Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Dec. 31, 2014 | Feb. 11, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MALVERN BANCORP, INC. | |
Entity Central Index Key | 1550603 | |
Trading Symbol | mlvf | |
Current Fiscal Year End Date | -21 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 6,558,473 | |
Document Type | 10-Q | |
Document Period End Date | 31-Dec-14 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from depository institutions | $1,404 | $1,203 |
Interest bearing deposits in depository institutions | 46,648 | 17,984 |
Cash and cash equivalents | 48,052 | 19,187 |
Investment securities available for sale, at fair value | 135,786 | 100,943 |
Restricted stock, at cost | 3,805 | 3,503 |
Loans receivable, net of allowance for loan losses of $4,600 and $4,589, respectively | 383,389 | 386,074 |
Other real estate owned | 1,494 | 1,964 |
Accrued interest receivable | 1,623 | 1,322 |
Property and equipment, net | 6,718 | 6,823 |
Deferred income taxes, net | 2,419 | 2,376 |
Bank-owned life insurance | 18,397 | 18,264 |
Other assets | 1,487 | 1,808 |
Total Assets | 603,170 | 542,264 |
Deposits: | ||
Deposits - noninterest-bearing | 22,342 | 23,059 |
Deposits - interest-bearing | 418,283 | 389,894 |
Total Deposits | 440,625 | 412,953 |
FHLB advances | 78,000 | 48,000 |
Advances from borrowers for taxes and insurance | 3,134 | 1,786 |
Accrued interest payable | 251 | 149 |
Other liabilities | 3,275 | 2,604 |
Total Liabilities | 525,285 | 465,492 |
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 | 60,322 | 60,317 |
Retained earnings | 20,437 | 20,116 |
Unearned Employee Stock Ownership Plan (ESOP) shares | -1,885 | -1,922 |
Accumulated other comprehensive income | -1,055 | -1,805 |
Total Shareholders' equity | 77,885 | 76,772 |
Total Liabilities and Shareholders' equity | $603,170 | $542,264 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Statements of Financial Condition [Abstract] | ||
Allowance for loan losses (in dollars) | $4,600 | $4,589 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 6,558,473 | 6,558,473 |
Common stock, shares outstanding | 6,558,473 | 6,558,473 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Interest and Dividend Income | ||
Loans, including fees | $4,202 | $4,527 |
Investment securities, taxable | 514 | 555 |
Investment securities, tax-exempt | 37 | 54 |
Dividends, restricted stock | 37 | 14 |
Interest-bearing cash accounts | 23 | 15 |
Total Interest and Dividend Income | 4,813 | 5,165 |
Interest Expense | ||
Deposits | 859 | 1,067 |
Long-term borrowings | 393 | 263 |
Total Interest Expense | 1,252 | 1,330 |
Net Interest Income | 3,561 | 3,835 |
Provision for Loan Losses | 90 | 80 |
Net Interest Income after Provision for Loan Losses | 3,471 | 3,755 |
Other Income | ||
Service charges and other fees | 270 | 258 |
Rental income-other | 64 | 64 |
Gain on sale of investments, net | 26 | 14 |
Gain on sale of loans, net | 19 | 27 |
Earnings on bank-owned life insurance | 132 | 145 |
Total Other Income | 511 | 508 |
Other Expense | ||
Salaries and employee benefits | 1,728 | 2,067 |
Occupancy expense | 424 | 516 |
Federal deposit insurance premium | 167 | 191 |
Advertising | 85 | 158 |
Data processing | 302 | 330 |
Professional fees | 343 | 485 |
Other real estate owned (income)/expense, net | -36 | 13 |
Other operating expenses | 648 | 436 |
Total Other Expenses | 3,661 | 4,196 |
Income before income tax expense | 321 | 67 |
Income tax expense | 3 | |
Net Income | $321 | $64 |
Basic Earnings Per Share (in dollars per share) | $0.05 | $0.01 |
Dividends Declared Per Share (in dollars per share) | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Consolidated Statements of Comprehensive (Loss) Income [Abstract] | ||||
Net Income | $321 | $64 | ||
Other Comprehensive Income (Loss): | ||||
Changes in net unrealized net gains and losses on securities available for sale | 1,163 | -1,354 | ||
Gains realized on sale of securities in net income | -26 | [1] | -14 | [1] |
Other comprehensive income, total | 1,137 | -1,368 | ||
Deferred income tax effect | -387 | 465 | ||
Total other comprehensive income (loss) | 750 | -903 | ||
Total comprehensive income (loss) | $1,071 | ($839) | ||
[1] | Amounts are included in nets gains on sales of securities on the Consolidated Statements of Operations in total other income. Related income tax expense in the amount of $9 and $4, respectively, are included in income tax expense. |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Consolidated Statements of Comprehensive (Loss) Income [Abstract] | ||
Income tax expense on realized gain on sale of securities available for sale | $9 | $4 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (USD $) | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Unearned ESOP Shares | Accumulated Other Comprehensive Loss | Total |
In Thousands, unless otherwise specified | |||||||
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 | 64 | 64 | |||||
Other comprehensive income (Loss) | -903 | -903 | |||||
Committed to be released ESOP shares (3,600 shares) | 9 | 37 | 46 | ||||
Balance at Dec. 31, 2013 | 66 | 60,311 | 19,857 | -2,030 | -3,591 | 74,613 | |
Balance at Sep. 30, 2014 | 66 | 60,317 | 20,116 | -1,922 | -1,805 | 76,772 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 321 | 321 | |||||
Other comprehensive income (Loss) | 750 | 750 | |||||
Committed to be released ESOP shares (3,600 shares) | 5 | 37 | 42 | ||||
Balance at Dec. 31, 2014 | $66 | $60,322 | $20,437 | ($1,885) | ($1,055) | $77,885 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parentheticals) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Changes in Shareholders' Equity [Abstract] | ||
Committed to be released ESOP shares (in shares) | 3,600 | 3,600 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash Flows from Operating Activities | ||
Net income | $321 | $64 |
Adjustments to reconcile net income to net cash (used in) operating activities: | ||
Depreciation expense | 159 | 163 |
Provision for loan losses | 90 | 80 |
Deferred income taxes (benefit) expense | -430 | 419 |
ESOP expense | 42 | 46 |
Accretion of premiums and discounts on investment securities, net | -2,596 | -657 |
Amortization (accretion) of loan origination fees and costs | 136 | -87 |
Amortization (accretion) of mortgage service rights | 20 | -2 |
Net gain on sale of investment securities available for sale | -26 | -14 |
Net gain on sale of secondary market loans | -19 | -27 |
Proceeds on sale of secondary market loans | 982 | 2,007 |
Originations of secondary market loans | -963 | -1,980 |
Gain on sale of other real estate owned | -53 | -6 |
Write down of other real estate owned | 19 | 11 |
Earnings on bank-owned life insurance | -132 | -145 |
Increase in accrued interest receivable | -301 | -34 |
Increase (decrease) in accrued interest payable | 102 | -6 |
Increase in other liabilities | 671 | 88 |
Decrease (increase) in other assets | 310 | -434 |
Net Cash Used in Operating Activities | -1,668 | -514 |
Proceeds from maturities and principal collections: | ||
Investment securities available for sale | 5,034 | 3,586 |
Proceeds from sale of investment securities available for sale | 21,051 | 824 |
Purchases of investment securities available for sale | -57,169 | -4,266 |
Proceeds from sale of loans | 10,367 | |
Loan buyback for sale of loans | -1,117 | |
Loan purchases | -6,747 | |
Loan originations and principal collections, net | 2,459 | 2,411 |
Proceeds from sale of other real estate owned | 503 | 1,496 |
Additions to mortgage servicing rights | -8 | -13 |
Net increase in restricted stock | -302 | -198 |
Purchases of property and equipment | -55 | -44 |
Net Cash (Used in) Provided by Investing Activities | -28,487 | 6,299 |
Cash Flows from Financing Activities | ||
Net increase (decrease) in deposits | 27,672 | -13,595 |
Proceeds for long-term borrowings | 30,000 | 5,000 |
Increase in advances from borrowers for taxes and insurance | 1,348 | 1,793 |
Net Cash Provided by (Used in) Financing Activities | 59,020 | -6,802 |
Net Increase (Decrease) in Cash and Cash Equivalents | 28,865 | -1,017 |
Cash and Cash Equivalent - Beginning | 19,187 | 23,687 |
Cash and Cash Equivalent - Ending | 48,052 | 22,670 |
Supplementary Cash Flows Information | ||
Interest paid | 1,150 | 1,336 |
Income taxes paid | 0 | 17 |
Non-cash transfer of loans to other real estate owned | $0 | $11 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Dec. 31, 2014 | |
Basis Of Presentation [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation |
The consolidated financial statements of Malvern Bancorp, Inc. (the “Company” or “Malvern Bancorp”) include the accounts of the Company and its wholly-owned subsidiary, Malvern Federal Savings Bank (“Malvern Federal Savings” or the “Bank”) and the Bank’s subsidiary, Strategic Asset Management Group, Inc. All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements. | |
The Bank is a federally chartered stock savings bank which was originally organized in 1887. The Bank operates from its headquarters in Paoli, Pennsylvania and through its seven full service financial center offices in Chester and Delaware Counties, Pennsylvania. | |
In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to change in the near term relate to the determination of the allowance for loan losses, other real estate owned, the evaluation of deferred tax assets and the other-than-temporary impairment evaluation of securities. | |
The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncement | 3 Months Ended |
Dec. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncement | Note 2 – Recent Accounting Pronouncements |
In January 2015, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-01, “Income Statement — Extraordinary and Unusual Items (Subtopic 225-20)”. This Update eliminates from GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement—Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. Paragraph 225-20-45-2 contains the following criteria that must both be met for extraordinary classification, (1) unusual nature - the underlying event or transaction should possess a high degree of abnormality and be of a type clearly unrelated to, or only incidentally related to, the ordinary and typical activities of the entity, taking into account the environment in which the entity operates; and (2) infrequency of occurrence - the underlying event or transaction should be of a type that would not reasonably be expected to recur in the foreseeable future, taking into account the environment in which the entity operates. The amendments in ASU 2015-01 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of this ASU is not expected to have a material impact on the Company’s financial statements. | |
In August 2014, the FASB issued ASU No. 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. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | Note 3 – Earnings Per Share | ||||||||
Basic earnings per common share is computed based on the weighted average number of shares outstanding reduced by unearned ESOP shares. Diluted earnings per share is computed based on the weighted average number of shares outstanding and common stock equivalents (“CSEs”) that would arise from the exercise of dilutive securities reduced by unearned ESOP shares. As of December 31, 2014 and for the three months ended December 31, 2014 and 2013 the Company had not issued and did not have any outstanding CSEs and, at the present time, the Company’s capital structure has no potential dilutive securities. | |||||||||
The following table sets forth the composition of the weighted average shares (denominator) used in the earnings per share computations. | |||||||||
Three Months Ended December 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands, except per share data) | |||||||||
Net Income | $ | 321 | $ | 64 | |||||
Weighted average shares outstanding | 6,558,473 | 6,558,473 | |||||||
Average unearned ESOP shares | -170,541 | -184,941 | |||||||
Weighted average shares outstanding – basic | 6,387,932 | 6,373,532 | |||||||
Earnings per share – basic | $ | 0.05 | $ | 0.01 | |||||
Employee_Stock_Ownership_Plan
Employee Stock Ownership Plan | 3 Months Ended |
Dec. 31, 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. The current ESOP trustee is Pentegra. Shares of the Company’s common stock purchased by the ESOP are held until released for allocation to participants. Shares released are allocated to each eligible participant based on the ratio of each such participant’s base compensation to the total base compensation of all eligible plan participants. As the unearned shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the fair value of the ESOP shares during the periods in which they become committed to be released. To the extent that the fair value of the ESOP shares released differs from the cost of such shares, the difference is charged or credited to additional paid-in capital. During the period from May 20, 2008 to September 30, 2008, the ESOP purchased 241,178 shares of the common stock for approximately $2.6 million, an average price of $10.86 per share, which was funded by a loan from Malvern Federal Bancorp, Inc. The ESOP loan is being repaid principally from the Bank’s contributions to the ESOP. The loan, which bears an interest rate of 5%, is being repaid in quarterly installments through 2026. Shares are released to participants proportionately as the loan is repaid. During the three months ended December 31, 2014 and 2013, there were 3,600 and 3,600 shares, respectively, committed to be released. At December 31, 2014, there were 168,765 unallocated shares and 90,453 allocated shares held by the ESOP which had an aggregate fair value of approximately $2.0 million. |
Investment_Securities
Investment Securities | 3 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investment Securities [Abstract] | |||||||||||||||||||||||||
Investment Securities | Note 5 - Investment Securities | ||||||||||||||||||||||||
The Company’s investment securities are all classified as available-for-sale at December 31, 2014 and September 30, 2014. Investment securities available-for-sale are reported at fair value with unrealized gains or losses included in equity, net of tax. Accordingly, the carrying value of such securities reflects their fair value at the balance sheet date. Fair value is based upon either quoted market prices, or in certain cases where there is limited activity in the market for a particular instrument, assumptions are made to determine their fair value. | |||||||||||||||||||||||||
Investment securities available for sale at December 31, 2014 and September 30, 2014 consisted of the following: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
U.S. government agencies | $ | 16,693 | $ | - | $ | (314 | ) | $ | 16,379 | ||||||||||||||||
State and municipal obligations | 18,815 | 60 | (51 | ) | 18,824 | ||||||||||||||||||||
Single issuer trust preferred security | 1,000 | - | (150 | ) | 850 | ||||||||||||||||||||
Corporate debt securities | 34,512 | 94 | (135 | ) | 34,471 | ||||||||||||||||||||
71,020 | 154 | (650 | ) | 70,524 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Federal National Mortgage Association (FNMA), fixed-rate | 17,015 | - | (229 | ) | 16,786 | ||||||||||||||||||||
