Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2017 | Feb. 09, 2018 | |
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, 2017 | |
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 | 6,572,684 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,018 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Assets | ||
Cash and due from depository institutions | $ 1,636 | $ 1,615 |
Interest bearing deposits in depository institutions | 127,006 | 115,521 |
Cash and Cash Equivalents | 128,642 | 117,136 |
Investment securities available for sale, at fair value | 44,503 | 14,587 |
Investment securities held to maturity, at cost (fair value of $33,291 and $34,566, respectively) | 33,893 | 34,915 |
Restricted stock, at cost | 5,930 | 5,559 |
Loans receivable, net of allowance for loan losses of $8,437 and $8,405, respectively | 806,764 | 834,331 |
Accrued interest receivable | 3,344 | 3,139 |
Property and equipment, net | 7,374 | 7,507 |
Deferred income taxes, net | 3,791 | 6,671 |
Bank-owned life insurance | 19,045 | 18,923 |
Other assets | 3,872 | 3,244 |
Total Assets | 1,057,158 | 1,046,012 |
Deposits: | ||
Deposits-noninterest-bearing | 45,756 | 42,121 |
Deposits-interest-bearing | 751,343 | 748,275 |
Total Deposits | 797,099 | 790,396 |
FHLB advances | 118,000 | 118,000 |
Other short-term borrowings | 5,000 | 5,000 |
Subordinated debt | 24,342 | 24,303 |
Advances from borrowers for taxes and insurance | 2,895 | 1,553 |
Accrued interest payable | 1,099 | 694 |
Other liabilities | 5,527 | 3,546 |
Total Liabilities | 953,962 | 943,492 |
Commitments and Contingencies | ||
Shareholders' Equity | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued | ||
Common stock, $0.01 par value, 40,000,000 shares authorized, issued and outstanding: 6,572,684 shares at December 31, 2017 and 6,572,684 shares at September 30, 2017 | 66 | 66 |
Additional paid-in-capital | 60,811 | 60,736 |
Retained earnings | 43,542 | 43,139 |
Unearned Employee Stock Ownership Plan (ESOP) shares | (1,447) | (1,483) |
Accumulated other comprehensive income | 224 | 62 |
Total Shareholders' Equity | 103,196 | 102,520 |
Total Liabilities and Shareholders' Equity | $ 1,057,158 | $ 1,046,012 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 33,291 | $ 34,566 |
Allowance for loan losses | $ 8,437 | $ 8,405 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized | 40,000,000 | 40,000,000 |
Common stock, issued | 6,572,684 | 6,572,684 |
Common stock, outstanding | 6,572,684 | 6,572,684 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Interest and Dividend Income | ||
Loans, including fees | $ 8,701 | $ 6,313 |
Investment securities, taxable | 230 | 472 |
Investment securities, tax-exempt | 65 | 163 |
Dividends, restricted stock | 69 | 64 |
Interest-bearing cash accounts | 446 | 93 |
Total Interest and Dividend Income | 9,511 | 7,105 |
Interest Expense | ||
Deposits | 2,155 | 1,324 |
Short-term borrowings | 19 | |
Long-term borrowings | 563 | 542 |
Subordinated debt | 392 | |
Total Interest Expense | 3,129 | 1,866 |
Net interest income | 6,382 | 5,239 |
Provision for Loan Losses | 660 | |
Net Interest Income after Provision for Loan Losses | 6,382 | 4,579 |
Other Income | ||
Service charges and other fees | 271 | 223 |
Rental income-other | 66 | 55 |
Net gains on sale of real estate | 1,186 | |
Net gains on sale of loans | 67 | 45 |
Earnings on bank-owned life insurance | 121 | 130 |
Total Other Income | 1,711 | 453 |
Other Expense | ||
Salaries and employee benefits | 1,990 | 1,712 |
Occupancy expense | 562 | 494 |
Federal deposit insurance premium | 76 | 4 |
Advertising | 54 | 51 |
Data processing | 278 | 302 |
Professional fees | 788 | 401 |
Other operating expenses | 723 | 606 |
Total Other Expense | 4,471 | 3,570 |
Income before income tax expense | 3,622 | 1,462 |
Income tax expense | 3,219 | 489 |
Net Income | $ 403 | $ 973 |
Earnings Per Common Share: | ||
Basic (in dollars per share) | $ 0.06 | $ 0.15 |
Diluted (in dollars per share) | $ 0.06 | $ 0.15 |
Weighted Average Common Shares Outstanding: | ||
Basic (in shares) | 6,445,264 | 6,418,583 |
Diluted (in shares) | 6,450,513 | 6,419,012 |
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, 2017 | Dec. 31, 2016 | ||
Income Statement [Abstract] | |||
Net Income | $ 403 | $ 973 | |
Other Comprehensive (Loss) Income, Net of Tax: | |||
Unrealized holding losses on available-for-sale securities | (83) | (1,098) | |
Tax effect | 25 | 374 | |
Net of tax amount | (58) | (724) | |
Accretion of unrealized holding losses on securities transferred from available-for-sale to held-to-maturity | [1] | 2 | 4 |
Tax effect | (1) | (1) | |
Net of tax amount | 1 | 3 | |
Fair value adjustments on derivatives | 242 | 945 | |
Tax effect | (23) | (321) | |
Net of tax amount | 219 | 624 | |
Total other comprehensive income (loss) | 162 | (97) | |
Total comprehensive income | $ 565 | $ 876 | |
[1] | 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, 2016 | $ 66 | $ 60,461 | $ 37,322 | $ (1,629) | $ (63) | $ 96,157 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 973 | 973 | ||||
Other comprehensive income (loss) | (97) | (97) | ||||
Committed to be released ESOP shares (3,600 shares) | 32 | 37 | 69 | |||
Stock based compensation | 2 | 2 | ||||
Balance at ending at Dec. 31, 2016 | 66 | 60,495 | 38,295 | (1,592) | (160) | 97,104 |
Balance at beginning at Sep. 30, 2017 | 66 | 60,736 | 43,139 | (1,483) | 62 | 102,520 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 403 | 403 | ||||
Other comprehensive income (loss) | 162 | 162 | ||||
Committed to be released ESOP shares (3,600 shares) | 60 | 36 | 96 | |||
Stock based compensation | 15 | 15 | ||||
Balance at ending at Dec. 31, 2017 | $ 66 | $ 60,811 | $ 43,542 | $ (1,447) | $ 224 | $ 103,196 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - shares | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
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, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities | ||
Net income | $ 403 | $ 973 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 187 | 179 |
Provision for loan losses | 660 | |
Deferred income taxes expense | 2,849 | 428 |
ESOP expense | 96 | 69 |
Stock based compensation | 15 | 2 |
Amortization of premiums and discounts on investment securities, net | 294 | 456 |
Amortization (accretion) of loan origination fees and costs | 8 | (514) |
Amortization of mortgage service rights | 13 | 15 |
Net gain on sale of real estate | (1,186) | |
Net gain on sale of secondary market loans | (67) | (45) |
Proceeds on sale of secondary market loans | 5,112 | 2,287 |
Originations of secondary market loans | (5,045) | (2,242) |
Earnings on bank-owned life insurance | (121) | (130) |
Increase in accrued interest receivable | (205) | (341) |
Increase in accrued interest payable | 405 | 21 |
Increase (decrease) in other liabilities | 1,981 | (690) |
(Increase) decrease in other assets | (367) | 88 |
Amortization of subordinated debt | 39 | |
Net Cash Provided by Operating Activities | 4,411 | 1,216 |
Investment securities available-for-sale: | ||
Purchases | (30,140) | |
Maturities, calls and principal repayments | 123 | 446 |
Investment securities held-to-maturity: | ||
Maturities, calls and principal repayments | 747 | 2,121 |
Loan originations and principal collections, net | 27,559 | (94,413) |
Net (increase) decrease in restricted stock | (371) | 8 |
Proceeds from sale of real estate | 1,315 | |
Purchases of property and equipment | (183) | (311) |
Net Cash Used in Investing Activities | (950) | (92,149) |
Cash Flows from Financing Activities | ||
Net increase in deposits | 6,703 | 56,577 |
Proceeds from long-term borrowings | 35,000 | 35,000 |
Repayment of long-term borrowings | (35,000) | (35,000) |
Increase in advances from borrowers for taxes and insurance | 1,342 | 875 |
Net Cash Provided by Financing Activities | 8,045 | 57,452 |
Net Increase (Decrease) in Cash and Cash Equivalents | 11,506 | (33,481) |
Cash and Cash Equivalent - Beginning | 117,136 | 96,762 |
Cash and Cash Equivalent - Ending | 128,642 | 63,281 |
Supplementary Cash Flows Information | ||
Interest paid | $ 2,724 | $ 1,845 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Dec. 31, 2017 | |
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 wholly-owned subsidiary, Malvern Insurance Associates, LLC (“Malvern Insurance”). All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements. Malvern Federal Savings Bank is a federally chartered, FDIC-insured savings bank that was originally organized in 1887. The Bank conducts business from its headquarters in Paoli, Pennsylvania, a suburb of Philadelphia, as well as eight full service financial center offices in Chester and Delaware Counties, Pennsylvania and a Private Banking Loan Production headquarters office in Morristown, New Jersey. Malvern Insurance offers a full line of business and personal insurance products. In October 2017, the Bank filed an application with the OCC to convert from a federal savings bank to a national bank, with the name Malvern Bank, National Association. In connection with the charter conversion of the Bank, also in October 2017, the Company filed an application with the Federal Reserve Bank to convert to a bank holding company from a savings and loan holding company. The conversion remains subject to the receipt of all required regulatory approvals. The Company and the Bank filed the conversion application in order to better match the Bank’s regulatory charter to its current and planned business activity. In preparing the unaudited consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the unaudited consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to change in the near term relate to the determination of the allowance for loan losses, other real estate owned, the evaluation of deferred tax assets and the other-than-temporary impairment evaluation of securities. The unaudited 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, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 2 – Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. ASU No. 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers using a five-step model that requires entities to exercise judgment when considering the terms of the contracts. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. This amendment defers the effective date of ASU 2014-09 by one year. In March 2016, the FASB issued ASU 2016-08, Principal versus Agent Considerations (Reporting Gross versus Net), which amends the principal versus agent guidance and clarifies that the analysis must focus on whether the entity has control of the goods or services before they are transferred to the customer. In addition, the FASB issued ASU Nos. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers and 2016-12, Narrow-Scope Improvements and Practical Expedients, both of which provide additional clarification of certain provisions in Topic 606. These ASC updates are effective for public business entities in annual and interim reporting periods in fiscal years beginning after December 15, 2017. Early application is permitted for all entities, but not before annual reporting periods beginning after December 15, 2016. The standard permits the use of either the retrospective or retrospectively with the cumulative effect transition method. The Company will adopt the standard on October 1, 2018. The Company is currently evaluating the effect the standard will have on its consolidated financial statements and related disclosures. In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory “. The ASU requires an entity to recognize the income tax consequences of intra-entity transfers of assets other than inventory at the time that the transfer occurs. Current guidance does not require recognition of tax consequences until the asset is eventually sold to a third party. ASU 2016-16 is effective for fiscal years, and interim periods within, beginning after December 15, 2017, with early adoption permitted as of the first interim period presented in a year. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230)”. The ASU is intended to reduce the diversity in practice around how certain transactions are classified within the statement of cash flows. For public companies, this update will be effective for interim and annual periods beginning after December 15, 2017. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The ASU requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. Additionally, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. For public companies, this update will be effective for interim and annual periods beginning after December 15, 2019. The Company has not yet determined the impact the adoption of ASU 2016-13 will have on the consolidated financial statements and related disclosures. In May 2016, the FASB issued ASU No. 2016-12 “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients.” The guidance is intended to clarify the guidance previously issued in May 2014 related to the recognition of revenue from contracts with customers. The updated guidance includes narrow-scope improvements intended to address implementation issues and to provide additional practical expedients in the guidance. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2016. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. In April 2016, the FASB issued ASU No. 2016-10 “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing.” The guidance is intended to clarify the guidance previously issued in May 2014 related to the recognition of revenue from contracts with customers. The updated guidance is intended to reduce the cost and complexity of applying the guidance on identifying promised goods or services in a contract and to improve the operability and understandability of the implementation guidance regarding the licensing of intellectual property. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted for interim and annual reporting periods beginning after December 15, 2016. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” The guidance in this update supersedes the current lease accounting guidance for both the lessees and lessors under ASC 840, Leases. The new guidance requires lessees to evaluate whether a lease is a finance lease using criteria that are similar to what lessees use today to determine whether they have a capital lease. Leases not classified as finance leases are classified as operating leases. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. The lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to today’s guidance for operating leases. The new guidance will require lessors to account for leases using an approach that is substantially similar to the existing guidance for sales-type, direct financing leases and operating leases. This new guidance will be effective for the Company for the first reporting period beginning after December 15, 2018, with earlier adoption permitted. Adoption of the amendment must be applied on a modified retrospective approach. The Company is currently evaluating the effect that the standard will have on its consolidated financial statements and related disclosures. In August 2017, the FASB issued ASU No. 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” The guidance is intended to update and better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The updated guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the effect of the standard will have on its consolidated financial statements and related disclosures. In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-09, “Scope of Modification Accounting”, to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity should account for the effects of a modification unless all the following are met: (1) the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the original award immediately before the original award is modified. If the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification; (2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; (3) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The current disclosure requirements in Topic 718 apply regardless of whether an entity is required to apply modification accounting under the amendments in this update. For public business entities, the amendments in this update become effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. An entity should apply the amendments in this update prospectively to an award modified on or after the adoption date. The Company is currently evaluating the impact of adopting the new guidance on the Consolidated Financial Statements, but it is not expected to have a material impact. In March 2017, the FASB issued ASU No. 2017-08, “Premium Amortization on Purchased Callable Debt Securities.” This ASU shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. Today, entities generally amortize the premium over the contractual life of the security. The new guidance does not change the accounting for purchased callable debt securities held at a discount; the discount continues to be amortized to maturity. ASU No. 2017-08 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. The guidance calls for a modified retrospective transition approach under which a cumulative-effect adjustment will be made to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is currently evaluating the provisions of ASU No. 2017-08 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. In March 2017, the FASB issued ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The new guidance requires that the service cost component of net benefit costs of pension and postretirement benefit plans be reported in the same line item as other compensation costs in the Consolidated Statements of Income. The other components of net benefit cost will be required to be presented in a separate line item. The guidance also specifies that only the service cost component will be eligible for capitalization. This guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company is currently evaluating the impact of adopting the new guidance on the Consolidated Financial Statements, but is not expected to have a material impact. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230) Restricted Cash”. The new guidance requires restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of period total amounts shown on the statement of cash flows. If restricted cash is presented separately from cash and cash equivalents on the balance sheet, companies will be required to reconcile the amounts presented on the statement of cash flows to the amounts on the balance sheet. Companies will also need to disclose information about the nature of the restrictions. The amendments in this update do not provide a definition of restricted cash or restricted cash equivalents. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently evaluating the impact of adopting the new guidance on the Consolidated Financial Statements. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Dec. 31, 2017 | |
