Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Dec. 31, 2013 | Feb. 01, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'PRUDENTIAL BANCORP, INC. | ' |
Entity Central Index Key | '0001578776 | ' |
Trading Symbol | 'pbip | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock Shares Outstanding | ' | 9,544,809 |
Document Type | '10-Q | ' |
Document Period End Date | 31-Dec-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
UNAUDITED_CONSOLIDATED_STATEME
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and amounts due from depository institutions | $2,292 | $2,670 |
Interest-bearing deposits | 54,114 | 156,314 |
Total cash and cash equivalents | 56,406 | 158,984 |
Investment and mortgage-backed securities available for sale (amortized cost - December 31, 2013, $45,120; September 30, 2013, $43,744) | 42,634 | 41,781 |
Investment and mortgage-backed securities held to maturity (estimated fair value - December 31, 2013, $77,818; September 30, 2013, $80,582) | 82,984 | 83,732 |
Loans receivable-net of allowance for loan losses (December 31, 2013, $2,353; September 30, 2013, $2,353) | 321,615 | 306,517 |
Accrued interest receivable | 1,838 | 1,791 |
Real estate owned | 406 | 406 |
Federal Home Loan Bank stock-at cost | 1,181 | 1,181 |
Office properties and equipment-net | 1,481 | 1,525 |
Bank owned life insurance | 7,167 | 7,119 |
Prepaid expenses and other assets | 8,018 | 3,555 |
Deferred tax asset-net | 1,457 | 1,306 |
TOTAL ASSETS | 525,187 | 607,897 |
Deposits: | ' | ' |
Noninterest-bearing | 2,526 | 3,474 |
Interest-bearing | 386,444 | 539,274 |
Total deposits | 388,970 | 542,748 |
Advances from Federal Home Loan Bank | 340 | 340 |
Accrued interest payable | 17 | 1,666 |
Advances from borrowers for taxes and insurance | 2,467 | 1,480 |
Accounts payable and accrued expenses | 2,912 | 1,751 |
Total liabilities | 394,706 | 547,985 |
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 and outstanding; 9,544,809 at December 31, 2013 and issued 11,862,693 and outstanding 9,646,183 at September 30, 2013 | 95 | 118 |
Additional paid-in capital | 94,219 | 55,297 |
Unearned ESOP shares | -2,509 | -2,565 |
Treasury stock, at cost: 0 shares at December 31, 2013; 2,398,509 shares at September 30, 2013 | ' | -31,625 |
Retained earnings | 40,317 | 39,979 |
Accumulated other comprehensive loss | -1,641 | -1,292 |
Total stockholders' equity | 130,481 | 59,912 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $525,187 | $607,897 |
UNAUDITED_CONSOLIDATED_STATEME1
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
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) | $45,120 | $43,744 |
Investment and mortgage-backed securities held to maturity, fair value (in dollars) | 77,818 | 80,582 |
Allowance for loan losses on loans receivable (in dollars) | $2,353 | $2,353 |
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 | 9,544,809 | 11,862,693 |
Common stock, shares outstanding | 9,544,809 | 9,646,183 |
Treasury stock, shares | 0 | 2,398,509 |
UNAUDITED_CONSOLIDATED_STATEME2
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
INTEREST INCOME: | ' | ' |
Interest on loans | $3,138 | $3,253 |
Interest on mortgage-backed securities | 329 | 634 |
Interest and dividends on investments | 548 | 476 |
Interest on interest-bearing assets | 54 | 34 |
Total interest income | 4,069 | 4,397 |
INTEREST EXPENSE: | ' | ' |
Interest on deposits | 905 | 1,220 |
Total interest expense | 905 | 1,220 |
NET INTEREST INCOME | 3,164 | 3,177 |
PROVISION FOR LOAN LOSSES | ' | ' |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 3,164 | 3,177 |
NON-INTEREST INCOME: | ' | ' |
Fees and other service charges | 100 | 97 |
Gain on sale of securities available for sale, net | ' | 16 |
Total other-than-temporary impairment losses | -7 | -20 |
Portion of loss recognized in other comprehensive income, before taxes | ' | 6 |
Net impairment losses recognized in earnings | -7 | -14 |
Other | 68 | 115 |
Total non-interest income | 161 | 214 |
NON-INTEREST EXPENSE: | ' | ' |
Salaries and employee benefits | 1,550 | 1,458 |
Data processing | 107 | 110 |
Professional services | 237 | 184 |
Office occupancy | 93 | 97 |
Depreciation | 82 | 86 |
Payroll taxes | 77 | 71 |
Director compensation | 85 | 98 |
Deposit insurance | 99 | 162 |
Real estate owned expense | 35 | 103 |
Advertising | 85 | 76 |
Other | 353 | 323 |
Total non-interest expense | 2,803 | 2,768 |
INCOME BEFORE INCOME TAXES | 522 | 623 |
INCOME TAXES: | ' | ' |
Current expense | 155 | 53 |
Deferred expense | 29 | 298 |
Total income tax expense | 184 | 351 |
NET INCOME | $338 | $272 |
BASIC EARNINGS PER SHARE (in dollars per share) | $0.04 | $0.03 |
DILUTED EARNINGS PER SHARE (in dollars per share) | $0.04 | $0.03 |
UNAUDITED_CONSOLIDATED_STATEME3
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Other Comprehensive Income [Abstract] | ' | ' |
Net income | $338 | $272 |
Unrealized holding loss on available-for-sale securities | -536 | -342 |
Tax effect | 182 | 116 |
Reclassification adjustment for net gains realized in net income | ' | -16 |
Tax effect | ' | 5 |
Reclassification adjustment for other-than-temporary impairment losses on debt securities | 7 | 14 |
Tax effect | -2 | -5 |
Total other comprehensive loss | -349 | -228 |
Comprehensive (Loss) Income | ($11) | $44 |
UNAUDITED_CONSOLIDATED_STATEME4
UNAUDITED 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 Oct. 01, 2012 | $118 | $54,618 | ($2,787) | ($31,625) | $38,224 | $1,283 | $59,831 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | 272 | ' | 272 |
Other comprehensive loss | ' | ' | ' | ' | ' | -228 | -228 |
Excess tax benefit from stock compensation plans | ' | 39 | ' | ' | ' | ' | 39 |
Stock option expense | ' | 55 | ' | ' | ' | ' | 55 |
Recognition and Retention Plan expense | ' | 64 | ' | ' | ' | ' | 64 |
ESOP shares committed to be released (5,339 shares) | ' | -20 | 55 | ' | ' | ' | 35 |
BALANCE at Dec. 31, 2012 | 118 | 54,756 | -2,732 | -31,625 | 38,496 | 1,055 | 60,068 |
BALANCE at Oct. 01, 2013 | 118 | 55,297 | -2,565 | -31,625 | 39,979 | -1,292 | 59,912 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | 338 | ' | 338 |
Other comprehensive loss | ' | ' | ' | ' | ' | -349 | -349 |
Second-step conversion offering | -23 | 38,725 | ' | 31,625 | ' | ' | 70,327 |
Excess tax benefit from stock compensation plans | ' | 47 | ' | ' | ' | ' | 47 |
Stock option expense | ' | 71 | ' | ' | ' | ' | 71 |
Recognition and Retention Plan expense | ' | 77 | ' | ' | ' | ' | 77 |
ESOP shares committed to be released (5,339 shares) | ' | 2 | 56 | ' | ' | ' | 58 |
BALANCE at Dec. 31, 2013 | $95 | $94,219 | ($2,509) | ' | $40,317 | ($1,641) | $130,481 |
UNAUDITED_CONSOLIDATED_STATEME5
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Stockholders Equity [Abstract] | ' | ' |
ESOP shares committed to be released | 5,339 | 5,339 |
UNAUDITED_CONSOLIDATED_STATEME6
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $338 | $272 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Depreciation | 82 | 86 |
Net accretion of premiums/discounts | -46 | -48 |
Net accretion of deferred loan fees and costs | 37 | -50 |
Impairment charge on investment and mortgage-backed securities | 7 | 14 |
Share-based compensation expense | 195 | 158 |
Gain on sale of investment and mortgage-backed securities | ' | -16 |
Gain on sale of real estate owned | ' | -10 |
Compensation expense of ESOP | 58 | 35 |
Deferred income tax expense | 29 | 298 |
Excess tax benefit related to stock compensation plans | -47 | -39 |
Changes in assets and liabilities which used cash: | ' | ' |
Accrued interest receivable | -47 | -237 |
Prepaid expenses and other assets | -4,511 | 942 |
Accrued interest payable | -1,649 | -2,357 |
Accounts payable and accrued expenses | 1,161 | -160 |
Net cash used in operating activities | -4,393 | -1,112 |
INVESTING ACTIVITIES: | ' | ' |
Purchase of investment and mortgage-backed securities held to maturity | ' | -21,467 |
Purchase of investment and mortgage-backed securities available for sale | -2,421 | -5,991 |
Loans originated or acquired | -29,425 | -22,295 |
Principal collected on loans | 14,290 | 8,822 |
Principal payments received on investment and mortgage-backed securities: | ' | ' |
Held-to-maturity | 761 | 5,379 |
Available-for-sale | 1,065 | 4,893 |
Proceeds from redemption of FHLB stock | ' | 294 |
Proceeds from sale of investment and mortgage-backed securities | ' | 304 |
Proceeds from sale of real estate owned | ' | 208 |
Purchases of equipment | -38 | -31 |
Net cash used in investing activities | -15,768 | -29,884 |
FINANCING ACTIVITIES: | ' | ' |
Net (decrease) increase in demand deposits, NOW accounts, and savings accounts | -3,113 | 4,976 |
Redemption of funds held in escrow relating to second-step conversion | -145,675 | ' |
Net decrease in certificates of deposit | -4,990 | -2,802 |
Repayment of advances from Federal Home Loan Bank | ' | -143 |
Increase in advances from borrowers for taxes and insurance | 987 | 916 |
Issuance of common stock relating to second-step conversion | 38,702 | ' |
Cancelation of treasury stock | 31,625 | ' |
Excess tax benefit related to stock compensation plans | 47 | 39 |
Net cash (used in) provided by financing activities | -82,417 | 2,986 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -102,578 | -28,010 |
CASH AND CASH EQUIVALENTS-Beginning of period | 158,984 | 81,273 |
CASH AND CASH EQUIVALENTS-End of period | 56,406 | 53,263 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' |
Interest paid on deposits and advances from Federal Home Loan Bank | 2,554 | 3,577 |
Income taxes paid | ' | ' |
SUPPLEMENTAL DISCLOSURES OF NONCASH ITEMS: | ' | ' |
Real estate acquired in settlement of loans | ' | $236 |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
SIGNIFICANT ACCOUNTING POLICIES | ' | |
1 | SIGNIFICANT ACCOUNTING POLICIES | |
Organization –On October 9, 2013, Prudential Mutual Holding Company (“MHC”) and Prudential Bancorp of Pennsylvania, Inc. (“Old Prudential”), the Pennsylvania chartered mid-tier holding company for Prudential Savings Bank (the “Bank”), completed a reorganization and conversion (the ”second-step conversion”), pursuant to which Prudential Bancorp, Inc., a new Pennsylvania corporation (“Prudential” or the “Company”) become the holding company for the Bank and the MHC and Old Prudential ceased to exist.. In connection with the second-step conversion, 7,141,602 shares of common stock, par value $0.01 per share, of Prudential were sold in a subscription offering to certain depositors of the Bank for $10 per share or in the aggregate (the “Offering”), and 2,403,207 shares of common stock were issued in exchange for the outstanding shares of common stock of Old Prudential, which were held by the “public” shareholders of Old Prudential. Each share of common stock of Old Prudential was converted into right to receive 0.9442 shares of common stock of the Company in the second step conversion. As a result of the second-step conversion, the former MHC and Old Prudential were merged in the Company and 2,540,255 (pre-conversion) treasury shares were cancelled. | ||
The Bank is a community-oriented savings bank headquartered in South Philadelphia which was originally organized in 1886 as a Pennsylvania-chartered building and loan association known as “The South Philadelphia Building and Loan Association No. 2.” The Bank grew through a number of mergers with other mutual institutions with the last merger being with Continental Savings and Loan Association in 1983. The Bank converted to a Pennsylvania-chartered savings bank in August 2004. The banking office network currently consists of the headquarters and main office and six full-service branch offices. Six of the banking offices are located in Philadelphia (Philadelphia County) and one is in Drexel Hill in neighboring Delaware County, Pennsylvania. The Bank maintains ATMs at six of the banking offices. We also provide on-line banking services. | ||
The Bank is subject to regulation by the Pennsylvania Department of Banking and Securities (the “Department”), as its chartering authority and primary regulator, and by the Federal Deposit Insurance Corporation (the “FDIC”), which insures the Bank’s deposits up to applicable limits. As a bank holding company, Prudential is subject to the regulation of the Board of Governors of the Federal Reserve System. | ||
Basis of presentation –The accompanying unaudited consolidated financial statements were prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim information and therefore do not include all the information or footnotes necessary for a complete presentation of financial condition, results of operations, changes in equity and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). However, all normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the financial statements have been included. The results for the three months ended December 31, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2014, or any other period. These financial statements should be read in conjunction with the audited consolidated financial statements of Prudential Bancorp, Inc. of Pennsylvania and the accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2013. | ||
Use of Estimates in the Preparation of Financial Statements—The preparation of financial statements in conformity with 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 income and expenses during the reporting period. The most significant estimates and assumptions in the Company’s consolidated financial statements are recorded in the allowance for loan losses, deferred income taxes, other-than-temporary impairment, and the fair value measurement for financial instruments. Actual results could differ from those estimates. | ||
Employee Stock Ownership Plan – The Company maintains an employee stock ownership plan as (“ESOP”) for substantially all of its full-time employees. The ESOP purchased 427,057 shares of the Company’s common stock for an aggregate cost of approximately $4.5 million in fiscal 2005. The ESOP purchased an additional 255,564 shares during December 2013 and an additional 30,100 shares at the beginning January 2014, of the Company’s stock for an aggregated cost of approximately $3.1 million. Shares of the Company’s common stock purchased by the ESOP are held in a suspense account until released for allocation to participants. Shares are allocated to each eligible participant based on the ratio of each such participant’s compensation, as defined in the ESOP, to the total compensation of all eligible plan participants. As the unearned shares are released from the suspense account, the Company recognizes compensation expense equal to the fair value of the ESOP shares during the periods in which they become committed to be released. To the extent that the fair value of the ESOP shares released differs from the cost of such shares, the difference is charged or credited to equity as additional paid-in capital. As of December 31, 2013, the Company had allocated a total of 165,523 shares from the suspense account to participants and committed to release an additional 10,679 shares. For the three months ended December 31, 2013, the Company recognized $58,000 in compensation expense related to the ESOP. At December 31, 2013, 677,032 shares were held in the ESOP. | ||
Share-Based Compensation – The Company accounts for stock-based compensation issued to employees, and where appropriate, non-employees, at fair value. 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. | ||
Dividends with respect to non-vested share awards are held by the Company’s Recognition and Retention Plan (“Plan”) Trust (the “Trust”) for the benefit of the recipients and are paid out proportionately by the Trust to the recipients of stock awards granted pursuant to the Plan as soon as practicable after the stock awards are earned. | ||
