Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Jun. 30, 2014 | Aug. 06, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'MALVERN BANCORP, INC. | ' |
Entity Central Index Key | '0001550603 | ' |
Trading Symbol | 'mlvf | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 6,558,473 |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (Unaudited) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from depository institutions | $1,155 | $1,251 |
Interest bearing deposits in depository institutions | 41,300 | 22,436 |
Cash and Cash Equivalents | 42,455 | 23,687 |
Investment securities available for sale, at fair value | 104,985 | 124,667 |
Restricted stock, at cost | 3,495 | 3,038 |
Loans held for sale | ' | 10,367 |
Loans receivable, net of allowance for loan losses of $4,858 and $5,090, respectively | 392,582 | 401,857 |
Other real estate owned | 1,645 | 3,962 |
Accrued interest receivable | 1,300 | 1,404 |
Property and equipment, net | 6,897 | 7,259 |
Deferred income taxes, net | 2,575 | 2,464 |
Bank-owned life insurance | 21,003 | 21,341 |
Other assets | 1,151 | 1,508 |
Total Assets | 578,088 | 601,554 |
Deposits: | ' | ' |
Deposits-noninterest-bearing | 22,782 | 24,761 |
Deposits-interest-bearing | 423,254 | 459,835 |
Total Deposits | 446,036 | 484,596 |
FHLB advances | 48,000 | 38,000 |
Advances from borrowers for taxes and insurance | 4,416 | 1,118 |
Accrued interest payable | 148 | 139 |
Other liabilities | 2,821 | 2,295 |
Total Liabilities | 501,421 | 526,148 |
Commitments and Contingencies | ' | ' |
Shareholders' Equity | ' | ' |
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued | ' | ' |
Common stock, $0.01 par value, 40,000,000 shares authorized, issued and outstanding: 6,558,473 | 66 | 66 |
Additional paid-in capital | 60,314 | 60,302 |
Retained earnings | 19,822 | 19,793 |
Unearned Employee Stock Ownership Plan (ESOP) shares | -1,958 | -2,067 |
Accumulated other comprehensive loss | -1,577 | -2,688 |
Total Shareholders' Equity | 76,667 | 75,406 |
Total Liabilities and Shareholders' Equity | $578,088 | $601,554 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Unaudited) (Parentheticals) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Statements of Financial Condition [Abstract] | ' | ' |
Allowance for loan losses (in dollars) | $4,858 | $5,090 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 6,558,473 | 6,558,473 |
Common stock, shares outstanding | 6,558,473 | 6,558,473 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest and Dividend Income | ' | ' | ' | ' |
Loans, including fees | $4,476 | $4,931 | $13,448 | $15,465 |
Investment securities, taxable | 519 | 504 | 1,623 | 1,199 |
Investment securities, tax-exempt | 29 | 57 | 137 | 166 |
Dividends, restricted stock | 54 | 2 | 87 | 10 |
Interest-bearing cash accounts | 13 | 34 | 40 | 101 |
Total Interest and Dividend Income | 5,091 | 5,528 | 15,335 | 16,941 |
Interest Expense | ' | ' | ' | ' |
Deposits | 980 | 1,200 | 3,046 | 4,134 |
FHLB borrowings | 285 | 426 | 810 | 1,277 |
Total Interest Expense | 1,265 | 1,626 | 3,856 | 5,411 |
Net Interest Income | 3,826 | 3,902 | 11,479 | 11,530 |
Provision (Recovery) for Loan Losses | ' | -190 | 80 | 1,255 |
Net Interest Income after Provision (Recovery) for Loan Losses | 3,826 | 4,092 | 11,399 | 10,275 |
Other Income | ' | ' | ' | ' |
Service charges and other fees | 230 | 244 | 712 | 783 |
Rental income - other | 63 | 62 | 191 | 188 |
Gain on sale of investments, net | 69 | 293 | 83 | 503 |
Loss on disposal of fixed assets | -41 | -1 | -41 | -1 |
Gain (loss) on sale of loans, net | 283 | -314 | 339 | -128 |
Earnings on bank-owned life insurance | 140 | 160 | 425 | 1,030 |
Total Other Income | 744 | 444 | 1,709 | 2,375 |
Other Expense | ' | ' | ' | ' |
Salaries and employee benefits | 1,995 | 1,900 | 6,134 | 5,695 |
Occupancy expense | 571 | 516 | 1,676 | 1,527 |
Federal deposit insurance premium | 184 | 211 | 552 | 648 |
Advertising | 101 | 158 | 475 | 620 |
Data processing | 295 | 321 | 933 | 953 |
Professional fees | 463 | 456 | 1,638 | 1,271 |
Other real estate owned expense, net | 74 | 364 | 171 | 1,009 |
Other operating expenses | 496 | 510 | 1,496 | 1,598 |
Total Other Expenses | 4,179 | 4,436 | 13,075 | 13,321 |
Income (Loss) before income tax expense (benefit) | 391 | 100 | 33 | -671 |
Income tax expense (benefit) | ' | -41 | 4 | -638 |
Net Income (Loss) | $391 | $141 | $29 | ($33) |
Basic Income (Loss) Per Share (in dollars per share) | $0.06 | $0.02 | $0 | ($0.01) |
Dividends Declared Per Share (in dollars per share) | $0 | $0 | $0 | $0 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Consolidated Statements of Comprehensive (Loss) Income [Abstract] | ' | ' | ' | ' | ||||
Net Income (Loss) | $391 | $141 | $29 | ($33) | ||||
Other Comprehensive Income (Loss): | ' | ' | ' | ' | ||||
Changes in net unrealized gains and losses on securities available for sale | 1,537 | -3,598 | 1,765 | -3,912 | ||||
Gains realized in net income(1) | -69 | [1] | -293 | [1] | -83 | [1] | -503 | [1] |
Total other comprehensive income | 1,468 | -3,891 | 1,682 | -4,415 | ||||
Deferred income tax effect | -498 | 1,323 | -571 | 1,501 | ||||
Total other comprehensive income (loss) | 970 | -2,568 | 1,111 | -2,914 | ||||
Total comprehensive income (loss) | $1,361 | ($2,427) | $1,140 | ($2,947) | ||||
[1] | Amounts are included in net gains on sales of securities on the Consolidated Statements of Operations in total other income. Related income tax expense in the amount of $23, $100, $28 and $171, respectively, are included in income tax expense (benefit). |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Consolidated Statements of Comprehensive (Loss) Income [Abstract] | ' | ' | ' | ' |
Income tax expense on realized gain on sale of securities available for sale | $23 | $100 | $28 | $171 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (USD $) | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Unearned ESOP Shares | Accumulated Other Comprehensive Income (Loss) | Total |
In Thousands, unless otherwise specified | |||||||
Balance at Sep. 30, 2012 | $62 | $25,846 | $38,596 | ($477) | ($2,032) | $641 | $62,636 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | ' | ' | -33 | ' | ' | ' | -33 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | -2,914 | -2,914 |
Cancellation of common stock | -62 | 62 | ' | ' | ' | ' | ' |
Cancellation of treasury stock | ' | -477 | ' | 477 | ' | ' | ' |
Additional ESOP shares converted at exchange rate of 1.0748 (18,040 shares at $10/share) | ' | 180 | ' | ' | -180 | ' | ' |
Dissolution of mutual holding company | ' | 100 | ' | ' | ' | ' | 100 |
Proceeds from issuance of common stock, net of offering expenses of $1.6 million | 66 | 34,567 | ' | ' | ' | ' | 34,633 |
Committed to be released ESOP shares (10,771 shares and 10,800 shares for June 30, 2013 and June 30, 2014, respectively) | ' | 18 | ' | ' | 109 | ' | 127 |
Balance at Jun. 30, 2013 | 66 | 60,296 | 38,563 | ' | -2,103 | -2,273 | 94,549 |
Balance at Sep. 30, 2013 | 66 | 60,302 | 19,793 | ' | -2,067 | -2,688 | 75,406 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | ' | ' | 29 | ' | ' | ' | 29 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | 1,111 | 1,111 |
Committed to be released ESOP shares (10,771 shares and 10,800 shares for June 30, 2013 and June 30, 2014, respectively) | ' | 12 | ' | ' | 109 | ' | 121 |
Balance at Jun. 30, 2014 | $66 | $60,314 | $19,822 | ' | ($1,958) | ($1,577) | $76,667 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) (USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Consolidated Statements of Changes in Shareholders' Equity [Abstract] | ' | ' |
Additional ESOP shares, exchange rate | ' | 1.0748 |
Stock issued during period, shares, employee stock purchase plans (in shares) | ' | 18,040 |
ESOP converted share amount (in dollars per share) | ' | $10 |
Proceeds from issuance of common stock, offering expenses (in dollars) | ' | $1.60 |
Committed to be released ESOP shares (in shares) | 10,800 | 10,771 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flows from Operating Activities | ' | ' |
Net income (loss ) | $29 | ($33) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ' | ' |
Depreciation expense | 484 | 523 |
Provision for loan losses | 80 | 1,255 |
Deferred income taxes benefit | -683 | -515 |
ESOP expense | 121 | 127 |
Accretion of premiums and discounts on investment securities, net | -504 | -257 |
Amortization of loan origination fees and costs | -333 | -534 |
Accretion of mortgage servicing rights | -23 | -7 |
Net gain on sale of investment securities available for sale | -83 | -503 |
Net loss on disposal of fixed assets | 41 | 1 |
Net (gain) loss on sale of loans | -280 | 128 |
Net gain on sale of secondary market loans | -59 | ' |
Proceeds on sale of secondary market loans | 4,884 | 23,277 |
Originations of secondary market loans | -4,825 | ' |
Gain on sale of other real estate owned | -29 | -110 |
Write down of other real estate owned | 146 | 966 |
Decrease in accrued interest receivable | 104 | 20 |
Increase in accrued interest payable | 9 | 3 |
Increase (decrease) in other liabilities | 526 | -981 |
Earnings on bank-owned life insurance | -425 | -1,030 |
Decrease in other assets | 521 | 735 |
Decrease in prepaid FDIC assessment | ' | 391 |
Net Cash (Used in) Provided by Operating Activities | -299 | 23,456 |
Cash Flows from Investing Activities | ' | ' |
Proceeds from maturities and principal collections of investment securities available for sale | 9,466 | 22,042 |
Proceeds from sales of investment securities available for sale | 16,751 | 26,435 |
Purchases of investment securities available for sale | -4,266 | -86,973 |
Proceeds from sale of loans | 25,836 | 1,667 |
Loan buyback from sale of loans | -1,117 | ' |
Loan purchases | -29,040 | -23,315 |
Loan originations and principal collections, net | 24,141 | 17,290 |
Proceeds from sale of other real estate owned | 2,555 | 1,792 |
Additions to mortgage servicing rights | -140 | -129 |
Purchases of bank-owned life insurance | ' | -6,000 |
Proceeds from cash surrender on bank-owned life insurance | 763 | ' |
Proceeds from death benefit of bank-owned life insurance | ' | 1,121 |
Net (increase) decrease in restricted stock | -457 | 428 |
Proceeds from sale of property and equipment | ' | 2 |
Purchases of property and equipment | -163 | -232 |
Net Cash Provided by (Used in) Investing Activities | 44,329 | -45,872 |
Cash Flows from Financing Activities | ' | ' |
Net decrease in deposits | -38,560 | -23,850 |
Net increase in FHLB line of credit | 4,500 | ' |
Proceeds for FHLB advances | 10,000 | ' |
Repayment of FHLB advances | -4,500 | -85 |
Increase in advances from borrowers for taxes and insurance | 3,298 | 2,565 |
Return of excess stock subscription funds | ' | -20,841 |
Cash from mutual holding company reorganization | ' | 100 |
Net Cash Used in Financing Activities | -25,262 | -42,111 |
Net Decrease in Cash and Cash Equivalents | 18,768 | -64,527 |
Cash and Cash Equivalents - Beginning | 23,687 | 131,910 |
Cash and Cash Equivalents - Ending | 42,455 | 67,383 |
Supplementary Cash Flows Information | ' | ' |
Interest paid | 3,847 | 5,408 |
Income taxes paid | 17 | 12 |
Non-cash transfer of loans to other real estate owned | 355 | 3,188 |
Non-cash transfer of loans to investment securities available for sale | ' | 10,102 |
Stock subscription funds transferred to shareholders' equity | ' | $34,633 |
Organizational_Structure_and_N
Organizational Structure and Nature of Operations | 9 Months Ended |
Jun. 30, 2014 | |
Organizational Structure and Nature of Operations [Abstract] | ' |
Organizational Structure and Nature of Operations | ' |
Note 1 – Organizational Structure and Nature of Operations | |
Malvern Bancorp, Inc., a Pennsylvania company (the “Company” or “Malvern Bancorp”), is the holding company for Malvern Federal Savings Bank (“Malvern Federal Savings” or the “Bank”) and owns all of the issued and outstanding shares of the common stock of the Bank. In connection with the “second-step” conversion and reorganization which we completed in October 2012, 3,636,875 shares of common stock, par value $0.01 per share, of Malvern Bancorp were sold in a subscription offering to certain depositors of the Bank and other investors for $10 per share, or $36.4 million in the aggregate, and 2,921,598 shares of common stock were issued in exchange for the outstanding shares of common stock of the former federally chartered mid-tier holding company, Malvern Federal Bancorp, Inc. (the “Mid-Tier Holding Company”), held by the “public” shareholders of the Mid-Tier Holding Company (all shareholders except Malvern Federal Mutual Holding Company). Each share of common stock of the Mid-Tier Holding Company was converted into the right to receive 1.0748 shares of common stock of the new Malvern Bancorp, Inc. in the conversion and reorganization. | |
The Bank was originally organized in 1887 and is headquartered in Paoli, Pennsylvania. The Bank operates seven full service financial center offices in Chester and Delaware Counties, Pennsylvania. The Bank is primarily engaged in attracting deposits from the general public through its branch offices and using such deposits primarily to (i) originate various loan types including single-family residential mortgage loans, commercial real estate mortgage loans, construction and development loans, home equity loans and lines of credit and other consumer loans and (ii) invest in securities issued by the U.S. Government and agencies thereof, municipal and corporate debt securities and mortgage-backed securities. The Bank derives its income principally from interest earned on loans, mortgage-backed securities and investments and, to a lesser extent, from fees received in connection with the origination of loans and for other services. The Bank’s primary expenses are interest expense on deposits and borrowings and general operating expenses. | |
The Bank, as a federally chartered savings association, is subject to federal regulation and oversight by the Office of the Comptroller of the Currency (the “OCC”) extending to all aspects of its operations. The Bank is also subject to regulation and examination by the Federal Deposit Insurance Corporation (“FDIC”), which insures its deposits to the maximum extent permitted by law, and requirements established by the Federal Reserve Board. As a registered savings and loan holding company, the Company is subject to examination and supervision by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board” or the “FRB”). |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |
Jun. 30, 2014 | ||
Summary of Significant Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
Note 2 – Summary of Significant Accounting Policies | ||
Basis of Presentation and Consolidation - The consolidated financial statements include the accounts of the Company and its subsidiaries, Malvern Federal Holdings, Inc., a Delaware company, and the Bank and the Bank’s subsidiaries, Strategic Asset Management Group, Inc. (“SAMG”) and Malvern Federal Investments, Inc., a Delaware company. SAMG owns 50% of Malvern Insurance Associates, LLC. Malvern Insurance Associates, LLC offers a full line of business and personal lines of insurance products. | ||
The accompanying unaudited consolidated financial statements were prepared in accordance with the instructions to Form 10-Q, and therefore, do not include all the information or footnotes necessary for a complete presentation of financial condition, operations, changes in shareholders’ equity, and cash flows in conformity with accounting principles generally accepted in the United States of America (“US GAAP”). However, all normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the consolidated financial statements have been included. The results for the three and nine months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2014, or any other period. All significant intercompany transactions and balances have been eliminated. The unaudited consolidated financial statements presented herein should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2013. | ||
Use of Estimates - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, other real estate owned, the valuation of deferred tax assets, the evaluation of other-than-temporary impairment of investment securities and fair value measurements. | ||
Significant Group Concentrations of Credit Risk - Most of the Company’s activities are with customers located within Chester and Delaware Counties, Pennsylvania. Note 5 discusses the types of investment securities that the Company invests in. Note 6 discusses the types of lending that the Company engages in. The Company does not have any significant concentrations to any one industry or customer. Although the Company has a diversified portfolio, its debtors’ ability to honor their contracts is influenced by, among other factors, the region’s economy. | ||
Cash and Cash Equivalents - For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from depository institutions and interest bearing deposits. | ||
The Company maintains cash deposits in other depository institutions that occasionally exceed the amount of deposit insurance available. Management periodically assesses the financial condition of these institutions and believes that the risk of any possible credit loss is minimal. | ||
Investment Securities - Debt securities held to maturity are securities that the Company has the positive intent and the ability to hold to maturity; these securities are reported at amortized cost and adjusted for unamortized premiums and discounts. Securities held for trading are securities that are bought and held principally for the purpose of selling in the near term; these securities are reported at fair value, with unrealized gains and losses reported in current earnings. At June 30, 2014 and September 30, 2013, the Company had no investment securities classified as trading or held to maturity. Debt securities that will be held for indefinite periods of time and equity securities, including securities that may be sold in response to changes in market interest or prepayment rates, needs for liquidity and changes in the availability of and the yield of alternative investments, are classified as available for sale. Realized gains and losses are recorded on the trade date and are determined using the specific identification method. Securities held as available for sale are reported at fair value, with unrealized gains and losses, net of tax, reported as a component of accumulated other comprehensive income (“AOCI”). Management determines the appropriate classification of investment securities at the time of purchase. | ||
Securities are evaluated on a quarterly basis, and more frequently when market conditions warrant such an evaluation, to determine whether declines in their value are other-than-temporary. To determine whether a loss in value is other-than-temporary, management utilizes criteria such as the reasons underlying the decline, the magnitude and duration of the decline and whether or not management intends to sell or expects that it is more likely than not that it will be required to sell the security prior to an anticipated recovery of the fair value. The term “other-than-temporary” is not intended to indicate that the decline is permanent, but indicates that the prospects for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. Once a decline in value for a debt security is determined to be other-than-temporary, the other-than-temporary impairment is separated into (a) the amount of the total other-than-temporary impairment related to a decrease in cash flows expected to be collected from the debt security (the credit loss) and (b) the amount of the total other-than-temporary impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive income. | ||
Loans Receivable - The Company, through the Bank, grants mortgage, construction, commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by residential and commercial mortgage loans secured by properties located throughout Chester County, Pennsylvania and surrounding areas. The ability of the Company’s debtors to honor their contracts is dependent upon, among other factors, the real estate and general economic conditions in this area. | ||
Loans receivable that management has the intent and ability to hold until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans using the interest method. The Company is amortizing these amounts over the contractual lives of the loans. | ||
The loans receivable portfolio is segmented into residential loans, construction and development loans, commercial loans and consumer loans. The residential loan segment has one class, one- to four-family first lien residential mortgage loans. The construction and development loan segment consists of the following classes: residential and commercial construction and development loans and land loans. Residential construction loans are made for the acquisition of and/or construction on a lot or lots on which a residential dwelling is to be built. Commercial construction loans are made for the purpose of acquiring, developing and constructing a commercial structure. The commercial loan segment consists of the following classes: commercial real estate loans, multi-family real estate loans, and other commercial loans, which are also generally known as commercial and industrial loans or commercial business loans. The consumer loan segment consists of the following classes: home equity lines of credit, second mortgage loans and other consumer loans, primarily unsecured consumer lines of credit. | ||
For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collection of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. | ||
In addition to originating loans, the Company purchases consumer and residential mortgage loans from brokers in our market area. Such purchases are reviewed for compliance with our underwriting criteria before they are purchased, and are generally purchased without recourse to the seller. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective yield method. | ||
Loans Held-For-Sale - Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value on the consolidated balance sheet. Gains and losses on loan sales (sales proceeds minus carrying value) are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. Servicing is retained at the Bank for loans sold in the secondary market and are placed as a mortgage servicing asset on the consolidated balance sheet (see “Loan Servicing” for more detail). There were no loans classified as held for sale as of June 30, 2014. As of September 30, 2013, there were $10.4 million in loans classified as held for sale. The loans held for sale at September 30, 2013 were sold in a bulk transaction to one purchaser in October 2013, they were not sold in the secondary market for residential mortgage loans. | ||
Allowance for Loan Losses - The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the consolidated statement of financial condition date and is recorded as a reduction to loans. Reserves for unfunded lending commitments represents management’s estimate of losses inherent in its unfunded loan commitments and is recorded in other liabilities on the consolidated statement of financial condition. The allowance for loan losses (“ALLL”) is increased by the provision for loan losses and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged-off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Non-residential consumer loans are generally charged off no later than when they become 120 days past due on a contractual basis or earlier in the event of the borrower’s bankruptcy or if there is an amount deemed uncollectible. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. | ||
The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably estimated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, the composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. | ||
The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class that are not considered impaired. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these classes of loans, as adjusted for qualitative factors. These qualitative risk factors include: | ||
1 | Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices. | |
2 | National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans. | |
3 | The nature and volume of the loan portfolio and terms of loans. | |
4 | The experience, ability, and depth of lending management and staff. | |
5 | The volume and severity of past due, classified and nonaccrual loans as well as loan modifications. | |
6 | The quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors. | |
7 | The existence and effect of any concentrations of credit and changes in the level of such concentrations. | |
8 | The value of underlying collateral. | |
The qualitative factors are applied to the historical loss rates for each class of loan. In addition, while not reported as a separate factor, changes in the value of underlying collateral (for regional property values) for collateral dependent loans is considered and addressed within the economic trends factor. A quarterly calculation is made adjusting the reserve allocation for each factor within a risk weighted range as it relates to each particular loan type, collateral type and risk rating within each segment. Data is gathered and evaluated through internal, regulatory, and government sources quarterly for each factor. | ||
An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. | ||
In addition, the allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include categories of “pass,” “special mention,” “substandard” and “doubtful.” Assets classified as “Pass” are those protected by the current net worth and paying capacity of the obligor or by the value of the underlying collateral. Assets which do not currently expose the insured institution to sufficient risk to warrant classification as substandard or doubtful but possess certain identified weaknesses are required to be designated “special mention.” If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. An asset is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” | ||
Residential Lending. Residential mortgage originations are secured primarily by properties located in the Company’s primary market area and surrounding areas. We currently originate fixed-rate, fully amortizing mortgage loans with maturities of 15 to 30 years. We also offer adjustable rate mortgage (“ARM”) loans where the interest rate either adjusts on an annual basis or is fixed for the initial one, three, five or seven years and then adjusts annually. | ||
We underwrite one- to four-family residential mortgage loans with loan-to-value ratios of up to 95%, provided that the borrower obtains private mortgage insurance on loans that exceed 80% of the appraised value or sales price, whichever is less, of the secured property. We also require that title insurance, hazard insurance and, if appropriate, flood insurance be maintained on all properties securing real estate loans. We require that a licensed appraiser from our list of approved appraisers perform and submit to us an appraisal on all properties secured by a first mortgage on one- to four-family first mortgage loans. | ||
In underwriting one- to four-family residential mortgage loans, the Company evaluates both the borrower’s ability to make monthly payments and the value of the property securing the loan. Most properties securing real estate loans made by the Company are appraised by independent fee appraisers approved by the Bank’s Board of Directors. The Company generally requires borrowers to obtain an attorney’s title opinion or title insurance, and fire and property insurance (including flood insurance, if necessary) in an amount not less than the amount of the loan. Real estate loans originated by the Company generally contain a “due on sale” clause allowing the Company to declare the unpaid principal balance due and payable upon the sale of the security property. The Company has not engaged in sub-prime residential mortgage loan originations. Our single-family residential mortgage loans generally are underwritten on terms and documentation conforming to guidelines issued by Freddie Mac and Fannie Mae. | ||
Construction and Development Loans. We originate construction loans for residential and, to a lesser extent, commercial uses within our market area. We generally limit construction loans to builders and developers with whom we have an established relationship, or who are otherwise known to officers of the Bank. Our construction and development loans currently in the portfolio typically have variable rates of interest tied to the prime rate which improves the interest rate sensitivity of our loan portfolio. | ||
