Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PRUDENTIAL BANCORP, INC. | |
Entity Central Index Key | 1,578,776 | |
Trading Symbol | pbip | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock Shares Outstanding | 9,007,742 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 |
ASSETS | ||
Cash and amounts due from depository institutions | $ 2,182 | $ 1,965 |
Interest-bearing deposits | 20,745 | 10,475 |
Total cash and cash equivalents | 22,927 | 12,440 |
Certificates of deposit | 1,853 | 1,853 |
Investment and mortgage-backed securities available for sale (amortized cost- June 30, 2017, $184,980; September 30, 2016, $137,222) | 183,439 | 138,694 |
Investment and mortgage-backed securities held to maturity (fair value- June 30, 2017, $58,570; September 30, 2016, $40,700) | 59,654 | 39,971 |
Loans receivable-net of allowance for loan losses (June 30, 2017, $4,058; September 30, 2016, $3,269) | 544,422 | 344,948 |
Accrued interest receivable | 3,089 | 1,928 |
Real estate owned | 192 | 581 |
Federal Home Loan Bank stock-at cost | 5,767 | 2,463 |
Office properties and equipment-net | 8,076 | 1,344 |
Bank owned life insurance | 27,877 | 13,055 |
Prepaid expenses and other assets | 5,497 | 2,203 |
Goodwill | 7,163 | |
Intangible assets | 747 | |
TOTAL ASSETS | 870,703 | 559,480 |
Deposits: | ||
Noninterest-bearing | 9,569 | 3,804 |
Interest-bearing | 605,277 | 385,397 |
Total deposits | 614,846 | 389,201 |
Advances from Federal Home Loan Bank (short-term) | 20,000 | 20,000 |
Advances from Federal Home Loan Bank (long-term) | 88,078 | 30,638 |
Accrued interest payable | 1,339 | 1,403 |
Advances from borrowers for taxes and insurance | 3,982 | 1,748 |
Accounts payable and accrued expenses | 8,262 | 2,488 |
Total liabilities | 736,507 | 445,478 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued | ||
Common stock, $.01 par value, 40,000,000 shares authorized; 10,819,006 and 9,544,809 issued and 9,007,742 and 8,045,544 outstanding at June 30, 2017 and September 30, 2016, respectively | 108 | 95 |
Additional paid-in capital | 118,480 | 95,713 |
Unearned Employee Stock Ownership Plan (ESOP) shares | (4,550) | |
Treasury stock, at cost: 1,811,264 shares at June 30, 2017 and and 1,499,265 shares at September 30, 2016 | (26,692) | (21,098) |
Retained earnings | 42,987 | 43,044 |
Accumulated other comprehensive (loss) income | (687) | 798 |
Total stockholders' equity | 134,196 | 114,002 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 870,703 | $ 559,480 |
UNAUDITED CONSOLIDATED STATEME3
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 |
Statement Of Financial Position [Abstract] | ||
Investment and mortgage-backed securities available for sale, amortized cost (in dollars) | $ 184,980 | $ 137,222 |
Investment and mortgage-backed securities held to maturity, fair value (in dollars) | 58,570 | 40,700 |
Allowance for loan losses on loans receivable (in dollars) | $ 4,058 | $ 3,269 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 10,819,006 | 9,544,809 |
Common stock, shares outstanding | 9,007,742 | 8,045,544 |
Number of treasury share purchased | 1,811,264 | 1,499,265 |
UNAUDITED CONSOLIDATED STATEME4
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
INTEREST INCOME: | ||||
Interest on loans | $ 5,647 | $ 3,263 | $ 14,062 | $ 9,489 |
Interest on mortgage-backed securities | 802 | 673 | 2,179 | 1,868 |
Interest and dividends on investments | 926 | 529 | 2,263 | 1,517 |
Interest on interest-bearing assets | 55 | 9 | 102 | 22 |
Total interest income | 7,430 | 4,474 | 18,606 | 12,896 |
INTEREST EXPENSE: | ||||
Interest on deposits | 1,002 | 682 | 2,690 | 2,177 |
Interest on advances from Federal Home Loan Bank | 375 | 142 | 918 | 296 |
Total interest expense | 1,377 | 824 | 3,608 | 2,473 |
NET INTEREST INCOME | 6,053 | 3,650 | 14,998 | 10,423 |
PROVISION FOR LOAN LOSSES | 30 | 150 | 2,580 | 225 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 6,023 | 3,500 | 12,418 | 10,198 |
NON-INTEREST INCOME: | ||||
Fees and other service charges | 179 | 142 | 472 | 371 |
Gain on sale of loans, net | 3 | 52 | 2 | |
Gain on the sale of investment securities (AFS) | 70 | 161 | 70 | 161 |
Gain on the sale of OREO | 58 | |||
Income from bank owned life insurance | 229 | 83 | 506 | 251 |
Other | 144 | 14 | 400 | 40 |
Total non-interest income | 625 | 400 | 1,500 | 883 |
NON-INTEREST EXPENSE: | ||||
Salaries and employee benefits | 1,884 | 1,684 | 5,593 | 5,071 |
Data processing | 175 | 112 | 481 | 340 |
Professional services | 230 | 230 | 1,018 | 750 |
Office occupancy | 432 | 246 | 1,100 | 753 |
Director compensation | 57 | 123 | 218 | 351 |
Deposit insurance premium | 52 | 134 | 93 | 306 |
Advertising | 92 | 17 | 158 | 55 |
Communications expense | 104 | 42 | 211 | 121 |
Furniture and fixtures | 81 | 58 | 252 | 171 |
Merger-related expense | 2,663 | |||
Intangible asset amortization | 37 | 75 | ||
Other | 356 | 169 | 1,119 | 589 |
Total non-interest expense | 3,500 | 2,815 | 12,981 | 8,507 |
INCOME BEFORE INCOME TAXES | 3,148 | 1,085 | 937 | 2,574 |
INCOME TAXES: | ||||
Current expense | 941 | 410 | 769 | 807 |
Deferred expense (benefit) | 90 | (102) | (539) | 29 |
Total income tax expense | 1,031 | 308 | 230 | 836 |
NET INCOME | $ 2,117 | $ 777 | $ 707 | $ 1,738 |
BASIC EARNINGS PER SHARE (in dollars per share) | $ 0.25 | $ 0.10 | $ 0.08 | $ 0.23 |
DILUTED EARNINGS PER SHARE (in dollars per share) | 0.25 | 0.10 | 0.08 | 0.23 |
DIVIDENDS PER SHARE (in dollars per share) | $ 0.03 | $ 0.03 | $ 0.09 | $ 0.09 |
UNAUDITED CONSOLIDATED STATEME5
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement Of Other Comprehensive Income [Abstract] | ||||
Net income | $ 2,117 | $ 777 | $ 707 | $ 1,738 |
Unrealized holding gains (losses) on available-for-sale securities | 1,120 | 744 | (2,881) | 1,897 |
Tax effect | (381) | (257) | 979 | (645) |
Reclassification adjustment for net security gains realized in net income | (70) | (161) | (70) | (161) |
Tax effect | 24 | 55 | 24 | 55 |
Unrealized holding (losses) gains on interest rate swaps | (91) | (351) | 701 | (351) |
Tax effect | 31 | 119 | (238) | 119 |
Total other comprehensive income (loss) | 633 | 149 | (1,485) | 914 |
Comprehensive income (loss) | $ 2,750 | $ 926 | $ (778) | $ 2,652 |
UNAUDITED CONSOLIDATED STATEME6
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Unearned ESOP Shares | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
BALANCE at Sep. 30, 2015 | $ 95 | $ 95,286 | $ (4,926) | $ (14,691) | $ 41,219 | $ 18 | $ 117,001 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,738 | 1,738 | |||||
Other comprehensive income (loss) | 914 | 914 | |||||
Dividends paid ($0.09 per share) | (694) | (694) | |||||
Purchase of treasury stock (43,698 shares and 520,546 shares for June 30, 2017 and 2016 respectively) | (7,824) | (7,824) | |||||
Issuance of treasury stock (74,665 shares) | 862 | 862 | |||||
Treasury stock used for Recognition and Retention Plan (34,814 shares and 41,800 shares issued for June 30, 2017 and 2016 respectively) | (640) | 640 | |||||
Tax benefit from stock compensation plans | 156 | 156 | |||||
Stock option expense | 278 | 278 | |||||
Recognition and Retention Plan expense | 251 | 251 | |||||
ESOP shares committed to be released (8,879 shares and 26,649 shares for June 30, 2017 and 2016 respectively) | 102 | 282 | 384 | ||||
BALANCE at Jun. 30, 2016 | 95 | 95,433 | (4,644) | (21,013) | 42,263 | 932 | 113,066 |
BALANCE at Sep. 30, 2016 | 95 | 95,713 | (4,550) | (21,098) | 43,044 | 798 | 114,002 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 707 | 707 | |||||
Other comprehensive income (loss) | (1,485) | (1,485) | |||||
Dividends paid ($0.09 per share) | (764) | (764) | |||||
Issuance of common stock (1,274,197 shares) | 13 | 21,801 | 21,814 | ||||
Purchase of treasury stock (43,698 shares and 520,546 shares for June 30, 2017 and 2016 respectively) | (1,058) | (1,058) | |||||
Terminate ESOP Plan (303,115 shares) | 733 | 4,456 | (5,189) | ||||
Treasury stock used for Recognition and Retention Plan (34,814 shares and 41,800 shares issued for June 30, 2017 and 2016 respectively) | (653) | 653 | |||||
Tax benefit from stock compensation plans | 195 | 195 | |||||
Stock option expense | 349 | 349 | |||||
Recognition and Retention Plan expense | 284 | 284 | |||||
ESOP shares committed to be released (8,879 shares and 26,649 shares for June 30, 2017 and 2016 respectively) | 58 | $ 94 | 152 | ||||
BALANCE at Jun. 30, 2017 | $ 108 | $ 118,480 | $ (26,692) | $ 42,987 | $ (687) | $ 134,196 |
UNAUDITED CONSOLIDATED STATEME7
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares | 9 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividends paid (in dollars per share) | $ 0.09 | $ 0.09 |
Issuance of common stock (in shares) | 1,274,197 | |
Purchase of treasury stock (in shares) | 43,698 | 520,546 |
Terminate ESOP Plan (in shares) | 303,115 | |
Number of treasury stock shares issued (in shares) | 74,665 | |
Treasury stock used for Recognition and Retention Plan (in shares) | 34,814 | 41,800 |
ESOP shares committed to be released | 8,879 | 26,649 |
UNAUDITED CONSOLIDATED STATEME8
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
OPERATING ACTIVITIES: | ||
Net income | $ 707 | $ 1,738 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation | 399 | 242 |
Net amortization of premiums/discounts | 575 | 11 |
Provision for loan losses | 2,580 | 225 |
Net amortization of deferred loan fees and costs | 81 | 172 |
Share-based compensation expense for stock options and awards | 633 | 529 |
Income from bank owned life insurance | (506) | (251) |
Gain from sale of loans held for sale | (52) | (2) |
Gain from sale of investment securities | (70) | (161) |
Gain on sale of other real estate owned | (60) | (58) |
Originations of loans held for sale | (2,634) | (450) |
Proceeds from sale of loans held for sale | 2,686 | 452 |
Compensation expense of ESOP | 139 | 384 |
Deferred income tax (expense) benefit | (539) | 29 |
Changes in assets and liabilities which used cash: | ||
Accrued interest receivable | (1,161) | (98) |
Prepaid expenses and other assets | 4,846 | (898) |
Accrued interest payable | (64) | (276) |
Accounts payable and accrued expenses | (3,140) | 420 |
Net cash provided by operating activities | 4,420 | 2,008 |
INVESTING ACTIVITIES: | ||
Purchase of investment and mortgage-backed securities available for sale | (56,970) | (67,815) |
Purchase of corporate bonds available for sale | (11,714) | (20,466) |
Purchase of municipal bonds held to maturity | (18,847) | |
Loans originated | (160,085) | (59,918) |
Principal collected on loans | 118,107 | 29,488 |
Principal payments received on investment and mortgage-backed securities: | ||
Held-to-maturity | 861 | 3,748 |
Available-for-sale | 8,131 | 50,962 |
Proceeds from the sale of investments and mortgage-backed securities AFS | 10,593 | 25,161 |
Proceeds from the sale of Polonia Bancorp Inc.'s investment portfolio acquired | 42,164 | |
Redemption of FHLB Stock | 163 | |
Purchase of FHLB stock | (67) | (2,018) |
Proceeds from sale of real estate owned | 449 | 927 |
Acquisition, net of cash | 28,956 | |
Purchase of BOLI | (10,000) | |
Purchases of equipment | (229) | (169) |
Net cash used in investing activities | (48,488) | (40,100) |
FINANCING ACTIVITIES: | ||
Net decrease increase in demand deposits, NOW accounts, and savings accounts | (12,686) | (4,411) |
Net increase in certificates of deposit | 66,088 | 25,977 |
Proceeds from FHLB advances | 9,729 | 51,999 |
Repayment of FHLB advances long-term | (9,521) | (1,772) |
Increase in advances from borrowers for taxes and insurance | 2,234 | 1,099 |
Cash dividends paid | (764) | (694) |
Release unallocated shares from ESOP Plan | 4,550 | |
Repayment of remaining principal balance of ESOP Loan | (734) | |
Issuance of treasury stock | 1,502 | |
Purchase of treasury stock | (4,536) | (8,464) |
Tax benefit related to stock compensation plans | 195 | 156 |
Net cash provided by financing activities | 54,555 | 65,392 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 10,487 | 27,300 |
CASH AND CASH EQUIVALENTS - Beginning of period | 12,440 | 11,272 |
CASH AND CASH EQUIVALENTS - End of period | 22,927 | 38,572 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest paid on deposits and advances from FHLB | 2,842 | 2,749 |
Income taxes paid | 980 | 450 |
SUPPLEMENTAL DISCLOSURES OF NONCASH FLOW | ||
Real estate acquired in settlement of of loans | $ 207 | |
Assets acquired: | ||
Investment securities | 42,164 | |
Loans | 160,157 | |
Premises | 6,902 | |
Core deposit intangible | 822 | |
Goodwill | 7,163 | |
Bank owned life insurance | 4,318 | |
Other assets | 2,558 | |
Total assets | 224,084 | |
Liabilities assumed: | ||
Deposits | 172,243 | |
Advances | 57,232 | |
Other liabilities | 8,914 | |
Total liabilities assumed | 238,389 | |
Net non-cash assets (liabilities) acquired | (14,305) | |
Cash acquired | $ 47,901 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 1. SIGNIFICANT ACCOUNTING POLICIES Prudential Bancorp, Inc. (the “Company”) is a Pennsylvania corporation and the parent holding company for Prudential Bank (the “Bank”). The Company is a registered bank holding company. The Bank is a community-oriented Pennsylvania-chartered savings bank headquartered in South Philadelphia. The banking office network currently consists of the headquarters and main office (which includes a financial center), administrative office, and 10 full-service financial centers. Nine of the branch offices are located in Philadelphia (Philadelphia County), one is in Drexel Hill, Delaware County, and one is in Huntingdon Valley, Montgomery County (both Pennsylvania counties). The Bank maintains ATMs at all 11 of the banking offices. The Bank also provides on-line and mobile banking services. The Bank is subject to regulation by the Pennsylvania Department of Banking and Securities (the “Department”), as its chartering authority and primary regulator, and by the Federal Deposit Insurance Corporation (the “FDIC”), which insures the Bank’s deposits up to applicable limits. As a bank holding company, the Company is subject to the regulation of the Board of Governors of the Federal Reserve System. As of January 1, 2017, the Company completed its acquisition of Polonia Bancorp, Inc. (“Polonia Bancorp”) and Polonia Bank, Polonia’s wholly owned subsidiary. Polonia Bancorp and Polonia Bank were merged with and into the Company and the Bank, respectively. Basis of presentation – Use of Estimates in the Preparation of Financial Statements - Share-Based Compensation Dividends with respect to non-vested share awards granted pursuant to the Company’s 2008 Recognition and Retention Plan (“2008 Plan”) and held in the Trust (the “Trust”) are held for the benefit of the recipients and are paid out proportionately by the Trust to the recipients of stock awards granted pursuant to the Plan as soon as practicable after the stock awards are earned. A recipient of a share award granted under the 2014 Stock Incentive Plan will not receive any dividends declared on the common stock subject to the award prior to the date the shares are earned. Treasury Stock – FHLB Stock – Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815) . In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740) In October 2016, the FASB issued ASU 2016-17, Consolidation (Topic 810) In October 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment In February 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20). In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), and Derivative and Hedging (Topic 815) Debt—Debt with Conversion and Other Options |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 2. EARNINGS PER SHARE Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding, net of any treasury shares, during the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding, net of any treasury shares, after consideration of the potential dilutive effect of common stock equivalents, consisting of restricted stock and stock options based upon the treasury stock method using an average market price for the period. The calculated basic and diluted earnings per share are as follows: Three Months Ended June 30, 2017 2016 Basic Diluted Basic Diluted (Dollars in Thousands Except Per Share Data) Net income $ 2,117 $ 2,117 $ 777 $ 777 Weighted average shares outstanding 8,652,699 8,652,699 7,330,386 7,330,386 Effect of common stock equivalents - 656,370 - 200,986 Adjusted weighted average shares used in earnings per share computation 8,652,699 9,309,069 7,330,386 7,531,372 Earnings per share - basic and diluted $ 0.25 $ 0.25 $ 0.10 $ 0.10 Nine Months Ended June 30, 2017 2016 Basic Diluted Basic Diluted (Dollars in Thousands Except Per Share Data) Net income $ 707 $ 707 $ 1,738 $ 1,738 Weighted average shares outstanding 8,202,850 8,202,850 7,442,956 7,442,956 Effect of common stock equivalents - 570,792 - 210,125 Adjusted weighted average shares used in earnings per share computation 8,202,850 8,773,642 7,442,956 7,653,081 Earnings per share - basic and diluted $ 0.08 $ 0.08 $ 0.23 $ 0.23 All exercisable stock options outstanding as of June 30, 2017 and 2016 had exercise prices below the then current per share market price for the Company’s common stock and were considered dilutive for the earnings per share calculation. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended |
Jun. 30, 2017 | |
Accumulated Other Comprehensive Income [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the changes in accumulated other comprehensive (loss) income by component, net of tax: Three Months Ended June 30, 2017 2016 (Dollars in Thousands) Unrealized gains (losses) Unrealized gains (losses) on available for sale on available for sale securities and interest securities and interest rate swaps (a) rate swaps (a) Beginning Balance $ (1,320 ) $ 783 Unrealized gains on available for sale securities 693 255 Unrealized losses on interest rate swaps (60 ) (106 ) Total other comprehensive income 633 149 Ending Balance $ (687 ) $ 932 (a) All amounts are net of tax. Amounts in parentheses indicate debits. The following table presents the changes in accumulated other comprehensive (loss) income by component, net of tax: Nine Months Ended June 30, 2017 2016 (Dollars in Thousands) Unrealized gains (losses) Unrealized gains (losses) on available for sale on available for sale securities and interest securities and interest rate swaps (a) rate swaps (a) Beginning Balance $ 798 $ 18 Unrealized (loss) gains on available for sale securities (1,948 ) 1,020 Unrealized gains (losses) on interest rate swaps. 463 (106 ) Total other comprehensive income (loss) (1,485 ) 914 Ending Balance $ (687 ) $ 932 (a) All amounts are net of tax. Amounts in parentheses indicate debits. Three Months Ended June 30, 2017 2016 Amount Reclassified Amount Reclassified from Accumulated from Accumulated Affected Line Item in Other Other the Statement Where Comprehensive Comprehensive Net Income is Details about other comprehensive income Income (a) Income (a) Presented Unrealized gains on available for sale securities $ 70 $ 161 Gain on sale of securities available for sale (24 ) (55 ) Income taxes $ 46 $ 106 Net of tax (a) Amounts in parentheses indicate debits to net income Nine Months Ended June 30, 2017 2016 Amount Reclassified Amount Reclassified from Accumulated from Accumulated Affected Line Item in Other Other the Statement Where Comprehensive Comprehensive Net Income is Details about other comprehensive income Income (a) Income (a) Presented Unrealized gains on available for sale securities $ 70 $ 161 Gain on sale of securities available for sale (24 ) (55 ) Income taxes $ 46 $ 106 Net of tax (a) Amounts in parentheses indicate debits to net income |
INVESTMENT AND MORTGAGE-BACKED
