Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 01, 2017 | Mar. 31, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | PRUDENTIAL BANCORP, INC. | ||
Entity Central Index Key | 1,578,776 | ||
Trading Symbol | pbip | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock Shares Outstanding | 8,988,855 | ||
Entity Public Float | $ 148.9 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
ASSETS | ||
Cash and amounts due from depository institutions | $ 2,274 | $ 1,965 |
Interest-bearing deposits | 25,629 | 10,475 |
Total cash and cash equivalents | 27,903 | 12,440 |
Certificates of deposit | 1,604 | 1,853 |
Investment and mortgage-backed securities available for sale (amortized cost- September 30, 2017, $180,087; September 30, 2016, $137,222) | 178,402 | 138,694 |
Investment and mortgage-backed securities held to maturity (fair value- September 30, 2017, $60,179; September 30, 2016, $40,700) | 61,284 | 39,971 |
Loans receivable-net of allowance for loan losses (September 30, 2017, $4,466; September 30, 2016, $3,269) | 571,343 | 344,948 |
Accrued interest receivable | 2,825 | 1,928 |
Real estate owned | 192 | 581 |
Federal Home Loan Bank stock-at cost | 6,002 | 2,463 |
Office properties and equipment-net | 7,804 | 1,344 |
Bank owned life insurance (BOLI) | 28,048 | 13,055 |
Deferred income taxes, net | 4,091 | 569 |
Goodwill | 6,102 | 0 |
Core deposit intangible | 709 | |
Prepaid expenses and other assets | 3,231 | 1,634 |
TOTAL ASSETS | 899,540 | 559,480 |
Deposits: | ||
Non-interest-bearing | 9,375 | 3,804 |
Interest-bearing | 626,607 | 385,397 |
Total deposits | 635,982 | 389,201 |
Advances from Federal Home Loan Bank -Short Term | 20,000 | 20,000 |
Advances from Federal Home Loan Bank - Long Term | 94,318 | 30,638 |
Accrued interest payable | 1,933 | 1,403 |
Advances from borrowers for taxes and insurance | 2,207 | 1,748 |
Accounts payable and accrued expenses | 8,921 | 2,488 |
Total liabilities | 763,361 | 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 issued and 9,008,125 outstanding at September 30, 2017; 9,544,809 issued and 8,045,544 outstanding at September 30, 2016 | 108 | 95 |
Additional paid-in capital | 118,751 | 95,713 |
Unearned Employee Stock Ownership Plan ("ESOP") shares | (4,550) | |
Treasury stock, at cost: 1,810,881 shares at September 30, 2017 and 1,499,265 shares at September 30, 2016 | (26,707) | (21,098) |
Retained earnings | 44,787 | 43,044 |
Accumulated other comprehensive (loss) income | (760) | 798 |
Total stockholders' equity | 136,179 | 114,002 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 899,540 | $ 559,480 |
CONSOLIDATED STATEMENT OF FINA3
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Statement Of Financial Position [Abstract] | ||
Investment and mortgage-backed securities available for sale, amortized cost (in dollars) | $ 180,087 | $ 137,222 |
Investment and mortgage-backed securities held to maturity, fair value (in dollars) | 60,179 | 40,700 |
Allowance for loan losses on loans receivable (in dollars) | $ 4,466 | $ 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 | 9,008,125 | 8,045,544 |
Treasury stock, shares | 1,810,881 | 1,499,265 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
INTEREST INCOME: | |||
Interest and fees on loans | $ 20,107 | $ 12,909 | $ 12,760 |
Interest on mortgage-backed securities | 2,947 | 2,494 | 1,799 |
Interest and dividends on investments | 3,180 | 1,979 | 2,003 |
Interest on interest-bearing deposits | 109 | 101 | 118 |
Total interest income | 26,343 | 17,483 | 16,680 |
INTEREST EXPENSE: | |||
Interest on deposits | 3,930 | 2,861 | 3,430 |
Interest on Advances from FHLB - short term | 184 | 95 | |
Interest on Advances from FHLB - long term | 1,152 | 370 | |
Total interest expense | 5,266 | 3,326 | 3,430 |
NET INTEREST INCOME | 21,077 | 14,157 | 13,250 |
PROVISION FOR LOAN LOSSES | 2,990 | 225 | 735 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 18,087 | 13,932 | 12,515 |
NON-INTEREST INCOME: | |||
Fees and other service charges | 655 | 464 | 368 |
Gain on sale of mortgage-backed securities available for sale | 235 | 418 | |
Gain on sale of loans | 52 | 11 | 138 |
Gain on sale of office properties | 2,064 | ||
Earnings from BOLI | 677 | 333 | 344 |
Other | 579 | 111 | 94 |
Total non-interest income | 2,198 | 1,337 | 3,008 |
NON-INTEREST EXPENSES: | |||
Salaries and employee benefits | 7,468 | 6,518 | 7,996 |
Data processing | 697 | 456 | 413 |
Professional services | 1,433 | 1,075 | 1,378 |
Office occupancy | 962 | 670 | 701 |
Depreciation | 553 | 325 | 304 |
Director compensation | 282 | 424 | 354 |
Federal Deposit Insurance Corporation premiums | 162 | 396 | 314 |
Real estate owned expense | (13) | 19 | 22 |
Advertising | 214 | 103 | 165 |
Merger related expenses | 2,486 | 300 | |
Core deposit amortization | 112 | ||
Other | 2,210 | 1,004 | 1,528 |
Total non-interest expenses | 16,566 | 11,290 | 13,175 |
INCOME BEFORE INCOME TAXES | 3,719 | 3,979 | 2,348 |
INCOME TAXES: | |||
Current | 801 | 1,275 | 461 |
Deferred expense (benefit) | 140 | (16) | (345) |
Total | 941 | 1,259 | 116 |
NET INCOME | $ 2,778 | $ 2,720 | $ 2,232 |
BASIC EARNINGS PER SHARE (in dollars per share) | $ 0.33 | $ 0.37 | $ 0.27 |
DILUTED EARNINGS PER SHARE (in dollars per share) | 0.32 | 0.36 | 0.26 |
DIVIDENDS PER SHARE (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.27 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement Of Other Comprehensive Income [Abstract] | |||
Net income | $ 2,778 | $ 2,720 | $ 2,232 |
Unrealized holding gain(loss) on available-for-sale securities | (2,830) | 1,801 | 1,471 |
Tax effect | 962 | (612) | (500) |
Reclassification adjustment for net gains realized in net income | (235) | (418) | |
Tax effect | 80 | 142 | |
Unrealized holding gain (loss) on interest rate swaps | 705 | (202) | |
Tax effect | (240) | 69 | |
Total Other Comprehensive (loss)Income | (1,558) | 780 | 971 |
Comprehensive Income | $ 1,220 | $ 3,500 | $ 3,203 |
CONSOLIDATED STATEMENTS OF CHAN
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, 2014 | $ 95 | $ 94,376 | $ (5,302) | $ 41,209 | $ (953) | $ 129,425 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,232 | 2,232 | |||||
Other comprehensive income (loss) | 971 | 971 | |||||
Dividends paid ($0.27, $0.12 and $0.12 per share for September 30, 2015, 2016 and 2017 respectively) | (2,222) | (2,222) | |||||
Purchase of treasury stock (1,095,184, 445,881 and 43,735 shares for September 30, 2015, 2016 and 2017 respectively) | $ (14,691) | (14,691) | |||||
Stock option expense | 410 | 410 | |||||
Recognition and Retention Plan expense | 409 | 409 | |||||
ESOP shares committed to be released (32,064, 32,064 and 8,879 shares for September 30, 2015, 2016 and 2017, respectively) | 91 | 376 | 467 | ||||
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 | 2,720 | 2,720 | |||||
Other comprehensive income (loss) | 780 | 780 | |||||
Dividends paid ($0.27, $0.12 and $0.12 per share for September 30, 2015, 2016 and 2017 respectively) | (895) | (895) | |||||
Purchase of treasury stock (1,095,184, 445,881 and 43,735 shares for September 30, 2015, 2016 and 2017 respectively) | (7,047) | (7,047) | |||||
Stock option expense | 455 | 455 | |||||
Recognition and Retention Plan expense | 462 | 462 | |||||
Treasury stock used for Recognition and Retention Plan (41,800 and 35,234 shares for September 30, 2016 and 2017 respectively) | (640) | 640 | |||||
ESOP shares committed to be released (32,064, 32,064 and 8,879 shares for September 30, 2015, 2016 and 2017, respectively) | 150 | 376 | 526 | ||||
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 | 2,778 | 2,778 | |||||
Other comprehensive income (loss) | (1,558) | (1,558) | |||||
Dividends paid ($0.27, $0.12 and $0.12 per share for September 30, 2015, 2016 and 2017 respectively) | (1,035) | (1,035) | |||||
Issuance of common stock | 13 | 21,801 | 21,814 | ||||
Purchase of treasury stock (1,095,184, 445,881 and 43,735 shares for September 30, 2015, 2016 and 2017 respectively) | (1,083) | (1,083) | |||||
Terminate ESOP (303,115 shares) | 733 | 4,456 | (5,189) | ||||
Stock option expense | 531 | 531 | |||||
Recognition and Retention Plan expense | 578 | 578 | |||||
Treasury stock used for Recognition and Retention Plan (41,800 and 35,234 shares for September 30, 2016 and 2017 respectively) | (663) | 663 | |||||
ESOP shares committed to be released (32,064, 32,064 and 8,879 shares for September 30, 2015, 2016 and 2017, respectively) | 58 | $ 94 | 152 | ||||
BALANCE at Sep. 30, 2017 | $ 108 | $ 118,751 | $ (26,707) | $ 44,787 | $ (760) | $ 136,179 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement Of Stockholders Equity [Abstract] | |||
Dividends paid (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.27 |
Treasury stock, shares | 43,735 | 445,881 | 1,095,184 |
Shares acquired for recognition and retention | 35,234 | 41,800 | |
ESOP shares committed to be released | 8,879 | 32,064 | 32,064 |
Terminate ESOP plan shares | 303,115 |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES OF CASH FLOW - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
OPERATING ACTIVITIES: | |||
Net income | $ 2,778 | $ 2,720 | $ 2,232 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 2,990 | 225 | 735 |
Depreciation | 553 | 325 | 304 |
Net accretion of premiums/discounts | 349 | (151) | (244) |
Amortization of intangible assets | 112 | ||
Earnings on BOLI | (677) | (333) | (344) |
(Accretion)amortization of deferred loan fees and costs | (31) | 177 | 214 |
Compensation expense of ESOP | 152 | 526 | 467 |
Gain on sale of investment and mortgage-backed securities | (235) | (418) | |
Gain on sale of office properties | (2,064) | ||
Gain on sale of real estate owned | (46) | (56) | |
Gain on sale of loans | (52) | (11) | (138) |
Proceeds from the sale of loans held for sale | 2,686 | 461 | 2,538 |
Originations of loans held for sale | (2,634) | (450) | (2,400) |
Share-based compensation expense | 1,109 | 917 | 772 |
Deferred income tax expense (benefit) | 140 | (16) | (345) |
Changes in assets and liabilities which provided (used) cash: | |||
Accrued interest payable | 530 | 112 | (195) |
Accrued interest receivable | (897) | (263) | 83 |
Other, net | (912) | (262) | 1,097 |
Net cash provided by operating activities | 5,915 | 3,503 | 2,712 |
INVESTING ACTIVITIES: | |||
Purchase of investment and mortgage-backed securities held to maturity | (22,647) | (30,500) | |
Purchase of investment and mortgage-backed securities available for sale | (57,814) | (49,639) | (24,865) |
Purchase of corporate debt bonds | (24,381) | (25,495) | |
Principal collected on loans | 150,561 | 53,965 | 67,105 |
Principal payments received on investment and mortgage-backed securities: | |||
Held-to-maturity | 1,255 | 56,988 | 14,506 |
Available for sale | 19,228 | 4,348 | 6,865 |
Loans originated or acquired | (218,611) | (87,264) | (60,492) |
Purchase certificate of deposits | 498 | (2,351) | |
Redemption of certificates of deposits | (249) | 498 | |
Purchase of Federal Home Loan Bank stock | (140) | (2,094) | |
Proceeds from redemption of Federal Home Loan Bank stock | 852 | ||
Proceeds from sale of investment and mortgage-backed securities | 20,863 | 11,560 | |
Proceeds from sale of Polonia Bancorp Inc.'s investment portfolio acquired | 67,154 | ||
Proceeds from sale of real estate owned | 438 | 925 | 360 |
Acquisition, net of cash | 3,966 | ||
Proceeds from the sale of office property | 2,259 | ||
Purchase of bank owned life insurance | (10,000) | ||
Purchases of equipment | (308) | (177) | (659) |
Net cash (used in) provided by investing activities | (70,187) | (69,236) | 5,931 |
FINANCING ACTIVITIES: | |||
Net (decrease) increase in demand deposits, NOW accounts, and savings accounts | (21,609) | (3,548) | (9,353) |
Net increase (decrease) in certificates of deposit | 96,147 | 27,675 | (16,598) |
Net Increase from FHLB short-term borrowings | (7,000) | 20,000 | |
Proceeds from FHLB long-term borrowings | 17,249 | 33,245 | |
Repayment of borrowing from Federal Home Loan Bank | (3,393) | (2,607) | (340) |
Purchase treasury stock | (6,272) | (7,047) | (14,691) |
Cash dividends paid | (1,035) | (895) | (2,201) |
Release unallocated shares from ESOP Plan | 4,456 | ||
Repayment of remaining principal balance of ESOP Loan | 733 | ||
Increase in advances from borrowers for taxes and insurance | 459 | 78 | 430 |
Net cash provided by (used in) in financing activities | 79,735 | 66,901 | (42,753) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 15,463 | 1,168 | (34,110) |
CASH AND CASH EQUIVALENTS - Beginning of year | 12,440 | 11,272 | 45,382 |
CASH AND CASH EQUIVALENTS - End of year | 27,903 | 12,440 | 11,272 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Interest paid on deposits and advances from Federal Home Loan Bank | 4,736 | 3,214 | 3,625 |
Income taxes paid | 1,080 | 600 | 475 |
SUPPLEMENTAL DISCLOSURES OF NONCASH ITEMS: | |||
Real estate acquired in settlement of of loans | $ 581 | $ 869 | |
Assets acquired: | |||
Investment securities | 67,154 | ||
Loans | 160,785 | ||
Premises | 6,702 | ||
Core deposit intangible | 822 | ||
Goodwill | 6,102 | ||
Bank owned life insurance | 4,316 | ||
Deferred Tax Assets | 3,492 | ||
FHLB Stock | 3,399 | ||
Other assets | 2,273 | ||
Total assets | 255,045 | ||
Liabilities assumed: | |||
Deposits | 172,243 | ||
Advances | 57,232 | ||
Other liabilities | 7,722 | ||
Total liabilities assumed | 237,197 | ||
Net non-cash assets (liabilities) acquired | 17,848 | ||
Cash acquired | $ 22,911 |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 12 Months Ended |
Sep. 30, 2017 | |
Nature Of Operations And Basis Of Presentation [Abstract] | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION Prudential Bancorp, Inc. (the “Company”) is a Pennsylvania corporation that was incorporated in June 2013 to be the successor corporation of Prudential Bancorp, Inc. of Pennsylvania (“Old Prudential Bancorp”), the former stock holding company for Prudential Bank (the “Bank”), a Pennsylvania-chartered, FDIC-insured savings bank with seven full service branches in the Philadelphia area. The Bank‘s primary federal banking regulator is the Federal Deposit Insurance Corporation. The Bank is principally in the business of attracting deposits from its community through its branch offices and investing those deposits, together with funds from borrowings and operations, primarily in single-family residential loans. The Bank’s sole subsidiary as of September 30, 2017 was PSB Delaware, Inc. (“PSB”), a Delaware-chartered corporation established to hold certain investments. As of September 30, 2017, PSB had assets of $155.5 million primarily consisting of investment and mortgage-backed securities. The Company’s primary market area is Philadelphia, in particular South Philadelphia and Center City, as well as Delaware County. The Company also conducts business in Bucks, Chester and Montgomery Counties which, along with Delaware County, comprise the suburbs of Philadelphia. We also make loans in contiguous counties in southern New Jersey. On 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation Use of Estimates in the Preparation of Financial Statements Cash and Cash Equivalents Certificates of Deposit Investment Securities and Mortgage-Backed Securities Held to Maturity Available for Sale Other-than-temporary impairment Loans Receivable Loan Origination and Commitment Fees Interest on Loans Allowance for Loan Losses Impaired loans are loans for which it is not probable to collect all amounts due according to the contractual terms of the loan agreements. Management individually evaluates such loans for impairment and does not aggregate loans by major risk classifications. Factors considered by management in determining impairment include payment status and collateral value. The amount of impairment for impaired loans is determined by the difference between the present value of the expected cash flows related to the loans, using the original interest rate, and their recorded value, or as a practical expedient in the case of collateralized loans, the difference between the fair value of the collateral and the recorded amount of the loans. When foreclosure is probable, impairment is measured based on the fair value of the collateral. Mortgage loans and consumer loans are comprised of large groups of smaller balance homogeneous loans which are evaluated for impairment collectively. Loans that experience insignificant payment delays, which are defined as less than 90 days, generally are not classified as impaired. Management determines the significance of payment delays on a case-by-case basis taking into consideration all of the circumstances surrounding the loan and the borrower including the length of the delay, the borrower’s prior payment record, and the amount of shortfall in relation to the principal and interest owed. Real Estate Owned Federal Home Loan Bank of Pittsburgh (“FHLB”) Stock The Company is a member of the Federal Home Loan Bank of Pittsburgh and as such, is required to maintain a minimum investment in stock of the Federal Home Loan Bank that varies with the level of advances outstanding with the Federal Home Loan Bank. The stock is bought from and sold to the Federal Home Loan Bank based upon its $100 par value. The stock does not have a readily determinable fair value and as such is classified as restricted stock, carried at cost and evaluated for impairment by management. The stock’s value is determined by the ultimate recoverability of the par value rather than by recognizing temporary declines. The determination of whether the par value will ultimately be recovered is influenced by criteria such as the following: (a) the significance of the decline in net assets of the Federal Home Loan Bank as compared to the capital stock amount and the length of time this situation has persisted; (b) commitments by the Federal Home Loan Bank to make payments required by law or regulation and the level of such payments in relation to the operating performance; (c) the impact of legislative and regulatory changes on the customer base of the Federal Home Loan Bank; and (d) the liquidity position of the Federal Home Loan Bank. The Federal Home Loan Bank continues to report net income, continues to declare quarterly cash dividends and had its Aaa bond rating affirmed by Moody’s and AA+ rating affirmed by Standard and Poor’s during 2017 and remain unchanged as of September 30, 2017.With consideration given to these factors, management concluded that the stock was not impaired at September 30, 2017 or 2016. Office Properties and Equipment Cash Surrender Value of Life Insurance Dividend Payable Goodwill Employee Stock Ownership Plan Share-Based Compensation Treasury Stock Comprehensive Income Income Taxes In evaluating the Company’s ability to recover deferred tax assets, management considers all available positive and negative evidence, including past operating results and forecast of future taxable income. In determining future taxable income, management makes assumptions for the amount of taxable income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require management to make judgments about future taxable income and are consistent with the plans and estimates the Company uses to manage the business. Any reduction in estimated future taxable income may require management to record an additional valuation allowance against the deferred tax assets. An increase in the valuation allowance would result in additional income tax expense in the period and could have a significant impact on our future earnings. Transfers and Servicing of Financial Assets and Extinguishments of Liabilities Interest Rate Swap Agreement The gain or loss on a derivative designated and qualifying as a fair value hedging instrument, as well as the offsetting gain or loss on the hedged item attributable to the risk being hedged, is recognized currently in earnings in the same accounting period. The effective portion of the gain or loss on a derivative designated and qualifying as a cash flow hedging instrument is initially reported as a component of other comprehensive income and subsequently reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument, if any, is recognized currently in earnings. For cash flow hedges, the net settlement (upon close-out or termination) that offsets changes in the value of the hedged debt is deferred and amortized into net interest income over the life of the hedged debt. For fair value hedges, the net settlement (upon close-out or termination) that offsets changes in the value of the loans adjusts the basis of the loans and is deferred and amortized to loan interest income over the life of the loans. The portion, if any, of the net settlement amount that did not offset changes in the value of the hedged asset or liability is recognized immediately in noninterest income. Interest rate derivative financial instruments receive hedge accounting treatment only if they are designated as a hedge and are expected to be, and are, effective in substantially reducing interest rate risk arising from the assets and liabilities identified as exposing the Company to risk. Those derivative financial instruments that do not meet specified hedging criteria would be recorded at fair value, with changes in fair value recorded in income. If periodic assessment indicates derivatives no longer provide an effective hedge, the derivative contracts would be closed out and settled, or classified as a trading activity. Loans Acquired For purchased loans acquired that are not deemed impaired at acquisition, credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value. Loans are aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. Subsequent to the purchase date, the methods utilized to estimate the required allowance for credit losses for these loans is similar to originated loans; however, the Company records a provision for loan losses only when the required allowance exceeds any remaining credit discounts. The remaining differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loans. Business Combinations - The difference between the purchase price and the fair value of the net assets acquired (including identified intangibles) is recorded as goodwill. Reclassicfication of Comparative Amounts 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 March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815) In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments 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 In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 850) In September 2017, the FASB issued ASU 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842 Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments. Revenue from Contracts with Customers Leases |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 3. EARNINGS PER SHARE Basic earnings per share is computed based on the weighted average number of common shares outstanding. Diluted earnings per share is computed based on the weighted average number of common shares outstanding and common share equivalents (“CSEs”) that would arise from the exercise of dilutive securities. The calculated basic and diluted earnings per share are as follows: Year Ended September 30, 2017 2016 2015 (Dollars in Thousands Except Per Share Data) Basic Diluted Basic Diluted Basic Diluted Net income $ 2,778 $ 2,778 $ 2,720 $ 2,720 $ 2,232 $ 2,232 Weighted average shares outstanding 8,316,638 8,316,638 7,417,044 7,417,044 8,335,273 8,335,273 Effect of CSEs - 357,871 - 217,701 - 114,817 Adjusted weighted average shares used in earnings per share computation 8,316,638 8,674,509 7,417,044 7,634,745 8,335,273 8,450,090 Earnings per share $ 0.33 $ 0.32 $ 0.37 $ 0.36 $ 0.27 $ 0.26 As of September 30, 2017 and 2016, there were 555,185 and 554,445 shares of common stock, respectively, subject to options with an exercise price less than the then current market and which were included in the computation of diluted earnings per share. All options shares vested as of September 30, 2017 and 2016 have exercise prices less than the then current market and are consider dilutive. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE (LOSS)INCOME | 12 Months Ended |
Sep. 30, 2017 | |
Accumulated Other Comprehensive Income [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 4. ACCUMULATED OTHER COMPREHENSIVE (LOSS)INCOME The following table presents the changes in accumulated other comprehensive (loss)income by component net of tax: Year Ended September 30, 2017 2017 2017 2016 2016 2016 2015 Unrealized gain(loss) Unrealized gain(loss) Total other Unrealized Unrealized gain(loss) Total other Unrealized Beginning Balance $ 931 $ (133 ) $ 798 $ 18 $ - $ 18 $ (953 ) Other comprehensive (loss)income before reclassification (1,867 ) 464 (1,403 ) 1,189 (133 ) 1,056 971 Amount reclassified from accumulated other comprehensive income (155 ) - (155 ) (276 ) - (276 ) - Total other comprehensive income (loss) (2,022 ) 464 (1,558 ) 913 (133 ) 780 971 Ending Balance $ (1,091 ) $ 331 $ (760 ) $ 931 $ (133 ) $ 798 $ 18 (a) All amounts are net of tax. Amounts in parentheses indicate debits. The following table presents significant amounts reclassified out of each component of accumulated other comprehensive (loss)income for the year ended September 30, 2017, 2016 and 2015: Year Ended September 30, 2017 2016 2015 Amount Reclassified Amount Reclassified Amount Reclassified from Accumulated from Accumulated from Accumulated Affected Line Item in Other Other Other the Statement Where Comprehensive Comprehensive Comprehensive Net Income is Details about other comprehensive income Income (a) Income (a) Income (a) Presented Unrealized gains on available for sale securities: Reclassification for net gains in net income $ 235 $ 418 $ - Gain on sale of mortgage-backed securities available-for-sale, net Tax effect (80 ) (142 ) - Income taxes $ 155 $ 276 $ - (a) Amounts in parentheses indicate debits to net income |
INVESTMENT AND MORTGAGE-BACKED
