees on deposit accounts | 40,378 | 33,267 |
Other income | 43,020 | 67,445 |
Total Non-Interest Income | 83,398 | 100,712 |
Non-Interest Expense | ||
Salaries and benefits | 2,240,956 | 2,149,804 |
Occupancy | 354,259 | 349,492 |
Data processing | 255,527 | 272,191 |
Professional fees | 349,054 | 345,702 |
Merger expenses | 268,880 | |
FDIC insurance premiums | 72,600 | 69,850 |
Charitable contributions | 84,552 | 90,247 |
Other | 434,406 | 375,404 |
Total Non-Interest Expenses | 4,060,234 | 3,652,690 |
Income Before Income Tax Provision | 2,056,120 | 2,329,680 |
Income Tax Provision | 739,746 | 800,766 |
Net Income | $ 1,316,374 | $ 1,528,914 |
Earnings per Common Share - Basic | $ 1.13 | $ 1.29 |
Earnings per Common Share - Diluted | $ 1.13 | $ 1.28 |
Consolidated Statement Of Compr
Consolidated Statement Of Comprehensive Income - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Consolidated Statement Of Comprehensive Income [Abstract] | ||
Net Income | $ 1,316,374 | $ 1,528,914 |
Other comprehensive income: | ||
Decrease in unrealized losses on available for sale securities | 101,445 | 363,810 |
Income tax effect | (34,491) | (123,695) |
Other comprehensive income, net of tax: | 66,954 | 240,115 |
Total Comprehensive Income | $ 1,383,328 | $ 1,769,029 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Stockholders' Equity - USD ($) | Common Stock Shares Outstanding [Member] | Par Value [Member] | Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Unearned ESOP Shares [Member] | Total |
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 | ||||||
Net income | 1,528,914 | 1,528,914 | |||||
Other comprehensive income | 240,115 | 240,115 | |||||
Compensation expense related to restricted stock | 79,128 | 79,128 | |||||
Compensation expense related to stock options | 17,340 | 17,340 | |||||
Compensation expense on ESOP | 50,340 | 57,242 | 107,582 | ||||
Purchase and retirement of common stock | $ (41,833) | (418) | (768,804) | (769,222) | |||
Dividends declared on common stock | (496,280) | (496,280) | |||||
Balance at Sep. 30, 2014 | 12,140 | 10,025,400 | 13,179,662 | (121,279) | (402,146) | 22,693,777 | |
Balance, shares at Sep. 30, 2014 | 1,213,986 | ||||||
Net income | 1,316,374 | 1,316,374 | |||||
Other comprehensive income | 66,954 | 66,954 | |||||
Compensation expense related to restricted stock | 85,367 | 85,367 | |||||
Compensation expense related to stock options | 20,237 | 20,237 | |||||
Compensation expense on ESOP | 71,362 | 59,104 | 130,465 | ||||
Purchase and retirement of common stock | $ (6,578) | (66) | (124,718) | (124,784) | |||
Dividends declared on common stock | (604,853) | (604,853) | |||||
Balance at Sep. 30, 2015 | $ 12,074 | $ 10,077,648 | $ 13,891,183 | $ (54,325) | $ (343,043) | $ 23,583,537 | |
Balance, shares at Sep. 30, 2015 | 1,207,408 |
Consolidated Statement Of Chan7
Consolidated Statement Of Changes In Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Consolidated Statement Of Changes In Stockholders' Equity [Abstract] | ||
Dividends declared on common stock, per share | $ 0.50 | $ 0.40 |
Consolidated Statement Of Cash
Consolidated Statement Of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
OPERATING ACTIVITIES | ||
Net income | $ 1,316,374 | $ 1,528,914 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of premises and equipment | 139,288 | 149,319 |
Provision for loan losses | 70,000 | 62,000 |
Net accretion/amortization of discounts and premiums on securities and net amortization of loan fees and costs | (2,016) | 883 |
Compensation expense for ESOP, restricted stock, and stock options | 236,070 | 204,050 |
Deferred income taxes | (36,103) | (14,806) |
Decrease (increase) in accrued interest receivable | 23,556 | (29,488) |
Increase in prepaid income tax | (66,951) | (221,428) |
Increase (decrease) in accrued interest payable | 15,018 | (12,305) |
Increase in retirement fund obligation | 9,021 | 5,957 |
Writedown on other real estate owned | 19,139 | |
Other, net | 36,343 | (21,685) |
Net cash provided by operating activities | 1,759,739 | 1,651,411 |
INVESTING ACTIVITIES | ||
Proceeds from maturities and redemptions of investment securities held to maturity | 5,000 | 2,255,000 |
Proceeds from maturities and redemptions of investment securities available for sale | 4,145,000 | |
Purchase of investment securities available for sale | (1,500,000) | (4,000,000) |
Net paydowns in mortgage-backed securities | 2,286 | 3,046 |
Purchase of FHLB stock | (97,700) | (361,800) |
Redemption of FHLB stock | 268,300 | 296,700 |
Net decrease (increase) in loans | 2,106,132 | (384,961) |
Commercial leases purchased | (9,748,046) | (6,261,059) |
Other real estate owned improvements | (74,072) | |
Premises and equipment expenditures | (73,544) | (54,156) |
Net cash used for investing activities | (4,966,644) | (8,507,230) |
FINANCING ACTIVITIES | ||
Net increase in deposit accounts | 1,795,887 | 10,403,139 |
Net increase in advances from borrowers for taxes and insurance | 84,710 | 156,124 |
Proceeds from FHLB borrowings | 8,000,000 | |
Repayment of FHLB borrowings | (8,000,000) | |
Retirement of common stock | (124,784) | (769,222) |
Payment of dividends | (605,505) | (475,348) |
Net cash provided by financing activities | 1,150,308 | 9,314,693 |
Net increase (decrease) in cash and cash equivalents | (2,056,597) | 2,458,874 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 9,639,943 | 7,181,069 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 7,583,346 | 9,639,943 |
SUPPLEMENTAL INFORMATION | ||
Interest paid | 820,159 | 881,941 |
Income taxes paid | 842,000 | $ 849,000 |
Noncash investing transaction: | ||
Transfers from loans to other real estate owned | $ 593,612 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Eureka Financial Corp. and subsidiary (collectively 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 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 through the Certificate of Deposit Account Registry Service (‘CDARS”) network 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 as securities held to maturity or securities available for sale based on management’s intention and ability to hold such securities to maturity. 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 fair 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 non-credit 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. The accrual of interest 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 non-accrual 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 to establish the allowance: (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 individually. 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 5 - 50 Furniture, fixtures and equipment 3 - 10 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, 2015 or 2014. 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 2011. Advertising Costs Advertising costs are expensed as incurred. Advertising expense totaled $3,277 and $3,206 for the years ended September 30, 2015 and 2014, 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, 2015 and 2014: September 30, 2015 2014 Weighted average common shares outstanding Average unearned nonvested shares Average unearned employee stock ownership plan shares Weighted average common shares and common stock equivalents used to calculate basic earnings per share 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 Weighted average common shares and common stock equivalents used to calculate basic and diluted earnings per share Net income $ $ Basic earnings per share $ $ Diluted earnings per share As of September 30, 2015 there were 11,607 shares of restricted stock and 15,577 shares as of September 30, 2014, 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. As of September 30, 2015 there were 68,725 options to purchase shares of common stock consisting of 64,907 options to purchase common stock at $15.24 per share and 3,818 options to purchase common stock at $21.52 per share. All of the options were considered dilutive based on the weighted average market value exceeding the weighted average stock price. As of September 30, 2014 there were 64,907 options to purchase common stock at $15.24 per share. 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 January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-01, Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. The amendments in this Update permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments in this Update should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this Update are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. This Update did not have a significant impact on the Company’s financial statements. In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The amendments in this Update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction . The amendments in this Update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. An entity can elect to adopt the amendments in this Update using either a modified retrospective transition method or a prospective transition method. This Update did not have a significant impact on the Company’s financial statements . In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (a new revenue recognition standard). The Update’s core principle is that a company will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, this update specifies the accounting for certain costs to obtain or fulfill a contract with a customer and expands disclosure requirements for revenue recognition. This Update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period . The Company is evaluating the effect of adopting this new accounting Update. In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures . The amendments in this Update change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. For repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. The amendments also require enhanced disclosures. The accounting changes in this Update are effective for the first interim or annual period beginning after December 15, 2014. An entity is required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Earlier application is prohibited. The disclosure for certain transactions accounted for as a sale is required to be presented for interim and annual periods beginning after December 15, 2014, and the disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The disclosures are not required to be presented for comparative periods before the effective date. This Update did not have a significant impact on the Company’s financial statements. In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation (Topic 718 ): Accounting for Share-Based Payments when the Terms of an Award Provide that a Performance Target Could Be Achieved After the Requisite Service Period . The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. Entities may apply the amendments in this Update either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. If retrospective transition is adopted, the cumulative effect of applying this Update as of the beginning of the earliest annual period presented in the financial statements should be recognized as an adjustment to the opening retained earnings balance at that date. Additionally, if retrospective transition is adopted, an entity may use hindsight in measuring and recognizing the compensation cost. This Update is not expected to have a significant impact on the Company’s financial statements. In August 2014, the FASB issued ASU 2014-14, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40) . The amendments in this Update require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) the loan has a government guarantee that is not separable from the loan before foreclosure, (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments in this Update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. This Update did not have a significant impact on the Company’s financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40). The amendments in this Update provide guidance in accounting principles generally accepted in the United States of America about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. This Update is not expected to have a significant impact on the Company’s financial statements. In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force). This Update clarifies how current U.S. GAAP should be interpreted in subjectively evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Public business entities are required to implement the new requirements in fiscal years and interim periods within those fiscal years beginning after December 15, 2015. This Update is not expected to have a significant impact on the Company’s financial statements. In November 2014, the FASB issued ASU 2014-17, Business Combinations (Topic 805): Pushdown Accounting. The amendments in this Update apply to the separate financial statements of an acquired entity and its subsidiaries that are a business or nonprofit activity (either public or nonpublic) upon the occurrence of an event in which an acquirer (an individual or an entity) obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period to the acquired entity's most recent change-in-control event. The amendments in this Update are effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. This Update is not expected to have a significant impact on the Company’s financial statements. In January 2015, the FASB issued ASU 2015-01, Income Statement – Extraordinary and Unusual Items, as part of its initiative to reduce complexity in accounting standards. This Update eliminates from U.S. GAAP the concept of extraordinary items. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity may also apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. This Update is not expected to have a significant impact on the Company’s financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) . The amendments in this Update affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related-party relationships; and (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments in this Update are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, and for interim periods within fiscal years beginning after December 15, 2017. This Update is not expected to have a significant impact on the Company’s financial statements. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30) , as part of its initiative to reduce complexity in accounting standards. To simplify presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. An entity should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. This Update is not expected to have a significant impact on the Company’s financial statements. In April 2015, the FASB issued ASU 2015-04, Compensation – Retirement Benefits (Topic 715), as part of its initiative to reduce complexity in accounting standards. For an entity with a fiscal year-end that does not coincide with a month-end, the amendments in this Update provide a practical expedient that permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity's fiscal year-end and apply that practical expedient consistently from year to year. The practical expedient should be applied consistently to all plans if an entity has more than one plan. The amendments in this Update are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Earlier application is permitted. This Update is not expected to have a significant impact on the Company’s financial statements. In April 2015, the FASB issued ASU 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) , as part of its initiative to reduce complexity in accounting standards. This guidance will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The amendments in this Update provide guidance to customers about whether a cloud computi |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 2. ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the changes in accumulated comprehensive loss by component net of tax for the years ended September 30, 2015 and 2014: Unrealized Losses Unrealized Losses on Available for Sale on Available for Sale Securities Securities Balance as of October 1, 2014 $ Balance as of October 1, 2013 $ Other comprehensive income Other comprehensive income before reclassification before reclassification Amount reclassified from accumulated Amount reclassified from accumulated other comprehensive loss - other comprehensive loss - Total other comprehensive income Total other comprehensive income Balance as of September 30, 2015 $ Balance as of September 30, 2014 $ |