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 9 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 4. INVESTMENT AND MORTGAGE-BACKED SECURITIES The amortized cost and fair value of investment and mortgage-backed securities, with gross unrealized gains and losses, are as follows: June 30, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) Securities Available for Sale: U.S. government and agency obligations $ 20,989 $ - $ (369 ) $ 20,620 Mortgage-backed securities - U.S. government agencies 126,912 152 (1,349 ) 125,715 Corporate bonds 37,073 271 (299 ) 37,045 Total debt securities available for sale 184,974 423 (2,017 ) 183,380 FHLMC preferred stock 6 53 - 59 Total securities available for sale $ 184,980 $ 476 $ (2,017 ) $ 183,439 Securities Held to Maturity: U.S. government and agency obligations $ 33,500 $ 236 $ (1,735 ) $ 32,001 Mortgage-backed securities - U.S. government agencies 7,387 347 (29 ) 7,705 Municipal bonds 18,767 184 (87 ) 18,864 Total securities held to maturity $ 59,654 $ 767 $ (1,851 ) $ 58,570 September 30, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) Securities Available for Sale: U.S. government and agency obligations $ 20,988 $ 36 $ - $ 21,024 Mortgage-backed securities - U.S. government agencies 90,817 860 (102 ) 91,575 Corporate bonds 25,411 661 (19 ) 26,053 Total debt securities available for sale 137,216 1,557 (121 ) 138,652 FHLMC preferred stock 6 36 - 42 Total securities available for sale $ 137,222 $ 1,593 $ (121 ) $ 138,694 Securities Held to Maturity: U.S. government and agency obligations $ 33,499 $ 399 $ (129 ) $ 33,769 Mortgage-backed securities - U.S. government agencies 6,472 459 - 6,931 Total securities held to maturity $ 39,971 $ 858 $ (129 ) $ 40,700 The following table shows the gross unrealized losses and related fair values of the Company’s investments and mortgage-backed securities, aggregated by investment category and length of time that individual securities had been in a continuous loss position at June 30, 2017: Less than 12 months More than 12 months Total Gross Gross Gross Unrealized Fair Unrealized Fair Unrealized Fair Losses Value Losses Value Losses Value (Dollars in Thousands) Securities Available for Sale: U.S. government and agency obligations $ (369 ) $ 20,620 $ - $ - $ (369 ) $ 20,620 Mortgage-backed securities - agency (1,129 ) 81,547 (220 ) 11,013 (1,349 ) 92,560 Corporate bonds (299 ) 15,987 - - (299 ) 15,987 Total securities available for sale $ (1,797 ) $ 118,154 $ (220 ) $ 11,013 $ (2,017 ) $ 129,167 Securities Held to Maturity: U.S. government and agency obligations $ (1,735 ) $ 28,765 $ - $ - $ (1,735 ) $ 28,765 Mortgage-backed securities - agency (29 ) 1,216 - - (29 ) 1,216 Municipal bonds (87 ) 5,836 - - (87 ) 5,836 Total securities held to maturity $ (1,851 ) $ 35,817 $ - $ - $ (1,851 ) $ 35,817 Total $ (3,648 ) $ 153,971 $ (220 ) $ 11,013 $ (3,868 ) $ 164,984 The following table shows the gross unrealized losses and related fair values of the Company’s investment securities, aggregated by investment category and length of time that individual securities had been in a continuous loss position at September 30, 2016: Less than 12 months More than 12 months Total Gross Gross Gross Unrealized Fair Unrealized Fair Unrealized Fair Losses Value Losses Value Losses Value (Dollars in Thousands) Securities Available for Sale: Mortgage-backed securities - agency $ (50 ) $ 16,498 $ (52 ) $ 6,718 $ (102 ) $ 23,216 Corporate bonds (19 ) 3,955 - - (19 ) 3,955 Total securities available for sale $ (69 ) $ 20,453 $ (52 ) $ 6,718 $ (121 ) $ 27,171 Securities Held to Maturity: U.S. government and agency obligations $ (129 ) $ 20,371 $ - $ - $ (129 ) $ 20,371 Total securities held to maturity $ (129 ) $ 20,371 $ - $ - $ (129 ) $ 20,371 Total $ (198 ) $ 40,824 $ (52 ) $ 6,718 $ (250 ) $ 47,542 Management evaluates securities for other-than-temporary impairment (“OTTI”) at least once each quarter, and more frequently when economic or market concerns warrant such evaluation. The evaluation is based upon factors such as the creditworthiness of the issuers/guarantors, the underlying collateral, if applicable, and the continuing performance of the securities. Management also evaluates other facts and circumstances that may be indicative of an OTTI condition. This includes, but is not limited to, an evaluation of the type of security, the length of time and extent to which the fair value of the security has been less than its cost, and the near-term prospects of the issuer. The Company assesses whether a credit loss exists with respect to a security by considering whether (1) the Company has the intent to sell the security, (2) it is more likely than not that it will be required to sell the security before recovery has occurred, or (3) it does not expect to recover the entire amortized cost basis of the security. The Company bifurcates the OTTI impact on impaired securities where impairment in value was deemed to be other than temporary between the component representing credit loss and the component representing loss related to other factors. The portion of the fair value decline attributable to credit loss must be recognized through a charge to earnings. The credit component is determined by comparing the present value of the cash flows expected to be collected, discounted at the rate in effect before recognizing any OTTI, with the amortized cost basis of the debt security. The Company uses the cash flows expected to be realized from the security, which includes assumptions about interest rates, timing and severity of defaults, estimates of potential recoveries, the cash flow distribution from the security and other factors, then applies a discount rate equal to the effective yield of the security. The difference between the present value of the expected cash flows and the amortized book value is considered a credit loss. The fair value of the security is determined using the same expected cash flows; the discount rate is a rate the Company determines from open market and other sources as appropriate for the particular security. The difference between the fair value and the security’s remaining amortized cost is recognized in other comprehensive income (loss). For both the three and nine months ended June 30, 2017 and 2016, the Company did not record any credit losses on investment securities through earnings. U.S. Government and Agency Obligations - Mortgage-Backed Securities – Corporate Bonds Municipal Bonds The amortized cost and fair value of debt securities, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The maturity table below excludes mortgage-backed securities because the contractual maturities of such securities are not indicative of actual maturities due to significant prepayments. June 30, 2017 Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value (Dollars in Thousands) Due after one through five years $ 2,867 $ 2,794 $ 4,048 $ 4,066 Due after five through ten years 20,583 20,661 18,748 18,872 Due after ten years 28,817 27,410 35,266 34,727 Total $ 52,267 $ 50,865 $ 58,062 $ 57,665 During both the three and nine month periods ended June 30, 2017, the Company sold two mortgage-back securities with an aggregate amortized cost of $5.1 million at an recognized aggregate gain of $18,000 (pre-tax) and a corporate bond with an amortized cost of $5.2 million for a $52,000 (pre-tax) gain. During both three and nine month periods ended June 30, 2016, the Company sold five mortgage-back securities with an aggregate amortized cost of $11.0 million at a recognized aggregate gain of $153,000 (pre-tax). Also, during the same periods the Company had an aggregate of $11.0 million of agency securities called at the stated par value which was higher than the aggregated amortized cost and recorded a gain of $8,000. During the both three and nine month periods ended June 30, 2017 and 2016, the Company did not pledge any investment securities as collateral for any of its FHLB advances. |
LOANS RECEIVABLE
LOANS RECEIVABLE | 9 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
LOANS RECEIVABLE | 5. LOANS RECEIVABLE Loans receivable consist of the following: June 30, September 30, 2017 2016 (Dollars in Thousands) One-to-four family residential $ 354,338 $ 233,531 Multi-family residential 16,913 12,478 Commercial real estate 129,846 79,859 Construction and land development 93,671 21,839 Commercial business 490 99 Leases 4,922 3,286 Consumer 1,995 799 Total loans 602,175 351,891 Undisbursed portion of loans-in-process (50,792 ) (5,371 ) Deferred loan fees and (costs) (2,903 ) 1,697 Allowance for loan losses (4,058 ) (3,269 ) Net loans $ 544,422 $ 344,948 The following table summarizes by loan segment the balance in the allowance for loan losses and the loans individually and collectively evaluated for impairment by loan segment at June 30, 2017: One- to-four Multi-family Commercial real Construction Commercial Leases Consumer Unallocated Total (Dollars in Thousands) Allowance for loan losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,242 158 1,224 1,011 4 27 24 368 4,058 Total ending allowance balance $ 1,242 $ 158 $ 1,224 $ 1,011 $ 4 $ 27 $ 24 $ 368 $ 4,058 Loans: Individually evaluated for impairment $ 6,679 $ 323 $ 2,377 $ 8,713 $ - $ - $ - $ 18,092 Collectively evaluated for impairment 347,659 16,590 127,469 84,958 490 4,922 1,995 584,083 Total loans $ 354,338 $ 16,913 $ 129,846 $ 93,671 $ 490 $ 4,922 $ 1,995 $ 602,175 The following table summarizes by loan segment the balance in the allowance for loan losses and the loans individually and collectively evaluated for impairment by loan segment at September 30, 2016: One- to-four Multi-family Commercial real Construction Commercial Leases Consumer Unallocated Total (Dollars in Thousands) Allowance for loan losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,627 137 859 316 1 21 10 298 3,269 Total ending allowance balance $ 1,627 $ 137 $ 859 $ 316 $ 1 $ 21 $ 10 $ 298 $ 3,269 Loans: Individually evaluated for impairment $ 5,553 $ 335 $ 3,154 $ 10,288 $ 99 $ - $ - $ 19,429 Collectively evaluated for impairment 227,978 12,143 76,705 11,551 - 3,286 799 332,462 Total loans $ 233,531 $ 12,478 $ 79,859 $ 21,839 $ 99 $ 3,286 $ 799 $ 351,891 The loan portfolio is segmented at a level that allows management to monitor both risk and performance. Management evaluates for potential impairment all construction, multi-family, commercial real estate and commercial business loans, all loans and leases more than 90 days delinquent as to principal and/or interest. Loans are considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect in full the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Once the determination is made that a loan is impaired, the determination of whether a specific allocation of the allowance is necessary is generally measured by comparing the recorded investment in the loan to the fair value of the loan using one of the following three methods: (a) the present value of the expected future cash flows discounted at the loan’s effective interest rate; (b) the loan’s observable market price; or (c) the fair value of the collateral less selling costs. Management primarily utilizes the fair value of collateral method as a practically expedient alternative. On collateral method evaluations, any portion of the loan deemed uncollectible is charged-off against the loan loss allowance. The following table presents impaired loans by class as of June 30, 2017, segregated by those for which a specific allowance was required and those for which a specific allowance was not required. Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans (Dollars in Thousands) Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance One-to-four family residential $ - $ - $ 6,679 $ 6,679 $ 6,908 Multi-family residential - - 323 323 323 Commercial real estate - - 2,377 2,377 2,377 Construction and land development - - 8,713 8,713 10,532 Total impaired loans $ - $ - $ 18,092 $ 18,092 $ 20,140 The following table presents impaired loans by class as of September 30, 2016, segregated by those for which a specific allowance was required and those for which a specific allowance was not required. Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans (Dollars in Thousands) Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance One-to-four family residential $ - $ - $ 5,553 $ 5,553 $ 5,869 Multi-family residential - - 335 335 335 Commercial real estate - - 3,154 3,154 3,154 Construction and land development - - 10,288 10,288 10,288 Commercial loans - - 99 99 99 Total impaired loans $ - $ - $ 19,429 $ 19,429 $ 19,745 The following tables present the average recorded investment in impaired loans and related interest income recognized for the periods indicated: Three Months Ended June 30, 2017 Average Income Recognized Income (Dollars in Thousands) One-to-four family residential $ 5,965 $ 12 $ 34 Multi-family residential 326 6 - Commercial real estate 2,801 6 - Construction and land development 9,607 - - Total impaired loans $ 18,699 $ 24 $ 34 Three Months Ended June 30, 2016 Average Income Recognized Income (Dollars in Thousands) One-to-four family residential $ 5,052 $ 14 $ 30 Multi-family residential 341 6 - Commercial real estate 3,595 35 - Construction and land development 9,808 - - Total impaired loans $ 18,796 $ 55 $ 30 Nine Months Ended June 30, 2017 Average Income Recognized Income (Dollars in Thousands) One-to-four family residential $ 5,280 $ 59 $ 91 Multi-family residential 329 17 - Commercial real estate 2,938 41 12 Construction and land development 10,399 - - Total impaired loans $ 18,946 $ 117 $ 103 Nine Months Ended June 30, 2016 Average Income Recognized Income (Dollars in Thousands) One-to-four family residential $ 4,978 $ 89 $ 78 Multi-family residential 346 18 - Commercial real estate 3,667 74 12 Construction and land development 9,432 - 62 Total impaired loans $ 18,423 $ 181 $ 152 Federal regulations and our loan policy require that the Company utilize an internal asset classification system as a means of reporting problem and potential problem assets. The Company has incorporated an internal asset classification system, consistent with Federal banking regulations, as a part of its credit monitoring system. Management currently classifies problem and potential problem assets as “special mention”, “substandard,” “doubtful” or “loss” assets. An asset is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” Assets classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted. Assets which do not currently expose the insured institution to sufficient risk to warrant classification in one of the three aforementioned categories but possess weaknesses are required to be designated “special mention.” The following tables present the classes of the loan portfolio in which a formal risk rating system is utilized summarized by the aggregate “Pass” and the criticized category of “special mention”, and the classified categories of “substandard”, “doubtful” and “loss” within the Company’s risk rating system as applied to the loan portfolio. The Company had no loans classified as “doubtful” or “loss” at either of the dates presented. June 30, 2017 Special Total Pass Mention Substandard Loans (Dollars in Thousands) One-to-four family residential $ - $ 1,645 $ 1,951 $ 3,596 Multi-family residential 16,590 - 323 16,913 Commercial real estate 126,656 1,458 1,732 129,846 Construction and land development 84,958 - 8,713 93,671 Commercial business 490 - - 490 Total loans $ 228,694 $ 3,103 $ 12,719 $ 244,516 September 30, 2016 Special Total Pass Mention Substandard Loans (Dollars in Thousands) One-to-four family residential $ - $ 1,681 $ 1,212 $ 2,893 Multi-family residential 12,144 - 334 12,478 Commercial real estate 76,185 943 2,731 79,859 Construction and land development 11,551 - 10,288 21,839 Commercial business 99 - - 99 Total loans $ 99,979 $ 2,624 $ 14,565 $ 117,168 The Company evaluates the classification of one-to-four family residential, leases and consumer loans primarily on a pooled basis. If the Company becomes aware that adverse or distressed conditions exist that may affect a particular single-family residential or consumer loan, the loan is downgraded following the above definitions of special mention, substandard, doubtful and loss. The following tables represent loans in which a formal risk rating system is not utilized, but loans are segregated between performing and non-performing based primarily on delinquency status. Non-performing loans that would be included in the tables are those loans greater than 90 days past due as to principal and/or interest that do not have a designated risk rating. June 30, 2017 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 344,967 $ 5,775 $ 350,742 Leases 4,922 - 4,922 Consumer 1,995 - 1,995 Total residential and consumer loans $ 351,884 $ 5,775 $ 357,659 September 30, 2016 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 226,394 $ 4,244 $ 230,638 Leases 3,286 - 3,286 Consumer 799 - 799 Total residential and consumer loans $ 230,479 $ 4,244 $ 234,723 Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is due or overdue, as the case may be. The following table presents the loan categories of the loan portfolio summarized by the aging categories of performing and delinquent loans and nonaccrual loans: June 30, 2017 90 Days+ Total 30-89 Days 90 Days + Past Due Past Due Total Non- Current Past Due Past Due and Accruing and Accruing Loans Accrual (Dollars in Thousands) One-to-four family residential $ 349,359 $ 1,910 $ 3,069 $ - $ 1,910 $ 354,338 $ 5,775 Multi-family residential 16,913 - - - - 16,913 Commercial real estate 128,035 465 1,346 - 465 129,846 1,603 Construction and land development 84,958 - 8,714 - - 93,671 8,714 Commercial business 490 - - - - 490 - Leases 4,922 - - - - 4,922 - Consumer 1,936 59 - - 59 1,995 - Total loans $ 586,613 $ 2,434 $ 13,129 $ - $ 2,434 $ 602,175 $ 16,092 September 30, 2016 90 Days+ Total 30-89 Days 90 Days + Past Due Past Due Total Non- Current Past Due Past Due and Accruing and Accruing Loans Accrual (Dollars in Thousands) One-to-four family residential $ 228,904 $ 1,860 $ 2,767 $ - $ 1,860 $ 233,531 $ 4,244 Multi-family residential 12,478 - - - - 12,478 - Commercial real estate 78,513 - 1,346 - - 79,859 1,346 Construction and land development 11,551 - 10,288 - - 21,839 10,288 Commercial business 99 - - - - 99 - Leases 3,286 - - - - 3,286 - Consumer 799 - - - - 799 - Total loans $ 335,630 $ 1,860 $ 14,401 $ - $ 1,860 $ 351,891 $ 15,878 The allowance for loan losses is established through a provision for loan losses charged to expense. The Company maintains the allowance at a level believed to cover all known and inherent losses in the portfolio that are both probable and reasonable to estimate at each reporting date. Management reviews the allowance for loan losses no less than quarterly in order to identify these inherent losses and to assess the overall collection probability for the loan portfolio in view of these inherent losses. For each primary type of loan, a loss factor is established reflecting an estimate of the known and inherent losses in such loan type contained in the portfolio using both a quantitative analysis as well as consideration of qualitative factors. The evaluation process includes, among other things, an analysis of delinquency trends, non-performing loan trends, the level of charge-offs and recoveries, prior loss experience, total loans outstanding, the volume of loan originations, the type, size and geographic concentration of the Company’s loans, the value of collateral securing the loans, the borrowers’ ability to repay and repayment performance, the number of loans requiring heightened management oversight, local economic conditions and industry experience. Commercial real estate loans entail significant additional credit risks compared to owner-occupied one-to-four family residential mortgage loans, as they generally involve large loan balances concentrated with single borrowers or groups of related borrowers. In addition, the payment experience on loans secured by income-producing properties typically depends on the successful operation of the related real estate project and/or business operation of the borrower who is, in some cases, also the primary occupant, and thus may be subject to a greater extent to the effects of adverse conditions in the real estate market and in the economy in general. Commercial business loans typically involve a higher risk of default than residential loans of like duration since their repayment is generally dependent on the successful operation of the borrower’s business and the sufficiency of collateral, if any. Land acquisition, development and construction lending exposes the Company to greater credit risk than permanent mortgage financing. The repayment of land acquisition, development and construction loans depends upon the sale of the property to third parties or the availability of permanent financing upon completion of all improvements. These events may adversely affect the sale of the properties, potentially reducing both the borrower’s ability to make required payments as well as reducing the value of the collateral properties. Such lending is additionally subject to the risk that if the estimate of construction cost proves to be inaccurate, the Company potentially will be compelled to advance additional funds to allow completion of the project. In addition, if the estimate of value proves to be inaccurate, the Company may be confronted with a project, when completed, having less value than the loan amount. If the Company is forced to foreclose on a project prior to completion, there is no assurance that the Company would be able to recover the entire unpaid portion of the loan. The following tables summarize the primary segments of the allowance for loan losses. Activity in the allowance is presented for the both three and nine month periods ended June 30, 2017 and 2016: Three Months Ended June 30, 2017 One- to Multi- Commercial Construction Commercial Leases Consumer Unallocated Total (Dollars in Thousands) ALLL balance at March 31, 2017 $ 1,350 $ 122 $ 862 $ 1,035 $ - $ 28 $ 135 $ 364 $ 3,896 Charge-offs - - - - - - - - - Recoveries 132 - - - - - - - 132 Provision (241 ) 36 362 (24 ) 4 (1 ) (111 ) 5 30 ALLL balance at June 30, 2017 $ 1,241 $ 158 $ 1,224 $ 1,011 $ 4 $ 27 $ 24 $ 369 $ 4,058 Nine Months Ended June 30, 2017 One- to Multi- Commercial Construction Commercial Leases Consumer Unallocated Total (Dollars in Thousands) ALLL balance at September 30, 2016 $ 1,627 $ 137 $ 859 $ 316 $ 1 $ 21 $ 10 $ 298 $ 3,269 Charge-offs (113 ) - - (1,819 ) - - (16 ) - (1,948 ) Recoveries 157 - - - - - - - 157 Provision (430 ) 21 365 2,514 3 6 30 71 2,580 ALLL balance at June 30, 2017 $ 1,241 $ 158 $ 1,224 $ 1,011 $ 4 $ 27 $ 24 $ 369 $ 4,058 Three Months Ended June 30, 2016 One- to Multi- Commercial Construction Consumer Unallocated Total (Dollars in Thousands) ALLL balance at March 31, 2016 $ 1,511 $ 43 $ 428 $ 773 $ 7 $ 276 $ 3,038 Charge-offs - - - - - - - Recoveries 81 - - - - - 81 Provision (147 ) 19 236 4 2 36 150 ALLL balance at June 30, 2016 $ 1,445 $ 62 $ 664 $ 777 $ 9 $ 312 $ 3,269 Nine Months Ended June 30, 2016 One- to Multi- Commercial Construction Consumer Unallocated Total (Dollars in Thousands) ALLL balance at September 30, 2015 $ 1,635 $ 66 $ 231 $ 724 $ 5 $ 269 $ 2,930 Charge-offs (11 ) - - - - - (11 ) Recoveries 93 - 32 - - - 125 Provision (272 ) (4 ) 401 53 4 43 225 ALLL balance at June 30, 2016 $ 1,445 $ 62 $ 664 $ 777 $ 9 $ 312 $ 3,269 The Company recorded a provision for loan losses in the amount of $30,000 and $2.6 million, respectively, for the three and nine months ended June 30, 2017. The level of the provision for loan losses for the nine months ended June 30, 2017 was primarily due to a $1.9 million charge-off related to a borrower (discussed below) whose primary project financed currently by the Bank involves the proposed development of 169 residential lots. The Bank and the borrower are in litigation and no resolution of the situation has been arrived at as of June 30, 2017 hereof in part due to the bankruptcy filing by the borrower effected in June 2017. In light of the status of both the litigation as well as the progress of construction of the project, the Company recorded a $1.9 million non-cash charge-off during the quarter ended March 31, 2017. The remaining portion of the provision recorded during the nine-months ended June 30, 2017 was related to an increase in the outstanding balance of loans. For both the three and nine month period ended June 30, 2017, the provision allocation was effected due to the increased balance of commercial real estate loans which generally have a slightly higher level of inherent risk, compared to single-family residential loans. The loans acquired from Polonia Bancorp initially did not have any impact on the allowance for loan losses, because they were acquired at their fair value. Any write-downs to fair value were reflected in the one-time merger-related charge. In the event that the credit quality of any loans acquired from Polonia Bancorp credit should deteriorate in the future, additional provisions may be required. At June 30, 2017, the Company had nine loans aggregating $6.1 million that were classified as troubled debt restructurings (“TDRs”). Three of such loans aggregating $4.9 million were designated non-performing as of June 30, 2017; one of such loans in the amount of $1.4 million has continued to make payments in accordance with the restructured terms, but management continues to have concerns over the borrower’s ability to make future payments and as a result has determined to not return the loan to performing status. The remaining two TDRs classified non-accrual totaling $3.5 million are a part of one of the Bank’s largest borrowing relationships totaling $8.9 million (after taking into account the $1.9 million write-down recognized during the quarter ending March 31, 2017). The primary project of the borrower is the subject of litigation between the Bank and the borrower and as a result, the project is currently not proceeding. The borrower has recently filed for bankruptcy under Chapter 11. The Company has removed the underlying litigation noted above between the borrower from state court to the federal bankruptcy court. The remaining six TDRs have performed in accordance with the terms of their revised agreements and have been placed on accruing status. As of June 30, 2017, the Company had reviewed $18.1 million of loans for possible impairment of which $12.7 million was classified substandard compared to $19.4 million reviewed for possible impairment and $14.6 million of which was classified substandard as of September 30, 2016. |
