Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PRUDENTIAL BANCORP, INC. | |
Entity Central Index Key | 1578776 | |
Trading Symbol | pbip | |
Current Fiscal Year End Date | -21 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock Shares Outstanding | 9,230,195 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 |
UNAUDITED_CONSOLIDATED_STATEME
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and amounts due from depository institutions | $1,815 | $2,025 |
Interest-bearing deposits | 25,607 | 43,357 |
Total cash and cash equivalents | 27,422 | 45,382 |
Investment and mortgage-backed securities available for sale (amortized cost-March 31, 2015, $70,919; September 30, 2014, $59,262) | 71,072 | 57,817 |
Investment and mortgage-backed securities held to maturity (fair value-March 31, 2015, $74,289; September 30, 2014, $79,092) | 73,603 | 80,840 |
Loans receivable-net of allowance for loan losses (March 31, 2015, $2,588; September 30, 2014, $2,425) | 327,855 | 321,063 |
Accrued interest receivable | 1,779 | 1,748 |
Real estate owned | 360 | |
Federal Home Loan Bank stock-at cost | 350 | 1,221 |
Office properties and equipment-net | 1,349 | 1,331 |
Bank owned life insurance | 12,554 | 12,377 |
Prepaid expenses and other assets | 1,501 | 2,213 |
Deferred tax asset-net | 786 | 1,131 |
TOTAL ASSETS | 518,271 | 525,483 |
Deposits: | ||
Noninterest-bearing | 2,465 | 2,327 |
Interest-bearing | 383,010 | 388,698 |
Total deposits | 385,475 | 391,025 |
Advances from Federal Home Loan Bank | 130 | 340 |
Accrued interest payable | 507 | 1,486 |
Advances from borrowers for taxes and insurance | 1,625 | 1,240 |
Accounts payable and accrued expenses | 1,738 | 1,967 |
Total liabilities | 389,475 | 396,058 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued | ||
Common stock, $.01 par value, 40,000,000 shares authorized; 9,544,809 issued and 9,235,195 outstanding at March 31, 2015 and 9,544,809 issued and outstanding at September 30, 2014 | 95 | 95 |
Additional paid-in capital | 94,663 | 94,397 |
Unearned Employee Stock Ownership Plan shares | -5,114 | -5,302 |
Treasury stock, at cost: 309,614 shares at March 31, 2015 | -3,790 | |
Retained earnings | 42,841 | 41,188 |
Accumulated other comprehensive income (loss) | 101 | -953 |
Total stockholders' equity | 128,796 | 129,425 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $518,271 | $525,483 |
UNAUDITED_CONSOLIDATED_STATEME1
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
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) | $70,919 | $59,262 |
Investment and mortgage-backed securities held to maturity, fair value (in dollars) | 74,289 | 79,092 |
Allowance for loan losses on loans receivable (in dollars) | $2,588 | $2,425 |
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 | 9,544,809 |
Common stock, shares outstanding | 9,235,195 | 9,544,809 |
Treasury stock, shares | 309,614 |
UNAUDITED_CONSOLIDATED_STATEME2
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
INTEREST INCOME: | ||||
Interest on loans | $3,287 | $3,166 | $6,544 | $6,305 |
Interest on mortgage-backed securities | 450 | 347 | 866 | 676 |
Interest and dividends on investments | 552 | 539 | 1,100 | 1,086 |
Interest on interest-bearing assets | 15 | 33 | 34 | 87 |
Total interest income | 4,304 | 4,085 | 8,544 | 8,154 |
INTEREST EXPENSE: | ||||
Interest on deposits | 871 | 852 | 1,772 | 1,757 |
Total interest expense | 871 | 852 | 1,772 | 1,757 |
NET INTEREST INCOME | 3,433 | 3,233 | 6,772 | 6,397 |
PROVISION FOR LOAN LOSSES | 300 | 375 | ||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 3,133 | 3,233 | 6,397 | 6,397 |
NON-INTEREST INCOME: | ||||
Fees and other service charges | 95 | 86 | 196 | 186 |
Gain on sale of loans, net | 138 | |||
Gain on sale of real estate, net | 1,793 | 1,793 | ||
Gain on sale of securities available for sale, net | 274 | 274 | ||
Total other-than-temporary impairment losses | -8 | -15 | ||
Portion of loss recognized in other comprehensive income, before taxes | ||||
Net impairment losses recognized in earnings | -8 | -15 | ||
Income from bank owned life insurance | 87 | 46 | 177 | 94 |
Other | 13 | 15 | 34 | 35 |
Total non-interest income | 1,988 | 413 | 2,338 | 574 |
NON-INTEREST EXPENSE: | ||||
Salaries and employee benefits | 1,960 | 1,619 | 3,625 | 3,169 |
Data processing | 106 | 113 | 212 | 220 |
Professional services | 344 | 286 | 620 | 523 |
Office occupancy | 188 | 150 | 335 | 243 |
Depreciation | 79 | 81 | 155 | 163 |
Payroll taxes | 131 | 131 | 215 | 208 |
Director compensation | 82 | 86 | 168 | 171 |
Deposit insurance | 68 | 49 | 136 | 148 |
Real estate owned expense | 4 | 29 | 29 | 64 |
Advertising | 73 | 59 | 103 | 144 |
Other | 476 | 351 | 839 | 704 |
Total non-interest expense | 3,511 | 2,954 | 6,437 | 5,757 |
INCOME BEFORE INCOME TAXES | 1,610 | 692 | 2,298 | 1,214 |
INCOME TAXES: | ||||
Current expense | 113 | 23 | 325 | 175 |
Deferred (benefit) expense | -204 | 134 | -199 | 166 |
Total income tax (benefit) expense | -91 | 157 | 126 | 341 |
NET INCOME | $1,701 | $535 | $2,172 | $873 |
BASIC EARNINGS PER SHARE (in dollars per share) | $0.20 | $0.06 | $0.25 | $0.10 |
DILUTED EARNINGS PER SHARE (in dollars per share) | $0.18 | $0.06 | $0.22 | $0.09 |
DIVIDENDS PER SHARE (in dollars per share) | $0.03 | $0 | $0.06 | $0 |
UNAUDITED_CONSOLIDATED_STATEME3
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Statement Of Other Comprehensive Income [Abstract] | ||||
Net income | $1,701 | $535 | $2,172 | $873 |
Unrealized holding gains on available-for-sale securities | 861 | 836 | 1,597 | 300 |
Tax effect | -293 | -284 | -543 | -102 |
Reclassification adjustment for net gains realized in net income | -274 | -274 | ||
Tax effect | 93 | 93 | ||
Reclassification adjustment for other-than-temporary impairment losses on debt securities | 8 | 15 | ||
Tax effect | -3 | -5 | ||
Total other comprehensive income | 568 | 376 | 1,054 | 27 |
Comprehensive Income | $2,269 | $911 | $3,226 | $900 |
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 Income (loss) | Total |
In Thousands, unless otherwise specified | |||||||
BALANCE at Sep. 30, 2013 | $118 | $55,297 | ($2,565) | ($31,625) | $39,979 | ($1,292) | $59,912 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 873 | 873 | |||||
Other comprehensive income | 27 | 27 | |||||
Second-step conversion offering | -23 | 38,725 | 31,625 | 70,327 | |||
Excess tax benefit from stock compensation plans | 59 | 59 | |||||
Stock option expense | 95 | 95 | |||||
Restricted stock expense | 93 | 93 | |||||
Purchase of ESOP shares (285,664 shares) | -3,089 | -3,089 | |||||
ESOP shares committed to be released (17,756 shares at March 31, 2015 and 2014, respectively) | 2 | 163 | 165 | ||||
BALANCE at Mar. 31, 2014 | 95 | 94,271 | -5,491 | 40,852 | -1,265 | 128,462 | |
BALANCE at Sep. 30, 2014 | 95 | 94,397 | -5,302 | 41,188 | -953 | 129,425 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,172 | 2,172 | |||||
Other comprehensive income | 1,054 | 1,054 | |||||
Dividends paid ($0.06 per share) | -519 | -519 | |||||
Excess tax benefit from stock compensation plans | 48 | 48 | |||||
Purchase of treasury stock (309,614 shares) | -3,790 | -3,790 | |||||
Stock option expense | 99 | 99 | |||||
Restricted stock expense | 69 | 69 | |||||
ESOP shares committed to be released (17,756 shares at March 31, 2015 and 2014, respectively) | 50 | 188 | 238 | ||||
BALANCE at Mar. 31, 2015 | $95 | $94,663 | ($5,114) | ($3,790) | $42,841 | $101 | $128,796 |
UNAUDITED_CONSOLIDATED_STATEME5
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) (USD $) | 6 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividends Paid (in dollars per share) | $0.06 | |
Purchase of treasury stock, shares | 309,614 | |
Purchase of ESOP shares | 285,664 | |
ESOP shares committed to be released | 17,756 | 17,756 |
UNAUDITED_CONSOLIDATED_STATEME6
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
OPERATING ACTIVITIES: | ||
Net income | $2,172 | $873 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 155 | 163 |
Net accretion of premiums/discounts | -129 | -144 |
Provision for loan losses | 375 | |
Net amortization of deferred loan fees and costs | 129 | 109 |
Impairment charge on investment and mortgage-backed securities | 15 | |
Share-based compensation expense | 168 | 188 |
Gain from sale of investment and mortgage-backed securities | -274 | |
Income from bank owned life insurance | -177 | -94 |
Gain from sale of loans | -138 | |
Originations of loans held for sale | -2,400 | |
Proceeds from sale of loans held for sale | 2,538 | |
Gain from sale of real estate | -1,793 | |
Compensation expense of ESOP | 238 | 165 |
Deferred income tax (benefit) expense | -199 | 166 |
Changes in assets and liabilities which used cash: | ||
Accrued interest receivable | -31 | 19 |
Prepaid expenses and other assets | 712 | 960 |
Accrued interest payable | -979 | -1,104 |
Accounts payable and accrued expenses | -229 | -656 |
Net cash provided by operating activities | 412 | 383 |
INVESTING ACTIVITIES: | ||
Purchase of investment and mortgage-backed securities held to maturity | -7,000 | |
Purchase of investment and mortgage-backed securities available for sale | -13,751 | -8,410 |
Loans originated or acquired | -45,444 | -35,654 |
Principal collected on loans | 38,148 | 23,417 |
Principal payments received on investment and mortgage-backed securities: | ||
Held-to-maturity | 7,265 | 8,452 |
Available-for-sale | 2,195 | 1,923 |
Proceeds from redemption of FHLB stock | 871 | |
Proceeds from sale of investments and mortgage-backed securities | 1,321 | |
Proceeds from sale of real estate owned | 360 | |
Proceeds from sale of real estate | 1,849 | |
Purchases of equipment | -229 | -63 |
Net cash used in investing activities | -8,736 | -16,014 |
FINANCING ACTIVITIES: | ||
Net decrease in demand deposits, NOW accounts, and savings accounts | -2,457 | -1,762 |
Redemption of funds held in escrow relating to second-step conversion | -145,675 | |
Net decrease in certificates of deposit | -3,093 | -11,841 |
Increase (decrease) in advances from borrowers for taxes and insurance | 385 | -20 |
Repayment of advance from the FHLB | -210 | |
Cash dividends paid | -519 | |
Issuance of common stock relating to second-step conversion | 38,702 | |
Cancelation of treasury stock | 31,625 | |
Purchase of stock for ESOP | -3,089 | |
Purchase of treasury stock | -3,790 | |
Excess tax benefit related to stock compensation plans | 48 | 59 |
Net cash used in financing activities | -9,636 | -92,001 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -17,960 | -107,632 |
CASH AND CASH EQUIVALENTS-Beginning of period | 45,382 | 158,984 |
CASH AND CASH EQUIVALENTS-End of period | 27,422 | 51,352 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest paid on deposits and advances from Federal Home Loan Bank | 2,751 | 2,861 |
Income taxes paid | 475 | |
SUPPLEMENTAL DISCLOSURES OF NONCASH ITEMS: | ||
Real estate acquired in settlement of loans | $83 |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | |
Mar. 31, 2015 | ||
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”), became 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 $71.4 million 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 into the Company and 2,540,255 (pre-conversion) treasury shares were cancelled. | ||
The Bank is a community-oriented Pennsylvania-chartered savings bank headquartered in South Philadelphia. The banking office network currently consists of the headquarters and main office and six full-service branch offices. Five of the banking offices are located in Philadelphia (Philadelphia County), and one is in Drexel Hill, Delaware County, Pennsylvania and the remaining branch is located in Chalfont, Bucks County, Pennsylvania. The Bank maintains ATMs at all seven of the banking offices. The Bank also provides on-line and mobile banking services. | ||
The Bank is subject to regulation by the Pennsylvania Department of Banking and Securities (the “Department”), as its chartering authority and primary regulator, and by the Federal Deposit Insurance Corporation (the “FDIC”), which insures the Bank’s deposits up to applicable limits. As a bank holding company, 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 U. S. 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, comprehensive income, 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 and six months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2015, or any other period. These financial statements should be read in conjunction with the audited consolidated financial statements of Prudential Bancorp, Inc. and the accompanying notes thereto included in the Company’s Annual Report on Form 10-K/A for the fiscal year ended September 30, 2014. | ||
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. | ||
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 granted pursuant to the Company’s 2008 Recognition and Retention Plan (“Plan”) and held in the Trust (the “Trust”) are held 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. A recipient of a share award granted under the 2014 Stock Incentive Plan will not be entitled to receive any dividends declared on the common stock subject to the award until 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. During the six month period ended March 31, 2015, the Company repurchased 309,614 shares at an approximate total cost of $3.8 million. | ||
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 March 31, 2015. | ||
Recent Accounting Pronouncements | ||
In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) 2014-01, Investments – Equity Method and Joint 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 did not 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 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 did not have a significant impact on the Company’s financial statements. | ||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (a new revenue recognition standard). The Update’s core principle is that a company will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, this update specifies the accounting for certain costs to obtain or fulfill a contract with a customer and expands disclosure requirements for revenue recognition. This Update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||
In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The amendments in this Update change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. For repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. The amendments also require enhanced disclosures. The accounting changes in this Update are effective for the first interim or annual period beginning after December 15, 2014. An entity is required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Earlier application is prohibited. The disclosure for certain transactions accounted for as a sale is required to be presented for interim and annual periods beginning after December 15, 2014, and the disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The disclosures are not required to be presented for comparative periods before the effective date. This ASU did not have a significant impact on the Company’s financial statements. | ||
In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments when the Terms of an Award Provide that a Performance Target Could Be Achieved After the Requisite Service Period. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. Entities may apply the amendments in this Update either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. If retrospective transition is adopted, the cumulative effect of applying this Update as of the beginning of the earliest annual period presented in the financial statements should be recognized as an adjustment to the opening retained earnings balance at that date. Additionally, if retrospective transition is adopted, an entity may use hindsight in measuring and recognizing the compensation cost. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||
In August 2014, the FASB issued ASU 2014-14, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40). The amendments in this Update require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) the loan has a government guarantee that is not separable from the loan before foreclosure, (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. 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. This ASU did not have a significant impact on the Company’s financial statements. | ||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements -Going Concern (Subtopic 205-40). The amendments in this Update provide guidance in accounting principles generally accepted in the United States of America about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this Update are first effective for the annual period ending after December 15, 2016, and for annual periods and interim periods within such annual periods thereafter. Early application is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||
In November 2014, the FASB issued ASU 2014-17, Business Combinations (Topic 805): Pushdown Accounting. The amendments in this Update apply to the separate financial statements of an acquired entity and its subsidiaries that are a business or nonprofit activity (either public or nonpublic) upon the occurrence of an event in which an acquirer (an individual or an entity) obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period to the acquired entity’s most recent change-in-control event. The amendments in this Update are effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||
In January 2015, the FASB issued ASU 2015-01, Income Statement –Extraordinary and Unusual Items, as part of its initiative to reduce complexity in accounting standards. This Update eliminates from GAAP the concept of extraordinary items. The amendments in this Update are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||
In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810). The amendments in this Update affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments in this Update are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, and for interim periods within fiscal years beginning after December 15, 2017. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||
In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30), as part of its initiative to reduce complexity in accounting standards. To simplify presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. An entity should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||
In April 2015, the FASB issued ASU 2015-04, Compensation-Retirement Benefits (Topic 715), as part of its initiative to reduce complexity in accounting standards. For an entity with a fiscal year-end that does not coincide with a month-end, the amendments in this Update provide a practical expedient that permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end and apply that practical expedient consistently from year to year. The practical expedient should be applied consistently to all plans if an entity has more than one plan. The amendments in this Update are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Earlier application is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. | ||
