Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2015 | Feb. 08, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | MALVERN BANCORP, INC. | |
Entity Central Index Key | 1,550,603 | |
Document Type | 10-Q | |
Trading Symbol | MLVF | |
Document Period End Date | Dec. 31, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 6,560,713 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
ASSETS | ||
Cash and due from depository institutions | $ 16,334 | $ 16,026 |
Interest bearing deposits in depository institutions | 40,036 | 24,237 |
Total cash and cash equivalents | 56,370 | 40,263 |
Investment securities available for sale, at fair value | 116,767 | 128,354 |
Investment securities held to maturity at cost (fair value of $53,931 and $56,825) | 54,914 | 57,221 |
Restricted stock, at cost | 4,762 | 4,765 |
Loans receivable, net of allowance for loan losses of $4,576 and $4,667, respectively | 461,491 | 391,307 |
Other real estate owned | 1,168 | 1,168 |
Accrued interest receivable | 2,722 | 2,484 |
Property and equipment, net | 6,486 | 6,535 |
Deferred income taxes, net | 2,874 | 2,874 |
Bank-owned life insurance | 18,033 | 17,905 |
Other assets | 1,561 | 2,814 |
Total assets | 727,148 | 655,690 |
Deposits: | ||
Non-interest bearing | 28,260 | 27,010 |
Interest-bearing | 506,441 | 438,512 |
Total deposits | 534,701 | 465,522 |
FHLB Advances | 103,000 | 103,000 |
Advances from borrowers for taxes and insurance | 2,790 | 1,806 |
Accrued interest payable | 398 | 396 |
Other liabilities | 3,601 | 3,575 |
Total liabilities | $ 644,490 | $ 574,299 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, $0.01 par value, 10,000,000 shares, authorized, none issued | ||
Common stock, $0.01 par value, authorized 40,000,000 shares authorized, issued and outstanding: 6,558,473 shares at December 31, 2015 and September 30, 2015 | $ 66 | $ 66 |
Additional paid in capital | 60,387 | 60,365 |
Retained earnings | 25,158 | 23,814 |
Unearned Employee Stock Ownership Plan (ESOP) shares | (1,739) | (1,775) |
Accumulated other comprehensive loss | (1,214) | (1,079) |
Total shareholders' equity | 82,658 | 81,391 |
Total liabilities and shareholders' equity | $ 727,148 | $ 655,690 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 53,931 | $ 56,825 |
Allowance for loan losses | $ 4,576 | $ 4,667 |
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 | 0 | 0 |
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 OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Interest and Dividend Income | ||
Loans, including fees | $ 4,545 | $ 4,202 |
Investment securities, taxable | 875 | 514 |
Investment securities, tax-exempt | 195 | 37 |
Dividends, restricted stock | 54 | 37 |
Interest-bearing cash accounts | 18 | 23 |
Total Interest and Dividend Income | 5,687 | 4,813 |
Interest Expense | ||
Deposits | 964 | 859 |
Borrowings | 512 | 393 |
Total Interest Expense | 1,476 | 1,252 |
Net interest income | $ 4,211 | 3,561 |
Provision for Loan Losses | 90 | |
Net Interest Income after Provision for Loan Losses | $ 4,211 | 3,471 |
Other Income | ||
Service charges and other fees | 211 | 270 |
Rental income-other | 50 | 64 |
Net gains on sales of investments | 131 | 26 |
Net gains on sale of loans | 34 | 19 |
Earnings on bank-owned life insurance | 132 | 132 |
Total Other Income | 558 | 511 |
Other Expense | ||
Salaries and employee benefits | 1,499 | 1,728 |
Occupancy expense | 423 | 424 |
Federal deposit insurance premium | 200 | 167 |
Advertising | 30 | 85 |
Data processing | 297 | 302 |
Professional fees | 400 | 343 |
Other real estate owned (income) expenses, net | (1) | (36) |
Other operating expenses | 577 | 648 |
Total Other Expense | 3,425 | 3,661 |
Income before income tax expense | $ 1,344 | $ 321 |
Income tax expense | ||
Net Income | $ 1,344 | $ 321 |
Basic Earnings Per Share (in dollars per share) | $ 0.21 | $ 0.05 |
Dividends Declared Per Share (in dollars per share) | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Income Statement [Abstract] | |||
Net Income | $ 1,344 | $ 321 | |
Other Comprehensive (Loss) Income, Net of Tax: | |||
Unrealized holding (losses) gains on available-for-sale securities | (482) | 1,163 | |
Tax effect | 164 | (395) | |
Net of tax amount | (318) | 768 | |
Reclassification adjustment for net gains arising during the period | [1] | (131) | (26) |
Tax effect | 45 | 8 | |
Net of tax amount | (86) | $ (18) | |
Accretion of unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | [2] | 2 | |
Tax effect | (1) | ||
Net of tax amount | 1 | ||
Fair value adjustments on derivatives | 403 | ||
Tax effect | (135) | ||
Net of tax amount | 268 | ||
Total other comprehensive (loss) income | (135) | $ 750 | |
Total comprehensive income | $ 1,209 | $ 1,071 | |
[1] | Amounts are included in net gain on sales of securities on the Consolidated Statements of Operations in total other income. | ||
[2] | Amounts are included in interest and dividends on investment securities on the Consolidated Statements of Operations. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Unearned ESOP Shares [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance, at Beginning 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 | $ 750 | 750 | ||||
Committed to be released ESOP shares (3,600 shares) | $ 5 | $ 37 | 42 | |||
Balance, at End at Dec. 31, 2014 | $ 66 | 60,322 | $ 20,437 | (1,885) | $ (1,055) | 77,885 |
Balance, at Beginning at Sep. 30, 2015 | $ 66 | $ 60,365 | 23,814 | $ (1,775) | $ (1,079) | 81,391 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | $ 1,344 | 1,344 | ||||
Other comprehensive income | $ (135) | (135) | ||||
Committed to be released ESOP shares (3,600 shares) | $ 22 | $ 36 | 58 | |||
Balance, at End at Dec. 31, 2015 | $ 66 | $ 60,387 | $ 25,158 | $ (1,739) | $ (1,214) | $ 82,658 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - shares | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Committed to be released ESOP shares | 3,600 | 3,600 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities | ||
Net income | $ 1,344 | $ 321 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation expense | $ 158 | 159 |
Provision for loan losses | 90 | |
Deferred income taxes benefit | $ (230) | (430) |
ESOP expense | 58 | 42 |
Amortization (accretion) of premiums and discounts on investment securities, net | 328 | (2,596) |
Amortization of loan origination fees and costs | 552 | 136 |
Amortization of mortgage service rights | 13 | 20 |
Net gain on sale of investment securities available-for-sale | (131) | (26) |
Net gain (loss) on sale of secondary market loans | 34 | (19) |
Proceeds on sale of secondary market loans | 1,441 | 982 |
Originations of secondary market loans | $ (1,475) | (963) |
Gain on sale of other real estate owned | (53) | |
Write down of other real estate owned | 19 | |
Earnings on bank-owned life insurance | $ (132) | (132) |
Increase in accrued interest receivable | (238) | (301) |
Increase in accrued interest payable | 2 | 102 |
Increase in other liabilities | 129 | 671 |
(Increase) decrease in other assets | (424) | 310 |
Net Cash Provided by (Used in) Operating Activities | 1,429 | (1,668) |
Investment securities available-for-sale: | ||
Purchases | (2,115) | (57,169) |
Sales | 12,500 | 21,051 |
Maturities, calls and principal repayments | 1,664 | $ 5,034 |
Investment securities held-to-maturity: | ||
Maturities, calls and principal repayments | 2,259 | |
(Loan originations) and principal collections, net | $ (70,736) | $ 2,459 |
Proceeds from sale of other real estate owned | 503 | |
Additions to mortgage servicing rights | $ (8) | |
Proceeds from death benefit of bank-owned life insurance | $ 1,049 | |
Net increase (decrease) in restricted stock | 3 | $ (302) |
Purchases of property and equipment | (109) | (55) |
Net Cash Used in Investing Activities | (55,485) | (28,487) |
Cash Flows from Financing Activities | ||
Net increase in deposits | 69,179 | 27,672 |
Proceeds from long-term borrowings | 15,000 | $ 30,000 |
Repayment of long-term borrowings | (15,000) | |
Increase in advances from borrowers for taxes and insurance | 984 | $ 1,348 |
Net Cash Provided by Financing Activities | 70,163 | 59,020 |
Net Increase in Cash and Cash Equivalents | 16,107 | 28,865 |
Cash and Cash Equivalent - Beginning | 40,263 | 19,187 |
Cash and Cash Equivalent - Ending | 56,370 | 48,052 |
Supplementary Cash Flows Information | ||
Interest paid | $ 1,474 | $ 1,150 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [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. We continue to execute on our business plans and are positioning the Company to take advantage of the growth activity we are achieving in our markets, which includes our two new private banking / loan production offices in Villanova, PA and Morristown, New Jersey. 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 Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Recent Accounting Pronouncements | Note 2 – Recent Accounting Pronouncements In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The new guidance is intended to improve the recognition and measurement of financial instruments. The ASU affects public and private companies, not-for-profit organizations, and employee benefit plans that hold financial assets or owe financial liabilities. ASU No. 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the effect that the standard will have on its consolidated financial statements and related disclosures. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” The FASB is issuing the amendments in this Update as part of its initiative to reduce complexity in accounting standards (the Simplification Initiative). The objective of the Simplification Initiative is to identify, evaluate, and improve areas of generally accepted accounting principles (“GAAP”) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. To simplify the presentation of deferred income taxes, the amendments in this Update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this Update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. ASU No. 2015-17 is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted, including adoption in an interim period. All other amendments will be effective upon the issuance of this Update. The Company has evaluated the standard and determined that it has no effect on the Company’s consolidated financial statements and related disclosures. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Dec. 31, 2015 | |
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, 2015 and for the three months ended December 31, 2015 and 2014, the Company had not issued and did not have any outstanding CSEs. 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, (in thousands, except for share data) 2015 2014 Net Income $ 1,344 $ 321 Weighted average shares outstanding 6,558,473 6,558,473 Average unearned ESOP shares (156,141 ) (170,541 ) Weighted average shares outstanding – basic 6,402,332 6,387,932 Earnings per share – basic $ 0.21 $ 0.05 |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 3 Months Ended |
Dec. 31, 2015 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP [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 Bell Rock Capital, LLC. Shares of the Company’s common stock purchased by the ESOP are held until released for allocation to participants. Shares released are allocated to each eligible participant based on the ratio of each such participant’s base compensation to the total base compensation of all eligible plan participants. As the unearned shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the fair value of the ESOP shares during the periods in which they become committed to be released. To the extent that the fair value of the ESOP shares released differs from the cost of such shares, the difference is charged or credited to additional paid-in capital. During the period from May 20, 2008 to September 30, 2008, the ESOP purchased 241,178 shares of the common stock for approximately $2.6 million, an average price of $10.86 per share, which was funded by a loan from Malvern Federal Bancorp, Inc. (the Company’s predecessor). The ESOP loan is being repaid principally from the Bank’s contributions to the ESOP. The loan, which bears an interest rate of 5%, is being repaid in quarterly installments through 2026. Shares are released to participants proportionately as the loan is repaid. During the three months ended December 31, 2015 and 2014, there were 3,600 and 3,600 shares, respectively, committed to be released. At December 31, 2015, there were 154,365 unallocated shares and 104,853 allocated shares held by the ESOP which had an aggregate fair value of approximately $2.7 million. |
Investment Securities
Investment Securities | 3 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 5 - Investment Securities The Company’s investment securities are classified as available-for-sale or held-to-maturity at December 31, 2015 and at September 30, 2015. Investment securities available-for-sale are reported at fair value with unrealized gains or losses included in equity, net of tax. Accordingly, the carrying value of such securities reflects their fair value at the balance sheet date. Fair value is based upon either quoted market prices, or in certain cases where there is limited activity in the market for a particular instrument, assumptions are made to determine their fair value. Transfers of debt securities from the available-for-sale category to the held-to-maturity category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer remains in accumulated other comprehensive income and in the carrying value of the held-to-maturity investment security. Premiums or discounts on investment securities are amortized or accreted using the effective interest method over the life of the security as an adjustment of yield. Unrealized holding gains or losses that remain in accumulated other comprehensive income are amortized or accreted over the remaining life of the security as an adjustment of yield, offsetting the related amortization of the premium or accretion of the discount. The following tables present information related to the Company’s investment securities at December 31, 2015 and September 30, 2015. December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Investment Securities Available-for-Sale: U.S. government agencies $ 787 $ — $ (8 ) $ 779 State and municipal obligations 37,434 240 (140 ) 37,534 Single issuer trust preferred security 1,000 — (151 ) 849 Corporate debt securities 65,030 — (1,329 ) 63,701 104,251 240 (1,628 ) 102,863 Mortgage-backed securities: Federal National Mortgage Association (FNMA), fixed-rate 8,443 — (218 ) 8,225 Federal Home Loan Mortgage Company (FHLMC), fixed-rate 5,809 — (130 ) 5,679 14,252 — (348 ) 13,904 Total $ 118,503 $ 240 $ (1,976 ) $ 116,767 Investment Securities Held-to-Maturity: U.S. government agencies $ 13,301 $ — $ (124 ) $ 13,177 State and municipal obligations 10,013 34 (61 ) 9,986 Corporate debt securities 3,988 — (117 ) 3,871 Mortgage-backed securities: Collateralized mortgage obligations, fixed-rate 27,612 3 (718 ) 26,897 Total $ 54,914 $ 37 $ (1,020 ) $ 53,931 Total investment securities $ 173,417 $ 277 $ (2,996 ) $ 170,698 September 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Investment Securities Available-for-Sale: U.S. government agencies $ 816 $ — $ (1 ) $ 815 State and municipal obligations 42,007 192 (116 ) 42,083 Single issuer trust preferred security 1,000 — (150 ) 850 Corporate debt securities 70,874 34 (926 ) 69,982 114,697 226 (1,193 ) 113,730 Mortgage-backed securities: Federal National Mortgage Association (FNMA), fixed-rate 8,797 — (105 ) 8,692 Federal Home Loan Mortgage Company (FHLMC), fixed-rate 5,986 — (54 ) 5,932 14,783 — (159 ) 14,624 Total $ 129,480 $ 226 $ (1,352 ) $ 128,354 Investment Securities Held-to-Maturity: U.S. government agencies $ 14,301 $ 8 $ (13 ) $ 14,296 State and municipal obligations 10,075 23 (75 ) 10,023 Corporate debt securities 4,011 — (55 ) 3,956 Mortgage-backed securities: Collateralized mortgage obligations, fixed-rate 28,834 55 (339 ) 28,550 Total $ 57,221 $ 86 $ (482 ) $ 56,825 Total investment securities $ 186,701 $ 312 $ (1,834 ) $ 185,179 During the year ended September 30, 2015, the Company transferred at fair value approximately $57.5 million in available-for-sale investment securities to the held-to-maturity category. The net unrealized loss at date of transfer amounted to $115,000 which is being amortized over the remaining life of the securities as an adjustment of yield, offsetting the related amortization of the premium or accretion of the discount on the transferred securities. No gains or losses were recognized at the time of transfer. Management considers the held-to-maturity classification of these investment securities to be appropriate as the Company has the positive intent and ability to hold these securities to maturity. For the three months ended December 31, 2015, proceeds of available-for-sale investment securities sold amounted to approximately $12.5 million. Gross realized gains on investment securities sold amounted to approximately $131,000, while there were no gross realized losses for the period. For the three months ended December 31, 2014, proceeds of 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. 