Federal Home Loan Mortgage Company (FHLMC), fixed-rate | 15,039 | 7 | (123 | ) | 14,923 | ||||||||||||||||||||
Collateralized mortgage obligations (CMO), fixed-rate | 34,311 | 29 | (787 | ) | 33,553 | ||||||||||||||||||||
66,365 | 36 | (1,139 | ) | 65,262 | |||||||||||||||||||||
$ | 137,385 | $ | 190 | $ | (1,789 | ) | $ | 135,786 | |||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(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 Company (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 | |||||||||||||||||
For the three months ended December 31, 2014, proceeds of available for sale investment securities sold amounted to approximately $21.1 million. Gross realized gains on investment securities sold amounted to approximately $99,000, while gross realized losses amounted to approximately $73,000, for the period. For the three months ended December 31, 2013, proceeds of investment securities sold amounted to approximately $824,000. Gross realized gains on investment securities sold amounted to approximately $14,000, while there were no gross realized losses, for the period. | |||||||||||||||||||||||||
The varying amount of sales from the available-for-sale portfolio over the past few years, reflect the significant volatility present in the market. Given the historic low interest rates prevalent in the market, it is necessary for the Company to protect itself from interest rate exposure. Securities that once appeared to be sound investments can, after changes in the market, become securities that the Company has the flexibility to sell to avoid losses and mismatches of interest-earning assets and interest-bearing liabilities at a later time. | |||||||||||||||||||||||||
The following tables indicate gross unrealized losses not recognized in income and fair value, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position at December 31, 2014 and September 30, 2014: | |||||||||||||||||||||||||
December 31, 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 | $ | 541 | $ | (4 | ) | $ | 15,839 | $ | (310 | ) | $ | 16,380 | $ | (314 | ) | ||||||||||
State and municipal obligations | 6,479 | (32 | ) | 1,483 | (19 | ) | 7,962 | (51 | ) | ||||||||||||||||
Single issuer trust preferred security | - | - | 850 | (150 | ) | 850 | (150 | ) | |||||||||||||||||
Corporate securities | 20,170 | (135 | ) | - | - | 20,170 | (135 | ) | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FNMA, fixed-rate | - | - | 16,786 | (229 | ) | 16,786 | (229 | ) | |||||||||||||||||
FHLMC, fixed-rate | 1,738 | (18 | ) | 6,350 | (105 | ) | 8,088 | (123 | ) | ||||||||||||||||
CMO, fixed-rate | 2,557 | (47 | ) | 26,964 | (740 | ) | 29,521 | (787 | ) | ||||||||||||||||
$ | 31,485 | $ | (236 | ) | $ | 68,272 | $ | (1,553 | ) | $ | 99,757 | $ | (1,789 | ) | |||||||||||
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 | ) | |||||||||||
As of December 31, 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 December 31, 2014, the Company held 18 U.S. government agency securities, nine tax-free municipal bonds, eight corporate securities, 46 mortgage-backed securities and one single issuer trust preferred security which were in an unrealized loss position. The Company does not intend to sell and expects that it is not more likely than not that it will be required to sell these securities until such time as the value recovers or the securities mature. Management does not believe any individual unrealized loss as of December 31, 2014 represents other-than-temporary impairment. | |||||||||||||||||||||||||
During the quarter ended December 31, 2014, the gross unrealized loss of the single issuer trust preferred security increased by $30,000 from an unrealized loss at September 30, 2014 of $120,000 to an unrealized loss of $150,000 as of December 31, 2014. On a quarterly basis, management will continue to monitor the performance of this security and the markets to determine the true economic value of this security. | |||||||||||||||||||||||||
At December 31, 2014 and September 30, 2014 the Company had no securities pledged to secure public deposits. | |||||||||||||||||||||||||
The following table presents information for investment securities available-for-sale at December 31, 2014, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer. | |||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Within 1 year | $ | - | $ | - | |||||||||||||||||||||
Over 1 year through 5 years | 12,103 | 12,001 | |||||||||||||||||||||||
After 5 years through 10 years | 34,994 | 34,754 | |||||||||||||||||||||||
Over 10 years | 90,288 | 89,031 | |||||||||||||||||||||||
$ | 137,385 | $ | 135,786 |
Loans_Receivable_and_Related_A
Loans Receivable and Related Allowance for Loan Losses | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable and Related Allowance for Loan Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable and Related Allowance for Loan Losses | Note 6 - Loans Receivable and Related Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||||||||||||
Loans receivable in the Company’s portfolio consisted of the following at the dates indicated below: | |||||||||||||||||||||||||||||||||||||||||||||
December 31, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 229,507 | $ | 231,324 | |||||||||||||||||||||||||||||||||||||||||
Construction and Development: | |||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 6,039 | 5,964 | |||||||||||||||||||||||||||||||||||||||||||
Land | - | 1,033 | |||||||||||||||||||||||||||||||||||||||||||
Total Construction and Development | 6,039 | 6,997 | |||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 67,274 | 71,579 | |||||||||||||||||||||||||||||||||||||||||||
Multi-family | 5,450 | 1,032 | |||||||||||||||||||||||||||||||||||||||||||
Other | 5,603 | 5,480 | |||||||||||||||||||||||||||||||||||||||||||
Total Commercial | 78,327 | 78,091 | |||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 24,430 | 22,292 | |||||||||||||||||||||||||||||||||||||||||||
Second mortgages | 45,051 | 47,034 | |||||||||||||||||||||||||||||||||||||||||||
Other | 2,675 | 2,839 | |||||||||||||||||||||||||||||||||||||||||||
Total Consumer | 72,156 | 72,165 | |||||||||||||||||||||||||||||||||||||||||||
Total loans | 386,029 | 388,577 | |||||||||||||||||||||||||||||||||||||||||||
Deferred loan cost, net | 1,960 | 2,086 | |||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (4,600 | ) | (4,589 | ) | |||||||||||||||||||||||||||||||||||||||||
Total loans receivable, net | $ | 383,389 | $ | 386,074 | |||||||||||||||||||||||||||||||||||||||||
The following tables summarize the primary classes of the allowance for loan losses (“ALLL”), segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of December 31, 2014 and September 30, 2014. Activity in the allowance is presented for the three months ended December 31, 2014 and 2013 and the year ended September 30, 2014, respectively. | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Construction and Development | Commercial | Consumer | |||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage | Residential and Commercial | Land | Commercial Real | Multi-family | Other | Home Equity Lines of Credit | Second Mortgages | Other | Unallocated | Total | |||||||||||||||||||||||||||||||||||
Estate | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | $ | 1,672 | $ | 291 | $ | 13 | $ | 1,248 | $ | 29 | $ | 50 | $ | 168 | $ | 1,033 | $ | 23 | $ | 62 | $ | 4,589 | |||||||||||||||||||||||
balance | |||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | - | (1 | ) | - | (48 | ) | - | - | - | (31 | ) | (17 | ) | - | (97 | ) | |||||||||||||||||||||||||||||
Recoveries | 1 | - | - | 2 | - | 1 | - | 12 | 2 | - | 18 | ||||||||||||||||||||||||||||||||||
Provision | (25 | ) | 73 | (13 | ) | (120 | ) | 123 | (2 | ) | (14 | ) | (98 | ) | 21 | 145 | 90 | ||||||||||||||||||||||||||||
Ending Balance | $ | 1,648 | $ | 363 | $ | - | $ | 1,082 | $ | 152 | $ | 49 | $ | 154 | $ | 916 | $ | 29 | $ | 207 | $ | 4,600 | |||||||||||||||||||||||
Ending balance: | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||
individually | |||||||||||||||||||||||||||||||||||||||||||||
evaluated | |||||||||||||||||||||||||||||||||||||||||||||
for impairment | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 1,648 | $ | 363 | $ | - | $ | 1,082 | $ | 152 | $ | 49 | $ | 154 | $ | 916 | $ | 29 | $ | 207 | $ | 4,600 | |||||||||||||||||||||||
collectively | |||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 229,507 | $ | 6,039 | $ | - | $ | 67,274 | $ | 5,450 | $ | 5,603 | $ | 24,430 | $ | 45,051 | $ | 2,675 | $ | 386,029 | |||||||||||||||||||||||||
Ending balance: | $ | 962 | $ | 143 | $ | - | $ | 609 | $ | - | $ | 898 | $ | 20 | $ | 708 | $ | - | $ | 3,340 | |||||||||||||||||||||||||
individually | |||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 228,545 | $ | 5,896 | $ | - | $ | 66,665 | $ | 5,450 | $ | 4,705 | $ | 24,410 | $ | 44,343 | $ | 2,675 | $ | 382,689 | |||||||||||||||||||||||||
collectively | |||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Construction and Development | Commercial | Consumer | |||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage | Residential and Commercial | Land | Commercial Real | Multi-family | Other | Home Equity Lines of Credit | Second Mortgages | Other | Unallocated | Total | |||||||||||||||||||||||||||||||||||
Estate | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | $ | 1,414 | $ | 164 | $ | 56 | $ | 1,726 | $ | 40 | $ | 59 | $ | 137 | $ | 1,393 | $ | 22 | $ | 79 | $ | 5,090 | |||||||||||||||||||||||
balance | |||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | - | (37 | ) | - | - | - | - | (14 | ) | (320 | ) | (2 | ) | - | (373 | ) | |||||||||||||||||||||||||||||
Recoveries | 11 | - | - | 2 | - | 1 | - | 33 | 1 | - | 48 | ||||||||||||||||||||||||||||||||||
Provision | 255 | 66 | (3 | ) | (295 | ) | (14 | ) | 14 | 7 | 36 | 2 | 12 | 80 | |||||||||||||||||||||||||||||||
Ending Balance | $ | 1,680 | $ | 193 | $ | 53 | $ | 1,433 | $ | 26 | $ | 74 | $ | 130 | $ | 1,142 | $ | 23 | $ | 91 | $ | 4,845 | |||||||||||||||||||||||
Ending balance: | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||
individually | |||||||||||||||||||||||||||||||||||||||||||||
evaluated | |||||||||||||||||||||||||||||||||||||||||||||
for impairment | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 1,680 | $ | 193 | $ | 53 | $ | 1,433 | $ | 26 | $ | 74 | $ | 130 | $ | 1,142 | $ | 23 | $ | 91 | $ | 4,845 | |||||||||||||||||||||||
collectively | |||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 246,139 | $ | 7,213 | $ | 2,148 | $ | 70,511 | $ | 2,051 | $ | 5,913 | $ | 20,649 | $ | 52,532 | $ | 2,809 | $ | 409,965 | |||||||||||||||||||||||||
Ending balance: | $ | 1,821 | $ | 993 | $ | 237 | $ | - | $ | - | $ | 900 | $ | 20 | $ | 583 | $ | - | $ | 4,554 | |||||||||||||||||||||||||
individually | |||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 244,318 | $ | 6,220 | $ | 1,911 | $ | 70,511 | $ | 2,051 | $ | 5,013 | $ | 20,629 | $ | 51,949 | $ | 2,809 | $ | 405,411 | |||||||||||||||||||||||||
collectively | |||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Construction and Development | Commercial | Consumer | |||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage | Residential and Commercial | Land | Commercial Real | Multi-family | Other | Home Equity Lines of Credit | Second Mortgages | Other | Unallocated | Total | |||||||||||||||||||||||||||||||||||
Estate | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | $ | 1,414 | $ | 164 | $ | 56 | $ | 1,726 | $ | 40 | $ | 59 | $ | 137 | $ | 1,393 | $ | 22 | $ | 79 | $ | 5,090 | |||||||||||||||||||||||
balance | |||||||||||||||||||||||||||||||||||||||||||||
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: | $ | 1,672 | $ | 291 | $ | 13 | $ | 1,248 | $ | 29 | $ | 50 | $ | 168 | $ | 1,033 | $ | 23 | $ | 62 | $ | 4,589 | |||||||||||||||||||||||
collectively | |||||||||||||||||||||||||||||||||||||||||||||
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: | $ | 999 | $ | 187 | $ | - | $ | 504 | $ | - | $ | 900 | $ | 115 | $ | 695 | $ | - | $ | 3,400 | |||||||||||||||||||||||||
individually | |||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 230,325 | $ | 5,777 | $ | 1,033 | $ | 71,075 | $ | 1,032 | $ | 4,580 | $ | 22,177 | $ | 46,339 | $ | 2,839 | $ | 385,177 | |||||||||||||||||||||||||
collectively | |||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||||||||||||||||||
The following table presents impaired loans in portfolio by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of December 31, 2014 and September 30, 2014. | |||||||||||||||||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | - | $ | - | $ | 962 | $ | 962 | $ | 1,115 | |||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | ||||||||||||||||||||||||||||||||||||||||
Residential and commercial | - | - | 143 | 143 | 943 | ||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate | - | - | 609 | 609 | 840 | ||||||||||||||||||||||||||||||||||||||||
Other | - | - | 898 | 898 | 897 | ||||||||||||||||||||||||||||||||||||||||
Consumer: | | | | | | ||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | - | - | 20 | 20 | 36 | ||||||||||||||||||||||||||||||||||||||||
Second mortgages | - | - | 708 | 708 | 897 | ||||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | - | $ | - | $ | 3,340 | $ | 3,340 | $ | 4,728 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
The following table presents the average recorded investment in impaired loans in portfolio and related interest income recognized for three months ended December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||||||||||
Average Impaired | Interest Income Recognized on | ||||||||||||||||||||||||||||||||||||||||||||
Loans | Impaired Loans | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2014: | | | |||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 918 | $ | - | |||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | |||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 179 | 1 | |||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | |||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 523 | - | |||||||||||||||||||||||||||||||||||||||||||
Other | 899 | 12 | |||||||||||||||||||||||||||||||||||||||||||
Consumer: | | | |||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 35 | - | |||||||||||||||||||||||||||||||||||||||||||
Second mortgages | 729 | - | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,283 | $ | 13 | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2013: | | | |||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 1,363 | $ | - | |||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | |||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 411 | 3 | |||||||||||||||||||||||||||||||||||||||||||
Land | 237 | 3 | |||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||
Other | 900 | 7 | |||||||||||||||||||||||||||||||||||||||||||
Consumer: | | | |||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 21 | - | |||||||||||||||||||||||||||||||||||||||||||
Second mortgages | 570 | - | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,502 | $ | 13 | |||||||||||||||||||||||||||||||||||||||||
The following table presents the classes of the loan portfolio summarized by loans considered to be rated as pass and the categories of special mention, substandard and doubtful within the Company’s internal risk rating system as of December 31, 2014 and September 30, 2014. | |||||||||||||||||||||||||||||||||||||||||||||