In April 2015, the FASB issued ASU 2015-05, Intangible – Goodwill and Other Internal Use Software (Topic 350-40), as part of its initiative to reduce complexity in accounting standards. This guidance will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The amendments in this Update provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. For public business entities, the FASB decided that the amendments will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. For all other entities, the amendments will be effective for annual periods beginning after December 15, 2015, and interim periods in annual periods beginning after December 15, 2016. Early adoption is permitted for all entities. This ASU is not expected to have a significant impact on the Company’s financial statements. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 6 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 calculated basic and diluted earnings per share are as follows: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||
(Dollars in Thousands, Except Per Share Data) | |||||||||||||||||
Net income | $ | 1,701 | $ | 1,701 | $ | 535 | $ | 535 | |||||||||
Weighted average shares outstanding | 8,571,846 | 8,571,846 | 9,066,150 | 9,066,150 | |||||||||||||
Effect of dilutive common stock equivalents | - | 1,103,728 | - | 206,655 | |||||||||||||
Adjusted weighted average shares used in earnings per share computation | 8,571,846 | 9,675,574 | 9,066,150 | 9,272,805 | |||||||||||||
Earnings per share - basic and diluted | $ | 0.2 | $ | 0.18 | $ | 0.06 | $ | 0.06 | |||||||||
Six Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||
(Dollars in Thousands, Except Per Share Data) | |||||||||||||||||
Net income | $ | 2,172 | $ | 2,172 | $ | 873 | $ | 873 | |||||||||
Weighted average shares outstanding | 8,712,938 | 8,712,938 | 9,146,193 | 9,146,193 | |||||||||||||
Effect of dilutive common stock equivalents | - | 1,163,172 | - | 204,776 | |||||||||||||
Adjusted weighted average shares used in earnings per share computation | 8,712,938 | 9,876,110 | 9,146,193 | 9,350,969 | |||||||||||||
Earnings per share - basic and diluted | $ | 0.25 | $ | 0.22 | $ | 0.1 | $ | 0.09 | |||||||||
All options outstanding as of March 31, 2015 had exercise prices below or at the then current market price and were considered dilutive for the earnings per share calculation. As of March 31, 2014 there were 396,361 shares of common stock subject to options with an exercise price greater than the then current market and which were not included in the computation of diluted earnings per share because to do so would have been antidilutive. The exercise price for the stock options representing the anti-dilutive shares ranged from $10.71 to $11.83 at March 31, 2014. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
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: | ||||||||||
Three Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
(Dollars in Thousands) | ||||||||||
Unrealized gains (losses) | Unrealized gains (losses) | |||||||||
on available for sale | on available for sale | |||||||||
securities (a) | securities (a) | |||||||||
Beginning Balance | $ | (467 | ) | $ | (1,641 | ) | ||||
Other comprehensive income before reclassification | 568 | 552 | ||||||||
Amount reclassified from accumulated other comprehensive income (loss) | - | (176 | ) | |||||||
Total other comprehensive income | 568 | 376 | ||||||||
Ending Balance | $ | 101 | $ | (1,265 | ) | |||||
(a) All amounts are net of tax. Amounts in parentheses indicate debits. | ||||||||||
Six Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
(Dollars in Thousands) | ||||||||||
Unrealized gains (losses) | Unrealized gains (losses) | |||||||||
on available for sale | on available for sale | |||||||||
securities (a) | securities (a) | |||||||||
Beginning Balance | $ | (953 | ) | $ | (1,292 | ) | ||||
Other comprehensive income before reclassification | 1,054 | 198 | ||||||||
Amount reclassified from accumulated other comprehensive income (loss) | - | (171 | ) | |||||||
Total other comprehensive income | 1,054 | 27 | ||||||||
Ending Balance | $ | 101 | $ | (1,265 | ) | |||||
(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: | ||||||||||
Three Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Amount Reclassified | Amount Reclassified | |||||||||
from Accumulated | from Accumulated | Affected Line Item in | ||||||||
Other | Other | the Statement Where | ||||||||
Comprehensive | Comprehensive | Net Income is | ||||||||
Details about other comprehensive income | Income (a) | Income (a) | Presented | |||||||
(Dollars in Thousands) | ||||||||||
Unrealized gains on available for sale securities | $ | - | $ | 274 | Gain on sale of securities available for sale | |||||
- | (93 | ) | Income taxes | |||||||
- | (8 | ) | Net impairment losses recognized in earnings | |||||||
- | 3 | Income taxes | ||||||||
$ | - | $ | 176 | Net of tax | ||||||
(a) Amounts in parentheses indicate debits to net income. | ||||||||||
Six Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Amount Reclassified | Amount Reclassified | |||||||||
from Accumulated | from Accumulated | Affected Line Item in | ||||||||
Other | Other | the Statement Where | ||||||||
Comprehensive | Comprehensive | Net Income is | ||||||||
Details about other comprehensive income | Income (a) | Income (a) | Presented | |||||||
(Dollars in Thousands) | ||||||||||
Unrealized gains on available for sale securities | $ | - | $ | 274 | Gain on sale of securities available for sale | |||||
- | (93 | ) | Income taxes | |||||||
- | (15 | ) | Net impairment losses recognized in earnings | |||||||
- | 5 | Income taxes | ||||||||
$ | - | $ | 171 | Net of tax | ||||||
(a) Amounts in parentheses indicate debits to net income. |
INVESTMENT_AND_MORTGAGEBACKED_
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 6 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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-Mar-15 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | 18,987 | $ | - | $ | (262 | ) | $ | 18,725 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | 51,926 | 498 | (138 | ) | 52,286 | ||||||||||||||||||||
Total debt securities available for sale | 70,913 | 498 | (400 | ) | 71,011 | ||||||||||||||||||||
FHLMC preferred stock | 6 | 55 | - | 61 | |||||||||||||||||||||
Total securities available for sale | $ | 70,919 | $ | 553 | $ | (400 | ) | $ | 71,072 | ||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | 60,924 | $ | 559 | $ | (949 | ) | $ | 60,534 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | 12,679 | 1,079 | (3 | ) | 13,755 | ||||||||||||||||||||
Total securities held to maturity | $ | 73,603 | $ | 1,638 | $ | (952 | ) | $ | 74,289 | ||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | 18,987 | $ | - | $ | (1,143 | ) | $ | 17,844 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | 40,269 | 188 | (554 | ) | 39,903 | ||||||||||||||||||||
Total debt securities available for sale | 59,256 | 188 | (1,697 | ) | 57,747 | ||||||||||||||||||||
FHLMC preferred stock | 6 | 64 | - | 70 | |||||||||||||||||||||
Total securities available for sale | $ | 59,262 | $ | 252 | $ | (1,697 | ) | $ | 57,817 | ||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | 66,919 | $ | 502 | $ | (3,270 | ) | $ | 64,151 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | 13,921 | 1,130 | (110 | ) | 14,941 | ||||||||||||||||||||
Total securities held to maturity | $ | 80,840 | $ | 1,632 | $ | (3,380 | ) | $ | 79,092 | ||||||||||||||||
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 March 31, 2015: | |||||||||||||||||||||||||
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 | $ | (57 | ) | $ | 4,939 | $ | (205 | ) | $ | 13,786 | $ | (262 | ) | $ | 18,725 | ||||||||||
Mortgage-backed securities - U.S. government agencies | (82 | ) | 10,885 | (56 | ) | 5,943 | (138 | ) | 16,828 | ||||||||||||||||
Total securities available for sale | (139 | ) | 15,824 | (261 | ) | 19,729 | (400 | ) | 35,553 | ||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
U.S. government and agency obligations | (4 | ) | 2,496 | (945 | ) | 45,507 | (949 | ) | 48,003 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | - | - | (3 | ) | 2,503 | (3 | ) | 2,503 | |||||||||||||||||
Total securities held to maturity | (4 | ) | 2,496 | (948 | ) | 48,010 | (952 | ) | 50,506 | ||||||||||||||||
Total | $ | (143 | ) | $ | 18,320 | $ | (1,209 | ) | $ | 67,739 | $ | (1,352 | ) | $ | 86,059 | ||||||||||
The following table shows the gross unrealized losses and related fair values of the Company’s investment securities, aggregated by investment category and length of time that individual securities had been in a continuous loss position at September 30, 2014: | |||||||||||||||||||||||||
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 | $ | - | $ | - | $ | (1,143 | ) | $ | 17,843 | $ | (1,143 | ) | $ | 17,843 | |||||||||||
Mortgage-backed securities - U.S. government agency | (184 | ) | 16,437 | (370 | ) | 13,303 | (554 | ) | 29,740 | ||||||||||||||||
Total securities available for sale | (184 | ) | 16,437 | (1,513 | ) | 31,146 | (1,697 | ) | 47,583 | ||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
U.S. government and agency obligations | (73 | ) | 6,408 | (3,197 | ) | 49,243 | (3,270 | ) | 55,651 | ||||||||||||||||
Mortgage-backed securities - U.S. government agency | - | - | (110 | ) | 4,542 | (110 | ) | 4,542 | |||||||||||||||||
Total securities held to maturity | (73 | ) | 6,408 | (3,307 | ) | 53,785 | (3,380 | ) | 60,193 | ||||||||||||||||
Total | $ | (257 | ) | $ | 22,845 | $ | (4,820 | ) | $ | 84,931 | $ | (5,077 | ) | $ | 107,776 | ||||||||||
Management evaluates securities for other-than-temporary impairment (“OTTI”) at least once each quarter, and more frequently when economic or market concerns warrant such evaluation. The evaluation is based upon factors such as the creditworthiness of the issuers/guarantors, the underlying collateral, if applicable, and the continuing performance of the securities. Management also evaluates other facts and circumstances that may be indicative of an OTTI condition. This includes, but is not limited to, an evaluation of the type of security, the length of time and extent to which the fair value of the security has been less than cost, and the near-term prospects of the issuer. | |||||||||||||||||||||||||
The Company assesses whether a credit loss exists with respect to a security by considering whether (1) the Company has the intent to sell the security, (2) it is more likely than not that it will be required to sell the security before recovery has occurred, or (3) it does not expect to recover the entire amortized cost basis of the security. The Company bifurcates the OTTI impact on impaired securities where impairment in value was deemed to be other than temporary between the component representing credit loss and the component representing loss related to other factors. The portion of the fair value decline attributable to credit loss must be recognized through a charge to earnings. The credit component is determined by comparing the present value of the cash flows expected to be collected, discounted at the rate in effect before recognizing any OTTI, with the amortized cost basis of the debt security. The Company uses the cash flows expected to be realized from the security, which includes assumptions about interest rates, timing and severity of defaults, estimates of potential recoveries, the cash flow distribution from the security and other factors, then applies a discount rate equal to the effective yield of the security. The difference between the present value of the expected cash flows and the amortized book value is considered a credit loss. The fair 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 value and the security’s remaining amortized cost is recognized in other comprehensive income (loss). | |||||||||||||||||||||||||
During the three and six months ended March 31, 2015, the Company did not record any credit losses on investment securities through either earnings or in comprehensive income. | |||||||||||||||||||||||||
The following is a rollforward for the three and six months ended March 31, 2014 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). | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Credit component of OTTI as of January 1, 2014 | $ | 1,606 | |||||||||||||||||||||||
Additions for credit-related OTTI charges on previously unimpaired securities | - | ||||||||||||||||||||||||
Additional increase as a result of impairment charges recognized on investments for which an OTTI charge was previously recognized | 8 | ||||||||||||||||||||||||
Credit component of OTTI as of March 31, 2014 | $ | 1,614 | |||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
(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 increase as a result of impairment charges recognized on investments for which an OTTI charge was previously recognized | 15 | ||||||||||||||||||||||||
Credit component of OTTI as of March 31, 2014 | $ | 1,614 | |||||||||||||||||||||||
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 March 31, 2015, U.S. Government and agency obligations in a gross unrealized loss for less than 12 months consisted of six securities. There were 24 securities in a gross unrealized loss for more than 12 months at such date. 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 a result of a projected shortfall of cash flows. 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 March 31, 2015. | |||||||||||||||||||||||||
U.S. Agency Issued Mortgage-Backed Securities - At March 31, 2015, there were 11 securities in a gross unrealized loss for less than 12 months while there were 19 securities in a gross unrealized loss for more than 12 months at such date. 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. | |||||||||||||||||||||||||
The amortized cost and fair value of debt securities, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
The maturity table below excludes mortgage-backed securities because the contractual maturities of such securities are not indicative of actual maturities due to significant prepayments. | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Held to Maturity | Available for Sale | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Due within one year | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Due after one through five years | 2,982 | 3,296 | - | - | |||||||||||||||||||||
Due after five through ten years | 7,500 | 7,430 | 4,051 | 3,999 | |||||||||||||||||||||
Due after ten years | 63,121 | 63,563 | 66,868 | 67,073 | |||||||||||||||||||||
Total | $ | 73,603 | $ | 74,289 | $ | 70,919 | $ | 71,072 | |||||||||||||||||
During both the three and six month periods ended March 31, 2015, no securities were sold. During both three and six month periods ended March 31, 2014, the Company sold $1.3 million in investment securities and recorded a gross gain of approximately of $274,000. No securities were sold at a loss. |
LOANS_RECEIVABLE
LOANS RECEIVABLE | 6 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||
LOANS RECEIVABLE | 5. | LOANS RECEIVABLE | |||||||||||||||||||||||||||||||
Loans receivable consist of the following: | |||||||||||||||||||||||||||||||||
March 31, | September 30, | ||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 276,319 | $ | 282,637 | |||||||||||||||||||||||||||||
Multi-family residential | 5,684 | 7,174 | |||||||||||||||||||||||||||||||
Commercial real estate | 25,411 | 16,113 | |||||||||||||||||||||||||||||||
Construction and land development | 43,598 | 22,397 | |||||||||||||||||||||||||||||||
Commercial business | - | 1,976 | |||||||||||||||||||||||||||||||
Consumer | 371 | 399 | |||||||||||||||||||||||||||||||
Total loans | 351,383 | 330,696 | |||||||||||||||||||||||||||||||
Undisbursed portion of loans-in-process | (23,178 | ) | (9,657 | ) | |||||||||||||||||||||||||||||
Deferred loan costs | 2,238 | 2,449 | |||||||||||||||||||||||||||||||
Allowance for loan losses | (2,588 | ) | (2,425 | ) | |||||||||||||||||||||||||||||
Net loans | $ | 327,855 | $ | 321,063 | |||||||||||||||||||||||||||||
The following table summarizes by loan segment the balance in the allowance for loan losses and the loans individually and collectively evaluated for impairment by loan segment at March 31, 2015: | |||||||||||||||||||||||||||||||||
One- to-four | Multi-family | Commercial real | Construction | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
family | residential | estate | and land | business | |||||||||||||||||||||||||||||
residential | development | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Collectively evaluated for impairment | 1,545 | 51 | 207 | 545 | - | 4 | 236 | 2,588 | |||||||||||||||||||||||||
Total ending allowance balance | $ | 1,545 | $ | 51 | $ | 207 | $ | 545 | $ | - | $ | 4 | $ | 236 | $ | 2,588 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,438 | $ | 359 | $ | 3,752 | $ | 7,926 | $ | - | $ | - | $ | 21,475 | |||||||||||||||||||
Collectively evaluated for impairment | 266,881 | 5,325 | 21,659 | 35,672 | - | 371 | 329,908 | ||||||||||||||||||||||||||
Total loans | $ | 276,319 | $ | 5,684 | $ | 25,411 | $ | 43,598 | $ | - | $ | 371 | $ | 351,383 | |||||||||||||||||||
The following table summarizes by loan segment the balance in the allowance for loan losses and the loans individually and collectively evaluated for impairment by loan segment at September 30, 2014: | |||||||||||||||||||||||||||||||||
One- to-four | Multi-family | Commercial real | Construction | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
family | residential | estate | and land | business | |||||||||||||||||||||||||||||
residential | development | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Collectively evaluated for impairment | 1,663 | 67 | 122 | 323 | 15 | 4 | 231 | 2,425 | |||||||||||||||||||||||||
Total loans | $ | 1,663 | $ | 67 | $ | 122 | $ | 323 | $ | 15 | $ | 4 | $ | 231 | $ | 2,425 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 10,436 | $ | 368 | $ | 3,777 | $ | 7,399 | $ | - | $ | - | $ | - | $ | 21,980 | |||||||||||||||||
Collectively evaluated for impairment | 272,201 | 6,806 | 12,336 | 14,998 | 1,976 | 399 | - | 308,716 | |||||||||||||||||||||||||
Total loans | $ | 282,637 | $ | 7,174 | $ | 16,113 | $ | 22,397 | $ | 1,976 | $ | 399 | $ | - | $ | 330,696 | |||||||||||||||||
The loan portfolio is segmented at a level that allows management to monitor both 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 method evaluations, any portion of the loan deemed uncollectible is charged-off against the loan loss allowance. | |||||||||||||||||||||||||||||||||
The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not required as of March 31, 2015: | |||||||||||||||||||||||||||||||||
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 | $ | - | $ | - | $ | 9,438 | $ | 9,438 | $ | 10,136 | |||||||||||||||||||||||
Multi-family residential | - | - | 359 | 359 | 359 | ||||||||||||||||||||||||||||
Commercial real estate | - | - | 3,752 | 3,752 | 3,752 | ||||||||||||||||||||||||||||
Construction and land development | - | - | 7,926 | 7,926 | 7,926 | ||||||||||||||||||||||||||||
Total Loans | $ | - | $ | - | $ | 21,475 | $ | 21,475 | $ | 22,173 | |||||||||||||||||||||||
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, 2014: | |||||||||||||||||||||||||||||||||
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 | $ | - | $ | - | $ | 10,436 | $ | 10,436 | $ | 11,135 | |||||||||||||||||||||||
Multi-family residential | - | - | 368 | 368 | 368 | ||||||||||||||||||||||||||||
Commercial real estate | - | - | 3,777 | 3,777 | 3,777 | ||||||||||||||||||||||||||||
Construction and land development | - | - | 7,399 | 7,399 | 7,399 | ||||||||||||||||||||||||||||
Total Loans | $ | - | $ | - | $ | 21,980 | $ | 21,980 | $ | 22,679 | |||||||||||||||||||||||
