Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2017 | Jan. 31, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PRUDENTIAL BANCORP, INC. | |
Entity Central Index Key | 1,578,776 | |
Trading Symbol | pbip | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock Shares Outstanding | 8,981,316 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
ASSETS | ||
Cash and amounts due from depository institutions | $ 2,477 | $ 2,274 |
Interest-bearing deposits | 14,182 | 25,629 |
Total cash and cash equivalents | 16,659 | 27,903 |
Certificates of deposit | 1,604 | 1,604 |
Investment and mortgage-backed securities available for sale (amortized cost- December 31, 2017, $217,350; September 30, 2017, $180,087) | 214,570 | 178,402 |
Investment and mortgage-backed securities held to maturity (fair value-December 31, 2017, $62,156; September 30, 2017, $60,179) | 63,377 | 61,284 |
Loans receivable-net of allowance for loan losses (December 31, 2017, $4,676; September 30, 2017, $4,466) | 579,987 | 571,343 |
Accrued interest receivable | 3,452 | 2,825 |
Real estate owned | 363 | 192 |
Federal Home Loan Bank stock-at cost | 6,859 | 6,002 |
Office properties and equipment-net | 7,711 | 7,804 |
Bank owned life insurance | 28,212 | 28,048 |
Deferred tax assets-net | 2,836 | 4,091 |
Goodwill | 6,102 | 6,102 |
Core deposit intangible | 672 | 709 |
Prepaid expenses and other assets | 1,346 | 3,231 |
TOTAL ASSETS | 933,750 | 899,540 |
Deposits: | ||
Noninterest-bearing | 11,578 | 9,375 |
Interest-bearing | 640,454 | 626,607 |
Total deposits | 652,032 | 635,982 |
Advances from Federal Home Loan Bank (short-term) | 30,000 | 20,000 |
Advances from Federal Home Loan Bank (long-term) | 106,916 | 94,318 |
Accrued interest payable | 641 | 1,933 |
Advances from borrowers for taxes and insurance | 3,498 | 2,207 |
Accounts payable and accrued expenses | 7,249 | 8,921 |
Total liabilities | 800,336 | 763,361 |
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 8,981,755 outstanding at December 31, 2017; 10,819,006 issued and 9,008,125 outstanding at September 30, 2017 | 108 | 108 |
Additional paid-in capital | 119,039 | 118,751 |
Treasury stock, at cost: 1,837,251 shares at December 31, 2017 and 1,810,881 shares at September 30, 2017 | (27,296) | (26,707) |
Retained earnings | 43,328 | 44,787 |
Accumulated other comprehensive loss | (1,765) | (760) |
Total stockholders' equity | 133,414 | 136,179 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 933,750 | $ 899,540 |
UNAUDITED CONSOLIDATED STATEME3
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Statement Of Financial Position [Abstract] | ||
Investment and mortgage-backed securities available for sale, amortized cost (in dollars) | $ 217,350 | $ 180,087 |
Investment and mortgage-backed securities held to maturity, fair value (in dollars) | 62,156 | 60,179 |
Allowance for loan losses on loans receivable (in dollars) | $ 4,676 | $ 4,466 |
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 | 10,819,006 |
Common stock, shares outstanding | 8,981,755 | 9,008,125 |
Number of treasury share purchased | 1,837,251 | 1,810,881 |
UNAUDITED CONSOLIDATED STATEME4
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
INTEREST INCOME: | ||
Interest on loans | $ 6,107 | $ 3,325 |
Interest on mortgage-backed securities | 842 | 571 |
Interest and dividends on investments | 949 | 606 |
Interest on interest-bearing assets | 138 | 3 |
Total interest income | 8,036 | 4,505 |
INTEREST EXPENSE: | ||
Interest on deposits | 1,412 | 691 |
Interest on advances from Federal Home Loan Bank (short-term) | 82 | 73 |
Interest on advances from Federal Home Loan Bank (long-term) | 406 | 93 |
Total interest expense | 1,900 | 857 |
NET INTEREST INCOME | 6,136 | 3,648 |
PROVISION FOR LOAN LOSSES | 210 | 185 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 5,926 | 3,463 |
NON-INTEREST INCOME: | ||
Fees and other service charges | 167 | 124 |
Gain on sale of loans, net | 44 | |
Income from bank owned life insurance | 164 | 166 |
Other | 84 | 24 |
Total non-interest income | 415 | 358 |
NON-INTEREST EXPENSE: | ||
Salaries and employee benefits | 1,974 | 1,569 |
Data processing | 176 | 112 |
Professional services | 792 | 319 |
Office occupancy | 271 | 170 |
Depreciation | 156 | 82 |
Director compensation | 59 | 68 |
Advertising | 60 | 37 |
Core deposit amortization | 37 | |
Other | 518 | 363 |
Total non-interest expense | 4,043 | 2,720 |
INCOME BEFORE INCOME TAXES | 2,298 | 1,101 |
INCOME TAXES: | ||
Current expense | 648 | 470 |
Deferred tax (benefit) | 1,616 | (100) |
Total income tax expense | 2,264 | 370 |
NET INCOME | $ 34 | $ 731 |
BASIC EARNINGS PER SHARE (in dollars per share) | $ 0.004 | $ 0.100 |
DILUTED EARNINGS PER SHARE (in dollars per share) | 0.004 | 0.100 |
DIVIDENDS PER SHARE (in dollars per share) | $ 0.20 | $ 0.03 |
UNAUDITED CONSOLIDATED STATEME5
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Other Comprehensive Income [Abstract] | ||
Net income | $ 34 | $ 731 |
Unrealized holding losses on available-for-sale securities | (1,107) | (3,456) |
Tax effect | 376 | 1,177 |
Unrealized holding gain on interest rate swaps | 44 | 733 |
Tax effect | (15) | (249) |
Total other comprehensive loss | (702) | (1,795) |
Comprehensive loss | $ (668) | $ (1,064) |
UNAUDITED CONSOLIDATED STATEME6
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Unearned ESOP Shares | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss (Income) | Total |
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 | 731 | 731 | |||||
Other comprehensive loss | (1,795) | (1,795) | |||||
Dividends paid ($0.03, $0.20 per share for September 30, 2016 and 2017, respectively) | (225) | (225) | |||||
Stock option expense | 130 | 130 | |||||
Recognition and Retention Plan expense | 134 | 134 | |||||
Reclassification due to change in federal income tax rate | 0 | ||||||
ESOP shares committed to be released (8,879 shares) | 45 | 94 | 139 | ||||
BALANCE at Dec. 31, 2016 | 95 | 96,022 | $ (4,456) | (21,098) | 43,550 | (997) | 113,116 |
BALANCE at Sep. 30, 2017 | 108 | 118,751 | (26,707) | 44,787 | (760) | 136,179 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 34 | 34 | |||||
Other comprehensive loss | (702) | (702) | |||||
Dividends paid ($0.03, $0.20 per share for September 30, 2016 and 2017, respectively) | (1,796) | (1,796) | |||||
Purchase of Treasury Stock (48,541 shares) | (898) | (898) | |||||
Treasury Stock used for employee benefit plans (22,171 shares) | 309 | 309 | |||||
Stock option expense | 169 | 169 | |||||
Recognition and Retention Plan expense | 119 | 119 | |||||
Reclassification due to change in federal income tax rate | 303 | (303) | |||||
BALANCE at Dec. 31, 2017 | $ 108 | $ 119,039 | $ (27,296) | $ 43,328 | $ (1,765) | $ 133,414 |
UNAUDITED CONSOLIDATED STATEME7
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividends paid (in dollars per share) | $ 0.20 | $ 0.03 |
Purchase of treasury stock (in shares) | 48,541 | |
Treasury stock used for Recognition and Retention Plan (in shares) | 22,171 | |
ESOP shares committed to be released | 8,879 |
UNAUDITED CONSOLIDATED STATEME8
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING ACTIVITIES: | ||
Net income | $ 34 | $ 731 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation | 156 | 82 |
Net (accretion) amortization of premiums/discounts | 53 | (9) |
Provision for loan losses | 210 | 185 |
Net amortization of deferred loan fees and costs | 3 | 46 |
Share-based compensation expense for stock options and awards | 288 | 264 |
Income from bank owned life insurance | (164) | (166) |
Gain from sale of loans | (44) | |
Proceeds from sale of loans held for sale | 2,478 | |
Compensation expense of ESOP | 139 | |
Deferred income tax expense (benefit) | 1,616 | (100) |
Changes in assets and liabilities which used cash: | ||
Accrued interest receivable | (627) | (147) |
Prepaid escrow for the Polonia Merger | (18,949) | |
Accrued interest payable | (1,292) | (1,226) |
Net other | 24 | (1,489) |
Net cash provided by (used in) operating activities | 301 | (18,205) |
INVESTING ACTIVITIES: | ||
Purchase of investment and mortgage-backed securities available for sale | (40,641) | |
Purchase of investment securities held for maturity | (2,458) | (5,061) |
Loans originated or acquired | (28,346) | (27,848) |
Principal collected on loans | 19,475 | 20,637 |
Principal payments received on investment and mortgage-backed securities: | ||
Held-to-maturity | 345 | 295 |
Available-for-sale | 3,332 | 2,607 |
Purchase of FHLB stock | (857) | (507) |
Purchase of BOLI | (10,000) | |
Purchases of equipment | (63) | (6) |
Net cash used in investing activities | (49,213) | (19,883) |
FINANCING ACTIVITIES: | ||
Net decrease in demand deposits, NOW accounts, and savings accounts | (5,691) | (1,105) |
Net increase in certificates of deposit | 21,741 | 20,119 |
Net proceeds from FHLB advances (short-term) | 10,000 | 29,012 |
Proceeds from FHLB advances (long-term) | 26,000 | |
Repayment of FHLB advances (long-term) | (13,287) | (14,850) |
Increase in advances from borrowers for taxes and insurance | 1,290 | 765 |
Cash dividends paid | (1,796) | (225) |
Treasury stock used for employee benefit plans | 309 | |
Purchase of treasury stock | (898) | |
Net cash provided by financing activities | 37,668 | 33,716 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (11,244) | (4,372) |
CASH AND CASH EQUIVALENTS-Beginning of period | 27,903 | 12,440 |
CASH AND CASH EQUIVALENTS-End of period | 16,659 | 8,068 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest paid on deposits and advances from Federal | 0 | 0 |
Home Loan Bank | 3,192 | 2,083 |
Income taxes paid | $ 650 | |
SUPPLEMENTAL DISCLOSURE OF NONCASH ITEMS: | ||
Real estate acquired in settlement of loans | $ 171 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 1. SIGNIFICANT ACCOUNTING POLICIES Prudential Bancorp, Inc. (the “Company”) is a Pennsylvania corporation and the parent holding company for Prudential Bank (the “Bank”). The Company is a registered bank holding company. The Bank is a community-oriented Pennsylvania-chartered savings bank headquartered in South Philadelphia. The banking office network currently consists of the headquarters and main office(which includes a branch office), administrative office, and 10 additional full-service branch offices. Nine of the branch offices are located in Philadelphia (Philadelphia County), one is in Drexel Hill, Delaware County, and one is in Huntingdon Valley, Montgomery County (both Pennsylvania counties). The Bank maintains ATMs at all 11 of the banking offices. The Bank also provides on-line and mobile banking services. The Bank is subject to regulation by the Pennsylvania Department of Banking and Securities (the “Department”), as its chartering authority and primary regulator, and by the Federal Deposit Insurance Corporation (the “FDIC”), which insures the Bank’s deposits up to applicable limits. As a bank holding company, the Company is subject to the regulation of the Board of Governors of the Federal Reserve System. On June 2, 2016, the Company announced the entering into of a definitive merger agreement with Polonia Bancorp, Inc. (“Polonia Bancorp”); effective January 1, 2017, Polonia Bancorp, merged with and into the Company, and Polonia Bank, Polonia’s wholly owned subsidiary, merged with and into the Bank. Basis of presentation – Use of Estimates in the Preparation of Financial Statements — Recent Accounting Pronouncements In May 2014, the 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 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 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 This Update is not expected to have a significant impact on the Company’s financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20). . The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20). The amendments in this Update shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beg For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity should apply the amendments in this Update on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position and results of operations. In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718) This Update is not expected to have a significant impact on the Company’s financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 850) . The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842) The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position and results of operations. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 2. EARNINGS PER SHARE Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding, net of any treasury shares, during the period. Diluted earnings per share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding, net of any treasury shares, after consideration of the potential dilutive effect of common stock equivalents, based upon the treasury stock method using an average market price for the period. The calculated basic and diluted earnings per share are as follows: Three Months Ended December 31, 2017 2016 Basic Diluted Basic Diluted (Dollars in Thousands Except Per Share Data) Net income $ 34 $ 34 $ 731 $ 731 Weighted average shares outstanding 8,855,116 8,855,116 7,333,531 7,333,531 Effect of common stock equivalents - 357,871 - 320,745 Adjusted weighted average shares used in earnings per share computation 8,855,116 9,212,987 7,333,531 7,654,276 Earnings per share - basic and diluted $ 0.004 $ 0.004 $ 0.100 $ 0.096 All exercisable stock options outstanding as of December 31, 2017 and 2016 had exercise prices below the then current per share market price for the Company’s common stock and were considered dilutive for the earnings per share calculation. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 3 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | 3. ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the changes in accumulated other comprehensive (loss)income by component net of tax: Three Months Ended December 31, Three Months Ended December 31, 2017 2017 2017 2016 2016 2016 Unrealized gain(loss) on AFS securities (a) Unrealized gain(loss) on interest rate swaps (a) Total accumulated other comprehensive income Unrealized gain(loss) on AFS securities (a) Unrealized gain(loss) on interest rate swaps (a) Total accumulated other comprehensive income Beginning Balance, October 1 $ (1,091 ) $ 331 $ (760 ) $ 931 $ (133 ) $ 798 Other comprehensive (loss)income before reclassification (731 ) 29 (702 ) (2,279 ) 484 (1,795 ) Total (1,822 ) 360 (1,462 ) (1,348 ) 351 (997 ) Reclassification due to change in federal income tax rate (303 ) - (303 ) - - - Ending Balance, December 31 $ (2,125 ) $ 360 $ (1,765 ) $ (1,348 ) $ 351 $ (997 ) (a) All amounts are net of tax. Amounts in parentheses indicate debits. |
INVESTMENT AND MORTGAGE-BACKED
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 3 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 4. INVESTMENT AND MORTGAGE-BACKED SECURITIES The amortized cost and fair value of investment and mortgage-backed securities, with gross unrealized gains and losses, are as follows: December 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) Securities Available for Sale: U.S. government and agency obligations $ 25,927 $ - $ (430 ) $ 25,497 Mortgage-backed securities - U.S. government agencies 134,588 175 (2,473 ) 132,290 Corporate bonds 56,829 226 (339 ) 56,716 Total debt securities available for sale 217,344 401 (3,242 ) 214,503 FHLMC preferred stock 6 61 - 67 Total securities available for sale $ 217,350 $ 462 $ (3,242 ) $ 214,570 Securities Held to Maturity: U.S. government and agency obligations $ 33,500 $ 197 $ (1,688 ) $ 32,009 Mortgage-backed securities - U.S. government agencies 6,664 233 (66 ) 6,831 State and political subdivisions 23,213 195 (92 ) 23,316 Total securities held to maturity $ 63,377 $ 625 $ (1,846 ) $ 62,156 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 As of December 31, 2017 the Bank maintained $104.9 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 length of time that individual securities had been in a continuous loss position at December 31, 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 $ (19 ) $ 4,919 $ (411 ) $ 20,578 $ (430 ) $ 25,497 Mortgage-backed securities - US government agencies (1,404 ) 80,664 (1,069 ) 38,269 (2,473 ) 118,933 Corporate bonds (206 ) 25,331 (133 ) 3,928 (339 ) 29,259 Total securities available for sale $ (1,629 ) $ 110,914 $ (1,613 ) $ 62,775 $ (3,242 ) $ 173,689 Securities Held to Maturity: U.S. government and agency obligations $ (114 ) $ 2,886 $ (1,574 ) $ 25,927 $ (1,688 ) $ 28,813 Mortgage-backed securities - US government agencies (43 ) 1,544 (23 ) 1,132 (66 ) 2,676 State and political subdivisions (77 ) 8,322 (15 ) 1,798 (92 ) 10,120 Total securities held to maturity $ (234 ) $ 12,752 $ (1,612 ) $ 28,857 $ (1,846 ) $ 41,609 The following table shows the gross unrealized losses and related fair values of the Company’s investment securities, aggregated by investment category and length of time that individual securities had been in a continuous loss position at September 30, 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. 