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 12 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 5. INVESTMENT AND MORTGAGE-BACKED SECURITIES The amortized cost and fair value of securities, with gross unrealized gains and losses, are as follows: September 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 $ 26,125 $ 9 $ (335 ) $ 25,799 Mortgage-backed securities - U.S. government agencies 119,456 146 (1,475 ) 118,127 Corporate debt securities 34,500 185 (285 ) 34,400 Total debt securities available for sale 180,081 340 (2,095 ) 178,326 FHLMC preferred stock 6 70 - 76 Total securities available for sale $ 180,087 $ 410 $ (2,095 ) $ 178,402 Securities Held to Maturity: U.S. government and agency obligations $ 33,500 $ 229 $ (1,688 ) $ 32,041 State and political subdivisions 20,781 165 (104 ) 20,842 Mortgage-backed securities - U.S. government agencies 7,003 304 (11 ) 7,296 Total securities held to maturity $ 61,284 $ 698 $ (1,803 ) $ 60,179 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 debt securities 25,411 661 (19 ) 26,053 Total debt securities 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 As of September 30, 2017 the Bank maintained $106.9 million in a safekeeping account at the FHLB of Pittsburgh used for collateral as a convenience. The Bank is not required to maintain any specific collateral for its borrowings; therefore these securities are not restricted and could be sold or transferred if needed. The following table shows the gross unrealized losses and related fair values of the Company’s investment securities, aggregated by investment category and the length of time that individual securities had been in a continuous loss position at September 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 $ (335 ) $ 20,655 $ - $ - $ (335 ) $ 20,655 Mortgage-backed securities -U.S. government agencies (1,135 ) 77,176 (340 ) 11,684 (1,475 ) 88,860 Corporate debt securities (285 ) 22,511 - - (285 ) 22,511 Total securities available for sale $ (1,755 ) $ 120,342 $ (340 ) $ 11,684 $ (2,095 ) $ 132,026 Securities Held to Maturity: U.S. government and agency obligations $ (1,688 ) $ 28,813 $ - $ - $ (1,688 ) $ 28,813 Mortgage-backed securities -U.S.s government agencies (11 ) 1,176 - - (11 ) 1,176 Corporate debt securities - - State and political subdivisions (104 ) 7,854 - - (104 ) 7,854 Total securities held to maturity $ (1,803 ) $ 37,843 $ - $ - $ (1,803 ) $ 37,843 Total $ (3,558 ) $ 158,185 $ (340 ) $ 11,684 $ (3,898 ) $ 169,869 Management evaluates securities for other-than-temporary impairment (“OTTI”) at least once per quarter, and more frequently when economic or market conditions 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 cost, and the near-term prospects of the issuer. Management has reviewed its investment securities portfolios and determined that during the year ended September 30, 2017, there were no impairment required for its investment portfolio deemed other than temporarily impaired. The Company assesses whether the credit loss existed 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, 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 flow 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 bond indenture 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 the open market and other sources as appropriate for the security. The difference between the fair value and the security’s remaining amortized cost is recognized in other comprehensive income(loss). For the years ended September 30, 2017, 2016 and 2015, the Company determined that no OTTI had occurred within the investment and mortgage-back securities portfolios. U.S. Government and agency obligations – U.S. Government agency issued mortgage-backed securities — Corporate debt securities — State and political subdivision debt securities — The following table shows the gross unrealized losses and related fair values of the investment securities, aggregated by investment category and length of time that individual securities have 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 - US government agencies $ (50 ) $ 16,498 $ (52 ) $ 6,718 $ (102 ) $ 23,216 Corporate debt securities (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 The amortized cost and fair value of debt securities by contractual maturity are shown below. Expected maturities as of September 30, 2017 will differ from contractual maturities because of call provisions in the securities. Mortgage-backed securities were not included as the contractual maturity is generally irrelevant due to the borrowers’ right to prepay without pre-payment penalty which results in significant prepayments. Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value (Dollars in Thousands) Due within one year $ - $ - $ - $ - Due after one through five years 2,867 2,953 6,058 6,078 Due after five through ten years 22,601 22,479 25,975 25,872 Due after ten years 28,813 27,451 28,592 28,249 Total $ 54,281 $ 52,883 $ 60,625 $ 60,199 During the fiscal year ended September 30, 2017 and 2016, the Company recorded net realized gains of $235,000 and $418,000, respectively, and gross proceeds from the from the sale of investment and mortgage-backed securities of $20.9 million and $11.6 million, respectively. During the fiscal year ended September 30, 2016, the Company sold for $2.9 million mortgage-backed securities classified as held-to-maturity for total proceeds of $3.1 million, that had a remaining balance of less than 15% of its original par value. These sales did not taint the Company’s intent to hold the remaining portfolio. |
LOANS RECEIVABLE
LOANS RECEIVABLE | 12 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
LOANS RECEIVABLE | 6. LOANS RECEIVABLE Loans receivable consist of the following: September 30, 2017 2016 (Dollars in Thousands) One-to-four family residential $ 351,298 $ 233,531 Multi-family residential 21,508 12,478 Commercial real estate 127,644 79,859 Construction and land development 145,486 21,839 Commercial business 488 99 Leases 4,240 3,286 Consumer 1,943 799 Total loans 652,607 351,891 Undisbursed portion of loans-in-process (73,858 ) (5,371 ) Deferred loan (fees) costs (2,940 ) 1,697 Allowance for loan losses (4,466 ) (3,269 ) Net loans $ 571,343 $ 344,948 The Company originates loans to customers located primarily in its local market area. The ultimate repayment of these loans at September 30, 2017 and 2016 is dependent, to a certain degree, on the local economy and real estate market. The following table summarizes the loans individually evaluated for impairment by loan segment at September 30, 2017: One- to four- family residential Multi-family residential Commercial real estate Construction and land development Commercial business Leases Consumer Total (Dollars in Thousands) Individually evaluated for impairment $ 8,277 $ 317 $ 2,337 $ 8,724 $ - $ - $ 10 $ 19,665 Collectively evaluated for impairment 343,021 21,191 125,307 136,762 488 4,240 1,933 632,942 Total loans $ 351,298 $ 21,508 $ 127,644 $ 145,486 $ 488 $ 4,240 $ 1,943 $ 652,607 The following table summarizes the loans individually evaluated for impairment by loan segment at September 30, 2016: One- to four- family residential Multi-family residential Commercial real estate Construction and land development Commercial business Leases Consumer Total (Dollars in Thousands) 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 risk and performance. Management evaluates all loans classified as substandard or lower and loans delinquent 90 plus days for potential impairment. Loans are considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect 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. The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 2017: 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 $ - $ - $ 8,277 $ 8,277 $ 9,245 Multi-family - - 317 317 317 Commercial real estate - - 2,337 2,337 2,449 Construction and land development - - 8,724 8,724 11,105 Consumer - - - - 10 Total Loans $ - $ - $ 19,665 $ 19,665 $ 23,126 The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 2016: 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 - - 335 335 335 Commercial real estate - - 3,154 3,154 3,154 Construction and land development - - 10,288 10,288 10,288 Commercial business - - 99 99 99 Total Loans $ - $ - $ 19,429 $ 19,429 $ 19,745 The following tables present the average investment in impaired loans and related interest income recognized for the periods indicated: September 30, 2017 Average Recorded Investment Income Recognized on Accrual Basis Income Recognized on Cash Basis (Dollars in Thousands) One-to four-family residential $ 6,096 $ 89 $ 91 Multi-family residential 321 23 - Commercial real estate 2,459 49 12 Construction and land development 9,163 - - Commercial business - - - Consumer 5 - - Total $ 18,039 $ 161 $ 103 September 30, 2016 Average Recorded Investment Income Recognized on Accrual Basis Income Recognized on Cash Basis (Dollars in Thousands) One-to four-family residential $ 5,099 $ 129 $ 101 Multi-family residential 344 24 - Commercial real estate 3,565 96 12 Construction and land development 9,604 - 62 Commercial business 8 - - Total $ 18,620 $ 249 $ 175 September 30, 2015 Average Recorded Investment Income Recognized on Accrual Basis Income Recognized on Cash Basis (Dollars in Thousands) One-to four-family residential $ 8,734 $ 431 $ 147 Multi-family residential 289 19 - Commercial real estate 3,840 210 71 Construction and land development 8,413 437 194 Total $ 21,276 $ 1,097 $ 412 Federal banking regulations and our policies require that the Bank utilize an internal asset classification system as a means of reporting problem and potential problem assets. The Bank has incorporated an internal asset classification system, consistent with Federal banking regulations, as a part of the 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 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 weighting system is utilized summarized by the aggregate “Pass” and the criticized category of “special mention”, and the classified categories of “substandard” and “doubtful” within the Bank’s risk rating system. The Bank had no loans classified as “loss” at the dates presented. September 30, 2017 Special Total Pass Mention Substandard Doubtful Loans (Dollars in Thousands) One-to-four residential $ - $ 1,635 $ 3,878 $ - $ 5,513 Multi-family residential 21,191 - 317 - 21,508 Commercial real estate 125,298 1,449 888 - 127,635 Construction and land development 136,763 - 8,723 - 145,486 Commercial business 488 - - - 488 Total Loans $ 283,740 $ 3,084 $ 13,806 $ - $ 300,630 September 30, 2016 Special Total Pass Mention Substandard Doubtful Loans (Dollars in Thousands) One-to-four 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 Consumer 99 - - - 99 Total Loans $ 99,979 $ 2,624 $ 14,565 $ - $ 117,168 The following tables present 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: September 30, 2017 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 343,021 $ 2,764 $ 345,785 Leases 4,240 - 4,240 Consumer 1,943 - 1,943 Total Loans $ 349,204 $ 2,764 $ 351,968 September 30, 2016 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 227,978 $ 2,660 $ 230,638 Leases 3,286 - 3,286 Consumer 799 - 799 Total Loans $ 232,063 $ 2,660 $ 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. The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans: September 30, 2017 90 Days+ 30-89 Days 90 Days + Total Total Non- Past Due Current Past Due Past Due Past Due Loans Accrual and Accruing (Dollars in Thousands) One-to-four family residential $ 346,877 $ 1,746 $ 2,675 $ 4,421 $ 351,298 $ 5,107 $ - Multi-family residential 21,508 - - - 21,508 - - Commercial real estate 125,157 1,000 1,487 2,487 127,644 1,566 - Construction and land development 136,762 - 8,724 8,724 145,486 8,724 - Commercial business 488 - - - 488 - - Leases 4,240 - - - 4,240 - Consumer 1,874 69 - 69 1,943 - - Total Loans $ 636,906 $ 2,815 $ 12,886 $ 15,701 $ 652,607 $ 15,397 $ - September 30, 2016 30-89 Days 90 Days + Total Total Non- Past Due Current Past Due Past Due Past Due Loans Accrual and Accruing (Dollars in Thousands) One-to-four family residential $ 228,904 $ 1,860 $ 2,767 $ 4,627 $ 233,531 $ 4,244 $ - Multi-family residential 12,478 - - - 12,478 - - Commercial real estate 78,513 - 1,346 1,346 79,859 1,346 - Construction and land development 11,551 - 10,288 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 $ 16,261 $ 351,891 $ 15,878 $ - Interest income on nonaccrual loans would have increased by approximately $636,000, $604,000, and $279,000, during fiscal years ended September 30, 2017, 2016 and 2015, respectively, if these loans would have performed in accordance with their original terms. The allowance for loan losses is established through a provision for loan losses charged to expense. Management 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 those 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 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 our loans, the value of collateral securing the loans, the borrower’s 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 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 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 us 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 borrower and the value of the collateral property. The following tables summarize the 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 as of September 30, 2017 and 2016. Activity in the allowance is presented for the years ended September 30, 2017 and 2016: September 30, 2017 One- to four-family residential Multi- family residential Commercial real estate Construction and land development Commercial business Leases Consumer Unallocated Total (In Thousands) ALLL balance at September 30, 2016 $ 1,627 $ 137 $ 859 $ 316 $ 1 $ 21 $ 10 $ 298 $ 3,269 Charge-offs (140 ) - - (1,819 ) - - (16 ) - (1,975 ) Recoveries 182 - - - - - - - 182 Provision (428 ) 68 342 2,861 3 2 30 112 2,990 ALLL balance at September 30, 2017 $ 1,241 $ 205 $ 1,201 $ 1,358 $ 4 $ 23 $ 24 $ 410 $ 4,466 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,241 205 1,201 1,358 4 23 24 410 4,466 September 30, 2016 One- to four-family residential Multi- family residential Commercial real estate Construction and land development Commercial business Leases Consumer Unallocated Total (In Thousands) ALLL balance at September 30, 2015 $ 1,636 $ 66 $ 231 $ 725 $ - $ - $ 4 $ 268 $ 2,930 Charge-offs (11 ) - - - - - - - (11 ) Recoveries 105 - - 20 - - - - 125 Provision (103 ) 71 628 (429 ) 1 21 6 30 225 ALLL balance at September 30, 2016 $ 1,627 $ 137 $ 859 $ 316 $ 1 $ 21 $ 10 $ 298 $ 3,269 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,627 137 859 316 1 21 10 298 3,269 September 30, 2015 One- to four-family residential Multi- family residential Commercial real estate Construction and land development Commercial business Consumer Unallocated Total (In Thousands) ALLL balance at September 30, 2014 $ 1,663 $ 67 $ 122 $ 323 $ 15 $ 4 $ 231 $ 2,425 Charge-offs (384 ) (1 ) - - - - - (385 ) Recoveries 77 - - 78 - - - 155 Provision 280 - 109 324 (15 ) - 37 735 ALLL balance at September 30, 2015 $ 1,636 $ 66 $ 231 $ 725 $ - $ 4 $ 268 $ 2,930 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,636 66 231 725 - 4 268 2,930 Loans acquired in the merger with Polonia were recorded at fair value with no carryover of the related Allowance for Loan Losses. Management measured loan fair values based on loan file reviews, appraised collateral values, expected cash flows, and historical loss factors of Polonia. The fair value of the loans acquired was $160.8 million net of a $4.6 million discount. The discount is accreted to interest income over the remaining contractual life of the loans. All loans that had a loan to value ratio of greater than 80% were determined to have sufficient collateral to recover the carrying amount. Thus, none of the loans acquired were considered to be purchased credit-impaired loans and any possible loss would be considered immaterial. Management established a provision for loan losses of $3.0 million, $225,000 and $735,000 during the years ended September 30, 2017, 2016 and 2015, respectively. The provision for loan losses was deemed necessary for fiscal 2017 due to the increase in the level of commercial real estate and construction loans outstanding and charge-offs incurred during fiscal 2017. The Company believes that the allowance for loan losses at September 30, 2017 is sufficient to cover all inherent and known losses associated with the loan portfolio at such date. At September 30, 2017, the Company’s non-performing assets totaled $15.6 million or 1.7% of total assets as compared to $16.5 million or 2.8% of total assets at September 30, 2016. Non-performing assets at September 30, 2017 included five construction loans aggregating $8.7 million, 33 one-to-four family residential loans aggregating $3.7 million, one single-family residential investment property loan in the amount $1.4 million and five commercial real estate loans aggregating $1.6 million. Non-performing assets also included at September 30, 2017 one real estate owned property consisting of a single-family residential property with a carrying value of $192,000. At September 30, 2017, the Company had nine loans aggregating $6.0 million that were classified as troubled debt restructurings (“TDRs”). Three of such loans aggregating $4.9 million were designated non-performing as of September 30, 2017 and on non-accrual status; one of such loans in the amount of $1.4 million has continued to make payments in accordance with the restructured loan 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 a troubled relationship totaling $10.7 million (after taking into account the previously disclosed $1.9 million write-down recognized during the quarter ending March 31, 2017 related to this borrowing relationship). The primary project of the borrower is the subject of litigation between the Bank and the borrower and as a result, the project currently is not proceeding. Subsequent to the commencement of the litigation, the borrower filed for bankruptcy under Chapter 11 of the federal bankruptcy code in June 2017. The Bank has moved the underlying litigation noted above with the borrower and the Bank from state court to the federal bankruptcy court in which the bankruptcy proceeding is being heard. The remaining six TDRs have performed in accordance with the terms of their revised agreements and have been placed on accruing status. As of September 30, 2017, the Company had reviewed $19.7 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. Management will continue to monitor and modify the allowance for loan losses as conditions dictate. No assurances can be given that the level of allowance for loan losses will cover all of the inherent losses on the loans or that future adjustments to the allowance for loan losses will not be necessary if economic and other conditions differ substantially from the economic and other conditions used by management to determine the current level of the allowance for loan losses. The following tables set forth a summary of the TDRs activity for the years ended September 30, 2016 and 2015. There were no TDRs approved in 2017. All of the TDRs involved changes in the interest rates on the loans; no debt was forgiven. At September 30, 2017, out of the 9 TDRs loans, six were performing and the remaining three were classified as non-performing. There were no TDRs established for the year ended September 30, 2017. As of and for the Year Ended September 30, 2016 Restructured Current Period (amount in thousands) Number of Loans Pre- Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment One-to-four family residential 1 $ 482 $ 482 1 $ 482 $ 482 As of and for the Year Ended September 30, 2015 Restructured Current Period (amount in thousands) Number of Loans Pre- Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commerical real estate 1 $ 750 $ 750 Construction and land development 1 3,665 3,665 2 $ 4,415 $ 4,415 At September 30, 2017, the Company had seventeen consumer mortgages with a carrying amount of $1.9 million that are secured by residential real estate property for which foreclosure proceedings are in process according to local jurisdictions. |
OFFICE PROPERTIES AND EQUIPMENT
OFFICE PROPERTIES AND EQUIPMENT | 12 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
OFFICE PROPERTIES AND EQUIPMENT | 7. OFFICE PROPERTIES AND EQUIPMENT Office properties and equipment are summarized by major classifications as follows: September 30, 2017 2016 (Dollars in Thousands) Land $ 1,437 $ 198 Buildings and improvements 7,449 2,492 Furniture and equipment 3,158 2,355 Total 12,044 5,045 Accumulated depreciation (4,240 ) (3,701 ) Total office properties and equipment, net of accumulated depreciation $ 7,804 $ 1,344 For the years ended September 30, 2017, 2016 and 2015, depreciation expense amounted to $553,000, $325,000 and $304,000, respectively. Lease expense was $383,000, $352,000 and $242,000 for the years ended September 30, 2017, 2016 and 2015, respectively. The Company has executed certain lease commitments is obligated to pay; $394,000 for fiscal year 2018, $369,000 for fiscal year 2019, $249,000 for fiscal year 2020, $253,000 for fiscal year 2021, $257,000 for fiscal year 2022 and $1.3 million thereafter. |
DEPOSITS
DEPOSITS | 12 Months Ended |
Sep. 30, 2017 | |
Deposits [Abstract] | |
DEPOSITS | 8. DEPOSITS Deposits consist of the following major classifications: September 30, 2017 2016 Amount Percent Amount Percent (Dollars in Thousands) Non-interest-bearing checking accounts $ 9,375 1.5 % $ 3,804 0.7 % Interest-bearing checking accounts 54,267 8.5 % 34,984 9.3 % Money market deposit accounts 76,272 12.0 % 55,552 14.3 % Passbook, club and statement savings 101,743 16.0 % 70,924 18.2 % Certificates maturing in six months or less 154,750 24.3 % 97,418 25.0 % Certificates maturing in more than six months 239,575 37.7 % 126,519 32.5 % Total $ 635,982 100.0 % $ 389,201 100.0 % The amount of scheduled maturities of certificate accounts was as follows: September 30, 2017 (Dollars in Thousands) One year or less $ 236,407 One through two years 65,576 Two through three years 48,723 Three through four years 12,372 Four through five years 31,247 Total $ 394,325 Certificates of deposit of $250,000 or more at September 30, 2017 and 2016 totaled $28.9 million and $17.0 million, respectively. Interest expense on deposits was comprised of the following: Year Ended September 30, 2017 2016 2015 (Dollars in Thousands) Checking and money market deposit accounts $ 192 $ 165 $ 323 Passbook, club and statement savings accounts 55 83 208 Certificate accounts 3,683 2,613 2,899 Total $ 3,930 $ 2,861 $ 3,430 |
ADVANCES FROM FEDERAL HOME LOAN
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM | 12 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM | 9. ADVANCES FROM FEDERAL HOME LOAN BANK – SHORT TERM The year ended September 30, outstanding balances and related information of short-term borrowings from the FHLB are summarized follows: (Dollar amount in thousands) 2017 2016 Balance at year-end 20,000 20,000 Average balance outstanding 21,784 8,975 Maximum month-end balance 35,000 20,000 Weight-average rate at year-end 1.31 % 1.17 % Weight-average rate during the year 0.84 % 1.23 % As of September 30, 2017 and September 30, 2016, the $20.0 million consists of two $10.0 million 30 day FHLB advance associated with an interest rate swap contract with a weighted average effective cost of 125 bps and 117 bps respectively. Average balances outstanding during the year represent daily average balance and interest rates represent interest expense divided by the related average balance. The Company maintains borrowing facilities with the FHLB and Federal Reserve Banks and the terms and interest rate are subject to change on the date of execution. |
ADVANCES FROM FEDERAL HOME LO18
ADVANCES FROM FEDERAL HOME LOAN BANK - LONG TERM | 12 Months Ended |
Sep. 30, 2017 | |
Advances from Federal Home Loan Banks [Abstract] | |
