Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PRUDENTIAL BANCORP, INC. | |
Entity Central Index Key | 1,578,776 | |
Trading Symbol | pbip | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock Shares Outstanding | 8,060,799 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 |
ASSETS | ||
Cash and amounts due from depository institutions | $ 2,030 | $ 2,150 |
Interest-bearing deposits | 5,300 | 9,122 |
Total cash and cash equivalents | 7,330 | 11,272 |
Investment and mortgage-backed securities available for sale (amortized cost March 31, 2016, $142,048; September 30, 2015, $77,456) | 143,235 | 77,483 |
Investment and mortgage-backed securities held to maturity (fair value March 31, 2016, $45,591; September 30, 2015, $66,877) | 44,488 | 66,384 |
Loans receivable - net of allowance for loan losses (March 31, 2016, $3,038; September 30, 2015, $2,930) | 322,182 | 312,633 |
Accrued interest receivable | 1,774 | 1,665 |
Real estate owned | 869 | |
Federal Home Loan Bank stock - at cost | 1,851 | 369 |
Office properties and equipment - net | 1,495 | 1,492 |
Bank owned life insurance | 12,890 | 12,722 |
Prepaid expenses and other assets | 1,848 | 1,325 |
Deferred tax assets-net | 451 | 975 |
TOTAL ASSETS | 537,544 | 487,189 |
Deposits: | ||
Noninterest-bearing | 2,775 | 2,293 |
Interest-bearing | 381,295 | 362,781 |
Total deposits | 384,070 | 365,074 |
Advances from Federal Home Loan Bank | 37,059 | |
Accrued interest payable | 543 | 1,291 |
Advances from borrowers for taxes and insurance | 1,777 | 1,670 |
Accounts payable and accrued expenses | 1,770 | 2,153 |
Total liabilities | $ 425,219 | $ 370,188 |
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 8,060,799 outstanding at March 31, 2016 and 9,544,809 issued and 8,449,625 outstanding at September 30, 2015 | $ 95 | $ 95 |
Additional paid-in capital | 95,213 | 95,286 |
Unearned Employee Stock Ownership Plan shares | (4,738) | (4,926) |
Treasury stock, at cost: 1,484,010 shares at March 31, 2016 and 1,095,184 at September 30, 2015 | (20,756) | (14,691) |
Retained earnings | 41,728 | 41,219 |
Accumulated other comprehensive income | 783 | 18 |
Total stockholders' equity | 112,325 | 117,001 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 537,544 | $ 487,189 |
UNAUDITED CONSOLIDATED STATEME3
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 |
Statement Of Financial Position [Abstract] | ||
Investment and mortgage-backed securities available for sale, amortized cost (in dollars) | $ 142,048 | $ 77,456 |
Investment and mortgage-backed securities held to maturity, fair value (in dollars) | 45,591 | 66,877 |
Allowance for loan losses on loans receivable (in dollars) | $ 3,038 | $ 2,930 |
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 | 8,060,799 | 8,449,625 |
Treasury stock, shares | 1,484,010 | 1,095,184 |
UNAUDITED CONSOLIDATED STATEME4
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
INTEREST INCOME: | ||||
Interest on loans | $ 3,166 | $ 3,287 | $ 6,226 | $ 6,544 |
Interest on mortgage-backed securities | 683 | 450 | 1,195 | 866 |
Interest and dividends on investments | 509 | 552 | 988 | 1,100 |
Interest on interest-bearing assets | 8 | 15 | 13 | 34 |
Total interest income | 4,366 | 4,304 | 8,422 | 8,544 |
INTEREST EXPENSE: | ||||
Interest on deposits | 743 | 871 | 1,495 | 1,772 |
Interest on advances from Federal Home Loan Bank | 106 | 154 | ||
Total interest expense | 849 | 871 | 1,649 | 1,772 |
NET INTEREST INCOME | 3,517 | 3,433 | 6,773 | 6,772 |
PROVISION FOR LOAN LOSSES | 75 | 300 | 75 | 375 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 3,442 | 3,133 | 6,698 | 6,397 |
NON-INTEREST INCOME: | ||||
Fees and other service charges | 110 | 95 | 229 | 196 |
Gain on sale of loans, net | 1 | 2 | 138 | |
Gain on the sale of office properties | 1,793 | 1,793 | ||
Income from bank owned life insurance | 84 | 87 | 168 | 177 |
Other | 14 | 13 | 84 | 34 |
Total non-interest income | 209 | 1,988 | 483 | 2,338 |
NON-INTEREST EXPENSE: | ||||
Salaries and employee benefits | 1,670 | 2,091 | 3,387 | 3,840 |
Data processing | 112 | 106 | 228 | 212 |
Professional services | 241 | 344 | 520 | 620 |
Office occupancy | 259 | 267 | 507 | 490 |
Director compensation | 102 | 82 | 228 | 168 |
Deposit insurance | 90 | 68 | 172 | 136 |
Real estate owned expense | 4 | 2 | 29 | |
Advertising | 21 | 73 | 38 | 103 |
Other | 301 | 476 | 610 | 839 |
Total non-interest expense | 2,796 | 3,511 | 5,692 | 6,437 |
INCOME BEFORE INCOME TAXES | 855 | 1,610 | 1,489 | 2,298 |
INCOME TAXES: | ||||
Current expense | 80 | 113 | 397 | 325 |
Deferred expense (benefit) | 227 | (204) | 131 | (199) |
Total income tax expense | 307 | (91) | 528 | 126 |
NET INCOME | $ 548 | $ 1,701 | $ 961 | $ 2,172 |
BASIC EARNINGS PER SHARE (in dollars per share) | $ 0.08 | $ 0.20 | $ 0.13 | $ 0.25 |
DILUTED EARNINGS PER SHARE (in dollars per share) | 0.07 | 0.18 | 0.12 | 0.22 |
DIVIDENDS PER SHARE (in dollars per share) | $ 0.03 | $ 0.03 | $ 0.06 | $ 0.06 |
UNAUDITED CONSOLIDATED STATEME5
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Statement Of Other Comprehensive Income [Abstract] | ||||
Net income | $ 548 | $ 1,701 | $ 961 | $ 2,172 |
Unrealized holding gains on available-for-sale securities | 2,344 | 861 | 1,160 | 1,597 |
Tax effect | (797) | (293) | (395) | (543) |
Total other comprehensive income | 1,547 | 568 | 765 | 1,054 |
Comprehensive Income | $ 2,095 | $ 2,269 | $ 1,726 | $ 3,226 |
UNAUDITED CONSOLIDATED STATEME6
UNAUDITED 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 (Loss) Income | Total |
BALANCE at Sep. 30, 2014 | $ 95 | $ 94,397 | $ (5,302) | $ 41,188 | $ (953) | $ 129,425 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,172 | 2,172 | |||||
Other comprehensive income and loss | 1,054 | 1,054 | |||||
Dividends paid ($0.06 per share) | (519) | (519) | |||||
Excess tax benefit from stock compensation plans | 48 | 48 | |||||
Purchase of treasury stock (309,614 and 430,626 share for March 31, 2015 and March 31, 2016 respectively) | $ (3,790) | (3,790) | |||||
Stock option expense | 99 | 99 | |||||
Recognition and Retention Plan expense | 69 | 69 | |||||
ESOP shares committed to be released (17,756 and (17,758) per share for March 31, 2015 and March 31, 2016 respectively) | 50 | 188 | 238 | ||||
BALANCE at Mar. 31, 2015 | 95 | 94,663 | (5,114) | (3,790) | 42,841 | 101 | 128,796 |
BALANCE at Sep. 30, 2015 | 95 | 95,286 | (4,926) | (14,691) | 41,219 | 18 | 117,001 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 961 | 961 | |||||
Other comprehensive income and loss | 765 | 765 | |||||
Dividends paid ($0.06 per share) | (452) | (452) | |||||
Excess tax benefit from stock compensation plans | 111 | 111 | |||||
Purchase of treasury stock (309,614 and 430,626 share for March 31, 2015 and March 31, 2016 respectively) | (6,705) | (6,705) | |||||
Treasury stock used for Recognition and Retention Plan (41,800 shares issued) | (640) | 640 | |||||
Stock option expense | 219 | 219 | |||||
Recognition and Retention Plan expense | 160 | 160 | |||||
ESOP shares committed to be released (17,756 and (17,758) per share for March 31, 2015 and March 31, 2016 respectively) | 77 | 188 | 265 | ||||
BALANCE at Mar. 31, 2016 | $ 95 | $ 95,213 | $ (4,738) | $ (20,756) | $ 41,728 | $ 783 | $ 112,325 |
UNAUDITED CONSOLIDATED STATEME7
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares | 6 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividends paid (in dollars per share) | $ 0.06 | $ 0.06 |
Purchase of treasury stock, shares | 430,626 | 309,614 |
Treasury stock used for Recognition and Retention Plan, shares | 41,800 | |
ESOP shares committed to be released | 17,758 | 17,756 |
UNAUDITED CONSOLIDATED STATEME8
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
OPERATING ACTIVITIES: | ||
Net income | $ 961 | $ 2,172 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 158 | 155 |
Net amortization (accretion) of premiums/discounts | 66 | (129) |
Provision for loan losses | 75 | 375 |
Net amortization of deferred loan fees and costs | 106 | 129 |
Share-based compensation expense for stock options and awards | 379 | 168 |
Income from bank owned life insurance | (168) | (177) |
Gain from sale of loans | (2) | (138) |
Gain on sale of office properties | (1,793) | |
Gain on sale of other real estate owned | (58) | |
Originations of loans held for sale | (450) | (2,400) |
Proceeds from sale of loans held for sale | 452 | 2,538 |
Compensation expense of ESOP | 265 | 238 |
Deferred income tax expense (benefit) | 131 | (199) |
Changes in assets and liabilities which used cash: | ||
Accrued interest receivable | (109) | (31) |
Prepaid expenses and other assets | (497) | 712 |
Accrued interest payable | (748) | (979) |
Accounts payable and accrued expenses | (383) | (229) |
Net cash provided by operating activities | 178 | 412 |
INVESTING ACTIVITIES: | ||
Purchase of investment and mortgage-backed securities available for sale | (46,828) | |
Purchase of corporate bonds available for sale | (19,421) | (13,751) |
Loans originated or acquired | (29,146) | (45,444) |
Principal collected on loans | 19,416 | 38,148 |
Principal payments received on investment and mortgage-backed securities: | ||
Held-to-maturity | 21,913 | 7,265 |
Available-for-sale | 1,546 | 2,195 |
Proceeds from redemption of FHLB stock | 871 | |
Purchase of FHLB stock | (1,482) | |
Proceeds from sale of real estate owned | 927 | 360 |
Proceeds from sale of office properties | 1,849 | |
Purchases of equipment | (161) | (229) |
Net cash used in investing activities | (53,236) | (8,736) |
FINANCING ACTIVITIES: | ||
Net decrease in demand deposits, NOW accounts, and savings accounts | (2,788) | (2,457) |
Net increase (decrease) in certificates of deposit | 21,784 | (3,093) |
Proceeds from FHLB advances | 38,000 | |
Decrease in advances from borrowers for taxes and insurance | 107 | 385 |
Repayment of FHLB advances | (941) | (210) |
Cash dividends paid | (452) | (519) |
Purchase of treasury stock, net | (6,705) | (3,790) |
Excess tax benefit related to stock compensation plans | 111 | 48 |
Net cash provided by (used in) financing activities | 49,116 | (9,636) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (3,942) | (17,960) |
CASH AND CASH EQUIVALENTS - Beginning of period | 11,272 | 45,382 |
CASH AND CASH EQUIVALENTS - End of period | 7,330 | 27,422 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest paid on deposits and advances from Federal Home Loan Bank | 2,397 | 2,751 |
Income taxes paid | $ 350 | $ 475 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 1. SIGNIFICANT ACCOUNTING POLICIES Prudential Bancorp, Inc. (the “Company”) is a Pennsylvania corporation and the parent holding company for Prudential Saving Bank (the “Bank”). lt is a registered bank holding company. The Bank is a community-oriented Pennsylvania-chartered savings bank headquartered in South Philadelphia. The banking office network currently consists of the headquarters and main office and five full-service branch offices. Five of the banking offices are located in Philadelphia (Philadelphia County), and one is in Drexel Hill, Delaware County, Pennsylvania. The Bank maintains ATMs at all six of the banking offices. The Bank also provides on-line and mobile banking services. The Bank is subject to regulation by the Pennsylvania Department of Banking and Securities (the “Department”), as its chartering authority and primary regulator, and by the Federal Deposit Insurance Corporation (the “FDIC”), which insures the Bank’s deposits up to applicable limits. As a bank holding company, Prudential is subject to the regulation of the Board of Governors of the Federal Reserve System. Basis of presentation – Use of Estimates in the Financial Statements — Share-Based Compensation Dividends with respect to non-vested share awards granted pursuant to the Company’s 2008 Recognition and Retention Plan (“Plan”) and held in the Trust (the “Trust”) are held for the benefit of the recipients and are paid out proportionately by the Trust to the recipients of stock awards granted pursuant to the Plan as soon as practicable after the stock awards are earned. A recipient of a share award granted under the 2014 Stock Incentive Plan is not entitled to receive any dividends declared on the common stock subject to the award until earned. Treasury Stock – FHLB Stock – Recent Accounting Pronouncements In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) 2014-01, Investments – Equity Method and Joint Ventures (Topic 323) In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): In May 2014, the FASB issued ASU 2014-09 , Revenue from Contracts with Customers (a new revenue recognition standard). In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718): 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). In November 2014, the FASB issued ASU 2014-17, Business Combinations (Topic 805): Pushdown Accounting. In January 2015, the FASB issued ASU 2015-01 , Income Statement –Extraordinary and Unusual Items, In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) In April 2015, the FASB issued ASU 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40), 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. 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). In May 2015, the FASB issued ASU 2015-08, Business Combinations - Pushdown Accounting - Amendment to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115. In May 2015, the FASB issued ASU 2015-09, Financial Services – Insurance (Topic 944): Disclosure About Short-Duration Contracts Financial Services – Insurance In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Improvements. In August 2015, the FASB issued ASU 2015-14, Revenue from Contract with Customers (Topic 606). In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805). In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-04, Liabilities – In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815) . In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815) In March 2016, the FASB issued ASU 2016-07, Investments – In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606). Revenue from Contracts with Customers (Topic 606), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718) Share-Based Payment In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606). Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 2. EARNINGS PER SHARE Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding, net of any treasury shares, during the period. Diluted earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding, net of any treasury shares, after consideration of the potential dilutive effect of common stock equivalents, based upon the treasury stock method using an average market price for the period. The calculated basic and diluted earnings per share are as follows: Three Months Ended March 31, 2016 2015 Basic Diluted Basic Diluted (Dollars in Thousands Except Per Share Data) Net income $ 548 $ 548 $ 1,701 $ 1,701 Weighted average shares outstanding 7,380,880 7,380,880 8,571,846 8,571,846 Effect of common stock equivalents - 270,973 - 1,103,728 Adjusted weighted average shares used in earnings per share computation 7,380,880 7,651,853 8,571,846 9,675,574 Earnings per share - basic and diluted $ 0.08 $ 0.07 $ 0.20 $ 0.18 Six Months Ended March 31, 2016 2015 Basic Diluted Basic Diluted (Dollars in Thousands Except Per Share Data) Net income $ 961 $ 961 $ 2,172 $ 2,172 Weighted average shares outstanding 7,498,933 7,498,933 8,712,938 8,712,938 Effect of common stock equivalents - 246,791 - 1,163,172 Adjusted weighted average shares used in earnings per share computation 7,498,933 7,745,724 8,712,938 9,876,110 Earnings per share - basic and diluted $ 0.13 $ 0.12 $ 0.25 $ 0.22 All exercisable stock options outstanding as of March 31, 2016 and 2015 had exercise prices below the then current per share market price for the Company’s common stock and were considered dilutive for the earnings per share calculation. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the changes in accumulated other comprehensive (loss) income by component, net of tax: Three Months Ended March 31, 2016 2015 (Dollars in Thousands) Unrealized gains (losses) Unrealized gains (losses) on available for sale on available for sale securities (a) securities (a) Beginning Balance $ (764 ) $ (467 ) Other comprehensive income gain before reclassification 1,547 568 Total other comprehensive income 1,547 568 Ending Balance $ 783 $ 101 (a) All amounts are net of tax. Amounts in parentheses indicate debits. Six Months Ended March 31, 2016 2015 (Dollars in Thousands) Unrealized gains (losses) Unrealized gains (losses) on available for sale on available for sale securities (a) securities (a) Beginning Balance $ 18 $ (953 ) Other comprehensive income gain before reclassification 765 1,054 Total other comprehensive income 765 1,054 Ending Balance $ 783 $ 101 (a) All amounts are net of tax. Amounts in parentheses indicate debits. |
INVESTMENT AND MORTGAGE-BACKED
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 6 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 4. INVESTMENT AND MORTGAGE-BACKED SECURITIES The amortized cost and fair value of investment and mortgage-backed securities, with gross unrealized gains and losses, are as follows: March 31, 2016 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 $ 11 $ (25 ) $ 18,974 Mortgage-backed securities - U.S. government agencies 103,653 1,060 (132 ) 104,581 Corporate bonds 19,401 243 - 19,644 Total debt securities available for sale 142,042 1,314 (157 ) 143,199 FHLMC preferred stock 6 30 - 36 Total securities available for sale $ 142,048 $ 1,344 $ (157 ) $ 143,235 Securities Held to Maturity: U.S. government and agency obligations $ 34,102 $ 423 $ (135 ) $ 34,390 Mortgage-backed securities - U.S. government agencies 10,386 815 - 11,201 Total securities held to maturity $ 44,488 $ 1,238 $ (135 ) $ 45,591 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 The following table shows the gross unrealized losses and related fair values of the Company’s investment securities, aggregated by investment category and length of time that individual securities had been in a continuous loss position at March 31, 2016: 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 $ (10 ) $ 2,990 $ (15 ) $ 4,984 $ (25 ) $ 7,974 Mortgage-backed securities - U.S. government agencies (41 ) 10,246 (91 ) 11,462 (132 ) 21,708 Total securities available for sale (51 ) 13,236 (106 ) 16,446 (157 ) 29,682 Securities Held to Maturity: U.S. government and agency obligations (7 ) 5,987 (128 ) 13,846 (135 ) 19,833 Total securities held to maturity (7 ) 5,987 (128 ) 13,846 (135 ) 19,833 Total $ (58 ) $ 19,223 $ (234 ) $ 30,292 $ (292 ) $ 49,515 The following table shows the gross unrealized losses and related fair values of the Company’s investment securities, aggregated by investment category and length of time that individual securities had been in a continuous loss position at September 30, 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 - 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 each quarter, and more frequently when economic or market concerns warrant such evaluation. The evaluation is based upon factors such as the creditworthiness of the issuers/guarantors, the underlying collateral, if applicable, and the continuing performance of the securities. Management also evaluates other facts and circumstances that may be indicative of an OTTI condition. This includes, but is not limited to, an evaluation of the type of security, the length of time and extent to which the fair value of the security has been less than cost, and the near-term prospects of the issuer. The Company assesses whether a credit loss exists with respect to a security by considering whether (1) the Company has the intent to sell the security, (2) it is more likely than not that it will be required to sell the security before recovery has occurred, or (3) it does not expect to recover the entire amortized cost basis of the security. The Company bifurcates the OTTI impact on impaired securities where impairment in value was deemed to be other than temporary between the component representing credit loss and the component representing loss related to other factors. The portion of the fair value decline attributable to credit loss must be recognized through a charge to earnings. The credit component is determined by comparing the present value of the cash flows expected to be collected, discounted at the rate in effect before recognizing any OTTI, with the amortized cost basis of the debt security. The Company uses the cash flows expected to be realized from the security, which includes assumptions about interest rates, timing and severity of defaults, estimates of potential recoveries, the cash flow distribution from the security and other factors, then applies a discount rate equal to the effective yield of the security. The difference between the present value of the expected cash flows and the amortized book value is considered a credit loss. The fair value of the security is determined using the same expected cash flows; the discount rate is a rate the Company determines from open market and other sources as appropriate for the particular security. The difference between the fair value and the security’s remaining amortized cost is recognized in other comprehensive income (loss). During the three and six months ended March 31, 2016 and 2015, the Company did not record any credit losses on investment securities through either earnings. U.S. Government Agency Obligations - U.S. Agency Issued Mortgage-Backed Securities - Corporate Debt Securities –The Company invested in investment grade corporate debt bonds, issued by large public Companies. At March 31, 2016, there were no securities in an unrealized loss position. The amortized cost and fair value of debt securities, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The maturity table below excludes mortgage-backed securities because the contractual maturities of such securities are not indicative of actual maturities due to significant prepayments. March 31, 2016 Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value (Dollars in Thousands) Due within one year $ - $ - $ - $ - Due after one through five years - - - - Due after five through ten years 1,999 2,235 19,401 19,644 Due after ten years 32,103 32,155 18,988 18,974 Total $ 34,102 $ 34,390 $ 38,389 $ 38,618 During both three and six month periods ended March 31, 2016 and 2015, no securities were sold. |
LOANS RECEIVABLE
LOANS RECEIVABLE | 6 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
LOANS RECEIVABLE | 5. LOANS RECEIVABLE Loans receivable consist of the following: March 31, September 30, 2016 2015 (Dollars in Thousands) One-to-four family residential $ 248,720 $ 259,163 Multi-family residential 4,617 6,249 Commercial real estate 45,801 25,799 Construction and land development 36,338 38,953 Consumer 649 392 Total loans 336,125 330,556 Undisbursed portion of loans-in-process (12,838 ) (17,097 ) Deferred loan costs 1,933 2,104 Allowance for loan losses (3,038 ) (2,930 ) Net loans $ 322,182 $ 312,633 The following table summarizes by loan segment the balance in the allowance for loan losses and the loans individually and collectively evaluated for impairment by loan segment at March 31, 2016: One- to-four Multi-family Commercial Construction Consumer Unallocated Total (Dollars in Thousands) Allowance for Loan Losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,511 43 428 773 7 276 3,038 Total ending allowance balance $ 1,511 $ 43 $ 428 $ 773 $ 7 $ 276 $ 3,038 Loans: Individually evaluated for impairment $ 5,435 $ 343 $ 3,694 $ 9,503 $ - $ 18,975 Collectively evaluated for impairment 243,285 4,274 42,107 26,835 649 317,150 Total loans $ 248,720 $ 4,617 $ 45,801 $ 36,338 $ 649 $ - $ 336,125 The following table summarizes by loan segment the balance in the allowance for loan losses and the loans individually and collectively evaluated for impairment by loan segment at September 30, 2015: One- to-four Multi-family Commercial Construction Commercial Consumer Unallocated Total (Dollars in Thousands) Allowance for Loan Losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,635 66 231 724 - 5 269 2,930 Total loans $ 1,635 $ 66 $ 231 $ 724 $ - $ 5 $ 269 $ 2,930 Loans: 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 loan portfolio is segmented at a level that allows management to monitor both risk and performance. Management evaluates for potential impairment all construction loans, commercial real estate and commercial business loans and all loans 90 plus days delinquent as to principal and/or interest. Loans are considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect in full the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Once the determination is made that a loan is impaired, the determination of whether a specific allocation of the allowance is necessary is generally measured by comparing the recorded investment in the loan to the fair value of the loan using one of the following three methods: (a) the present value of the expected future cash flows discounted at the loan’s effective interest rate; (b) the loan’s observable market price; or (c) the fair value of the collateral less selling costs. Management primarily utilizes the fair value of collateral method as a practically expedient alternative. On collateral method evaluations, any portion of the loan deemed uncollectible is charged-off against the loan loss allowance. The following table presents impaired loans by class as of March 31, 2016, segregated by those for which a specific allowance was required and those for which a specific allowance was not required. Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans (Dollars in Thousands) Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance One-to-four family residential $ - $ - $ 5,435 $ 5,435 $ 5,780 Multi-family residential - - 343 343 343 Commercial real estate - - 3,694 3,694 3,694 Construction and land development - - 9,503 9,503 9,503 Total Loans $ - $ - $ 18,975 $ 18,975 $ 19,320 The following table presents impaired loans by class as of September 30, 2015, 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 The following table presents the average recorded investment in impaired loans and related interest income recognized for the periods indicated: Three Months Ended March 31, 2016 Average Income Recognized Income (Dollars in Thousands) One-to-four family residential $ 5,069 $ 20 $ 29 Multi-family residential 345 - - Commercial real estate 3,703 27 - Construction and land development 9,410 126 - Total Loans $ 18,527 $ 173 $ 29 Six Months Ended March 31, 2016 Average Income Recognized Income (Dollars in Thousands) One-to-four family residential $ 4,781 $ 43 $ 59 Multi-family residential 348 - - Commercial real estate 3,725 42 12 Construction and land development 9,206 252 64 Total Loans $ 18,060 $ 337 $ 135 Three Months Ended March 31, 2015 Average Income Recognized Income (Dollars in Thousands) One-to-four family residential $ 10,068 $ 124 $ 42 Multi-family residential 361 6 - Commercial real estate 3,758 51 24 Construction and land development 7,743 106 64 Total Loans $ 21,930 $ 287 $ 130 Six Months Ended March 31, 2015 Average Income Recognized Income (Dollars in Thousands) One-to-four family residential $ 10,179 $ 263 $ 77 Multi-family residential 363 13 - Commercial real estate 3,764 102 35 Construction and land development 7,628 210 64 Total Loans $ 21,934 $ 588 $ 176 Federal regulations and our policy require that the Company utilize an internal asset classification system as a means of reporting problem and potential problem assets. The Company has incorporated an internal asset classification system, consistent with Federal banking regulations, as a part of its credit monitoring system. Management currently classifies problem and potential problem assets as “special mention”, “substandard,” “doubtful” or “loss” assets. An asset is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” Assets classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted. Assets which do not currently expose the insured institution to sufficient risk to warrant classification in one of the aforementioned categories but possess weaknesses are required to be designated “special mention.” The following table presents the classes of the loan portfolio in which a formal risk weighting system is utilized summarized by the aggregate “Pass” and the criticized category of “special mention”, and the classified categories of “substandard”, “doubtful” and “loss” within the Company’s risk rating system as applied to the