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 each quarter, and more frequently when economic or market concerns warrant such evaluation. The evaluation is based upon factors such as the creditworthiness of the issuers/guarantors, the underlying collateral, if applicable, and the continuing performance of the securities. Management also evaluates other facts and circumstances that may be indicative of an OTTI condition. This includes, but is not limited to, an evaluation of the type of security, the length of time and extent to which the fair value of the security has been less than cost, and the near-term prospects of the issuer. The Company assesses whether a credit loss exists with respect to a security by considering whether (1) the Company has the intent to sell the security, (2) it is more likely than not that it will be required to sell the security before recovery has occurred, or (3) it does not expect to recover the entire amortized cost basis of the security. The Company bifurcates the OTTI impact on impaired securities where impairment in value was deemed to be other than temporary between the component representing credit loss and the component representing loss related to other factors. The portion of the fair value decline attributable to credit loss must be recognized through a charge to earnings. The credit component is determined by comparing the present value of the cash flows expected to be collected, discounted at the rate in effect before recognizing any OTTI, with the amortized cost basis of the debt security. The Company uses the cash flows expected to be realized from the security, which includes assumptions about interest rates, timing and severity of defaults, estimates of potential recoveries, the cash flow distribution from the security and other factors, then applies a discount rate equal to the effective yield of the security. The difference between the present value of the expected cash flows and the amortized book value is considered a credit loss. The fair value of the security is determined using the same expected cash flows; the discount rate is a rate the Company determines from open market and other sources as appropriate for the particular security. The difference between the fair value and the security’s remaining amortized cost is recognized in other comprehensive income (loss). For both the three months ended December 31, 2017 and 2016, the Company did not record any credit losses on investment securities through earnings. U.S. Government and Agency Obligations - Mortgage-Backed Securities – Corporate Debt Securities State and political subdivisions The amortized cost and fair value of debt securities, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The maturity table below excludes mortgage-backed securities because the contractual maturities of such securities are not indicative of actual maturities due to significant prepayments. December 31, 2017 Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value (Dollars in Thousands) Due after one through five years $ 6,057 $ 6,112 $ 6,053 $ 6,044 Due after five through ten years 23,846 23,613 50,776 50,672 Due after ten years 26,810 25,600 25,927 25,497 Total $ 56,713 $ 55,325 $ 82,756 $ 82,213 During the three month periods ended December 31, 2017 and 2016, the Company did not sell any securities. |
LOANS RECEIVABLE
LOANS RECEIVABLE | 3 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
LOANS RECEIVABLE | 5. LOANS RECEIVABLE Loans receivable consist of the following: December 31, September 30, 2017 2017 (Dollars in Thousands) One-to-four family residential $ 355,327 $ 351,298 Multi-family residential 16,825 21,508 Commercial real estate 115,233 127,644 Construction and land development 151,830 145,486 Commercial business 3,333 488 Leases 3,617 4,240 Consumer 1,903 1,943 Total loans 648,068 652,607 Undisbursed portion of loans-in-process (60,566 ) (73,858 ) Deferred loan fees (2,839 ) (2,940 ) Allowance for loan losses (4,676 ) (4,466 ) Net loans $ 579,987 $ 571,343 The following table summarizes by loan segment the balance in the allowance for loan losses and the loans individually and collectively evaluated for impairment by loan segment at December 31, 2017: One- to-four Multi-family Commercial Construction Commercial Leases Consumer Unallocated Total (Dollars in Thousands) Allowance for Loan Losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,270 158 1,064 1,621 26 20 24 493 4,676 Total ending allowance balance $ 1,270 $ 158 $ 1,064 $ 1,621 $ 26 $ 20 $ 24 $ 493 $ 4,676 Loans: Individually evaluated for impairment $ 11,102 $ 312 $ 3,765 $ 8,734 $ - $ - $ 10 $ 23,923 Collectively evaluated for impairment 344,225 16,513 111,468 143,096 3,333 3,617 1,893 624,145 Total loans $ 355,327 $ 16,825 $ 115,233 $ 151,830 $ 3,333 $ 3,617 $ 1,903 $ 648,068 The following table summarizes by loan segment the balance in the allowance for loan losses and the loans individually and collectively evaluated for impairment by loan segment at September 30, 2017: One- to-four Multi-family Commercial Construction Commercial Leases Consumer Unallocated Total (Dollars in Thousands) Allowance for Loan Losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,241 205 1,201 1,358 4 23 24 410 4,466 Total ending allowance balance $ 1,241 $ 205 $ 1,201 $ 1,358 $ 4 $ 23 $ 24 $ 410 $ 4,466 Loans: 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 loan portfolio is segmented at a level that allows management to monitor both risk and performance. Management evaluates for potential impairment all construction, multi-family, commercial real estate, commercial business loans, and all leases and all loans and leases more than 90 days delinquent as to principal and/or interest. Loans are considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect in full the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Once the determination is made that a loan is impaired, the determination of whether a specific allocation of the allowance is necessary is generally measured by comparing the recorded investment in the loan to the fair value of the loan using one of the following three methods: (a) the present value of the expected future cash flows discounted at the loan’s effective interest rate; (b) the loan’s observable market price; or (c) the fair value of the collateral less selling costs. Management primarily utilizes the fair value of collateral method as a practically expedient alternative. On collateral method evaluations, any portion of the loan deemed uncollectible is charged-off against the loan loss allowance. The following table presents impaired loans by class as of December 31, 2017, segregated by those for which a specific allowance was required and those for which a specific allowance was not required. Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans (Dollars in Thousands) Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance One-to-four family residential $ - $ - $ 11,102 $ 11,102 $ 11,421 Multi-family residential - - 312 312 312 Commercial real estate - - 3,765 3,765 3,848 Construction and land development - - 8,734 8,734 11,115 Consumer - - 10 10 10 Total loans $ - $ - $ 23,923 $ 23,923 $ 26,706 The following table presents impaired loans by class as of September 30, 2017, segregated by those for which a specific allowance was required and those for which a specific allowance was not required. Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans (Dollars in Thousands) Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance One-to-four family residential $ - $ - $ 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 10 10 Total loans $ - $ - $ 19,665 $ 19,665 $ 23,126 The following tables present the average recorded investment in impaired loans and related interest income recognized for the periods indicated: Three Months Ended December 31, 2017 Average Income Income (Dollars in Thousands) One-to-four family residential $ 9,690 $ 34 $ 4 Multi-family residential 315 6 - Commercial real estate 3,051 29 - Construction and land development 8,729 - - Consumer 10 - - Total loans $ 21,795 $ 69 $ 4 Three Months Ended December 31, 2016 Average Income Income (Dollars in Thousands) One-to-four family residential $ 5,522 $ 17 $ 24 Multi-family residential 332 6 - Commercial real estate 2,938 17 11 Construction and land development 10,399 - - Total loans $ 19,191 $ 40 $ 35 Federal regulations and our loan policy require that the Company utilize an internal asset classification system as a means of reporting problem and potential problem assets. The Company has incorporated an internal asset classification system, consistent with Federal banking regulations, as a part of its credit monitoring system. Management currently classifies problem and potential problem assets as “special mention”, “substandard,” “doubtful” or “loss” assets. An asset is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” Assets classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted. Assets which do not currently expose the insured institution to sufficient risk to warrant classification in one of the 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”, “doubtful” and “loss” within the Company’s risk rating system as applied to the loan portfolio. The Company had no loans classified as “doubtful” or “loss” at either of the dates presented. December 31, 2017 Special Total Pass Mention Substandard Loans (Dollars in Thousands) One-to-four family residential $ - $ 3,336 $ 4,217 $ 7,553 Multi-family residential 16,513 - 312 16,825 Commercial real estate 111,468 1,966 1,799 115,233 Construction and land development 143,096 - 8,734 151,830 Commercial business 3,333 - - 3,333 Total loans $ 274,410 $ 5,302 $ 15,062 $ 294,774 September 30, 2017 Special Total Pass Mention Substandard Loans (Dollars in Thousands) One-to-four family residential $ - $ 1,635 $ 3,878 $ 5,513 Multi-family residential 21,191 - 317 21,508 Commercial real estate 125,307 1,449 888 127,644 Construction and land development 136,763 - 8,723 145,486 Commercial business 488 - - 488 Total loans $ 283,749 $ 3,084 $ 13,806 $ 300,639 The Company evaluates the classification of one-to-four family residential and consumer loans primarily on a pooled basis. If the Company becomes aware that adverse or distressed conditions exist that may affect a particular single-family residential loan, the loan is downgraded following the above definitions of special mention, substandard, doubtful and loss. The following tables represent loans in which a formal risk rating system is not utilized, but loans are segregated between performing and non-performing based primarily on delinquency status. Non-performing loans that would be included in the table are those loans greater than 90 days past due as to principal and/or interest that do not have a designated risk rating. December 31, 2017 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 344,225 $ 3,549 $ 347,774 Leases 3,617 - 3,617 Consumer 1,903 - 1,903 Total loans $ 349,745 $ 3,549 $ 353,294 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 Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is due or overdue, as the case may be. The following table presents the loan categories of the loan portfolio summarized by the aging categories of performing and delinquent loans and nonaccrual loans: December 31, 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 $ 348,012 $ 3,238 $ 4,077 $ 7,315 $ 355,327 $ 5,892 $ - Multi-family residential 16,825 - - - 16,825 - - Commercial real estate 113,747 - 1,486 1,486 115,233 1,563 - Construction and land development 142,921 175 8,734 8,909 151,830 8,734 - Commercial business 3,333 - - - 3,333 - - Leases 3,617 - - - 3,617 - - Consumer 1,903 - - - 1,903 - - Total loans $ 630,358 $ 3,413 $ 14,297 $ 17,710 $ 648,068 $ 16,189 $ - 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 $ - The allowance for loan losses is established through a provision for loan losses charged to expense. The Company maintains the allowance at a level believed to cover all known and inherent losses in the portfolio that are both probable and reasonable to estimate at each reporting date. Management reviews the allowance for loan losses no less than quarterly in order to identify these inherent losses and to assess the overall collection probability for the loan portfolio in view of these inherent losses. For each primary type of loan, a loss factor is established reflecting an estimate of the known and inherent losses in such loan type contained in the portfolio using both a quantitative analysis as well as consideration of qualitative factors. The evaluation process includes, among other things, an analysis of delinquency trends, non-performing loan trends, the level of charge-offs and recoveries, prior loss experience, total loans outstanding, the volume of loan originations, the type, size and geographic concentration of the Company’s loans, the value of collateral securing the loans, the borrowers’ ability to repay and repayment performance, the number of loans requiring heightened management oversight, local economic conditions and industry experience. Commercial real estate loans entail significant additional credit risks compared to owner-occupied one-to-four family residential mortgage loans, as they generally involve large loan balances concentrated with single borrowers or groups of related borrowers. In addition, the payment experience on loans secured by income-producing properties typically depends on the successful operation of the related real estate project and/or business operation of the borrower who is, in some cases, also the primary occupant, and thus may be subject to a greater extent to the effects of adverse conditions in the real estate market and in the economy in general. Commercial business loans typically involve a higher risk of default than residential loans of like duration since their repayment is generally dependent on the successful operation of the borrower’s business and the sufficiency of collateral, if any. Land acquisition, development and construction lending exposes the Company to greater credit risk than permanent mortgage financing. The repayment of land acquisition, development and construction loans depends upon the sale of the property to third parties or the availability of permanent financing upon completion of all improvements. These events may adversely affect the sale of the properties, potentially reducing both the borrowers’ ability to make required payments as well as reducing the value of the collateral property. Such lending is additionally subject to the risk that if the estimate of construction cost proves to be inaccurate, the Company potentially will be compelled to advance additional funds to allow completion of the project. In addition, if the estimate of value proves to be inaccurate, the Company may be confronted with a project, when completed, having less value than the loan amount. If the Company is forced to foreclose on a project prior to completion, there is no assurance that the Company would be able to recover the entire unpaid portion of the loan. The following tables summarize the primary segments of the allowance for loan losses. Activity in the allowance is presented for the three month periods ended December 31, 2017 and 2016: Three Months Ended December 31, 2017 One- to Multi- Commercial Construction Commercial Leases Consumer Unallocated Total (Dollars in Thousands) ALLL balance at September 30, 2017 $ 1,241 $ 205 $ 1,201 $ 1,358 $ 4 $ 23 $ 24 $ 410 $ 4,466 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provision 29 (47 ) (137 ) 263 22 (3 ) - 83 210 ALLL balance at December 31, 2017 $ 1,270 $ 158 $ 1,064 $ 1,621 $ 26 $ 20 $ 24 $ 493 $ 4,676 Three Months Ended December 31, 2016 One- to Multi- Commercial Construction Commercial Leases Consumer Unallocated Total (Dollars in Thousands) ALLL balance at September 30, 2016 $ 1,627 $ 137 $ 859 $ 316 $ 1 $ 21 $ 10 $ 298 $ 3,269 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provision (63 ) (2 ) 104 99 (1 ) 7 25 16 185 ALLL balance at December 31, 2016 $ 1,471 $ 58 $ 359 $ 757 $ - $ 8 $ 8 $ 266 $ 3,454 The Company recorded a provision for loan losses in the amount of $210,000 for the three months period ended December 31, 2017, compared to $185,000 for the same period in 2016. At December 31, 2017, the Company had eleven loans aggregating $7.6 million that were classified as troubled debt restructurings (“TDRs”). Seven of such loans aggregating $1.2 million as of December 31, 2017 were performing in accordance with the restructured terms and accruing interest. Three of the TDRs which are classified as non-accrual totaling $4.9 million are a part of a troubled lending 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 remaining TDR is also on non-accrual and consists of a $1.5 million loan secured by various commercial and residential properties. No TDRs defaulted during the three month period ending December 31, 2017. The Company restructured one loan, with a balance of $77,000, during the three month period ended December 31, 2017, while no loans were restructured during the same period in 2016. The restructure entailed extending the loan maturity date to February 2018. As of and for the Three months Ended December 31, 2017 (Dollars in thousands) Number Pre- Modification Post- One-to-four family residential 1 $ 77 $ 77 1 $ 77 $ 77 No TDRs defaulted during the three month period ending December 31, 2017. |
DEPOSITS
DEPOSITS | 3 Months Ended |
Dec. 31, 2017 | |
Deposits [Abstract] | |