Construction and development loans generally are considered to involve a higher level of risk than one-to four-family residential lending, due to the concentration of principal in a limited number of loans and borrowers and the effect of economic conditions on developers, builders and projects. Additional risk is also associated with construction lending because of the inherent difficulty in estimating both a property’s value at completion and the estimated cost (including interest) to complete a project. The nature of these loans is such that they are more difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not pre-sold and thus pose a greater potential risk than construction loans to individuals on their personal residences. In order to mitigate some of the risks inherent to construction lending, we inspect properties under construction, review construction progress prior to advancing funds, work with builders with whom we have established relationships, require annual updating of tax returns and other financial data of developers and obtain personal guarantees from the principals. | ||
Commercial Lending. Commercial and multi-family real estate loans generally present a higher level of risk than loans secured by one- to four-family residences. This greater risk is due to several factors, including the concentration of principal in a limited number of loans and borrowers, the effect of general economic conditions on income producing properties and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by commercial and multi-family real estate is typically dependent upon the successful operation of the related real estate project. If the cash flow from the project is reduced (for example, if leases are not obtained or renewed, or a bankruptcy court modifies a lease term, or a major tenant is unable to fulfill its lease obligations), the borrower’s ability to repay the loan may be impaired. | ||
Most of the Company’s commercial business loans have been extended to finance local and regional businesses and include short-term loans to finance machinery and equipment purchases, inventory and accounts receivable. The commercial business loans which we originated may be either a revolving line of credit or for a fixed term of generally 10 years or less. Interest rates are adjustable, indexed to a published prime rate of interest, or fixed. Generally, equipment, machinery, real property or other corporate assets secure such loans. Personal guarantees from the business principals are generally obtained as additional collateral. | ||
Consumer Lending. The Company currently originates most of its consumer loans in its primary market area and surrounding areas. The Company originates consumer loans on both a direct and indirect basis. Consumer loans generally have higher interest rates and shorter terms than residential mortgage loans; however, they have additional credit risk due to the type of collateral securing the loan or in some case the absence of collateral. As a result of continued uncertainty in the market value of real estate and in the overall economy, we are continuing to evaluate and monitor the credit conditions of our consumer loan borrowers and the real estate values of the properties securing our second mortgage loans as part of our on-going efforts to assess the overall credit quality of the portfolio in connection with our review of the allowance for loan losses. | ||
Consumer loans may entail greater credit risk than do residential mortgage loans, particularly in the case of consumer loans which are unsecured or are secured by rapidly depreciable assets, such as automobiles or recreational equipment. In such cases, any repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance as a result of the greater likelihood of damage, loss or depreciation. In addition, consumer loan collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be affected by adverse personal circumstances. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans. | ||
Once all factor adjustments are applied, general reserve allocations for each segment are calculated, summarized and reported on the ALLL summary. ALLL final schedules, calculations and the resulting evaluation process are reviewed quarterly by the Bank’s Asset Classification Committee and the Bank’s Board of Directors. | ||
In addition, Federal bank regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. Based on management’s comprehensive analysis of the loan portfolio, management believes the level of the allowance for loan losses at June 30, 2014 was adequate under US GAAP. | ||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. | ||
An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. | ||
For commercial loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. | ||
For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. | ||
Troubled Debt Restructurings - Loans whose terms are modified are classified as troubled debt restructurings (“TDRs”) if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring may be modified by means of extending the maturity date of the loan, reducing the interest rate on the loan to a rate which is below market, a combination of rate adjustments and maturity extensions, or by other means including covenant modifications, forbearances or other concessions. However, the Company generally only restructures loans by modifying the payment structure to interest only or by reducing the actual interest rate. | ||
We do not accrue interest on loans that were non-accrual prior to the troubled debt restructuring until they have performed in accordance with their restructured terms for a period of at least six months. We continue to accrue interest on troubled debt restructurings which were performing in accordance with their terms prior to the restructure and continue to perform in accordance with their restructured terms. Management evaluates the ALLL with respect to TDRs under the same policy and guidelines as all other performing loans are evaluated with respect to the ALLL. | ||
Loan Servicing - Servicing assets are recognized as separate assets when rights are acquired through purchase or through sale of financial assets. For sales of mortgage loans, a portion of the cost of originating the loan is allocated to the servicing right based on relative fair value. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Capitalized servicing rights are reported in other assets and are amortized into non-interest expense in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. | ||
Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights into tranches based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the capitalized amount for the tranche. If the Company later determines that all or a portion of the impairment no longer exists for a particular tranche, a reduction of the allowance may be recorded as an increase to income. | ||
Other Real Estate Owned - Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of the previously established carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in other expenses from other real estate owned. | ||
Restricted Stock - Restricted stock represents required investments in the common stock of a correspondent bank and is carried at cost. As of June 30, 2014 and September 30, 2013, restricted stock consisted solely of the common stock of the Federal Home Loan Bank of Pittsburgh (“FHLB”). | ||
Management’s evaluation and determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of an investment’s cost is influenced by criteria such as (1) the significance of the decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the FHLB. | ||
Property and Equipment - Property and equipment are carried at cost. Depreciation is computed using the straight-line and accelerated methods over estimated useful lives ranging from 3 to 39 years beginning when assets are placed in service. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income for the period. The cost of maintenance and repairs is charged to income as incurred. | ||
Transfers of Financial Assets - Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | ||
Bank-Owned Life Insurance - The Company invests in bank owned life insurance (“BOLI”) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Bank on a chosen group of employees. The Bank is the owner and beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies. Earnings from the increase in cash surrender value of the policies are included in other income on the statement of operations. | ||
Advertising Costs - The Company follows the policy of charging the costs of advertising to expense as incurred. | ||
Income Taxes - Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. These calculations are based on many complex factors including estimates of the timing of reversals of temporary differences, the interpretation of federal income tax laws and a determination of the differences between the tax and the financial reporting basis of assets and liabilities. Actual results could differ significantly from the estimates and interpretations used in determining the current and deferred income tax assets and liabilities. | ||
A valuation allowance is required to be recognized if it is “more likely than not” that a portion of the deferred tax assets will not be realized. The Company’s policy is to evaluate the deferred tax asset on a quarterly basis and record a valuation allowance for our deferred tax asset if we do not have sufficient positive evidence indicating that it is more likely than not that some or all of the deferred tax asset will be realized. The Company’s policy is to account for interest and penalties as components of income tax expense. | ||
Commitments and Contingencies - In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the statement of financial condition when they are funded. | ||
Segment Information - The Company has one reportable segment, “Community Banking.” All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each of the activities of the Company supports the others. For example, lending is dependent upon the ability of the Company to fund itself with deposits and other borrowings and manage interest rate and credit risk. Accordingly, all significant operating decisions are based upon analysis of the Company as one segment or unit. | ||
Comprehensive Income - Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale investment securities, are reported as a separate component of the shareholders’ equity section of the statement of financial condition, such items, along with net income, are components of comprehensive income. | ||
Recent Accounting Pronouncements - In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-12, “Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Specifically, if the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. Further, the total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The amendments are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted. The Company is currently evaluating the effect that ASU 2014-12 will have on its consolidated financial statements. | ||
In June 2014, the FASB issued ASU No. 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” The amendments in the ASU require repurchase-to-maturity transactions to be recorded and accounted for as secured borrowings. Amendments to Topic 860 also require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty (i.e., a repurchase financing), which will result in secured borrowing accounting for the repurchase agreement. Additionally, the amendments require an entity to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements, and provide increased transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The accounting amendments related to repurchase-to-maturity and repurchase financing transactions, and disclosures for certain transactions accounted for as a sale are effective for interim and annual periods beginning after December 15, 2014. The disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings are required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The Company is currently evaluating the effect that ASU 2014-11 will have on its consolidated financial statements. | ||
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606): The amendments in ASU 2014-09 supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance.” The core principle of the amendments require an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides five steps to be analyzed to accomplish the core principle. The amendments are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating the effect that ASU 2014-09 will have on its consolidated financial statements. | ||
In January 2014, the FASB issued ASU No. 2014-04, “Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40) - Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” The amendments are intended to clarify when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate recognized. These amendments clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either: (a) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure; or (b)the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additional disclosures are required. The amendments are effective for annual periods and interim periods within those annual periods beginning after December 15, 2014. The adoption of this ASU is not expected to have a material impact on our financial position or results of operations. In July 2013, the FASB issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This amendment provides that an unrecognized tax benefit, or a portion thereof, be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, then the unrecognized tax benefit should be presented as a liability. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Note 3 – 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. As of June 30, 2014 and for the three and nine months ended June 30, 2014 and 2013, the Company had not issued and did not have any outstanding CSEs and, at the present time, the Company’s capital structure has no potential dilutive securities. | |||||||||||||||||
The following table sets forth the composition of the weighted average shares (denominator) used in the earnings per share computations. | |||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||
Net Income (Loss ) | $ | 391 | $ | 141 | $ | 29 | $ | (33 | ) | ||||||||
Weighted average shares outstanding | 6,558,473 | 6,558,473 | 6,558,473 | 6,540,100 | |||||||||||||
Average unearned ESOP shares | (177,747 | ) | (192,147 | ) | (181,359 | ) | (195,056 | ) | |||||||||
Weighted average shares outstanding – basic | 6,380,726 | 6,366,326 | 6,377,114 | 6,345,044 | |||||||||||||
Income (Loss) per share – basic | $ | 0.06 | $ | 0.02 | $ | 0 | $ | (0.01 | ) |
Employee_Stock_Ownership_Plan
Employee Stock Ownership Plan | 9 Months Ended |
Jun. 30, 2014 | |
Employee Stock Ownership Plan [Abstract] | ' |
Employee Stock Ownership Plan | ' |
Note 4 – Employee Stock Ownership Plan | |
The Company established an employee stock ownership plan (“ESOP”) for substantially all of its full-time employees. Certain senior officers of the Bank have been designated as Trustees of the ESOP. 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 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 the three and nine months ended June 30, 2014, there were 3,600 and 10,800 shares, respectively, committed to be released. During the three and nine months ended June 30, 2013, there were 3,600 and 10,771 shares, respectively, committed to be released. At June 30, 2014, there were 175,965 unallocated shares and 83,253 allocated shares held by the ESOP which had an aggregate fair value of approximately $1.9 million. |
Investment_Securities
Investment Securities | 9 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Investment Securities [Abstract] | ' | ||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
Note 5 - Investment Securities | |||||||||||||||||||||||||
At June 30, 2014 and September 30, 2013, the Company’s mortgage-backed securities consisted solely of securities backed by residential mortgage loans. The Company held no mortgage-backed securities backed by commercial mortgage loans at either date. | |||||||||||||||||||||||||
Investment securities available for sale at June 30, 2014 and September 30, 2013 consisted of the following: | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
U.S. government agencies | $ | 20,539 | $ | 1 | $ | (441 | ) | $ | 20,099 | ||||||||||||||||
State and municipal obligations | 2,548 | - | (48 | ) | 2,500 | ||||||||||||||||||||
Single issuer trust preferred security | 1,000 | - | (126 | ) | 874 | ||||||||||||||||||||
Corporate debt securities | 1,505 | 28 | - | 1,533 | |||||||||||||||||||||
25,592 | 29 | (615 | ) | 25,006 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Federal National Mortgage Association (FNMA): | |||||||||||||||||||||||||
Adjustable-rate | 413 | 15 | (1 | ) | 427 | ||||||||||||||||||||
Fixed-rate | 17,915 | 8 | (387 | ) | 17,536 | ||||||||||||||||||||
Federal Home Loan Mortgage Corporation (FHLMC): | |||||||||||||||||||||||||
Adjustable-rate | 3,691 | 38 | - | 3,729 | |||||||||||||||||||||
Fixed-rate | 12,624 | - | (225 | ) | 12,399 | ||||||||||||||||||||
Collateralized mortgage obligations (CMO), fixed-rate | 47,140 | 57 | (1,309 | ) | 45,888 | ||||||||||||||||||||
81,783 | 118 | (1,922 | ) | 79,979 | |||||||||||||||||||||
$ | 107,375 | $ | 147 | $ | (2,537 | ) | $ | 104,985 | |||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized Losses | Value | ||||||||||||||||||||||
Gains | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
U.S. government agencies | $ | 20,108 | $ | 7 | $ | (683 | ) | $ | 19,432 | ||||||||||||||||
State and municipal obligations | 12,381 | 19 | (462 | ) | 11,938 | ||||||||||||||||||||
Single issuer trust preferred security | 1,000 | - | (190 | ) | 810 | ||||||||||||||||||||
Corporate debt securities | 1,756 | 28 | (2 | ) | 1,782 | ||||||||||||||||||||
35,245 | 54 | (1,337 | ) | 33,962 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Federal National Mortgage Association: | |||||||||||||||||||||||||
Adjustable-rate | 1,967 | 52 | (5 | ) | 2,014 | ||||||||||||||||||||
Fixed-rate | 18,967 | 6 | (882 | ) | 18,091 | ||||||||||||||||||||
Federal Home Loan Mortgage Corporation: | |||||||||||||||||||||||||
Adjustable-rate | 5,032 | 11 | (22 | ) | 5,021 | ||||||||||||||||||||
Fixed-rate | 13,391 | - | (541 | ) | 12,850 | ||||||||||||||||||||
Collateralized mortgage obligations, fixed-rate | 54,137 | 122 | (1,530 | ) | 52,729 | ||||||||||||||||||||
93,494 | 191 | (2,980 | ) | 90,705 | |||||||||||||||||||||
$ | 128,739 | $ | 245 | $ | (4,317 | ) | $ | 124,667 | |||||||||||||||||
During the first nine months of fiscal 2014, proceeds from sales of securities available for sale were $16.8 million. Gross gains of $83,000 were realized on these sales in 2014. Proceeds from sales of securities available for sale during the first nine months of fiscal 2013 were $26.4 million. Gross gains of $522,000 and gross losses of $19,000 were realized on these sales in 2013. | |||||||||||||||||||||||||
The following tables summarize the aggregate investments at June 30, 2014 and September 30, 2013 that were in an unrealized loss position. | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized Losses | ||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Investment Securities Available | |||||||||||||||||||||||||
for Sale: | |||||||||||||||||||||||||
U.S. government obligations and | $ | 985 | $ | (2 | ) | $ | 18,292 | $ | (439 | ) | $ | 19,277 | $ | (441 | ) | ||||||||||
agencies | |||||||||||||||||||||||||
State and municipal obligations | - | - | 2,500 | (48 | ) | 2,500 | (48 | ) | |||||||||||||||||
Single issuer trust preferred | - | - | 874 | (126 | ) | 874 | (126 | ) | |||||||||||||||||
security | |||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FNMA: | |||||||||||||||||||||||||
Adjustable-rate | 104 | (1 | ) | - | - | 104 | (1 | ) | |||||||||||||||||
Fixed-rate | - | - | 17,443 | (387 | ) | 17,443 | (387 | ) | |||||||||||||||||
FHLMC, fixed-rate | - | - | 12,399 | (225 | ) | 12,399 | (225 | ) | |||||||||||||||||
CMO, fixed rate | 8,935 | (80 | ) | 31,254 | (1,229 | ) | 40,189 | (1,309 | ) | ||||||||||||||||
$ | 10,024 | $ | (83 | ) | $ | 82,762 | $ | (2,454 | ) | $ | 92,786 | $ | (2,537 | ) | |||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized Losses | ||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Investment Securities Available | |||||||||||||||||||||||||
for Sale: | |||||||||||||||||||||||||
U.S. government obligations and | $ | 18,104 | $ | (683 | ) | $ | - | $ | - | $ | 18,104 | $ | (683 | ) | |||||||||||
agencies | |||||||||||||||||||||||||
State and municipal obligations | 10,748 | (462 | ) | - | - | 10,748 | (462 | ) | |||||||||||||||||
Single issuer trust preferred | - | - | 810 | (190 | ) | 810 | (190 | ) | |||||||||||||||||
security | |||||||||||||||||||||||||
Corporate securities | 249 | (2 | ) | - | - | 249 | (2 | ) | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FNMA: | |||||||||||||||||||||||||
Adjustable-rate | 966 | (5 | ) | - | - | 966 | (5 | ) | |||||||||||||||||
Fixed-rate | 17,990 | (882 | ) | - | - | 17,990 | (882 | ) | |||||||||||||||||
FHLMC: | |||||||||||||||||||||||||
Adjustable-rate | 4 | (22 | ) | - | - | 4 | (22 | ) | |||||||||||||||||
Fixed-rate | 12,850 | (541 | ) | - | - | 12,850 | (541 | ) | |||||||||||||||||
CMO, fixed-rate | 43,271 | (1,530 | ) | - | - | 43,271 | (1,530 | ) | |||||||||||||||||
$ | 104,182 | $ | (4,127 | ) | $ | 810 | $ | (190 | ) | $ | 104,992 | $ | (4,317 | ) | |||||||||||
As of June 30, 2014, the estimated fair value of the securities disclosed above was primarily dependent upon the movement in market interest rates, particularly given the negligible 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 the 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 June 30, 2014, the Company held 22 U.S. government agency securities, six tax-free municipal bonds, 64 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 June 30, 2014 represents other-than-temporary impairment. | |||||||||||||||||||||||||
During the nine months ended June 30, 2014, the gross unrealized loss of the single issuer trust preferred security improved by $64,000 from an unrealized loss at September 30, 2013 of $190,000 to an unrealized loss of $126,000 as of June 30, 2014. On a quarterly basis, management will continue to monitor the performance of this security and the markets to determine the true economic value of this security. | |||||||||||||||||||||||||
At June 30, 2014 and September 30, 2013 the Company had no securities pledged to secure public deposits. | |||||||||||||||||||||||||
The amortized cost and fair value of debt securities by contractual maturity at June 30, 2014 follows: | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Amortized Cost | Fair | ||||||||||||||||||||||||
Value | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Within 1 year | $ | - | $ | - | |||||||||||||||||||||
Over 1 year through 5 years | 9,961 | 9,896 | |||||||||||||||||||||||
After 5 years through 10 years | 13,741 | 13,373 | |||||||||||||||||||||||
Over 10 years | 1,890 | 1,737 | |||||||||||||||||||||||
25,592 | 25,006 | ||||||||||||||||||||||||
Mortgage-backed securities | 81,783 | 79,979 | |||||||||||||||||||||||
$ | 107,375 | $ | 104,985 |
Loans_Receivable_and_Related_A
Loans Receivable and Related Allowance for Loan Losses | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable and Related Allowance for Loan Losses [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable and Related Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||||||||||||||||
Note 6 - Loans Receivable and Related Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable in the Company’s portfolio (which does not include loans held for sale) consisted of the following at the dates indicated below: | ||||||||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | 30-Sep-13 | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 235,050 | $ | 239,900 | ||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 7,484 | 6,672 | ||||||||||||||||||||||||||||||||||||||||||||
Land | 1,537 | 2,439 | ||||||||||||||||||||||||||||||||||||||||||||
Total Construction and Development | 9,021 | 9,111 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 69,788 | 70,571 | ||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 2,086 | 1,971 | ||||||||||||||||||||||||||||||||||||||||||||
Other | 5,492 | 5,573 | ||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | 77,366 | 78,115 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 21,914 | 20,431 | ||||||||||||||||||||||||||||||||||||||||||||
Second mortgages | 48,866 | 54,532 | ||||||||||||||||||||||||||||||||||||||||||||
Other | 3,011 | 2,648 | ||||||||||||||||||||||||||||||||||||||||||||
Total Consumer | 73,791 | 77,611 | ||||||||||||||||||||||||||||||||||||||||||||
Total loans | 395,228 | 404,737 | ||||||||||||||||||||||||||||||||||||||||||||
Deferred loan costs, net | 2,212 | 2,210 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (4,858 | ) | (5,090 | ) | ||||||||||||||||||||||||||||||||||||||||||
Total loans receivable, net | $ | 392,582 | $ | 401,857 | ||||||||||||||||||||||||||||||||||||||||||
The following tables summarize the primary classes of the allowance for loan losses, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of June 30, 2014 and September 30, 2013. Activity in the allowance is presented for the three and nine months ended June 30, 2014 and 2013 and the year ended September 30, 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and | Commercial | Consumer | ||||||||||||||||||||||||||||||||||||||||||||
Development | ||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | Land | Commercial | Multi- | Other | Home | Second | Other | Unallocated | Total | ||||||||||||||||||||||||||||||||||||
Mortgage | and | Real | family | Equity | Mortgages | |||||||||||||||||||||||||||||||||||||||||
Commercial | Estate | Lines of | ||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||
Beginning | $ | 1,783 | $ | 455 | $ | 32 | $ | 1,223 | $ | 67 | $ | 55 | $ | 152 | $ | 989 | $ | 39 | $ | 52 | $ | 4,847 | ||||||||||||||||||||||||
balance | ||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (43 | ) | - | - | - | - | - | - | (40 | ) | (1 | ) | - | (84 | ) | |||||||||||||||||||||||||||||||
Recoveries | 1 | 73 | - | 2 | - | 1 | 1 | 16 | 1 | - | 95 | |||||||||||||||||||||||||||||||||||
Provision (Recovery) | (24 | ) | (73 | ) | (6 | ) | (1 | ) | (3 | ) | (7 | ) | 11 | (14 | ) | (4 | ) | 121 | - | |||||||||||||||||||||||||||
Ending balance | $ | 1,717 | $ | 455 | $ | 26 | $ | 1,224 | $ | 64 | $ | 49 | $ | 164 | $ | 951 | $ | 35 | $ | 173 | $ | 4,858 | ||||||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development | Commercial | Consumer | ||||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage | Residential and Commercial | Land | Commercial | Multi-family | Other | Home Equity Lines of Credit | Second Mortgages | Other | Unallocated | Total | ||||||||||||||||||||||||||||||||||||
Real | ||||||||||||||||||||||||||||||||||||||||||||||
Estate | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,431 | $ | 723 | $ | 9 | $ | 2,404 | $ | 111 | $ | 79 | $ | 136 | $ | 1,361 | $ | 7 | $ | 41 | $ | 6,302 | ||||||||||||||||||||||||
Charge-offs | (35 | ) | (87 | ) | - | (216 | ) | - | - | - | (40 | ) | (2 | ) | - | (380 | ) | |||||||||||||||||||||||||||||
Recoveries | 175 | - | - | 113 | - | 1 | 1 | 36 | 2 | - | 328 | |||||||||||||||||||||||||||||||||||
Provision (Recovery) | (134 | ) | 89 | - | (207 | ) | (2 | ) | (5 | ) | (1 | ) | 74 | 10 | (14 | ) | (190 | ) | ||||||||||||||||||||||||||||
Ending Balance | $ | 1,437 | $ | 725 | $ | 9 | $ | 2,094 | $ | 109 | $ | 75 | $ | 136 | $ | 1,431 | $ | 17 | $ | 27 | $ | 6,060 | ||||||||||||||||||||||||
Nine Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development | Commercial | Consumer | ||||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage | Residential and Commercial | Land | Commercial | Multi-family | Other | Home | Second Mortgages | Other | Unallocated | Total | ||||||||||||||||||||||||||||||||||||
Real | Equity | |||||||||||||||||||||||||||||||||||||||||||||
Estate | Lines of | |||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,414 | $ | 164 | $ | 56 | $ | 1,726 | $ | 40 | $ | 59 | $ | 137 | $ | 1,393 | $ | 22 | $ | 79 | $ | 5,090 | ||||||||||||||||||||||||
Charge-offs | (48 | ) | (37 | ) | - | - | - | - | (14 | ) | (443 | ) | (6 | ) | - | (548 | ) | |||||||||||||||||||||||||||||
Recoveries | 13 | 145 | - | 7 | - | 2 | 1 | 66 | 2 | - | 236 | |||||||||||||||||||||||||||||||||||
Provision (Recovery) | 338 | 183 | (30 | ) | (509 | ) | 24 | (12 | ) | 40 | (65 | ) | 17 | 94 | 80 | |||||||||||||||||||||||||||||||
Ending balance | $ | 1,717 | $ | 455 | $ | 26 | $ | 1,224 | $ | 64 | $ | 49 | $ | 164 | $ | 951 | $ | 35 | $ | 173 | $ | 4,858 | ||||||||||||||||||||||||
Ending balance: | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
individually evaluated | ||||||||||||||||||||||||||||||||||||||||||||||
for impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 1,717 | $ | 455 | $ | 26 | $ | 1,224 | $ | 64 | $ | 49 | $ | 164 | $ | 951 | $ | 35 | $ | 173 | $ | 4,858 | ||||||||||||||||||||||||