loan portfolio. The Company had no loans classified as “doubtful” or “loss” at either of the dates presented. March 31, 2016 Special Total Pass Mention Substandard Loans (Dollars in Thousands) One-to-four family residential $ 2,355 $ 1,705 $ 1,375 $ 5,435 Multi-family residential 4,274 - 343 4,617 Commercial real estate 42,088 956 2,757 45,801 Construction and land development 26,834 - 9,504 36,338 Total Loans $ 75,551 $ 2,661 $ 13,979 $ 92,191 September 30, 2015 Special Total Pass Mention Substandard Loans (Dollars in Thousands) One-to-four family 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 The Company evaluates the classification of one-to-four family residential and consumer loans primarily on a pooled basis. If the Company becomes aware that adverse or distressed conditions exist that may affect a particular single-family residential loan, the loan is downgraded following the above definitions of special mention, substandard, doubtful and loss. The following table represents loans in which a formal risk rating system is not utilized, but loans are segregated between performing and non-performing based primarily on delinquency status. Non-performing loans that would be included in the table are those loans greater than 90 days past due that do not have a designated risk rating. March 31, 2016 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 243,285 $ - $ 243,285 Consumer 649 - 649 Total Loans $ 243,934 $ - $ 243,934 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 Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is due or overdue, as the case may be. The following table presents the loan categories of the loan portfolio summarized by the aging categories of performing and delinquent loans and nonaccrual loans: March 31, 2016 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 $ 243,804 $ 2,266 $ 2,650 $ - $ 2,266 $ 248,720 $ 4,145 Multi-family residential 4,617 - - - - 4,617 - Commercial real estate 43,994 1,625 182 - 272 45,801 1,535 Construction and land development 29,374 6,964 - - - 36,338 9,503 Consumer 540 109 - - 109 649 - Total Loans $ 322,329 $ 10,964 $ 2,832 $ - $ 2,647 $ 336,125 $ 15,183 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 Consumer 392 - - - - 392 - Total Loans $ 326,377 $ 1,966 $ 2,213 $ - $ 1,966 $ 330,556 $ 13,932 The allowance for loan losses is established through a provision for loan losses charged to expense. The Company maintains the allowance at a level believed to cover all known and inherent losses in the portfolio that are both probable and reasonable to estimate at each reporting date. Management reviews the allowance for loan losses no less than quarterly in order to identify these inherent losses and to assess the overall collection probability for the loan portfolio in view of these inherent losses. For each primary type of loan, a loss factor is established reflecting an estimate of the known and inherent losses in such loan type contained in the portfolio using both a quantitative analysis as well as consideration of qualitative factors. The evaluation process includes, among other things, an analysis of delinquency trends, non-performing loan trends, the level of charge-offs and recoveries, prior loss experience, total loans outstanding, the volume of loan originations, the type, size and geographic concentration of the Company’s loans, the value of collateral securing the loans, the borrowers’ ability to repay and repayment performance, the number of loans requiring heightened management oversight, local economic conditions and industry experience. Commercial real estate loans entail significant additional credit risks compared to owner-occupied one-to-four family residential mortgage loans, as they generally involve large loan balances concentrated with single borrowers or groups of related borrowers. In addition, the payment experience on loans secured by income-producing properties typically depends on the successful operation of the related real estate project and/or business operation of the borrower who is, in some cases, also the primary occupant, and thus may be subject to a greater extent to the effects of adverse conditions in the real estate market and in the economy in general. Commercial business loans typically involve a higher risk of default than residential loans of like duration since their repayment is generally dependent on the successful operation of the borrower’s business and the sufficiency of collateral, if any. Land acquisition, development and construction lending exposes the Company to greater credit risk than permanent mortgage financing. The repayment of land acquisition, development and construction loans depends upon the sale of the property to third parties or the availability of permanent financing upon completion of all improvements. These events may adversely affect both the borrowers as well as the value of the collateral property. Such lending is additionally subject to the risk that if the estimate of construction cost proves to be inaccurate, the Company potentially will be compelled to advance additional funds. In addition, if the estimate of value proves to be inaccurate, the Company may be confronted with a project, when completed, having less value than the loan amount. If the Company is forced to foreclose on a project prior to completion, there is no assurance that the Company would be able to recover the entire unpaid portion of the loan. The following table summarizes the primary segments of the allowance for loan losses. Activity in the allowance is presented for the three month periods ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 One- to Multi- Commercial Construction Consumer Unallocated Total (Dollars in Thousands) ALLL balance at December 31, 2015 $ 1,471 $ 58 $ 359 $ 757 $ 8 $ 266 $ 2,919 Charge-offs - - - - - - - Recoveries - - - 44 - - 44 Provision 40 (15 ) 69 (28 ) (1 ) 10 75 ALLL balance at March 31, 2016 $ 1,511 $ 43 $ 428 $ 773 $ 7 $ 276 $ 3,038 Six Months Ended March 31, 2016 One- to Multi- Commercial Construction Consumer Unallocated Total (Dollars in Thousands) ALLL balance at September 30, 2015 $ 1,635 $ 66 $ 231 $ 724 $ 5 $ 269 $ 2,930 Charge-offs (11 ) - - - - - (11 ) Recoveries - - - 44 - - 44 Provision (113 ) (23 ) 197 5 2 7 75 ALLL balance at March 31, 2016 $ 1,511 $ 43 $ 428 $ 773 $ 7 $ 276 $ 3,038 Three Months Ended March 31, 2015 One- to Multi- Commercial real estate Construction Commercial Consumer Unallocated Total (Dollars in Thousands) ALLL balance at December 31, 2014 $ 1,492 $ 51 $ 216 $ 493 $ 5 $ 4 $ 239 $ 2,500 Charge-offs (212 ) - - - - - - (212 ) Recoveries - - - - - - - - Provision 265 - (9 ) 52 (5 ) - (3 ) 300 ALLL balance at March 31, 2015 $ 1,545 $ 51 $ 207 $ 545 $ - $ 4 $ 236 $ 2,588 Six Months Ended March 31, 2015 One- to Multi- Commercial Construction Commercial Consumer Unallocated Total (Dollars in Thousands) ALLL balance at September 30, 2014 $ 1,663 $ 67 $ 122 $ 323 $ 15 $ 4 $ 231 $ 2,425 Charge-offs (212 ) - - - - - - (212 ) Recoveries - - - - - - - - Provision 94 (16 ) 85 222 (15 ) - 5 375 ALLL balance at March 31, 2015 $ 1,545 $ 51 $ 207 $ 545 $ - $ 4 $ 236 $ 2,588 The Company recorded a provision for loan losses in the amount of $75,000 for both the three and six months ended March 31, 2016, compared to the $300,000 provision for the three months and $375,000 for the six months periods ended March 31, 2015. At March 31, 2016, the Company had ten loans classified as TDRs aggregating $7.9 million, consisting of two single-family residential real estate loans which amounted to $1.6 million, one construction and land development loan totaling $3.4 million and seven commercial real estate loans which amounted to $2.9 million. Of these loans, one single-family residential real estate loan totaling $1.4 million was determined to be non-performing until management has made the decision to designate this credits as performing. Typically management will wait until a minimum of six consecutive contractual payments have been made prior to changing the designation. All TDRs, with the exception of one commercial real estate loan totaling $756,000, were classified as “substandard” as of March 31, 2016. During the three months ended March 31, 2016, two loans classified as TDR, consisting of one construction loan in the amount of $3.4 million and one commercial real estate loan in the amount of $731,000 missed payments and were considered 60-89 days past due. These two loans are a part of the Company’s largest lending relationship. The Company did not restructure any debt during the three and six month periods ended March 31, 2016 and 2015. |
DEPOSITS
DEPOSITS | 6 Months Ended |
Mar. 31, 2016 | |
Deposits [Abstract] | |
DEPOSITS | 6. DEPOSITS Deposits consist of the following major classifications: March 31, September 30, 2016 2015 Amount Percent Amount Percent (Dollars in Thousands) Money market deposit accounts $ 57,470 15.0 % $ 60,736 16.6 % Interest-bearing checking accounts 36,001 9.4 35,649 9.8 Non-interest bearing checking accounts 2,775 0.7 2,293 0.6 Passbook, club and statement savings 69,999 18.2 70,355 19.3 Certificates maturing in six months or less 69,843 18.2 49,857 13.7 Certificates maturing in more than six months 147,982 38.5 146,184 40.0 Total $ 384,070 100.0 % $ 365,074 100.0 % Certificates of $250,000 and over totaled $17.2 million as of March 31, 2016 and $32.7 million as of September 30, 2015. |
ADVANCES
ADVANCES | 6 Months Ended |
Mar. 31, 2016 | |
Advances from Federal Home Loan Banks [Abstract] | |
ADVANCES | 7. ADVANCES Pursuant to collateral agreement with the FHLB of Pittsburgh advances are secured by qualifying first mortgage loans. Type Maturity Date Amount Coupon Call Date (Dollars in Thousands) Fixed Rate -Advance 1-Apr-16 $ 3,000 0.60 % Not Applicable Fixed Rate -Advance 4-Apr-16 3,000 0.60 % Not Applicable Fixed Rate -Advance 17-Nov-17 10,000 1.20 % Not Applicable Fixed Rate -Amortizing 1-Dec-17 3,505 1.16 % Not Applicable Fixed Rate -Advance 4-Dec-17 2,000 1.15 % Not Applicable Fixed Rate -Advance 16-Nov-18 7,500 1.40 % Not Applicable Fixed Rate -Advance 3-Dec-18 3,000 1.54 % Not Applicable Fixed Rate -Amortizing 18-Nov-19 5,054 1.53 % Not Applicable $ 37,059 1.21 % |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 8. INCOME TAXES Items that gave rise to significant portions of deferred income taxes are as follows: March 31, September 30, 2016 2015 Deferred tax assets: (Dollars in Thousands) Allowance for loan losses $ 1,210 $ 1,185 Nonaccrual interest 96 86 Accrued vacation 37 119 Capital loss carryforward 506 534 Split dollar life insurance 19 19 Post-retirement benefits 104 126 Employee benefit plans 579 530 Total deferred tax assets 2,551 2,599 Valuation allowance (506 ) (534 ) Total deferred tax assets, net of valuation allowance 2,045 2,065 Deferred tax liabilities: Property 533 365 Unrealized gains on available for sale securities 404 10 Deferred loan fees 657 715 Total deferred tax liabilities 1,594 1,090 Net deferred tax assets $ 451 $ 975 The Company establishes a valuation allowance for deferred tax assets when management believes that the use of the deferred tax assets is not likely to be realized through a carry back to taxable income in prior years or future reversals of existing taxable temporary differences, and/or to a lesser extent, future taxable income. The tax deduction generated by the redemption of the shares of a mutual fund held by the Bank and the subsequent impairment charge on the assets acquired through the redemption in kind are considered capital losses and can only be utilized to the extent of capital gains over a five year period, resulting in the establishment of a valuation allowance for the carryforward period. The valuation allowance totaled $506,000 at March 31, 2016, and $534,000 at September 30, 2015. There is currently no liability for uncertain tax positions and no known unrecognized tax benefits. The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Consolidated Statements of Operations as a component of income tax expense. 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. |
STOCK COMPENSATION PLANS
STOCK COMPENSATION PLANS | 6 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
