Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 06, 2016 | Mar. 31, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | PRUDENTIAL BANCORP, INC. | ||
Entity Central Index Key | 1,578,776 | ||
Trading Symbol | pbip | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock Shares Outstanding | 8,045,544 | ||
Entity Public Float | $ 103.2 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
ASSETS | ||
Cash and amounts due from depository institutions | $ 1,965 | $ 2,150 |
Interest-bearing deposits | 10,475 | 9,122 |
Total cash and cash equivalents | 12,440 | 11,272 |
Certificate of deposits | 1,853 | |
Investment and mortgage-backed securities available for sale (amortized cost - September 30, 2016, $137,222; September 30, 2015, $77,456) | 138,694 | 77,483 |
Investment and mortgage-backed securities held to maturity (fair value - September 30, 2016, $40,700; September 30, 2015, $66,877) | 39,971 | 66,384 |
Loans receivable - net of allowance for loan losses (September 30, 2016, $3,269; September 30, 2015, $2,930) | 344,948 | 312,633 |
Accrued interest receivable | 1,928 | 1,665 |
Real estate owned | 581 | 869 |
Federal Home Loan Bank stock - at cost | 2,463 | 369 |
Office properties and equipment - net | 1,344 | 1,492 |
Bank owned life insurance (BOLI) | 13,055 | 12,722 |
Deferred income taxes, net | 569 | 975 |
Prepaid expenses and other assets | 1,634 | 1,325 |
TOTAL ASSETS | 559,480 | 487,189 |
Deposits: | ||
Non-interest-bearing | 3,804 | 2,293 |
Interest-bearing | 385,397 | 362,781 |
Total deposits | 389,201 | 365,074 |
Advances from Federal Home Loan Bank - Short Term | 20,000 | |
Advances from Federal Home Loan Bank | 30,638 | |
Accrued interest payable | 1,403 | 1,291 |
Advances from borrowers for taxes and insurance | 1,748 | 1,670 |
Accounts payable and accrued expenses | 2,488 | 2,153 |
Total liabilities | 445,478 | 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 8,045,544 outstanding at September 30, 2016; 9,544,809 issued and 8,449,625 outstanding at September 30, 2015 | 95 | 95 |
Additional paid-in capital | 95,713 | 95,286 |
Unearned Employee Stock Ownership Plan ("ESOP") shares | (4,550) | (4,926) |
Treasury stock, at cost: 1,499,265 shares at September 30, 2016 and 1,095,184 shares at September 30, 2015 | (21,098) | (14,691) |
Retained earnings | 43,044 | 41,219 |
Accumulated other comprehensive income | 798 | 18 |
Total stockholders' equity | 114,002 | 117,001 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 559,480 | $ 487,189 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Statement Of Financial Position [Abstract] | ||
Investment and mortgage-backed securities available for sale, amortized cost (in dollars) | $ 137,222 | $ 77,456 |
Investment and mortgage-backed securities held to maturity, fair value (in dollars) | 40,700 | 66,877 |
Allowance for loan losses on loans receivable (in dollars) | $ 3,269 | $ 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 | 8,045,544 | 8,449,625 |
Treasury stock, shares | 1,499,265 | 1,095,184 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
INTEREST INCOME: | |||
Interest and fees on loans | $ 12,909 | $ 12,760 | $ 12,737 |
Interest on mortgage-backed securities | 2,494 | 1,799 | 1,411 |
Interest and dividends on investments | 1,979 | 2,003 | 2,199 |
Interest on interest-bearing deposits | 101 | 118 | 118 |
Total interest income | 17,483 | 16,680 | 16,465 |
INTEREST EXPENSE: | |||
Interest on deposits | 2,861 | 3,430 | 3,401 |
Interest on short-term borrowings | 95 | ||
Interest on long-term borrowings | 370 | ||
Total interest expense | 3,326 | 3,430 | 3,401 |
NET INTEREST INCOME | 14,157 | 13,250 | 13,064 |
PROVISION FOR LOAN LOSSES | 225 | 735 | 240 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 13,932 | 12,515 | 12,824 |
NON-INTEREST INCOME: | |||
Fees and other service charges | 464 | 368 | 385 |
Gain on sale of mortgage-backed securities available for sale | 418 | 416 | |
Other-than-temporary impairment losses | (16) | ||
Gain on sale of loans | 11 | 138 | |
Gain on sale of office properties | 2,064 | ||
