Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 02, 2015 | Mar. 31, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | PRUDENTIAL BANCORP, INC. | ||
Entity Central Index Key | 1,578,776 | ||
Trading Symbol | pbip | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock Shares Outstanding | 8,397,625 | ||
Entity Public Float | $ 100.5 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
ASSETS | ||
Cash and amounts due from depository institutions | $ 2,150 | $ 2,025 |
Interest-bearing deposits | 9,122 | 43,357 |
Total cash and cash equivalents | 11,272 | 45,382 |
Investment and mortgage-backed securities available for sale (amortized cost - September 30, 2015, $77,456; September 30, 2014, $59,262) | 77,483 | 57,817 |
Investment and mortgage-backed securities held to maturity (fair value - September 30, 2015, $66,877; September 30, 2014, $79,092) | 66,384 | 80,840 |
Loans receivable - net of allowance for loan losses (September 30, 2015, $2,930; September 30, 2014, $2,425) | 312,633 | 321,063 |
Accrued interest receivable | 1,665 | 1,748 |
Real estate owned | 869 | 360 |
Federal Home Loan Bank stock - at cost | 369 | 1,221 |
Office properties and equipment - net | 1,492 | 1,331 |
Bank owned life insurance (BOLI) | 12,722 | 12,377 |
Deferred income taxes, net | 975 | 1,131 |
Prepaid expenses and other assets | 1,325 | 2,213 |
TOTAL ASSETS | 487,189 | 525,483 |
Deposits: | ||
Non-interest-bearing | 2,293 | 2,327 |
Interest-bearing | 362,781 | 388,698 |
Total deposits | 365,074 | 391,025 |
Advances from Federal Home Loan Bank | 340 | |
Accrued interest payable | 1,291 | 1,486 |
Advances from borrowers for taxes and insurance | 1,670 | 1,240 |
Accounts payable and accrued expenses | 2,153 | 1,967 |
Total liabilities | $ 370,188 | $ 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 8,449,625 outstanding at September 30, 2015; 9,544,809 issued and outstanding at September 30, 2014 | $ 95 | $ 95 |
Additional paid-in capital | 95,286 | 94,397 |
Unearned Employee Stock Ownership Plan ("ESOP") shares | (4,926) | (5,302) |
Treasury stock, at cost: 1,095,184 shares at September 30, 2015 | (14,691) | |
Retained earnings | 41,219 | 41,188 |
Accumulated other comprehensive income (loss) | 18 | (953) |
Total stockholders' equity | 117,001 | 129,425 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 487,189 | $ 525,483 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Statement Of Financial Position [Abstract] | ||
Investment and mortgage-backed securities available for sale, amortized cost (in dollars) | $ 77,456 | $ 59,262 |
Investment and mortgage-backed securities held to maturity, fair value (in dollars) | 66,877 | 79,092 |
Allowance for loan losses on loans receivable (in dollars) | $ 2,930 | $ 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 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 9,544,809 | 9,544,809 |
Common stock, shares outstanding | 8,449,625 | 9,544,809 |
Treasury stock, shares | 1,095,184 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
INTEREST INCOME: | |||
Interest and fees on loans | $ 12,760 | $ 12,737 | $ 12,609 |
Interest on mortgage-backed securities | 1,799 | 1,411 | 1,922 |
Interest and dividends on investments | 2,003 | 2,199 | 2,147 |
Interest on interest-bearing deposits | 118 | 118 | 95 |
Total interest income | 16,680 | 16,465 | 16,773 |
INTEREST EXPENSE: | |||
Interest on deposits | 3,430 | 3,401 | 4,344 |
Total interest expense | 3,430 | 3,401 | 4,344 |
NET INTEREST INCOME | 13,250 | 13,064 | 12,429 |
PROVISION (RECOVERY) FOR LOAN LOSSES | 735 | 240 | (500) |
NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR LOAN LOSSES | 12,515 | 12,824 | 12,929 |
NON-INTEREST INCOME: | |||
Fees and other service charges | 368 | 385 | 410 |
Gain on sale of mortgage-backed securities available for sale, net | 416 | 868 | |
Gain on sale of loans | 138 | ||
Gain on sale of real estate | 2,064 | ||
Total other-than-temporary impairment losses | (16) | (38) | |
Portion of loss recognized in other comprehensive income, before taxes | 6 | ||
Net impairment losses recognized in earnings | (16) | (32) | |
Earnings from BOLI | 344 | 258 | 200 |
Other | 94 | 68 | 328 |
Total non-interest income | 3,008 | 1,111 | 1,774 |
NON-INTEREST EXPENSES: | |||
Salaries and employee benefits | 7,996 | 6,741 | 6,163 |
Data processing | 413 | 432 | 429 |
Professional services | 1,378 | 1,190 | 927 |
Office occupancy | 701 | 477 | 392 |
Depreciation | 304 | 320 | 337 |
Director compensation | 354 | 330 | 311 |
Federal Deposit Insurance Corporation premiums | 314 | 258 | 624 |
Real estate owned expense | 22 | 146 | 447 |
Advertising | 165 | 186 | 335 |
Other | 1,528 | 1,385 | 1,285 |
Total non-interest expenses | 13,175 | 11,465 | 11,250 |
INCOME BEFORE INCOME TAXES | 2,348 | 2,470 | 3,453 |
INCOME TAXES: | |||
Current | 461 | 690 | (1,072) |
Deferred expense | (345) | 2,770 | |
Total | 116 | 690 | 1,698 |
NET INCOME | $ 2,232 | $ 1,780 | $ 1,755 |
BASIC EARNINGS PER SHARE (in dollars per share) | $ 0.27 | $ 0.20 | $ 0.19 |
DILUTED EARNINGS PER SHARE (in dollars per share) | 0.26 | 0.19 | 0.19 |
DIVIDENDS PER SHARE (in dollars per share) | $ 0.27 | $ 0.06 | $ 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Statement Of Other Comprehensive Income [Abstract] | |||
Net income | $ 2,232 | $ 1,780 | $ 1,755 |
Unrealized holding gain (loss) on available-for-sale securities | 1,471 | 918 | (3,066) |
Tax effect | (500) | (312) | 1,042 |
Reclassification adjustment for net gains realized in net income | (416) | (868) | |
Tax effect | 138 | 296 | |
Reclassification adjustment for other than temporary impairment losses on debt securities | 16 | 32 | |
Tax effect | (5) | (11) | |
Total Other Comprehensive Income (Loss) | 971 | 339 | (2,575) |
Comprehensive Income (Loss) | $ 3,203 | $ 2,119 | $ (820) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Unearned ESOP Shares | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
BALANCE at Sep. 30, 2012 | $ 118 | $ 54,618 | $ (2,787) | $ (31,625) | $ 38,224 | $ 1,283 | $ 59,831 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,755 | 1,755 | |||||
Other comprehensive loss | (2,575) | (2,575) | |||||
Excess tax benefit from stock compensation plans | 139 | 139 | |||||
Stock option expense | 231 | 231 | |||||
Recognition and Retention Plan expense | 347 | 347 | |||||
ESOP shares committed to be released (16,018, 32,064 and 32,064 shares for September 30, 2013, 2014 and 2015, respectively) | (38) | 222 | 184 | ||||
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 | 1,780 | 1,780 | |||||
Other comprehensive loss | 339 | 339 | |||||
Dividends paid ($0.06 and $0.27 per share for September 30, 2014 and 2015, respectively) | (571) | (571) | |||||
Second-step conversion offering | (23) | 38,725 | 31,625 | 70,327 | |||
Excess tax benefit from stock compensation plans | 79 | 79 | |||||
Stock option expense | 138 | 138 | |||||
Recognition and Retention Plan expense | 121 | 121 | |||||
Purchase of ESOP Shares (285,664) | (3,089) | (3,089) | |||||
ESOP shares committed to be released (16,018, 32,064 and 32,064 shares for September 30, 2013, 2014 and 2015, respectively) | 37 | 352 | 389 | ||||
BALANCE at Sep. 30, 2014 | 95 | 94,397 | (5,302) | 41,188 | (953) | 129,425 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,232 | 2,232 | |||||
Other comprehensive loss | 971 | 971 | |||||
Dividends paid ($0.06 and $0.27 per share for September 30, 2014 and 2015, respectively) | (2,222) | (2,222) | |||||
Excess tax benefit from stock compensation plans | 201 | 201 | |||||
Purchase of treasury stock (1,095,184 shares) | (14,691) | (14,691) | |||||
Stock option expense | 343 | 343 | |||||
Recognition and Retention Plan expense | 275 | 275 | |||||
ESOP shares committed to be released (16,018, 32,064 and 32,064 shares for September 30, 2013, 2014 and 2015, respectively) | 91 | 376 | 467 | ||||
BALANCE at Sep. 30, 2015 | $ 95 | $ 95,307 | $ (4,926) | $ (14,691) | $ 41,198 | $ 18 | $ 117,001 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Statement Of Stockholders Equity [Abstract] | |||
Dividends paid (in dollars per share) | $ 0.27 | $ 0.06 | |
Treasury Stock, Shares | 1,095,184 | ||
Purchase of ESOP Shares | 285,664 | ||
ESOP shares committed to be released | 32,064 | 32,064 | 16,018 |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
OPERATING ACTIVITIES: | |||
Net income | $ 2,232 | $ 1,780 | $ 1,755 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision (recovery) for loan losses | 735 | 240 | (500) |
Depreciation | 304 | 320 | 337 |
Net accretion of premiums/discounts | (244) | (282) | (540) |
Earnings on BOLI | (344) | (258) | (200) |
Accretion of deferred loan fees | 214 | 211 | 11 |
Compensation expense of ESOP | 467 | 389 | 184 |
Loss on sale of real estate owned | 3 | ||
Gain on sale of investment and mortgage-backed securities | (416) | (868) | |
Gain on sale of office properties | (2,064) | ||
Gain on sale of loans | (138) | ||
Proceeds from the sale of loans held for sale | 2,538 | ||
Originations of loans held for sale | (2,400) | ||
Impairment charge on investment and mortgage-backed securities | 16 | 32 | |
Impairment charge on real estate owned | 306 | ||
Share-based compensation expense | 571 | 259 | 578 |
Deferred income tax expense | (345) | 2,770 | |
Changes in assets and liabilities which (used) provided cash: | |||
Accounts payable and accrued expenses | 186 | 216 | 818 |
Accrued interest payable | (195) | (180) | (716) |
Prepaid expenses and other assets | 911 | 1,338 | (1,321) |
Accrued interest receivable | 83 | 43 | (130) |
Net cash provided by operating activities | 2,511 | 3,676 | 2,519 |
INVESTING ACTIVITIES: | |||
Purchase of investment and mortgage-backed securities held to maturity | (10,977) | (36,488) | |
Purchase of investment and mortgage-backed securities available for sale | (24,865) | (22,669) | (16,955) |
Principal collected on loans | 67,105 | 53,554 | 48,581 |
Principal payments received on investment and mortgage-backed securities: | |||
Held-to-maturity | 14,506 | 13,922 | 15,892 |
Available for sale | 6,865 | 4,543 | 22,439 |
Loans originated or acquired | (60,492) | (68,634) | (103,447) |
Purchase of Federal Home Loan Bank stock | (40) | ||
Proceeds from redemption of Federal Home Loan Bank stock | 852 | 1,058 | |
Proceeds from sale of mortgage-backed securities | 3,237 | 16,158 | |
Proceeds from sale of real estate owned | 360 | 129 | 1,539 |
Proceeds from sale of loans | 9,240 | ||
Proceeds from the sale of office property | 2,259 | ||
Purchase of bank owned life insurance | (5,000) | ||
Purchases of equipment | (659) | (126) | (174) |
Net cash provided by (used in) investing activities | 5,931 | (32,061) | (42,157) |
FINANCING ACTIVITIES: | |||
Net (decrease) increase in demand deposits, NOW accounts, and savings accounts | (9,353) | (4,389) | 4,587 |
Funds (redemption) held in escrow related to second-step offering | (145,675) | 145,675 | |
Net decrease in certificates of deposit | (16,598) | (1,659) | (33,116) |
Repayment of borrowing from Federal Home Loan Bank | (340) | (143) | |
Issuance of common stock from second-step conversion | 38,702 | ||
Cancellation of treasury stock | 31,625 | ||
Purchase treasury stock | (14,691) | ||
Cash dividends paid | (2,201) | (571) | |
Increase (decrease) increase in advances from borrowers for taxes and insurance | 430 | (240) | 207 |
Purchase of stock for ESOP | (3,089) | ||
Excess tax benefit related to stock compensation | 201 | 79 | 139 |
Net cash (used in) provided by in financing activities | (42,552) | (85,217) | 117,349 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (34,110) | (113,602) | 77,711 |
CASH AND CASH EQUIVALENTS- Beginning of year | 45,382 | 158,984 | 81,273 |
CASH AND CASH EQUIVALENTS-End of year | 11,272 | 45,382 | 158,984 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Interest paid on deposits and advances from Federal Home Loan Bank | 3,625 | 3,581 | 5,060 |
Income taxes paid | 475 | ||
SUPPLEMENTAL DISCLOSURES OF NONCASH ITEMS: | |||
Real estate acquired in settlement of loans | $ 869 | $ 83 | $ 282 |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 12 Months Ended |
Sep. 30, 2015 | |
Nature Of Operations And Basis Of Presentation [Abstract] | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION Prudential Bancorp, Inc. (the “Company”) is a Pennsylvania corporation that was incorporated in June 2013 to be the successor corporation of Prudential Bancorp, Inc. of Pennsylvania (“Old Prudential Bancorp”), the former stock holding company for Prudential Savings Bank (the “Bank”), a Pennsylvania-chartered, FDIC-insured savings bank with seven full service branches in the Philadelphia area. As of September 30, 2013, the Company was in organization and had not commenced operations; accordingly, the financial statements included as of and for the year ended September 30, 2013 are of Prudential Bancorp, Inc. of Pennsylvania. The Bank‘s primary federal banking regulator is the Federal Deposit Insurance Corporation. The Bank is principally in the business of attracting deposits from its community through its branch offices and investing those deposits, together with funds from borrowings and operations, primarily in single-family residential loans. The Bank’s sole subsidiary as of September 30, 2015 was PSB Delaware, Inc. (“PSB”), a Delaware-chartered corporation established to hold certain investments. As of September 30, 2015, PSB had assets of $116.6 million primarily consisting of investment and mortgage-backed securities. The Company’s primary market area is Philadelphia, in particular South Philadelphia and Center City, as well as Delaware County. The Company also conducts business in Bucks, Chester and Montgomery Counties which, along with Delaware County, comprise the suburbs of Philadelphia. We also make loans in contiguous counties in southern New Jersey. Prudential Mutual Holding Company (the “MHC”), a Pennsylvania corporation, was the mutual holding company parent of Old Prudential Bancorp. As of September 30, 2013, MHC owned 74.6% (7,478,062 shares) of Old Prudential Bancorp’s outstanding common stock. The second step conversion of the MHC was completed on October 9, 2013. In connection with the conversion, the Company issued an aggregate of 9,544,809 shares of common stock through a public offering and the exchange of Old Prudential Bancorp’s common stock owned by the public other than the MHC which was exchanged for 0.9442 shares of the Company’s common stock for each share of Old Prudential Bancorp. Share amounts and per share data in the consolidated financial statements and notes to consolidated financial statements have been adjusted to reflect the exchange. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation – . Use of Estimates in the Preparation of Financial Statements — Cash and Cash Equivalents — Investment Securities and Mortgage-Backed Securities — Held to Maturity Available for Sale Other-than-temporary impairment Loans Receivable — Loan Origination and Commitment Fees — Interest on Loans — Allowance for Loan Losses — The allowance for loan losses represents the amount which management estimates is adequate to provide for probable losses inherent in its loan portfolio as of the Consolidated Statement of Financial Condition date. The allowance method is used in providing for loan losses. Accordingly, all loan losses are charged to the allowance, and all recoveries are credited to it. The allowance for loan losses is established through a provision for loan losses charged to operations. The provision for loan losses is based on management’s periodic evaluation of individual loans, economic factors, past loan loss experience, changes in the composition and volume of the portfolio, and other relevant factors, both qualitative and quantitative. The estimates used in determining the adequacy of the allowance for loan losses, including the amounts and timing of future cash flows expected on impaired loans, are particularly susceptible to changes in the near term. Impaired loans are loans for which it is not probable to collect all amounts due according to the contractual terms of the loan agreements. Management individually evaluates such loans for impairment and does not aggregate loans by major risk classifications. Factors considered by management in determining impairment include payment status and collateral value. The amount of impairment for impaired loans is determined by the difference between the present value of the expected cash flows related to the loans, using the original interest rate, and their recorded value, or as a practical expedient in the case of collateralized loans, the difference between the fair value of the collateral and the recorded amount of the loans. When foreclosure is probable, impairment is measured based on the fair value of the collateral. Mortgage loans and consumer loans are comprised of large groups of smaller balance homogeneous loans which are evaluated for impairment collectively. Loans that experience insignificant payment delays, which are defined as less than 90 days, generally are not classified as impaired. Management determines the significance of payment delays on a case-by-case basis taking into consideration all of the circumstances surrounding the loan and the borrower including the length of the delay, the borrower’s prior payment record, and the amount of shortfall in relation to the principal and interest owed. Real Estate Owned — Federal Home Loan Bank of Pittsburgh (“FHLB”) Stock – The Company is a member of the Federal Home Loan Bank of Pittsburgh and as such, is required to maintain a minimum investment in stock of the Federal Home Loan Bank that varies with the level of advances outstanding with the Federal Home Loan Bank. The stock is bought from and sold to the Federal Home Loan Bank based upon its $100 par value. The stock does not have a readily determinable fair value and as such is classified as restricted stock, carried at cost and evaluated for impairment by management. The stock’s value is determined by the ultimate recoverability of the par value rather than by recognizing temporary declines. The determination of whether the par value will ultimately be recovered is influenced by criteria such as the following: (a) the significance of the decline in net assets of the Federal Home Loan Bank as compared to the capital stock amount and the length of time this situation has persisted; (b) commitments by the Federal Home Loan Bank to make payments required by law or regulation and the level of such payments in relation to the operating performance; (c) the impact of legislative and regulatory changes on the customer base of the Federal Home Loan Bank; and (d) the liquidity position of the Federal Home Loan Bank. The Federal Home Loan Bank continues to report net income, initiated the payment of cash dividends and had its Aaa bond rating affirmed by Moody’s and AA+ rating affirmed by Standard and Poor’s during 2015 and 2014.With consideration given to these factors, management concluded that the stock was not impaired at September 30, 2015 or 2014. Office Properties and Equipment — Cash Surrender Value of Life Insurance— Dividend Payable Employee Stock Ownership Plan – Share-Based Compensation Treasury Stock – Comprehensive Income Income Taxes— In evaluating the Company’s ability to recover deferred tax assets, management considers all available positive and negative evidence, including past operating results and forecast of future taxable income. In determining future taxable income, management makes assumptions for the amount of taxable income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require management to make judgments about future taxable income and are consistent with the plans and estimates the Company uses to manage the business. Any reduction in estimated future taxable income may require management to record an additional valuation allowance against the deferred tax assets. An increase in the valuation allowance would result in additional income tax expense in the period and could have a significant impact on our future earnings. Transfers and Servicing of Financial Assets and Extinguishments of Liabilities — Advertising Costs — Recent Accounting Pronouncements In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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. This ASU is not expected to have a significant impact on the Company’s financial statements. In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The amendments in this Update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this Update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. An entity can elect to adopt the amendments in this Update using either a modified retrospective transition method or a prospective transition method. This ASU is not expected to have a significant impact on the Company’s financial statements. 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. The Company is evaluating the effect of adopting this new accounting Update. 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 is not expected to 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 U.S, GAAP 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 effective for the annual period ending after December 15, 2016, and for annual periods and interim 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 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force). This Update clarifies how current U.S. GAAP should be interpreted in subjectively evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Public business entities are required to implement the new requirements in fiscal years and interim periods within those fiscal years beginning after December 15, 2015. 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 were 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 U.S. GAAP the concept of extraordinary items. