Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2018 | Feb. 11, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | MALVERN BANCORP, INC. | |
Entity Central Index Key | 1,550,603 | |
Document Type | 10-Q | |
Trading Symbol | MLVF | |
Document Period End Date | Dec. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 7,774,594 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,019 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
ASSETS | ||
Cash and due from depository institutions | $ 1,377 | $ 1,563 |
Interest bearing deposits in depository institutions | 98,499 | 29,271 |
Cash and Cash Equivalents | 99,876 | 30,834 |
Investment securities available for sale, at fair value (amortized cost of $19,768 and $24,804, respectively) | 19,231 | 24,298 |
Investment securities held to maturity (fair value of $28,557 and $28,968, respectively) | 29,323 | 30,092 |
Restricted stock, at cost | 9,493 | 8,537 |
Loans receivable, net of allowance for loan losses of $9,247 and $9,021, respectively | 924,639 | 902,136 |
Other real estate owned | 5,796 | |
Accrued interest receivable | 3,724 | 3,800 |
Property and equipment, net | 7,067 | 7,181 |
Deferred income taxes | 3,367 | 3,195 |
Bank-owned life insurance | 19,524 | 19,403 |
Other assets | 6,452 | 4,475 |
Total Assets | 1,128,492 | 1,033,951 |
Deposits: | ||
Deposits-noninterest-bearing | 39,734 | 41,677 |
Deposits-interest-bearing | 803,466 | 732,486 |
Total Deposits | 843,200 | 774,163 |
FHLB advances | 118,000 | 118,000 |
Other short-term borrowings | 2,500 | |
Subordinated debt | 24,500 | 24,461 |
Advances from borrowers for taxes and insurance | 2,142 | 1,305 |
Accrued interest payable | 1,251 | 784 |
Other liabilities | 3,720 | 1,915 |
Total Liabilities | 992,813 | 923,128 |
Commitments and Contingencies | ||
Shareholders' Equity | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued | ||
Common stock, $0.01 par value, 50,000,000 shares authorized, issued and outstanding: 7,774,594 at December 31, 2018 and 6,580,879 shares at September 30, 2018 | 78 | 66 |
Additional paid-in-capital | 84,481 | 61,099 |
Retained earnings | 52,423 | 50,412 |
Unearned Employee Stock Ownership Plan (ESOP) shares | (1,302) | (1,338) |
Accumulated other comprehensive (loss) income | (1) | 584 |
Total Shareholders' Equity | 135,679 | 110,823 |
Total Liabilities and Shareholders' Equity | $ 1,128,492 | $ 1,033,951 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Statement Of Financial Position [Abstract] | ||
Investment securities available for sale, amortized cost | $ 19,768 | $ 24,804 |
Investment securities held to maturity, fair value | 28,557 | 28,968 |
Allowance for loan losses | $ 9,247 | $ 9,021 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized | 50,000,000 | 50,000,000 |
Common stock, issued | 7,774,594 | 6,580,879 |
Common stock, outstanding | 7,774,594 | 6,580,879 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Interest and Dividend Income | ||
Loans, including fees | $ 10,095 | $ 8,701 |
Investment securities, taxable | 251 | 230 |
Investment securities, tax-exempt | 61 | 65 |
Dividends, restricted stock | 133 | 69 |
Interest-bearing cash accounts | 372 | 446 |
Total Interest and Dividend Income | 10,912 | 9,511 |
Interest Expense | ||
Deposits | 2,944 | 2,155 |
Short-term borrowings | 5 | 19 |
Long-term borrowings | 633 | 563 |
Subordinated Debt | 383 | 392 |
Total Interest Expense | 3,965 | 3,129 |
Net Interest Income | 6,947 | 6,382 |
Provision for Loan Losses | 1,453 | |
Net Interest Income after Provision for Loan losses | 5,494 | 6,382 |
Other Income | ||
Service charges and other fees | 940 | 271 |
Rental income - other | 67 | 66 |
Net gains on sale of real estate | 1,186 | |
Net gains on sale of loans | 18 | 67 |
Earnings on bank-owned life insurance | 121 | 121 |
Total Other Income | 1,146 | 1,711 |
Other Expenses | ||
Salaries and employee benefits | 2,008 | 1,990 |
Occupancy expense | 539 | 562 |
Federal deposit insurance premium | 69 | 76 |
Advertising | 30 | 54 |
Data processing | 254 | 278 |
Professional fees | 499 | 788 |
Other real estate owned expense, net | 21 | |
Other operating expenses | 674 | 723 |
Total Other Expenses | 4,094 | 4,471 |
Income before income tax expense | 2,546 | 3,622 |
Income tax expense | 535 | 3,219 |
Net Income | $ 2,011 | $ 403 |
Earnings Per Common Share: | ||
Basic | $ 0.27 | $ 0.06 |
Diluted | $ 0.27 | $ 0.06 |
Weighted Average Common Shares Outstanding: | ||
Basic | 7,555,810 | 6,445,264 |
Diluted | 7,555,969 | 6,450,513 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net Income | $ 2,011 | $ 403 |
Other Comprehensive Income (Loss), Net of Tax: | ||
Unrealized holding losses on available-for-sale securities | (33) | (83) |
Tax effect | 7 | 25 |
Net of tax amount | (26) | (58) |
Accretion of unrealized holding losses on securites transferred from available-for-sale to held-to-maturity | 2 | 2 |
Tax effect | (1) | (1) |
Net of tax amount | 1 | 1 |
Fair value adjustments on derivatives | (710) | 242 |
Tax effect | 150 | (23) |
Net of tax amount | (560) | 219 |
Total other comprehensive (loss), income | (585) | 162 |
Total comprehensive income | $ 1,426 | $ 565 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Unearned ESOP Shares [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at beginning at Sep. 30, 2017 | $ 102,520 | $ 66 | $ 60,736 | $ 43,139 | $ (1,483) | $ 62 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 403 | 403 | ||||
Other comprehensive income | 162 | 162 | ||||
Committed to be released ESOP shares (3,600 shares) | 96 | 60 | 36 | |||
Stock based compensation | 15 | 15 | ||||
Balance at ending at Dec. 31, 2017 | 103,196 | 66 | 60,811 | 43,542 | (1,447) | 224 |
Balance at beginning at Sep. 30, 2018 | 110,823 | 66 | 61,099 | 50,412 | (1,338) | 584 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 2,011 | 2,011 | ||||
Other comprehensive income | (585) | (585) | ||||
Stock issuance (net of issuance of proceeds of $25,000) | 23,344 | 12 | 23,332 | |||
Committed to be released ESOP shares (3,600 shares) | 72 | 36 | 36 | |||
Stock based compensation | 14 | 14 | ||||
Balance at ending at Dec. 31, 2018 | $ 135,679 | $ 78 | $ 84,481 | $ 52,423 | $ (1,302) | $ (1) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) | 3 Months Ended |
Dec. 31, 2018USD ($)shares | |
Statement Of Stockholders Equity [Abstract] | |
Committed to be released ESOP shares | shares | 3,600 |
Proceeds from net of issuance cost | $ | $ 25,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities | ||
Net Income | $ 2,011 | $ 403 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 191 | 187 |
Provision for Loan Losses | 1,453 | |
Deferred income tax (benefit) expense | (295) | 2,849 |
ESOP expense | 72 | 96 |
Stock based compensation | 14 | 15 |
Amortization of premiums and discounts on investments securities, net | 269 | 294 |
(Accretion) amortization of loan origination fees and costs | (192) | 8 |
Amortization of mortgage servicing rights | 10 | 13 |
Net gain on sale of real estate | (1,186) | |
Net gain on sale of secondary market loans | (18) | (67) |
Proceeds from sale of secondary market loans | 1,544 | 5,112 |
Originations of secondary market loans | (1,525) | (5,045) |
Earnings on bank-owned life insurance | (121) | (121) |
Decrease (increase) in accrued interest receivable | 76 | (205) |
Increase in accrued interest payable | 467 | 405 |
Increase in other liabilities | 1,805 | 1,981 |
Increase in other assets | (2,419) | (367) |
Amortization of subordinate debt | 39 | 39 |
Net Cash Provided by Operating Activities | 3,381 | 4,411 |
Investment securities available-for-sale: | ||
Purchases | (5,000) | (30,140) |
Sales | 25 | |
Maturities, calls and principal repayments | 10,000 | 123 |
Investment securities held-to-maturity: | ||
Maturities, calls and principal repayments | 512 | 747 |
(Loan originations) and principal collections, net | (29,560) | 27,559 |
Net increase in restricted stock | (956) | (371) |
Proceeds from sale of real estate | 1,315 | |
Purchase of property and equipment | (78) | (183) |
Net Cash Used in Investing Activities | (25,057) | (950) |
Cash Flows from Financing Activities | ||
Net increase in deposits | 69,037 | 6,703 |
Proceeds for long-term borrowings | 30,000 | 35,000 |
Repayment of long-term borrowings | (30,000) | (35,000) |
Repayment of other borrowed money | (2,500) | |
Increase in advances from borrowers for taxes and insurance | 837 | 1,342 |
Net proceeds from issuance of common stock | 23,344 | |
Net Cash Provided by Financing Activities | 90,718 | 8,045 |
Net Increase in Cash and Cash Equivalents | 69,042 | 11,506 |
Cash and Cash Equivalents - Beginning | 30,834 | 117,136 |
Cash and Cash Equivalents - Ending | 99,876 | 128,642 |
Supplemental Cash Flows Information | ||
Interest paid | 3,498 | $ 2,724 |
Income taxes paid | 163 | |
Non-cash transfer to other real estate owned | $ 5,796 |
The Company
The Company | 3 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
The Company | Note 1 – The Company Malvern Bancorp, Inc. (the “Company” or “Malvern Bancorp”), a Pennsylvania corporation, is a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the “Holding Company Act”). Malvern Bancorp is the holding company for Malvern Bank, National Association (“Malvern Bank” or the “Bank”), a national bank that was originally organized in 1887 as a federally-chartered savings bank. Malvern Bank now serves as one of the oldest banks headquartered on the Philadelphia Main Line. For more than a century, the Bank has been committed to helping people build prosperous communities as a trusted financial partner, forging lasting relationships through teamwork, respect and integrity. Effective February 12, 2018, the Bank converted from a federal savings bank charter to a national bank charter and Malvern Bancorp converted from a savings and loan holding company to a bank holding company. On October 9, 2018, the Company closed an underwritten public offering of shares of our common stock for gross proceeds of $25.0 million and net proceeds of approximately $23.3 million (after deducting the underwriting discount and other estimated offering expenses). The Bank conducts business from its headquarters in Paoli, Pennsylvania, a suburb of Philadelphia, and through its nine other banking locations in Chester, Delaware and Bucks counties, Pennsylvania, Palm Beach Florida, and Morristown, New Jersey, its New Jersey regional headquarters. The Bank also maintains a representative office in Montchanin, Delaware. The Bank’s primary market niche is providing personalized service to its client base. In preparing the unaudited consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the unaudited consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to change in the near term relate to the determination of the allowance for loan losses, other real estate owned, the evaluation of deferred tax assets, the other-than-temporary impairment evaluation of securities, and the valuation of derivative positions. The unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of financial statement presentation. The unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiary, Malvern Bank, National Association and the Bank’s wholly-owned subsidiary, Malvern Insurance Associates, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements present the Company’s financial position at December 31, 2018 and the results of operations for the three-month periods ended December 31, 2018 and 2017, and cash flows for the three-month periods ended December 31, 2018 and 2017. In management’s opinion, the unaudited condensed consolidated financial statements contain all adjustments, which include normal and recurring adjustments, necessary for a fair presentation of the financial position and results of operations as of the dates and for the interim periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and note disclosures included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on December 14, 2018. The consolidated statement of operations for the three- month periods ended December 31, 2018 and the consolidated statements of cash flows for the three-month periods ended December 31, 2018 are not necessarily indicative of the results of operations or cash flows for the full year ending September 30, 2019 or any other period. There have been no significant changes to our Critical Accounting Policies as described in our 2018 Annual Report on Form 10-K. Recently Issued Financial. Instruments . In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The ASU requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied currently will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. Additionally, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. For public companies, this ASU will be effective for interim and annual periods beginning after December 15, 2019. All entities may adopt the amendments in this Update earlier as of the fiscal year beginning after December 15, 2018, including interim periods within those fiscal years. The Company does not expect to early adopt these changes. The Bank has a software system in place to assist with the calculation of Current Expected Credit Losses (“CECL”). Data is being collected and refined and testing of the various models is in process. The Company is evaluating the impact of this new requirement to the consolidated financial statements. Leases . In February 2016, the FASB issued ASU 2016-02 , Leases (Topic 842) . The update requires lessees to recognize, as of the lease commencement date, assets and liabilities for all such leases with lease terms of more than 12 months, which is a change from the current GAAP requirement to recognize only capital leases on the balance sheet. Pursuant to the new standard, the liability initially recognized for the lease obligation is equal to the present value of the lease payments not yet made, discounted over the lease term at the implicit interest rate of the lease, if available, or otherwise at the lessee’s incremental borrowing rate. The lessee is also required to recognize an asset for its right to use the underlying asset for the lease term, based on the liability subject to certain adjustments, such as for initial direct costs. Leases are required to be classified as either operating or finance, with expense on operating leases recorded as a single lease cost on a straight-line basis. For finance leases, interest expense on the lease liability is required to be recognized separately from the straight-line amortization of the right-of-use asset. Quantitative disclosures are required for certain items, including the cost of leases, the weighted-average remaining lease term, the weighted-average discount rate and a maturity analysis of lease liabilities. Additional qualitative disclosures are also required regarding the nature of the leases, such as basis, terms and conditions of: (i) variable interest payments; (ii) extension and termination options; and (iii) residual value guarantees. For lessors, the standard modifies classification criteria and accounting for sales- type and direct financing leases and requires a lessor to derecognize the carrying value of the leased asset that is considered to have been transferred to a lessee and record a lease receivable and residual asset (“receivable and residual” approach). This Update is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect to early adopt this standard. The new standard allows for a cumulative effect adjustment in the year of adoption by applying the new guidance as of the beginning of the earliest comparative period presented, using a modified retrospective transition approach with certain optional practical expedients. The Company is in the process of evaluating the impact of this guidance but expects to report higher assets and liabilities as a result of including additional leases on the consolidated statement of financial condition. |
Non-Interest Income
Non-Interest Income | 3 Months Ended |
Dec. 31, 2018 | |
Noninterest Income [Abstract] | |
Non-Interest Income | Note 3 – Non-Interest Income On October 1, 2018, the Company adopted the amendments of ASU 2014-09 - Revenue from Contracts with Customers (Topic 606) and all subsequent ASUs that modified Topic 606. A significant amount of the Company’s revenues is derived from net interest income on financial assets and liabilities, which are excluded from the scope of the amended guidance. Some sources of revenue included within non-interest income fall within the scope of Topic 606, while other sources do not. The Company recognizes revenue when the performance obligations related to the transfer of goods or services under the terms of the contract are satisfied. Some obligations are satisfied at a point in time while others are satisfied over a period of time. Revenue is recognized as the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. When consideration includes a variable component, the amount of consideration attributable to variability is included in the transaction price only to the extent it is probable that significant revenue recognized will not be reversed when uncertainty associated with the variable consideration is subsequently resolved. The Company’s contracts generally do not contain terms that require significant judgement to determine the variability impacting the transaction price. The Company has included the following table regarding the Company’s non-interest income for the periods presented. Three Months Ended December 31, 2018 2017 (Dollars in thousands) Rental income - other $ 67 $ 66 Net gains on sale of real estate - 1,186 Net gains on sale of loans 18 67 Earnings on bank-owned life insurance 121 121 Non-interest income within the scope of other GAAP topics 206 1,440 ATM fees 1 4 Credit card fee income 6 6 DDA fee income 37 36 DDA service fees 19 18 Debit card fees 60 56 Other loan fee income 764 65 Other fee income 52 84 Other non-interest income 1 2 Non-interest income from contracts with customers $ 940 $ 271 Total Non-interest Income $ 1,146 $ 1,711 The majority of our revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, investment securities, derivatives as well as revenue related to BOLI, sales of investment securities, rental income, and gain on sale of loans. Revenue-generating activities that are within the scope of ASC 606, which are presented in our statements of operations as components of other income included certain fees such as credit card fee income, DDA service and fee income, and debit card fees. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 4 – Earnings Per Share Basic earnings per common share is computed based on the weighted average number of shares outstanding reduced by unearned ESOP shares. Diluted earnings per share is computed based on the weighted average number of shares outstanding and common stock equivalents (“CSEs”) that would arise from the exercise of dilutive securities reduced by unearned ESOP shares. During the three months ended December 31, 2018, the Company granted 3,238 restricted shares , which are considered CSEs. The Company did not grant any stock options . The following table sets forth the composition of the weighted average shares (denominator) used in the earnings per share computations. Three Months Ended December 31, 2018 2017 (Dollars in thousands, except share and per share data) Net Income $ 2,011 $ 403 Weighted average shares outstanding 7,668,751 6,572,605 Average unearned ESOP shares (112,941 ) (127,341 ) Basic weighted average share outstanding 7,555,810 6,445,264 Plus: effect of potential dilutive common stock equivalents - stock options 159 5,249 Diluted weighted average common shares outstanding 7,555,969 6,450,513 Earnings per common share: Basic $ 0.27 $ 0.06 Diluted $ 0.27 $ 0.06 |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 3 Months Ended |
Dec. 31, 2018 | |
Employee Stock Ownership Plan E S O P Shares In E S O P [Abstract] | |
Employee Stock Ownership Plan | Note 5 – Employee Stock Ownership Plan The Company established an employee stock ownership plan (“ESOP”) for substantially all of its full-time employees. The current ESOP trustee is Pentegra. Shares of the Company’s common stock purchased by the ESOP are held until released for allocation to participants. Shares released are allocated to each eligible participant based on the ratio of each such participant’s base compensation to the total base compensation of all eligible plan participants. As the unearned shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the fair value of the ESOP shares during the periods in which they become committed to be released. To the extent that the fair value of the ESOP shares released differs from the cost of such shares, the difference is charged or credited to additional paid-in capital. During the period from May 20, 2008 to September 30, 2008, the ESOP purchased 241,178 shares of the common stock for approximately $2.6 million, an average price of $10.86 per share, which was funded by a loan from Malvern Federal Bancorp, Inc. (the Company’s predecessor). The ESOP loan is being repaid principally from the Bank’s contributions to the ESOP. The loan, which bears an interest rate of 5%, is being repaid in quarterly installments through 2026. Shares are released to participants proportionately as the loan is repaid. During each of the three months ended December 31, 2018 and 2017, there were 3,600 shares committed to be released. At December 31, 2018, there were 111,165 unallocated shares and 148,053 allocated shares held by the ESOP. The unallocated shares had an aggregate fair value of approximately $2.2 million at December 31, 2018. |
