Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 17, 2014 | Mar. 31, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | MALVERN BANCORP, INC. | ||
Entity Central Index Key | 1550603 | ||
Trading Symbol | mlvf | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | -21 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 6,558,473 | ||
Entity Public Float | $61.90 | ||
Document Type | 10-K | ||
Document Period End Date | 30-Sep-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from depository institutions | $1,203 | $1,251 |
Interest bearing deposits in depository institutions | 17,984 | 22,436 |
Cash and Cash Equivalents | 19,187 | 23,687 |
Investment securities available for sale, at fair value | 100,943 | 124,667 |
Restricted stock, at cost | 3,503 | 3,038 |
Loans held for sale | 10,367 | |
Loans receivable, net of allowance for loan losses of $4,589 and $5,090, respectively | 386,074 | 401,857 |
Other real estate owned | 1,964 | 3,962 |
Accrued interest receivable | 1,322 | 1,404 |
Property and equipment, net | 6,823 | 7,259 |
Deferred income taxes, net | 2,376 | 2,464 |
Bank-owned life insurance | 18,264 | 21,341 |
Other assets | 1,808 | 1,508 |
Total Assets | 542,264 | 601,554 |
Deposits: | ||
Deposits - noninterest-bearing | 23,059 | 24,761 |
Deposits - interest-bearing | 389,894 | 459,835 |
Total Deposits | 412,953 | 484,596 |
FHLB advances | 48,000 | 38,000 |
Advances from borrowers for taxes and insurance | 1,786 | 1,118 |
Accrued interest payable | 149 | 139 |
Other liabilities | 2,604 | 2,295 |
Total Liabilities | 465,492 | 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 | 60,317 | 60,302 |
Retained earnings | 20,116 | 19,793 |
Unearned Employee Stock Ownership Plan (ESOP) shares | -1,922 | -2,067 |
Accumulated other comprehensive loss | -1,805 | -2,688 |
Total Shareholders' Equity | 76,772 | 75,406 |
Total Liabilities and Shareholders' Equity | $542,264 | $601,554 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) (USD $) | Sep. 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) | $4,589 | $5,090 |
Preferred stock (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 (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest and Dividend Income | |||
Loans, including fees | $17,736 | $20,172 | $24,046 |
Investment securities, taxable | 2,109 | 1,745 | 1,600 |
Investment securities, tax-exempt | 145 | 228 | 74 |
Dividends, restricted stock | 123 | 19 | 4 |
Interest-bearing cash accounts | 54 | 137 | 51 |
Total Interest and Dividend Income | 20,167 | 22,301 | 25,775 |
Interest Expense | |||
Deposits | 3,969 | 5,279 | 6,692 |
Long-term borrowings | 1,102 | 1,665 | 1,720 |
Total Interest Expense | 5,071 | 6,944 | 8,412 |
Net Interest Income | 15,096 | 15,357 | 17,363 |
Provision for Loan Losses | 263 | 11,235 | 810 |
Net Interest Income after Provision for Loan Losses | 14,833 | 4,122 | 16,553 |
Other Income | |||
Service charges and other fees | 947 | 1,049 | 897 |
Rental income-other | 255 | 251 | 253 |
Gain on sale of investments, net | 83 | 479 | 751 |
Loss on disposal of fixed assets | -41 | -1 | |
Gain (loss) on sale of loans, net | 352 | -94 | |
Earnings on bank-owned life insurance | 559 | 1,176 | 526 |
Total Other Income | 2,155 | 2,860 | 2,427 |
Other Expense | |||
Salaries and employee benefits | 7,770 | 7,806 | 6,741 |
Occupancy expense | 2,091 | 2,027 | 2,088 |
Federal deposit insurance premium | 735 | 856 | 867 |
Advertising | 561 | 737 | 718 |
Data processing | 1,245 | 1,269 | 1,262 |
Professional fees | 2,205 | 1,756 | 1,473 |
Other real estate owned expense, net | -299 | 1,638 | 1,336 |
FHLB prepayment penalty | 1,543 | ||
Other operating expenses | 2,336 | 2,143 | 1,908 |
Total Other Expenses | 16,644 | 19,775 | 16,393 |
Income (Loss) before income tax expense | 344 | -12,793 | 2,587 |
Income tax expense | 21 | 6,010 | 628 |
Net Income (Loss) | $323 | ($18,803) | $1,959 |
Basic Earnings (Loss) Per Share (in dollars per share) | $0.05 | ($2.96) | $0.31 |
Dividends Declared Per Share (in dollars per share) | $0 | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Consolidated Statements of Comprehensive (Loss) Income [Abstract] | ||||||
Net Income (Loss) | $323 | ($18,803) | $1,959 | |||
Other Comprehensive (Loss) Income: | ||||||
Changes in net unrealized net gains and losses on securities available for sale | 1,419 | -4,565 | 1,191 | |||
Gains realized on sale of securities in net income (loss) | -83 | [1] | -479 | [1] | -751 | [1] |
Other comprehensive income, total | 1,336 | -5,044 | 440 | |||
Deferred income tax effect | -453 | 1,715 | -150 | |||
Total other comprehensive income (loss) | 883 | -3,329 | 290 | |||
Total comprehensive income (loss) | $1,206 | ($22,132) | $2,249 | |||
[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 $28, $163, and $255, respectively, are included in income tax (benefit) expense. |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements of Comprehensive (Loss) Income [Abstract] | |||
Income tax expense on realized gain on sale of securities available for sale | $28 | $163 | $255 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (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, 2011 | $62 | $25,889 | $36,637 | ($477) | ($2,178) | $351 | $60,284 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (Loss) | 1,959 | 1,959 | |||||
Other comprehensive income | 290 | 290 | |||||
Committed to be released ESOP shares (13,404 shares for 2012, 14,371 shares for 2013 and 14,400 shares for 2014) | -43 | 146 | 103 | ||||
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) | -18,803 | -18,803 | |||||
Other comprehensive income | -3,329 | -3,329 | |||||
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 (13,404 shares for 2012, 14,371 shares for 2013 and 14,400 shares for 2014) | 24 | 145 | 169 | ||||
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) | 323 | 323 | |||||
Other comprehensive income | 883 | 883 | |||||
Committed to be released ESOP shares (13,404 shares for 2012, 14,371 shares for 2013 and 14,400 shares for 2014) | 15 | 145 | 160 | ||||
Balance at Sep. 30, 2014 | $66 | $60,317 | $20,116 | ($1,922) | ($1,805) | $76,772 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parentheticals) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
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) | 14,400 | 14,371 | 13,404 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities | |||
Net income (loss) | $323 | ($18,803) | $1,959 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation expense | 638 | 695 | 724 |
Provision for loan losses | 263 | 11,235 | 810 |
Deferred income taxes (benefit) expense | -367 | 6,025 | 541 |
ESOP expense | 160 | 169 | 103 |
Accretion of premiums and discounts on investment securities, net | -488 | -735 | -165 |
Amortization of loan origination fees and costs | -193 | -267 | -1,010 |
(Accretion) amortization of mortgage service rights | -22 | -6 | 74 |
Net gain on sale of investment securities available for sale | -83 | -479 | -589 |
Net gain on sale of investment securities held to maturity | -162 | ||
Net loss on disposal of fixed assets | 41 | 1 | |
Net (gain) loss on sale of loans | -281 | 460 | |
Net gain on sale of secondary market loans | -71 | -366 | |
Proceeds on sale of secondary market loans | 7,738 | 17,660 | |
Originations of secondary market loans | -7,667 | -17,294 | |
Gain on sale of other real estate owned | -93 | -330 | -73 |
Write down of other real estate owned | 341 | 1,648 | 1,014 |
Earnings on bank-owned life insurance | -559 | -1,176 | -526 |
Decrease in accrued interest receivable | 82 | 117 | 376 |
Increase (decrease) in accrued interest payable | 10 | -127 | 33 |
Increase in other liabilities | 309 | 141 | 306 |
Increase in other assets | -114 | -809 | -335 |
Decrease in prepaid FDIC assessment | 391 | 829 | |
Net Cash (Used in) Provided by Operating Activities | -33 | -1,850 | 3,909 |
Proceeds from maturities and principal collections: | |||
Investment securities held to maturity | 626 | ||
Investment securities available for sale | 14,138 | 27,534 | 37,440 |
Proceeds from sale of investment securities held to maturity | 3,177 | ||
Proceeds from sale of investment securities available for sale | 16,751 | 18,171 | 24,128 |
Purchases of investment securities available for sale | -5,258 | -93,693 | -55,666 |
Proceeds from sale of loans | 25,836 | 1,707 | |
Loan buyback for sale of loans | -1,117 | ||
Loan purchases | -18,952 | -31,060 | -30,901 |
Loan originations and principal collections, net | 19,649 | 58,365 | 66,065 |
Proceeds from sale of other real estate owned | 2,694 | 3,917 | 6,169 |
Additions to mortgage servicing rights | -160 | -158 | -53 |
Purchases of bank-owned life insurance | -6,000 | ||
Proceeds from cash surrender on bank-owned life insurance | 3,636 | ||
Proceeds from death benefit of bank-owned life insurance | 1,121 | ||
Net (increase) decrease in restricted stock | -465 | 1,109 | 1,202 |
Proceeds from sale of property and equipment | 2 | ||
Purchases of property and equipment | -244 | -282 | -234 |
Net Cash Provided by (Used in) Investing Activities | 56,508 | -19,267 | 51,953 |
Cash Flows from Financing Activities | |||
Net decrease in deposits | -71,643 | -56,392 | -13,467 |
Proceeds for long-term borrowings | 14,500 | 10,000 | |
Repayment of long-term borrowings | -4,500 | -20,085 | -1,013 |
Increase in advances from borrowers for taxes and insurance | 668 | 112 | 355 |
Proceeds from stock issuance | 56,677 | ||
Return of excess stock subscription funds | -20,841 | ||
Cash dividends paid | |||
Cash from mutual holding company reorganization | 100 | ||
Net Cash (Used in) Provided by Financing Activities | -60,975 | -87,106 | 42,552 |
Net (Decrease) Increase in Cash and Cash Equivalents | -4,500 | -108,223 | 98,414 |
Cash and Cash Equivalent - Beginning | 23,687 | 131,910 | 33,496 |
Cash and Cash Equivalent - Ending | 19,187 | 23,687 | 131,910 |
Supplementary Cash Flows Information | |||
Interest paid | 5,061 | 7,071 | 8,379 |
Income taxes paid | 17 | 12 | 4 |
Non-cash transfer of loans to other real estate owned | 944 | 4,603 | 3,383 |
Non-cash transfer of loans to investment securities available for sale | 10,102 | 10,671 | |
Transfer of mortgage-backed securities held to maturity to investment and mortgage-backed securities available for sale | 520 | ||
Stock subscription funds transferred to shareholders' equity | 34,633 | ||
Non-cash transfer of loans to loans held for sale | $10,367 |
Organizational_Structure_and_N
Organizational Structure and Nature of Operations | 12 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organizational Structure and Nature of Operations | |
Note 1 — Organizational Structure and Nature of Operations | |
On May 19, 2008, Malvern Federal Savings Bank (“Malvern Federal Savings” or the “Bank”) completed its reorganization to the mutual holding company form of organization and formed Malvern Federal Bancorp, Inc. (the “Mid-Tier Holding Company”) to serve as the “mid-tier” stock holding company for the Bank. An Employee Stock Ownership Plan (“ESOP”) was established which borrowed approximately $2.6 million from Malvern Federal Bancorp, Inc. to purchase 241,178 shares of common stock. Principal and interest payments of the loan are being made quarterly over a term of 18 years at a fixed interest rate of 5.0%. | |
On October 11, 2012, Malvern Bancorp, Inc. (the “Company” or “Malvern Bancorp”) completed the “second-step” conversion from the mutual holding company structure to the stock holding company structure pursuant to a Plan of Conversion and Reorganization. Upon completion of the conversion and reorganization, Malvern Federal Mutual Holding Company (the “Mutual Holding Company”) and the Mid-Tier Holding Company ceased to exist. Malvern Bancorp, Inc., a Pennsylvania company, became the holding company for the Bank and owns all of the issued and outstanding shares of the common stock of Malvern Federal Savings Bank. In connection with the conversion and reorganization, 3,636,875 shares of common stock, par value $0.01 per share, of Malvern Bancorp, Inc., 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 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 total shares outstanding upon completion of the stock offering and the exchange were approximately 6,558,473. | |
The Company is a Pennsylvania chartered corporation which, since October 11, 2012, has owned all of the issued and outstanding shares of the Bank’s common stock, the only shares of equity securities which the Bank has issued. The Company does not own or lease any property, but instead uses the premises, equipment and furniture of the Bank. At the present time, the Company employs only persons who are officers of Malvern Federal Savings to serve as officers of the Company. The Company also uses the Bank’s support staff from time to time. These persons are not separately compensated by Company. | |
Malvern Federal Savings Bank is a federally chartered stock savings bank which was originally organized in 1887 and is operating out of its headquarters in Paoli, Pennsylvania and seven full service financial center offices in Chester and Delaware Counties, Pennsylvania. The Bank is primarily engaged in attracting deposits from the general public and using those funds to invest in loans and investment securities. The Bank’s principal sources of funds are deposits, repayments of loans and investment securities, maturities of investments and interest-bearing deposits, other funds provided from operations and wholesale funds borrowed from outside sources such as the Federal Home Loan Bank of Pittsburgh (the “FHLB”). These funds are primarily used for the origination of 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. The Bank derives its income principally from interest earned on loans, investment securities and, to a lesser extent, from fees received in connection with the origination of loans and for other services. Malvern Federal Savings’ primary expenses are interest expense on deposits and borrowings and general operating expenses. Funds for activities are provided primarily by deposits, amortization of loans, loan prepayments and the maturity of loans, securities and other investments and other funds from operations. | |
The banking industry is highly regulated. The Bank is supervised by the Office of the Comptroller of the Currency (the “OCC”) and the Company is supervised by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board” or the “FRB”). | |
The Company and the Bank and the Bank’s subsidiary, Strategic Asset Management Group, Inc. (“SAMG”), provide various banking services, primarily accepting deposits and originating residential and commercial mortgage loans, consumer loans and other loans through the Bank’s headquarter and seven full-service branches in Chester and Delaware Counties, Pennsylvania. SAMG owns 50% of Malvern Insurance Associates, LLC. Malvern Insurance Associates, LLC offers a full line of business and personal lines of insurance products. As of September 30, 2014 and September 30, 2013, SAMG’s total assets were approximately $66,000 and $53,000, respectively. The net income of SAMG for the years ended September 30, 2014 and 2013 was approximately $5,000 and $10,000, respectively. There was no income reported for SAMG for the year ended September 30, 2012. The Company is subject to competition from various other financial institutions and financial services companies. The Company is also subject to the regulations of certain federal agencies and, therefore, undergoes periodic examinations by those regulatory agencies. | |
In accordance with the subsequent events topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “Codification” or the “ASC”), the Company evaluates events and transactions that occur after the statement of financial condition date for potential recognition and disclosure in the consolidated financial statements. The effect of all subsequent events that provide additional evidence of conditions that existed at the statement of financial condition date are recognized in the audited consolidated financial statements as of September 30, 2014. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 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 at and for the years ended September 30, 2014 and 2013 include the accounts of Malvern Bancorp, Inc. and its subsidiaries. The consolidated financial statements for the year ended September 30, 2012 include the accounts of Malvern Federal Bancorp, Inc. and its subsidiaries. All significant intercompany transactions and balances have been eliminated. | |
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. | |
The Company is required to maintain average reserve balances in vault cash with the Federal Reserve Bank based upon outstanding balances of deposit transaction accounts. Based upon the Company’s outstanding transaction deposit balances, the Bank maintained a deposit account with the Federal Reserve Bank of Philadelphia in the amount of $3.2 million and $3.9 million at September 30, 2014 and 2013, respectively. | |
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 September 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 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 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 statement of financial condition. Gains and losses on loan sales (sales proceeds minus carrying value) are recorded in other 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 statement of financial condition (see “Loan Servicing” for more detail). There were no loans classified as held for sale as of September 30, 2014. As of September 30, 2013, there were $10.4 million loans classified as held for sale. The loans held for sale at September 30, 2013 were sold in a bulk transaction to one purchaser, 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 represent 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 or collateral recovery 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 credit 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, a charge-off is recognized 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 any other loan modifications. | |
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6 | |
The quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors. | |
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7 | |
The existence and effect of any concentrations of credit and changes in the level of such concentrations. | |
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8 | |
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 10 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 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 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 Lending | |
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 in 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 originate 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 the declines in the market value of real estate and the deterioration 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. | |
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 current level of the allowance for loan losses is adequate. | |
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 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 other 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 September 30, 2014 and September 30, 2013, restricted stock consists 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. | |
As of September 30, 2014 and 2013, there were net repurchases of $465,000 and $1.1 million, respectively. Also as of September 30, 2014 and 2013 the number of FHLB shares was 35,026 and 30,378, respectively. There were approximately $123,000, $19,000 and $4,000 of dividends received or recognized in income for fiscal years 2014, 2013 and 2012, respectively. | |
Property and Equipment | |
Property and equipment is 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. | |
Employee Benefit Plans | |
The Bank’s 401(k) plan allows eligible participants to set aside a certain percentage of their salaries before taxes. The Company may elect to match employee contributions up to a specified percentage of their respective salaries in an amount determined annually by the Board of Directors. The Company’s matching contribution related to the plan resulted in expenses of $118,000, $110,000, and $102,000, for fiscal 2014, 2013, and 2012, respectively. There were no bonus matching contributions for fiscal years 2014, 2013 or 2012. | |
The Company also maintains an unfunded Supplemental Executive and a Director Retirement Plan (the “Plans”). The accrued amount for the Plans included in other liabilities was $1.3 million and $1.3 million at September 30, 2014 and 2013, respectively. Distributions made for the fiscal year 2014 and 2013 were $13,000 and $20,000, respectively. The expense associated with the Plans for the years ended September 30, 2014, 2013, and 2012 was $78,000, $168,000, and $116,000, respectively. | |
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. | |
Reclassifications | |
Certain reclassifications have been made to the previous years’ consolidated financial statements to conform to the current year’s presentation. These reclassifications had no effect on the Company’s results of operations. | |
Recent Accounting Pronouncements | |
In August 2014, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-14, “Receivables — Troubled Debt Restructurings by Creditors”. The amendment requires that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met, (1) the loan has a government guarantee that is not separable from the loan before foreclosure; (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments in ASU 2014-14 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s financial statements. | |
In June 2014, the FASB issued 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 and method of adoption 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_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||
Earnings (Loss) Per Share | Note 3 — Earnings (Loss) 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. For the fiscal years ended September 30, 2014, 2013 and 2012, 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 calculation for the year ended September 30, 2012 has been adjusted for the exchange and additional share issuance in the second-step conversion and reorganization and offering completed on October 11, 2012. | |||||||||||||||||||||
The following table sets forth the composition of the weighted average shares (denominator) used in the earnings (loss) per share computations. | |||||||||||||||||||||
| | | Year Ended September 30, | ||||||||||||||||||
| | | 2014 | | | 2013 | | | 2012 | ||||||||||||
| | | (Dollars in thousands, except per share data) | ||||||||||||||||||
Net Income (Loss) | | | | $ | 323 | | | | | $ | -18,803 | | | | | $ | 1,959 | ||||
Weighted average shares outstanding | | | | | 6,558,473 | | | | | | 6,544,731 | | | | | | 6,102,500 | ||||
Exchange rate from offering | | | | | — | | | | | | — | | | | | | 1.0748 | ||||
Adjusted weighted average shares outstanding | | | | | 6,558,473 | | | | | | 6,544,731 | | | | | | 6,558,967 | ||||
Average unearned ESOP shares | | | | | -179,543 | | | | | | -193,483 | | | | | | -204,016 | ||||
Weighted average shares outstanding – basic | | | | | 6,378,930 | | | | | | 6,351,248 | | | | | | 6,354,951 | ||||
Earnings (Loss) per share – basic | | | | $ | 0.05 | | | | | $ | -2.96 | | | | | $ | 0.31 | ||||
|
Employee_Stock_Ownership_Plan
Employee Stock Ownership Plan | 12 Months Ended |
Sep. 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 Company’s 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 years ended September 30, 2014, 2013 and 2012, there were 14,400, 14,371, and 13,404 shares, respectively, committed to be released. At September 30, 2014, there were 172,365 unallocated shares and 86,853 allocated shares held by the ESOP which had an aggregate fair value of approximately $2.0 million. |
Investment_Securities
Investment Securities | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Investment Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Note 5 — Investment Securities | |||||||||||||||||||||||||||||||||||||||||||
At September 30, 2014 and 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 September 30, 2014 and 2013 consisted of the following: | ||||||||||||||||||||||||||||||||||||||||||||
| | | 30-Sep-14 | |||||||||||||||||||||||||||||||||||||||||
| | | Amortized | | | Gross | | | Gross | | | Fair | ||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | |||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | | | | $ | 19,719 | | | | | $ | 1 | | | | | $ | -464 | | | | | $ | 19,256 | |||||||||||||||||||||
State and municipal obligations | | | | | 2,543 | | | | | | — | | | | | | -43 | | | | | | 2,500 | |||||||||||||||||||||
Single issuer trust preferred security | | | | | 1,000 | | | | | | — | | | | | | -120 | | | | | | 880 | |||||||||||||||||||||
Corporate debt securities | | | | | 1,504 | | | | | | 21 | | | | | | — | | | | | | 1,525 | |||||||||||||||||||||
| | | | | 24,766 | | | | | | 22 | | | | | | -627 | | | | | | 24,161 | |||||||||||||||||||||
Mortgage-backed securities: | | | | | | |||||||||||||||||||||||||||||||||||||||
Federal National Mortgage Association (FNMA): | | | | | | |||||||||||||||||||||||||||||||||||||||
Adjustable-rate | | | | | 403 | | | | | | 15 | | | | | | — | | | | | | 418 | |||||||||||||||||||||
Fixed-rate | | | | | 17,390 | | | | | | 9 | | | | | | -591 | | | | | | 16,808 | |||||||||||||||||||||
Federal Home Loan Mortgage Corporation (FHLMC): | | | | | | |||||||||||||||||||||||||||||||||||||||
Adjustable-rate | | | | | 3,562 | | | | | | 33 | | | | | | — | | | | | | 3,595 | |||||||||||||||||||||
Fixed-rate | | | | | 12,336 | | | | | | — | | | | | | -340 | | | | | | 11,996 | |||||||||||||||||||||
Collateralized mortgage obligations (CMO), fixed-rate | | | | | 45,222 | | | | | | 46 | | | | | | -1,303 | | | | | | 43,965 | |||||||||||||||||||||
| | | | | 78,913 | | | | | | 103 | | | | | | -2,234 | | | | | | 76,782 | |||||||||||||||||||||
| | | | $ | 103,679 | | | | | $ | 125 | | | | | $ | -2,861 | | | | | $ | 100,943 | |||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||
| | | 30-Sep-13 | |||||||||||||||||||||||||||||||||||||||||
| | | Amortized | | | Gross | | | Gross | | | Fair | ||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||||||||||||
| | | (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 | |||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of securities available for sale during fiscal 2014 were $16.8 million. Gross gains of $118,000 and gross losses of $35,000 were realized on these sales. Proceeds from sales of securities available for sale during fiscal 2013 were $18.2 million. Gross gains of $549,000 and gross losses of $70,000 were realized on these sales. Proceeds from sales of securities available for sale during fiscal 2012 were $24.1 million. Gross gains of $595,000 and gross losses of $6,000 were realized on these sales. | ||||||||||||||||||||||||||||||||||||||||||||
During the quarter ended March 31, 2012, the Bank sold two fixed rate FNMA mortgage-backed securities from the held to maturity (“HTM”) investment portfolio with an approximate book value of $2.8 million and a gross gain of $164,000. In addition, on August 8, 2012 the Company sold seventeen variable rate GNMA mortgage-backed securities that were classified as HTM with a book value of approximately $184,000 and a gross loss of $2,000. As per ASC Topic 320-10-25, the sales of the securities sold in August occurred after collection of a substantial portion (at least 85%) of the principal outstanding at acquisition. The securities sold in March 2012, did not meet any of the exceptions allowable under ASC Topic 320-10-25. As a result, the Company transferred the remaining outstanding balance of approximately $520,000 to the available-for-sale portfolio and $50,000 to accumulated other comprehensive income as of September 30, 2012. | ||||||||||||||||||||||||||||||||||||||||||||
There were no investment securities held to maturity for the years ended September 30, 2014 or 2013. | ||||||||||||||||||||||||||||||||||||||||||||
The following tables summarize the aggregate investments at September 30, 2014 and 2013 that were in an unrealized loss position. | ||||||||||||||||||||||||||||||||||||||||||||
| | | 30-Sep-14 | | ||||||||||||||||||||||||||||||||||||||||
| | | Less than 12 Months | | | More than 12 Months | | | Total | | ||||||||||||||||||||||||||||||||||
| | | Fair | | | Unrealized | | | Fair | | | Unrealized | | | Fair | | | Unrealized | | |||||||||||||||||||||||||
Value | Losses | Value | Losses | value | Losses | |||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | ||||||||||||||||||||||||||||||||||||||||
Investment Securities Available for Sale: | | | | | | | | |||||||||||||||||||||||||||||||||||||
U.S. government agencies | | | | $ | — | | | | | $ | — | | | | | $ | 18,267 | | | | | $ | -464 | | | | | $ | 18,267 | | | | | $ | -464 | | | |||||||
State and municipal obligations | | | | | — | | | | | | — | | | | | | 2,501 | | | | | | -43 | | | | | | 2,501 | | | | | | -43 | | | |||||||
Single issuer trust preferred security | | | | | — | | | | | | — | | | | | | 880 | | | | | | -120 | | | | | | 880 | | | | | | -120 | | | |||||||
Mortgage-backed securities: | | | | | | | | |||||||||||||||||||||||||||||||||||||
FNMA, fixed-rate | | | | | — | | | | | | — | | | | | | 16,715 | | | | | | -591 | | | | | | 16,715 | | | | | | -591 | | | |||||||
FHLMC, fixed-rate | | | | | — | | | | | | — | | | | | | 11,996 | | | | | | -340 | | | | | | 11,996 | | | | | | -340 | | | |||||||
CMO, fixed-rate | | | | | 3,945 | | | | | | -54 | | | | | | 36,185 | | | | | | -1,249 | | | | | | 40,130 | | | | | | -1,303 | | | |||||||
| | | | $ | 3,945 | | | | | $ | -54 | | | | | $ | 86,544 | | | | | $ | -2,807 | | | | | $ | 90,489 | | | | | $ | -2,861 | | | |||||||
| ||||||||||||||||||||||||||||||||||||||||||||
| | | 30-Sep-13 | | ||||||||||||||||||||||||||||||||||||||||
| | | Less than 12 Months | | | More than 12 Months | | | Total | | ||||||||||||||||||||||||||||||||||
| | | Fair | | | Unrealized | | | Fair | | | Unrealized | | | Fair | | | Unrealized | | |||||||||||||||||||||||||
Value | Losses | Value | Losses | value | Losses | |||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | ||||||||||||||||||||||||||||||||||||||||
Investment Securities Available for Sale: | | | | | | | | |||||||||||||||||||||||||||||||||||||
U.S. government agencies | | | | $ | 18,104 | | | | | $ | -683 | | | | | $ | — | | | | | $ | — | | | | | $ | 18,104 | | | | | $ | -683 | | | |||||||
State and municipal obligations | | | | | 10,748 | | | | | | -462 | | | | | | — | | | | | | — | | | | | | 10,748 | | | | | | -462 | | | |||||||