| 31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||
| Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 228,161 | $ | 134 | $ | 1,212 | $ | - | $ | 229,507 | |||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | ||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 5,209 | 687 | 143 | - | 6,039 | ||||||||||||||||||||||||||||||||||||||||
Land | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 58,271 | 4,546 | 4,457 | - | 67,274 | ||||||||||||||||||||||||||||||||||||||||
Multi-family | 5,157 | 293 | - | - | 5,450 | ||||||||||||||||||||||||||||||||||||||||
Other | 4,421 | 284 | 898 | - | 5,603 | ||||||||||||||||||||||||||||||||||||||||
Consumer: | | | | | | ||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 24,310 | - | 120 | - | 24,430 | ||||||||||||||||||||||||||||||||||||||||
Second mortgages | 44,200 | 21 | 830 | - | 45,051 | ||||||||||||||||||||||||||||||||||||||||
Other | 2,660 | 15 | - | - | 2,675 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 372,389 | $ | 5,980 | $ | 7,660 | $ | - | $ | 386,029 | |||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||
The following table presents loans that are no longer accruing interest by portfolio class. | |||||||||||||||||||||||||||||||||||||||||||||
December 31, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 962 | $ | 1,232 | |||||||||||||||||||||||||||||||||||||||||
Construction and Development: | |||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 35 | 78 | |||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 609 | 504 | |||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 20 | 115 | |||||||||||||||||||||||||||||||||||||||||||
Second mortgages | 708 | 462 | |||||||||||||||||||||||||||||||||||||||||||
Total non-accrual loans | $ | 2,334 | $ | 2,391 | |||||||||||||||||||||||||||||||||||||||||
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 $29,000 and $46,000 for the three months ended December 31, 2014 and 2013, respectively. There were no loans past due 90 days or more and still accruing interest at December 31, 2014 or September 30, 2014. | |||||||||||||||||||||||||||||||||||||||||||||
Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by whether a loan payment is “current,” that is, it is received from a borrower by the scheduled due date, or the length of time a scheduled payment is past due. The following table presents the classes of the loan portfolio summarized by the aging categories as of December 31, 2014 and September 30, 2014. | |||||||||||||||||||||||||||||||||||||||||||||
60 - 89 | 90 Days | ||||||||||||||||||||||||||||||||||||||||||||
30 - 59 | Days | or | |||||||||||||||||||||||||||||||||||||||||||
Days Past | Past | More Past | Total | Total Loans | |||||||||||||||||||||||||||||||||||||||||
Current | Due | Due | Due | Past Due | Receivable | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 226,384 | $ | 1,400 | $ | 761 | $ | 962 | $ | 3,123 | $ | 229,507 | |||||||||||||||||||||||||||||||||
Construction and Development: | |||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 6,004 | - | - | 35 | 35 | 6,039 | |||||||||||||||||||||||||||||||||||||||
Land | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 66,665 | - | - | 609 | 609 | 67,274 | |||||||||||||||||||||||||||||||||||||||
Multi-family | 5,450 | - | - | - | - | 5,450 | |||||||||||||||||||||||||||||||||||||||
Other | 5,603 | - | - | - | - | 5,603 | |||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 24,410 | - | - | 20 | 20 | 24,430 | |||||||||||||||||||||||||||||||||||||||
Second mortgages | 43,793 | 496 | 54 | 708 | 1,258 | 45,051 | |||||||||||||||||||||||||||||||||||||||
Other | 2,665 | - | 10 | - | 10 | 2,675 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 380,974 | $ | 1,896 | $ | 825 | $ | 2,334 | $ | 5,055 | $ | 386,029 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
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 loans classified as TDRs with an outstanding balance of $1.0 million and $1.1 million at December 31, 2014 and September 30, 2014, respectively. All of our TDR loans at December 31, 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 December 31, 2014, and, accordingly, were deemed to be performing loans at December 31, 2014 and we continued to accrue interest on such loans through such date. At December 31, 2014, one construction and development TDR loan with a balance of $22,000 was deemed a non-accruing TDR and was also deemed impaired at December 31, 2014. At September 30, 2014, three loans deemed TDRs with an aggregate balance of $1.1 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, 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. All of such loans have been classified as TDRs since we modified the payment terms and in some cases interest rate from the original agreements and allowed the borrowers, who were experiencing financial difficulty, to make interest only payments for a period of time in order to relieve some of their overall cash flow burden. Some loan modifications classified as TDRs may not ultimately result in the full collection of principal and interest, as modified, and result in potential incremental losses. These potential incremental losses have been factored into our overall estimate of the allowance for loan losses. The level of any defaults will likely be affected by future economic conditions. A default on a troubled debt restructured loan for purposes of this disclosure occurs when the borrower is 90 days past due or a foreclosure or repossession of the applicable collateral has occurred. | |||||||||||||||||||||||||||||||||||||||||||||
The following table presents our TDR loans as of December 31, 2014 and September 30, 2014. | |||||||||||||||||||||||||||||||||||||||||||||
| 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 December 31, 2014: | | | | | |||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | |||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 2 | $ | 131 | 1 | $ | 22 | |||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | |||||||||||||||||||||||||||||||||||||||||
Other | 1 | 898 | - | - | |||||||||||||||||||||||||||||||||||||||||
Total | 3 | $ | 1,029 | 1 | $ | 22 | |||||||||||||||||||||||||||||||||||||||
At September 30, 2014: | | | | | |||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | |||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 2 | $ | 187 | 1 | $ | 78 | |||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | |||||||||||||||||||||||||||||||||||||||||
Other | 1 | 900 | - | - | |||||||||||||||||||||||||||||||||||||||||
Total | 3 | $ | 1,087 | 1 | $ | 78 | |||||||||||||||||||||||||||||||||||||||
The following table reports the performing status of TDR loans. The performing status is determined by the loans compliance with the modified terms. | |||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | 30-Sep-14 | ||||||||||||||||||||||||||||||||||||||||||||
Performing | Non-Performing | Performing | Non-Performing | ||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | |||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | $ | 109 | $ | 22 | $ | 109 | $ | 78 | |||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||
Other | 898 | - | 900 | - | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,007 | $ | 22 | $ | 1,009 | $ | 78 | |||||||||||||||||||||||||||||||||||||
The following table shows the new TDR’s for the three months ended December 31, 2014 and 2013.There was no new TDR activity for the three months ended December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||
Restructured During Period | |||||||||||||||||||||||||||||||||||||||||||||
Number | Pre-Modifications Outstanding Recorded Investments | Post-Modifications Outstanding Recorded Investments | Number | Pre-Modifications Outstanding Recorded Investments | Post-Modifications Outstanding Recorded Investments | ||||||||||||||||||||||||||||||||||||||||
of Loans | of Loans | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | |||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | - | $ | - | $ | - | 2 | $ | 484 | $ | 484 | |||||||||||||||||||||||||||||||||||
Total troubled debt restructurings | - | $ | - | $ | - | 2 | $ | 484 | $ | 484 |
Regulatory_Matters
Regulatory Matters | 3 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Regulatory Matters [Abstract] | |||||||||||||||||||||||||
Regulatory Matters | Note 7 - Regulatory Matters | ||||||||||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors. | |||||||||||||||||||||||||
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% became effective on January 1, 2015. The new capital rules also increased 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 was 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 December 31, 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 | |||||||||||||||||||||||
Purposes | Capitalized | ||||||||||||||||||||||||
Under Prompt | |||||||||||||||||||||||||
Corrective Action | |||||||||||||||||||||||||
Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||
Tangible Capital (to tangible assets) | $ | 65,418 | 10.97 | % | $ | ≥8,943 | 1.5 | % | $ | - | N/A | ||||||||||||||
Core Capital (to adjusted tangible assets) | 65,418 | 10.97 | ≥23,848 | 4 | ≥29,810 | 5 | % | ||||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | 65,418 | 18.53 | ≥14,123 | 4 | ≥21,185 | 6 | |||||||||||||||||||
Total risk-based Capital (to risk-weighted assets) | 69,835 | 19.78 | ≥28,246 | 8 | ≥35,308 | 10 | |||||||||||||||||||
As of September 30, 2014: | |||||||||||||||||||||||||
Tangible Capital (to tangible assets) | $ | 64,414 | 12.09 | % | $ | ≥7,990 | 1.5 | % | $ | - | N/A | ||||||||||||||
Core Capital (to adjusted tangible assets) | 64,414 | 12.09 | ≥21,305 | 4 | ≥26,632 | 5 | % | ||||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | 64,414 | 19.5 | ≥13,212 | 4 | ≥19,818 | 6 | |||||||||||||||||||
Total risk-based Capital (to risk-weighted assets) | 68,549 | 20.75 | ≥26,424 | 8 | ≥33,030 | 10 | |||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||||||
Fair Value Measurements | Note 8 - 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 at December 31, 2014 and September 30, 2014. | |||||||||||||||||||||
The table below presents the balances of assets measured at fair value on a recurring basis: | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||
Debt securities: | |||||||||||||||||||||
U.S. government agencies | $ | 16,379 | $ | - | $ | 16,379 | $ | - | |||||||||||||
State and municipal obligations | 18,824 | - | 18,824 | - | |||||||||||||||||
Single issuer trust preferred security | 850 | - | 850 | - | |||||||||||||||||
Corporate debt securities | 34,471 | - | 34,471 | - | |||||||||||||||||
Total investment securities available for sale | 70,524 | - | 70,524 | - | |||||||||||||||||
Mortgage-backed securities available for sale: | |||||||||||||||||||||
FNMA, fixed-rate | 16,786 | - | 16,786 | - | |||||||||||||||||
FHLMC, fixed-rate | 14,923 | - | 14,923 | - | |||||||||||||||||
CMO, fixed-rate-fate | 33,553 | - | 33,923 | - | |||||||||||||||||
Total mortgage-backed securities available for sale | 65,262 | - | 65,262 | - | |||||||||||||||||
Total | $ | 135,786 | $ | - | $ | 135,786 | $ | - | |||||||||||||
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 | $ | - | |||||||||||||
For assets measured at fair value on a nonrecurring basis that were still held at the end of the period, the following table provides the level of valuation assumptions used to determine each adjustment and the carrying value of the related individual assets or portfolios at December 31, 2014 and September 30, 2014: | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Other real estate owned | $ | 233 | $ | - | $ | - | $ | 233 | |||||||||||||
Impaired loans (4) | 27 | - | - | 27 | |||||||||||||||||
Mortgage servicing rights | 8 | - | 8 | - | |||||||||||||||||
Total | $ | 268 | $ | - | $ | 8 | $ | 260 | |||||||||||||
| December 31, 2014 | | |||||||||||||||||||
| Fair Value at | Valuation Technique | | Unobservable Input | | Range/(Weighted | | ||||||||||||||
December 31, | Average) | ||||||||||||||||||||
2014 | |||||||||||||||||||||
| (Dollars in thousands) | | |||||||||||||||||||
Other real estate owned | $ | 233 | Appraisal of collateral (1) | | Collateral discounts (2) | | 0 − 7%/(7%) | | |||||||||||||
Impaired loans (3) | 27 | Appraisal of collateral (1) | | Collateral discounts (2) | | 0 − 63%/(63%) | | ||||||||||||||
Total | $ | 260 | | | | | | | |||||||||||||
-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 December 31, 2014, consisted of one loan with an aggregate balance of $27,000 and no specific loan loss allowance. | ||||||||||||||||||||
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 owned | $ | 1,030 | Appraisal of collateral (1) | | Collateral discounts (2) | 16 − 72%/(38%) | | ||||||||||||||
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, consisted of six loans with an aggregate balance of $887,000 and no specific loan loss allowance. | ||||||||||||||||||||
The following table shows active information regarding significant techniques and inputs used at December 31, 2014 and September 30, 2014 for measures in a non-recurring basis using unobservable inputs (Level 2): | |||||||||||||||||||||
| | Fair Value at | Valuation | | Unobservable | | Method or Value as of | | |||||||||||||
December 31, | Technique | Input | 31-Dec-14 | ||||||||||||||||||
2014 | |||||||||||||||||||||
| | (In thousands) | | | | | | | | | |||||||||||
Mortgage servicing rights | | $ | 8 | 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 | | |||||||||||
| | 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 | | |||||||||||
The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of FASB ASC 825. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methods. However, considerable judgment is necessarily required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. FASB ASC 825 excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. | |||||||||||||||||||||
The fair value estimates presented herein are based on pertinent information available to management as of December 31, 2014 and September 30, 2014. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2014 and September 30, 2014 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 December 31, 2014 or September 30, 2014. | |||||||||||||||||||||
Loans Receivable. We do not record loans at fair value on a recurring basis. As such, valuation techniques discussed herein for loans are primarily for estimating fair value for FASB ASC 825 disclosure purposes. However, from time to time, we record nonrecurring fair value adjustments to loans to reflect partial write-downs for impairment or the full charge-off of the loan carrying value. The valuation of impaired loans is discussed below. The fair value estimate for FASB ASC 825 purposes differentiates loans based on their financial characteristics, such as product classification, loan category, pricing features and remaining maturity. Prepayment and credit loss estimates are evaluated by loan type and rate. The fair value of loans is estimated by discounting contractual cash flows using discount rates based on current industry pricing, adjusted for prepayment and credit loss estimates. | |||||||||||||||||||||