STOCK COMPENSATION PLANS | 9. STOCK COMPENSATION PLANS The Company maintains an employee stock ownership plan (“ESOP”) for substantially all of its full-time employees. The ESOP purchased 427,057 shares (on a converted basis) of the Company’s common stock for an aggregate cost of approximately $4.5 million in fiscal 2005. The ESOP purchased an additional 255,564 shares during December 2013 and an additional 30,100 shares at the beginning January 2014, of the Company’s common stock for an aggregate cost of approximately $3.1 million. The shares were purchased with the proceeds of loans from the Company. Shares of the Company’s common stock purchased by the ESOP are held in a suspense account until released for allocation to participants as the loans are repaid. Shares are allocated to each eligible participant based on the ratio of each such participant’s compensation, as defined in the ESOP, to the total compensation of all eligible plan participants. As the unearned shares are released from the suspense account, the Company recognizes compensation expense equal to the fair value of the ESOP shares during the periods in which they become committed to be released. To the extent that the fair value of the ESOP shares released differs from the cost of such shares, the difference is charged or credited to equity as additional paid-in capital. As of March 31, 2016, the ESOP held 697,271 shares and the Company had allocated a total of 286,635 shares from the suspense account to participants. For the six months ended March 31, 2016 and 2015, the Company recognized $265,000 and $238,000, respectively, in compensation expense related to the ESOP. The Company maintains the 2008 Recognition and Retention Plan (“2008 RRP”) which is administered by a committee of the Board of Directors of the Company. The RRP provides for the grant of shares of common stock of the Company to officers, employees and directors of the Company. In order to fund the grant of shares under the RRP, the RRP Trust purchased 213,528 shares (on a converted basis) of the Company’s common stock in the open market for approximately $2.5 million, at an average purchase price per share of $11.49 as part of the 2008 RRP. The Company made sufficient contributions to the RRP Trust to fund these purchases. As of March 31, 2016, all the shares, with exception of 6,262 shares that had been forfeited, had been awarded as part of the 2008 RRP. Shares subject to awards under the 2008 RRP generally vest at the rate of 20% per year over five years. During February 2015, shareholders approved the 2014 Stock Incentive Plan (the “2014 SIP”). As part of the 2014 SIP, a maximum of 285,655 shares can be awarded as restricted stock awards or units, of which 235,500 shares were awarded during February 2015 of which 30,500 shares had been forfeited as of March 31, 2016. Compensation expense related to the shares subject to restricted stock awards granted is recognized ratably over the five-year vesting period in an amount which totals the grant date fair value multiplied by the number of shares subject to the grant. During the three and six months ended March 31, 2016, an aggregate of $115,000 and $243,000, respectively, was recognized in compensation expense for the 2008 RRP and the grants pursuant to the 2014 SIP. Income tax benefits of $39,000 and $83,000 were recognized for the three and six months ended March 31, 2016. During the three and six months ended March 31, 2015, $84,000 and $105,000 was recognized in compensation expense for the 2008 RRP and the grants pursuant to the 2014 SIP. An income tax benefit of $29,000 and $36,000, respectively, was recognized for the three and six months ended March 31, 2015. At March 31, 2016, approximately $2.5 million in additional compensation expense for the shares awarded which remained outstanding related to the 2008 RRP and for the 2014 SIP remained unrecognized. At March 31, 2015, approximately $3.0 million in additional compensation expense for the shares awarded related to the 2018 RRP and the 2014 SIP remained unrecognized. A summary of the Company’s non-vested stock award activity for the six months ended March 31, 2016 and 2015 is presented in the following tables: Six Months Ended Number of Weighted Average Nonvested stock awards at October 1, 2015 241,428 $ 11.74 Issued - - Forfeited (36,762 ) 11.55 Vested (49,511 ) 11.47 Nonvested stock awards at the March 31, 2016 155,155 $ 11.87 Six Months Ended Number of Weighted Average Nonvested stock awards at October 1, 2014 38,055 $ 8.07 Issued 235,500 12.23 Forfeited - - Vested (9,578 ) 8.07 Nonvested stock awards at the March 31, 2015 263,977 $ 12.07 The Company maintains the 2008 Stock Option Plan (the “2008 Option Plan”) which authorizes the grant of stock options to officers, employees and directors of the Company to acquire shares of common stock with an exercise price at least equal to the fair market value of the common stock on the grant date. Options generally become vested and exercisable at the rate of 20% per year over five years and are generally exercisable for a period of ten years after the grant date. A total of 533,808 shares (on a converted basis) of common stock were approved for future issuance pursuant to the 2008 Stock Option Plan. As of March 31, 2016, all of the options had been awarded under the 2008 Option Plan. As of March 31, 2016, 442,155 options (on a converted basis) were vested under the 2008 Option Plan. The 2014 SIP reserved up to 714,145 shares for issuance pursuant to options. Options to purchase 587,112 shares were awarded during February 2015, 608,737 shares pursuant to the 2014 SIP and the remainder pursuant to the 2008 Option Plan. As of March 31, 2016, the 2008 Option Plan had 7,932 forfeited shares and the 2014 SIP had 78,000 forfeited shares. A summary of the status of the Company’s stock options under the 2008 Option Plan and the 2014 SIP as of March 31, 2016 and 2015 are presented below: Six Months Ended Number of Weighted Average Outstanding at October 1, 2015 1,074,430 $ 11.92 Granted - - Exercised (130,535 ) 11.49 Forfeited (93,939 ) 11.55 Outstanding at March 31, 2016 849,956 $ 12.03 Exercisable at March 31, 2016 347,037 $ 11.38 Six Months Ended Number of Weighted Average Outstanding at October 1, 2014 530,084 $ 10.86 Granted 608,737 12.23 Exercised - - Forfeited - - Outstanding at March 31, 2015 1,138,821 $ 11.59 Exercisable at March 31, 2015 417,767 $ 11.37 The weighted average remaining contractual term was approximately 6.5 years for options outstanding as of March 31, 2016. 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, expected term of seven years, volatility rate of 38.16%, interest rate of 1.62% and a yield rate of 0.98%. During the three and six months ended March 31, 2016, $112,000 and $248,000 was recognized in compensation expense for options granted pursuant to the 2008 Option Plan and the 2014 SIP. Ttax benefits of $13,000 and $29,000, respectively, were recognized for the three and six months ended March 31, 2016. During the three and six months ended March 31, 2015, $86,000 and $111,000, respectively, was recognized in compensation expense for options granted pursuant to the 2008 Option Plan and the 2014 SIP. Tax benefits of $9,000 and $12,000, respectively, were recognized for the three and six months ended March 31, 2015. At March 31, 2016, there was approximately $2.1 million in additional compensation expense to be recognized for awarded options which remained outstanding and unvested at such date. The weighted average period over which this expense will be recognized is approximately 3.9 years. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 6 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | 10. COMMITMENTS AND CONTINGENT LIABILITIES At March 31, 2016, the Company had $23.0 million in outstanding commitments to originate fixed and variable-rate loans with market interest rates ranging from 3.75% to 5.50%. 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%. The aggregate undisbursed portion of loans-in-process amounted to $12.8 million at March 31, 2016 and $17.0 million at September 30, 2015. The Company also had commitments under unused lines of credit of $3.4 million as of March 31, 2016 and $6.1 million as of September 30, 2015 and letters of credit outstanding of $2.9 million as of March 31, 2016 and $2.6 million as of September 30, 2015. Among the Company’s contingent liabilities are exposures to limited recourse arrangements with respect to the Company’s sales of whole loans and participation interests. At March 31, 2016, the exposure, which represents a portion of credit risk associated with the interests sold, amounted to $49,000. This exposure is for the life of the related loans and payables, on our proportionate share, as actual losses are incurred. The Company is involved in various legal proceedings occurring in the ordinary course of business. Management of the Company, based on discussions with litigation counsel, believes that such proceedings will not have a material adverse effect on the financial condition, operations or cash flows of the Company. However, there can be no assurance that any of the outstanding legal proceedings to which the Company is a party will not be decided adversely to the Company's interests and not have a material adverse effect on the financial condition and operations of the Company. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 6 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | 10. FAIR VALUE MEASUREMENT The fair value estimates presented herein are based on pertinent information available to management as of March 31, 2016 and September 30, 2015, respectively. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. Generally accepted accounting principles used in the United States establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value. The three broad levels of hierarchy are as follows: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Those assets as of March 31, 2016 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 $ - $ 18,974 $ - $ 18,974 Mortgage-backed securities - U.S. Government agencies - 104,581 - 104,581 Corporate bonds - 19,644 19,644 FHLMC preferred stock 36 - - 36 Total $ 36 $ 143,199 $ - $ 143,235 Those assets as of September 30, 2015 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 $ - $ 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 Certain assets are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The Company measures impaired loans and real estate owned at fair value on a non-recurring basis. Impaired Loans The Company considers loans to be impaired when it becomes more likely than not that the Company will be unable to collect all amounts due in accordance with the contractual terms of the loan agreements. Collateral dependent impaired loans are based on the fair value of the collateral which is based on appraisals and would be categorized as Level 2 measurement. In some cases, adjustments are made to the appraised values for various factors including the age of the appraisal, age of the comparable included in the appraisal, and known changes in the market and in the collateral. These adjustments are based upon unobservable inputs, and therefore, the fair value measurement has been categorized as a Level 3 measurement. These loans are reviewed for impairment and written down to their net realizable value by charges against the allowance for loan losses. The collateral underlying these loans had a fair value in excess of $19.0 million, as of March 31, 2016. 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 comparable 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 March 31, 2016 (Dollars in Thousands) Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 18,975 $ 18,975 Total $ - $ - $ 18,975 $ 18,975 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 The following table provides information describing the valuation processes used to determine nonrecurring fair value measurements categorized within Level 3 of the fair value hierarchy: At March 31, 2016 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired loans $ 18,975 Property appraisals (1) (3) Management discount for selling costs, property type and market volatility (2) 10% discount At September 30, 2015 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired loans $ 16,770 Property appraisals (1) (3) Management discount for selling costs, property type and market volatility (2) 10% discount Real estate owned $ 869 Property appraisals (1)(3) Management discount for selling costs, property type and market volatility (2) 10% discount (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally includes various Level 3 inputs, which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. (3) Includes qualitative adjustments by management and estimated liquidation expenses. The fair value of financial instruments has been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is necessarily required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Fair Value Measurements at March 31, 2016 Carrying Fair Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Cash and cash equivalents $ 7,330 $ 7,330 $ 7,330 $ - $ - Investment and mortgage-backed securities available for sale 143,235 143,235 36 143,199 - Investment and mortgage-backed securities held to maturity 44,488 45,591 - 45,591 - Loans receivable, net 322,182 322,200 - - 322,200 Accrued interest receivable 1,774 1,774 1,774 - - Federal Home Loan Bank stock 1,851 1,851 1,851 - - Bank owned life insurance 12,890 12,890 12,890 - - Liabilities: Checking accounts 38,776 38,776 38,776 - - Money market deposit accounts 57,470 57,470 57,470 - - Passbook, club and statement savings accounts 69,999 69,999 69,999 - - Certificates of deposit 217,825 220,340 - - 220,340 Advances from Federal Home Loan Bank 37,059 37,096 - - 37,096 Accrued interest payable 543 543 543 - - Advances from borrowers for taxes and insurance 1,777 1,777 1,777 - - 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 59 77,424 - 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 - - 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 — |
SIGNIFICANT ACCOUNTING POLICI20
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation – |
Use of Estimates in the Financial Statements | Use of Estimates in the Financial Statements — |
Share-Based Compensation | Share-Based Compensation Dividends with respect to non-vested share awards granted pursuant to the Company’s 2008 Recognition and Retention Plan (“Plan”) and held in the Trust (the “Trust”) are held for the benefit of the recipients and are paid out proportionately by the Trust to the recipients of stock awards granted pursuant to the Plan as soon as practicable after the stock awards are earned. A recipient of a share award granted under the 2014 Stock Incentive Plan is not entitled to receive any dividends declared on the common stock subject to the award until earned. |
Treasury Stock | Treasury Stock – |
