Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2018 | Jan. 31, 2019 | |
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 | 8,897,508 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
ASSETS | ||
Cash and amounts due from depository institutions | $ 2,220 | $ 2,457 |
Interest-bearing deposits | 7,678 | 45,714 |
Total cash and cash equivalents | 9,898 | 48,171 |
Certificates of deposit | 1,604 | 1,604 |
Investment and mortgage-backed securities available for sale (amortized cost- December 31, 2018, $400,283; September 30, 2018, $316,719) | 393,152 | 306,187 |
Investment and mortgage-backed securities held to maturity (fair value- December 31, 2018, $54,969; September 30, 2018, $55,927) | 57,605 | 59,852 |
Equity securities (amortized cost December 31, 2018, $6) | 28 | |
Loans receivable-net of allowance for loan losses (December 31, 2018, $5,167; September 30, 2018, $5,167) | 588,511 | 602,932 |
Accrued interest receivable | 4,140 | 3,825 |
Real estate owned | 1,027 | 1,026 |
Restricted Bank stock | 10,081 | 7,585 |
Office properties and equipment-net | 7,310 | 7,439 |
Bank owned life insurance | 28,048 | 28,691 |
Deferred tax assets-net | 4,216 | 4,655 |
Goodwill | 6,102 | 6,102 |
Core deposit intangible | 538 | 571 |
Prepaid expenses and other assets | 2,902 | 2,530 |
TOTAL ASSETS | 1,115,162 | 1,081,170 |
Deposits: | ||
Noninterest-bearing | 14,306 | 13,677 |
Interest-bearing | 738,057 | 770,581 |
Total deposits | 752,363 | 784,258 |
Advances from Federal Home Loan Bank (short-term) | 68,500 | 10,000 |
Advances from Federal Home Loan Bank (long-term) | 148,901 | 144,683 |
Accrued interest payable | 1,557 | 3,232 |
Advances from borrowers for taxes and insurance | 3,410 | 2,083 |
Accounts payable and accrued expenses | 9,753 | 8,505 |
Total liabilities | 984,484 | 952,761 |
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 8,892,964 outstanding at December 31, 2018; 10,819,006 issued and 8,987,356 outstanding at September 30, 2018 | 108 | 108 |
Additional paid-in capital | 118,621 | 118,345 |
Treasury stock, at cost: 1,926,042 shares at December 31, 2018 and 1,831,650 shares at September 30, 2018 | (29,399) | (27,744) |
Retained earnings | 47,381 | 45,854 |
Accumulated other comprehensive loss | (6,033) | (8,154) |
Total stockholders' equity | 130,678 | 128,409 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,115,162 | $ 1,081,170 |
UNAUDITED CONSOLIDATED STATEM_2
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Statement Of Financial Position [Abstract] | ||
Investment and mortgage-backed securities available for sale, amortized cost (in dollars) | $ 400,283 | $ 316,719 |
Investment and mortgage-backed securities held to maturity, fair value (in dollars) | 54,969 | 55,927 |
Equity securities, amortized cost (in dollars) | 6 | |
Allowance for loan losses on loans receivable (in dollars) | $ 5,167 | $ 5,167 |
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 | 8,892,964 | 8,987,356 |
Number of treasury share purchased | 1,926,042 | 1,831,650 |
UNAUDITED CONSOLIDATED STATEM_3
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
INTEREST INCOME: | ||
Interest on loans | $ 6,462 | $ 6,107 |
Interest on mortgage-backed securities | 1,755 | 842 |
Interest and dividends on investments | 1,532 | 949 |
Interest on interest-bearing assets | 252 | 138 |
Total interest income | 10,001 | 8,036 |
INTEREST EXPENSE: | ||
Interest on deposits | 3,040 | 1,412 |
Interest on advances from Federal Home Loan Bank (short-term) | 67 | 82 |
Interest on advances from Federal Home Loan Bank (long-term) | 879 | 406 |
Total interest expense | 3,986 | 1,900 |
NET INTEREST INCOME | 6,015 | 6,136 |
PROVISION FOR LOAN LOSSES | 0 | 210 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 6,015 | 5,926 |
NON-INTEREST INCOME: | ||
Fees and other service charges | 178 | 167 |
Income from bank owned life insurance | 154 | 164 |
Other | 48 | 84 |
Total non-interest income | 380 | 415 |
NON-INTEREST EXPENSE: | ||
Salaries and employee benefits | 2,174 | 1,974 |
Data processing | 183 | 176 |
Professional services | 401 | 792 |
Office occupancy | 238 | 271 |
Depreciation | 155 | 156 |
Director compensation | 65 | 59 |
Advertising | 81 | 60 |
Core deposit amortization | 33 | 37 |
Other | 662 | 518 |
Total non-interest expense | 3,992 | 4,043 |
INCOME BEFORE INCOME TAXES | 2,403 | 2,298 |
INCOME TAXES: | ||
Current expense | 559 | 648 |
Deferred tax (benefit) expense | (130) | 1,616 |
Total income tax expense | 429 | 2,264 |
NET INCOME | $ 1,974 | $ 34 |
BASIC EARNINGS PER SHARE (in dollars per share) | $ 0.220 | $ 0.004 |
DILUTED EARNINGS PER SHARE (in dollars per share) | 0.220 | 0.004 |
DIVIDENDS PER SHARE (in dollars per share) | $ 0.05 | $ 0.20 |
UNAUDITED CONSOLIDATED STATEM_4
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Other Comprehensive Income [Abstract] | ||
Net income | $ 1,974 | $ 34 |
Unrealized holding gains (losses) on available-for-sale securities | 3,424 | (1,107) |
Tax effect | (719) | 376 |
Unrealized holding (losses) gains on interest rate swaps | (739) | 44 |
Tax effect | 155 | (15) |
Total other comprehensive income (loss) | 2,121 | (702) |
Comprehensive income (loss) | $ 4,095 | $ (668) |
UNAUDITED CONSOLIDATED STATEM_5
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional paid-in capital | Treasury Stock | Retained earnings | Accumulated Other Comprehensive Loss | Total |
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 income (loss) | (702) | (702) | ||||
Dividends paid ($0.05, $0.20 per share for December 31, 2018 and December 31, 2017, respectively) | (1,796) | (1,796) | ||||
Purchase of Treasury Stock (96,165 shares and 48,541 shares for December 31, 2018 and December 31, 2017 respectively) | (898) | (898) | ||||
Treasury Stock used for employee benefit plans (1,773 shares and 22,171 shares for December 31, 2018 and for December 31, 2017 respectively) | 309 | 309 | ||||
Stock option expense | 169 | 169 | ||||
Restricted shares award 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 |
BALANCE at Sep. 30, 2018 | 108 | 118,345 | (27,744) | 45,854 | (8,154) | 128,409 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 1,974 | 1,974 | ||||
Other comprehensive income (loss) | 2,121 | 2,121 | ||||
Dividends paid ($0.05, $0.20 per share for December 31, 2018 and December 31, 2017, respectively) | (447) | (447) | ||||
Purchase of Treasury Stock (96,165 shares and 48,541 shares for December 31, 2018 and December 31, 2017 respectively) | (1,687) | (1,687) | ||||
Treasury Stock used for employee benefit plans (1,773 shares and 22,171 shares for December 31, 2018 and for December 31, 2017 respectively) | (32) | 32 | ||||
Stock option expense | 151 | 151 | ||||
Restricted shares award expense | 157 | 157 | ||||
BALANCE at Dec. 31, 2018 | $ 108 | $ 118,621 | $ (29,399) | $ 47,381 | $ (6,033) | $ 130,678 |
UNAUDITED CONSOLIDATED STATEM_6
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividends paid (in dollars per share) | $ 0.05 | $ 0.20 |
Purchase of treasury stock | 96,165 | 48,541 |
Treasury stock used for employee benefit plan | 1,773 | 22,171 |
UNAUDITED CONSOLIDATED STATEM_7
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES: | ||
Net income | $ 1,974 | $ 34 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 155 | 156 |
Net (accretion) amortization of premiums/discounts | (435) | 53 |
Provision for loan losses | 0 | 210 |
Net amortization of deferred loan fees and costs | (7) | 3 |
Share-based compensation expense for stock options and awards | 308 | 288 |
Income from bank owned life insurance | (154) | (164) |
Deferred income tax (benefit) expense | (130) | 1,616 |
Changes in assets and liabilities which used cash: | ||
Accrued interest receivable | (315) | (627) |
Accrued interest payable | (1,675) | (1,292) |
Net other | 253 | 24 |
Net cash (used in) provided by operating activities | (26) | 301 |
INVESTING ACTIVITIES: | ||
Purchase of investment and mortgage-backed securities available for sale | (86,650) | (40,641) |
Purchase of investment securities held for maturity | (2,458) | |
Loans originated or acquired | (30,865) | (28,346) |
Principal collected on loans | 45,430 | 19,475 |
Principal payments received on investment and mortgage-backed securities: | ||
Held-to-maturity | 2,230 | 345 |
Available-for-sale | 3,978 | 3,332 |
Purchase of FHLB stock | (3,270) | (857) |
Proceeds from redemption of Federal Home Loan Bank stock | 774 | |
Purchases of equipment | (26) | (63) |
Net cash used in investing activities | (68,399) | (49,213) |
FINANCING ACTIVITIES: | ||
Net decrease in demand deposits, NOW accounts, and savings accounts | (3,125) | (5,691) |
Net (decrease) increase in certificates of deposit | (28,716) | 21,741 |
Net proceeds from FHLB advances (short-term) | 58,500 | 10,000 |
Proceeds from FHLB advances (long-term) | 23,500 | 26,000 |
Repayment of FHLB advances (long-term) | (19,232) | (13,287) |
Increase in advances from borrowers for taxes and insurance | 1,327 | 1,290 |
Cash dividends paid | (447) | (1,796) |
Treasury stock used for employee benefit plans | 32 | 309 |
Purchase of treasury stock | (1,687) | (898) |
Net cash provided by financing activities | 30,152 | 37,668 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (38,273) | (11,244) |
CASH AND CASH EQUIVALENTS - Beginning of period | 48,171 | 27,903 |
CASH AND CASH EQUIVALENTS - End of period | 9,898 | 16,659 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest paid on deposits and advances from Federal Home Loan Bank | 5,661 | 3,192 |
Income taxes paid | ||
SUPPLEMENTAL DISCLOSURE OF NONCASH ITEMS: | ||
Real estate acquired in settlement of loans | $ 171 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Dec. 31, 2018 | |
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 nine additional full-service branch offices. Eight 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 10 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 — Recently Adopted Accounting Pronouncements Effective October 1, 2018, the Company adopted ASU 2014-09 Revenue from Contracts with Customers – Topic 606 Management determined that the primary sources of revenue emanating from interest and dividend income on loans and securities along with noninterest revenue resulting from investment security gains, loan servicing, gains on the sale of loans, commitment fees, fees from financial guarantees, certain credit cards fees, and income on bank-owned life insurance are not within the scope of ASC 606. As a result, no changes were made during the period related to these sources of revenue, which cumulatively comprise 98 percent of the total revenue of the Company. Services within the scope of ASC 606 include income from service charges on deposit accounts, other service income, ATM fees and gain on sale of OREO, net. For these accounts, fees are related to specific customer transactions and are attributable to specific performance obligations of the Bank where the revenue is recognized at a defined point in time, completion of the requested service/transaction. ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities Recent Accounting Pronouncements 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 March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20). In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718) In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes the Disclosure Requirements for Fair Value Measurements |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 Basic Diluted Basic Diluted (Dollars in Thousands, Except Per Share Data) Net income $ 1,974 $ 1,974 $ 34 $ 34 Weighted average shares outstanding 8,804,096 8,804,096 8,855,116 8,855,116 Effect of common stock equivalents - 189,276 - 357,871 Adjusted weighted average shares used in earnings per share computation 8,804,096 8,993,372 8,855,116 9,212,987 Earnings per share - basic and diluted $ 0.22 $ 0.22 $ 0.004 $ 0.004 As of December 31, 2018 and 2017, there were 666,526 and 890,616 shares of common stock, respectively, subject to options with an exercise price less than the then current market and which were included in the computation of diluted earnings per share. At December 31, 2018 and 2017, there were 198,084 and 1,413 shares that had exercise prices greater than the current market value and were considered anti-dilutive at such dates. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 3 Months Ended |
Dec. 31, 2018 | |
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, 2018 2018 2018 2017 2017 2017 Unrealized Unrealized gain(loss) Total accumulated Unrealized Unrealized gain(loss) Total accumulated Beginning balance, October 1 $ (8,320 ) $ 166 $ (8,154 ) $ (1,091 ) $ 331 $ (760 ) Other comprehensive (loss)income before reclassification 2,705 (584 ) 2,121 (731 ) 29 (702 ) Total (5,615 ) (418 ) (6,033 ) (1,822 ) 360 (1,462 ) Reclassification due to change in federal income tax rate - - - (303 ) - (303 ) Ending balance, December 31 $ (5,615 ) $ (418 ) $ (6,033 ) $ (2,125 ) $ 360 $ (1,765 ) (a) All amounts are net of tax. Amounts in parentheses indicate losses. |
INVESTMENT AND MORTGAGE-BACKED
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 3 Months Ended |
Dec. 31, 2018 | |
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, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) Securities Available for Sale: U.S. government and agency obligations $ 25,280 $ - $ (816 ) $ 24,464 State and political subdivisions 22,717 69 (848 ) 21,938 Mortgage-backed securities - U.S. government agencies 272,717 1,029 (4,495 ) 269,251 Corporate bonds 79,569 260 (2,330 ) 77,499 Total debt securities available for sale 400,283 1,358 (8,489 ) 393,152 Total securities available for sale $ 400,283 $ 1,358 $ (8,489 ) $ 393,152 Securities Held to Maturity: U.S. government and agency obligations $ 31,500 $ 102 $ (2,507 ) $ 29,095 Mortgage-backed securities - U.S. government agencies 5,556 135 (80 ) 5,611 State and political subdivisions 20,549 58 (344 ) 20,263 Total securities held to maturity $ 57,605 $ 295 $ (2,931 ) $ 54,969 September 30, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) Securities Available for Sale: U.S. government and agency obligations $ 25,562 $ - $ (1,391 ) $ 24,171 State and political subdivisions 22,078 - (542 ) 21,536 Mortgage-backed securities - U.S. government agencies 193,451 77 (6,168 ) 187,360 Corporate debt securities 75,622 - (2,539 ) 73,083 Total debt securities available for sale 316,713 77 (10,640 ) 306,150 FHLMC preferred stock 6 31 - 37 Total securities available for sale $ 316,719 $ 108 $ (10,640 ) $ 306,187 Securities Held to Maturity: U.S. government and agency obligations $ 33,500 $ 85 $ (3,311 ) $ 30,274 State and political subdivisions 20,574 2 (696 ) 19,880 Mortgage-backed securities - U.S. government agencies 5,778 148 (153 ) 5,773 Total securities held to maturity $ 59,852 $ 235 $ (4,160 ) $ 55,927 As of December 31, 2018, the Bank maintained $142.0 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, 2018: 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 $ - $ - $ (816 ) $ 24,464 $ (816 ) $ 24,464 Mortgage-backed securities - US government agencies (638 ) 65,310 (3,857 ) 93,540 (4,495 ) 158,850 State and political subdivisions (848 ) 16,552 - - (848 ) 16,552 Corporate bonds (136 ) 14,780 (2,194 ) 44,850 (2,330 ) 59,630 Total securities available for sale $ (1,622 ) $ 96,642 $ (6,867 ) $ 162,854 $ (8,489 ) $ 259,496 Securities Held to Maturity: U.S. government and agency obligations $ - $ - $ (2,507 ) $ 27,993 $ (2,507 ) $ 27,993 Mortgage-backed securities - US government agencies (80 ) 2,095 - - (80 ) 2,095 State and political subdivisions (344 ) 11,475 - - (344 ) 11,475 Total securities held to maturity $ (424 ) $ 13,570 $ (2,507 ) $ 27,993 $ (2,931 ) $ 41,563 Total $ (2,046 ) $ 110,212 $ (9,374 ) $ 190,847 $ (11,420 ) $ 301,059 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, 2018: 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 $ (89 ) $ 4,479 $ (1,302 ) $ 19,692 $ (1,391 ) $ 24,171 Mortgage-backed securities - US government agencies (1,821 ) 92,851 (4,347 ) 86,268 (6,168 ) 179,119 State and political subdivisions (542 ) 21,536 - - (542 ) 21,536 Corporate bonds (1,719 ) 58,753 (820 ) 14,330 (2,539 ) 73,083 Total securities available for sale $ (4,171 ) $ 177,619 $ (6,469 ) $ 120,290 $ (10,640 ) $ 297,909 Securities Held to Maturity: U.S. government and agency obligations $ - $ - $ (3,311 ) $ 27,190 $ (3,311 ) $ 27,190 Mortgage-backed securities - US government agencies (106 ) 2,630 (46 ) 930 (152 ) 3,560 State and political subdivisions (234 ) 11,238 (463 ) 6,618 (697 ) 17,856 Total securities held to maturity $ (340 ) $ 13,868 $ (3,820 ) $ 34,738 $ (4,160 ) $ 48,606 Total $ (4,511 ) $ 191,487 $ (10,289 ) $ 155,028 $ (14,800 ) $ 346,515 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, 2018 and 2017, 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, 2018 Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value (Dollars in Thousands) Due after one through five years $ 1,703 $ 1,702 $ 8,527 $ 8,334 Due after five through ten years 23,759 23,130 95,221 92,642 Due after ten years 26,587 24,526 23,818 22,925 Total $ 52,049 $ 49,358 $ 127,566 $ 123,901 During the three month periods ended December 31, 2018 and 2017, the Company did not sell any securities. |