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity may also 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, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 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. In April 2015, the FASB issued ASU 2015-06, Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions. Topic 260, Earnings Per Share, contains guidance that addresses master limited partnerships that originated from Emerging Issues Task Force (“EITF”) Issue No. 07-4, Application of the Two-Class Method Under FASB Statement No. 128 to Master Limited Partnerships. Under Topic 260, master limited partnerships apply the two-class method of calculating earnings per unit because the general partner, limited partners, and incentive distribution rights holders each participate differently in the distribution of available cash in accordance with the contractual rights contained in the partnership agreement. The amendments in this Update specify that for purposes of calculating historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. In that circumstance, the previously reported earnings per unit of the limited partners (which is typically the earnings per unit measure presented in the financial statements) would not change as a result of the dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method are also required. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Earlier application is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent). The Update applies to reporting entities that elect to measure the fair value of an investment using the net asset value per share (or its equivalent) practical expedient. Under the amendments in this Update, investments for which fair value is measured at net asset value per share (or its equivalent) using the practical expedient should not be categorized in the fair value hierarchy. Removing those investments from the fair value hierarchy not only eliminates the diversity in practice resulting from the way in which investments measured at net asset value per share (or its equivalent) with future redemption dates are classified, but also ensures that all investments categorized in the fair value hierarchy are classified using a consistent approach. Investments that calculate net asset value per share (or its equivalent), but for which the practical expedient is not applied will continue to be included in the fair value hierarchy. A reporting entity should continue to disclose information on investments for which fair value is measured at net asset value (or its equivalent) as a practical expedient to help users understand the nature and risks of the investments and whether the investments, if sold, are probable of being sold at amounts different from net asset value. The amendments in this Update are effective for public business entities 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 fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. The retrospective approach requires that an investment for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy in all periods presented in an entity's financial statements. Earlier application is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. In May 2015, the FASB issued ASU 2015-08, Business Combinations – Pushdown Accounting – Amendment to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115. This Update was issued to amend various SEC paragraphs pursuant to the issuance of Staff Accounting Bulletin No. 115. This ASU is not expected to have a significant impact on the Company’s financial statements. In May 2015, the FASB issued ASU 2015-09, Financial Services – Insurance (Topic 944): Disclosure About Short-Duration Contracts. The amendments apply to all insurance entities that issue short-duration contracts as defined in Topic 944, Financial Services – Insurance. The amendments require insurance entities to disclose for annual reporting periods certain information about the liability for unpaid claims and claim adjustment expenses. The amendments also require insurance entities to disclose information about significant changes in methodologies and assumptions used to calculate the liability for unpaid claims and claim adjustment expenses, including reasons for the change and the effects on the financial statements. Additionally, the amendments require insurance entities to disclose for annual and interim reporting periods a rollforward of the liability for unpaid claims and claim adjustment expenses, described in Topic 944. For health insurance claims, the amendments require the disclosure of the total of incurred-but-not-reported liabilities plus expected development on reported claims included in the liability for unpaid claims and claim adjustment expenses. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2015, and interim periods within annual periods beginning after December 15, 2016. For all other entities, the amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within annual periods beginning after December 15, 2017. This ASU is not expected to have a significant impact on the Company’s financial statements. In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Improvements. The amendments in this Update represent changes to clarify the FASB Accounting Standards Codification (“Codification”), correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. Transition guidance varies based on the amendments in this Update. The amendments in this Update that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments will be effective upon the issuance of this Update. This ASU is not expected to have a significant impact on the Company’s financial statements. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606). The amendments in this Update defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. All other entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. The Company is evaluating the effect of adopting this new accounting ASU. In August 2015, the FASB issued ASU 2015-15, Interest – Imputation of Interest (Subtopic 835-30): Presentation And Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting. This Update adds SEC paragraphs pursuant to the SEC Staff Announcement at the June 18, 2015 Emerging Issues Task Force meeting about the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. This ASU is not expected to have a significant impact on the Company’s financial statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805). The amendments in this Update require that an acquirer recognizes adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this Update require that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this Update require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, and 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. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 3. EARNINGS PER SHARE Basic earnings per share is computed based on the weighted average number of common shares outstanding. Diluted earnings per share is computed based on the weighted average number of common shares outstanding and common share equivalents (“CSEs”) that would arise from the exercise of dilutive securities. The calculated basic and diluted earnings per share are as follows: Year Ended September 30, 2015 2014 2013 (Dollars in Thousands Except Per Share Data) Basic Diluted Basic Diluted Basic Diluted Net income $ 2,232 $ 2,232 $ 1,780 $ 1,780 $ 1,755 $ 1,755 Weighted average shares outstanding 8,335,273 8,335,273 9,061,193 9,061,193 9,118,618 9,118,618 Effect of CSEs - 114,817 - 216,885 - 104,422 Adjusted weighted average shares used in earnings per share computation 8,335,273 8,450,090 9,061,193 9,278,078 9,118,618 9,223,040 Earnings per share - basic and diluted $ 0.27 $ 0.26 $ 0.20 $ 0.19 $ 0.19 $ 0.19 As of September 30, 2015 and 2014, there were 442,756 and 383,015 shares of common stock, respectively, subject to options with an exercise price less than the then current market and which were included in the computation of diluted earnings per share. All options shares vested as of September 30, 2015 and exercise prices that exceeded the average price used in determine if shares would be consider dilutive. The exercise price for the stock options representing the anti-dilutive shares was $11.83 at September 30, 2014. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Income [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 4. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the changes in accumulated other comprehensive income by component net of tax: Year Ended September 30, 2015 2014 2013 Unrealized gains on Unrealized gains on Unrealized gains on available for sale available for sale available for sale securities (a) securities (a) securities (a) Beginning Balance $ (953 ) $ (1,292 ) $ 1,283 Other comprehensive (loss) income before reclassification 971 606 (2,024 ) Amount reclassified from accumulated other comprehensive loss - (267 ) (551 ) Total other comprehensive income (loss) 971 339 (2,575 ) Ending Balance $ 18 $ (953 ) $ (1,292 ) (a) All amounts are net of tax. Amounts in parentheses indicate debits. The following table presents significant amounts reclassified out of each component of accumulated other comprehensive loss for the year ended September 30, 2015, 2014 and 2013: Year Ended September 30, 2015 2014 2013 Amount Reclassified Amount Reclassified Amount Reclassified from Accumulated from Accumulated from Accumulated Affected Line Item in Other Other Other the Statement Where Comprehensive Comprehensive Comprehensive Net Income is Details about other comprehensive income Income (a) Income (a) Income (a) Presented Unrealized gains on available for sale securities Reclassification for net gains in net income $ - $ 416 $ 868 Gain on sale of mortgage-backed securities available-for-sale, net Tax effect - (138 ) (296 ) Income taxes Reclassification adjustment for other than temporary impairment losses - (16 ) (32 ) Total other-than-temporary impairment losses Tax effect - 5 11 Income taxes Comprehensive income $ - $ 267 $ 551 (a) Amounts in parentheses indicate debits to net income |
INVESTMENT AND MORTGAGE-BACKED
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 12 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 5. INVESTMENT AND MORTGAGE-BACKED SECURITIES The amortized cost and fair value of securities, with gross unrealized gains and losses, are as follows: September 30, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) Securities Available for Sale: U.S. government and agency obligations $ 18,988 $ - $ (276 ) $ 18,712 Mortgage-backed securities - U.S. government agencies 58,462 475 (225 ) 58,712 Total debt securities available for sale 77,450 475 (501 ) 77,424 FHLMC preferred stock 6 53 - 59 Total securities available for sale $ 77,456 $ 528 $ (501 ) $ 77,483 Securities Held to Maturity: U.S. government and agency obligations $ 54,929 $ 462 $ (849 ) $ 54,542 Mortgage-backed securities - U.S. government agencies 11,455 880 - 12,335 Total securities held to maturity $ 66,384 $ 1,342 $ (849 ) $ 66,877 September 30, 2014 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 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 the length of time that individual securities had been in a continuous loss position at September 30, 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 $ (85 ) $ 4,910 $ (191 ) $ 13,802 $ (276 ) $ 18,712 Mortgage-backed securities -U.S. government agency (138 ) 22,173 (87 ) 9,206 (225 ) 31,379 Total securities available for sale $ (223 ) $ 27,083 $ (278 ) $ 23,008 $ (501 ) $ 50,091 Securities Held to Maturity: U.S. government and agency obligations $ - $ - $ (849 ) $ 42,603 $ (849 ) $ 42,603 Total securities held to maturity $ - $ - $ (849 ) $ 42,603 $ (849 ) $ 42,603 Total $ (223 ) $ 27,083 $ (1,127 ) $ 65,611 $ (1,350 ) $ 92,694 Management evaluates securities for other-than-temporary impairment (“OTTI”) at least once per quarter, and more frequently when economic or market conditions warrant such evaluation. The evaluation is based upon factors such as the creditworthiness of the issuers/guarantors, the underlying collateral, if applicable, and the continuing performance of the securities. Management also evaluates other facts and circumstances that may be indicative of an OTTI condition. This includes, but is not limited to, an evaluation of the type of security, the length of time and extent to which the fair value of the security has been less than cost, and the near-term prospects of the issuer. Management has reviewed its investment securities portfolios and determined that during the year ended September 30, 2015, there were no impairment required for its investment portfolio deemed other than temporarily impaired. The Company assesses whether the credit loss existed by considering whether (1) the Company has the intent to sell the security, (2) it is more likely than not that it will be required to sell the security before recovery, or (3) it does not expect to recover the entire amortized cost basis of the security. The Company bifurcates the OTTI impact on impaired securities where impairment in value was deemed to be other than temporary between the component representing credit loss and the component representing loss related to other factors. The portion of the fair value decline attributable to credit loss must be recognized through a charge to earnings. The credit component is determined by comparing the present value of the cash flows expected to be collected, discounted at the rate in effect before recognizing any OTTI with the amortized cost basis of the debt security. The Company uses the cash flow expected to be realized from the security, which includes assumptions about interest rates, timing and severity of defaults, estimates of potential recoveries, the cash flow distribution from the bond indenture and other factors, then applies a discount rate equal to the effective yield of the security. The difference between the present value of the expected cash flows and the amortized book value is considered a credit loss. The fair market value of the security is determined using the same expected cash flows; the discount rate is a rate the Company determines from the open market and other sources as appropriate for the security. The difference between the fair market value and the security’s remaining amortized cost is recognized in other comprehensive income. For the year ended September 30, 2015, the Company determined that no OTTI had occurred within the investment and mortgage-back securities portfolios. The following is a rollforward for the year ended September 30, 2014 of the amounts recognized in earnings related to credit losses on securities which the Company had recorded OTTI charges through earnings and other comprehensive income. (Dollars in Thousands) Credit component of OTTI as of October 1, 2013 $ 1,599 Additions for credit-related OTTI charges on previously unimpaired securities - Reductions for securities liquidated (1,615 ) Additional losses as a result of impairment charges recognized on investments for which an OTTI was previously recognized 16 Credit component of OTTI as of September 30, 2014 $ - The following is a rollforward for the year ended September 30, 2013 of the amounts recognized in earnings related to credit losses on securities which the Company has recorded OTTI charges through earnings and other comprehensive income. (Dollars in Thousands) Credit component of OTTI as of October 1, 2012 $ 2,103 Additions for credit-related OTTI charges on previously unimpaired securities - Reductions for securities liquidated (542 ) Additional losses as a result of impairment charges recognized on investments for which an OTTI was previously recognized 38 Credit component of OTTI as of September 30, 2013 $ 1,599 U.S. Government and agency obligations – U.S. Government agency issued mortgage-backed securities — The following table shows the gross unrealized losses and related fair values of the investment securities, aggregated by investment category and length of time that individual securities have 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 - US 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 $ (3,817 ) $ 40,126 $ (1,037 ) $ 9,956 $ (4,854 ) $ 50,082 Mortgage-backed securities - US government agency (76 ) 5,253 - - (76 ) 5,253 Total securities held to maturity $ (3,893 ) $ 45,379 $ (1,037 ) $ 9,956 $ (4,930 ) $ 55,335 Total $ (4,077 ) $ 61,816 $ (2,550 ) $ 41,102 $ (6,627 ) $ 102,918 The amortized cost and estimated fair value of U.S. Government and agency obligations by contractual maturity are shown below. Expected maturities will differ from contractual maturities because of call provisions in the securities. Mortgage-backed securities were not included as the contractual maturity is generally irrelevant due to the borrowers’ right to prepay without pre-payment penalty which results in significant prepayments. September 30, 2015 Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value (Dollars in Thousands) Due within one year $ 5,000 $ 4,962 $ - $ - Due after one through five years 1,999 2,263 - - Due after five through ten years 5,985 5,940 - - Due after ten years 41,945 41,377 18,988 18,712 Total $ 54,929 $ 54,542 $ 18,988 $ 18,712 During the fiscal year ended September 30, 2015, the Company did not record any gains nor did it sell any securities from it’s AFS portfolio. For the fiscal years ended September 30, 2014 and 2013, there were realized gross gains of $416,000 and $868,000, respectively, and gross proceeds from the sale of investment and mortgage-backed securities of $3.2 million and $16.1 million, respectively. |
LOANS RECEIVABLE
LOANS RECEIVABLE | 12 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
LOANS RECEIVABLE | 6. LOANS RECEIVABLE Loans receivable consist of the following: September 30, 2015 2014 (Dollars in Thousands) One-to-four family residential $ 259,163 $ 282,637 Multi-family residential 6,249 7,174 Commercial real estate 25,799 16,113 Construction and land development 38,953 22,397 Commercial business - 1,976 Consumer 392 399 Total loans 330,556 330,696 Undisbursed portion of loans-in-process (17,097 ) (9,657 ) Deferred loan costs 2,104 2,449 Allowance for loan losses (2,930 ) (2,425 ) Net loans $ 312,633 $ 321,063 The Company originates loans to customers located primarily in its local market area. The ultimate repayment of these loans at September 30, 2015 and 2014 is dependent, to a certain degree, on the local economy and real estate market. The following table summarizes the loans individually evaluated for impairment by loan segment at September 30, 2015: One- to four- Multi-family Commercial real Construction Commercial Consumer Total (Dollars in Thousands) Individually evaluated for impairment $ 4,206 $ - $ 3,768 $ 8,796 $ - $ - $ 16,770 Collectively evaluated for impairment 254,957 6,249 22,031 30,157 - 392 313,786 Total loans $ 259,163 $ 6,249 $ 25,799 $ 38,953 $ - $ 392 $ 330,556 The following table summarizes the loans individually evaluated for impairment by loan segment at September 30, 2014: One- to four- Multi-family Commercial real Construction Commercial Consumer Total (Dollars in Thousands) 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 risk and performance. Management evaluates all loans classified as substandard or lower and loans delinquent 90 plus days for potential impairment. Loans are considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Once the determination is made that a loan is impaired, the determination of whether a specific allocation of the allowance is necessary is generally measured by comparing the recorded investment in the loan to the fair value of the loan using one of the following three methods: (a) the present value of the expected future cash flows discounted at the loan’s effective interest rate; (b) the loan’s observable market price; or (c) the fair value of the collateral less selling costs. Management primarily utilizes the fair value of collateral method as a practically expedient alternative. The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 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 $ - $ - $ 4,206 $ 4,206 $ 4,550 Commercial real estate - - 3,768 3,768 3,768 Construction and land development - - 8,796 8,796 8,796 Total Loans $ - $ - $ 16,770 $ 16,770 $ 17,114 The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 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 tables present the average investment in impaired loans and related interest income recognized for the periods indicated: September 30, 2015 Average Income Income (Dollars in Thousands) One-to four-family residential $ 8,734 $ 431 $ 147 Multi-family residential 289 19 - Commercial real estate 3,840 210 71 Construction and land development 8,413 437 194 Total $ 21,276 $ 1,097 $ 412 September 30, 2014 Average Income Recognized Income (Dollars in Thousands) One-to four-family residential $ 10,802 $ 305 $ 53 Multi-family residential 376 26 - Commercial real estate 2,585 70 19 Construction and land development 3,582 247 - Total $ 17,345 $ 648 $ 72 September 30, 2013 Average Income Recognized Income (Dollars in Thousands) One-to four-family residential $ 13,308 $ 400 $ 82 Multi-family residential 647 46 - Commercial real estate 5,063 218 33 Construction and land development 1,518 108 - Total $ 20,536 $ 772 $ 115 Federal banking regulations and our policies require that the Bank utilize an internal asset classification system as a means of reporting problem and potential problem assets. The Bank has incorporated an internal asset classification system, consistent with Federal banking regulations, as a part of the credit monitoring system. Management currently classifies problem and potential problem assets as “special mention,” “substandard,” “doubtful” or “loss” assets. An asset is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” Assets classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted. Assets which do not currently expose the insured institution to sufficient risk to warrant classification in one of the aforementioned categories but possess weaknesses are required to be designated “special mention.” The following tables present the classes of the loan portfolio in which a formal risk weighting system is utilized summarized by the aggregate “Pass” and the criticized category of “special mention”, and the classified categories of “substandard” and “doubtful” within the Bank’s risk rating system. The Bank had no loans classified as “loss” at the dates presented. September 30, 2015 Special Total Pass Mention Substandard Doubtful Loans (Dollars in Thousands) One-to-four