DEPOSITS
DEPOSITS | 9 Months Ended |
Jun. 30, 2017 | |
Deposits [Abstract] | |
DEPOSITS | 6. DEPOSITS Deposits consist of the following major classifications: June 30, September 30, 2017 2016 Amount Percent Amount Percent (Dollars in Thousands) Money market deposit accounts $ 81,211 13.2 % $ 55,552 14.3 % Interest-bearing checking accounts 54,574 8.9 34,984 9.3 Non interest-bearing checking accounts 9,569 1.6 3,804 0.7 Passbook, club and statement savings 104,446 17.0 70,924 18.2 Certificates maturing in six months or less 123,656 20.1 97,418 25.0 Certificates maturing in more than six months 241,390 39.2 126,519 32.5 Total $ 614,846 100.0 % $ 389,201 100.0 % Certificates of $250,000 and over totaled $24.6 million as of June 30, 2017 and $17.0 million as of September 30, 2016. |
ADVANCES FROM FEDERAL HOME LOAN
ADVANCES FROM FEDERAL HOME LOAN BANK | 9 Months Ended |
Jun. 30, 2017 | |
Advances from Federal Home Loan Banks [Abstract] | |
ADVANCES FROM FEDERAL HOME LOAN BANK | 7. ADVANCES FROM FEDERAL HOME LOAN BANK Short-Term The following table reflects the outstanding balances and related information for short-term borrowings (less than one year) from the Federal Home Loan Bank of Pittsburgh, (“FHLB”). Three Months Nine Months Ended Ended June 30, 2017 June 30, 2017 (Dollars in Thousands) Balance at period-end $ 20,000 $ 20,000 Average balance outstanding 20,000 21,667 Maximum month-end balance 20,000 35,000 Weight-average rate at period end 1.25 % 1.25 % Weight-average rate during the period 1.12 % 0.80 % Three Months Nine Months Ended Ended June 30, 2016 June 30, 2016 (Dollars in Thousands) Balance at period-end $ 20,000 $ 20,000 Average balance outstanding 20,000 20,000 Maximum month-end balance 20,000 20,000 Weight-average rate at period end 0.56 % 0.56 % Weight-average rate during the period 0.56 % 0.56 % As of June 30, 2017, $20.0 million of the outstanding balance is related to two $10.0 million 30 day FHLB advances associated with an interest rate swap contract with a weighted average effective cost of 117 basis points. Average balances outstanding during the periods presented represent daily average balance and interest rates represent interest expense divided by the related average balance. The Bank maintains borrowing facilities with the FHLB and Federal Reserve Bank of Philadelphia and the interest rate will be based on market rates that are available on the date of execution. Long-Term Pursuant to collateral agreement with the FHLB, advances are secured by a blanket pledge of qualifying loans held by the Bank and qualifying fixed-income securities and FHLB stock. The long-term advances outstanding as of June 30, 2017 are as follows: Type Maturity Date Amount Coupon Call Date (Dollars in Thousands) Fixed Rate - Advances 17-Nov-17 $ 10,000 1.20 % Not Applicable Fixed Rate - Amortizing 1-Dec-17 1,009 1.16 % Not Applicable Fixed Rate - Advances 4-Dec-17 2,000 1.15 % Not Applicable Fixed Rate - Advances 19-Mar-18 5,045 2.53 % Not Applicable Fixed Rate - Advances 19-Mar-18 5,031 2.13 % Not Applicable Fixed Rate - Advances 20-Jun-18 3,015 1.86 % Not Applicable Fixed Rate - Advances 25-Jun-18 3,022 2.09 % Not Applicable Fixed Rate - Advances 27-Aug-18 7,223 4.15 % Not Applicable Fixed Rate - Advances 15-Nov-18 3,017 1.89 % Not Applicable Fixed Rate - Advances 16-Nov-18 7,500 1.40 % Not Applicable Fixed Rate - Advances 26-Nov-18 2,010 1.81 % Not Applicable Fixed Rate - Advances 3-Dec-18 3,000 1.54 % Not Applicable Fixed Rate - Advances 16-Aug-19 3,063 2.66 % Not Applicable Fixed Rate - Advances 9-Oct-19 2,038 2.53 % Not Applicable Fixed Rate - Amortizing 18-Nov-19 3,363 1.53 % Not Applicable Fixed Rate - Advances 26-Nov-19 3,047 2.35 % Not Applicable Fixed Rate - Advances 22-Jun-20 3,068 2.60 % Not Applicable Fixed Rate - Advances 24-Jun-20 2,059 2.85 % Not Applicable Fixed Rate - Advances 27-Jul-20 249 1.38 % Not Applicable Fixed Rate - Advances 17-Aug-20 2,073 3.06 % Not Applicable Fixed Rate - Advances 9-Oct-20 2,066 2.92 % Not Applicable Fixed Rate - Advances 27-Jul-21 249 1.52 % Not Applicable Fixed Rate - Advances 28-Jul-21 249 1.48 % Not Applicable Fixed Rate - Advances 29-Jul-21 249 1.42 % Not Applicable Fixed Rate - Advances 19-Aug-21 249 1.55 % Not Applicable Fixed Rate - Advances 7-Oct-21 2,095 3.19 % Not Applicable Fixed Rate - Advances 12-Oct-21 2,089 3.23 % Not Applicable Fixed Rate - Advances 6-Jun-22 10,000 2.05 % Not Applicable $ 88,078 2.19 % (a) (a) Weighted average coupon rate. The long-term advances outstanding as of September 30, 2016 are as follows: Type Maturity Date Amount Coupon Call Date (Dollars in Thousands) Fixed Rate -Advance 17-Nov-17 $ 10,000 1.20 % Not Applicable Fixed Rate -Amortizing 1-Dec-17 2,511 1.16 % Not Applicable Fixed Rate -Advance 4-Dec-17 2,000 1.15 % Not Applicable Fixed Rate -Advance 16-Nov-18 7,500 1.40 % Not Applicable Fixed Rate -Advance 3-Dec-18 3,000 1.54 % Not Applicable Fixed Rate -Amortizing 18-Nov-19 4,382 1.53 % Not Applicable Fixed Rate -Advance 27-Jul-20 249 1.38 % Not Applicable Fixed Rate -Advance 27-Jul-21 249 1.52 % Not Applicable Fixed Rate -Advance 28-Jul-21 249 1.48 % Not Applicable Fixed Rate -Advance 29-Jul-21 249 1.42 % Not Applicable Fixed Rate -Advance 19-Aug-21 249 1.55 % Not Applicable $ 30,638 1.34 % (a) (a) Weighted average coupon rate. |
DERIVATIVES
DERIVATIVES | 9 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | 8. DERIVATIVES The Company has contracted with a third party to participate in pay-fixed interest rate swap contracts. The amount of swaps outstanding at June 30, 2017 is being utilized to hedge $20. million in floating-rate debt consisting solely of FHLB advances. Below is a summary of the interest rate swap agreements and the terms there of as of June 30, 2017. June 30, 2017 Notional Pay Receive Maturity Unrealized Amount Rate Rate Date Gain (Dollars in Thousands) Interest rate swap contract $ 10,000 1.15 % 1 Month Libor 6-Apr-21 $ 214 Interest rate swap contract 10,000 1.18 % 1 Month Libor 13-Jun-21 221 Interest rate swap contract 1,100 4.10 % 1 Month Libor +276 bp 1-Aug-26 64 $ 499 All three interest rate swaps are carried at fair value in accordance with FASB ASC 815 "Derivatives and Hedging." Below is a summary of the interest rate swap agreements and the terms as of September 30, 2016. They are the same swap agreements that were in force as of June 30, 2017. September 30, 2016 Notinal Pay Receive Maturity Unrealized (Dollar in Thousands) Interest rate swap contract $ 10,000 1.15 % 1 Month Libor 6-Apr-21 $ (92 ) Interest rate swap contract 10,000 1.18 % 1 Month Libor 13-Jun-21 (103 ) Interest rate swap contract 1,100 4.10 % 1 Month Libor +276 bp 1-Aug-26 (7 ) $ (202 ) All three interest swaps are carried at fair value in accordance with FASB ASC 815 “Derivatives and Hedging.” |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 9. INCOME TAXES Items that gave rise to significant portions of deferred income taxes are as follows: June 30, September 30, 2017 2016 Deferred tax assets: (Dollars in Thousands) Allowance for loan losses $ 1,647 $ 1,289 Nonaccrual interest 286 163 Accrued vacation 12 13 Capital loss carryforward 387 378 Split dollar life insurance 18 18 Post-retirement benefits 97 96 Other real estate owned 3 - Unrealized losses on available for sale securities 524 - Goodwill 2,729 - Purchase accounting (Polonia Bancorp) 935 - Unrealized losses on interest rate swaps - 69 Employee benefit plans 327 434 Total deferred tax assets 6,965 2,460 Valuation allowance (387 ) (378 ) Total deferred tax assets, net of valuation allowance 6,578 2,082 Deferred tax liabilities: Property 393 423 Unrealized gains on available for sale securities - 500 Section 481(a) Adjustment - 12 Unrealized gains on interest rate swaps 170 - Deferred loan fees 534 578 Total deferred tax liabilities 1,097 1,513 Net deferred tax assets $ 5,481 $ 569 The Company establishes a valuation allowance for deferred tax assets when management believes that the use of the deferred tax assets is not likely to be fully realized through a carry back to taxable income in prior years or future reversals of existing taxable temporary differences, and/or to a lesser extent, future taxable income. The tax deduction generated by the redemption of the shares of a mutual fund held by the Bank and the subsequent impairment charge on the assets acquired through the redemption in kind are considered capital losses and can only be utilized to the extent of capital gains recognized over a five year period, resulting in the establishment of a valuation allowance for the carryforward period. The valuation allowance totaled $387,000 at June 30, 2017 and $378,000 at September 30, 2016. There is currently no liability for uncertain tax positions and no known unrecognized tax benefits. The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Consolidated Statements of Operations as a component of income tax expense. The Company’s federal and state income tax returns for taxable years through September 30, 2014 have been closed for purposes of examination by the Internal Revenue Service and the Pennsylvania Department of Revenue. |
STOCK COMPENSATION PLANS
STOCK COMPENSATION PLANS | 9 Months Ended |
Jun. 30, 2017 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
STOCK COMPENSATION PLANS | 10. STOCK COMPENSATION PLANS As of December 31, 2016, the Boards of Directors of the Company and the Bank voted to terminate the Bank’s employee stock ownership plan (“ESOP”) effective December 31, 2016. The Company has submitted the proper notices with the Internal Revenue Service and is awaiting receipt of a determination letter in connection with the termination of the ESOP before the final allocation is made to the individual participants. The Bank maintained the ESOP for substantially for the benefit all its full-time employees. The ESOP purchased 427,057 shares of common stock for an aggregate cost of approximately $4.5 million in fiscal 2005 in connection with the Bank’s mutual holding company reorganization. The ESOP purchased in connection with the second-step conversion of the Bank an additional 255,564 shares during December 2013 and an additional 30,100 shares at the beginning of January 2014, of the Company’s common stock for an aggregate cost of approximately $3.1 million. The shares were purchased with the proceeds of two loans from the Company. Shares of the Company’s common stock purchased by the ESOP are held in a suspense account until released for allocation to participants as the loans are repaid. Shares are allocated to each eligible participant based on the ratio of each such participant’s compensation, as defined in the ESOP, to the total compensation of all eligible plan participants. As the unearned shares are released from the suspense account, 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 upon release differs from the cost of such shares, the difference is charged or credited to equity as additional paid-in capital. As of June 30, 2017, the ESOP held 394,156 shares of which a total of 243,734 shares were allocated to participants, 303,115 shares were used to payoff the remaining $5.2 million balance the two loans used to fund the ESOP plan and released an additional 35,517 shares as of December 31, 2016. For the nine months ended June 30, 2017 and 2016, the Company recognized $139,000 (which was recorded during the first quarter of the current period) and $384,000, respectively, in compensation expense related to the ESOP. In connection with the termination of the ESOP, the ESOP was required to repay the outstanding indebtness the collateral held in the suspense account. Approximately 115,000 unallocated shares will be allocated to eligible participants upon approval by the Internal Revenue Service. The Company maintains the 2008 Recognition and Retention Plan (“2008 RRP”) which is administered by a committee of the Board of Directors of the Company. The RRP provides for the grant of shares of common stock of the Company to officers, employees and directors of the Company. In order to fund the grant of shares under the RRP, the 2008 RRP purchased 213,528 shares of the Company’s common stock in the open market for an aggregating cost of approximately $2.5 million, at an average purchase price per share of $11.49. The Company made sufficient contributions to the 2008 RRP to fund these purchases. As of June 30, 2017, all the shares had been awarded as part of the 2008 RRP. Shares subject to awards under the 2008 RRP generally vest at the rate of 20% per year over five years. During February 2015, shareholders approved the 2014 Stock Incentive Plan (the “2014 SIP”). As part of the 2014 SIP, a maximum of 285,655 shares of common stock can be awarded as restricted stock awards or units, of which 233,500 shares were awarded during February 2015 of which 53,462 shares have been forfeited as of June 30, 2017. In August 2016, the Company granted 7,473 shares under the 2008 RRP and 3,027 shares under the 2014 SIP. In March 2017, the Company granted 17,128 shares under the 2014 SIP. Compensation expense related to the shares subject to restricted stock awards granted is recognized ratably over the five-year vesting period in an amount which totals the grant date fair value multiplied by the number of shares subject to the grant. During the three and nine months ended June 30, 2017, an aggregate of $149,000 and $430,000, respectively, was recognized in compensation expense for the grants pursuant to the 2008 RRP and the grants pursuant to the 2014 SIP. An income tax benefit of $51,000 and $146,000, was recognized for the three and nine months ended June 30, 2017, respectively. During the three and nine months ended June 30, 2016, $87,000 and $329,000 was recognized in compensation expense for the grants pursuant to the 2008 RRP and the grants pursuant to the 2014 SIP. An income tax benefit of $30,000 and $112,000 was recognized for the three and nine months ended June 30, 2016. At June 30, 2017, approximately $1.2 million in additional compensation expense for shares awarded related to the 2008 RRP and 2014 SIP remained unrecognized. The weighted average period over which this expense will be recognized is approximately 3.1 years. A summary of the Company’s non-vested stock award activity for the nine months ended June 30, 2017 and 2016 is presented in the following tables: Nine Months Ended Number of Weighted Average Nonvested stock awards at October 1, 2016 172,788 $ 12.03 Granted 17,128 17.43 Forfeited - - Vested (43,755 ) 11.59 Nonvested stock awards at the June 30, 2017 146,161 $ 12.78 Nine Months Ended Number of Weighted Average Nonvested stock awards at October 1, 2015 241,428 $ 11.74 Granted - - Forfeited (30,180 ) 11.55 Vested (55,279 ) 11.59 Nonvested stock awards at the June 30, 2016 155,969 $ 11.83 The Company maintains the 2008 Stock Option Plan (the “2008 Option Plan”) which authorizes the grant of stock options to officers, employees and directors of the Company to acquire shares of common stock with an exercise price at least equal to the fair market value of the common stock on the grant date. Options generally become vested and exercisable at the rate of 20% per year over five years and are generally exercisable for a period of ten years after the grant date. A total of 533,808 shares of common stock were approved for future issuance pursuant to the 2008 Option Plan. As of June 30, 2017, all of the options had been awarded under the 2008 Option Plan. As of June 30, 2017, 467,758 options were vested under the 2008 Option Plan. The 2014 SIP reserved up to 714,145 shares for issuance pursuant to options. Options to purchase 587,112 shares were awarded during February 2015, 608,737 shares pursuant to the 2014 SIP and the remainder pursuant to the 2008 Option Plan. During August 2016, the Company granted 18,866 shares under the 2008 Option Plan and 8,634 shares under the 2014 SIP. In March 2017, the Company granted 22,828 shares under the 2014 SIP. In May 2017, the Company granted 25,000 shares under the 2014 SIP. A summary of the status of the Company’s stock options under the 2008 Option Plan and the 2014 SIP for the nine months ended June 30, 2017 and 2016 are presented below: Nine Months Ended Number of Weighted Average Outstanding at October 1, 2016 921,909 $ 11.70 Granted 47,828 17.48 Exercised (40,757 ) 11.48 Forfeited - - Outstanding at June 30, 2017 928,980 $ 11.85 Exercisable at June 30, 2017 552,435 $ 11.43 Nine Months Ended Number of Weighted Average Outstanding at October 1, 2015 1,074,430 $ 11.92 Granted - - Exercised (89,358 ) 11.61 Forfeited (80,476 ) 11.52 Outstanding at June 30, 2016 904,596 $ 11.99 Exercisable at June 30, 2016 489,679 $ 11.45 The weighted average remaining contractual term was approximately 4.5 years for options outstanding as of June 30, 2017. The estimated fair value of options granted during fiscal 2009 was $2.98 per share, $2.92 for options granted during fiscal 2010, $3.34 for options granted during fiscal 2013, $4.67 for the options granted during fiscal 2014, $4.58 for options granted during fiscal 2015, $2.13 for options granted during fiscal 2016, and $3.18 for options granted during fiscal 2017. The fair value for grants made in fiscal 2015 was estimated on the date of grant using the Black-Scholes pricing model with the following assumptions: an exercise and fair value of $12.23, expected term of seven years, volatility rate of 38.16%, interest rate of 1.62% and a yield of 0.98%. The fair value for grants made in fiscal 2016 was estimated on the date of grant using the Black-Scholes pricing model with the following assumptions: an exercise and fair value of $14.42, expected term of seven years, volatility of 13.82%, interest rate of 1.36% and a yield of 0.80%. The fair value for grants made in March and May 2017 was estimated on the date of grant using the Black-Scholes pricing model with the following assumptions: an exercise and fair value of $17.43, expected term of seven years, volatility of 14.4%, interest rate of 2.22% and a yield of 0.69%. During the three and nine months ended June 30, 2017, $139,000 and $397,000, respectively, was recognized in compensation expense for options granted pursuant to the 2008 Option Plan and the 2014 SIP. A tax benefit of $17,000 and $49,000 was recognized for the three and nine months ended June 30, 2017, respectively. During the three and nine months ended June 30, 2016, $106,000 and $322,000, respectively, was recognized in compensation expense for options granted pursuant to the 2008 Option Plan and the 2014 SIP. A tax benefit of $36,000 and $44,000, respectively, was recognized for the three and nine months ended June 30, 2016. At June 30, 2017, there was approximately $1.5 million in additional compensation expense to be recognized for awarded options which remained outstanding and unvested at such date. The weighted average period over which this expense will be recognized is approximately 3.2 years. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 9 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | 11. COMMITMENTS AND CONTINGENT LIABILITIES At June 30, 2017, the Company had $34.7 million in outstanding commitments to originate fixed-rate and variable-rate loans with market interest rates ranging from 4.00% to 5.50%. At September 30, 2016, the Company had $9.9 million in outstanding commitments to originate fixed-rate loans with market interest rates ranging from 3.75% to 5.0%. The aggregate undisbursed portion of loans-in-process amounted to $50.8 million at June 30, 2017 and $5.4 million at September 30, 2016. The Company also had commitments under unused lines of credit of $8.9 million as of June 30, 2017 and $3.3 million as of September 30, 2016 and letters of credit outstanding of $1.5 million as of June 30, 2017 and $1.9 million as of September 30, 2016. Among the Company’s contingent liabilities are exposures to limited recourse arrangements with respect to the Company’s sales of whole loans and participation interests. At June 30, 2017, the exposure, which represents a portion of credit risk associated with the interests sold, amounted to $1.8 million related to loans sold to the FHLB. This exposure is for the life of the related loans and payables, on our proportionate share, as actual losses are incurred. These loans are seasoned loans and remain performing. The Company is involved in various legal proceedings occurring in the ordinary course of business. Management of the Company, based on discussions with litigation counsel, believes that such proceedings will not have a material adverse effect on the financial condition, operations or cash flows of the Company. However, there can be no assurance that any of the outstanding legal proceedings to which the Company is a party will not be decided adversely to the Company's interests and not have a material adverse effect on the financial condition and operations of the Company. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 9 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | 12. FAIR VALUE MEASUREMENT The fair value estimates presented herein are based on pertinent information available to management as of June 30, 2017 and September 30, 2016, respectively. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. Generally accepted accounting principles used in the United States establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value. The three broad levels of hierarchy are as follows: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Those assets as of June 30, 2017 which are to be measured at fair value on a recurring basis are as follows: Category Used for Fair Value Measurement Level 1 Level 2 Level 3 Total (Dollars in Thousands) Assets: Securities available for sale: U.S. Government and agency obligations $ - $ 20,620 $ - $ 20,620 Mortgage-backed securities - U.S. Government agencies - 125,715 - 125,715 Corporate bonds - 37,045 - 37,045 FHLMC preferred stock 59 - - 59 Interest rate swap contracts - 499 - 499 Total $ 59 $ 183,879 $ - $ 183,938 Those assets as of September 30, 2016 which are measured at fair value on a recurring basis are as follows: Category Used for Fair Value Measurement Level 1 Level 2 Level 3 Total (Dollars in Thousands) Assets: Securities available for sale: U.S. Government and agency obligations $ - $ 21,024 $ - $ 21,024 Mortgage-backed securities - U.S. Government agencies - 91,575 - 91,575 Corporate bonds - 26,053 - 26,053 FHLMC preferred stock 42 - - 42 Total $ 42 $ 138,652 $ - $ 138,694 Liabilities: Interest rate swap contracts $ - $ 202 $ - $ 202 Total $ - $ 202 $ - $ 202 Certain assets are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The Company measures impaired loans and real estate owned at fair value on a non-recurring basis. Impaired Loans The Company considers loans to be impaired when it becomes more likely than not that the Company will be unable to collect all amounts due (principle and interest) in accordance with the contractual terms of the loan agreements. Collateral dependent impaired loans are based on the fair value of the collateral which is based on appraisals and would be categorized as Level 2 measurement. In some cases, adjustments are made to the appraised values for various factors including the age of the appraisal, age of the comparable included in the appraisal, and known changes in the market and in the collateral. These adjustments are based upon unobservable inputs, and therefore, the fair value measurement has been categorized as a Level 3 measurement. These loans are reviewed for impairment and written down to their net realizable value by charges against the allowance for loan losses. The collateral underlying these loans had a fair value in excess of $18.0 million as of June 30, 2017 and $19.4 million as of September 30, 2016 Real Estate Owned Once an asset is determined to be uncollectible, the underlying collateral is generally repossessed and reclassified to foreclosed real estate and repossessed assets. These repossessed assets are carried at the lower of cost or fair value of the collateral, based on independent appraisals, less cost to sell and would be categorized as Level 2 measurement. In some cases, adjustments are made to the appraised values for various factors including age of the appraisal, age of the comparable included in the appraisal, and known changes in the market and in the collateral. As a result, the evaluations are based upon unobservable inputs, and therefore, the fair value measurement has been categorized as a Level 3 measurement. Summary of Non-Recurring Fair Value Measurements At June 30, 2017 (Dollars in Thousands) Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 18,092 $ 18,092 Real estate owned - - 192 192 Total $ - $ - $ 18,284 $ 18,284 At September 30, 2016 (Dollars in Thousands) Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 19,429 $ 19,429 Real estate owned - - 581 581 Total $ - $ - $ 20,010 $ 20,010 The following table provides information describing the valuation processes used to determine nonrecurring fair value measurements categorized within Level 3 of the fair value hierarchy: At June 30, 2017 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired loans $ 18,092 Property appraisals (1) (3) Management discount for selling costs, property type and market volatility (2) 6% to 10% discount/10% Real estate owned $ 581 Property appraisals (1)(3) Management discount for selling costs, property type and market volatility (2) 10% discount At September 30, 2016 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired loans $ 19,429 Property appraisals (1) (3) Management discount for selling costs, property type and market volatility (2) 6% to 46% discount/10% Real estate owned $ 581 Property appraisals (1)(3) Management discount for selling costs, property type and market volatility (2) 10% discount (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally includes various Level 3 inputs, which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. (3) Includes qualitative adjustments by management and estimated liquidation expenses. The fair value of financial instruments has been determined by the Company using available market information and appropriate valuation methodologies. 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 could 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. Fair Value Measurements at June 30, 2017 Carrying Fair Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Cash and cash equivalents $ 22,927 $ 22,927 $ 22,927 $ - $ - Certificate of deposits 1,853 1,853 1,853 - - Investment and mortgage-backed securities available for sale 183,439 183,439 59 183,380 - Investment and mortgage-backed securities held to maturity 59,654 58,570 - 58,570 - Loans receivable, net 544,422 548,697 - - 548,697 Accrued interest receivable 3,089 3,089 3,089 - - Other real estate owned 192 192 192 - - Federal Home Loan Bank stock 5,767 5,767 5,767 - - Bank owned life insurance 27,877 27,877 27,877 - - Interest rate swap contracts 499 499 - 499 - Liabilities: Checking accounts 64,143 64,143 64,143 - - Money market deposit accounts 81,211 81,211 81,211 - - Passbook, club and statement savings accounts 104,446 104,446 104,446 - - Certificates of deposit 365,046 360,527 - - 360,527 Accrued interest payable 1,339 1,339 1,339 - - Advances from FHLB -short-term 20,000 20,000 20,000 - - Advances from FHLB -long-term 88,078 87,372 - - 87,372 Advances from borrowers for taxes and insurance 3,982 3,982 3,982 - - Fair Value Measurements at September 30, 2016 Carrying Fair Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Cash and cash equivalents $ 12,440 $ 12,440 $ 12,440 $ - $ - Certificate of deposits 1,853 1,853 1,853 - - Investment and mortgage-backed securities available for sale 138,694 138,694 42 138,652 - Investment and mortgage-backed securities held to maturity 39,971 40,700 - 40,700 - Loans receivable, net 344,948 344,100 - - 344,100 Accrued interest receivable 1,928 1,928 1,928 - - Federal Home Loan Bank stock 2,463 2,463 2,463 - - Bank owned life insurance 13,055 13,055 13,055 - - Liabilities: Checking accounts 38,788 38,788 38,788 - - Money market deposit accounts 55,552 55,552 55,552 - - Passbook, club and statement savings accounts 70,924 70,924 70,924 - - Certificates of deposit 223,937 225,383 - - 225,383 Accrued interest payable 1,403 1,403 1,403 - - Advances from FHLB -short-term 20,000 20,000 20,000 - - Advances from FHLB -long-term 30,638 30,222 - - 30,222 Advances from borrowers for taxes and insurance 1,748 1,748 1,748 - - Interest rate swap contracts 202 202 - 202 - Cash and Cash Equivalents Investments and Mortgage-Backed Securities - Loans Receivable - Accrued Interest Receivable – Federal Home Loan Bank (FHLB) Stock - Bank Owned Life Insurance - Checking Accounts, Money Market Deposit Accounts, Passbook Accounts, Club Accounts, Statement Savings Accounts, and Certificates of Deposit - Short-term Advances from Federal Home Loan Bank - Long-term Advances from Federal Home Loan Bank - Accrued Interest Payable – Interest rate swaps – Advances from borrowers for taxes and insurance – Commitments to Extend Credit and Letters of Credit - |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | 13. GOODWILL AND OTHER INTANGIBLE ASSETS The Company’s goodwill and intangible assets are related to the acquisition of Polonia Bancorp on January 1, 2017. Balance Balance October 1, Additions/ June 30, Amortization 2016 Adjustments Amortization 2017 Period Goodwill $ - $ 7,163 $ - $ 7,163 Core deposit intangible - 822 (75 ) 747 10 years $ - $ 7,985 $ (75 ) $ 7,910 As of June 30, 2017, the current fiscal year and the future fiscal periods amortization expense for the core deposit intangible is: (In thousands) 2017 $ 37 2018 138 2019 123 2020 108 Thereafter 341 |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 9 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | 14. BUSINESS COMBINATIONS On January 1, 2017, the previously announced proposed acquisition (the “Merger”) of Polonia Bancorp pursuant to the Agreement of Plan of Merger by and between Polonia Bancorp and the Company, dated as of June 2, 2016 (the “ Merger Agreement”) was completed. The shareholders of Polonia Bancorp had the option to receive $11.09 per share in cash or 0.7460 of a share of the Company common stock for each share of Polonia Bancorp common stock held thereby, subject to allocation provisions to assure that, in the aggregate, Polonia Bancorp shareholders received total merger consideration that consisted of 50% stock and 50% cash. As a result of Polonia Bancorp shareholder stock and cash elections and the related proration provisions of the Merger Agreement, the Company issued 1,274,197 shares of its common stock and approximately $18.9 million was paid in cash for the Merger. In connection with the Merger, the consideration paid and the estimated fair value of identifiable assets and liabilities assumed as of the date of the Merger are summarized in the following table: (dollars in thousands) Consideration paid: Common stock issued (1,274,197 shares) at a fair value per share of $17.12 per share. $ 21,814 Cash for common stock exchanged 18,944 Cash in lieu of fractional shares 1 40,759 Assets acquired: Cash and due from banks 47,901 Investments available for sale 42,164 Loans 160,157 Premises and equipment 6,902 Deferred taxes 3,921 Bank-owned life insurance 4,316 Core deposit intangible 822 Other assets 5,802 Total assets 271,985 Liabilities assumed: Deposits 172,243 FHLB advances, short-term 7,000 FHLB advances, long -term 50,232 Other liabilities 8,914 Total liabilities 238,389 Net assets acquired 33,596 Goodwill resulting from the acquisition $ 7,163 The following table summarizes the estimated fair value of the assets acquired and the liabilities assumed as of the date of acquisition of Polonia Bancorp. The core deposit intangible will be amortized over a 10 years using an accelerated method. Goodwill will not be amortized, but instead will be evaluated for impairment. (Dollars in thousands, except per share data) Purchase Consideration Polonia Common Stock: Total shares of common stock outstanding 3,416,311 Common stock issued cap 1,708,155 Shares redeemed for cash cap 1,708,156 Prudential common stock issued (conversion rate 0.7460) 1,274,197 Prudential closing price at December 31, 2016 $ 17.12 Cash-out rate paid per share for Polonia Bancorp common stock $ 11.09 Purchase consideration assigned to Polonia Bancorp shares exchanged for Company Common Stock $ 21,814 Cash Paid to Polonia for Polonia Bancorp shares $ 18,944 Cash Paid for fractional shares $ 1 $ 40,759 Net Assets Acquired Polonia Bancorp stockholders' equity 35,412 Core deposit intangible assets 822 Estimated adjustments to reflect assets acquired at fair value: Investment securities (781 ) Portfolio loans (4,643 ) Allowance for loan and lease losses 1,002 Premises 3,049 Other Assets (73 ) Deferred Taxes 934 Total fair value adjustment to assets acquired 310 Estimated adjustments to reflect liabilities assumed at fair value: Time deposits 894 Borrowings 1,232 Total fair value adjustment to liabilities assumed 2,126 Total net assets acquired 33,596 Goodwill resulting from merger 7,163 Pro Forma Income Statements The following pro forma income statements for the three and nine months ended June 30, 2017 and 2016 presents pro forma results of operations of the combined institution (Polonia Bancorp and the Company) had the merger occurred on April 1, 2017 and 2016. The pro forma income statement adjustments are limited to the effects of fair value mark amortization and accretion and intangible asset amortization. No cost savings or additional merger expenses have been included in the pro forma results of operations for the three and nine months ended June 30, 2017 and 2016. Unaudited Three Months Ended June 30, (Dollars in thousands, except per share data) 2017 2016 Net interest income 6,053 5,681 Provision for loan and leases losses 30 150 Net interest income after provision for loan and lease losses 6,023 5,531 Non-interest income 625 721 Non-interest expenses 3,500 5,156 Income before income taxes 3,148 1,096 Income tax expense 1,031 318 Net income 2,117 778 Per share data Weighed average basic shares outstanding 8,652,699 8,655,077 Dilutive shares 656,370 270,973 Adjusted weighted-average dilutive shares 9,309,069 8,926,050 Basic earnings per common share $ 0.25 $ 0.09 Dilutive earnings per common share $ 0.25 $ 0.09 (a) Weighted-average basis shares outstanding for both periods reflected are the Company’s weighted-average shares plus the 1,274,197, shares that were issued as consideration for the Merger. The dilutive shares reflect the Company’s estimated diluted shares for the period. Unaudited Nine Months Ended June 30, (Dollars in thousands, except per share data) 2017 2016 Net interest income 14,998 17,648 Provision for loan and leases losses 2,580 225 Net interest income after provision for loan and lease losses 12,418 17,423 Non-interest income 1,500 2,134 Non-interest expenses 12,981 17,582 Income before income taxes 937 1,975 Income tax expense 230 704 Net income 707 1,271 Per share data Weighed average basic shares outstanding 8,202,850 8,655,077 Dilutive shares 570,792 246,791 Adjusted weighted-average dilutive shares 8,773,642 8,901,868 Basic earnings per common share $ 0.08 $ 0.10 Dilutive earnings per common share $ 0.08 $ 0.10 (a) Weighted-average basis shares outstanding for both periods reflected are the Company’s weighted-average shares plus the 1,274,197, shares that were issued as consideration for the merger. The dilutive shares reflect the Company’s estimated diluted shares for the period |
SIGNIFICANT ACCOUNTING POLICI23
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation – |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements - |
Share-Based Compensation | Share-Based Compensation Dividends with respect to non-vested share awards granted pursuant to the Company’s 2008 Recognition and Retention Plan (“2008 Plan”) and held in the Trust (the “Trust”) are held for the benefit of the recipients and are paid out proportionately by the Trust to the recipients of stock awards granted pursuant to the Plan as soon as practicable after the stock awards are earned. A recipient of a share award granted under the 2014 Stock Incentive Plan will not receive any dividends declared on the common stock subject to the award prior to the date the shares are earned. |
Treasury Stock | Treasury Stock – |
FHLB Stock | FHLB Stock – |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815) . In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740) In October 2016, the FASB issued ASU 2016-17, Consolidation (Topic 810) In October 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment In February 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20). In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), and Derivative and Hedging (Topic 815) Debt—Debt with Conversion and Other Options |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per share | Three Months Ended June 30, 2017 2016 Basic Diluted Basic Diluted (Dollars in Thousands Except Per Share Data) Net income $ 2,117 $ 2,117 $ 777 $ 777 Weighted average shares outstanding 8,652,699 8,652,699 7,330,386 7,330,386 Effect of common stock equivalents - 656,370 - 200,986 Adjusted weighted average shares used in earnings per share computation 8,652,699 9,309,069 7,330,386 7,531,372 Earnings per share - basic and diluted $ 0.25 $ 0.25 $ 0.10 $ 0.10 Nine Months Ended June 30, 2017 2016 Basic Diluted Basic Diluted (Dollars in Thousands Except Per Share Data) Net income $ 707 $ 707 $ 1,738 $ 1,738 Weighted average shares outstanding 8,202,850 8,202,850 7,442,956 7,442,956 Effect of common stock equivalents - 570,792 - 210,125 Adjusted weighted average shares used in earnings per share computation 8,202,850 8,773,642 7,442,956 7,653,081 Earnings per share - basic and diluted $ 0.08 $ 0.08 $ 0.23 $ 0.23 |
ACCUMULATED OTHER COMPREHENSI25
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of changes in accumulated other comprehensive income | Three Months Ended June 30, 2017 2016 (Dollars in Thousands) Unrealized gains (losses) Unrealized gains (losses) on available for sale on available for sale securities and interest securities and interest rate swaps (a) rate swaps (a) Beginning Balance $ (1,320 ) $ 783 Unrealized gains on available for sale securities 693 255 Unrealized losses on interest rate swaps (60 ) (106 ) Total other comprehensive income 633 149 Ending Balance $ (687 ) $ 932 (a) All amounts are net of tax. Amounts in parentheses indicate debits. Nine Months Ended June 30, 2017 2016 (Dollars in Thousands) Unrealized gains (losses) Unrealized gains (losses) on available for sale on available for sale securities and interest securities and interest rate swaps (a) rate swaps (a) Beginning Balance $ 798 $ 18 Unrealized (loss) gains on available for sale securities (1,948 ) 1,020 Unrealized gains (losses) on interest rate swaps. 463 (106 ) Total other comprehensive income (loss) (1,485 ) 914 Ending Balance $ (687 ) $ 932 (a) All amounts are net of tax. Amounts in parentheses indicate debits. |
Schedule of amounts reclassified out of each component of accumulated other comprehensive income (loss) | Three Months Ended June 30, 2017 2016 Amount Reclassified Amount Reclassified from Accumulated from Accumulated Affected Line Item in Other Other the Statement Where Comprehensive Comprehensive Net Income is Details about other comprehensive income Income (a) Income (a) Presented Unrealized gains on available for sale securities $ 70 $ 161 Gain on sale of securities available for sale (24 ) (55 ) Income taxes $ 46 $ 106 Net of tax (a) Amounts in parentheses indicate debits to net income Nine Months Ended June 30, 2017 2016 Amount Reclassified Amount Reclassified from Accumulated from Accumulated Affected Line Item in Other Other the Statement Where Comprehensive Comprehensive Net Income is Details about other comprehensive income Income (a) Income (a) Presented Unrealized gains on available for sale securities $ 70 $ 161 Gain on sale of securities available for sale (24 ) (55 ) Income taxes $ 46 $ 106 Net of tax (a) Amounts in parentheses indicate debits to net income |
INVESTMENT AND MORTGAGE-BACKE26
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and fair value of securities, with gross unrealized gains and losses | June 30, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) Securities Available for Sale: U.S. government and agency obligations $ 20,989 $ - $ (369 ) $ 20,620 Mortgage-backed securities - U.S. government agencies 126,912 152 (1,349 ) 125,715 Corporate bonds 37,073 271 (299 ) 37,045 Total debt securities available for sale 184,974 423 (2,017 ) 183,380 FHLMC preferred stock 6 53 - 59 Total securities available for sale $ 184,980 $ 476 $ (2,017 ) $ 183,439 Securities Held to Maturity: U.S. government and agency obligations $ 33,500 $ 236 $ (1,735 ) $ 32,001 Mortgage-backed securities - U.S. government agencies 7,387 347 (29 ) 7,705 Municipal bonds 18,767 184 (87 ) 18,864 Total securities held to maturity $ 59,654 $ 767 $ (1,851 ) $ 58,570 September 30, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) Securities Available for Sale: U.S. government and agency obligations $ 20,988 $ 36 $ - $ 21,024 Mortgage-backed securities - U.S. government agencies 90,817 860 (102 ) 91,575 Corporate bonds 25,411 661 (19 ) 26,053 Total debt securities available for sale 137,216 1,557 (121 ) 138,652 FHLMC preferred stock 6 36 - 42 Total securities available for sale $ 137,222 $ 1,593 $ (121 ) $ 138,694 Securities Held to Maturity: U.S. government and agency obligations $ 33,499 $ 399 $ (129 ) $ 33,769 Mortgage-backed securities - U.S. government agencies 6,472 459 - 6,931 Total securities held to maturity $ 39,971 $ 858 $ (129 ) $ 40,700 |
Schedule of gross unrealized losses and related fair values of investment securities | Less than 12 months More than 12 months Total Gross Gross Gross Unrealized Fair Unrealized Fair Unrealized Fair Losses Value Losses Value Losses Value (Dollars in Thousands) Securities Available for Sale: U.S. government and agency obligations $ (369 ) $ 20,620 $ - $ - $ (369 ) $ 20,620 Mortgage-backed securities - agency (1,129 ) 81,547 (220 ) 11,013 (1,349 ) 92,560 Corporate bonds (299 ) 15,987 - - (299 ) 15,987 Total securities available for sale $ (1,797 ) $ 118,154 $ (220 ) $ 11,013 $ (2,017 ) $ 129,167 Securities Held to Maturity: U.S. government and agency obligations $ (1,735 ) $ 28,765 $ - $ - $ (1,735 ) $ 28,765 Mortgage-backed securities - agency (29 ) 1,216 - - (29 ) 1,216 Municipal bonds (87 ) 5,836 - - (87 ) 5,836 Total securities held to maturity $ (1,851 ) $ 35,817 $ - $ - $ (1,851 ) $ 35,817 Total $ (3,648 ) $ 153,971 $ (220 ) $ 11,013 $ (3,868 ) $ 164,984 Less than 12 months More than 12 months Total Gross Gross Gross Unrealized Fair Unrealized Fair Unrealized Fair Losses Value Losses Value Losses Value (Dollars in Thousands) Securities Available for Sale: Mortgage-backed securities - agency $ (50 ) $ 16,498 $ (52 ) $ 6,718 $ (102 ) $ 23,216 Corporate bonds (19 ) 3,955 - - (19 ) 3,955 Total securities available for sale $ (69 ) $ 20,453 $ (52 ) $ 6,718 $ (121 ) $ 27,171 Securities Held to Maturity: U.S. government and agency obligations $ (129 ) $ 20,371 $ - $ - $ (129 ) $ 20,371 Total securities held to maturity $ (129 ) $ 20,371 $ - $ - $ (129 ) $ 20,371 Total $ (198 ) $ 40,824 $ (52 ) $ 6,718 $ (250 ) $ 47,542 |
Schedule of amortized cost and fair value of debt securities by contractual maturity | June 30, 2017 Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value (Dollars in Thousands) Due after one through five years $ 2,867 $ 2,794 $ 4,048 $ 4,066 Due after five through ten years 20,583 20,661 18,748 18,872 Due after ten years 28,817 27,410 35,266 34,727 Total $ 52,267 $ 50,865 $ 58,062 $ 57,665 |
LOANS RECEIVABLE (Tables)
LOANS RECEIVABLE (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Schedule of loans receivable | June 30, September 30, 2017 2016 (Dollars in Thousands) One-to-four family residential $ 354,338 $ 233,531 Multi-family residential 16,913 12,478 Commercial real estate 129,846 79,859 Construction and land development 93,671 21,839 Commercial business 490 99 Leases 4,922 3,286 Consumer 1,995 799 Total loans 602,175 351,891 Undisbursed portion of loans-in-process (50,792 ) (5,371 ) Deferred loan fees and (costs) (2,903 ) 1,697 Allowance for loan losses (4,058 ) (3,269 ) Net loans $ 544,422 $ 344,948 |