LOANS RECEIVABLE
LOANS RECEIVABLE | 3 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
LOANS RECEIVABLE | 5. LOANS RECEIVABLE Loans receivable consist of the following: December 31, September 30, 2018 2018 (Dollars in Thousands) One-to-four family residential $ 322,525 $ 324,865 Multi-family residential 34,556 34,355 Commercial real estate 113,145 119,511 Construction and land development 147,669 160,228 Loans to financial institutions 6,000 6,000 Commercial business 17,474 17,792 Leases 1,472 1,687 Consumer 898 953 Total loans 643,739 665,391 Undisbursed portion of loans-in-process (47,190 ) (54,474 ) Deferred loan fees (2,871 ) (2,818 ) Allowance for loan losses (5,167 ) (5,167 ) Net loans $ 588,511 $ 602,932 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, 2018: One- to four - Multi-family Commercial real Construction Commercial Lans to Leases Consumer Unallocated Total (Dollars in Thousands) Allowance for Loan Losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,427 372 1,147 1,445 193 67 16 13 487 5,167 Total ending allowance balance $ 1,427 $ 372 $ 1,147 $ 1,445 $ 193 $ 67 $ 16 $ 13 $ 487 $ 5,167 Loans: Individually evaluated for impairment $ 5,234 $ 293 $ 2,208 $ 8,753 $ - $ - $ - $ 10 $ 16,498 Collectively evaluated for impairment 317,291 34,263 110,937 138,916 17,474 6,000 1,472 888 627,241 Total loans $ 322,525 $ 34,556 $ 113,145 $ 147,669 $ 17,474 $ 6,000 $ 1,472 $ 898 $ 643,739 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, 2018: One- to four - Multi-family Commercial real Construction Commercial Loanss to Leases Consumer Unallocated Total (Dollars in Thousands) Allowance for Loan Losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,343 347 1,154 1,554 187 64 18 18 482 5,167 Total ending allowance balance $ 1,343 $ 347 $ 1,154 $ 1,554 $ 187 $ 64 $ 18 $ 18 $ 482 $ 5,167 Loans: Individually evaluated for impairment $ 5,081 $ 298 $ 1,919 $ 8,750 $ - $ - $ - $ - $ 16,048 Collectively evaluated for impairment 319,784 34,057 117,592 151,478 17,792 6,000 1,687 953 649,343 Total loans $ 324,865 $ 34,355 $ 119,511 $ 160,228 $ 17,792 $ 6,000 $ 1,687 $ 953 $ 665,391 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, 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, 2018, segregated by those for which a specific allowance was required and those for which a specific allowance was not required. Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans (Dollars in Thousands) Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance One-to-four family residential $ - $ - $ 5,234 $ 5,234 $ 5,591 Multi-family residential - - 293 293 293 Commercial real estate - - 2,208 2,208 2,367 Construction and land development - - 8,753 8,753 11,134 Consumer - - 10 10 10 Total loans $ - $ - $ 16,498 $ 16,498 $ 19,395 The following table presents impaired loans by class as of September 30, 2018, segregated by those for which a specific allowance was required and those for which a specific allowance was not required. Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans (Dollars in Thousands) Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance One-to-four family residential $ - $ - $ 5,081 $ 5,081 $ 5,432 Multi-family - - 298 298 298 Commercial real estate - - 1,919 1,919 2,057 Construction and land development - - 8,750 8,750 11,131 Total loans $ - $ - $ 16,048 $ 16,048 $ 18,918 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, 2018 Average Income Income (Dollars in Thousands) One-to-four family residential $ 5,158 $ 15 $ 5 Multi-family residential 296 5 - Commercial real estate 2,064 10 1 Construction and land development 8,752 - - Consumer 5 - - Total loans $ 16,274 $ 30 $ 6 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 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, 2018 Special Total Pass Mention Substandard Loans (Dollars in Thousands) One-to-four family residential $ 315,040 $ 2,251 $ 5,234 $ 322,525 Multi-family residential 33,935 328 293 34,556 Commercial real estate 106,805 4,132 2,208 113,145 Construction and land development 138,916 - 8,753 147,669 Loans to financial institutions 6,000 - - 6,000 Commercial business 17,474 - - 17,474 Total loans $ 618,170 $ 6,711 $ 16,488 $ 641,369 September 30, 2018 Special Total Pass Mention Substandard Loans (Dollars in Thousands) One-to-four family residential $ 317,033 $ 2,751 $ 5,081 $ 324,865 Multi-family residential 34,057 - 298 34,355 Commercial real estate 115,670 1,922 1,919 119,511 Construction and land development 151,478 - 8,750 160,228 Loans to financial institutions 6,000 - - 6,000 Commercial business 17,792 - - 17,792 Total loans $ 642,030 $ 4,673 $ 16,048 $ 662,751 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, 2018 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 319,088 $ 3,437 $ 322,525 Leases 1,472 - 1,472 Consumer 898 - 898 Total loans $ 321,458 $ 3,437 $ 324,895 September 30, 2018 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 321,853 $ 3,012 $ 324,865 Leases 1,687 - 1,687 Consumer 953 - 953 Total loans $ 324,493 $ 3,012 $ 327,505 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, 2018 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 $ 317,547 $ 2,514 $ 2,464 $ 4,978 $ 322,525 $ 3,437 $ - Multi-family residential 34,395 161 - 161 34,556 - - Commercial real estate 111,727 88 1,330 1,418 113,145 1,478 - Construction and land development 138,916 - 8,753 8,753 147,669 8,753 - Commercial business 17,474 - - - 17,474 - - Loans to financial institutions 6,000 - - - 6,000 - - Leases 1,472 - - - 1,472 - - Consumer 841 57 - - 898 - - Total loans $ 628,372 $ 2,820 $ 12,547 $ 15,310 $ 643,739 $ 13,668 $ - September 30, 2018 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 $ 321,749 $ 1,037 $ 2,079 $ 3,116 $ 324,865 $ 3,012 $ - Multi-family residential 34,355 - - - 34,355 - - Commercial real estate 117,335 722 1,454 2,176 119,511 1,627 - Construction and land development 151,478 - 8,750 8,750 160,228 8,750 - Commercial business 17,792 - - - 17,792 - - Loans to financial institutions 6,000 - - - 6,000 - - Leases 1,687 - - - 1,687 - - Consumer 837 116 - 116 953 - - Total loans $ 651,233 $ 1,875 $ 12,283 $ 14,158 $ 665,391 $ 13,389 $ - 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, 2018 and 2017: Three Months Ended December 31, 2018 One- to Multi- Commercial Construction Commercial Loans to Leases Consumer Unallocated Total (Dollars in Thousands) ALLL balance at September 30, 2018 $ 1,343 $ 347 $ 1,154 $ 1,554 $ 187 $ 64 $ 18 $ 18 $ 482 $ 5,167 Charge-offs - - - - - - - - - - Recoveries - - - - - - - - - - Provision 84 25 (7 ) (109 ) 6 3 (2 ) (5 ) 5 - ALLL balance at December 31, 2018 $ 1,427 $ 372 $ 1,147 $ 1,445 $ 193 $ 67 $ 16 $ 13 $ 487 $ 5,167 Three Months Ended December 31, 2017 One- to Multi- Commercial Construction Commercial Loans to 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 The Company recorded no provision for loan losses in the three months period ended December 31, 2018, compared to $210,000 for the same period in 2017. At December 31, 2018, the Company had nine loans aggregating $6.0 million that were classified as troubled debt restructurings (“TDRs”). Five of such loans aggregating $644,000 as of December 31, 2018 were performing in accordance with the restructured terms and accruing interest. Three of the TDRs, totaling $4.9 million, which are classified as non-accrual are a part of a troubled lending relationship totaling $10.6 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 $445,000 loan secured by various commercial and residential properties. The Company did not restructure any loans during the three months ended December 31, 2018, while one loan was restructured with a balance of $77,000, during the three month period ended December 31, 2017. The restructuring entailed extending the loan maturity date to February 2018, at which time the loan was paid off. As of and for the Three months Ended December 31, 2017 Number of Pre- Post- (Dollars in Thousands) One-to-four family residential 1 $ 77 $ 77 1 $ 77 $ 77 No TDRs defaulted during the three month periods ending December 31, 2018 and 2017. |
DEPOSITS
DEPOSITS | 3 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
Deposits: | 6. DEPOSITS Deposits consist of the following major classifications: December 31, September 30, 2018 2018 Amount Percent Amount Percent (Dollars in Thousands) Money market deposit accounts $ 65,752 8.7 % $ 66,120 8.4 % Interest-bearing checking accounts 49,273 6.6 % 49,209 6.3 % Non interest-bearing checking accounts 14,306 1.9 % 13,620 1.7 % Passbook, club and statement savings 87,975 11.7 % 91,489 11.7 % Certificates maturing in six months or less 287,001 38.1 % 301,184 38.4 % Certificates maturing in more than six months 248,056 33.0 % 262,636 33.5 % Total $ 752,363 100.0 % $ 784,258 100.0 % Certificates of $250,000 and over totaled $50.9 million as of December 31, 2018 and $81.9 million as of September 30, 2018. |
ADVANCES FROM FEDERAL HOME LOAN
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM | 3 Months Ended |
Dec. 31, 2018 | |
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, 2018 and September 30, 2018 outstanding balances and related information of short-term borrowings from the FHLB are summarized follows: December 31, September 30, 2018 2018 Type Maturity Date Coupon Call Date Amount Amount (Dollars in Thousands) Fixed Rate - Repo Plus 12-Oct-18 2.31 % Not Applicable $ - $ 10,000 Weighted average rate 2.31 % Fixed Rate - Repo Plus 2-Jan-19 2.62 % Not Applicable $ 58,500 $ - Fixed Rate - Repo Plus 14-Jan-19 2.64 % Not Applicable 10,000 - Weighted average rate 2.62 % $ 68,500 $ 10,000 As of December 31, 2018 and September 30, 2018, included a $10.0 million 30 day FHLB advance associated with an interest rate swap contract with a weighted average effective cost of 270 basis points. The additional $58.5 million at December 31, 2018 consisted of an overnight borrowing to provide additional short-term liquidity. |
ADVANCES FROM FEDERAL HOME LO_2
ADVANCES FROM FEDERAL HOME LOAN BANK - LONG TERM | 3 Months Ended |
Dec. 31, 2018 | |
Advances from Federal Home Loan Banks [Abstract] | |
ADVANCES FROM FEDERAL HOME LOAN BANK - LONG TERM | 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, 2018 and September 30, 2018 are as follows: Lomg-term FHLB Weighted advances: Maturity range average interest Stated interest rate range December 31, September 30, Description from to rate from to 2018 2018 (Dollars in Thousands) Fixed Rate - Amortizing 1-Oct-18 30-Sep-19 1.53 % 1.53 % 1.53 % $ 1,290 $ 1,639 Fixed Rate - Amortizing 1-Oct-20 30-Sep-21 2.68 % 1.94 % 2.83 % 21,077 23,288 Fixed Rate - Amortizing 1-Oct-21 30-Sep-22 2.80 % 1.99 % 3.05 % 11,076 11,848 Fixed Rate - Amortizing 1-Oct-22 30-Sep-23 2.88 % 1.94 % 3.11 % 8,150 8,550 Total 2.72 % $ 41,593 $ 45,325 Fixed Rate - Advances 1-Oct-18 30-Sep-19 2.66 % 1.40 % 2.66 % $ 3,018 $ 18,528 Fixed Rate - Advances 1-Oct-19 30-Sep-20 2.62 % 1.38 % 3.06 % 12,389 12,413 Fixed Rate - Advances 1-Oct-20 30-Sep-21 2.45 % 1.42 % 2.92 % 3,032 3,037 Fixed Rate - Advances 1-Oct-21 30-Sep-22 2.28 % 1.94 % 3.23 % 23,369 23,380 Fixed Rate - Advances 1-Oct-22 30-Sep-23 2.70 % 2.18 % 3.15 % 37,000 37,000 Fixed Rate - Advances 1-Oct-23 30-Sep-24 3.13 % 2.98 % 3.20 % 28,500 5,000 Total 2.71 % $ 107,308 $ 99,358 2.71 % Total $ 148,901 $ 144,683 |
DERIVATIVES
DERIVATIVES | 3 Months Ended |
Dec. 31, 2018 | |
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. One of the swaps is a cash flow hedge associated with $10.0 million of FHLB advances at both December 31, 2018 and September 30, 2018, while there are two additional cash flow hedges tied to 90 day wholesale funding at December 31, 2018. These interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed rate payments. During the quarter ended December 31, 2018, $3,000 of expense was recognized as ineffectiveness through earnings, while $42,000 of income was recognized as ineffectiveness through earnings during the comparable period in 2017. There were nine interest rate swaps designated as fair value hedges involving the receipt of variable-rate payments from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements that were applicable to two loans and seven investment securities as of both December 31, 2018 and September 30, 2018. The fair value is recorded in the other assets section of the statement of financial condition. Below is a summary of the interest rate swap agreements and their terms as of December 31, 2018. Hedged Notional Pay Receive Maturity Unrealized Item Amount Rate Rate Date Loss (Dollars in thousands) Interest rate swap contract FHLB Advance $ 10,000 2.70 % 1 Mth Libor 10-Apr-25 $ (144 ) Interest rate swap contract State and political subdivision 1,705 3.06 % 3 Mth Libor 15-Feb-27 (51 ) Interest rate swap contract State and political subdivision 2,825 3.06 % 3 Mth Libor 1-Apr-27 (85 ) Interest rate swap contract State and political subdivision 5,000 3.07 % 3 Mth Libor 1-Jan-28 (154 ) Interest rate swap contract State and political subdivision 1,235 3.07 % 3 Mth Libor 1-Mar-28 (38 ) Interest rate swap contract State and political subdivision 4,500 3.07 % 3 Mth Libor 1-May-28 (139 ) Interest rate swap contract State and political subdivision 3,305 3.05 % 3 Mth Libor 1-Feb-27 (93 ) Interest rate swap contract State and political subdivision 3,000 3.06 % 3 Mth Libor 15-Oct-27 (90 ) Interest rate swap contract Commercial loan 8,300 5.74 % 1 Mth Libor +250 bp 13-Jun-25 - Interest rate swap contract Commercial loan 1,100 4.10 % 1 Mth Libor +276 bp 1-Aug-26 - Interest rate swap contract 90 Day wholesale funding 20,000 2.78 % 3 Mth Libor 11-Jan-24 (234 ) Interest rate swap contract 90 Day wholesale funding 15,000 2.75 % 3 Mth Libor 18-Jan-24 (150 ) Total $ (1,178 ) Below is a summary of the interest rate swap agreements and their terms as of September 30, 2018. Hedged Notional Pay Receive Maturity Unrealized Item Amount Rate Rate Date Gain (Loss) (Dollars in thousands) Interest rate swap contract FHLB Advance $ 10,000 2.70 % 1 Mth Libor 10-Apr-25 $ 35 Interest rate swap contract State and political subdivision 1,705 3.06 % 3 Mth Libor 15-Feb-27 (19 ) Interest rate swap contract State and political subdivision 2,825 3.06 % 3 Mth Libor 1-Apr-27 (31 ) Interest rate swap contract State and political subdivision 5,000 3.07 % 3 Mth Libor 1-Jan-28 (57 ) Interest rate swap contract State and political subdivision 1,235 3.07 % 3 Mth Libor 1-Mar-28 (14 ) Interest rate swap contract State and political subdivision 4,500 3.07 % 3 Mth Libor 1-May-28 (52 ) Interest rate swap contract State and political subdivision 3,305 3.05 % 3 Mth Libor 1-Feb-27 (32 ) Interest rate swap contract State and political subdivision 3,000 3.06 % 3 Mth Libor 15-Oct-27 (32 ) Interest rate swap contract Commercial loan 8,300 5.74 % 1 Mth Libor +250 bp 13-Jun-25 - Interest rate swap contract Commercial loan 1,100 4.10 % 1 Mth Libor +276 bp 1-Aug-26 - Total $ (202 ) All 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, 2018 | |
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, 2018 2018 (Dollars in Thousands) Deferred tax assets: Allowance for loan losses $ 1,447 $ 1,445 Nonaccrual interest 371 312 Accrued vacation 4 29 Capital loss carryforward 356 356 Split dollar life insurance 8 10 Post-retirement benefits 79 85 Unrealized losses on available for sale securities 1,492 2,212 Unrealized losses on interest rate swaps 111 - Deferred compensation 854 838 Goodwill 77 80 Other 51 55 Employee benefit plans 286 239 Total deferred tax assets 5,136 5,661 Valuation allowance (356 ) (356 ) Total deferred tax assets, net of valuation allowance 4,780 5,305 Deferred tax liabilities: Property 153 179 Unrealized gains on interest rate swaps - 44 Purchase accounting adjustments 102 59 Deferred loan fees 309 368 Total deferred tax liabilities 564 650 Net deferred tax assets $ 4,216 $ 4,655 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 $356,000 at December 31, 2018 and September 30, 2018, respectively. For the three-month period ended December 31, 2018, the Company recorded income tax expense of $429,000 compared to income tax expense of $2.3 million, for the period ended December 31, 2017, 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. The re-evaluation 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 was 24.25% as compared to companies which are calendar year tax reporting companies whose statutory rate decreased to 21% starting January 1, 2018. Effective October 1, 2018, the Company’s statutory tax rate was reduced to 21%. 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, 2018 | |