Loans Held-For-Sale. The fair values of mortgage loans originated and intended for sale in the secondary market are based on current quoted market prices. There were no loans held for sale at December 31, 2014 or September 30, 2014. | |||||||||||||||||||||
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 December 31, 2014 and September 30, 2014 are presented below: | |||||||||||||||||||||
| Carrying | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Amount | |||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||
Financial assets: | | | | | | ||||||||||||||||
Cash and cash equivalents | $ | 48,052 | $ | 48,052 | $ | 48,052 | $ | - | $ | - | |||||||||||
Investment securities available for sale | 135,786 | 135,786 | - | 135,786 | - | ||||||||||||||||
Loans receivable, net | 383,389 | 386,715 | - | - | 386,715 | ||||||||||||||||
Accrued interest receivable | 1,623 | 1,623 | - | 1,623 | - | ||||||||||||||||
Restricted stock | 3,805 | 3,805 | - | 3,805 | - | ||||||||||||||||
Mortgage servicing rights | 441 | 482 | - | 482 | - | ||||||||||||||||
Financial liabilities: | | | | | | ||||||||||||||||
Savings accounts | 44,747 | 44,747 | - | 44,747 | - | ||||||||||||||||
Checking and NOW accounts | 109,190 | 109,190 | - | 109,190 | - | ||||||||||||||||
Money market accounts | 69,553 | 69,553 | - | 69,553 | - | ||||||||||||||||
Certificates of deposit | 217,135 | 219,721 | - | 219,721 | - | ||||||||||||||||
FHLB advances | 78,000 | 79,804 | - | 79,804 | - | ||||||||||||||||
Accrued interest payable | 251 | 251 | - | 251 | - | ||||||||||||||||
September 30, 2014: | |||||||||||||||||||||
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 | - | ||||||||||||||||
Income_Taxes
Income Taxes | 3 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Taxes [Abstract] | |||||||||
Income Taxes | Note 9 – Income Taxes | ||||||||
The following is reconciliation between the statutory federal income tax rate of 34% and the effective income tax rate on income before income taxes: | |||||||||
Three Months Ended December 31, | |||||||||
2014 | 2013 | ||||||||
| (Dollar in thousands) | ||||||||
At federal statutory rate | $ | - | $ | - | |||||
Adjustments resulting from: | |||||||||
State tax, net of federal benefit | - | 3 | |||||||
$ | - | $ | 3 | ||||||
Effective tax rate | 0 | % | $ | 4.4 | % | ||||
Deferred income taxes at December 31, 2014 and September 30, 2014 were as follows: | |||||||||
December 31, | September 30, | ||||||||
2014 | 2014 | ||||||||
(in thousands) | |||||||||
Deferred Tax Assets: | |||||||||
Unrealized loss on investments available for sale | $ | 545 | $ | 932 | |||||
Allowance for loan losses | 2,974 | 3,051 | |||||||
Non-accrual interest | 171 | 122 | |||||||
Write-down of real estate owned | 211 | 270 | |||||||
Alternative minimum tax (AMT) credit carryover | 64 | 64 | |||||||
Low-income housing tax credit carryover | 337 | 337 | |||||||
Supplement Employer Retirement Plan | 455 | 455 | |||||||
Charitable contributions | 38 | 36 | |||||||
Depreciation | 139 | 127 | |||||||
Federal net operating loss | 7,160 | 7,159 | |||||||
Other | 68 | 54 | |||||||
Total Deferred Tax Assets | 12,162 | 12,607 | |||||||
Valuation allowance for DTA | (9,577 | ) | (10,074 | ) | |||||
Total Deferred Tax Assets, Net of Valuation Allowance | 2,585 | 2,533 | |||||||
Deferred Tax Liabilities: | |||||||||
State net operating income | (16 | ) | (3 | ) | |||||
Mortgage servicing rights | (150 | ) | (154 | ) | |||||
Total Deferred Tax Liabilities | (166 | ) | (157 | ) | |||||
Deferred Tax Assets, Net | $ | 2,419 | $ | 2,376 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of composition of weighted average shares (denominator) used in earnings per share computations | |||||||||
Three Months Ended December 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands, except per share data) | |||||||||
Net Income | $ | 321 | $ | 64 | |||||
Weighted average shares outstanding | 6,558,473 | 6,558,473 | |||||||
Average unearned ESOP shares | (170,541 | ) | (184,941 | ) | |||||
Weighted average shares outstanding – basic | 6,387,932 | 6,373,532 | |||||||
Earnings per share – basic | $ | 0.05 | $ | 0.01 | |||||
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investment Securities [Abstract] | |||||||||||||||||||||||||
Schedule of Investment securities available for sale | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
U.S. government agencies | $ | 16,693 | $ | - | $ | (314 | ) | $ | 16,379 | ||||||||||||||||
State and municipal obligations | 18,815 | 60 | (51 | ) | 18,824 | ||||||||||||||||||||
Single issuer trust preferred security | 1,000 | - | (150 | ) | 850 | ||||||||||||||||||||
Corporate debt securities | 34,512 | 94 | (135 | ) | 34,471 | ||||||||||||||||||||
71,020 | 154 | (650 | ) | 70,524 | |||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
Federal National Mortgage Association (FNMA), fixed-rate | 17,015 | - | (229 | ) | 16,786 | ||||||||||||||||||||
Federal Home Loan Mortgage Company (FHLMC), fixed-rate | 15,039 | 7 | (123 | ) | 14,923 | ||||||||||||||||||||
Collateralized mortgage obligations (CMO), fixed-rate | 34,311 | 29 | (787 | ) | 33,553 | ||||||||||||||||||||
66,365 | 36 | (1,139 | ) | 65,262 | |||||||||||||||||||||
$ | 137,385 | $ | 190 | $ | (1,789 | ) | $ | 135,786 | |||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(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 Company (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 | |||||||||||||||||
Schedule of aggregate investments in an unrealized loss position | |||||||||||||||||||||||||
December 31, 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 | $ | 541 | $ | (4 | ) | $ | 15,839 | $ | (310 | ) | $ | 16,380 | $ | (314 | ) | ||||||||||
State and municipal obligations | 6,479 | (32 | ) | 1,483 | (19 | ) | 7,962 | (51 | ) | ||||||||||||||||
Single issuer trust preferred security | - | - | 850 | (150 | ) | 850 | (150 | ) | |||||||||||||||||
Corporate securities | 20,170 | (135 | ) | - | - | 20,170 | (135 | ) | |||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||
FNMA, fixed-rate | - | - | 16,786 | (229 | ) | 16,786 | (229 | ) | |||||||||||||||||
FHLMC, fixed-rate | 1,738 | (18 | ) | 6,350 | (105 | ) | 8,088 | (123 | ) | ||||||||||||||||
CMO, fixed-rate | 2,557 | (47 | ) | 26,964 | (740 | ) | 29,521 | (787 | ) | ||||||||||||||||
$ | 31,485 | $ | (236 | ) | $ | 68,272 | $ | (1,553 | ) | $ | 99,757 | $ | (1,789 | ) | |||||||||||
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 | ) | |||||||||||
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 | 12,103 | 12,001 | |||||||||||||||||||||||
After 5 years through 10 years | 34,994 | 34,754 | |||||||||||||||||||||||
Over 10 years | 90,288 | 89,031 | |||||||||||||||||||||||
$ | 137,385 | $ | 135,786 |
Loans_Receivable_and_Related_A1
Loans Receivable and Related Allowance for Loan Losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable and Related Allowance for Loan Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans receivable | |||||||||||||||||||||||||||||||||||||||||||||
December 31, | September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 229,507 | $ | 231,324 | |||||||||||||||||||||||||||||||||||||||||
Construction and Development: | |||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 6,039 | 5,964 | |||||||||||||||||||||||||||||||||||||||||||
Land | - | 1,033 | |||||||||||||||||||||||||||||||||||||||||||
Total Construction and Development | 6,039 | 6,997 | |||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 67,274 | 71,579 | |||||||||||||||||||||||||||||||||||||||||||
Multi-family | 5,450 | 1,032 | |||||||||||||||||||||||||||||||||||||||||||
Other | 5,603 | 5,480 | |||||||||||||||||||||||||||||||||||||||||||
Total Commercial | 78,327 | 78,091 | |||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 24,430 | 22,292 | |||||||||||||||||||||||||||||||||||||||||||
Second mortgages | 45,051 | 47,034 | |||||||||||||||||||||||||||||||||||||||||||
Other | 2,675 | 2,839 | |||||||||||||||||||||||||||||||||||||||||||
Total Consumer | 72,156 | 72,165 | |||||||||||||||||||||||||||||||||||||||||||
Total loans | 386,029 | 388,577 | |||||||||||||||||||||||||||||||||||||||||||
Deferred loan cost, net | 1,960 | 2,086 | |||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (4,600 | ) | (4,589 | ) | |||||||||||||||||||||||||||||||||||||||||
Total loans receivable, net | $ | 383,389 | $ | 386,074 | |||||||||||||||||||||||||||||||||||||||||
Schedule of allowance for loan losses | Three Months Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Construction and Development | Commercial | Consumer | |||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage | Residential and Commercial | Land | Commercial Real | Multi-family | Other | Home Equity Lines of Credit | Second Mortgages | Other | Unallocated | Total | |||||||||||||||||||||||||||||||||||
Estate | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | $ | 1,672 | $ | 291 | $ | 13 | $ | 1,248 | $ | 29 | $ | 50 | $ | 168 | $ | 1,033 | $ | 23 | $ | 62 | $ | 4,589 | |||||||||||||||||||||||
balance | |||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | - | (1 | ) | - | (48 | ) | - | - | - | (31 | ) | (17 | ) | - | (97 | ) | |||||||||||||||||||||||||||||
Recoveries | 1 | - | - | 2 | - | 1 | - | 12 | 2 | - | 18 | ||||||||||||||||||||||||||||||||||
Provision | (25 | ) | 73 | (13 | ) | (120 | ) | 123 | (2 | ) | (14 | ) | (98 | ) | 21 | 145 | 90 | ||||||||||||||||||||||||||||
Ending Balance | $ | 1,648 | $ | 363 | $ | - | $ | 1,082 | $ | 152 | $ | 49 | $ | 154 | $ | 916 | $ | 29 | $ | 207 | $ | 4,600 | |||||||||||||||||||||||
Ending balance: | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||
individually | |||||||||||||||||||||||||||||||||||||||||||||
evaluated | |||||||||||||||||||||||||||||||||||||||||||||
for impairment | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 1,648 | $ | 363 | $ | - | $ | 1,082 | $ | 152 | $ | 49 | $ | 154 | $ | 916 | $ | 29 | $ | 207 | $ | 4,600 | |||||||||||||||||||||||
collectively | |||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 229,507 | $ | 6,039 | $ | - | $ | 67,274 | $ | 5,450 | $ | 5,603 | $ | 24,430 | $ | 45,051 | $ | 2,675 | $ | 386,029 | |||||||||||||||||||||||||
Ending balance: | $ | 962 | $ | 143 | $ | - | $ | 609 | $ | - | $ | 898 | $ | 20 | $ | 708 | $ | - | $ | 3,340 | |||||||||||||||||||||||||
individually | |||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 228,545 | $ | 5,896 | $ | - | $ | 66,665 | $ | 5,450 | $ | 4,705 | $ | 24,410 | $ | 44,343 | $ | 2,675 | $ | 382,689 | |||||||||||||||||||||||||
collectively | |||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
Construction and Development | Commercial | Consumer | |||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage | Residential and Commercial | Land | Commercial Real | Multi-family | Other | Home Equity Lines of Credit | Second Mortgages | Other | Unallocated | Total | |||||||||||||||||||||||||||||||||||
Estate | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | $ | 1,414 | $ | 164 | $ | 56 | $ | 1,726 | $ | 40 | $ | 59 | $ | 137 | $ | 1,393 | $ | 22 | $ | 79 | $ | 5,090 | |||||||||||||||||||||||
balance | |||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | - | (37 | ) | - | - | - | - | (14 | ) | (320 | ) | (2 | ) | - | (373 | ) | |||||||||||||||||||||||||||||
Recoveries | 11 | - | - | 2 | - | 1 | - | 33 | 1 | - | 48 | ||||||||||||||||||||||||||||||||||
Provision | 255 | 66 | (3 | ) | (295 | ) | (14 | ) | 14 | 7 | 36 | 2 | 12 | 80 | |||||||||||||||||||||||||||||||
Ending Balance | $ | 1,680 | $ | 193 | $ | 53 | $ | 1,433 | $ | 26 | $ | 74 | $ | 130 | $ | 1,142 | $ | 23 | $ | 91 | $ | 4,845 | |||||||||||||||||||||||
Ending balance: | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||
individually | |||||||||||||||||||||||||||||||||||||||||||||
evaluated | |||||||||||||||||||||||||||||||||||||||||||||
for impairment | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 1,680 | $ | 193 | $ | 53 | $ | 1,433 | $ | 26 | $ | 74 | $ | 130 | $ | 1,142 | $ | 23 | $ | 91 | $ | 4,845 | |||||||||||||||||||||||
collectively | |||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 246,139 | $ | 7,213 | $ | 2,148 | $ | 70,511 | $ | 2,051 | $ | 5,913 | $ | 20,649 | $ | 52,532 | $ | 2,809 | $ | 409,965 | |||||||||||||||||||||||||
Ending balance: | $ | 1,821 | $ | 993 | $ | 237 | $ | - | $ | - | $ | 900 | $ | 20 | $ | 583 | $ | - | $ | 4,554 | |||||||||||||||||||||||||
individually | |||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 244,318 | $ | 6,220 | $ | 1,911 | $ | 70,511 | $ | 2,051 | $ | 5,013 | $ | 20,629 | $ | 51,949 | $ | 2,809 | $ | 405,411 | |||||||||||||||||||||||||
collectively | |||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Construction and Development | Commercial | Consumer | |||||||||||||||||||||||||||||||||||||||||||
Residential Mortgage | Residential and Commercial | Land | Commercial Real | Multi-family | Other | Home Equity Lines of Credit | Second Mortgages | Other | Unallocated | Total | |||||||||||||||||||||||||||||||||||
Estate | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | $ | 1,414 | $ | 164 | $ | 56 | $ | 1,726 | $ | 40 | $ | 59 | $ | 137 | $ | 1,393 | $ | 22 | $ | 79 | $ | 5,090 | |||||||||||||||||||||||
balance | |||||||||||||||||||||||||||||||||||||||||||||
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: | $ | 1,672 | $ | 291 | $ | 13 | $ | 1,248 | $ | 29 | $ | 50 | $ | 168 | $ | 1,033 | $ | 23 | $ | 62 | $ | 4,589 | |||||||||||||||||||||||
collectively | |||||||||||||||||||||||||||||||||||||||||||||
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: | $ | 999 | $ | 187 | $ | - | $ | 504 | $ | - | $ | 900 | $ | 115 | $ | 695 | $ | - | $ | 3,400 | |||||||||||||||||||||||||
individually | |||||||||||||||||||||||||||||||||||||||||||||
evaluated for | |||||||||||||||||||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance: | $ | 230,325 | $ | 5,777 | $ | 1,033 | $ | 71,075 | $ | 1,032 | $ | 4,580 | $ | 22,177 | $ | 46,339 | $ | 2,839 | $ | 385,177 | |||||||||||||||||||||||||
collectively | |||||||||||||||||||||||||||||||||||||||||||||
evaluated 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) | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | - | $ | - | $ | 962 | $ | 962 | $ | 1,115 | |||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | ||||||||||||||||||||||||||||||||||||||||
Residential and commercial | - | - | 143 | 143 | 943 | ||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate | - | - | 609 | 609 | 840 | ||||||||||||||||||||||||||||||||||||||||
Other | - | - | 898 | 898 | 897 | ||||||||||||||||||||||||||||||||||||||||
Consumer: | | | | | | ||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | - | - | 20 | 20 | 36 | ||||||||||||||||||||||||||||||||||||||||
Second mortgages | - | - | 708 | 708 | 897 | ||||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | - | $ | - | $ | 3,340 | $ | 3,340 | $ | 4,728 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||
Schedule of average recorded investment in impaired loans and related interest income recognized | |||||||||||||||||||||||||||||||||||||||||||||
Average Impaired | Interest Income Recognized on | ||||||||||||||||||||||||||||||||||||||||||||