Single issuer trust preferred security | | | | | — | | | | | | — | | | | | | 810 | | | | | | -190 | | | | | | 810 | | | | | | -190 | | | |||||||
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 September 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 September 30, 2014, the Company held 21 U.S. government agency securities, six tax-free municipal bonds, 66 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 September 30, 2014 represents other-than-temporary impairment. | ||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2014, the gross unrealized loss of the single issuer trust preferred security improved by $70,000 from an unrealized loss at September 30, 2013 of $190,000 to an unrealized loss of $120,000 as of September 30, 2014. Decreases in long-term interest rate, specifically the 10-year U.S. Treasury bond during the fourth quarter of fiscal 2014, caused the pricing of agency securities, mortgage-backed securities, and trust preferred securities to decrease. Management will continue to monitor the performance of this security and the markets to determine the true economic value of this security. | ||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2014 and 2013 the Company had no securities pledged to secure public deposits. | ||||||||||||||||||||||||||||||||||||||||||||
The amortized cost and fair value of debt securities by contractual maturity at September 30, 2014 follows: | ||||||||||||||||||||||||||||||||||||||||||||
| | | Available for Sale | | ||||||||||||||||||||||||||||||||||||||||
| | | Amortized | | | Fair | | |||||||||||||||||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | ||||||||||||||||||||||||||||||||||||||||
Within 1 year | | | | $ | — | | | | | $ | — | | | |||||||||||||||||||||||||||||||
Over 1 year through 5 years | | | | | 11,138 | | | | | | 11,005 | | | |||||||||||||||||||||||||||||||
After 5 years through 10 years | | | | | 11,738 | | | | | | 11,416 | | | |||||||||||||||||||||||||||||||
Over 10 years | | | | | 1,890 | | | | | | 1,740 | | | |||||||||||||||||||||||||||||||
| | | | | 24,766 | | | | | | 24,161 | | | |||||||||||||||||||||||||||||||
Mortgage-backed securities | | | | | 78,913 | | | | | | 76,782 | | | |||||||||||||||||||||||||||||||
| | | | $ | 103,679 | | | | | $ | 100,943 | | |
Loans_Receivable_and_Related_A
Loans Receivable and Related Allowance for Loan Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 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 consisted of the following at September 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | September 30, | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | | | | $ | 231,324 | | | | | $ | 239,900 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | 5,964 | | | | | | 6,672 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | | | | | 1,033 | | | | | | 2,439 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Construction and Development | | | | | 6,997 | | | | | | 9,111 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | | 71,579 | | | | | | 70,571 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | | | | | 1,032 | | | | | | 1,971 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 5,480 | | | | | | 5,573 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | | | | | 78,091 | | | | | | 78,115 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | | | | | 22,292 | | | | | | 20,431 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second mortgages | | | | | 47,034 | | | | | | 54,532 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 2,839 | | | | | | 2,648 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer | | | | | 72,165 | | | | | | 77,611 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | | | | | 388,577 | | | | | | 404,737 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred loan cost, net | | | | | 2,086 | | | | | | 2,210 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | | | | | -4,589 | | | | | | -5,090 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans receivable, net | | | | $ | 386,074 | | | | | $ | 401,857 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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The following table summarizes 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 and for the years ended September 30, 2014, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 30-Sep-14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | 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 balance | | | | $ | 1,414 | | | | | $ | 164 | | | | | $ | 56 | | | | | $ | 1,726 | | | | | $ | 40 | | | | | $ | 59 | | | | | $ | 137 | | | | | $ | 1,393 | | | | | $ | 22 | | | | | $ | 79 | | | | | $ | 5,090 | ||||||||||||
Charge-offs | | | | | -83 | | | | | | -37 | | | | | | — | | | | | | -183 | | | | | | — | | | | | | — | | | | | | -14 | | | | | | -618 | | | | | | -6 | | | | | | — | | | | | | -941 | ||||||||||||
Recoveries | | | | | 23 | | | | | | 1 | | | | | | — | | | | | | 9 | | | | | | — | | | | | | 3 | | | | | | 1 | | | | | | 136 | | | | | | 4 | | | | | | — | | | | | | 177 | ||||||||||||
Provision | | | | | 318 | | | | | | 163 | | | | | | -43 | | | | | | -304 | | | | | | -11 | | | | | | -12 | | | | | | 44 | | | | | | 122 | | | | | | 3 | | | | | | -17 | | | | | | 263 | ||||||||||||
Ending Balance | | | | $ | 1,672 | | | | | $ | 291 | | | | | $ | 13 | | | | | $ | 1,248 | | | | | $ | 29 | | | | | $ | 50 | | | | | $ | 168 | | | | | $ | 1,033 | | | | | $ | 23 | | | | | $ | 62 | | | | | $ | 4,589 | ||||||||||||
Ending balance: individually | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | ||||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively | | | | $ | 1,672 | | | | | $ | 291 | | | | | $ | 13 | | | | | $ | 1,248 | | | | | $ | 29 | | | | | $ | 50 | | | | | $ | 168 | | | | | $ | 1,033 | | | | | $ | 23 | | | | | $ | 62 | | | | | $ | 4,589 | ||||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable: | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | | | | $ | 231,324 | | | | | $ | 5,964 | | | | | $ | 1,033 | | | | | $ | 71,579 | | | | | $ | 1,032 | | | | | $ | 5,480 | | | | | $ | 22,292 | | | | | $ | 47,034 | | | | | $ | 2,839 | | | | | | | | | | | $ | 388,577 | ||||||||||||
Ending balance: individually | | | | $ | 999 | | | | | $ | 187 | | | | | $ | — | | | | | $ | 504 | | | | | $ | — | | | | | $ | 900 | | | | | $ | 115 | | | | | $ | 695 | | | | | $ | — | | | | | | | | | | | $ | 3,400 | ||||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively | | | | $ | 230,325 | | | | | $ | 5,777 | | | | | $ | 1,033 | | | | | $ | 71,075 | | | | | $ | 1,032 | | | | | $ | 4,580 | | | | | $ | 22,177 | | | | | $ | 46,339 | | | | | $ | 2,839 | | | | | | | | | | | $ | 385,177 | ||||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 30-Sep-13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | 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 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: collectively | | | | $ | 1,414 | | | | | $ | 164 | | | | | $ | 56 | | | | | $ | 1,726 | | | | | $ | 40 | | | | | $ | 59 | | | | | $ | 137 | | | | | $ | 1,393 | | | | | $ | 22 | | | | | $ | 79 | | | | | $ | 5,090 | ||||||||||||
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: individually | | | | $ | 1,295 | | | | | $ | 209 | | | | | $ | 237 | | | | | $ | — | | | | | $ | — | | | | | $ | 900 | | | | | $ | 34 | | | | | $ | 572 | | | | | $ | — | | | | | | | | | | | $ | 3,247 | ||||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively | | | | $ | 238,605 | | | | | $ | 6,463 | | | | | $ | 2,202 | | | | | $ | 70,571 | | | | | $ | 1,971 | | | | | $ | 4,673 | | | | | $ | 20,397 | | | | | $ | 53,960 | | | | | $ | 2,648 | | | | | | | | | | | $ | 401,490 | ||||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 30-Sep-12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | 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 balance | | | | $ | 1,458 | | | | | $ | 1,627 | | | | | $ | 49 | | | | | $ | 4,176 | | | | | $ | 49 | | | | | $ | 317 | | | | | $ | 220 | | | | | $ | 2,154 | | | | | $ | 16 | | | | | $ | 35 | | | | | $ | 10,101 | ||||||||||||
Charge-offs | | | | | -1,367 | | | | | | -826 | | | | | | — | | | | | | -951 | | | | | | -113 | | | | | | -88 | | | | | | -72 | | | | | | -1,184 | | | | | | -22 | | | | | | — | | | | | | -4,623 | ||||||||||||
Recoveries | | | | | — | | | | | | 1,139 | | | | | | — | | | | | | 5 | | | | | | — | | | | | | 2 | | | | | | 2 | | | | | | 141 | | | | | | 4 | | | | | | — | | | | | | 1,293 | ||||||||||||
Provision | | | | | 1,396 | | | | | | -1,216 | | | | | | -38 | | | | | | 263 | | | | | | 74 | | | | | | -5 | | | | | | 10 | | | | | | 278 | | | | | | 18 | | | | | | 30 | | | | | | 810 | ||||||||||||
Ending Balance | | | | $ | 1,487 | | | | | $ | 724 | | | | | $ | 11 | | | | | $ | 3,493 | | | | | $ | 10 | | | | | $ | 226 | | | | | $ | 160 | | | | | $ | 1,389 | | | | | $ | 16 | | | | | $ | 65 | | | | | $ | 7,581 | ||||||||||||
Ending balance: individually | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 351 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 351 | ||||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated | | | | $ | 1,487 | | | | | $ | 724 | | | | | $ | 11 | | | | | $ | 3,142 | | | | | $ | 10 | | | | | $ | 226 | | | | | $ | 160 | | | | | $ | 1,389 | | | | | $ | 16 | | | | | $ | 65 | | | | | $ | 7,230 | ||||||||||||
for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable: | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | | | | $ | 231,803 | | | | | $ | 20,500 | | | | | $ | 632 | | | | | $ | 112,199 | | | | | $ | 2,087 | | | | | $ | 7,517 | | | | | $ | 20,959 | | | | | $ | 65,703 | | | | | $ | 762 | | | | | | | | | | | $ | 462,162 | ||||||||||||
Ending balance: individually | | | | $ | 3,971 | | | | | $ | 3,788 | | | | | $ | — | | | | | $ | 4,837 | | | | | $ | — | | | | | $ | 175 | | | | | $ | 23 | | | | | $ | 447 | | | | | $ | — | | | | | | | | | | | $ | 13,241 | ||||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated | | | | $ | 227,832 | | | | | $ | 16,712 | | | | | $ | 632 | | | | | $ | 107,362 | | | | | $ | 2,087 | | | | | $ | 7,342 | | | | | $ | 20,936 | | | | | $ | 65,256 | | | | | $ | 762 | | | | | | | | | | | $ | 448,921 | ||||||||||||
for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Impaired Loans With | | | Impaired | | | Total Impaired Loans | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specific Allowance | Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specific | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Recorded | | | Related | | | Recorded | | | Recorded | | | Unpaid | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Allowance | Investment | Investment | Principal | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2014: | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | | | | $ | — | | | | | $ | — | | | | | $ | 999 | | | | | $ | 999 | | | | | $ | 1,149 | | | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | — | | | | | | — | | | | | | 187 | | | | | | 187 | | | | | | 842 | | | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | | — | | | | | | — | | | | | | 504 | | | | | | 504 | | | | | | 688 | | | ||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | — | | | | | | — | | | | | | 900 | | | | | | 900 | | | | | | 900 | | | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | | | | | — | | | | | | — | | | | | | 115 | | | | | | 115 | | | | | | 135 | | | ||||||||||||||||||||||||||||||||||||||||||||||
Second mortgages | | | | | — | | | | | | — | | | | | | 695 | | | | | | 695 | | | | | | 894 | | | ||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans | | | | $ | — | | | | | $ | — | | | | | $ | 3,400 | | | | | $ | 3,400 | | | | | $ | 4,608 | | | ||||||||||||||||||||||||||||||||||||||||||||||
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 and related interest income recognized during the year ended September 30, 2014, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Average Impaired | | | Interest Income | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Recognized on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2014: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | | | | $ | 1,731 | | | | | $ | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | 609 | | | | | | 17 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | | | | | 240 | | | | | | 14 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | | 21 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 900 | | | | | | 32 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | | | | | 104 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second mortgages | | | | | 622 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | | | | $ | 4,227 | | | | | $ | 63 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2013: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | | | | $ | 3,375 | | | | | $ | 45 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | 5,940 | | | | | | 65 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | | | | | 10 | | | | | | 2 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | | 4,763 | | | | | | 255 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 246 | | | | | | 14 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | | | | | 22 | | | | | | 1 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second mortgages | | | | | 574 | | | | | | 4 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | | | | $ | 14,930 | | | | | $ | 386 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2012: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | | | | $ | 2,976 | | | | | $ | 77 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | 3,410 | | | | | | 49 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | | 6,251 | | | | | | 274 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 180 | | | | | | 7 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | | | | | 26 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second mortgages | | | | | 656 | | | | | | 4 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 1 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | | | | $ | 13,500 | | | | | $ | 411 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No additional funds are committed to be advanced in connection with impaired loans. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 30-Sep-14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Pass | | | Special | | | Substandard | | | Doubtful | | | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | | | | $ | 230,065 | | | | | $ | 137 | | | | | $ | 1,122 | | | | | $ | — | | | | | $ | 231,324 | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | 5,777 | | | | | | — | | | | | | 187 | | | | | | — | | | | | | 5,964 | ||||||||||||||||||||||||||||||||||||||||||||||||
Land | | | | | 1,033 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,033 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | | 63,125 | | | | | | 5,797 | | | | | | 2,657 | | | | | | — | | | | | | 71,579 | ||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | | | | | 1,032 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,032 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 3,555 | | | | | | 1,025 | | | | | | 900 | | | | | | — | | | | | | 5,480 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | | | | | 22,177 | | | | | | — | | | | | | 115 | | | | | | — | | | | | | 22,292 | ||||||||||||||||||||||||||||||||||||||||||||||||
Second mortgages | | | | | 46,292 | | | | | | 21 | | | | | | 721 | | | | | | — | | | | | | 47,034 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 2,823 | | | | | | 16 | | | | | | — | | | | | | — | | | | | | 2,839 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | | | | $ | 375,879 | | | | | $ | 6,996 | | | | | $ | 5,702 | | | | | $ | — | | | | | $ | 388,577 | ||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 30-Sep-13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Pass | | | Special | | | Substandard | | | Doubtful | | | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 on which we are no longer accruing interest by portfolio class at the dates indicated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | September 30, | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | | | | $ | 1,232 | | | | | $ | 1,295 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | 78 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | | 504 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | | | | | 115 | | | | | | 34 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second mortgages | | | | | 462 | | | | | | 572 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-accrual loans | | | | $ | 2,391 | | | | | $ | 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 $121,000, $131,000 and $1.1 million for fiscal 2014, 2013 and 2012, respectively. There were no loans past due 90 days or more and still accruing interest at September 30, 2014 or 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 September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Current | | | 30 − 59 | | | 60 − 89 | | | 90 Days or | | | Total | | | Total Loans | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Days Past | Days Past | More Past | Past Due | Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due | Due | Due | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2014: | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | | | | $ | 229,257 | | | | | $ | 835 | | | | | $ | — | | | | | $ | 1,232 | | | | | $ | 2,067 | | | | | $ | 231,324 | | | ||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | 5,886 | | | | | | — | | | | | | — | | | | | | 78 | | | | | | 78 | | | | | | 5,964 | | | ||||||||||||||||||||||||||||||||||||||||
Land | | | | | 1,033 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,033 | | | ||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | | 71,075 | | | | | | — | | | | | | — | | | | | | 504 | | | | | | 504 | | | | | | 71,579 | | | ||||||||||||||||||||||||||||||||||||||||
Multi-family | | | | | 1,032 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,032 | | | ||||||||||||||||||||||||||||||||||||||||
Other | | | | | 5,480 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,480 | | | ||||||||||||||||||||||||||||||||||||||||
Consumer: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | | | | | 22,177 | | | | | | — | | | | | | — | | | | | | 115 | | | | | | 115 | | | | | | 22,292 | | | ||||||||||||||||||||||||||||||||||||||||
Second mortgages | | | | | 45,847 | | | | | | 200 | | | | | | 525 | | | | | | 462 | | | | | | 1,187 | | | | | | 47,034 | | | ||||||||||||||||||||||||||||||||||||||||
Other | | | | | 2,822 | | | | | | 17 | | | | | | — | | | | | | — | | | | | | 17 | | | | | | 2,839 | | | ||||||||||||||||||||||||||||||||||||||||
Total | | | | $ | 384,609 | | | | | $ | 1,052 | | | | | $ | 525 | | | | | $ | 2,391 | | | | | $ | 3,968 | | | | | $ | 388,577 | | | ||||||||||||||||||||||||||||||||||||||||
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 three and seven loans classified as TDRs with an outstanding balance of $1.1 million and $1.3 million at September 30, 2014 and 2013, respectively. All of our TDR loans at September 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 September 30, 2014, and, accordingly, were deemed to be performing loans at September 30, 2014 and we continued to accrue interest on such loans through such date. At September 30, 2014, one construction and development TDR loan with a balance of $78,000 was deemed a non-accruing TDR and was also deemed impaired at September 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Total Troubled Debt | | | Troubled Debt Restructured | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructurings | Loans 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 September 30, 2014: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | 2 | | | | | $ | 187 | | | | | | 1 | | | | | $ | 78 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 1 | | | | | | 900 | | | | | | — | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | | | | | 3 | | | | | $ | 1,087 | | | | | | 1 | | | | | $ | 78 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2013: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | 5 | | | | | $ | 209 | | | | | | — | | | | | $ | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Land Loan | | | | | 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 loans compliance with the modified terms. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | September 30, | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Performing | | | Non-Performing | | | Performing | | | Non-Performing | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | $ | 109 | | | | | $ | 78 | | | | | $ | 209 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Land loan | | | | | — | | | | | | — | | | | | | 237 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 900 | | | | | | — | | | | | | 900 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | | | | $ | 1,009 | | | | | $ | 78 | | | | | $ | 1,346 | | | | | $ | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table shows the new TDR’s for the twelve months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | September 30, | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Restructured During Period | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Number | | | Pre- | | | Post- | | | Number | | | Pre- | | | Post- | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of | Modifications | Modifications | of | Modifications | Modifications | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments | Investments | Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | 1 | | | | | $ | 437 | | | | | $ | 437 | | | | | | 5 | | | | | $ | 209 | | | | | $ | 209 | | | ||||||||||||||||||||||||||||||||||||||||
Land loans | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 237 | | | | | | 237 | | | ||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
other | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 900 | | | | | | 900 | | | ||||||||||||||||||||||||||||||||||||||||
Total | | | | | 1 | | | | | $ | 437 | | | | | $ | 437 | | | | | | 7 | | | | | $ | 1,346 | | | | | $ | 1,346 | | | ||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table sets forth the aggregate dollar amount of loans to principal officers, directors and their affiliates in the normal course of business of the Company. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Year Ended September 30, | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | | | | $ | 523 | | | | | $ | 792 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New loans | | | | | — | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments | | | | | -271 | | | | | | -269 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of year | | | | $ | 252 | | | | | $ | 523 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2014, 2013 and 2012, the Company was servicing loans for the benefit of others in the amounts of $59.9 million, $44.4 million and $24.6 million, respectively. A summary of mortgage servicing rights included in other assets and the activity therein follows for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | September 30, | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | | 2012 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | | | | $ | 271 | | | | | $ | 107 | | | | | $ | 128 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization | | | | | 22 | | | | | | 6 | | | | | | -74 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Addition | | | | | 160 | | | | | | 158 | | | | | | 53 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of year | | | | $ | 453 | | | | | $ | 271 | | | | | $ | 107 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the fiscal year ended September 30, 2014 and 2013, the fair value of servicing rights was determined using a base discount rate between 11% and 12%. For the fiscal year ended September 30, 2012, the fair value of servicing rights was determined using a base discount rate of 11.0%. The fair market value is evaluated by a third party vendor on a quarterly basis. During the fiscal year ended September 30, 2014, we sold $23.2 million of long-term, fixed-rate residential mortgage loans with the servicing retained. This transaction resulted in a gain of $352,000. For the fiscal year ended September 30, 2013, we sold $27.8 million of long-term, fixed-rate residential mortgage loans with the servicing retained. This transaction resulted in a gain of $366,000. For the fiscal year ended September 30, 2012, we sold $10.7 million of long-term, fixed-rate residential mortgage loans with the servicing retained. This transaction resulted in a gain of $415,000. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
No valuation allowance on servicing rights has been recorded at September 30, 2014, 2013, or 2012. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||
Property and Equipment | Note 7 — Property and Equipment | ||||||||||||||||||
Property and equipment, net consisted of the following at September 30, 2014 and 2013: | |||||||||||||||||||
| | | Estimated | | | September 30, | | ||||||||||||
Useful Life | |||||||||||||||||||
| | (years) | | 2014 | | | 2013 | | |||||||||||
| | | | | | (In thousands) | | ||||||||||||
Land | | | — | | | | $ | 711 | | | | | $ | 711 | | | |||
Building and improvements | | | 10 − 39 | | | | | 11,013 | | | | | | 11,386 | | | |||
Construction in process | | | — | | | | | — | | | | | | 1 | | | |||
Furniture, fixtures and equipment | | | 3 − 7 | | | | | 4,223 | | | | | | 4,067 | | | |||
| | | | | | | | 15,947 | | | | | | 16,165 | | | |||
Accumulated depreciation | | | | | | | | -9,124 | | | | | | -8,906 | | | |||
| | | | | | | $ | 6,823 | | | | | $ | 7,259 | | | |||
| |||||||||||||||||||
Depreciation expense was approximately $638,000, $695,000 and $724,000 for the years ended September 30, 2014, 2013 and 2012, respectively. We also had a $41,000 loss on disposal of fixed assets related to the closure of our Westtown branch in June 2014. |
Deposits
Deposits | 12 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||
Deposits [Abstract] | ||||||||||||||||||||||||||||||
Deposits | Note 8 — Deposits | |||||||||||||||||||||||||||||
Deposits classified by interest rates with percentages to total deposits at September 30, 2014 and 2013 consisted of the following: | ||||||||||||||||||||||||||||||
| | | September 30, | | ||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | |||||||||||||||||||||||
| | | Amount | | | Percent of | | | Amount | | | Percent of | | |||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||
Deposits | Deposits | |||||||||||||||||||||||||||||
| | | (Dollars in thousands) | | ||||||||||||||||||||||||||
Balances by types of deposit: | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Tiered savings | | | | $ | 2,198 | | | | | | 0.53% | | | | | $ | 1,574 | | | | | | 0.33% | | | |||||
Regular savings | | | | | 42,719 | | | | | | 10.34 | | | | | | 41,358 | | | | | | 8.53 | | | |||||
Money market accounts | | | | | 59,529 | | | | | | 14.42 | | | | | | 67,372 | | | | | | 13.9 | | | |||||
Checking and NOW accounts | | | | | 81,921 | | | | | | 19.84 | | | | | | 87,676 | | | | | | 18.09 | | | |||||
Non-Interest bearing demand | | | | | 23,059 | | | | | | 5.58 | | | | | | 24,662 | | | | | | 5.09 | | | |||||
| | | | | 209,426 | | | | | | 50.71 | | | | | | 222,642 | | | | | | 45.94 | | | |||||
Certificates of deposit | | | | | 203,527 | | | | | | 49.29 | | | | | | 261,954 | | | | | | 54.06 | | | |||||
Total | | | | $ | 412,953 | | | | | | 100.00% | | | | | $ | 484,596 | | | | | | 100.00% | | | |||||
| ||||||||||||||||||||||||||||||
The total amount of certificates of deposit greater than $100,000 at September 30, 2014 and 2013 was $101.7 million and $133.5 million, respectively. Currently, amounts above $250,000 are not insured by the Federal Deposit Insurance Corporation (“FDIC”). | ||||||||||||||||||||||||||||||
Interest expense on deposits consisted of the following for the years: | ||||||||||||||||||||||||||||||
| | | September 30, | | ||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | | 2012 | | ||||||||||||||||||||
| | | (In thousands) | | ||||||||||||||||||||||||||
Savings accounts | | | | $ | 27 | | | | | $ | 24 | | | | | $ | 48 | | | |||||||||||
Checking and NOW accounts | | | | | 85 | | | | | | 119 | | | | | | 256 | | | |||||||||||
Money market accounts | | | | | 164 | | | | | | 228 | | | | | | 446 | | | |||||||||||
Certificates of deposit | | | | | 3,693 | | | | | | 4,908 | | | | | | 5,942 | | | |||||||||||
Total deposits | | | | $ | 3,969 | | | | | $ | 5,279 | | | | | $ | 6,692 | | | |||||||||||
| ||||||||||||||||||||||||||||||
The following is a schedule of certificates of deposit maturities. | ||||||||||||||||||||||||||||||
| | | September 30, | | ||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||
| | | (In thousands) | | ||||||||||||||||||||||||||
Maturing in the Fiscal Year Ending September 30, | | | | | | | | |||||||||||||||||||||||
2015 | | | | $ | 88,263 | | | |||||||||||||||||||||||
2016 | | | | | 49,360 | | | |||||||||||||||||||||||
2017 | | | | | 26,408 | | | |||||||||||||||||||||||
2018 | | | | | 24,662 | | | |||||||||||||||||||||||
2019 | | | | | 11,788 | | | |||||||||||||||||||||||
2020 and thereafter | | | | | 3,046 | | | |||||||||||||||||||||||
| | | | $ | 203,527 | | | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||||
Deposits from related parties held by the Company at September 30, 2014 and 2013 amounted to $663,000 and $658,000, respectively. |
Borrowings
Borrowings | 12 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||
Borrowings [Abstract] | ||||||||||||||||||||||||||||||
Borrowings | Note 9 — Borrowings | |||||||||||||||||||||||||||||
Under terms of its collateral agreement with the Federal Home Loan Bank of Pittsburgh (“FHLB”), the Company maintains otherwise unencumbered qualifying assets in an amount at least equal to its borrowings. | ||||||||||||||||||||||||||||||
Under an agreement with the FHLB, the Company has a line of credit available in the amount of $103.8 million and $50.0 million, respectively, of which none was outstanding at September 30, 2014 and 2013. The interest rate on the line of credit at September 30, 2014 and 2013 was 0.28% and 0.25%, respectively. | ||||||||||||||||||||||||||||||
The summary of long-term borrowings as of September 30, 2014 and 2013 are as follows: | ||||||||||||||||||||||||||||||
| | | September 30, | | ||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | |||||||||||||||||||||||
| | | Amount | | | Weighted | | | Amount | | | Weighted | | |||||||||||||||||
Average | Average | |||||||||||||||||||||||||||||
Rate | Rate | |||||||||||||||||||||||||||||
| | | (Dollars in thousands) | | ||||||||||||||||||||||||||
Due by September 30: | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
2015 | | | | $ | 10,000 | | | | | | 0.83% | | | | | $ | 5,000 | | | | | | 0.12% | | | |||||