ADVANCES FROM FEDERAL HOME LOAN BANK - LONG TERM | 10. ADVANCES FROM FEDERAL HOME LOAN BANK – LONG TERM Pursuant to collateral agreements with the FHLB of Pittsburgh, advances are secured by a blanket collateral of loans held by the Company and qualifying fixed-income securities and FHLB stock. The long-term advances outstanding as of September 30, 2017 are as follows: 2017 2016 Type Maturity Date Coupon Call Date Amount Amount (Dollars in Thousands) Fixed Rate - Amortizing 1-Dec-17 1.16 % Not Applicable $ 505 $ 2,511 Fixed Rate - Amortizing 18-Nov-19 1.53 % Not Applicable 3,044 4,382 Fixed Rate - Amortizing 15-Aug-23 1.94 % Not Applicable 1,974 - 1.64 % 5,523 6,893 Fixed Rate - Advances 17-Nov-17 1.20 % Not Applicable $ 10,000 $ 10,000 Fixed Rate - Advances 4-Dec-17 1.15 % Not Applicable 2,000 2,000 Fixed Rate - Advances 19-Mar-18 2.53 % Not Applicable 5,029 - Fixed Rate - Advances 19-Mar-18 2.13 % Not Applicable 5,041 - Fixed Rate - Advances 20-Jun-18 1.86 % Not Applicable 3,011 - Fixed Rate - Advances 25-Jun-18 2.09 % Not Applicable 3,016 - Fixed Rate - Advances 27-Aug-18 4.15 % Not Applicable 7,174 - Fixed Rate - Advances 15-Nov-18 1.89 % Not Applicable 3,014 - Fixed Rate - Advances 16-Nov-18 1.40 % Not Applicable 7,500 7,500 Fixed Rate - Advances 26-Nov-18 1.81 % Not Applicable 2,008 - Fixed Rate - Advances 3-Dec-18 1.54 % Not Applicable 3,000 3,000 Fixed Rate - Advances 16-Aug-19 2.66 % Not Applicable 3,056 - Fixed Rate - Advances 9-Oct-19 2.54 % Not Applicable 2,034 - Fixed Rate - Advances 26-Nov-19 2.35 % Not Applicable 3,062 - Fixed Rate - Advances 22-Jun-20 2.60 % Not Applicable 3,000 - Fixed Rate - Advances 24-Jun-20 2.85 % Not Applicable 2,054 - Fixed Rate - Advances 27-Jul-20 1.38 % Not Applicable 249 249 Fixed Rate - Advances 17-Aug-20 3.06 % Not Applicable 2,068 - Fixed Rate - Advances 9-Oct-20 2.92 % Not Applicable 2,061 - Fixed Rate - Advances 27-Jul-21 1.52 % Not Applicable 249 249 Fixed Rate - Advances 28-Jul-21 1.48 % Not Applicable 249 249 Fixed Rate - Advances 29-Jul-21 1.42 % Not Applicable 249 249 Fixed Rate - Advances 19-Aug-21 1.55 % Not Applicable 249 249 Fixed Rate - Advances 7-Oct-21 3.19 % Not Applicable 2,089 - Fixed Rate - Advances 12-Oct-21 3.23 % Not Applicable 2,084 - Fixed Rate - Advances 6-Jun-22 2.05 % Not Applicable 10,000 - Fixed Rate - Advances 6-Sep-22 1.94 % Not Applicable 249 - Fixed Rate - Advances 22-Sep-22 2.11 % Not Applicable 5,000 - 2.22 % (a) $ 88,795 $ 23,745 Total 94,318 30,638 (a) Weighted average coupon rate. Advances from the FHLB with coupon rates ranging from 1.15% to 4.15% are as follows. 2018 $ 37,456 2.21 % 2019 20,305 1.74 % 2020 13,076 2.59 % 2021 3,394 2.40 % 2022 19,766 2.31 % 2023 321 1.94 % 94,318 2.19 % 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. Advances from the FHLB with coupon rates ranging from 1.15% to 1.55% are as follows. Weighted Average Maturity Amount Coupon Rate (Dollars in Thousands) 2017 $ 3,367 1.31 % 2018 13,887 1.22 % 2019 11,903 1.45 % 2020 485 1.45 % 2021 996 1.49 % 30,638 1.34 % The Bank maintains a blanket collateral agreement using qualifying loans with the FHLB for future borrowing needs. At September 30, 2017, the Bank had the ability to obtain $277.5 million of additional FHLB advances. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 11. INCOME TAXES The Company files a consolidated federal income tax return. The Company uses the specific charge-off method for computing reserves for bad debts. Generally this method allows the Company to deduct an annual addition to the reserve for bad debt equal to its net charge-offs. The provision for income taxes for the years ended September 30, consists of the following: Year Ended September 30, 2017 2016 2015 (Dollars in Thousands) Current: Federal expense $ 801 $ 1,275 $ 461 Total current taxes 801 1,275 461 Deferred income tax (benefit) expense 140 (16 ) (345 ) Total income tax provision $ 941 $ 1,259 $ 116 Items that gave rise to significant portions of deferred income taxes are as follows: September 30, 2017 2016 (Dollars in Thousands) Deferred tax assets: Allowance for loan losses $ 1,675 $ 1,289 Non-accrual interest 349 163 Accrued vacation 12 13 Capital loss carryforward 476 378 Post-retirement benefit plans 98 96 Split dollar life insurance 15 18 Unrealized losses on available for sale securities 569 - Unrealized losses on interest rate swaps - 69 Deferred compensation 1,439 - Goodwill 148 - Purchase accounting adjustments 731 - Other 254 - Employee benefit plans 90 434 Total deferred tax assets 5,856 2,460 Valuation allowance (378 ) (378 ) Total deferred tax assets, net of valuation allowance 5,478 2,082 Deferred tax liabilities: Property 332 423 Unrealized gains on available for sale securities - 500 Unrealized gains on interest rate swaps 171 - 481(a)Adjustment - 12 Deferred loan fees 884 578 Total deferred tax liabilities 1,387 1,513 Net deferred tax asset $ 4,091 $ 569 The Company establishes a valuation allowance for deferred tax assets when management believes that the deferred tax assets are not likely to be realized either through a carry back to taxable income in prior years, future reversals of existing taxable temporary differences, and, to a lesser extent, future taxable income. The valuation allowance totaled $378,000 at both September 30, 2017 and 2016. The gross deferred tax assets related to capital loss carryforwards increased in the aggregate by $98 thousand during the year ended September 30, 2017, primarily due to the sale of AFS investment securities acquired from the Polonia Bancorp acquisition. The income tax expense differs from that computed at the statutory federal corporate tax rate as follows: 2017 2016 2015 Percentage Percentage Percentage of Pretax of Pretax of Pretax Amount Income Amount Income Amount Income (Loss) (Dollars in Thousands) Tax at statutory rate $ 1,265 34.0 % $ 1,353 34.0 % $ 798 34.0 % Adjustments resulting from: Valuation allowance - - (156 ) (3.9 ) (677 ) (28.8 ) Tax exempt income (109 ) (2.9 ) - - - - Nondeductible merger expenses 80 2.1 - - - - Income from bank owned life insurance (230 ) (6.2 ) (113 ) (2.8 ) (117 ) (5.0 ) Employee benefit plans (39 ) (1.1 ) 151 3.8 126 5.4 Other (26 ) (0.6 ) 24 0.5 (14 ) (0.6 ) Income tax expense $ 941 25.3 % $ 1,259 31.6 % $ 116 5.0 % 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. During fiscal 2017, the Internal Revenue Service conducted an audit of the Company’s tax returns for the year ended September 30, 2014, and no adverse findings were reported. 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. |
REGULATORY CAPITAL REQUIREMENTS
REGULATORY CAPITAL REQUIREMENTS | 12 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
REGULATORY CAPITAL REQUIREMENTS | 12. REGULATORY CAPITAL REQUIREMENTS The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory – and possibly additional discretionary – actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s and the Bank’s capital amounts and the Bank’s classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of Tier 1 capital (as defined in the regulations) to average assets (as defined) and risk-weighted assets (as defined), and of total capital (as defined) to risk-weighted assets. Management believes, as of September 30, 2017 and 2016, that the Company and the Bank met all regulatory capital adequacy requirements to which they each are subject. To be categorized as well capitalized, the Bank must maintain the minimum Tier 1 capital, Tier common equity, Tier 1 risk-based and total risk-based ratios as set forth in the table below. The Company’s and the Bank’s actual capital amounts and ratios are also presented in the following table: To Be Well Capitalized Under Prompt Required for Capital Corrective Action Actual Adequacy Purposes Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) September 30, 2017: Tier 1 capital (to average assets) Company $ 130,128 14.81 % N/A N/A N/A N/A Bank 119,189 13.59 $ 35,093 4.0 % $ 43,866 5.0 % Tier 1 Common (to risk-weighted assets) Company 130,128 23.94 N/A N/A N/A N/A Bank 119,189 21.97 24,411 4.5 35,260 6.5 Tier 1 capital (to risk-weighted assets) Company 130,128 23.94 N/A N/A N/A N/A Bank 119,189 21.97 32,548 6.0 43,397 8.0 Total capital (to risk-weighted assets) Company 134,963 24.83 N/A N/A N/A N/A Bank 124,024 22.86 43,397 8.0 54,247 10.0 September 30, 2016: Tier 1 capital (to average assets) Company $ 113,205 20.41 % N/A N/A N/A N/A Bank 100,552 18.15 $ 22,157 4.0 % $ 27,697 5.0 % Tier 1 Common (to risk-weighted assets) Company 113,205 38.57 N/A N/A N/A N/A Bank 100,552 34.36 13,171 4.5 19,024 6.5 Tier 1 capital (to risk-weighted assets) Company 113,205 38.57 N/A N/A N/A N/A Bank 100,552 34.36 17,559 6.0 23,415 8.0 Total capital (to risk-weighted assets) Company 116,512 39.70 N/A N/A N/A N/A Bank 103,859 35.49 23,415 8.0 29,268 10.0 |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
EMPLOYEE BENEFITS | 13. EMPLOYEE BENEFITS The Bank is a member of a multi-employer (under the provisions of the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986) defined benefit pension plan covering all employees meeting certain eligibility requirements. The Bank’s policy is to fund pension costs accrued. The expense relating to this plan for the years ended September 30, 2017, 2016 and 2015 was $379,000, $256,000 and $623,000, respectively. There are no collective bargaining agreements in place that require contributions to the plan. Additional information regarding the plan as of September 30, 2017 is noted below: Legal Name of Plan Pentegra Defined Benefit Plan Plan Employer Identification Number 13-5645888 The Company's Contribution for the year ended September 30, 2017 $ 379,000 Are Company's Contributions more than 5% of total contributions? No Funded Status 95.06 % The Pentegra Defined Benefits Plan for Financial Institutions is a single plan under Internal Revenue Code Section 413 (c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the plan, contributions made by a participating employer may be used to provide benefits to participants of other participating employers. During November 2016, participation in the Plan was frozen in an effort to reduce expenses on a going forward basis. The Bank also has a defined contribution plan for employees meeting certain eligibility requirements. The defined contribution plan may be terminated at any time at the discretion of the Bank. There was no expense relating to this plan for the years ended September 30, 2017, 2016 and 2015. . 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 received a determination letter from the Internal Revenue Service in connection with the termination of the ESOP and the final allocation is anticipated to made to the individual participants during December 2017. 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. In connection with the termination of the ESOP, the ESOP was required to repay the outstanding indebtedness the collateral held in the suspense account. As of September 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 pay-off 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. The expense relating to the ESOP for the years ended September 30, 2017, 2016 and 2015 was $152,000, $526,000 and $467,000, respectively. The Company maintains the 2008 Recognition and Retention Plan (“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 RRP Trust purchased 213,528 shares (on a converted basis) of the Company’s common stock in the open market for approximately $2.5 million, at an average purchase price per share of $11.49 as part of the RRP. The Company made sufficient contributions to the RRP Trust to fund these purchases. Shares subject to awards under the 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 can be awarded as restricted stock awards or units, of which 235,500 shares were awarded during February. In August 2016, the Company granted 7,473 shares under the 2008 RRP and 3,207 shares under the 2014 SIP. In March 2017, the Company granted 17,128 shares under the 2014 SIP. During the year ended September 30, 2017, approximately $578,000 was recognized in compensation expense for the RRP. Tax benefits of $286,000 were recognized during the year ended September 30, 2017. Tax benefits of $219,000 were recognized during the year ended September 30, 2016. During the year ended September 30, 2016, approximately $463,000 was recognized in compensation expense for the RRP. At September 30, 2017, approximately $1.5 million of additional compensation expense for the shares awarded related to the RRP remained unrecognized. A summary of the Company’s non-vested stock award activity for the year ended September 30, 2017 and 2016 is presented in the following table: Year Ended Number of Weighted Average Nonvested stock awards at beginning of year 172,788 $ 12.03 Issued 17,128 17.43 Forfeited (1,467 ) 10.47 Vested (45,855 ) 11.72 Nonvested stock awards at the end of the period 142,594 $ 12.79 Year Ended Number of Weighted Average Nonvested stock awards at beginning of year 241,428 $ 11.74 Issued 10,500 14.42 Forfeited (30,180 ) 11.92 Vested (48,960 ) 11.60 Nonvested stock awards at the end of the period 172,788 $ 12.03 Year Ended Number of Weighted Average Nonvested stock awards at beginning of year 38,055 $ 8.07 Issued 235,500 12.23 Forfeited (21,813 ) 11.85 Vested (10,314 ) 9.07 Nonvested stock awards at the end of the period 241,428 $ 11.74 The Company maintains the Stock Option Plan (the “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 Stock Option Plan. As of September 30, 2017, all of the options had been awarded under the Option Plan. As of September 30, 2017, 544,802 options were vested under the Option Plan. The 2014 SIP reserved up to 714,145 shares for issuance pursuant to options. Options to purchase 605,000 shares were awarded during February 2015. During August 2016, the Company granted 18,866 shares under the Option Plan and 8,634 shares under the 2015 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’ stock options under the Stock Option Plan as of September 30, 2017 and 2016 and changes during the year ended September 30, 2017 and 2016 are presented below: Year Ended Number of Weighted Average Options outstanding at beginning of year 921,909 $ 11.70 Granted 47,828 17.92 Exercised (43,890 ) 11.41 Forfeited (3,283 ) 11.84 Outstanding at the end of the period 922,564 $ 12.04 Exercisable at the end of the period 554,802 $ 11.47 Year Ended Number of Weighted Average Options outstanding at beginning of year 1,074,430 $ 11.92 Granted 27,500 14.42 Exercised (99,545 ) 11.45 Forfeited (80,476 ) 11.52 Outstanding at the end of the period 921,909 $ 11.70 Exercisable at the end of the period 467,397 $ 11.40 Year Ended Number of Weighted Average Options outstanding at beginning of year 530,084 $ 11.57 Granted 608,737 12.23 Exercised - - Forfeited (64,391 ) 11.92 Outstanding at the end of the period 1,074,430 $ 11.92 Exercisable at the end of the period 440,976 $ 11.42 The weighted average remaining contractual term was approximately 4.2 years for options outstanding as of September 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 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, term of seven years, volatility rate of 13.82%, interest rate of 1.36% and a yield rate of 0.80%. The fair value for grants made in fiscal 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, term of seven years, volatility rate of 14.37%, interest rate of 2.22% and a yield rate of 0.69%. During the year ended September 30, 2017, $531,000 was recognized in compensation expense for the Option Plan. A tax benefit of $146,000 was recognized during the year ended September 30, 2017. During the year ended September 30, 2016, $455,000 was recognized in compensation expense for the Option Plan. A tax benefit of $155,000 was recognized during the year ended September 30, 2016. At September 30, 2017, approximately $1.3 million of additional compensation expense for awarded options remained unrecognized. The weighted average period over which this expense will be recognized is approximately 3.0 years. |
INTEREST RATE SWAP AGREEMENTS
INTEREST RATE SWAP AGREEMENTS | 12 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
INTEREST RATE SWAP AGREEMENTS | 14. INTEREST RATE SWAP AGREEMENTS The Company has contracted with a third party to engage pay-fixed interest rate swap contracts and the outstanding at September 30, 2017, is being utilized to hedge $20.0 million in floating rate debt and a $1.1 million commercial loan. Below is a summary of the interest rate swap agreements and the terms as of September 30, 2017. 2017 Natinal Pay Receive Maturity Unrealized Amount Rate Rate Date Gain (Dollars in thousands) Interest rate swap contract $ 10,000 1.15 % 1 Mth Libor 6-Apr-21 $ 217 Interest rate swap contract 10,000 1.18 % 1 Mth Libor 13-Jun-21 223 Interest rate swap contract 1,100 4.10 % 1 Mth Libor +276 bp 1-Aug-26 62 $ 502 2016 Natinal Pay Receive Maturity Unrealized Amount Rate Rate Date (Loss) (Dollars in thousands) Interest rate swap contract $ 10,000 1.15 % 1 Mth Libor 6-Apr-21 $ (92 ) Interest rate swap contract 10,000 1.18 % 1 Mth Libor 13-Jun-21 (103 ) Interest rate swap contract 1,100 4.10 % 1 Mth Libor +276 bp 1-Aug-26 (7 ) $ (202 ) |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | 15. COMMITMENTS AND CONTINGENT LIABILITIES At September 30, 2017, the Company had $45.9 million in outstanding commitments to originate fixed and variable-rate loans with market interest rates ranging from 4.75% to 5.50%. At September 30, 2016, the Company had $9.9 million in outstanding commitments to originate fixed and variable-rate loans with market interest rates ranging from 3.75% to 5.25%. The aggregate undisbursed portion of loans-in-process amounted to $73.9 million and $5.4 million, respectively, at September 30, 2017 and 2016. The Company also had commitments under unused lines of credit of $7.4 million and $3.3 million, respectively, and letters of credit outstanding of $1.4 million and $1.9 million, respectively, at September 30, 2017 and 2016. The Company is subject to various pending claims and contingent liabilities arising in the normal course of business which are not reflected in the accompanying consolidated financial statements. Management considers that the aggregate liability, if any, resulting from such matters will not be material. 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 September 30, 2017, the exposure, which represents a portion of credit risk associated with the sold interests, amounted to $1.8 million. This exposure is for the life of the related loans and payables, on the Company’s proportionate share, as actual losses are incurred. 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, does not believe that such proceedings will have a material adverse effect on the financial condition or operations of the Company (See “Item#3 legal proceedings”). There can be no assurance that any of the outstanding legal proceedings to which the Company is party will not be decided adversely to the Company’s interest and have a material adverse effect on the financial condition and operations of the Company. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | 16. FAIR VALUE MEASUREMENT The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2017 and 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 establishes 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 September 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 $ - $ 25,799 $ - $ 25,799 Mortgage-backed securities - U.S. Government agencies - 118,127 - 118,127 Corporate bonds - 34,400 - 34,400 FHLMC preferred stock 76 - - 76 Interest rate swap contracts - 502 - 502 Total $ 76 $ 178,828 $ - $ 178,904 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 $ - $ 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 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 of $19.7 million and $19.4 million at September 30, 2017 and 2016, respectively. 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 comparables included in the appraisal, and known changes in the market and in the collateral. Thus 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 September 30, 2017 (Dollars in Thousands) Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 19,665 $ 19,665 Real estate owned - - 192 192 Total $ - $ - $ 19,857 $ 19,857 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 tables provide information describing the valuation processes used to determine nonrecurring fair value measurements categorized within level 3 of the fair value hierarchy: At September 30, 2017 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired Loans $ 19,665 Property appraisals (1) (3) Management discount for selling costs, property type and market volatility (2) 6% to 57% discount/ 7% Real estate owned $ 192 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 amounts have 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 September 30, 2017 Carrying Fair Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Cash and cash equivalents $ 27,903 $ 27,903 $ 27,903 $ - $ - Certificate of deposits 1,604 1,604 1,604 - - Investment and mortgage-backed securities available for sale 178,402 178,402 76 178,326 - Investment and mortgage-backed securities held to maturity 61,284 60,179 - 60,179 - Loans receivable, net 571,343 575,876 - - 575,876 Accrued interest receivable 2,825 2,825 2,825 - - Federal Home Loan Bank stock 6,002 6,002 6,002 - - Interest rate swap contracts 502 502 - 502 - Bank owned life insurance 28,048 28,048 28,048 - - Liabilities: Checking accounts 59,956 59,956 59,956 - - Money market deposit accounts 48,797 48,797 48,797 - - Passbook, club and statement - savings accounts 101,743 101,743 101,743 - - Certificates of deposit 394,325 398,078 - - 398,078 Accrued interest payable 1,933 1,933 1,933 - - Advances from FHLB -short-term 20,000 20,000 20,000 - Advances from FHLB -long-term 94,318 93,579 - - 93,579 Advances from borrowers for taxes and insurance 2,207 2,207 2,207 - - 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 $ - $ - Certificates 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 223,930 225,383 - - 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 Certificates of deposit 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 — Advances from Federal Home Loan Bank (short-term) — Advances from Federal Home Loan Bank (long-term) — Accrued Interest Payable – Advances from borrowers for taxes and insurance – Interest rate swap contracts – Commitments to Extend Credit and Letters of Credit — |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | 17. 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/ September 30, Amortization 2016 Adjustments Amortization 2017 Period Goodwill $ - $ 6,102 $ - $ 6,102 Core deposit intangible - 822 (112 ) 710 10 years $ - $ 6,924 $ (112 ) $ 6,812 As of September 30, 2017, the future fiscal periods amortization expense for the core deposit intangible is: (In thousands) 2018 $ 138 2019 123 2020 108 2021 93 2022 77 Thereafter 169 |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | 18. 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 22,911 Investments available for sale 67,154 Loans 160,785 Premises and equipment 6,702 Deferred taxes 3,492 Bank-owned life insurance 4,316 Core deposit intangible 822 Regulatory Stock 3,399 Other assets 2,273 Total assets 271,854 Liabilities assumed: Deposits 172,243 FHLB advances, short-term 7,000 FHLB advances, long -term 50,232 Other liabilities 7,722 Total liabilities 237,197 Net assets acquired 34,657 Goodwill resulting from the acquisition $ 6,102 The following table summarizes the 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 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 capital 1,708,155 Shares redeemed for cash capital 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 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 37,101 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 2,850 Other assets (73 ) Deferred taxes 505 Total fair value adjustment to assets acquired (318 ) 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 34,657 Goodwill resulting from merger 6,102 Pro Forma Income Statements (unaudited) The following pro forma income statements for the year ended September 30, 2017 and 2016 presents pro forma results of operations of the combined institution (Polonia Bancorp and the Company) had the merger occurred on October 1, 2015. 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 years ended September 30, 2017 and 2016. Actual from acquistion date through Twelve Months ended September 30, September 30, 2017 2017 2016 (Dollars in thousands, except per share data) Net interest income 3,467 22,551 29,702 Provision for loan and leases losses - 2,990 2,990 Net interest income after provision for loan and lease losses 3,467 19,561 26,712 Non-interest income 250 2,205 3,365 Non-interest expenses 2,380 20,287 29,229 Income before income taxes 1,337 1,479 848 Income tax expense 455 225 81 Net income 882 1,254 767 Per share data Weighed average basic shares outstanding 8,316,638 8,316,638 8,691,241 Dilutive shares 357,871 357,871 224,037 Adjusted weighted-average dilutive shares 8,674,509 8,674,509 8,915,278 Basic earnings per common share $ 0.11 $ 0.15 $ 0.09 Dilutive earnings per common share $ 0.10 $ 0.14 $ 0.09 Non-recurring merger costs in the table above 3,559 723 (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 |
PRUDENTIAL BANCORP, INC. (PAREN
PRUDENTIAL BANCORP, INC. (PARENT COMPANY ONLY) | 12 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
PRUDENTIAL BANCORP, INC. (PARENT COMPANY ONLY) | 19. PRUDENTIAL BANCORP, INC. (PARENT COMPANY ONLY) STATEMENT OF FINANCIAL CONDITION September 30, 2017 2016 (Dollars in Thousands) Assets: Cash $ 9,792 $ 6,541 ESOP loan receivable - 5,277 Investment in Bank 125,240 101,350 Other assets 1,147 834 Total assets $ 136,179 $ 114,002 Total stockholders' equity $ 136,179 $ 114,002 INCOME STATEMENT For the year ended September 30, 2017 2016 2015 (Dollars in thousands) Interest on ESOP loan 59 247 263 Equity in the undistributed earnings of the Bank 3,255 2,911 2,549 Other income - - 9 Total income 3,314 3,158 2,821 Professional services 369 161 306 Other expense 413 376 447 Total expense 782 537 753 Income before income taxes 2,532 2,621 2,068 Income tax benefit (246 ) (99 ) (164 ) Net income 2,778 2,720 2,232 CASH FLOWS For the year ended September 30, 2017 2016 2015 (Dollars in thousands) Operating activities: Net income $ 2,778 $ 2,720 $ 2,232 Decrease (increase) in assets 46 (579 ) 88 Equity in the undistributed earnings of the Bank (3,255 ) (2,911 ) (2,549 ) Net cash used in operating activities (431 ) (770 ) (229 ) Investing activities: Repayments received on ESOP loan 5,277 341 325 Acquisitions, net of cash 3,966 - - Net cash provided by investing activities 9,243 341 325 Financing Activities: Purchase of treasury stock (4,526 ) (7,047 ) (14,691 ) Cash dividends paid (1,035 ) (895 ) (2,222 ) Net cash used in by financing activities (5,561 ) (7,942 ) (16,913 ) Net (decrease) increase in cash and cash equivalents 3,251 (8,371 ) (16,817 ) Cash and cash equivalents, beginning of year 6,541 14,912 31,729 Cash and cash equivalents, end of year $ 9,792 $ 6,541 $ 14,912 |
CONSOLIDATED QUARTERLY FINANCIA