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 2015. 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. In March 2018, the Company granted 8,209 shares under the 2008 RRP and 18,291 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, 2018 and 2017, $157,000 and $151,000, respectively, was recognized in compensation expense for the RRP and the 2014 SIP. At December 31, 2018, approximately $1.2 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, 2018 and 2017 is presented in the following tables: Three Months Ended December 31, 2018 Number of Weighted Average Nonvested stock awards at October 1, 2018 116,916 $ 14.36 Granted - - Forfeited - - Vested - - Nonvested stock awards at the December 31, 2018 116,916 $ 14.36 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 the December 31, 2017 138,858 $ 12.82 The Company maintains the 2008 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 Option Plan. As of December 31, 2018, all of the options had been awarded under the Option Plan. As of December 31, 2018, 524,267 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. In March 2018, the Company granted 159,265 shares under the 2014 SIP and 18,235 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, 2018 and 2017 are presented below: Three Months Ended Number of Weighted Average Outstanding at October 1, 2018 869,026 $ 13.32 Granted - - Exercised (4,416 ) 10.77 Forfeited - - Outstanding at December 31, 2018 864,610 $ 13.33 Exercisable at December 31, 2018 447,483 $ 11.46 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 The weighted average remaining contractual term was approximately 6.2 years for options outstanding as of December 31, 2018. 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 options granted during fiscal 2014, $4.58 for options granted during fiscal 2015, $2.13 for options granted during fiscal 2016, $3.18 for options granted during fiscal 2017 and $3.63 for options granted in fiscal 2018. The fair value for grants made in fiscal 2017 was estimated on the date of grant using the Black-Scholes pricing model with the following assumptions: an exercise and fair value of $17.43 to $18.39, a term of seven years, a volatility rate of 14.37%, an interest rate of 2.22% and a yield rate of 0.69%. The fair value for grants made in fiscal 2018 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 $18.46, a term of seven years, a volatility rate of 15.9%, an interest rate of 2.82% and a yield rate of 1.08%. During the three months ended December 31, 2018 and 2017, $150,000 and $137,000, respectively, was recognized in compensation expense for options granted pursuant to the Option Plan and the 2014 SIP. At December 31, 2018, 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 1.8 years. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 3 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | 12. COMMITMENTS AND CONTINGENT LIABILITIES At December 31, 2018, the Company had $39.7 million in outstanding commitments to originate loans with market interest rates ranging from 5.50% to 6.50%. At September 30, 2018, the Company had $40.4 million in outstanding commitments to originate loans with market interest rates ranging from 4.25% to 6.25%. The aggregate undisbursed portion of loans-in-process amounted to $55.9 million at December 31, 2018 and $54.5 million at September 30, 2018. The Company also had commitments under unused lines of credit of $56.7 million as of December 31, 2018 and $51.9 million as of September 30, 2018 and letters of credit outstanding of $1.6 million as of both December 31, 2018 and September 30, 2018. 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, 2018, the exposure, which represents a portion of credit risk associated with the interests sold, amounted to $1.5 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, 2018 | |
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, 2018 and September 30, 2018, 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, 2018 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 $ - $ 24,464 $ - $ 24,464 State and political subdivisons - 21,938 - 21,938 Mortgage-backed securities - U.S. Government agencies - 269,251 - 269,251 Corporate bonds - 77,499 - 77,499 Equity security - FHLMC preferred stock 28 - - 28 Total $ 28 $ 393,152 $ - $ 393,180 Those assets as of September 30, 2018 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 $ - $ 24,171 $ - $ 24,171 State and political subdivisions - 21,536 - 21,536 Mortgage-backed securities - U.S. Government agencies - 187,360 - 187,360 Corporate bonds - 73,083 - 73,083 Equity security - FHLMC preferred stock 37 - - 37 Interest rate swap contracts - 225 - 225 Total $ 37 $ 306,375 $ - $ 306,412 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 of approximately $16.5 million as of December 31, 2018. 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 a 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, 2018 (Dollars in Thousands) Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 16,498 $ 16,498 Real estate owned - - 1,027 1,027 Total $ - $ - $ 17,525 $ 17,525 At September 30, 2018 (Dollars in Thousands) Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 16,048 $ 16,048 Real estate owned - - 1,026 1,026 Total $ - $ - $ 17,074 $ 17,074 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, 2018 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired loans $ 16,498 Property appraisals (1) (3) Management discount for selling costs, property type and market volatility (2) 6% to 8% discount/ 6% Real estate owned $ 1,027 Property appraisals (1)(3) Management discount for selling costs, property type and market volatility (2) 18% discount At September 30, 2018 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired loans $ 16,048 Property appraisals (1) (3) Management discount for selling costs, property type and market volatility (2) 6% to 8% discount/ 6% Real estate owned $ 1,026 Property appraisals (1)(3) Management discount for selling costs, property type and market volatility (2) 18% 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, 2018 Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Cash and cash equivalents $ 9,898 $ 9,898 $ 9,898 $ - $ - Certificates of deposit 1,604 1,604 1,604 - - Investment and mortgage-backed securities available for sale 393,152 393,152 - 393,152 - Investment and mortgage-backed securities held to maturity 57,605 54,969 - 54,969 - Equity securities 28 28 28 Loans receivable, net 588,511 581,180 - - 581,180 Accrued interest receivable 4,140 4,140 4,140 - - Restricted Bank stock 10,081 10,081 10,081 - - Bank owned life insurance 28,048 28,048 28,048 - - Liabilities: Checking accounts 63,579 63,579 63,579 - - Money market deposit accounts 65,752 65,752 65,752 - - Passbook, club and statement savings accounts 87,975 87,975 87,975 - - Certificates of deposit 535,057 540,867 - - 540,867 Advances from FHLB - short-term 68,500 68,500 68,500 - - Advances from FHLB - long-term 148,901 148,901 - - 148,901 Accrued interest payable 1,557 1,557 1,557 - - Advances from borrowers for taxes and Insurance 3,410 3,410 3,410 - - Interest rate swap contracts 517 517 - 517 - Fair Value Measurements at Carrying Fair September 30, 2018 Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Cash and cash equivalents $ 48,171 $ 48,171 $ 48,171 $ - $ - Certificates of deposit 1,604 1,604 1,604 - - Investment and mortgage-backed securities available for sale 306,187 306,187 37 306,150 - Investment and mortgage-backed securities held to maturity 59,852 55,927 - 55,927 - Loans receivable, net 602,932 598,596 - - 598,596 Accrued interest receivable 3,825 3,825 3,825 - - Restricted Bank stock 7,585 7,585 7,585 - - Interest rate swap contracts 225 225 - 225 - Bank owned life insurance 28,691 28,691 28,691 - - Liabilities: Checking accounts 62,886 62,886 62,886 - - Money market deposit accounts 60,686 60,686 60,686 - - Passbook, club and statement savings accounts 96,866 96,866 96,866 - - Certificates of deposit 563,820 569,375 - - 569,375 Accrued interest payable 3,232 3,232 3,232 - - Advances from FHLB -short-term 10,000 10,000 10,000 - - Advances from FHLB -long-term 144,683 141,116 - - 141,116 Advances from borrowers for taxes and Insurance 2,083 2,083 2,083 - - Cash and Cash Equivalents Certificates of deposit Investments and Mortgage-Backed Securities — Loans Receivable — Fair Value Measurements Accrued Interest Receivable – Restricted Bank (FHLB & ACBB) 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, 2018 | |
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 as of January 1, 2017. Balance Balance October 1, Additions/ December 31, Amortization 2018 Adjustments Amortization 2018 Period Goodwill $ 6,102 $ - $ - $ 6,102 Core deposit intangible 571 - (33 ) 538 10 years $ 6,673 $ - $ (33 ) $ 6,640 As of December 31, 2018, the future fiscal periods amortization expense for the core deposit intangible is: (In thousands) 2019 $ 90 2020 108 2021 93 2022 78 2023 64 Thereafter 105 Total $ 538 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
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 |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Effective October 1, 2018, the Company adopted ASU 2014-09 Revenue from Contracts with Customers – Topic 606 Management determined that the primary sources of revenue emanating from interest and dividend income on loans and securities along with noninterest revenue resulting from investment security gains, loan servicing, gains on the sale of loans, commitment fees, fees from financial guarantees, certain credit cards fees, and income on bank-owned life insurance are not within the scope of ASC 606. As a result, no changes were made during the period related to these sources of revenue, which cumulatively comprise 98 percent of the total revenue of the Company. Services within the scope of ASC 606 include income from service charges on deposit accounts, other service income, ATM fees and gain on sale of OREO, net. For these accounts, fees are related to specific customer transactions and are attributable to specific performance obligations of the Bank where the revenue is recognized at a defined point in time, completion of the requested service/transaction. ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities Recent Accounting Pronouncements 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 March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20). In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718) In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes the Disclosure Requirements for Fair Value Measurements |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per share | Three Months Ended December 31, 2018 2017 Basic Diluted Basic Diluted (Dollars in Thousands, Except Per Share Data) Net income $ 1,974 $ 1,974 $ 34 $ 34 Weighted average shares outstanding 8,804,096 8,804,096 8,855,116 8,855,116 Effect of common stock equivalents - 189,276 - 357,871 Adjusted weighted average shares used in earnings per share computation 8,804,096 8,993,372 8,855,116 9,212,987 Earnings per share - basic and diluted $ 0.22 $ 0.22 $ 0.004 $ 0.004 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of changes in accumulated other comprehensive (loss) income | Three Months Ended December 31, Three Months Ended December 31, 2018 2018 2018 2017 2017 2017 Unrealized Unrealized gain(loss) Total accumulated Unrealized Unrealized gain(loss) Total accumulated Beginning balance, October 1 $ (8,320 ) $ 166 $ (8,154 ) $ (1,091 ) $ 331 $ (760 ) Other comprehensive (loss)income before reclassification 2,705 (584 ) 2,121 (731 ) 29 (702 ) Total (5,615 ) (418 ) (6,033 ) (1,822 ) 360 (1,462 ) Reclassification due to change in federal income tax rate - - - (303 ) - (303 ) Ending balance, December 31 $ (5,615 ) $ (418 ) $ (6,033 ) $ (2,125 ) $ 360 $ (1,765 ) (a) All amounts are net of tax. Amounts in parentheses indicate losses. |
INVESTMENT AND MORTGAGE-BACKE_2
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and fair value of securities, with gross unrealized gains and losses | December 31, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) Securities Available for Sale: U.S. government and agency obligations $ 25,280 $ - $ (816 ) $ 24,464 State and political subdivisions 22,717 69 (848 ) 21,938 Mortgage-backed securities - U.S. government agencies 272,717 1,029 (4,495 ) 269,251 Corporate bonds 79,569 260 (2,330 ) 77,499 Total debt securities available for sale 400,283 1,358 (8,489 ) 393,152 Total securities available for sale $ 400,283 $ 1,358 $ (8,489 ) $ 393,152 Securities Held to Maturity: U.S. government and agency obligations $ 31,500 $ 102 $ (2,507 ) $ 29,095 Mortgage-backed securities - U.S. government agencies 5,556 135 (80 ) 5,611 State and political subdivisions 20,549 58 (344 ) 20,263 Total securities held to maturity $ 57,605 $ 295 $ (2,931 ) $ 54,969 September 30, 2018 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) Securities Available for Sale: U.S. government and agency obligations $ 25,562 $ - $ (1,391 ) $ 24,171 State and political subdivisions 22,078 - (542 ) 21,536 Mortgage-backed securities - U.S. government agencies 193,451 77 (6,168 ) 187,360 Corporate debt securities 75,622 - (2,539 ) 73,083 Total debt securities available for sale 316,713 77 (10,640 ) 306,150 FHLMC preferred stock 6 31 - 37 Total securities available for sale $ 316,719 $ 108 $ (10,640 ) $ 306,187 Securities Held to Maturity: U.S. government and agency obligations $ 33,500 $ 85 $ (3,311 ) $ 30,274 State and political subdivisions 20,574 2 (696 ) 19,880 Mortgage-backed securities - U.S. government agencies 5,778 148 (153 ) 5,773 Total securities held to maturity $ 59,852 $ 235 $ (4,160 ) $ 55,927 |
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, 2018: 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 $ - $ - $ (816 ) $ 24,464 $ (816 ) $ 24,464 Mortgage-backed securities - US government agencies (638 ) 65,310 (3,857 ) 93,540 (4,495 ) 158,850 State and political subdivisions (848 ) 16,552 - - (848 ) 16,552 Corporate bonds (136 ) 14,780 (2,194 ) 44,850 (2,330 ) 59,630 Total securities available for sale $ (1,622 ) $ 96,642 $ (6,867 ) $ 162,854 $ (8,489 ) $ 259,496 Securities Held to Maturity: U.S. government and agency obligations $ - $ - $ (2,507 ) $ 27,993 $ (2,507 ) $ 27,993 Mortgage-backed securities - US government agencies (80 ) 2,095 - - (80 ) 2,095 State and political subdivisions (344 ) 11,475 - - (344 ) 11,475 Total securities held to maturity $ (424 ) $ 13,570 $ (2,507 ) $ 27,993 $ (2,931 ) $ 41,563 Total $ (2,046 ) $ 110,212 $ (9,374 ) $ 190,847 $ (11,420 ) $ 301,059 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, 2018: 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 $ (89 ) $ 4,479 $ (1,302 ) $ 19,692 $ (1,391 ) $ 24,171 Mortgage-backed securities - US government agencies (1,821 ) 92,851 (4,347 ) 86,268 (6,168 ) 179,119 State and political subdivisions (542 ) 21,536 - - (542 ) 21,536 Corporate bonds (1,719 ) 58,753 (820 ) 14,330 (2,539 ) 73,083 Total securities available for sale $ (4,171 ) $ 177,619 $ (6,469 ) $ 120,290 $ (10,640 ) $ 297,909 Securities Held to Maturity: U.S. government and agency obligations $ - $ - $ (3,311 ) $ 27,190 $ (3,311 ) $ 27,190 Mortgage-backed securities - US government agencies (106 ) 2,630 (46 ) 930 (152 ) 3,560 State and political subdivisions (234 ) 11,238 (463 ) 6,618 (697 ) 17,856 Total securities held to maturity $ (340 ) $ 13,868 $ (3,820 ) $ 34,738 $ (4,160 ) $ 48,606 Total $ (4,511 ) $ 191,487 $ (10,289 ) $ 155,028 $ (14,800 ) $ 346,515 |
Schedule of amortized cost and fair value of debt securities by contractual maturity | December 31, 2018 Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value (Dollars in Thousands) Due after one through five years $ 1,703 $ 1,702 $ 8,527 $ 8,334 Due after five through ten years 23,759 23,130 95,221 92,642 Due after ten years 26,587 24,526 23,818 22,925 Total $ 52,049 $ 49,358 $ 127,566 $ 123,901 |
LOANS RECEIVABLE (Tables)
