Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Dec. 31, 2014 | Feb. 17, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | Meetinghouse Bancorp, Inc. | |
Entity Central Index Key | 1543367 | |
Document Type | 10-Q | |
Document Period End Date | 31-Dec-14 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -21 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 661,250 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $4,576 | $4,943 |
Federal funds sold | 1 | 942 |
Interest-bearing demand deposits with other banks | 68 | 53 |
Cash and cash equivalents | 4,645 | 5,938 |
Interest-bearing time deposits in other banks | 2,230 | 1,985 |
Investments in available-for-sale securities (at fair value) | 16,479 | 16,638 |
Federal Home Loan Bank stock, at cost | 958 | 754 |
Loans held-for-sale | 6,507 | 2,727 |
Loans, net of allowance for loan losses of $524 as of December 31, 2014 and $506 as of September 30, 2014 | 79,475 | 77,015 |
Premises and equipment | 1,754 | 1,772 |
Investment in real estate | 1,084 | 1,090 |
Cooperative Central Bank deposit | 427 | 427 |
Accrued interest receivable | 290 | 273 |
Other assets | 528 | 544 |
Total assets | 114,377 | 109,163 |
Deposits: | ||
Noninterest-bearing | 14,619 | 14,355 |
Interest-bearing | 72,615 | 73,128 |
Total deposits | 87,234 | 87,483 |
Federal Home Loan Bank advances | 16,410 | 10,953 |
Deferred income tax liability, net | 125 | 58 |
Other liabilities | 222 | 219 |
Total liabilities | 103,991 | 98,713 |
Stockholders' Equity: | ||
Preferred stock, 500,000 shares authorized; none outstanding | ||
Common stock, $.01 par value; 5,000,000 shares authorized; 661,250 and 679,769 shares issued and outstanding at December 31, 2014 and September 30, 2014, respectively | 7 | 7 |
Additional paid-in capital | 5,665 | 5,903 |
Retained earnings | 5,060 | 5,035 |
Unearned compensation - ESOP (38,163 shares unallocated at December 31, 2014 and 40,071 shares at September 30, 2014 | -321 | -341 |
Unearned compensation - restricted stock awards | -201 | -221 |
Accumulated other comprehensive income | 176 | 67 |
Total stockholders' equity | 10,386 | 10,450 |
Total liabilities and stockholders' equity | $114,377 | $109,163 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS | ||
Loans, allowance for loan losses | $524 | $506 |
Preferred stock, shares authorized (in shares) | 500,000 | 500,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, shares issued (in shares) | 661,250 | 661,250 |
Common stock, shares outstanding (in shares) | 679,769 | 679,769 |
Unearned Compensation - ESOP, shares unallocated | 38,163 | 40,071 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Interest and dividend income: | ||
Interest and fees on loans | $876 | $674 |
Interest and dividends on securities | 106 | 34 |
Other interest | 5 | 8 |
Total interest and dividend income | 987 | 716 |
Interest expense: | ||
Interest on deposits | 163 | 133 |
Interest on Federal Home Loan Bank advances | 28 | 3 |
Total interest expense | 191 | 136 |
Net interest and dividend income | 796 | 580 |
Provision (benefit) for loan losses | 18 | -11 |
Net interest and dividend income after provision (benefit) for loan losses | 778 | 591 |
Noninterest income: | ||
Gain on secondary market activities | 142 | 30 |
Customer service fees | 91 | 89 |
Other income | 12 | 13 |
Total noninterest income | 245 | 132 |
Noninterest expense: | ||
Salaries and employee benefits | 528 | 424 |
Occupancy and equipment expense | 111 | 111 |
Professional fees | 114 | 105 |
Data processing | 99 | 81 |
Deposit insurance expense | 21 | 13 |
Advertising | 21 | 21 |
Supplies | 13 | 10 |
Other expense | 77 | 72 |
Total noninterest expense | 984 | 837 |
Income (loss) before income tax expense (benefit) | 39 | -114 |
Income tax expense (benefit) | 14 | -47 |
Net income (loss) | $25 | ($67) |
Earnings (loss) per share | ||
Basic (in dollars per share) | $0.04 | ($0.11) |
Diluted (in dollars per share) | $0.04 | ($0.11) |
Weighted average shares outstanding | ||
Basic (in shares) | 605,361 | 615,275 |
Diluted (in shares) | 607,907 | 615,275 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||
Net income (loss) | $25 | ($67) |
Other comprehensive income (loss), net of tax: | ||
Net unrealized holding gain (loss) on available-for-sale securities | 109 | -40 |
Other comprehensive income (loss), net of tax | 109 | -40 |
Comprehensive income (loss) | $134 | ($107) |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Common Stock | Additional paid-in capital | Retained Earnings | Unearned compensation - ESOP | Unearned compensation - Restricted Stock Awards | Accumulated Other Comprehensive Income | Total |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance at Sep. 30, 2013 | $7 | $5,645 | $5,179 | ($482) | $38 | $10,387 | |
Balance (in shares) at Sep. 30, 2013 | 661,250 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income (loss) | -67 | -67 | |||||
Other comprehensive income (loss), net of tax | -40 | -40 | |||||
Common stock released by ESOP (1,908 and 7,632 shares) for the period ended December 31, 2014 and 2013, respectively | 15 | 80 | 95 | ||||
Balance at Dec. 31, 2013 | 7 | 5,660 | 5,112 | -402 | -2 | 10,375 | |
Balance (in shares) at Dec. 31, 2013 | 661,250 | ||||||
Balance at Sep. 30, 2014 | 7 | 5,903 | 5,035 | -341 | -221 | 67 | 10,450 |
Balance (in shares) at Sep. 30, 2014 | 679,769 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income (loss) | 25 | 25 | |||||
Other comprehensive income (loss), net of tax | 109 | 109 | |||||
Shares repurchased | -243 | -243 | |||||
Shares repurchased (in shares) | -18,519 | ||||||
Compensation expense restricted stock awards | 20 | 20 | |||||
Common stock released by ESOP (1,908 and 7,632 shares) for the period ended December 31, 2014 and 2013, respectively | 5 | 20 | 25 | ||||
Balance at Dec. 31, 2014 | $7 | $5,665 | $5,060 | ($321) | ($201) | $176 | $10,386 |
Balance (in shares) at Dec. 31, 2014 | 661,250 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | ||
Common stock released by ESOP (in shares) | 1,908 | 7,632 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from operating activities: | ||
Net income (loss) | $25 | ($67) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
Amortization of securities, net | 8 | 12 |
Provision (benefit) for loan losses | 18 | -11 |
Change in deferred loan costs, net | -19 | -40 |
Loans originated for sale | -17,509 | -11,950 |
Proceeds from sale of loans | 13,871 | 9,523 |
Gain on sale of loans | -142 | -30 |
Depreciation and amortization | 44 | 44 |
(Increase) decrease in accrued interest receivable | -17 | 15 |
Decrease in mortgage servicing asset | -17 | -2 |
Decrease (increase) in other assets | 30 | -42 |
Increase (decrease) in accrued expenses and other Liabilities | 3 | -216 |
Compensation expense - restricted stock awards | 20 | |
ESOP shares released | 25 | 95 |
Net cash used in operating activities | -3,660 | -2,669 |
Cash flows from investing activities: | ||
Purchases of interest-bearing time deposits in other banks | -1,485 | -1,488 |
Proceeds from maturities of interest-bearing time deposits in other banks | 1,240 | 847 |
Purchases of available-for-sale securities | -126 | -2,026 |
Proceeds from maturities of available-for-sale securities | 453 | 366 |
Loan originations and principal collections, net | -2,459 | -2,863 |
Purchase of Federal Home Loan Bank stock | -204 | -55 |
Capital expenditures | -17 | -3 |
Net cash used in investing activities | -2,598 | -5,222 |
Cash flows from financing activities: | ||
Net (decrease) increase in demand deposits, NOW and savings accounts | -35 | 805 |
Net (decrease) increase in time deposits | -214 | 760 |
Net change in short-term advances from Federal Home Loan Bank | 5,457 | 4,080 |
Common stock acquired - repurchase plan | 243 | |
Net cash provided by financing activities | 4,965 | 5,645 |
Net decrease in cash and cash equivalents | -1,293 | -2,246 |
Cash and cash equivalents at beginning of period | 5,938 | 4,713 |
Cash and cash equivalents at end of period | 4,645 | 2,467 |
Supplemental disclosures: | ||
Interest paid | 190 | 136 |
Income taxes received | ($23) |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Dec. 31, 2014 | |
BASIS OF PRESENTATION | |
BASIS OF PRESENTATION | |
NOTE 1 - BASIS OF PRESENTATION | |
The consolidated condensed interim financial statements include the accounts of Meetinghouse Bancorp, Inc. (the “Company”) and its wholly-owned subsidiary, Meetinghouse Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries, Meetinghouse Securities Corporation and 69 Richmond Street Realty Trust. All significant intercompany accounts and transactions have been eliminated in the consolidation. | |
On January 17, 2012, the Board of Directors of the Bank adopted a plan of conversion under which the Bank would convert from a Massachusetts-chartered mutual co-operative bank to a Massachusetts-chartered stock co-operative bank and become the wholly-owned subsidiary of a newly chartered stock holding company, Meetinghouse Bancorp, Inc. (“the Company”). The conversion was subject to approval by the Federal Reserve Board and the Massachusetts Division of Banks, non-objection by the Federal Deposit Insurance Corporation, and approval by the depositors of the Bank, and included the filing of a registration statement with the U.S. Securities and Exchange Commission. Such approvals and non-objections were obtained and, effective November 19, 2012, the Company completed its initial public offering in connection with the conversion transaction by selling a total of 661,250 shares of common stock at a purchase price of $10.00 per share in a subscription offering, of which 27,700 shares were purchased by the Company’s employee stock ownership plan (the “ESOP”). An additional 18,587 shares were purchased by the ESOP in the open market subsequent to the initial public offering. | |
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and the instructions for Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the information reflects all adjustments (consisting solely of normal recurring adjustments) that are necessary for a fair presentation. The results shown for the interim period ended December 31, 2014 are not necessarily indicative of the results to be obtained for a full year. These consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended September 30, 2014 included in the Company’s Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission (“SEC”). | |
In preparing the consolidated condensed interim financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, as of the date of the statement of financial condition and reported amounts of revenues and expenses for the periods presented. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses and deferred income taxes. | |
NATURE_OF_OPERATIONS
NATURE OF OPERATIONS | 3 Months Ended |
Dec. 31, 2014 | |
NATURE OF OPERATIONS | |
NATURE OF OPERATIONS | |
NOTE 2 - NATURE OF OPERATIONS | |
The Company is the registered bank holding company for the Bank. The Bank, a Massachusetts co-operative bank, is headquartered in Dorchester, Massachusetts. The Bank is engaged principally in the business of attracting deposits from the general public and investing those deposits in residential and commercial real estate loans, construction loans, and in consumer and small business loans. | |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Dec. 31, 2014 | |
RECENT ACCOUNTING PRONOUNCEMENTS | |
RECENT ACCOUNTING PRONOUNCEMENTS | |
NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS | |
In January 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Updates (ASU) 2014-01, “Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects.” The amendments in this ASU apply to all reporting entities that invest in qualified affordable housing projects through limited liability entities that are flow-through entities for tax purposes as follows: | |
1.For reporting entities that meet the conditions for and that elect to use the proportional amortization method to account for investments in qualified affordable housing projects, all amendments in this ASU apply. | |
2.For reporting entities that do not meet the conditions for or that do not elect the proportional amortization method, only the amendments in this ASU that are related to disclosures apply. | |