Investment Securities
Investment Securities | 3 Months Ended |
Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | Note 6 - Investment Securities The Company’s investment securities are classified as available-for-sale or held-to-maturity at December 31, 2018 and at September 30, 2018. Investment securities available-for-sale are reported at fair value with unrealized gains or losses included in equity, net of tax. Accordingly, the carrying value of such securities reflects their fair value at the balance sheet date. Fair value is based upon either quoted market prices, or in certain cases where there is limited activity in the market for a particular instrument, assumptions are made to determine their fair value. Transfers of debt securities from the available-for-sale category to the held-to-maturity category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer remains in accumulated other comprehensive income and in the carrying value of the held-to-maturity investment security. Premiums or discounts on investment securities are amortized or accreted using the effective interest method over the life of the security as an adjustment of yield. Unrealized holding gains or losses that remain in accumulated other comprehensive income are amortized or accreted over the remaining life of the security as an adjustment of yield, offsetting the related amortization of the premium or accretion of the discount. The following tables present information related to the Company’s investment securities at December 31, 2018 and September 30, 2018. December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Investment Securities Available-for-Sale: State and municipal obligations $ 6,944 $ 3 $ (14 ) $ 6,933 Single issuer trust preferred security 1,000 - (128 ) 872 Corporate debt securities 11,574 - (398 ) 11,176 Mutual fund 250 - - 250 Total 19,768 3 (540 ) 19,231 Investment Securities Held-to-Maturity: U.S. government agencies $ 2,000 $ - $ (14 ) $ 1,986 State and municipal obligations 8,124 6 (27 ) 8,103 Corporate debt securities 3,689 - (48 ) 3,641 Mortgage-backed securities: Collateralized mortgage obligations (CMO), fixed-rate 15,510 - (683 ) 14,827 29,323 6 (772 ) 28,557 Total investment securities $ 49,091 $ 9 $ (1,312 ) $ 47,788 September 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Investment Securities Available-for-Sale: U.S. treasury notes $ 9,996 $ - $ (10 ) $ 9,986 State and municipal obligations 6,953 - (66 ) 6,887 Single issuer trust preferred security 1,000 - (79 ) 921 Corporate debt securities 6,605 - (351 ) 6,254 Mutual fund 250 - - 250 Total 24,804 - (506 ) 24,298 Investment Securities Held-to-Maturity: U.S. government agencies $ 1,999 $ - $ (20 ) $ 1,979 State and municipal obligations 8,181 - (66 ) 8,115 Corporate debt securities 3,715 - (49 ) 3,666 Mortgage-backed securities: Collateralized mortgage obligations (CMO), fixed-rate 16,197 - (989 ) 15,208 $ 30,092 $ - $ (1,124 ) $ 28,968 Total investment securities $ 54,896 $ - $ (1,630 ) $ 53,266 For the three months ended December 31, 2018 proceeds of available-for-sale investment securities sold amounted to approximately $25,000. There was no gain or loss with this sale. The following tables indicate gross unrealized losses not recognized in income and fair value, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position at December 31, 2018 and September 30, 2018: December 31, 2018 Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Investment Securities Available for Sale: State and municipal obligations $ 1,635 $ (3 ) $ 2,791 $ (11 ) $ 4,426 $ (14 ) Single issuer trust preferred security - - 872 (128 ) 872 (128 ) Corporate debt securities 4,950 (25 ) 6,226 (373 ) 11,176 (398 ) Total $ 6,585 $ (28 ) $ 9,889 $ (512 ) $ 16,474 $ (540 ) Investment Securities Held-to-Maturity: U.S. government agencies $ - $ - $ 1,986 $ (14 ) $ 1,986 $ (14 ) State and municipal obligations 1,860 (1 ) 5,077 (26 ) 6,937 (27 ) Corporate debt securities 3,641 (48 ) - - 3,641 (48 ) Mortgage-backed securities: CMO, fixed-rate - - 14,827 (683 ) 14,827 (683 ) Total $ 5,501 $ (49 ) $ 21,890 $ (723 ) $ 27,391 $ (772 ) Total investment securities $ 12,086 $ (77 ) $ 31,779 $ (1,235 ) $ 43,865 $ (1,312 ) September 30, 2018 Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Investment Securities Available for Sale: U.S. treasury and notes $ 9,986 $ (10 ) $ - $ - $ 9,986 $ (10 ) State and municipal obligations 5,433 (56 ) 1,000 (10 ) 6,433 (66 ) Single issuer trust preferred security - - 921 (79 ) 921 (79 ) Corporate debt securities - - 6,254 (351 ) 6,254 (351 ) Total $ 15,419 $ (66 ) $ 8,175 $ (440 ) $ 23,594 $ (506 ) Investment Securities Held-to-Maturity: U.S. government agencies $ - $ - $ 1,979 $ (20 ) $ 1,979 $ (20 ) State and municipal obligations 8,115 (66 ) - - 8,115 (66 ) Corporate debt securities 3,666 (49 ) - - 3,666 (49 ) Mortgage-backed securities: CMO, fixed-rate 127 (6 ) 15,081 (983 ) 15,208 (989 ) Total 11,908 (121 ) 17,060 (1,003 ) 28,968 (1,124 ) Total investment securities $ 27,327 $ (187 ) $ 25,235 $ (1,443 ) $ 52,562 $ (1,630 ) As of December 31, 2018, the estimated fair value of the securities disclosed above was primarily dependent upon the movement in market interest rates, particularly given the inherent credit risk associated with these securities. These investment securities are comprised of securities that are rated investment grade by at least one bond credit rating service. Although the fair value will fluctuate as market interest rates move, management believes that these fair values will recover as the underlying portfolios mature and are reinvested in market rate yielding investments. As of December 31, 2018, the Company held two U.S. government agency securities, thirteen municipal bonds, five corporate securities, 37 mortgage-backed securities and one single issuer trust preferred security which were in an unrealized loss position. The Company does not intend to sell and expects that it is not more likely than not that it will be required to sell these securities until such time as the value recovers or the securities mature. Management does not believe any individual unrealized loss as of December 31, 2018 represents other-than-temporary impairment. Investment securities having a carrying value of approximately $7.5 million and $17.9 million at December 31, 2018 and September 30, 2018, respectively were pledged to secure deposits. In addition, no investment securities were pledged to secure short-term borrowings at December 31, 2018. Investment securities having a carrying value of $3.1 million at September 30, 2018 were pledged to secure short-term borrowings The following table presents information for investment securities at December 31, 2018, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer. Amortized Cost Fair Value (In thousands) Available-for-Sale: Within 1 year $ 1,003 $ 1,000 Over 1 year through five years 8,337 8,170 After 5 years through ten years 9,973 9,606 Over 10 years 455 455 Total $ 19,768 $ 19,231 Held-to-Maturity: Within 1 year 2,000 1,986 After 5 years through ten years 5,542 5,491 Over 10 years 6,271 6,253 Mortgage-backed securities: Collaterized mortgage obligations, fixed-rate 15,510 14,827 Total $ 29,323 $ 28,557 Total investment securities $ 49,091 $ 47,788 |
Loans Receivable and Related Al
Loans Receivable and Related Allowance for Loan Losses | 3 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loans Receivable and Related Allowance for Loan Losses | Note 7 - Loans Receivable and Related Allowance for Loan Losses Loans receivable in the Company’s portfolio consisted of the following at the dates indicated below: December 31, 2018 September 30, 2018 Residential mortgage $ 202,306 $ 197,219 Construction and Development: Residential and commercial 41,140 37,433 Land 7,180 9,221 Total Construction and Development 48,320 46,654 Commercial: Commercial real estate 508,448 493,929 Farmland 12,054 12,066 Multi-family 44,989 45,102 Other 84,236 80,059 Total Commercial 649,727 631,156 Consumer: Home equity lines of credit 14,484 14,884 Second mortgages 16,674 18,363 Other 1,915 2,315 Total Consumer 33,073 35,562 Total loans 933,426 910,591 Deferred loan fees and costs, net 460 566 Allowance for loan losses (9,247 ) (9,021 ) Total loans receivable, net $ 924,639 $ 902,136 The following tables summarize the primary classes of the allowance for loan losses (“ALLL”), segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of December 31, 2018 and September 30, 2018. Activity in the allowance is presented for the three months ended December 31, 2018 and 2017 and the year ended September 30, 2018, respectively. Construction and Development Commercial Consumer Residential Mortgage Residential and Commercial Land Commercial Real Estate Farmland Multi- Family Other Home Equity Lines of Credit Second Mortgages Other Unallocated Total Allowance for loan losses: (Dollars in thousands) Three Months Ended December 31, 2018 Beginning Balance $ 1,062 $ 393 $ 49 $ 5,031 $ 66 $ 232 $ 467 $ 82 $ 326 $ 51 $ 1,262 $ 9,021 Charge-offs (17 ) - - (1,223 ) - - - - - (1 ) - (1,241 ) Recoveries - - - 3 - - 2 - 8 1 - 14 Provisions 119 46 (4 ) 1,533 (2 ) 42 (7 ) (3 ) 57 (7 ) (321 ) 1,453 Ending balance $ 1,164 $ 439 $ 45 $ 5,344 $ 64 $ 274 $ 462 $ 79 $ 391 $ 44 $ 941 $ 9,247 Ending balance: individually evaluated for impairment $ - $ - $ - $ 338 $ - $ - $ - $ - $ 179 $ 26 $ - $ 543 Ending balance: collectively evaluted for impairment $ 1,164 $ 439 $ 45 $ 5,006 $ 64 $ 274 $ 462 $ 79 $ 212 $ 18 $ 941 $ 8,704 Loans receivable: Ending balance $ 202,306 $ 41,140 $ 7,180 $ 508,448 $ 12,054 $ 44,989 $ 84,236 $ 14,484 $ 16,674 $ 1,915 $ 933,426 Ending balance: individually evaluated for impairment $ 3,627 $ - $ 72 $ 10,349 $ - $ - $ - $ 34 $ 619 $ 26 $ 14,727 Ending balance: collectively evaluated for impairment $ 198,679 $ 41,140 $ 7,108 $ 498,099 $ 12,054 $ 44,989 $ 84,236 $ 14,450 $ 16,055 $ 1,889 $ 918,699 Construction and Development Commercial Consumer Residential Mortgage Residential and Commercial Land Commercial Real Estate Farmland Multi- Family Other Home Equity Lines of Credit Second Mortgages Other Unallocated Total Allowance for loan losses: (Dollars in thousands) Three Months Ended December 31, 2017 Beginning Balance $ 1,004 $ 523 $ 132 $ 3,581 $ 9 $ 224 $ 541 $ 90 $ 402 $ 27 $ 1,872 $ 8,405 Charge-offs - - - - - - - - - (2 ) - (2 ) Recoveries 2 - - 9 - - 1 1 19 2 - 34 Provisions 23 9 (2 ) 670 3 (24 ) (93 ) 3 42 3 (634 ) - Ending balance $ 1,029 $ 532 $ 130 $ 4,260 $ 12 $ 200 $ 449 $ 94 $ 463 $ 30 $ 1,238 $ 8,437 Ending balance: individually evaluated for impairment $ - $ - $ - $ 156 $ - $ - $ - $ - $ 156 $ 1 $ - $ 313 Ending balance: collectively evaluted for impairment $ 1,029 $ 532 $ 130 $ 4,104 $ 12 $ 200 $ 449 $ 94 $ 307 $ 29 $ 1,238 $ 8,124 Loans receivable: Ending balance $ 186,831 $ 34,627 $ 18,599 $ 427,610 $ 1,711 $ 32,716 $ 71,933 $ 16,811 $ 21,304 $ 2,435 $ 814,577 Ending balance: individually evaluated for impairment $ 2,438 $ - $ 89 $ 1,347 $ - $ - $ 239 $ 10 $ 578 $ 1 $ 4,702 Ending balance: collectively evaluated for impairment $ 184,393 $ 34,627 $ 18,510 $ 426,263 $ 1,711 $ 32,716 $ 71,694 $ 16,801 $ 20,726 $ 2,434 $ 809,875 Construction and Development Commercial Consumer Residential Mortgage Residential and Commercial Land Commercial Real Estate Farmland Multi- Family Other Home Equity Lines of Credit Second Mortgages Other Unallocated Total Allowance for loan losses: (Dollars in thousands) Year Ended September 30, 2018 Allowance for credit losses: Beginning Balance $ 1,004 $ 523 $ 132 $ 3,581 $ 9 $ 224 $ 541 $ 90 $ 402 $ 27 $ 1,872 $ 8,405 Charge-offs (60 ) - - (276 ) - - (45 ) - (88 ) (2 ) - (471 ) Recoveries 58 - - 11 - - 4 1 52 7 - 133 Provisions 60 (130 ) (83 ) 1,715 57 8 (33 ) (9 ) (40 ) 19 (610 ) 954 Ending balance $ 1,062 $ 393 $ 49 $ 5,031 $ 66 $ 232 $ 467 $ 82 $ 326 $ 51 $ 1,262 $ 9,021 Ending balance: individually evaluated for impairment $ - $ - $ - $ 1,448 $ - $ - $ - $ - $ 103 $ 26 $ - $ 1,577 Ending balance: collectively evaluted for impairment $ 1,062 $ 393 $ 49 $ 3,583 $ 66 $ 232 $ 467 $ 82 $ 223 $ 25 $ 1,262 $ 7,444 Loans receivable: Ending balance $ 197,219 $ 37,433 $ 9,221 $ 493,929 $ 12,066 $ 45,102 $ 80,059 $ 14,884 $ 18,363 $ 2,315 $ 910,591 Ending balance: individually evaluated for impairment $ 3,148 $ - $ 76 $ 17,409 $ - $ - $ - $ 34 $ 635 $ 26 $ 21,328 Ending balance: collectively evaluated for impairment $ 194,071 $ 37,433 $ 9,145 $ 476,520 $ 12,066 $ 45,102 $ 80,059 $ 14,850 $ 17,728 $ 2,289 $ 889,263 In assessing the adequacy of the ALLL, it is recognized that the process, methodology and underlying assumptions require a significant degree of judgment. The estimation of credit losses is not precise; the range of factors considered is wide and is significantly dependent upon management’s judgment, including the outlook and potential changes in the economic environment. At present, components of the commercial loan segments of the portfolio are new originations and the associated volumes continue to see increased growth. At the same time, historical loss levels have decreased as factors in assessing the portfolio. The combination of these factors has given rise to an increase in the unallocated level within the allowance. Any unallocated portion of the allowance in conjunction with the quarterly review and changes to the qualitative factors to adjust for the risk due to current economic conditions, reflects management’s estimate of probable inherent but undetected losses within the portfolio due to uncertainties in economic conditions, regulatory requirements, delays in obtaining information, including unfavorable information about a borrower’s financial condition, the difficulty in identifying triggering events that correlate perfectly to subsequent loss rates, and risk factors that have not yet manifested themselves in loss allocation factors. The following table presents impaired loans in portfolio by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of December 31, 2018 and September 30, 2018. Impaired Loans with Specific Allowance Impaired Loans with No Specific Allowance Total Impaired Loans Recorded Investment Related Allowance Recorded Investment Recorded Investment Unpaid Principal Balance (In thousands) December 31, 2018 Residential mortgage $ - $ - $ 3,627 $ 3,627 $ 3,782 Construction and Development: Land - - 72 72 72 Commercial: Commercial real estate 9,807 338 542 10,349 10,626 Consumer: Home equity lines of credit - - 34 34 35 Second mortgages 196 179 423 619 671 Other 26 26 - 26 26 Total impaired loans $ 10,029 $ 543 $ 4,698 $ 14,727 $ 15,212 September 30, 2018 Residential mortgage $ - $ - $ 3,148 $ 3,148 $ 3,337 Construction and Development: Land - - 76 76 76 Commercial: Commercial real estate 16,343 1,448 1,066 17,409 17,685 Consumer: Home equity lines of credit - - 34 34 34 Second mortgages 120 103 515 635 730 Other 26 26 - 26 26 Total impaired loans $ 16,489 $ 1,577 $ 4,839 $ 21,328 $ 21,888 The following table presents the average recorded investment in impaired loans in portfolio and related interest income recognized for the three months ended December 31, 2018 and 2017. Three Months Ended December 31, 2018 Average Impaired Loans Interest Income Recognized on Impaired Loans (in thousands) Residential mortgage $ 3,563 $ 27 Construction and Development: Land 73 1 Commercial: Commercial real estate 15,017 76 Consumer: Home equity lines of credit 45 - Second mortgages 625 2 Other 26 - Total $ 19,349 $ 106 Three Months Ended December 31, 2017 Average Impaired Loans Interest Income Recognized on Impaired Loans (in thousands) Residential mortgage $ 2,390 $ 12 Construction and Development: Land 91 1 Commercial: Commercial real estate 820 6 Other 241 3 Consumer: Home equity lines of credit 10 - Second mortgages 495 2 Other 1 - Total $ 4,048 $ 24 The following table presents the classes of the loan portfolio summarized by loans considered to be rated as pass and the categories of special mention, substandard and doubtful within the Company’s internal risk rating system as of December 31, 2018 and September 30, 2018. Pass Special Mention Substandard Doubtful Total (In thousands) December 31, 2018: Residential mortgage $ 197,816 $ - $ 4,490 $ - $ 202,306 Construction and Development: Residential and commercial 41,140 - - - 41,140 Land 7,108 - 72 - 7,180 Commercial: Commercial real estate 495,225 1,549 11,674 - 508,448 Farmland 12,054 - - - 12,054 Multi-family 44,989 - - - 44,989 Other 84,086 - 150 - 84,236 Consumer: Home equity lines of credit 14,353 - 131 - 14,484 Second mortgages 15,700 101 873 - 16,674 Other 1,888 - 27 - 1,915 Total $ 914,359 $ 1,650 $ 17,417 $ - $ 933,426 Pass Special Mention Substandard Doubtful Total (In thousands) September 30, 2018: Residential mortgage $ 193,584 $ - $ 3,635 $ - $ 197,219 Construction and Development: Residential and commercial 37,433 - - - 37,433 Land 9,146 - 75 - 9,221 Commercial: Commercial real estate 474,232 949 18,748 - 493,929 Farmland 12,066 - - - 12,066 Multi-family 45,102 - - - 45,102 Other 79,902 - 157 - 80,059 Consumer: Home equity lines of credit 14,707 - 177 - 14,884 Second mortgages 17,402 103 858 - 18,363 Other 2,289 - 26 - 2,315 Total $ 885,863 $ 1,052 $ 23,676 $ - $ 910,591 The following table presents loans that are no longer accruing interest by portfolio class. December 31, 2018 September 30, 2018 (In thousands) Non-accrual loans: Residential mortgage $ 1,783 $ 1,817 Commercial: Commercial real estate 520 520 Consumer: Home equity lines of credit 34 34 Second mortgages 199 290 Other 26 26 Total non-accrual loans $ 2,562 $ 2,687 Under the Bank’s loan policy, once a loan has been placed on non-accrual status, we do not resume interest accruals until the loan has been brought current and has maintained a current payment status for not less than six consecutive months. Interest income that would have been recognized on nonaccrual loans had they been current in accordance with their original terms was approximately $79,000 and $10,000 for the three months ended December 31, 2018 and 2017, respectively Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by whether a loan payment is “current,” that is, it is received from a borrower by the scheduled due date, or the length of time a scheduled payment is past due. The following table presents the classes of the loan portfolio summarized by the aging categories as of December 31, 2018 and September 30, 2018. Current 30-59 Days Past Due 60-89 Days Past Due 90 Days and More Past Due Total Past Due Total Loans Receivable Loans Receivable > 90 Days and Accruing (In thousands) December 31, 2018: Residential mortgage $ 197,767 $ 2,334 $ 1,069 $ 1,137 4,540 $ 202,306 $ 719 Construction and Development: Residential and commercial 41,140 - - - - 41,140 - Land 7,180 - - - - 7,180 - Commercial: Commercial real estate 506,980 948 - 520 1,468 508,448 - Farmland 12,054 - - - - 12,054 - Multi-family 44,989 - - - - 44,989 - Other 84,236 - - - - 84,236 - Consumer: Home equity lines of credit 14,284 69 97 34 200 14,484 - Second mortgages 16,327 187 25 135 347 16,674 39 Other 1,886 2 - 26 28 1,915 1 Total $ 926,843 $ 3,540 $ 1,191 $ 1,852 $ 6,583 $ 933,426 $ 759 Current 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Total Loans Receivable Loans Receivable > 90 Days and Accruing (In thousands) September 30, 2018: Residential mortgage $ 193,727 $ 450 $ 1,016 $ 2,026 $ 3,492 $ 197,219 $ 339 Construction and Development: Residential and commercial 37,433 - - - - 37,433 - Land 9,221 - - - - 9,221 - Commercial: Commercial real estate 485,886 449 7,019 575 8,043 493,929 - Farmland 12,066 - - - - 12,066 Multi-family 45,102 - - - - 45,102 - Other 80,059 - - - - 80,059 - Consumer: Home equity lines of credit 14,815 - - 69 69 14,884 35 Second mortgages 17,928 121 103 211 434 18,363 - Other 2,282 7 1 25 33 2,315 - Total $ 898,519 $ 1,027 $ 8,139 $ 2,906 $ 12,072 $ 910,591 $ 374 Restructured loans deemed to be trouble debt restructures (“TDRs”) The Company had twenty-two and eighteen loans classified as TDRs at December 31, 2018 and September 30, 2018, respectively, with an aggregate outstanding balance of $12.7 million and $18.9 million, respectively. At December 31, 2018, these loans were also classified as impaired. Eighteen of the TDR loans continue to perform under the restructured terms through December 