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, 2015 and September 30, 2015: December 31, 2015 Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair value Unrealized Losses (In thousands) Investment Securities Available-for-Sale: U.S. government agencies $ — $ — $ 779 $ (8 ) $ 779 $ (8 ) State and municipal obligations 14,727 (140 ) — — 14,727 (140 ) Single issuer trust preferred security — — 849 (151 ) 849 (151 ) Corporate debt securities 63,702 (1,329 ) — — 63,702 (1,329 ) Mortgage-backed securities: FNMA, fixed-rate 5,141 (125 ) 3,085 (93 ) 8,226 (218 ) FHLMC, fixed-rate 3,152 (72 ) 2,527 (58 ) 5,679 (130 ) Total $ 86,722 $ (1,666 ) $ 7,240 $ (310 ) $ 93,962 $ (1,976 ) Investment Securities Held-to-Maturity: U.S. government agencies 13,178 (124 ) — — 13,178 (124 ) State and municipal obligations 8,001 (61 ) — — 8,001 (61 ) Corporate debt securities 3,871 (117 ) — — 3,871 (117 ) Mortgage-backed securities: CMO, fixed-rate 25,952 (718 ) — — 25,952 (718 ) Total 51,002 (1,020 ) — — 51,002 (1,020 ) Total investment securities $ 137,724 $ (2,686 ) $ 7,240 $ (310 ) $ 144,964 $ (2,996 ) September 30, 2015 Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair value Unrealized Losses (In thousands) Investment Securities Available-for-Sale: U.S. government agencies $ — $ — $ 815 $ (1 ) $ 815 $ (1 ) State and municipal obligations 18,223 (116 ) — — 18,223 (116 ) Single issuer trust preferred security — — 850 (150 ) 850 (150 ) Corporate debt securities 58,064 (926 ) — — 58,064 (926 ) Mortgage-backed securities: FNMA, fixed-rate 5,459 (53 ) 3,233 (52 ) 8,692 (105 ) FHLMC, fixed-rate 3,280 (25 ) 2,652 (29 ) 5,932 (54 ) Total $ 85,026 $ (1,120 ) $ 7,550 $ (232 ) $ 92,576 $ (1,352 ) Investment Securities Held-to-Maturity: U.S. government agencies 4,792 (13 ) — — 4,792 (13 ) State and municipal obligations 6,917 (75 ) — — 6,917 (75 ) Corporate debt securities 3,957 (55 ) — — 3,957 (55 ) Mortgage-backed securities: CMO, fixed-rate 22,734 (339 ) — — 22,734 (339 ) Total 38,400 (482 ) — — 38,400 (482 ) Total investment securities $ 123,426 $ (1,602 ) $ 7,550 $ (232 ) $ 130,976 $ (1,834 ) As of December 31, 2015, 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 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, 2015, the Company held 15 U.S. government agency securities, 19 municipal bonds, 30 corporate securities, 45 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, 2015 represents other-than-temporary impairment. At December 31, 2015 and September 30, 2015 the Company had no securities pledged to secure public deposits. The following table presents information for investment securities at December 31, 2015, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer. December 31, 2015 Amortized Cost Fair Value (in thousands) Investment Securities Available-for-Sale: Due in one year or less $ — $ — Due after one year through five years 14,170 14,011 Due after five years through ten years 72,047 70,893 Due after ten years 32,286 31,863 Total $ 118,503 $ 116,767 Investment Securities Held-to-Maturity: Due after one year through five years $ 13,301 $ 13,177 Due after five years through ten years 5,939 5,856 Due after ten years 35,674 34,898 Total $ 54,914 $ 53,931 Total investment securities $ 173,417 $ 170,698 |
Loans Receivable and Related Al
Loans Receivable and Related Allowance for Loan Losses | 3 Months Ended |
Dec. 31, 2015 | |
Receivables [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, 2015 2015 (in thousands) Residential mortgage $ 211,302 $ 214,958 Construction and Development: Residential and commercial 6,007 5,677 Land 6,804 2,142 Total Construction and Development 12,811 7,819 Commercial: Commercial real estate 142,981 87,686 Multi-family 10,549 7,444 Other 25,975 13,380 Total Commercial 179,505 108,510 Consumer: Home equity lines of credit 23,207 22,919 Second mortgages 35,533 37,633 Other 2,299 2,359 Total Consumer 61,039 62,911 Total loans 464,657 394,198 Deferred loan fees and cost, net 1,410 1,776 Allowance for loan losses (4,576 ) (4,667 ) Total loans receivable, net $ 461,491 $ 391,307 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, 2015 and September 30, 2015. Activity in the allowance is presented for the three months ended December 31, 2015 and 2014 and the year ended September 30, 2015, respectively. Three Months Ended December 31, 2015 Construction and Development Commercial Consumer Residential Mortgage Residential and Commercial Land Commercial Real Estate Multi- family Other Home Equity Lines of Credit Second Mortgages Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 1,486 $ 30 $ 35 $ 1,235 $ 104 $ 108 $ 139 $ 761 $ 24 $ 745 $ 4,667 Charge-offs (9 ) - - (98 ) - - - (197 ) - - (304 ) Recoveries - 188 - 2 - 1 - 21 1 - 213 Provisions (180 ) (172 ) 71 702 (11 ) 58 (11 ) 75 (7 ) (525 ) - Ending Balance $ 1,297 $ 46 $ 106 $ 1,841 $ 93 $ 167 $ 128 $ 660 $ 18 $ 220 $ 4,576 Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ 1,297 $ 46 $ 106 $ 1,841 $ 93 $ 167 $ 128 $ 660 $ 18 $ 220 $ 4,576 Loans receivable: Ending balance $ 211,302 $ 6,007 $ 6,804 $ 142,981 $ 10,549 $ 25,975 $ 23,207 $ 35,533 $ 2,299 $ 464,657 Ending balance: individually evaluated for impairment $ 609 $ 121 $ - $ 1,475 $ - $ - $ 20 $ 154 $ - $ 2,379 Ending balance: collectively evaluated for impairment $ 210,693 $ 5,886 $ 6,804 $ 141,506 $ 10,549 $ 25,975 $ 23,187 $ 35,379 $ 2,299 $ 462,278 Three Months Ended December 31, 2014 Construction and Development Commercial Consumer Residential Mortgage Residential and Commercial Land Commercial Real Estate Multi- family Other Home Equity Lines of Credit Second Mortgages Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 1,672 $ 291 $ 13 $ 1,248 $ 29 $ 50 $ 168 $ 1,033 $ 23 $ 62 $ 4,589 Charge-offs - (1 ) - (48 ) - - - (31 ) (17 ) - (97 ) Recoveries 1 - - 2 - 1 - 12 2 - 18 Provisions (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: collectively evaluated for impairment $ 1,648 $ 363 $ - $ 1,082 $ 152 $ 49 $ 154 $ 916 $ 29 $ 207 $ 4,600 Loans receivable: Ending balance $ 229,507 $ 6,039 $ - $ 67,274 $ 5,450 $ 5,603 $ 24,430 $ 45,051 $ 2,675 $ 386,029 Ending balance: individually evaluated for impairment $ 962 $ 143 $ - $ 609 $ - $ 898 $ 20 $ 708 $ - $ 3,340 Ending balance: collectively evaluated for impairment $ 228,545 $ 5,896 $ - $ 66,665 $ 5,450 $ 4,705 $ 24,410 $ 44,343 $ 2,675 $ 382,689 Year Ended September 30, 2015 Construction and Development Commercial Consumer Residential Mortgage Residential and Commercial Land Commercial Real Estate Multi- family Other Home Equity Lines of Credit Second Mortgages Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 1,672 $ 291 $ 13 $ 1,248 $ 29 $ 50 $ 168 $ 1,033 $ 23 $ 62 $ 4,589 Charge-offs - (1 ) - (48 ) - - - (138 ) (34 ) - (221 ) Recoveries 17 98 - 9 - 3 2 69 11 - 209 Provisions (203 ) (358 ) 22 26 75 55 (31 ) (203 ) 24 683 90 Ending Balance $ 1,486 $ 30 $ 35 $ 1,235 $ 104 $ 108 $ 139 $ 761 $ 24 $ 745 $ 4,667 Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ 1,486 $ 30 $ 35 $ 1,235 $ 104 $ 108 $ 139 $ 761 $ 24 $ 745 $ 4,667 Loans receivable: Ending balance $ 214,958 $ 5,677 $ 2,142 $ 87,686 $ 7,444 $ 13,380 $ 22,919 $ 37,633 $ 2,359 $ 394,198 Ending balance: individually evaluated for impairment $ 599 $ 121 $ - $ 1,571 $ - $ - $ 20 $ 179 $ - $ 2,490 Ending balance: collectively evaluated for impairment $ 214,359 $ 5,556 $ 2,142 $ 86,115 $ 7,444 $ 13,380 $ 22,899 $ 37,454 $ 2,359 $ 391,708 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, 2015 and September 30, 2015. Impaired Loans With Specific Allowance Impaired Loans With No Specific Allowance Total Impaired Loans Recorded Investment Related Allowance Recorded Investment Recorded Investment Unpaid Principal Balance (in thousands) December 31, 2015: Residential mortgage $ — $ — $ 609 $ 609 $ 723 Construction and Development: Residential and commercial — — 121 121 253 Commercial: Commercial real estate — — 1,475 1,475 1,658 Consumer: Home equity lines of credit — — 20 20 36 Second mortgages — — 154 154 320 Total impaired loans $ — $ — $ 2,379 $ 2,379 $ 2,990 September 30, 2015: Residential mortgage $ — $ — $ 599 $ 599 $ 696 Construction and Development: Residential and commercial — — 121 121 253 Commercial: — — Commercial real estate — — 1,571 1,571 1,807 Consumer: Home equity lines of credit — — 20 20 36 Second mortgages — — 179 179 342 Total impaired loans $ — $ — $ 2,490 $ 2,490 $ 3,134 The following table presents the average recorded investment in impaired loans in portfolio and related interest income recognized for three months ended December 31, 2015 and 2014. Three Months Ended December 31, 2015 (in thousands) Average Impaired Loans Interest Income Recognized on Impaired Loans Residential mortgage $ 586 $ — Construction and Development: Residential and commercial 121 1 Commercial: Commercial real estate 1,536 55 Consumer: Home equity lines of credit 20 — Second mortgages 189 — Total $ 2,452 $ 56 Three Months Ended December 31, 2014 (in thousands) Average Impaired Loans Interest Income Recognized on Impaired Loans 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 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, 2015 and September 30, 2015. December 31, 2015 Pass Special Mention Substandard Doubtful Total (in thousands) Residential mortgage $ 210,324 $ 128 $ 850 $ — $ 211,302 Construction and Development: Residential and commercial 5,886 — 121 — 6,007 Land 6,804 — — — 6,804 Commercial: Commercial real estate 133,865 4,557 4,559 — 142,981 Multi-family 10,276 273 — — 10,549 Other 24,985 269 721 — 25,975 Consumer: Home equity lines of credit 23,087 — 120 — 23,207 Second mortgages 34,727 132 674 — 35,533 Other 2,285 14 — — 2,299 Total $ 452,239 $ 5,373 $ 7,045 $ — $ 464,657 September 30, 2015 Pass Special Mention Substandard Doubtful Total (in thousands) Residential mortgage $ 214,146 $ 130 $ 682 $ — $ 214,958 Construction and Development: Residential and commercial 5,450 106 121 — 5,677 Land 2,142 — — — 2,142 Commercial: Commercial real estate 78,207 4,791 4,688 — 87,686 Multi-family 7,166 278 — — 7,444 Other 12,387 272 721 — 13,380 Consumer: Home equity lines of credit 22,801 — 118 — 22,919 Second mortgages 36,834 133 666 — 37,633 Other 2,345 14 — — 2,359 Total $ 381,478 $ 5,724 $ 6,996 $ — $ 394,198 The following table presents loans that are no longer accruing interest by portfolio class. December 31, September 30, 2015 2015 (in thousands) Residential mortgage $ 609 $ 599 Construction and Development: Residential and commercial 12 12 Commercial: Commercial real estate — 589 Consumer: Home equity lines of credit 20 20 Second mortgages 154 179 Total non-accrual loans $ 795 $ 1,399 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 $9,000 and $29,000 for the three months ended December 31, 2015 and 2014, respectively. There were no loans past due 90 days or more and still accruing interest at December 31, 2015 or September 30, 2015. 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, 2015 and September 30, 2015. Current 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Past Due Total Loans Receivable (In thousands) December 31, 2015: Residential mortgage $ 206,109 $ 4,313 $ 271 $ 609 $ 5,193 $ 211,302 Construction and Development: Residential and commercial 5,995 — — 12 12 6,007 Land 6,804 — — — — 6,804 Commercial: Commercial real estate 141,309 277 1,395 — 1,672 142,981 Multi-family 10,549 — — — — 10,549 Other 25,895 — 80 — 80 25,975 Consumer: Home equity lines of credit 23,060 127 — 20 147 23,207 Second mortgages 34,453 482 444 154 1,080 35,533 Other 2,284 10 5 — 15 2,299 Total $ 456,458 $ 5,209 $ 2,195 $ 795 $ 8,199 $ 464,657 September 30, 2015: Residential mortgage $ 213,253 $ 913 $ 193 $ 599 $ 1,705 $ 214,958 Construction and Development: Residential and Commercial 5,665 — — 12 12 5,677 Land 2,142 — — — — 2,142 Commercial: Commercial real estate 86,119 485 493 589 1,567 87,686 Multi-family 7,444 — — — — 7,444 Other 13,380 — — — — 13,380 Consumer: Home equity lines of credit 22,899 — — 20 20 22,919 Second mortgages 37,010 345 99 179 623 37,633 Other 2,329 30 — — 30 2,359 Total $ 390,241 $ 1,773 $ 785 $ 1,399 $ 3,957 $ 394,198 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 five loans classified as TDRs with an aggregate outstanding balance of $1.6 million at December 31, 2015 and September 30, 2015, respectively. At December 31, 2015, these loans were also classified as impaired. All of the TDR loans continue to perform under the restructured terms through December 31, 2015 and we continued to accrue interest on such loan through such date. Two commercial loans to one borrower, with an aggregate balance of $492,000 were returned to accruing status at December 31, 2015. At September 30, 2015, these two commercial loans to one borrower with a balance of $492,000 were non-accruing. 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. TDRs may arise in which, due to financial difficulties experienced by the borrower, the Company obtains through physical possession one or more collateral assets in satisfaction of all or part of an existing credit. Once possession is obtained, the Company reclassifies the appropriate portion of the remaining balance of the credit from loans to OREO, which is included within other assets in the Consolidated Statements of Condition. For any residential real estate property collateralizing a consumer mortgage loan, the Company is considered to possess the related collateral only if legal title is obtained upon completion of foreclosure, or the borrower conveys all interest in the residential real estate property to the Company through completion of a deed in lieu of foreclosure or similar legal agreement. Excluding OREO, the Company had $987,000 and $1.2 million of residential real estate properties in the process of foreclosure at December 31, 2015 and September 30, 2015, respectively. The following table presents our TDR loans as of December 31, 2015 and September 30, 2015. Total Troubled Debt Restructurings Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) At December 31, 2015: Construction and Development: Residential and commercial 1 $ 109 — $ — Commercial: Commercial real estate 4 1,475 — — Total 5 $ 1,584 — $ — At September 30, 2015: Construction and Development: Residential and commercial 1 $ 109 — $ — Commercial: Commercial real estate 4 1,474 2 982 Total  5 $ 1,583 2 $ 982 The following table reports the performing status all of TDR loans. The performing status is determined by the loans compliance with the modified terms. December 31, 2015 September 30, 2015 Performing Non-Performing Performing Non-Performing (in thousands) Construction and Development: Residential and commercial $ 109 $ — $ 109 $ — Commercial: Commercial real estate 1,475 — 982 492 Total $ 1,584 $ — $ 1,091 $ 492 There was no new TDR activity for the three months ended December 31, 2015 and 2014. