Malvern Bancorp (MLVF) 10-Q 9 Aug 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2018	Aug. 09, 2018
Total investment securities Gross Unrealized Gains
Entity Registrant Name	MALVERN BANCORP, INC.
Entity Central Index Key	1,550,603
Document Type	10-Q
Trading Symbol	MLVF
Document Period End Date	Jun. 30, 2018
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		6,575,179
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,018

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Assets
Cash and due from depository institutions	$ 1,447	$ 1,615
Interest bearing deposits in depository institutions	45,934	115,521
Cash and Cash Equivalents	47,381	117,136
Investment securities available for sale, at fair value (amortized cost of $34.8 million and $14.9 million at June 30, 2018 and September 30, 2017, respectively)	34,348	14,587
Investment securities held to maturity, at cost (fair value of $30.0 million and $34.6 million at June 30, 2018 and September 30, 2017, respectively)	31,004	34,915
Restricted stock, at cost	8,781	5,559
Loans receivable, net of allowance for loan losses of $9.0 million and $8.4 million, respectively	893,355	834,331
Accrued interest receivable	3,571	3,139
Property and equipment, net	7,240	7,507
Deferred income taxes, net	3,920	6,671
Bank-owned life insurance	19,282	18,923
Other assets	4,693	3,244
Total Assets	1,053,575	1,046,012
Deposits:
Deposits-noninterest-bearing	48,296	42,121
Deposits-interest-bearing	739,636	748,275
Total Deposits	787,932	790,396
FHLB advances	123,000	118,000
Other short-term borrowings	2,500	5,000
Subordinated debt	24,421	24,303
Advances from borrowers for taxes and insurance	3,148	1,553
Accrued interest payable	1,095	694
Other liabilities	3,506	3,546
Total Liabilities	945,602	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, 50,000,000 shares authorized, issued and outstanding: 6,575,179 and 6,572,684 shares at June 30, 2018 and September 30, 2017, respectively	66	66
Additional paid-in-capital	60,985	60,736
Retained earnings	47,770	43,139
Unearned Employee Stock Ownership Plan (ESOP) shares	(1,374)	(1,483)
Accumulated other comprehensive income	526	62
Total Shareholders' Equity	107,973	102,520
Total Liabilities and Shareholders' Equity	$ 1,053,575	$ 1,046,012

CONSOLIDATED STATEMENTS OF FIN3

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Statement of Financial Position [Abstract]
Investment securities available for sale, fair value	$ 34,800	$ 14,900
Investment securities held to maturity, fair value	30,000	34,600
Allowance for loan losses	$ 9,000	$ 8,400
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	50,000,000	50,000,000
Common stock, issued	6,575,179	6,572,684
Common stock, outstanding	6,575,179	6,572,684

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Interest and Dividend Income
Loans, including fees	$ 9,380	$ 8,246	$ 26,821	$ 21,926
Investment securities, taxable	300	422	832	1,364
Investment securities, tax-exempt	61	100	191	422
Dividends, restricted stock	130	64	333	192
Interest-bearing cash accounts	327	141	1,236	349
Total Interest and Dividend Income	10,198	8,973	29,413	24,253
Interest Expense
Deposits	2,304	1,645	6,641	4,393
Short-term borrowings	13	1	54	12
Long-term borrowings	539	545	1,648	1,615
Subordinated debt	366	383	1,144	604
Total Interest Expense	3,222	2,574	9,487	6,624
Net interest income	6,976	6,399	19,926	17,629
Provision for Loan Losses	589	645	829	2,302
Net Interest Income after Provision for Loan Losses	6,387	5,754	19,097	15,327
Other Income
Service charges and other fees	530	233	1,038	730
Rental income-other	63	51	196	161
Net gains on sales of investments		374		432
Net gains on sale of real estate			1,186
Net gains on sale of loans	3	31	96	106
Earnings on bank-owned life insurance	119	125	359	380
Total Other Income	715	814	2,875	1,809
Other Expense
Salaries and employee benefits	2,024	1,873	6,015	5,389
Occupancy expense	577	533	1,725	1,541
Federal deposit insurance premium	76	78	227	173
Advertising	30	67	122	191
Data processing	274	308	819	911
Professional fees	1,088	621	2,326	1,421
Other operating expenses	721	506	2,132	1,708
Total Other Expense	4,790	3,986	13,366	11,334
Income before income tax expense	2,312	2,582	8,606	5,802
Income tax expense	69	863	3,942	1,940
Net Income	$ 2,243	$ 1,719	$ 4,664	$ 3,862
Earnings Per Common Share:
Basic (in dollars per share)	$ 0.35	$ 0.27	$ 0.72	$ 0.6
Diluted (in dollars per share)	$ 0.35	$ 0.27	$ 0.72	$ 0.6
Weighted Average Common Shares Outstanding:
Basic (in shares)	6,453,031	6,443,515	6,449,089	6,427,978
Diluted (in shares)	6,456,048	6,445,288	6,452,068	6,428,426
Dividends Declared Per Share (in dollars per share)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net Income		$ 2,243	$ 1,719	$ 4,664	$ 3,862
Other Comprehensive Income (loss), Net of Tax:
Unrealized holding gains (losses) on available-for-sale securities		34	446	(185)	(299)
Tax effect		(7)	(152)	21	102
Net of tax amount		27	294	(164)	(197)
Reclassification adjustment for net gains arising during the period	[1]		(374)		(432)
Tax effect			127		147
Net of tax amount			(247)		(285)
Accretion of unrealized holding losses on securities transferred from available-for-sale to held-to-maturity	[2]	1	2	7	7
Tax effect			(1)	(2)	(2)
Net of tax amount		1	1	5	5
Fair value adjustments on derivatives		253	(151)	748	868
Tax effect		(49)	51	(158)	(295)
Net of tax amount		204	(100)	590	573
Total other comprehensive income (loss)		232	(52)	431	96
Total comprehensive income		$ 2,475	$ 1,667	$ 5,095	$ 3,958
[1]	Amounts are included in net gains on sales of investments, net on the Consolidated Statements of Operations in total other income.
[2]	Amounts are included in interest and dividends on investment securities on the Consolidated Statements of Operations.

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Unearned ESOP Shares [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Balance at beginning at Sep. 30, 2016	$ 66	$ 60,461	$ 37,322	$ (1,629)	$ (63)	$ 96,157
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income			3,862			3,862
Other comprehensive income					96	96
Committed to be released ESOP shares (10,800 shares)		115		109		224
Stock based compensation		94				94
Balance at ending at Jun. 30, 2017	66	60,670	41,184	(1,520)	33	100,433
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			4,664			4,664
Reclassification of certain tax effects from accumulated other comprehensive income			(33)		33
Other comprehensive income					431	431
Committed to be released ESOP shares (10,800 shares)		167		109		276
Stock based compensation		82				82
Balance at ending at Jun. 30, 2018	$ 66	$ 60,985	$ 47,770	$ (1,374)	$ 526	$ 107,973

CONSOLIDATED STATEMENTS OF CHA7

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - shares	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Stockholders' Equity [Abstract]
Committed to be released ESOP shares	3,600	3,600	10,800	10,800

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows from Operating Activities
Net income	$ 4,664	$ 3,862
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	569	544
Provision for loan losses	829	2,302
Deferred income taxes expense	2,643	866
ESOP expense	276	224
Stock based compensation	82	94
Amortization of premiums and discounts on investment securities, net	275	711
Accretion of loan origination fees and costs	(132)	(807)
Amortization of mortgage service rights	35	47
Net gain on sale of investment securities available-for-sale		(432)
Net gain on sale of real estate	(1,186)
Net gain on sale of secondary market loans	(96)	(106)
Proceeds on sale of secondary market loans	8,615	6,755
Originations of secondary market loans	(8,519)	(6,649)
Earnings on bank-owned life insurance	(359)	(380)
Increase in accrued interest receivable	(432)	(279)
Increase in accrued interest payable	401	633
(Decrease) increase in other liabilities	(40)	944
Increase in other assets	(769)	(17)
Increase in income tax receivable		(179)
Amortization of subordinated debt	118
Net Cash Provided by Operating Activities	6,974	8,133
Investment securities available-for-sale:
Purchases	(30,140)	(250)
Sales		48,860
Maturities, calls and principal repayments	10,123	608
Investment securities held-to-maturity:
Maturities, calls and principal repayments	3,715	4,326
(Loan originations) and principal collections, net	(59,720)	(227,672)
Net increase in restricted stock	(3,222)	(34)
Proceeds from sale of property and equipment	1,315
Purchases of property and equipment	(431)	(1,089)
Net Cash Used in Investing Activities	(78,360)	(175,251)
Cash Flows from Financing Activities
Net (decrease) increase in deposits	(2,464)	157,633
Net increase in short-term borrowings	5,000
Proceeds from long-term borrowings	105,000	105,000
Repayment of long-term borrowings	(105,000)	(105,000)
Repayment of other borrowed money	(2,500)
Increase in advances from borrowers for taxes and insurance	1,595	1,887
Proceeds from issuance of subordinated debt		24,263
Net Cash Provided by Financing Activities	1,631	183,783
Net Increase (Decrease) in Cash and Cash Equivalents	(69,755)	16,665
Cash and Cash Equivalent - Beginning	117,136	96,762
Cash and Cash Equivalent - Ending	47,381	113,427
Supplementary Cash Flows Information
Interest paid	9,086	5,991
Income taxes paid	$ 1,871

The Company

The Company	9 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	Note 1 – The Company Malvern Bancorp, Inc. (the “Company” or “Malvern Bancorp”) is the holding company for Malvern Bank, National Association (the “Bank”), a national bank that was originally organized in 1887 as a federally-chartered savings bank. Malvern Bank, National Association now serves as one of the oldest banks headquartered on the Philadelphia Main Line. For more than a century, the Bank has been committed to helping people build prosperous communities as a trusted financial partner, forging lasting relationships through teamwork, respect and integrity. The Bank conducts business from its headquarters in Paoli, Pennsylvania, a suburb of Philadelphia and through its nine other banking locations in Chester, Delaware and Bucks counties, Pennsylvania and Morristown, New Jersey, its New Jersey regional headquarters. The Bank also maintains new representative offices in Palm Beach, Florida and Montchanin, Delaware. The Bank’s wholly-owned subsidiary, Malvern Insurance Associates, LLC (“Malvern Insurance”) offers a full line of business and personal insurance products.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of financial statement presentation. The accompanying unaudited condensed consolidated financial statements present the Company’s financial position at June 30, 2018 and the results of operations for the three-and nine-month periods ended June 30, 2018 and 2017, and cash flows for the nine-month periods ended June 30, 2018 and 2017. In Management’s opinion, the unaudited Condensed Consolidated Financial Statements contain all adjustments, which include normal and recurring adjustments, necessary for a fair presentation of the financial position and results of operations for the interim periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and note disclosures included in the Company’s Form 10-K filed with the Securities and Exchange Commission (“SEC”) on December 29, 2017. The consolidated results of operations for the three-and nine-month periods ended June 30, 2018 and the consolidated statements of cash flows for the nine-month periods ended June 30, 2018 are not necessarily indicative of the results of operations or cash flows for the full year ending September 30, 2018 or any other period. There have been no significant changes to our Critical Accounting Policies as described in our 2017 Annual Report on Form 10-K. Recently Issued Accounting Standards Depository and Lending. Codification Improvements to Topic 942, Financial Services-Depository and Lending Income Taxes. Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 Investments and Regulated Operations. Investments — Debt Securities (Topic 320) and Regulated Operations (Topic 980): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273 Leases , Leases (Topic 842) Revenue Recognition. Recently Adopted Accounting Standards Income Statement. Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income We have elected to early adopt the ASU as of January 1, 2018. The adoption of the guidance resulted in a reclassification of an insignificant amount stranded in accumulated other comprehensive income to retained earnings in the fiscal second quarter of 2018.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Jun. 30, 2018
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. The Company did not grant any stock options to purchase common stock or restricted shares during the three months ended June 30, 2018 and June 30, 2017. During the nine months ended June 30, 2018, the Company granted stock options to purchase 4,664 shares of common stock and 4,768 restricted shares. During the nine months ended June 30, 2017, the Company granted stock options to purchase 7,000 shares of common stock and 12,522 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 June 30, Nine Months Ended June 30, (Dollars in thousands, except for share data) 2018 2017 2018 2017 Net Income $ 2,243 $ 1,719 $ 4,664 $ 3,862 Weighted average shares outstanding 6,573,178 6,578,062 6,572,849 6,566,138 Average unearned ESOP shares (120,147 ) (134,547 ) (123,760 ) (138,160 ) Basic weighted average shares outstanding 6,453,031 6,443,515 6,449,089 6,427,978 Plus: effect of dilutive options 3,017 1,773 2,979 448 Diluted weighted average common shares outstanding 6,456,048 6,445,288 6,452,068 6,428,426 Earnings per share: Basic $ 0.35 $ 0.27 $ 0.72 $ 0.60 Diluted $ 0.35 $ 0.27 $ 0.72 $ 0.60