Investment Securities
Investment Securities | 12 Months Ended |
Sep. 30, 2015 | |
Investment Securities [Abstract] | |
Investment Securities | 3. INVESTMENT SECURITIES Investment securities available for sale consisted of the following at September 30, 2015 and 2014. September 30, 2015 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Obligations of states and political subdivisions $ $ $ - $ U.S. government agency securities Total $ $ $ $ September 30, 2014 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Obligations of states and political subdivisions $ $ $ $ U.S. government agency securities Total $ $ $ $ U.S. government agency securities with carrying values of $5,413,350 and $5,070,700 at September 30, 2015 and 2014, respectively, were pledged to secure public deposits held by the Company. The amortized cost and fair value of investment securities available for sale 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. September 30, 2015 Amortized Fair Cost Value Due in one year or less $ $ Due after ten years Total $ $ Investment securities held to maturity consisted of the following at September 30, 2015 and 2014: September 30, 2015 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Obligations of states and political subdivisions $ $ $ $ U.S. government agency securities - Total $ $ $ $ September 30, 2014 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Obligations of states and political subdivisions $ $ $ $ U.S. government agency securities - Total $ $ $ $ U.S. government agency securities with carrying values of $750,000 and $750,000 at September 30, 2015 and 2014, 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, 2015 and 2014, 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. September 30, 2015 Amortized Fair Cost Value Due from five to ten years $ $ Due after ten years Total $ $ The following tables show 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, 2015 and 2014. September 30, 2015 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 $ - $ - $ $ $ $ U.S. government agency securities Total $ $ $ $ $ $ September 30, 2014 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 $ $ $ $ $ $ U.S. government agency securities Total $ $ $ $ $ $ The Company reviews its position quarterly and has determined that at September 30, 2015 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 9 securities in an unrealized loss position at September 30, 2015 and 14 securities in an unrealized loss position at September 30, 2014. 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 of these 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. |
Mortgage-Backed Securities
Mortgage-Backed Securities | 12 Months Ended |
Sep. 30, 2015 | |
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, 2015 and 2014: September 30, 2015 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Freddie Mac Certificates $ $ $ - $ Fannie Mae Certificates - Total $ $ $ - $ September 30, 2014 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Freddie Mac Certificates $ $ $ - $ Fannie Mae Certificates - Total $ $ $ - $ The amortized cost and fair values of mortgage-backed securities at September 30, 2015 and 2014, 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. September 30, 2015 Amortized Cost Fair Value Due in one year or less $ $ Due after one year through five years Due after five years through ten years Due after ten years Total $ $ 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, 2015 or 2014. |
Loans And Related Allowance For
Loans And Related Allowance For Loan Losses | 12 Months Ended |
Sep. 30, 2015 | |
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, 2015 and 2014 are summarized as follows: 2015 2014 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 Plus: Unamortized loan premiums Less: Unamortized loan fees and costs, net Allowance for loan losses Loans receivable, net $ $ 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; (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 consist of 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 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 two-year period for all portfolio segments. Certain qualitative factors are then added to the historical allocation percentage to arrive at an adjusted factor to be applied to non-classified loans. These qualitative factors are reviewed each quarter and adjusted based upon relevant changes within the portfolio. As of September 30, 2015, the calculated allowance for one-to four-family real estate loans and multi-family loans was lower than the amount calculated as of the prior year end. This was due to a five basis point reduction in the factor related to the level of past due loans and the impact and effect of loan concentrations. An increases in the allowance for commercial loans and leases was a result of higher loan volume while the increase in the allowance for home equity and second mortgages was primarily the result of a higher net loss percentage. 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, 2015 and 2014, were as follows: September 30, 2015 Pass Special Mention Substandard Doubtful Loss Total One- to four-family real estate - non-owner occupied $ $ - $ - $ - $ - $ Construction - - - - Multi-family real estate - - - - Commercial real estate - - - - Commercial leases and loans - - - Commercial lines of credit - - - Total $ $ - $ $ - $ - $ September 30, 2014 Pass Special Mention Substandard Doubtful Loss Total One- to four-family real estate - non-owner occupied $ $ - $ - $ - $ - $ Construction - - - - Multi-family real estate - - - - Commercial real estate - - - - Commercial leases and loans - - - Commercial lines of credit - - Total $ $ $ $ - $ - $ The following tables present performing and non-performing residential real estate and consumer loans based on payment activity for the years ended September 30, 2015 and 2014. Payment activity is reviewed by management on a monthly basis to determine how loans are performing. Loans are considered to be non-performing when they become 90 days past due or are placed on nonaccrual status. September 30, 2015 Non-performing Performing Loans Loans Total One- to four-family real estate - owner occupied $ - $ $ Home equity and second mortgages - Secured loans - Total $ - $ $ September 30, 2014 Non-performing Performing Loans Loans Total One- to four-family real estate - owner occupied $ $ $ Home equity and second mortgages - Secured loans - Total $ $ 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. For the year ended September 30, 2015, there were no troubled debt restructurings. There was one previously modified TDR totaling $301,728 that was in default as of September 30, 2015. The following table includes the recorded investment and number of modifications for loans considered trouble debt restructuring at September 30, 2014. Loans in non-accrual status Number of Loans Balance Concession Granted Commercial loan secured by business equipment 1 $387,863 Extension of maturity date The TDR was individually evaluated for impairment and no related allowance was recorded at of September 30, 2015 and 2014. 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, 2015 and 2014: September 30, 2015 30-59 60-89 Greater than Days Days 90 Days Total Non-accrual Past Due Past Due Past Due Past Due Current Total Loans Loans 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 - - - - - $ $ $ $ $ $ $ September 30, 2014 30-59 60-89 Greater than Days Days 90 Days Total Non-accrual Past Due Past Due Past Due Past Due Current Total Loans Loans 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 - - $ $ - $ $ $ $ $ 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 non-accrual at September 30, 2015 and September 30, 2014 were $301,728 and $848,043 , respectively. The foregone interest on nonaccrual loans was approximately $28,000 and $69,000 for years ended September 30, 2015 and 2014, respectively. As of September 30, 2015 and 2014, 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 non-performing 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 Company’s calculated allowance requirement for credit losses decreased during the year ended September 30, 2015. The reduction in the allowance requirement is due to a decrease in the historical loss percentage factor used in the calculation to generate the required allowance amount. The following table details the allowance for loan losses and loan receivable balances at September 30, 2015 and 2014. 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 10/1/2014 $ $ $ $ $ $ $ - $ $ $ Charge-offs - - - - - - - - - Recoveries - - - - - - - - - - - Provisions - Ending balance 9/30/15 $ $ $ $ $ $ $ - $ $ $ $ Beginning balance 10/1/2013 $ $ $ $ $ $ $ - $ $ $ $ Charge-offs - - - - - - - - - - - Recoveries - - - - - - - - - - - Provisions - Ending balance 9/30/14 $ $ $ $ $ $ $ - $ $ $ $ Allowance for credit losses: Ending balance 9/30/2015 $ $ $ $ $ $ $ - $ $ $ $ Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ - $ $ $ $ Loans receivables: Ending balance 9/30/2015 $ $ $ $ $ $ $ $ $ $ - $ Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ $ $ - $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ $ $ $ - $ Allowance for credit losses: Ending balance 9/30/2014 $ $ $ $ $ $ $ - $ $ $ $ Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ - $ $ $ $ Loans receivables: Ending balance 9/30/2014 $ $ $ $ $ $ $ $ $ $ - $ Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ $ $ - $ Ending balance: collectively 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, 2015 and two impaired loans as of September 30, 2014. 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 September 30, 2015 Commercial leases and loans $ - $ - $ $ $ $ $ - Commercial lines of credit - - $ - $ - $ $ $ $ $ September 30, 2014 Commercial leases and loans $ - $ - $ $ $ $ $ Commercial lines of credit - - - $ - $ - $ $ $ $ $ |
Premises And Equipment
Premises And Equipment | 12 Months Ended |
Sep. 30, 2015 | |
Premises And Equipment [Abstract] | |
Premises And Equipment | 6. PREMISES AND EQUIPMENT Major classifications of premises and equipment at September 30, 2015 and 2014 are summarized as follows: 2015 2014 Land, building, and improvements $ $ Furniture, fixtures, and equipment Vehicle Total premises and equipment Less accumulated depreciation Total $ $ Depreciation charged to operations was $13 9,288 in 2015 and $149 ,319 in 2014. 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 following is a schedule by year for the future minimum lease payments under the existing operating lease: 2016 2017 2018 2019 - 2020 - Total $ Rent expense was $64,692 for the years ended September 30, 2015 and 2014. |
Borrowings
Borrowings | 12 Months Ended |
Sep. 30, 2015 | |
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, 2015 and 2014. At September 30, 2015, the Company’s maximum borrowing capacity with the FHLB was approximately $70,400,000 . |
Deposits
Deposits | 12 Months Ended |
Sep. 30, 2015 | |
Deposits [Abstract] | |
Deposits | 8. DEPOSITS The composition of deposits is as follows: 2015 2014 Demand deposits $ $ Passbook savings and Christmas club NOW and money market accounts Certificates of deposit and CDARS Individual retirement accounts Total $ $ 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, 2015, are summarized as follows: 2015 2014 2016 $ 2017 2018 2019 2020 2021 and thereafter $ The Company held related-party deposits of approximately $722,519 and $1,121,640 as of September 30, 2015 and 2014, respectively. At September 30, 2015 and 2014, time deposit accounts of $250,000 or more amounted to $8,882,931 and $8,446,509 respectively. Deposits in excess of $250,000 as of September 30, 2015, are not insured by the Federal Deposit Insurance Corporation. As of September 30, 2015, the public funds held by the Company were secured by a pledge of government agency debentures. The Company had $17,865,042 in CDARS deposits at September 30, 2015 and $13,618,042 in CDARS deposits at September 30, 2014. Interest expense on deposit accounts during the years ended September 30, 2015 and 2014 consists of: 2015 2014 Passbook savings and Christmas club $ $ NOW and money market accounts Certificates of deposit and CDARS Individual retirement accounts $ $ |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 9. INCOME TAXES The provision for federal income taxes consists of: 2015 2014 Federal currently payable $ $ State currently payable Deferred tax expense Total income tax provision $ $ No valuation allowance was established at September 30, 2015 and 2014 in view of the Company’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 Company’s earnings potential. Reconciliation between the expected and actual tax provision for the years ended September 30, 2015 and 2014: 2015 2014 Pretax Pretax Amount Income Amount Income Provision at statutory rate $ % $ % Effect of tax-free income State income tax, net of federal tax benefit Effective merger related costs - - Other Income tax expense and effective tax rate $ % $ % The deferred tax assets and deferred tax liabilities recorded on the consolidated balance sheets are as follows at September 30, 2015 and 2014: 2015 2014 Deferred tax assets Provision for loan losses $ $ Depreciation Deferred loan fees Unrealized loss on available for sale securities Other Net deferred tax assets $ $ 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, 2015, the Company did not record a valuation allowance against deferred tax assets. As of September 30, 2015, 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, 2015 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, 2015 | |
Employee Benefits [Abstract] | |
Employee Benefits | 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’s employer identification number is 13-5645888 and the plan number is 333. 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, 2015 and 2014, pension contributions charged to expense amounted to $326,271 and $319,250 , 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 $190,751,615 and $136,477,565 for the plan years ended June 30, 2015 and 2014, respectively. The 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 the Bank during the fiscal years ending September 30. There were no changes that would affect affecting comparability for each period. 2015 2014 Date Paid Amount Date Paid Amount 1/6/2015 $ 12/9/2013 $ Total $ Total $ Funded Status as of % Funded Status as of % 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, 2015 and 2014, the Company provided matching contributions of 100 percent of the first 6 percent contributed by each employee. For the years ended September 30, 2015 and 2014, contributions charged to expense were approximately $58,000 and $52,000 , respectively. Employee Stock Ownership Plan (“ESOP”) 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 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 earning per share computations. The Company recognized ESOP expense of $130,465 and $107,582 for the years ended September 30, 2015 and 2014, respectively. The following table presents the components of the ESOP shares: 2015 2014 Allocated shares Unreleased shares Total ESOP shares Fair value of unreleased shares $ $ Stock Based Compensation In 2012, Eureka Financial’s stockholders approved the 2012 Equity Incentive Plan (the “2012 Plan”). The purpose of the 2012 Plan is to provide officers, employees and directors with additional incentives to promote growth and performance of Eureka Financial. The 2012 Plan authorizes the granting of options to purchase shares of Eureka Financial stock, which may be non-qualified 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. On May 21, 2015, certain officers of the Bank were awarded an aggregate of 3,818 options to purchase shares of common stock and 1,527 restricted shares of common stock. The awards vest equally over four 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 four-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 $20,237 and $17,340 for the years ended September 30, 2015 and 2014, respectively. As of September 30, 2015, there was $27,730 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 1.5 years. At September 30, 2015, future compensation expense related to the options is expected to be $17,340 in fiscal year 2016 and $10,390 in fiscal 2017. The trading price of Eureka Financial common stock closed at $21.52 per share on May 21, 2015, which is the exercise price of the options granted on that date. The estimated value of the stock options was $10,805 , 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, 2015 was $2.83 using the following Black-Scholes option pricing model assumptions: expected life of 10 years, expected dividend rate of 2.27% , risk-free interest rate of 1.95% and an expected volatility of 15.78% based on historical results of the stock prices of Eureka Financial. Compensation expense on the options was $2,897 for the year ended September 30, 2015. As of September 30, 2015, there was $7,908 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, 2015, future compensation expense related to the options is expected to be $2,207 in fiscal years 2016 through 2018 and $1,287 in fiscal 2019. The following tables summarize transactions regarding the options under the 2012 Plan: Options Weighted-Average Price Outstanding, September 30, 2014 $ Granted Exercised - - Forefeited - - Outstanding, September 30, 2015 $ Exercisable, September 30, 2015 $ Outstanding, September 30, 2013 $ Granted - - Exercised - - Forefeited - - Outstanding, September 30, 2014 $ Exercisable, September 30, 2014 $ 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 $85,367 and $79,128 for the years ended September 30, 2015 and 2014, respectively. As of September 30, 2015, there was $1 25,292 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 1.5 years. At September 30, 2015, future compensation related to the grants is expected to be $79,128 in fiscal year 2016 and $46,164 in fiscal 2017. On May 21, 2015, the date of grant, the market value of the restricted stock awards was approximately $23,271 before the impact of income taxes. Compensation expense on the grants was $6,239 for the year ended September 30, 2015. As of September 30, 2015, there was $17,032 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, 2015, future compensation related to the grants is expected to be $4,753 in fiscal years 2016 to 2018 and $2,773 in fiscal 2019. The following table summarizes transactions regarding restricted stock under the 2012 Plan: Number of Weighted- Restricted Shares Average Price Nonvested shares, September 30, 2014 $ Granted Vested Forefeited - - Nonvested shares, September 30, 2015 $ Number of Weighted- Restricted Shares Average Price Nonvested shares, September 30, 2013 $ Granted - - Vested Forefeited - - Nonvested shares, September 30, 2014 $ |