The amendments in this ASU 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). For those investments in qualified affordable housing projects not accounted for using the proportional amortization method, the investment should be accounted for as an equity method investment or a cost method investment in accordance with Subtopic 970-323. The amendments in this ASU 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 ASU are effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. The Company does not expect that the adoption of this ASU will have an impact on its consolidated 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 objective of the amendments in this ASU is to reduce diversity by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The amendments in this ASU 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 ASU are effective 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 ASU using either a modified retrospective transition method or a prospective transition method. The Company does not expect the adoption of this ASU will have a material impact on its consolidated financial statements. | |
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This ASU changes the criteria for reporting discontinued operations and modifies related disclosure requirements. The new guidance is effective within annual periods beginning on or after December 15, 2014, and interim periods within those years. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” The objective of this ASU is to clarify principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The guidance in this ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is currently reviewing this ASU to determine if it will have an impact on its consolidated financial statements. | |
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 ASU require two accounting changes. First, the amendments in this ASU change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. Second, 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. This ASU also includes new disclosure requirements. The accounting changes in this ASU 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 for a public business entity is prohibited. The Company anticipates that the adoption of this ASU will not have an impact on its consolidated 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 in this ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. This ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Earlier adoption is permitted. ASU 2014-12 may be adopted 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. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-13, “Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity.” This ASU applies to entities that meet the following criteria: | |
1.they are required to consolidate a collateralized entity under the Variable Interest Entities guidance; | |
2.they measure all of the financial assets and the financial liabilities of that consolidated collateralized financing entity at fair value in the consolidated financial statements based on other FASB rules; and | |
3.those changes in fair value are reflected in earnings. | |
Under ASU 2014-13, entities that meet these criteria are provided an alternative under which they can choose to eliminate the difference between the fair value of financial assets and financial liabilities of a consolidated collateralized financing entity. If that alternative is not elected, then ASU 2014-13 indicates that the fair value of the financial assets and the fair value of the financial liabilities of the consolidated collateralized financing entity should be measured in accordance with ASC 820, “Fair Value Measurement,” and differences between the fair value of the financial assets and the financial liabilities of that consolidated collateralized financing entity should be reflected in earnings and attributed to the reporting entity in the consolidated statement of income or loss. The amendments are effective for annual periods and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted as of the beginning of an annual period. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-14, “Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government - Guaranteed Mortgage Loans upon Foreclosure.” The amendments in this ASU 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 ASU are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company anticipates that the adoption of this ASU will not have a material impact on its consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements — Going Concern (Subtopic 205-40).” The amendments in this ASU provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation of every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this ASU are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of this guidance is not expected to have an impact on the Company’s results of operations or financial position. | |
In November 2014, the FASB issued ASU 2014-16, “Derivatives and Hedging (Topic 815).” The objective of this ASU is to eliminate the use of different methods in practice and thereby reduce existing diversity under GAAP in the accounting for hybrid financial instruments issued in the form of a share. The amendments in this ASU apply to all entities that are issuers of, or investors in, hybrid financial instruments that are issued in the form of a share. The amendments in this ASU do not change the current criteria in GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required. The amendments clarify how current GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Specifically, the amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. Furthermore, the amendments clarify that no single term or feature would necessarily determine the economic characteristics and risks of the host contract. Rather, the nature of the host contract depends upon the economic characteristics and risks of the entire hybrid financial instrument. In addition, the amendments in this ASU clarify that, in evaluating the nature of a host contract, an entity should assess the substance of the relevant terms and features when considering how to weight those terms and features. Specifically, the assessment of the substance of the relevant terms and features should incorporate a consideration of (1) the characteristics of the terms and features themselves, (2) the circumstances under which the hybrid financial instrument was issued or acquired, and (3) the potential outcomes of the hybrid financial instrument, as well as the likelihood of those potential outcomes. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this guidance is not expected to have an impact on the Company’s results of operations or financial position. | |
In November 2014, the FASB issued ASU 2014-17, “Business Combinations (Topic 805): Pushdown Accounting.” The amendments in this ASU provide guidance on whether and at what threshold an acquired entity that is a business or nonprofit activity may elect to apply pushdown accounting in its separate financial statements upon a change-in-control event in which an acquirer obtains control of the acquired entity. The amendments in this ASU 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. However, if the financial statements for the period in which the most recent change-in-control event occurred already have been issued or made available to be issued, the application of this guidance would be a change in accounting principle. The Company anticipates that the adoption of this ASU will not have an impact on its results of operations or financial position. | |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
EARNINGS PER SHARE | ||||||||
EARNINGS PER SHARE | ||||||||
NOTE 4 - EARNINGS PER SHARE | ||||||||
Basic earnings (loss) per share (“EPS”) excludes dilution and is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. | ||||||||
Diluted EPS is computed in a manner similar to that of basic EPS except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. Unallocated common shares held by the ESOP are shown as a reduction in stockholders’ equity and are included in the weighted-average number of common shares outstanding for both basic and diluted EPS calculations as they are committed to be released. | ||||||||
EPS for the three months ended December 31, 2014 and 2013 have been computed as follows (in thousands), except share data: | ||||||||
Three months ended December 31, | ||||||||
2014 | 2013 | |||||||
(unaudited) | ||||||||
Net income (loss) applicable to common stock | $ | 25 | $ | (67 | ) | |||
Average number of common shares issued | 663,930 | 661,250 | ||||||
Less: average unallocated ESOP shares | (40,050 | ) | (45,975 | ) | ||||
Less: average unvested restricted stock awards | (18,519 | ) | — | |||||
Average number of common shares outstanding used to calculate basic earnings (loss) per share | 605,361 | 615,275 | ||||||
Effect of dilutive shares | 2,546 | — | ||||||
Average number of common shares outstanding used to calculate diluted earnings per share | 607,907 | 615,275 | ||||||
Basic earnings (loss) per share | $ | 0.04 | $ | (0.11 | ) | |||
Diluted earnings (loss) per share | $ | 0.04 | $ | (0.11 | ) | |||
Shares of unvested restricted stock were not included in the computation of diluted loss per share for the three months ended December 31, 2013 because to do so would have been antidilutive. | ||||||||
INVESTMENTS_IN_AVAILABLEFORSAL
INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES | ||||||||||||||||||||
INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES | ||||||||||||||||||||
NOTE 5 - INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES | ||||||||||||||||||||
The amortized cost and estimated fair value of securities available-for-sale, with gross unrealized gains and losses, are as follows (in thousands): | ||||||||||||||||||||
Amortized | Gross | Gross | ||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||
Basis | Gains | Losses | Value | |||||||||||||||||
December 31, 2014 (unaudited): | ||||||||||||||||||||
U.S. Government and federal agency obligations | $ | 3,407 | $ | 32 | $ | 7 | $ | 3,432 | ||||||||||||
Taxable municipal securities | 300 | 5 | — | 305 | ||||||||||||||||
Asset-backed securities | 881 | 16 | — | 897 | ||||||||||||||||
Mortgage-backed securities | 11,605 | 256 | 16 | 11,845 | ||||||||||||||||
$ | 16,193 | $ | 309 | $ | 23 | $ | 16,479 | |||||||||||||
September 30, 2014: | ||||||||||||||||||||
U.S. Government and federal agency obligations | $ | 3,403 | $ | 10 | $ | 28 | $ | 3,385 | ||||||||||||
Taxable municipal securities | 301 | — | 2 | 299 | ||||||||||||||||
Asset-backed securities | 911 | 5 | — | 916 | ||||||||||||||||
Mortgage-backed securities | 11,913 | 158 | 33 | 12,038 | ||||||||||||||||
$ | 16,528 | $ | 173 | $ | 63 | $ | 16,638 | |||||||||||||
The amortized cost and estimated fair value of available-for-sale securities, segregated by contractual maturity at December 31, 2014, are presented below (in thousands): | ||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||
(unaudited) | Cost Basis | Value | ||||||||||||||||||
Due within one year | $ | — | $ | — | ||||||||||||||||
Due after one year through five years | 750 | 746 | ||||||||||||||||||
Due after five years through ten years | 2,957 | 2,991 | ||||||||||||||||||
Due after ten years | — | — | ||||||||||||||||||
Asset-backed securities | 881 | 897 | ||||||||||||||||||
Mortgage-backed securities | 11,605 | 11,845 | ||||||||||||||||||
$ | 16,193 | $ | 16,479 | |||||||||||||||||
There were no sales of available-for-sale securities for the three months ended December 31, 2014 and 2013. | ||||||||||||||||||||
Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows (in thousands): | ||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||
December 31, 2014 (unaudited): | ||||||||||||||||||||
U.S. Government and federal agency obligations | $ | 843 | $ | 4 | $ | 746 | $ | 3 | $ | 1,589 | $ | 7 | ||||||||
Mortgage-backed securities | 1,827 | 6 | 695 | 10 | 2,522 | 16 | ||||||||||||||
Total temporarily impaired securities | $ | 2,670 | $ | 10 | $ | 1,441 | $ | 13 | $ | 4,111 | $ | 23 | ||||||||
September 30, 2014 | ||||||||||||||||||||
U.S. Government and federal agency obligations | $ | 1,445 | $ | 22 | $ | 744 | $ | 6 | $ | 2,189 | $ | 28 | ||||||||
Taxable municipal securities | 299 | 2 | — | — | 299 | 2 | ||||||||||||||
Mortgage-backed securities | 3,254 | 20 | 734 | 13 | 3,988 | 33 | ||||||||||||||