Employee Stock Ownership Plan

Employee Stock Ownership Plan	9 Months Ended
	Jun. 30, 2018
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract]
Employee Stock Ownership Plan	Note 4 – Employee Stock Ownership Plan The Company established an 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 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 and nine months ended June 30, 2018 and 2017 there were 3,600 and 10,800 shares, respectively, committed to be released. At June 30, 2018, there were 118,365 unallocated shares and 140,853 allocated shares held by the ESOP which had an aggregate fair value of approximately $2.9 million.

Investment Securities

Investment Securities	9 Months Ended
	Jun. 30, 2018
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 June 30, 2018 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 June 30, 2018 and September 30, 2017. June 30, 2018 Amortized Gross Gross Fair (Dollars in thousands) Investment Securities Available-for-Sale: U.S. treasury notes $ 19,985 $ — $ (31 ) $ 19,954 State and municipal obligations 6,962 — (31 ) 6,931 Single issuer trust preferred security 1,000 — (75 ) 925 Corporate debt securities 6,611 — (323 ) 6,288 Mutual fund 250 — — 250 Total 34,808 — (460 ) 34,348 Investment Securities Held-to-Maturity: U.S. government agencies $ 1,999 $ — $ (23 ) $ 1,976 State and municipal obligations 8,239 7 (34 ) 8,212 Corporate debt securities 3,741 — (39 ) 3,702 Mortgage-backed securities: Collateralized mortgage obligations, fixed-rate 17,025 — (925 ) 16,100 Total $ 31,004 $ 7 $ (1,021 ) $ 29,990 Total investment securities $ 65,812 $ 7 $ (1,481 ) $ 64,338 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 and nine months ended June 30, 2018, no available-for-sale investment securities were sold. For the nine months ended June 30, 2017, proceeds of investment securities sold amounted to approximately $48.9 million and gross realized gains on investment securities sold amounted to approximately $0.4 million. 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 June 30, 2018 and September 30, 2017: June 30, 2018 Less than 12 Months More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Investment Securities Available-for-Sale: U.S. treasury notes $ 19,954 $ (31 ) $ — $ — $ 19,954 $ (31 ) State and municipal obligations 5,372 (27 ) 497 (4 ) 5,869 (31 ) Single issuer trust preferred security — — 925 (75 ) 925 (75 ) Corporate debt securities — — 6,288 (323 ) 6,288 (323 ) Total $ 25,326 $ (58 ) $ 7,710 $ (402 ) $ 33,036 $ (460 ) Investment Securities Held-to-Maturity: U.S. government agencies — — 1,976 (23 ) 1,976 (23 ) State and municipal obligations 5,140 (34 ) — — 5,140 (34 ) Corporate securities 3,702 (39 ) — — 3,702 (39 ) Mortgage-backed securities: CMO, fixed-rate 741 (27 ) 15,359 (898 ) 16,100 (925 ) Total 9,583 (100 ) 17,335 (921 ) 26,918 (1,021 ) Total investment securities $ 34,909 $ (158 ) $ 25,045 $ (1,323 ) $ 59,954 $ (1,481 ) September 30, 2017 Less than 12 Months 12 Months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (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 June 30, 2018, 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 June 30, 2018, the Company held two U.S. government treasury notes, two U.S. government agency securities, thirteen municipal bonds, four corporate securities, thirty-seven mortgage-backed securities and one single issuer trust preferred security which were in an unrealized loss position. The Company does not intend to sell and expects that it is not more likely than not that it will be required to sell these securities until such time as the value recovers or the securities mature. Management does not believe any individual unrealized loss as of June 30, 2018 represents other-than-temporary impairment. Investment securities having a carrying value of approximately $31.5 million and $9.6 million at June 30, 2018 and September 30, 2017, respectively, were pledged to secure public deposits. The following table presents information for investment securities at June 30, 2018, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer. June 30, 2018 Amortized Cost Fair Value (Dollars in thousands) Investment Securities Available-for-Sale: Due in one year or less $ 20,486 $ 20,452 Due after one year through five years 7,041 6,915 Due after five years through ten years 5,826 5,601 Due after ten years 1,455 1,380 Total $ 34,808 $ 34,348 Investment Securities Held-to-Maturity: Due in one year or less $ 1,000 $ 991 Due after one year through five years 999 985 Due after five years through ten years 5,612 5,562 Due after ten years 6,368 6,352 Mortgage-backed securities: Collateralized mortgage obligations, fixed-rate 17,025 16,100 Total $ 31,004 $ 29,990 Total investment securities $ 65,812 $ 64,338