Loans | Impaired Loans | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2014: | | | |||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 918 | $ | - | |||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | |||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 179 | 1 | |||||||||||||||||||||||||||||||||||||||||||
Commercial: | | | |||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 523 | - | |||||||||||||||||||||||||||||||||||||||||||
Other | 899 | 12 | |||||||||||||||||||||||||||||||||||||||||||
Consumer: | | | |||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 35 | - | |||||||||||||||||||||||||||||||||||||||||||
Second mortgages | 729 | - | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,283 | $ | 13 | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2013: | | | |||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 1,363 | $ | - | |||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | |||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 411 | 3 | |||||||||||||||||||||||||||||||||||||||||||
Land | 237 | 3 | |||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||
Other | 900 | 7 | |||||||||||||||||||||||||||||||||||||||||||
Consumer: | | | |||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 21 | - | |||||||||||||||||||||||||||||||||||||||||||
Second mortgages | 570 | - | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,502 | $ | 13 | |||||||||||||||||||||||||||||||||||||||||
Schedule of classes of loan portfolio | | 31-Dec-14 | |||||||||||||||||||||||||||||||||||||||||||
| Pass | Special | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||||||||||
Mention | |||||||||||||||||||||||||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 228,161 | $ | 134 | $ | 1,212 | $ | - | $ | 229,507 | |||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | | ||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 5,209 | 687 | 143 | - | 6,039 | ||||||||||||||||||||||||||||||||||||||||
Land | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 58,271 | 4,546 | 4,457 | - | 67,274 | ||||||||||||||||||||||||||||||||||||||||
Multi-family | 5,157 | 293 | - | - | 5,450 | ||||||||||||||||||||||||||||||||||||||||
Other | 4,421 | 284 | 898 | - | 5,603 | ||||||||||||||||||||||||||||||||||||||||
Consumer: | | | | | | ||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 24,310 | - | 120 | - | 24,430 | ||||||||||||||||||||||||||||||||||||||||
Second mortgages | 44,200 | 21 | 830 | - | 45,051 | ||||||||||||||||||||||||||||||||||||||||
Other | 2,660 | 15 | - | - | 2,675 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 372,389 | $ | 5,980 | $ | 7,660 | $ | - | $ | 386,029 | |||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||
Schedule of loans that are no longer accruing interest by portfolio class | December 31, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 962 | $ | 1,232 | |||||||||||||||||||||||||||||||||||||||||
Construction and Development: | |||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 35 | 78 | |||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 609 | 504 | |||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 20 | 115 | |||||||||||||||||||||||||||||||||||||||||||
Second mortgages | 708 | 462 | |||||||||||||||||||||||||||||||||||||||||||
Total non-accrual loans | $ | 2,334 | $ | 2,391 | |||||||||||||||||||||||||||||||||||||||||
Schedule of classes of loan portfolio summarized by aging categories | |||||||||||||||||||||||||||||||||||||||||||||
60 - 89 | 90 Days | ||||||||||||||||||||||||||||||||||||||||||||
30 - 59 | Days | or | |||||||||||||||||||||||||||||||||||||||||||
Days Past | Past | More Past | Total | Total Loans | |||||||||||||||||||||||||||||||||||||||||
Current | Due | Due | Due | Past Due | Receivable | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | $ | 226,384 | $ | 1,400 | $ | 761 | $ | 962 | $ | 3,123 | $ | 229,507 | |||||||||||||||||||||||||||||||||
Construction and Development: | |||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 6,004 | - | - | 35 | 35 | 6,039 | |||||||||||||||||||||||||||||||||||||||
Land | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 66,665 | - | - | 609 | 609 | 67,274 | |||||||||||||||||||||||||||||||||||||||
Multi-family | 5,450 | - | - | - | - | 5,450 | |||||||||||||||||||||||||||||||||||||||
Other | 5,603 | - | - | - | - | 5,603 | |||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||
Home equity lines of credit | 24,410 | - | - | 20 | 20 | 24,430 | |||||||||||||||||||||||||||||||||||||||
Second mortgages | 43,793 | 496 | 54 | 708 | 1,258 | 45,051 | |||||||||||||||||||||||||||||||||||||||
Other | 2,665 | - | 10 | - | 10 | 2,675 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 380,974 | $ | 1,896 | $ | 825 | $ | 2,334 | $ | 5,055 | $ | 386,029 | |||||||||||||||||||||||||||||||||
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 | $ | 388,57 | |||||||||||||||||||||||||||||||||
Schedule of TDR loans | Troubled Debt Restructured | ||||||||||||||||||||||||||||||||||||||||||||
Total Troubled Debt | Loans That Have Defaulted on | ||||||||||||||||||||||||||||||||||||||||||||
Restructurings | Modified Terms Within The Past | ||||||||||||||||||||||||||||||||||||||||||||
12 Months | |||||||||||||||||||||||||||||||||||||||||||||
| Number of | Recorded | Number of | Recorded | |||||||||||||||||||||||||||||||||||||||||
Loans | Investment | Loans | Investment | ||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014: | | | | | |||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | |||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 2 | $ | 131 | 1 | $ | 22 | |||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | |||||||||||||||||||||||||||||||||||||||||
Other | 1 | 898 | - | - | |||||||||||||||||||||||||||||||||||||||||
Total | 3 | $ | 1,029 | 1 | $ | 22 | |||||||||||||||||||||||||||||||||||||||
At September 30, 2014: | | | | | |||||||||||||||||||||||||||||||||||||||||
Construction and Development: | | | | | |||||||||||||||||||||||||||||||||||||||||
Residential and commercial | 2 | $ | 187 | 1 | $ | 78 | |||||||||||||||||||||||||||||||||||||||
Commercial: | | | | | |||||||||||||||||||||||||||||||||||||||||
Other | 1 | 900 | - | - | |||||||||||||||||||||||||||||||||||||||||
Total | 3 | $ | 1,087 | 1 | $ | 78 | |||||||||||||||||||||||||||||||||||||||
Schedule of performing status of TDR loans | |||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | 30-Sep-14 | ||||||||||||||||||||||||||||||||||||||||||||
Performing | Non-Performing | Performing | Non-Performing | ||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | |||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | $ | 109 | $ | 22 | $ | 109 | $ | 78 | |||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||
Other | 898 | - | 900 | - | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,007 | $ | 22 | $ | 1,009 | $ | 78 | |||||||||||||||||||||||||||||||||||||
Schedule of activity in loans which were first deemed to be TDRs | |||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||
Restructured During Period | |||||||||||||||||||||||||||||||||||||||||||||
Number | Pre-Modifications Outstanding Recorded Investments | Post-Modifications Outstanding Recorded Investments | Number | Pre-Modifications Outstanding Recorded Investments | Post-Modifications Outstanding Recorded Investments | ||||||||||||||||||||||||||||||||||||||||
of Loans | of Loans | ||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Construction and Development: | |||||||||||||||||||||||||||||||||||||||||||||
Residential and commercial | - | $ | - | $ | - | 2 | $ | 484 | $ | 484 | |||||||||||||||||||||||||||||||||||
Total troubled debt restructurings | - | $ | - | $ | - | 2 | $ | 484 | $ | 484 |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Regulatory Matters [Abstract] | |||||||||||||||||||||||||
Schedule of actual capital amounts and ratios | Actual | For Capital Adequacy | To be Well | ||||||||||||||||||||||
Purposes | Capitalized | ||||||||||||||||||||||||
Under Prompt | |||||||||||||||||||||||||
Corrective Action | |||||||||||||||||||||||||
Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||
Tangible Capital (to tangible assets) | $ | 65,418 | 10.97 | % | $ | ≥8,943 | 1.5 | % | $ | - | N/A | ||||||||||||||
Core Capital (to adjusted tangible assets) | 65,418 | 10.97 | ≥23,848 | 4 | ≥29,810 | 5 | % | ||||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | 65,418 | 18.53 | ≥14,123 | 4 | ≥21,185 | 6 | |||||||||||||||||||
Total risk-based Capital (to risk-weighted assets) | 69,835 | 19.78 | ≥28,246 | 8 | ≥35,308 | 10 | |||||||||||||||||||
As of September 30, 2014: | |||||||||||||||||||||||||
Tangible Capital (to tangible assets) | $ | 64,414 | 12.09 | % | $ | ≥7,990 | 1.5 | % | $ | - | N/A | ||||||||||||||
Core Capital (to adjusted tangible assets) | 64,414 | 12.09 | ≥21,305 | 4 | ≥26,632 | 5 | % | ||||||||||||||||||
Tier 1 Capital (to risk-weighted assets) | 64,414 | 19.5 | ≥13,212 | 4 | ≥19,818 | 6 | |||||||||||||||||||
Total risk-based Capital (to risk-weighted assets) | 68,549 | 20.75 | ≥26,424 | 8 | ≥33,030 | 10 | |||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||
Dec. 31, 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 | December 31, 2014 | ||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||
Debt securities: | |||||||||||||||||||||
U.S. government agencies | $ | 16,379 | $ | - | $ | 16,379 | $ | - | |||||||||||||
State and municipal obligations | 18,824 | - | 18,824 | - | |||||||||||||||||
Single issuer trust preferred security | 850 | - | 850 | - | |||||||||||||||||
Corporate debt securities | 34,471 | - | 34,471 | - | |||||||||||||||||
Total investment securities available for sale | 70,524 | - | 70,524 | - | |||||||||||||||||
Mortgage-backed securities available for sale: | |||||||||||||||||||||
FNMA, fixed-rate | 16,786 | - | 16,786 | - | |||||||||||||||||
FHLMC, fixed-rate | 14,923 | - | 14,923 | - | |||||||||||||||||
CMO, fixed-rate-fate | 33,553 | - | 33,923 | - | |||||||||||||||||
Total mortgage-backed securities available for sale | 65,262 | - | 65,262 | - | |||||||||||||||||
Total | $ | 135,786 | $ | - | $ | 135,786 | $ | - | |||||||||||||
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 | $ | - | |||||||||||||
Schedule of carrying amount and estimated fair value of the Company's financial instruments | | Carrying | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Amount | |||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||
Financial assets: | | | | | | ||||||||||||||||
Cash and cash equivalents | $ | 48,052 | $ | 48,052 | $ | 48,052 | $ | - | $ | - | |||||||||||
Investment securities available for sale | 135,786 | 135,786 | - | 135,786 | - | ||||||||||||||||
Loans receivable, net | 383,389 | 386,715 | - | - | 386,715 | ||||||||||||||||
Accrued interest receivable | 1,623 | 1,623 | - | 1,623 | - | ||||||||||||||||
Restricted stock | 3,805 | 3,805 | - | 3,805 | - | ||||||||||||||||
Mortgage servicing rights | 441 | 482 | - | 482 | - | ||||||||||||||||
Financial liabilities: | | | | | | ||||||||||||||||
Savings accounts | 44,747 | 44,747 | - | 44,747 | - | ||||||||||||||||
Checking and NOW accounts | 109,190 | 109,190 | - | 109,190 | - | ||||||||||||||||
Money market accounts | 69,553 | 69,553 | - | 69,553 | - | ||||||||||||||||
Certificates of deposit | 217,135 | 219,721 | - | 219,721 | - | ||||||||||||||||
FHLB advances | 78,000 | 79,804 | - | 79,804 | - | ||||||||||||||||
Accrued interest payable | 251 | 251 | - | 251 | - | ||||||||||||||||
September 30, 2014: | |||||||||||||||||||||
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 | - | ||||||||||||||||
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 | | | Fair Value at | Valuation | | Unobservable | | Method or Value as of | | ||||||||||||
December 31, | Technique | Input | 31-Dec-14 | ||||||||||||||||||
2014 | |||||||||||||||||||||
| | (In thousands) | | | | | | | | | |||||||||||
Mortgage servicing rights | | $ | 8 | 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 | | |||||||||||
| | 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 | | |||||||||||
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 | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Other real estate owned | $ | 233 | $ | - | $ | - | $ | 233 | |||||||||||||
Impaired loans (4) | 27 | - | - | 27 | |||||||||||||||||
Mortgage servicing rights | 8 | - | 8 | - | |||||||||||||||||
Total | $ | 268 | $ | - | $ | 8 | $ | 260 | |||||||||||||
| December 31, 2014 | | |||||||||||||||||||
| Fair Value at | Valuation Technique | | Unobservable Input | | Range/(Weighted | | ||||||||||||||
December 31, | Average) | ||||||||||||||||||||
2014 | |||||||||||||||||||||
| (Dollars in thousands) | | |||||||||||||||||||
Other real estate owned | $ | 233 | Appraisal of collateral (1) | | Collateral discounts (2) | | 0 − 7%/(7%) | | |||||||||||||
Impaired loans (3) | 27 | Appraisal of collateral (1) | | Collateral discounts (2) | | 0 − 63%/(63%) | | ||||||||||||||
Total | $ | 260 | | | | | | | |||||||||||||
-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 December 31, 2014, consisted of one loan with an aggregate balance of $27,000 and no specific loan loss allowance. | ||||||||||||||||||||
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 owned | $ | 1,030 | Appraisal of collateral (1) | | Collateral discounts (2) | 16 − 72%/(38%) | | ||||||||||||||
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, consisted of six loans with an aggregate balance of $887,000 and no specific loan loss allowance. |
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Taxes [Abstract] | |||||||||
Schedule of reconciliation between federal income tax at the statutory rate | Three Months Ended December 31, | ||||||||
2014 | 2013 | ||||||||
| (Dollar in thousands) | ||||||||
At federal statutory rate | $ | - | $ | - | |||||
Adjustments resulting from: | |||||||||
State tax, net of federal benefit | - | 3 | |||||||
$ | - | $ | 3 | ||||||
Effective tax rate | 0 | % | $ | 4.4 | % | ||||
Schedule of deferred income taxes | |||||||||
December 31, | September 30, | ||||||||
2014 | 2014 | ||||||||
(in thousands) | |||||||||
Deferred Tax Assets: | |||||||||
Unrealized loss on investments available for sale | $ | 545 | $ | 932 | |||||
Allowance for loan losses | 2,974 | 3,051 | |||||||
Non-accrual interest | 171 | 122 | |||||||
Write-down of real estate owned | 211 | 270 | |||||||
Alternative minimum tax (AMT) credit carryover | 64 | 64 | |||||||
Low-income housing tax credit carryover | 337 | 337 | |||||||
Supplement Employer Retirement Plan | 455 | 455 | |||||||
Charitable contributions | 38 | 36 | |||||||
Depreciation | 139 | 127 | |||||||
Federal net operating loss | 7,160 | 7,159 | |||||||
Other | 68 | 54 | |||||||
Total Deferred Tax Assets | 12,162 | 12,607 | |||||||
Valuation allowance for DTA | (9,577 | ) | (10,074 | ) | |||||
Total Deferred Tax Assets, Net of Valuation Allowance | 2,585 | 2,533 | |||||||
Deferred Tax Liabilities: | |||||||||
State net operating income | (16 | ) | (3 | ) | |||||
Mortgage servicing rights | (150 | ) | (154 | ) | |||||
Total Deferred Tax Liabilities | (166 | ) | (157 | ) | |||||
Deferred Tax Assets, Net | $ | 2,419 | $ | 2,376 |
Earnings_Per_Share_Composition
Earnings Per Share - Composition of weighted average shares (denominator) used in earnings per share computations (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Earnings Per Share [Abstract] | ||
Net Income | $321 | $64 |
Weighted average shares outstanding | 6,558,473 | 6,558,473 |