The following table presents the average recorded investment in impaired loans and related interest income recognized for the periods indicated: | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||
Average | Income Recognized | Income | |||||||||||||||||||||||||||||||
Recorded | on Accrual Basis | Recognized on | |||||||||||||||||||||||||||||||
Investment | Cash Basis | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 10,068 | $ | 124 | $ | 42 | |||||||||||||||||||||||||||
Multi-family residential | 361 | 6 | - | ||||||||||||||||||||||||||||||
Commercial real estate | 3,758 | 51 | 24 | ||||||||||||||||||||||||||||||
Construction and land development | 7,743 | 106 | 64 | ||||||||||||||||||||||||||||||
Total Loans | $ | 21,930 | $ | 287 | $ | 130 | |||||||||||||||||||||||||||
Six Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||
Average | Income Recognized | Income | |||||||||||||||||||||||||||||||
Recorded | on Accrual Basis | Recognized on | |||||||||||||||||||||||||||||||
Investment | Cash Basis | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 10,179 | $ | 263 | $ | 77 | |||||||||||||||||||||||||||
Multi-family residential | 363 | 13 | - | ||||||||||||||||||||||||||||||
Commercial real estate | 3,764 | 102 | 35 | ||||||||||||||||||||||||||||||
Construction and land development | 7,628 | 210 | 64 | ||||||||||||||||||||||||||||||
Total Loans | $ | 21,934 | $ | 588 | $ | 176 | |||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||
Average | Income Recognized | Income | |||||||||||||||||||||||||||||||
Recorded | on Accrual Basis | Recognized on | |||||||||||||||||||||||||||||||
Investment | Cash Basis | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 10,926 | $ | 96 | $ | 30 | |||||||||||||||||||||||||||
Multi-family residential | 378 | 6 | - | ||||||||||||||||||||||||||||||
Commercial real estate | 1,538 | - | 7 | ||||||||||||||||||||||||||||||
Construction and land development | 947 | - | - | ||||||||||||||||||||||||||||||
Total Loans | $ | 13,789 | $ | 102 | $ | 37 | |||||||||||||||||||||||||||
Six Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||
Average | Income Recognized | Income | |||||||||||||||||||||||||||||||
Recorded | on Accrual Basis | Recognized on | |||||||||||||||||||||||||||||||
Investment | Cash Basis | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 10,869 | $ | 167 | $ | 51 | |||||||||||||||||||||||||||
Multi-family residential | 380 | 13 | - | ||||||||||||||||||||||||||||||
Commercial real estate | 1,932 | 10 | 14 | ||||||||||||||||||||||||||||||
Construction and land development | 1,033 | 36 | - | ||||||||||||||||||||||||||||||
Total Loans | $ | 14,214 | $ | 226 | $ | 65 | |||||||||||||||||||||||||||
Federal regulations and our policy require that the Company utilize an internal asset classification system as a means of reporting problem and potential problem assets. The Company has incorporated an internal asset classification system, consistent with Federal banking regulations, as a part of its credit monitoring system. Management currently classifies problem and potential problem assets as “special mention”, “substandard,” “doubtful” or “loss” assets. An asset is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” Assets classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted. Assets which do not currently expose the insured institution to sufficient risk to warrant classification in one of the aforementioned categories but possess weaknesses are required to be designated “special mention.” | |||||||||||||||||||||||||||||||||
The following 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”, “doubtful” and “loss” within the Company’s risk rating system as applied to the loan portfolio. The Company had no loans classified as “doubtful” or “loss” at either of the dates presented. | |||||||||||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||||||||||
Special | Total | ||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Loans | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 2,770 | $ | - | $ | 6,668 | $ | 9,438 | |||||||||||||||||||||||||
Multi-family residential | 5,325 | - | 359 | 5,684 | |||||||||||||||||||||||||||||
Commercial real estate | 22,543 | - | 2,868 | 25,411 | |||||||||||||||||||||||||||||
Construction and land development | 35,673 | - | 7,925 | 43,598 | |||||||||||||||||||||||||||||
Total Loans | $ | 66,311 | $ | - | $ | 17,820 | $ | 84,131 | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Special | Total | ||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Loans | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | - | $ | 1,509 | $ | 10,436 | $ | 11,945 | |||||||||||||||||||||||||
Multi-family residential | 6,806 | - | 368 | 7,174 | |||||||||||||||||||||||||||||
Commercial real estate | 11,347 | 989 | 3,777 | 16,113 | |||||||||||||||||||||||||||||
Construction and land development | 14,998 | - | 7,399 | 22,397 | |||||||||||||||||||||||||||||
Commercial business | 1,976 | - | - | 1,976 | |||||||||||||||||||||||||||||
Consumer | - | 119 | - | 119 | |||||||||||||||||||||||||||||
Total Loans | 35,127 | $ | 2,617 | $ | 21,980 | $ | 59,724 | ||||||||||||||||||||||||||
The Company evaluates the classification of one-to-four family residential and consumer loans primarily on a pooled basis. If the Company becomes aware that adverse or distressed conditions exist that may affect a particular single-family residential loan, the loan is downgraded following the above definitions of special mention, substandard, doubtful and loss. | |||||||||||||||||||||||||||||||||
The following 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. Non-performing loans that would be included in the table are those loans greater than 90 days past due, that do not have a designated risk rating. | |||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
Non- | Total | ||||||||||||||||||||||||||||||||
Performing | Performing | Loans | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 266,881 | $ | - | $ | 266,881 | |||||||||||||||||||||||||||
Consumer | 371 | - | 371 | ||||||||||||||||||||||||||||||
Total Loans | $ | 267,252 | $ | - | $ | 267,252 | |||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Non- | Total | ||||||||||||||||||||||||||||||||
Performing | Performing | Loans | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 270,692 | $ | - | $ | 270,692 | |||||||||||||||||||||||||||
Consumer | 280 | - | 280 | ||||||||||||||||||||||||||||||
Total Loans | $ | 270,972 | $ | - | $ | 270,972 | |||||||||||||||||||||||||||
Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is due or overdue, as the case may be. The following table presents the loan categories of the loan portfolio summarized by the aging categories of performing and delinquent loans and nonaccrual loans: | |||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||
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 | $ | 271,755 | $ | 733 | $ | 3,831 | $ | - | $ | 733 | $ | 276,319 | $ | 5,362 | |||||||||||||||||||
Multi-family residential | 5,684 | - | - | - | - | 5,684 | - | ||||||||||||||||||||||||||
Commercial real estate | 25,342 | 69 | - | - | 69 | 25,411 | 2,299 | ||||||||||||||||||||||||||
Construction and land development | 43,598 | - | - | - | - | 43,598 | 7,926 | ||||||||||||||||||||||||||
Consumer | 371 | - | - | - | - | 371 | - | ||||||||||||||||||||||||||
Total Loans | $ | 346,750 | $ | 802 | $ | 3,831 | $ | - | $ | 802 | $ | 351,383 | $ | 15,587 | |||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
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 | $ | 278,716 | $ | 475 | $ | 3,446 | $ | - | $ | 475 | $ | 282,637 | $ | 5,002 | |||||||||||||||||||
Multi-family residential | 7,174 | - | - | - | - | 7,174 | - | ||||||||||||||||||||||||||
Commercial real estate | 16,113 | - | - | - | - | 16,113 | 877 | ||||||||||||||||||||||||||
Construction and land development | 22,397 | - | - | - | - | 22,397 | - | ||||||||||||||||||||||||||
Commercial business | 1,976 | - | - | - | - | 1,976 | - | ||||||||||||||||||||||||||
Consumer | 399 | - | - | - | - | 399 | - | ||||||||||||||||||||||||||
Total Loans | $ | 326,775 | $ | 475 | $ | 3,446 | $ | - | $ | 475 | $ | 330,696 | $ | 5,879 | |||||||||||||||||||
The allowance for loan losses is established through a provision for loan losses charged to expense. The Company maintains the allowance at a level believed to cover all known and inherent losses in the portfolio that are both probable and reasonable to estimate at each reporting date. Management reviews the allowance for loan losses no less than quarterly in order to identify these inherent losses and to assess the overall collection probability for the loan portfolio in view of these inherent losses. For each primary type of loan, a loss factor is established reflecting an estimate of the known and inherent losses in such loan type contained in the portfolio using both a quantitative analysis as well as consideration of qualitative factors. The evaluation process includes, among other things, an analysis of delinquency trends, non-performing loan trends, the level of charge-offs and recoveries, prior loss experience, total loans outstanding, the volume of loan originations, the type, size and geographic concentration of the Company’s loans, the value of collateral securing the loans, the borrowers’ ability to repay and repayment performance, the number of loans requiring heightened management oversight, local economic conditions and industry experience. | |||||||||||||||||||||||||||||||||
Commercial real estate loans entail significant additional credit risks compared to 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 the Company to greater credit risk than permanent mortgage financing. The repayment of land acquisition, development and construction loans depends upon the sale of the property to third parties or the availability of permanent financing upon completion of all improvements. These events may adversely affect both the borrowers as well as the value of the collateral property. | |||||||||||||||||||||||||||||||||
The following table summarizes the primary segments of the allowance for loan losses. Activity in the allowance is presented for the three and six month periods ended March 31, 2015 and 2014: | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||
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 December 31, 2014 | $ | 1,492 | $ | 51 | $ | 216 | $ | 493 | $ | 5 | $ | 4 | $ | 239 | $ | 2,500 | |||||||||||||||||
Charge-offs | (212 | ) | - | - | - | - | - | - | (212 | ) | |||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Provision | 265 | - | (9 | ) | 52 | (5 | ) | - | (3 | ) | 300 | ||||||||||||||||||||||
ALLL balance at March 31, 2015 | $ | 1,545 | $ | 51 | $ | 207 | $ | 545 | $ | - | $ | 4 | $ | 236 | $ | 2,588 | |||||||||||||||||
Six Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||
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, 2014 | $ | 1,663 | $ | 67 | $ | 122 | $ | 323 | $ | 15 | $ | 4 | $ | 231 | $ | 2,425 | |||||||||||||||||
Charge-offs | (212 | ) | - | - | - | - | - | - | (212 | ) | |||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Provision | 94 | (16 | ) | 85 | 222 | (15 | ) | - | 5 | 375 | |||||||||||||||||||||||
ALLL balance at March 31, 2015 | $ | 1,545 | $ | 51 | $ | 207 | $ | 545 | $ | - | $ | 4 | $ | 236 | $ | 2,588 | |||||||||||||||||
The increase in the provision for the fiscal 2015 periods was a result of replenishing the allowance related to one-to-four family loans that were charged-off during the period based upon the balance of such loans at March 31, 2015. In addition, the allowance associated with construction and land development loans was impacted by the increase in the outstanding balance of such loans triggering the need to increase the Company’s allowance. | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||
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 December 31, 2013 | $ | 1,302 | $ | 26 | $ | 51 | $ | 757 | $ | 4 | $ | 1 | $ | 212 | $ | 2,353 | |||||||||||||||||
Charge-offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Recoveries | 37 | - | - | - | - | - | - | 37 | |||||||||||||||||||||||||
Provision | 86 | 38 | 90 | (234 | ) | - | 2 | 18 | - | ||||||||||||||||||||||||
ALLL balance at March 31, 2014 | $ | 1,425 | $ | 64 | $ | 141 | $ | 523 | $ | 4 | $ | 3 | $ | 230 | $ | 2,390 | |||||||||||||||||
Six Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||
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 | 47 | - | - | - | - | - | - | 47 | |||||||||||||||||||||||||
Provision | 4 | 42 | 71 | (130 | ) | - | 1 | 12 | - | ||||||||||||||||||||||||
ALLL balance at March 31, 2014 | $ | 1,425 | $ | 64 | $ | 141 | $ | 523 | $ | 4 | $ | 3 | $ | 230 | $ | 2,390 | |||||||||||||||||
The decrease in the provision for the fiscal 2014 periods related to the construction and land development loan category was due mainly to a decrease in the historical loss factor. This decrease was a direct result of prior period charge-offs that fell beyond the three year period utilized for this component of the allowance for loan losses. | |||||||||||||||||||||||||||||||||
The following table summarizes information regarding troubled debt restructurings occurring in the periods presented for both three and six months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Number of | Pre- Modification | Post- | ||||||||||||||||||||||||||||||
Loans | Outstanding | Modification | |||||||||||||||||||||||||||||||
Recorded | Outstanding | ||||||||||||||||||||||||||||||||
Investment | Recorded | ||||||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||||||
Commercial real estate | 1 | $ | 750 | $ | 750 | ||||||||||||||||||||||||||||
Construction and land development | 1 | 3,665 | 3,665 | ||||||||||||||||||||||||||||||
2 | $ | 4,415 | $ | 4,415 | |||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Number of | Pre- Modification | Post- | ||||||||||||||||||||||||||||||
Loans | Outstanding | Modification | |||||||||||||||||||||||||||||||
Recorded | Outstanding | ||||||||||||||||||||||||||||||||
Investment | Recorded | ||||||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||||||
Commercial real estate | 1 | $ | 750 | $ | 750 | ||||||||||||||||||||||||||||
Construction and land development | 1 | 3,665 | 3,665 | ||||||||||||||||||||||||||||||
2 | $ | 4,415 | $ | 4,415 | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Number of | Pre- Modification | Post- | ||||||||||||||||||||||||||||||
Loans | Outstanding | Modification | |||||||||||||||||||||||||||||||
Recorded | Outstanding | ||||||||||||||||||||||||||||||||
Investment | Recorded | ||||||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||||||
One-to-four family | 1 | $ | 1,468 | $ | 1,468 | ||||||||||||||||||||||||||||
1 | $ | 1,468 | $ | 1,468 | |||||||||||||||||||||||||||||
Six Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Number of | Pre- Modification | Post- | ||||||||||||||||||||||||||||||
Loans | Outstanding | Modification | |||||||||||||||||||||||||||||||
Recorded | Outstanding | ||||||||||||||||||||||||||||||||
Investment | Recorded | ||||||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||||||
One-to-four family | 1 | $ | 1,468 | $ | 1,468 | ||||||||||||||||||||||||||||
1 | $ | 1,468 | $ | 1,468 | |||||||||||||||||||||||||||||
At March 31, 2015, the Company had ten loans classified as TDRs aggregating $8.2 million, consisting two single-family real estate loans which amounted to $1.6 million, one construction and land development loan totaling $3.7 million and seven commercial real estate loans which amounted to $3.0 million. Of these loans, one single-family real estate loan totaling $1.4 million, two commercial real estate loans totaling $4.5 million and one construction and land development loan totaling $3.1 million were determined to be non-performing since they have not yet performed under the new terms for six consecutive months. All TDRs with the exception of one commercial real estate loan totaling $884,000 were classified as “substandard” as of March 31, 2015. | |||||||||||||||||||||||||||||||||
No TDRs defaulted during the three and six month periods ended March 31, 2015 or 2014 that were restructured in the twelve months preceding the periods presented. |
DEPOSITS
DEPOSITS | 6 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Deposits [Abstract] | |||||||||||||||||
DEPOSITS | 6. DEPOSITS | ||||||||||||||||
Deposits consist of the following major classifications: | |||||||||||||||||
March 31, | September 30, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Money market deposit accounts | $ | 64,304 | 16.7 | % | $ | 64,665 | 16.5 | % | |||||||||
Interest-bearing checking accounts | 36,504 | 9.5 | 38,119 | 9.8 | |||||||||||||
Non interest-bearing checking accounts | 2,465 | 0.6 | 2,327 | 0.6 | |||||||||||||
Passbook, club and statement savings | 72,655 | 18.8 | 73,275 | 18.8 | |||||||||||||
Certificates maturing in six months or less | 53,190 | 13.8 | 48,359 | 12.4 | |||||||||||||
Certificates maturing in more than six months | 156,357 | 40.6 | 164,280 | 41.9 | |||||||||||||
Total | $ | 385,475 | 100 | % | $ | 391,025 | 100 | % | |||||||||
Certificates of $250,000 and over totaled $35.5 million as of March 31, 2015 and $33.1 million as of September 30, 2014. |
INCOME_TAXES
INCOME TAXES | 6 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
INCOME TAXES | 7 | INCOME TAXES | |||||||
Items that gave rise to significant portions of deferred income taxes are as follows: | |||||||||
March 31, | September 30, | ||||||||
2015 | 2014 | ||||||||
Deferred tax assets: | (Dollars in Thousands) | ||||||||
Allowance for loan losses | $ | 1,205 | $ | 1,123 | |||||
Nonaccrual interest | 131 | 125 | |||||||
Accrued vacation | 111 | 108 | |||||||
Capital loss carryforward | 606 | 1,211 | |||||||
Real estate owned expense | 10 | - | |||||||
Split dollar life insurance | 20 | 20 | |||||||
Post-retirement benefits | 135 | 137 | |||||||
Unrealized loss on available for sale securities | - | 491 | |||||||
Employee benefit plans | 406 | 382 | |||||||
Total deferred tax assets | 2,624 | 3,597 | |||||||
Valuation allowance | (606 | ) | (1,211 | ) | |||||
Total deferred tax assets, net of valuation allowance | 2,018 | 2,386 | |||||||
Deferred tax liabilities: | |||||||||
Property | 418 | 422 | |||||||
Unrealized gain on available for sale securities | 53 | - | |||||||
Deferred loan fees | 761 | 833 | |||||||
Total deferred tax liabilities | 1,232 | 1,255 | |||||||
Net deferred tax asset | $ | 786 | $ | 1,131 | |||||
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 a mutual fund held by the Bank and the subsequent impairment charge on the assets acquired through the redemption in kind are considered capital losses and can only be utilized to the extent of capital gains over a five year period, resulting in the establishment of a valuation allowance for the carryforward period. The valuation allowance totaled $606,000 at March 31, 2015. | |||||||||
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 March 31, 2015, the Internal Revenue Service had conducted an audit of the Company’s federal tax return 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 | 6 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |||||||||
STOCK COMPENSATION PLANS | 8. STOCK COMPENSATION PLANS | ||||||||
The Company maintains an employee stock ownership plan (“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 aggregate 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 March 31, 2015, the ESOP held 697,301 shares and the Company had allocated a total of 222,801 shares from the suspense account to participants and committed to release an additional 8,878 shares. For the six months ended March 31, 2015, the Company recognized $238,000 in compensation expense related to the ESOP. | |||||||||