Loans Receivable and Related Al

Loans Receivable and Related Allowance for Loan Losses	9 Months Ended
	Jun. 30, 2018
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: June 30, September 30, (Dollars in thousands) Residential mortgage $ 192,901 $ 192,500 Construction and Development: Residential and commercial 39,845 35,622 Land 15,565 18,377 Total Construction and Development 55,410 53,999 Commercial: Commercial real estate 477,584 437,760 Farmland 12,058 1,723 Multi-family 45,204 39,768 Other 82,856 74,837 Total Commercial 617,702 554,088 Consumer: Home equity lines of credit 14,446 16,509 Second mortgages 19,063 22,480 Other 2,311 2,570 Total Consumer 35,820 41,559 Total loans 901,833 842,146 Deferred loan fees and cost, net 546 590 Allowance for loan losses (9,024 ) (8,405 ) Total loans receivable, net $ 893,355 $ 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 June 30, 2018 and September 30, 2017. Activity in the allowance is presented for the three and nine months ended June 30, 2018 and 2017 and the year ended September 30, 2017, respectively. Three Months Ended June 30, 2018 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 $ 987 $ 397 $ 158 $ 4,046 $ 82 $ 195 $ 490 $ 87 $ 407 $ 27 $ 1,589 $ 8,465 Charge-offs — — — — — — (45 ) — (5 ) — — (50 ) Recoveries — — — — — — 1 — 18 1 — 20 Provisions 48 25 (40 ) 122 (13 ) 89 32 (8 ) 53 (2 ) 283 589 Ending Balance $ 1,035 $ 422 $ 118 $ 4,168 $ 69 $ 284 $ 478 $ 79 $ 473 $ 26 $ 1,872 $ 9,024 Three Months Ended June 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 (in thousands) Allowance for loan losses: Beginning balance $ 1,042 $ 1,343 $ 128 $ 2,479 $ — $ 67 $ 369 $ 107 $ 415 $ 20 $ 1,211 $ 7,181 Charge-offs — — — — — — — — (64 ) — — (64 ) Recoveries 2 — — 9 — — 2 15 123 4 — 155 Provision (Credit) (24 ) (660 ) 18 218 10 45 35 (25 ) (98 ) (7 ) 1,133 645 Ending Balance $ 1,020 $ 683 $ 146 $ 2,706 $ 10 $ 112 $ 406 $ 97 $ 376 $ 17 $ 2,344 $ 7,917 Nine Months Ended June 30, 2018 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 (6 ) — — (221 ) — — (45 ) — (59 ) (2 ) — (333 ) Recoveries 58 — — 10 — — 3 1 46 5 — 123 Provisions (21 ) (101 ) (14 ) 798 60 60 (21 ) (12 ) 84 (4 ) — 829 Ending Balance $ 1,035 $ 422 $ 118 $ 4,168 $ 69 $ 284 $ 478 $ 79 $ 473 $ 26 $ 1,872 $ 9,024 Ending balance: individually evaluated for impairment $ — $ — $ — $ 570 $ — $ — $ — $ — $ 233 $ 1 $ — $ 804 Ending balance: collectively evaluated for impairment $ 1,035 $ 422 $ 118 $ 3,598 $ 69 $ 284 $ 478 $ 79 $ 240 $ 25 $ 1,872 $ 8,220 Loans receivable: Ending balance $ 192,901 $ 39,845 $ 15,565 $ 477,584 $ 12,058 $ 45,204 $ 82,856 $ 14,446 $ 19,063 $ 2,311 $ 901,833 Ending balance: individually evaluated for impairment $ 2,438 $ — $ 79 $ 17,504 $ — $ — $ — $ 34 $ 661 $ 1 $ 20,717 Ending balance: collectively evaluated for impairment $ 190,463 $ 39,845 $ 15,486 $ 460,080 $ 12,058 $ 45,204 $ 82,856 $ 14,412 $ 18,402 $ 2,310 $ 881,116 Nine Months Ended June 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 (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 — — — — — — — — (185 ) (5 ) — (190 ) Recoveries 2 90 — 39 — — 8 17 205 10 — 371 Provisions (183 ) 394 49 793 10 3 240 (36 ) (111 ) (22 ) 1,165 2,302 Ending Balance $ 1,020 $ 683 $ 146 $ 2,706 $ 10 $ 112 $ 406 $ 97 $ 376 $ 17 $ 2,344 $ 7,917 Ending balance: individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ 112 $ — $ 70 $ — $ — $ 182 Ending balance: collectively evaluated for impairment $ 1,020 $ 683 $ 146 $ 2,706 $ 10 $ 112 $ 294 $ 97 $ 306 $ 17 $ 2,344 $ 7,735 Loans receivable: Ending balance $ 190,788 $ 36,530 $ 18,325 $ 424,732 $ 1,734 $ 21,547 $ 71,248 $ 17,602 $ 23,658 $ 1,403 $ 807,567 Ending balance: individually evaluated for impairment $ 2,089 $ 97 $ — $ 744 $ — $ — $ 246 $ 10 $ 219 $ — $ 3,405 Ending balance: collectively evaluated for impairment $ 188,699 $ 36,433 $ 18,325 $ 423,988 $ 1,734 $ 21,547 $ 71,002 $ 17,592 $ 23,439 $ 1,403 $ 804,162 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 about a borrower’s financial condition, the difficulty in identifying triggering events that correlate perfectly to subsequent loss rates, and risk factors that have not yet manifested themselves in loss allocation factors. The following table presents impaired loans in portfolio by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of June 30, 2018 and September 30, 2017. Impaired Loans With Impaired Total Impaired Loans Recorded Related Recorded Recorded Unpaid (Dollars in thousands) June 30, 2018: Residential mortgage $ 121 $ — $ 2,317 $ 2,438 $ 2,562 Construction and Development: Land — — 79 79 79 Commercial: Commercial real estate 16,954 570 550 17,504 17,725 Consumer: Home equity lines of credit — — 34 34 34 Second mortgages 233 233 428 661 723 Other 1 1 — 1 22 Total impaired loans $ 17,309 $ 804 $ 3,408 $ 20,717 $ 21,145 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 three and nine months ended June 30, 2018 and 2017. Three Months Ended June 30, 2018 Nine Months Ended June 30, 2018 (Dollars in thousands) Average Impaired Loans Interest Income Recognized on Impaired Loans Average Impaired Loans Interest Income Recognized on Impaired Loans Residential mortgage $ 2,408 $ 17 $ 2,417 $ 38 Construction and Development: Land 80 2 86 4 Commercial: Commercial real estate 17,322 113 8,512 132 Other 124 — 184 — Consumer: Home equity lines of credit 33 — 18 — Second mortgages 658 2 605 6 Other 1 — 1 Total $ 20,626 $ 134 $ 11,823 $ 180 Three Months Ended June 30, 2017 Nine Months Ended June 30, 2017 ( Average Impaired Loans Interest Income Recognized on Impaired Loans Average Impaired Loans Interest Income Recognized on Impaired Loans Residential mortgage $ 2,099 $ 10 $ 2,091 $ 43 Construction and Development: Residential and commercial 104 2 107 4 Commercial: Commercial real estate 747 6 1,038 14 Other 248 2 111 2 Consumer: Home equity lines of credit 10 — 47 — Second mortgages 205 1 190 2 Total $ 3,413 $ 21 $ 3,584 $ 65 The following table presents the classes of the loan portfolio summarized by loans considered to be rated as pass and the categories of special mention, substandard and doubtful within the Company’s internal risk rating system as of June 30, 2018 and September 30, 2017. June 30, 2018 Pass Special Substandard Doubtful Total (Dollars in thousands) Residential mortgage $ 189,158 $ — $ 3,743 $ — $ 192,901 Construction and Development: Residential and commercial 39,845 — — — 39,845 Land 11,793 — 3,772 — 15,565 Commercial: Commercial real estate 456,928 1,791 18,865 — 477,584 Farmland 12,058 — — — 12,058 Multi-family 45,204 — — — 45,204 Other 82,693 — 163 — 82,856 Consumer: Home equity lines of credit 14,313 — 133 — 14,446 Second mortgages 17,862 105 1,096 — 19,063 Other 2,310 — 1 — 2,311 Total $ 872,164 $ 1,896 $ 27,773 $ — $ 901,833 September 30, 2017 Pass Special 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. June 30, September 30, 2018 2017 (Dollars in thousands) Residential mortgage $ 1,101 $ 826 Commercial: Commercial real estate 575 — Other — — Consumer: Home equity lines of credit 34 10 Second mortgages 312 202 Other 1 — Total non-accrual loans $ 2,023 $ 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 less than $0.1 million for each of the three months ended June 30, 2018 and 2017 and was less than $0.1 million for each of the nine months ended June 30, 2018 and 2017. Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by whether a loan payment is “current,” that is, it is received from a borrower by the scheduled due date, or the length of time a scheduled payment is past due. The following table presents the classes of the loan portfolio summarized by the aging categories as of June 30, 2018 and September 30, 2017. Current 30-59 60-89 90 Total Past Due Total Loans Receivable Accruing 90 (Dollars in thousands) June 30, 2018: Residential mortgage $ 189,896 $ 665 $ 239 $ 2,101 $ 3,005 $ 192,901 $ 1,140 Construction and Development: Residential and commercial 39,845 — — — — 39,845 — Land 15,565 — — — — 15,565 — Commercial: Commercial real estate 477,009 — — 575 575 477,584 — Farmland 12,058 — — — — 12,058 — Multi-family 45,204 — — — — 45,204 Other 82,856 — — — — 82,856 — Consumer: Home equity lines of credit 14,376 — 36 34 70 14,446 — Second mortgages 18,274 360 9 420 789 19,063 198 Other 2,285 26 — — 26 2,311 — Total $ 897,368 $ 1,051 $ 284 $ 3,130 $ 4,465 $ 901,833 $ 1,338 Current 30-59 60-89 90 Total Past 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 troubled debt restructurings (“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 sixteen loans classified as TDRs with an aggregate outstanding balance of $18.8 million at June 30, 2018. The Company had twelve loans classified as TDRs at September 30, 2017 with an aggregate outstanding balance of $2.3 million. At June 30, 2018, these loans were also classified as impaired. Fifteen of the TDR loans continue to perform under the restructured terms through June 30, 2018 and we continued to accrue interest on such loans through such date. The increase in TDRs at June 30, 2018 compared to September 30, 2017 was primarily due to two commercial real estate loans with an aggregate outstanding balance of approximately $16.4 million. These two commercial real estate loans were granted an interest rate reduction and an interest only repayment period. All 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 $0.2 million and $0.3 million of residential real estate properties in the process of foreclosure at June 30, 2018 and September 30, 2017, respectively. The following table presents our TDR loans as of June 30, 2018 and September 30, 2017. Total Troubled Debt Troubled Debt Restructured Number of Recorded Number of Recorded (Dollars in thousands) At June 30, 2018: Residential mortgage 8 $ 1,687 1 $ 152 Construction and Development: Land 1 79 — — Commercial: Commercial real estate 4 16,929 — — Consumer Second mortgages 3 150 — — Total 16 $ 18,845 1 $ 152 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. June 30, 2018 September 30, 2017 Performing Non-Performing Performing Non-Performing (Dollars in thousands) Residential mortgage $ 1,535 $ 152 $ 1,464 $ — Construction and Development: Land 79 — 94 — Commercial: Commercial real estate 16,929 — 554 — Consumer Second mortgages 150 — 126 22 Total $ 18,693 $ 152 $ 2,238 $ 22 The following table shows the activity in loans which were first deemed to be TDRs during the three and nine months ended June 30, 2018 and 2017. For the Three Months Ended June 30, 2018 2017 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 (In thousands) Troubled Debt Restructurings: Residential mortgage 1 $ 47 $ 47 — $ — $ — Total 1 $ 47 $ 47 — $ — $ — For the Nine Months Ended June 30, 2018 2017 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 (In thousands) Troubled Debt Restructurings: Residential mortgage 2 $ 250 $ 250 3 $ 889 $ 889 Commercial: Commercial real estate 2 16,417 16,379 1 193 193 Consumer: Second mortgages — — — 2 81 81 Total 4 $ 16,667 $ 16,629 6 $ 1,163 $ 1,163

Regulatory Matters

Regulatory Matters	9 Months Ended
	Jun. 30, 2018
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 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 Bank, National Association, 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. The Economic Growth, Regulatory Relief, and Consumer Protection Act (the “Act”) was signed into law during the fiscal second quarter of 2018. The Act, among other matters, amends the Federal Deposit Insurance Act to require federal banking agencies to develop a specified Community Bank Leverage Ratio (the ratio of a bank’s equity capital to its consolidated assets) for banks with assets of less than $10 billion. Banks that exceed this ratio shall be deemed to comply with all other capital and leverage requirements. We are unable to predict the specific impact the Act and the implementing rules and regulations, which have not yet been written, will have on the Company and the Bank. 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 June 30, 2018, 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 June 30, 2018 and September 30, 2017: Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions (Dollars in thousands) Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio As of June 30, 2018: Tier 1 Leverage (Core) Capital (to average assets) $ 107,448 10.21 % $ 42,097 4.00 % $ 52,621 5.00 % Common Equity Tier 1 Capital (to risk weighted assets) 107,448 12.33 % 39,218 4.50 % 56,648 6.50 % Tier 1 Capital (to risk weighted assets) 107,448 12.33 % 52,290 6.00 % 69,721 8.00 % Total Risk Based Capital (to risk weighted assets) 140,960 16.17 % 69,721 8.00 % 87,151 10.00 % As of September 30, 2017: Tier 1 Leverage (Core) Capital (to average assets) $ 100,779 10.00 % $ 40,315 4.00 % $ 50,394 5.00 % Common Equity Tier 1 Capital (to risk weighted assets) 100,779 12.28 % 36,945 4.50 % 53,364 6.50 % Tier 1 Capital (to risk weighted assets) 100,779 12.28 % 49,260 6.00 % 65,679 8.00 % Total Risk Based Capital (to risk weighted assets) 133,549 16.27 % 65,679 8.00 % 82,099 10.00 % The following table summarizes the Bank’s compliance with applicable regulatory capital requirements as of June 30, 2018 and September 30, 2017: Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions (Dollars in thousands) Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio As of June 30, 2018: Tier 1 Leverage (to average assets) $ 128,634 12.23 % $ 42,056 4.00 % $ 52,570 5.00 % Common Equity Tier 1 Capital (to risk weighted assets) 128,634 14.77 % 39,180 4.50 % 56,594 6.50 % Tier 1 Capital (to risk weighted assets) 128,634 14.77 % 52,240 6.00 % 69,654 8.00 % Total Risk Based Capital (to risk weighted assets) 137,725 15.82 % 69,654 8.00 % 87,067 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	9 Months Ended
	Jun. 30, 2018
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 June 30, 2018, 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 and nine months ended June 30, 2018 and 2017. 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 $0.3 million 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 June 30, 2018 and September 30, 2017: June 30, 2018 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 $ 301 Other assets August 3, 2020 February 5, 2016 20,000 762 Other assets February 1, 2021 October 22, 2018 30,000 63 Other assets October 22, 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 tables below present the net gains (losses) recorded in accumulated other comprehensive income (loss) and the Consolidated Statements of Operations relating to the cash flow derivative instruments for the three and nine months ended June 30, 2018 and 2017. For the Three Months Ended June 30, 2018 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 thousand) August 3, 2015 $ 54 $ 15 $ — February 5, 2016 93 44 — October 22, 2018 166 — — For the Nine Months Ended June 30, 2018 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 thousand) August 3, 2015 $ 285 $ (6 ) $ — February 5, 2016 461 65 — October 22, 2018 63 — — For the Three Months Ended June 30, 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 thousand) August 3, 2015 $ (70 ) $ (25 ) $ — February 5, 2016 (113 ) (8 ) — For the Nine Months Ended June 30, 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 thousand) August 3, 2015 $ 280 $ (91 ) $ — February 5, 2016 451 (47 ) — 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 June 30, 2018 and 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. There were no adjustments for nonperformance risk at June 30, 2018 and September 30, 2017. At June 30, 2018 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 against its obligations under these agreements. If the Company had breached any of these provisions at June 30, 2018, 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	9 Months Ended
	Jun. 30, 2018
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 June 30, 2018 or September 30, 2017. The tables below present the balances of assets measured at fair value on a recurring basis at June 30, 2018 and September 30, 2017: June 30, 2018 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Investment securities available-for-sale: Debt securities: U.S. treasury notes $ 19,954 $ 19,954 $ — $ — State and municipal obligations 6,931 — 6,931 — Single issuer trust preferred security 925 — 925 — Corporate debt securities 6,288 — 6,288 — Mutual funds 250 — — 250 Total investment securities available-for-sale 34,348 19,954 14,144 250 Derivative instruments $ 1,125 $ — $ 1,125 $ — 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 table provides the level of valuation assumptions used to determine each adjustment and the carrying value of the related individual assets or portfolios at June 30, 2018 and September 30, 2017: June 30, 2018 Total Level 1 Level 2 Level 3 (Dollars in thousands) Impaired loans (1) $ 16,537 $ — $ — $ 16,537 Total $ 16,537 $ — $ — $ 16,537 June 30, 2018 Fair Value at Valuation Technique Unobservable Input Range/(Weighted (Dollars in thousands) Impaired loans (1) $ 16,537 Appraisal of collateral (2) Collateral discounts (3) 9.5%-21.4%/(7.0%) Total $ 16,537 (1) At June 30, 2018, consisted of ten loans with an aggregate balance of $17.3 million and with $0.8 million 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 $0.4 million and with $0.2 million 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 June 30, 2018 and September 30, 2017, the Company did not have any additions to our mortgage servicing assets. At June 30, 2018 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 June 30, 2018 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 June 30, 2018 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 Deposits 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 June 30, 2018 and September 30, 2017 are presented below: Carrying Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) June 30,2018: Financial assets: Cash and cash equivalents $ 47,381 $ 47,381 $ 47,381 $ — $ — Investment securities available-for-sale 34,348 34,348 19,954 14,144 250 Investment securities held-to-maturity 31,004 29,990 — 29,990 — Loans receivable, net (including impaired loans) 893,355 884,812 — — 884,812 Accrued interest receivable 3,571 3,571 — 3,571 — Restricted stock 8,781 8,781 — 8,781 — Mortgage servicing rights (included in Other Assets) 233 275 — 275 — Derivatives (included in Other Assets) 1,126 1,126 — 1,126 — Financial liabilities: Savings accounts 44,629 44,629 — 44,629 — Checking and NOW accounts 246,706 246,706 — 246,706 — Money market accounts 276,807 276,807 — 276,807 — Certificates of deposit 219,790 221.385 — 221,385 — Borrowings(excluding sub debt) 125,500 125,395 — 125,395 — Subordinated debt 24,421 24,421 — 24,421 — Accrued interest payable 1,095 1,095 — 1,095 — 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 Assets) 268 271 — 271 — Derivatives (included in Other Assets) 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	9 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Note 10 – Income Taxes In the fiscal first quarter of 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 24.25%. However, we are still analyzing certain aspects of the Tax Cuts and Jobs Act of 2017 and refining our calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts. The provisional amount recorded in the first quarter of fiscal 2018 is related to the re-measurement of our deferred tax asset was $2.3 million, and no further adjustments were made. A reconciliation from the expected federal income tax expense computed at the statutory federal income tax rate to the actual income tax expense included in the consolidated statements of income for the nine months ended June 30, 2018 and 2017 is as follows: Nine Months Ended June 30, 2018 Nine Months Ended June 30, 2017 Tax at statutory rate $ 2,087 24.3 % $ 1,972 34.0 % Increase/(reduction) in taxes resulting from: Tax-exempt income (84 ) (1.0 ) (139 ) (2.4 ) Bank-owned life insurance (87 ) (1.0 ) (129 ) (2.2 ) State and local income taxes 122 1.4 236 4.0 Deferred state taxes (249 ) (2.9 ) — — Other (147 ) (1.7 ) — — Subtotal 1,642 19.1 % $ 1,940 33.4 % Impact of change in tax law 2,300 26.7 — — Total $ 3,942 45.8 % $ 1,940 33.4 %