Total temporarily impaired securities | $ | 4,998 | $ | 44 | $ | 1,478 | $ | 19 | $ | 6,476 | $ | 63 | ||||||||
Management conducts, at least on a quarterly basis, a review of its investment securities to determine if the value of any security has declined below its amortized cost and whether such decline represents other-than-temporary impairment. The investments in the Company’s investment portfolio that are temporarily impaired as of December 31, 2014 consist of one debt security issued by a U.S. Government federal agency and four mortgage-backed securities. The unrealized loss at December 31, 2014 is attributable to changes in market interest rates since the Company acquired the securities. As management has the ability and the intent to hold debt securities until recovery, the declines are deemed to be not other-than-temporary. | ||||||||||||||||||||
LOANS
LOANS | 3 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
LOANS | |||||||||||||||||||||||||||||
LOANS | |||||||||||||||||||||||||||||
NOTE 6 - LOANS | |||||||||||||||||||||||||||||
Loans consist of the following: | |||||||||||||||||||||||||||||
December 31, | September 30, | ||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 49,563 | 62.4 | % | $ | 48,654 | 63.21 | % | |||||||||||||||||||||
Commercial | 12,749 | 16.05 | 12,473 | 16.2 | |||||||||||||||||||||||||
Construction | 3,093 | 3.89 | 1,736 | 2.26 | |||||||||||||||||||||||||
Multi-family | 2,819 | 3.55 | 2,837 | 3.69 | |||||||||||||||||||||||||
Total real estate | 68,224 | 85.89 | 65,700 | 85.36 | |||||||||||||||||||||||||
Commercial | 2,888 | 3.64 | 2,940 | 3.82 | |||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Home equity | 6,911 | 8.7 | 6,989 | 9.08 | |||||||||||||||||||||||||
Other | 1,404 | 1.77 | 1,339 | 1.74 | |||||||||||||||||||||||||
Total consumer | 8,315 | 10.47 | 8,328 | 10.82 | |||||||||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||||||||
Total loans | 79,427 | 76,968 | |||||||||||||||||||||||||||
Allowance for loan losses | (524 | ) | (506 | ) | |||||||||||||||||||||||||
Deferred loan costs, net | 572 | 553 | |||||||||||||||||||||||||||
Net loans | $ | 79,475 | $ | 77,015 | |||||||||||||||||||||||||
The following table sets forth information regarding the allowance for loan losses by portfolio segment as of and for the three months ended December 31, 2014 (unaudited): | |||||||||||||||||||||||||||||
Real Estate | Consumer | ||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | ||||||||||||||||||||||||||||
Owner | Non-Owner | ||||||||||||||||||||||||||||
(In thousands) | Occupied | Occupied | Commercial | Construction | Multifamily | Commercial | Home Equity | Other | Total | ||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 165 | $ | 101 | $ | 86 | $ | 17 | $ | 28 | $ | 25 | $ | 41 | $ | 43 | $ | 506 | |||||||||||
Charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Provision (benefit) | 9 | (5 | ) | 3 | 14 | — | — | (1 | ) | (2 | ) | 18 | |||||||||||||||||
Ending balance | $ | 174 | $ | 96 | $ | 89 | $ | 31 | $ | 28 | $ | 25 | $ | 40 | $ | 41 | $ | 524 | |||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | 174 | 96 | 89 | 31 | 28 | 25 | 40 | 41 | 524 | ||||||||||||||||||||
Total allowance for loan losses ending balance | $ | 174 | $ | 96 | $ | 89 | $ | 31 | $ | 28 | $ | 25 | $ | 40 | $ | 41 | $ | 524 | |||||||||||
Loans: | |||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | 34,770 | 14,793 | 12,749 | 3,093 | 2,819 | 2,888 | 6,911 | 1,404 | 79,427 | ||||||||||||||||||||
Total loans ending balance | $ | 34,770 | $ | 14,793 | $ | 12,749 | $ | 3,093 | $ | 2,819 | $ | 2,888 | $ | 6,911 | $ | 1,404 | $ | 79,427 | |||||||||||
The following table sets forth information regarding the allowance for loan losses by portfolio segment as of and for the three months ended December 31, 2013 (unaudited): | |||||||||||||||||||||||||||||
Real Estate | Consumer | ||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | ||||||||||||||||||||||||||||
Owner | Non-Owner | ||||||||||||||||||||||||||||
(In thousands) | Occupied | Occupied | Commercial | Construction | Multifamily | Commercial | Home Equity | Other | Total | ||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 178 | $ | 75 | $ | 81 | $ | 8 | $ | 17 | $ | 16 | $ | 31 | $ | 29 | $ | 435 | |||||||||||
Charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Provision (benefit) | (18 | ) | — | (3 | ) | (2 | ) | 5 | — | 4 | 3 | (11 | ) | ||||||||||||||||
Ending Balance | $ | 160 | $ | 75 | $ | 78 | $ | 6 | $ | 22 | $ | 16 | $ | 35 | $ | 32 | $ | 424 | |||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | 160 | 75 | 78 | 6 | 22 | 16 | 35 | 32 | 424 | ||||||||||||||||||||
Total allowance for loan losses ending balance | $ | 160 | $ | 75 | $ | 78 | $ | 6 | $ | 22 | $ | 16 | $ | 35 | $ | 32 | $ | 424 | |||||||||||
Loans: | |||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | 29,059 | 11,466 | 9,196 | 600 | 2,246 | 1,825 | 5,626 | 837 | 60,855 | ||||||||||||||||||||
Total loans ending balance | $ | 29,059 | $ | 11,466 | $ | 9,196 | $ | 600 | $ | 2,246 | $ | 1,825 | $ | 5,626 | $ | 837 | $ | 60,855 | |||||||||||
The following table sets forth information regarding the allowance for loan losses by portfolio segment as of and for the year ended September 30, 2014: | |||||||||||||||||||||||||||||
Real Estate | Consumer | ||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | ||||||||||||||||||||||||||||
Owner | Non-Owner | ||||||||||||||||||||||||||||
(In thousands) | Occupied | Occupied | Commercial | Construction | Multi-family | Commercial | Home Equity | Other | Total | ||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 178 | $ | 75 | $ | 81 | $ | 8 | $ | 17 | $ | 16 | $ | 31 | $ | 29 | $ | 435 | |||||||||||
Charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | 2 | 2 | ||||||||||||||||||||
(Benefit) provision | (13 | ) | 26 | 5 | 9 | 11 | 9 | 10 | 12 | 69 | |||||||||||||||||||
Ending balance | $ | 165 | $ | 101 | $ | 86 | $ | 17 | $ | 28 | $ | 25 | $ | 41 | $ | 43 | $ | 506 | |||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | 165 | 101 | 86 | 17 | 28 | 25 | 41 | 43 | 506 | ||||||||||||||||||||
Total allowance for loan losses ending balance | $ | 165 | $ | 101 | $ | 86 | $ | 17 | $ | 28 | $ | 25 | $ | 41 | $ | 43 | $ | 506 | |||||||||||
Loans: | |||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | 33,179 | 15,475 | 12,473 | 1,736 | 2,837 | 2,940 | 6,989 | 1,339 | 76,968 | ||||||||||||||||||||
Total loans ending balance | $ | 33,179 | $ | 15,475 | $ | 12,473 | $ | 1,736 | $ | 2,837 | $ | 2,940 | $ | 6,989 | $ | 1,339 | $ | 76,968 | |||||||||||
The following table sets forth information regarding nonaccrual loans and past-due loans as of December 31, 2014 (unaudited): | |||||||||||||||||||||||||||||
90 Days | 90 Days or | ||||||||||||||||||||||||||||
30–59 Days | 60–89 Days | or More | Total | Total | Total | More Past Due | |||||||||||||||||||||||
(In thousands) | Past Due | Past Due | Past Due | Past Due | Current | Loans | and Accruing | Nonaccrual | |||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Residential | $ | — | $ | — | $ | — | $ | — | $ | 49,563 | $ | 49,563 | $ | — | $ | 188 | |||||||||||||
Commercial | — | — | — | — | 12,749 | 12,749 | — | — | |||||||||||||||||||||
Construction | — | — | — | — | 3,093 | 3,093 | — | — | |||||||||||||||||||||
Multi-family | — | — | — | — | 2,819 | 2,819 | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | 2,888 | 2,888 | — | — | |||||||||||||||||||||
Home equity | 46 | 208 | — | 254 | 6,657 | 6,911 | — | 20 | |||||||||||||||||||||
Other consumer | — | 1 | — | 1 | 1,403 | 1,404 | — | — | |||||||||||||||||||||
Total | $ | 46 | $ | 209 | $ | — | $ | 255 | $ | 79,172 | $ | 79,427 | $ | — | $ | 208 | |||||||||||||
The following table sets forth information regarding nonaccrual loans and past-due loans as of September 30, 2014: | |||||||||||||||||||||||||||||
90 Days | 90 Days or | ||||||||||||||||||||||||||||
30–59 Days | 60–89 Days | or More | Total | Total | Total | More Past Due | |||||||||||||||||||||||
(In thousands) | Past Due | Past Due | Past Due | Past Due | Current | Loans | and Accruing | Nonaccrual | |||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Residential | $ | 386 | $ | 34 | $ | — | $ | 420 | $ | 48,234 | $ | 48,654 | $ | — | $ | — | |||||||||||||
Commercial | — | — | — | — | 12,473 | 12,473 | — | — | |||||||||||||||||||||
Construction | — | — | — | — | 1,736 | 1,736 | — | — | |||||||||||||||||||||
Multi-family | — | 191 | — | 191 | 2,646 | 2,837 | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | 2,940 | 2,940 | — | — | |||||||||||||||||||||
Home equity | 216 | — | — | 216 | 6,773 | 6,989 | — | 20 | |||||||||||||||||||||
Other consumer | — | 8 | — | 8 | 1,331 | 1,339 | — | — | |||||||||||||||||||||
Total | $ | 602 | $ | 233 | $ | — | $ | 835 | $ | 76,133 | $ | 76,968 | $ | — | $ | 20 | |||||||||||||
As of December 31, 2014 (unaudited) and September 30, 2014, the Company had no loans categorized as impaired. | |||||||||||||||||||||||||||||
There were no loans modified during the three months ended December 31, 2014 and 2013 (unaudited) or during the year ended September 30, 2014 that met the definition of a troubled debt restructured loan as described in ASC 310-10-50. | |||||||||||||||||||||||||||||
Credit Quality Information | |||||||||||||||||||||||||||||
The Company utilizes an eight grade internal loan rating system for commercial real estate, construction and commercial loans as follows: | |||||||||||||||||||||||||||||
Loans rated 1 - 4: Loans in these categories are considered “pass” rated loans and conform in all respects to Company and regulatory requirements. These are also loans for which no repayment risk has been identified. Credit or collateral exceptions are minimal, are in the process of correction and do not represent risk. | |||||||||||||||||||||||||||||
Loans rated 5: Loans in this category are considered “special mention” and are fundamentally sound, but exhibit potentially unwarranted credit risk or other unsatisfactory characteristics. The likelihood of loss to the Company is remote. | |||||||||||||||||||||||||||||
Loans rated 6: Loans in this category are considered “substandard” and are inadequately protected by current sound net worth, paying capacity of the obligor, or the value of pledged collateral. Loans in this category also include those loans with unsatisfactory characteristics indicating higher levels of risk. The combination of one or more of these characteristics increases the possibility of loss to the Company. | |||||||||||||||||||||||||||||
Loans rated 7: Loans in this category are considered “doubtful.” Loans in this category exhibit weaknesses inherent in the substandard classification and, in addition, collection or liquidation in full is highly questionable. | |||||||||||||||||||||||||||||
Loans rated 8: Loans in this category are considered “loss”. Loans in this category are considered uncollectible and of such little value that their continuance as an asset is not warranted. | |||||||||||||||||||||||||||||
On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate, construction and commercial loans. For all residential real estate and consumer loans, the Company initially assesses credit quality based upon the borrower’s ability to service the debt and subsequently monitors these loans based upon the borrower’s payment activity. | |||||||||||||||||||||||||||||
The following table presents the Company’s loans by risk rating as of December 31, 2014 (unaudited): | |||||||||||||||||||||||||||||
Real Estate | Consumer | ||||||||||||||||||||||||||||
(In thousands) | Residential | Commercial | Construction | Multi Family | Commercial | Home Equity | Other | Total | |||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | 12,749 | $ | 3,093 | $ | 2,819 | $ | 2,713 | $ | — | $ | — | $ | 21,374 | |||||||||||||
Special mention | 220 | — | — | — | 175 | 26 | — | 421 | |||||||||||||||||||||
Substandard | — | — | — | — | — | 20 | — | 20 | |||||||||||||||||||||
Not formally rated | 49,343 | — | — | — | — | 6,865 | 1,404 | 57,612 | |||||||||||||||||||||
Total | $ | 49,563 | $ | 12,749 | $ | 3,093 | $ | 2,819 | $ | 2,888 | $ | 6,911 | $ | 1,404 | $ | 79,427 | |||||||||||||
The following table presents the Company’s loans by risk rating as of September 30, 2014: | |||||||||||||||||||||||||||||
Real Estate | Consumer | ||||||||||||||||||||||||||||