collectively evaluated | ||||||||||||||||||||||||||||||||||||||||||||||
for impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 235,050 | $ | 7,484 | $ | 1,537 | $ | 69,788 | $ | 2,086 | $ | 5,492 | $ | 21,914 | $ | 48,866 | $ | 3,011 | $ | 395,228 | ||||||||||||||||||||||||||
Ending balance: | $ | 1,968 | $ | 479 | $ | 237 | $ | - | $ | - | $ | 900 | $ | 116 | $ | 638 | $ | - | $ | 4,338 | ||||||||||||||||||||||||||
individually evaluated for impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated | $ | 233,082 | $ | 7,005 | $ | 1,300 | $ | 69,788 | $ | 2,086 | $ | 4,592 | $ | 21,798 | $ | 48,228 | $ | 3,011 | $ | 390,890 | ||||||||||||||||||||||||||
for impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development | Commercial | Consumer | ||||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage | Residential and Commercial | Land | Commercial Real | Multi-family | Other | Home Equity Lines of Credit | Second Mortgages | Other | Unallocated | Total | ||||||||||||||||||||||||||||||||||||
Estate | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,487 | $ | 724 | $ | 11 | $ | 3,493 | $ | 10 | $ | 226 | $ | 160 | $ | 1,389 | $ | 16 | $ | 65 | $ | 7,581 | ||||||||||||||||||||||||
Charge-offs | (331 | ) | (1,622 | ) | - | (771 | ) | - | - | - | (552 | ) | (7 | ) | - | (3,283 | ) | |||||||||||||||||||||||||||||
Recoveries | 187 | - | - | 114 | - | 22 | 3 | 178 | 3 | - | 507 | |||||||||||||||||||||||||||||||||||
Provision | 94 | 1,623 | (2 | ) | (742 | ) | 99 | (173 | ) | (27 | ) | 416 | 5 | (38 | ) | 1,255 | ||||||||||||||||||||||||||||||
Ending Balance | $ | 1,437 | $ | 725 | $ | 9 | $ | 2,094 | $ | 109 | $ | 75 | $ | 136 | $ | 1,431 | $ | 17 | $ | 27 | $ | 6,060 | ||||||||||||||||||||||||
Ending balance: | $ | - | $ | - | $ | - | $ | 66 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 66 | ||||||||||||||||||||||||
individually | ||||||||||||||||||||||||||||||||||||||||||||||
evaluated | ||||||||||||||||||||||||||||||||||||||||||||||
for impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 1,437 | $ | 725 | $ | 9 | $ | 2,028 | $ | 109 | $ | 75 | $ | 136 | $ | 1,431 | $ | 17 | $ | 27 | $ | 5,994 | ||||||||||||||||||||||||
collectively | ||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | ||||||||||||||||||||||||||||||||||||||||||||||
impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 237,670 | $ | 15,620 | $ | 2,990 | $ | 84,327 | $ | 2,111 | $ | 6,380 | $ | 20,320 | $ | 56,515 | $ | 1,761 | $ | 427,694 | ||||||||||||||||||||||||||
Ending balance: | $ | 2,394 | $ | 8,395 | $ | - | $ | 5,296 | $ | - | $ | 335 | $ | 20 | $ | 538 | $ | - | $ | 16,978 | ||||||||||||||||||||||||||
individually | ||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | ||||||||||||||||||||||||||||||||||||||||||||||
impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 235,276 | $ | 7,225 | $ | 2,990 | $ | 79,031 | $ | 2,111 | $ | 6,045 | $ | 20,300 | $ | 55,977 | $ | 1,761 | $ | 410,716 | ||||||||||||||||||||||||||
collectively | ||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | ||||||||||||||||||||||||||||||||||||||||||||||
impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development | Commercial | Consumer | ||||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage | Residential and Commercial | Land | Commercial Real | Multi-family | Other | Home Equity Lines of Credit | Second Mortgages | Other | Unallocated | Total | ||||||||||||||||||||||||||||||||||||
Estate | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,487 | $ | 724 | $ | 11 | $ | 3,493 | $ | 10 | $ | 226 | $ | 160 | $ | 1,389 | $ | 16 | $ | 65 | $ | 7,581 | ||||||||||||||||||||||||
Charge-offs | (994 | ) | (5,768 | ) | (99 | ) | (6,315 | ) | - | (94 | ) | - | (1,042 | ) | (9 | ) | - | (14,321 | ) | |||||||||||||||||||||||||||
Recoveries | 199 | - | - | 117 | - | 23 | 17 | 235 | 4 | - | 595 | |||||||||||||||||||||||||||||||||||
Provision | 722 | 5,208 | 144 | 4,431 | 30 | (96 | ) | (40 | ) | 811 | 11 | 14 | 11,235 | |||||||||||||||||||||||||||||||||
Ending Balance | $ | 1,414 | $ | 164 | $ | 56 | $ | 1,726 | $ | 40 | $ | 59 | $ | 137 | $ | 1,393 | $ | 22 | $ | 79 | $ | 5,090 | ||||||||||||||||||||||||
Ending balance: | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
individually | ||||||||||||||||||||||||||||||||||||||||||||||
evaluated | ||||||||||||||||||||||||||||||||||||||||||||||
for impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 1,414 | $ | 164 | $ | 56 | $ | 1,726 | $ | 40 | $ | 59 | $ | 137 | $ | 1,393 | $ | 22 | $ | 79 | $ | 5,090 | ||||||||||||||||||||||||
collectively | ||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | ||||||||||||||||||||||||||||||||||||||||||||||
impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 239,900 | $ | 6,672 | $ | 2,439 | $ | 70,571 | $ | 1,971 | $ | 5,573 | $ | 20,431 | $ | 54,532 | $ | 2,648 | $ | 404,737 | ||||||||||||||||||||||||||
Ending balance: | $ | 1,295 | $ | 209 | $ | 237 | $ | - | $ | - | $ | 900 | $ | 34 | $ | 572 | $ | - | $ | 3,247 | ||||||||||||||||||||||||||
individually | ||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | ||||||||||||||||||||||||||||||||||||||||||||||
impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 238,605 | $ | 6,463 | $ | 2,202 | $ | 70,571 | $ | 1,971 | $ | 4,673 | $ | 20,397 | $ | 53,960 | $ | 2,648 | $ | 401,490 | ||||||||||||||||||||||||||
collectively | ||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | ||||||||||||||||||||||||||||||||||||||||||||||
impairment | ||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2014 and September 30, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||
Impaired Loans With Specific | Impaired | Total Impaired Loans | ||||||||||||||||||||||||||||||||||||||||||||
Allowance | Loans With | |||||||||||||||||||||||||||||||||||||||||||||
No Specific | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance | ||||||||||||||||||||||||||||||||||||||||||||||
Recorded | Related | Recorded | Recorded | Unpaid | ||||||||||||||||||||||||||||||||||||||||||
Investment | Allowance | Investment | Investment | Principal | ||||||||||||||||||||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | - | $ | - | $ | 1,968 | $ | 1,968 | $ | 2,252 | ||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | - | - | 479 | 479 | 967 | |||||||||||||||||||||||||||||||||||||||||
Land | - | - | 237 | 237 | 336 | |||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Other | - | - | 900 | 900 | 900 | |||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | - | - | 116 | 116 | 135 | |||||||||||||||||||||||||||||||||||||||||
Second mortgages | - | - | 638 | 638 | 1,016 | |||||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | - | $ | - | $ | 4,338 | $ | 4,338 | $ | 5,606 | ||||||||||||||||||||||||||||||||||||
September 30, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | - | $ | - | $ | 1,295 | $ | 1,295 | $ | 1,510 | ||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | - | - | 209 | 209 | 297 | |||||||||||||||||||||||||||||||||||||||||
Land | - | - | 237 | 237 | 337 | |||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Other | - | - | 900 | 900 | 900 | |||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | - | - | 34 | 34 | 50 | |||||||||||||||||||||||||||||||||||||||||
Second mortgages | - | - | 572 | 572 | 1,101 | |||||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | - | $ | - | $ | 3,247 | $ | 3,247 | $ | 4,195 | ||||||||||||||||||||||||||||||||||||
The following table presents the average recorded investment in impaired loans in portfolio and related interest income recognized for the three and nine months ended June 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | Nine Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Average | Interest | Cash Basis | Average | Interest | Cash Basis | |||||||||||||||||||||||||||||||||||||||||
Impaired | Income | Collection | Impaired | Income | Collection | |||||||||||||||||||||||||||||||||||||||||
Loans | Recognized | on | Loans | Recognized | on | |||||||||||||||||||||||||||||||||||||||||
on | Impaired | on | Impaired | |||||||||||||||||||||||||||||||||||||||||||
Impaired | Loans | Impaired | Loans | |||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 2,040 | $ | - | $ | 170 | $ | 1,788 | $ | - | $ | 212 | ||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 522 | 5 | 329 | 685 | 14 | 1,697 | ||||||||||||||||||||||||||||||||||||||||
Land | 292 | 2 | 3 | 255 | 9 | 10 | ||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Other | 900 | 8 | 7 | 900 | 22 | 22 | ||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 161 | - | 99 | 100 | - | 101 | ||||||||||||||||||||||||||||||||||||||||
Second mortgages | 597 | - | 16 | 574 | - | 36 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,512 | $ | 15 | $ | 624 | $ | 4,302 | $ | 45 | $ | 2,078 | ||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | Nine Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Average | Interest | Cash Basis | Average | Interest | Cash Basis | |||||||||||||||||||||||||||||||||||||||||
Impaired | Income | Collection | Impaired | Income | Collection | |||||||||||||||||||||||||||||||||||||||||
Loans | Recognized | on | Loans | Recognized | on | |||||||||||||||||||||||||||||||||||||||||
on | Impaired | on | Impaired | |||||||||||||||||||||||||||||||||||||||||||
Impaired | Loans | Impaired | Loans | |||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 3,131 | $ | 5 | $ | 12 | $ | 3,836 | $ | 34 | $ | 59 | ||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 9,295 | 59 | 254 | 5,563 | 59 | 551 | ||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 4,797 | 67 | 404 | 4,842 | 185 | 571 | ||||||||||||||||||||||||||||||||||||||||
Other | 201 | 2 | 11 | 184 | 6 | 15 | ||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 21 | 1 | 1 | 22 | 2 | 3 | ||||||||||||||||||||||||||||||||||||||||
Second mortgages | 574 | 1 | 1 | 592 | 2 | 5 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 18,019 | $ | 135 | $ | 683 | $ | 15,039 | $ | 288 | $ | 1,204 | ||||||||||||||||||||||||||||||||||
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 June 30, 2014 and September 30, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||||||||||||
Mention | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 232,944 | $ | 138 | $ | 1,968 | $ | - | $ | 235,050 | ||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 7,005 | - | 479 | - | 7,484 | |||||||||||||||||||||||||||||||||||||||||
Land | 1,300 | - | 237 | - | 1,537 | |||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 62,128 | 5,567 | 2,093 | - | 69,788 | |||||||||||||||||||||||||||||||||||||||||
Multi-family | 2,086 | - | - | - | 2,086 | |||||||||||||||||||||||||||||||||||||||||
Other | 3,638 | 954 | 900 | - | 5,492 | |||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 21,798 | - | 116 | - | 21,914 | |||||||||||||||||||||||||||||||||||||||||
Second mortgages | 48,196 | 21 | 649 | - | 48,866 | |||||||||||||||||||||||||||||||||||||||||
Other | 2,994 | 17 | - | - | 3,011 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 382,089 | $ | 6,697 | $ | 6,442 | $ | - | $ | 395,228 | ||||||||||||||||||||||||||||||||||||
September 30, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 238,461 | $ | 144 | $ | 1,295 | $ | - | $ | 239,900 | ||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 5,564 | 159 | 949 | - | 6,672 | |||||||||||||||||||||||||||||||||||||||||
Land | 2,202 | - | 237 | - | 2,439 | |||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 67,028 | 3,166 | 377 | - | 70,571 | |||||||||||||||||||||||||||||||||||||||||
Multi-family | 1,971 | - | - | - | 1,971 | |||||||||||||||||||||||||||||||||||||||||
Other | 4,363 | 310 | 900 | - | 5,573 | |||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 20,397 | - | 34 | - | 20,431 | |||||||||||||||||||||||||||||||||||||||||
Second mortgages | 53,790 | 14 | 728 | - | 54,532 | |||||||||||||||||||||||||||||||||||||||||
Other | 2,625 | 23 | - | - | 2,648 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 396,401 | $ | 3,816 | $ | 4,520 | $ | - | $ | 404,737 | ||||||||||||||||||||||||||||||||||||
The following table presents loans that are no longer accruing interest by portfolio class. | ||||||||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | 30-Sep-13 | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 1,968 | $ | 1,295 | ||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 370 | - | ||||||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 116 | 34 | ||||||||||||||||||||||||||||||||||||||||||||
Second mortgages | 638 | 572 | ||||||||||||||||||||||||||||||||||||||||||||
Total non-accrual loans | $ | 3,092 | $ | 1,901 | ||||||||||||||||||||||||||||||||||||||||||
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 $19,000 and $283,000 for the three months ended June 30, 2014 and 2013, respectively, and was $86,000 and $585,000 for the nine months ended June 30, 2014 and 2013, respectively. There were no loans past due 90 days or more and still accruing interest at June 30, 2014 or September 30, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2014 and September 30, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||
Current | 30-59 | 60-89 | Greater | Total | Total Loans | |||||||||||||||||||||||||||||||||||||||||
Days Past | Days Past | Than 90 | Past Due | Receivable | ||||||||||||||||||||||||||||||||||||||||||
Due | Due | Days Past | ||||||||||||||||||||||||||||||||||||||||||||
Due | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 232,337 | $ | 745 | $ | - | $ | 1,968 | $ | 2,713 | $ | 235,050 | ||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 7,114 | - | - | 370 | 370 | 7,484 | ||||||||||||||||||||||||||||||||||||||||
Land | 1,537 | - | - | - | - | 1,537 | ||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 69,788 | - | - | - | - | 69,788 | ||||||||||||||||||||||||||||||||||||||||
Multi-family | 2,086 | - | - | - | - | 2,086 | ||||||||||||||||||||||||||||||||||||||||
Other | 5,492 | - | - | - | - | 5,492 | ||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 21,798 | - | - | 116 | 116 | 21,914 | ||||||||||||||||||||||||||||||||||||||||
Second mortgages | 47,929 | 299 | - | 638 | 937 | 48,866 | ||||||||||||||||||||||||||||||||||||||||
Other | 3,011 | - | - | - | - | 3,011 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 391,092 | $ | 1,044 | $ | - | $ | 3,092 | $ | 4,136 | $ | 395,228 | ||||||||||||||||||||||||||||||||||
September 30, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 237,584 | $ | 820 | $ | 201 | $ | 1,295 | $ | 2,316 | $ | 239,900 | ||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 6,672 | - | - | - | - | 6,672 | ||||||||||||||||||||||||||||||||||||||||
Land | 2,439 | - | - | - | - | 2,439 | ||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 70,416 | - | 155 | - | 155 | 70,571 | ||||||||||||||||||||||||||||||||||||||||
Multi-family | 1,971 | - | - | - | - | 1,971 | ||||||||||||||||||||||||||||||||||||||||
Other | 5,573 | - | - | - | - | 5,573 | ||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 20,397 | - | - | 34 | 34 | 20,431 | ||||||||||||||||||||||||||||||||||||||||
Second mortgages | 52,698 | 1,022 | 240 | 572 | 1,834 | 54,532 | ||||||||||||||||||||||||||||||||||||||||
Other | 2,643 | 4 | 1 | - | 5 | 2,648 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 400,393 | $ | 1,846 | $ | 597 | $ | 1,901 | $ | 4,344 | $ | 404,737 | ||||||||||||||||||||||||||||||||||
Restructured loans deemed to be TDRs are typically the result of extension of the loan maturity date or a reduction of the interest rate of the loan to a rate that is below market, a combination of rate and maturity extension, or by other means including covenant modifications, forbearance and other concessions. However, the Company generally only restructures loans by modifying the payment structure to require payments of interest only for a specified period or by reducing the actual interest rate. Once a loan becomes a TDR, it will continue to be reported as a TDR during the term of the restructure. | ||||||||||||||||||||||||||||||||||||||||||||||
The Company had six and seven loans classified as TDRs with an outstanding balance of $1.6 million and $1.3 million at June 30, 2014 and September 30, 2013, respectively. All of our TDR loans at June 30, 2014 were also classified as impaired; however, they were performing prior to the restructure and all except one loan continued to perform under their restructured terms through June 30, 2014, and, accordingly, were deemed to be performing loans at June 30, 2014 and we continued to accrue interest on such loans through such date. At June 30, 2014, one construction and development TDR loan with a balance of $370,000 was deemed a non-accruing TDR, which was also deemed impaired at June 30, 2014. At September 30, 2013, seven loans deemed TDRs with an aggregate balance of $1.3 million were classified as impaired; however, they were performing prior to the restructure and continued to perform under their restructured terms as of September 30, 2013, and, accordingly, were deemed to be performing loans at September 30, 2013 and we continued to accrue interest on such loans through such date. At September 30, 2013, none of our TDRs were deemed non-accruing TDRs. 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 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. | ||||||||||||||||||||||||||||||||||||||||||||||
The following table presents our TDR loans as of June 30, 2014 and September 30, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||
Total Troubled Debt | Troubled Debt Restructured Loans | |||||||||||||||||||||||||||||||||||||||||||||
Restructurings | That Have Defaulted on Modified | |||||||||||||||||||||||||||||||||||||||||||||
Terms Within the Past 12 Months | ||||||||||||||||||||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||||||||||||||||
Loans | Investment | Loans | Investment | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 4 | $ | 479 | 1 | $ | 370 | ||||||||||||||||||||||||||||||||||||||||
Land | 1 | 237 | - | - | ||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Other | 1 | 900 | - | - | ||||||||||||||||||||||||||||||||||||||||||
Total | 6 | $ | 1,616 | 1 | $ | 370 | ||||||||||||||||||||||||||||||||||||||||
At September 30, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 5 | $ | 209 | - | $ | - | ||||||||||||||||||||||||||||||||||||||||
Land | 1 | 237 | - | - | ||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Other | 1 | 900 | - | - | ||||||||||||||||||||||||||||||||||||||||||
Total | 7 | $ | 1,346 | - | $ | - | ||||||||||||||||||||||||||||||||||||||||
The following table reports the performing status of TDR loans. The performing status is determined by the loan’s compliance with the modified terms. | ||||||||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | 30-Sep-13 | |||||||||||||||||||||||||||||||||||||||||||||
Performing | Non- | Performing | Non- | |||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | $ | 109 | $ | 370 | $ | 209 | $ | - | ||||||||||||||||||||||||||||||||||||||
Land | 237 | - | 237 | - | ||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Other | 900 | - | 900 | - | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,246 | $ | 370 | $ | 1,346 | $ | - | ||||||||||||||||||||||||||||||||||||||
The following table shows the activity in loans which were first deemed to be TDRs during the three months and nine months ended June 30, 2014 and 2013. No loans were first deemed TDRs during the three months ended June 30, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Restructured During Period | ||||||||||||||||||||||||||||||||||||||||||||||
Number | Pre- | Post- | Number | Pre-Modifications | Post- | |||||||||||||||||||||||||||||||||||||||||
of Loans | Modifications | Modifications | of Loans | Outstanding | Modifications | |||||||||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | Recorded | Outstanding | |||||||||||||||||||||||||||||||||||||||||||
Recorded | Recorded | Investments | Recorded | |||||||||||||||||||||||||||||||||||||||||||
Investments | Investments | Investments | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | - | $ | - | $ | - | 1 | $ | 1,074 | $ | 1,074 | ||||||||||||||||||||||||||||||||||||
Total troubled debt restructurings | - | $ | - | $ | - | 1 | $ | 1,074 | $ | 1,074 | ||||||||||||||||||||||||||||||||||||
For the Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Restructured During Period | ||||||||||||||||||||||||||||||||||||||||||||||
Number | Pre-Modifications Outstanding Recorded Investments | Post-Modifications Outstanding Recorded Investments | Number | Pre-Modifications Outstanding Recorded Investments | Post-Modifications Outstanding Recorded Investments | |||||||||||||||||||||||||||||||||||||||||
of Loans | of Loans | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 1 | $ | 437 | $ | 437 | 5 | $ | 9,408 | $ | 9,408 | ||||||||||||||||||||||||||||||||||||
Total troubled debt restructurings | 1 | $ | 437 | $ | 437 | 5 | $ | 9,408 | $ | 9,408 | ||||||||||||||||||||||||||||||||||||
Regulatory_Matters
Regulatory Matters | 9 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Regulatory Matters [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Matters | ' | ||||||||||||||||||||||||
Note 7 - 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. | |||||||||||||||||||||||||
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). | |||||||||||||||||||||||||
Management believes, as of June 30, 2014, that the Bank met all capital adequacy requirements to which it was subject including individual minimum capital ratios imposed by the Office of the Comptroller of the Currency of 8.5% Tier 1 capital to adjusted total assets, 10.5% Tier 1 risk-based capital to risk-weighted assets and 12.5% total risk-based capital to risk-weighted assets. | |||||||||||||||||||||||||
The Bank’s actual capital amounts and ratios are also presented in the table: | |||||||||||||||||||||||||
To be Well Capitalized under | |||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | Prompt Corrective Action | |||||||||||||||||||||||
Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
As of June 30, 2014: | |||||||||||||||||||||||||
Tangible Capital (to tangible assets) | $ | 63,441 | 11.18 | % | $ | ≥ 8,509 | ≥1.50 | % | N/A | ||||||||||||||||
Core Capital (to adjusted tangible assets) | 63,441 | 11.18 | ≥22,689 | ≥4.00 | $ | ≥28,362 | ≥5.00 | % | |||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | 63,441 | 18.71 | ≥13,566 | ≥4.00 | ≥20,350 | ≥6.00 | |||||||||||||||||||
Total Risk-Based Capital (to risk-weighted assets) | 67,689 | 19.96 | ≥27,133 | ≥8.00 | ≥33,916 | ≥10.00 | |||||||||||||||||||
As of September 30, 2013: | |||||||||||||||||||||||||
Tangible Capital (to tangible assets) | $ | 64,524 | 10.91 | % | $ | ≥ 8,874 | ≥1.50 | % | N/A | ||||||||||||||||
Core Capital (to adjusted tangible assets) | 64,524 | 10.91 | ≥23,664 | ≥4.00 | $ | ≥29,580 | ≥5.00 | % | |||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | 64,524 | 17.72 | ≥14,566 | ≥4.00 | ≥21,849 | ≥ 6.00 | |||||||||||||||||||
Total Risk-Based Capital (to risk-weighted assets) | 69,084 | 18.97 | ≥29,132 | ≥8.00 | ≥36,415 | ≥10.00 |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Note 8 - Fair Value Measurements | |||||||||||||||||||||
The Company follows FASB ASC Topic 820 “Fair Value Measurements,” 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. | |||||||||||||||||||||
FASB ASC Topic 825 “Financial Instruments” provides an option to elect fair value as an alternative measurement for selected financial assets and financial liabilities not previously recorded at fair value. The fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. | |||||||||||||||||||||
The table below presents the balances of assets measured at fair value on a recurring basis: | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||
Debt securities: | |||||||||||||||||||||
U.S. government agencies | $ | 20,099 | $ | - | $ | 20,099 | $ | - | |||||||||||||
State and municipal obligations | 2,500 | - | 2,500 | - | |||||||||||||||||
Single issuer trust preferred security | 874 | - | 874 | - | |||||||||||||||||
Corporate debt securities | 1,533 | - | 1,533 | - | |||||||||||||||||
Total investment securities available for sale | 25,006 | - | 25,006 | - | |||||||||||||||||
Mortgage-backed securities available for sale: | |||||||||||||||||||||
FNMA: | |||||||||||||||||||||
Adjustable-rate | 427 | - | 427 | - | |||||||||||||||||
Fixed-rate | 17,536 | - | 17,536 | - | |||||||||||||||||
FHLMC: | |||||||||||||||||||||
Adjustable-rate | 3,729 | - | 3,729 | - | |||||||||||||||||
Fixed-rate | 12,399 | - | 12,399 | - | |||||||||||||||||
CMO, fixed-rate | 45,888 | - | 45,888 | - | |||||||||||||||||
Total mortgage-backed securities available for sale | 79,979 | - | 79,979 | - | |||||||||||||||||
Total | $ | 104,985 | $ | - | $ | 104,985 | $ | - | |||||||||||||
30-Sep-13 | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||
Debt securities: | |||||||||||||||||||||
U.S. government agencies | $ | 19,432 | $ | - | $ | 19,432 | $ | - | |||||||||||||
State and municipal obligations | 11,938 | - | 11,938 | - | |||||||||||||||||
Single issuer trust preferred security | 810 | - | 810 | - | |||||||||||||||||
Corporate debt securities | 1,782 | - | 1,782 | - | |||||||||||||||||
Total investment securities available for sale | 33,962 | - | 33,962 | - | |||||||||||||||||
Mortgage-backed securities available for sale: | |||||||||||||||||||||
FNMA: | |||||||||||||||||||||
Adjustable-rate | 2,014 | - | 2,014 | - | |||||||||||||||||
Fixed-rate | 18,091 | - | 18,091 | - | |||||||||||||||||
FHLMC: | |||||||||||||||||||||
Adjustable-rate | 5,021 | - | 5,021 | - | |||||||||||||||||
Fixed-rate | 12,850 | - | 12,850 | - | |||||||||||||||||
CMO, fixed-rate | 52,729 | - | 52,729 | - | |||||||||||||||||
Total mortgage-backed securities available for sale | 90,705 | - | 90,705 | - | |||||||||||||||||
Total | $ | 124,667 | $ | - | $ | 124,667 | $ | - | |||||||||||||
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 of an event or a change in circumstances that affects the valuation method chosen. There were no changes at June 30, 2014 or September 30, 2013. | |||||||||||||||||||||
For assets measured at fair value on a nonrecurring basis that were still held at the end of the period, the following table provides the level of valuation assumptions used to determine each adjustment and the carrying value of the related individual assets or portfolios at June 30, 2014 and September 30, 2013: | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Other real estate owned | $ | 1,003 | $ | - | $ | - | $ | 1,003 | |||||||||||||
Impaired loans | 1,058 | - | - | 1,058 | |||||||||||||||||
Mortgage servicing rights | 506 | - | 506 | - | |||||||||||||||||
Total | $ | 2,567 | $ | - | $ | 506 | $ | 2,061 | |||||||||||||
30-Jun-14 | |||||||||||||||||||||
Fair Value at | Valuation Technique | Unobservable Input | Range/(Weighted | ||||||||||||||||||
30-Jun-14 | Average) | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Other real estate owned | $ | 1,003 | Appraisal of collateral(1) | Collateral discounts(2) | 0-16%/(16%) | ||||||||||||||||
Impaired loans(3) | 1,058 | Appraisal of collateral(1) | Collateral discounts(2) | 1-84%/(12%) | |||||||||||||||||
Total | $ | 2,061 | |||||||||||||||||||
(1) Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. | |||||||||||||||||||||
(2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | |||||||||||||||||||||
(3) Includes assets directly charged-down to fair value during the year-to-date period. | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Loans held for sale | $ | 10,367 | $ | 10,367 | $ | - | $ | - | |||||||||||||
Other real estate owned | 2,341 | - | - | 2,341 | |||||||||||||||||
Impaired loans | 1,047 | - | - | 1,047 | |||||||||||||||||
Mortgage servicing rights | 337 | - | 337 | - | |||||||||||||||||
Total | $ | 14,092 | $ | 10,367 | $ | 337 | $ | 3,388 | |||||||||||||
30-Sep-13 | |||||||||||||||||||||
Fair Value at | Valuation Technique | Unobservable Input | Range/(Weighted | ||||||||||||||||||
30-Sep-13 | Average) | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Other real estate owned | $ | 2,341 | Appraisal of collateral(1) | Collateral discounts(2) | 14-84%/(39%)% | ||||||||||||||||
Impaired loans(3) | 1,047 | Appraisal of collateral(1) | Collateral discounts(2) | 1-73%/(28%) | |||||||||||||||||
Total | $ | 3,388 | |||||||||||||||||||
(1) Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. | |||||||||||||||||||||
(2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | |||||||||||||||||||||
(3) Includes assets directly charged-down to fair value during the year-to-date period. | |||||||||||||||||||||
The following table shows quantitative information regarding significant techniques and inputs used at June 30, 2014 for assets measured using observable inputs (Level 2): | |||||||||||||||||||||
Fair Value at | Valuation Technique | Observable Input | Method or Value as of | ||||||||||||||||||