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Sep. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) | 20. CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) Unaudited quarterly financial data for the years ended September 30, 2017 and 2016 is as follows: September 30, 2017 September 30, 2016 1st 2nd 3rd 4th 1st 2nd 3rd 4th Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr (In thousands) (In thousands) Interest income $ 4,505 $ 6,671 $ 7,430 $ 7,737 $ 4,056 $ 4,366 $ 4,474 $ 4,587 Interest expense 858 1,373 1,377 1,656 800 849 824 853 Net interest income 3,647 5,298 6,053 6,081 3,256 3,517 3,650 3,734 (Recoveries) Provision for loan losses 185 2,365 30 410 0 75 150 0 Net interest income after provision for loan losses 3,462 2,933 6,023 5,671 3,256 3,442 3,500 3,734 Non-interest income 358 518 625 699 274 209 400 454 Non-interest expense 2,720 6,763 3,500 3,587 2,896 2,796 2,815 2,783 Income(loss) before income tax expense 1,100 (3,312 ) 3,148 2,783 634 855 1,085 1,405 Income tax expense(benefit) 370 (1,171 ) 1,031 711 221 307 308 423 Net income $ 730 $ (2,141 ) $ 2,117 $ 2,072 $ 413 $ 548 $ 777 $ 982 Per share: Earnings per share - basic $ 0.09 $ (0.27 ) $ 0.25 $ 0.26 $ 0.05 $ 0.08 $ 0.10 $ 0.14 Earnings per share - diluted $ 0.09 $ (0.27 ) $ 0.25 $ 0.24 $ 0.05 $ 0.07 $ 0.10 $ 0.14 Dividends per share $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 September 30, 2015 1st 2nd 3rd 4th Qtr Qtr Qtr Qtr (In thousands) Interest income $ 4,240 $ 4,304 $ 4,055 $ 4,081 Interest expense 901 871 851 807 Net interest income 3,339 3,433 3,204 3,274 (Recoveries) Provision for loan losses 75 300 210 150 Net interest income after provision for loan losses 3,264 3,133 2,994 3,124 Non-interest income 350 1,988 445 225 Non-interest expense 2,926 3,511 3,432 3,306 Income before income tax expense 688 1,610 7 43 Income tax expense(benefit) 217 (91 ) (40 ) 30 Net income $ 471 $ 1,701 $ 47 $ 13 Per share: Earnings per share - basic $ 0.05 $ 0.20 $ 0.01 $ 0.01 Earnings per share - diluted $ 0.05 $ 0.18 $ 0.01 $ - Dividends per share $ 0.03 $ 0.03 $ 0.18 $ 0.03 Due to rounding, the sum of the earnings per share in individual quarters may differ from reported amounts. |
SUMMARY OF SIGNIFICANT ACCOUN29
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements — |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Certificates of Deposit | Certificates of Deposit— |
Investment Securities and Mortgage-Backed Securities | Investment Securities and Mortgage-Backed Securities Held to Maturity Available for Sale |
Other-than-temporary impairment | Other-than-temporary impairment |
Loans Receivable | Loans Receivable — |
Loan Origination and Commitment Fees | Loan Origination and Commitment Fees |
Interest on Loans | Interest on Loans |
Allowance for Loan Losses | Allowance for Loan Losses — The allowance for loan losses represents the amount which management estimates is adequate to provide for probable losses inherent in its loan portfolio as of the Consolidated Statement of Financial Condition date. The allowance method is used in providing for loan losses. Accordingly, all loan losses are charged to the allowance, and all recoveries are credited to it. The allowance for loan losses is established through a provision for loan losses charged to operations. The provision for loan losses is based on management’s periodic evaluation of individual loans, economic factors, past loan loss experience, changes in the composition and volume of the portfolio, and other relevant factors, both qualitative and quantitative. The estimates used in determining the adequacy of the allowance for loan losses, including the amounts and timing of future cash flows expected on impaired loans, are particularly susceptible to changes in the near term. Impaired loans are loans for which it is not probable to collect all amounts due according to the contractual terms of the loan agreements. Management individually evaluates such loans for impairment and does not aggregate loans by major risk classifications. Factors considered by management in determining impairment include payment status and collateral value. The amount of impairment for impaired loans is determined by the difference between the present value of the expected cash flows related to the loans, using the original interest rate, and their recorded value, or as a practical expedient in the case of collateralized loans, the difference between the fair value of the collateral and the recorded amount of the loans. When foreclosure is probable, impairment is measured based on the fair value of the collateral. Mortgage loans and consumer loans are comprised of large groups of smaller balance homogeneous loans which are evaluated for impairment collectively. Loans that experience insignificant payment delays, which are defined as less than 90 days, generally are not classified as impaired. Management determines the significance of payment delays on a case-by-case basis taking into consideration all of the circumstances surrounding the loan and the borrower including the length of the delay, the borrower’s prior payment record, and the amount of shortfall in relation to the principal and interest owed. |
Real Estate Owned | Real Estate Owned |
Federal Home Loan Bank of Pittsburgh ("FHLB") Stock | Federal Home Loan Bank of Pittsburgh (“FHLB”) Stock – The Company is a member of the Federal Home Loan Bank of Pittsburgh and as such, is required to maintain a minimum investment in stock of the Federal Home Loan Bank that varies with the level of advances outstanding with the Federal Home Loan Bank. The stock is bought from and sold to the Federal Home Loan Bank based upon its $100 par value. The stock does not have a readily determinable fair value and as such is classified as restricted stock, carried at cost and evaluated for impairment by management. The stock’s value is determined by the ultimate recoverability of the par value rather than by recognizing temporary declines. The determination of whether the par value will ultimately be recovered is influenced by criteria such as the following: (a) the significance of the decline in net assets of the Federal Home Loan Bank as compared to the capital stock amount and the length of time this situation has persisted; (b) commitments by the Federal Home Loan Bank to make payments required by law or regulation and the level of such payments in relation to the operating performance; (c) the impact of legislative and regulatory changes on the customer base of the Federal Home Loan Bank; and (d) the liquidity position of the Federal Home Loan Bank. The Federal Home Loan Bank continues to report net income, continues to declare quarterly cash dividends and had its Aaa bond rating affirmed by Moody’s and AA+ rating affirmed by Standard and Poor’s during 2017 and remain unchanged as of September 30, 2017.With consideration given to these factors, management concluded that the stock was not impaired at September 30, 2017 or 2016. |
Office Properties and Equipment | Office Properties and Equipment |
Cash Surrender Value of Life Insurance | Cash Surrender Value of Life Insurance— |
Dividend Payable | Dividend Payable |
Goodwill | Goodwill . The Company’s goodwill and intangible assets are related to the acquisition of Polonia Bancorp on January 1, 2017. |
Employee Stock Ownership Plan | Employee Stock Ownership Plan – |
Share-Based Compensation | Share-Based Compensation |
Treasury Stock | Treasury Stock – During the year ended September 30, 2017, the Company repurchased 303,115 shares of common stock of unallocated shares held in a suspense account by the Bank’s ESOP as collateral with an aggregate value of $5.2 million in order to payoff the associated loans as of December 31, 2016 in connection with the termination of the Bank’s ESOP. In addition, 42,791 shares of common stock were purchased in conjunction with the termination of the Polonia Bank ESOP as a result of the acquisition. The remaining shares purchased were related to the Company buying shares for the benefit of the employee stock benefit. The shares may be purchased in the open market or in privately negotiated transactions from time to time depending upon market conditions and other factors over a one-year period or such longer period of time as may be necessary to complete such repurchases. |
Comprehensive Income | Comprehensive Income |
Income Taxes | Income Taxes— In evaluating the Company’s ability to recover deferred tax assets, management considers all available positive and negative evidence, including past operating results and forecast of future taxable income. In determining future taxable income, management makes assumptions for the amount of taxable income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require management to make judgments about future taxable income and are consistent with the plans and estimates the Company uses to manage the business. Any reduction in estimated future taxable income may require management to record an additional valuation allowance against the deferred tax assets. An increase in the valuation allowance would result in additional income tax expense in the period and could have a significant impact on our future earnings. |
Transfers and Servicing of Financial Assets and Extinguishments of Liabilities | Transfers and Servicing of Financial Assets and Extinguishments of Liabilities |
Interest Rate Swap Agreement | Interest Rate Swap Agreement The gain or loss on a derivative designated and qualifying as a fair value hedging instrument, as well as the offsetting gain or loss on the hedged item attributable to the risk being hedged, is recognized currently in earnings in the same accounting period. The effective portion of the gain or loss on a derivative designated and qualifying as a cash flow hedging instrument is initially reported as a component of other comprehensive income and subsequently reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument, if any, is recognized currently in earnings. For cash flow hedges, the net settlement (upon close-out or termination) that offsets changes in the value of the hedged debt is deferred and amortized into net interest income over the life of the hedged debt. For fair value hedges, the net settlement (upon close-out or termination) that offsets changes in the value of the loans adjusts the basis of the loans and is deferred and amortized to loan interest income over the life of the loans. The portion, if any, of the net settlement amount that did not offset changes in the value of the hedged asset or liability is recognized immediately in noninterest income. Interest rate derivative financial instruments receive hedge accounting treatment only if they are designated as a hedge and are expected to be, and are, effective in substantially reducing interest rate risk arising from the assets and liabilities identified as exposing the Company to risk. Those derivative financial instruments that do not meet specified hedging criteria would be recorded at fair value, with changes in fair value recorded in income. If periodic assessment indicates derivatives no longer provide an effective hedge, the derivative contracts would be closed out and settled, or classified as a trading activity. |
Loans Acquired | Loans Acquired For purchased loans acquired that are not deemed impaired at acquisition, credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value. Loans are aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. Subsequent to the purchase date, the methods utilized to estimate the required allowance for credit losses for these loans is similar to originated loans; however, the Company records a provision for loan losses only when the required allowance exceeds any remaining credit discounts. The remaining differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loans. |
Business Combinations | Business Combinations - The difference between the purchase price and the fair value of the net assets acquired (including identified intangibles) is recorded as goodwill. |
Reclassification of Comparative Amounts | Reclassicfication of Comparative Amounts |
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 March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815) In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments 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 In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 850) In September 2017, the FASB issued ASU 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842 Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments. Revenue from Contracts with Customers Leases |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per share | Year Ended September 30, 2017 2016 2015 (Dollars in Thousands Except Per Share Data) Basic Diluted Basic Diluted Basic Diluted Net income $ 2,778 $ 2,778 $ 2,720 $ 2,720 $ 2,232 $ 2,232 Weighted average shares outstanding 8,316,638 8,316,638 7,417,044 7,417,044 8,335,273 8,335,273 Effect of CSEs - 357,871 - 217,701 - 114,817 Adjusted weighted average shares used in earnings per share computation 8,316,638 8,674,509 7,417,044 7,634,745 8,335,273 8,450,090 Earnings per share $ 0.33 $ 0.32 $ 0.37 $ 0.36 $ 0.27 $ 0.26 |
ACCUMULATED OTHER COMPREHENSI31
ACCUMULATED OTHER COMPREHENSIVE (LOSS)INCOME (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of changes in accumulated other comprehensive income | Year Ended September 30, 2017 2017 2017 2016 2016 2016 2015 Unrealized gain(loss) Unrealized gain(loss) Total other Unrealized Unrealized gain(loss) Total other Unrealized Beginning Balance $ 931 $ (133 ) $ 798 $ 18 $ - $ 18 $ (953 ) Other comprehensive (loss)income before reclassification (1,867 ) 464 (1,403 ) 1,189 (133 ) 1,056 971 Amount reclassified from accumulated other comprehensive income (155 ) - (155 ) (276 ) - (276 ) - Total other comprehensive income (loss) (2,022 ) 464 (1,558 ) 913 (133 ) 780 971 Ending Balance $ (1,091 ) $ 331 $ (760 ) $ 931 $ (133 ) $ 798 $ 18 (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) | Year Ended September 30, 2017 2016 2015 Amount Reclassified Amount Reclassified Amount Reclassified from Accumulated from Accumulated from Accumulated Affected Line Item in Other Other Other the Statement Where Comprehensive Comprehensive Comprehensive Net Income is Details about other comprehensive income Income (a) Income (a) Income (a) Presented Unrealized gains on available for sale securities: Reclassification for net gains in net income $ 235 $ 418 $ - Gain on sale of mortgage-backed securities available-for-sale, net Tax effect (80 ) (142 ) - Income taxes $ 155 $ 276 $ - (a) Amounts in parentheses indicate debits to net income |
INVESTMENT AND MORTGAGE-BACKE32
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and fair value of securities, with gross unrealized gains and losses | September 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 $ 26,125 $ 9 $ (335 ) $ 25,799 Mortgage-backed securities - U.S. government agencies 119,456 146 (1,475 ) 118,127 Corporate debt securities 34,500 185 (285 ) 34,400 Total debt securities available for sale 180,081 340 (2,095 ) 178,326 FHLMC preferred stock 6 70 - 76 Total securities available for sale $ 180,087 $ 410 $ (2,095 ) $ 178,402 Securities Held to Maturity: U.S. government and agency obligations $ 33,500 $ 229 $ (1,688 ) $ 32,041 State and political subdivisions 20,781 165 (104 ) 20,842 Mortgage-backed securities - U.S. government agencies 7,003 304 (11 ) 7,296 Total securities held to maturity $ 61,284 $ 698 $ (1,803 ) $ 60,179 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 debt securities 25,411 661 (19 ) 26,053 Total debt securities 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 | The following table shows the gross unrealized losses and related fair values of the Company’s investment securities, aggregated by investment category and the length of time that individual securities had been in a continuous loss position at September 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 $ (335 ) $ 20,655 $ - $ - $ (335 ) $ 20,655 Mortgage-backed securities -U.S. government agencies (1,135 ) 77,176 (340 ) 11,684 (1,475 ) 88,860 Corporate debt securities (285 ) 22,511 - - (285 ) 22,511 Total securities available for sale $ (1,755 ) $ 120,342 $ (340 ) $ 11,684 $ (2,095 ) $ 132,026 Securities Held to Maturity: U.S. government and agency obligations $ (1,688 ) $ 28,813 $ - $ - $ (1,688 ) $ 28,813 Mortgage-backed securities -U.S.s government agencies (11 ) 1,176 - - (11 ) 1,176 Corporate debt securities - - State and political subdivisions (104 ) 7,854 - - (104 ) 7,854 Total securities held to maturity $ (1,803 ) $ 37,843 $ - $ - $ (1,803 ) $ 37,843 Total $ (3,558 ) $ 158,185 $ (340 ) $ 11,684 $ (3,898 ) $ 169,869 The following table shows the gross unrealized losses and related fair values of the investment securities, aggregated by investment category and length of time that individual securities have 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 - US government agencies $ (50 ) $ 16,498 $ (52 ) $ 6,718 $ (102 ) $ 23,216 Corporate debt securities (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 | Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value (Dollars in Thousands) Due within one year $ - $ - $ - $ - Due after one through five years 2,867 2,953 6,058 6,078 Due after five through ten years 22,601 22,479 25,975 25,872 Due after ten years 28,813 27,451 28,592 28,249 Total $ 54,281 $ 52,883 $ 60,625 $ 60,199 |
LOANS RECEIVABLE (Tables)
LOANS RECEIVABLE (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Schedule of summary of loans receivable | September 30, 2017 2016 (Dollars in Thousands) One-to-four family residential $ 351,298 $ 233,531 Multi-family residential 21,508 12,478 Commercial real estate 127,644 79,859 Construction and land development 145,486 21,839 Commercial business 488 99 Leases 4,240 3,286 Consumer 1,943 799 Total loans 652,607 351,891 Undisbursed portion of loans-in-process (73,858 ) (5,371 ) Deferred loan (fees) costs (2,940 ) 1,697 Allowance for loan losses (4,466 ) (3,269 ) Net loans $ 571,343 $ 344,948 |
Schedule of loans individually and collectively evaluated for impairment by loan segment | The following table summarizes the loans individually evaluated for impairment by loan segment at September 30, 2017: One- to four- Multi-family Commercial Construction Commercial Leases Consumer Total (Dollars in Thousands) Individually evaluated for impairment $ 8,277 $ 317 $ 2,337 $ 8,724 $ - $ - $ 10 $ 19,665 Collectively evaluated for impairment 343,021 21,191 125,307 136,762 488 4,240 1,933 632,942 Total loans $ 351,298 $ 21,508 $ 127,644 $ 145,486 $ 488 $ 4,240 $ 1,943 $ 652,607 The following table summarizes the loans individually evaluated for impairment by loan segment at September 30, 2016: One- to four- Multi-family Commercial Construction Commercial Leases Consumer Total (Dollars in Thousands) 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 | The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 2017: 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 $ - $ - $ 8,277 $ 8,277 $ 9,245 Multi-family - - 317 317 317 Commercial real estate - - 2,337 2,337 2,449 Construction and land development - - 8,724 8,724 11,105 Consumer - - - - 10 Total Loans $ - $ - $ 19,665 $ 19,665 $ 23,126 The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 2016: 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 - - 335 335 335 Commercial real estate - - 3,154 3,154 3,154 Construction and land development - - 10,288 10,288 10,288 Commercial business - - 99 99 99 Total Loans $ - $ - $ 19,429 $ 19,429 $ 19,745 |
Schedule of average investment in impaired loans and related interest income recognized | September 30, 2017 Average Recorded Investment Income Recognized on Accrual Basis Income Recognized on Cash Basis (Dollars in Thousands) One-to four-family residential $ 6,096 $ 89 $ 91 Multi-family residential 321 23 - Commercial real estate 2,459 49 12 Construction and land development 9,163 - - Commercial business - - - Consumer 5 - - Total $ 18,039 $ 161 $ 103 September 30, 2016 Average Recorded Investment Income Recognized on Accrual Basis Income Recognized on Cash Basis (Dollars in Thousands) One-to four-family residential $ 5,099 $ 129 $ 101 Multi-family residential 344 24 - Commercial real estate 3,565 96 12 Construction and land development 9,604 - 62 Commercial business 8 - - Total $ 18,620 $ 249 $ 175 September 30, 2015 Average Recorded Investment Income Recognized on Accrual Basis Income Recognized on Cash Basis (Dollars in Thousands) One-to four-family residential $ 8,734 $ 431 $ 147 Multi-family residential 289 19 - Commercial real estate 3,840 210 71 Construction and land development 8,413 437 194 Total $ 21,276 $ 1,097 $ 412 |
Schedule of classes of the loan portfolio in which a formal risk weighting system is utilized | September 30, 2017 Special Total Pass Mention Substandard Doubtful Loans (Dollars in Thousands) One-to-four residential $ - $ 1,635 $ 3,878 $ - $ 5,513 Multi-family residential 21,191 - 317 - 21,508 Commercial real estate 125,298 1,449 888 - 127,635 Construction and land development 136,763 - 8,723 - 145,486 Commercial business 488 - - - 488 Total Loans $ 283,740 $ 3,084 $ 13,806 $ - $ 300,630 September 30, 2016 Special Total Pass Mention Substandard Doubtful Loans (Dollars in Thousands) One-to-four 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 Consumer 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 | September 30, 2017 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 343,021 $ 2,764 $ 345,785 Leases 4,240 - 4,240 Consumer 1,943 - 1,943 Total Loans $ 349,204 $ 2,764 $ 351,968 September 30, 2016 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 227,978 $ 2,660 $ 230,638 Leases 3,286 - 3,286 Consumer 799 - 799 Total Loans $ 232,063 $ 2,660 $ 234,723 |
Schedule of loan categories of the loan portfolio summarized by the aging categories of performing and delinquent loans and nonaccrual loans | September 30, 2017 90 Days+ 30-89 Days 90 Days + Total Total Non- Past Due Current Past Due Past Due Past Due Loans Accrual and Accruing (Dollars in Thousands) One-to-four family residential $ 346,877 $ 1,746 $ 2,675 $ 4,421 $ 351,298 $ 5,107 $ - Multi-family residential 21,508 - - - 21,508 - - Commercial real estate 125,157 1,000 1,487 2,487 127,644 1,566 - Construction and land development 136,762 - 8,724 8,724 145,486 8,724 - Commercial business 488 - - - 488 - - Leases 4,240 - - - 4,240 - Consumer 1,874 69 - 69 1,943 - - Total Loans $ 636,906 $ 2,815 $ 12,886 $ 15,701 $ 652,607 $ 15,397 $ - September 30, 2016 30-89 Days 90 Days + Total Total Non- Past Due Current Past Due Past Due Past Due Loans Accrual and Accruing (Dollars in Thousands) One-to-four family residential $ 228,904 $ 1,860 $ 2,767 $ 4,627 $ 233,531 $ 4,244 $ - Multi-family residential 12,478 - - - 12,478 - - Commercial real estate 78,513 - 1,346 1,346 79,859 1,346 - Construction and land development 11,551 - 10,288 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 $ 16,261 $ 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. | September 30, 2017 One- to Multi- Commercial Construction Commercial Leases Consumer Unallocated Total (In Thousands) ALLL balance at September 30, 2016 $ 1,627 $ 137 $ 859 $ 316 $ 1 $ 21 $ 10 $ 298 $ 3,269 Charge-offs (140 ) - - (1,819 ) - - (16 ) - (1,975 ) Recoveries 182 - - - - - - - 182 Provision (428 ) 68 342 2,861 3 2 30 112 2,990 ALLL balance at September 30, 2017 $ 1,241 $ 205 $ 1,201 $ 1,358 $ 4 $ 23 $ 24 $ 410 $ 4,466 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,241 205 1,201 1,358 4 23 24 410 4,466 September 30, 2016 One- to Multi- Commercial Construction Commercial Leases Consumer Unallocated Total (In Thousands) ALLL balance at September 30, 2015 $ 1,636 $ 66 $ 231 $ 725 $ - $ - $ 4 $ 268 $ 2,930 Charge-offs (11 ) - - - - - - - (11 ) Recoveries 105 - - 20 - - - - 125 Provision (103 ) 71 628 (429 ) 1 21 6 30 225 ALLL balance at September 30, 2016 $ 1,627 $ 137 $ 859 $ 316 $ 1 $ 21 $ 10 $ 298 $ 3,269 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,627 137 859 316 1 21 10 298 3,269 September 30, 2015 One- to Multi- Commercial Construction Commercial Consumer Unallocated Total (In Thousands) ALLL balance at September 30, 2014 $ 1,663 $ 67 $ 122 $ 323 $ 15 $ 4 $ 231 $ 2,425 Charge-offs (384 ) (1 ) - - - - - (385 ) Recoveries 77 - - 78 - - - 155 Provision 280 - 109 324 (15 ) - 37 735 ALLL balance at September 30, 2015 $ 1,636 $ 66 $ 231 $ 725 $ - $ 4 $ 268 $ 2,930 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,636 66 231 725 - 4 268 2,930 |
Schedule of troubled debt restructurings | As of and for the Year Ended September 30, 2016 Restructured Current Period (amount in thousands) Number of Pre- Modification Post-Modification One-to-four family residential 1 $ 482 $ 482 1 $ 482 $ 482 As of and for the Year Ended September 30, 2015 Restructured Current Period (amount in thousands) Number of Pre- Modification Post-Modification Commerical real estate 1 $ 750 $ 750 Construction and land development 1 3,665 3,665 2 $ 4,415 $ 4,415 |
OFFICE PROPERTIES AND EQUIPME34
OFFICE PROPERTIES AND EQUIPMENT (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of office properties and equipment | September 30, 2017 2016 (Dollars in Thousands) Land $ 1,437 $ 198 Buildings and improvements 7,449 2,492 Furniture and equipment 3,158 2,355 Total 12,044 5,045 Accumulated depreciation (4,240 ) (3,701 ) Total office properties and equipment, net of accumulated depreciation $ 7,804 $ 1,344 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Deposits [Abstract] | |
Schedule of major classifications of deposits | September 30, 2017 2016 Amount Percent Amount Percent (Dollars in Thousands) Non-interest-bearing checking accounts $ 9,375 1.5 % $ 3,804 0.7 % Interest-bearing checking accounts 54,267 8.5 % 34,984 9.3 % Money market deposit accounts 76,272 12.0 % 55,552 14.3 % Passbook, club and statement savings 101,743 16.0 % 70,924 18.2 % Certificates maturing in six months or less 154,750 24.3 % 97,418 25.0 % Certificates maturing in more than six months 239,575 37.7 % 126,519 32.5 % Total $ 635,982 100.0 % $ 389,201 100.0 % |
Schedule of maturities of certificate accounts | September 30, 2017 (Dollars in Thousands) One year or less $ 236,407 One through two years 65,576 Two through three years 48,723 Three through four years 12,372 Four through five years 31,247 Total $ 394,325 |
Schedule of interest expense on deposits | Year Ended September 30, 2017 2016 2015 (Dollars in Thousands) Checking and money market deposit accounts $ 192 $ 165 $ 323 Passbook, club and statement savings accounts 55 83 208 Certificate accounts 3,683 2,613 2,899 Total $ 3,930 $ 2,861 $ 3,430 |
ADVANCES FROM FEDERAL HOME LO36
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings from the Federal Home Loan Bank (FHLB) | (Dollar amount in thousands) 2017 2016 Balance at year-end 20,000 20,000 Average balance outstanding 21,784 8,975 Maximum month-end balance 35,000 20,000 Weight-average rate at year-end 1.31 % 1.17 % Weight-average rate during the year 0.84 % 1.23 % |