Schedule of loans individually and collectively evaluated for impairment by loan segment | One- to-four Multi-family Commercial real Construction Commercial Leases Consumer Unallocated Total (Dollars in Thousands) Allowance for loan losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,242 158 1,224 1,011 4 27 24 368 4,058 Total ending allowance balance $ 1,242 $ 158 $ 1,224 $ 1,011 $ 4 $ 27 $ 24 $ 368 $ 4,058 Loans: Individually evaluated for impairment $ 6,679 $ 323 $ 2,377 $ 8,713 $ - $ - $ - $ 18,092 Collectively evaluated for impairment 347,659 16,590 127,469 84,958 490 4,922 1,995 584,083 Total loans $ 354,338 $ 16,913 $ 129,846 $ 93,671 $ 490 $ 4,922 $ 1,995 $ 602,175 One- to-four Multi-family Commercial real Construction Commercial Leases Consumer Unallocated Total (Dollars in Thousands) Allowance for loan losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,627 137 859 316 1 21 10 298 3,269 Total ending allowance balance $ 1,627 $ 137 $ 859 $ 316 $ 1 $ 21 $ 10 $ 298 $ 3,269 Loans: Individually evaluated for impairment $ 5,553 $ 335 $ 3,154 $ 10,288 $ 99 $ - $ - $ 19,429 Collectively evaluated for impairment 227,978 12,143 76,705 11,551 - 3,286 799 332,462 Total loans $ 233,531 $ 12,478 $ 79,859 $ 21,839 $ 99 $ 3,286 $ 799 $ 351,891 |
Schedule of impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not required | Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans (Dollars in Thousands) Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance One-to-four family residential $ - $ - $ 6,679 $ 6,679 $ 6,908 Multi-family residential - - 323 323 323 Commercial real estate - - 2,377 2,377 2,377 Construction and land development - - 8,713 8,713 10,532 Total impaired loans $ - $ - $ 18,092 $ 18,092 $ 20,140 Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans (Dollars in Thousands) Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance One-to-four family residential $ - $ - $ 5,553 $ 5,553 $ 5,869 Multi-family residential - - 335 335 335 Commercial real estate - - 3,154 3,154 3,154 Construction and land development - - 10,288 10,288 10,288 Commercial loans - - 99 99 99 Total impaired loans $ - $ - $ 19,429 $ 19,429 $ 19,745 |
Schedule of average investment in impaired loans and related interest income recognized | Three Months Ended June 30, 2017 Average Income Recognized Income (Dollars in Thousands) One-to-four family residential $ 5,965 $ 12 $ 34 Multi-family residential 326 6 - Commercial real estate 2,801 6 - Construction and land development 9,607 - - Total impaired loans $ 18,699 $ 24 $ 34 Three Months Ended June 30, 2016 Average Income Recognized Income (Dollars in Thousands) One-to-four family residential $ 5,052 $ 14 $ 30 Multi-family residential 341 6 - Commercial real estate 3,595 35 - Construction and land development 9,808 - - Total impaired loans $ 18,796 $ 55 $ 30 Nine Months Ended June 30, 2017 Average Income Recognized Income (Dollars in Thousands) One-to-four family residential $ 5,280 $ 59 $ 91 Multi-family residential 329 17 - Commercial real estate 2,938 41 12 Construction and land development 10,399 - - Total impaired loans $ 18,946 $ 117 $ 103 Nine Months Ended June 30, 2016 Average Income Recognized Income (Dollars in Thousands) One-to-four family residential $ 4,978 $ 89 $ 78 Multi-family residential 346 18 - Commercial real estate 3,667 74 12 Construction and land development 9,432 - 62 Total impaired loans $ 18,423 $ 181 $ 152 |
Schedule of classes of the loan portfolio in which a formal risk weighting system is utilized | June 30, 2017 Special Total Pass Mention Substandard Loans (Dollars in Thousands) One-to-four family residential $ - $ 1,645 $ 1,951 $ 3,596 Multi-family residential 16,590 - 323 16,913 Commercial real estate 126,656 1,458 1,732 129,846 Construction and land development 84,958 - 8,713 93,671 Commercial business 490 - - 490 Total loans $ 228,694 $ 3,103 $ 12,719 $ 244,516 September 30, 2016 Special Total Pass Mention Substandard Loans (Dollars in Thousands) One-to-four family residential $ - $ 1,681 $ 1,212 $ 2,893 Multi-family residential 12,144 - 334 12,478 Commercial real estate 76,185 943 2,731 79,859 Construction and land development 11,551 - 10,288 21,839 Commercial business 99 - - 99 Total loans $ 99,979 $ 2,624 $ 14,565 $ 117,168 |
Schedule of loans in which a formal risk rating system is not utilized, but loans are segregated between performing and non-performing | June 30, 2017 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 344,967 $ 5,775 $ 350,742 Leases 4,922 - 4,922 Consumer 1,995 - 1,995 Total residential and consumer loans $ 351,884 $ 5,775 $ 357,659 September 30, 2016 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 226,394 $ 4,244 $ 230,638 Leases 3,286 - 3,286 Consumer 799 - 799 Total residential and consumer loans $ 230,479 $ 4,244 $ 234,723 |
Schedule of loan categories of the loan portfolio summarized by the aging categories of performing and delinquent loans and nonaccrual loans | June 30, 2017 90 Days+ Total 30-89 Days 90 Days + Past Due Past Due Total Non- Current Past Due Past Due and Accruing and Accruing Loans Accrual (Dollars in Thousands) One-to-four family residential $ 349,359 $ 1,910 $ 3,069 $ - $ 1,910 $ 354,338 $ 5,775 Multi-family residential 16,913 - - - - 16,913 Commercial real estate 128,035 465 1,346 - 465 129,846 1,603 Construction and land development 84,958 - 8,714 - - 93,671 8,714 Commercial business 490 - - - - 490 - Leases 4,922 - - - - 4,922 - Consumer 1,936 59 - - 59 1,995 - Total loans $ 586,613 $ 2,434 $ 13,129 $ - $ 2,434 $ 602,175 $ 16,092 September 30, 2016 90 Days+ Total 30-89 Days 90 Days + Past Due Past Due Total Non- Current Past Due Past Due and Accruing and Accruing Loans Accrual (Dollars in Thousands) One-to-four family residential $ 228,904 $ 1,860 $ 2,767 $ - $ 1,860 $ 233,531 $ 4,244 Multi-family residential 12,478 - - - - 12,478 - Commercial real estate 78,513 - 1,346 - - 79,859 1,346 Construction and land development 11,551 - 10,288 - - 21,839 10,288 Commercial business 99 - - - - 99 - Leases 3,286 - - - - 3,286 - Consumer 799 - - - - 799 - Total loans $ 335,630 $ 1,860 $ 14,401 $ - $ 1,860 $ 351,891 $ 15,878 |
Schedule of primary segments of the allowance for loan losses, segmented into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment. | Three Months Ended June 30, 2017 One- to Multi- Commercial Construction Commercial Leases Consumer Unallocated Total (Dollars in Thousands) ALLL balance at March 31, 2017 $ 1,350 $ 122 $ 862 $ 1,035 $ - $ 28 $ 135 $ 364 $ 3,896 Charge-offs - - - - - - - - - Recoveries 132 - - - - - - - 132 Provision (241 ) 36 362 (24 ) 4 (1 ) (111 ) 5 30 ALLL balance at June 30, 2017 $ 1,241 $ 158 $ 1,224 $ 1,011 $ 4 $ 27 $ 24 $ 369 $ 4,058 Nine Months Ended June 30, 2017 One- to Multi- Commercial Construction Commercial Leases Consumer Unallocated Total (Dollars in Thousands) ALLL balance at September 30, 2016 $ 1,627 $ 137 $ 859 $ 316 $ 1 $ 21 $ 10 $ 298 $ 3,269 Charge-offs (113 ) - - (1,819 ) - - (16 ) - (1,948 ) Recoveries 157 - - - - - - - 157 Provision (430 ) 21 365 2,514 3 6 30 71 2,580 ALLL balance at June 30, 2017 $ 1,241 $ 158 $ 1,224 $ 1,011 $ 4 $ 27 $ 24 $ 369 $ 4,058 Three Months Ended June 30, 2016 One- to Multi- Commercial Construction Consumer Unallocated Total (Dollars in Thousands) ALLL balance at March 31, 2016 $ 1,511 $ 43 $ 428 $ 773 $ 7 $ 276 $ 3,038 Charge-offs - - - - - - - Recoveries 81 - - - - - 81 Provision (147 ) 19 236 4 2 36 150 ALLL balance at June 30, 2016 $ 1,445 $ 62 $ 664 $ 777 $ 9 $ 312 $ 3,269 Nine Months Ended June 30, 2016 One- to Multi- Commercial Construction Consumer Unallocated Total (Dollars in Thousands) ALLL balance at September 30, 2015 $ 1,635 $ 66 $ 231 $ 724 $ 5 $ 269 $ 2,930 Charge-offs (11 ) - - - - - (11 ) Recoveries 93 - 32 - - - 125 Provision (272 ) (4 ) 401 53 4 43 225 ALLL balance at June 30, 2016 $ 1,445 $ 62 $ 664 $ 777 $ 9 $ 312 $ 3,269 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Deposits [Abstract] | |
Schedule of major classifications of deposits | June 30, September 30, 2017 2016 Amount Percent Amount Percent (Dollars in Thousands) Money market deposit accounts $ 81,211 13.2 % $ 55,552 14.3 % Interest-bearing checking accounts 54,574 8.9 34,984 9.3 Non interest-bearing checking accounts 9,569 1.6 3,804 0.7 Passbook, club and statement savings 104,446 17.0 70,924 18.2 Certificates maturing in six months or less 123,656 20.1 97,418 25.0 Certificates maturing in more than six months 241,390 39.2 126,519 32.5 Total $ 614,846 100.0 % $ 389,201 100.0 % |
ADVANCES FROM FEDERAL HOME LO29
ADVANCES FROM FEDERAL HOME LOAN BANK (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Advances from Federal Home Loan Banks [Abstract] | |
Schedule of short-term borrowings from the FHLB | Three Months Nine Months Ended Ended June 30, 2017 June 30, 2017 (Dollars in Thousands) Balance at period-end $ 20,000 $ 20,000 Average balance outstanding 20,000 21,667 Maximum month-end balance 20,000 35,000 Weight-average rate at period end 1.25 % 1.25 % Weight-average rate during the period 1.12 % 0.80 % Three Months Nine Months Ended Ended June 30, 2016 June 30, 2016 (Dollars in Thousands) Balance at period-end $ 20,000 $ 20,000 Average balance outstanding 20,000 20,000 Maximum month-end balance 20,000 20,000 Weight-average rate at period end 0.56 % 0.56 % Weight-average rate during the period 0.56 % 0.56 % |
Schedule of collateral agreement with the FHLB | Type Maturity Date Amount Coupon Call Date (Dollars in Thousands) Fixed Rate - Advances 17-Nov-17 $ 10,000 1.20 % Not Applicable Fixed Rate - Amortizing 1-Dec-17 1,009 1.16 % Not Applicable Fixed Rate - Advances 4-Dec-17 2,000 1.15 % Not Applicable Fixed Rate - Advances 19-Mar-18 5,045 2.53 % Not Applicable Fixed Rate - Advances 19-Mar-18 5,031 2.13 % Not Applicable Fixed Rate - Advances 20-Jun-18 3,015 1.86 % Not Applicable Fixed Rate - Advances 25-Jun-18 3,022 2.09 % Not Applicable Fixed Rate - Advances 27-Aug-18 7,223 4.15 % Not Applicable Fixed Rate - Advances 15-Nov-18 3,017 1.89 % Not Applicable Fixed Rate - Advances 16-Nov-18 7,500 1.40 % Not Applicable Fixed Rate - Advances 26-Nov-18 2,010 1.81 % Not Applicable Fixed Rate - Advances 3-Dec-18 3,000 1.54 % Not Applicable Fixed Rate - Advances 16-Aug-19 3,063 2.66 % Not Applicable Fixed Rate - Advances 9-Oct-19 2,038 2.53 % Not Applicable Fixed Rate - Amortizing 18-Nov-19 3,363 1.53 % Not Applicable Fixed Rate - Advances 26-Nov-19 3,047 2.35 % Not Applicable Fixed Rate - Advances 22-Jun-20 3,068 2.60 % Not Applicable Fixed Rate - Advances 24-Jun-20 2,059 2.85 % Not Applicable Fixed Rate - Advances 27-Jul-20 249 1.38 % Not Applicable Fixed Rate - Advances 17-Aug-20 2,073 3.06 % Not Applicable Fixed Rate - Advances 9-Oct-20 2,066 2.92 % Not Applicable Fixed Rate - Advances 27-Jul-21 249 1.52 % Not Applicable Fixed Rate - Advances 28-Jul-21 249 1.48 % Not Applicable Fixed Rate - Advances 29-Jul-21 249 1.42 % Not Applicable Fixed Rate - Advances 19-Aug-21 249 1.55 % Not Applicable Fixed Rate - Advances 7-Oct-21 2,095 3.19 % Not Applicable Fixed Rate - Advances 12-Oct-21 2,089 3.23 % Not Applicable Fixed Rate - Advances 6-Jun-22 10,000 2.05 % Not Applicable $ 88,078 2.19 % (a) (a) Weighted average coupon rate. The long-term advances outstanding as of September 30, 2016 are as follows: Type Maturity Date Amount Coupon Call Date (Dollars in Thousands) Fixed Rate -Advance 17-Nov-17 $ 10,000 1.20 % Not Applicable Fixed Rate -Amortizing 1-Dec-17 2,511 1.16 % Not Applicable Fixed Rate -Advance 4-Dec-17 2,000 1.15 % Not Applicable Fixed Rate -Advance 16-Nov-18 7,500 1.40 % Not Applicable Fixed Rate -Advance 3-Dec-18 3,000 1.54 % Not Applicable Fixed Rate -Amortizing 18-Nov-19 4,382 1.53 % Not Applicable Fixed Rate -Advance 27-Jul-20 249 1.38 % Not Applicable Fixed Rate -Advance 27-Jul-21 249 1.52 % Not Applicable Fixed Rate -Advance 28-Jul-21 249 1.48 % Not Applicable Fixed Rate -Advance 29-Jul-21 249 1.42 % Not Applicable Fixed Rate -Advance 19-Aug-21 249 1.55 % Not Applicable $ 30,638 1.34 % (a) (a) Weighted average coupon rate. |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of interest rate swap agreements and the terms | June 30, 2017 Notional Pay Receive Maturity Unrealized Amount Rate Rate Date Gain (Dollars in Thousands) Interest rate swap contract $ 10,000 1.15 % 1 Month Libor 6-Apr-21 $ 214 Interest rate swap contract 10,000 1.18 % 1 Month Libor 13-Jun-21 221 Interest rate swap contract 1,100 4.10 % 1 Month Libor +276 bp 1-Aug-26 64 $ 499 September 30, 2016 Notinal Pay Receive Maturity Unrealized (Dollar in Thousands) Interest rate swap contract $ 10,000 1.15 % 1 Month Libor 6-Apr-21 $ (92 ) Interest rate swap contract 10,000 1.18 % 1 Month Libor 13-Jun-21 (103 ) Interest rate swap contract 1,100 4.10 % 1 Month Libor +276 bp 1-Aug-26 (7 ) $ (202 ) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred income taxes | June 30, September 30, 2017 2016 Deferred tax assets: (Dollars in Thousands) Allowance for loan losses $ 1,647 $ 1,289 Nonaccrual interest 286 163 Accrued vacation 12 13 Capital loss carryforward 387 378 Split dollar life insurance 18 18 Post-retirement benefits 97 96 Other real estate owned 3 - Unrealized losses on available for sale securities 524 - Goodwill 2,729 - Purchase accounting (Polonia Bancorp) 935 - Unrealized losses on interest rate swaps - 69 Employee benefit plans 327 434 Total deferred tax assets 6,965 2,460 Valuation allowance (387 ) (378 ) Total deferred tax assets, net of valuation allowance 6,578 2,082 Deferred tax liabilities: Property 393 423 Unrealized gains on available for sale securities - 500 Section 481(a) Adjustment - 12 Unrealized gains on interest rate swaps 170 - Deferred loan fees 534 578 Total deferred tax liabilities 1,097 1,513 Net deferred tax assets $ 5,481 $ 569 |
STOCK COMPENSATION PLANS (Table
STOCK COMPENSATION PLANS (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Schedule of summary of the non-vested stock award activity | Nine Months Ended Number of Weighted Average Nonvested stock awards at October 1, 2016 172,788 $ 12.03 Granted 17,128 17.43 Forfeited - - Vested (43,755 ) 11.59 Nonvested stock awards at the June 30, 2017 146,161 $ 12.78 Nine Months Ended Number of Weighted Average Nonvested stock awards at October 1, 2015 241,428 $ 11.74 Granted - - Forfeited (30,180 ) 11.55 Vested (55,279 ) 11.59 Nonvested stock awards at the June 30, 2016 155,969 $ 11.83 |
Schedule of summary of the status of the company' stock options under the stock option plan | Nine Months Ended Number of Weighted Average Outstanding at October 1, 2016 921,909 $ 11.70 Granted 47,828 17.48 Exercised (40,757 ) 11.48 Forfeited - - Outstanding at June 30, 2017 928,980 $ 11.85 Exercisable at June 30, 2017 552,435 $ 11.43 Nine Months Ended Number of Weighted Average Outstanding at October 1, 2015 1,074,430 $ 11.92 Granted - - Exercised (89,358 ) 11.61 Forfeited (80,476 ) 11.52 Outstanding at June 30, 2016 904,596 $ 11.99 Exercisable at June 30, 2016 489,679 $ 11.45 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured at fair value on recurring basis | Category Used for Fair Value Measurement Level 1 Level 2 Level 3 Total (Dollars in Thousands) Assets: Securities available for sale: U.S. Government and agency obligations $ - $ 20,620 $ - $ 20,620 Mortgage-backed securities - U.S. Government agencies - 125,715 - 125,715 Corporate bonds - 37,045 - 37,045 FHLMC preferred stock 59 - - 59 Interest rate swap contracts - 499 - 499 Total $ 59 $ 183,879 $ - $ 183,938 Category Used for Fair Value Measurement Level 1 Level 2 Level 3 Total (Dollars in Thousands) Assets: Securities available for sale: U.S. Government and agency obligations $ - $ 21,024 $ - $ 21,024 Mortgage-backed securities - U.S. Government agencies - 91,575 - 91,575 Corporate bonds - 26,053 - 26,053 FHLMC preferred stock 42 - - 42 Total $ 42 $ 138,652 $ - $ 138,694 Liabilities: Interest rate swap contracts $ - $ 202 $ - $ 202 Total $ - $ 202 $ - $ 202 |
Schedule of summary of non-recurring fair value measurements | At June 30, 2017 (Dollars in Thousands) Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 18,092 $ 18,092 Real estate owned - - 192 192 Total $ - $ - $ 18,284 $ 18,284 At September 30, 2016 (Dollars in Thousands) Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 19,429 $ 19,429 Real estate owned - - 581 581 Total $ - $ - $ 20,010 $ 20,010 |
Schedule of nonrecurring fair value measurements categorized within level 3 of the fair value hierarchy | At June 30, 2017 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired loans $ 18,092 Property appraisals (1) (3) Management discount for selling costs, property type and market volatility (2) 6% to 10% discount/10% Real estate owned $ 581 Property appraisals (1)(3) Management discount for selling costs, property type and market volatility (2) 10% discount At September 30, 2016 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired loans $ 19,429 Property appraisals (1) (3) Management discount for selling costs, property type and market volatility (2) 6% to 46% discount/10% Real estate owned $ 581 Property appraisals (1)(3) Management discount for selling costs, property type and market volatility (2) 10% discount (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally includes various Level 3 inputs, which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. (3) Includes qualitative adjustments by management and estimated liquidation expenses. |
Schedule of the estimated fair value amounts | Fair Value Measurements at June 30, 2017 Carrying Fair Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Cash and cash equivalents $ 22,927 $ 22,927 $ 22,927 $ - $ - Certificate of deposits 1,853 1,853 1,853 - - Investment and mortgage-backed securities available for sale 183,439 183,439 59 183,380 - Investment and mortgage-backed securities held to maturity 59,654 58,570 - 58,570 - Loans receivable, net 544,422 548,697 - - 548,697 Accrued interest receivable 3,089 3,089 3,089 - - Other real estate owned 192 192 192 - - Federal Home Loan Bank stock 5,767 5,767 5,767 - - Bank owned life insurance 27,877 27,877 27,877 - - Interest rate swap contracts 499 499 - 499 - Liabilities: Checking accounts 64,143 64,143 64,143 - - Money market deposit accounts 81,211 81,211 81,211 - - Passbook, club and statement savings accounts 104,446 104,446 104,446 - - Certificates of deposit 365,046 360,527 - - 360,527 Accrued interest payable 1,339 1,339 1,339 - - Advances from FHLB -short-term 20,000 20,000 20,000 - - Advances from FHLB -long-term 88,078 87,372 - - 87,372 Advances from borrowers for taxes and insurance 3,982 3,982 3,982 - - Fair Value Measurements at September 30, 2016 Carrying Fair Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Cash and cash equivalents $ 12,440 $ 12,440 $ 12,440 $ - $ - Certificate of deposits 1,853 1,853 1,853 - - Investment and mortgage-backed securities available for sale 138,694 138,694 42 138,652 - Investment and mortgage-backed securities held to maturity 39,971 40,700 - 40,700 - Loans receivable, net 344,948 344,100 - - 344,100 Accrued interest receivable 1,928 1,928 1,928 - - Federal Home Loan Bank stock 2,463 2,463 2,463 - - Bank owned life insurance 13,055 13,055 13,055 - - Liabilities: Checking accounts 38,788 38,788 38,788 - - Money market deposit accounts 55,552 55,552 55,552 - - Passbook, club and statement savings accounts 70,924 70,924 70,924 - - Certificates of deposit 223,937 225,383 - - 225,383 Accrued interest payable 1,403 1,403 1,403 - - Advances from FHLB -short-term 20,000 20,000 20,000 - - Advances from FHLB -long-term 30,638 30,222 - - 30,222 Advances from borrowers for taxes and insurance 1,748 1,748 1,748 - - Interest rate swap contracts 202 202 - 202 - |
GOODWILL AND OTHER INTANGIBLE34
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill and intangible assets are related to the acquisition of Polonia | Balance Balance October 1, Additions/ June 30, Amortization 2016 Adjustments Amortization 2017 Period Goodwill $ - $ 7,163 $ - $ 7,163 Core deposit intangible - 822 (75 ) 747 10 years $ - $ 7,985 $ (75 ) $ 7,910 |
Schedule of goodwill and intangible assets are related to the acquisition of Polonia | (In thousands) 2017 $ 37 2018 138 2019 123 2020 108 Thereafter 341 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of consideration paid and estimated fair value of identifiable assets and liabilities assumed | (dollars in thousands) Consideration paid: Common stock issued (1,274,197 shares) at a fair value per share of $17.12 per share. $ 21,814 Cash for common stock exchanged 18,944 Cash in lieu of fractional shares 1 40,759 Assets acquired: Cash and due from banks 47,901 Investments available for sale 42,164 Loans 160,157 Premises and equipment 6,902 Deferred taxes 3,921 Bank-owned life insurance 4,316 Core deposit intangible 822 Other assets 5,802 Total assets 271,985 Liabilities assumed: Deposits 172,243 FHLB advances, short-term 7,000 FHLB advances, long -term 50,232 Other liabilities 8,914 Total liabilities 238,389 Net assets acquired 33,596 Goodwill resulting from the acquisition $ 7,163 |
Schedule of estimated fair value of the assets acquired and the liabilities assumed | (Dollars in thousands, except per share data) Purchase Consideration Polonia Common Stock: Total shares of common stock outstanding 3,416,311 Common stock issued cap 1,708,155 Shares redeemed for cash cap 1,708,156 Prudential common stock issued (conversion rate 0.7460) 1,274,197 Prudential closing price at December 31, 2016 $ 17.12 Cash-out rate paid per share for Polonia Bancorp common stock $ 11.09 Purchase consideration assigned to Polonia Bancorp shares exchanged for Company Common Stock $ 21,814 Cash Paid to Polonia for Polonia Bancorp shares $ 18,944 Cash Paid for fractional shares $ 1 $ 40,759 Net Assets Acquired Polonia Bancorp stockholders' equity 35,412 Core deposit intangible assets 822 Estimated adjustments to reflect assets acquired at fair value: Investment securities (781 ) Portfolio loans (4,643 ) Allowance for loan and lease losses 1,002 Premises 3,049 Other Assets (73 ) Deferred Taxes 934 Total fair value adjustment to assets acquired 310 Estimated adjustments to reflect liabilities assumed at fair value: Time deposits 894 Borrowings 1,232 Total fair value adjustment to liabilities assumed 2,126 Total net assets acquired 33,596 Goodwill resulting from merger 7,163 |