30-Jun-14 | 30-Jun-14 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Servicing rights | $506 | Discounted rate | Discount rate | 11.00- | Rate used through | ||||||||||||||||
12.00% | modeling period | ||||||||||||||||||||
Loan prepayment speeds | 14.28% | Weighted-average | |||||||||||||||||||
CPR | |||||||||||||||||||||
Servicing fees | 0.25% | Of loan balance | |||||||||||||||||||
Servicing costs | 6.25% | Monthly servicing | |||||||||||||||||||
cost per account | |||||||||||||||||||||
$300- | Additional monthly | ||||||||||||||||||||
$500 | servicing cost per loan | ||||||||||||||||||||
on loans more than 30 | |||||||||||||||||||||
days delinquent | |||||||||||||||||||||
The following table shows quantitative information regarding significant techniques and inputs used at September 30, 2013 for assets measured using observable inputs (Level 2): | |||||||||||||||||||||
Fair Value at | Valuation Technique | Observable Input | Method or Value as of | ||||||||||||||||||
30-Sep-13 | 30-Sep-13 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Servicing rights | $337 | Discounted rate | Discount rate | 11.00- | Rate used through | ||||||||||||||||
12.00% | modeling period | ||||||||||||||||||||
Loan prepayment speeds | 15.58% | Weighted-average | |||||||||||||||||||
CPR | |||||||||||||||||||||
Servicing fees | 0.25% | Of loan balance | |||||||||||||||||||
Servicing costs | 6.25% | Monthly servicing | |||||||||||||||||||
cost per account | |||||||||||||||||||||
$150 | Additional monthly | ||||||||||||||||||||
servicing cost per loan | |||||||||||||||||||||
on loans more than 30 | |||||||||||||||||||||
days delinquent | |||||||||||||||||||||
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 June 30, 2014 and September 30, 2013. 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 June 30, 2014 and September 30, 2013 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) and held to maturity (carried at amortized cost) 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. The Company had no Level 1 or Level 3 securities as of June 30, 2014 or September 30, 2013. | |||||||||||||||||||||
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. | |||||||||||||||||||||
Loans Held-For-Sale—The fair values of mortgage loans originated and intended for sale in the secondary market are based on current quoted market prices. There were no loans held for sale at June 30, 2014. The loans held for sale at September 30, 2013 were sold in a bulk transaction to one purchaser in October 2013, they were not sold in the secondary market for residential mortgage loans. | |||||||||||||||||||||
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. | |||||||||||||||||||||
Long-Term 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. | |||||||||||||||||||||
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. 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 June 30, 2014 and September 30, 2013 are presented below: | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and Cash Equivalents | $ | 42,455 | $ | 42,455 | $ | 42,455 | $ | - | $ | - | |||||||||||
Investment securities available | 104,985 | 104,985 | - | 104,985 | - | ||||||||||||||||
for sale | |||||||||||||||||||||
Loans receivable, net | 392,582 | 397,722 | - | - | 397,722 | ||||||||||||||||
Accrued interest receivable | 1,300 | 1,300 | - | 1,300 | - | ||||||||||||||||
Restricted stock | 3,495 | 3,495 | - | 3,495 | - | ||||||||||||||||
Mortgage servicing rights | 434 | 506 | - | 506 | - | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Savings accounts | 46,645 | 46,645 | - | 46,645 | - | ||||||||||||||||
Checking and NOW accounts | 110,754 | 110,754 | - | 110,754 | - | ||||||||||||||||
Money market accounts | 61,291 | 61,291 | - | 61,291 | - | ||||||||||||||||
Certificates of deposit | 227,346 | 231,866 | - | 231,866 | - | ||||||||||||||||
FHLB advances | 48,000 | 50,497 | - | 50,497 | - | ||||||||||||||||
Accrued interest payable | 148 | 148 | - | 148 | - | ||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 23,687 | $ | 23,687 | $ | 23,687 | $ | - | $ | - | |||||||||||
Investment securities available for sale | 124,667 | 124,667 | - | 124,667 | - | ||||||||||||||||
Loans receivable, net | 401,857 | 405,802 | - | - | 405,802 | ||||||||||||||||
Loans held for sale | 10,367 | 10,367 | 10,367 | - | - | ||||||||||||||||
Accrued interest receivable | 1,404 | 1,404 | - | 1,404 | - | ||||||||||||||||
Restricted stock | 3,038 | 3,038 | - | 3,038 | - | ||||||||||||||||
Mortgage servicing rights | 271 | 337 | - | 337 | - | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Savings accounts | 42,932 | 42,932 | - | 42,932 | - | ||||||||||||||||
Checking and NOW accounts | 112,338 | 112,338 | - | 112,338 | - | ||||||||||||||||
Money market accounts | 67,372 | 67,372 | - | 67,372 | - | ||||||||||||||||
Certificates of deposit | 261,954 | 267,181 | - | 267,181 | - | ||||||||||||||||
FHLB advances | 38,000 | 41,281 | - | 41,281 | - | ||||||||||||||||
Accrued interest payable | 139 | 139 | - | 139 | - | ||||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
Note 9 – Income Taxes | |||||||||
The following is reconciliation between the statutory federal income tax rate of 34% and the effective income tax rate on income before income taxes: | |||||||||
Nine Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
At federal statutory rate | $ | - | $ | (228 | ) | ||||
Adjustments resulting from: | |||||||||
State tax, net of federal benefit | 4 | - | |||||||
Tax-exempt interest | - | (57 | ) | ||||||
Earnings on bank-owned life insurance | - | (350 | ) | ||||||
Other | - | (3 | ) | ||||||
$ | 4 | $ | (638 | ) | |||||
Effective tax rate | 12.12 | % | 95.1 | % | |||||
Deferred income taxes at June 30, 2014 and September 30, 2013 were as follows: | |||||||||
30-Jun-14 | 30-Sep-13 | ||||||||
(In thousands) | |||||||||
Deferred Tax Assets: | |||||||||
Unrealized loss on investments available for sale | $ | 813 | $ | 1,385 | |||||
Allowance for loan losses | 2,983 | 3,091 | |||||||
Nonaccrual interest | 148 | 87 | |||||||
Write-down of real estate owned | 380 | 573 | |||||||
Alternative minimum tax (AMT) credit carryover | 64 | 64 | |||||||
Low-income housing tax credit carryover | 337 | 337 | |||||||
Supplement Employer Retirement Plan | 477 | 435 | |||||||
Charitable contributions | 26 | 202 | |||||||
Depreciation | 109 | 150 | |||||||
State net operating loss | 609 | 1,528 | |||||||
Federal net operating loss | 7,407 | 7,046 | |||||||
Other | 42 | 112 | |||||||
Total Deferred Tax Assets | 13,395 | 15,010 | |||||||
Valuation allowance for Deferred Tax Asset | (10,674 | ) | (12,454 | ) | |||||
Total Deferred Tax Assets, Net of Valuation Allowance | $ | 2,721 | $ | 2,556 | |||||
Deferred Tax Liabilities: | |||||||||
Mortgage servicing rights | (146 | ) | (92 | ) | |||||
Total Deferred Tax Liabilities | (146 | ) | (92 | ) | |||||
Deferred Tax Assets, Net | $ | 2,575 | $ | 2,464 | |||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |
Jun. 30, 2014 | ||
Summary of Significant Accounting Policies [Abstract] | ' | |
Basis of Presentation and Consolidation | ' | |
Basis of Presentation and Consolidation - The consolidated financial statements include the accounts of the Company and its subsidiaries, Malvern Federal Holdings, Inc., a Delaware company, and the Bank and the Bank’s subsidiaries, Strategic Asset Management Group, Inc. (“SAMG”) and Malvern Federal Investments, Inc., a Delaware company. SAMG owns 50% of Malvern Insurance Associates, LLC. Malvern Insurance Associates, LLC offers a full line of business and personal lines of insurance products. | ||
The accompanying unaudited consolidated financial statements were prepared in accordance with the instructions to Form 10-Q, and therefore, do not include all the information or footnotes necessary for a complete presentation of financial condition, operations, changes in shareholders’ equity, and cash flows in conformity with accounting principles generally accepted in the United States of America (“US GAAP”). However, all normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the consolidated financial statements have been included. The results for the three and nine months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2014, or any other period. All significant intercompany transactions and balances have been eliminated. The unaudited consolidated financial statements presented herein should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2013. | ||
Use of Estimates | ' | |
Use of Estimates - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, other real estate owned, the valuation of deferred tax assets, the evaluation of other-than-temporary impairment of investment securities and fair value measurements. | ||
Significant Group Concentrations of Credit Risk | ' | |
Significant Group Concentrations of Credit Risk - Most of the Company’s activities are with customers located within Chester and Delaware Counties, Pennsylvania. Note 5 discusses the types of investment securities that the Company invests in. Note 6 discusses the types of lending that the Company engages in. The Company does not have any significant concentrations to any one industry or customer. Although the Company has a diversified portfolio, its debtors’ ability to honor their contracts is influenced by, among other factors, the region’s economy. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents - For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from depository institutions and interest bearing deposits. | ||
The Company maintains cash deposits in other depository institutions that occasionally exceed the amount of deposit insurance available. Management periodically assesses the financial condition of these institutions and believes that the risk of any possible credit loss is minimal. | ||
Investment Securities | ' | |
Investment Securities - Debt securities held to maturity are securities that the Company has the positive intent and the ability to hold to maturity; these securities are reported at amortized cost and adjusted for unamortized premiums and discounts. Securities held for trading are securities that are bought and held principally for the purpose of selling in the near term; these securities are reported at fair value, with unrealized gains and losses reported in current earnings. At June 30, 2014 and September 30, 2013, the Company had no investment securities classified as trading or held to maturity. Debt securities that will be held for indefinite periods of time and equity securities, including securities that may be sold in response to changes in market interest or prepayment rates, needs for liquidity and changes in the availability of and the yield of alternative investments, are classified as available for sale. Realized gains and losses are recorded on the trade date and are determined using the specific identification method. Securities held as available for sale are reported at fair value, with unrealized gains and losses, net of tax, reported as a component of accumulated other comprehensive income (“AOCI”). Management determines the appropriate classification of investment securities at the time of purchase. | ||
Securities are evaluated on a quarterly basis, and more frequently when market conditions warrant such an evaluation, to determine whether declines in their value are other-than-temporary. To determine whether a loss in value is other-than-temporary, management utilizes criteria such as the reasons underlying the decline, the magnitude and duration of the decline and whether or not management intends to sell or expects that it is more likely than not that it will be required to sell the security prior to an anticipated recovery of the fair value. The term “other-than-temporary” is not intended to indicate that the decline is permanent, but indicates that the prospects for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. Once a decline in value for a debt security is determined to be other-than-temporary, the other-than-temporary impairment is separated into (a) the amount of the total other-than-temporary impairment related to a decrease in cash flows expected to be collected from the debt security (the credit loss) and (b) the amount of the total other-than-temporary impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive income. | ||
Loans Receivable | ' | |
Loans Receivable - The Company, through the Bank, grants mortgage, construction, commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by residential and commercial mortgage loans secured by properties located throughout Chester County, Pennsylvania and surrounding areas. The ability of the Company’s debtors to honor their contracts is dependent upon, among other factors, the real estate and general economic conditions in this area. | ||
Loans receivable that management has the intent and ability to hold until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees and costs. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans using the interest method. The Company is amortizing these amounts over the contractual lives of the loans. | ||
The loans receivable portfolio is segmented into residential loans, construction and development loans, commercial loans and consumer loans. The residential loan segment has one class, one- to four-family first lien residential mortgage loans. The construction and development loan segment consists of the following classes: residential and commercial construction and development loans and land loans. Residential construction loans are made for the acquisition of and/or construction on a lot or lots on which a residential dwelling is to be built. Commercial construction loans are made for the purpose of acquiring, developing and constructing a commercial structure. The commercial loan segment consists of the following classes: commercial real estate loans, multi-family real estate loans, and other commercial loans, which are also generally known as commercial and industrial loans or commercial business loans. The consumer loan segment consists of the following classes: home equity lines of credit, second mortgage loans and other consumer loans, primarily unsecured consumer lines of credit. | ||
For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collection of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. | ||
In addition to originating loans, the Company purchases consumer and residential mortgage loans from brokers in our market area. Such purchases are reviewed for compliance with our underwriting criteria before they are purchased, and are generally purchased without recourse to the seller. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective yield method. | ||
Loans Held-For-Sale | ' | |
Loans Held-For-Sale - Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value on the consolidated balance sheet. Gains and losses on loan sales (sales proceeds minus carrying value) are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. Servicing is retained at the Bank for loans sold in the secondary market and are placed as a mortgage servicing asset on the consolidated balance sheet (see “Loan Servicing” for more detail). There were no loans classified as held for sale as of June 30, 2014. As of September 30, 2013, there were $10.4 million in loans classified as held for sale. The loans held for sale at September 30, 2013 were sold in a bulk transaction to one purchaser in October 2013, they were not sold in the secondary market for residential mortgage loans. | ||
Allowance for Loan Losses | ' | |
Allowance for Loan Losses - The allowance for credit losses consists of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the consolidated statement of financial condition date and is recorded as a reduction to loans. Reserves for unfunded lending commitments represents management’s estimate of losses inherent in its unfunded loan commitments and is recorded in other liabilities on the consolidated statement of financial condition. The allowance for loan losses (“ALLL”) is increased by the provision for loan losses and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged-off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Non-residential consumer loans are generally charged off no later than when they become 120 days past due on a contractual basis or earlier in the event of the borrower’s bankruptcy or if there is an amount deemed uncollectible. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. | ||
The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably estimated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, the composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. | ||
The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class that are not considered impaired. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these classes of loans, as adjusted for qualitative factors. These qualitative risk factors include: | ||
1 | Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices. | |
2 | National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans. | |
3 | The nature and volume of the loan portfolio and terms of loans. | |
4 | The experience, ability, and depth of lending management and staff. | |
5 | The volume and severity of past due, classified and nonaccrual loans as well as loan modifications. | |
6 | The quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors. | |
7 | The existence and effect of any concentrations of credit and changes in the level of such concentrations. | |
8 | The value of underlying collateral. | |
The qualitative factors are applied to the historical loss rates for each class of loan. In addition, while not reported as a separate factor, changes in the value of underlying collateral (for regional property values) for collateral dependent loans is considered and addressed within the economic trends factor. A quarterly calculation is made adjusting the reserve allocation for each factor within a risk weighted range as it relates to each particular loan type, collateral type and risk rating within each segment. Data is gathered and evaluated through internal, regulatory, and government sources quarterly for each factor. | ||
An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. | ||
In addition, the allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include categories of “pass,” “special mention,” “substandard” and “doubtful.” Assets classified as “Pass” are those protected by the current net worth and paying capacity of the obligor or by the value of the underlying collateral. Assets which do not currently expose the insured institution to sufficient risk to warrant classification as substandard or doubtful but possess certain identified weaknesses are required to be designated “special mention.” If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. An asset is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” | ||
Residential Lending. Residential mortgage originations are secured primarily by properties located in the Company’s primary market area and surrounding areas. We currently originate fixed-rate, fully amortizing mortgage loans with maturities of 15 to 30 years. We also offer adjustable rate mortgage (“ARM”) loans where the interest rate either adjusts on an annual basis or is fixed for the initial one, three, five or seven years and then adjusts annually. | ||
We underwrite one- to four-family residential mortgage loans with loan-to-value ratios of up to 95%, provided that the borrower obtains private mortgage insurance on loans that exceed 80% of the appraised value or sales price, whichever is less, of the secured property. We also require that title insurance, hazard insurance and, if appropriate, flood insurance be maintained on all properties securing real estate loans. We require that a licensed appraiser from our list of approved appraisers perform and submit to us an appraisal on all properties secured by a first mortgage on one- to four-family first mortgage loans. | ||
In underwriting one- to four-family residential mortgage loans, the Company evaluates both the borrower’s ability to make monthly payments and the value of the property securing the loan. Most properties securing real estate loans made by the Company are appraised by independent fee appraisers approved by the Bank’s Board of Directors. The Company generally requires borrowers to obtain an attorney’s title opinion or title insurance, and fire and property insurance (including flood insurance, if necessary) in an amount not less than the amount of the loan. Real estate loans originated by the Company generally contain a “due on sale” clause allowing the Company to declare the unpaid principal balance due and payable upon the sale of the security property. The Company has not engaged in sub-prime residential mortgage loan originations. Our single-family residential mortgage loans generally are underwritten on terms and documentation conforming to guidelines issued by Freddie Mac and Fannie Mae. | ||
Construction and Development Loans. We originate construction loans for residential and, to a lesser extent, commercial uses within our market area. We generally limit construction loans to builders and developers with whom we have an established relationship, or who are otherwise known to officers of the Bank. Our construction and development loans currently in the portfolio typically have variable rates of interest tied to the prime rate which improves the interest rate sensitivity of our loan portfolio. | ||
Construction and development loans generally are considered to involve a higher level of risk than one-to four-family residential lending, due to the concentration of principal in a limited number of loans and borrowers and the effect of economic conditions on developers, builders and projects. Additional risk is also associated with construction lending because of the inherent difficulty in estimating both a property’s value at completion and the estimated cost (including interest) to complete a project. The nature of these loans is such that they are more difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not pre-sold and thus pose a greater potential risk than construction loans to individuals on their personal residences. In order to mitigate some of the risks inherent to construction lending, we inspect properties under construction, review construction progress prior to advancing funds, work with builders with whom we have established relationships, require annual updating of tax returns and other financial data of developers and obtain personal guarantees from the principals. | ||
Commercial Lending. Commercial and multi-family real estate loans generally present a higher level of risk than loans secured by one- to four-family residences. This greater risk is due to several factors, including the concentration of principal in a limited number of loans and borrowers, the effect of general economic conditions on income producing properties and the increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment of loans secured by commercial and multi-family real estate is typically dependent upon the successful operation of the related real estate project. If the cash flow from the project is reduced (for example, if leases are not obtained or renewed, or a bankruptcy court modifies a lease term, or a major tenant is unable to fulfill its lease obligations), the borrower’s ability to repay the loan may be impaired. | ||
Most of the Company’s commercial business loans have been extended to finance local and regional businesses and include short-term loans to finance machinery and equipment purchases, inventory and accounts receivable. The commercial business loans which we originated may be either a revolving line of credit or for a fixed term of generally 10 years or less. Interest rates are adjustable, indexed to a published prime rate of interest, or fixed. Generally, equipment, machinery, real property or other corporate assets secure such loans. Personal guarantees from the business principals are generally obtained as additional collateral. | ||
Consumer Lending. The Company currently originates most of its consumer loans in its primary market area and surrounding areas. The Company originates consumer loans on both a direct and indirect basis. Consumer loans generally have higher interest rates and shorter terms than residential mortgage loans; however, they have additional credit risk due to the type of collateral securing the loan or in some case the absence of collateral. As a result of continued uncertainty in the market value of real estate and in the overall economy, we are continuing to evaluate and monitor the credit conditions of our consumer loan borrowers and the real estate values of the properties securing our second mortgage loans as part of our on-going efforts to assess the overall credit quality of the portfolio in connection with our review of the allowance for loan losses. | ||
Consumer loans may entail greater credit risk than do residential mortgage loans, particularly in the case of consumer loans which are unsecured or are secured by rapidly depreciable assets, such as automobiles or recreational equipment. In such cases, any repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance as a result of the greater likelihood of damage, loss or depreciation. In addition, consumer loan collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be affected by adverse personal circumstances. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans. | ||
Once all factor adjustments are applied, general reserve allocations for each segment are calculated, summarized and reported on the ALLL summary. ALLL final schedules, calculations and the resulting evaluation process are reviewed quarterly by the Bank’s Asset Classification Committee and the Bank’s Board of Directors. | ||
In addition, Federal bank regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. Based on management’s comprehensive analysis of the loan portfolio, management believes the level of the allowance for loan losses at June 30, 2014 was adequate under US GAAP. | ||
A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. | ||
An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. | ||
For commercial loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. | ||
For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. | ||
Troubled Debt Restructurings | ' | |
Troubled Debt Restructurings - Loans whose terms are modified are classified as troubled debt restructurings (“TDRs”) if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring may be modified by means of extending the maturity date of the loan, reducing the interest rate on the loan to a rate which is below market, a combination of rate adjustments and maturity extensions, or by other means including covenant modifications, forbearances or other concessions. However, the Company generally only restructures loans by modifying the payment structure to interest only or by reducing the actual interest rate. | ||
We do not accrue interest on loans that were non-accrual prior to the troubled debt restructuring until they have performed in accordance with their restructured terms for a period of at least six months. We continue to accrue interest on troubled debt restructurings which were performing in accordance with their terms prior to the restructure and continue to perform in accordance with their restructured terms. Management evaluates the ALLL with respect to TDRs under the same policy and guidelines as all other performing loans are evaluated with respect to the ALLL. | ||
Loan Servicing | ' | |
Loan Servicing - Servicing assets are recognized as separate assets when rights are acquired through purchase or through sale of financial assets. For sales of mortgage loans, a portion of the cost of originating the loan is allocated to the servicing right based on relative fair value. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. Capitalized servicing rights are reported in other assets and are amortized into non-interest expense in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. | ||
Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights into tranches based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the capitalized amount for the tranche. If the Company later determines that all or a portion of the impairment no longer exists for a particular tranche, a reduction of the allowance may be recorded as an increase to income. | ||
Other Real Estate Owned | ' | |
Other Real Estate Owned - Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of the previously established carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in other expenses from other real estate owned. | ||
Restricted Stock | ' | |
Restricted Stock - Restricted stock represents required investments in the common stock of a correspondent bank and is carried at cost. As of June 30, 2014 and September 30, 2013, restricted stock consisted solely of the common stock of the Federal Home Loan Bank of Pittsburgh (“FHLB”). | ||