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [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, in order to make capital distributions and pay discretionary bonuses to executive officers without restriction, an institution 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 remains well 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). The Office of the Comptroller of the Currency recently advised the Bank that, as of January 21, 2016, it no longer is required to satisfy the individual minimum capital ratios (“IMCRs”) previously imposed. Management believes, as of December 31, 2015, that the Bank met all capital adequacy requirements to which it was subject. The Bank’s actual capital amounts and ratios are also presented in the table: Actual For Capital Adequacy To be Well Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2015: Core Capital (to adjusted tangible assets) $ 70,435 10.43 % $ ≥27,003 4.00 % $ ≥33,753 5.00 % Common equity Tier 1(to risk-weighted assets) 70,435 13.94 ≥22,743 4.50 ≥32,850 6.50 Tier 1 Capital (to risk-weighted assets) 70,435 13.94 ≥30,323 6.00 ≥40,431 8.00 Total risk-based Capital (to risk-weighted assets) 75,072 14.85 ≥40,431 8.00 ≥50,539 10.00 As of September 30, 2015: Core Capital (to adjusted tangible assets) $ 69,030 10.80 % $ ≥25,573 4.00 % $ ≥31,966 5.00 % Common equity Tier 1(to risk-weighted assets) 69,030 15.90 ≥19,538 4.50 ≥28,222 6.50 Tier 1 Capital (to risk-weighted assets) 69,030 15.90 ≥26,051 6.00 ≥34,734 8.00 Total risk-based Capital (to risk-weighted assets) 73,759 16.99 ≥34,734 8.00 ≥43,418 10.00 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Note 8 – Derivatives and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future uncertain cash amounts, the value of which are determined by interest rates. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. At December 31, 2015, such derivatives were used to hedge the variable cash flows associated with FHLB advances. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The Company’s derivatives did not have any hedge ineffectiveness recognized in earnings during the three months ended December 31, 2015. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates approximately $144,000 to be reclassified to earnings in interest expense. The Company is hedging its exposure to the variability in future cash flows for forecasted transactions over a maximum period of twenty months (excluding forecasted transactions related to the payment of variable interest on existing financial instruments). The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2015 and September 30, 2015: December 31, 2015 Notional Fair Balance Sheet Expiration (Dollars in thousand) Derivatives designated as hedging instruments Interest rate swaps by effective date: August 3, 2015 $ 15,000 $ 103 Other liabilities August 3, 2020 September 30, 2015 Notional Fair Balance Sheet Expiration (Dollars in thousand) Derivatives designated as hedging instruments Interest rate swaps by effective date: August 3, 2015 $ 15,000 $ 348 Other liabilities August 3, 2020 The table below presents the net gains (losses) recorded in accumulated other comprehensive income and the Consolidate Statements of Income relating to the cash flow derivative instruments for the three months ended December 31, 2015. There were no derivatives held by the Company at or for the three months ended December 31, 2014. For the Three Months Ended December 31, 2015 Amount of Gain Amount of Gain Amount of Gain (In thousands) Interest Rate Contracts $ 152 $ (56 ) $ — The company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the company could also be declared in default on its derivative obligations. At December 31, 2015, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $140,000. As of December 31, 2015, the Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of $600,000 against its obligations under these agreements. If the Company had breached any of these provisions at December 31, 2015, it could have been required to settle its obligations under the agreements at the termination value and would have been required to pay any additional amounts due in excess of amounts previously posted as collateral with the respective counterparty. At September 30, 2015, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $195,000. At September 30, 2015, the Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of $600,000 against its obligations under these agreements. If the Company had breached any of these provisions at September 30, 2015, it could have been required to settle its obligations under the agreements at the termination value and would have been required to pay any additional amounts due in excess of amounts previously posted as collateral with the respective counterparty. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 9 - 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, 2015 or September 30, 2015. The table below presents the balances of assets measured at fair value on a recurring basis: December 31, 2015 Total Level 1 Level 2 Level 3 (In thousands) Assets: Investment securities available-for-sale: Debt securities: U.S. government agencies $ 779 $ — $ 779 $ — State and municipal obligations 37,534 — 37,534 — Single issuer trust preferred security 849 — 849 — Corporate debt securities 63,701 — 63,701 — Total investment securities available-for-sale 102,863 — 102,863 — Mortgage-backed securities available-for-sale: FNMA, fixed-rate 8,225 — 8,225 — FHLMC, fixed-rate 5,679 — 5,679 — Total mortgage-backed securities available-for-sale 13,904 — 13,904 — Total investments securities available for sale $ 116,767 $ — $ 116,767 $ — Liabilities: Derivative instruments $ 103 $ — $ 103 $ — September 30, 2015 Total Level 1 Level 2 Level 3 (In thousands) Assets: Investment securities available-for-sale: Debt securities: U.S. government agencies $ 815 $ — $ 815 $ — State and municipal obligations 42,083 — 42,083 — Single issuer trust preferred security 850 — 850 — Corporate debt securities 69,982 — 69,982 — Total investment securities available-for-sale 113,730 — 113,730 — Mortgage-backed securities available-for-sale: FNMA, fixed-rate 8,692 — 8,692 — FHLMC, fixed-rate 5,932 — 5,932 — Total mortgage-backed securities available-for-sale 14,624 — 14,624 — Total investments securities available for sale $ 128,354 $ — $ 128,354 $ — Liabilities: Derivative instruments $ 348 $ — $ 348 $ — 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, 2015 and September 30, 2015: December 31, 2015 Total Level 1 Level 2 Level 3 (In thousands) Impaired loans (1) (2) $ 21 $ — $ — $ 21 Total $ 21 $ — $ — $ 21 December 31, 2015 Fair Value at Valuation Technique Unobservable Input Range/(Weighted (Dollars in thousands) Impaired loans (1) (2) $ 21 Appraisal of collateral (3) Collateral discounts (4) 28%/(0.4%) Total $ 21 (1) At December 31, 2015, consisted of one loan with an aggregate balance of $21,000 and there was 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 time, changes in economic conditions and estimated liquidation expense. September 30, 2015 Total Level 1 Level 2 Level 3 (In thousands) Impaired loans (1) (2) $ 48 $ — $ — $ 48 Mortgage servicing rights 30 — 30 — Total $ 78 $ — $ 30 $ 48 September 30, 2015 Fair Value at Valuation Technique Unobservable Input Range/(Weighted (Dollars in thousands) Impaired loans (1) (2) $ 48 Appraisal of collateral (3) Collateral discounts (4) 65 − 80%/(74%) Total $ 48 (1) At September 30, 2015, consisted of two loans with an aggregate balance of $48,000 and there were 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 time, changes in economic conditions and estimated liquidation expense. The following table shows active information regarding significant techniques and inputs used at December 31, 2015 and September 30, 2015 for measures in a non-recurring basis using unobservable inputs (Level 2): Fair Value at Valuation Unobservable Method or Value as of (in thousands) Mortgage servicing rights $ — Discounted rate Discount rate 11.00 − 12.00 % Rate used through modeling period Loan prepayment speeds 14.22 % 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 (in thousands) Mortgage servicing rights $ 30 Discounted rate Discount rate 11.00 − 12.00 % Rate used through modeling period Loan prepayment speeds 14.73 % 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, 2015 and September 30, 2015. 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, 2015 and September 30, 2015 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 Investment Securities Loans Receivable Impaired Loans Accrued Interest Receivable Restricted Stock Other Real Estate Owned Deposits Long-Term Borrowings Derivatives Accrued Interest Payable Commitments to Extend Credit and Letters of Credit Mortgage Servicing Rights The carrying amount and estimated fair value of the Company’s financial instruments as of December 31, 2015 and September 30, 2015 are presented below: Carrying Fair Value Level 1 Level 2 Level 3 (In thousands) December 31, 2015: Financial assets: Cash and cash equivalents $ 56,370 $ 56,370 $ 56,370 $ — $ — Investment securities available-for-sale 116,767 116,767 — 116,767 — Investment securities held-to-maturity 54,914 53,931 — 53,931 — Loans receivable, net 461,491 469,133 — — 469,133 Accrued interest receivable 2,722 2,722 — 2,722 — Restricted stock 4,762 4,762 — 4,762 — Mortgage servicing rights (included in Other Assets) 388 417 — 417 — Financial liabilities: Savings accounts 45,312 45,312 — 45,312 — Checking and NOW accounts 114,268 114,268 — 114,268 — Money market accounts 133,608 133,608 — 133,608 — Certificates of deposit 241,513 243,812 — 243,812 — FHLB advances 103,000 103,839 — 103,839 — Derivatives 103 103 — 103 — Accrued interest payable 398 398 — 398 — September 30, 2015: Financial assets: Cash and cash equivalents $ 40,263 $ 40,263 $ 40,263 $ — $ — Investment securities available-for-sale 128,354 128,354 — 128,354 — Investment securities held-to-maturity 57,221 56,825 — 56,825 — Loans receivable, net 391,307 400,305 — — 400,305 Accrued interest receivable 2,484 2,484 — 2,484 — Restricted stock 4,765 4,765 — 4,765 — Mortgage servicing rights 401 416 — 416 — Financial liabilities: Savings accounts 45,189 45,189 — 45,189 Checking and NOW accounts 109,907 109,907 — 109,907 — Money market accounts 108,706 108,706 — 108,706 — Certificates of deposit 201,720 203,257 — 203,257 — FHLB advances 103,000 104,889 — 104,889 — Derivatives 348 348 — 348 — Accrued interest payable 396 396 — 396 — |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 – Income Taxes Deferred income taxes at December 31, 2015 and September 30, 2015 were as follows: December 31, September 30, 2015 2015 (in thousands) Deferred Tax Assets: Unrealized loss on investments available-for-sale $ 590 $ 383 Allowance for loan losses 2,985 2,985 Non-accrual interest 86 98 Write-down of real estate owned 106 106 Alternative minimum tax (AMT) credit carryover 147 128 Low-income housing tax credit carryover 337 337 Supplement Employer Retirement Plan 409 455 Charitable contributions 49 36 Depreciation — 205 Federal net operating loss 5,985 6,375 Other 382 338 Total Deferred Tax Assets 11,076 11,446 Valuation allowance for DTA (7,824 ) (8,043 ) Total Deferred Tax Assets, Net of Valuation Allowance 3,252 3,403 Deferred Tax Liabilities: State net operating income — (187 ) Depreciation (11 ) — Mortgage servicing rights (132 ) (136 ) Other (235 ) (206 ) Total Deferred Tax Liabilities (378 ) (529 ) Deferred Tax Assets, Net $ 2,874 $ 2,874 |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 3 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Comprehensive Income (Loss) | Note 11 – Comprehensive Income (Loss) The components of accumulated other comprehensive (loss) included in shareholders’ equity are as follows: December 31, September 30, 2015 2015 (in thousands) Net unrealized holding losses on available-for-sale securities $ (1,736 ) $ (1,011 ) Tax effect 590 344 Net of tax amount (1,146 ) (667 ) Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity — (115 ) Tax effect — 39 Net of tax amount — (76 ) Fair value adjustments on derivatives (103 ) (348 ) Tax effect 35 12 Net of tax amount (68 ) (336 ) Total accumulated other comprehensive loss $ (1,214 ) $ (1,079 ) Other comprehensive income (loss) and related tax effects are presented in the following table: Three Months Ended December 31, 2015 2014 (in thousands) Net unrealized holding (losses) gains on available-for-sale securities $ (482 ) $ 1,163 Net realized gain on securities available-for-sale (131 ) (26 ) Amortization of unrealized holding losses on securities available-for-sale transferred to held-to-maturity 2 — Fair value adjustments on derivatives 403 — Other comprehensive (loss) income before taxes (208 ) 1,137 Tax effect 73 (387 ) Total comprehensive (loss) income $ (135 ) $ 750 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of composition of weighted average shares (denominator) used in earnings per share computations | The following table sets forth the composition of the weighted average shares (denominator) used in the earnings per share computations. Three Months Ended December 31, (in thousands, except for share data) 2015 2014 Net Income $ 1,344 $ 321 Weighted average shares outstanding 6,558,473 6,558,473 Average unearned ESOP shares (156,141 ) (170,541 ) Weighted average shares outstanding – basic 6,402,332 6,387,932 Earnings per share – basic $ 0.21 $ 0.05 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investment securities | The following tables present information related to the Company’s investment securities at December 31, 2015 and September 30, 2015. December 31, 2015 Amortized Gross Gross Fair (In thousands) Investment Securities Available-for-Sale: U.S. government agencies $ 787 $ — $ (8 ) $ 779 State and municipal obligations 37,434 240 (140 ) 37,534 Single issuer trust preferred security 1,000 — (151 ) 849 Corporate debt securities 65,030 — (1,329 ) 63,701 104,251 240 (1,628 ) 102,863 Mortgage-backed securities: Federal National Mortgage Association (FNMA), fixed-rate 8,443 — (218 ) 8,225 Federal Home Loan Mortgage Company (FHLMC), fixed-rate 5,809 — (130 ) 5,679 14,252 — (348 ) 13,904 Total $ 118,503 $ 240 $ (1,976 ) $ 116,767 Investment Securities Held-to-Maturity: U.S. government agencies $ 13,301 $ — $ (124 ) $ 13,177 State and municipal obligations 10,013 34 (61 ) 9,986 Corporate debt securities 3,988 — (117 ) 3,871 Mortgage-backed securities: Collateralized mortgage obligations, fixed-rate 27,612 3 (718 ) 26,897 Total $ 54,914 $ 37 $ (1,020 ) $ 53,931 Total investment securities $ 173,417 $ 277 $ (2,996 ) $ 170,698 September 30, 2015 Amortized Gross Gross Fair (In thousands) Investment Securities Available-for-Sale: U.S. government agencies $ 816 $ — $ (1 ) $ 815 State and municipal obligations 42,007 192 (116 ) 42,083 Single issuer trust preferred security 1,000 — (150 ) 850 Corporate debt securities 70,874 34 (926 ) 69,982 114,697 226 (1,193 ) 113,730 Mortgage-backed securities: Federal National Mortgage Association (FNMA), fixed-rate 8,797 — (105 ) 8,692 Federal Home Loan Mortgage Company (FHLMC), fixed-rate 5,986 — (54 ) 5,932 14,783 — (159 ) 14,624 Total $ 129,480 $ 226 $ (1,352 ) $ 128,354 Investment Securities Held-to-Maturity: U.S. government agencies $ 14,301 $ 8 $ (13 ) $ 14,296 State and municipal obligations 10,075 23 (75 ) 10,023 Corporate debt securities 4,011 — (55 ) 3,956 Mortgage-backed securities: Collateralized mortgage obligations, fixed-rate 28,834 55 (339 ) 28,550 Total $ 57,221 $ 86 $ (482 ) $ 56,825 Total investment securities $ 186,701 $ 312 $ (1,834 ) $ 185,179 |
