Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 02, 2013 | Mar. 29, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'PRUDENTIAL BANCORP, INC. | ' | ' |
Entity Central Index Key | '0001578776 | ' | ' |
Trading Symbol | 'pbip | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Common Stock Shares Outstanding | ' | 9,544,809 | ' |
Entity Public Float | ' | ' | $17.60 |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and amounts due from depository institutions | $2,670 | $3,001 |
Interest-bearing deposits | 156,314 | 78,272 |
Total cash and cash equivalents | 158,984 | 81,273 |
Investment and mortgage-backed securities available for sale (amortized cost - September 30, 2013, $43,744; September 30, 2012, $64,030) | 41,781 | 65,975 |
Investment and mortgage-backed securities held to maturity (fair value - September 30, 2013, $80,582; September 30, 2012, $66,401) | 83,732 | 63,110 |
Loans receivable - net of allowance for loan losses (September 30, 2013, $2,353; September 30, 2012, $1,881) | 306,517 | 260,684 |
Accrued interest receivable | 1,791 | 1,661 |
Real estate owned | 406 | 1,972 |
Federal Home Loan Bank stock-at cost | 1,181 | 2,239 |
Office properties and equipment-net | 1,525 | 1,688 |
Bank owned life insurance | 7,119 | 6,919 |
Deferred income taxes, net | 1,306 | 2,749 |
Prepaid expenses and other assets | 3,555 | 2,234 |
TOTAL ASSETS | 607,897 | 490,504 |
Deposits: | ' | ' |
Non-interest-bearing | 3,474 | 3,711 |
Interest-bearing | 539,274 | 421,891 |
Total deposits | 542,748 | 425,602 |
Advances from Federal Home Loan Bank | 340 | 483 |
Accrued interest payable | 1,666 | 2,382 |
Advances from borrowers for taxes and insurance | 1,480 | 1,273 |
Accounts payable and accrued expenses | 1,751 | 933 |
Total liabilities | 547,985 | 430,673 |
COMMITMENTS AND CONTINGENCIES (Note 13) | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued | ' | ' |
Common stock, $.01 par value, 40,000,000 shares authorized; issued 12,563,750; outstanding - 10,023,495 at September 30, 2013 and 2012 | 126 | 126 |
Additional paid-in capital | 55,289 | 54,610 |
Unearned Employee Stock Ownership Plan ("ESOP") shares | -2,565 | -2,787 |
Treasury stock, at cost: 2,540,255 shares at September 30, 2013 and 2012 | -31,625 | -31,625 |
Retained earnings (substantially restricted) | 39,979 | 38,224 |
Accumulated other comprehensive (loss) income | -1,292 | 1,283 |
Total stockholders' equity | 59,912 | 59,831 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $607,897 | $490,504 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Investment and mortgage-backed securities available for sale, amortized cost (in dollars) | $43,744 | $64,030 |
Investment and mortgage-backed securities held to maturity, fair value (in dollars) | 80,582 | 66,401 |
Allowance for loan losses on loans receivable (in dollars) | $2,353 | $1,881 |
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 | ' | ' |
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 | 12,563,750 | 12,563,750 |
Common stock, shares outstanding | 10,023,495 | 10,023,495 |
Treasury stock, shares | 2,540,255 | 2,540,255 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
INTEREST INCOME: | ' | ' |
Interest and fees on loans | $12,609 | $13,008 |
Interest on mortgage-backed securities | 1,922 | 3,726 |
Interest and dividends on investments | 2,147 | 2,102 |
Interest on interest-bearing deposits | 95 | 143 |
Total interest income | 16,773 | 18,979 |
INTEREST EXPENSE: | ' | ' |
Interest on deposits | 4,344 | 5,775 |
Interest on borrowings | ' | 4 |
Total interest expense | 4,344 | 5,779 |
NET INTEREST INCOME | 12,429 | 13,200 |
(RECOVERIES) PROVISION FOR LOAN LOSSES | -500 | 725 |
NET INTEREST INCOME AFTER (RECOVERIES) PROVISION FOR LOAN LOSSES | 12,929 | 12,475 |
NON-INTEREST INCOME: | ' | ' |
Gain on sale of mortgage-backed securities available for sale, net | 868 | 2,122 |
Fees and other service charges | 410 | 428 |
Total other-than-temporary impairment losses | -38 | -195 |
Portion of loss recognized in other comprehensive income, before taxes | 6 | 41 |
Net impairment losses recognized in earnings | -32 | -154 |
Other | 528 | 672 |
Total non-interest income | 1,774 | 3,068 |
NON-INTEREST EXPENSES: | ' | ' |
Salaries and employee benefits | 5,823 | 5,953 |
Data processing | 429 | 439 |
Professional services | 927 | 985 |
Office occupancy | 392 | 419 |
Depreciation | 337 | 345 |
Payroll taxes | 340 | 303 |
Director compensation | 311 | 389 |
Federal Deposit Insurance Corporation premiums | 624 | 654 |
Real estate owned expense | 447 | 725 |
Other | 1,620 | 1,456 |
Total non-interest expenses | 11,250 | 11,668 |
INCOME BEFORE INCOME TAXES | 3,453 | 3,875 |
INCOME TAXES: | ' | ' |
Current (benefit) expense | -1,072 | 321 |
Deferred expense | 2,770 | 961 |
Total | 1,698 | 1,282 |
NET INCOME | $1,755 | $2,593 |
BASIC EARNINGS PER SHARE (in dollars per share) | $0.18 | $0.27 |
DILUTED EARNINGS PER SHARE (in dollars per share) | $0.18 | $0.27 |
DIVIDENDS PER SHARE (in dollars per share) | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Other Comprehensive Income [Abstract] | ' | ' |
Net income | $1,755 | $2,593 |
Unrealized holding (loss) gain on available-for-sale securities | -3,066 | 498 |
Tax effect | 1,042 | -169 |
Reclassification adjustment for net gains realized in net income | -868 | -2,122 |
Tax effect | 296 | 721 |
Reclassification adjustment for other than temporary impairment losses on debt securities | 32 | 154 |
Tax effect | -11 | -52 |
Total Other Comprehensive Loss Income | -2,575 | -970 |
Comprehensive (Loss) Income | ($820) | $1,623 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Common Stock | Additional Paid-In Capital | Unearned ESOP Shares | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total |
In Thousands, unless otherwise specified | |||||||
BALANCE at Sep. 30, 2011 | $126 | $54,078 | ($3,011) | ($31,625) | $35,631 | $2,253 | $57,452 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | 2,593 | ' | 2,593 |
Other comprehensive loss | ' | ' | ' | ' | ' | -970 | -970 |
Excess tax benefit from stock compensation plans | ' | 88 | ' | ' | ' | ' | 88 |
Stock option expense | ' | 220 | ' | ' | ' | ' | 220 |
Recognition and Retention Plan expense | ' | 326 | ' | ' | ' | ' | 326 |
ESOP shares committed to be released (16,965 shares) | ' | -102 | 224 | ' | ' | ' | 122 |
BALANCE at Sep. 30, 2012 | 126 | 54,610 | -2,787 | -31,625 | 38,224 | 1,283 | 59,831 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | 1,755 | ' | 1,755 |
Other comprehensive loss | ' | ' | ' | ' | ' | -2,575 | -2,575 |
Excess tax benefit from stock compensation plans | ' | 139 | ' | ' | ' | ' | 139 |
Stock option expense | ' | 231 | ' | ' | ' | ' | 231 |
Recognition and Retention Plan expense | ' | 347 | ' | ' | ' | ' | 347 |
ESOP shares committed to be released (16,965 shares) | ' | -38 | 222 | ' | ' | ' | 184 |
BALANCE at Sep. 30, 2013 | $126 | $55,289 | ($2,565) | ($31,625) | $39,979 | ($1,292) | $59,912 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Stockholders Equity [Abstract] | ' | ' |
ESOP shares committed to be released | 16,965 | 16,965 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $1,755 | $2,593 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
(Recoveries) Provision for loan losses | -500 | 725 |
Depreciation | 337 | 345 |
Net accretion of premiums/discounts | -540 | -321 |
Income from bank owned life insurance | -200 | -469 |
Accretion of deferred loan fees | 11 | -338 |
Compensation expense of ESOP | 184 | 122 |
Loss on sale of real estate owned | 3 | 123 |
Gain on sale of investment and mortgage-backed securities | -868 | -2,122 |
Impairment charge on investment and mortgage-backed securities | 32 | 154 |
Impairment charge on real estate owned | 306 | 210 |
Share-based compensation expense | 717 | 634 |
Deferred income tax expense | 2,770 | 961 |
Excess tax benefit related to stock compensation | -139 | -88 |
Changes in assets and liabilities which (used) provided cash: | ' | ' |
Accounts payable and accrued expenses | 818 | -1,058 |
Accrued interest payable | -716 | -38 |
Prepaid expenses and other assets | -1,321 | 248 |
Accrued interest receivable | -130 | 365 |
Net cash provided by operating activities | 2,519 | 2,046 |
INVESTING ACTIVITIES: | ' | ' |
Purchase of investment and mortgage-backed securities held to maturity | -36,488 | -58,438 |
Purchase of investment and mortgage-backed securities available for sale | -16,955 | -35,822 |
Principal collected on loans | 48,581 | 53,302 |
Principal payments received on investment and mortgage-backed securities: | ' | ' |
Held-to-maturity | 15,892 | 104,321 |
Available for sale | 22,439 | 24,351 |
Loans originated or acquired | -103,447 | -74,085 |
Proceeds from redemption of Federal Home Loan Bank stock | 1,058 | 648 |
Proceeds from sale of mortgage-backed securities | 16,158 | 21,650 |
Proceeds from sale of real estate owned | 1,539 | 186 |
Proceeds from sale of loans | 9,240 | ' |
Purchase of bank owned life insurance | ' | -1,147 |
Proceeds from bank owned life insurance claim | ' | 877 |
Purchases of equipment | -174 | -217 |
Net cash (used in) provided by investing activities | -42,157 | 35,626 |
FINANCING ACTIVITIES: | ' | ' |
Net increase (decrease) in demand deposits, NOW accounts, and savings accounts | 4,587 | -1,589 |
Funds held in escrow related to Second-step Offering | 145,675 | ' |
Net decrease in certificates of deposit | -33,116 | -8,823 |
Repayment of borrowing from Federal Home Loan Bank | -143 | -87 |
Increase in advances from borrowers for taxes and insurance | 207 | 183 |
Excess tax benefit related to stock compensation | 139 | 88 |
Net cash provided by (used in) in financing activities | 117,349 | -10,228 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 77,711 | 27,444 |
CASH AND CASH EQUIVALENTS - Beginning of year | 81,273 | 53,829 |
CASH AND CASH EQUIVALENTS - End of year | 158,984 | 81,273 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' |
Interest paid on deposits and advances from Federal Home Loan Bank | 5,060 | 5,817 |
Income taxes paid | ' | 1,405 |
SUPPLEMENTAL DISCLOSURES OF NONCASH ITEMS: | ' | ' |
Real estate acquired in settlement of loans | $282 | $223 |
NATURE_OF_OPERATIONS_AND_BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 12 Months Ended | |
Sep. 30, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | ' | |
1 | NATURE OF OPERATIONS AND BASIS OF PRESENTATION | |
Prudential Bancorp, Inc. (the “Company”) is a Pennsylvania corporation that was incorporated in June 2013 to be the successor corporation of Prudential Bancorp, Inc. of Pennsylvania (“Old Prudential Bancorp”), the former stock holding company for Prudential Savings Bank (the “Bank”), which is a Pennsylvania-chartered , FDIC-insured savings bank with seven full service branches in the Philadelphia area. As of September 30, 2013, the Company was in organization and had not commenced operations, accordingly, the financial statements included herein are of Old Prudential Bancorp. The Bank’s primary federal banking regulator is the Federal Deposit Insurance Corporation. The Bank is principally in the business of attracting deposits from its community through its branch offices and investing those deposits, together with funds from borrowings and operations, primarily in single-family residential loans. The Bank’s sole subsidiary as of September 30, 2013 was PSB Delaware, Inc. (“PSB”), a Delaware-chartered company established to hold certain investments. As of September 30, 2013, PSB had assets of $110.6 million primarily consisting of investment and mortgage-backed securities. | ||
The Company’s primary market area is Philadelphia, in particular South Philadelphia and Center City, as well as Delaware County. The Company also conducts business in Bucks, Chester and Montgomery Counties which, along with Delaware County, comprise the suburbs of Philadelphia. We also make loans in contiguous counties in southern New Jersey. | ||
Prudential Mutual Holding Company (the “MHC”), a Pennsylvania corporation, was the mutual holding company parent of Old Prudential Bancorp. As of September 30, 2013, Prudential Mutual Holding Company owned 74.6% (7,478,062 shares) of Old Prudential Bancorp outstanding common stock. In addition to the 6,910,062 shares of Old Prudential Bancorp received in connection with the reorganization in September 2005, the MHC was concurrently therewith initially capitalized with $100,000 in cash from the Bank. Subsequent to the completion of the reorganization, the MHC has purchased 568,000 shares of Old Prudential Bancorp’s common stock from other shareholders. | ||
The mutual-to-stock conversion was completed on October 9, 2013. In connection with the conversion, the Company issued an aggregate of 9,544,809 shares of common stock through a public offering and the conversion of Old Prudential Bancorp’s common stock owned by the public which was exchanged for 0.9442 shares of the Company’s common stock. Share amounts and per share data in the consolidated financial statements and notes to consolidated financial statements have not been adjusted to reflect the exchange. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Consolidation –The accompanying consolidated financial statements include the accounts of the Company and the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||
Use of Estimates in the Preparation of Financial Statements—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions in the Company’s financial statements are recorded in the allowance for loan losses, the fair value of financial instruments, other than temporary impairment of securities and valuation of deferred tax assets. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents—For purposes of reporting cash flows, cash and cash equivalents include cash and amounts due from depository institutions and interest-bearing deposits with original maturities of less than 90 days. | ||
Investment Securities and Mortgage-Backed Securities—The Company classifies and accounts for debt and equity securities as follows: | ||
Held to Maturity—Debt securities that management has the positive intent and ability to hold until maturity are classified as held to maturity and are carried at their remaining unpaid principal balance, net of unamortized premiums or unaccreted discounts. Premiums are amortized and discounts are accreted using the interest method over the estimated remaining term of the underlying security. | ||
Available for Sale—Debt and equity securities that will be held for indefinite periods of time, including securities that may be sold in response to changes in market interest or prepayment rates, needs for liquidity, and changes in the availability and the yield of alternative investments, are classified as available for sale. These assets are carried at fair value. Fair value is determined using public market prices, dealer quotes, and prices obtained from independent pricing services that may be derivable from observable and unobservable market inputs. Unrealized gains and losses are excluded from earnings and are reported net of tax as a separate component of stockholders’ equity until realized. Realized gains or losses on the sale of investment and mortgage-backed securities are reported in earnings as of the trade date and determined using the adjusted cost of the specific security sold. | ||
Other-than-temporary impairment —Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. For all securities that are in an unrealized loss position for an extended period of time and for all securities whose fair value is significantly below amortized cost, the Company performs an evaluation of the specific events attributable to the market decline of the security. The Company considers the length of time and extent to which the security’s market value has been below cost as well as the general market conditions, industry characteristics, and the fundamental operating results of the issuer to determine if the decline is other-than-temporary. The Company also considers as part of the evaluation its intention whether or not to sell the security until its market value has recovered to a level at least equal to the amortized cost. When the Company determines that a security’s unrealized loss is other-than-temporary, a realized loss is recognized in the period in which the decline in value is determined to be other-than-temporary. The write-down is measured based on public market prices of the security at the time the Company determines the decline in value was other-than-temporary. | ||
Loans Receivable— Lending consists of various loan types including single-family residential mortgage loans, construction and land development loans, non-residential or commercial real estate mortgage loans, home equity loans and lines of credit, commercial business loans, and consumer loans and are stated at their unpaid principal balances net of unamortized net fees/costs. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding unpaid principal balance adjusted for unearned income, the allowance for loan losses and any unamortized deferred fees or costs. | ||
Loan Origination and Commitment Fees—The Company defers loan origination and commitment fees, net of certain direct loan origination costs. The balance is accreted into income as a yield adjustment over the life of the loan using the level-yield method. | ||
Interest on Loans—The Company recognizes interest on loans on the accrual basis. Income recognition is discontinued when a loan becomes 90 days or more delinquent. Any interest previously accrued is deducted from interest income. Such interest ultimately collected is credited to income when loans are no longer 90 days or more delinquent. | ||
Allowance for Loan Losses— The allowance for loan losses represents the amount which management estimates is adequate to provide for probable losses inherent in its loan portfolio as of the Consolidated Statement of Financial Condition date. The allowance method is used in providing for loan losses. Accordingly, all loan losses are charged to the allowance, and all recoveries are credited to it. The allowance for loan losses is established through a provision for loan losses charged to operations. The provision for loan losses is based on management’s periodic evaluation of individual loans, economic factors, past loan loss experience, changes in the composition and volume of the portfolio, and other relevant factors. The estimates used in determining the adequacy of the allowance for loan losses, including the amounts and timing of future cash flows expected on impaired loans, are particularly susceptible to changes in the near term. | ||
Impaired loans are loans for which it is probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan agreements. The Company individually evaluates such loans for impairment and does not aggregate loans by major risk classifications. Factors considered by management in determining impairment include payment status and collateral value. The amount of impairment for impaired loans is determined by the difference between the present value of the expected cash flows related to the loans, using the original interest rate, and their recorded value, or as a practical expedient in the case of collateralized loans, the difference between the fair value of the collateral and the recorded amount of the loans. When foreclosure is probable, impairment is measured based on the fair value of the collateral. | ||
Mortgage loans and consumer loans are comprised of large groups of smaller balance homogeneous loans which are evaluated for impairment collectively. Loans that experience insignificant payment delays, which are defined as less than 90 days, generally are not classified as impaired. Management determines the significance of payment delays on a case-by-case basis taking into consideration all of the circumstances surrounding the loan and the borrower including the length of the delay, the borrower’s prior payment record, and the amount of shortfall in relation to the principal and interest owed. | ||
Real Estate Owned—Real estate acquired through, or in lieu of, loan foreclosure is initially recorded at the lower of book value or the estimated fair value at the date of acquisition, less estimated selling costs, establishing a new cost basis. Costs related to the development and improvement of real estate owned properties are capitalized and those relating to holding the properties are charged to expense. After foreclosure, a valuation is periodically performed by management and a write-down is recorded, if necessary, by a charge to operations if the carrying value of a property exceeds its estimated fair value less estimated costs to sell. | ||
Federal Home Loan Bank of Pittsburgh (“FHLB”) Stock – FHLB stock is classified as a restricted equity security because ownership is restricted and there is not an established market for its resale. FHLB stock is carried at cost and is evaluated for impairment when certain conditions warrant further consideration. | ||
The Company is a member of the Federal Home Loan Bank of Pittsburgh and as such, is required to maintain a minimum investment in stock of the Federal Home Loan Bank that varies with the level of advances outstanding with the Federal Home Loan Bank. The stock is bought from and sold to the Federal Home Loan Bank based upon its $100 par value. The stock does not have a readily determinable fair value and as such is classified as restricted stock, carried at cost and evaluated for impairment by management. The stock’s value is determined by the ultimate recoverability of the par value rather than by recognizing temporary declines. The determination of whether the par value will ultimately be recovered is influenced by criteria such as the following: (a) the significance of the decline in net assets of the Federal Home Loan Bank as compared to the capital stock amount and the length of time this situation has persisted; (b) commitments by the Federal Home Loan Bank to make payments required by law or regulation and the level of such payments in relation to the operating performance; (c) the impact of legislative and regulatory changes on the customer base of the Federal Home Loan Bank; and (d) the liquidity position of the Federal Home Loan Bank. | ||
The Federal Home Loan Bank reported net income for years ended 2012, 2011 and 2010, returned to paying quarterly dividends in 2012 and had their Aaa bond rating affirmed by Moody’s and AA+ rating affirmed by Standard and Poor’s during 2013.With consideration given to these factors, management concluded that the stock was not impaired at September 30, 2013 or 2012. | ||
Office Properties and Equipment—Land is carried at cost. Office properties and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the expected useful lives of the assets. The costs of maintenance and repairs are expensed as they are incurred, and renewals and betterments are capitalized and depreciated over their useful lives. | ||
Cash Surrender Value of Life Insurance—The Company funds the policy premiums for the lives of certain officers and directors of the Bank. The Bank owned life insurance policies (“BOLI”) provide an attractive tax-exempt return to the Company and is being used by the Company to fund various employee benefit plans. The BOLI is recorded at its cash surrender value. | ||
Dividend Payable – Upon declaration of a dividend, a payable is established with a corresponding reduction to retained earnings at the declaration date. There was no dividend payable as of September 30, 2013. | ||
Employee Stock Ownership Plan – The Bank established an employee stock ownership plan (“ESOP”) for substantially all of its full-time employees. In 2005, the ESOP purchased 452,295 shares of the Company’s common stock on the open market for approximately $4.5 million with a loan from the Company. Shares of the Company’s common stock purchased by the ESOP are held in a suspense account until released for allocation to participants as the loan is repaid. Shares released are allocated to each eligible participant based on the ratio of each such participant’s compensation, as defined in the ESOP, to the total compensation of all eligible plan participants in the ESOP. As the unearned shares are released from suspense, the Company recognizes compensation expense equal to the fair value of the ESOP shares during the periods in which they become committed to be released. To the extent that the fair value of the ESOP shares released differs from the cost of such shares, the difference is recorded to equity as an adjustment to additional paid-in capital. | ||
Share-Based Compensation – The Company accounts for stock-based compensation issued to employees, directors, and where appropriate non-employees, in accordance with U.S. GAAP. Under fair value provisions, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the appropriate vesting period using the straight-line method. The amount of stock-based compensation recognized at any date must at least equal the portion of the grant date fair value of the award that is vested at that date and as a result it may be necessary to recognize the expense using a ratable method. Determining the fair value of stock-based awards at the date of grant requires judgment, including estimating the expected term of the stock options and the expected volatility of the Company’s stock. In addition, judgment is required in estimating the amount of stock-based awards that are expected to be forfeited. If actual results differ significantly from these estimates or different key assumptions were used, it could have a material effect on the Company’s Consolidated Financial Statements. See Note 12 of the Notes to Consolidated Financial Statements for additional information regarding stock-based compensation. | ||
Treasury Stock – Common stock held in treasury by the Company is accounted for using the cost method, which treats stock held in treasury as a reduction to total stockholders’ equity. The average cost per share of the approximately 2.5 million shares which have been repurchased by the Company was $12.45 for purchases through September 30, 2013. The repurchased shares held by the Company are available for general corporate purposes. As of September 30, 2013, the MHC had purchased 568,000 shares at an average cost of $10.30 per share. As of September 30, 2013, 7,478,062 shares were owned by the MHC and 2,540,255 shares had been repurchased by the Company and held as treasury stock which results in 2,545,433 shares being owned by public shareholders. | ||
Comprehensive Income—The Company presents in the consolidated statement of comprehensive income those amounts arising from transactions and other events which currently are excluded from the statements of operations and are recorded directly to stockholders’ equity. For the years ended September 30, 2013 and 2012, the only components of comprehensive income were net income, unrealized holding (loss) gains, net of income tax (benefit) expense, on available for sale securities and reclassifications related to realized gains on sale of securities recognized in earnings, net of tax and realized losses due to other than temporary impairment, net of tax. Reclassifications are made to avoid double counting in comprehensive income items which are displayed as part of net income for the period. | ||
Income Taxes— The Company records deferred income taxes that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Management exercises significant judgment in the evaluation of the amount and timing of the recognition of the resulting tax assets and liabilities. The judgments and estimates required for the evaluation are updated based upon changes in business factors and the tax laws. If actual results differ from the assumptions and other considerations used in estimating the amount and timing of tax recognized, there can be no assurance that additional expense will not be required in future periods. | ||
In evaluating the Company’s ability to recover deferred tax assets, management considers all available positive and negative evidence, including past operating results and forecast of future taxable income. In determining future taxable income, management makes assumptions for the amount of taxable income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require us to make judgments about future taxable income and are consistent with the plans and estimates the Company uses to manage the business. Any reduction in estimated future taxable income may require us to record an additional valuation allowance against our deferred tax assets. An increase in the valuation allowance would result in additional income tax expense in the period and could have a significant impact on our future earnings. | ||
Transfers and Servicing of Financial Assets and Extinguishments of Liabilities—The Company recognizes the financial and servicing assets it controls and the liabilities it has incurred, and will derecognize financial assets when control has been surrendered, and derecognize liabilities when extinguished. Servicing assets and other retained interests in the transferred assets are measured by allocating the previous carrying amount between the asset sold, if any, and retained interests, if any, based on their relative fair values at the date of transfer. | ||
Advertising Costs—Advertising costs are expensed as incurred. The Company recognized advertising expense of $335,000 and $275,000 for the years ended September 30, 2013 and 2012, respectively. | ||
Recent Accounting Pronouncements | ||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on their source and the income statement line items affected by the reclassification. The new requirements took effect for public companies in fiscal years, and interim periods within those years, beginning after December 15, 2012. The Company adopted this standard on January 1, 2013. The effect of adopting this standard increased our disclosure presented in note 4. | ||
In February 2013, the FASB issued ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date. The ASU requires the measurement of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement with its co-obligors as well as any additional amount that the entity expects to pay on behalf of its co-obligors. The new standard is effective retrospectively for fiscal years and interim periods within those years, beginning after December 15, 2013, and early adoption is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||