residential $ 1,348 $ 2,107 $ 751 $ - $ 4,206 Multi-family residential 5,898 351 - - 6,249 Commercial real estate 22,005 965 2,829 - 25,799 Construction and land development 30,157 - 8,796 - 38,953 Total Loans $ 59,408 $ 3,423 $ 12,376 $ - $ 75,207 September 30, 2014 Special Total Pass Mention Substandard Doubtful Loans (Dollars in Thousands) One-to-four residential $ - $ 1,509 $ 10,436 $ - $ 11,945 Consumer - 119 - 119 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 Total Loans $ 35,127 $ 2,617 $ 21,980 $ - $ 59,724 The following tables present 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: September 30, 2015 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 254,957 $ - $ 254,957 Consumer 392 - 392 Total Loans $ 255,349 $ - $ 255,349 September 30, 2014 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 270,692 $ - $ 270,692 Consumer 399 - 399 Total Loans $ 271,091 $ - $ 271,091 Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is due. The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans: September 30, 2015 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 $ 255,669 $ 1,462 $ 2,032 $ - $ 1,462 $ 259,163 $ 3,547 Multi-family residential 6,249 - - - - 6,249 - Commercial real estate 25,114 504 181 - 504 25,799 1,589 Construction and land development 38,953 - - - - 38,953 8,796 Commercial business - - - - - - - Consumer 392 - - - - 392 - Total Loans $ 326,377 $ 1,966 $ 2,213 $ - $ 1,966 $ 330,556 $ 13,932 September 30, 2014 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. Management maintains the allowance at a level believed to cover all known and inherent losses in the portfolio that are both probable and reasonable to estimate at each reporting date. Management reviews the allowance for loan losses no less than quarterly in order to identify those inherent losses and to assess the overall collection probability for the loan portfolio in view of these inherent losses. For each primary type of loan, a loss factor is established reflecting an estimate of the known and inherent losses in such loan type using both a quantitative analysis as well as consideration of qualitative factors. The evaluation process includes, among other things, an analysis of delinquency trends, non-performing loan trends, the level of charge-offs and recoveries, prior loss experience, total loans outstanding, the volume of loan originations, the type, size and geographic concentration of our loans, the value of collateral securing the loans, the borrower’s ability to repay and repayment performance, the number of loans requiring heightened management oversight, local economic conditions and industry experience. Commercial real estate loans entail significant additional credit risks compared to one-to four-family residential mortgage loans, as they generally involve large loan balances concentrated with single borrowers or groups of related borrowers. In addition, the payment experience on loans secured by income-producing properties typically depends on the successful operation of the related real estate project and/or business operation of the borrower who is also the primary occupant, and thus may be subject to a greater extent to the effects of adverse conditions in the real estate market and in the economy in general. Commercial business loans typically involve a higher risk of default than residential loans of like duration since their repayment is generally dependent on the successful operation of the borrower’s business and the sufficiency of collateral, if any. Land acquisition, development and construction lending exposes us to greater credit risk than permanent mortgage financing. The repayment of land acquisition, development and construction loans depends upon the sale of the property to third parties or the availability of permanent financing upon completion of all improvements. These events may adversely affect the borrower and the value of the collateral property. The following tables summarize the primary segments of the allowance for loan losses, segmented into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of September 30, 2015 and 2014. Activity in the allowance is presented for the years ended September 30, 2015 and 2014: September 30, 2015 One- to Multi- Commercial Construction Commercial Consumer Unallocated Total (In Thousands) ALLL balance at September 30, 2014 $ 1,663 $ 67 $ 122 $ 323 $ 15 $ 4 $ 231 $ 2,425 Charge-offs (384 ) - - - - - - (384 ) Recoveries 77 - - 78 - - - 155 Provision 280 - 109 324 (15 ) - 37 735 ALLL balance at September 30, 2015 $ 1,636 $ 66 $ 231 $ 725 $ - $ 4 $ 268 $ 2,930 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,636 66 231 725 - 4 268 2,930 September 30, 2014 One- to Multi- Commercial Construction Commercial Consumer Unallocated Total (In Thousands) ALLL balance at September 30, 2013 $ 1,384 $ 22 $ 70 $ 653 $ 4 $ 2 $ 218 $ 2,353 Charge-offs (215 ) - - - - - - (215 ) Recoveries 47 - - - - - - 47 Provision 447 45 52 (330 ) 11 2 13 240 ALLL balance at September 30, 2014 $ 1,663 $ 67 $ 122 $ 323 $ 15 $ 4 $ 231 $ 2,425 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,663 67 122 323 15 4 231 2,425 Management established a provision for loan losses of $735,000 and $240,000 during the year ended September 30, 2015 and 2014, respectively. The provision for loan losses was deemed necessary for fiscal 2015 due to the increase in the level of commercial real estate and construction loans outstanding, charge-offs incurred during fiscal 2015 and the classification of a $10.3 million loan workout relationship as non-performing. The Company believes that the allowance for loan losses at September 30, 2015 is sufficient to cover all inherent and known losses associated with the loan portfolio at such date. At September 30, 2015, the Bank’s non-performing assets totaled $14.8 million or 3.04% of total assets as compared to $6.2 million or 1.2% of total assets at September 30, 2014. Non-performing assets at September 30, 2015 included $13.9 million in non-performing loans consisting of $8.8 million construction and land development loans, $2.1 million of one-to-four family residential loans, $1.4 million of single-family residential investment property and one $1.6 million of commercial real estate loans. Non-performing assets also included a one-to-four family residential real estate owned property with an aggregate carrying value of $869,000. As of September 30, 2015, the Bank had 10 loans that were classified as trouble debt restructurings (“TDRs”) aggregating $8.1 million of which three loans aggregating $2.3 million were classified as non-performing and included in the $13.9 million of non-performing loans, although all 10 loans have performed in accordance with the terms of their revised agreements. As of September 30, 2015, the Bank’s classified assets totaled $12.4 million as compared to $22.0 million as of September 30, 2014 with the decrease primarily due to loans being paid-in full. All of such loans were current as of September 30, 2015. Management will continue to monitor and modify the allowance for loan losses as conditions dictate. No assurances can be given that the level of allowance for loan losses will cover all of the inherent losses on the loans or that future adjustments to the allowance for loan losses will not be necessary if economic and other conditions differ substantially from the economic and other conditions used by management to determine the current level of the allowance for loan losses. The following tables set forth a summary of the TDRs activity for the years ended September 30, 2015, 2014 and 2013. All of the TDRs involved changes in the interest rates on the loans; no debt was forgiven. At September 30, 2015, the TDRs were performing in accordance with their modified terms: As of and for the Year Ended September 30, 2015 Restructured Current Period (amount in thousands) Number of Pre- Modification Post-Modification Commerical real estate 1 $ 750 $ 750 Construction and land development 1 3,665 3,665 2 $ 4,415 $ 4,415 As of and for the Year Ended September 30, 2014 Restructured Current Period (amount in thousands) Number of Pre- Modification Post-Modification One-to four- family 1 $ 1,455 $ 1,455 Commerical real estate 1 877 877 2 $ 2,332 $ 2,332 |
OFFICE PROPERTIES AND EQUIPMENT
OFFICE PROPERTIES AND EQUIPMENT | 12 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
OFFICE PROPERTIES AND EQUIPMENT | 7. OFFICE PROPERTIES AND EQUIPMENT Office properties and equipment are summarized by major classifications as follows: September 30, 2015 2014 (Dollars in Thousands) Land $ 198 $ 247 Buildings and improvements 2,454 2,565 Furniture and equipment 2,210 2,423 Automobiles 96 135 Total 4,958 5,370 Accumulated depreciation (3,466 ) (4,039 ) Total office properties and equipment, net of accumulated depreciation $ 1,492 $ 1,331 For the years ended September 30, 2015, 2014 and 2013, depreciation expense amounted to $304,000, $320,000 and $337,000, respectively. |
DEPOSITS
DEPOSITS | 12 Months Ended |
Sep. 30, 2015 | |
Deposits [Abstract] | |
DEPOSITS | 8. DEPOSITS Deposits consist of the following major classifications: September 30, 2015 2014 Amount Percent Amount Percent (Dollars in Thousands) Non-interest-bearing checking accounts $ 2,293 0.6 % $ 2,327 0.6 % Interest-bearing checking accounts 35,649 9.8 38,119 9.8 Money market deposit accounts 60,736 16.6 64,665 16.5 Passbook, club and statement savings 70,355 19.3 73,275 18.8 Certificates maturing in six months or less 49,857 13.7 48,359 12.4 Certificates maturing in more than six months 146,184 40.0 164,280 41.9 Total $ 365,074 100.0 % $ 391,025 100.0 % The amount of scheduled maturities of certificate accounts was as follows: September 30, 2015 (Dollars in Thousands) One year or less $ 82,812 One through two years 31,580 Two through three years 31,605 Three through four years 36,433 Four through five years 13,611 Total $ 196,041 Certificates of deposit of $250,000 or more at September 30, 2015 and 2014 totaled $32.7 million and $31.4 million, respectively. Interest expense on deposits was comprised of the following: Year Ended September 30, 2015 2014 (Dollars in Thousands) Checking and money market deposit accounts $ 337 $ 348 Passbook, club and statement savings accounts 194 262 Certificate accounts 2,899 2,791 Total $ 3,430 $ 3,401 |
ADVANCES FROM FEDERAL HOME LOAN
ADVANCES FROM FEDERAL HOME LOAN BANK | 12 Months Ended |
Sep. 30, 2015 | |
Advances from Federal Home Loan Banks [Abstract] | |
ADVANCES FROM FEDERAL HOME LOAN BANK | 9. ADVANCES FROM FEDERAL HOME LOAN BANK As of September 30, 2015, the Company did not have an outstanding balance with the FHLB. As of September 30, 2014, advances from the FHLB had an outstanding balance totaling $340,000. The advances in 2014 were obtained in connection with the Bank’s participation in a community housing program. The Bank maintains a blanket collateral agreement using qualifying loans with the FHLB for future borrowing needs. At September 30, 2015, the Bank had the ability to obtain $189.8 million of additional FHLB advances. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 10. INCOME TAXES The Company files a consolidated federal income tax return. The Company uses the specific charge-off method for computing reserves for bad debts. Generally this method allows the Company to deduct an annual addition to the reserve for bad debt equal to its net charge-offs. The provision for income taxes for the years ended September 30, 2015 and 2014 consists of the following: Year Ended September 30, 2015 2014 2013 (Dollars in Thousands) Current: Federal expense (benefit) $ 461 $ 690 $ (1,072 ) Total current taxes 461 690 (1,072 ) Deferred income tax (benefit) expense (345 ) - 2,770 Total income tax provision $ 116 $ 690 $ 1,698 Items that gave rise to significant portions of deferred income taxes are as follows: September 30, 2015 2014 (Dollars in Thousands) Deferred tax assets: Allowance for loan losses $ 1,185 $ 1,123 Non-accrual interest 86 125 Accrued vacation 119 108 Capital loss carryforward 534 1,211 Post-retirement benefit plans 126 137 Split dollar life insurance 19 20 Unrealized losses on available for sale securities - 491 Employee benefit plans 530 382 Total deferred tax assets 2,599 3,597 Valuation allowance (534 ) (1,211 ) Total deferred tax assets, net of valuation allowance 2,065 2,386 Deferred tax liabilities: Property 365 422 Unrealized gains on available for sale securities 10 - Deferred loan fees 715 833 Total deferred tax liabilities 1,090 1,255 Net deferred tax asset $ 975 $ 1,131 The Company establishes a valuation allowance for deferred tax assets when management believes that the deferred tax assets are not likely to be realized either through a carry back to taxable income in prior years, future reversals of existing taxable temporary differences, and, to a lesser extent, future taxable income. The valuation allowance totaled $534,000 at September 30, 2015. The gross deferred tax assets related to impairment losses and capital loss carryforwards decreased in the aggregate by $677 thousand during the year ended September 30, 2015, primarily due to the sale during the period of three branch properties. . The income tax expense differs from that computed at the statutory federal corporate tax rate as follows: Year Ended September 30, 2015 2014 2013 Percentage Percentage Percentage of Pretax of Pretax of Pretax Amount Income Amount Income Amount Income (Loss) (Dollars in Thousands) Tax at statutory rate $ 798 34.0 % $ 840 34.0 % $ 1,174 34.0 % Adjustments resulting from: Valuation allowance (677 ) (28.8 ) (144 ) (5.8 ) 494 14.3 Income from bank owned life insurance (117 ) (5.0 ) (87 ) (3.5 ) (67 ) (1.9 ) Employee benefit plans 126 5.4 74 3.0 90 2.6 Other (14 ) (0.6 ) 7 0.2 7 0.2 Income tax expense $ 116 5.0 % $ 690 27.9 % $ 1,698 49.2 % There is currently no liability for uncertain tax positions and no known unrecognized tax benefits. The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Consolidated Statements of Operations as a component of income tax expense. As of September 30, 2015, the Internal Revenue Service conducted an audit of the Company’s tax returns for the year ended September 30, 2010, and no adverse findings were reported. The Company’s federal and state income tax returns for taxable years through September 30, 2012 have been closed for purposes of examination by the Internal Revenue Service and the Pennsylvania Department of Revenue. |
REGULATORY CAPITAL REQUIREMENTS
REGULATORY CAPITAL REQUIREMENTS | 12 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
REGULATORY CAPITAL REQUIREMENTS | 11. REGULATORY CAPITAL REQUIREMENTS The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory – and possibly additional discretionary – actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s and the Bank’s capital amounts and the Bank’s classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of Tier 1 capital (as defined in the regulations) to average assets (as defined) and risk-weighted assets (as defined), and of total capital (as defined) to risk-weighted assets. Management believes, as of September 30, 2015 and 2014, that the Company and the Bank met all regulatory capital adequacy requirements to which they each are subject. To be categorized as well capitalized, the Bank must maintain the minimum Tier 1 capital, Tier common equity,Tier 1 risk-based and total risk-based ratios as set forth in the table below. The Company’s and the Bank’s actual capital amounts and ratios are also presented in the following table: To Be Well Capitalized Under Prompt Required for Capital Corrective Action Actual Adequacy Purposes Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) September 30, 2015: Tier 1 capital (to average assets) Company $ 116,903 23.73 % N/A N/A N/A N/A Bank 96,034 19.50 $ 19,699 4.0 $ 24,624 5.0 % Tier 1 Common (to risk-weighted assets) Company 116,921 50.63 N/A N/A N/A N/A Bank 96,052 41.66 10,376 4.0 14,987 6.5 Tier 1 capital (to risk-weighted assets) Company 116,903 50.63 N/A N/A N/A N/A Bank 96,034 41.65 13,834 4.0 18,446 8.0 Total capital (to risk-weighted assets) Company 120,016 51.98 N/A N/A N/A N/A Bank 99,147 43.00 18,446 8.0 23,057 10.0 September 30, 2014: Tier 1 capital (to average assets) Company $ 130,378 25.39 % $ 20,544 4.0 % N/A N/A Bank 92,090 17.95 20,519 4.0 $ 25,649 5.0 % Tier 1 capital (to risk-weighted assets) Company 130,378 57.21 9,115 4.0 N/A N/A Bank 92,090 40.52 9,091 4.0 13,636 6.0 Total capital (to risk-weighted assets) Company 132,803 58.28 18,231 8.0 N/A N/A Bank 94,515 41.59 18,182 8.0 22,727 10.0 |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Sep. 30, 2015 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
EMPLOYEE BENEFITS | 12. EMPLOYEE BENEFITS The Bank is a member of a multi-employer ( under the provisions of the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986) defined benefit pension plan covering all employees meeting certain eligibility requirements. The Bank’s policy is to fund pension costs accrued. The expense relating to this plan for the years ended September 30, 2015, 2014 and 2013 was $623,000, $663,000 and $407,000, respectively. There are no collective bargaining agreements in place that require contributions to the plan. Additional information regarding the plan as of September 30, 2015 is noted below: Legal Name of Plan Pentegra Defined Benefit Plan for Financial Institutions Plan Employer Identification Number 13-5645888 The Company's Contribution for the year ended September 30, 2015 $744,000 Are Company's Contributions more than 5% of total contributions? No Funded Status 98.25% The Pentegra Defined Benefits Plan for Financial Institutions is a single plan under Internal Revenue Code Section 413 (c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the plan, contributions made by a participating employer may be used to provide benefits to participants of other participating employers. During November 2015, the Plan was frozen in an effort to reduce expenses on a going forward basis. The Bank also has a defined contribution plan for employees meeting certain eligibility requirements. The defined contribution plan may be terminated at any time at the discretion of the Bank. There was no expense relating to this plan for the years ended September 30, 2015, 2014 and 2013. The Company eliminated the employer match in conjunction with the establishment of the employee stock ownership plan (“ESOP”) discussed below. The Bank maintains an ESOP for substantially all of its full-time employees meeting certain eligibility requirements. The purchase of shares of the Company's common stock by the ESOP was funded by loans from the Company. The loans will be repaid principally from the Bank's contributions to the ESOP. Shares of the Company's common stock purchased by the ESOP are held in a suspense account and released for allocation to participants on a pro rata basis as debt service payments are made on the loans. Shares released are allocated to each eligible participant based on the ratio of each such participant's compensation, as defined in the ESOP, to the total compensation of all eligible plan participants. As the unearned shares are released and allocated among participants, the Bank recognizes compensation expense based on the current market price of the shares released. The ESOP purchased 712,721 shares of the Company’s common stock for an aggregate cost of approximately $7.6 million in fiscal 2015 and fiscal 2014. As of September 30, 2015, the Company had allocated a total of 213,601 shares from the suspense account to participants and committed to release an additional 35,517 shares. The expense relating to the ESOP for the years ended September 30, 2015, 2014 and 2013 was $660,000, $467,000 and $389,000, respectively. The Company maintains the Recognition and Retention Plan (“RRP”) which is administered by a committee of the Board of Directors of the Company. The RRP provides for the grant of shares of common stock of the Company to officers, employees and directors of the Company. In order to fund the grant of shares under the RRP, the RRP Trust purchased 213,528 shares (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 RRP. The Company made sufficient contributions to the RRP Trust to fund these purchases. As of September 30, 2015, all the shares had been awarded as part of the RRP. Shares subject to awards under the RRP generally vest at the rate of 20% per year over five years. As of September 30, 2015, 185,788 of the awarded shares of the Plan had become fully vested. During February 2015, shareholders approved the 2014 Stock Incentive Plan (the “SIP”). As part of the 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 of which 20,000 shares have been forfeited. During the year ended September 30, 2015, approximately $385,000 was recognized in compensation expense for the RRP. Tax benefits of $131,000 were recognized during the year ended September 30, 2015.Tax benefits of $53,000 were recognized during the year ended September 30, 2014. During the year ended September 30, 2014, approximately $183,000 was recognized in compensation expense for the RRP. At September 30, 2015, approximately $2.4 million of additional compensation expense for the shares awarded related to the RRP remained unrecognized. A summary of the Company’s non-vested stock award activity for the year ended September 30, 2015 and 2014 is presented in the following table: Year Ended Number of Weighted Average Nonvested stock awards at beginning of year 38,055 $ 8.07 Issued 235,500 12.23 Forfeited (21,813 ) 11.85 Vested (10,314 ) 9.07 Nonvested stock awards at the end of the period 241,428 $ 11.74 Year Ended Number of Weighted Average Nonvested stock awards at beginning of year 79,477 $ 9.56 Issued - - Forfeited - - Vested (41,422 ) 10.93 Nonvested stock awards at the end of the period 38,055 $ 8.07 The Company maintains the Stock Option Plan (the “Option Plan”) which authorizes the grant of stock options to officers, employees and directors of the Company to acquire shares of common stock with an exercise price at least equal to the fair market value of the common stock on the grant date. Options generally become vested and exercisable at the rate of 20% per year over five years and are generally exercisable for a period of ten years after the grant date. A total of 533,808 shares of common stock were approved for future issuance pursuant to the Stock Option Plan. As of September 30, 2015, all of the options had been awarded under the Option Plan. As of September 30, 2015, 421,835 options were vested under the 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 Option Plan. A summary of the status of the Company’ stock options under the Stock Option Plan as of September 30, 2015 and 2014 and changes during the year ended September 30, 2015 and 2014 are presented below: Year Ended Number of Weighted Average Options outstanding at beginning of year 530,084 $ 11.57 Granted 608,737 12.23 Forfeited (64,391 ) 11.92 Outstanding at the end of the period 1,074,430 $ 11.92 Exercisable at the end of the period 440,976 $ 11.42 Year Ended Number of Weighted Average Options outstanding at beginning of year 516,739 $ 10.86 Granted 13,345 10.68 Forfeited - - Outstanding at the end of the period 530,084 $ 10.86 Exercisable at the end of the period 417,767 $ 11.57 The weighted average remaining contractual term was approximately 7.0 years for options outstanding as of September 30, 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 fiscal 2015. The fair value for grants made in fiscal 2015 was estimated on the date of grant using the Black-Scholes pricing model with the following assumptions: an exercise and fair value of $12.23, term of seven years, volatility rate of 38.16%, interest rate of 1.62% and a yield rate of 0.98%. During the year ended September 30, 2015, $387,000 was recognized in compensation expense for the Option Plan. A tax benefit of $44,000 was recognized during the year ended September 30, 2015. During the year ended September 30, 2014, $155,000 was recognized in compensation expense for the Option Plan. A tax benefit of $17,000 was recognized during the year ended September 30, 2014. At September 30, 2015, approximately $2.4 million of additional compensation expense for awarded options remained unrecognized. The weighted average period over which this expense will be recognized is approximately 4.3 years. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | 13. COMMITMENTS AND CONTINGENT LIABILITIES At September 30, 2015, the Company had $2.5 million in outstanding commitments to originate fixed and variable-rate loans with market interest rates ranging from 4.25% to 5.25%. 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 $17.2 million and $9.7 million, respectively, at September 30, 2015 and 2014. The Company also had commitments under unused lines of credit of $6.1 million and $3.8 million, respectively, and letters of credit outstanding of $2.6 million and $187,000, respectively, at September 30, 2015 and 2014. The Company is subject to various pending claims and contingent liabilities arising in the normal course of business which are not reflected in the accompanying consolidated financial statements. Management considers that the aggregate liability, if any, resulting from such matters will not be material. Among the Company’s contingent liabilities are exposures to limited recourse arrangements with respect to the Company’s sales of whole loans and participation interests. At September 30, 2015, the exposure, which represents a portion of credit risk associated with the sold interests, amounted to $60,000. This exposure is for the life of the related loans and payables, on the Company’s proportionate share, as actual losses are incurred. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | 14. FAIR VALUE MEASUREMENT The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2015 and 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 establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value. The three broad levels of hierarchy are as follows: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Those assets as of September 30, 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 $ - $ 18,712 $ - $ 18,712 Mortgage-backed securities - U.S. Government agencies - 58,712 - 58,712 FHLMC preferred stock 59 - - 59 Total $ 59 $ 77,424 $ - $ 77,483 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 Collateral dependent impaired loans are based on the fair value of the collateral which is based on appraisals and would be categorized as Level 2 measurement. In some cases, adjustments are made to the appraised values for various factors including the age of the appraisal, age of the comparables included in the appraisal, and known changes in the market and in the collateral. These adjustments are based upon unobservable inputs, and therefore, the fair value measurement has been categorized as a Level 3 measurement. These loans are reviewed for impairment and written down to their net realizable value by charges against the allowance for loan losses. The collateral underlying these loans had a fair value of $16.8 million. Real Estate Owned Once an asset is determined to be uncollectible, the underlying collateral is generally repossessed and reclassified to foreclosed real estate and repossessed assets. These repossessed assets are carried at the lower of cost or fair value of the collateral, based on independent appraisals, less cost to sell and would be categorized as Level 2 measurement. In some cases, adjustments are made to the appraised values for various factors including age of the appraisal, age of the comparables included in the appraisal, and known changes in the market and in the collateral. Thus the evaluations are based upon unobservable inputs, and therefore, the fair value measurement has been categorized as a Level 3 measurement. Summary of Non-Recurring Fair Value Measurements At September 30, 2015 (Dollars in Thousands) Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 16,770 $ 16,770 Real estate owned 869 869 Total $ - $ 869 $ 16,770 $ 17,639 At September 30, 2014 (Dollars in Thousands) Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 21,980 $ 21,980 Real estate owned 360 360 Total $ - $ 360 $ 21,980 $ 22,340 The following tables provide information describing the valuation processes used to determine nonrecurring fair value measurements categorized within level 3 of the fair value hierarchy: At September 30, 2015 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired loans $ 16,770 Property appraisals (1) Management discount for selling costs, property type and market volatility (2) 10% discount Real estate owned $ 869 Property appraisals (1) Management discount for selling costs, property type and market volatility (2) 10% discount At September 30, 2014 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired loans $ 21,980 Property appraisals (1) Management discount for selling costs, property type and market volatility (2) 10% discount Real estate owned $ 360 Property appraisals (1) 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. The fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is necessarily required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Fair Value Measurements at September 30, 2015 Carrying Fair Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Cash and cash equivalents $ 11,272 $ 11,272 $ 11,272 $ - $ - Investment and mortgage-backed securities available for sale 77,483 77,483 53 77,430 - Investment and mortgage-backed securities held to maturity 66,384 66,877 - 66,877 - Loans receivable, net 312,633 312,613 - - 312,613 Accrued interest receivable 1,665 1,665 1,665 - - Federal Home Loan Bank stock 369 369 369 - - Bank owned life insurance 12,722 12,722 12,722 - - Liabilities: Checking accounts 37,942 37,942 37,942 - - Money market deposit accounts 60,736 60,736 60,736 - - Passbook, club and statement savings accounts 70,355 70,355 70,355 - - Certificates of deposit 196,041 199,639 - - 199,639 Accrued interest payable 1,291 1,291 1,291 - - Advances from borrowers for taxes and insurance 1,670 1,670 1,670 - - Fair Value Measurements at September 30, 2014 Carrying Fair Amount Value (Level 1) (Level 2) (Level 3) (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 Investments and Mortgage-Backed Securities — Loans Receivable — Accrued Interest Receivable – Federal Home Loan Bank (FHLB) Stock — Bank Owned Life Insurance — Checking Accounts, Money Market Deposit Accounts, Passbook Accounts, Club Accounts, Statement Savings Accounts, and Certificates of Deposit — Advances from Federal Home Loan Bank — Accrued Interest Payable – Advances from borrowers for taxes and insurance – Commitments to Extend Credit and Letters of Credit — |
PRUDENTIAL BANCORP, INC. (PAREN
PRUDENTIAL BANCORP, INC. (PARENT COMPANY ONLY) | 12 Months Ended |
Sep. 30, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
PRUDENTIAL BANCORP, INC. (PARENT COMPANY ONLY) | 15. PRUDENTIAL BANCORP, INC. (PARENT COMPANY ONLY) STATEMENT OF FINANCIAL CONDITION September 30, 2015 2014 (Dollars in Thousands) Assets: Cash $ 14,912 $ 31,729 ESOP loan receivable 5,618 5,943 Investment in Bank 96,132 91,137 Other assets 339 614 Total assets $ 117,001 $ 129,423 Stockholders' equity: Preferred stock - - Common stock 95 95 Additional paid-in-capital 95,453 94,397 Unearned ESOP shares (4,926 ) (5,302 ) Treasury stock (14,691 ) - Retained earnings 41,052 41,186 Accumulated other comprehensive (loss) income 18 (953 ) Total stockholders' equity 117,001 129,423 Total liabilities and stockholders' equity $ 117,001 $ 129,423 INCOME STATEMENT For the year ended September 30, 2015 2014 2013 (Dollars in thousands) Interest on ESOP loan 263 257 188 Equity in the undistributed earnings of the Bank 2,549 2,085 1,997 Other income 9 - - Total income 2,821 2,342 2,185 Professional services 306 288 146 Other expense 447 431 409 Total expense 753 719 555 Income before income taxes 2,068 1,623 1,630 Income tax benefit (164 ) (157 ) (125 ) Net income 2,232 1,780 1,755 CASH FLOWS For the year ended September 30, 2015 2014 2013 (Dollars in thousands) Operating activities: Net income $ 2,232 $ 1,780 $ 1,755 Increase in assets 88 (198 ) (137 ) Equity in the undistributed earnings of the Bank (2,549 ) (2,085 ) (1,997 ) Net cash used in by operating activities (229 ) (503 ) (379 ) Investing activities: Repayments received on ESOP loan 325 302 188 Cash advanced to subsidiary - (34,800 ) - Net cash (used in) provided by investing activities 325 (34,498 ) 188 Financing Activities: Purchase of common stock for ESOP - (3,089 ) - Issuance of common stock - 38,702 - Cancellation of treasury stock - 31,625 - Purchase of treasury stock (14,691 ) - Cash dividends paid (2,222 ) (571 ) - Net cash provided by financing activities (16,913 ) 66,667 - Net decrease in cash and cash equivalents (16,817 ) 31,666 (191 ) Cash and cash equivalents, beginning of year 31,729 63 254 Cash and cash equivalents, end of year $ 14,912 $ 31,729 $ 63 |
CONSOLIDATED QUARTERLY FINANCIA
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Sep. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) | 16. CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) Unaudited quarterly financial data for the years ended September 30, 2014 and 2013 is as follows: September 30, 2015 September 30, 2014 1st 2nd 3rd 4th 1st 2nd 3rd 4th Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr (In thousands) (In thousands) Interest income $ 4,240 $ 4,304 $ 4,055 $ 4,081 $ 4,069 $ 4,085 $ 4,136 $ 4,175 Interest expense 901 871 851 807 905 852 826 818 Net interest income 3,339 3,433 3,204 3,274 3,164 3,233 3,310 3,357 (Recoveries) Provision for loan losses 75 300 210 150 0 0 0 240 Net interest income after provision for loan losses 3,264 3,133 2,994 3,124 3,164 3,233 3,310 3,117 Non-interest income 350 1,988 445 225 161 413 194 343 Non-interest expense 2,926 3,511 3,432 3,307 2,803 2,954 2,756 2,952 Income before income tax expense 688 1,610 7 42 522 692 748 508 Income tax expense 217 (91 ) (40 ) 30 184 157 227 122 Net income $ 471 $ 1,701 $ 47 $ 12 $ 338 $ 535 $ 521 $ 386 Per share: Earnings per share - basic $ 0.05 $ 0.20 $ 0.01 $ 0.01 $ 0.04 $ 0.06 $ 0.06 $ 0.04 Earnings per share - diluted $ 0.05 $ 0.18 $ 0.01 $ - $ 0.04 $ 0.06 $ 0.06 $ 0.03 Dividends per share $ 0.03 $ 0.03 $ 0.18 $ 0.03 $ - $ - $ 0.03 $ 0.03 Due to rounding, the sum of the earnings per share in individual quarters may differ from reported amounts. |
SUMMARY OF SIGNIFICANT ACCOUN25
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation – . |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements — |
Cash and Cash Equivalents | Cash and Cash Equivalents — |
Investment Securities and Mortgage-Backed Securities | Investment Securities and Mortgage-Backed Securities — Held to Maturity Available for Sale |
Other-than-temporary impairment | Other-than-temporary impairment |
Loans Receivable | Loans Receivable — |
Loan Origination and Commitment Fees | Loan Origination and Commitment Fees — |
Interest on Loans | Interest on Loans — |
Allowance for Loan Losses | Allowance for Loan Losses — The allowance for loan losses represents the amount which management estimates is adequate to provide for probable losses inherent in its loan portfolio as of the Consolidated Statement of Financial Condition date. The allowance method is used in providing for loan losses. Accordingly, all loan losses are charged to the allowance, and all recoveries are credited to it. The allowance for loan losses is established through a provision for loan losses charged to operations. The provision for loan losses is based on management’s periodic evaluation of individual loans, economic factors, past loan loss experience, changes in the composition and volume of the portfolio, and other relevant factors, both qualitative and quantitative. The estimates used in determining the adequacy of the allowance for loan losses, including the amounts and timing of future cash flows expected on impaired loans, are particularly susceptible to changes in the near term. Impaired loans are loans for which it is not probable to collect all amounts due according to the contractual terms of the loan agreements. Management individually evaluates such loans for impairment and does not aggregate loans by major risk classifications. Factors considered by management in determining impairment include payment status and collateral value. The amount of impairment for impaired loans is determined by the difference between the present value of the expected cash flows related to the loans, using the original interest rate, and their recorded value, or as a practical expedient in the case of collateralized loans, the difference between the fair value of the collateral and the recorded amount of the loans. When foreclosure is probable, impairment is measured based on the fair value of the collateral. Mortgage loans and consumer loans are comprised of large groups of smaller balance homogeneous loans which are evaluated for impairment collectively. Loans that experience insignificant payment delays, which are defined as less than 90 days, generally are not classified as impaired. Management determines the significance of payment delays on a case-by-case basis taking into consideration all of the circumstances surrounding the loan and the borrower including the length of the delay, the borrower’s prior payment record, and the amount of shortfall in relation to the principal and interest owed. |
Real Estate Owned | Real Estate Owned — |
Federal Home Loan Bank of Pittsburgh ("FHLB") Stock | Federal Home Loan Bank of Pittsburgh (“FHLB”) Stock – The Company is a member of the Federal Home Loan Bank of Pittsburgh and as such, is required to maintain a minimum investment in stock of the Federal Home Loan Bank that varies with the level of advances outstanding with the Federal Home Loan Bank. The stock is bought from and sold to the Federal Home Loan Bank based upon its $100 par value. The stock does not have a readily determinable fair value and as such is classified as restricted stock, carried at cost and evaluated for impairment by management. The stock’s value is determined by the ultimate recoverability of the par value rather than by recognizing temporary declines. The determination of whether the par value will ultimately be recovered is influenced by criteria such as the following: (a) the significance of the decline in net assets of the Federal Home Loan Bank as compared to the capital stock amount and the length of time this situation has persisted; (b) commitments by the Federal Home Loan Bank to make payments required by law or regulation and the level of such payments in relation to the operating performance; (c) the impact of legislative and regulatory changes on the customer base of the Federal Home Loan Bank; and (d) the liquidity position of the Federal Home Loan Bank. The Federal Home Loan Bank continues to report net income, initiated the payment of cash dividends and had its Aaa bond rating affirmed by Moody’s and AA+ rating affirmed by Standard and Poor’s during 2015 and 2014.With consideration given to these factors, management concluded that the stock was not impaired at September 30, 2015 or 2014. |
Office Properties and Equipment | Office Properties and Equipment — |
Cash Surrender Value of Life Insurance | Cash Surrender Value of Life Insurance— |
Dividend Payable | Dividend Payable |
Employee Stock Ownership Plan | Employee Stock Ownership Plan – |
Share-Based Compensation | Share-Based Compensation |
Treasury Stock | Treasury Stock – |
Comprehensive Income | Comprehensive Income |
Income Taxes | Income Taxes— In evaluating the Company’s ability to recover deferred tax assets, management considers all available positive and negative evidence, including past operating results and forecast of future taxable income. In determining future taxable income, management makes assumptions for the amount of taxable income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require management to make judgments about future taxable income and are consistent with the plans and estimates the Company uses to manage the business. Any reduction in estimated future taxable income may require management to record an additional valuation allowance against the deferred tax assets. An increase in the valuation allowance would result in additional income tax expense in the period and could have a significant impact on our future earnings. |
Transfers and Servicing of Financial Assets and Extinguishments of Liabilities | Transfers and Servicing of Financial Assets and Extinguishments of Liabilities — |
Advertising Costs | Advertising Costs — |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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. This ASU is not expected to have a significant impact on the Company’s financial statements. In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The amendments in this Update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments in this Update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. An entity can elect to adopt the amendments in this Update using either a modified retrospective transition method or a prospective transition method. This ASU is not expected to have a significant impact on the Company’s financial statements. 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. The Company is evaluating the effect of adopting this new accounting Update. 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 is not expected to 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 U.S, GAAP 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 effective for the annual period ending after December 15, 2016, and for annual periods and interim 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 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force). This Update clarifies how current U.S. GAAP should be interpreted in subjectively evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Public business entities are required to implement the new requirements in fiscal years and interim periods within those fiscal years beginning after December 15, 2015. 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 were 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 U.S. GAAP the concept of extraordinary items. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity may also 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, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 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. In April 2015, the FASB issued ASU 2015-06, Earnings Per Share (Topic 260): Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions. Topic 260, Earnings Per Share, contains guidance that addresses master limited partnerships that originated from Emerging Issues Task Force (“EITF”) Issue No. 07-4, Application of the Two-Class Method Under FASB Statement No. 128 to Master Limited Partnerships. Under Topic 260, master limited partnerships apply the two-class method of calculating earnings per unit because the general partner, limited partners, and incentive distribution rights holders each participate differently in the distribution of available cash in accordance with the contractual rights contained in the partnership agreement. The amendments in this Update specify that for purposes of calculating historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. In that circumstance, the previously reported earnings per unit of the limited partners (which is typically the earnings per unit measure presented in the financial statements) would not change as a result of the dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method are also required. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Earlier application is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent). The Update applies to reporting entities that elect to measure the fair value of an investment using the net asset value per share (or its equivalent) practical expedient. Under the amendments in this Update, investments for which fair value is measured at net asset value per share (or its equivalent) using the practical expedient should not be categorized in the fair value hierarchy. Removing those investments from the fair value hierarchy not only eliminates the diversity in practice resulting from the way in which investments measured at net asset value per share (or its equivalent) with future redemption dates are classified, but also ensures that all investments categorized in the fair value hierarchy are classified using a consistent approach. Investments that calculate net asset value per share (or its equivalent), but for which the practical expedient is not applied will continue to be included in the fair value hierarchy. A reporting entity should continue to disclose information on investments for which fair value is measured at net asset value (or its equivalent) as a practical expedient to help users understand the nature and risks of the investments and whether the investments, if sold, are probable of being sold at amounts different from net asset value. The amendments in this Update are effective for public business entities 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 fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. The retrospective approach requires that an investment for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy in all periods presented in an entity's financial statements. Earlier application is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. In May 2015, the FASB issued ASU 2015-08, Business Combinations – Pushdown Accounting – Amendment to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115. This Update was issued to amend various SEC paragraphs pursuant to the issuance of Staff Accounting Bulletin No. 115. This ASU is not expected to have a significant impact on the Company’s financial statements. In May 2015, the FASB issued ASU 2015-09, Financial Services – Insurance (Topic 944): Disclosure About Short-Duration Contracts. The amendments apply to all insurance entities that issue short-duration contracts as defined in Topic 944, Financial Services – Insurance. The amendments require insurance entities to disclose for annual reporting periods certain information about the liability for unpaid claims and claim adjustment expenses. The amendments also require insurance entities to disclose information about significant changes in methodologies and assumptions used to calculate the liability for unpaid claims and claim adjustment expenses, including reasons for the change and the effects on the financial statements. Additionally, the amendments require insurance entities to disclose for annual and interim reporting periods a rollforward of the liability for unpaid claims and claim adjustment expenses, described in Topic 944. For health insurance claims, the amendments require the disclosure of the total of incurred-but-not-reported liabilities plus expected development on reported claims included in the liability for unpaid claims and claim adjustment expenses. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2015, and interim periods within annual periods beginning after December 15, 2016. For all other entities, the amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within annual periods beginning after December 15, 2017. This ASU is not expected to have a significant impact on the Company’s financial statements. In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Improvements. The amendments in this Update represent changes to clarify the FASB Accounting Standards Codification (“Codification”), correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. Transition guidance varies based on the amendments in this Update. The amendments in this Update that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments will be effective upon the issuance of this Update. This ASU is not expected to have a significant impact on the Company’s financial statements. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606). The amendments in this Update defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. All other entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. The Company is evaluating the effect of adopting this new accounting ASU. In August 2015, the FASB issued ASU 2015-15, Interest – Imputation of Interest (Subtopic 835-30): Presentation And Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting. This Update adds SEC paragraphs pursuant to the SEC Staff Announcement at the June 18, 2015 Emerging Issues Task Force meeting about the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. This ASU is not expected to have a significant impact on the Company’s financial statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805). The amendments in this Update require that an acquirer recognizes adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in this Update require that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this Update require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, and 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. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per share | Year Ended September 30, 2015 2014 2013 (Dollars in Thousands Except Per Share Data) Basic Diluted Basic Diluted Basic Diluted Net income $ 2,232 $ 2,232 $ 1,780 $ 1,780 $ 1,755 $ 1,755 Weighted average shares outstanding 8,335,273 8,335,273 9,061,193 9,061,193 9,118,618 9,118,618 Effect of CSEs - 114,817 - 216,885 - 104,422 Adjusted weighted average shares used in earnings per share computation 8,335,273 8,450,090 9,061,193 9,278,078 9,118,618 9,223,040 Earnings per share - basic and diluted $ 0.27 $ 0.26 $ 0.20 $ 0.19 $ 0.19 $ 0.19 |
ACCUMULATED OTHER COMPREHENSI27
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of changes in accumulated other comprehensive income | Year Ended September 30, 2015 2014 2013 Unrealized gains on Unrealized gains on Unrealized gains on available for sale available for sale available for sale securities (a) securities (a) securities (a) Beginning Balance $ (953 ) $ (1,292 ) $ 1,283 Other comprehensive (loss) income before reclassification 971 606 (2,024 ) Amount reclassified from accumulated other comprehensive loss - (267 ) (551 ) Total other comprehensive income (loss) 971 339 (2,575 ) Ending Balance $ 18 $ (953 ) $ (1,292 ) (a) All amounts are net of tax. Amounts in parentheses indicate debits. |
Schedule of amounts reclassified out of each component of accumulated other comprehensive income (loss) | Year Ended September 30, 2015 2014 2013 Amount Reclassified Amount Reclassified Amount Reclassified from Accumulated from Accumulated from Accumulated Affected Line Item in Other Other Other the Statement Where Comprehensive Comprehensive Comprehensive Net Income is Details about other comprehensive income Income (a) Income (a) Income (a) Presented Unrealized gains on available for sale securities Reclassification for net gains in net income $ - $ 416 $ 868 Gain on sale of mortgage-backed securities available-for-sale, net Tax effect - (138 ) (296 ) Income taxes Reclassification adjustment for other than temporary impairment losses - (16 ) (32 ) Total other-than-temporary impairment losses Tax effect - 5 11 Income taxes Comprehensive income $ - $ 267 $ 551 (a) Amounts in parentheses indicate debits to net income |
INVESTMENT AND MORTGAGE-BACKE28
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and fair value of securities, with gross unrealized gains and losses | September 30, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) Securities Available for Sale: U.S. government and agency obligations $ 18,988 $ - $ (276 ) $ 18,712 Mortgage-backed securities - U.S. government agencies 58,462 475 (225 ) 58,712 Total debt securities available for sale 77,450 475 (501 ) 77,424 FHLMC preferred stock 6 53 - 59 Total securities available for sale $ 77,456 $ 528 $ (501 ) $ 77,483 Securities Held to Maturity: U.S. government and agency obligations $ 54,929 $ 462 $ (849 ) $ 54,542 Mortgage-backed securities - U.S. government agencies 11,455 880 - 12,335 Total securities held to maturity $ 66,384 $ 1,342 $ (849 ) $ 66,877 September 30, 2014 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 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 | 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 $ (85 ) $ 4,910 $ (191 ) $ 13,802 $ (276 ) $ 18,712 Mortgage-backed securities -U.S. government agency (138 ) 22,173 (87 ) 9,206 (225 ) 31,379 Total securities available for sale $ (223 ) $ 27,083 $ (278 ) $ 23,008 $ (501 ) $ 50,091 Securities Held to Maturity: U.S. government and agency obligations $ - $ - $ (849 ) $ 42,603 $ (849 ) $ 42,603 Total securities held to maturity $ - $ - $ (849 ) $ 42,603 $ (849 ) $ 42,603 Total $ (223 ) $ 27,083 $ (1,127 ) $ 65,611 $ (1,350 ) $ 92,694 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 - US 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 $ (3,817 ) $ 40,126 $ (1,037 ) $ 9,956 $ (4,854 ) $ 50,082 Mortgage-backed securities - US government agency (76 ) 5,253 - - (76 ) 5,253 Total securities held to maturity $ (3,893 ) $ 45,379 $ (1,037 ) $ 9,956 $ (4,930 ) $ 55,335 Total $ (4,077 ) $ 61,816 $ (2,550 ) $ 41,102 $ (6,627 ) $ 102,918 |
Schedule of roll forward of the amounts recognized in earnings related to credit losses on securities | (Dollars in Thousands) Credit component of OTTI as of October 1, 2013 $ 1,599 Additions for credit-related OTTI charges on previously unimpaired securities - Reductions for securities liquidated (1,615 ) Additional losses as a result of impairment charges recognized on investments for which an OTTI was previously recognized 16 Credit component of OTTI as of September 30, 2014 $ - (Dollars in Thousands) Credit component of OTTI as of October 1, 2012 $ 2,103 Additions for credit-related OTTI charges on previously unimpaired securities - Reductions for securities liquidated (542 ) Additional losses as a result of impairment charges recognized on investments for which an OTTI was previously recognized 38 Credit component of OTTI as of September 30, 2013 $ 1,599 |
Schedule of amortized cost and fair value of debt securities by contractual maturity | September 30, 2015 Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value (Dollars in Thousands) Due within one year $ 5,000 $ 4,962 $ - $ - Due after one through five years 1,999 2,263 - - Due after five through ten years 5,985 5,940 - - Due after ten years 41,945 41,377 18,988 18,712 Total $ 54,929 $ 54,542 $ 18,988 $ 18,712 |
LOANS RECEIVABLE (Tables)
LOANS RECEIVABLE (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule of summary of loans receivable | September 30, 2015 2014 (Dollars in Thousands) One-to-four family residential $ 259,163 $ 282,637 Multi-family residential 6,249 7,174 Commercial real estate 25,799 16,113 Construction and land development 38,953 22,397 Commercial business - 1,976 Consumer 392 399 Total loans 330,556 330,696 Undisbursed portion of loans-in-process (17,097 ) (9,657 ) Deferred loan costs 2,104 2,449 Allowance for loan losses (2,930 ) (2,425 ) Net loans $ 312,633 $ 321,063 |
Schedule of loans individually and collectively evaluated for impairment by loan segment | One- to four- Multi-family Commercial real Construction Commercial Consumer Total (Dollars in Thousands) Individually evaluated for impairment $ 4,206 $ - $ 3,768 $ 8,796 $ - $ - $ 16,770 Collectively evaluated for impairment 254,957 6,249 22,031 30,157 - 392 313,786 Total loans $ 259,163 $ 6,249 $ 25,799 $ 38,953 $ - $ 392 $ 330,556 One- to four- Multi-family Commercial real Construction Commercial Consumer Total (Dollars in Thousands) 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 | 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 $ - $ - $ 4,206 $ 4,206 $ 4,550 Commercial real estate - - 3,768 3,768 3,768 Construction and land development - - 8,796 8,796 8,796 Total Loans $ - $ - $ 16,770 $ 16,770 $ 17,114 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 | September 30, 2015 Average Income Income (Dollars in Thousands) One-to four-family residential $ 8,734 $ 431 $ 147 Multi-family residential 289 19 - Commercial real estate 3,840 210 71 Construction and land development 8,413 437 194 Total $ 21,276 $ 1,097 $ 412 September 30, 2014 Average Income Recognized Income (Dollars in Thousands) One-to four-family residential $ 10,802 $ 305 $ 53 Multi-family residential 376 26 - Commercial real estate 2,585 70 19 Construction and land development 3,582 247 - Total $ 17,345 $ 648 $ 72 September 30, 2013 Average Income Recognized Income (Dollars in Thousands) One-to four-family residential $ 13,308 $ 400 $ 82 Multi-family residential 647 46 - Commercial real estate 5,063 218 33 Construction and land development 1,518 108 - Total $ 20,536 $ 772 $ 115 |
Schedule of classes of the loan portfolio in which a formal risk weighting system is utilized | September 30, 2015 Special Total Pass Mention Substandard Doubtful Loans (Dollars in Thousands) One-to-four residential $ 1,348 $ 2,107 $ 751 $ - $ 4,206 Multi-family residential 5,898 351 - - 6,249 Commercial real estate 22,005 965 2,829 - 25,799 Construction and land development 30,157 - 8,796 - 38,953 Total Loans $ 59,408 $ 3,423 $ 12,376 $ - $ 75,207 September 30, 2014 Special Total Pass Mention Substandard Doubtful Loans (Dollars in Thousands) One-to-four residential $ - $ 1,509 $ 10,436 $ - $ 11,945 Consumer - 119 - 119 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 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 | September 30, 2015 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 254,957 $ - $ 254,957 Consumer 392 - 392 Total Loans $ 255,349 $ - $ 255,349 September 30, 2014 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 270,692 $ - $ 270,692 Consumer 399 - 399 Total Loans $ 271,091 $ - $ 271,091 |
Schedule of loan categories of the loan portfolio summarized by the aging categories of performing and delinquent loans and nonaccrual loans | September 30, 2015 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 $ 255,669 $ 1,462 $ 2,032 $ - $ 1,462 $ 259,163 $ 3,547 Multi-family residential 6,249 - - - - 6,249 - Commercial real estate 25,114 504 181 - 504 25,799 1,589 Construction and land development 38,953 - - - - 38,953 8,796 Commercial business - - - - - - - Consumer 392 - - - - 392 - Total Loans $ 326,377 $ 1,966 $ 2,213 $ - $ 1,966 $ 330,556 $ 13,932 September 30, 2014 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. | September 30, 2015 One- to Multi- Commercial Construction Commercial Consumer Unallocated Total (In Thousands) ALLL balance at September 30, 2014 $ 1,663 $ 67 $ 122 $ 323 $ 15 $ 4 $ 231 $ 2,425 Charge-offs (384 ) - - - - - - (384 ) Recoveries 77 - - 78 - - - 155 Provision 280 - 109 324 (15 ) - 37 735 ALLL balance at September 30, 2015 $ 1,636 $ 66 $ 231 $ 725 $ - $ 4 $ 268 $ 2,930 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,636 66 231 725 - 4 268 2,930 September 30, 2014 One- to Multi- Commercial Construction Commercial Consumer Unallocated Total (In Thousands) ALLL balance at September 30, 2013 $ 1,384 $ 22 $ 70 $ 653 $ 4 $ 2 $ 218 $ 2,353 Charge-offs (215 ) - - - - - - (215 ) Recoveries 47 - - - - - - 47 Provision 447 45 52 (330 ) 11 2 13 240 ALLL balance at September 30, 2014 $ 1,663 $ 67 $ 122 $ 323 $ 15 $ 4 $ 231 $ 2,425 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,663 67 122 323 15 4 231 2,425 |
Schedule of troubled debt restructurings | As of and for the Year Ended September 30, 2015 Restructured Current Period (amount in thousands) Number of Pre- Modification Post-Modification Commerical real estate 1 $ 750 $ 750 Construction and land development 1 3,665 3,665 2 $ 4,415 $ 4,415 As of and for the Year Ended September 30, 2014 Restructured Current Period (amount in thousands) Number of Pre- Modification Post-Modification One-to four- family 1 $ 1,455 $ 1,455 Commerical real estate 1 877 877 2 $ 2,332 $ 2,332 |
OFFICE PROPERTIES AND EQUIPME30
OFFICE PROPERTIES AND EQUIPMENT (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of office properties and equipment | September 30, 2015 2014 (Dollars in Thousands) Land $ 198 $ 247 Buildings and improvements 2,454 2,565 Furniture and equipment 2,210 2,423 Automobiles 96 135 Total 4,958 5,370 Accumulated depreciation (3,466 ) (4,039 ) Total office properties and equipment, net of accumulated depreciation $ 1,492 $ 1,331 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Deposits [Abstract] | |
Schedule of major classifications of deposits | September 30, 2015 2014 Amount Percent Amount Percent (Dollars in Thousands) Non-interest-bearing checking accounts $ 2,293 0.6 % $ 2,327 0.6 % Interest-bearing checking accounts 35,649 9.8 38,119 9.8 Money market deposit accounts 60,736 16.6 64,665 16.5 Passbook, club and statement savings 70,355 19.3 73,275 18.8 Certificates maturing in six months or less 49,857 13.7 48,359 12.4 Certificates maturing in more than six months 146,184 40.0 164,280 41.9 Total $ 365,074 100.0 % $ 391,025 100.0 % |
Schedule of maturities of certificate accounts | September 30, 2015 (Dollars in Thousands) One year or less $ 82,812 One through two years 31,580 Two through three years 31,605 Three through four years 36,433 Four through five years 13,611 Total $ 196,041 |
Schedule of interest expense on deposits | Year Ended September 30, 2015 2014 (Dollars in Thousands) Checking and money market deposit accounts $ 337 $ 348 Passbook, club and statement savings accounts 194 262 Certificate accounts 2,899 2,791 Total $ 3,430 $ 3,401 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | Year Ended September 30, 2015 2014 2013 (Dollars in Thousands) Current: Federal expense (benefit) $ 461 $ 690 $ (1,072 ) Total current taxes 461 690 (1,072 ) Deferred income tax (benefit) expense (345 ) - 2,770 Total income tax provision $ 116 $ 690 $ 1,698 |
Schedule of deferred income taxes | September 30, 2015 2014 (Dollars in Thousands) Deferred tax assets: Allowance for loan losses $ 1,185 $ 1,123 Non-accrual interest 86 125 Accrued vacation 119 108 Capital loss carryforward 534 1,211 Post-retirement benefit plans 126 137 Split dollar life insurance 19 20 Unrealized losses on available for sale securities - 491 Employee benefit plans 530 382 Total deferred tax assets 2,599 3,597 Valuation allowance (534 ) (1,211 ) Total deferred tax assets, net of valuation allowance 2,065 2,386 Deferred tax liabilities: Property 365 422 Unrealized gains on available for sale securities 10 - Deferred loan fees 715 833 Total deferred tax liabilities 1,090 1,255 Net deferred tax asset $ 975 $ 1,131 |
Schedule of income tax expense computed at the statutory federal corporate tax rate | Year Ended September 30, 2015 2014 2013 Percentage Percentage Percentage of Pretax of Pretax of Pretax Amount Income Amount Income Amount Income (Loss) (Dollars in Thousands) Tax at statutory rate $ 798 34.0 % $ 840 34.0 % $ 1,174 34.0 % Adjustments resulting from: Valuation allowance (677 ) (28.8 ) (144 ) (5.8 ) 494 14.3 Income from bank owned life insurance (117 ) (5.0 ) (87 ) (3.5 ) (67 ) (1.9 ) Employee benefit plans 126 5.4 74 3.0 90 2.6 Other (14 ) (0.6 ) 7 0.2 7 0.2 Income tax expense $ 116 5.0 % $ 690 27.9 % $ 1,698 49.2 % |
REGULATORY CAPITAL REQUIREMEN33
REGULATORY CAPITAL REQUIREMENTS (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of company's and the Bank's actual capital amounts and ratios | To Be Well Capitalized Under Prompt Required for Capital Corrective Action Actual Adequacy Purposes Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) September 30, 2015: Tier 1 capital (to average assets) Company $ 116,903 23.73 % N/A N/A N/A N/A Bank 96,034 19.50 $ 19,699 4.0 $ 24,624 5.0 % Tier 1 Common (to risk-weighted assets) Company 116,921 50.63 N/A N/A N/A N/A Bank 96,052 41.66 10,376 4.0 14,987 6.5 Tier 1 capital (to risk-weighted assets) Company 116,903 50.63 N/A N/A N/A N/A Bank 96,034 41.65 13,834 4.0 18,446 8.0 Total capital (to risk-weighted assets) Company 120,016 51.98 N/A N/A N/A N/A Bank 99,147 43.00 18,446 8.0 23,057 10.0 September 30, 2014: Tier 1 capital (to average assets) Company $ 130,378 25.39 % $ 20,544 4.0 % N/A N/A Bank 92,090 17.95 20,519 4.0 $ 25,649 5.0 % Tier 1 capital (to risk-weighted assets) Company 130,378 57.21 9,115 4.0 N/A N/A Bank 92,090 40.52 9,091 4.0 13,636 6.0 Total capital (to risk-weighted assets) Company 132,803 58.28 18,231 8.0 N/A N/A Bank 94,515 41.59 18,182 8.0 22,727 10.0 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Schedule of multiemployer plans | Legal Name of Plan Pentegra Defined Benefit Plan for Financial Institutions Plan Employer Identification Number 13-5645888 The Company's Contribution for the year ended September 30, 2015 $744,000 Are Company's Contributions more than 5% of total contributions? No Funded Status 98.25% |
Schedule of summary of the non-vested stock award activity | Year Ended Number of Weighted Average Nonvested stock awards at beginning of year 38,055 $ 8.07 Issued 235,500 12.23 Forfeited (21,813 ) 11.85 Vested (10,314 ) 9.07 Nonvested stock awards at the end of the period 241,428 $ 11.74 Year Ended Number of Weighted Average Nonvested stock awards at beginning of year 79,477 $ 9.56 Issued - - Forfeited - - Vested (41,422 ) 10.93 Nonvested stock awards at the end of the period 38,055 $ 8.07 |
Schedule of summary of the status of the company' stock options under the stock option plan | Year Ended Number of Weighted Average Options outstanding at beginning of year 530,084 $ 11.57 Granted 608,737 12.23 Forfeited (64,391 ) 11.92 Outstanding at the end of the period 1,074,430 $ 11.92 Exercisable at the end of the period 440,976 $ 11.42 Year Ended Number of Weighted Average Options outstanding at beginning of year 516,739 $ 10.86 Granted 13,345 10.68 Forfeited - - Outstanding at the end of the period 530,084 $ 10.86 Exercisable at the end of the period 417,767 $ 11.57 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured at fair value on recurring basis | 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 $ - $ 18,712 $ - $ 18,712 Mortgage-backed securities - U.S. Government agencies - 58,712 - 58,712 FHLMC preferred stock 59 - - 59 Total $ 59 $ 77,424 $ - $ 77,483 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 September 30, 2015 (Dollars in Thousands) Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 16,770 $ 16,770 Real estate owned 869 869 Total $ - $ 869 $ 16,770 $ 17,639 At September 30, 2014 (Dollars in Thousands) Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 21,980 $ 21,980 Real estate owned 360 360 Total $ - $ 360 $ 21,980 $ 22,340 |