The Company maintains the 2008 Recognition and Retention Plan (“2008 RRP”) which is administered by a committee of the Board of Directors of the Company. The RRP provides for the grant of shares of common stock of the Company to officers, employees and directors of the Company. In order to fund the grant of shares under the RRP, the RRP Trust purchased 213,528 shares (on a converted basis) of the Company’s common stock in the open market for approximately $2.5 million, at an average purchase price per share of $11.49 as part of the 2008 RRP. The Company made sufficient contributions to the RRP Trust to fund these purchases. As of March 31, 2015, all the shares had been awarded as part of the 2008 RRP. Shares subject to awards under the 2008 RRP generally vest at the rate of 20% per year over five years. As of March 31, 2015, 185,052 (on a converted basis) of the awarded shares of the 2008 Plan had become fully vested. During February 2015, shareholders approved the 2014 Stock Incentive Plan (the “2014 SIP”). As part of the 2014 SIP, a maximum of 285,655 shares can be awarded as restricted stock awards or units, of which 235,500 shares were awarded during February 2015. | |||||||||
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 and six months ended March 31, 2015, $84,000 and $105,000, respectively, was recognized in compensation expense for the 2008 RRP and the grants pursuant to the 2014 SIP. Income tax benefits of $29,000 and $36,000 were recognized for the three and six months ended March 31, 2015. During the three and six months ended March 31, 2014, $25,000 and $141,000, respectively, was recognized in compensation expense for the 2008 RRP. An income tax benefit of $1,000 was recognized for the three months ended March 31, 2014 while an income tax benefit of $39,000 was recognized for the six months ended March 31, 2014. At March 31, 2015, approximately $3.0 million in additional compensation expense for the shares awarded related to the 2008 RRP and the 2014 SIP remained unrecognized. | |||||||||
A summary of the Company’s non-vested stock award activity for the six months ended March 31, 2015 and 2014 are presented in the following tables: | |||||||||
Six Months Ended | |||||||||
31-Mar-15 | |||||||||
Weighted Average | |||||||||
Number of | Grant Date Fair | ||||||||
Shares (1) | Value | ||||||||
Nonvested stock awards at October 1, 2014 | 38,055 | $ | 8.07 | ||||||
Issued | 235,500 | 12.23 | |||||||
Forfeited | - | - | |||||||
Vested | (9,578 | ) | 8.07 | ||||||
Nonvested stock awards at the March 31, 2015 | 263,977 | $ | 12.07 | ||||||
Six Months Ended | |||||||||
31-Mar-14 | |||||||||
Weighted Average | |||||||||
Number of | Grant Date Fair | ||||||||
Shares | Value | ||||||||
Nonvested stock awards at October 1, 2013 | 79,477 | $ | 9.56 | ||||||
Issued | - | - | |||||||
Forfeited | - | - | |||||||
Vested | (40,686 | ) | 10.95 | ||||||
Nonvested stock awards at the March 31, 2014 | 38,791 | $ | 8.11 | ||||||
The Company maintains the 2008 Stock Option Plan (the “2008 Option Plan”) which authorizes the grant of stock options to officers, employees and directors of the Company to acquire shares of common stock with an exercise price at least equal to the fair market value of the common stock on the grant date. Options generally become vested and exercisable at the rate of 20% per year over five years and are generally exercisable for a period of ten years after the grant date. A total of 533,808 shares (on a converted basis) of common stock were approved for future issuance pursuant to the 2008 Stock Option Plan. As of March 31, 2015, all of the options had been awarded under the 2008 Option Plan. As of March 31, 2015, 417,767 options (on a converted basis) were vested under the 2008 Option Plan. The 2014 SIP reserved up to 714,145 shares for issuance pursuant to options. Options to purchase 608,737 shares were awarded during February 2015, 605,000 shares pursuant to the 2014 SIP and the remainder pursuant to the 2008 Option Plan. | |||||||||
A summary of the status of the Company’ stock options under the Stock Option Plan as of March 31, 2015 and 2014 and changes during the six month periods ended March 31, 2015 and 2014 are presented below: | |||||||||
Six Months Ended | |||||||||
31-Mar-15 | |||||||||
Number of | Weighted Average | ||||||||
Shares | Exercise Price | ||||||||
Outstanding at October 1, 2014 | 530,084 | $ | 10.86 | ||||||
Granted | 608,737 | 12.23 | |||||||
Exercised | - | - | |||||||
Forfeited | - | - | |||||||
Outstanding at March 31, 2015 | 1,138,821 | $ | 11.59 | ||||||
Exercisable at March 31, 2015 | 445,147 | $ | 11.37 | ||||||
Six Months Ended | |||||||||
31-Mar-14 | |||||||||
Number of | Weighted Average | ||||||||
Shares (1) | Exercise Price | ||||||||
Outstanding at October 1, 2013 | 516,739 | $ | 10.86 | ||||||
Granted | 13,545 | 10.68 | |||||||
Exercised | - | - | |||||||
Forfeited | - | - | |||||||
Outstanding at March 31, 2014 | 530,284 | $ | 10.86 | ||||||
Exercisable at March 31, 2014 | 415,733 | $ | 11.57 | ||||||
The weighted average remaining contractual term was approximately 7.5 years for options outstanding as of March 31, 2015. | |||||||||
The estimated fair value of options granted during fiscal 2009 was $2.98 per share, $2.92 for options granted during fiscal 2010, $3.34 for options granted during fiscal 2013, $4.67 for the options granted during fiscal 2014 and $4.58 for options granted during 2015. The fair value was estimated on the date of grant using the Black-Scholes pricing model with the following assumptions; an exercise price and fair value of $12.23, term of seven years, volatility rate of 38.16%, interest rate 1.62% and a yield rate 0.98%. | |||||||||
During the three and six months ended March 31, 2015, $86,000 and $111,000, respectively, was recognized in compensation expense for options granted pursuant to the 2008 Option Plan and the 2014 SIP. Tax benefits of $9,000 and $12,000, respectively, were recognized for the three and six months ended March 31, 2015. During the three and six months ended March 31, 2014, $27,000 and $106,000, respectively, was recognized in compensation expense for the 2008 Option Plan. Tax benefits of $3,000 and $11,000, respectively, were recognized for the three and six months ended March 31, 2014. At March 31, 2015, approximately $3.0 million in additional compensation expense for awarded options remained unrecognized. The weighted average period over which this expense will be recognized is approximately 4.7 years. |
COMMITMENTS_AND_CONTINGENT_LIA
COMMITMENTS AND CONTINGENT LIABILITIES | 6 Months Ended | |
Mar. 31, 2015 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
COMMITMENTS AND CONTINGENT LIABILITIES | 9 | COMMITMENTS AND CONTINGENT LIABILITIES |
At March 31, 2015, the Company had $4.8 million in outstanding commitments to originate fixed and variable-rate loans with market interest rates ranging from 3.25% to 8.00%. At September 30, 2014, the Company had $25.3 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 $23.2 million at March 31, 2015 and $9.7 million at September 30, 2014. | ||
The Company also had commitments under unused lines of credit of $4.3 million as of March 31, 2015 and September 30, 2014 and letters of credit outstanding of $609,000 as of both March 31, 2015 and September 30, 2014. | ||
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 March 31, 2015, the exposure, which represents a portion of credit risk associated with the interests sold, amounted to $60,000. 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. However, there can be no assurance that any of the outstanding legal proceedings to which the Company is a party will not be decided adversely to the Company’s interests and not have a material adverse effect on the financial condition and operations of the Company. |
FAIR_VALUE_MEASUREMENT
FAIR VALUE MEASUREMENT | 6 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
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 March 31, 2015 and September 30, 2014, respectively. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. | |||||||||||||||||||||
Generally accepted accounting principles used in the United States establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value. | |||||||||||||||||||||
The three broad levels of hierarchy are as follows: | |||||||||||||||||||||
Level 1 | Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||
Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | ||||||||||||||||||||
Those assets as of March 31, 2015 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 | $ | - | $ | 18,725 | $ | - | $ | 18,725 | |||||||||||||
Mortgage-backed securities - U.S. Government agencies | - | 52,286 | - | 52,286 | |||||||||||||||||
FHLMC preferred stock | 61 | - | - | 61 | |||||||||||||||||
Total | $ | 61 | $ | 71,011 | $ | - | $ | 71,072 | |||||||||||||
Those assets as of September 30, 2014 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 | $ | - | $ | 17,844 | $ | - | $ | 17,844 | |||||||||||||
Mortgage-backed securities - U.S. Government agencies | - | 39,903 | - | 39,903 | |||||||||||||||||
FHLMC preferred stock | 70 | - | - | 70 | |||||||||||||||||
Total | $ | 70 | $ | 57,747 | $ | - | $ | 57,817 | |||||||||||||
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 $21.5 million as of March 31, 2015. | |||||||||||||||||||||
Summary of Non-Recurring Fair Value Measurements | |||||||||||||||||||||
At March 31, 2015 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 21,475 | $ | 21,475 | |||||||||||||
Total | $ | - | $ | - | $ | 21,475 | $ | 21,475 | |||||||||||||
At September 30, 2014 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 21,980 | $ | 21,980 | |||||||||||||
Total | $ | - | $ | - | $ | 21,980 | $ | 21,980 | |||||||||||||
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, 2014 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Fair Value | Valuation | Unobservable Input | Range/ | ||||||||||||||||||
Technique | Weighted Ave. | ||||||||||||||||||||
Impaired loans | $ | 21,475 | Property appraisals (1) (3) | Management discount for selling costs, property type and market volatility (2) | 10% discount | ||||||||||||||||
At September 30, 2014 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Fair Value | Valuation | Unobservable Input | Range / | ||||||||||||||||||
Technique | Weighted Ave. | ||||||||||||||||||||
Impaired loans | $ | 21,980 | Property appraisals (1) (3) | Management discount for selling costs, property type and market volatility (2) | 10% discount | ||||||||||||||||
-1 | Fair value is generally determined through independent appraisals of the underlying collateral, which generally includes various Level 3 inputs, which are not identifiable. | ||||||||||||||||||||
-2 | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. | ||||||||||||||||||||
(3) | Includes qualitative adjustments by management and estimated liquidation expenses. | ||||||||||||||||||||
The fair value of financial instruments 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-Mar-15 | |||||||||||||||||||||
Carrying | Fair | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Amount | Value | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 27,422 | $ | 27,422 | $ | 27,422 | $ | - | $ | - | |||||||||||
Investment and mortgage-backed securities available for sale | 71,072 | 71,072 | 61 | 71,011 | - | ||||||||||||||||
Investment and mortgage-backed securities held to maturity | 73,603 | 74,289 | - | 74,289 | - | ||||||||||||||||
Loans receivable, net | 327,855 | 329,477 | - | - | 329,477 | ||||||||||||||||
Accrued interest receivable | 1,779 | 1,779 | 1,779 | - | - | ||||||||||||||||
Federal Home Loan Bank stock | 350 | 350 | 350 | - | - | ||||||||||||||||
Bank owned life insurance | 12,554 | 12,554 | 12,554 | - | - | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Checking accounts | 38,969 | 38,969 | 38,969 | - | - | ||||||||||||||||
Money market deposit accounts | 64,304 | 64,304 | 64,304 | - | - | ||||||||||||||||
Passbook, club and statement savings accounts | 72,655 | 72,655 | 72,655 | - | - | ||||||||||||||||
Certificates of deposit | 209,547 | 214,749 | - | - | 214,749 | ||||||||||||||||
Advances from Federal Home Loan Bank | 130 | 130 | 130 | - | - | ||||||||||||||||
Accrued interest payable | 507 | 507 | 507 | - | - | ||||||||||||||||
Advances from borrowers for taxes and insurance | 1,625 | 1,625 | 1,625 | - | - | ||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Carrying Amount | Fair | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Value | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 45,382 | $ | 45,382 | $ | 45,382 | $ | - | $ | - | |||||||||||
Investment and mortgage-backed securities available for sale | 57,817 | 57,817 | 70 | 57,747 | - | ||||||||||||||||
Investment and mortgage-backed securities held to maturity | 80,840 | 79,092 | - | 79,092 | - | ||||||||||||||||
Loans receivable, net | 321,063 | 321,247 | - | - | 321,247 | ||||||||||||||||
Accrued interest receivable | 1,748 | 1,748 | 1,748 | - | - | ||||||||||||||||
Federal Home Loan Bank stock | 1,221 | 1,221 | 1,221 | - | - | ||||||||||||||||
Bank owned life insurance | 12,377 | 12,377 | 12,377 | - | - | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Checking accounts | 40,446 | 40,446 | 40,446 | - | - | ||||||||||||||||
Money market deposit accounts | 64,665 | 64,665 | 64,665 | - | - | ||||||||||||||||
Passbook, club and statement savings accounts | 73,275 | 73,275 | 73,275 | - | - | ||||||||||||||||
Certificates of deposit | 212,639 | 217,273 | - | 217,273 | - | ||||||||||||||||
Advances from Federal Home Loan Bank | 340 | 340 | 340 | - | - | ||||||||||||||||
Accrued interest payable | 1,486 | 1,486 | 1,486 | - | - | ||||||||||||||||
Advances from borrowers for taxes and insurance | 1,240 | 1,240 | 1,240 | - | - | ||||||||||||||||
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) | 6 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
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. |
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 granted pursuant to the Company’s 2008 Recognition and Retention Plan (“Plan”) and held in the Trust (the “Trust”) are held 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. A recipient of a share award granted under the 2014 Stock Incentive Plan will not be entitled to receive any dividends declared on the common stock subject to the award until 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. During the six month period ended March 31, 2015, the Company repurchased 309,614 shares at an approximate total cost of $3.8 million. |
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 March 31, 2015. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) 2014-01, Investments – Equity Method and Joint 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 did not 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 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 did not have a significant impact on the Company’s financial statements. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (a new revenue recognition standard). The Update’s core principle is that a company will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, this update specifies the accounting for certain costs to obtain or fulfill a contract with a customer and expands disclosure requirements for revenue recognition. This Update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The amendments in this Update change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. For repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. The amendments also require enhanced disclosures. The accounting changes in this Update are effective for the first interim or annual period beginning after December 15, 2014. An entity is required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Earlier application is prohibited. The disclosure for certain transactions accounted for as a sale is required to be presented for interim and annual periods beginning after December 15, 2014, and the disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The disclosures are not required to be presented for comparative periods before the effective date. This ASU did not have a significant impact on the Company’s financial statements. | |
In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments when the Terms of an Award Provide that a Performance Target Could Be Achieved After the Requisite Service Period. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. Entities may apply the amendments in this Update either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. If retrospective transition is adopted, the cumulative effect of applying this Update as of the beginning of the earliest annual period presented in the financial statements should be recognized as an adjustment to the opening retained earnings balance at that date. Additionally, if retrospective transition is adopted, an entity may use hindsight in measuring and recognizing the compensation cost. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In August 2014, the FASB issued ASU 2014-14, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40). The amendments in this Update require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) the loan has a government guarantee that is not separable from the loan before foreclosure, (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. 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. This ASU did not have a significant impact on the Company’s financial statements. | |