Management’s evaluation and determination of whether these investments are impaired is based on their assessment of the ultimate recoverability of their cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of an investment’s cost is influenced by criteria such as (1) the significance of the decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, and (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the FHLB. | ||
Property and Equipment | ' | |
Property and Equipment - Property and equipment are carried at cost. Depreciation is computed using the straight-line and accelerated methods over estimated useful lives ranging from 3 to 39 years beginning when assets are placed in service. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income for the period. The cost of maintenance and repairs is charged to income as incurred. | ||
Transfers of Financial Assets | ' | |
Transfers of Financial Assets - Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | ||
Bank-Owned Life Insurance | ' | |
Bank-Owned Life Insurance - The Company invests in bank owned life insurance (“BOLI”) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Bank on a chosen group of employees. The Bank is the owner and beneficiary of the policies. This life insurance investment is carried at the cash surrender value of the underlying policies. Earnings from the increase in cash surrender value of the policies are included in other income on the statement of operations. | ||
Advertising Costs | ' | |
Advertising Costs - The Company follows the policy of charging the costs of advertising to expense as incurred. | ||
Income Taxes | ' | |
Income Taxes - Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. These calculations are based on many complex factors including estimates of the timing of reversals of temporary differences, the interpretation of federal income tax laws and a determination of the differences between the tax and the financial reporting basis of assets and liabilities. Actual results could differ significantly from the estimates and interpretations used in determining the current and deferred income tax assets and liabilities. | ||
A valuation allowance is required to be recognized if it is “more likely than not” that a portion of the deferred tax assets will not be realized. The Company’s policy is to evaluate the deferred tax asset on a quarterly basis and record a valuation allowance for our deferred tax asset if we do not have sufficient positive evidence indicating that it is more likely than not that some or all of the deferred tax asset will be realized. The Company’s policy is to account for interest and penalties as components of income tax expense. | ||
Commitments and Contingencies | ' | |
Commitments and Contingencies - In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the statement of financial condition when they are funded. | ||
Segment Information | ' | |
Segment Information - The Company has one reportable segment, “Community Banking.” All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each of the activities of the Company supports the others. For example, lending is dependent upon the ability of the Company to fund itself with deposits and other borrowings and manage interest rate and credit risk. Accordingly, all significant operating decisions are based upon analysis of the Company as one segment or unit. | ||
Comprehensive Income | ' | |
Comprehensive Income - Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale investment securities, are reported as a separate component of the shareholders’ equity section of the statement of financial condition, such items, along with net income, are components of comprehensive income. | ||
Recent Accounting Pronouncements | ' | |
Recent Accounting Pronouncements - In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-12, “Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Specifically, if the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. Further, the total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The amendments are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted. The Company is currently evaluating the effect that ASU 2014-12 will have on its consolidated financial statements. | ||
In June 2014, the FASB issued ASU No. 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” The amendments in the ASU require repurchase-to-maturity transactions to be recorded and accounted for as secured borrowings. Amendments to Topic 860 also require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty (i.e., a repurchase financing), which will result in secured borrowing accounting for the repurchase agreement. Additionally, the amendments require an entity to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements, and provide increased transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The accounting amendments related to repurchase-to-maturity and repurchase financing transactions, and disclosures for certain transactions accounted for as a sale are effective for interim and annual periods beginning after December 15, 2014. The disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings are required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The Company is currently evaluating the effect that ASU 2014-11 will have on its consolidated financial statements. | ||
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606): The amendments in ASU 2014-09 supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance.” The core principle of the amendments require an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides five steps to be analyzed to accomplish the core principle. The amendments are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating the effect that ASU 2014-09 will have on its consolidated financial statements. | ||
In January 2014, the FASB issued ASU No. 2014-04, “Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40) - Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” The amendments are intended to clarify when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate recognized. These amendments clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either: (a) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure; or (b)the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additional disclosures are required. The amendments are effective for annual periods and interim periods within those annual periods beginning after December 15, 2014. The adoption of this ASU is not expected to have a material impact on our financial position or results of operations. In July 2013, the FASB issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This amendment provides that an unrecognized tax benefit, or a portion thereof, be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from disallowance of a tax position, or the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, then the unrecognized tax benefit should be presented as a liability. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of composition of weighted average shares (denominator) used in earnings per share computations | ' | ||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||
Net Income (Loss ) | $ | 391 | $ | 141 | $ | 29 | $ | (33 | ) | ||||||||
Weighted average shares outstanding | 6,558,473 | 6,558,473 | 6,558,473 | 6,540,100 | |||||||||||||
Average unearned ESOP shares | (177,747 | ) | (192,147 | ) | (181,359 | ) | (195,056 | ) | |||||||||
Weighted average shares outstanding – basic | 6,380,726 | 6,366,326 | 6,377,114 | 6,345,044 | |||||||||||||
Income (Loss) per share – basic | $ | 0.06 | $ | 0.02 | $ | 0 | $ | (0.01 | ) |
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Investment Securities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Investment securities available for sale | ' | ||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
U.S. government agencies | $ | 20,539 | $ | 1 | $ | (441 | ) | $ | 20,099 | ||||||||||||||||
State and municipal obligations | 2,548 | - | (48 | ) | 2,500 | ||||||||||||||||||||
Single issuer trust preferred security | 1,000 | - | (126 | ) | 874 | ||||||||||||||||||||
Corporate debt securities | 1,505 | 28 | - | 1,533 | |||||||||||||||||||||
25,592 | 29 | (615 | ) | 25,006 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Federal National Mortgage Association (FNMA): | |||||||||||||||||||||||||
Adjustable-rate | 413 | 15 | (1 | ) | 427 | ||||||||||||||||||||
Fixed-rate | 17,915 | 8 | (387 | ) | 17,536 | ||||||||||||||||||||
Federal Home Loan Mortgage Corporation (FHLMC): | |||||||||||||||||||||||||
Adjustable-rate | 3,691 | 38 | - | 3,729 | |||||||||||||||||||||
Fixed-rate | 12,624 | - | (225 | ) | 12,399 | ||||||||||||||||||||
Collateralized mortgage obligations (CMO), fixed-rate | 47,140 | 57 | (1,309 | ) | 45,888 | ||||||||||||||||||||
81,783 | 118 | (1,922 | ) | 79,979 | |||||||||||||||||||||
$ | 107,375 | $ | 147 | $ | (2,537 | ) | $ | 104,985 | |||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized Losses | Value | ||||||||||||||||||||||
Gains | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
U.S. government agencies | $ | 20,108 | $ | 7 | $ | (683 | ) | $ | 19,432 | ||||||||||||||||
State and municipal obligations | 12,381 | 19 | (462 | ) | 11,938 | ||||||||||||||||||||
Single issuer trust preferred security | 1,000 | - | (190 | ) | 810 | ||||||||||||||||||||
Corporate debt securities | 1,756 | 28 | (2 | ) | 1,782 | ||||||||||||||||||||
35,245 | 54 | (1,337 | ) | 33,962 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Federal National Mortgage Association: | |||||||||||||||||||||||||
Adjustable-rate | 1,967 | 52 | (5 | ) | 2,014 | ||||||||||||||||||||
Fixed-rate | 18,967 | 6 | (882 | ) | 18,091 | ||||||||||||||||||||
Federal Home Loan Mortgage Corporation: | |||||||||||||||||||||||||
Adjustable-rate | 5,032 | 11 | (22 | ) | 5,021 | ||||||||||||||||||||
Fixed-rate | 13,391 | - | (541 | ) | 12,850 | ||||||||||||||||||||
Collateralized mortgage obligations, fixed-rate | 54,137 | 122 | (1,530 | ) | 52,729 | ||||||||||||||||||||
93,494 | 191 | (2,980 | ) | 90,705 | |||||||||||||||||||||
$ | 128,739 | $ | 245 | $ | (4,317 | ) | $ | 124,667 | |||||||||||||||||
Schedule of aggregate investments in an unrealized loss position | ' | ||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized Losses | ||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Investment Securities Available | |||||||||||||||||||||||||
for Sale: | |||||||||||||||||||||||||
U.S. government obligations and | $ | 985 | $ | (2 | ) | $ | 18,292 | $ | (439 | ) | $ | 19,277 | $ | (441 | ) | ||||||||||
agencies | |||||||||||||||||||||||||
State and municipal obligations | - | - | 2,500 | (48 | ) | 2,500 | (48 | ) | |||||||||||||||||
Single issuer trust preferred | - | - | 874 | (126 | ) | 874 | (126 | ) | |||||||||||||||||
security | |||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FNMA: | |||||||||||||||||||||||||
Adjustable-rate | 104 | (1 | ) | - | - | 104 | (1 | ) | |||||||||||||||||
Fixed-rate | - | - | 17,443 | (387 | ) | 17,443 | (387 | ) | |||||||||||||||||
FHLMC, fixed-rate | - | - | 12,399 | (225 | ) | 12,399 | (225 | ) | |||||||||||||||||
CMO, fixed rate | 8,935 | (80 | ) | 31,254 | (1,229 | ) | 40,189 | (1,309 | ) | ||||||||||||||||
$ | 10,024 | $ | (83 | ) | $ | 82,762 | $ | (2,454 | ) | $ | 92,786 | $ | (2,537 | ) | |||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized Losses | ||||||||||||||||||||
Losses | Losses | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Investment Securities Available | |||||||||||||||||||||||||
for Sale: | |||||||||||||||||||||||||
U.S. government obligations and | $ | 18,104 | $ | (683 | ) | $ | - | $ | - | $ | 18,104 | $ | (683 | ) | |||||||||||
agencies | |||||||||||||||||||||||||
State and municipal obligations | 10,748 | (462 | ) | - | - | 10,748 | (462 | ) | |||||||||||||||||
Single issuer trust preferred | - | - | 810 | (190 | ) | 810 | (190 | ) | |||||||||||||||||
security | |||||||||||||||||||||||||
Corporate securities | 249 | (2 | ) | - | - | 249 | (2 | ) | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FNMA: | |||||||||||||||||||||||||
Adjustable-rate | 966 | (5 | ) | - | - | 966 | (5 | ) | |||||||||||||||||
Fixed-rate | 17,990 | (882 | ) | - | - | 17,990 | (882 | ) | |||||||||||||||||
FHLMC: | |||||||||||||||||||||||||
Adjustable-rate | 4 | (22 | ) | - | - | 4 | (22 | ) | |||||||||||||||||
Fixed-rate | 12,850 | (541 | ) | - | - | 12,850 | (541 | ) | |||||||||||||||||
CMO, fixed-rate | 43,271 | (1,530 | ) | - | - | 43,271 | (1,530 | ) | |||||||||||||||||
$ | 104,182 | $ | (4,127 | ) | $ | 810 | $ | (190 | ) | $ | 104,992 | $ | (4,317 | ) | |||||||||||
Schedule of amortized cost and fair value of debt securities by contractual maturity | ' | ||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Amortized Cost | Fair | ||||||||||||||||||||||||
Value | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Within 1 year | $ | - | $ | - | |||||||||||||||||||||
Over 1 year through 5 years | 9,961 | 9,896 | |||||||||||||||||||||||
After 5 years through 10 years | 13,741 | 13,373 | |||||||||||||||||||||||
Over 10 years | 1,890 | 1,737 | |||||||||||||||||||||||
25,592 | 25,006 | ||||||||||||||||||||||||
Mortgage-backed securities | 81,783 | 79,979 | |||||||||||||||||||||||
$ | 107,375 | $ | 104,985 |
Loans_Receivable_and_Related_A1
Loans Receivable and Related Allowance for Loan Losses (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable and Related Allowance for Loan Losses [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans receivable | ' | |||||||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | 30-Sep-13 | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 235,050 | $ | 239,900 | ||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 7,484 | 6,672 | ||||||||||||||||||||||||||||||||||||||||||||
Land | 1,537 | 2,439 | ||||||||||||||||||||||||||||||||||||||||||||
Total Construction and Development | 9,021 | 9,111 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 69,788 | 70,571 | ||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 2,086 | 1,971 | ||||||||||||||||||||||||||||||||||||||||||||
Other | 5,492 | 5,573 | ||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | 77,366 | 78,115 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 21,914 | 20,431 | ||||||||||||||||||||||||||||||||||||||||||||
Second mortgages | 48,866 | 54,532 | ||||||||||||||||||||||||||||||||||||||||||||
Other | 3,011 | 2,648 | ||||||||||||||||||||||||||||||||||||||||||||
Total Consumer | 73,791 | 77,611 | ||||||||||||||||||||||||||||||||||||||||||||
Total loans | 395,228 | 404,737 | ||||||||||||||||||||||||||||||||||||||||||||
Deferred loan costs, net | 2,212 | 2,210 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (4,858 | ) | (5,090 | ) | ||||||||||||||||||||||||||||||||||||||||||
Total loans receivable, net | $ | 392,582 | $ | 401,857 | ||||||||||||||||||||||||||||||||||||||||||
Schedule of allowance for loan losses | ' | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and | Commercial | Consumer | ||||||||||||||||||||||||||||||||||||||||||||
Development | ||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | Land | Commercial | Multi- | Other | Home | Second | Other | Unallocated | Total | ||||||||||||||||||||||||||||||||||||
Mortgage | and | Real | family | Equity | Mortgages | |||||||||||||||||||||||||||||||||||||||||
Commercial | Estate | Lines of | ||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||
Beginning | $ | 1,783 | $ | 455 | $ | 32 | $ | 1,223 | $ | 67 | $ | 55 | $ | 152 | $ | 989 | $ | 39 | $ | 52 | $ | 4,847 | ||||||||||||||||||||||||
balance | ||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (43 | ) | - | - | - | - | - | - | (40 | ) | (1 | ) | - | (84 | ) | |||||||||||||||||||||||||||||||
Recoveries | 1 | 73 | - | 2 | - | 1 | 1 | 16 | 1 | - | 95 | |||||||||||||||||||||||||||||||||||
Provision (Recovery) | (24 | ) | (73 | ) | (6 | ) | (1 | ) | (3 | ) | (7 | ) | 11 | (14 | ) | (4 | ) | 121 | - | |||||||||||||||||||||||||||
Ending balance | $ | 1,717 | $ | 455 | $ | 26 | $ | 1,224 | $ | 64 | $ | 49 | $ | 164 | $ | 951 | $ | 35 | $ | 173 | $ | 4,858 | ||||||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development | Commercial | Consumer | ||||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage | Residential and Commercial | Land | Commercial | Multi-family | Other | Home Equity Lines of Credit | Second Mortgages | Other | Unallocated | Total | ||||||||||||||||||||||||||||||||||||
Real | ||||||||||||||||||||||||||||||||||||||||||||||
Estate | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,431 | $ | 723 | $ | 9 | $ | 2,404 | $ | 111 | $ | 79 | $ | 136 | $ | 1,361 | $ | 7 | $ | 41 | $ | 6,302 | ||||||||||||||||||||||||
Charge-offs | (35 | ) | (87 | ) | - | (216 | ) | - | - | - | (40 | ) | (2 | ) | - | (380 | ) | |||||||||||||||||||||||||||||
Recoveries | 175 | - | - | 113 | - | 1 | 1 | 36 | 2 | - | 328 | |||||||||||||||||||||||||||||||||||
Provision (Recovery) | (134 | ) | 89 | - | (207 | ) | (2 | ) | (5 | ) | (1 | ) | 74 | 10 | (14 | ) | (190 | ) | ||||||||||||||||||||||||||||
Ending Balance | $ | 1,437 | $ | 725 | $ | 9 | $ | 2,094 | $ | 109 | $ | 75 | $ | 136 | $ | 1,431 | $ | 17 | $ | 27 | $ | 6,060 | ||||||||||||||||||||||||
Nine Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development | Commercial | Consumer | ||||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage | Residential and Commercial | Land | Commercial | Multi-family | Other | Home | Second Mortgages | Other | Unallocated | Total | ||||||||||||||||||||||||||||||||||||
Real | Equity | |||||||||||||||||||||||||||||||||||||||||||||
Estate | Lines of | |||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,414 | $ | 164 | $ | 56 | $ | 1,726 | $ | 40 | $ | 59 | $ | 137 | $ | 1,393 | $ | 22 | $ | 79 | $ | 5,090 | ||||||||||||||||||||||||
Charge-offs | (48 | ) | (37 | ) | - | - | - | - | (14 | ) | (443 | ) | (6 | ) | - | (548 | ) | |||||||||||||||||||||||||||||
Recoveries | 13 | 145 | - | 7 | - | 2 | 1 | 66 | 2 | - | 236 | |||||||||||||||||||||||||||||||||||
Provision (Recovery) | 338 | 183 | (30 | ) | (509 | ) | 24 | (12 | ) | 40 | (65 | ) | 17 | 94 | 80 | |||||||||||||||||||||||||||||||
Ending balance | $ | 1,717 | $ | 455 | $ | 26 | $ | 1,224 | $ | 64 | $ | 49 | $ | 164 | $ | 951 | $ | 35 | $ | 173 | $ | 4,858 | ||||||||||||||||||||||||
Ending balance: | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
individually evaluated | ||||||||||||||||||||||||||||||||||||||||||||||
for impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 1,717 | $ | 455 | $ | 26 | $ | 1,224 | $ | 64 | $ | 49 | $ | 164 | $ | 951 | $ | 35 | $ | 173 | $ | 4,858 | ||||||||||||||||||||||||
collectively evaluated | ||||||||||||||||||||||||||||||||||||||||||||||
for impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 235,050 | $ | 7,484 | $ | 1,537 | $ | 69,788 | $ | 2,086 | $ | 5,492 | $ | 21,914 | $ | 48,866 | $ | 3,011 | $ | 395,228 | ||||||||||||||||||||||||||
Ending balance: | $ | 1,968 | $ | 479 | $ | 237 | $ | - | $ | - | $ | 900 | $ | 116 | $ | 638 | $ | - | $ | 4,338 | ||||||||||||||||||||||||||
individually evaluated for impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated | $ | 233,082 | $ | 7,005 | $ | 1,300 | $ | 69,788 | $ | 2,086 | $ | 4,592 | $ | 21,798 | $ | 48,228 | $ | 3,011 | $ | 390,890 | ||||||||||||||||||||||||||
for impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development | Commercial | Consumer | ||||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage | Residential and Commercial | Land | Commercial Real | Multi-family | Other | Home Equity Lines of Credit | Second Mortgages | Other | Unallocated | Total | ||||||||||||||||||||||||||||||||||||
Estate | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,487 | $ | 724 | $ | 11 | $ | 3,493 | $ | 10 | $ | 226 | $ | 160 | $ | 1,389 | $ | 16 | $ | 65 | $ | 7,581 | ||||||||||||||||||||||||
Charge-offs | (331 | ) | (1,622 | ) | - | (771 | ) | - | - | - | (552 | ) | (7 | ) | - | (3,283 | ) | |||||||||||||||||||||||||||||
Recoveries | 187 | - | - | 114 | - | 22 | 3 | 178 | 3 | - | 507 | |||||||||||||||||||||||||||||||||||
Provision | 94 | 1,623 | (2 | ) | (742 | ) | 99 | (173 | ) | (27 | ) | 416 | 5 | (38 | ) | 1,255 | ||||||||||||||||||||||||||||||
Ending Balance | $ | 1,437 | $ | 725 | $ | 9 | $ | 2,094 | $ | 109 | $ | 75 | $ | 136 | $ | 1,431 | $ | 17 | $ | 27 | $ | 6,060 | ||||||||||||||||||||||||
Ending balance: | $ | - | $ | - | $ | - | $ | 66 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 66 | ||||||||||||||||||||||||
individually | ||||||||||||||||||||||||||||||||||||||||||||||
evaluated | ||||||||||||||||||||||||||||||||||||||||||||||
for impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 1,437 | $ | 725 | $ | 9 | $ | 2,028 | $ | 109 | $ | 75 | $ | 136 | $ | 1,431 | $ | 17 | $ | 27 | $ | 5,994 | ||||||||||||||||||||||||
collectively | ||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | ||||||||||||||||||||||||||||||||||||||||||||||
impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 237,670 | $ | 15,620 | $ | 2,990 | $ | 84,327 | $ | 2,111 | $ | 6,380 | $ | 20,320 | $ | 56,515 | $ | 1,761 | $ | 427,694 | ||||||||||||||||||||||||||
Ending balance: | $ | 2,394 | $ | 8,395 | $ | - | $ | 5,296 | $ | - | $ | 335 | $ | 20 | $ | 538 | $ | - | $ | 16,978 | ||||||||||||||||||||||||||
individually | ||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | ||||||||||||||||||||||||||||||||||||||||||||||
impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 235,276 | $ | 7,225 | $ | 2,990 | $ | 79,031 | $ | 2,111 | $ | 6,045 | $ | 20,300 | $ | 55,977 | $ | 1,761 | $ | 410,716 | ||||||||||||||||||||||||||
collectively | ||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | ||||||||||||||||||||||||||||||||||||||||||||||
impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development | Commercial | Consumer | ||||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage | Residential and Commercial | Land | Commercial Real | Multi-family | Other | Home Equity Lines of Credit | Second Mortgages | Other | Unallocated | Total | ||||||||||||||||||||||||||||||||||||
Estate | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,487 | $ | 724 | $ | 11 | $ | 3,493 | $ | 10 | $ | 226 | $ | 160 | $ | 1,389 | $ | 16 | $ | 65 | $ | 7,581 | ||||||||||||||||||||||||
Charge-offs | (994 | ) | (5,768 | ) | (99 | ) | (6,315 | ) | - | (94 | ) | - | (1,042 | ) | (9 | ) | - | (14,321 | ) | |||||||||||||||||||||||||||
Recoveries | 199 | - | - | 117 | - | 23 | 17 | 235 | 4 | - | 595 | |||||||||||||||||||||||||||||||||||
Provision | 722 | 5,208 | 144 | 4,431 | 30 | (96 | ) | (40 | ) | 811 | 11 | 14 | 11,235 | |||||||||||||||||||||||||||||||||
Ending Balance | $ | 1,414 | $ | 164 | $ | 56 | $ | 1,726 | $ | 40 | $ | 59 | $ | 137 | $ | 1,393 | $ | 22 | $ | 79 | $ | 5,090 | ||||||||||||||||||||||||
Ending balance: | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
individually | ||||||||||||||||||||||||||||||||||||||||||||||
evaluated | ||||||||||||||||||||||||||||||||||||||||||||||
for impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 1,414 | $ | 164 | $ | 56 | $ | 1,726 | $ | 40 | $ | 59 | $ | 137 | $ | 1,393 | $ | 22 | $ | 79 | $ | 5,090 | ||||||||||||||||||||||||
collectively | ||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | ||||||||||||||||||||||||||||||||||||||||||||||
impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 239,900 | $ | 6,672 | $ | 2,439 | $ | 70,571 | $ | 1,971 | $ | 5,573 | $ | 20,431 | $ | 54,532 | $ | 2,648 | $ | 404,737 | ||||||||||||||||||||||||||
Ending balance: | $ | 1,295 | $ | 209 | $ | 237 | $ | - | $ | - | $ | 900 | $ | 34 | $ | 572 | $ | - | $ | 3,247 | ||||||||||||||||||||||||||
individually | ||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | ||||||||||||||||||||||||||||||||||||||||||||||
impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 238,605 | $ | 6,463 | $ | 2,202 | $ | 70,571 | $ | 1,971 | $ | 4,673 | $ | 20,397 | $ | 53,960 | $ | 2,648 | $ | 401,490 | ||||||||||||||||||||||||||
collectively | ||||||||||||||||||||||||||||||||||||||||||||||
evaluated for | ||||||||||||||||||||||||||||||||||||||||||||||
impairment | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of impaired loans | ' | |||||||||||||||||||||||||||||||||||||||||||||
Impaired Loans With Specific | Impaired | Total Impaired Loans | ||||||||||||||||||||||||||||||||||||||||||||
Allowance | Loans With | |||||||||||||||||||||||||||||||||||||||||||||
No Specific | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance | ||||||||||||||||||||||||||||||||||||||||||||||
Recorded | Related | Recorded | Recorded | Unpaid | ||||||||||||||||||||||||||||||||||||||||||
Investment | Allowance | Investment | Investment | Principal | ||||||||||||||||||||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | - | $ | - | $ | 1,968 | $ | 1,968 | $ | 2,252 | ||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | - | - | 479 | 479 | 967 | |||||||||||||||||||||||||||||||||||||||||
Land | - | - | 237 | 237 | 336 | |||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Other | - | - | 900 | 900 | 900 | |||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | - | - | 116 | 116 | 135 | |||||||||||||||||||||||||||||||||||||||||
Second mortgages | - | - | 638 | 638 | 1,016 | |||||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | - | $ | - | $ | 4,338 | $ | 4,338 | $ | 5,606 | ||||||||||||||||||||||||||||||||||||
September 30, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | - | $ | - | $ | 1,295 | $ | 1,295 | $ | 1,510 | ||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | - | - | 209 | 209 | 297 | |||||||||||||||||||||||||||||||||||||||||
Land | - | - | 237 | 237 | 337 | |||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Other | - | - | 900 | 900 | 900 | |||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | - | - | 34 | 34 | 50 | |||||||||||||||||||||||||||||||||||||||||
Second mortgages | - | - | 572 | 572 | 1,101 | |||||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | - | $ | - | $ | 3,247 | $ | 3,247 | $ | 4,195 | ||||||||||||||||||||||||||||||||||||
Schedule of average recorded investment in impaired loans and related interest income recognized | ' | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | Nine Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Average | Interest | Cash Basis | Average | Interest | Cash Basis | |||||||||||||||||||||||||||||||||||||||||
Impaired | Income | Collection | Impaired | Income | Collection | |||||||||||||||||||||||||||||||||||||||||
Loans | Recognized | on | Loans | Recognized | on | |||||||||||||||||||||||||||||||||||||||||
on | Impaired | on | Impaired | |||||||||||||||||||||||||||||||||||||||||||
Impaired | Loans | Impaired | Loans | |||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 2,040 | $ | - | $ | 170 | $ | 1,788 | $ | - | $ | 212 | ||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 522 | 5 | 329 | 685 | 14 | 1,697 | ||||||||||||||||||||||||||||||||||||||||
Land | 292 | 2 | 3 | 255 | 9 | 10 | ||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Other | 900 | 8 | 7 | 900 | 22 | 22 | ||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 161 | - | 99 | 100 | - | 101 | ||||||||||||||||||||||||||||||||||||||||
Second mortgages | 597 | - | 16 | 574 | - | 36 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,512 | $ | 15 | $ | 624 | $ | 4,302 | $ | 45 | $ | 2,078 | ||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | Nine Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Average | Interest | Cash Basis | Average | Interest | Cash Basis | |||||||||||||||||||||||||||||||||||||||||
Impaired | Income | Collection | Impaired | Income | Collection | |||||||||||||||||||||||||||||||||||||||||
Loans | Recognized | on | Loans | Recognized | on | |||||||||||||||||||||||||||||||||||||||||
on | Impaired | on | Impaired | |||||||||||||||||||||||||||||||||||||||||||
Impaired | Loans | Impaired | Loans | |||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 3,131 | $ | 5 | $ | 12 | $ | 3,836 | $ | 34 | $ | 59 | ||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 9,295 | 59 | 254 | 5,563 | 59 | 551 | ||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 4,797 | 67 | 404 | 4,842 | 185 | 571 | ||||||||||||||||||||||||||||||||||||||||
Other | 201 | 2 | 11 | 184 | 6 | 15 | ||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 21 | 1 | 1 | 22 | 2 | 3 | ||||||||||||||||||||||||||||||||||||||||
Second mortgages | 574 | 1 | 1 | 592 | 2 | 5 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 18,019 | $ | 135 | $ | 683 | $ | 15,039 | $ | 288 | $ | 1,204 | ||||||||||||||||||||||||||||||||||
Schedule of classes of loan portfolio | ' | |||||||||||||||||||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||||||||||||
Mention | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 232,944 | $ | 138 | $ | 1,968 | $ | - | $ | 235,050 | ||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 7,005 | - | 479 | - | 7,484 | |||||||||||||||||||||||||||||||||||||||||
Land | 1,300 | - | 237 | - | 1,537 | |||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 62,128 | 5,567 | 2,093 | - | 69,788 | |||||||||||||||||||||||||||||||||||||||||