In April 2013, the FASB issued ASU 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting. The amendments in this ASU are being issued to clarify when an entity should apply the liquidation basis of accounting. In addition, the guidance provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. The amendments require an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is imminent when the likelihood is remote that the entity will return from liquidation and either (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective and the likelihood is remote that the execution of the plan will be blocked by other parties or (b) a plan for liquidation is being imposed by other forces (for example, involuntary bankruptcy). If a plan for liquidation was specified in the entity’s governing documents from the entity’s inception (for example, limited-life entities), the entity should apply the liquidation basis of accounting only if the approved plan for liquidation differs from the plan for liquidation that was specified at the entity’s inception. The amendments are effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. Entities should apply the requirements prospectively from the day that liquidation becomes imminent. Early adoption is permitted. Entities that use the liquidation basis of accounting as of the effective date in accordance with other Topics (for example, terminating employee benefit plans) are not required to apply the amendments. Instead, those entities should continue to apply the guidance in those other Topics until they have completed liquidation. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||
In June 2013, the FASB issued ASU 2013-08, Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements. The amendments in this ASU affect the scope, measurement, and disclosure requirements for investment companies under U.S. GAAP. The amendments do all of the following: 1. Change the approach to the investment company assessment in Topic 946, clarify the characteristics of an investment company, and provide comprehensive guidance for assessing whether an entity is an investment company. 2. Require an investment company to measure non-controlling ownership interests in other investment companies at fair value rather than using the equity method of accounting. 3. Require the following additional disclosures: (a) the fact that the entity is an investment company and is applying the guidance in Topic 946, (b) information about changes, if any, in an entity’s status as an investment company, and (c) information about financial support provided or contractually required to be provided by an investment company to any of its investees. The amendments in this ASU are effective for an entity’s interim and annual reporting periods in fiscal years that begin after December 15, 2013. Earlier application is prohibited. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||
In July 2013, the FASB issued ASU 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this ASU permit the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to UST and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. This ASU did not have a significant impact on the Company’s financial statements. | ||
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||||||
3. EARNINGS PER SHARE | |||||||||||||||||
Basic earnings per share is computed based on the weighted average number of common shares outstanding. Diluted earnings per share is computed based on the weighted average number of common shares outstanding and common share equivalents (“CSEs”) that would arise from the exercise of dilutive securities. | |||||||||||||||||
The calculated basic and diluted earnings per share are as follows: | |||||||||||||||||
Year Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in Thousands Except Per Share Data) | |||||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||
Net income | $ | 1,755 | $ | 1,755 | $ | 2,593 | $ | 2,593 | |||||||||
Weighted average shares outstanding | 9,657,507 | 9,657,507 | 9,599,222 | 9,599,222 | |||||||||||||
Effect of CSEs | - | 110,593 | - | 24,524 | |||||||||||||
Adjusted weighted average shares used in earnings per share computation | 9,657,507 | 9,768,100 | 9,599,222 | 9,623,746 | |||||||||||||
Earnings per share - basic and diluted | $ | 0.18 | $ | 0.18 | $ | 0.27 | $ | 0.27 | |||||||||
Options to purchase 406,000 shares and 442,400 shares of common stock at an exercise price greater than the current market value were outstanding at September 30, 2013 and 2012, respectively, but were not included in the computation of diluted earnings per share because to do so would have been antidilutive. The exercise price for the stock options representing the anti-dilutive shares ranged from $8.30 to $11.17, at 2013 and $7.25 to $11.17 at 2012. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended | |||||
Sep. 30, 2013 | ||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | |||||
4. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||
The following table presents the changes in accumulated other comprehensive income (loss) by component net of tax for the year ended September 30, 2013: | ||||||
Unrealized gains (losses) on | ||||||
available for sale | ||||||
securities (a) | ||||||
Balance as of October 1, 2012 | $ | 1,283 | ||||
Other comprehensive loss before reclassification | (2,024 | ) | ||||
Amount reclassified from accumulated other comprehensive income | (551 | ) | ||||
Total other comprehensive loss | (2,575 | ) | ||||
Balance as of September 30, 2013 | $ | (1,292 | ) | |||
(a) All amounts are net of tax. Amounts in parentheses indicate debits. | ||||||
The following table presents significant amounts reclassified out of each component of accumulated other comprehensive income (loss) for the year ended September 30, 2013: | ||||||
Amount Reclassified | ||||||
from Accumulated | Affected Line Item in | |||||
Other | the Statement Where | |||||
Comprehensive | Net Income is | |||||
Details about other comprehensive income | Income (Loss) (a) | Presented | ||||
Unrealized gains on available for sale securities | ||||||
$ | 868 | Gain on sale of mortgage-backed securities available for sale | ||||
(296 | ) | Income taxes | ||||
(32 | ) | Net impairment losses recognized in earnings | ||||
11 | Income taxes | |||||
$ | 551 | Net of tax | ||||
(a) Amounts in parentheses indicate debits to net income. |
INVESTMENT_AND_MORTGAGEBACKED_
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
INVESTMENT AND MORTGAGE-BACKED SECURITIES | ' | ||||||||||||||||||||||||
5. INVESTMENT AND MORTGAGE-BACKED SECURITIES | |||||||||||||||||||||||||
The amortized cost and fair value of securities, with gross unrealized gains and losses, are as follows: | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | 18,986 | $ | - | $ | (1,727 | ) | $ | 17,259 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | 21,433 | 230 | (704 | ) | 20,959 | ||||||||||||||||||||
Mortgage-backed securities - non-agency | 3,319 | 301 | (90 | ) | 3,530 | ||||||||||||||||||||
Total debt securities available for sale | 43,738 | 531 | (2,521 | ) | 41,748 | ||||||||||||||||||||
FHLMC preferred stock | 6 | 27 | - | 33 | |||||||||||||||||||||
Total securities available for sale | $ | 43,744 | $ | 558 | $ | (2,521 | ) | $ | 41,781 | ||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | 66,934 | $ | 559 | $ | (4,855 | ) | $ | 62,638 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | 16,798 | 1,222 | (76 | ) | 17,944 | ||||||||||||||||||||
Total securities held to maturity | $ | 83,732 | $ | 1,781 | $ | (4,931 | ) | $ | 80,582 | ||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | 13,994 | $ | 110 | $ | (1 | ) | $ | 14,103 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | 45,722 | 2,040 | - | 47,762 | |||||||||||||||||||||
Mortgage-backed securities - non-agency | 4,308 | 137 | (342 | ) | 4,103 | ||||||||||||||||||||
Total debt securities | 64,024 | 2,287 | (343 | ) | 65,968 | ||||||||||||||||||||
FHLMC preferred stock | 6 | 1 | - | 7 | |||||||||||||||||||||
Total securities available for sale | $ | 64,030 | $ | 2,288 | $ | (343 | ) | $ | 65,975 | ||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | 44,475 | $ | 1,333 | $ | (9 | ) | $ | 45,799 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | 18,635 | 1,967 | - | 20,602 | |||||||||||||||||||||
Total securities held to maturity | $ | 63,110 | $ | 3,300 | $ | (9 | ) | $ | 66,401 | ||||||||||||||||
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 have been in a continuous loss position at September 30, 2013: | |||||||||||||||||||||||||
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 | $ | (1,727 | ) | $ | 17,259 | $ | - | $ | - | $ | (1,727 | ) | $ | 17,259 | |||||||||||
Mortgage-backed securities -U.S. government agency | (704 | ) | 17,449 | - | - | (704 | ) | 17,449 | |||||||||||||||||
Mortgage-backed securities - non-agency | (10 | ) | 415 | (80 | ) | 460 | (90 | ) | 875 | ||||||||||||||||
Total securities available for sale | $ | (2,441 | ) | $ | 35,123 | $ | (80 | ) | $ | 460 | $ | (2,521 | ) | $ | 35,583 | ||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | (3,817 | ) | $ | 40,126 | $ | (1,037 | ) | $ | 9,956 | $ | (4,854 | ) | $ | 50,082 | ||||||||||
Mortgage-backed securities -U.S. government agency | (76 | ) | 5,253 | - | - | (76 | ) | 5,253 | |||||||||||||||||
Total securities held to maturity | $ | (3,893 | ) | $ | 45,379 | $ | (1,037 | ) | $ | 9,956 | $ | (4,930 | ) | $ | 55,335 | ||||||||||
Total | $ | (6,334 | ) | $ | 80,502 | $ | (1,117 | ) | $ | 10,416 | $ | (7,451 | ) | $ | 90,918 | ||||||||||
Management evaluates securities for other-than-temporary impairment (“OTTI”) at least once per quarter, and more frequently when economic or market conditions warrant such evaluation. The evaluation is based upon factors such as the creditworthiness of the issuers/guarantors, the underlying collateral, if applicable, and the continuing performance of the securities. Management also evaluates other facts and circumstances that may be indicative of an OTTI condition. This includes, but is not limited to, an evaluation of the type of security, the length of time and extent to which the fair value of the security has been less than cost, and the near-term prospects of the issuer. | |||||||||||||||||||||||||
Management has reviewed its investment securities and determined that for the year ended September 30, 2013, unrealized losses of $38,000 on a pre-tax basis for certain securities in the non-agency mortgage-backed portfolio classified as available for sale were deemed other than temporarily impaired. | |||||||||||||||||||||||||
The Company assesses whether the credit loss existed by considering whether (1) the Company has the intent to sell the security, (2) it is more likely than not that it will be required to sell the security before recovery, or (3) it does not expect to recover the entire amortized cost basis of the security. The Company bifurcates the OTTI impact on impaired securities where impairment in value was deemed to be other than temporary between the component representing credit loss and the component representing loss related to other factors. The portion of the fair value decline attributable to credit loss must be recognized through a charge to earnings. The credit component is determined by comparing the present value of the cash flows expected to be collected, discounted at the rate in effect before recognizing any OTTI with the amortized cost basis of the debt security. The Company uses the cash flow expected to be realized from the security, which includes assumptions about interest rates, timing and severity of defaults, estimates of potential recoveries, the cash flow distribution from the bond indenture and other factors, then applies a discount rate equal to the effective yield of the security. The difference between the present value of the expected cash flows and the amortized book value is considered a credit loss. The fair market value of the security is determined using the same expected cash flows; the discount rate is a rate the Company determines from the open market and other sources as appropriate for the security. The difference between the fair market value and the security’s remaining amortized cost is recognized in other comprehensive income. | |||||||||||||||||||||||||
The following is a rollforward for the year ended September 30, 2013 of the amounts recognized in earnings related to credit losses on securities which the Company has recorded OTTI charges through earnings and other comprehensive income. | |||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Credit component of OTTI as of October 1, 2012 | $ | 2,103 | |||||||||||||||||||||||
Additions for credit-related OTTI charges on previously unimpaired securities | - | ||||||||||||||||||||||||
Reductions for securities liquidated | (542 | ) | |||||||||||||||||||||||
Additional increases as a result of impairment charges recognized on investments for which an OTTI was previously recognized | 38 | ||||||||||||||||||||||||
Credit component of OTTI as of September 30, 2013 | $ | 1,599 | |||||||||||||||||||||||
U.S. Government and agency obligations - The Company’s investments reflected in the tables above in U.S. Government sponsored enterprise notes consist of debt obligations of the FHLB and Federal Farm Credit System (“FFCS”). These securities are typically rated AAA by one of the internationally recognized credit rating services. At September 30, 2013, U.S. Government and agency obligations in a gross unrealized loss position for more than twelve months consisted of three securities having an aggregate depreciation of $859,000 or 10.6% from the Company’s amortized cost basis. There were 25 securities in a gross unrealized loss position for less than twelve months having an aggregate depreciation of $5.7 million or 9.7% from the Company’s amortized cost basis. The unrealized losses on these debt securities relates principally to the changes in market interest rates in the financial markets and are not as a result of projected shortfall of cash flows. In addition, the Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the securities. As such, the Company anticipates it will recover the entire amortized cost basis of the securities. As a result, the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2013. | |||||||||||||||||||||||||
U.S. government agency issued mortgage-backed securities — At September 30, 2013, the gross unrealized loss in U.S. government agency issued mortgage-backed securities in the category of experiencing a gross unrealized loss for less than 12 months was $704,000 or 3.88% from the Company’s amortized cost basis and consisted of ten securities. There were no securities in a gross unrealized loss position in the category of experiencing a gross unrealized loss for more than 12 months at September 30, 2013. These securities represent asset-backed issues that are issued or guaranteed by a U.S. Government sponsored agency or carry the full faith and credit of the United States through a government agency and are currently rated AAA by at least one bond credit rating agency. In September 2008, the U.S. Department of the Treasury announced the establishment of the Government Sponsored Enterprise Credit Facility to ensure credit availability to Fannie Mae and Freddie Mac. The U.S. Department of the Treasury also entered into senior preferred stock purchase agreements, which ensure that each entity maintains a positive net worth and effectively support the holders of debt and mortgage-backed securities issued or guaranteed by Fannie Mae and Freddie Mac. The preferred stock agreements enhance market stability by providing additional security to debt holders, senior and subordinated, thereby alleviating the concern of the credit driven impairment of the securities. | |||||||||||||||||||||||||
Mortgage-backed securities non-agency - This portfolio was acquired through the redemption-in-kind during 2008 of an investment in a mutual fund and includes 55 collateralized mortgage obligations (“CMO”) and mortgage-backed securities issued by large commercial financial institutions. For the year ended September 30, 2013, management recognized an OTTI charge related to a portion of the portfolio securities in the amount of $38,000 on a pre-tax basis due to the fact that, in management’s judgment, the credit quality of the collateral pool underlying such securities had deteriorated during recent periods to the point that full recovery of the entire amortized cost of the investment was considered to be uncertain. This portfolio consists primarily of securities with underlying collateral consisting of Alt-A loans and those collateralized by home equity lines of credit and other receivables as well as whole loans with more significant exposure to depressed real estate markets in the United States. For the overall portfolio of the securities, there was exposure to the declining real estate markets such as California, Nevada, Arizona and Florida and consequently, an additional OTTI charge was deemed to be warranted as of September 30, 2013. Of the recorded charge, a total of $32,000 was concluded to be credit related and recognized currently in earnings and $6,000 was concluded to be attributable to other factors and recognized in accumulated other comprehensive (loss) income. | |||||||||||||||||||||||||
As of September 30, 2013, with the exception of securities discussed above, there are no securities for which the Company currently believes it is not probable that it will collect all amounts due according to the contractual terms of the investment. Management concluded that an other-than-temporary impairment did not exist and the decline in value was attributed to the illiquidity in the financial markets. With respect to the $90,000 in gross unrealized losses related to this part of the portfolio, seven securities had been in a loss position for longer than 12 months while six securities had been in a loss position for less than 12 months. However, the Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these 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 have been in a continuous loss position at September 30, 2012: | |||||||||||||||||||||||||
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 | $ | (1 | ) | $ | 2,999 | $ | - | $ | - | $ | (1 | ) | $ | 2,999 | |||||||||||
Mortgage-backed securities - non-agency | (21 | ) | 144 | (321 | ) | 2,343 | (342 | ) | 2,487 | ||||||||||||||||
Total securities available for sale | $ | (22 | ) | $ | 3,143 | $ | (321 | ) | $ | 2,343 | $ | (343 | ) | $ | 5,486 | ||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | (9 | ) | $ | 10,982 | $ | - | $ | - | $ | (9 | ) | $ | 10,982 | |||||||||||
Total securities held to maturity | $ | (9 | ) | $ | 10,982 | $ | - | $ | - | $ | (9 | ) | $ | 10,982 | |||||||||||
Total | $ | (31 | ) | $ | 14,125 | $ | (321 | ) | $ | 2,343 | $ | (352 | ) | $ | 16,468 | ||||||||||
Management has reviewed its investment securities and determined that for the year ended September 30, 2012, unrealized losses of $195,000 on a pre-tax basis for certain securities in the non-agency mortgage-backed portfolio classified as available for sale were deemed other than temporarily impaired. | |||||||||||||||||||||||||
The amortized cost and estimated fair value of U.S. government and agency obligations by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because of call provisions in the securities. Mortgage-backed securities were not included as the contractual maturity therefore is generally irrelevant due to the borrowers’ right to prepay without pre-payment penalty which results in significant prepayments. | |||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Held to Maturity | Available for Sale | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Due within one year | $ | 2,000 | $ | 2,009 | $ | - | $ | - | |||||||||||||||||
Due after one through five years | - | - | - | - | |||||||||||||||||||||
Due after five through ten years | 12,497 | 12,293 | 1,999 | 1,902 | |||||||||||||||||||||
Due after ten years | 52,437 | 48,336 | 16,987 | 15,357 | |||||||||||||||||||||
Total | $ | 66,934 | $ | 62,638 | $ | 18,986 | $ | 17,259 | |||||||||||||||||
For the years ended September 30, 2013 and 2012, the Company realized gross gains of $868,000 and $2.1 million, respectively, and gross proceeds from the sale of investment and mortgage-backed securities of $16.1 and $21.6 million, respectively. |
LOANS_RECEIVABLE
LOANS RECEIVABLE | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
LOANS RECEIVABLE | ' | ||||||||||||||||||||||||||||||||
6. LOANS RECEIVABLE | |||||||||||||||||||||||||||||||||
Loans receivable consist of the following: | |||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to four-family residential | $ | 270,791 | $ | 222,793 | |||||||||||||||||||||||||||||
Multi-family residential | 5,716 | 5,051 | |||||||||||||||||||||||||||||||
Commercial real estate | 19,506 | 19,333 | |||||||||||||||||||||||||||||||
Construction and land development | 11,356 | 14,873 | |||||||||||||||||||||||||||||||
Commercial business | 588 | 632 | |||||||||||||||||||||||||||||||
Consumer | 438 | 523 | |||||||||||||||||||||||||||||||
Total loans | 308,395 | 263,205 | |||||||||||||||||||||||||||||||
Undisbursed portion of loans-in-process | (1,676 | ) | (1,629 | ) | |||||||||||||||||||||||||||||
Deferred loan costs | 2,151 | 989 | |||||||||||||||||||||||||||||||
Allowance for loan losses | (2,353 | ) | (1,881 | ) | |||||||||||||||||||||||||||||
Net loans | $ | 306,517 | $ | 260,684 | |||||||||||||||||||||||||||||
The Company originates loans to customers located primarily in its local market area. The ultimate repayment of these loans at September 30, 2013 and 2012 is dependent, to a certain degree, on the local economy and real estate market. | |||||||||||||||||||||||||||||||||
The following table summarizes the loans individually evaluated for impairment by loan segment at September 30, 2013: | |||||||||||||||||||||||||||||||||
One- to four- | Multi-family | Commercial real | Construction | Commercial | Consumer | Total | |||||||||||||||||||||||||||
family | residential | estate | and land | business | |||||||||||||||||||||||||||||
residential | development | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Individually evaluated | $ | 10,754 | $ | 383 | $ | 2,776 | $ | 1,205 | $ | - | $ | - | $ | 15,118 | |||||||||||||||||||
for impairment | |||||||||||||||||||||||||||||||||
Collectively evaluated | 260,037 | 5,333 | 16,730 | 10,151 | 588 | 438 | 293,277 | ||||||||||||||||||||||||||
for impairment | |||||||||||||||||||||||||||||||||
Total loans | $ | 270,791 | $ | 5,716 | $ | 19,506 | $ | 11,356 | $ | 588 | $ | 438 | $ | 308,395 | |||||||||||||||||||
The following table summarizes the loans individually evaluated for impairment by loan segment at September 30, 2012: | |||||||||||||||||||||||||||||||||
One- to four- | Multi-family | Commercial real | Construction | Commercial | Consumer | Total | |||||||||||||||||||||||||||
family | residential | estate | and land | business | |||||||||||||||||||||||||||||
residential | development | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 25,440 | $ | 916 | $ | 1,679 | $ | 2,573 | $ | - | $ | - | $ | 30,608 | |||||||||||||||||||
Collectively evaluated for impairment | 197,353 | 4,135 | 17,654 | 12,300 | 632 | 523 | $ | 232,597 | |||||||||||||||||||||||||
Total loans | $ | 222,793 | $ | 5,051 | $ | 19,333 | $ | 14,873 | $ | 632 | $ | 523 | $ | 263,205 | |||||||||||||||||||
The loan portfolio is segmented at a level that allows management to monitor risk and performance. Management evaluates all loans classified as substandard or lower and loans delinquent 90 plus days for potential impairment. Loans are considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. | |||||||||||||||||||||||||||||||||
Once the determination is made that a loan is impaired, the determination of whether a specific allocation of the allowance is necessary is generally measured by comparing the recorded investment in the loan to the fair value of the loan using one of the following three methods: (a) the present value of the expected future cash flows discounted at the loan’s effective interest rate; (b) the loan’s observable market price; or (c) the fair value of the collateral less selling costs. Management primarily utilizes the fair value of collateral method as a practically expedient alternative. | |||||||||||||||||||||||||||||||||
The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 2013: | |||||||||||||||||||||||||||||||||
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 | $ | - | $ | - | $ | 10,754 | $ | 10,754 | $ | 10,754 | |||||||||||||||||||||||
Multi-family residential | - | - | 383 | 383 | 383 | ||||||||||||||||||||||||||||
Commercial real estate | - | - | 2,776 | 2,776 | 2,776 | ||||||||||||||||||||||||||||
Construction and land development | - | - | 1,205 | 1,205 | 1,205 | ||||||||||||||||||||||||||||
Total Loans | $ | - | $ | - | $ | 15,118 | $ | 15,118 | $ | 15,118 | |||||||||||||||||||||||
The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 2012: | |||||||||||||||||||||||||||||||||
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 | $ | - | $ | - | $ | 25,440 | $ | 25,440 | $ | 25,440 | |||||||||||||||||||||||
Multi-family residential | - | - | 916 | 916 | 916 | ||||||||||||||||||||||||||||
Commercial real estate | - | - | 1,679 | 1,679 | 1,679 | ||||||||||||||||||||||||||||
Construction and land development | - | - | 2,573 | 2,573 | 2,573 | ||||||||||||||||||||||||||||
Total Loans | $ | - | $ | - | $ | 30,608 | $ | 30,608 | $ | 30,608 | |||||||||||||||||||||||
The following table presents the average investment in impaired loans and related interest income recognized for the periods indicated: | |||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Average | Income | Income | |||||||||||||||||||||||||||||||
Recorded | Recognized | Recognized on | |||||||||||||||||||||||||||||||
Investment | on Accrual Basis | Cash Basis | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to four-family residential | $ | 13,308 | $ | 400 | $ | 82 | |||||||||||||||||||||||||||
Multi-family residential | 647 | 46 | - | ||||||||||||||||||||||||||||||
Commercial Real Estate | 5,063 | 218 | 33 | ||||||||||||||||||||||||||||||
Construction and Land Development | 1,518 | 108 | - | ||||||||||||||||||||||||||||||
Total | $ | 20,536 | $ | 772 | $ | 115 | |||||||||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||||||||||
Average | Income | Income | |||||||||||||||||||||||||||||||
Recorded | Recognized on | Recognized on | |||||||||||||||||||||||||||||||
Investment | Accrual Basis | Cash Basis | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to four-family residential | $ | 14,232 | $ | 608 | $ | 406 | |||||||||||||||||||||||||||
Multi-family residential | 394 | 46 | |||||||||||||||||||||||||||||||
Commercial Real Estate | 1,913 | 54 | |||||||||||||||||||||||||||||||
Construction and Land Development | 4,995 | 122 | - | ||||||||||||||||||||||||||||||
Total | $ | 21,534 | $ | 830 | $ | 406 | |||||||||||||||||||||||||||
Federal banking regulations and our policies 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 the credit monitoring system. Management currently classifies problem and potential problem assets as “special mention,” “substandard,” “doubtful” or “loss” assets. An asset is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” Assets classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted. Assets which do not currently expose the insured institution to sufficient risk to warrant classification in one of the aforementioned categories but possess weaknesses are required to be designated “special mention.” | |||||||||||||||||||||||||||||||||
The following table presents the classes of the loan portfolio in which a formal risk weighting system is utilized summarized by the aggregate “Pass” and the criticized category of “special mention”, and the classified categories of “substandard” and “doubtful” within the Company’s risk rating system. The Company had no loans classified as “loss” at the dates presented. | |||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Special | Total | ||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Loans | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Multi-family residential | $ | 5,333 | $ | - | $ | 383 | $ | - | $ | 5,716 | |||||||||||||||||||||||
Commercial real estate | 15,273 | 1,457 | 2,776 | - | 19,506 | ||||||||||||||||||||||||||||
Construction and land development | 2,633 | 7,518 | 1,205 | - | 11,356 | ||||||||||||||||||||||||||||
Commercial business | 588 | - | - | - | 588 | ||||||||||||||||||||||||||||
Total Loans | $ | 23,827 | $ | 8,975 | $ | 4,364 | $ | - | $ | 37,166 | |||||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||||||||||
Special | Total | ||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Loans | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Multi-family residential | $ | 4,135 | $ | - | $ | 916 | $ | - | $ | 5,051 | |||||||||||||||||||||||
Commercial real estate | 17,654 | - | 1,679 | - | 19,333 | ||||||||||||||||||||||||||||
Construction and land development | 12,300 | - | 2,573 | - | 14,873 | ||||||||||||||||||||||||||||
Commercial business | 632 | - | - | - | 632 | ||||||||||||||||||||||||||||
Total Loans | $ | 34,721 | $ | - | $ | 5,168 | $ | - | $ | 39,889 | |||||||||||||||||||||||
The following table presents 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: | |||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Non- | Total | ||||||||||||||||||||||||||||||||
Performing | Performing | Loans | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 266,532 | $ | 4,259 | $ | 270,791 | |||||||||||||||||||||||||||
Consumer | 438 | - | 438 | ||||||||||||||||||||||||||||||
Total Loans | $ | 266,970 | $ | 4,259 | $ | 271,229 | |||||||||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||||||||||
Non- | Total | ||||||||||||||||||||||||||||||||
Performing | Performing | Loans | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 209,889 | $ | 12,904 | $ | 222,793 | |||||||||||||||||||||||||||