Schedule of aggregate investments in an unrealized loss position | The following tables indicate gross unrealized losses not recognized in income and fair value, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position at December 31, 2015 and September 30, 2015: December 31, 2015 Less than 12 Months More than 12 Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Investment Securities Available-for-Sale: U.S. government agencies $ — $ — $ 779 $ (8 ) $ 779 $ (8 ) State and municipal obligations 14,727 (140 ) — — 14,727 (140 ) Single issuer trust preferred security — — 849 (151 ) 849 (151 ) Corporate debt securities 63,702 (1,329 ) — — 63,702 (1,329 ) Mortgage-backed securities: FNMA, fixed-rate 5,141 (125 ) 3,085 (93 ) 8,226 (218 ) FHLMC, fixed-rate 3,152 (72 ) 2,527 (58 ) 5,679 (130 ) Total $ 86,722 $ (1,666 ) $ 7,240 $ (310 ) $ 93,962 $ (1,976 ) Investment Securities Held-to-Maturity: U.S. government agencies 13,178 (124 ) — — 13,178 (124 ) State and municipal obligations 8,001 (61 ) — — 8,001 (61 ) Corporate debt securities 3,871 (117 ) — — 3,871 (117 ) Mortgage-backed securities: CMO, fixed-rate 25,952 (718 ) — — 25,952 (718 ) Total 51,002 (1,020 ) — — 51,002 (1,020 ) Total investment securities $ 137,724 $ (2,686 ) $ 7,240 $ (310 ) $ 144,964 $ (2,996 ) September 30, 2015 Less than 12 Months More than 12 Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Investment Securities Available-for-Sale: U.S. government agencies $ — $ — $ 815 $ (1 ) $ 815 $ (1 ) State and municipal obligations 18,223 (116 ) — — 18,223 (116 ) Single issuer trust preferred security — — 850 (150 ) 850 (150 ) Corporate debt securities 58,064 (926 ) — — 58,064 (926 ) Mortgage-backed securities: FNMA, fixed-rate 5,459 (53 ) 3,233 (52 ) 8,692 (105 ) FHLMC, fixed-rate 3,280 (25 ) 2,652 (29 ) 5,932 (54 ) Total $ 85,026 $ (1,120 ) $ 7,550 $ (232 ) $ 92,576 $ (1,352 ) Investment Securities Held-to-Maturity: U.S. government agencies 4,792 (13 ) — — 4,792 (13 ) State and municipal obligations 6,917 (75 ) — — 6,917 (75 ) Corporate debt securities 3,957 (55 ) — — 3,957 (55 ) Mortgage-backed securities: CMO, fixed-rate 22,734 (339 ) — — 22,734 (339 ) Total 38,400 (482 ) — — 38,400 (482 ) Total investment securities $ 123,426 $ (1,602 ) $ 7,550 $ (232 ) $ 130,976 $ (1,834 ) |
Schedule of amortized cost and fair value of debt securities by contractual maturity | The following table presents information for investment securities at December 31, 2015, based on scheduled maturities. December 31, 2015 Amortized Cost Fair Value (in thousands) Investment Securities Available-for-Sale: Due in one year or less $ — $ — Due after one year through five years 14,170 14,011 Due after five years through ten years 72,047 70,893 Due after ten years 32,286 31,863 Total $ 118,503 $ 116,767 Investment Securities Held-to-Maturity: Due after one year through five years $ 13,301 $ 13,177 Due after five years through ten years 5,939 5,856 Due after ten years 35,674 34,898 Total $ 54,914 $ 53,931 Total investment securities $ 173,417 $ 170,698 |
Loans Receivable and Related 22
Loans Receivable and Related Allowance for Loan Losses (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of loans receivable | Loans receivable in the CompanyÂ’s portfolio consisted of the following at the dates indicated below: December 31, September 30, 2015 2015 (in thousands) Residential mortgage $ 211,302 $ 214,958 Construction and Development: Residential and commercial 6,007 5,677 Land 6,804 2,142 Total Construction and Development 12,811 7,819 Commercial: Commercial real estate 142,981 87,686 Multi-family 10,549 7,444 Other 25,975 13,380 Total Commercial 179,505 108,510 Consumer: Home equity lines of credit 23,207 22,919 Second mortgages 35,533 37,633 Other 2,299 2,359 Total Consumer 61,039 62,911 Total loans 464,657 394,198 Deferred loan fees and cost, net 1,410 1,776 Allowance for loan losses (4,576 ) (4,667 ) Total loans receivable, net $ 461,491 $ 391,307 |
Schedule of allowance for loan losses | The following tables summarize the primary classes of the allowance for loan losses (“ALLL”), segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of December 31, 2015 and September 30, 2015. Activity in the allowance is presented for the three months ended December 31, 2015 and 2014 and the year ended September 30, 2015, respectively. Three Months Ended December 31, 2015 Construction and Commercial Consumer Residential Residential Land Commercial Multi- Other Home Second Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 1,486 $ 30 $ 35 $ 1,235 $ 104 $ 108 $ 139 $ 761 $ 24 $ 745 $ 4,667 Charge-offs (9 ) - - (98 ) - - - (197 ) - - (304 ) Recoveries - 188 - 2 - 1 - 21 1 - 213 Provisions (180 ) (172 ) 71 702 (11 ) 58 (11 ) 75 (7 ) (525 ) - Ending Balance $ 1,297 $ 46 $ 106 $ 1,841 $ 93 $ 167 $ 128 $ 660 $ 18 $ 220 $ 4,576 Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ 1,297 $ 46 $ 106 $ 1,841 $ 93 $ 167 $ 128 $ 660 $ 18 $ 220 $ 4,576 Loans receivable: Ending balance $ 211,302 $ 6,007 $ 6,804 $ 142,981 $ 10,549 $ 25,975 $ 23,207 $ 35,533 $ 2,299 $ 464,657 Ending balance: individually evaluated for impairment $ 609 $ 121 $ - $ 1,475 $ - $ - $ 20 $ 154 $ - $ 2,379 Ending balance: collectively evaluated for impairment $ 210,693 $ 5,886 $ 6,804 $ 141,506 $ 10,549 $ 25,975 $ 23,187 $ 35,379 $ 2,299 $ 462,278 Three Months Ended December 31, 2014 Construction and Development Commercial Consumer Residential Residential Land Commercial Multi- Other Home Second Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 1,672 $ 291 $ 13 $ 1,248 $ 29 $ 50 $ 168 $ 1,033 $ 23 $ 62 $ 4,589 Charge-offs - (1 ) - (48 ) - - - (31 ) (17 ) - (97 ) Recoveries 1 - - 2 - 1 - 12 2 - 18 Provisions (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: collectively evaluated for impairment $ 1,648 $ 363 $ - $ 1,082 $ 152 $ 49 $ 154 $ 916 $ 29 $ 207 $ 4,600 Loans receivable: Ending balance $ 229,507 $ 6,039 $ - $ 67,274 $ 5,450 $ 5,603 $ 24,430 $ 45,051 $ 2,675 $ 386,029 Ending balance: individually evaluated for impairment $ 962 $ 143 $ - $ 609 $ - $ 898 $ 20 $ 708 $ - $ 3,340 Ending balance: collectively evaluated for impairment $ 228,545 $ 5,896 $ - $ 66,665 $ 5,450 $ 4,705 $ 24,410 $ 44,343 $ 2,675 $ 382,689 Year Ended September 30, 2015 Construction and Commercial Consumer Residential Residential Land Commercial Multi- Other Home Second Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 1,672 $ 291 $ 13 $ 1,248 $ 29 $ 50 $ 168 $ 1,033 $ 23 $ 62 $ 4,589 Charge-offs - (1 ) - (48 ) - - - (138 ) (34 ) - (221 ) Recoveries 17 98 - 9 - 3 2 69 11 - 209 Provisions (203 ) (358 ) 22 26 75 55 (31 ) (203 ) 24 683 90 Ending Balance $ 1,486 $ 30 $ 35 $ 1,235 $ 104 $ 108 $ 139 $ 761 $ 24 $ 745 $ 4,667 Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ 1,486 $ 30 $ 35 $ 1,235 $ 104 $ 108 $ 139 $ 761 $ 24 $ 745 $ 4,667 Loans receivable: Ending balance $ 214,958 $ 5,677 $ 2,142 $ 87,686 $ 7,444 $ 13,380 $ 22,919 $ 37,633 $ 2,359 $ 394,198 Ending balance: individually evaluated for impairment $ 599 $ 121 $ - $ 1,571 $ - $ - $ 20 $ 179 $ - $ 2,490 Ending balance: collectively evaluated for impairment $ 214,359 $ 5,556 $ 2,142 $ 86,115 $ 7,444 $ 13,380 $ 22,899 $ 37,454 $ 2,359 $ 391,708 |
Schedule of impaired loans | The following table presents impaired loans in portfolio by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of December 31, 2015 and September 30, 2015. Impaired Loans With Impaired Total Impaired Loans Recorded Related Recorded Recorded Unpaid (in thousands) December 31, 2015: Residential mortgage $ — $ — $ 609 $ 609 $ 723 Construction and Development: Residential and commercial — — 121 121 253 Commercial: Commercial real estate — — 1,475 1,475 1,658 Consumer: Home equity lines of credit — — 20 20 36 Second mortgages — — 154 154 320 Total impaired loans $ — $ — $ 2,379 $ 2,379 $ 2,990 September 30, 2015: Residential mortgage $ — $ — $ 599 $ 599 $ 696 Construction and Development: Residential and commercial — — 121 121 253 Commercial: — — Commercial real estate — — 1,571 1,571 1,807 Consumer: Home equity lines of credit — — 20 20 36 Second mortgages — — 179 179 342 Total impaired loans $ — $ — $ 2,490 $ 2,490 $ 3,134 |
Schedule of average recorded investment in impaired loans and related interest income recognized | The following table presents the average recorded investment in impaired loans in portfolio and related interest income recognized for three months ended December 31, 2015 and 2014. Three Months Ended December 31, 2015 (in thousands) Average Interest Income Residential mortgage $ 586 $ — Construction and Development: Residential and commercial 121 1 Commercial: Commercial real estate 1,536 55 Consumer: Home equity lines of credit 20 — Second mortgages 189 — Total $ 2,452 $ 56 Three Months Ended December 31, 2014 (in thousands) Average Interest Income 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 |
Schedule of classes of loan portfolio | The following table presents the classes of the loan portfolio summarized by loans considered to be rated as pass and the categories of special mention, substandard and doubtful within the Company’s internal risk rating system as of December 31, 2015 and September 30, 2015. December 31, 2015 Pass Special Substandard Doubtful Total (in thousands) Residential mortgage $ 210,324 $ 128 $ 850 $ — $ 211,302 Construction and Development: Residential and commercial 5,886 — 121 — 6,007 Land 6,804 — — — 6,804 Commercial: Commercial real estate 133,865 4,557 4,559 — 142,981 Multi-family 10,276 273 — — 10,549 Other 24,985 269 721 — 25,975 Consumer: Home equity lines of credit 23,087 — 120 — 23,207 Second mortgages 34,727 132 674 — 35,533 Other 2,285 14 — — 2,299 Total $ 452,239 $ 5,373 $ 7,045 $ — $ 464,657 September 30, 2015 Pass Special Substandard Doubtful Total (in thousands) Residential mortgage $ 214,146 $ 130 $ 682 $ — $ 214,958 Construction and Development: Residential and commercial 5,450 106 121 — 5,677 Land 2,142 — — — 2,142 Commercial: Commercial real estate 78,207 4,791 4,688 — 87,686 Multi-family 7,166 278 — — 7,444 Other 12,387 272 721 — 13,380 Consumer: Home equity lines of credit 22,801 — 118 — 22,919 Second mortgages 36,834 133 666 — 37,633 Other 2,345 14 — — 2,359 Total $ 381,478 $ 5,724 $ 6,996 $ — $ 394,198 |
Schedule of loans that are no longer accruing interest by portfolio class | The following table presents loans that are no longer accruing interest by portfolio class. December 31, September 30, 2015 2015 (in thousands) Residential mortgage $ 609 $ 599 Construction and Development: Residential and commercial 12 12 Commercial: Commercial real estate — 589 Consumer: Home equity lines of credit 20 20 Second mortgages 154 179 Total non-accrual loans $ 795 $ 1,399 |
Schedule of classes of loan portfolio summarized by aging categories | The following table presents the classes of the loan portfolio summarized by the aging categories as of December 31, 2015 and September 30, 2015. Current 30 - 59 60 - 89 90 Days or Total Total Loans (In thousands) December 31, 2015: Residential mortgage $ 206,109 $ 4,313 $ 271 $ 609 $ 5,193 $ 211,302 Construction and Development: Residential and commercial 5,995 — — 12 12 6,007 Land 6,804 — — — — 6,804 Commercial: Commercial real estate 141,309 277 1,395 — 1,672 142,981 Multi-family 10,549 — — — — 10,549 Other 25,895 — 80 — 80 25,975 Consumer: Home equity lines of credit 23,060 127 — 20 147 23,207 Second mortgages 34,453 482 444 154 1,080 35,533 Other 2,284 10 5 — 15 2,299 Total $ 456,458 $ 5,209 $ 2,195 $ 795 $ 8,199 $ 464,657 September 30, 2015: Residential mortgage $ 213,253 $ 913 $ 193 $ 599 $ 1,705 $ 214,958 Construction and Development: Residential and Commercial 5,665 — — 12 12 5,677 Land 2,142 — — — — 2,142 Commercial: Commercial real estate 86,119 485 493 589 1,567 87,686 Multi-family 7,444 — — — — 7,444 Other 13,380 — — — — 13,380 Consumer: Home equity lines of credit 22,899 — — 20 20 22,919 Second mortgages 37,010 345 99 179 623 37,633 Other 2,329 30 — — 30 2,359 Total $ 390,241 $ 1,773 $ 785 $ 1,399 $ 3,957 $ 394,198 |
Schedule of TDR loans | The following table presents our TDR loans as of December 31, 2015 and September 30, 2015. Total Troubled Debt Troubled Debt Restructured Number of Recorded Number of Recorded (dollars in thousands) At December 31, 2015: Construction and Development: Residential and commercial 1 $ 109 — $ — Commercial: Commercial real estate 4 1,475 — — Total 5 $ 1,584 — $ — At September 30, 2015: Construction and Development: Residential and commercial 1 $ 109 — $ — Commercial: Commercial real estate 4 1,474 2 982 Total  5 $ 1,583 2 $ 982 |
Schedule of performing status of TDR loans | The following table reports the performing status all of TDR loans. The performing status is determined by the loans compliance with the modified terms. December 31, 2015 September 30, 2015 Performing Non-Performing Performing Non-Performing (in thousands) Construction and Development: Residential and commercial $ 109 $ — $ 109 $ — Commercial: Commercial real estate 1,475 — 982 492 Total $ 1,584 $ — $ 1,091 $ 492 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of actual capital amounts and ratios | The Bank’s actual capital amounts and ratios are also presented in the table: Actual For Capital Adequacy To be Well Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2015: Core Capital (to adjusted tangible assets) $ 70,435 10.43 % $ ≥27,003 4.00 % $ ≥33,753 5.00 % Common equity Tier 1(to risk-weighted assets) 70,435 13.94 ≥22,743 4.50 ≥32,850 6.50 Tier 1 Capital (to risk-weighted assets) 70,435 13.94 ≥30,323 6.00 ≥40,431 8.00 Total risk-based Capital (to risk-weighted assets) 75,072 14.85 ≥40,431 8.00 ≥50,539 10.00 As of September 30, 2015: Core Capital (to adjusted tangible assets) $ 69,030 10.80 % $ ≥25,573 4.00 % $ ≥31,966 5.00 % Common equity Tier 1(to risk-weighted assets) 69,030 15.90 ≥19,538 4.50 ≥28,222 6.50 Tier 1 Capital (to risk-weighted assets) 69,030 15.90 ≥26,051 6.00 ≥34,734 8.00 Total risk-based Capital (to risk-weighted assets) 73,759 16.99 ≥34,734 8.00 ≥43,418 10.00 |
Derivatives and Hedging Activ24
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of effects of derivative instruments on the consolidated financial statements | The table below presents the fair value of the CompanyÂ’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2015 and September 30, 2015: December 31, 2015 Notional Fair Balance Sheet Expiration (Dollars in thousand) Derivatives designated as hedging instruments Interest rate swaps by effective date: August 3, 2015 $ 15,000 $ 103 Other liabilities August 3, 2020 September 30, 2015 Notional Fair Balance Sheet Expiration (Dollars in thousand) Derivatives designated as hedging instruments Interest rate swaps by effective date: August 3, 2015 $ 15,000 $ 348 Other liabilities August 3, 2020 |
Schedule of net gains (losses) recorded in accumulated other comprehensive income and the consolidate statements of income | The table below presents the net gains (losses) recorded in accumulated other comprehensive income and the Consolidate Statements of Income relating to the cash flow derivative instruments for the three months ended December 31, 2015. For the Three Months Ended December 31, 2015 Amount of Gain Amount of Gain Amount of Gain (In thousands) Interest Rate Contracts $ 152 $ (56 ) $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of balances of assets measured at fair value on a recurring basis | The table below presents the balances of assets measured at fair value on a recurring basis: December 31, 2015 Total Level 1 Level 2 Level 3 (In thousands) Assets: Investment securities available-for-sale: Debt securities: U.S. government agencies $ 779 $ — $ 779 $ — State and municipal obligations 37,534 — 37,534 — Single issuer trust preferred security 849 — 849 — Corporate debt securities 63,701 — 63,701 — Total investment securities available-for-sale 102,863 — 102,863 — Mortgage-backed securities available-for-sale: FNMA, fixed-rate 8,225 — 8,225 — FHLMC, fixed-rate 5,679 — 5,679 — Total mortgage-backed securities available-for-sale 13,904 — 13,904 — Total investments securities available for sale $ 116,767 $ — $ 116,767 $ — Liabilities: Derivative instruments $ 103 $ — $ 103 $ — September 30, 2015 Total Level 1 Level 2 Level 3 (In thousands) Assets: Investment securities available-for-sale: Debt securities: U.S. government agencies $ 815 $ — $ 815 $ — State and municipal obligations 42,083 — 42,083 — Single issuer trust preferred security 850 — 850 — Corporate debt securities 69,982 — 69,982 — Total investment securities available-for-sale 113,730 — 113,730 — Mortgage-backed securities available-for-sale: FNMA, fixed-rate 8,692 — 8,692 — FHLMC, fixed-rate 5,932 — 5,932 — Total mortgage-backed securities available-for-sale 14,624 — 14,624 — Total investments securities available for sale $ 128,354 $ — $ 128,354 $ — Liabilities: Derivative instruments $ 348 $ — $ 348 $ — |