FHLB Stock | FHLB Stock – |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “Update”) 2014-01, Investments – Equity Method and Joint Ventures (Topic 323) In January 2014, the FASB issued ASU 2014-04, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): In May 2014, the FASB issued ASU 2014-09 , Revenue from Contracts with Customers (a new revenue recognition standard). In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718): 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). In November 2014, the FASB issued ASU 2014-17, Business Combinations (Topic 805): Pushdown Accounting. In January 2015, the FASB issued ASU 2015-01 , Income Statement –Extraordinary and Unusual Items, In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) In April 2015, the FASB issued ASU 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40), 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. 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). In May 2015, the FASB issued ASU 2015-08, Business Combinations - Pushdown Accounting - Amendment to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115. In May 2015, the FASB issued ASU 2015-09, Financial Services – Insurance (Topic 944): Disclosure About Short-Duration Contracts Financial Services – Insurance In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Improvements. In August 2015, the FASB issued ASU 2015-14, Revenue from Contract with Customers (Topic 606). In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805). In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-04, Liabilities – In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815) . In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815) In March 2016, the FASB issued ASU 2016-07, Investments – In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606). Revenue from Contracts with Customers (Topic 606), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718) Share-Based Payment In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606). Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per share | Three Months Ended March 31, 2016 2015 Basic Diluted Basic Diluted (Dollars in Thousands Except Per Share Data) Net income $ 548 $ 548 $ 1,701 $ 1,701 Weighted average shares outstanding 7,380,880 7,380,880 8,571,846 8,571,846 Effect of common stock equivalents - 270,973 - 1,103,728 Adjusted weighted average shares used in earnings per share computation 7,380,880 7,651,853 8,571,846 9,675,574 Earnings per share - basic and diluted $ 0.08 $ 0.07 $ 0.20 $ 0.18 Six Months Ended March 31, 2016 2015 Basic Diluted Basic Diluted (Dollars in Thousands Except Per Share Data) Net income $ 961 $ 961 $ 2,172 $ 2,172 Weighted average shares outstanding 7,498,933 7,498,933 8,712,938 8,712,938 Effect of common stock equivalents - 246,791 - 1,163,172 Adjusted weighted average shares used in earnings per share computation 7,498,933 7,745,724 8,712,938 9,876,110 Earnings per share - basic and diluted $ 0.13 $ 0.12 $ 0.25 $ 0.22 |
ACCUMULATED OTHER COMPREHENSI22
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of changes in accumulated other comprehensive income | Three Months Ended March 31, 2016 2015 (Dollars in Thousands) Unrealized gains (losses) Unrealized gains (losses) on available for sale on available for sale securities (a) securities (a) Beginning Balance $ (764 ) $ (467 ) Other comprehensive income gain before reclassification 1,547 568 Total other comprehensive income 1,547 568 Ending Balance $ 783 $ 101 (a) All amounts are net of tax. Amounts in parentheses indicate debits. Six Months Ended March 31, 2016 2015 (Dollars in Thousands) Unrealized gains (losses) Unrealized gains (losses) on available for sale on available for sale securities (a) securities (a) Beginning Balance $ 18 $ (953 ) Other comprehensive income gain before reclassification 765 1,054 Total other comprehensive income 765 1,054 Ending Balance $ 783 $ 101 (a) All amounts are net of tax. Amounts in parentheses indicate debits. |
INVESTMENT AND MORTGAGE-BACKE23
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and fair value of securities, with gross unrealized gains and losses | March 31, 2016 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 $ 11 $ (25 ) $ 18,974 Mortgage-backed securities - U.S. government agencies 103,653 1,060 (132 ) 104,581 Corporate bonds 19,401 243 - 19,644 Total debt securities available for sale 142,042 1,314 (157 ) 143,199 FHLMC preferred stock 6 30 - 36 Total securities available for sale $ 142,048 $ 1,344 $ (157 ) $ 143,235 Securities Held to Maturity: U.S. government and agency obligations $ 34,102 $ 423 $ (135 ) $ 34,390 Mortgage-backed securities - U.S. government agencies 10,386 815 - 11,201 Total securities held to maturity $ 44,488 $ 1,238 $ (135 ) $ 45,591 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 |
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 $ (10 ) $ 2,990 $ (15 ) $ 4,984 $ (25 ) $ 7,974 Mortgage-backed securities - U.S. government agencies (41 ) 10,246 (91 ) 11,462 (132 ) 21,708 Total securities available for sale (51 ) 13,236 (106 ) 16,446 (157 ) 29,682 Securities Held to Maturity: U.S. government and agency obligations (7 ) 5,987 (128 ) 13,846 (135 ) 19,833 Total securities held to maturity (7 ) 5,987 (128 ) 13,846 (135 ) 19,833 Total $ (58 ) $ 19,223 $ (234 ) $ 30,292 $ (292 ) $ 49,515 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 - 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 |
Schedule of amortized cost and fair value of debt securities by contractual maturity | March 31, 2016 Held to Maturity Available for Sale Amortized Fair Amortized Fair Cost Value Cost Value (Dollars in Thousands) Due within one year $ - $ - $ - $ - Due after one through five years - - - - Due after five through ten years 1,999 2,235 19,401 19,644 Due after ten years 32,103 32,155 18,988 18,974 Total $ 34,102 $ 34,390 $ 38,389 $ 38,618 |
LOANS RECEIVABLE (Tables)
LOANS RECEIVABLE (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Schedule of summary of loans receivable | March 31, September 30, 2016 2015 (Dollars in Thousands) One-to-four family residential $ 248,720 $ 259,163 Multi-family residential 4,617 6,249 Commercial real estate 45,801 25,799 Construction and land development 36,338 38,953 Consumer 649 392 Total loans 336,125 330,556 Undisbursed portion of loans-in-process (12,838 ) (17,097 ) Deferred loan costs 1,933 2,104 Allowance for loan losses (3,038 ) (2,930 ) Net loans $ 322,182 $ 312,633 |
Schedule of loans individually and collectively evaluated for impairment by loan segment | One- to-four Multi-family Commercial Construction Consumer Unallocated Total (Dollars in Thousands) Allowance for Loan Losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,511 43 428 773 7 276 3,038 Total ending allowance balance $ 1,511 $ 43 $ 428 $ 773 $ 7 $ 276 $ 3,038 Loans: Individually evaluated for impairment $ 5,435 $ 343 $ 3,694 $ 9,503 $ - $ 18,975 Collectively evaluated for impairment 243,285 4,274 42,107 26,835 649 317,150 Total loans $ 248,720 $ 4,617 $ 45,801 $ 36,338 $ 649 $ - $ 336,125 One- to-four Multi-family Commercial Construction Commercial Consumer Unallocated Total (Dollars in Thousands) Allowance for Loan Losses: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,635 66 231 724 - 5 269 2,930 Total loans $ 1,635 $ 66 $ 231 $ 724 $ - $ 5 $ 269 $ 2,930 Loans: 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 |
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 $ - $ - $ 5,435 $ 5,435 $ 5,780 Multi-family residential - - 343 343 343 Commercial real estate - - 3,694 3,694 3,694 Construction and land development - - 9,503 9,503 9,503 Total Loans $ - $ - $ 18,975 $ 18,975 $ 19,320 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 |
Schedule of average investment in impaired loans and related interest income recognized | Three Months Ended March 31, 2016 Average Income Recognized Income (Dollars in Thousands) One-to-four family residential $ 5,069 $ 20 $ 29 Multi-family residential 345 - - Commercial real estate 3,703 27 - Construction and land development 9,410 126 - Total Loans $ 18,527 $ 173 $ 29 Six Months Ended March 31, 2016 Average Income Recognized Income (Dollars in Thousands) One-to-four family residential $ 4,781 $ 43 $ 59 Multi-family residential 348 - - Commercial real estate 3,725 42 12 Construction and land development 9,206 252 64 Total Loans $ 18,060 $ 337 $ 135 Three Months Ended March 31, 2015 Average Income Recognized Income (Dollars in Thousands) One-to-four family residential $ 10,068 $ 124 $ 42 Multi-family residential 361 6 - Commercial real estate 3,758 51 24 Construction and land development 7,743 106 64 Total Loans $ 21,930 $ 287 $ 130 Six Months Ended March 31, 2015 Average Income Recognized Income (Dollars in Thousands) One-to-four family residential $ 10,179 $ 263 $ 77 Multi-family residential 363 13 - Commercial real estate 3,764 102 35 Construction and land development 7,628 210 64 Total Loans $ 21,934 $ 588 $ 176 |
Schedule of classes of the loan portfolio in which a formal risk weighting system is utilized | March 31, 2016 Special Total Pass Mention Substandard Loans (Dollars in Thousands) One-to-four family residential $ 2,355 $ 1,705 $ 1,375 $ 5,435 Multi-family residential 4,274 - 343 4,617 Commercial real estate 42,088 956 2,757 45,801 Construction and land development 26,834 - 9,504 36,338 Total Loans $ 75,551 $ 2,661 $ 13,979 $ 92,191 September 30, 2015 Special Total Pass Mention Substandard Loans (Dollars in Thousands) One-to-four family 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 |
Schedule of loans in which a formal risk rating system is not utilized, but loans are segregated between performing and non-performing | March 31, 2016 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 243,285 $ - $ 243,285 Consumer 649 - 649 Total Loans $ 243,934 $ - $ 243,934 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 |
Schedule of loan categories of the loan portfolio summarized by the aging categories of performing and delinquent loans and nonaccrual loans | March 31, 2016 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 $ 243,804 $ 2,266 $ 2,650 $ - $ 2,266 $ 248,720 $ 4,145 Multi-family residential 4,617 - - - - 4,617 - Commercial real estate 43,994 1,625 182 - 272 45,801 1,535 Construction and land development 29,374 6,964 - - - 36,338 9,503 Consumer 540 109 - - 109 649 - Total Loans $ 322,329 $ 10,964 $ 2,832 $ - $ 2,647 $ 336,125 $ 15,183 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 Consumer 392 - - - - 392 - Total Loans $ 326,377 $ 1,966 $ 2,213 $ - $ 1,966 $ 330,556 $ 13,932 |
Schedule of primary segments of the allowance for loan losses, segmented into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment. | Three Months Ended March 31, 2016 One- to Multi- Commercial Construction Consumer Unallocated Total (Dollars in Thousands) ALLL balance at December 31, 2015 $ 1,471 $ 58 $ 359 $ 757 $ 8 $ 266 $ 2,919 Charge-offs - - - - - - - Recoveries - - - 44 - - 44 Provision 40 (15 ) 69 (28 ) (1 ) 10 75 ALLL balance at March 31, 2016 $ 1,511 $ 43 $ 428 $ 773 $ 7 $ 276 $ 3,038 Six Months Ended March 31, 2016 One- to Multi- Commercial Construction Consumer Unallocated Total (Dollars in Thousands) ALLL balance at September 30, 2015 $ 1,635 $ 66 $ 231 $ 724 $ 5 $ 269 $ 2,930 Charge-offs (11 ) - - - - - (11 ) Recoveries - - - 44 - - 44 Provision (113 ) (23 ) 197 5 2 7 75 ALLL balance at March 31, 2016 $ 1,511 $ 43 $ 428 $ 773 $ 7 $ 276 $ 3,038 Three Months Ended March 31, 2015 One- to Multi- Commercial real estate Construction Commercial Consumer Unallocated Total (Dollars in Thousands) ALLL balance at December 31, 2014 $ 1,492 $ 51 $ 216 $ 493 $ 5 $ 4 $ 239 $ 2,500 Charge-offs (212 ) - - - - - - (212 ) Recoveries - - - - - - - - Provision 265 - (9 ) 52 (5 ) - (3 ) 300 ALLL balance at March 31, 2015 $ 1,545 $ 51 $ 207 $ 545 $ - $ 4 $ 236 $ 2,588 Six Months Ended March 31, 2015 One- to Multi- Commercial Construction Commercial Consumer Unallocated Total (Dollars in Thousands) ALLL balance at September 30, 2014 $ 1,663 $ 67 $ 122 $ 323 $ 15 $ 4 $ 231 $ 2,425 Charge-offs (212 ) - - - - - - (212 ) Recoveries - - - - - - - - Provision 94 (16 ) 85 222 (15 ) - 5 375 ALLL balance at March 31, 2015 $ 1,545 $ 51 $ 207 $ 545 $ - $ 4 $ 236 $ 2,588 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Deposits [Abstract] | |
Schedule of major classifications of deposits | March 31, September 30, 2016 2015 Amount Percent Amount Percent (Dollars in Thousands) Money market deposit accounts $ 57,470 15.0 % $ 60,736 16.6 % Interest-bearing checking accounts 36,001 9.4 35,649 9.8 Non-interest bearing checking accounts 2,775 0.7 2,293 0.6 Passbook, club and statement savings 69,999 18.2 70,355 19.3 Certificates maturing in six months or less 69,843 18.2 49,857 13.7 Certificates maturing in more than six months 147,982 38.5 146,184 40.0 Total $ 384,070 100.0 % $ 365,074 100.0 % |
ADVANCES (Tables)
ADVANCES (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Advances from Federal Home Loan Banks [Abstract] | |
Schedule of collateral agreement with the FHLB | Type Maturity Date Amount Coupon Call Date (Dollars in Thousands) Fixed Rate -Advance 1-Apr-16 $ 3,000 0.60 % Not Applicable Fixed Rate -Advance 4-Apr-16 3,000 0.60 % Not Applicable Fixed Rate -Advance 17-Nov-17 10,000 1.20 % Not Applicable Fixed Rate -Amortizing 1-Dec-17 3,505 1.16 % Not Applicable Fixed Rate -Advance 4-Dec-17 2,000 1.15 % Not Applicable Fixed Rate -Advance 16-Nov-18 7,500 1.40 % Not Applicable Fixed Rate -Advance 3-Dec-18 3,000 1.54 % Not Applicable Fixed Rate -Amortizing 18-Nov-19 5,054 1.53 % Not Applicable $ 37,059 1.21 % |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred income taxes | March 31, September 30, 2016 2015 Deferred tax assets: (Dollars in Thousands) Allowance for loan losses $ 1,210 $ 1,185 Nonaccrual interest 96 86 Accrued vacation 37 119 Capital loss carryforward 506 534 Split dollar life insurance 19 19 Post-retirement benefits 104 126 Employee benefit plans 579 530 Total deferred tax assets 2,551 2,599 Valuation allowance (506 ) (534 ) Total deferred tax assets, net of valuation allowance 2,045 2,065 Deferred tax liabilities: Property 533 365 Unrealized gains on available for sale securities 404 10 Deferred loan fees 657 715 Total deferred tax liabilities 1,594 1,090 Net deferred tax assets $ 451 $ 975 |
STOCK COMPENSATION PLANS (Table
STOCK COMPENSATION PLANS (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Schedule of summary of the non-vested stock award activity | Six Months Ended Number of Weighted Average Nonvested stock awards at October 1, 2015 241,428 $ 11.74 Issued - - Forfeited (36,762 ) 11.55 Vested (49,511 ) 11.47 Nonvested stock awards at the March 31, 2016 155,155 $ 11.87 Six Months Ended Number of Weighted Average Nonvested stock awards at October 1, 2014 38,055 $ 8.07 Issued 235,500 12.23 Forfeited - - Vested (9,578 ) 8.07 Nonvested stock awards at the March 31, 2015 263,977 $ 12.07 |
Schedule of summary of the status of the company' stock options under the stock option plan | Six Months Ended Number of Weighted Average Outstanding at October 1, 2015 1,074,430 $ 11.92 Granted - - Exercised (130,535 ) 11.49 Forfeited (93,939 ) 11.55 Outstanding at March 31, 2016 849,956 $ 12.03 Exercisable at March 31, 2016 347,037 $ 11.38 Six Months Ended Number of Weighted Average Outstanding at October 1, 2014 530,084 $ 10.86 Granted 608,737 12.23 Exercised - - Forfeited - - Outstanding at March 31, 2015 1,138,821 $ 11.59 Exercisable at March 31, 2015 417,767 $ 11.37 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
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 $ - $ 18,974 $ - $ 18,974 Mortgage-backed securities - U.S. Government agencies - 104,581 - 104,581 Corporate bonds - 19,644 19,644 FHLMC preferred stock 36 - - 36 Total $ 36 $ 143,199 $ - $ 143,235 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 |