Consumer | 523 | - | 523 | ||||||||||||||||||||||||||||||
Total Loans | $ | 210,412 | $ | 12,904 | $ | 223,316 | |||||||||||||||||||||||||||
Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is due. The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans: | |||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
90 Days+ | Total | ||||||||||||||||||||||||||||||||
30-89 Days | 90 Days + | Past Due | Past Due | Total | Non- | ||||||||||||||||||||||||||||
Current | Past Due | Past Due | and Accruing | and Accruing | Loans | Accrual | |||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 264,272 | $ | 3,589 | $ | 2,930 | $ | - | $ | 3,589 | $ | 270,791 | $ | 4,259 | |||||||||||||||||||
Multi-family residential | 5,716 | - | - | - | - | 5,716 | - | ||||||||||||||||||||||||||
Commercial real estate | 18,686 | 355 | 465 | - | 355 | 19,506 | 2,375 | ||||||||||||||||||||||||||
Construction and land development | 11,356 | - | - | - | - | 11,356 | - | ||||||||||||||||||||||||||
Commercial business | 588 | - | - | - | - | 588 | - | ||||||||||||||||||||||||||
Consumer | 437 | 1 | - | - | 1 | 438 | - | ||||||||||||||||||||||||||
Total Loans | $ | 301,055 | $ | 3,945 | $ | 3,395 | $ | - | $ | 3,945 | $ | 308,395 | $ | 6,634 | |||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||||||||||
90 Days+ | Total | ||||||||||||||||||||||||||||||||
30-89 Days | 90 Days + | Past Due | Past Due | Total | Non- | ||||||||||||||||||||||||||||
Current | Past Due | Past Due | and Accruing | and Accruing | Loans | Accrual | |||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 217,061 | $ | 1,108 | $ | 4,624 | $ | - | $ | 1,108 | $ | 222,793 | $ | 12,904 | |||||||||||||||||||
Multi-family residential | 5,051 | - | - | - | - | 5,051 | - | ||||||||||||||||||||||||||
Commercial real estate | 18,859 | 233 | 241 | - | 233 | 19,333 | 597 | ||||||||||||||||||||||||||
Construction and land development | 14,356 | - | 517 | - | - | 14,873 | 517 | ||||||||||||||||||||||||||
Commercial business | 632 | - | - | - | - | 632 | - | ||||||||||||||||||||||||||
Consumer | 522 | 1 | - | - | 1 | 523 | - | ||||||||||||||||||||||||||
Total Loans | $ | 256,481 | $ | 1,342 | $ | 5,382 | $ | - | $ | 1,342 | $ | 263,205 | $ | 14,018 | |||||||||||||||||||
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 those inherent losses and to assess the overall collection probability for the loan portfolio in view of these inherent losses. For each primary type of loan, a loss factor is established reflecting an estimate of the known and inherent losses in such loan type using both a quantitative analysis as well as consideration of qualitative factors. The evaluation process includes, among other things, an analysis of delinquency trends, non-performing loan trends, the level of charge-offs and recoveries, prior loss experience, total loans outstanding, the volume of loan originations, the type, size and geographic concentration of our loans, the value of collateral securing the loan, the borrower’s ability to repay and repayment performance, the number of loans requiring heightened management oversight, local economic conditions and industry experience. | |||||||||||||||||||||||||||||||||
Commercial real estate loans entail significant additional credit risks compared to one-to four-family residential mortgage loans, as they generally involve large loan balances concentrated with single borrowers or groups of related borrowers. In addition, the payment experience on loans secured by income-producing properties typically depends on the successful operation of the related real estate project and/or business operation of the borrower who is also the primary occupant, and thus may be subject to a greater extent to the effects of adverse conditions in the real estate market and in the economy in general. Commercial business loans typically involve a higher risk of default than residential loans of like duration since their repayment is generally dependent on the successful operation of the borrower’s business and the sufficiency of collateral, if any. Land acquisition, development and construction lending exposes us to greater credit risk than permanent mortgage financing. The repayment of land acquisition, development and construction loans depends upon the sale of the property to third parties or the availability of permanent financing upon completion of all improvements. These events may adversely affect the borrower and the value of the collateral property. | |||||||||||||||||||||||||||||||||
The following table summarizes the primary segments of the allowance for loan losses, segmented into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of September 30, 2013 and 2012. Activity in the allowance is presented for the years ended September 30, 2013 and 2012: | |||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
One- to | |||||||||||||||||||||||||||||||||
four-family residential | Multi- | Commercial | Construction and land development | Commercial business | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
family residential | real estate | ||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
ALLL balance at September 30, 2012 | $ | 830 | $ | 7 | $ | 125 | $ | 745 | $ | 3 | $ | 1 | $ | 170 | $ | 1,881 | |||||||||||||||||
Charge-offs | (154 | ) | - | - | - | - | - | - | (154 | ) | |||||||||||||||||||||||
Recoveries | 227 | - | - | 899 | - | - | - | 1,126 | |||||||||||||||||||||||||
Provision | 481 | 15 | (55 | ) | (991 | ) | 1 | 1 | 48 | (500 | ) | ||||||||||||||||||||||
ALLL balance at September 30, 2013 | $ | 1,384 | $ | 22 | $ | 70 | $ | 653 | $ | 4 | $ | 2 | $ | 218 | $ | 2,353 | |||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Collectively evaluated for impairment | 1,384 | 22 | 70 | 653 | 4 | 2 | 218 | 2,353 | |||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||
One- to | Multi- | Commercial | Construction and land development | Commercial business | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
four-family residential | family residential | real estate | |||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
ALLL balance at September 30, 2011 | $ | 1,651 | $ | 7 | $ | 221 | $ | 1,481 | $ | 3 | $ | 1 | $ | - | $ | 3,364 | |||||||||||||||||
Charge-offs | (1,905 | ) | - | - | (303 | ) | - | - | - | (2,208 | ) | ||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Provision | 1,084 | - | (96 | ) | (433 | ) | - | - | 170 | 725 | |||||||||||||||||||||||
ALLL balance at September 30, 2012 | $ | 830 | $ | 7 | $ | 125 | $ | 745 | $ | 3 | $ | 1 | $ | 170 | $ | 1,881 | |||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Collectively evaluated for impairment | 830 | 7 | 125 | 745 | 3 | 1 | 170 | 1,881 | |||||||||||||||||||||||||
The Company recorded a recovery for loan losses of $500,000 for the year ended September 30, 2013, as compared to establishing a provision for loan losses of $725,000 for the year ended September 30, 2012. No provisions for loan losses were deemed necessary for the fiscal 2013 period in part due to the recovery of previously charged off loan amounts aggregating $1.1 million during the year ended September 30, 2013. The Company believes that the allowance for loan losses at September 30, 2013 is sufficient to cover all inherent and known losses associated with the loan portfolio at such date. At September 30, 2013, the Company’s non-performing assets totaled $7.0 million or 1.2% of total assets as compared to $16.0 million or 3.3% of total assets at September 30, 2012. Non-performing assets at September 30, 2013 included $6.6 million in non-performing loans consisting of $2.9 million of one-to four-family residential loans, $1.3 million of single-family residential investment properties and $2.4 million of commercial real estate loans. Non-performing assets also included two one-to-four family residential real estate owned properties with an aggregate carrying value of $406,000. The decrease in non-performing assets during the year ended September 30, 2013 was primarily due to the sale in January 2013 of a group of loans related to a 133 unit condominium project located in Philadelphia in which the Bank was the lead lender and held a $9.2 million investment. In connection with the closing of the loan sale, the Bank and the other loan participants extended a loan to an affiliate of the borrower, the proceeds of which were used to reduce the principal balance due on the project. The Bank’s portion of such loan is approximately $1.3 million. The new loan is being reported as a troubled debt restructuring for the year ended September 30, 2013. The Bank did not incur any additional losses upon completion of the sale of the loans beyond the $968,000 loss already recognized in prior periods. | |||||||||||||||||||||||||||||||||
Management will continue to monitor and modify the allowance for loan losses as conditions dictate. No assurances can be given that the level of allowance for loan losses will cover all of the inherent losses on the loans or that future adjustments to the allowance for loan losses will not be necessary if economic and other conditions differ substantially from the economic and other conditions used by management to determine the current level of the allowance for loan losses. | |||||||||||||||||||||||||||||||||
At September 30, 2013, the Company had one one-to four-family residential loan in the amount of $157,000 and five commercial real estate loans aggregating to $1.9 million classified as troubled debt restructurings. All of the troubled debt restructurings involved changes in the interest rates on the loans; no debt was forgiven. At September 30, 2013, the troubled debt restructurings were performing in accordance with the modified terms. However, they are on non-accrual. | |||||||||||||||||||||||||||||||||
The following tables set forth a summary of the TDR activity for the twelve months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||||||||||
As of and for the Twelve Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Restructured Current Period | TDR’s that Defaulted in the Current | ||||||||||||||||||||||||||||||||
Period that were Restructured in | |||||||||||||||||||||||||||||||||
Prior Period | |||||||||||||||||||||||||||||||||
(amount in thousands) | |||||||||||||||||||||||||||||||||
Number of | Pre- Modification | Post-Modification | Number of | Post-Modification | |||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | Loans | Outstanding | |||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | |||||||||||||||||||||||||||||||
Investment | Investment | Investment | |||||||||||||||||||||||||||||||
One-to four- family | 1 | $ | 157 | $ | 157 | - | $ | - | |||||||||||||||||||||||||
Commerical real estate | 5 | 1,910 | 1,910 | - | - | ||||||||||||||||||||||||||||
6 | $ | 2,067 | $ | 2,067 | - | $ | - | ||||||||||||||||||||||||||
There were no troubled debt restructuring modifications approved during the year ended September 30, 2012. |
OFFICE_PROPERTIES_AND_EQUIPMEN
OFFICE PROPERTIES AND EQUIPMENT | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
OFFICE PROPERTIES AND EQUIPMENT | ' | ||||||||
7 | OFFICE PROPERTIES AND EQUIPMENT | ||||||||
Office properties and equipment are summarized by major classifications as follows: | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(Dollars in Thousands) | |||||||||
Land | $ | 247 | $ | 247 | |||||
Buildings and improvements | 2,565 | 2,565 | |||||||
Furniture and equipment | 2,297 | 3,695 | |||||||
Automobiles | 135 | 135 | |||||||
Total | 5,244 | 6,642 | |||||||
Accumulated depreciation | (3,719 | ) | (4,954 | ) | |||||
Total office properties and equipment, net of accumulated depreciation | $ | 1,525 | $ | 1,688 | |||||
For the years ended September 30, 2013 and 2012, depreciation expense amounted to $337,000 and $345,000, respectively. During 2013, the Company disposed of $1.6 million of fully depreciated assets no longer in use. |
DEPOSITS
DEPOSITS | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Deposits [Abstract] | ' | ||||||||||||||||
DEPOSITS | ' | ||||||||||||||||
8. DEPOSITS | |||||||||||||||||
Deposits consist of the following major classifications: | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Money market deposit accounts | $ | 65,298 | 12 | % | $ | 69,735 | 16.4 | % | |||||||||
Interest-bearing checking accounts | 36,063 | 6.6 | 33,659 | 7.9 | |||||||||||||
Non-interest-bearing checking accounts | 3,474 | 0.6 | 3,711 | 0.9 | |||||||||||||
Passbook, club and statement savings (1) | 223,615 | 41.3 | 71,083 | 16.7 | |||||||||||||
Certificates maturing in six months or less | 65,831 | 12.1 | 71,173 | 16.7 | |||||||||||||
Certificates maturing in more than six months | 148,467 | 27.4 | 176,241 | 41.4 | |||||||||||||
Total | $ | 542,748 | 100 | % | $ | 425,602 | 100 | % | |||||||||
(1) Includes $145.7 million of funds held in escrow at September 30, 2013 from the Company's Second-step Offering. | |||||||||||||||||
The amount of scheduled maturities of certificate accounts was as follows: | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
One year or less | $ | 104,864 | |||||||||||||||
One through two years | 34,237 | ||||||||||||||||
Two through three years | 25,960 | ||||||||||||||||
Three through four years | 20,478 | ||||||||||||||||
Four through five years | 28,759 | ||||||||||||||||
Total | $ | 214,298 | |||||||||||||||
Certificates of deposit of $100,000 or more at September 30, 2013 and 2012 totaled $78.7 million and $96.2 million, respectively. | |||||||||||||||||
Interest expense on deposits was comprised of the following: | |||||||||||||||||
Year Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Checking and money market deposit accounts | $ | 358 | $ | 490 | |||||||||||||
Passbook, club and statement savings accounts | 265 | 401 | |||||||||||||||
Certificate accounts | 3,721 | 4,884 | |||||||||||||||
Total | $ | 4,344 | $ | 5,775 |
ADVANCES_FROM_FEDERAL_HOME_LOA
ADVANCES FROM FEDERAL HOME LOAN BANK | 12 Months Ended |
Sep. 30, 2013 | |
Advances from Federal Home Loan Banks [Abstract] | ' |
ADVANCES FROM FEDERAL HOME LOAN BANK | ' |
9. ADVANCES FROM FEDERAL HOME LOAN BANK | |
Advances from the FHLB totaled $340,000 and $483,000 at September 30, 2013 and 2012, respectively. These advances were obtained in connection with the Bank’s participation in a community housing program and range in maturity from fiscal years 2012 through 2015. | |
The advances held by the Bank are collateralized by all of the Bank’s holdings of FHLB stock, U.S. government and agency investment securities and substantially all qualifying first mortgage loans held by the Bank. At September 30, 2013, the Bank had the ability to obtain $169.6 million of additional FHLB advances. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
INCOME TAXES | ' | ||||||||||||||||
10 | INCOME TAXES | ||||||||||||||||
The Company files a consolidated federal income tax return. The Company uses the specific charge-off method for computing reserves for bad debts. Generally this method allows the Company to deduct an annual addition to the reserve for bad debt equal to its net charge-offs. | |||||||||||||||||
The provision for income taxes for the years ended September 30, 2013 and 2012 consists of the following: | |||||||||||||||||
Year Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Current: | |||||||||||||||||
Federal (benefit) expense | $ | (1,072 | ) | $ | 321 | ||||||||||||
Total current taxes | (1,072 | ) | 321 | ||||||||||||||
Deferred income tax expense | 2,770 | 961 | |||||||||||||||
Total income tax provision | $ | 1,698 | $ | 1,282 | |||||||||||||
Items that gave rise to significant portions of deferred income taxes are as follows: | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Deposit premium | $ | - | $ | 20 | |||||||||||||
Allowance for loan losses | 1,037 | 2,302 | |||||||||||||||
Real estate owned expenses | - | 301 | |||||||||||||||
Non-accrual interest | 125 | 196 | |||||||||||||||
Accrued vacation | 86 | 95 | |||||||||||||||
Capital loss carryforward | 1,423 | 1,262 | |||||||||||||||
Impairment loss | 1,117 | 1,562 | |||||||||||||||
Post-retirement benefit plans | 136 | 135 | |||||||||||||||
Split dollar life insurance | 21 | 22 | |||||||||||||||
Unrealized losses on available for sale securities | 666 | - | |||||||||||||||
Employee benefit plans | 455 | 386 | |||||||||||||||
Total deferred tax assets | 5,066 | 6,281 | |||||||||||||||
Valuation allowance | (2,540 | ) | (2,046 | ) | |||||||||||||
Total deferred tax assets, net of valuation allowance | 2,526 | 4,235 | |||||||||||||||
Deferred tax liabilities: | |||||||||||||||||
Unrealized gain on available for sale securities | - | 661 | |||||||||||||||
Property | 461 | 526 | |||||||||||||||
Deferred loan fees | 759 | 299 | |||||||||||||||
Total deferred tax liabilities | 1,220 | 1,486 | |||||||||||||||
Net deferred tax asset | $ | 1,306 | $ | 2,749 | |||||||||||||
The Company establishes a valuation allowance for deferred tax assets when management believes that the deferred tax assets are not likely to be realized either through a carry back to taxable income in prior years, future reversals of existing taxable temporary differences, and, to a lesser extent, future taxable income. The tax deduction generated by the redemption of the shares of the mutual fund and the subsequent impairment charge on the assets acquired through the redemption in kind are considered a capital loss and can only be utilized to the extent of capital gains over a five year period, resulting in the establishment of a valuation allowance for the carryforward period which expires beginning in 2013. The valuation allowance totaled $2.5 million at September 30, 2013. The gross deferred tax assets related to impairment losses and capital loss carryforwards decreased in the aggregate by $284,000 during the year ended September 30, 2013, primarily due to the sale of available-for-sale securities during the period. In addition, the Company determined to increase the valuation allowance by $494,000 due to declines to the value of available-for-sale investment securities. As a result of the increased valuation allowance, management believes that on an ongoing basis, our effective tax rate will have less volatility and be within a more normalized range. | |||||||||||||||||
The income tax expense differs from that computed at the statutory federal corporate tax rate as follows: | |||||||||||||||||
Year Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Percentage | Percentage | ||||||||||||||||
of Pretax | of Pretax | ||||||||||||||||
Amount | Income | Amount | Income (Loss) | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Tax at statutory rate | $ | 1,174 | 34 | % | $ | 1,318 | 34 | % | |||||||||
Adjustments resulting from: | |||||||||||||||||
Valuation allowance | 494 | 14.3 | 37 | 0.9 | |||||||||||||
Income from bank owned life insurance | (67 | ) | (1.9 | ) | (160 | ) | (4.1 | ) | |||||||||
Employee benefit plans | 90 | 2.6 | 92 | 2.4 | |||||||||||||
Other | 7 | 0.2 | (5 | ) | (0.1 | ) | |||||||||||
Income tax expense | $ | 1,698 | 49.2 | % | $ | 1,282 | 33.1 | % | |||||||||
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. As of September 30, 2013, the Internal Revenue Service conducted an audit of the Company’s tax returns for the year ended September 30, 2010, and no adverse findings were reported. The Company’s federal and state income tax returns for taxable years through September 30, 2010 have been closed for purposes of examination by the Internal Revenue Service and the Pennsylvania Department of Revenue. |
REGULATORY_CAPITAL_REQUIREMENT
REGULATORY CAPITAL REQUIREMENTS | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||||||||||
REGULATORY CAPITAL REQUIREMENTS | ' | ||||||||||||||||||||||||
11 | REGULATORY CAPITAL REQUIREMENTS | ||||||||||||||||||||||||
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory – and possibly additional discretionary – actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s and the Bank’s capital amounts and the Bank’s classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of Tier 1 capital (as defined in the regulations) to average assets (as defined) and risk-weighted assets (as defined), and of total capital (as defined) to risk-weighted assets. Management believes, as of September 30, 2013 and 2012, that the Company and the Bank met all regulatory capital adequacy requirements to which they each are subject. | |||||||||||||||||||||||||
To be categorized as well capitalized, the Bank must maintain the minimum Tier 1 capital, Tier 1 risk-based and total risk-based ratios as set forth in the table below. | |||||||||||||||||||||||||
The Company’s and the Bank’s actual capital amounts and ratios are also presented in the following table: | |||||||||||||||||||||||||
To Be | |||||||||||||||||||||||||
Well Capitalized | |||||||||||||||||||||||||
Under Prompt | |||||||||||||||||||||||||
Required for Capital | Corrective Action | ||||||||||||||||||||||||
Actual | Adequacy Purposes | Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
September 30, 2013: | |||||||||||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||
Company | $ | 61,204 | 12.54 | % | $ | 19,523 | 4 | % | N/A | N/A | |||||||||||||||
Bank | 57,568 | 11.81 | 19,505 | 4 | $ | 24,382 | 5 | % | |||||||||||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||
Company | 61,204 | 26.69 | 9,172 | 4 | N/A | N/A | |||||||||||||||||||
Bank | 57,568 | 25.15 | 9,154 | 4 | 13,732 | 6 | |||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||||||||
Company | 63,558 | 27.72 | 18,344 | 8 | N/A | N/A | |||||||||||||||||||
Bank | 59,922 | 26.18 | 18,309 | 8 | 22,886 | 10 | |||||||||||||||||||
September 30, 2012: | |||||||||||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||
Company | $ | 58,548 | 11.73 | % | $ | 19,965 | 4 | % | N/A | N/A | |||||||||||||||
Bank | 54,668 | 10.95 | 19,965 | 4 | $ | 24,956 | 5 | % | |||||||||||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||
Company | 58,548 | 27.51 | 8,513 | 4 | N/A | N/A | |||||||||||||||||||
Bank | 54,668 | 25.69 | 8,513 | 4 | 12,770 | 6 | |||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||||||||
Company | 60,429 | 28.39 | 17,027 | 8 | N/A | N/A | |||||||||||||||||||
Bank | 56,549 | 26.57 | 17,027 | 8 | 21,284 | 10 | |||||||||||||||||||
EMPLOYEE_BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||||
EMPLOYEE BENEFITS | ' | ||||||||
12 | EMPLOYEE BENEFITS | ||||||||
The Bank is a member of a multi-employer ( under the provisions of the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986) defined benefit pension plan covering all employees meeting certain eligibility requirements. The Bank’s policy is to fund pension costs accrued. The expense relating to this plan for the years ended September 30, 2013 and 2012 was $407,000 and $841,000, respectively. There are no collective bargaining agreements in place that require contributions to the plan. Additional information regarding the plan as of September 30, 2013 is noted below: | |||||||||
Pentegra Defined Benefit Plan for | |||||||||
Legal Name of Plan | Financial Institutions | ||||||||
Plan Employer Identification Number | 13-5645888 | ||||||||
The Company’s Contribution for the year ended September 30, 2013 | $383,000 | ||||||||
Are Company’s Contributions more than 5% of total contributions? | No | ||||||||
Funded Status | 93.89% | ||||||||
The Pentegra Defined Benefit Plan for Financial Institutions is a single plan under Internal Revenue Code Section 413(c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the plan, contributions made by a participating employer may be used to provide benefits to participants of other participating employers. | |||||||||
The Bank also has a defined contribution plan for employees meeting certain eligibility requirements. The defined contribution plan may be terminated at any time at the discretion of the Bank. There was no expense relating to this plan for the years ended September 30, 2013 and 2012. The Company eliminated the employer match in conjunction with the establishment of the employee stock ownership plan (“ESOP”) discussed below. | |||||||||
The Bank maintains an ESOP for substantially all of its full-time employees meeting certain eligibility requirements. The purchase of shares of the Company’s common stock by the ESOP was funded by a loan from the Company. The loan will be repaid principally from the Bank’s contributions to the ESOP. Shares of the Company’s common stock purchased by the ESOP are held in a suspense account and released for allocation to participants on a pro rata basis as debt service payments are made on the loan. Shares released are allocated to each eligible participant based on the ratio of each such participant’s base compensation, as defined in the ESOP, to the total base compensation of all eligible plan participants. As the unearned shares are released and allocated among participants, the Bank recognizes compensation expense based on the current market price of the shares released. The ESOP purchased 452,295 shares of the Company’s common stock on the open market for a total cost of approximately $4.5 million. The average purchase price was $9.86 per share. As of September 30, 2013, the Company had allocated a total of 175,305 shares from the suspense account to participants and committed to release an additional 16,965 shares. The expense relating to the ESOP for the years ended September 30, 2013 and 2012 was $184,000 and $122,000, respectively. | |||||||||
The Company maintains a 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 certain officers, employees and directors of the Company. In order to fund the grant of shares under the RRP, the RRP Trust purchased 226,148 shares of the Company’s common stock in the open market for approximately $2.5 million, at an average purchase price per share of $10.85. The Company made sufficient contributions to the RRP Trust to fund these purchases. No additional purchases of shares are expected to be made by the RRP Trust under this plan. As of September 30, 2013, all the shares have been awarded as part of the RRP. Shares subject to awards under the RRP will generally vest at the rate of 20% per year over five years. As of September 30, 2013, 141,974 of the awarded shares had become fully vested and 3,900 shares subject to awards had been forfeited. The forfeited shares were subsequently awarded during fiscal 2013. | |||||||||
Compensation expense related to the shares subject to awards granted is recognized ratably over the five-year vesting period in an amount per share equal to the fair value at the grant date. During the year ended September 30, 2013, approximately $456,000 was recognized in compensation expense for the RRP. Tax benefits of $109,000 were recognized during the year ended September 30, 2013. During the year ended September 30, 2012, approximately $390,000 was recognized in compensation expense for the RRP. Tax benefits of $64,000 were recognized during the year ended September 30, 2012. At September 30, 2013, approximately $429,000 of additional compensation expense for the shares awarded related to the RRP remained unrecognized. | |||||||||
A summary of the Company’s non-vested stock award activity for the year ended September 30, 2013 is presented in the following table: | |||||||||
Year Ended | |||||||||
30-Sep-13 | |||||||||
Number of | Weighted Average | ||||||||
Shares | Grant Date Fair | ||||||||
Value | |||||||||
Nonvested stock awards at beginning of year | 72,684 | $ | 11.1 | ||||||
Issued | 51,166 | 7.56 | |||||||
Forfeited | (3,900 | ) | 8.96 | ||||||
Vested | (35,776 | ) | 11.12 | ||||||
Nonvested stock awards at the end of the period | 84,174 | $ | 9.03 | ||||||
The Company maintains a Stock 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 565,369 shares of common stock were approved for future issuance pursuant to the Stock Option Plan. As of September 30, 2013, all of the options had been awarded under the Plan. As of September 30, 2013, 351,093 options were vested and 28,865 had been forfeited. | |||||||||
A summary of the status of the Company’ stock options under the Stock Option Plan as of September 30, 2013 and changes during the year ended September 30, 2013 are presented below: | |||||||||
Year Ended | |||||||||
30-Sep-13 | |||||||||
Number of | Weighted Average | ||||||||
Shares | Exercise Price | ||||||||
Options outstanding at beginning of year | 442,400 | $ | 11.12 | ||||||
Granted | 133,742 | 7.57 | |||||||
Forfeited | (28,865 | ) | 11.12 | ||||||
Outstanding at the end of the period | 547,277 | $ | 10.25 | ||||||
Exercisable at the end of the period | 333,001 | $ | 11.13 | ||||||
The weighted average remaining contractual term was approximately 6.0 years for options outstanding as of September 30, 2013. | |||||||||
The estimated fair value of options granted during fiscal 2009 was $2.81 per share, $2.76 for options granted during fiscal 2010 and $3.15 for options granted during 2013. The fair value was estimated on the date of grant using the Black-Scholes pricing model. No options were granted in fiscal years 2012 and 2013. | |||||||||
During the year ended September 30, 2013, $261,000 was recognized in compensation expense for the Stock Option Plan. A tax benefit of $30,000 was recognized during the year ended September 30, 2013. During the year ended September 30, 2012, $244,000 was recognized in compensation expense for the Stock Option Plan. A tax benefit of $24,000 was recognized during the year ended September 30, 2012. At September 30, 2013, approximately $411,000 of additional compensation expense for awarded options remained unrecognized. The weighted average period over which this expense will be recognized is approximately 1.1 years. |
COMMITMENTS_AND_CONTINGENT_LIA
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended | |
Sep. 30, 2013 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
COMMITMENTS AND CONTINGENT LIABILITIES | ' | |
13 | COMMITMENTS AND CONTINGENT LIABILITIES | |
At September 30, 2013, the Company had $12.8 million in outstanding commitments to originate fixed and variable-rate loans with market interest rates ranging from 3.25% to 6.00%. At September 30, 2012, the Company had $14.1 million in outstanding commitments to originate fixed and variable-rate loans with market interest rates ranging from 2.75% to 6.00%. The aggregate undisbursed portion of loans-in-process amounted to $1.7 million and $1.6 million, respectively, at September 30, 2013 and 2012. | ||