Treasury Stock – 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. Effective October 9, 2013, all outstanding treasury stock was cancelled as part of the second-step conversion and related stock offering. As of September 30, 2013 the average cost per share of the approximately 2.4 million shares which had been repurchased by the Company was $13.18. As of September 30, 2013, The MHC had purchased 536,306 shares at an average cost of $10.91 per share, which the shares were issued and outstanding as of such date. As of September 30, 2013, 7,060,786 shares of common stock were owned by the MHC, 2,398,509 shares had been repurchased by the Company and were held as treasury stock with the remaining 2,403,398 shares owned by public shareholders. | ||
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. Management concluded that the FHLB stock was not impaired at December 31, 2013. | ||
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 from the Federal Home Loan Bank. The stock is bought from and sold to the Federal Home Loan Bank based upon its $100 par value per share. The FHLB 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. | ||
Recent Accounting Pronouncements | ||
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 update 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 Update 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 Update 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 noncontrolling 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 Update 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 Update 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 re-designated hedging relationships entered into on or after July 17, 2013. The adoption of this standard is not expected to have a significant effect on future financial reporting. | ||
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 Update 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 following situations. 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 Update 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. The adoption of this standard is not expected to have a significant effect on future financial reporting. | ||
In January 2014, FASB issued ASU 2014-01, Investments – Equity Method and Join Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. The amendments in this Update permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments in this Update should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this Update are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||
In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The amendments in this Update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this Update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. An entity can elect to adopt the amendments in this Update using either a modified retrospective transition method or a prospective transition method. This ASU is not expected to have a significant impact on the Company’s financial statements. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||||||
2 | EARNINGS PER SHARE | ||||||||||||||||
Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding, net of any treasury shares, during the period. Diluted earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding, net of any treasury shares, after consideration of the potential dilutive effect of common stock equivalents, based upon the treasury stock method using an average market price for the period. The outstanding and dilutive shares amounts for the three month period ended December 31, 2012, have been adjusted to apply the exchange ratio of 0.9442 shares for every one share as a result of the second-step conversion. | |||||||||||||||||
The calculated basic and diluted earnings per share are as follows: | |||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||
(Dollars in Thousands Except Per Share Data) | |||||||||||||||||
Net income | $ | 338 | $ | 338 | $ | 272 | $ | 272 | |||||||||
Weighted average shares outstanding | 9,224,496 | 9,224,496 | 9,184,631 | 9,184,631 | |||||||||||||
Effect of common stock equivalents | - | 262,234 | - | 33,690 | |||||||||||||
Adjusted weighted average shares used in earnings | |||||||||||||||||
per share computation | 9,224,496 | 9,486,730 | 9,184,631 | 9,218,321 | |||||||||||||
Earnings per share - basic and diluted | $ | 0.04 | $ | 0.04 | $ | 0.03 | $ | 0.03 | |||||||||
Options to purchase 383,016 shares and 417,714 shares of common stock at an exercise price greater than the current market value were outstanding at December 31, 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 was $11.83 at December 31, 2013 and ranged from $7.68 to $11.83 at December 31, 2012. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended | |||||
Dec. 31, 2013 | ||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | |||||
3 | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||
The following table presents the changes in accumulated other comprehensive income (loss) by component net of tax for the three months ended December 31, 2013: | ||||||
Unrealized gains (losses) on | ||||||
available for sale | ||||||
securities (a) | ||||||
Balance as of October 1, 2013 | $ | (1,292 | ) | |||
Other comprehensive loss before reclassification | (354 | ) | ||||
Amount reclassified from accumulated other comprehensive income | 5 | |||||
Total other comprehensive loss | (349 | ) | ||||
Balance as of December 31, 2013 | $ | (1,641 | ) | |||
(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 three months ended December 31, 2013: | ||||||
Three Months | ||||||
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 | ||||
Unealized gains on available for sale securities | ||||||
$ | (7 | ) | Net impairment losses recognized in earnings | |||
2 | Income taxes | |||||
$ | (5 | ) | Net of tax | |||
(a) Amounts in parentheses indicate debits to net income. |
INVESTMENT_AND_MORTGAGEBACKED_
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 3 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
INVESTMENT AND MORTGAGE-BACKED SECURITIES | ' | ||||||||||||||||||||||||
4 | INVESTMENT AND MORTGAGE-BACKED SECURITIES | ||||||||||||||||||||||||
The amortized cost and fair value of investment and mortgage-backed securities, with gross unrealized gains and losses, are as follows: | |||||||||||||||||||||||||
31-Dec-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 | $ | - | $ | (2,220 | ) | $ | 16,766 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | 22,959 | 207 | (976 | ) | 22,190 | ||||||||||||||||||||
Mortgage-backed securities - non-agency (1) | 3,169 | 497 | (65 | ) | 3,601 | ||||||||||||||||||||
Total debt securities available for sale | 45,114 | 704 | (3,261 | ) | 42,557 | ||||||||||||||||||||
FHLMC preferred stock | 6 | 71 | - | 77 | |||||||||||||||||||||
Total securities available for sale | $ | 45,120 | $ | 775 | $ | (3,261 | ) | $ | 42,634 | ||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | 66,936 | $ | 406 | $ | (6,522 | ) | $ | 60,820 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | 16,048 | 1,110 | (160 | ) | 16,998 | ||||||||||||||||||||
Total securities held to maturity | $ | 82,984 | $ | 1,516 | $ | (6,682 | ) | $ | 77,818 | ||||||||||||||||
(1) Includes impaired securities. | |||||||||||||||||||||||||
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 | ||||||||||||||||
The following table shows the gross unrealized losses and related fair values of the Company’s investment securities, aggregated by investment category and length of time that individual securities had been in a continuous loss position at December 31, 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 | $ | (1,855 | ) | $ | 14,131 | $ | (365 | ) | $ | 2,635 | $ | (2,220 | ) | $ | 16,766 | ||||||||||
Mortgage-backed securities - U.S. government agencies | (976 | ) | 16,516 | - | - | (976 | ) | 16,516 | |||||||||||||||||
Mortgage-backed securities - non-agency | (2 | ) | 364 | (63 | ) | 415 | (65 | ) | 779 | ||||||||||||||||
Total securities available for sale | $ | (2,833 | ) | $ | 31,011 | $ | (428 | ) | $ | 3,050 | $ | (3,261 | ) | $ | 34,061 | ||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | (4,006 | ) | $ | 25,796 | $ | (2,516 | ) | $ | 19,470 | $ | (6,522 | ) | $ | 45,266 | ||||||||||
Mortgage-backed securities - U.S. government agencies | (160 | ) | 4,999 | - | - | (160 | ) | 4,999 | |||||||||||||||||
Total securities held to maturity | $ | (4,166 | ) | $ | 30,795 | $ | (2,516 | ) | $ | 19,470 | $ | (6,682 | ) | $ | 50,265 | ||||||||||
Total | $ | (6,999 | ) | $ | 61,806 | $ | (2,944 | ) | $ | 22,520 | $ | (9,943 | ) | $ | 84,326 | ||||||||||
The following table shows the gross unrealized losses and related fair values of the Company’s investment securities, aggregated by investment category and length of time that individual securities had been in a continuous loss position at September 30, 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 - 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 | $ | (1,038 | ) | $ | 9,956 | $ | (4,855 | ) | $ | 50,082 | ||||||||||
Mortgage-backed securities - agency | (76 | ) | 5,253 | - | - | (76 | ) | 5,253 | |||||||||||||||||
Total securities held to maturity | $ | (3,893 | ) | $ | 45,379 | $ | (1,038 | ) | $ | 9,956 | $ | (4,931 | ) | $ | 55,335 | ||||||||||
Total | $ | (6,334 | ) | $ | 80,502 | $ | (1,118 | ) | $ | 10,416 | $ | (7,452 | ) | $ | 90,918 | ||||||||||
Management evaluates securities for other-than-temporary impairment (“OTTI”) at least once each quarter, and more frequently when economic or market concerns warrant such evaluation. The Company determines whether the unrealized losses are temporary. The evaluation is based upon factors such as the creditworthiness of the issuers/guarantors, the underlying collateral, if applicable, and the continuing performance of the securities. Management also evaluates other facts and circumstances that may be indicative of an OTTI condition. This includes, but is not limited to, an evaluation of the type of security, the length of time and extent to which the fair value of the security has been less than cost, and the near-term prospects of the issuer. | |||||||||||||||||||||||||
The Company assesses whether a credit loss exists with respect to a security by considering whether (1) the Company has the intent to sell the security, (2) it is more likely than not that it will be required to sell the security before recovery, 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 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 open market and other sources as appropriate for the particular 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 three months ended December 31, 2013 of the amounts recognized in earnings related to credit losses on securities on which the Company has recorded OTTI charges through earnings and comprehensive income (loss). | |||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Credit component of OTTI as of October 1, 2013 | $ | 1,599 | |||||||||||||||||||||||
Additions for credit-related OTTI charges on previously unimpaired securities | - | ||||||||||||||||||||||||
Additional increases as a result of impairment charges recognized on investments for which an OTTI was previously recognized | 7 | ||||||||||||||||||||||||
Credit component of OTTI as of December 31, 2013 | $ | 1,606 | |||||||||||||||||||||||
U.S. Government Agency Obligations - The Company’s investments reflected in the tables above in U.S. Government agency 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 December 31, 2013, U.S. Government and agency obligations in a gross unrealized loss for less than 12 months consisted of 18 securities having an aggregate depreciation of $5.9 million or 12.5% from the Company’s amortized cost basis. There were 10 securities in a gross unrealized loss for more than 12 months at such date having an aggregate depreciation of $2.9 million or 11.5% from the Company’s amortized cost basis. The unrealized losses on these debt securities relate principally to the changes in market interest rates and a lack of liquidity currently 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 December 31, 2013. | |||||||||||||||||||||||||
U.S. Agency Issued Mortgage-Backed Securities - At December 31, 2013, the gross unrealized loss in U.S. agency issued mortgage-backed securities in the category of experiencing a gross unrealized loss for less than 12 months was $1.1 million or 5.0% from the Company’s amortized cost basis and consisted of 11 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. 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. | |||||||||||||||||||||||||
Non-Agency Issued Mortgage-Backed Securities and Collateralized Mortgage Obligations - This portfolio was acquired through the redemption-in-kind during 2008 of the Company’s entire investment in a mutual fund and at December 31, 2013 included 50 collateralized mortgage obligations (“CMO”) and mortgage-backed securities issued by large commercial financial institutions. For the three months ended December 31, 2013, management recognized an OTTI charge related to a portion of the portfolio securities in the amount of $7,000 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 real estate markets that have experienced significant declines in real estate values such as California, Nevada, Arizona and Florida. Consequently, an additional OTTI charge was deemed to be warranted as of December 31, 2013. Of the recorded charge, all $7,000 was concluded to be credit related and recognized currently in earnings and none was concluded to be attributable to other factors which would be recognized in accumulated other comprehensive income. | |||||||||||||||||||||||||
As of December 31, 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 $65,000 in gross unrealized losses related to this part of the portfolio, six 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 amortized cost and fair value of debt securities, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Held to Maturity | Available for Sale | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Due within one year | $ | 2,000 | $ | 2,004 | $ | - | $ | - | |||||||||||||||||
Due after one through five years | 1,998 | 2,324 | - | - | |||||||||||||||||||||
Due after five through ten years | 10,500 | 9,783 | 1,999 | 1,823 | |||||||||||||||||||||
Due after ten years | 52,438 | 46,709 | 16,987 | 14,943 | |||||||||||||||||||||
Total | $ | 66,936 | $ | 60,820 | $ | 18,986 | $ | 16,766 | |||||||||||||||||
The maturity table above excludes mortgage-backed securities because the contractual maturities are not indicative of actual maturities due to significant prepayments. |
LOANS_RECEIVABLE
LOANS RECEIVABLE | 3 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
LOANS RECEIVABLE | ' | ||||||||||||||||||||||||||||||||
5. LOANS RECEIVABLE | |||||||||||||||||||||||||||||||||
Loans receivable consist of the following: | |||||||||||||||||||||||||||||||||
31-Dec | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 286,559 | $ | 270,791 | |||||||||||||||||||||||||||||
Multi-family residential | 7,633 | 5,716 | |||||||||||||||||||||||||||||||
Commercial real estate | 16,262 | 19,506 | |||||||||||||||||||||||||||||||
Construction and land development | 12,863 | 11,356 | |||||||||||||||||||||||||||||||
Commercial business | 740 | 588 | |||||||||||||||||||||||||||||||
Consumer | 342 | 438 | |||||||||||||||||||||||||||||||
Total loans | 324,399 | 308,395 | |||||||||||||||||||||||||||||||
Undisbursed portion of loans-in-process | (2,898 | ) | (1,676 | ) | |||||||||||||||||||||||||||||
Deferred loan costs | 2,467 | 2,151 | |||||||||||||||||||||||||||||||
Allowance for loan losses | (2,353 | ) | (2,353 | ) | |||||||||||||||||||||||||||||
Net loans | $ | 321,615 | $ | 306,517 | |||||||||||||||||||||||||||||
The following table summarizes the loans individually evaluated for impairment by loan segment at December 31, 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 for impairment | $ | 10,556 | $ | 380 | $ | 2,047 | $ | 1,205 | $ | - | $ | - | $ | 14,188 | |||||||||||||||||||