Schedule of summary of non-recurring fair value measurements | At March 31, 2016 (Dollars in Thousands) Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 18,975 $ 18,975 Total $ - $ - $ 18,975 $ 18,975 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 |
Schedule of nonrecurring fair value measurements categorized within level 3 of the fair value hierarchy | At March 31, 2016 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired loans $ 18,975 Property appraisals (1) (3) Management discount for selling costs, property type and market volatility (2) 10% discount At September 30, 2015 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired loans $ 16,770 Property appraisals (1) (3) Management discount for selling costs, property type and market volatility (2) 10% discount Real estate owned $ 869 Property appraisals (1)(3) Management discount for selling costs, property type and market volatility (2) 10% discount (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally includes various Level 3 inputs, which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. (3) Includes qualitative adjustments by management and estimated liquidation expenses. |
Schedule of the estimated fair value amounts | Fair Value Measurements at March 31, 2016 Carrying Fair Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Cash and cash equivalents $ 7,330 $ 7,330 $ 7,330 $ - $ - Investment and mortgage-backed securities available for sale 143,235 143,235 36 143,199 - Investment and mortgage-backed securities held to maturity 44,488 45,591 - 45,591 - Loans receivable, net 322,182 322,200 - - 322,200 Accrued interest receivable 1,774 1,774 1,774 - - Federal Home Loan Bank stock 1,851 1,851 1,851 - - Bank owned life insurance 12,890 12,890 12,890 - - Liabilities: Checking accounts 38,776 38,776 38,776 - - Money market deposit accounts 57,470 57,470 57,470 - - Passbook, club and statement savings accounts 69,999 69,999 69,999 - - Certificates of deposit 217,825 220,340 - - 220,340 Advances from Federal Home Loan Bank 37,059 37,096 - - 37,096 Accrued interest payable 543 543 543 - - Advances from borrowers for taxes and insurance 1,777 1,777 1,777 - - 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 59 77,424 - 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 - - |
SIGNIFICANT ACCOUNTING POLICI30
SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) | 6 Months Ended | |
Mar. 31, 2016USD ($)BranchATMsshares | Mar. 31, 2015USD ($)shares | |
Significant Accounting Policies [Line Items] | ||
Number of full service branch offices | 5 | |
Number of ATMs in banking offices | ATMs | 6 | |
Purchase of treasury stock, shares | shares | 430,626 | 309,614 |
Purchase of treasury stock | $ | $ 6,705,000 | $ 3,790,000 |
2014 Stock Incentive Plan | ||
Significant Accounting Policies [Line Items] | ||
Purchase of treasury stock, shares | shares | 41,000 | |
Purchase of treasury stock | $ | $ 640,000 | |
Philadelphia (Philadelphia County) | ||
Significant Accounting Policies [Line Items] | ||
Number of full service branch offices | 5 | |
Drexel Hill, Delaware County, Pennsylvania | ||
Significant Accounting Policies [Line Items] | ||
Number of full service branch offices | 1 |
EARNINGS PER SHARE - Calculated
EARNINGS PER SHARE - Calculated basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings per share - basic | ||||
Net income | $ 548 | $ 1,701 | $ 961 | $ 2,172 |
Weighted average shares outstanding - basic | 7,380,880 | 8,571,846 | 7,498,933 | 8,712,938 |
Effect of common stock equivalents - basic | ||||
Adjusted weighted average shares used in earnings per share computation - basic | 7,380,880 | 8,571,846 | 7,498,933 | 8,712,938 |
Earnings per share - basic (in dollars per share) | $ 0.08 | $ 0.20 | $ 0.13 | $ 0.25 |
Earnings per share - diluted | ||||
Net income | $ 548 | $ 1,701 | $ 961 | $ 2,172 |
Weighted average shares outstanding - diluted | 7,380,880 | 8,571,846 | 7,498,933 | 8,712,938 |
Effect of common stock equivalents - diluted | 270,973 | 1,103,728 | 246,791 | 1,163,172 |
Adjusted weighted average shares used in earnings per share computation - diluted | 7,651,853 | 9,675,574 | 7,745,724 | 9,876,110 |
Earnings per share - diluted (in dollars per share) | $ 0.07 | $ 0.18 | $ 0.12 | $ 0.22 |
ACCUMULATED OTHER COMPREHENSI32
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in accumulated other comprehensive income (loss) by component net of tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning Balance | $ 18 | ||||
Total other comprehensive income | $ 1,547 | $ 568 | 765 | $ 1,054 | |
Ending Balance | 783 | 783 | |||
Unrealized gains (losses) on available for sale securities | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning Balance | [1] | (764) | (467) | 18 | (953) |
Other comprehensive income (loss) gain before reclassification | [1] | 1,547 | 568 | 765 | 1,054 |
Total other comprehensive income | [1] | 1,547 | 568 | 765 | 1,054 |
Ending Balance | [1] | $ 783 | $ 101 | $ 783 | $ 101 |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
INVESTMENT AND MORTGAGE-BACKE33
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 | Mar. 31, 2016 | Sep. 30, 2015 |
Securities Available for Sale: | ||
Amortized Cost | $ 142,048 | $ 77,456 |
Gross Unrealized Gains | 1,344 | 528 |
Gross Unrealized Losses | (157) | (501) |
Fair Value | 143,235 | 77,483 |
Securities Held to Maturity: | ||
Amortized Cost | 44,488 | 66,384 |
Gross Unrealized Gains | 1,238 | 1,342 |
Gross unrealized losses | (135) | (849) |
Fair value | 45,591 | 66,877 |
Debt securities available for sale | ||
Securities Available for Sale: | ||
Amortized Cost | 142,042 | 77,450 |
Gross Unrealized Gains | 1,314 | 475 |
Gross Unrealized Losses | (157) | (501) |
Fair Value | 143,199 | 77,424 |
U.S. government and agency obligations | ||
Securities Available for Sale: | ||
Amortized Cost | 18,988 | $ 18,988 |
Gross Unrealized Gains | 11 | |
Gross Unrealized Losses | (25) | $ (276) |
Fair Value | 18,974 | 18,712 |
Securities Held to Maturity: | ||
Amortized Cost | 34,102 | 54,929 |
Gross Unrealized Gains | 423 | 462 |
Gross unrealized losses | (135) | (849) |
Fair value | 34,390 | 54,542 |
Mortgage-backed securities - US government agencies | ||
Securities Available for Sale: | ||
Amortized Cost | 103,653 | 58,462 |
Gross Unrealized Gains | 1,060 | 475 |
Gross Unrealized Losses | (132) | (225) |
Fair Value | 104,581 | 58,712 |
Securities Held to Maturity: | ||
Amortized Cost | 10,386 | 11,455 |
Gross Unrealized Gains | $ 815 | $ 880 |
Gross unrealized losses | ||
Fair value | $ 11,201 | $ 12,335 |
Corporate bonds | ||
Securities Available for Sale: | ||
Amortized Cost | 19,401 | |
Gross Unrealized Gains | $ 243 | |
Gross Unrealized Losses | ||
Fair Value | $ 19,644 | |
FHLMC preferred stock | ||
Securities Available for Sale: | ||
Amortized Cost | 6 | 6 |
Gross Unrealized Gains | $ 30 | $ 53 |
Gross Unrealized Losses | ||
Fair Value | $ 36 | $ 59 |
INVESTMENT AND MORTGAGE-BACKE34
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 | Mar. 31, 2016 | Sep. 30, 2015 |
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | $ (51) | $ (223) |
Less than 12 months - Fair value | 13,236 | 27,083 |
More than 12 months - Gross Unrealized Losses | (106) | (278) |
More than 12 months - Fair value | 16,446 | 23,008 |
Gross Unrealized Losses - Total | (157) | (501) |
Fair Value - Total | 29,682 | $ 50,091 |
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | (7) | |
Less than 12 months - Fair value | 5,987 | |
More than 12 months - Gross Unrealized Losses | (128) | $ (849) |
More than 12 months - Fair value | 13,846 | 42,603 |
Gross Unrealized Losses -Total | (135) | (849) |
Fair Value - Total | 19,833 | 42,603 |
Less than 12 months - Gross Unrealized Losses | (58) | (223) |
Less than 12 months - Fair Value | 19,223 | 27,083 |
More than 12 months Gross Unrealized Losses | (234) | (1,127) |
More than 12 months - Fair Value | 30,292 | 65,611 |
Gross Unrealized Losses, Total | (292) | (1,350) |
Fair Value - Total | 49,515 | 92,694 |
U.S. government and agency obligations | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (10) | (85) |
Less than 12 months - Fair value | 2,990 | 4,910 |
More than 12 months - Gross Unrealized Losses | (15) | (191) |
More than 12 months - Fair value | 4,984 | 13,802 |
Gross Unrealized Losses - Total | (25) | (276) |
Fair Value - Total | 7,974 | $ 18,712 |
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | (7) | |
Less than 12 months - Fair value | 5,987 | |
More than 12 months - Gross Unrealized Losses | (128) | $ (849) |
More than 12 months - Fair value | 13,846 | 42,603 |
Gross Unrealized Losses -Total | (135) | (849) |
Fair Value - Total | 19,833 | 42,603 |
Mortgage-backed securities - US government agencies | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (41) | (138) |
Less than 12 months - Fair value | 10,246 | 22,173 |
More than 12 months - Gross Unrealized Losses | (91) | (87) |
More than 12 months - Fair value | 11,462 | 9,206 |
Gross Unrealized Losses - Total | (132) | (225) |
Fair Value - Total | $ 21,708 | $ 31,379 |
INVESTMENT AND MORTGAGE-BACKE35
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized cost and fair value of debt securities, by contractual maturity (Details 3) $ in Thousands | Mar. 31, 2016USD ($) |
Held to Maturity, Amortized Cost | |
Due within one year | |
Due after one through five years | |
Due after five through ten years | $ 1,999 |
Due after ten years | 32,103 |
Total | $ 34,102 |
Held to Maturity, Fair Value | |
Due within one year | |
Due after one through five years | |
Due after five through ten years | $ 2,235 |
Due after ten years | 32,155 |
Total | $ 34,390 |
Available for Sale, Amortized Cost | |
Due within one year | |
Due after one through five years | |
Due after five through ten years | $ 19,401 |
Due after ten years | 18,988 |
Total | $ 38,389 |
Available for Sale, Fair Value | |
Due within one year | |
Due after one through five years | |
Due after five through ten years | $ 19,644 |
Due after ten years | 18,974 |
Total | $ 38,618 |
INVESTMENT AND MORTGAGE-BACKE36
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Detail Textuals) | Mar. 31, 2016Security |
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 | 3 |
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | 9 |
U.S. Agency Issued Mortgage-Backed Securities | |
Marketable Securities [Line Items] | |
Number of investment securities in debt obligations in the category of loss position less than 12 months held by company | 7 |
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | 7 |
LOANS RECEIVABLE - Summary of L
LOANS RECEIVABLE - Summary of Loans receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | $ (3,038) | $ (2,930) | ||||
Net loans | 322,182 | 312,633 | ||||
Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
One-to-four family residential | 248,720 | 259,163 | ||||
Multi-family residential | 4,617 | 6,249 | ||||
Commercial real estate | 45,801 | 25,799 | ||||
Construction and land development | 36,338 | 38,953 | ||||
Consumer | 649 | 392 | ||||
Total loans | 336,125 | 330,556 | ||||
Undisbursed portion of loans-in-process | (12,838) | (17,097) | ||||
Deferred loan costs | 1,933 | 2,104 | ||||
Allowance for loan losses | (3,038) | $ (2,919) | (2,930) | $ (2,588) | $ (2,500) | $ (2,425) |
Net loans | $ 322,182 | $ 312,633 |
LOANS RECEIVABLE - Summary of38
LOANS RECEIVABLE - Summary of loans individually evaluated for impairment by loan segment (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Allowance for loan losses | ||||||
Total ending allowance balance | $ 3,038 | $ 2,930 | ||||
Loans Receivable | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | $ 3,038 | $ 2,930 | ||||
Total ending allowance balance | 3,038 | $ 2,919 | 2,930 | $ 2,588 | $ 2,500 | $ 2,425 |
Loans | ||||||
Individually evaluated for impairment | 18,975 | 16,770 | ||||
Collectively evaluated for impairment | 317,150 | 313,786 | ||||
Total loans | $ 336,125 | $ 330,556 | ||||
Loans Receivable | One-to-four family residential | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | $ 1,511 | $ 1,635 | ||||
Total ending allowance balance | 1,511 | 1,471 | 1,635 | 1,545 | 1,492 | 1,663 |
Loans | ||||||
Individually evaluated for impairment | 5,435 | 4,206 | ||||
Collectively evaluated for impairment | 243,285 | 254,957 | ||||
Total loans | $ 248,720 | $ 259,163 | ||||
Loans Receivable | Multi-family residential | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | $ 43 | $ 66 | ||||
Total ending allowance balance | 43 | 58 | $ 66 | 51 | 51 | 67 |
Loans | ||||||
Individually evaluated for impairment | 343 | |||||
Collectively evaluated for impairment | 4,274 | $ 6,249 | ||||
Total loans | $ 4,617 | $ 6,249 | ||||
Loans Receivable | Commercial real estate | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | $ 428 | $ 231 | ||||
Total ending allowance balance | 428 | 359 | 231 | 207 | 216 | 122 |
Loans | ||||||
Individually evaluated for impairment | 3,694 | 3,768 | ||||
Collectively evaluated for impairment | 42,107 | 22,031 | ||||
Total loans | $ 45,801 | $ 25,799 | ||||
Loans Receivable | Construction and land development | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | $ 773 | $ 724 | ||||
Total ending allowance balance | 773 | 757 | 724 | $ 545 | 493 | 323 |
Loans | ||||||
Individually evaluated for impairment | 9,503 | 8,796 | ||||
Collectively evaluated for impairment | 26,835 | 30,157 | ||||
Total loans | $ 36,338 | $ 38,953 | ||||
Loans Receivable | Commercial business | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | ||||||
Total ending allowance balance | 5 | 15 | ||||
Loans | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | ||||||
Total loans | ||||||
Loans Receivable | Consumer | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | $ 7 | $ 5 | ||||
Total ending allowance balance | $ 7 | 8 | $ 5 | $ 4 | 4 | 4 |
Loans | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | $ 649 | $ 392 | ||||
Total loans | $ 649 | $ 392 | ||||
Loans Receivable | Unallocated | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | $ 276 | $ 269 | ||||
Total ending allowance balance | $ 276 | $ 266 | $ 269 | $ 236 | $ 239 | $ 231 |
Loans | ||||||