2016 | | | | | 5,000 | | | | | | 1.34 | | | | | | 5,000 | | | | | | 0.19 | | | |||||
2017 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
2018 | | | | | 28,000 | | | | | | 3.31 | | | | | | 28,000 | | | | | | 4.36 | | | |||||
2019 | | | | | 5,000 | | | | | | 1.77 | | | | | | — | | | | | | — | | | |||||
Total FHLB Advances | | | | $ | 48,000 | | | | | | 2.59% | | | | | $ | 38,000 | | | | | | 3.90% | | | |||||
| ||||||||||||||||||||||||||||||
At September 30, 2014, the Company had $48.0 million in outstanding long-term FHLB advances and $149.7 million in potential FHLB advances available to us, which is based on the amount of FHLB stock held or levels of other assets, including U.S. government securities, and certain mortgage loans which are available for collateral. Of the $48.0 million in outstanding long-term FHLB advances, $20.0 million are fixed rate at a weighted average rate of 1.2% and weighted average maturity of 22 months and $28.0 million are variable rate at a weighted average rate of 3.3% and weighted average maturity of 33 months. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Note 10 — Fair Value Measurements | ||||||||||||||||||||||||||||||||||||
The Company follows FASB ASC Topic 820 “Fair Value Measurement,” to record fair value adjustments to certain assets and to determine fair value disclosures for the Company’s financial instruments. Investment and mortgage-backed securities available for sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as impaired loans, real estate owned and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or write-downs of individual assets. | |||||||||||||||||||||||||||||||||||||
The Company groups its assets at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: | |||||||||||||||||||||||||||||||||||||
Level 1 — | |||||||||||||||||||||||||||||||||||||
Valuation is based upon quoted prices for identical instruments traded in active markets. | |||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Level 2 — | |||||||||||||||||||||||||||||||||||||
Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | |||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
Level 3 — | |||||||||||||||||||||||||||||||||||||
Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset. | |||||||||||||||||||||||||||||||||||||
The Company bases its fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It is our policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements, in accordance with the fair value hierarchy. | |||||||||||||||||||||||||||||||||||||
Fair value measurements for assets where there exists limited or no observable market data and, therefore, are based primarily upon the Company’s or other third-party’s estimates, are often calculated based on the characteristics of the asset, the economic and competitive environment and other factors. Therefore, the results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset. Additionally, there may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future valuations. | |||||||||||||||||||||||||||||||||||||
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 Company monitors and evaluates available data to perform fair value measurements on an ongoing basis and recognizes transfers among the levels of the fair value hierarchy as of the date event or a change in circumstances that affects the valuation method chosen. There were no changes in valuation technique or transfers between levels as of and for the years ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||
The tables below present the balances of assets measured at fair value on a recurring basis at September 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||
| | | 30-Sep-14 | | |||||||||||||||||||||||||||||||||
| | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||
Investment securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Debt securities: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
U.S. government agencies | | | | $ | 19,256 | | | | | $ | — | | | | | $ | 19,256 | | | | | $ | — | | | ||||||||||||
State and municipal obligations | | | | | 2,500 | | | | | | — | | | | | | 2,500 | | | | | | — | | | ||||||||||||
Single issuer trust preferred security | | | | | 880 | | | | | | — | | | | | | 880 | | | | | | — | | | ||||||||||||
Corporate debt securities | | | | | 1,525 | | | | | | — | | | | | | 1,525 | | | | | | — | | | ||||||||||||
Total investment securities available for sale | | | | | 24,161 | | | | | | — | | | | | | 24,161 | | | | | | — | | | ||||||||||||
Mortgage-backed securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
FNMA: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Adjustable-rate | | | | | 418 | | | | | | — | | | | | | 418 | | | | | | — | | | ||||||||||||
Fixed-rate | | | | | 16,808 | | | | | | — | | | | | | 16,808 | | | | | | — | | | ||||||||||||
FHLMC: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Adjustable-rate | | | | | 3,595 | | | | | | — | | | | | | 3,595 | | | | | | — | | | ||||||||||||
Fixed-rate | | | | | 11,996 | | | | | | — | | | | | | 11,996 | | | | | | — | | | ||||||||||||
CMO, fixed-rate-fate | | | | | 43,965 | | | | | | — | | | | | | 43,965 | | | | | | — | | | ||||||||||||
Total mortgage-backed securities available for sale | | | | | 76,782 | | | | | | — | | | | | | 76,782 | | | | | | — | | | ||||||||||||
Total | | | | $ | 100,943 | | | | | $ | — | | | | | $ | 100,943 | | | | | $ | — | | | ||||||||||||
| |||||||||||||||||||||||||||||||||||||
| | | 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-fate | | | | | 52,729 | | | | | | — | | | | | | 52,729 | | | | | | — | | | ||||||||||||
Total mortgage-backed securities available for sale | | | | | 90,705 | | | | | | — | | | | | | 90,705 | | | | | | — | | | ||||||||||||
Total | | | | $ | 124,667 | | | | | $ | — | | | | | $ | 124,667 | | | | | $ | — | | | ||||||||||||
| |||||||||||||||||||||||||||||||||||||
For assets measured at fair value on a nonrecurring basis in fiscal 2014 and fiscal 2013 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 September 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||
| | | 30-Sep-14 | | |||||||||||||||||||||||||||||||||
| | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||
Other real estate owned | | | | $ | 1,030 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,030 | | | ||||||||||||
Impaired loans(4) | | | | | 887 | | | | | | — | | | | | | — | | | | | | 887 | | | ||||||||||||
Mortgage servicing rights | | | | | 160 | | | | | | — | | | | | | 160 | | | | | | — | | | ||||||||||||
Total | | | | $ | 2,077 | | | | | $ | — | | | | | $ | 160 | | | | | $ | 1,917 | | | ||||||||||||
| |||||||||||||||||||||||||||||||||||||
| | | 30-Sep-14 | | |||||||||||||||||||||||||||||||||
| | | Fair Value at | | | Valuation Technique | | | Unobservable Input | | | Range/(Weighted | | ||||||||||||||||||||||||
September 30, | Average) | ||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||
Other real estate | | | | $ | 1,030 | | | | Appraisal of collateral(1) | | | Collateral discounts(2) | | | 16 − 72%/(38%) | | |||||||||||||||||||||
owned | |||||||||||||||||||||||||||||||||||||
Impaired loans(3) | | | | | 887 | | | | Appraisal of collateral(1) | | | Collateral discounts(2) | | | 7 − 52%/(20%) | | |||||||||||||||||||||
Total | | | | $ | 1,917 | | | | | | | | | | | | |||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
-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. | |||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
-4 | |||||||||||||||||||||||||||||||||||||
At September 30, 2014, there were six loans with an aggregate balance of $887,000 and no specific loan loss allowance. | |||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
| | | 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(4) | | | | | 1,047 | | | | | | — | | | | | | — | | | | | | 1,047 | | | ||||||||||||
Mortgage servicing rights | | | | | 158 | | | | | | — | | | | | | 158 | | | | | | — | | | ||||||||||||
Total | | | | $ | 13,913 | | | | | $ | 10,367 | | | | | $ | 158 | | | | | $ | 3,388 | | | ||||||||||||
| |||||||||||||||||||||||||||||||||||||
| | | 30-Sep-13 | | |||||||||||||||||||||||||||||||||
| | | Fair Value at | | | Valuation Technique | | | Unobservable Input | | | Range/(Weighted | | ||||||||||||||||||||||||
September 30, | Average) | ||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||
Other real estate | | | | $ | 2,341 | | | | Appraisal of collateral(1) | | | Collateral discounts(2) | | | 14 − 84%/(39%) | | |||||||||||||||||||||
owned | |||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
-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. | |||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
-4 | |||||||||||||||||||||||||||||||||||||
At September 30, 2013, there were 11 loans with an aggregate balance of $1.0 million and no specific loan loss allowance. | |||||||||||||||||||||||||||||||||||||
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The following table shows active information regarding significant techniques and inputs used at September 30, 2014 and 2013 for measures in a non-recurring basis using unobservable inputs (Level 2): | |||||||||||||||||||||||||||||||||||||
| | | Fair Value at | | | Valuation | | | Unobservable | | | Method or Value as of | | ||||||||||||||||||||||||
September 30, | Technique | Input | 30-Sep-14 | ||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | | | | | | | | | | | | | |||||||||||||||||||||
Mortgage servicing rights | | | | $ | 160 | | | | Discounted rate | | | Discount rate | | | 11.00 − 12.00% | | | Rate used through | | ||||||||||||||||||
modeling period | |||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | Loan prepayment speeds | | | 14.15% | | | Weighted-average | | ||||||||||||||||||
CPR | |||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | Servicing fees | | | 0.25% | | | Of loan balance | | ||||||||||||||||||
| | | | | | | | | | | | Servicing costs | | | 6.25% | | | Monthly servicing | | ||||||||||||||||||
cost per account | |||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | $300 − 500 | | | Additional monthly | | ||||||||||||||||||
servicing cost per loan | |||||||||||||||||||||||||||||||||||||
on loans more than 30 | |||||||||||||||||||||||||||||||||||||
days delinquent | |||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | | | | $ | 158 | | | | Discounted rate | | | Discount rate | | | 11.00 − 12.00% | | | Rate used through | | ||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | $300 − 400 | | | Additional monthly | | ||||||||||||||||||
servicing cost per loan | |||||||||||||||||||||||||||||||||||||
on loans more than 30 | |||||||||||||||||||||||||||||||||||||
days delinquent | |||||||||||||||||||||||||||||||||||||
The table below presents a summary of activity in our other real estate owned during the year ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||
| | | Balance as of | | | Year Ended September 30, 2014 | | ||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||||
| | 2013 | | Additions | | | Sales, net | | | Write-downs | | | Balance as of | | |||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||
Residential mortgage | | | | $ | 725 | | | | | $ | 944 | | | | | $ | 335 | | | | | $ | 203 | | | | | $ | 1,131 | | | ||||||
Construction and Development: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Land | | | | | 675 | | | | | | — | | | | | | 675 | | | | | | — | | | | | | — | | | ||||||
Commercial: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Commercial real estate | | | | | 1,929 | | | | | | — | | | | | | 958 | | | | | | 138 | | | | | | 833 | | | ||||||
Multi-family | | | | | 81 | | | | | | — | | | | | | 81 | | | | | | — | | | | | | — | | | ||||||
Other | | | | | 174 | | | | | | — | | | | | | 174 | | | | | | — | | | | | | — | | | ||||||
Consumer: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Second mortgages | | | | | 378 | | | | | | — | | | | | | 378 | | | | | | — | | | | | | — | | | ||||||
Total | | | | $ | 3,962 | | | | | $ | 944 | | | | | $ | 2,601 | | | | | $ | 341 | | | | | $ | 1,964 | | | ||||||
| |||||||||||||||||||||||||||||||||||||
| | | Balance as of | | | Year Ended September 30, 2013 | | ||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||||
| | 2012 | | Additions | | | Sales, net | | | Write-downs | | | Balance as of | | |||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||
Residential mortgage | | | | $ | 1,262 | | | | | $ | 2,481 | | | | | $ | 2,777 | | | | | $ | 241 | | | | | $ | 725 | | | ||||||
Construction and Development: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Land | | | | | — | | | | | | 801 | | | | | | — | | | | | | 126 | | | | | | 675 | | | ||||||
Commercial: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Commercial real estate | | | | | 2,405 | | | | | | 1,147 | | | | | | 810 | | | | | | 813 | | | | | | 1,929 | | | ||||||
Multi-family | | | | | 486 | | | | | | — | | | | | | — | | | | | | 405 | | | | | | 81 | | | ||||||
Other | | | | | — | | | | | | 174 | | | | | | — | | | | | | — | | | | | | 174 | | | ||||||
Consumer: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Second mortgages | | | | | 441 | | | | | | — | | | | | | — | | | | | | 63 | | | | | | 378 | | | ||||||
Total | | | | $ | 4,594 | | | | | $ | 4,603 | | | | | $ | 3,587 | | | | | $ | 1,648 | | | | | $ | 3,962 | | | ||||||
| |||||||||||||||||||||||||||||||||||||
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 September 30, 2014 and 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 September 30, 2014 and 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 September 30, 2014 or 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 are no loans held for sale at September 30, 2014. The loans held for sale at September 30, 2013 were sold in a bulk transaction to one purchaser, 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 September 30, 2014 and 2013 were as follows: | |||||||||||||||||||||||||||||||||||||
| | | 30-Sep-14 | ||||||||||||||||||||||||||||||||||
| | | Carrying | | | Fair Value | | | Level 1 | | | Level 2 | | | Level 3 | ||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||||||||||
| | | (In thousands) | ||||||||||||||||||||||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Cash and cash equivalents | | | | $ | 19,187 | | | | | $ | 19,187 | | | | | $ | 19,187 | | | | | $ | — | | | | | $ | — | ||||||||
Investment securities available for sale | | | | | 100,943 | | | | | | 100,943 | | | | | | — | | | | | | 100,943 | | | | | | — | ||||||||
Loans receivable, net | | | | | 386,074 | | | | | | 388,202 | | | | | | — | | | | | | — | | | | | | 388,202 | ||||||||
Accrued interest receivable | | | | | 1,322 | | | | | | 1,322 | | | | | | — | | | | | | 1,322 | | | | | | — | ||||||||
Restricted stock | | | | | 3,503 | | | | | | 3,503 | | | | | | — | | | | | | 3,503 | | | | | | — | ||||||||
Mortgage servicing rights | | | | | 453 | | | | | | 512 | | | | | | — | | | | | | 512 | | | | | | — | ||||||||
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Savings accounts | | | | | 44,917 | | | | | | 44,917 | | | | | | — | | | | | | 44,917 | | | | | | — | ||||||||
Checking and NOW accounts | | | | | 104,980 | | | | | | 104,980 | | | | | | — | | | | | | 104,980 | | | | | | — | ||||||||
Money market accounts | | | | | 59,529 | | | | | | 59,529 | | | | | | — | | | | | | 59,529 | | | | | | — | ||||||||
Certificates of deposit | | | | | 203,527 | | | | | | 207,080 | | | | | | — | | | | | | 207,080 | | | | | | — | ||||||||
FHLB advances | | | | | 48,000 | | | | | | 49,627 | | | | | | — | | | | | | 49,627 | | | | | | — | ||||||||
Accrued interest payable | | | | | 149 | | | | | | 149 | | | | | | — | | | | | | 149 | | | | | | — | ||||||||
| | | 30-Sep-13 | ||||||||||||||||||||||||||||||||||
| | | Carrying | | | Fair Value | | | Level 1 | | | Level 2 | | | Level 3 | ||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||||||||||
| | | (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 | 12 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||
Note 11 — Income Taxes | |||||||||||||||||||||||
As of September 30, 2014 the Company’s net deferred tax asset before the consideration of a valuation allowance was $12.6 million compared to $15.0 million as of September 30, 2013. The $12.6 million deferred tax asset, prior to valuation allowance, is comprised of the $7.2 million in net operating loss (“NOL”) carryovers and $5.4 million attributable to other items. The largest component of temporary difference deferred tax asset (“DTA”) relates to the allowance for loan losses which totaled $3.0 million as of September 30, 2014. | |||||||||||||||||||||||
In accordance with ASC Topic 740, the Company evaluates on a quarterly basis, all evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance for DTAs is needed. In conducting this evaluation, management explores all possible sources of taxable income available under existing tax laws to realize the net deferred tax asset beginning with the most objectively verifiable evidence first, including available carry back claims and viable tax planning strategies. If needed, management will look to future taxable income as a potential source. Management reviews the Company’s current financial position and its results of operations for the current and preceding years. That historical information is supplemented by all currently available information about future years. The Company understands that projections about future performance are subjective. | |||||||||||||||||||||||
In accordance with ASC Topic 740, the Company considered certain prudent and feasible tax-planning strategies available at September 30, 2014 that, if implemented, could prevent an operating loss or tax credit carry-forward from expiring unused and could result in realization of the existing DTA. The Company has no present intention to implement such strategies; however, in the event that the Company determined future earnings would not be sufficient to realize the deferred tax asset, the Company has the ability to realize a portion of DTA through proven tax strategies such as: selling available-for-sale securities in a gain position from the investment portfolio, surrendering BOLI policies, and selling loans in a gain position from the loan portfolio, as well as sales or sale/leaseback of branch offices/office buildings to recognize built-in gains. | |||||||||||||||||||||||
Based on the Company’s analysis of positive and negative evidence, the Company determined a DTA valuation allowance of $10.1 million was needed as of September 30, 2014. When determining an estimate for a valuation allowance, the Company assessed the possible sources of taxable income available under tax law to realize a tax benefit for deductible temporary differences and carryforwards as defined in ASC Topic 740. As a result of cumulative losses in recent periods and the uncertain nature of the current economic environment as of September 30, 2014, the Company did not use projections of future taxable income as a factor. The Company will exclude future taxable income as a factor until it can show consistent and sustained profitability. The Company will continue to reevaluate the realizability of the DTA and the valuation allowance may be adjusted in future periods accordingly. | |||||||||||||||||||||||
Deferred income taxes at September 30, 2014 and 2013 were as follows: | |||||||||||||||||||||||
| | | September 30, | | |||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||
Deferred Tax Assets: | | | | | | | | | | | | | | ||||||||||
Unrealized loss on investments available for sale | | | | $ | 932 | | | | | $ | 1,385 | | | ||||||||||
Allowance for loan losses | | | | | 3,051 | | | | | | 3,091 | | | ||||||||||
Non-accrual interest | | | | | 122 | | | | | | 87 | | | ||||||||||
Write-down of real estate owned | | | | | 270 | | | | | | 573 | | | ||||||||||
Alternative minimum tax (AMT) credit carryover | | | | | 64 | | | | | | 64 | | | ||||||||||
Low-income housing tax credit carryover | | | | | 337 | | | | | | 337 | | | ||||||||||
Supplement Employer Retirement Plan | | | | | 455 | | | | | | 435 | | | ||||||||||
Charitable contributions | | | | | 36 | | | | | | 202 | | | ||||||||||
Depreciation | | | | | 127 | | | | | | 150 | | | ||||||||||
State net operating loss | | | | | — | | | | | | 1,528 | | | ||||||||||
Federal net operating loss | | | | | 7,159 | | | | | | 7,046 | | | ||||||||||
Other | | | | | 54 | | | | | | 112 | | | ||||||||||
Total Deferred Tax Assets | | | | | 12,607 | | | | | | 15,010 | | | ||||||||||
Valuation allowance for DTA | | | | | -10,074 | | | | | | -12,454 | | | ||||||||||
Total Deferred Tax Assets, Net of Valuation Allowance | | | | $ | 2,533 | | | | | $ | 2,556 | | | ||||||||||
Deferred Tax Liabilities: | | | | | | | | | | | | | | ||||||||||
State net operating income | | | | | -3 | | | | | | — | | | ||||||||||
Mortgage servicing rights | | | | | -154 | | | | | | -92 | | | ||||||||||
Total Deferred Tax Liabilities | | | | | -157 | | | | | | -92 | | | ||||||||||
Deferred Tax Assets, Net | | | | $ | 2,376 | | | | | $ | 2,464 | | | ||||||||||
| |||||||||||||||||||||||
Of these DTA, the carryforward periods for certain tax attributes are as follows: | |||||||||||||||||||||||
• | |||||||||||||||||||||||
Gross federal net operating loss carryforwards of $21.1 million (net DTA of $7.2 million) to expire in the fiscal year ending September 30, 2031; | |||||||||||||||||||||||
| |||||||||||||||||||||||
• | |||||||||||||||||||||||
Low income housing credit carryforwards of $337,000 to expire in the fiscal years ending September 30, 2030 and 2031; | |||||||||||||||||||||||
| |||||||||||||||||||||||
• | |||||||||||||||||||||||
AMT credit carryforward has no expiration date; and | |||||||||||||||||||||||
| |||||||||||||||||||||||
• | |||||||||||||||||||||||
Gross charitable contributions carryforwards of $107,000 (net DTA of $36,000) to expire in the fiscal years ending September 30, 2015 through September 30, 2018. | |||||||||||||||||||||||
| |||||||||||||||||||||||
| |||||||||||||||||||||||
Income tax expense for the years ended September 30, 2014, 2013 and 2012 was comprised of the following: | |||||||||||||||||||||||
| | | September 30, | | |||||||||||||||||||
| | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| | | (In thousands) | | |||||||||||||||||||
Federal: | | | | | | | | | | | | | | | | | | | | ||||
Current | | | | $ | 388 | | | | | $ | -15 | | | | | $ | 87 | | | ||||
Deferred | | | | | -367 | | | | | | 6,025 | | | | | | 541 | | | ||||
| | | | | 21 | | | | | | 6,010 | | | | | | 628 | | | ||||
State, current | | | | | — | | | | | | — | | | | | | — | | | ||||
| | | | $ | 21 | | | | | $ | 6,010 | | | | | $ | 628 | | | ||||
| |||||||||||||||||||||||
The following reconciliation between federal income tax at the statutory rate of 34% and the actual income tax expense (benefit) recorded on income (loss) before income taxes for the years ended September 30, 2014, 2013 and 2012: | |||||||||||||||||||||||
| | | September 30, | | |||||||||||||||||||
| | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||
At federal statutory rate at 34% | | | | $ | — | | | | | $ | -4,350 | | | | | $ | 880 | | | ||||
Adjustments resulting from: | | | | | | | | | | | | | | | | | | | | ||||
Tax-exempt interest | | | | | — | | | | | | -77 | | | | | | -25 | | | ||||
Low-income housing credit | | | | | — | | | | | | — | | | | | | -44 | | | ||||
Earnings on bank-owned life insurance | | | | | — | | | | | | -400 | | | | | | -179 | | | ||||
Federal tax on cash surrender of BOLI | | | | | 21 | | | | | | — | | | | | | — | | | ||||
DTA valuation allowance | | | | | — | | | | | | 10,724 | | | | | | — | | | ||||
Other | | | | | — | | | | | | 113 | | | | | | -4 | | | ||||
| | | | $ | 21 | | | | | $ | 6,010 | | | | | $ | 628 | | | ||||
Effective tax rate | | | | | 3.30% | | | | | | -47.00% | | | | | | 24.30% | | | ||||
| |||||||||||||||||||||||
It is the Company’s policy to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more like than not to be sustained upon examination by tax authorities. As of September 30, 2014 and 2013, there were no material uncertain tax positions related to federal and state income tax matters. The Company is currently open to audit under the statute of limitation by the Internal Revenue Service and state taxing authorities for the years ended September 30, 2011 to September 30, 2014. | |||||||||||||||||||||||
The Small Business Job Protection Act of 1996 provides for the repeal of the tax bad debt deduction computed under the percentage-of-taxable-income method. Upon repeal, the Company was required to recapture into income, over a six-year period, the portion of its tax bad debt reserves that exceeds its base year reserves (i.e., tax reserves for tax years beginning before 1988). The base year tax reserves, which may be subject to recapture if the Company ceases to qualify as a bank for federal income tax purposes, are restricted with respect to certain distributions and have been treated as a permanent tax difference. The Company’s total tax bad debt reserves at September 30, 2014 and 2013 were approximately $1.6 million, of which $1.6 million represented the base year amount, and zero was subject to recapture. |
Leases
Leases | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Leases [Abstract] | |||||||||
Leases | Note 12 — Leases | ||||||||
Pursuant to the terms of non-cancelable operating lease agreements expiring in September 2030, pertaining to Company property, future minimum rent commitments are (In thousands): | |||||||||
Years ending September 30: | | | | | | | | ||
2015 | | | | $ | 195 | | | ||
2016 | | | | | 215 | | | ||
2017 | | | | | 214 | | | ||
2018 | | | | | 215 | | | ||
2019 | | | | | 214 | | | ||
Thereafter | | | | | 4,119 | | | ||
| | | | $ | 5,172 | | | ||
| |||||||||
The Company receives rents from the lease of office and residential space owned by the Company. Future minimum rental commitments under these leases are (In thousands): | |||||||||
Years ending September 30: | | | | | | | | ||
2015 | | | | $ | 159 | | | ||
2016 | | | | | — | | | ||
2017 | | | | | — | | | ||
2018 | | | | | — | | | ||
2019 | | | | | — | | | ||
| | | | $ | 159 | | | ||
|
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Commitments and Contingencies [Abstract] | ||||||||||||||||
Commitments and Contingencies | Note 13 — Commitments and Contingencies | |||||||||||||||
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, unused lines of credit and standby letters of credit. Such commitments involve, to varying degrees, elements of credit, and interest rate risk in excess of the amount recognized in the statements of financial condition. | ||||||||||||||||
The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. | ||||||||||||||||
Letters of credit are conditional commitments issued by the Company guaranteeing payments of drafts in accordance with the terms of the letter of credit agreements. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Collateral may be required to support letters of credit based upon management’s evaluation of the creditworthiness of each customer. The credit risk involved in issuing letters of credit is substantially the same as that involved in extending loan facilities to customers. Most letters of credit expire within one year. At September 30, 2014 and 2013, the uncollateralized portion of the letters of credit extended by the Company was approximately $3.3 million and $3.7 million, respectively. The current amount of the liability for guarantees under letters of credit was not material as of September 30, 2014 or 2013. | ||||||||||||||||
At September 30, 2014 and 2013, the following financial instruments were outstanding whose contract amounts represent credit risk: | ||||||||||||||||
| | | September 30, | | ||||||||||||
| | | 2014 | | | 2013 | | |||||||||
| | | (In thousands) | | ||||||||||||
Commitments to extend credit: | | | | | | | | | | | | | | |||
Future loan commitments | | | | $ | 10,952 | | | | | $ | 7,858 | | | |||
Undisbursed construction loans | | | | | 2,873 | | | | | | 3,797 | | | |||
Undisbursed home equity lines of credit | | | | | 14,867 | | | | | | 13,936 | | | |||
Undisbursed commercial lines of credit | | | | | 948 | | | | | | 3,032 | | | |||
Overdraft protection lines | | | | | 133 | | | | | | 108 | | | |||
Standby letters of credit | | | | | 3,302 | | | | | | 3,727 | | | |||
Total Commitments | | | | $ | 33,075 | | | | | $ | 32,458 | | | |||
| ||||||||||||||||
Commitments to grant loans at fixed rates at September 30, 2014 totaled $11.0 million, with such commitments being for loans with interest rates that ranged from 3.13% to 5.25%. Commitments to grant loans at variable rates at September 30, 2014 totaled $22.1 million, with such commitments being for loans with initial interest rates that ranged from 3.40% to 6.17%. | ||||||||||||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation. Collateral held varies but generally includes personal or commercial real estate. | ||||||||||||||||
Unfunded commitments under commercial lines of credit are collateralized except for the overdraft protection lines of credit and commercial unsecured lines of credit. The amount of collateral obtained is based on management’s credit evaluation, and generally includes personal or commercial real estate. | ||||||||||||||||
Various legal claims arise from time to time in the normal course of business which, in the opinion of management, will have no material effect on the Company’s consolidated financial statements. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Regulatory Matters [Abstract] | ||||||||||||||||||||||||||||||||||||
Regulatory Matters | Note 14 — Regulatory Matters | |||||||||||||||||||||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors. | ||||||||||||||||||||||||||||||||||||
In July of 2013 the respective U.S. federal banking agencies issued final rules implementing Basel III and the Dodd-Frank Act capital requirements to be fully phased in on a global basis on January 1, 2019. The new regulations establish a new tangible common equity capital requirement, increase the minimum requirement for the current Tier 1 risk-weighted asset (“RWA”) ratio, phase out certain kinds of intangibles treated as capital and certain types of instruments and change the risk weightings of certain assets used to determine required capital ratios. The new common equity Tier 1 capital component requires capital of the highest quality — predominantly composed of retained earnings and common stock instruments. For community banks such as Malvern Federal Savings Bank, a common equity Tier 1 capital ratio 4.5% will become effective on January 1, 2015. The new capital rules will also increase the current minimum Tier 1 capital ratio from 4.0% to 6.0% beginning on January 1, 2015. In addition, institutions that seek the freedom to make capital distributions and pay discretionary bonuses to executive officers without restriction must also maintain greater than 2.5% in common equity attributable to a capital conservation buffer to be phased in from January 1, 2016 until January 1, 2019. The new rules also increase the risk weights for several categories of assets, including an increase from 100% to 150% for certain acquisition, development and construction loans and more than 90-day past due exposures. The new capital rules maintain the general structure of the prompt corrective action rules, but incorporate the new common equity Tier 1 capital requirement and the increased Tier 1 RWA requirement into the prompt corrective action framework. | ||||||||||||||||||||||||||||||||||||