Collectively evaluated for impairment | 276,003 | 7,253 | 14,215 | 11,658 | 740 | 342 | 310,211 | ||||||||||||||||||||||||||
Total loans | $ | 286,559 | $ | 7,633 | $ | 16,262 | $ | 12,863 | $ | 740 | $ | 342 | $ | 324,399 | |||||||||||||||||||
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 for impairment | $ | 10,754 | $ | 383 | $ | 2,776 | $ | 1,205 | $ | - | $ | - | $ | 15,118 | |||||||||||||||||||
Collectively evaluated for impairment | 260,037 | 5,333 | 16,730 | 10,151 | 588 | 438 | 293,277 | ||||||||||||||||||||||||||
Total loans | $ | 270,791 | $ | 5,716 | $ | 19,506 | $ | 11,356 | $ | 588 | $ | 438 | $ | 308,395 | |||||||||||||||||||
The loan portfolio is segmented at a level that allows management to monitor risk and performance. Management evaluates for potential impairment all construction loans, commercial real estate and commercial business loans and all loans 90 plus days delinquent as to principal and/or interest. Loans are considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. | |||||||||||||||||||||||||||||||||
Once the determination is made that a loan is impaired, the determination of whether a specific allocation of the allowance is necessary is generally measured by comparing the recorded investment in the loan to the fair value of the loan using one of the following three methods: (a) the present value of the expected future cash flows discounted at the loan’s effective interest rate; (b) the loan’s observable market price; or (c) the fair value of the collateral less selling costs. Management primarily utilizes the fair value of collateral method as a practically expedient alternative. On collateral based loans, any portion of the loan deemed uncollectible is charged-off against the loan loss allowance. | |||||||||||||||||||||||||||||||||
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 required as of December 31, 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 | $ | - | $ | - | $ | 10,556 | $ | 10,556 | $ | 10,882 | |||||||||||||||||||||||
Mult-family residential | - | - | 380 | 380 | 380 | ||||||||||||||||||||||||||||
Commercial real estate | - | - | 2,047 | 2,047 | 2,047 | ||||||||||||||||||||||||||||
Construction and land development | - | - | 1,205 | 1,205 | 1,205 | ||||||||||||||||||||||||||||
Total Loans | $ | - | $ | - | $ | 14,188 | $ | 14,188 | $ | 14,514 | |||||||||||||||||||||||
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 required 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 the average recorded investment in impaired loans and related interest income recognized for the periods indicated: | |||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Average | Income Recognized | Income | |||||||||||||||||||||||||||||||
Recorded | on Accrual Basis | Recognized on | |||||||||||||||||||||||||||||||
Investment | Cash Basis | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 10,655 | $ | 71 | $ | 21 | |||||||||||||||||||||||||||
Multi-family residential | 382 | 7 | - | ||||||||||||||||||||||||||||||
Commercial real estate | 2,384 | 10 | 7 | ||||||||||||||||||||||||||||||
Construction and Land Development | 1,205 | 23 | - | ||||||||||||||||||||||||||||||
Total loans | $ | 14,626 | $ | 111 | $ | 28 | |||||||||||||||||||||||||||
Three Months Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Average | Income Recognized | Income | |||||||||||||||||||||||||||||||
Recorded | on Accrual Basis | Recognized on | |||||||||||||||||||||||||||||||
Investment | Cash Basis | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 24,676 | $ | 166 | $ | 69 | |||||||||||||||||||||||||||
Multi-family residential | 914 | 16 | - | ||||||||||||||||||||||||||||||
Commercial real estate | 1,672 | 19 | - | ||||||||||||||||||||||||||||||
Construction and Land Development | 2,152 | 35 | - | ||||||||||||||||||||||||||||||
Total loans | $ | 29,414 | $ | 236 | $ | 69 | |||||||||||||||||||||||||||
Federal 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 its credit monitoring system. Management currently classifies problem and potential problem assets as “special mention”, “substandard,” “doubtful” or “loss” assets. An asset is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” Assets classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted. Assets which do not currently expose the insured institution to sufficient risk to warrant classification in one of the aforementioned categories but possess weaknesses are required to be designated “special mention.” | |||||||||||||||||||||||||||||||||
The following 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 as applied to the loan portfolio. The Company had no loans classified as “doubtful” or “loss” at either of the dates presented. | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Special | Total | ||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Loans | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Multi-family residential | 7,253 | - | 380 | - | 7,633 | ||||||||||||||||||||||||||||
Commercial real estate | 12,762 | 1,453 | 2,047 | - | 16,262 | ||||||||||||||||||||||||||||
Construction and land development | 4,082 | 7,576 | 1,205 | - | 12,863 | ||||||||||||||||||||||||||||
Commercial business | 740 | - | - | - | 740 | ||||||||||||||||||||||||||||
$ | 24,837 | $ | 9,029 | $ | 3,632 | $ | - | $ | 37,498 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
The Company evaluates the classification of one-to-four family residential and consumer loans primarily on a pooled basis. If the Company becomes aware that adverse or distressed conditions exist that may affect a particular single-family residential loan, the loan is downgraded following the above definitions of special mention and substandard. | |||||||||||||||||||||||||||||||||
The following table represents 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: | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Non- | Total | ||||||||||||||||||||||||||||||||
Performing | Performing | Loans | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 281,178 | $ | 5,381 | $ | 286,559 | |||||||||||||||||||||||||||
Consumer | 342 | - | 342 | ||||||||||||||||||||||||||||||
Total loans | $ | 281,520 | $ | 5,381 | $ | 286,901 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
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 loan categories of the loan portfolio summarized by the aging categories of performing and delinquent loans and nonaccrual loans: | |||||||||||||||||||||||||||||||||
31-Dec-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 | $ | 281,412 | $ | 1,398 | $ | 3,749 | $ | - | $ | 1,398 | $ | 286,559 | $ | 5,381 | |||||||||||||||||||
Multi-family residential | 7,633 | - | - | - | - | 7,633 | - | ||||||||||||||||||||||||||
Commercial real estate | 15,816 | - | 446 | - | - | 16,262 | 1,031 | ||||||||||||||||||||||||||
Construction and land development | 11,658 | 1,205 | - | - | 1,205 | 12,863 | - | ||||||||||||||||||||||||||
Commercial business | 740 | - | - | - | - | 740 | - | ||||||||||||||||||||||||||
Consumer | 342 | - | - | - | - | 342 | - | ||||||||||||||||||||||||||
Total loans | $ | 317,601 | $ | 2,603 | $ | 4,195 | $ | - | $ | 2,603 | $ | 324,399 | $ | 6,412 | |||||||||||||||||||
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 | |||||||||||||||||||
The allowance for loan losses is established through a provision for loan losses charged to expense. The Company maintains the allowance at a level believed to cover all known and inherent losses in the portfolio that are both probable and reasonable to estimate at each reporting date. Management reviews the allowance for loan losses no less than quarterly in order to identify these inherent losses and to assess the overall collection probability for the loan portfolio in view of these inherent losses. For each primary type of loan, a loss factor is established reflecting an estimate of the known and inherent losses in such loan type using both a quantitative analysis as well as consideration of qualitative factors. The evaluation process includes, among other things, an analysis of delinquency trends, non-performing loan trends, the level of charge-offs and recoveries, prior loss experience, total loans outstanding, the volume of loan originations, the type, size and geographic concentration of our loans, the value of collateral securing the loans, the borrowers’ ability to repay and repayment performance, the number of loans requiring heightened management oversight, local economic conditions and industry experience. | |||||||||||||||||||||||||||||||||
Commercial real estate loans entail significant additional credit risks compared to 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 borrowers 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. Activity in the allowance is presented for the three month periods ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
One- to | Multi- | Commercial | Construction | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
four-family | family | real estate | and land | business | |||||||||||||||||||||||||||||
residential | residential | development | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
ALLL balance at September 30, 2013. | $ | 1,384 | $ | 22 | $ | 70 | $ | 653 | $ | 4 | $ | 2 | $ | 218 | $ | 2,353 | |||||||||||||||||
Charge-offs | (10 | ) | - | - | - | - | - | - | (10 | ) | |||||||||||||||||||||||
Recoveries | 10 | - | - | - | - | - | - | 10 | |||||||||||||||||||||||||
Provision (recovery) | (82 | ) | 4 | (19 | ) | 104 | - | (1 | ) | (6 | ) | - | |||||||||||||||||||||
ALLL balance at December 31, 2013 | $ | 1,302 | $ | 26 | $ | 51 | $ | 757 | $ | 4 | $ | 1 | $ | 212 | $ | 2,353 | |||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Collectively evaluated for impairment | $ | 1,302 | $ | 26 | $ | 51 | $ | 757 | $ | 4 | $ | 1 | $ | 212 | $ | 2,353 | |||||||||||||||||
Three Months Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
One- to | Multi- | Commercial | Construction | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
four-family | family | real estate | and land | business | |||||||||||||||||||||||||||||
residential | residential | development | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
ALLL balance at September 30, 2012 | $ | 830 | $ | 7 | $ | 125 | $ | 745 | $ | 3 | $ | 1 | $ | 170 | $ | 1,881 | |||||||||||||||||
Charge-offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Recoveries | - | - | - | 200 | - | - | - | 200 | |||||||||||||||||||||||||
Provision (recovery) | 75 | - | - | (86 | ) | - | - | 11 | - | ||||||||||||||||||||||||
ALLL balance at December 31, 2012 | $ | 905 | $ | 7 | $ | 125 | $ | 859 | $ | 3 | $ | 1 | $ | 181 | $ | 2,081 | |||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Collectively evaluated for impairment | $ | 905 | $ | 7 | $ | 125 | $ | 859 | $ | 3 | $ | 1 | $ | 181 | $ | 2,081 | |||||||||||||||||
The following table summarizes information regarding troubled debt restructurings for the three months ended December 31, 2013: | |||||||||||||||||||||||||||||||||
As of and for the Three Months Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Restructured Current Period | |||||||||||||||||||||||||||||||||
(amount in thousands) | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | |||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
One-to four- family | 1 | $ | 1,475 | $ | 1,475 | ||||||||||||||||||||||||||||
There were no other troubled debt restructuring modifications approved during the three months ended December 31, 2012. In addition, no troubled debt restructurings defaulted during the three months ended December 31, 2013 or 2012. |
DEPOSITS
DEPOSITS | 3 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Deposits [Abstract] | ' | ||||||||||||||||
DEPOSITS | ' | ||||||||||||||||
6. DEPOSITS | |||||||||||||||||
Deposits consist of the following major classifications: | |||||||||||||||||
December 31, | September 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Money market deposit accounts | $ | 65,149 | 16.7 | % | $ | 65,298 | 12 | % | |||||||||
Interest-bearing checking accounts | 37,160 | 9.6 | 36,063 | 6.6 | |||||||||||||
Non-interest bearing checking accounts | 2,526 | 0.6 | 3,474 | 0.6 | |||||||||||||
Passbook, club and statement savings (1) | 74,827 | 19.2 | 223,615 | 41.3 | |||||||||||||
Certificates maturing in six months or less | 95,872 | 24.6 | 65,831 | 12.1 | |||||||||||||
Certificates maturing in more than six months | 113,436 | 29.3 | 148,467 | 27.4 | |||||||||||||
Total | $ | 388,970 | 100 | % | $ | 542,748 | 100 | % | |||||||||
(1) Includes $145.7 million of funds held in escrow at September 30, 2013 from the Company’s second-step conversion relating to stock subscriptions. | |||||||||||||||||
Certificates of $100,000 and over totaled $77.2 million as of December 31, 2013 and $78.7 million as of September 30, 2013. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
INCOME TAXES | ' | ||||||||
7 | INCOME TAXES | ||||||||
Items that gave rise to significant portions of deferred income taxes are as follows: | |||||||||
December 31, | September 30, | ||||||||
2013 | 2013 | ||||||||
Deferred tax assets: | (Dollars in Thousands) | ||||||||
Allowance for loan losses | $ | 1,043 | $ | 1,037 | |||||
Real estate owned expenses | 12 | - | |||||||
Nonaccrual interest | 123 | 125 | |||||||
Accrued vacation | 89 | 86 | |||||||
Capital loss carryforward | 753 | 1,423 | |||||||
Impairment loss | 934 | 1,117 | |||||||
Split dollar life insurance | 21 | 21 | |||||||
Post-retirement benefits | 135 | 136 | |||||||
Unrealized loss on available for sale securities | 846 | 666 | |||||||
Employee benefit plans | 504 | 455 | |||||||
Total deferred tax assets | 4,460 | 5,066 | |||||||
Valuation allowance | (1,687 | ) | (2,540 | ) | |||||
Total deferred tax assets, net of valuation allowance | 2,773 | 2,526 | |||||||
Deferred tax liabilities: | |||||||||
Property | 478 | 461 | |||||||
Deferred loan fees | 838 | 759 | |||||||
Total deferred tax liabilities | 1,316 | 1,220 | |||||||
Net deferred tax asset | $ | 1,457 | $ | 1,306 | |||||
The Company establishes a valuation allowance for deferred tax assets when management believes that the use of the deferred tax assets is not likely to be realized through a carry back to taxable income in prior years or future reversals of existing taxable temporary differences, and/or to a lesser extent, future taxable income. The tax deduction generated by the redemption of the shares of 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 starts to expired beginning in 2013. The valuation allowance totaled $1.7 million at December 31, 2013. The gross deferred tax assets related to capital loss carryforwards decreased by $670,000 due to a portion of the capital loss carryforward expiring during the quarter ended December 31, 2013. | |||||||||
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 December 31, 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. |
STOCK_COMPENSATION_PLANS
STOCK COMPENSATION PLANS | 3 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | |||||||||
STOCK COMPENSATION PLANS | ' | |||||||||
8. STOCK COMPENSATION PLANS | ||||||||||
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 officers, employees and directors of the Company. In order to fund the grant of shares under the RRP, the RRP Trust purchased 213,529 shares of the Company’s common stock in the open market for approximately $2.5 million, at an average purchase price per share of $11.49. 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 December 31, 2013, all the shares had been awarded as part of the RRP. Shares subject to awards under the RRP generally vest at the rate of 20% per year over five years. As of December 31, 2013, 134,052 of the awarded shares had become fully vested. | ||||||||||