Multi-family | 2,086 | - | - | - | 2,086 | |||||||||||||||||||||||||||||||||||||||||
Other | 3,638 | 954 | 900 | - | 5,492 | |||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 21,798 | - | 116 | - | 21,914 | |||||||||||||||||||||||||||||||||||||||||
Second mortgages | 48,196 | 21 | 649 | - | 48,866 | |||||||||||||||||||||||||||||||||||||||||
Other | 2,994 | 17 | - | - | 3,011 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 382,089 | $ | 6,697 | $ | 6,442 | $ | - | $ | 395,228 | ||||||||||||||||||||||||||||||||||||
September 30, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 238,461 | $ | 144 | $ | 1,295 | $ | - | $ | 239,900 | ||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 5,564 | 159 | 949 | - | 6,672 | |||||||||||||||||||||||||||||||||||||||||
Land | 2,202 | - | 237 | - | 2,439 | |||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 67,028 | 3,166 | 377 | - | 70,571 | |||||||||||||||||||||||||||||||||||||||||
Multi-family | 1,971 | - | - | - | 1,971 | |||||||||||||||||||||||||||||||||||||||||
Other | 4,363 | 310 | 900 | - | 5,573 | |||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 20,397 | - | 34 | - | 20,431 | |||||||||||||||||||||||||||||||||||||||||
Second mortgages | 53,790 | 14 | 728 | - | 54,532 | |||||||||||||||||||||||||||||||||||||||||
Other | 2,625 | 23 | - | - | 2,648 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 396,401 | $ | 3,816 | $ | 4,520 | $ | - | $ | 404,737 | ||||||||||||||||||||||||||||||||||||
Schedule of loans that are no longer accruing interest by portfolio class | ' | |||||||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | 30-Sep-13 | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 1,968 | $ | 1,295 | ||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 370 | - | ||||||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 116 | 34 | ||||||||||||||||||||||||||||||||||||||||||||
Second mortgages | 638 | 572 | ||||||||||||||||||||||||||||||||||||||||||||
Total non-accrual loans | $ | 3,092 | $ | 1,901 | ||||||||||||||||||||||||||||||||||||||||||
Schedule of classes of loan portfolio summarized by aging categories | ' | |||||||||||||||||||||||||||||||||||||||||||||
Current | 30-59 | 60-89 | Greater | Total | Total Loans | |||||||||||||||||||||||||||||||||||||||||
Days Past | Days Past | Than 90 | Past Due | Receivable | ||||||||||||||||||||||||||||||||||||||||||
Due | Due | Days Past | ||||||||||||||||||||||||||||||||||||||||||||
Due | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 232,337 | $ | 745 | $ | - | $ | 1,968 | $ | 2,713 | $ | 235,050 | ||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 7,114 | - | - | 370 | 370 | 7,484 | ||||||||||||||||||||||||||||||||||||||||
Land | 1,537 | - | - | - | - | 1,537 | ||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 69,788 | - | - | - | - | 69,788 | ||||||||||||||||||||||||||||||||||||||||
Multi-family | 2,086 | - | - | - | - | 2,086 | ||||||||||||||||||||||||||||||||||||||||
Other | 5,492 | - | - | - | - | 5,492 | ||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 21,798 | - | - | 116 | 116 | 21,914 | ||||||||||||||||||||||||||||||||||||||||
Second mortgages | 47,929 | 299 | - | 638 | 937 | 48,866 | ||||||||||||||||||||||||||||||||||||||||
Other | 3,011 | - | - | - | - | 3,011 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 391,092 | $ | 1,044 | $ | - | $ | 3,092 | $ | 4,136 | $ | 395,228 | ||||||||||||||||||||||||||||||||||
September 30, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 237,584 | $ | 820 | $ | 201 | $ | 1,295 | $ | 2,316 | $ | 239,900 | ||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 6,672 | - | - | - | - | 6,672 | ||||||||||||||||||||||||||||||||||||||||
Land | 2,439 | - | - | - | - | 2,439 | ||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 70,416 | - | 155 | - | 155 | 70,571 | ||||||||||||||||||||||||||||||||||||||||
Multi-family | 1,971 | - | - | - | - | 1,971 | ||||||||||||||||||||||||||||||||||||||||
Other | 5,573 | - | - | - | - | 5,573 | ||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 20,397 | - | - | 34 | 34 | 20,431 | ||||||||||||||||||||||||||||||||||||||||
Second mortgages | 52,698 | 1,022 | 240 | 572 | 1,834 | 54,532 | ||||||||||||||||||||||||||||||||||||||||
Other | 2,643 | 4 | 1 | - | 5 | 2,648 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 400,393 | $ | 1,846 | $ | 597 | $ | 1,901 | $ | 4,344 | $ | 404,737 | ||||||||||||||||||||||||||||||||||
Schedule of TDR loans | ' | |||||||||||||||||||||||||||||||||||||||||||||
Total Troubled Debt | Troubled Debt Restructured Loans | |||||||||||||||||||||||||||||||||||||||||||||
Restructurings | That Have Defaulted on Modified | |||||||||||||||||||||||||||||||||||||||||||||
Terms Within the Past 12 Months | ||||||||||||||||||||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||||||||||||||||
Loans | Investment | Loans | Investment | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 4 | $ | 479 | 1 | $ | 370 | ||||||||||||||||||||||||||||||||||||||||
Land | 1 | 237 | - | - | ||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Other | 1 | 900 | - | - | ||||||||||||||||||||||||||||||||||||||||||
Total | 6 | $ | 1,616 | 1 | $ | 370 | ||||||||||||||||||||||||||||||||||||||||
At September 30, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 5 | $ | 209 | - | $ | - | ||||||||||||||||||||||||||||||||||||||||
Land | 1 | 237 | - | - | ||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Other | 1 | 900 | - | - | ||||||||||||||||||||||||||||||||||||||||||
Total | 7 | $ | 1,346 | - | $ | - | ||||||||||||||||||||||||||||||||||||||||
Schedule of performing status of TDR loans | ' | |||||||||||||||||||||||||||||||||||||||||||||
30-Jun-14 | 30-Sep-13 | |||||||||||||||||||||||||||||||||||||||||||||
Performing | Non- | Performing | Non- | |||||||||||||||||||||||||||||||||||||||||||
Performing | Performing | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | $ | 109 | $ | 370 | $ | 209 | $ | - | ||||||||||||||||||||||||||||||||||||||
Land | 237 | - | 237 | - | ||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||
Other | 900 | - | 900 | - | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,246 | $ | 370 | $ | 1,346 | $ | - | ||||||||||||||||||||||||||||||||||||||
Schedule of activity in loans which were first deemed to be TDRs | ' | |||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Restructured During Period | ||||||||||||||||||||||||||||||||||||||||||||||
Number | Pre- | Post- | Number | Pre-Modifications | Post- | |||||||||||||||||||||||||||||||||||||||||
of Loans | Modifications | Modifications | of Loans | Outstanding | Modifications | |||||||||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | Recorded | Outstanding | |||||||||||||||||||||||||||||||||||||||||||
Recorded | Recorded | Investments | Recorded | |||||||||||||||||||||||||||||||||||||||||||
Investments | Investments | Investments | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | - | $ | - | $ | - | 1 | $ | 1,074 | $ | 1,074 | ||||||||||||||||||||||||||||||||||||
Total troubled debt restructurings | - | $ | - | $ | - | 1 | $ | 1,074 | $ | 1,074 | ||||||||||||||||||||||||||||||||||||
For the Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Restructured During Period | ||||||||||||||||||||||||||||||||||||||||||||||
Number | Pre-Modifications Outstanding Recorded Investments | Post-Modifications Outstanding Recorded Investments | Number | Pre-Modifications Outstanding Recorded Investments | Post-Modifications Outstanding Recorded Investments | |||||||||||||||||||||||||||||||||||||||||
of Loans | of Loans | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | ||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 1 | $ | 437 | $ | 437 | 5 | $ | 9,408 | $ | 9,408 | ||||||||||||||||||||||||||||||||||||
Total troubled debt restructurings | 1 | $ | 437 | $ | 437 | 5 | $ | 9,408 | $ | 9,408 | ||||||||||||||||||||||||||||||||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Regulatory Matters [Abstract] | ' | ||||||||||||||||||||||||
Schedule of actual capital amounts and ratios | ' | ||||||||||||||||||||||||
To be Well Capitalized under | |||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | Prompt Corrective Action | |||||||||||||||||||||||
Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
As of June 30, 2014: | |||||||||||||||||||||||||
Tangible Capital (to tangible assets) | $ | 63,441 | 11.18 | % | $ | ≥ 8,509 | ≥1.50 | % | N/A | ||||||||||||||||
Core Capital (to adjusted tangible assets) | 63,441 | 11.18 | ≥22,689 | ≥4.00 | $ | ≥28,362 | ≥5.00 | % | |||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | 63,441 | 18.71 | ≥13,566 | ≥4.00 | ≥20,350 | ≥6.00 | |||||||||||||||||||
Total Risk-Based Capital (to risk-weighted assets) | 67,689 | 19.96 | ≥27,133 | ≥8.00 | ≥33,916 | ≥10.00 | |||||||||||||||||||
As of September 30, 2013: | |||||||||||||||||||||||||
Tangible Capital (to tangible assets) | $ | 64,524 | 10.91 | % | $ | ≥ 8,874 | ≥1.50 | % | N/A | ||||||||||||||||
Core Capital (to adjusted tangible assets) | 64,524 | 10.91 | ≥23,664 | ≥4.00 | $ | ≥29,580 | ≥5.00 | % | |||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | 64,524 | 17.72 | ≥14,566 | ≥4.00 | ≥21,849 | ≥ 6.00 | |||||||||||||||||||
Total Risk-Based Capital (to risk-weighted assets) | 69,084 | 18.97 | ≥29,132 | ≥8.00 | ≥36,415 | ≥10.00 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||||||||||||||||
Schedule of balances of assets measured at fair value on a recurring basis | ' | ||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||
Debt securities: | |||||||||||||||||||||
U.S. government agencies | $ | 20,099 | $ | - | $ | 20,099 | $ | - | |||||||||||||
State and municipal obligations | 2,500 | - | 2,500 | - | |||||||||||||||||
Single issuer trust preferred security | 874 | - | 874 | - | |||||||||||||||||
Corporate debt securities | 1,533 | - | 1,533 | - | |||||||||||||||||
Total investment securities available for sale | 25,006 | - | 25,006 | - | |||||||||||||||||
Mortgage-backed securities available for sale: | |||||||||||||||||||||
FNMA: | |||||||||||||||||||||
Adjustable-rate | 427 | - | 427 | - | |||||||||||||||||
Fixed-rate | 17,536 | - | 17,536 | - | |||||||||||||||||
FHLMC: | |||||||||||||||||||||
Adjustable-rate | 3,729 | - | 3,729 | - | |||||||||||||||||
Fixed-rate | 12,399 | - | 12,399 | - | |||||||||||||||||
CMO, fixed-rate | 45,888 | - | 45,888 | - | |||||||||||||||||
Total mortgage-backed securities available for sale | 79,979 | - | 79,979 | - | |||||||||||||||||
Total | $ | 104,985 | $ | - | $ | 104,985 | $ | - | |||||||||||||
30-Sep-13 | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||
Debt securities: | |||||||||||||||||||||
U.S. government agencies | $ | 19,432 | $ | - | $ | 19,432 | $ | - | |||||||||||||
State and municipal obligations | 11,938 | - | 11,938 | - | |||||||||||||||||
Single issuer trust preferred security | 810 | - | 810 | - | |||||||||||||||||
Corporate debt securities | 1,782 | - | 1,782 | - | |||||||||||||||||
Total investment securities available for sale | 33,962 | - | 33,962 | - | |||||||||||||||||
Mortgage-backed securities available for sale: | |||||||||||||||||||||
FNMA: | |||||||||||||||||||||
Adjustable-rate | 2,014 | - | 2,014 | - | |||||||||||||||||
Fixed-rate | 18,091 | - | 18,091 | - | |||||||||||||||||
FHLMC: | |||||||||||||||||||||
Adjustable-rate | 5,021 | - | 5,021 | - | |||||||||||||||||
Fixed-rate | 12,850 | - | 12,850 | - | |||||||||||||||||
CMO, fixed-rate | 52,729 | - | 52,729 | - | |||||||||||||||||
Total mortgage-backed securities available for sale | 90,705 | - | 90,705 | - | |||||||||||||||||
Total | $ | 124,667 | $ | - | $ | 124,667 | $ | - | |||||||||||||
Schedule of assets fair value on a nonrecurring basis and level of valuation assumptions | ' | ||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Other real estate owned | $ | 1,003 | $ | - | $ | - | $ | 1,003 | |||||||||||||
Impaired loans | 1,058 | - | - | 1,058 | |||||||||||||||||
Mortgage servicing rights | 506 | - | 506 | - | |||||||||||||||||
Total | $ | 2,567 | $ | - | $ | 506 | $ | 2,061 | |||||||||||||
30-Sep-13 | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Loans held for sale | $ | 10,367 | $ | 10,367 | $ | - | $ | - | |||||||||||||
Other real estate owned | 2,341 | - | - | 2,341 | |||||||||||||||||
Impaired loans | 1,047 | - | - | 1,047 | |||||||||||||||||
Mortgage servicing rights | 337 | - | 337 | - | |||||||||||||||||
Total | $ | 14,092 | $ | 10,367 | $ | 337 | $ | 3,388 | |||||||||||||
Schedule of carrying amount and estimated fair value of the Company's financial instruments | ' | ||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and Cash Equivalents | $ | 42,455 | $ | 42,455 | $ | 42,455 | $ | - | $ | - | |||||||||||
Investment securities available | 104,985 | 104,985 | - | 104,985 | - | ||||||||||||||||
for sale | |||||||||||||||||||||
Loans receivable, net | 392,582 | 397,722 | - | - | 397,722 | ||||||||||||||||
Accrued interest receivable | 1,300 | 1,300 | - | 1,300 | - | ||||||||||||||||
Restricted stock | 3,495 | 3,495 | - | 3,495 | - | ||||||||||||||||
Mortgage servicing rights | 434 | 506 | - | 506 | - | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Savings accounts | 46,645 | 46,645 | - | 46,645 | - | ||||||||||||||||
Checking and NOW accounts | 110,754 | 110,754 | - | 110,754 | - | ||||||||||||||||
Money market accounts | 61,291 | 61,291 | - | 61,291 | - | ||||||||||||||||
Certificates of deposit | 227,346 | 231,866 | - | 231,866 | - | ||||||||||||||||
FHLB advances | 48,000 | 50,497 | - | 50,497 | - | ||||||||||||||||
Accrued interest payable | 148 | 148 | - | 148 | - | ||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 23,687 | $ | 23,687 | $ | 23,687 | $ | - | $ | - | |||||||||||
Investment securities available for sale | 124,667 | 124,667 | - | 124,667 | - | ||||||||||||||||
Loans receivable, net | 401,857 | 405,802 | - | - | 405,802 | ||||||||||||||||
Loans held for sale | 10,367 | 10,367 | 10,367 | - | - | ||||||||||||||||
Accrued interest receivable | 1,404 | 1,404 | - | 1,404 | - | ||||||||||||||||
Restricted stock | 3,038 | 3,038 | - | 3,038 | - | ||||||||||||||||
Mortgage servicing rights | 271 | 337 | - | 337 | - | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Savings accounts | 42,932 | 42,932 | - | 42,932 | - | ||||||||||||||||
Checking and NOW accounts | 112,338 | 112,338 | - | 112,338 | - | ||||||||||||||||
Money market accounts | 67,372 | 67,372 | - | 67,372 | - | ||||||||||||||||
Certificates of deposit | 261,954 | 267,181 | - | 267,181 | - | ||||||||||||||||
FHLB advances | 38,000 | 41,281 | - | 41,281 | - | ||||||||||||||||
Accrued interest payable | 139 | 139 | - | 139 | - | ||||||||||||||||
Level 2 | ' | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||||||||||||||||
Schedule of quantitative information regarding significant techniques and inputs used | ' | ||||||||||||||||||||
The following table shows quantitative information regarding significant techniques and inputs used at June 30, 2014 for assets measured using observable inputs (Level 2): | |||||||||||||||||||||
Fair Value at | Valuation Technique | Observable Input | Method or Value as of | ||||||||||||||||||
30-Jun-14 | 30-Jun-14 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Servicing rights | $506 | Discounted rate | Discount rate | 11.00- | Rate used through | ||||||||||||||||
12.00% | modeling period | ||||||||||||||||||||
Loan prepayment speeds | 14.28% | Weighted-average | |||||||||||||||||||
CPR | |||||||||||||||||||||
Servicing fees | 0.25% | Of loan balance | |||||||||||||||||||
Servicing costs | 6.25% | Monthly servicing | |||||||||||||||||||
cost per account | |||||||||||||||||||||
$300- | Additional monthly | ||||||||||||||||||||
$500 | servicing cost per loan | ||||||||||||||||||||
on loans more than 30 | |||||||||||||||||||||
days delinquent | |||||||||||||||||||||
The following table shows quantitative information regarding significant techniques and inputs used at September 30, 2013 for assets measured using observable inputs (Level 2): | |||||||||||||||||||||
Fair Value at | Valuation Technique | Observable Input | Method or Value as of | ||||||||||||||||||
30-Sep-13 | 30-Sep-13 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Servicing rights | $337 | Discounted rate | Discount rate | 11.00- | Rate used through | ||||||||||||||||
12.00% | modeling period | ||||||||||||||||||||
Loan prepayment speeds | 15.58% | Weighted-average | |||||||||||||||||||
CPR | |||||||||||||||||||||
Servicing fees | 0.25% | Of loan balance | |||||||||||||||||||
Servicing costs | 6.25% | Monthly servicing | |||||||||||||||||||
cost per account | |||||||||||||||||||||
$150 | Additional monthly | ||||||||||||||||||||
servicing cost per loan | |||||||||||||||||||||
on loans more than 30 | |||||||||||||||||||||
days delinquent | |||||||||||||||||||||
Level 3 | ' | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||||||||||||||||
Schedule of quantitative information regarding significant techniques and inputs used | ' | ||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Fair Value at | Valuation Technique | Unobservable Input | Range/(Weighted | ||||||||||||||||||
30-Jun-14 | Average) | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Other real estate owned | $ | 1,003 | Appraisal of collateral(1) | Collateral discounts(2) | 0-16%/(16%) | ||||||||||||||||
Impaired loans(3) | 1,058 | Appraisal of collateral(1) | Collateral discounts(2) | 1-84%/(12%) | |||||||||||||||||
Total | $ | 2,061 | |||||||||||||||||||
(1) Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. | |||||||||||||||||||||
(2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | |||||||||||||||||||||
(3) Includes assets directly charged-down to fair value during the year-to-date period. | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Fair Value at | Valuation Technique | Unobservable Input | Range/(Weighted | ||||||||||||||||||
30-Sep-13 | Average) | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Other real estate owned | $ | 2,341 | Appraisal of collateral(1) | Collateral discounts(2) | 14-84%/(39%)% | ||||||||||||||||
Impaired loans(3) | 1,047 | Appraisal of collateral(1) | Collateral discounts(2) | 1-73%/(28%) | |||||||||||||||||
Total | $ | 3,388 | |||||||||||||||||||
(1) Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. | |||||||||||||||||||||
(2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | |||||||||||||||||||||
(3) Includes assets directly charged-down to fair value during the year-to-date period. |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
Schedule of reconciliation between federal income tax at the statutory rate | ' | ||||||||
Nine Months Ended June 30, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
At federal statutory rate | $ | - | $ | (228 | ) | ||||
Adjustments resulting from: | |||||||||
State tax, net of federal benefit | 4 | - | |||||||
Tax-exempt interest | - | (57 | ) | ||||||
Earnings on bank-owned life insurance | - | (350 | ) | ||||||
Other | - | (3 | ) | ||||||
$ | 4 | $ | (638 | ) | |||||
Effective tax rate | 12.12 | % | 95.1 | % | |||||
Schedule of deferred income taxes | ' | ||||||||
30-Jun-14 | 30-Sep-13 | ||||||||
(In thousands) | |||||||||
Deferred Tax Assets: | |||||||||
Unrealized loss on investments available for sale | $ | 813 | $ | 1,385 | |||||
Allowance for loan losses | 2,983 | 3,091 | |||||||
Nonaccrual interest | 148 | 87 | |||||||
Write-down of real estate owned | 380 | 573 | |||||||
Alternative minimum tax (AMT) credit carryover | 64 | 64 | |||||||
Low-income housing tax credit carryover | 337 | 337 | |||||||
Supplement Employer Retirement Plan | 477 | 435 | |||||||
Charitable contributions | 26 | 202 | |||||||
Depreciation | 109 | 150 | |||||||
State net operating loss | 609 | 1,528 | |||||||
Federal net operating loss | 7,407 | 7,046 | |||||||
Other | 42 | 112 | |||||||
Total Deferred Tax Assets | 13,395 | 15,010 | |||||||
Valuation allowance for Deferred Tax Asset | (10,674 | ) | (12,454 | ) | |||||
Total Deferred Tax Assets, Net of Valuation Allowance | $ | 2,721 | $ | 2,556 | |||||
Deferred Tax Liabilities: | |||||||||
Mortgage servicing rights | (146 | ) | (92 | ) | |||||
Total Deferred Tax Liabilities | (146 | ) | (92 | ) | |||||
Deferred Tax Assets, Net | $ | 2,575 | $ | 2,464 |
Organizational_Structure_and_N1
Organizational Structure and Nature of Operations (Detail Textuals) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Oct. 11, 2012 | Oct. 11, 2012 |
In Millions, except Share data, unless otherwise specified | Branch | Second-Step Conversion | Mid Tier Holding Company | |
Second-Step Conversion | ||||
Organizational Structure And Nature Of Operations [Line Items] | ' | ' | ' | ' |
Number of common stock issued in connection with conversion and reorganization | ' | ' | 3,636,875 | 2,921,598 |
Common stock, par value | $0.01 | $0.01 | $0.01 | ' |
Subscription price | ' | ' | $10 | ' |
Common stock, value, subscriptions (in dollars) | ' | ' | $36.40 | ' |
Common stock, conversion basis | ' | ' | 'Each share of common stock of the Mid-Tier Holding Company was converted into the right to receive 1.0748 shares of common stock of the new Malvern Bancorp, Inc. in the conversion and reorganization. | ' |
Number of branches | 7 | ' | ' | ' |
Number of shares entitled to receive by public stockholders | ' | ' | 1.0748 | ' |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Detail Textuals) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2013 |
Segment | ||
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Loans held for sale | ' | $10,367 |
Mortgage loan, maturity description | 'Fixed-rate, fully amortizing mortgage loans with maturities of 15 to 30 years. Also offer adjustable rate mortgage ("ARM") loans where the interest rate either adjusts on an annual basis or is fixed for the initial one, three, five or seven years and then adjusts annually. | ' |
Property and equipment, depreciation method | 'straight-line and accelerated methods | ' |
Property and equipment, estimated useful life | '3 to 39 years | ' |
Number of reportable segments | 1 | ' |
Strategic Asset Management Group, Inc. | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Investment owned, percentage | 50.00% | ' |
Earnings_Per_Share_Composition
Earnings Per Share - Composition of weighted average shares (denominator) used in earnings per share computations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net Income (Loss) | $391 | $141 | $29 | ($33) |
Weighted average shares outstanding | 6,558,473 | 6,558,473 | 6,558,473 | 6,540,100 |
Average unearned ESOP shares | -177,747 | -192,147 | -181,359 | -195,056 |
Weighted average shares outstanding - basic | 6,380,726 | 6,366,326 | 6,377,114 | 6,345,044 |
Income (Loss) per share - basic (in dollars per share) | $0.06 | $0.02 | $0 | ($0.01) |
Employee_Stock_Ownership_Plan_
Employee Stock Ownership Plan (Detail Textuals) (USD $) | 3 Months Ended | 4 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2008 | Jun. 30, 2014 | Jun. 30, 2013 |
Employee Stock Ownership Plan [Abstract] | ' | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP), shares purchased | ' | ' | 241,178 | ' | ' |
Employee Stock Ownership Plan (ESOP), amount borrowed (in dollars) | ' | ' | $2.60 | ' | ' |
Average price of shares purchased | ' | ' | $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 | ' | 10,800 | 10,771 |
Number of unallocated shares | 175,965 | ' | ' | 175,965 | ' |
Number of allocated shares held by the ESOP | 83,253 | ' | ' | 83,253 | ' |
Aggregate fair value of shares held by the ESOP (in dollars) | $1.90 | ' | ' | $1.90 | ' |
Investment_Securities_Unrealiz
Investment Securities - Unrealized Gain Loss on Investments (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $107,375 | $128,739 |
Gross Unrealized Gains | 147 | 245 |
Gross Unrealized Losses | -2,537 | -4,317 |
Fair value | 104,985 | 124,667 |
Total Available For Sale Securities Before Mortgage-Backed | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 25,592 | 35,245 |
Gross Unrealized Gains | 29 | 54 |
Gross Unrealized Losses | -615 | -1,337 |
Fair value | 25,006 | 33,962 |
U.S. government agencies | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 20,539 | 20,108 |
Gross Unrealized Gains | 1 | 7 |
Gross Unrealized Losses | -441 | -683 |
Fair value | 20,099 | 19,432 |
State and municipal obligations | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 2,548 | 12,381 |
Gross Unrealized Gains | ' | 19 |
Gross Unrealized Losses | -48 | -462 |
Fair value | 2,500 | 11,938 |
Single issuer trust preferred security | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,000 | 1,000 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | -126 | -190 |
Fair value | 874 | 810 |
Corporate debt securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,505 | 1,756 |
Gross Unrealized Gains | 28 | 28 |
Gross Unrealized Losses | ' | -2 |
Fair value | 1,533 | 1,782 |
Mortgage Backed Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 81,783 | 93,494 |
Gross Unrealized Gains | 118 | 191 |
Gross Unrealized Losses | -1,922 | -2,980 |
Fair value | 79,979 | 90,705 |
Mortgage-backed securities: FNMA | Adjustable-rate | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 413 | 1,967 |
Gross Unrealized Gains | 15 | 52 |
Gross Unrealized Losses | -1 | -5 |
Fair value | 427 | 2,014 |
Mortgage-backed securities: FNMA | Fixed-rate | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 17,915 | 18,967 |
Gross Unrealized Gains | 8 | 6 |
Gross Unrealized Losses | -387 | -882 |
Fair value | 17,536 | 18,091 |
Mortgage-backed securities: FHLMC | Adjustable-rate | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 3,691 | 5,032 |
Gross Unrealized Gains | 38 | 11 |
Gross Unrealized Losses | ' | -22 |
Fair value | 3,729 | 5,021 |
Mortgage-backed securities: FHLMC | Fixed-rate | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 12,624 | 13,391 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | -225 | -541 |
Fair value | 12,399 | 12,850 |
Mortgage-backed securities: CMO, fixed-rate | Fixed-rate | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 47,140 | 54,137 |
Gross Unrealized Gains | 57 | 122 |
Gross Unrealized Losses | -1,309 | -1,530 |
Fair value | $45,888 | $52,729 |
Investment_Securities_Continuo
Investment Securities - Continuous Unrealized Loss Position of Available For Sale Securities (Details 1) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months: Fair Value | $10,024 | $104,182 |
Less than 12 Months: Unrealized Losses | -83 | -4,127 |
More than 12 Months: Fair Value | 82,762 | 810 |
More than 12 Months: Unrealized Losses | -2,454 | -190 |
Total: Fair Value | 92,786 | 104,992 |
Total: Unrealized Losses | -2,537 | -4,317 |
U.S. government agencies | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months: Fair Value | 985 | 18,104 |
Less than 12 Months: Unrealized Losses | -2 | -683 |
More than 12 Months: Fair Value | 18,292 | ' |
More than 12 Months: Unrealized Losses | -439 | ' |
Total: Fair Value | 19,277 | 18,104 |
Total: Unrealized Losses | -441 | -683 |
State and municipal obligations | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months: Fair Value | ' | 10,748 |
Less than 12 Months: Unrealized Losses | ' | -462 |
More than 12 Months: Fair Value | 2,500 | ' |
More than 12 Months: Unrealized Losses | -48 | ' |
Total: Fair Value | 2,500 | 10,748 |
Total: Unrealized Losses | -48 | -462 |
Single issuer trust preferred security | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months: Fair Value | ' | ' |
Less than 12 Months: Unrealized Losses | ' | ' |
More than 12 Months: Fair Value | 874 | 810 |
More than 12 Months: Unrealized Losses | -126 | -190 |
Total: Fair Value | 874 | 810 |
Total: Unrealized Losses | -126 | -190 |
Corporate securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months: Fair Value | ' | 249 |
Less than 12 Months: Unrealized Losses | ' | -2 |
More than 12 Months: Fair Value | ' | ' |
More than 12 Months: Unrealized Losses | ' | ' |
Total: Fair Value | ' | 249 |
Total: Unrealized Losses | ' | -2 |
Mortgage-backed securities: FNMA | Adjustable-rate | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months: Fair Value | 104 | 966 |
Less than 12 Months: Unrealized Losses | -1 | -5 |
More than 12 Months: Fair Value | ' | ' |
More than 12 Months: Unrealized Losses | ' | ' |
Total: Fair Value | 104 | 966 |
Total: Unrealized Losses | -1 | -5 |
Mortgage-backed securities: FNMA | Fixed-rate | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months: Fair Value | ' | 17,990 |
Less than 12 Months: Unrealized Losses | ' | -882 |
More than 12 Months: Fair Value | 17,443 | ' |
More than 12 Months: Unrealized Losses | -387 | ' |
Total: Fair Value | 17,443 | 17,990 |
Total: Unrealized Losses | -387 | -882 |
Mortgage-backed securities: FHLMC | Adjustable-rate | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months: Fair Value | ' | 4 |
Less than 12 Months: Unrealized Losses | ' | -22 |
More than 12 Months: Fair Value | ' | ' |
More than 12 Months: Unrealized Losses | ' | ' |
Total: Fair Value | ' | 4 |