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. During the three months ended December 31, 2017, the Company granted stock options to purchase 4,664 shares of common stock and 4,768 restricted shares. 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, (Dollars in thousands, except for per share data) 2017 2016 Net Income $ 403 $ 973 Weighted average shares outstanding 6,572,605 6,560,324 Average unearned ESOP shares (127,341 ) (141,741 ) Basic weighted average shares outstanding 6,445,264 6,418,583 Plus: effect of dilutive options 5,249 429 Diluted weighted average common shares 6,450,513 6,419,012 Earnings per share: Basic $ 0.06 $ 0.15 Diluted $ 0.06 0.15 |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 3 Months Ended |
Dec. 31, 2017 | |
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 Pentegra. Shares of the Company’s common stock purchased by the ESOP are held until released for allocation to participants. Shares released are allocated to each eligible participant based on the ratio of each such participant’s base compensation to the total base compensation of all eligible plan participants. As the unearned shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the fair value of the ESOP shares during the periods in which they become committed to be released. To the extent that the fair value of the ESOP shares released differs from the cost of such shares, the difference is charged or credited to additional paid-in capital. During the period from May 20, 2008 to September 30, 2008, the ESOP purchased 241,178 shares of the common stock for approximately $2.6 million, an average price of $10.86 per share, which was funded by a loan from Malvern Federal Bancorp, Inc. (the Company’s predecessor). The ESOP loan is being repaid principally from the Bank’s contributions to the ESOP. The loan, which bears an interest rate of 5%, is being repaid in quarterly installments through 2026. Shares are released to participants proportionately as the loan is repaid. During the three months ended December 31, 2017 and 2016, there were 3,600 and 3,600 shares, respectively, committed to be released. At December 31, 2017, there were 125,565 unallocated shares and 133,653 allocated shares held by the ESOP. The unallocated shares had an aggregate fair value of approximately $3.3 million at December 31, 2017. |
Investment Securities
Investment Securities | 3 Months Ended |
Dec. 31, 2017 | |
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, 2017 and at September 30, 2017. 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, 2017 and September 30, 2017. December 31, 2017 Amortized Gross Gross Fair (Dollars in thousands) Investment Securities Available-for-Sale: U.S. treasury notes $ 30,013 $ — $ (39 ) $ 29,974 State and municipal obligations 6,982 22 (16 ) 6,988 Single issuer trust preferred security 1,000 — (70 ) 930 Corporate debt securities 6,622 — (261 ) 6,361 Mutual fund 250 — — 250 Total 44,867 22 (386 ) 44,503 Investment Securities Held-to-Maturity: U.S. government agencies $1,999 $ — $ (19 ) $ 1,980 State and municipal obligations 9,510 34 (24 ) 9,520 Corporate debt securities 3,792 37 — 3,829 Mortgage-backed securities: Collateralized mortgage obligations, fixed-rate 18,592 — (630 ) 17,962 Total $33,893 $ 71 $ (673 ) $ 33,291 Total investment securities $ 78,760 $ 93 $ (1,059 ) $ 77,794 September 30, 2017 Amortized Gross Gross Fair (Dollars in thousands) Investment Securities Available-for-Sale: State and municipal obligations $ 6,992 $ 39 $ (2 ) $ 7,029 Single issuer trust preferred security 1,000 — (66 ) 934 Corporate debt securities 6,627 — (253 ) 6,374 Mutual fund 250 — — 250 Total 14,869 39 (321 ) 14,587 Investment Securities Held-to-Maturity: U.S. government agencies $ 1,999 $ — $ (8 ) $ 1,991 State and municipal obligations 9,574 89 — 9,663 Corporate debt securities 3,818 26 — 3,844 Mortgage-backed securities: Collateralized mortgage obligations, fixed-rate 19,524 1 (457 ) 19,068 Total $ 34,915 $ 116 $ (465 ) $ 34,566 Total investment securities $ 49,784 $ 155 $ (786 ) $ 49,153 For the three months ended December 31, 2017and 2016, no available-for-sale investment securities were sold. 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, 2017 and September 30, 2017: December 31, 2017 Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair value Unrealized Losses (Dollars in thousands) Investment Securities Available-for-Sale: U.S. treasury notes $ 29,974 $ (39 ) $ — $ — $ 29,974 $ (39 ) State and municipal obligations 1,713 (12 ) 497 (4 ) 2,210 (16 ) Single issuer trust preferred security — — 930 (70 ) 930 (70 ) Corporate debt securities — — 6,361 (261 ) 6,361 (261 ) Total $ 31,687 $ (51 ) $ 7,788 $ (335 ) $ 39,475 $ (386 ) Investment Securities Held-to-Maturity: U.S. government agencies — — 1,980 (19 ) 1,980 (19 ) State and municipal obligations 5,559 (24 ) — — 5,559 (24 ) Mortgage-backed securities: CMO, fixed-rate — — 17,962 (630 ) 17,962 (630 ) Total 5,559 (24 ) 19,942 (649 ) 25,501 (673 ) Total investment securities $ 37,246 $ (75 ) $ 27,730 $ (984 ) $ 64,976 $ (1,059 ) September 30, 2017 Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair value Unrealized Losses (Dollars in thousands) Investment Securities Available-for-Sale: State and municipal obligations $ — $ — $ 500 $ (2 ) $ 500 $ (2 ) Single issuer trust preferred security — — 934 (66 ) 934 (66 ) Corporate debt securities — — 6,375 (253 ) 6,375 (253 ) Total $ — $ — $ 7,809 $ (321 ) $ 7,809 $ (321 ) Investment Securities Held-to-Maturity: U.S. government agencies — — 1,991 (8 ) 1,991 (8 ) State and municipal obligations — — — — — — Mortgage-backed securities: CMO, fixed-rate — — 18,902 (457 ) 18,902 (457 ) Total — — 20,893 (465 ) 20,893 (465 ) Total investment securities $ — $ — $ 28,702 $ (786 ) $ 28,702 $ (786 ) As of December 31, 2017, 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, 2017, the Company held three U.S. treasury notes, two U.S. government agency securities, eight municipal bonds, three corporate securities, 37 mortgage-backed securities and one single issuer trust preferred security which were in an unrealized loss position. The Company does not intend to sell and expects that it is not more likely than not that it will be required to sell these securities until such time as the value recovers or the securities mature. Management does not believe any individual unrealized loss as of December 31, 2017 represents other-than-temporary impairment. Investment securities having a carrying value of approximately $9.1 million and $9.6 million at December 31, 2017 and September 30, 2017 were pledged to secure deposits. In addition, investment securities having a carrying value of $6.0 million and $6.2 million, respectively, were pledged to secure short-term borrowings at December 31, 2017 and September 30, 2017. The following table presents information for investment securities at December 31, 2017, 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, 2017 Amortized Cost Fair Value (Dollars in thousands) Investment Securities Available-for-Sale: Due in one year or less $ 30,013 $ 29,974 Due after one year through five years 4,449 4,442 Due after five years through ten years 8,950 8,702 Due after ten years 1,455 1,385 Total $ 44,867 $ 44,503 Investment Securities Held-to-Maturity: Due after one year through five years $ 1,999 $ 1,980 Due after five years through ten years 6,231 6,285 Due after ten years 25,663 25,026 Total $ 33,893 $ 33,291 Total investment securities $ 78,760 $ 77,794 |
Loans Receivable and Related Al
Loans Receivable and Related Allowance for Loan Losses | 3 Months Ended |
Dec. 31, 2017 | |
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, 2017 September 30, 2017 (Dollars in thousands) Residential mortgage $ 186,831 $ 192,500 Construction and Development: Residential and commercial 34,627 35,622 Land 18,599 18,377 Total Construction and Development 53,226 53,999 Commercial: Commercial real estate 427,610 437,760 Farmland 1,711 1,723 Multi-family 32,716 39,768 Other 71,933 74,837 Total Commercial 533,970 554,088 Consumer: Home equity lines of credit 16,811 16,509 Second mortgages 21,304 22,480 Other 2,435 2,570 Total Consumer 40,550 41,559 Total loans 814,577 842,146 Deferred loan fees and cost, net 624 590 Allowance for loan losses (8,437 ) (8,405 ) Total loans receivable, net $ 806,764 $ 834,331 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, 2017 and September 30, 2017. Activity in the allowance is presented for the three months ended December 31, 2017 and 2016 and the year ended September 30, 2017, respective Three Months Ended December 31, 2017 Construction and Development Commercial Consumer Residential Mortgage Residential and Commercial Land Commercial Real Estate Farmland Multi-family Other Home Equity Lines of Credit Second Mortgages Other Unallocated Total (Dollars in thousands) Allowance for loan losses: Beginning balance $ 1,004 $ 523 $ 132 $ 3,581 $ 9 $ 224 $ 541 $ 90 $ 402 $ 27 $ 1,872 $ 8,405 Charge-offs — — — — — — — — — (2 ) — (2 ) Recoveries 2 — — 9 — — 1 1 19 2 — 34 Provisions 23 9 (2 ) 670 3 (24 ) (93 ) 3 42 3 (634 ) — Ending Balance $ 1,029 $ 532 $ 130 $ 4,260 $ 12 $ 200 $ 449 $ 94 $ 463 $ 30 $ 1,238 $ 8,437 Ending balance: individually evaluated for impairment $ — $ — $ — $ 156 $ — $ — $ — $ — $ 156 $ 1 $ — $ 313 Ending balance: collectively evaluated for impairment $ 1,029 $ 532 $ 130 $ 4,104 $ 12 $ 200 $ 449 $ 94 $ 307 $ 29 $ 1,238 $ 8,124 Loans receivable: Ending balance $ 186,831 $ 34,627 $ 18,599 $ 427,610 $ 1,711 $ 32,716 $ 71,933 $ 16,811 $ 21,304 $ 2,435 $ 814,577 Ending balance: individually evaluated for impairment $ 2,438 $ — $ 89 $ 1,347 $ — $ — $ 239 $ 10 $ 578 $ 1 $ 4,702 Ending balance: collectively evaluated for impairment $ 184,393 $ 34,627 $ 18,510 $ 426,263 $ 1,711 $ 32,716 $ 71,694 $ 16,801 $ 20,726 $ 2,434 $ 809,875 Three Months Ended December 31, 2016 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 (Dollars in thousands) Allowance for loan losses: Beginning $ 1,201 $ 199 $ 97 $ 1,874 $ 109 $ 158 $ 116 $ 467 $ 34 $ 1,179 $ 5,434 Charge-offs — — — — — — — (71 ) (5 ) — (76 ) Recoveries — 90 — 3 — 5 1 57 3 — 159 Provisions (39 ) 585 (7 ) 338 (3 ) 45 (6 ) (45 ) (4 ) (204 ) 660 Ending Balance $ 1,162 $ 874 $ 90 $ 2,215 $ 106 $ 208 $ 111 $ 408 $ 28 $ 975 $ 6,177 Ending balance: $ — $ — $ — $ — $ — $ — $ — $ 50 $ — $ — $ 50 Ending balance: $ 1,162 $ 874 $ 90 $ 2,215 $ 106 $ 208 $ 111 $ 358 $ 28 $ 975 $ 6,127 Loans receivable: Ending balance $ 205,668 $ 28,296 $ 10,117 $ 307,821 $ 19,805 $ 53,587 $ 19,729 $ 26,971 $ 1,697 $ 673,691 Ending balance: $ 2,104 $ 109 $ — $ 760 $ — $ — $ 62 $ 220 $ — $ 3,255 Ending balance: $ 203,564 $ 28,187 $ 10,117 $ 307,061 $ 19,805 $ 53,587 $ 19,667 $ 26,751 $ 1,697 $ 670,436 Year Ended September 30, 2017 Construction and Development Commercial Consumer Residential Mortgage Residential and Commercial Land Commercial Real Estate Farmland Multi-family Other Home Equity Lines of Credit Second Mortgages Other Unallocated Total (Dollars in thousands) Allowance for loan losses: Beginning balance $ 1,201 $ 199 $ 97 $ 1,874 $ — $ 109 $ 158 $ 116 $ 467 $ 34 $ 1,179 $ 5,434 Charge-offs — — — — — — — — (218 ) (5 ) — (223 ) Recoveries 2 90 — 40 — — 9 18 232 12 — 403 Provisions (199 ) 234 35 1,667 9 115 374 (44 ) (79 ) (14 ) 693 2,791 Ending Balance $ 1,004 $ 523 $ 132 $ 3,581 $ 9 $ 224 $ 541 $ 90 $ 402 $ 27 $ 1,872 $ 8,405 Ending balance: individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ 109 $ — $ 128 $ — $ — $ 237 Ending balance: collectively evaluated for impairment $ 1,004 $ 523 $ 132 $ 3,581 $ 9 $ 224 $ 432 $ 90 $ 274 $ 27 $ 1,872 $ 8,168 Loans receivable: Ending balance $ 192,500 $ 35,622 $ 18,377 $ 437,760 $ 1,723 $ 39,768 $ 74,837 $ 16,509 $ 22,480 $ 2,570 $ 842,146 Ending balance: individually evaluated for impairment $ 2,262 $ — $ 94 $ 555 $ — $ — $ 243 $ 10 $ 356 $ — $ 3,520 Ending balance: collectively evaluated for impairment $ 190,238 $ 35,622 $ 18,283 $ 437,205 $ 1,723 $ 39,768 $ 74,594 $ 16,499 $ 22,124 $ 2,570 $ 838,626 In assessing the adequacy of the ALLL, it is recognized that the process, methodology and underlying assumptions require a significant degree of judgment. The estimation of credit losses is not precise; the range of factors considered is wide and is significantly dependent upon management’s judgment, including the outlook and potential changes in the economic environment. At present, components of the commercial loan segments of the portfolio are new originations and the associated volumes continue to see increased growth. At the same time, historical loss levels have decreased as factors in assessing the portfolio. The combination of these factors has given rise to an increase in the unallocated level within the allowance. Any unallocated portion of the allowance in conjunction with the quarterly review and changes to the qualitative factors to adjust for the risk due to current economic conditions, reflects management’s estimate of probable inherent but undetected losses within the portfolio due to uncertainties in economic conditions, delays in obtaining information, including unfavorable information 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, 2017 and September 30, 2017. 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 (Dollars in thousands) December 31, 2017: Residential mortgage $ — $ — $ 2,438 $ 2,438 $ 2,561 Construction and Development: Land — — 89 89 89 Commercial: Commercial real estate 796 156 551 1,347 1,347 Other — — 239 239 239 Consumer: Home equity lines of credit — — 10 10 11 Second mortgages 298 156 280 578 611 Other 1 1 — 1 1 Total impaired loans $ 1,095 $ 313 $ 3,607 $ 4,702 $ 4,859 September 30, 2017: Residential mortgage $ — $ — $ 2,262 $ 2,262 $ 2,379 Construction and Development: Land — — 94 94 94 Commercial: Commercial real estate — — 555 555 555 Other 243 109 — 243 243 Consumer: Home equity lines of credit — — 10 10 11 Second mortgages 131 128 225 356 385 Total impaired loans $ 374 $ 237 $ 3,146 $ 3,520 $ 3,667 The following table presents the average recorded investment in impaired loans in portfolio and related interest income recognized for the three months ended December 31, 2017 and 2016. Three Months Ended December 31, 2017 (Dollars in thousands) Average Impaired Loans Interest Income Recognized on Impaired Loans Residential mortgage $ 2,390 $ 12 Construction and Development: Land 91 1 Commercial: Commercial real estate 820 6 Other 241 3 Consumer: Home equity lines of credit 10 — Second mortgages 495 2 Other 1 — Total $ 4,048 $ 24 Three Months Ended December 31, 2016 (Dollars in thousands) Average Impaired Loans Interest Income Recognized on Impaired Loans Residential mortgage $ 1,997 $ 20 Construction and Development: Residential and commercial 109 1 Commercial: Commercial real estate 1,602 4 Consumer: Home equity lines of credit 70 — Second mortgages 226 — Total $ 4,004 $ 25 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, 2017 and September 30, 2017. December 31, 2017 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Residential mortgage $ 184,093 $ 112 $ 2,626 $ — $ 186,831 Construction and Development: Residential and commercial 34,627 — — — 34,627 Land 14,090 — 4,509 — 18,599 Commercial: Commercial real estate 421,647 3,220 2,743 — 427,610 Farmland 1,711 — — — 1,711 Multi-family 32,363 353 — — 32,716 Other 71,003 45 885 — 71,933 Consumer: Home equity lines of credit 16,667 — 144 — 16,811 Second mortgages 20,215 109 980 — 21,304 Other 2,429 5 1 — 2,435 Total $ 798,845 $ 3,844 $ 11,888 $ — $ 814,577 September 30, 2017 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Residential mortgage $ 189,925 $ 114 $ 2,461 $ — $ 192,500 Construction and Development: Residential and commercial 35,622 — — — 35,622 Land 13,207 — 5,170 — 18,377 Commercial: Commercial real estate 431,336 4,456 1,968 — 437,760 Farmland 1,723 — — — 1,723 Multi-family 39,410 358 — — 39,768 Other 73,935 — 902 — 74,837 Consumer: Home equity lines of credit 16,399 — 110 — 16,509 Second mortgages 21,611 112 757 — 22,480 Other 2,563 6 1 — 2,570 Total $ 825,731 $ 5,046 $ 11,369 $ — $ 842,146 The following table presents loans that are no longer accruing interest by portfolio class. December 31, September 30, 2017 2017 (Dollars in thousands) Residential mortgage $ 1,048 $ 826 Commercial: Commercial real estate 796 — Consumer: Home equity lines of credit 10 10 Second mortgages 387 202 Total non-accrual loans $ 2,241 $ 1,038 Under the Bank’s loan policy, once a loan has been placed on non-accrual status, we do not resume interest accruals until the loan has been brought current and has maintained a current payment status for not less than six consecutive months. Interest income that would have been recognized on nonaccrual loans had they been current in accordance with their original terms was approximately $10,000 and $10,000 for the three months ended December 31, 2017 and 2016, respectively. At December 31, 2017 and September 30, 2017 there were approximately $345,000 and $173,000, respectively, of loans past due 90 days or more and still accruing interest. 