Schedule of assets measured at fair value on a non recurring basis | 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, 2015 and September 30, 2015: December 31, 2015 Total Level 1 Level 2 Level 3 (In thousands) Impaired loans (1) (2) $ 21 $ — $ — $ 21 Total $ 21 $ — $ — $ 21 December 31, 2015 Fair Value at Valuation Technique Unobservable Input Range/(Weighted (Dollars in thousands) Impaired loans (1) (2) $ 21 Appraisal of collateral (3) Collateral discounts (4) 28%/(0.4%) Total $ 21 (1) At December 31, 2015, consisted of one loan with an aggregate balance of $21,000 and there was 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 time, changes in economic conditions and estimated liquidation expense. September 30, 2015 Total Level 1 Level 2 Level 3 (In thousands) Impaired loans (1) (2) $ 48 $ — $ — $ 48 Mortgage servicing rights 30 — 30 — Total $ 78 $ — $ 30 $ 48 September 30, 2015 Fair Value at Valuation Technique Unobservable Input Range/(Weighted (Dollars in thousands) Impaired loans (1) (2) $ 48 Appraisal of collateral (3) Collateral discounts (4) 65 − 80%/(74%) Total $ 48 (1) At September 30, 2015, consisted of two loans with an aggregate balance of $48,000 and there were 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 time, changes in economic conditions and estimated liquidation expense. |
Schedule of quantitative information regarding significant techniques and inputs used | The following table shows active information regarding significant techniques and inputs used at December 31, 2015 and September 30, 2015 for measures in a non-recurring basis using unobservable inputs (Level 2): Fair Value at Valuation Unobservable Method or Value as of (in thousands) Mortgage servicing rights $ — Discounted rate Discount rate 11.00 − 12.00 % Rate used through modeling period Loan prepayment speeds 14.22 % 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 (in thousands) Mortgage servicing rights $ 30 Discounted rate Discount rate 11.00 − 12.00 % Rate used through modeling period Loan prepayment speeds 14.73 % 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 |
Schedule of carrying amount and estimated fair value of the Company's financial instruments | The carrying amount and estimated fair value of the Company’s financial instruments as of December 31, 2015 and September 30, 2015 are presented below: Carrying Fair Value Level 1 Level 2 Level 3 (In thousands) December 31, 2015: Financial assets: Cash and cash equivalents $ 56,370 $ 56,370 $ 56,370 $ — $ — Investment securities available-for-sale 116,767 116,767 — 116,767 — Investment securities held-to-maturity 54,914 53,931 — 53,931 — Loans receivable, net 461,491 469,133 — — 469,133 Accrued interest receivable 2,722 2,722 — 2,722 — Restricted stock 4,762 4,762 — 4,762 — Mortgage servicing rights (included in Other Assets) 388 417 — 417 — Financial liabilities: Savings accounts 45,312 45,312 — 45,312 — Checking and NOW accounts 114,268 114,268 — 114,268 — Money market accounts 133,608 133,608 — 133,608 — Certificates of deposit 241,513 243,812 — 243,812 — FHLB advances 103,000 103,839 — 103,839 — Derivatives 103 103 — 103 — Accrued interest payable 398 398 — 398 — September 30, 2015: Financial assets: Cash and cash equivalents $ 40,263 $ 40,263 $ 40,263 $ — $ — Investment securities available-for-sale 128,354 128,354 — 128,354 — Investment securities held-to-maturity 57,221 56,825 — 56,825 — Loans receivable, net 391,307 400,305 — — 400,305 Accrued interest receivable 2,484 2,484 — 2,484 — Restricted stock 4,765 4,765 — 4,765 — Mortgage servicing rights 401 416 — 416 — Financial liabilities: Savings accounts 45,189 45,189 — 45,189 Checking and NOW accounts 109,907 109,907 — 109,907 — Money market accounts 108,706 108,706 — 108,706 — Certificates of deposit 201,720 203,257 — 203,257 — FHLB advances 103,000 104,889 — 104,889 — Derivatives 348 348 — 348 — Accrued interest payable 396 396 — 396 — |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred income taxes | Deferred income taxes at December 31, 2015 and September 30, 2015 were as follows: December 31, September 30, 2015 2015 (in thousands) Deferred Tax Assets: Unrealized loss on investments available-for-sale $ 590 $ 383 Allowance for loan losses 2,985 2,985 Non-accrual interest 86 98 Write-down of real estate owned 106 106 Alternative minimum tax (AMT) credit carryover 147 128 Low-income housing tax credit carryover 337 337 Supplement Employer Retirement Plan 409 455 Charitable contributions 49 36 Depreciation — 205 Federal net operating loss 5,985 6,375 Other 382 338 Total Deferred Tax Assets 11,076 11,446 Valuation allowance for DTA (7,824 ) (8,043 ) Total Deferred Tax Assets, Net of Valuation Allowance 3,252 3,403 Deferred Tax Liabilities: State net operating income — (187 ) Depreciation (11 ) — Mortgage servicing rights (132 ) (136 ) Other (235 ) (206 ) Total Deferred Tax Liabilities (378 ) (529 ) Deferred Tax Assets, Net $ 2,874 $ 2,874 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive (loss) included in shareholders equity | The components of accumulated other comprehensive (loss) included in shareholders’ equity are as follows: December 31, September 30, 2015 2015 (in thousands) Net unrealized holding losses on available-for-sale securities $ (1,736 ) $ (1,011 ) Tax effect 590 344 Net of tax amount (1,146 ) (667 ) Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity — (115 ) Tax effect — 39 Net of tax amount — (76 ) Fair value adjustments on derivatives (103 ) (348 ) Tax effect 35 12 Net of tax amount (68 ) (336 ) Total accumulated other comprehensive loss $ (1,214 ) $ (1,079 ) |
Schedule of other comprehensive income (loss) and related tax effects | Other comprehensive income (loss) and related tax effects are presented in the following table: Three Months Ended December 31, 2015 2014 (in thousands) Net unrealized holding (losses) gains on available-for-sale securities $ (482 ) $ 1,163 Net realized gain on securities available-for-sale (131 ) (26 ) Amortization of unrealized holding losses on securities available-for-sale transferred to held-to-maturity 2 — Fair value adjustments on derivatives 403 — Other comprehensive (loss) income before taxes (208 ) 1,137 Tax effect 73 (387 ) Total comprehensive (loss) income $ (135 ) $ 750 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Net Income | $ 1,344 | $ 321 |
Weighted average shares outstanding | 6,558,473 | 6,558,473 |
Average unearned ESOP shares | (156,141) | (170,541) |
Weighted average shares outstanding - basic (in shares) | 6,402,332 | 6,387,932 |
Earnings per share - basic (in dollars per share) | $ 0.21 | $ 0.05 |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2008 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | |||
Employee stock ownership plan (ESOP), shares purchased | 241,178 | ||
Employee stock ownership plan (ESOP), amount borrowed | $ 2,600 | ||
Average price of shares purchased (in dollars per share) | $ 10.86 | ||
Employee stock ownership plan (ESOP), debt structure, direct loan, description | The loan, which bears an interest rate of 5%, is being repaid in quarterly installments through 2026. | ||
Committed to be released ESOP shares | 3,600 | 3,600 | |
Number of unallocated shares | 154,365 | ||
Number of allocated shares held by the ESOP | 104,853 | ||
Aggregate fair value of shares held by the ESOP | $ 2,700 |
Investment Securities (Details
Investment Securities (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sale of securities available for sale | $ 12,500 | $ 21,100 |
Available-for-sale securities, gross realized gains | $ 131 | 99 |
Available-for-sale securities, gross realized losses | $ 73 |
Investment Securities (Detail31
Investment Securities (Details Narrative 1) | Dec. 31, 2015N |
U S Government Agencies Debt Securities [Member] | |
Schedule of Investments [Line Items] | |
Number of securities held in an unrealized loss position | 15 |
U S States And Political Subdivisions [Member] | |
Schedule of Investments [Line Items] | |
Number of securities held in an unrealized loss position | 19 |
Corporate Debt Securities [Member] | |
Schedule of Investments [Line Items] | |
Number of securities held in an unrealized loss position | 30 |
Mortgage Backed Securities [Member] | |
Schedule of Investments [Line Items] | |
Number of securities held in an unrealized loss position | 45 |
Single Issuer Trust Preferred Security [Member] | |
Schedule of Investments [Line Items] | |
Number of securities held in an unrealized loss position | 1 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Sep. 30, 2015 | |
Investment Securities Available-for-Sale: | ||
Amortized Cost | $ 118,503 | $ 129,480 |
Gross Unrealized Gains | 240 | 226 |
Gross Unrealized Losses | (1,976) | (1,352) |
Fair value | 116,767 | 128,354 |
Investment Securities Held-to-Maturity: | ||
Amortized Cost | 54,914 | 57,221 |
Gross Unrealized Gains | 37 | 86 |
Gross Unrealized Losses | (1,020) | (482) |
Fair Value | 53,931 | 56,825 |
Total investment securities Amortized Cost | 173,417 | 186,701 |
Total investment securities Gross Unrealized Gains | 277 | 312 |
Total investment securities Gross Unrealized Losses | (2,996) | (1,834) |
Total investment securities Fair Value | 170,698 | 185,179 |
U S Government Agencies Debt Securities [Member] | ||
Investment Securities Available-for-Sale: | ||
Amortized Cost | $ 787 | $ 816 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | $ (8) | $ (1) |
Fair value | 779 | 815 |
Investment Securities Held-to-Maturity: | ||
Amortized Cost | $ 13,301 | 14,301 |
Gross Unrealized Gains | 8 | |
Gross Unrealized Losses | $ (124) | (13) |
Fair Value | 13,177 | 14,296 |
U S States And Political Subdivisions [Member] | ||
Investment Securities Available-for-Sale: | ||
Amortized Cost | 37,434 | 42,007 |
Gross Unrealized Gains | 240 | 192 |
Gross Unrealized Losses | (140) | (116) |
Fair value | 37,534 | 42,083 |
Investment Securities Held-to-Maturity: | ||
Amortized Cost | 10,013 | 10,075 |
Gross Unrealized Gains | 34 | 23 |
Gross Unrealized Losses | (61) | (75) |
Fair Value | 9,986 | 10,023 |
Single Issuer Trust Preferred Security [Member] | ||
Investment Securities Available-for-Sale: | ||
Amortized Cost | $ 1,000 | $ 1,000 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | $ (151) | $ (150) |
Fair value | 849 | 850 |
Corporate Debt Securities [Member] | ||
Investment Securities Available-for-Sale: | ||
Amortized Cost | $ 65,030 | 70,874 |
Gross Unrealized Gains | 34 | |
Gross Unrealized Losses | $ (1,329) | (926) |
Fair value | 63,701 | 69,982 |
Investment Securities Held-to-Maturity: | ||
Amortized Cost | $ 3,988 | $ 4,011 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | $ (117) | $ (55) |
Fair Value | 3,871 | 3,956 |
Available For Sale Securities Before Mortgage Backed [Member] | ||
Investment Securities Available-for-Sale: | ||
Amortized Cost | 104,251 | 114,697 |
Gross Unrealized Gains | 240 | 226 |
Gross Unrealized Losses | (1,628) | (1,193) |
Fair value | 102,863 | 113,730 |
Mortgage Backed Securities [Member] | ||
Investment Securities Available-for-Sale: | ||
Amortized Cost | $ 14,252 | $ 14,783 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | $ (348) | $ (159) |
Fair value | 13,904 | 14,624 |
Fixed Rate [Member] | Federal National Mortgage Association Certificates And Obligations F N M A [Member] | ||
Investment Securities Available-for-Sale: | ||
Amortized Cost | $ 8,443 | $ 8,797 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | $ (218) | $ (105) |
Fair value | 8,225 | 8,692 |
Fixed Rate [Member] | Federal Home Loan Mortgage Corporation Certificates And Obligations F H L M C [Member] | ||
Investment Securities Available-for-Sale: | ||
Amortized Cost | $ 5,809 | $ 5,986 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | $ (130) | $ (54) |
Fair value | 5,679 | 5,932 |
Fixed Rate [Member] | Collateralized Mortgage Obligations [Member] | ||
Investment Securities Held-to-Maturity: | ||
Amortized Cost | 27,612 | 28,834 |
Gross Unrealized Gains | 3 | 55 |
Gross Unrealized Losses | (718) | (339) |
Fair Value | $ 26,897 | $ 28,550 |
Investment Securities (Detail33
Investment Securities (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Sep. 30, 2015 | |
Investment Securities Available-for-Sale: | ||
Less than 12 Months: Fair Value | $ 86,722 | $ 85,026 |
Less than 12 Months: Unrealized Losses | (1,666) | (1,120) |
More than 12 Months: Fair Value | 7,240 | 7,550 |
More than 12 Months: Unrealized Losses | (310) | (232) |
Total: Fair Value | 93,962 | 92,576 |
Total: Unrealized Losses | (1,976) | (1,352) |
Investment Securities Held-to-Maturity: | ||
Less than 12 Months: Fair Value | 51,002 | 38,400 |
Less than 12 Months: Unrealized Losses | $ (1,020) | $ (482) |
More than 12 Months: Fair Value | ||
More than 12 Months: Unrealized Losses | ||
Total: Fair Value | $ 51,002 | $ 38,400 |
Total: Unrealized Losses | (1,020) | (482) |
Total investment securities in an unrealized loss position less than 12 months fair value | 137,724 | 123,426 |
Total investment securities in an unrealized loss position less than 12 months gross unrealized loss | (2,686) | (1,602) |
Total investment securities in an unrealized loss position 12 months or more fair value | 7,240 | 7,550 |
Total investment securities in an unrealized loss position 12 months or more gross unrealized loss | (310) | (232) |
Total investment securities in an unrealized loss position fair value | 144,964 | 130,976 |
Total investment securities in an unrealized loss position gross unrealized loss | $ (2,996) | $ (1,834) |
U S Government Agencies Debt Securities [Member] | ||
Investment Securities Available-for-Sale: | ||
Less than 12 Months: Fair Value | ||
Less than 12 Months: Unrealized Losses | ||
More than 12 Months: Fair Value | $ 779 | $ 815 |
More than 12 Months: Unrealized Losses | (8) | (1) |
Total: Fair Value | 779 | 815 |
Total: Unrealized Losses | (8) | (1) |
Investment Securities Held-to-Maturity: | ||
Less than 12 Months: Fair Value | 13,178 | 4,792 |
Less than 12 Months: Unrealized Losses | $ (124) | $ (13) |
More than 12 Months: Fair Value | ||
More than 12 Months: Unrealized Losses | ||
Total: Fair Value | $ 13,178 | $ 4,792 |
Total: Unrealized Losses | (124) | (13) |
U S States And Political Subdivisions [Member] | ||
Investment Securities Available-for-Sale: | ||
Less than 12 Months: Fair Value | 14,727 | 18,223 |
Less than 12 Months: Unrealized Losses | $ (140) | $ (116) |
More than 12 Months: Fair Value | ||
More than 12 Months: Unrealized Losses | ||
Total: Fair Value | $ 14,727 | $ 18,223 |
Total: Unrealized Losses | (140) | (116) |
Investment Securities Held-to-Maturity: | ||
Less than 12 Months: Fair Value | 8,001 | 6,917 |
Less than 12 Months: Unrealized Losses | $ (61) | $ (75) |
More than 12 Months: Fair Value | ||
More than 12 Months: Unrealized Losses | ||
Total: Fair Value | $ 8,001 | $ 6,917 |
Total: Unrealized Losses | $ (61) | $ (75) |
Single Issuer Trust Preferred Security [Member] | ||
Investment Securities Available-for-Sale: | ||
Less than 12 Months: Fair Value | ||
Less than 12 Months: Unrealized Losses | ||
More than 12 Months: Fair Value | $ 849 | $ 850 |
More than 12 Months: Unrealized Losses | (151) | (150) |
Total: Fair Value | 849 | 850 |
Total: Unrealized Losses | (151) | (150) |
Corporate Debt Securities [Member] | ||
Investment Securities Available-for-Sale: | ||
Less than 12 Months: Fair Value | 63,702 | 58,064 |
Less than 12 Months: Unrealized Losses | $ (1,329) | $ (926) |
More than 12 Months: Fair Value | ||
More than 12 Months: Unrealized Losses | ||
Total: Fair Value | $ 63,702 | $ 58,064 |
Total: Unrealized Losses | (1,329) | (926) |
Investment Securities Held-to-Maturity: | ||
Less than 12 Months: Fair Value | 3,871 | 3,957 |
Less than 12 Months: Unrealized Losses | $ (117) | $ (55) |
More than 12 Months: Fair Value | ||
More than 12 Months: Unrealized Losses | ||
Total: Fair Value | $ 3,871 | $ 3,957 |
Total: Unrealized Losses | (117) | (55) |
Fixed Rate [Member] | Federal National Mortgage Association Certificates And Obligations F N M A [Member] | ||
Investment Securities Available-for-Sale: | ||
Less than 12 Months: Fair Value | 5,141 | 5,459 |
Less than 12 Months: Unrealized Losses | (125) | (53) |
More than 12 Months: Fair Value | 3,085 | 3,233 |
More than 12 Months: Unrealized Losses | (93) | (52) |
Total: Fair Value | 8,226 | 8,692 |
Total: Unrealized Losses | (218) | (105) |
Fixed Rate [Member] | Federal Home Loan Mortgage Corporation Certificates And Obligations F H L M C [Member] | ||
Investment Securities Available-for-Sale: | ||