31, 2018 and we continued to accrue interest on such loans through such date. As previously disclosed in the Company’s Form 10-K filed on December 14, 2018, one TDR with an aggregate outstanding balance of approximately $7.0 million ceased to perform under modified terms and as a result the Company accepted a deed in lieu of foreclosure. D The Company had a $1.5 million provision for loan losses during the quarter ended December 31, 2018 compared to $125,000 for the quarter ended September 30, 2018. Provision expense was higher during the first quarter fiscal 2019 due primarily to the TDR commercial real estate loan write-down of approximately $1.2 million noted above and continued growth in the commercial loan portfolio during the quarter. At the same time the Company added a new qualitative factor, defined as Regulatory Oversight, to its allowance methodology to address the difference in the required allowance based on asset quality and the directionally consistent level of the allowance. Unique to the other factors, this is a single calculation figure which is subsequently applied to the loan portfolio by loan type (Commercial, Residential and Consumer) based upon the percent of each to total loans. It is derived from a review of a peer group consisting of 10 banks with similar asset size within the same general geographic area of Malvern Bank. This new factor amounted for an additional $390,000 added to the provision for the period. Primarily, as a result of this transfer to other real estate owned, TDR loans at December 31, 2018 decreased by $6.2 million compared to September 30, 2018 and total non-performing assets at December 31, 2018 increased by $6.1 million compared to September 30, 2018. All of such loans have been classified as TDRs since we modified the payment terms and in some cases interest rate from the original agreements and allowed the borrowers, who were experiencing financial difficulty, to make interest only payments for a period of time in order to relieve some of their overall cash flow burden. Some loan modifications classified as TDRs may not ultimately result in the full collection of principal and interest, as modified, and could result in potential incremental losses. These potential incremental losses have been factored into our overall estimate of the allowance for loan losses. The level of any defaults will likely be affected by future economic conditions. A default on a troubled debt restructured loan for purposes of this disclosure occurs when the borrower is 90 days past due or a foreclosure or repossession of the applicable collateral has occurred. TDRs may arise in which, due to financial difficulties experienced by the borrower, the Company obtains through physical possession one or more collateral assets in satisfaction of all or part of an existing credit. Once possession is obtained, the Company reclassifies the appropriate portion of the remaining balance of the credit from loans to other real estate owned (“OREO”), which is included within other assets in the Consolidated Statements of Condition. For any residential real estate property collateralizing a consumer mortgage loan, the Company is considered to possess the related collateral only if legal title is obtained upon completion of foreclosure, or the borrower conveys all interest in the residential real estate property to the Company through completion of a deed in lieu of foreclosure or similar legal agreement. Excluding OREO, the Company had $2.1 million and $1.4 million Total Troubled Debt Restructurings Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months Number of Loans Recorded Investment Number of Loans Recorded Investment (Dollars in thousands) At December 31, 2018: Residential mortgage 14 $ 2,537 4 $ 500 Construction and Development: Land 1 72 - - Commercial: Commercial real estate 3 9,830 - - Consumer: Second mortgages 4 225 - - Total 22 $ 12,664 $ 4 $ 500 At September 30, 2018: Residential mortgage 10 $ 1,816 3 $ 289 Construction and Development: Land 1 76 - - Commercial: Commercial real estate 4 16,889 - - Consumer: Second mortgages 3 148 - - Total 18 $ 18,929 3 $ 289 The following table reports the performing status of all TDR loans. The performing status is determined by the loans compliance with the modified terms. December 31, 2018 September 30, 2018 Performing Non-Performing Performing Non-Performing (In thousands) Residential mortgage $ 2,037 $ 500 $ 1,527 $ 289 Construction and Development: Land 72 - 76 - Commercial: Commercial real estate 9,830 - 16,889 - Consumer: Second mortgages 225 - 148 - Total $ 12,164 $ 500 $ 18,640 $ 289 The following table shows the new TDRs for the three months ended December 31, 2018 and 2017. For the Three Months Ended December 31, 2018 2017 Number of Contracts Pre- Modifications Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modifications Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment (Dollars in thousands) Troubled Debt Restructurings: Residential mortgage 4 $ 732 $ 726 - $ - $ - Consumer: Second mortgages 1 $ 80 $ 79 - $ - $ - Total troubled debt restructurings 5 $ 812 $ 805 - $ - $ - |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Dec. 31, 2018 | |
Banking And Thrift [Abstract] | |
Regulatory Matters | Note 8 - Regulatory Matters 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 classifications are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors. In J l r iv U S r a a f a e d F r a a r r to l a J n 1 e r a a b e b a a r r r m r r for r w R W A ratio b r a a a w r r r a a r a s e a a r r a a a r l r s F m Malvern Federal a a a r a of f iv J n 1 e a a a r m a a r a r J n 1 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 tangible and core capital (as defined in the regulations) to total adjusted tangible assets (as defined) and of risk-based capital (as defined) to risk-weighted assets (as defined). As of December 31, 2018, the Company’s and the Bank’s current capital levels exceed the required capital amounts to be considered “well capitalized” and we believe they also meet the fully-phased in minimum capital requirements, including the related capital conservation buffers, as required by the Basel III capital rules. On October 9, 2018, the Company closed an underwritten public offering of shares of our common stock for gross proceeds of $25.0 million and net proceeds of approximately $23.3 million (after deducting the underwriting discount and other estimated offering expenses). The following table summarizes the Company’s compliance with applicable regulatory capital requirements as of December 31, 2018 and September 30, 2018: Actual For Capital Adequacy Purposes To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018 Tier 1 Leverage (Core) Capital (to adjusted assets) $ 135,679 12.55 % $ 43,246 4.00 % $ 54,058 5.00 % Common Equity Tier 1 Capital (to risk weighted assets) 135,679 14.61 % 41,793 4.50 % 60,368 6.50 % Tier 1 Capital (to risk weighted assets) 135,679 14.61 % 55,724 6.00 % 74,299 8.00 % Total Risk Based Capital (to risk weighted assets) 169,494 18.25 % 74,299 8.00 % 92,874 10.00 % As of September 30, 2018 Tier 1 Leverage (Core) Capital (to adjusted assets) $ 110,239 10.63 % $ 41,491 4.00 % $ 51,864 5.00 % Common Equity Tier 1 Capital (to risk weighted assets) 110,239 12.62 % 39,322 4.50 % 56,799 6.50 % Tier 1 Capital (to risk weighted assets) 110,239 12.62 % 52,430 6.00 % 69,906 8.00 % Total Risk Based Capital (to risk weighted assets) 143,787 16.45 % 69,906 8.00 % 87,383 10.00 % The following table summarizes the Bank’s compliance with applicable regulatory capital requirements as of December 31, 2018 and September 30, 2018 : Actual For Capital Adequacy Purposes To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018 Tier 1 Leverage (Core) Capital (to adjusted assets) $ 144,216 13.35 % $ 43,219 4.00 % $ 54,024 5.00 % Common Equity Tier 1 Capital (to risk weighted assets) 144,216 15.54 % 41,752 4.50 % 60,308 6.50 % Tier 1 Capital (to risk weighted assets) 144,216 15.54 % 55,670 6.00 % 74,225 8.00 % Total Risk Based Capital (to risk weighted assets) 153,530 16.55 % 74,225 8.00 % 92,782 10.00 % As of September 30, 2018 Tier 1 Leverage (Core) Capital (to adjusted assets) $ 131,746 12.71 % $ 41,450 4.00 % $ 51,812 5.00 % Common Equity Tier 1 Capital (to risk weighted assets) 131,746 15.09 % 39,293 4.50 % 56,756 6.50 % Tier 1 Capital (to risk weighted assets) 131,746 15.09 % 52,390 6.00 % 69,853 8.00 % Total Risk Based Capital (to risk weighted assets) 140,833 16.13 % 69,853 8.00 % 87,317 10.00 % |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Note 9 – Derivatives and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future uncertain cash amounts, the value of which are determined by interest rates. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. At December 31, 2018, such derivatives were used to hedge the variable cash flows associated with FHLB advances. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates approximately $381,000 to be reclassified to earnings in interest expense. The Company is hedging its exposure to the variability in future cash flows for forecasted transactions over a maximum period of twenty months (excluding forecasted transactions related to the payment of variable interest on existing financial instruments). The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. These derivatives are not designated as hedges and are not speculative. Rather, these derivatives result from a service the Company provides to certain customers, which the Company implemented during the first quarter of fiscal 2019. As the interest rate swaps associated with this program do not meet the hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. The tables below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition as of December 31, 2018 and September 30, 2018: ` December 31, 2018 Asset derivatives Liability derivatives Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Balance Sheet Location (Dollars in thousand) Derivatives designated as a hedging instrument: Interest rate swap agreement $ 35,000 $ 739 Other assets $ 30,000 $ 204 Other liabilities Derivatives not designated as a hedging instrument: Interest rate swap agreement $ 25,350 $ 1,139 Other assets $ 25,350 $ 1,140 Other liabilities September 30, 2018 Asset derivatives Liability derivatives Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Balance Sheet Location (Dollars in thousand) Derivatives designated as a hedging instrument: Interest rate swap agreement $ 65,000 $ 1,245 Other assets $ - $ - The tables below presents the net gains (losses) recorded in accumulated other comprehensive income and the Consolidated Statements of Income relating to the cash flow derivative instruments for the three months ended December 31, 2018 and 2017. Three Months Ended December 31, 2018 Amount of Gain (Loss) Recognized in OCI on Derivative Amount of Gain (Loss) Reclassified from OCI to Interest Income (Dollars in thousand) Interest rate swap agreements $ (639 ) $ 71 Total derivatives (639 ) 71 Three Months Ended December 31, 2017 Amount of Gain (Loss) Recognized in OCI on Derivative Amount of Gain (Loss) Reclassified from OCI to Interest Expense (Dollars in thousand) Interest rate swap agreements $ 230 $ (13 ) Total derivatives 230 (13 ) The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income for the quarter ended December 31, 2018 and December 31, 2017. Three Months Ended December 31, 2018 Consolidated Statement of Income Amount of Gain (Loss) Recognized in Income on derivatives (Dollars in thousand) Derivatives not designated as a hedging instrument: Interest rate swap agreement Other income $ (1) Total $ (1) Three Months Ended December 31, 2017 Consolidated Statement of Income Amount of Gain (Loss) Recognized in Income on derivatives (Dollars in thousand) Derivatives not designated as a hedging instrument: Interest rate swap agreement $ - Total $ - The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. At December 31, 2018 and September 30, 2018, the fair value of derivatives was in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements. There were no adjustments for nonperformance risk at December 31, 2018 and September 30, 2018. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 10 - Fair Value Measurements The Company follows FASB ASC Topic 820 “Fair Value Measurement,” to record fair value adjustments to certain assets and to determine fair value disclosures for the Company’s financial instruments. Investment and mortgage-backed securities available for sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as impaired loans, real estate owned and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or write-downs of individual assets. The Company groups its assets at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1— Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2—Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3—Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset. The Company bases its fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It is our policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements, in accordance with the fair value hierarchy. Fair value measurements for assets where there exists limited or no observable market data and, therefore, are based primarily upon the Company’s or other third-party’s estimates, are often calculated based on the characteristics of the asset, the economic and competitive environment and other factors. Therefore, the results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset. Additionally, there may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future valuations. The Company monitors and evaluates available data to perform fair value measurements on an ongoing basis and recognizes transfers among the levels of the fair value hierarchy as of the date event or a change in circumstances that affects the valuation method chosen. There were no changes in valuation technique or transfers between levels at December 31, 2018 or September 30, 2018. The tables below present the balances of assets measured at fair value on a recurring basis at December 31, 2018 and September 30, 2018: December 31, 2018 Total Level 1 Level 2 Level 3 (In thousands) Assets: Investment securities available for sale: Debt securities: State and municipal obligations $ 6,933 $ - $ 6,933 $ - Single issuer trust preferred security 872 - 872 - Corporate debt securities 11,176 - 11,176 - Mutual funds 250 - - 250 Total investment securities available for sale $ 19,231 $ - $ 18,981 $ 250 Derivative instruments $ 1,878 $ - $ 1,878 $ - Liabilities: Derivative instruments $ 1,344 $ - $ 1,344 $ - September 30, 2018 Total Level 1 Level 2 Level 3 (In thousands) Assets: Investment securities available for sale: Debt securities: U.S. treasury notes $ 9,986 $ 9,986 $ - $ - State and municipal obligations 6,887 - 6,887 - Single issuer trust preferred security 921 - 921 - Corporate debt securities 6,254 - 6,254 - Mutual funds 250 - - 250 Total investment securities available for sale $ 24,298 $ 9,986 $ 14,062 $ 250 Derivative instruments $ 1,245 $ - $ 1,245 $ - For assets measured at fair value on a nonrecurring basis that were still held at the end of the period, the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related individual assets or portfolios at December 31, 2018 and September 30, 2018: December 31, 2018 Total Level 1 Level 2 Level 3 (In thousands) Other real estate owned $ 5,796 $ - $ - $ 5,796 Impaired loans (1) 9,486 - - 9,486 Total $ 15,282 $ - $ - $ 15,282 December 31, 2018 Fair Value at December 31, 2018 Valuation Technique Unobservable Input Range/(Weighted Average) (In thousands) Other real estate owned $ 5,796 Appraisal of Collateral(2) Collateral discount(3) 0%/(0%) Impaired loans (1) 9,486 Appraisal of Collateral(2) Collateral discount(3) 8.5%-12%/(9.1%) Total $ 15,282 (1) At December 31, 2018, consisted of nine loans with an aggregate balance of $10.0 million and with $543,000 in specific loan loss allowance. (2) Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. ( 3 ) Appraisals may be adjusted by management for qualitative factors such as time, changes in economic conditions and estimated liquidation expense. September 30, 2018 Total Level 1 Level 2 Level 3 (In thousands) Impaired loans (1) $ 15,611 $ - $ - $ 15,611 Total $ 15,611 $ - $ - $ 15,611 September 30, 2018 Fair Value at September 30, 2018 Valuation Technique Unobservable Input Range/(Weighted Average) (In thousands) Impaired loans (1) $ 15,611 Appraisal of Collateral (2) Collateral discount (3) 8%-12%/(7.9%) Total $ 15,611 (1) At September 30, 2018, there were twelve loans with an aggregate balance of $17.2 million and with $1.6 million in specific loan loss allowance. (2) Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. ( 3 ) Appraisals may be adjusted by management for qualitative factors such as time, changes in economic conditions and estimated liquidation expense. At December 31, 2018 and September 30, 2018, the Company did not have any additions to our mortgage servicing assets. At December 31, 2018 and September 30, 2018, the Company only sold loans with servicing released. The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of FASB ASC 825. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methods. However, considerable judgment is necessarily required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. FASB ASC 825 excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company . The fair value estimates presented herein are based on pertinent information available to management as of December 31, 2018 and September 30, 2018. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2018 and September 30, 2018 and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. The following assumptions were used to estimate the fair value of the Company’s financial instruments: Cash and Cash Equivalents —These assets are carried at historical cost. The carrying amount is a reasonable estimate of fair value because of the relatively short time between the origination of the instrument and its expected realization . Investment Securities —Investment and mortgage-backed securities available for sale (carried at fair value) are measured at fair value on a recurring basis. Fair value measurements for these securities are typically obtained from independent pricing services that we have engaged for this purpose. When available, we, or our independent pricing service, use quoted market prices to measure fair value. If market prices are not available, fair value measurement is based upon models that incorporate available trade, bid and other market information and for structured securities, cash flow and, when available, loan performance data. Because many fixed income securities do not trade on a daily basis, our independent pricing service’s applications apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing to prepare evaluations. For each asset class, pricing applications and models are based on information from market sources and integrate relevant credit information. All of our securities available for sale are valued using either of the foregoing methodologies to determine fair value adjustments recorded to our financial statements. Loans Receivable —We do not record loans at fair value on a recurring basis. As such, valuation techniques discussed herein for loans are primarily for estimating fair value for FASB ASC 825 disclosure purposes. However, from time to time, we record nonrecurring fair value adjustments to loans to reflect partial write-downs for impairment or the full charge-off of the loan carrying value. The valuation of impaired loans is discussed below. The fair value estimate for FASB ASC 825 purposes differentiates loans based on their financial characteristics, such as product classification, loan category, pricing features and remaining maturity. Prepayment and credit loss estimates are evaluated by loan type and rate. The fair value of loans is estimated by discounting contractual cash flows using discount rates based on current industry pricing, adjusted for prepayment and credit loss estimates. Impaired Loans —Impaired loans are valued utilizing independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments to comparable assets based on the appraisers’ market knowledge and experience. The appraisals are adjusted downward by management, as necessary, for changes in relevant valuation factors subsequent to the appraisal date and are considered level 3 inputs . Accrued Interest Receivable —This asset is carried at historical cost. The carrying amount is a reasonable estimate of fair value because of the relatively short time between the origination of the instrument and its expected realization . Restricted Stock —Although restricted stock is an equity interest in the FHLB, it is carried at cost because it does not have a readily determinable fair value as its ownership is restricted and it lacks a market. The estimated fair value approximates the carrying amount. Other Real Estate Owned —Assets acquired through foreclosure or deed in lieu of foreclosure are recorded at estimated fair value less estimated selling costs when acquired, thus establishing a new cost basis. Fair value is generally based on independent appraisals. These appraisals include adjustments to comparable assets based on the appraisers’ market knowledge and experience, and are considered level 3 inputs. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for loan losses. If the estimated fair value of the asset declines, a write-down is recorded through expense. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of, among other factors, changes in the economic conditions. Deposits —Deposit liabilities are carried at cost. As such, valuation techniques discussed herein for deposits are primarily for estimating fair value for FASB ASC 825 disclosure purposes. The fair value of deposits is discounted based on rates available for borrowings of similar maturities. A decay rate is estimated for non-time deposits. The discount rate for non-time deposits is adjusted for servicing costs based on industry estimates . Borrowings —Advances from the FHLB are carried at amortized cost. However, we are required to estimate the fair value of long-term debt under FASB ASC 825. The fair value is based on the contractual cash flows discounted using rates currently offered for new notes with similar remaining maturities. Subordinated Debt —The calculation of fair value in level 2 is based on observable market values where available. Derivatives — The fair value of derivatives are based on valuation models using observable market data as of the measurement date (level 2). Our derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, the fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rate, and volatility factors to value the position. The majority of market inputs is actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services . Accrued Interest Payable —This liability is carried at historical cost. The carrying amount is a reasonable estimate of fair value because of the relatively short time between the origination of the instrument and its expected realization. Commitments to Extend Credit and Letters of Credit — The majority of the Company’s commitments to extend credit and letters of credit carry current market interest rates if converted to loans and are not included in the table below. Because commitments to extend credit and letters of credit are generally unassignable by either the Bank or the borrower, they only have value to the Company and the borrower. The estimated fair value approximates the recorded deferred fee amounts, which are not significant. Mortgage Servicing Rights —The fair value of mortgage servicing rights is based on observable market prices when available or the present value of expected future cash flows when not available. Assumptions, such as loan default rates, costs to service, and prepayment speeds significantly affect the estimate of future cash flows. Mortgage servicing rights are carried at the lower of cost or fair value . The carrying amount and estimated fair value of the Company’s financial instruments as of December 31, 2018 and September 30, 2018 are presented below: December 31, 2018 Carrying Amount Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 99,876 $ 99,876 $ 99,876 $ - $ - Investment securities available for sale 19,231 19,231 - 18,981 250 Investment securities held to maturity 29,323 28,557 - 28,557 - Loans receivable, net (including impaired loans) 924,639 921,891 - - 921,891 Accrued interest receivable 3,724 3,724 - 3,724 - Restricted stock 9,493 9,493 - 9,493 - Mortgage servicing rights (included in Other Assets) 213 241 - 241 - Derivatives (included in Other Assets) 1,878 1,878 - 1,878 Financial liabilities: Savings accounts 44,438 44,438 - 44,438 - Checking and NOW accounts 300,759 300,759 - 300,759 - Money market accounts 253,436 253,436 - 253,436 - Certificates of deposit 244,567 245,770 - 245,770 - Borrowings (excluding sub debt) 118,000 118,074 - 118,074 - Subordinated debt 24,500 24,500 - 24,500 - Derivatives (included in Other Liabilities) 1,344 1,344 - 1,344 - Accrued interest payable 1,251 1,251 - 1,251 - September 30, 2018 Carrying Amount Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 30,834 $ 30,834 $ 30,834 $ - $ - Investment securities available for sale 24,298 24,298 9,986 14,062 250 Investment securities held to maturity 30,092 28,968 - 28,968 - Loans receivable, net (including impaired loans) 902,136 893,520 - - 893,520 Accrued interest receivable 3,800 3,800 - 3,800 - Restricted stock 8,537 8,537 - 8,537 - Mortgage servicing rights (included in Other Assets) 223 268 - 268 - Derivatives (included in Other Assets) 1,245 1,245 - 1,245 Financial liabilities: Savings accounts 44,642 44,642 - 44,642 - Checking and NOW accounts 225,750 225,750 - 225,750 - Money market accounts 270,834 270,834 - 270,834 - Certificates of deposit 232,937 234,398 - 234,398 - Borrowings (excluding sub debt) 120,500 120,420 - 120,420 - Subordinated debt 24,461 24,461 - 24,461 - Accrued interest payable 784 784 - 784 - |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11 – Income Taxes In the fiscal first quarter of 2018, the Company revised its estimated annual effective rate to reflect a change in the federal statutory rate from 35% to 21%, resulting from legislation that was enacted on December 22, 2017. The rate change was administratively effective at the beginning of our calendar year, using a blended rate for the annual period. As a result, the blended statutory tax rate for the year was 24.5%. The provisional amount recorded in the first quarter of fiscal 2018 is related to the re-measurement of our deferred tax asset was $2.3 million, and no further adjustments were made. A reconciliation from the expected federal income tax expense computed at the statutory federal income tax rate to the actual income tax expense included in the consolidated statements of income for the three months ended December 31, 2018 and 2017 is as follows: : Three Months Ended December 31, 2018 2017 (In thousands) Tax at statutory rate $ 535 21.0% $ 878 24.5% Increase/(reduction) in taxes resulting from: State tax, net of federal benefit 69 2.7% 170 4.3% Tax-exempt interest (3 ) (0.1)% (11 ) (0.3)% Earnings on bank-owned life insurance (25 ) (1.0)% (30 ) (0.8)% Other (41 ) (1.6)% - -% Subtotal $ 535 21.0% $ 1,007 27.7% Impact of change in tax law $ - -% $ 2,212 61.2% Total $ 535 21.0% $ 3,219 88.9% |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 3 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Comprehensive Income (Loss) | Note 12 – Comprehensive Income (Loss) The components of accumulated other comprehensive income included in shareholders’ equity are as follows: December 31, 2018 September 30, 2018 (In thousands) Net unrealized holding losses on available-for-sale securities $ (537 ) $ (506 ) Tax effect 113 106 Net of tax amount (424 ) (400 ) Fair value adjustments on derivatives 535 1,245 Tax effect (112 ) (261 ) Net of tax amount 423 984 Total accumulated other comprehensive (loss) income $ (1 ) $ 584 Other comprehensive income (loss) and related tax effects are presented in the following table: December 31, 2018 2017 (In thousands) Net unrealized holding losses on available-for-sale securities $ (33 ) $ (83 ) Amortization of unrealized holding losses on securites transferred from available-for-sale to held-to-maturity 2 2 Fair value adjustments on derivatives (710 ) 242 Other comprehensive (loss) income before taxes (741 ) 161 Tax effect 156 1 Total comprehensive (loss) income $ (585 ) $ 162 |
Equity Based Incentive Compensa
Equity Based Incentive Compensation Plan | 3 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Based Incentive Compensation Plan | Note 13 – Equity Based Incentive Compensation Plan The Company maintains the Malvern Bancorp, Inc. 2014 Long-Term Incentive Compensation Plan (the “2014 Plan”), which permits the grant of long-term incentive and other stock and cash awards. The purpose of the 2014 Plan is to promote the success of the Company and the Bank by providing incentives to officers, employees and directors of the Company and the Bank that will link their personal interests to the financial success of the Company and to growth in shareholder value. The maximum total number of shares of the Company’s common stock available for grants under the 2014 Plan is 400,000. As of December 31, 2018, there were 358,360 remaining shares available for future grants. Restricted stock and option awards granted vest in 20% increments beginning on the one year anniversary of the grant date, and accelerate upon a change in control of the Company. The options generally expire ten years from the date of grant. All issuances are subject to forfeiture if the recipient leaves or is terminated prior to the award’s vesting. Shares of restricted stock have the same dividend and voting rights as common stock while options do not. All awards are issued at fair value of the underlying shares at the grant date. The Company expenses the cost of the awards, which is determined to be the fair market value of the awards at the date of grant. There were no stock options granted d D During the three months ended December 31, 2018 and 2017 a total of 3,238 and 4,768 restricted shares were awarded, respectively. The compensation expense related to restricted stock awards was approximately $13,000 during the three months ended December 31, 2018 and approximately $11,000 during the three months ended December 31, 2017. Stock-based compensation expense for the cost of the awards granted is based on the grant-date fair value. For stock option awards, the fair value is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. Accordingly, while management believes that the Black-Scholes option-pricing model provides a reasonable estimate of fair value, the model does not necessarily provide the best single measure of fair value for the Company’s employee stock options. Stock Options The following is a summary of stock option activity for the three months ended December 31, 2018: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding, beginning of year 15,996 $ 22.34 $ 41,490 Granted - $ - $ - Exercised - $ - $ - Forfeited/cancelled/expired - $ - $ - Outstanding, end of year 15,996 $ 22.34 8.383 $ 11,130 Exercisable, end of year 3,804 $ 21.35 8.204 $ 4,452 Nonvested, at end of year 12,192 $ 22.65 As of December 31, 2018, there was $78,000 of total unrecognized compensation cost related to nonvested options under the Plan. The cost is expected to be recognized over a weighted average period of 2.01 years. Restricted Stock Awards The table below summarizes the activity for the Company’s restricted stock outstanding during the three months ended December 31, 2018: Shares Weighted Average Fair Value Outstanding, beginning of year 14,340 $ 20.36 Granted 3,238 $ 19.57 Vested - $ - Forfeited/cancelled/expired - $ - Outstanding, end of year 17,578 $ 22.33 As of December 31, 2018, there was $320,000 of total unrecognized compensation cost related to nonvested shares of restricted stock granted under the Plan. The cost is expected to be recognized over a weighted average period of 2.18 years. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of financial statement presentation | Basis of financial statement presentation. The unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiary, Malvern Bank, National Association and the Bank’s wholly-owned subsidiary, Malvern Insurance Associates, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements present the Company’s financial position at December 31, 2018 and the results of operations for the three-month periods ended December 31, 2018 and 2017, and cash flows for the three-month periods ended December 31, 2018 and 2017. In management’s opinion, the unaudited condensed consolidated financial statements contain all adjustments, which include normal and recurring adjustments, necessary for a fair presentation of the financial position and results of operations as of the dates and for the interim periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and note disclosures included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on December 14, 2018. The consolidated statement of operations for the three- month periods ended December 31, 2018 and the consolidated statements of cash flows for the three-month periods ended December 31, 2018 are not necessarily indicative of the results of operations or cash flows for the full year ending September 30, 2019 or any other period. There have been no significant changes to our Critical Accounting Policies as described in our 2018 Annual Report on Form 10-K. Recently Issued |
Recently Issued Accounting Pronouncements | Financial. Instruments . In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The ASU requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied currently will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. Additionally, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. For public companies, this ASU will be effective for interim and annual periods beginning after December 15, 2019. All entities may adopt the amendments in this Update earlier as of the fiscal year beginning after December 15, 2018, including interim periods within those fiscal years. The Company does not expect to early adopt these changes. The Bank has a software system in place to assist with the calculation of Current Expected Credit Losses (“CECL”). Data is being collected and refined and testing of the various models is in process. The Company is evaluating the impact of this new requirement to the consolidated financial statements. Leases . In February 2016, the FASB issued ASU 2016-02 , Leases (Topic 842) . The update requires lessees to recognize, as of the lease commencement date, assets and liabilities for all such leases with lease terms of more than 12 months, which is a change from the current GAAP requirement to recognize only capital leases on the balance sheet. Pursuant to the new standard, the liability initially recognized for the lease obligation is equal to the present value of the lease payments not yet made, discounted over the lease term at the implicit interest rate of the lease, if available, or otherwise at the lessee’s incremental borrowing rate. The lessee is also required to recognize an asset for its right to use the underlying asset for the lease term, based on the liability subject to certain adjustments, such as for initial direct costs. Leases are required to be classified as either operating or finance, with expense on operating leases recorded as a single lease cost on a straight-line basis. For finance leases, interest expense on the lease liability is required to be recognized separately from the straight-line amortization of the right-of-use asset. Quantitative disclosures are required for certain items, including the cost of leases, the weighted-average remaining lease term, the weighted-average discount rate and a maturity analysis of lease liabilities. Additional qualitative disclosures are also required regarding the nature of the leases, such as basis, terms and conditions of: (i) variable interest payments; (ii) extension and termination options; and (iii) residual value guarantees. For lessors, the standard modifies classification criteria and accounting for sales- type and direct financing leases and requires a lessor to derecognize the carrying value of the leased asset that is considered to have been transferred to a lessee and record a lease receivable and residual asset (“receivable and residual” approach). This Update is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect to early adopt this standard. The new standard allows for a cumulative effect adjustment in the year of adoption by applying the new guidance as of the beginning of the earliest comparative period presented, using a modified retrospective transition approach with certain optional practical expedients. The Company is in the process of evaluating the impact of this guidance but expects to report higher assets and liabilities as a result of including additional leases on the consolidated statement of financial condition. |
Non-Interest Income (Tables)
Non-Interest Income (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Noninterest Income [Abstract] | |
Schedule of Company's Non-Interest Income | The Company has included the following table regarding the Company’s non-interest income for the periods presented. Three Months Ended December 31, 2018 2017 (Dollars in thousands) Rental income - other $ 67 $ 66 Net gains on sale of real estate - 1,186 Net gains on sale of loans 18 67 Earnings on bank-owned life insurance 121 121 Non-interest income within the scope of other GAAP topics 206 1,440 ATM fees 1 4 Credit card fee income 6 6 DDA fee income 37 36 DDA service fees 19 18 Debit card fees 60 56 Other loan fee income 764 65 Other fee income 52 84 Other non-interest income 1 2 Non-interest income from contracts with customers $ 940 $ 271 Total Non-interest Income $ 1,146 $ 1,711 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of composition of weighted average shares (denominator) used in earnings per share computations | The following table sets forth the composition of the weighted average shares (denominator) used in the earnings per share computations. Three Months Ended December 31, 2018 2017 (Dollars in thousands, except share and per share data) Net Income $ 2,011 $ 403 Weighted average shares outstanding 7,668,751 6,572,605 Average unearned ESOP shares (112,941 ) (127,341 ) Basic weighted average share outstanding 7,555,810 6,445,264 Plus: effect of potential dilutive common stock equivalents - stock options 159 5,249 Diluted weighted average common shares outstanding 7,555,969 6,450,513 Earnings per common share: Basic $ 0.27 $ 0.06 Diluted $ 0.27 $ 0.06 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Investment securities | The following tables present information related to the Company’s investment securities at December 31, 2018 and September 30, 2018. December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Investment Securities Available-for-Sale: State and municipal obligations $ 6,944 $ 3 $ (14 ) $ 6,933 Single issuer trust preferred security 1,000 - (128 ) 872 Corporate debt securities 11,574 - (398 ) 11,176 Mutual fund 250 - - 250 Total 19,768 3 (540 ) 19,231 Investment Securities Held-to-Maturity: U.S. government agencies $ 2,000 $ - $ (14 ) $ 1,986 State and municipal obligations 8,124 6 (27 ) 8,103 Corporate debt securities 3,689 - (48 ) 3,641 Mortgage-backed securities: Collateralized mortgage obligations (CMO), fixed-rate 15,510 - (683 ) 14,827 29,323 6 (772 ) 28,557 Total investment securities $ 49,091 $ 9 $ (1,312 ) $ 47,788 September 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Investment Securities Available-for-Sale: U.S. treasury notes $ 9,996 $ - $ (10 ) $ 9,986 State and municipal obligations 6,953 - (66 ) 6,887 Single issuer trust preferred security 1,000 - (79 ) 921 Corporate debt securities 6,605 - (351 ) 6,254 Mutual fund 250 - - 250 Total 24,804 - (506 ) 24,298 Investment Securities Held-to-Maturity: U.S. government agencies $ 1,999 $ - $ (20 ) $ 1,979 State and municipal obligations 8,181 - (66 ) 8,115 Corporate debt securities 3,715 - (49 ) 3,666 Mortgage-backed securities: Collateralized mortgage obligations (CMO), fixed-rate 16,197 - (989 ) 15,208 $ 30,092 $ - $ (1,124 ) $ 28,968 Total investment securities $ 54,896 $ - $ (1,630 ) $ 53,266 |
Schedule of aggregate investments in an unrealized loss position | The following tables indicate gross unrealized losses not recognized in income and fair value, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position at December 31, 2018 and September 30, 2018: December 31, 2018 Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Investment Securities Available for Sale: State and municipal obligations $ 1,635 $ (3 ) $ 2,791 $ (11 ) $ 4,426 $ (14 ) Single issuer trust preferred security - - 872 (128 ) 872 (128 ) Corporate debt securities 4,950 (25 ) 6,226 (373 ) 11,176 (398 ) Total $ 6,585 $ (28 ) $ 9,889 $ (512 ) $ 16,474 $ (540 ) Investment Securities Held-to-Maturity: U.S. government agencies $ - $ - $ 1,986 $ (14 ) $ 1,986 $ (14 ) State and municipal obligations 1,860 (1 ) 5,077 (26 ) 6,937 (27 ) Corporate debt securities 3,641 (48 ) - - 3,641 (48 ) Mortgage-backed securities: CMO, fixed-rate - - 14,827 (683 ) 14,827 (683 ) Total $ 5,501 $ (49 ) $ 21,890 $ (723 ) $ 27,391 $ (772 ) Total investment securities $ 12,086 $ (77 ) $ 31,779 $ (1,235 ) $ 43,865 $ (1,312 ) September 30, 2018 Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Investment Securities Available for Sale: U.S. treasury and notes $ 9,986 $ (10 ) $ - $ - $ 9,986 $ (10 ) State and municipal obligations 5,433 (56 ) 1,000 (10 ) 6,433 (66 ) Single issuer trust preferred security - - 921 (79 ) 921 (79 ) Corporate debt securities - - 6,254 (351 ) 6,254 (351 ) Total $ 15,419 $ (66 ) $ 8,175 $ (440 ) $ 23,594 $ (506 ) Investment Securities Held-to-Maturity: U.S. government agencies $ - $ - $ 1,979 $ (20 ) $ 1,979 $ (20 ) State and municipal obligations 8,115 (66 ) - - 8,115 (66 ) Corporate debt securities 3,666 (49 ) - - 3,666 (49 ) Mortgage-backed securities: CMO, fixed-rate 127 (6 ) 15,081 (983 ) 15,208 (989 ) Total 11,908 (121 ) 17,060 (1,003 ) 28,968 (1,124 ) Total investment securities $ 27,327 $ (187 ) $ 25,235 $ (1,443 ) $ 52,562 $ (1,630 ) |