Average unearned ESOP shares | -170,541 | -184,941 |
Weighted average shares outstanding - basic (in shares) | 6,387,932 | 6,373,532 |
Earnings per share - basic (in dollars per share) | $0.05 | $0.01 |
Employee_Stock_Ownership_Plan_
Employee Stock Ownership Plan (Detail Textuals) (USD $) | 3 Months Ended | 5 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2008 | |
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 | 3,600 | 3,600 | |
Number of unallocated shares | 168,765 | ||
Number of allocated shares held by the ESOP | 90,453 | ||
Aggregate fair value of shares held by the ESOP | $2,000,000 |
Investment_Securities_Unrealiz
Investment Securities - Unrealized Gain Loss on Investments (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $137,385 | $103,679 |
Gross Unrealized Gains | 190 | 125 |
Gross Unrealized Losses | -1,789 | -2,861 |
Fair value | 135,786 | 100,943 |
Total Available For Sale Securities Before Mortgage-Backed | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 71,020 | 24,766 |
Gross Unrealized Gains | 154 | 22 |
Gross Unrealized Losses | -650 | -627 |
Fair value | 70,524 | 24,161 |
U.S. government agencies | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 16,693 | 19,719 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | -314 | -464 |
Fair value | 16,379 | 19,256 |
State and municipal obligations | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 18,815 | 2,543 |
Gross Unrealized Gains | 60 | |
Gross Unrealized Losses | -51 | -43 |
Fair value | 18,824 | 2,500 |
Single issuer trust preferred security | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 1,000 | 1,000 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | -150 | -120 |
Fair value | 850 | 880 |
Corporate debt securities | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 34,512 | 1,504 |
Gross Unrealized Gains | 94 | 21 |
Gross Unrealized Losses | -135 | |
Fair value | 34,471 | 1,525 |
Mortgage Backed Securities | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 66,365 | 78,913 |
Gross Unrealized Gains | 36 | 103 |
Gross Unrealized Losses | -1,139 | -2,234 |
Fair value | 65,262 | 76,782 |
Adjustable-rate | Mortgage-backed securities: FNMA | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 403 | |
Gross Unrealized Gains | 15 | |
Gross Unrealized Losses | ||
Fair value | 418 | |
Adjustable-rate | Mortgage-backed securities: FHLMC | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 3,562 | |
Gross Unrealized Gains | 33 | |
Gross Unrealized Losses | ||
Fair value | 3,595 | |
Fixed-rate | Mortgage-backed securities: FNMA | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 17,015 | 17,390 |
Gross Unrealized Gains | 9 | |
Gross Unrealized Losses | -229 | -591 |
Fair value | 16,786 | 16,808 |
Fixed-rate | Mortgage-backed securities: FHLMC | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 15,039 | 12,336 |
Gross Unrealized Gains | 7 | |
Gross Unrealized Losses | -123 | -340 |
Fair value | 14,923 | 11,996 |
Fixed-rate | Mortgage-backed securities: Collateralized mortgage obligations (CMO) | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 34,311 | 45,222 |
Gross Unrealized Gains | 29 | 46 |
Gross Unrealized Losses | -787 | -1,303 |
Fair value | $33,553 | $43,965 |
Investment_Securities_Continuo
Investment Securities - Continuous Unrealized Loss Position of Available For Sale Securities (Details 1) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 |
Schedule of Investments [Line Items] | ||
Less than 12 Months: Fair Value | $31,485 | $3,945 |
Less than 12 Months: Unrealized Losses | -236 | -54 |
More than 12 Months: Fair Value | 68,272 | 86,544 |
More than 12 Months: Unrealized Losses | -1,553 | -2,807 |
Total: Fair Value | 99,757 | 90,489 |
Total: Unrealized Losses | -1,789 | -2,861 |
U.S. government agencies | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months: Fair Value | 541 | |
Less than 12 Months: Unrealized Losses | -4 | |
More than 12 Months: Fair Value | 15,839 | 18,267 |
More than 12 Months: Unrealized Losses | -310 | -464 |
Total: Fair Value | 16,380 | 18,267 |
Total: Unrealized Losses | -314 | -464 |
State and municipal obligations | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months: Fair Value | 6,479 | |
Less than 12 Months: Unrealized Losses | -32 | |
More than 12 Months: Fair Value | 1,483 | 2,501 |
More than 12 Months: Unrealized Losses | -19 | -43 |
Total: Fair Value | 7,962 | 2,501 |
Total: Unrealized Losses | -51 | -43 |
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 | 850 | 880 |
More than 12 Months: Unrealized Losses | -150 | -120 |
Total: Fair Value | 850 | 880 |
Total: Unrealized Losses | -150 | -120 |
Corporate securities | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months: Fair Value | 20,170 | |
Less than 12 Months: Unrealized Losses | -135 | |
More than 12 Months: Fair Value | ||
More than 12 Months: Unrealized Losses | ||
Total: Fair Value | 20,170 | |
Total: Unrealized Losses | -135 | |
Fixed-rate | Mortgage-backed securities: FNMA | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months: Fair Value | ||
Less than 12 Months: Unrealized Losses | ||
More than 12 Months: Fair Value | 16,786 | 16,715 |
More than 12 Months: Unrealized Losses | -229 | -591 |
Total: Fair Value | 16,786 | 16,715 |
Total: Unrealized Losses | -229 | -591 |
Fixed-rate | Mortgage-backed securities: FHLMC | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months: Fair Value | 1,738 | |
Less than 12 Months: Unrealized Losses | -18 | |
More than 12 Months: Fair Value | 6,350 | 11,996 |
More than 12 Months: Unrealized Losses | -105 | -340 |
Total: Fair Value | 8,088 | 11,996 |
Total: Unrealized Losses | -123 | -340 |
Fixed-rate | Mortgage-backed securities: Collateralized mortgage obligations (CMO) | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months: Fair Value | 2,557 | 3,945 |
Less than 12 Months: Unrealized Losses | -47 | -54 |
More than 12 Months: Fair Value | 26,964 | 36,185 |
More than 12 Months: Unrealized Losses | -740 | -1,249 |
Total: Fair Value | 29,521 | 40,130 |
Total: Unrealized Losses | ($787) | ($1,303) |
Investment_Securities_Amortize
Investment Securities - Amortized cost and fair value of debt securities by contractual maturity (Details 2) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Available for Sale, Amortized Cost | ||
Within 1 year | ||
Over 1 year through 5 years | 12,103 | |
After 5 years through 10 years | 34,994 | |
Over 10 years | 90,288 | |
Available-for-sale Securities, Amortized Cost Basis, Total | 137,385 | 103,679 |
Available for Sale, Fair Value | ||
Within 1 year | ||
Over 1 year through 5 years | 12,001 | |
After 5 years through 10 years | 34,754 | |
Over 10 years | 89,031 | |
Available-for-sale Securities, Fair value, Total | $135,786 | $100,943 |
Investment_Securities_Detail_T
Investment Securities (Detail Textuals) (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Investment Securities [Abstract] | ||
Proceeds of available for sale investment securities | $21,051,000 | $824,000 |
Available-for-sale securities, gross realized gains | 99,000 | 14,000 |
Available-for-sale securities, gross realized losses | $73,000 |
Investment_Securities_Detail_T1
Investment Securities (Detail Textuals 1) (USD $) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Sep. 30, 2014 | |
Schedule of Investments [Line Items] | ||
Unrealized loss | $1,789,000 | $2,861,000 |
U.S. government agencies | ||
Schedule of Investments [Line Items] | ||
Number of securities held in an unrealized loss position | 18 | |
Unrealized loss | 314,000 | 464,000 |
Tax-free municipal bonds | ||
Schedule of Investments [Line Items] | ||
Number of securities held in an unrealized loss position | 9 | |
Corporate securities | ||
Schedule of Investments [Line Items] | ||
Number of securities held in an unrealized loss position | 8 | |
Unrealized loss | 135,000 | |
Mortgage Backed Securities | ||
Schedule of Investments [Line Items] | ||
Number of securities held in an unrealized loss position | 46 | |
Single issuer trust preferred security | ||
Schedule of Investments [Line Items] | ||
Number of securities held in an unrealized loss position | 1 | |
Increase in gross unrealized loss | 30,000 | |
Unrealized loss | 150,000 | 120,000 |
State and municipal obligations | ||
Schedule of Investments [Line Items] | ||
Unrealized loss | $51,000 | $43,000 |
Loans_Receivable_and_Related_A2
Loans Receivable and Related Allowance for Loan Losses - Portfolio of Loans Receivable (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | ($4,600) | ($4,589) | ||
Total loans receivable, net | 383,389 | 386,074 | ||
Loans Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 386,029 | 388,577 | 409,965 | |
Deferred loan costs, net | 1,960 | 2,086 | ||
Allowance for loan losses | -4,600 | -4,589 | -4,845 | -5,090 |
Total loans receivable, net | 383,389 | 386,074 | ||
Loans Receivable | Residential mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 229,507 | 231,324 | 246,139 | |
Allowance for loan losses | -1,648 | -1,672 | -1,680 | -1,414 |
Loans Receivable | Construction and Development: Residential and commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 6,039 | 5,964 | 7,213 | |
Allowance for loan losses | -363 | -291 | -193 | -164 |
Loans Receivable | Construction and Development: Land | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 1,033 | 2,148 | ||
Allowance for loan losses | -13 | -53 | -56 | |
Loans Receivable | Total Construction and Development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 6,039 | 6,997 | ||
Loans Receivable | Commercial: Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 67,274 | 71,579 | 70,511 | |
Allowance for loan losses | -1,082 | -1,248 | -1,433 | -1,726 |
Loans Receivable | Commercial: Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 5,450 | 1,032 | 2,051 | |
Allowance for loan losses | -152 | -29 | -26 | -40 |
Loans Receivable | Commercial: Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 5,603 | 5,480 | 5,913 | |
Allowance for loan losses | -49 | -50 | -74 | -59 |
Loans Receivable | Total Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 78,327 | 78,091 | ||
Loans Receivable | Consumer: Home equity lines of credit | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 24,430 | 22,292 | 20,649 | |
Allowance for loan losses | -154 | -168 | -130 | -137 |
Loans Receivable | Consumer: Second mortgages | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 45,051 | 47,034 | 52,532 | |
Allowance for loan losses | -916 | -1,033 | -1,142 | -1,393 |
Loans Receivable | Consumer: Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 2,675 | 2,839 | 2,809 | |
Allowance for loan losses | -29 | -23 | -23 | -22 |
Loans Receivable | Total Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $72,156 | $72,165 |
Loans_Receivable_and_Related_A3
Loans Receivable and Related Allowance for Loan Losses - Reconciliation of allowance for loan losses (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | $4,589 | ||
Provision | 90 | 80 | |
Allowance for loan losses, Ending Balance | 4,600 | ||
Loans Receivable | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 4,589 | 5,090 | 5,090 |
Charge-offs | -97 | -373 | -941 |
Recoveries | 18 | 48 | 177 |
Provision | 90 | 80 | 263 |
Allowance for loan losses, Ending Balance | 4,600 | 4,845 | 4,589 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 4,600 | 4,845 | 4,589 |
Loans receivable | 386,029 | 409,965 | 388,577 |
Loans receivable: Ending balance: individually evaluated for impairment | 3,340 | 4,554 | 3,400 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 382,689 | 405,411 | 385,177 |
Loans Receivable | Residential mortgage | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 1,672 | 1,414 | 1,414 |
Charge-offs | -83 | ||
Recoveries | 1 | 11 | 23 |
Provision | -25 | 255 | 318 |
Allowance for loan losses, Ending Balance | 1,648 | 1,680 | 1,672 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 1,648 | 1,680 | 1,672 |
Loans receivable | 229,507 | 246,139 | 231,324 |
Loans receivable: Ending balance: individually evaluated for impairment | 962 | 1,821 | 999 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 228,545 | 244,318 | 230,325 |
Loans Receivable | Construction and Development: Residential and commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 291 | 164 | 164 |
Charge-offs | -1 | -37 | -37 |
Recoveries | 1 | ||
Provision | 73 | 66 | 163 |
Allowance for loan losses, Ending Balance | 363 | 193 | 291 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 363 | 193 | 291 |
Loans receivable | 6,039 | 7,213 | 5,964 |
Loans receivable: Ending balance: individually evaluated for impairment | 143 | 993 | 187 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 5,896 | 6,220 | 5,777 |
Loans Receivable | Construction and Development: Land | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 13 | 56 | 56 |
Charge-offs | |||
Recoveries | |||
Provision | -13 | -3 | -43 |
Allowance for loan losses, Ending Balance | 53 | 13 | |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 53 | 13 | |
Loans receivable | 2,148 | 1,033 | |
Loans receivable: Ending balance: individually evaluated for impairment | 237 | ||
Loans Receivable: Ending balance: collectively evaluated for impairment | 1,911 | 1,033 | |
Loans Receivable | Commercial: Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 1,248 | 1,726 | 1,726 |
Charge-offs | -48 | -183 | |
Recoveries | 2 | 2 | 9 |
Provision | -120 | -295 | -304 |
Allowance for loan losses, Ending Balance | 1,082 | 1,433 | 1,248 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 1,082 | 1,433 | 1,248 |
Loans receivable | 67,274 | 70,511 | 71,579 |
Loans receivable: Ending balance: individually evaluated for impairment | 609 | 504 | |
Loans Receivable: Ending balance: collectively evaluated for impairment | 66,665 | 70,511 | 71,075 |
Loans Receivable | Commercial: Multi-family | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 29 | 40 | 40 |
Charge-offs | |||
Recoveries | |||
Provision | 123 | -14 | -11 |
Allowance for loan losses, Ending Balance | 152 | 26 | 29 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 152 | 26 | 29 |
Loans receivable | 5,450 | 2,051 | 1,032 |
Loans receivable: Ending balance: individually evaluated for impairment | |||
Loans Receivable: Ending balance: collectively evaluated for impairment | 5,450 | 2,051 | 1,032 |
Loans Receivable | Commercial: Other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 50 | 59 | 59 |
Charge-offs | |||
Recoveries | 1 | 1 | 3 |
Provision | -2 | 14 | -12 |
Allowance for loan losses, Ending Balance | 49 | 74 | 50 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 49 | 74 | 50 |
Loans receivable | 5,603 | 5,913 | 5,480 |
Loans receivable: Ending balance: individually evaluated for impairment | 898 | 900 | 900 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 4,705 | 5,013 | 4,580 |
Loans Receivable | Consumer: Home equity lines of credit | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 168 | 137 | 137 |
Charge-offs | -14 | -14 | |
Recoveries | 1 | ||
Provision | -14 | 7 | 44 |
Allowance for loan losses, Ending Balance | 154 | 130 | 168 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 154 | 130 | 168 |
Loans receivable | 24,430 | 20,649 | 22,292 |