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, 2017 and September 30, 2017. Current 30-59 60-89 90 Total Past Due Total Loans Receivable Accruing 90 (Dollars in thousands) December 31, 2017: Residential mortgage $ 181,911 $ 1,462 $ 2,471 $ 987 $ 4,920 $ 186,831 $ 300 Construction and Development: Residential and commercial 34,627 — — — — 34,627 — Land 18,599 — — — — 18,599 — Commercial: Commercial real estate 426,814 — — 796 796 427,610 — Farmland 1,711 — — — — 1,711 — Multi-family 32,716 — — — — 32,716 — Other 71,888 — — 45 45 71,933 45 Consumer: Home equity lines of credit 16,629 88 94 — 182 16,811 — Second mortgages 20,073 882 60 289 1,231 21,304 — Other 2,414 20 1 — 21 2,435 — Total $ 807,382 $ 2,452 $ 2,626 $ 2,117 $ 7,195 $ 814,577 $ 345 Current 30-59 60-89 90 Total Past Due Total Loans Receivable Accruing 90 (Dollars in thousands) September 30, 2017: Residential mortgage $ 189,272 $ 1,442 $ 1,145 $ 641 $ 3,228 $ 192,500 $ 31 Construction and Development: Residential and commercial 35,622 — — — — 35,622 — Land 18,377 — — — — 18,377 — Commercial: Commercial real estate 436,804 160 796 — 956 437,760 — Farmland 1,723 — — — — 1,723 — Multi-family 39,768 — — — — 39,768 — Other 74,837 — — — — 74,837 — Consumer: Home equity lines of credit 16,122 350 37 — 387 16,509 — Second mortgages 21,183 844 182 271 1,297 22,480 141 Other 2,561 7 1 1 9 2,570 1 Total $ 836,269 $ 2,803 $ 2,161 $ 913 $ 5,877 $ 842,146 $ 173 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 twelve loans classified as TDRs at both December 31, 2017 and September 30, 2017 with an aggregate outstanding balance of $2.2 million and $2.3 million, respectively. At December 31, 2017, these loans were also classified as impaired. Eleven of the TDR loans continue to perform under the restructured terms through December 31, 2017 and we continued to accrue interest on such loans through such date. 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 $252,000 and $252,000 of residential real estate properties in the process of foreclosure at December 31, 2017 and September 30, 2017, respectively. 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, 2017: Residential mortgage 6 $ 1,457 — $ — Construction and Development: Land 1 89 Commercial: Commercial real estate 2 551 — — Consumer Second mortgages 3 145 1 20 Total 12 $ 2,242 1 $ 20 At September 30, 2017: Residential mortgage 6 $ 1,464 — $ — Construction and Development: Land 1 94 — — Commercial: Commercial real estate 2 554 — — Consumer Second mortgages 3 148 1 22 Total 12 $ 2,260 1 $ 22 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, 2017 September 30, 2017 Performing Non-Performing Performing Non-Performing (Dollars in thousands) Residential mortgage $ 1,457 $ — $ 1,464 $ — Construction and Development: Land 89 — 94 — Commercial: Commercial real estate 551 — 554 — Consumer Second mortgages 125 20 126 22 Total $ 2,222 $ 20 $ 2,238 $ 22 For the Three Months Ended December 31, 2017 2016 Restructured During Period Number of Loans Pre-Modifications Outstanding Recorded Investments Post-Modifications Outstanding Recorded Investments Number of Loans Pre-Modifications Outstanding Recorded Investments Post-Modifications Outstanding Recorded Investments (Dollars in thousands) Troubled Debt Restructurings: Residential mortgage — $ — $ — 3 $ 760 $ 760 Total — $ — $ — 3 $ 760 $ 760 |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Dec. 31, 2017 | |
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 of 4.5% became effective on January 1, 2015. The new capital rules also increased the minimum Tier 1 capital ratio from 4.0% to 6.0% beginning on January 1, 2015. The rules also establish a capital conservation buffer of 2.5% above the new regulatory minimum capital requirements, which must consist entirely of common equity Tier 1 capital and would result in the following minimum ratios: (1) a common equity Tier 1 capital ratio of 7.0%, (2) a Tier 1 capital ratio of 8.5%, and (3) a total capital ratio of 10.5%. The new capital conservation buffer requirement was phased in beginning in January 2016 at 0.625% of risk-weighted assets and will increase by that amount each year until fully implemented in January 2019. An institution is also subject to limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses if its capital level falls below the buffer amount. These limitations establish a maximum percentage of eligible retained income that could be utilized for such actions. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of tangible and core capital (as defined in the regulations) to total adjusted tangible assets (as defined) and of risk-based capital (as defined) to risk-weighted assets (as defined). As of December 31, 2017, the Company’s and the Bank’s current capital levels exceed the required capital amounts to be considered “well capitalized” and we believe they also meet the fully-phased in minimum capital requirements, including the related capital conservation buffers, as required by the Basel III capital rules. The following table summarizes the Company’s compliance with applicable regulatory capital requirements as of December 31, 2017 and September 30, 2017: Actual For Capital To Be Well (Dollars in thousands) Capital Ratio Capital Ratio Capital Ratio As of December 31, 2017: Tier 1 Leverage (Core) Capital (to average assets) $ 102,952 9.64 % $ 42,720 4.00 % n/a n/a Common Equity Tier 1 Capital (to risk weighted assets) 102,952 12.89 % 35,944 4.50 % n/a n/a Tier 1 Capital (to risk weighted assets) 102,952 12.89 % 47,925 6.00 % n/a n/a Total Risk Based Capital (to risk weighted assets) 135,794 17.00 % 63,900 8.00 % n/a n/a As of September 30, 2017: Tier 1 Leverage (Core) Capital (to average assets) $ 100,779 10.00 % $ 40,315 4.00 % n/a n/a Common Equity Tier 1 Capital (to risk weighted assets) 100,779 12.28 % 36,945 4.50 % n/a n/a Tier 1 Capital (to risk weighted assets) 100,779 12.28 % 49,260 6.00 % n/a n/a Total Risk Based Capital (to risk weighted assets) 133,549 16.27 % 65,679 8.00 % n/a n/a The following table summarizes the Bank’s compliance with applicable regulatory capital requirements as of December 31, 2017 and September 30, 2017: To Be Well For Capital Under Prompt Actual Adequacy Purposes Action Provisions (Dollars in thousands) Capital Ratio Capital Ratio Capital Ratio As of December 31, 2017: Tier 1 Leverage (to average assets) $ 123,508 11.57 % $ 42,695 4.00 % $ 53,368 5.00 % Common Equity Tier 1 Capital (to risk weighted assets) 123,508 15.48 % 35,908 4.50 % 51,868 6.50 % Tier 1 Capital (to risk weighted assets) 123,508 15.48 % 47,878 6.00 % 63,837 8.00 % Total Risk Based Capital (to risk weighted assets) 132,007 16.54 % 63,837 8.00 % 79,797 10.00 % As of September 30, 2017: Tier 1 Leverage (to average assets) $ 120,902 12.02 % $ 40,234 4.00 % $ 50,292 5.00 % Common Equity Tier 1 Capital (to risk weighted assets) 120,902 14.75 % 36,894 4.50 % 53,292 6.50 % Tier 1 Capital (to risk weighted assets) 120,902 14.75 % 49,192 6.00 % 65,590 8.00 % Total Risk Based Capital (to risk weighted assets) 129,369 15.78 % 65,590 8.00 % 81,987 10.00 % |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Dec. 31, 2017 | |
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, 2017, 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, 2017 and 2016. 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 $121,000 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, 2017 and September 30, 2017: December 31, 2017 Notional Amount Fair Value Balance Sheet Location Expiration Date (Dollars in thousand) Derivatives designated as hedging instruments Interest rate swaps by effective date: August 3, 2015 $ 15,000 $ 117 Other assets August 3, 2020 February 5, 2016 20,000 502 Other assets February 1, 2021 September 30, 2017 Notional Amount Fair Value Balance Sheet Location Expiration Date (Dollars in thousand) Derivatives designated as hedging instruments Interest rate swaps by effective date: August 3, 2015 $ 15,000 $ 9 Other assets August 3, 2020 February 5, 2016 20,000 367 Other assets February 1, 2021 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, 2017 and 2016. For the Three Months Ended December 31, 2017 Amount of Gain (Loss) Recognized in OCI (Effective Portion) Amount of Gain (Loss) Reclassified from OCI to Interest Expense Amount of Gain (Loss) Recognized in Other Non-Interest Income (Ineffective Portion) (Dollars in thousands) August 3, 2015 $ 91 $ (16 ) $ — February 5, 2016 139 3 — For the Three Months Ended December 31, 2016 Amount of Gain (Loss) Recognized in OCI (Effective Portion) Amount of Gain (Loss) Reclassified from OCI to Interest Expense Amount of Gain (Loss) Recognized in Other Non-Interest Income (Ineffective Portion) (Dollars in thousands) August 3, 2015 $ 338 $ (36 ) $ — February 5, 2016 548 (23 ) — 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, 2017and September 30, 2017, the fair value of derivatives was in a net asset position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was zero for both periods. At December 31, 2017 and September 30, 2017, the Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of zero for both periods, respectively, against its obligations under these agreements. If the Company had breached any of these provisions at December 31, 2017, 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, 2017 | |
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, 2017 or September 30, 2017. The tables below present the balances of assets measured at fair value on a recurring basis at December 31, 2017 and September 30, 2017: December 31, 2017 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Investment securities available-for-sale: Debt securities: U.S. treasury notes $ 29,974 $ 29,974 $ — $ — State and municipal obligations 6,988 — 6,988 — Single issuer trust preferred security 930 — 930 — Corporate debt securities 6,361 — 6,361 — Mutual funds 250 — — 250 Total investment securities available-for-sale 44,503 29,974 14,279 250 Derivative instruments $ 619 $ — $ 619 $ — September 30, 2017 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Investment securities available-for-sale: Debt securities: State and municipal obligations $ 7,029 $ — $ 7,029 $ — Single issuer trust preferred security 934 — 934 — Corporate debt securities 6,374 — 6,374 — Mutual funds 250 — — 250 Total investment securities available-for-sale 14,587 — 14,337 250 Derivative instruments $ 376 $ — $ 376 $ — For assets measured at fair value on a nonrecurring basis that were still held at the end of the period, the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related individual assets or portfolios at December 31, 2017 and September 30, 2017: December 31, 2017 Total Level 1 Level 2 Level 3 (Dollars in thousands) Impaired loans (1) $ 782 $ — $ — $ 782 Total $ 782 $ — $ — $ 782 December 31, 2017 Fair Value at Valuation Technique Unobservable Input Range/(Weighted (Dollars in thousands) Impaired loans (1) $ 782 Appraisal of collateral (2) Collateral discounts (3) 0%/(0% ) Total $ 782 (1) At December 31, 2017, consisted of eight loans with an aggregate balance of $1.1 million and with $313,000 in specific loan loss allowance. (2) Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. (3) Appraisals may be adjusted by management for qualitative factors such as time, changes in economic conditions and estimated liquidation expense. September 30, 2017 Total Level 1 Level 2 Level 3 (Dollars in thousands) Impaired loans (1) $ 137 $ — $ — $ 137 Total $ 137 $ — $ — $ 137 September 30, 2017 Fair Value at Valuation Technique Unobservable Input Range/(Weighted (Dollars in thousands) Impaired loans (1) $ 137 Appraisal of collateral (2) Collateral discounts (3) 0%/(0% ) Total $ 137 (1) At September 30, 2017, consisted of five loans with an aggregate balance of $374,000 and with $237,000 in specific loan loss allowance. (2) Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. (3) Appraisals may be adjusted by management for qualitative factors such as time, changes in economic conditions and estimated liquidation expense. At December 31, 2017 and September 30, 2017, the Company did not have any additions to our mortgage servicing assets. At December 31, 2017 and September 30, 2017, the Company only sold loans with servicing released. The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of FASB ASC 825. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methods. However, considerable judgment is necessarily required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. FASB ASC 825 excludes certain financial instruments and all non-financial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The fair value estimates presented herein are based on pertinent information available to management as of December 31, 2017 and September 30, 2017. 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, 2017 and September 30, 2017 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, 2017 and September 30, 2017 are presented below: Carrying Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) December 31, 2017: Financial assets: Cash and cash equivalents $ 128,642 $ 128,642 $ 128,642 $ — $ — Investment securities available-for-sale 44,503 44,503 29,974 14,279 250 Investment securities held-to-maturity 33,893 33,291 — 33,291 — Loans receivable, net (including impaired loans) 806,764 806,529 — — 806,529 Accrued interest receivable 3,344 3,344 — 3,344 — Restricted stock 5,930 5,930 — 5,930 — Mortgage servicing rights (included in Other Assets) 255 264 — 264 — Derivatives 619 619 — 619 — Financial liabilities: Savings accounts 41,631 41,631 — 41,631 — Checking and NOW accounts 207,034 207,034 — 207,034 — Money market accounts 293,674 293,674 — 293,674 — Certificates of deposit 254,760 257,153 — 257,153 — Borrowings (excluding sub debt) 123,000 123,155 — 123,155 — Subordinated debt 24,342 24,342 — 24,342 — Accrued interest payable 1,099 1,099 — 1,099 — September 30, 2017: Financial assets: Cash and cash equivalents $ 117,136 $ 117,136 $ 117,136 $ — $ — Investment securities available-for-sale 14,587 14,587 — 14,337 250 Investment securities held-to-maturity 34,915 34,566 — 34,566 — Loans receivable, net (including impaired loans) 834,331 839,242 — — 839,242 Accrued interest receivable 3,139 3,139 — 3,139 — Restricted stock 5,559 5,559 — 5,559 — Mortgage servicing rights (included in Other) 268 271 — 271 — Derivatives 376 376 — 376 — Financial liabilities: Savings accounts 44,526 44,526 — 44,526 — Checking and NOW accounts 197,700 197,700 — 197,700 — Money market accounts 276,404 276,404 — 276,404 — Certificates of deposit 271,766 273,723 — 273,723 — Borrowings (excluding sub debt) 123,000 123,658 — 123,658 — Subordinated debt 24,303 24,303 — 24,303 — Accrued interest payable 694 694 — 694 — |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 – Income Taxes In the first quarter of fiscal 2018, the Company revised its estimated annual effective rate to reflect a change in the federal statutory rate from 35% to 21%, resulting from legislation that was enacted on December 22, 2017. The rate change is administratively effective at the beginning of our calendar year, using a blended rate for the annual period. As a result, the blended statutory tax rate for the year is 24.5%. In addition, we recognized a tax expense in our tax provision for the period ended December 31, 2017 related to adjusting our deferred tax balance to reflect the new corporate tax rate. As a result, income tax expense reported for the first three months was adjusted to reflect the effects of the change in the tax law and resulted in an increase in income tax expense of $2.0 million during the quarter ended December 31, 2017. This amount is the result of a reduction of $323,000 in income tax expense for the three-month period ended December 31, 2017 related to the lower corporate rate and a $2.3 million increase from the application of the newly enacted rates to existing deferred tax assets balances. The accounting for the effects of the rate change on deferred tax balances is complete and no provisional amounts were recorded for this item. Reconciliation of income tax provision for three months ended December 31, 2017: For the Three Months Ended December 31, 2017 (Dollars in thousands) Income tax provision calculated at blended federal tax rate (24.5%) $ 878 State income tax provision 170 Income tax provision due to re-measurement of DTAs/DTLs 2,206 Other (35) Total $ 3,219 |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 3 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Comprehensive Income (Loss) | Note 11 – Comprehensive Income (Loss) The components of accumulated other comprehensive income included in shareholders’ equity are as follows: December 31, September 30, 2017 2017 (Dollars in thousands) Net unrealized holding (losses) gains on available-for-sale securities $ (364 ) $ (282 ) Tax effect 121 96 Net of tax amount (243 ) (186 ) Fair value adjustments on derivatives 619 376 Tax effect (152 ) (128 ) Net of tax amount 467 248 Total accumulated other comprehensive income $ 224 $ 62 Other comprehensive income (loss) and related tax effects are presented in the following table: Three Months Ended December 31, 2017 2016 (Dollars in thousands) Net unrealized holding (losses) gains on available-for-sale securities $ (83 ) $ (1,098 ) Net realized gain on securities available-for-sale — — Amortization of unrealized holding losses on securities available-for-sale transferred to held-to-maturity 2 4 Fair value adjustments on derivatives 242 945 Other comprehensive income (loss) before taxes 161 (149 ) Tax effect 1 52 Total comprehensive income (loss) $ 162 $ (97 ) |
Equity Based Incentive Compensa