(In thousands) | Residential | Commercial | Construction | Multi Family | Commercial | Home Equity | Other | Total | |||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | 12,473 | $ | 1,736 | $ | 2,837 | $ | 2,761 | $ | — | $ | — | $ | 19,807 | |||||||||||||
Special mention | 225 | — | — | — | 179 | 28 | — | 432 | |||||||||||||||||||||
Substandard | — | — | — | — | — | 20 | — | 20 | |||||||||||||||||||||
Not formally rated | 48,429 | — | — | — | — | 6,941 | 1,339 | 56,709 | |||||||||||||||||||||
Total | $ | 48,654 | $ | 12,473 | $ | 1,736 | $ | 2,837 | $ | 2,940 | $ | 6,989 | $ | 1,339 | $ | 76,968 | |||||||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
NOTE 7 - FAIR VALUE MEASUREMENTS | |||||||||||||||||
ASC 820-10, “Fair Value Measurement-Overall,” provides a framework for measuring fair value under generally accepted accounting principles. This guidance also allows an entity the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. | |||||||||||||||||
In accordance with ASC 820-10, the Company groups its financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. | |||||||||||||||||
Level 1 - Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 1 also includes U.S. Treasury, other U.S. Government and agency mortgage-backed securities that are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. | |||||||||||||||||
Level 2 - Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities. | |||||||||||||||||
Level 3 - Valuations for assets and liabilities that are derived from other methodologies, including option pricing models, discounted cash flow models and similar techniques, are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets and liabilities. | |||||||||||||||||
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s financial assets and financial liabilities carried at fair value at December 31, 2014 (unaudited) and September 30, 2014. The Company did not have any significant transfers of assets between levels 1 and 2 of the fair value hierarchy during the three months ended December 31, 2014 (unaudited) and the year ended September 30, 2014. | |||||||||||||||||
Cash and cash equivalents - The Company’s cash instruments are generally classified within level 1 or level 2 of the fair value hierarchy because they are valued using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. | |||||||||||||||||
Interest-bearing time deposits with other banks — The fair value of interest-bearing time deposits with other banks is determined by discounting the cash flows associated with these instruments using current market rates for deposits with similar characteristics. | |||||||||||||||||
Securities available-for-sale - The Company’s investment in mortgage-backed securities and other debt securities available-for-sale is generally classified within level 2 of the fair value hierarchy. For these securities, we obtain fair value measurements from independent pricing services. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. treasury yield curve, trading levels, market consensus prepayment speeds, credit information and the instrument’s terms and conditions. | |||||||||||||||||
Federal Home Loan Bank stock — The carrying amount of Federal Home Loan Bank (“FHLB”) of Boston stock approximates fair value based upon the redemption provisions of the FHLB of Boston. | |||||||||||||||||
Loans held-for-sale — Loans originated and held-for-sale are carried at the lower of aggregate cost or market value. No fair value adjustments were recorded on loans held-for-sale during the three months ended December 31, 2014 and 2013 (unaudited). | |||||||||||||||||
Loans — Fair values for loans are estimated using discounted cash flow analyses, using market interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Fair values for non-performing loans are estimated using discounted cash flow analyses or underlying collateral values, where applicable. | |||||||||||||||||
Accrued interest receivable — Carrying value approximates fair value. | |||||||||||||||||
Deposits — The fair values disclosed for demand deposits, regular savings, NOW accounts and money market accounts are equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. | |||||||||||||||||
Federal Home Loan Bank advances — Fair values for Federal Home Loan Bank advances are estimated using a discounted cash flow technique that applies interest rates currently being offered on advances to a schedule of aggregated expected monthly maturities on Federal Home Loan Bank advances. | |||||||||||||||||
Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. Subsequent to inception, management only changes level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalization and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows. | |||||||||||||||||
The following summarizes assets measured at fair value on a recurring basis at December 31, 2014 (unaudited) and September 30, 2014: | |||||||||||||||||
(In thousands) | Total | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Other Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
December 31, 2014: | |||||||||||||||||
Securities available-for-sale: | |||||||||||||||||
U.S. Government and federal agency obligations | $ | 3,432 | $ | — | $ | 3,432 | $ | — | |||||||||
Taxable municipal securities | 305 | — | 305 | — | |||||||||||||
Asset-backed securities | 897 | — | 897 | — | |||||||||||||
Mortgage-backed securities | 11,845 | — | 11,845 | — | |||||||||||||
$ | 16,479 | $ | — | $ | 16,479 | $ | — | ||||||||||
September 30, 2014: | |||||||||||||||||
Securities available-for-sale: | |||||||||||||||||
U.S. Government and federal agency obligations | $ | 3,385 | $ | — | $ | 3,385 | $ | — | |||||||||
Taxable municipal securities | 299 | — | 299 | — | |||||||||||||
Asset-backed securities | 916 | — | 916 | — | |||||||||||||
Mortgage-backed securities | 12,038 | — | 12,038 | — | |||||||||||||
$ | 16,638 | $ | — | $ | 16,638 | $ | — | ||||||||||
The estimated fair values of the Company’s financial instruments, all of which are held or issued for purposes other than trading, are as follows: | |||||||||||||||||
December 31, 2014 (unaudited) | |||||||||||||||||
Carrying | Fair Value | ||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In Thousands) | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 4,645 | $ | 4,645 | $ | — | $ | — | $ | 4,645 | |||||||
Interest-bearing time deposits with other banks | 2,230 | — | — | 2,247 | 2,247 | ||||||||||||
Available-for-sale securities | 16,479 | — | 16,479 | — | 16,479 | ||||||||||||
Federal Home Loan Bank stock | 958 | 958 | — | — | 958 | ||||||||||||
Loans held-for-sale | 6,507 | 6,620 | — | — | 6,620 | ||||||||||||
Loans, net | 79,475 | — | — | 81,523 | 81,523 | ||||||||||||
Accrued interest receivable | 290 | 290 | — | — | 290 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | 87,234 | — | — | 87,467 | 87,467 | ||||||||||||
Federal Home Loan Bank advances | 16,410 | — | — | 16,410 | 16,410 | ||||||||||||
September 30, 2014 | |||||||||||||||||
Carrying | Fair Value | ||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In Thousands) | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 5,938 | $ | 5,938 | $ | — | $ | — | $ | 5,938 | |||||||
Interest-bearing time deposits with other banks | 1,985 | — | — | 1,986 | 1,986 | ||||||||||||
Available-for-sale securities | 16,638 | — | 16,638 | — | 16,638 | ||||||||||||
Federal Home Loan Bank stock | 754 | 754 | — | — | 754 | ||||||||||||
Loans held-for-sale | 2,727 | 2,753 | — | — | 2,753 | ||||||||||||
Loans, net | 77,015 | — | — | 77,749 | 77,749 | ||||||||||||
Accrued interest receivable | 273 | 273 | — | — | 273 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | 87,483 | — | — | 87,769 | 87,769 | ||||||||||||
Federal Home Loan Bank advances | 10,953 | — | — | 10,933 | 10,933 | ||||||||||||
The Company may be required, from time to time, to measure certain other assets at fair value on a non-recurring basis in accordance with GAAP. There were no Level 1, Level 2 or Level 3 nonrecurring fair value measurements as of or for the three months ended December 31, 2014 (unaudited) and the year ended September 30, 2014. | |||||||||||||||||
REGULATORY_CAPITAL
REGULATORY CAPITAL | 3 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
REGULATORY CAPITAL | |||||||||||||||||
REGULATORY CAPITAL | |||||||||||||||||
NOTE 8 - REGULATORY CAPITAL | |||||||||||||||||
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. | |||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). As of December 31, 2014 (unaudited) and September 30, 2014, the Bank met all capital adequacy requirements to which it was subject at such dates. | |||||||||||||||||
As of December 31, 2014 (unaudited), the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized the Bank must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following table. There are no known conditions or events since that notification that management believes have changed the institution’s category. | |||||||||||||||||
The Bank’s actual capital amounts and ratios are also presented in the table below. | |||||||||||||||||
To Be Well | |||||||||||||||||
Minimum | Capitalized Under | ||||||||||||||||
For Capital | Prompt Corrective | ||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||
As of December 31, 2014 (unaudited): | |||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 8,269 | 13.2 | % | $ | 5,018 | 8.0 | % | $ | 6,273 | 10.0 | % | |||||
Tier 1 Capital (to Risk Weighted Assets) | 7,745 | 12.3 | 2,509 | 4.0 | 3,764 | 6.0 | |||||||||||
Tier 1 Capital (to Average Assets) | 7,745 | 7.9 | 3,938 | 4.0 | 4,922 | 5.0 | |||||||||||
As of September 30, 2014: | |||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 8,172 | 13.3 | % | $ | 4,901 | 8.0 | % | $ | 6,126 | 10.0 | % | |||||
Tier 1 Capital (to Risk Weighted Assets) | 7,667 | 12.5 | 2,451 | 4.0 | 3,676 | 6.0 | |||||||||||
Tier 1 Capital (to Average Assets) | 7,667 | 8.1 | 3,787 | 4.0 | 4,733 | 5.0 | |||||||||||
Basel III: | |||||||||||||||||
On July 2, 2013, the Federal Reserve Bank (FRB) approved the final rules implementing the Basel Committee on Banking Supervision’s capital guidelines for U.S. banks. On July 9, 2013, the FDIC also approved, as an interim final rule, the regulatory capital requirements for U.S. banks, following the actions of the FRB. On April 8, 2014, the FDIC adopted as final its interim final rule, which is identical in substance to the final rules issued by the FRB in July 2013. Under the final rules, minimum requirements will increase for both the quantity and quality of capital held by the Bank. The rules include a new common equity Tier 1 capital risk-weighted assets minimum ratio of 4.5%, raise the minimum ratio of Tier 1 capital to risk-weighted assets from 4.0% to 6.0%, require a minimum ratio of Total capital to risk-weighted assets of 8.0%, and require a minimum Tier 1 leverage ratio of 4.0%. A new capital conservation buffer, comprised of common equity Tier 1 capital, is also established above the regulatory minimum capital requirements. This capital conservation buffer will be phased in beginning January 1, 2016 at 0.625% of risk-weighted assets and increase each subsequent year by an additional 0.625% until reaching its final level of 2.5% on January 1, 2019. Strict eligibility criteria for regulatory capital instruments were also implemented under the final rules. | |||||||||||||||||
The phase-in period for the final rules will begin for the Bank on January 1, 2015, with full compliance with all of the final rule’s requirements phased in over a multi-year schedule and should be fully phased-in by January 1, 2019. Management believes that the Bank’s capital levels will remain characterized as “well-capitalized” under the new rules. | |||||||||||||||||
OTHER_COMPREHENSIVE_LOSS
OTHER COMPREHENSIVE LOSS | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
OTHER COMPREHENSIVE LOSS | ||||||||
OTHER COMPREHENSIVE LOSS | ||||||||
NOTE 9 - OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||
Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the stockholders’ equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income. | ||||||||
The components of other comprehensive income (loss), included in stockholders’ equity, are as follows during the three months ended December 31, 2014 and 2013 (unaudited): | ||||||||
Three months ended December 31, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Unrealized gains (losses) on securities: | ||||||||