Comprehensive Income

Comprehensive Income	9 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Comprehensive Income	Note 11 – Comprehensive Income The components of accumulated other comprehensive income included in shareholders’ equity are as follows: June 30, September 30, (Dollars in thousands) Net unrealized holding (losses) on available-for-sale securities $ (460 ) $ (282 ) Tax effect 97 96 Net of tax amount (363 ) (186 ) Fair value adjustments on derivatives 1,125 376 Tax effect (236 ) (128 ) Net of tax amount 889 248 Total accumulated other comprehensive income $ 526 $ 62 Other comprehensive income (loss) and related tax effects are presented in the following table: Three Months Ended June 30, Nine Months Ended June 30, (Dollars in thousands) 2018 2017 2018 2017 Net unrealized holding gains (losses) on available-for-sale securities $ 34 $ 446 $ (185 ) $ (299 ) Net realized (losses) on securities available- for-sale — (374 ) — (432 ) Accretion of unrealized holding losses on securities available-for-sale transferred to held-to-maturity 1 2 7 7 Fair value adjustments on derivatives 253 (151 ) 748 868 Other comprehensive income (loss) before taxes 288 (77 ) 570 144 Tax effect (56 ) 25 (139 ) (48 ) Total comprehensive income (loss) $ 232 $ (52 ) $ 431 $ 96

Equity Based Incentive Compensa

Equity Based Incentive Compensation Plan	9 Months Ended
	Jun. 30, 2018
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 June 30, 2018, there were 367,057 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. The Company did not grant any stock options to purchase common stock or restricted shares during the three months ended June 30, 2018 and June 30, 2017. During the nine months ended June 30, 2018, stock options covering a total of 4,664 of common stock were granted. Total compensation expense related to stock options granted under the 2014 Plan was $2,000 and $11,000 for the three and nine months ended June 30, 2018, respectively. During the nine months ended June 30, 2017, stock options covering a total of 7,000 shares of common stock were granted. The compensation expense related to stock options for the three and nine months ended June 30, 2017 was $3,000 and $5,000, respectively. During the nine months ended June 30, 2018, a total of 4,768 restricted shares were awarded. The compensation expense related to restricted stock awards for three and nine months ended June 30, 2018 was $14,000 and $43,000. During the nine months ended June 30, 2017, a total of 12,522 restricted shares were awarded. The compensation expense related to restricted stock awards for the three and nine months ended June 30, 2017 was $87,000 and $88,000, respectively. 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 that have been 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 nine months ended June 30, 2018: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding, beginning of fiscal year 11,000 $ 19.19 $ 83,170 Granted 4,664 26.20 — Forfeited/cancelled/expired (2,000 ) 18.51 7,580 Outstanding, at June 30, 2018 13,664 $ 21.68 8.782 $ 45,090 Exercisable at June 30, 2018 2,400 $ 18.51 8.246 $ 14,016 Nonvested at June 30, 2018 11,264 $ 22.36 The table below summarizes the activity for the Company’s restricted stock outstanding during the nine months ended at June 30, 2018: Shares Weighted Average Fair Value Nonvested at September 30, 2017 10,711 $ 20.36 Granted 4,768 26.20 Forfeited/cancelled/expired (700 ) 21.00 Vested (2,071 ) 20.22 Nonvested at June 30, 2018 12,708 $ 22.54 As of June 30, 2018, there was $259,000 of total unrecognized compensation cost related to non-vested shares of restricted stock granted under the Plan. The cost is expected to be recognized over a weighted average period of 3.96 years. As of June 30, 2018, there was $73,000 of total unrecognized compensation cost related to non-vested options under the Plan. The cost is expected to be recognized over a weighted average period of 3.97 years.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of financial statement presentation	Basis of financial statement presentation. The accompanying unaudited condensed consolidated financial statements present the Company’s financial position at June 30, 2018 and the results of operations for the three-and nine-month periods ended June 30, 2018 and 2017, and cash flows for the nine-month periods ended June 30, 2018 and 2017. In Management’s opinion, the unaudited Condensed Consolidated Financial Statements contain all adjustments, which include normal and recurring adjustments, necessary for a fair presentation of the financial position and results of operations for the interim periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and note disclosures included in the Company’s Form 10-K filed with the Securities and Exchange Commission (“SEC”) on December 29, 2017. The consolidated results of operations for the three-and nine-month periods ended June 30, 2018 and the consolidated statements of cash flows for the nine-month periods ended June 30, 2018 are not necessarily indicative of the results of operations or cash flows for the full year ending September 30, 2018 or any other period. There have been no significant changes to our Critical Accounting Policies as described in our 2017 Annual Report on Form 10-K.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Depository and Lending. Codification Improvements to Topic 942, Financial Services-Depository and Lending Income Taxes. Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 Investments and Regulated Operations. Investments — Debt Securities (Topic 320) and Regulated Operations (Topic 980): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273 Leases , Leases (Topic 842) Revenue Recognition.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Income Statement. Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income We have elected to early adopt the ASU as of January 1, 2018. The adoption of the guidance resulted in a reclassification of an insignificant amount stranded in accumulated other comprehensive income to retained earnings in the fiscal second quarter of 2018.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Jun. 30, 2018
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 June 30, Nine Months Ended June 30, (Dollars in thousands, except for share data) 2018 2017 2018 2017 Net Income $ 2,243 $ 1,719 $ 4,664 $ 3,862 Weighted average shares outstanding 6,573,178 6,578,062 6,572,849 6,566,138 Average unearned ESOP shares (120,147 ) (134,547 ) (123,760 ) (138,160 ) Basic weighted average shares outstanding 6,453,031 6,443,515 6,449,089 6,427,978 Plus: effect of dilutive options 3,017 1,773 2,979 448 Diluted weighted average common shares outstanding 6,456,048 6,445,288 6,452,068 6,428,426 Earnings per share: Basic $ 0.35 $ 0.27 $ 0.72 $ 0.60 Diluted $ 0.35 $ 0.27 $ 0.72 $ 0.60

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Schedule of investment securities	The following tables present information related to the Company’s investment securities at June 30, 2018 and September 30, 2017. June 30, 2018 Amortized Gross Gross Fair (Dollars in thousands) Investment Securities Available-for-Sale: U.S. treasury notes $ 19,985 $ — $ (31 ) $ 19,954 State and municipal obligations 6,962 — (31 ) 6,931 Single issuer trust preferred security 1,000 — (75 ) 925 Corporate debt securities 6,611 — (323 ) 6,288 Mutual fund 250 — — 250 Total 34,808 — (460 ) 34,348 Investment Securities Held-to-Maturity: U.S. government agencies $ 1,999 $ — $ (23 ) $ 1,976 State and municipal obligations 8,239 7 (34 ) 8,212 Corporate debt securities 3,741 — (39 ) 3,702 Mortgage-backed securities: Collateralized mortgage obligations, fixed-rate 17,025 — (925 ) 16,100 Total $ 31,004 $ 7 $ (1,021 ) $ 29,990 Total investment securities $ 65,812 $ 7 $ (1,481 ) $ 64,338 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 June 30, 2018 and September 30, 2017: June 30, 2018 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 $ 19,954 $ (31 ) $ — $ — $ 19,954 $ (31 ) State and municipal obligations 5,372 (27 ) 497 (4 ) 5,869 (31 ) Single issuer trust preferred security — — 925 (75 ) 925 (75 ) Corporate debt securities — — 6,288 (323 ) 6,288 (323 ) Total $ 25,326 $ (58 ) $ 7,710 $ (402 ) $ 33,036 $ (460 ) Investment Securities Held-to-Maturity: U.S. government agencies — — 1,976 (23 ) 1,976 (23 ) State and municipal obligations 5,140 (34 ) — — 5,140 (34 ) Corporate securities 3,702 (39 ) — — 3,702 (39 ) Mortgage-backed securities: CMO, fixed-rate 741 (27 ) 15,359 (898 ) 16,100 (925 ) Total 9,583 (100 ) 17,335 (921 ) 26,918 (1,021 ) Total investment securities $ 34,909 $ (158 ) $ 25,045 $ (1,323 ) $ 59,954 $ (1,481 ) September 30, 2017 Less than 12 Months 12 Months or longer 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 June 30, 2018, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer. June 30, 2018 Amortized Cost Fair Value (Dollars in thousands) Investment Securities Available-for-Sale: Due in one year or less $ 20,486 $ 20,452 Due after one year through five years 7,041 6,915 Due after five years through ten years 5,826 5,601 Due after ten years 1,455 1,380 Total $ 34,808 $ 34,348 Investment Securities Held-to-Maturity: Due in one year or less $ 1,000 $ 991 Due after one year through five years 999 985 Due after five years through ten years 5,612 5,562 Due after ten years 6,368 6,352 Mortgage-backed securities: Collateralized mortgage obligations, fixed-rate 17,025 16,100 Total $ 31,004 $ 29,990 Total investment securities $ 65,812 $ 64,338