Less than 12 Months: Fair Value | 3,152 | 3,280 |
Less than 12 Months: Unrealized Losses | (72) | (25) |
More than 12 Months: Fair Value | 2,527 | 2,652 |
More than 12 Months: Unrealized Losses | (58) | (29) |
Total: Fair Value | 5,679 | 5,932 |
Total: Unrealized Losses | (130) | (54) |
Fixed Rate [Member] | Collateralized Mortgage Obligations [Member] | ||
Investment Securities Held-to-Maturity: | ||
Less than 12 Months: Fair Value | 25,952 | 22,734 |
Less than 12 Months: Unrealized Losses | $ (718) | $ (339) |
More than 12 Months: Fair Value | ||
More than 12 Months: Unrealized Losses | ||
Total: Fair Value | $ 25,952 | $ 22,734 |
Total: Unrealized Losses | $ (718) | $ (339) |
Investment Securities (Detail34
Investment Securities (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Available for Sale, Amortized Cost: | ||
Due in one year or less | ||
Due after one year through five years | $ 14,170 | |
Due after five years through ten years | 72,047 | |
Due after ten years | 32,286 | |
Available-for-sale Securities, Amortized Cost Basis, Total | $ 118,503 | $ 129,480 |
Available for Sale, Fair Value: | ||
Due in one year or less | ||
Due after one year through five years | $ 14,011 | |
Due after five years through ten years | 70,893 | |
Due after ten years | 31,863 | |
Available-for-sale Securities, Fair value, Total | 116,767 | 128,354 |
Held-to-Maturity, Amortized Cost: | ||
Due after one year through five years | 13,301 | |
Due after five years through ten years | 5,939 | |
Due after ten years | 35,674 | |
Held-to-maturity Securities, Amortized Cost, Total | 54,914 | 57,221 |
Held-to-Maturity, Fair Value: | ||
Due after one year through five years | 13,177 | |
Due after five years through ten years | 5,856 | |
Due after ten years | 34,898 | |
Held-to-maturity Securities, Fair Value, Total | 53,931 | $ 56,825 |
Total Investment Securities, Amortized Cost | 173,417 | |
Total Investment Securities, Fair Value | $ 170,698 |
Loans Receivable and Related 35
Loans Receivable and Related Allowance for Loan Losses (Details Narrative) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015USD ($)N | Dec. 31, 2014USD ($)N | Sep. 30, 2015USD ($)N | |
Non accrual loans interest income | $ 9 | $ 29 | |
Number of loans | N | 5 | 3 | 5 |
Recorded Investment | $ 1,583 | $ 1,584 | $ 1,583 |
Number of loans subsequently defaulted | N | 2 | 1 | 2 |
Recorded Investment subsequently defaulted | $ 982 | $ 982 | |
Construction and Development - Residential And Commercial Receivable [Member] | |||
Number of loans | N | 1 | 1 | 1 |
Recorded Investment | $ 109 | $ 109 | $ 109 |
Number of loans subsequently defaulted | N | |||
Recorded Investment subsequently defaulted | |||
Real estate through foreclosure | $ 987 | $ 1,200 | |
Commercial Real Estate [Member] | |||
Number of loans | N | 4 | 4 | |
Recorded Investment | $ 1,475 | $ 1,474 | |
Number of loans subsequently defaulted | N | 2 | ||
Recorded Investment subsequently defaulted | $ 982 |
Loans Receivable and Related 36
Loans Receivable and Related Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Total loans | $ 464,657 | $ 394,198 | $ 386,029 | |
Deferred loan fees and cost, net | 1,410 | 1,776 | ||
Allowance for loan losses | (4,576) | (4,667) | (4,600) | $ (4,589) |
Total loans receivable, net | 461,491 | 391,307 | ||
Residential Mortgage [Member] | ||||
Total loans | 211,302 | 214,958 | 229,507 | |
Allowance for loan losses | (1,297) | (1,486) | (1,648) | (1,672) |
Construction and Development - Residential And Commercial Receivable [Member] | ||||
Total loans | 6,007 | 5,677 | 6,039 | |
Allowance for loan losses | (46) | (30) | $ (363) | (291) |
Construction And Development - Land Receivable [Member] | ||||
Total loans | 6,804 | 2,142 | ||
Allowance for loan losses | (106) | (35) | (13) | |
Construction And Development Receivable [Member] | ||||
Total loans | 12,811 | 7,819 | ||
Commercial Real Estate [Member] | ||||
Total loans | 142,981 | 87,686 | $ 67,274 | |
Allowance for loan losses | (1,841) | (1,235) | (1,082) | (1,248) |
Commercial Multi Family Receivable [Member] | ||||
Total loans | 10,549 | 7,444 | 5,450 | |
Allowance for loan losses | (93) | (104) | (152) | (29) |
Commercial - Other Receivable [Member] | ||||
Total loans | 25,975 | 13,380 | 5,603 | |
Allowance for loan losses | (167) | (108) | (49) | (50) |
Commercial [Member] | ||||
Total loans | 179,505 | 108,510 | ||
Consumer - Home Equity Lines of Credit [Member] | ||||
Total loans | 23,207 | 22,919 | 24,430 | |
Allowance for loan losses | (128) | (139) | (154) | (168) |
Consumer - Second Mortgages Receivable [Member] | ||||
Total loans | 35,533 | 37,633 | 45,051 | |
Allowance for loan losses | (660) | (761) | (916) | (1,033) |
Consumer - Other Receivable [Member] | ||||
Total loans | 2,299 | 2,359 | 2,675 | |
Allowance for loan losses | (18) | (24) | $ (29) | $ (23) |
Consumer Receivable [Member] | ||||
Total loans | $ 61,039 | $ 62,911 |
Loans Receivable and Related 37
Loans Receivable and Related Allowance for Loan Losses (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | $ 4,667 | $ 4,589 | $ 4,589 |
Charge-offs | (304) | (97) | (221) |
Recoveries | $ 213 | 18 | 209 |
Provision | 90 | 90 | |
Allowance for loan losses, Ending Balance | $ 4,576 | $ 4,600 | $ 4,667 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | $ 4,576 | $ 4,600 | $ 4,667 |
Loans receivable | 464,657 | 386,029 | 394,198 |
Loans receivable: Ending balance: individually evaluated for impairment | 2,379 | 3,340 | 2,490 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 462,278 | 382,689 | 391,708 |
Residential Mortgage [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | 1,486 | $ 1,672 | $ 1,672 |
Charge-offs | $ (9) | ||
Recoveries | $ 1 | $ 17 | |
Provision | $ (180) | (25) | (203) |
Allowance for loan losses, Ending Balance | $ 1,297 | $ 1,648 | $ 1,486 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | $ 1,297 | $ 1,648 | $ 1,486 |
Loans receivable | 211,302 | 229,507 | 214,958 |
Loans receivable: Ending balance: individually evaluated for impairment | 609 | 962 | 599 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 210,693 | 228,545 | 214,359 |
Construction and Development - Residential And Commercial Receivable [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | $ 30 | 291 | 291 |
Charge-offs | $ (1) | (1) | |
Recoveries | $ 188 | 98 | |
Provision | (172) | $ 73 | (358) |
Allowance for loan losses, Ending Balance | $ 46 | $ 363 | $ 30 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | $ 46 | $ 363 | $ 30 |
Loans receivable | 6,007 | 6,039 | 5,677 |
Loans receivable: Ending balance: individually evaluated for impairment | 121 | 143 | 121 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 5,886 | 5,896 | 5,556 |
Construction And Development - Land Receivable [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | $ 35 | $ 13 | $ 13 |
Charge-offs | |||
Recoveries | |||
Provision | $ 71 | $ (13) | $ 22 |
Allowance for loan losses, Ending Balance | $ 106 | $ 35 | |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | $ 106 | $ 35 | |
Loans receivable | $ 6,804 | $ 2,142 | |
Loans receivable: Ending balance: individually evaluated for impairment | |||
Loans Receivable: Ending balance: collectively evaluated for impairment | $ 6,804 | $ 2,142 | |
Commercial Real Estate [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | 1,235 | $ 1,248 | 1,248 |
Charge-offs | (98) | (48) | (48) |
Recoveries | 2 | 2 | 9 |
Provision | 702 | (120) | 26 |
Allowance for loan losses, Ending Balance | $ 1,841 | $ 1,082 | $ 1,235 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | $ 1,841 | $ 1,082 | $ 1,235 |
Loans receivable | 142,981 | 67,274 | 87,686 |
Loans receivable: Ending balance: individually evaluated for impairment | 1,475 | 609 | 1,571 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 141,506 | 66,665 | 86,115 |
Commercial Multi Family Receivable [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | $ 104 | $ 29 | $ 29 |
Charge-offs | |||
Recoveries | |||
Provision | $ (11) | $ 123 | $ 75 |
Allowance for loan losses, Ending Balance | $ 93 | $ 152 | $ 104 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | $ 93 | $ 152 | $ 104 |
Loans receivable | $ 10,549 | $ 5,450 | $ 7,444 |
Loans receivable: Ending balance: individually evaluated for impairment | |||
Loans Receivable: Ending balance: collectively evaluated for impairment | $ 10,549 | $ 5,450 | $ 7,444 |
Commercial - Other Receivable [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | $ 108 | $ 50 | $ 50 |
Charge-offs | |||
Recoveries | $ 1 | $ 1 | $ 3 |
Provision | 58 | (2) | 55 |
Allowance for loan losses, Ending Balance | $ 167 | $ 49 | $ 108 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | $ 167 | $ 49 | $ 108 |
Loans receivable | $ 25,975 | 5,603 | $ 13,380 |
Loans receivable: Ending balance: individually evaluated for impairment | 898 | ||
Loans Receivable: Ending balance: collectively evaluated for impairment | $ 25,975 | 4,705 | $ 13,380 |
Consumer - Home Equity Lines of Credit [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | $ 139 | $ 168 | $ 168 |
Charge-offs | |||
Recoveries | $ 2 | ||
Provision | $ (11) | $ (14) | (31) |
Allowance for loan losses, Ending Balance | $ 128 | $ 154 | $ 139 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | $ 128 | $ 154 | $ 139 |
Loans receivable | 23,207 | 24,430 | 22,919 |
Loans receivable: Ending balance: individually evaluated for impairment | 20 | 20 | 20 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 23,187 | 24,410 | 22,899 |
Consumer - Second Mortgages Receivable [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | 761 | 1,033 | 1,033 |
Charge-offs | (197) | (31) | (138) |
Recoveries | 21 | 12 | 69 |
Provision | 75 | (98) | (203) |
Allowance for loan losses, Ending Balance | $ 660 | $ 916 | $ 761 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | $ 660 | $ 916 | $ 761 |
Loans receivable | 35,533 | 45,051 | 37,633 |
Loans receivable: Ending balance: individually evaluated for impairment | 154 | 708 | 179 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 35,379 | 44,343 | 37,454 |
Consumer - Other Receivable [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | $ 24 | 23 | 23 |
Charge-offs | (17) | (34) | |
Recoveries | $ 1 | 2 | 11 |
Provision | (7) | 21 | 24 |
Allowance for loan losses, Ending Balance | $ 18 | $ 29 | $ 24 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | $ 18 | $ 29 | $ 24 |
Loans receivable | $ 2,299 | $ 2,675 | $ 2,359 |
Loans receivable: Ending balance: individually evaluated for impairment | |||
Loans Receivable: Ending balance: collectively evaluated for impairment | $ 2,299 | $ 2,675 | $ 2,359 |
Unallocated [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | $ 745 | $ 62 | $ 62 |
Charge-offs | |||
Recoveries | |||
Provision | $ (525) | $ 145 | $ 683 |
Allowance for loan losses, Ending Balance | $ 220 | $ 207 | $ 745 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | $ 220 | $ 207 | $ 745 |
Loans Receivable and Related 38
Loans Receivable and Related Allowance for Loan Losses (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Impaired Loans With Specific Allowance, Recorded Investment | ||
Impaired Loans With Specific Allowance, Related Allowance | ||
Impaired Loans With No Specific Allowance, Recorded Investment | $ 2,379 | $ 2,490 |
Total Impaired Loans Recorded Investment | 2,379 | 2,490 |
Total Impaired Loans Unpaid Principal Balance | $ 2,990 | $ 3,134 |
Residential Mortgage [Member] | ||
Impaired Loans With Specific Allowance, Recorded Investment | ||
Impaired Loans With Specific Allowance, Related Allowance | ||
Impaired Loans With No Specific Allowance, Recorded Investment | $ 609 | $ 599 |
Total Impaired Loans Recorded Investment | 609 | 599 |
Total Impaired Loans Unpaid Principal Balance | $ 723 | $ 696 |
Construction and Development - Residential And Commercial Receivable [Member] | ||
Impaired Loans With Specific Allowance, Recorded Investment | ||
Impaired Loans With Specific Allowance, Related Allowance | ||
Impaired Loans With No Specific Allowance, Recorded Investment | $ 121 | $ 121 |
Total Impaired Loans Recorded Investment | 121 | 121 |
Total Impaired Loans Unpaid Principal Balance | $ 253 | $ 253 |
Commercial Real Estate [Member] | ||
Impaired Loans With Specific Allowance, Recorded Investment | ||
Impaired Loans With Specific Allowance, Related Allowance | ||
Impaired Loans With No Specific Allowance, Recorded Investment | $ 1,475 | $ 1,571 |
Total Impaired Loans Recorded Investment | 1,475 | 1,571 |
Total Impaired Loans Unpaid Principal Balance | $ 1,658 | $ 1,807 |
Consumer - Home Equity Lines of Credit [Member] | ||
Impaired Loans With Specific Allowance, Recorded Investment | ||
Impaired Loans With Specific Allowance, Related Allowance | ||
Impaired Loans With No Specific Allowance, Recorded Investment | $ 20 | $ 20 |
Total Impaired Loans Recorded Investment | 20 | 20 |
Total Impaired Loans Unpaid Principal Balance | $ 36 | $ 36 |
Consumer - Second Mortgages Receivable [Member] | ||
Impaired Loans With Specific Allowance, Recorded Investment | ||
Impaired Loans With Specific Allowance, Related Allowance | ||
Impaired Loans With No Specific Allowance, Recorded Investment | $ 154 | $ 179 |
Total Impaired Loans Recorded Investment | 154 | 179 |
Total Impaired Loans Unpaid Principal Balance | $ 320 | $ 342 |
Loans Receivable and Related 39
Loans Receivable and Related Allowance for Loan Losses (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Average Impaired Loans | $ 2,452 | $ 3,283 |
Interest Income Recognized on Impaired Loans | 56 | 13 |
Residential Mortgage [Member] | ||
Average Impaired Loans | $ 586 | $ 918 |
Interest Income Recognized on Impaired Loans | ||
Construction and Development - Residential And Commercial Receivable [Member] | ||
Average Impaired Loans | $ 121 | $ 179 |
Interest Income Recognized on Impaired Loans | 1 | 1 |
Commercial Real Estate [Member] | ||
Average Impaired Loans | 1,536 | $ 523 |
Interest Income Recognized on Impaired Loans | 55 | |
Consumer - Home Equity Lines of Credit [Member] | ||
Average Impaired Loans | $ 20 | $ 35 |
Interest Income Recognized on Impaired Loans | ||
Consumer - Second Mortgages Receivable [Member] | ||
Average Impaired Loans | $ 189 | $ 729 |
Interest Income Recognized on Impaired Loans | ||
Commercial - Other Receivable [Member] | ||
Average Impaired Loans | $ 899 | |
Interest Income Recognized on Impaired Loans | $ 12 |
Loans Receivable and Related 40
Loans Receivable and Related Allowance for Loan Losses (Details 4) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Loans and Leases, gross | $ 464,657 | $ 394,198 | $ 386,029 |
Residential Mortgage [Member] | |||
Loans and Leases, gross | 211,302 | 214,958 | 229,507 |
Construction and Development - Residential And Commercial Receivable [Member] | |||
Loans and Leases, gross | 6,007 | 5,677 | $ 6,039 |
Construction And Development - Land Receivable [Member] | |||
Loans and Leases, gross | 6,804 | 2,142 | |
Commercial Real Estate [Member] | |||
Loans and Leases, gross | 142,981 | 87,686 | $ 67,274 |
Commercial Multi Family Receivable [Member] | |||
Loans and Leases, gross | 10,549 | 7,444 | 5,450 |
Commercial - Other Receivable [Member] | |||
Loans and Leases, gross | 25,975 | 13,380 | 5,603 |
Consumer - Home Equity Lines of Credit [Member] | |||
Loans and Leases, gross | 23,207 | 22,919 | 24,430 |
Consumer - Second Mortgages Receivable [Member] | |||
Loans and Leases, gross | 35,533 | 37,633 | 45,051 |
Consumer - Other Receivable [Member] | |||
Loans and Leases, gross | 2,299 | 2,359 | $ 2,675 |
Pass [Member] | |||
Loans and Leases, gross | 452,239 | 381,478 | |
Pass [Member] | Residential Mortgage [Member] | |||
Loans and Leases, gross | 210,324 | 214,146 | |
Pass [Member] | Construction and Development - Residential And Commercial Receivable [Member] | |||
Loans and Leases, gross | 5,886 | 5,450 | |
Pass [Member] | Construction And Development - Land Receivable [Member] | |||
Loans and Leases, gross | 6,804 | 2,142 | |
Pass [Member] | Commercial Real Estate [Member] | |||
Loans and Leases, gross | 133,865 | 78,207 | |
Pass [Member] | Commercial Multi Family Receivable [Member] | |||
Loans and Leases, gross | 10,276 | 7,166 | |
Pass [Member] | Commercial - Other Receivable [Member] | |||