LOANS RECEIVABLE (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of loans receivable | December 31, September 30, 2018 2018 (Dollars in Thousands) One-to-four family residential $ 322,525 $ 324,865 Multi-family residential 34,556 34,355 Commercial real estate 113,145 119,511 Construction and land development 147,669 160,228 Loans to financial institutions 6,000 6,000 Commercial business 17,474 17,792 Leases 1,472 1,687 Consumer 898 953 Total loans 643,739 665,391 Undisbursed portion of loans-in-process (47,190 ) (54,474 ) Deferred loan fees (2,871 ) (2,818 ) Allowance for loan losses (5,167 ) (5,167 ) Net loans $ 588,511 $ 602,932 |
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, 2018: One- to four - Multi-family Commercial real Construction Commercial Lans to Leases Consumer Unallocated Total (Dollars in Thousands) Allowance for Loan Losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,427 372 1,147 1,445 193 67 16 13 487 5,167 Total ending allowance balance $ 1,427 $ 372 $ 1,147 $ 1,445 $ 193 $ 67 $ 16 $ 13 $ 487 $ 5,167 Loans: Individually evaluated for impairment $ 5,234 $ 293 $ 2,208 $ 8,753 $ - $ - $ - $ 10 $ 16,498 Collectively evaluated for impairment 317,291 34,263 110,937 138,916 17,474 6,000 1,472 888 627,241 Total loans $ 322,525 $ 34,556 $ 113,145 $ 147,669 $ 17,474 $ 6,000 $ 1,472 $ 898 $ 643,739 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, 2018: One- to four - Multi-family Commercial real Construction Commercial Loanss to Leases Consumer Unallocated Total (Dollars in Thousands) Allowance for Loan Losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,343 347 1,154 1,554 187 64 18 18 482 5,167 Total ending allowance balance $ 1,343 $ 347 $ 1,154 $ 1,554 $ 187 $ 64 $ 18 $ 18 $ 482 $ 5,167 Loans: Individually evaluated for impairment $ 5,081 $ 298 $ 1,919 $ 8,750 $ - $ - $ - $ - $ 16,048 Collectively evaluated for impairment 319,784 34,057 117,592 151,478 17,792 6,000 1,687 953 649,343 Total loans $ 324,865 $ 34,355 $ 119,511 $ 160,228 $ 17,792 $ 6,000 $ 1,687 $ 953 $ 665,391 |
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, 2018, segregated by those for which a specific allowance was required and those for which a specific allowance was not required. Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans (Dollars in Thousands) Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance One-to-four family residential $ - $ - $ 5,234 $ 5,234 $ 5,591 Multi-family residential - - 293 293 293 Commercial real estate - - 2,208 2,208 2,367 Construction and land development - - 8,753 8,753 11,134 Consumer - - 10 10 10 Total loans $ - $ - $ 16,498 $ 16,498 $ 19,395 The following table presents impaired loans by class as of September 30, 2018, segregated by those for which a specific allowance was required and those for which a specific allowance was not required. Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans (Dollars in Thousands) Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance One-to-four family residential $ - $ - $ 5,081 $ 5,081 $ 5,432 Multi-family - - 298 298 298 Commercial real estate - - 1,919 1,919 2,057 Construction and land development - - 8,750 8,750 11,131 Total loans $ - $ - $ 16,048 $ 16,048 $ 18,918 |
Schedule of average investment in impaired loans and related interest income recognized | Three Months Ended December 31, 2018 Average Income Income (Dollars in Thousands) One-to-four family residential $ 5,158 $ 15 $ 5 Multi-family residential 296 5 - Commercial real estate 2,064 10 1 Construction and land development 8,752 - - Consumer 5 - - Total loans $ 16,274 $ 30 $ 6 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 |
Schedule of classes of the loan portfolio in which a formal risk weighting system is utilized | December 31, 2018 Special Total Pass Mention Substandard Loans (Dollars in Thousands) One-to-four family residential $ 315,040 $ 2,251 $ 5,234 $ 322,525 Multi-family residential 33,935 328 293 34,556 Commercial real estate 106,805 4,132 2,208 113,145 Construction and land development 138,916 - 8,753 147,669 Loans to financial institutions 6,000 - - 6,000 Commercial business 17,474 - - 17,474 Total loans $ 618,170 $ 6,711 $ 16,488 $ 641,369 September 30, 2018 Special Total Pass Mention Substandard Loans (Dollars in Thousands) One-to-four family residential $ 317,033 $ 2,751 $ 5,081 $ 324,865 Multi-family residential 34,057 - 298 34,355 Commercial real estate 115,670 1,922 1,919 119,511 Construction and land development 151,478 - 8,750 160,228 Loans to financial institutions 6,000 - - 6,000 Commercial business 17,792 - - 17,792 Total loans $ 642,030 $ 4,673 $ 16,048 $ 662,751 |
Schedule of loans in which a formal risk rating system is not utilized, but loans are segregated between performing and non-performing | December 31, 2018 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 319,088 $ 3,437 $ 322,525 Leases 1,472 - 1,472 Consumer 898 - 898 Total loans $ 321,458 $ 3,437 $ 324,895 September 30, 2018 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 321,853 $ 3,012 $ 324,865 Leases 1,687 - 1,687 Consumer 953 - 953 Total loans $ 324,493 $ 3,012 $ 327,505 |
Schedule of loan categories of the loan portfolio summarized by the aging categories of performing and delinquent loans and nonaccrual loans | December 31, 2018 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 $ 317,547 $ 2,514 $ 2,464 $ 4,978 $ 322,525 $ 3,437 $ - Multi-family residential 34,395 161 - 161 34,556 - - Commercial real estate 111,727 88 1,330 1,418 113,145 1,478 - Construction and land development 138,916 - 8,753 8,753 147,669 8,753 - Commercial business 17,474 - - - 17,474 - - Loans to financial institutions 6,000 - - - 6,000 - - Leases 1,472 - - - 1,472 - - Consumer 841 57 - - 898 - - Total loans $ 628,372 $ 2,820 $ 12,547 $ 15,310 $ 643,739 $ 13,668 $ - September 30, 2018 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 $ 321,749 $ 1,037 $ 2,079 $ 3,116 $ 324,865 $ 3,012 $ - Multi-family residential 34,355 - - - 34,355 - - Commercial real estate 117,335 722 1,454 2,176 119,511 1,627 - Construction and land development 151,478 - 8,750 8,750 160,228 8,750 - Commercial business 17,792 - - - 17,792 - - Loans to financial institutions 6,000 - - - 6,000 - - Leases 1,687 - - - 1,687 - - Consumer 837 116 - 116 953 - - Total loans $ 651,233 $ 1,875 $ 12,283 $ 14,158 $ 665,391 $ 13,389 $ - |
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, 2018 One- to Multi- Commercial Construction Commercial Loans to Leases Consumer Unallocated Total (Dollars in Thousands) ALLL balance at September 30, 2018 $ 1,343 $ 347 $ 1,154 $ 1,554 $ 187 $ 64 $ 18 $ 18 $ 482 $ 5,167 Charge-offs - - - - - - - - - - Recoveries - - - - - - - - - - Provision 84 25 (7 ) (109 ) 6 3 (2 ) (5 ) 5 - ALLL balance at December 31, 2018 $ 1,427 $ 372 $ 1,147 $ 1,445 $ 193 $ 67 $ 16 $ 13 $ 487 $ 5,167 Three Months Ended December 31, 2017 One- to Multi- Commercial Construction Commercial Loans to 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 |
Schedule of troubled debt restructurings | As of and for the Three months Ended December 31, 2017 Number of Pre- Post- (Dollars in Thousands) One-to-four family residential 1 $ 77 $ 77 1 $ 77 $ 77 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
Schedule of major classifications of deposits | December 31, September 30, 2018 2018 Amount Percent Amount Percent (Dollars in Thousands) Money market deposit accounts $ 65,752 8.7 % $ 66,120 8.4 % Interest-bearing checking accounts 49,273 6.6 % 49,209 6.3 % Non interest-bearing checking accounts 14,306 1.9 % 13,620 1.7 % Passbook, club and statement savings 87,975 11.7 % 91,489 11.7 % Certificates maturing in six months or less 287,001 38.1 % 301,184 38.4 % Certificates maturing in more than six months 248,056 33.0 % 262,636 33.5 % Total $ 752,363 100.0 % $ 784,258 100.0 % |
ADVANCES FROM FEDERAL HOME LO_3
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings from the FHLB | December 31, September 30, 2018 2018 Type Maturity Date Coupon Call Date Amount Amount (Dollars in Thousands) Fixed Rate - Repo Plus 12-Oct-18 2.31 % Not Applicable $ - $ 10,000 Weighted average rate 2.31 % Fixed Rate - Repo Plus 2-Jan-19 2.62 % Not Applicable $ 58,500 $ - Fixed Rate - Repo Plus 14-Jan-19 2.64 % Not Applicable 10,000 - Weighted average rate 2.62 % $ 68,500 $ 10,000 |
ADVANCES FROM FEDERAL HOME LO_4
ADVANCES FROM FEDERAL HOME LOAN BANK - LONG TERM (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Advances from Federal Home Loan Banks [Abstract] | |
Schedule of collateral agreement with the FHLB | Lomg-term FHLB Weighted advances: Maturity range average interest Stated interest rate range December 31, September 30, Description from to rate from to 2018 2018 (Dollars in Thousands) Fixed Rate - Amortizing 1-Oct-18 30-Sep-19 1.53 % 1.53 % 1.53 % $ 1,290 $ 1,639 Fixed Rate - Amortizing 1-Oct-20 30-Sep-21 2.68 % 1.94 % 2.83 % 21,077 23,288 Fixed Rate - Amortizing 1-Oct-21 30-Sep-22 2.80 % 1.99 % 3.05 % 11,076 11,848 Fixed Rate - Amortizing 1-Oct-22 30-Sep-23 2.88 % 1.94 % 3.11 % 8,150 8,550 Total 2.72 % $ 41,593 $ 45,325 Fixed Rate - Advances 1-Oct-18 30-Sep-19 2.66 % 1.40 % 2.66 % $ 3,018 $ 18,528 Fixed Rate - Advances 1-Oct-19 30-Sep-20 2.62 % 1.38 % 3.06 % 12,389 12,413 Fixed Rate - Advances 1-Oct-20 30-Sep-21 2.45 % 1.42 % 2.92 % 3,032 3,037 Fixed Rate - Advances 1-Oct-21 30-Sep-22 2.28 % 1.94 % 3.23 % 23,369 23,380 Fixed Rate - Advances 1-Oct-22 30-Sep-23 2.70 % 2.18 % 3.15 % 37,000 37,000 Fixed Rate - Advances 1-Oct-23 30-Sep-24 3.13 % 2.98 % 3.20 % 28,500 5,000 Total 2.71 % $ 107,308 $ 99,358 2.71 % Total $ 148,901 $ 144,683 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
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 their terms as of December 31, 2018. Hedged Notional Pay Receive Maturity Unrealized Item Amount Rate Rate Date Loss (Dollars in thousands) Interest rate swap contract FHLB Advance $ 10,000 2.70 % 1 Mth Libor 10-Apr-25 $ (144 ) Interest rate swap contract State and political subdivision 1,705 3.06 % 3 Mth Libor 15-Feb-27 (51 ) Interest rate swap contract State and political subdivision 2,825 3.06 % 3 Mth Libor 1-Apr-27 (85 ) Interest rate swap contract State and political subdivision 5,000 3.07 % 3 Mth Libor 1-Jan-28 (154 ) Interest rate swap contract State and political subdivision 1,235 3.07 % 3 Mth Libor 1-Mar-28 (38 ) Interest rate swap contract State and political subdivision 4,500 3.07 % 3 Mth Libor 1-May-28 (139 ) Interest rate swap contract State and political subdivision 3,305 3.05 % 3 Mth Libor 1-Feb-27 (93 ) Interest rate swap contract State and political subdivision 3,000 3.06 % 3 Mth Libor 15-Oct-27 (90 ) Interest rate swap contract Commercial loan 8,300 5.74 % 1 Mth Libor +250 bp 13-Jun-25 - Interest rate swap contract Commercial loan 1,100 4.10 % 1 Mth Libor +276 bp 1-Aug-26 - Interest rate swap contract 90 Day wholesale funding 20,000 2.78 % 3 Mth Libor 11-Jan-24 (234 ) Interest rate swap contract 90 Day wholesale funding 15,000 2.75 % 3 Mth Libor 18-Jan-24 (150 ) Total $ (1,178 ) Below is a summary of the interest rate swap agreements and their terms as of September 30, 2018. Hedged Notional Pay Receive Maturity Unrealized Item Amount Rate Rate Date Gain (Loss) (Dollars in thousands) Interest rate swap contract FHLB Advance $ 10,000 2.70 % 1 Mth Libor 10-Apr-25 $ 35 Interest rate swap contract State and political subdivision 1,705 3.06 % 3 Mth Libor 15-Feb-27 (19 ) Interest rate swap contract State and political subdivision 2,825 3.06 % 3 Mth Libor 1-Apr-27 (31 ) Interest rate swap contract State and political subdivision 5,000 3.07 % 3 Mth Libor 1-Jan-28 (57 ) Interest rate swap contract State and political subdivision 1,235 3.07 % 3 Mth Libor 1-Mar-28 (14 ) Interest rate swap contract State and political subdivision 4,500 3.07 % 3 Mth Libor 1-May-28 (52 ) Interest rate swap contract State and political subdivision 3,305 3.05 % 3 Mth Libor 1-Feb-27 (32 ) Interest rate swap contract State and political subdivision 3,000 3.06 % 3 Mth Libor 15-Oct-27 (32 ) Interest rate swap contract Commercial loan 8,300 5.74 % 1 Mth Libor +250 bp 13-Jun-25 - Interest rate swap contract Commercial loan 1,100 4.10 % 1 Mth Libor +276 bp 1-Aug-26 - Total $ (202 ) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred income taxes | December 31, September 30, 2018 2018 (Dollars in Thousands) Deferred tax assets: Allowance for loan losses $ 1,447 $ 1,445 Nonaccrual interest 371 312 Accrued vacation 4 29 Capital loss carryforward 356 356 Split dollar life insurance 8 10 Post-retirement benefits 79 85 Unrealized losses on available for sale securities 1,492 2,212 Unrealized losses on interest rate swaps 111 - Deferred compensation 854 838 Goodwill 77 80 Other 51 55 Employee benefit plans 286 239 Total deferred tax assets 5,136 5,661 Valuation allowance (356 ) (356 ) Total deferred tax assets, net of valuation allowance 4,780 5,305 Deferred tax liabilities: Property 153 179 Unrealized gains on interest rate swaps - 44 Purchase accounting adjustments 102 59 Deferred loan fees 309 368 Total deferred tax liabilities 564 650 Net deferred tax assets $ 4,216 $ 4,655 |
STOCK COMPENSATION PLANS (Table
STOCK COMPENSATION PLANS (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Schedule of summary of the non-vested stock award activity | Three Months Ended December 31, 2018 Number of Weighted Average Nonvested stock awards at October 1, 2018 116,916 $ 14.36 Granted - - Forfeited - - Vested - - Nonvested stock awards at the December 31, 2018 116,916 $ 14.36 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 the December 31, 2017 138,858 $ 12.82 |
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, 2018 869,026 $ 13.32 Granted - - Exercised (4,416 ) 10.77 Forfeited - - Outstanding at December 31, 2018 864,610 $ 13.33 Exercisable at December 31, 2018 447,483 $ 11.46 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 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured at fair value on recurring basis | Those assets as of December 31, 2018 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 $ - $ 24,464 $ - $ 24,464 State and political subdivisons - 21,938 - 21,938 Mortgage-backed securities - U.S. Government agencies - 269,251 - 269,251 Corporate bonds - 77,499 - 77,499 Equity security - FHLMC preferred stock 28 - - 28 Total $ 28 $ 393,152 $ - $ 393,180 Those assets as of September 30, 2018 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 $ - $ 24,171 $ - $ 24,171 State and political subdivisions - 21,536 - 21,536 Mortgage-backed securities - U.S. Government agencies - 187,360 - 187,360 Corporate bonds - 73,083 - 73,083 Equity security - FHLMC preferred stock 37 - - 37 Interest rate swap contracts - 225 - 225 Total $ 37 $ 306,375 $ - $ 306,412 |
Schedule of summary of non-recurring fair value measurements | At December 31, 2018 (Dollars in Thousands) Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 16,498 $ 16,498 Real estate owned - - 1,027 1,027 Total $ - $ - $ 17,525 $ 17,525 At September 30, 2018 (Dollars in Thousands) Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 16,048 $ 16,048 Real estate owned - - 1,026 1,026 Total $ - $ - $ 17,074 $ 17,074 |