DEPOSITS | 6. DEPOSITS Deposits consist of the following major classifications: December 31, September 30, 2017 2017 Amount Percent Amount Percent (Dollars in Thousands) Money market deposit accounts $ 71,484 11.0 % $ 76,272 12.0 % Interest-bearing checking accounts 46,758 7.2 % 54,267 8.5 % Non interest-bearing checking accounts 11,578 1.8 % 9,375 1.5 % Passbook, club and statement savings 106,146 16.3 % 101,743 16.0 % Certificates maturing in six months or less 158,204 24.3 % 154,750 24.3 % Certificates maturing in more than six months 257,862 39.4 % 239,575 37.7 % Total $ 652,032 100.0 % $ 635,982 100.0 % Certificates of $250,000 and over totaled $47.9 million as of December 31, 2017 and $28.9 million as of September 30, 2017. |
ADVANCES FROM FEDERAL HOME LOAN
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM | 3 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM | 7. ADVANCES FROM FEDERAL HOME LOAN BANK – SHORT TERM The periods ended December 31, 2017 and September 30, 2017 outstanding balances and related information of short-term borrowings from the FHLB are summarized follows: December 31, September 30, 2017 2017 Type Maturity Date Coupon Call Date Amount Amount (Dollars in Thousands) Fixed Rate - Amortizing 6-Oct-17 1.30 % Not Applicable $ 10,000 Fixed Rate - Amortizing 13-Oct-17 1.31 % Not Applicable 10,000 Weighted average rate 1.31 % Fixed Rate - Amortizing 3-Jan-18 1.54 % Not Applicable $ 10,000 Fixed Rate - Amortizing 5-Jan-18 1.53 % Not Applicable 10,000 Fixed Rate - Amortizing 12-Jan-18 1.57 % Not Applicable 10,000 Weighted average rate 1.55 % $ 30,000 $ 20,000 As of December 31, 2017 and September 30, 2017, $20.0 million consists of two $10.0 million 30 day FHLB advances associated with an interest rate swap contract with a weighted average effective cost of 125 basis points and 117 bps respectively. The additional $10.0 million at December 31, 2017 consisted of a one week borrowing to provide additional liquidity. |
ADVANCES FROM FEDERAL HOME LO16
ADVANCES FROM FEDERAL HOME LOAN BANK - LONG TERM | 3 Months Ended |
Dec. 31, 2017 | |
Advances from Federal Home Loan Banks [Abstract] | |
ADVANCES FROM FEDERAL HOME LOAN BANK | 8. 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 December 31, 2017 are as follows: December 31, September 30, 2017 2017 Type Maturity Date Coupon Call Date Amount Amount (Dollars in Thousands) Fixed Rate - Amortizing 1-Dec-17 1.16 % Not Applicable $ - $ 505 Fixed Rate - Amortizing 18-Nov-19 1.53 % Not Applicable 2,677 3,044 Fixed Rate - Amortizing 26-Oct-20 1.94 % Not Applicable 3,784 - Fixed Rate - Amortizing 12-Oct-21 1.99 % Not Applicable 2,880 - Fixed Rate - Amortizing 15-Aug-23 1.94 % Not Applicable 1,895 1,974 1.86 % (a) 11,236 5,523 Fixed Rate - Advances 17-Nov-17 1.20 % Not Applicable - 10,000 Fixed Rate - Advances 4-Dec-17 1.15 % Not Applicable - 2,000 Fixed Rate - Advances 19-Mar-18 2.53 % Not Applicable 5,013 5,029 Fixed Rate - Advances 19-Mar-18 2.13 % Not Applicable 5,009 5,041 Fixed Rate - Advances 20-Jun-18 1.86 % Not Applicable 3,007 3,011 Fixed Rate - Advances 25-Jun-18 2.09 % Not Applicable 3,011 3,016 Fixed Rate - Advances 27-Aug-18 4.15 % Not Applicable 7,126 7,174 Fixed Rate - Advances 15-Nov-18 1.89 % Not Applicable 3,011 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 2,006 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 3,048 3,056 Fixed Rate - Advances 9-Oct-19 2.54 % Not Applicable 2,029 2,034 Fixed Rate - Advances 26-Nov-19 2.35 % Not Applicable 3,040 3,062 Fixed Rate - Advances 22-Jun-20 2.60 % Not Applicable 3,056 3,000 Fixed Rate - Advances 24-Jun-20 2.85 % Not Applicable 2,049 2,054 Fixed Rate - Advances 27-Jul-20 1.38 % Not Applicable 249 249 Fixed Rate - Advances 17-Aug-20 3.06 % Not Applicable 2,062 2,068 Fixed Rate - Advances 9-Oct-20 2.92 % Not Applicable 2,056 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 2,084 2,089 Fixed Rate - Advances 12-Oct-21 3.23 % Not Applicable 2,079 2,084 Fixed Rate - Advances 20-Oct-21 2.12 % Not Applicable 4,000 - Fixed Rate - Advances 6-Jun-22 2.05 % Not Applicable 10,000 10,000 Fixed Rate - Advances 6-Sep-22 1.94 % Not Applicable 249 249 Fixed Rate - Advances 22-Sep-22 2.11 % Not Applicable 5,000 5,000 Fixed Rate - Advances 12-Oct-22 2.22 % Not Applicable 3,000 - Fixed Rate - Advances 17-Oct-22 2.18 % Not Applicable 3,000 - Fixed Rate - Advances 26-Oct-22 2.29 % Not Applicable 3,000 - Fixed Rate - Advances 31-Oct-22 2.30 % Not Applicable 2,000 - Fixed Rate - Advances 13-Dec-22 2.44 % Not Applicable 4,000 - 2.36 % (a) 95,680 88,795 (a) Weighted average coupon rate Total $ 106,916 $ 94,318 |
DERIVATIVES
DERIVATIVES | 3 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | 9. DERIVATIVES The Company has contracted with a third party to participate in interest rate swap contracts. Two of the swaps are cash flow hedges associated with $20.0 million of FHLB advances at December 31, 2017 and September 30, 2017. These interest rate swaps involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed payments. During the quarter ended December 31, 2017, $42,000 of income was recognized as ineffectiveness through earnings, while $-0- was recognized as ineffectiveness through earnings during the comparable period in 2016. There was one Interest rate swap designated as a fair value hedge involving the receipt of variable rate payments from a counterparty in exchange for Prudential making fixed rate payments over the life of the agreements applicable to a $1.1 million commercial loan as of December 31, 2017 and September 30, 2017. For derivatives that are designated and qualify as fair value hedges, the gain or loss on the derivative as well as the loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. During the quarter ended December 31, 2017, $13,000 of income was recognized through earnings, while $-0- was recognized through earnings during the comparable period in 2016. Below is a summary of the interest rate swap agreements and the terms as of December 31, 2017. Notional Pay Receive Maturity Unrealized Amount Rate Rate Date Gain (Dollars in thousands) Interest rate swap contract $ 10,000 1.15 % 1 Month Libor 6-Apr-21 $ 267 Interest rate swap contract 10,000 1.18 % 1 Month Libor 13-Jun-21 279 Interest rate swap contract 1,100 4.10 % 1 Month Libor +276 bp 1-Aug-26 - $ 546 Below is a summary of the interest rate swap agreements and the terms as of September 30, 2017. Notinal Pay Receive Maturity Unrealized Amount Rate Rate Date Gain (Dollar 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 All three interest swaps are carried at fair value in accordance with FASB ASC 815 “Derivatives and Hedging.” |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 10. INCOME TAXES Items that gave rise to significant portions of deferred income taxes are as follows: December 31, September 30, 2017 2017 (Dollars in Thousands) Deferred tax assets: Allowance for loan losses $ 1,344 $ 1,675 Nonaccrual interest 249 349 Accrued vacation 7 12 Capital loss carryforward 300 476 Split dollar life insurance 10 15 Post-retirement benefits 60 98 Unrealized losses on available for sale securities 584 569 Deferred compensation 912 1,439 Goodwill 89 148 Purchse accounting adjustments 198 731 Other 50 254 Employee benefit plans 97 90 Total deferred tax assets 3,900 5,856 Valuation allowance (239 ) (378 ) Total deferred tax assets, net of valuation allowance 3,661 5,478 Deferred tax liabilities: Property 199 332 Unrealized gains on interest rate swaps 115 171 Deferred loan fees 511 884 Total deferred tax liabilities 825 1,387 Net deferred tax assets $ 2,836 $ 4,091 The Company establishes a valuation allowance for deferred tax assets when management believes that the use of the deferred tax assets is not likely to be fully realized through future reversals of existing taxable temporary differences, and/or to a lesser extent, future taxable income. The tax deduction generated by the redemption of the shares of a mutual fund held by the Bank and the subsequent impairment charge on the assets acquired through the redemption in kind are considered capital losses and can only be utilized to the extent of capital gains recognized over a five year period, resulting in the establishment of a valuation allowance for the carryforward period. The valuation allowance totaled $239,000 and $378,000 at December 31, 2017, and September 30, 2017, respectively. For the three-month period ended December 31, 2017, the Company recorded income tax expense of $2.3 million, which included a $1.8 million one-time charge related to a re-evaluation of the Company’s deferred tax assets as a result of the enactment of the Tax Cuts and Jobs Act in December 2017, compared to income tax expense of $370,000 and an effective tax rate of 33.6% for the same period in 2016. The reevaluation reflected the effect of the significant decline in the federal corporate income tax rate applicable to the company. During fiscal 2018, commencing with the quarter ended December 31, 2017, the Company’s statutory income tax rate will be 24.25% as compared to companies which are calendar year tax reporting companies whose statutory rate will decrease to 21% starting January 1, 2018. Effective October 1, 2018, the Company’s statutory tax rate will be reduced to 21%. The income tax expense differs from that computed at the statutory federal corporate tax rate as follows: 2017 2016 Percentage Percentage of Pretax of Pretax Amount Income Amount Income (Dollars in Thousands) Tax at statutory rate $ 557 24.25 % $ 374 34.00 % Adjustments resulting from: Write-down of deferred tax asset 1,756 76.41 - - Tax exempt income (33 ) (1.44 ) (6 ) (0.54 ) Income from bank owned life insurance (40 ) (1.74 ) (57 ) (5.19 ) Employee benefit plans 21 0.91 68 6.17 Other 3 0.13 (9 ) (0.83 ) Income tax expense $ 2,264 98.52 % $ 370 33.61 % 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 return 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. |
STOCK COMPENSATION PLANS
STOCK COMPENSATION PLANS | 3 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
STOCK COMPENSATION PLANS | 11. STOCK COMPENSATION PLANS 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 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 the RRP Trust’s 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 3,027 shares under the 2014 SIP. In March 2017, the Company granted 17,128 shares under the 2014 SIP. Compensation expense related to the shares subject to restricted stock awards granted is recognized ratably over the five-year vesting period in an amount which totals the grant date fair value multiplied by the number of shares subject to the grant. During the three months ended December 31, 2017 and 2016, $151,000 and $134,000, respectively, was recognized in compensation expense for the RRP and the 2014 SIP. At December 31, 2017, approximately $1.3 million in additional compensation expense for the shares awarded which remained outstanding related to the RRP and the 2014 SIP remained unrecognized A summary of the Company’s non-vested stock award activity for the three months ended December 31, 2017 and 2016 is presented in the following tables: Three Months Ended Number of Weighted Average Nonvested stock awards at October 1, 2017 142,594 $ 12.79 Granted - - Forfeited (3,736 ) $ 11.84 Vested - - Nonvested stock awards at December 31, 2017 138,858 $ 12.82 Three Months Ended Number of Weighted Average Nonvested stock awards at October 1, 2016 172,788 $ 12.03 Granted - - Forfeited - - Vested - - Nonvested stock awards at December 31, 2016 172,788 $ 12.03 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 December 31, 2017, all of the options had been awarded under the Option Plan. As of December 31, 2017, 524,287 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 18,867 shares under the Option Plan and 8,633 shares under the 2014 SIP. In March 2017, the Company granted 22,828 shares under the 2014 SIP. In May 2017, the Company granted 24,717 shares under the 2014 SIP and 283 shares under the Option Plan. A summary of the status of the Company’s stock options under the 2008 Option Plan and the 2014 SIP as of December 31, 2017 and 2016 are presented below: Three Months Ended Number of Weighted Average Outstanding at October 1, 2017 922,564 $ 12.04 Granted - - Exercised (22,171 ) $ 11.27 Forfeited (8,364 ) $ 11.76 Outstanding at December 31, 2017 892,029 $ 12.28 Exercisable at December 31, 2017 524,267 $ 11.47 Three Months Ended Number of Weighted Average Outstanding at October 1, 2016 921,909 $ 11.70 Granted - - Exercised - - Forfeited - - Outstanding at December 31, 2016 921,909 $ 11.70 Exercisable at December 31, 2016 467,397 $ 11.40 The weighted average remaining contractual term was approximately 4.0 years for options outstanding as of December 31, 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 based on grant date market value and range from $17.43 to $18.39, term of seven years, volatility rate of 14.37%, interest rate of 2.22% and a yield rate of 0.69%. During the three months ended December 31, 2017 and 2016, $137,000 and $130,000, respectively, was recognized in compensation expense for options granted pursuant to the Option Plan and the 2014 SIP. At December 31, 2017, there was approximately $1.2 million in additional compensation expense to be recognized for awarded options which remained outstanding and unvested at such date. The weighted average period over which this expense will be recognized is approximately 2.8 years. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 3 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | 12. COMMITMENTS AND CONTINGENT LIABILITIES At December 31, 2017, the Company had $56.6 million in outstanding commitments to originate fixed-rate loans with market interest rates ranging from 4.75% to 5.50%. At September 30, 2017, the Company had $45.9 million in outstanding commitments to originate fixed-rate loans with market interest rates ranging from 3.75% to 5.25%. The aggregate undisbursed portion of loans-in-process amounted to $60.6 million at December 31, 2017 and $73.9 million at September 30, 2017. The Company also had commitments under unused lines of credit of $6.8 million as of December 31, 2017 and $7.4 million as of September 30, 2017 and letters of credit outstanding of $1.8 million as of December 31, 2017 and $1.4 million as of September 30, 2017. 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 December 31, 2017, the exposure, which represents a portion of credit risk associated with the interests sold, amounted to $1.7 million. This exposure is for the life of the related loans and payables, on our 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, believes that such proceedings will not have a material adverse effect on the financial condition, operations or cash flows of the Company. However, there can be no assurance that any of the outstanding legal proceedings to which the Company is a party will not be decided adversely to the Company's interests and not have a material adverse effect on the financial condition and operations of the Company. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 3 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | 13. FAIR VALUE MEASUREMENT The fair value estimates presented herein are based on pertinent information available to management as of December 31, 2017 and September 30, 2017, respectively. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. Generally accepted accounting principles used in the United States establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value. The three broad levels of hierarchy are as follows: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Those assets as of December 31, 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 $ - $ 25,497 $ - $ 25,497 Mortgage-backed securities - U.S. Government agencies - 132,290 - 132,290 Corporate bonds - 56,716 - 56,716 FHLMC preferred stock 67 - - 67 Interest rate swap contracts - 601 - 601 Total $ 67 $ 215,104 $ - $ 215,171 Those assets as of September 30, 2017 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 $ - $ 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 Certain assets are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The Company measures impaired loans and real estate owned at fair value on a non-recurring basis. Impaired Loans The Company considers loans to be impaired when it becomes more likely than not that the Company will be unable to collect all amounts due in accordance with the contractual terms of the loan agreements. Collateral dependent impaired loans are based on the fair value of the collateral which is based on appraisals and would be categorized as Level 2 measurement. In some cases, adjustments are made to the appraised values for various factors including the age of the appraisal, age of the comparable included in the appraisal, and known changes in the market and in the collateral. These adjustments are based upon unobservable inputs, and therefore, the fair value measurement has been categorized as a Level 3 measurement. These loans are reviewed for impairment and written down to their net realizable value by charges against the allowance for loan losses. The collateral underlying these loans had a fair value in excess of $23.9 million as of December 31, 2017. Real Estate Owned Once an asset is determined to be uncollectible, the underlying collateral is generally repossessed and reclassified to foreclosed real estate and repossessed assets. These repossessed assets are carried at the lower of cost or fair value of the collateral, based on independent appraisals, less cost to sell and would be categorized as Level 2 measurement. In some cases, adjustments are made to the appraised values for various factors including age of the appraisal, age of the comparable included in the appraisal, and known changes in the market and in the collateral. As a result, the evaluations are based upon unobservable inputs, and therefore, the fair value measurement has been categorized as a Level 3 measurement. Summary of Non-Recurring Fair Value Measurements At December 31, 2017 (Dollars in Thousands) Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 23,923 $ 23,923 Real estate owned - - 363 363 Total $ - $ - $ 24,286 $ 24,286 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 The following table provides information describing the valuation processes used to determine nonrecurring fair value measurements categorized within Level 3 of the fair value hierarchy: At December 31, 2017 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired loans $ 23,923 Property appraisals (1) (3) Management discount for selling costs, property type and market volatility (2) 6% to 57% discount/ 7% Real estate owned $ 363 Property appraisals (1)(3) Management discount for selling costs, property type and market volatility (2) 10% discount 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 (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally includes various Level 3 inputs, which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. (3) Includes qualitative adjustments by management and estimated liquidation expenses. The fair value of financial instruments has been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is necessarily required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Fair Value Measurements at Carrying Fair December 31, 2017 Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Cash and cash equivalents $ 16,659 $ 16,659 $ 16,659 $ - $ - Certificates of deposit 1,604 1,604 1,604 - - Investment and mortgage-backed securities available for sale 214,570 214,570 67 214,503 - Investment and mortgage-backed securities held to maturity 63,377 62,156 - 62,156 - Loans receivable, net 579,987 580,226 - - 580,226 Accrued interest receivable 3,452 3,452 3,452 - - Federal Home Loan Bank stock 6,859 6,859 6,859 - - Bank owned life insurance 28,212 28,212 28,212 - - Interest rate swap contracts 601 601 - 601 - Liabilities: Checking accounts 58,336 58,336 58,336 - - Money market deposit accounts 71,484 71,484 71,484 - - Passbook, club and statement savings accounts 106,146 106,146 106,146 - - Certificates of deposit 416,066 420,294 - - 420,294 Advances from FHLB short-term 30,000 30,000 30,000 - - Advances from FHLB long-term 106,916 106,147 - - 106,147 Accrued interest payable 641 641 641 - - Advances from borrowers for taxes and insurance 3,498 3,498 3,498 - - Fair Value Measurements at Carrying Fair September 30, 2017 Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Cash and cash equivalents $ 27,903 $ 27,903 $ 27,903 $ - $ - Certificates of deposit 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 - - 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 — Short-term Advances from Federal Home Loan Bank — Long-term Advances from Federal Home Loan Bank — Accrued Interest Payable – Interest rate swaps – Advances from borrowers for taxes and insurance – Commitments to Extend Credit and Letters of Credit — |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | 14. 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/ December 31, Amortization 2017 Adjustments Amortization 2017 Period Goodwill $ 6,102 $ - $ - $ 6,102 Core deposit intangible 710 - (38 ) 672 10 years $ 6,812 $ - $ (38 ) $ 6,774 As of December 31, 2017, the future fiscal periods amortization expense for the core deposit intangible is: (In thousands) 2018 $ 100 2019 123 2020 108 2021 93 2022 77 Thereafter 171 Total 672 |
SIGNIFICANT ACCOUNTING POLICI23
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation – |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements — |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the 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 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 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 This Update is not expected to have a significant impact on the Company’s financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20). . The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20). The amendments in this Update shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beg For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity should apply the amendments in this Update on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position and results of operations. In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718) This Update is not expected to have a significant impact on the Company’s financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 850) . The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842) The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position and results of operations. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per share | Three Months Ended December 31, 2017 2016 Basic Diluted Basic Diluted (Dollars in Thousands Except Per Share Data) Net income $ 34 $ 34 $ 731 $ 731 Weighted average shares outstanding 8,855,116 8,855,116 7,333,531 7,333,531 Effect of common stock equivalents - 357,871 - 320,745 Adjusted weighted average shares used in earnings per share computation 8,855,116 9,212,987 7,333,531 7,654,276 Earnings per share - basic and diluted $ 0.004 $ 0.004 $ 0.100 $ 0.096 |
ACCUMULATED OTHER COMPREHENSI25
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of changes in accumulated other comprehensive income | Three Months Ended December 31, Three Months Ended December 31, 2017 2017 2017 2016 2016 2016 Unrealized gain(loss) on AFS securities (a) Unrealized gain(loss) on interest rate swaps (a) Total accumulated other comprehensive income Unrealized gain(loss) on AFS securities (a) Unrealized gain(loss) on interest rate swaps (a) Total accumulated other comprehensive income Beginning Balance, October 1 $ (1,091 ) $ 331 $ (760 ) $ 931 $ (133 ) $ 798 Other comprehensive (loss)income before reclassification (731 ) 29 (702 ) (2,279 ) 484 (1,795 ) Total (1,822 ) 360 (1,462 ) (1,348 ) 351 (997 ) Reclassification due to change in federal income tax rate (303 ) - (303 ) - - - Ending Balance, December 31 $ (2,125 ) $ 360 $ (1,765 ) $ (1,348 ) $ 351 $ (997 ) (a) All amounts are net of tax. Amounts in parentheses indicate debits. |
INVESTMENT AND MORTGAGE-BACKE26
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and fair value of securities, with gross unrealized gains and losses | December 31, 2017 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) Securities Available for Sale: U.S. government and agency obligations $ 25,927 $ - $ (430 ) $ 25,497 Mortgage-backed securities - U.S. government agencies 134,588 175 (2,473 ) 132,290 Corporate bonds 56,829 226 (339 ) 56,716 Total debt securities available for sale 217,344 401 (3,242 ) 214,503 FHLMC preferred stock 6 61 - 67 Total securities available for sale $ 217,350 $ 462 $ (3,242 ) $ 214,570 Securities Held to Maturity: U.S. government and agency obligations $ 33,500 $ 197 $ (1,688 ) $ 32,009 Mortgage-backed securities - U.S. government agencies 6,664 233 (66 ) 6,831 State and political subdivisions 23,213 195 (92 ) 23,316 Total securities held to maturity $ 63,377 $ 625 $ (1,846 ) $ 62,156 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 |
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 length of time that individual securities had been in a continuous loss position at December 31, 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 $ (19 ) $ 4,919 $ (411 ) $ 20,578 $ (430 ) $ 25,497 Mortgage-backed securities - US government agencies (1,404 ) 80,664 (1,069 ) 38,269 (2,473 ) 118,933 Corporate bonds (206 ) 25,331 (133 ) 3,928 (339 ) 29,259 Total securities available for sale $ (1,629 ) $ 110,914 $ (1,613 ) $ 62,775 $ (3,242 ) $ 173,689 Securities Held to Maturity: U.S. government and agency obligations $ (114 ) $ 2,886 $ (1,574 ) $ 25,927 $ (1,688 ) $ 28,813 Mortgage-backed securities - US government agencies (43 ) 1,544 (23 ) 1,132 (66 ) 2,676 State and political subdivisions (77 ) 8,322 (15 ) 1,798 (92 ) 10,120 Total securities held to maturity $ (234 ) $ 12,752 $ (1,612 ) $ 28,857 $ (1,846 ) $ 41,609 The following table shows the gross unrealized losses and related fair values of the Company’s investment securities, aggregated by investment category and length of time that individual securities had been in a continuous loss position at September 30, 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. 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 |
Schedule of amortized cost and fair value of debt securities by contractual maturity | December 31, 2017 Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value (Dollars in Thousands) Due after one through five years $ 6,057 $ 6,112 $ 6,053 $ 6,044 Due after five through ten years 23,846 23,613 50,776 50,672 Due after ten years 26,810 25,600 25,927 25,497 Total $ 56,713 $ 55,325 $ 82,756 $ 82,213 |
LOANS RECEIVABLE (Tables)
LOANS RECEIVABLE (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of loans receivable | December 31, September 30, 2017 2017 (Dollars in Thousands) One-to-four family residential $ 355,327 $ 351,298 Multi-family residential 16,825 21,508 Commercial real estate 115,233 127,644 Construction and land development 151,830 145,486 Commercial business 3,333 488 Leases 3,617 4,240 Consumer 1,903 1,943 Total loans 648,068 652,607 Undisbursed portion of loans-in-process (60,566 ) (73,858 ) Deferred loan fees (2,839 ) (2,940 ) Allowance for loan losses (4,676 ) (4,466 ) Net loans $ 579,987 $ 571,343 |
Schedule of loans individually and collectively evaluated for impairment by loan segment | The following table summarizes by loan segment the balance in the allowance for loan losses and the loans individually and collectively evaluated for impairment by loan segment at December 31, 2017: One- to-four Multi-family Commercial Construction Commercial Leases Consumer Unallocated Total (Dollars in Thousands) Allowance for Loan Losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,270 158 1,064 1,621 26 20 24 493 4,676 Total ending allowance balance $ 1,270 $ 158 $ 1,064 $ 1,621 $ 26 $ 20 $ 24 $ 493 $ 4,676 Loans: Individually evaluated for impairment $ 11,102 $ 312 $ 3,765 $ 8,734 $ - $ - $ 10 $ 23,923 Collectively evaluated for impairment 344,225 16,513 111,468 143,096 3,333 3,617 1,893 624,145 Total loans $ 355,327 $ 16,825 $ 115,233 $ 151,830 $ 3,333 $ 3,617 $ 1,903 $ 648,068 The following table summarizes by loan segment the balance in the allowance for loan losses and the loans individually and collectively evaluated for impairment by loan segment at September 30, 2017: One- to-four Multi-family Commercial Construction Commercial Leases Consumer Unallocated Total (Dollars in Thousands) Allowance for Loan Losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,241 205 1,201 1,358 4 23 24 410 4,466 Total ending allowance balance $ 1,241 $ 205 $ 1,201 $ 1,358 $ 4 $ 23 $ 24 $ 410 $ 4,466 Loans: 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 |
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 as of December 31, 2017, segregated by those for which a specific allowance was required and those for which a specific allowance was not required. Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans (Dollars in Thousands) Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance One-to-four family residential $ - $ - $ 11,102 $ 11,102 $ 11,421 Multi-family residential - - 312 312 312 Commercial real estate - - 3,765 3,765 3,848 Construction and land development - - 8,734 8,734 11,115 Consumer - - 10 10 10 Total loans $ - $ - $ 23,923 $ 23,923 $ 26,706 The following table presents impaired loans by class as of September 30, 2017, segregated by those for which a specific allowance was required and those for which a specific allowance was not required. Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans (Dollars in Thousands) Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance One-to-four family residential $ - $ - $ 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 10 10 Total loans $ - $ - $ 19,665 $ 19,665 $ 23,126 |
Schedule of average investment in impaired loans and related interest income recognized | Three Months Ended December 31, 2017 Average Income Income (Dollars in Thousands) One-to-four family residential $ 9,690 $ 34 $ 4 Multi-family residential 315 6 - Commercial real estate 3,051 29 - Construction and land development 8,729 - - Consumer 10 - - Total loans $ 21,795 $ 69 $ 4 Three Months Ended December 31, 2016 Average Income Income (Dollars in Thousands) One-to-four family residential $ 5,522 $ 17 $ 24 Multi-family residential 332 6 - Commercial real estate 2,938 17 11 Construction and land development 10,399 - - Total loans $ 19,191 $ 40 $ 35 |
Schedule of classes of the loan portfolio in which a formal risk weighting system is utilized | December 31, 2017 Special Total Pass Mention Substandard Loans (Dollars in Thousands) One-to-four family residential $ - $ 3,336 $ 4,217 $ 7,553 Multi-family residential 16,513 - 312 16,825 Commercial real estate 111,468 1,966 1,799 115,233 Construction and land development 143,096 - 8,734 151,830 Commercial business 3,333 - - 3,333 Total loans $ 274,410 $ 5,302 $ 15,062 $ 294,774 September 30, 2017 Special Total Pass Mention Substandard Loans (Dollars in Thousands) One-to-four family residential $ - $ 1,635 $ 3,878 $ 5,513 Multi-family residential 21,191 - 317 21,508 Commercial real estate 125,307 1,449 888 127,644 Construction and land development 136,763 - 8,723 145,486 Commercial business 488 - - 488 Total loans $ 283,749 $ 3,084 $ 13,806 $ 300,639 |
Schedule of loans in which a formal risk rating system is not utilized, but loans are segregated between performing and non-performing | December 31, 2017 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 344,225 $ 3,549 $ 347,774 Leases 3,617 - 3,617 Consumer 1,903 - 1,903 Total loans $ 349,745 $ 3,549 $ 353,294 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 |
Schedule of loan categories of the loan portfolio summarized by the aging categories of performing and delinquent loans and nonaccrual loans | December 31, 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 $ 348,012 $ 3,238 $ 4,077 $ 7,315 $ 355,327 $ 5,892 $ - Multi-family residential 16,825 - - - 16,825 - - Commercial real estate 113,747 - 1,486 1,486 115,233 1,563 - Construction and land development 142,921 175 8,734 8,909 151,830 8,734 - Commercial business 3,333 - - - 3,333 - - Leases 3,617 - - - 3,617 - - Consumer 1,903 - - - 1,903 - - Total loans $ 630,358 $ 3,413 $ 14,297 $ 17,710 $ 648,068 $ 16,189 $ - 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 $ - |
Schedule of primary segments of the allowance for loan losses, segmented into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment. | Three Months Ended December 31, 2017 One- to Multi- Commercial Construction Commercial Leases Consumer Unallocated Total (Dollars in Thousands) ALLL balance at September 30, 2017 $ 1,241 $ 205 $ 1,201 $ 1,358 $ 4 $ 23 $ 24 $ 410 $ 4,466 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provision 29 (47 ) (137 ) 263 22 (3 ) - 83 210 ALLL balance at December 31, 2017 $ 1,270 $ 158 $ 1,064 $ 1,621 $ 26 $ 20 $ 24 $ 493 $ 4,676 Three Months Ended December 31, 2016 One- to Multi- Commercial Construction Commercial Leases Consumer Unallocated Total (Dollars in Thousands) ALLL balance at September 30, 2016 $ 1,627 $ 137 $ 859 $ 316 $ 1 $ 21 $ 10 $ 298 $ 3,269 Charge-offs - - - - - - - - - Recoveries - - - - - - - - - Provision (63 ) (2 ) 104 99 (1 ) 7 25 16 185 ALLL balance at December 31, 2016 $ 1,471 $ 58 $ 359 $ 757 $ - $ 8 $ 8 $ 266 $ 3,454 |
Schedule of troubled debt restructurings | As of and for the Three months Ended December 31, 2017 (Dollars in thousands) Number Pre- Modification Post- One-to-four family residential 1 $ 77 $ 77 1 $ 77 $ 77 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Deposits [Abstract] | |
Schedule of major classifications of deposits | December 31, September 30, 2017 2017 Amount Percent Amount Percent (Dollars in Thousands) Money market deposit accounts $ 71,484 11.0 % $ 76,272 12.0 % Interest-bearing checking accounts 46,758 7.2 % 54,267 8.5 % Non interest-bearing checking accounts 11,578 1.8 % 9,375 1.5 % Passbook, club and statement savings 106,146 16.3 % 101,743 16.0 % Certificates maturing in six months or less 158,204 24.3 % 154,750 24.3 % Certificates maturing in more than six months 257,862 39.4 % 239,575 37.7 % Total $ 652,032 100.0 % $ 635,982 100.0 % |
ADVANCES FROM FEDERAL HOME LO29
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings from the FHLB | December 31, September 30, 2017 2017 Type Maturity Date Coupon Call Date Amount Amount (Dollars in Thousands) Fixed Rate - Amortizing 6-Oct-17 1.30 % Not Applicable $ 10,000 Fixed Rate - Amortizing 13-Oct-17 1.31 % Not Applicable 10,000 Weighted average rate 1.31 % Fixed Rate - Amortizing 3-Jan-18 1.54 % Not Applicable $ 10,000 Fixed Rate - Amortizing 5-Jan-18 1.53 % Not Applicable 10,000 Fixed Rate - Amortizing 12-Jan-18 1.57 % Not Applicable 10,000 Weighted average rate 1.55 % $ 30,000 $ 20,000 |