Schedule of amortized cost and fair value of debt securities by contractual maturity | The following table presents information for investment securities at December 31, 2018, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer. Amortized Cost Fair Value (In thousands) Available-for-Sale: Within 1 year $ 1,003 $ 1,000 Over 1 year through five years 8,337 8,170 After 5 years through ten years 9,973 9,606 Over 10 years 455 455 Total $ 19,768 $ 19,231 Held-to-Maturity: Within 1 year 2,000 1,986 After 5 years through ten years 5,542 5,491 Over 10 years 6,271 6,253 Mortgage-backed securities: Collaterized mortgage obligations, fixed-rate 15,510 14,827 Total $ 29,323 $ 28,557 Total investment securities $ 49,091 $ 47,788 |
Loans Receivable and Related _2
Loans Receivable and Related Allowance for Loan Losses (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of loans receivable | Loans receivable in the Company’s portfolio consisted of the following at the dates indicated below: December 31, 2018 September 30, 2018 Residential mortgage $ 202,306 $ 197,219 Construction and Development: Residential and commercial 41,140 37,433 Land 7,180 9,221 Total Construction and Development 48,320 46,654 Commercial: Commercial real estate 508,448 493,929 Farmland 12,054 12,066 Multi-family 44,989 45,102 Other 84,236 80,059 Total Commercial 649,727 631,156 Consumer: Home equity lines of credit 14,484 14,884 Second mortgages 16,674 18,363 Other 1,915 2,315 Total Consumer 33,073 35,562 Total loans 933,426 910,591 Deferred loan fees and costs, net 460 566 Allowance for loan losses (9,247 ) (9,021 ) Total loans receivable, net $ 924,639 $ 902,136 |
Schedule of allowance for loan losses | The following tables summarize the primary classes of the allowance for loan losses (“ALLL”), segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of December 31, 2018 and September 30, 2018. Activity in the allowance is presented for the three months ended December 31, 2018 and 2017 and the year ended September 30, 2018, respectively. Construction and Development Commercial Consumer Residential Mortgage Residential and Commercial Land Commercial Real Estate Farmland Multi- Family Other Home Equity Lines of Credit Second Mortgages Other Unallocated Total Allowance for loan losses: (Dollars in thousands) Three Months Ended December 31, 2018 Beginning Balance $ 1,062 $ 393 $ 49 $ 5,031 $ 66 $ 232 $ 467 $ 82 $ 326 $ 51 $ 1,262 $ 9,021 Charge-offs (17 ) - - (1,223 ) - - - - - (1 ) - (1,241 ) Recoveries - - - 3 - - 2 - 8 1 - 14 Provisions 119 46 (4 ) 1,533 (2 ) 42 (7 ) (3 ) 57 (7 ) (321 ) 1,453 Ending balance $ 1,164 $ 439 $ 45 $ 5,344 $ 64 $ 274 $ 462 $ 79 $ 391 $ 44 $ 941 $ 9,247 Ending balance: individually evaluated for impairment $ - $ - $ - $ 338 $ - $ - $ - $ - $ 179 $ 26 $ - $ 543 Ending balance: collectively evaluted for impairment $ 1,164 $ 439 $ 45 $ 5,006 $ 64 $ 274 $ 462 $ 79 $ 212 $ 18 $ 941 $ 8,704 Loans receivable: Ending balance $ 202,306 $ 41,140 $ 7,180 $ 508,448 $ 12,054 $ 44,989 $ 84,236 $ 14,484 $ 16,674 $ 1,915 $ 933,426 Ending balance: individually evaluated for impairment $ 3,627 $ - $ 72 $ 10,349 $ - $ - $ - $ 34 $ 619 $ 26 $ 14,727 Ending balance: collectively evaluated for impairment $ 198,679 $ 41,140 $ 7,108 $ 498,099 $ 12,054 $ 44,989 $ 84,236 $ 14,450 $ 16,055 $ 1,889 $ 918,699 Construction and Development Commercial Consumer Residential Mortgage Residential and Commercial Land Commercial Real Estate Farmland Multi- Family Other Home Equity Lines of Credit Second Mortgages Other Unallocated Total Allowance for loan losses: (Dollars in thousands) Three Months Ended December 31, 2017 Beginning Balance $ 1,004 $ 523 $ 132 $ 3,581 $ 9 $ 224 $ 541 $ 90 $ 402 $ 27 $ 1,872 $ 8,405 Charge-offs - - - - - - - - - (2 ) - (2 ) Recoveries 2 - - 9 - - 1 1 19 2 - 34 Provisions 23 9 (2 ) 670 3 (24 ) (93 ) 3 42 3 (634 ) - Ending balance $ 1,029 $ 532 $ 130 $ 4,260 $ 12 $ 200 $ 449 $ 94 $ 463 $ 30 $ 1,238 $ 8,437 Ending balance: individually evaluated for impairment $ - $ - $ - $ 156 $ - $ - $ - $ - $ 156 $ 1 $ - $ 313 Ending balance: collectively evaluted for impairment $ 1,029 $ 532 $ 130 $ 4,104 $ 12 $ 200 $ 449 $ 94 $ 307 $ 29 $ 1,238 $ 8,124 Loans receivable: Ending balance $ 186,831 $ 34,627 $ 18,599 $ 427,610 $ 1,711 $ 32,716 $ 71,933 $ 16,811 $ 21,304 $ 2,435 $ 814,577 Ending balance: individually evaluated for impairment $ 2,438 $ - $ 89 $ 1,347 $ - $ - $ 239 $ 10 $ 578 $ 1 $ 4,702 Ending balance: collectively evaluated for impairment $ 184,393 $ 34,627 $ 18,510 $ 426,263 $ 1,711 $ 32,716 $ 71,694 $ 16,801 $ 20,726 $ 2,434 $ 809,875 |
Schedule of impaired loans | The following table presents impaired loans in portfolio by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of December 31, 2018 and September 30, 2018. Impaired Loans with Specific Allowance Impaired Loans with No Specific Allowance Total Impaired Loans Recorded Investment Related Allowance Recorded Investment Recorded Investment Unpaid Principal Balance (In thousands) December 31, 2018 Residential mortgage $ - $ - $ 3,627 $ 3,627 $ 3,782 Construction and Development: Land - - 72 72 72 Commercial: Commercial real estate 9,807 338 542 10,349 10,626 Consumer: Home equity lines of credit - - 34 34 35 Second mortgages 196 179 423 619 671 Other 26 26 - 26 26 Total impaired loans $ 10,029 $ 543 $ 4,698 $ 14,727 $ 15,212 September 30, 2018 Residential mortgage $ - $ - $ 3,148 $ 3,148 $ 3,337 Construction and Development: Land - - 76 76 76 Commercial: Commercial real estate 16,343 1,448 1,066 17,409 17,685 Consumer: Home equity lines of credit - - 34 34 34 Second mortgages 120 103 515 635 730 Other 26 26 - 26 26 Total impaired loans $ 16,489 $ 1,577 $ 4,839 $ 21,328 $ 21,888 |
Schedule of average recorded investment in impaired loans and related interest income recognized | The following table presents the average recorded investment in impaired loans in portfolio and related interest income recognized for the three months ended December 31, 2018 and 2017. Three Months Ended December 31, 2018 Average Impaired Loans Interest Income Recognized on Impaired Loans (in thousands) Residential mortgage $ 3,563 $ 27 Construction and Development: Land 73 1 Commercial: Commercial real estate 15,017 76 Consumer: Home equity lines of credit 45 - Second mortgages 625 2 Other 26 - Total $ 19,349 $ 106 Three Months Ended December 31, 2017 Average Impaired Loans Interest Income Recognized on Impaired Loans (in thousands) Residential mortgage $ 2,390 $ 12 Construction and Development: Land 91 1 Commercial: Commercial real estate 820 6 Other 241 3 Consumer: Home equity lines of credit 10 - Second mortgages 495 2 Other 1 - Total $ 4,048 $ 24 |
Schedule of classes of loan portfolio | The following table presents the classes of the loan portfolio summarized by loans considered to be rated as pass and the categories of special mention, substandard and doubtful within the Company’s internal risk rating system as of December 31, 2018 and September 30, 2018. Pass Special Mention Substandard Doubtful Total (In thousands) December 31, 2018: Residential mortgage $ 197,816 $ - $ 4,490 $ - $ 202,306 Construction and Development: Residential and commercial 41,140 - - - 41,140 Land 7,108 - 72 - 7,180 Commercial: Commercial real estate 495,225 1,549 11,674 - 508,448 Farmland 12,054 - - - 12,054 Multi-family 44,989 - - - 44,989 Other 84,086 - 150 - 84,236 Consumer: Home equity lines of credit 14,353 - 131 - 14,484 Second mortgages 15,700 101 873 - 16,674 Other 1,888 - 27 - 1,915 Total $ 914,359 $ 1,650 $ 17,417 $ - $ 933,426 Pass Special Mention Substandard Doubtful Total (In thousands) September 30, 2018: Residential mortgage $ 193,584 $ - $ 3,635 $ - $ 197,219 Construction and Development: Residential and commercial 37,433 - - - 37,433 Land 9,146 - 75 - 9,221 Commercial: Commercial real estate 474,232 949 18,748 - 493,929 Farmland 12,066 - - - 12,066 Multi-family 45,102 - - - 45,102 Other 79,902 - 157 - 80,059 Consumer: Home equity lines of credit 14,707 - 177 - 14,884 Second mortgages 17,402 103 858 - 18,363 Other 2,289 - 26 - 2,315 Total $ 885,863 $ 1,052 $ 23,676 $ - $ 910,591 |
Schedule of loans that are no longer accruing interest by portfolio class | The following table presents loans that are no longer accruing interest by portfolio class. December 31, 2018 September 30, 2018 (In thousands) Non-accrual loans: Residential mortgage $ 1,783 $ 1,817 Commercial: Commercial real estate 520 520 Consumer: Home equity lines of credit 34 34 Second mortgages 199 290 Other 26 26 Total non-accrual loans $ 2,562 $ 2,687 |
Schedule of classes of loan portfolio summarized by aging categories | The following table presents the classes of the loan portfolio summarized by the aging categories as of December 31, 2018 and September 30, 2018. Current 30-59 Days Past Due 60-89 Days Past Due 90 Days and More Past Due Total Past Due Total Loans Receivable Loans Receivable > 90 Days and Accruing (In thousands) December 31, 2018: Residential mortgage $ 197,767 $ 2,334 $ 1,069 $ 1,137 4,540 $ 202,306 $ 719 Construction and Development: Residential and commercial 41,140 - - - - 41,140 - Land 7,180 - - - - 7,180 - Commercial: Commercial real estate 506,980 948 - 520 1,468 508,448 - Farmland 12,054 - - - - 12,054 - Multi-family 44,989 - - - - 44,989 - Other 84,236 - - - - 84,236 - Consumer: Home equity lines of credit 14,284 69 97 34 200 14,484 - Second mortgages 16,327 187 25 135 347 16,674 39 Other 1,886 2 - 26 28 1,915 1 Total $ 926,843 $ 3,540 $ 1,191 $ 1,852 $ 6,583 $ 933,426 $ 759 Current 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Total Loans Receivable Loans Receivable > 90 Days and Accruing (In thousands) September 30, 2018: Residential mortgage $ 193,727 $ 450 $ 1,016 $ 2,026 $ 3,492 $ 197,219 $ 339 Construction and Development: Residential and commercial 37,433 - - - - 37,433 - Land 9,221 - - - - 9,221 - Commercial: Commercial real estate 485,886 449 7,019 575 8,043 493,929 - Farmland 12,066 - - - - 12,066 Multi-family 45,102 - - - - 45,102 - Other 80,059 - - - - 80,059 - Consumer: Home equity lines of credit 14,815 - - 69 69 14,884 35 Second mortgages 17,928 121 103 211 434 18,363 - Other 2,282 7 1 25 33 2,315 - Total $ 898,519 $ 1,027 $ 8,139 $ 2,906 $ 12,072 $ 910,591 $ 374 |
Schedule of TDR loans | For any residential real estate property collateralizing a consumer mortgage loan, the Company is considered to possess the related collateral only if legal title is obtained upon completion of foreclosure, or the borrower conveys all interest in the residential real estate property to the Company through completion of a deed in lieu of foreclosure or similar legal agreement. Excluding OREO, the Company had $2.1 million and $1.4 million Total Troubled Debt Restructurings Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months Number of Loans Recorded Investment Number of Loans Recorded Investment (Dollars in thousands) At December 31, 2018: Residential mortgage 14 $ 2,537 4 $ 500 Construction and Development: Land 1 72 - - Commercial: Commercial real estate 3 9,830 - - Consumer: Second mortgages 4 225 - - Total 22 $ 12,664 $ 4 $ 500 At September 30, 2018: Residential mortgage 10 $ 1,816 3 $ 289 Construction and Development: Land 1 76 - - Commercial: Commercial real estate 4 16,889 - - Consumer: Second mortgages 3 148 - - Total 18 $ 18,929 3 $ 289 |
Schedule of performing status of TDR loans | The following table reports the performing status of all TDR loans. The performing status is determined by the loans compliance with the modified terms. December 31, 2018 September 30, 2018 Performing Non-Performing Performing Non-Performing (In thousands) Residential mortgage $ 2,037 $ 500 $ 1,527 $ 289 Construction and Development: Land 72 - 76 - Commercial: Commercial real estate 9,830 - 16,889 - Consumer: Second mortgages 225 - 148 - Total $ 12,164 $ 500 $ 18,640 $ 289 |
Schedule of new TDR's | The following table shows the new TDRs for the three months ended December 31, 2018 and 2017. For the Three Months Ended December 31, 2018 2017 Number of Contracts Pre- Modifications Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modifications Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment (Dollars in thousands) Troubled Debt Restructurings: Residential mortgage 4 $ 732 $ 726 - $ - $ - Consumer: Second mortgages 1 $ 80 $ 79 - $ - $ - Total troubled debt restructurings 5 $ 812 $ 805 - $ - $ - |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Banking And Thrift [Abstract] | |
Schedule of actual capital amounts and ratios | The following table summarizes the Company’s compliance with applicable regulatory capital requirements as of December 31, 2018 and September 30, 2018: Actual For Capital Adequacy Purposes To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018 Tier 1 Leverage (Core) Capital (to adjusted assets) $ 135,679 12.55 % $ 43,246 4.00 % $ 54,058 5.00 % Common Equity Tier 1 Capital (to risk weighted assets) 135,679 14.61 % 41,793 4.50 % 60,368 6.50 % Tier 1 Capital (to risk weighted assets) 135,679 14.61 % 55,724 6.00 % 74,299 8.00 % Total Risk Based Capital (to risk weighted assets) 169,494 18.25 % 74,299 8.00 % 92,874 10.00 % As of September 30, 2018 Tier 1 Leverage (Core) Capital (to adjusted assets) $ 110,239 10.63 % $ 41,491 4.00 % $ 51,864 5.00 % Common Equity Tier 1 Capital (to risk weighted assets) 110,239 12.62 % 39,322 4.50 % 56,799 6.50 % Tier 1 Capital (to risk weighted assets) 110,239 12.62 % 52,430 6.00 % 69,906 8.00 % Total Risk Based Capital (to risk weighted assets) 143,787 16.45 % 69,906 8.00 % 87,383 10.00 % The following table summarizes the Bank’s compliance with applicable regulatory capital requirements as of December 31, 2018 and September 30, 2018 : Actual For Capital Adequacy Purposes To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2018 Tier 1 Leverage (Core) Capital (to adjusted assets) $ 144,216 13.35 % $ 43,219 4.00 % $ 54,024 5.00 % Common Equity Tier 1 Capital (to risk weighted assets) 144,216 15.54 % 41,752 4.50 % 60,308 6.50 % Tier 1 Capital (to risk weighted assets) 144,216 15.54 % 55,670 6.00 % 74,225 8.00 % Total Risk Based Capital (to risk weighted assets) 153,530 16.55 % 74,225 8.00 % 92,782 10.00 % As of September 30, 2018 Tier 1 Leverage (Core) Capital (to adjusted assets) $ 131,746 12.71 % $ 41,450 4.00 % $ 51,812 5.00 % Common Equity Tier 1 Capital (to risk weighted assets) 131,746 15.09 % 39,293 4.50 % 56,756 6.50 % Tier 1 Capital (to risk weighted assets) 131,746 15.09 % 52,390 6.00 % 69,853 8.00 % Total Risk Based Capital (to risk weighted assets) 140,833 16.13 % 69,853 8.00 % 87,317 10.00 % |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of effects of derivative instruments on the Consolidated Financial Statements | The tables below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition as of December 31, 2018 and September 30, 2018: ` December 31, 2018 Asset derivatives Liability derivatives Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Balance Sheet Location (Dollars in thousand) Derivatives designated as a hedging instrument: Interest rate swap agreement $ 35,000 $ 739 Other assets $ 30,000 $ 204 Other liabilities Derivatives not designated as a hedging instrument: Interest rate swap agreement $ 25,350 $ 1,139 Other assets $ 25,350 $ 1,140 Other liabilities September 30, 2018 Asset derivatives Liability derivatives Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Balance Sheet Location (Dollars in thousand) Derivatives designated as a hedging instrument: Interest rate swap agreement $ 65,000 $ 1,245 Other assets $ - $ - |
Schedule of net gains (losses) recorded in accumulated other comprehensive income and the Consolidate Statements of Income | The tables below presents the net gains (losses) recorded in accumulated other comprehensive income and the Consolidated Statements of Income relating to the cash flow derivative instruments for the three months ended December 31, 2018 and 2017. Three Months Ended December 31, 2018 Amount of Gain (Loss) Recognized in OCI on Derivative Amount of Gain (Loss) Reclassified from OCI to Interest Income (Dollars in thousand) Interest rate swap agreements $ (639 ) $ 71 Total derivatives (639 ) 71 Three Months Ended December 31, 2017 Amount of Gain (Loss) Recognized in OCI on Derivative Amount of Gain (Loss) Reclassified from OCI to Interest Expense (Dollars in thousand) Interest rate swap agreements $ 230 $ (13 ) Total derivatives 230 (13 ) |
Schedule of effects of derivative instruments on Consolidated Statements of Income | The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income for the quarter ended December 31, 2018 and December 31, 2017. Three Months Ended December 31, 2018 Consolidated Statement of Income Amount of Gain (Loss) Recognized in Income on derivatives (Dollars in thousand) Derivatives not designated as a hedging instrument: Interest rate swap agreement Other income $ (1) Total $ (1) Three Months Ended December 31, 2017 Consolidated Statement of Income Amount of Gain (Loss) Recognized in Income on derivatives (Dollars in thousand) Derivatives not designated as a hedging instrument: Interest rate swap agreement $ - Total $ - |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of balances of assets measured at fair value on a recurring basis | The tables below present the balances of assets measured at fair value on a recurring basis at December 31, 2018 and September 30, 2018: December 31, 2018 Total Level 1 Level 2 Level 3 (In thousands) Assets: Investment securities available for sale: Debt securities: State and municipal obligations $ 6,933 $ - $ 6,933 $ - Single issuer trust preferred security 872 - 872 - Corporate debt securities 11,176 - 11,176 - Mutual funds 250 - - 250 Total investment securities available for sale $ 19,231 $ - $ 18,981 $ 250 Derivative instruments $ 1,878 $ - $ 1,878 $ - Liabilities: Derivative instruments $ 1,344 $ - $ 1,344 $ - September 30, 2018 Total Level 1 Level 2 Level 3 (In thousands) Assets: Investment securities available for sale: Debt securities: U.S. treasury notes $ 9,986 $ 9,986 $ - $ - State and municipal obligations 6,887 - 6,887 - Single issuer trust preferred security 921 - 921 - Corporate debt securities 6,254 - 6,254 - Mutual funds 250 - - 250 Total investment securities available for sale $ 24,298 $ 9,986 $ 14,062 $ 250 Derivative instruments $ 1,245 $ - $ 1,245 $ - |
Schedule of assets measured at fair value on a non recurring basis | For assets measured at fair value on a nonrecurring basis that were still held at the end of the period, the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related individual assets or portfolios at December 31, 2018 and September 30, 2018: December 31, 2018 Total Level 1 Level 2 Level 3 (In thousands) Other real estate owned $ 5,796 $ - $ - $ 5,796 Impaired loans (1) 9,486 - - 9,486 Total $ 15,282 $ - $ - $ 15,282 December 31, 2018 Fair Value at December 31, 2018 Valuation Technique Unobservable Input Range/(Weighted Average) (In thousands) Other real estate owned $ 5,796 Appraisal of Collateral(2) Collateral discount(3) 0%/(0%) Impaired loans (1) 9,486 Appraisal of Collateral(2) Collateral discount(3) 8.5%-12%/(9.1%) Total $ 15,282 (1) At December 31, 2018, consisted of nine loans with an aggregate balance of $10.0 million and with $543,000 in specific loan loss allowance. (2) Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. ( 3 ) Appraisals may be adjusted by management for qualitative factors such as time, changes in economic conditions and estimated liquidation expense. September 30, 2018 Total Level 1 Level 2 Level 3 (In thousands) Impaired loans (1) $ 15,611 $ - $ - $ 15,611 Total $ 15,611 $ - $ - $ 15,611 September 30, 2018 Fair Value at September 30, 2018 Valuation Technique Unobservable Input Range/(Weighted Average) (In thousands) Impaired loans (1) $ 15,611 Appraisal of Collateral (2) Collateral discount (3) 8%-12%/(7.9%) Total $ 15,611 (1) At September 30, 2018, there were twelve loans with an aggregate balance of $17.2 million and with $1.6 million in specific loan loss allowance. (2) Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. ( 3 ) Appraisals may be adjusted by management for qualitative factors such as time, changes in economic conditions and estimated liquidation expense. |