Deferred Compensation Arrangeme
Deferred Compensation Arrangements | 12 Months Ended |
Sep. 30, 2015 | |
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, 2015 and 2014 was approximately $291 ,000 and $287,000 , 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, 2015 and 2014 was approximately $40,000 and $37,000 , respectively. The aggregate liability for the deferred compensation arrangement at September 30, 2015 and 2014 was approximately $405,000 and $365,000 , respectively, and is included with “other liabilities” in the Consolidated Balance Sheet. |
Commitments
Commitments | 12 Months Ended |
Sep. 30, 2015 | |
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, 2015 and 2014 was approximately $10,479 ,000 and $12,283,000 , respectively, with rates of interest ranging from 2.25 percent to 6.00 percent and 2.25 percent to 6.75 percent, respectively. Fixed rate loan commitments at September 30, 2015 and 2014, were approximately $3,694,000 and $5,660,000 , respectively, with fixed rates of interest ranging from 3.00 percent to 5.75 percent and 3.00 percent to 6.75 percent, respectively. |
Fair Value Disclosure Measureme
Fair Value Disclosure Measurements | 12 Months Ended |
Sep. 30, 2015 | |
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, 2015 and 2014, are as follows: September 30, 2015 Level I Level II Level III Total Description Mortgage-backed securities available for sale $ - $ $ - $ Obligations of states and political subdivisions available for sale - - U.S. government agency securities available for sale - - Total $ - $ $ - $ September 30, 2014 Level I Level II Level III Total Description Mortgage-backed securities available for sale $ - $ $ - $ Obligations of states and political subdivisions available for sale - - U.S. government agency securities available for sale - - Total $ - $ $ - $ The following table presents the financial assets measured at fair value on a recurring basis as of September 30, 2015 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. September 30, 2015 Level I Level II Level III Total Description Assets measured at fair value on a nonrecurring basis: Impaired loans $ - $ - $ $ Other real estate owned - - $ - $ - $ $ September 30, 2014 Level I Level II Level III Total Description Assets measured at fair value on a nonrecurring basis: Impaired loans $ - $ - $ $ 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: September 30, 2015 Range Valuation Unobservable (Weighted Fair Value Technique Inputs Average) Impaired Loan $ Discounted Probability of - cash flow default Impaired Loan Fair Value Appraisal 20 % of collateral (1) adjustments (2) ( 20 ) Other real estate owned Fair Value Appraisal 20 % of collateral (1) adjustments (2) ( 20 ) $ September 30, 2014 Range Valuation Unobservable (Weighted Fair Value Technique Inputs Average) Impaired Loan $ Discounted Probability of - cash flow default Impaired Loan Fair Value Appraisal 20 % of collateral (1) adjustments (2) ( 20 ) $ (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, 2015 and 2014: The fair value of the Company’s financial instruments are as follows at September 30: September 30, 2015 Carrying Total Value Level I Level II Level III Fair Value Financial assets: Cash and cash equivalents $ $ $ - $ - $ Investment securities available for sale - - Investment securities held to maturity - - Mortgage-backed securities available for sale - - Federal Home Loan Bank stock - - Cash surrender value of life insurance - - Loans receivable, net - - 142,973,718 Accrued interest receivable - - Financial liabilities: Deposits $ $ $ - $ 69,910,816 $ Advances from borrowers for taxes and insurance - - Accrued interest payable - - September 30, 2014 Carrying Total Value Level I Level II Level III Fair Value Financial assets: Cash and cash equivalents $ $ $ - $ - $ Investment securities available for sale - - Investment securities held to maturity - - Mortgage-backed securities available for sale - - Federal Home Loan Bank stock - - Cash surrender value of life insurance - - Loans receivable, net - - 134,453,483 Accrued interest receivable - - Financial liabilities: Deposits $ $ $ - $ 70,261,774 $ Advances from borrowers for taxes and insurance - - Accrued interest payable - - 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. Cash Surrender Value of Life Insurance The fair value is equal to the cash surrender value of the life insurance. 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, 2015 | |
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, 2015 and 2014, 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, 2015 and 2014. Amounts in excess of insured limits were approximately $6,114,637 and $8,341,043 at September 30, 2015 and 2014, respectively. Of those amounts, approximately $796,044 and $1,015,660 were on deposit at the FHLB at September 30, 2015 and 2014, respectively. |
Capital Requirements
Capital Requirements | 12 Months Ended |
Sep. 30, 2015 | |
Capital Requirements [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, 2015 and 2014, 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, 2015 and 2014: 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, 2015 Total capital (to risk-weighted assets) $ > $ > 8.00% > $ > 10.00% Tier 1 capital (to risk-weighted assets) > > 4.00% > > 6.00% Core (Tier 1) capital (to adjusted total assets) > > 4.00% > > 5.00% Common equity Tier 1 capital (to risk-weighted assets) > > 4.50% > > 6.50% As of September 30, 2014 Total capital (to risk-weighted assets) $ > $ > 8.00% > $ > 10.00% Tier 1 capital (to risk-weighted assets) > > 4.00% > > 6.00% Core (Tier 1) capital (to adjusted total assets) > > 4.00% > > 5.00% Risk-based capital at September 30, 2015 and 2014 includes supplementary capital of $1,346,0 00 and $1,361,000 , 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, 2015 and 2014: 2015 2014 (in thousands) Total equity $ $ Unrealized loss on securities available-for-sale Deferred tax asset - disallowed portion - - Tier 1 capital Allowable allowances for loan and lease losses Total risk-based capital $ $ |
Parent Company
Parent Company | 12 Months Ended |
Sep. 30, 2015 | |
Parent Company [Abstract] | |
Parent Company | 16. PARENT COMPANY Following are condensed financial statements for Eureka Financial: Condensed Balance Sheet 2015 2014 Assets: Cash and due from banks $ $ Investment in subsidiary ESOP loan Other assets Total Assets $ $ Liabilities: Accounts payable and accrued expenses $ $ Total Liabilities Stockholders' Equity Total Liabilities and Stockholders' Equity $ $ Condensed Statement of Income 2015 2014 Interest and Dividend Income: Interest income $ $ Dividend income from subsidiary bank Total Interest and Dividend Income Non-Interest Expense: Other expense Total Non-Interest Expense Income before equity in undistributed net income of subsidiary Equity in undistributed net income of subsidiary Net Income $ $ Comprehensive Income $ $ Condensed Statement of Cash Flows Year Ended September 30, 2015 2014 Operating Activities Net income $ $ Adjustments to reconcile net income to cash provided by operating activities: Equity in undistributed income of subsidiary Other Net cash provided by operating activities Investing Activities Decrease in loan due from subsidiary Net cash provided by investing activities Financing Activities Payment of dividends Retirement of common stock Net cash used by financing activities Increase (decrease) in cash and cash equivilents Cash and Cash Equivalents at Beginning of Year Cash and Cash Equivalents at End of Year $ $ |
Summary Of Significant Accoun25
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2015 | |
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 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 through the Certificate of Deposit Account Registry Service (‘CDARS”) network 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 as securities held to maturity or securities available for sale based on management’s intention and ability to hold such securities to maturity. 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 fair 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 non-credit 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. The accrual of interest 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 non-accrual 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 to establish the allowance: (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 individually. 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 5 - 50 Furniture, fixtures and equipment 3 - 10 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, 2015 or 2014. |
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 2011. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. Advertising expense totaled $3,277 and $3,206 for the years ended September 30, 2015 and 2014, 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, 2015 and 2014: September 30, 2015 2014 Weighted average common shares outstanding Average unearned nonvested shares Average unearned employee stock ownership plan shares Weighted average common shares and common stock equivalents used to calculate basic earnings per share 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 Weighted average common shares and common stock equivalents used to calculate basic and diluted earnings per share Net income $ $ Basic earnings per share $ $ Diluted earnings per share As of September 30, 2015 there were 11,607 shares of restricted stock and 15,577 shares as of September 30, 2014, 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. As of September 30, 2015 there were 68,725 options to purchase shares of common stock consisting of 64,907 options to purchase common stock at $15.24 per share and 3,818 options to purchase common stock at $21.52 per share. All of the options were considered dilutive based on the weighted average market value exceeding the weighted average stock price. As of September 30, 2014 there were 64,907 options to purchase common stock at $15.24 per share. |
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 January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-01, Investments – Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. The amendments in this Update permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments in this Update should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this Update are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. This Update did not have a significant impact on the Company’s financial statements. In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The amendments in this Update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction . The amendments in this Update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. An entity can elect to adopt the amendments in this Update using either a modified retrospective transition method or a prospective transition method. This Update did not have a significant impact on the Company’s financial statements . In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (a new revenue recognition standard). The Update’s core principle is that a company will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, this update specifies the accounting for certain costs to obtain or fulfill a contract with a customer and expands disclosure requirements for revenue recognition. This Update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period . The Company is evaluating the effect of adopting this new accounting Update. In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures . The amendments in this Update change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. For repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. The amendments also require enhanced disclosures. The accounting changes in this Update are effective for the first interim or annual period beginning after December 15, 2014. An entity is required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Earlier application is prohibited. The disclosure for certain transactions accounted for as a sale is required to be presented for interim and annual periods beginning after December 15, 2014, and the disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The disclosures are not required to be presented for comparative periods before the effective date. This Update did not have a significant impact on the Company’s financial statements. In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation (Topic 718 ): Accounting for Share-Based Payments when the Terms of an Award Provide that a Performance Target Could Be Achieved After the Requisite Service Period . The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. Entities may apply the amendments in this Update either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. If retrospective transition is adopted, the cumulative effect of applying this Update as of the beginning of the earliest annual period presented in the financial statements should be recognized as an adjustment to the opening retained earnings balance at that date. Additionally, if retrospective transition is adopted, an entity may use hindsight in measuring and recognizing the compensation cost. This Update is not expected to have a significant impact on the Company’s financial statements. In August 2014, the FASB issued ASU 2014-14, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40) . The amendments in this Update require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) the loan has a government guarantee that is not separable from the loan before foreclosure, (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments in this Update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. This Update did not have a significant impact on the Company’s financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40). The amendments in this Update provide guidance in accounting principles generally accepted in the United States of America about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. This Update is not expected to have a significant impact on the Company’s financial statements. In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force). This Update clarifies how current U.S. GAAP should be interpreted in subjectively evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Public business entities are required to implement the new requirements in fiscal years and interim periods within those fiscal years beginning after December 15, 2015. This Update is not expected to have a significant impact on the Company’s financial statements. In November 2014, the FASB issued ASU 2014-17, Business Combinations (Topic 805): Pushdown Accounting. The amendments in this Update apply to the separate financial statements of an acquired entity and its subsidiaries that are a business or nonprofit activity (either public or nonpublic) upon the occurrence of an event in which an acquirer (an individual or an entity) obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period to the acquired entity's most recent change-in-control event. The amendments in this Update are effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. This Update is not expected to have a significant impact on the Company’s financial statements. In January 2015, the FASB issued ASU 2015-01, Income Statement – Extraordinary and Unusual Items, as part of its initiative to reduce complexity in accounting standards. This Update eliminates from U.S. GAAP the concept of extraordinary items. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity may also apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. This Update is not expected to have a significant impact on the Company’s financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) . The amendments in this Update affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related-party relationships; and (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments in this Update are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, and for interim periods within fiscal years beginning after December 15, 2017. This Update is not expected to have a significant impact on the Company’s financial statements. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30) , as part of its initiative to reduce complexity in accounting standards. To simplify presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. An entity should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. This Update is not expected to have a significant impact on the Company’s financial statements. In April 2015, the FASB issued ASU 2015-04, Compensation – Retirement Benefits (Topic 715), as part of its initiative to reduce complexity in accounting standards. For an entity with a fiscal year-end that does not coincide with a month-end, the amendments in this Update provide a practical expedient that permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity's fiscal year-end and apply that practical expedient consistently from year to year. The practical expedient should be applied consistently to all plans if an entity has more than one plan. The amendments in this Update are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Earlier application is permitted. This Update is not expected to have a significant impact on the Company’s financial statements. In April 2015, the FASB issued ASU 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) , as part of its initiative to reduce complexity in accounting standards. This guidance will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The amendments in this Update provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. For public business entities, the FASB decided that the amendments will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. For all other entities, the amendments will be effective for annual periods beginning after December 15, 2015, and interim periods in annual periods beginning after December 15, 2016. Early adoption is permitted for all entities. This Update is not expected to have a significant impact on the Company’s financial statements. In April 2015, the FASB issued ASU 2015-06, Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions. Topic 260, Earnings Per Share , contains guidance that addresses master limited partnerships that originated from Emerging Issues Task Force (“EITF”) Issue No. 07-4, Application of the Two-Class Method Under FASB Statement No. 128 to Master Limited Partnerships . Under Topic 260, master limited partnerships apply the two-class method of calculating earnings per unit because the general partner, limited partners, and incentive distribution rights holders each participate differently in the distribution of available cash in accordance with the contractual rights contained in the partnership agreement. The amendments in this Update specify that for purposes of calculating historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. In that circumstance, the previously reported earnings per unit of the limited partners (which is typically the earnings per unit measure presented in the financial statements) would not change as a result of the dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method are also required. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Earlier application is permitted. This Update is not expected to have a significant impact on the Company’s financial statements. In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent) . The Update applies to reporting entities that elect to measure the fair value of an investment using the net asset value per share (or its equivalent) practical expedient. Under the amendments in this Update, investments for which fair value is measured at net asset value per share (or its equivalent) using the practical expedient should not be categorized in the fair value hierarchy. Removing those investments from the fair value hierarchy not only eliminates the diversity in practice resulting from the way in which investments measured at net asset value per share (or its equivalent) with future redemption dates are classified, but also ensures that all investments categorized in the fair value hierarchy are classified using a consistent approach. Investments that calculate net asset value per share (or its equivalent), but for which the practical expedient is not applied will continue to be included in the fair value hierarchy. A reporting entity should continue to disclose information on investments for which fair value is measured at net asset value (or its equivalent) as a practical expedient to help users understand the nature and risks of the investments and whether the investments, if sold, are probable of being sold at amounts different from net asset value. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. The retrospective approach requires that an investment for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy in all periods presented in an entity's financial statements. Earlier application is permitted. This Update is not expected to have a significant impact on the Company’s financial statements. In May 2015, the FASB issued ASU 2015-08 , Business Combinations – Pushdown Accounting – Amendment to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 . This Update was issued to amend various SEC paragraphs pursuant to the issuance of Staff Accounting Bulletin No. 115. This Update is not expected to have a significant impact on the Company’s financial statements. In May 2015, the FASB issued ASU 2015-09, Financial Services – Insurance (Topic 944): Disclosure About Short-Duration Contracts . The amendments apply to all insurance entities that issue short-duration contracts as defined in Topic 944, Financial Services – Insurance . The amendments require insurance entities to disclose for annual reporting periods certain information about the liability for unpaid claims and claim adjustment expenses. The amendments also require insurance entities to disclose information about significant changes in methodologies and assumptions used to calculate the liability for unpaid claims and claim adjustment expenses, including reasons for the change and the effects on the financial statements. Additionally, the amendments require insurance entities to disclose for annual and interim reporting periods a rollforward of the liability for unpaid claims and claim adjustment expenses, described in Topic 944. For health insurance claims, the amendments require the disclosure of the total of incurred-but-not-reported liabilities plus expected development on reported claims included in the liability for unpaid claims and claim adjustment expenses. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2015, and interim periods within annual periods beginning after December 15, 2016. For all other entities, the amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within annual periods beginning after December 15, 2017. This Update is not expected to have a significant impact on the Company’s financial statements. In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Improvements . The amendments in this Update represent changes to clarify the FASB Accounting Standards Codification (“Codification”), correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. Transition guidance varies based on the amendments in this Update. The amendments in this Update that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments will be effective upon the issuance of this Update. This Update is not expected to have a significant impact on the Company’s financial statements. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606). The amendments in this Update defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. All other entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. The Company is evaluating the effect of adopting this new accounting Update. In August 2015, the FASB issued ASU 2015-15, Interest – Imputation of Interest (Subtopic 835-30): Presentation And Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting . This Update adds SEC paragraphs pursuant to the SEC Staff Announcement at the June 18, 2015 Emerging Issues Task Force meeting about the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. This Update is not expected to have a significant impact on the Company’s financial statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805). The amendments in this Update require that an acquirer recognizes adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this Update require that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this Update require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017 . This Update is not expected to have a significant impact on the Company’s financial statements. |
Summary Of Significant Accoun26
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Estimated Useful Lives | Years Building and improvements 5 - 50 Furniture, fixtures and equipment 3 - 10 Leasehold improvements Shorter of useful lives or lease term Vehicles 5 |
Schedule Of Basic And Dilutive Earnings Per Share | September 30, 2015 2014 Weighted average common shares outstanding Average unearned nonvested shares Average unearned employee stock ownership plan shares Weighted average common shares and common stock equivalents used to calculate basic earnings per share 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 Weighted average common shares and common stock equivalents used to calculate basic and diluted earnings per share Net income $ $ Basic earnings per share $ $ Diluted earnings per share |
Accumulated Other Comprehensi27
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Changes In Accumulated Other Comprehensive Loss By Component | Unrealized Losses Unrealized Losses on Available for Sale on Available for Sale Securities Securities Balance as of October 1, 2014 $ Balance as of October 1, 2013 $ Other comprehensive income Other comprehensive income before reclassification before reclassification Amount reclassified from accumulated Amount reclassified from accumulated other comprehensive loss - other comprehensive loss - Total other comprehensive income Total other comprehensive income Balance as of September 30, 2015 $ Balance as of September 30, 2014 $ |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Gain (Loss) on Investments [Line Items] | |
Investment Securities Held To Maturity | September 30, 2015 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Obligations of states and political subdivisions $ $ $ $ U.S. government agency securities - Total $ $ $ $ September 30, 2014 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Obligations of states and political subdivisions $ $ $ $ U.S. government agency securities - Total $ $ $ $ |
Schedule Of Gross Unrealized Losses And Fair Value, Aggregated By Investment Category And Length Of Time | September 30, 2015 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 $ - $ - $ $ $ $ U.S. government agency securities Total $ $ $ $ $ $ September 30, 2014 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 $ $ $ $ $ $ U.S. government agency securities Total $ $ $ $ $ $ |
Available-For-Sale Securities [Member] | |
Gain (Loss) on Investments [Line Items] | |
Investment Securities Available For Sale | September 30, 2015 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Obligations of states and political subdivisions $ $ $ - $ U.S. government agency securities Total $ $ $ $ September 30, 2014 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Obligations of states and political subdivisions $ $ $ $ U.S. government agency securities Total $ $ $ $ |
Amortized Cost And Fair Value Of Securities By Contractual Maturity | September 30, 2015 Amortized Fair Cost Value Due in one year or less $ $ Due after ten years Total $ $ |
Held-To-Maturity Securities [Member] | |
Gain (Loss) on Investments [Line Items] | |
Amortized Cost And Fair Value Of Securities By Contractual Maturity | September 30, 2015 Amortized Fair Cost Value Due from five to ten years $ $ Due after ten years Total $ $ |
Mortgage-Backed Securities (Tab
Mortgage-Backed Securities (Tables) - Mortgage-Backed Securities [Member] | 12 Months Ended |
Sep. 30, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost And Fair Values Of Mortgage-Backed Securities | September 30, 2015 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Freddie Mac Certificates $ $ $ - $ Fannie Mae Certificates - Total $ $ $ - $ September 30, 2014 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Freddie Mac Certificates $ $ $ - $ Fannie Mae Certificates - Total $ $ $ - $ |
Amortized Cost And Fair Values Of Mortgage-Backed Securities By Contractual Maturity | September 30, 2015 Amortized Cost Fair Value Due in one year or less $ $ Due after one year through five years Due after five years through ten years Due after ten years Total $ $ |
Loans And Related Allowance F30
Loans And Related Allowance For Loan Losses (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Loans And Related Allowance For Loan Losses [Abstract] | |
Summary Of Major Classifications Of Loans | 2015 2014 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 Plus: Unamortized loan premiums Less: Unamortized loan fees and costs, net Allowance for loan losses Loans receivable, net $ $ |
Summary Of Credit Quality Indicators | September 30, 2015 Pass Special Mention Substandard Doubtful Loss Total One- to four-family real estate - non-owner occupied $ $ - $ - $ - $ - $ Construction - - - - Multi-family real estate - - - - Commercial real estate - - - - Commercial leases and loans - - - Commercial lines of credit - - - Total $ $ - $ $ - $ - $ September 30, 2014 Pass Special Mention Substandard Doubtful Loss Total One- to four-family real estate - non-owner occupied $ $ - $ - $ - $ - $ Construction - - - - Multi-family real estate - - - - Commercial real estate - - - - Commercial leases and loans - - - Commercial lines of credit - - Total $ $ $ $ - $ - $ |
Summary Of Performing And Non-Performing Loans | September 30, 2015 Non-performing Performing Loans Loans Total One- to four-family real estate - owner occupied $ - $ $ Home equity and second mortgages - Secured loans - Total $ - $ $ September 30, 2014 Non-performing Performing Loans Loans Total One- to four-family real estate - owner occupied $ $ $ Home equity and second mortgages - Secured loans - Total $ $ |
Summary Of Trouble Debt Restructuring | Loans in non-accrual status Number of Loans Balance Concession Granted Commercial loan secured by business equipment 1 $387,863 Extension of maturity date |