Loans and Leases, gross | 24,985 | 12,387 | |
Pass [Member] | Consumer - Home Equity Lines of Credit [Member] | |||
Loans and Leases, gross | 23,087 | 22,801 | |
Pass [Member] | Consumer - Second Mortgages Receivable [Member] | |||
Loans and Leases, gross | 34,727 | 36,834 | |
Pass [Member] | Consumer - Other Receivable [Member] | |||
Loans and Leases, gross | 2,285 | 2,345 | |
Special Mention [Member] | |||
Loans and Leases, gross | 5,373 | 5,724 | |
Special Mention [Member] | Residential Mortgage [Member] | |||
Loans and Leases, gross | $ 128 | 130 | |
Special Mention [Member] | Construction and Development - Residential And Commercial Receivable [Member] | |||
Loans and Leases, gross | $ 106 | ||
Special Mention [Member] | Construction And Development - Land Receivable [Member] | |||
Loans and Leases, gross | |||
Special Mention [Member] | Commercial Real Estate [Member] | |||
Loans and Leases, gross | $ 4,557 | $ 4,791 | |
Special Mention [Member] | Commercial Multi Family Receivable [Member] | |||
Loans and Leases, gross | 273 | 278 | |
Special Mention [Member] | Commercial - Other Receivable [Member] | |||
Loans and Leases, gross | $ 269 | $ 272 | |
Special Mention [Member] | Consumer - Home Equity Lines of Credit [Member] | |||
Loans and Leases, gross | |||
Special Mention [Member] | Consumer - Second Mortgages Receivable [Member] | |||
Loans and Leases, gross | $ 132 | $ 133 | |
Special Mention [Member] | Consumer - Other Receivable [Member] | |||
Loans and Leases, gross | 14 | 14 | |
Substandard [Member] | |||
Loans and Leases, gross | 7,045 | 6,996 | |
Substandard [Member] | Residential Mortgage [Member] | |||
Loans and Leases, gross | 850 | 682 | |
Substandard [Member] | Construction and Development - Residential And Commercial Receivable [Member] | |||
Loans and Leases, gross | $ 121 | $ 121 | |
Substandard [Member] | Construction And Development - Land Receivable [Member] | |||
Loans and Leases, gross | |||
Substandard [Member] | Commercial Real Estate [Member] | |||
Loans and Leases, gross | $ 4,559 | $ 4,688 | |
Substandard [Member] | Commercial Multi Family Receivable [Member] | |||
Loans and Leases, gross | |||
Substandard [Member] | Commercial - Other Receivable [Member] | |||
Loans and Leases, gross | $ 721 | $ 721 | |
Substandard [Member] | Consumer - Home Equity Lines of Credit [Member] | |||
Loans and Leases, gross | 120 | 118 | |
Substandard [Member] | Consumer - Second Mortgages Receivable [Member] | |||
Loans and Leases, gross | $ 674 | $ 666 | |
Substandard [Member] | Consumer - Other Receivable [Member] | |||
Loans and Leases, gross | |||
Doubtful [Member] | |||
Loans and Leases, gross | |||
Doubtful [Member] | Residential Mortgage [Member] | |||
Loans and Leases, gross | |||
Doubtful [Member] | Construction and Development - Residential And Commercial Receivable [Member] | |||
Loans and Leases, gross | |||
Doubtful [Member] | Construction And Development - Land Receivable [Member] | |||
Loans and Leases, gross | |||
Doubtful [Member] | Commercial Real Estate [Member] | |||
Loans and Leases, gross | |||
Doubtful [Member] | Commercial Multi Family Receivable [Member] | |||
Loans and Leases, gross | |||
Doubtful [Member] | Commercial - Other Receivable [Member] | |||
Loans and Leases, gross | |||
Doubtful [Member] | Consumer - Home Equity Lines of Credit [Member] | |||
Loans and Leases, gross | |||
Doubtful [Member] | Consumer - Second Mortgages Receivable [Member] | |||
Loans and Leases, gross | |||
Doubtful [Member] | Consumer - Other Receivable [Member] | |||
Loans and Leases, gross |
Loans Receivable and Related 41
Loans Receivable and Related Allowance for Loan Losses (Details 5) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Non-accrual loans | $ 795 | $ 1,399 |
Residential Mortgage [Member] | ||
Non-accrual loans | 609 | 599 |
Construction and Development - Residential And Commercial Receivable [Member] | ||
Non-accrual loans | $ 12 | 12 |
Commercial Real Estate [Member] | ||
Non-accrual loans | 589 | |
Consumer - Home Equity Lines of Credit [Member] | ||
Non-accrual loans | $ 20 | 20 |
Consumer - Second Mortgages Receivable [Member] | ||
Non-accrual loans | $ 154 | $ 179 |
Loans Receivable and Related 42
Loans Receivable and Related Allowance for Loan Losses (Details 6) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Current | $ 456,458 | $ 390,241 | |
Past Due | 8,199 | 3,957 | |
Total Loans Receivable | 464,657 | 394,198 | $ 386,029 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due | 5,209 | 1,773 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due | 2,195 | 785 | |
Equal to Greater than 90 Days Past Due [Member] | |||
Past Due | 795 | 1,399 | |
Residential Mortgage [Member] | |||
Current | 206,109 | 213,253 | |
Past Due | 5,193 | 1,705 | |
Total Loans Receivable | 211,302 | 214,958 | 229,507 |
Residential Mortgage [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due | 4,313 | 913 | |
Residential Mortgage [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due | 271 | 193 | |
Residential Mortgage [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Past Due | 609 | 599 | |
Construction and Development - Residential And Commercial Receivable [Member] | |||
Current | 5,995 | 5,665 | |
Past Due | 12 | 12 | |
Total Loans Receivable | $ 6,007 | $ 5,677 | $ 6,039 |
Construction and Development - Residential And Commercial Receivable [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due | |||
Construction and Development - Residential And Commercial Receivable [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due | |||
Construction and Development - Residential And Commercial Receivable [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Past Due | $ 12 | $ 12 | |
Construction And Development - Land Receivable [Member] | |||
Current | $ 6,804 | $ 2,142 | |
Past Due | |||
Total Loans Receivable | $ 6,804 | $ 2,142 | |
Construction And Development - Land Receivable [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due | |||
Construction And Development - Land Receivable [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due | |||
Construction And Development - Land Receivable [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Past Due | |||
Commercial Real Estate [Member] | |||
Current | $ 141,309 | $ 86,119 | |
Past Due | 1,672 | 1,567 | |
Total Loans Receivable | 142,981 | 87,686 | $ 67,274 |
Commercial Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due | 277 | 485 | |
Commercial Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due | $ 1,395 | 493 | |
Commercial Real Estate [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Past Due | 589 | ||
Commercial Multi Family Receivable [Member] | |||
Current | $ 10,549 | $ 7,444 | |
Past Due | |||
Total Loans Receivable | $ 10,549 | $ 7,444 | 5,450 |
Commercial Multi Family Receivable [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due | |||
Commercial Multi Family Receivable [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due | |||
Commercial Multi Family Receivable [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Past Due | |||
Commercial - Other Receivable [Member] | |||
Current | $ 25,895 | $ 13,380 | |
Past Due | 80 | ||
Total Loans Receivable | $ 25,975 | $ 13,380 | 5,603 |
Commercial - Other Receivable [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due | |||
Commercial - Other Receivable [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due | $ 80 | ||
Commercial - Other Receivable [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Past Due | |||
Consumer - Home Equity Lines of Credit [Member] | |||
Current | $ 23,060 | $ 22,899 | |
Past Due | 147 | 20 | |
Total Loans Receivable | 23,207 | $ 22,919 | 24,430 |
Consumer - Home Equity Lines of Credit [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due | $ 127 | ||
Consumer - Home Equity Lines of Credit [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due | |||
Consumer - Home Equity Lines of Credit [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Past Due | $ 20 | $ 20 | |
Consumer - Second Mortgages Receivable [Member] | |||
Current | 34,453 | 37,010 | |
Past Due | 1,080 | 623 | |
Total Loans Receivable | 35,533 | 37,633 | 45,051 |
Consumer - Second Mortgages Receivable [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due | 482 | 345 | |
Consumer - Second Mortgages Receivable [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due | 444 | 99 | |
Consumer - Second Mortgages Receivable [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Past Due | 154 | 179 | |
Consumer - Other Receivable [Member] | |||
Current | 2,284 | 2,329 | |
Past Due | 15 | 30 | |
Total Loans Receivable | 2,299 | 2,359 | $ 2,675 |
Consumer - Other Receivable [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Past Due | 10 | $ 30 | |
Consumer - Other Receivable [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Past Due | $ 5 | ||
Consumer - Other Receivable [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Past Due |
Loans Receivable and Related 43
Loans Receivable and Related Allowance for Loan Losses (Details 7) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015USD ($)N | Dec. 31, 2014USD ($)N | Sep. 30, 2015USD ($)N | |
Number of loans | N | 5 | 3 | 5 |
Recorded investment | $ | $ 1,583 | $ 1,584 | $ 1,583 |
Number of loans subsequently defaulted | N | 2 | 1 | 2 |
Recorded Investment subsequently defaulted | $ | $ 982 | $ 982 | |
Construction and Development - Residential And Commercial Receivable [Member] | |||
Number of loans | N | 1 | 1 | 1 |
Recorded investment | $ | $ 109 | $ 109 | $ 109 |
Number of loans subsequently defaulted | N | |||
Recorded Investment subsequently defaulted | $ | |||
Commercial Real Estate [Member] | |||
Number of loans | N | 4 | 4 | |
Recorded investment | $ | $ 1,475 | $ 1,474 | |
Number of loans subsequently defaulted | N | 2 | ||
Recorded Investment subsequently defaulted | $ | $ 982 |
Loans Receivable and Related 44
Loans Receivable and Related Allowance for Loan Losses (Details 8) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Recorded Investment | $ 1,583 | $ 1,583 | $ 1,584 |
Performing Financing Receivable [Member] | |||
Recorded Investment | $ 1,584 | 1,091 | $ 1,584 |
Nonperforming Financing Receivable [Member] | |||
Recorded Investment | 492 | ||
Construction and Development - Residential And Commercial Receivable [Member] | |||
Recorded Investment | $ 109 | 109 | $ 109 |
Construction and Development - Residential And Commercial Receivable [Member] | Performing Financing Receivable [Member] | |||
Recorded Investment | $ 109 | $ 109 | $ 109 |
Construction and Development - Residential And Commercial Receivable [Member] | Nonperforming Financing Receivable [Member] | |||
Recorded Investment | |||
Commercial Real Estate [Member] | |||
Recorded Investment | $ 1,475 | $ 1,474 | |
Commercial Real Estate [Member] | Performing Financing Receivable [Member] | |||
Recorded Investment | $ 1,475 | 982 | $ 1,475 |
Commercial Real Estate [Member] | Nonperforming Financing Receivable [Member] | |||
Recorded Investment | $ 492 |
Regulatory Matters (Details Nar
Regulatory Matters (Details Narrative) | Dec. 31, 2015 | Sep. 30, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Equity tier 1 capital ratio | 6.00% | 6.00% |
Total risk-based Capital (to risk-weighted assets): Actual Ratio | 14.85% | 16.99% |
Malvern Federal Savings Bank [Member] | ||
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 [Member] | Minimum [Member] | ||
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 [Member] | Maximum [Member] | ||
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% |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Banking and Thrift [Abstract] | ||
Core Capital (to adjusted tangible assets): Actual Amount | $ 70,435 | $ 69,030 |
Common equity Tier 1(to risk-weighted assets): Actual Amount | 70,435 | 69,030 |
Tier 1 Capital (to risk-weighted assets): Actual Amount | 70,435 | 69,030 |
Total risk-based Capital (to risk-weighted assets): Actual Amount | $ 75,072 | $ 73,759 |
Core Capital (to adjusted tangible assets): Actual Ratio | 10.43% | 10.80% |
Common equity Tier 1(to risk-weighted assets): Actual Ratio | 13.94% | 15.90% |
Tier 1 Capital (to risk-weighted assets): Actual Ratio | 13.94% | 15.90% |
Total risk-based Capital (to risk-weighted assets): Actual Ratio | 14.85% | 16.99% |
Core Capital (to adjusted tangible assets): For Capital Adequacy Purposes Amount | $ 27,003 | $ 25,573 |
Common equity Tier 1(to risk-weighted assets): For Capital Adequacy Purposes Amount | 22,743 | 19,538 |
Tier 1 Capital (to risk-weighted assets): For Capital Adequacy Purposes Amount | 30,323 | 26,051 |
Total risk-based Capital (to risk-weighted assets): For Capital Adequacy Purposes Amount | $ 40,431 | $ 34,734 |
Core Capital (to adjusted tangible assets): For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Common equity Tier 1(to risk-weighted assets): For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Tier 1 Capital (to risk-weighted assets): For Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
Total risk-based Capital (to risk-weighted assets): For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Core Capital (to adjusted tangible assets): To be Well Capitalized under Prompt Corrective Action Provisions Amount | $ 33,753 | $ 31,966 |
Common equity Tier 1(to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Amount | 32,850 | 28,222 |
Tier 1 Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Amount | 40,431 | 34,734 |
Total risk-based Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Amount | $ 50,539 | $ 43,418 |
Core Capital (to adjusted tangible assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Common equity Tier 1(to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier 1 Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Total risk-based Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Derivatives and Hedging Activ47
Derivatives and Hedging Activities (Details Narrative) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Sep. 30, 2015 | |
Interest expense | $ 144 | |
Derivatives net liability position | 140 | $ 195 |
Derivatives minimum collateral posting thresholds | $ 600 | $ 600 |
Derivatives and Hedging Activ48
Derivatives and Hedging Activities (Details) - Designated as Hedging Instrument [Member] - Other Liabilities [Member] - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Sep. 30, 2015 | |
Notional Amount | $ 15,000 | $ 15,000 |
Fair Value | $ 103 | $ 348 |
Expiration Date | Aug. 3, 2020 | Aug. 3, 2020 |
Effective Date | Aug. 3, 2015 | Aug. 3, 2015 |
Derivatives and Hedging Activ49
Derivatives and Hedging Activities (Details 1) - Interest Rate Swap [Member] $ in Thousands | 3 Months Ended |
Dec. 31, 2015USD ($) | |
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | $ 152 |
Amount of Gain (Loss) Reclassified from OCI to Interest Expense | $ (56) |
Amount of Gain (Loss) Recognized in Other Non-Interest Income (Ineffective Portion) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Assets | ||
Investment securities available for sale, at fair value | $ 116,767 | $ 128,354 |
U S Government Agencies Debt Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 779 | 815 |
U S States And Political Subdivisions [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 37,534 | 42,083 |
Single Issuer Trust Preferred Security [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 849 | 850 |
Corporate Debt Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 63,701 | 69,982 |
Available For Sale Securities Before Mortgage Backed [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 102,863 | 113,730 |
Federal National Mortgage Association Certificates And Obligations F N M A [Member] | Fixed Rate [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 8,225 | 8,692 |
Federal Home Loan Mortgage Corporation Certificates And Obligations F H L M C [Member] | Fixed Rate [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 5,679 | 5,932 |
Mortgage Backed Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | $ 13,904 | $ 14,624 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Liabilities | ||
Derivative instruments | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | $ 116,767 | $ 128,354 |