Compensation expense related to the shares subject to restricted stock awards granted is recognized ratably over the five-year vesting period in an amount which totals the grant date fair value multiplied by the number of shares subject to the grant. During the three months ended December 31, 2013, $117,000 was recognized in compensation expense for the RRP and a tax benefit of $40,000 was recognized during this period. During the three months ended December 31, 2012, $97,000 was recognized in compensation expense for the RRP and a tax benefit of $33,000 was recognized during this period. At December 31, 2013, approximately $312,000 in 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 three months ended December 31, 2013 is presented in the following table: | ||||||||||
Three Months Ended | ||||||||||
31-Dec-13 | ||||||||||
Weighted Average | ||||||||||
Number of | Grant Date Fair | |||||||||
Shares | Value | |||||||||
Nonvested stock awards at October 1, 2013 | 79,477 | $ | 9.56 | |||||||
Issued | - | - | ||||||||
Forfeited | - | - | ||||||||
Vested | - | - | ||||||||
Nonvested stock awards at the December 31, 2013 | 79,477 | $ | 9.56 | |||||||
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 533,821 shares of common stock were approved for future issuance pursuant to the Stock Option Plan. As of December 31, 2013, all of the options had been awarded, but 17,082 shares were made available due to shares that were forfeited during fiscal year September 30, 2013 under the Plan. As of December 31, 2013, 331,502 options were vested. | ||||||||||
A summary of the status of the Company’ stock options under the Stock Option Plan as of December 31, 2013 and changes during the three month period ended December 31, 2013 are presented below: | ||||||||||
Three Months Ended | ||||||||||
31-Dec-13 | ||||||||||
Number of | Weighted Average | |||||||||
Shares | Exercise Price | |||||||||
Outstanding at October 1, 2013 | 516,739 | $ | 10.86 | |||||||
Granted | - | - | ||||||||
Exercised | - | - | ||||||||
Forfeited | - | - | ||||||||
Outstanding at December 31, 2013 | 516,739 | $ | 10.86 | |||||||
Exercisable at December 31, 2013 | 314,420 | $ | 11.79 | |||||||
The weighted average remaining contractual term was approximately 6.0 years for options outstanding as of December 31, 2013. | ||||||||||
The estimated fair value of options granted during fiscal 2009 was $2.98 per share, $2.92 for options granted during fiscal 2010 and $3.34 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 2011 and 2012. | ||||||||||
During the three months ended December 31, 2013, $79,000 was recognized in compensation expense for the Stock Option Plan and tax benefit of $8,000 was recognized during this period. During the three months ended December 31, 2012, $61,000 was recognized in compensation expense for the Stock Option Plan and tax benefit of $6,000 was recognized during this period. At December 31, 2013, approximately $332,000 in additional compensation expense for awarded but unvested options remained unrecognized. The weighted average period over which this expense will be recognized is approximately 1.6 years |
COMMITMENTS_AND_CONTINGENT_LIA
COMMITMENTS AND CONTINGENT LIABILITIES | 3 Months Ended | |
Dec. 31, 2013 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
COMMITMENTS AND CONTINGENT LIABILITIES | ' | |
9 | COMMITMENTS AND CONTINGENT LIABILITIES | |
At December 31, 2013, the Company had $13.3 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, 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%. The aggregate undisbursed portion of loans-in-process amounted to $2.9 million at December 31, 2013 and $1.7 million at September 30, 2013. | ||
The Company also had commitments under unused lines of credit of $3.2 million and $4.7 million, respectively, at December 31, 2013 and September 30, 2013 and letters of credit outstanding of $204,000 and $187,000, respectively, at December 31, 2013 and September 30, 2013. | ||
Among the Company’s contingent liabilities are exposures to limited recourse arrangements with respect to the Company’s sales of whole loans and participation interests. At December 31, 2013, the exposure, which represents a portion of credit risk associated with the interests sold, amounted to $64,000. This exposure is for the life of the related loans and payables, on our proportionate share, as actual losses are incurred. | ||
The Company is involved in various legal proceedings occurring in the ordinary course of business. Management of the Company, based on discussions with litigation counsel, believes that such proceedings will not have a material adverse effect on the financial condition, operations or cash flows of the Company. There can be no assurance that any of the outstanding legal proceedings to which the Company is a party will not be decided adversely to the Company’s interests and not have a material adverse effect on the financial condition and operations of the Company. |
FAIR_VALUE_MEASUREMENT
FAIR VALUE MEASUREMENT | 3 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
FAIR VALUE MEASUREMENT | ' | ||||||||||||||||||||
10 | FAIR VALUE MEASUREMENT | ||||||||||||||||||||
The fair value estimates presented herein are based on pertinent information available to management as of December 31, 2013 and September 30, 2013, 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 December 31, 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 | $ | - | $ | 16,766 | $ | - | $ | 16,766 | |||||||||||||
Mortgage-backed securities - U.S. Government agencies | - | 22,190 | - | 22,190 | |||||||||||||||||
Mortgage-backed securities - Non-agency | - | 3,601 | - | 3,601 | |||||||||||||||||
FHLMC preferred stock | 77 | - | - | 77 | |||||||||||||||||
Total | $ | 77 | $ | 42,557 | $ | - | $ | 42,634 | |||||||||||||
Those assets as of September 30, 2013 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 | $ | - | $ | 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 | |||||||||||||
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 in excess of $14.2 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 December 31, 2013 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 14,188 | $ | 14,188 | |||||||||||||
Real estate owned | - | - | 406 | $ | 406 | ||||||||||||||||
Total | $ | - | $ | - | $ | 14,594 | $ | 14,594 | |||||||||||||
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 | |||||||||||||
The following table provides information describing the valuation processes used to determine nonrecurring fair value measurements categorized within Level 3 of the fair value hierarchy: | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Valuation | |||||||||||||||||||||
Fair Value | Technique | Unobservable Input | Range | ||||||||||||||||||
Impaired loans | $ | 14,188 | Property appraisals | Management discount for selling costs, property type and market volatility | 10% - 20% discount | ||||||||||||||||
Real estate owned | $ | 406 | Property appraisals | Management discount for selling costs, property type and market volatility | 10% - 20% discount | ||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Valuation | |||||||||||||||||||||
Fair Value | Technique | Unobservable Input | Range | ||||||||||||||||||
Impaired loans | $ | 15,118 | Property appraisals | Management discount for selling costs, property type and market volatility | 10% - 20% discount | ||||||||||||||||
Real estate owned | $ | 406 | Property appraisals | Management discount for selling costs, property type and market volatility | 10% - 20% discount | ||||||||||||||||
The fair value of financial instruments 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 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Carrying | Fair | ||||||||||||||||||||
Amount | Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 56,406 | $ | 56,406 | $ | 56,406 | $ | - | $ | - | |||||||||||
Investment and mortgage-backed securities available for sale | 42,634 | 42,634 | 77 | 42,557 | - | ||||||||||||||||
Investment and mortgage-backed securities held to maturity | 82,984 | 77,818 | - | 77,818 | - | ||||||||||||||||
Loans receivable, net | 321,615 | 320,700 | - | - | 320,700 | ||||||||||||||||
Accrued interest receivable | 1,838 | 1,838 | 1,838 | - | - | ||||||||||||||||
Federal Home Loan Bank stock | 1,181 | 1,181 | 1,181 | - | - | ||||||||||||||||
Bank owned life insurance | 7,167 | 7,167 | 7,167 | - | - | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Checking accounts | 39,686 | 39,686 | 39,686 | - | - | ||||||||||||||||
Money market deposit accounts | 65,149 | 65,149 | 65,149 | - | - | ||||||||||||||||
Passbook, club and statement savings accounts | 74,827 | 74,827 | 74,827 | - | - | ||||||||||||||||
Certificates of deposit | 209,308 | 213,568 | - | 213,568 | - | ||||||||||||||||
Advances from Federal Home Loan Bank | 340 | 340 | 340 | - | - | ||||||||||||||||
Accrued interest payable | 17 | 17 | 17 | - | - | ||||||||||||||||
Advances from borrowers for taxes and insurance | 2,467 | 2,467 | 2,467 | - | - | ||||||||||||||||
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 | - | - | ||||||||||||||||
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 is 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. |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of presentation | ' |
Basis of presentation –The accompanying unaudited consolidated financial statements were prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim information and therefore do not include all the information or footnotes necessary for a complete presentation of financial condition, results of operations, changes in equity and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). However, all normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the financial statements have been included. The results for the three months ended December 31, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2014, or any other period. These financial statements should be read in conjunction with the audited consolidated financial statements of Prudential Bancorp, Inc. of Pennsylvania and the accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2013. | |
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 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 income and expenses during the reporting period. The most significant estimates and assumptions in the Company’s consolidated financial statements are recorded in the allowance for loan losses, deferred income taxes, other-than-temporary impairment, and the fair value measurement for financial instruments. Actual results could differ from those estimates. | |
Employee Stock Ownership Plan | ' |
Employee Stock Ownership Plan – The Company maintains an employee stock ownership plan as (“ESOP”) for substantially all of its full-time employees. The ESOP purchased 427,057 shares of the Company’s common stock for an aggregate cost of approximately $4.5 million in fiscal 2005. The ESOP purchased an additional 255,564 shares during December 2013 and an additional 30,100 shares at the beginning January 2014, of the Company’s stock for an aggregated cost of approximately $3.1 million. Shares of the Company’s common stock purchased by the ESOP are held in a suspense account until released for allocation to participants. Shares are allocated to each eligible participant based on the ratio of each such participant’s compensation, as defined in the ESOP, to the total compensation of all eligible plan participants. As the unearned shares are released from the suspense account, the Company recognizes compensation expense equal to the fair value of the ESOP shares during the periods in which they become committed to be released. To the extent that the fair value of the ESOP shares released differs from the cost of such shares, the difference is charged or credited to equity as additional paid-in capital. As of December 31, 2013, the Company had allocated a total of 165,523 shares from the suspense account to participants and committed to release an additional 10,679 shares. For the three months ended December 31, 2013, the Company recognized $58,000 in compensation expense related to the ESOP. At December 31, 2013, 677,032 shares were held in the ESOP. | |
Share-Based Compensation | ' |
Share-Based Compensation – The Company accounts for stock-based compensation issued to employees, and where appropriate, non-employees, at fair value. 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. | |
Dividends with respect to non-vested share awards are held by the Company’s Recognition and Retention Plan (“Plan”) Trust (the “Trust”) for the benefit of the recipients and are paid out proportionately by the Trust to the recipients of stock awards granted pursuant to the Plan as soon as practicable after the stock awards are earned. | |
Treasury Stock | ' |
Treasury Stock – 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. Effective October 9, 2013, all outstanding treasury stock was cancelled as part of the second-step conversion and related stock offering. As of September 30, 2013 the average cost per share of the approximately 2.4 million shares which had been repurchased by the Company was $13.18. As of September 30, 2013, The MHC had purchased 536,306 shares at an average cost of $10.91 per share, which the shares were issued and outstanding as of such date. As of September 30, 2013, 7,060,786 shares of common stock were owned by the MHC, 2,398,509 shares had been repurchased by the Company and were held as treasury stock with the remaining 2,403,398 shares owned by public shareholders. | |
FHLB Stock | ' |
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. Management concluded that the FHLB stock was not impaired at December 31, 2013. | |
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 from the Federal Home Loan Bank. The stock is bought from and sold to the Federal Home Loan Bank based upon its $100 par value per share. The FHLB 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. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
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 update 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 Update 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 Update 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 noncontrolling 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 Update 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 Update 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 re-designated hedging relationships entered into on or after July 17, 2013. The adoption of this standard is not expected to have a significant effect on future financial reporting. | |
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 Update 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 following situations. 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 Update 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. The adoption of this standard is not expected to have a significant effect on future financial reporting. | |
In January 2014, FASB issued ASU 2014-01, Investments – Equity Method and Join Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. The amendments in this Update permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments in this Update should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this Update are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The amendments in this Update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this Update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. An entity can elect to adopt the amendments in this Update using either a modified retrospective transition method or a prospective transition method. This ASU is not expected to have a significant impact on the Company’s financial statements. |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of basic and diluted earnings per share | ' | ||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||