Equity Based Incentive Compensation Plan | 3 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Based Incentive Compensation Plan | Note 12 – Equity Based Incentive Compensation Plan The Company maintains the Malvern Bancorp, Inc. 2014 Long-Term Incentive Compensation Plan (the “2014 Plan”), which permits the grant of long-term incentive and other stock and cash awards. The purpose of the 2014 Plan is to promote the success of the Company and the Bank by providing incentives to officers, employees and directors of the Company and the Bank that will link their personal interests to the financial success of the Company and to growth in shareholder value. The maximum total number of shares of the Company’s common stock available for grants under the 2014 Plan is 400,000. As of December 31, 2017, there were 365,357 remaining shares available for future grants. Restricted stock and option awards granted vest in 20% increments beginning on the one year anniversary of the grant date, and accelerate upon a change in control of the Company. The options generally expire ten years from the date of grant. All issuances are subject to forfeiture if the recipient leaves or is terminated prior to the award’s vesting. Shares of restricted stock have the same dividend and voting rights as common stock while options do not. All awards are issued at fair value of the underlying shares at the grant date. The Company expenses the cost of the awards, which is determined to be the fair market value of the awards at the date of grant. During the three months ended December 31, 2017, stock options covering a total of 4,664 shares of common stock were granted. No options were granted for the three months ended December 31, 2016. Total compensation expense related to options granted under the 2014 Plan was $4,000 for the three months ended December 31, 2017 and $1,000 for the three months ended December 31, 2016. During the three months ended December 31, 2017 a total of 4,768 restricted shares were awarded. During the three months ended December 31, 2016 no restricted shares were awarded. The compensation expense related to restricted stock awards was approximately $11,000 during the three months ended December 31, 2017 and $1,000 during the three months ended December 31, 2016. Stock-based compensation expense for the cost of the awards granted is based on the grant-date fair value. For stock option awards, the fair value is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. Accordingly, while management believes that the Black-Scholes option-pricing model provides a reasonable estimate of fair value, the model does not necessarily provide the best single measure of fair value for the Company’s employee stock options. The following is a summary of stock option activity for the three months ended December 31, 2017: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding, beginning of year 11,000 $ 19.19 $ 83,170 Granted 4,664 26.20 — Exercised — — — Forfeited/cancelled/expired — — — Outstanding, at December 31, 2017 15,664 $ 21.28 9.209 $ 77,120 Exercisable at December 31, 2017 800 $ 16.02 8.246 $ 8,144 Nonested at December 31, 2017 14,864 $ 21.28 9.209 $ 77,120 The table below summarizes the activity for the Company’s restricted stock outstanding during the three months ended December 31, 2017: Shares Weighted Average Fair Value Outstanding, beginning of year 10,711 $ 20.36 Granted 4,768 26.20 Vested (337 ) 17.40 Forfeited/cancelled/expired — — Outstanding, at December 31, 2017 15,142 $ 22.16 As of December 31, 2017, there was $304,000 of total unrecognized compensation cost related to nonvested shares of restricted stock granted under the Plan. The cost is expected to be recognized over a weighted average period of 4.44 years. As of December 31, 2017, there was $91,000 of total unrecognized compensation cost related to nonvested options under the Plan. The cost is expected to be recognized over a weighted average period of 4.39 years. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
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, (Dollars in thousands, except for per share data) 2017 2016 Net Income $ 403 $ 973 Weighted average shares outstanding 6,572,605 6,560,324 Average unearned ESOP shares (127,341 ) (141,741 ) Basic weighted average shares outstanding 6,445,264 6,418,583 Plus: effect of dilutive options 5,249 429 Diluted weighted average common shares 6,450,513 6,419,012 Earnings per share: Basic $ 0.06 $ 0.15 Diluted $ 0.06 0.15 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
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, 2017 and September 30, 2017. December 31, 2017 Amortized Gross Gross Fair (Dollars in thousands) Investment Securities Available-for-Sale: U.S. treasury notes $ 30,013 $ — $ (39 ) $ 29,974 State and municipal obligations 6,982 22 (16 ) 6,988 Single issuer trust preferred security 1,000 — (70 ) 930 Corporate debt securities 6,622 — (261 ) 6,361 Mutual fund 250 — — 250 Total 44,867 22 (386 ) 44,503 Investment Securities Held-to-Maturity: U.S. government agencies $1,999 $ — $ (19 ) $ 1,980 State and municipal obligations 9,510 34 (24 ) 9,520 Corporate debt securities 3,792 37 — 3,829 Mortgage-backed securities: Collateralized mortgage obligations, fixed-rate 18,592 — (630 ) 17,962 Total $33,893 $ 71 $ (673 ) $ 33,291 Total investment securities $ 78,760 $ 93 $ (1,059 ) $ 77,794 September 30, 2017 Amortized Gross Gross Fair (Dollars in thousands) Investment Securities Available-for-Sale: State and municipal obligations $ 6,992 $ 39 $ (2 ) $ 7,029 Single issuer trust preferred security 1,000 — (66 ) 934 Corporate debt securities 6,627 — (253 ) 6,374 Mutual fund 250 — — 250 Total 14,869 39 (321 ) 14,587 Investment Securities Held-to-Maturity: U.S. government agencies $ 1,999 $ — $ (8 ) $ 1,991 State and municipal obligations 9,574 89 — 9,663 Corporate debt securities 3,818 26 — 3,844 Mortgage-backed securities: Collateralized mortgage obligations, fixed-rate 19,524 1 (457 ) 19,068 Total $ 34,915 $ 116 $ (465 ) $ 34,566 Total investment securities $ 49,784 $ 155 $ (786 ) $ 49,153 |
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, 2017 and September 30, 2017: December 31, 2017 Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair value Unrealized Losses (Dollars in thousands) Investment Securities Available-for-Sale: U.S. treasury notes $ 29,974 $ (39 ) $ — $ — $ 29,974 $ (39 ) State and municipal obligations 1,713 (12 ) 497 (4 ) 2,210 (16 ) Single issuer trust preferred security — — 930 (70 ) 930 (70 ) Corporate debt securities — — 6,361 (261 ) 6,361 (261 ) Total $ 31,687 $ (51 ) $ 7,788 $ (335 ) $ 39,475 $ (386 ) Investment Securities Held-to-Maturity: U.S. government agencies — — 1,980 (19 ) 1,980 (19 ) State and municipal obligations 5,559 (24 ) — — 5,559 (24 ) Mortgage-backed securities: CMO, fixed-rate — — 17,962 (630 ) 17,962 (630 ) Total 5,559 (24 ) 19,942 (649 ) 25,501 (673 ) Total investment securities $ 37,246 $ (75 ) $ 27,730 $ (984 ) $ 64,976 $ (1,059 ) September 30, 2017 Less than 12 Months More than 12 Months Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair value Unrealized Losses (Dollars in thousands) Investment Securities Available-for-Sale: State and municipal obligations $ — $ — $ 500 $ (2 ) $ 500 $ (2 ) Single issuer trust preferred security — — 934 (66 ) 934 (66 ) Corporate debt securities — — 6,375 (253 ) 6,375 (253 ) Total $ — $ — $ 7,809 $ (321 ) $ 7,809 $ (321 ) Investment Securities Held-to-Maturity: U.S. government agencies — — 1,991 (8 ) 1,991 (8 ) State and municipal obligations — — — — — — Mortgage-backed securities: CMO, fixed-rate — — 18,902 (457 ) 18,902 (457 ) Total — — 20,893 (465 ) 20,893 (465 ) Total investment securities $ — $ — $ 28,702 $ (786 ) $ 28,702 $ (786 ) |
Schedule of amortized cost and fair value of debt securities by contractual maturity | The following table presents information for investment securities at December 31, 2017, 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, 2017 Amortized Cost Fair Value (Dollars in thousands) Investment Securities Available-for-Sale: Due in one year or less $ 30,013 $ 29,974 Due after one year through five years 4,449 4,442 Due after five years through ten years 8,950 8,702 Due after ten years 1,455 1,385 Total $ 44,867 $ 44,503 Investment Securities Held-to-Maturity: Due after one year through five years $ 1,999 $ 1,980 Due after five years through ten years 6,231 6,285 Due after ten years 25,663 25,026 Total $ 33,893 $ 33,291 Total investment securities $ 78,760 $ 77,794 |
Loans Receivable and Related 23
Loans Receivable and Related Allowance for Loan Losses (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of loans receivable | Loans receivable in the Company’s portfolio consisted of the following at the dates indicated below: December 31, 2017 September 30, 2017 (Dollars in thousands) Residential mortgage $ 186,831 $ 192,500 Construction and Development: Residential and commercial 34,627 35,622 Land 18,599 18,377 Total Construction and Development 53,226 53,999 Commercial: Commercial real estate 427,610 437,760 Farmland 1,711 1,723 Multi-family 32,716 39,768 Other 71,933 74,837 Total Commercial 533,970 554,088 Consumer: Home equity lines of credit 16,811 16,509 Second mortgages 21,304 22,480 Other 2,435 2,570 Total Consumer 40,550 41,559 Total loans 814,577 842,146 Deferred loan fees and cost, net 624 590 Allowance for loan losses (8,437 ) (8,405 ) Total loans receivable, net $ 806,764 $ 834,331 |
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, 2017 and September 30, 2017. Activity in the allowance is presented for the three months ended December 31, 2017 and 2016 and the year ended September 30, 2017, respective Three Months Ended December 31, 2017 Construction and Development Commercial Consumer Residential Mortgage Residential and Commercial Land Commercial Real Estate Farmland Multi-family Other Home Equity Lines of Credit Second Mortgages Other Unallocated Total (Dollars in thousands) Allowance for loan losses: Beginning balance $ 1,004 $ 523 $ 132 $ 3,581 $ 9 $ 224 $ 541 $ 90 $ 402 $ 27 $ 1,872 $ 8,405 Charge-offs — — — — — — — — — (2 ) — (2 ) Recoveries 2 — — 9 — — 1 1 19 2 — 34 Provisions 23 9 (2 ) 670 3 (24 ) (93 ) 3 4 2 3 (634 ) — Ending Balance $ 1,029 $ 532 $ 130 $ 4,260 $ 12 $ 200 $ 449 $ 94 $ 463 $ 30 $ 1,238 $ 8,437 Ending balance: individually evaluated for impairment $ — $ — $ — $ 156 $ — $ — $ — $ — $ 156 $ 1 $ — $ 313 Ending balance: collectively evaluated for impairment $ 1,029 $ 532 $ 130 $ 4,104 $ 12 $ 200 $ 449 $ 94 $ 307 $ 29 $ 1,238 $ 8,124 Loans receivable: Ending balance $ 186,831 $ 34,627 $ 18,599 $ 427,610 $ 1,711 $ 32,716 $ 71,933 $ 16,811 $ 21,304 $ 2,435 $ 814,577 Ending balance: individually evaluated for impairment $ 2,438 $ — $ 89 $ 1,347 $ — $ — $ 239 $ 10 $ 578 $ 1 $ 4,702 Ending balance: collectively evaluated for impairment $ 184,393 $ 34,627 $ 18,510 $ 426,263 $ 1,711 $ 32,716 $ 71,694 $ 16,801 $ 20,726 $ 2,434 $ 809,875 Three Months Ended December 31, 2016 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 (Dollars in thousands) Allowance for loan losses: Beginning $ 1,201 $ 199 $ 97 $ 1,874 $ 109 $ 158 $ 116 $ 467 $ 34 $ 1,179 $ 5,434 Charge-offs — — — — — — — (71 ) (5 ) — (76 ) Recoveries — 90 — 3 — 5 1 57 3 — 159 Provisions (39 ) 585 (7 ) 338 (3 ) 45 (6 ) (45 ) (4 ) (204 ) 660 Ending Balance $ 1,162 $ 874 $ 90 $ 2,215 $ 106 $ 208 $ 111 $ 408 $ 28 $ 975 $ 6,177 Ending balance: $ — $ — $ — $ — $ — $ — $ — $ 50 $ — $ — $ 50 Ending balance: $ 1,162 $ 874 $ 90 $ 2,215 $ 106 $ 208 $ 111 $ 358 $ 28 $ 975 $ 6,127 Loans receivable: Ending balance $ 205,668 $ 28,296 $ 10,117 $ 307,821 $ 19,805 $ 53,587 $ 19,729 $ 26,971 $ 1,697 $ 673,691 Ending balance: $ 2,104 $ 109 $ — $ 760 $ — $ — $ 62 $ 220 $ — $ 3,255 Ending balance: $ 203,564 $ 28,187 $ 10,117 $ 307,061 $ 19,805 $ 53,587 $ 19,667 $ 26,751 $ 1,697 $ 670,436 Year Ended September 30, 2017 Construction and Development Commercial Consumer Residential Mortgage Residential and Commercial Land Commercial Real Estate Farmland Multi-family Other Home Equity Lines of Credit Second Mortgages Other Unallocated Total (Dollars in thousands) Allowance for loan losses: Beginning balance $ 1,201 $ 199 $ 97 $ 1,874 $ — $ 109 $ 158 $ 116 $ 467 $ 34 $ 1,179 $ 5,434 Charge-offs — — — — — — — — (218 ) (5 ) — (223 ) Recoveries 2 90 — 40 — — 9 18 232 12 — 403 Provisions (199 ) 234 35 1,667 9 115 374 (44 ) (79 ) (14 ) 693 2,791 Ending Balance $ 1,004 $ 523 $ 132 $ 3,581 $ 9 $ 224 $ 541 $ 90 $ 402 $ 27 $ 1,872 $ 8,405 Ending balance: individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ 109 $ — $ 128 $ — $ — $ 237 Ending balance: collectively evaluated for impairment $ 1,004 $ 523 $ 132 $ 3,581 $ 9 $ 224 $ 432 $ 90 $ 274 $ 27 $ 1,872 $ 8,168 Loans receivable: Ending balance $ 192,500 $ 35,622 $ 18,377 $ 437,760 $ 1,723 $ 39,768 $ 74,837 $ 16,509 $ 22,480 $ 2,570 $ 842,146 Ending balance: individually evaluated for impairment $ 2,262 $ — $ 94 $ 555 $ — $ — $ 243 $ 10 $ 356 $ — $ 3,520 Ending balance: collectively evaluated for impairment $ 190,238 $ 35,622 $ 18,283 $ 437,205 $ 1,723 $ 39,768 $ 74,594 $ 16,499 $ 22,124 $ 2,570 $ 838,626 |
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, 2017 and September 30, 2017. 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 (Dollars in thousands) December 31, 2017: Residential mortgage $ — $ — $ 2,438 $ 2,438 $ 2,561 Construction and Development: Land — — 89 89 89 Commercial: Commercial real estate 796 156 551 1,347 1,347 Other — — 239 239 239 Consumer: Home equity lines of credit — — 10 10 11 Second mortgages 298 156 280 578 611 Other 1 1 — 1 1 Total impaired loans $ 1,095 $ 313 $ 3,607 $ 4,702 $ 4,859 September 30, 2017: Residential mortgage $ — $ — $ 2,262 $ 2,262 $ 2,379 Construction and Development: Land — — 94 94 94 Commercial: Commercial real estate — — 555 555 555 Other 243 109 — 243 243 Consumer: Home equity lines of credit — — 10 10 11 Second mortgages 131 128 225 356 385 Total impaired loans $ 374 $ 237 $ 3,146 $ 3,520 $ 3,667 |
Schedule of average recorded investment in impaired loans and related interest income recognized | The following table presents the average recorded investment in impaired loans in portfolio and related interest income recognized for the three months ended December 31, 2017 and 2016. Three Months Ended December 31, 2017 (Dollars in thousands) Average Impaired Loans Interest Income Recognized on Impaired Loans Residential mortgage $ 2,390 $ 12 Construction and Development: Land 91 1 Commercial: Commercial real estate 820 6 Other 241 3 Consumer: Home equity lines of credit 10 — Second mortgages 495 2 Other 1 — Total $ 4,048 $ 24 Three Months Ended December 31, 2016 (Dollars in thousands) Average Impaired Loans Interest Income Recognized on Impaired Loans Residential mortgage $ 1,997 $ 20 Construction and Development: Residential and commercial 109 1 Commercial: Commercial real estate 1,602 4 Consumer: Home equity lines of credit 70 — Second mortgages 226 — Total $ 4,004 $ 25 |
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, 2017 and September 30, 2017. December 31, 2017 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Residential mortgage $ 184,093 $ 112 $ 2,626 $ — $ 186,831 Construction and Development: Residential and commercial 34,627 — — — 34,627 Land 14,090 — 4,509 — 18,599 Commercial: Commercial real estate 421,647 3,220 2,743 — 427,610 Farmland 1,711 — — — 1,711 Multi-family 32,363 353 — — 32,716 Other 71,003 45 885 — 71,933 Consumer: Home equity lines of credit 16,667 — 144 — 16,811 Second mortgages 20,215 109 980 — 21,304 Other 2,429 5 1 — 2,435 Total $ 798,845 $ 3,844 $ 11,888 $ — $ 814,577 September 30, 2017 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Residential mortgage $ 189,925 $ 114 $ 2,461 $ — $ 192,500 Construction and Development: Residential and commercial 35,622 — — — 35,622 Land 13,207 — 5,170 — 18,377 Commercial: Commercial real estate 431,336 4,456 1,968 — 437,760 Farmland 1,723 — — — 1,723 Multi-family 39,410 358 — — 39,768 Other 73,935 — 902 — 74,837 Consumer: Home equity lines of credit 16,399 — 110 — 16,509 Second mortgages 21,611 112 757 — 22,480 Other 2,563 6 1 — 2,570 Total $ 825,731 $ 5,046 $ 11,369 $ — $ 842,146 |
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, 2017 2017 (Dollars in thousands) Residential mortgage $ 1,048 $ 826 Commercial: Commercial real estate 796 — Consumer: Home equity lines of credit 10 10 Second mortgages 387 202 Total non-accrual loans $ 2,241 $ 1,038 |
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, 2017 and September 30, 2017. Current 30-59 60-89 90 Total Past Due Total Loans Receivable Accruing 90 (Dollars in thousands) December 31, 2017: Residential mortgage $ 181,911 $ 1,462 $ 2,471 $ 987 $ 4,920 $ 186,831 $ 300 Construction and Development: Residential and commercial 34,627 — — — — 34,627 — Land 18,599 — — — — 18,599 — Commercial: Commercial real estate 426,814 — — 796 796 427,610 — Farmland 1,711 — — — — 1,711 — Multi-family 32,716 — — — — 32,716 — Other 71,888 — — 45 45 71,933 45 Consumer: Home equity lines of credit 16,629 88 94 — 182 16,811 — Second mortgages 20,073 882 60 289 1,231 21,304 — Other 2,414 20 1 — 21 2,435 — Total $ 807,382 $ 2,452 $ 2,626 $ 2,117 $ 7,195 $ 814,577 $ 345 Current 30-59 60-89 90 Total Past Due Total Loans Receivable Accruing 90 (Dollars in thousands) September 30, 2017: Residential mortgage $ 189,272 $ 1,442 $ 1,145 $ 641 $ 3,228 $ 192,500 $ 31 Construction and Development: Residential and commercial 35,622 — — — — 35,622 — Land 18,377 — — — — 18,377 — Commercial: Commercial real estate 436,804 160 796 — 956 437,760 — Farmland 1,723 — — — — 1,723 — Multi-family 39,768 — — — — 39,768 — Other 74,837 — — — — 74,837 — Consumer: Home equity lines of credit 16,122 350 37 — 387 16,509 — Second mortgages 21,183 844 182 271 1,297 22,480 141 Other 2,561 7 1 1 9 2,570 1 Total $ 836,269 $ 2,803 $ 2,161 $ 913 $ 5,877 $ 842,146 $ 173 |
Schedule of TDR loans | Excluding OREO, the Company had $252,000 and $252,000 of residential real estate properties in the process of foreclosure at December 31, 2017 and September 30, 2017, respectively. 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, 2017: Residential mortgage 6 $ 1,457 — $ — Construction and Development: Land 1 89 Commercial: Commercial real estate 2 551 — — Consumer Second mortgages 3 145 1 20 Total 12 $ 2,242 1 $ 20 At September 30, 2017: Residential mortgage 6 $ 1,464 — $ — Construction and Development: Land 1 94 — — Commercial: Commercial real estate 2 554 — — Consumer Second mortgages 3 148 1 22 Total 12 $ 2,260 1 $ 22 |