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements -Going Concern (Subtopic 205-40). The amendments in this Update provide guidance in accounting principles generally accepted in the United States of America about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this Update are first effective for the annual period ending after December 15, 2016, and for annual periods and interim periods within such annual periods thereafter. Early application is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In November 2014, the FASB issued ASU 2014-17, Business Combinations (Topic 805): Pushdown Accounting. The amendments in this Update apply to the separate financial statements of an acquired entity and its subsidiaries that are a business or nonprofit activity (either public or nonpublic) upon the occurrence of an event in which an acquirer (an individual or an entity) obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period to the acquired entity’s most recent change-in-control event. The amendments in this Update are effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In January 2015, the FASB issued ASU 2015-01, Income Statement –Extraordinary and Unusual Items, as part of its initiative to reduce complexity in accounting standards. This Update eliminates from GAAP the concept of extraordinary items. The amendments in this Update are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810). The amendments in this Update affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments in this Update are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, and for interim periods within fiscal years beginning after December 15, 2017. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30), as part of its initiative to reduce complexity in accounting standards. To simplify presentation of debt issuance costs, the amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. An entity should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In April 2015, the FASB issued ASU 2015-04, Compensation-Retirement Benefits (Topic 715), as part of its initiative to reduce complexity in accounting standards. For an entity with a fiscal year-end that does not coincide with a month-end, the amendments in this Update provide a practical expedient that permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end and apply that practical expedient consistently from year to year. The practical expedient should be applied consistently to all plans if an entity has more than one plan. The amendments in this Update are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Earlier application is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In April 2015, the FASB issued ASU 2015-05, Intangible – Goodwill and Other Internal Use Software (Topic 350-40), as part of its initiative to reduce complexity in accounting standards. This guidance will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The amendments in this Update provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. For public business entities, the FASB decided that the amendments will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. For all other entities, the amendments will be effective for annual periods beginning after December 15, 2015, and interim periods in annual periods beginning after December 15, 2016. Early adoption is permitted for all entities. This ASU is not expected to have a significant impact on the Company’s financial statements. |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Schedule of basic and diluted earnings per share | Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||
(Dollars in Thousands, Except Per Share Data) | |||||||||||||||||
Net income | $ | 1,701 | $ | 1,701 | $ | 535 | $ | 535 | |||||||||
Weighted average shares outstanding | 8,571,846 | 8,571,846 | 9,066,150 | 9,066,150 | |||||||||||||
Effect of dilutive common stock equivalents | - | 1,103,728 | - | 206,655 | |||||||||||||
Adjusted weighted average shares used in earnings per share computation | 8,571,846 | 9,675,574 | 9,066,150 | 9,272,805 | |||||||||||||
Earnings per share - basic and diluted | $ | 0.2 | $ | 0.18 | $ | 0.06 | $ | 0.06 | |||||||||
Six Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||
(Dollars in Thousands, Except Per Share Data) | |||||||||||||||||
Net income | $ | 2,172 | $ | 2,172 | $ | 873 | $ | 873 | |||||||||
Weighted average shares outstanding | 8,712,938 | 8,712,938 | 9,146,193 | 9,146,193 | |||||||||||||
Effect of dilutive common stock equivalents | - | 1,163,172 | - | 204,776 | |||||||||||||
Adjusted weighted average shares used in earnings per share computation | 8,712,938 | 9,876,110 | 9,146,193 | 9,350,969 | |||||||||||||
Earnings per share - basic and diluted | $ | 0.25 | $ | 0.22 | $ | 0.1 | $ | 0.09 |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Accumulated Other Comprehensive Income [Abstract] | ||||||||||
Schedule of changes in accumulated other comprehensive income | Three Months Ended March 31, | |||||||||
2015 | 2014 | |||||||||
(Dollars in Thousands) | ||||||||||
Unrealized gains (losses) | Unrealized gains (losses) | |||||||||
on available for sale | on available for sale | |||||||||
securities (a) | securities (a) | |||||||||
Beginning Balance | $ | (467 | ) | $ | (1,641 | ) | ||||
Other comprehensive income before reclassification | 568 | 552 | ||||||||
Amount reclassified from accumulated other comprehensive income (loss) | - | (176 | ) | |||||||
Total other comprehensive income | 568 | 376 | ||||||||
Ending Balance | $ | 101 | $ | (1,265 | ) | |||||
(a) All amounts are net of tax. Amounts in parentheses indicate debits. | ||||||||||
Six Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
(Dollars in Thousands) | ||||||||||
Unrealized gains (losses) | Unrealized gains (losses) | |||||||||
on available for sale | on available for sale | |||||||||
securities (a) | securities (a) | |||||||||
Beginning Balance | $ | (953 | ) | $ | (1,292 | ) | ||||
Other comprehensive income before reclassification | 1,054 | 198 | ||||||||
Amount reclassified from accumulated other comprehensive income (loss) | - | (171 | ) | |||||||
Total other comprehensive income | 1,054 | 27 | ||||||||
Ending Balance | $ | 101 | $ | (1,265 | ) | |||||
(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 Ended March 31, | |||||||||
2015 | 2014 | |||||||||
Amount Reclassified | Amount Reclassified | |||||||||
from Accumulated | from Accumulated | Affected Line Item in | ||||||||
Other | Other | the Statement Where | ||||||||
Comprehensive | Comprehensive | Net Income is | ||||||||
Details about other comprehensive income | Income (a) | Income (a) | Presented | |||||||
(Dollars in Thousands) | ||||||||||
Unrealized gains on available for sale securities | $ | - | $ | 274 | Gain on sale of securities available for sale | |||||
- | (93 | ) | Income taxes | |||||||
- | (8 | ) | Net impairment losses recognized in earnings | |||||||
- | 3 | Income taxes | ||||||||
$ | - | $ | 176 | Net of tax | ||||||
(a) Amounts in parentheses indicate debits to net income. | ||||||||||
Six Months Ended March 31, | ||||||||||
2015 | 2014 | |||||||||
Amount Reclassified | Amount Reclassified | |||||||||
from Accumulated | from Accumulated | Affected Line Item in | ||||||||
Other | Other | the Statement Where | ||||||||
Comprehensive | Comprehensive | Net Income is | ||||||||
Details about other comprehensive income | Income (a) | Income (a) | Presented | |||||||
(Dollars in Thousands) | ||||||||||
Unrealized gains on available for sale securities | $ | - | $ | 274 | Gain on sale of securities available for sale | |||||
- | (93 | ) | Income taxes | |||||||
- | (15 | ) | Net impairment losses recognized in earnings | |||||||
- | 5 | Income taxes | ||||||||
$ | - | $ | 171 | Net of tax | ||||||
(a) Amounts in parentheses indicate debits to net income. |
INVESTMENT_AND_MORTGAGEBACKED_1
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Schedule of amortized cost and fair value of securities, with gross unrealized gains and losses | 31-Mar-15 | ||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | 18,987 | $ | - | $ | (262 | ) | $ | 18,725 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | 51,926 | 498 | (138 | ) | 52,286 | ||||||||||||||||||||
Total debt securities available for sale | 70,913 | 498 | (400 | ) | 71,011 | ||||||||||||||||||||
FHLMC preferred stock | 6 | 55 | - | 61 | |||||||||||||||||||||
Total securities available for sale | $ | 70,919 | $ | 553 | $ | (400 | ) | $ | 71,072 | ||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | 60,924 | $ | 559 | $ | (949 | ) | $ | 60,534 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | 12,679 | 1,079 | (3 | ) | 13,755 | ||||||||||||||||||||
Total securities held to maturity | $ | 73,603 | $ | 1,638 | $ | (952 | ) | $ | 74,289 | ||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | 18,987 | $ | - | $ | (1,143 | ) | $ | 17,844 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | 40,269 | 188 | (554 | ) | 39,903 | ||||||||||||||||||||
Total debt securities available for sale | 59,256 | 188 | (1,697 | ) | 57,747 | ||||||||||||||||||||
FHLMC preferred stock | 6 | 64 | - | 70 | |||||||||||||||||||||
Total securities available for sale | $ | 59,262 | $ | 252 | $ | (1,697 | ) | $ | 57,817 | ||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
U.S. government and agency obligations | $ | 66,919 | $ | 502 | $ | (3,270 | ) | $ | 64,151 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | 13,921 | 1,130 | (110 | ) | 14,941 | ||||||||||||||||||||
Total securities held to maturity | $ | 80,840 | $ | 1,632 | $ | (3,380 | ) | $ | 79,092 | ||||||||||||||||
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 March 31, 2015: | ||||||||||||||||||||||||
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 | $ | (57 | ) | $ | 4,939 | $ | (205 | ) | $ | 13,786 | $ | (262 | ) | $ | 18,725 | ||||||||||
Mortgage-backed securities - U.S. government agencies | (82 | ) | 10,885 | (56 | ) | 5,943 | (138 | ) | 16,828 | ||||||||||||||||
Total securities available for sale | (139 | ) | 15,824 | (261 | ) | 19,729 | (400 | ) | 35,553 | ||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
U.S. government and agency obligations | (4 | ) | 2,496 | (945 | ) | 45,507 | (949 | ) | 48,003 | ||||||||||||||||
Mortgage-backed securities - U.S. government agencies | - | - | (3 | ) | 2,503 | (3 | ) | 2,503 | |||||||||||||||||
Total securities held to maturity | (4 | ) | 2,496 | (948 | ) | 48,010 | (952 | ) | 50,506 | ||||||||||||||||
Total | $ | (143 | ) | $ | 18,320 | $ | (1,209 | ) | $ | 67,739 | $ | (1,352 | ) | $ | 86,059 | ||||||||||
The following table shows the gross unrealized losses and related fair values of the Company’s investment securities, aggregated by investment category and length of time that individual securities had been in a continuous loss position at September 30, 2014: | |||||||||||||||||||||||||
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 | $ | - | $ | - | $ | (1,143 | ) | $ | 17,843 | $ | (1,143 | ) | $ | 17,843 | |||||||||||
Mortgage-backed securities - U.S. government agency | (184 | ) | 16,437 | (370 | ) | 13,303 | (554 | ) | 29,740 | ||||||||||||||||
Total securities available for sale | (184 | ) | 16,437 | (1,513 | ) | 31,146 | (1,697 | ) | 47,583 | ||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||
U.S. government and agency obligations | (73 | ) | 6,408 | (3,197 | ) | 49,243 | (3,270 | ) | 55,651 | ||||||||||||||||
Mortgage-backed securities - U.S. government agency | - | - | (110 | ) | 4,542 | (110 | ) | 4,542 | |||||||||||||||||
Total securities held to maturity | (73 | ) | 6,408 | (3,307 | ) | 53,785 | (3,380 | ) | 60,193 | ||||||||||||||||
Total | $ | (257 | ) | $ | 22,845 | $ | (4,820 | ) | $ | 84,931 | $ | (5,077 | ) | $ | 107,776 | ||||||||||
Schedule of roll forward of the amounts recognized in earnings related to credit losses on securities | Three Months Ended | ||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Credit component of OTTI as of January 1, 2014 | $ | 1,606 | |||||||||||||||||||||||
Additions for credit-related OTTI charges on previously unimpaired securities | - | ||||||||||||||||||||||||
Additional increase as a result of impairment charges recognized on investments for which an OTTI charge was previously recognized | 8 | ||||||||||||||||||||||||
Credit component of OTTI as of March 31, 2014 | $ | 1,614 | |||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
(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 increase as a result of impairment charges recognized on investments for which an OTTI charge was previously recognized | 15 | ||||||||||||||||||||||||
Credit component of OTTI as of March 31, 2014 | $ | 1,614 | |||||||||||||||||||||||
Schedule of amortized cost and fair value of debt securities by contractual maturity | 31-Mar-15 | ||||||||||||||||||||||||
Held to Maturity | Available for Sale | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
Due within one year | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Due after one through five years | 2,982 | 3,296 | - | - | |||||||||||||||||||||
Due after five through ten years | 7,500 | 7,430 | 4,051 | 3,999 | |||||||||||||||||||||
Due after ten years | 63,121 | 63,563 | 66,868 | 67,073 | |||||||||||||||||||||
Total | $ | 73,603 | $ | 74,289 | $ | 70,919 | $ | 71,072 |
LOANS_RECEIVABLE_Tables
LOANS RECEIVABLE (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of summary of loans receivable | March 31, | September 30, | |||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 276,319 | $ | 282,637 | |||||||||||||||||||||||||||||
Multi-family residential | 5,684 | 7,174 | |||||||||||||||||||||||||||||||
Commercial real estate | 25,411 | 16,113 | |||||||||||||||||||||||||||||||
Construction and land development | 43,598 | 22,397 | |||||||||||||||||||||||||||||||
Commercial business | - | 1,976 | |||||||||||||||||||||||||||||||
Consumer | 371 | 399 | |||||||||||||||||||||||||||||||
Total loans | 351,383 | 330,696 | |||||||||||||||||||||||||||||||
Undisbursed portion of loans-in-process | (23,178 | ) | (9,657 | ) | |||||||||||||||||||||||||||||
Deferred loan costs | 2,238 | 2,449 | |||||||||||||||||||||||||||||||
Allowance for loan losses | (2,588 | ) | (2,425 | ) | |||||||||||||||||||||||||||||
Net loans | $ | 327,855 | $ | 321,063 | |||||||||||||||||||||||||||||
Schedule of loans individually and collectively evaluated for impairment by loan segment | The following table summarizes by loan segment the balance in the allowance for loan losses and the loans individually and collectively evaluated for impairment by loan segment at March 31, 2015: | ||||||||||||||||||||||||||||||||
One- to-four | Multi-family | Commercial real | Construction | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
family | residential | estate | and land | business | |||||||||||||||||||||||||||||
residential | development | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Collectively evaluated for impairment | 1,545 | 51 | 207 | 545 | - | 4 | 236 | 2,588 | |||||||||||||||||||||||||
Total ending allowance balance | $ | 1,545 | $ | 51 | $ | 207 | $ | 545 | $ | - | $ | 4 | $ | 236 | $ | 2,588 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,438 | $ | 359 | $ | 3,752 | $ | 7,926 | $ | - | $ | - | $ | 21,475 | |||||||||||||||||||
Collectively evaluated for impairment | 266,881 | 5,325 | 21,659 | 35,672 | - | 371 | 329,908 | ||||||||||||||||||||||||||
Total loans | $ | 276,319 | $ | 5,684 | $ | 25,411 | $ | 43,598 | $ | - | $ | 371 | $ | 351,383 | |||||||||||||||||||
The following table summarizes by loan segment the balance in the allowance for loan losses and the loans individually and collectively evaluated for impairment by loan segment at September 30, 2014: | |||||||||||||||||||||||||||||||||
One- to-four | Multi-family | Commercial real | Construction | Commercial | Consumer | Unallocated | Total | ||||||||||||||||||||||||||
family | residential | estate | and land | business | |||||||||||||||||||||||||||||
residential | development | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Collectively evaluated for impairment | 1,663 | 67 | 122 | 323 | 15 | 4 | 231 | 2,425 | |||||||||||||||||||||||||
Total loans | $ | 1,663 | $ | 67 | $ | 122 | $ | 323 | $ | 15 | $ | 4 | $ | 231 | $ | 2,425 | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 10,436 | $ | 368 | $ | 3,777 | $ | 7,399 | $ | - | $ | - | $ | - | $ | 21,980 | |||||||||||||||||
Collectively evaluated for impairment | 272,201 | 6,806 | 12,336 | 14,998 | 1,976 | 399 | - | 308,716 | |||||||||||||||||||||||||
Total loans | $ | 282,637 | $ | 7,174 | $ | 16,113 | $ | 22,397 | $ | 1,976 | $ | 399 | $ | - | $ | 330,696 | |||||||||||||||||
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 March 31, 2015: | ||||||||||||||||||||||||||||||||
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 | $ | - | $ | - | $ | 9,438 | $ | 9,438 | $ | 10,136 | |||||||||||||||||||||||
Multi-family residential | - | - | 359 | 359 | 359 | ||||||||||||||||||||||||||||
Commercial real estate | - | - | 3,752 | 3,752 | 3,752 | ||||||||||||||||||||||||||||
Construction and land development | - | - | 7,926 | 7,926 | 7,926 | ||||||||||||||||||||||||||||
Total Loans | $ | - | $ | - | $ | 21,475 | $ | 21,475 | $ | 22,173 | |||||||||||||||||||||||
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, 2014: | |||||||||||||||||||||||||||||||||
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 | $ | - | $ | - | $ | 10,436 | $ | 10,436 | $ | 11,135 | |||||||||||||||||||||||
Multi-family residential | - | - | 368 | 368 | 368 | ||||||||||||||||||||||||||||
Commercial real estate | - | - | 3,777 | 3,777 | 3,777 | ||||||||||||||||||||||||||||
Construction and land development | - | - | 7,399 | 7,399 | 7,399 | ||||||||||||||||||||||||||||
Total Loans | $ | - | $ | - | $ | 21,980 | $ | 21,980 | $ | 22,679 | |||||||||||||||||||||||
Schedule of average investment in impaired loans and related interest income recognized | Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||||||
Average | Income Recognized | Income | |||||||||||||||||||||||||||||||
Recorded | on Accrual Basis | Recognized on | |||||||||||||||||||||||||||||||
Investment | Cash Basis | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 10,068 | $ | 124 | $ | 42 | |||||||||||||||||||||||||||
Multi-family residential | 361 | 6 | - | ||||||||||||||||||||||||||||||
Commercial real estate | 3,758 | 51 | 24 | ||||||||||||||||||||||||||||||
Construction and land development | 7,743 | 106 | 64 | ||||||||||||||||||||||||||||||
Total Loans | $ | 21,930 | $ | 287 | $ | 130 | |||||||||||||||||||||||||||
Six Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||
Average | Income Recognized | Income | |||||||||||||||||||||||||||||||
Recorded | on Accrual Basis | Recognized on | |||||||||||||||||||||||||||||||
Investment | Cash Basis | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 10,179 | $ | 263 | $ | 77 | |||||||||||||||||||||||||||
Multi-family residential | 363 | 13 | - | ||||||||||||||||||||||||||||||
Commercial real estate | 3,764 | 102 | 35 | ||||||||||||||||||||||||||||||
Construction and land development | 7,628 | 210 | 64 | ||||||||||||||||||||||||||||||
Total Loans | $ | 21,934 | $ | 588 | $ | 176 | |||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||
Average | Income Recognized | Income | |||||||||||||||||||||||||||||||
Recorded | on Accrual Basis | Recognized on | |||||||||||||||||||||||||||||||
Investment | Cash Basis | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 10,926 | $ | 96 | $ | 30 | |||||||||||||||||||||||||||
Multi-family residential | 378 | 6 | - | ||||||||||||||||||||||||||||||
Commercial real estate | 1,538 | - | 7 | ||||||||||||||||||||||||||||||
Construction and land development | 947 | - | - | ||||||||||||||||||||||||||||||
Total Loans | $ | 13,789 | $ | 102 | $ | 37 | |||||||||||||||||||||||||||
Six Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||
Average | Income Recognized | Income | |||||||||||||||||||||||||||||||
Recorded | on Accrual Basis | Recognized on | |||||||||||||||||||||||||||||||
Investment | Cash Basis | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 10,869 | $ | 167 | $ | 51 | |||||||||||||||||||||||||||
Multi-family residential | 380 | 13 | - | ||||||||||||||||||||||||||||||
Commercial real estate | 1,932 | 10 | 14 | ||||||||||||||||||||||||||||||
Construction and land development | 1,033 | 36 | - | ||||||||||||||||||||||||||||||
Total Loans | $ | 14,214 | $ | 226 | $ | 65 | |||||||||||||||||||||||||||
Schedule of classes of the loan portfolio in which a formal risk weighting system is utilized | March 31, 2015 | ||||||||||||||||||||||||||||||||
Special | Total | ||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Loans | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 2,770 | $ | - | $ | 6,668 | $ | 9,438 | |||||||||||||||||||||||||
Multi-family residential | 5,325 | - | 359 | 5,684 | |||||||||||||||||||||||||||||
Commercial real estate | 22,543 | - | 2,868 | 25,411 | |||||||||||||||||||||||||||||
Construction and land development | 35,673 | - | 7,925 | 43,598 | |||||||||||||||||||||||||||||
Total Loans | $ | 66,311 | $ | - | $ | 17,820 | $ | 84,131 | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Special | Total | ||||||||||||||||||||||||||||||||