The Company also had commitments under unused lines of credit of $4.7 million and $6.5 million, respectively, and letters of credit outstanding of $187,000 and $167,000, respectively, at September 30, 2013 and 2012, respectively. | ||
The Company is subject to various pending claims and contingent liabilities arising in the normal course of business which are not reflected in the accompanying consolidated financial statements. Management considers that the aggregate liability, if any, resulting from such matters will not be material. | ||
Among the Company’s contingent liabilities are exposures to limited recourse arrangements with respect to the Company’s sales of whole loans and participation interests. At September 30, 2013, the exposure, which represents a portion of credit risk associated with the sold interests, amounted to $64,000. This exposure is for the life of the related loans and payables, on the Company’s proportionate share, as actual losses are incurred. |
FAIR_VALUE_MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
FAIR VALUE MEASUREMENT | ' | ||||||||||||||||||||
14 | FAIR VALUE MEASUREMENT | ||||||||||||||||||||
The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2013 and 2012, respectively. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. | |||||||||||||||||||||
Generally accepted accounting principles used in the United States establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value. | |||||||||||||||||||||
The three broad levels of hierarchy are as follows: | |||||||||||||||||||||
Level 1 | Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||
Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | ||||||||||||||||||||
Those assets as of September 30, 2013 which are to be measured at fair value on a recurring basis are as follows: | |||||||||||||||||||||
Category Used for Fair Value Measurement | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
U.S. Government and agency obligations | $ | - | $ | 17,259 | $ | - | $ | 17,259 | |||||||||||||
Mortgage-backed securities - U.S. Government agencies | - | 20,959 | - | 20,959 | |||||||||||||||||
Mortgage-backed securities - Non-agency | - | 3,530 | - | 3,530 | |||||||||||||||||
FHLMC preferred stock | 33 | - | - | 33 | |||||||||||||||||
Total | $ | 33 | $ | 41,748 | $ | - | $ | 41,781 | |||||||||||||
Those assets as of September 30, 2012 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 | $ | - | $ | 14,103 | $ | - | $ | 14,103 | |||||||||||||
Mortgage-backed securities - U.S. Government agencies | - | 47,762 | - | 47,762 | |||||||||||||||||
Mortgage-backed securities - Non-agency | - | 4,103 | - | 4,103 | |||||||||||||||||
FHLMC preferred stock | 7 | - | - | 7 | |||||||||||||||||
Total | $ | 7 | $ | 65,968 | $ | - | $ | 65,975 | |||||||||||||
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 comparables 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 $15.1 million. | |||||||||||||||||||||
Real Estate Owned | |||||||||||||||||||||
Once an asset is determined to be uncollectible, the underlying collateral is generally repossessed and reclassified to foreclosed real estate and repossessed assets. These repossessed assets are carried at the lower of cost or fair value of the collateral, based on independent appraisals, less cost to sell and would be categorized as Level 2 measurement. In some cases, adjustments are made to the appraised values for various factors including age of the appraisal, age of the comparables included in the appraisal, and known changes in the market and in the collateral. Thus the evaluations are based upon unobservable inputs, and therefore, the fair value measurement has been categorized as a Level 3 measurement. | |||||||||||||||||||||
Summary of Non-Recurring Fair Value Measurements | |||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 15,118 | $ | 15,118 | |||||||||||||
Real estate owned | - | - | 406 | $ | 406 | ||||||||||||||||
Total | $ | - | $ | - | $ | 15,524 | $ | 15,524 | |||||||||||||
At September 30, 2012 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 30,608 | 30,608 | ||||||||||||||
Real estate owned | - | - | 1,972 | 1,972 | |||||||||||||||||
Total | $ | - | $ | - | $ | 32,580 | $ | 32,580 | |||||||||||||
The following tables provide information describing the valuation processes used to determine nonrecurring fair value measurements categorized within level 3 of the fair value hierarchy: | |||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Valuation | |||||||||||||||||||||
Fair Value | Technique | Unobservable Input | Range | ||||||||||||||||||
Impaired loans | $ | 15,118 | Property | Management discount for selling costs, property type and market volatility | 10% - 20% | ||||||||||||||||
appraisals | discount | ||||||||||||||||||||
Real estate owned | $ | 406 | Property | Management discount for selling costs, property type and market volatility | 10% - 20% | ||||||||||||||||
appraisals | discount | ||||||||||||||||||||
At September 30, 2012 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Valuation | |||||||||||||||||||||
Fair Value | Technique | Unobservable Input | Range | ||||||||||||||||||
Impaired loans | $ | 30,608 | Property | Management discount for selling costs, property type and market volatility | 10% - 20% | ||||||||||||||||
appraisals | discount | ||||||||||||||||||||
Real estate owned | $ | 1,972 | Property | Management discount for selling costs, property type and market volatility | 10% - 20% | ||||||||||||||||
appraisals | discount | ||||||||||||||||||||
The fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is necessarily required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. | |||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Carrying | Fair | ||||||||||||||||||||
Amount | Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 158,984 | $ | 158,984 | $ | 158,984 | $ | - | $ | - | |||||||||||
Investment and mortgage-backed | |||||||||||||||||||||
securities available for sale | 41,781 | 41,781 | 33 | 41,748 | - | ||||||||||||||||
Investment and mortgage-backed | |||||||||||||||||||||
securities held to maturity | 83,732 | 80,582 | - | 80,582 | - | ||||||||||||||||
Loans receivable, net | 306,517 | 308,606 | - | - | 308,606 | ||||||||||||||||
Accrued interest receivable | 1,791 | 1,791 | 1,791 | - | - | ||||||||||||||||
Federal Home Loan Bank stock | 1,181 | 1,181 | 1,181 | - | - | ||||||||||||||||
Bank owned life insurance | 7,119 | 7,119 | 7,119 | - | - | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Checking accounts | 39,537 | 39,537 | 39,537 | - | - | ||||||||||||||||
Money market deposit accounts | 65,298 | 65,298 | 65,298 | - | - | ||||||||||||||||
Passbook, club and statement | |||||||||||||||||||||
savings accounts | 223,615 | 223,615 | 223,615 | - | - | ||||||||||||||||
Certificates of deposit | 214,298 | 218,572 | - | 218,572 | - | ||||||||||||||||
Advances from Federal Home | |||||||||||||||||||||
Loan Bank | 340 | 340 | 340 | - | - | ||||||||||||||||
Accrued interest payable | 1,666 | 1,666 | 1,666 | - | - | ||||||||||||||||
Advances from borrowers for taxes and | |||||||||||||||||||||
insurance | 1,480 | 1,480 | 1,480 | - | - | ||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||
Carrying | Fair | ||||||||||||||||||||
Amount | Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 81,273 | $ | 81,273 | $ | 81,273 | $ | - | $ | - | |||||||||||
Investment and mortgage-backed | |||||||||||||||||||||
securities available for sale | 65,975 | 65,975 | 7 | 65,968 | - | ||||||||||||||||
Investment and mortgage-backed | |||||||||||||||||||||
securities held to maturity | 63,110 | 66,401 | - | 66,401 | - | ||||||||||||||||
Loans receivable, net | 260,684 | 266,699 | - | - | 266,699 | ||||||||||||||||
Accrued interest receivable | 1,661 | 1,661 | 1,661 | - | - | ||||||||||||||||
Federal Home Loan Bank stock | 2,239 | 2,239 | 2,239 | - | - | ||||||||||||||||
Bank owned life insurance | 6,919 | 6,919 | 6,919 | - | - | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Checking accounts | 37,370 | 37,370 | 37,370 | - | - | ||||||||||||||||
Money market deposit accounts | 69,735 | 69,735 | 69,735 | - | - | ||||||||||||||||
Passbook, club and statement | |||||||||||||||||||||
savings accounts | 71,083 | 71,083 | 71,083 | - | - | ||||||||||||||||
Certificates of deposit | 247,414 | 252,479 | - | 252,479 | - | ||||||||||||||||
Advances from Federal Home | |||||||||||||||||||||
Loan Bank | 483 | 484 | 484 | - | - | ||||||||||||||||
Accrued interest payable | 2,382 | 2,382 | 2,382 | - | - | ||||||||||||||||
Advances from borrowers for taxes and | |||||||||||||||||||||
insurance | 1,273 | 1,273 | 1,273 | - | - | ||||||||||||||||
Cash and Cash Equivalents—For cash and cash equivalents, the carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||||
Investments and Mortgage-Backed Securities—The fair value of investment securities and mortgage-backed securities is based on quoted market prices, dealer quotes, and prices obtained from independent pricing services. | |||||||||||||||||||||
Loans Receivable—The fair value of loans is estimated based on present value using the current market rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The carrying value that fair value is compared to is net of the allowance for loan losses and other associated premiums and discounts. Due to the significant judgment involved in evaluating credit quality, loans are classified within level 3 of the fair value hierarchy. | |||||||||||||||||||||
Accrued Interest Receivable – For accrued interest receivable, the carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||||
Federal Home Loan Bank (FHLB) Stock—Although FHLB stock is an equity interest in an FHLB, it is carried at cost because it does not have a readily determinable fair value as its ownership is restricted and it lacks a market. The estimated fair value approximates the carrying amount. | |||||||||||||||||||||
Bank Owned Life Insurance—The fair value of bank owned life insurance is based on the cash surrender value obtained from an independent advisor that are be derivable from observable market inputs. | |||||||||||||||||||||
Checking Accounts, Money Market Deposit Accounts, Passbook Accounts, Club Accounts, Statement Savings Accounts, and Certificates of Deposit—The fair value of passbook accounts, club accounts, statement savings accounts, checking accounts, and money market deposit accounts is the amount reported in the financial statements. The fair value of certificates of deposit is based on market rates currently offered for deposits of similar remaining maturity. | |||||||||||||||||||||
Advances from Federal Home Loan Bank—The fair value of advances from FHLB is the amount payable on demand at the reporting date. | |||||||||||||||||||||
Accrued Interest Payable – For accrued interest payable, the carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||||
Advances from borrowers for taxes and insurance – For advances from borrowers for taxes and insurance, the carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||||
Commitments to Extend Credit and Letters of Credit—The majority of the Bank’s commitments to extend credit and letters of credit carry current market interest rates if converted to loans. Because commitments to extend credit and letters of credit are generally unassignable by either the Bank or the borrower, they only have value to the Bank and the borrower. The estimated fair value approximates the recorded deferred fee amounts, which are not significant. |
PRUDENTIAL_BANCORP_INC_OF_PENN
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA (PARENT COMPANY ONLY) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA (PARENT COMPANY ONLY) | ' | ||||||||
15. PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA (PARENT COMPANY ONLY) | |||||||||
STATEMENT OF FINANCIAL CONDITION | |||||||||
September 30, | 2013 | 2012 | |||||||
(Dollars in Thousands) | |||||||||
Assets: | |||||||||
Cash | $ | 63 | $ | 254 | |||||
ESOP loan receivable | 3,154 | 3,342 | |||||||
Investment in Bank | 56,277 | 55,952 | |||||||
Other assets | 418 | 283 | |||||||
Total assets | $ | 59,912 | $ | 59,831 | |||||
Stockholders’ equity: | |||||||||
Preferred stock | - | - | |||||||
Common stock | 126 | 126 | |||||||
Additional paid-in-capital | 55,289 | 54,610 | |||||||
Unearned ESOP shares | (2,565 | ) | (2,787 | ) | |||||
Treasury stock | (31,625 | ) | (31,625 | ) | |||||
Retained earnings | 39,979 | 38,224 | |||||||
Accumulated other comprehensive (loss) income | (1,292 | ) | 1,283 | ||||||
Total stockholders’ equity | 59,912 | 59,831 | |||||||
Total liabilities and stockholders’ equity | $ | 59,912 | $ | 59,831 | |||||
INCOME STATEMENT | |||||||||
For the year ended September 30, | 2013 | 2012 | |||||||
(Dollars in thousands) | |||||||||
Interest on ESOP loan | $ | 188 | $ | 199 | |||||
Equity in the undistributed earnings of the Bank | 1,997 | 2,863 | |||||||
Other income | 3 | ||||||||
Total income | 2,185 | 3,065 | |||||||
Professional services | 146 | 215 | |||||||
Other expense | 409 | 396 | |||||||
Total expense | 555 | 611 | |||||||
Income before income taxes | 1,630 | 2,454 | |||||||
Income tax benefit | (125 | ) | (139 | ) | |||||
Net income | $ | 1,755 | $ | 2,593 | |||||
CASH FLOWS | |||||||||
For the year ended September 30, | 2013 | 2012 | |||||||
(Dollars in thousands) | |||||||||
Operating activities: | |||||||||
Net income | $ | 1,755 | $ | 2,593 | |||||
Increase in assets | (137 | ) | (155 | ) | |||||
Equity in the undistributed earnings of the Bank | (1,997 | ) | (2,863 | ) | |||||
Net cash used in by operating activities | (379 | ) | (425 | ) | |||||
Investing activities: | |||||||||
Repayments received on ESOP loan | 188 | 179 | |||||||
Net cash provided by investing activities | 188 | 179 | |||||||
Net decrease in cash and cash equivalents | (191 | ) | (246 | ) | |||||
Cash and cash equivalents, beginning of year | 254 | 500 | |||||||
Cash and cash equivalents, end of year | $ | 63 | $ | 254 |
CONSOLIDATED_QUARTERLY_FINANCI
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) | ' | ||||||||||||||||||||||||||||||||
16. CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||||||||||||||||||
Unaudited quarterly financial data for the years ended September 30, 2013 and 2012 is as follows: | |||||||||||||||||||||||||||||||||
30-Sep-13 | September 30, 2012 | ||||||||||||||||||||||||||||||||
1st | 2nd | 3rd | 4th | 1st | 2nd | 3rd | 4th | ||||||||||||||||||||||||||
Qtr | Qtr | Qtr | Qtr | Qtr | Qtr | Qtr | Qtr | ||||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||
Interest income | $ | 4,397 | $ | 4,253 | $ | 4,126 | $ | 3,997 | $ | 4,983 | $ | 4,813 | $ | 4,828 | $ | 4,354 | |||||||||||||||||
Interest expense | 1,220 | 1,139 | 1,037 | 948 | 1,514 | 1,493 | 1,432 | 1,339 | |||||||||||||||||||||||||
Net interest income | 3,177 | 3,114 | 3,089 | 3,049 | 3,469 | 3,320 | 3,396 | 3,015 | |||||||||||||||||||||||||
(Recoveries) Provision for loan losses | 0 | 0 | 0 | (500 | ) | 150 | 100 | 100 | 375 | ||||||||||||||||||||||||
Net interest income after provision for loan losses | 3,177 | 3,114 | 3,089 | 3,549 | 3,319 | 3,220 | 3,296 | 2,640 | |||||||||||||||||||||||||
Non-interest income | 224 | 199 | 1,077 | 283 | 173 | 133 | 188 | 2,572 | |||||||||||||||||||||||||
Non-interest expense | 2,778 | 3,113 | 2,717 | 2,651 | 2,867 | 2,996 | 2,936 | 2,867 | |||||||||||||||||||||||||
Income before income tax expense | 623 | 200 | 1,449 | 1,181 | 625 | 357 | 548 | 2,345 | |||||||||||||||||||||||||
Income tax expense | 351 | 186 | 764 | 397 | 221 | 273 | 88 | 700 | |||||||||||||||||||||||||
Net income | $ | 272 | $ | 14 | $ | 685 | $ | 784 | $ | 404 | $ | 84 | $ | 460 | $ | 1,645 | |||||||||||||||||
Per share: | |||||||||||||||||||||||||||||||||
Earnings per share - basic | $ | 0.03 | $ | - | $ | 0.07 | $ | 0.08 | $ | 0.04 | $ | 0.01 | $ | 0.05 | $ | 0.17 | |||||||||||||||||
Earnings per share - diluted | $ | 0.03 | $ | - | $ | 0.07 | $ | 0.08 | $ | 0.04 | $ | 0.01 | $ | 0.05 | $ | 0.17 | |||||||||||||||||
Dividends per share | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Due to rounding, the sum of the earnings per share in individual quarters may differ from reported amounts. |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENT | ' |
17. SUBSEQUENT EVENT | |
The Company has evaluated events and transactions occurring subsequent to September 30, 2013, for items that should potentially be recognized or disclosed in these financial statements. The evaluation was conducted through the date these financial statements were issued. | |
On June 13, 2013, the Company announced the adoption of a plan of conversion and reorganization (the “Plan”) pursuant to which Prudential Savings Bank would reorganize from the two tier mutual holding company structure to the stock holding company structure and undertake a “second step” offering of shares of common stock of a new Pennsylvania corporation formed in connection with the conversion. | |
Pursuant to the terms of the Plan, shares of Old Prudential Bancorp’s common stock owned by the MHC would be canceled and new shares of common stock, representing the approximate 74.6% ownership interest of the MHC, would be offered for sale by the Company. Concurrent with the completion of the offering, Old Prudential Bancorp’s existing public stockholders would receive shares of the Company’s common stock for each share of Old Prudential Bancorp’s common stock they owned at that date, based on an exchange ratio to ensure that they owned approximately the same percentage of the Company’s common stock as they owned of the Old Prudential Bancorp’s common stock immediately prior to the conversion. | |
On October 9, 2013, this second-step conversion was completed after which the MHC and Old Prudential Bancorp ceased to exist and the Company was organized as the new stock-form holding company for the Bank and successor to Old Prudential Bancorp. A total of 7,141,602 new shares of the Company were sold at $10.00 per share in the offering through which the Company received proceeds of approximately $71.4 million, net of offering costs of approximately $2.0 million. The Company contributed $34.8 million or approximately 50% of the net proceeds to the Bank in the form of a capital contribution. The Company extended a line of credit to the ESOP to acquire up to 285,664 shares of the Company’s common stock on the open market, which will convert to a term loan after all the ESOP shares are acquired. As part of the conversion, each outstanding public share of common stock of Old Prudential Bancorp (that is, shares owned by stockholders other than the MHC) was exchanged for 0.9442 shares of the Company. No fractional shares were issued. Instead, cash was paid to shareholders at $10.00 per share for any fractional shares that would otherwise be issued. The exchange resulted in an additional 2,403,207 outstanding shares of common stock of the Company for a total of 9,544,809 outstanding shares as of the closing of the second-step conversion on October 9, 2013. Treasury stock held was cancelled. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Consolidation | ' |
Consolidation –The accompanying consolidated financial statements include the accounts of the Company and the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Use of Estimates in the Preparation of Financial Statements | ' |
Use of Estimates in the Preparation of Financial Statements—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions in the Company’s financial statements are recorded in the allowance for loan losses, the fair value of financial instruments, other than temporary impairment of securities and valuation of deferred tax assets. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents—For purposes of reporting cash flows, cash and cash equivalents include cash and amounts due from depository institutions and interest-bearing deposits with original maturities of less than 90 days. | |
Investment Securities and Mortgage-Backed Securities | ' |
Investment Securities and Mortgage-Backed Securities—The Company classifies and accounts for debt and equity securities as follows: | |
Held to Maturity—Debt securities that management has the positive intent and ability to hold until maturity are classified as held to maturity and are carried at their remaining unpaid principal balance, net of unamortized premiums or unaccreted discounts. Premiums are amortized and discounts are accreted using the interest method over the estimated remaining term of the underlying security. | |
Available for Sale—Debt and equity securities that will be held for indefinite periods of time, including securities that may be sold in response to changes in market interest or prepayment rates, needs for liquidity, and changes in the availability and the yield of alternative investments, are classified as available for sale. These assets are carried at fair value. Fair value is determined using public market prices, dealer quotes, and prices obtained from independent pricing services that may be derivable from observable and unobservable market inputs. Unrealized gains and losses are excluded from earnings and are reported net of tax as a separate component of stockholders’ equity until realized. Realized gains or losses on the sale of investment and mortgage-backed securities are reported in earnings as of the trade date and determined using the adjusted cost of the specific security sold. | |
Other-than-temporary impairment | ' |
Other-than-temporary impairment —Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. For all securities that are in an unrealized loss position for an extended period of time and for all securities whose fair value is significantly below amortized cost, the Company performs an evaluation of the specific events attributable to the market decline of the security. The Company considers the length of time and extent to which the security’s market value has been below cost as well as the general market conditions, industry characteristics, and the fundamental operating results of the issuer to determine if the decline is other-than-temporary. The Company also considers as part of the evaluation its intention whether or not to sell the security until its market value has recovered to a level at least equal to the amortized cost. When the Company determines that a security’s unrealized loss is other-than-temporary, a realized loss is recognized in the period in which the decline in value is determined to be other-than-temporary. The write-down is measured based on public market prices of the security at the time the Company determines the decline in value was other-than-temporary. | |
Loans Receivable | ' |
Loans Receivable— Lending consists of various loan types including single-family residential mortgage loans, construction and land development loans, non-residential or commercial real estate mortgage loans, home equity loans and lines of credit, commercial business loans, and consumer loans and are stated at their unpaid principal balances net of unamortized net fees/costs. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding unpaid principal balance adjusted for unearned income, the allowance for loan losses and any unamortized deferred fees or costs. | |
Loan Origination and Commitment Fees | ' |
Loan Origination and Commitment Fees—The Company defers loan origination and commitment fees, net of certain direct loan origination costs. The balance is accreted into income as a yield adjustment over the life of the loan using the level-yield method. | |
Interest on Loans | ' |
Interest on Loans—The Company recognizes interest on loans on the accrual basis. Income recognition is discontinued when a loan becomes 90 days or more delinquent. Any interest previously accrued is deducted from interest income. Such interest ultimately collected is credited to income when loans are no longer 90 days or more delinquent. | |
Allowance for Loan Losses | ' |
Allowance for Loan Losses— The allowance for loan losses represents the amount which management estimates is adequate to provide for probable losses inherent in its loan portfolio as of the Consolidated Statement of Financial Condition date. The allowance method is used in providing for loan losses. Accordingly, all loan losses are charged to the allowance, and all recoveries are credited to it. The allowance for loan losses is established through a provision for loan losses charged to operations. The provision for loan losses is based on management’s periodic evaluation of individual loans, economic factors, past loan loss experience, changes in the composition and volume of the portfolio, and other relevant factors. The estimates used in determining the adequacy of the allowance for loan losses, including the amounts and timing of future cash flows expected on impaired loans, are particularly susceptible to changes in the near term. | |
Impaired loans are loans for which it is probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan agreements. The Company individually evaluates such loans for impairment and does not aggregate loans by major risk classifications. Factors considered by management in determining impairment include payment status and collateral value. The amount of impairment for impaired loans is determined by the difference between the present value of the expected cash flows related to the loans, using the original interest rate, and their recorded value, or as a practical expedient in the case of collateralized loans, the difference between the fair value of the collateral and the recorded amount of the loans. When foreclosure is probable, impairment is measured based on the fair value of the collateral. | |
Mortgage loans and consumer loans are comprised of large groups of smaller balance homogeneous loans which are evaluated for impairment collectively. Loans that experience insignificant payment delays, which are defined as less than 90 days, generally are not classified as impaired. Management determines the significance of payment delays on a case-by-case basis taking into consideration all of the circumstances surrounding the loan and the borrower including the length of the delay, the borrower’s prior payment record, and the amount of shortfall in relation to the principal and interest owed. | |
Real Estate Owned | ' |
Real Estate Owned—Real estate acquired through, or in lieu of, loan foreclosure is initially recorded at the lower of book value or the estimated fair value at the date of acquisition, less estimated selling costs, establishing a new cost basis. Costs related to the development and improvement of real estate owned properties are capitalized and those relating to holding the properties are charged to expense. After foreclosure, a valuation is periodically performed by management and a write-down is recorded, if necessary, by a charge to operations if the carrying value of a property exceeds its estimated fair value less estimated costs to sell. | |
Federal Home Loan Bank of Pittsburgh ("FHLB") Stock | ' |
Federal Home Loan Bank of Pittsburgh (“FHLB”) Stock – FHLB stock is classified as a restricted equity security because ownership is restricted and there is not an established market for its resale. FHLB stock is carried at cost and is evaluated for impairment when certain conditions warrant further consideration. | |
The Company is a member of the Federal Home Loan Bank of Pittsburgh and as such, is required to maintain a minimum investment in stock of the Federal Home Loan Bank that varies with the level of advances outstanding with the Federal Home Loan Bank. The stock is bought from and sold to the Federal Home Loan Bank based upon its $100 par value. The stock does not have a readily determinable fair value and as such is classified as restricted stock, carried at cost and evaluated for impairment by management. The stock’s value is determined by the ultimate recoverability of the par value rather than by recognizing temporary declines. The determination of whether the par value will ultimately be recovered is influenced by criteria such as the following: (a) the significance of the decline in net assets of the Federal Home Loan Bank as compared to the capital stock amount and the length of time this situation has persisted; (b) commitments by the Federal Home Loan Bank to make payments required by law or regulation and the level of such payments in relation to the operating performance; (c) the impact of legislative and regulatory changes on the customer base of the Federal Home Loan Bank; and (d) the liquidity position of the Federal Home Loan Bank. | |
The Federal Home Loan Bank reported net income for years ended 2012, 2011 and 2010, returned to paying quarterly dividends in 2012 and had their Aaa bond rating affirmed by Moody’s and AA+ rating affirmed by Standard and Poor’s during 2013.With consideration given to these factors, management concluded that the stock was not impaired at September 30, 2013 or 2012. | |
Office Properties and Equipment | ' |
Office Properties and Equipment—Land is carried at cost. Office properties and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the expected useful lives of the assets. The costs of maintenance and repairs are expensed as they are incurred, and renewals and betterments are capitalized and depreciated over their useful lives. | |
Cash Surrender Value of Life Insurance | ' |
Cash Surrender Value of Life Insurance—The Company funds the policy premiums for the lives of certain officers and directors of the Bank. The Bank owned life insurance policies (“BOLI”) provide an attractive tax-exempt return to the Company and is being used by the Company to fund various employee benefit plans. The BOLI is recorded at its cash surrender value. | |
Dividend Payable | ' |
Dividend Payable – Upon declaration of a dividend, a payable is established with a corresponding reduction to retained earnings at the declaration date. There was no dividend payable as of September 30, 2013. | |
Employee Stock Ownership Plan | ' |