Net unrealized holding gain (loss) on available-for-sale securities | $ | 176 | $ | (63 | ) | |||
Reclassification adjustment for realized (gains) losses in net income | — | — | ||||||
176 | (63 | ) | ||||||
Income tax (expense) benefit | (67 | ) | 23 | |||||
Other comprehensive income (loss), net of tax | $ | 109 | $ | (40 | ) | |||
At December 31, 2014 and 2013 (unaudited), the components of accumulated other comprehensive income (loss), included in stockholders’ equity, are as follows: | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Net unrealized gain (loss) on securities available-for-sale | $ | 176 | $ | (2 | ) | |||
Total accumulated other comprehensive income (loss) | $ | 176 | $ | (2 | ) | |||
EMPLOYEE_STOCK_OWNERSHIP_PLAN_
EMPLOYEE STOCK OWNERSHIP PLAN ("ESOP") | 3 Months Ended |
Dec. 31, 2014 | |
EMPLOYEE STOCK OWNERSHIP PLAN ("ESOP") | |
EMPLOYEE STOCK OWNERSHIP PLAN | |
NOTE 10 - EMPLOYEE STOCK OWNERSHIP PLAN (“ESOP”) | |
The Bank has adopted a tax-qualified ESOP for the benefit of eligible employees. Effective November 19, 2012, the Bank converted from a Massachusetts-chartered mutual co-operative bank to a Massachusetts-chartered stock co-operative bank and become the wholly-owned subsidiary of the Company. The Company completed its initial public offering in connection with the conversion transaction by selling a total of 661,250 shares of common stock at a purchase price of $10.00 per share in a subscription offering, of which 27,700 shares were purchased by the Bank’s ESOP. The ESOP acquired an additional 18,587 shares in the open market subsequent to the conversion. | |
The ESOP funded its stock purchase through a loan from the Company equal to 100% of the aggregate purchase price of the common stock. The ESOP trustee will repay the loan principally through the Bank’s contributions to the ESOP and, possibly, dividends paid on common stock held by the plan over a 6-year loan term. | |
The trustee holds the shares purchased in a loan suspense account and will release the shares from the suspense account on a pro rata basis as it repays the loan. The trustee will allocate the shares released among active participants on the basis of each active participant’s proportional share of compensation for the plan year. Generally, participants will receive distributions from the ESOP upon separation from service. The trustee will reallocate any unvested shares of common stock forfeited by participants upon their separation from service among the remaining participants in the plan. | |
Under applicable accounting requirements, the Company will record a compensation expense for the ESOP at the fair market value of the shares when they are committed to be released from the suspense account to participants’ accounts under the plan. | |
At December 31, 2014 (unaudited), the remaining principal balance on the ESOP debt is $332,000 and the number of shares held by the ESOP is 46,287. | |
Total compensation expense recognized in connection with the ESOP was $25,000 and $23,000 for the three months ended December 31, 2014 and 2013, respectively (unaudited). | |
EQUITY_INCENTIVE_PLAN
EQUITY INCENTIVE PLAN | 3 Months Ended |
Dec. 31, 2014 | |
EQUITY INCENTIVE PLAN | |
EQUITY INCENTIVE PLAN | |
NOTE 11 - EQUITY INCENTIVE PLAN | |
Shareholders of Meetinghouse Bancorp, Inc. approved the 2014 Equity Incentive Plan (“Plan”) on February 9, 2014, and the Board of Directors ratified the vote on April 15, 2014. The total number of shares that can be awarded in the Plan is 92,575. The number of restricted stock awards that can be granted is 26,450 and the number of options that can be granted is 66,125. The Board of Directors granted stock awards on August 19, 2014 in the amount of 18,519 shares to its management, employees and directors. For the three months ended December 31, 2014, compensation expense applicable to the stock awards was $19,000 with a related tax benefit of $6,000. Unrecognized compensation expense for non-vested restricted stock totaled $201,000 as of December 31, 2014, which will be recognized over the remaining weighted-average vesting period of 2.6 years. As of December 31, 2014, there were no forfeitures of stock awards granted. As of December 31, 2014, there were no options granted under the Plan. | |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
EARNINGS PER SHARE | ||||||||
Schedule of basic and diluted earnings per share calculation | ||||||||
EPS for the three months ended December 31, 2014 and 2013 have been computed as follows (in thousands), except share data: | ||||||||
Three months ended December 31, | ||||||||
2014 | 2013 | |||||||
(unaudited) | ||||||||
Net income (loss) applicable to common stock | $ | 25 | $ | (67 | ) | |||
Average number of common shares issued | 663,930 | 661,250 | ||||||
Less: average unallocated ESOP shares | (40,050 | ) | (45,975 | ) | ||||
Less: average unvested restricted stock awards | (18,519 | ) | — | |||||
Average number of common shares outstanding used to calculate basic earnings (loss) per share | 605,361 | 615,275 | ||||||
Effect of dilutive shares | 2,546 | — | ||||||
Average number of common shares outstanding used to calculate diluted earnings per share | 607,907 | 615,275 | ||||||
Basic earnings (loss) per share | $ | 0.04 | $ | (0.11 | ) | |||
Diluted earnings (loss) per share | $ | 0.04 | $ | (0.11 | ) | |||
INVESTMENTS_IN_AVAILABLEFORSAL1
INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES (Tables) | 3 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES | ||||||||||||||||||||
Schedule of amortized cost and approximate fair values of debt securities available-for-sale, with gross unrealized gains and losses | ||||||||||||||||||||
The amortized cost and estimated fair value of securities available-for-sale, with gross unrealized gains and losses, are as follows (in thousands): | ||||||||||||||||||||
Amortized | Gross | Gross | ||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||
Basis | Gains | Losses | Value | |||||||||||||||||
December 31, 2014 (unaudited): | ||||||||||||||||||||
U.S. Government and federal agency obligations | $ | 3,407 | $ | 32 | $ | 7 | $ | 3,432 | ||||||||||||
Taxable municipal securities | 300 | 5 | — | 305 | ||||||||||||||||
Asset-backed securities | 881 | 16 | — | 897 | ||||||||||||||||
Mortgage-backed securities | 11,605 | 256 | 16 | 11,845 | ||||||||||||||||
$ | 16,193 | $ | 309 | $ | 23 | $ | 16,479 | |||||||||||||
September 30, 2014: | ||||||||||||||||||||
U.S. Government and federal agency obligations | $ | 3,403 | $ | 10 | $ | 28 | $ | 3,385 | ||||||||||||
Taxable municipal securities | 301 | — | 2 | 299 | ||||||||||||||||
Asset-backed securities | 911 | 5 | — | 916 | ||||||||||||||||
Mortgage-backed securities | 11,913 | 158 | 33 | 12,038 | ||||||||||||||||
$ | 16,528 | $ | 173 | $ | 63 | $ | 16,638 | |||||||||||||
Schedule of fair value of debt available-for-sale securities by contractual maturity | ||||||||||||||||||||
The amortized cost and estimated fair value of available-for-sale securities, segregated by contractual maturity at December 31, 2014, are presented below (in thousands): | ||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||
(unaudited) | Cost Basis | Value | ||||||||||||||||||
Due within one year | $ | — | $ | — | ||||||||||||||||
Due after one year through five years | 750 | 746 | ||||||||||||||||||
Due after five years through ten years | 2,957 | 2,991 | ||||||||||||||||||
Due after ten years | — | — | ||||||||||||||||||
Asset-backed securities | 881 | 897 | ||||||||||||||||||
Mortgage-backed securities | 11,605 | 11,845 | ||||||||||||||||||
$ | 16,193 | $ | 16,479 | |||||||||||||||||
Schedule of information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position | ||||||||||||||||||||
Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows (in thousands): | ||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||
December 31, 2014 (unaudited): | ||||||||||||||||||||
U.S. Government and federal agency obligations | $ | 843 | $ | 4 | $ | 746 | $ | 3 | $ | 1,589 | $ | 7 | ||||||||
Mortgage-backed securities | 1,827 | 6 | 695 | 10 | 2,522 | 16 | ||||||||||||||
Total temporarily impaired securities | $ | 2,670 | $ | 10 | $ | 1,441 | $ | 13 | $ | 4,111 | $ | 23 | ||||||||
September 30, 2014 | ||||||||||||||||||||
U.S. Government and federal agency obligations | $ | 1,445 | $ | 22 | $ | 744 | $ | 6 | $ | 2,189 | $ | 28 | ||||||||
Taxable municipal securities | 299 | 2 | — | — | 299 | 2 | ||||||||||||||
Mortgage-backed securities | 3,254 | 20 | 734 | 13 | 3,988 | 33 | ||||||||||||||
Total temporarily impaired securities | $ | 4,998 | $ | 44 | $ | 1,478 | $ | 19 | $ | 6,476 | $ | 63 | ||||||||
LOANS_Tables
LOANS (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
LOANS | |||||||||||||||||||||||||||||
Schedule of loans | |||||||||||||||||||||||||||||
December 31, | September 30, | ||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Residential | $ | 49,563 | 62.4 | % | $ | 48,654 | 63.21 | % | |||||||||||||||||||||
Commercial | 12,749 | 16.05 | 12,473 | 16.2 | |||||||||||||||||||||||||
Construction | 3,093 | 3.89 | 1,736 | 2.26 | |||||||||||||||||||||||||
Multi-family | 2,819 | 3.55 | 2,837 | 3.69 | |||||||||||||||||||||||||
Total real estate | 68,224 | 85.89 | 65,700 | 85.36 | |||||||||||||||||||||||||
Commercial | 2,888 | 3.64 | 2,940 | 3.82 | |||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||
Home equity | 6,911 | 8.7 | 6,989 | 9.08 | |||||||||||||||||||||||||
Other | 1,404 | 1.77 | 1,339 | 1.74 | |||||||||||||||||||||||||
Total consumer | 8,315 | 10.47 | 8,328 | 10.82 | |||||||||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||||||||
Total loans | 79,427 | 76,968 | |||||||||||||||||||||||||||
Allowance for loan losses | (524 | ) | (506 | ) | |||||||||||||||||||||||||
Deferred loan costs, net | 572 | 553 | |||||||||||||||||||||||||||
Net loans | $ | 79,475 | $ | 77,015 | |||||||||||||||||||||||||
Schedule of allowance for loan losses by portfolio segment | |||||||||||||||||||||||||||||
The following table sets forth information regarding the allowance for loan losses by portfolio segment as of and for the three months ended December 31, 2014 (unaudited): | |||||||||||||||||||||||||||||
Real Estate | Consumer | ||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | ||||||||||||||||||||||||||||
Owner | Non-Owner | ||||||||||||||||||||||||||||
(In thousands) | Occupied | Occupied | Commercial | Construction | Multifamily | Commercial | Home Equity | Other | Total | ||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 165 | $ | 101 | $ | 86 | $ | 17 | $ | 28 | $ | 25 | $ | 41 | $ | 43 | $ | 506 | |||||||||||
Charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Provision (benefit) | 9 | (5 | ) | 3 | 14 | — | — | (1 | ) | (2 | ) | 18 | |||||||||||||||||
Ending balance | $ | 174 | $ | 96 | $ | 89 | $ | 31 | $ | 28 | $ | 25 | $ | 40 | $ | 41 | $ | 524 | |||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | 174 | 96 | 89 | 31 | 28 | 25 | 40 | 41 | 524 | ||||||||||||||||||||
Total allowance for loan losses ending balance | $ | 174 | $ | 96 | $ | 89 | $ | 31 | $ | 28 | $ | 25 | $ | 40 | $ | 41 | $ | 524 | |||||||||||
Loans: | |||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | 34,770 | 14,793 | 12,749 | 3,093 | 2,819 | 2,888 | 6,911 | 1,404 | 79,427 | ||||||||||||||||||||
Total loans ending balance | $ | 34,770 | $ | 14,793 | $ | 12,749 | $ | 3,093 | $ | 2,819 | $ | 2,888 | $ | 6,911 | $ | 1,404 | $ | 79,427 | |||||||||||
The following table sets forth information regarding the allowance for loan losses by portfolio segment as of and for the three months ended December 31, 2013 (unaudited): | |||||||||||||||||||||||||||||
Real Estate | Consumer | ||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | ||||||||||||||||||||||||||||
Owner | Non-Owner | ||||||||||||||||||||||||||||
(In thousands) | Occupied | Occupied | Commercial | Construction | Multifamily | Commercial | Home Equity | Other | Total | ||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 178 | $ | 75 | $ | 81 | $ | 8 | $ | 17 | $ | 16 | $ | 31 | $ | 29 | $ | 435 | |||||||||||
Charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Provision (benefit) | (18 | ) | — | (3 | ) | (2 | ) | 5 | — | 4 | 3 | (11 | ) | ||||||||||||||||
Ending Balance | $ | 160 | $ | 75 | $ | 78 | $ | 6 | $ | 22 | $ | 16 | $ | 35 | $ | 32 | $ | 424 | |||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | 160 | 75 | 78 | 6 | 22 | 16 | 35 | 32 | 424 | ||||||||||||||||||||