Loans Receivable and Related 24

Loans Receivable and Related Allowance for Loan Losses (Tables)	9 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
Schedule of loans receivable	Loans receivable in the Company’s portfolio consisted of the following at the dates indicated below: June 30, 2018 September 30, 2017 (Dollars in thousands) Residential mortgage $ 192,901 $ 192,500 Construction and Development: Residential and commercial 39,845 35,622 Land 15,565 18,377 Total Construction and Development 55,410 53,999 Commercial: Commercial real estate 477,584 437,760 Farmland 12,058 1,723 Multi-family 45,204 39,768 Other 82,856 74,837 Total Commercial 617,702 554,088 Consumer: Home equity lines of credit 14,446 16,509 Second mortgages 19,063 22,480 Other 2,311 2,570 Total Consumer 35,820 41,559 Total loans 901,833 842,146 Deferred loan fees and cost, net 546 590 Allowance for loan losses (9,024 ) (8,405 ) Total loans receivable, net $ 893,355 $ 834,331
Schedule of allowance for loan losses	Activity in the allowance is presented for the three and nine months ended June 30, 2018 and 2017 and the year ended September 30, 2017, respectively. Three Months Ended June 30, 2018 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 $ 987 $ 397 $ 158 $ 4,046 $ 82 $ 195 $ 490 $ 87 $ 407 $ 27 $ 1,589 $ 8,465 Charge-offs — — — — — — (45 ) — (5 ) — — (50 ) Recoveries — — — — — — 1 — 18 1 — 20 Provisions 48 25 (40 ) 122 (13 ) 89 32 (8 ) 53 (2 ) 283 589 Ending Balance $ 1,035 $ 422 $ 118 $ 4,168 $ 69 $ 284 $ 478 $ 79 $ 473 $ 26 $ 1,872 $ 9,024 Three Months Ended June 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 (in thousands) Allowance for loan losses: Beginning balance $ 1,042 $ 1,343 $ 128 $ 2,479 $ — $ 67 $ 369 $ 107 $ 415 $ 20 $ 1,211 $ 7,181 Charge-offs — — — — — — — — (64 ) — — (64 ) Recoveries 2 — — 9 — — 2 15 123 4 — 155 Provision (Credit) (24 ) (660 ) 18 218 10 45 35 (25 ) (98 ) (7 ) 1,133 645 Ending Balance $ 1,020 $ 683 $ 146 $ 2,706 $ 10 $ 112 $ 406 $ 97 $ 376 $ 17 $ 2,344 $ 7,917 Nine Months Ended June 30, 2018 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 (6 ) — — (221 ) — — (45 ) — (59 ) (2 ) — (333 ) Recoveries 58 — — 10 — — 3 1 46 5 — 123 Provisions (21 ) (101 ) (14 ) 798 60 60 (21 ) (12 ) 84 (4 ) — 829 Ending Balance $ 1,035 $ 422 $ 118 $ 4,168 $ 69 $ 284 $ 478 $ 79 $ 473 $ 26 $ 1,872 $ 9,024 Ending balance: individually evaluated for impairment $ — $ — $ — $ 570 $ — $ — $ — $ — $ 233 $ 1 $ — $ 804 Ending balance: collectively evaluated for impairment $ 1,035 $ 422 $ 118 $ 3,598 $ 69 $ 284 $ 478 $ 79 $ 240 $ 25 $ 1,872 $ 8,220 Loans receivable: Ending balance $ 192,901 $ 39,845 $ 15,565 $ 477,584 $ 12,058 $ 45,204 $ 82,856 $ 14,446 $ 19,063 $ 2,311 $ 901,833 Ending balance: individually evaluated for impairment $ 2,438 $ — $ 79 $ 17,504 $ — $ — $ — $ 34 $ 661 $ 1 $ 20,717 Ending balance: collectively evaluated for impairment $ 190,463 $ 39,845 $ 15,486 $ 460,080 $ 12,058 $ 45,204 $ 82,856 $ 14,412 $ 18,402 $ 2,310 $ 881,116 Nine Months Ended June 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 (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 — — — — — — — — (185 ) (5 ) — (190 ) Recoveries 2 90 — 39 — — 8 17 205 10 — 371 Provisions (183 ) 394 49 793 10 3 240 (36 ) (111 ) (22 ) 1,165 2,302 Ending Balance $ 1,020 $ 683 $ 146 $ 2,706 $ 10 $ 112 $ 406 $ 97 $ 376 $ 17 $ 2,344 $ 7,917 Ending balance: individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ 112 $ — $ 70 $ — $ — $ 182 Ending balance: collectively evaluated for impairment $ 1,020 $ 683 $ 146 $ 2,706 $ 10 $ 112 $ 294 $ 97 $ 306 $ 17 $ 2,344 $ 7,735 Loans receivable: Ending balance $ 190,788 $ 36,530 $ 18,325 $ 424,732 $ 1,734 $ 21,547 $ 71,248 $ 17,602 $ 23,658 $ 1,403 $ 807,567 Ending balance: individually evaluated for impairment $ 2,089 $ 97 $ — $ 744 $ — $ — $ 246 $ 10 $ 219 $ — $ 3,405 Ending balance: collectively evaluated for impairment $ 188,699 $ 36,433 $ 18,325 $ 423,988 $ 1,734 $ 21,547 $ 71,002 $ 17,592 $ 23,439 $ 1,403 $ 804,162 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 June 30, 2018 and September 30, 2017. Impaired Loans With Impaired Total Impaired Loans Recorded Related Recorded Recorded Unpaid (Dollars in thousands) June 30, 2018: Residential mortgage $ 121 $ — $ 2,317 $ 2,438 $ 2,562 Construction and Development: Land — — 79 79 79 Commercial: Commercial real estate 16,954 570 550 17,504 17,725 Consumer: Home equity lines of credit — — 34 34 34 Second mortgages 233 233 428 661 723 Other 1 1 — 1 22 Total impaired loans $ 17,309 $ 804 $ 3,408 $ 20,717 $ 21,145 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 three and nine months ended June 30, 2018 and 2017. Three Months Ended June 30, 2018 Nine Months Ended June 30, 2018 (Dollars in thousands) Average Impaired Loans Interest Income Recognized on Impaired Loans Average Impaired Loans Interest Income Recognized on Impaired Loans Residential mortgage $ 2,408 $ 17 $ 2,417 $ 38 Construction and Development: Land 80 2 86 4 Commercial: Commercial real estate 17,322 113 8,512 132 Other 124 — 184 — Consumer: Home equity lines of credit 33 — 18 — Second mortgages 658 2 605 6 Other 1 — 1 Total $ 20,626 $ 134 $ 11,823 $ 180 Three Months Ended June 30, 2017 Nine Months Ended June 30, 2017 (Dollars in thousands) Average Impaired Loans Interest Income Recognized on Impaired Loans Average Impaired Loans Interest Income Recognized on Impaired Loans Residential mortgage $ 2,099 $ 10 $ 2,091 $ 43 Construction and Development: Residential and commercial 104 2 107 4 Commercial: Commercial real estate 747 6 1,038 14 Other 248 2 111 2 Consumer: Home equity lines of credit 10 — 47 — Second mortgages 205 1 190 2 Total $ 3,413 $ 21 $ 3,584 $ 65
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 June 30, 2018 and September 30, 2017. June 30, 2018 Pass Special Substandard Doubtful Total (Dollars in thousands) Residential mortgage $ 189,158 $ — $ 3,743 $ — $ 192,901 Construction and Development: Residential and commercial 39,845 — — — 39,845 Land 11,793 — 3,772 — 15,565 Commercial: Commercial real estate 456,928 1,791 18,865 — 477,584 Farmland 12,058 — — — 12,058 Multi-family 45,204 — — — 45,204 Other 82,693 — 163 — 82,856 Consumer: Home equity lines of credit 14,313 — 133 — 14,446 Second mortgages 17,862 105 1,096 — 19,063 Other 2,310 — 1 — 2,311 Total $ 872,164 $ 1,896 $ 27,773 $ — $ 901,833 September 30, 2017 Pass Special 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. June 30, September 30, 2018 2017 (Dollars in thousands) Residential mortgage $ 1,101 $ 826 Commercial: Commercial real estate 575 — Other — — Consumer: Home equity lines of credit 34 10 Second mortgages 312 202 Other 1 — Total non-accrual loans $ 2,023 $ 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 June 30, 2018 and September 30, 2017. Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Total Loans Receivable Accruing 90 Days or More Past Due (Dollars in thousands) June 30, 2018: Residential mortgage $ 189,896 $ 665 $ 239 $ 2,101 $ 3,005 $ 192,901 $ 1,140 Construction and Development: Residential and commercial 39,845 — — — — 39,845 — Land 15,565 — — — — 15,565 — Commercial: Commercial real estate 477,009 — — 575 575 477,584 — Farmland 12,058 — — — — 12,058 — Multi-family 45,204 — — — — 45,204 Other 82,856 — — — — 82,856 — Consumer: Home equity lines of credit 14,376 — 36 34 70 14,446 — Second mortgages 18,274 360 9 420 789 19,063 198 Other 2,285 26 — — 26 2,311 — Total $ 897,368 $ 1,051 $ 284 $ 3,130 $ 4,465 $ 901,833 $ 1,338 Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Total Loans Receivable Accruing 90 Days or More Past Due (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	The following table presents our TDR loans as of June 30, 2018 and September 30, 2017. 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 June 30, 2018: Residential mortgage 8 $ 1,687 1 $ 152 Construction and Development: Land 1 79 — — Commercial: Commercial real estate 4 16,929 — — Consumer Second mortgages 3 150 — — Total 16 $ 18,845 1 $ 152 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. June 30, 2018 September 30, 2017 Performing Non-Performing Performing Non-Performing (Dollars in thousands) Residential mortgage $ 1,535 $ 152 $ 1,464 $ — Construction and Development: Land 79 — 94 — Commercial: Commercial real estate 16,929 — 554 — Consumer Second mortgages 150 — 126 22 Total $ 18,693 $ 152 $ 2,238 $ 22 The following table shows the activity in loans which were first deemed to be TDRs during the three and nine months ended June 30, 2018 and 2017. For the Three Months Ended June 30, 2018 2017 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 (In thousands) Troubled Debt Restructurings: Residential mortgage 1 $ 47 $ 47 — $ — $ — Total 1 $ 47 $ 47 — $ — $ — For the Nine Months Ended June 30, 2018 2017 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 (In thousands) Troubled Debt Restructurings: Residential mortgage 2 $ 250 $ 250 3 $ 889 $ 889 Commercial: Commercial real estate 2 16,417 16,379 1 193 193 Consumer: Second mortgages — — — 2 81 81 Total 4 $ 16,667 $ 16,629 6 $ 1,163 $ 1,163

Regulatory Matters (Tables)