ADVANCES FROM FEDERAL HOME LO30
ADVANCES FROM FEDERAL HOME LOAN BANK - LONG TERM (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Advances from Federal Home Loan Banks [Abstract] | |
Schedule of collateral agreement with the FHLB | December 31, September 30, 2017 2017 Type Maturity Date Coupon Call Date Amount Amount (Dollars in Thousands) Fixed Rate - Amortizing 1-Dec-17 1.16 % Not Applicable $ - $ 505 Fixed Rate - Amortizing 18-Nov-19 1.53 % Not Applicable 2,677 3,044 Fixed Rate - Amortizing 26-Oct-20 1.94 % Not Applicable 3,784 - Fixed Rate - Amortizing 12-Oct-21 1.99 % Not Applicable 2,880 - Fixed Rate - Amortizing 15-Aug-23 1.94 % Not Applicable 1,895 1,974 1.86 % (a) 11,236 5,523 Fixed Rate - Advances 17-Nov-17 1.20 % Not Applicable - 10,000 Fixed Rate - Advances 4-Dec-17 1.15 % Not Applicable - 2,000 Fixed Rate - Advances 19-Mar-18 2.53 % Not Applicable 5,013 5,029 Fixed Rate - Advances 19-Mar-18 2.13 % Not Applicable 5,009 5,041 Fixed Rate - Advances 20-Jun-18 1.86 % Not Applicable 3,007 3,011 Fixed Rate - Advances 25-Jun-18 2.09 % Not Applicable 3,011 3,016 Fixed Rate - Advances 27-Aug-18 4.15 % Not Applicable 7,126 7,174 Fixed Rate - Advances 15-Nov-18 1.89 % Not Applicable 3,011 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 2,006 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 3,048 3,056 Fixed Rate - Advances 9-Oct-19 2.54 % Not Applicable 2,029 2,034 Fixed Rate - Advances 26-Nov-19 2.35 % Not Applicable 3,040 3,062 Fixed Rate - Advances 22-Jun-20 2.60 % Not Applicable 3,056 3,000 Fixed Rate - Advances 24-Jun-20 2.85 % Not Applicable 2,049 2,054 Fixed Rate - Advances 27-Jul-20 1.38 % Not Applicable 249 249 Fixed Rate - Advances 17-Aug-20 3.06 % Not Applicable 2,062 2,068 Fixed Rate - Advances 9-Oct-20 2.92 % Not Applicable 2,056 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 2,084 2,089 Fixed Rate - Advances 12-Oct-21 3.23 % Not Applicable 2,079 2,084 Fixed Rate - Advances 20-Oct-21 2.12 % Not Applicable 4,000 - Fixed Rate - Advances 6-Jun-22 2.05 % Not Applicable 10,000 10,000 Fixed Rate - Advances 6-Sep-22 1.94 % Not Applicable 249 249 Fixed Rate - Advances 22-Sep-22 2.11 % Not Applicable 5,000 5,000 Fixed Rate - Advances 12-Oct-22 2.22 % Not Applicable 3,000 - Fixed Rate - Advances 17-Oct-22 2.18 % Not Applicable 3,000 - Fixed Rate - Advances 26-Oct-22 2.29 % Not Applicable 3,000 - Fixed Rate - Advances 31-Oct-22 2.30 % Not Applicable 2,000 - Fixed Rate - Advances 13-Dec-22 2.44 % Not Applicable 4,000 - 2.36 % (a) 95,680 88,795 (a) Weighted average coupon rate Total $ 106,916 $ 94,318 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of interest rate swap agreements and the terms | Below is a summary of the interest rate swap agreements and the terms as of December 31, 2017. Notional Pay Receive Maturity Unrealized Amount Rate Rate Date Gain (Dollars in thousands) Interest rate swap contract $ 10,000 1.15 % 1 Month Libor 6-Apr-21 $ 267 Interest rate swap contract 10,000 1.18 % 1 Month Libor 13-Jun-21 279 Interest rate swap contract 1,100 4.10 % 1 Month Libor +276 bp 1-Aug-26 - $ 546 Below is a summary of the interest rate swap agreements and the terms as of September 30, 2017. Notinal Pay Receive Maturity Unrealized Amount Rate Rate Date Gain (Dollar 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 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred income taxes | December 31, September 30, 2017 2017 (Dollars in Thousands) Deferred tax assets: Allowance for loan losses $ 1,344 $ 1,675 Nonaccrual interest 249 349 Accrued vacation 7 12 Capital loss carryforward 300 476 Split dollar life insurance 10 15 Post-retirement benefits 60 98 Unrealized losses on available for sale securities 584 569 Deferred compensation 912 1,439 Goodwill 89 148 Purchse accounting adjustments 198 731 Other 50 254 Employee benefit plans 97 90 Total deferred tax assets 3,900 5,856 Valuation allowance (239 ) (378 ) Total deferred tax assets, net of valuation allowance 3,661 5,478 Deferred tax liabilities: Property 199 332 Unrealized gains on interest rate swaps 115 171 Deferred loan fees 511 884 Total deferred tax liabilities 825 1,387 Net deferred tax assets $ 2,836 $ 4,091 |
Schedule of income tax expense computed at the statutory federal corporate tax rate | 2017 2016 Percentage Percentage of Pretax of Pretax Amount Income Amount Income (Dollars in Thousands) Tax at statutory rate $ 557 24.25 % $ 374 34.00 % Adjustments resulting from: Write-down of deferred tax asset 1,756 76.41 - - Tax exempt income (33 ) (1.44 ) (6 ) (0.54 ) Income from bank owned life insurance (40 ) (1.74 ) (57 ) (5.19 ) Employee benefit plans 21 0.91 68 6.17 Other 3 0.13 (9 ) (0.83 ) Income tax expense $ 2,264 98.52 % $ 370 33.61 % |
STOCK COMPENSATION PLANS (Table
STOCK COMPENSATION PLANS (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Schedule of summary of the non-vested stock award activity | Three Months Ended Number of Weighted Average Nonvested stock awards at October 1, 2017 142,594 $ 12.79 Granted - - Forfeited (3,736 ) $ 11.84 Vested - - Nonvested stock awards at December 31, 2017 138,858 $ 12.82 Three Months Ended Number of Weighted Average Nonvested stock awards at October 1, 2016 172,788 $ 12.03 Granted - - Forfeited - - Vested - - Nonvested stock awards at December 31, 2016 172,788 $ 12.03 |
Schedule of summary of the status of the company' stock options under the stock option plan | Three Months Ended Number of Weighted Average Outstanding at October 1, 2017 922,564 $ 12.04 Granted - - Exercised (22,171 ) $ 11.27 Forfeited (8,364 ) $ 11.76 Outstanding at December 31, 2017 892,029 $ 12.28 Exercisable at December 31, 2017 524,267 $ 11.47 Three Months Ended Number of Weighted Average Outstanding at October 1, 2016 921,909 $ 11.70 Granted - - Exercised - - Forfeited - - Outstanding at December 31, 2016 921,909 $ 11.70 Exercisable at December 31, 2016 467,397 $ 11.40 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured at fair value on recurring basis | Those assets as of December 31, 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 $ - $ 25,497 $ - $ 25,497 Mortgage-backed securities - U.S. Government agencies - 132,290 - 132,290 Corporate bonds - 56,716 - 56,716 FHLMC preferred stock 67 - - 67 Interest rate swap contracts - 601 - 601 Total $ 67 $ 215,104 $ - $ 215,171 Those assets as of September 30, 2017 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 $ - $ 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 |
Schedule of summary of non-recurring fair value measurements | At December 31, 2017 (Dollars in Thousands) Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 23,923 $ 23,923 Real estate owned - - 363 363 Total $ - $ - $ 24,286 $ 24,286 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 |
Schedule of nonrecurring fair value measurements categorized within level 3 of the fair value hierarchy | At December 31, 2017 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired loans $ 23,923 Property appraisals (1) (3) Management discount for selling costs, property type and market volatility (2) 6% to 57% discount/ 7% Real estate owned $ 363 Property appraisals (1)(3) Management discount for selling costs, property type and market volatility (2) 10% discount 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 (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 Carrying Fair December 31, 2017 Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Cash and cash equivalents $ 16,659 $ 16,659 $ 16,659 $ - $ - Certificates of deposit 1,604 1,604 1,604 - - Investment and mortgage-backed securities available for sale 214,570 214,570 67 214,503 - Investment and mortgage-backed securities held to maturity 63,377 62,156 - 62,156 - Loans receivable, net 579,987 580,226 - - 580,226 Accrued interest receivable 3,452 3,452 3,452 - - Federal Home Loan Bank stock 6,859 6,859 6,859 - - Bank owned life insurance 28,212 28,212 28,212 - - Interest rate swap contracts 601 601 - 601 - Liabilities: Checking accounts 58,336 58,336 58,336 - - Money market deposit accounts 71,484 71,484 71,484 - - Passbook, club and statement savings accounts 106,146 106,146 106,146 - - Certificates of deposit 416,066 420,294 - - 420,294 Advances from FHLB short-term 30,000 30,000 30,000 - - Advances from FHLB long-term 106,916 106,147 - - 106,147 Accrued interest payable 641 641 641 - - Advances from borrowers for taxes and insurance 3,498 3,498 3,498 - - Fair Value Measurements at Carrying Fair September 30, 2017 Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Cash and cash equivalents $ 27,903 $ 27,903 $ 27,903 $ - $ - Certificates of deposit 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 - - |
GOODWILL AND OTHER INTANGIBLE35
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill and intangible assets are related to the acquisition of Polonia | Balance Balance October 1, Additions/ December 31, Amortization 2017 Adjustments Amortization 2017 Period Goodwill $ 6,102 $ - $ - $ 6,102 Core deposit intangible 710 - (38 ) 672 10 years $ 6,812 $ - $ (38 ) $ 6,774 |
Schedule of future fiscal periods amortization expense for core deposit intangible | (In thousands) 2018 $ 100 2019 123 2020 108 2021 93 2022 77 Thereafter 171 Total 672 |
SIGNIFICANT ACCOUNTING POLICI36
SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) | 3 Months Ended |
Dec. 31, 2017Branch | |
Significant Accounting Policies [Line Items] | |
Number of full service branch offices | 10 |
Number of banking offices | 11 |
ASU 2016-02, Leases (Topic 842) | |
Significant Accounting Policies [Line Items] | |
Description of increase in assets and liabilities due to change in new accounting principle | less than a 1 percent |
Philadelphia (Philadelphia County) | |
Significant Accounting Policies [Line Items] | |
Number of banking offices | 9 |
Drexel Hill, Delaware County, Pennsylvania | |
Significant Accounting Policies [Line Items] | |
Number of banking offices | 1 |
Huntingdon Valley, Montgomery County | |
Significant Accounting Policies [Line Items] | |
Number of banking offices | 1 |
EARNINGS PER SHARE - Calculated
EARNINGS PER SHARE - Calculated basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings per share - basic | ||
Net income | $ 34 | $ 731 |
Weighted average shares outstanding - basic | 8,855,116 | 7,333,531 |
Effect of common stock equivalents - basic | 0 | 0 |
Adjusted weighted average shares used in earnings per share computation - basic | 8,855,116 | 7,333,531 |
Earnings per share - basic (in dollars per share) | $ 0.004 | $ 0.100 |
Earnings per share - diluted | ||
Net (loss) income | $ 34 | $ 731 |
Weighted average shares outstanding - diluted | 8,855,116 | 7,333,531 |
Effect of common stock equivalents - diluted | 357,871 | 320,745 |
Adjusted weighted average shares used in earnings per share computation - diluted | 9,212,987 | 7,654,276 |
Earnings per share - diluted (in dollars per share) | $ 0.004 | $ 0.100 |
ACCUMULATED OTHER COMPREHENSI38
ACCUMULATED OTHER COMPREHENSIVE LOSS - Changes in accumulated other comprehensive income (loss) by component net of tax (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance, October 1 | $ (760) | $ 798 | |
Other comprehensive (loss) income before reclassification | (702) | (1,795) | |
Total | (702) | (1,795) | |
Reclassification due to change in federal income tax rate | 0 | ||
Ending Balance, December 31 | (1,765) | (997) | |
Unrealized gain (loss) on AFS securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance, October 1 | [1] | (1,091) | 931 |
Other comprehensive (loss) income before reclassification | [1] | (731) | (2,279) |
Total | [1] | (1,822) | (1,348) |
Reclassification due to change in federal income tax rate | [1] | (303) | 0 |
Ending Balance, December 31 | [1] | (2,125) | (1,348) |
Unrealized gain (loss) on interest rate swaps | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning Balance, October 1 | [1] | 331 | (133) |
Other comprehensive (loss) income before reclassification | [1] | 29 | 484 |
Total | [1] | 360 | 351 |
Reclassification due to change in federal income tax rate | [1] | 0 | 0 |
Ending Balance, December 31 | [1] | $ 360 | $ 351 |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
INVESTMENT AND MORTGAGE-BACKE39
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 | Dec. 31, 2017 | Sep. 30, 2017 |
Securities Available for Sale: | ||
Amortized Cost | $ 217,350 | $ 180,087 |
Gross Unrealized Gains | 462 | 410 |
Gross Unrealized Losses | (3,242) | (2,095) |
Fair Value | 214,570 | 178,402 |
Securities Held to Maturity: | ||
Amortized Cost | 63,377 | 61,284 |
Gross Unrealized Gains | 625 | 698 |
Gross unrealized losses | (1,846) | (1,803) |
Fair value | 62,156 | 60,179 |
U.S. government and agency obligations | ||
Securities Available for Sale: | ||
Amortized Cost | 25,927 | 26,125 |
Gross Unrealized Gains | 0 | 9 |
Gross Unrealized Losses | (430) | (335) |
Fair Value | 25,497 | 25,799 |
Securities Held to Maturity: | ||
Amortized Cost | 33,500 | 33,500 |
Gross Unrealized Gains | 197 | 229 |
Gross unrealized losses | (1,688) | (1,688) |
Fair value | 32,009 | 32,041 |
Mortgage-backed securities - U.S. government agencies | ||
Securities Available for Sale: | ||
Amortized Cost | 134,588 | 119,456 |
Gross Unrealized Gains | 175 | 146 |
Gross Unrealized Losses | (2,473) | (1,475) |
Fair Value | 132,290 | 118,127 |
Securities Held to Maturity: | ||
Amortized Cost | 6,664 | 7,003 |
Gross Unrealized Gains | 233 | 304 |
Gross unrealized losses | (66) | (11) |
Fair value | 6,831 | 7,296 |
Corporate bonds | ||
Securities Available for Sale: | ||
Amortized Cost | 56,829 | 34,500 |
Gross Unrealized Gains | 226 | 185 |
Gross Unrealized Losses | (339) | (285) |
Fair Value | 56,716 | 34,400 |
Total debt securities available for sale | ||
Securities Available for Sale: | ||
Amortized Cost | 217,344 | 180,081 |
Gross Unrealized Gains | 401 | 340 |
Gross Unrealized Losses | (3,242) | (2,095) |
Fair Value | 214,503 | 178,326 |
FHLMC preferred stock | ||
Securities Available for Sale: | ||
Amortized Cost | 6 | 6 |
Gross Unrealized Gains | 61 | 70 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 67 | 76 |
State and political subdivisions | ||
Securities Held to Maturity: | ||
Amortized Cost | 23,213 | 20,781 |
Gross Unrealized Gains | 195 | 165 |
Gross unrealized losses | (92) | (104) |
Fair value | $ 23,316 | $ 20,842 |
INVESTMENT AND MORTGAGE-BACKE40
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 | Dec. 31, 2017 | Sep. 30, 2017 |
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | $ (1,629) | $ (1,755) |
Less than 12 months - Fair value | 110,914 | 120,342 |
More than 12 months - Gross Unrealized Losses | (1,613) | (340) |
More than 12 months - Fair value | 62,775 | 11,684 |
Gross Unrealized Losses - Total | (3,242) | (2,095) |
Fair Value - Total | 173,689 | 132,026 |
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | (234) | (1,803) |
Less than 12 months - Fair value | 12,752 | 37,843 |
More than 12 months - Gross Unrealized Losses | (1,612) | 0 |
More than 12 months - Fair value | 28,857 | 0 |
Gross Unrealized Losses -Total | (1,846) | (1,803) |
Fair Value - Total | 41,609 | 37,843 |
Less than 12 months - Gross Unrealized Losses | (3,558) | |
Less than 12 months - Fair Value | 158,185 | |
More than 12 months - Gross Unrealized Losses | (340) | |
More than 12 months - Fair Value | 11,684 | |
Gross Unrealized Losses -Total | (3,898) | |
Fair Value - Total | 169,869 | |
U.S. government and agency obligations | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (19) | (335) |
Less than 12 months - Fair value | 4,919 | 20,655 |
More than 12 months - Gross Unrealized Losses | (411) | 0 |
More than 12 months - Fair value | 20,578 | 0 |
Gross Unrealized Losses - Total | (430) | (335) |
Fair Value - Total | 25,497 | 20,655 |
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | (114) | (1,688) |
Less than 12 months - Fair value | 2,886 | 28,813 |
More than 12 months - Gross Unrealized Losses | (1,574) | 0 |
More than 12 months - Fair value | 25,927 | 0 |
Gross Unrealized Losses -Total | (1,688) | (1,688) |
Fair Value - Total | 28,813 | 28,813 |
Mortgage-backed securities - U.S. government agencies | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (1,404) | (1,135) |
Less than 12 months - Fair value | 80,664 | 77,176 |
More than 12 months - Gross Unrealized Losses | (1,069) | (340) |
More than 12 months - Fair value | 38,269 | 11,684 |
Gross Unrealized Losses - Total | (2,473) | (1,475) |
Fair Value - Total | 118,933 | 88,860 |
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | (43) | (11) |
Less than 12 months - Fair value | 1,544 | 1,176 |
More than 12 months - Gross Unrealized Losses | (23) | 0 |
More than 12 months - Fair value | 1,132 | 0 |
Gross Unrealized Losses -Total | (66) | (11) |
Fair Value - Total | 2,676 | 1,176 |
Corporate bonds | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (206) | |
Less than 12 months - Fair value | 25,331 | |
More than 12 months - Gross Unrealized Losses | (133) | |
More than 12 months - Fair value | 3,928 | |
Gross Unrealized Losses - Total | (339) | |
Fair Value - Total | 29,259 | |
Corporate debt securities | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (285) | |
Less than 12 months - Fair value | 22,511 | |
More than 12 months - Gross Unrealized Losses | 0 | |
More than 12 months - Fair value | 0 | |
Gross Unrealized Losses - Total | (285) | |
Fair Value - Total | 22,511 | |