Total allowance for loan losses ending balance | $ | 160 | $ | 75 | $ | 78 | $ | 6 | $ | 22 | $ | 16 | $ | 35 | $ | 32 | $ | 424 | |||||||||||
Loans: | |||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | 29,059 | 11,466 | 9,196 | 600 | 2,246 | 1,825 | 5,626 | 837 | 60,855 | ||||||||||||||||||||
Total loans ending balance | $ | 29,059 | $ | 11,466 | $ | 9,196 | $ | 600 | $ | 2,246 | $ | 1,825 | $ | 5,626 | $ | 837 | $ | 60,855 | |||||||||||
The following table sets forth information regarding the allowance for loan losses by portfolio segment as of and for the year ended September 30, 2014: | |||||||||||||||||||||||||||||
Real Estate | Consumer | ||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | ||||||||||||||||||||||||||||
Owner | Non-Owner | ||||||||||||||||||||||||||||
(In thousands) | Occupied | Occupied | Commercial | Construction | Multi-family | Commercial | Home Equity | Other | Total | ||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 178 | $ | 75 | $ | 81 | $ | 8 | $ | 17 | $ | 16 | $ | 31 | $ | 29 | $ | 435 | |||||||||||
Charge-offs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Recoveries | — | — | — | — | — | — | — | 2 | 2 | ||||||||||||||||||||
(Benefit) provision | (13 | ) | 26 | 5 | 9 | 11 | 9 | 10 | 12 | 69 | |||||||||||||||||||
Ending balance | $ | 165 | $ | 101 | $ | 86 | $ | 17 | $ | 28 | $ | 25 | $ | 41 | $ | 43 | $ | 506 | |||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | 165 | 101 | 86 | 17 | 28 | 25 | 41 | 43 | 506 | ||||||||||||||||||||
Total allowance for loan losses ending balance | $ | 165 | $ | 101 | $ | 86 | $ | 17 | $ | 28 | $ | 25 | $ | 41 | $ | 43 | $ | 506 | |||||||||||
Loans: | |||||||||||||||||||||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Ending balance: | |||||||||||||||||||||||||||||
Collectively evaluated for impairment | 33,179 | 15,475 | 12,473 | 1,736 | 2,837 | 2,940 | 6,989 | 1,339 | 76,968 | ||||||||||||||||||||
Total loans ending balance | $ | 33,179 | $ | 15,475 | $ | 12,473 | $ | 1,736 | $ | 2,837 | $ | 2,940 | $ | 6,989 | $ | 1,339 | $ | 76,968 | |||||||||||
Schedule of information regarding nonaccrual loans and past-due loans | |||||||||||||||||||||||||||||
The following table sets forth information regarding nonaccrual loans and past-due loans as of December 31, 2014 (unaudited): | |||||||||||||||||||||||||||||
90 Days | 90 Days or | ||||||||||||||||||||||||||||
30–59 Days | 60–89 Days | or More | Total | Total | Total | More Past Due | |||||||||||||||||||||||
(In thousands) | Past Due | Past Due | Past Due | Past Due | Current | Loans | and Accruing | Nonaccrual | |||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Residential | $ | — | $ | — | $ | — | $ | — | $ | 49,563 | $ | 49,563 | $ | — | $ | 188 | |||||||||||||
Commercial | — | — | — | — | 12,749 | 12,749 | — | — | |||||||||||||||||||||
Construction | — | — | — | — | 3,093 | 3,093 | — | — | |||||||||||||||||||||
Multi-family | — | — | — | — | 2,819 | 2,819 | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | 2,888 | 2,888 | — | — | |||||||||||||||||||||
Home equity | 46 | 208 | — | 254 | 6,657 | 6,911 | — | 20 | |||||||||||||||||||||
Other consumer | — | 1 | — | 1 | 1,403 | 1,404 | — | — | |||||||||||||||||||||
Total | $ | 46 | $ | 209 | $ | — | $ | 255 | $ | 79,172 | $ | 79,427 | $ | — | $ | 208 | |||||||||||||
The following table sets forth information regarding nonaccrual loans and past-due loans as of September 30, 2014: | |||||||||||||||||||||||||||||
90 Days | 90 Days or | ||||||||||||||||||||||||||||
30–59 Days | 60–89 Days | or More | Total | Total | Total | More Past Due | |||||||||||||||||||||||
(In thousands) | Past Due | Past Due | Past Due | Past Due | Current | Loans | and Accruing | Nonaccrual | |||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Residential | $ | 386 | $ | 34 | $ | — | $ | 420 | $ | 48,234 | $ | 48,654 | $ | — | $ | — | |||||||||||||
Commercial | — | — | — | — | 12,473 | 12,473 | — | — | |||||||||||||||||||||
Construction | — | — | — | — | 1,736 | 1,736 | — | — | |||||||||||||||||||||
Multi-family | — | 191 | — | 191 | 2,646 | 2,837 | — | — | |||||||||||||||||||||
Commercial | — | — | — | — | 2,940 | 2,940 | — | — | |||||||||||||||||||||
Home equity | 216 | — | — | 216 | 6,773 | 6,989 | — | 20 | |||||||||||||||||||||
Other consumer | — | 8 | — | 8 | 1,331 | 1,339 | — | — | |||||||||||||||||||||
Total | $ | 602 | $ | 233 | $ | — | $ | 835 | $ | 76,133 | $ | 76,968 | $ | — | $ | 20 | |||||||||||||
Schedule of loans by risk rating | |||||||||||||||||||||||||||||
The following table presents the Company’s loans by risk rating as of December 31, 2014 (unaudited): | |||||||||||||||||||||||||||||
Real Estate | Consumer | ||||||||||||||||||||||||||||
(In thousands) | Residential | Commercial | Construction | Multi Family | Commercial | Home Equity | Other | Total | |||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | 12,749 | $ | 3,093 | $ | 2,819 | $ | 2,713 | $ | — | $ | — | $ | 21,374 | |||||||||||||
Special mention | 220 | — | — | — | 175 | 26 | — | 421 | |||||||||||||||||||||
Substandard | — | — | — | — | — | 20 | — | 20 | |||||||||||||||||||||
Not formally rated | 49,343 | — | — | — | — | 6,865 | 1,404 | 57,612 | |||||||||||||||||||||
Total | $ | 49,563 | $ | 12,749 | $ | 3,093 | $ | 2,819 | $ | 2,888 | $ | 6,911 | $ | 1,404 | $ | 79,427 | |||||||||||||
The following table presents the Company’s loans by risk rating as of September 30, 2014: | |||||||||||||||||||||||||||||
Real Estate | Consumer | ||||||||||||||||||||||||||||
(In thousands) | Residential | Commercial | Construction | Multi Family | Commercial | Home Equity | Other | Total | |||||||||||||||||||||
September 30, 2014: | |||||||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | 12,473 | $ | 1,736 | $ | 2,837 | $ | 2,761 | $ | — | $ | — | $ | 19,807 | |||||||||||||
Special mention | 225 | — | — | — | 179 | 28 | — | 432 | |||||||||||||||||||||
Substandard | — | — | — | — | — | 20 | — | 20 | |||||||||||||||||||||
Not formally rated | 48,429 | — | — | — | — | 6,941 | 1,339 | 56,709 | |||||||||||||||||||||
Total | $ | 48,654 | $ | 12,473 | $ | 1,736 | $ | 2,837 | $ | 2,940 | $ | 6,989 | $ | 1,339 | $ | 76,968 | |||||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
Summary of assets measured at fair value on a recurring basis | |||||||||||||||||
(In thousands) | Total | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Other Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
December 31, 2014: | |||||||||||||||||
Securities available-for-sale: | |||||||||||||||||
U.S. Government and federal agency obligations | $ | 3,432 | $ | — | $ | 3,432 | $ | — | |||||||||
Taxable municipal securities | 305 | — | 305 | — | |||||||||||||
Asset-backed securities | 897 | — | 897 | — | |||||||||||||
Mortgage-backed securities | 11,845 | — | 11,845 | — | |||||||||||||
$ | 16,479 | $ | — | $ | 16,479 | $ | — | ||||||||||
September 30, 2014: | |||||||||||||||||
Securities available-for-sale: | |||||||||||||||||
U.S. Government and federal agency obligations | $ | 3,385 | $ | — | $ | 3,385 | $ | — | |||||||||
Taxable municipal securities | 299 | — | 299 | — | |||||||||||||
Asset-backed securities | 916 | — | 916 | — | |||||||||||||
Mortgage-backed securities | 12,038 | — | 12,038 | — | |||||||||||||
$ | 16,638 | $ | — | $ | 16,638 | $ | — | ||||||||||
Schedule of estimated fair values of financial instruments | |||||||||||||||||
December 31, 2014 (unaudited) | |||||||||||||||||
Carrying | Fair Value | ||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In Thousands) | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 4,645 | $ | 4,645 | $ | — | $ | — | $ | 4,645 | |||||||
Interest-bearing time deposits with other banks | 2,230 | — | — | 2,247 | 2,247 | ||||||||||||
Available-for-sale securities | 16,479 | — | 16,479 | — | 16,479 | ||||||||||||
Federal Home Loan Bank stock | 958 | 958 | — | — | 958 | ||||||||||||
Loans held-for-sale | 6,507 | 6,620 | — | — | 6,620 | ||||||||||||
Loans, net | 79,475 | — | — | 81,523 | 81,523 | ||||||||||||
Accrued interest receivable | 290 | 290 | — | — | 290 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | 87,234 | — | — | 87,467 | 87,467 | ||||||||||||
Federal Home Loan Bank advances | 16,410 | — | — | 16,410 | 16,410 | ||||||||||||
September 30, 2014 | |||||||||||||||||
Carrying | Fair Value | ||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In Thousands) | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 5,938 | $ | 5,938 | $ | — | $ | — | $ | 5,938 | |||||||
Interest-bearing time deposits with other banks | 1,985 | — | — | 1,986 | 1,986 | ||||||||||||
Available-for-sale securities | 16,638 | — | 16,638 | — | 16,638 | ||||||||||||
Federal Home Loan Bank stock | 754 | 754 | — | — | 754 | ||||||||||||
Loans held-for-sale | 2,727 | 2,753 | — | — | 2,753 | ||||||||||||
Loans, net | 77,015 | — | — | 77,749 | 77,749 | ||||||||||||
Accrued interest receivable | 273 | 273 | — | — | 273 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits | 87,483 | — | — | 87,769 | 87,769 | ||||||||||||
Federal Home Loan Bank advances | 10,953 | — | — | 10,933 | 10,933 | ||||||||||||
REGULATORY_CAPITAL_Tables
REGULATORY CAPITAL (Tables) | 3 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
REGULATORY CAPITAL | |||||||||||||||||
Schedule of actual capital amounts and ratios | |||||||||||||||||
To Be Well | |||||||||||||||||
Minimum | Capitalized Under | ||||||||||||||||
For Capital | Prompt Corrective | ||||||||||||||||
Actual | Adequacy Purposes | Action Provisions | |||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||
As of December 31, 2014 (unaudited): | |||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 8,269 | 13.2 | % | $ | 5,018 | 8.0 | % | $ | 6,273 | 10.0 | % | |||||
Tier 1 Capital (to Risk Weighted Assets) | 7,745 | 12.3 | 2,509 | 4.0 | 3,764 | 6.0 | |||||||||||
Tier 1 Capital (to Average Assets) | 7,745 | 7.9 | 3,938 | 4.0 | 4,922 | 5.0 | |||||||||||
As of September 30, 2014: | |||||||||||||||||
Total Capital (to Risk Weighted Assets) | $ | 8,172 | 13.3 | % | $ | 4,901 | 8.0 | % | $ | 6,126 | 10.0 | % | |||||
Tier 1 Capital (to Risk Weighted Assets) | 7,667 | 12.5 | 2,451 | 4.0 | 3,676 | 6.0 | |||||||||||
Tier 1 Capital (to Average Assets) | 7,667 | 8.1 | 3,787 | 4.0 | 4,733 | 5.0 | |||||||||||
OTHER_COMPREHENSIVE_LOSS_Table
OTHER COMPREHENSIVE LOSS (Tables) | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
OTHER COMPREHENSIVE LOSS | ||||||||
Schedule of the components of other comprehensive income (loss), included in stockholders' equity | ||||||||
Three months ended December 31, | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Unrealized gains (losses) on securities: | ||||||||
Net unrealized holding gain (loss) on available-for-sale securities | $ | 176 | $ | (63 | ) | |||
Reclassification adjustment for realized (gains) losses in net income | — | — | ||||||
176 | (63 | ) | ||||||
Income tax (expense) benefit | (67 | ) | 23 | |||||
Other comprehensive income (loss), net of tax | $ | 109 | $ | (40 | ) | |||
Schedule of the components of accumulated other comprehensive income (loss), included in stockholders' equity | ||||||||
2014 | 2013 | |||||||
(In Thousands) | ||||||||
Net unrealized gain (loss) on securities available-for-sale | $ | 176 | $ | (2 | ) | |||
Total accumulated other comprehensive income (loss) | $ | 176 | $ | (2 | ) | |||
BASIS_OF_PRESENTATION_Details
BASIS OF PRESENTATION (Details) (USD $) | 0 Months Ended | 1 Months Ended | ||
Nov. 19, 2012 | Dec. 31, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | |
BASIS OF PRESENTATION | ||||
Number of common stock sold (in shares) | 661,250 | 661,250 | 661,250 | |
Issue price of common stock (in dollars per share) | $10 | |||
ESOP | ||||
Employee stock ownership plan | ||||
Number of common stock purchased by employee stock purchase plan (in shares) | 27,700 | |||
Share purchased subsequent to initial public offering | 18,587 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
EARNINGS PER SHARE | ||
Net income (loss) | $25 | ($67) |
Average number of common shares issued | 663,930 | 661,250 |
Less: average unallocated ESOP shares | -40,050 | -45,975 |
Less: average unvested restricted stock awards | -18,519 | |
"Average number of common shares outstanding used to calculate basic earnings (loss) per | 605,361 | 615,275 |
Effect of dilutive shares | 2,546 | |
Average number of common shares outstanding used to calculate diluted earnings per share | 607,907 | 615,275 |