Schedule of Pro Forma Income Statements | Unaudited Three Months Ended June 30, (Dollars in thousands, except per share data) 2017 2016 Net interest income 6,053 5,681 Provision for loan and leases losses 30 150 Net interest income after provision for loan and lease losses 6,023 5,531 Non-interest income 625 721 Non-interest expenses 3,500 5,156 Income before income taxes 3,148 1,096 Income tax expense 1,031 318 Net income 2,117 778 Per share data Weighed average basic shares outstanding 8,652,699 8,655,077 Dilutive shares 656,370 270,973 Adjusted weighted-average dilutive shares 9,309,069 8,926,050 Basic earnings per common share $ 0.25 $ 0.09 Dilutive earnings per common share $ 0.25 $ 0.09 (a) Weighted-average basis shares outstanding for both periods reflected are the Company’s weighted-average shares plus the 1,274,197, shares that were issued as consideration for the Merger. The dilutive shares reflect the Company’s estimated diluted shares for the period. Unaudited Nine Months Ended June 30, (Dollars in thousands, except per share data) 2017 2016 Net interest income 14,998 17,648 Provision for loan and leases losses 2,580 225 Net interest income after provision for loan and lease losses 12,418 17,423 Non-interest income 1,500 2,134 Non-interest expenses 12,981 17,582 Income before income taxes 937 1,975 Income tax expense 230 704 Net income 707 1,271 Per share data Weighed average basic shares outstanding 8,202,850 8,655,077 Dilutive shares 570,792 246,791 Adjusted weighted-average dilutive shares 8,773,642 8,901,868 Basic earnings per common share $ 0.08 $ 0.10 Dilutive earnings per common share $ 0.08 $ 0.10 (a) Weighted-average basis shares outstanding for both periods reflected are the Company’s weighted-average shares plus the 1,274,197, shares that were issued as consideration for the merger. The dilutive shares reflect the Company’s estimated diluted shares for the period |
SIGNIFICANT ACCOUNTING POLICI36
SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) $ in Thousands | 9 Months Ended |
Jun. 30, 2017USD ($)Branchshares | |
Significant Accounting Policies [Line Items] | |
Number of full service branch offices | 10 |
Number of branch offices | 11 |
Terminate ESOP Plan (in shares) | shares | 303,115 |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | shares | 42,791 |
Treasury Stock | |
Significant Accounting Policies [Line Items] | |
Terminate ESOP Plan, value | $ | $ 5,189 |
Philadelphia (Philadelphia County) | |
Significant Accounting Policies [Line Items] | |
Number of branch offices | 9 |
Drexel Hill, Delaware County, Pennsylvania | |
Significant Accounting Policies [Line Items] | |
Number of branch offices | 1 |
Huntingdon Valley, Montgomery County | |
Significant Accounting Policies [Line Items] | |
Number of branch offices | 1 |
EARNINGS PER SHARE - Calculated
EARNINGS PER SHARE - Calculated basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings per share - basic | ||||
Net income | $ 2,117 | $ 777 | $ 707 | $ 1,738 |
Weighted average shares outstanding - basic | 8,652,699 | 7,330,386 | 8,202,850 | 7,442,956 |
Effect of common stock equivalents - basic | ||||
Adjusted weighted average shares used in earnings per share computation - basic | 8,652,699 | 7,330,386 | 8,202,850 | 7,442,956 |
Earnings per share - basic (in dollars per share) | $ 0.25 | $ 0.10 | $ 0.08 | $ 0.23 |
Earnings per share - diluted | ||||
Net (loss) income | $ 2,117 | $ 777 | $ 707 | $ 1,738 |
Weighted average shares outstanding - diluted | 8,652,699 | 7,330,386 | 8,202,850 | 7,442,956 |
Effect of common stock equivalents - diluted | 656,370 | 200,986 | 570,792 | 210,125 |
Adjusted weighted average shares used in earnings per share computation - diluted | 9,309,069 | 7,531,372 | 8,773,642 | 7,653,081 |
Earnings per share - diluted (in dollars per share) | $ 0.25 | $ 0.10 | $ 0.08 | $ 0.23 |
ACCUMULATED OTHER COMPREHENSI38
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in accumulated other comprehensive income (loss) by component net of tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | $ 798 | ||||
Total other comprehensive income (loss) | $ 633 | $ 149 | (1,485) | $ 914 | |
Ending Balance | (687) | (687) | |||
Unrealized gains (losses) on available for sale securities and interest rate swaps | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning Balance | [1] | (1,320) | 783 | 798 | 18 |
Unrealized (loss) gains on available for sale securities | [1] | 693 | 255 | (1,948) | 1,020 |
Unrealized gains on interest rate swaps | [1] | (60) | (106) | 463 | (106) |
Total other comprehensive income (loss) | [1] | 633 | 149 | (1,485) | 914 |
Ending Balance | [1] | $ (687) | $ 932 | $ (687) | $ 932 |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
ACCUMULATED OTHER COMPREHENSI39
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Significant amounts reclassified out of each component of accumulated other comprehensive income (loss) (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Unrealized gains on available for sale securities | |||||
Gain on sale of securities available for sale | $ 70 | $ 161 | $ 70 | $ 161 | |
Income taxes | 24 | 55 | 24 | 55 | |
Unrealized gains on available for sale securities | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Unrealized gains on available for sale securities | |||||
Gain on sale of securities available for sale | [1] | 70 | 161 | 70 | 161 |
Income taxes | [1] | (24) | (55) | (24) | (55) |
Net of tax | [1] | $ 46 | $ 106 | $ 46 | $ 106 |
[1] | Amounts in parentheses indicate debits to net income |
INVESTMENT AND MORTGAGE-BACKE40
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized cost and fair value of investment and mortgage-backed securities, with gross unrealized gains and losses (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 |
Securities Available for Sale: | ||
Amortized Cost | $ 184,980 | $ 137,222 |
Gross Unrealized Gains | 476 | 1,593 |
Gross Unrealized Losses | (2,017) | (121) |
Fair Value | 183,439 | 138,694 |
Securities Held to Maturity: | ||
Amortized Cost | 59,654 | 39,971 |
Gross Unrealized Gains | 767 | 858 |
Gross unrealized losses | (1,851) | (129) |
Fair value | 58,570 | 40,700 |
U.S. government and agency obligations | ||
Securities Available for Sale: | ||
Amortized Cost | 20,989 | 20,988 |
Gross Unrealized Gains | 36 | |
Gross Unrealized Losses | (369) | |
Fair Value | 20,620 | 21,024 |
Securities Held to Maturity: | ||
Amortized Cost | 33,500 | 33,499 |
Gross Unrealized Gains | 236 | 399 |
Gross unrealized losses | (1,735) | (129) |
Fair value | 32,001 | 33,769 |
Mortgage-backed securities - agency | ||
Securities Available for Sale: | ||
Amortized Cost | 126,912 | 90,817 |
Gross Unrealized Gains | 152 | 860 |
Gross Unrealized Losses | (1,349) | (102) |
Fair Value | 125,715 | 91,575 |
Securities Held to Maturity: | ||
Amortized Cost | 7,387 | 6,472 |
Gross Unrealized Gains | 347 | 459 |
Gross unrealized losses | (29) | |
Fair value | 7,705 | 6,931 |
Corporate bonds | ||
Securities Available for Sale: | ||
Amortized Cost | 37,073 | 25,411 |
Gross Unrealized Gains | 271 | 661 |
Gross Unrealized Losses | (299) | (19) |
Fair Value | 37,045 | 26,053 |
Total debt securities available for sale | ||
Securities Available for Sale: | ||
Amortized Cost | 184,974 | 137,216 |
Gross Unrealized Gains | 423 | 1,557 |
Gross Unrealized Losses | (2,017) | (121) |
Fair Value | 183,380 | 138,652 |
FHLMC preferred stock | ||
Securities Available for Sale: | ||
Amortized Cost | 6 | 6 |
Gross Unrealized Gains | 53 | 36 |
Gross Unrealized Losses | ||
Fair Value | 59 | $ 42 |
Municipal bonds | ||
Securities Held to Maturity: | ||
Amortized Cost | 18,767 | |
Gross Unrealized Gains | 184 | |
Gross unrealized losses | (87) | |
Fair value | $ 18,864 |
INVESTMENT AND MORTGAGE-BACKE41
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Gross unrealized losses and related fair values of investment securities, aggregated by investment category and length of time (Details 1) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 |
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | $ (1,797) | $ (69) |
Less than 12 months - Fair value | 118,154 | 20,453 |
More than 12 months - Gross Unrealized Losses | (220) | (52) |
More than 12 months - Fair value | 11,013 | 6,718 |
Gross Unrealized Losses - Total | (2,017) | (121) |
Fair Value - Total | 129,167 | 27,171 |
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | (1,851) | (129) |
Less than 12 months - Fair value | 35,817 | 20,371 |
More than 12 months - Gross Unrealized Losses | ||
More than 12 months - Fair value | ||
Gross Unrealized Losses -Total | (1,851) | (129) |
Fair Value - Total | 35,817 | 20,371 |
Less than 12 months - Gross Unrealized Losses | (3,648) | (198) |
Less than 12 months - Fair Value | 153,971 | 40,824 |
More than 12 months - Gross Unrealized Losses | (220) | (52) |
More than 12 months - Fair Value | 11,013 | 6,718 |
Gross Unrealized Losses -Total | (3,868) | (250) |
Fair Value - Total | 164,984 | 47,542 |
U.S. government and agency obligations | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (369) | |
Less than 12 months - Fair value | 20,620 | |
More than 12 months - Gross Unrealized Losses | ||
More than 12 months - Fair value | ||
Gross Unrealized Losses - Total | (369) | |
Fair Value - Total | 20,620 | |
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | (1,735) | (129) |
Less than 12 months - Fair value | 28,765 | 20,371 |
More than 12 months - Gross Unrealized Losses | ||
More than 12 months - Fair value | ||
Gross Unrealized Losses -Total | (1,735) | (129) |
Fair Value - Total | 28,765 | 20,371 |
Mortgage-backed securities - agency | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (1,129) | (50) |
Less than 12 months - Fair value | 81,547 | 16,498 |
More than 12 months - Gross Unrealized Losses | (220) | (52) |
More than 12 months - Fair value | 11,013 | 6,718 |
Gross Unrealized Losses - Total | (1,349) | (102) |
Fair Value - Total | 92,560 | 23,216 |
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | (29) | |
Less than 12 months - Fair value | 1,216 | |
More than 12 months - Gross Unrealized Losses | ||
More than 12 months - Fair value | ||
Gross Unrealized Losses -Total | (29) | |
Fair Value - Total | 1,216 | |
Corporate bonds | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (299) | (19) |
Less than 12 months - Fair value | 15,987 | 3,955 |
More than 12 months - Gross Unrealized Losses | ||
More than 12 months - Fair value | ||
Gross Unrealized Losses - Total | (299) | (19) |
Fair Value - Total | 15,987 | $ 3,955 |
Municipal bonds | ||
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | (87) | |
Less than 12 months - Fair value | 5,836 | |
More than 12 months - Gross Unrealized Losses | ||
More than 12 months - Fair value | ||
Gross Unrealized Losses -Total | (87) | |
Fair Value - Total | $ 5,836 |
INVESTMENT AND MORTGAGE-BACKE42
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized cost and fair value of debt securities, by contractual maturity (Details 2) $ in Thousands | Jun. 30, 2017USD ($) |
Held to Maturity, Amortized Cost | |
Due after one through five years | $ 2,867 |
Due after five through ten years | 20,583 |
Due after ten years | 28,817 |
Total | 52,267 |
Held to Maturity, Fair Value | |
Due after one through five years | 2,794 |
Due after five through ten years | 20,661 |
Due after ten years | 27,410 |
Total | 50,865 |
Available for Sale, Amortized Cost | |
Due after one through five years | 4,048 |
Due after five through ten years | 18,748 |
Due after ten years | 35,266 |
Total | 58,062 |
Available for Sale, Fair Value | |
Due after one through five years | 4,066 |
Due after five through ten years | 18,872 |
Due after ten years | 34,727 |
Total | $ 57,665 |
INVESTMENT AND MORTGAGE-BACKE43
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Detail Textuals) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017USD ($)Security | Jun. 30, 2016USD ($)Security | Jun. 30, 2017USD ($)Security | Jun. 30, 2016USD ($)Security | |
Marketable Securities [Line Items] | ||||
Aggregate amortized cost | $ 52,267,000 | $ 52,267,000 | ||
Aggregate agency securities | $ 50,865,000 | $ 50,865,000 | ||
Agency securities | ||||
Marketable Securities [Line Items] | ||||
Aggregate agency securities | $ 11,000,000 | $ 11,000,000 | ||
Recognized on aggregate gain | $ 8,000 | $ 8,000 | ||
U.S. Government and agency obligations | ||||
Marketable Securities [Line Items] | ||||
Number of investment securities in debt obligations in the category of loss position less than 12 months held by company | Security | 14 | 14 | ||
Mortgage-backed securities - agency | ||||
Marketable Securities [Line Items] | ||||
Number of investment securities in debt obligations in the category of loss position less than 12 months held by company | Security | 35 | 35 | ||
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | Security | 9 | 9 | ||
Number of securities sold | Security | 2 | 5 | 2 | 5 |
Aggregate amortized cost | $ 5,100,000 | $ 11,000,000 | $ 5,100,000 | $ 11,000,000 |
Recognized on aggregate gain | $ 18,000 | $ 153,000 | $ 18,000 | $ 153,000 |
Corporate bonds | ||||
Marketable Securities [Line Items] | ||||
Number of investment securities in debt obligations in the category of loss position less than 12 months held by company | Security | 15 | 15 | ||
Number of securities sold | Security | 1 | 1 | ||
Aggregate amortized cost | $ 5,200,000 | $ 5,200,000 | ||
Recognized on aggregate gain | $ 52,000 | $ 52,000 | ||
Municipal bonds | ||||
Marketable Securities [Line Items] | ||||
Number of investment securities in debt obligations in the category of loss position less than 12 months held by company | Security | 9 | 9 |
LOANS RECEIVABLE - Summary of L
LOANS RECEIVABLE - Summary of Loans receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 602,175 | $ 351,891 | ||||
Undisbursed portion of loans-in-process | (50,792) | (5,371) | ||||
Deferred loan fees and (costs) | (2,903) | 1,697 | ||||
Allowance for loan losses | (4,058) | $ (3,896) | (3,269) | $ (3,269) | $ (3,038) | $ (2,930) |
Net loans | 544,422 | 344,948 | ||||
One-to-four family residential | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 354,338 | 233,531 | ||||
Allowance for loan losses | (1,241) | (1,350) | (1,627) | (1,445) | (1,511) | (1,635) |
Multi-family residential | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 16,913 | 12,478 | ||||
Allowance for loan losses | (158) | (122) | (137) | (62) | (43) | (66) |
Commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 129,846 | 79,859 | ||||
Allowance for loan losses | (1,224) | (862) | (859) | (664) | (428) | (231) |
Construction and land development | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 93,671 | 21,839 | ||||
Allowance for loan losses | (1,011) | (1,035) | (316) | (777) | (773) | (724) |
Commercial business | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 490 | 99 | ||||
Allowance for loan losses | (4) | (1) | ||||
Leases | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 4,922 | 3,286 | ||||
Allowance for loan losses | (27) | (28) | (21) | |||
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 1,995 | 799 | ||||
Allowance for loan losses | $ (24) | $ (135) | $ (10) | $ (9) | $ (7) | $ (5) |
LOANS RECEIVABLE - Summary of45
LOANS RECEIVABLE - Summary of loans individually evaluated for impairment by loan segment (Details 1) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 |
Allowance for Loan Losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 4,058 | 3,269 | ||||
Total ending allowance balance | 4,058 | $ 3,896 | 3,269 | $ 3,269 | $ 3,038 | $ 2,930 |
Loans: | ||||||
Individually evaluated for impairment | 18,092 | 19,429 | ||||
Collectively evaluated for impairment | 584,083 | 332,462 | ||||
Total loans | 602,175 | 351,891 | ||||
One-to-four family residential | ||||||
Allowance for Loan Losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 1,242 | 1,627 | ||||
Total ending allowance balance | 1,241 | 1,350 | 1,627 | 1,445 | 1,511 | 1,635 |
Loans: | ||||||
Individually evaluated for impairment | 6,679 | 5,553 | ||||
Collectively evaluated for impairment | 347,659 | 227,978 | ||||
Total loans | 354,338 | 233,531 | ||||
Multi-family residential | ||||||
Allowance for Loan Losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 158 | 137 | ||||
Total ending allowance balance | 158 | 122 | 137 | 62 | 43 | 66 |
Loans: | ||||||
Individually evaluated for impairment | 323 | 335 | ||||
Collectively evaluated for impairment | 16,590 | 12,143 | ||||
Total loans | 16,913 | 12,478 | ||||
Commercial real estate | ||||||
Allowance for Loan Losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 1,224 | 859 | ||||
Total ending allowance balance | 1,224 | 862 | 859 | 664 | 428 | 231 |
Loans: | ||||||
Individually evaluated for impairment | 2,377 | 3,154 | ||||
Collectively evaluated for impairment | 127,469 | 76,705 | ||||
Total loans | 129,846 | 79,859 | ||||
Construction and land development | ||||||
Allowance for Loan Losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 1,011 | 316 | ||||
Total ending allowance balance | 1,011 | 1,035 | 316 | 777 | 773 | 724 |
Loans: | ||||||
Individually evaluated for impairment | 8,713 | 10,288 | ||||
Collectively evaluated for impairment | 84,958 | 11,551 | ||||
Total loans | 93,671 | 21,839 | ||||
Commercial business | ||||||
Allowance for Loan Losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 4 | 1 | ||||
Total ending allowance balance | 4 | 1 | ||||
Loans: | ||||||
Individually evaluated for impairment | 99 | |||||
Collectively evaluated for impairment | 490 | |||||
Total loans | 490 | 99 | ||||
Leases | ||||||
Allowance for Loan Losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 27 | 21 | ||||
Total ending allowance balance | 27 | 28 | 21 | |||
Loans: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 4,922 | 3,286 | ||||
Total loans | 4,922 | 3,286 | ||||
Consumer | ||||||
Allowance for Loan Losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 24 | 10 | ||||
Total ending allowance balance | 24 | 135 | 10 | 9 | 7 | 5 |
Loans: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 1,995 | 799 | ||||
Total loans | 1,995 | 799 | ||||
Unallocated | ||||||
Allowance for Loan Losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 368 | 298 | ||||
Total ending allowance balance | $ 369 | $ 364 | $ 298 | $ 312 | $ 276 | $ 269 |
LOANS RECEIVABLE - Impaired loa
LOANS RECEIVABLE - Impaired loans by class, segregated by those for which specific allowance was required and those for which specific allowance was not required (Details 2) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance - Recorded Investment | ||
Impaired Loans with Specific Allowance - Related Allowance | ||
Impaired Loans with No Specific Allowance - Recorded Investment | 18,092 | 19,429 |
Total Impaired Loans - Recorded Investment | 18,092 | 19,429 |
Total impaired loans - Unpaid Principal Balance | 20,140 | 19,745 |
One-to-four family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance - Recorded Investment | ||
Impaired Loans with Specific Allowance - Related Allowance | ||
Impaired Loans with No Specific Allowance - Recorded Investment | 6,679 | 5,553 |
Total Impaired Loans - Recorded Investment | 6,679 | 5,553 |
Total impaired loans - Unpaid Principal Balance | 6,908 | 5,869 |
Multi-family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance - Recorded Investment | ||
Impaired Loans with Specific Allowance - Related Allowance | ||
Impaired Loans with No Specific Allowance - Recorded Investment | 323 | 335 |
Total Impaired Loans - Recorded Investment | 323 | 335 |
Total impaired loans - Unpaid Principal Balance | 323 | 335 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance - Recorded Investment | ||
Impaired Loans with Specific Allowance - Related Allowance | ||
Impaired Loans with No Specific Allowance - Recorded Investment | 2,377 | 3,154 |
Total Impaired Loans - Recorded Investment | 2,377 | 3,154 |
Total impaired loans - Unpaid Principal Balance | 2,377 | 3,154 |
Construction and land development | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance - Recorded Investment | ||
Impaired Loans with Specific Allowance - Related Allowance | ||
Impaired Loans with No Specific Allowance - Recorded Investment | 8,713 | 10,288 |
Total Impaired Loans - Recorded Investment | 8,713 | 10,288 |
Total impaired loans - Unpaid Principal Balance | $ 10,532 | 10,288 |
Commercial loans | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance - Recorded Investment | ||
Impaired Loans with Specific Allowance - Related Allowance | ||
Impaired Loans with No Specific Allowance - Recorded Investment | 99 | |
Total Impaired Loans - Recorded Investment | 99 | |
Total impaired loans - Unpaid Principal Balance | $ 99 |
LOANS RECEIVABLE - Average reco
LOANS RECEIVABLE - Average recorded investment in impaired loans and related interest income recognized (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 18,699 | $ 18,796 | $ 18,946 | $ 18,423 |
Income Recognized on Accrual Basis | 24 | 55 | 117 | 181 |
Income Recognized on Cash Basis | 34 | 30 | 103 | 152 |
One-to-four family residential | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 5,965 | 5,052 | 5,280 | 4,978 |
Income Recognized on Accrual Basis | 12 | 14 | 59 | 89 |
Income Recognized on Cash Basis | 34 | 30 | 91 | 78 |
Multi-family residential | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 326 | 341 | 329 | 346 |
Income Recognized on Accrual Basis | 6 | 6 | 17 | 18 |
Income Recognized on Cash Basis | ||||
Commercial real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 2,801 | 3,595 | 2,938 | 3,667 |
Income Recognized on Accrual Basis | 6 | 35 | 41 | 74 |
Income Recognized on Cash Basis | 12 | 12 | ||
Construction and land development | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 9,607 | 9,808 | 10,399 | 9,432 |
Income Recognized on Accrual Basis | ||||
Income Recognized on Cash Basis | $ 62 |
LOANS RECEIVABLE - Summary of c
LOANS RECEIVABLE - Summary of classes of loan portfolio in which formal risk weighting system is used (Details 4) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 602,175 | $ 351,891 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 354,338 | 233,531 |
Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 16,913 | 12,478 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 129,846 | 79,859 |
Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 93,671 | 21,839 |
Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 490 | 99 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,995 | 799 |
Risk Rating System | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 244,516 | 117,168 |
Risk Rating System | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,596 | 2,893 |
Risk Rating System | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 16,913 | 12,478 |
Risk Rating System | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 129,846 | 79,859 |
Risk Rating System | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 93,671 | 21,839 |
Risk Rating System | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 490 | 99 |
Risk Rating System | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 228,694 | 99,979 |
Risk Rating System | Pass | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Risk Rating System | Pass | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 16,590 | 12,144 |