Total: Unrealized Losses | ' | -22 |
Mortgage-backed securities: FHLMC | Fixed-rate | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months: Fair Value | ' | 12,850 |
Less than 12 Months: Unrealized Losses | ' | -541 |
More than 12 Months: Fair Value | 12,399 | ' |
More than 12 Months: Unrealized Losses | -225 | ' |
Total: Fair Value | 12,399 | 12,850 |
Total: Unrealized Losses | -225 | -541 |
Mortgage-backed securities: CMO, fixed-rate | Fixed-rate | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months: Fair Value | 8,935 | 43,271 |
Less than 12 Months: Unrealized Losses | -80 | -1,530 |
More than 12 Months: Fair Value | 31,254 | ' |
More than 12 Months: Unrealized Losses | -1,229 | ' |
Total: Fair Value | 40,189 | 43,271 |
Total: Unrealized Losses | ($1,309) | ($1,530) |
Investment_Securities_Amortize
Investment Securities - Amortized cost and fair value of debt securities by contractual maturity (Details 2) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Amortized Cost | ' | ' |
Within 1 year | ' | ' |
Over 1 year through 5 years | 9,961 | ' |
After 5 years through 10 years | 13,741 | ' |
Over 10 years | 1,890 | ' |
Amortized Cost, Total | 25,592 | ' |
Mortgage-backed securities | 81,783 | ' |
Amortized Cost | 107,375 | 128,739 |
Fair Value | ' | ' |
Within 1 year | ' | ' |
Over 1 year through 5 years | 9,896 | ' |
After 5 years through 10 years | 13,373 | ' |
Over 10 years | 1,737 | ' |
Fair Value, Total | 25,006 | ' |
Mortgage-backed securities | 79,979 | ' |
Fair value | $104,985 | $124,667 |
Investment_Securities_Detail_T
Investment Securities (Detail Textuals) (USD $) | 9 Months Ended | 9 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 |
U.S. government agencies | State and municipal obligations | Single issuer trust preferred security | Single issuer trust preferred security | Mortgage Backed Securities | ||||
Security | Security | Security | Security | |||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sales of investment securities available for sale | $16,751 | $26,435 | ' | ' | ' | ' | ' | ' |
Available-for-sale securities, gross realized gains | 83 | 522 | ' | ' | ' | ' | ' | ' |
Available-for-sale securities, gross realized losses | ' | 19 | ' | ' | ' | ' | ' | ' |
Number of securities held in an unrealized loss position | ' | ' | ' | 22 | 6 | 1 | ' | 64 |
Improved gross unrealized loss | ' | ' | ' | ' | ' | 64 | ' | ' |
Available-for-sale securities, unrealized loss position, 12 months or longer, aggregate loss | ' | ' | ' | ' | ' | 126 | 190 | ' |
Securities pledged to secure public deposits | $0 | ' | $0 | ' | ' | ' | ' | ' |
Loans_Receivable_and_Related_A2
Loans Receivable and Related Allowance for Loan Losses - Portfolio of Loans Receivable (Details) (USD $) | Jun. 30, 2014 | Mar. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | ($4,858) | ' | ($5,090) | ' | ' | ' |
Total loans receivable, net | 392,582 | ' | 401,857 | ' | ' | ' |
Loans Receivable | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 395,228 | ' | 404,737 | 427,694 | ' | ' |
Deferred loan costs, net | 2,212 | ' | 2,210 | ' | ' | ' |
Allowance for loan losses | -4,858 | -4,847 | -5,090 | -6,060 | -6,302 | -7,581 |
Total loans receivable, net | 392,582 | ' | 401,857 | ' | ' | ' |
Loans Receivable | Residential mortgage | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 235,050 | ' | 239,900 | 237,670 | ' | ' |
Allowance for loan losses | -1,717 | -1,783 | -1,414 | -1,437 | -1,431 | -1,487 |
Loans Receivable | Construction and Development: Residential and commercial | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 7,484 | ' | 6,672 | 15,620 | ' | ' |
Allowance for loan losses | -455 | -455 | -164 | -725 | -723 | -724 |
Loans Receivable | Construction and Development: Land | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 1,537 | ' | 2,439 | 2,990 | ' | ' |
Allowance for loan losses | -26 | -32 | -56 | -9 | -9 | -11 |
Loans Receivable | Total Construction and Development | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 9,021 | ' | 9,111 | ' | ' | ' |
Loans Receivable | Commercial: Commercial real estate | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 69,788 | ' | 70,571 | 84,327 | ' | ' |
Allowance for loan losses | -1,224 | -1,223 | -1,726 | -2,094 | -2,404 | -3,493 |
Loans Receivable | Commercial: Multi-family | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 2,086 | ' | 1,971 | 2,111 | ' | ' |
Allowance for loan losses | -64 | -67 | -40 | -109 | -111 | -10 |
Loans Receivable | Commercial: Other | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 5,492 | ' | 5,573 | 6,380 | ' | ' |
Allowance for loan losses | -49 | -55 | -59 | -75 | -79 | -226 |
Loans Receivable | Total Commercial | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 77,366 | ' | 78,115 | ' | ' | ' |
Loans Receivable | Consumer: Home equity lines of credit | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 21,914 | ' | 20,431 | 20,320 | ' | ' |
Allowance for loan losses | -164 | -152 | -137 | -136 | -136 | -160 |
Loans Receivable | Consumer: Second mortgages | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 48,866 | ' | 54,532 | 56,515 | ' | ' |
Allowance for loan losses | -951 | -989 | -1,393 | -1,431 | -1,361 | -1,389 |
Loans Receivable | Consumer: Other | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | 3,011 | ' | 2,648 | 1,761 | ' | ' |
Allowance for loan losses | -35 | -39 | -22 | -17 | -7 | -16 |
Loans Receivable | Total Consumer | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans | $73,791 | ' | $77,611 | ' | ' | ' |
Loans_Receivable_and_Related_A3
Loans Receivable and Related Allowance for Loan Losses - Reconciliation of allowance for loan losses (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Mar. 30, 2014 | Mar. 30, 2013 |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, Beginning balance | ' | ' | $5,090 | ' | ' | ' | ' |
Provision (Recovery) | ' | -190 | 80 | 1,255 | ' | ' | ' |
Allowance for loan losses, Ending Balance | 4,858 | ' | 4,858 | ' | ' | ' | ' |
Loans Receivable | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, Beginning balance | ' | ' | 5,090 | 7,581 | 7,581 | 4,847 | 6,302 |
Charge-offs | -84 | -380 | -548 | -3,283 | -14,321 | ' | ' |
Recoveries | 95 | 328 | 236 | 507 | 595 | ' | ' |
Provision (Recovery) | ' | -190 | 80 | 1,255 | 11,235 | ' | ' |
Allowance for loan losses, Ending Balance | 4,858 | 6,060 | 4,858 | 6,060 | 5,090 | 4,847 | 6,302 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | ' | 66 | ' | 66 | ' | ' | ' |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 4,858 | 5,994 | 4,858 | 5,994 | 5,090 | ' | ' |
Loans receivables: Ending balance | 395,228 | 427,694 | 395,228 | 427,694 | 404,737 | ' | ' |
Loans receivables: Ending balance: individually evaluated for impairment | 4,338 | 16,978 | 4,338 | 16,978 | 3,247 | ' | ' |
Loans Receivable: Ending balance: collectively evaluated for impairment | 390,890 | 410,716 | 390,890 | 410,716 | 401,490 | ' | ' |
Loans Receivable | Residential mortgage | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, Beginning balance | ' | ' | 1,414 | 1,487 | 1,487 | 1,783 | 1,431 |
Charge-offs | -43 | -35 | -48 | -331 | -994 | ' | ' |
Recoveries | 1 | 175 | 13 | 187 | 199 | ' | ' |
Provision (Recovery) | -24 | -134 | 338 | 94 | 722 | ' | ' |
Allowance for loan losses, Ending Balance | 1,717 | 1,437 | 1,717 | 1,437 | 1,414 | 1,783 | 1,431 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 1,717 | 1,437 | 1,717 | 1,437 | 1,414 | ' | ' |
Loans receivables: Ending balance | 235,050 | 237,670 | 235,050 | 237,670 | 239,900 | ' | ' |
Loans receivables: Ending balance: individually evaluated for impairment | 1,968 | 2,394 | 1,968 | 2,394 | 1,295 | ' | ' |
Loans Receivable: Ending balance: collectively evaluated for impairment | 233,082 | 235,276 | 233,082 | 235,276 | 238,605 | ' | ' |
Loans Receivable | Construction and Development: Residential and Commercial | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, Beginning balance | ' | ' | 164 | 724 | 724 | 455 | 723 |
Charge-offs | ' | -87 | -37 | -1,622 | -5,768 | ' | ' |
Recoveries | 73 | ' | 145 | ' | ' | ' | ' |
Provision (Recovery) | -73 | 89 | 183 | 1,623 | 5,208 | ' | ' |
Allowance for loan losses, Ending Balance | 455 | 725 | 455 | 725 | 164 | 455 | 723 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 455 | 725 | 455 | 725 | 164 | ' | ' |
Loans receivables: Ending balance | 7,484 | 15,620 | 7,484 | 15,620 | 6,672 | ' | ' |
Loans receivables: Ending balance: individually evaluated for impairment | 479 | 8,395 | 479 | 8,395 | 209 | ' | ' |
Loans Receivable: Ending balance: collectively evaluated for impairment | 7,005 | 7,225 | 7,005 | 7,225 | 6,463 | ' | ' |
Loans Receivable | Construction and Development: Land | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, Beginning balance | ' | ' | 56 | 11 | 11 | 32 | 9 |
Charge-offs | ' | ' | ' | ' | -99 | ' | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' |
Provision (Recovery) | -6 | ' | -30 | -2 | 144 | ' | ' |
Allowance for loan losses, Ending Balance | 26 | 9 | 26 | 9 | 56 | 32 | 9 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 26 | 9 | 26 | 9 | 56 | ' | ' |
Loans receivables: Ending balance | 1,537 | 2,990 | 1,537 | 2,990 | 2,439 | ' | ' |
Loans receivables: Ending balance: individually evaluated for impairment | 237 | ' | 237 | ' | 237 | ' | ' |
Loans Receivable: Ending balance: collectively evaluated for impairment | 1,300 | 2,990 | 1,300 | 2,990 | 2,202 | ' | ' |
Loans Receivable | Commercial: Commercial Real Estate | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, Beginning balance | ' | ' | 1,726 | 3,493 | 3,493 | 1,223 | 2,404 |
Charge-offs | ' | -216 | ' | -771 | -6,315 | ' | ' |
Recoveries | 2 | 113 | 7 | 114 | 117 | ' | ' |
Provision (Recovery) | -1 | -207 | -509 | -742 | 4,431 | ' | ' |
Allowance for loan losses, Ending Balance | 1,224 | 2,094 | 1,224 | 2,094 | 1,726 | 1,223 | 2,404 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | ' | 66 | ' | 66 | ' | ' | ' |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 1,224 | 2,028 | 1,224 | 2,028 | 1,726 | ' | ' |
Loans receivables: Ending balance | 69,788 | 84,327 | 69,788 | 84,327 | 70,571 | ' | ' |
Loans receivables: Ending balance: individually evaluated for impairment | ' | 5,296 | ' | 5,296 | ' | ' | ' |
Loans Receivable: Ending balance: collectively evaluated for impairment | 69,788 | 79,031 | 69,788 | 79,031 | 70,571 | ' | ' |
Loans Receivable | Commercial: Multi-family | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, Beginning balance | ' | ' | 40 | 10 | 10 | 67 | 111 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' |
Provision (Recovery) | -3 | -2 | 24 | 99 | 30 | ' | ' |
Allowance for loan losses, Ending Balance | 64 | 109 | 64 | 109 | 40 | 67 | 111 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 64 | 109 | 64 | 109 | 40 | ' | ' |
Loans receivables: Ending balance | 2,086 | 2,111 | 2,086 | 2,111 | 1,971 | ' | ' |
Loans receivables: Ending balance: individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' |
Loans Receivable: Ending balance: collectively evaluated for impairment | 2,086 | 2,111 | 2,086 | 2,111 | 1,971 | ' | ' |
Loans Receivable | Commercial: Other | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, Beginning balance | ' | ' | 59 | 226 | 226 | 55 | 79 |
Charge-offs | ' | ' | ' | ' | -94 | ' | ' |
Recoveries | 1 | 1 | 2 | 22 | 23 | ' | ' |
Provision (Recovery) | -7 | -5 | -12 | -173 | -96 | ' | ' |
Allowance for loan losses, Ending Balance | 49 | 75 | 49 | 75 | 59 | 55 | 79 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 49 | 75 | 49 | 75 | 59 | ' | ' |
Loans receivables: Ending balance | 5,492 | 6,380 | 5,492 | 6,380 | 5,573 | ' | ' |
Loans receivables: Ending balance: individually evaluated for impairment | 900 | 335 | 900 | 335 | 900 | ' | ' |
Loans Receivable: Ending balance: collectively evaluated for impairment | 4,592 | 6,045 | 4,592 | 6,045 | 4,673 | ' | ' |
Loans Receivable | Consumer: Home Equity Lines of Credit | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, Beginning balance | ' | ' | 137 | 160 | 160 | 152 | 136 |
Charge-offs | ' | ' | -14 | ' | ' | ' | ' |
Recoveries | 1 | 1 | 1 | 3 | 17 | ' | ' |
Provision (Recovery) | 11 | -1 | 40 | -27 | -40 | ' | ' |
Allowance for loan losses, Ending Balance | 164 | 136 | 164 | 136 | 137 | 152 | 136 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 164 | 136 | 164 | 136 | 137 | ' | ' |
Loans receivables: Ending balance | 21,914 | 20,320 | 21,914 | 20,320 | 20,431 | ' | ' |
Loans receivables: Ending balance: individually evaluated for impairment | 116 | 20 | 116 | 20 | 34 | ' | ' |
Loans Receivable: Ending balance: collectively evaluated for impairment | 21,798 | 20,300 | 21,798 | 20,300 | 20,397 | ' | ' |
Loans Receivable | Consumer: Second Mortgages | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, Beginning balance | ' | ' | 1,393 | 1,389 | 1,389 | 989 | 1,361 |
Charge-offs | -40 | -40 | -443 | -552 | -1,042 | ' | ' |
Recoveries | 16 | 36 | 66 | 178 | 235 | ' | ' |
Provision (Recovery) | -14 | 74 | -65 | 416 | 811 | ' | ' |
Allowance for loan losses, Ending Balance | 951 | 1,431 | 951 | 1,431 | 1,393 | 989 | 1,361 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 951 | 1,431 | 951 | 1,431 | 1,393 | ' | ' |
Loans receivables: Ending balance | 48,866 | 56,515 | 48,866 | 56,515 | 54,532 | ' | ' |
Loans receivables: Ending balance: individually evaluated for impairment | 638 | 538 | 638 | 538 | 572 | ' | ' |
Loans Receivable: Ending balance: collectively evaluated for impairment | 48,228 | 55,977 | 48,228 | 55,977 | 53,960 | ' | ' |
Loans Receivable | Consumer: Other | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, Beginning balance | ' | ' | 22 | 16 | 16 | 39 | 7 |
Charge-offs | -1 | -2 | -6 | -7 | -9 | ' | ' |
Recoveries | 1 | 2 | 2 | 3 | 4 | ' | ' |
Provision (Recovery) | -4 | 10 | 17 | 5 | 11 | ' | ' |
Allowance for loan losses, Ending Balance | 35 | 17 | 35 | 17 | 22 | 39 | 7 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 35 | 17 | 35 | 17 | 22 | ' | ' |
Loans receivables: Ending balance | 3,011 | 1,761 | 3,011 | 1,761 | 2,648 | ' | ' |
Loans receivables: Ending balance: individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' |
Loans Receivable: Ending balance: collectively evaluated for impairment | 3,011 | 1,761 | 3,011 | 1,761 | 2,648 | ' | ' |
Loans Receivable | Unallocated | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses, Beginning balance | ' | ' | 79 | 65 | 65 | 52 | 41 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' |
Provision (Recovery) | 121 | -14 | 94 | -38 | 14 | ' | ' |
Allowance for loan losses, Ending Balance | 173 | 27 | 173 | 27 | 79 | 52 | 41 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | $173 | $27 | $173 | $27 | $79 | ' | ' |
Loans_Receivable_and_Related_A4
Loans Receivable and Related Allowance for Loan Losses - Impaired loans by specific allowance and no specific allowance (Details 2) (Loans Receivable, USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans With Specific Allowance: Recorded Investment | ' | ' |
Impaired Loans With Specific Allowance: Related Allowance | ' | ' |
Impaired Loans With No Specific Allowance: Recorded Investment | 4,338 | 3,247 |
Total Impaired Loans: Recorded Investment | 4,338 | 3,247 |
Total Impaired Loans: Unpaid Principal Balance | 5,606 | 4,195 |
Residential mortgage | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans With Specific Allowance: Recorded Investment | ' | ' |
Impaired Loans With Specific Allowance: Related Allowance | ' | ' |
Impaired Loans With No Specific Allowance: Recorded Investment | 1,968 | 1,295 |
Total Impaired Loans: Recorded Investment | 1,968 | 1,295 |
Total Impaired Loans: Unpaid Principal Balance | 2,252 | 1,510 |
Construction and Development: Residential and commercial | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans With Specific Allowance: Recorded Investment | ' | ' |
Impaired Loans With Specific Allowance: Related Allowance | ' | ' |
Impaired Loans With No Specific Allowance: Recorded Investment | 479 | 209 |
Total Impaired Loans: Recorded Investment | 479 | 209 |
Total Impaired Loans: Unpaid Principal Balance | 967 | 297 |
Construction and Development: Land | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans With Specific Allowance: Recorded Investment | ' | ' |
Impaired Loans With Specific Allowance: Related Allowance | ' | ' |
Impaired Loans With No Specific Allowance: Recorded Investment | 237 | 237 |
Total Impaired Loans: Recorded Investment | 237 | 237 |
Total Impaired Loans: Unpaid Principal Balance | 336 | 337 |
Commercial: Other | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans With Specific Allowance: Recorded Investment | ' | ' |
Impaired Loans With Specific Allowance: Related Allowance | ' | ' |
Impaired Loans With No Specific Allowance: Recorded Investment | 900 | 900 |
Total Impaired Loans: Recorded Investment | 900 | 900 |
Total Impaired Loans: Unpaid Principal Balance | 900 | 900 |
Consumer: Home equity lines of credit | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans With Specific Allowance: Recorded Investment | ' | ' |
Impaired Loans With Specific Allowance: Related Allowance | ' | ' |
Impaired Loans With No Specific Allowance: Recorded Investment | 116 | 34 |
Total Impaired Loans: Recorded Investment | 116 | 34 |
Total Impaired Loans: Unpaid Principal Balance | 135 | 50 |
Consumer: Second mortgages | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans With Specific Allowance: Recorded Investment | ' | ' |
Impaired Loans With Specific Allowance: Related Allowance | ' | ' |
Impaired Loans With No Specific Allowance: Recorded Investment | 638 | 572 |
Total Impaired Loans: Recorded Investment | 638 | 572 |
Total Impaired Loans: Unpaid Principal Balance | $1,016 | $1,101 |
Loans_Receivable_and_Related_A5
Loans Receivable and Related Allowance for Loan Losses - Average recorded investment in impaired loans and related interest income recognized (Details 3) (Loans Receivable, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average Impaired Loans | $4,512 | $18,019 | $4,302 | $15,039 |
Interest Income Recognized on Impaired Loans | 15 | 135 | 45 | 288 |
Cash Basis Collection on Impaired Loans | 624 | 683 | 2,078 | 1,204 |
Residential mortgage | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average Impaired Loans | 2,040 | 3,131 | 1,788 | 3,836 |
Interest Income Recognized on Impaired Loans | ' | 5 | ' | 34 |
Cash Basis Collection on Impaired Loans | 170 | 12 | 212 | 59 |
Construction and Development: Residential and commercial | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average Impaired Loans | 522 | 9,295 | 685 | 5,563 |
Interest Income Recognized on Impaired Loans | 5 | 59 | 14 | 59 |
Cash Basis Collection on Impaired Loans | 329 | 254 | 1,697 | 551 |
Construction and Development: Land | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average Impaired Loans | 292 | ' | 255 | ' |
Interest Income Recognized on Impaired Loans | 2 | ' | 9 | ' |
Cash Basis Collection on Impaired Loans | 3 | ' | 10 | ' |
Commercial: Commercial real estate | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average Impaired Loans | ' | 4,797 | ' | 4,842 |
Interest Income Recognized on Impaired Loans | ' | 67 | ' | 185 |
Cash Basis Collection on Impaired Loans | ' | 404 | ' | 571 |
Commercial: Other | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average Impaired Loans | 900 | 201 | 900 | 184 |
Interest Income Recognized on Impaired Loans | 8 | 2 | 22 | 6 |
Cash Basis Collection on Impaired Loans | 7 | 11 | 22 | 15 |
Consumer: Home equity lines of credit | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average Impaired Loans | 161 | 21 | 100 | 22 |
Interest Income Recognized on Impaired Loans | ' | 1 | ' | 2 |
Cash Basis Collection on Impaired Loans | 99 | 1 | 101 | 3 |
Consumer: Second mortgages | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average Impaired Loans | 597 | 574 | 574 | 592 |
Interest Income Recognized on Impaired Loans | ' | 1 | ' | 2 |
Cash Basis Collection on Impaired Loans | $16 | $1 | $36 | $5 |
Loans_Receivable_and_Related_A6
Loans Receivable and Related Allowance for Loan Losses - Loans portfolio by credit quality indicator (Details 4) (Loans Receivable, USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | $395,228 | $404,737 | $427,694 |
Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 382,089 | 396,401 | ' |
Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 6,697 | 3,816 | ' |
Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 6,442 | 4,520 | ' |
Doubtful | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | ' | ' | ' |
Residential mortgage | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 235,050 | 239,900 | 237,670 |
Residential mortgage | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 232,944 | 238,461 | ' |
Residential mortgage | Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 138 | 144 | ' |
Residential mortgage | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 1,968 | 1,295 | ' |
Residential mortgage | Doubtful | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | ' | ' | ' |
Construction and Development: Residential and commercial | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 7,484 | 6,672 | 15,620 |
Construction and Development: Residential and commercial | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 7,005 | 5,564 | ' |
Construction and Development: Residential and commercial | Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | ' | 159 | ' |
Construction and Development: Residential and commercial | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 479 | 949 | ' |
Construction and Development: Residential and commercial | Doubtful | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | ' | ' | ' |
Construction and Development: Land | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 1,537 | 2,439 | 2,990 |
Construction and Development: Land | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 1,300 | 2,202 | ' |
Construction and Development: Land | Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | ' | ' | ' |
Construction and Development: Land | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 237 | 237 | ' |
Construction and Development: Land | Doubtful | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | ' | ' | ' |
Commercial: Commercial real estate | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 69,788 | 70,571 | 84,327 |
Commercial: Commercial real estate | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 62,128 | 67,028 | ' |
Commercial: Commercial real estate | Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 5,567 | 3,166 | ' |
Commercial: Commercial real estate | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 2,093 | 377 | ' |
Commercial: Commercial real estate | Doubtful | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | ' | ' | ' |
Commercial: Multi-family | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 2,086 | 1,971 | 2,111 |
Commercial: Multi-family | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 2,086 | 1,971 | ' |
Commercial: Multi-family | Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | ' | ' | ' |
Commercial: Multi-family | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | ' | ' | ' |
Commercial: Multi-family | Doubtful | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | ' | ' | ' |
Commercial: Other | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 5,492 | 5,573 | 6,380 |
Commercial: Other | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 3,638 | 4,363 | ' |
Commercial: Other | Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 954 | 310 | ' |
Commercial: Other | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 900 | 900 | ' |
Commercial: Other | Doubtful | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | ' | ' | ' |
Consumer: Home equity lines of credit | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 21,914 | 20,431 | 20,320 |
Consumer: Home equity lines of credit | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 21,798 | 20,397 | ' |
Consumer: Home equity lines of credit | Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | ' | ' | ' |
Consumer: Home equity lines of credit | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 116 | 34 | ' |
Consumer: Home equity lines of credit | Doubtful | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | ' | ' | ' |
Consumer: Second mortgages | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 48,866 | 54,532 | 56,515 |
Consumer: Second mortgages | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 48,196 | 53,790 | ' |
Consumer: Second mortgages | Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 21 | 14 | ' |
Consumer: Second mortgages | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 649 | 728 | ' |
Consumer: Second mortgages | Doubtful | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | ' | ' | ' |
Consumer: Other | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 3,011 | 2,648 | 1,761 |
Consumer: Other | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 2,994 | 2,625 | ' |
Consumer: Other | Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | 17 | 23 | ' |
Consumer: Other | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | ' | ' | ' |
Consumer: Other | Doubtful | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Loans receivables | ' | ' | ' |
Loans_Receivable_and_Related_A7
Loans Receivable and Related Allowance for Loan Losses - Non accrual loans (Details 5) (Loans Receivable, USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Non-accrual loans | $3,092 | $1,901 |
Residential mortgage | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Non-accrual loans | 1,968 | 1,295 |
Construction and Development: Residential and commercial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Non-accrual loans | 370 | ' |
Consumer: Home equity lines of credit | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Non-accrual loans | 116 | 34 |
Consumer: Second mortgages | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Non-accrual loans | $638 | $572 |
Loans_Receivable_and_Related_A8
Loans Receivable and Related Allowance for Loan Losses - Loan portfolio summarized by aging categories (Details 6) (Loans Receivable, USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | $391,092 | $400,393 | ' |
30-59 Days Past Due | 1,044 | 1,846 | ' |
60-89 Days Past Due | ' | 597 | ' |
Greater Than 90 Days Past Due | 3,092 | 1,901 | ' |
Total Past Due | 4,136 | 4,344 | ' |
Total Loans Receivable | 395,228 | 404,737 | 427,694 |
Residential mortgage | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 232,337 | 237,584 | ' |
30-59 Days Past Due | 745 | 820 | ' |
60-89 Days Past Due | ' | 201 | ' |
Greater Than 90 Days Past Due | 1,968 | 1,295 | ' |
Total Past Due | 2,713 | 2,316 | ' |
Total Loans Receivable | 235,050 | 239,900 | 237,670 |
Construction and Development: Residential and commercial | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 7,114 | 6,672 | ' |
30-59 Days Past Due | ' | ' | ' |
60-89 Days Past Due | ' | ' | ' |
Greater Than 90 Days Past Due | 370 | ' | ' |
Total Past Due | 370 | ' | ' |
Total Loans Receivable | 7,484 | 6,672 | 15,620 |
Construction and Development: Land | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 1,537 | 2,439 | ' |
30-59 Days Past Due | ' | ' | ' |
60-89 Days Past Due | ' | ' | ' |
Greater Than 90 Days Past Due | ' | ' | ' |
Total Past Due | ' | ' | ' |
Total Loans Receivable | 1,537 | 2,439 | 2,990 |
Commercial: Commercial real estate | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 69,788 | 70,416 | ' |
30-59 Days Past Due | ' | ' | ' |
60-89 Days Past Due | ' | 155 | ' |
Greater Than 90 Days Past Due | ' | ' | ' |
Total Past Due | ' | 155 | ' |
Total Loans Receivable | 69,788 | 70,571 | 84,327 |
Commercial: Multi-family | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 2,086 | 1,971 | ' |
30-59 Days Past Due | ' | ' | ' |
60-89 Days Past Due | ' | ' | ' |
Greater Than 90 Days Past Due | ' | ' | ' |
Total Past Due | ' | ' | ' |
Total Loans Receivable | 2,086 | 1,971 | 2,111 |
Commercial: Other | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 5,492 | 5,573 | ' |
30-59 Days Past Due | ' | ' | ' |
60-89 Days Past Due | ' | ' | ' |
Greater Than 90 Days Past Due | ' | ' | ' |
Total Past Due | ' | ' | ' |
Total Loans Receivable | 5,492 | 5,573 | 6,380 |
Consumer: Home equity lines of credit | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 21,798 | 20,397 | ' |
30-59 Days Past Due | ' | ' | ' |
60-89 Days Past Due | ' | ' | ' |
Greater Than 90 Days Past Due | 116 | 34 | ' |
Total Past Due | 116 | 34 | ' |
Total Loans Receivable | 21,914 | 20,431 | 20,320 |
Consumer: Second mortgages | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 47,929 | 52,698 | ' |
30-59 Days Past Due | 299 | 1,022 | ' |
60-89 Days Past Due | ' | 240 | ' |
Greater Than 90 Days Past Due | 638 | 572 | ' |
Total Past Due | 937 | 1,834 | ' |
Total Loans Receivable | 48,866 | 54,532 | 56,515 |
Consumer: Other | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 3,011 | 2,643 | ' |