Employee Stock Ownership Plan – The Bank established an employee stock ownership plan (“ESOP”) for substantially all of its full-time employees. In 2005, the ESOP purchased 452,295 shares of the Company’s common stock on the open market for approximately $4.5 million with a loan from the Company. Shares of the Company’s common stock purchased by the ESOP are held in a suspense account until released for allocation to participants as the loan is repaid. Shares released are allocated to each eligible participant based on the ratio of each such participant’s compensation, as defined in the ESOP, to the total compensation of all eligible plan participants in the ESOP. As the unearned shares are released from suspense, the Company recognizes compensation expense equal to the fair value of the ESOP shares during the periods in which they become committed to be released. To the extent that the fair value of the ESOP shares released differs from the cost of such shares, the difference is recorded to equity as an adjustment to additional paid-in capital. | |
Share-Based Compensation | ' |
Share-Based Compensation – The Company accounts for stock-based compensation issued to employees, directors, and where appropriate non-employees, in accordance with U.S. GAAP. Under fair value provisions, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the appropriate vesting period using the straight-line method. The amount of stock-based compensation recognized at any date must at least equal the portion of the grant date fair value of the award that is vested at that date and as a result it may be necessary to recognize the expense using a ratable method. Determining the fair value of stock-based awards at the date of grant requires judgment, including estimating the expected term of the stock options and the expected volatility of the Company’s stock. In addition, judgment is required in estimating the amount of stock-based awards that are expected to be forfeited. If actual results differ significantly from these estimates or different key assumptions were used, it could have a material effect on the Company’s Consolidated Financial Statements. See Note 12 of the Notes to Consolidated Financial Statements for additional information regarding stock-based compensation. | |
Treasury Stock | ' |
Treasury Stock – Common stock held in treasury by the Company is accounted for using the cost method, which treats stock held in treasury as a reduction to total stockholders’ equity. The average cost per share of the approximately 2.5 million shares which have been repurchased by the Company was $12.45 for purchases through September 30, 2013. The repurchased shares held by the Company are available for general corporate purposes. As of September 30, 2013, the MHC had purchased 568,000 shares at an average cost of $10.30 per share. As of September 30, 2013, 7,478,062 shares were owned by the MHC and 2,540,255 shares had been repurchased by the Company and held as treasury stock which results in 2,545,433 shares being owned by public shareholders. | |
Comprehensive Income | ' |
Comprehensive Income—The Company presents in the consolidated statement of comprehensive income those amounts arising from transactions and other events which currently are excluded from the statements of operations and are recorded directly to stockholders’ equity. For the years ended September 30, 2013 and 2012, the only components of comprehensive income were net income, unrealized holding (loss) gains, net of income tax (benefit) expense, on available for sale securities and reclassifications related to realized gains on sale of securities recognized in earnings, net of tax and realized losses due to other than temporary impairment, net of tax. Reclassifications are made to avoid double counting in comprehensive income items which are displayed as part of net income for the period. | |
Income Taxes | ' |
Income Taxes— The Company records deferred income taxes that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Management exercises significant judgment in the evaluation of the amount and timing of the recognition of the resulting tax assets and liabilities. The judgments and estimates required for the evaluation are updated based upon changes in business factors and the tax laws. If actual results differ from the assumptions and other considerations used in estimating the amount and timing of tax recognized, there can be no assurance that additional expense will not be required in future periods. | |
In evaluating the Company’s ability to recover deferred tax assets, management considers all available positive and negative evidence, including past operating results and forecast of future taxable income. In determining future taxable income, management makes assumptions for the amount of taxable income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require us to make judgments about future taxable income and are consistent with the plans and estimates the Company uses to manage the business. Any reduction in estimated future taxable income may require us to record an additional valuation allowance against our deferred tax assets. An increase in the valuation allowance would result in additional income tax expense in the period and could have a significant impact on our future earnings. | |
Transfers and Servicing of Financial Assets and Extinguishments of Liabilities | ' |
Transfers and Servicing of Financial Assets and Extinguishments of Liabilities—The Company recognizes the financial and servicing assets it controls and the liabilities it has incurred, and will derecognize financial assets when control has been surrendered, and derecognize liabilities when extinguished. Servicing assets and other retained interests in the transferred assets are measured by allocating the previous carrying amount between the asset sold, if any, and retained interests, if any, based on their relative fair values at the date of transfer. | |
Advertising Costs | ' |
Advertising Costs—Advertising costs are expensed as incurred. The Company recognized advertising expense of $335,000 and $275,000 for the years ended September 30, 2013 and 2012, respectively. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on their source and the income statement line items affected by the reclassification. The new requirements took effect for public companies in fiscal years, and interim periods within those years, beginning after December 15, 2012. The Company adopted this standard on January 1, 2013. The effect of adopting this standard increased our disclosure presented in note 4. | |
In February 2013, the FASB issued ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date. The ASU requires the measurement of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement with its co-obligors as well as any additional amount that the entity expects to pay on behalf of its co-obligors. The new standard is effective retrospectively for fiscal years and interim periods within those years, beginning after December 15, 2013, and early adoption is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In April 2013, the FASB issued ASU 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting. The amendments in this ASU are being issued to clarify when an entity should apply the liquidation basis of accounting. In addition, the guidance provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. The amendments require an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is imminent when the likelihood is remote that the entity will return from liquidation and either (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective and the likelihood is remote that the execution of the plan will be blocked by other parties or (b) a plan for liquidation is being imposed by other forces (for example, involuntary bankruptcy). If a plan for liquidation was specified in the entity’s governing documents from the entity’s inception (for example, limited-life entities), the entity should apply the liquidation basis of accounting only if the approved plan for liquidation differs from the plan for liquidation that was specified at the entity’s inception. The amendments are effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. Entities should apply the requirements prospectively from the day that liquidation becomes imminent. Early adoption is permitted. Entities that use the liquidation basis of accounting as of the effective date in accordance with other Topics (for example, terminating employee benefit plans) are not required to apply the amendments. Instead, those entities should continue to apply the guidance in those other Topics until they have completed liquidation. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In June 2013, the FASB issued ASU 2013-08, Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements. The amendments in this ASU affect the scope, measurement, and disclosure requirements for investment companies under U.S. GAAP. The amendments do all of the following: 1. Change the approach to the investment company assessment in Topic 946, clarify the characteristics of an investment company, and provide comprehensive guidance for assessing whether an entity is an investment company. 2. Require an investment company to measure non-controlling ownership interests in other investment companies at fair value rather than using the equity method of accounting. 3. Require the following additional disclosures: (a) the fact that the entity is an investment company and is applying the guidance in Topic 946, (b) information about changes, if any, in an entity’s status as an investment company, and (c) information about financial support provided or contractually required to be provided by an investment company to any of its investees. The amendments in this ASU are effective for an entity’s interim and annual reporting periods in fiscal years that begin after December 15, 2013. Earlier application is prohibited. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In July 2013, the FASB issued ASU 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this ASU permit the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to UST and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. This ASU did not have a significant impact on the Company’s financial statements. | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of basic and diluted earnings per share | ' | ||||||||||||||||
Year Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in Thousands Except Per Share Data) | |||||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||
Net income | $ | 1,755 | $ | 1,755 | $ | 2,593 | $ | 2,593 | |||||||||
Weighted average shares outstanding | 9,657,507 | 9,657,507 | 9,599,222 | 9,599,222 | |||||||||||||
Effect of CSEs | - | 110,593 | - | 24,524 | |||||||||||||
Adjusted weighted average shares used in earnings per share computation | 9,657,507 | 9,768,100 | 9,599,222 | 9,623,746 | |||||||||||||
Earnings per share - basic and diluted | $ | 0.18 | $ | 0.18 | $ | 0.27 | $ | 0.27 |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended | |||||
Sep. 30, 2013 | ||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||
Schedule of changes in accumulated other comprehensive income (loss) | ' | |||||
Unrealized gains (losses) on | ||||||
available for sale | ||||||
securities (a) | ||||||
Balance as of October 1, 2012 | $ | 1,283 | ||||
Other comprehensive loss before reclassification | (2,024 | ) | ||||
Amount reclassified from accumulated other comprehensive income | (551 | ) | ||||
Total other comprehensive loss | (2,575 | ) | ||||
Balance as of September 30, 2013 | $ | (1,292 | ) | |||
(a) All amounts are net of tax. Amounts in parentheses indicate debits. | ||||||
Schedule of amounts reclassified out of each component of accumulated other comprehensive income (loss) | ' | |||||
The following table presents significant amounts reclassified out of each component of accumulated other comprehensive income (loss) for the year ended September 30, 2013: | ||||||
Amount Reclassified | ||||||
from Accumulated | Affected Line Item in | |||||
Other | the Statement Where | |||||
Comprehensive | Net Income is | |||||
Details about other comprehensive income | Income (Loss) (a) | Presented | ||||
Unrealized gains on available for sale securities | ||||||
$ | 868 | Gain on sale of mortgage-backed securities available for sale | ||||
(296 | ) | Income taxes | ||||
(32 | ) | Net impairment losses recognized in earnings | ||||
11 | Income taxes | |||||
$ | 551 | Net of tax | ||||
(a) Amounts in parentheses indicate debits to net income. |
INVESTMENT_AND_MORTGAGEBACKED_1
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of amortized cost and fair value of securities, with gross unrealized gains and losses | ' | ||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | 18,986 | $ | - | $ | (1,727 | ) | $ | 17,259 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | 21,433 | 230 | (704 | ) | 20,959 | ||||||||||||||||||||
Mortgage-backed securities - non-agency | 3,319 | 301 | (90 | ) | 3,530 | ||||||||||||||||||||
Total debt securities available for sale | 43,738 | 531 | (2,521 | ) | 41,748 | ||||||||||||||||||||
FHLMC preferred stock | 6 | 27 | - | 33 | |||||||||||||||||||||
Total securities available for sale | $ | 43,744 | $ | 558 | $ | (2,521 | ) | $ | 41,781 | ||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | 66,934 | $ | 559 | $ | (4,855 | ) | $ | 62,638 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | 16,798 | 1,222 | (76 | ) | 17,944 | ||||||||||||||||||||
Total securities held to maturity | $ | 83,732 | $ | 1,781 | $ | (4,931 | ) | $ | 80,582 | ||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | 13,994 | $ | 110 | $ | (1 | ) | $ | 14,103 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | 45,722 | 2,040 | - | 47,762 | |||||||||||||||||||||
Mortgage-backed securities - non-agency | 4,308 | 137 | (342 | ) | 4,103 | ||||||||||||||||||||
Total debt securities | 64,024 | 2,287 | (343 | ) | 65,968 | ||||||||||||||||||||
FHLMC preferred stock | 6 | 1 | - | 7 | |||||||||||||||||||||
Total securities available for sale | $ | 64,030 | $ | 2,288 | $ | (343 | ) | $ | 65,975 | ||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | 44,475 | $ | 1,333 | $ | (9 | ) | $ | 45,799 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | 18,635 | 1,967 | - | 20,602 | |||||||||||||||||||||
Total securities held to maturity | $ | 63,110 | $ | 3,300 | $ | (9 | ) | $ | 66,401 | ||||||||||||||||
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 have been in a continuous loss position at September 30, 2013: | |||||||||||||||||||||||||
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 | $ | (1,727 | ) | $ | 17,259 | $ | - | $ | - | $ | (1,727 | ) | $ | 17,259 | |||||||||||
Mortgage-backed securities -U.S. government agency | (704 | ) | 17,449 | - | - | (704 | ) | 17,449 | |||||||||||||||||
Mortgage-backed securities - non-agency | (10 | ) | 415 | (80 | ) | 460 | (90 | ) | 875 | ||||||||||||||||
Total securities available for sale | $ | (2,441 | ) | $ | 35,123 | $ | (80 | ) | $ | 460 | $ | (2,521 | ) | $ | 35,583 | ||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | (3,817 | ) | $ | 40,126 | $ | (1,037 | ) | $ | 9,956 | $ | (4,854 | ) | $ | 50,082 | ||||||||||
Mortgage-backed securities -U.S. government agency | (76 | ) | 5,253 | - | - | (76 | ) | 5,253 | |||||||||||||||||
Total securities held to maturity | $ | (3,893 | ) | $ | 45,379 | $ | (1,037 | ) | $ | 9,956 | $ | (4,930 | ) | $ | 55,335 | ||||||||||
Total | $ | (6,334 | ) | $ | 80,502 | $ | (1,117 | ) | $ | 10,416 | $ | (7,451 | ) | $ | 90,918 | ||||||||||
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 have been in a continuous loss position at September 30, 2012: | |||||||||||||||||||||||||
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 | $ | (1 | ) | $ | 2,999 | $ | - | $ | - | $ | (1 | ) | $ | 2,999 | |||||||||||
Mortgage-backed securities - non-agency | (21 | ) | 144 | (321 | ) | 2,343 | (342 | ) | 2,487 | ||||||||||||||||
Total securities available for sale | $ | (22 | ) | $ | 3,143 | $ | (321 | ) | $ | 2,343 | $ | (343 | ) | $ | 5,486 | ||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | (9 | ) | $ | 10,982 | $ | - | $ | - | $ | (9 | ) | $ | 10,982 | |||||||||||
Total securities held to maturity | $ | (9 | ) | $ | 10,982 | $ | - | $ | - | $ | (9 | ) | $ | 10,982 | |||||||||||
Total | $ | (31 | ) | $ | 14,125 | $ | (321 | ) | $ | 2,343 | $ | (352 | ) | $ | 16,468 | ||||||||||
Schedule of roll forward of the amounts recognized in earnings related to credit losses on securities | ' | ||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Credit component of OTTI as of October 1, 2012 | $ | 2,103 | |||||||||||||||||||||||
Additions for credit-related OTTI charges on previously unimpaired securities | - | ||||||||||||||||||||||||
Reductions for securities liquidated | (542 | ) | |||||||||||||||||||||||
Additional increases as a result of impairment charges recognized on investments for which an OTTI was previously recognized | 38 | ||||||||||||||||||||||||
Credit component of OTTI as of September 30, 2013 | $ | 1,599 | |||||||||||||||||||||||
Schedule of amortized cost and fair value of debt securities by contractual maturity | ' | ||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||
Held to Maturity | Available for Sale | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Due within one year | $ | 2,000 | $ | 2,009 | $ | - | $ | - | |||||||||||||||||
Due after one through five years | - | - | - | - | |||||||||||||||||||||
Due after five through ten years | 12,497 | 12,293 | 1,999 | 1,902 | |||||||||||||||||||||
Due after ten years | 52,437 | 48,336 | 16,987 | 15,357 | |||||||||||||||||||||
Total | $ | 66,934 | $ | 62,638 | $ | 18,986 | $ | 17,259 |
LOANS_RECEIVABLE_Tables
LOANS RECEIVABLE (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of summary of loans receivable | ' | ||||||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to four-family residential | $ | 270,791 | $ | 222,793 | |||||||||||||||||||||||||||||
Multi-family residential | 5,716 | 5,051 | |||||||||||||||||||||||||||||||
Commercial real estate | 19,506 | 19,333 | |||||||||||||||||||||||||||||||
Construction and land development | 11,356 | 14,873 | |||||||||||||||||||||||||||||||
Commercial business | 588 | 632 | |||||||||||||||||||||||||||||||
Consumer | 438 | 523 | |||||||||||||||||||||||||||||||
Total loans | 308,395 | 263,205 | |||||||||||||||||||||||||||||||
Undisbursed portion of loans-in-process | (1,676 | ) | (1,629 | ) | |||||||||||||||||||||||||||||
Deferred loan costs | 2,151 | 989 | |||||||||||||||||||||||||||||||
Allowance for loan losses | (2,353 | ) | (1,881 | ) | |||||||||||||||||||||||||||||
Net loans | $ | 306,517 | $ | 260,684 | |||||||||||||||||||||||||||||
Schedule of loans individually evaluated for impairment by loan segment | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the loans individually evaluated for impairment by loan segment at September 30, 2013: | |||||||||||||||||||||||||||||||||
One- to four- | Multi-family | Commercial real | Construction | Commercial | Consumer | Total | |||||||||||||||||||||||||||
family | residential | estate | and land | business | |||||||||||||||||||||||||||||
residential | development | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Individually evaluated | $ | 10,754 | $ | 383 | $ | 2,776 | $ | 1,205 | $ | - | $ | - | $ | 15,118 | |||||||||||||||||||
for impairment | |||||||||||||||||||||||||||||||||
Collectively evaluated | 260,037 | 5,333 | 16,730 | 10,151 | 588 | 438 | 293,277 | ||||||||||||||||||||||||||
for impairment | |||||||||||||||||||||||||||||||||
Total loans | $ | 270,791 | $ | 5,716 | $ | 19,506 | $ | 11,356 | $ | 588 | $ | 438 | $ | 308,395 | |||||||||||||||||||
The following table summarizes the loans individually evaluated for impairment by loan segment at September 30, 2012: | |||||||||||||||||||||||||||||||||
One- to four- | Multi-family | Commercial real | Construction | Commercial | Consumer | Total | |||||||||||||||||||||||||||
family | residential | estate | and land | business | |||||||||||||||||||||||||||||
residential | development | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 25,440 | $ | 916 | $ | 1,679 | $ | 2,573 | $ | - | $ | - | $ | 30,608 | |||||||||||||||||||
Collectively evaluated for impairment | 197,353 | 4,135 | 17,654 | 12,300 | 632 | 523 | $ | 232,597 | |||||||||||||||||||||||||
Total loans | $ | 222,793 | $ | 5,051 | $ | 19,333 | $ | 14,873 | $ | 632 | $ | 523 | $ | 263,205 | |||||||||||||||||||
Schedule of impaired loans by class segregated by specific allowance required and those for which a specific allowance was not necessary | ' | ||||||||||||||||||||||||||||||||
The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 2013: | |||||||||||||||||||||||||||||||||
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 | $ | - | $ | - | $ | 10,754 | $ | 10,754 | $ | 10,754 | |||||||||||||||||||||||
Multi-family residential | - | - | 383 | 383 | 383 | ||||||||||||||||||||||||||||
Commercial real estate | - | - | 2,776 | 2,776 | 2,776 | ||||||||||||||||||||||||||||
Construction and land development | - | - | 1,205 | 1,205 | 1,205 | ||||||||||||||||||||||||||||
Total Loans | $ | - | $ | - | $ | 15,118 | $ | 15,118 | $ | 15,118 | |||||||||||||||||||||||
The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 2012: | |||||||||||||||||||||||||||||||||
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 | $ | - | $ | - | $ | 25,440 | $ | 25,440 | $ | 25,440 | |||||||||||||||||||||||
Multi-family residential | - | - | 916 | 916 | 916 | ||||||||||||||||||||||||||||
Commercial real estate | - | - | 1,679 | 1,679 | 1,679 | ||||||||||||||||||||||||||||
Construction and land development | - | - | 2,573 | 2,573 | 2,573 | ||||||||||||||||||||||||||||
Total Loans | $ | - | $ | - | $ | 30,608 | $ | 30,608 | $ | 30,608 | |||||||||||||||||||||||
Schedule of average investment in impaired loans and related interest income recognized | ' | ||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Average | Income | Income | |||||||||||||||||||||||||||||||
Recorded | Recognized | Recognized on | |||||||||||||||||||||||||||||||
Investment | on Accrual Basis | Cash Basis | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to four-family residential | $ | 13,308 | $ | 400 | $ | 82 | |||||||||||||||||||||||||||
Multi-family residential | 647 | 46 | - | ||||||||||||||||||||||||||||||
Commercial Real Estate | 5,063 | 218 | 33 | ||||||||||||||||||||||||||||||
Construction and Land Development | 1,518 | 108 | - | ||||||||||||||||||||||||||||||
Total | $ | 20,536 | $ | 772 | $ | 115 | |||||||||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||||||||||
Average | Income | Income | |||||||||||||||||||||||||||||||
Recorded | Recognized on | Recognized on | |||||||||||||||||||||||||||||||
Investment | Accrual Basis | Cash Basis | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to four-family residential | $ | 14,232 | $ | 608 | $ | 406 | |||||||||||||||||||||||||||
Multi-family residential | 394 | 46 | |||||||||||||||||||||||||||||||
Commercial Real Estate | 1,913 | 54 | |||||||||||||||||||||||||||||||
Construction and Land Development | 4,995 | 122 | - | ||||||||||||||||||||||||||||||
Total | $ | 21,534 | $ | 830 | $ | 406 | |||||||||||||||||||||||||||
Schedule of classes of the loan portfolio in which a formal risk weighting system is utilized | ' | ||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Special | Total | ||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Loans | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Multi-family residential | $ | 5,333 | $ | - | $ | 383 | $ | - | $ | 5,716 | |||||||||||||||||||||||
Commercial real estate | 15,273 | 1,457 | 2,776 | - | 19,506 | ||||||||||||||||||||||||||||
Construction and land development | 2,633 | 7,518 | 1,205 | - | 11,356 | ||||||||||||||||||||||||||||
Commercial business | 588 | - | - | - | 588 | ||||||||||||||||||||||||||||
Total Loans | $ | 23,827 | $ | 8,975 | $ | 4,364 | $ | - | $ | 37,166 | |||||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||||||||||
Special | Total | ||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Loans | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Multi-family residential | $ | 4,135 | $ | - | $ | 916 | $ | - | $ | 5,051 | |||||||||||||||||||||||
Commercial real estate | 17,654 | - | 1,679 | - | 19,333 | ||||||||||||||||||||||||||||
Construction and land development | 12,300 | - | 2,573 | - | 14,873 | ||||||||||||||||||||||||||||
Commercial business | 632 | - | - | - | 632 | ||||||||||||||||||||||||||||
Total Loans | $ | 34,721 | $ | - | $ | 5,168 | $ | - | $ | 39,889 | |||||||||||||||||||||||
Schedule of loans in which a formal risk rating system is not utilized, but loans are segregated between performing and non-performing | ' | ||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
Non- | Total | ||||||||||||||||||||||||||||||||
Performing | Performing | Loans | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 266,532 | $ | 4,259 | $ | 270,791 | |||||||||||||||||||||||||||
Consumer | 438 | - | 438 | ||||||||||||||||||||||||||||||
Total Loans | $ | 266,970 | $ | 4,259 | $ | 271,229 | |||||||||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||||||||||
Non- | Total | ||||||||||||||||||||||||||||||||
Performing | Performing | Loans | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 209,889 | $ | 12,904 | $ | 222,793 | |||||||||||||||||||||||||||
Consumer | 523 | - | 523 | ||||||||||||||||||||||||||||||
Total Loans | $ | 210,412 | $ | 12,904 | $ | 223,316 | |||||||||||||||||||||||||||
Schedule classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans | ' | ||||||||||||||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||||||||||||||
90 Days+ | Total | ||||||||||||||||||||||||||||||||
30-89 Days | 90 Days + | Past Due | Past Due | Total | Non- | ||||||||||||||||||||||||||||
Current | Past Due | Past Due | and Accruing | and Accruing | Loans | Accrual | |||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 264,272 | $ | 3,589 | $ | 2,930 | $ | - | $ | 3,589 | $ | 270,791 | $ | 4,259 | |||||||||||||||||||
Multi-family residential | 5,716 | - | - | - | - | 5,716 | - | ||||||||||||||||||||||||||
Commercial real estate | 18,686 | 355 | 465 | - | 355 | 19,506 | 2,375 | ||||||||||||||||||||||||||
Construction and land development | 11,356 | - | - | - | - | 11,356 | - | ||||||||||||||||||||||||||
Commercial business | 588 | - | - | - | - | 588 | - | ||||||||||||||||||||||||||
Consumer | 437 | 1 | - | - | 1 | 438 | - | ||||||||||||||||||||||||||
Total Loans | $ | 301,055 | $ | 3,945 | $ | 3,395 | $ | - | $ | 3,945 | $ | 308,395 | $ | 6,634 | |||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||||||||||||||
90 Days+ | Total | ||||||||||||||||||||||||||||||||
30-89 Days | 90 Days + | Past Due | Past Due | Total | Non- | ||||||||||||||||||||||||||||
Current | Past Due | Past Due | and Accruing | and Accruing | Loans | Accrual | |||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 217,061 | $ | 1,108 | $ | 4,624 | $ | - | $ | 1,108 | $ | 222,793 | $ | 12,904 | |||||||||||||||||||
Multi-family residential | 5,051 | - | - | - | - | 5,051 | - | ||||||||||||||||||||||||||
Commercial real estate | 18,859 | 233 | 241 | - | 233 | 19,333 | 597 | ||||||||||||||||||||||||||
Construction and land development | 14,356 | - | 517 | - | - | 14,873 | 517 | ||||||||||||||||||||||||||
Commercial business | 632 | - | - | - | - | 632 | - | ||||||||||||||||||||||||||
Consumer | 522 | 1 | - | - | 1 | 523 | - | ||||||||||||||||||||||||||
Total Loans | $ | 256,481 | $ | 1,342 | $ | 5,382 | $ | - | $ | 1,342 | $ | 263,205 | $ | 14,018 | |||||||||||||||||||
Schedule of primary segments of the allowance for loan losses, segmented into the amount required for loans individually evaluated for impairment and collectively evaluated for impairment | ' | ||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||
One- to | |||||||||||||||||||||||||||||||||
four-family residential | Multi- | Commercial | Construction and land development | Commercial business | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
family residential | real estate | ||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
ALLL balance at September 30, 2012 | $ | 830 | $ | 7 | $ | 125 | $ | 745 | $ | 3 | $ | 1 | $ | 170 | $ | 1,881 | |||||||||||||||||
Charge-offs | (154 | ) | - | - | - | - | - | - | (154 | ) | |||||||||||||||||||||||
Recoveries | 227 | - | - | 899 | - | - | - | 1,126 | |||||||||||||||||||||||||
Provision | 481 | 15 | (55 | ) | (991 | ) | 1 | 1 | 48 | (500 | ) | ||||||||||||||||||||||
ALLL balance at September 30, 2013 | $ | 1,384 | $ | 22 | $ | 70 | $ | 653 | $ | 4 | $ | 2 | $ | 218 | $ | 2,353 | |||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Collectively evaluated for impairment | 1,384 | 22 | 70 | 653 | 4 | 2 | 218 | 2,353 | |||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||
One- to | Multi- | Commercial | Construction and land development | Commercial business | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
four-family residential | family residential | real estate | |||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
ALLL balance at September 30, 2011 | $ | 1,651 | $ | 7 | $ | 221 | $ | 1,481 | $ | 3 | $ | 1 | $ | - | $ | 3,364 | |||||||||||||||||
Charge-offs | (1,905 | ) | - | - | (303 | ) | - | - | - | (2,208 | ) | ||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Provision | 1,084 | - | (96 | ) | (433 | ) | - | - | 170 | 725 | |||||||||||||||||||||||
ALLL balance at September 30, 2012 | $ | 830 | $ | 7 | $ | 125 | $ | 745 | $ | 3 | $ | 1 | $ | 170 | $ | 1,881 | |||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Collectively evaluated for impairment | 830 | 7 | 125 | 745 | 3 | 1 | 170 | 1,881 | |||||||||||||||||||||||||
Schedule of troubled debt restructurings | ' | ||||||||||||||||||||||||||||||||
As of and for the Twelve Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Restructured Current Period | TDR’s that Defaulted in the Current | ||||||||||||||||||||||||||||||||
Period that were Restructured in | |||||||||||||||||||||||||||||||||
Prior Period | |||||||||||||||||||||||||||||||||
(amount in thousands) | |||||||||||||||||||||||||||||||||
Number of | Pre- Modification | Post-Modification | Number of | Post-Modification | |||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | Loans | Outstanding | |||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | |||||||||||||||||||||||||||||||