(Dollars in Thousands Except Per Share Data) | |||||||||||||||||
Net income | $ | 338 | $ | 338 | $ | 272 | $ | 272 | |||||||||
Weighted average shares outstanding | 9,224,496 | 9,224,496 | 9,184,631 | 9,184,631 | |||||||||||||
Effect of common stock equivalents | - | 262,234 | - | 33,690 | |||||||||||||
Adjusted weighted average shares used in earnings | |||||||||||||||||
per share computation | 9,224,496 | 9,486,730 | 9,184,631 | 9,218,321 | |||||||||||||
Earnings per share - basic and diluted | $ | 0.04 | $ | 0.04 | $ | 0.03 | $ | 0.03 |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended | |||||
Dec. 31, 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, 2013 | $ | (1,292 | ) | |||
Other comprehensive loss before reclassification | (354 | ) | ||||
Amount reclassified from accumulated other comprehensive income | 5 | |||||
Total other comprehensive loss | (349 | ) | ||||
Balance as of December 31, 2013 | $ | (1,641 | ) | |||
(a) All amounts are net of tax. Amounts in parentheses indicate debits. | ||||||
Schedule of amounts reclassified out of each component of accumulated other comprehensive income (loss) | ' | |||||
Three Months | ||||||
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 | ||||
Unealized gains on available for sale securities | ||||||
$ | (7 | ) | Net impairment losses recognized in earnings | |||
2 | Income taxes | |||||
$ | (5 | ) | Net of tax | |||
(a) Amounts in parentheses indicate debits to net income. |
INVESTMENT_AND_MORTGAGEBACKED_1
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of amortized cost and fair value of investment and mortgage-backed securities, with gross unrealized gains and losses | ' | ||||||||||||||||||||||||
31-Dec-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 | $ | - | $ | (2,220 | ) | $ | 16,766 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | 22,959 | 207 | (976 | ) | 22,190 | ||||||||||||||||||||
Mortgage-backed securities - non-agency (1) | 3,169 | 497 | (65 | ) | 3,601 | ||||||||||||||||||||
Total debt securities available for sale | 45,114 | 704 | (3,261 | ) | 42,557 | ||||||||||||||||||||
FHLMC preferred stock | 6 | 71 | - | 77 | |||||||||||||||||||||
Total securities available for sale | $ | 45,120 | $ | 775 | $ | (3,261 | ) | $ | 42,634 | ||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | 66,936 | $ | 406 | $ | (6,522 | ) | $ | 60,820 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | 16,048 | 1,110 | (160 | ) | 16,998 | ||||||||||||||||||||
Total securities held to maturity | $ | 82,984 | $ | 1,516 | $ | (6,682 | ) | $ | 77,818 | ||||||||||||||||
(1) Includes impaired securities. | |||||||||||||||||||||||||
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 | ||||||||||||||||
Schedule of gross unrealized losses and related fair values of investment securities | ' | ||||||||||||||||||||||||
The following table shows the gross unrealized losses and related fair values of the Company’s investment securities, aggregated by investment category and length of time that individual securities had been in a continuous loss position at December 31, 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 | $ | (1,855 | ) | $ | 14,131 | $ | (365 | ) | $ | 2,635 | $ | (2,220 | ) | $ | 16,766 | ||||||||||
Mortgage-backed securities - U.S. government agencies | (976 | ) | 16,516 | - | - | (976 | ) | 16,516 | |||||||||||||||||
Mortgage-backed securities - non-agency | (2 | ) | 364 | (63 | ) | 415 | (65 | ) | 779 | ||||||||||||||||
Total securities available for sale | $ | (2,833 | ) | $ | 31,011 | $ | (428 | ) | $ | 3,050 | $ | (3,261 | ) | $ | 34,061 | ||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | (4,006 | ) | $ | 25,796 | $ | (2,516 | ) | $ | 19,470 | $ | (6,522 | ) | $ | 45,266 | ||||||||||
Mortgage-backed securities - U.S. government agencies | (160 | ) | 4,999 | - | - | (160 | ) | 4,999 | |||||||||||||||||
Total securities held to maturity | $ | (4,166 | ) | $ | 30,795 | $ | (2,516 | ) | $ | 19,470 | $ | (6,682 | ) | $ | 50,265 | ||||||||||
Total | $ | (6,999 | ) | $ | 61,806 | $ | (2,944 | ) | $ | 22,520 | $ | (9,943 | ) | $ | 84,326 | ||||||||||
The following table shows the gross unrealized losses and related fair values of the Company’s investment securities, aggregated by investment category and length of time that individual securities had been in a continuous loss position at September 30, 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 - 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 | $ | (1,038 | ) | $ | 9,956 | $ | (4,855 | ) | $ | 50,082 | ||||||||||
Mortgage-backed securities - agency | (76 | ) | 5,253 | - | - | (76 | ) | 5,253 | |||||||||||||||||
Total securities held to maturity | $ | (3,893 | ) | $ | 45,379 | $ | (1,038 | ) | $ | 9,956 | $ | (4,931 | ) | $ | 55,335 | ||||||||||
Total | $ | (6,334 | ) | $ | 80,502 | $ | (1,118 | ) | $ | 10,416 | $ | (7,452 | ) | $ | 90,918 | ||||||||||
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, 2013 | $ | 1,599 | |||||||||||||||||||||||
Additions for credit-related OTTI charges on previously unimpaired securities | - | ||||||||||||||||||||||||
Additional increases as a result of impairment charges recognized on investments for which an OTTI was previously recognized | 7 | ||||||||||||||||||||||||
Credit component of OTTI as of December 31, 2013 | $ | 1,606 | |||||||||||||||||||||||
Schedule of amortized cost and fair value of debt securities by contractual maturity | ' | ||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Held to Maturity | Available for Sale | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Due within one year | $ | 2,000 | $ | 2,004 | $ | - | $ | - | |||||||||||||||||
Due after one through five years | 1,998 | 2,324 | - | - | |||||||||||||||||||||
Due after five through ten years | 10,500 | 9,783 | 1,999 | 1,823 | |||||||||||||||||||||
Due after ten years | 52,438 | 46,709 | 16,987 | 14,943 | |||||||||||||||||||||
Total | $ | 66,936 | $ | 60,820 | $ | 18,986 | $ | 16,766 |
LOANS_RECEIVABLE_Tables
LOANS RECEIVABLE (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of summary of loans receivable | ' | ||||||||||||||||||||||||||||||||
31-Dec | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 286,559 | $ | 270,791 | |||||||||||||||||||||||||||||
Multi-family residential | 7,633 | 5,716 | |||||||||||||||||||||||||||||||
Commercial real estate | 16,262 | 19,506 | |||||||||||||||||||||||||||||||
Construction and land development | 12,863 | 11,356 | |||||||||||||||||||||||||||||||
Commercial business | 740 | 588 | |||||||||||||||||||||||||||||||
Consumer | 342 | 438 | |||||||||||||||||||||||||||||||
Total loans | 324,399 | 308,395 | |||||||||||||||||||||||||||||||
Undisbursed portion of loans-in-process | (2,898 | ) | (1,676 | ) | |||||||||||||||||||||||||||||
Deferred loan costs | 2,467 | 2,151 | |||||||||||||||||||||||||||||||
Allowance for loan losses | (2,353 | ) | (2,353 | ) | |||||||||||||||||||||||||||||
Net loans | $ | 321,615 | $ | 306,517 | |||||||||||||||||||||||||||||
Schedule of loans individually evaluated for impairment by loan segment | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the loans individually evaluated for impairment by loan segment at December 31, 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 for impairment | $ | 10,556 | $ | 380 | $ | 2,047 | $ | 1,205 | $ | - | $ | - | $ | 14,188 | |||||||||||||||||||
Collectively evaluated for impairment | 276,003 | 7,253 | 14,215 | 11,658 | 740 | 342 | 310,211 | ||||||||||||||||||||||||||
Total loans | $ | 286,559 | $ | 7,633 | $ | 16,262 | $ | 12,863 | $ | 740 | $ | 342 | $ | 324,399 | |||||||||||||||||||
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 for impairment | $ | 10,754 | $ | 383 | $ | 2,776 | $ | 1,205 | $ | - | $ | - | $ | 15,118 | |||||||||||||||||||
Collectively evaluated for impairment | 260,037 | 5,333 | 16,730 | 10,151 | 588 | 438 | 293,277 | ||||||||||||||||||||||||||
Total loans | $ | 270,791 | $ | 5,716 | $ | 19,506 | $ | 11,356 | $ | 588 | $ | 438 | $ | 308,395 | |||||||||||||||||||
Schedule of impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not required | ' | ||||||||||||||||||||||||||||||||
The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not required as of December 31, 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 | $ | - | $ | - | $ | 10,556 | $ | 10,556 | $ | 10,882 | |||||||||||||||||||||||
Mult-family residential | - | - | 380 | 380 | 380 | ||||||||||||||||||||||||||||
Commercial real estate | - | - | 2,047 | 2,047 | 2,047 | ||||||||||||||||||||||||||||
Construction and land development | - | - | 1,205 | 1,205 | 1,205 | ||||||||||||||||||||||||||||
Total Loans | $ | - | $ | - | $ | 14,188 | $ | 14,188 | $ | 14,514 | |||||||||||||||||||||||
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 required 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 | |||||||||||||||||||||||
Schedule of average investment in impaired loans and related interest income recognized | ' | ||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Average | Income Recognized | Income | |||||||||||||||||||||||||||||||
Recorded | on Accrual Basis | Recognized on | |||||||||||||||||||||||||||||||
Investment | Cash Basis | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 10,655 | $ | 71 | $ | 21 | |||||||||||||||||||||||||||
Multi-family residential | 382 | 7 | - | ||||||||||||||||||||||||||||||
Commercial real estate | 2,384 | 10 | 7 | ||||||||||||||||||||||||||||||
Construction and Land Development | 1,205 | 23 | - | ||||||||||||||||||||||||||||||
Total loans | $ | 14,626 | $ | 111 | $ | 28 | |||||||||||||||||||||||||||
Three Months Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Average | Income Recognized | Income | |||||||||||||||||||||||||||||||
Recorded | on Accrual Basis | Recognized on | |||||||||||||||||||||||||||||||
Investment | Cash Basis | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 24,676 | $ | 166 | $ | 69 | |||||||||||||||||||||||||||
Multi-family residential | 914 | 16 | - | ||||||||||||||||||||||||||||||
Commercial real estate | 1,672 | 19 | - | ||||||||||||||||||||||||||||||
Construction and Land Development | 2,152 | 35 | - | ||||||||||||||||||||||||||||||
Total loans | $ | 29,414 | $ | 236 | $ | 69 | |||||||||||||||||||||||||||
Schedule of classes of the loan portfolio in which a formal risk weighting system is utilized | ' | ||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Special | Total | ||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Loans | |||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Multi-family residential | 7,253 | - | 380 | - | 7,633 | ||||||||||||||||||||||||||||
Commercial real estate | 12,762 | 1,453 | 2,047 | - | 16,262 | ||||||||||||||||||||||||||||
Construction and land development | 4,082 | 7,576 | 1,205 | - | 12,863 | ||||||||||||||||||||||||||||
Commercial business | 740 | - | - | - | 740 | ||||||||||||||||||||||||||||
$ | 24,837 | $ | 9,029 | $ | 3,632 | $ | - | $ | 37,498 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
Schedule of loans in which a formal risk rating system is not utilized, but loans are segregated between performing and non-performing | ' | ||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Non- | Total | ||||||||||||||||||||||||||||||||
Performing | Performing | Loans | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 281,178 | $ | 5,381 | $ | 286,559 | |||||||||||||||||||||||||||
Consumer | 342 | - | 342 | ||||||||||||||||||||||||||||||
Total loans | $ | 281,520 | $ | 5,381 | $ | 286,901 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Schedule of loan categories of the loan portfolio summarized by the aging categories of performing and delinquent loans and nonaccrual loans | ' | ||||||||||||||||||||||||||||||||
31-Dec-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 | $ | 281,412 | $ | 1,398 | $ | 3,749 | $ | - | $ | 1,398 | $ | 286,559 | $ | 5,381 | |||||||||||||||||||
Multi-family residential | 7,633 | - | - | - | - | 7,633 | - | ||||||||||||||||||||||||||
Commercial real estate | 15,816 | - | 446 | - | - | 16,262 | 1,031 | ||||||||||||||||||||||||||
Construction and land development | 11,658 | 1,205 | - | - | 1,205 | 12,863 | - | ||||||||||||||||||||||||||
Commercial business | 740 | - | - | - | - | 740 | - | ||||||||||||||||||||||||||
Consumer | 342 | - | - | - | - | 342 | - | ||||||||||||||||||||||||||
Total loans | $ | 317,601 | $ | 2,603 | $ | 4,195 | $ | - | $ | 2,603 | $ | 324,399 | $ | 6,412 | |||||||||||||||||||
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 | |||||||||||||||||||
Schedule of primary segments of the allowance for loan losses, segmented into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment. | ' | ||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
One- to | Multi- | Commercial | Construction | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
four-family | family | real estate | and land | business | |||||||||||||||||||||||||||||
residential | residential | development | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
ALLL balance at September 30, 2013. | $ | 1,384 | $ | 22 | $ | 70 | $ | 653 | $ | 4 | $ | 2 | $ | 218 | $ | 2,353 | |||||||||||||||||
Charge-offs | (10 | ) | - | - | - | - | - | - | (10 | ) | |||||||||||||||||||||||
Recoveries | 10 | - | - | - | - | - | - | 10 | |||||||||||||||||||||||||
Provision (recovery) | (82 | ) | 4 | (19 | ) | 104 | - | (1 | ) | (6 | ) | - | |||||||||||||||||||||
ALLL balance at December 31, 2013 | $ | 1,302 | $ | 26 | $ | 51 | $ | 757 | $ | 4 | $ | 1 | $ | 212 | $ | 2,353 | |||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Collectively evaluated for impairment | $ | 1,302 | $ | 26 | $ | 51 | $ | 757 | $ | 4 | $ | 1 | $ | 212 | $ | 2,353 | |||||||||||||||||
Three Months Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
One- to | Multi- | Commercial | Construction | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
four-family | family | real estate | and land | business | |||||||||||||||||||||||||||||
residential | residential | development | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
ALLL balance at September 30, 2012 | $ | 830 | $ | 7 | $ | 125 | $ | 745 | $ | 3 | $ | 1 | $ | 170 | $ | 1,881 | |||||||||||||||||
Charge-offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Recoveries | - | - | - | 200 | - | - | - | 200 | |||||||||||||||||||||||||
Provision (recovery) | 75 | - | - | (86 | ) | - | - | 11 | - | ||||||||||||||||||||||||
ALLL balance at December 31, 2012 | $ | 905 | $ | 7 | $ | 125 | $ | 859 | $ | 3 | $ | 1 | $ | 181 | $ | 2,081 | |||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Collectively evaluated for impairment | $ | 905 | $ | 7 | $ | 125 | $ | 859 | $ | 3 | $ | 1 | $ | 181 | $ | 2,081 | |||||||||||||||||
Schedule of troubled debt restructurings | ' | ||||||||||||||||||||||||||||||||
As of and for the Three Months Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Restructured Current Period | |||||||||||||||||||||||||||||||||
(amount in thousands) | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | |||||||||||||||||||||||||||||||
Recorded | Recorded | ||||||||||||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||||||||||
One-to four- family | 1 | $ | 1,475 | $ | 1,475 |
DEPOSITS_Tables
DEPOSITS (Tables) | 3 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Deposits [Abstract] | ' | ||||||||||||||||
Schedule of major classification of deposits | ' | ||||||||||||||||
December 31, | September 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Money market deposit accounts | $ | 65,149 | 16.7 | % | $ | 65,298 | 12 | % | |||||||||
Interest-bearing checking accounts | 37,160 | 9.6 | 36,063 | 6.6 | |||||||||||||
Non-interest bearing checking accounts | 2,526 | 0.6 | 3,474 | 0.6 | |||||||||||||
Passbook, club and statement savings (1) | 74,827 | 19.2 | 223,615 | 41.3 | |||||||||||||
Certificates maturing in six months or less | 95,872 | 24.6 | 65,831 | 12.1 | |||||||||||||