30-59 Days Past Due | ' | 4 | ' |
60-89 Days Past Due | ' | 1 | ' |
Greater Than 90 Days Past Due | ' | ' | ' |
Total Past Due | ' | 5 | ' |
Total Loans Receivable | $3,011 | $2,648 | $1,761 |
Loans_Receivable_and_Related_A9
Loans Receivable and Related Allowance for Loan Losses - Troubled Debt Restructurings (Details 7) (Loans Receivable, USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2013 |
Loan | Loan | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total Troubled Debt Restructurings: Number of Loans | 6 | 7 |
Total Troubled Debt Restructurings: Recorded Investment | $1,616 | $1,346 |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within the Past 12 Months: Number of Loans | 1 | ' |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within the Past 12 Months: Recorded Investment | 370 | ' |
Construction and Development: Residential and commercial | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total Troubled Debt Restructurings: Number of Loans | 4 | 5 |
Total Troubled Debt Restructurings: Recorded Investment | 479 | 209 |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within the Past 12 Months: Number of Loans | 1 | ' |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within the Past 12 Months: Recorded Investment | 370 | ' |
Construction and Development: Land | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total Troubled Debt Restructurings: Number of Loans | 1 | 1 |
Total Troubled Debt Restructurings: Recorded Investment | 237 | 237 |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within the Past 12 Months: Number of Loans | ' | ' |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within the Past 12 Months: Recorded Investment | ' | ' |
Commercial: Other | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total Troubled Debt Restructurings: Number of Loans | 1 | 1 |
Total Troubled Debt Restructurings: Recorded Investment | 900 | 900 |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within the Past 12 Months: Number of Loans | ' | ' |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within the Past 12 Months: Recorded Investment | ' | ' |
Recovered_Sheet1
Loans Receivable and Related Allowance for Loan Losses - Troubled Debt Restructurings Performing Status (Details 8) (Loans Receivable, USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | $1,616 | $1,346 |
Performing | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | 1,246 | 1,346 |
Performing | Construction and Development: Residential and commercial | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | 109 | 209 |
Performing | Construction and Development: Land | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | 237 | 237 |
Performing | Commercial: Other | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | 900 | 900 |
Nonperforming | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | 370 | ' |
Nonperforming | Construction and Development: Residential and commercial | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | 370 | ' |
Nonperforming | Construction and Development: Land | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Nonperforming | Commercial: Other | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Recorded Investment | ' | ' |
Recovered_Sheet2
Loans Receivable and Related Allowance for Loan Losses - First deemed to be troubled debt restructurings during period (Details 9) (Loans Receivable, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Loan | Loan | Loan | Loan | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | ' | 1 | 1 | 5 |
Pre-Modifications Outstanding Recorded Investments | ' | $1,074 | $437 | $9,408 |
Post-Modifications Outstanding Recorded Investments | ' | 1,074 | 437 | 9,408 |
Construction and Development: Residential and commercial | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | ' | 1 | 1 | 5 |
Pre-Modifications Outstanding Recorded Investments | ' | 1,074 | 437 | 9,408 |
Post-Modifications Outstanding Recorded Investments | ' | $1,074 | $437 | $9,408 |
Recovered_Sheet3
Loans Receivable and Related Allowance for Loan Losses (Detail Textuals) (Loans Receivable, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Loans Receivable | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Interest income recognized on nonaccrual loans | $19 | $283 | $86 | $585 |
Recovered_Sheet4
Loans Receivable and Related Allowance for Loan Losses (Detail Textuals 1) (Loans Receivable, USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Loan | Loan |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total Troubled Debt Restructurings: Number of Loans | 6 | 7 |
Total Troubled Debt Restructurings: Recorded Investment | $1,616 | $1,346 |
Nonaccruing | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total Troubled Debt Restructurings: Number of Loans | 1 | ' |
Total Troubled Debt Restructurings: Recorded Investment | 370 | ' |
Impaired | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Total Troubled Debt Restructurings: Number of Loans | 1 | 7 |
Total Troubled Debt Restructurings: Recorded Investment | $370 | $1,300 |
Regulatory_Matters_Actual_capi
Regulatory Matters - Actual capital amounts and ratios (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Regulatory Matters [Abstract] | ' | ' |
Tangible Capital (to tangible assets): Actual Amount | $63,441 | $64,524 |
Core Capital (to adjusted tangible assets): Actual Amount | 63,441 | 64,524 |
Tier 1 Capital (to risk-weighted assets): Actual Amount | 63,441 | 64,524 |
Total Risk-Based Capital (to risk-weighted assets): Actual Amount | 67,689 | 69,084 |
Tangible Capital (to tangible assets): Actual Ratio | 11.18% | 10.91% |
Core Capital (to adjusted tangible assets): Actual Ratio | 11.18% | 10.91% |
Tier 1 Capital (to risk-weighted assets): Actual Ratio | 18.71% | 17.72% |
Total Risk-Based Capital (to risk-weighted assets): Actual Ratio | 19.96% | 18.97% |
Tangible Capital (to tangible assets): For Capital Adequacy Purposes Amount | 8,509 | 8,874 |
Core Capital (to adjusted tangible assets): For Capital Adequacy Purposes Amount | 22,689 | 23,664 |
Tier 1 Capital (to risk-weighted assets): For Capital Adequacy Purposes Amount | 13,566 | 14,566 |
Total Risk-Based Capital (to risk-weighted assets): For Capital Adequacy Purposes Amount | 27,133 | 29,132 |
Tangible Capital (to tangible assets): For Capital Adequacy Purposes Ratio | 1.50% | 1.50% |
Core Capital (to adjusted tangible assets): For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 Capital (to risk-weighted assets): For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Total Risk-Based Capital (to risk-weighted assets): For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Core Capital (to adjusted tangible assets): To be Well Capitalized under Prompt Corrective Action Provisions Amount | 28,362 | 29,580 |
Tier 1 Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Amount | 20,350 | 21,849 |
Total Risk-Based Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Amount | $33,916 | $36,415 |
Core Capital (to adjusted tangible assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Tier 1 Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 6.00% | 6.00% |
Total Risk-Based Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Regulatory_Matters_Detail_Text
Regulatory Matters (Detail Textuals) | Jun. 30, 2014 | Sep. 30, 2013 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Tier 1 risk-based capital to risk-weighted assets | 4.00% | 4.00% |
Total risk-based capital to risk-weighted assets | 6.00% | 6.00% |
Malvern Bancorp, Inc | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Tier 1 capital to adjusted total assets | 8.50% | ' |
Tier 1 risk-based capital to risk-weighted assets | 10.50% | ' |
Total risk-based capital to risk-weighted assets | 12.50% | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets measured at fair value on recurring basis (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | $104,985 | $124,667 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 104,985 | 124,667 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Total investment securities available for sale | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 25,006 | 33,962 |
U.S. government agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 20,099 | 19,432 |
State and municipal obligations | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 2,500 | 11,938 |
Single issuer trust preferred security | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 874 | 810 |
Corporate debt securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 1,533 | 1,782 |
Mortgage Backed Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 79,979 | 90,705 |
Mortgage-backed securities: FNMA | Adjustable-rate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 427 | 2,014 |
Mortgage-backed securities: FNMA | Fixed-rate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 17,536 | 18,091 |
Mortgage-backed securities: FHLMC | Adjustable-rate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 3,729 | 5,021 |
Mortgage-backed securities: FHLMC | Fixed-rate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 12,399 | 12,850 |
Mortgage-backed securities: CMO, fixed-rate | Fixed-rate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 45,888 | 52,729 |
Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 104,985 | 124,667 |
Fair Value, Measurements, Recurring | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 104,985 | 124,667 |
Fair Value, Measurements, Recurring | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | Total investment securities available for sale | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 25,006 | 33,962 |
Fair Value, Measurements, Recurring | Total investment securities available for sale | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | Total investment securities available for sale | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 25,006 | 33,962 |
Fair Value, Measurements, Recurring | Total investment securities available for sale | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | U.S. government agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 20,099 | 19,432 |
Fair Value, Measurements, Recurring | U.S. government agencies | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | U.S. government agencies | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 20,099 | 19,432 |
Fair Value, Measurements, Recurring | U.S. government agencies | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | State and municipal obligations | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 2,500 | 11,938 |
Fair Value, Measurements, Recurring | State and municipal obligations | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | State and municipal obligations | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 2,500 | 11,938 |
Fair Value, Measurements, Recurring | State and municipal obligations | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | Single issuer trust preferred security | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 874 | 810 |
Fair Value, Measurements, Recurring | Single issuer trust preferred security | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | Single issuer trust preferred security | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 874 | 810 |
Fair Value, Measurements, Recurring | Single issuer trust preferred security | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | Corporate debt securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 1,533 | 1,782 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 1,533 | 1,782 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | Mortgage Backed Securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 79,979 | 90,705 |
Fair Value, Measurements, Recurring | Mortgage Backed Securities | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | Mortgage Backed Securities | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 79,979 | 90,705 |
Fair Value, Measurements, Recurring | Mortgage Backed Securities | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FNMA | Adjustable-rate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 427 | 2,014 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FNMA | Adjustable-rate | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FNMA | Adjustable-rate | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 427 | 2,014 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FNMA | Adjustable-rate | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FNMA | Fixed-rate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 17,536 | 18,091 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FNMA | Fixed-rate | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FNMA | Fixed-rate | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 17,536 | 18,091 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FNMA | Fixed-rate | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FHLMC | Adjustable-rate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 3,729 | 5,021 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FHLMC | Adjustable-rate | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FHLMC | Adjustable-rate | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 3,729 | 5,021 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FHLMC | Adjustable-rate | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FHLMC | Fixed-rate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 12,399 | 12,850 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FHLMC | Fixed-rate | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FHLMC | Fixed-rate | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 12,399 | 12,850 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FHLMC | Fixed-rate | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | Mortgage-backed securities: CMO, fixed-rate | Fixed-rate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 45,888 | 52,729 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: CMO, fixed-rate | Fixed-rate | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair Value, Measurements, Recurring | Mortgage-backed securities: CMO, fixed-rate | Fixed-rate | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | 45,888 | 52,729 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: CMO, fixed-rate | Fixed-rate | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, fair value | ' | ' |
Fair_Value_Measurements_Assets1
Fair Value Measurements - Assets measured at fair value on nonrecurring basis (Details 1) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value, nonrecurring basis | $2,567 | $14,092 |
Fair Value, Measurements, Nonrecurring | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value, nonrecurring basis | ' | 10,367 |
Fair Value, Measurements, Nonrecurring | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value, nonrecurring basis | 506 | 337 |
Fair Value, Measurements, Nonrecurring | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value, nonrecurring basis | 2,061 | 3,388 |
Fair Value, Measurements, Nonrecurring | Loans held for sale | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value, nonrecurring basis | ' | 10,367 |
Fair Value, Measurements, Nonrecurring | Loans held for sale | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value, nonrecurring basis | ' | 10,367 |
Fair Value, Measurements, Nonrecurring | Loans held for sale | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value, nonrecurring basis | ' | ' |
Fair Value, Measurements, Nonrecurring | Loans held for sale | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value, nonrecurring basis | ' | ' |
Fair Value, Measurements, Nonrecurring | Other real estate owned | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value, nonrecurring basis | 1,003 | 2,341 |
Fair Value, Measurements, Nonrecurring | Other real estate owned | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value, nonrecurring basis | ' | ' |
Fair Value, Measurements, Nonrecurring | Other real estate owned | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value, nonrecurring basis | ' | ' |
Fair Value, Measurements, Nonrecurring | Other real estate owned | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value, nonrecurring basis | 1,003 | 2,341 |
Fair Value, Measurements, Nonrecurring | Impaired loans | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value, nonrecurring basis | 1,058 | 1,047 |
Fair Value, Measurements, Nonrecurring | Impaired loans | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value, nonrecurring basis | ' | ' |
Fair Value, Measurements, Nonrecurring | Impaired loans | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value, nonrecurring basis | ' | ' |
Fair Value, Measurements, Nonrecurring | Impaired loans | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value, nonrecurring basis | 1,058 | 1,047 |
Fair Value, Measurements, Nonrecurring | Mortgage servicing rights | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value, nonrecurring basis | 506 | 337 |
Fair Value, Measurements, Nonrecurring | Mortgage servicing rights | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value, nonrecurring basis | ' | ' |
Fair Value, Measurements, Nonrecurring | Mortgage servicing rights | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value, nonrecurring basis | 506 | 337 |
Fair Value, Measurements, Nonrecurring | Mortgage servicing rights | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets, fair value, nonrecurring basis | ' | ' |
Fair_Value_Measurements_Quanti
Fair Value Measurements - Quantitative information regarding significant techniques and inputs (Details 2) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value | $2,567 | $14,092 | ||
Fair Value, Measurements, Nonrecurring | Other real estate owned | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value | 1,003 | 2,341 | ||
Fair Value, Measurements, Nonrecurring | Impaired loans | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value | 1,058 | 1,047 | ||
Fair Value, Measurements, Nonrecurring | Servicing Rights | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value | 506 | 337 | ||
Fair Value, Measurements, Nonrecurring | Unobservable Input (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value | 2,061 | 3,388 | ||
Fair Value, Measurements, Nonrecurring | Unobservable Input (Level 3) | Other real estate owned | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value | 1,003 | 2,341 | ||
Valuation Technique | 'Appraisal of collateral | [1] | 'Appraisal of collateral | [1] |
Fair value inputs, Significant assumptions | 'Collateral discounts | [2] | 'Collateral discounts | [2] |
Fair Value, Measurements, Nonrecurring | Unobservable Input (Level 3) | Impaired loans | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value | 1,058 | 1,047 | ||
Valuation Technique | 'Appraisal of collateral | [1] | 'Appraisal of collateral | [1] |
Fair value inputs, Significant assumptions | 'Collateral discounts | [2] | 'Collateral discounts | [2] |
Fair Value, Measurements, Nonrecurring | Unobservable Input (Level 3) | Servicing Rights | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value | ' | ' | ||
Fair Value, Measurements, Nonrecurring | Unobservable Input (Level 3) | Appraisal of collateral | Other real estate owned | Minimum | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair value range of inputs, Collateral discounts rate | 0.00% | 14.00% | ||
Fair Value, Measurements, Nonrecurring | Unobservable Input (Level 3) | Appraisal of collateral | Other real estate owned | Maximum | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair value range of inputs, Collateral discounts rate | 16.00% | 84.00% | ||
Fair Value, Measurements, Nonrecurring | Unobservable Input (Level 3) | Appraisal of collateral | Other real estate owned | Weighted Average | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair value range of inputs, Collateral discounts weighted average rate | 16.00% | 39.00% | ||
Fair Value, Measurements, Nonrecurring | Unobservable Input (Level 3) | Appraisal of collateral | Impaired loans | Minimum | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair value range of inputs, Collateral discounts rate | 1.00% | [3] | 1.00% | [3] |
Fair Value, Measurements, Nonrecurring | Unobservable Input (Level 3) | Appraisal of collateral | Impaired loans | Maximum | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair value range of inputs, Collateral discounts rate | 84.00% | [3] | 73.00% | [3] |
Fair Value, Measurements, Nonrecurring | Unobservable Input (Level 3) | Appraisal of collateral | Impaired loans | Weighted Average | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair value range of inputs, Collateral discounts rate | 12.00% | [3] | 28.00% | [3] |
Fair Value, Measurements, Nonrecurring | Observable Input (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value | 506 | 337 | ||
Fair Value, Measurements, Nonrecurring | Observable Input (Level 2) | Other real estate owned | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value | ' | ' | ||
Fair Value, Measurements, Nonrecurring | Observable Input (Level 2) | Impaired loans | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value | ' | ' | ||
Fair Value, Measurements, Nonrecurring | Observable Input (Level 2) | Servicing Rights | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value | 506 | 337 | ||
Valuation Technique | 'Discounted rate | 'Discounted rate | ||
Fair Value, Measurements, Nonrecurring | Observable Input (Level 2) | Servicing Rights | Minimum | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Additional monthly servicing cost per loan | 300 | ' | ||
Fair Value, Measurements, Nonrecurring | Observable Input (Level 2) | Servicing Rights | Maximum | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Additional monthly servicing cost per loan | 500 | ' | ||
Fair Value, Measurements, Nonrecurring | Observable Input (Level 2) | Discounted rate | Servicing Rights | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair value range of inputs, Prepayment rate | 14.28% | 15.58% | ||
Fair value range of inputs, Servicing fees | 0.25% | 0.25% | ||
Fair value range of inputs, Servicing cost | 6.25% | 6.25% | ||
Additional monthly servicing cost per loan | ' | $150 | ||
Fair Value, Measurements, Nonrecurring | Observable Input (Level 2) | Discounted rate | Servicing Rights | Minimum | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair value range of inputs, Discount rate | 11.00% | 11.00% | ||
Fair Value, Measurements, Nonrecurring | Observable Input (Level 2) | Discounted rate | Servicing Rights | Maximum | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair value range of inputs, Discount rate | 12.00% | 12.00% | ||
[1] | Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. | |||
[2] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | |||
[3] | Includes assets directly charged-down to fair value during the year-to-date period. |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying amount and estimated fair value of financial instruments (Details 3) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and Cash Equivalents, Carrying Amount | $42,455 | $23,687 | $67,383 | $131,910 |
Investment securities available for sale, Carrying Amount | 104,985 | 124,667 | ' | ' |
Loans receivable, net, Carrying Amount | 392,582 | 401,857 | ' | ' |
Loans held for sale, Carrying Amount | ' | 10,367 | ' | ' |
Accrued interest receivable, Carrying Amount | 1,300 | 1,404 | ' | ' |
Restricted stock, Carrying Amount | 3,495 | 3,038 | ' | ' |
Mortgage servicing rights, Carrying Amount | 434 | 271 | ' | ' |
Savings accounts, Carrying Amount | 46,645 | 42,932 | ' | ' |
Checkings and NOW accounts, Carrying Amount | 110,754 | 112,338 | ' | ' |
Money market accounts, Carrying Amount | 61,291 | 67,372 | ' | ' |
Certificates of deposits, Carrying Amount | 227,346 | 261,954 | ' | ' |
FHLB advances, Carrying Amount | 48,000 | 38,000 | ' | ' |
Accrued interest payable, Carrying Amount | 148 | 139 | ' | ' |
Cash and cash equivalents, Fair Value | 42,455 | 23,687 | ' | ' |
Investment securities available for sale, Fair Value | 104,985 | 124,667 | ' | ' |
Loans receivable, net, Fair Value | 397,722 | 405,802 | ' | ' |
Loans held for sale, Fair Value | ' | 10,367 | ' | ' |
Accrued interest receivable, Fair Value | 1,300 | 1,404 | ' | ' |
Restricted stock, Fair Value | 3,495 | 3,038 | ' | ' |
Mortgage servicing rights, Fair Value | 506 | 337 | ' | ' |
Savings accounts, Fair Value | 46,645 | 42,932 | ' | ' |
Checking and NOW accounts, Fair Value | 110,754 | 112,338 | ' | ' |
Money market accounts, Fair Value | 61,291 | 67,372 | ' | ' |
Certificates of deposit, Fair Value | 231,866 | 267,181 | ' | ' |
FHLB advances, Fair Value | 50,497 | 41,281 | ' | ' |
Accrued interest payable, Fair Value | 148 | 139 | ' | ' |
Level 1 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loans held for sale, Carrying Amount | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 42,455 | 23,687 | ' | ' |
Investment securities available for sale, Fair Value | ' | ' | ' | ' |
Loans receivable, net, Fair Value | ' | ' | ' | ' |
Loans held for sale, Fair Value | ' | 10,367 | ' | ' |
Accrued interest receivable, Fair Value | ' | ' | ' | ' |
Restricted stock, Fair Value | ' | ' | ' | ' |
Mortgage servicing rights, Fair Value | ' | ' | ' | ' |
Savings accounts, Fair Value | ' | ' | ' | ' |
Checking and NOW accounts, Fair Value | ' | ' | ' | ' |
Money market accounts, Fair Value | ' | ' | ' | ' |
Certificates of deposit, Fair Value | ' | ' | ' | ' |
FHLB advances, Fair Value | ' | ' | ' | ' |
Accrued interest payable, Fair Value | ' | ' | ' | ' |
Level 2 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | ' | ' | ' | ' |
Investment securities available for sale, Fair Value | 104,985 | 124,667 | ' | ' |
Loans receivable, net, Fair Value | ' | ' | ' | ' |
Loans held for sale, Fair Value | ' | ' | ' | ' |
Accrued interest receivable, Fair Value | 1,300 | 1,404 | ' | ' |
Restricted stock, Fair Value | 3,495 | 3,038 | ' | ' |
Mortgage servicing rights, Fair Value | 506 | 337 | ' | ' |
Savings accounts, Fair Value | 46,645 | 42,932 | ' | ' |
Checking and NOW accounts, Fair Value | 110,754 | 112,338 | ' | ' |
Money market accounts, Fair Value | 61,291 | 67,372 | ' | ' |
Certificates of deposit, Fair Value | 231,866 | 267,181 | ' | ' |
FHLB advances, Fair Value | 50,497 | 41,281 | ' | ' |
Accrued interest payable, Fair Value | 148 | 139 | ' | ' |
Level 3 | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | ' | ' | ' | ' |
Investment securities available for sale, Fair Value | ' | ' | ' | ' |
Loans receivable, net, Fair Value | 397,722 | 405,802 | ' | ' |
Loans held for sale, Fair Value | ' | ' | ' | ' |
Accrued interest receivable, Fair Value | ' | ' | ' | ' |
Restricted stock, Fair Value | ' | ' | ' | ' |
Mortgage servicing rights, Fair Value | ' | ' | ' | ' |
Savings accounts, Fair Value | ' | ' | ' | ' |
Checking and NOW accounts, Fair Value | ' | ' | ' | ' |
Money market accounts, Fair Value | ' | ' | ' | ' |
Certificates of deposit, Fair Value | ' | ' | ' | ' |
FHLB advances, Fair Value | ' | ' | ' | ' |
Accrued interest payable, Fair Value | ' | ' | ' | ' |
Income_Taxes_Reconciliation_be
Income Taxes - Reconciliation between statutory federal income tax rate and effective income tax rate on income before income taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Taxes [Abstract] | ' | ' | ' |
At federal statutory rate | ' | ' | ($228) |
Adjustments resulting from: | ' | ' | ' |
State tax, net of federal benefit | ' | 4 | ' |
Tax-exempt interest | ' | ' | -57 |
Earnings on bank-owned life insurance | ' | ' | -350 |
Other | ' | ' | -3 |
Total | ($41) | $4 | ($638) |
Effective tax rate | ' | 12.12% | 95.10% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details 1) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets: | ' | ' |
Unrealized loss on investments available for sale | $813 | $1,385 |
Allowance for loan losses | 2,983 | 3,091 |
Nonaccrual interest | 148 | 87 |
Write-down of real estate owned | 380 | 573 |
Alternative minimum tax (AMT) credit carryover | 64 | 64 |
Low-income housing tax credit carryover | 337 | 337 |
Supplement Employer Retirement Plan | 477 | 435 |
Charitable contributions | 26 | 202 |
Depreciation | 109 | 150 |
State net operating loss | 609 | 1,528 |
Federal net operating loss | 7,407 | 7,046 |
Other | 42 | 112 |
Total Deferred Tax Assets | 13,395 | 15,010 |
Valuation allowance for Deferred Tax Asset | -10,674 | -12,454 |
Total Deferred Tax Assets, Net of Valuation Allowance | 2,721 | 2,556 |
Deferred Tax Liabilities: | ' | ' |
Mortgage servicing rights | -146 | -92 |
Total Deferred Tax Liabilities | -146 | -92 |
Deferred Tax Assets, Net | $2,575 | $2,464 |
Income_Taxes_Reconciliation_be1
Income Taxes - Reconciliation between statutory federal income tax rate and effective income tax rate on income before income taxes (Detail Textuals) | 9 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Income Taxes [Abstract] | ' | ' |
Statutory federal income tax rate | 34.00% | 34.00% |