Schedule of carrying amount and estimated fair value of the Company's financial instruments | The carrying amount and estimated fair value of the Company’s financial instruments as of December 31, 2018 and September 30, 2018 are presented below: December 31, 2018 Carrying Amount Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 99,876 $ 99,876 $ 99,876 $ - $ - Investment securities available for sale 19,231 19,231 - 18,981 250 Investment securities held to maturity 29,323 28,557 - 28,557 - Loans receivable, net (including impaired loans) 924,639 921,891 - - 921,891 Accrued interest receivable 3,724 3,724 - 3,724 - Restricted stock 9,493 9,493 - 9,493 - Mortgage servicing rights (included in Other Assets) 213 241 - 241 - Derivatives (included in Other Assets) 1,878 1,878 - 1,878 Financial liabilities: Savings accounts 44,438 44,438 - 44,438 - Checking and NOW accounts 300,759 300,759 - 300,759 - Money market accounts 253,436 253,436 - 253,436 - Certificates of deposit 244,567 245,770 - 245,770 - Borrowings (excluding sub debt) 118,000 118,074 - 118,074 - Subordinated debt 24,500 24,500 - 24,500 - Derivatives (included in Other Liabilities) 1,344 1,344 - 1,344 - Accrued interest payable 1,251 1,251 - 1,251 - September 30, 2018 Carrying Amount Fair Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 30,834 $ 30,834 $ 30,834 $ - $ - Investment securities available for sale 24,298 24,298 9,986 14,062 250 Investment securities held to maturity 30,092 28,968 - 28,968 - Loans receivable, net (including impaired loans) 902,136 893,520 - - 893,520 Accrued interest receivable 3,800 3,800 - 3,800 - Restricted stock 8,537 8,537 - 8,537 - Mortgage servicing rights (included in Other Assets) 223 268 - 268 - Derivatives (included in Other Assets) 1,245 1,245 - 1,245 Financial liabilities: Savings accounts 44,642 44,642 - 44,642 - Checking and NOW accounts 225,750 225,750 - 225,750 - Money market accounts 270,834 270,834 - 270,834 - Certificates of deposit 232,937 234,398 - 234,398 - Borrowings (excluding sub debt) 120,500 120,420 - 120,420 - Subordinated debt 24,461 24,461 - 24,461 - Accrued interest payable 784 784 - 784 - |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of statutory federal income tax rate to the actual income tax expense | A reconciliation from the expected federal income tax expense computed at the statutory federal income tax rate to the actual income tax expense included in the consolidated statements of income for the three months ended December 31, 2018 and 2017 is as follows: : Three Months Ended December 31, 2018 2017 (In thousands) Tax at statutory rate $ 535 21.0% $ 878 24.5% Increase/(reduction) in taxes resulting from: State tax, net of federal benefit 69 2.7% 170 4.3% Tax-exempt interest (3 ) (0.1)% (11 ) (0.3)% Earnings on bank-owned life insurance (25 ) (1.0)% (30 ) (0.8)% Other (41 ) (1.6)% - -% Subtotal $ 535 21.0% $ 1,007 27.7% Impact of change in tax law $ - -% $ 2,212 61.2% Total $ 535 21.0% $ 3,219 88.9% |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of components of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive income included in shareholders’ equity are as follows: December 31, 2018 September 30, 2018 (In thousands) Net unrealized holding losses on available-for-sale securities $ (537 ) $ (506 ) Tax effect 113 106 Net of tax amount (424 ) (400 ) Fair value adjustments on derivatives 535 1,245 Tax effect (112 ) (261 ) Net of tax amount 423 984 Total accumulated other comprehensive (loss) income $ (1 ) $ 584 |
Schedule of other comprehensive income and related tax effects | Other comprehensive income (loss) and related tax effects are presented in the following table: December 31, 2018 2017 (In thousands) Net unrealized holding losses on available-for-sale securities $ (33 ) $ (83 ) Amortization of unrealized holding losses on securites transferred from available-for-sale to held-to-maturity 2 2 Fair value adjustments on derivatives (710 ) 242 Other comprehensive (loss) income before taxes (741 ) 161 Tax effect 156 1 Total comprehensive (loss) income $ (585 ) $ 162 |
Equity Based Incentive Compen_2
Equity Based Incentive Compensation Plan (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of stock option activity | The following is a summary of stock option activity for the three months ended December 31, 2018: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding, beginning of year 15,996 $ 22.34 $ 41,490 Granted - $ - $ - Exercised - $ - $ - Forfeited/cancelled/expired - $ - $ - Outstanding, end of year 15,996 $ 22.34 8.383 $ 11,130 Exercisable, end of year 3,804 $ 21.35 8.204 $ 4,452 Nonvested, at end of year 12,192 $ 22.65 |
Schedule of restricted stock outstanding | The table below summarizes the activity for the Company’s restricted stock outstanding during the three months ended December 31, 2018: Shares Weighted Average Fair Value Outstanding, beginning of year 14,340 $ 20.36 Granted 3,238 $ 19.57 Vested - $ - Forfeited/cancelled/expired - $ - Outstanding, end of year 17,578 $ 22.33 |
The Company (Narrative) (Detail
The Company (Narrative) (Detail) - USD ($) $ in Thousands | Oct. 09, 2018 | Dec. 31, 2018 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Gross proceeds of common stock | $ 25,000 | |
Net proceeds of common stock | $ 23,300 | $ 23,344 |
Non-Interest Income - Schedule
Non-Interest Income - Schedule of Company's Non-Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Rental income - other | $ 67 | $ 66 |
Net gains on sale of real estate | 1,186 | |
Net gains on sale of loans | 18 | 67 |
Earnings on bank-owned life insurance | 121 | 121 |
Non-interest income within the scope of other GAAP topics | 206 | 1,440 |
Non-interest income from contracts with customers | 940 | 271 |
Total Other Income | 1,146 | 1,711 |
ATM Fees [Member] | ||
Non-interest income from contracts with customers | 1 | 4 |
Credit Card Fee Income [Member] | ||
Non-interest income from contracts with customers | 6 | 6 |
DDA Fee Income [Member] | ||
Non-interest income from contracts with customers | 37 | 36 |
DDA Service Fees [Member] | ||
Non-interest income from contracts with customers | 19 | 18 |
Debit Card Fees [Member] | ||
Non-interest income from contracts with customers | 60 | 56 |
Other Loan Fee Income [Member] | ||
Non-interest income from contracts with customers | 764 | 65 |
Other Fee Income [Member] | ||
Non-interest income from contracts with customers | 52 | 84 |
Other Non-interest Income [Member] | ||
Non-interest income from contracts with customers | $ 1 | $ 2 |
Non-Interest Income (Narrative)
Non-Interest Income (Narrative) (Detail) $ in Thousands | 3 Months Ended |
Dec. 31, 2018USD ($) | |
Noninterest Income [Abstract] | |
Recognition of swap fees | $ 708,000 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Detail) | 3 Months Ended |
Dec. 31, 2018shares | |
Earnings Per Share [Abstract] | |
Restricted shares issued | 3,238 |
Stock options | 0 |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Net Income | $ 2,011 | $ 403 |
Weighted average shares outstanding | 7,668,751 | 6,572,605 |
Average unearned ESOP shares | (112,941) | (127,341) |
Basic weighted average share outstanding | 7,555,810 | 6,445,264 |
Plus: effect of potential dilutive common stock equivalents - stock options | 159 | 5,249 |
Diluted weighted average common shares outstanding | 7,555,969 | 6,450,513 |
Earnings Per Common Share: | ||
Basic | $ 0.27 | $ 0.06 |
Diluted | $ 0.27 | $ 0.06 |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 4 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2008 | |
Employee Stock Ownership Plan (ESOP), Shares In ESOP [Abstract] | |||
Employee stock ownership plan (ESOP), shares purchased | 241,178 | ||
Employee stock ownership plan (ESOP), amount borrowed | $ 2.6 | ||
Average price of shares purchased (in dollars per share) | $ 10.86 | ||
Employee stock ownership plan (ESOP), debt structure, direct loan, description | The loan, which bears an interest rate of 5%, is being repaid in quarterly installments through 2026 | ||
Committed to be released ESOP shares | 3,600 | 3,600 | |
Number of unallocated shares | 111,165 | ||
Number of allocated shares held by the ESOP | 148,053 | ||
Aggregate fair value of shares held by the ESOP | $ 2.2 |
Investment Securities (Detail)
Investment Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Schedule of available-for-sale securities and cost-method investments [Line Items] | ||
Amortized Cost | $ 19,768 | $ 24,804 |
Gross Unrealized Gains | 3 | |
Gross Unrealized Losses | (540) | (506) |
Fair value | 19,231 | 24,298 |
Amortized Cost | 29,323 | 30,092 |
Gross Unrealized Gains | 6 | |
Gross Unrealized Losses | (772) | (1,124) |
Fair value | 28,557 | 28,968 |
Total investment securities Amortized Cost | 49,091 | 54,896 |
Total investment securities Gross Unrealized Gains | 9 | |
Total investment securities Gross Unrealized Losses | (1,312) | (1,630) |
Total investment securities Fair Value | 47,788 | 53,266 |
State And Municipal Obligations [Member] | ||
Schedule of available-for-sale securities and cost-method investments [Line Items] | ||
Amortized Cost | 6,944 | 6,953 |
Gross Unrealized Gains | 3 | |
Gross Unrealized Losses | (14) | (66) |
Fair value | 6,933 | 6,887 |
Amortized Cost | 8,124 | 8,181 |
Gross Unrealized Gains | 6 | |
Gross Unrealized Losses | (27) | (66) |
Fair value | 8,103 | 8,115 |
Single Issuer Trust Preferred Security [Member] | ||
Schedule of available-for-sale securities and cost-method investments [Line Items] | ||
Amortized Cost | 1,000 | 1,000 |
Gross Unrealized Losses | (128) | (79) |
Fair value | 872 | 921 |
Corporate Debt Securities [Member] | ||
Schedule of available-for-sale securities and cost-method investments [Line Items] | ||
Amortized Cost | 11,574 | 6,605 |
Gross Unrealized Losses | (398) | (351) |
Fair value | 11,176 | 6,254 |
Amortized Cost | 3,689 | 3,715 |
Gross Unrealized Losses | (48) | (49) |
Fair value | 3,641 | 3,666 |
Mutual Fund [Member] | ||
Schedule of available-for-sale securities and cost-method investments [Line Items] | ||
Amortized Cost | 250 | 250 |
Fair value | 250 | 250 |
U. S. Government Agencies [Member] | ||
Schedule of available-for-sale securities and cost-method investments [Line Items] | ||
Amortized Cost | 9,996 | |
Gross Unrealized Losses | (10) | |
Fair value | 9,986 | |
Amortized Cost | 2,000 | 1,999 |
Gross Unrealized Losses | (14) | (20) |
Fair value | 1,986 | 1,979 |
Collateralized Mortgage Obligations [Member] | Fixed Rate [Member] | ||
Schedule of available-for-sale securities and cost-method investments [Line Items] | ||
Amortized Cost | 15,510 | 16,197 |
Gross Unrealized Losses | (683) | (989) |
Fair value | $ 14,827 | $ 15,208 |
Investment Securities - (Narrat
Investment Securities - (Narrative) (Detail) | 3 Months Ended | ||
Dec. 31, 2018USD ($)Investment | Dec. 31, 2017USD ($) | Sep. 30, 2018USD ($) | |
Marketable Securities [Line Items] | |||
Proceeds from sale of securities available for sale | $ | $ 25,000,000 | $ 0 | |
Gain loss on sale of securities available for sale | $ | 0 | ||
Fair value of available for sale securities transferred | $ | 7,500,000 | $ 17,900,000 | |
Fair value of available for sale securities short-term borrowings transferred | $ | $ 0 | $ 3,100,000 | |
U. S. Government Agencies [Member] | |||
Marketable Securities [Line Items] | |||
Number of portfolio investments | 2 | ||
Municipal Bonds [Member] | |||
Marketable Securities [Line Items] | |||
Number of portfolio investments | 13 | ||
Corporate Debt Securities [Member] | |||
Marketable Securities [Line Items] | |||
Number of portfolio investments | 5 | ||
Mortgage-Backed Securities [Member] | |||
Marketable Securities [Line Items] | |||
Number of portfolio investments | 37 | ||
Single Issuer Trust Preferred Security [Member] | |||
Marketable Securities [Line Items] | |||
Number of portfolio investments | 1 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Loss (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Schedule of available-for-sale securities and cost-method investments [Line Items] | ||
Less than 12 Months: Fair Value | $ 6,585 | $ 15,419 |
Less than 12 Months: Unrealized Losses | (28) | (66) |
12 Months or longer: Fair Value | 9,889 | 8,175 |
12 Months or longer: Unrealized Losses | (512) | (440) |
Total: Fair Value | 16,474 | 23,594 |
Total: Unrealized Losses | (540) | (506) |
Less than 12 Months: Fair Value | 5,501 | 11,908 |
Less than 12 Months: Unrealized Losses | (49) | (121) |
12 Months or longer: Fair Value | 21,890 | 17,060 |
12 Months or longer: Unrealized Losses | (723) | (1,003) |
Total: Fair Value | 27,391 | 28,968 |
Total: Unrealized Losses | (772) | (1,124) |
Total investment securities in an unrealized loss position less than 12 months fair value | 12,086 | 27,327 |
Total investment securities in an unrealized loss position less than 12 months gross unrealized loss | (77) | (187) |
Total investment securities in an unrealized loss position 12 months or more fair value | 31,779 | 25,235 |
Total investment securities in an unrealized loss position 12 months or more gross unrealized loss | (1,235) | (1,443) |
Total investment securities in an unrealized loss position fair value | 43,865 | 52,562 |
Total investment securities in an unrealized loss position gross unrealized loss | (1,312) | (1,630) |
State And Municipal Obligations [Member] | ||
Schedule of available-for-sale securities and cost-method investments [Line Items] | ||
Less than 12 Months: Fair Value | 1,635 | 5,433 |
Less than 12 Months: Unrealized Losses | (3) | (56) |
12 Months or longer: Fair Value | 2,791 | 1,000 |
12 Months or longer: Unrealized Losses | (11) | (10) |
Total: Fair Value | 4,426 | 6,433 |
Total: Unrealized Losses | (14) | (66) |
Less than 12 Months: Fair Value | 1,860 | 8,115 |
Less than 12 Months: Unrealized Losses | (1) | (66) |
12 Months or longer: Fair Value | 5,077 | |
12 Months or longer: Unrealized Losses | (26) | |
Total: Fair Value | 6,937 | 8,115 |
Total: Unrealized Losses | (27) | (66) |
Single Issuer Trust Preferred Security [Member] | ||
Schedule of available-for-sale securities and cost-method investments [Line Items] | ||
12 Months or longer: Fair Value | 872 | 921 |
12 Months or longer: Unrealized Losses | (128) | (79) |
Total: Fair Value | 872 | 921 |
Total: Unrealized Losses | (128) | (79) |
Corporate Debt Securities [Member] | ||
Schedule of available-for-sale securities and cost-method investments [Line Items] | ||
Less than 12 Months: Fair Value | 4,950 | 0 |
Less than 12 Months: Unrealized Losses | (25) | |
12 Months or longer: Fair Value | 6,226 | 6,254 |
12 Months or longer: Unrealized Losses | (373) | (351) |
Total: Fair Value | 11,176 | 6,254 |
Total: Unrealized Losses | (398) | (351) |
Less than 12 Months: Fair Value | 3,641 | 3,666 |
Less than 12 Months: Unrealized Losses | (48) | (49) |
Total: Fair Value | 3,641 | 3,666 |
Total: Unrealized Losses | (48) | (49) |
U. S. Government Agencies [Member] | ||
Schedule of available-for-sale securities and cost-method investments [Line Items] | ||
Less than 12 Months: Fair Value | 9,986 | |
Less than 12 Months: Unrealized Losses | (10) | |
Total: Fair Value | 9,986 | |
Total: Unrealized Losses | (10) | |
12 Months or longer: Fair Value | 1,986 | 1,979 |
12 Months or longer: Unrealized Losses | (14) | (20) |
Total: Fair Value | 1,986 | 1,979 |
Total: Unrealized Losses | (14) | (20) |
Collateralized Mortgage Obligations [Member] | Fixed Rate [Member] | ||
Schedule of available-for-sale securities and cost-method investments [Line Items] | ||
Less than 12 Months: Fair Value | 127 | |
Less than 12 Months: Unrealized Losses | (6) | |
12 Months or longer: Fair Value | 14,827 | 15,081 |
12 Months or longer: Unrealized Losses | (683) | (983) |
Total: Fair Value | 14,827 | 15,208 |
Total: Unrealized Losses | $ (683) | $ (989) |
Investment Securities - Schedul
Investment Securities - Schedule maturities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Available for Sale, Amortized Cost: | ||
Within 1 year | $ 1,003 | |
Over 1 year through five years | 8,337 | |
After 5 years through ten years | 9,973 | |
Over 10 years | 455 | |
Amortized Cost | 19,768 | $ 24,804 |
Held-to-Maturity, Amortized Cost: | ||
Within 1 year | 2,000 | |
After 5 years through ten years | 5,542 | |
Over 10 years | 6,271 | |
Collateralized mortgage obligations, fixed-rate | 15,510 | |
Held-to-Maturity, Amortized Cost, Total | 29,323 | |
Total investment securities, Amortized Cost | 49,091 | 54,896 |
Available-for-Sale, Fair Value: | ||
Within 1 year | 1,000 | |
Over 1 year through five years | 8,170 | |
After 5 years through ten years | 9,606 | |
Over 10 years | 455 | |
Available-for-sale, Fair Value, Total | 19,231 | |
Held-to-Maturity, Fair Value: | ||
Within 1 year | 1,986 | |
After 5 years through ten years | 5,491 | |
Over 10 years | 6,253 | |
Mortgage-backed securities: | ||
Collateralized mortgage obligations, fixed-rate | 14,827 | |
Held-to-Maturity, Fair Value, Total | 28,557 | 28,968 |
Total investment securities, Fair Value | $ 47,788 | $ 53,266 |
Loans Receivable and Related _3
Loans Receivable and Related Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Financing Receivable, Impaired [Line Items] | ||||
Total loans | $ 933,426 | $ 910,591 | $ 814,577 | |
Deferred loan fees and costs, net | 460 | 566 | ||
Allowance for loan losses | (9,247) | (9,021) | (8,437) | $ (8,405) |
Total loans receivable, net | 924,639 | 902,136 | ||
Residential Mortgage [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 202,306 | 197,219 | 186,831 | |
Allowance for loan losses | (1,164) | (1,062) | (1,029) | (1,004) |
Construction and Development - Residential and Commercial Receivables [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 41,140 | 37,433 | 34,627 | |
Allowance for loan losses | (439) | (393) | (532) | (523) |
Construction and Development - Land Receivable [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 7,180 | 9,221 | 18,599 | |
Allowance for loan losses | (45) | (49) | (130) | (132) |
Construction And Development Receivable [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 48,320 | 46,654 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 508,448 | 493,929 | 427,610 | |
Allowance for loan losses | (5,344) | (5,031) | (4,260) | (3,581) |
Commercial Farmland [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 12,054 | 12,066 | 1,711 | |
Allowance for loan losses | (64) | (66) | (12) | (9) |
Commercial Multi Family Receivable [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 44,989 | 45,102 | 32,716 | |
Allowance for loan losses | (274) | (232) | (200) | (224) |
Commercial - Other Receivable [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 84,236 | 80,059 | 71,933 | |
Allowance for loan losses | (462) | (467) | (449) | (541) |
Commercial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 649,727 | 631,156 | ||
Consumer - Home Equity Lines of Credit [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 14,484 | 14,884 | 16,811 | |
Allowance for loan losses | (79) | (82) | (94) | (90) |
Consumer - Second Mortgages Receivable [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 16,674 | 18,363 | 21,304 | |
Allowance for loan losses | (391) | (326) | (463) | (402) |
Consumer - Other Receivable [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 1,915 | 2,315 | 2,435 | |
Allowance for loan losses | (44) | (51) | $ (30) | $ (27) |
Consumer Receivable [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | $ 33,073 | $ 35,562 |
Loans Receivable and Related _4
Loans Receivable and Related Allowance for Loan Losses (1) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit losses, Beginning Balance | $ 9,021 | $ 8,405 | $ 8,405 | |
Charge-offs | (1,241) | (2) | (471) | |
Recoveries | 14 | 34 | 133 | |
Provisions | 1,453 | $ 125,000 | 954 | |
Allowance for credit losses, Ending Balance | 9,247 | 9,021 | 8,437 | 9,021 |
Allowance for credit losses: Ending balance: individually evaluated for impairment | 543 | 1,577 | 313 | 1,577 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | 8,704 | 7,444 | 8,124 | 7,444 |
Loans receivable | 933,426 | 910,591 | 814,577 | 910,591 |
Loans receivable: Ending balance: individually evaluated for impairment | 14,727 | 21,328 | 4,702 | 21,328 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 918,699 | 889,263 | 809,875 | 889,263 |
Residential Mortgage [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit losses, Beginning Balance | 1,062 | 1,004 | 1,004 | |
Charge-offs | (17) | (60) | ||
Recoveries | 2 | 58 | ||
Provisions | 119 | 23 | 60 | |
Allowance for credit losses, Ending Balance | 1,164 | 1,062 | 1,029 | 1,062 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | 1,164 | 1,062 | 1,029 | 1,062 |
Loans receivable | 202,306 | 197,219 | 186,831 | 197,219 |
Loans receivable: Ending balance: individually evaluated for impairment | 3,627 | 3,148 | 2,438 | 3,148 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 198,679 | 194,071 | 184,393 | 194,071 |
Construction and Development - Residential and Commercial Receivables [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit losses, Beginning Balance | 393 | 523 | 523 | |