Summary Of Classes Of Loan Portfolio Past Due | September 30, 2015 30-59 60-89 Greater than Days Days 90 Days Total Non-accrual Past Due Past Due Past Due Past Due Current Total Loans Loans 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 - - - - - $ $ $ $ $ $ $ September 30, 2014 30-59 60-89 Greater than Days Days 90 Days Total Non-accrual Past Due Past Due Past Due Past Due Current Total Loans Loans 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 - - $ $ - $ $ $ $ $ |
Summary Of Allowance For Loan Losses 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 10/1/2014 $ $ $ $ $ $ $ - $ $ $ Charge-offs - - - - - - - - - Recoveries - - - - - - - - - - - Provisions - Ending balance 9/30/15 $ $ $ $ $ $ $ - $ $ $ $ Beginning balance 10/1/2013 $ $ $ $ $ $ $ - $ $ $ $ Charge-offs - - - - - - - - - - - Recoveries - - - - - - - - - - - Provisions - Ending balance 9/30/14 $ $ $ $ $ $ $ - $ $ $ $ Allowance for credit losses: Ending balance 9/30/2015 $ $ $ $ $ $ $ - $ $ $ $ Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ - $ $ $ $ Loans receivables: Ending balance 9/30/2015 $ $ $ $ $ $ $ $ $ $ - $ Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ $ $ - $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ $ $ $ - $ Allowance for credit losses: Ending balance 9/30/2014 $ $ $ $ $ $ $ - $ $ $ $ Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ - $ $ $ $ Loans receivables: Ending balance 9/30/2014 $ $ $ $ $ $ $ $ $ $ - $ Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ $ $ - $ Ending balance: collectively evaluated for impairment $ $ $ $ $ $ $ $ $ $ - $ |
Summary 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 September 30, 2015 Commercial leases and loans $ - $ - $ $ $ $ $ - Commercial lines of credit - - $ - $ - $ $ $ $ $ September 30, 2014 Commercial leases and loans $ - $ - $ $ $ $ $ Commercial lines of credit - - - $ - $ - $ $ $ $ $ |
Premises And Equipment (Tables)
Premises And Equipment (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Premises And Equipment [Abstract] | |
Schedule Of Premises And Equipment | 2015 2014 Land, building, and improvements $ $ Furniture, fixtures, and equipment Vehicle Total premises and equipment Less accumulated depreciation Total $ $ |
Schedule Of Future Minimum Lease Payments | 2016 2017 2018 2019 - 2020 - Total $ |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Deposits [Abstract] | |
Schedule Of Deposits | 2015 2014 Demand deposits $ $ Passbook savings and Christmas club NOW and money market accounts Certificates of deposit and CDARS Individual retirement accounts Total $ $ |
Schedule Of Time Deposit Accounts By Contractual Maturity | 2015 2014 2016 $ 2017 2018 2019 2020 2021 and thereafter $ |
Schedule Of Interest Expense On Deposit Accounts | 2015 2014 Passbook savings and Christmas club $ $ NOW and money market accounts Certificates of deposit and CDARS Individual retirement accounts $ $ |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Schedule Of Provision For Federal Income Taxes | 2015 2014 Federal currently payable $ $ State currently payable Deferred tax expense Total income tax provision $ $ |
Reconciliation Between Expected And Actual Tax Provision | 2015 2014 Pretax Pretax Amount Income Amount Income Provision at statutory rate $ % $ % Effect of tax-free income State income tax, net of federal tax benefit Effective merger related costs - - Other Income tax expense and effective tax rate $ % $ % |
Schedule Of Deferred Tax Assets And Liabilities | 2015 2014 Deferred tax assets Provision for loan losses $ $ Depreciation Deferred loan fees Unrealized loss on available for sale securities Other Net deferred tax assets $ $ |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Employee Benefits [Abstract] | |
Schedule Of Contributions Paid | 2015 2014 Date Paid Amount Date Paid Amount 1/6/2015 $ 12/9/2013 $ Total $ Total $ Funded Status as of % Funded Status as of % Zone Status Green Zone Status Green |
Components Of ESOP Shares | 2015 2014 Allocated shares Unreleased shares Total ESOP shares Fair value of unreleased shares $ $ |
Schedule Of Stock Options Activity | Options Weighted-Average Price Outstanding, September 30, 2014 $ Granted Exercised - - Forefeited - - Outstanding, September 30, 2015 $ Exercisable, September 30, 2015 $ Outstanding, September 30, 2013 $ Granted - - Exercised - - Forefeited - - Outstanding, September 30, 2014 $ Exercisable, September 30, 2014 $ |
Schedule Of Restricted Stock Activity | Number of Weighted- Restricted Shares Average Price Nonvested shares, September 30, 2014 $ Granted Vested Forefeited - - Nonvested shares, September 30, 2015 $ Number of Weighted- Restricted Shares Average Price Nonvested shares, September 30, 2013 $ Granted - - Vested Forefeited - - Nonvested shares, September 30, 2014 $ |
Fair Value Disclosure Measure35
Fair Value Disclosure Measurements (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosure Measurements [Abstract] | |
Schedule Of Financial Assets Measured At Fair Value On Recurring Basis | September 30, 2015 Level I Level II Level III Total Description Mortgage-backed securities available for sale $ - $ $ - $ Obligations of states and political subdivisions available for sale - - U.S. government agency securities available for sale - - Total $ - $ $ - $ September 30, 2014 Level I Level II Level III Total Description Mortgage-backed securities available for sale $ - $ $ - $ Obligations of states and political subdivisions available for sale - - U.S. government agency securities available for sale - - Total $ - $ $ - $ |
Schedule Of Financial Assets Measured At Fair Value On Nonrecurring Basis | September 30, 2015 Level I Level II Level III Total Description Assets measured at fair value on a nonrecurring basis: Impaired loans $ - $ - $ $ Other real estate owned - - $ - $ - $ $ September 30, 2014 Level I Level II Level III Total Description Assets measured at fair value on a nonrecurring basis: Impaired loans $ - $ - $ $ |
Schedule Of Additional Quantitative Information About Level 3 | September 30, 2015 Range Valuation Unobservable (Weighted Fair Value Technique Inputs Average) Impaired Loan $ Discounted Probability of - cash flow default Impaired Loan Fair Value Appraisal 20 % of collateral (1) adjustments (2) ( 20 ) Other real estate owned Fair Value Appraisal 20 % of collateral (1) adjustments (2) ( 20 ) $ September 30, 2014 Range Valuation Unobservable (Weighted Fair Value Technique Inputs Average) Impaired Loan $ Discounted Probability of - cash flow default Impaired Loan Fair Value Appraisal 20 % of collateral (1) adjustments (2) ( 20 ) $ (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 Fair Value Of Financial Instruments | September 30, 2015 Carrying Total Value Level I Level II Level III Fair Value Financial assets: Cash and cash equivalents $ $ $ - $ - $ Investment securities available for sale - - Investment securities held to maturity - - Mortgage-backed securities available for sale - - Federal Home Loan Bank stock - - Cash surrender value of life insurance - - Loans receivable, net - - 142,973,718 Accrued interest receivable - - Financial liabilities: Deposits $ $ $ - $ 69,910,816 $ Advances from borrowers for taxes and insurance - - Accrued interest payable - - September 30, 2014 Carrying Total Value Level I Level II Level III Fair Value Financial assets: Cash and cash equivalents $ $ $ - $ - $ Investment securities available for sale - - Investment securities held to maturity - - Mortgage-backed securities available for sale - - Federal Home Loan Bank stock - - Cash surrender value of life insurance - - Loans receivable, net - - 134,453,483 Accrued interest receivable - - Financial liabilities: Deposits $ $ $ - $ 70,261,774 $ Advances from borrowers for taxes and insurance - - Accrued interest payable - - |
Capital Requirements (Tables)
Capital Requirements (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Capital Requirements [Abstract] | |
Schedule Of Compliance With Regulatory Capital Standards | 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, 2015 Total capital (to risk-weighted assets) $ > $ > 8.00% > $ > 10.00% Tier 1 capital (to risk-weighted assets) > > 4.00% > > 6.00% Core (Tier 1) capital (to adjusted total assets) > > 4.00% > > 5.00% Common equity Tier 1 capital (to risk-weighted assets) > > 4.50% > > 6.50% As of September 30, 2014 Total capital (to risk-weighted assets) $ > $ > 8.00% > $ > 10.00% Tier 1 capital (to risk-weighted assets) > > 4.00% > > 6.00% Core (Tier 1) capital (to adjusted total assets) > > 4.00% > > 5.00% |
Reconciliation Of Financial Statement Equity To Regulatory Capital | 2015 2014 (in thousands) Total equity $ $ Unrealized loss on securities available-for-sale Deferred tax asset - disallowed portion - - Tier 1 capital Allowable allowances for loan and lease losses Total risk-based capital $ $ |
Parent Company (Tables)
Parent Company (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Parent Company [Abstract] | |
Condensed Balance Sheet For Parent Company | Condensed Balance Sheet 2015 2014 Assets: Cash and due from banks $ $ Investment in subsidiary ESOP loan Other assets Total Assets $ $ Liabilities: Accounts payable and accrued expenses $ $ Total Liabilities Stockholders' Equity Total Liabilities and Stockholders' Equity $ $ |
Condensed Statement Of Income For Parent Company | Condensed Statement of Income 2015 2014 Interest and Dividend Income: Interest income $ $ Dividend income from subsidiary bank Total Interest and Dividend Income Non-Interest Expense: Other expense Total Non-Interest Expense Income before equity in undistributed net income of subsidiary Equity in undistributed net income of subsidiary Net Income $ $ Comprehensive Income $ $ |
Condensed Statement Of Cash Flows For Parent Company | Condensed Statement of Cash Flows Year Ended September 30, 2015 2014 Operating Activities Net income $ $ Adjustments to reconcile net income to cash provided by operating activities: Equity in undistributed income of subsidiary Other Net cash provided by operating activities Investing Activities Decrease in loan due from subsidiary Net cash provided by investing activities Financing Activities Payment of dividends Retirement of common stock Net cash used by financing activities Increase (decrease) in cash and cash equivilents Cash and Cash Equivalents at Beginning of Year Cash and Cash Equivalents at End of Year $ $ |
Summary Of Significant Accoun38
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Liability for uncertain tax positions | $ 0 | ||
Unrecognized tax benefits | 0 | ||
Advertising expense | $ 3,277 | $ 3,206 | |
Options outstanding to purchase common stock | 68,725 | 64,907 | 64,907 |
Options outstanding to purchase common stock per share | $ 15.59 | $ 15.24 | $ 15.24 |
Options awarded to purchase common stock | 3,818 | ||
Options granted to purchase common stock per share | $ 21.52 | ||
Restricted Stock [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Antidilutive shares | 11,607 | 15,577 | |
Antidilutive price per share | $ 15.24 | $ 15.24 |
Summary Of Significant Accoun39
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives) (Details) | 12 Months Ended |
Sep. 30, 2015 | |
Building And Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | P5Y |
Building And Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | P50Y |
Furniture, Fixtures, And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | P3Y |
Furniture, Fixtures, And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | P10Y |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | P5Y |
Summary Of Significant Accoun40
Summary Of Significant Accounting Policies (Schedule Of Basic And Dilutive Earnings Per Share) (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Weighted average common shares outstanding | 1,209,843 | 1,244,999 |
Average unearned nonvested shares | (11,247) | (16,085) |
Average unearned employee stock ownership plan shares | (34,888) | (40,998) |
Weighted average common shares and common stock equivalents used to calculate basic earnings per share | 1,163,708 | 1,187,916 |
Additional common stock equivalents (nonvested stock) used to calculate diluted earnings per share | 111 | |
Additional common stock equivalents (stock options) used to calculate diluted earnings per share | 3,710 | 2,716 |
Weighted average common shares and common stock equivalents used to calculate basic and diluted earnings per share | 1,167,529 | 1,190,632 |
Net income | $ 1,316,374 | $ 1,528,914 |
Basic earnings per share | $ 1.13 | $ 1.29 |
Diluted earnings per share | $ 1.13 | $ 1.28 |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Loss (Changes In Accumulated Other Comprehensive Loss By Component) (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Beginning balance | $ (121,279) | |
Ending balance | (54,325) | $ (121,279) |
Unrealized Losses On Available For Sale Securities [Member] | ||
Beginning balance | (121,279) | (361,394) |
Other comprehensive income before reclassification | $ 66,954 | $ 240,115 |
Amount reclassified from accumulated other comprehensive loss | ||
Total other comprehensive income | $ 66,954 | $ 240,115 |
Ending balance | $ (54,325) | $ (121,279) |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | Sep. 30, 2015USD ($)security | Sep. 30, 2014USD ($)security |
Investment Securities [Abstract] | ||
Pledged government agency available for sale securities | $ 5,413,350 | $ 5,070,700 |
Pledged government agency held to maturity securities | $ 750,000 | $ 750,000 |
Number of securities in unrealized loss position | security | 9 | 14 |
Investment Securities (Investme
Investment Securities (Investment Securities Available For Sale) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 5,943,405 | $ 8,587,838 |
Gross Unrealized Gains | 4,873 | 1,510 |
Gross Unrealized Losses | (87,400) | (185,783) |
Fair Value | 5,860,878 | 8,403,565 |
Obligations Of States And Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 445,355 | 591,350 |
Gross Unrealized Gains | 2,173 | 535 |
Gross Unrealized Losses | (4,770) | |
Fair Value | 447,528 | 587,115 |
U.S. Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,498,050 | 7,996,488 |
Gross Unrealized Gains | 2,700 | 975 |
Gross Unrealized Losses | (87,400) | (181,013) |
Fair Value | $ 5,413,350 | $ 7,816,450 |
Investment Securities (Amortize
Investment Securities (Amortized Cost And Fair Value Of Available For Sale Securities By Contractual Maturity) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Investment Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 145,355 | |
Due after ten years, Amortized Cost | 5,798,050 | |
Amortized Cost | 5,943,405 | |
Due in one year or less, Fair Value | 145,638 | |
Due after ten years, Fair Value | 5,715,240 | |
Fair Value | $ 5,860,878 | $ 8,403,565 |
Investment Securities (Invest45
Investment Securities (Investment Securities Held To Maturity) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 2,768,913 | $ 2,772,470 |
Gross Unrealized Gains | 85,046 | 58,846 |
Gross Unrealized Losses | (58,642) | (90,376) |
Fair Value | 2,795,317 | 2,740,940 |
Obligations Of States And Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,018,913 | 2,022,470 |
Gross Unrealized Gains | 85,046 | 58,846 |
Gross Unrealized Losses | (14,392) | (24,751) |
Fair Value | 2,089,567 | 2,056,565 |
U.S. Government Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 750,000 | 750,000 |
Gross Unrealized Losses | (44,250) | (65,625) |
Fair Value | $ 705,750 | $ 684,375 |
Investment Securities (Amorti46
Investment Securities (Amortized Cost And Fair Value Of Held To Maturity Securities By Contractual Maturity) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Investment Securities [Abstract] | ||
Due from five to ten years, Amortized Cost | $ 483,500 | |
Due after ten years, Amortized Cost | 2,285,413 | |
Amortized Cost | 2,768,913 | $ 2,772,470 |
Due from five to ten years, Fair Value | 539,272 | |
Due after ten years, Fair Value | 2,256,045 | |
Fair Value | $ 2,795,317 | $ 2,740,940 |
Investment Securities (Schedule
Investment Securities (Schedule Of Gross Unrealized Losses And Fair Value, Aggregated By Investment Category And Length Of Time) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value, Less than 12 Months | $ 1,975,075 | $ 2,787,605 |
Fair Value, More than 12 Months | 3,677,795 | 5,331,975 |
Fair Value | 5,652,870 | 8,119,580 |
Gross Unrealized Losses, Less than 12 Months | (24,275) | (9,285) |
Gross Unrealized Losses, More than 12 Months | (121,767) | (266,875) |
Gross Unrealized Losses | (146,042) | (276,160) |