Pass | Mention | Substandard | Loans | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | - | $ | 1,509 | $ | 10,436 | $ | 11,945 | |||||||||||||||||||||||||
Multi-family residential | 6,806 | - | 368 | 7,174 | |||||||||||||||||||||||||||||
Commercial real estate | 11,347 | 989 | 3,777 | 16,113 | |||||||||||||||||||||||||||||
Construction and land development | 14,998 | - | 7,399 | 22,397 | |||||||||||||||||||||||||||||
Commercial business | 1,976 | - | - | 1,976 | |||||||||||||||||||||||||||||
Consumer | - | 119 | - | 119 | |||||||||||||||||||||||||||||
Total Loans | 35,127 | $ | 2,617 | $ | 21,980 | $ | 59,724 | ||||||||||||||||||||||||||
Schedule of loans in which a formal risk rating system is not utilized, but loans are segregated between performing and non-performing | 31-Mar-15 | ||||||||||||||||||||||||||||||||
Non- | Total | ||||||||||||||||||||||||||||||||
Performing | Performing | Loans | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 266,881 | $ | - | $ | 266,881 | |||||||||||||||||||||||||||
Consumer | 371 | - | 371 | ||||||||||||||||||||||||||||||
Total Loans | $ | 267,252 | $ | - | $ | 267,252 | |||||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
Non- | Total | ||||||||||||||||||||||||||||||||
Performing | Performing | Loans | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||
One-to-four family residential | $ | 270,692 | $ | - | $ | 270,692 | |||||||||||||||||||||||||||
Consumer | 280 | - | 280 | ||||||||||||||||||||||||||||||
Total Loans | $ | 270,972 | $ | - | $ | 270,972 | |||||||||||||||||||||||||||
Schedule of loan categories of the loan portfolio summarized by the aging categories of performing and delinquent loans and nonaccrual loans | 31-Mar-15 | ||||||||||||||||||||||||||||||||
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 | $ | 271,755 | $ | 733 | $ | 3,831 | $ | - | $ | 733 | $ | 276,319 | $ | 5,362 | |||||||||||||||||||
Multi-family residential | 5,684 | - | - | - | - | 5,684 | - | ||||||||||||||||||||||||||
Commercial real estate | 25,342 | 69 | - | - | 69 | 25,411 | 2,299 | ||||||||||||||||||||||||||
Construction and land development | 43,598 | - | - | - | - | 43,598 | 7,926 | ||||||||||||||||||||||||||
Consumer | 371 | - | - | - | - | 371 | - | ||||||||||||||||||||||||||
Total Loans | $ | 346,750 | $ | 802 | $ | 3,831 | $ | - | $ | 802 | $ | 351,383 | $ | 15,587 | |||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||||||||||
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 | $ | 278,716 | $ | 475 | $ | 3,446 | $ | - | $ | 475 | $ | 282,637 | $ | 5,002 | |||||||||||||||||||
Multi-family residential | 7,174 | - | - | - | - | 7,174 | - | ||||||||||||||||||||||||||
Commercial real estate | 16,113 | - | - | - | - | 16,113 | 877 | ||||||||||||||||||||||||||
Construction and land development | 22,397 | - | - | - | - | 22,397 | - | ||||||||||||||||||||||||||
Commercial business | 1,976 | - | - | - | - | 1,976 | - | ||||||||||||||||||||||||||
Consumer | 399 | - | - | - | - | 399 | - | ||||||||||||||||||||||||||
Total Loans | $ | 326,775 | $ | 475 | $ | 3,446 | $ | - | $ | 475 | $ | 330,696 | $ | 5,879 | |||||||||||||||||||
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 March 31, 2015 | ||||||||||||||||||||||||||||||||
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 December 31, 2014 | $ | 1,492 | $ | 51 | $ | 216 | $ | 493 | $ | 5 | $ | 4 | $ | 239 | $ | 2,500 | |||||||||||||||||
Charge-offs | (212 | ) | - | - | - | - | - | - | (212 | ) | |||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Provision | 265 | - | (9 | ) | 52 | (5 | ) | - | (3 | ) | 300 | ||||||||||||||||||||||
ALLL balance at March 31, 2015 | $ | 1,545 | $ | 51 | $ | 207 | $ | 545 | $ | - | $ | 4 | $ | 236 | $ | 2,588 | |||||||||||||||||
Six Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||
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, 2014 | $ | 1,663 | $ | 67 | $ | 122 | $ | 323 | $ | 15 | $ | 4 | $ | 231 | $ | 2,425 | |||||||||||||||||
Charge-offs | (212 | ) | - | - | - | - | - | - | (212 | ) | |||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Provision | 94 | (16 | ) | 85 | 222 | (15 | ) | - | 5 | 375 | |||||||||||||||||||||||
ALLL balance at March 31, 2015 | $ | 1,545 | $ | 51 | $ | 207 | $ | 545 | $ | - | $ | 4 | $ | 236 | $ | 2,588 | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||
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 December 31, 2013 | $ | 1,302 | $ | 26 | $ | 51 | $ | 757 | $ | 4 | $ | 1 | $ | 212 | $ | 2,353 | |||||||||||||||||
Charge-offs | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Recoveries | 37 | - | - | - | - | - | - | 37 | |||||||||||||||||||||||||
Provision | 86 | 38 | 90 | (234 | ) | - | 2 | 18 | - | ||||||||||||||||||||||||
ALLL balance at March 31, 2014 | $ | 1,425 | $ | 64 | $ | 141 | $ | 523 | $ | 4 | $ | 3 | $ | 230 | $ | 2,390 | |||||||||||||||||
Six Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||
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 | 47 | - | - | - | - | - | - | 47 | |||||||||||||||||||||||||
Provision | 4 | 42 | 71 | (130 | ) | - | 1 | 12 | - | ||||||||||||||||||||||||
ALLL balance at March 31, 2014 | $ | 1,425 | $ | 64 | $ | 141 | $ | 523 | $ | 4 | $ | 3 | $ | 230 | $ | 2,390 | |||||||||||||||||
Schedule of troubled debt restructurings | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Number of | Pre- Modification | Post- | ||||||||||||||||||||||||||||||
Loans | Outstanding | Modification | |||||||||||||||||||||||||||||||
Recorded | Outstanding | ||||||||||||||||||||||||||||||||
Investment | Recorded | ||||||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||||||
Commercial real estate | 1 | $ | 750 | $ | 750 | ||||||||||||||||||||||||||||
Construction and land development | 1 | 3,665 | 3,665 | ||||||||||||||||||||||||||||||
2 | $ | 4,415 | $ | 4,415 | |||||||||||||||||||||||||||||
Six Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Number of | Pre- Modification | Post- | ||||||||||||||||||||||||||||||
Loans | Outstanding | Modification | |||||||||||||||||||||||||||||||
Recorded | Outstanding | ||||||||||||||||||||||||||||||||
Investment | Recorded | ||||||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||||||
Commercial real estate | 1 | $ | 750 | $ | 750 | ||||||||||||||||||||||||||||
Construction and land development | 1 | 3,665 | 3,665 | ||||||||||||||||||||||||||||||
2 | $ | 4,415 | $ | 4,415 | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Number of | Pre- Modification | Post- | ||||||||||||||||||||||||||||||
Loans | Outstanding | Modification | |||||||||||||||||||||||||||||||
Recorded | Outstanding | ||||||||||||||||||||||||||||||||
Investment | Recorded | ||||||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||||||
One-to-four family | 1 | $ | 1,468 | $ | 1,468 | ||||||||||||||||||||||||||||
1 | $ | 1,468 | $ | 1,468 | |||||||||||||||||||||||||||||
Six Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Number of | Pre- Modification | Post- | ||||||||||||||||||||||||||||||
Loans | Outstanding | Modification | |||||||||||||||||||||||||||||||
Recorded | Outstanding | ||||||||||||||||||||||||||||||||
Investment | Recorded | ||||||||||||||||||||||||||||||||
Investment | |||||||||||||||||||||||||||||||||
One-to-four family | 1 | $ | 1,468 | $ | 1,468 | ||||||||||||||||||||||||||||
1 | $ | 1,468 | $ | 1,468 |
DEPOSITS_Tables
DEPOSITS (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Deposits [Abstract] | |||||||||||||||||
Schedule of major classifications of deposits | March 31, | September 30, | |||||||||||||||
2015 | 2014 | ||||||||||||||||
Amount | Percent | Amount | Percent | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Money market deposit accounts | $ | 64,304 | 16.7 | % | $ | 64,665 | 16.5 | % | |||||||||
Interest-bearing checking accounts | 36,504 | 9.5 | 38,119 | 9.8 | |||||||||||||
Non interest-bearing checking accounts | 2,465 | 0.6 | 2,327 | 0.6 | |||||||||||||
Passbook, club and statement savings | 72,655 | 18.8 | 73,275 | 18.8 | |||||||||||||
Certificates maturing in six months or less | 53,190 | 13.8 | 48,359 | 12.4 | |||||||||||||
Certificates maturing in more than six months | 156,357 | 40.6 | 164,280 | 41.9 | |||||||||||||
Total | $ | 385,475 | 100 | % | $ | 391,025 | 100 | % |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 6 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of deferred income taxes | March 31, | September 30, | |||||||
2015 | 2014 | ||||||||
Deferred tax assets: | (Dollars in Thousands) | ||||||||
Allowance for loan losses | $ | 1,205 | $ | 1,123 | |||||
Nonaccrual interest | 131 | 125 | |||||||
Accrued vacation | 111 | 108 | |||||||
Capital loss carryforward | 606 | 1,211 | |||||||
Real estate owned expense | 10 | - | |||||||
Split dollar life insurance | 20 | 20 | |||||||
Post-retirement benefits | 135 | 137 | |||||||
Unrealized loss on available for sale securities | - | 491 | |||||||
Employee benefit plans | 406 | 382 | |||||||
Total deferred tax assets | 2,624 | 3,597 | |||||||
Valuation allowance | (606 | ) | (1,211 | ) | |||||
Total deferred tax assets, net of valuation allowance | 2,018 | 2,386 | |||||||
Deferred tax liabilities: | |||||||||
Property | 418 | 422 | |||||||
Unrealized gain on available for sale securities | 53 | - | |||||||
Deferred loan fees | 761 | 833 | |||||||
Total deferred tax liabilities | 1,232 | 1,255 | |||||||
Net deferred tax asset | $ | 786 | $ | 1,131 |
STOCK_COMPENSATION_PLANS_Table
STOCK COMPENSATION PLANS (Tables) | 6 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |||||||||
Schedule of summary of the non-vested stock award activity | Six Months Ended | ||||||||
31-Mar-15 | |||||||||
Weighted Average | |||||||||
Number of | Grant Date Fair | ||||||||
Shares (1) | Value | ||||||||
Nonvested stock awards at October 1, 2014 | 38,055 | $ | 8.07 | ||||||
Issued | 235,500 | 12.23 | |||||||
Forfeited | - | - | |||||||
Vested | (9,578 | ) | 8.07 | ||||||
Nonvested stock awards at the March 31, 2015 | 263,977 | $ | 12.07 | ||||||
Six Months Ended | |||||||||
31-Mar-14 | |||||||||
Weighted Average | |||||||||
Number of | Grant Date Fair | ||||||||
Shares | Value | ||||||||
Nonvested stock awards at October 1, 2013 | 79,477 | $ | 9.56 | ||||||
Issued | - | - | |||||||
Forfeited | - | - | |||||||
Vested | (40,686 | ) | 10.95 | ||||||
Nonvested stock awards at the March 31, 2014 | 38,791 | $ | 8.11 | ||||||
Schedule of summary of the status of the company' stock options under the stock option plan | Six Months Ended | ||||||||
31-Mar-15 | |||||||||
Number of | Weighted Average | ||||||||
Shares | Exercise Price | ||||||||
Outstanding at October 1, 2014 | 530,084 | $ | 10.86 | ||||||
Granted | 608,737 | 12.23 | |||||||
Exercised | - | - | |||||||
Forfeited | - | - | |||||||
Outstanding at March 31, 2015 | 1,138,821 | $ | 11.59 | ||||||
Exercisable at March 31, 2015 | 445,147 | $ | 11.37 | ||||||
Six Months Ended | |||||||||
31-Mar-14 | |||||||||
Number of | Weighted Average | ||||||||
Shares (1) | Exercise Price | ||||||||
Outstanding at October 1, 2013 | 516,739 | $ | 10.86 | ||||||
Granted | 13,545 | 10.68 | |||||||
Exercised | - | - | |||||||
Forfeited | - | - | |||||||
Outstanding at March 31, 2014 | 530,284 | $ | 10.86 | ||||||
Exercisable at March 31, 2014 | 415,733 | $ | 11.57 |
FAIR_VALUE_MEASUREMENT_Tables
FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Schedule of assets measured at fair value on recurring basis | Those assets as of March 31, 2015 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 | $ | - | $ | 18,725 | $ | - | $ | 18,725 | |||||||||||||
Mortgage-backed securities - U.S. Government agencies | - | 52,286 | - | 52,286 | |||||||||||||||||
FHLMC preferred stock | 61 | - | - | 61 | |||||||||||||||||
Total | $ | 61 | $ | 71,011 | $ | - | $ | 71,072 | |||||||||||||
Those assets as of September 30, 2014 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 | $ | - | $ | 17,844 | $ | - | $ | 17,844 | |||||||||||||
Mortgage-backed securities - U.S. Government agencies | - | 39,903 | - | 39,903 | |||||||||||||||||
FHLMC preferred stock | 70 | - | - | 70 | |||||||||||||||||
Total | $ | 70 | $ | 57,747 | $ | - | $ | 57,817 | |||||||||||||
Schedule of summary of non-recurring fair value measurements | At March 31, 2015 | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 21,475 | $ | 21,475 | |||||||||||||
Total | $ | - | $ | - | $ | 21,475 | $ | 21,475 | |||||||||||||
At September 30, 2014 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Impaired loans | $ | - | $ | - | $ | 21,980 | $ | 21,980 | |||||||||||||
Total | $ | - | $ | - | $ | 21,980 | $ | 21,980 | |||||||||||||
Schedule of nonrecurring fair value measurements categorized within level 3 of the fair value hierarchy | At December 31, 2014 | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Fair Value | Valuation | Unobservable Input | Range/ | ||||||||||||||||||
Technique | Weighted Ave. | ||||||||||||||||||||
Impaired loans | $ | 21,475 | Property appraisals (1) (3) | Management discount for selling costs, property type and market volatility (2) | 10% discount | ||||||||||||||||
At September 30, 2014 | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Fair Value | Valuation | Unobservable Input | Range / | ||||||||||||||||||
Technique | Weighted Ave. | ||||||||||||||||||||
Impaired loans | $ | 21,980 | Property appraisals (1) (3) | Management discount for selling costs, property type and market volatility (2) | 10% discount | ||||||||||||||||
-1 | Fair value is generally determined through independent appraisals of the underlying collateral, which generally includes various Level 3 inputs, which are not identifiable. | ||||||||||||||||||||
-2 | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. | ||||||||||||||||||||
(3) | Includes qualitative adjustments by management and estimated liquidation expenses. | ||||||||||||||||||||
Schedule of the estimated fair value amounts | Fair Value Measurements at | ||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||
Carrying | Fair | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Amount | Value | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 27,422 | $ | 27,422 | $ | 27,422 | $ | - | $ | - | |||||||||||
Investment and mortgage-backed securities available for sale | 71,072 | 71,072 | 61 | 71,011 | - | ||||||||||||||||
Investment and mortgage-backed securities held to maturity | 73,603 | 74,289 | - | 74,289 | - | ||||||||||||||||
Loans receivable, net | 327,855 | 329,477 | - | - | 329,477 | ||||||||||||||||
Accrued interest receivable | 1,779 | 1,779 | 1,779 | - | - | ||||||||||||||||
Federal Home Loan Bank stock | 350 | 350 | 350 | - | - | ||||||||||||||||
Bank owned life insurance | 12,554 | 12,554 | 12,554 | - | - | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Checking accounts | 38,969 | 38,969 | 38,969 | - | - | ||||||||||||||||
Money market deposit accounts | 64,304 | 64,304 | 64,304 | - | - | ||||||||||||||||
Passbook, club and statement savings accounts | 72,655 | 72,655 | 72,655 | - | - | ||||||||||||||||
Certificates of deposit | 209,547 | 214,749 | - | - | 214,749 | ||||||||||||||||
Advances from Federal Home Loan Bank | 130 | 130 | 130 | - | - | ||||||||||||||||
Accrued interest payable | 507 | 507 | 507 | - | - | ||||||||||||||||
Advances from borrowers for taxes and insurance | 1,625 | 1,625 | 1,625 | - | - | ||||||||||||||||
Fair Value Measurements at | |||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||
Carrying Amount | Fair | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Value | |||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 45,382 | $ | 45,382 | $ | 45,382 | $ | - | $ | - | |||||||||||
Investment and mortgage-backed securities available for sale | 57,817 | 57,817 | 70 | 57,747 | - | ||||||||||||||||
Investment and mortgage-backed securities held to maturity | 80,840 | 79,092 | - | 79,092 | - | ||||||||||||||||
Loans receivable, net | 321,063 | 321,247 | - | - | 321,247 | ||||||||||||||||
Accrued interest receivable | 1,748 | 1,748 | 1,748 | - | - | ||||||||||||||||
Federal Home Loan Bank stock | 1,221 | 1,221 | 1,221 | - | - | ||||||||||||||||
Bank owned life insurance | 12,377 | 12,377 | 12,377 | - | - | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Checking accounts | 40,446 | 40,446 | 40,446 | - | - | ||||||||||||||||
Money market deposit accounts | 64,665 | 64,665 | 64,665 | - | - | ||||||||||||||||
Passbook, club and statement savings accounts | 73,275 | 73,275 | 73,275 | - | - | ||||||||||||||||
Certificates of deposit | 212,639 | 217,273 | - | 217,273 | - | ||||||||||||||||
Advances from Federal Home Loan Bank | 340 | 340 | 340 | - | - | ||||||||||||||||
Accrued interest payable | 1,486 | 1,486 | 1,486 | - | - | ||||||||||||||||
Advances from borrowers for taxes and insurance | 1,240 | 1,240 | 1,240 | - | - |
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) (USD $) | 6 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Oct. 09, 2013 | Sep. 30, 2014 | |
Branch | ||||
Significant Accounting Policies [Line Items] | ||||
Common stock, par value | $0.01 | $0.01 | ||
Number of full service branch offices | 6 | |||
Purchase of treasury stock | -309,614 | |||
Purchase of treasury stock (309,614 shares) | $3,790,000 | |||
Philadelphia | ||||
Significant Accounting Policies [Line Items] | ||||
Number of full service branch offices | 5 | |||
Pennsylvania | ||||
Significant Accounting Policies [Line Items] | ||||
Number of full service branch offices | 1 | |||
Second Step Conversion | ||||
Significant Accounting Policies [Line Items] | ||||
Number of new shares sold | 7,141,602 | |||
Common stock, par value | $0.01 | |||
Per share of new shares sold | $10 | |||
Value of new shares sold | $71,400,000 | |||
Additional outstanding shares of common stock | 2,403,207 | |||
Number of shares for which the common stock exchanged | 0.9442 | |||
Treasury stock cancelled | 2,540,255 |
EARNINGS_PER_SHARE_Calculated_
EARNINGS PER SHARE - Calculated basic and diluted earnings per share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings per share - basic | ||||
Net income | $1,701 | $535 | $2,172 | $873 |
Weighted average shares outstanding - basic | 8,571,846 | 9,066,150 | 8,712,938 | 9,146,193 |
Effect of common stock equivalents - basic | ||||
Adjusted weighted average shares used in earnings per share computation - basic | 8,571,846 | 9,066,150 | 8,712,938 | 9,146,193 |
Earnings per share - basic (in dollars per share) | $0.20 | $0.06 | $0.25 | $0.10 |
Earnings per share - diluted | ||||
Net income | $1,701 | $535 | $2,172 | $873 |
Weighted average shares outstanding - diluted | 8,571,846 | 9,066,150 | 8,712,938 | 9,146,193 |
Effect of common stock equivalents - diluted | 1,103,728 | 206,655 | 1,163,172 | 204,776 |
Adjusted weighted average shares used in earnings per share computation - diluted | 9,675,574 | 9,272,805 | 9,876,110 | 9,350,969 |
Earnings per share - diluted (in dollars per share) | $0.18 | $0.06 | $0.22 | $0.09 |
EARNINGS_PER_SHARE_Detail_Text
EARNINGS PER SHARE (Detail Textuals) (Stock Options, USD $) | 6 Months Ended |
Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities excluded from computation of earnings per share | 396,361 |
Minimum | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Exercise price for the stock options (in dollars per share) | 10.71 |
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 | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning Balance | ($953) | |||||||
Total other comprehensive income | 568 | 376 | 1,054 | 27 | ||||
Ending Balance | 101 | 101 | ||||||