Regulatory Matters (Tables)	9 Months Ended
	Jun. 30, 2018
Banking and Thrift [Abstract]
Schedule of compliance of capital requirements	The following table summarizes the Company’s compliance with applicable regulatory capital requirements as of June 30, 2018 and September 30, 2017: Actual For Capital Adequacy Purposes To Be Well (Dollars in thousands) Capital Ratio Capital Ratio Capital Ratio As of June 30, 2018: Tier 1 Leverage (Core) Capital (to average assets) $ 107,448 10.21 % $ 42,097 4.00 % $ 52,621 5.00 % Common Equity Tier 1 Capital (to risk weighted assets) 107,448 12.33 % 39,218 4.50 % 56,648 6.50 % Tier 1 Capital (to risk weighted assets) 107,448 12.33 % 52,290 6.00 % 69,721 8.00 % Total Risk Based Capital (to risk weighted assets) 140,960 16.17 % 69,721 8.00 % 87,151 10.00 % As of September 30, 2017: Tier 1 Leverage (Core) Capital (to average assets) $ 100,779 10.00 % $ 40,315 4.00 % $ 50,394 5.00 % Common Equity Tier 1 Capital (to risk weighted assets) 100,779 12.28 % 36,945 4.50 % 53,364 6.50 % Tier 1 Capital (to risk weighted assets) 100,779 12.28 % 49,260 6.00 % 65,679 8.00 % Total Risk Based Capital (to risk weighted assets) 133,549 16.27 % 65,679 8.00 % 82,099 10.00 %
Schedule of actual capital amounts and ratios	The following table summarizes the Bank’s compliance with applicable regulatory capital requirements as of June 30, 2018 and September 30, 2017: Actual For Capital To Be Well (Dollars in thousands) Capital Ratio Capital Ratio Capital Ratio As of June 30, 2018: Tier 1 Leverage (to average assets) $ 128,634 12.23 % $ 42,056 4.00 % $ 52,570 5.00 % Common Equity Tier 1 Capital (to risk weighted assets) 128,634 14.77 % 39,180 4.50 % 56,594 6.50 % Tier 1 Capital (to risk weighted assets) 128,634 14.77 % 52,240 6.00 % 69,654 8.00 % Total Risk Based Capital (to risk weighted assets) 137,725 15.82 % 69,654 8.00 % 87,067 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 Activ26

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of effects of derivative instruments on the balance sheet	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 June 30, 2018 and September 30, 2017: June 30, 2018 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 $ 301 Other assets August 3, 2020 February 5, 2016 20,000 762 Other assets February 1, 2021 October 22, 2018 30,000 63 Other assets October 22, 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 (loss) and the Consolidated Statements of Operations	The tables below present the net gains (losses) recorded in accumulated other comprehensive income (loss) and the Consolidated Statements of Operations relating to the cash flow derivative instruments for the three and nine months ended June 30, 2018 and 2017. For the Three Months Ended June 30, 2018 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 thousand) August 3, 2015 $ 54 $ 15 $ — February 5, 2016 93 44 — October 22, 2018 166 — — For the Nine Months Ended June 30, 2018 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 thousand) August 3, 2015 $ 285 $ (6 ) $ — February 5, 2016 461 65 — October 22, 2018 63 — — For the Three Months Ended June 30, 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 thousand) August 3, 2015 $ (70 ) $ (25 ) $ — February 5, 2016 (113 ) (8 ) — For the Nine Months Ended June 30, 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 thousand) August 3, 2015 $ 280 $ (91 ) $ — February 5, 2016 451 (47 ) —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jun. 30, 2018
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 June 30, 2018 and September 30, 2017: June 30, 2018 Total Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Investment securities available-for-sale: Debt securities: U.S. treasury notes $ 19,954 $ 19,954 $ — $ — State and municipal obligations 6,931 — 6,931 — Single issuer trust preferred security 925 — 925 — Corporate debt securities 6,288 — 6,288 — Mutual funds 250 — — 250 Total investment securities available-for-sale 34,348 19,954 14,144 250 Derivative instruments $ 1,125 $ — $ 1,125 $ — 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 table provides the level of valuation assumptions used to determine each adjustment and the carrying value of the related individual assets or portfolios at June 30, 2018 and September 30, 2017: June 30, 2018 Total Level 1 Level 2 Level 3 (Dollars in thousands) Impaired loans (1) $ 16,537 $ — $ — $ 16,537 Total $ 16,537 $ — $ — $ 16,537 June 30, 2018 Fair Value at Valuation Technique Unobservable Input Range/(Weighted (Dollars in thousands) Impaired loans (1) $ 16,537 Appraisal of collateral (2) Collateral discounts (3) 9.5%-21.4%/(7.0%) Total $ 16,537 (1) At June 30, 2018, consisted of ten loans with an aggregate balance of $17.3 million and with $0.8 million 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 $0.4 million and with $0.2 million 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 financial instruments	The carrying amount and estimated fair value of the Company’s financial instruments as of June 30, 2018 and September 30, 2017 are presented below: Carrying Amount Fair Value Level 1 Level 2 Level 3 (Dollars in thousands) June 30,2018: Financial assets: Cash and cash equivalents $ 47,381 $ 47,381 $ 47,381 $ — $ — Investment securities available-for-sale 34,348 34,348 19,954 14,144 250 Investment securities held-to-maturity 31,004 29,990 — 29,990 — Loans receivable, net (including impaired loans) 893,355 884,812 — — 884,812 Accrued interest receivable 3,571 3,571 — 3,571 — Restricted stock 8,781 8,781 — 8,781 — Mortgage servicing rights (included in Other Assets) 233 275 — 275 — Derivatives (included in Other Assets) 1,126 1,126 — 1,126 — Financial liabilities: Savings accounts 44,629 44,629 — 44,629 — Checking and NOW accounts 246,706 246,706 — 246,706 — Money market accounts 276,807 276,807 — 276,807 — Certificates of deposit 219,790 221.385 — 221,385 — Borrowings(excluding sub debt) 125,500 125,395 — 125,395 — Subordinated debt 24,421 24,421 — 24,421 — Accrued interest payable 1,095 1,095 — 1,095 — 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 Assets) 268 271 — 271 — Derivatives (included in Other Assets) 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)	9 Months Ended
	Jun. 30, 2018
Additional monthly servicing cost per loan
Schedule of statutory federal income tax rate to the actual income tax expense	A reconciliation from the expected federal income tax expense computed at the statutory federal income tax rate to the actual income tax expense included in the consolidated statements of income for the nine months ended June 30, 2018 and 2017 is as follows: Nine Months Ended June 30, 2018 Nine Months Ended June 30, 2017 Tax at statutory rate $ 2,087 24.3 % $ 1,972 34.0 % Increase/(reduction) in taxes resulting from: Tax-exempt income (84 ) (1.0 ) (139 ) (2.4 ) Bank-owned life insurance (87 ) (1.0 ) (129 ) (2.2 ) State and local income taxes 122 1.4 236 4.0 Deferred state taxes (249 ) (2.9 ) — — Other (147 ) (1.7 ) — — Subtotal 1,642 19.1 % $ 1,940 33.4 % Impact of change in tax law 2,300 26.7 — — Total $ 3,942 45.8 % $ 1,940 33.4 %

Comprehensive Income (Tables)

Comprehensive Income (Tables)	9 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Schedule of components of accumulated other comprehensive income (loss)	The components of accumulated other comprehensive income included in shareholders’ equity are as follows: June 30, September 30, (Dollars in thousands) Net unrealized holding (losses) on available-for-sale securities $ (460 ) $ (282 ) Tax effect 97 96 Net of tax amount (363 ) (186 ) Fair value adjustments on derivatives 1,125 376 Tax effect (236 ) (128 ) Net of tax amount 889 248 Total accumulated other comprehensive income $ 526 $ 62
Schedule of other comprehensive income and related tax effects	Other comprehensive income (loss) and related tax effects are presented in the following table: Three Months Ended June 30, Nine Months Ended June 30, (Dollars in thousands) 2018 2017 2018 2017 Net unrealized holding gains (losses) on available-for-sale securities $ 34 $ 446 $ (185 ) $ (299 ) Net realized (losses) on securities available- for-sale — (374 ) — (432 ) Accretion of unrealized holding losses on securities available-for-sale transferred to held-to-maturity 1 2 7 7 Fair value adjustments on derivatives 253 (151 ) 748 868 Other comprehensive income (loss) before taxes 288 (77 ) 570 144 Tax effect (56 ) 25 (139 ) (48 ) Total comprehensive income (loss) $ 232 $ (52 ) $ 431 $ 96

Equity Based Incentive Compen30

Equity Based Incentive Compensation Plan (Tables)	9 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock option activity	The following is a summary of stock option activity for the nine months ended June 30, 2018: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding, beginning of fiscal year 11,000 $ 19.19 $ 83,170 Granted 4,664 26.20 — Forfeited/cancelled/expired (2,000 ) 18.51 7,580 Outstanding, at June 30, 2018 13,664 $ 21.68 8.782 $ 45,090 Exercisable at June 30, 2018 2,400 $ 18.51 8.246 $ 14,016 Nonvested at June 30, 2018 11,264 $ 22.36
Schedule of restricted stock outstanding	The table below summarizes the activity for the Company’s restricted stock outstanding during the nine months ended at June 30, 2018: Shares Weighted Average Fair Value Nonvested at September 30, 2017 10,711 $ 20.36 Granted 4,768 26.20 Forfeited/cancelled/expired (700 ) 21.00 Vested (2,071 ) 20.22 Nonvested at June 30, 2018 12,708 $ 22.54

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Net Income	$ 2,243	$ 1,719	$ 4,664	$ 3,862
Weighted average shares outstanding	6,573,178	6,578,062	6,572,849	6,566,138
Average unearned ESOP shares	(120,147)	(134,547)	(123,760)	(138,160)
Basic weighted average shares outstanding	6,453,031	6,443,515	6,449,089	6,427,978
Plus: effect of dilutive options	3,017	1,773	2,979	448
Diluted weighted average common shares outstanding	6,456,048	6,445,288	6,452,068	6,428,426
Earnings per share:
Basic (in dollars per share)	$ 0.35	$ 0.27	$ 0.72	$ 0.6
Diluted (in dollars per share)	$ 0.35	$ 0.27	$ 0.72	$ 0.6

Earnings Per Share (Details Nar

Earnings Per Share (Details Narrative) - shares	9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Restricted shares issued	4,768	12,522
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options	4,664	7,000

Employee Stock Ownership Plan (

Employee Stock Ownership Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		4 Months Ended	9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2008	Jun. 30, 2018	Jun. 30, 2017
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		10,800	10,800
Number of unallocated shares	118,365			118,365
Number of allocated shares held by the ESOP	140,853			140,853
Aggregate fair value of shares held by the ESOP	$ 2,900			$ 2,900

Investment Securities (Details)

Investment Securities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2018	Sep. 30, 2017
Investment Securities Available-for-Sale:
Amortized Cost	$ 34,808	$ 14,869
Gross Unrealized Gains		39
Gross Unrealized Losses	(460)	(321)
Fair value	34,348	14,587
Investment Securities Held-to-Maturity:
Amortized Cost	31,004	34,915
Gross Unrealized Gains	7	116
Gross Unrealized Losses	(1,021)	(465)
Fair Value	30,000	34,600
Total investment securities Amortized Cost	65,812	49,784
Total investment securities Gross Unrealized Gains	7	155
Total investment securities Gross Unrealized Losses	(1,481)	(786)
Total investment securities Fair Value	64,338	49,153
U. S. Government Agencies [Member]
Investment Securities Available-for-Sale:
Amortized Cost	19,985
Gross Unrealized Gains
Gross Unrealized Losses	(31)
Fair value	19,954
Investment Securities Held-to-Maturity:
Amortized Cost	1,999	1,999
Gross Unrealized Gains
Gross Unrealized Losses	(23)	(8)
Fair Value	1,976	1,991
State and municipal obligations [Member]
Investment Securities Available-for-Sale:
Amortized Cost	6,962	6,992
Gross Unrealized Gains		39
Gross Unrealized Losses	(31)	(2)
Fair value	6,931	7,029
Investment Securities Held-to-Maturity:
Amortized Cost	8,239	9,574
Gross Unrealized Gains	7	89
Gross Unrealized Losses	(34)
Fair Value	8,212	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	(75)	(66)
Fair value	925	934
Corporate Debt Securities [Member]
Investment Securities Available-for-Sale:
Amortized Cost	6,611	6,627
Gross Unrealized Gains
Gross Unrealized Losses	(323)	(253)
Fair value	6,288	6,374
Investment Securities Held-to-Maturity:
Amortized Cost	3,741	3,818
Gross Unrealized Gains		26
Gross Unrealized Losses	(39)
Fair Value	3,702	3,844
Collateralized Mortgage Obligations [Member] | Fixed Rate [Member]
Investment Securities Held-to-Maturity:
Amortized Cost	17,025	19,524
Gross Unrealized Gains		1
Gross Unrealized Losses	(925)	(457)
Fair Value	16,100	19,068
Mutual Fund [Member]
Investment Securities Available-for-Sale:
Amortized Cost	250	250
Gross Unrealized Gains
Gross Unrealized Losses
Fair value	$ 250	$ 250