Certificates maturing in more than six months | 113,436 | 29.3 | 148,467 | 27.4 | |||||||||||||
Total | $ | 388,970 | 100 | % | $ | 542,748 | 100 | % | |||||||||
(1) Includes $145.7 million of funds held in escrow at September 30, 2013 from the Company’s second-step conversion relating to stock subscriptions. |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of deferred income taxes | ' | ||||||||
December 31, | September 30, | ||||||||
2013 | 2013 | ||||||||
Deferred tax assets: | (Dollars in Thousands) | ||||||||
Allowance for loan losses | $ | 1,043 | $ | 1,037 | |||||
Real estate owned expenses | 12 | - | |||||||
Nonaccrual interest | 123 | 125 | |||||||
Accrued vacation | 89 | 86 | |||||||
Capital loss carryforward | 753 | 1,423 | |||||||
Impairment loss | 934 | 1,117 | |||||||
Split dollar life insurance | 21 | 21 | |||||||
Post-retirement benefits | 135 | 136 | |||||||
Unrealized loss on available for sale securities | 846 | 666 | |||||||
Employee benefit plans | 504 | 455 | |||||||
Total deferred tax assets | 4,460 | 5,066 | |||||||
Valuation allowance | (1,687 | ) | (2,540 | ) | |||||
Total deferred tax assets, net of valuation allowance | 2,773 | 2,526 | |||||||
Deferred tax liabilities: | |||||||||
Property | 478 | 461 | |||||||
Deferred loan fees | 838 | 759 | |||||||
Total deferred tax liabilities | 1,316 | 1,220 | |||||||
Net deferred tax asset | $ | 1,457 | $ | 1,306 |
STOCK_COMPENSATION_PLANS_Table
STOCK COMPENSATION PLANS (Tables) | 3 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | |||||||||
Schedule summary of the non-vested stock award activity | ' | |||||||||
Three Months Ended | ||||||||||
31-Dec-13 | ||||||||||
Weighted Average | ||||||||||
Number of | Grant Date Fair | |||||||||
Shares | Value | |||||||||
Nonvested stock awards at October 1, 2013 | 79,477 | $ | 9.56 | |||||||
Issued | - | - | ||||||||
Forfeited | - | - | ||||||||
Vested | - | - | ||||||||
Nonvested stock awards at the December 31, 2013 | 79,477 | $ | 9.56 | |||||||
Schedule of summary of the status of the company' stock options under the stock option plan | ' | |||||||||
Three Months Ended | ||||||||||
31-Dec-13 | ||||||||||
Number of | Weighted Average | |||||||||
Shares | Exercise Price | |||||||||
Outstanding at October 1, 2013 | 516,739 | $ | 10.86 | |||||||
Granted | - | - | ||||||||
Exercised | - | - | ||||||||
Forfeited | - | - | ||||||||
Outstanding at December 31, 2013 | 516,739 | $ | 10.86 | |||||||
Exercisable at December 31, 2013 | 314,420 | $ | 11.79 |
FAIR_VALUE_MEASUREMENT_Tables
FAIR VALUE MEASUREMENT (Tables) | 3 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Schedule of assets measured at fair value on recurring basis | ' | ||||||||||||||||||||
Those assets as of December 31, 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 | $ | - | $ | 16,766 | $ | - | $ | 16,766 | |||||||||||||
Mortgage-backed securities - U.S. Government agencies | - | 22,190 | - | 22,190 | |||||||||||||||||
Mortgage-backed securities - Non-agency | - | 3,601 | - | 3,601 | |||||||||||||||||
FHLMC preferred stock | 77 | - | - | 77 | |||||||||||||||||
Total | $ | 77 | $ | 42,557 | $ | - | $ | 42,634 | |||||||||||||
Those assets as of September 30, 2013 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 | $ | - | $ | 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 | |||||||||||||
Schedule of summary of non-recurring fair value measurements | ' | ||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 14,188 | $ | 14,188 | |||||||||||||
Real estate owned | - | - | 406 | $ | 406 | ||||||||||||||||
Total | $ | - | $ | - | $ | 14,594 | $ | 14,594 | |||||||||||||
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 | |||||||||||||
Schedule of nonrecurring fair value measurements categorized within level 3 of the fair value hierarchy | ' | ||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Valuation | |||||||||||||||||||||
Fair Value | Technique | Unobservable Input | Range | ||||||||||||||||||
Impaired loans | $ | 14,188 | Property appraisals | Management discount for selling costs, property type and market volatility | 10% - 20% discount | ||||||||||||||||
Real estate owned | $ | 406 | Property appraisals | Management discount for selling costs, property type and market volatility | 10% - 20% discount | ||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Valuation | |||||||||||||||||||||
Fair Value | Technique | Unobservable Input | Range | ||||||||||||||||||
Impaired loans | $ | 15,118 | Property appraisals | Management discount for selling costs, property type and market volatility | 10% - 20% discount | ||||||||||||||||
Real estate owned | $ | 406 | Property appraisals | Management discount for selling costs, property type and market volatility | 10% - 20% discount | ||||||||||||||||
Schedule of the estimated fair value amounts | ' | ||||||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Carrying | Fair | ||||||||||||||||||||
Amount | Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 56,406 | $ | 56,406 | $ | 56,406 | $ | - | $ | - | |||||||||||
Investment and mortgage-backed securities available for sale | 42,634 | 42,634 | 77 | 42,557 | - | ||||||||||||||||
Investment and mortgage-backed securities held to maturity | 82,984 | 77,818 | - | 77,818 | - | ||||||||||||||||
Loans receivable, net | 321,615 | 320,700 | - | - | 320,700 | ||||||||||||||||
Accrued interest receivable | 1,838 | 1,838 | 1,838 | - | - | ||||||||||||||||
Federal Home Loan Bank stock | 1,181 | 1,181 | 1,181 | - | - | ||||||||||||||||
Bank owned life insurance | 7,167 | 7,167 | 7,167 | - | - | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Checking accounts | 39,686 | 39,686 | 39,686 | - | - | ||||||||||||||||
Money market deposit accounts | 65,149 | 65,149 | 65,149 | - | - | ||||||||||||||||
Passbook, club and statement savings accounts | 74,827 | 74,827 | 74,827 | - | - | ||||||||||||||||
Certificates of deposit | 209,308 | 213,568 | - | 213,568 | - | ||||||||||||||||
Advances from Federal Home Loan Bank | 340 | 340 | 340 | - | - | ||||||||||||||||
Accrued interest payable | 17 | 17 | 17 | - | - | ||||||||||||||||
Advances from borrowers for taxes and insurance | 2,467 | 2,467 | 2,467 | - | - | ||||||||||||||||
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 | - | - | ||||||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 09, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2005 | Jan. 31, 2014 | |
Branch | Prudential Mutual Holding Company | Philadelphia | Pennsylvania | Second Step Conversion | Employee Stock Ownership Plan ESOP Plan | Employee Stock Ownership Plan ESOP Plan | Employee Stock Ownership Plan ESOP Plan | Subsequent Event | |||
Office | Office | Employee Stock Ownership Plan ESOP Plan | |||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of new shares sold | ' | ' | ' | ' | ' | ' | 7,141,602 | ' | ' | ' | ' |
Common stock, par value | $0.01 | ' | $0.01 | ' | ' | ' | $0.01 | ' | ' | ' | ' |
Per share of new shares sold | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' | ' |
Additional outstanding shares of common stock | ' | ' | ' | ' | ' | ' | 2,403,207 | ' | ' | ' | ' |
Number of shares for which the common stock exchanged | ' | 0.9442 | ' | ' | ' | ' | 0.9442 | ' | ' | ' | ' |
Treasury stock cancelled | ' | ' | ' | ' | ' | ' | 2,540,255 | ' | ' | ' | ' |
Number of full service branch offices | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of banking offices | ' | ' | ' | ' | 6 | 1 | ' | ' | ' | ' | ' |
Number of common shares purchased under employee stock ownership plan (ESOP) | ' | ' | ' | ' | ' | ' | ' | 255,564 | ' | 427,057 | 30,100 |
Aggregate cost of common stock purchased under employee stock ownership plan (ESOP) | ' | ' | ' | ' | ' | ' | ' | ' | $3,100,000 | $4,500,000 | ' |
Number of shares allocated from suspense account to participants | ' | ' | ' | ' | ' | ' | ' | 165,523 | 165,523 | ' | ' |
ESOP shares committed to be released, shares | 5,339 | 5,339 | ' | ' | ' | ' | ' | 10,679 | 10,679 | ' | ' |
Recognized compensation expense | $58,000 | $35,000 | ' | ' | ' | ' | ' | ' | $58,000 | ' | ' |
Shares held in ESOP plan | ' | ' | ' | ' | ' | ' | ' | 677,032 | 677,032 | ' | ' |
Shares repurchased and held as treasury stock | 0 | ' | 2,398,509 | ' | ' | ' | ' | ' | ' | ' | ' |
Average cost per share of shares purchased (in dollars per share) | ' | ' | $13.18 | $10.91 | ' | ' | ' | ' | ' | ' | ' |
Shares owned by public shareholders | ' | ' | 2,403,398 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares purchased | ' | ' | ' | 536,306 | ' | ' | ' | ' | ' | ' | ' |
Number of shares owned by mutual holding company | ' | ' | ' | 7,060,786 | ' | ' | ' | ' | ' | ' | ' |
Par value of stock bought from and sold to the federal home loan bank | $100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EARNINGS_PER_SHARE_Calculated_
EARNINGS PER SHARE - Calculated basic and diluted earnings per share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share, Basic [Abstract] | ' | ' |
Net income | $338 | $272 |
Weighted average shares outstanding - basic | 9,224,496 | 9,184,631 |
Effect of common stock equivalents - basic | ' | ' |
Adjusted weighted average shares used in earnings per share computation - basic | 9,224,496 | 9,184,631 |
Earnings per share - basic (in dollars per share) | $0.04 | $0.03 |
Earnings Per Share, Diluted [Abstract] | ' | ' |
Net income | $338 | $272 |
Weighted average shares outstanding - diluted | 9,224,496 | 9,184,631 |
Effect of common stock equivalents - diluted | 262,234 | 33,690 |
Adjusted weighted average shares used in earnings per share computation - diluted | 9,486,730 | 9,218,321 |
Earnings per share - diluted (in dollars per share) | $0.04 | $0.03 |
EARNINGS_PER_SHARE_Detail_Text
EARNINGS PER SHARE (Detail Textuals) (USD $) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Number of shares for which the common stock exchanged | ' | 0.9442 |
Stock Options | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 383,016 | 417,714 |
Exercise price for the stock options (in dollars per share) | $11.83 | ' |
Stock Options | Minimum | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Exercise price for the stock options (in dollars per share) | ' | 7.68 |
Stock Options | Maximum | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Exercise price for the stock options (in dollars per share) | ' | 11.83 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in accumulated other comprehensive income (loss) by component net of tax (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |
Balance as of October 1, 2013 | ' | ' | ($1,292) | |
Total other comprehensive loss | -349 | -228 | ' | |
Balance as of December 31, 2013 | -1,641 | ' | -1,292 | |
Unrealized gains (losses) on available for sale securities | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |
Balance as of October 1, 2013 | -1,292 | [1] | ' | ' |
Other comprehensive loss before reclassification | -354 | [1] | ' | ' |
Amount reclassified from accumulated other comprehensive income | -5 | [1] | ' | ' |
Total other comprehensive loss | -349 | [1] | ' | ' |
Balance as of December 31, 2013 | ($1,641) | [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 $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | |
Reclassification adjustment for other than temporary impairment losses on debt securities | ($7) | ($14) | |
Net impairment losses recognized in earnings, income taxes | 2 | 5 | |
Unrealized gains (losses) on available for sale securities | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | |
Net of tax | -5 | [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] | ' | ' | |
Reclassification adjustment for other than temporary impairment losses on debt securities | -7 | [2] | ' |
Net impairment losses recognized in earnings, income taxes | 2 | [2] | ' |
Net of tax | ($5) | [1],[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 $) | Dec. 31, 2013 | Sep. 30, 2013 | |
In Thousands, unless otherwise specified | |||
Securities Available for Sale: | ' | ' | |
Amortized cost | $45,120 | $43,744 | |
Gross unrealized gains | 775 | 558 | |
Gross unrealized losses | -3,261 | -2,521 | |
Fair Value | 42,634 | 41,781 | |
Securities Held to Maturity: | ' | ' | |
Amortized cost | 82,984 | 83,732 | |
Gross unrealized gains | 1,516 | 1,781 | |
Gross unrealized losses | -6,682 | -4,931 | |
Fair value | 77,818 | 80,582 | |
Debt Securities | ' | ' | |
Securities Available for Sale: | ' | ' | |
Amortized cost | 45,114 | 43,738 | |
Gross unrealized gains | 704 | 531 | |
Gross unrealized losses | -3,261 | -2,521 | |
Fair Value | 42,557 | 41,748 | |
U.S. government and agency obligations | ' | ' | |
Securities Available for Sale: | ' | ' | |
Amortized cost | 18,986 | 18,986 | |
Gross unrealized gains | ' | ' | |
Gross unrealized losses | -2,220 | -1,727 | |
Fair Value | 16,766 | 17,259 | |
Securities Held to Maturity: | ' | ' | |
Amortized cost | 66,936 | 66,934 | |
Gross unrealized gains | 406 | 559 | |
Gross unrealized losses | -6,522 | -4,855 | |
Fair value | 60,820 | 62,638 | |
Mortgage-backed securities - U.S. government agencies | ' | ' | |
Securities Available for Sale: | ' | ' | |
Amortized cost | 22,959 | 21,433 | |
Gross unrealized gains | 207 | 230 | |
Gross unrealized losses | -976 | -704 | |
Fair Value | 22,190 | 20,959 | |
Securities Held to Maturity: | ' | ' | |
Amortized cost | 16,048 | 16,798 | |
Gross unrealized gains | 1,110 | 1,222 | |
Gross unrealized losses | -160 | -76 | |
Fair value | 16,998 | 17,944 | |
Mortgage-backed securities - Non-agency | ' | ' | |
Securities Available for Sale: | ' | ' | |
Amortized cost | 3,169 | [1] | 3,319 |
Gross unrealized gains | 497 | [1] | 301 |
Gross unrealized losses | -65 | [1] | -90 |
Fair Value | 3,601 | [1] | 3,530 |
FHLMC preferred stock | ' | ' | |
Securities Available for Sale: | ' | ' | |
Amortized cost | 6 | 6 | |
Gross unrealized gains | 71 | 27 | |
Gross unrealized losses | ' | ' | |
Fair Value | $77 | $33 | |
[1] | Includes impaired securities. |
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 $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Securities Available for Sale: | ' | ' |
Less than 12 months - Gross Unrealized Losses | ($2,833) | ($2,441) |
Less than 12 months - Fair value | 31,011 | 35,123 |
More than 12 months - Gross unrealized losses | -428 | -80 |
More than 12 months - Fair value | 3,050 | 460 |
Gross Unrealized Losses - Total | -3,261 | -2,521 |
Fair Value - Total | 34,061 | 35,583 |
Securities Held to Maturity: | ' | ' |
Less than 12 months - Gross Unrealized Losses | -4,166 | -3,893 |
Less than 12 months - Fair value | 30,795 | 45,379 |
More than 12 months - Gross unrealized losses | -2,516 | -1,038 |
More than 12 months - Fair value | 19,470 | 9,956 |
Gross Unrealized Losses -Total | -6,682 | -4,931 |
Fair Value - Total | 50,265 | 55,335 |
Less than 12 months - Gross Unrealized Losses | -6,999 | -6,334 |
Less than 12 months - Fair Value | 61,806 | 80,502 |
More than 12 months Gross - Unrealized Losses | -2,944 | -1,118 |
More than 12 months - Fair Value | 22,520 | 10,416 |
Gross Unrealized Losses - Total | -9,943 | -7,452 |
Fair Value - Total | 84,326 | 90,918 |
U.S. government and agency obligations | ' | ' |
Securities Available for Sale: | ' | ' |
Less than 12 months - Gross Unrealized Losses | -1,855 | -1,727 |
Less than 12 months - Fair value | 14,131 | 17,259 |
More than 12 months - Gross unrealized losses | -365 | ' |
More than 12 months - Fair value | 2,635 | ' |
Gross Unrealized Losses - Total | -2,220 | -1,727 |
Fair Value - Total | 16,766 | 17,259 |
Securities Held to Maturity: | ' | ' |
Less than 12 months - Gross Unrealized Losses | -4,006 | -3,817 |
Less than 12 months - Fair value | 25,796 | 40,126 |
More than 12 months - Gross unrealized losses | -2,516 | -1,038 |
More than 12 months - Fair value | 19,470 | 9,956 |
Gross Unrealized Losses -Total | -6,522 | -4,855 |
Fair Value - Total | 45,266 | 50,082 |
Mortgage-backed securities - U.S. government agencies | ' | ' |