Schedule of nonrecurring fair value measurements categorized within level 3 of the fair value hierarchy | At December 31, 2018 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired loans $ 16,498 Property appraisals (1) (3) Management discount for selling costs, property type and market volatility (2) 6% to 8% discount/ 6% Real estate owned $ 1,027 Property appraisals (1)(3) Management discount for selling costs, property type and market volatility (2) 18% discount At September 30, 2018 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired loans $ 16,048 Property appraisals (1) (3) Management discount for selling costs, property type and market volatility (2) 6% to 8% discount/ 6% Real estate owned $ 1,026 Property appraisals (1)(3) Management discount for selling costs, property type and market volatility (2) 18% 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, 2018 Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Cash and cash equivalents $ 9,898 $ 9,898 $ 9,898 $ - $ - Certificates of deposit 1,604 1,604 1,604 - - Investment and mortgage-backed securities available for sale 393,152 393,152 - 393,152 - Investment and mortgage-backed securities held to maturity 57,605 54,969 - 54,969 - Equity securities 28 28 28 Loans receivable, net 588,511 581,180 - - 581,180 Accrued interest receivable 4,140 4,140 4,140 - - Restricted Bank stock 10,081 10,081 10,081 - - Bank owned life insurance 28,048 28,048 28,048 - - Liabilities: Checking accounts 63,579 63,579 63,579 - - Money market deposit accounts 65,752 65,752 65,752 - - Passbook, club and statement savings accounts 87,975 87,975 87,975 - - Certificates of deposit 535,057 540,867 - - 540,867 Advances from FHLB - short-term 68,500 68,500 68,500 - - Advances from FHLB - long-term 148,901 148,901 - - 148,901 Accrued interest payable 1,557 1,557 1,557 - - Advances from borrowers for taxes and Insurance 3,410 3,410 3,410 - - Interest rate swap contracts 517 517 - 517 - Fair Value Measurements at Carrying Fair September 30, 2018 Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Cash and cash equivalents $ 48,171 $ 48,171 $ 48,171 $ - $ - Certificates of deposit 1,604 1,604 1,604 - - Investment and mortgage-backed securities available for sale 306,187 306,187 37 306,150 - Investment and mortgage-backed securities held to maturity 59,852 55,927 - 55,927 - Loans receivable, net 602,932 598,596 - - 598,596 Accrued interest receivable 3,825 3,825 3,825 - - Restricted Bank stock 7,585 7,585 7,585 - - Interest rate swap contracts 225 225 - 225 - Bank owned life insurance 28,691 28,691 28,691 - - Liabilities: Checking accounts 62,886 62,886 62,886 - - Money market deposit accounts 60,686 60,686 60,686 - - Passbook, club and statement savings accounts 96,866 96,866 96,866 - - Certificates of deposit 563,820 569,375 - - 569,375 Accrued interest payable 3,232 3,232 3,232 - - Advances from FHLB -short-term 10,000 10,000 10,000 - - Advances from FHLB -long-term 144,683 141,116 - - 141,116 Advances from borrowers for taxes and Insurance 2,083 2,083 2,083 - - |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill and intangible assets are related to the acquisition of Polonia Bancorp | Balance Balance October 1, Additions/ December 31, Amortization 2018 Adjustments Amortization 2018 Period Goodwill $ 6,102 $ - $ - $ 6,102 Core deposit intangible 571 - (33 ) 538 10 years $ 6,673 $ - $ (33 ) $ 6,640 |
Schedule of future fiscal periods amortization expense for core deposit intangible | (In thousands) 2019 $ 90 2020 108 2021 93 2022 78 2023 64 Thereafter 105 Total $ 538 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) | 3 Months Ended |
Dec. 31, 2018Branch | |
Significant Accounting Policies [Line Items] | |
Number of full service branch offices | 9 |
Number of banking offices | 10 |
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 one percent |
ASU 2014-09 Revenue from Contracts with Customers | |
Significant Accounting Policies [Line Items] | |
Percent of cumulatively total revenue | 98.00% |
Philadelphia (Philadelphia County) | |
Significant Accounting Policies [Line Items] | |
Number of full service branch offices | 8 |
Drexel Hill, Delaware County, Pennsylvania | |
Significant Accounting Policies [Line Items] | |
Number of full service branch offices | 1 |
Huntingdon Valley, Montgomery County | |
Significant Accounting Policies [Line Items] | |
Number of full service branch offices | 1 |
EARNINGS PER SHARE - Calculated
EARNINGS PER SHARE - Calculated basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per share - basic | ||
Net income | $ 1,974 | $ 34 |
Weighted average shares outstanding - basic | 8,804,096 | 8,855,116 |
Effect of common stock equivalents - basic | 0 | 0 |
Adjusted weighted average shares used in earnings per share computation - basic | 8,804,096 | 8,855,116 |
Earnings per share - basic (in dollars per share) | $ 0.220 | $ 0.004 |
Earnings per share - diluted | ||
Net income (loss) | $ 1,974 | $ 34 |
Weighted average shares outstanding - diluted | 8,804,096 | 8,855,116 |
Effect of common stock equivalents - diluted | 189,276 | 357,871 |
Adjusted weighted average shares used in earnings per share computation - diluted | 8,993,372 | 9,212,987 |
Earnings per share - diluted (in dollars per share) | $ 0.220 | $ 0.004 |
EARNINGS PER SHARE (Detail Text
EARNINGS PER SHARE (Detail Textuals) - shares | Dec. 31, 2018 | Dec. 31, 2017 |
Earnings Per Share [Abstract] | ||
Adjusted weighted average shares of common stock used in diluted earnings per share computation | 666,526 | 890,616 |
Adjusted weighted average shares of common stock having exercise prices less than the current market value and are considered anti-dilutive | 198,084 | 1,413 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Changes in accumulated other comprehensive (loss) income by component net of tax (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance, October 1 | $ (8,154) | ||
Total | 2,121 | $ (702) | |
Ending balance, December 31 | (6,033) | ||
Total accumulated other comprehensive income (loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance, October 1 | (8,154) | (760) | |
Other comprehensive (loss) income before reclassification | 2,121 | (702) | |
Total | (6,033) | (1,462) | |
Reclassification due to change in federal income tax rate | 0 | (303) | |
Ending balance, December 31 | (6,033) | (1,765) | |
Unrealized gain (loss) on AFS securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance, October 1 | [1] | (8,320) | (1,091) |
Other comprehensive (loss) income before reclassification | [1] | 2,705 | (731) |
Total | [1] | (5,615) | (1,822) |
Reclassification due to change in federal income tax rate | [1] | 0 | (303) |
Ending balance, December 31 | [1] | (5,615) | (2,125) |
Unrealized gain (loss) on interest rate swaps | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance, October 1 | [1] | 166 | 331 |
Other comprehensive (loss) income before reclassification | [1] | (584) | 29 |
Total | [1] | (418) | 360 |
Reclassification due to change in federal income tax rate | [1] | 0 | 0 |
Ending balance, December 31 | [1] | $ (418) | $ 360 |
[1] | All amounts are net of tax. Amounts in parentheses indicate losses. |
INVESTMENT AND MORTGAGE-BACKE_3
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, 2018 | Sep. 30, 2018 |
Securities Available for Sale: | ||
Equity securities, Amortized Cost | $ 6 | |
Equity securities, Fair Value | 28 | |
Total securities available for sale, Amortized Cost | 400,283 | $ 316,719 |
Total securities available for sale, Gross Unrealized Gains | 1,358 | 108 |
Total securities available for sale, Gross Unrealized Losses | (8,489) | (10,640) |
Total securities available for sale, Fair Value | 393,152 | 306,187 |
U.S. government and agency obligations | ||
Securities Available for Sale: | ||
Amortized Cost | 25,280 | 25,562 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (816) | (1,391) |
Fair Value | 24,464 | 24,171 |
State and political subdivisions | ||
Securities Available for Sale: | ||
Amortized Cost | 22,717 | 22,078 |
Gross Unrealized Gains | 69 | 0 |
Gross Unrealized Losses | (848) | (542) |
Fair Value | 21,938 | 21,536 |
Mortgage-backed securities - U.S. government agencies | ||
Securities Available for Sale: | ||
Amortized Cost | 272,717 | 193,451 |
Gross Unrealized Gains | 1,029 | 77 |
Gross Unrealized Losses | (4,495) | (6,168) |
Fair Value | 269,251 | 187,360 |
Corporate debt securities | ||
Securities Available for Sale: | ||
Amortized Cost | 79,569 | 75,622 |
Gross Unrealized Gains | 260 | 0 |
Gross Unrealized Losses | (2,330) | (2,539) |
Fair Value | 77,499 | 73,083 |
Total debt securities available for sale | ||
Securities Available for Sale: | ||
Amortized Cost | 400,283 | 316,713 |
Gross Unrealized Gains | 1,358 | 77 |
Gross Unrealized Losses | (8,489) | (10,640) |
Fair Value | $ 393,152 | 306,150 |
FHLMC preferred stock | ||
Securities Available for Sale: | ||
Equity securities, Amortized Cost | 6 | |
Equity securities, Gross Unrealized Gains | 31 | |
Equity securities, Gross Unrealized Losses | 0 | |
Equity securities, Fair Value | $ 37 |
INVESTMENT AND MORTGAGE-BACKE_4
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized cost and fair value of investment and mortgage-backed securities, with gross unrealized gains and losses (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 57,605 | $ 59,852 |
Gross Unrealized Gains | 295 | 235 |
Gross unrealized losses | (2,931) | (4,160) |
Fair value | 54,969 | 55,927 |
U.S. Government and agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 31,500 | 33,500 |
Gross Unrealized Gains | 102 | 85 |
Gross unrealized losses | (2,507) | (3,311) |
Fair value | 29,095 | 30,274 |
Mortgage-backed securities - U.S. government agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 5,556 | 5,778 |
Gross Unrealized Gains | 135 | 148 |
Gross unrealized losses | (80) | (153) |
Fair value | 5,611 | 5,773 |
State and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 20,549 | 20,574 |
Gross Unrealized Gains | 58 | 2 |
Gross unrealized losses | (344) | (696) |
Fair value | $ 20,263 | $ 19,880 |
INVESTMENT AND MORTGAGE-BACKE_5
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Gross unrealized losses and related fair values of investment securities, aggregated by investment category and length of time (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | $ (1,622) | $ (4,171) |
Less than 12 months - Fair value | 96,642 | 177,619 |
More than 12 months - Gross Unrealized Losses | (6,867) | (6,469) |
More than 12 months - Fair value | 162,854 | 120,290 |
Gross Unrealized Losses - Total | (8,489) | (10,640) |
Fair Value - Total | 259,496 | 297,909 |
U.S. government and agency obligations | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | 0 | (89) |
Less than 12 months - Fair value | 0 | 4,479 |
More than 12 months - Gross Unrealized Losses | (816) | (1,302) |
More than 12 months - Fair value | 24,464 | 19,692 |
Gross Unrealized Losses - Total | (816) | (1,391) |
Fair Value - Total | 24,464 | 24,171 |
Mortgage-backed securities - U.S. government agencies | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (638) | (1,821) |
Less than 12 months - Fair value | 65,310 | 92,851 |
More than 12 months - Gross Unrealized Losses | (3,857) | (4,347) |
More than 12 months - Fair value | 93,540 | 86,268 |
Gross Unrealized Losses - Total | (4,495) | (6,168) |
Fair Value - Total | 158,850 | 179,119 |
State and political subdivisions | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (848) | (542) |
Less than 12 months - Fair value | 16,552 | 21,536 |
More than 12 months - Gross Unrealized Losses | 0 | 0 |
More than 12 months - Fair value | 0 | 0 |
Gross Unrealized Losses - Total | (848) | (542) |
Fair Value - Total | 16,552 | 21,536 |
Corporate bonds | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (136) | (1,719) |
Less than 12 months - Fair value | 14,780 | 58,753 |
More than 12 months - Gross Unrealized Losses | (2,194) | (820) |
More than 12 months - Fair value | 44,850 | 14,330 |
Gross Unrealized Losses - Total | (2,330) | (2,539) |
Fair Value - Total | $ 59,630 | $ 73,083 |
INVESTMENT AND MORTGAGE-BACKE_6
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Gross unrealized losses and related fair values of investment securities, aggregated by investment category and length of time (Details 3) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months - Gross Unrealized Losses | $ (424) | $ (340) |
Less than 12 Months, Fair Value | 13,570 | 13,868 |
More than 12 months - Gross Unrealized Losses | (2,507) | (3,820) |
12 Months or More, Fair Value | 27,993 | 34,738 |
Total - Gross Unrealized Losses | (2,931) | (4,160) |
Total - Fair Value | 41,563 | 48,606 |
U.S. Government and agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months - Gross Unrealized Losses | 0 | 0 |
Less than 12 Months, Fair Value | 0 | 0 |
More than 12 months - Gross Unrealized Losses | (2,507) | (3,311) |
12 Months or More, Fair Value | 27,993 | 27,190 |
Total - Gross Unrealized Losses | (2,507) | (3,311) |
Total - Fair Value | 27,993 | 27,190 |
Mortgage-backed securities - U.S. government agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months - Gross Unrealized Losses | (80) | (106) |
Less than 12 Months, Fair Value | 2,095 | 2,630 |
More than 12 months - Gross Unrealized Losses | 0 | (46) |
12 Months or More, Fair Value | 0 | 930 |
Total - Gross Unrealized Losses | (80) | (152) |
Total - Fair Value | 2,095 | 3,560 |
State and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months - Gross Unrealized Losses | (344) | (234) |
Less than 12 Months, Fair Value | 11,475 | 11,238 |
More than 12 months - Gross Unrealized Losses | 0 | (463) |
12 Months or More, Fair Value | 0 | 6,618 |
Total - Gross Unrealized Losses | (344) | (697) |
Total - Fair Value | $ 11,475 | $ 17,856 |
INVESTMENT AND MORTGAGE-BACKE_7
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Gross unrealized losses and related fair values of investment securities, aggregated by investment category and length of time (Details 4) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Less than 12 months - Gross Unrealized Losses | $ (2,046) | $ (4,511) |
Fair Value, Less than 12 Months | 110,212 | 191,487 |
More than 12 months - Gross Unrealized Losses | (9,374) | (10,289) |
Fair Value, 12 Months or More | 190,847 | 155,028 |
Gross Unrealized Losses -Total | (11,420) | (14,800) |
Fair Value - Total | $ 301,059 | $ 346,515 |
INVESTMENT AND MORTGAGE-BACKE_8
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized cost and fair value of debt securities, by contractual maturity (Details 6) $ in Thousands | Dec. 31, 2018USD ($) |
Held to Maturity - Amortized Cost | |
Due after one through five years | $ 1,703 |
Due after five through ten years | 23,759 |
Due after ten years | 26,587 |
Total | 52,049 |
Held to Maturity - Fair Value | |
Due after one through five years | 1,702 |
Due after five through ten years | 23,130 |
Due after ten years | 24,526 |
Total | $ 49,358 |
INVESTMENT AND MORTGAGE-BACKE_9
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized cost and fair value of debt securities, by contractual maturity (Details 5) $ in Thousands | Dec. 31, 2018USD ($) |
Available for Sale, Amortized Cost | |
Due after one through five years | $ 8,527 |
Due after five through ten years | 95,221 |
Due after ten years | 23,818 |
Total | 127,566 |
Available for Sale, Fair Value | |
Due after one through five years | 8,334 |
Due after five through ten years | 92,642 |
Due after ten years | 22,925 |
Total | $ 123,901 |
INVESTMENT AND MORTGAGE-BACK_10
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Detail Textuals) $ in Millions | Dec. 31, 2018USD ($)Security |
Marketable Securities [Line Items] | |
Safekeeping account at the FHLB | $ | $ 142 |
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 | 14 |
Mortgage-Backed 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 | 23 |
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | 56 |
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 | 4 |
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 | 5 |
LOANS RECEIVABLE - Summary of L
LOANS RECEIVABLE - Summary of Loans receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $ 643,739 | $ 665,391 | ||
Undisbursed portion of loans-in-process | (47,190) | (54,474) | ||
Deferred loan fees, net | (2,871) | (2,818) | ||
Allowance for loan losses | (5,167) | (5,167) | $ (4,676) | $ (4,466) |
Net loans | 588,511 | 602,932 | ||
One-to-four family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 322,525 | 324,865 | ||
Allowance for loan losses | (1,427) | (1,343) | (1,270) | (1,241) |
Multi-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 34,556 | 34,355 | ||
Allowance for loan losses | (372) | (347) | (158) | (205) |
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 113,145 | 119,511 | ||
Allowance for loan losses | (1,147) | (1,154) | (1,064) | (1,201) |
Construction and land development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 147,669 | 160,228 | ||
Allowance for loan losses | (1,445) | (1,554) | (1,621) | (1,358) |
Loans to financial institutions | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 6,000 | 6,000 | ||
Allowance for loan losses | (67) | (64) | 0 | 0 |
Commercial business | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 17,474 | 17,792 | ||
Allowance for loan losses | (193) | (187) | (26) | (4) |
Leases | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 1,472 | 1,687 | ||
Allowance for loan losses | (16) | (18) | (20) | (23) |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 898 | 953 | ||
Allowance for loan losses | $ (13) | $ (18) | $ (24) | $ (24) |
LOANS RECEIVABLE - Summary of_2
LOANS RECEIVABLE - Summary of loans individually evaluated for impairment by loan segment (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Allowance for Loan Losses: | ||||
Individually evaluated for impairment | $ 0 | $ 0 | ||
Collectively evaluated for impairment | 5,167 | 5,167 | ||
Total ending allowance balance | 5,167 | 5,167 | $ 4,676 | $ 4,466 |
Loans: | ||||
Individually evaluated for impairment | 16,498 | 16,048 | ||