Schedule of nonrecurring fair value measurements categorized within level 3 of the fair value hierarchy | At September 30, 2015 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired loans $ 16,770 Property appraisals (1) Management discount for selling costs, property type and market volatility (2) 10% discount Real estate owned $ 869 Property appraisals (1) Management discount for selling costs, property type and market volatility (2) 10% discount At September 30, 2014 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired loans $ 21,980 Property appraisals (1) Management discount for selling costs, property type and market volatility (2) 10% discount Real estate owned $ 360 Property appraisals (1) 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. |
Schedule of the estimated fair value amounts | Fair Value Measurements at September 30, 2015 Carrying Fair Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Cash and cash equivalents $ 11,272 $ 11,272 $ 11,272 $ - $ - Investment and mortgage-backed securities available for sale 77,483 77,483 53 77,430 - Investment and mortgage-backed securities held to maturity 66,384 66,877 - 66,877 - Loans receivable, net 312,633 312,613 - - 312,613 Accrued interest receivable 1,665 1,665 1,665 - - Federal Home Loan Bank stock 369 369 369 - - Bank owned life insurance 12,722 12,722 12,722 - - Liabilities: Checking accounts 37,942 37,942 37,942 - - Money market deposit accounts 60,736 60,736 60,736 - - Passbook, club and statement savings accounts 70,355 70,355 70,355 - - Certificates of deposit 196,041 199,639 - - 199,639 Accrued interest payable 1,291 1,291 1,291 - - Advances from borrowers for taxes and insurance 1,670 1,670 1,670 - - Fair Value Measurements at September 30, 2014 Carrying Fair Amount Value (Level 1) (Level 2) (Level 3) (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 - - |
PRUDENTIAL BANCORP, INC. (PAR36
PRUDENTIAL BANCORP, INC. (PARENT COMPANY ONLY) (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of statement of financial condition | STATEMENT OF FINANCIAL CONDITION September 30, 2015 2014 (Dollars in Thousands) Assets: Cash $ 14,912 $ 31,729 ESOP loan receivable 5,618 5,943 Investment in Bank 96,132 91,137 Other assets 339 614 Total assets $ 117,001 $ 129,423 Stockholders' equity: Preferred stock - - Common stock 95 95 Additional paid-in-capital 95,453 94,397 Unearned ESOP shares (4,926 ) (5,302 ) Treasury stock (14,691 ) - Retained earnings 41,052 41,186 Accumulated other comprehensive (loss) income 18 (953 ) Total stockholders' equity 117,001 129,423 Total liabilities and stockholders' equity $ 117,001 $ 129,423 |
Schedule of income statement | INCOME STATEMENT For the year ended September 30, 2015 2014 2013 (Dollars in thousands) Interest on ESOP loan 263 257 188 Equity in the undistributed earnings of the Bank 2,549 2,085 1,997 Other income 9 - - Total income 2,821 2,342 2,185 Professional services 306 288 146 Other expense 447 431 409 Total expense 753 719 555 Income before income taxes 2,068 1,623 1,630 Income tax benefit (164 ) (157 ) (125 ) Net income 2,232 1,780 1,755 |
Schedule of cash flows | CASH FLOWS For the year ended September 30, 2015 2014 2013 (Dollars in thousands) Operating activities: Net income $ 2,232 $ 1,780 $ 1,755 Increase in assets 88 (198 ) (137 ) Equity in the undistributed earnings of the Bank (2,549 ) (2,085 ) (1,997 ) Net cash used in by operating activities (229 ) (503 ) (379 ) Investing activities: Repayments received on ESOP loan 325 302 188 Cash advanced to subsidiary - (34,800 ) - Net cash (used in) provided by investing activities 325 (34,498 ) 188 Financing Activities: Purchase of common stock for ESOP - (3,089 ) - Issuance of common stock - 38,702 - Cancellation of treasury stock - 31,625 - Purchase of treasury stock (14,691 ) - Cash dividends paid (2,222 ) (571 ) - Net cash provided by financing activities (16,913 ) 66,667 - Net decrease in cash and cash equivalents (16,817 ) 31,666 (191 ) Cash and cash equivalents, beginning of year 31,729 63 254 Cash and cash equivalents, end of year $ 14,912 $ 31,729 $ 63 |
CONSOLIDATED QUARTERLY FINANC37
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of unaudited quarterly financial information | September 30, 2015 September 30, 2014 1st 2nd 3rd 4th 1st 2nd 3rd 4th Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr (In thousands) (In thousands) Interest income $ 4,240 $ 4,304 $ 4,055 $ 4,081 $ 4,069 $ 4,085 $ 4,136 $ 4,175 Interest expense 901 871 851 807 905 852 826 818 Net interest income 3,339 3,433 3,204 3,274 3,164 3,233 3,310 3,357 (Recoveries) Provision for loan losses 75 300 210 150 0 0 0 240 Net interest income after provision for loan losses 3,264 3,133 2,994 3,124 3,164 3,233 3,310 3,117 Non-interest income 350 1,988 445 225 161 413 194 343 Non-interest expense 2,926 3,511 3,432 3,307 2,803 2,954 2,756 2,952 Income before income tax expense 688 1,610 7 42 522 692 748 508 Income tax expense 217 (91 ) (40 ) 30 184 157 227 122 Net income $ 471 $ 1,701 $ 47 $ 12 $ 338 $ 535 $ 521 $ 386 Per share: Earnings per share - basic $ 0.05 $ 0.20 $ 0.01 $ 0.01 $ 0.04 $ 0.06 $ 0.06 $ 0.04 Earnings per share - diluted $ 0.05 $ 0.18 $ 0.01 $ - $ 0.04 $ 0.06 $ 0.06 $ 0.03 Dividends per share $ 0.03 $ 0.03 $ 0.18 $ 0.03 $ - $ - $ 0.03 $ 0.03 |
NATURE OF OPERATIONS AND BASI38
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Detail Textuals) $ in Thousands | Oct. 09, 2013shares | Sep. 30, 2015USD ($)Branch | Sep. 30, 2013shares | Sep. 30, 2014USD ($) |
Nature Of Operations And Basis Of Presentation [Line Items] | ||||
Assets | $ | $ 487,189 | $ 525,483 | ||
Second Step Conversion | ||||
Nature Of Operations And Basis Of Presentation [Line Items] | ||||
Number of shares issued in connection with mutual-to-stock conversion | 9,544,809 | |||
Number of shares for which the common stock exchanged | 0.9442 | |||
PSB Delaware, Inc. | ||||
Nature Of Operations And Basis Of Presentation [Line Items] | ||||
Assets | $ | $ 116,600 | |||
Prudential Mutual Holding Company | ||||
Nature Of Operations And Basis Of Presentation [Line Items] | ||||
Number of branches | Branch | 7 | |||
Percentage owned of the company's outstanding common stock | 74.60% | |||
Number of shares owned by mutual holding company | 7,478,062 |
SUMMARY OF SIGNIFICANT ACCOUN39
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands | Jul. 15, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Significant Accounting Policies [Line Items] | ||||
Par value of stock bought from and sold to the federal home loan bank (in dollars per share) | $ 100 | |||
Cash dividend paid | $ 2,400 | $ 571,000 | ||
Shares repurchased and held as treasury stock | 850,000 | 1,095,184 | ||
Percentage of plan to repurchase share | 10.00% | |||
Number of shares authorized to repurchase | 950,000 | 1,095,184 | ||
Average cost per share of shares purchased (in dollars per share) | $ 13.18 | $ 13.41 | ||
Advertising expense | $ 165 | $ 186 | $ 335 | |
Buildings | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 10-39 years | |||
Furniture and equipment | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 1-7 years |
EARNINGS PER SHARE - Calculated
EARNINGS PER SHARE - Calculated basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings per share - basic | |||||||||||
Net income | $ 12 | $ 47 | $ 1,701 | $ 471 | $ 386 | $ 521 | $ 535 | $ 338 | $ 2,232 | $ 1,780 | $ 1,755 |
Weighted average shares outstanding - basic | 8,335,273 | 9,061,193 | 9,118,618 | ||||||||
Effect of CSEs - basic | |||||||||||
Adjusted weighted average shares used in earnings per share computation - basic | 8,335,273 | 9,061,193 | 9,118,618 | ||||||||
Earnings per share - basic (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.20 | $ 0.05 | $ 0.04 | $ 0.06 | $ 0.06 | $ 0.04 | $ 0.27 | $ 0.20 | $ 0.19 |
Earnings per share - diluted | |||||||||||
Net income | $ 12 | $ 47 | $ 1,701 | $ 471 | $ 386 | $ 521 | $ 535 | $ 338 | $ 2,232 | $ 1,780 | $ 1,755 |
Weighted average shares outstanding - diluted | 8,335,273 | 9,061,193 | 9,118,618 | ||||||||
Effect of CSEs - diluted | 114,817 | 216,885 | 104,422 | ||||||||
Adjusted weighted average shares used in earnings per share computation - diluted | 8,450,090 | 9,278,078 | 9,223,040 | ||||||||
Earnings per share - diluted (in dollars per share) | $ 0.01 | $ 0.18 | $ 0.05 | $ 0.03 | $ 0.06 | $ 0.06 | $ 0.04 | $ 0.26 | $ 0.19 | $ 0.19 |
EARNINGS PER SHARE (Detail Text
EARNINGS PER SHARE (Detail Textuals) - Stock Options - $ / shares | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 442,756 | 383,015 |
Exercise price for the stock options (in dollars per share) | $ 11.83 |
ACCUMULATED OTHER COMPREHENSI42
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in accumulated other comprehensive income (loss) by component net of tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (953) | |||
Total other comprehensive income (loss) | 971 | $ 339 | $ (2,575) | |
Ending Balance | 18 | (953) | ||
Unrealized gains on available for sale securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | [1] | (953) | (1,292) | 1,283 |
Other comprehensive (loss) income before reclassification | [1] | $ 971 | 606 | (2,024) |
Amount reclassified from accumulated other comprehensive loss | [1] | (267) | (551) | |
Total other comprehensive income (loss) | [1] | $ 971 | 339 | (2,575) |
Ending Balance | [1] | $ 18 | $ (953) | $ (1,292) |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
ACCUMULATED OTHER COMPREHENSI43
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Significant amounts reclassified out of each component of accumulated other comprehensive income (loss) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Unrealized gains on available for sale securities | ||||
Reclassification for net gains in net income | $ 416 | $ 868 | ||
Reclassification for net gains in net income - Tax effect | (138) | (296) | ||
Reclassification adjustment for other than temporary impairment losses | (16) | (32) | ||
Reclassification adjustment for other than temporary impairment losses - Tax effect | 5 | 11 | ||
Unrealized gains on available for sale securities | ||||
Unrealized gains on available for sale securities | ||||
Comprehensive income | [1] | 267 | 551 | |
Unrealized gains on available for sale securities | Amount Reclassified from Accumulated Other Comprehensive Income | ||||
Unrealized gains on available for sale securities | ||||
Reclassification for net gains in net income | [2] | 416 | 868 | |
Reclassification for net gains in net income - Tax effect | [2] | (138) | (296) | |
Reclassification adjustment for other than temporary impairment losses | [2] | (16) | (32) | |
Reclassification adjustment for other than temporary impairment losses - Tax effect | [2] | 5 | 11 | |
Comprehensive income | [2] | $ 267 | $ 551 | |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. | |||
[2] | Amounts in parentheses indicate debits to net income |
INVESTMENT AND MORTGAGE-BACKE44
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized cost and fair value of investment and mortgage-backed securities, with gross unrealized gains and losses (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Securities Available for Sale: | ||
Amortized Cost | $ 77,456 | $ 59,262 |
Gross Unrealized Gains | 528 | 252 |
Gross Unrealized Losses | 501 | 1,697 |
Fair Value | 77,483 | 57,817 |
Securities Held to Maturity: | ||
Amortized Cost | 66,384 | 80,840 |
Gross Unrealized Gains | 1,342 | 1,632 |
Gross Unrealized Losses | (849) | (3,380) |
Fair Value | 66,877 | 79,092 |
Debt securities available for sale | ||
Securities Available for Sale: | ||
Amortized Cost | 77,450 | 59,256 |
Gross Unrealized Gains | 475 | 188 |
Gross Unrealized Losses | 501 | 1,697 |
Fair Value | 77,424 | 57,747 |
U.S. government and agency obligations | ||
Securities Available for Sale: | ||
Amortized Cost | $ 18,988 | $ 18,987 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | $ 276 | $ 1,143 |
Fair Value | 18,712 | 17,844 |
Securities Held to Maturity: | ||
Amortized Cost | 54,929 | 66,919 |
Gross Unrealized Gains | 462 | 502 |
Gross Unrealized Losses | (849) | (3,270) |
Fair Value | 54,542 | 64,151 |
Mortgage-backed securities - US government agencies | ||
Securities Available for Sale: | ||
Amortized Cost | 58,462 | 40,269 |
Gross Unrealized Gains | 475 | 188 |
Gross Unrealized Losses | 225 | 554 |
Fair Value | 58,712 | 39,903 |
Securities Held to Maturity: | ||
Amortized Cost | 11,455 | 13,921 |
Gross Unrealized Gains | $ 880 | 1,130 |
Gross Unrealized Losses | (110) | |
Fair Value | $ 12,335 | 14,941 |
FHLMC preferred stock | ||
Securities Available for Sale: | ||
Amortized Cost | 6 | 6 |
Gross Unrealized Gains | $ 53 | $ 64 |
Gross Unrealized Losses | ||
Fair Value | $ 59 | $ 70 |
INVESTMENT AND MORTGAGE-BACKE45
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Gross unrealized losses and related fair values of investment securities, aggregated by investment category and length of time (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | $ (223) | $ (184) |
Less than 12 months - Fair value | 27,083 | 16,437 |
More than 12 months - Gross Unrealized Losses | (278) | (1,513) |
More than 12 months - Fair value | 23,008 | 31,146 |
Gross Unrealized Losses - Total | (501) | (1,697) |
Fair Value - Total | $ 50,091 | 47,583 |
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | (3,893) | |
Less than 12 months - Fair value | 45,379 | |
More than 12 months - Gross Unrealized Losses | $ (849) | (1,037) |
More than 12 months - Fair value | 42,603 | 9,956 |
Gross Unrealized Losses -Total | (849) | (4,930) |
Fair Value - Total | 42,603 | 55,335 |
Less than 12 months - Gross Unrealized Losses | (223) | (4,077) |
Less than 12 months - Fair Value | 27,083 | 61,816 |
More than 12 months - Gross Unrealized Losses | (1,127) | (2,550) |
More than 12 months - Fair Value | 65,611 | 41,102 |
Gross Unrealized Losses - Total | (1,350) | (6,627) |
Fair Value - Total | 92,694 | $ 102,918 |
U.S. government and agency obligations | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (85) | |
Less than 12 months - Fair value | 4,910 | |
More than 12 months - Gross Unrealized Losses | (191) | $ (1,143) |
More than 12 months - Fair value | 13,802 | 17,843 |
Gross Unrealized Losses - Total | (276) | (1,143) |
Fair Value - Total | $ 18,712 | 17,843 |
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | (3,817) | |
Less than 12 months - Fair value | 40,126 | |
More than 12 months - Gross Unrealized Losses | $ (849) | (1,037) |
More than 12 months - Fair value | 42,603 | 9,956 |
Gross Unrealized Losses -Total | (849) | (4,854) |
Fair Value - Total | 42,603 | 50,082 |
Mortgage-backed securities - US government agencies | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (138) | (184) |
Less than 12 months - Fair value | 22,173 | 16,437 |
More than 12 months - Gross Unrealized Losses | (87) | (370) |
More than 12 months - Fair value | 9,206 | 13,303 |
Gross Unrealized Losses - Total | (225) | (554) |
Fair Value - Total | $ 31,379 | 29,740 |
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | (76) | |
Less than 12 months - Fair value | $ 5,253 | |
More than 12 months - Gross Unrealized Losses | ||
More than 12 months - Fair value | ||
Gross Unrealized Losses -Total | $ (76) | |
Fair Value - Total | $ 5,253 |
INVESTMENT AND MORTGAGE-BACKE46
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Rollforward of amounts recognized in earnings related to credit losses on securities (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Credit component of OTTI | $ 1,599 | $ 2,103 |
Additions for credit-related OTTI charges on previously unimpaired securities | ||
Reductions for securities liquidated | $ (1,615) | $ (542) |
Additional losses as a result of impairment charges recognized on investments for which an OTTI was previously recognized | $ 16 | 38 |
Credit component of OTTI | $ 1,599 |
INVESTMENT AND MORTGAGE-BACKE47
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized cost and fair value of debt securities, by contractual maturity (Details 3) $ in Thousands | Sep. 30, 2015USD ($) |
Held to Maturity, Amortized Cost | |
Due within one year | $ 5,000 |
Due after one through five years | 1,999 |
Due after five through ten years | 5,985 |
Due after ten years | 41,945 |
Total | 54,929 |
Held to Maturity, Fair Value | |
Due within one year | 4,962 |
Due after one through five years | 2,263 |
Due after five through ten years | 5,940 |
Due after ten years | 41,377 |
Total | $ 54,542 |
Available for Sale, Amortized Cost | |
Due within one year | |
Due after one through five years | |
Due after five through ten years | |
Due after ten years | $ 18,988 |
Total | $ 18,988 |
Available for Sale, Fair Value | |
Due within one year | |
Due after one through five years | |
Due after five through ten years | |
Due after ten years | $ 18,712 |
Total | $ 18,712 |
INVESTMENT AND MORTGAGE-BACKE48
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Detail Textuals) | 12 Months Ended | ||
Sep. 30, 2014USD ($) | Sep. 30, 2013USD ($) | Sep. 30, 2015USD ($)Security | |
Marketable Securities [Line Items] | |||
Realized gross gains | $ 416,000 | $ 868,000 | |
Proceeds from sale of investment and mortgage-backed securities | $ 3,237,000 | $ 16,158,000 | |
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 | Security | 2 | ||
Securities continuous unrealized loss position less than 12 months aggregate losses | $ 85,000 | ||
Percentage of reduction in amortized cost of debt securities in the category of loss position less than 12 months held by company | 1.70% | ||
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | Security | 22 | ||
Securities continuous unrealized loss position more than 12 months aggregate losses | $ 1,000,000 | ||
Percentage of reduction in amortized cost of debt securities in the category of loss position more than 12 months held by company | 1.80% | ||
Mortgage-backed securities - U.S. Government agencies | |||
Marketable Securities [Line Items] | |||
Number of investment securities in debt obligations in the category of loss position less than 12 months held by company | Security | 13 | ||
Securities continuous unrealized loss position less than 12 months aggregate losses | $ 138,000 | ||
Percentage of reduction in amortized cost of debt securities in the category of loss position less than 12 months held by company | 0.60% | ||
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | Security | 6 | ||
Securities continuous unrealized loss position more than 12 months aggregate losses | $ 87,000 | ||
Percentage of reduction in amortized cost of debt securities in the category of loss position more than 12 months held by company | 0.90% |
LOANS RECEIVABLE - Summary of L
LOANS RECEIVABLE - Summary of Loans receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for loan losses | $ (2,930) | $ (2,425) | |
Net loans | 312,633 | 321,063 | |
Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
One-to-four family residential | 259,163 | 282,637 | |
Multi-family residential | 6,249 | 7,174 | |
Commercial real estate | 25,799 | 16,113 | |
Construction and land development | $ 38,953 | 22,397 | |
Commercial business | 1,976 | ||
Consumer | $ 392 | 399 | |
Total loans | 330,556 | 330,696 | |
Undisbursed portion of loans-in-process | (17,097) | (9,657) | |
Deferred loan costs | 2,104 | 2,449 | |
Allowance for loan losses | (2,930) | (2,425) | $ (2,353) |
Net loans | $ 312,633 | $ 321,063 |
LOANS RECEIVABLE - Summary of50
LOANS RECEIVABLE - Summary of loans individually evaluated for impairment by loan segment (Details 1) - Loans Receivable - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | $ 16,770 | $ 21,980 |
Collectively evaluated for impairment | 313,786 | 308,716 |
Total loans | 330,556 | 330,696 |
One-to-four family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 4,206 | 10,436 |
Collectively evaluated for impairment | 254,957 | 272,201 |
Total loans | $ 259,163 | 282,637 |
Multi-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 368 | |
Collectively evaluated for impairment | $ 6,249 | 6,806 |
Total loans | 6,249 | 7,174 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 3,768 | 3,777 |
Collectively evaluated for impairment | 22,031 | 12,336 |
Total loans | 25,799 | 16,113 |
Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 8,796 | 7,399 |
Collectively evaluated for impairment | 30,157 | 14,998 |
Total loans | $ 38,953 | $ 22,397 |
Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | ||
Collectively evaluated for impairment | $ 1,976 | |
Total loans | $ 1,976 | |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | ||
Collectively evaluated for impairment | $ 392 | $ 399 |
Total loans | $ 392 | $ 399 |
LOANS RECEIVABLE - Impaired loa
LOANS RECEIVABLE - Impaired loans by class, segregated by those for which specific allowance was required and those for which specific allowance was not necessary (Details 2) - Loans Receivable - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
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 | $ 16,770 | $ 21,980 |
Total Impaired Loans - Recorded Investment | 16,770 | 21,980 |
Total impaired loans - Unpaid Principal Balance | $ 17,114 | $ 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 | $ 4,206 | $ 10,436 |
Total Impaired Loans - Recorded Investment | 4,206 | 10,436 |
Total impaired loans - Unpaid Principal Balance | $ 4,550 | $ 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 | $ 368 | |
Total Impaired Loans - Recorded Investment | 368 | |
Total impaired loans - Unpaid Principal Balance | $ 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 | $ 3,768 | $ 3,777 |
Total Impaired Loans - Recorded Investment | 3,768 | 3,777 |
Total impaired loans - Unpaid Principal Balance | $ 3,768 | $ 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 | $ 8,796 | $ 7,399 |
Total Impaired Loans - Recorded Investment | 8,796 | 7,399 |
Total impaired loans - Unpaid Principal Balance | $ 8,796 | $ 7,399 |
LOANS RECEIVABLE - Average reco
LOANS RECEIVABLE - Average recorded investment in impaired loans and related interest income recognized (Details 3) - Loans Receivable - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment | $ 21,276 | $ 17,345 | $ 20,536 |
Income Recognized on Accrual Basis | 1,097 | 648 | 772 |
Income Recognized on Cash Basis | 412 | 72 | 115 |
One-to-four family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment | 8,734 | 10,802 | 13,308 |