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, 2017 September 30, 2017 Performing Non-Performing Performing Non-Performing (Dollars in thousands) Residential mortgage $ 1,457 $ — $ 1,464 $ — Construction and Development: Land 89 — 94 — Commercial: Commercial real estate 551 — 554 — Consumer Second mortgages 125 20 126 22 Total $ 2,222 $ 20 $ 2,238 $ 22 For the Three Months Ended December 31, 2017 2016 Restructured During Period Number of Loans Pre-Modifications Outstanding Recorded Investments Post-Modifications Outstanding Recorded Investments Number of Loans Pre-Modifications Outstanding Recorded Investments Post-Modifications Outstanding Recorded Investments (Dollars in thousands) Troubled Debt Restructurings: Residential mortgage — $ — $ — 3 $ 760 $ 760 Total — $ — $ — 3 $ 760 $ 760 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Schedule of company's compliance of capital requirements | The following table summarizes the Company’s compliance with applicable regulatory capital requirements as of December 31, 2017 and September 30, 2017: Actual For Capital To Be Well (Dollars in thousands) Capital Ratio Capital Ratio Capital Ratio As of December 31, 2017: Tier 1 Leverage (Core) Capital (to average assets) $ 102,952 9.64 % $ 42,720 4.00 % n/a n/a Common Equity Tier 1 Capital (to risk weighted assets) 102,952 12.89 % 35,944 4.50 % n/a n/a Tier 1 Capital (to risk weighted assets) 102,952 12.89 % 47,925 6.00 % n/a n/a Total Risk Based Capital (to risk weighted assets) 135,794 17.00 % 63,900 8.00 % n/a n/a As of September 30, 2017: Tier 1 Leverage (Core) Capital (to average assets) $ 100,779 10.00 % $ 40,315 4.00 % n/a n/a Common Equity Tier 1 Capital (to risk weighted assets) 100,779 12.28 % 36,945 4.50 % n/a n/a Tier 1 Capital (to risk weighted assets) 100,779 12.28 % 49,260 6.00 % n/a n/a Total Risk Based Capital (to risk weighted assets) 133,549 16.27 % 65,679 8.00 % n/a n/a |
Schedule of actual capital amounts and ratios | The following table summarizes the Bank’s compliance with applicable regulatory capital requirements as of December 31, 2017 and September 30, 2017: To Be Well For Capital Under Prompt Actual Adequacy Purposes Action Provisions (Dollars in thousands) Capital Ratio Capital Ratio Capital Ratio As of December 31, 2017: Tier 1 Leverage (to average assets) $ 123,508 11.57 % $ 42,695 4.00 % $ 53,368 5.00 % Common Equity Tier 1 Capital (to risk weighted assets) 123,508 15.48 % 35,908 4.50 % 51,868 6.50 % Tier 1 Capital (to risk weighted assets) 123,508 15.48 % 47,878 6.00 % 63,837 8.00 % Total Risk Based Capital (to risk weighted assets) 132,007 16.54 % 63,837 8.00 % 79,797 10.00 % As of September 30, 2017: Tier 1 Leverage (to average assets) $ 120,902 12.02 % $ 40,234 4.00 % $ 50,292 5.00 % Common Equity Tier 1 Capital (to risk weighted assets) 120,902 14.75 % 36,894 4.50 % 53,292 6.50 % Tier 1 Capital (to risk weighted assets) 120,902 14.75 % 49,192 6.00 % 65,590 8.00 % Total Risk Based Capital (to risk weighted assets) 129,369 15.78 % 65,590 8.00 % 81,987 10.00 % |
Derivatives and Hedging Activ25
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
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 Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2017 and September 30, 2017: December 31, 2017 Notional Amount Fair Value Balance Sheet Location Expiration Date (Dollars in thousand) Derivatives designated as hedging instruments Interest rate swaps by effective date: August 3, 2015 $ 15,000 $ 117 Other assets August 3, 2020 February 5, 2016 20,000 502 Other assets February 1, 2021 September 30, 2017 Notional Amount Fair Value Balance Sheet Location Expiration Date (Dollars in thousand) Derivatives designated as hedging instruments Interest rate swaps by effective date: August 3, 2015 $ 15,000 $ 9 Other assets August 3, 2020 February 5, 2016 20,000 367 Other assets February 1, 2021 |
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, 2017 and 2016. For the Three Months Ended December 31, 2017 Amount of Gain (Loss) Recognized in OCI (Effective Portion) Amount of Gain (Loss) Reclassified from OCI to Interest Expense Amount of Gain (Loss) Recognized in Other Non-Interest Income (Ineffective Portion) (Dollars in thousands) August 3, 2015 $ 91 $ (16 ) $ — February 5, 2016 139 3 — For the Three Months Ended December 31, 2016 Amount of Gain (Loss) Recognized in OCI (Effective Portion) Amount of Gain (Loss) Reclassified from OCI to Interest Expense Amount of Gain (Loss) Recognized in Other Non-Interest Income (Ineffective Portion) (Dollars in thousands) August 3, 2015 $ 338 $ (36 ) $ — February 5, 2016 548 (23 ) — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of balances of assets measured at fair value on a recurring basis | The tables below present the balances of assets measured at fair value on a recurring basis at December 31, 2017 and September 30, 2017: December 31, 2017 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Investment securities available-for-sale: Debt securities: U.S. treasury notes $ 29,974 $ 29,974 $ — $ — State and municipal obligations 6,988 — 6,988 — Single issuer trust preferred security 930 — 930 — Corporate debt securities 6,361 — 6,361 — Mutual funds 250 — — 250 Total investment securities available-for-sale 44,503 29,974 14,279 250 Derivative instruments $ 619 $ — $ 619 $ — September 30, 2017 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Investment securities available-for-sale: Debt securities: State and municipal obligations $ 7,029 $ — $ 7,029 $ — Single issuer trust preferred security 934 — 934 — Corporate debt securities 6,374 — 6,374 — Mutual funds 250 — — 250 Total investment securities available-for-sale 14,587 — 14,337 250 Derivative instruments $ 376 $ — $ 376 $ — |
Schedule of assets measured at fair value on a non recurring basis | For assets measured at fair value on a nonrecurring basis that were still held at the end of the period, the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related individual assets or portfolios at December 31, 2017 and September 30, 2017: December 31, 2017 Total Level 1 Level 2 Level 3 (Dollars in thousands) Impaired loans (1) $ 782 $ — $ — $ 782 Total $ 782 $ — $ — $ 782 December 31, 2017 Fair Value at December 31, 2017 Valuation Technique Unobservable Input Range/(Weighted Average) (Dollars in thousands) Impaired loans (1) $ 782 Appraisal of collateral (2) Collateral discounts (3) 0%/(0% ) Total $ 782 Â (1) At December 31, 2017, consisted of eight loans with an aggregate balance of $1.1 million and with $313,000 in specific loan loss allowance. (2) Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. (3) Appraisals may be adjusted by management for qualitative factors such as time, changes in economic conditions and estimated liquidation expense. September 30, 2017 Total Level 1 Level 2 Level 3 (Dollars in thousands) Impaired loans (1) $ 137 $ — $ — $ 137 Total $ 137 $ — $ — $ 137 September 30, 2017 Fair Value at September 30, 2017 Valuation Technique Unobservable Input Range/(Weighted Average) (Dollars in thousands) Impaired loans (1) $ 137 Appraisal of collateral (2) Collateral discounts (3) 0%/(0% ) Total $ 137 Â (1) At September 30, 2017, consisted of five loans with an aggregate balance of $374,000 and with $237,000 in specific loan loss allowance. (2) Fair value is generally determined through independent appraisals of the underlying collateral primarily using comparable sales. (3) Appraisals may be adjusted by management for qualitative factors such as time, changes in economic conditions and estimated liquidation expense. |
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, 2017 and September 30, 2017 are presented below: Carrying Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) December 31, 2017: Financial assets: Cash and cash equivalents $ 128,642 $ 128,642 $ 128,642 $ — $ — Investment securities available-for-sale 44,503 44,503 29,974 14,279 250 Investment securities held-to-maturity 33,893 33,291 — 33,291 — Loans receivable, net (including impaired loans) 806,764 806,529 — — 806,529 Accrued interest receivable 3,344 3,344 — 3,344 — Restricted stock 5,930 5,930 — 5,930 — Mortgage servicing rights (included in Other Assets) 255 264 — 264 — Derivatives 619 619 — 619 — Financial liabilities: Savings accounts 41,631 41,631 — 41,631 — Checking and NOW accounts 207,034 207,034 — 207,034 — Money market accounts 293,674 293,674 — 293,674 — Certificates of deposit 254,760 257,153 — 257,153 — Borrowings (excluding sub debt) 123,000 123,155 — 123,155 — Subordinated debt 24,342 24,342 — 24,342 — Accrued interest payable 1,099 1,099 — 1,099 — September 30, 2017: Financial assets: Cash and cash equivalents $ 117,136 $ 117,136 $ 117,136 $ — $ — Investment securities available-for-sale 14,587 14,587 — 14,337 250 Investment securities held-to-maturity 34,915 34,566 — 34,566 — Loans receivable, net (including impaired loans) 834,331 839,242 — — 839,242 Accrued interest receivable 3,139 3,139 — 3,139 — Restricted stock 5,559 5,559 — 5,559 — Mortgage servicing rights (included in Other) 268 271 — 271 — Derivatives 376 376 — 376 — Financial liabilities: Savings accounts 44,526 44,526 — 44,526 — Checking and NOW accounts 197,700 197,700 — 197,700 — Money market accounts 276,404 276,404 — 276,404 — Certificates of deposit 271,766 273,723 — 273,723 — Borrowings (excluding sub debt) 123,000 123,658 — 123,658 — Subordinated debt 24,303 24,303 — 24,303 — Accrued interest payable 694 694 — 694 — |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of reconciliation of income tax provision | Reconciliation of income tax provision for three months ended December 31, 2017: For the Three Months Ended December 31, 2017 (Dollars in thousands) Income tax provision calculated at blended federal tax rate (24.5%) $ 878 State income tax provision 170 Income tax provision due to re-measurement of DTAs/DTLs 2,206 Other (35) Total $ 3,219 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive (loss) included in shareholders equity | The components of accumulated other comprehensive income included in shareholders’ equity are as follows: December 31, September 30, 2017 2017 (Dollars in thousands) Net unrealized holding (losses) gains on available-for-sale securities $ (364 ) $ (282 ) Tax effect 121 96 Net of tax amount (243 ) (186 ) Fair value adjustments on derivatives 619 376 Tax effect (152 ) (128 ) Net of tax amount 467 248 Total accumulated other comprehensive income $ 224 $ 62 |
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, 2017 2016 (Dollars in thousands) Net unrealized holding (losses) gains on available-for-sale securities $ (83 ) $ (1,098 ) Net realized gain on securities available-for-sale — — Amortization of unrealized holding losses on securities available-for-sale transferred to held-to-maturity 2 4 Fair value adjustments on derivatives 242 945 Other comprehensive income (loss) before taxes 161 (149 ) Tax effect 1 52 Total comprehensive income (loss) $ 162 $ (97 ) |
Equity Based Incentive Compen29
Equity Based Incentive Compensation Plan (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of currently outstanding options | The following is a summary of stock option activity for the three months ended December 31, 2017: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding, beginning of year 11,000 $ 19.19 $ 83,170 Granted 4,664 26.20 — Exercised — — — Forfeited/cancelled/expired — — — Outstanding, at December 31, 2017 15,664 $ 21.28 9.209 $ 77,120 Exercisable at December 31, 2017 800 $ 16.02 8.246 $ 8,144 Nonested at December 31, 2017 14,864 $ 21.28 9.209 $ 77,120 |
Schedule of restricted stock outstanding | The table below summarizes the activity for the Company’s restricted stock outstanding during the three months ended December 31, 2017: Shares Weighted Average Fair Value Outstanding, beginning of year 10,711 $ 20.36 Granted 4,768 26.20 Vested (337 ) 17.40 Forfeited/cancelled/expired — — Outstanding, at December 31, 2017 15,142 $ 22.16 |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) | 3 Months Ended |
Dec. 31, 2017Number | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of full service financial center | 8 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Net Income | $ 403 | $ 973 |
Weighted average shares outstanding | 6,572,605 | 6,560,324 |
Average unearned ESOP shares | (127,341) | (141,741) |
Basic weighted average shares outstanding | 6,445,264 | 6,418,583 |
Plus: effect of dilutive options | 5,249 | 429 |
Diluted weighted average common shares outstanding | 6,450,513 | 6,419,012 |
Earnings per share: | ||
Basic (in dollars per share) | $ 0.06 | $ 0.15 |
Diluted (in dollars per share) | $ 0.06 | $ 0.15 |
Earnings Per Share (Details Nar
Earnings Per Share (Details Narrative) | 3 Months Ended |
Dec. 31, 2017shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Restricted shares issued | 4,768 |
Employee Stock Option [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Stock options | 4,664 |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | 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 | 125,565 | ||
Number of allocated shares held by the ESOP | 133,653 | ||
Aggregate fair value of shares held by the ESOP | $ 3,300 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Sep. 30, 2017 | |
Investment Securities Available-for-Sale: | ||
Amortized Cost | $ 44,867 | $ 14,869 |
Gross Unrealized Gains | 22 | 39 |
Gross Unrealized Losses | (386) | (321) |
Fair value | 44,503 | 14,587 |
Investment Securities Held-to-Maturity: | ||
Amortized Cost | 33,893 | 34,915 |
Gross Unrealized Gains | 71 | 116 |
Gross Unrealized Losses | (673) | (465) |
Fair Value | 33,291 | 34,566 |
Total investment securities Amortized Cost | 78,760 | 49,784 |
Total investment securities Gross Unrealized Gains | 93 | 155 |
Total investment securities Gross Unrealized Losses | (1,059) | (786) |
Total investment securities Fair Value | 77,794 | 49,153 |
U. S. Government Agencies [Member] | ||
Investment Securities Held-to-Maturity: | ||
Amortized Cost | 1,999 | 1,999 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (19) | (8) |
Fair Value | 1,980 | 1,991 |
State And Municipal Obligations [Member] | ||
Investment Securities Available-for-Sale: | ||
Amortized Cost | 6,982 | 6,992 |
Gross Unrealized Gains | 22 | 39 |
Gross Unrealized Losses | (16) | (2) |
Fair value | 6,988 | 7,029 |
Investment Securities Held-to-Maturity: | ||
Amortized Cost | 9,510 | 9,574 |
Gross Unrealized Gains | 34 | 89 |
Gross Unrealized Losses | (24) | |
Fair Value | 9,520 | 9,663 |
Single Issuer Trust Preferred Security [Member] | ||
Investment Securities Available-for-Sale: | ||
Amortized Cost | 1,000 | 1,000 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (70) | (66) |
Fair value | 930 | 934 |
Corporate Debt Securities [Member] | ||
Investment Securities Available-for-Sale: | ||
Amortized Cost | 6,622 | 6,627 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (261) | (253) |
Fair value | 6,361 | 6,374 |
Investment Securities Held-to-Maturity: | ||
Amortized Cost | 3,792 | 3,818 |
Gross Unrealized Gains | 37 | 26 |
Gross Unrealized Losses | ||
Fair Value | 3,829 | 3,844 |
Collateralized Mortgage Obligations [Member] | Fixed Rate [Member] | ||
Investment Securities Held-to-Maturity: | ||
Amortized Cost | 18,592 | 19,524 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (630) | (457) |
Fair Value | 17,962 | 19,068 |
Mutual Fund [Member] | ||
Investment Securities Available-for-Sale: | ||
Amortized Cost | 250 | 250 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair value | 250 | $ 250 |
U.S. Treasury Notes [Member] | ||
Investment Securities Available-for-Sale: | ||
Amortized Cost | 30,013 | |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (39) | |
Fair value | $ 29,974 |
Investment Securities (Details
Investment Securities (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Sep. 30, 2017 | |
Investment Securities Available-for-Sale: | ||
Less than 12 Months: Fair Value | $ 31,687 | |
Less than 12 Months: Unrealized Losses | (51) | |
12 Months or longer: Fair Value | 7,788 | 7,809 |
12 Months or longer: Unrealized Losses | (335) | (321) |
Total: Fair Value | 39,475 | 7,809 |
Total: Unrealized Losses | (386) | (321) |
Investment Securities Held-to-Maturity: | ||
Less than 12 Months: Fair Value | 5,559 | |
Less than 12 Months: Unrealized Losses | (24) | |
12 Months or longer: Fair Value | 19,942 | 20,893 |
12 Months or longer: Unrealized Losses | (649) | (465) |
Total: Fair Value | 25,501 | 20,893 |
Total: Unrealized Losses | (673) | (465) |
Total investment securities in an unrealized loss position less than 12 months fair value | 37,246 | |
Total investment securities in an unrealized loss position less than 12 months gross unrealized loss | (75) | |
Total investment securities in an unrealized loss position 12 months or more fair value | 27,730 | 28,702 |
Total investment securities in an unrealized loss position 12 months or more gross unrealized loss | (984) | (786) |
Total investment securities in an unrealized loss position fair value | 64,976 | 28,702 |
Total investment securities in an unrealized loss position gross unrealized loss | (1,059) | (786) |
U.S. Treasury Notes [Member] | ||
Investment Securities Available-for-Sale: | ||
Less than 12 Months: Fair Value | 29,974 | |
Less than 12 Months: Unrealized Losses | (39) | |
12 Months or longer: Fair Value | ||
12 Months or longer: Unrealized Losses | ||
Total: Fair Value | 29,974 | |
Total: Unrealized Losses | (39) | |
State And Municipal Obligations [Member] | ||
Investment Securities Available-for-Sale: | ||
Less than 12 Months: Fair Value | 1,713 | |
Less than 12 Months: Unrealized Losses | (12) | |
12 Months or longer: Fair Value | 497 | 500 |
12 Months or longer: Unrealized Losses | (4) | (2) |
Total: Fair Value | 2,210 | 500 |
Total: Unrealized Losses | (16) | (2) |
Investment Securities Held-to-Maturity: | ||
Less than 12 Months: Fair Value | 5,559 | |
Less than 12 Months: Unrealized Losses | (24) | |
12 Months or longer: Fair Value | 1,991 | |
12 Months or longer: Unrealized Losses | (8) | |
Total: Fair Value | 5,559 | 1,991 |
Total: Unrealized Losses | (24) | (8) |
Single Issuer Trust Preferred Security [Member] | ||
Investment Securities Available-for-Sale: | ||
Less than 12 Months: Fair Value | ||
Less than 12 Months: Unrealized Losses | ||
12 Months or longer: Fair Value | 930 | 934 |
12 Months or longer: Unrealized Losses | (70) | (66) |
Total: Fair Value | 930 | 934 |
Total: Unrealized Losses | (70) | (66) |
Corporate Debt Securities [Member] | ||
Investment Securities Available-for-Sale: | ||
Less than 12 Months: Fair Value | ||
Less than 12 Months: Unrealized Losses | ||
12 Months or longer: Fair Value | 6,361 | 6,375 |
12 Months or longer: Unrealized Losses | (261) | (253) |
Total: Fair Value | 6,361 | 6,375 |
Total: Unrealized Losses | (261) | (253) |
Collateralized Mortgage Obligations [Member] | Fixed Rate [Member] | ||
Investment Securities Held-to-Maturity: | ||
Less than 12 Months: Fair Value | ||
Less than 12 Months: Unrealized Losses | ||