Loans receivable: Ending balance: individually evaluated for impairment | 20 | 20 | 115 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 24,410 | 20,629 | 22,177 |
Loans Receivable | Consumer: Second mortgages | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 1,033 | 1,393 | 1,393 |
Charge-offs | -31 | -320 | -618 |
Recoveries | 12 | 33 | 136 |
Provision | -98 | 36 | 122 |
Allowance for loan losses, Ending Balance | 916 | 1,142 | 1,033 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 916 | 1,142 | 1,033 |
Loans receivable | 45,051 | 52,532 | 47,034 |
Loans receivable: Ending balance: individually evaluated for impairment | 708 | 583 | 695 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 44,343 | 51,949 | 46,339 |
Loans Receivable | Consumer: Other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 23 | 22 | 22 |
Charge-offs | -17 | -2 | -6 |
Recoveries | 2 | 1 | 4 |
Provision | 21 | 2 | 3 |
Allowance for loan losses, Ending Balance | 29 | 23 | 23 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 29 | 23 | 23 |
Loans receivable | 2,675 | 2,809 | 2,839 |
Loans receivable: Ending balance: individually evaluated for impairment | |||
Loans Receivable: Ending balance: collectively evaluated for impairment | 2,675 | 2,809 | 2,839 |
Loans Receivable | Unallocated | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses, Beginning Balance | 62 | 79 | 79 |
Charge-offs | |||
Recoveries | |||
Provision | 145 | 12 | -17 |
Allowance for loan losses, Ending Balance | 207 | 91 | 62 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | $207 | $91 | $62 |
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 $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ||
Total Impaired Loans: Recorded Investment | $27 | $887 |
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 | 3,340 | 3,400 |
Total Impaired Loans: Recorded Investment | 3,340 | 3,400 |
Total Impaired Loans: Unpaid Principal Balance | 4,728 | 4,608 |
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 | 962 | 999 |
Total Impaired Loans: Recorded Investment | 962 | 999 |
Total Impaired Loans: Unpaid Principal Balance | 1,115 | 1,149 |
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 | 143 | 187 |
Total Impaired Loans: Recorded Investment | 143 | 187 |
Total Impaired Loans: Unpaid Principal Balance | 943 | 842 |
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 | 609 | 504 |
Total Impaired Loans: Recorded Investment | 609 | 504 |
Total Impaired Loans: Unpaid Principal Balance | 840 | 688 |
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 | 898 | 900 |
Total Impaired Loans: Recorded Investment | 898 | 900 |
Total Impaired Loans: Unpaid Principal Balance | 897 | 900 |
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 | 20 | 115 |
Total Impaired Loans: Recorded Investment | 20 | 115 |
Total Impaired Loans: Unpaid Principal Balance | 36 | 135 |
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 | 708 | 695 |
Total Impaired Loans: Recorded Investment | 708 | 695 |
Total Impaired Loans: Unpaid Principal Balance | $897 | $894 |
Loans_Receivable_and_Related_A5
Loans Receivable and Related Allowance for Loan Losses - Average recorded investment in impaired loans and related interest income recognized (Details 3) (Loans Receivable, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | $3,283 | $3,502 |
Interest Income Recognized on Impaired Loans | 13 | 13 |
Residential mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 918 | 1,363 |
Interest Income Recognized on Impaired Loans | ||
Construction and Development: Residential and commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 179 | 411 |
Interest Income Recognized on Impaired Loans | 1 | 3 |
Construction and Development: Land | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 237 | |
Interest Income Recognized on Impaired Loans | 3 | |
Commercial: Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 523 | |
Interest Income Recognized on Impaired Loans | ||
Commercial: Other | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 899 | 900 |
Interest Income Recognized on Impaired Loans | 12 | 7 |
Consumer: Home equity lines of credit | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 35 | 21 |
Interest Income Recognized on Impaired Loans | ||
Consumer: Second mortgages | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 729 | 570 |
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 $) | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | $386,029 | $388,577 | $409,965 |
Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 372,389 | 375,879 | |
Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 5,980 | 6,996 | |
Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 7,660 | 5,702 | |
Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | |||
Residential mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 229,507 | 231,324 | 246,139 |
Residential mortgage | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 228,161 | 230,065 | |
Residential mortgage | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 134 | 137 | |
Residential mortgage | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 1,212 | 1,122 | |
Residential mortgage | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | |||
Construction and Development: Residential and commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 6,039 | 5,964 | 7,213 |
Construction and Development: Residential and commercial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 5,209 | 5,777 | |
Construction and Development: Residential and commercial | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 687 | ||
Construction and Development: Residential and commercial | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 143 | 187 | |
Construction and Development: Residential and commercial | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | |||
Construction and Development: Land | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 1,033 | 2,148 | |
Construction and Development: Land | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 1,033 | ||
Construction and Development: Land | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | |||
Construction and Development: Land | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | |||
Construction and Development: Land | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | |||
Commercial: Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 67,274 | 71,579 | 70,511 |
Commercial: Commercial real estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 58,271 | 63,125 | |
Commercial: Commercial real estate | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 4,546 | 5,797 | |
Commercial: Commercial real estate | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 4,457 | 2,657 | |
Commercial: Commercial real estate | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | |||
Commercial: Multi-family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 5,450 | 1,032 | 2,051 |
Commercial: Multi-family | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 5,157 | 1,032 | |
Commercial: Multi-family | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 293 | ||
Commercial: Multi-family | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | |||
Commercial: Multi-family | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | |||
Commercial: Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 5,603 | 5,480 | 5,913 |
Commercial: Other | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 4,421 | 3,555 | |
Commercial: Other | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 284 | 1,025 | |
Commercial: Other | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 898 | 900 | |
Commercial: Other | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | |||
Consumer: Home equity lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 24,430 | 22,292 | 20,649 |
Consumer: Home equity lines of credit | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 24,310 | 22,177 | |
Consumer: Home equity lines of credit | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | |||
Consumer: Home equity lines of credit | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 120 | 115 | |
Consumer: Home equity lines of credit | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | |||
Consumer: Second mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 45,051 | 47,034 | 52,532 |
Consumer: Second mortgages | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 44,200 | 46,292 | |
Consumer: Second mortgages | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 21 | 21 | |
Consumer: Second mortgages | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 830 | 721 | |
Consumer: Second mortgages | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | |||
Consumer: Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 2,675 | 2,839 | 2,809 |
Consumer: Other | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 2,660 | 2,823 | |
Consumer: Other | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | 15 | 16 | |
Consumer: Other | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable | |||
Consumer: Other | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans receivable |
Loans_Receivable_and_Related_A7
Loans Receivable and Related Allowance for Loan Losses - Non accrual loans (Details 5) (Loans Receivable, USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | $2,334 | $2,391 |
Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | 962 | 1,232 |
Construction and Development: Residential and commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | 35 | 78 |
Commercial: Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | 609 | 504 |
Consumer: Home equity lines of credit | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | 20 | 115 |
Consumer: Second mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual loans | $708 | $462 |
Loans_Receivable_and_Related_A8
Loans Receivable and Related Allowance for Loan Losses - Loan portfolio summarized by aging categories (Details 6) (Loans Receivable, USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $380,974 | $384,609 | |
30-59 Days Past Due | 1,896 | 1,052 | |
60 - 89 Days Past Due | 825 | 525 | |
90 Days or More Past Due | 2,334 | 2,391 | |
Total Past Due | 5,055 | 3,968 | |
Total Loans Receivable | 386,029 | 388,577 | 409,965 |
Residential mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 226,384 | 229,257 | |
30-59 Days Past Due | 1,400 | 835 | |
60 - 89 Days Past Due | 761 | ||
90 Days or More Past Due | 962 | 1,232 | |
Total Past Due | 3,123 | 2,067 | |
Total Loans Receivable | 229,507 | 231,324 | 246,139 |
Construction and Development: Residential and commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 6,004 | 5,886 | |
30-59 Days Past Due | |||
60 - 89 Days Past Due | |||
90 Days or More Past Due | 35 | 78 | |
Total Past Due | 35 | 78 | |
Total Loans Receivable | 6,039 | 5,964 | 7,213 |
Construction and Development: Land | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 1,033 | ||
30-59 Days Past Due | |||
60 - 89 Days Past Due | |||
90 Days or More Past Due | |||
Total Past Due | |||
Total Loans Receivable | 1,033 | 2,148 | |
Commercial: Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 66,665 | 71,075 | |
30-59 Days Past Due | |||
60 - 89 Days Past Due | |||
90 Days or More Past Due | 609 | 504 | |
Total Past Due | 609 | 504 | |
Total Loans Receivable | 67,274 | 71,579 | 70,511 |
Commercial: Multi-family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 5,450 | 1,032 | |
30-59 Days Past Due | |||
60 - 89 Days Past Due | |||
90 Days or More Past Due | |||
Total Past Due | |||
Total Loans Receivable | 5,450 | 1,032 | 2,051 |
Commercial: Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 5,603 | 5,480 | |
30-59 Days Past Due | |||
60 - 89 Days Past Due | |||
90 Days or More Past Due | |||
Total Past Due | |||
Total Loans Receivable | 5,603 | 5,480 | 5,913 |
Consumer: Home equity lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 24,410 | 22,177 | |
30-59 Days Past Due | |||
60 - 89 Days Past Due | |||
90 Days or More Past Due | 20 | 115 | |
Total Past Due | 20 | 115 | |
Total Loans Receivable | 24,430 | 22,292 | 20,649 |
Consumer: Second mortgages | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 43,793 | 45,847 | |
30-59 Days Past Due | 496 | 200 | |
60 - 89 Days Past Due | 54 | 525 | |
90 Days or More Past Due | 708 | 462 | |
Total Past Due | 1,258 | 1,187 | |
Total Loans Receivable | 45,051 | 47,034 | 52,532 |
Consumer: Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 2,665 | 2,822 | |
30-59 Days Past Due | 17 | ||
60 - 89 Days Past Due | 10 | ||
90 Days or More Past Due | |||
Total Past Due | 10 | 17 | |
Total Loans Receivable | $2,675 | $2,839 | $2,809 |
Loans_Receivable_and_Related_A9
Loans Receivable and Related Allowance for Loan Losses - Troubled Debt Restructurings (Details 7) (Loans Receivable, USD $) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Sep. 30, 2014 | |
Loan | Loan | |
Financing Receivable, Modifications [Line Items] | ||
Total Troubled Debt Restructurings: Number of Loans | 3 | 3 |
Total Troubled Debt Restructurings: Recorded Investment | $1,029,000 | $1,087,000 |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Number of Loans | 1 | 1 |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months: Recorded Investment | 22,000 | 78,000 |
Construction and Development: Residential and commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Total Troubled Debt Restructurings: Number of Loans | 2 | 2 |
Total Troubled Debt Restructurings: Recorded Investment | 131,000 | 187,000 |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Number of Loans | 1 | 1 |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months: Recorded Investment | 22,000 | 78,000 |
Commercial: Other | ||
Financing Receivable, Modifications [Line Items] | ||
Total Troubled Debt Restructurings: Number of Loans | 1 | 1 |
Total Troubled Debt Restructurings: Recorded Investment | 898,000 | 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) (Loans Receivable, USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | $1,029,000 | $1,087,000 |
Performing | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 1,007,000 | 1,009,000 |
Performing | Construction and Development: Residential and commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 109,000 | 109,000 |
Performing | Commercial: Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 898,000 | 900,000 |
Nonperforming | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 22,000 | 78,000 |
Nonperforming | Construction and Development: Residential and commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | 22,000 | 78,000 |
Nonperforming | Commercial: Other | ||
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment |
Recovered_Sheet2
Loans Receivable and Related Allowance for Loan Losses - First deemed to be troubled debt restructurings during period (Details 9) (Loans Receivable, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Loan | Loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 2 | |
Pre-Modifications Outstanding Recorded Investments | $484 | |
Post-Modifications Outstanding Recorded Investments | 484 | |
Construction and Development: Residential and commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | 2 | |
Pre-Modifications Outstanding Recorded Investments | 484 | |
Post-Modifications Outstanding Recorded Investments | $484 |