Provisions | 46 | 9 | (130) | |
Allowance for credit losses, Ending Balance | 439 | 393 | 532 | 393 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | 439 | 393 | 532 | 393 |
Loans receivable | 41,140 | 37,433 | 34,627 | 37,433 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 41,140 | 37,433 | 34,627 | 37,433 |
Construction and Development - Land Receivable [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit losses, Beginning Balance | 49 | 132 | 132 | |
Provisions | (4) | (2) | (83) | |
Allowance for credit losses, Ending Balance | 45 | 49 | 130 | 49 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | 45 | 49 | 130 | 49 |
Loans receivable | 7,180 | 9,221 | 18,599 | 9,221 |
Loans receivable: Ending balance: individually evaluated for impairment | 72 | 76 | 89 | 76 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 7,108 | 9,145 | 18,510 | 9,145 |
Commercial Real Estate [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit losses, Beginning Balance | 5,031 | 3,581 | 3,581 | |
Charge-offs | (1,223) | (276) | ||
Recoveries | 3 | 9 | 11 | |
Provisions | 1,533 | 670 | 1,715 | |
Allowance for credit losses, Ending Balance | 5,344 | 5,031 | 4,260 | 5,031 |
Allowance for credit losses: Ending balance: individually evaluated for impairment | 338 | 1,448 | 156 | 1,448 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | 5,006 | 3,583 | 4,104 | 3,583 |
Loans receivable | 508,448 | 493,929 | 427,610 | 493,929 |
Loans receivable: Ending balance: individually evaluated for impairment | 10,349 | 17,409 | 1,347 | 17,409 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 498,099 | 476,520 | 426,263 | 476,520 |
Commercial Farmland [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit losses, Beginning Balance | 66 | 9 | 9 | |
Provisions | (2) | 3 | 57 | |
Allowance for credit losses, Ending Balance | 64 | 66 | 12 | 66 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | 64 | 66 | 12 | 66 |
Loans receivable | 12,054 | 12,066 | 1,711 | 12,066 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 12,054 | 12,066 | 1,711 | 12,066 |
Commercial Multi Family Receivable [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit losses, Beginning Balance | 232 | 224 | 224 | |
Provisions | 42 | (24) | 8 | |
Allowance for credit losses, Ending Balance | 274 | 232 | 200 | 232 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | 274 | 232 | 200 | 232 |
Loans receivable | 44,989 | 45,102 | 32,716 | 45,102 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 44,989 | 45,102 | 32,716 | 45,102 |
Commercial - Other Receivable [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit losses, Beginning Balance | 467 | 541 | 541 | |
Charge-offs | (45) | |||
Recoveries | 2 | 1 | 4 | |
Provisions | (7) | (93) | (33) | |
Allowance for credit losses, Ending Balance | 462 | 467 | 449 | 467 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | 462 | 467 | 449 | 467 |
Loans receivable | 84,236 | 80,059 | 71,933 | 80,059 |
Loans receivable: Ending balance: individually evaluated for impairment | 239 | |||
Loans Receivable: Ending balance: collectively evaluated for impairment | 84,236 | 80,059 | 71,694 | 80,059 |
Consumer - Home Equity Lines of Credit [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit losses, Beginning Balance | 82 | 90 | 90 | |
Recoveries | 1 | 1 | ||
Provisions | (3) | 3 | (9) | |
Allowance for credit losses, Ending Balance | 79 | 82 | 94 | 82 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | 79 | 82 | 94 | 82 |
Loans receivable | 14,484 | 14,884 | 16,811 | 14,884 |
Loans receivable: Ending balance: individually evaluated for impairment | 34 | 34 | 10 | 34 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 14,450 | 14,850 | 16,801 | 14,850 |
Consumer - Second Mortgages Receivable [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit losses, Beginning Balance | 326 | 402 | 402 | |
Charge-offs | (88) | |||
Recoveries | 8 | 19 | 52 | |
Provisions | 57 | 42 | (40) | |
Allowance for credit losses, Ending Balance | 391 | 326 | 463 | 326 |
Allowance for credit losses: Ending balance: individually evaluated for impairment | 179 | 103 | 156 | 103 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | 212 | 223 | 307 | 223 |
Loans receivable | 16,674 | 18,363 | 21,304 | 18,363 |
Loans receivable: Ending balance: individually evaluated for impairment | 619 | 635 | 578 | 635 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 16,055 | 17,728 | 20,726 | 17,728 |
Consumer - Other Receivable [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit losses, Beginning Balance | 51 | 27 | 27 | |
Charge-offs | (1) | (2) | (2) | |
Recoveries | 1 | 2 | 7 | |
Provisions | (7) | 3 | 19 | |
Allowance for credit losses, Ending Balance | 44 | 51 | 30 | 51 |
Allowance for credit losses: Ending balance: individually evaluated for impairment | 26 | 26 | 1 | 26 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | 18 | 25 | 29 | 25 |
Loans receivable | 1,915 | 2,315 | 2,435 | 2,315 |
Loans receivable: Ending balance: individually evaluated for impairment | 26 | 26 | 1 | 26 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 1,889 | 2,289 | 2,434 | 2,289 |
Unallocated [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for credit losses, Beginning Balance | 1,262 | 1,872 | 1,872 | |
Provisions | (321) | (634) | (610) | |
Allowance for credit losses, Ending Balance | 941 | 1,262 | 1,238 | 1,262 |
Allowance for credit losses: Ending balance: collectively evaluated for impairment | $ 941 | $ 1,262 | $ 1,238 | $ 1,262 |
Loans Receivable and Related _5
Loans Receivable and Related Allowance for Loan Losses (2) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans With Specific Allowance, Recorded Investment | $ 10,029 | $ 16,489 |
Impaired Loans With Specific Allowance, Related Allowance | 543 | 1,577 |
Impaired Loans With No Specific Allowance, Recorded Investment | 4,698 | 4,839 |
Total Impaired Loans Recorded Investment | 14,727 | 21,328 |
Total Impaired Loans Unpaid Principal Balance | 15,212 | 21,888 |
Residential Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans With No Specific Allowance, Recorded Investment | 3,627 | 3,148 |
Total Impaired Loans Recorded Investment | 3,627 | 3,148 |
Total Impaired Loans Unpaid Principal Balance | 3,782 | 3,337 |
Construction and Development - Land Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans With No Specific Allowance, Recorded Investment | 72 | 76 |
Total Impaired Loans Recorded Investment | 72 | 76 |
Total Impaired Loans Unpaid Principal Balance | 72 | 76 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans With Specific Allowance, Recorded Investment | 9,807 | 16,343 |
Impaired Loans With Specific Allowance, Related Allowance | 338 | 1,448 |
Impaired Loans With No Specific Allowance, Recorded Investment | 542 | 1,066 |
Total Impaired Loans Recorded Investment | 10,349 | 17,409 |
Total Impaired Loans Unpaid Principal Balance | 10,626 | 17,685 |
Consumer - Home Equity Lines of Credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans With No Specific Allowance, Recorded Investment | 34 | 34 |
Total Impaired Loans Recorded Investment | 34 | 34 |
Total Impaired Loans Unpaid Principal Balance | 35 | 34 |
Consumer - Second Mortgages Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans With Specific Allowance, Recorded Investment | 196 | 120 |
Impaired Loans With Specific Allowance, Related Allowance | 179 | 103 |
Impaired Loans With No Specific Allowance, Recorded Investment | 423 | 515 |
Total Impaired Loans Recorded Investment | 619 | 635 |
Total Impaired Loans Unpaid Principal Balance | 671 | 730 |
Consumer - Other Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans With Specific Allowance, Recorded Investment | 26 | 26 |
Impaired Loans With Specific Allowance, Related Allowance | 26 | 26 |
Total Impaired Loans Recorded Investment | 26 | 26 |
Total Impaired Loans Unpaid Principal Balance | $ 26 | $ 26 |
Loans Receivable and Related _6
Loans Receivable and Related Allowance for Loan Losses (3) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | $ 19,349 | $ 4,048 |
Interest Income Recognized on Impaired Loans | 106 | 24 |
Residential Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 3,563 | 2,390 |
Interest Income Recognized on Impaired Loans | 27 | 12 |
Construction and Development - Land Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 73 | 91 |
Interest Income Recognized on Impaired Loans | 1 | 1 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 15,017 | 820 |
Interest Income Recognized on Impaired Loans | 76 | 6 |
Commercial - Other Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 241 | |
Interest Income Recognized on Impaired Loans | 3 | |
Consumer - Home Equity Lines of Credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 45 | 10 |
Consumer - Second Mortgages Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 625 | 495 |
Interest Income Recognized on Impaired Loans | 2 | 2 |
Consumer - Other Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | $ 26 | $ 1 |
Loans Receivable and Related _7
Loans Receivable and Related Allowance for Loan Losses (4) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | $ 933,426 | $ 910,591 | $ 814,577 |
Pass [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 914,359 | 885,863 | |
Special Mention [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 1,650 | 1,052 | |
Substandard [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 17,417 | 23,676 | |
Residential Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 202,306 | 197,219 | 186,831 |
Residential Mortgage [Member] | Pass [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 197,816 | 193,584 | |
Residential Mortgage [Member] | Substandard [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 4,490 | 3,635 | |
Construction and Development - Residential and Commercial Receivables [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 41,140 | 37,433 | 34,627 |
Construction and Development - Residential and Commercial Receivables [Member] | Pass [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 41,140 | 37,433 | |
Construction and Development - Land Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 7,180 | 9,221 | 18,599 |
Construction and Development - Land Receivable [Member] | Pass [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 7,108 | 9,146 | |
Construction and Development - Land Receivable [Member] | Substandard [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 72 | 75 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 508,448 | 493,929 | 427,610 |
Commercial Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 495,225 | 474,232 | |
Commercial Real Estate [Member] | Special Mention [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 1,549 | 949 | |
Commercial Real Estate [Member] | Substandard [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 11,674 | 18,748 | |
Commercial Farmland [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 12,054 | 12,066 | 1,711 |
Commercial Farmland [Member] | Pass [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 12,054 | 12,066 | |
Commercial Multi Family Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 44,989 | 45,102 | 32,716 |
Commercial Multi Family Receivable [Member] | Pass [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 44,989 | 45,102 | |
Commercial - Other Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 84,236 | 80,059 | 71,933 |
Commercial - Other Receivable [Member] | Pass [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 84,086 | 79,902 | |
Commercial - Other Receivable [Member] | Substandard [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 150 | 157 | |
Consumer - Home Equity Lines of Credit [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 14,484 | 14,884 | 16,811 |
Consumer - Home Equity Lines of Credit [Member] | Pass [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 14,353 | 14,707 | |
Consumer - Home Equity Lines of Credit [Member] | Substandard [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 131 | 177 | |
Consumer - Second Mortgages Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 16,674 | 18,363 | 21,304 |
Consumer - Second Mortgages Receivable [Member] | Pass [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 15,700 | 17,402 | |
Consumer - Second Mortgages Receivable [Member] | Special Mention [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 101 | 103 | |
Consumer - Second Mortgages Receivable [Member] | Substandard [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 873 | 858 | |
Consumer - Other Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 1,915 | 2,315 | $ 2,435 |
Consumer - Other Receivable [Member] | Pass [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 1,888 | 2,289 | |
Consumer - Other Receivable [Member] | Substandard [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | $ 27 | $ 26 |
Loans Receivable and Related _8
Loans Receivable and Related Allowance for Loan Losses (5) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Total non-accrual loans | $ 2,562 | $ 2,687 |
Residential Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total non-accrual loans | 1,783 | 1,817 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total non-accrual loans | 520 | 520 |
Consumer - Home Equity Lines of Credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total non-accrual loans | 34 | 34 |
Consumer - Second Mortgages Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total non-accrual loans | 199 | 290 |
Consumer - Other Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total non-accrual loans | $ 26 | $ 26 |
Loans Receivable and Related _9
Loans Receivable and Related Allowance for Loan Losses (Narrative) (Detail) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018USD ($)NumberBank | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2018USD ($)Number | Dec. 14, 2018USD ($) | |
Financing Receivable, Impaired [Line Items] | |||||
Non accrual loans interest income | $ 79,000 | $ 10,000 | |||
Loans past due 90 days or more and still accruing interest | $ 759,000 | $ 374,000 | $ 374,000 | ||
Number of loans | Number | 22 | 18 | |||
Recorded Investment | $ 12,664,000 | 18,929,000 | $ 18,929,000 | ||
Allowance for loan and lease losses | 1,300,000 | ||||
Amount of loans charged down | 1,200,000 | ||||
Provisions | $ 1,453,000 | 125,000,000 | 954,000 | ||
Number of peer banks | Bank | 10 | ||||
Addtional provision for loan losses | $ 390,000,000 | ||||
Nonperforming Financing Receivable [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 500,000 | 289,000 | 289,000 | $ 7,000,000 | |
Increase (decrease) in recorded Investment | 6,100,000 | ||||
Other Real Estate Owned [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans charged down, fair value | 5,800,000 | ||||
Increase (decrease) in recorded Investment | (6,200,000) | ||||
Residential Mortgage [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans past due 90 days or more and still accruing interest | $ 719,000 | 339,000 | $ 339,000 | ||
Number of loans | Number | 14 | 10 | |||
Recorded Investment | $ 2,537,000 | 1,816,000 | $ 1,816,000 | ||
Provisions | 119,000 | 23,000 | 60,000 | ||
Residential Mortgage [Member] | Nonperforming Financing Receivable [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 500,000 | 289,000 | $ 289,000 | ||
Residential Mortgage [Member] | 30 Days Delinquent for Principal and Interest Due [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans past due 90 days or more and still accruing interest | $ 718,000 | ||||
Commercial Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Number of loans | Number | 3 | 4 | |||
Recorded Investment | $ 9,830,000 | 16,889,000 | $ 16,889,000 | ||
Amount of loans charged down | 1,200,000 | ||||
Provisions | 1,533,000 | 670,000 | 1,715,000 | ||
Construction and Development - Residential and Commercial Receivables [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Provisions | 46,000 | $ 9,000 | (130,000) | ||
Real estate through foreclosure | $ 2,100,000 | $ 1,400,000 | $ 1,400,000 |
Loans Receivable and Related_10
Loans Receivable and Related Allowance for Loan Losses (6) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Impaired [Line Items] | |||
Current | $ 926,843 | $ 898,519 | |
Past Due | 6,583 | 12,072 | |
Total Loans Receivable | 933,426 | 910,591 | $ 814,577 |
Accruing 90 Days or More Past Due | 759 | 374 | |
30 to 59 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 3,540 | 1,027 | |
60 to 89 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 1,191 | 8,139 | |
Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 1,852 | 2,906 | |
Residential Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current | 197,767 | 193,727 | |
Past Due | 4,540 | 3,492 | |
Total Loans Receivable | 202,306 | 197,219 | 186,831 |
Accruing 90 Days or More Past Due | 719 | 339 | |
Residential Mortgage [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 2,334 | 450 | |
Residential Mortgage [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 1,069 | 1,016 | |
Residential Mortgage [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 1,137 | 2,026 | |
Construction and Development - Residential and Commercial Receivables [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current | 41,140 | 37,433 | |
Total Loans Receivable | 41,140 | 37,433 | 34,627 |
Construction and Development - Land Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current | 7,180 | 9,221 | |
Total Loans Receivable | 7,180 | 9,221 | 18,599 |
Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current | 506,980 | 485,886 | |
Past Due | 1,468 | 8,043 | |
Total Loans Receivable | 508,448 | 493,929 | 427,610 |
Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 948 | 449 | |
Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 7,019 | ||
Commercial Real Estate [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 520 | 575 | |
Commercial Farmland [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current | 12,054 | 12,066 | |
Total Loans Receivable | 12,054 | 12,066 | 1,711 |
Commercial Multi Family Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current | 44,989 | 45,102 | |
Total Loans Receivable | 44,989 | 45,102 | 32,716 |
Commercial - Other Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current | 84,236 | 80,059 | |
Total Loans Receivable | 84,236 | 80,059 | 71,933 |
Consumer - Home Equity Lines of Credit [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current | 14,284 | 14,815 | |
Past Due | 200 | 69 | |
Total Loans Receivable | 14,484 | 14,884 | 16,811 |
Accruing 90 Days or More Past Due | 35 | ||
Consumer - Home Equity Lines of Credit [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 69 | ||
Consumer - Home Equity Lines of Credit [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 97 | ||
Consumer - Home Equity Lines of Credit [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 34 | 69 | |
Consumer - Second Mortgages Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current | 16,327 | 17,928 | |
Past Due | 347 | 434 | |
Total Loans Receivable | 16,674 | 18,363 | 21,304 |
Accruing 90 Days or More Past Due | 39 | ||
Consumer - Second Mortgages Receivable [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 187 | 121 | |
Consumer - Second Mortgages Receivable [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 25 | 103 | |
Consumer - Second Mortgages Receivable [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 135 | 211 | |
Consumer - Other Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current | 1,886 | 2,282 | |
Past Due | 28 | 33 | |
Total Loans Receivable | 1,915 | 2,315 | $ 2,435 |
Accruing 90 Days or More Past Due | 1 | ||
Consumer - Other Receivable [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 2 | 7 | |
Consumer - Other Receivable [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 1 | ||
Consumer - Other Receivable [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | $ 26 | $ 25 |
Loans Receivable and Related_11
Loans Receivable and Related Allowance for Loan Losses (Details 7) (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2018USD ($)Number | Sep. 30, 2018USD ($)Number | |
Financing Receivable, Impaired [Line Items] | ||
Total Troubled Debt Restructurings, Number of Loans | Number | 22 | 18 |
Total Troubled Debt Restructurings, Recorded Investment | $ | $ 12,664 | $ 18,929 |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Number of Loans | Number | 4 | 3 |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Recorded Investment | $ | $ 500 | $ 289 |
Residential Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Troubled Debt Restructurings, Number of Loans | Number | 14 | 10 |
Total Troubled Debt Restructurings, Recorded Investment | $ | $ 2,537 | $ 1,816 |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Number of Loans | Number | 4 | 3 |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Recorded Investment | $ | $ 500 | $ 289 |
Construction and Development - Land Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Troubled Debt Restructurings, Number of Loans | Number | 1 | 1 |