Obligations Of States And Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value, Less than 12 Months | 297,030 | |
Fair Value, More than 12 Months | 286,470 | 572,700 |
Fair Value | 286,470 | 869,730 |
Gross Unrealized Losses, Less than 12 Months | (1,310) | |
Gross Unrealized Losses, More than 12 Months | (14,392) | (28,212) |
Gross Unrealized Losses | (14,392) | (29,522) |
U.S. Government Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair Value, Less than 12 Months | 1,975,075 | 2,490,575 |
Fair Value, More than 12 Months | 3,391,325 | 4,759,275 |
Fair Value | 5,366,400 | 7,249,850 |
Gross Unrealized Losses, Less than 12 Months | (24,275) | (7,975) |
Gross Unrealized Losses, More than 12 Months | (107,375) | (238,663) |
Gross Unrealized Losses | $ (131,650) | $ (246,638) |
Mortgage-Backed Securities (Amo
Mortgage-Backed Securities (Amortized Cost And Fair Values Of Mortgage-Backed Securities) (Details) | Sep. 30, 2015USD ($)security | Sep. 30, 2014USD ($)security |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 5,943,405 | $ 8,587,838 |
Gross Unrealized Gains | 4,873 | 1,510 |
Gross Unrealized Losses | (87,400) | (185,783) |
Fair Value | 5,860,878 | 8,403,565 |
Freddie Mac Certificates [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 563 | 822 |
Gross Unrealized Gains | $ 36 | $ 60 |
Gross Unrealized Losses | ||
Fair Value | $ 599 | $ 882 |
Fannie Mae Certificates [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,225 | 4,246 |
Gross Unrealized Gains | $ 180 | $ 457 |
Gross Unrealized Losses | ||
Fair Value | $ 2,405 | $ 4,703 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of mortgage-backed securities in an unrealized loss position | security | 0 | 0 |
Amortized Cost | $ 2,788 | $ 5,068 |
Gross Unrealized Gains | $ 216 | $ 517 |
Gross Unrealized Losses | ||
Fair Value | $ 3,004 | $ 5,585 |
Mortgage-Backed Securities (A49
Mortgage-Backed Securities (Amortized Cost And Fair Values Of Mortgage-Backed Securities By Contractual Maturity) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Due in one year or less, Amortized Cost | $ 145,355 | |
Due after ten years, Amortized Cost | 5,798,050 | |
Amortized Cost | 5,943,405 | |
Due in one year or less, Fair Value | 145,638 | |
Due after ten years, Fair Value | 5,715,240 | |
Fair Value | 5,860,878 | $ 8,403,565 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due in one year or less, Amortized Cost | 53 | |
Due after one year through five years, Amortized Cost | 1,445 | |
Due after five years through ten years, Amortized Cost | 404 | |
Due after ten years, Amortized Cost | 886 | |
Amortized Cost | 2,788 | |
Due in one year or less, Fair Value | 54 | |
Due after one year through five years, Fair Value | 1,547 | |
Due after five years through ten years, Fair Value | 434 | |
Due after ten years, Fair Value | 969 | |
Fair Value | $ 3,004 | $ 5,585 |
Loans And Related Allowance F50
Loans And Related Allowance For Loan Losses (Narrative) (Details) | 12 Months Ended | |
Sep. 30, 2015USD ($)loan | Sep. 30, 2014USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of troubled debt restructurings | loan | 0 | |
Number of previously modified TDRs that defaulted | loan | 1 | |
Total of previously modified TDRs that defaulted | $ 301,728 | |
Related allowance | ||
Loans on non-accrual status | $ 301,728 | $ 848,043 |
Foregone interest on nonaccrual loans | 28,000 | 69,000 |
90 days or more delinquent loans and still accruing interest | $ 0 | $ 0 |
Number of impaired loans | loan | 2 | 2 |
One-To Four-Family Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [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% | |
Basis point reduction | 0.05% | |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maximum maturity period of loans | 6 months | |
Multi-Family Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maximum maturity period of loans | 20 years | |
Loan-to-value ratio | 75.00% | |
Basis point reduction | 0.05% | |
Home Equity And Second Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maximum loan amount | $ 100,000 | |
First and second lien maximum as percentage of appraised value of property | 80.00% | |
Secured Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maximum maturity period of loans | 5 years | |
Commercial Leases And Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maximum maturity period of loans | 7 years | |
Related allowance | ||
Commercial Lines Of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Related allowance | ||
Minimum [Member] | Commercial Leases And Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average maturity period | 3 years | |
Maximum [Member] | Commercial Leases And Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average maturity period | 5 years |
Loans And Related Allowance F51
Loans And Related Allowance For Loan Losses (Summary Of Major Classifications Of Loans) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, total | $ 136,753,688 | $ 129,700,595 |
Plus: Unamortized loan premiums | 10,625 | 12,176 |
Less: Unamortized loan fees and costs, net | (354,557) | (321,250) |
Less: Allowance for loan losses | (1,346,038) | (1,361,038) |
Loans total, net | 135,063,718 | 128,030,483 |
One-To-Four Family Real Estate - Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, total | 22,080,808 | 21,556,222 |
One-To Four-Family Real Estate - Non-Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, total | 42,208,759 | 39,185,939 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, total | 4,751,996 | 2,562,823 |
Multi-Family Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, total | 17,428,754 | 18,699,192 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, total | 24,151,207 | 21,635,758 |
Home Equity And Second Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, total | 1,957,927 | 1,880,546 |
Secured Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, total | 140,231 | 158,512 |
Commercial Leases And Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, total | 20,048,025 | 19,231,496 |
Commercial Lines Of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, total | $ 3,985,981 | $ 4,790,107 |
Loans And Related Allowance F52
Loans And Related Allowance For Loan Losses (Summary Of Credit Quality Indicators) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | $ 112,574,722 | $ 106,105,315 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 112,195,532 | 105,101,396 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 192,139 | |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | $ 379,190 | $ 811,780 |
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 | $ 42,208,759 | $ 39,185,939 |
One-To Four-Family Real Estate - Non-Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | $ 42,208,759 | $ 39,185,939 |
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 | $ 4,751,996 | $ 2,562,823 |
Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | $ 4,751,996 | $ 2,562,823 |
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 | $ 17,428,754 | $ 18,699,192 |
Multi-Family Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | $ 17,428,754 | $ 18,699,192 |
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 | $ 24,151,207 | $ 21,635,758 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | $ 24,151,207 | $ 21,635,758 |
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 | $ 20,048,025 | $ 19,231,496 |
Commercial Leases And Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 19,746,297 | 18,843,633 |
Commercial Leases And Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | $ 301,728 | $ 387,863 |
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 | $ 3,985,981 | $ 4,790,107 |
Commercial Lines Of Credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 3,908,519 | 4,174,051 |
Commercial Lines Of Credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 192,139 | |
Commercial Lines Of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | $ 77,462 | $ 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 F53
Loans And Related Allowance For Loan Losses (Summary Of Performing And Non-Performing Loans) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | $ 112,574,722 | $ 106,105,315 |
Nonperforming Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 36,263 | |
Performing Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 24,178,966 | 23,559,017 |
Total Performing And Non-performing Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 24,178,966 | 23,595,280 |
One-To-Four Family Real Estate - Owner Occupied [Member] | Nonperforming Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 36,263 | |
One-To-Four Family Real Estate - Owner Occupied [Member] | Performing Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 22,080,808 | 21,519,959 |
One-To-Four Family Real Estate - Owner Occupied [Member] | Total Performing And Non-performing Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 22,080,808 | 21,556,222 |
Home Equity And Second Mortgages [Member] | Performing Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 1,957,927 | 1,880,546 |
Home Equity And Second Mortgages [Member] | Total Performing And Non-performing Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 1,957,927 | 1,880,546 |
Secured Loans [Member] | Performing Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | 140,231 | 158,512 |
Secured Loans [Member] | Total Performing And Non-performing Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, net | $ 140,231 | $ 158,512 |
Loans And Related Allowance F54
Loans And Related Allowance For Loan Losses (Summary Of Trouble Debt Restructuring) (Details) | 12 Months Ended | |
Sep. 30, 2015loan | Sep. 30, 2014USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of TDRs | 0 | |
Commercial Loan Secured By Business Equipment [Member] | Extension Of Maturity Date [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of TDRs | 1 | |
Loans in non-accrual status, Balance | $ | $ 387,863 |
Loans And Related Allowance F55
Loans And Related Allowance For Loan Losses (Summary Of Classes Of Loan Portfolio Past Due) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | $ 44,023 | $ 256,707 |
60-89 Days Past Due | 590,935 | |
Greater than 90 Days Past Due | 301,728 | 848,043 |
Total Past Due | 936,686 | 1,104,750 |
Current | 135,817,002 | 128,595,845 |
Total Loans | 136,753,688 | 129,700,595 |
Non-accrual Loans | 301,728 | 848,043 |
One-To-Four Family Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 44,023 | 256,707 |
60-89 Days Past Due | 590,935 | |
Greater than 90 Days Past Due | 36,263 | |
Total Past Due | 634,958 | 292,970 |
Current | 21,445,850 | 21,263,252 |
Total Loans | 22,080,808 | 21,556,222 |
Non-accrual Loans | 36,263 | |
One-To Four-Family Real Estate - Non-Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 42,208,759 | 39,185,939 |
Total Loans | 42,208,759 | 39,185,939 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 4,751,996 | 2,562,823 |
Total Loans | 4,751,996 | 2,562,823 |
Multi-Family Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 17,428,754 | 18,699,192 |
Total Loans | 17,428,754 | 18,699,192 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 24,151,207 | 21,635,758 |
Total Loans | 24,151,207 | 21,635,758 |
Home Equity And Second Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,957,927 | 1,880,546 |
Total Loans | 1,957,927 | 1,880,546 |
Secured Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 140,231 | 158,512 |
Total Loans | 140,231 | 158,512 |
Commercial Leases And Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days Past Due | 301,728 | 387,863 |
Total Past Due | 301,728 | 387,863 |
Current | 19,746,297 | 18,843,633 |
Total Loans | 20,048,025 | 19,231,496 |
Non-accrual Loans | 301,728 | 387,863 |
Commercial Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days Past Due | 423,917 | |
Total Past Due | 423,917 | |
Current | 3,985,981 | 4,366,190 |
Total Loans | $ 3,985,981 | 4,790,107 |
Non-accrual Loans | $ 423,917 |
Loans And Related Allowance F56
Loans And Related Allowance For Loan Losses (Summary Of Allowance For Loan Losses And Loan Receivable Balances) (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit losses: Beginning balance | $ 1,361,038 | $ 1,299,038 |
Allowance for credit losses: Charge-offs | $ (85,000) | |
Allowance for credit losses: Recoveries | ||
Allowance for credit losses: Provisions (credits) | $ 70,000 | $ 62,000 |
Allowance for credit losses: Ending balance | $ 1,346,038 | $ 1,361,038 |
Allowance for credit losses: Ending balance: individually evaluated for impairment | ||
Allowance for credit losses: Ending balance: collectively evaluated for impairment | $ 1,346,038 | $ 1,361,038 |
Loans receivable: Ending balance | 136,753,688 | 129,700,595 |
Loans receivable: Ending balance: individually evaluated for impairment | 379,190 | 811,780 |
Loans receivable: Ending balance: collectively evaluated for impairment | 136,374,498 | 128,888,815 |
One-To-Four Family Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit losses: Beginning balance | $ 155,957 | $ 156,975 |
Allowance for credit losses: Recoveries | ||
Allowance for credit losses: Provisions (credits) | $ (34,713) | $ (1,018) |
Allowance for credit losses: Ending balance | $ 121,244 | $ 155,957 |
Allowance for credit losses: Ending balance: individually evaluated for impairment | ||
Allowance for credit losses: Ending balance: collectively evaluated for impairment | $ 121,244 | $ 155,957 |
Loans receivable: Ending balance | 22,080,808 | 21,556,222 |
Loans receivable: Ending balance: collectively evaluated for impairment | 22,080,808 | 21,556,222 |
One-To Four-Family Real Estate - Non-Owner Occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit losses: Beginning balance | $ 307,400 | $ 267,895 |
Allowance for credit losses: Recoveries | ||
Allowance for credit losses: Provisions (credits) | $ (41,253) | $ 39,505 |
Allowance for credit losses: Ending balance | $ 266,147 | $ 307,400 |
Allowance for credit losses: Ending balance: individually evaluated for impairment | ||
Allowance for credit losses: Ending balance: collectively evaluated for impairment | $ 266,147 | $ 307,400 |
Loans receivable: Ending balance | 42,208,759 | 39,185,939 |
Loans receivable: Ending balance: collectively evaluated for impairment | 42,208,759 | 39,185,939 |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit losses: Beginning balance | $ 36,253 | $ 19,435 |
Allowance for credit losses: Recoveries | ||
Allowance for credit losses: Provisions (credits) | $ (5,108) | $ 16,818 |
Allowance for credit losses: Ending balance | $ 31,145 | $ 36,253 |
Allowance for credit losses: Ending balance: individually evaluated for impairment | ||
Allowance for credit losses: Ending balance: collectively evaluated for impairment | $ 31,145 | $ 36,253 |
Loans receivable: Ending balance | 4,751,996 | 2,562,823 |
Loans receivable: Ending balance: collectively evaluated for impairment | 4,751,996 | 2,562,823 |
Multi-Family Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit losses: Beginning balance | $ 141,179 | $ 141,683 |
Allowance for credit losses: Recoveries | ||
Allowance for credit losses: Provisions (credits) | $ (44,370) | $ (504) |
Allowance for credit losses: Ending balance | $ 96,809 | $ 141,179 |
Allowance for credit losses: Ending balance: individually evaluated for impairment | ||
Allowance for credit losses: Ending balance: collectively evaluated for impairment | $ 96,809 | $ 141,179 |
Loans receivable: Ending balance | 17,428,754 | 18,699,192 |
Loans receivable: Ending balance: collectively evaluated for impairment | 17,428,754 | 18,699,192 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit losses: Beginning balance | $ 222,886 | $ 269,940 |
Allowance for credit losses: Recoveries | ||
Allowance for credit losses: Provisions (credits) | $ 11,930 | $ (47,054) |
Allowance for credit losses: Ending balance | $ 234,816 | $ 222,886 |
Allowance for credit losses: Ending balance: individually evaluated for impairment | ||
Allowance for credit losses: Ending balance: collectively evaluated for impairment | $ 234,816 | $ 222,886 |
Loans receivable: Ending balance | 24,151,207 | 21,635,758 |
Loans receivable: Ending balance: collectively evaluated for impairment | 24,151,207 | 21,635,758 |
Home Equity And Second Mortgages [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit losses: Beginning balance | $ 8,302 | $ 7,471 |
Allowance for credit losses: Recoveries | ||
Allowance for credit losses: Provisions (credits) | $ 30,010 | $ 831 |