Individually evaluated for impairment | ||||||
Collectively evaluated for impairment | ||||||
Total loans |
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 | Mar. 31, 2016 | Sep. 30, 2015 |
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 | $ 18,975 | $ 16,770 |
Total Impaired Loans - Recorded Investment | 18,975 | 16,770 |
Total impaired loans - Unpaid Principal Balance | $ 19,320 | $ 17,114 |
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 | $ 5,435 | $ 4,206 |
Total Impaired Loans - Recorded Investment | 5,435 | 4,206 |
Total impaired loans - Unpaid Principal Balance | $ 5,780 | $ 4,550 |
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 | $ 343 | |
Total Impaired Loans - Recorded Investment | 343 | |
Total impaired loans - Unpaid Principal Balance | $ 343 | |
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 | $ 3,694 | $ 3,768 |
Total Impaired Loans - Recorded Investment | 3,694 | 3,768 |
Total impaired loans - Unpaid Principal Balance | $ 3,694 | $ 3,768 |
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 | $ 9,503 | $ 8,796 |
Total Impaired Loans - Recorded Investment | 9,503 | 8,796 |
Total impaired loans - Unpaid Principal Balance | $ 9,503 | $ 8,796 |
LOANS RECEIVABLE - Average reco
LOANS RECEIVABLE - Average recorded investment in impaired loans and related interest income recognized (Details 3) - Loans Receivable - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average Recorded Investment | $ 18,527 | $ 21,930 | $ 18,060 | $ 21,934 |
Income Recognized on Accrual Basis | 173 | 287 | 337 | 588 |
Income Recognized on Cash Basis | 29 | 130 | 135 | 176 |
One-to-four family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average Recorded Investment | 5,069 | 10,068 | 4,781 | 10,179 |
Income Recognized on Accrual Basis | 20 | 124 | 43 | 263 |
Income Recognized on Cash Basis | 29 | 42 | 59 | 77 |
Multi-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average Recorded Investment | $ 345 | 361 | $ 348 | 363 |
Income Recognized on Accrual Basis | $ 6 | $ 13 | ||
Income Recognized on Cash Basis | ||||
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average Recorded Investment | $ 3,703 | $ 3,758 | $ 3,725 | $ 3,764 |
Income Recognized on Accrual Basis | $ 27 | 51 | 42 | 102 |
Income Recognized on Cash Basis | 24 | 12 | 35 | |
Construction and land development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average Recorded Investment | $ 9,410 | 7,743 | 9,206 | 7,628 |
Income Recognized on Accrual Basis | $ 126 | 106 | 252 | 210 |
Income Recognized on Cash Basis | $ 64 | $ 64 | $ 64 |
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 | Mar. 31, 2016 | Sep. 30, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 336,125 | $ 330,556 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 248,720 | 259,163 |
Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,617 | 6,249 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 45,801 | 25,799 |
Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 36,338 | $ 38,953 |
Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 649 | $ 392 |
Risk Rating System | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 92,191 | 75,207 |
Risk Rating System | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,435 | 4,206 |
Risk Rating System | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,617 | 6,249 |
Risk Rating System | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 45,801 | 25,799 |
Risk Rating System | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 36,338 | 38,953 |
Risk Rating System | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 75,551 | 59,408 |
Risk Rating System | Pass | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,355 | 1,348 |
Risk Rating System | Pass | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,274 | 5,898 |
Risk Rating System | Pass | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 42,088 | 22,005 |
Risk Rating System | Pass | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 26,834 | 30,157 |
Risk Rating System | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,661 | 3,423 |
Risk Rating System | Special Mention | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 1,705 | 2,107 |
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 | $ 956 | $ 965 |
Risk Rating System | Special Mention | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 13,979 | $ 12,376 |
Risk Rating System | Substandard | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,375 | $ 751 |
Risk Rating System | Substandard | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 343 | |
Risk Rating System | Substandard | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,757 | $ 2,829 |
Risk Rating System | Substandard | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 9,504 | $ 8,796 |
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 | Mar. 31, 2016 | Sep. 30, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 336,125 | $ 330,556 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 248,720 | 259,163 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 649 | 392 |
Non Risk Rating System | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 243,934 | 255,349 |
Non Risk Rating System | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 243,285 | 254,957 |
Non Risk Rating System | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 649 | 392 |
Non Risk Rating System | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 243,934 | 255,349 |
Non Risk Rating System | Performing | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 243,285 | 254,957 |
Non Risk Rating System | Performing | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 649 | $ 392 |
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 | Mar. 31, 2016 | Sep. 30, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 322,329 | $ 326,377 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | $ 2,647 | $ 1,966 |
Total Loans | 336,125 | 330,556 |
Non- Accrual | 15,183 | 13,932 |
30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 10,964 | 1,966 |
90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 2,832 | 2,213 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 243,804 | $ 255,669 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | $ 2,266 | $ 1,462 |
Total Loans | 248,720 | 259,163 |
Non- Accrual | 4,145 | 3,547 |
One-to-four family residential | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 2,266 | 1,462 |
One-to-four family residential | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 2,650 | 2,032 |
Multi-family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 4,617 | $ 6,249 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | ||
Total Loans | $ 4,617 | $ 6,249 |
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 | $ 43,994 | $ 25,114 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | $ 272 | $ 504 |
Total Loans | 45,801 | 25,799 |
Non- Accrual | 1,535 | 1,589 |
Commercial real estate | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,625 | 504 |
Commercial real estate | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 182 | 181 |
Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 29,374 | |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | ||
Total Loans | $ 36,338 | |
Non- Accrual | 9,503 | |
Construction and land development | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | $ 6,964 | |
Construction and land development | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | ||
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 540 | $ 392 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | $ 109 | |
Total Loans | $ 649 | $ 392 |
Non- Accrual | ||
Consumer | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | $ 109 | |
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 | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | $ 2,930 | |||
Provision | $ 75 | $ 300 | 75 | $ 375 |
ALLL balance | 3,038 | 3,038 | ||
Loans Receivable | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | $ 2,919 | 2,500 | 2,930 | 2,425 |
Charge-offs | $ (212) | (11) | $ (212) | |
Recoveries | $ 44 | 44 | ||
Provision | 75 | $ 300 | 75 | $ 375 |
ALLL balance | 3,038 | 2,588 | 3,038 | 2,588 |
Loans Receivable | One- to four-family residential | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | $ 1,471 | 1,492 | 1,635 | 1,663 |
Charge-offs | $ (212) | $ (11) | $ (212) | |
Recoveries | ||||
Provision | $ 40 | $ 265 | $ (113) | $ 94 |
ALLL balance | 1,511 | 1,545 | 1,511 | 1,545 |
Loans Receivable | Multi-family residential | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | $ 58 | $ 51 | $ 66 | $ 67 |
Charge-offs | ||||
Recoveries | ||||
Provision | $ (15) | $ (23) | $ (16) | |
ALLL balance | 43 | $ 51 | 43 | 51 |
Loans Receivable | Commercial real estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | $ 359 | $ 216 | $ 231 | $ 122 |
Charge-offs | ||||
Recoveries | ||||
Provision | $ 69 | $ (9) | $ 197 | $ 85 |
ALLL balance | 428 | 207 | 428 | 207 |
Loans Receivable | Construction and land development | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | $ 757 | $ 493 | $ 724 | $ 323 |
Charge-offs | ||||
Recoveries | $ 44 | $ 44 | ||
Provision | (28) | $ 52 | 5 | $ 222 |
ALLL balance | 773 | 545 | $ 773 | 545 |
Loans Receivable | Commercial business | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | $ 5 | $ 15 | ||
Charge-offs | ||||
Recoveries | ||||
Provision | $ (5) | $ (15) | ||
ALLL balance | ||||
Loans Receivable | Consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | $ 8 | $ 4 | $ 5 | $ 4 |
Charge-offs | ||||
Recoveries | ||||
Provision | $ (1) | $ 2 | ||
ALLL balance | 7 | $ 4 | 7 | $ 4 |
Loans Receivable | Unallocated | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
ALLL balance | $ 266 | $ 239 | $ 269 | $ 231 |
Charge-offs | ||||
Recoveries | ||||
Provision | $ 10 | $ (3) | $ 7 | $ 5 |
ALLL balance | $ 276 | $ 236 | $ 276 | $ 236 |
LOANS RECEIVABLE (Detail Textua
LOANS RECEIVABLE (Detail Textuals) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016USD ($)Security | Mar. 31, 2015USD ($) | Mar. 31, 2016USD ($)Security | Mar. 31, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Loans | Security | 2 | |||
Provision | $ 75,000 | $ 300,000 | $ 75,000 | $ 375,000 |
Loans Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Loans | Security | 10 | |||
Pre-Modification Outstanding Recorded Investment | $ 7,900,000 | |||
Provision | 75,000 | 300,000 | 75,000 | 375,000 |
Loans Receivable | One- to four-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision | $ 40,000 | 265,000 | (113,000) | 94,000 |
Loans Receivable | Single family real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Loans | Security | 2 | |||
Pre-Modification Outstanding Recorded Investment | $ 1,600,000 | |||
Loans Receivable | Single family real estate | Nonperforming | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Loans | Security | 1 | |||
Pre-Modification Outstanding Recorded Investment | $ 1,400,000 | |||
Loans Receivable | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Loans | Security | 7 | |||
Pre-Modification Outstanding Recorded Investment | $ 2,900,000 | |||
Provision | 69,000 | (9,000) | $ 197,000 | 85,000 |
Number of loans exception to TDRs | Security | 1 | |||
Exception to TDRs | $ 756,000 | |||
Loan 60 to 89 days past due | $ 731,000 | |||
Loans Receivable | Construction and land development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Loans | Security | 1 | |||
Pre-Modification Outstanding Recorded Investment | $ 3,400,000 | |||
Provision | (28,000) | $ 52,000 | $ 5,000 | $ 222,000 |
Loan 60 to 89 days past due | $ 3,400,000 |
DEPOSITS - Major classification
DEPOSITS - Major classifications of deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 |
Amount | ||
Money market deposit accounts | $ 57,470 | $ 60,736 |
Interest-bearing checking accounts | 36,001 | 35,649 |
Non-interest bearing checking accounts | 2,775 | 2,293 |
Passbook, club and statement savings | 69,999 | 70,355 |
Certificates maturing in six months or less | 69,843 | 49,857 |
Certificates maturing in more than six months | 147,982 | 146,184 |
Total deposits | $ 384,070 | $ 365,074 |
Percent | ||
Money market deposit accounts | 15.00% | 16.60% |
Interest-bearing checking accounts | 9.40% | 9.80% |
Non-interest bearing checking accounts | 0.70% | 0.60% |
Passbook, club and statement savings | 18.20% | 19.30% |
Certificates maturing in six months or less | 18.20% | 13.70% |
Certificates maturing in more than six months | 38.50% | 40.00% |
Total | 100.00% | 100.00% |
DEPOSITS (Detail Textuals)
DEPOSITS (Detail Textuals) - USD ($) $ in Millions | Mar. 31, 2016 | Sep. 30, 2015 |
Deposits [Abstract] | ||
Certificates of $250,000 and over | $ 17.2 | $ 32.7 |
ADVANCES (Details)
ADVANCES (Details) $ in Thousands | 6 Months Ended |
Mar. 31, 2016USD ($) | |
Federal Home Loan Bank, Advances [Line Items] | |
Amount | $ 37,059 |
Coupon | 1.21% |
Fixed Rate -Advance Maturity Date 1-Apr-16 | |
Federal Home Loan Bank, Advances [Line Items] | |
Maturity Date | Apr. 1, 2016 |
Amount | $ 3,000 |
Coupon | 0.60% |
Call Date | Not Applicable |
Fixed Rate -Advance Maturity Date 4-Apr-16 | |
Federal Home Loan Bank, Advances [Line Items] | |
Maturity Date | Apr. 4, 2016 |
Amount | $ 3,000 |
Coupon | 0.60% |
Call Date | Not Applicable |
Fixed Rate -Advance Maturity Date 17-Nov-17 | |
Federal Home Loan Bank, Advances [Line Items] | |
Maturity Date | Nov. 17, 2017 |
Amount | $ 10,000 |
Coupon | 1.20% |
Call Date | Not Applicable |
Fixed Rate -Amortizing Maturity Date 1-Dec-17 | |
Federal Home Loan Bank, Advances [Line Items] | |
Maturity Date | Dec. 1, 2017 |
Amount | $ 3,505 |
Coupon | 1.16% |
Call Date | Not Applicable |
Fixed Rate -Advance Maturity Date 4-Dec-17 | |
Federal Home Loan Bank, Advances [Line Items] | |
Maturity Date | Dec. 4, 2017 |
Amount | $ 2,000 |
Coupon | 1.15% |
Call Date | Not Applicable |
Fixed Rate -Advance Maturity Date 16-Nov-18 | |
Federal Home Loan Bank, Advances [Line Items] | |
Maturity Date | Nov. 16, 2018 |
Amount | $ 7,500 |
Coupon | 1.40% |
Call Date | Not Applicable |
Fixed Rate -Advance Maturity Date 3-Dec-18 | |
Federal Home Loan Bank, Advances [Line Items] | |
Maturity Date | Dec. 3, 2018 |
Amount | $ 3,000 |
Coupon | 1.54% |
Call Date | Not Applicable |
Fixed Rate -Amortizing Maturity Date 18-Nov-19 | |
Federal Home Loan Bank, Advances [Line Items] | |