Investment Securities (Details

Investment Securities (Details 1) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2018	Sep. 30, 2017
Investment Securities Available-for-Sale:
Less than 12 Months: Fair Value	$ 25,326
Less than 12 Months: Unrealized Losses	(58)
12 Months or longer: Fair Value	7,710	7,809
12 Months or longer: Unrealized Losses	(402)	(321)
Total: Fair Value	33,036	7,809
Total: Unrealized Losses	(460)	(321)
Investment Securities Held-to-Maturity:
Less than 12 Months: Fair Value	9,583
Less than 12 Months: Unrealized Losses	(100)
12 Months or longer: Fair Value	17,335	20,893
12 Months or longer: Unrealized Losses	(921)	(465)
Total: Fair Value	26,918	20,893
Total: Unrealized Losses	(1,021)	(465)
Total investment securities in an unrealized loss position less than 12 months fair value	34,909
Total investment securities in an unrealized loss position less than 12 months gross unrealized loss	(158)
Total investment securities in an unrealized loss position 12 months or more fair value	25,045	28,702
Total investment securities in an unrealized loss position 12 months or more gross unrealized loss	(1,323)	(786)
Total investment securities in an unrealized loss position fair value	59,954	28,702
Total investment securities in an unrealized loss position gross unrealized loss	(1,481)	(786)
U. S. Government Agencies [Member]
Investment Securities Available-for-Sale:
Less than 12 Months: Fair Value	19,954
Less than 12 Months: Unrealized Losses	(31)
12 Months or longer: Fair Value
12 Months or longer: Unrealized Losses
Total: Fair Value	19,954
Total: Unrealized Losses	(31)
Investment Securities Held-to-Maturity:
Less than 12 Months: Fair Value
Less than 12 Months: Unrealized Losses
12 Months or longer: Fair Value	1,976	1,991
12 Months or longer: Unrealized Losses	(23)	(8)
Total: Fair Value	1,976	1,991
Total: Unrealized Losses	(23)	(8)
State and municipal obligations [Member]
Investment Securities Available-for-Sale:
Less than 12 Months: Fair Value	5,372
Less than 12 Months: Unrealized Losses	(27)
12 Months or longer: Fair Value	497	500
12 Months or longer: Unrealized Losses	(4)	(2)
Total: Fair Value	5,869	500
Total: Unrealized Losses	(31)	(2)
Investment Securities Held-to-Maturity:
Less than 12 Months: Fair Value	5,140
Less than 12 Months: Unrealized Losses	(34)
12 Months or longer: Fair Value
12 Months or longer: Unrealized Losses
Total: Fair Value	5,140
Total: Unrealized Losses	(34)
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	925	934
12 Months or longer: Unrealized Losses	(75)	(66)
Total: Fair Value	925	934
Total: Unrealized Losses	(75)	(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	6,288	6,375
12 Months or longer: Unrealized Losses	(323)	(253)
Total: Fair Value	6,288	6,375
Total: Unrealized Losses	(323)	(253)
Investment Securities Held-to-Maturity:
Less than 12 Months: Fair Value	3,702
Less than 12 Months: Unrealized Losses	(39)
12 Months or longer: Fair Value
12 Months or longer: Unrealized Losses
Total: Fair Value	3,702
Total: Unrealized Losses	(39)
Collateralized Mortgage Obligations [Member] | Fixed Rate [Member]
Investment Securities Held-to-Maturity:
Less than 12 Months: Fair Value	741
Less than 12 Months: Unrealized Losses	(27)
12 Months or longer: Fair Value	15,359	18,902
12 Months or longer: Unrealized Losses	(898)	(457)
Total: Fair Value	16,100	18,902
Total: Unrealized Losses	$ (925)	$ (457)

Investment Securities (Detail36

Investment Securities (Details 2) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Available for Sale, Amortized Cost:
Due in one year or less	$ 20,486
Due after one year through five years	7,041
Due after five years through ten years	5,826
Due after ten years	1,455
Available-for-sale Securities, Amortized Cost Basis, Total	34,808	$ 14,869
Available for Sale, Fair Value:
Due in one year or less	20,452
Due after one year through five years	6,915
Due after five years through ten years	5,601
Due after ten years	1,380
Available-for-sale Securities, Fair value, Total	34,348	14,587
Held-to-Maturity, Amortized Cost:
Due in one year or less	1,000
Due after one year through five years	999
Due after five years through ten years	5,612
Due after ten years	6,368
Collateralized mortgage obligations, fixed-rate	17,025
Held-to-maturity Securities, Amortized Cost, Total	31,004	34,915
Held-to-Maturity, Fair Value:
Due in one year or less	991
Due after one year through five years	985
Due after five years through ten years	5,562
Due after ten years	6,352
Mortgage-backed securities:
Collateralized mortgage obligations, fixed-rate	16,100
Held-to-maturity Securities, Fair Value, Total	30,000	34,600
Total investment securities Amortized Cost	65,812	49,784
Total investment securities Fair Value	$ 64,338	$ 49,153

Investment Securities (Detail37

Investment Securities (Details Narrative) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2018	Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Proceeds from sale of securities available for sale	$ 48,900
Available-for-sale securities, gross realized gains	$ 400
Fair value of available for sale securities trasferred		$ 31,500	$ 9,600

Regulatory Matters (Details)

Regulatory Matters (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017	Jan. 02, 2016	Jan. 02, 2015
Parent Company [Member]
Capital (to adjusted tangible assets): Actual Amount	$ 107,448	$ 100,779
Common equity Tier 1(to risk-weighted assets): Actual Amount	107,448	100,779
Tier 1 Capital (to risk-weighted assets): Actual Amount	107,448	100,779
Total Capital (to risk-weighted assets): Actual Amount	$ 140,960	$ 133,549
Capital (to adjusted tangible assets): Actual Ratio	10.21%	10.00%
Common equity Tier 1(to risk-weighted assets): Actual Ratio	12.33%	12.28%
Tier 1 Capital (to risk-weighted assets): Actual Ratio	12.33%	12.28%
Total Capital (to risk-weighted assets): Actual Ratio	16.17%	16.27%
Capital (to adjusted tangible assets): For Capital Adequacy Purposes Amount	$ 42,097	$ 40,315
Common equity Tier 1(to risk-weighted assets): For Capital Adequacy Purposes Amount	39,218	36,945
Tier 1 Capital (to risk-weighted assets): For Capital Adequacy Purposes Amount	52,290	49,260
Total Capital (to risk-weighted assets): For Capital Adequacy Purposes Amount	$ 69,721	$ 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	$ 52,621	$ 50,394
Common equity Tier 1(to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Capital Amount	56,648	53,364
Tier 1 Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Capital Amount	69,721	65,679
Total Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Capital Amount	$ 87,151	$ 82,099
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%
Malvern Federal Savings Bank [Member]
Capital (to adjusted tangible assets): Actual Amount	$ 128,634	$ 120,902
Common equity Tier 1(to risk-weighted assets): Actual Amount	128,634	120,902
Tier 1 Capital (to risk-weighted assets): Actual Amount	128,634	120,902
Total Capital (to risk-weighted assets): Actual Amount	$ 137,725	$ 129,369
Capital (to adjusted tangible assets): Actual Ratio	12.23%	12.02%
Common equity Tier 1(to risk-weighted assets): Actual Ratio	14.77%	14.75%
Tier 1 Capital (to risk-weighted assets): Actual Ratio	14.77%	14.75%
Total Capital (to risk-weighted assets): Actual Ratio	15.82%	15.78%	10.50%
Capital (to adjusted tangible assets): For Capital Adequacy Purposes Amount	$ 42,056	$ 40,234
Common equity Tier 1(to risk-weighted assets): For Capital Adequacy Purposes Amount	39,180	36,894
Tier 1 Capital (to risk-weighted assets): For Capital Adequacy Purposes Amount	52,240	49,192
Total Capital (to risk-weighted assets): For Capital Adequacy Purposes Amount	$ 69,654	$ 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	$ 52,570	$ 50,292
Common equity Tier 1(to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Capital Amount	56,594	53,292
Tier 1 Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Capital Amount	69,654	65,590
Total Capital (to risk-weighted assets): To be Well Capitalized under Prompt Corrective Action Provisions Capital Amount	$ 87,067	$ 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) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017	Jan. 02, 2016	Jun. 30, 2015	Jan. 02, 2015
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Federal Home Loan Bank leverage capital				$ 10,000,000
Malvern Federal Savings Bank [Member]
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	15.82%	15.78%	10.50%
Capital conservation buffer percentage of risk-weighted assets			0.625%

Derivatives and Hedging Activ40

Derivatives and Hedging Activities (Details) - Other Assets [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2018	Sep. 30, 2017
Interest Rate Swap Due On August 3, 2020 [Member]
Effective Date	Aug. 3, 2015	Aug. 3, 2015
Notional Amount	$ 15,000	$ 15,000
Fair Value	$ 301	$ 9
Expiration Date	Aug. 3, 2020	Aug. 3, 2020
Interest Rate Swap Due On February 1, 2021 [Member]
Effective Date	Feb. 5, 2016	Feb. 5, 2016
Notional Amount	$ 20,000	$ 20,000
Fair Value	$ 762	$ 367
Expiration Date	Feb. 1, 2021	Feb. 1, 2021
Interest Rate Swap Due On October 22, 2018 [Member]
Effective Date	Oct. 22, 2018
Notional Amount	$ 30,000
Fair Value	$ 63
Expiration Date	Oct. 22, 2021

Derivatives and Hedging Activ41

Derivatives and Hedging Activities (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2017
Derivative [Line Items]
Amount of Gain (Loss) Recognized in OCI (Effective Portion)			$ 1,125		$ 376
Interest Rate Swap Due On August 3, 2020 [Member]
Derivative [Line Items]
Amount of Gain (Loss) Recognized in OCI (Effective Portion)	$ 54	$ (70)	285	$ 280
Amount of Gain (Loss) Reclassified from OCI to Interest Expense	15	(25)	(6)	(91)
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)	93	(113)	461	451
Amount of Gain (Loss) Reclassified from OCI to Interest Expense	44	(8)	65	(47)
Amount of Gain (Loss) Recognized in Other Non-Interest Income (Ineffective Portion)
Interest Rate Swap Due On October 22, 2018 [Member]
Derivative [Line Items]
Amount of Gain (Loss) Recognized in OCI (Effective Portion)	166		63
Amount of Gain (Loss) Reclassified from OCI to Interest Expense
Amount of Gain (Loss) Recognized in Other Non-Interest Income (Ineffective Portion)

Derivatives and Hedging Activ42

Derivatives and Hedging Activities (Details Narrative) $ in Thousands	9 Months Ended
	Jun. 30, 2018USD ($)
Interest Rate Swap [Member]
Derivative [Line Items]
Estimated interest expense	$ 300