Securities Available for Sale: | ' | ' |
Less than 12 months - Gross Unrealized Losses | -976 | -704 |
Less than 12 months - Fair value | 16,516 | 17,449 |
More than 12 months - Gross unrealized losses | ' | ' |
More than 12 months - Fair value | ' | ' |
Gross Unrealized Losses - Total | -976 | -704 |
Fair Value - Total | 16,516 | 17,449 |
Securities Held to Maturity: | ' | ' |
Less than 12 months - Gross Unrealized Losses | -160 | -76 |
Less than 12 months - Fair value | 4,999 | 5,253 |
More than 12 months - Gross unrealized losses | ' | ' |
More than 12 months - Fair value | ' | ' |
Gross Unrealized Losses -Total | -160 | -76 |
Fair Value - Total | 4,999 | 5,253 |
Mortgage-backed securities - Non-agency | ' | ' |
Securities Available for Sale: | ' | ' |
Less than 12 months - Gross Unrealized Losses | -2 | -10 |
Less than 12 months - Fair value | 364 | 415 |
More than 12 months - Gross unrealized losses | -63 | -80 |
More than 12 months - Fair value | 415 | 460 |
Gross Unrealized Losses - Total | -65 | -90 |
Fair Value - Total | $779 | $875 |
INVESTMENT_AND_MORTGAGEBACKED_4
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Rollforward of amounts recognized in earnings related to credit losses on securities (Details 2) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ' |
Credit component of OTTI as of October 1, 2013 | $1,599 |
Additions for credit-related OTTI charges on previously unimpaired securities | ' |
Additional increases as a result of impairment charges recognized on investments for which an OTTI was previously recognized | 7 |
Credit component of OTTI as of December 31, 2013 | $1,606 |
INVESTMENT_AND_MORTGAGEBACKED_5
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized cost and fair value of debt securities, by contractual maturity (Details 3) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ' |
Due within one year | $2,000 |
Due after one through five years | 1,998 |
Due after five through ten years | 10,500 |
Due after ten years | 52,438 |
Total | 66,936 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ' |
Due within one year | 2,004 |
Due after one through five years | 2,324 |
Due after five through ten years | 9,783 |
Due after ten years | 46,709 |
Total | 60,820 |
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 | 1,823 |
Due after ten years | 14,943 |
Total | $16,766 |
INVESTMENT_AND_MORTGAGEBACKED_6
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Detail Textuals) (USD $) | 3 Months Ended |
Dec. 31, 2013 | |
Security | |
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 | 18 |
Securities continuous unrealized loss position less than 12 months aggregate losses | $5,900,000 |
Percentage of reduction in amortized cost of debt securities in the category of loss position less than 12 months held by company | 12.50% |
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | 10 |
Securities continuous unrealized loss position more than 12 months aggregate losses | 2,900,000 |
Percentage of reduction in amortized cost of debt securities in the category of loss position more than 12 months held by company | 11.50% |
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 | 11 |
Securities continuous unrealized loss position less than 12 months aggregate losses | 1,100,000 |
Percentage of reduction in amortized cost of debt securities in the category of loss position less than 12 months held by company | 5.00% |
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 | 50 |
OTTI charge related to non agency issued mortgage backed securities | 7,000 |
OTTI charge related to non agency issued mortgage backed securities recognized in earnings | 7,000 |
Investment securities gross unrealized losses | $65,000 |
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | 6 |
LOANS_RECEIVABLE_Summary_of_Lo
LOANS RECEIVABLE - Summary of Loans receivable (Details) (USD $) | Dec. 31, 2013 | Oct. 01, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 01, 2012 |
In Thousands, unless otherwise specified | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Allowance for loan losses | ($2,353) | ' | ($2,353) | ' | ' |
Net loans | 321,615 | ' | 306,517 | ' | ' |
Loans Receivable | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
One-to-four family residential | 286,559 | ' | 270,791 | ' | ' |
Multi-family residential | 7,633 | ' | 5,716 | ' | ' |
Commercial real estate | 16,262 | ' | 19,506 | ' | ' |
Construction and land development | 12,863 | ' | 11,356 | ' | ' |
Commercial business | 740 | ' | 588 | ' | ' |
Consumer | 342 | ' | 438 | ' | ' |
Total loans | 324,399 | ' | 308,395 | ' | ' |
Undisbursed portion of loans-in-process | -2,898 | ' | -1,676 | ' | ' |
Deferred loan costs | 2,467 | ' | 2,151 | ' | ' |
Allowance for loan losses | -2,353 | -2,353 | -2,353 | -2,081 | -1,881 |
Net loans | $321,615 | ' | $306,517 | ' | ' |
Recovered_Sheet1
LOANS RECEIVABLE - Summary of loans individually evaluated for impairment by loan segment (Details 1) (Loans Receivable, USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Individually evaluated for impairment | $14,188 | $15,118 |
Collectively evaluated for impairment | 310,211 | 293,277 |
Total loans | 324,399 | 308,395 |
One- to four-family residential | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Individually evaluated for impairment | 10,556 | 10,754 |
Collectively evaluated for impairment | 276,003 | 260,037 |
Total loans | 286,559 | 270,791 |
Multi-family residential | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Individually evaluated for impairment | 380 | 383 |
Collectively evaluated for impairment | 7,253 | 5,333 |
Total loans | 7,633 | 5,716 |
Commercial real estate | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Individually evaluated for impairment | 2,047 | 2,776 |
Collectively evaluated for impairment | 14,215 | 16,730 |
Total loans | 16,262 | 19,506 |
Construction and land development | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Individually evaluated for impairment | 1,205 | 1,205 |
Collectively evaluated for impairment | 11,658 | 10,151 |
Total loans | 12,863 | 11,356 |
Commercial business | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Individually evaluated for impairment | ' | ' |
Collectively evaluated for impairment | 740 | 588 |
Total loans | 740 | 588 |
Consumer | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Individually evaluated for impairment | ' | ' |
Collectively evaluated for impairment | 342 | 438 |
Total loans | $342 | $438 |
LOANS_RECEIVABLE_Impaired_loan
LOANS RECEIVABLE - Impaired loans by class, segregated by those for which specific allowance was required and those for which specific allowance was not necessary (Details 2) (Loans Receivable, USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
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 | 14,188 | 15,118 |
Total Impaired Loans - Recorded Investment | 14,188 | 15,118 |
Total impaired loans - Unpaid Principal Balance | 14,514 | 15,118 |
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 | 10,556 | 10,754 |
Total Impaired Loans - Recorded Investment | 10,556 | 10,754 |
Total impaired loans - Unpaid Principal Balance | 10,882 | 10,754 |
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 | 380 | 383 |
Total Impaired Loans - Recorded Investment | 380 | 383 |
Total impaired loans - Unpaid Principal Balance | 380 | 383 |
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 | 2,047 | 2,776 |
Total Impaired Loans - Recorded Investment | 2,047 | 2,776 |
Total impaired loans - Unpaid Principal Balance | 2,047 | 2,776 |
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 | 1,205 |
Total Impaired Loans - Recorded Investment | 1,205 | 1,205 |
Total impaired loans - Unpaid Principal Balance | $1,205 | $1,205 |
LOANS_RECEIVABLE_Average_recor
LOANS RECEIVABLE - Average recorded investment in impaired loans and related interest income recognized (Details 3) (Loans Receivable, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average Recorded Investment | $14,626 | $29,414 |
Income Recognized on Accrual Basis | 111 | 236 |
Income Recognized on Cash Basis | 28 | 69 |
One- to four-family residential | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average Recorded Investment | 10,655 | 24,676 |
Income Recognized on Accrual Basis | 71 | 166 |
Income Recognized on Cash Basis | 21 | 69 |
Multi-family residential | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average Recorded Investment | 382 | 914 |
Income Recognized on Accrual Basis | 7 | 16 |
Income Recognized on Cash Basis | ' | ' |
Commercial Real Estate | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average Recorded Investment | 2,384 | 1,672 |
Income Recognized on Accrual Basis | 10 | 19 |
Income Recognized on Cash Basis | 7 | ' |
Construction and Land Development | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average Recorded Investment | 1,205 | 2,152 |
Income Recognized on Accrual Basis | 23 | 35 |
Income Recognized on Cash Basis | ' | ' |
LOANS_RECEIVABLE_Summary_of_cl
LOANS RECEIVABLE - Summary of classes of loan portfolio in which formal risk weighting system is used (Details 4) (Loans Receivable, USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | $324,399 | $308,395 |
Multi-family residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 7,633 | 5,716 |
Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 16,262 | 19,506 |
Construction and land development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 12,863 | 11,356 |
Commercial business | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 740 | 588 |
Risk Rating System | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 37,498 | 37,166 |
Risk Rating System | Multi-family residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 7,633 | 5,716 |
Risk Rating System | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 16,262 | 19,506 |
Risk Rating System | Construction and land development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 12,863 | 11,356 |
Risk Rating System | Commercial business | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 740 | 588 |
Risk Rating System | Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 24,837 | 23,827 |
Risk Rating System | Pass | Multi-family residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 7,253 | 5,333 |
Risk Rating System | Pass | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 12,762 | 15,273 |
Risk Rating System | Pass | Construction and land development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 4,082 | 2,633 |
Risk Rating System | Pass | Commercial business | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 740 | 588 |
Risk Rating System | Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 9,029 | 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 | 1,453 | 1,457 |
Risk Rating System | Special Mention | Construction and land development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 7,576 | 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 | 3,632 | 4,364 |
Risk Rating System | Substandard | Multi-family residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 380 | 383 |
Risk Rating System | Substandard | Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 2,047 | 2,776 |
Risk Rating System | Substandard | Construction and land development | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,205 | 1,205 |
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 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 $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | $324,399 | $308,395 |
One-to-four family residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 286,559 | 270,791 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 342 | 438 |
Non Risk Rating System | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 286,901 | 271,229 |
Non Risk Rating System | One-to-four family residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 286,559 | 270,791 |
Non Risk Rating System | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 342 | 438 |
Non Risk Rating System | Performing | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 281,520 | 266,970 |
Non Risk Rating System | Performing | One-to-four family residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 281,178 | 266,532 |
Non Risk Rating System | Performing | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 342 | 438 |
Non Risk Rating System | Nonperforming | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 5,381 | 4,259 |
Non Risk Rating System | Nonperforming | One-to-four family residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 5,381 | 4,259 |
Non Risk Rating System | Nonperforming | Consumer | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | ' | ' |
LOANS_RECEIVABLE_Loan_categori
LOANS RECEIVABLE - Loan categories of loan portfolio summarized by aging categories of performing loans and nonaccrual loans (Details 6) (Loans Receivable, USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | $317,601 | $301,055 |
30-89 Days Past Due | 2,603 | 3,945 |
90 Days + Past Due | 4,195 | 3,395 |
90 Days+ Past Due and Accruing | ' | ' |
Total Past Due and Accruing | 2,603 | 3,945 |
Total Loans | 324,399 | 308,395 |
Non- Accrual | 6,412 | 6,634 |
One-to-four family residential | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 281,412 | 264,272 |
30-89 Days Past Due | 1,398 | 3,589 |
90 Days + Past Due | 3,749 | 2,930 |
90 Days+ Past Due and Accruing | ' | ' |
Total Past Due and Accruing | 1,398 | 3,589 |
Total Loans | 286,559 | 270,791 |
Non- Accrual | 5,381 | 4,259 |
Multi-family residential | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 7,633 | 5,716 |
30-89 Days Past Due | ' | ' |
90 Days + Past Due | ' | ' |
90 Days+ Past Due and Accruing | ' | ' |
Total Past Due and Accruing | ' | ' |
Total Loans | 7,633 | 5,716 |
Non- Accrual | ' | ' |
Commercial real estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 15,816 | 18,686 |
30-89 Days Past Due | ' | 355 |
90 Days + Past Due | 446 | 465 |
90 Days+ Past Due and Accruing | ' | ' |
Total Past Due and Accruing | ' | 355 |
Total Loans | 16,262 | 19,506 |
Non- Accrual | 1,031 | 2,375 |
Construction and land development | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 11,658 | 11,356 |
30-89 Days Past Due | 1,205 | ' |
90 Days + Past Due | ' | ' |
90 Days+ Past Due and Accruing | ' | ' |
Total Past Due and Accruing | 1,205 | ' |
Total Loans | 12,863 | 11,356 |
Non- Accrual | ' | ' |
Commercial business | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 740 | 588 |
30-89 Days Past Due | ' | ' |
90 Days + Past Due | ' | ' |
90 Days+ Past Due and Accruing | ' | ' |
Total Past Due and Accruing | ' | ' |
Total Loans | 740 | 588 |
Non- Accrual | ' | ' |
Consumer | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 342 | 437 |
30-89 Days Past Due | ' | 1 |
90 Days + Past Due | ' | ' |
90 Days+ Past Due and Accruing | ' | ' |
Total Past Due and Accruing | ' | 1 |
Total Loans | 342 | 438 |
Non- Accrual | ' | ' |
LOANS_RECEIVABLE_Activity_in_a
LOANS RECEIVABLE - Activity in allowance (Details 7) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
ALLL balance | ' | ' | $2,353 |
Provision (recovery) | ' | ' | ' |
ALLL balance | 2,353 | ' | 2,353 |
Loans Receivable | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
ALLL balance | 2,353 | 1,881 | 2,353 |
Charge-offs | -10 | ' | ' |
Recoveries | 10 | 200 | ' |
Provision (recovery) | ' | ' | ' |
ALLL balance | 2,353 | 2,081 | 2,353 |
Individually evaluated for impairment | ' | ' | ' |
Collectively evaluated for impairment | 2,353 | 2,081 | ' |
Loans Receivable | One- to four-family residential | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
ALLL balance | 1,384 | 830 | ' |
Charge-offs | -10 | ' | ' |
Recoveries | 10 | ' | ' |
Provision (recovery) | -82 | 75 | ' |
ALLL balance | 1,302 | 905 | ' |
Individually evaluated for impairment | ' | ' | ' |
Collectively evaluated for impairment | 1,302 | 905 | ' |