Investment | Investment | Investment | |||||||||||||||||||||||||||||||
One-to four- family | 1 | $ | 157 | $ | 157 | - | $ | - | |||||||||||||||||||||||||
Commerical real estate | 5 | 1,910 | 1,910 | - | - | ||||||||||||||||||||||||||||
6 | $ | 2,067 | $ | 2,067 | - | $ | - |
OFFICE_PROPERTIES_AND_EQUIPMEN1
OFFICE PROPERTIES AND EQUIPMENT (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Schedule of office properties and equipment | ' | ||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(Dollars in Thousands) | |||||||||
Land | $ | 247 | $ | 247 | |||||
Buildings and improvements | 2,565 | 2,565 | |||||||
Furniture and equipment | 2,297 | 3,695 | |||||||
Automobiles | 135 | 135 | |||||||
Total | 5,244 | 6,642 | |||||||
Accumulated depreciation | (3,719 | ) | (4,954 | ) | |||||
Total office properties and equipment, net of accumulated depreciation | $ | 1,525 | $ | 1,688 |
DEPOSITS_Tables
DEPOSITS (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Deposits [Abstract] | ' | ||||||||||||||||
Schedule of major classification of deposits | ' | ||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Money market deposit accounts | $ | 65,298 | 12 | % | $ | 69,735 | 16.4 | % | |||||||||
Interest-bearing checking accounts | 36,063 | 6.6 | 33,659 | 7.9 | |||||||||||||
Non-interest-bearing checking accounts | 3,474 | 0.6 | 3,711 | 0.9 | |||||||||||||
Passbook, club and statement savings (1) | 223,615 | 41.3 | 71,083 | 16.7 | |||||||||||||
Certificates maturing in six months or less | 65,831 | 12.1 | 71,173 | 16.7 | |||||||||||||
Certificates maturing in more than six months | 148,467 | 27.4 | 176,241 | 41.4 | |||||||||||||
Total | $ | 542,748 | 100 | % | $ | 425,602 | 100 | % | |||||||||
(1) Includes $145.7 million of funds held in escrow at September 30, 2013 from the Company's Second-step Offering. | |||||||||||||||||
Schedule of maturities of certificate accounts | ' | ||||||||||||||||
September 30, 2013 | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
One year or less | $ | 104,864 | |||||||||||||||
One through two years | 34,237 | ||||||||||||||||
Two through three years | 25,960 | ||||||||||||||||
Three through four years | 20,478 | ||||||||||||||||
Four through five years | 28,759 | ||||||||||||||||
Total | $ | 214,298 | |||||||||||||||
Schedule of interest expense on deposits | ' | ||||||||||||||||
Year Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Checking and money market deposit accounts | $ | 358 | $ | 490 | |||||||||||||
Passbook, club and statement savings accounts | 265 | 401 | |||||||||||||||
Certificate accounts | 3,721 | 4,884 | |||||||||||||||
Total | $ | 4,344 | $ | 5,775 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of provision for income taxes | ' | ||||||||||||||||
Year Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Current: | |||||||||||||||||
Federal (benefit) expense | $ | (1,072 | ) | $ | 321 | ||||||||||||
Total current taxes | (1,072 | ) | 321 | ||||||||||||||
Deferred income tax expense | 2,770 | 961 | |||||||||||||||
Total income tax provision | $ | 1,698 | $ | 1,282 | |||||||||||||
Schedule of deferred income taxes | ' | ||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Deposit premium | $ | - | $ | 20 | |||||||||||||
Allowance for loan losses | 1,037 | 2,302 | |||||||||||||||
Real estate owned expenses | - | 301 | |||||||||||||||
Non-accrual interest | 125 | 196 | |||||||||||||||
Accrued vacation | 86 | 95 | |||||||||||||||
Capital loss carryforward | 1,423 | 1,262 | |||||||||||||||
Impairment loss | 1,117 | 1,562 | |||||||||||||||
Post-retirement benefit plans | 136 | 135 | |||||||||||||||
Split dollar life insurance | 21 | 22 | |||||||||||||||
Unrealized losses on available for sale securities | 666 | - | |||||||||||||||
Employee benefit plans | 455 | 386 | |||||||||||||||
Total deferred tax assets | 5,066 | 6,281 | |||||||||||||||
Valuation allowance | (2,540 | ) | (2,046 | ) | |||||||||||||
Total deferred tax assets, net of valuation allowance | 2,526 | 4,235 | |||||||||||||||
Deferred tax liabilities: | |||||||||||||||||
Unrealized gain on available for sale securities | - | 661 | |||||||||||||||
Property | 461 | 526 | |||||||||||||||
Deferred loan fees | 759 | 299 | |||||||||||||||
Total deferred tax liabilities | 1,220 | 1,486 | |||||||||||||||
Net deferred tax asset | $ | 1,306 | $ | 2,749 | |||||||||||||
Schedule of income tax expense computed at the statutory federal corporate tax rate | ' | ||||||||||||||||
Year Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Percentage | Percentage | ||||||||||||||||
of Pretax | of Pretax | ||||||||||||||||
Amount | Income | Amount | Income (Loss) | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Tax at statutory rate | $ | 1,174 | 34 | % | $ | 1,318 | 34 | % | |||||||||
Adjustments resulting from: | |||||||||||||||||
Valuation allowance | 494 | 14.3 | 37 | 0.9 | |||||||||||||
Income from bank owned life insurance | (67 | ) | (1.9 | ) | (160 | ) | (4.1 | ) | |||||||||
Employee benefit plans | 90 | 2.6 | 92 | 2.4 | |||||||||||||
Other | 7 | 0.2 | (5 | ) | (0.1 | ) | |||||||||||
Income tax expense | $ | 1,698 | 49.2 | % | $ | 1,282 | 33.1 | % |
REGULATORY_CAPITAL_REQUIREMENT1
REGULATORY CAPITAL REQUIREMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | ' | ||||||||||||||||||||||||
Schedule of company's and the bank's actual capital amounts and ratios | ' | ||||||||||||||||||||||||
To Be | |||||||||||||||||||||||||
Well Capitalized | |||||||||||||||||||||||||
Under Prompt | |||||||||||||||||||||||||
Required for Capital | Corrective Action | ||||||||||||||||||||||||
Actual | Adequacy Purposes | Provisions | |||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
September 30, 2013: | |||||||||||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||
Company | $ | 61,204 | 12.54 | % | $ | 19,523 | 4 | % | N/A | N/A | |||||||||||||||
Bank | 57,568 | 11.81 | 19,505 | 4 | $ | 24,382 | 5 | % | |||||||||||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||
Company | 61,204 | 26.69 | 9,172 | 4 | N/A | N/A | |||||||||||||||||||
Bank | 57,568 | 25.15 | 9,154 | 4 | 13,732 | 6 | |||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||||||||
Company | 63,558 | 27.72 | 18,344 | 8 | N/A | N/A | |||||||||||||||||||
Bank | 59,922 | 26.18 | 18,309 | 8 | 22,886 | 10 | |||||||||||||||||||
September 30, 2012: | |||||||||||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||
Company | $ | 58,548 | 11.73 | % | $ | 19,965 | 4 | % | N/A | N/A | |||||||||||||||
Bank | 54,668 | 10.95 | 19,965 | 4 | $ | 24,956 | 5 | % | |||||||||||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||
Company | 58,548 | 27.51 | 8,513 | 4 | N/A | N/A | |||||||||||||||||||
Bank | 54,668 | 25.69 | 8,513 | 4 | 12,770 | 6 | |||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||||||||
Company | 60,429 | 28.39 | 17,027 | 8 | N/A | N/A | |||||||||||||||||||
Bank | 56,549 | 26.57 | 17,027 | 8 | 21,284 | 10 |
EMPLOYEE_BENEFITS_Tables
EMPLOYEE BENEFITS (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | ||||||||
Schedule of multiemployer plans | ' | ||||||||
Pentegra Defined Benefit Plan for | |||||||||
Legal Name of Plan | Financial Institutions | ||||||||
Plan Employer Identification Number | 13-5645888 | ||||||||
The Company’s Contribution for the year ended September 30, 2013 | $383,000 | ||||||||
Are Company’s Contributions more than 5% of total contributions? | No | ||||||||
Funded Status | 93.89% | ||||||||
Schedule summary of the non-vested stock award activity | ' | ||||||||
Year Ended | |||||||||
30-Sep-13 | |||||||||
Number of | Weighted Average | ||||||||
Shares | Grant Date Fair | ||||||||
Value | |||||||||
Nonvested stock awards at beginning of year | 72,684 | $ | 11.1 | ||||||
Issued | 51,166 | 7.56 | |||||||
Forfeited | (3,900 | ) | 8.96 | ||||||
Vested | (35,776 | ) | 11.12 | ||||||
Nonvested stock awards at the end of the period | 84,174 | $ | 9.03 | ||||||
Schedule of summary of the status of the company' stock options under the stock option plan | ' | ||||||||
Year Ended | |||||||||
30-Sep-13 | |||||||||
Number of | Weighted Average | ||||||||
Shares | Exercise Price | ||||||||
Options outstanding at beginning of year | 442,400 | $ | 11.12 | ||||||
Granted | 133,742 | 7.57 | |||||||
Forfeited | (28,865 | ) | 11.12 | ||||||
Outstanding at the end of the period | 547,277 | $ | 10.25 | ||||||
Exercisable at the end of the period | 333,001 | $ | 11.13 |
FAIR_VALUE_MEASUREMENT_Tables
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Schedule of assets measured at fair value on recurring basis | ' | ||||||||||||||||||||
Those assets as of September 30, 2013 which are to be measured at fair value on a recurring basis are as follows: | |||||||||||||||||||||
Category Used for Fair Value Measurement | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
U.S. Government and agency obligations | $ | - | $ | 17,259 | $ | - | $ | 17,259 | |||||||||||||
Mortgage-backed securities - U.S. Government agencies | - | 20,959 | - | 20,959 | |||||||||||||||||
Mortgage-backed securities - Non-agency | - | 3,530 | - | 3,530 | |||||||||||||||||
FHLMC preferred stock | 33 | - | - | 33 | |||||||||||||||||
Total | $ | 33 | $ | 41,748 | $ | - | $ | 41,781 | |||||||||||||
Those assets as of September 30, 2012 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 | $ | - | $ | 14,103 | $ | - | $ | 14,103 | |||||||||||||
Mortgage-backed securities - U.S. Government agencies | - | 47,762 | - | 47,762 | |||||||||||||||||
Mortgage-backed securities - Non-agency | - | 4,103 | - | 4,103 | |||||||||||||||||
FHLMC preferred stock | 7 | - | - | 7 | |||||||||||||||||
Total | $ | 7 | $ | 65,968 | $ | - | $ | 65,975 | |||||||||||||
Schedule of summary of non-recurring fair value measurements | ' | ||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 15,118 | $ | 15,118 | |||||||||||||
Real estate owned | - | - | 406 | $ | 406 | ||||||||||||||||
Total | $ | - | $ | - | $ | 15,524 | $ | 15,524 | |||||||||||||
At September 30, 2012 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 30,608 | 30,608 | ||||||||||||||
Real estate owned | - | - | 1,972 | 1,972 | |||||||||||||||||
Total | $ | - | $ | - | $ | 32,580 | $ | 32,580 | |||||||||||||
Schedule of nonrecurring fair value measurements categorized within level 3 of the fair value hierarchy | ' | ||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Valuation | |||||||||||||||||||||
Fair Value | Technique | Unobservable Input | Range | ||||||||||||||||||
Impaired loans | $ | 15,118 | Property | Management discount for selling costs, property type and market volatility | 10% - 20% | ||||||||||||||||
appraisals | discount | ||||||||||||||||||||
Real estate owned | $ | 406 | Property | Management discount for selling costs, property type and market volatility | 10% - 20% | ||||||||||||||||
appraisals | discount | ||||||||||||||||||||
At September 30, 2012 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Valuation | |||||||||||||||||||||
Fair Value | Technique | Unobservable Input | Range | ||||||||||||||||||
Impaired loans | $ | 30,608 | Property | Management discount for selling costs, property type and market volatility | 10% - 20% | ||||||||||||||||
appraisals | discount | ||||||||||||||||||||
Real estate owned | $ | 1,972 | Property | Management discount for selling costs, property type and market volatility | 10% - 20% | ||||||||||||||||
appraisals | discount | ||||||||||||||||||||
Schedule of the estimated fair value amounts | ' | ||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Carrying | Fair | ||||||||||||||||||||
Amount | Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 158,984 | $ | 158,984 | $ | 158,984 | $ | - | $ | - | |||||||||||
Investment and mortgage-backed | |||||||||||||||||||||
securities available for sale | 41,781 | 41,781 | 33 | 41,748 | - | ||||||||||||||||
Investment and mortgage-backed | |||||||||||||||||||||
securities held to maturity | 83,732 | 80,582 | - | 80,582 | - | ||||||||||||||||
Loans receivable, net | 306,517 | 308,606 | - | - | 308,606 | ||||||||||||||||
Accrued interest receivable | 1,791 | 1,791 | 1,791 | - | - | ||||||||||||||||
Federal Home Loan Bank stock | 1,181 | 1,181 | 1,181 | - | - | ||||||||||||||||
Bank owned life insurance | 7,119 | 7,119 | 7,119 | - | - | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Checking accounts | 39,537 | 39,537 | 39,537 | - | - | ||||||||||||||||
Money market deposit accounts | 65,298 | 65,298 | 65,298 | - | - | ||||||||||||||||
Passbook, club and statement | |||||||||||||||||||||
savings accounts | 223,615 | 223,615 | 223,615 | - | - | ||||||||||||||||
Certificates of deposit | 214,298 | 218,572 | - | 218,572 | - | ||||||||||||||||
Advances from Federal Home | |||||||||||||||||||||
Loan Bank | 340 | 340 | 340 | - | - | ||||||||||||||||
Accrued interest payable | 1,666 | 1,666 | 1,666 | - | - | ||||||||||||||||
Advances from borrowers for taxes and | |||||||||||||||||||||
insurance | 1,480 | 1,480 | 1,480 | - | - | ||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
30-Sep-12 | |||||||||||||||||||||
Carrying | Fair | ||||||||||||||||||||
Amount | Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 81,273 | $ | 81,273 | $ | 81,273 | $ | - | $ | - | |||||||||||
Investment and mortgage-backed | |||||||||||||||||||||
securities available for sale | 65,975 | 65,975 | 7 | 65,968 | - | ||||||||||||||||
Investment and mortgage-backed | |||||||||||||||||||||
securities held to maturity | 63,110 | 66,401 | - | 66,401 | - | ||||||||||||||||
Loans receivable, net | 260,684 | 266,699 | - | - | 266,699 | ||||||||||||||||
Accrued interest receivable | 1,661 | 1,661 | 1,661 | - | - | ||||||||||||||||
Federal Home Loan Bank stock | 2,239 | 2,239 | 2,239 | - | - | ||||||||||||||||
Bank owned life insurance | 6,919 | 6,919 | 6,919 | - | - | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Checking accounts | 37,370 | 37,370 | 37,370 | - | - | ||||||||||||||||
Money market deposit accounts | 69,735 | 69,735 | 69,735 | - | - | ||||||||||||||||
Passbook, club and statement | |||||||||||||||||||||
savings accounts | 71,083 | 71,083 | 71,083 | - | - | ||||||||||||||||
Certificates of deposit | 247,414 | 252,479 | - | 252,479 | - | ||||||||||||||||
Advances from Federal Home | |||||||||||||||||||||
Loan Bank | 483 | 484 | 484 | - | - | ||||||||||||||||
Accrued interest payable | 2,382 | 2,382 | 2,382 | - | - | ||||||||||||||||
Advances from borrowers for taxes and | |||||||||||||||||||||
insurance | 1,273 | 1,273 | 1,273 | - | - | ||||||||||||||||
PRUDENTIAL_BANCORP_INC_OF_PENN1
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA (PARENT COMPANY ONLY) (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||
Schedule of statement of financial condition | ' | ||||||||
September 30, | 2013 | 2012 | |||||||
(Dollars in Thousands) | |||||||||
Assets: | |||||||||
Cash | $ | 63 | $ | 254 | |||||
ESOP loan receivable | 3,154 | 3,342 | |||||||
Investment in Bank | 56,277 | 55,952 | |||||||
Other assets | 418 | 283 | |||||||
Total assets | $ | 59,912 | $ | 59,831 | |||||
Stockholders’ equity: | |||||||||
Preferred stock | - | - | |||||||
Common stock | 126 | 126 | |||||||
Additional paid-in-capital | 55,289 | 54,610 | |||||||
Unearned ESOP shares | (2,565 | ) | (2,787 | ) | |||||
Treasury stock | (31,625 | ) | (31,625 | ) | |||||
Retained earnings | 39,979 | 38,224 | |||||||
Accumulated other comprehensive (loss) income | (1,292 | ) | 1,283 | ||||||
Total stockholders’ equity | 59,912 | 59,831 | |||||||
Total liabilities and stockholders’ equity | $ | 59,912 | $ | 59,831 | |||||
Schedule of income statement | ' | ||||||||
For the year ended September 30, | 2013 | 2012 | |||||||
(Dollars in thousands) | |||||||||
Interest on ESOP loan | $ | 188 | $ | 199 | |||||
Equity in the undistributed earnings of the Bank | 1,997 | 2,863 | |||||||
Other income | 3 | ||||||||
Total income | 2,185 | 3,065 | |||||||
Professional services | 146 | 215 | |||||||
Other expense | 409 | 396 | |||||||
Total expense | 555 | 611 | |||||||
Income before income taxes | 1,630 | 2,454 | |||||||
Income tax benefit | (125 | ) | (139 | ) | |||||
Net income | $ | 1,755 | $ | 2,593 | |||||
Schedule of cash flows | ' | ||||||||
For the year ended September 30, | 2013 | 2012 | |||||||
(Dollars in thousands) | |||||||||
Operating activities: | |||||||||
Net income | $ | 1,755 | $ | 2,593 | |||||
Increase in assets | (137 | ) | (155 | ) | |||||
Equity in the undistributed earnings of the Bank | (1,997 | ) | (2,863 | ) | |||||
Net cash used in by operating activities | (379 | ) | (425 | ) | |||||
Investing activities: | |||||||||
Repayments received on ESOP loan | 188 | 179 | |||||||
Net cash provided by investing activities | 188 | 179 | |||||||
Net decrease in cash and cash equivalents | (191 | ) | (246 | ) | |||||
Cash and cash equivalents, beginning of year | 254 | 500 | |||||||
Cash and cash equivalents, end of year | $ | 63 | $ | 254 |
CONSOLIDATED_QUARTERLY_FINANCI1
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of unaudited quarterly financial information | ' | ||||||||||||||||||||||||||||||||
30-Sep-13 | September 30, 2012 | ||||||||||||||||||||||||||||||||
1st | 2nd | 3rd | 4th | 1st | 2nd | 3rd | 4th | ||||||||||||||||||||||||||
Qtr | Qtr | Qtr | Qtr | Qtr | Qtr | Qtr | Qtr | ||||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||
Interest income | $ | 4,397 | $ | 4,253 | $ | 4,126 | $ | 3,997 | $ | 4,983 | $ | 4,813 | $ | 4,828 | $ | 4,354 | |||||||||||||||||
Interest expense | 1,220 | 1,139 | 1,037 | 948 | 1,514 | 1,493 | 1,432 | 1,339 | |||||||||||||||||||||||||
Net interest income | 3,177 | 3,114 | 3,089 | 3,049 | 3,469 | 3,320 | 3,396 | 3,015 | |||||||||||||||||||||||||
(Recoveries) Provision for loan losses | 0 | 0 | 0 | (500 | ) | 150 | 100 | 100 | 375 | ||||||||||||||||||||||||
Net interest income after provision for loan losses | 3,177 | 3,114 | 3,089 | 3,549 | 3,319 | 3,220 | 3,296 | 2,640 | |||||||||||||||||||||||||
Non-interest income | 224 | 199 | 1,077 | 283 | 173 | 133 | 188 | 2,572 | |||||||||||||||||||||||||
Non-interest expense | 2,778 | 3,113 | 2,717 | 2,651 | 2,867 | 2,996 | 2,936 | 2,867 | |||||||||||||||||||||||||
Income before income tax expense | 623 | 200 | 1,449 | 1,181 | 625 | 357 | 548 | 2,345 | |||||||||||||||||||||||||
Income tax expense | 351 | 186 | 764 | 397 | 221 | 273 | 88 | 700 | |||||||||||||||||||||||||
Net income | $ | 272 | $ | 14 | $ | 685 | $ | 784 | $ | 404 | $ | 84 | $ | 460 | $ | 1,645 | |||||||||||||||||
Per share: | |||||||||||||||||||||||||||||||||
Earnings per share - basic | $ | 0.03 | $ | - | $ | 0.07 | $ | 0.08 | $ | 0.04 | $ | 0.01 | $ | 0.05 | $ | 0.17 | |||||||||||||||||
Earnings per share - diluted | $ | 0.03 | $ | - | $ | 0.07 | $ | 0.08 | $ | 0.04 | $ | 0.01 | $ | 0.05 | $ | 0.17 | |||||||||||||||||
Dividends per share | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
NATURE_OF_OPERATIONS_AND_BASIS1
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Detail Textuals) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 09, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 13, 2013 |
Second Step Conversion | Prudential Savings Bank | PSB Delaware, Inc. | Prudential Mutual Holding Company | Prudential Mutual Holding Company | |||
Subsequent Event | Branch | Second Step Conversion | |||||
Nature Of Operations And Basis Of Presentation [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of branches | ' | ' | ' | 7 | ' | ' | ' |
Assets | $607,897,000 | $490,504,000 | ' | ' | $110,600,000 | ' | ' |
Percentage owned of the company's outstanding common stock | ' | ' | ' | ' | ' | 74.60% | 74.60% |
Number of shares owned by mutual holding company | ' | ' | ' | ' | ' | 7,478,062 | ' |
Number of shares received in connection with reorganization in September 2005 | ' | ' | ' | ' | ' | 6,910,062 | ' |
Amount of initial capital | ' | ' | ' | ' | ' | $100,000 | ' |
Number of shares purchased | ' | ' | ' | ' | ' | 568,000 | ' |
Number of shares for which the common stock exchanged | ' | ' | 0.9442 | ' | ' | ' | ' |
Number of shares issued in connection with mutual-to-stock conversion | ' | ' | 9,544,809 | ' | ' | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2005 | |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of common shares purchased under employee stock ownership plan (ESOP) | ' | ' | 452,295 |
Aggregate cost of common stock purchased under employee stock ownership plan (ESOP) | ' | ' | $4,500,000 |
Shares repurchased and held as treasury stock | 2,540,255 | 2,540,255 | ' |
Average cost per share of shares purchased (in dollars per share) | $12.45 | ' | ' |
Shares owned by public shareholders | 2,545,433 | ' | ' |
Par value of stock bought from and sold to the federal home loan bank | $100 | ' | ' |
Advertising expense | $335,000 | $275,000 | ' |
Prudential Mutual Holding Company | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Average cost per share of shares purchased (in dollars per share) | $10.30 | ' | ' |
Shares purchased | 568,000 | ' | ' |
Number of shares owned by mutual holding company | 7,478,062 | ' | ' |
EARNINGS_PER_SHARE_Calculated_
EARNINGS PER SHARE - Calculated basic and diluted earnings per share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share, Basic [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $784 | $685 | $14 | $272 | $1,645 | $460 | $84 | $404 | $1,755 | $2,593 |
Weighted average shares outstanding - basic | ' | ' | ' | ' | ' | ' | ' | ' | 9,657,507 | 9,599,222 |
Effect of CSEs - basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted weighted average shares used in earnings per share computation - basic | ' | ' | ' | ' | ' | ' | ' | ' | 9,657,507 | 9,599,222 |
Earnings per share - basic (in dollars per share) | $0.08 | $0.07 | ' | $0.03 | $0.17 | $0.05 | $0.01 | $0.04 | $0.18 | $0.27 |
Earnings Per Share, Diluted [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $784 | $685 | $14 | $272 | $1,645 | $460 | $84 | $404 | $1,755 | $2,593 |
Weighted average shares outstanding - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 9,657,507 | 9,599,222 |
Effect of CSEs - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 110,593 | 24,524 |
Adjusted weighted average shares used in earnings per share computation - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 9,768,100 | 9,623,746 |
Earnings per share - diluted (in dollars per share) | $0.08 | $0.07 | ' | $0.03 | $0.17 | $0.05 | $0.01 | $0.04 | $0.18 | $0.27 |
EARNINGS_PER_SHARE_Detail_Text
EARNINGS PER SHARE (Detail Textuals) (Stock Options, USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 406,000 | 442,400 |
Minimum | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Exercise price for the stock options (in dollars per share) | 8.3 | 7.25 |
Maximum | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Exercise price for the stock options (in dollars per share) | 11.17 | 11.17 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in accumulated other comprehensive income (loss) by component net of tax (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Balance as of October 1, 2012 | $1,283 | ' | |
Total other comprehensive loss | -2,575 | -970 | |
Balance as of September 30, 2013 | -1,292 | 1,283 | |
Unrealized gains (losses) on available for sale securities | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | |
Balance as of October 1, 2012 | 1,283 | [1] | ' |
Other comprehensive loss before reclassification | -2,024 | [1] | ' |
Amount reclassified from accumulated other comprehensive income | -551 | [1] | ' |
Total other comprehensive loss | -2,575 | [1] | ' |
Balance as of September 30, 2013 | ($1,292) | [1] | ' |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Significant amounts reclassified out of each component of accumulated other comprehensive income (loss) (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | |
Gain on sale of mortgage-backed securities available for sale | $868 | $2,122 | |
Gain on sale of mortgage-backed securities available for sale, income taxes | 296 | 721 | |
Net impairment losses recognized in earnings | -32 | -154 | |
Net impairment losses recognized in earnings, income taxes | 11 | 52 | |
Unrealized gains (losses) on available for sale securities | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | |
Net of tax | -551 | [1] | ' |
Unrealized gains (losses) on available for sale securities | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | |
Gain on sale of mortgage-backed securities available for sale | 868 | [2] | ' |
Gain on sale of mortgage-backed securities available for sale, income taxes | -296 | [2] | ' |
Net impairment losses recognized in earnings | -32 | [2] | ' |
Net impairment losses recognized in earnings, income taxes | 11 | [2] | ' |
Net of tax | $551 | [2] | ' |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. | ||
[2] | Amounts in parentheses indicate debits to net income. |
INVESTMENT_AND_MORTGAGEBACKED_2
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized cost and fair value of investment and mortgage-backed securities, with gross unrealized gains and losses (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Securities Available for Sale: | ' | ' |
Amortized cost | $43,744 | $64,030 |
Gross unrealized gains | 558 | 2,288 |
Gross unrealized losses | -2,521 | -343 |
Fair Value | 41,781 | 65,975 |
Securities Held to Maturity: | ' | ' |
Amortized cost | 83,732 | 63,110 |
Gross unrealized gains | 1,781 | 3,300 |
Gross unrealized losses | -4,931 | -9 |
Fair value | 80,582 | 66,401 |
Debt Securities | ' | ' |
Securities Available for Sale: | ' | ' |
Amortized cost | 43,738 | 64,024 |
Gross unrealized gains | 531 | 2,287 |
Gross unrealized losses | -2,521 | -343 |
Fair Value | 41,748 | 65,968 |
U.S. government and agency obligations | ' | ' |
Securities Available for Sale: | ' | ' |
Amortized cost | 18,986 | 13,994 |
Gross unrealized gains | ' | 110 |
Gross unrealized losses | -1,727 | -1 |
Fair Value | 17,259 | 14,103 |
Securities Held to Maturity: | ' | ' |
Amortized cost | 66,934 | 44,475 |
Gross unrealized gains | 559 | 1,333 |
Gross unrealized losses | -4,855 | -9 |
Fair value | 62,638 | 45,799 |
Mortgage-backed securities - U.S. government agencies | ' | ' |
Securities Available for Sale: | ' | ' |
Amortized cost | 21,433 | 45,722 |
Gross unrealized gains | 230 | 2,040 |
Gross unrealized losses | -704 | ' |
Fair Value | 20,959 | 47,762 |
Securities Held to Maturity: | ' | ' |
Amortized cost | 16,798 | 18,635 |
Gross unrealized gains | 1,222 | 1,967 |
Gross unrealized losses | -76 | ' |
Fair value | 17,944 | 20,602 |
Mortgage-backed securities - Non-agency | ' | ' |
Securities Available for Sale: | ' | ' |
Amortized cost | 3,319 | 4,308 |
Gross unrealized gains | 301 | 137 |
Gross unrealized losses | -90 | -342 |
Fair Value | 3,530 | 4,103 |
FHLMC preferred stock | ' | ' |
Securities Available for Sale: | ' | ' |
Amortized cost | 6 | 6 |
Gross unrealized gains | 27 | 1 |
Gross unrealized losses | ' | ' |
Fair Value | $33 | $7 |
INVESTMENT_AND_MORTGAGEBACKED_3
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Gross unrealized losses and related fair values of investment securities, aggregated by investment category and length of time (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Securities Available for Sale: | ' | ' |
Less than 12 months - Gross Unrealized Losses | ($2,441) | ($22) |
Less than 12 months - Fair value | 35,123 | 3,143 |
More than 12 months - Gross unrealized losses | -80 | -321 |
More than 12 months - Fair value | 460 | 2,343 |
Gross Unrealized Losses - Total | -2,521 | -343 |
Fair Value - Total | 35,583 | 5,486 |
Securities Held to Maturity: | ' | ' |
Less than 12 months - Gross Unrealized Losses | -3,893 | -9 |
Less than 12 months - Fair value | 45,379 | 10,982 |
More than 12 months - Gross unrealized losses | -1,037 | ' |
More than 12 months - Fair value | 9,956 | ' |
Gross Unrealized Losses -Total | -4,930 | -9 |
Fair Value - Total | 55,335 | 10,982 |
Less than 12 months - Gross Unrealized Losses | -6,334 | -31 |
Less than 12 months - Fair Value | 80,502 | 14,125 |
More than 12 months Gross - Unrealized Losses | -1,117 | -321 |
More than 12 months - Fair Value | 10,416 | 2,343 |
Gross Unrealized Losses - Total | -7,451 | -352 |
Fair Value - Total | 90,918 | 16,468 |
U.S. government and agency obligations | ' | ' |
Securities Available for Sale: | ' | ' |
Less than 12 months - Gross Unrealized Losses | -1,727 | -1 |
Less than 12 months - Fair value | 17,259 | 2,999 |
More than 12 months - Gross unrealized losses | ' | ' |
More than 12 months - Fair value | ' | ' |
Gross Unrealized Losses - Total | -1,727 | -1 |
Fair Value - Total | 17,259 | 2,999 |
Securities Held to Maturity: | ' | ' |
Less than 12 months - Gross Unrealized Losses | -3,817 | -9 |
Less than 12 months - Fair value | 40,126 | 10,982 |
More than 12 months - Gross unrealized losses | -1,037 | ' |
More than 12 months - Fair value | 9,956 | ' |
Gross Unrealized Losses -Total | -4,854 | -9 |
Fair Value - Total | 50,082 | 10,982 |
Mortgage-backed securities - U.S. government agencies | ' | ' |
Securities Available for Sale: | ' | ' |
Less than 12 months - Gross Unrealized Losses | -704 | ' |
Less than 12 months - Fair value | 17,449 | ' |
More than 12 months - Gross unrealized losses | ' | ' |
More than 12 months - Fair value | ' | ' |
Gross Unrealized Losses - Total | -704 | ' |
Fair Value - Total | 17,449 | ' |
Securities Held to Maturity: | ' | ' |
Less than 12 months - Gross Unrealized Losses | -76 | ' |
Less than 12 months - Fair value | 5,253 | ' |
More than 12 months - Gross unrealized losses | ' | ' |
More than 12 months - Fair value | ' | ' |
Gross Unrealized Losses -Total | -76 | ' |
Fair Value - Total | 5,253 | ' |
Mortgage-backed securities - Non-agency | ' | ' |
Securities Available for Sale: | ' | ' |
Less than 12 months - Gross Unrealized Losses | -10 | -21 |
Less than 12 months - Fair value | 415 | 144 |
More than 12 months - Gross unrealized losses | -80 | -321 |
More than 12 months - Fair value | 460 | 2,343 |
Gross Unrealized Losses - Total | -90 | -342 |
Fair Value - Total | $875 | $2,487 |
INVESTMENT_AND_MORTGAGEBACKED_4
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Rollforward of the amounts recognized in earnings related to credit losses on securities (Details 2) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ' |
Credit component of OTTI as of October 1, 2012 | $2,103 |
Additions for credit-related OTTI charges on previously unimpaired securities | ' |