ADVANCES FROM FEDERAL HOME LO37
ADVANCES FROM FEDERAL HOME LOAN BANK - LONG TERM (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Advances from Federal Home Loan Banks [Abstract] | |
Schedule of collateral agreement with the FHLB | 2017 2016 Type Maturity Date Coupon Call Date Amount Amount (Dollars in Thousands) Fixed Rate - Amortizing 1-Dec-17 1.16 % Not Applicable $ 505 $ 2,511 Fixed Rate - Amortizing 18-Nov-19 1.53 % Not Applicable 3,044 4,382 Fixed Rate - Amortizing 15-Aug-23 1.94 % Not Applicable 1,974 - 1.64 % 5,523 6,893 Fixed Rate - Advances 17-Nov-17 1.20 % Not Applicable $ 10,000 $ 10,000 Fixed Rate - Advances 4-Dec-17 1.15 % Not Applicable 2,000 2,000 Fixed Rate - Advances 19-Mar-18 2.53 % Not Applicable 5,029 - Fixed Rate - Advances 19-Mar-18 2.13 % Not Applicable 5,041 - Fixed Rate - Advances 20-Jun-18 1.86 % Not Applicable 3,011 - Fixed Rate - Advances 25-Jun-18 2.09 % Not Applicable 3,016 - Fixed Rate - Advances 27-Aug-18 4.15 % Not Applicable 7,174 - Fixed Rate - Advances 15-Nov-18 1.89 % Not Applicable 3,014 - Fixed Rate - Advances 16-Nov-18 1.40 % Not Applicable 7,500 7,500 Fixed Rate - Advances 26-Nov-18 1.81 % Not Applicable 2,008 - Fixed Rate - Advances 3-Dec-18 1.54 % Not Applicable 3,000 3,000 Fixed Rate - Advances 16-Aug-19 2.66 % Not Applicable 3,056 - Fixed Rate - Advances 9-Oct-19 2.54 % Not Applicable 2,034 - Fixed Rate - Advances 26-Nov-19 2.35 % Not Applicable 3,062 - Fixed Rate - Advances 22-Jun-20 2.60 % Not Applicable 3,000 - Fixed Rate - Advances 24-Jun-20 2.85 % Not Applicable 2,054 - Fixed Rate - Advances 27-Jul-20 1.38 % Not Applicable 249 249 Fixed Rate - Advances 17-Aug-20 3.06 % Not Applicable 2,068 - Fixed Rate - Advances 9-Oct-20 2.92 % Not Applicable 2,061 - Fixed Rate - Advances 27-Jul-21 1.52 % Not Applicable 249 249 Fixed Rate - Advances 28-Jul-21 1.48 % Not Applicable 249 249 Fixed Rate - Advances 29-Jul-21 1.42 % Not Applicable 249 249 Fixed Rate - Advances 19-Aug-21 1.55 % Not Applicable 249 249 Fixed Rate - Advances 7-Oct-21 3.19 % Not Applicable 2,089 - Fixed Rate - Advances 12-Oct-21 3.23 % Not Applicable 2,084 - Fixed Rate - Advances 6-Jun-22 2.05 % Not Applicable 10,000 - Fixed Rate - Advances 6-Sep-22 1.94 % Not Applicable 249 - Fixed Rate - Advances 22-Sep-22 2.11 % Not Applicable 5,000 - 2.22 % (a) $ 88,795 $ 23,745 Total 94,318 30,638 (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. |
Schedule of advances from the FHLB with coupon rates | Advances from the FHLB with coupon rates ranging from 1.15% to 4.15% are as follows. 2018 $ 37,456 2.21 % 2019 20,305 1.74 % 2020 13,076 2.59 % 2021 3,394 2.40 % 2022 19,766 2.31 % 2023 321 1.94 % 94,318 2.19 % Advances from the FHLB with coupon rates ranging from 1.15% to 1.55% are as follows. Weighted Average Maturity Amount Coupon Rate (Dollars in Thousands) 2017 $ 3,367 1.31 % 2018 13,887 1.22 % 2019 11,903 1.45 % 2020 485 1.45 % 2021 996 1.49 % 30,638 1.34 % |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | Year Ended September 30, 2017 2016 2015 (Dollars in Thousands) Current: Federal expense $ 801 $ 1,275 $ 461 Total current taxes 801 1,275 461 Deferred income tax (benefit) expense 140 (16 ) (345 ) Total income tax provision $ 941 $ 1,259 $ 116 |
Schedule of deferred income taxes | September 30, 2017 2016 (Dollars in Thousands) Deferred tax assets: Allowance for loan losses $ 1,675 $ 1,289 Non-accrual interest 349 163 Accrued vacation 12 13 Capital loss carryforward 476 378 Post-retirement benefit plans 98 96 Split dollar life insurance 15 18 Unrealized losses on available for sale securities 569 - Unrealized losses on interest rate swaps - 69 Deferred compensation 1,439 - Goodwill 148 - Purchase accounting adjustments 731 - Other 254 - Employee benefit plans 90 434 Total deferred tax assets 5,856 2,460 Valuation allowance (378 ) (378 ) Total deferred tax assets, net of valuation allowance 5,478 2,082 Deferred tax liabilities: Property 332 423 Unrealized gains on available for sale securities - 500 Unrealized gains on interest rate swaps 171 - 481(a)Adjustment - 12 Deferred loan fees 884 578 Total deferred tax liabilities 1,387 1,513 Net deferred tax asset $ 4,091 $ 569 |
Schedule of income tax expense computed at the statutory federal corporate tax rate | 2017 2016 2015 Percentage Percentage Percentage of Pretax of Pretax of Pretax Amount Income Amount Income Amount Income (Loss) (Dollars in Thousands) Tax at statutory rate $ 1,265 34.0 % $ 1,353 34.0 % $ 798 34.0 % Adjustments resulting from: Valuation allowance - - (156 ) (3.9 ) (677 ) (28.8 ) Tax exempt income (109 ) (2.9 ) - - - - Nondeductible merger expenses 80 2.1 - - - - Income from bank owned life insurance (230 ) (6.2 ) (113 ) (2.8 ) (117 ) (5.0 ) Employee benefit plans (39 ) (1.1 ) 151 3.8 126 5.4 Other (26 ) (0.6 ) 24 0.5 (14 ) (0.6 ) Income tax expense $ 941 25.3 % $ 1,259 31.6 % $ 116 5.0 % |
REGULATORY CAPITAL REQUIREMEN39
REGULATORY CAPITAL REQUIREMENTS (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
Schedule of company's and the Bank's actual capital amounts and ratios | To Be Well Capitalized Under Prompt Required for Capital Corrective Action Actual Adequacy Purposes Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) September 30, 2017: Tier 1 capital (to average assets) Company $ 130,128 14.81 % N/A N/A N/A N/A Bank 119,189 13.59 $ 35,093 4.0 % $ 43,866 5.0 % Tier 1 Common (to risk-weighted assets) Company 130,128 23.94 N/A N/A N/A N/A Bank 119,189 21.97 24,411 4.5 35,260 6.5 Tier 1 capital (to risk-weighted assets) Company 130,128 23.94 N/A N/A N/A N/A Bank 119,189 21.97 32,548 6.0 43,397 8.0 Total capital (to risk-weighted assets) Company 134,963 24.83 N/A N/A N/A N/A Bank 124,024 22.86 43,397 8.0 54,247 10.0 September 30, 2016: Tier 1 capital (to average assets) Company $ 113,205 20.41 % N/A N/A N/A N/A Bank 100,552 18.15 $ 22,157 4.0 % $ 27,697 5.0 % Tier 1 Common (to risk-weighted assets) Company 113,205 38.57 N/A N/A N/A N/A Bank 100,552 34.36 13,171 4.5 19,024 6.5 Tier 1 capital (to risk-weighted assets) Company 113,205 38.57 N/A N/A N/A N/A Bank 100,552 34.36 17,559 6.0 23,415 8.0 Total capital (to risk-weighted assets) Company 116,512 39.70 N/A N/A N/A N/A Bank 103,859 35.49 23,415 8.0 29,268 10.0 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Schedule of multiemployer plans | Legal Name of Plan Pentegra Defined Benefit Plan Plan Employer Identification Number 13-5645888 The Company's Contribution for the year ended September 30, 2017 $ 379,000 Are Company's Contributions more than 5% of total contributions? No Funded Status 95.06 % |
Schedule of summary of the non-vested stock award activity | Year Ended Number of Weighted Average Nonvested stock awards at beginning of year 172,788 $ 12.03 Issued 17,128 17.43 Forfeited (1,467 ) 10.47 Vested (45,855 ) 11.72 Nonvested stock awards at the end of the period 142,594 $ 12.79 Year Ended Number of Weighted Average Nonvested stock awards at beginning of year 241,428 $ 11.74 Issued 10,500 14.42 Forfeited (30,180 ) 11.92 Vested (48,960 ) 11.60 Nonvested stock awards at the end of the period 172,788 $ 12.03 Year Ended Number of Weighted Average Nonvested stock awards at beginning of year 38,055 $ 8.07 Issued 235,500 12.23 Forfeited (21,813 ) 11.85 Vested (10,314 ) 9.07 Nonvested stock awards at the end of the period 241,428 $ 11.74 |
Schedule of summary of the status of the company' stock options under the stock option plan | Year Ended Number of Weighted Average Options outstanding at beginning of year 921,909 $ 11.70 Granted 47,828 17.92 Exercised (43,890 ) 11.41 Forfeited (3,283 ) 11.84 Outstanding at the end of the period 922,564 $ 12.04 Exercisable at the end of the period 554,802 $ 11.47 Year Ended Number of Weighted Average Options outstanding at beginning of year 1,074,430 $ 11.92 Granted 27,500 14.42 Exercised (99,545 ) 11.45 Forfeited (80,476 ) 11.52 Outstanding at the end of the period 921,909 $ 11.70 Exercisable at the end of the period 467,397 $ 11.40 Year Ended Number of Weighted Average Options outstanding at beginning of year 530,084 $ 11.57 Granted 608,737 12.23 Exercised - - Forfeited (64,391 ) 11.92 Outstanding at the end of the period 1,074,430 $ 11.92 Exercisable at the end of the period 440,976 $ 11.42 |
INTEREST RATE SWAP AGREEMENTS (
INTEREST RATE SWAP AGREEMENTS (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of interest rate swap agreements | 2017 Natinal Pay Receive Maturity Unrealized Amount Rate Rate Date Gain (Dollars in thousands) Interest rate swap contract $ 10,000 1.15 % 1 Mth Libor 6-Apr-21 $ 217 Interest rate swap contract 10,000 1.18 % 1 Mth Libor 13-Jun-21 223 Interest rate swap contract 1,100 4.10 % 1 Mth Libor +276 bp 1-Aug-26 62 $ 502 2016 Natinal Pay Receive Maturity Unrealized Amount Rate Rate Date (Loss) (Dollars in thousands) Interest rate swap contract $ 10,000 1.15 % 1 Mth Libor 6-Apr-21 $ (92 ) Interest rate swap contract 10,000 1.18 % 1 Mth Libor 13-Jun-21 (103 ) Interest rate swap contract 1,100 4.10 % 1 Mth Libor +276 bp 1-Aug-26 (7 ) $ (202 ) |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured at fair value on recurring basis | Those assets as of September 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 $ - $ 25,799 $ - $ 25,799 Mortgage-backed securities - U.S. Government agencies - 118,127 - 118,127 Corporate bonds - 34,400 - 34,400 FHLMC preferred stock 76 - - 76 Interest rate swap contracts - 502 - 502 Total $ 76 $ 178,828 $ - $ 178,904 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 $ - $ 202 $ - $ 202 |
Schedule of summary of non-recurring fair value measurements | At September 30, 2017 (Dollars in Thousands) Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 19,665 $ 19,665 Real estate owned - - 192 192 Total $ - $ - $ 19,857 $ 19,857 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 September 30, 2017 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired Loans $ 19,665 Property appraisals (1) (3) Management discount for selling costs, property type and market volatility (2) 6% to 57% discount/ 7% Real estate owned $ 192 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 September 30, 2017 Carrying Fair Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Cash and cash equivalents $ 27,903 $ 27,903 $ 27,903 $ - $ - Certificate of deposits 1,604 1,604 1,604 - - Investment and mortgage-backed securities available for sale 178,402 178,402 76 178,326 - Investment and mortgage-backed securities held to maturity 61,284 60,179 - 60,179 - Loans receivable, net 571,343 575,876 - - 575,876 Accrued interest receivable 2,825 2,825 2,825 - - Federal Home Loan Bank stock 6,002 6,002 6,002 - - Interest rate swap contracts 502 502 - 502 - Bank owned life insurance 28,048 28,048 28,048 - - Liabilities: Checking accounts 59,956 59,956 59,956 - - Money market deposit accounts 48,797 48,797 48,797 - - Passbook, club and statement - savings accounts 101,743 101,743 101,743 - - Certificates of deposit 394,325 398,078 - - 398,078 Accrued interest payable 1,933 1,933 1,933 - - Advances from FHLB -short-term 20,000 20,000 20,000 - Advances from FHLB -long-term 94,318 93,579 - - 93,579 Advances from borrowers for taxes and insurance 2,207 2,207 2,207 - - 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 $ - $ - Certificates 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 223,930 225,383 - - 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 INTANGIBLE43
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill and intangible assets are related to the acquisition of Polonia Bancorp | Balance Balance October 1, Additions/ September 30, Amortization 2016 Adjustments Amortization 2017 Period Goodwill $ - $ 6,102 $ - $ 6,102 Core deposit intangible - 822 (112 ) 710 10 years $ - $ 6,924 $ (112 ) $ 6,812 |
Schedule of future fiscal periods amortization expense for core deposit intangible | (In thousands) 2018 $ 138 2019 123 2020 108 2021 93 2022 77 Thereafter 169 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of consideration paid and estimated fair value of identifiable assets and liabilities assumed as of date of Merger | (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 22,911 Investments available for sale 67,154 Loans 160,785 Premises and equipment 6,702 Deferred taxes 3,492 Bank-owned life insurance 4,316 Core deposit intangible 822 Regulatory Stock 3,399 Other assets 2,273 Total assets 271,854 Liabilities assumed: Deposits 172,243 FHLB advances, short-term 7,000 FHLB advances, long -term 50,232 Other liabilities 7,722 Total liabilities 237,197 Net assets acquired 34,657 Goodwill resulting from the acquisition $ 6,102 |
Schedule of fair value of assets acquired and liabilities assumed as of date of acquisition of Polonia Bancorp | (Dollars in thousands, except per share data) Purchase Consideration Polonia Common Stock: Total shares of common stock outstanding 3,416,311 Common stock issued capital 1,708,155 Shares redeemed for cash capital 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 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 37,101 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 2,850 Other assets (73 ) Deferred taxes 505 Total fair value adjustment to assets acquired (318 ) 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 34,657 Goodwill resulting from merger 6,102 |
Schedule of pro forma income statements | Actual from acquistion date through Twelve Months ended September 30, September 30, 2017 2017 2016 (Dollars in thousands, except per share data) Net interest income 3,467 22,551 29,702 Provision for loan and leases losses - 2,990 2,990 Net interest income after provision for loan and lease losses 3,467 19,561 26,712 Non-interest income 250 2,205 3,365 Non-interest expenses 2,380 20,287 29,229 Income before income taxes 1,337 1,479 848 Income tax expense 455 225 81 Net income 882 1,254 767 Per share data Weighed average basic shares outstanding 8,316,638 8,316,638 8,691,241 Dilutive shares 357,871 357,871 224,037 Adjusted weighted-average dilutive shares 8,674,509 8,674,509 8,915,278 Basic earnings per common share $ 0.11 $ 0.15 $ 0.09 Dilutive earnings per common share $ 0.10 $ 0.14 $ 0.09 Non-recurring merger costs in the table above 3,559 723 (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 |
PRUDENTIAL BANCORP, INC. (PAR45
PRUDENTIAL BANCORP, INC. (PARENT COMPANY ONLY) (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of statement of financial condition | STATEMENT OF FINANCIAL CONDITION September 30, 2017 2016 (Dollars in Thousands) Assets: Cash $ 9,792 $ 6,541 ESOP loan receivable - 5,277 Investment in Bank 125,240 101,350 Other assets 1,147 834 Total assets $ 136,179 $ 114,002 Total stockholders' equity $ 136,179 $ 114,002 |
Schedule of income statement | INCOME STATEMENT For the year ended September 30, 2017 2016 2015 (Dollars in thousands) Interest on ESOP loan 59 247 263 Equity in the undistributed earnings of the Bank 3,255 2,911 2,549 Other income - - 9 Total income 3,314 3,158 2,821 Professional services 369 161 306 Other expense 413 376 447 Total expense 782 537 753 Income before income taxes 2,532 2,621 2,068 Income tax benefit (246 ) (99 ) (164 ) Net income 2,778 2,720 2,232 |
Schedule of cash flows | CASH FLOWS For the year ended September 30, 2017 2016 2015 (Dollars in thousands) Operating activities: Net income $ 2,778 $ 2,720 $ 2,232 Decrease (increase) in assets 46 (579 ) 88 Equity in the undistributed earnings of the Bank (3,255 ) (2,911 ) (2,549 ) Net cash used in operating activities (431 ) (770 ) (229 ) Investing activities: Repayments received on ESOP loan 5,277 341 325 Acquisitions, net of cash 3,966 - - Net cash provided by investing activities 9,243 341 325 Financing Activities: Purchase of treasury stock (4,526 ) (7,047 ) (14,691 ) Cash dividends paid (1,035 ) (895 ) (2,222 ) Net cash used in by financing activities (5,561 ) (7,942 ) (16,913 ) Net (decrease) increase in cash and cash equivalents 3,251 (8,371 ) (16,817 ) Cash and cash equivalents, beginning of year 6,541 14,912 31,729 Cash and cash equivalents, end of year $ 9,792 $ 6,541 $ 14,912 |
CONSOLIDATED QUARTERLY FINANC46
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of unaudited quarterly financial information | September 30, 2017 September 30, 2016 1st 2nd 3rd 4th 1st 2nd 3rd 4th Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr (In thousands) (In thousands) Interest income $ 4,505 $ 6,671 $ 7,430 $ 7,737 $ 4,056 $ 4,366 $ 4,474 $ 4,587 Interest expense 858 1,373 1,377 1,656 800 849 824 853 Net interest income 3,647 5,298 6,053 6,081 3,256 3,517 3,650 3,734 (Recoveries) Provision for loan losses 185 2,365 30 410 0 75 150 0 Net interest income after provision for loan losses 3,462 2,933 6,023 5,671 3,256 3,442 3,500 3,734 Non-interest income 358 518 625 699 274 209 400 454 Non-interest expense 2,720 6,763 3,500 3,587 2,896 2,796 2,815 2,783 Income(loss) before income tax expense 1,100 (3,312 ) 3,148 2,783 634 855 1,085 1,405 Income tax expense(benefit) 370 (1,171 ) 1,031 711 221 307 308 423 Net income $ 730 $ (2,141 ) $ 2,117 $ 2,072 $ 413 $ 548 $ 777 $ 982 Per share: Earnings per share - basic $ 0.09 $ (0.27 ) $ 0.25 $ 0.26 $ 0.05 $ 0.08 $ 0.10 $ 0.14 Earnings per share - diluted $ 0.09 $ (0.27 ) $ 0.25 $ 0.24 $ 0.05 $ 0.07 $ 0.10 $ 0.14 Dividends per share $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 September 30, 2015 1st 2nd 3rd 4th Qtr Qtr Qtr Qtr (In thousands) Interest income $ 4,240 $ 4,304 $ 4,055 $ 4,081 Interest expense 901 871 851 807 Net interest income 3,339 3,433 3,204 3,274 (Recoveries) Provision for loan losses 75 300 210 150 Net interest income after provision for loan losses 3,264 3,133 2,994 3,124 Non-interest income 350 1,988 445 225 Non-interest expense 2,926 3,511 3,432 3,306 Income before income tax expense 688 1,610 7 43 Income tax expense(benefit) 217 (91 ) (40 ) 30 Net income $ 471 $ 1,701 $ 47 $ 13 Per share: Earnings per share - basic $ 0.05 $ 0.20 $ 0.01 $ 0.01 Earnings per share - diluted $ 0.05 $ 0.18 $ 0.01 $ - Dividends per share $ 0.03 $ 0.03 $ 0.18 $ 0.03 |
NATURE OF OPERATIONS AND BASI47
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Detail Textuals) $ in Thousands | Sep. 30, 2017USD ($)Branch | Sep. 30, 2016USD ($) |
Nature Of Operations And Basis Of Presentation [Line Items] | ||
Assets primarily consisting of investment and mortgage-backed securities | $ 899,540 | $ 559,480 |
Prudential Savings Bank | ||
Nature Of Operations And Basis Of Presentation [Line Items] | ||
Number of full service branch offices | Branch | 7 | |
PSB Delaware, Inc. ("PSB") | ||
Nature Of Operations And Basis Of Presentation [Line Items] | ||
Assets primarily consisting of investment and mortgage-backed securities | $ 155,500 |
SUMMARY OF SIGNIFICANT ACCOUN48
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Significant Accounting Policies [Line Items] | ||||
Par value of stock bought from and sold to the federal home loan bank (in dollars per share) | $ 100 | |||
Cash dividend paid | $ 1,000 | $ 895 | $ 2,200 | |
Compensation expense of ESOP | $ 102 | $ 152 | $ 526 | $ 467 |
Terminate ESOP plan shares | 303,115 | |||
Amount of ESOP as collateral | $ 5,200 | |||
Polonia Bank | ||||
Significant Accounting Policies [Line Items] | ||||
Terminate ESOP plan shares | 42,791 | |||
Certificates of Deposit | ||||
Significant Accounting Policies [Line Items] | ||||
FDIC insured amount | $ 249 | |||
Period for purchase of certificates of deposit issued by FDIC | one to three years | |||
Office Properties | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 10-39 years | |||
Furniture and equipment | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 1-7 years |
EARNINGS PER SHARE - Calculated
EARNINGS PER SHARE - Calculated basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings per share - basic | |||||||||||||||
Net income | $ 2,072 | $ 2,117 | $ (2,141) | $ 730 | $ 982 | $ 777 | $ 548 | $ 413 | $ 13 | $ 47 | $ 1,701 | $ 471 | $ 2,778 | $ 2,720 | $ 2,232 |
Weighted average shares outstanding - basic | 8,316,638 | 7,417,044 | 8,335,273 | ||||||||||||
Effect of CSEs - basic | 0 | 0 | 0 | ||||||||||||
Adjusted weighted average shares used in earnings per share computation - basic | 8,316,638 | 7,417,044 | 8,335,273 | ||||||||||||
BASIC EARNINGS PER SHARE (in dollars per share) | $ 0.26 | $ 0.25 | $ (0.27) | $ 0.09 | $ 0.14 | $ 0.10 | $ 0.08 | $ 0.05 | $ 0.01 | $ 0.01 | $ 0.20 | $ 0.05 | $ 0.33 | $ 0.37 | $ 0.27 |
Earnings per share - diluted | |||||||||||||||
Net income | $ 2,072 | $ 2,117 | $ (2,141) | $ 730 | $ 982 | $ 777 | $ 548 | $ 413 | $ 13 | $ 47 | $ 1,701 | $ 471 | $ 2,778 | $ 2,720 | $ 2,232 |
Weighted average shares outstanding - diluted | 8,316,638 | 7,417,044 | 8,335,273 | ||||||||||||
Effect of CSEs - diluted | 357,871 | 217,701 | 114,817 | ||||||||||||
Adjusted weighted average shares used in earnings per share computation - diluted | 8,674,509 | 7,634,745 | 8,450,090 | ||||||||||||
DILUTED EARNINGS PER SHARE (in dollars per share) | $ 0.24 | $ 0.25 | $ (0.27) | $ 0.09 | $ 0.14 | $ 0.10 | $ 0.07 | $ 0.05 | $ 0 | $ 0.01 | $ 0.18 | $ 0.05 | $ 0.32 | $ 0.36 | $ 0.26 |
EARNINGS PER SHARE (Detail Text
EARNINGS PER SHARE (Detail Textuals) - shares | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||
Adjusted weighted average shares of common stock used in diluted earnings per share computation | 555,185 | 554,445 |
ACCUMULATED OTHER COMPREHENSI51
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in accumulated other comprehensive income (loss) by component net of tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 798 | $ 18 | ||
Other comprehensive income before reclassification unrealized gains on AFS securities | (1,403) | 1,056 | ||
Amount reclassified from accumulated other comprehensive income | (155) | (276) | ||
Total other comprehensive income (loss) | (1,558) | 780 | $ 971 | |
Ending Balance | (760) | 798 | 18 | |
Unrealized gain(loss) on AFS securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | [1] | 931 | 18 | (953) |
Other comprehensive income before reclassification unrealized gains on AFS securities | [1] | (1,867) | 1,189 | 971 |
Amount reclassified from accumulated other comprehensive income | [1] | (155) | (276) | 0 |
Total other comprehensive income (loss) | [1] | (2,022) | 913 | 971 |
Ending Balance | [1] | (1,091) | 931 | 18 |
Unrealized gain(loss) on interest rate swaps | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | [1] | (133) | 0 | |
Other comprehensive income before reclassification unrealized gains on AFS securities | [1] | 464 | (133) | |
Amount reclassified from accumulated other comprehensive income | [1] | 0 | 0 | |
Total other comprehensive income (loss) | [1] | 464 | (133) | |
Ending Balance | [1] | $ 331 | $ (133) | $ 0 |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
ACCUMULATED OTHER COMPREHENSI52
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Significant amounts reclassified out of each component of accumulated other comprehensive income (loss) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Unrealized gains on available for sale securities | ||||
Reclassification for net gains in net income | $ 235 | $ 418 | ||
Reclassification for net gains in net income - Tax effect | (80) | (142) | ||
Comprehensive income | 155 | 276 | ||
Unrealized gains on available for sale securities | ||||
Unrealized gains on available for sale securities | ||||
Comprehensive income | [1] | 155 | 276 | $ 0 |
Unrealized gains on available for sale securities | Amount Reclassified from Accumulated Other Comprehensive Income | ||||
Unrealized gains on available for sale securities | ||||
Reclassification for net gains in net income | [2] | 235 | 418 | 0 |
Reclassification for net gains in net income - Tax effect | [2] | (80) | (142) | 0 |
Comprehensive income | [2] | $ 155 | $ 276 | $ 0 |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. | |||
[2] | Amounts in parentheses indicate debits to net income |
INVESTMENT AND MORTGAGE-BACKE53
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 | Sep. 30, 2017 | Sep. 30, 2016 |
Securities Available for Sale: | ||
Amortized Cost | $ 180,087 | $ 137,222 |
Gross Unrealized Gains | 410 | 1,593 |
Gross Unrealized Losses | (2,095) | (121) |
Fair Value | 178,402 | 138,694 |
Securities Held to Maturity: | ||
Amortized Cost | 61,284 | 39,971 |
Gross Unrealized Gains | 698 | 858 |
Gross Unrealized Losses | (1,803) | (129) |
Fair Value | 60,179 | 40,700 |
U.S. government and agency obligations | ||
Securities Available for Sale: | ||
Amortized Cost | 26,125 | 20,988 |
Gross Unrealized Gains | 9 | 36 |
Gross Unrealized Losses | (335) | 0 |
Securities Held to Maturity: | ||
Amortized Cost | 33,500 | 33,499 |
Gross Unrealized Gains | 229 | 399 |
Gross Unrealized Losses | (1,688) | (129) |
Fair Value | 32,041 | 33,769 |
State and political subdivisions | ||
Securities Held to Maturity: | ||
Amortized Cost | 20,781 | |
Gross Unrealized Gains | 165 | |
Gross Unrealized Losses | (104) | |
Fair Value | 20,842 | |
Mortgage-backed securities - US government agencies | ||
Securities Available for Sale: | ||
Amortized Cost | 119,456 | 90,817 |
Gross Unrealized Gains | 146 | 860 |
Gross Unrealized Losses | (1,475) | (102) |
Securities Held to Maturity: | ||
Amortized Cost | 7,003 | 6,472 |
Gross Unrealized Gains | 304 | 459 |
Gross Unrealized Losses | (11) | 0 |
Fair Value | 7,296 | 6,931 |
Corporate debt securities | ||
Securities Available for Sale: | ||
Amortized Cost | 34,500 | 25,411 |
Gross Unrealized Gains | 185 | 661 |
Gross Unrealized Losses | (285) | (19) |
Total debt securities available for sale | ||
Securities Available for Sale: | ||
Amortized Cost | 180,081 | 137,216 |
Gross Unrealized Gains | 340 | 1,557 |
Gross Unrealized Losses | (2,095) | (121) |
Fair Value | 178,326 | 138,652 |
FHLMC preferred stock | ||
Securities Available for Sale: | ||
Amortized Cost | 6 | 6 |
Gross Unrealized Gains | 70 | 36 |
Gross Unrealized Losses | $ 0 | $ 0 |
INVESTMENT AND MORTGAGE-BACKE54
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 | Sep. 30, 2017 | Sep. 30, 2016 |
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | $ (1,755) | $ (69) |