Allowance for credit losses: Ending balance | $ 38,312 | $ 8,302 |
Allowance for credit losses: Ending balance: individually evaluated for impairment | ||
Allowance for credit losses: Ending balance: collectively evaluated for impairment | $ 38,312 | $ 8,302 |
Loans receivable: Ending balance | 1,957,927 | 1,880,546 |
Loans receivable: Ending balance: collectively evaluated for impairment | $ 1,957,927 | $ 1,880,546 |
Secured Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit losses: Recoveries | ||
Allowance for credit losses: Ending balance: individually evaluated for impairment | ||
Loans receivable: Ending balance | $ 140,231 | $ 158,512 |
Loans receivable: Ending balance: collectively evaluated for impairment | 140,231 | 158,512 |
Commercial Leases And Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit losses: Beginning balance | $ 271,367 | $ 246,978 |
Allowance for credit losses: Recoveries | ||
Allowance for credit losses: Provisions (credits) | $ 49,208 | $ 24,389 |
Allowance for credit losses: Ending balance | $ 320,575 | $ 271,367 |
Allowance for credit losses: Ending balance: individually evaluated for impairment | ||
Allowance for credit losses: Ending balance: collectively evaluated for impairment | $ 320,575 | $ 271,367 |
Loans receivable: Ending balance | 20,048,025 | 19,231,496 |
Loans receivable: Ending balance: individually evaluated for impairment | 301,728 | 387,863 |
Loans receivable: Ending balance: collectively evaluated for impairment | 19,746,297 | 18,843,633 |
Commercial Lines Of Credit [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit losses: Beginning balance | 50,333 | $ 46,381 |
Allowance for credit losses: Charge-offs | $ (85,000) | |
Allowance for credit losses: Recoveries | ||
Allowance for credit losses: Provisions (credits) | $ 72,668 | $ 3,952 |
Allowance for credit losses: Ending balance | $ 38,001 | $ 50,333 |
Allowance for credit losses: Ending balance: individually evaluated for impairment | ||
Allowance for credit losses: Ending balance: collectively evaluated for impairment | $ 38,001 | $ 50,333 |
Loans receivable: Ending balance | 3,985,981 | 4,790,107 |
Loans receivable: Ending balance: individually evaluated for impairment | 77,462 | 423,917 |
Loans receivable: Ending balance: collectively evaluated for impairment | 3,908,519 | 4,366,190 |
Non-allocated [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for credit losses: Beginning balance | $ 167,361 | $ 142,280 |
Allowance for credit losses: Recoveries | ||
Allowance for credit losses: Provisions (credits) | $ 31,628 | $ 25,081 |
Allowance for credit losses: Ending balance | $ 198,989 | $ 167,361 |
Allowance for credit losses: Ending balance: individually evaluated for impairment | ||
Allowance for credit losses: Ending balance: collectively evaluated for impairment | $ 198,989 | $ 167,361 |
Loans And Related Allowance F57
Loans And Related Allowance For Loan Losses (Summary Of Impaired Loans) (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Impaired Loans with Specific Allowance | ||
Related Allowance, Impaired Loans with Specific Allowance | ||
Recorded Investment, Impaired Loans with No Specific Allowance | $ 379,190 | $ 811,780 |
Recorded Investment, Total Impaired Loans | 379,190 | 811,780 |
Unpaid Principal Balance, Total Impaired Loans | 464,190 | 811,780 |
Average Recorded Investment, Total Impaired Loans | 527,883 | 839,096 |
Interest Income Recognized, Total Impaired Loans | $ 16,737 | $ 15,175 |
Commercial Leases And Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Impaired Loans with Specific Allowance | ||
Related Allowance, Impaired Loans with Specific Allowance | ||
Recorded Investment, Impaired Loans with No Specific Allowance | $ 301,728 | $ 387,863 |
Recorded Investment, Total Impaired Loans | 301,728 | 387,863 |
Unpaid Principal Balance, Total Impaired Loans | 301,728 | 387,863 |
Average Recorded Investment, Total Impaired Loans | $ 344,796 | 415,179 |
Interest Income Recognized, Total Impaired Loans | $ 15,175 | |
Commercial Lines Of Credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Impaired Loans with Specific Allowance | ||
Related Allowance, Impaired Loans with Specific Allowance | ||
Recorded Investment, Impaired Loans with No Specific Allowance | $ 77,462 | $ 423,917 |
Recorded Investment, Total Impaired Loans | 77,462 | 423,917 |
Unpaid Principal Balance, Total Impaired Loans | 162,462 | 423,917 |
Average Recorded Investment, Total Impaired Loans | 183,087 | $ 423,917 |
Interest Income Recognized, Total Impaired Loans | $ 16,737 |
Premises And Equipment (Narrati
Premises And Equipment (Narrative) (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Premises And Equipment [Abstract] | ||
Depreciation | $ 139,288 | $ 149,319 |
Initial term of lease | 10 years | |
Lease renewal option | 10 years | |
Rent expense | $ 64,692 | $ 64,692 |
Premises And Equipment (Schedul
Premises And Equipment (Schedule Of Premises And Equipment) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | $ 3,529,470 | $ 3,455,926 |
Less accumulated depreciation | (2,522,141) | (2,382,853) |
Total | 1,007,329 | 1,073,073 |
Land, Building, And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 2,297,469 | 2,288,134 |
Furniture, Fixtures, And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 1,183,016 | 1,118,807 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | $ 48,985 | $ 48,985 |
Premises And Equipment (Sched60
Premises And Equipment (Schedule Of Future Minimum Lease Payments) (Details) | Sep. 30, 2015USD ($) |
Premises And Equipment [Abstract] | |
2,016 | $ 57,528 |
2,017 | 57,528 |
2,018 | $ 4,794 |
2,019 | |
2,020 | |
Total | $ 119,850 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Borrowings [Abstract] | ||
Short-term Federal Home Loan Bank advances | $ 15,000,000 | |
Outstanding amounts under line of credit | 0 | $ 0 |
Line of Credit Facility, maximum borrowing capacity | $ 70,400,000 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Deposits [Abstract] | ||
Related-party deposits | $ 722,519 | $ 1,121,640 |
Time deposit accounts of $250,000 or more | 8,882,931 | 8,446,509 |
CDARS deposits | $ 17,865,042 | $ 13,618,042 |
Deposits (Schedule Of Deposits)
Deposits (Schedule Of Deposits) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Deposits [Abstract] | ||
Demand deposits | $ 5,479,236 | $ 5,639,321 |
Passbook savings and Christmas Club | 25,717,495 | 23,881,426 |
NOW and money market accounts | 28,777,901 | 27,966,041 |
Certificates of deposit and CDARS | 61,481,170 | 61,881,675 |
Individual retirement accounts | 8,200,646 | 8,492,098 |
Total deposits | $ 129,656,448 | $ 127,860,561 |
Deposits (Schedule Of Time Depo
Deposits (Schedule Of Time Deposit Accounts By Contractual Maturity) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Deposits [Abstract] | ||
2,016 | $ 33,068,228 | $ 41,942,047 |
2,017 | 11,301,194 | 6,821,051 |
2,018 | 8,019,903 | 3,948,395 |
2,019 | 2,555,771 | 3,436,403 |
2,020 | 9,834,230 | 2,359,214 |
2021 and thereafter | 4,902,490 | 11,866,663 |
Time deposits | $ 69,681,816 | $ 70,373,773 |
Deposits (Schedule Of Interest
Deposits (Schedule Of Interest Expense On Deposit Accounts) (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Deposits [Abstract] | ||
Passbook savings and Christmas club | $ 24,955 | $ 23,199 |
NOW and money market accounts | 51,669 | 39,190 |
Certificates of deposit and CDARS | 633,862 | 654,256 |
Individual retirement accounts | 124,691 | 140,733 |
Total interest expense on deposit accounts | $ 835,177 | $ 857,378 |
Income Taxes (Schedule Of Provi
Income Taxes (Schedule Of Provision For Federal Income Taxes) (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Income Taxes [Abstract] | ||
Federal currently payable | $ 726,380 | $ 732,825 |
State currently payable | 49,469 | 82,747 |
Deferred tax expense | (36,103) | (14,806) |
Total income tax provision | $ 739,746 | $ 800,766 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Expected And Actual Tax Provision) (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Income Taxes [Abstract] | ||
Provision at statutory rate, Amount | $ 699,081 | $ 792,091 |
Effect of tax-free income, Amount | (77,878) | (59,876) |
State income tax, net of federal tax benefit, Amount | 32,650 | 54,613 |
Effective merger related costs, Amount | 63,317 | |
Other, Amount | 22,576 | 13,938 |
Total income tax provision | $ 739,746 | $ 800,766 |
Provision at statutory rate, Pretax Income | 34.00% | 34.00% |
Effect of tax-free income, Pretax Income | (3.79%) | (2.57%) |
State income tax, net of federal tax benefit, Pretax Income | 1.59% | 2.34% |
Effective merger related costs, Pretax Income | 3.08% | |
Other, Pretax Income | 1.10% | 0.60% |
Effective tax rate, Pretax Income | 35.98% | 34.37% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Income Taxes [Abstract] | ||
Provision for loan losses | $ 362,638 | $ 363,658 |
Depreciation | 132,904 | 124,582 |
Deferred loan fees | 120,549 | 109,225 |
Unrealized loss on available for sale securities | 27,986 | 62,477 |
Other | 190,270 | 172,793 |
Net deferred tax assets | 834,347 | 832,735 |
Tax credit carryforward, valuation allowance | 0 | $ 0 |
Deferred tax assets, valuation allowance | 0 | |
Deferred tax assets, net operating loss carry forward | 0 | |
Deferred tax assets, bad debt carryforwards | $ 1,000,000 |
Employee Benefits (Narrative) (
Employee Benefits (Narrative) (Details) - USD ($) | May. 21, 2015 | May. 21, 2012 | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 |
Employee Benefits [Line Items] | ||||||
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 | $ 130,465 | $ 107,582 | ||||
Stock based compensation aggregate shares | 106,908 | |||||
Options awarded to purchase common stock | 3,818 | |||||
Restricted shares awarded to purchase common stock | 1,527 | |||||
Stock Options [Member] | ||||||
Employee Benefits [Line Items] | ||||||
Stock based compensation aggregate shares | 76,363 | |||||
Restricted Stock [Member] | ||||||
Employee Benefits [Line Items] | ||||||
Stock based compensation aggregate shares | 30,545 | |||||
May 21, 2012 [Member] | ||||||
Employee Benefits [Line Items] | ||||||
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 | |||||
Expected life | 10 years | |||||
Expected dividend rate | 2.13% | |||||
Risk-free interest rate | 1.76% | |||||
Expected volatility | 14.34% | |||||
Share-based compensation expense | $ 20,237 | $ 17,340 | ||||
Unrecognized compensation cost related to non vested options | $ 27,730 | |||||
Weighted average remaining service period | 1 year 6 months | |||||
Future compensation expense, 2016 | $ 17,340 | |||||
Future compensation expense, 2017 | $ 10,390 | |||||
May 21, 2012 [Member] | Directors And Officers [Member] | ||||||
Employee Benefits [Line Items] | ||||||
Vesting period of awards | 5 years | |||||
May 21, 2012 [Member] | Stock Options [Member] | Directors And Officers [Member] | ||||||
Employee Benefits [Line Items] | ||||||
Options awarded to purchase common stock | 64,907 | |||||
Stock options contractual life | 10 years | |||||
May 21, 2012 [Member] | Restricted Stock [Member] | ||||||
Employee Benefits [Line Items] | ||||||
Share-based compensation expense | $ 85,367 | 79,128 | ||||
Weighted average remaining service period | 1 year 6 months | |||||
Future compensation expense, 2016 | $ 79,128 | |||||
Future compensation expense, 2017 | 46,164 | |||||
Market value of restricted stock awards | $ 395,646 | |||||
Unrecognized compensation cost related to non vested grants | $ 125,292 | |||||
May 21, 2012 [Member] | Restricted Stock [Member] | Directors And Officers [Member] | ||||||
Employee Benefits [Line Items] | ||||||
Restricted shares awarded to purchase common stock | 25,961 | |||||
May 21, 2015 [Member] | ||||||
Employee Benefits [Line Items] | ||||||
Exercise price of options granted | $ 21.52 | |||||
Estimated value of stock options | $ 10,805 | |||||
Weighted-average fair value based on Black-Scholes model | $ 2.83 | |||||
Expected life | 10 years | |||||
Expected dividend rate | 2.27% | |||||
Risk-free interest rate | 1.95% | |||||
Expected volatility | 15.78% | |||||
Share-based compensation expense | $ 2,897 | |||||
Unrecognized compensation cost related to non vested options | $ 7,908 | |||||
Weighted average remaining service period | 3 years 6 months | |||||
Future compensation expense, 2016-2018 | $ 2,207 | |||||
Future compensation expense, 2019 | $ 1,287 | |||||
May 21, 2015 [Member] | Officer [Member] | ||||||
Employee Benefits [Line Items] | ||||||
Vesting period of awards | 4 years | |||||
May 21, 2015 [Member] | Stock Options [Member] | Officer [Member] | ||||||
Employee Benefits [Line Items] | ||||||
Options awarded to purchase common stock | 3,818 | |||||
Stock options contractual life | 10 years | |||||
May 21, 2015 [Member] | Restricted Stock [Member] | ||||||
Employee Benefits [Line Items] | ||||||
Share-based compensation expense | $ 6,239 | |||||
Unrecognized compensation cost related to non vested options | $ 17,032 | |||||
Weighted average remaining service period | 3 years 6 months | |||||
Future compensation expense, 2016-2018 | $ 4,753 | |||||
Future compensation expense, 2019 | 2,773 | |||||
Market value of restricted stock awards | $ 23,271 | |||||
May 21, 2015 [Member] | Restricted Stock [Member] | Officer [Member] | ||||||
Employee Benefits [Line Items] | ||||||
Restricted shares awarded to purchase common stock | 1,527 | |||||
Pentegra Defined Benefit Plan [Member] | ||||||
Employee Benefits [Line Items] | ||||||
Pension contributions charged to expense | $ 326,271 | $ 190,751,615 | 319,250 | $ 136,477,565 | ||
Percentage of contributions to total defined benefit plan | 5.00% | |||||
Retirement Savings Plan [Member] | ||||||
Employee Benefits [Line Items] | ||||||
Pension contributions charged to expense | $ 58,000 | $ 52,000 | ||||
Maximum contribution percentage of salary by employees to plan | 10.00% | |||||
Percent of match | 100.00% | 100.00% | ||||
Contributions percentage matched by employer | 6.00% | 6.00% |
Employee Benefits (Schedule Of
Employee Benefits (Schedule Of Contributions Paid) (Details) - USD ($) | Jan. 06, 2015 | Dec. 09, 2013 | Sep. 30, 2015 | Sep. 30, 2014 |
Employee Benefits [Abstract] | ||||
Contributions by employer | $ 325,000 | $ 313,293 | $ 325,000 | $ 313,293 |
Fund status percentage | 119.63% | 121.57% |
Employee Benefits (Components O
Employee Benefits (Components Of ESOP Shares) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Employee Benefits [Abstract] | ||
Allocated shares | 24,436 | 18,327 |
Unreleased shares | 36,654 | 42,763 |
Total ESOP Shares | 61,090 | 61,090 |
Fair value of unreleased shares | $ 1,002,487 | $ 791,116 |
Employee Benefits (Schedule O72
Employee Benefits (Schedule Of Stock Options Activity) (Details) - $ / shares | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Employee Benefits [Abstract] | ||
Outstanding, Beginning balance, Options | 64,907 | 64,907 |
Granted, Options | 3,818 | |
Exercised, Options | ||
Forfeited, Options | ||
Outstanding, Ending balance, Options | 68,725 | 64,907 |
Exercisable, Options | 39,716 | 25,963 |
Outstanding, Beginning balance, Weighted-Average Price | $ 15.24 | $ 15.24 |
Granted, Weighted-Average Price | $ 21.52 | |
Exercised, Weighted-Average Price | ||
Forfeited, Weighted-Average Price | ||
Outstanding, Ending balance, Weighted-Average Price | $ 15.59 | $ 15.24 |
Exercisable, Weighted-Average Price | $ 15.36 | $ 15.24 |
Employee Benefits (Schedule O73
Employee Benefits (Schedule Of Restricted Stock Activity) (Details) - $ / shares | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Employee Benefits [Abstract] | ||
Nonvested shares, Beginning balance, Number of Restricted Shares | 15,577 | 20,769 |
Granted, Number of Restricted Shares | 1,527 | |
Vested, Number of Restricted Shares | 5,497 | 5,192 |
Forfeited, Number of Restricted Shares | ||
Nonvested shares, Ending balance, Number of Restricted Shares | 11,607 | 15,577 |
Nonvested shares, Beginning balance, Weighted-Average Price | $ 15.24 | $ 15.24 |
Granted, Weighted-Average Price | 15.24 | |
Vested, Weighted-Average Price | $ 15.24 | $ 15.24 |
Forfeited, Weighted-Average Price | ||
Nonvested shares, Ending balance, Weighted-Average Price | $ 15.24 | $ 15.24 |
Deferred Compensation Arrange74
Deferred Compensation Arrangements (Narrative) (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred compensation arrangement with individual, compensation expense | $ 40,000 | $ 37,000 |