Reductions for securities liquidated | -542 |
Additional increases as a result of impairment charges recognized on investments for which an OTTI was previously recognized | 38 |
Credit component of OTTI as of September 30, 2013 | $1,599 |
INVESTMENT_AND_MORTGAGEBACKED_5
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized cost and fair value of debt securities, by contractual maturity (Details 3) (U.S. government and agency obligations, USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
U.S. government and agency obligations | ' |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ' |
Due within one year | $2,000 |
Due after one through five years | ' |
Due after five through ten years | 12,497 |
Due after ten years | 52,437 |
Total | 66,934 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ' |
Due within one year | 2,009 |
Due after one through five years | ' |
Due after five through ten years | 12,293 |
Due after ten years | 48,336 |
Total | 62,638 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ' |
Due within one year | ' |
Due after one through five years | ' |
Due after five through ten years | 1,999 |
Due after ten years | 16,987 |
Total | 18,986 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ' |
Due within one year | ' |
Due after one through five years | ' |
Due after five through ten years | 1,902 |
Due after ten years | 15,357 |
Total | $17,259 |
INVESTMENT_AND_MORTGAGEBACKED_6
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Detail Textuals) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Marketable Securities [Line Items] | ' | ' |
Gain on sale of mortgage-backed securities available for sale | $868,000 | $2,122,000 |
Proceeds from sale of mortgage-backed securities | 16,158,000 | 21,650,000 |
U.S. government and agency obligations | ' | ' |
Marketable Securities [Line Items] | ' | ' |
Number of investment securities in debt obligations in the category of loss position less than 12 months held by company | 25 | ' |
Securities continuous unrealized loss position less than 12 months aggregate losses | 5,700,000 | ' |
Percentage of reduction in amortized cost of debt securities in the category of loss position less than 12 months held by company | 9.70% | ' |
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | 3 | ' |
Securities continuous unrealized loss position more than 12 months aggregate losses | 859,000 | ' |
Percentage of reduction in amortized cost of debt securities in the category of loss position more than 12 months held by company | 10.60% | ' |
Mortgage-backed securities - U.S. government agencies | ' | ' |
Marketable Securities [Line Items] | ' | ' |
Number of investment securities in debt obligations in the category of loss position less than 12 months held by company | 10 | ' |
Securities continuous unrealized loss position less than 12 months aggregate losses | 704,000 | ' |
Percentage of reduction in amortized cost of debt securities in the category of loss position less than 12 months held by company | 3.88% | ' |
Mortgage-backed securities - Non-agency | ' | ' |
Marketable Securities [Line Items] | ' | ' |
Number of investment securities in debt obligations in the category of loss position less than 12 months held by company | 6 | ' |
Number of collateralized mortgage obligations included in portfolio | 55 | ' |
OTTI charge related to non agency issued mortgage backed securities | 38,000 | 195,000 |
OTTI charge related to non agency issued mortgage backed securities recognized in earnings | 32,000 | ' |
OTTI charge related to non agency issued mortgage backed securities recognized in other comprehensive income | 6,000 | ' |
Investment securities gross unrealized losses | $90,000 | ' |
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | 7 | ' |
LOANS_RECEIVABLE_Summary_of_Lo
LOANS RECEIVABLE - Summary of Loans receivable (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Allowance for loan losses | ($2,353) | ($1,881) | ' |
Net loans | 306,517 | 260,684 | ' |
Loans Receivable | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
One-to four-family residential | 270,791 | 222,793 | ' |
Multi-family residential | 5,716 | 5,051 | ' |
Commercial real estate | 19,506 | 19,333 | ' |
Construction and land development | 11,356 | 14,873 | ' |
Commercial business | 588 | 632 | ' |
Consumer | 438 | 523 | ' |
Total loans | 308,395 | 263,205 | ' |
Undisbursed portion of loans-in-process | -1,676 | -1,629 | ' |
Deferred loan costs | 2,151 | 989 | ' |
Allowance for loan losses | -2,353 | -1,881 | -3,364 |
Net loans | $306,517 | $260,684 | ' |
Recovered_Sheet1
LOANS RECEIVABLE - Summary of loans individually evaluated for impairment by loan segment (Details 1) (Loans Receivable, USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Individually evaluated for impairment | $15,118 | $30,608 |
Collectively evaluated for impairment | 293,277 | 232,597 |
Total loans | 308,395 | 263,205 |
One- to four-family residential | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Individually evaluated for impairment | 10,754 | 25,440 |
Collectively evaluated for impairment | 260,037 | 197,353 |
Total loans | 270,791 | 222,793 |
Multi-family residential | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Individually evaluated for impairment | 383 | 916 |
Collectively evaluated for impairment | 5,333 | 4,135 |
Total loans | 5,716 | 5,051 |
Commercial real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Individually evaluated for impairment | 2,776 | 1,679 |
Collectively evaluated for impairment | 16,730 | 17,654 |
Total loans | 19,506 | 19,333 |
Construction and land development | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Individually evaluated for impairment | 1,205 | 2,573 |
Collectively evaluated for impairment | 10,151 | 12,300 |
Total loans | 11,356 | 14,873 |
Commercial business | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Individually evaluated for impairment | ' | ' |
Collectively evaluated for impairment | 588 | 632 |
Total loans | 588 | 632 |
Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Individually evaluated for impairment | ' | ' |
Collectively evaluated for impairment | 438 | 523 |
Total loans | $438 | $523 |
LOANS_RECEIVABLE_Impaired_loan
LOANS RECEIVABLE - Impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary (Details 2) (Loans Receivable, USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans with specific allowance - Recorded Investment | ' | ' |
Impaired loans with specific allowance - Related Allowance | ' | ' |
Impaired loans with no specific allowance - Recorded investment | 15,118 | 30,608 |
Total Impaired Loans - Recorded Investment | 15,118 | 30,608 |
Total impaired loans - Unpaid Principal Balance | 15,118 | 30,608 |
One-to-four family residential | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans with specific allowance - Recorded Investment | ' | ' |
Impaired loans with specific allowance - Related Allowance | ' | ' |
Impaired loans with no specific allowance - Recorded investment | 10,754 | 25,440 |
Total Impaired Loans - Recorded Investment | 10,754 | 25,440 |
Total impaired loans - Unpaid Principal Balance | 10,754 | 25,440 |
Multi-family residential | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans with specific allowance - Recorded Investment | ' | ' |
Impaired loans with specific allowance - Related Allowance | ' | ' |
Impaired loans with no specific allowance - Recorded investment | 383 | 916 |
Total Impaired Loans - Recorded Investment | 383 | 916 |
Total impaired loans - Unpaid Principal Balance | 383 | 916 |
Commercial real estate | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans with specific allowance - Recorded Investment | ' | ' |
Impaired loans with specific allowance - Related Allowance | ' | ' |
Impaired loans with no specific allowance - Recorded investment | 2,776 | 1,679 |
Total Impaired Loans - Recorded Investment | 2,776 | 1,679 |
Total impaired loans - Unpaid Principal Balance | 2,776 | 1,679 |
Construction and land development | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans with specific allowance - Recorded Investment | ' | ' |
Impaired loans with specific allowance - Related Allowance | ' | ' |
Impaired loans with no specific allowance - Recorded investment | 1,205 | 2,573 |
Total Impaired Loans - Recorded Investment | 1,205 | 2,573 |
Total impaired loans - Unpaid Principal Balance | $1,205 | $2,573 |
LOANS_RECEIVABLE_Average_recor
LOANS RECEIVABLE - Average recorded investment in impaired loans and related interest income recognized (Details 3) (Loans Receivable, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average Recorded Investment | $20,536 | $21,534 |
Income Recognized on Accrual Basis | 772 | 830 |
Income Recognized on Cash Basis | 115 | 406 |
One- to four-family residential | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average Recorded Investment | 13,308 | 14,232 |
Income Recognized on Accrual Basis | 400 | 608 |
Income Recognized on Cash Basis | 82 | 406 |
Multi-family residential | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average Recorded Investment | 647 | 394 |
Income Recognized on Accrual Basis | 46 | 46 |
Income Recognized on Cash Basis | ' | ' |
Commercial Real Estate | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average Recorded Investment | 5,063 | 1,913 |
Income Recognized on Accrual Basis | 218 | 54 |
Income Recognized on Cash Basis | 33 | ' |
Construction and Land Development | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average Recorded Investment | 1,518 | 4,995 |
Income Recognized on Accrual Basis | 108 | 122 |
Income Recognized on Cash Basis | ' | ' |
LOANS_RECEIVABLE_Summary_of_cl
LOANS RECEIVABLE - Summary of classes of the loan portfolio in which a formal risk weighting system is used (Details 4) (Loans Receivable, USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | $308,395 | $263,205 |
Multi-family residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 5,716 | 5,051 |
Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 19,506 | 19,333 |
Construction and land development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 11,356 | 14,873 |
Commercial business | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 588 | 632 |
Risk Rating System | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 37,166 | 39,889 |
Risk Rating System | Multi-family residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 5,716 | 5,051 |
Risk Rating System | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 19,506 | 19,333 |
Risk Rating System | Construction and land development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 11,356 | 14,873 |
Risk Rating System | Commercial business | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 588 | 632 |
Risk Rating System | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 23,827 | 34,721 |
Risk Rating System | Pass | Multi-family residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 5,333 | 4,135 |
Risk Rating System | Pass | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 15,273 | 17,654 |
Risk Rating System | Pass | Construction and land development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 2,633 | 12,300 |
Risk Rating System | Pass | Commercial business | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 588 | 632 |
Risk Rating System | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 8,975 | ' |
Risk Rating System | Special Mention | Multi-family residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
Risk Rating System | Special Mention | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,457 | ' |
Risk Rating System | Special Mention | Construction and land development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 7,518 | ' |
Risk Rating System | Special Mention | Commercial business | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
Risk Rating System | Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 4,364 | 5,168 |
Risk Rating System | Substandard | Multi-family residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 383 | 916 |
Risk Rating System | Substandard | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 2,776 | 1,679 |
Risk Rating System | Substandard | Construction and land development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,205 | 2,573 |
Risk Rating System | Substandard | Commercial business | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
Risk Rating System | Doubtful | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
Risk Rating System | Doubtful | Multi-family residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
Risk Rating System | Doubtful | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
Risk Rating System | Doubtful | Construction and land development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
Risk Rating System | Doubtful | Commercial business | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
LOANS_RECEIVABLE_Loans_in_whic
LOANS RECEIVABLE - 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 (Details 5) (Loans Receivable, USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | $308,395 | $263,205 |
One-to-four family residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 270,791 | 222,793 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 438 | 523 |
Non Risk Rating System | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 271,229 | 223,316 |
Non Risk Rating System | One-to-four family residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 270,791 | 222,793 |
Non Risk Rating System | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 438 | 523 |
Non Risk Rating System | Performing | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 266,970 | 210,412 |
Non Risk Rating System | Performing | One-to-four family residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 266,532 | 209,889 |
Non Risk Rating System | Performing | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 438 | 523 |
Non Risk Rating System | Nonperforming | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 4,259 | 12,904 |
Non Risk Rating System | Nonperforming | One-to-four family residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 4,259 | 12,904 |
Non Risk Rating System | Nonperforming | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
LOANS_RECEIVABLE_Loan_categori
LOANS RECEIVABLE - Loan categories of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans (Details 6) (Loans Receivable, USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | $301,055 | $256,481 |
30-89 Days Past Due | 3,945 | 1,342 |
90 Days + Past Due | 3,395 | 5,382 |
90 Days+ Past Due and Accruing | ' | ' |
Total Past Due and Accruing | 3,945 | 1,342 |
Total Loans | 308,395 | 263,205 |
Non- Accrual | 6,634 | 14,018 |
One-to-four family residential | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 264,272 | 217,061 |
30-89 Days Past Due | 3,589 | 1,108 |
90 Days + Past Due | 2,930 | 4,624 |
90 Days+ Past Due and Accruing | ' | ' |
Total Past Due and Accruing | 3,589 | 1,108 |
Total Loans | 270,791 | 222,793 |
Non- Accrual | 4,259 | 12,904 |
Multi-family residential | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 5,716 | 5,051 |
30-89 Days Past Due | ' | ' |
90 Days + Past Due | ' | ' |
90 Days+ Past Due and Accruing | ' | ' |
Total Past Due and Accruing | ' | ' |
Total Loans | 5,716 | 5,051 |
Non- Accrual | ' | ' |
Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 18,686 | 18,859 |
30-89 Days Past Due | 355 | 233 |
90 Days + Past Due | 465 | 241 |
90 Days+ Past Due and Accruing | ' | ' |
Total Past Due and Accruing | 355 | 233 |
Total Loans | 19,506 | 19,333 |
Non- Accrual | 2,375 | 597 |
Construction and land development | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 11,356 | 14,356 |
30-89 Days Past Due | ' | ' |
90 Days + Past Due | ' | 517 |
90 Days+ Past Due and Accruing | ' | ' |
Total Past Due and Accruing | ' | ' |
Total Loans | 11,356 | 14,873 |
Non- Accrual | ' | 517 |
Commercial business | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 588 | 632 |
30-89 Days Past Due | ' | ' |
90 Days + Past Due | ' | ' |
90 Days+ Past Due and Accruing | ' | ' |
Total Past Due and Accruing | ' | ' |
Total Loans | 588 | 632 |
Non- Accrual | ' | ' |
Consumer | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 437 | 522 |
30-89 Days Past Due | 1 | 1 |
90 Days + Past Due | ' | ' |
90 Days+ Past Due and Accruing | ' | ' |
Total Past Due and Accruing | 1 | 1 |
Total Loans | 438 | 523 |
Non- Accrual | ' | ' |
LOANS_RECEIVABLE_Activity_in_t
LOANS RECEIVABLE - Activity in the allowance (Details 7) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ALLL balance | ' | ' | ' | $1,881 | ' | ' | ' | ' | $1,881 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' |
Provisions | -500 | 0 | 0 | 0 | 375 | 100 | 100 | 150 | -500 | 725 |
ALLL balance | 2,353 | ' | ' | ' | 1,881 | ' | ' | ' | 2,353 | 1,881 |
Loans Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ALLL balance | ' | ' | ' | 1,881 | ' | ' | ' | 3,364 | 1,881 | 3,364 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -154 | -2,208 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 1,126 | ' |
Provisions | ' | ' | ' | ' | ' | ' | ' | ' | -500 | 725 |
ALLL balance | 2,353 | ' | ' | ' | 1,881 | ' | ' | ' | 2,353 | 1,881 |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 2,353 | ' | ' | ' | 1,881 | ' | ' | ' | 2,353 | 1,881 |
Loans Receivable | One- to four-family residential | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ALLL balance | ' | ' | ' | 830 | ' | ' | ' | 1,651 | 830 | 1,651 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -154 | -1,905 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 227 | ' |
Provisions | ' | ' | ' | ' | ' | ' | ' | ' | 481 | 1,084 |
ALLL balance | 1,384 | ' | ' | ' | 830 | ' | ' | ' | 1,384 | 830 |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 1,384 | ' | ' | ' | 830 | ' | ' | ' | 1,384 | 830 |
Loans Receivable | Multi-family residential | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ALLL balance | ' | ' | ' | 7 | ' | ' | ' | 7 | 7 | 7 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provisions | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' |
ALLL balance | 22 | ' | ' | ' | 7 | ' | ' | ' | 22 | 7 |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 22 | ' | ' | ' | 7 | ' | ' | ' | 22 | 7 |
Loans Receivable | Commercial real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ALLL balance | ' | ' | ' | 125 | ' | ' | ' | 221 | 125 | 221 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provisions | ' | ' | ' | ' | ' | ' | ' | ' | -55 | -96 |
ALLL balance | 70 | ' | ' | ' | 125 | ' | ' | ' | 70 | 125 |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 70 | ' | ' | ' | 125 | ' | ' | ' | 70 | 125 |
Loans Receivable | Construction and land development | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ALLL balance | ' | ' | ' | 745 | ' | ' | ' | 1,481 | 745 | 1,481 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | -303 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 899 | ' |
Provisions | ' | ' | ' | ' | ' | ' | ' | ' | -991 | -433 |
ALLL balance | 653 | ' | ' | ' | 745 | ' | ' | ' | 653 | 745 |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 653 | ' | ' | ' | 745 | ' | ' | ' | 653 | 745 |
Loans Receivable | Commercial business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ALLL balance | ' | ' | ' | 3 | ' | ' | ' | 3 | 3 | 3 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provisions | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
ALLL balance | 4 | ' | ' | ' | 3 | ' | ' | ' | 4 | 3 |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 4 | ' | ' | ' | 3 | ' | ' | ' | 4 | 3 |
Loans Receivable | Consumer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ALLL balance | ' | ' | ' | 1 | ' | ' | ' | 1 | 1 | 1 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provisions | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
ALLL balance | 2 | ' | ' | ' | 1 | ' | ' | ' | 2 | 1 |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | 2 | ' | ' | ' | 1 | ' | ' | ' | 2 | 1 |
Loans Receivable | Unallocated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ALLL balance | ' | ' | ' | 170 | ' | ' | ' | ' | 170 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provisions | ' | ' | ' | ' | ' | ' | ' | ' | 48 | 170 |
ALLL balance | 218 | ' | ' | ' | 170 | ' | ' | ' | 218 | 170 |
Individually evaluated for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collectively evaluated for impairment | $218 | ' | ' | ' | $170 | ' | ' | ' | $218 | $170 |
LOANS_RECEIVABLE_Troubled_debt
LOANS RECEIVABLE - Troubled debt restructurings (Details 8) (Loans Receivable, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Restructured Current Period - Number of Loans | 6 |
Restructured Current Period - Pre-modification Outstanding Recorded Investment | $2,067 |
Restructured Current Period - Post-modification Outstanding Recorded Investments | 2,067 |
TDR's that Defaulted in the Current Period that were Restructured in Prior Period - Number of Loans | ' |
TDR's that Defaulted in the Current Period that were Restructured in Prior Period - Post-Modification Outstanding Recorded Investment | ' |
One- to four-family residential | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Restructured Current Period - Number of Loans | 1 |
Restructured Current Period - Pre-modification Outstanding Recorded Investment | 157 |
Restructured Current Period - Post-modification Outstanding Recorded Investments | 157 |
TDR's that Defaulted in the Current Period that were Restructured in Prior Period - Number of Loans | ' |
TDR's that Defaulted in the Current Period that were Restructured in Prior Period - Post-Modification Outstanding Recorded Investment | ' |
Commercial real estate | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
Restructured Current Period - Number of Loans | 5 |
Restructured Current Period - Pre-modification Outstanding Recorded Investment | 1,910 |
Restructured Current Period - Post-modification Outstanding Recorded Investments | 1,910 |
TDR's that Defaulted in the Current Period that were Restructured in Prior Period - Number of Loans | ' |
TDR's that Defaulted in the Current Period that were Restructured in Prior Period - Post-Modification Outstanding Recorded Investment | ' |
LOANS_RECEIVABLE_Detail_Textua
LOANS RECEIVABLE (Detail Textuals) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for Loan and Lease Losses | ($500,000) | $0 | $0 | $0 | $375,000 | $100,000 | $100,000 | $150,000 | ($500,000) | $725,000 |
Amount of recovery of previously charged off loan | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' |
Nonperforming | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of non-performing assets | 7,000,000 | ' | ' | ' | 16,000,000 | ' | ' | ' | 7,000,000 | 16,000,000 |
Percentage of non performing assets of total assets | ' | ' | ' | ' | ' | ' | ' | ' | 1.20% | 3.30% |
Non-performing loans | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | 6,600,000 | ' |
One- to four-family residential | Nonperforming | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-performing loans | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | ' |
Single Family Residential Investment Properties | Nonperforming | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-performing loans | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' |
Commercial Real Estate | Nonperforming | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-performing loans | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' |
One To Four Family Residential Real Estate Owned Properties | Nonperforming | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate owned properties | 2 | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
Non-performing loans | 406,000 | ' | ' | ' | ' | ' | ' | ' | 406,000 | ' |
Loans Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for Loan and Lease Losses | ' | ' | ' | ' | ' | ' | ' | ' | -500,000 | 725,000 |
Loans Receivable | One- to four-family residential | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for Loan and Lease Losses | ' | ' | ' | ' | ' | ' | ' | ' | 481,000 | 1,084,000 |
Loans Receivable | Commercial Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for Loan and Lease Losses | ' | ' | ' | ' | ' | ' | ' | ' | ($55,000) | ($96,000) |
LOANS_RECEIVABLE_Detail_Textua1
LOANS RECEIVABLE (Detail Textuals 1) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Jan. 31, 2013 | |
Project | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of units of condominium project | ' | 133 |
Investment held by bank | ' | $9,200,000 |
Troubled debt restructuring | ' | 1,300,000 |
Loss recognized in prior periods | 968,000 | ' |
Loans Receivable | One- to four-family residential | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of loans receivables as troubled debt restructuring | 1 | ' |
Troubled debt restructuring | 157,000 | ' |
Loans Receivable | Commercial Real Estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of loans receivables as troubled debt restructuring | 5 | ' |
Troubled debt restructuring | $1,900,000 | ' |
OFFICE_PROPERTIES_AND_EQUIPMEN2
OFFICE PROPERTIES AND EQUIPMENT - Summary of office properties and equipment by major classifications (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total | $5,244 | $6,642 |
Accumulated depreciation | -3,719 | -4,954 |
Total office properties and equipment, net of accumulated depreciation | 1,525 | 1,688 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 247 | 247 |
Buildings and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 2,565 | 2,565 |
Furniture and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 2,297 | 3,695 |
Automobiles | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | $135 | $135 |
OFFICE_PROPERTIES_AND_EQUIPMEN3
OFFICE PROPERTIES AND EQUIPMENT (Detail Textuals) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Property, Plant and Equipment [Abstract] | ' | ' |
Depreciation expense | $337,000 | $345,000 |
Disposal of fully depreciated assets | $1,600,000 | ' |
DEPOSITS_Major_classifications
DEPOSITS - Major classifications of deposits (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | ||
In Thousands, unless otherwise specified | ||||
Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract] | ' | ' | ||
Money market deposit accounts | $65,298 | $69,735 | ||
Interest-bearing checking accounts | 36,063 | 33,659 | ||
Non-interest-bearing checking accounts | 3,474 | 3,711 | ||
Passbook, club and statement savings | 223,615 | [1] | 71,083 | [1] |
Certificates maturing in six months or less | 65,831 | 71,173 | ||
Certificates maturing in more than six months | 148,467 | 176,241 | ||
Total deposits | $542,748 | $425,602 | ||
Percentage Of Deposit Liabilities [Abstract] | ' | ' | ||
Money market deposit accounts | 12.00% | 16.40% | ||
Interest-bearing checking accounts | 6.60% | 7.90% | ||
Non-interest-bearing checking accounts | 0.60% | 0.90% | ||
Passbook, club and statement savings | 41.30% | [1] | 16.70% | [1] |
Certificates maturing in six months or less | 12.10% | 16.70% | ||
Certificates maturing in more than six months | 27.40% | 41.40% | ||
Total | 100.00% | 100.00% | ||
[1] | Includes $145.7 million of funds held in escrow at September 30, 2013 from the Company's Second-step Offering. |
DEPOSITS_Major_classifications1
DEPOSITS - Major classifications of deposits (Parentheticals) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Deposits [Abstract] | ' |
Amount of funds held in escrow | $145,675 |
DEPOSITS_The_amount_of_schedul
DEPOSITS - The amount of scheduled maturities of certificate accounts (Details 1) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Deposits [Abstract] | ' |
One year or less | $104,864 |
One through two years | 34,237 |
Two through three years | 25,960 |
Three through four years | 20,478 |
Four through five years | 28,759 |
Total | $214,298 |
DEPOSITS_Interest_expense_on_d
DEPOSITS - Interest expense on deposits (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Deposits [Abstract] | ' | ' |
Checking and money market deposit accounts | $358 | $490 |
Passbook, club and statement savings accounts | 265 | 401 |
Certificate accounts | 3,721 | 4,884 |
Total | $4,344 | $5,775 |
DEPOSITS_Detail_Textuals
DEPOSITS (Detail Textuals) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | ||
Deposits [Abstract] | ' | ' |
Certificates of $100,000 and over | $78.70 | $96.20 |
ADVANCES_FROM_FEDERAL_HOME_LOA1
ADVANCES FROM FEDERAL HOME LOAN BANK (Detail Textuals) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Federal Home Loan Bank Advances Branch Of FHLB Bank [LineItems] | ' | ' |
Advances from the FHLB | $340,000 | $483,000 |
Federal Home Loan Bank of Pittsburgh | ' | ' |
Federal Home Loan Bank Advances Branch Of FHLB Bank [LineItems] | ' | ' |
Advances from the FHLB | 340,000 | 483,000 |
Additional FHLB advances | $169,600,000 | ' |
INCOME_TAXES_Provision_for_inc
INCOME TAXES - Provision for income taxes (Details ) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | ($1,072) | $321 |
Total current taxes | ' | ' | ' | ' | ' | ' | ' | ' | -1,072 | 321 |
Deferred income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,770 | 961 |
Total income tax provision | $397 | $764 | $186 | $351 | $700 | $88 | $273 | $221 | $1,698 | $1,282 |
INCOME_TAXES_Items_that_gave_r
INCOME TAXES - Items that gave rise to significant portions of deferred income taxes (Details 1) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Deposit premium | ' | $20 |
Allowance for loan losses | 1,037 | 2,302 |
Real estate owned expenses | ' | 301 |
Non-accrual interest | 125 | 196 |
Accrued vacation | 86 | 95 |
Capital loss carryforward | 1,423 | 1,262 |
Impairment loss | 1,117 | 1,562 |
Post-retirement benefit plans | 136 | 135 |
Split dollar life insurance | 21 | 22 |
Unrealized losses on available for sale securities | 666 | ' |
Employee benefit plans | 455 | 386 |
Total deferred tax assets | 5,066 | 6,281 |
Valuation allowance | -2,540 | -2,046 |
Total deferred tax assets, net of valuation allowance | 2,526 | 4,235 |
Deferred tax liabilities: | ' | ' |
Unrealized gain on available for sale securities | ' | 661 |
Property | 461 | 526 |
Deferred loan fees | 759 | 299 |
Total deferred tax liabilities | 1,220 | 1,486 |
Net deferred tax asset | $1,306 | $2,749 |
INCOME_TAXES_Income_tax_expens