Loans Receivable | Multi-family residential | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
ALLL balance | 22 | 7 | ' |
Charge-offs | ' | ' | ' |
Recoveries | ' | ' | ' |
Provision (recovery) | 4 | ' | ' |
ALLL balance | 26 | 7 | ' |
Individually evaluated for impairment | ' | ' | ' |
Collectively evaluated for impairment | 26 | 7 | ' |
Loans Receivable | Commercial real estate | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
ALLL balance | 70 | 125 | ' |
Charge-offs | ' | ' | ' |
Recoveries | ' | ' | ' |
Provision (recovery) | -19 | ' | ' |
ALLL balance | 51 | 125 | ' |
Individually evaluated for impairment | ' | ' | ' |
Collectively evaluated for impairment | 51 | 125 | ' |
Loans Receivable | Construction and land development | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
ALLL balance | 653 | 745 | ' |
Charge-offs | ' | ' | ' |
Recoveries | ' | 200 | ' |
Provision (recovery) | 104 | -86 | ' |
ALLL balance | 757 | 859 | ' |
Individually evaluated for impairment | ' | ' | ' |
Collectively evaluated for impairment | 757 | 859 | ' |
Loans Receivable | Commercial business | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
ALLL balance | 4 | 3 | ' |
Charge-offs | ' | ' | ' |
Recoveries | ' | ' | ' |
Provision (recovery) | ' | ' | ' |
ALLL balance | 4 | 3 | ' |
Individually evaluated for impairment | ' | ' | ' |
Collectively evaluated for impairment | 4 | 3 | ' |
Loans Receivable | Consumer | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
ALLL balance | 2 | 1 | ' |
Charge-offs | ' | ' | ' |
Recoveries | ' | ' | ' |
Provision (recovery) | -1 | ' | ' |
ALLL balance | 1 | 1 | ' |
Individually evaluated for impairment | ' | ' | ' |
Collectively evaluated for impairment | 1 | 1 | ' |
Loans Receivable | Unallocated | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
ALLL balance | 218 | 170 | ' |
Charge-offs | ' | ' | ' |
Recoveries | ' | ' | ' |
Provision (recovery) | -6 | 11 | ' |
ALLL balance | 212 | 181 | ' |
Individually evaluated for impairment | ' | ' | ' |
Collectively evaluated for impairment | $212 | $181 | ' |
LOANS_RECEIVABLE_Troubled_debt
LOANS RECEIVABLE - Troubled debt restructurings (Details 8) (Loans Receivable, One- to four-family residential, USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Contract | |
Loans Receivable | 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 | $1,475 |
Restructured Current Period - Post-modification Outstanding Recorded Investments | $1,475 |
DEPOSITS_Major_classifications
DEPOSITS - Major classifications of deposits (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract] | ' | ' | ||
Money market deposit accounts | $65,149 | $65,298 | ||
Interest-bearing checking accounts | 37,160 | 36,063 | ||
Non-interest bearing checking accounts | 2,526 | 3,474 | ||
Passbook, club and statement savings | 74,827 | [1] | 223,615 | [1] |
Certificates maturing in six months or less | 95,872 | 65,831 | ||
Certificates maturing in more than six months | 113,436 | 148,467 | ||
Total deposits | $388,970 | $542,748 | ||
Percentage Of Deposit Liabilities [Abstract] | ' | ' | ||
Money market deposit accounts | 16.70% | 12.00% | ||
Interest-bearing checking accounts | 9.60% | 6.60% | ||
Non-interest bearing checking accounts | 0.60% | 0.60% | ||
Passbook, club and statement savings | 19.20% | [1] | 41.30% | [1] |
Certificates maturing in six months or less | 24.60% | 12.10% | ||
Certificates maturing in more than six months | 29.30% | 27.40% | ||
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 conversion relating to stock subscriptions. |
DEPOSITS_Major_classifications1
DEPOSITS - Major classifications of deposits (Parentheticals) (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Deposits [Abstract] | ' |
Amount of funds held in escrow | $145.70 |
DEPOSITS_Detail_Textuals
DEPOSITS (Detail Textuals) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Deposits [Abstract] | ' | ' |
Certificates of $100,000 and over | $77.20 | $78.70 |
INCOME_TAXES_Items_that_gave_r
INCOME TAXES - Items that gave rise to significant portions of deferred income taxes (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Allowance for loan losses | $1,043 | $1,037 |
Real estate owned expenses | 12 | ' |
Nonaccrual interest | 123 | 125 |
Accrued vacation | 89 | 86 |
Capital loss carryforward | 753 | 1,423 |
Impairment loss | 934 | 1,117 |
Split dollar life insurance | 21 | 21 |
Post-retirement benefits | 135 | 136 |
Unrealized loss on available for sale securities | 846 | 666 |
Employee benefit plans | 504 | 455 |
Total deferred tax assets | 4,460 | 5,066 |
Valuation allowance | -1,687 | -2,540 |
Total deferred tax assets, net of valuation allowance | 2,773 | 2,526 |
Deferred tax liabilities: | ' | ' |
Property | 478 | 461 |
Deferred loan fees | 838 | 759 |
Total deferred tax liabilities | 1,316 | 1,220 |
Net deferred tax asset | $1,457 | $1,306 |
INCOME_TAXES_Detail_Textuals
INCOME TAXES (Detail Textuals) (USD $) | 3 Months Ended | |
Dec. 31, 2013 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Valuation allowance | $1,687,000 | $2,540,000 |
Decrease in gross deferred asset related to impairment losses | $670,000 | ' |
STOCK_COMPENSATION_PLANS_Summa
STOCK COMPENSATION PLANS - Summary of non-vested stock award activity (Details) (Recognition and Retention Plan (RRP), USD $) | 3 Months Ended |
Dec. 31, 2013 | |
Number of Shares | ' |
Vested | 134,052 |
Nonvested Stock Awards | ' |
Number of Shares | ' |
Nonvested stock awards at beginning of year | 79,477 |
Issued | ' |
Forfeited | ' |
Vested | ' |
Nonvested stock awards at the end of the period | 79,477 |
Weighted Average Grant Date Fair Value | ' |
Nonvested stock awards at beginning of year | 9.56 |
Issued | ' |
Forfeited | ' |
Vested | ' |
Nonvested stock awards at the end of the period | 9.56 |
STOCK_COMPENSATION_PLANS_Summa1
STOCK COMPENSATION PLANS - Summary of status of stock options under Stock Option Plan (Details 1) (Stock Options Plan, Stock Options, USD $) | 3 Months Ended |
Dec. 31, 2013 | |
Stock Options Plan | Stock Options | ' |
Number of Shares | ' |
Outstanding at October 1, 2013 | 516,739 |
Granted | ' |
Exercised | ' |
Forfeited | ' |
Outstanding at December 31, 2013 | 516,739 |
Exercisable at December 31, 2013 | 314,420 |
Weighted Average Exercise Price | ' |
Outstanding at October 1, 2013 | $10.86 |
Granted | ' |
Exercised | ' |
Forfeited | ' |
Outstanding at December 31, 2013 | $10.86 |
Exercisable at December 31, 2013 | $11.79 |
STOCK_COMPENSATION_PLANS_Detai
STOCK COMPENSATION PLANS (Detail Textuals ) (Recognition and Retention Plan (RRP), USD $) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Recognition and Retention Plan (RRP) | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares purchased by RRP trust | 213,529 | ' |
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 | $11.49 | ' |
Percentage of vesting per year | 20.00% | ' |
Vesting period of awards granted | '5 years | ' |
Number of fully vested shares | 134,052 | ' |
Recognized compensation expense | 117,000 | 97,000 |
Tax benefit from stock-based compensation | 40,000 | 33,000 |
Unrecognized compensation expense for shares awarded | $312,000 | ' |
STOCK_COMPENSATION_PLANS_Detai1
STOCK COMPENSATION PLANS (Detail Textuals 1) (Stock Options Plan, Stock Options, USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 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 | 533,821 | ' | ' | ' |
Number of shares made available for future issuance | 17,082 | ' | ' | ' |
Number of vested options | 331,502 | ' | ' | ' |
Weighted average remaining contractual term for options outstanding | '6 years | ' | ' | ' |
Estimated fair value of options granted per share | $3.34 | ' | $2.92 | $2.98 |
Fair value, valuation method | 'Black-Scholes pricing model | ' | ' | ' |
Recognized compensation expense | $79,000 | $61,000 | ' | ' |
Tax benefit from stock-based compensation | 8,000 | 6,000 | ' | ' |
Unrecognized compensation expense for options | $332,000 | ' | ' | ' |
Weighted average period for expense recognize | '1 year 7 months 6 days | ' | ' | ' |
COMMITMENTS_AND_CONTINGENT_LIA1
COMMITMENTS AND CONTINGENT LIABILITIES (Detail Textuals) (USD $) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Sep. 30, 2013 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
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 | 13,300,000 | 12,800,000 |
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% | 3.25% |
Loan Origination Commitments | Maximum | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Market interest rate on fixed and variable rate loans | 6.00% | 6.00% |
Unused lines of Credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Outstanding commitments | 3,200,000 | 4,700,000 |
Letter of Credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Outstanding commitments | 204,000 | 187,000 |
COMMITMENTS_AND_CONTINGENT_LIA2
COMMITMENTS AND CONTINGENT LIABILITIES (Detail Textuals 1) (Loans Receivable, USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Loans Receivable | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Aggregate undisbursed portion of loans-in-process | $2,898 | $1,676 |
FAIR_VALUE_MEASUREMENT_Assets_
FAIR VALUE MEASUREMENT - Assets measured at fair value on recurring basis (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | |
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 | $42,634 | $41,781 | |
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 | 16,766 | 17,259 | |
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 | 22,190 | 20,959 | |
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 | 3,601 | [1] | 3,530 |
FHLMC preferred stock | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Investment and mortgage-backed securities available for sale | 77 | 33 | |
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 | 77 | 33 | |
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 | 42,557 | 41,748 | |
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 | 16,766 | 17,259 | |
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 | 16,766 | 17,259 | |
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 | 22,190 | 20,959 | |
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 | 22,190 | 20,959 | |
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 | 3,601 | 3,530 | |
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 | 3,601 | 3,530 | |
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 | 77 | 33 | |
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 | 77 | 33 | |
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 | ' | ' | |
[1] | Includes impaired securities. |
FAIR_VALUE_MEASUREMENT_Changes
FAIR VALUE MEASUREMENT - Changes in level 3 assets measured at fair value (Details 1) (Fair Value, Measurements, Nonrecurring, USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | $14,188 | $15,118 |
Real estate owned | 406 | 406 |
Total | 14,594 | 15,524 |
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 | 14,188 | 15,118 |
Real estate owned | 406 | 406 |
Total | $14,594 | $15,524 |
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 $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value | 14,594 | 15,524 |
Level 3 | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value | 14,594 | 15,524 |
Level 3 | Impaired loan | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value | 14,188 | 15,118 |
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 | 406 |
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 $) | Dec. 31, 2013 | Oct. 01, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 01, 2012 |
In Thousands, unless otherwise specified | |||||
Assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | $56,406 | $158,984 | $158,984 | $53,263 | $81,273 |
Investment and mortgage-backed securities available for sale | 42,634 | ' | 41,781 | ' | ' |
Investment and mortgage-backed securities held to maturity | 82,984 | ' | 83,732 | ' | ' |
Loans receivable, net | 321,615 | ' | 306,517 | ' | ' |
Accrued interest receivable | 1,838 | ' | 1,791 | ' | ' |
Federal Home Loan Bank stock | 1,181 | ' | 1,181 | ' | ' |
Bank owned life insurance | 7,167 | ' | 7,119 | ' | ' |
Liabilities: | ' | ' | ' | ' | ' |
Advances from Federal Home Loan Bank | 340 | ' | 340 | ' | ' |
Accrued interest payable | 17 | ' | 1,666 | ' | ' |
Advances from borrowers for taxes and insurance | 2,467 | ' | 1,480 | ' | ' |
Carrying Amount | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 56,406 | ' | 158,984 | ' | ' |
Investment and mortgage-backed securities available for sale | 42,634 | ' | 41,781 | ' | ' |
Investment and mortgage-backed securities held to maturity | 82,984 | ' | 83,732 | ' | ' |
Loans receivable, net | 321,615 | ' | 306,517 | ' | ' |
Accrued interest receivable | 1,838 | ' | 1,791 | ' | ' |
Federal Home Loan Bank stock | 1,181 | ' | 1,181 | ' | ' |
Bank owned life insurance | 7,167 | ' | 7,119 | ' | ' |
Liabilities: | ' | ' | ' | ' | ' |
Checking accounts | 39,686 | ' | 39,537 | ' | ' |
Money market deposit accounts | 65,149 | ' | 65,298 | ' | ' |
Passbook, club and statement savings accounts | 74,827 | ' | 223,615 | ' | ' |
Certificates of deposit | 209,308 | ' | 214,298 | ' | ' |
Advances from Federal Home Loan Bank | 340 | ' | 340 | ' | ' |
Accrued interest payable | 17 | ' | 1,666 | ' | ' |
Advances from borrowers for taxes and insurance | 2,467 | ' | 1,480 | ' | ' |
Fair Value | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 56,406 | ' | 158,984 | ' | ' |
Investment and mortgage-backed securities available for sale | 42,634 | ' | 41,781 | ' | ' |
Investment and mortgage-backed securities held to maturity | 77,818 | ' | 80,582 | ' | ' |
Loans receivable, net | 320,700 | ' | 308,606 | ' | ' |
Accrued interest receivable | 1,838 | ' | 1,791 | ' | ' |
Federal Home Loan Bank stock | 1,181 | ' | 1,181 | ' | ' |
Bank owned life insurance | 7,167 | ' | 7,119 | ' | ' |
Liabilities: | ' | ' | ' | ' | ' |
Checking accounts | 39,686 | ' | 39,537 | ' | ' |
Money market deposit accounts | 65,149 | ' | 65,298 | ' | ' |
Passbook, club and statement savings accounts | 74,827 | ' | 223,615 | ' | ' |
Certificates of deposit | 213,568 | ' | 218,572 | ' | ' |
Advances from Federal Home Loan Bank | 340 | ' | 340 | ' | ' |
Accrued interest payable | 17 | ' | 1,666 | ' | ' |
Advances from borrowers for taxes and insurance | 2,467 | ' | 1,480 | ' | ' |
Level 1 | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 56,406 | ' | 158,984 | ' | ' |
Investment and mortgage-backed securities available for sale | 77 | ' | 33 | ' | ' |
Investment and mortgage-backed securities held to maturity | ' | ' | ' | ' | ' |
Loans receivable, net | ' | ' | ' | ' | ' |
Accrued interest receivable | 1,838 | ' | 1,791 | ' | ' |
Federal Home Loan Bank stock | 1,181 | ' | 1,181 | ' | ' |
Bank owned life insurance | 7,167 | ' | 7,119 | ' | ' |
Liabilities: | ' | ' | ' | ' | ' |
Checking accounts | 39,686 | ' | 39,537 | ' | ' |
Money market deposit accounts | 65,149 | ' | 65,298 | ' | ' |
Passbook, club and statement savings accounts | 74,827 | ' | 223,615 | ' | ' |
Certificates of deposit | ' | ' | ' | ' | ' |
Advances from Federal Home Loan Bank | 340 | ' | 340 | ' | ' |
Accrued interest payable | 17 | ' | 1,666 | ' | ' |
Advances from borrowers for taxes and insurance | 2,467 | ' | 1,480 | ' | ' |
Level 2 | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | ' |
Investment and mortgage-backed securities available for sale | 42,557 | ' | 41,748 | ' | ' |
Investment and mortgage-backed securities held to maturity | 77,818 | ' | 80,582 | ' | ' |
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 | 213,568 | ' | 218,572 | ' | ' |
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 | 320,700 | ' | 308,606 | ' | ' |
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 $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Level 2 | ' |
Financing Receivable, Impaired [Line Items] | ' |
Collateral dependent impaired loans, fair value | $14.20 |