Other deferred compensation arrangements, current and noncurrent liabilities | 405,000 | 365,000 |
Carrying Amount [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Cash surrender value of life insurance | $ 291,023 | $ 286,762 |
Commitments (Details)
Commitments (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Expected loss | $ 0 | |
Maximum exposure to credit loss for loan and lease commitments | 10,479,000 | $ 12,283,000 |
Fixed rate loan commitments | $ 3,694,000 | $ 5,660,000 |
Minimum [Member] | ||
Interest rate for unfunded loans and lease commitments | 2.25% | 2.25% |
Interest rate for fixed rate loan commitments | 3.00% | 3.00% |
Maximum [Member] | ||
Interest rate for unfunded loans and lease commitments | 6.00% | 6.75% |
Interest rate for fixed rate loan commitments | 5.75% | 6.75% |
Fair Value Disclosure Measure76
Fair Value Disclosure Measurements (Schedule Of Financial Assets Measured At Fair Value On Recurring Basis) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available for sale | $ 3,004 | $ 5,585 |
Investment securities available for sale | 5,860,878 | 8,403,565 |
Assets measured at fair value on a recurring basis | $ 5,863,882 | $ 8,409,150 |
Level 1 (Quoted Prices In Active Markets For Identical Assets) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available for sale | ||
Assets measured at fair value on a recurring basis | ||
Level 2 (Significant Other Observable Inputs) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available for sale | $ 3,004 | $ 5,585 |
Investment securities available for sale | 5,860,878 | 8,403,565 |
Assets measured at fair value on a recurring basis | $ 5,863,882 | $ 8,409,150 |
Level 3 (Significant Unobservable Inputs) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available for sale | ||
Assets measured at fair value on a recurring basis | ||
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 | $ 447,528 | $ 587,115 |
Obligations Of States And Political Subdivisions [Member] | Level 1 (Quoted Prices In Active Markets For Identical Assets) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | ||
Obligations Of States And Political Subdivisions [Member] | Level 2 (Significant Other Observable Inputs) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 447,528 | $ 587,115 |
Obligations Of States And Political Subdivisions [Member] | Level 3 (Significant Unobservable Inputs) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | ||
U.S. Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 5,413,350 | $ 7,816,450 |
U.S. Government Agency Securities [Member] | Level 1 (Quoted Prices In Active Markets For Identical Assets) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | ||
U.S. Government Agency Securities [Member] | Level 2 (Significant Other Observable Inputs) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 5,413,350 | $ 7,816,450 |
U.S. Government Agency Securities [Member] | Level 3 (Significant Unobservable Inputs) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale |
Fair Value Disclosure Measure77
Fair Value Disclosure Measurements (Schedule Of Financial Assets Measured At Fair Value On Nonrecurring Basis) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 972,802 | |
Level 1 (Quoted Prices In Active Markets For Identical Assets) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | ||
Level 2 (Significant Other Observable Inputs) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | ||
Level 3 (Significant Unobservable Inputs) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 972,802 | |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 379,190 | $ 811,780 |
Impaired Loans [Member] | Level 1 (Quoted Prices In Active Markets For Identical Assets) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | ||
Impaired Loans [Member] | Level 2 (Significant Other Observable Inputs) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | ||
Impaired Loans [Member] | Level 3 (Significant Unobservable Inputs) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 379,190 | $ 811,780 |
Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 593,612 | |
Other Real Estate Owned [Member] | Level 1 (Quoted Prices In Active Markets For Identical Assets) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | ||
Other Real Estate Owned [Member] | Level 2 (Significant Other Observable Inputs) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | ||
Other Real Estate Owned [Member] | Level 3 (Significant Unobservable Inputs) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | $ 593,612 |
Fair Value Disclosure Measure78
Fair Value Disclosure Measurements (Schedule Of Additional Quantitative Information About Level 3) (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on a nonrecurring basis | $ 972,802 | ||
Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on a nonrecurring basis | 379,190 | $ 811,780 | |
Other Real Estate Owned [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on a nonrecurring basis | 593,612 | ||
Level 3 (Significant Unobservable Inputs) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on a nonrecurring basis | 972,802 | ||
Level 3 (Significant Unobservable Inputs) [Member] | Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on a nonrecurring basis | 379,190 | 811,780 | |
Level 3 (Significant Unobservable Inputs) [Member] | Impaired Loans [Member] | Discounted Cash Flow [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on a nonrecurring basis | $ 301,728 | 387,863 | |
Valuation Technique | Discounted cash flow | ||
Unobservable Inputs | Probability of default | ||
Level 3 (Significant Unobservable Inputs) [Member] | Impaired Loans [Member] | Fair Value Of Collateral [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on a nonrecurring basis | $ 77,462 | $ 423,917 | |
Valuation Technique | [1] | Fair Value of collateral | |
Unobservable Inputs | [2] | Appraisal adjustments | |
Range (Weighted Average) | 20.00% | ||
Level 3 (Significant Unobservable Inputs) [Member] | Impaired Loans [Member] | Fair Value Of Collateral [Member] | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Range (Weighted Average) | 20.00% | 20.00% | |
Level 3 (Significant Unobservable Inputs) [Member] | Other Real Estate Owned [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on a nonrecurring basis | $ 593,612 | ||
Level 3 (Significant Unobservable Inputs) [Member] | Other Real Estate Owned [Member] | Fair Value Of Collateral [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets measured at fair value on a nonrecurring basis | $ 593,612 | ||
Valuation Technique | [1] | Fair Value of collateral | |
Unobservable Inputs | [2] | Appraisal adjustments | |
Range (Weighted Average) | 20.00% | ||
Level 3 (Significant Unobservable Inputs) [Member] | Other Real Estate Owned [Member] | Fair Value Of Collateral [Member] | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Range (Weighted Average) | 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 Measure79
Fair Value Disclosure Measurements (Schedule Of Fair Value Of Financial Instruments) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | $ 5,860,878 | $ 8,403,565 |
Investment securities held to maturity | 2,795,317 | 2,740,940 |
Mortgage-backed securities available for sale | 3,004 | 5,585 |
Advances from borrowers for taxes and insurance | 717,869 | 633,159 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 7,583,346 | 9,639,943 |
Investment securities available for sale | 5,860,878 | 8,403,565 |
Investment securities held to maturity | 2,768,913 | 2,772,470 |
Mortgage-backed securities available for sale | 3,004 | 5,585 |
Federal Home Loan Bank stock | 131,900 | 302,500 |
Cash surrender value of life Insurance | 291,023 | 286,762 |
Loans receivable, net | 135,063,718 | 128,030,483 |
Accrued interest receivable | 559,833 | 583,389 |
Deposits | 129,656,448 | 127,860,561 |
Advances from borrowers for taxes and insurance | 717,869 | 633,159 |
Accrued interest payable | 86,359 | 71,341 |
Fair Market Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 7,583,346 | 9,639,943 |
Investment securities available for sale | 5,860,878 | 8,403,565 |
Investment securities held to maturity | 2,795,317 | 2,740,940 |
Mortgage-backed securities available for sale | 3,004 | 5,585 |
Federal Home Loan Bank stock | 131,900 | 302,500 |
Cash surrender value of life Insurance | 291,023 | 286,762 |
Loans receivable, net | 142,973,718 | 134,453,483 |
Accrued interest receivable | 559,833 | 583,389 |
Deposits | 129,885,448 | 127,748,562 |
Advances from borrowers for taxes and insurance | 717,869 | 633,159 |
Accrued interest payable | 86,359 | 71,341 |
Level 1 (Quoted Prices In Active Markets For Identical Assets) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 7,583,346 | $ 9,639,943 |
Mortgage-backed securities available for sale | ||
Federal Home Loan Bank stock | $ 131,900 | $ 302,500 |
Cash surrender value of life Insurance | 291,023 | 286,762 |
Accrued interest receivable | 559,833 | 583,389 |
Deposits | 59,974,632 | 57,486,788 |
Advances from borrowers for taxes and insurance | 717,869 | 633,159 |
Accrued interest payable | 86,359 | 71,341 |
Level 2 (Significant Other Observable Inputs) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities available for sale | 5,860,878 | 8,403,565 |
Investment securities held to maturity | 2,795,317 | 2,740,940 |
Mortgage-backed securities available for sale | $ 3,004 | $ 5,585 |
Level 3 (Significant Unobservable Inputs) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage-backed securities available for sale | ||
Loans receivable, net | $ 142,973,718 | $ 134,453,483 |
Deposits | $ 69,910,816 | $ 70,261,774 |
Concentrations Of Credit (Detai
Concentrations Of Credit (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Concentrations Of Credit [Abstract] | ||
Cash, FDIC Insured Amount | $ 250,000 | $ 250,000 |
Cash, Uninsured Amount | 6,114,637 | 8,341,043 |
Cash on deposit at the Federal Home Loan Bank | $ 796,044 | $ 1,015,660 |
Capital Requirements (Schedule
Capital Requirements (Schedule Of Compliance With Regulatory Capital Standards) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Total capital to risk-weighted assets, Actual, Amount | $ 23,911,000 | $ 23,327,000 |
Total capital to risk-weighted assets, For Capital Adequacy Purposes, Amount | 8,713,000 | 7,887,000 |
Total capital to risk-weighted assets, To be well Capitalized under Prompt Corrective Action Provisions, Amount | 10,892,000 | 9,859,000 |
Tier 1 capital to risk-weighted assets, Actual, Amount | 22,565,000 | 22,093,000 |
Tier 1 capital to risk-weighted assets, For Capital Adequacy Purposes, Amount | 4,357,000 | 3,943,000 |
Tier 1 capital to risk-weighted assets, To be well Capitalized under Prompt Corrective Action Provisions, Amount | 6,535,000 | 5,915,000 |
Core Tier 1 leverage capital to adjusted total assets, Actual, Amount | 22,565,000 | 22,093,000 |
Core Tier 1 leverage capital to adjusted total assets, For Capital Adequacy Purposes, Amount | 6,281,000 | 6,169,000 |
Core Tier 1 leverage capital to adjusted total assets, To be well Capitalized under Prompt Corrective Action Provisions, Amount | 7,851,000 | $ 7,712,000 |
Common equity Tier 1 capital to risk-weighted assets, Actual, Amount | 22,565,000 | |
Common equity Tier 1 capital to risk-weighted assets, For Capital Adequacy Purposes, Amount | 4,901,000 | |
Common equity Tier 1 capital to risk-weighted assets, To be well Capitalized under Prompt Corrective Action Provisions, Amount | $ 7,080,000 | |
Total capital to risk-weighted assets, Actual, Ratio | 21.95% | 23.66% |
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 under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 capital to risk-weighted assets, Actual, Ratio | 20.72% | 22.41% |
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 under Prompt Corrective Action Provisions, Ratio | 6.00% | 6.00% |
Core Tier 1 leverage capital to adjusted total assets, Actual, Ratio | 14.37% | 14.32% |
Core Tier 1 leverage capital to adjusted total assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Core Tier 1 leverage capital to adjusted total assets, To be well Capitalized under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Common equity Tier 1 capital to risk-weighted assets, Actual, Ratio | 20.72% | |
Common equity Tier 1 capital to risk-weighted assets, For Capital Adequacy Purposes, Ratio | 4.50% | |
Common equity Tier 1 capital to risk-weighted assets, To be well Capitalized under Prompt Corrective Action Provisions, Ratio | 6.50% | |
Risk-Based Capital [Member] | ||
Total capital to risk-weighted assets, Actual, Amount | $ 1,346,000 | $ 1,361,000 |
Capital Requirements (Reconcili
Capital Requirements (Reconciliation Of Financial Statement Equity To Regulatory Capital) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Total equity | $ 23,583,537 | $ 22,693,777 | $ 21,986,200 |
Tier 1 capital, Total | 22,565,000 | 22,093,000 | |
Total risk-based capital | 23,911,000 | 23,327,000 | |
Eureka Bank [Member] | |||
Total equity | 22,511,000 | 21,972,000 | |
Unrealized loss on securities available-for-sale | $ 54,000 | $ 121,000 | |
Deferred tax asset - disallowed portion | |||
Tier 1 capital, Total | $ 22,565,000 | $ 22,093,000 | |
Allowable allowances for loan and lease losses | 1,346,000 | 1,234,000 | |
Total risk-based capital | $ 23,911,000 | $ 23,327,000 |
Parent Company (Condensed Balan
Parent Company (Condensed Balance Sheet For Parent Company) (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Cash and due from banks | $ 868,709 | $ 698,899 | |
Total Assets | 155,016,237 | 152,187,051 | |
Total Liabilities | 131,432,700 | 129,493,274 | |
Stockholders' Equity | 23,583,537 | 22,693,777 | $ 21,986,200 |
Total Liabilities and Stockholders' Equity | 155,016,237 | 152,187,051 | |
Parent Company [Member] | |||
Cash and due from banks | 920,615 | 495,797 | |
Investment in subsidiary | 22,511,151 | 21,971,964 | |
ESOP loan | 387,722 | 445,418 | |
Other assets | 79,930 | 61,100 | |
Total Assets | 23,899,418 | 22,974,279 | |
Accounts payable and accrued expenses | 315,881 | 280,502 | |
Total Liabilities | 315,881 | 280,502 | |
Stockholders' Equity | 23,583,537 | 22,693,777 | |
Total Liabilities and Stockholders' Equity | $ 23,899,418 | $ 22,974,279 |
Parent Company (Condensed State
Parent Company (Condensed Statement Of Income For Parent Company) (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Total Interest and Dividend Income | $ 6,938,133 | $ 6,813,294 |
Net Income | 1,316,374 | 1,528,914 |
Comprehensive income | 1,383,328 | 1,769,029 |
Parent Company [Member] | ||
Interest income | 13,917 | 15,634 |
Dividend income from subsidiary bank | 1,000,000 | 750,000 |
Total Interest and Dividend Income | 1,013,917 | 765,634 |
Other expense | 39,312 | 46,461 |
Total Non-Interest Expense | 39,312 | 46,461 |
Income before equity in undistributed net income of subsidiary | 974,605 | 719,173 |
Equity in undistributed income of subsidiary | 341,769 | 809,741 |
Net Income | 1,316,374 | 1,528,914 |
Comprehensive income | $ 1,383,328 | $ 1,769,029 |
Parent Company (Condensed Sta85
Parent Company (Condensed Statement Of Cash Flows For Parent Company) (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Net income | $ 1,316,374 | $ 1,528,914 |
Net cash provided by operating activities | 1,759,739 | 1,651,411 |
Net cash used for investing activities | (4,966,644) | (8,507,230) |
Payment of dividends | (605,505) | (475,348) |
Retirement of common stock | (124,784) | (769,222) |
Net cash provided by financing activities | 1,150,308 | 9,314,693 |
Net increase (decrease) in cash and cash equivalents | (2,056,597) | 2,458,874 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 9,639,943 | 7,181,069 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 7,583,346 | 9,639,943 |
Parent Company [Member] | ||
Net income | 1,316,374 | 1,528,914 |
Equity in the undistributed net income subsidiary | (341,769) | (809,741) |
Other | 122,806 | 299 |
Net cash provided by operating activities | 1,097,411 | 719,472 |
Decrease in loan due from subsidiary | 57,696 | 55,880 |
Net cash used for investing activities | 57,696 | 55,880 |
Payment of dividends | (605,505) | (475,348) |
Retirement of common stock | (124,784) | (769,222) |
Net cash provided by financing activities | (730,289) | (1,244,570) |
Net increase (decrease) in cash and cash equivalents | 424,818 | (469,218) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 495,797 | 965,015 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 920,615 | $ 495,797 |