INCOME TAXES - Income tax expense differs from that computed at the statutory federal corporate tax rate (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax at statutory rate, amount | ' | ' | ' | ' | ' | ' | ' | ' | $1,174 | $1,318 |
Adjustments resulting from: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation allowance, amount | ' | ' | ' | ' | ' | ' | ' | ' | 494 | 37 |
Income from bank owned life insurance, amount | ' | ' | ' | ' | ' | ' | ' | ' | -67 | -160 |
Employee benefit plans, amount | ' | ' | ' | ' | ' | ' | ' | ' | 90 | -92 |
Other, amount | ' | ' | ' | ' | ' | ' | ' | ' | 7 | -5 |
Income tax expense, amount | $397 | $764 | $186 | $351 | $700 | $88 | $273 | $221 | $1,698 | $1,282 |
Tax at statutory rate, percentage of pretax income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 34.00% | 34.00% |
Adjustments resulting from: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation allowance, percentage of pretax income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 14.30% | 0.90% |
Income from bank owned life insurance, percentage of pretax income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -1.90% | -4.10% |
Employee benefit plans, percentage of pretax income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 2.60% | 2.40% |
Other, percentage of pretax income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | -0.10% |
Income tax expense (benefit) per statements of income, percentage of pretax income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 49.20% | 33.10% |
INCOME_TAXES_Detail_Textuals
INCOME TAXES (Detail Textuals) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Valuation allowance | $2,540 | $2,046 |
Decrease in gross deferred asset related to impairment losses | 284,000 | ' |
Increase in valuation allowance of deferred tax assets | $494,000 | ' |
REGULATORY_CAPITAL_REQUIREMENT2
REGULATORY CAPITAL REQUIREMENTS - Company's and the Bank's actual capital amounts and ratios (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Prudential Bancorp, Inc of Pennsylvania | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Actual Amount, Tier 1 capital (to average assets) | $61,204 | $58,548 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Tier 1 capital (to average assets) | 19,523 | 19,965 |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Tier 1 capital (to average assets) | ' | ' |
Actual Ratio, Tier 1 capital (to average assets) | 12.54% | 11.73% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Tier 1 capital (to average assets) | 4.00% | 4.00% |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Tier 1 capital (to average assets) | ' | ' |
Actual Amount, Tier 1 capital (to risk-weighted assets) | 61,204 | 58,548 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Tier 1 capital (to risk-weighted assets) | 9,172 | 8,513 |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Tier 1 capital (to risk-weighted assets) | ' | ' |
Actual Ratio, Tier 1 capital (to risk-weighted assets) | 26.69% | 27.51% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Tier 1 capital (to risk-weighted assets) | 4.00% | 4.00% |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Tier 1 capital (to risk-weighted assets) | ' | ' |
Actual Amount, Total capital (to risk-weighted assets) | 63,558 | 60,429 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Total capital (to risk-weighted assets) | 18,344 | 17,027 |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Total capital (to risk-weighted assets) | ' | ' |
Actual Ratio, Total capital (to risk-weighted assets) | 27.72% | 28.39% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Total capital (to risk-weighted assets) | 8.00% | 8.00% |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Total capital (to risk-weighted assets) | ' | ' |
Prudential Savings Bank | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Actual Amount, Tier 1 capital (to average assets) | 57,568 | 54,668 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Tier 1 capital (to average assets) | 19,505 | 19,965 |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Tier 1 capital (to average assets) | 24,382 | 24,956 |
Actual Ratio, Tier 1 capital (to average assets) | 11.81% | 10.95% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Tier 1 capital (to average assets) | 4.00% | 4.00% |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Tier 1 capital (to average assets) | 5.00% | 5.00% |
Actual Amount, Tier 1 capital (to risk-weighted assets) | 57,568 | 54,668 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Tier 1 capital (to risk-weighted assets) | 9,154 | 8,513 |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Tier 1 capital (to risk-weighted assets) | 13,732 | 12,770 |
Actual Ratio, Tier 1 capital (to risk-weighted assets) | 25.15% | 25.69% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Tier 1 capital (to risk-weighted assets) | 4.00% | 4.00% |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Tier 1 capital (to risk-weighted assets) | 6.00% | 6.00% |
Actual Amount, Total capital (to risk-weighted assets) | 59,922 | 56,549 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Total capital (to risk-weighted assets) | 18,309 | 17,027 |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Total capital (to risk-weighted assets) | $22,886 | $21,284 |
Actual Ratio, Total capital (to risk-weighted assets) | 26.18% | 26.57% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Total capital (to risk-weighted assets) | 8.00% | 8.00% |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Total capital (to risk-weighted assets) | 10.00% | 10.00% |
EMPLOYEE_BENEFITS_Summary_of_a
EMPLOYEE BENEFITS - Summary of additional information regarding the plan(Details) (Multi-employer defined benefit pension plan, Pentegra Defined Benefit Plan For Financial Institutions, USD $) | 12 Months Ended |
Sep. 30, 2013 | |
Multi-employer defined benefit pension plan | Pentegra Defined Benefit Plan For Financial Institutions | ' |
Multiemployer Plans [Line Items] | ' |
Plan Employer Identification Number | '135645888 |
The Company's Contribution for the year ended September 30, 2013 | $383,000 |
Are Company's Contributions more than 5% of total contributions? | 'No |
Funded Status | 93.89% |
EMPLOYEE_BENEFITS_Summary_of_n
EMPLOYEE BENEFITS - Summary of non-vested stock award activity (Details 1) (Recognition and Retention Plan (RRP), USD $) | 12 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Forfeited | -3,900 |
Vested | -141,974 |
Nonvested Stock Awards | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Nonvested stock awards at beginning of year | 72,684 |
Issued | 51,166 |
Forfeited | -3,900 |
Vested | -35,776 |
Nonvested stock awards at the end of the period | 84,174 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Nonvested stock awards at beginning of year | 11.1 |
Issued | 7.56 |
Forfeited | 8.96 |
Vested | 11.12 |
Nonvested stock awards at the end of the period | 9.03 |
EMPLOYEE_BENEFITS_Summary_of_s
EMPLOYEE BENEFITS - Summary of status of stock options under Stock Option Plan (Details 2) (Stock Options Plan, Stock Options, USD $) | 12 Months Ended |
Sep. 30, 2013 | |
Stock Options Plan | Stock Options | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Options outstanding at beginning of year | 442,400 |
Granted | 133,742 |
Forfeited | -28,865 |
Outstanding at the end of the period | 547,277 |
Exercisable at the end of the period | 333,001 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' |
Options outstanding at beginning of year | $11.12 |
Granted | $7.57 |
Forfeited | $11.12 |
Outstanding at the end of the period | $10.25 |
Exercisable at the end of the period | $11.13 |
EMPLOYEE_BENEFITS_Detail_Textu
EMPLOYEE BENEFITS (Detail Textuals ) (Multi-employer defined benefit pension plan, USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Multi-employer defined benefit pension plan | ' | ' |
Multiemployer Plans [Line Items] | ' | ' |
Expense relating to plan | $407,000 | $841,000 |
EMPLOYEE_BENEFITS_Detail_Textu1
EMPLOYEE BENEFITS (Detail Textuals 1) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2005 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' |
Number of common shares purchased under employee stock ownership plan (ESOP) | ' | ' | 452,295 |
Aggregate cost of common stock purchased under employee stock ownership plan (ESOP) | ' | ' | $4,500,000 |
ESOP shares committed to be released, shares | 16,965 | 16,965 | ' |
Compensation expense of ESOP | 184,000 | 122,000 | ' |
Employee Stock Ownership Plan ESOP Plan | ' | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' |
Number of common shares purchased under employee stock ownership plan (ESOP) | 452,295 | ' | ' |
Aggregate cost of common stock purchased under employee stock ownership plan (ESOP) | 4,500,000 | ' | ' |
Average purchase price per share | $9.86 | ' | ' |
Number of shares allocated from suspense account to participants | 175,305 | ' | ' |
ESOP shares committed to be released, shares | 16,965 | ' | ' |
Compensation expense of ESOP | $184,000 | $122,000 | ' |
EMPLOYEE_BENEFITS_Detail_Textu2
EMPLOYEE BENEFITS (Detail Textuals 2) (Recognition and Retention Plan (RRP), USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Recognition and Retention Plan (RRP) | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares purchased by RRP trust | 226,148 | ' |
Value of shares purchased in open market by RRP trust | $2,500,000 | ' |
Average price per share of common stock purchased in the open market | $10.85 | ' |
Percentage of vesting per year | 20.00% | ' |
Vesting period of awards granted | '5 years | ' |
Number of fully vested shares | 141,974 | ' |
Number of forfeited shares | 3,900 | ' |
Recognized compensation expense | 456,000 | 390,000 |
Tax benefit from stock-based compensation | 109,000 | 64,000 |
Unrecognized compensation expense for shares awarded | $429,000 | ' |
EMPLOYEE_BENEFITS_Detail_Textu3
EMPLOYEE BENEFITS (Detail Textuals 3) (Stock Options Plan, Stock Options, USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2010 | Sep. 30, 2009 |
Stock Options 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 | 565,369 | ' | ' | ' |
Number of vested options | 351,093 | ' | ' | ' |
Number of forfeited options | 28,865 | ' | ' | ' |
Weighted average remaining contractual term for options outstanding | '6 years | ' | ' | ' |
Estimated fair value of options granted per share | $3.15 | ' | $2.76 | $2.81 |
Fair value, valuation method | 'Black-Scholes pricing model | ' | ' | ' |
Recognized compensation expense | $261,000 | $244,000 | ' | ' |
Tax benefit from stock-based compensation | 30,000 | 24,000 | ' | ' |
Unrecognized compensation expense for options | $411,000 | ' | ' | ' |
Weighted average period for expense recognize | '1 year 1 month 6 days | ' | ' | ' |
COMMITMENTS_AND_CONTINGENT_LIA1
COMMITMENTS AND CONTINGENT LIABILITIES (Detail Textuals) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Letter of credits outstanding | 187,000 | 167,000 |
Credit risk associated with loans and participation interests | 64,000 | ' |
Loan Origination Commitments | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Outstanding commitments | 12,800,000 | 14,100,000 |
Loan Origination Commitments | Minimum | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Market interest rate on fixed and variable rate loans | 3.25% | 2.75% |
Loan Origination Commitments | Maximum | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Market interest rate on fixed and variable rate loans | 6.00% | 6.00% |
Unused lines of Credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Outstanding commitments | 4,700,000 | 6,500,000 |
COMMITMENTS_AND_CONTINGENT_LIA2
COMMITMENTS AND CONTINGENT LIABILITIES (Detail Textuals 1) (Loans Receivable, USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Loans Receivable | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Aggregate undisbursed portion of loans-in-process | $1,676 | $1,629 |
FAIR_VALUE_MEASUREMENT_Assets_
FAIR VALUE MEASUREMENT- Assets measured at fair value on a recurring basis (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | $41,781 | $65,975 |
U.S. Government and agency obligations | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | 17,259 | 14,103 |
Mortgage-backed securities - U.S. Government agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | 20,959 | 47,762 |
Mortgage-backed securities - Non-agency | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | 3,530 | 4,103 |
FHLMC preferred stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | 33 | 7 |
Fair Value, Measurements, Recurring | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | 33 | 7 |
Fair Value, Measurements, Recurring | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | 41,748 | 65,968 |
Fair Value, Measurements, Recurring | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | ' | ' |
Fair Value, Measurements, Recurring | U.S. Government and agency obligations | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | 17,259 | 14,103 |
Fair Value, Measurements, Recurring | U.S. Government and agency obligations | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | ' | ' |
Fair Value, Measurements, Recurring | U.S. Government and agency obligations | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | 17,259 | 14,103 |
Fair Value, Measurements, Recurring | U.S. Government and agency obligations | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | ' | ' |
Fair Value, Measurements, Recurring | Mortgage-backed securities - U.S. Government agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | 20,959 | 47,762 |
Fair Value, Measurements, Recurring | Mortgage-backed securities - U.S. Government agencies | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | ' | ' |
Fair Value, Measurements, Recurring | Mortgage-backed securities - U.S. Government agencies | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | 20,959 | 47,762 |
Fair Value, Measurements, Recurring | Mortgage-backed securities - U.S. Government agencies | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | ' | ' |
Fair Value, Measurements, Recurring | Mortgage-backed securities - Non-agency | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | 3,530 | 4,103 |
Fair Value, Measurements, Recurring | Mortgage-backed securities - Non-agency | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | ' | ' |
Fair Value, Measurements, Recurring | Mortgage-backed securities - Non-agency | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | 3,530 | 4,103 |
Fair Value, Measurements, Recurring | Mortgage-backed securities - Non-agency | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | ' | ' |
Fair Value, Measurements, Recurring | FHLMC preferred stock | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | 33 | 7 |
Fair Value, Measurements, Recurring | FHLMC preferred stock | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | 33 | 7 |
Fair Value, Measurements, Recurring | FHLMC preferred stock | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | ' | ' |
Fair Value, Measurements, Recurring | FHLMC preferred stock | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment and mortgage-backed securities available for sale | ' | ' |
FAIR_VALUE_MEASUREMENT_Changes
FAIR VALUE MEASUREMENT - Changes in level 3 assets measured at fair value (Details 1) (Fair Value, Measurements, Nonrecurring, USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | $15,118 | $30,608 |
Real estate owned | 406 | 1,972 |
Total | 15,524 | 32,580 |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | ' | ' |
Real estate owned | ' | ' |
Total | ' | ' |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | ' | ' |
Real estate owned | ' | ' |
Total | ' | ' |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 15,118 | 30,608 |
Real estate owned | 406 | 1,972 |
Total | $15,524 | $32,580 |
FAIR_VALUE_MEASUREMENT_Valuati
FAIR VALUE MEASUREMENT - Valuation processes used to determine nonrecurring fair value measurements categorized within level 3 (Details 2) (Fair Value, Measurements, Nonrecurring, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value | 15,524 | 32,580 |
Level 3 | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value | 15,524 | 32,580 |
Level 3 | Impaired loan | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value | 15,118 | 30,608 |
Level 3 | Impaired loan | Property Appraisals Valuation Technique | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Valuation Technique | 'Property appraisals | 'Property appraisals |
Unobservable Input | 'Management discount for selling costs, property type and market volatility | 'Management discount for selling costs, property type and market volatility |
Level 3 | Impaired loan | Property Appraisals Valuation Technique | Minimum | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Management discount rate | 10.00% | 10.00% |
Level 3 | Impaired loan | Property Appraisals Valuation Technique | Maximum | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Management discount rate | 20.00% | 20.00% |
Level 3 | Real estate owned | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value | 406 | 1,972 |
Level 3 | Real estate owned | Property Appraisals Valuation Technique | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Valuation Technique | 'Property appraisals | 'Property appraisals |
Unobservable Input | 'Management discount for selling costs, property type and market volatility | 'Management discount for selling costs, property type and market volatility |
Level 3 | Real estate owned | Property Appraisals Valuation Technique | Minimum | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Management discount rate | 10.00% | 10.00% |
Level 3 | Real estate owned | Property Appraisals Valuation Technique | Maximum | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Management discount rate | 20.00% | 20.00% |
FAIR_VALUE_MEASUREMENT_Assets_1
FAIR VALUE MEASUREMENT - Assets measured at fair value on a non-recurring basis and the adjustments to the carrying value (Details 3) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | |||
Assets: | ' | ' | ' |
Cash and cash equivalents | $158,984 | $81,273 | $53,829 |
Investment and mortgage-backed securities available for sale | 41,781 | 65,975 | ' |
Investment and mortgage-backed securities held to maturity | 83,732 | 63,110 | ' |
Loans receivable, net | 306,517 | 260,684 | ' |
Accrued interest receivable | 1,791 | 1,661 | ' |
Federal Home Loan Bank stock | 1,181 | 2,239 | ' |
Bank owned life insurance | 7,119 | 6,919 | ' |
Liabilities: | ' | ' | ' |
Certificates of deposit | 214,298 | ' | ' |
Advances from Federal Home Loan Bank | 340 | 483 | ' |
Accrued interest payable | 1,666 | 2,382 | ' |
Advances from borrowers for taxes and insurance | 1,480 | 1,273 | ' |
Carrying Amount | ' | ' | ' |
Assets: | ' | ' | ' |
Cash and cash equivalents | 158,984 | 81,273 | ' |
Investment and mortgage-backed securities available for sale | 41,781 | 65,975 | ' |
Investment and mortgage-backed securities held to maturity | 83,732 | 63,110 | ' |
Loans receivable, net | 306,517 | 260,684 | ' |
Accrued interest receivable | 1,791 | 1,661 | ' |
Federal Home Loan Bank stock | 1,181 | 2,239 | ' |
Bank owned life insurance | 7,119 | 6,919 | ' |
Liabilities: | ' | ' | ' |
Checking accounts | 39,537 | 37,370 | ' |
Money market deposit accounts | 65,298 | 69,735 | ' |
Passbook, club and statement savings accounts | 223,615 | 71,083 | ' |
Certificates of deposit | 214,298 | 247,414 | ' |
Advances from Federal Home Loan Bank | 340 | 483 | ' |
Accrued interest payable | 1,666 | 2,382 | ' |
Advances from borrowers for taxes and insurance | 1,480 | 1,273 | ' |
Fair Value | ' | ' | ' |
Assets: | ' | ' | ' |
Cash and cash equivalents | 158,984 | 81,273 | ' |
Investment and mortgage-backed securities available for sale | 41,781 | 65,975 | ' |
Investment and mortgage-backed securities held to maturity | 80,582 | 66,401 | ' |
Loans receivable, net | 308,606 | 266,699 | ' |
Accrued interest receivable | 1,791 | 1,661 | ' |
Federal Home Loan Bank stock | 1,181 | 2,239 | ' |
Bank owned life insurance | 7,119 | 6,919 | ' |
Liabilities: | ' | ' | ' |
Checking accounts | 39,537 | 37,370 | ' |
Money market deposit accounts | 65,298 | 69,735 | ' |
Passbook, club and statement savings accounts | 223,615 | 71,083 | ' |
Certificates of deposit | 218,572 | 252,479 | ' |
Advances from Federal Home Loan Bank | 340 | 484 | ' |
Accrued interest payable | 1,666 | 2,382 | ' |
Advances from borrowers for taxes and insurance | 1,480 | 1,273 | ' |
Level 1 | ' | ' | ' |
Assets: | ' | ' | ' |
Cash and cash equivalents | 158,984 | 81,273 | ' |
Investment and mortgage-backed securities available for sale | 33 | 7 | ' |
Investment and mortgage-backed securities held to maturity | ' | ' | ' |
Loans receivable, net | ' | ' | ' |
Accrued interest receivable | 1,791 | 1,661 | ' |
Federal Home Loan Bank stock | 1,181 | 2,239 | ' |
Bank owned life insurance | 7,119 | 6,919 | ' |
Liabilities: | ' | ' | ' |
Checking accounts | 39,537 | 37,370 | ' |
Money market deposit accounts | 65,298 | 69,735 | ' |
Passbook, club and statement savings accounts | 223,615 | 71,083 | ' |
Certificates of deposit | ' | ' | ' |
Advances from Federal Home Loan Bank | 340 | 484 | ' |
Accrued interest payable | 1,666 | 2,382 | ' |
Advances from borrowers for taxes and insurance | 1,480 | 1,273 | ' |
Level 2 | ' | ' | ' |
Assets: | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' |
Investment and mortgage-backed securities available for sale | 41,748 | 65,968 | ' |
Investment and mortgage-backed securities held to maturity | 80,582 | 66,401 | ' |
Loans receivable, net | ' | ' | ' |
Accrued interest receivable | ' | ' | ' |
Federal Home Loan Bank stock | ' | ' | ' |
Bank owned life insurance | ' | ' | ' |
Liabilities: | ' | ' | ' |
Checking accounts | ' | ' | ' |
Money market deposit accounts | ' | ' | ' |
Passbook, club and statement savings accounts | ' | ' | ' |
Certificates of deposit | 218,572 | 252,479 | ' |
Advances from Federal Home Loan Bank | ' | ' | ' |
Accrued interest payable | ' | ' | ' |
Advances from borrowers for taxes and insurance | ' | ' | ' |
Level 3 | ' | ' | ' |
Assets: | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' |
Investment and mortgage-backed securities available for sale | ' | ' | ' |
Investment and mortgage-backed securities held to maturity | ' | ' | ' |
Loans receivable, net | 308,606 | 266,699 | ' |
Accrued interest receivable | ' | ' | ' |
Federal Home Loan Bank stock | ' | ' | ' |
Bank owned life insurance | ' | ' | ' |
Liabilities: | ' | ' | ' |
Checking accounts | ' | ' | ' |
Money market deposit accounts | ' | ' | ' |
Passbook, club and statement savings accounts | ' | ' | ' |
Certificates of deposit | ' | ' | ' |
Advances from Federal Home Loan Bank | ' | ' | ' |
Accrued interest payable | ' | ' | ' |
Advances from borrowers for taxes and insurance | ' | ' | ' |
FAIR_VALUE_MEASUREMENT_Detail_
FAIR VALUE MEASUREMENT (Detail Textuals) (Level 2, USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Level 2 | ' |
Financing Receivable, Impaired [Line Items] | ' |
Collateral dependent impaired loans, fair value | $15.10 |
PRUDENTIAL_BANCORP_INC_OF_PENN2
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA (PARENT COMPANY ONLY) - Summary of statement of financial condition (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | |||
Assets: | ' | ' | ' |
Total assets | $607,897 | $490,504 | ' |
Stockholders' equity: | ' | ' | ' |
Preferred stock | ' | ' | ' |
Common stock | 126 | 126 | ' |
Additional paid-in-capital | 55,289 | 54,610 | ' |
Unearned ESOP shares | -2,565 | -2,787 | ' |
Treasury stock | -31,625 | -31,625 | ' |
Retained earnings | 39,979 | 38,224 | ' |
Accumulated other comprehensive (loss) income | -1,292 | 1,283 | ' |
Total stockholders' equity | 59,912 | 59,831 | 57,452 |
Total liabilities and stockholders' equity | 607,897 | 490,504 | ' |
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA | ' | ' | ' |
Assets: | ' | ' | ' |
Cash | 63 | 254 | ' |
ESOP loan receivable | 3,154 | 3,342 | ' |
Investment in Bank | 56,277 | 55,952 | ' |
Other assets | 418 | 283 | ' |
Total assets | 59,912 | 59,831 | ' |
Stockholders' equity: | ' | ' | ' |
Preferred stock | ' | ' | ' |
Common stock | 126 | 126 | ' |
Additional paid-in-capital | 55,289 | 54,610 | ' |
Unearned ESOP shares | -2,565 | -2,787 | ' |
Treasury stock | -31,625 | -31,625 | ' |
Retained earnings | 39,979 | 38,224 | ' |
Accumulated other comprehensive (loss) income | -1,292 | 1,283 | ' |
Total stockholders' equity | 59,912 | 59,831 | ' |
Total liabilities and stockholders' equity | $59,912 | $59,831 | ' |
PRUDENTIAL_BANCORP_INC_OF_PENN3
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA (PARENT COMPANY ONLY) - Summary of income statement (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on ESOP loan | ' | ' | ' | ' | ' | ' | ' | ' | $12,609 | $13,008 |
Total income | 3,997 | 4,126 | 4,253 | 4,397 | 4,354 | 4,828 | 4,813 | 4,983 | 16,773 | 18,979 |
Professional services | ' | ' | ' | ' | ' | ' | ' | ' | 927 | 985 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,620 | 1,456 |
Total expense | 2,651 | 2,717 | 3,113 | 2,778 | 2,867 | 2,936 | 2,996 | 2,867 | 11,250 | 11,668 |
Income before income taxes | 1,181 | 1,449 | 200 | 623 | 2,345 | 548 | 357 | 625 | 3,453 | 3,875 |
Income tax benefit | 397 | 764 | 186 | 351 | 700 | 88 | 273 | 221 | 1,698 | 1,282 |
Net income | 784 | 685 | 14 | 272 | 1,645 | 460 | 84 | 404 | 1,755 | 2,593 |
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on ESOP loan | ' | ' | ' | ' | ' | ' | ' | ' | 188 | 199 |
Equity in the undistributed earnings of the Bank | ' | ' | ' | ' | ' | ' | ' | ' | 1,997 | 2,863 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Total income | ' | ' | ' | ' | ' | ' | ' | ' | 2,185 | 3,065 |
Professional services | ' | ' | ' | ' | ' | ' | ' | ' | 146 | 215 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | 409 | 396 |
Total expense | ' | ' | ' | ' | ' | ' | ' | ' | 555 | 611 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,630 | 2,454 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -125 | -139 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $1,755 | $2,593 |
PRUDENTIAL_BANCORP_INC_OF_PENN4
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA (PARENT COMPANY ONLY) - Summary of cash flows (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $784 | $685 | $14 | $272 | $1,645 | $460 | $84 | $404 | $1,755 | $2,593 |
Net cash used in by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 2,519 | 2,046 |
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -42,157 | 35,626 |
Net decrease in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 77,711 | 27,444 |
CASH AND CASH EQUIVALENTS - Beginning of year | ' | ' | ' | 81,273 | ' | ' | ' | 53,829 | 81,273 | 53,829 |
CASH AND CASH EQUIVALENTS - End of year | 158,984 | ' | ' | ' | 81,273 | ' | ' | ' | 158,984 | 81,273 |
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 1,755 | 2,593 |
Increase in assets | ' | ' | ' | ' | ' | ' | ' | ' | -137 | -155 |
Equity in the undistributed earnings of the Bank | ' | ' | ' | ' | ' | ' | ' | ' | -1,997 | -2,863 |
Net cash used in by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | -379 | -425 |
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments received on ESOP loan | ' | ' | ' | ' | ' | ' | ' | ' | 188 | 179 |
Net cash provided by investing activities | ' | ' | ' | ' | ' | ' | ' | ' | 188 | 179 |
Net decrease in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -191 | -246 |
CASH AND CASH EQUIVALENTS - Beginning of year | ' | ' | ' | 254 | ' | ' | ' | 500 | 254 | 500 |
CASH AND CASH EQUIVALENTS - End of year | $63 | ' | ' | ' | $254 | ' | ' | ' | $63 | $254 |
CONSOLIDATED_QUARTERLY_FINANCI2
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) - Summary of unaudited quarterly financial data (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $3,997 | $4,126 | $4,253 | $4,397 | $4,354 | $4,828 | $4,813 | $4,983 | $16,773 | $18,979 |
Interest expense | 948 | 1,037 | 1,139 | 1,220 | 1,339 | 1,432 | 1,493 | 1,514 | 4,344 | 5,779 |
Net interest income | 3,049 | 3,089 | 3,114 | 3,177 | 3,015 | 3,396 | 3,320 | 3,469 | 12,429 | 13,200 |
(Recoveries) Provision for loan losses | -500 | 0 | 0 | 0 | 375 | 100 | 100 | 150 | -500 | 725 |
Net interest income after provision for loan losses | 3,549 | 3,089 | 3,114 | 3,177 | 2,640 | 3,296 | 3,220 | 3,319 | 12,929 | 12,475 |
Non-interest income | 283 | 1,077 | 199 | 224 | 2,572 | 188 | 133 | 173 | 1,774 | 3,068 |
Non-interest expense | 2,651 | 2,717 | 3,113 | 2,778 | 2,867 | 2,936 | 2,996 | 2,867 | 11,250 | 11,668 |
Income before income tax expense | 1,181 | 1,449 | 200 | 623 | 2,345 | 548 | 357 | 625 | 3,453 | 3,875 |
Income tax expense | 397 | 764 | 186 | 351 | 700 | 88 | 273 | 221 | 1,698 | 1,282 |
Net income | $784 | $685 | $14 | $272 | $1,645 | $460 | $84 | $404 | $1,755 | $2,593 |
Per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per share - basic (in dollars per share) | $0.08 | $0.07 | ' | $0.03 | $0.17 | $0.05 | $0.01 | $0.04 | $0.18 | $0.27 |
Earnings per share - diluted (in dollars per share) | $0.08 | $0.07 | ' | $0.03 | $0.17 | $0.05 | $0.01 | $0.04 | $0.18 | $0.27 |
Dividends per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 |
SUBSEQUENT_EVENT_Detail_Textua
SUBSEQUENT EVENT (Detail Textuals) (Prudential Mutual Holding Company) | Sep. 30, 2013 | Jun. 13, 2013 |
Second Step Conversion | ||
Subsequent Event [Line Items] | ' | ' |
Percentage owned of the company's outstanding common stock | 74.60% | 74.60% |
SUBSEQUENT_EVENT_Detail_Textua1
SUBSEQUENT EVENT (Detail Textuals 1) (Subsequent Event, Second Step Conversion, USD $) | 0 Months Ended |
In Millions, except Share data, unless otherwise specified | Oct. 09, 2013 |
Subsequent Event | Second Step Conversion | ' |
Subsequent Event [Line Items] | ' |
Number of new shares sold | 7,141,602 |
Per share of new shares sold | $10 |
Amount of proceeds received | $71.40 |
Amount of offering costs | 2 |
Amount of capital contribution | $34.80 |
Percentage of capital contribution | 50.00% |
Number of shares acquired on extention of line of credit to ESOP | 285,664 |
Number of shares for which the common stock exchanged | 0.9442 |
Per shares amount of cash paid | $10 |
Additional outstanding shares of common stock | 2,403,207 |
Number of outstanding shares as of the closing of the second-step conversion | 9,544,809 |