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2017
Assets
Investment securities available for sale, at fair value	$ 34,348		$ 14,587
Fair Value, Inputs, Level 1 [Member]
Assets
Investment securities available for sale, at fair value	19,954
Derivative assets
Fair Value, Inputs, Level 2 [Member]
Assets
Investment securities available for sale, at fair value	14,144		14,337
Derivative assets	1,126		376
Fair Value, Inputs, Level 3 [Member]
Assets
Investment securities available for sale, at fair value	250		250
Derivative assets
State and municipal obligations [Member]
Assets
Investment securities available for sale, at fair value	6,931		7,029
Single Issuer Trust Preferred Security [Member]
Assets
Investment securities available for sale, at fair value	925		934
Corporate Debt Securities [Member]
Assets
Investment securities available for sale, at fair value	6,288		6,374
Mutual Fund [Member]
Assets
Investment securities available for sale, at fair value	250		250
Fair Value, Measurements, Recurring [Member]
Assets
Investment securities available for sale, at fair value	34,348		14,587
Derivative assets	1,125		376
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets
Investment securities available for sale, at fair value	19,954
Derivative assets
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets
Investment securities available for sale, at fair value	14,144		14,337
Derivative assets	1,125		376
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets
Investment securities available for sale, at fair value	250
Derivative assets
Fair Value, Measurements, Recurring [Member] | State and municipal obligations [Member]
Assets
Investment securities available for sale, at fair value		$ 6,941	7,029
Fair Value, Measurements, Recurring [Member] | State and municipal obligations [Member] | Fair Value, Inputs, Level 1 [Member]
Assets
Investment securities available for sale, at fair value
Fair Value, Measurements, Recurring [Member] | State and municipal obligations [Member] | Fair Value, Inputs, Level 2 [Member]
Assets
Investment securities available for sale, at fair value	6,931		7,029
Fair Value, Measurements, Recurring [Member] | State and municipal obligations [Member] | Fair Value, Inputs, Level 3 [Member]
Assets
Investment securities available for sale, at fair value
Fair Value, Measurements, Recurring [Member] | Single Issuer Trust Preferred Security [Member]
Assets
Investment securities available for sale, at fair value		918	934
Fair Value, Measurements, Recurring [Member] | Single Issuer Trust Preferred Security [Member] | Fair Value, Inputs, Level 1 [Member]
Assets
Investment securities available for sale, at fair value
Fair Value, Measurements, Recurring [Member] | Single Issuer Trust Preferred Security [Member] | Fair Value, Inputs, Level 2 [Member]
Assets
Investment securities available for sale, at fair value	925		934
Fair Value, Measurements, Recurring [Member] | Single Issuer Trust Preferred Security [Member] | Fair Value, Inputs, Level 3 [Member]
Assets
Investment securities available for sale, at fair value
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member]
Assets
Investment securities available for sale, at fair value		6,290	6,374
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Assets
Investment securities available for sale, at fair value
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Assets
Investment securities available for sale, at fair value	6,288		6,374
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Assets
Investment securities available for sale, at fair value
Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member]
Assets
Investment securities available for sale, at fair value		250	250
Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member]
Assets
Investment securities available for sale, at fair value
Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member]
Assets
Investment securities available for sale, at fair value
Fair Value, Measurements, Recurring [Member] | Mutual Fund [Member] | Fair Value, Inputs, Level 3 [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		$ 29,942
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Notes [Member] | Fair Value, Inputs, Level 1 [Member]
Assets
Investment securities available for sale, at fair value	19,954
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Notes [Member] | Fair Value, Inputs, Level 2 [Member]
Assets
Investment securities available for sale, at fair value
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Notes [Member] | Fair Value, Inputs, Level 3 [Member]
Assets
Investment securities available for sale, at fair value

Fair Value Measurements (Deta44

Fair Value Measurements (Details 1) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value, nonrecurring basis	$ 16,537	$ 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	16,537	137
Impaired Loans Net [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value, nonrecurring basis	16,537	137
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
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
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	$ 16,537	$ 137

Fair Value Measurements (Deta45

Fair Value Measurements (Details 2) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Financial assets:
Investment securities available for sale, at fair value	$ 34,348	$ 14,587
Investment securities held-to-maturity, fair value	30,000	34,600
Financial liabilities:
Subordinated debt	24,421	24,303
Carrying Amount [Member]
Financial assets:
Cash and cash equivalents	47,381	117,136
Investment securities available for sale, at fair value	34,348	14,587
Investment securities held-to-maturity, fair value	31,004	34,915
Loans receivable, net (including impaired loans)	893,355	834,331
Accrued interest receivable	3,571	3,139
Restricted stock	8,781	5,559
Mortgage servicing rights (included in Other Assets)	233	268
Derivatives (included in Other Assets)	1,126	376
Financial liabilities:
Savings accounts	44,629	44,526
Checking and NOW accounts	246,706	197,700
Money market accounts	276,807	276,404
Certificates of deposit	219,790	271,766
Borrowings(excluding sub debt)	125,500	123,000
Subordinated debt	24,421	24,303
Accrued interest payable	1,095	694
Fair Value [Member]
Financial assets:
Cash and cash equivalents	47,381	117,136
Investment securities available for sale, at fair value	34,348	14,587
Investment securities held-to-maturity, fair value	29,990	34,566
Loans receivable, net (including impaired loans)	884,812	839,242
Accrued interest receivable	3,571	3,139
Restricted stock	8,781	5,559
Mortgage servicing rights (included in Other Assets)	275	271
Derivatives (included in Other Assets)	1,126	376
Financial liabilities:
Savings accounts	44,629	44,526
Checking and NOW accounts	246,706	197,700
Money market accounts	276,807	276,404
Certificates of deposit	221,385	273,723
Borrowings(excluding sub debt)	125,395	123,658
Subordinated debt	24,421	24,303
Accrued interest payable	1,095	694
Fair Value, Inputs, Level 1 [Member]
Financial assets:
Cash and cash equivalents	47,381	117,136
Investment securities available for sale, at fair value	19,954
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)
Derivatives (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, at fair value	14,144	14,337
Investment securities held-to-maturity, fair value	29,990	34,566
Loans receivable, net (including impaired loans)
Accrued interest receivable	3,571	3,139
Restricted stock	8,781	5,559
Mortgage servicing rights (included in Other Assets)	275	271
Derivatives (included in Other Assets)	1,126	376
Financial liabilities:
Savings accounts	44,629	44,526
Checking and NOW accounts	246,706	197,700
Money market accounts	276,807	276,404
Certificates of deposit	221,385	273,723
Borrowings(excluding sub debt)	125,395	123,658
Subordinated debt	24,421	24,303
Accrued interest payable	1,095	694
Fair Value, Inputs, Level 3 [Member]
Financial assets:
Cash and cash equivalents
Investment securities available for sale, at fair value	250	250
Investment securities held-to-maturity, fair value
Loans receivable, net (including impaired loans)	884,812	839,242
Accrued interest receivable
Restricted stock
Mortgage servicing rights (included in Other Assets)
Derivatives (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 Measurements (Deta46

Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Investment securities available for sale, at fair value	$ 34,348	$ 14,587

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Dec. 22, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Taxes Details Abstract
Tax at statutory rate				$ 2,087	$ 1,972
Tax at statutory rate (in percentage)	21.00%			24.25%	34.00%
Increase/(reduction) in taxes resulting from:
Tax-exempt income				$ (84)	$ (139)
Tax-exempt income (in percentage)				(1.00%)	(2.40%)
Bank-owned life insurance				$ (87)	$ (129)
Bank-owned life insurance (in percentage)				(0.01)	(0.022)
State and local income taxes				$ 122	$ 236
State and local income taxes (in percentage)				1.40%	4.00%
Deferred state taxes				$ (249)
Deferred state taxes (in percentage)				(2.90%)
Other				$ (147)
Other (in percentage)				(1.70%)
Subtotal				$ 1,642	$ 1,940
Subtotal (in percentage)				0.191	0.334
Impact of change in tax law				$ 2,300
Impact of change in tax law (in percentage)				26.70%
Total		$ 69	$ 863	$ 3,942	$ 1,940
Total (in percentage)				45.80%	33.40%

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	Dec. 22, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Federal statutory tax rate	21.00%	24.25%	34.00%
Previously Federal statutory tax rate	35.00%
Increase in deferred tax		$ 2,300

Comprehensive Income (Details)

Comprehensive Income (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2018	Sep. 30, 2017
Equity [Abstract]
Net unrealized holding (losses) on available-for-sale securities	$ (460)	$ (282)
Tax effect	97	96
Net of tax amount	(363)	(186)
Fair value adjustment on derivatives	1,125	376
Tax effect	(236)	(128)
Net of tax amount	889	248
Total accumulated other comprehensive loss	$ 526	$ 62

Comprehensive Income (Details 1

Comprehensive Income (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Equity [Abstract]
Net unrealized holding gains (losses) on available-for-sale securities	$ 34	$ 446	$ (185)	$ (299)
Net realized gain on securities available-for-sale		(374)		(432)
Amortization (accretion) of unrealized holding losses on securities available-for-sale transferred to held-to-maturity	1	2	7	7
Fair value adjustment on derivatives	253	(151)	748	868
Other comprehensive income before taxes	288	(77)	570	144
Tax effect	(56)	25	(139)	(48)
Total comprehensive income	$ 232	$ (52)	$ 431	$ 96

Equity Based Incentive Compen51

Equity Based Incentive Compensation Plan (Details) - Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (the 2014 Plan) [Member] - Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning of year	11,000
Granted	4,664	7,000
Forfeited/cancelled/expired	(2,000)
Outstanding, end of year	13,664
Exercisable at end of year	2,400
Nonvested at end of year	11,264
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
Forfeited/cancelled/expired	18.51
Outstanding, end of year	21.68
Exercisable at end of year	18.51
Nonvested at end of year	$ 22.36
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Remaining Contractual Life [Roll Forward]
Outstanding, end of year	8 years 9 months 12 days
Exercisable at end of year	8 years 2 months 29 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Aggregate Intrinsic Value [Roll Forward]
Outstanding, beginning of year	$ 83,170
Forfeited/cancelled/expired	7,580
Outstanding, end of year	45,090
Exercisable at end of year	$ 14,016

Equity Based Incentive Compen52

Equity Based Incentive Compensation Plan (Details 1) - Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (the 2014 Plan) [Member] - Restricted Stock [Member]	9 Months Ended
	Jun. 30, 2018$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning of year | shares	10,711
Granted | shares	4,768
Forfeited/cancelled/expired | shares	(700)
Vested | shares	(2,071)
Outstanding, end of year | shares	12,708
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning of year | $ / shares	$ 20.36
Granted | $ / shares	26.20
Forfeited/cancelled/expired | $ / shares	21
Vested | $ / shares	20.22
Outstanding, end of year | $ / shares	$ 22.54

Equity Based Incentive Compen53

Equity Based Incentive Compensation Plan (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based compensation			$ 82	$ 94
Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (the 2014 Plan) [Member]
Maximum number of shares available for grants	400,000		400,000
Number of remaining shares available for future grants	367,057		367,057
Weighted average period			3 years 11 months 19 days
Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (the 2014 Plan) [Member] | Stock Option [Member]
Share-based compensation	$ 2	$ 3	$ 11	$ 5
Compensation cost not yet recognized	73		$ 73
Granted shares			4,664	7,000
Malvern Bancorp, Inc. 2014 Long Term Incentive Compensation Plan (the 2014 Plan) [Member] | Restricted Stock [Member]
Description of vesting right			Restricted stock and option awards granted during fiscal 2017 vest in 20% increments beginning on the one year anniversary of the grant date.
Share-based compensation	14	$ 87	$ 43	$ 88
Compensation cost not yet recognized	$ 259		$ 259
Weighted average period			3 years 11 months 16 days
Granted shares			4,768	12,522