Collectively evaluated for impairment | 627,241 | 649,343 | ||
Total loans | 643,739 | 665,391 | ||
One-to-four family residential | ||||
Allowance for Loan Losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,427 | 1,343 | ||
Total ending allowance balance | 1,427 | 1,343 | 1,270 | 1,241 |
Loans: | ||||
Individually evaluated for impairment | 5,234 | 5,081 | ||
Collectively evaluated for impairment | 317,291 | 319,784 | ||
Total loans | 322,525 | 324,865 | ||
Multi-family residential | ||||
Allowance for Loan Losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 372 | 347 | ||
Total ending allowance balance | 372 | 347 | 158 | 205 |
Loans: | ||||
Individually evaluated for impairment | 293 | 298 | ||
Collectively evaluated for impairment | 34,263 | 34,057 | ||
Total loans | 34,556 | 34,355 | ||
Commercial real estate | ||||
Allowance for Loan Losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,147 | 1,154 | ||
Total ending allowance balance | 1,147 | 1,154 | 1,064 | 1,201 |
Loans: | ||||
Individually evaluated for impairment | 2,208 | 1,919 | ||
Collectively evaluated for impairment | 110,937 | 117,592 | ||
Total loans | 113,145 | 119,511 | ||
Construction and land development | ||||
Allowance for Loan Losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,445 | 1,554 | ||
Total ending allowance balance | 1,445 | 1,554 | 1,621 | 1,358 |
Loans: | ||||
Individually evaluated for impairment | 8,753 | 8,750 | ||
Collectively evaluated for impairment | 138,916 | 151,478 | ||
Total loans | 147,669 | 160,228 | ||
Commercial business | ||||
Allowance for Loan Losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 193 | 187 | ||
Total ending allowance balance | 193 | 187 | 26 | 4 |
Loans: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 17,474 | 17,792 | ||
Total loans | 17,474 | 17,792 | ||
Loans to financial institutions | ||||
Allowance for Loan Losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 67 | 64 | ||
Total ending allowance balance | 67 | 64 | 0 | 0 |
Loans: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 6,000 | 6,000 | ||
Total loans | 6,000 | 6,000 | ||
Leases | ||||
Allowance for Loan Losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 16 | 18 | ||
Total ending allowance balance | 16 | 18 | 20 | 23 |
Loans: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,472 | 1,687 | ||
Total loans | 1,472 | 1,687 | ||
Consumer | ||||
Allowance for Loan Losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 13 | 18 | ||
Total ending allowance balance | 13 | 18 | 24 | 24 |
Loans: | ||||
Individually evaluated for impairment | 10 | 0 | ||
Collectively evaluated for impairment | 888 | 953 | ||
Total loans | 898 | 953 | ||
Unallocated | ||||
Allowance for Loan Losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 487 | 482 | ||
Total ending allowance balance | $ 487 | $ 482 | $ 493 | $ 410 |
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, 2018 | Sep. 30, 2018 |
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 | 16,498 | 16,048 |
Total Impaired Loans - Recorded Investment | 16,498 | 16,048 |
Total impaired loans - Unpaid Principal Balance | 19,395 | 18,918 |
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 | 5,234 | 5,081 |
Total Impaired Loans - Recorded Investment | 5,234 | 5,081 |
Total impaired loans - Unpaid Principal Balance | 5,591 | 5,432 |
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 | 293 | 298 |
Total Impaired Loans - Recorded Investment | 293 | 298 |
Total impaired loans - Unpaid Principal Balance | 293 | 298 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance - Recorded Investment | 0 | 0 |
Impaired Loans with Specific Allowance - Related Allowance | 0 | 0 |
Impaired Loans with No Specific Allowance - Recorded Investment | 2,208 | 1,919 |
Total Impaired Loans - Recorded Investment | 2,208 | 1,919 |
Total impaired loans - Unpaid Principal Balance | 2,367 | 2,057 |
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 | 8,753 | 8,750 |
Total Impaired Loans - Recorded Investment | 8,753 | 8,750 |
Total impaired loans - Unpaid Principal Balance | 11,134 | $ 11,131 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans with Specific Allowance - Recorded Investment | 0 | |
Impaired Loans with Specific Allowance - Related Allowance | 0 | |
Impaired Loans with No Specific Allowance - Recorded Investment | 10 | |
Total Impaired Loans - Recorded Investment | 10 | |
Total impaired loans - Unpaid Principal Balance | $ 10 |
LOANS RECEIVABLE - Average reco
LOANS RECEIVABLE - Average recorded investment in impaired loans and related interest income recognized (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | $ 16,274 | $ 21,795 |
Income Recognized on Accrual Basis | 30 | 69 |
Income Recognized on Cash Basis | 6 | 4 |
One-to-four family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 5,158 | 9,690 |
Income Recognized on Accrual Basis | 15 | 34 |
Income Recognized on Cash Basis | 5 | 4 |
Multi-family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 296 | 315 |
Income Recognized on Accrual Basis | 5 | 6 |
Income Recognized on Cash Basis | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 2,064 | 3,051 |
Income Recognized on Accrual Basis | 10 | 29 |
Income Recognized on Cash Basis | 1 | 0 |
Construction and land development | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 8,752 | 8,729 |
Income Recognized on Accrual Basis | 0 | 0 |
Income Recognized on Cash Basis | 0 | 0 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 5 | 10 |
Income Recognized on Accrual Basis | 0 | 0 |
Income Recognized on Cash Basis | $ 0 | $ 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, 2018 | Sep. 30, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 643,739 | $ 665,391 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 322,525 | 324,865 |
Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 34,556 | 34,355 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 113,145 | 119,511 |
Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 147,669 | 160,228 |
Loans to financial institutions | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,000 | 6,000 |
Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 17,474 | 17,792 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 898 | 953 |
Risk Rating System | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 641,369 | 662,751 |
Risk Rating System | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 322,525 | 324,865 |
Risk Rating System | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 34,556 | 34,355 |
Risk Rating System | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 113,145 | 119,511 |
Risk Rating System | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 147,669 | 160,228 |
Risk Rating System | Loans to financial institutions | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,000 | 6,000 |
Risk Rating System | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 17,474 | 17,792 |
Risk Rating System | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 618,170 | 642,030 |
Risk Rating System | Pass | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 315,040 | 317,033 |
Risk Rating System | Pass | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 33,935 | 34,057 |
Risk Rating System | Pass | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 106,805 | 115,670 |
Risk Rating System | Pass | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 138,916 | 151,478 |
Risk Rating System | Pass | Loans to financial institutions | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,000 | 6,000 |
Risk Rating System | Pass | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 17,474 | 17,792 |
Risk Rating System | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,711 | 4,673 |
Risk Rating System | Special Mention | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,251 | 2,751 |
Risk Rating System | Special Mention | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 328 | 0 |
Risk Rating System | Special Mention | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,132 | 1,922 |
Risk Rating System | Special Mention | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Risk Rating System | Special Mention | Loans to financial institutions | ||
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 | 16,488 | 16,048 |
Risk Rating System | Substandard | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 5,234 | 5,081 |
Risk Rating System | Substandard | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 293 | 298 |
Risk Rating System | Substandard | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,208 | 1,919 |
Risk Rating System | Substandard | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 8,753 | 8,750 |
Risk Rating System | Substandard | Loans to financial institutions | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
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, 2018 | Sep. 30, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 643,739 | $ 665,391 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 322,525 | 324,865 |
Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,472 | 1,687 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 898 | 953 |
Non Risk Rating System | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 324,895 | 327,505 |
Non Risk Rating System | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 322,525 | 324,865 |
Non Risk Rating System | Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,472 | 1,687 |
Non Risk Rating System | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 898 | 953 |
Non Risk Rating System | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 321,458 | 324,493 |
Non Risk Rating System | Performing | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 319,088 | 321,853 |
Non Risk Rating System | Performing | Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,472 | 1,687 |
Non Risk Rating System | Performing | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 898 | 953 |
Non Risk Rating System | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,437 | 3,012 |
Non Risk Rating System | Nonperforming | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,437 | 3,012 |
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, 2018 | Sep. 30, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 628,372 | $ 651,233 |
Past Due | 15,310 | 14,158 |
Total Loans | 643,739 | 665,391 |
Non- Accrual | 13,668 | 13,389 |
90 Days+ Past Due and Accruing | 0 | 0 |
30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 2,820 | 1,875 |
90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 12,547 | 12,283 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 317,547 | 321,749 |
Past Due | 4,978 | 3,116 |
Total Loans | 322,525 | 324,865 |
Non- Accrual | 3,437 | 3,012 |
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 | 2,514 | 1,037 |
One-to-four family residential | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 2,464 | 2,079 |
Multi-family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 34,395 | 34,355 |
Past Due | 161 | 0 |
Total Loans | 34,556 | 34,355 |
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 | 161 | 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 | 111,727 | 117,335 |
Past Due | 1,418 | 2,176 |
Total Loans | 113,145 | 119,511 |
Non- Accrual | 1,478 | 1,627 |
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 | 88 | 722 |
Commercial real estate | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,330 | 1,454 |
Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 138,916 | 151,478 |
Past Due | 8,753 | 8,750 |
Total Loans | 147,669 | 160,228 |
Non- Accrual | 8,753 | 8,750 |
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 | 0 | 0 |
Construction and land development | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 8,753 | 8,750 |
Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 17,474 | 17,792 |
Past Due | 0 | 0 |
Total Loans | 17,474 | 17,792 |
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 |
Loans to financial institutions | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 6,000 | 6,000 |
Past Due | 0 | 0 |
Total Loans | 6,000 | 6,000 |
Non- Accrual | 0 | 0 |
90 Days+ Past Due and Accruing | 0 | 0 |
Loans to financial institutions | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Loans to financial institutions | 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 | 1,472 | 1,687 |
Past Due | 0 | 0 |
Total Loans | 1,472 | 1,687 |
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 | 841 | 837 |
Past Due | 0 | 116 |
Total Loans | 898 | 953 |
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 | 57 | 116 |
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, 2018 | Dec. 31, 2017 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
ALLL balance | $ 5,167 | $ 4,466 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 0 | 210 |
ALLL balance | 5,167 | 4,676 |
One- to four-family residential | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
ALLL balance | 1,343 | 1,241 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 84 | 29 |
ALLL balance | 1,427 | 1,270 |
Multi-family residential | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
ALLL balance | 347 | 205 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 25 | (47) |
ALLL balance | 372 | 158 |
Commercial real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
ALLL balance | 1,154 | 1,201 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | (7) | (137) |
ALLL balance | 1,147 | 1,064 |
Construction and land development | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
ALLL balance | 1,554 | 1,358 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | (109) | 263 |
ALLL balance | 1,445 | 1,621 |
Commercial business | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
ALLL balance | 187 | 4 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 6 | 22 |
ALLL balance | 193 | 26 |
Loans to financial institutions | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
ALLL balance | 64 | 0 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 3 | 0 |
ALLL balance | 67 | 0 |
Leases | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
ALLL balance | 18 | 23 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | (2) | (3) |
ALLL balance | 16 | 20 |
Consumer | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
ALLL balance | 18 | 24 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | (5) | 0 |
ALLL balance | 13 | 24 |
Unallocated | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
ALLL balance | 482 | 410 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 5 | 83 |
ALLL balance | $ 487 | $ 493 |
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) | 3 Months Ended | ||
Dec. 31, 2018USD ($)Loan | Dec. 31, 2017USD ($)Loan | Mar. 31, 2017USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for loan losses | $ 0 | $ 210,000 | |
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 | |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | $ 0 | $ 0 | |
Number of loans default | Loan | 9 | 1 | |
Loans classified as troubled debt restructurings ("TDRs"), Recorded investment | $ 6,000,000 | ||
Post-Modification Outstanding Recorded Investment | $ 77,000 | ||
Nonperforming | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loans default | Loan | 3 | ||
Loans classified as troubled debt restructurings ("TDRs"), Recorded investment | $ 4,900,000 | ||
Amount of TDR loans, default | $ 10,600,000 | ||
Write-down amount of TDR loans | $ 1,900,000 | ||
Nonperforming | Commercial and residential properties | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loans default | Loan | 1 | ||
Loans classified as troubled debt restructurings ("TDRs"), Recorded investment | $ 445,000 | ||
Performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loans default | Loan | 5 | ||
Loans classified as troubled debt restructurings ("TDRs"), Recorded investment | $ 644,000 |
DEPOSITS - Major classification
DEPOSITS - Major classifications of deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Amount | ||
Money market deposit accounts | $ 65,752 | $ 66,120 |
Interest-bearing checking accounts | 49,273 | 49,209 |
Non interest-bearing checking accounts | 14,306 | 13,620 |
Passbook, club and statement savings | 87,975 | 91,489 |
Certificates maturing in six months or less | 287,001 | 301,184 |
Certificates maturing in more than six months | 248,056 | 262,636 |
Total deposits | $ 752,363 | $ 784,258 |
Percent | ||
Money market deposit accounts | 8.70% | 8.40% |
Interest-bearing checking accounts | 6.60% | 6.30% |
Non interest-bearing checking accounts | 1.90% | 1.70% |
Passbook, club and statement savings | 11.70% | 11.70% |