Income Recognized on Accrual Basis | 431 | 305 | 400 |
Income Recognized on Cash Basis | 147 | 53 | 82 |
Multi-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment | 289 | 376 | 647 |
Income Recognized on Accrual Basis | $ 19 | $ 26 | $ 46 |
Income Recognized on Cash Basis | |||
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment | $ 3,840 | $ 2,585 | $ 5,063 |
Income Recognized on Accrual Basis | 210 | 70 | 218 |
Income Recognized on Cash Basis | 71 | 19 | 33 |
Construction and land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Average Recorded Investment | 8,413 | 3,582 | 1,518 |
Income Recognized on Accrual Basis | 437 | $ 247 | $ 108 |
Income Recognized on Cash Basis | $ 194 |
LOANS RECEIVABLE - Summary of c
LOANS RECEIVABLE - Summary of classes of loan portfolio in which formal risk weighting system is used (Details 4) - Loans Receivable - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 330,556 | $ 330,696 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 259,163 | 282,637 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 392 | 399 |
Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,249 | 7,174 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 25,799 | 16,113 |
Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 38,953 | 22,397 |
Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,976 | |
Risk Rating System | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 75,207 | 59,724 |
Risk Rating System | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,206 | 11,945 |
Risk Rating System | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 119 | |
Risk Rating System | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,249 | 7,174 |
Risk Rating System | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 25,799 | 16,113 |
Risk Rating System | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 38,953 | 22,397 |
Risk Rating System | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,976 | |
Risk Rating System | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 59,408 | $ 35,127 |
Risk Rating System | Pass | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,348 | |
Risk Rating System | Pass | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Pass | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,898 | $ 6,806 |
Risk Rating System | Pass | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 22,005 | 11,347 |
Risk Rating System | Pass | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 30,157 | 14,998 |
Risk Rating System | Pass | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,976 | |
Risk Rating System | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,423 | 2,617 |
Risk Rating System | Special Mention | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,107 | 1,509 |
Risk Rating System | Special Mention | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 119 | |
Risk Rating System | Special Mention | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 351 | |
Risk Rating System | Special Mention | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 965 | $ 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 | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 12,376 | $ 21,980 |
Risk Rating System | Substandard | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 751 | $ 10,436 |
Risk Rating System | Substandard | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Substandard | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 368 | |
Risk Rating System | Substandard | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 2,829 | 3,777 |
Risk Rating System | Substandard | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 8,796 | $ 7,399 |
Risk Rating System | Substandard | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Doubtful | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Doubtful | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Doubtful | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Doubtful | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Doubtful | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans |
LOANS RECEIVABLE - Loans in whi
LOANS RECEIVABLE - Loans in which formal risk rating system is not utilized, but loans are segregated between performing and non-performing based primarily on delinquency status (Details 5) - Loans Receivable - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 330,556 | $ 330,696 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 259,163 | 282,637 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 392 | 399 |
Non Risk Rating System | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 255,349 | 271,091 |
Non Risk Rating System | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 254,957 | 270,692 |
Non Risk Rating System | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 392 | 399 |
Non Risk Rating System | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 255,349 | 271,091 |
Non Risk Rating System | Performing | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 254,957 | 270,692 |
Non Risk Rating System | Performing | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 392 | $ 399 |
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 categor
LOANS RECEIVABLE - Loan categories of loan portfolio summarized by aging categories of performing loans and nonaccrual loans (Details 6) - Loans Receivable - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 326,377 | $ 326,775 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | $ 1,966 | $ 475 |
Total Loans | 330,556 | 330,696 |
Non- Accrual | 13,932 | 5,879 |
30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,966 | 475 |
90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 2,213 | 3,446 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 255,669 | $ 278,716 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | $ 1,462 | $ 475 |
Total Loans | 259,163 | 282,637 |
Non- Accrual | 3,547 | 5,002 |
One-to-four family residential | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,462 | 475 |
One-to-four family residential | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 2,032 | 3,446 |
Multi-family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 6,249 | $ 7,174 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | ||
Total Loans | $ 6,249 | $ 7,174 |
Non- Accrual | ||
Multi-family residential | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | ||
Multi-family residential | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | ||
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 25,114 | $ 16,113 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | $ 504 | |
Total Loans | 25,799 | $ 16,113 |
Non- Accrual | 1,589 | $ 877 |
Commercial real estate | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 504 | |
Commercial real estate | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 181 | |
Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 38,953 | $ 22,397 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | ||
Total Loans | $ 38,953 | $ 22,397 |
Non- Accrual | $ 8,796 | |
Construction and land development | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | ||
Construction and land development | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | ||
Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 1,976 | |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | ||
Total Loans | $ 1,976 | |
Non- Accrual | ||
Commercial business | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | ||
Commercial business | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | ||
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 392 | $ 399 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | ||
Total Loans | $ 392 | $ 399 |
Non- Accrual | ||
Consumer | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | ||
Consumer | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans |
LOANS RECEIVABLE - Activity in
LOANS RECEIVABLE - Activity in allowance (Details 7) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
ALLL balance | $ 2,425 | $ 2,425 | |||||||||
Provision | $ 150 | $ 210 | $ 300 | 75 | $ 240 | $ 0 | $ 0 | $ 0 | 735 | $ 240 | $ (500) |
ALLL balance | 2,930 | 2,425 | 2,930 | 2,425 | |||||||
Loans Receivable | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
ALLL balance | 2,425 | 2,353 | 2,425 | 2,353 | |||||||
Charge-offs | (384) | (215) | |||||||||
Recoveries | 155 | 47 | |||||||||
Provision | 735 | 240 | |||||||||
ALLL balance | $ 2,930 | $ 2,425 | $ 2,930 | $ 2,425 | 2,353 | ||||||
Individually evaluated for impairment | |||||||||||
Collectively evaluated for impairment | $ 2,930 | $ 2,425 | $ 2,930 | $ 2,425 | |||||||
Loans Receivable | One- to four-family residential | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
ALLL balance | 1,663 | 1,384 | 1,663 | 1,384 | |||||||
Charge-offs | (384) | (215) | |||||||||
Recoveries | 77 | 47 | |||||||||
Provision | 280 | 447 | |||||||||
ALLL balance | $ 1,636 | $ 1,663 | $ 1,636 | $ 1,663 | 1,384 | ||||||
Individually evaluated for impairment | |||||||||||
Collectively evaluated for impairment | $ 1,636 | $ 1,663 | $ 1,636 | $ 1,663 | |||||||
Loans Receivable | Multi-family residential | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
ALLL balance | 67 | 22 | $ 67 | $ 22 | |||||||
Charge-offs | |||||||||||
Recoveries | |||||||||||
Provision | $ 45 | ||||||||||
ALLL balance | $ 66 | $ 67 | $ 66 | $ 67 | 22 | ||||||
Individually evaluated for impairment | |||||||||||
Collectively evaluated for impairment | $ 66 | $ 67 | $ 66 | $ 67 | |||||||
Loans Receivable | Commercial real estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
ALLL balance | 122 | 70 | $ 122 | $ 70 | |||||||
Charge-offs | |||||||||||
Recoveries | |||||||||||
Provision | $ 109 | $ 52 | |||||||||
ALLL balance | $ 231 | $ 122 | $ 231 | $ 122 | 70 | ||||||
Individually evaluated for impairment | |||||||||||
Collectively evaluated for impairment | $ 231 | $ 122 | $ 231 | $ 122 | |||||||
Loans Receivable | Construction and land development | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
ALLL balance | 323 | 653 | $ 323 | $ 653 | |||||||
Charge-offs | |||||||||||
Recoveries | $ 78 | ||||||||||
Provision | 324 | $ (330) | |||||||||
ALLL balance | $ 725 | $ 323 | $ 725 | $ 323 | 653 | ||||||
Individually evaluated for impairment | |||||||||||
Collectively evaluated for impairment | $ 725 | $ 323 | $ 725 | $ 323 | |||||||
Loans Receivable | Commercial business | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
ALLL balance | 15 | 4 | $ 15 | $ 4 | |||||||
Charge-offs | |||||||||||
Recoveries | |||||||||||
Provision | $ (15) | $ 11 | |||||||||
ALLL balance | $ 15 | $ 15 | 4 | ||||||||
Individually evaluated for impairment | |||||||||||
Collectively evaluated for impairment | $ 15 | $ 15 | |||||||||
Loans Receivable | Consumer | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
ALLL balance | 4 | 2 | $ 4 | $ 2 | |||||||
Charge-offs | |||||||||||
Recoveries | |||||||||||
Provision | $ 2 | ||||||||||
ALLL balance | $ 4 | $ 4 | $ 4 | $ 4 | 2 | ||||||
Individually evaluated for impairment | |||||||||||
Collectively evaluated for impairment | $ 4 | $ 4 | $ 4 | $ 4 | |||||||
Loans Receivable | Unallocated | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
ALLL balance | $ 231 | $ 218 | $ 231 | $ 218 | |||||||
Charge-offs | |||||||||||
Recoveries | |||||||||||
Provision | $ 37 | $ 13 | |||||||||
ALLL balance | $ 268 | $ 231 | $ 268 | $ 231 | $ 218 | ||||||
Individually evaluated for impairment | |||||||||||
Collectively evaluated for impairment | $ 268 | $ 231 | $ 268 | $ 231 |
LOANS RECEIVABLE - Troubled deb
LOANS RECEIVABLE - Troubled debt restructurings (Details 8) - Loans Receivable $ in Thousands | 12 Months Ended | |
Sep. 30, 2015USD ($)Contract | Sep. 30, 2014USD ($)Contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | Contract | 2 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 4,415 | $ 2,332 |
Post-Modification Outstanding Recorded Investment | $ 4,415 | $ 2,332 |
One- to four-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | Contract | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 1,455 | |
Post-Modification Outstanding Recorded Investment | $ 1,455 | |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | Contract | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 750 | $ 877 |
Post-Modification Outstanding Recorded Investment | $ 750 | $ 877 |
Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | Contract | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 3,665 | |
Post-Modification Outstanding Recorded Investment | $ 3,665 |
LOANS RECEIVABLE (Detail Textua
LOANS RECEIVABLE (Detail Textuals) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015USD ($)Contract | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2015USD ($)Contract | Sep. 30, 2014USD ($) | Sep. 30, 2013USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Provision for loan losses | $ 150,000 | $ 210,000 | $ 300,000 | $ 75,000 | $ 240,000 | $ 0 | $ 0 | $ 0 | $ 735,000 | $ 240,000 | $ (500,000) |
One-to-four family residential | Nonperforming | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Financing receivable | 2,100,000 | 2,100,000 | |||||||||
Single family residential investment properties | Nonperforming | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Financing receivable | $ 1,400,000 | $ 1,400,000 | |||||||||
Commercial real estate | Nonperforming | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of real estate properties | Contract | 1 | 1 | |||||||||
Financing receivable | $ 1,600,000 | $ 1,600,000 | |||||||||
One to four family residential real estate owned properties | Nonperforming | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Financing receivable | 869,000 | 869,000 | |||||||||
Loans Receivable | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Provision for loan losses | 735,000 | 240,000 | |||||||||
Loans Receivable | Nonperforming | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Provision for loan losses | 10,300,000 | ||||||||||
Non performing assets | 14,800,000 | $ 6,200,000 | $ 14,800,000 | $ 6,200,000 | |||||||
Percentage of nonperforming assets | 3.04% | 1.20% | |||||||||
Financing receivable | 13,900,000 | $ 13,900,000 | |||||||||
Loans Receivable | One-to-four family residential | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Provision for loan losses | 280,000 | $ 447,000 | |||||||||
Loans Receivable | Commercial real estate | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Provision for loan losses | 109,000 | 52,000 | |||||||||
Loans Receivable | Construction and land development | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Provision for loan losses | 324,000 | $ (330,000) | |||||||||
Loans Receivable | Construction and land development | Nonperforming | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Financing receivable | $ 8,800,000 | $ 8,800,000 |
LOANS RECEIVABLE (Detail Text59
LOANS RECEIVABLE (Detail Textuals 1) - Loans Receivable $ in Millions | Sep. 30, 2015USD ($)Contract | Sep. 30, 2014USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans receivables classified as troubled debt restructuring | Contract | 10 | |
Troubled debt restructuring | $ 8.1 | |
Loans receivable | $ 12.4 | $ 22 |
Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans receivables classified as troubled debt restructuring | Contract | 3 | |
Troubled debt restructuring | $ 2.3 | |
Nonperforming Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructuring | $ 13.9 |
OFFICE PROPERTIES AND EQUIPME60
OFFICE PROPERTIES AND EQUIPMENT (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 4,958 | $ 5,370 |
Accumulated depreciation | (3,466) | (4,039) |
Total office properties and equipment, net of accumulated depreciation | 1,492 | 1,331 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 198 | 247 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 2,454 | 2,565 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 2,210 | 2,423 |
Automobiles | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 96 | $ 135 |
OFFICE PROPERTIES AND EQUIPME61
OFFICE PROPERTIES AND EQUIPMENT (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 304 | $ 320 | $ 337 |
DEPOSITS - Major classification
DEPOSITS - Major classifications of deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Amount | ||
Non-interest bearing checking accounts | $ 2,293 | $ 2,327 |
Interest-bearing checking accounts | 35,649 | 38,119 |
Money market deposit accounts | 60,736 | 64,665 |
Passbook, club and statement savings | 70,355 | 73,275 |
Certificates maturing in six months or less | 49,857 | 48,359 |
Certificates maturing in more than six months | 146,184 | 164,280 |
Total deposits | $ 365,074 | $ 391,025 |
Percent | ||
Non-interest bearing checking accounts | 0.60% | 0.60% |
Interest-bearing checking accounts | 9.80% | 9.80% |
Money market deposit accounts | 16.60% | 16.50% |
Passbook, club and statement savings | 19.30% | 18.80% |
Certificates maturing in six months or less | 13.70% | 12.40% |
Certificates maturing in more than six months | 40.00% | 41.90% |
Total | 100.00% | 100.00% |
DEPOSITS - Summary of maturitie
DEPOSITS - Summary of maturities of certificate accounts (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Deposits [Abstract] | ||
One year or less | $ 82,812 | |
One through two years | 31,580 | |
Two through three years | 31,605 | |
Three through four years | 36,433 | |
Four through five years | 13,611 | |
Total | $ 196,041 | $ 212,639 |
DEPOSITS - Interest expense on
DEPOSITS - Interest expense on deposits (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Deposits [Abstract] | |||
Checking and money market deposit accounts | $ 337 | $ 348 | |
Passbook, club and statement savings accounts | 194 | 262 | |
Certificate accounts | 2,899 | 2,791 | |
Total | $ 3,430 | $ 3,401 | $ 4,344 |
DEPOSITS (Detail Textuals)
DEPOSITS (Detail Textuals) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Deposits [Abstract] | ||
Certificates of deposit of $250,000 or more | $ 32.7 | $ 31.4 |
ADVANCES FROM FEDERAL HOME LO66
ADVANCES FROM FEDERAL HOME LOAN BANK (Details) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Advances from Federal Home Loan Bank | $ 340,000 | |
Federal Home Loan Bank of Pittsburgh | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Advances from Federal Home Loan Bank | $ 340,000 | |
Additional FHLB advances | $ 189,800,000 |
INCOME TAXES - Provision for in
INCOME TAXES - Provision for income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Current: | |||||||||||
Federal expense (benefit) | $ 461 | $ 690 | $ (1,072) | ||||||||
Total current taxes | 461 | 690 | (1,072) | ||||||||
Deferred income tax (benefit) expense | (345) | 2,770 | |||||||||
Total income tax provision | $ 30 | $ (40) | $ (91) | $ 217 | $ 122 | $ 227 | $ 157 | $ 184 | $ 116 | $ 690 | $ 1,698 |
INCOME TAXES - Items that gave
INCOME TAXES - Items that gave rise to significant portions of deferred income taxes (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Deferred tax assets: | ||
Allowance for loan losses | $ 1,185 | $ 1,123 |
Non-accrual interest | 86 | 125 |
Accrued vacation | 119 | 108 |
Capital loss carryforward | 534 | 1,211 |
Post-retirement benefit plans | 126 | 137 |
Split dollar life insurance | 19 | 20 |
Unrealized losses on available for sale securities | 491 | |
Employee benefit plans | 530 | 382 |
Total deferred tax assets | 2,599 | 3,597 |
Valuation allowance | (534) | (1,211) |
Total deferred tax assets, net of valuation allowance | 2,065 | 2,386 |
Deferred tax liabilities: | ||
Property | 365 | 422 |
Unrealized gains on available for sale securities | 10 | |
Deferred loan fees | 715 | 833 |
Total deferred tax liabilities | 1,090 | 1,255 |
Net deferred tax asset | $ 975 | $ 1,131 |
INCOME TAXES - Income tax expen
INCOME TAXES - Income tax expense differs from that computed at the statutory federal corporate tax rate (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Tax at statutory rate, amount | $ 798 | $ 840 | $ 1,174 | ||||||||
Adjustments resulting from: | |||||||||||
Valuation allowance, amount | (677) | (144) | 494 | ||||||||
Income from bank owned life insurance, amount | (117) | (87) | (67) | ||||||||
Employee benefit plans, amount | 126 | 74 | 90 | ||||||||
Other, amount | (14) | 7 | 7 | ||||||||
Income tax expense | $ 30 | $ (40) | $ (91) | $ 217 | $ 122 | $ 227 | $ 157 | $ 184 | $ 116 | $ 690 | $ 1,698 |
Tax at statutory rate, percentage of pretax income (Loss) | 34.00% | 34.00% | 34.00% | ||||||||
Adjustments resulting from: | |||||||||||
Valuation allowance, percentage of pretax income (Loss) | (28.80%) | (5.80%) | 14.30% | ||||||||
Income from bank owned life insurance, percentage of pretax income (Loss) | (5.00%) | (3.50%) | (1.90%) | ||||||||
Employee benefit plans, percentage of pretax income (Loss) | 5.40% | 3.00% | 2.60% | ||||||||
Other, percentage of pretax income (Loss) | (0.60%) | 0.20% | 0.20% | ||||||||
Income tax expense, percentage of pretax income (Loss) | 5.00% | 27.90% | 49.20% |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 534 | $ 1,211 |
Decrease in gross deferred asset related to impairment losses | $ 677 |
REGULATORY CAPITAL REQUIREMEN71
REGULATORY CAPITAL REQUIREMENTS (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Prudential Bancorp, Inc of Pennsylvania | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual Amount, Tier 1 capital (to average assets) | $ 116,903 | $ 130,378 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Tier 1 capital (to average assets) | $ 20,544 | |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Tier 1 capital (to average assets) | ||
Actual Ratio, Tier 1 capital (to average assets) | 23.73% | 25.39% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Tier 1 capital (to average assets) | 4.00% | |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Tier 1 capital (to average assets) | ||
Actual Amount, Tier 1 Common (to risk-weighted assets) | $ 116,921 | |
Actual Amount, Required for Capital Adequacy Purposes, Tier 1 Common (to risk-weighted assets) | ||
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions, Tier 1 Common (to risk-weighted assets) | ||
Actual Ratio, Tier 1 Common (to risk-weighted assets) | 50.63% | |
Actual Ratio, Required for Capital Adequacy Purposes, Tier 1 Common (to risk-weighted assets) | ||