The Bank will remain adequately capitalized under the implementation of Basel III, which is effective January 1, 2015. | ||||||||||||||||||||||||||||||||||||
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). In addition to the standard regulatory capital requirements, the Bank also is required to satisfy individual minimum capital ratios (“IMCRs”) 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. | ||||||||||||||||||||||||||||||||||||
Management believes, as of September 30, 2014, that the Bank met all capital adequacy requirements to which it was subject. | ||||||||||||||||||||||||||||||||||||
The Bank’s actual capital amounts and ratios are also presented in the table: | ||||||||||||||||||||||||||||||||||||
| | | Actual | | | For Capital Adequacy | | | To be Well Capitalized | |||||||||||||||||||||||||||
Purposes | Under Prompt | |||||||||||||||||||||||||||||||||||
Corrective Action | ||||||||||||||||||||||||||||||||||||
Provisions | ||||||||||||||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | ||||||||||||||||||
| | | (Dollars in thousands) | |||||||||||||||||||||||||||||||||
As of September 30, 2014: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tangible Capital (to tangible assets) | | | | $ | 64,414 | | | | | | 12.09% | | | | | $ | ≥7,990 | | | | | | 1.50% | | | | | $ | — | | | | | | N/A | |
Core Capital (to adjusted tangible assets) | | | | | 64,414 | | | | | | 12.09 | | | | | | ≥21,305 | | | | | | 4 | | | | | | ≥26,632 | | | | | | 5.00% | |
Tier 1 Capital (to risk-weighted assets) | | | | | 64,414 | | | | | | 19.5 | | | | | | ≥13,212 | | | | | | 4 | | | | | | ≥19,818 | | | | | | 6 | |
Total risk-based Capital (to risk-weighted | | | | | 68,549 | | | | | | 20.75 | | | | | | ≥26,424 | | | | | | 8 | | | | | | ≥33,030 | | | | | | 10 | |
assets) | ||||||||||||||||||||||||||||||||||||
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 | | | | | | ≥29,580 | | | | | | 5.00% | |
Tier 1 Capital (to risk-weighted assets) | | | | | 64,524 | | | | | | 17.72 | | | | | | ≥14,566 | | | | | | 4 | | | | | | ≥21,849 | | | | | | 6 | |
Total risk-based Capital (to risk-weighted | | | | | 69,084 | | | | | | 18.97 | | | | | | ≥29,132 | | | | | | 8 | | | | | | ≥36,415 | | | | | | 10 | |
assets) | ||||||||||||||||||||||||||||||||||||
During the year ended September 30, 2013, the Company contributed $25.0 million in additional capital to the Bank upon the successful completion of the “second-step” conversion and offering on October 11, 2012. | ||||||||||||||||||||||||||||||||||||
The following table presents a reconciliation of the Bank’s equity determined using accounting principles generally accepted in the United States of America (“US GAAP”) and its regulatory capital amounts as of September 30, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||
| | | September 30, | | ||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | |||||||||||||||||||||||||||||
| | | (In thousands) | | ||||||||||||||||||||||||||||||||
Bank GAAP equity | | | | $ | 63,454 | | | | | $ | 62,042 | | | |||||||||||||||||||||||
Disallowed portion of deferred tax asset | | | | | -670 | | | | | | — | | | |||||||||||||||||||||||
Net unrealized gain on securities available for sale, net of income taxes | | | | | 1,630 | | | | | | 2,482 | | | |||||||||||||||||||||||
Tangible Capital, Core Capital and Tier 1 Capital | | | | | 64,414 | | | | | | 64,524 | | | |||||||||||||||||||||||
Allowance for loan losses (excluding specific reserves of $0 and $0 for 2014 and | | | | | 4,135 | | | | | | 4,560 | | | |||||||||||||||||||||||
2013, respectively), (also excluding 1.25% of risk-weighted assets of $516 and | ||||||||||||||||||||||||||||||||||||
$627 for 2014 and 2013, respectively) | ||||||||||||||||||||||||||||||||||||
Total Risk-Based Capital | | | | $ | 68,549 | | | | | $ | 69,084 | | | |||||||||||||||||||||||
|
Condensed_Financial_Informatio
Condensed Financial Information - Parent Company Only | 12 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||
Condensed Financial Information - Parent Company Only | Note 15 — Condensed Financial Information — Parent Company Only | ||||||||||||||||||||||
Condensed Statements of Financial Condition | |||||||||||||||||||||||
| | | September 30, | | |||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||
Assets | | | | | | | | | | | | | | ||||||||||
Cash and Cash Equivalents | | | | $ | 2,438 | | | | | $ | 2,394 | | | ||||||||||
Investment in subsidiaries | | | | | 63,454 | | | | | | 62,042 | | | ||||||||||
Investment securities available for sale, at fair value | | | | | 8,329 | | | | | | 8,313 | | | ||||||||||
Loans receivable, net | | | | | 1,969 | | | | | | 2,090 | | | ||||||||||
Deferred income taxes, net | | | | | 91 | | | | | | 106 | | | ||||||||||
Other assets | | | | | 539 | | | | | | 523 | | | ||||||||||
Total Assets | | | | $ | 76,820 | | | | | $ | 75,468 | | | ||||||||||
Liabilities | | | | | | | | | | | | | | ||||||||||
Accounts payable | | | | $ | 48 | | | | | $ | 62 | | | ||||||||||
Shareholders’ Equity | | | | | 76,772 | | | | | | 75,406 | | | ||||||||||
Total Liabilities and Shareholders’ Equity | | | | $ | 76,820 | | | | | $ | 75,468 | ||||||||||||
Condensed Statements of Operations | |||||||||||||||||||||||
| | | Year Ended September 30, | | |||||||||||||||||||
| | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| | | (In thousands) | | |||||||||||||||||||
Income | | | | | | | | | | | | | | | | | | | | ||||
Interest income | | | | $ | 254 | | | | | $ | 184 | | | | | $ | 129 | | | ||||
Total Interest Income | | | | | 254 | | | | | | 184 | | | | | | 129 | | | ||||
Gain on sale of investment securities | | | | | — | | | | | | — | | | | | | 40 | | | ||||
Expense | | | | | | | | | | | | | | | | | | | | ||||
Other operating expenses | | | | | 331 | | | | | | 17 | | | | | | 14 | | | ||||
Total Other Expenses | | | | | 331 | | | | | | 17 | | | | | | 14 | | | ||||
Gain before Equity in Undistributed Net Income (Loss) of Subsidiaries | | | | | -77 | | | | | | 167 | | | | | | 155 | | | ||||
and Income Tax Benefit | |||||||||||||||||||||||
Equity in Undistributed Net Income (Loss) of Subsidiaries | | | | | 400 | | | | | | -18,839 | | | | | | 1,859 | | | ||||
Income tax expense | | | | | — | | | | | | 131 | | | | | | 55 | | | ||||
Net Income (Loss) | | | | $ | 323 | | | | | $ | -18,803 | | | | | $ | 1,959 | | | ||||
| |||||||||||||||||||||||
Condensed Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||
| | | Year Ended September 30, | | |||||||||||||||||||
| | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| | | (In thousands) | | |||||||||||||||||||
Net Income (Loss) | | | | $ | 323 | | | | | $ | -18,803 | | | | | $ | 1,959 | | | ||||
Other Comprehensive (Loss) Income: | | | | | | | | | | | | | | | | | | | | ||||
Changes in net unrealized net gains and losses on securities available for | | | | | 46 | | | | | | -312 | | | | | | -53 | | | ||||
sale | |||||||||||||||||||||||
Gains realized on sale of securities in net income (loss) | | | | | — | | | | | | — | | | | | | -40 | | | ||||
| | | | | 46 | | | | | | -312 | | | | | | -93 | | | ||||
Deferred income tax effect | | | | | -16 | | | | | | 106 | | | | | | 93 | | | ||||
Total other comprehensive income (loss) | | | | | 30 | | | | | | -206 | | | | | | — | | | ||||
Total comprehensive income (loss) | | | | $ | 353 | | | | | $ | -19,009 | | | | | $ | 1,959 | | | ||||
| |||||||||||||||||||||||
Condensed Statements of Cash Flows | |||||||||||||||||||||||
| | | Year Ended September 30, | | |||||||||||||||||||
| | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| | | (In thousands) | | |||||||||||||||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | | | ||||
Net income (loss) | | | | $ | 323 | | | | | $ | -18,803 | | | | | $ | 1,959 | | | ||||
Undistributed net (income) loss of subsidiaries | | | | | -400 | | | | | | 18,839 | | | | | | -1,859 | | | ||||
Deferred income taxes, net | | | | | 197 | | | | | | 106 | | | | | | -32 | | | ||||
ESOP shares committed to be released | | | | | 160 | | | | | | 169 | | | | | | 103 | | | ||||
Amortization of discounts on investment securities | | | | | — | | | | | | 40 | | | | | | 79 | | | ||||
Net gain on sale of investment securities | | | | | — | | | | | | — | | | | | | -40 | | | ||||
Decrease in other liabilities | | | | | -14 | | | | | | — | | | | | | -500 | | | ||||
Decrease (increase) in other assets | | | | | 227 | | | | | | -197 | | | | | | -193 | | | ||||
Net Cash Provided by (Used in) Operating Activities | | | | | 493 | | | | | | 154 | | | | | | -483 | | | ||||
Cash Flows from Investing Activities | | | | | | | | | | | | | | | | | | | | ||||
Proceeds from maturities and principal collection on investments | | | | | 422 | | | | | | 1,474 | | | | | | 888 | | | ||||
available for sale, net | |||||||||||||||||||||||
Purchases of investment securities | | | | | -992 | | | | | | -10,299 | | | | | | -1,001 | | | ||||
Calls, sales of investment securities | | | | | — | | | | | | 200 | | | | | | 2,806 | | | ||||
Loan originations and principal collections, net | | | | | 121 | | | | | | 115 | | | | | | 109 | | | ||||
Net Cash (Used in) Provided by Investing Activities | | | | | -449 | | | | | | -8,510 | | | | | | 2,802 | | | ||||
Cash Flows from Financing Activities | | | | | | | | | | | | | | | | | | | | ||||
Proceeds from stock issuance net of offering costs | | | | | — | | | | | | 34,732 | | | | | | — | | | ||||
Capitalization | | | | | — | | | | | | -25,000 | | | | | | -3,200 | | | ||||
Capitalization of Mutual Holding Company | | | | | — | | | | | | 100 | | | | | | — | | | ||||
Cash dividends paid | | | | | — | | | | | | — | | | | | | — | | | ||||
Net Cash Provided by (Used in) Financing Activities | | | | | — | | | | | | 9,832 | | | | | | -3,200 | | | ||||
Net Increase (Decrease) in Cash and Cash Equivalents | | | | | 44 | | | | | | 1,476 | | | | | | -881 | | | ||||
Cash and Cash Equivalents – Beginning | | | | | 2,394 | | | | | | 918 | | | | | | 1,799 | | | ||||
Cash and Cash Equivalents – Ending | | | | $ | 2,438 | | | | | $ | 2,394 | | | | | $ | 918 | | | ||||
|
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation |
The consolidated financial statements at and for the years ended September 30, 2014 and 2013 include the accounts of Malvern Bancorp, Inc. and its subsidiaries. The consolidated financial statements for the year ended September 30, 2012 include the accounts of Malvern Federal Bancorp, Inc. and its subsidiaries. All significant intercompany transactions and balances have been eliminated. | |
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. | |
The Company is required to maintain average reserve balances in vault cash with the Federal Reserve Bank based upon outstanding balances of deposit transaction accounts. Based upon the Company’s outstanding transaction deposit balances, the Bank maintained a deposit account with the Federal Reserve Bank of Philadelphia in the amount of $3.2 million and $3.9 million at September 30, 2014 and 2013, respectively. | |
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 September 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 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 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 statement of financial condition. Gains and losses on loan sales (sales proceeds minus carrying value) are recorded in other 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 statement of financial condition (see “Loan Servicing” for more detail). There were no loans classified as held for sale as of September 30, 2014. As of September 30, 2013, there were $10.4 million loans classified as held for sale. The loans held for sale at September 30, 2013 were sold in a bulk transaction to one purchaser, 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 represent 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 or collateral recovery 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 credit 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, a charge-off is recognized 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. | |
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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 any other loan modifications. | |
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6 | |
The quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors. | |
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7 | |
The existence and effect of any concentrations of credit and changes in the level of such concentrations. | |
| |
8 | |
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 10 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 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 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 Lending | |
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 in 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 originate 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 the declines in the market value of real estate and the deterioration 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. | |
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 current level of the allowance for loan losses is adequate. | |
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 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 other 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 September 30, 2014 and September 30, 2013, restricted stock consists 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. | |
As of September 30, 2014 and 2013, there were net repurchases of $465,000 and $1.1 million, respectively. Also as of September 30, 2014 and 2013 the number of FHLB shares was 35,026 and 30,378, respectively. There were approximately $123,000, $19,000 and $4,000 of dividends received or recognized in income for fiscal years 2014, 2013 and 2012, respectively. | |
Property and Equipment | Property and Equipment |
Property and equipment is 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 placedin 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. | |
Employee Benefit Plans | Employee Benefit Plans |
The Bank’s 401(k) plan allows eligible participants to set aside a certain percentage of their salaries before taxes. The Company may elect to match employee contributions up to a specified percentage of their respective salaries in an amount determined annually by the Board of Directors. The Company’s matching contribution related to the plan resulted in expenses of $118,000, $110,000, and $102,000, for fiscal 2014, 2013, and 2012, respectively. There were no bonus matching contributions for fiscal years 2014, 2013 or 2012. | |
The Company also maintains an unfunded Supplemental Executive and a Director Retirement Plan (the “Plans”). The accrued amount for the Plans included in other liabilities was $1.3 million and $1.3 million at September 30, 2014 and 2013, respectively. Distributions made for the fiscal year 2014 and 2013 were $13,000 and $20,000, respectively. The expense associated with the Plans for the years ended September 30, 2014, 2013, and 2012 was $78,000, $168,000, and $116,000, respectively. | |
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. | |
Reclassifications | Reclassifications |
Certain reclassifications have been made to the previous years’ consolidated financial statements to conform to the current year’s presentation. These reclassifications had no effect on the Company’s results of operations. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In August 2014, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-14, “Receivables — Troubled Debt Restructurings by Creditors”. The amendment requires that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met, (1) the loan has a government guarantee that is not separable from the loan before foreclosure; (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments in ASU 2014-14 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s financial statements. | |
In June 2014, the FASB issued 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 and method of adoption 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_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||
Schedule of composition of weighted average shares (denominator) used in earnings per share computations | | | | Year Ended September 30, | |||||||||||||||||
| | | 2014 | | | 2013 | | | 2012 | ||||||||||||
| | | (Dollars in thousands, except per share data) | ||||||||||||||||||
Net Income (Loss) | | | | $ | 323 | | | | | $ | -18,803 | | | | | $ | 1,959 | ||||
Weighted average shares outstanding | | | | | 6,558,473 | | | | | | 6,544,731 | | | | | | 6,102,500 | ||||
Exchange rate from offering | | | | | — | | | | | | — | | | | | | 1.0748 | ||||
Adjusted weighted average shares outstanding | | | | | 6,558,473 | | | | | | 6,544,731 | | | | | | 6,558,967 | ||||
Average unearned ESOP shares | | | | | -179,543 | | | | | | -193,483 | | | | | | -204,016 | ||||
Weighted average shares outstanding – basic | | | | | 6,378,930 | | | | | | 6,351,248 | | | | | | 6,354,951 | ||||
Earnings (Loss) per share – basic | | | | $ | 0.05 | | | | | $ | -2.96 | | | | | $ | 0.31 | ||||
|
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Investment Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investment securities available for sale | ||||||||||||||||||||||||||||||||||||||||||||
| | | September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
| | | Amortized | | | Gross | | | Gross | | | Fair | ||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | |||||||||||||||||||||||||||||||||||||||||
U.S. government agencies | | | | $ | 19,719 | | | | | $ | 1 | | | | | $ | -464 | | | | | $ | 19,256 | |||||||||||||||||||||
State and municipal obligations | | | | | 2,543 | | | | | | — | | | | | | -43 | | | | | | 2,500 | |||||||||||||||||||||
Single issuer trust preferred security | | | | | 1,000 | | | | | | — | | | | | | -120 | | | | | | 880 | |||||||||||||||||||||
Corporate debt securities | | | | | 1,504 | | | | | | 21 | | | | | | — | | | | | | 1,525 | |||||||||||||||||||||
| | | | | 24,766 | | | | | | 22 | | | | | | -627 | | | | | | 24,161 | |||||||||||||||||||||
Mortgage-backed securities: | | | | | | |||||||||||||||||||||||||||||||||||||||
Federal National Mortgage Association (FNMA): | | | | | | |||||||||||||||||||||||||||||||||||||||
Adjustable-rate | | | | | 403 | | | | | | 15 | | | | | | — | | | | | | 418 | |||||||||||||||||||||
Fixed-rate | | | | | 17,390 | | | | | | 9 | | | | | | -591 | | | | | | 16,808 | |||||||||||||||||||||
Federal Home Loan Mortgage Corporation (FHLMC): | | | | | | |||||||||||||||||||||||||||||||||||||||
Adjustable-rate | | | | | 3,562 | | | | | | 33 | | | | | | — | | | | | | 3,595 | |||||||||||||||||||||
Fixed-rate | | | | | 12,336 | | | | | | — | | | | | | -340 | | | | | | 11,996 | |||||||||||||||||||||
Collateralized mortgage obligations (CMO), fixed-rate | | | | | 45,222 | | | | | | 46 | | | | | | -1,303 | | | | | | 43,965 | |||||||||||||||||||||
| | | | | 78,913 | | | | | | 103 | | | | | | -2,234 | | | | | | 76,782 | |||||||||||||||||||||
| | | | $ | 103,679 | | | | | $ | 125 | | | | | $ | -2,861 | | | | | $ | 100,943 | |||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||
| | | September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
| | | Amortized | | | Gross | | | Gross | | | Fair | ||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||||||||||||
| | | (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 | ||||||||||||||||||||||||||||||||||||||||||||
| | | September 30, 2014 | | ||||||||||||||||||||||||||||||||||||||||
| | | Less than 12 Months | | | More than 12 Months | | | Total | | ||||||||||||||||||||||||||||||||||
| | | Fair | | | Unrealized | | | Fair | | | Unrealized | | | Fair | | | Unrealized | | |||||||||||||||||||||||||
Value | Losses | Value | Losses | value | Losses | |||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | ||||||||||||||||||||||||||||||||||||||||
Investment Securities Available for Sale: | | | | | | | | |||||||||||||||||||||||||||||||||||||
U.S. government agencies | | | | $ | — | | | | | $ | — | | | | | $ | 18,267 | | | | | $ | -464 | | | | | $ | 18,267 | | | | | $ | -464 | | | |||||||
State and municipal obligations | | | | | — | | | | | | — | | | | | | 2,501 | | | | | | -43 | | | | | | 2,501 | | | | | | -43 | | | |||||||
Single issuer trust preferred security | | | | | — | | | | | | — | | | | | | 880 | | | | | | -120 | | | | | | 880 | | | | | | -120 | | | |||||||
Mortgage-backed securities: | | | | | | | | |||||||||||||||||||||||||||||||||||||
FNMA, fixed-rate | | | | | — | | | | | | — | | | | | | 16,715 | | | | | | -591 | | | | | | 16,715 | | | | | | -591 | | | |||||||
FHLMC, fixed-rate | | | | | — | | | | | | — | | | | | | 11,996 | | | | | | -340 | | | | | | 11,996 | | | | | | -340 | | | |||||||
CMO, fixed-rate | | | | | 3,945 | | | | | | -54 | | | | | | 36,185 | | | | | | -1,249 | | | | | | 40,130 | | | | | | -1,303 | | | |||||||
| | | | $ | 3,945 | | | | | $ | -54 | | | | | $ | 86,544 | | | | | $ | -2,807 | | | | | $ | 90,489 | | | | | $ | -2,861 | | | |||||||
| ||||||||||||||||||||||||||||||||||||||||||||
| | | September 30, 2013 | | ||||||||||||||||||||||||||||||||||||||||
| | | Less than 12 Months | | | More than 12 Months | | | Total | | ||||||||||||||||||||||||||||||||||
| | | Fair | | | Unrealized | | | Fair | | | Unrealized | | | Fair | | | Unrealized | | |||||||||||||||||||||||||
Value | Losses | Value | Losses | value | Losses | |||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | ||||||||||||||||||||||||||||||||||||||||
Investment Securities Available for Sale: | | | | | | | | |||||||||||||||||||||||||||||||||||||
U.S. government agencies | | | | $ | 18,104 | | | | | $ | -683 | | | | | $ | — | | | | | $ | — | | | | | $ | 18,104 | | | | | $ | -683 | | | |||||||
State and municipal obligations | | | | | 10,748 | | | | | | -462 | | | | | | — | | | | | | — | | | | | | 10,748 | | | | | | -462 | | | |||||||
Single issuer trust preferred security | | | | | — | | | | | | — | | | | | | 810 | | | | | | -190 | | | | | | 810 | | | | | | -190 | | | |||||||
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 | | | Fair | | |||||||||||||||||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | ||||||||||||||||||||||||||||||||||||||||
Within 1 year | | | | $ | — | | | | | $ | — | | | |||||||||||||||||||||||||||||||
Over 1 year through 5 years | | | | | 11,138 | | | | | | 11,005 | | | |||||||||||||||||||||||||||||||
After 5 years through 10 years | | | | | 11,738 | | | | | | 11,416 | | | |||||||||||||||||||||||||||||||
Over 10 years | | | | | 1,890 | | | | | | 1,740 | | | |||||||||||||||||||||||||||||||
| | | | | 24,766 | | | | | | 24,161 | | | |||||||||||||||||||||||||||||||
Mortgage-backed securities | | | | | 78,913 | | | | | | 76,782 | | | |||||||||||||||||||||||||||||||
| | | | $ | 103,679 | | | | | $ | 100,943 | | | |||||||||||||||||||||||||||||||
|
Loans_Receivable_and_Related_A1
Loans Receivable and Related Allowance for Loan Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable and Related Allowance for Loan Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | September 30, | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | | | | $ | 231,324 | | | | | $ | 239,900 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | 5,964 | | | | | | 6,672 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | | | | | 1,033 | | | | | | 2,439 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Construction and Development | | | | | 6,997 | | | | | | 9,111 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | | 71,579 | | | | | | 70,571 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | | | | | 1,032 | | | | | | 1,971 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 5,480 | | | | | | 5,573 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial | | | | | 78,091 | | | | | | 78,115 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | | | | | 22,292 | | | | | | 20,431 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second mortgages | | | | | 47,034 | | | | | | 54,532 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 2,839 | | | | | | 2,648 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer | | | | | 72,165 | | | | | | 77,611 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | | | | | 388,577 | | | | | | 404,737 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred loan cost, net | | | | | 2,086 | | | | | | 2,210 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | | | | | -4,589 | | | | | | -5,090 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans receivable, net | | | | $ | 386,074 | | | | | $ | 401,857 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of allowance for loan losses | | | | September 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 balance | | | | $ | 1,414 | | | | | $ | 164 | | | | | $ | 56 | | | | | $ | 1,726 | | | | | $ | 40 | | | | | $ | 59 | | | | | $ | 137 | | | | | $ | 1,393 | | | | | $ | 22 | | | | | $ | 79 | | | | | $ | 5,090 | ||||||||||||
Charge-offs | | | | | -83 | | | | | | -37 | | | | | | — | | | | | | -183 | | | | | | — | | | | | | — | | | | | | -14 | | | | | | -618 | | | | | | -6 | | | | | | — | | | | | | -941 | ||||||||||||
Recoveries | | | | | 23 | | | | | | 1 | | | | | | — | | | | | | 9 | | | | | | — | | | | | | 3 | | | | | | 1 | | | | | | 136 | | | | | | 4 | | | | | | — | | | | | | 177 | ||||||||||||
Provision | | | | | 318 | | | | | | 163 | | | | | | -43 | | | | | | -304 | | | | | | -11 | | | | | | -12 | | | | | | 44 | | | | | | 122 | | | | | | 3 | | | | | | -17 | | | | | | 263 | ||||||||||||
Ending Balance | | | | $ | 1,672 | | | | | $ | 291 | | | | | $ | 13 | | | | | $ | 1,248 | | | | | $ | 29 | | | | | $ | 50 | | | | | $ | 168 | | | | | $ | 1,033 | | | | | $ | 23 | | | | | $ | 62 | | | | | $ | 4,589 | ||||||||||||
Ending balance: individually | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | ||||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively | | | | $ | 1,672 | | | | | $ | 291 | | | | | $ | 13 | | | | | $ | 1,248 | | | | | $ | 29 | | | | | $ | 50 | | | | | $ | 168 | | | | | $ | 1,033 | | | | | $ | 23 | | | | | $ | 62 | | | | | $ | 4,589 | ||||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable: | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | | | | $ | 231,324 | | | | | $ | 5,964 | | | | | $ | 1,033 | | | | | $ | 71,579 | | | | | $ | 1,032 | | | | | $ | 5,480 | | | | | $ | 22,292 | | | | | $ | 47,034 | | | | | $ | 2,839 | | | | | | | | | | | $ | 388,577 | ||||||||||||
Ending balance: individually | | | | $ | 999 | | | | | $ | 187 | | | | | $ | — | | | | | $ | 504 | | | | | $ | — | | | | | $ | 900 | | | | | $ | 115 | | | | | $ | 695 | | | | | $ | — | | | | | | | | | | | $ | 3,400 | ||||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively | | | | $ | 230,325 | | | | | $ | 5,777 | | | | | $ | 1,033 | | | | | $ | 71,075 | | | | | $ | 1,032 | | | | | $ | 4,580 | | | | | $ | 22,177 | | | | | $ | 46,339 | | | | | $ | 2,839 | | | | | | | | | | | $ | 385,177 | ||||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | 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 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: collectively | | | | $ | 1,414 | | | | | $ | 164 | | | | | $ | 56 | | | | | $ | 1,726 | | | | | $ | 40 | | | | | $ | 59 | | | | | $ | 137 | | | | | $ | 1,393 | | | | | $ | 22 | | | | | $ | 79 | | | | | $ | 5,090 | ||||||||||||
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: individually | | | | $ | 1,295 | | | | | $ | 209 | | | | | $ | 237 | | | | | $ | — | | | | | $ | — | | | | | $ | 900 | | | | | $ | 34 | | | | | $ | 572 | | | | | $ | — | | | | | | | | | | | $ | 3,247 | ||||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively | | | | $ | 238,605 | | | | | $ | 6,463 | | | | | $ | 2,202 | | | | | $ | 70,571 | | | | | $ | 1,971 | | | | | $ | 4,673 | | | | | $ | 20,397 | | | | | $ | 53,960 | | | | | $ | 2,648 | | | | | | | | | | | $ | 401,490 | ||||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | September 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | 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 balance | | | | $ | 1,458 | | | | | $ | 1,627 | | | | | $ | 49 | | | | | $ | 4,176 | | | | | $ | 49 | | | | | $ | 317 | | | | | $ | 220 | | | | | $ | 2,154 | | | | | $ | 16 | | | | | $ | 35 | | | | | $ | 10,101 | ||||||||||||
Charge-offs | | | | | -1,367 | | | | | | -826 | | | | | | — | | | | | | -951 | | | | | | -113 | | | | | | -88 | | | | | | -72 | | | | | | -1,184 | | | | | | -22 | | | | | | — | | | | | | -4,623 | ||||||||||||
Recoveries | | | | | — | | | | | | 1,139 | | | | | | — | | | | | | 5 | | | | | | — | | | | | | 2 | | | | | | 2 | | | | | | 141 | | | | | | 4 | | | | | | — | | | | | | 1,293 | ||||||||||||
Provision | | | | | 1,396 | | | | | | -1,216 | | | | | | -38 | | | | | | 263 | | | | | | 74 | | | | | | -5 | | | | | | 10 | | | | | | 278 | | | | | | 18 | | | | | | 30 | | | | | | 810 | ||||||||||||
Ending Balance | | | | $ | 1,487 | | | | | $ | 724 | | | | | $ | 11 | | | | | $ | 3,493 | | | | | $ | 10 | | | | | $ | 226 | | | | | $ | 160 | | | | | $ | 1,389 | | | | | $ | 16 | | | | | $ | 65 | | | | | $ | 7,581 | ||||||||||||
Ending balance: individually | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 351 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 351 | ||||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated | | | | $ | 1,487 | | | | | $ | 724 | | | | | $ | 11 | | | | | $ | 3,142 | | | | | $ | 10 | | | | | $ | 226 | | | | | $ | 160 | | | | | $ | 1,389 | | | | | $ | 16 | | | | | $ | 65 | | | | | $ | 7,230 | ||||||||||||
for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable: | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | | | | $ | 231,803 | | | | | $ | 20,500 | | | | | $ | 632 | | | | | $ | 112,199 | | | | | $ | 2,087 | | | | | $ | 7,517 | | | | | $ | 20,959 | | | | | $ | 65,703 | | | | | $ | 762 | | | | | | | | | | | $ | 462,162 | ||||||||||||
Ending balance: individually | | | | $ | 3,971 | | | | | $ | 3,788 | | | | | $ | — | | | | | $ | 4,837 | | | | | $ | — | | | | | $ | 175 | | | | | $ | 23 | | | | | $ | 447 | | | | | $ | — | | | | | | | | | | | $ | 13,241 | ||||||||||||
evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated | | | | $ | 227,832 | | | | | $ | 16,712 | | | | | $ | 632 | | | | | $ | 107,362 | | | | | $ | 2,087 | | | | | $ | 7,342 | | | | | $ | 20,936 | | | | | $ | 65,256 | | | | | $ | 762 | | | | | | | | | | | $ | 448,921 | ||||||||||||
for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of impaired loans | | | | Impaired Loans With | | | Impaired | | | Total Impaired Loans | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specific Allowance | Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specific | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Recorded | | | Related | | | Recorded | | | Recorded | | | Unpaid | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Allowance | Investment | Investment | Principal | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2014: | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | | | | $ | — | | | | | $ | — | | | | | $ | 999 | | | | | $ | 999 | | | | | $ | 1,149 | | | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | — | | | | | | — | | | | | | 187 | | | | | | 187 | | | | | | 842 | | | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | | — | | | | | | — | | | | | | 504 | | | | | | 504 | | | | | | 688 | | | ||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | — | | | | | | — | | | | | | 900 | | | | | | 900 | | | | | | 900 | | | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | | | | | — | | | | | | — | | | | | | 115 | | | | | | 115 | | | | | | 135 | | | ||||||||||||||||||||||||||||||||||||||||||||||
Second mortgages | | | | | — | | | | | | — | | | | | | 695 | | | | | | 695 | | | | | | 894 | | | ||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans | | | | $ | — | | | | | $ | — | | | | | $ | 3,400 | | | | | $ | 3,400 | | | | | $ | 4,608 | | | ||||||||||||||||||||||||||||||||||||||||||||||
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 | | | | Average Impaired | | | Interest Income | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Recognized on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2014: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | | | | $ | 1,731 | | | | | $ | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | 609 | | | | | | 17 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | | | | | 240 | | | | | | 14 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | | 21 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 900 | | | | | | 32 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | | | | | 104 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second mortgages | | | | | 622 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | | | | $ | 4,227 | | | | | $ | 63 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2013: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | | | | $ | 3,375 | | | | | $ | 45 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | 5,940 | | | | | | 65 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | | | | | 10 | | | | | | 2 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | | 4,763 | | | | | | 255 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 246 | | | | | | 14 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | | | | | 22 | | | | | | 1 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second mortgages | | | | | 574 | | | | | | 4 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | | | | $ | 14,930 | | | | | $ | 386 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2012: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | | | | $ | 2,976 | | | | | $ | 77 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | 3,410 | | | | | | 49 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | | 6,251 | | | | | | 274 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 180 | | | | | | 7 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | | | | | 26 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second mortgages | | | | | 656 | | | | | | 4 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 1 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | | | | $ | 13,500 | | | | | $ | 411 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of classes of loan portfolio | | | | September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Pass | | | Special | | | Substandard | | | Doubtful | | | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | | | | $ | 230,065 | | | | | $ | 137 | | | | | $ | 1,122 | | | | | $ | — | | | | | $ | 231,324 | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | 5,777 | | | | | | — | | | | | | 187 | | | | | | — | | | | | | 5,964 | ||||||||||||||||||||||||||||||||||||||||||||||||
Land | | | | | 1,033 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,033 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | | 63,125 | | | | | | 5,797 | | | | | | 2,657 | | | | | | — | | | | | | 71,579 | ||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | | | | | 1,032 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,032 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 3,555 | | | | | | 1,025 | | | | | | 900 | | | | | | — | | | | | | 5,480 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | | | | | 22,177 | | | | | | — | | | | | | 115 | | | | | | — | | | | | | 22,292 | ||||||||||||||||||||||||||||||||||||||||||||||||
Second mortgages | | | | | 46,292 | | | | | | 21 | | | | | | 721 | | | | | | — | | | | | | 47,034 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 2,823 | | | | | | 16 | | | | | | — | | | | | | — | | | | | | 2,839 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | | | | $ | 375,879 | | | | | $ | 6,996 | | | | | $ | 5,702 | | | | | $ | — | | | | | $ | 388,577 | ||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Pass | | | Special | | | Substandard | | | Doubtful | | | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | | | | September 30, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | | | | $ | 1,232 | | | | | $ | 1,295 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | 78 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | | 504 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | | | | | 115 | | | | | | 34 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Second mortgages | | | | | 462 | | | | | | 572 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-accrual loans | | | | $ | 2,391 | | | | | $ | 1,901 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of classes of loan portfolio summarized by aging categories | | | | Current | | | 30 − 59 | | | 60 − 89 | | | 90 Days or | | | Total | | | Total Loans | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Days Past | Days Past | More Past | Past Due | Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due | Due | Due | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2014: | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | | | | $ | 229,257 | | | | | $ | 835 | | | | | $ | — | | | | | $ | 1,232 | | | | | $ | 2,067 | | | | | $ | 231,324 | | | ||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | 5,886 | | | | | | — | | | | | | — | | | | | | 78 | | | | | | 78 | | | | | | 5,964 | | | ||||||||||||||||||||||||||||||||||||||||
Land | | | | | 1,033 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,033 | | | ||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | | 71,075 | | | | | | — | | | | | | — | | | | | | 504 | | | | | | 504 | | | | | | 71,579 | | | ||||||||||||||||||||||||||||||||||||||||
Multi-family | | | | | 1,032 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,032 | | | ||||||||||||||||||||||||||||||||||||||||
Other | | | | | 5,480 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,480 | | | ||||||||||||||||||||||||||||||||||||||||
Consumer: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | | | | | 22,177 | | | | | | — | | | | | | — | | | | | | 115 | | | | | | 115 | | | | | | 22,292 | | | ||||||||||||||||||||||||||||||||||||||||
Second mortgages | | | | | 45,847 | | | | | | 200 | | | | | | 525 | | | | | | 462 | | | | | | 1,187 | | | | | | 47,034 | | | ||||||||||||||||||||||||||||||||||||||||
Other | | | | | 2,822 | | | | | | 17 | | | | | | — | | | | | | — | | | | | | 17 | | | | | | 2,839 | | | ||||||||||||||||||||||||||||||||||||||||
Total | | | | $ | 384,609 | | | | | $ | 1,052 | | | | | $ | 525 | | | | | $ | 2,391 | | | | | $ | 3,968 | | | | | $ | 388,577 | | | ||||||||||||||||||||||||||||||||||||||||
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 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructurings | Loans 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 September 30, 2014: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | 2 | | | | | $ | 187 | | | | | | 1 | | | | | $ | 78 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 1 | | | | | | 900 | | | | | | — | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | | | | | 3 | | | | | $ | 1,087 | | | | | | 1 | | | | | $ | 78 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2013: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | 5 | | | | | $ | 209 | | | | | | — | | | | | $ | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Land Loan | | | | | 1 | | | | | | 237 | | | | | | — | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 1 | | | | | | 900 | | | | | | — | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | | | | | 7 | | | | | $ | 1,346 | | | | | | — | | | | | $ | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of performing status of TDR loans | | | | September 30, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Performing | | | Non-Performing | | | Performing | | | Non-Performing | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | $ | 109 | | | | | $ | 78 | | | | | $ | 209 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Land loan | | | | | — | | | | | | — | | | | | | 237 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | | | | | 900 | | | | | | — | | | | | | 900 | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | | | | $ | 1,009 | | | | | $ | 78 | | | | | $ | 1,346 | | | | | $ | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of activity in loans which were first deemed to be TDRs | | | | September 30, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Restructured During Period | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Number | | | Pre- | | | Post- | | | Number | | | Pre- | | | Post- | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of | Modifications | Modifications | of | Modifications | Modifications | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments | Investments | Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Residential and commercial | | | | | 1 | | | | | $ | 437 | | | | | $ | 437 | | | | | | 5 | | | | | $ | 209 | | | | | $ | 209 | | | ||||||||||||||||||||||||||||||||||||||||
Land loans | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 237 | | | | | | 237 | | | ||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
other | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 900 | | | | | | 900 | | | ||||||||||||||||||||||||||||||||||||||||
Total | | | | | 1 | | | | | $ | 437 | | | | | $ | 437 | | | | | | 7 | | | | | $ | 1,346 | | | | | $ | 1,346 | | | ||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans to principal officers, directors and their affiliates | | | | Year Ended September 30, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | | | | $ | 523 | | | | | $ | 792 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New loans | | | | | — | | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments | | | | | -271 | | | | | | -269 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of year | | | | $ | 252 | | | | | $ | 523 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of summary of mortgage servicing rights included in other assets and activity | | | | September 30, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | | 2012 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | | | | $ | 271 | | | | | $ | 107 | | | | | $ | 128 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization | | | | | 22 | | | | | | 6 | | | | | | -74 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Addition | | | | | 160 | | | | | | 158 | | | | | | 53 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of year | | | | $ | 453 | | | | | $ | 271 | | | | | $ | 107 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||
Schedule of property and equipment, net | | | | Estimated | | | September 30, | | |||||||||||
Useful Life | |||||||||||||||||||
| | (years) | | 2014 | | | 2013 | | |||||||||||
| | | | | | (In thousands) | | ||||||||||||
Land | | | — | | | | $ | 711 | | | | | $ | 711 | | | |||
Building and improvements | | | 10 − 39 | | | | | 11,013 | | | | | | 11,386 | | | |||
Construction in process | | | — | | | | | — | | | | | | 1 | | | |||
Furniture, fixtures and equipment | | | 3 − 7 | | | | | 4,223 | | | | | | 4,067 | | | |||
| | | | | | | | 15,947 | | | | | | 16,165 | | | |||
Accumulated depreciation | | | | | | | | -9,124 | | | | | | -8,906 | | | |||
| | | | | | | $ | 6,823 | | | | | $ | 7,259 | | | |||
|
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||
Deposits [Abstract] | ||||||||||||||||||||||||||||||
Schedule of deposits classified by interest rates with percentages to total deposits | | | | September 30, | | |||||||||||||||||||||||||
| | | 2014 | | | 2013 | | |||||||||||||||||||||||
| | | Amount | | | Percent of | | | Amount | | | Percent of | | |||||||||||||||||
Total | Total | |||||||||||||||||||||||||||||
Deposits | Deposits | |||||||||||||||||||||||||||||
| | | (Dollars in thousands) | | ||||||||||||||||||||||||||
Balances by types of deposit: | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Tiered savings | | | | $ | 2,198 | | | | | | 0.53% | | | | | $ | 1,574 | | | | | | 0.33% | | | |||||
Regular savings | | | | | 42,719 | | | | | | 10.34 | | | | | | 41,358 | | | | | | 8.53 | | | |||||
Money market accounts | | | | | 59,529 | | | | | | 14.42 | | | | | | 67,372 | | | | | | 13.9 | | | |||||
Checking and NOW accounts | | | | | 81,921 | | | | | | 19.84 | | | | | | 87,676 | | | | | | 18.09 | | | |||||
Non-Interest bearing demand | | | | | 23,059 | | | | | | 5.58 | | | | | | 24,662 | | | | | | 5.09 | | | |||||
| | | | | 209,426 | | | | | | 50.71 | | | | | | 222,642 | | | | | | 45.94 | | | |||||
Certificates of deposit | | | | | 203,527 | | | | | | 49.29 | | | | | | 261,954 | | | | | | 54.06 | | | |||||
Total | | | | $ | 412,953 | | | | | | 100.00% | | | | | $ | 484,596 | | | | | | 100.00% | | | |||||
| ||||||||||||||||||||||||||||||
Schedule of interest expense on deposits | | | | September 30, | | |||||||||||||||||||||||||
| | | 2014 | | | 2013 | | | 2012 | | ||||||||||||||||||||
| | | (In thousands) | | ||||||||||||||||||||||||||
Savings accounts | | | | $ | 27 | | | | | $ | 24 | | | | | $ | 48 | | | |||||||||||
Checking and NOW accounts | | | | | 85 | | | | | | 119 | | | | | | 256 | | | |||||||||||
Money market accounts | | | | | 164 | | | | | | 228 | | | | | | 446 | | | |||||||||||
Certificates of deposit | | | | | 3,693 | | | | | | 4,908 | | | | | | 5,942 | | | |||||||||||
Total deposits | | | | $ | 3,969 | | | | | $ | 5,279 | | | | | $ | 6,692 | | | |||||||||||
| ||||||||||||||||||||||||||||||
Schedule of certificates of deposit maturities | | | | September 30, | | |||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||
| | | (In thousands) | | ||||||||||||||||||||||||||
Maturing in the Fiscal Year Ending September 30, | | | | | | | | |||||||||||||||||||||||
2015 | | | | $ | 88,263 | | | |||||||||||||||||||||||
2016 | | | | | 49,360 | | | |||||||||||||||||||||||
2017 | | | | | 26,408 | | | |||||||||||||||||||||||
2018 | | | | | 24,662 | | | |||||||||||||||||||||||
2019 | | | | | 11,788 | | | |||||||||||||||||||||||
2020 and thereafter | | | | | 3,046 | | | |||||||||||||||||||||||
| | | | $ | 203,527 | | | |||||||||||||||||||||||
|
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||
Borrowings [Abstract] | ||||||||||||||||||||||||||||||
Schedule of summary of long-term borrowings | | | | September 30, | | |||||||||||||||||||||||||
| | | 2014 | | | 2013 | | |||||||||||||||||||||||
| | | Amount | | | Weighted | | | Amount | | | Weighted | | |||||||||||||||||
Average | Average | |||||||||||||||||||||||||||||
Rate | Rate | |||||||||||||||||||||||||||||
| | | (Dollars in thousands) | | ||||||||||||||||||||||||||
Due by September 30: | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
2015 | | | | $ | 10,000 | | | | | | 0.83% | | | | | $ | 5,000 | | | | | | 0.12% | | | |||||
2016 | | | | | 5,000 | | | | | | 1.34 | | | | | | 5,000 | | | | | | 0.19 | | | |||||
2017 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
2018 | | | | | 28,000 | | | | | | 3.31 | | | | | | 28,000 | | | | | | 4.36 | | | |||||
2019 | | | | | 5,000 | | | | | | 1.77 | | | | | | — | | | | | | — | | | |||||
Total FHLB Advances | | | | $ | 48,000 | | | | | | 2.59% | | | | | $ | 38,000 | | | | | | 3.90% | | | |||||
|
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 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 | | | | September 30, 2014 | | ||||||||||||||||||||||||||||||||
| | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||
Investment securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Debt securities: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
U.S. government agencies | | | | $ | 19,256 | | | | | $ | — | | | | | $ | 19,256 | | | | | $ | — | | | ||||||||||||
State and municipal obligations | | | | | 2,500 | | | | | | — | | | | | | 2,500 | | | | | | — | | | ||||||||||||
Single issuer trust preferred security | | | | | 880 | | | | | | — | | | | | | 880 | | | | | | — | | | ||||||||||||
Corporate debt securities | | | | | 1,525 | | | | | | — | | | | | | 1,525 | | | | | | — | | | ||||||||||||
Total investment securities available for sale | | | | | 24,161 | | | | | | — | | | | | | 24,161 | | | | | | — | | | ||||||||||||
Mortgage-backed securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
FNMA: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Adjustable-rate | | | | | 418 | | | | | | — | | | | | | 418 | | | | | | — | | | ||||||||||||
Fixed-rate | | | | | 16,808 | | | | | | — | | | | | | 16,808 | | | | | | — | | | ||||||||||||
FHLMC: | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Adjustable-rate | | | | | 3,595 | | | | | | — | | | | | | 3,595 | | | | | | — | | | ||||||||||||
Fixed-rate | | | | | 11,996 | | | | | | — | | | | | | 11,996 | | | | | | — | | | ||||||||||||
CMO, fixed-rate-fate | | | | | 43,965 | | | | | | — | | | | | | 43,965 | | | | | | — | | | ||||||||||||
Total mortgage-backed securities available for sale | | | | | 76,782 | | | | | | — | | | | | | 76,782 | | | | | | — | | | ||||||||||||
Total | | | | $ | 100,943 | | | | | $ | — | | | | | $ | 100,943 | | | | | $ | — | | | ||||||||||||
| |||||||||||||||||||||||||||||||||||||
| | | September 30, 2013 | | |||||||||||||||||||||||||||||||||
| | | 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-fate | | | | | 52,729 | | | | | | — | | | | | | 52,729 | | | | | | — | | | ||||||||||||
Total mortgage-backed securities available for sale | | | | | 90,705 | | | | | | — | | | | | | 90,705 | | | | | | — | | | ||||||||||||
Total | | | | $ | 124,667 | | | | | $ | — | | | | | $ | 124,667 | | | | | $ | — | ||||||||||||||
Schedule of summary of activity in other real estate owned | | | | Balance as of | | | Year Ended September 30, 2014 | | |||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||||
| | 2013 | | Additions | | | Sales, net | | | Write-downs | | | Balance as of | | |||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||
Residential mortgage | | | | $ | 725 | | | | | $ | 944 | | | | | $ | 335 | | | | | $ | 203 | | | | | $ | 1,131 | | | ||||||
Construction and Development: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Land | | | | | 675 | | | | | | — | | | | | | 675 | | | | | | — | | | | | | — | | | ||||||
Commercial: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Commercial real estate | | | | | 1,929 | | | | | | — | | | | | | 958 | | | | | | 138 | | | | | | 833 | | | ||||||
Multi-family | | | | | 81 | | | | | | — | | | | | | 81 | | | | | | — | | | | | | — | | | ||||||
Other | | | | | 174 | | | | | | — | | | | | | 174 | | | | | | — | | | | | | — | | | ||||||
Consumer: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Second mortgages | | | | | 378 | | | | | | — | | | | | | 378 | | | | | | — | | | | | | — | | | ||||||
Total | | | | $ | 3,962 | | | | | $ | 944 | | | | | $ | 2,601 | | | | | $ | 341 | | | | | $ | 1,964 | | | ||||||
| |||||||||||||||||||||||||||||||||||||
| | | Balance as of | | | Year Ended September 30, 2013 | | ||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||||
| | 2012 | | Additions | | | Sales, net | | | Write-downs | | | Balance as of | | |||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||
Residential mortgage | | | | $ | 1,262 | | | | | $ | 2,481 | | | | | $ | 2,777 | | | | | $ | 241 | | | | | $ | 725 | | | ||||||
Construction and Development: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Land | | | | | — | | | | | | 801 | | | | | | — | | | | | | 126 | | | | | | 675 | | | ||||||
Commercial: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Commercial real estate | | | | | 2,405 | | | | | | 1,147 | | | | | | 810 | | | | | | 813 | | | | | | 1,929 | | | ||||||
Multi-family | | | | | 486 | | | | | | — | | | | | | — | | | | | | 405 | | | | | | 81 | | | ||||||
Other | | | | | — | | | | | | 174 | | | | | | — | | | | | | — | | | | | | 174 | | | ||||||
Consumer: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Second mortgages | | | | | 441 | | | | | | — | | | | | | — | | | | | | 63 | | | | | | 378 | | | ||||||
Total | | | | $ | 4,594 | | | | | $ | 4,603 | | | | | $ | 3,587 | | | | | $ | 1,648 | | | | | $ | 3,962 | | | ||||||
| |||||||||||||||||||||||||||||||||||||
Schedule of carrying amount and estimated fair value of the Company's financial instruments | | | | September 30, 2014 | |||||||||||||||||||||||||||||||||
| | | Carrying | | | Fair Value | | | Level 1 | | | Level 2 | | | Level 3 | ||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||||||||||
| | | (In thousands) | ||||||||||||||||||||||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Cash and cash equivalents | | | | $ | 19,187 | | | | | $ | 19,187 | | | | | $ | 19,187 | | | | | $ | — | | | | | $ | — | ||||||||
Investment securities available for sale | | | | | 100,943 | | | | | | 100,943 | | | | | | — | | | | | | 100,943 | | | | | | — | ||||||||
Loans receivable, net | | | | | 386,074 | | | | | | 388,202 | | | | | | — | | | | | | — | | | | | | 388,202 | ||||||||
Accrued interest receivable | | | | | 1,322 | | | | | | 1,322 | | | | | | — | | | | | | 1,322 | | | | | | — | ||||||||
Restricted stock | | | | | 3,503 | | | | | | 3,503 | | | | | | — | | | | | | 3,503 | | | | | | — | ||||||||
Mortgage servicing rights | | | | | 453 | | | | | | 512 | | | | | | — | | | | | | 512 | | | | | | — | ||||||||
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Savings accounts | | | | | 44,917 | | | | | | 44,917 | | | | | | — | | | | | | 44,917 | | | | | | — | ||||||||
Checking and NOW accounts | | | | | 104,980 | | | | | | 104,980 | | | | | | — | | | | | | 104,980 | | | | | | — | ||||||||
Money market accounts | | | | | 59,529 | | | | | | 59,529 | | | | | | — | | | | | | 59,529 | | | | | | — | ||||||||
Certificates of deposit | | | | | 203,527 | | | | | | 207,080 | | | | | | — | | | | | | 207,080 | | | | | | — | ||||||||
FHLB advances | | | | | 48,000 | | | | | | 49,627 | | | | | | — | | | | | | 49,627 | | | | | | — | ||||||||
Accrued interest payable | | | | | 149 | | | | | | 149 | | | | | | — | | | | | | 149 | | | | | | — | ||||||||
| | | September 30, 2013 | ||||||||||||||||||||||||||||||||||
| | | Carrying | | | Fair Value | | | Level 1 | | | Level 2 | | | Level 3 | ||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||||||||||
| | | (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 | | | | | | — | ||||||||
Fair Value Inputs 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 active information regarding significant techniques and inputs used at September 30, 2014 and 2013 for measures in a non-recurring basis using unobservable inputs (Level 2): | ||||||||||||||||||||||||||||||||||||
| | | Fair Value at | | | Valuation | | | Unobservable | | | Method or Value as of | | ||||||||||||||||||||||||
September 30, | Technique | Input | September 30, 2014 | ||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||
| | | (In thousands) | | | | | | | | | | | | | | |||||||||||||||||||||
Mortgage servicing rights | | | | $ | 160 | | | | Discounted rate | | | Discount rate | | | 11.00 − 12.00% | | | Rate used through | | ||||||||||||||||||
modeling period | |||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | Loan prepayment speeds | | | 14.15% | | | Weighted-average | | ||||||||||||||||||
CPR | |||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | Servicing fees | | | 0.25% | | | Of loan balance | | ||||||||||||||||||
| | | | | | | | | | | | Servicing costs | | | 6.25% | | | Monthly servicing | | ||||||||||||||||||
cost per account | |||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | $300 − 500 | | | Additional monthly | | ||||||||||||||||||
servicing cost per loan | |||||||||||||||||||||||||||||||||||||
on loans more than 30 | |||||||||||||||||||||||||||||||||||||
days delinquent | |||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | | | | $ | 158 | | | | Discounted rate | | | Discount rate | | | 11.00 − 12.00% | | | Rate used through | | ||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | $300 − 400 | | | Additional monthly | |||||||||||||||||||
servicing cost per loan | |||||||||||||||||||||||||||||||||||||
on loans more than 30 | |||||||||||||||||||||||||||||||||||||
days delinquent | |||||||||||||||||||||||||||||||||||||
Fair Value Inputs 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 | | | | September 30, 2014 | | ||||||||||||||||||||||||||||||||
| | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||||||||||||||||
Other real estate owned | | | | $ | 1,030 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,030 | | | ||||||||||||
Impaired loans(4) | | | | | 887 | | | | | | — | | | | | | — | | | | | | 887 | | | ||||||||||||
Mortgage servicing rights | | | | | 160 | | | | | | — | | | | | | 160 | | | | | | — | | | ||||||||||||
Total | | | | $ | 2,077 | | | | | $ | — | | | | | $ | 160 | | | | | $ | 1,917 | | | ||||||||||||
| |||||||||||||||||||||||||||||||||||||
| | | September 30, 2014 | | |||||||||||||||||||||||||||||||||
| | | Fair Value at | | | Valuation Technique | | | Unobservable Input | | | Range/(Weighted | | ||||||||||||||||||||||||
September 30, | Average) | ||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||
Other real estate | | | | $ | 1,030 | | | | Appraisal of collateral(1) | | | Collateral discounts(2) | | | 16 − 72%/(38%) | | |||||||||||||||||||||
owned | |||||||||||||||||||||||||||||||||||||
Impaired loans(3) | | | | | 887 | | | | Appraisal of collateral(1) | | | Collateral discounts(2) | | | 7 − 52%/(20%) | | |||||||||||||||||||||
Total | | | | $ | 1,917 | | | | | | | | | | | | |||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
-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. | |||||||||||||||||||||||||||||||||||||
Includes assets directly charged-down to fair value during the year-to-date period. | |||||||||||||||||||||||||||||||||||||
-4 | |||||||||||||||||||||||||||||||||||||
At September 30, 2014, there were six loans with an aggregate balance of $887,000 and no specific loan loss allowance. | |||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
| | | September 30, 2013 | | |||||||||||||||||||||||||||||||||
| | | 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(4) | | | | | 1,047 | | | | | | — | | | | | | — | | | | | | 1,047 | | | ||||||||||||
Mortgage servicing rights | | | | | 158 | | | | | | — | | | | | | 158 | | | | | | — | | | ||||||||||||
Total | | | | $ | 13,913 | | | | | $ | 10,367 | | | | | $ | 158 | | | | | $ | 3,388 | | | ||||||||||||
| |||||||||||||||||||||||||||||||||||||
| | | September 30, 2013 | | |||||||||||||||||||||||||||||||||
| | | Fair Value at | | | Valuation Technique | | | Unobservable Input | | | Range/(Weighted | | ||||||||||||||||||||||||
September 30, | Average) | ||||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||||||||||||||||
Other real estate | | | | $ | 2,341 | | | | Appraisal of collateral(1) | | | Collateral discounts(2) | | | 14 − 84%/(39%) | | |||||||||||||||||||||
owned | |||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
-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. | |||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||
-4 | |||||||||||||||||||||||||||||||||||||
At September 30, 2013, there were 11 loans with an aggregate balance of $1.0 million and no specific loan loss allowance. | |||||||||||||||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||||||
Schedule of deferred income taxes | | | | September 30, | | ||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||
Deferred Tax Assets: | | | | | | | | | | | | | | ||||||||||
Unrealized loss on investments available for sale | | | | $ | 932 | | | | | $ | 1,385 | | | ||||||||||
Allowance for loan losses | | | | | 3,051 | | | | | | 3,091 | | | ||||||||||
Non-accrual interest | | | | | 122 | | | | | | 87 | | | ||||||||||
Write-down of real estate owned | | | | | 270 | | | | | | 573 | | | ||||||||||
Alternative minimum tax (AMT) credit carryover | | | | | 64 | | | | | | 64 | | | ||||||||||
Low-income housing tax credit carryover | | | | | 337 | | | | | | 337 | | | ||||||||||
Supplement Employer Retirement Plan | | | | | 455 | | | | | | 435 | | | ||||||||||
Charitable contributions | | | | | 36 | | | | | | 202 | | | ||||||||||
Depreciation | | | | | 127 | | | | | | 150 | | | ||||||||||
State net operating loss | | | | | — | | | | | | 1,528 | | | ||||||||||
Federal net operating loss | | | | | 7,159 | | | | | | 7,046 | | | ||||||||||
Other | | | | | 54 | | | | | | 112 | | | ||||||||||
Total Deferred Tax Assets | | | | | 12,607 | | | | | | 15,010 | | | ||||||||||
Valuation allowance for DTA | | | | | -10,074 | | | | | | -12,454 | | | ||||||||||
Total Deferred Tax Assets, Net of Valuation Allowance | | | | $ | 2,533 | | | | | $ | 2,556 | | | ||||||||||
Deferred Tax Liabilities: | | | | | | | | | | | | | | ||||||||||
State net operating income | | | | | -3 | | | | | | — | | | ||||||||||
Mortgage servicing rights | | | | | -154 | | | | | | -92 | | | ||||||||||
Total Deferred Tax Liabilities | | | | | -157 | | | | | | -92 | | | ||||||||||
Deferred Tax Assets, Net | | | | $ | 2,376 | | | | | $ | 2,464 | | | ||||||||||
| |||||||||||||||||||||||
Schedule of income tax expense (benefit) | | | | September 30, | | ||||||||||||||||||
| | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| | | (In thousands) | | |||||||||||||||||||
Federal: | | | | | | | | | | | | | | | | | | | | ||||