Total Troubled Debt Restructurings, Recorded Investment | $ | $ 72 | $ 76 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Troubled Debt Restructurings, Number of Loans | Number | 3 | 4 |
Total Troubled Debt Restructurings, Recorded Investment | $ | $ 9,830 | $ 16,889 |
Consumer - Second Mortgages Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total Troubled Debt Restructurings, Number of Loans | Number | 4 | 3 |
Total Troubled Debt Restructurings, Recorded Investment | $ | $ 225 | $ 148 |
Loans Receivable and Related_12
Loans Receivable and Related Allowance for Loan Losses (8) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 14, 2018 | Sep. 30, 2018 |
Recorded Investment | $ 12,664 | $ 18,929 | |
Performing Financing Receivable [Member] | |||
Recorded Investment | 12,164 | 18,640 | |
Nonperforming Financing Receivable [Member] | |||
Recorded Investment | 500 | $ 7,000 | 289 |
Residential Mortgage [Member] | |||
Recorded Investment | 2,537 | 1,816 | |
Residential Mortgage [Member] | Performing Financing Receivable [Member] | |||
Recorded Investment | 2,037 | 1,527 | |
Residential Mortgage [Member] | Nonperforming Financing Receivable [Member] | |||
Recorded Investment | 500 | 289 | |
Construction and Development - Land Receivable [Member] | |||
Recorded Investment | 72 | 76 | |
Construction and Development - Land Receivable [Member] | Performing Financing Receivable [Member] | |||
Recorded Investment | 72 | 76 | |
Commercial Real Estate [Member] | |||
Recorded Investment | 9,830 | 16,889 | |
Commercial Real Estate [Member] | Performing Financing Receivable [Member] | |||
Recorded Investment | 9,830 | 16,889 | |
Consumer - Second Mortgages Receivable [Member] | |||
Recorded Investment | 225 | 148 | |
Consumer - Second Mortgages Receivable [Member] | Performing Financing Receivable [Member] | |||
Recorded Investment | $ 225 | $ 148 |
Loans Receivable and Related_13
Loans Receivable and Related Allowance for Loan Losses (9) (Detail) $ in Thousands | 3 Months Ended |
Dec. 31, 2018USD ($)Number | |
Financing Receivable, Impaired [Line Items] | |
Number of Contracts | Number | 5 |
Pre-Modifications Outstanding Recorded Investment | $ 812 |
Post-Modification Outstanding Recorded Investment | $ 805 |
Residential Mortgage [Member] | |
Financing Receivable, Impaired [Line Items] | |
Number of Contracts | Number | 4 |
Pre-Modifications Outstanding Recorded Investment | $ 732 |
Post-Modification Outstanding Recorded Investment | $ 726 |
Consumer - Second Mortgages Receivable [Member] | |
Financing Receivable, Impaired [Line Items] | |
Number of Contracts | Number | 1 |
Pre-Modifications Outstanding Recorded Investment | $ 80 |
Post-Modification Outstanding Recorded Investment | $ 79 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Detail) - USD ($) $ in Thousands | Oct. 09, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Jan. 02, 2017 | Jan. 02, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Gross proceeds of common stock | $ 25,000 | ||||
Net proceeds of common stock | $ 23,300 | $ 23,344 | |||
Malvern Federal Savings Bank [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Common equity Tier 1 capital ratio | 4.50% | 4.50% | 7.00% | 4.00% | |
Tier 1 capital ratio | 6.00% | 6.00% | 8.50% | 6.00% | |
Tier 1 Capital coservation buffer | 2.50% | ||||
Total capital ratio | 16.55% | 16.13% | 10.50% | ||
Capital conservation buffer percentage of risk-weighted assets | 0.625% |
Regulatory Matters (Detail)
Regulatory Matters (Detail) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 | Jan. 02, 2017 | Jan. 02, 2015 |
Parent Company [Member] | ||||
Capital (to adjusted tangible assets): Actual Amount | $ 135,679 | $ 110,239 | ||
Common equity Tier 1(to risk-weighted assets): Actual Amount | 135,679 | 110,239 | ||
Tier 1 Capital (to risk-weighted assets): Actual Amount | 135,679 | 110,239 | ||
Total Capital (to risk-weighted assets): Actual Amount | $ 169,494 | $ 143,787 | ||
Capital (to adjusted tangible assets): Actual Ratio | 12.55% | 10.63% | ||
Common equity Tier 1(to risk-weighted assets): Actual Ratio | 14.61% | 12.62% | ||
Tier 1 Capital (to risk-weighted assets): Actual Ratio | 14.61% | 12.62% | ||
Total Capital (to risk-weighted assets): Actual Ratio | 18.25% | 16.45% | ||
Capital (to adjusted tangible assets): For Capital Adequacy Purposes Amount | $ 43,246 | $ 41,491 | ||
Common Equity Tier 1 Capital (to risk weighted assets) | 41,793 | 39,322 | ||
Tier 1 Capital (to risk weighted assets) | 55,724 | 52,430 | ||
Total Capital (to risk weighted assets) | $ 74,299 | $ 69,906 | ||
Capital (to adjusted tangible assets): For Capital Adequacy Purposes Ratio | 4.00% | 4.00% | ||
Common Equity Tier 1 Capital (to risk weighted assets) | 4.50% | 4.50% | ||
Tier 1 Capital (to risk weighted assets) | 6.00% | 6.00% | ||
Total Capital (to risk weighted assets) | 8.00% | 8.00% | ||
Capital (to adjusted tangible assets): To be Well Capitalized under Prompt Corrective Action Provisions Capital Amount | $ 54,058 | $ 51,864 | ||
Common Equity Tier 1 Capital (to risk weighted assets) | 60,368 | 56,799 | ||
Tier 1 Capital (to risk weighted assets) | 74,299 | 69,906 | ||
Total Capital (to risk weighted assets) | $ 92,874 | $ 87,383 | ||
Capital (to adjusted tangible assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% | ||
Common Equity Tier 1 Capital (to risk weighted assets) | 6.50% | 6.50% | ||
Tier 1 Capital (to risk weighted assets) | 8.00% | 8.00% | ||
Total Capital (to risk weighted assets) | 10.00% | 10.00% | ||
Malvern Federal Savings Bank [Member] | ||||
Capital (to adjusted tangible assets): Actual Amount | $ 144,216 | $ 131,746 | ||
Common equity Tier 1(to risk-weighted assets): Actual Amount | 144,216 | 131,746 | ||
Tier 1 Capital (to risk-weighted assets): Actual Amount | 144,216 | 131,746 | ||
Total Capital (to risk-weighted assets): Actual Amount | $ 153,530 | $ 140,833 | ||
Capital (to adjusted tangible assets): Actual Ratio | 13.35% | 12.71% | ||
Common equity Tier 1(to risk-weighted assets): Actual Ratio | 15.54% | 15.09% | ||
Tier 1 Capital (to risk-weighted assets): Actual Ratio | 15.54% | 15.09% | ||
Total Capital (to risk-weighted assets): Actual Ratio | 16.55% | 16.13% | 10.50% | |
Capital (to adjusted tangible assets): For Capital Adequacy Purposes Amount | $ 43,219 | $ 41,450 | ||
Common Equity Tier 1 Capital (to risk weighted assets) | 41,752 | 39,293 | ||
Tier 1 Capital (to risk weighted assets) | 55,670 | 52,390 | ||
Total Capital (to risk weighted assets) | $ 74,225 | $ 69,853 | ||
Capital (to adjusted tangible assets): For Capital Adequacy Purposes Ratio | 4.00% | 4.00% | ||
Common Equity Tier 1 Capital (to risk weighted assets) | 4.50% | 4.50% | 7.00% | 4.00% |
Tier 1 Capital (to risk weighted assets) | 6.00% | 6.00% | 8.50% | 6.00% |
Total Capital (to risk weighted assets) | 8.00% | 8.00% | ||
Capital (to adjusted tangible assets): To be Well Capitalized under Prompt Corrective Action Provisions Capital Amount | $ 54,024 | $ 51,812 | ||
Common Equity Tier 1 Capital (to risk weighted assets) | 60,308 | 56,756 | ||
Tier 1 Capital (to risk weighted assets) | 74,225 | 69,853 | ||
Total Capital (to risk weighted assets) | $ 92,782 | $ 87,317 | ||
Capital (to adjusted tangible assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% | ||
Common Equity Tier 1 Capital (to risk weighted assets) | 6.50% | 6.50% | ||
Tier 1 Capital (to risk weighted assets) | 8.00% | 8.00% | ||
Total Capital (to risk weighted assets) | 10.00% | 10.00% |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Narrative) (Detail) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Sep. 30, 2018 | |
Derivative [Line Items] | ||
Minimum collateral posting thresholds with derivative counterparties | $ 0 | $ 0 |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Estimated interest expense | $ 381,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Detail) - Interest Rate Swap Agreements [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Notional Amount, Asset Derivatives | $ 35,000 | $ 65,000 |
Fair Value | 739 | $ 1,245 |
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Notional Amount, Liability Derivatives | 30,000 | |
Fair Value | 204 | |
Derivatives Not Designated As Hedging Instrument [Member] | Other Assets [Member] | ||
Notional Amount, Asset Derivatives | 25,350 | |
Fair Value | 1,139 | |
Derivatives Not Designated As Hedging Instrument [Member] | Other Liabilities [Member] | ||
Notional Amount, Liability Derivatives | 25,350 | |
Fair Value | $ 1,140 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Statement of Operations Relating to The Cash Flow Derivative Instrument. (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative | $ (639) | $ 230 |
Amount of Gain (Loss) Reclassified from OCI to Interest Income | 71 | (13) |
Interest Rate Swap Agreements [Member] | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivative | (639) | 230 |
Amount of Gain (Loss) Reclassified from OCI to Interest Income | $ 71 | $ (13) |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Schedule of Effects of Derivative Instruments on Consolidated Statements of Income (Detail) - Derivatives Not Designated As Hedging Instrument [Member] $ in Thousands | 3 Months Ended |
Dec. 31, 2018USD ($) | |
Amount of Gain (Loss) Recognized in Income on derivatives | $ (1) |
Interest Rate Swap Agreements [Member] | Other Income [Member] | |
Amount of Gain (Loss) Recognized in Income on derivatives | $ (1) |
Fair Value Measurements (Detail
Fair Value Measurements (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Assets | ||
Investment securities available for sale, at fair value | $ 19,231 | |
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 19,231 | $ 24,298 |
Derivative assets | 1,878 | 1,245 |
Liabilities | ||
Derivative instruments | 1,344 | |
Fair Value, Measurements, Recurring [Member] | State And Municipal Obligations [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 6,933 | 6,887 |
Fair Value, Measurements, Recurring [Member] | Single Issuer Trust Preferred Security [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 872 | 921 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 11,176 | 6,254 |
Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 250 | 250 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Notes [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 9,986 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 9,986 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Treasury Notes [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 9,986 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 18,981 | 14,062 |
Derivative assets | 1,878 | 1,245 |
Liabilities | ||
Derivative instruments | 1,344 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | State And Municipal Obligations [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 6,933 | 6,887 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Single Issuer Trust Preferred Security [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 872 | 921 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 11,176 | 6,254 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 250 | 250 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mutual Fund [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | $ 250 | $ 250 |
Fair Value Measurements (1) (De
Fair Value Measurements (1) (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value, nonrecurring basis | $ 15,282 | $ 15,611 |
Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value, nonrecurring basis | 5,796 | |
Impaired Loans Net [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value, nonrecurring basis | 9,486 | 15,611 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value, nonrecurring basis | 15,282 | |
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value, nonrecurring basis | 5,796 | |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans Net [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value, nonrecurring basis | $ 9,486 | $ 15,611 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Fair Value Disclosures [Abstract] | ||
Impaired Loans with aggregate balance | $ 10,029 | $ 16,489 |
Impaired Loans with specific loan loss allowance | $ 543 | 1,577 |
Impaired Loans with aggregate balance | $ 17,200 |
Fair Value Measurements (2) (De
Fair Value Measurements (2) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Financial assets: | ||
Investment securities available for sale, at fair value | $ 19,231 | |
Investment securities held to maturity, fair value | 28,557 | $ 28,968 |
Financial liabilities: | ||
Subordinated debt | 24,500 | 24,461 |
Carrying Amount [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 99,876 | 30,834 |
Investment securities available for sale, at fair value | 19,231 | 24,298 |
Investment securities held to maturity, fair value | 29,323 | 30,092 |
Loans receivable, net (including impaired loans) | 924,639 | 902,136 |
Accrued interest receivable | 3,724 | 3,800 |
Restricted stock | 9,493 | 8,537 |
Mortgage servicing rights (included in Other Assets) | 213 | 223 |
Derivatives (included in Other Assets) | 1,878 | 1,245 |
Financial liabilities: | ||
Savings accounts | 44,438 | 44,642 |
Checking and NOW accounts | 300,759 | 225,750 |
Money market accounts | 253,436 | 270,834 |
Certificates of deposit | 244,567 | 232,937 |
Borrowings (excluding sub debt) | 118,000 | 120,500 |
Subordinated debt | 24,500 | 24,461 |
Derivatives (included in Other Liabilities) | 1,344 | |
Accrued interest payable | 1,251 | 784 |
Fair Value [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 99,876 | 30,834 |
Investment securities available for sale, at fair value | 19,231 | 24,298 |
Investment securities held to maturity, fair value | 28,557 | 28,968 |
Loans receivable, net (including impaired loans) | 921,891 | 893,520 |
Accrued interest receivable | 3,724 | 3,800 |
Restricted stock | 9,493 | 8,537 |
Mortgage servicing rights (included in Other Assets) | 241 | 268 |
Derivatives (included in Other Assets) | 1,878 | 1,245 |
Financial liabilities: | ||
Savings accounts | 44,438 | 44,642 |
Checking and NOW accounts | 300,759 | 225,750 |
Money market accounts | 253,436 | 270,834 |
Certificates of deposit | 245,770 | 234,398 |
Borrowings (excluding sub debt) | 118,074 | 120,420 |
Subordinated debt | 24,500 | 24,461 |
Derivatives (included in Other Liabilities) | 1,344 | |
Accrued interest payable | 1,251 | 784 |
Fair Value, Inputs, Level 1 [Member] | Fair Value [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 99,876 | 30,834 |
Investment securities available for sale, at fair value | 9,986 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value [Member] | ||
Financial assets: | ||
Investment securities available for sale, at fair value | 18,981 | 14,062 |
Investment securities held to maturity, fair value | 28,557 | 28,968 |
Accrued interest receivable | 3,724 | 3,800 |
Restricted stock | 9,493 | 8,537 |
Mortgage servicing rights (included in Other Assets) | 241 | 268 |
Derivatives (included in Other Assets) | 1,878 | 1,245 |
Financial liabilities: | ||
Savings accounts | 44,438 | 44,642 |
Checking and NOW accounts | 300,759 | 225,750 |
Money market accounts | 253,436 | 270,834 |
Certificates of deposit | 245,770 | 234,398 |
Borrowings (excluding sub debt) | 118,074 | 120,420 |
Subordinated debt | 24,500 | 24,461 |
Derivatives (included in Other Liabilities) | 1,344 | |
Accrued interest payable | 1,251 | 784 |
Fair Value, Inputs, Level 3 [Member] | Fair Value [Member] | ||
Financial assets: | ||
Investment securities available for sale, at fair value | 250 | 250 |
Loans receivable, net (including impaired loans) | $ 921,891 | $ 893,520 |
Income Taxes - (Details Narrati
Income Taxes - (Details Narrative) - USD ($) $ in Millions | Dec. 22, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||||
Federal statutory tax rate | 21.00% | 21.00% | 24.50% | 24.50% |
Previously Federal statutory tax rate | 35.00% | |||
Increase in deferred tax | $ 2.3 |
Income Taxes - (Details)
Income Taxes - (Details) - USD ($) $ in Thousands | Dec. 22, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||||
Tax at statutory rate | $ 535 | $ 878 | ||
Increase/(reduction) in taxes resulting from: | ||||
State tax, net of federal benefit | 69 | 170 | ||
Tax-exempt interest | (3) | (11) | ||
Earnings on bank-owned life insurance | (25) | (30) | ||
Other | (41) | |||
Subtotal | 535 | 1,007 | ||
Impact of change in tax law | 2,212 | |||
Total | $ 535 | $ 3,219 | ||
Tax at statutory rate (in percentage) | 21.00% | 21.00% | 24.50% | 24.50% |
Increase/(reduction) in taxes resulting from: | ||||
State tax, net of federal benefit (in percentage) | 2.70% | 4.30% | ||
Tax-exempt interest (in percentage) | (0.10%) | (0.30%) | ||
Earnings on bank-owned life insurance (in percentage) | (1) | (0.8) | ||
Other (in percentage) | (1.60%) | |||
Subtotal (in percentage) | 21 | 27.7 | ||
Impact of change in tax law (in percentage) | 61.20% | |||
Total (in percentage) | 21.00% | 88.90% |
Comprehensive Income (Loss) (De
Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Sep. 30, 2018 | |
Equity [Abstract] | ||
Net unrealized holding losses on available-for-sale securities | $ (537) | $ (506) |
Tax effect | 113 | 106 |
Net of tax amount | (424) | (400) |
Fair value adjustments on derivatives | 535 | 1,245 |
Tax effect | (112) | (261) |
Net of tax amount | 423 | 984 |
Total accumulated other comprehensive (loss) income | $ (1) | $ 584 |
Comprehensive Income (Loss) (1)
Comprehensive Income (Loss) (1) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | ||
Net unrealized holding losses on available-for-sale securities | $ (33) | $ (83) |
Amortization of unrealized holding losses on securites transferred from available-for-sale to held-to-maturity | 2 | 2 |
Fair value adjustments on derivatives | (710) | 242 |
Other comprehensive (loss) income before taxes | (741) | 161 |
Tax effect | 156 | 1 |
Total other comprehensive (loss), income | $ (585) | $ 162 |
Equity Based Incentive Compen_3
Equity Based Incentive Compensation Plan (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation | $ 14 | $ 15 |
Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (the 2014 Plan) [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Maximum number of shares available for grants | 400,000 | |
Number of remaining shares available for future grants | 358,360 | |
Description of vesting right | Restricted stock and option awards granted vest in 20% increments beginning on the one year anniversary of the grant date | |
Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (the 2014 Plan) [Member] | Stock Option [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted shares | 0 | 4,664 |
Share-based compensation | $ 1,000 | $ 4,000 |
Compensation cost not yet recognized | $ 78,000 | |
Weighted average period | 2 years 3 days | |
Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (the 2014 Plan) [Member] | Restricted Stock [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted shares | 3,238 | 4,768 |
Share-based compensation | $ 13,000 | $ 11,000 |
Compensation cost not yet recognized | $ 320,000 | |
Weighted average period | 2 years 2 months 4 days | |
Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (the 2014 Plan) [Member] | First Year Anniversary [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
First vesting percentage | 20.00% | |
First vesting period | 1 year |
Equity Based Incentive Compen_4
Equity Based Incentive Compensation Plan 1 (Detail) - Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (the 2014 Plan) [Member] - Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding, beginning of year | 15,996 | |
Granted | 0 | 4,664 |
Outstanding, end of year | 15,996 | |
Exercisable, end of year | 3,804 | |
Nonvested, at end of year | 12,192 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Outstanding, beginning of year | $ 22.34 | |
Outstanding, end of year | 22.34 | |
Exercisable, end of year | 21.35 | |
Nonvested, at end of year | $ 22.65 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Remaining Contractual Life [Roll Forward] | ||
Outstanding, end of year | 8 years 4 months 18 days | |
Exercisable, end of year | 8 years 2 months 14 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Aggregate Intrinsic Value [Roll Forward] | ||
Outstanding, beginning of year | $ 41,490 | |
Outstanding, end of year | 11,130 | |
Exercisable, end of year | $ 4,452 |
Equity Based Incentive Compen_5
Equity Based Incentive Compensation Plan 2 - Restricted Stock Awards (Detail) - Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (the 2014 Plan) [Member] - Restricted Stock [Member] | 3 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding, beginning of year | shares | 14,340 |
Granted | shares | 3,238 |
Outstanding, end of year | shares | 17,578 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Outstanding, beginning of year | $ / shares | $ 20.36 |
Granted | $ / shares | 19.57 |
Outstanding, end of year | $ / shares | $ 22.33 |