Risk Rating System | Pass | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 126,656 | 76,185 |
Risk Rating System | Pass | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 84,958 | 11,551 |
Risk Rating System | Pass | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 490 | 99 |
Risk Rating System | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,103 | 2,624 |
Risk Rating System | Special Mention | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,645 | 1,681 |
Risk Rating System | Special Mention | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Risk Rating System | Special Mention | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,458 | 943 |
Risk Rating System | Special Mention | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Risk Rating System | Special Mention | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Risk Rating System | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 12,719 | 14,565 |
Risk Rating System | Substandard | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,951 | 1,212 |
Risk Rating System | Substandard | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 323 | 334 |
Risk Rating System | Substandard | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,732 | 2,731 |
Risk Rating System | Substandard | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 8,713 | 10,288 |
Risk Rating System | Substandard | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans |
LOANS RECEIVABLE - Loans in whi
LOANS RECEIVABLE - Loans in which formal risk rating system is not utilized, but loans are segregated between performing and non-performing based primarily on delinquency status (Details 5) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 602,175 | $ 351,891 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 354,338 | 233,531 |
Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,922 | 3,286 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,995 | 799 |
Non Risk Rating System | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 357,659 | 234,723 |
Non Risk Rating System | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 350,742 | 230,638 |
Non Risk Rating System | Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,922 | 3,286 |
Non Risk Rating System | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,995 | 799 |
Non Risk Rating System | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 351,884 | 230,479 |
Non Risk Rating System | Performing | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 344,967 | 226,394 |
Non Risk Rating System | Performing | Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,922 | 3,286 |
Non Risk Rating System | Performing | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,995 | 799 |
Non Risk Rating System | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 5,775 | 4,244 |
Non Risk Rating System | Nonperforming | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 5,775 | 4,244 |
Non Risk Rating System | Nonperforming | Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Non Risk Rating System | Nonperforming | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans |
LOANS RECEIVABLE - Loan categor
LOANS RECEIVABLE - Loan categories of loan portfolio summarized by aging categories of performing loans and nonaccrual loans (Details 6) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 586,613 | $ 335,630 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | 2,434 | 1,860 |
Total Loans | 602,175 | 351,891 |
Non- Accrual | 16,092 | 15,878 |
30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 2,434 | 1,860 |
90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 13,129 | 14,401 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 349,359 | 228,904 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | 1,910 | 1,860 |
Total Loans | 354,338 | 233,531 |
Non- Accrual | 5,775 | 4,244 |
One-to-four family residential | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,910 | 1,860 |
One-to-four family residential | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 3,069 | 2,767 |
Multi-family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 16,913 | 12,478 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | ||
Total Loans | 16,913 | 12,478 |
Non- Accrual | ||
Multi-family residential | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | ||
Multi-family residential | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | ||
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 128,035 | 78,513 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | 465 | |
Total Loans | 129,846 | 79,859 |
Non- Accrual | 1,603 | 1,346 |
Commercial real estate | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 465 | |
Commercial real estate | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,346 | 1,346 |
Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 84,958 | 11,551 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | ||
Total Loans | 93,671 | 21,839 |
Non- Accrual | 8,714 | 10,288 |
Construction and land development | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | ||
Construction and land development | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 8,714 | 10,288 |
Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 490 | 99 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | ||
Total Loans | 490 | 99 |
Non- Accrual | ||
Commercial business | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | ||
Commercial business | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | ||
Leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 4,922 | 3,286 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | ||
Total Loans | 4,922 | 3,286 |
Non- Accrual | ||
Leases | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | ||
Leases | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | ||
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,936 | 799 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | 59 | |
Total Loans | 1,995 | 799 |
Non- Accrual | ||
Consumer | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 59 | |
Consumer | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due |
LOANS RECEIVABLE - Activity in
LOANS RECEIVABLE - Activity in allowance (Details 7) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | $ 3,896 | $ 3,038 | $ 3,269 | $ 2,930 |
Charge-offs | 1,948 | (11) | ||
Recoveries | 132 | 81 | 157 | 125 |
Provision | 30 | 150 | 2,580 | 225 |
ALLL balance | 4,058 | 3,269 | 4,058 | 3,269 |
One- to four-family residential | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | 1,350 | 1,511 | 1,627 | 1,635 |
Charge-offs | 113 | (11) | ||
Recoveries | 132 | 81 | 157 | 93 |
Provision | (241) | (147) | (430) | (272) |
ALLL balance | 1,241 | 1,445 | 1,241 | 1,445 |
Multi-family residential | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | 122 | 43 | 137 | 66 |
Charge-offs | 0 | |||
Recoveries | 0 | |||
Provision | 36 | 19 | 21 | (4) |
ALLL balance | 158 | 62 | 158 | 62 |
Commercial real estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | 862 | 428 | 859 | 231 |
Charge-offs | 0 | |||
Recoveries | 0 | 32 | ||
Provision | 362 | 236 | 365 | 401 |
ALLL balance | 1,224 | 664 | 1,224 | 664 |
Construction and land development | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | 1,035 | 773 | 316 | 724 |
Charge-offs | 1,819 | |||
Recoveries | 0 | |||
Provision | (24) | 4 | 2,514 | 53 |
ALLL balance | 1,011 | 777 | 1,011 | 777 |
Commercial business | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | 1 | |||
Charge-offs | 0 | |||
Recoveries | 0 | |||
Provision | 4 | 3 | ||
ALLL balance | 4 | 4 | ||
Leases | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | 28 | 21 | ||
Charge-offs | 0 | |||
Recoveries | 0 | |||
Provision | (1) | 6 | ||
ALLL balance | 27 | 27 | ||
Consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | 135 | 7 | 10 | 5 |
Charge-offs | 16 | |||
Recoveries | 0 | |||
Provision | (111) | 2 | 30 | 4 |
ALLL balance | 24 | 9 | 24 | 9 |
Unallocated | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | 364 | 276 | 298 | 269 |
Charge-offs | 0 | |||
Recoveries | 0 | |||
Provision | 5 | 36 | 71 | 43 |
ALLL balance | $ 369 | $ 312 | $ 369 | $ 312 |
LOANS RECEIVABLE (Detail Textua
LOANS RECEIVABLE (Detail Textuals) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Loan | Jun. 30, 2016USD ($) | Sep. 30, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Provision for loan losses | $ 30 | $ 150 | $ 2,580 | $ 225 | ||
Number of Loans | Loan | 9 | |||||
Loans classified as troubled debt restructurings ("TDRs"), Recorded investment | 6,100 | $ 6,100 | ||||
Charge-offs | $ (1,948) | $ 11 | ||||
Number of TDR loans receivable placed on accruing status | Loan | 6 | |||||
Total Loans | 602,175 | $ 602,175 | $ 351,891 | |||
Impaired Loans - Recorded Investment | 18,092 | 18,092 | 19,429 | |||
Risk Rating System | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | 244,516 | $ 244,516 | 117,168 | |||
Nonperforming | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of Loans | Loan | 3 | |||||
Loans classified as troubled debt restructurings ("TDRs"), Recorded investment | 4,900 | $ 4,900 | ||||
Number of loans default | Loan | 1 | |||||
Amount of loan concerns sufficiancy of cash flow | $ 1,400 | |||||
Number of remaining loan default | Loan | 2 | |||||
Amount of loan default | $ 3,500 | |||||
Write-down amount of TDR loans | $ 1,900 | |||||
Substandard | Risk Rating System | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans | $ 12,719 | $ 12,719 | $ 14,565 |
DEPOSITS - Major classification
DEPOSITS - Major classifications of deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 |
Amount | ||
Money market deposit accounts | $ 81,211 | $ 55,552 |
Interest-bearing checking accounts | 54,574 | 34,984 |
Non interest-bearing checking accounts | 9,569 | 3,804 |
Passbook, club and statement savings | 104,446 | 70,924 |
Certificates maturing in six months or less | 123,656 | 97,418 |
Certificates maturing in more than six months | 241,390 | 126,519 |
Total deposits | $ 614,846 | $ 389,201 |
Percent | ||
Money market deposit accounts | 13.20% | 14.30% |
Interest-bearing checking accounts | 8.90% | 9.30% |
Non interest-bearing checking accounts | 1.60% | 0.70% |
Passbook, club and statement savings | 17.00% | 18.20% |
Certificates maturing in six months or less | 20.10% | 25.00% |
Certificates maturing in more than six months | 39.20% | 32.50% |
Total | 100.00% | 100.00% |
DEPOSITS (Detail Textuals)
DEPOSITS (Detail Textuals) - USD ($) $ in Millions | Jun. 30, 2017 | Sep. 30, 2016 |
Deposits [Abstract] | ||
Certificates of $250,000 and over | $ 24.6 | $ 17 |
ADVANCES FROM FEDERAL HOME LO55
ADVANCES FROM FEDERAL HOME LOAN BANK (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Sep. 30, 2016 | |
Advances from Federal Home Loan Banks [Abstract] | |||||
Balance at period-end | $ 20,000 | $ 20,000 | $ 20,000 | $ 20,000 | $ 20,000 |
Average balance outstanding | 20,000 | 20,000 | 21,667 | 20,000 | |
Maximum month-end balance | $ 20,000 | $ 20,000 | $ 35,000 | $ 20,000 | |
Weight-average rate at period end | 1.25% | 0.56% | 1.25% | 0.56% | |
Weight-average rate during the period | 1.12% | 0.56% | 0.80% | 0.56% |
ADVANCES FROM FEDERAL HOME LO56
ADVANCES FROM FEDERAL HOME LOAN BANK (Details 1) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Sep. 30, 2016 | ||
Federal Home Loan Bank, Advances [Line Items] | |||
Amount | [1] | $ 88,078 | $ 30,638 |
Coupon | [1] | 2.19% | 1.34% |
Fixed Rate Advance Maturity Date 17-Nov-17 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Nov. 17, 2017 | Nov. 17, 2017 | |
Amount | $ 10,000 | $ 10,000 | |
Coupon | 1.20% | 1.20% | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate -Amortizing Maturity Date 1-Dec-17 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Dec. 1, 2017 | Dec. 1, 2017 | |
Amount | $ 1,009 | $ 2,511 | |
Coupon | 1.16% | 1.16% | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate -Advance Maturity Date 4-Dec-17 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Dec. 4, 2017 | Dec. 4, 2017 | |
Amount | $ 2,000 | $ 2,000 | |
Coupon | 1.15% | 1.15% | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate - Advance Maturity Date 19-Mar-18 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Mar. 19, 2018 | ||
Amount | $ 5,045 | ||
Coupon | 2.53% | ||
Call Date | Not Applicable | ||
Fixed Rate - Advance Maturity Date 19-Mar-18 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Mar. 19, 2018 | ||
Amount | $ 5,031 | ||
Coupon | 2.13% | ||
Call Date | Not Applicable | ||
Fixed Rate - Advance Maturity Date 20-Jun-18 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jun. 20, 2018 | ||
Amount | $ 3,015 | ||
Coupon | 1.86% | ||
Call Date | Not Applicable | ||
Fixed Rate - Advance Maturity Date 25-Jun-18 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jun. 25, 2018 | ||
Amount | $ 3,022 | ||
Coupon | 2.09% | ||
Call Date | Not Applicable | ||
Fixed Rate - Advance Maturity Date 27-Aug-18 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Aug. 27, 2018 | ||
Amount | $ 7,223 | ||
Coupon | 4.15% | ||
Call Date | Not Applicable | ||
Fixed Rate - Advance Maturity Date 15-Nov-18 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Nov. 15, 2018 | ||
Amount | $ 3,017 | ||
Coupon | 1.89% | ||
Call Date | Not Applicable | ||
Fixed Rate - Advance Maturity Date 16-Nov-18 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Nov. 16, 2018 | Nov. 16, 2018 | |
Amount | $ 7,500 | $ 7,500 | |
Coupon | 1.40% | 1.40% | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate - Advance Maturity Date 26-Nov-18 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Nov. 26, 2018 | ||
Amount | $ 2,010 | ||
Coupon | 1.81% | ||
Call Date | Not Applicable | ||
Fixed Rate -Advance Maturity Date 3-Dec-18 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Dec. 3, 2018 | Dec. 3, 2018 | |
Amount | $ 3,000 | $ 3,000 | |
Coupon | 1.54% | 1.54% | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate - Advance Maturity Date 16-Aug-19 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Aug. 16, 2019 | ||
Amount | $ 3,063 | ||
Coupon | 2.66% | ||
Call Date | Not Applicable | ||
Fixed Rate - Advance Maturity Date 9-Oct-19 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Oct. 9, 2019 | ||
Amount | $ 2,038 | ||
Coupon | 2.53% | ||
Call Date | Not Applicable | ||
Fixed Rate - Amortizing Maturity Date 18-Nov-19 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Nov. 18, 2019 | Nov. 18, 2019 | |
Amount | $ 3,363 | $ 4,382 | |
Coupon | 1.53% | 1.53% | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate - Advance Maturity 26-Nov-19 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Nov. 26, 2019 | ||
Amount | $ 3,047 | ||
Coupon | 2.35% | ||
Call Date | Not Applicable | ||
Fixed Rate - Advance Maturity 22-Jun-20 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jun. 22, 2020 | ||
Amount | $ 3,068 | ||
Coupon | 2.60% | ||
Call Date | Not Applicable | ||
Fixed Rate - Advance Maturity 24-Jun-20 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jun. 24, 2020 | ||
Amount | $ 2,059 | ||
Coupon | 2.85% | ||
Call Date | Not Applicable | ||
Fixed Rate -Advance Maturity Date 27-Jul-20 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jul. 27, 2020 | Jul. 27, 2020 | |
Amount | $ 249 | $ 249 | |
Coupon | 1.38% | 1.38% | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate - Advance Maturity 17-Aug-20 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Aug. 17, 2020 | ||
Amount | $ 2,073 | ||
Coupon | 3.06% | ||
Call Date | Not Applicable | ||
Fixed Rate - Advance Maturity 9-Oct-20 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Oct. 9, 2020 | ||
Amount | $ 2,066 | ||
Coupon | 2.92% | ||
Call Date | Not Applicable | ||
Fixed Rate -Advance Maturity Date 27-Jul-21 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jul. 27, 2021 | Jul. 27, 2021 | |
Amount | $ 249 | $ 249 | |
Coupon | 1.52% | 1.52% | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate -Advance Maturity Date 28-Jul-21 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jul. 28, 2021 | Jul. 28, 2021 | |
Amount | $ 249 | $ 249 | |
Coupon | 1.48% | 1.48% | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate Advance Maturity Date 29-Jul-21 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jul. 29, 2021 | Jul. 29, 2021 | |
Amount | $ 249 | $ 249 | |
Coupon | 1.42% | 1.42% | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate -Advance Maturity Date 19-Aug-21 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Aug. 19, 2021 | Aug. 19, 2021 | |
Amount | $ 249 | $ 249 | |
Coupon | 1.55% | 1.55% | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate - Advance Maturity Date 7-Oct-21 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Oct. 7, 2021 | ||
Amount | $ 2,095 | ||
Coupon | 3.19% | ||
Call Date | Not Applicable | ||
Fixed Rate Advance Maturity Date 12-Oct-21 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Oct. 12, 2021 | ||
Amount | $ 2,089 | ||
Coupon | 3.23% | ||
Call Date | Not Applicable | ||
Fixed Rate Advance Maturity Date 6 Jun 22 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jun. 6, 2022 | ||
Amount | $ 10,000 | ||
Coupon | 2.05% | ||
Call Date | Not Applicable | ||
[1] | Weighted average coupon rate. |
ADVANCES FROM FEDERAL HOME LO57
ADVANCES FROM FEDERAL HOME LOAN BANK (Details Textuals) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Advance | Jun. 30, 2016USD ($) | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Average balance outstanding | $ 20,000 | $ 20,000 | $ 21,667 | $ 20,000 |
Interest rate swap contracts | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Average balance outstanding | $ 20,000 | |||
Number of federal home loan bank advances | Advance | 2 | |||
FHLB advance associated with an interest rate swap contract | $ 10,000 | |||
Weighted average effective cost | 117.00% |
DERIVATIVES (Details)
DERIVATIVES (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Sep. 30, 2016 | |
Derivative [Line Items] | ||
Unrealized Gain | $ 499 | $ (202) |
Interest rate swap contract | ||
Derivative [Line Items] | ||
Notional Amount | $ 10,000 | $ 10,000 |
Pay Rate | 1.15% | 1.15% |
Receive Rate | 1 Month Libor | 1 Month Libor |
Maturity Date | Apr. 6, 2021 | Apr. 6, 2021 |
Unrealized Gain | $ 214 | $ (92) |
Interest rate swap contract | ||
Derivative [Line Items] | ||
Notional Amount | $ 10,000 | $ 10,000 |
Pay Rate | 1.18% | 1.18% |
Receive Rate | 1 Month Libor | 1 Month Libor |
Maturity Date | Jun. 13, 2021 | Jun. 13, 2021 |
Unrealized Gain | $ 221 | $ (103) |
Interest rate swap contracts | ||
Derivative [Line Items] | ||
Notional Amount | $ 1,100 | $ 1,100 |
Pay Rate | 4.10% | 4.10% |
Receive Rate | 1 Month Libor +276 bp | 1 Month Libor +276 bp |
Maturity Date | Aug. 1, 2026 | Aug. 1, 2026 |
Unrealized Gain | $ 64 | $ (7) |
DERIVATIVES (Detail Textuals)
DERIVATIVES (Detail Textuals) $ in Millions | Jun. 30, 2017USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest rate swap agreements outstanding amount | $ 20 |
INCOME TAXES - Items that gave
INCOME TAXES - Items that gave rise to significant portions of deferred income taxes (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 |
Deferred tax assets: | ||
Allowance for loan losses | $ 1,647 | $ 1,289 |
Nonaccrual interest | 286 | 163 |
Accrued vacation | 12 | 13 |
Capital loss carryforward | 387 | 378 |
Split dollar life insurance | 18 | 18 |
Post-retirement benefits | 97 | 96 |
Other real estate owned | 3 | |
Unrealized losses on available for sale securities | 524 | |
Goodwill | 2,729 | |
Purchase accounting (Polonia Bancorp) | 935 | |
Unrealized losses on interest rate swaps | 69 | |
Employee benefit plans | 327 | 434 |
Total deferred tax assets | 6,965 | 2,460 |
Valuation allowance | (387) | (378) |
Total deferred tax assets, net of valuation allowance | 6,578 | 2,082 |
Deferred tax liabilities: | ||
Property | 393 | 423 |
Unrealized gains on available for sale securities | 500 | |
Unrealized gains on interest rate swaps | 12 | |
Section 481(a) Adjustment | 170 | |
Deferred loan fees | 534 | 578 |
Total deferred tax liabilities | 1,097 | 1,513 |
Net deferred tax assets | $ 5,481 | $ 569 |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 387 | $ 378 |
STOCK COMPENSATION PLANS - Summ
STOCK COMPENSATION PLANS - Summary of non-vested stock award activity (Details) - $ / shares | 9 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Number of Shares | ||
Nonvested stock awards at October 1 | 172,788 | 241,428 |
Granted | 17,128 | |
Forfeited | (30,180) | |
Vested | (43,755) | (55,279) |
Nonvested stock awards at the June 30 | 146,161 | 155,969 |
Weighted Average Grant Date Fair Value | ||
Nonvested stock awards at October 1 | $ 12.03 | $ 11.74 |
Granted | 17.43 | |
Forfeited | 11.55 | |
Vested | 11.59 | 11.59 |
Nonvested stock awards at the June 30 | $ 12.78 | $ 11.83 |
STOCK COMPENSATION PLANS - Su63
STOCK COMPENSATION PLANS - Summary of status of stock options under Stock Option Plan (Details 1) - 2008 Option Plan and 2014 SIP - $ / shares | 9 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Number of Shares | ||
Outstanding at October 1 | 921,909 | 1,074,430 |
Granted | 47,828 | |
Exercised | (40,757) | (89,358) |
Forfeited | (80,476) | |
Outstanding at June 30 | 928,980 | 904,596 |
Exercisable at June 30 | 552,435 | 489,679 |
Weighted Average Exercise Price | ||
Outstanding at October 1 | $ 11.7 | $ 11.92 |
Granted | 17.48 | |
Exercised | 11.48 | 11.61 |
Forfeited | 11.52 | |
Outstanding at June 30 | 11.85 | 11.99 |
Exercisable at June 30 | $ 11.43 | $ 11.45 |
STOCK COMPENSATION PLANS (Detai
STOCK COMPENSATION PLANS (Detail Textuals) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jan. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2017 | Jun. 30, 2016 | Sep. 30, 2005 | Dec. 31, 2016 | Sep. 30, 2016 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||||
ESOP shares allocated to participant's accounts | 8,879 | 26,649 | |||||
Compensation expense of ESOP | $ 139 | $ 384 | |||||
Number of treasury share purchased | 1,811,264 | 1,499,265 | |||||
Amount allocated to purchase treasury stock | $ 26,692 | $ 21,098 | |||||
Employee Stock Ownership Plan ESOP Plan | |||||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||||
Number of common shares purchased under employee stock ownership plan (ESOP) | 30,100 | 255,564 | 427,057 | ||||
Aggregate cost of common stock purchased under employee stock ownership plan (ESOP) | $ 3,100 | $ 4,500 | |||||
Number of shares held by ESOP | 394,156 | ||||||
ESOP shares allocated to participant's accounts | 243,734 | ||||||
Additional ESOP shares allocated to participant's accounts | 35,517 | ||||||
Compensation expense of ESOP | $ 139 | $ 384 | |||||
Number of treasury share purchased | 115,000 | ||||||
Long-term Debt | $ 5,200 | ||||||
Number of shares used to payoff debt | 303,115 |
STOCK COMPENSATION PLANS (Det65