Maturity Date | Nov. 18, 2019 |
Amount | $ 5,054 |
Coupon | 1.53% |
Call Date | Not Applicable |
INCOME TAXES - Items that gave
INCOME TAXES - Items that gave rise to significant portions of deferred income taxes (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 |
Deferred tax assets: | ||
Allowance for loan losses | $ 1,210 | $ 1,185 |
Nonaccrual interest | 96 | 86 |
Accrued vacation | 37 | 119 |
Capital loss carryforward | 506 | 534 |
Split dollar life insurance | 19 | 19 |
Post-retirement benefits | 104 | 126 |
Employee benefit plans | 579 | 530 |
Total deferred tax assets | 2,551 | 2,599 |
Valuation allowance | (506) | (534) |
Total deferred tax assets, net of valuation allowance | 2,045 | 2,065 |
Deferred tax liabilities: | ||
Property | 533 | 365 |
Unrealized gains on available for sale securities | 404 | 10 |
Deferred loan fees | 657 | 715 |
Total deferred tax liabilities | 1,594 | 1,090 |
Net deferred tax assets | $ 451 | $ 975 |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 506 | $ 534 |
STOCK COMPENSATION PLANS - Summ
STOCK COMPENSATION PLANS - Summary of non-vested stock award activity (Details) - 2008 Recognition and Retention Plan ("2008 RRP") - Nonvested Stock Awards - $ / shares | 6 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Number of Shares | ||
Nonvested stock awards at October 1 | 241,428 | 38,055 |
Issued | 235,500 | |
Forfeited | (36,762) | |
Vested | (49,511) | (9,578) |
Nonvested stock awards at the March 31 | 155,155 | 263,977 |
Weighted Average Grant Date Fair Value | ||
Nonvested stock awards at October 1 | $ 11.74 | $ 8.07 |
Issued | $ 12.23 | |
Forfeited | $ 11.55 | |
Vested | 11.47 | $ 8.07 |
Nonvested stock awards at the March 31 | $ 11.87 | $ 12.07 |
STOCK COMPENSATION PLANS - Su52
STOCK COMPENSATION PLANS - Summary of status of stock options under Stock Option Plan (Details 1) - Stock Options Plan - Stock Options - $ / shares | 6 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Number of Shares | ||
Outstanding at October 1 | 1,074,430 | 530,084 |
Granted | 608,737 | |
Exercised | (130,535) | |
Forfeited | (93,939) | |
Outstanding at March 31 | 849,956 | 1,138,821 |
Exercisable at March 31 | 347,037 | 417,767 |
Weighted Average Exercise Price | ||
Outstanding at October 1 | $ 11.92 | $ 10.86 |
Granted | $ 12.23 | |
Exercised | $ 11.49 | |
Forfeited | 11.55 | |
Outstanding at March 31 | 12.03 | $ 11.59 |
Exercisable at March 31 | $ 11.38 | $ 11.37 |
STOCK COMPENSATION PLANS (Detai
STOCK COMPENSATION PLANS (Detail Textuals) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Jan. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
ESOP shares committed to be released, shares | 17,758 | 17,756 | ||
Compensation expense of ESOP | $ 265 | $ 238 | ||
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) | 30,100 | 255,564 | 427,057 | |
Aggregate cost of common stock purchased under employee stock ownership plan (ESOP) | $ 3,100 | $ 4,500 | ||
Number of shares allocated from suspense account to participants | 697,271 | |||
ESOP shares committed to be released, shares | 286,635 | |||
Compensation expense of ESOP | $ 265 | $ 238 |
STOCK COMPENSATION PLANS (Det54
STOCK COMPENSATION PLANS (Detail Textuals 1) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
2008 Recognition and Retention Plan ("2008 RRP") | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares purchased by RRP trust | 213,528 | ||||
Value of shares purchased in open market by RRP trust | $ 2,500,000 | ||||
Average price per share of common stock purchased in the open market | $ 11.49 | $ 11.49 | |||
Number of forfeit shares exceptional for award | 6,262 | ||||
Percentage of vesting per year | 20.00% | ||||
Vesting period of awards granted | 5 years | ||||
2014 Stock Incentive Plan | Restricted stock awards or units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of forfeit shares exceptional for award | 30,500 | ||||
Maximum number of shares awarded under the plan | 285,655 | ||||
Number of shares granted | 235,500 | ||||
2008 RRP and 2014 SIP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Recognized compensation expense | $ 115,000 | $ 84,000 | $ 243,000 | $ 105,000 | |
Tax benefit (expense) from stock-based compensation | $ 39,000,000 | $ 29,000,000 | $ 83,000,000 | $ 36,000,000 |
STOCK COMPENSATION PLANS (Det55
STOCK COMPENSATION PLANS (Detail Textuals 2) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Feb. 28, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2010 | Sep. 30, 2009 | |
2008 Stock Option Plan (the "2008 Option Plan") | Stock Options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Percentage of vesting and exercisable per year | 20.00% | |||||||||
Vesting period of options | 5 years | |||||||||
Exercisable period of options after grant date | 10 years | |||||||||
Number of common stock available for issuance | 533,808 | 533,808 | ||||||||
Number of vested options | 442,155 | |||||||||
Number of shares forfeited | 7,932 | |||||||||
Weighted average remaining contractual term for options outstanding | 6 years 6 months | |||||||||
Estimated fair value of options granted per share | $ 4.58 | $ 4.67 | $ 3.34 | $ 2.92 | $ 2.98 | |||||
Fair value, valuation method | Black-Scholes pricing model | |||||||||
Exercise price and fair value | $ 12.23 | $ 12.23 | ||||||||
Expected term | 7 years | |||||||||
Volatility rate | 38.16% | |||||||||
Expected interest rate | 1.62% | |||||||||
Expected yield | 0.98% | |||||||||
Unrecognized compensation expense for options | $ 2,100,000 | $ 2,100,000 | ||||||||
Weighted average period for expense recognize | 3 years 10 months 24 days | |||||||||
2014 Stock Incentive Plan | Stock Options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares for issuance pursuant to options | 714,145 | 714,145 | ||||||||
Number of shares purchased for award | 587,112 | 608,737 | ||||||||
Number of shares forfeited | 78,000 | |||||||||
2008 RRP and 2014 SIP | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Recognized compensation expense | $ 115,000 | $ 84,000 | $ 243,000 | $ 105,000 | ||||||
Tax benefit from stock-based compensation | 39,000 | 29,000 | 83,000 | 36,000 | ||||||
Unrecognized compensation expense for options | 2,500,000 | 3,000,000 | 2,500,000 | 3,000,000 | ||||||
2008 Option Plan and 2014 SIP | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Recognized compensation expense | 112,000 | 86,000 | 248,000 | 111,000 | ||||||
Tax benefit from stock-based compensation | $ 13,000 | $ 9,000 | $ 29,000 | $ 12,000 |
COMMITMENTS AND CONTINGENT LI56
COMMITMENTS AND CONTINGENT LIABILITIES (Detail Textuals) - USD ($) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Sep. 30, 2015 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | $ 49,000 | |
Loans Receivable | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Aggregate undisbursed portion of loans-in-process | 12,838,000 | $ 17,097,000 |
Loan Origination Commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | 23,000,000 | 2,500,000 |
Aggregate undisbursed portion of loans-in-process | $ 12,800,000 | $ 17,000,000 |
Loan Origination Commitments | Minimum | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Market interest rate on fixed and variable rate loans | 5.50% | 4.25% |
Loan Origination Commitments | Maximum | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Market interest rate on fixed and variable rate loans | 3.75% | 5.25% |
Unused lines of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | $ 3,400,000 | $ 6,100,000 |
Letters of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | $ 2,900,000 | $ 2,600,000 |
FAIR VALUE MEASUREMENT - Assets
FAIR VALUE MEASUREMENT - Assets measured at fair value on recurring basis (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Sep. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment and mortgage-backed securities available for sale | $ 143,235 | $ 77,483 |
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 | 18,974 | 18,712 |
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 | 104,581 | 58,712 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment and mortgage-backed securities available for sale | 19,644 | |
FHLMC preferred stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment and mortgage-backed securities available for sale | 36 | 59 |
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 | 36 | 59 |
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 | $ 143,199 | $ 77,424 |
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 | 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 | $ 18,974 | $ 18,712 |
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 | 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 | $ 104,581 | $ 58,712 |
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 | Corporate bonds | 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 | Corporate bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment and mortgage-backed securities available for sale | $ 19,644 | |
Fair Value, Measurements, Recurring | Corporate bonds | 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 | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment and mortgage-backed securities available for sale | $ 36 | $ 59 |
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 | Mar. 31, 2016 | Sep. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 18,975 | $ 16,770 |
Real estate owned | 869 | |
Total | $ 18,975 | $ 17,639 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Real estate owned | ||
Total | ||
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Real estate owned | $ 869 | |
Total | 869 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 18,975 | $ 16,770 |
Real estate owned | ||
Total | $ 18,975 | $ 16,770 |
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 | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Sep. 30, 2015 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 18,975 | $ 17,639 | |
Level 3 | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | 18,975 | 16,770 | |
Level 3 | Impaired loan | Property Appraisals Valuation Technique | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 18,975 | $ 16,770 | |
Valuation Technique | [1],[2] | Property appraisals | Property appraisals |
Unobservable Input | [3] | 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 | Property Appraisals Valuation Technique | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 869 | ||
Valuation Technique | [1],[2] | Property appraisals | |
Unobservable Input | [3] | Management discount for selling costs, property type and market volatility | |
Management discount rate | 10.00% | ||
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally includes various Level 3 inputs, which are not identifiable. | ||
[2] | Includes qualitative adjustments by management and estimated liquidation expenses. | ||
[3] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
FAIR VALUE MEASUREMENT - Asse60
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 | Mar. 31, 2016 | Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 |
Assets: | ||||
Cash and cash equivalents | $ 7,330 | $ 11,272 | $ 27,422 | $ 45,382 |
Investment and mortgage-backed securities available for sale | 143,235 | 77,483 | ||
Investment and mortgage-backed securities held to maturity | 44,488 | 66,384 | ||
Loans receivable, net | 322,182 | 312,633 | ||
Accrued interest receivable | 1,774 | 1,665 | ||
Federal Home Loan Bank stock | 1,851 | 369 | ||
Bank owned life insurance | 12,890 | 12,722 | ||
Liabilities: | ||||
Checking accounts | 38,776 | 37,942 | ||
Money market deposit accounts | 57,470 | 60,736 | ||
Passbook, club and statement savings accounts | 69,999 | 70,355 | ||
Certificates of deposit | 217,825 | 196,041 | ||
Advances from Federal Home Loan Bank | 37,059 | |||
Accrued interest payable | 543 | 1,291 | ||
Advances from borrowers for taxes and insurance | 1,777 | 1,670 | ||
Fair Value | ||||
Assets: | ||||
Cash and cash equivalents | 7,330 | 11,272 | ||
Investment and mortgage-backed securities available for sale | 143,235 | 77,483 | ||
Investment and mortgage-backed securities held to maturity | 45,591 | 66,877 | ||
Loans receivable, net | 322,200 | 312,613 | ||
Accrued interest receivable | 1,774 | 1,665 | ||
Federal Home Loan Bank stock | 1,851 | 369 | ||
Bank owned life insurance | 12,890 | 12,722 | ||
Liabilities: | ||||
Checking accounts | 38,776 | 37,942 | ||
Money market deposit accounts | 57,470 | 60,736 | ||
Passbook, club and statement savings accounts | 69,999 | 70,355 | ||
Certificates of deposit | 220,340 | 199,639 | ||
Advances from Federal Home Loan Bank | 37,096 | |||
Accrued interest payable | 543 | 1,291 | ||
Advances from borrowers for taxes and insurance | 1,777 | 1,670 | ||
Level 1 | ||||
Assets: | ||||
Cash and cash equivalents | 7,330 | 11,272 | ||
Investment and mortgage-backed securities available for sale | $ 36 | $ 59 | ||
Investment and mortgage-backed securities held to maturity | ||||
Loans receivable, net | ||||
Accrued interest receivable | $ 1,774 | $ 1,665 | ||
Federal Home Loan Bank stock | 1,851 | 369 | ||
Bank owned life insurance | 12,890 | 12,722 | ||
Liabilities: | ||||
Checking accounts | 38,776 | 37,942 | ||
Money market deposit accounts | 57,470 | 60,736 | ||
Passbook, club and statement savings accounts | $ 69,999 | $ 70,355 | ||
Certificates of deposit | ||||
Advances from Federal Home Loan Bank | ||||
Accrued interest payable | $ 543 | $ 1,291 | ||
Advances from borrowers for taxes and insurance | $ 1,777 | $ 1,670 | ||
Level 2 | ||||
Assets: | ||||
Cash and cash equivalents | ||||
Investment and mortgage-backed securities available for sale | $ 143,199 | $ 77,424 | ||
Investment and mortgage-backed securities held to maturity | $ 45,591 | $ 66,877 | ||
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 | ||||
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 | $ 322,200 | $ 312,613 | ||
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 | $ 220,340 | $ 199,639 | ||
Advances from Federal Home Loan Bank | $ 37,096 | |||
Accrued interest payable | ||||
Advances from borrowers for taxes and insurance |
FAIR VALUE MEASUREMENT (Detail
FAIR VALUE MEASUREMENT (Detail Textuals) $ in Millions | Mar. 31, 2016USD ($) |
Level 2 | |
Financing Receivable, Impaired [Line Items] | |
Collateral dependent impaired loans, fair value | $ 19 |