Current | | | | $ | 388 | | | | | $ | -15 | | | | | $ | 87 | | | ||||
Deferred | | | | | -367 | | | | | | 6,025 | | | | | | 541 | | | ||||
| | | | | 21 | | | | | | 6,010 | | | | | | 628 | | | ||||
State, current | | | | | — | | | | | | — | | | | | | — | | | ||||
| | | | $ | 21 | | | | | $ | 6,010 | | | | | $ | 628 | | | ||||
| |||||||||||||||||||||||
Schedule of reconciliation between federal income tax at the statutory rate | | | | September 30, | | ||||||||||||||||||
| | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| | | (Dollars in thousands) | | |||||||||||||||||||
At federal statutory rate at 34% | | | | $ | — | | | | | $ | -4,350 | | | | | $ | 880 | | | ||||
Adjustments resulting from: | | | | | | | | | | | | | | | | | | | | ||||
Tax-exempt interest | | | | | — | | | | | | -77 | | | | | | -25 | | | ||||
Low-income housing credit | | | | | — | | | | | | — | | | | | | -44 | | | ||||
Earnings on bank-owned life insurance | | | | | — | | | | | | -400 | | | | | | -179 | | | ||||
Federal tax on cash surrender of BOLI | | | | | 21 | | | | | | — | | | | | | — | | | ||||
DTA valuation allowance | | | | | — | | | | | | 10,724 | | | | | | — | | | ||||
Other | | | | | — | | | | | | 113 | | | | | | -4 | | | ||||
| | | | $ | 21 | | | | | $ | 6,010 | | | | | $ | 628 | | | ||||
Effective tax rate | | | | | 3.30% | | | | | | -47.00% | | | | | | 24.30% | | | ||||
|
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Leases [Abstract] | |||||||||
Schedule of future minimum rental commitments under lease | Years ending September 30: | | | | | | | | |
2015 | | | | $ | 195 | | | ||
2016 | | | | | 215 | | | ||
2017 | | | | | 214 | | | ||
2018 | | | | | 215 | | | ||
2019 | | | | | 214 | | | ||
Thereafter | | | | | 4,119 | | | ||
| | | | $ | 5,172 | | | ||
| |||||||||
Years ending September 30: | | | | | | | | ||
2015 | | | | $ | 159 | | | ||
2016 | | | | | — | | | ||
2017 | | | | | — | | | ||
2018 | | | | | — | | | ||
2019 | | | | | — | | | ||
| | | | $ | 159 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Commitments and Contingencies [Abstract] | ||||||||||||||
Schedule of financial instruments outstanding | | | | September 30, | | |||||||||
| | | 2014 | | | 2013 | | |||||||
| | | (In thousands) | | ||||||||||
Commitments to extend credit: | | | | | | | | | | | | | | |
Future loan commitments | | | | $ | 10,952 | | | | | $ | 7,858 | | | |
Undisbursed construction loans | | | | | 2,873 | | | | | | 3,797 | | | |
Undisbursed home equity lines of credit | | | | | 14,867 | | | | | | 13,936 | | | |
Undisbursed commercial lines of credit | | | | | 948 | | | | | | 3,032 | | | |
Overdraft protection lines | | | | | 133 | | | | | | 108 | | | |
Standby letters of credit | | | | | 3,302 | | | | | | 3,727 | | | |
Total Commitments | | | | $ | 33,075 | | | | | $ | 32,458 |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Regulatory Matters [Abstract] | ||||||||||||||||||||||||||||||||||||
Schedule of actual capital amounts and ratios | | | | Actual | | | For Capital Adequacy | | | To be Well Capitalized | ||||||||||||||||||||||||||
Purposes | Under Prompt | |||||||||||||||||||||||||||||||||||
Corrective Action | ||||||||||||||||||||||||||||||||||||
Provisions | ||||||||||||||||||||||||||||||||||||
| | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | ||||||||||||||||||
| | | (Dollars in thousands) | |||||||||||||||||||||||||||||||||
As of September 30, 2014: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tangible Capital (to tangible assets) | | | | $ | 64,414 | | | | | | 12.09% | | | | | $ | ≥7,990 | | | | | | 1.50% | | | | | $ | — | | | | | | N/A | |
Core Capital (to adjusted tangible assets) | | | | | 64,414 | | | | | | 12.09 | | | | | | ≥21,305 | | | | | | 4 | | | | | | ≥26,632 | | | | | | 5.00% | |
Tier 1 Capital (to risk-weighted assets) | | | | | 64,414 | | | | | | 19.5 | | | | | | ≥13,212 | | | | | | 4 | | | | | | ≥19,818 | | | | | | 6 | |
Total risk-based Capital (to risk-weighted | | | | | 68,549 | | | | | | 20.75 | | | | | | ≥26,424 | | | | | | 8 | | | | | | ≥33,030 | | | | | | 10 | |
assets) | ||||||||||||||||||||||||||||||||||||
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 | | | | | | ≥29,580 | | | | | | 5.00% | |
Tier 1 Capital (to risk-weighted assets) | | | | | 64,524 | | | | | | 17.72 | | | | | | ≥14,566 | | | | | | 4 | | | | | | ≥21,849 | | | | | | 6 | |
Total risk-based Capital (to risk-weighted | | | | | 69,084 | | | | | | 18.97 | | | | | | ≥29,132 | | | | | | 8 | | | | | | ≥36,415 | | | | | | 10 | |
assets) | ||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of Bank's equity | | | | September 30, | | |||||||||||||||||||||||||||||||
| | | 2014 | | | 2013 | | |||||||||||||||||||||||||||||
| | | (In thousands) | | ||||||||||||||||||||||||||||||||
Bank GAAP equity | | | | $ | 63,454 | | | | | $ | 62,042 | | | |||||||||||||||||||||||
Disallowed portion of deferred tax asset | | | | | -670 | | | | | | — | | | |||||||||||||||||||||||
Net unrealized gain on securities available for sale, net of income taxes | | | | | 1,630 | | | | | | 2,482 | | | |||||||||||||||||||||||
Tangible Capital, Core Capital and Tier 1 Capital | | | | | 64,414 | | | | | | 64,524 | | | |||||||||||||||||||||||
Allowance for loan losses (excluding specific reserves of $0 and $0 for 2014 and | | | | | 4,135 | | | | | | 4,560 | | | |||||||||||||||||||||||
2013, respectively), (also excluding 1.25% of risk-weighted assets of $516 and | ||||||||||||||||||||||||||||||||||||
$627 for 2014 and 2013, respectively) | ||||||||||||||||||||||||||||||||||||
Total Risk-Based Capital | | | | $ | 68,549 | | | | | $ | 69,084 |
Condensed_Financial_Informatio1
Condensed Financial Information - Parent Company Only (Tables) | 12 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||
Schedule of condensed statements of financial condition | | | | September 30, | | ||||||||||||||||||
| | | 2014 | | | 2013 | | ||||||||||||||||
| | | (In thousands) | | |||||||||||||||||||
Assets | | | | | | | | | | | | | | ||||||||||
Cash and Cash Equivalents | | | | $ | 2,438 | | | | | $ | 2,394 | | | ||||||||||
Investment in subsidiaries | | | | | 63,454 | | | | | | 62,042 | | | ||||||||||
Investment securities available for sale, at fair value | | | | | 8,329 | | | | | | 8,313 | | | ||||||||||
Loans receivable, net | | | | | 1,969 | | | | | | 2,090 | | | ||||||||||
Deferred income taxes, net | | | | | 91 | | | | | | 106 | | | ||||||||||
Other assets | | | | | 539 | | | | | | 523 | | | ||||||||||
Total Assets | | | | $ | 76,820 | | | | | $ | 75,468 | | | ||||||||||
Liabilities | | | | | | | | | | | | | | ||||||||||
Accounts payable | | | | $ | 48 | | | | | $ | 62 | | | ||||||||||
Shareholders’ Equity | | | | | 76,772 | | | | | | 75,406 | | | ||||||||||
Total Liabilities and Shareholders’ Equity | | | | $ | 76,820 | | | | | $ | 75,468 | | | ||||||||||
| |||||||||||||||||||||||
Schedule of condensed statements of operations | | | | Year Ended September 30, | | ||||||||||||||||||
| | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| | | (In thousands) | | |||||||||||||||||||
Income | | | | | | | | | | | | | | | | | | | | ||||
Interest income | | | | $ | 254 | | | | | $ | 184 | | | | | $ | 129 | | | ||||
Total Interest Income | | | | | 254 | | | | | | 184 | | | | | | 129 | | | ||||
Gain on sale of investment securities | | | | | — | | | | | | — | | | | | | 40 | | | ||||
Expense | | | | | | | | | | | | | | | | | | | | ||||
Other operating expenses | | | | | 331 | | | | | | 17 | | | | | | 14 | | | ||||
Total Other Expenses | | | | | 331 | | | | | | 17 | | | | | | 14 | | | ||||
Gain before Equity in Undistributed Net Income (Loss) of Subsidiaries | | | | | -77 | | | | | | 167 | | | | | | 155 | | | ||||
and Income Tax Benefit | |||||||||||||||||||||||
Equity in Undistributed Net Income (Loss) of Subsidiaries | | | | | 400 | | | | | | -18,839 | | | | | | 1,859 | | | ||||
Income tax expense | | | | | — | | | | | | 131 | | | | | | 55 | | | ||||
Net Income (Loss) | | | | $ | 323 | | | | | $ | -18,803 | | | | | $ | 1,959 | | |||||
Schedule of condensed statements of comprehensive income (loss) | | | | Year Ended September 30, | | ||||||||||||||||||
| | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| | | (In thousands) | | |||||||||||||||||||
Net Income (Loss) | | | | $ | 323 | | | | | $ | -18,803 | | | | | $ | 1,959 | | | ||||
Other Comprehensive (Loss) Income: | | | | | | | | | | | | | | | | | | | | ||||
Changes in net unrealized net gains and losses on securities available for | | | | | 46 | | | | | | -312 | | | | | | -53 | | | ||||
sale | |||||||||||||||||||||||
Gains realized on sale of securities in net income (loss) | | | | | — | | | | | | — | | | | | | -40 | | | ||||
| | | | | 46 | | | | | | -312 | | | | | | -93 | | | ||||
Deferred income tax effect | | | | | -16 | | | | | | 106 | | | | | | 93 | | | ||||
Total other comprehensive income (loss) | | | | | 30 | | | | | | -206 | | | | | | — | | | ||||
Total comprehensive income (loss) | | | | $ | 353 | | | | | $ | -19,009 | | | | | $ | 1,959 | | | ||||
| |||||||||||||||||||||||
Schedule of condensed statements of cash flows | | | | Year Ended September 30, | | ||||||||||||||||||
| | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| | | (In thousands) | | |||||||||||||||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | | | | | | | | ||||
Net income (loss) | | | | $ | 323 | | | | | $ | -18,803 | | | | | $ | 1,959 | | | ||||
Undistributed net (income) loss of subsidiaries | | | | | -400 | | | | | | 18,839 | | | | | | -1,859 | | | ||||
Deferred income taxes, net | | | | | 197 | | | | | | 106 | | | | | | -32 | | | ||||
ESOP shares committed to be released | | | | | 160 | | | | | | 169 | | | | | | 103 | | | ||||
Amortization of discounts on investment securities | | | | | — | | | | | | 40 | | | | | | 79 | | | ||||
Net gain on sale of investment securities | | | | | — | | | | | | — | | | | | | -40 | | | ||||
Decrease in other liabilities | | | | | -14 | | | | | | — | | | | | | -500 | | | ||||
Decrease (increase) in other assets | | | | | 227 | | | | | | -197 | | | | | | -193 | | | ||||
Net Cash Provided by (Used in) Operating Activities | | | | | 493 | | | | | | 154 | | | | | | -483 | | | ||||
Cash Flows from Investing Activities | | | | | | | | | | | | | | | | | | | | ||||
Proceeds from maturities and principal collection on investments | | | | | 422 | | | | | | 1,474 | | | | | | 888 | | | ||||
available for sale, net | |||||||||||||||||||||||
Purchases of investment securities | | | | | -992 | | | | | | -10,299 | | | | | | -1,001 | | | ||||
Calls, sales of investment securities | | | | | — | | | | | | 200 | | | | | | 2,806 | | | ||||
Loan originations and principal collections, net | | | | | 121 | | | | | | 115 | | | | | | 109 | | | ||||
Net Cash (Used in) Provided by Investing Activities | | | | | -449 | | | | | | -8,510 | | | | | | 2,802 | | | ||||
Cash Flows from Financing Activities | | | | | | | | | | | | | | | | | | | | ||||
Proceeds from stock issuance net of offering costs | | | | | — | | | | | | 34,732 | | | | | | — | | | ||||
Capitalization | | | | | — | | | | | | -25,000 | | | | | | -3,200 | | | ||||
Capitalization of Mutual Holding Company | | | | | — | | | | | | 100 | | | | | | — | | | ||||
Cash dividends paid | | | | | — | | | | | | — | | | | | | — | | | ||||
Net Cash Provided by (Used in) Financing Activities | | | | | — | | | | | | 9,832 | | | | | | -3,200 | | | ||||
Net Increase (Decrease) in Cash and Cash Equivalents | | | | | 44 | | | | | | 1,476 | | | | | | -881 | | | ||||
Cash and Cash Equivalents – Beginning | | | | | 2,394 | | | | | | 918 | | | | | | 1,799 | | | ||||
Cash and Cash Equivalents – Ending | | | | $ | 2,438 | | | | | $ | 2,394 | | | | | $ | 918 |
Organizational_Structure_and_N1
Organizational Structure and Nature of Operations (Detail Textuals) (USD $) | 5 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||
Sep. 30, 2008 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 11, 2012 | 19-May-08 | |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||||
Number of shares of Malvern Bancorp, Inc entitled to receive by public stockholders | 1.0748 | |||||
Common stock, shares outstanding | 6,558,473 | 6,558,473 | ||||
Employee Stock Ownership Plan (ESOP), amount borrowed | $2,600,000 | |||||
Employee Stock Ownership Plan (ESOP), shares purchased | 241,178 | |||||
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. | |||||
Assets | 542,264,000 | 601,554,000 | ||||
Net income (loss) | 323,000 | -18,803,000 | 1,959,000 | |||
Second-Step Conversion | ||||||
Number of common stock issued in connection with conversion and reorganization | 3,636,875 | |||||
Common stock, par value (in dollars per share) | $0.01 | |||||
Subscription price | $10 | |||||
Common stock, value, subscriptions | 36,400,000 | |||||
Malvern Federal Mutual Holding Company | ||||||
Employee Stock Ownership Plan (ESOP), debt structure, direct loan, description | Principal and interest payments of the loan are being made quarterly over a term of 18 years at a fixed interest rate of 5.0%. | |||||
Strategic Asset Management Group, Inc. | ||||||
Investment owned, percentage | 50.00% | |||||
Assets | 66,000 | 53,000 | ||||
Net income (loss) | $5,000 | $10,000 | ||||
Mid Tier Holding Company | Second-Step Conversion | ||||||
Number of common stock issued in connection with conversion and reorganization | 2,921,598 | |||||
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 shares of Malvern Bancorp, Inc entitled to receive by public stockholders | 1.0748 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Detail Textuals) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Segment | |||
Amount of loans classified as held for sale | $10,367,000 | ||
Property and equipment, depreciation method | straight-line and accelerated methods | ||
Property and equipment, estimated useful life | from 3 to 39 years | ||
Expenses of matching contribution related to the plan | 118,000 | 110,000 | 102,000 |
Bonus matching contribution | 0 | 0 | 0 |
Accrued amount for the Plans included in other liabilities | 1,300,000 | 1,300,000 | |
Distributions made during the period | 13,000 | 20,000 | |
Expense associated with the Plans | $78,000 | $168,000 | $116,000 |
Number of reportable segments | 1 | ||
Minimum | |||
Mortgage loan, maturity term | 10 years | ||
Maximum | |||
Mortgage loan, maturity term | 30 years |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Detail Textuals 1) (USD $) | 12 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Amount of net repurchases | $465,000 | ($1,109,000) | ($1,202,000) | |
Cash and cash equivalents | 19,187,000 | 23,687,000 | 131,910,000 | 33,496,000 |
Dividends received or recognized | 123,000 | 19,000 | 4,000 | |
Federal home loan bank of Pittsburgh | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Amount of net repurchases | 465,000 | 1,100,000 | ||
Number of FHLB shares | 35,026 | 30,378 | ||
Cash and cash equivalents | $3,200,000 | $3,900,000 |
Earnings_Loss_Per_Share_Compos
Earnings (Loss) Per Share - Composition of weighted average shares (denominator) used in earnings per share computations (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | |||
Net Income (Loss) | $323 | ($18,803) | $1,959 |
Weighted average shares outstanding | 6,558,473 | 6,544,731 | 6,102,500 |
Exchange rate from offering | 1.0748 | ||
Adjusted weighted average shares outstanding | 6,558,473 | 6,544,731 | 6,558,967 |
Average unearned ESOP shares | -179,543 | -193,483 | -204,016 |
Weighted average shares outstanding - basic (in shares) | 6,378,930 | 6,351,248 | 6,354,951 |
Earnings (Loss) per share - basic (in dollars per share) | $0.05 | ($2.96) | $0.31 |
Employee_Stock_Ownership_Plan_
Employee Stock Ownership Plan (Detail Textuals) (USD $) | 5 Months Ended | 12 Months Ended | ||
Sep. 30, 2008 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Employee Stock Ownership Plan [Abstract] | ||||
Employee Stock Ownership Plan (ESOP), shares purchased | 241,178 | |||
Employee Stock Ownership Plan (ESOP), amount borrowed | $2,600,000 | |||
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 | 14,400 | 14,371 | 13,404 | |
Number of unallocated shares | 172,365 | |||
Number of allocated shares held by the ESOP | 86,853 | |||
Aggregate fair value of shares held by the ESOP | $2,000,000 |
Investment_Securities_Unrealiz
Investment Securities - Unrealized Gain Loss on Investments (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $103,679 | $128,739 |
Gross Unrealized Gains | 125 | 245 |
Gross Unrealized Losses | -2,861 | -4,317 |
Fair value | 100,943 | 124,667 |
Total Available For Sale Securities Before Mortgage-Backed | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 24,766 | 35,245 |
Gross Unrealized Gains | 22 | 54 |
Gross Unrealized Losses | -627 | -1,337 |
Fair value | 24,161 | 33,962 |
U.S. government agencies | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 19,719 | 20,108 |
Gross Unrealized Gains | 1 | 7 |
Gross Unrealized Losses | -464 | -683 |
Fair value | 19,256 | 19,432 |
State and municipal obligations | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 2,543 | 12,381 |
Gross Unrealized Gains | 19 | |
Gross Unrealized Losses | -43 | -462 |
Fair value | 2,500 | 11,938 |
Single issuer trust preferred security | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 1,000 | 1,000 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | -120 | -190 |
Fair value | 880 | 810 |
Corporate debt securities | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 1,504 | 1,756 |
Gross Unrealized Gains | 21 | 28 |
Gross Unrealized Losses | -2 | |
Fair value | 1,525 | 1,782 |
Mortgage Backed Securities | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 78,913 | 93,494 |
Gross Unrealized Gains | 103 | 191 |
Gross Unrealized Losses | -2,234 | -2,980 |
Fair value | 76,782 | 90,705 |
Adjustable-rate | Mortgage-backed securities: FNMA | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 403 | 1,967 |
Gross Unrealized Gains | 15 | 52 |
Gross Unrealized Losses | -5 | |
Fair value | 418 | 2,014 |
Adjustable-rate | Mortgage-backed securities: FHLMC | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 3,562 | 5,032 |
Gross Unrealized Gains | 33 | 11 |
Gross Unrealized Losses | -22 | |
Fair value | 3,595 | 5,021 |
Fixed-rate | Mortgage-backed securities: FNMA | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 17,390 | 18,967 |
Gross Unrealized Gains | 9 | 6 |
Gross Unrealized Losses | -591 | -882 |
Fair value | 16,808 | 18,091 |
Fixed-rate | Mortgage-backed securities: FHLMC | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 12,336 | 13,391 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | -340 | -541 |
Fair value | 11,996 | 12,850 |
Fixed-rate | Mortgage-backed securities: Collateralized mortgage obligations (CMO) | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 45,222 | 54,137 |
Gross Unrealized Gains | 46 | 122 |
Gross Unrealized Losses | -1,303 | -1,530 |
Fair value | $43,965 | $52,729 |
Investment_Securities_Continuo
Investment Securities - Continuous Unrealized Loss Position of Available For Sale Securities (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
U.S. government agencies | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months: Fair Value | $18,104 | |
Less than 12 Months: Unrealized Losses | -683 | |
More than 12 Months: Fair Value | 18,267 | |
More than 12 Months: Unrealized Losses | -464 | |
Total: Fair Value | 18,267 | 18,104 |
Total: Unrealized Losses | -464 | -683 |
State and municipal obligations | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months: Fair Value | 10,748 | |
Less than 12 Months: Unrealized Losses | -462 | |
More than 12 Months: Fair Value | 2,501 | |
More than 12 Months: Unrealized Losses | -43 | |
Total: Fair Value | 2,501 | 10,748 |
Total: Unrealized Losses | -43 | -462 |
Single issuer trust preferred security | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months: Fair Value | ||
Less than 12 Months: Unrealized Losses | ||
More than 12 Months: Fair Value | 880 | 810 |
More than 12 Months: Unrealized Losses | -120 | -190 |
Total: Fair Value | 880 | 810 |
Total: Unrealized Losses | -120 | -190 |
Corporate securities | ||
Schedule of Investments [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 | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months: Fair Value | 3,945 | 104,182 |
Less than 12 Months: Unrealized Losses | -54 | -4,127 |
More than 12 Months: Fair Value | 86,544 | 810 |
More than 12 Months: Unrealized Losses | -2,807 | -190 |
Total: Fair Value | 90,489 | 104,992 |
Total: Unrealized Losses | -2,861 | -4,317 |
Adjustable-rate | Mortgage-backed securities: FNMA | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months: Fair Value | 966 | |
Less than 12 Months: Unrealized Losses | -5 | |
More than 12 Months: Fair Value | ||
More than 12 Months: Unrealized Losses | ||
Total: Fair Value | 966 | |
Total: Unrealized Losses | -5 | |
Adjustable-rate | Mortgage-backed securities: FHLMC | ||
Schedule of Investments [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 | |
Fixed-rate | Mortgage-backed securities: FNMA | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months: Fair Value | 17,990 | |
Less than 12 Months: Unrealized Losses | -882 | |
More than 12 Months: Fair Value | 16,715 | |
More than 12 Months: Unrealized Losses | -591 | |
Total: Fair Value | 16,715 | 17,990 |
Total: Unrealized Losses | -591 | -882 |
Fixed-rate | Mortgage-backed securities: FHLMC | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months: Fair Value | 12,850 | |
Less than 12 Months: Unrealized Losses | -541 | |
More than 12 Months: Fair Value | 11,996 | |
More than 12 Months: Unrealized Losses | -340 | |
Total: Fair Value | 11,996 | 12,850 |
Total: Unrealized Losses | -340 | -541 |
Fixed-rate | Mortgage-backed securities: Collateralized mortgage obligations (CMO) | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months: Fair Value | 3,945 | 43,271 |
Less than 12 Months: Unrealized Losses | -54 | -1,530 |
More than 12 Months: Fair Value | 36,185 | |
More than 12 Months: Unrealized Losses | -1,249 | |
Total: Fair Value | 40,130 | 43,271 |
Total: Unrealized Losses | ($1,303) | ($1,530) |
Investment_Securities_Amortize
Investment Securities - Amortized cost and fair value of debt securities by contractual maturity (Details 2) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Available for Sale, Amortized Cost | ||
Within 1 year | ||
Over 1 year through 5 years | 11,138 | |
After 5 years through 10 years | 11,738 | |
Over 10 years | 1,890 | |
Available-for-sale Securities, Single Maturity Date, Amortized Cost Basis, Total | 24,766 | |
Mortgage-backed securities | 78,913 | |
Available-for-sale Securities, Amortized Cost Basis, Total | 103,679 | 128,739 |
Available for Sale, Fair Value | ||
Within 1 year | ||
Over 1 year through 5 years | 11,005 | |
After 5 years through 10 years | 11,416 | |
Over 10 years | 1,740 | |
Available-for-sale Securities, Single Maturity Date, Fair Value, Total | 24,161 | |
Mortgage-backed securities | 76,782 | |
Available-for-sale Securities, Fair value, Total | $100,943 | $124,667 |
Investment_Securities_Detail_T
Investment Securities (Detail Textuals) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Aug. 08, 2012 | |
Security | Security | ||||
Schedule Of Investment Securities [Line Items] | |||||
Proceeds from sale of securities available for sale | $16,751,000 | $18,171,000 | $24,128,000 | ||
Available-for-sale securities, gross realized gains | 118,000 | 549,000 | 595,000 | ||
Available-for-sale securities, gross realized losses | 35,000 | 70,000 | 6,000 | ||
Remaining outstanding balance transferred to the available-for-sale | 520,000 | ||||
Fixed-rate | Mortgage-backed securities: FNMA | |||||
Schedule Of Investment Securities [Line Items] | |||||
Number of held to maturity securities sold | 2 | ||||
Book value of mortgage-backed securities that were classified as HTM | 2,800,000 | ||||
Gross gain (loss) of mortgage-backed securities that were classified as HTM | 164,000 | ||||
Adjustable-rate | Mortgage-backed securities: GNMA, adjustable-rate | |||||
Schedule Of Investment Securities [Line Items] | |||||
Number of held to maturity securities sold | 17 | ||||
Book value of mortgage-backed securities that were classified as HTM | 184,000 | ||||
Gross gain (loss) of mortgage-backed securities that were classified as HTM | 2,000 | ||||
Remaining outstanding balance transferred to the available-for-sale | 520,000 | ||||
Remaining outstanding balance transferred to accumulated other comprehensive income | $50,000 |
Investment_Securities_Detail_T1
Investment Securities (Detail Textuals 1) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Security | |
Schedule of Investments [Line Items] | |
Securities pledged to secure public deposits | $0 |
U.S. government agencies | |
Schedule of Investments [Line Items] | |
Number of securities held in an unrealized loss position | 21 |
State and municipal obligations | |
Schedule of Investments [Line Items] | |
Number of securities held in an unrealized loss position | 6 |
Single issuer trust preferred security | |
Schedule of Investments [Line Items] | |
Number of securities held in an unrealized loss position | 1 |
Improved gross unrealized loss | $70,000 |
Mortgage Backed Securities | |
Schedule of Investments [Line Items] | |
Number of securities held in an unrealized loss position | 66 |
Loans_Receivable_and_Related_A2
Loans Receivable and Related Allowance for Loan Losses - Portfolio of Loans Receivable (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | ($4,589) | ($5,090) | ||
Total loans receivable, net | 386,074 | 401,857 | ||
Loans Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 388,577 | 404,737 | 462,162 | |
Deferred loan costs, net | 2,086 | 2,210 | ||
Allowance for loan losses | -4,589 | -5,090 | -7,581 | -10,101 |
Total loans receivable, net | 386,074 | 401,857 | ||
Loans Receivable | Residential mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 231,324 | 239,900 | 231,803 | |
Allowance for loan losses | -1,672 | -1,414 | -1,487 | -1,458 |
Loans Receivable | Construction and Development: Residential and commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 5,964 | 6,672 | 20,500 | |
Allowance for loan losses | -291 | -164 | -724 | -1,627 |
Loans Receivable | Construction and Development: Land | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 1,033 | 2,439 | 632 | |
Allowance for loan losses | -13 | -56 | -11 | -49 |
Loans Receivable | Total Construction and Development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 6,997 | 9,111 | ||
Loans Receivable | Commercial: Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 71,579 | 70,571 | 112,199 | |
Allowance for loan losses | -1,248 | -1,726 | -3,493 | -4,176 |
Loans Receivable | Commercial: Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 1,032 | 1,971 | 2,087 | |
Allowance for loan losses | -29 | -40 | -10 | -49 |
Loans Receivable | Commercial: Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 5,480 | 5,573 | 7,517 | |
Allowance for loan losses | -50 | -59 | -226 | -317 |
Loans Receivable | Total Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 78,091 | 78,115 | ||
Loans Receivable | Consumer: Home equity lines of credit | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 22,292 | 20,431 | 20,959 | |
Allowance for loan losses | -168 | -137 | -160 | -220 |
Loans Receivable | Consumer: Second mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 47,034 | 54,532 | 65,703 | |
Allowance for loan losses | -1,033 | -1,393 | -1,389 | -2,154 |
Loans Receivable | Consumer: Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 2,839 | 2,648 | 762 | |
Allowance for loan losses | -23 | -22 | -16 | -16 |
Loans Receivable | Total Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $72,165 | $77,611 |
Loans_Receivable_and_Related_A3
Loans Receivable and Related Allowance for Loan Losses - Reconciliation of allowance for loan losses (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | $5,090 | ||
Provision | 263 | 11,235 | 810 |
Allowance for loan losses, Ending Balance | 4,589 | 5,090 | |
Loans Receivable | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 5,090 | 7,581 | 10,101 |
Charge-offs | -941 | -14,321 | -4,623 |
Recoveries | 177 | 595 | 1,293 |
Provision | 263 | 11,235 | 810 |
Allowance for loan losses, Ending Balance | 4,589 | 5,090 | 7,581 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 351 | ||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 4,589 | 5,090 | 7,230 |
Loans receivables | 388,577 | 404,737 | 462,162 |
Loans receivables: Ending balance: individually evaluated for impairment | 3,400 | 3,247 | 13,241 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 385,177 | 401,490 | 448,921 |
Loans Receivable | Residential mortgage | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 1,414 | 1,487 | 1,458 |
Charge-offs | -83 | -994 | -1,367 |
Recoveries | 23 | 199 | |
Provision | 318 | 722 | 1,396 |
Allowance for loan losses, Ending Balance | 1,672 | 1,414 | 1,487 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 1,672 | 1,414 | 1,487 |
Loans receivables | 231,324 | 239,900 | 231,803 |
Loans receivables: Ending balance: individually evaluated for impairment | 999 | 1,295 | 3,971 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 230,325 | 238,605 | 227,832 |
Loans Receivable | Construction and Development: Residential and commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 164 | 724 | 1,627 |
Charge-offs | -37 | -5,768 | -826 |
Recoveries | 1 | 1,139 | |
Provision | 163 | 5,208 | -1,216 |
Allowance for loan losses, Ending Balance | 291 | 164 | 724 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 291 | 164 | 724 |
Loans receivables | 5,964 | 6,672 | 20,500 |
Loans receivables: Ending balance: individually evaluated for impairment | 187 | 209 | 3,788 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 5,777 | 6,463 | 16,712 |
Loans Receivable | Construction and Development: Land | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 56 | 11 | 49 |
Charge-offs | -99 | ||
Recoveries | |||
Provision | -43 | 144 | -38 |
Allowance for loan losses, Ending Balance | 13 | 56 | 11 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 13 | 56 | 11 |
Loans receivables | 1,033 | 2,439 | 632 |
Loans receivables: Ending balance: individually evaluated for impairment | 237 | ||
Loans Receivable: Ending balance: collectively evaluated for impairment | 1,033 | 2,202 | 632 |
Loans Receivable | Commercial: Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 1,726 | 3,493 | 4,176 |
Charge-offs | -183 | -6,315 | -951 |
Recoveries | 9 | 117 | 5 |
Provision | -304 | 4,431 | 263 |
Allowance for loan losses, Ending Balance | 1,248 | 1,726 | 3,493 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 351 | ||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 1,248 | 1,726 | 3,142 |
Loans receivables | 71,579 | 70,571 | 112,199 |