Basic earnings (loss) per share (in dollars per share) | $0.04 | ($0.11) |
Diluted earnings (loss) per share (in dollars per share) | $0.04 | ($0.11) |
INVESTMENTS_IN_AVAILABLEFORSAL2
INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Amortized cost and fair values of securities | |||
Amortized Cost Basis | $16,193 | $16,528 | |
Gross Unrealized Gains | 309 | 173 | |
Gross Unrealized Losses | 23 | 63 | |
Fair Value | 16,479 | 16,638 | |
Amortized Cost Basis | |||
Due after one year through five years | 750 | ||
Due after five years through ten years | 2,957 | ||
Asset-backed securities | 16,193 | 16,528 | |
Mortgage-backed securities | 11,605 | ||
Total | 16,193 | ||
Fair Value | |||
Due after one year through five years | 746 | ||
Due after five years through ten years | 2,991 | ||
Fair Value | 16,479 | 16,638 | |
Mortgage-backed securities | 11,845 | ||
Total | 16,479 | 16,638 | |
Available-for-sale securities sold | 0 | 0 | |
U.S. Government and federal agency obligations. | |||
Amortized cost and fair values of securities | |||
Amortized Cost Basis | 3,407 | 3,403 | |
Gross Unrealized Gains | 32 | 10 | |
Gross Unrealized Losses | 7 | 28 | |
Fair Value | 3,432 | 3,385 | |
Amortized Cost Basis | |||
Asset-backed securities | 3,407 | 3,403 | |
Fair Value | |||
Fair Value | 3,432 | 3,385 | |
Taxable municipal securities | |||
Amortized cost and fair values of securities | |||
Amortized Cost Basis | 300 | 301 | |
Gross Unrealized Gains | 5 | ||
Gross Unrealized Losses | 2 | ||
Fair Value | 305 | 299 | |
Amortized Cost Basis | |||
Asset-backed securities | 300 | 301 | |
Fair Value | |||
Fair Value | 305 | 299 | |
Asset-backed securities | |||
Amortized cost and fair values of securities | |||
Amortized Cost Basis | 881 | 911 | |
Gross Unrealized Gains | 16 | 5 | |
Fair Value | 897 | 916 | |
Amortized Cost Basis | |||
Asset-backed securities | 881 | 911 | |
Fair Value | |||
Fair Value | 897 | 916 | |
Mortgage-backed securities | |||
Amortized cost and fair values of securities | |||
Amortized Cost Basis | 11,605 | 11,913 | |
Gross Unrealized Gains | 256 | 158 | |
Gross Unrealized Losses | 16 | 33 | |
Fair Value | 11,845 | 12,038 | |
Amortized Cost Basis | |||
Asset-backed securities | 11,605 | 11,913 | |
Fair Value | |||
Fair Value | $11,845 | $12,038 |
INVESTMENTS_IN_AVAILABLEFORSAL3
INVESTMENTS IN AVAILABLE-FOR-SALE SECURITIES (Details 2) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value | ||
Less than 12 Months | $2,670 | $4,998 |
12 Months or Longer | 1,441 | 1,478 |
Total | 4,111 | 6,476 |
Unrealized Losses | ||
Less than 12 Months | 10 | 44 |
12 Months or Longer | 13 | 19 |
Total | 23 | 63 |
U.S. Government and federal agency obligations | ||
Fair Value | ||
Less than 12 Months | 843 | 1,445 |
12 Months or Longer | 746 | 744 |
Total | 1,589 | 2,189 |
Unrealized Losses | ||
Less than 12 Months | 4 | 22 |
12 Months or Longer | 3 | 6 |
Total | 7 | 28 |
Number of investments temporarily impaired | 1 | |
Taxable municipal securities | ||
Fair Value | ||
Less than 12 Months | 299 | |
Total | 299 | |
Unrealized Losses | ||
Less than 12 Months | 2 | |
Total | 2 | |
Mortgage-backed securities | ||
Fair Value | ||
Less than 12 Months | 1,827 | 3,254 |
12 Months or Longer | 695 | 734 |
Total | 2,522 | 3,988 |
Unrealized Losses | ||
Less than 12 Months | 6 | 20 |
12 Months or Longer | 10 | 13 |
Total | $16 | $33 |
Number of investments temporarily impaired | 4 |
LOANS_Details
LOANS (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||||
Loans | |||||
Loans, gross | $79,427 | $76,968 | $60,855 | ||
Loans, gross (as a percent) | 100.00% | 100.00% | |||
Allowance for loan losses | -524 | -506 | -435 | -424 | -435 |
Deferred loan costs, net | 572 | 553 | |||
Net loans | 79,475 | 77,015 | |||
Real estate loans | |||||
Loans | |||||
Loans, gross | 68,224 | 65,700 | |||
Loans, gross (as a percent) | 8589.00% | 85.36% | |||
Residential | |||||
Loans | |||||
Loans, gross | 49,563 | 48,654 | |||
Loans, gross (as a percent) | 62.40% | 63.21% | |||
Commercial real estate loans | |||||
Loans | |||||
Loans, gross | 12,749 | 12,473 | |||
Loans, gross (as a percent) | 16.05% | 16.20% | |||
Real estate loans: Construction | |||||
Loans | |||||
Loans, gross | 3,093 | 1,736 | |||
Loans, gross (as a percent) | 3.89% | 2.26% | |||
Multi-family | |||||
Loans | |||||
Loans, gross | 2,819 | 2,837 | |||
Loans, gross (as a percent) | 3.55% | 3.69% | |||
Commercial business loans and leases | |||||
Loans | |||||
Loans, gross | 2,888 | 2,940 | |||
Loans, gross (as a percent) | 3.64% | 3.82% | |||
Closed-end consumer loans | |||||
Loans | |||||
Loans, gross | 8,315 | 8,328 | |||
Loans, gross (as a percent) | 10.47% | 10.82% | |||
Home equity | |||||
Loans | |||||
Loans, gross | 6,911 | 6,989 | |||
Loans, gross (as a percent) | 8.70% | 9.08% | |||
Consumer | |||||
Loans | |||||
Loans, gross | 1,404 | 1,339 | |||
Loans, gross (as a percent) | 1.77% | 1.74% | |||
1-4 Family Owner Occupied | |||||
Loans | |||||
Loans, gross | 34,770 | 33,179 | 29,059 | ||
Allowance for loan losses | -174 | -165 | -178 | -160 | -178 |
1-4 Family Non-Owner Occupied | |||||
Loans | |||||
Loans, gross | 14,793 | 15,475 | 11,466 | ||
Allowance for loan losses | -96 | -101 | -75 | -75 | -75 |
Commercial real estate loans | |||||
Loans | |||||
Loans, gross | 12,749 | 12,473 | 9,196 | ||
Allowance for loan losses | -89 | -86 | -81 | -78 | -81 |
Real estate loans: Construction | |||||
Loans | |||||
Loans, gross | 3,093 | 1,736 | 600 | ||
Allowance for loan losses | -31 | -17 | -8 | -6 | -8 |
Multi-family | |||||
Loans | |||||
Loans, gross | 2,819 | 2,837 | 2,246 | ||
Allowance for loan losses | -28 | -28 | -17 | -22 | -17 |
Commercial business loans and leases | |||||
Loans | |||||
Loans, gross | 2,888 | 2,940 | 1,825 | ||
Allowance for loan losses | -25 | -25 | -16 | -16 | -16 |
Home equity | |||||
Loans | |||||
Loans, gross | 6,911 | 6,989 | 5,626 | ||
Allowance for loan losses | -40 | -41 | -31 | -35 | -31 |
Consumer | |||||
Loans | |||||
Loans, gross | 1,404 | 1,339 | 837 | ||
Allowance for loan losses | -41 | -43 | -29 | -32 | -29 |
Pass | |||||
Loans | |||||
Loans, gross | 21,374 | 19,807 | |||
Pass | Commercial real estate loans | |||||
Loans | |||||
Loans, gross | 12,749 | 12,473 | |||
Pass | Real estate loans: Construction | |||||
Loans | |||||
Loans, gross | 3,093 | 1,736 | |||
Pass | Multi-family | |||||
Loans | |||||
Loans, gross | 2,819 | 2,837 | |||
Pass | Commercial business loans and leases | |||||
Loans | |||||
Loans, gross | 2,713 | 2,761 | |||
Special Mention | |||||
Loans | |||||
Loans, gross | 421 | 432 | |||
Special Mention | Residential | |||||
Loans | |||||
Loans, gross | 220 | 225 | |||
Special Mention | Commercial business loans and leases | |||||
Loans | |||||
Loans, gross | 175 | 179 | |||
Special Mention | Home equity | |||||
Loans | |||||
Loans, gross | 26 | 28 | |||
Substandard | |||||
Loans | |||||
Loans, gross | 20 | 20 | |||
Substandard | Home equity | |||||
Loans | |||||
Loans, gross | 20 | 20 | |||
Not formally rated | |||||
Loans | |||||
Loans, gross | 57,612 | 56,709 | |||
Not formally rated | Residential | |||||
Loans | |||||
Loans, gross | 49,343 | 48,429 | |||
Not formally rated | Home equity | |||||
Loans | |||||
Loans, gross | 6,865 | 6,941 | |||
Not formally rated | Consumer | |||||
Loans | |||||
Loans, gross | $1,404 | $1,339 |
LOANS_Details_2
LOANS (Details 2) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
Allowance for loan losses: | ||||
Beginning balance | $506 | $435 | $435 | |
Recoveries | 2 | |||
Provision (benefit) | 18 | 69 | -11 | |
Ending balance | 524 | 506 | 424 | |
Allowance for loan losses: | ||||
Ending balance: Collectively evaluated for impairment | 524 | 506 | 424 | |
Total allowance for loan losses ending balance | 524 | 506 | 424 | |
Loans: | ||||
Ending balance: Collectively evaluated for impairment | 79,427 | 76,968 | 60,855 | |
Total loans ending balance | 79,427 | 76,968 | 60,855 | |
1-4 Family Owner Occupied | ||||
Allowance for loan losses: | ||||
Beginning balance | 165 | 178 | 178 | |
Provision (benefit) | 9 | -13 | -18 | |
Ending balance | 174 | 165 | 160 | |
Allowance for loan losses: | ||||
Ending balance: Collectively evaluated for impairment | 174 | 165 | 160 | |
Total allowance for loan losses ending balance | 174 | 165 | 160 | |
Loans: | ||||
Ending balance: Collectively evaluated for impairment | 34,770 | 33,179 | 29,059 | |
Total loans ending balance | 34,770 | 33,179 | 29,059 | |
1-4 Family Non-Owner Occupied | ||||
Allowance for loan losses: | ||||
Beginning balance | 101 | 75 | 75 | |
Provision (benefit) | -5 | 26 | ||
Ending balance | 96 | 101 | 75 | 75 |
Allowance for loan losses: | ||||
Ending balance: Collectively evaluated for impairment | 96 | 101 | 75 | |
Total allowance for loan losses ending balance | 96 | 101 | 75 | 75 |
Loans: | ||||
Ending balance: Collectively evaluated for impairment | 14,793 | 15,475 | 11,466 | |
Total loans ending balance | 14,793 | 15,475 | 11,466 | |
Commercial real estate loans | ||||
Allowance for loan losses: | ||||
Beginning balance | 86 | 81 | 81 | |
Provision (benefit) | 3 | 5 | -3 | |
Ending balance | 89 | 86 | 78 | |
Allowance for loan losses: | ||||
Ending balance: Collectively evaluated for impairment | 89 | 86 | 78 | |
Total allowance for loan losses ending balance | 89 | 86 | 78 | |
Loans: | ||||
Ending balance: Collectively evaluated for impairment | 12,749 | 12,473 | 9,196 | |
Total loans ending balance | 12,749 | 12,473 | 9,196 | |
Real estate loans: Construction | ||||
Allowance for loan losses: | ||||
Beginning balance | 17 | 8 | 8 | |
Provision (benefit) | 14 | 9 | -2 | |
Ending balance | 31 | 17 | 6 | |
Allowance for loan losses: | ||||
Ending balance: Collectively evaluated for impairment | 31 | 17 | 6 | |
Total allowance for loan losses ending balance | 31 | 17 | 6 | |
Loans: | ||||
Ending balance: Collectively evaluated for impairment | 3,093 | 1,736 | 600 | |
Total loans ending balance | 3,093 | 1,736 | 600 | |
Multi-family | ||||
Allowance for loan losses: | ||||
Beginning balance | 17 | 17 | ||
Provision (benefit) | 11 | 5 | ||
Ending balance | 28 | 28 | 22 | |
Allowance for loan losses: | ||||
Ending balance: Collectively evaluated for impairment | 28 | 28 | 22 | |
Total allowance for loan losses ending balance | 28 | 28 | 22 | |
Loans: | ||||
Ending balance: Collectively evaluated for impairment | 2,819 | 2,837 | 2,246 | |
Total loans ending balance | 2,819 | 2,837 | 2,246 | |
Commercial business loans and leases | ||||
Allowance for loan losses: | ||||
Beginning balance | 16 | 16 | ||
Provision (benefit) | 9 | |||
Ending balance | 25 | 25 | 16 | 16 |
Allowance for loan losses: | ||||
Ending balance: Collectively evaluated for impairment | 25 | 25 | 16 | |
Total allowance for loan losses ending balance | 25 | 25 | 16 | 16 |
Loans: | ||||
Ending balance: Collectively evaluated for impairment | 2,888 | 2,940 | 1,825 | |
Total loans ending balance | 2,888 | 2,940 | 1,825 | |
Home equity | ||||
Allowance for loan losses: | ||||
Beginning balance | 41 | 31 | 31 | |
Provision (benefit) | -1 | 10 | 4 | |
Ending balance | 40 | 41 | 35 | |
Allowance for loan losses: | ||||
Ending balance: Collectively evaluated for impairment | 40 | 41 | 35 | |
Total allowance for loan losses ending balance | 40 | 41 | 35 | |
Loans: | ||||
Ending balance: Collectively evaluated for impairment | 6,911 | 6,989 | 5,626 | |
Total loans ending balance | 6,911 | 6,989 | 5,626 | |
Consumer | ||||
Allowance for loan losses: | ||||
Beginning balance | 43 | 29 | 29 | |
Recoveries | 2 | |||
Provision (benefit) | -2 | 12 | 3 | |
Ending balance | 41 | 43 | 32 | |
Allowance for loan losses: | ||||
Ending balance: Collectively evaluated for impairment | 41 | 43 | 32 | |
Total allowance for loan losses ending balance | 41 | 43 | 32 | |
Loans: | ||||
Ending balance: Collectively evaluated for impairment | 1,404 | 1,339 | 837 | |
Total loans ending balance | $1,404 | $1,339 | $837 |
LOANS_Details_3
LOANS (Details 3) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
item | item | item | |
Nonaccrual loans and past due loans | |||
30 - 59 Days | $46 | $602 | |
60 - 89 Days | 209 | 233 | |
Total Past Due | 255 | 835 | |
Total Current | 79,427 | 76,133 | |
Total loans ending balance | 79,427 | 60,855 | 76,968 |
Total Non Accrual | 208 | 20 | |
Number of loans categorized as impaired | 0 | 0 | |
Number of loans modified | 0 | 0 | |