Unrealized gains (losses) on available for sale securities | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning Balance | -467 | [1] | -1,641 | [1] | -953 | [1] | -1,292 | [1] |
Other comprehensive income before reclassification | 568 | [1] | 552 | [1] | 1,054 | [1] | 198 | [1] |
Amount reclassified from accumulated other comprehensive income (loss) | [1] | -176 | [1] | [1] | [1] | |||
Total other comprehensive income | 568 | [1] | 376 | [1] | 1,054 | [1] | 27 | [1] |
Ending Balance | $101 | [1] | ($1,265) | [1] | $101 | [1] | ($1,265) | [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 | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Unrealized gains on available for sale securities | ||||||||
Gain on sale of securities available for sale | $861 | $836 | $1,597 | $300 | ||||
Income taxes | -293 | -284 | -543 | -102 | ||||
Unrealized gains on available for sale securities | Amount Reclassified from Accumulated Other Comprehensive Loss | ||||||||
Unrealized gains on available for sale securities | ||||||||
Gain on sale of securities available for sale | [1] | 274 | [1] | [1] | 274 | [1] | ||
Income taxes | [1] | -93 | [1] | [1] | -93 | [1] | ||
Net impairment losses recognized in earnings | [1] | -8 | [1] | [1] | -15 | [1] | ||
Income taxes | [1] | 3 | [1] | [1] | 5 | [1] | ||
Net of tax | [1] | $176 | [1] | [1] | $171 | [1] | ||
[1] | 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 $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Securities Available for Sale: | ||
Amortized Cost | $70,919 | $59,262 |
Gross Unrealized Gains | 553 | 252 |
Gross Unrealized Losses | -400 | -1,697 |
Fair Value | 71,072 | 57,817 |
Securities Held to Maturity: | ||
Amortized Cost | 73,603 | 80,840 |
Gross Unrealized Gains | 1,638 | 1,632 |
Gross Unrealized Losses | -952 | -3,380 |
Fair Value | 74,289 | 79,092 |
Debt securities available for sale | ||
Securities Available for Sale: | ||
Amortized Cost | 70,913 | 59,256 |
Gross Unrealized Gains | 498 | 188 |
Gross Unrealized Losses | -400 | -1,697 |
Fair Value | 71,011 | 57,747 |
U.S. government and agency obligations | ||
Securities Available for Sale: | ||
Amortized Cost | 18,987 | 18,987 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | -262 | -1,143 |
Fair Value | 18,725 | 17,844 |
Securities Held to Maturity: | ||
Amortized Cost | 60,924 | 66,919 |
Gross Unrealized Gains | 559 | 502 |
Gross Unrealized Losses | -949 | -3,270 |
Fair Value | 60,534 | 64,151 |
Mortgage-backed securities - US government agencies | ||
Securities Available for Sale: | ||
Amortized Cost | 51,926 | 40,269 |
Gross Unrealized Gains | 498 | 188 |
Gross Unrealized Losses | -138 | -554 |
Fair Value | 52,286 | 39,903 |
Securities Held to Maturity: | ||
Amortized Cost | 12,679 | 13,921 |
Gross Unrealized Gains | 1,079 | 1,130 |
Gross Unrealized Losses | -3 | -110 |
Fair Value | 13,755 | 14,941 |
FHLMC preferred stock | ||
Securities Available for Sale: | ||
Amortized Cost | 6 | 6 |
Gross Unrealized Gains | 55 | 64 |
Gross Unrealized Losses | ||
Fair Value | $61 | $70 |
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 $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | ($139) | ($184) |
Less than 12 months - Fair value | 15,824 | 16,437 |
More than 12 months - Gross Unrealized Losses | -261 | -1,513 |
More than 12 months - Fair value | 19,729 | 31,146 |
Gross Unrealized Losses - Total | -400 | -1,697 |
Fair Value - Total | 35,553 | 47,583 |
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | -4 | -73 |
Less than 12 months - Fair value | 2,496 | 6,408 |
More than 12 months - Gross Unrealized Losses | -948 | -3,307 |
More than 12 months - Fair value | 48,010 | 53,785 |
Gross Unrealized Losses -Total | -952 | -3,380 |
Fair Value - Total | 50,506 | 60,193 |
Less than 12 months - Gross Unrealized Losses | -143 | -257 |
Less than 12 months - Fair Value | 18,320 | 22,845 |
More than 12 months - Gross Unrealized Losses | -1,209 | -4,820 |
More than 12 months - Fair Value | 67,739 | 84,931 |
Gross Unrealized Losses - Total | -1,352 | -5,077 |
Fair Value - Total | 86,059 | 107,776 |
U.S. government and agency obligations | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | -57 | |
Less than 12 months - Fair value | 4,939 | |
More than 12 months - Gross Unrealized Losses | -205 | -1,143 |
More than 12 months - Fair value | 13,786 | 17,843 |
Gross Unrealized Losses - Total | -262 | -1,143 |
Fair Value - Total | 18,725 | 17,843 |
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | -4 | -73 |
Less than 12 months - Fair value | 2,496 | 6,408 |
More than 12 months - Gross Unrealized Losses | -945 | -3,197 |
More than 12 months - Fair value | 45,507 | 49,243 |
Gross Unrealized Losses -Total | -949 | -3,270 |
Fair Value - Total | 48,003 | 55,651 |
Mortgage-backed securities - US government agencies | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | -82 | -184 |
Less than 12 months - Fair value | 10,885 | 16,437 |
More than 12 months - Gross Unrealized Losses | -56 | -370 |
More than 12 months - Fair value | 5,943 | 13,303 |
Gross Unrealized Losses - Total | -138 | -554 |
Fair Value - Total | 16,828 | 29,740 |
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | ||
Less than 12 months - Fair value | ||
More than 12 months - Gross Unrealized Losses | -3 | -110 |
More than 12 months - Fair value | 2,503 | 4,542 |
Gross Unrealized Losses -Total | -3 | -110 |
Fair Value - Total | $2,503 | $4,542 |
INVESTMENT_AND_MORTGAGEBACKED_4
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Rollforward of amounts recognized in earnings related to credit losses on securities (Details 2) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Credit component of OTTI, Beginning Balance | $1,606 | $1,599 |
Additions for credit-related OTTI charges on previously unimpaired securities | ||
Additional increase as a result of impairment charges recognized on investments for which an OTTI charge was previously recognized | 8 | 15 |
Credit component of OTTI, Ending Balance | $1,614 | $1,614 |
INVESTMENT_AND_MORTGAGEBACKED_5
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized cost and fair value of debt securities, by contractual maturity (Details 3) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Held to Maturity, Amortized Cost | |
Due within one year | |
Due after one through five years | 2,982 |
Due after five through ten years | 7,500 |
Due after ten years | 63,121 |
Total | 73,603 |
Held to Maturity, Fair Value | |
Due within one year | |
Due after one through five years | 3,296 |
Due after five through ten years | 7,430 |
Due after ten years | 63,563 |
Total | 74,289 |
Available for Sale, Amortized Cost | |
Due within one year | |
Due after one through five years | |
Due after five through ten years | 4,051 |
Due after ten years | 66,868 |
Total | 70,919 |
Available for Sale, Fair Value | |
Due within one year | |
Due after one through five years | |
Due after five through ten years | 3,999 |
Due after ten years | 67,073 |
Total | $71,072 |
INVESTMENT_AND_MORTGAGEBACKED_6
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Detail Textuals) (USD $) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2015 | |
Security | |||
Marketable Securities [Line Items] | |||
Investment securities sold | $1,300,000 | $1,300,000 | |
Recorded gross gain | $274,000 | $274,000 | |
U.S. government and agency obligations | |||
Marketable Securities [Line Items] | |||
Number of investment securities in debt obligations in the category of loss position less than 12 months held by company | 6 | ||
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | 24 | ||
U.S. Agency Issued Mortgage-Backed Securities | |||
Marketable Securities [Line Items] | |||
Number of investment securities in debt obligations in the category of loss position less than 12 months held by company | 11 | ||
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | 19 |
LOANS_RECEIVABLE_Summary_of_Lo
LOANS RECEIVABLE - Summary of Loans receivable (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | ($2,588) | ($2,425) | ||||
Net loans | 327,855 | 321,063 | ||||
Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
One-to-four family residential | 276,319 | 282,637 | ||||
Multi-family residential | 5,684 | 7,174 | ||||
Commercial real estate | 25,411 | 16,113 | ||||
Construction and land development | 43,598 | 22,397 | ||||
Commercial business | 1,976 | |||||
Consumer | 371 | 399 | ||||
Total loans | 351,383 | 330,696 | ||||
Undisbursed portion of loans-in-process | -23,178 | -9,657 | ||||
Deferred loan costs | 2,238 | 2,449 | ||||
Allowance for loan losses | -2,588 | -2,500 | -2,425 | -2,390 | -2,353 | -2,353 |
Net loans | $327,855 | $321,063 |
Recovered_Sheet1
LOANS RECEIVABLE - Summary of loans individually evaluated for impairment by loan segment (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||||||
Allowance for Loan Losses: | ||||||
Total ending allowance balance | $2,588 | $2,425 | ||||
Loans Receivable | ||||||
Allowance for Loan Losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 2,588 | 2,425 | ||||
Total ending allowance balance | 2,588 | 2,500 | 2,425 | 2,390 | 2,353 | 2,353 |
Loans | ||||||
Individually evaluated for impairment | 21,475 | 21,980 | ||||
Collectively evaluated for impairment | 329,908 | 308,716 | ||||
Total loans | 351,383 | 330,696 | ||||
Loans Receivable | One-to-four family residential | ||||||
Allowance for Loan Losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 1,545 | 1,663 | ||||
Total ending allowance balance | 1,545 | 1,492 | 1,663 | 1,425 | 1,302 | 1,384 |
Loans | ||||||
Individually evaluated for impairment | 9,438 | 10,436 | ||||
Collectively evaluated for impairment | 266,881 | 272,201 | ||||
Total loans | 276,319 | 282,637 | ||||
Loans Receivable | Multi-family residential | ||||||
Allowance for Loan Losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 51 | 67 | ||||
Total ending allowance balance | 51 | 51 | 67 | 64 | 26 | 22 |
Loans | ||||||
Individually evaluated for impairment | 359 | 368 | ||||
Collectively evaluated for impairment | 5,325 | 6,806 | ||||
Total loans | 5,684 | 7,174 | ||||
Loans Receivable | Commercial real estate | ||||||
Allowance for Loan Losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 207 | 122 | ||||
Total ending allowance balance | 207 | 216 | 122 | 141 | 51 | 70 |
Loans | ||||||
Individually evaluated for impairment | 3,752 | 3,777 | ||||
Collectively evaluated for impairment | 21,659 | 12,336 | ||||
Total loans | 25,411 | 16,113 | ||||
Loans Receivable | Construction and land development | ||||||
Allowance for Loan Losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 545 | 323 | ||||
Total ending allowance balance | 545 | 493 | 323 | 523 | 757 | 653 |
Loans | ||||||
Individually evaluated for impairment | 7,926 | 7,399 | ||||
Collectively evaluated for impairment | 35,672 | 14,998 | ||||
Total loans | 43,598 | 22,397 | ||||
Loans Receivable | Commercial business | ||||||
Allowance for Loan Losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 15 | |||||
Total ending allowance balance | 5 | 15 | 4 | 4 | 4 | |
Loans | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 1,976 | |||||
Total loans | 1,976 | |||||
Loans Receivable | Consumer | ||||||
Allowance for Loan Losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 4 | 4 | ||||
Total ending allowance balance | 4 | 4 | 4 | 3 | 1 | 2 |
Loans | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 371 | 399 | ||||
Total loans | 371 | 399 | ||||
Loans Receivable | Unallocated | ||||||
Allowance for Loan Losses: | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | 236 | 231 | ||||
Total ending allowance balance | 236 | 239 | 231 | 230 | 212 | 218 |
Loans | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | ||||||
Total loans |
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 $) | Mar. 31, 2015 | Sep. 30, 2014 |
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 | 21,475 | 21,980 |
Total Impaired Loans - Recorded Investment | 21,475 | 21,980 |
Total impaired loans - Unpaid Principal Balance | 22,173 | 22,679 |
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 | 9,438 | 10,436 |
Total Impaired Loans - Recorded Investment | 9,438 | 10,436 |
Total impaired loans - Unpaid Principal Balance | 10,136 | 11,135 |
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 | 359 | 368 |
Total Impaired Loans - Recorded Investment | 359 | 368 |
Total impaired loans - Unpaid Principal Balance | 359 | 368 |
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 | 3,752 | 3,777 |
Total Impaired Loans - Recorded Investment | 3,752 | 3,777 |
Total impaired loans - Unpaid Principal Balance | 3,752 | 3,777 |
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 | 7,926 | 7,399 |
Total Impaired Loans - Recorded Investment | 7,926 | 7,399 |
Total impaired loans - Unpaid Principal Balance | $7,926 | $7,399 |
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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average Recorded Investment | $21,930 | $13,789 | $21,934 | $14,214 |
Income Recognized on Accrual Basis | 287 | 102 | 588 | 226 |
Income Recognized on Cash Basis | 130 | 37 | 176 | 65 |
One-to-four family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average Recorded Investment | 10,068 | 10,926 | 10,179 | 10,869 |
Income Recognized on Accrual Basis | 124 | 96 | 263 | 167 |
Income Recognized on Cash Basis | 42 | 30 | 77 | 51 |
Multi-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average Recorded Investment | 361 | 378 | 363 | 380 |
Income Recognized on Accrual Basis | 6 | 6 | 13 | 13 |
Income Recognized on Cash Basis | ||||
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average Recorded Investment | 3,758 | 1,538 | 3,764 | 1,932 |
Income Recognized on Accrual Basis | 51 | 102 | 10 | |
Income Recognized on Cash Basis | 24 | 7 | 35 | 14 |
Construction and land development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average Recorded Investment | 7,743 | 947 | 7,628 | 1,033 |
Income Recognized on Accrual Basis | 106 | 210 | 36 | |
Income Recognized on Cash Basis | $64 | $64 |
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 $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $351,383 | $330,696 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 276,319 | 282,637 |
Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,684 | 7,174 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 25,411 | 16,113 |
Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 43,598 | 22,397 |
Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,976 | |
Consumer Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 371 | 399 |
Risk Rating System | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 84,131 | 59,724 |
Risk Rating System | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 9,438 | 11,945 |
Risk Rating System | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,684 | 7,174 |
Risk Rating System | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 25,411 | 16,113 |
Risk Rating System | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 43,598 | 22,397 |
Risk Rating System | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,976 | |
Risk Rating System | Consumer Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 119 | |
Risk Rating System | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 66,311 | 35,127 |
Risk Rating System | Pass | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,770 | |
Risk Rating System | Pass | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,325 | 6,806 |
Risk Rating System | Pass | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 22,543 | 11,347 |
Risk Rating System | Pass | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 35,673 | 14,998 |
Risk Rating System | Pass | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,976 | |
Risk Rating System | Pass | Consumer Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,617 | |
Risk Rating System | Special Mention | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,509 | |
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 | 989 | |
Risk Rating System | Special Mention | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Special Mention | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Special Mention | Consumer Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 119 | |
Risk Rating System | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 17,820 | 21,980 |
Risk Rating System | Substandard | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,668 | 10,436 |
Risk Rating System | Substandard | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 359 | 368 |
Risk Rating System | Substandard | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,868 | 3,777 |
Risk Rating System | Substandard | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 7,925 | 7,399 |
Risk Rating System | Substandard | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Substandard | Consumer Loans | ||
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 $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $351,383 | $330,696 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 276,319 | 282,637 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 371 | 399 |
Non Risk Rating System | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 267,252 | 270,972 |
Non Risk Rating System | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 266,881 | 270,692 |
Non Risk Rating System | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 371 | 280 |
Non Risk Rating System | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 267,252 | 270,972 |
Non Risk Rating System | Performing | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 266,881 | 270,692 |
Non Risk Rating System | Performing | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 371 | 280 |
Non Risk Rating System | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Non Risk Rating System | Nonperforming | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
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 $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $346,750 | $326,775 |
30-89 Days Past Due | 802 | 475 |
90 Days + Past Due | 3,831 | 3,446 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | 802 | 475 |
Total Loans | 351,383 | 330,696 |
Non- Accrual | 15,587 | 5,879 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 271,755 | 278,716 |
30-89 Days Past Due | 733 | 475 |
90 Days + Past Due | 3,831 | 3,446 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | 733 | 475 |
Total Loans | 276,319 | 282,637 |
Non- Accrual | 5,362 | 5,002 |
Multi-family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 5,684 | 7,174 |
30-89 Days Past Due | ||
90 Days + Past Due | ||
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | ||
Total Loans | 5,684 | 7,174 |
Non- Accrual | ||
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 25,342 | 16,113 |
30-89 Days Past Due | 69 | |
90 Days + Past Due | ||
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | 69 | |
Total Loans | 25,411 | 16,113 |
Non- Accrual | 2,299 | 877 |
Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 43,598 | 22,397 |
30-89 Days Past Due | ||
90 Days + Past Due | ||
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | ||
Total Loans | 43,598 | 22,397 |
Non- Accrual | 7,926 | |
Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,976 | |
30-89 Days Past Due | ||
90 Days + Past Due | ||
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | ||
Total Loans | 1,976 | |
Non- Accrual | ||
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 371 | 399 |
30-89 Days Past Due | ||
90 Days + Past Due | ||
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | ||