Less than 12 months - Fair value | 120,342 | 20,453 |
More than 12 months - Gross Unrealized Losses | (340) | (52) |
More than 12 months - Fair value | 11,684 | 6,718 |
Gross Unrealized Losses - Total | (2,095) | (121) |
Fair Value - Total | 132,026 | 27,171 |
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | (1,803) | (129) |
Less than 12 months - Fair value | 37,843 | 20,371 |
More than 12 months - Gross Unrealized Losses | 0 | 0 |
More than 12 months - Fair value | 0 | 0 |
Gross Unrealized Losses -Total | (1,803) | (129) |
Fair Value - Total | 37,843 | 20,371 |
Less than 12 months - Gross Unrealized Losses | (3,558) | (198) |
Less than 12 months - Fair Value | 158,185 | 40,824 |
More than 12 months - Gross Unrealized Losses | (340) | (52) |
More than 12 months - Fair Value | 11,684 | 6,718 |
Gross Unrealized Losses - Total | (3,898) | (250) |
Fair Value - Total | 169,869 | 47,542 |
U.S. government and agency obligations | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (335) | |
Less than 12 months - Fair value | 20,655 | |
More than 12 months - Gross Unrealized Losses | 0 | |
More than 12 months - Fair value | 0 | |
Gross Unrealized Losses - Total | (335) | |
Fair Value - Total | 20,655 | |
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | (1,688) | (129) |
Less than 12 months - Fair value | 28,813 | 20,371 |
More than 12 months - Gross Unrealized Losses | 0 | 0 |
More than 12 months - Fair value | 0 | 0 |
Gross Unrealized Losses -Total | (1,688) | (129) |
Fair Value - Total | 28,813 | 20,371 |
Mortgage-backed securities - US government agencies | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (1,135) | (50) |
Less than 12 months - Fair value | 77,176 | 16,498 |
More than 12 months - Gross Unrealized Losses | (340) | (52) |
More than 12 months - Fair value | 11,684 | 6,718 |
Gross Unrealized Losses - Total | (1,475) | (102) |
Fair Value - Total | 88,860 | 23,216 |
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | (11) | |
Less than 12 months - Fair value | 1,176 | |
More than 12 months - Gross Unrealized Losses | 0 | |
More than 12 months - Fair value | 0 | |
Gross Unrealized Losses -Total | (11) | |
Fair Value - Total | 1,176 | |
Corporate debt securities | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (285) | (19) |
Less than 12 months - Fair value | 22,511 | 3,955 |
More than 12 months - Gross Unrealized Losses | 0 | 0 |
More than 12 months - Fair value | 0 | 0 |
Gross Unrealized Losses - Total | (285) | (19) |
Fair Value - Total | 22,511 | $ 3,955 |
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | 0 | |
Less than 12 months - Fair value | 0 | |
More than 12 months - Gross Unrealized Losses | 0 | |
More than 12 months - Fair value | 0 | |
Gross Unrealized Losses -Total | 0 | |
Fair Value - Total | 0 | |
State and political subdivisions | ||
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | (104) | |
Less than 12 months - Fair value | 7,854 | |
More than 12 months - Gross Unrealized Losses | 0 | |
More than 12 months - Fair value | 0 | |
Gross Unrealized Losses -Total | (104) | |
Fair Value - Total | $ 7,854 |
INVESTMENT AND MORTGAGE-BACKE55
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized cost and fair value of debt securities, by contractual maturity (Details 3) $ in Thousands | Sep. 30, 2017USD ($) |
Held to Maturity, Amortized Cost | |
Due within one year | $ 0 |
Due after one through five years | 2,867 |
Due after five through ten years | 22,601 |
Due after ten years | 28,813 |
Total | 54,281 |
Held to Maturity, Fair Value | |
Due within one year | 0 |
Due after one through five years | 2,953 |
Due after five through ten years | 22,479 |
Due after ten years | 27,451 |
Total | 52,883 |
Available for Sale, Amortized Cost | |
Due within one year | 0 |
Due after one through five years | 6,058 |
Due after five through ten years | 25,975 |
Due after ten years | 28,592 |
Total | 60,625 |
Available for Sale, Fair Value | |
Due within one year | 0 |
Due after one through five years | 6,078 |
Due after five through ten years | 25,872 |
Due after ten years | 28,249 |
Total | $ 60,199 |
INVESTMENT AND MORTGAGE-BACKE56
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Detail Textuals) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017USD ($)Security | Sep. 30, 2016USD ($) | |
Marketable Securities [Line Items] | ||
Safekeeping account at the FHLB | $ 106,900 | |
Realized gross gains | 235 | $ 418 |
Proceeds from sale of investment and mortgage-backed securities | $ 20,863 | 11,560 |
Proceeds from sale of held-to-maturity securities | $ 3,100 | |
Percentage of held to maturity securities held | 15.00% | |
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 | 6 | |
Securities continuous unrealized loss position less than 12 months aggregate losses | $ 335 | |
Percentage of reduction in amortized cost of debt securities in the category of loss position less than 12 months held by company | 1.30% | |
Mortgage-backed securities - U.S. Government agencies | ||
Marketable Securities [Line Items] | ||
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | Security | 9 | |
Securities continuous unrealized loss position more than 12 months aggregate losses | $ 340 | |
Percentage of reduction in amortized cost of debt securities in the category of loss position more than 12 months held by company | 0.30% | |
Number of investment securities in debt obligations in the category of loss position less than 12 months held by company | Security | 34 | |
Securities continuous unrealized loss position less than 12 months aggregate losses | $ 1,100 | |
Percentage of reduction in amortized cost of debt securities in the category of loss position less than 12 months held by company | 0.90% | |
Proceeds from sale of held-to-maturity securities | $ 2,900 | |
Corporate debt securities | ||
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 | 17 | |
Securities continuous unrealized loss position less than 12 months aggregate losses | $ 285 | |
Percentage of reduction in amortized cost of debt securities in the category of loss position less than 12 months held by company | 0.80% | |
State and political subdivision debt securities | ||
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 | 6 | |
Securities continuous unrealized loss position less than 12 months aggregate losses | $ 104 | |
Percentage of reduction in amortized cost of debt securities in the category of loss position less than 12 months held by company | 0.50% |
LOANS RECEIVABLE - Summary of L
LOANS RECEIVABLE - Summary of Loans receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | $ 652,607 | $ 351,891 | ||
Undisbursed portion of loans-in-process | (73,858) | (5,371) | ||
Deferred loan (fees) costs | (2,940) | 1,697 | ||
Allowance for loan losses | (4,466) | (3,269) | $ (2,930) | $ (2,425) |
Net loans | 571,343 | 344,948 | ||
One-to-four family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 351,298 | 233,531 | ||
Allowance for loan losses | (1,241) | (1,627) | (1,636) | (1,663) |
Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 21,508 | 12,478 | ||
Allowance for loan losses | (205) | (137) | (66) | (67) |
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 127,644 | 79,859 | ||
Allowance for loan losses | (1,201) | (859) | (231) | (122) |
Construction and land development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 145,486 | 21,839 | ||
Allowance for loan losses | (1,358) | (316) | (725) | (323) |
Commercial business | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 488 | 99 | ||
Allowance for loan losses | (4) | (1) | 0 | (15) |
Leases | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 4,240 | 3,286 | ||
Allowance for loan losses | (23) | (21) | 0 | |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 1,943 | 799 | ||
Allowance for loan losses | $ (24) | $ (10) | $ (4) | $ (4) |
LOANS RECEIVABLE - Summary of58
LOANS RECEIVABLE - Summary of loans individually evaluated for impairment by loan segment (Details 1) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | $ 19,665 | $ 19,429 |
Collectively evaluated for impairment | 632,942 | 332,462 |
Total Loans | 652,607 | 351,891 |
One-to-four family residential | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 8,277 | 5,553 |
Collectively evaluated for impairment | 343,021 | 227,978 |
Total Loans | 351,298 | 233,531 |
Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 317 | 335 |
Collectively evaluated for impairment | 21,191 | 12,143 |
Total Loans | 21,508 | 12,478 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 2,337 | 3,154 |
Collectively evaluated for impairment | 125,307 | 76,705 |
Total Loans | 127,644 | 79,859 |
Construction and land development | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 8,724 | 10,288 |
Collectively evaluated for impairment | 136,762 | 11,551 |
Total Loans | 145,486 | 21,839 |
Commercial business | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 0 | 99 |
Collectively evaluated for impairment | 488 | 0 |
Total Loans | 488 | 99 |
Leases | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 4,240 | 3,286 |
Total Loans | 4,240 | 3,286 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 10 | 0 |
Collectively evaluated for impairment | 1,933 | 799 |
Total Loans | $ 1,943 | $ 799 |
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 necessary (Details 2) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance - Recorded Investment | $ 0 | $ 0 |
Impaired Loans with Specific Allowance - Related Allowance | 0 | 0 |
Impaired Loans with No Specific Allowance - Recorded Investment | 19,665 | 19,429 |
Total Impaired Loans - Recorded Investment | 19,665 | 19,429 |
Total impaired loans - Unpaid Principal Balance | 23,126 | 19,745 |
One-to-four family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance - Recorded Investment | 0 | 0 |
Impaired Loans with Specific Allowance - Related Allowance | 0 | 0 |
Impaired Loans with No Specific Allowance - Recorded Investment | 8,277 | 5,553 |
Total Impaired Loans - Recorded Investment | 8,277 | 5,553 |
Total impaired loans - Unpaid Principal Balance | 9,245 | 5,869 |
Multi-family | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance - Recorded Investment | 0 | 0 |
Impaired Loans with Specific Allowance - Related Allowance | 0 | 0 |
Impaired Loans with No Specific Allowance - Recorded Investment | 317 | 335 |
Total Impaired Loans - Recorded Investment | 317 | 335 |
Total impaired loans - Unpaid Principal Balance | 317 | 335 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance - Recorded Investment | 0 | 0 |
Impaired Loans with Specific Allowance - Related Allowance | 0 | 0 |
Impaired Loans with No Specific Allowance - Recorded Investment | 2,337 | 3,154 |
Total Impaired Loans - Recorded Investment | 2,337 | 3,154 |
Total impaired loans - Unpaid Principal Balance | 2,449 | 3,154 |
Construction and land development | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance - Recorded Investment | 0 | 0 |
Impaired Loans with Specific Allowance - Related Allowance | 0 | 0 |
Impaired Loans with No Specific Allowance - Recorded Investment | 8,724 | 10,288 |
Total Impaired Loans - Recorded Investment | 8,724 | 10,288 |
Total impaired loans - Unpaid Principal Balance | 11,105 | 10,288 |
Commercial business | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance - Recorded Investment | 0 | |
Impaired Loans with Specific Allowance - Related Allowance | 0 | |
Impaired Loans with No Specific Allowance - Recorded Investment | 99 | |
Total Impaired Loans - Recorded Investment | 99 | |
Total impaired loans - Unpaid Principal Balance | $ 99 | |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance - Recorded Investment | 0 | |
Impaired Loans with Specific Allowance - Related Allowance | 0 | |
Impaired Loans with No Specific Allowance - Recorded Investment | 0 | |
Total Impaired Loans - Recorded Investment | 0 | |
Total impaired loans - Unpaid Principal Balance | $ 10 |
LOANS RECEIVABLE - Average reco
LOANS RECEIVABLE - Average recorded investment in impaired loans and related interest income recognized (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | $ 18,039 | $ 18,620 | $ 21,276 |
Income Recognized on Accrual Basis | 161 | 249 | 1,097 |
Income Recognized on Cash Basis | 103 | 175 | 412 |
One-to-four family residential | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 6,096 | 5,099 | 8,734 |
Income Recognized on Accrual Basis | 89 | 129 | 431 |
Income Recognized on Cash Basis | 91 | 101 | 147 |
Multi-family | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 321 | 344 | 289 |
Income Recognized on Accrual Basis | 23 | 24 | 19 |
Income Recognized on Cash Basis | 0 | 0 | 0 |
Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 2,459 | 3,565 | 3,840 |
Income Recognized on Accrual Basis | 49 | 96 | 210 |
Income Recognized on Cash Basis | 12 | 12 | 71 |
Construction and land development | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 9,163 | 9,604 | 8,413 |
Income Recognized on Accrual Basis | 0 | 0 | 437 |
Income Recognized on Cash Basis | 0 | 62 | $ 194 |
Commercial business | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 0 | 8 | |
Income Recognized on Accrual Basis | 0 | 0 | |
Income Recognized on Cash Basis | 0 | $ 0 | |
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 5 | ||
Income Recognized on Accrual Basis | 0 | ||
Income Recognized on Cash Basis | $ 0 |
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 | Sep. 30, 2017 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 652,607 | $ 351,891 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 351,298 | 233,531 |
Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 21,508 | 12,478 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 127,644 | 79,859 |
Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 145,486 | 21,839 |
Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 488 | 99 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,943 | 799 |
Risk Rating System | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 300,630 | 117,168 |
Risk Rating System | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 5,513 | 2,893 |
Risk Rating System | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 21,508 | 12,478 |
Risk Rating System | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 127,635 | 79,859 |
Risk Rating System | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 145,486 | 21,839 |
Risk Rating System | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 488 | |
Risk Rating System | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 99 | |
Risk Rating System | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 283,740 | 99,979 |
Risk Rating System | Pass | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Risk Rating System | Pass | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 21,191 | 12,144 |
Risk Rating System | Pass | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 125,298 | 76,185 |
Risk Rating System | Pass | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 136,763 | 11,551 |
Risk Rating System | Pass | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 488 | |
Risk Rating System | Pass | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 99 | |
Risk Rating System | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,084 | 2,624 |
Risk Rating System | Special Mention | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,635 | 1,681 |
Risk Rating System | Special Mention | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Risk Rating System | Special Mention | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,449 | 943 |
Risk Rating System | Special Mention | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Risk Rating System | Special Mention | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Risk Rating System | Special Mention | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Risk Rating System | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 13,806 | 14,565 |
Risk Rating System | Substandard | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,878 | 1,212 |
Risk Rating System | Substandard | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 317 | 334 |
Risk Rating System | Substandard | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 888 | 2,731 |
Risk Rating System | Substandard | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 8,723 | 10,288 |
Risk Rating System | Substandard | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Risk Rating System | Substandard | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Risk Rating System | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Risk Rating System | Doubtful | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Risk Rating System | Doubtful | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Risk Rating System | Doubtful | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Risk Rating System | Doubtful | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Risk Rating System | Doubtful | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 0 | |
Risk Rating System | Doubtful | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 0 |
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 | Sep. 30, 2017 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 652,607 | $ 351,891 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 351,298 | 233,531 |
Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,240 | 3,286 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,943 | 799 |
Non Risk Rating System | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 351,968 | 234,723 |
Non Risk Rating System | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 345,785 | 230,638 |
Non Risk Rating System | Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,240 | 3,286 |
Non Risk Rating System | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,943 | 799 |
Non Risk Rating System | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 349,204 | 232,063 |
Non Risk Rating System | Performing | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 343,021 | 227,978 |
Non Risk Rating System | Performing | Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,240 | 3,286 |
Non Risk Rating System | Performing | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,943 | 799 |
Non Risk Rating System | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,764 | 2,660 |
Non Risk Rating System | Nonperforming | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,764 | 2,660 |
Non Risk Rating System | Nonperforming | Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Non Risk Rating System | Nonperforming | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 0 | $ 0 |
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 | Sep. 30, 2017 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 636,906 | $ 335,630 |
Total Past Due | 15,701 | 16,261 |
Total Loans | 652,607 | 351,891 |
Non- Accrual | 15,397 | 15,878 |
Total Past Due and Accruing | 0 | 0 |
30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,815 | 1,860 |
90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 12,886 | 14,401 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 346,877 | 228,904 |
Total Past Due | 4,421 | 4,627 |
Total Loans | 351,298 | 233,531 |
Non- Accrual | 5,107 | 4,244 |
Total Past Due and Accruing | 0 | 0 |
One-to-four family residential | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,746 | 1,860 |
One-to-four family residential | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,675 | 2,767 |
Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 21,508 | 12,478 |
Total Past Due | 0 | 0 |
Total Loans | 21,508 | 12,478 |
Non- Accrual | 0 | 0 |
Total Past Due and Accruing | 0 | 0 |
Multi-family | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Multi-family | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 125,157 | 78,513 |
Total Past Due | 2,487 | 1,346 |
Total Loans | 127,644 | 79,859 |
Non- Accrual | 1,566 | 1,346 |
Total Past Due and Accruing | 0 | 0 |
Commercial real estate | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,000 | 0 |
Commercial real estate | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,487 | 1,346 |
Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 136,762 | 11,551 |
Total Past Due | 8,724 | 10,288 |
Total Loans | 145,486 | 21,839 |
Non- Accrual | 8,724 | 10,288 |
Total Past Due and Accruing | 0 | 0 |
Construction and land development | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Construction and land development | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,724 | 10,288 |
Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 488 | 99 |
Total Past Due | 0 | 0 |
Total Loans | 488 | 99 |
Non- Accrual | 0 | 0 |
Total Past Due and Accruing | 0 | 0 |
Commercial business | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial business | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 4,240 | 3,286 |
Total Past Due | 0 | 0 |
Total Loans | 4,240 | 3,286 |
Non- Accrual | 0 | 0 |
Total Past Due and Accruing | 0 | 0 |
Leases | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Leases | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,874 | 799 |
Total Past Due | 69 | 0 |
Total Loans | 1,943 | 799 |
Non- Accrual | 0 | 0 |
Total Past Due and Accruing | 0 | 0 |
Consumer | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 69 | 0 |
Consumer | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 0 | $ 0 |
LOANS RECEIVABLE - Activity in
LOANS RECEIVABLE - Activity in allowance (Details 7) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||||
ALLL balance | $ 3,269 | $ 2,930 | $ 2,425 | $ 3,269 | $ 2,930 | $ 2,425 | |||||||||
Charge-offs | (1,975) | (11) | (385) | ||||||||||||
Recoveries | 182 | 125 | 155 | ||||||||||||
Provision | $ 410 | $ 30 | $ 2,365 | 185 | $ 0 | $ 150 | $ 75 | 0 | $ 150 | $ 210 | $ 300 | 75 | 2,990 | 225 | 735 |
ALLL balance | 4,466 | 3,269 | 2,930 | 4,466 | 3,269 | 2,930 | |||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Collectively evaluated for impairment | 4,466 | 3,269 | 2,930 | 4,466 | 3,269 | 2,930 | |||||||||
One-to-four family residential | |||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||||
ALLL balance | 1,627 | 1,636 | 1,663 | 1,627 | 1,636 | 1,663 | |||||||||
Charge-offs | (140) | (11) | (384) | ||||||||||||
Recoveries | 182 | 105 | 77 | ||||||||||||
Provision | (428) | (103) | 280 | ||||||||||||
ALLL balance | 1,241 | 1,627 | 1,636 | 1,241 | 1,627 | 1,636 | |||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Collectively evaluated for impairment | 1,241 | 1,627 | 1,636 | 1,241 | 1,627 | 1,636 | |||||||||
Multi-family | |||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||||
ALLL balance | 137 | 66 | 67 | 137 | 66 | 67 | |||||||||
Charge-offs | 0 | 0 | (1) | ||||||||||||
Recoveries | 0 | 0 | 0 | ||||||||||||
Provision | 68 | 71 | 0 | ||||||||||||
ALLL balance | 205 | 137 | 66 | 205 | 137 | 66 | |||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Collectively evaluated for impairment | 205 | 137 | 66 | 205 | 137 | 66 | |||||||||
Commercial real estate | |||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||||
ALLL balance | 859 | 231 | 122 | 859 | 231 | 122 | |||||||||
Charge-offs | 0 | 0 | 0 | ||||||||||||
Recoveries | 0 | 0 | 0 | ||||||||||||
Provision | 342 | 628 | 109 | ||||||||||||
ALLL balance | 1,201 | 859 | 231 | 1,201 | 859 | 231 | |||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Collectively evaluated for impairment | 1,201 | 859 | 231 | 1,201 | 859 | 231 | |||||||||
Construction and land development | |||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||||
ALLL balance | 316 | 725 | 323 | 316 | 725 | 323 | |||||||||
Charge-offs | (1,819) | 0 | 0 | ||||||||||||
Recoveries | 0 | 20 | 78 | ||||||||||||
Provision | 2,861 | (429) | 324 | ||||||||||||
ALLL balance | 1,358 | 316 | 725 | 1,358 | 316 | 725 | |||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Collectively evaluated for impairment | 1,358 | 316 | 725 | 1,358 | 316 | 725 | |||||||||
Commercial business | |||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||||
ALLL balance | 1 | 0 | 15 | 1 | 0 | 15 | |||||||||
Charge-offs | 0 | 0 | 0 | ||||||||||||
Recoveries | 0 | 0 | 0 | ||||||||||||
Provision | 3 | 1 | (15) | ||||||||||||
ALLL balance | 4 | 1 | 0 | 4 | 1 | 0 | |||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Collectively evaluated for impairment | 4 | 1 | 0 | 4 | 1 | 0 | |||||||||
Leases | |||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||||
ALLL balance | 21 | 0 | 21 | 0 | |||||||||||
Charge-offs | 0 | 0 | |||||||||||||
Recoveries | 0 | 0 | |||||||||||||
Provision | 2 | 21 | |||||||||||||
ALLL balance | 23 | 21 | 0 | 23 | 21 | 0 | |||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||||||||
Collectively evaluated for impairment | 23 | 21 | 23 | 21 | |||||||||||
Consumer | |||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||||
ALLL balance | 10 | 4 | 4 | 10 | 4 | 4 | |||||||||
Charge-offs | (16) | 0 | 0 | ||||||||||||
Recoveries | 0 | 0 | 0 | ||||||||||||
Provision | 30 | 6 | 0 | ||||||||||||
ALLL balance | 24 | 10 | 4 | 24 | 10 | 4 | |||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Collectively evaluated for impairment | 24 | 10 | 4 | 24 | 10 | 4 | |||||||||
Unallocated | |||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||||
ALLL balance | $ 298 | $ 268 | $ 231 | 298 | 268 | 231 | |||||||||
Charge-offs | 0 | 0 | 0 | ||||||||||||
Recoveries | 0 | 0 | 0 | ||||||||||||
Provision | 112 | 30 | 37 | ||||||||||||
ALLL balance | 410 | 298 | 268 | 410 | 298 | 268 | |||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Collectively evaluated for impairment | $ 410 | $ 298 | $ 268 | $ 410 | $ 298 | $ 268 |
LOANS RECEIVABLE - Troubled deb
LOANS RECEIVABLE - Troubled debt restructurings (Details 8) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017USD ($)Loan | Sep. 30, 2016USD ($)Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | Loan | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 482 | $ 4,415 |
Post-Modification Outstanding Recorded Investment | $ 482 | $ 4,415 |
One-to-four family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | Loan | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 482 | |