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions, Tier 1 Common (to risk-weighted assets) | ||
Actual Amount, Tier 1 capital (to risk-weighted assets) | $ 116,903 | $ 130,378 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Tier 1 capital (to risk-weighted assets) | $ 9,115 | |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Tier 1 capital (to risk-weighted assets) | ||
Actual Ratio, Tier 1 capital (to risk-weighted assets) | 50.63% | 57.21% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Tier 1 capital (to risk-weighted assets) | 4.00% | |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Tier 1 capital (to risk-weighted assets) | ||
Actual Amount, Total capital (to risk-weighted assets) | $ 120,016 | $ 132,803 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Total capital (to risk-weighted assets) | $ 18,231 | |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Total capital (to risk-weighted assets) | ||
Actual Ratio, Total capital (to risk-weighted assets) | 51.98% | 58.28% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Total capital (to risk-weighted assets) | 8.00% | |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Total capital (to risk-weighted assets) | ||
Prudential Savings Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual Amount, Tier 1 capital (to average assets) | $ 96,034 | $ 92,090 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Tier 1 capital (to average assets) | 19,699 | 20,519 |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Tier 1 capital (to average assets) | $ 24,624 | $ 25,649 |
Actual Ratio, Tier 1 capital (to average assets) | 19.50% | 17.95% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Tier 1 capital (to average assets) | 4.00% | 4.00% |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Tier 1 capital (to average assets) | 5.00% | 5.00% |
Actual Amount, Tier 1 Common (to risk-weighted assets) | $ 96,052 | |
Actual Amount, Required for Capital Adequacy Purposes, Tier 1 Common (to risk-weighted assets) | 10,376 | |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions, Tier 1 Common (to risk-weighted assets) | $ 14,987 | |
Actual Ratio, Tier 1 Common (to risk-weighted assets) | 41.66% | |
Actual Ratio, Required for Capital Adequacy Purposes, Tier 1 Common (to risk-weighted assets) | 4.00% | |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions, Tier 1 Common (to risk-weighted assets) | 6.50% | |
Actual Amount, Tier 1 capital (to risk-weighted assets) | $ 96,034 | $ 92,090 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Tier 1 capital (to risk-weighted assets) | 13,834 | 9,091 |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Tier 1 capital (to risk-weighted assets) | $ 18,446 | $ 13,636 |
Actual Ratio, Tier 1 capital (to risk-weighted assets) | 41.65% | 40.52% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Tier 1 capital (to risk-weighted assets) | 4.00% | 4.00% |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Tier 1 capital (to risk-weighted assets) | 8.00% | 6.00% |
Actual Amount, Total capital (to risk-weighted assets) | $ 99,147 | $ 94,515 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Total capital (to risk-weighted assets) | 18,446 | 18,182 |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Total capital (to risk-weighted assets) | $ 23,057 | $ 22,727 |
Actual Ratio, Total capital (to risk-weighted assets) | 43.00% | 41.59% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Total capital (to risk-weighted assets) | 8.00% | 8.00% |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Total capital (to risk-weighted assets) | 10.00% | 10.00% |
EMPLOYEE BENEFITS - Additional
EMPLOYEE BENEFITS - Additional information regarding the plan (Details) - Multi-employer defined benefit pension plan - Pentegra Defined Benefit Plan for Financial Institutions $ in Thousands | 12 Months Ended |
Sep. 30, 2015USD ($) | |
Multiemployer Plans [Line Items] | |
The Company's Contribution for the year ended September 30, 2015 | $ 744,000 |
Are Company's Contributions more than 5% of total contributions? | No |
Funded Status | 98.25% |
EMPLOYEE BENEFITS - Summary of
EMPLOYEE BENEFITS - Summary of non-vested stock award activity (Details 1) - Recognition and Retention Plan (RRP) - $ / shares | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Number of Shares | ||
Vested | (185,788) | |
Nonvested Stock Awards | ||
Number of Shares | ||
Nonvested stock awards at beginning of year | 38,055 | 79,477 |
Issued | 235,500 | |
Forfeited | (21,813) | |
Vested | (10,314) | (41,422) |
Nonvested stock awards at the end of the period | 241,428 | 38,055 |
Weighted Average Grant Date Fair Value | ||
Nonvested stock awards at beginning of year | $ 8.07 | $ 9.56 |
Issued | 12.23 | |
Forfeited | 11.85 | |
Vested | 9.07 | $ 10.93 |
Nonvested stock awards at the end of the period | $ 11.74 | $ 8.07 |
EMPLOYEE BENEFITS - Summary o74
EMPLOYEE BENEFITS - Summary of status of stock options under Stock Option Plan (Details 2) - Stock Options Plan - Stock Options - $ / shares | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Number of Shares | ||
Options outstanding at beginning of year | 530,084 | 516,739 |
Granted | 608,737 | 13,345 |
Forfeited | (64,391) | |
Outstanding at the end of the period | 1,074,430 | 530,084 |
Exercisable at the end of the period | 440,976 | 417,767 |
Weighted Average Exercise Price | ||
Options outstanding at beginning of year | $ 11.57 | $ 10.86 |
Granted | 12.23 | $ 10.68 |
Forfeited | 11.92 | |
Outstanding at the end of the period | 11.92 | $ 11.57 |
Exercisable at the end of the period | $ 11.42 | $ 11.57 |
EMPLOYEE BENEFITS (Detail Textu
EMPLOYEE BENEFITS (Detail Textuals) - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Multi-employer defined benefit pension plan | |||
Multiemployer Plans [Line Items] | |||
Expense relating to plan | $ 623,000 | $ 663,000 | $ 407,000 |
EMPLOYEE BENEFITS (Detail Tex76
EMPLOYEE BENEFITS (Detail Textuals 1) - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
ESOP shares committed to be released, shares | 32,064 | 32,064 | 16,018 |
Compensation expense of ESOP | $ 467,000 | $ 389,000 | $ 184,000 |
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) | 712,721 | 712,721 | |
Aggregate cost of common stock purchased under employee stock ownership plan (ESOP) | $ 7,600,000 | $ 7,600,000 | |
Number of shares allocated from suspense account to participants | 213,601 | ||
ESOP shares committed to be released, shares | 35,517 | ||
Compensation expense of ESOP | $ 660,000 | $ 467,000 | $ 389,000 |
EMPLOYEE BENEFITS (Detail Tex77
EMPLOYEE BENEFITS (Detail Textuals 2) - USD ($) | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
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 | ||
Percentage of vesting per year | 20.00% | ||
Vesting period of awards granted | 5 years | ||
Number of fully vested shares | 185,788 | ||
Recognized compensation expense | $ 385,000 | $ 183,000 | |
Tax benefit (expense) from stock-based compensation | 131,000 | $ 53,000 | |
Unrecognized compensation expense for shares awarded | $ 2,400,000 | ||
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 | ||
Number of forfeited shares | 20,000 |
EMPLOYEE BENEFITS (Detail Tex78
EMPLOYEE BENEFITS (Detail Textuals 3) - Stock Options - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Feb. 28, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2010 | Sep. 30, 2009 | |
Stock Options 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 | |||||
Number of vested options | 421,835 | |||||
Weighted average remaining contractual term for options outstanding | 7 years | |||||
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 and fair value | $ 12.23 | |||||
Expected term | 7 years | |||||
Volatility rate | 38.16% | |||||
Expected interest rate | 1.62% | |||||
Expected yield | 0.98% | |||||
Recognized compensation expense | $ 387,000 | $ 155,000 | ||||
Tax benefit from stock-based compensation | 44,000 | $ 17,000 | ||||
Unrecognized compensation expense for options | $ 2,400,000 | |||||
Weighted average period for expense recognize | 4 years 3 months 18 days | |||||
Number of options awarded | 608,737 | 13,345 | ||||
2014 Stock Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of common stock available for issuance | 714,145 | |||||
Number of options awarded | 608,737 | 605,000 |
COMMITMENTS AND CONTINGENT LI79
COMMITMENTS AND CONTINGENT LIABILITIES (Detail Textuals) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Credit risk associated with loans and participation interests | $ 60,000 | |
Loan Origination Commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | $ 2,500,000 | $ 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 | 4.25% | 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 | 5.25% | 6.00% |
Unused lines of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | $ 6,100,000 | $ 3,800,000 |
Letters of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | 2,600,000 | 187,000 |
Loans Receivable | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Aggregate undisbursed portion of loans-in-process | $ 17,097,000 | $ 9,657,000 |
FAIR VALUE MEASUREMENT - Assets
FAIR VALUE MEASUREMENT - Assets measured at fair value on recurring basis (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment and mortgage-backed securities available for sale | $ 77,483 | $ 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 | 18,712 | 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 | 58,712 | 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 | 59 | 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 | 77,483 | 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 | 59 | 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 | $ 77,424 | $ 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 | $ 18,712 | $ 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 | $ 18,712 | $ 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 | $ 58,712 | $ 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 | $ 58,712 | $ 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 | $ 59 | $ 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 | $ 59 | $ 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 - Change
FAIR VALUE MEASUREMENT - Changes in level 3 assets measured at fair value (Details 1) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 16,770 | $ 21,980 |
Real estate owned | 869 | 360 |
Total | $ 17,639 | $ 22,340 |
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 | ||
Real estate owned | $ 869 | $ 360 |
Total | 869 | 360 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 16,770 | 21,980 |
Total | $ 16,770 | $ 21,980 |
FAIR VALUE MEASUREMENT - Valuat
FAIR VALUE MEASUREMENT - Valuation processes used to determine nonrecurring fair value measurements categorized within level 3 (Details 2) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 17,639 | $ 22,340 | |
Level 3 | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | 16,770 | 21,980 | |
Level 3 | Impaired loan | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 16,770 | $ 21,980 | |
Level 3 | Impaired loan | Property Appraisals Valuation Technique | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Valuation Technique | [1] | Property appraisals | Property appraisals |
Unobservable Input | [2] | Management discount for selling costs, property type and market volatility | Management discount for selling costs, property type and market volatility |
Management discount rate | 10.00% | 10.00% | |
Level 3 | Real estate owned | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 869 | $ 360 | |
Level 3 | Real estate owned | Property Appraisals Valuation Technique | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Valuation Technique | [1] | Property appraisals | Property appraisals |
Unobservable Input | [2] | Management discount for selling costs, property type and market volatility | Management discount for selling costs, property type and market volatility |
Management discount rate | 10.00% | 10.00% | |
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally includes various Level 3 inputs, which are not identifiable. | ||
[2] | 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 - Asse83
FAIR VALUE MEASUREMENT - Assets measured at fair value on a non-recurring basis and the adjustments to the carrying value (Details 3) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Assets: | ||||
Cash and cash equivalents | $ 11,272 | $ 45,382 | $ 158,984 | $ 81,273 |
Investment and mortgage-backed securities available for sale | 77,483 | 57,817 | ||
Investment and mortgage-backed securities held to maturity | 66,384 | 80,840 | ||
Loans receivable, net | 312,633 | 321,063 | ||
Accrued interest receivable | 1,665 | 1,748 | ||
Federal Home Loan Bank stock | 369 | 1,221 | ||
Bank owned life insurance | 12,722 | 12,377 | ||
Liabilities: | ||||
Checking accounts | 37,942 | 40,446 | ||
Money market deposit accounts | 60,736 | 64,665 | ||
Passbook, club and statement savings accounts | 70,355 | 73,275 | ||
Certificates of deposit | 196,041 | 212,639 | ||
Advances from Federal Home Loan Bank | 340 | |||
Accrued interest payable | 1,291 | 1,486 | ||
Advances from borrowers for taxes and insurance | 1,670 | 1,240 | ||
Fair Value | ||||
Assets: | ||||
Cash and cash equivalents | 11,272 | 45,382 | ||
Investment and mortgage-backed securities available for sale | 77,483 | 57,817 | ||
Investment and mortgage-backed securities held to maturity | 66,877 | 79,092 | ||
Loans receivable, net | 312,613 | 321,247 | ||
Accrued interest receivable | 1,665 | 1,748 | ||
Federal Home Loan Bank stock | 369 | 1,221 | ||
Bank owned life insurance | 12,722 | 12,377 | ||
Liabilities: | ||||
Checking accounts | 37,942 | 40,446 | ||
Money market deposit accounts | 60,736 | 64,665 | ||
Passbook, club and statement savings accounts | 70,355 | 73,275 | ||
Certificates of deposit | 199,639 | 217,273 | ||
Advances from Federal Home Loan Bank | 340 | |||
Accrued interest payable | 1,291 | 1,486 | ||
Advances from borrowers for taxes and insurance | 1,670 | 1,240 | ||
Level 1 | ||||
Assets: | ||||
Cash and cash equivalents | 11,272 | 45,382 | ||
Investment and mortgage-backed securities available for sale | $ 53 | $ 70 | ||
Investment and mortgage-backed securities held to maturity | ||||
Loans receivable, net | ||||
Accrued interest receivable | $ 1,665 | $ 1,748 | ||
Federal Home Loan Bank stock | 369 | 1,221 | ||
Bank owned life insurance | 12,722 | 12,377 | ||
Liabilities: | ||||
Checking accounts | 37,942 | 40,446 | ||
Money market deposit accounts | 60,736 | 64,665 | ||
Passbook, club and statement savings accounts | $ 70,355 | $ 73,275 | ||
Certificates of deposit | ||||
Advances from Federal Home Loan Bank | $ 340 | |||
Accrued interest payable | $ 1,291 | 1,486 | ||
Advances from borrowers for taxes and insurance | $ 1,670 | $ 1,240 | ||
Level 2 | ||||
Assets: | ||||
Cash and cash equivalents | ||||
Investment and mortgage-backed securities available for sale | $ 77,430 | $ 57,747 | ||
Investment and mortgage-backed securities held to maturity | $ 66,877 | $ 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 | $ 312,613 | $ 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 | $ 199,639 | |||
Advances from Federal Home Loan Bank | ||||
Accrued interest payable | ||||
Advances from borrowers for taxes and insurance |
PRUDENTIAL BANCORP, INC. OF PEN
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA (PARENT COMPANY ONLY) - Summary of statement of financial condition (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Assets: | ||||
Cash and cash equivalents | $ 11,272 | $ 45,382 | $ 158,984 | $ 81,273 |
Total assets | $ 487,189 | $ 525,483 | ||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | $ 95 | $ 95 | ||
Additional paid-in-capital | 95,286 | 94,397 | ||
Unearned ESOP shares | (4,926) | (5,302) | ||
Treasury stock | (14,691) | |||
Retained earnings | 41,219 | 41,188 | ||
Accumulated other comprehensive (loss) income | 18 | (953) | ||
Total stockholders' equity | 117,001 | 129,425 | 59,912 | 59,831 |
Total liabilities and stockholders' equity | 487,189 | 525,483 | ||
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA | ||||
Assets: | ||||
Cash and cash equivalents | 14,912 | 31,729 | $ 63 | $ 254 |
ESOP loan receivable | 5,618 | 5,943 | ||
Investment in Bank | 96,132 | 91,137 | ||
Other assets | 339 | 614 | ||
Total assets | $ 117,001 | $ 129,423 | ||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | $ 95 | $ 95 | ||
Additional paid-in-capital | 95,453 | 94,397 | ||
Unearned ESOP shares | (4,926) | (5,302) | ||
Treasury stock | (14,691) | |||
Retained earnings | 41,052 | 41,186 | ||
Accumulated other comprehensive (loss) income | 18 | (953) | ||
Total stockholders' equity | 117,001 | 129,423 | ||
Total liabilities and stockholders' equity | $ 117,001 | $ 129,423 |
PRUDENTIAL BANCORP, INC. OF P85
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA (PARENT COMPANY ONLY) - Summary of income statement (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest on ESOP loan | $ 12,760 | $ 12,737 | $ 12,609 | ||||||||
Total income | $ 4,081 | $ 4,055 | $ 4,304 | $ 4,240 | $ 4,175 | $ 4,136 | $ 4,085 | $ 4,069 | 16,680 | 16,465 | 16,773 |
Professional services | 1,378 | 1,190 | 927 | ||||||||
Other expense | 1,528 | 1,385 | 1,285 | ||||||||
Total expense | 3,307 | 3,432 | 3,511 | 2,926 | 2,952 | 2,756 | 2,954 | 2,803 | 13,175 | 11,465 | 11,250 |
Income before income taxes | 42 | 7 | 1,610 | 688 | 508 | 748 | 692 | 522 | 2,348 | 2,470 | 3,453 |
Income tax benefit | 30 | (40) | (91) | 217 | 122 | 227 | 157 | 184 | 116 | 690 | 1,698 |
Net income | $ 12 | $ 47 | $ 1,701 | $ 471 | $ 386 | $ 521 | $ 535 | $ 338 | 2,232 | 1,780 | 1,755 |
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest on ESOP loan | 263 | 257 | 188 | ||||||||
Equity in the undistributed earnings of the Bank | 2,549 | 2,085 | 1,997 | ||||||||
Other income | 9 | ||||||||||
Total income | 2,821 | 2,342 | 2,185 | ||||||||
Professional services | 306 | 288 | 146 | ||||||||
Other expense | 447 | 431 | 409 | ||||||||
Total expense | 753 | 719 | 555 | ||||||||
Income before income taxes | 2,068 | 1,623 | 1,630 | ||||||||
Income tax benefit | (164) | (157) | (125) | ||||||||
Net income | $ 2,232 | $ 1,780 | $ 1,755 |
PRUDENTIAL BANCORP, INC. OF P86
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA (PARENT COMPANY ONLY) - Summary of cash flows (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Operating activities: | |||||||||||
Net income | $ 12 | $ 47 | $ 1,701 | $ 471 | $ 386 | $ 521 | $ 535 | $ 338 | $ 2,232 | $ 1,780 | $ 1,755 |
Net cash used in by operating activities | 2,511 | 3,676 | 2,519 | ||||||||
Investing activities: | |||||||||||
Net cash (used in) provided by investing activities | 5,931 | (32,061) | (42,157) | ||||||||
Financing Activities: | |||||||||||
Purchase of common stock for ESOP | (3,089) | ||||||||||
Issuance of common stock | 38,702 | ||||||||||
Cancellation of treasury stock | 31,625 | ||||||||||
Purchase treasury stock | (14,691) | ||||||||||
Cash dividends paid | (2,201) | (571) | |||||||||
Net cash provided by financing activities | (42,552) | (85,217) | 117,349 | ||||||||
Net decrease in cash and cash equivalents | (34,110) | (113,602) | 77,711 | ||||||||
CASH AND CASH EQUIVALENTS- Beginning of year | 45,382 | 158,984 | 45,382 | 158,984 | 81,273 | ||||||
CASH AND CASH EQUIVALENTS-End of year | 11,272 | 45,382 | 11,272 | 45,382 | 158,984 | ||||||
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA | |||||||||||
Operating activities: | |||||||||||
Net income | 2,232 | 1,780 | 1,755 | ||||||||
Increase in other assets | 88 | (198) | (137) | ||||||||
Equity in the undistributed earnings of the Bank | (2,549) | (2,085) | (1,997) | ||||||||
Net cash used in by operating activities | (229) | (503) | (379) | ||||||||
Investing activities: | |||||||||||
Repayments received on ESOP loan | 325 | 302 | $ 188 | ||||||||
Cash advanced to subsidiary | (34,800) | ||||||||||
Net cash (used in) provided by investing activities | 325 | (34,498) | $ 188 | ||||||||
Financing Activities: | |||||||||||
Purchase of common stock for ESOP | (3,089) | ||||||||||
Issuance of common stock | 38,702 | ||||||||||
Cancellation of treasury stock | $ 31,625 | ||||||||||
Purchase treasury stock | (14,691) | ||||||||||
Cash dividends paid | (2,222) | $ (571) | |||||||||
Net cash provided by financing activities | (16,913) | 66,667 | |||||||||
Net decrease in cash and cash equivalents | (16,817) | 31,666 | $ (191) | ||||||||
CASH AND CASH EQUIVALENTS- Beginning of year | $ 31,729 | $ 63 | 31,729 | 63 | 254 | ||||||
CASH AND CASH EQUIVALENTS-End of year | $ 14,912 | $ 31,729 | $ 14,912 | $ 31,729 | $ 63 |
CONSOLIDATED QUARTERLY FINANC87
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 4,081 | $ 4,055 | $ 4,304 | $ 4,240 | $ 4,175 | $ 4,136 | $ 4,085 | $ 4,069 | $ 16,680 | $ 16,465 | $ 16,773 |
Interest expense | 807 | 851 | 871 | 901 | 818 | 826 | 852 | 905 | 3,430 | 3,401 | 4,344 |
Net interest income | 3,274 | 3,204 | 3,433 | 3,339 | 3,357 | 3,310 | 3,233 | 3,164 | 13,250 | 13,064 | 12,429 |
(Recoveries) Provision for loan losses | 150 | 210 | 300 | 75 | 240 | 0 | 0 | 0 | 735 | 240 | (500) |
Net interest income after provision for loan losses | 3,124 | 2,994 | 3,133 | 3,264 | 3,117 | 3,310 | 3,233 | 3,164 | 12,515 | 12,824 | 12,929 |
Non-interest income | 225 | 445 | 1,988 | 350 | 343 | 194 | 413 | 161 | 3,008 | 1,111 | 1,774 |
Non-interest expense | 3,307 | 3,432 | 3,511 | 2,926 | 2,952 | 2,756 | 2,954 | 2,803 | 13,175 | 11,465 | 11,250 |
Income before income tax expense | 42 | 7 | 1,610 | 688 | 508 | 748 | 692 | 522 | 2,348 | 2,470 | 3,453 |
Income tax expense | 30 | (40) | (91) | 217 | 122 | 227 | 157 | 184 | 116 | 690 | 1,698 |
Net income | $ 12 | $ 47 | $ 1,701 | $ 471 | $ 386 | $ 521 | $ 535 | $ 338 | $ 2,232 | $ 1,780 | $ 1,755 |
Per share: | |||||||||||
Earnings per share - basic (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.20 | $ 0.05 | $ 0.04 | $ 0.06 | $ 0.06 | $ 0.04 | $ 0.27 | $ 0.20 | $ 0.19 |
Earnings per share - diluted (in dollars per share) | 0.01 | 0.18 | 0.05 | 0.03 | 0.06 | $ 0.06 | $ 0.04 | 0.26 | 0.19 | 0.19 | |
Dividends per share (in dollars per share) | $ 0.03 | $ 0.18 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.27 | $ 0.06 | $ 0 |