12 Months or longer: Fair Value | 17,962 | 18,902 |
12 Months or longer: Unrealized Losses | (630) | (457) |
Total: Fair Value | 17,962 | 18,902 |
Total: Unrealized Losses | (630) | (457) |
U. S. Government Agencies [Member] | ||
Investment Securities Held-to-Maturity: | ||
Less than 12 Months: Fair Value | ||
Less than 12 Months: Unrealized Losses | ||
12 Months or longer: Fair Value | 1,980 | 1,991 |
12 Months or longer: Unrealized Losses | (19) | (8) |
Total: Fair Value | 1,980 | 1,991 |
Total: Unrealized Losses | $ (19) | $ (8) |
Investment Securities (Detail36
Investment Securities (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Available for Sale, Amortized Cost: | ||
Due in one year or less | $ 30,013 | |
Due after one year through five years | 4,449 | |
Due after five years through ten years | 8,950 | |
Due after ten years | 1,455 | |
Available-for-sale Securities, Amortized Cost Basis, Total | 44,867 | $ 14,869 |
Available for Sale, Fair Value: | ||
Due in one year or less | 29,974 | |
Due after one year through five years | 4,442 | |
Due after five years through ten years | 8,702 | |
Due after ten years | 1,385 | |
Available-for-sale Securities, Fair value, Total | 44,503 | 14,587 |
Held-to-Maturity, Amortized Cost: | ||
Due after one year through five years | 1,999 | |
Due after five years through ten years | 6,231 | |
Due after ten years | 25,663 | |
Held-to-maturity Securities, Amortized Cost, Total | 33,893 | 34,915 |
Held-to-Maturity, Fair Value: | ||
Due after one year through five years | 1,980 | |
Due after five years through ten years | 6,285 | |
Due after ten years | 25,026 | |
Held-to-maturity Securities, Fair Value, Total | 33,291 | 34,566 |
Total investment securities Amortized Cost | 78,760 | 49,784 |
Total investment securities Fair Value | $ 77,794 | $ 49,153 |
Investment Securities (Detail37
Investment Securities (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Investments, Debt and Equity Securities [Abstract] | ||
Fair value of available for sale securities trasferred | $ 9,100 | $ 9,600 |
Investment securities deposits of carrying value | $ 6,000 | $ 6,200 |
Investment Securities (Detail38
Investment Securities (Details Narrative 1) | Dec. 31, 2017Number |
U.S. Treasury Notes [Member] | |
Schedule of Investments [Line Items] | |
Number of securities held in an unrealized loss position | 3 |
U. S. Government Agencies [Member] | |
Schedule of Investments [Line Items] | |
Number of securities held in an unrealized loss position | 2 |
State And Municipal Obligations [Member] | |
Schedule of Investments [Line Items] | |
Number of securities held in an unrealized loss position | 8 |
Corporate Debt Securities [Member] | |
Schedule of Investments [Line Items] | |
Number of securities held in an unrealized loss position | 3 |
Mortgage Backed Securities [Member] | |
Schedule of Investments [Line Items] | |
Number of securities held in an unrealized loss position | 37 |
Single Issuer Trust Preferred Security [Member] | |
Schedule of Investments [Line Items] | |
Number of securities held in an unrealized loss position | 1 |
Loans Receivable and Related 39
Loans Receivable and Related Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Financing Receivable, Impaired [Line Items] | ||||
Total loans | $ 814,577 | $ 842,146 | $ 673,691 | |
Deferred loan fees and cost, net | 624 | 590 | ||
Allowance for loan losses | (8,437) | (8,405) | (6,177) | $ (5,434) |
Total loans receivable, net | 806,764 | 834,331 | ||
Residential Mortgage [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 186,831 | 192,500 | 205,668 | |
Allowance for loan losses | (1,029) | (1,004) | (1,162) | (1,201) |
Construction and Development - Residential and Commercial Receivables [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 34,627 | 35,622 | 28,296 | |
Allowance for loan losses | (532) | (523) | (874) | (199) |
Construction And Development - Land Receivable [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 18,599 | 18,377 | 10,117 | |
Allowance for loan losses | (130) | (132) | (90) | (97) |
Construction And Development Receivable [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 53,226 | 53,999 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 427,610 | 437,760 | 307,821 | |
Allowance for loan losses | (4,260) | (3,581) | (2,215) | (1,874) |
Total loans receivable, net | 1,300 | |||
Commercial Farmland [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 1,711 | 1,723 | ||
Allowance for loan losses | (9) | (9) | ||
Commercial Multi Family Receivable [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 32,716 | 39,768 | 19,805 | |
Allowance for loan losses | (200) | (224) | (106) | (109) |
Commercial - Other Receivable [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 71,933 | 74,837 | 53,587 | |
Allowance for loan losses | (449) | (541) | (208) | (158) |
Commercial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 533,970 | 554,088 | ||
Consumer - Home Equity Lines of Credit [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 16,811 | 16,509 | 19,729 | |
Allowance for loan losses | (94) | (90) | (111) | (116) |
Consumer - Second Mortgages Receivable [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 21,304 | 22,480 | 26,971 | |
Allowance for loan losses | (463) | (402) | (408) | (467) |
Consumer - Other Receivable [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | 2,435 | 2,570 | 1,697 | |
Allowance for loan losses | (30) | (27) | $ (28) | $ (34) |
Consumer Receivable [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total loans | $ 40,550 | $ 41,559 |
Loans Receivable and Related 40
Loans Receivable and Related Allowance for Loan Losses (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | $ 8,405 | $ 5,434 | $ 5,434 |
Charge-offs | (2) | (76) | (223) |
Recoveries | 34 | 159 | 403 |
Provision | 660 | 2,791 | |
Allowance for loan losses, Ending Balance | 8,437 | 6,177 | 8,405 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 313 | 50 | 237 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 8,124 | 6,127 | 8,168 |
Loans receivable | 814,577 | 673,691 | 842,146 |
Loans receivable: Ending balance: individually evaluated for impairment | 4,702 | 3,255 | 3,520 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 809,875 | 670,436 | 838,626 |
Residential Mortgage [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | 1,004 | 1,201 | 1,201 |
Charge-offs | |||
Recoveries | 2 | 2 | |
Provision | 32 | (39) | (199) |
Allowance for loan losses, Ending Balance | 1,029 | 1,162 | 1,004 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 1,029 | 1,162 | 1,004 |
Loans receivable | 186,831 | 205,668 | 192,500 |
Loans receivable: Ending balance: individually evaluated for impairment | 2,438 | 2,104 | 2,262 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 184,393 | 203,564 | 190,238 |
Construction and Development - Residential and Commercial Receivables [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | 523 | 199 | 199 |
Charge-offs | |||
Recoveries | 90 | 90 | |
Provision | 9 | 585 | 234 |
Allowance for loan losses, Ending Balance | 532 | 874 | 523 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 532 | 874 | 523 |
Loans receivable | 34,627 | 28,296 | 35,622 |
Loans receivable: Ending balance: individually evaluated for impairment | 109 | ||
Loans Receivable: Ending balance: collectively evaluated for impairment | 34,627 | 28,187 | 35,622 |
Construction and Development - Land Receivable [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | 132 | 97 | 97 |
Charge-offs | |||
Recoveries | |||
Provision | (2) | (7) | 35 |
Allowance for loan losses, Ending Balance | 130 | 90 | 132 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 130 | 90 | 132 |
Loans receivable | 18,599 | 10,117 | 18,377 |
Loans receivable: Ending balance: individually evaluated for impairment | 89 | 94 | |
Loans Receivable: Ending balance: collectively evaluated for impairment | 18,510 | 10,117 | 18,283 |
Commercial Real Estate [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | 3,581 | 1,874 | 1,874 |
Charge-offs | |||
Recoveries | 9 | 3 | 40 |
Provision | 670 | 338 | 1,667 |
Allowance for loan losses, Ending Balance | 4,260 | 2,215 | 3,581 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 156 | ||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 4,104 | 2,215 | 3,581 |
Loans receivable | 427,610 | 307,821 | 437,760 |
Loans receivable: Ending balance: individually evaluated for impairment | 1,347 | 760 | 555 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 426,263 | 307,061 | 437,205 |
Commercial Farmland [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | 9 | ||
Charge-offs | |||
Recoveries | |||
Provision | 3 | ||
Allowance for loan losses, Ending Balance | 12 | 9 | |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 12 | ||
Loans receivable | 1,711 | ||
Loans receivable: Ending balance: individually evaluated for impairment | |||
Loans Receivable: Ending balance: collectively evaluated for impairment | 1,711 | ||
Commercial Multi Family Receivable [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | 224 | 109 | 109 |
Charge-offs | |||
Recoveries | |||
Provision | (24) | (3) | 115 |
Allowance for loan losses, Ending Balance | 200 | 106 | 224 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 200 | 106 | 224 |
Loans receivable | 32,716 | 19,805 | 39,768 |
Loans receivable: Ending balance: individually evaluated for impairment | |||
Loans Receivable: Ending balance: collectively evaluated for impairment | 32,716 | 19,805 | 39,768 |
Commercial - Other Receivable [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | 541 | 158 | 158 |
Charge-offs | |||
Recoveries | 1 | 5 | 9 |
Provision | (93) | 45 | 374 |
Allowance for loan losses, Ending Balance | 449 | 208 | 541 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 109 | ||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 449 | 208 | 432 |
Loans receivable | 71,933 | 53,587 | 74,837 |
Loans receivable: Ending balance: individually evaluated for impairment | 239 | 243 | |
Loans Receivable: Ending balance: collectively evaluated for impairment | 71,694 | 53,587 | 74,594 |
Consumer - Home Equity Lines of Credit [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | 90 | 116 | 116 |
Charge-offs | |||
Recoveries | 1 | 1 | 18 |
Provision | 3 | (6) | (44) |
Allowance for loan losses, Ending Balance | 94 | 111 | 90 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 94 | 111 | 90 |
Loans receivable | 16,811 | 19,729 | 16,509 |
Loans receivable: Ending balance: individually evaluated for impairment | 10 | 62 | 10 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 16,801 | 19,667 | 16,499 |
Consumer - Second Mortgages Receivable [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | 402 | 467 | 467 |
Charge-offs | (71) | (218) | |
Recoveries | 19 | 57 | 232 |
Provision | 42 | (45) | (79) |
Allowance for loan losses, Ending Balance | 463 | 408 | 402 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 156 | 50 | 128 |
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 307 | 358 | 274 |
Loans receivable | 21,304 | 26,971 | 22,480 |
Loans receivable: Ending balance: individually evaluated for impairment | 578 | 220 | 356 |
Loans Receivable: Ending balance: collectively evaluated for impairment | 20,726 | 26,751 | 22,124 |
Consumer - Other Receivable [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | 27 | 34 | 34 |
Charge-offs | (2) | (5) | (5) |
Recoveries | 2 | 3 | 12 |
Provision | 3 | (4) | (14) |
Allowance for loan losses, Ending Balance | 30 | 28 | 27 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | 1 | ||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 29 | 28 | 27 |
Loans receivable | 2,435 | 1,697 | 2,570 |
Loans receivable: Ending balance: individually evaluated for impairment | 1 | ||
Loans Receivable: Ending balance: collectively evaluated for impairment | 2,434 | 1,697 | 2,570 |
Unallocated [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | 1,872 | 1,179 | 1,179 |
Charge-offs | |||
Recoveries | |||
Provision | (634) | (204) | 693 |
Allowance for loan losses, Ending Balance | 1,238 | 975 | 1,872 |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 1,238 | 975 | 1,872 |
Commercial Farmland [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, Beginning Balance | 9 | ||
Charge-offs | |||
Recoveries | |||
Provision | 9 | ||
Allowance for loan losses, Ending Balance | 9 | 9 | |
Allowance for loan losses: Ending balance: individually evaluated for impairment | |||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 9 | ||
Loans receivable | $ 1,711 | 1,723 | |
Loans receivable: Ending balance: individually evaluated for impairment | |||
Loans Receivable: Ending balance: collectively evaluated for impairment | $ 1,723 |
Loans Receivable and Related 41
Loans Receivable and Related Allowance for Loan Losses (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans With Specific Allowance, Recorded Investment | $ 1,095 | $ 374 |
Impaired Loans With Specific Allowance, Related Allowance | 313 | 237 |
Impaired Loans With No Specific Allowance, Recorded Investment | 3,607 | 3,146 |
Total Impaired Loans Recorded Investment | 4,702 | 3,520 |
Total Impaired Loans Unpaid Principal Balance | 4,859 | 3,667 |
Residential Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans With Specific Allowance, Recorded Investment | ||
Impaired Loans With Specific Allowance, Related Allowance | ||
Impaired Loans With No Specific Allowance, Recorded Investment | 2,438 | 2,262 |
Total Impaired Loans Recorded Investment | 2,438 | 2,262 |
Total Impaired Loans Unpaid Principal Balance | 2,561 | 2,379 |
Construction And Development - Land Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans With Specific Allowance, Recorded Investment | ||
Impaired Loans With Specific Allowance, Related Allowance | ||
Impaired Loans With No Specific Allowance, Recorded Investment | 89 | 94 |
Total Impaired Loans Recorded Investment | 89 | 94 |
Total Impaired Loans Unpaid Principal Balance | 89 | 94 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans With Specific Allowance, Recorded Investment | 796 | |
Impaired Loans With Specific Allowance, Related Allowance | 156 | |
Impaired Loans With No Specific Allowance, Recorded Investment | 551 | 555 |
Total Impaired Loans Recorded Investment | 1,347 | 555 |
Total Impaired Loans Unpaid Principal Balance | 1,347 | 555 |
Commercial - Other Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans With Specific Allowance, Recorded Investment | 243 | |
Impaired Loans With Specific Allowance, Related Allowance | 109 | |
Impaired Loans With No Specific Allowance, Recorded Investment | 239 | |
Total Impaired Loans Recorded Investment | 239 | 243 |
Total Impaired Loans Unpaid Principal Balance | 239 | 243 |
Consumer - Home Equity Lines of Credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans With Specific Allowance, Recorded Investment | ||
Impaired Loans With Specific Allowance, Related Allowance | ||
Impaired Loans With No Specific Allowance, Recorded Investment | 10 | 10 |
Total Impaired Loans Recorded Investment | 10 | 10 |
Total Impaired Loans Unpaid Principal Balance | 11 | 11 |
Consumer - Second Mortgages Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans With Specific Allowance, Recorded Investment | 298 | 131 |
Impaired Loans With Specific Allowance, Related Allowance | 156 | 128 |
Impaired Loans With No Specific Allowance, Recorded Investment | 280 | 225 |
Total Impaired Loans Recorded Investment | 578 | 356 |
Total Impaired Loans Unpaid Principal Balance | 611 | $ 385 |
Consumer - Other Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans With Specific Allowance, Recorded Investment | 1 | |
Impaired Loans With Specific Allowance, Related Allowance | 1 | |
Impaired Loans With No Specific Allowance, Recorded Investment | ||
Total Impaired Loans Recorded Investment | 1 | |
Total Impaired Loans Unpaid Principal Balance | $ 1 |
Loans Receivable and Related 42
Loans Receivable and Related Allowance for Loan Losses (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | $ 4,048 | $ 4,004 |
Interest Income Recognized on Impaired Loans | 24 | 25 |
Residential Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 2,390 | 1,997 |
Interest Income Recognized on Impaired Loans | 12 | 20 |
Land [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 91 | |
Interest Income Recognized on Impaired Loans | 1 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 820 | 1,602 |
Interest Income Recognized on Impaired Loans | 6 | 4 |
Commercial - Other Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 241 | |
Interest Income Recognized on Impaired Loans | 3 | |
Consumer - Home Equity Lines of Credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 10 | 70 |
Interest Income Recognized on Impaired Loans | ||
Consumer - Second Mortgages Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 495 | 226 |
Interest Income Recognized on Impaired Loans | 2 | |
Consumer - Other Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 1 | |
Interest Income Recognized on Impaired Loans | ||
Construction and Development - Residential and Commercial Receivables [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Impaired Loans | 109 | |
Interest Income Recognized on Impaired Loans | $ 1 |
Loans Receivable and Related 43
Loans Receivable and Related Allowance for Loan Losses (Details 4) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | $ 814,577 | $ 842,146 | $ 673,691 |
Residential Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 186,831 | 192,500 | 205,668 |
Construction and Development - Residential and Commercial Receivables [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 34,627 | 35,622 | 28,296 |
Construction And Development - Land Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 18,599 | 18,377 | 10,117 |
Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 427,610 | 437,760 | 307,821 |
Commercial Farmland [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 1,711 | 1,723 | |
Commercial Multi Family Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 32,716 | 39,768 | 19,805 |
Commercial - Other Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 71,933 | 74,837 | 53,587 |
Consumer - Home Equity Lines of Credit [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 16,811 | 16,509 | 19,729 |