Post-Modification Outstanding Recorded Investment | $ 482 | |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | Loan | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 750 | |
Post-Modification Outstanding Recorded Investment | $ 750 | |
Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | Loan | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 3,665 | |
Post-Modification Outstanding Recorded Investment | $ 3,665 |
LOANS RECEIVABLE (Detail Textua
LOANS RECEIVABLE (Detail Textuals) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2017USD ($)Loan | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Increase (decrease) from interest income on nonaccrual loans | $ 636 | $ 604 | $ 279 | ||||||||||||
Non-accrual loans | $ 15,397 | $ 15,878 | 15,397 | 15,878 | |||||||||||
Provision for loan losses | 410 | $ 30 | $ 2,365 | $ 185 | 0 | $ 150 | $ 75 | $ 0 | $ 150 | $ 210 | $ 300 | $ 75 | 2,990 | 225 | 735 |
Fair value of loans acquired net of discount | 160,800 | 160,800 | |||||||||||||
Discount on fair value of loans acquired | 4,600 | 4,600 | |||||||||||||
Nonperforming | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Non performing assets | 15,600 | 16,500 | $ 15,600 | $ 16,500 | |||||||||||
Percentage of nonperforming assets | 1.70% | 2.80% | |||||||||||||
One-to-four family residential | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Non-accrual loans | 5,107 | 4,244 | $ 5,107 | $ 4,244 | |||||||||||
Provision for loan losses | $ (428) | (103) | 280 | ||||||||||||
One-to-four family residential | Nonperforming | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Number of non-accrual loans | Loan | 33 | ||||||||||||||
Non performing assets | 3,700 | $ 3,700 | |||||||||||||
Single family residential investment properties | Nonperforming | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Number of non-accrual loans | Loan | 1 | ||||||||||||||
Non performing assets | 1,400 | $ 1,400 | |||||||||||||
Single family residential investment properties | Real estate loan | Nonperforming | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Number of non-accrual loans | Loan | 1 | ||||||||||||||
Non performing assets | 192 | $ 192 | |||||||||||||
Commercial real estate | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Non-accrual loans | 1,566 | 1,346 | 1,566 | 1,346 | |||||||||||
Provision for loan losses | $ 342 | 628 | 109 | ||||||||||||
Commercial real estate | Nonperforming | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Number of non-accrual loans | Loan | 5 | ||||||||||||||
Non performing assets | 1,600 | $ 1,600 | |||||||||||||
Construction and land development | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Non-accrual loans | 8,724 | $ 10,288 | 8,724 | 10,288 | |||||||||||
Provision for loan losses | $ 2,861 | $ (429) | $ 324 | ||||||||||||
Construction and land development | Nonperforming | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Number of non-accrual loans | Loan | 5 | ||||||||||||||
Non performing assets | $ 8,700 | $ 8,700 |
LOANS RECEIVABLE (Detail Text67
LOANS RECEIVABLE (Detail Textuals 1) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017USD ($)LoanConsumer_Mortgage | Sep. 30, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans classified as troubled debt restructuring | Loan | 9 | |
Amount of loans classified as troubled debt restructuring | $ 6,000 | |
Amount of TDR loans, default | 10,700 | |
Total Loans | 652,607 | $ 351,891 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 127,644 | 79,859 |
Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 145,486 | 21,839 |
Residential real estate property | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Consumer_Mortgage | 17 | |
Total Loans | $ 1,900 | |
Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans classified as troubled debt restructuring | Loan | 3 | |
Amount of loans classified as troubled debt restructuring | $ 4,900 | |
Amount of TDR loans, default | $ 3,500 | |
Number of remaining loan default | Loan | 2 | |
Write-down amount of TDR loans | $ 1,900 | |
Nonperforming | Residential loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans classified as troubled debt restructuring | Loan | 1 | |
Amount of loans classified as troubled debt restructuring | $ 1,400 | |
Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans classified as troubled debt restructuring | Loan | 6 | |
Amount of loans classified as troubled debt restructuring | $ 19,700 | 19,400 |
Performing | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans classified as troubled debt restructuring | $ 12,700 | $ 14,600 |
OFFICE PROPERTIES AND EQUIPME68
OFFICE PROPERTIES AND EQUIPMENT (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 12,044 | $ 5,045 |
Accumulated depreciation | (4,240) | (3,701) |
Total office properties and equipment, net of accumulated depreciation | 7,804 | 1,344 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 1,437 | 198 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 7,449 | 2,492 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 3,158 | $ 2,355 |
OFFICE PROPERTIES AND EQUIPME69
OFFICE PROPERTIES AND EQUIPMENT (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 553 | $ 325 | $ 304 |
Lease expense | 383 | $ 352 | $ 242 |
Lease commitments obligated to pay, fiscal year 2018 | 394 | ||
Lease commitments obligated to pay, fiscal year 2019 | 369 | ||
Lease commitments obligated to pay, fiscal year 2020 | 249 | ||
Lease commitments obligated to pay, fiscal year 2021 | 253 | ||
Lease commitments obligated to pay, fiscal year 2022 | 257 | ||
Lease commitments obligated to pay, thereafter | $ 1,300 |
DEPOSITS - Major classification
DEPOSITS - Major classifications of deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Amount | ||
Non-interest bearing checking accounts | $ 9,375 | $ 3,804 |
Interest-bearing checking accounts | 54,267 | 34,984 |
Money market deposit accounts | 76,272 | 55,552 |
Passbook, club and statement savings | 101,743 | 70,924 |
Certificates maturing in six months or less | 154,750 | 97,418 |
Certificates maturing in more than six months | 239,575 | 126,519 |
Total deposits | $ 635,982 | $ 389,201 |
Percent | ||
Non-interest bearing checking accounts | 1.50% | 0.70% |
Interest-bearing checking accounts | 8.50% | 9.30% |
Money market deposit accounts | 12.00% | 14.30% |
Passbook, club and statement savings | 16.00% | 18.20% |
Certificates maturing in six months or less | 24.30% | 25.00% |
Certificates maturing in more than six months | 37.70% | 32.50% |
Total | 100.00% | 100.00% |
DEPOSITS - Summary of maturitie
DEPOSITS - Summary of maturities of certificate accounts (Details 1) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Deposits [Abstract] | ||
One year or less | $ 236,407 | |
One through two years | 65,576 | |
Two through three years | 48,723 | |
Three through four years | 12,372 | |
Four through five years | 31,247 | |
Total | $ 394,325 | $ 223,930 |
DEPOSITS - Interest expense on
DEPOSITS - Interest expense on deposits (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Deposits [Abstract] | |||
Checking and money market deposit accounts | $ 192 | $ 165 | $ 323 |
Passbook, club and statement savings accounts | 55 | 83 | 208 |
Certificate accounts | 3,683 | 2,613 | 2,899 |
Total | $ 3,930 | $ 2,861 | $ 3,430 |
DEPOSITS (Detail Textuals)
DEPOSITS (Detail Textuals) - USD ($) $ in Millions | Sep. 30, 2017 | Sep. 30, 2016 |
Deposits [Abstract] | ||
Certificates of deposit of $250,000 or more | $ 28.9 | $ 17 |
ADVANCES FROM FEDERAL HOME LO74
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Advances from Federal Home Loan Banks [Abstract] | ||
Balance at year-end | $ 20,000 | $ 20,000 |
Average balance outstanding | 21,784 | 8,975 |
Maximum month-end balance | $ 35,000 | $ 20,000 |
Weight-average rate at year-end | 1.31% | 1.17% |
Weight-average rate during the year | 0.84% | 1.23% |
ADVANCES FROM FEDERAL HOME LO75
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM (Detail Textuals) $ in Thousands | Sep. 30, 2017USD ($)Loan | Sep. 30, 2016USD ($) |
Short-term Debt [Line Items] | ||
Number of 30 day FHLB advances | Loan | 2 | |
Short-term borrowings from the FHLB | $ 20,000 | $ 20,000 |
Percentage of weighted average effective cost | 1.31% | 1.17% |
Interest rate swap contract one | ||
Short-term Debt [Line Items] | ||
Short-term borrowings from the FHLB | $ 10,000 | |
Percentage of weighted average effective cost | 1.25% | |
Interest rate swap contract two | ||
Short-term Debt [Line Items] | ||
Short-term borrowings from the FHLB | $ 10,000 | |
Percentage of weighted average effective cost | 1.17% |
ADVANCES FROM FEDERAL HOME LO76
ADVANCES FROM FEDERAL HOME LOAN BANK - LONG TERM (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | ||
Federal Home Loan Bank, Advances [Line Items] | |||
Coupon | [1] | 2.19% | 1.34% |
Amount | $ 94,318 | $ 30,638 | |
Fixed Rate -Amortizing Maturity Date - 1-Dec-17 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Dec. 1, 2017 | Dec. 1, 2017 | |
Coupon | 1.16% | 1.16% | |
Amount | $ 505 | $ 2,511 | |
Call Date | Not Applicable | 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 | |
Coupon | 1.53% | 1.53% | |
Amount | $ 3,044 | $ 4,382 | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate - Amortizing Maturity Date 15-Aug-23 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Aug. 15, 2023 | ||
Coupon | 1.94% | ||
Amount | $ 1,974 | ||
Call Date | Not Applicable | ||
Fixed Rate - Amortizing | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Coupon | 1.64% | 1.64% | |
Amount | $ 5,523 | $ 6,893 | |
Fixed Rate - Advances Maturity Date - 17-Nov-17 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Nov. 17, 2017 | Nov. 17, 2017 | |
Coupon | 1.20% | 1.20% | |
Amount | $ 10,000 | $ 10,000 | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate -Advances Maturity Date - 4-Dec-17 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Dec. 4, 2017 | Dec. 4, 2017 | |
Coupon | 1.15% | 1.15% | |
Amount | $ 2,000 | $ 2,000 | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate - Advances Maturity Date 19-Mar-18 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Mar. 19, 2018 | ||
Coupon | 2.53% | ||
Amount | $ 5,029 | ||
Call Date | Not Applicable | ||
Fixed Rate - Advances Maturity Date 19-Mar-18 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Mar. 19, 2018 | ||
Coupon | 2.13% | ||
Amount | $ 5,041 | ||
Call Date | Not Applicable | ||
Fixed Rate - Advances Maturity Date 20-Jun-18 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jun. 20, 2018 | ||
Coupon | 1.86% | ||
Amount | $ 3,011 | ||
Call Date | Not Applicable | ||
Fixed Rate - Advances Maturity Date 25-Jun-18 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jun. 25, 2018 | ||
Coupon | 2.09% | ||
Amount | $ 3,016 | ||
Call Date | Not Applicable | ||
Fixed Rate - Advances Maturity Date 27-Aug-18 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Aug. 27, 2018 | ||
Coupon | 4.15% | ||
Amount | $ 7,174 | ||
Call Date | Not Applicable | ||
Fixed Rate - Advances Maturity Date 15-Nov-18 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Nov. 15, 2018 | ||
Coupon | 1.89% | ||
Amount | $ 3,014 | ||
Call Date | Not Applicable | ||
Fixed Rate - Advances Maturity Date - 16-Nov-18 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Nov. 16, 2018 | Nov. 16, 2018 | |
Coupon | 1.40% | 1.40% | |
Amount | $ 7,500 | $ 7,500 | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate - Advances Maturity Date 26-Nov-18 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Nov. 26, 2018 | ||
Coupon | 1.81% | ||
Amount | $ 2,008 | ||
Call Date | Not Applicable | ||
Fixed Rate - Advances Maturity Date -3-Dec-18 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Dec. 3, 2018 | Dec. 3, 2018 | |
Coupon | 1.54% | 1.54% | |
Amount | $ 3,000 | $ 3,000 | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate - Advances Maturity Date 16-Aug-19 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Aug. 16, 2019 | ||
Coupon | 2.66% | ||
Amount | $ 3,056 | ||
Call Date | Not Applicable | ||
Fixed Rate - Advances Maturity Date 9-Oct-19 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Oct. 9, 2019 | ||
Coupon | 2.54% | ||
Amount | $ 2,034 | ||
Call Date | Not Applicable | ||
Fixed Rate - Advances Maturity 26-Nov-19 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Nov. 26, 2019 | ||
Coupon | 2.35% | ||
Amount | $ 3,062 | ||
Call Date | Not Applicable | ||
Fixed Rate - Advances Maturity 22-Jun-20 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jun. 22, 2020 | ||
Coupon | 2.60% | ||
Amount | $ 3,000 | ||
Call Date | Not Applicable | ||
Fixed Rate - Advances Maturity 24-Jun-20 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jun. 24, 2020 | ||
Coupon | 2.85% | ||
Amount | $ 2,054 | ||
Call Date | Not Applicable | ||
Fixed Rate - Advances Maturity Date 27-Jul-20 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jul. 27, 2020 | Jul. 27, 2020 | |
Coupon | 1.38% | 1.38% | |
Amount | $ 249 | $ 249 | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate - Advances Maturity 17-Aug-20 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Aug. 17, 2020 | ||
Coupon | 3.06% | ||
Amount | $ 2,068 | ||
Call Date | Not Applicable | ||
Fixed Rate - Advances Maturity 9-Oct-20 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Oct. 9, 2020 | ||
Coupon | 2.92% | ||
Amount | $ 2,061 | ||
Call Date | Not Applicable | ||
Fixed Rate - Advances Maturity Date 27-Jul-21 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jul. 27, 2021 | Jul. 27, 2021 | |
Coupon | 1.52% | 1.52% | |
Amount | $ 249 | $ 249 | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate - Advances Maturity Date 28-Jul-21 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jul. 28, 2021 | Jul. 28, 2021 | |
Coupon | 1.48% | 1.48% | |
Amount | $ 249 | $ 249 | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate Advances Maturity Date 29-Jul-21 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jul. 29, 2021 | Jul. 29, 2021 | |
Coupon | 1.42% | 1.42% | |
Amount | $ 249 | $ 249 | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate - Advances Maturity Date 19-Aug-21 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Aug. 19, 2021 | Aug. 19, 2021 | |
Coupon | 1.55% | 1.55% | |
Amount | $ 249 | $ 249 | |
Call Date | Not Applicable | Not Applicable | |
Fixed Rate - Advances Maturity Date 7-Oct-21 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Oct. 7, 2021 | ||
Coupon | 3.19% | ||
Amount | $ 2,089 | ||
Call Date | Not Applicable | ||
Fixed Rate Advances Maturity Date 12-Oct-21 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Oct. 12, 2021 | ||
Coupon | 3.23% | ||
Amount | $ 2,084 | ||
Call Date | Not Applicable | ||
Fixed Rate Advances Maturity Date 6 Jun 22 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jun. 6, 2022 | ||
Coupon | 2.05% | ||
Amount | $ 10,000 | ||
Call Date | Not Applicable | ||
Fixed Rate - Advances Maturity Date 6-Sep-22 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Sep. 6, 2022 | ||
Coupon | 1.94% | ||
Amount | $ 249 | ||
Call Date | Not Applicable | ||
Fixed Rate - Advances Maturity Date 22-Sep-22 | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Sep. 22, 2022 | ||
Coupon | 2.11% | ||
Amount | $ 5,000 | ||
Call Date | Not Applicable | ||
Fixed Rate - Advances | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Coupon | [1] | 2.22% | 2.22% |
Amount | $ 88,795 | $ 23,745 | |
[1] | Weighted average coupon rate. |
ADVANCES FROM FEDERAL HOME LO77
ADVANCES FROM FEDERAL HOME LOAN BANK - LONG TERM (Details 1) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Advances from Federal Home Loan Banks [Abstract] | ||
2,017 | $ 3,367 | |
2,018 | $ 37,456 | 13,887 |
2,019 | 20,305 | 11,903 |
2,020 | 13,076 | 485 |
2,021 | 3,394 | 996 |
2,022 | 19,766 | |
2,023 | 321 | |
Advances from Federal Home Loan Bank - Long Term | $ 94,318 | $ 30,638 |
Weighted Average Coupon Rate | ||
2,017 | 1.31% | |
2,018 | 2.21% | 1.22% |
2,019 | 1.74% | 1.45% |
2,020 | 2.59% | 1.45% |
2,021 | 2.40% | 1.49% |
2,022 | 2.31% | |
2,023 | 1.94% | |
Weighted Average Coupon Rate | 2.19% | 1.34% |
ADVANCES FROM FEDERAL HOME LO78
ADVANCES FROM FEDERAL HOME LOAN BANK - LONG TERM (Detail Textuals) - USD ($) $ in Millions | Sep. 30, 2017 | Sep. 30, 2016 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Weighted Average Coupon Rate | 2.19% | 1.34% |
Minimum | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Weighted Average Coupon Rate | 1.15% | 1.15% |
Maximum | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Weighted Average Coupon Rate | 4.15% | 1.55% |
Federal Home Loan Bank of Pittsburgh | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Additional FHLB advances | $ 277.5 |
INCOME TAXES - Provision for in
INCOME TAXES - Provision for income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Current: | |||||||||||||||
Federal expense | $ 801 | $ 1,275 | $ 461 | ||||||||||||
Total current taxes | 801 | 1,275 | 461 | ||||||||||||
Deferred income tax (benefit) expense | 140 | (16) | (345) | ||||||||||||
Total | $ 711 | $ 1,031 | $ (1,171) | $ 370 | $ 423 | $ 308 | $ 307 | $ 221 | $ 30 | $ (40) | $ (91) | $ 217 | $ 941 | $ 1,259 | $ 116 |
INCOME TAXES - Items that gave
INCOME TAXES - Items that gave rise to significant portions of deferred income taxes (Details 1) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Deferred tax assets: | ||
Allowance for loan losses | $ 1,675 | $ 1,289 |
Non-accrual interest | 349 | 163 |
Accrued vacation | 12 | 13 |
Capital loss carryforward | 476 | 378 |
Post-retirement benefit plans | 98 | 96 |
Split dollar life insurance | 15 | 18 |
Unrealized losses on available for sale securities | 569 | 0 |
Unrealized losses on interest rate swaps | 0 | 69 |
Deferred compensation | 1,439 | 0 |
Goodwill | 148 | 0 |
Purchase accounting adjustments | 731 | 0 |
Other | 254 | 0 |
Employee benefit plans | 90 | 434 |
Total deferred tax assets | 5,856 | 2,460 |
Valuation allowance | (378) | (378) |
Total deferred tax assets, net of valuation allowance | 5,478 | 2,082 |
Deferred tax liabilities: | ||
Property | 332 | 423 |
Unrealized gains on available for sale securities | 0 | 500 |
Unrealized gains on interest rate swaps | 171 | 0 |
481(a)Adjustment | 0 | 12 |
Deferred loan fees | 884 | 578 |
Total deferred tax liabilities | 1,387 | 1,513 |
Net deferred tax asset | $ 4,091 | $ 569 |
INCOME TAXES - Income tax expen
INCOME TAXES - Income tax expense differs from that computed at the statutory federal corporate tax rate (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||||||
Tax at statutory rate, amount | $ 1,265 | $ 1,353 | $ 798 | ||||||||||||
Adjustments resulting from: | |||||||||||||||
Valuation allowance, amount | 0 | (156) | (677) | ||||||||||||
Tax exempt income, amount | (109) | 0 | 0 | ||||||||||||
Nondeductible merger expenses, amount | 80 | 0 | 0 | ||||||||||||
Income from bank owned life insurance, amount | (230) | (113) | (117) | ||||||||||||
Employee benefit plans, amount | (39) | 151 | 126 | ||||||||||||
Other, amount | (26) | 24 | (14) | ||||||||||||
Income tax expense | $ 711 | $ 1,031 | $ (1,171) | $ 370 | $ 423 | $ 308 | $ 307 | $ 221 | $ 30 | $ (40) | $ (91) | $ 217 | $ 941 | $ 1,259 | $ 116 |
Tax at statutory rate, percentage of pretax income (Loss) | 34.00% | 34.00% | 34.00% | ||||||||||||
Adjustments resulting from: | |||||||||||||||
Valuation allowance, percentage of pretax income (Loss) | 0.00% | (3.90%) | (28.80%) | ||||||||||||
Tax exempt income, percentage of pretax income (Loss) | (2.90%) | 0.00% | 0.00% | ||||||||||||
Nondeductible merger expenses, percentage of pretax income (Loss) | 2.10% | 0.00% | 0.00% | ||||||||||||
Income from bank owned life insurance, percentage of pretax income (Loss) | (6.20%) | (2.80%) | (5.00%) | ||||||||||||
Employee benefit plans, percentage of pretax income (Loss) | (1.10%) | 3.80% | 5.40% | ||||||||||||
Other, percentage of pretax income (Loss) | (0.60%) | 0.50% | (0.60%) | ||||||||||||
Income tax expense, percentage of pretax income (Loss) | 25.30% | 31.60% | 5.00% |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 378 | $ 378 |
Increase in gross deferred tax assets related to capital loss carryforwards | $ 98 |
REGULATORY CAPITAL REQUIREMEN83
REGULATORY CAPITAL REQUIREMENTS (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Prudential Bancorp, Inc of Pennsylvania | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual Amount, Tier 1 capital (to average assets) | $ 130,128 | $ 113,205 |
Actual Ratio, Tier 1 capital (to average assets) | 14.81% | 20.41% |
Actual Amount, Tier 1 Common (to risk-weighted assets) | $ 130,128 | $ 113,205 |
Actual Ratio, Tier 1 Common (to risk-weighted assets) | 23.94% | 38.57% |
Actual Amount, Tier 1 capital (to risk-weighted assets) | $ 130,128 | $ 113,205 |
Actual Ratio, Tier 1 capital (to risk-weighted assets) | 23.94% | 38.57% |
Actual Amount, Total capital (to risk-weighted assets) | $ 134,963 | $ 116,512 |
Actual Ratio, Total capital (to risk-weighted assets) | 24.83% | 39.70% |
Prudential Savings Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual Amount, Tier 1 capital (to average assets) | $ 119,189 | $ 100,552 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Tier 1 capital (to average assets) | 35,093 | 22,157 |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Tier 1 capital (to average assets) | $ 43,866 | $ 27,697 |
Actual Ratio, Tier 1 capital (to average assets) | 13.59% | 18.15% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Tier 1 capital (to average assets) | 4.00% | 4.00% |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Tier 1 capital (to average assets) | 5.00% | 5.00% |
Actual Amount, Tier 1 Common (to risk-weighted assets) | $ 119,189 | $ 100,552 |
Actual Amount, Required for Capital Adequacy Purposes, Tier 1 Common (to risk-weighted assets) | 24,411 | 13,171 |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions, Tier 1 Common (to risk-weighted assets) | $ 35,260 | $ 19,024 |
Actual Ratio, Tier 1 Common (to risk-weighted assets) | 21.97% | 34.36% |
Actual Ratio, Required for Capital Adequacy Purposes, Tier 1 Common (to risk-weighted assets) | 4.50% | 4.50% |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions, Tier 1 Common (to risk-weighted assets) | 6.50% | 6.50% |
Actual Amount, Tier 1 capital (to risk-weighted assets) | $ 119,189 | $ 100,552 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Tier 1 capital (to risk-weighted assets) | 32,548 | 17,559 |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Tier 1 capital (to risk-weighted assets) | $ 43,397 | $ 23,415 |
Actual Ratio, Tier 1 capital (to risk-weighted assets) | 21.97% | 34.36% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Tier 1 capital (to risk-weighted assets) | 6.00% | 6.00% |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Tier 1 capital (to risk-weighted assets) | 8.00% | 8.00% |
Actual Amount, Total capital (to risk-weighted assets) | $ 124,024 | $ 103,859 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Total capital (to risk-weighted assets) | 43,397 | 23,415 |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Total capital (to risk-weighted assets) | $ 54,247 | $ 29,268 |
Actual Ratio, Total capital (to risk-weighted assets) | 22.86% | 35.49% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Total capital (to risk-weighted assets) | 8.00% | 8.00% |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Total capital (to risk-weighted assets) | 10.00% | 10.00% |
EMPLOYEE BENEFITS - Additional
EMPLOYEE BENEFITS - Additional information regarding the plan (Details) - Multi-employer defined benefit pension plan - Pentegra Defined Benefit Plan for Financial Institutions $ in Thousands | 12 Months Ended |
Sep. 30, 2017USD ($) | |
Multiemployer Plans [Line Items] | |
Plan Employer Identification Number | 135,645,888 |
The Company's Contribution for the year ended September 30, 2017 | $ 379 |
Are Company's Contributions more than 5% of total contributions? | No |
Funded Status | 95.06% |
EMPLOYEE BENEFITS - Summary of
EMPLOYEE BENEFITS - Summary of non-vested stock award activity (Details 1) - 2008 Recognition and Retention Plan ("RRP") - $ / shares | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Number of Shares | ||||
Issued | 7,473 | |||
Nonvested Stock Awards | ||||
Number of Shares | ||||
Nonvested stock awards at beginning of year | 172,788 | 241,428 | 38,055 | |
Issued | 17,128 | 10,500 | 235,500 | |
Forfeited | (1,467) | (30,180) | (21,813) | |
Vested | (45,855) | (48,960) | (10,314) | |
Nonvested stock awards at the end of the period | 142,594 | 172,788 | 241,428 | |
Weighted Average Grant Date Fair Value | ||||
Nonvested stock awards at beginning of year | $ 12.03 | $ 11.74 | $ 8.07 | |
Issued | 17.43 | 14.42 | 12.23 | |
Forfeited | 10.47 | 11.92 | 11.85 | |
Vested | 11.72 | 11.60 | 9.07 | |
Nonvested stock awards at the end of the period | $ 12.79 | $ 12.03 | $ 11.74 |
EMPLOYEE BENEFITS - Summary o86
EMPLOYEE BENEFITS - Summary of status of stock options under Stock Option Plan (Details 2) - Stock Options Plan - Stock Options - $ / shares | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Number of Shares | ||||
Options outstanding at beginning of year | 921,909 | 1,074,430 | 530,084 | |
Granted | 18,866 | 47,828 | 27,500 | 608,737 |
Exercised | (43,890) | (99,545) | 0 | |
Forfeited | (3,283) | (80,476) | (64,391) | |
Outstanding at the end of the period | 922,564 | 921,909 | 1,074,430 | |
Exercisable at the end of the period | 554,802 | 467,397 | 440,976 | |
Weighted Average Exercise Price | ||||
Options outstanding at beginning of year | $ 11.70 | $ 11.92 | $ 11.57 | |
Granted | 17.92 | 14.42 | 12.23 | |
Exercised | 11.41 | 11.45 | 0 | |
Forfeited | 11.84 | 11.52 | 11.92 | |
Outstanding at the end of the period | 12.04 | 11.70 | 11.92 | |
Exercisable at the end of the period | $ 11.47 | $ 11.40 | $ 11.42 |
EMPLOYEE BENEFITS (Detail Textu
EMPLOYEE BENEFITS (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Multi-employer defined benefit pension plan | |||
Multiemployer Plans [Line Items] | |||
Expense relating to plan | $ 379 | $ 256 | $ 623 |