Certificates maturing in six months or less | 38.10% | 38.40% |
Certificates maturing in more than six months | 33.00% | 33.50% |
Total | 100.00% | 100.00% |
DEPOSITS (Detail Textuals)
DEPOSITS (Detail Textuals) - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 30, 2018 |
Deposits [Abstract] | ||
Certificates of $250,000 and over | $ 50.9 | $ 81.9 |
ADVANCES FROM FEDERAL HOME LO_5
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Sep. 30, 2018 | |
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 2.71% | 2.71% |
Advances from FHLB short-term | $ 68,500 | $ 10,000 |
Weighted average | Short-term | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 2.62% | 2.31% |
Fixed Rate - Repo Plus Maturity Date 12 Oct 18 | Short-term | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Maturity Date | Oct. 12, 2018 | |
Coupon | 2.31% | |
Call Date | Not Applicable | |
Advances from FHLB short-term | $ 10,000 | |
Fixed Rate - Repo Plus Maturity Date 2 Jan 19 | Short-term | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Maturity Date | Jan. 2, 2019 | |
Coupon | 2.62% | |
Call Date | Not Applicable | |
Advances from FHLB short-term | $ 58,500 | |
Fixed Rate - Repo Plus Maturity Date 14 Jan 19 | Short-term | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Maturity Date | Jan. 14, 2019 | |
Coupon | 2.64% | |
Call Date | Not Applicable | |
Advances from FHLB short-term | $ 10,000 |
ADVANCES FROM FEDERAL HOME LO_6
ADVANCES FROM FEDERAL HOME LOAN BANK - SHORT TERM (Detail Textuals) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Short-term borrowings from the FHLB | $ 68,500 | $ 10,000 |
Remaining advances were used short term liquidity needs | $ 58,500 | |
Coupon | 2.71% | 2.71% |
Interest Rate Swap Contract | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Short-term borrowings from the FHLB | $ 10,000 | $ 10,000 |
Coupon | 2.70% | 2.70% |
ADVANCES FROM FEDERAL HOME LO_7
ADVANCES FROM FEDERAL HOME LOAN BANK - LONG TERM (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Sep. 30, 2018 | |
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 2.71% | 2.71% |
Long-term Federal Home Loan Bank Advances | $ 148,901 | $ 144,683 |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 18 to 30 Sep 19 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Date of maturity from | Oct. 1, 2018 | Oct. 1, 2018 |
Date of maturity to | Sep. 30, 2019 | Sep. 30, 2019 |
Long-term Federal Home Loan Bank Advances | $ 1,290 | $ 1,639 |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 18 to 30 Sep 19 | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 1.53% | 1.53% |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 18 to 30 Sep 19 | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 1.53% | 1.53% |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 18 to 30 Sep 19 | Weighted Average | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 1.53% | 1.53% |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 20 to 30 Sep 21 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Date of maturity from | Oct. 1, 2020 | Sep. 1, 2020 |
Date of maturity to | Sep. 30, 2021 | Sep. 30, 2021 |
Long-term Federal Home Loan Bank Advances | $ 21,077 | $ 23,288 |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 20 to 30 Sep 21 | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 1.94% | 1.94% |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 20 to 30 Sep 21 | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 2.83% | 2.83% |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 20 to 30 Sep 21 | Weighted Average | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 2.68% | 2.68% |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 21 to 30 Sep 22 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Date of maturity from | Oct. 1, 2021 | Oct. 1, 2021 |
Date of maturity to | Sep. 30, 2022 | Sep. 30, 2022 |
Long-term Federal Home Loan Bank Advances | $ 11,076 | $ 11,848 |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 21 to 30 Sep 22 | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 1.99% | 1.99% |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 21 to 30 Sep 22 | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 3.05% | 3.05% |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 21 to 30 Sep 22 | Weighted Average | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 2.80% | 2.80% |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 22 to 30 Sep 23 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Date of maturity from | Oct. 31, 2022 | Oct. 1, 2022 |
Date of maturity to | Sep. 30, 2023 | Sep. 30, 2023 |
Long-term Federal Home Loan Bank Advances | $ 8,150 | $ 8,550 |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 22 to 30 Sep 23 | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 1.94% | 1.94% |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 22 to 30 Sep 23 | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 3.11% | 3.11% |
Long-term | Fixed Rate Amortizing Maturity from 1 Oct 22 to 30 Sep 23 | Weighted Average | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 2.88% | 2.88% |
Long-term | Fixed Rate - Amortizing | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Long-term Federal Home Loan Bank Advances | $ 41,593 | $ 45,325 |
Long-term | Fixed Rate - Amortizing | Weighted Average | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 2.72% | 2.72% |
Long-term | Fixed Rate Advances Maturity from 1 Oct 18 to 30 Sep 19 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Date of maturity from | Oct. 1, 2018 | Oct. 1, 2018 |
Date of maturity to | Sep. 30, 2019 | Sep. 30, 2019 |
Long-term Federal Home Loan Bank Advances | $ 3,018 | $ 18,528 |
Long-term | Fixed Rate Advances Maturity from 1 Oct 18 to 30 Sep 19 | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 1.40% | 1.40% |
Long-term | Fixed Rate Advances Maturity from 1 Oct 18 to 30 Sep 19 | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 2.66% | 2.66% |
Long-term | Fixed Rate Advances Maturity from 1 Oct 18 to 30 Sep 19 | Weighted Average | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 2.66% | 2.66% |
Long-term | Fixed Rate Advances Maturity from 1 Oct 19 to 30 Sep 20 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Date of maturity from | Oct. 1, 2019 | Oct. 1, 2019 |
Date of maturity to | Sep. 30, 2020 | Sep. 30, 2020 |
Long-term Federal Home Loan Bank Advances | $ 12,389 | $ 12,413 |
Long-term | Fixed Rate Advances Maturity from 1 Oct 19 to 30 Sep 20 | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 1.38% | 1.38% |
Long-term | Fixed Rate Advances Maturity from 1 Oct 19 to 30 Sep 20 | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 3.06% | 3.06% |
Long-term | Fixed Rate Advances Maturity from 1 Oct 19 to 30 Sep 20 | Weighted Average | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 2.62% | 2.62% |
Long-term | Fixed Rate Advances Maturity from 1 Oct 20 to 30 Sep 21 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Date of maturity from | Oct. 31, 2020 | Oct. 1, 2020 |
Date of maturity to | Sep. 30, 2021 | Sep. 30, 2021 |
Long-term Federal Home Loan Bank Advances | $ 3,032 | $ 3,037 |
Long-term | Fixed Rate Advances Maturity from 1 Oct 20 to 30 Sep 21 | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 1.42% | 1.42% |
Long-term | Fixed Rate Advances Maturity from 1 Oct 20 to 30 Sep 21 | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 2.92% | 2.92% |
Long-term | Fixed Rate Advances Maturity from 1 Oct 20 to 30 Sep 21 | Weighted Average | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 2.45% | 2.45% |
Long-term | Fixed Rate Advances Maturity from 1 Oct 21 to 30 Sep 22 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Date of maturity from | Oct. 1, 2021 | Oct. 1, 2021 |
Date of maturity to | Sep. 30, 2022 | Sep. 30, 2022 |
Long-term Federal Home Loan Bank Advances | $ 23,369 | $ 23,380 |
Long-term | Fixed Rate Advances Maturity from 1 Oct 21 to 30 Sep 22 | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 1.94% | 1.94% |
Long-term | Fixed Rate Advances Maturity from 1 Oct 21 to 30 Sep 22 | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 3.23% | 3.23% |
Long-term | Fixed Rate Advances Maturity from 1 Oct 21 to 30 Sep 22 | Weighted Average | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 2.28% | 2.28% |
Long-term | Fixed Rate Advances Maturity from 1 Oct 22 to 30 Sep 23 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Date of maturity from | Oct. 1, 2022 | Oct. 1, 2022 |
Date of maturity to | Sep. 30, 2023 | Sep. 30, 2023 |
Long-term Federal Home Loan Bank Advances | $ 37,000 | $ 37,000 |
Long-term | Fixed Rate Advances Maturity from 1 Oct 22 to 30 Sep 23 | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 2.18% | 2.18% |
Long-term | Fixed Rate Advances Maturity from 1 Oct 22 to 30 Sep 23 | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 3.15% | 3.15% |
Long-term | Fixed Rate Advances Maturity from 1 Oct 22 to 30 Sep 23 | Weighted Average | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 2.70% | 2.70% |
Long-term | Fixed Rate Advances Maturity from 1 Oct 23 to 30 Sep 24 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Date of maturity from | Oct. 1, 2023 | Oct. 1, 2023 |
Date of maturity to | Sep. 30, 2024 | Sep. 30, 2024 |
Long-term Federal Home Loan Bank Advances | $ 28,500 | $ 5,000 |
Long-term | Fixed Rate Advances Maturity from 1 Oct 23 to 30 Sep 24 | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 2.98% | 2.98% |
Long-term | Fixed Rate Advances Maturity from 1 Oct 23 to 30 Sep 24 | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 3.20% | 3.20% |
Long-term | Fixed Rate Advances Maturity from 1 Oct 23 to 30 Sep 24 | Weighted Average | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 3.13% | 3.13% |
Long-term | Long-term FHLB advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Long-term Federal Home Loan Bank Advances | $ 107,308 | $ 99,358 |
Long-term | Long-term FHLB advances | Weighted Average | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Coupon | 2.71% | 2.71% |
DERIVATIVES (Details)
DERIVATIVES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Sep. 30, 2018 | |
Derivative [Line Items] | ||
Unrealized Gain (Loss) | $ (1,178) | $ (202) |
Interest rate swap contract maturing on 10 April 2025 | ||
Derivative [Line Items] | ||
Hedge Item | FHLB Advance | FHLB Advance |
Notional Amount | $ 10,000 | $ 10,000 |
Pay Rate | 2.70% | 2.70% |
Receive Rate | 1 Mth Libor | 1 Mth Libor |
Maturity Date | Apr. 10, 2025 | Apr. 10, 2025 |
Unrealized Gain (Loss) | $ (144) | $ 35 |
Interest rate swap contract maturing on 15 February 2027 | ||
Derivative [Line Items] | ||
Hedge Item | State and political subdivision | State and political subdivision |
Notional Amount | $ 1,705 | $ 1,705 |
Pay Rate | 3.06% | 3.06% |
Receive Rate | 3 Mth Libor | 3 Mth Libor |
Maturity Date | Feb. 15, 2027 | Feb. 15, 2027 |
Unrealized Gain (Loss) | $ (51) | $ (19) |
Interest rate swap contract maturing on 1 April 2027 | ||
Derivative [Line Items] | ||
Hedge Item | State and political subdivision | State and political subdivision |
Notional Amount | $ 2,825 | $ 2,825 |
Pay Rate | 3.06% | 3.06% |
Receive Rate | 3 Mth Libor | 3 Mth Libor |
Maturity Date | Apr. 1, 2027 | Apr. 1, 2027 |
Unrealized Gain (Loss) | $ (85) | $ (31) |
Interest rate swap contract maturing on 1 January 2028 | ||
Derivative [Line Items] | ||
Hedge Item | State and political subdivision | State and political subdivision |
Notional Amount | $ 5,000 | $ 5,000 |
Pay Rate | 3.07% | 3.07% |
Receive Rate | 3 Mth Libor | 3 Mth Libor |
Maturity Date | Jan. 1, 2028 | Jan. 1, 2028 |
Unrealized Gain (Loss) | $ (154) | $ (57) |
Interest rate swap contract maturing on 1 March 2028 | ||
Derivative [Line Items] | ||
Hedge Item | State and political subdivision | State and political subdivision |
Notional Amount | $ 1,235 | $ 1,235 |
Pay Rate | 3.07% | 3.07% |
Receive Rate | 3 Mth Libor | 3 Mth Libor |
Maturity Date | Mar. 1, 2028 | Mar. 1, 2028 |
Unrealized Gain (Loss) | $ (38) | $ (14) |
Interest rate swap contract maturing on 1 May 2028 | ||
Derivative [Line Items] | ||
Hedge Item | State and political subdivision | State and political subdivision |
Notional Amount | $ 4,500 | $ 4,500 |
Pay Rate | 3.07% | 3.07% |
Receive Rate | 3 Mth Libor | 3 Mth Libor |
Maturity Date | May 1, 2028 | May 1, 2028 |
Unrealized Gain (Loss) | $ (139) | $ (52) |
Interest rate swap contract maturing on 1 February 2027 | ||
Derivative [Line Items] | ||
Hedge Item | State and political subdivision | State and political subdivision |
Notional Amount | $ 3,305 | $ 3,305 |
Pay Rate | 3.05% | 3.05% |
Receive Rate | 3 Mth Libor | 3 Mth Libor |
Maturity Date | Feb. 1, 2027 | Feb. 1, 2027 |
Unrealized Gain (Loss) | $ (93) | $ (32) |
Interest rate swap contract maturing on 15 October 2027 | ||
Derivative [Line Items] | ||
Hedge Item | State and political subdivision | State and political subdivision |
Notional Amount | $ 3,000 | $ 3,000 |
Pay Rate | 3.06% | 3.06% |
Receive Rate | 3 Mth Libor | 3 Mth Libor |
Maturity Date | Oct. 15, 2027 | Oct. 15, 2027 |
Unrealized Gain (Loss) | $ (90) | $ (32) |
Interest rate swap contract maturing on 13 Jun 2025 | ||
Derivative [Line Items] | ||
Hedge Item | Commercial loan | Commercial loan |
Notional Amount | $ 8,300 | $ 8,300 |
Pay Rate | 5.74% | 5.74% |
Receive Rate | 1 Mth Libor +250 bp | 1 Mth Libor +250 bp |
Maturity Date | Jun. 13, 2025 | Jun. 13, 2025 |
Unrealized Gain (Loss) | $ 0 | $ 0 |
Interest rate swap contract maturing on 1 Aug 2026 | ||
Derivative [Line Items] | ||
Hedge Item | Commercial loan | Commercial loan |
Notional Amount | $ 1,100 | $ 1,100 |
Pay Rate | 4.10% | 4.10% |
Receive Rate | 1 Mth Libor +276 bp | 1 Mth Libor +276 bp |
Maturity Date | Aug. 1, 2026 | Aug. 1, 2026 |
Unrealized Gain (Loss) | $ 0 | $ 0 |
Interest rate swap contract maturing on 11 Jan 24 | ||
Derivative [Line Items] | ||
Hedge Item | 90 Day wholesale funding | |
Notional Amount | $ 20,000 | |
Pay Rate | 2.78% | |
Receive Rate | 3 Mth Libor | |
Maturity Date | Jan. 11, 2024 | |
Unrealized Gain (Loss) | $ (234) | |
Interest rate swap contract maturing on 18 Jan 24 | ||
Derivative [Line Items] | ||
Hedge Item | 90 Day wholesale funding | |
Notional Amount | $ 15,000 | |
Pay Rate | 2.75% | |
Receive Rate | 3 Mth Libor | |
Maturity Date | Jan. 18, 2024 | |
Unrealized Gain (Loss) | $ (150) |
DERIVATIVES (Detail Textuals)
DERIVATIVES (Detail Textuals) - USD ($) | 3 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Interest rate swap agreements outstanding amount | $ 10,000,000 | $ 10,000,000 | |
Income recognized as ineffectiveness through earnings | $ 3,000 | $ 42,000 |
INCOME TAXES - Items that gave
INCOME TAXES - Items that gave rise to significant portions of deferred income taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Deferred tax assets: | ||
Allowance for loan losses | $ 1,447 | $ 1,445 |
Nonaccrual interest | 371 | 312 |
Accrued vacation | 4 | 29 |
Capital loss carryforward | 356 | 356 |
Split dollar life insurance | 8 | 10 |
Post-retirement benefits | 79 | 85 |
Unrealized losses on available for sale securities | 1,492 | 2,212 |
Unrealized losses on interest rate swaps | 111 | 0 |
Deferred compensation | 854 | 838 |
Goodwill | 77 | 80 |
Other | 51 | 55 |
Employee benefit plans | 286 | 239 |
Total deferred tax assets | 5,136 | 5,661 |
Valuation allowance | (356) | (356) |
Total deferred tax assets, net of valuation allowance | 4,780 | 5,305 |
Deferred tax liabilities: | ||
Property | 153 | 179 |
Unrealized gains on interest rate swaps | 0 | 44 |
Purchase accounting adjustments | 102 | 59 |
Deferred loan fees | 309 | 368 |
Total deferred tax liabilities | 564 | 650 |
Net deferred tax assets | $ 4,216 | $ 4,655 |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Income Taxes [Line Items] | |||
Valuation allowance | $ 356 | $ 356 | |
Income tax expense | 429 | $ 2,264 | |
TCJA remeasurement of deferred tax assets | $ 1,800 | ||
Period of capital gains recognized | 5 years | ||
Tax at statutory rate | 24.25% | ||
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, 2018 | Dec. 31, 2017 | |
Number of Shares | ||
Nonvested stock awards at October 1, 2018 | 116,916 | 142,594 |
Granted | 0 | 0 |
Forfeited | 0 | (3,736) |
Vested | 0 | 0 |
Nonvested stock awards at the December 31, 2018 | 116,916 | 138,858 |
Weighted Average Grant Date Fair Value | ||
Nonvested stock awards at October 1 | $ 14.36 | $ 12.79 |
Granted | 0 | 0 |
Forfeited | 0 | 11.84 |
Vested | 0 | 0 |
Nonvested stock awards at the December 31 | $ 14.36 | $ 12.82 |
STOCK COMPENSATION PLANS - Su_2
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, 2018 | Dec. 31, 2017 | |