Residential | |||
Nonaccrual loans and past due loans | |||
30 - 59 Days | 386 | ||
60 - 89 Days | 34 | ||
Total Past Due | 420 | ||
Total Current | 49,563 | 48,234 | |
Total loans ending balance | 49,563 | 48,654 | |
Total Non Accrual | 188 | ||
Commercial real estate loans | |||
Nonaccrual loans and past due loans | |||
Total Current | 12,749 | 12,473 | |
Total loans ending balance | 12,749 | 12,473 | |
Real estate loans: Construction | |||
Nonaccrual loans and past due loans | |||
Total Current | 3,093 | 1,736 | |
Total loans ending balance | 3,093 | 1,736 | |
Multi-family | |||
Nonaccrual loans and past due loans | |||
60 - 89 Days | 191 | ||
Total Past Due | 191 | ||
Total Current | 2,819 | 2,646 | |
Total loans ending balance | 2,819 | 2,837 | |
Commercial business loans and leases | |||
Nonaccrual loans and past due loans | |||
Total Current | 2,888 | 2,940 | |
Total loans ending balance | 2,888 | 2,940 | |
Home equity | |||
Nonaccrual loans and past due loans | |||
30 - 59 Days | 46 | 216 | |
60 - 89 Days | 208 | ||
Total Past Due | 254 | 216 | |
Total Current | 6,911 | 6,773 | |
Total loans ending balance | 6,911 | 6,989 | |
Total Non Accrual | 20 | 20 | |
Consumer | |||
Nonaccrual loans and past due loans | |||
60 - 89 Days | 1 | 8 | |
Total Past Due | 1 | 8 | |
Total Current | 1,404 | 1,331 | |
Total loans ending balance | $1,404 | $1,339 |
LOANS_Details_4
LOANS (Details 4) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | item | ||
Internal Loan Rating System | |||
Grade assigned in internal loan rating system | 8 | ||
Loans by risk rating | |||
Loans | $79,427 | $76,968 | $60,855 |
Pass | |||
Loans by risk rating | |||
Loans | 21,374 | 19,807 | |
Special Mention | |||
Loans by risk rating | |||
Loans | 421 | 432 | |
Substandard | |||
Loans by risk rating | |||
Loans | 20 | 20 | |
Not formally rated | |||
Loans by risk rating | |||
Loans | 57,612 | 56,709 | |
Residential | |||
Loans by risk rating | |||
Loans | 49,563 | 48,654 | |
Residential | Special Mention | |||
Loans by risk rating | |||
Loans | 220 | 225 | |
Residential | Not formally rated | |||
Loans by risk rating | |||
Loans | 49,343 | 48,429 | |
Commercial real estate loans | |||
Loans by risk rating | |||
Loans | 12,749 | 12,473 | |
Commercial real estate loans | Pass | |||
Loans by risk rating | |||
Loans | 12,749 | 12,473 | |
Real estate loans: Construction | |||
Loans by risk rating | |||
Loans | 3,093 | 1,736 | |
Real estate loans: Construction | Pass | |||
Loans by risk rating | |||
Loans | 3,093 | 1,736 | |
Multi-family | |||
Loans by risk rating | |||
Loans | 2,819 | 2,837 | |
Multi-family | Pass | |||
Loans by risk rating | |||
Loans | 2,819 | 2,837 | |
Commercial business loans and leases | |||
Loans by risk rating | |||
Loans | 2,888 | 2,940 | |
Commercial business loans and leases | Pass | |||
Loans by risk rating | |||
Loans | 2,713 | 2,761 | |
Commercial business loans and leases | Special Mention | |||
Loans by risk rating | |||
Loans | 175 | 179 | |
Home equity | |||
Loans by risk rating | |||
Loans | 6,911 | 6,989 | |
Home equity | Special Mention | |||
Loans by risk rating | |||
Loans | 26 | 28 | |
Home equity | Substandard | |||
Loans by risk rating | |||
Loans | 20 | 20 | |
Home equity | Not formally rated | |||
Loans by risk rating | |||
Loans | 6,865 | 6,941 | |
Consumer | |||
Loans by risk rating | |||
Loans | 1,404 | 1,339 | |
Consumer | Not formally rated | |||
Loans by risk rating | |||
Loans | $1,404 | $1,339 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
FAIR VALUE MEASUREMENTS | |||
Fair value adjustments on loans held-for-sale | $0 | $0 | |
Fair value measurements | |||
Securities available-for-sale | 16,479 | 16,638 | |
U.S. Government and federal agency obligations. | |||
Fair value measurements | |||
Securities available-for-sale | 3,432 | 3,385 | |
Taxable municipal securities | |||
Fair value measurements | |||
Securities available-for-sale | 305 | 299 | |
Asset-backed securities | |||
Fair value measurements | |||
Securities available-for-sale | 897 | 916 | |
Mortgage-backed securities | |||
Fair value measurements | |||
Securities available-for-sale | 11,845 | 12,038 | |
Level 2 | |||
Fair value measurements | |||
Securities available-for-sale | 16,479 | 16,638 | |
Recurring basis | Total | |||
Fair value measurements | |||
Securities available-for-sale | 16,479 | 16,638 | |
Recurring basis | Total | U.S. Government and federal agency obligations | |||
Fair value measurements | |||
Securities available-for-sale | 3,432 | 3,385 | |
Recurring basis | Total | Taxable municipal securities | |||
Fair value measurements | |||
Securities available-for-sale | 305 | 299 | |
Recurring basis | Total | Asset-backed securities | |||
Fair value measurements | |||
Securities available-for-sale | 897 | 916 | |
Recurring basis | Total | Mortgage-backed securities | |||
Fair value measurements | |||
Securities available-for-sale | 11,845 | 12,038 | |
Recurring basis | Level 2 | |||
Fair value measurements | |||
Securities available-for-sale | 16,479 | 16,638 | |
Recurring basis | Level 2 | U.S. Government and federal agency obligations | |||
Fair value measurements | |||
Securities available-for-sale | 3,432 | 3,385 | |
Recurring basis | Level 2 | Taxable municipal securities | |||
Fair value measurements | |||
Securities available-for-sale | 305 | 299 | |
Recurring basis | Level 2 | Asset-backed securities | |||
Fair value measurements | |||
Securities available-for-sale | 897 | 916 | |
Recurring basis | Level 2 | Mortgage-backed securities | |||
Fair value measurements | |||
Securities available-for-sale | $11,845 | $12,038 |
FAIR_VALUE_MEASUREMENTS_Detail1
FAIR VALUE MEASUREMENTS (Details 2) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ||||
Cash and cash equivalents | $4,645 | $5,938 | $2,467 | $4,713 |
Interest-bearing time deposits with other banks | 2,230 | 1,985 | ||
Available-for-sale securities | 16,479 | 16,638 | ||
Federal Home Loan Bank stock | 958 | 754 | ||
Accrued interest receivable | 290 | 273 | ||
Financial liabilities: | ||||
Assets measured at fair value on a nonrecurring basis | 0 | 0 | ||
Level 1 | ||||
Financial assets: | ||||
Cash and cash equivalents | 4,645 | 5,938 | ||
Federal Home Loan Bank stock | 958 | 754 | ||
Loans held-for-sale | 6,620 | 2,753 | ||
Accrued interest receivable | 290 | 273 | ||
Level 2 | ||||
Financial assets: | ||||
Available-for-sale securities | 16,479 | 16,638 | ||
Level 3 | ||||
Financial assets: | ||||
Interest-bearing time deposits with other banks | 2,247 | 1,986 | ||
Loans, net | 81,523 | 77,749 | ||
Financial liabilities: | ||||
Deposits | 87,467 | 87,769 | ||
Federal Home Loan Bank advances | 16,410 | 10,933 | ||
Carrying Amount | ||||
Financial assets: | ||||
Cash and cash equivalents | 4,645 | 5,938 | ||
Interest-bearing time deposits with other banks | 2,230 | 1,985 | ||
Available-for-sale securities | 16,479 | 16,638 | ||
Federal Home Loan Bank stock | 958 | 754 | ||
Loans held-for-sale | 6,507 | 2,727 | ||
Loans, net | 79,475 | 77,015 | ||
Accrued interest receivable | 290 | 273 | ||
Financial liabilities: | ||||
Deposits | 87,234 | 87,483 | ||
Federal Home Loan Bank advances | 16,410 | 10,953 | ||
Total | ||||
Financial assets: | ||||
Cash and cash equivalents | 4,645 | 5,938 | ||
Interest-bearing time deposits with other banks | 2,247 | 1,986 | ||
Available-for-sale securities | 16,479 | 16,638 | ||
Federal Home Loan Bank stock | 958 | 754 | ||
Loans held-for-sale | 6,620 | 2,753 | ||
Loans, net | 81,523 | 77,749 | ||
Accrued interest receivable | 290 | 273 | ||
Financial liabilities: | ||||
Deposits | 87,467 | 87,769 | ||
Federal Home Loan Bank advances | $16,410 | $10,933 |
REGULATORY_CAPITAL_Details
REGULATORY CAPITAL (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 |
Total Capital (to Risk Weighted Assets) | ||
Actual Amount | 8,269 | $8,172 |
Actual Ratio (as a percent) | 13.20% | 13.30% |
Minimum For Capital Adequacy Purposes Amount | 5,018 | 4,901 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 6,273 | 6,126 |
Tier 1 Capital (to Risk Weighted Assets) | ||
Actual Amount | 7,745 | 7,667 |
Actual Ratio (as a percent) | 12.30% | 12.50% |
Minimum For Capital Adequacy Purposes Amount | 2,509 | 2,451 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 3,764 | 3,676 |
Tier 1 Capital (to Average Assets) | ||
Actual Amount | 7,745 | 7,667 |
Actual Ratio (as a percent) | 7.90% | 8.10% |
Minimum For Capital Adequacy Purposes Amount | 3,938 | 3,787 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 4,922 | $4,733 |
Basel III | ||
Capital Conservation Buffer | ||
Initial conservation buffer risk weighted asset (as a percent) | 0.63% | |
Subsequent annual increase conservation buffer risk weighted asset (as a percent) | 0.63% | |
Final conservation buffer risk weighted asset (as a percent) | 2.50% | |
Minimum | ||
Total Capital (to Risk Weighted Assets) | ||
Minimum For Capital Adequacy Purposes Ratio (as a percent) | 8.00% | 8.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (as a percent) | 10.00% | 10.00% |
Tier 1 Capital (to Risk Weighted Assets) | ||
Minimum For Capital Adequacy Purposes Ratio (as a percent) | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (as a percent) | 6.00% | 6.00% |
Tier 1 Capital (to Average Assets) | ||
Minimum For Capital Adequacy Purposes Ratio (as a percent) | 4.00% | 4.00% |
To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio (as a percent) | 5.00% | 5.00% |
Minimum | Basel III | ||
Total Capital (to Risk Weighted Assets) | ||
Minimum For Capital Adequacy Purposes Ratio (as a percent) | 4.50% | |
Tier 1 Capital (to Risk Weighted Assets) | ||
Minimum For Capital Adequacy Purposes Ratio (as a percent) | 4.00% | |
Maximum | Basel III | ||
Total Capital (to Risk Weighted Assets) | ||
Minimum For Capital Adequacy Purposes Ratio (as a percent) | 6.00% |
OTHER_COMPREHENSIVE_LOSS_Detai
OTHER COMPREHENSIVE LOSS (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Unrealized gains (losses) on securities: | |||
Net unrealized holding gain (loss) on available-for-sale securities | $176 | ($63) | |
Other comprehensive income (loss), before tax | 176 | -63 | |
Income tax (expense) benefit | -67 | 23 | |
Other comprehensive income (loss), net of tax | 109 | -40 | |
Components of accumulated other comprehensive income, included in stockholders' equity | |||
Net unrealized gain on securities available-for-sale, net of tax | 176 | -2 | |
Total accumulated other comprehensive income (loss) | $176 | ($2) | $67 |
EMPLOYEE_STOCK_OWNERSHIP_PLAN_1
EMPLOYEE STOCK OWNERSHIP PLAN ("ESOP") (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | ||
Nov. 19, 2012 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | |
Employee stock ownership plan | |||||
Number of shares of common stock sold | 661,250 | 661,250 | 661,250 | ||
Issue price of common stock (in dollars per share) | $10 | ||||
ESOP | |||||
Employee stock ownership plan | |||||
Number of common stock purchased by employee stock purchase plan (in shares) | 27,700 | ||||
Share purchased subsequent to initial public offering | 18,587 | ||||
Loan for stock purchase as a percentage of aggregate purchase price of common stock | 100.00% | ||||
Term of ESOP loan | 6 years | ||||
Remaining principal balance | $332,000 | ||||
Shares held by the ESOP | 46,287 | ||||
Total compensation expense | $25,000 | $23,000 |
EQUITY_INCENTIVE_PLAN_Details
EQUITY INCENTIVE PLAN (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Apr. 15, 2014 | Aug. 19, 2014 |
EQUITY INCENTIVE PLAN | |||
Compensation expense | $19,000 | ||
Tax benefit from share based compensation | 6,000 | ||
Unrecognized compensation expense for non-vested restricted stock | $201,000 | ||
Remaining weighted-average vesting period for unrecognized compensation expense for non-vested restricted stock | 2 years 7 months 6 days | ||
Equity Incentive Plan 2014 | |||
EQUITY INCENTIVE PLAN | |||
Total number of shares that can be awarded | 92,575 | ||
Number of shares that can be granted | 0 | ||
Number of shares forfeiture | 0 | ||
Equity Incentive Plan 2014 | Restricted Stock | |||
EQUITY INCENTIVE PLAN | |||
Number of shares that can be granted | 26,450 | ||
Equity Incentive Plan 2014 | Stock Option | |||
EQUITY INCENTIVE PLAN | |||
Number of options that can be granted | 66,125 | ||
Equity Incentive Plan 2014 | Executive officer and director | |||
EQUITY INCENTIVE PLAN | |||
Number of shares that can be granted | 18,519 |