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 | (77) | (104) |
Less than 12 months - Fair value | 8,322 | 7,854 |
More than 12 months - Gross Unrealized Losses | (15) | 0 |
More than 12 months - Fair value | 1,798 | 0 |
Gross Unrealized Losses -Total | (92) | (104) |
Fair Value - Total | $ 10,120 | $ 7,854 |
INVESTMENT AND MORTGAGE-BACKE41
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized cost and fair value of debt securities, by contractual maturity (Details 2) $ in Thousands | Dec. 31, 2017USD ($) |
Held to Maturity, Amortized Cost | |
Due after one through five years | $ 6,057 |
Due after five through ten years | 23,846 |
Due after ten years | 26,810 |
Total | 56,713 |
Held to Maturity, Fair Value | |
Due after one through five years | 6,112 |
Due after five through ten years | 23,613 |
Due after ten years | 25,600 |
Total | 55,325 |
Available for Sale, Amortized Cost | |
Due after one through five years | 6,053 |
Due after five through ten years | 50,776 |
Due after ten years | 25,927 |
Total | 82,756 |
Available for Sale, Fair Value | |
Due after one through five years | 6,044 |
Due after five through ten years | 50,672 |
Due after ten years | 25,497 |
Total | $ 82,213 |
INVESTMENT AND MORTGAGE-BACKE42
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Detail Textuals) $ in Millions | Dec. 31, 2017USD ($)Security |
Marketable Securities [Line Items] | |
Safekeeping account at the FHLB | $ | $ 104.9 |
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 | 2 |
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | 13 |
Mortgage-backed securities - U.S. government agencies | |
Marketable Securities [Line Items] | |
Number of investment securities in debt obligations in the category of loss position less than 12 months held by company | 27 |
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | 31 |
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 | 21 |
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | 5 |
State and political subdivisions | |
Marketable Securities [Line Items] | |
Number of investment securities in debt obligations in the category of loss position less than 12 months held by company | 6 |
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | 1 |
LOANS RECEIVABLE - Summary of L
LOANS RECEIVABLE - Summary of Loans receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $ 648,068 | $ 652,607 | ||
Undisbursed portion of loans-in-process | (60,566) | (73,858) | ||
Deferred loan fees | (2,839) | (2,940) | ||
Allowance for loan losses | (4,676) | (4,466) | $ (3,454) | $ (3,269) |
Net loans | 579,987 | 571,343 | ||
One-to-four family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 355,327 | 351,298 | ||
Allowance for loan losses | (1,270) | (1,241) | (1,471) | (1,627) |
Multi-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 16,825 | 21,508 | ||
Allowance for loan losses | (158) | (205) | (58) | (137) |
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 115,233 | 127,644 | ||
Allowance for loan losses | (1,064) | (1,201) | (359) | (859) |
Construction and land development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 151,830 | 145,486 | ||
Allowance for loan losses | (1,621) | (1,358) | (757) | (316) |
Commercial business | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 3,333 | 488 | ||
Allowance for loan losses | (26) | (4) | 0 | (1) |
Leases | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 3,617 | 4,240 | ||
Allowance for loan losses | (20) | (23) | (8) | (21) |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 1,903 | 1,943 | ||
Allowance for loan losses | $ (24) | $ (24) | $ (8) | $ (10) |
LOANS RECEIVABLE - Summary of44
LOANS RECEIVABLE - Summary of loans individually evaluated for impairment by loan segment (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Allowance for Loan Losses: | ||||
Individually evaluated for impairment | $ 0 | $ 0 | ||
Collectively evaluated for impairment | 4,676 | 4,466 | ||
Total ending allowance balance | 4,676 | 4,466 | $ 3,454 | $ 3,269 |
Loans: | ||||
Individually evaluated for impairment | 23,923 | 19,665 | ||
Collectively evaluated for impairment | 624,145 | 632,942 | ||
Total loans | 648,068 | 652,607 | ||
One-to-four family residential | ||||
Allowance for Loan Losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,270 | 1,241 | ||
Total ending allowance balance | 1,270 | 1,241 | 1,471 | 1,627 |
Loans: | ||||
Individually evaluated for impairment | 11,102 | 8,277 | ||
Collectively evaluated for impairment | 344,225 | 343,021 | ||
Total loans | 355,327 | 351,298 | ||
Multi-family residential | ||||
Allowance for Loan Losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 158 | 205 | ||
Total ending allowance balance | 158 | 205 | 58 | 137 |
Loans: | ||||
Individually evaluated for impairment | 312 | 317 | ||
Collectively evaluated for impairment | 16,513 | 21,191 | ||
Total loans | 16,825 | 21,508 | ||
Commercial real estate | ||||
Allowance for Loan Losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,064 | 1,201 | ||
Total ending allowance balance | 1,064 | 1,201 | 359 | 859 |
Loans: | ||||
Individually evaluated for impairment | 3,765 | 2,337 | ||
Collectively evaluated for impairment | 111,468 | 125,307 | ||
Total loans | 115,233 | 127,644 | ||
Construction and land development | ||||
Allowance for Loan Losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,621 | 1,358 | ||
Total ending allowance balance | 1,621 | 1,358 | 757 | 316 |
Loans: | ||||
Individually evaluated for impairment | 8,734 | 8,724 | ||
Collectively evaluated for impairment | 143,096 | 136,762 | ||
Total loans | 151,830 | 145,486 | ||
Commercial business | ||||
Allowance for Loan Losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 26 | 4 | ||
Total ending allowance balance | 26 | 4 | 0 | 1 |
Loans: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 3,333 | 488 | ||
Total loans | 3,333 | 488 | ||
Leases | ||||
Allowance for Loan Losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 20 | 23 | ||
Total ending allowance balance | 20 | 23 | 8 | 21 |
Loans: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 3,617 | 4,240 | ||
Total loans | 3,617 | 4,240 | ||
Consumer | ||||
Allowance for Loan Losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 24 | 24 | ||
Total ending allowance balance | 24 | 24 | 8 | 10 |
Loans: | ||||
Individually evaluated for impairment | 10 | 10 | ||
Collectively evaluated for impairment | 1,893 | 1,933 | ||
Total loans | 1,903 | 1,943 | ||
Unallocated | ||||
Allowance for Loan Losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 493 | 410 | ||
Total ending allowance balance | $ 493 | $ 410 | $ 266 | $ 298 |
LOANS RECEIVABLE - Impaired loa
LOANS RECEIVABLE - Impaired loans by class, segregated by those for which specific allowance was required and those for which specific allowance was not required (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
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 | 23,923 | 19,665 |
Total Impaired Loans - Recorded Investment | 23,923 | 19,665 |
Total impaired loans - Unpaid Principal Balance | 26,706 | 23,126 |
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 | 11,102 | 8,277 |
Total Impaired Loans - Recorded Investment | 11,102 | 8,277 |
Total impaired loans - Unpaid Principal Balance | 11,421 | 9,245 |
Multi-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 | 312 | 317 |
Total Impaired Loans - Recorded Investment | 312 | 317 |
Total impaired loans - Unpaid Principal Balance | 312 | 317 |
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 | 3,765 | 2,337 |
Total Impaired Loans - Recorded Investment | 3,765 | 2,337 |
Total impaired loans - Unpaid Principal Balance | 3,848 | 2,449 |
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 | 8,734 | 8,724 |
Total Impaired Loans - Recorded Investment | 8,734 | 8,724 |
Total impaired loans - Unpaid Principal Balance | 11,115 | 11,105 |
Consumer | ||
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 | 10 | 10 |
Total Impaired Loans - Recorded Investment | 10 | 10 |
Total impaired loans - Unpaid Principal Balance | $ 10 | $ 10 |
LOANS RECEIVABLE - Average reco
LOANS RECEIVABLE - Average recorded investment in impaired loans and related interest income recognized (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | $ 21,795 | $ 19,191 |
Income Recognized on Accrual Basis | 69 | 40 |
Income Recognized on Cash Basis | 4 | 35 |
One-to-four family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 9,690 | 5,522 |
Income Recognized on Accrual Basis | 34 | 17 |
Income Recognized on Cash Basis | 4 | 24 |
Multi-family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 315 | 332 |
Income Recognized on Accrual Basis | 6 | 6 |
Income Recognized on Cash Basis | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 3,051 | 2,938 |
Income Recognized on Accrual Basis | 29 | 17 |
Income Recognized on Cash Basis | 0 | 11 |
Construction and land development | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 8,729 | 10,399 |
Income Recognized on Accrual Basis | 0 | 0 |
Income Recognized on Cash Basis | 0 | $ 0 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 10 | |
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 | Dec. 31, 2017 | Sep. 30, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 648,068 | $ 652,607 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 355,327 | 351,298 |
Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 16,825 | 21,508 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 115,233 | 127,644 |
Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 151,830 | 145,486 |
Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,333 | 488 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,903 | 1,943 |
Risk Rating System | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 294,774 | 300,639 |
Risk Rating System | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 7,553 | 5,513 |
Risk Rating System | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 16,825 | 21,508 |
Risk Rating System | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 115,233 | 127,644 |
Risk Rating System | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 151,830 | 145,486 |
Risk Rating System | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,333 | 488 |
Risk Rating System | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 274,410 | 283,749 |
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 residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 16,513 | 21,191 |
Risk Rating System | Pass | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 111,468 | 125,307 |
Risk Rating System | Pass | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 143,096 | 136,763 |
Risk Rating System | Pass | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,333 | 488 |
Risk Rating System | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 5,302 | 3,084 |
Risk Rating System | Special Mention | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,336 | 1,635 |
Risk Rating System | Special Mention | Multi-family residential | ||
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 | 1,966 | 1,449 |
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 | 0 |
Risk Rating System | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 15,062 | 13,806 |
Risk Rating System | Substandard | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,217 | 3,878 |
Risk Rating System | Substandard | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 312 | 317 |
Risk Rating System | Substandard | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,799 | 888 |
Risk Rating System | Substandard | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 8,734 | 8,723 |
Risk Rating System | Substandard | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 0 | $ 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 | Dec. 31, 2017 | Sep. 30, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 648,068 | $ 652,607 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 355,327 | 351,298 |
Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,617 | 4,240 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,903 | 1,943 |
Non Risk Rating System | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 353,294 | 351,968 |
Non Risk Rating System | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 347,774 | 345,785 |
Non Risk Rating System | Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,617 | 4,240 |
Non Risk Rating System | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,903 | 1,943 |
Non Risk Rating System | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 349,745 | 349,204 |
Non Risk Rating System | Performing | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 344,225 | 343,021 |
Non Risk Rating System | Performing | Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,617 | 4,240 |
Non Risk Rating System | Performing | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,903 | 1,943 |
Non Risk Rating System | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,549 | 2,764 |
Non Risk Rating System | Nonperforming | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,549 | 2,764 |
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 | Dec. 31, 2017 | Sep. 30, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 630,358 | $ 636,906 |
Past Due | 17,710 | 15,701 |
Total Loans | 648,068 | 652,607 |
Non- Accrual | 16,189 | 15,397 |
90 Days+ Past Due and Accruing | 0 | 0 |
30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 3,413 | 2,815 |
90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 14,297 | 12,886 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 348,012 | 346,877 |
Past Due | 7,315 | 4,421 |
Total Loans | 355,327 | 351,298 |
Non- Accrual | 5,892 | 5,107 |
90 Days+ Past Due and Accruing | 0 | 0 |
One-to-four family residential | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 3,238 | 1,746 |
One-to-four family residential | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 4,077 | 2,675 |
Multi-family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 16,825 | 21,508 |
Past Due | 0 | 0 |
Total Loans | 16,825 | 21,508 |
Non- Accrual | 0 | 0 |
90 Days+ Past Due and Accruing | 0 | 0 |
Multi-family residential | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Multi-family residential | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 113,747 | 125,157 |
Past Due | 1,486 | 2,487 |
Total Loans | 115,233 | 127,644 |
Non- Accrual | 1,563 | 1,566 |
90 Days+ Past Due and Accruing | 0 | 0 |
Commercial real estate | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 1,000 |
Commercial real estate | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,486 | 1,487 |
Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 142,921 | 136,762 |
Past Due | 8,909 | 8,724 |
Total Loans | 151,830 | 145,486 |
Non- Accrual | 8,734 | 8,724 |
90 Days+ Past Due and Accruing | 0 | 0 |
Construction and land development | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 175 | 0 |
Construction and land development | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 8,734 | 8,724 |
Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,333 | 488 |
Past Due | 0 | 0 |
Total Loans | 3,333 | 488 |
Non- Accrual | 0 | 0 |
90 Days+ Past Due and Accruing | 0 | 0 |
Commercial business | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Commercial business | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,617 | 4,240 |
Past Due | 0 | 0 |
Total Loans | 3,617 | 4,240 |
Non- Accrual | 0 | 0 |
90 Days+ Past Due and Accruing | 0 | 0 |
Leases | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Leases | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,903 | 1,874 |
Past Due | 0 | 69 |
Total Loans | 1,903 | 1,943 |
Non- Accrual | 0 | 0 |
90 Days+ Past Due and Accruing | 0 | 0 |
Consumer | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 69 |
Consumer | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | $ 0 | $ 0 |
LOANS RECEIVABLE - Activity in
LOANS RECEIVABLE - Activity in allowance (Details 7) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
ALLL balance | $ 4,466 | $ 3,269 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 210 | 185 |
ALLL balance | 4,676 | 3,454 |
One- to four-family residential | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
ALLL balance | 1,241 | 1,627 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 29 | (63) |
ALLL balance | 1,270 | 1,471 |
Multi-family residential | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
ALLL balance | 205 | 137 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | (47) | (2) |
ALLL balance | 158 | 58 |
Commercial real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
ALLL balance | 1,201 | 859 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | (137) | 104 |
ALLL balance | 1,064 | 359 |
Construction and land development | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
ALLL balance | 1,358 | 316 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 263 | 99 |
ALLL balance | 1,621 | 757 |
Commercial business | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
ALLL balance | 4 | 1 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 22 | (1) |
ALLL balance | 26 | 0 |
Leases | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
ALLL balance | 23 | 21 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | (3) | 7 |
ALLL balance | 20 | 8 |
Consumer | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