Loans receivables: Ending balance: individually evaluated for impairment | 504 | 4,837 | |
Loans Receivable: Ending balance: collectively evaluated for impairment | 71,075 | 70,571 | 107,362 |
Loans Receivable | Commercial: Multi-family | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 40 | 10 | 49 |
Charge-offs | -113 | ||
Recoveries | |||
Provision | -11 | 30 | 74 |
Allowance for loan losses, Ending Balance | 29 | 40 | 10 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 29 | 40 | 10 |
Loans receivables | 1,032 | 1,971 | 2,087 |
Loans receivables: Ending balance: individually evaluated for impairment | |||
Loans Receivable: Ending balance: collectively evaluated for impairment | 1,032 | 1,971 | 2,087 |
Loans Receivable | Commercial: Other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 59 | 226 | 317 |
Charge-offs | -94 | -88 | |
Recoveries | 3 | 23 | 2 |
Provision | -12 | -96 | -5 |
Allowance for loan losses, Ending Balance | 50 | 59 | 226 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 50 | 59 | 226 |
Loans receivables | 5,480 | 5,573 | 7,517 |
Loans receivables: Ending balance: individually evaluated for impairment | 900 | 900 | 175 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 4,580 | 4,673 | 7,342 |
Loans Receivable | Consumer: Home equity lines of credit | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 137 | 160 | 220 |
Charge-offs | -14 | -72 | |
Recoveries | 1 | 17 | 2 |
Provision | 44 | -40 | 10 |
Allowance for loan losses, Ending Balance | 168 | 137 | 160 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 168 | 137 | 160 |
Loans receivables | 22,292 | 20,431 | 20,959 |
Loans receivables: Ending balance: individually evaluated for impairment | 115 | 34 | 23 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 22,177 | 20,397 | 20,936 |
Loans Receivable | Consumer: Second mortgages | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 1,393 | 1,389 | 2,154 |
Charge-offs | -618 | -1,042 | -1,184 |
Recoveries | 136 | 235 | 141 |
Provision | 122 | 811 | 278 |
Allowance for loan losses, Ending Balance | 1,033 | 1,393 | 1,389 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 1,033 | 1,393 | 1,389 |
Loans receivables | 47,034 | 54,532 | 65,703 |
Loans receivables: Ending balance: individually evaluated for impairment | 695 | 572 | 447 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 46,339 | 53,960 | 65,256 |
Loans Receivable | Consumer: Other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 22 | 16 | 16 |
Charge-offs | -6 | -9 | -22 |
Recoveries | 4 | 4 | 4 |
Provision | 3 | 11 | 18 |
Allowance for loan losses, Ending Balance | 23 | 22 | 16 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 23 | 22 | 16 |
Loans receivables | 2,839 | 2,648 | 762 |
Loans receivables: Ending balance: individually evaluated for impairment | |||
Loans Receivable: Ending balance: collectively evaluated for impairment | 2,839 | 2,648 | 762 |
Loans Receivable | Unallocated | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 79 | 65 | 35 |
Charge-offs | |||
Recoveries | |||
Provision | -17 | 14 | 30 |
Allowance for loan losses, Ending Balance | 62 | 79 | 65 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | $62 | $79 | $65 |
Loans_Receivable_and_Related_A4
Loans Receivable and Related Allowance for Loan Losses - Impaired loans by specific allowance and no specific allowance (Details 2) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Financing Receivable, Impaired [Line Items] | ||
Total Impaired Loans: Recorded Investment | $887,000 | $1,000,000 |
Loans Receivable | ||
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 | 3,400,000 | 3,247,000 |
Total Impaired Loans: Recorded Investment | 3,400,000 | 3,247,000 |
Total Impaired Loans: Unpaid Principal Balance | 4,608,000 | 4,195,000 |
Loans Receivable | 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 | 999,000 | 1,295,000 |
Total Impaired Loans: Recorded Investment | 999,000 | 1,295,000 |
Total Impaired Loans: Unpaid Principal Balance | 1,149,000 | 1,510,000 |
Loans Receivable | 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 | 187,000 | 209,000 |
Total Impaired Loans: Recorded Investment | 187,000 | 209,000 |
Total Impaired Loans: Unpaid Principal Balance | 842,000 | 297,000 |
Loans Receivable | Commercial: Commercial real estate | ||
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 | 504,000 | 237,000 |
Total Impaired Loans: Recorded Investment | 504,000 | 237,000 |
Total Impaired Loans: Unpaid Principal Balance | 688,000 | 337,000 |
Loans Receivable | 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 | 900,000 | 900,000 |
Total Impaired Loans: Recorded Investment | 900,000 | 900,000 |
Total Impaired Loans: Unpaid Principal Balance | 900,000 | 900,000 |
Loans Receivable | 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 | 115,000 | 34,000 |
Total Impaired Loans: Recorded Investment | 115,000 | 34,000 |
Total Impaired Loans: Unpaid Principal Balance | 135,000 | 50,000 |
Loans Receivable | 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 | 695,000 | 572,000 |
Total Impaired Loans: Recorded Investment | 695,000 | 572,000 |
Total Impaired Loans: Unpaid Principal Balance | $894,000 | $1,101,000 |
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 $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Impaired [Line Items] | |||
Average Impaired Loans | $4,227 | $14,930 | $13,500 |
Interest Income Recognized on Impaired Loans | 63 | 386 | 411 |
Residential mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Average Impaired Loans | 1,731 | 3,375 | 2,976 |
Interest Income Recognized on Impaired Loans | 45 | 77 | |
Construction and Development: Residential and commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Average Impaired Loans | 609 | 5,940 | 3,410 |
Interest Income Recognized on Impaired Loans | 17 | 65 | 49 |
Construction and Development: Land | |||
Financing Receivable, Impaired [Line Items] | |||
Average Impaired Loans | 240 | 10 | |
Interest Income Recognized on Impaired Loans | 14 | 2 | |
Commercial: Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Average Impaired Loans | 21 | 4,763 | 6,251 |
Interest Income Recognized on Impaired Loans | 255 | 274 | |
Commercial: Other | |||
Financing Receivable, Impaired [Line Items] | |||
Average Impaired Loans | 900 | 246 | 180 |
Interest Income Recognized on Impaired Loans | 32 | 14 | 7 |
Consumer: Home equity lines of credit | |||
Financing Receivable, Impaired [Line Items] | |||
Average Impaired Loans | 104 | 22 | 26 |
Interest Income Recognized on Impaired Loans | 1 | ||
Consumer: Second mortgages | |||
Financing Receivable, Impaired [Line Items] | |||
Average Impaired Loans | 622 | 574 | 656 |
Interest Income Recognized on Impaired Loans | 4 | 4 | |
Consumer: Other | |||
Financing Receivable, Impaired [Line Items] | |||
Average Impaired Loans | 1 | ||
Interest Income Recognized on Impaired Loans |
Loans_Receivable_and_Related_A6
Loans Receivable and Related Allowance for Loan Losses - Loans portfolio by credit quality indicator (Details 4) (Loans Receivable, USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | $388,577 | $404,737 | $462,162 |
Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | 375,879 | 396,401 | |
Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | 6,996 | 3,816 | |
Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | 5,702 | 4,520 | |
Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | |||
Residential mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | 231,324 | 239,900 | 231,803 |
Residential mortgage | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | 230,065 | 238,461 | |
Residential mortgage | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | 137 | 144 | |
Residential mortgage | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | 1,122 | 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 | 5,964 | 6,672 | 20,500 |
Construction and Development: Residential and commercial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | 5,777 | 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 | 187 | 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 | 1,033 | 2,439 | 632 |
Construction and Development: Land | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | 1,033 | 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 | ||
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 | 71,579 | 70,571 | 112,199 |
Commercial: Commercial real estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | 63,125 | 67,028 | |
Commercial: Commercial real estate | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | 5,797 | 3,166 | |
Commercial: Commercial real estate | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | 2,657 | 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 | 1,032 | 1,971 | 2,087 |
Commercial: Multi-family | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | 1,032 | 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 | 5,480 | 5,573 | 7,517 |
Commercial: Other | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | 3,555 | 4,363 | |
Commercial: Other | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | 1,025 | 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 | 22,292 | 20,431 | 20,959 |
Consumer: Home equity lines of credit | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | 22,177 | 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 | 115 | 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 | 47,034 | 54,532 | 65,703 |
Consumer: Second mortgages | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | 46,292 | 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 | 721 | 728 | |
Consumer: Second mortgages | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | |||
Consumer: Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | 2,839 | 2,648 | 762 |
Consumer: Other | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | 2,823 | 2,625 | |
Consumer: Other | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivables | 16 | 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 $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | $2,391 | $1,901 |
Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | 1,232 | 1,295 |
Construction and Development: Residential and commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | 78 | |
Commercial: Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | 504 | |
Consumer: Home equity lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | 115 | 34 |
Consumer: Second mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | $462 | $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 $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $384,609 | $400,393 | |
30-59 Days Past Due | 1,052 | 1,846 | |
60 - 89 Days Past Due | 525 | 597 | |
90 Days or More Past Due | 2,391 | 1,901 | |
Total Past Due | 3,968 | 4,344 | |
Total Loans Receivable | 388,577 | 404,737 | 462,162 |
Residential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 229,257 | 237,584 | |
30-59 Days Past Due | 835 | 820 | |
60 - 89 Days Past Due | 201 | ||
90 Days or More Past Due | 1,232 | 1,295 | |
Total Past Due | 2,067 | 2,316 | |
Total Loans Receivable | 231,324 | 239,900 | 231,803 |
Construction and Development: Residential and commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 5,886 | 6,672 | |
30-59 Days Past Due | |||
60 - 89 Days Past Due | |||
90 Days or More Past Due | 78 | ||
Total Past Due | 78 | ||
Total Loans Receivable | 5,964 | 6,672 | 20,500 |
Construction and Development: Land | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 1,033 | 2,439 | |
30-59 Days Past Due | |||
60 - 89 Days Past Due | |||
90 Days or More Past Due | |||
Total Past Due | |||
Total Loans Receivable | 1,033 | 2,439 | 632 |
Commercial: Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 71,075 | 70,416 | |
30-59 Days Past Due | |||
60 - 89 Days Past Due | 155 | ||
90 Days or More Past Due | 504 | ||
Total Past Due | 504 | 155 | |
Total Loans Receivable | 71,579 | 70,571 | 112,199 |
Commercial: Multi-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 1,032 | 1,971 | |
30-59 Days Past Due | |||
60 - 89 Days Past Due | |||
90 Days or More Past Due | |||
Total Past Due | |||
Total Loans Receivable | 1,032 | 1,971 | 2,087 |
Commercial: Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 5,480 | 5,573 | |
30-59 Days Past Due | |||
60 - 89 Days Past Due | |||
90 Days or More Past Due | |||
Total Past Due | |||
Total Loans Receivable | 5,480 | 5,573 | 7,517 |
Consumer: Home equity lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 22,177 | 20,397 | |
30-59 Days Past Due | |||
60 - 89 Days Past Due | |||
90 Days or More Past Due | 115 | 34 | |
Total Past Due | 115 | 34 | |
Total Loans Receivable | 22,292 | 20,431 | 20,959 |
Consumer: Second mortgages | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 45,847 | 52,698 | |
30-59 Days Past Due | 200 | 1,022 | |
60 - 89 Days Past Due | 525 | 240 | |
90 Days or More Past Due | 462 | 572 | |
Total Past Due | 1,187 | 1,834 | |
Total Loans Receivable | 47,034 | 54,532 | 65,703 |
Consumer: Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 2,822 | 2,643 | |
30-59 Days Past Due | 17 | 4 | |
60 - 89 Days Past Due | 1 | ||
90 Days or More Past Due | |||
Total Past Due | 17 | 5 | |
Total Loans Receivable | $2,839 | $2,648 | $762 |
Loans_Receivable_and_Related_A9
Loans Receivable and Related Allowance for Loan Losses - Troubled Debt Restructurings (Details 7) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Loan | Loan | |
Financing Receivable, Modifications [Line Items] | ||
Total Troubled Debt Restructurings: Number of Loans | 3 | 7 |
Total Troubled Debt Restructurings: Recorded Investment | $1,100,000 | $1,300,000 |
Loans Receivable | ||
Financing Receivable, Modifications [Line Items] | ||
Total Troubled Debt Restructurings: Number of Loans | 3 | 7 |
Total Troubled Debt Restructurings: Recorded Investment | 1,087,000 | 1,346,000 |
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 | 78,000 | |
Loans Receivable | Construction and Development: Residential and commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Total Troubled Debt Restructurings: Number of Loans | 2 | 5 |
Total Troubled Debt Restructurings: Recorded Investment | 187,000 | 209,000 |
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 | 78,000 | |
Loans Receivable | Construction and Development: Land | ||
Financing Receivable, Modifications [Line Items] | ||
Total Troubled Debt Restructurings: Number of Loans | 1 | |
Total Troubled Debt Restructurings: Recorded Investment | 237,000 | |
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 | ||
Loans Receivable | Commercial: Other | ||
Financing Receivable, Modifications [Line Items] | ||
Total Troubled Debt Restructurings: Number of Loans | 1 | 1 |
Total Troubled Debt Restructurings: Recorded Investment | 900,000 | 900,000 |
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) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | $1,100,000 | $1,300,000 |
Loans Receivable | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 1,087,000 | 1,346,000 |
Loans Receivable | Performing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 1,009,000 | 1,346,000 |
Loans Receivable | Performing | Construction and Development: Residential and commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 109,000 | 209,000 |
Loans Receivable | Performing | Construction and Development: Land | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 237,000 | |
Loans Receivable | Performing | Commercial: Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 900,000 | 900,000 |
Loans Receivable | Nonperforming | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 78,000 | |
Loans Receivable | Nonperforming | Construction and Development: Residential and commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 78,000 | |
Loans Receivable | Nonperforming | Construction and Development: Land | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | ||
Loans Receivable | 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 $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Security | Loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 1 | 7 |
Pre-Modifications Outstanding Recorded Investments | $437 | $1,346 |
Post-Modifications Outstanding Recorded Investments | 437 | 1,346 |
Construction and Development: Residential and commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 1 | 5 |
Pre-Modifications Outstanding Recorded Investments | 437 | 209 |
Post-Modifications Outstanding Recorded Investments | 437 | 209 |
Construction and Development: Land | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 1 | |
Pre-Modifications Outstanding Recorded Investments | 237 | |
Post-Modifications Outstanding Recorded Investments | 237 | |
Commercial: Other | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 1 | |
Pre-Modifications Outstanding Recorded Investments | 900 | |
Post-Modifications Outstanding Recorded Investments | $900 |
Recovered_Sheet3
Loans Receivable and Related Allowance for Loan Losses (Related Party Loans) (Details 10) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Loans and Leases Receivable, Related Parties [Roll Forward] | ||
Balance at beginning of year | $523 | $792 |
New loans | ||
Repayments | -271 | -269 |
Balance at end of year | $252 | $523 |
Recovered_Sheet4
Loans Receivable and Related Allowance for Loan Losses (Details 11) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Balance at beginning of year | $271 | ||
Amortization | 22 | 6 | -74 |
Balance at end of year | 453 | 271 | |
Mortgage servicing rights | |||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Balance at beginning of year | 271 | 107 | 128 |
Amortization | 22 | 6 | -74 |
Addition | 160 | 158 | 53 |
Balance at end of year | $453 | $271 | $107 |
Recovered_Sheet5
Loans Receivable and Related Allowance for Loan Losses (Detail Textuals) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Loans Receivable and Related Allowance for Loan Losses [Abstract] | |||
Interest income recognized on nonaccrual loans | $121,000 | $131,000 | $1,100,000 |
Recovered_Sheet6
Loans Receivable and Related Allowance for Loan Losses (Detail Textuals 1) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Loan | Loan | |
Financing Receivable, Modifications [Line Items] | ||
Total Troubled Debt Restructurings: Number of Loans | 3 | 7 |
Total Troubled Debt Restructurings: Recorded Investment | $1,100,000 | $1,300,000 |
Loans Receivable | ||
Financing Receivable, Modifications [Line Items] | ||
Total Troubled Debt Restructurings: Number of Loans | 3 | 7 |
Total Troubled Debt Restructurings: Recorded Investment | 1,087,000 | 1,346,000 |
Loans Receivable | Construction and Development: Residential and commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Total Troubled Debt Restructurings: Number of Loans | 2 | 5 |
Total Troubled Debt Restructurings: Recorded Investment | 187,000 | 209,000 |
Loans Receivable | Construction and Development: Land | ||
Financing Receivable, Modifications [Line Items] | ||
Total Troubled Debt Restructurings: Number of Loans | 1 | |
Total Troubled Debt Restructurings: Recorded Investment | 237,000 | |
Loans Receivable | Commercial: Other | ||
Financing Receivable, Modifications [Line Items] | ||
Total Troubled Debt Restructurings: Number of Loans | 1 | 1 |
Total Troubled Debt Restructurings: Recorded Investment | 900,000 | 900,000 |
Loans Receivable | Impaired | ||
Financing Receivable, Modifications [Line Items] | ||
Total Troubled Debt Restructurings: Number of Loans | 1 | 7 |
Total Troubled Debt Restructurings: Recorded Investment | $78,000 | $1,300,000 |
Recovered_Sheet7
Loans Receivable and Related Allowance for Loan Losses (Details Textual 2) (USD $) | 12 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Servicing Asset | $453,000 | $271,000 | ||
Mortgage servicing rights | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Servicing Asset | 453,000 | 271,000 | 107,000 | 128,000 |
Loans Receivable | Mortgage servicing rights | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Servicing Asset | 59,900,000 | 44,400,000 | 24,600,000 | |
Loan servicing rights, discount rate | 11.00% | 12.00% | 11.00% | |
Loans Receivable | Long-term fixed rate residential mortgage loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Sale of loan servicing rights at fair value | 23,200,000 | 27,800,000 | 10,700,000 | |
Loss on sale of loans, net | $352,000 | $366,000 | $415,000 |
Property_and_Equipment_Summary
Property and Equipment - Summary of Property and Equipment (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 15,947 | $16,165 |
Accumulated depreciation | -9,124 | -8,906 |
Property and equipment, net | 6,823 | 7,259 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 711 | 711 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 11,013 | 11,386 |
Building and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful life (years) | 39 years | |
Building and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful life (years) | 10 years | |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1 | |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 4,223 | $4,067 |
Furniture, fixtures and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful life (years) | 7 years | |
Furniture, fixtures and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful life (years) | 3 years |
Property_and_Equipment_Detail_
Property and Equipment (Detail Textuals) (USD $) | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $638,000 | $695,000 | $724,000 | |
Loss on disposal of fixed assets | ($41,000) | ($41,000) | ($1,000) |
Deposits_Information_of_Deposi
Deposits - Information of Deposits (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ||
Tiered savings | $2,198 | $1,574 |
Regular savings | 42,719 | 41,358 |
Money market accounts | 59,529 | 67,372 |
Checking and NOW accounts | 81,921 | 87,676 |
Non-Interest bearing demand | 23,059 | 24,662 |
Total Deposits before Certificate accounts | 209,426 | 222,642 |
Certificates of deposit | 203,527 | 261,954 |
Total Deposits | $412,953 | $484,596 |
Percentage of tiered savings to total deposits | 0.53% | 0.33% |
Percentage of regular savings to total deposits | 10.34% | 8.53% |
Percentage of money market accounts to total deposits | 14.42% | 13.90% |
Percentage of checking and NOW accounts to total deposits | 19.84% | 18.09% |
Percentage of non-interest bearing demand to total deposits | 5.58% | 5.09% |
Percentage of total deposits before certificate accounts to total deposits | 50.71% | 45.94% |
Percentage of certificate of deposit to total deposits | 49.29% | 54.06% |
Percentage of interest-bearing domestic deposits to deposits | 100.00% | 100.00% |
Deposits_Interest_expense_on_d
Deposits - Interest expense on deposits (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Deposits [Abstract] | |||
Savings accounts | $27 | $24 | $48 |
Checking and NOW accounts | 85 | 119 | 256 |
Money market accounts | 164 | 228 | 446 |
Certificates of deposit | 3,693 | 4,908 | 5,942 |
Total deposits | $3,969 | $5,279 | $6,692 |
Deposits_Certificates_of_depos
Deposits - Certificates of deposits by year of maturity (Details 2) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ||
2015 | $88,263 | |
2016 | 49,360 | |
2017 | 26,408 | |
2018 | 24,662 | |
2019 | 11,788 | |
2020 and thereafter | 3,046 | |
Time Deposits, Total | $203,527 | $261,954 |
Deposits_Detail_Textuals
Deposits (Detail Textuals) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Deposits [Abstract] | ||
Time Deposits, $100,000 or More | $101,700,000 | $133,500,000 |
Cash, FDIC insured amount | 250,000 | |
Related party deposit liabilities | $663,000 | $658,000 |
Borrowings_Maturities_of_term_
Borrowings - Maturities of term borrowings (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Borrowings [Abstract] | ||
2015 | $10,000 | $5,000 |
2016 | 5,000 | 5,000 |
2017 | ||
2018 | 28,000 | 28,000 |
2019 | 5,000 | |
Total FHLB Advances | $48,000 | $38,000 |
2015, Weighted Average Rate | 0.83% | 0.12% |
2016, Weighted Average Rate | 1.34% | 0.19% |
2017, Weighted Average Rate | ||
2018, Weighted Average Rate | 3.31% | 4.36% |
2019, Weighted Average Rate | 1.77% | |
Total FHLB Advances, Weighted Average Rate | 2.59% | 3.90% |
Borrowings_Detail_Textuals
Borrowings (Detail Textuals) (Federal home loan bank of Pittsburgh, Line of Credit, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Federal home loan bank of Pittsburgh | Line of Credit | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Maximum borrowing capacity of line of credit facility | $103.80 | $50 |
Interest rate under line of credit facility | 0.28% | 0.25% |
Amount of advances of Federal Home Loan Bank | 48 | |
Amount of available, unused funds | 149.7 | |
Federal Home Loan Bank, Advances, Maturities Summary, Fixed Rate | 20 | |
Federal Home Loan Bank, Advances, Weighted Average Fixed Rate | 1.20% | |
Federal Home Loan Bank, Advances, Fixed Rate, Weighted Average Maturity | 22 months | |
Federal Home Loan Bank, Advances, Maturities Summary, Floating Rate | $28 | |
Federal Home Loan Bank, Advances, Weighted Average Floating Rate | 3.30% | |
Federal Home Loan Bank, Advances, Floating Rate, Weighted Average Maturity | 33 months |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets measured at fair value on recurring basis (Details) (USD $) | Sep. 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 | $100,943 | $124,667 |
Fair Value Inputs Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | ||
Fair Value Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 100,943 | 124,667 |
Fair Value Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | ||
Total Available For Sale Securities Before Mortgage-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 24,161 | 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 | 19,256 | 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 | 880 | 810 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 1,525 | 1,782 |
Mortgage Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 76,782 | 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 | 418 | 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 | 16,808 | 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 | 3,595 | 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 | 11,996 | 12,850 |
Mortgage-backed securities: CMO | Fixed-rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 43,965 | 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 | 100,943 | 124,667 |
Fair Value, Measurements, Recurring | Fair Value Inputs 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 | Fair Value Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 100,943 | 124,667 |
Fair Value, Measurements, Recurring | Fair Value Inputs 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 Available For Sale Securities Before Mortgage-Backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 24,161 | 33,962 |
Fair Value, Measurements, Recurring | Total Available For Sale Securities Before Mortgage-Backed | Fair Value Inputs 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 Available For Sale Securities Before Mortgage-Backed | Fair Value Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 24,161 | 33,962 |
Fair Value, Measurements, Recurring | Total Available For Sale Securities Before Mortgage-Backed | Fair Value Inputs 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 | 19,256 | 19,432 |
Fair Value, Measurements, Recurring | U.S. government agencies | Fair Value Inputs 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 | Fair Value Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 19,256 | 19,432 |
Fair Value, Measurements, Recurring | U.S. government agencies | Fair Value Inputs 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 | Fair Value Inputs 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 | Fair Value Inputs 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 | Fair Value Inputs 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 | 880 | 810 |
Fair Value, Measurements, Recurring | Single issuer trust preferred security | Fair Value Inputs 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 | Fair Value Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 880 | 810 |
Fair Value, Measurements, Recurring | Single issuer trust preferred security | Fair Value Inputs 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 | 1,525 | 1,782 |
Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value Inputs 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 | Fair Value Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 1,525 | 1,782 |
Fair Value, Measurements, Recurring | Corporate debt securities | Fair Value Inputs 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 | 76,782 | 90,705 |
Fair Value, Measurements, Recurring | Mortgage Backed Securities | Fair Value Inputs 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 | Fair Value Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 76,782 | 90,705 |
Fair Value, Measurements, Recurring | Mortgage Backed Securities | Fair Value Inputs 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 | 418 | 2,014 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FNMA | Adjustable-rate | Fair Value Inputs 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 | Fair Value Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 418 | 2,014 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FNMA | Adjustable-rate | Fair Value Inputs 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 | 16,808 | 18,091 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FNMA | Fixed-rate | Fair Value Inputs 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 | Fair Value Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 16,808 | 18,091 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FNMA | Fixed-rate | Fair Value Inputs 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 | 3,595 | 5,021 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FHLMC | Adjustable-rate | Fair Value Inputs 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 | Fair Value Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 3,595 | 5,021 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FHLMC | Adjustable-rate | Fair Value Inputs 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 | 11,996 | 12,850 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FHLMC | Fixed-rate | Fair Value Inputs 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 | Fair Value Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 11,996 | 12,850 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: FHLMC | Fixed-rate | Fair Value Inputs 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 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 43,965 | 52,729 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: CMO | Fixed-rate | Fair Value Inputs 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 | Fair Value Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 43,965 | 52,729 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: CMO | Fixed-rate | Fair Value Inputs 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 $) | Sep. 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 | $1,917 | $3,388 | ||
Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value, nonrecurring basis | 2,077 | 13,913 | ||
Fair Value, Measurements, Nonrecurring | Fair Value Inputs 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 | Fair Value Inputs Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value, nonrecurring basis | 160 | 158 | ||
Fair Value, Measurements, Nonrecurring | Fair Value Inputs Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value, nonrecurring basis | 1,917 | 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 | Fair Value Inputs 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 | Fair Value Inputs 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 | Fair Value Inputs 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 | 1,030 | 2,341 | ||
Fair Value, Measurements, Nonrecurring | Other real estate owned | Fair Value Inputs 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 | Fair Value Inputs 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 | Fair Value Inputs Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value, nonrecurring basis | 1,030 | 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 | 887 | [1] | 1,047 | [2],[3] |
Fair Value, Measurements, Nonrecurring | Impaired loans | Fair Value Inputs Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value, nonrecurring basis | [1] | [2] | ||
Fair Value, Measurements, Nonrecurring | Impaired loans | Fair Value Inputs Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value, nonrecurring basis | [1] | [2] | ||
Fair Value, Measurements, Nonrecurring | Impaired loans | Fair Value Inputs Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value, nonrecurring basis | 887 | [1],[3] | 1,047 | [2],[3] |
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 | 160 | 158 | ||
Fair Value, Measurements, Nonrecurring | Mortgage servicing rights | Fair Value Inputs 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 | Fair Value Inputs Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value, nonrecurring basis | 160 | 158 | ||
Fair Value, Measurements, Nonrecurring | Mortgage servicing rights | Fair Value Inputs Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value, nonrecurring basis | ||||
[1] | At September 30, 2014, there were six loans with an aggregate balance of $887,000 and no specific loan loss allowance. | |||
[2] | At September 30, 2013, there were 11 loans with an aggregate balance of $1.0 million and no specific loan loss allowance. | |||
[3] | Includes assets directly charged-down to fair value during the year-to-date period. |
Fair_Value_Measurements_Quanti
Fair Value Measurements - Quantitative information regarding significant techniques and inputs (Details 2) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 1,917 | 3,388 | ||
Servicing Rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Valuation Technique | Discounted rate | Discounted rate | ||
Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 2,077 | 13,913 | ||
Fair Value, Measurements, Nonrecurring | Other real estate owned | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 1,030 | 2,341 | ||
Fair Value, Measurements, Nonrecurring | Impaired loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 887 | [1] | 1,047 | [2],[3] |
Fair Value, Measurements, Nonrecurring | Servicing Rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 160 | 158 | ||
Fair Value, Measurements, Nonrecurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 160 | 158 | ||
Fair Value, Measurements, Nonrecurring | 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 | Level 2 | Impaired loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | [1] | [2] | ||
Fair Value, Measurements, Nonrecurring | Level 2 | Servicing Rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 160 | 158 | ||
Valuation Technique | Discounted rate | Discounted rate | ||
Fair Value, Measurements, Nonrecurring | Level 2 | Servicing Rights | Discount rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Valuation Technique | Rate used through modeling period | Rate used through modeling period | ||
Fair Value, Measurements, Nonrecurring | Level 2 | Servicing Rights | Loan prepayment speeds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Valuation Technique | Weighted-average CPR | Weighted-average CPR | ||
Fair Value Inputs, Prepayment Rate | 14.15% | 15.58% | ||
Fair Value, Measurements, Nonrecurring | Level 2 | Servicing Rights | Servicing fees | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Valuation Technique | Of loan balance | Of loan balance | ||
Servicing fees | 0.25% | 0.25% | ||
Fair Value, Measurements, Nonrecurring | Level 2 | Servicing Rights | Servicing costs: Monthly servicing cost per account | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Valuation Technique | Monthly servicing cost per account | Monthly servicing cost per account | ||
Servicing costs | 6.25% | 6.25% | ||
Fair Value, Measurements, Nonrecurring | Level 2 | Servicing Rights | Servicing costs: Additional monthly servicing cost per loan on loans more than 30 days delinquent | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Valuation Technique | Additional monthly servicing cost per loan on loans more than 30 days delinquent | Additional monthly servicing cost per loan on loans more than 30 days delinquent | ||
Fair Value, Measurements, Nonrecurring | Level 2 | Maximum | Servicing Rights | Discount rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Discount Rate | 12.00% | 12.00% | ||
Fair Value, Measurements, Nonrecurring | Level 2 | Maximum | Servicing Rights | Servicing costs: Additional monthly servicing cost per loan on loans more than 30 days delinquent | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Additional monthly servicing cost per loan | 500 | 400 | ||
Fair Value, Measurements, Nonrecurring | Level 2 | Minimum | Servicing Rights | Discount rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Discount Rate | 11.00% | 11.00% | ||
Fair Value, Measurements, Nonrecurring | Level 2 | Minimum | Servicing Rights | Servicing costs: Additional monthly servicing cost per loan on loans more than 30 days delinquent | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Additional monthly servicing cost per loan | 300 | 300 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 1,917 | 3,388 | ||
Fair Value, Measurements, Nonrecurring | Level 3 | Other real estate owned | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 1,030 | 2,341 | ||
Valuation Technique | Appraisal of collateral | [4] | Appraisal of collateral | [5] |
Observable Input | Collateral discounts | [6] | Collateral discounts | [6] |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 887 | [1],[3] | 1,047 | [2],[3] |
Valuation Technique | Appraisal of collateral | [3],[4] | Appraisal of collateral | [3],[5] |
Observable Input | Collateral discounts | [3],[6] | Collateral discounts | [3],[6] |
Fair Value, Measurements, Nonrecurring | Level 3 | Servicing Rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | ||||
Fair Value, Measurements, Nonrecurring | Level 3 | Maximum | Other real estate owned | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Discount Rate | 72.00% | 84.00% | ||
Fair Value, Measurements, Nonrecurring | Level 3 | Maximum | Impaired loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Discount Rate | 52.00% | [3] | 73.00% | [3] |
Fair Value, Measurements, Nonrecurring | Level 3 | Minimum | Other real estate owned | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Discount Rate | 16.00% | 14.00% | ||
Fair Value, Measurements, Nonrecurring | Level 3 | Minimum | Impaired loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Discount Rate | 7.00% | [3] | 1.00% | [3] |
Fair Value, Measurements, Nonrecurring | Level 3 | Weighted Average | Other real estate owned | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Discount Rate | 38.00% | 39.00% | ||
Fair Value, Measurements, Nonrecurring | Level 3 | Weighted Average | Impaired loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Inputs, Discount Rate | 20.00% | [3] | 28.00% | [3] |
[1] | At September 30, 2014, there were six loans with an aggregate balance of $887,000 and no specific loan loss allowance. | |||
[2] | At September 30, 2013, there were 11 loans with an aggregate balance of $1.0 million and no specific loan loss allowance. | |||
[3] | Includes assets directly charged-down to fair value during the year-to-date period. | |||
[4] | Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. | |||
[5] | Fair value is generally determined through independent appraisals of the underlying collateral. | |||
[6] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. |
Fair_Value_Measurements_Quanti1
Fair Value Measurements - Quantitative information regarding significant techniques and inputs (Parentheticals) (Details 2) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Loan | Loan | |
Fair Value Measurements [Abstract] | ||
Number of impaired loan | 6 | 11 |
Aggregate balance of impaired loan | $887,000 | $1,000,000 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of activity in our other real estate owned (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Other Real Estate [Roll Forward] | ||
Beginning Balance | $3,962 | $4,594 |
Additions | 944 | 4,603 |
Sales, net | 2,601 | 3,587 |
Write-downs | 341 | 1,648 |
Ending Balance | 1,964 | 3,962 |
Residential mortgage | ||
Other Real Estate [Roll Forward] | ||
Beginning Balance | 725 | 1,262 |
Additions | 944 | 2,481 |
Sales, net | 335 | 2,777 |
Write-downs | 203 | 241 |
Ending Balance | 1,131 | 725 |
Construction and Development: Land | ||
Other Real Estate [Roll Forward] | ||
Beginning Balance | 675 | |
Additions | 801 | |
Sales, net | 675 | |
Write-downs | 126 | |
Ending Balance | 675 | |
Commercial: Commercial real estate | ||
Other Real Estate [Roll Forward] | ||
Beginning Balance | 1,929 | 2,405 |
Additions | 1,147 | |
Sales, net | 958 | 810 |
Write-downs | 138 | 813 |
Ending Balance | 833 | 1,929 |
Commercial: Multi-family | ||
Other Real Estate [Roll Forward] | ||
Beginning Balance | 81 | 486 |
Additions | ||
Sales, net | 81 | |
Write-downs | 405 | |
Ending Balance | 81 | |
Commercial: Other | ||
Other Real Estate [Roll Forward] | ||
Beginning Balance | 174 | |
Additions | 174 | |
Sales, net | 174 | |
Write-downs | ||
Ending Balance | 174 | |
Consumer: Second mortgages | ||
Other Real Estate [Roll Forward] | ||
Beginning Balance | 378 | 441 |
Additions | ||
Sales, net | 378 | |
Write-downs | 63 | |
Ending Balance | $378 |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying amount and estimated fair value of financial instruments (Details 4) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ||||
Cash and cash equivalents | $19,187 | $23,687 | $131,910 | $33,496 |
Investment securities available for sale | 100,943 | 124,667 | ||
Loans receivable, net | 386,074 | 401,857 | ||
Loans held for sale | 10,367 | |||
Accrued interest receivable | 1,322 | 1,404 | ||
Restricted stock | 3,503 | 3,038 | ||
Mortgage servicing rights | 453 | 271 | ||
Financial liabilities: | ||||
Savings accounts | 44,917 | 42,932 | ||
Checkings and NOW accounts | 104,980 | 112,338 | ||
Money market accounts | 59,529 | 67,372 | ||
Certificates of deposits | 203,527 | 261,954 | ||
FHLB advances | 48,000 | 38,000 | ||
Accrued interest payable | 149 | 139 | ||
Financial assets: | ||||
Cash and cash equivalents, Fair Value | 19,187 | 23,687 | ||
Investment securities available for sale, Fair Value | 100,943 | 124,667 | ||
Loans receivable, net, Fair Value | 388,202 | 405,802 | ||
Loans held for sale, Fair Value | 10,367 | |||
Accrued interest receivable, Fair Value | 1,322 | 1,404 | ||
Restricted stock, Fair Value | 3,503 | 3,038 | ||
Mortgage servicing rights, Fair Value | 512 | 337 | ||
Financial liabilities: | ||||
Savings accounts, Fair Value | 44,917 | 42,932 | ||
Checking and NOW accounts, Fair Value | 104,980 | 112,338 | ||
Money market accounts, Fair Value | 59,529 | 67,372 | ||
Certificates of deposit, Fair Value | 207,080 | 267,181 | ||
FHLB advances, Fair Value | 49,627 | 41,281 | ||
Accrued interest payable, Fair Value | 149 | 139 | ||
Fair Value Inputs Level 1 | ||||
Financial assets: | ||||
Cash and cash equivalents, Fair Value | 19,187 | 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 | ||||
Financial liabilities: | ||||
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 | ||||
Fair Value Inputs Level 2 | ||||
Financial assets: | ||||
Cash and cash equivalents, Fair Value | ||||
Investment securities available for sale, Fair Value | 100,943 | 124,667 | ||
Loans receivable, net, Fair Value | ||||
Loans held for sale, Fair Value | ||||
Accrued interest receivable, Fair Value | 1,322 | 1,404 | ||
Restricted stock, Fair Value | 3,503 | 3,038 | ||
Mortgage servicing rights, Fair Value | 512 | 337 | ||
Financial liabilities: | ||||
Savings accounts, Fair Value | 44,917 | 42,932 | ||
Checking and NOW accounts, Fair Value | 104,980 | 112,338 | ||
Money market accounts, Fair Value | 59,529 | 67,372 | ||
Certificates of deposit, Fair Value | 207,080 | 267,181 | ||
FHLB advances, Fair Value | 49,627 | 41,281 | ||
Accrued interest payable, Fair Value | 149 | 139 | ||
Fair Value Inputs Level 3 | ||||
Financial assets: | ||||
Cash and cash equivalents, Fair Value | ||||
Investment securities available for sale, Fair Value | ||||
Loans receivable, net, Fair Value | 388,202 | 405,802 | ||
Loans held for sale, Fair Value | ||||
Accrued interest receivable, Fair Value | ||||
Restricted stock, Fair Value | ||||
Mortgage servicing rights, Fair Value | ||||
Financial liabilities: | ||||
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_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets: | ||
Unrealized loss on investments available for sale | $932 | $1,385 |
Allowance for loan losses | 3,051 | 3,091 |
Non-accrual interest | 122 | 87 |
Write-down of real estate owned | 270 | 573 |
Alternative minimum tax (AMT) credit carryover | 64 | 64 |
Low-income housing tax credit carryover | 337 | 337 |
Supplement Employer Retirement Plan | 455 | 435 |
Charitable contributions | 36 | 202 |
Depreciation | 127 | 150 |
State net operating loss | 1,528 | |
Federal net operating loss | 7,159 | 7,046 |
Other | 54 | 112 |
Total Deferred Tax Assets | 12,607 | 15,010 |
Valuation allowance for DTA | -10,074 | -12,454 |
Total Deferred Tax Assets, Net of Valuation Allowance | 2,533 | 2,556 |
Deferred Tax Liabilities: | ||
State net operating income | -3 | |
Mortgage servicing rights | -154 | -92 |
Total Deferred Tax Liabilities | -157 | -92 |
Deferred Tax Assets, Net | $2,376 | $2,464 |
Income_Taxes_Components_of_inc
Income Taxes - Components of income tax expense (Benefit) (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Federal: | |||
Current | $388 | ($15) | $87 |
Deferred | -367 | 6,025 | 541 |
Federal income tax expense (benefit), Total | 21 | 6,010 | 628 |
State: Current | |||
Total | $21 | $6,010 | $628 |
Income_Taxes_Reconciliation_be
Income Taxes - Reconciliation between statutory federal income tax rate and effective income tax rate on income before income taxes (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes [Abstract] | |||
At federal statutory rate at 34% | ($4,350) | $880 | |
Adjustments resulting from: | |||
Tax-exempt interest | -77 | -25 | |
Low-income housing credit | -44 | ||
Earnings on bank-owned life insurance | -400 | -179 | |
Federal tax on cash surrender of BOLI | 21 | ||
DTA valuation allowance | 10,724 | ||
Other | 113 | -4 | |
Total | $21 | $6,010 | $628 |
Effective tax rate | 3.30% | -47.00% | 24.30% |
Income_Taxes_Reconciliation_be1
Income Taxes - Reconciliation between statutory federal income tax rate and effective income tax rate on income before income taxes (Parentheticals) (Details 2) | 12 Months Ended |
Sep. 30, 2014 | |
Income Taxes [Abstract] | |
Statutory federal income tax rate | 34.00% |
Income_Taxes_Detail_Textuals
Income Taxes (Detail Textuals) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Income Taxes [Abstract] | ||
Deferred tax asset before consideration of valuation allowance | $12,607,000 | $15,010,000 |
Deferred tax assets operating loss carryovers | 7,200,000 | |
Deferred tax asset attributable to other items | 5,400,000 | |
Deferred tax assets allowance for loan losses | 3,051,000 | 3,091,000 |
Deferred tax assets valuation allowance | $10,074,000 | $12,454,000 |
Income_Taxes_Detail_Textuals_1
Income Taxes (Detail Textuals 1) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $7,200,000 | |
Deferred tax assets operating loss carryforwards, Federal | 7,159,000 | 7,046,000 |
Federal net operating loss carryforwards expiration date | 30-Sep-31 | |
Low income housing credit carryforwards | 337,000 | 337,000 |
Low income housing credit carryforwards expiration dates | September 30, 2030 and 2031 | |
Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $21,100,000 |
Income_Taxes_Detail_Textuals_2
Income Taxes (Detail Textuals 2) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Income Taxes [Abstract] | ||
Charitable contributions carryforwards | $107,000 | |
Deferred tax assets charitable contribution carryforwards | 36,000 | 202,000 |
Charitable contributions carryforwards expiration dates | September 30, 2015 through September 30, 2018 | |
Tax bad debt reserves, base year | 1,600,000 | 1,600,000 |
Tax bad debt reserves subject to recapture | $0 | $0 |
Leases_Leases_of_lessee_Detail
Leases - Leases of lessee (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $195 |
2016 | 215 |
2017 | 214 |
2018 | 215 |
2019 | 214 |
Thereafter | 4,119 |
Total payments | $5,172 |
Leases_Leases_of_lessor_Detail
Leases - Leases of lessor (Details 1) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $159 |
2016 | |
2017 | |
2018 | |
2019 | |
Total Payments Receivable | $159 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Financial instruments were outstanding contract amounts represent credit risk (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Supply Commitment [Line Items] | ||
Commitments | $33,075 | $32,458 |
Future loan commitments | ||
Supply Commitment [Line Items] | ||
Commitments | 10,952 | 7,858 |
Undisbursed construction loans | ||
Supply Commitment [Line Items] | ||
Commitments | 2,873 | 3,797 |
Undisbursed home equity lines of credit | ||
Supply Commitment [Line Items] | ||
Commitments | 14,867 | 13,936 |
Undisbursed commercial lines of credit | ||
Supply Commitment [Line Items] | ||
Commitments | 948 | 3,032 |
Overdraft protection lines | ||
Supply Commitment [Line Items] | ||
Commitments | 133 | 108 |
Standby letters of credit | ||
Supply Commitment [Line Items] | ||
Commitments | $3,302 | $3,727 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Detail Textuals) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Supply Commitment [Line Items] | ||
Remaining minimum amount committed | 33,075 | $32,458 |
Standby letters of credit | ||
Supply Commitment [Line Items] | ||
Remaining minimum amount committed | 3,302 | 3,727 |
Future loan commitments | ||
Supply Commitment [Line Items] | ||
Remaining minimum amount committed | 10,952 | 7,858 |
Variable loan commitments | ||
Supply Commitment [Line Items] | ||
Remaining minimum amount committed | 22,100 | |
Maximum | Future loan commitments | ||
Supply Commitment [Line Items] | ||
Commitments to grant loans, interest rate | 5.25% | |
Maximum | Variable loan commitments | ||
Supply Commitment [Line Items] | ||
Commitments to grant loans, interest rate | 6.17% | |
Minimum | Future loan commitments | ||
Supply Commitment [Line Items] | ||
Commitments to grant loans, interest rate | 3.13% | |
Minimum | Variable loan commitments | ||
Supply Commitment [Line Items] | ||
Commitments to grant loans, interest rate | 3.40% |
Regulatory_Matters_Actual_capi
Regulatory Matters - Actual capital amounts and ratios (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Regulatory Matters [Abstract] | ||
Tangible Capital (to tangible assets): Actual Amount | $64,414 | $64,524 |
Core Capital (to adjusted tangible assets): Actual Amount | 64,414 | 64,524 |
Tier 1 Capital (to risk-weighted assets): Actual Amount | 64,414 | 64,524 |
Total risk-based Capital (to risk-weighted assets): Actual Amount | 68,549 | 69,084 |
Tangible Capital (to tangible assets): Actual Ratio | 12.09% | 10.91% |
Core Capital (to adjusted tangible assets): Actual Ratio | 12.09% | 10.91% |
Tier 1 Capital (to risk-weighted assets): Actual Ratio | 19.50% | 17.72% |
Total risk-based Capital (to risk-weighted assets): Actual Ratio | 20.75% | 18.97% |
Tangible Capital (to tangible assets): For Capital Adequacy Purposes Amount | 7,990 | 8,874 |
Core Capital (to adjusted tangible assets): For Capital Adequacy Purposes Amount | 21,305 | 23,664 |
Tier 1 Capital (to risk-weighted assets): For Capital Adequacy Purposes Amount | 13,212 | 14,566 |
Total risk-based Capital (to risk-weighted assets): For Capital Adequacy Purposes Amount | 26,424 | 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% |
Tangible Capital (to tangible assets): To be Well Capitalized under Prompt Corrective Action Provisions Amount | ||
Core Capital (to adjusted tangible assets): To be Well Capitalized under Prompt Corrective Action Provisions Amount | 26,632 | 29,580 |
Tier 1 Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Amount | 19,818 | 21,849 |
Total risk-based Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Amount | $33,030 | $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_Reconciliat
Regulatory Matters - Reconciliation of bank equity (Details 1) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Regulatory Matters [Abstract] | ||
Bank GAAP equity | $63,454 | $62,042 |
Disallowed portion of deferred tax asset | -670 | |
Net unrealized gain on securities available for sale, net of income taxes | 1,630 | 2,482 |
Tangible Capital, Core Capital and Tier 1 Capital | 64,414 | 64,524 |
Allowance for loan losses (excluding specific reserves of $0 and $0 for 2014 and 2013, respectively), (also excluding 1.25% of risk-weighted assets of $516 and $627 for 2014 and 2013, respectively) | 4,135 | 4,560 |
Total Risk-Based Capital | $68,549 | $69,084 |
Regulatory_Matters_Reconciliat1
Regulatory Matters - Reconciliation of Bank Equity (Parentheticals) (Details 1) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Regulatory Matters [Abstract] | ||
Specific reserves on allowance for loan losses | $0 | $0 |
Percentage of risk weighted assets on allowance for loan losses | 1.25% | |
Risk weighted assets | $516 | $627 |
Regulatory_Matters_Detail_Text
Regulatory Matters (Detail Textuals) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Additional capital contributed | $34,633 | |
Equity Tier 1 capital ratio | 4.00% | 4.00% |
Tier 1 Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 6.00% | 6.00% |
Total risk-based Capital (to risk-weighted assets): Actual Ratio | 18.97% | 20.75% |
Malvern Federal Savings Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Equity Tier 1 capital ratio | 4.50% | |
Total risk-based Capital (to risk-weighted assets): Actual Ratio | 2.50% | |
Malvern Federal Savings Bank | Minimum | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Equity Tier 1 capital ratio | 4.00% | |
Total risk-based Capital (to risk-weighted assets): Actual Ratio | 100.00% | |
Malvern Federal Savings Bank | Maximum | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Equity Tier 1 capital ratio | 6.00% | |
Total risk-based Capital (to risk-weighted assets): Actual Ratio | 150.00% | |
Malvern Federal Savings Bank | Second-Step Conversion | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Additional capital contributed | $25,000 | |
Malvern Bancorp, Inc | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Capital To Adjusted Total Assets | 8.50% | |
Equity Tier 1 capital ratio | 10.50% | |
Tier 1 Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 12.50% |
Condensed_Financial_Informatio2
Condensed Financial Information - Parent Company Only - Condensed statements of financial condition (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
Assets | ||||
Cash and Cash Equivalents | $19,187,000 | $23,687,000 | $131,910,000 | $33,496,000 |
Investment in subsidiaries | -63,454,000 | -62,042,000 | ||
Investment securities available for sale, at fair value | 100,943,000 | 124,667,000 | ||
Loans receivable, net | 386,074,000 | 401,857,000 | ||
Deferred income taxes, net | 2,376,000 | 2,464,000 | ||
Other assets | 1,808,000 | 1,508,000 | ||
Total Assets | 542,264,000 | 601,554,000 | ||
Liabilities | ||||
Total shareholders' equity | 76,772,000 | 75,406,000 | 62,636,000 | 60,284,000 |
Total Liabilities and Shareholders' Equity | 542,264,000 | 601,554,000 | ||
Parent Company | ||||
Assets | ||||
Cash and Cash Equivalents | 2,438,000 | 2,394,000 | 918,000 | 1,799,000 |
Investment in subsidiaries | 63,454,000 | 62,042,000 | ||
Investment securities available for sale, at fair value | 8,329,000 | 8,313,000 | ||
Loans receivable, net | 1,969,000 | 2,090,000 | ||
Deferred income taxes, net | 91,000 | 106,000 | ||
Other assets | 539,000 | 523,000 | ||
Total Assets | 76,820,000 | 75,468,000 | ||
Liabilities | ||||
Accounts payable | 48,000 | 62,000 | ||
Total shareholders' equity | 76,772,000 | 75,406,000 | 62,636,000 | |
Total Liabilities and Shareholders' Equity | $76,820,000 | $75,468,000 |
Condensed_Financial_Informatio3
Condensed Financial Information - Parent Company Only -Condensed statements of operations (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income | |||
Interest income | $17,736 | $20,172 | $24,046 |
Total Interest Income | 20,167 | 22,301 | 25,775 |
Expense | |||
Other operating expenses | 2,336 | 2,143 | 1,908 |
Total Other Expenses | 16,644 | 19,775 | 16,393 |
Income tax expense | 21 | 6,010 | 628 |
Net Income (Loss) | 323 | -18,803 | 1,959 |
Parent Company | |||
Income | |||
Interest income | 254 | 184 | 129 |
Total Interest Income | 254 | 184 | 129 |
Gain on sale of investment securities | 40 | ||
Expense | |||
Other operating expenses | 331 | 17 | 14 |
Total Other Expenses | 331 | 17 | 14 |
Gain before Equity in Undistributed Net Income (Loss) of Subsidiaries and Income Tax Benefit | -77 | 167 | 155 |
Equity in Undistributed Net Income (Loss) of Subsidiaries | 400 | -18,839 | 1,859 |
Income tax expense | 131 | 55 | |
Net Income (Loss) | $323 | ($18,803) | $1,959 |
Condensed_Financial_Informatio4
Condensed Financial Information - Parent Company Only - Condensed Statements of Comprehensive Income (Loss) (Details 2) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Net Income (Loss) | $323 | ($18,803) | $1,959 | |||
Other Comprehensive (Loss) Income: | ||||||
Changes in net unrealized net gains and losses on securities available for sale | 1,419 | -4,565 | 1,191 | |||
Gains realized on sale of securities in net income (loss) | -83 | [1] | -479 | [1] | -751 | [1] |
Other comprehensive (loss) income, total | 1,336 | -5,044 | 440 | |||
Deferred income tax effect | 453 | -1,715 | 150 | |||
Total other comprehensive income (loss) | 883 | -3,329 | 290 | |||
Total comprehensive income (loss) | 1,206 | -22,132 | 2,249 | |||
Parent Company | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Net Income (Loss) | 323 | -18,803 | 1,959 | |||
Other Comprehensive (Loss) Income: | ||||||
Changes in net unrealized net gains and losses on securities available for sale | 46 | -312 | -53 | |||
Gains realized on sale of securities in net income (loss) | -40 | |||||
Other comprehensive (loss) income, total | 46 | -312 | -93 | |||
Deferred income tax effect | -16 | 106 | 93 | |||
Total other comprehensive income (loss) | 30 | -206 | ||||
Total comprehensive income (loss) | $353 | ($19,009) | $1,959 | |||
[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 $28, $163, and $255, respectively, are included in income tax (benefit) expense. |
Condensed_Financial_Informatio5
Condensed Financial Information - Parent Company Only - Condensed statements of cash flows (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities | |||
Net income (loss) | $323 | ($18,803) | $1,959 |
Deferred income taxes, net | -367 | 6,025 | 541 |
Amortization of discounts on investment securities | 488 | 735 | 165 |
Decrease in other liabilities | 309 | 141 | 306 |
Decrease (increase) in other assets | 114 | 809 | 335 |
Net Cash Provided by (Used in) Operating Activities | -33 | -1,850 | 3,909 |
Cash Flows from Investing Activities | |||
Calls, sales of investment securities | 14,138 | 27,534 | 37,440 |
Loan originations and principal collections, net | 19,649 | 58,365 | 66,065 |
Net Cash (Used in) Provided by Investing Activities | 56,508 | -19,267 | 51,953 |
Cash Flows from Financing Activities | |||
Proceeds from stock issuance net of offering costs | -20,841 | ||
Net Cash Provided by (Used in) Financing Activities | -60,975 | -87,106 | 42,552 |
Net Increase (Decrease) in Cash and Cash Equivalents | -4,500 | -108,223 | 98,414 |
Cash and Cash Equivalent - Beginning | 23,687 | 131,910 | 33,496 |
Cash and Cash Equivalent - Ending | 19,187 | 23,687 | 131,910 |
Parent Company | |||
Cash Flows from Operating Activities | |||
Net income (loss) | 323 | -18,803 | 1,959 |
Undistributed net (income) loss of subsidiaries | -400 | 18,839 | -1,859 |
Deferred income taxes, net | 197 | 106 | -32 |
ESOP shares committed to be released | 160 | 169 | 103 |
Amortization of discounts on investment securities | 40 | 79 | |
Net gain on sale of investment securities | -40 | ||
Decrease in other liabilities | -14 | -500 | |
Decrease (increase) in other assets | 227 | -197 | -193 |
Net Cash Provided by (Used in) Operating Activities | 493 | 154 | -483 |
Cash Flows from Investing Activities | |||
Proceeds from maturities and principal collection on investments available for sale, net | 422 | 1,474 | 888 |
Purchases of investment securities | -992 | -10,299 | -1,001 |
Calls, sales of investment securities | 200 | 2,806 | |
Loan originations and principal collections, net | 121 | 115 | 109 |
Net Cash (Used in) Provided by Investing Activities | -449 | -8,510 | 2,802 |
Cash Flows from Financing Activities | |||
Proceeds from stock issuance net of offering costs | 34,732 | ||
Capitalization | -25,000 | -3,200 | |
Capitalization of Mutual Holding Company | 100 | ||
Cash dividends paid | |||
Net Cash Provided by (Used in) Financing Activities | 9,832 | -3,200 | |
Net Increase (Decrease) in Cash and Cash Equivalents | 44 | 1,476 | -881 |
Cash and Cash Equivalent - Beginning | 2,394 | 918 | 1,799 |
Cash and Cash Equivalent - Ending | $2,438 | $2,394 | $918 |