Recovered_Sheet3
Loans Receivable and Related Allowance for Loan Losses (Detail Textuals) (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Loans Receivable and Related Allowance for Loan Losses [Abstract] | ||
Interest income recognized on nonaccrual loans | $29,000 | $46,000 |
Recovered_Sheet4
Loans Receivable and Related Allowance for Loan Losses (Detail Textuals 1) (Loans Receivable, USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
Loan | Loan | |
Financing Receivable, Modifications [Line Items] | ||
Total Troubled Debt Restructurings: Number of Loans | 3 | 3 |
Total Troubled Debt Restructurings: Recorded Investment | $1,029,000 | $1,087,000 |
Nonperforming | ||
Financing Receivable, Modifications [Line Items] | ||
Total Troubled Debt Restructurings: Recorded Investment | 22,000 | 78,000 |
Construction and Development: Residential and commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Total Troubled Debt Restructurings: Number of Loans | 2 | 2 |
Total Troubled Debt Restructurings: Recorded Investment | 131,000 | 187,000 |
Impaired | ||
Financing Receivable, Modifications [Line Items] | ||
Total Troubled Debt Restructurings: Number of Loans | 3 | |
Total Troubled Debt Restructurings: Recorded Investment | 1,100,000 | |
Impaired | Construction and Development: Residential and commercial | Nonperforming | ||
Financing Receivable, Modifications [Line Items] | ||
Total Troubled Debt Restructurings: Number of Loans | 1 | 1 |
Total Troubled Debt Restructurings: Recorded Investment | $22,000 | $78,000 |
Regulatory_Matters_Actual_capi
Regulatory Matters - Actual capital amounts and ratios (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Regulatory Matters [Abstract] | ||
Tangible Capital (to tangible assets): Actual Amount | $65,418 | $64,414 |
Core Capital (to adjusted tangible assets): Actual Amount | 65,418 | 64,414 |
Tier 1 Capital (to risk-weighted assets): Actual Amount | 65,418 | 64,414 |
Total risk-based Capital (to risk-weighted assets): Actual Amount | 69,835 | 68,549 |
Tangible Capital (to tangible assets): Actual Ratio | 10.97% | 12.09% |
Core Capital (to adjusted tangible assets): Actual Ratio | 10.97% | 12.09% |
Tier 1 Capital (to risk-weighted assets): Actual Ratio | 18.53% | 19.50% |
Total risk-based Capital (to risk-weighted assets): Actual Ratio | 19.78% | 20.75% |
Tangible Capital (to tangible assets): For Capital Adequacy Purposes Amount | 8,943 | 7,990 |
Core Capital (to adjusted tangible assets): For Capital Adequacy Purposes Amount | 23,848 | 21,305 |
Tier 1 Capital (to risk-weighted assets): For Capital Adequacy Purposes Amount | 14,123 | 13,212 |
Total risk-based Capital (to risk-weighted assets): For Capital Adequacy Purposes Amount | 28,246 | 26,424 |
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 | 29,810 | 26,632 |
Tier 1 Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Amount | 21,185 | 19,818 |
Total risk-based Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Amount | $35,308 | $33,030 |
Core Capital (to adjusted tangible assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Tier 1 Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 6.00% | 6.00% |
Total risk-based Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Regulatory_Matters_Detail_Text
Regulatory Matters (Detail Textuals) | Dec. 31, 2014 | Sep. 30, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
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 | 19.78% | 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 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% |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets measured at fair value on recurring basis (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | $135,786 | $100,943 |
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 | 135,786 | 100,943 |
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 | 70,524 | 24,161 |
U.S. government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 16,379 | 19,256 |
State and municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 18,824 | 2,500 |
Single issuer trust preferred security | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 850 | 880 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 34,471 | 1,525 |
Mortgage Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 65,262 | 76,782 |
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 | |
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 | 16,786 | 16,808 |
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 | |
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 | 14,923 | 11,996 |
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 | 33,553 | 43,965 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 135,786 | 100,943 |
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 | 135,786 | 100,943 |
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 | 70,524 | 24,161 |
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 | 70,524 | 24,161 |
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 | 16,379 | 19,256 |
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 | 16,379 | 19,256 |
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 | 18,824 | 2,500 |
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 | 18,824 | 2,500 |
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 | 850 | 880 |
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 | 850 | 880 |
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 | 34,471 | 1,525 |
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 | 34,471 | 1,525 |
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 | 65,262 | 76,782 |
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 | 65,262 | 76,782 |
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 | |
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 | |
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 | 16,786 | 16,808 |
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 | 16,786 | 16,808 |
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 | |
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 | |
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 | 14,923 | 11,996 |
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 | 14,923 | 11,996 |
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 | 33,553 | 43,965 |
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 | 33,923 | 43,965 |
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 $) | Dec. 31, 2014 | Sep. 30, 2014 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value, nonrecurring basis | $260 | $1,917 | ||
Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value, nonrecurring basis | 268 | 2,077 | ||
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 | ||||
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 | 8 | 160 | ||
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 | 260 | 1,917 | ||
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 | 233 | 1,030 | ||
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 | 233 | 1,030 | ||
Fair Value, Measurements, Nonrecurring | Impaired loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value, nonrecurring basis | 27 | [1],[2] | 887 | [1],[2] |
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] | [1] | ||
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] | [1] | ||
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 | 27 | [1] | 887 | [1] |
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 | 8 | 160 | ||
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 | 8 | 160 | ||
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 December 31, 2014, consisted of one loan with an aggregate balance of $27,000 and no specific loan loss allowance. | |||
[2] | 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 $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $260 | $1,917 | ||
Mortgage servicing rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Valuation Technique | Discounted rate | |||
Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 268 | 2,077 | ||
Fair Value, Measurements, Nonrecurring | Other real estate owned | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 233 | 1,030 | ||
Fair Value, Measurements, Nonrecurring | Impaired loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 27 | [1],[2] | 887 | [1],[2] |
Fair Value, Measurements, Nonrecurring | Mortgage servicing rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 8 | 160 | ||
Fair Value, Measurements, Nonrecurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 8 | 160 | ||
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] | [1] | ||
Fair Value, Measurements, Nonrecurring | Level 2 | Mortgage servicing rights | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 8 | 160 | ||
Valuation Technique | Discounted rate | Discounted rate | ||
Fair Value, Measurements, Nonrecurring | Level 2 | Mortgage 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 | Mortgage 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% | 14.15% | ||
Fair Value, Measurements, Nonrecurring | Level 2 | Mortgage 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 | Mortgage 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 | Mortgage 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 | Mortgage 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 | Mortgage 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 | 500 | ||
Fair Value, Measurements, Nonrecurring | Level 2 | Minimum | Mortgage 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 | Mortgage 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 | 260 | 1,917 | ||
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 | 233 | 1,030 | ||
Valuation Technique | Appraisal of collateral | [3] | Appraisal of collateral | [3] |
Unobservable Input | Collateral discounts | [4] | Collateral discounts | [4] |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 27 | [1] | 887 | [1] |
Valuation Technique | Appraisal of collateral | [2],[3] | Appraisal of collateral | [2],[3] |
Unobservable Input | Collateral discounts | [2],[4] | Collateral discounts | [2],[4] |
Fair Value, Measurements, Nonrecurring | Level 3 | Mortgage 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 | 7.00% | 72.00% | ||
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 | 63.00% | [2] | 52.00% | [2] |
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 | 0.00% | 16.00% | ||
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 | 0.00% | [2] | 7.00% | [2] |
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 | 7.00% | 38.00% | ||
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 | 63.00% | [2] | 20.00% | [2] |
[1] | At December 31, 2014, consisted of one loan with an aggregate balance of $27,000 and no specific loan loss allowance. | |||
[2] | Includes assets directly charged-down to fair value during the year-to-date period. | |||
[3] | Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. | |||
[4] | 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 $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Loan | Loan |
Fair Value Measurements [Abstract] | ||
Number of impaired loan | 1 | 6 |
Aggregate balance of impaired loan | $27 | $887 |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying amount and estimated fair value of financial instruments (Details 3) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ||||
Cash and cash equivalents | $48,052 | $19,187 | $22,670 | $23,687 |
Investment securities available for sale | 135,786 | 100,943 | ||
Loans receivable, net | 383,389 | 386,074 | ||
Accrued interest receivable | 1,623 | 1,322 | ||
Restricted stock | 3,805 | 3,503 | ||
Mortgage servicing rights | 441 | 453 | ||
Financial liabilities: | ||||
Savings accounts | 44,747 | 44,917 | ||
Checking and NOW accounts | 109,190 | 104,980 | ||
Money market accounts | 69,553 | 59,529 | ||
Certificates of deposits | 217,135 | 203,527 | ||
FHLB advances | 78,000 | 48,000 | ||
Accrued interest payable | 251 | 149 | ||
Financial assets: | ||||
Cash and cash equivalents, Fair Value | 48,052 | 19,187 | ||
Investment securities available for sale, Fair Value | 135,786 | 100,943 | ||
Loans receivable, net, Fair Value | 386,715 | 388,202 | ||
Accrued interest receivable, Fair Value | 1,623 | 1,322 | ||
Restricted stock, Fair Value | 3,805 | 3,503 | ||
Mortgage servicing rights, Fair Value | 482 | 512 | ||
Financial liabilities: | ||||
Savings accounts, Fair Value | 44,747 | 44,917 | ||
Checking and NOW accounts, Fair Value | 109,190 | 104,980 | ||
Money market accounts, Fair Value | 69,553 | 59,529 | ||
Certificates of deposit, Fair Value | 219,721 | 207,080 | ||
FHLB advances, Fair Value | 79,804 | 49,627 | ||
Accrued interest payable, Fair Value | 251 | 149 | ||
Fair Value Inputs Level 1 | ||||
Financial assets: | ||||
Cash and cash equivalents, Fair Value | 48,052 | 19,187 | ||
Investment securities available for sale, Fair Value | ||||
Loans receivable, net, 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 | ||||
Fair Value Inputs Level 2 | ||||
Financial assets: | ||||
Cash and cash equivalents, Fair Value | ||||
Investment securities available for sale, Fair Value | 135,786 | 100,943 | ||
Loans receivable, net, Fair Value | ||||
Accrued interest receivable, Fair Value | 1,623 | 1,322 | ||
Restricted stock, Fair Value | 3,805 | 3,503 | ||
Mortgage servicing rights, Fair Value | 482 | 512 | ||
Financial liabilities: | ||||
Savings accounts, Fair Value | 44,747 | 44,917 | ||
Checking and NOW accounts, Fair Value | 109,190 | 104,980 | ||
Money market accounts, Fair Value | 69,553 | 59,529 | ||
Certificates of deposit, Fair Value | 219,721 | 207,080 | ||
FHLB advances, Fair Value | 79,804 | 49,627 | ||
Accrued interest payable, Fair Value | 251 | 149 | ||
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 | 386,715 | 388,202 | ||
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_Reconciliation_be
Income Taxes - Reconciliation between statutory federal income tax rate and effective income tax rate on income before income taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Taxes [Abstract] | ||
At federal statutory rate | ||
Adjustments resulting from: | ||
State tax, net of federal benefit | 3 | |
Total | $3 | |
Effective tax rate | 0.00% | 4.40% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details 1) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets: | ||
Unrealized loss on investments available for sale | $545 | $932 |
Allowance for loan losses | 2,974 | 3,051 |
Non-accrual interest | 171 | 122 |
Write-down of real estate owned | 211 | 270 |
Alternative minimum tax (AMT) credit carryover | 64 | 64 |
Low-income housing tax credit carryover | 337 | 337 |
Supplement Employer Retirement Plan | 455 | 455 |
Charitable contributions | 38 | 36 |
Depreciation | 139 | 127 |
Federal net operating loss | 7,160 | 7,159 |
Other | 68 | 54 |
Total Deferred Tax Assets | 12,162 | 12,607 |
Valuation allowance for DTA | -9,577 | -10,074 |
Total Deferred Tax Assets, Net of Valuation Allowance | 2,585 | 2,533 |
Deferred Tax Liabilities: | ||
State net operating income | -16 | -3 |
Mortgage servicing rights | -150 | -154 |
Total Deferred Tax Liabilities | -166 | -157 |
Deferred Tax Assets, Net | $2,419 | $2,376 |
Income_Taxes_Detail_Textuals
Income Taxes - (Detail Textuals) | 3 Months Ended |
Dec. 31, 2014 | |
Income Taxes [Abstract] | |
Statutory federal income tax rate | 34.00% |