STOCK COMPENSATION PLANS (Detail Textuals 1) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended | |
Aug. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares purchased by RRP trust | 42,791 | ||
Number of shares granted | 17,128 | ||
2008 Recognition and Retention Plan ("2008 RRP") | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares purchased by RRP trust | 213,528 | ||
Value of shares purchased in open market by RRP trust | $ 2.5 | ||
Average price per share of common stock purchased in the open market | $ 11.49 | ||
Percentage of vesting per year | 20.00% | ||
Vesting period of awards granted | 5 years | ||
Number of shares granted | 7,473 |
STOCK COMPENSATION PLANS (Det66
STOCK COMPENSATION PLANS (Detail Textuals 2) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
May 31, 2017 | Mar. 31, 2017 | Aug. 31, 2016 | Feb. 28, 2015 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares purchased for award | 42,791 | ||||||||
Number of shares granted | 17,128 | ||||||||
2008 Stock Option Plan (the "2008 Option Plan") | Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of vesting and exercisable per year | 20.00% | ||||||||
Vesting period of options | 5 years | ||||||||
Exercisable period of options after grant date | 10 years | ||||||||
Number of common stock available for issuance | 533,808 | 533,808 | |||||||
Number of vested options | 467,758 | ||||||||
Number of shares purchased for award | 608,737 | ||||||||
Number of shares granted | 18,866 | ||||||||
2014 Stock Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares granted | 3,027 | ||||||||
2014 Stock Incentive Plan | Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares for issuance pursuant to options | 714,145 | 714,145 | |||||||
Number of shares granted | 25,000 | 22,828 | 8,634 | 608,737 | |||||
2014 Stock Incentive Plan | Restricted stock awards or units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of common stock available for issuance | 285,655 | ||||||||
Number of forfeit shares exceptional for award | 53,462 | ||||||||
Number of shares granted | 233,500 | 17,128 | |||||||
2008 RRP and 2014 SIP | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares purchased for award | 587,112 | ||||||||
2008 RRP and 2014 SIP | Restricted stock awards or units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Recognized compensation expense | $ 149,000 | $ 87,000 | $ 430,000 | $ 329,000 | |||||
Income tax benefit realized | 51,000 | 30,000 | 146,000 | 112,000 | |||||
Additional compensation expense for shares awarded remained unrecognized | 1,200,000 | $ 1,200,000 | |||||||
Weighted average period for recognition of nonvested awards | 3 years 1 month 6 days | ||||||||
2008 Option Plan and 2014 SIP | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Additional compensation expense for options awarded remained unrecognized | 1,500,000 | $ 1,500,000 | |||||||
2008 Option Plan and 2014 SIP | Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Recognized compensation expense | 139,000 | 106,000 | 397,000 | 322,000 | |||||
Income tax benefit realized | $ 17,000 | $ 36,000 | $ 49,000 | $ 44,000 | |||||
Weighted average period for recognition of nonvested awards | 3 years 2 months 12 days |
STOCK COMPENSATION PLANS (Det67
STOCK COMPENSATION PLANS (Detail Textuals 3) - 2008 Option Plan and 2014 SIP - Stock Options | 9 Months Ended |
Jun. 30, 2017$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average remaining contractual term for options outstanding | 4 years 6 months |
Granted in fiscal 2009 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated fair value of options granted per share | $ 2.98 |
Granted in fiscal 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated fair value of options granted per share | 2.92 |
Granted in fiscal 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated fair value of options granted per share | 3.34 |
Granted in fiscal 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated fair value of options granted per share | 4.67 |
Granted in fiscal 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated fair value of options granted per share | $ 4.58 |
Fair value, valuation method | Black-Scholes pricing model |
Exercise price and fair value | $ 12.23 |
Expected term | 7 years |
Volatility rate | 38.16% |
Expected interest rate | 1.62% |
Expected yield | 0.98% |
Granted in fiscal 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated fair value of options granted per share | $ 2.13 |
Fair value, valuation method | Black-Scholes pricing model |
Exercise price and fair value | $ 14.42 |
Expected term | 7 years |
Volatility rate | 13.82% |
Expected interest rate | 1.36% |
Expected yield | 0.80% |
Granted in fiscal 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated fair value of options granted per share | $ 3.18 |
Grants in March and May 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value, valuation method | Black-Scholes pricing model |
Exercise price and fair value | $ 17.43 |
Expected term | 7 years |
Volatility rate | 14.40% |
Expected interest rate | 2.22% |
Expected yield | 0.69% |
COMMITMENTS AND CONTINGENT LI68
COMMITMENTS AND CONTINGENT LIABILITIES (Detail Textuals) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Sep. 30, 2016 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Exposure related to loans sold to FHLB | $ 1,800 | |
Aggregate undisbursed portion of loans-in-process | 50,792 | $ 5,371 |
Loan Origination Commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Exposure related to loans sold to FHLB | 34,700 | 9,900 |
Aggregate undisbursed portion of loans-in-process | $ 50,800 | $ 5,400 |
Loan Origination Commitments | Minimum | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Market interest rate on fixed and variable rate loans | 4.00% | 3.75% |
Loan Origination Commitments | Maximum | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Market interest rate on fixed and variable rate loans | 5.50% | 5.00% |
Unused lines of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Exposure related to loans sold to FHLB | $ 8,900 | $ 3,300 |
Letters of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Exposure related to loans sold to FHLB | $ 1,500 | $ 1,900 |
FAIR VALUE MEASUREMENT - Assets
FAIR VALUE MEASUREMENT - Assets measured at fair value on recurring basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 |
Assets: | ||
Assets, total | $ 183,938 | $ 138,694 |
Liabilities | ||
Liabilities, total | 202 | |
Level 1 | ||
Assets: | ||
Assets, total | 59 | 42 |
Liabilities | ||
Liabilities, total | ||
Level 2 | ||
Assets: | ||
Assets, total | 183,879 | 138,652 |
Liabilities | ||
Liabilities, total | 202 | |
Level 3 | ||
Assets: | ||
Assets, total | ||
Liabilities | ||
Liabilities, total | ||
U.S. Government and agency obligations | ||
Assets: | ||
Assets, total | 20,620 | 21,024 |
U.S. Government and agency obligations | Level 1 | ||
Assets: | ||
Assets, total | ||
U.S. Government and agency obligations | Level 2 | ||
Assets: | ||
Assets, total | 20,620 | 21,024 |
U.S. Government and agency obligations | Level 3 | ||
Assets: | ||
Assets, total | ||
Mortgage-backed securities - U.S. Government agencies | ||
Assets: | ||
Assets, total | 125,715 | 91,575 |
Mortgage-backed securities - U.S. Government agencies | Level 1 | ||
Assets: | ||
Assets, total | ||
Mortgage-backed securities - U.S. Government agencies | Level 2 | ||
Assets: | ||
Assets, total | 125,715 | 91,575 |
Mortgage-backed securities - U.S. Government agencies | Level 3 | ||
Assets: | ||
Assets, total | ||
Corporate bonds | ||
Assets: | ||
Assets, total | 37,045 | 26,053 |
Corporate bonds | Level 1 | ||
Assets: | ||
Assets, total | ||
Corporate bonds | Level 2 | ||
Assets: | ||
Assets, total | 37,045 | 26,053 |
Corporate bonds | Level 3 | ||
Assets: | ||
Assets, total | ||
FHLMC preferred stock | ||
Assets: | ||
Assets, total | 59 | 42 |
FHLMC preferred stock | Level 1 | ||
Assets: | ||
Assets, total | 59 | 42 |
FHLMC preferred stock | Level 2 | ||
Assets: | ||
Assets, total | ||
FHLMC preferred stock | Level 3 | ||
Assets: | ||
Assets, total | ||
Interest rate swap contracts | ||
Assets: | ||
Assets, total | 499 | |
Liabilities | ||
Liabilities, total | 202 | |
Interest rate swap contracts | Level 1 | ||
Assets: | ||
Assets, total | ||
Liabilities | ||
Liabilities, total | ||
Interest rate swap contracts | Level 2 | ||
Assets: | ||
Assets, total | ||
Liabilities | ||
Liabilities, total | 202 | |
Interest rate swap contracts | Level 3 | ||
Assets: | ||
Assets, total | $ 499 | |
Liabilities | ||
Liabilities, total |
FAIR VALUE MEASUREMENT - Change
FAIR VALUE MEASUREMENT - Changes in level 3 assets measured at fair value (Details 1) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 18,092 | $ 19,429 |
Real estate owned | 192 | 581 |
Total | 18,284 | 20,010 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Real estate owned | ||
Total | ||
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Real estate owned | ||
Total | ||
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 18,092 | 19,429 |
Real estate owned | 192 | 581 |
Total | $ 18,284 | $ 20,010 |
FAIR VALUE MEASUREMENT - Valuat
FAIR VALUE MEASUREMENT - Valuation processes used to determine nonrecurring fair value measurements categorized within level 3 (Details 2) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Sep. 30, 2016 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 18,284 | $ 20,010 | |
Level 3 | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | 18,284 | 20,010 | |
Level 3 | Impaired loan | Property Appraisals Valuation Technique | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 18,092 | $ 19,429 | |
Valuation Technique | [1],[2] | Property appraisals | Property appraisals |
Unobservable Input | [3] | Management discount for selling costs, property type and market volatility | Management discount for selling costs, property type and market volatility |
Level 3 | Impaired loan | Property Appraisals Valuation Technique | Minimum | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Management discount rate | 6.00% | 6.00% | |
Level 3 | Impaired loan | Property Appraisals Valuation Technique | Maximum | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Management discount rate | 10.00% | 46.00% | |
Level 3 | Impaired loan | Property Appraisals Valuation Technique | Weighted Average | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Management discount rate | 10.00% | 10.00% | |
Level 3 | Real estate owned | Property Appraisals Valuation Technique | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 581 | $ 581 | |
Valuation Technique | [1],[2] | Property appraisals | Property appraisals |
Unobservable Input | [3] | Management discount for selling costs, property type and market volatility | Management discount for selling costs, property type and market volatility |
Level 3 | Real estate owned | Property Appraisals Valuation Technique | Weighted Average | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Management discount rate | 10.00% | 10.00% | |
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally includes various Level 3 inputs, which are not identifiable. | ||
[2] | Includes qualitative adjustments by management and estimated liquidation expenses. | ||
[3] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
FAIR VALUE MEASUREMENT - Asse72
FAIR VALUE MEASUREMENT - Assets measured at fair value on a non-recurring basis and the adjustments to the carrying value (Details 3) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2015 |
Assets: | ||||
Cash and cash equivalents | $ 22,927 | $ 12,440 | $ 38,572 | $ 11,272 |
Certificates of deposit | 1,853 | 1,853 | ||
Investment and mortgage-backed securities available for sale | 183,439 | 138,694 | ||
Investment and mortgage-backed securities held to maturity | 59,654 | 39,971 | ||
Loans receivable, net | 544,422 | 344,948 | ||
Accrued interest receivable | 3,089 | 1,928 | ||
Other real estate owned | 192 | 581 | ||
Federal Home Loan Bank stock | 5,767 | 2,463 | ||
Bank owned life insurance | 27,877 | 13,055 | ||
Interest rate swap contracts | 499 | |||
Liabilities: | ||||
Checking accounts | 64,143 | 38,788 | ||
Money market deposit accounts | 81,211 | 55,552 | ||
Passbook, club and statement savings accounts | 104,446 | 70,924 | ||
Certificates of deposit | 365,046 | 223,937 | ||
Accrued interest payable | 1,339 | 1,403 | ||
Advances from FHLB short-term | 20,000 | 20,000 | $ 20,000 | |
Advances from FHLB long-term | 88,078 | 30,638 | ||
Advances from borrowers for taxes and insurance | 3,982 | 1,748 | ||
Interest rate swap contracts | 202 | |||
Fair Value | ||||
Assets: | ||||
Cash and cash equivalents | 22,927 | 12,440 | ||
Certificates of deposit | 1,853 | 1,853 | ||
Investment and mortgage-backed securities available for sale | 183,439 | 138,694 | ||
Investment and mortgage-backed securities held to maturity | 58,570 | 40,700 | ||
Loans receivable, net | 548,697 | 344,100 | ||
Accrued interest receivable | 3,089 | 1,928 | ||
Other real estate owned | 192 | |||
Federal Home Loan Bank stock | 5,767 | 2,463 | ||
Bank owned life insurance | 27,877 | 13,055 | ||
Interest rate swap contracts | 499 | |||
Liabilities: | ||||
Checking accounts | 64,143 | 38,788 | ||
Money market deposit accounts | 81,211 | 55,552 | ||
Passbook, club and statement savings accounts | 104,446 | 70,924 | ||
Certificates of deposit | 360,527 | 225,383 | ||
Accrued interest payable | 1,339 | 1,403 | ||
Advances from FHLB short-term | 20,000 | 20,000 | ||
Advances from FHLB long-term | 87,372 | 30,222 | ||
Advances from borrowers for taxes and insurance | 3,982 | 1,748 | ||
Interest rate swap contracts | 202 | |||
Level 1 | ||||
Assets: | ||||
Cash and cash equivalents | 22,927 | 12,440 | ||
Certificates of deposit | 1,853 | 1,853 | ||
Investment and mortgage-backed securities available for sale | 59 | 42 | ||
Investment and mortgage-backed securities held to maturity | ||||
Loans receivable, net | ||||
Accrued interest receivable | 3,089 | 1,928 | ||
Other real estate owned | 192 | |||
Federal Home Loan Bank stock | 5,767 | 2,463 | ||
Bank owned life insurance | 27,877 | 13,055 | ||
Interest rate swap contracts | ||||
Liabilities: | ||||
Checking accounts | 64,143 | 38,788 | ||
Money market deposit accounts | 81,211 | 55,552 | ||
Passbook, club and statement savings accounts | 104,446 | 70,924 | ||
Certificates of deposit | ||||
Accrued interest payable | 1,339 | 1,403 | ||
Advances from FHLB short-term | 20,000 | 20,000 | ||
Advances from FHLB long-term | ||||
Advances from borrowers for taxes and insurance | 3,982 | 1,748 | ||
Interest rate swap contracts | ||||
Level 2 | ||||
Assets: | ||||
Cash and cash equivalents | ||||
Certificates of deposit | ||||
Investment and mortgage-backed securities available for sale | 183,380 | 138,652 | ||
Investment and mortgage-backed securities held to maturity | 58,570 | 40,700 | ||
Loans receivable, net | ||||
Accrued interest receivable | ||||
Other real estate owned | ||||
Federal Home Loan Bank stock | ||||
Bank owned life insurance | ||||
Interest rate swap contracts | 499 | |||
Liabilities: | ||||
Checking accounts | ||||
Money market deposit accounts | ||||
Passbook, club and statement savings accounts | ||||
Certificates of deposit | ||||
Accrued interest payable | ||||
Advances from FHLB short-term | ||||
Advances from FHLB long-term | ||||
Advances from borrowers for taxes and insurance | ||||
Interest rate swap contracts | 202 | |||
Level 3 | ||||
Assets: | ||||
Cash and cash equivalents | ||||
Certificates of deposit | ||||
Investment and mortgage-backed securities available for sale | ||||
Investment and mortgage-backed securities held to maturity | ||||
Loans receivable, net | 548,697 | 344,100 | ||
Accrued interest receivable | ||||
Other real estate owned | ||||
Federal Home Loan Bank stock | ||||
Bank owned life insurance | ||||
Interest rate swap contracts | ||||
Liabilities: | ||||
Checking accounts | ||||
Money market deposit accounts | ||||
Passbook, club and statement savings accounts | ||||
Certificates of deposit | 360,527 | 225,383 | ||
Accrued interest payable | ||||
Advances from FHLB short-term | ||||
Advances from FHLB long-term | 87,372 | 30,222 | ||
Advances from borrowers for taxes and insurance | ||||
Interest rate swap contracts |
FAIR VALUE MEASUREMENT (Detail
FAIR VALUE MEASUREMENT (Detail Textuals) - USD ($) $ in Millions | Jun. 30, 2017 | Sep. 30, 2016 |
Level 2 | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent impaired loans, fair value | $ 18 | $ 19.4 |
GOODWILL AND OTHER INTANGIBLE74
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Balance, Goodwill | ||
Additions/Adjustments | 7,163 | |
Balance, Goodwill | $ 7,163 | 7,163 |
Balance, Total | ||
Additions/Adjustments | 7,985 | |
Amortization | (37) | (75) |
Balance, Total | 7,910 | 7,910 |
Core deposit intangibles | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Balance | ||
Additions/Adjustments | 822 | |
Amortization | (75) | |
Balance | $ 747 | $ 747 |
Amortization Period | 10 years |
GOODWILL AND OTHER INTANGIBLE75
GOODWILL AND OTHER INTANGIBLE ASSETS (Details 1) $ in Thousands | Jun. 30, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,017 | $ 37 |
2,018 | 138 |
2,019 | 123 |
2,020 | 108 |
Thereafter | $ 341 |
BUSINESS COMBINATIONS (Details)
BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2017 | Sep. 30, 2016 | |
Liabilities assumed: | ||
Goodwill resulting from the acquisition | $ 7,163 | |
Polonia Bancorp | ||
Consideration paid: | ||
Common stock issued (1,274,197 shares) at a fair value per share of $17.12 per share. | 21,814 | |
Cash for common stock exchanged | 18,944 | |
Cash in lieu of fractional shares | 1 | |
Total Consideration | 40,759 | |
Assets acquired: | ||
Cash and due from banks | 47,901 | |
Investments available for sale | 42,164 | |
Loans | 160,157 | |
Premises and equipment | 6,902 | |
Deferred taxes | 3,921 | |
Bank-owned life insurance | 4,316 | |
Core deposit intangible | 822 | |
Other assets | 5,802 | |
Total assets | 271,985 | |
Liabilities assumed: | ||
Deposits | 172,243 | |
FHLB advances, short-term | 7,000 | |
FHLB advances, long -term | 50,232 | |
Other liabilities | 8,914 | |
Total liabilities | 238,389 | |
Net assets acquired | 33,596 | |
Goodwill resulting from the acquisition | $ 7,163 |
BUSINESS COMBINATIONS (Parenthe
BUSINESS COMBINATIONS (Parentheticals) (Details) - Polonia Bancorp | 9 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Business Acquisition [Line Items] | |
Number of shares issued in business combination (in shares) | shares | 1,274,197 |
Shares price in business combination | $ / shares | $ 17.12 |
BUSINESS COMBINATIONS (Details
BUSINESS COMBINATIONS (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Jun. 30, 2017 | Sep. 30, 2016 | |
Estimated adjustments to reflect liabilities assumed at fair value: | ||
Goodwill resulting from merger | $ 7,163 | |
Polonia Bancorp | ||
Polonia Common Stock: | ||
Total shares of common stock outstanding | 3,416,311 | |
Common stock issued cap | 1,708,155 | |
Shares redeemed for cash cap | 1,708,156 | |
Prudential common stock issued (conversion rate 0.7460) | 1,274,197 | |
Prudential closing price at December 31, 2016 | $ 17.12 | |
Cash-out rate paid per share for Polonia Bancorp common stock | $ 11.09 | |
Purchase consideration assigned to Polonia Bancorp shares exchanged for Company Common Stock | $ 21,814 | |
Cash Paid to Polonia for Polonia Bancorp shares | 18,944 | |
Cash Paid for fractional shares | 1 | |
Total Consideration estimated at fair value | 40,759 | |
Net Assets Acquired | ||
Polonia Bancorp stockholders' equity | 35,412 | |
Core deposit intangible assets | 822 | |
Estimated adjustments to reflect assets acquired at fair value: | ||
Investment securities | (781) | |
Portfolio loans | (4,643) | |
Allowance for loan and lease losses | 1,002 | |
Premises | 3,049 | |
Other Assets | (73) | |
Deferred Taxes | 934 | |
Total fair value adjustment to assets acquired | 310 | |
Estimated adjustments to reflect liabilities assumed at fair value: | ||
Time deposits | 894 | |
Borrowings | 1,232 | |
Total fair value adjustment to liabilities assumed | 2,126 | |
Total net assets acquired | 33,596 | |
Goodwill resulting from merger | $ 7,163 |
BUSINESS COMBINATIONS (Parent79
BUSINESS COMBINATIONS (Parentheticals) (Details 1) | Jun. 30, 2017 |
Business Combinations [Abstract] | |
Business Acquisitions Exchange Ratio | 0.7460 |
BUSINESS COMBINATIONS (Detail80
BUSINESS COMBINATIONS (Details 2) - Polonia Bancorp - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Business Acquisition [Line Items] | |||||
Net interest income | $ 6,053 | $ 5,681 | $ 14,998 | $ 17,648 | |
Provision for loan and leases losses | 30 | 150 | 2,580 | 225 | |
Net interest income after provision for loan and lease losses | 6,023 | 5,531 | 12,418 | 17,423 | |
Non-interest income | 625 | 721 | 1,500 | 2,134 | |
Non-interest expenses | 3,500 | 5,156 | 12,981 | 17,582 | |
Income before income taxes | 3,148 | 1,096 | 937 | 1,975 | |
Income tax expense | 1,031 | 318 | 230 | 704 | |
Net income | $ 2,117 | $ 778 | $ 707 | $ 1,271 | |
Per share data | |||||
Weighed average basic shares outstanding | [1] | 8,652,699 | 8,655,077 | 8,202,850 | 8,655,077 |
Dilutive shares | 656,370 | 270,973 | 570,792 | 246,791 | |
Adjusted weighted-average dilutive shares | 9,309,069 | 8,926,050 | 8,773,642 | 8,901,868 | |
Basic earnings per common share | $ 0.25 | $ 0.09 | $ 0.08 | $ 0.1 | |
Dilutive earnings per common share | $ 0.25 | $ 0.09 | $ 0.08 | $ 0.1 | |
[1] | Weighted-average basis shares outstanding for both periods reflected are the Company's weighted-average shares plus the 1,274,197, shares that were issued as consideration for the Merger. The dilutive shares reflect the Company's estimated diluted shares for the period. |
BUSINESS COMBINATIONS (Parent81
BUSINESS COMBINATIONS (Parentheticals) (Details 2) | 9 Months Ended |
Jun. 30, 2017shares | |
Polonia Bancorp | |
Business Acquisition [Line Items] | |
Number of shares issued in business combination | 1,274,197 |
BUSINESS COMBINATIONS (Detail82
BUSINESS COMBINATIONS (Details Textuals) $ / shares in Units, $ in Thousands | 9 Months Ended |
Jun. 30, 2017USD ($)$ / sharesshares | |
Business Acquisition [Line Items] | |
Business Acquisitions Exchange Ratio | 0.7460 |
Core Deposits [Member] | |
Business Acquisition [Line Items] | |
Amortization Period | 10 years |
Polonia Bancorp | |
Business Acquisition [Line Items] | |
Business Acquisitions Exchange Ratio | 0.7460 |
Business Acquisition Per Share Cash Consideration | $ / shares | $ 11.09 |
Percentage stock consideration in business acquisition | 50.00% |
Percentage cash consideration in business acquisition | 50.00% |
Cash consideration for merger | $ | $ 18,944 |
Number of shares issued in business combination | shares | 1,274,197 |