EMPLOYEE BENEFITS (Detail Tex88
EMPLOYEE BENEFITS (Detail Textuals 1) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jan. 31, 2014USD ($)shares | Dec. 31, 2013shares | Dec. 31, 2016USD ($)shares | Sep. 30, 2017USD ($)Loanshares | Sep. 30, 2016USD ($)shares | Sep. 30, 2015USD ($)shares | Sep. 30, 2005USD ($)shares | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||||
ESOP shares allocated to participant's accounts | 8,879 | 32,064 | 32,064 | ||||
Compensation expense of ESOP | $ | $ 102 | $ 152 | $ 526 | $ 467 | |||
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 | ||||||
Number of shares used to payoff debt | 303,115 | ||||||
Long-term debt | $ | $ 5,200 | ||||||
Additional ESOP shares allocated to participant's accounts | 35,517 | ||||||
Compensation expense of ESOP | $ | $ 152 | $ 526 | $ 467 | ||||
Number of loans proceeds used to purchase the shares | Loan | 2 |
EMPLOYEE BENEFITS (Detail Tex89
EMPLOYEE BENEFITS (Detail Textuals 2) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Aug. 31, 2016 | Feb. 28, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | |
2008 Recognition and Retention Plan ("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 | $ 2,500 | ||||
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 | ||||
Recognized compensation expense | $ 578 | $ 463 | |||
Tax benefit (expense) from stock-based compensation | 286 | $ 219 | |||
Unrecognized compensation expense for shares awarded | $ 1,500 | ||||
2014 Stock Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares granted | 17,128 | 3,207 | |||
2014 Stock Incentive Plan | Restricted stock awards or units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares awarded under the plan | 285,655 | ||||
Number of shares granted | 235,500 |
EMPLOYEE BENEFITS (Detail Tex90
EMPLOYEE BENEFITS (Detail Textuals 3) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
May 31, 2017 | Mar. 31, 2017 | Aug. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2010 | Sep. 30, 2009 | |
Stock Options Plan | ||||||||||
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 | |||||||||
Number of vested options | 544,802 | |||||||||
Weighted average remaining contractual term for options outstanding | 4 years 2 months 12 days | |||||||||
Estimated fair value of options granted per share | $ 3.18 | $ 2.13 | $ 4.58 | $ 4.67 | $ 3.34 | $ 2.92 | $ 2.98 | |||
Fair value, valuation method | Black-Scholes pricing model | Black-Scholes pricing model | ||||||||
Exercise and fair value | $ 17.43 | $ 14.42 | ||||||||
Expected term | 7 years | 7 years | ||||||||
Volatility rate | 14.37% | 13.82% | ||||||||
Expected interest rate | 2.22% | 1.36% | ||||||||
Expected yield | 0.69% | 0.80% | ||||||||
Recognized compensation expense | $ 531 | $ 455 | ||||||||
Tax benefit from stock-based compensation | 146 | $ 155 | ||||||||
Unrecognized compensation expense for options | $ 1,300 | |||||||||
Weighted average period for expense recognize | 3 years | |||||||||
Number of options granted | 18,866 | 47,828 | 27,500 | 608,737 | ||||||
2014 Stock Incentive Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of common stock available for issuance | 714,145 | |||||||||
Number of options granted | 25,000 | 22,828 | 8,634 | 605,000 |
INTEREST RATE SWAP AGREEMENTS91
INTEREST RATE SWAP AGREEMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $ 20,000 | |
Unrealized loss | 502 | $ (202) |
Interest rate swap contract one | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $ 10,000 | $ 10,000 |
Pay rate | 1.15% | 1.15% |
Receive rate | 1 Mth Libor | 1 Mth Libor |
Maturity date | Apr. 6, 2021 | Apr. 6, 2021 |
Unrealized loss | $ 217 | $ (92) |
Interest rate swap contract two | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $ 10,000 | $ 10,000 |
Pay rate | 1.18% | 1.18% |
Receive rate | 1 Mth Libor | 1 Mth Libor |
Maturity date | Jun. 13, 2021 | Jun. 13, 2021 |
Unrealized loss | $ 223 | $ (103) |
Interest rate swap contract three | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount | $ 1,100 | $ 1,100 |
Pay rate | 4.10% | 4.10% |
Receive rate | 1 Mth Libor +276 bp | 1 Mth Libor +276 bp |
Maturity date | Aug. 1, 2026 | Aug. 1, 2026 |
Unrealized loss | $ 62 | $ (7) |
INTEREST RATE SWAP AGREEMENTS92
INTEREST RATE SWAP AGREEMENTS (Detail Textuals) $ in Millions | Sep. 30, 2017USD ($) |
Derivative Instruments, Gain (Loss) [Line Items] | |
Notional amount | $ 20 |
Commercial Loan | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Notional amount | $ 1.1 |
COMMITMENTS AND CONTINGENT LI93
COMMITMENTS AND CONTINGENT LIABILITIES (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Credit risk associated with loans and participation interests | $ 1,800 | |
Aggregate undisbursed portion of loans-in-process | 73,858 | $ 5,371 |
Loan Origination Commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | $ 45,900 | $ 9,900 |
Loan Origination Commitments | Minimum | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Market interest rate on fixed and variable rate loans | 4.75% | 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% | 5.25% |
Unused lines of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | $ 7,400 | $ 3,300 |
Letters of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | $ 1,400 | $ 1,900 |
FAIR VALUE MEASUREMENT - Assets
FAIR VALUE MEASUREMENT - Assets measured at fair value on recurring basis (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Liabilities | ||
Liabilities, total | $ 202 | |
Level 1 | ||
Liabilities | ||
Liabilities, total | 0 | |
Level 2 | ||
Liabilities | ||
Liabilities, total | 202 | |
Level 3 | ||
Liabilities | ||
Liabilities, total | 0 | |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Total Assets | $ 178,904 | 138,694 |
Liabilities | ||
Liabilities, total | 202 | |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets: | ||
Total Assets | 76 | 42 |
Liabilities | ||
Liabilities, total | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets: | ||
Total Assets | 178,828 | 138,652 |
Liabilities | ||
Liabilities, total | 0 | 202 |
Fair Value, Measurements, Recurring | Level 3 | ||
Assets: | ||
Total Assets | 0 | 0 |
Liabilities | ||
Liabilities, total | 0 | 0 |
Fair Value, Measurements, Recurring | U.S. Government and agency obligations | ||
Assets: | ||
Total Assets | 25,799 | 21,024 |
Fair Value, Measurements, Recurring | U.S. Government and agency obligations | Level 2 | ||
Assets: | ||
Total Assets | 25,799 | 21,024 |
Fair Value, Measurements, Recurring | Mortgage-backed securities - U.S. Government agencies | ||
Assets: | ||
Total Assets | 118,127 | 91,575 |
Fair Value, Measurements, Recurring | Mortgage-backed securities - U.S. Government agencies | Level 2 | ||
Assets: | ||
Total Assets | 118,127 | 91,575 |
Fair Value, Measurements, Recurring | Corporate bonds | ||
Assets: | ||
Total Assets | 34,400 | 26,053 |
Fair Value, Measurements, Recurring | Corporate bonds | Level 2 | ||
Assets: | ||
Total Assets | 34,400 | 34,400 |
Fair Value, Measurements, Recurring | FHLMC preferred stock | ||
Assets: | ||
Total Assets | 76 | 42 |
Fair Value, Measurements, Recurring | FHLMC preferred stock | Level 1 | ||
Assets: | ||
Total Assets | 76 | 42 |
Fair Value, Measurements, Recurring | Interest rate swap contract | ||
Assets: | ||
Total Assets | 502 | |
Liabilities | ||
Liabilities, total | 202 | |
Fair Value, Measurements, Recurring | Interest rate swap contract | Level 1 | ||
Liabilities | ||
Liabilities, total | 0 | |
Fair Value, Measurements, Recurring | Interest rate swap contract | Level 2 | ||
Assets: | ||
Total Assets | $ 502 | |
Liabilities | ||
Liabilities, total | 202 | |
Fair Value, Measurements, Recurring | Interest rate swap contract | Level 3 | ||
Liabilities | ||
Liabilities, total | $ 0 |
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 | Sep. 30, 2017 | Sep. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 19,665 | $ 19,429 |
Real estate owned | 192 | 581 |
Total | 19,857 | 20,010 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Real estate owned | 0 | 0 |
Total | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Real estate owned | 0 | 0 |
Total | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 19,665 | 19,429 |
Real estate owned | 192 | 581 |
Total | $ 19,857 | $ 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 | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 19,857 | $ 20,010 | |
Level 3 | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | 19,857 | 20,010 | |
Level 3 | Impaired loan | Property Appraisals Valuation Technique | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 19,665 | $ 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 | 57.00% | 46.00% | |
Level 3 | Impaired loan | Property Appraisals Valuation Technique | Weighted Ave. | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Management discount rate | 7.00% | 10.00% | |
Level 3 | Real estate owned | Property Appraisals Valuation Technique | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 192 | $ 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 |
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 - Asse97
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 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 |
Assets: | ||||
Cash and cash equivalents | $ 27,903 | $ 12,440 | $ 11,272 | $ 45,382 |
Certificates of deposit | 1,604 | 1,853 | ||
Investment and mortgage-backed securities available for sale | 178,402 | 138,694 | ||
Investment and mortgage-backed securities held to maturity | 61,284 | 39,971 | ||
Loans receivable, net | 571,343 | 344,948 | ||
Accrued interest receivable | 2,825 | 1,928 | ||
Federal Home Loan Bank stock | 6,002 | 2,463 | ||
Interest rate swap contracts | 502 | |||
Bank owned life insurance | 28,048 | 13,055 | ||
Liabilities: | ||||
Checking accounts | 59,956 | 38,788 | ||
Money market deposit accounts | 48,797 | 55,552 | ||
Passbook, club and statement savings accounts | 101,743 | 70,924 | ||
Certificates of deposit | 394,325 | 223,930 | ||
Accrued interest payable | 1,933 | 1,403 | ||
Advances from FHLB -short-term | 20,000 | 20,000 | ||
Advances from FHLB -long-term | 94,318 | 30,638 | ||
Advances from borrowers for taxes and insurance | 2,207 | 1,748 | ||
Interest rate swap contracts | 202 | |||
Level 1 | ||||
Assets: | ||||
Cash and cash equivalents | 27,903 | 12,440 | ||
Certificates of deposit | 1,604 | 1,853 | ||
Investment and mortgage-backed securities available for sale | 76 | 42 | ||
Investment and mortgage-backed securities held to maturity | 0 | 0 | ||
Loans receivable, net | 0 | 0 | ||
Accrued interest receivable | 2,825 | 1,928 | ||
Federal Home Loan Bank stock | 6,002 | 2,463 | ||
Interest rate swap contracts | 0 | |||
Bank owned life insurance | 28,048 | 13,055 | ||
Liabilities: | ||||
Checking accounts | 59,956 | 38,788 | ||
Money market deposit accounts | 48,797 | 55,552 | ||
Passbook, club and statement savings accounts | 101,743 | 70,924 | ||
Certificates of deposit | 0 | 0 | ||
Accrued interest payable | 1,933 | 1,403 | ||
Advances from FHLB -short-term | 20,000 | 20,000 | ||
Advances from FHLB -long-term | 0 | 0 | ||
Advances from borrowers for taxes and insurance | 2,207 | 1,748 | ||
Interest rate swap contracts | 0 | |||
Level 2 | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Certificates of deposit | 0 | 0 | ||
Investment and mortgage-backed securities available for sale | 178,326 | 138,652 | ||
Investment and mortgage-backed securities held to maturity | 60,179 | 40,700 | ||
Loans receivable, net | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Federal Home Loan Bank stock | 0 | 0 | ||
Interest rate swap contracts | 502 | |||
Bank owned life insurance | 0 | 0 | ||
Liabilities: | ||||
Checking accounts | 0 | 0 | ||
Money market deposit accounts | 0 | 0 | ||
Passbook, club and statement savings accounts | 0 | 0 | ||
Certificates of deposit | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Advances from FHLB -short-term | 0 | 0 | ||
Advances from FHLB -long-term | 0 | 0 | ||
Advances from borrowers for taxes and insurance | 0 | 0 | ||
Interest rate swap contracts | 202 | |||
Level 3 | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Certificates of deposit | 0 | 0 | ||
Investment and mortgage-backed securities available for sale | 0 | 0 | ||
Investment and mortgage-backed securities held to maturity | 0 | 0 | ||
Loans receivable, net | 575,876 | 344,100 | ||
Accrued interest receivable | 0 | 0 | ||
Federal Home Loan Bank stock | 0 | 0 | ||
Interest rate swap contracts | 0 | |||
Bank owned life insurance | 0 | 0 | ||
Liabilities: | ||||
Checking accounts | 0 | 0 | ||
Money market deposit accounts | 0 | 0 | ||
Passbook, club and statement savings accounts | 0 | 0 | ||
Certificates of deposit | 398,078 | 225,383 | ||
Accrued interest payable | 0 | 0 | ||
Advances from FHLB -short-term | 0 | 0 | ||
Advances from FHLB -long-term | 93,579 | 30,222 | ||
Advances from borrowers for taxes and insurance | 0 | 0 | ||
Interest rate swap contracts | 0 | |||
Fair Value | ||||
Assets: | ||||
Cash and cash equivalents | 27,903 | 12,440 | ||
Certificates of deposit | 1,604 | 1,853 | ||
Investment and mortgage-backed securities available for sale | 178,402 | 138,694 | ||
Investment and mortgage-backed securities held to maturity | 60,179 | 40,700 | ||
Loans receivable, net | 575,876 | 344,100 | ||
Accrued interest receivable | 2,825 | 1,928 | ||
Federal Home Loan Bank stock | 6,002 | 2,463 | ||
Interest rate swap contracts | 502 | |||
Bank owned life insurance | 28,048 | 13,055 | ||
Liabilities: | ||||
Checking accounts | 59,956 | 38,788 | ||
Money market deposit accounts | 48,797 | 55,552 | ||
Passbook, club and statement savings accounts | 101,743 | 70,924 | ||
Certificates of deposit | 398,078 | 225,383 | ||
Accrued interest payable | 1,933 | 1,403 | ||
Advances from FHLB -short-term | 20,000 | 20,000 | ||
Advances from FHLB -long-term | 93,579 | 30,222 | ||
Advances from borrowers for taxes and insurance | $ 2,207 | 1,748 | ||
Interest rate swap contracts | $ 202 |
FAIR VALUE MEASUREMENT (Detail
FAIR VALUE MEASUREMENT (Detail Textuals) - USD ($) $ in Millions | Sep. 30, 2017 | Sep. 30, 2016 |
Level 2 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Collateral dependent impaired loans, fair value | $ 19.7 | $ 19.4 |
GOODWILL AND OTHER INTANGIBLE99
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2017USD ($) | |
Finite-lived Intangible Assets [Roll Forward] | |
Balance, Goodwill | $ 0 |
Additions/Adjustments | 6,102 |
Balance, Goodwill | 6,102 |
Balance | 709 |
Balance, Total | 0 |
Additions/Adjustments | 6,924 |
Amortization | (112) |
Balance, Total | 6,812 |
Core deposit intangibles | |
Finite-lived Intangible Assets [Roll Forward] | |
Balance | 0 |
Additions/Adjustments | 822 |
Amortization | (112) |
Balance | $ 710 |
Amortization period | 10 years |
GOODWILL AND OTHER INTANGIBL100
GOODWILL AND OTHER INTANGIBLE ASSETS (Details 1) $ in Thousands | Sep. 30, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,018 | $ 138 |
2,019 | 123 |
2,020 | 108 |
2,021 | 93 |
2,022 | 77 |
Thereafter | $ 169 |
BUSINESS COMBINATIONS (Details)
BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Liabilities assumed: | ||
Goodwill resulting from the acquisition | $ 6,102 | $ 0 |
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 | 22,911 | |
Investments available for sale | 67,154 | |
Loans | 160,785 | |
Premises and equipment | 6,702 | |
Deferred taxes | 3,492 | |
Bank-owned life insurance | 4,316 | |
Core deposit intangible | 822 | |
Regulatory Stock | 3,399 | |
Other assets | 2,273 | |
Total assets | 271,854 | |
Liabilities assumed: | ||
Deposits | 172,243 | |
FHLB advances, short-term | 7,000 | |
FHLB advances, long -term | 50,232 | |
Other liabilities | 7,722 | |
Total liabilities | 237,197 | |
Net assets acquired | 34,657 | |
Goodwill resulting from the acquisition | $ 6,102 |
BUSINESS COMBINATIONS (Parenthe
BUSINESS COMBINATIONS (Parentheticals) (Details) - $ / shares | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Business Acquisition [Line Items] | ||
Number of shares issued in business combination | 35,234 | 41,800 |
Polonia Bancorp | ||
Business Acquisition [Line Items] | ||
Number of shares issued in business combination | 1,274,197 | |
Shares price in business combination | $ 17.12 |
BUSINESS COMBINATIONS (Details
BUSINESS COMBINATIONS (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Polonia Common Stock: | ||
Prudential common stock issued (conversion rate 0.7460) | 35,234 | 41,800 |
Polonia Bancorp | ||
Polonia Common Stock: | ||
Total shares of common stock outstanding | 3,416,311 | |
Common stock issued capital | 1,708,155 | |
Shares redeemed for cash capital | 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 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 | 37,101 | |
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 | 2,850 | |
Other assets | (73) | |
Deferred taxes | 505 | |
Total fair value adjustment to assets acquired | (318) | |
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 | 34,657 | |
Goodwill resulting from merger | $ 6,102 |
BUSINESS COMBINATIONS (Paren104
BUSINESS COMBINATIONS (Parentheticals) (Details 1) | Sep. 30, 2017 |
Business Combinations [Abstract] | |
Business acquisitions exchange ratio | 0.7460 |
BUSINESS COMBINATIONS (Detai105
BUSINESS COMBINATIONS (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Per share data | ||||
Non-recurring merger costs in the table above | $ 2,486 | $ 300 | ||
Polonia Bancorp | ||||
Business Acquisition [Line Items] | ||||
Net interest income | $ 3,467 | 22,551 | 29,702 | |
Provision for loan and leases losses | 2,990 | 2,990 | ||
Net interest income after provision for loan and lease losses | 3,467 | 19,561 | 26,712 | |
Non-interest income | 250 | 2,205 | 3,365 | |
Non-interest expenses | 2,380 | 20,287 | 29,229 | |
Income before income taxes | 1,337 | 1,479 | 848 | |
Income tax expense | 455 | 225 | 81 | |
Net income | $ 882 | $ 1,254 | $ 767 | |
Per share data | ||||
Weighed average basic shares outstanding | [1] | 8,316,638 | 8,316,638 | 8,691,241 |
Dilutive shares | 357,871 | 357,871 | 224,037 | |
Adjusted weighted-average dilutive shares | 8,674,509 | 8,674,509 | 8,915,278 | |
Basic earnings per common share | $ 0.11 | $ 0.15 | $ 0.09 | |
Dilutive earnings per common share | $ 0.10 | $ 0.14 | $ 0.09 | |
Non-recurring merger costs in the table above | $ 3,559 | $ 723 | ||
[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 (Paren106
BUSINESS COMBINATIONS (Parentheticals) (Details 2) - shares | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Business Acquisition [Line Items] | ||
Number of shares issued in business combination | 35,234 | 41,800 |
Polonia Bancorp | ||
Business Acquisition [Line Items] | ||
Number of shares issued in business combination | 1,274,197 |
BUSINESS COMBINATIONS (Detai107
BUSINESS COMBINATIONS (Details Textuals) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2016shares | |
Business Acquisition [Line Items] | ||
Business acquisitions exchange ratio | 0.7460 | |
Number of shares issued in business combination | 35,234 | 41,800 |
Core deposit intangibles | ||
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% | |
Number of shares issued in business combination | 1,274,197 | |
Cash consideration for merger | $ | $ 18,944 |
PRUDENTIAL BANCORP, INC. OF PEN
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA (PARENT COMPANY ONLY) - Summary of statement of financial condition (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 |
Assets: | ||||
Cash | $ 27,903 | $ 12,440 | $ 11,272 | $ 45,382 |
Total assets | 899,540 | 559,480 | ||
Total stockholders' equity | 136,179 | 114,002 | 117,001 | 129,425 |
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA | ||||
Assets: | ||||
Cash | 9,792 | 6,541 | $ 14,912 | $ 31,729 |
ESOP loan receivable | 0 | 5,277 | ||
Investment in Bank | 125,240 | 101,350 | ||
Other assets | 1,147 | 834 | ||
Total assets | 136,179 | 114,002 | ||
Total stockholders' equity | $ 136,179 | $ 114,002 |
PRUDENTIAL BANCORP, INC. OF 109
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA (PARENT COMPANY ONLY) - Summary of income statement (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Interest on ESOP loan | $ 20,107 | $ 12,909 | $ 12,760 | ||||||||||||
Total income | $ 7,737 | $ 7,430 | $ 6,671 | $ 4,505 | $ 4,587 | $ 4,474 | $ 4,366 | $ 4,056 | $ 4,081 | $ 4,055 | $ 4,304 | $ 4,240 | 26,343 | 17,483 | 16,680 |
Professional services | 1,433 | 1,075 | 1,378 | ||||||||||||
Other expense | 2,210 | 1,004 | 1,528 | ||||||||||||
Total expense | 3,587 | 3,500 | 6,763 | 2,720 | 2,783 | 2,815 | 2,796 | 2,896 | 3,306 | 3,432 | 3,511 | 2,926 | 16,566 | 11,290 | 13,175 |
Income before income taxes | 2,783 | 3,148 | (3,312) | 1,100 | 1,405 | 1,085 | 855 | 634 | 43 | 7 | 1,610 | 688 | 3,719 | 3,979 | 2,348 |
Income tax benefit | 711 | 1,031 | (1,171) | 370 | 423 | 308 | 307 | 221 | 30 | (40) | (91) | 217 | 941 | 1,259 | 116 |
Net income | $ 2,072 | $ 2,117 | $ (2,141) | $ 730 | $ 982 | $ 777 | $ 548 | $ 413 | $ 13 | $ 47 | $ 1,701 | $ 471 | 2,778 | 2,720 | 2,232 |
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA | |||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Interest on ESOP loan | 59 | 247 | 263 | ||||||||||||
Equity in the undistributed earnings of the Bank | 3,255 | 2,911 | 2,549 | ||||||||||||
Other income | 0 | 0 | 9 | ||||||||||||
Total income | 3,314 | 3,158 | 2,821 | ||||||||||||
Professional services | 369 | 161 | 306 | ||||||||||||
Other expense | 413 | 376 | 447 | ||||||||||||
Total expense | 782 | 537 | 753 | ||||||||||||
Income before income taxes | 2,532 | 2,621 | 2,068 | ||||||||||||
Income tax benefit | (246) | (99) | (164) | ||||||||||||
Net income | $ 2,778 | $ 2,720 | $ 2,232 |
PRUDENTIAL BANCORP, INC. OF 110
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA (PARENT COMPANY ONLY) - Summary of cash flows (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities: | |||||||||||||||
Net income | $ 2,072 | $ 2,117 | $ (2,141) | $ 730 | $ 982 | $ 777 | $ 548 | $ 413 | $ 13 | $ 47 | $ 1,701 | $ 471 | $ 2,778 | $ 2,720 | $ 2,232 |
Net cash used in operating activities | 5,915 | 3,503 | 2,712 | ||||||||||||
Investing activities: | |||||||||||||||
Acquisitions, net of cash | 3,966 | ||||||||||||||
Net cash provided by investing activities | (70,187) | (69,236) | 5,931 | ||||||||||||
Financing Activities: | |||||||||||||||
Purchase treasury stock | (6,272) | (7,047) | (14,691) | ||||||||||||
Cash dividends paid | (1,035) | (895) | (2,201) | ||||||||||||
Net cash used in by financing activities | 79,735 | 66,901 | (42,753) | ||||||||||||
Net (decrease) increase in cash and cash equivalents | 15,463 | 1,168 | (34,110) | ||||||||||||
CASH AND CASH EQUIVALENTS - Beginning of year | 12,440 | 11,272 | 45,382 | 12,440 | 11,272 | 45,382 | |||||||||
CASH AND CASH EQUIVALENTS - End of year | 27,903 | 12,440 | 11,272 | 27,903 | 12,440 | 11,272 | |||||||||
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA | |||||||||||||||
Operating activities: | |||||||||||||||
Net income | 2,778 | 2,720 | 2,232 | ||||||||||||
Decrease (increase) in assets | 46 | (579) | 88 | ||||||||||||
Equity in the undistributed earnings of the Bank | (3,255) | (2,911) | (2,549) | ||||||||||||
Net cash used in operating activities | (431) | (770) | (229) | ||||||||||||
Investing activities: | |||||||||||||||
Repayments received on ESOP loan | 5,277 | 341 | 325 | ||||||||||||
Acquisitions, net of cash | 3,966 | 0 | 0 | ||||||||||||
Net cash provided by investing activities | 9,243 | 341 | 325 | ||||||||||||
Financing Activities: | |||||||||||||||
Purchase treasury stock | (4,526) | (7,047) | (14,691) | ||||||||||||
Cash dividends paid | (1,035) | (895) | (2,222) | ||||||||||||
Net cash used in by financing activities | (5,561) | (7,942) | (16,913) | ||||||||||||
Net (decrease) increase in cash and cash equivalents | 3,251 | (8,371) | (16,817) | ||||||||||||
CASH AND CASH EQUIVALENTS - Beginning of year | $ 6,541 | $ 14,912 | $ 31,729 | 6,541 | 14,912 | 31,729 | |||||||||
CASH AND CASH EQUIVALENTS - End of year | $ 9,792 | $ 6,541 | $ 14,912 | $ 9,792 | $ 6,541 | $ 14,912 |
CONSOLIDATED QUARTERLY FINAN111
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Interest income | $ 7,737 | $ 7,430 | $ 6,671 | $ 4,505 | $ 4,587 | $ 4,474 | $ 4,366 | $ 4,056 | $ 4,081 | $ 4,055 | $ 4,304 | $ 4,240 | $ 26,343 | $ 17,483 | $ 16,680 |
Interest expense | 1,656 | 1,377 | 1,373 | 858 | 853 | 824 | 849 | 800 | 807 | 851 | 871 | 901 | 5,266 | 3,326 | 3,430 |
Net interest income | 6,081 | 6,053 | 5,298 | 3,647 | 3,734 | 3,650 | 3,517 | 3,256 | 3,274 | 3,204 | 3,433 | 3,339 | 21,077 | 14,157 | 13,250 |
(Recoveries) Provision for loan losses | 410 | 30 | 2,365 | 185 | 0 | 150 | 75 | 0 | 150 | 210 | 300 | 75 | 2,990 | 225 | 735 |
Net interest income after provision for loan losses | 5,671 | 6,023 | 2,933 | 3,462 | 3,734 | 3,500 | 3,442 | 3,256 | 3,124 | 2,994 | 3,133 | 3,264 | 18,087 | 13,932 | 12,515 |
Non-interest income | 699 | 625 | 518 | 358 | 454 | 400 | 209 | 274 | 225 | 445 | 1,988 | 350 | 2,198 | 1,337 | 3,008 |
Non-interest expense | 3,587 | 3,500 | 6,763 | 2,720 | 2,783 | 2,815 | 2,796 | 2,896 | 3,306 | 3,432 | 3,511 | 2,926 | 16,566 | 11,290 | 13,175 |
Income(loss) before income tax expense | 2,783 | 3,148 | (3,312) | 1,100 | 1,405 | 1,085 | 855 | 634 | 43 | 7 | 1,610 | 688 | 3,719 | 3,979 | 2,348 |
Income tax expense(benefit) | 711 | 1,031 | (1,171) | 370 | 423 | 308 | 307 | 221 | 30 | (40) | (91) | 217 | 941 | 1,259 | 116 |
Net income | $ 2,072 | $ 2,117 | $ (2,141) | $ 730 | $ 982 | $ 777 | $ 548 | $ 413 | $ 13 | $ 47 | $ 1,701 | $ 471 | $ 2,778 | $ 2,720 | $ 2,232 |
Per share: | |||||||||||||||
Earnings per share - basic (in dollars per share) | $ 0.26 | $ 0.25 | $ (0.27) | $ 0.09 | $ 0.14 | $ 0.10 | $ 0.08 | $ 0.05 | $ 0.01 | $ 0.01 | $ 0.20 | $ 0.05 | $ 0.33 | $ 0.37 | $ 0.27 |
Earnings per share - diluted (in dollars per share) | 0.24 | 0.25 | (0.27) | 0.09 | 0.14 | 0.10 | 0.07 | 0.05 | 0 | 0.01 | 0.18 | 0.05 | 0.32 | 0.36 | 0.26 |
Dividends per share (in dollars per share) | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.18 | $ 0.03 | $ 0.03 | $ 0.12 | $ 0.12 | $ 0.27 |