ALLL balance | 24 | 10 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 0 | 25 |
ALLL balance | 24 | 8 |
Unallocated | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
ALLL balance | 410 | 298 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 83 | 16 |
ALLL balance | $ 493 | $ 266 |
LOANS RECEIVABLE - Troubled deb
LOANS RECEIVABLE - Troubled debt restructurings (Details 8) $ in Thousands | 3 Months Ended |
Dec. 31, 2017USD ($)Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | Loan | 1 |
Pre-Modification Outstanding Recorded Investment | $ 77 |
Post-Modification Outstanding Recorded Investment | $ 77 |
One-to-four family residential | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | Loan | 1 |
Pre-Modification Outstanding Recorded Investment | $ 77 |
Post-Modification Outstanding Recorded Investment | $ 77 |
LOANS RECEIVABLE (Detail Textua
LOANS RECEIVABLE (Detail Textuals) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2017USD ($)Loan | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for loan losses | $ 210 | $ 185 | |
Number of loans | Loan | 11 | ||
Loans classified as troubled debt restructurings ("TDRs"), Recorded investment | $ 7,600 | ||
Number of loans default | Loan | 1 | ||
Amount of TDR loans, default | $ 10,700 | ||
Outstanding recorded investment balance | 77 | ||
Commercial and residential properties | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Write-down amount of TDR loans | $ 1,500 | ||
Nonperforming | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loans default | Loan | 3 | ||
Amount of TDR loans, default | $ 4,900 | ||
Write-down amount of TDR loans | $ 1,900 | ||
Performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loans | Loan | 7 | ||
Loans classified as troubled debt restructurings ("TDRs"), Recorded investment | $ 1,200 |
DEPOSITS - Major classification
DEPOSITS - Major classifications of deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Amount | ||
Money market deposit accounts | $ 71,484 | $ 76,272 |
Interest-bearing checking accounts | 46,758 | 54,267 |
Non interest-bearing checking accounts | 11,578 | 9,375 |
Passbook, club and statement savings | 106,146 | 101,743 |
Certificates maturing in six months or less | 158,204 | 154,750 |
Certificates maturing in more than six months | 257,862 | 239,575 |
Total deposits | $ 652,032 | $ 635,982 |
Percent | ||
Money market deposit accounts | 11.00% | 12.00% |
Interest-bearing checking accounts | 7.20% | 8.50% |
Non interest-bearing checking accounts | 1.80% | 1.50% |
Passbook, club and statement savings | 16.30% | 16.00% |
Certificates maturing in six months or less | 24.30% | 24.30% |
Certificates maturing in more than six months | 39.40% | 37.70% |
Total | 100.00% | 100.00% |
DEPOSITS (Detail Textuals)
DEPOSITS (Detail Textuals) - USD ($) $ in Millions | Dec. 31, 2017 | Sep. 30, 2017 |
Deposits [Abstract] | ||
Certificates of $250,000 and over | $ 47.9 | $ 28.9 |
ADVANCES FROM FEDERAL HOME LO55
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Sep. 30, 2017 | |
Federal Home Loan Bank, Advances [Line Items] | ||
Advances from Federal Home Loan Bank (short-term) | $ 30,000 | $ 20,000 |
Fixed Rate - Amortizing Maturity Date 6-Oct-17 | Short-term | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Maturity Date | Oct. 6, 2017 | |
Coupon | 1.30% | |
Call Date | Not Applicable | |
Advances from Federal Home Loan Bank (short-term) | $ 10,000 | |
Fixed Rate - Amortizing Maturity Date 13 Oct 17 | Short-term | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Maturity Date | Oct. 13, 2017 | |
Coupon | 1.31% | |
Call Date | Not Applicable | |
Advances from Federal Home Loan Bank (short-term) | $ 10,000 | |
Fixed Rate - Amortizing | Weighted average rate | Short-term | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 1.31% | |
Fixed Rate - Amortizing Maturity Date 3 Jan 18 | Short-term | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Maturity Date | Jan. 3, 2018 | |
Coupon | 1.54% | |
Call Date | Not Applicable | |
Advances from Federal Home Loan Bank (short-term) | $ 10,000 | |
Fixed Rate - Amortizing Maturity Date 5 Jan 18 | Short-term | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Maturity Date | Jan. 5, 2018 | |
Coupon | 1.53% | |
Call Date | Not Applicable | |
Advances from Federal Home Loan Bank (short-term) | $ 10,000 | |
Fixed Rate - Amortizing Maturity Date 12 Jan 18 | Short-term | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Maturity Date | Jan. 12, 2018 | |
Coupon | 1.57% | |
Call Date | Not Applicable | |
Advances from Federal Home Loan Bank (short-term) | $ 10,000 | |
Fixed Rate - Amortizing | Short-term | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Advances from Federal Home Loan Bank (short-term) | $ 30,000 | $ 20,000 |
Fixed Rate - Amortizing | Weighted average rate | Short-term | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 1.55% |
ADVANCES FROM FEDERAL HOME LO56
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM (Detail Textual) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017USD ($)Advance | Sep. 30, 2017USD ($) | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Average balance outstanding | $ 20,000 | |
Number of federal home loan bank advances | Advance | 2 | |
Short-term borrowings from the FHLB | $ 30,000 | $ 20,000 |
Federal home loan bank advances additional amount | 10,000 | |
Interest rate swap contract one | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Short-term borrowings from the FHLB | $ 10,000 | |
Weighted average effective cost | 1.25% | |
Interest rate swap contract two | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Short-term borrowings from the FHLB | $ 10,000 | |
Weighted average effective cost | 1.17% |
ADVANCES FROM FEDERAL HOME LO57
ADVANCES FROM FEDERAL HOME LOAN BANK - LONG TERM (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2017 | ||
Federal Home Loan Bank, Advances [Line Items] | |||
Amount | $ 106,916 | $ 94,318 | |
Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Amount | $ 106,916 | $ 94,318 | |
Weighted average rate | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Coupon | [1] | 2.36% | |
Fixed Rate - Amortizing Maturity Date 1-Dec-17 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Dec. 1, 2017 | Dec. 1, 2017 | |
Coupon | 1.16% | 1.16% | |
Call Date | Not Applicable | ||
Amount | $ 0 | $ 505 | |
Fixed Rate - Amortizing Maturity Date 18-Nov-19 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Nov. 18, 2019 | Nov. 18, 2019 | |
Coupon | 1.53% | 1.53% | |
Call Date | Not Applicable | ||
Amount | $ 2,677 | $ 3,044 | |
Fixed Rate - Amortizing 26-Oct-20 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Oct. 26, 2020 | Oct. 26, 2020 | |
Coupon | 1.94% | 1.94% | |
Call Date | Not Applicable | ||
Amount | $ 3,784 | $ 0 | |
Fixed Rate - Amortizing 12-Oct-21 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Oct. 12, 2021 | Oct. 12, 2021 | |
Coupon | 1.99% | 1.99% | |
Call Date | Not Applicable | ||
Amount | $ 2,880 | $ 0 | |
Fixed Rate - Amortizing 15-Aug-23 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Aug. 15, 2023 | Aug. 15, 2023 | |
Coupon | 1.94% | 1.94% | |
Call Date | Not Applicable | ||
Amount | $ 1,895 | $ 1,974 | |
Fixed Rate - Amortizing | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Amount | $ 11,236 | $ 5,523 | |
Fixed Rate - Amortizing | Weighted average rate | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Coupon | [1] | 1.86% | 1.86% |
Fixed Rate - Advance Maturity Date 17-Nov-17 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Nov. 17, 2017 | Nov. 17, 2017 | |
Coupon | 1.20% | 1.20% | |
Call Date | Not Applicable | ||
Amount | $ 0 | $ 10,000 | |
Fixed Rate - Advance Maturity Date 4-Dec-17 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Dec. 4, 2017 | Dec. 4, 2017 | |
Coupon | 1.15% | 1.15% | |
Call Date | Not Applicable | ||
Amount | $ 0 | $ 2,000 | |
Fixed Rate - Advance Maturity Date 19-Mar-18 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Mar. 19, 2018 | Mar. 19, 2018 | |
Coupon | 2.53% | 2.53% | |
Call Date | Not Applicable | ||
Amount | $ 5,013 | $ 5,029 | |
Fixed Rate - Advance Maturity Date 19-Mar-18 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Mar. 19, 2018 | Mar. 19, 2018 | |
Coupon | 2.13% | 2.13% | |
Call Date | Not Applicable | ||
Amount | $ 5,009 | $ 5,041 | |
Fixed Rate - Advance Maturity Date 20-Jun-18 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jun. 20, 2018 | Jun. 20, 2018 | |
Coupon | 1.86% | 1.86% | |
Call Date | Not Applicable | ||
Amount | $ 3,007 | $ 3,011 | |
Fixed Rate - Advance Maturity Date 25-Jun-18 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jun. 25, 2018 | Jun. 25, 2018 | |
Coupon | 2.09% | 2.09% | |
Call Date | Not Applicable | ||
Amount | $ 3,011 | $ 3,016 | |
Fixed Rate - Advance Maturity Date 27-Aug-18 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Aug. 27, 2018 | Aug. 27, 2018 | |
Coupon | 4.15% | 4.15% | |
Call Date | Not Applicable | ||
Amount | $ 7,126 | $ 7,174 | |
Fixed Rate - Advance Maturity Date 15-Nov-18 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Nov. 15, 2018 | Nov. 15, 2018 | |
Coupon | 1.89% | 1.89% | |
Call Date | Not Applicable | ||
Amount | $ 3,011 | $ 3,014 | |
Fixed Rate - Advance Maturity Date 16-Nov-18 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Nov. 16, 2018 | Nov. 16, 2018 | |
Coupon | 1.40% | 1.40% | |
Call Date | Not Applicable | ||
Amount | $ 7,500 | $ 7,500 | |
Fixed Rate - Advance Maturity Date 26-Nov-18 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Nov. 26, 2018 | Nov. 26, 2018 | |
Coupon | 1.81% | 1.81% | |
Call Date | Not Applicable | ||
Amount | $ 2,006 | $ 2,008 | |
Fixed Rate - Advance Maturity Date 3-Dec-18 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Dec. 3, 2018 | Dec. 3, 2018 | |
Coupon | 1.54% | 1.54% | |
Call Date | Not Applicable | ||
Amount | $ 3,000 | $ 3,000 | |
Fixed Rate - Advance Maturity Date 16-Aug-19 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Aug. 16, 2019 | Aug. 16, 2019 | |
Coupon | 2.66% | 2.66% | |
Call Date | Not Applicable | ||
Amount | $ 3,048 | $ 3,056 | |
Fixed Rate - Advance Maturity Date 9-Oct-19 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Oct. 9, 2019 | Oct. 9, 2019 | |
Coupon | 2.54% | 2.54% | |
Call Date | Not Applicable | ||
Amount | $ 2,029 | $ 2,034 | |
Fixed Rate - Advance Maturity 26-Nov-19 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Nov. 26, 2019 | Nov. 26, 2019 | |
Coupon | 2.35% | 2.35% | |
Call Date | Not Applicable | ||
Amount | $ 3,040 | $ 3,062 | |
Fixed Rate - Advance Maturity 22-Jun-20 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jun. 22, 2020 | Jun. 22, 2020 | |
Coupon | 2.60% | 2.60% | |
Call Date | Not Applicable | ||
Amount | $ 3,056 | $ 3,000 | |
Fixed Rate - Advance Maturity 24-Jun-20 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jun. 24, 2020 | Jun. 24, 2020 | |
Coupon | 2.85% | 2.85% | |
Call Date | Not Applicable | ||
Amount | $ 2,049 | $ 2,054 | |
Fixed Rate -Advance Maturity Date 27-Jul-20 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jul. 27, 2020 | Jul. 27, 2020 | |
Coupon | 1.38% | 1.38% | |
Call Date | Not Applicable | ||
Amount | $ 249 | $ 249 | |
Fixed Rate - Advance Maturity 17-Aug-20 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Aug. 17, 2020 | Aug. 17, 2020 | |
Coupon | 3.06% | 3.06% | |
Call Date | Not Applicable | ||
Amount | $ 2,062 | $ 2,068 | |
Fixed Rate - Advance Maturity 9-Oct-20 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Oct. 9, 2020 | Oct. 9, 2020 | |
Coupon | 2.92% | 2.92% | |
Call Date | Not Applicable | ||
Amount | $ 2,056 | $ 2,061 | |
Fixed Rate - Advance Maturity Date 27-Jul-21 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jul. 27, 2021 | Jul. 27, 2021 | |
Coupon | 1.52% | 1.52% | |
Call Date | Not Applicable | ||
Amount | $ 249 | $ 249 | |
Fixed Rate - Advance Maturity Date 28-Jul-21 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jul. 28, 2021 | Jul. 28, 2021 | |
Coupon | 1.48% | 1.48% | |
Call Date | Not Applicable | ||
Amount | $ 249 | $ 249 | |
Fixed Rate - Advance Maturity Date 29-Jul-21 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jul. 29, 2021 | Jul. 29, 2021 | |
Coupon | 1.42% | 1.42% | |
Call Date | Not Applicable | ||
Amount | $ 249 | $ 249 | |
Fixed Rate -Advance Maturity Date 19-Aug-21 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Aug. 19, 2021 | Aug. 19, 2021 | |
Coupon | 1.55% | 1.55% | |
Call Date | Not Applicable | ||
Amount | $ 249 | $ 249 | |
Fixed Rate - Advance Maturity Date 7-Oct-21 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Oct. 7, 2021 | Oct. 7, 2021 | |
Coupon | 3.19% | 3.19% | |
Call Date | Not Applicable | ||
Amount | $ 2,084 | $ 2,089 | |
Fixed Rate - Advance Maturity Date 12-Oct-21 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Oct. 12, 2021 | Oct. 12, 2021 | |
Coupon | 3.23% | 3.23% | |
Call Date | Not Applicable | ||
Amount | $ 2,079 | $ 2,084 | |
Fixed Rate - Advances 20-Oct-21 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Oct. 20, 2021 | Oct. 20, 2021 | |
Coupon | 2.12% | 2.12% | |
Call Date | Not Applicable | ||
Amount | $ 4,000 | $ 0 | |
Fixed Rate - Advance Maturity Date 6 Jun 22 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Jun. 6, 2022 | Jun. 6, 2022 | |
Coupon | 2.05% | 2.05% | |
Call Date | Not Applicable | ||
Amount | $ 10,000 | $ 10,000 | |
Fixed Rate - Advances 6-Sep-22 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Sep. 6, 2022 | Sep. 6, 2022 | |
Coupon | 1.94% | 1.94% | |
Call Date | Not Applicable | ||
Amount | $ 249 | $ 249 | |
Fixed Rate - Advances 22-Sep-22 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Sep. 22, 2022 | Sep. 22, 2021 | |
Coupon | 2.11% | 2.11% | |
Call Date | Not Applicable | ||
Amount | $ 5,000 | $ 5,000 | |
Fixed Rate - Advances 12-Oct-22 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Oct. 12, 2022 | Oct. 12, 2022 | |
Coupon | 2.22% | 2.22% | |
Call Date | Not Applicable | ||
Amount | $ 3,000 | $ 0 | |
Fixed Rate - Advances 17-Oct-22 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Oct. 17, 2022 | Oct. 17, 2022 | |
Coupon | 2.18% | 2.18% | |
Call Date | Not Applicable | ||
Amount | $ 3,000 | $ 0 | |
Fixed Rate - Advances 26-Oct-22 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Oct. 26, 2022 | Oct. 26, 2022 | |
Coupon | 2.29% | 2.29% | |
Call Date | Not Applicable | ||
Amount | $ 3,000 | $ 0 | |
Fixed Rate - Advances 31-Oct-22 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Oct. 31, 2022 | Oct. 31, 2022 | |
Coupon | 2.30% | 2.30% | |
Call Date | Not Applicable | ||
Amount | $ 2,000 | $ 0 | |
Fixed Rate - Advances 13-Dec-22 | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Maturity Date | Dec. 13, 2022 | Dec. 13, 2022 | |
Coupon | 2.44% | 2.44% | |
Call Date | Not Applicable | ||
Amount | $ 4,000 | $ 0 | |
Fixed Rate Advances | Long-term | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Amount | $ 95,680 | $ 88,795 | |
[1] | Weighted average coupon rate |
DERIVATIVES (Details)
DERIVATIVES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2017 | |
Derivative [Line Items] | ||
Unrealized Gain | $ 546 | $ 502 |
Interest rate swap contract | ||
Derivative [Line Items] | ||
Notional Amount | $ 10,000 | $ 10,000 |
Pay Rate | 1.15% | 1.15% |
Receive Rate | 1 Month Libor | 1 Mth Libor |
Maturity Date | Apr. 6, 2021 | Apr. 6, 2021 |
Unrealized Gain | $ 267 | $ 217 |
Interest rate swap contract | ||
Derivative [Line Items] | ||
Notional Amount | $ 10,000 | $ 10,000 |
Pay Rate | 1.18% | 1.18% |
Receive Rate | 1 Month Libor | 1 Mth Libor |
Maturity Date | Jun. 13, 2021 | Jun. 13, 2021 |
Unrealized Gain | $ 279 | $ 223 |
Interest rate swap contracts | ||
Derivative [Line Items] | ||
Notional Amount | $ 1,100 | $ 1,100 |
Pay Rate | 4.10% | 4.10% |
Receive Rate | 1 Month Libor +276 bp | 1 Mth Libor +276 bp |
Maturity Date | Aug. 1, 2026 | Aug. 1, 2026 |
Unrealized Gain | $ 0 | $ 62 |
DERIVATIVES (Detail Textuals)
DERIVATIVES (Detail Textuals) - USD ($) | 3 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | |
Financing Receivable, Allowance For Credit Losses [Line Items] | |||
Interest rate swap agreements outstanding amount | $ 20,000,000 | $ 20,000,000 | |
Income recognized as ineffectiveness through earnings | 42,000 | $ 0 | |
Income recognized through earnings | 13,000 | $ 0 | |
Commercial loans | |||
Financing Receivable, Allowance For Credit Losses [Line Items] | |||
Interest rate swap designated as a fair value hedge | $ 1,100,000 | $ 1,100,000 |
INCOME TAXES - Items that gave
INCOME TAXES - Items that gave rise to significant portions of deferred income taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Deferred tax assets: | ||
Allowance for loan losses | $ 1,344 | $ 1,675 |
Nonaccrual interest | 249 | 349 |
Accrued vacation | 7 | 12 |
Capital loss carryforward | 300 | 476 |
Split dollar life insurance | 10 | 15 |
Post-retirement benefits | 60 | 98 |
Unrealized losses on available for sale securities | 584 | 569 |
Deferred compensation | 912 | 1,439 |
Goodwill | 89 | 148 |
Purchase accounting adjustments | 198 | 731 |
Other | 50 | 254 |
Employee benefit plans | 97 | 90 |
Total deferred tax assets | 3,900 | 5,856 |
Valuation allowance | (239) | (378) |
Total deferred tax assets, net of valuation allowance | 3,661 | 5,478 |
Deferred tax liabilities: | ||
Property | 199 | 332 |
Unrealized gains on interest rate swaps | 115 | 171 |
Deferred loan fees | 511 | 884 |
Total deferred tax liabilities | 825 | 1,387 |