Consumer - Second Mortgages Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 21,304 | 22,480 | 26,971 |
Consumer - Other Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 2,435 | 2,570 | $ 1,697 |
Pass [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 798,845 | 825,731 | |
Pass [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 184,093 | 189,925 | |
Pass [Member] | Construction and Development - Residential and Commercial Receivables [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 34,627 | 35,622 | |
Pass [Member] | Construction And Development - Land Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 14,090 | 13,207 | |
Pass [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 421,647 | 431,336 | |
Pass [Member] | Commercial Farmland [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 1,711 | 1,723 | |
Pass [Member] | Commercial Multi Family Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 32,363 | 39,410 | |
Pass [Member] | Commercial - Other Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 71,003 | 73,935 | |
Pass [Member] | Consumer - Home Equity Lines of Credit [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 16,667 | 16,399 | |
Pass [Member] | Consumer - Second Mortgages Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 20,215 | 21,611 | |
Pass [Member] | Consumer - Other Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 2,429 | 2,563 | |
Special Mention [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 3,844 | 5,046 | |
Special Mention [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 112 | 114 | |
Special Mention [Member] | Construction and Development - Residential and Commercial Receivables [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | |||
Special Mention [Member] | Construction And Development - Land Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | |||
Special Mention [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 3,220 | 4,456 | |
Special Mention [Member] | Commercial Farmland [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | |||
Special Mention [Member] | Commercial Multi Family Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 353 | 358 | |
Special Mention [Member] | Commercial - Other Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 45 | ||
Special Mention [Member] | Consumer - Home Equity Lines of Credit [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | |||
Special Mention [Member] | Consumer - Second Mortgages Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 109 | 112 | |
Special Mention [Member] | Consumer - Other Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 5 | 6 | |
Substandard [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 11,888 | 11,369 | |
Substandard [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 2,626 | 2,461 | |
Substandard [Member] | Construction and Development - Residential and Commercial Receivables [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | |||
Substandard [Member] | Construction And Development - Land Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 4,509 | 5,170 | |
Substandard [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 2,743 | 1,968 | |
Substandard [Member] | Commercial Farmland [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | |||
Substandard [Member] | Commercial Multi Family Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | |||
Substandard [Member] | Commercial - Other Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 885 | 902 | |
Substandard [Member] | Consumer - Home Equity Lines of Credit [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 144 | 110 | |
Substandard [Member] | Consumer - Second Mortgages Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 980 | 757 | |
Substandard [Member] | Consumer - Other Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | 1 | 1 | |
Doubtful [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | |||
Doubtful [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | |||
Doubtful [Member] | Construction and Development - Residential and Commercial Receivables [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | |||
Doubtful [Member] | Construction And Development - Land Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | |||
Doubtful [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | |||
Doubtful [Member] | Commercial Farmland [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | |||
Doubtful [Member] | Commercial Multi Family Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | |||
Doubtful [Member] | Commercial - Other Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | |||
Doubtful [Member] | Consumer - Home Equity Lines of Credit [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | |||
Doubtful [Member] | Consumer - Second Mortgages Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross | |||
Doubtful [Member] | Consumer - Other Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases, gross |
Loans Receivable and Related 44
Loans Receivable and Related Allowance for Loan Losses (Details 5) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Financing Receivable, Impaired [Line Items] | ||
Total non-accrual loans | $ 2,241 | $ 1,038 |
Residential Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total non-accrual loans | 1,048 | 826 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total non-accrual loans | 796 | |
Consumer - Home Equity Lines of Credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total non-accrual loans | 10 | 10 |
Consumer - Second Mortgages Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total non-accrual loans | $ 387 | $ 202 |
Loans Receivable and Related 45
Loans Receivable and Related Allowance for Loan Losses (Details 6) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | |||
Current | $ 807,382 | $ 836,269 | |
Past Due | 7,195 | 5,877 | |
Total Loans Receivable | 814,577 | 842,146 | $ 673,691 |
Accruing 90 Days or More Past Due | 345 | 173 | |
30 to 59 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 2,452 | 2,803 | |
60 to 89 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 2,626 | 2,161 | |
Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 2,117 | 913 | |
Residential Mortgage [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current | 181,911 | 189,272 | |
Past Due | 4,920 | 3,228 | |
Total Loans Receivable | 186,831 | 192,500 | 205,668 |
Accruing 90 Days or More Past Due | 300 | 31 | |
Residential Mortgage [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 1,462 | 1,442 | |
Residential Mortgage [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 2,471 | 1,145 | |
Residential Mortgage [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 987 | 641 | |
Construction and Development - Residential and Commercial Receivables [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current | 34,627 | 35,622 | |
Past Due | |||
Total Loans Receivable | 34,627 | 35,622 | 28,296 |
Accruing 90 Days or More Past Due | |||
Construction and Development - Residential and Commercial Receivables [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | |||
Construction and Development - Residential and Commercial Receivables [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | |||
Construction and Development - Residential and Commercial Receivables [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | |||
Construction And Development - Land Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current | 18,599 | 18,377 | |
Past Due | |||
Total Loans Receivable | 18,599 | 18,377 | 10,117 |
Accruing 90 Days or More Past Due | |||
Construction And Development - Land Receivable [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | |||
Construction And Development - Land Receivable [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | |||
Construction And Development - Land Receivable [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | |||
Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current | 426,814 | 436,804 | |
Past Due | 796 | 956 | |
Total Loans Receivable | 427,610 | 437,760 | 307,821 |
Accruing 90 Days or More Past Due | |||
Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 160 | ||
Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 796 | ||
Commercial Real Estate [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 796 | ||
Commercial Farmland [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current | 1,711 | 1,723 | |
Past Due | |||
Total Loans Receivable | 1,711 | 1,723 | |
Commercial Farmland [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | |||
Commercial Farmland [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | |||
Commercial Farmland [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | |||
Commercial Multi Family Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current | 32,716 | 39,768 | |
Past Due | |||
Total Loans Receivable | 32,716 | 39,768 | 19,805 |
Accruing 90 Days or More Past Due | |||
Commercial Multi Family Receivable [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | |||
Commercial Multi Family Receivable [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | |||
Commercial Multi Family Receivable [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | |||
Commercial - Other Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current | 71,888 | 74,837 | |
Past Due | 45 | ||
Total Loans Receivable | 71,933 | 74,837 | 53,587 |
Accruing 90 Days or More Past Due | 45 | ||
Commercial - Other Receivable [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | |||
Commercial - Other Receivable [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | |||
Commercial - Other Receivable [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 45 | ||
Consumer - Home Equity Lines of Credit [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current | 16,629 | 16,122 | |
Past Due | 182 | 387 | |
Total Loans Receivable | 16,811 | 16,509 | 19,729 |
Accruing 90 Days or More Past Due | |||
Consumer - Home Equity Lines of Credit [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 88 | 350 | |
Consumer - Home Equity Lines of Credit [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 94 | 37 | |
Consumer - Home Equity Lines of Credit [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | |||
Consumer - Second Mortgages Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current | 20,073 | 21,183 | |
Past Due | 1,231 | 1,297 | |
Total Loans Receivable | 21,304 | 22,480 | 26,971 |
Accruing 90 Days or More Past Due | 141 | ||
Consumer - Second Mortgages Receivable [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 882 | 844 | |
Consumer - Second Mortgages Receivable [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 60 | 182 | |
Consumer - Second Mortgages Receivable [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 289 | 271 | |
Consumer - Other Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Current | 2,414 | 2,561 | |
Past Due | 21 | 9 | |
Total Loans Receivable | 2,435 | 2,570 | $ 1,697 |
Accruing 90 Days or More Past Due | 1 | ||
Consumer - Other Receivable [Member] | 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 20 | 7 | |
Consumer - Other Receivable [Member] | 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | 1 | 1 | |
Consumer - Other Receivable [Member] | Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Past Due | $ 1 |
Loans Receivable and Related 46
Loans Receivable and Related Allowance for Loan Losses (Details 7) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017USD ($)Number | Sep. 30, 2017USD ($)Number | |
Total Troubled Debt Restructurings, Number of Loans | Number | 12 | 12 |
Total Troubled Debt Restructurings, Recorded Investment | $ | $ 2,242 | $ 2,260 |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Number of Loans | Number | 1 | 1 |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Recorded Investment | $ | $ 20 | $ 22 |
Residential Mortgage [Member] | ||
Total Troubled Debt Restructurings, Number of Loans | Number | 6 | 6 |
Total Troubled Debt Restructurings, Recorded Investment | $ | $ 1,457 | $ 1,464 |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Number of Loans | Number | ||
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Recorded Investment | $ | ||
Construction and Development - Residential and Commercial Receivables [Member] | ||
Total Troubled Debt Restructurings, Number of Loans | Number | ||
Total Troubled Debt Restructurings, Recorded Investment | $ | ||
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Number of Loans | Number | ||
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Recorded Investment | $ | ||
Construction and Development - Land Receivable [Member] | ||
Total Troubled Debt Restructurings, Number of Loans | Number | 1 | 1 |
Total Troubled Debt Restructurings, Recorded Investment | $ | $ 89 | $ 94 |
Commercial Real Estate [Member] | ||
Total Troubled Debt Restructurings, Number of Loans | Number | 2 | 2 |
Total Troubled Debt Restructurings, Recorded Investment | $ | $ 551 | $ 554 |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Number of Loans | Number | ||
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Recorded Investment | $ | ||
Consumer - Second Mortgages Receivable [Member] | ||
Total Troubled Debt Restructurings, Number of Loans | Number | 3 | 3 |
Total Troubled Debt Restructurings, Recorded Investment | $ | $ 145 | $ 148 |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Number of Loans | Number | 1 | 1 |
Troubled Debt Restructured Loans That Have Defaulted on Modified Terms Within The Past 12 Months, Recorded Investment | $ | $ 20 | $ 22 |
Loans Receivable and Related 47
Loans Receivable and Related Allowance for Loan Losses (Details 8) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Recorded Investment | $ 2,242 | $ 2,260 |
Performing Financing Receivable [Member] | ||
Recorded Investment | 2,222 | 2,238 |
Nonperforming Financing Receivable [Member] | ||
Recorded Investment | 20 | 22 |
Residential Mortgage [Member] | ||
Recorded Investment | 1,457 | 1,464 |
Residential Mortgage [Member] | Performing Financing Receivable [Member] | ||
Recorded Investment | 1,457 | 1,464 |
Residential Mortgage [Member] | Nonperforming Financing Receivable [Member] | ||
Recorded Investment | 139 | |
Construction and Development - Residential and Commercial Receivables [Member] | ||
Recorded Investment | ||
Construction and Development - Residential and Commercial Receivables [Member] | Performing Financing Receivable [Member] | ||
Recorded Investment | ||
Construction and Development - Residential and Commercial Receivables [Member] | Nonperforming Financing Receivable [Member] | ||
Recorded Investment | ||
Construction And Development - Land Receivable [Member] | ||
Recorded Investment | 89 | 94 |
Construction And Development - Land Receivable [Member] | Performing Financing Receivable [Member] | ||
Recorded Investment | 89 | 94 |
Construction And Development - Land Receivable [Member] | Nonperforming Financing Receivable [Member] | ||
Recorded Investment | ||
Commercial Real Estate [Member] | ||
Recorded Investment | 551 | 554 |
Commercial Real Estate [Member] | Performing Financing Receivable [Member] | ||
Recorded Investment | 551 | 554 |
Commercial Real Estate [Member] | Nonperforming Financing Receivable [Member] | ||
Recorded Investment | ||
Consumer - Second Mortgages Receivable [Member] | ||
Recorded Investment | 145 | 148 |
Consumer - Second Mortgages Receivable [Member] | Performing Financing Receivable [Member] | ||
Recorded Investment | 125 | 126 |
Consumer - Second Mortgages Receivable [Member] | Nonperforming Financing Receivable [Member] | ||
Recorded Investment | $ 20 | $ 22 |
Loans Receivable and Related 48
Loans Receivable and Related Allowance for Loan Losses (Details 9) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017USD ($)Number | Dec. 31, 2016USD ($)Number | |
Financing Receivable, Impaired [Line Items] | ||
Number of loans | Number | 3 | |
Pre-Modifications Outstanding Recorded Investments | $ 760 | |
Post-Modifications Outstanding Recorded Investments | $ 760 | |
Residential Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Number of loans | Number | 3 | |
Pre-Modifications Outstanding Recorded Investments | $ 760 | |
Post-Modifications Outstanding Recorded Investments | $ 760 |
Loans Receivable and Related 49
Loans Receivable and Related Allowance for Loan Losses (Details Narrative) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017USD ($)Number | Dec. 31, 2016USD ($) | Sep. 30, 2017USD ($)Number | |
Non accrual loans interest income | $ 10 | $ 10 | |
Number of loans | Number | 12 | 12 | |
Recorded Investment | $ 2,242 | $ 2,260 | |
Loans past due 90 days or more and still accruing interest | $ 345 | $ 173 | |
Mortgage Servicing Rights [Member] | |||
Loan servicing rights, discount rate | 12.00% | 11.00% | |
Construction and Development - Residential and Commercial Receivables [Member] | |||
Number of loans | Number | |||
Recorded Investment | |||
Real estate through foreclosure | $ 252 | $ 252 | |
Loans past due 90 days or more and still accruing interest |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 | Jan. 01, 2016 | Jan. 01, 2015 |
Parent Company [Member] | ||||
Capital (to adjusted tangible assets): Actual Amount | $ 102,952 | $ 100,779 | ||
Common equity Tier 1(to risk-weighted assets): Actual Amount | 102,952 | 100,779 | ||
Tier 1 Capital (to risk-weighted assets): Actual Amount | 102,952 | 100,779 | ||
Total Capital (to risk-weighted assets): Actual Amount | $ 135,794 | $ 133,549 | ||
Capital (to adjusted tangible assets): Actual Ratio | 9.64% | 10.00% | ||
Common equity Tier 1(to risk-weighted assets): Actual Ratio | 12.89% | 12.28% | ||
Tier 1 Capital (to risk-weighted assets): Actual Ratio | 12.89% | 12.28% | ||
Total Capital (to risk-weighted assets): Actual Ratio | 17.00% | 16.27% | ||
Capital (to adjusted tangible assets): For Capital Adequacy Purposes Amount | $ 42,720 | $ 40,315 | ||
Common equity Tier 1(to risk-weighted assets): For Capital Adequacy Purposes Amount | 35,944 | 36,945 | ||
Tier 1 Capital (to risk-weighted assets): For Capital Adequacy Purposes Amount | 47,925 | 49,260 | ||
Total Capital (to risk-weighted assets): For Capital Adequacy Purposes Amount | $ 63,900 | $ 65,679 | ||