Liabilities | ||
Derivative instruments | $ 103 | $ 348 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Liabilities | ||
Derivative instruments | ||
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | $ 116,767 | $ 128,354 |
Liabilities | ||
Derivative instruments | 103 | 348 |
Fair Value, Measurements, Recurring [Member] | U S Government Agencies Debt Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 779 | 815 |
Fair Value, Measurements, Recurring [Member] | U S States And Political Subdivisions [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 37,534 | 42,083 |
Fair Value, Measurements, Recurring [Member] | Single Issuer Trust Preferred Security [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 849 | 850 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 63,701 | 69,982 |
Fair Value, Measurements, Recurring [Member] | Available For Sale Securities Before Mortgage Backed [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 102,863 | 113,730 |
Fair Value, Measurements, Recurring [Member] | Federal National Mortgage Association Certificates And Obligations F N M A [Member] | Fixed Rate [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 8,225 | 8,692 |
Fair Value, Measurements, Recurring [Member] | Federal Home Loan Mortgage Corporation Certificates And Obligations F H L M C [Member] | Fixed Rate [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 5,679 | 5,932 |
Fair Value, Measurements, Recurring [Member] | Mortgage Backed Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | $ 13,904 | $ 14,624 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Liabilities | ||
Derivative instruments | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | U S Government Agencies Debt Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | U S States And Political Subdivisions [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Single Issuer Trust Preferred Security [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Available For Sale Securities Before Mortgage Backed [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Federal National Mortgage Association Certificates And Obligations F N M A [Member] | Fixed Rate [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Federal Home Loan Mortgage Corporation Certificates And Obligations F H L M C [Member] | Fixed Rate [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage Backed Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | $ 116,767 | $ 128,354 |
Liabilities | ||
Derivative instruments | 103 | 348 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U S Government Agencies Debt Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 779 | 815 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U S States And Political Subdivisions [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 37,534 | 42,083 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Single Issuer Trust Preferred Security [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 849 | 850 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 63,701 | 69,982 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Available For Sale Securities Before Mortgage Backed [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 102,863 | 113,730 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Federal National Mortgage Association Certificates And Obligations F N M A [Member] | Fixed Rate [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 8,225 | 8,692 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Federal Home Loan Mortgage Corporation Certificates And Obligations F H L M C [Member] | Fixed Rate [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 5,679 | 5,932 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage Backed Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | $ 13,904 | $ 14,624 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Liabilities | ||
Derivative instruments | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | U S Government Agencies Debt Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | U S States And Political Subdivisions [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Single Issuer Trust Preferred Security [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Available For Sale Securities Before Mortgage Backed [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Federal National Mortgage Association Certificates And Obligations F N M A [Member] | Fixed Rate [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Federal Home Loan Mortgage Corporation Certificates And Obligations F H L M C [Member] | Fixed Rate [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage Backed Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value |
Fair Value Measurements (Deta51
Fair Value Measurements (Details 1) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value, nonrecurring basis | $ 21 | $ 78 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value, nonrecurring basis | |||||
Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value, nonrecurring basis | $ 30 | ||||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value, nonrecurring basis | $ 21 | 48 | |||
Impaired Loans Net [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value, nonrecurring basis | [2] | $ 21 | [1] | $ 48 | [3] |
Impaired Loans Net [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value, nonrecurring basis | [2] | [1] | [3] | ||
Impaired Loans Net [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value, nonrecurring basis | [2] | [1] | [3] | ||
Impaired Loans Net [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value, nonrecurring basis | [2] | $ 21 | [1] | $ 48 | [3] |
Mortgage Servicing Rights [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value, nonrecurring basis | $ 30 | ||||
Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value, nonrecurring basis | |||||
Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value, nonrecurring basis | $ 30 | ||||
Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value, nonrecurring basis | |||||
[1] | At December 31, 2015, consisted of one loan with an aggregate balance of $21,000 and there was no specific loan loss allowance. | ||||
[2] | Includes assets directly charged-down to fair value during the year-to-date period. | ||||
[3] | At September 30, 2015, consisted of two loans with an aggregate balance of $48,000 and there were no specific loan loss allowance. |
Fair Value Measurements (Deta52
Fair Value Measurements (Details 2) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Sep. 30, 2015 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value | $ 21 | $ 78 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value | 21 | 48 | |||
Impaired Loans Net [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value | [2] | 21 | [1] | 48 | [3] |
Impaired Loans Net [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value | [2] | $ 21 | [1] | $ 48 | [3] |
Valuation Technique | [2],[4] | Appraisal of collateral | [1] | Appraisal of collateral | [3] |
Unobservable Input | [2],[5] | Collateral discounts | [1] | Collateral discounts | [3] |
Impaired Loans Net [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Inputs, Discount Rate | [2] | 28.00% | [1] | 65.00% | [3] |
Impaired Loans Net [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Inputs, Discount Rate | [2],[3] | 80.00% | |||
Impaired Loans Net [Member] | Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Inputs, Discount Rate | [2] | 0.40% | [1] | 74.00% | [3] |
[1] | At December 31, 2015, consisted of one loan with an aggregate balance of $21,000 and there was no specific loan loss allowance. | ||||
[2] | Includes assets directly charged-down to fair value during the year-to-date period. | ||||
[3] | At September 30, 2015, consisted of two loans with an aggregate balance of $48,000 and there were no specific loan loss allowance. | ||||
[4] | Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. | ||||
[5] | Appraisals may be adjusted by management for qualitative factors such as time, changes in economic conditions and estimated liquidation expense. |
Fair Value Measurements (Deta53
Fair Value Measurements (Details 3) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Sep. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 21 | $ 78 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 30 | |
Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 30 | |
Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 30 | |
Valuation Technique | Discount rate | Discount rate |
Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 2 [Member] | Discount Rate [Member] | ||
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 |
Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 2 [Member] | Loan Prepayment Speeds [Member] | ||
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 | 14.22% | 14.73% |
Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 2 [Member] | Servicing Fees [Member] | ||
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% |
Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 2 [Member] | Servicing Costs Monthly Servicing Cost Per Account [Member] | ||
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 (in dollars per share) | $ 6.25 | $ 6.25 |
Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 2 [Member] | Servicing Costs Additional Monthly Servicing Cost Per Loan On Loans More Than30 Days Delinquent [Member] | ||
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 |
Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 2 [Member] | Minimum [Member] | Discount Rate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | 11.00% | 11.00% |
Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 2 [Member] | Minimum [Member] | Servicing Costs Additional Monthly Servicing Cost Per Loan On Loans More Than30 Days Delinquent [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Additional monthly servicing cost per loan | $ 300 | $ 300 |
Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 2 [Member] | Maximum [Member] | Discount Rate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | 12.00% | 12.00% |
Mortgage Servicing Rights [Member] | Fair Value, Inputs, Level 2 [Member] | Maximum [Member] | Servicing Costs Additional Monthly Servicing Cost Per Loan On Loans More Than30 Days Delinquent [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Additional monthly servicing cost per loan | $ 500 | $ 500 |
Fair Value Measurements (Deta54
Fair Value Measurements (Details 4) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Financial assets: | ||
Investment securities available-for-sale | $ 116,767 | $ 128,354 |
Investment securities held-to-maturity | 53,931 | 56,825 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | $ 56,370 | $ 40,263 |
Investment securities available-for-sale | ||
Investment securities held-to-maturity | ||
Loans receivable, net | ||
Accrued interest receivable | ||
Restricted stock | ||
Mortgage servicing rights (included in Other Assets) | ||
Financial liabilities: | ||
Savings accounts | ||
Checking and NOW accounts | ||
Money market accounts | ||
Certificates of deposit | ||
FHLB advances | ||
Derivatives | ||
Accrued interest payable | ||
Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | ||
Investment securities available-for-sale | $ 116,767 | $ 128,354 |
Investment securities held-to-maturity | $ 53,931 | $ 56,825 |
Loans receivable, net | ||
Accrued interest receivable | $ 2,722 | $ 2,484 |
Restricted stock | 4,762 | 4,765 |
Mortgage servicing rights (included in Other Assets) | 417 | 416 |
Financial liabilities: | ||
Savings accounts | 45,312 | 45,189 |
Checking and NOW accounts | 114,268 | 109,907 |
Money market accounts | 133,608 | 108,706 |
Certificates of deposit | 243,812 | 203,257 |
FHLB advances | 103,839 | 104,889 |
Derivatives | 103 | 348 |
Accrued interest payable | $ 398 | $ 396 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | ||
Investment securities available-for-sale | ||
Investment securities held-to-maturity | ||
Loans receivable, net | $ 469,133 | $ 400,305 |
Accrued interest receivable | ||
Restricted stock | ||
Mortgage servicing rights (included in Other Assets) | ||
Financial liabilities: | ||
Savings accounts | ||
Checking and NOW accounts | ||
Money market accounts | ||
Certificates of deposit | ||
FHLB advances | ||
Derivatives | ||
Accrued interest payable | ||
Carrying Amount [Member] | ||
Financial assets: | ||
Cash and cash equivalents | $ 56,370 | $ 40,263 |
Investment securities available-for-sale | 116,767 | 128,354 |
Investment securities held-to-maturity | 54,914 | 57,221 |
Loans receivable, net | 461,491 | 391,307 |
Accrued interest receivable | 2,722 | 2,484 |
Restricted stock | 4,762 | 4,765 |
Mortgage servicing rights (included in Other Assets) | 388 | 401 |
Financial liabilities: | ||
Savings accounts | 45,312 | 45,189 |
Checking and NOW accounts | 114,268 | 109,907 |
Money market accounts | 133,608 | 108,706 |
Certificates of deposit | 241,513 | 201,720 |
FHLB advances | 103,000 | 103,000 |
Derivatives | 103 | 348 |
Accrued interest payable | 398 | 396 |
Fair Value [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 56,370 | 40,263 |
Investment securities available-for-sale | 116,767 | 128,354 |
Investment securities held-to-maturity | 53,931 | 56,825 |
Loans receivable, net | 469,133 | 400,305 |
Accrued interest receivable | 2,722 | 2,484 |
Restricted stock | 4,762 | 4,765 |
Mortgage servicing rights (included in Other Assets) | 417 | 416 |
Financial liabilities: | ||
Savings accounts | 45,312 | 45,189 |
Checking and NOW accounts | 114,268 | 109,907 |
Money market accounts | 133,608 | 108,706 |
Certificates of deposit | 243,812 | 203,257 |
FHLB advances | 103,839 | 104,889 |
Derivatives | 103 | 348 |
Accrued interest payable | $ 398 | $ 396 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Deferred Tax Assets: | ||
Unrealized loss on investments available-for-sale | $ 590 | $ 383 |
Allowance for loan losses | 2,985 | 2,985 |
Non-accrual interest | 86 | 98 |
Write-down of real estate owned | 106 | 106 |
Alternative minimum tax (AMT) credit carryover | 147 | 128 |
Low-income housing tax credit carryover | 337 | 337 |
Supplement Employer Retirement Plan | 409 | 455 |
Charitable contributions | $ 49 | 36 |
Depreciation | 205 | |
Federal net operating loss | $ 5,985 | 6,375 |
Other | 382 | 338 |
Total Deferred Tax Assets | 11,076 | 11,446 |
Valuation allowance for DTA | (7,824) | (8,043) |
Total Deferred Tax Assets, Net of Valuation Allowance | $ 3,252 | 3,403 |
Deferred Tax Liabilities: | ||
State net operating income | $ (187) | |
Depreciation | $ (11) | |
Mortgage servicing rights | (132) | $ (136) |
Other | (235) | (206) |
Total Deferred Tax Liabilities | (378) | (529) |
Deferred Tax Assets, Net | $ 2,874 | $ 2,874 |
Comprehensive Income (Loss) (De
Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Sep. 30, 2015 | |
Equity [Abstract] | ||
Net unrealized holding losses on available-for-sale securities | $ (1,736) | $ (1,011) |
Tax effect | 590 | 344 |
Net of tax amount | $ (1,146) | (667) |
Net unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | (115) | |
Tax effect | 39 | |
Net of tax amount | (76) | |
Fair value adjustments on derivatives | $ (103) | (348) |
Tax effect | 35 | 12 |
Net of tax amount | (68) | (336) |
Total accumulated other comprehensive loss | $ (1,214) | $ (1,079) |
Comprehensive Income (Loss) (57
Comprehensive Income (Loss) (Details 1) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Equity [Abstract] | |||
Net unrealized holding (losses) gains on available-for-sale securities | $ (482) | $ 1,163 | |
Net realized gain on securities available-for-sale | [1] | (131) | $ (26) |
Amortization of unrealized holding losses on securities available-for-sale transferred to held-to-maturity | [2] | 2 | |
Fair value adjustments on derivatives | 403 | ||
Other comprehensive income (loss) before taxes | (208) | $ 1,137 | |
Tax effect | 73 | (387) | |
Total comprehensive (loss) income | $ (135) | $ 750 | |
[1] | Amounts are included in net gain on sales of securities on the Consolidated Statements of Operations in total other income. | ||
[2] | Amounts are included in interest and dividends on investment securities on the Consolidated Statements of Operations. |