Net deferred tax assets | $ 2,836 | $ 4,091 |
INCOME TAXES - The income tax e
INCOME TAXES - The income tax expense differs from that computed at the statutory federal corporate tax rate (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Tax at statutory rate | $ 557 | $ 374 |
Adjustments resulting from: | ||
Write-down of deferred tax asset, amount | 1,756 | 0 |
Tax exempt income, amount | (33) | (6) |
Income from bank owned life insurance, amount | (40) | (57) |
Employee benefit plans, amount | 21 | 68 |
Other, amount | 3 | (9) |
Income tax expense | $ 2,264 | $ 370 |
Tax at statutory rate, percentage of pretax income | 24.25% | 34.00% |
Adjustments resulting from: | ||
Write-down of deferred tax asset, Percentage of Pretax Income | 76.41% | 0.00% |
Tax exempt income, percentage of pretax income | (1.44%) | (0.54%) |
Income from bank owned life insurance, percentage of pretax income | (1.74%) | (5.19%) |
Employee benefit plans, percentage of pretax income | 0.91% | 6.17% |
Other, percentage of pretax income | 0.13% | (0.83%) |
Income tax expense, percentage of pretax income | 98.52% | 33.61% |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) - USD ($) | 3 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | |
Income Taxes [Line Items] | |||
Valuation allowance | $ 239,000 | $ 378,000 | |
Income tax expense | 2,264,000 | $ 370,000 | |
TCJA remeasurement of deferred tax assets | $ 1,800,000 | ||
Tax cuts and jobs act (TCGA) expense | $ 370,000 | ||
Effective income tax rate | 98.52% | 33.61% | |
Tax at statutory rate | 24.25% | 34.00% | |
January 1, 2018 | |||
Income Taxes [Line Items] | |||
Tax at statutory rate | 21.00% | ||
October 1, 2018 | |||
Income Taxes [Line Items] | |||
Tax at statutory rate | 21.00% |
STOCK COMPENSATION PLANS - Summ
STOCK COMPENSATION PLANS - Summary of non-vested stock award activity (Details) - $ / shares | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Shares | ||
Nonvested stock awards at October 1 | 142,594 | 172,788 |
Granted | 0 | 0 |
Forfeited | (3,736) | 0 |
Vested | 0 | 0 |
Nonvested stock awards at the December 31 | 138,858 | 172,788 |
Weighted Average Grant Date Per Share Fair Value | ||
Nonvested stock awards at October 1 | $ 12.79 | $ 12.03 |
Granted | 0 | 0 |
Forfeited | 11.84 | 0 |
Vested | 0 | 0 |
Nonvested stock awards at the December 31 | $ 12.82 | $ 12.03 |
STOCK COMPENSATION PLANS - Su64
STOCK COMPENSATION PLANS - Summary of status of stock options under Stock Option Plan (Details 1) - 2008 Option Plan and 2014 SIP - Stock Options - $ / shares | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Shares | ||
Outstanding at October 1 | 922,564 | 921,909 |
Granted | 0 | 0 |
Exercised | (22,171) | 0 |
Forfeited | (8,364) | 0 |
Outstanding at December 31 | 892,029 | 921,909 |
Exercisable at December 31 | 524,267 | 467,397 |
Weighted Average Exercise Price | ||
Outstanding at October 1 | $ 12.04 | $ 11.70 |
Granted | 0 | 0 |
Exercised | 11.27 | 0 |
Forfeited | 11.76 | 0 |
Outstanding at December 31 | 12.28 | 11.70 |
Exercisable at December 31 | $ 11.47 | $ 11.40 |
STOCK COMPENSATION PLANS (Detai
STOCK COMPENSATION PLANS (Detail Textuals) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |
Aug. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares granted | 0 | 0 | |
2008 Recognition and Retention Plan ("2008 RRP") | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares purchased by RRP trust | 213,528 | ||
Value of shares purchased in open market by RRP trust | $ 2.5 | ||
Average price per share of common stock purchased in the open market | $ 11.49 | ||
Percentage of vesting per year | 20.00% | ||
Vesting period of awards granted | 5 years | ||
Number of shares granted | 7,473 |
STOCK COMPENSATION PLANS (Det66
STOCK COMPENSATION PLANS (Detail Textuals 1) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
May 31, 2017 | Mar. 31, 2017 | Aug. 31, 2016 | Feb. 28, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares granted | 0 | 0 | ||||
2008 Stock Option Plan (the "2008 Option Plan") | Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of vesting and exercisable per year | 20.00% | |||||
Vesting period of options | 5 years | |||||
Exercisable period of options after grant date | 10 years | |||||
Number of common stock available for issuance | 533,808 | |||||
Number of vested options | 524,287 | |||||
Number of shares granted | 18,867 | |||||
2014 Stock Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares granted | 24,717 | 3,027 | ||||
2014 Stock Incentive Plan | Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares for issuance pursuant to options | 714,145 | |||||
Number of shares granted | 283 | 22,828 | 8,633 | |||
2014 Stock Incentive Plan | Restricted stock awards or units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of common stock available for issuance | 285,655 | |||||
Number of shares granted | 17,128 | 235,500 | ||||
2008 RRP and 2014 SIP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares purchased for award | 605,000 | |||||
2008 RRP and 2014 SIP | Restricted stock awards or units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Recognized compensation expense | $ 151,000 | $ 134,000 | ||||
Additional compensation expense for shares awarded remained unrecognized | 1,300,000 | |||||
2008 Option Plan and 2014 SIP | Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Recognized compensation expense | 137,000 | $ 130,000 | ||||
Additional compensation expense for options awarded remained unrecognized | $ 1,200,000 | |||||
Weighted average period for recognition of nonvested awards | 2 years 9 months 18 days |
STOCK COMPENSATION PLANS (Det67
STOCK COMPENSATION PLANS (Detail Textuals 2) - 2008 Option Plan and 2014 SIP - Stock Options | 3 Months Ended |
Dec. 31, 2017$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average remaining contractual term for options outstanding | 4 years |
Granted in fiscal 2009 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated fair value of options granted per share | $ 2.98 |
Granted in fiscal 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated fair value of options granted per share | 2.92 |
Granted in fiscal 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated fair value of options granted per share | 3.34 |
Granted in fiscal 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated fair value of options granted per share | 4.67 |
Granted in fiscal 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated fair value of options granted per share | 4.58 |
Granted in fiscal 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated fair value of options granted per share | $ 2.13 |
Fair value, valuation method | Black-Scholes pricing model |
Exercise price and fair value | $ 14.42 |
Expected term | 7 years |
Volatility rate | 13.82% |
Expected interest rate | 1.36% |
Expected yield | 0.80% |
Granted in fiscal 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated fair value of options granted per share | $ 3.18 |
Fair value, valuation method | Black-Scholes pricing model |
Expected term | 7 years |
Volatility rate | 14.37% |
Expected interest rate | 2.22% |
Expected yield | 0.69% |
Granted in fiscal 2017 | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price and fair value | $ 18.39 |
Granted in fiscal 2017 | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price and fair value | $ 17.43 |
COMMITMENTS AND CONTINGENT LI68
COMMITMENTS AND CONTINGENT LIABILITIES (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2017 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Exposure related to loans sold to FHLB | $ 1,700 | |
Aggregate undisbursed portion of loans-in-process | 60,566 | $ 73,858 |
Loan Origination Commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Exposure related to loans sold to FHLB | 56,600 | 45,900 |
Aggregate undisbursed portion of loans-in-process | $ 60,600 | $ 73,900 |
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] | ||
Exposure related to loans sold to FHLB | $ 6,800 | $ 7,400 |
Letters of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Exposure related to loans sold to FHLB | $ 1,800 | $ 1,400 |
FAIR VALUE MEASUREMENT - Assets
FAIR VALUE MEASUREMENT - Assets measured at fair value on recurring basis (Details) - Fair Value, Measurements, Recurring - Fair Value - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Assets: | ||
Assets, total | $ 215,171 | $ 178,904 |
Level 1 | ||
Assets: | ||
Assets, total | 67 | 76 |
Level 2 | ||
Assets: | ||
Assets, total | 215,104 | 178,828 |
Level 3 | ||
Assets: | ||
Assets, total | 0 | 0 |
U.S. Government and agency obligations | ||
Assets: | ||
Assets, total | 25,497 | 25,799 |
U.S. Government and agency obligations | Level 1 | ||
Assets: | ||
Assets, total | 0 | 0 |
U.S. Government and agency obligations | Level 2 | ||
Assets: | ||
Assets, total | 25,497 | 25,799 |
U.S. Government and agency obligations | Level 3 | ||
Assets: | ||
Assets, total | 0 | 0 |
Mortgage-backed securities - U.S. government agencies | ||
Assets: | ||
Assets, total | 132,290 | 118,127 |
Mortgage-backed securities - U.S. government agencies | Level 1 | ||
Assets: | ||
Assets, total | 0 | 0 |
Mortgage-backed securities - U.S. government agencies | Level 2 | ||
Assets: | ||
Assets, total | 132,290 | 118,127 |
Mortgage-backed securities - U.S. government agencies | Level 3 | ||
Assets: | ||
Assets, total | 0 | 0 |
Corporate bonds | ||
Assets: | ||
Assets, total | 56,716 | 34,400 |
Corporate bonds | Level 1 | ||
Assets: | ||
Assets, total | 0 | 0 |
Corporate bonds | Level 2 | ||
Assets: | ||
Assets, total | 56,716 | 34,400 |
Corporate bonds | Level 3 | ||
Assets: | ||
Assets, total | 0 | 0 |
FHLMC preferred stock | ||
Assets: | ||
Assets, total | 67 | 76 |
FHLMC preferred stock | Level 1 | ||
Assets: | ||
Assets, total | 67 | 76 |
FHLMC preferred stock | Level 2 | ||
Assets: | ||
Assets, total | 0 | 0 |
FHLMC preferred stock | Level 3 | ||
Assets: | ||
Assets, total | 0 | 0 |
Interest rate swap contracts | ||
Assets: | ||
Assets, total | 601 | 502 |
Interest rate swap contracts | Level 1 | ||
Assets: | ||
Assets, total | 0 | 0 |
Interest rate swap contracts | Level 2 | ||
Assets: | ||
Assets, total | 601 | 502 |
Interest rate swap contracts | Level 3 | ||
Assets: | ||
Assets, total | $ 0 | $ 0 |
FAIR VALUE MEASUREMENT - Change
FAIR VALUE MEASUREMENT - Changes in level 3 assets measured at fair value (Details 1) - Fair Value, Measurements, Nonrecurring - Fair Value - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 23,923 | $ 19,665 |
Real estate owned | 363 | 192 |
Total | 24,286 | 19,857 |
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 | 23,923 | 19,665 |
Real estate owned | 363 | 192 |
Total | $ 24,286 | $ 19,857 |
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 - Fair Value - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2017 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 24,286 | $ 19,857 | |
Level 3 | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | 24,286 | 19,857 | |
Level 3 | Impaired loan | Property Appraisals Valuation Technique | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 23,923 | $ 19,665 | |
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% | 57.00% | |
Level 3 | Impaired loan | Property Appraisals Valuation Technique | Weighted Average | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Management discount rate | 7.00% | 7.00% | |
Level 3 | Real estate owned | Property Appraisals Valuation Technique | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 363 | $ 192 | |
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 - Asse72
FAIR VALUE MEASUREMENT - Assets measured at fair value on a non-recurring basis and the adjustments to the carrying value (Details 3) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Assets: | ||||
Cash and cash equivalents | $ 16,659 | $ 27,903 | $ 8,068 | $ 12,440 |
Certificates of deposit | 1,604 | 1,604 | ||
Investment and mortgage-backed securities available for sale | 214,570 | 178,402 | ||
Investment and mortgage-backed securities held to maturity | 63,377 | 61,284 | ||
Loans receivable, net | 579,987 | 571,343 | ||
Accrued interest receivable | 3,452 | 2,825 | ||
Federal Home Loan Bank stock | 6,859 | 6,002 | ||
Bank owned life insurance | 28,212 | 28,048 | ||
Interest rate swap contracts | 601 | 502 | ||
Liabilities: | ||||
Checking accounts | 58,336 | 59,956 | ||
Money market deposit accounts | 71,484 | 48,797 | ||
Passbook, club and statement savings accounts | 106,146 | 101,743 | ||
Certificates of deposit | 416,066 | 394,325 | ||
Advances from FHLB short-term | 30,000 | 20,000 | ||
Advances from FHLB long-term | 106,916 | 94,318 | ||
Accrued interest payable | 641 | 1,933 | ||
Advances from borrowers for taxes and insurance | 3,498 | 2,207 | ||
Fair Value | ||||
Assets: | ||||
Cash and cash equivalents | 16,659 | 27,903 | ||
Certificates of deposit | 1,604 | 1,604 | ||
Investment and mortgage-backed securities available for sale | 214,570 | 178,402 | ||
Investment and mortgage-backed securities held to maturity | 62,156 | 60,179 | ||
Loans receivable, net | 580,226 | 575,876 | ||
Accrued interest receivable | 3,452 | 2,825 | ||
Federal Home Loan Bank stock | 6,859 | 6,002 | ||
Bank owned life insurance | 28,212 | 28,048 | ||
Interest rate swap contracts | 601 | 502 | ||
Liabilities: | ||||
Checking accounts | 58,336 | 59,956 | ||
Money market deposit accounts | 71,484 | 48,797 | ||
Passbook, club and statement savings accounts | 106,146 | 101,743 | ||
Certificates of deposit | 420,294 | 398,078 | ||
Advances from FHLB short-term | 30,000 | 20,000 | ||
Advances from FHLB long-term | 106,147 | 93,579 | ||
Accrued interest payable | 641 | 1,933 | ||
Advances from borrowers for taxes and insurance | 3,498 | 2,207 | ||
Level 1 | Fair Value | ||||
Assets: | ||||
Cash and cash equivalents | 16,659 | 27,903 | ||
Certificates of deposit | 1,604 | 1,604 | ||
Investment and mortgage-backed securities available for sale | 67 | 76 | ||
Investment and mortgage-backed securities held to maturity | 0 | 0 | ||
Loans receivable, net | 0 | 0 | ||
Accrued interest receivable | 3,452 | 2,825 | ||
Federal Home Loan Bank stock | 6,859 | 6,002 | ||
Bank owned life insurance | 28,212 | 28,048 | ||
Interest rate swap contracts | 0 | 0 | ||
Liabilities: | ||||
Checking accounts | 58,336 | 59,956 | ||
Money market deposit accounts | 71,484 | 48,797 | ||
Passbook, club and statement savings accounts | 106,146 | 101,743 | ||
Certificates of deposit | 0 | 0 | ||
Advances from FHLB short-term | 30,000 | 20,000 | ||
Advances from FHLB long-term | 0 | 0 | ||
Accrued interest payable | 641 | 1,933 | ||
Advances from borrowers for taxes and insurance | 3,498 | 2,207 | ||
Level 2 | Fair Value | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Certificates of deposit | 0 | 0 | ||
Investment and mortgage-backed securities available for sale | 214,503 | 178,326 | ||
Investment and mortgage-backed securities held to maturity | 62,156 | 60,179 | ||
Loans receivable, net | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Federal Home Loan Bank stock | 0 | 0 | ||
Bank owned life insurance | 0 | 0 | ||
Interest rate swap contracts | 601 | 502 | ||
Liabilities: | ||||
Checking accounts | 0 | 0 | ||
Money market deposit accounts | 0 | 0 | ||
Passbook, club and statement savings accounts | 0 | 0 | ||
Certificates of deposit | 0 | 0 | ||
Advances from FHLB short-term | 0 | 0 | ||
Advances from FHLB long-term | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Advances from borrowers for taxes and insurance | 0 | 0 | ||
Level 3 | Fair Value | ||||
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 | 580,226 | 575,876 | ||
Accrued interest receivable | 0 | 0 | ||
Federal Home Loan Bank stock | 0 | 0 | ||
Bank owned life insurance | 0 | 0 | ||
Interest rate swap contracts | 0 | 0 | ||
Liabilities: | ||||
Checking accounts | 0 | 0 | ||
Money market deposit accounts | 0 | 0 | ||
Passbook, club and statement savings accounts | 0 | 0 | ||
Certificates of deposit | 420,294 | 398,078 | ||
Advances from FHLB short-term | 0 | 0 | ||
Advances from FHLB long-term | 106,147 | 93,579 | ||
Accrued interest payable | 0 | 0 | ||
Advances from borrowers for taxes and insurance | $ 0 | $ 0 |
FAIR VALUE MEASUREMENT (Detail
FAIR VALUE MEASUREMENT (Detail Textuals) $ in Millions | Dec. 31, 2017USD ($) |
Financing Receivable, Impaired [Line Items] | |
Collateral dependent impaired loans, fair value | $ 23.9 |
GOODWILL AND OTHER INTANGIBLE74
GOODWILL AND OTHER INTANGIBLE ASSETS - Related to acquisition of Polonia Bancorp (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2017USD ($) | |
Goodwill [Roll Forward] | |
Balance, Goodwill | $ 6,102 |
Additions/Adjustments | 0 |
Balance, Goodwill | 6,102 |
Finite-lived Intangible Assets [Roll Forward] | |
Balance | 709 |
Balance | 672 |
Intangible Assets Net Including Goodwill [Roll Forward] | |
Balance, Total | 6,812 |
Additions/Adjustments | 0 |
Amortization | (37) |
Balance, Total | 6,774 |
Core deposit intangible | |
Finite-lived Intangible Assets [Roll Forward] | |
Balance | 710 |
Additions/Adjustments | 0 |
Amortization | (38) |
Balance | $ 672 |
Amortization Period | 10 years |
GOODWILL AND OTHER INTANGIBLE75
GOODWILL AND OTHER INTANGIBLE ASSETS - Future fiscal periods amortization expense (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,018 | $ 100 | |
2,019 | 123 | |
2,020 | 108 | |
2,021 | 93 | |
2,022 | 77 | |
Thereafter | 171 | |
Total | $ 672 | $ 709 |