Number of Shares | ||
Outstanding at October 1 | 869,026 | 922,564 |
Granted | 0 | 0 |
Exercised | (4,416) | (22,171) |
Forfeited | 0 | (8,364) |
Outstanding at December 31 | 864,610 | 892,029 |
Exercisable at December 31 | 447,483 | 524,267 |
Weighted Average Exercise Price | ||
Outstanding at October 1 | $ 13.32 | $ 12.04 |
Granted | 0 | 0 |
Exercised | 10.77 | 11.27 |
Forfeited | 0 | 11.76 |
Outstanding at December 31 | 13.33 | 12.28 |
Exercisable at December 31 | $ 11.46 | $ 11.47 |
STOCK COMPENSATION PLANS (Detai
STOCK COMPENSATION PLANS (Detail Textuals) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2018 | Aug. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | 8,209 | 7,473 |
STOCK COMPENSATION PLANS (Det_2
STOCK COMPENSATION PLANS (Detail Textuals 1) - USD ($) | 1 Months Ended | 3 Months Ended | |||||
Mar. 31, 2018 | May 30, 2017 | Mar. 31, 2017 | Aug. 31, 2016 | Feb. 28, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | |
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") | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 18,235 | 283 | |||||
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 | 524,267 | ||||||
Number of shares purchased for award | 18,867 | ||||||
2014 Stock Incentive Plan (the "2014 SIP") | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 24,717 | 17,128 | 3,027 | ||||
2014 Stock Incentive Plan (the "2014 SIP") | 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 | 22,828 | 8,633 | |||||
2014 Stock Incentive Plan (the "2014 SIP") | 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 | 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 | ||||||
Number of shares granted | 18,291 | ||||||
2008 RRP and 2014 SIP | Restricted stock awards or units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period of options | 5 years | ||||||
Recognized compensation expense | $ 157,000 | $ 151,000 | |||||
Additional compensation expense for shares awarded remained unrecognized | 1,200,000 | ||||||
2008 Option Plan and 2014 SIP | Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 159,265 | ||||||
Recognized compensation expense | 150,000 | $ 137,000 | |||||
Additional compensation expense for shares awarded remained unrecognized | $ 1,200,000 |
STOCK COMPENSATION PLANS (Det_3
STOCK COMPENSATION PLANS (Detail Textuals 2) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average remaining contractual term for options outstanding | 6 years 2 months 12 days | |
Exercise price and fair value | $ 18.46 | |
2008 Option Plan and 2014 SIP | Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Recognized compensation expense | $ 150,000 | $ 137,000 |
Additional compensation expense for shares awarded remained unrecognized | $ 1,200,000 | |
Weighted average period for recognition of nonvested awards | 1 year 9 months 18 days | |
2008 Option Plan and 2014 SIP | Stock Options | 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 | |
2008 Option Plan and 2014 SIP | Stock Options | 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 | |
2008 Option Plan and 2014 SIP | Stock Options | 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 | |
2008 Option Plan and 2014 SIP | Stock Options | 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 | |
2008 Option Plan and 2014 SIP | Stock Options | 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 | |
2008 Option Plan and 2014 SIP | Stock Options | 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 | |
2008 Option Plan and 2014 SIP | Stock Options | 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% | |
2008 Option Plan and 2014 SIP | Stock Options | Granted in fiscal 2017 | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise price and fair value | $ 18.39 | |
2008 Option Plan and 2014 SIP | Stock Options | Granted in fiscal 2017 | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise price and fair value | 17.43 | |
2008 Option Plan and 2014 SIP | Stock Options | Granted in fiscal 2018 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Estimated fair value of options granted per share | $ 3.63 | |
2008 Option Plan and 2014 SIP | Stock Options | Granted In March 2018 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value, valuation method | Black-Scholes pricing model | |
Expected term | 7 years | |
Volatility rate | 15.90% | |
Expected interest rate | 2.82% | |
Expected yield | 1.08% |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Sep. 30, 2018 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | $ 1,500 | |
Aggregate undisbursed portion of loans-in-process | 47,190 | $ 54,474 |
Loan Origination Commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | 39,700 | 40,400 |
Aggregate undisbursed portion of loans-in-process | $ 55,900 | $ 54,500 |
Loan Origination Commitments | Minimum | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Market interest rate on fixed and variable rate loans | 5.50% | 4.25% |
Loan Origination Commitments | Maximum | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Market interest rate on fixed and variable rate loans | 6.50% | 6.25% |
Unused lines of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | $ 56,700 | $ 51,900 |
Letters of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | $ 1,600 | $ 1,600 |
FAIR VALUE MEASUREMENT - Assets
FAIR VALUE MEASUREMENT - Assets measured at fair value on recurring basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Assets: | ||
Assets, Total | $ 393,180 | $ 306,412 |
Level 1 | ||
Assets: | ||
Assets, Total | 28 | 37 |
Level 2 | ||
Assets: | ||
Assets, Total | 393,152 | 306,375 |
Level 3 | ||
Assets: | ||
Assets, Total | 0 | 0 |
U.S. Government and agency obligations | ||
Assets: | ||
Assets, Total | 24,464 | 24,171 |
U.S. Government and agency obligations | Level 1 | ||
Assets: | ||
Assets, Total | 0 | 0 |
U.S. Government and agency obligations | Level 2 | ||
Assets: | ||
Assets, Total | 24,464 | 24,171 |
U.S. Government and agency obligations | Level 3 | ||
Assets: | ||
Assets, Total | 0 | 0 |
State and political subdivisions | ||
Assets: | ||
Assets, Total | 21,938 | 21,536 |
State and political subdivisions | Level 1 | ||
Assets: | ||
Assets, Total | 0 | 0 |
State and political subdivisions | Level 2 | ||
Assets: | ||
Assets, Total | 21,938 | 21,536 |
State and political subdivisions | Level 3 | ||
Assets: | ||
Assets, Total | 0 | 0 |
Mortgage-backed securities - U.S. government agencies | ||
Assets: | ||
Assets, Total | 269,251 | 187,360 |
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 | 269,251 | 187,360 |
Mortgage-backed securities - U.S. government agencies | Level 3 | ||
Assets: | ||
Assets, Total | 0 | 0 |
Corporate bonds | ||
Assets: | ||
Assets, Total | 77,499 | 73,083 |
Corporate bonds | Level 1 | ||
Assets: | ||
Assets, Total | 0 | 0 |
Corporate bonds | Level 2 | ||
Assets: | ||
Assets, Total | 77,499 | 73,083 |
Corporate bonds | Level 3 | ||
Assets: | ||
Assets, Total | 0 | 0 |
Equity security - FHLMC preferred stock | ||
Assets: | ||
Assets, Total | 28 | 37 |
Equity security - FHLMC preferred stock | Level 1 | ||
Assets: | ||
Assets, Total | 28 | 37 |
Equity security - FHLMC preferred stock | Level 2 | ||
Assets: | ||
Assets, Total | 0 | 0 |
Equity security - FHLMC preferred stock | Level 3 | ||
Assets: | ||
Assets, Total | $ 0 | 0 |
Interest rate swap contracts | ||
Assets: | ||
Assets, Total | 225 | |
Interest rate swap contracts | Level 1 | ||
Assets: | ||
Assets, Total | 0 | |
Interest rate swap contracts | Level 2 | ||
Assets: | ||
Assets, Total | 225 | |
Interest rate swap contracts | Level 3 | ||
Assets: | ||
Assets, Total | $ 0 |
FAIR VALUE MEASUREMENT - Change
FAIR VALUE MEASUREMENT - Changes in level 3 assets measured at fair value (Details 1) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Fair Value, Assets and Liabilities Measured On Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 16,498 | $ 16,048 |
Real estate owned | 1,027 | 1,026 |
Total | 17,525 | 17,074 |
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 | 16,498 | 16,048 |
Real estate owned | 1,027 | 1,026 |
Total | $ 17,525 | $ 17,074 |
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 on a nonrecurring basis $ in Thousands | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Impaired loans | $ 16,498 | $ 16,048 | |
Real estate owned | 1,027 | 1,026 | |
Level 3 | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Impaired loans | 16,498 | 16,048 | |
Real estate owned | $ 1,027 | $ 1,026 | |
Level 3 | Management discount for selling costs, property type and market volatility | Property appraisals | Minimum | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Impaired loans measurement input (in percent) | [1],[2],[3] | 6 | 6 |
Level 3 | Management discount for selling costs, property type and market volatility | Property appraisals | Maximum | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Impaired loans measurement input (in percent) | [1],[2],[3] | 8 | 8 |
Level 3 | Management discount for selling costs, property type and market volatility | Property appraisals | Weighted average | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Impaired loans measurement input (in percent) | [1],[2],[3] | 6 | 6 |
Real estate owned measurement input (in percent) | [1],[2],[3] | 18 | 18 |
[1] | 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. | ||
[2] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally includes various Level 3 inputs, which are not identifiable. | ||
[3] | Includes qualitative adjustments by management and estimated liquidation expenses. |
FAIR VALUE MEASUREMENT - Asse_2
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, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Assets: | ||||
Cash and cash equivalents | $ 9,898 | $ 48,171 | $ 16,659 | $ 27,903 |
Certificates of deposit | 1,604 | 1,604 | ||
Investment and mortgage-backed securities available for sale | 393,152 | 306,187 | ||
Investment and mortgage-backed securities held to maturity | 57,605 | 59,852 | ||
Loans receivable, net | 588,511 | 602,932 | ||
Accrued interest receivable | 4,140 | 3,825 | ||
Restricted Bank stock | 10,081 | 7,585 | ||
Bank owned life insurance | 28,048 | 28,691 | ||
Liabilities: | ||||
Passbook, club and statement savings accounts | 87,975 | 91,489 | ||
Advances from FHLB short-term | 68,500 | 10,000 | ||
Advances from FHLB long-term | 148,901 | 144,683 | ||
Accrued interest payable | 1,557 | 3,232 | ||
Advances from borrowers for taxes and insurance | 3,410 | 2,083 | ||
Carrying Amount | ||||
Assets: | ||||
Cash and cash equivalents | 9,898 | 48,171 | ||
Certificates of deposit | 1,604 | 1,604 | ||
Investment and mortgage-backed securities available for sale | 393,152 | 306,187 | ||
Investment and mortgage-backed securities held to maturity | 57,605 | 59,852 | ||
Equity securities | 28 | |||
Loans receivable, net | 588,511 | 602,932 | ||
Accrued interest receivable | 4,140 | 3,825 | ||
Restricted Bank stock | 10,081 | 7,585 | ||
Interest rate swap contracts | 225 | |||
Bank owned life insurance | 28,048 | 28,691 | ||
Liabilities: | ||||
Checking accounts | 63,579 | 62,886 | ||
Money market deposit accounts | 65,752 | 60,686 | ||
Passbook, club and statement savings accounts | 87,975 | 96,866 | ||
Certificates of deposit | 535,057 | 563,820 | ||
Advances from FHLB short-term | 68,500 | 10,000 | ||
Advances from FHLB long-term | 148,901 | 144,683 | ||
Accrued interest payable | 1,557 | 3,232 | ||
Advances from borrowers for taxes and insurance | 3,410 | 2,083 | ||
Interest rate swap contracts | 517 | |||
Fair Value | ||||
Assets: | ||||
Cash and cash equivalents | 9,898 | 48,171 | ||
Certificates of deposit | 1,604 | 1,604 | ||
Investment and mortgage-backed securities available for sale | 393,152 | 306,187 | ||
Investment and mortgage-backed securities held to maturity | 54,969 | 55,927 | ||
Equity securities | 28 | |||
Loans receivable, net | 581,180 | 598,596 | ||
Accrued interest receivable | 4,140 | 3,825 | ||
Restricted Bank stock | 10,081 | 7,585 | ||
Interest rate swap contracts | 225 | |||
Bank owned life insurance | 28,048 | 28,691 | ||
Liabilities: | ||||
Checking accounts | 63,579 | 62,886 | ||
Money market deposit accounts | 65,752 | 60,686 | ||
Passbook, club and statement savings accounts | 87,975 | 96,866 | ||
Certificates of deposit | 540,867 | 569,375 | ||
Advances from FHLB short-term | 68,500 | 10,000 | ||
Advances from FHLB long-term | 148,901 | 141,116 | ||
Accrued interest payable | 1,557 | 3,232 | ||
Advances from borrowers for taxes and insurance | 3,410 | 2,083 | ||
Interest rate swap contracts | 517 | |||
Level 1 | ||||
Assets: | ||||
Cash and cash equivalents | 9,898 | 48,171 | ||
Certificates of deposit | 1,604 | 1,604 | ||
Investment and mortgage-backed securities available for sale | 0 | 37 | ||
Investment and mortgage-backed securities held to maturity | 0 | 0 | ||
Equity securities | 28 | |||
Loans receivable, net | 0 | 0 | ||
Accrued interest receivable | 4,140 | 3,825 | ||
Restricted Bank stock | 10,081 | 7,585 | ||
Interest rate swap contracts | 0 | |||
Bank owned life insurance | 28,048 | 28,691 | ||
Liabilities: | ||||
Checking accounts | 63,579 | 62,886 | ||
Money market deposit accounts | 65,752 | 60,686 | ||
Passbook, club and statement savings accounts | 87,975 | 96,866 | ||
Certificates of deposit | 0 | 0 | ||
Advances from FHLB short-term | 68,500 | 10,000 | ||
Advances from FHLB long-term | 0 | 0 | ||
Accrued interest payable | 1,557 | 3,232 | ||
Advances from borrowers for taxes and insurance | 3,410 | 2,083 | ||
Interest rate swap contracts | 0 | |||
Level 2 | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Certificates of deposit | 0 | 0 | ||
Investment and mortgage-backed securities available for sale | 393,152 | 306,150 | ||
Investment and mortgage-backed securities held to maturity | 54,969 | 55,927 | ||
Equity securities | 0 | |||
Loans receivable, net | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Restricted Bank stock | 0 | 0 | ||
Interest rate swap contracts | 225 | |||
Bank owned life insurance | 0 | 0 | ||
Liabilities: | ||||
Checking accounts | 0 | 0 | ||
Money market deposit accounts | 0 | 0 | ||
Passbook, club and statement savings accounts | 0 | 0 | ||
Certificates of deposit | 0 | 0 | ||
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 | ||
Interest rate swap contracts | 517 | |||
Level 3 | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Certificates of deposit | 0 | 0 | ||
Investment and mortgage-backed securities available for sale | 0 | 0 | ||
Investment and mortgage-backed securities held to maturity | 0 | 0 | ||
Equity securities | 0 | |||
Loans receivable, net | 581,180 | 598,596 | ||
Accrued interest receivable | 0 | 0 | ||
Restricted Bank stock | 0 | 0 | ||
Interest rate swap contracts | 0 | |||
Bank owned life insurance | 0 | 0 | ||
Liabilities: | ||||
Checking accounts | 0 | 0 | ||
Money market deposit accounts | 0 | 0 | ||
Passbook, club and statement savings accounts | 0 | 0 | ||
Certificates of deposit | 540,867 | 569,375 | ||
Advances from FHLB short-term | 0 | 0 | ||
Advances from FHLB long-term | 148,901 | 141,116 | ||
Accrued interest payable | 0 | 0 | ||
Advances from borrowers for taxes and insurance | 0 | $ 0 | ||
Interest rate swap contracts | $ 0 |
FAIR VALUE MEASUREMENT (Detail
FAIR VALUE MEASUREMENT (Detail Textuals) $ in Millions | Dec. 31, 2018USD ($) |
Level 2 | |
Financing Receivable, Impaired [Line Items] | |
Collateral dependent impaired loans, fair value | $ 16.5 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Related to acquisition of Polonia Bancorp (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||
Balance, Goodwill | $ 6,102 | |
Balance, Goodwill | 6,102 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Balance | 538 | |
Intangible Assets Net Including Goodwill [Roll Forward] | ||
Amortization | (33) | $ (37) |
Polonia Bancorp | ||
Goodwill [Roll Forward] | ||
Balance, Goodwill | 6,102 | |
Additions/Adjustments | 0 | |
Balance, Goodwill | 6,102 | |
Intangible Assets Net Including Goodwill [Roll Forward] | ||
Balance, Total | 6,673 | |
Additions/Adjustments | 0 | |
Amortization | (33) | |
Balance, Total | 6,640 | |
Polonia Bancorp | Core deposit intangible | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Balance | 571 | |
Additions/Adjustments | 0 | |
Amortization | (33) | |
Balance | $ 538 | |
Amortization Period | 10 years |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Future fiscal periods amortization expense (Details 1) $ in Thousands | Dec. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,019 | $ 90 |
2,020 | 108 |
2,021 | 93 |
2,022 | 78 |
2,023 | 64 |
Thereafter | 105 |
Total | $ 538 |