Total Loans | 371 | 399 |
Non- Accrual |
LOANS_RECEIVABLE_Activity_in_a
LOANS RECEIVABLE - Activity in allowance (Details 7) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | $2,425 | |||
Provision | 300 | 375 | ||
ALLL balance | 2,588 | 2,588 | ||
Loans Receivable | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | 2,500 | 2,353 | 2,425 | 2,353 |
Charge-offs | -212 | -212 | -10 | |
Recoveries | 37 | 47 | ||
Provision | 300 | 375 | ||
ALLL balance | 2,588 | 2,390 | 2,588 | 2,390 |
Loans Receivable | One- to four-family residential | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | 1,492 | 1,302 | 1,663 | 1,384 |
Charge-offs | -212 | -212 | -10 | |
Recoveries | 37 | 47 | ||
Provision | 265 | 86 | 94 | 4 |
ALLL balance | 1,545 | 1,425 | 1,545 | 1,425 |
Loans Receivable | Multi-family residential | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | 51 | 26 | 67 | 22 |
Charge-offs | ||||
Recoveries | ||||
Provision | 38 | -16 | 42 | |
ALLL balance | 51 | 64 | 51 | 64 |
Loans Receivable | Commercial real estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | 216 | 51 | 122 | 70 |
Charge-offs | ||||
Recoveries | ||||
Provision | -9 | 90 | 85 | 71 |
ALLL balance | 207 | 141 | 207 | 141 |
Loans Receivable | Construction and land development | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | 493 | 757 | 323 | 653 |
Charge-offs | ||||
Recoveries | ||||
Provision | 52 | -234 | 222 | -130 |
ALLL balance | 545 | 523 | 545 | 523 |
Loans Receivable | Commercial business | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | 5 | 4 | 15 | 4 |
Charge-offs | ||||
Recoveries | ||||
Provision | -5 | -15 | ||
ALLL balance | 4 | 4 | ||
Loans Receivable | Consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | 4 | 1 | 4 | 2 |
Charge-offs | ||||
Recoveries | ||||
Provision | 2 | 1 | ||
ALLL balance | 4 | 3 | 4 | 3 |
Loans Receivable | Unallocated | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | 239 | 212 | 231 | 218 |
Charge-offs | ||||
Recoveries | ||||
Provision | -3 | 18 | 5 | 12 |
ALLL balance | $236 | $230 | $236 | $230 |
LOANS_RECEIVABLE_Troubled_debt
LOANS RECEIVABLE - Troubled debt restructurings (Details 8) (Loans Receivable, USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Contract | Contract | Contract | Contract | |
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Number of Loans | 2 | 1 | 2 | 1 |
Pre- Modification Outstanding Recorded Investment | $4,415,000 | $1,468,000 | $4,415,000 | $1,468,000 |
Post-Modification Outstanding Recorded Investment | 4,415,000 | 1,468,000 | 4,415,000 | 1,468,000 |
One-to-four family | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Number of Loans | 1 | 1 | ||
Pre- Modification Outstanding Recorded Investment | 1,468,000 | 1,468,000 | ||
Post-Modification Outstanding Recorded Investment | 1,468,000 | 1,468,000 | ||
Commercial real estate | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Number of Loans | 1 | 1 | ||
Pre- Modification Outstanding Recorded Investment | 750,000 | 750,000 | ||
Post-Modification Outstanding Recorded Investment | 750,000 | 750,000 | ||
Construction and land development | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Number of Loans | 1 | 1 | ||
Pre- Modification Outstanding Recorded Investment | 3,665,000 | 3,665,000 | ||
Post-Modification Outstanding Recorded Investment | $3,665,000 | $3,665,000 |
LOANS_RECEIVABLE_Detail_Textua
LOANS RECEIVABLE (Detail Textuals) (Loans Receivable, USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Contract | Contract | Contract | Contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Loans | 10 | |||
Pre-Modification Outstanding Recorded Investment | $8,200,000 | |||
Number of Loans | 2 | 1 | 2 | 1 |
Pre-Modification Outstanding Recorded Investment | 4,415,000 | 1,468,000 | 4,415,000 | 1,468,000 |
One- to four-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Loans | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | 1,468,000 | 1,468,000 | ||
Single family real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Loans | 2 | |||
Pre-Modification Outstanding Recorded Investment | 1,600,000 | |||
Single family real estate | Nonperforming | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Loans | 1 | |||
Pre-Modification Outstanding Recorded Investment | 1,400,000 | |||
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Loans | 7 | |||
Pre-Modification Outstanding Recorded Investment | 3,000,000 | |||
Number of Loans | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | 750,000 | 750,000 | ||
Commercial real estate | Nonperforming | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Loans | 2 | |||
Pre-Modification Outstanding Recorded Investment | 4,500,000 | |||
Commercial real estate | Substandard | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Loans | 1 | |||
Pre-Modification Outstanding Recorded Investment | 884,000 | |||
Construction and land development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Loans | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | 3,665,000 | 3,665,000 | ||
Construction and land development | Nonperforming | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Loans | 1 | |||
Pre-Modification Outstanding Recorded Investment | $3,100,000 |
DEPOSITS_Major_classifications
DEPOSITS - Major classifications of deposits (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Amount | ||
Money market deposit accounts | $64,304 | $64,665 |
Interest-bearing checking accounts | 36,504 | 38,119 |
Non-interest bearing checking accounts | 2,465 | 2,327 |
Passbook, club and statement savings | 72,655 | 73,275 |
Certificates maturing in six months or less | 53,190 | 48,359 |
Certificates maturing in more than six months | 156,357 | 164,280 |
Total deposits | $385,475 | $391,025 |
Percent | ||
Money market deposit accounts | 16.70% | 16.50% |
Interest-bearing checking accounts | 9.50% | 9.80% |
Non-interest bearing checking accounts | 0.60% | 0.60% |
Passbook, club and statement savings | 18.80% | 18.80% |
Certificates maturing in six months or less | 13.80% | 12.40% |
Certificates maturing in more than six months | 40.60% | 41.90% |
Total | 100.00% | 100.00% |
DEPOSITS_Detail_Textuals
DEPOSITS (Detail Textuals) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Millions, unless otherwise specified | ||
Deposits [Abstract] | ||
Certificates of $250,000 and over | $35.50 | $33.10 |
INCOME_TAXES_Items_that_gave_r
INCOME TAXES - Items that gave rise to significant portions of deferred income taxes (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Allowance for loan losses | $1,205 | $1,123 |
Nonaccrual interest | 131 | 125 |
Accrued vacation | 111 | 108 |
Capital loss carryforward | 606 | 1,211 |
Real estate owned expense | 10 | |
Split dollar life insurance | 20 | 20 |
Post-retirement benefits | 135 | 137 |
Unrealized loss on available for sale securities | 491 | |
Employee benefit plans | 406 | 382 |
Total deferred tax assets | 2,624 | 3,597 |
Valuation allowance | -606 | -1,211 |
Total deferred tax assets, net of valuation allowance | 2,018 | 2,386 |
Deferred tax liabilities: | ||
Property | 418 | 422 |
Unrealized gain on available for sale securities | 53 | |
Deferred loan fees | 761 | 833 |
Total deferred tax liabilities | 1,232 | 1,255 |
Net deferred tax asset | $786 | $1,131 |
INCOME_TAXES_Detail_Textuals
INCOME TAXES (Detail Textuals) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $606 | $1,211 |
STOCK_COMPENSATION_PLANS_Summa
STOCK COMPENSATION PLANS - Summary of non-vested stock award activity (Details) (Recognition and Retention Plan (RRP), USD $) | 6 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Number of Shares | ||
Vested | 185,052 | |
Nonvested Stock Awards | ||
Number of Shares | ||
Nonvested stock awards, Beginning Balance | 38,055 | 79,477 |
Issued | 235,500 | |
Forfeited | ||
Vested | -9,578 | -40,686 |
Nonvested stock awards, Ending Balance | 263,977 | 38,791 |
Weighted Average Grant Date Fair Value | ||
Nonvested stock awards, Beginning Balance | $8.07 | $9.56 |
Issued | $12.23 | |
Forfeited | ||
Vested | $8.07 | $10.95 |
Nonvested stock awards, Ending Balance | $12.07 | $8.11 |
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 $) | 6 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Stock Options Plan | Stock Options | ||
Number of Shares | ||
Stock Option Outstanding, Beginning Balance | 530,084 | 516,739 |
Granted | 608,737 | 13,545 |
Exercised | ||
Forfeited | ||
Stock Option Outstanding, Ending Balance | 1,138,821 | 530,284 |
Exercisable | 445,147 | 415,733 |
Weighted Average Exercise Price | ||
Weighted Average Shares Exercise Price Outstanding, Beginning Balance | $10.86 | $10.86 |
Granted | $12.23 | $10.68 |
Exercised | ||
Forfeited | ||
Weighted Average Exercise Price Outstanding, Ending Balance | $11.59 | $10.86 |
Exercisable | $11.37 | $11.57 |
STOCK_COMPENSATION_PLANS_Detai
STOCK COMPENSATION PLANS (Detail Textuals) (USD $) | 6 Months Ended | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2005 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
ESOP shares committed to be released, shares | 17,756 | 17,756 | |||
Compensation expense of ESOP | $238,000 | $165,000 | |||
Employee Stock Ownership Plan ESOP Plan | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Number of common shares purchased under employee stock ownership plan (ESOP) | 697,301 | 30,100 | 255,564 | 427,057 | |
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 | 222,801 | ||||
ESOP shares committed to be released, shares | 8,878 |
STOCK_COMPENSATION_PLANS_Detai1
STOCK COMPENSATION PLANS (Detail Textuals 1) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended |
Mar. 31, 2015 | Mar. 31, 2015 | Feb. 28, 2015 | |
Recognition and Retention Plan (RRP) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares purchased by RRP trust | 213,528 | ||
Value of shares purchased in open market by RRP trust | $2,500,000 | ||
Average price per share of common stock purchased in the open market | $11.49 | $11.49 | |
Percentage of vesting per year | 20.00% | ||
Vesting period of awards granted | 5 years | ||
Number of fully vested shares | 185,052 | ||
Recognized compensation expense | 25,000 | 141,000 | |
Tax benefit (expense) from stock-based compensation | 1,000 | 39,000 | |
2014 Stock Incentive Plan | Restricted stock awards or units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares awarded under the plan | 285,655 | ||
Number of shares granted | 235,500 | ||
2008 RRP and 2014 SIP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized compensation expense | 84,000 | 105,000 | |
Tax benefit (expense) from stock-based compensation | 29,000 | 36,000 | |
Unrecognized compensation expense for shares awarded | $3,000,000 | $3,000,000 |
STOCK_COMPENSATION_PLANS_Detai2
STOCK COMPENSATION PLANS (Detail Textuals 2) (Stock Options, USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2010 | Sep. 30, 2009 | |
2008 Stock Option Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of vesting and exercisable per year | 20.00% | |||||||
Vesting period of options | 5 years | |||||||
Exercisable period of options after grant date | 10 years | |||||||
Number of common stock available for issuance | 533,808 | 533,808 | ||||||
Number of vested options | 417,767 | |||||||
Number of options awarded | 608,737 | 13,545 | ||||||
Weighted average remaining contractual term for options outstanding | 7 years 6 months | |||||||
Estimated fair value of options granted per share | $4.58 | $4.67 | $3.34 | $2.92 | $2.98 | |||
Fair value, valuation method | Black-Scholes pricing model | |||||||
Exercise price and fair value | $12.23 | $12.23 | ||||||
Expected term | 7 years | |||||||
Volatility rate | 38.16% | |||||||
Expected interest rate | 1.62% | |||||||
Expected yield | 0.98% | |||||||
Recognized compensation expense | $86,000 | $27,000 | $111,000 | $106,000 | ||||
Tax benefit from stock-based compensation | 9,000 | 3,000 | 12,000 | 11,000 | ||||
Unrecognized compensation expense for options | $3,000,000 | $3,000,000 | ||||||
Weighted average period for expense recognize | 4 years 8 months 12 days | |||||||
2014 Stock Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares for issuance pursuant to options | 714,145 | 714,145 | ||||||
Number of options awarded | 605,000 |
COMMITMENTS_AND_CONTINGENT_LIA1
COMMITMENTS AND CONTINGENT LIABILITIES (Detail Textuals) (USD $) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Sep. 30, 2014 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | 60,000 | |
Loans Receivable | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Aggregate undisbursed portion of loans-in-process | 23,178,000 | 9,657,000 |
Loan Origination Commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | 4,800,000 | 25,300,000 |
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 | 8.00% | 6.00% |
Unused lines of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | 4,300,000 | 4,300,000 |
Letters of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | 609,000 | 609,000 |
FAIR_VALUE_MEASUREMENT_Assets_
FAIR VALUE MEASUREMENT - Assets measured at fair value on recurring basis (Details) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
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 | $71,072 | $57,817 |
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 | 18,725 | 17,844 |
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 | 52,286 | 39,903 |
FHLMC preferred stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment and mortgage-backed securities available for sale | 61 | 70 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment and mortgage-backed securities available for sale | 71,072 | 57,817 |
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 | 61 | 70 |
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 | 71,011 | 57,747 |
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 | 18,725 | 17,844 |
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 | 18,725 | 17,844 |
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 | 52,286 | 39,903 |
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 | 52,286 | 39,903 |
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 | FHLMC preferred stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment and mortgage-backed securities available for sale | 61 | 70 |
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 | 61 | 70 |
Fair Value, Measurements, Recurring | FHLMC preferred stock | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment and mortgage-backed securities available for sale | ||
Fair Value, Measurements, Recurring | FHLMC preferred stock | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment and mortgage-backed securities available for sale |
FAIR_VALUE_MEASUREMENT_Changes
FAIR VALUE MEASUREMENT - Changes in level 3 assets measured at fair value (Details 1) (Fair Value, Measurements, Nonrecurring, USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $21,475 | $21,980 |
Total | 21,475 | 21,980 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Total | ||
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Total | ||
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 21,475 | 21,980 |
Total | $21,475 | $21,980 |
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 $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Sep. 30, 2014 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value | 21,475 | 21,980 | ||
Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value | 21,475 | 21,980 | ||
Level 3 | Impaired loan | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Fair Value | 21,475 | 21,980 | ||
Level 3 | Impaired loan | Property Appraisals Valuation Technique | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Valuation Technique | Property appraisals | [1],[2] | Property appraisals | [1],[2] |
Unobservable Input | Management discount for selling costs, property type and market volatility | [3] | Management discount for selling costs, property type and market volatility | [3] |
Management discount rate | 10.00% | 10.00% | ||
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally includes various Level 3 inputs, which are not identifiable. | |||
[2] | Includes qualitative adjustments by management and estimated liquidation expenses. | |||
[3] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
FAIR_VALUE_MEASUREMENT_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 $) | Mar. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||||
Assets: | ||||
Cash and cash equivalents | $27,422 | $45,382 | $51,352 | $158,984 |
Investment and mortgage-backed securities available for sale | 71,072 | 57,817 | ||
Investment and mortgage-backed securities held to maturity | 73,603 | 80,840 | ||
Loans receivable, net | 327,855 | 321,063 | ||
Accrued interest receivable | 1,779 | 1,748 | ||
Federal Home Loan Bank stock | 350 | 1,221 | ||
Bank owned life insurance | 12,554 | 12,377 | ||
Liabilities: | ||||
Checking accounts | 38,969 | 40,446 | ||
Money market deposit accounts | 64,304 | 64,665 | ||
Passbook, club and statement savings accounts | 72,655 | 73,275 | ||
Certificates of deposit | 209,547 | 212,639 | ||
Advances from Federal Home Loan Bank | 130 | 340 | ||
Accrued interest payable | 507 | 1,486 | ||
Advances from borrowers for taxes and insurance | 1,625 | 1,240 | ||
Fair Value | ||||
Assets: | ||||
Cash and cash equivalents | 27,422 | 45,382 | ||
Investment and mortgage-backed securities available for sale | 71,072 | 57,817 | ||
Investment and mortgage-backed securities held to maturity | 74,289 | 79,092 | ||
Loans receivable, net | 329,477 | 321,247 | ||
Accrued interest receivable | 1,779 | 1,748 | ||
Federal Home Loan Bank stock | 350 | 1,221 | ||
Bank owned life insurance | 12,554 | 12,377 | ||
Liabilities: | ||||
Checking accounts | 38,969 | 40,446 | ||
Money market deposit accounts | 64,304 | 64,665 | ||
Passbook, club and statement savings accounts | 72,655 | 73,275 | ||
Certificates of deposit | 214,749 | 217,273 | ||
Advances from Federal Home Loan Bank | 130 | 340 | ||
Accrued interest payable | 507 | 1,486 | ||
Advances from borrowers for taxes and insurance | 1,625 | 1,240 | ||
Level 1 | ||||
Assets: | ||||
Cash and cash equivalents | 27,422 | 45,382 | ||
Investment and mortgage-backed securities available for sale | 61 | 70 | ||
Investment and mortgage-backed securities held to maturity | ||||
Loans receivable, net | ||||
Accrued interest receivable | 1,779 | 1,748 | ||
Federal Home Loan Bank stock | 350 | 1,221 | ||
Bank owned life insurance | 12,554 | 12,377 | ||
Liabilities: | ||||
Checking accounts | 38,969 | 40,446 | ||
Money market deposit accounts | 64,304 | 64,665 | ||
Passbook, club and statement savings accounts | 72,655 | 73,275 | ||
Certificates of deposit | ||||
Advances from Federal Home Loan Bank | 130 | 340 | ||
Accrued interest payable | 507 | 1,486 | ||
Advances from borrowers for taxes and insurance | 1,625 | 1,240 | ||
Level 2 | ||||
Assets: | ||||
Cash and cash equivalents | ||||
Investment and mortgage-backed securities available for sale | 71,011 | 57,747 | ||
Investment and mortgage-backed securities held to maturity | 74,289 | 79,092 | ||
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 | 217,273 | |||
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 | 329,477 | 321,247 | ||
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 | 214,749 | |||
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 $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Level 2 | |
Financing Receivable, Impaired [Line Items] | |
Collateral dependent impaired loans, fair value | $21.50 |