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 Capital (to risk-weighted assets): For Capital Adequacy Purposes Ratio | 8.00% | 8.00% | ||
Capital (to adjusted tangible assets): To be Well Capitalized under Prompt Corrective Action Provisions Capital Amount | ||||
Common equity Tier 1(to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Capital Amount | ||||
Tier 1 Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Capital Amount | ||||
Total Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Capital Amount | ||||
Capital (to adjusted tangible assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio | ||||
Common equity Tier 1(to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio | ||||
Tier 1 Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio | ||||
Total Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio | ||||
Malvern Federal Savings Bank [Member] | ||||
Capital (to adjusted tangible assets): Actual Amount | $ 123,508 | $ 120,902 | ||
Common equity Tier 1(to risk-weighted assets): Actual Amount | 123,508 | 120,902 | ||
Tier 1 Capital (to risk-weighted assets): Actual Amount | 123,508 | 120,902 | ||
Total Capital (to risk-weighted assets): Actual Amount | $ 132,007 | $ 129,369 | ||
Capital (to adjusted tangible assets): Actual Ratio | 11.57% | 12.02% | ||
Common equity Tier 1(to risk-weighted assets): Actual Ratio | 15.48% | 14.75% | ||
Tier 1 Capital (to risk-weighted assets): Actual Ratio | 15.48% | 14.75% | ||
Total Capital (to risk-weighted assets): Actual Ratio | 16.54% | 15.78% | 10.50% | |
Capital (to adjusted tangible assets): For Capital Adequacy Purposes Amount | $ 42,695 | $ 40,234 | ||
Common equity Tier 1(to risk-weighted assets): For Capital Adequacy Purposes Amount | 35,908 | 36,894 | ||
Tier 1 Capital (to risk-weighted assets): For Capital Adequacy Purposes Amount | 47,878 | 49,192 | ||
Total Capital (to risk-weighted assets): For Capital Adequacy Purposes Amount | $ 63,837 | $ 65,590 | ||
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% | 7.00% | 4.00% |
Tier 1 Capital (to risk-weighted assets): For Capital Adequacy Purposes Ratio | 6.00% | 6.00% | 8.50% | 6.00% |
Total Capital (to risk-weighted assets): For Capital Adequacy Purposes Ratio | 8.00% | 8.00% | ||
Capital (to adjusted tangible assets): To be Well Capitalized under Prompt Corrective Action Provisions Capital Amount | $ 53,368 | $ 50,292 | ||
Common equity Tier 1(to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Capital Amount | 51,868 | 53,292 | ||
Tier 1 Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Capital Amount | 63,837 | 65,590 | ||
Total Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Capital Amount | $ 79,797 | $ 81,987 | ||
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 Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Regulatory Matters (Details Nar
Regulatory Matters (Details Narrative) - Malvern Federal Savings Bank [Member] | Dec. 31, 2017 | Sep. 30, 2017 | Jan. 01, 2016 | Jan. 01, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Common equity Tier 1 capital ratio | 4.50% | 4.50% | 7.00% | 4.00% |
Tier 1 capital ratio | 6.00% | 6.00% | 8.50% | 6.00% |
Tier 1 Capital coservation buffer | 2.50% | |||
Total capital ratio | 16.54% | 15.78% | 10.50% | |
Capital conservation buffer percentage of risk-weighted assets | 0.625% |
Derivatives and Hedging Activ52
Derivatives and Hedging Activities (Details) - Other Liabilities [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Sep. 30, 2017 | |
Interest Rate Swap Due On August 3, 2020 [Member] | ||
Notional Amount | $ 15,000 | $ 15,000 |
Fair Value | $ 117 | $ 9 |
Expiration Date | Aug. 3, 2020 | Aug. 3, 2020 |
Effective Date | Aug. 3, 2015 | Aug. 3, 2015 |
Interest Rate Swap Due On February 1, 2021 [Member] | ||
Notional Amount | $ 20,000 | $ 20,000 |
Fair Value | $ 502 | $ 367 |
Expiration Date | Feb. 1, 2021 | Feb. 1, 2021 |
Effective Date | Feb. 5, 2016 | Feb. 5, 2016 |
Derivatives and Hedging Activ53
Derivatives and Hedging Activities (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Interest Rate Swap Due On August 3, 2020 [Member] | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | $ 91 | $ 338 |
Amount of Gain (Loss) Reclassified from OCI to Interest Expense | (16) | (36) |
Amount of Gain (Loss) Recognized in Other Non-Interest Income (Ineffective Portion) | ||
Interest Rate Swap Due On February 1, 2021 [Member] | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | 139 | 548 |
Amount of Gain (Loss) Reclassified from OCI to Interest Expense | 3 | (23) |
Amount of Gain (Loss) Recognized in Other Non-Interest Income (Ineffective Portion) |
Derivatives and Hedging Activ54
Derivatives and Hedging Activities (Details Narrative) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2017 | |
Derivative [Line Items] | ||
Estimated interest expense | $ 121 | |
Derivatives net liability position | 0 | $ 0 |
Derivatives minimum collateral posting thresholds | $ 0 | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Assets | ||
Investment securities available for sale, at fair value | $ 44,503 | $ 14,587 |
State and municipal obligations [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 6,988 | 7,029 |
Single Issuer Trust Preferred Security [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 930 | 934 |
Corporate Debt Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 6,361 | 6,374 |
Mutual Funds [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 250 | 250 |
U.S. Treasury Notes [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 29,974 | |
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 44,503 | 14,587 |
Derivative instruments | 619 | 376 |
Fair Value, Measurements, Recurring [Member] | State and municipal obligations [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 6,988 | 7,029 |
Fair Value, Measurements, Recurring [Member] | Single Issuer Trust Preferred Security [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 930 | 934 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 6,361 | 6,374 |
Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 250 | 250 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Notes [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 29,974 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 29,974 | |
Derivative instruments | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 29,974 | |
Derivative instruments | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | State and municipal obligations [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Single Issuer Trust Preferred Security [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury Notes [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 29,974 | |
Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 14,279 | 14,337 |
Derivative instruments | 24,342 | 24,303 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 14,279 | 14,337 |
Derivative instruments | 619 | 376 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | State and municipal obligations [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 6,988 | 7,029 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Single Issuer Trust Preferred Security [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 930 | 934 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 6,361 | 6,374 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury Notes [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 250 | 250 |
Derivative instruments | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 250 | 250 |
Derivative instruments | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | State and municipal obligations [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Single Issuer Trust Preferred Security [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | ||
Assets | ||
Investment securities available for sale, at fair value | 250 | $ 250 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury Notes [Member] | ||
Assets | ||
Investment securities available for sale, at fair value |
Fair Value Measurements (Deta56
Fair Value Measurements (Details 1) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value, nonrecurring basis | $ 782 | $ 137 | ||
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 | ||||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value, nonrecurring basis | 782 | 137 | ||
Impaired Loans Net [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value, nonrecurring basis | 782 | [1] | 137 | [2] |
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 | [1] | [2] | ||
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 | [1] | [2] | ||
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 | $ 782 | [1] | $ 137 | [2] |
[1] | At December 31, 2017, consisted of eight loans with an aggregate balance of $1.1 million and with $313,000 in specific loan loss allowance. | |||
[2] | At September 30, 2017, consisted of five loans with an aggregate balance of $374,000 and with $237,000 in specific loan loss allowance. |
Fair Value Measurements (Deta57
Fair Value Measurements (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Financial assets: | ||
Investment securities available-for-sale | $ 44,503 | $ 14,587 |
Investment securities held-to-maturity, fair value | 33,291 | 34,566 |
Carrying Amount [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 128,642 | 117,136 |
Investment securities available-for-sale | 44,503 | 14,587 |
Investment securities held-to-maturity, fair value | 33,893 | 34,915 |
Loans receivable, net (including impaired loans) | 806,764 | 834,331 |
Accrued interest receivable | 3,344 | 3,139 |
Restricted stock | 5,930 | 5,559 |
Mortgage servicing rights (included in Other Assets) | 255 | 268 |
Derivatives | 619 | 376 |
Financial liabilities: | ||
Savings accounts | 41,631 | 44,526 |
Checking and NOW accounts | 207,034 | 197,700 |
Money market accounts | 293,674 | 276,404 |
Certificates of deposit | 254,760 | 271,766 |
Borrowings(excluding sub debt) | 123,000 | 123,000 |
Subordinated debt | 24,342 | 24,303 |
Accrued interest payable | 1,099 | 694 |
Fair Value [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 128,642 | 117,136 |
Investment securities available-for-sale | 44,503 | 14,587 |
Investment securities held-to-maturity, fair value | 33,291 | 34,566 |
Loans receivable, net (including impaired loans) | 806,529 | 839,242 |
Accrued interest receivable | 3,344 | 3,139 |
Restricted stock | 5,930 | 5,559 |
Mortgage servicing rights (included in Other Assets) | 264 | 271 |
Derivatives | 619 | 376 |
Financial liabilities: | ||
Savings accounts | 41,631 | 44,526 |
Checking and NOW accounts | 207,034 | 197,700 |
Money market accounts | 293,674 | 276,404 |
Certificates of deposit | 257,153 | 273,723 |
Borrowings(excluding sub debt) | 123,155 | 123,658 |
Subordinated debt | 24,342 | 24,303 |
Accrued interest payable | 1,099 | 694 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 128,642 | 117,136 |
Investment securities available-for-sale | 29,974 | |
Investment securities held-to-maturity, fair value | ||
Loans receivable, net (including impaired loans) | ||
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 | ||
Borrowings(excluding sub debt) | ||
Subordinated debt | ||
Accrued interest payable | ||
Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | ||
Investment securities available-for-sale | 14,279 | 14,337 |
Investment securities held-to-maturity, fair value | 33,291 | 34,566 |
Loans receivable, net (including impaired loans) | ||
Accrued interest receivable | 3,344 | 3,139 |
Restricted stock | 5,930 | 5,559 |
Mortgage servicing rights (included in Other Assets) | 264 | 271 |
Derivatives | 619 | 376 |
Financial liabilities: | ||
Savings accounts | 41,631 | 44,526 |
Checking and NOW accounts | 207,034 | 197,700 |
Money market accounts | 293,674 | 276,404 |
Certificates of deposit | 257,153 | 273,723 |
Borrowings(excluding sub debt) | 123,155 | 123,658 |
Subordinated debt | 24,342 | 24,303 |
Accrued interest payable | 1,099 | 694 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | ||
Investment securities available-for-sale | 250 | 250 |
Investment securities held-to-maturity, fair value | ||
Loans receivable, net (including impaired loans) | 806,529 | 839,242 |
Accrued interest receivable | ||
Restricted stock | ||
Mortgage servicing rights (included in Other Assets) | ||
Derivatives | ||
Financial liabilities: | ||
Savings accounts | ||
Checking and NOW accounts | ||
Money market accounts | ||
Certificates of deposit | ||
Borrowings(excluding sub debt) | ||
Subordinated debt | ||
Accrued interest payable |
Fair Value Measurements (Deta58
Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Impaired Loans with aggregate balance | $ 1,095 | $ 374 |
Impaired Loans with specific loan loss allowance | 313 | 237 |
Investment securities available for sale, at fair value | 44,503 | 14,587 |
Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale, at fair value | 29,974 | |
Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale, at fair value | 250 | 250 |
Fair Value, Measurements, Recurring [Member] | ||
Investment securities available for sale, at fair value | 44,503 | 14,587 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale, at fair value | 29,974 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale, at fair value | $ 250 | $ 250 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision calculated at blended federal tax rate (24.5%) | $ 878 | |
State income tax provision | 170 | |
Income tax provision due to re-measurement of DTAs/DTLs | 2,206 | |
Other | (35) | |
Total | $ 3,219 | $ 489 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) $ in Thousands | 3 Months Ended |
Dec. 31, 2017USD ($) | |
Federal statutory rate | 24.50% |
Increase in income tax | $ 2,000 |
Reduced corporate income tax rate | 32300.00% |
Increase in deferred tax | $ 2,300 |
Minimum [Member] | |
Federal statutory rate | 21.00% |
Maximum [Member] | |
Federal statutory rate | 35.00% |
Comprehensive Income (Loss) (De
Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Sep. 30, 2016 | |
Equity [Abstract] | ||
Net unrealized holding (losses) gains on available-for-sale securities | $ (364) | $ (282) |
Tax effect | 121 | 96 |
Net of tax amount | (243) | (186) |
Fair value adjustments on derivatives | 619 | 376 |
Tax effect | (152) | (128) |
Net of tax amount | 467 | 248 |
Total accumulated other comprehensive income | $ 224 | $ 62 |
Comprehensive Income (Loss) (62
Comprehensive Income (Loss) (Details 1) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Equity [Abstract] | |||
Net unrealized holding (losses) gains on available-for-sale securities | $ (83) | $ (1,098) | |
Net realized gain on securities available-for-sale | |||
Amortization of unrealized holding losses on securities available-for-sale transferred to held-to-maturity | [1] | 2 | 4 |
Fair value adjustments on derivatives | 242 | 945 | |
Other comprehensive income (loss) before taxes | 161 | (149) | |
Tax effect | 1 | 52 | |
Total comprehensive income (loss) | $ 162 | $ (97) | |
[1] | Amounts are included in interest and dividends on investment securities on the Consolidated Statements of Operations. |
Equity Based Incentive Compen63
Equity Based Incentive Compensation Plan (Details) - Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (2014 Plan) [Member] - Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding, beginning of year | 11,000 | |
Granted | 4,664 | 0 |
Exercised | ||
Forfeited/cancelled/expired | ||
Outstanding, end of year | 15,664 | |
Exercisable, end of the period | 800 | |
Nonested, end of year | 14,864 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Outstanding, beginning of year | $ 19.19 | |
Granted | 26.20 | |
Exercised | ||
Forfeited/cancelled/expired | ||
Outstanding, end of year | 21.28 | |
Vested and exercisable, end of the period | 16.02 | |
Vested and expected to vest, end of year | $ 21.28 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Remaining Contractual Life [Roll Forward] | ||
Outstanding, end of year | 9 years 2 months 15 days | |
Vested and exercisable, end of the period | 8 years 2 months 29 days | |
Vested and expected to vest, end of year | 9 years 2 months 15 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Aggregate Intrinsic Value [Roll Forward] | ||
Outstanding, beginning of year | $ 83,170 | |
Granted | ||
Exercised | ||
Forfeited/cancelled/expired | ||
Outstanding, end of year | 77,120 | |
Vested and exercisable, end of the period | 8,144 | |
Vested and expected to vest, end of year | $ 77,120 |
Equity Based Incentive Compen64
Equity Based Incentive Compensation Plan (Details 1) - Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (2014 Plan) [Member] - Restricted Stock [Member] | 3 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding at beginning of year | shares | 10,711 |
Granted | shares | 4,768 |
Vested | shares | (337) |
Forfeited/cancelled/expired | shares | |
Outstanding at end of year | shares | 15,142 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Outstanding at beginning of year | $ / shares | $ 20.36 |
Granted | $ / shares | 26.20 |
Vested | $ / shares | 17.40 |
Forfeited/cancelled/expired | $ / shares | |
Outstanding at end of year | $ / shares | $ 22.16 |
Equity Based Incentive Compen65
Equity Based Incentive Compensation Plan (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based compensation | $ 15 | $ 2 |
Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (2014 Plan) [Member] | ||
Maximum number of shares available for grants | 400,000 | |
Number of remaining shares available for future grants | 365,357 | |
Recognized weighted average period | 4 years 4 months 20 days | |
Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (2014 Plan) [Member] | Stock Option [Member] | ||
Share-based compensation | $ 4 | $ 1 |
Compensation Not yet Recognized | $ 91 | |
Granted shares | 4,664 | 0 |
Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (2014 Plan) [Member] | Restricted Stock [Member] | ||
Description of vesting right | Restricted stock and option awards granted vest in 20% increments beginning on the one year anniversary of the grant date. | |
Share-based compensation | $ 11 | $ 1 |
Forfeited shares | ||
Compensation cost not yet recognized | $ 304 | |
Weighted average period | 4 years 5 months 8 days | |
Granted shares | 4,768 | 0 |