Earnings from BOLI | 333 | 344 | 258 |
Other | 111 | 94 | 68 |
Total non-interest income | 1,337 | 3,008 | 1,111 |
NON-INTEREST EXPENSES: | |||
Salaries and employee benefits | 6,518 | 7,996 | 6,741 |
Data processing | 456 | 413 | 432 |
Professional services | 1,075 | 1,378 | 1,190 |
Office occupancy | 670 | 701 | 477 |
Depreciation | 325 | 304 | 320 |
Director compensation | 424 | 354 | 330 |
Federal Deposit Insurance Corporation premiums | 396 | 314 | 258 |
Real estate owned expense | 19 | 22 | 146 |
Advertising | 103 | 165 | 186 |
Merger related expenses | 300 | ||
Other | 1,004 | 1,528 | 1,385 |
Total non-interest expenses | 11,290 | 13,175 | 11,465 |
INCOME BEFORE INCOME TAXES | 3,979 | 2,348 | 2,470 |
INCOME TAXES: | |||
Current | 1,275 | 461 | 690 |
Deferred benefit | (16) | (345) | |
Total | 1,259 | 116 | 690 |
NET INCOME | $ 2,720 | $ 2,232 | $ 1,780 |
BASIC EARNINGS PER SHARE (in dollars per share) | $ 0.37 | $ 0.27 | $ 0.20 |
DILUTED EARNINGS PER SHARE (in dollars per share) | 0.36 | 0.26 | 0.19 |
DIVIDENDS PER SHARE (in dollars per share) | $ 0.12 | $ 0.27 | $ 0.06 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement Of Other Comprehensive Income [Abstract] | |||
Net income | $ 2,720 | $ 2,232 | $ 1,780 |
Unrealized holding gain on available-for-sale securities | 1,801 | 1,471 | 918 |
Tax effect | (612) | (500) | (312) |
Reclassification adjustment for net gains realized in net income | (418) | (416) | |
Tax effect | 142 | 138 | |
Unrealized holding gain (loss) on interest rate swaps | (202) | ||
Tax effect | 69 | ||
Reclassification adjustment for other than temporary impairment losses on debt securities | 16 | ||
Tax effect | (5) | ||
Total Other Comprehensive Income | 780 | 971 | 339 |
Comprehensive Income | $ 3,500 | $ 3,203 | $ 2,119 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Unearned ESOP Shares | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
BALANCE at Sep. 30, 2013 | $ 118 | $ 55,276 | $ (2,565) | $ (31,625) | $ 40,000 | $ (1,292) | $ 59,912 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,780 | 1,780 | |||||
Other comprehensive income (loss) | 339 | 339 | |||||
Dividends paid ($0.06, $0.27 and $0.12 per share for September 30, 2014, 2015 and September 30, 2016 respectively) | (571) | (571) | |||||
Second-step conversion offering | (23) | 38,725 | 31,625 | 70,327 | |||
Tax benefit from stock compensation plans | 79 | 79 | |||||
Stock option expense | 138 | 138 | |||||
Recognition and Retention Plan expense | 121 | 121 | |||||
Purchase of ESOP Shares (285,664) | (3,089) | (3,089) | |||||
ESOP shares committed to be released (32,064, 32,064 and 35,516 shares for September 30, 2014, 2015 and 2016, respectively) | 37 | 352 | 389 | ||||
BALANCE at Sep. 30, 2014 | 95 | 94,376 | (5,302) | 41,209 | (953) | 129,425 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,232 | 2,232 | |||||
Other comprehensive income (loss) | 971 | 971 | |||||
Dividends paid ($0.06, $0.27 and $0.12 per share for September 30, 2014, 2015 and September 30, 2016 respectively) | (2,222) | (2,222) | |||||
Tax benefit from stock compensation plans | 201 | 201 | |||||
Purchase of treasury stock (1,095,184 and 445,881 shares for September 30, 2015 and 2016, respectively) | (14,691) | (14,691) | |||||
Stock option expense | 343 | 343 | |||||
Recognition and Retention Plan expense | 275 | 275 | |||||
ESOP shares committed to be released (32,064, 32,064 and 35,516 shares for September 30, 2014, 2015 and 2016, respectively) | 91 | 376 | 467 | ||||
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 | 2,720 | 2,720 | |||||
Other comprehensive income (loss) | 780 | 780 | |||||
Dividends paid ($0.06, $0.27 and $0.12 per share for September 30, 2014, 2015 and September 30, 2016 respectively) | (895) | (895) | |||||
Tax benefit from stock compensation plans | 217 | 217 | |||||
Purchase of treasury stock (1,095,184 and 445,881 shares for September 30, 2015 and 2016, respectively) | (7,047) | (7,047) | |||||
Stock option expense | 395 | 395 | |||||
Recognition and Retention Plan expense | 305 | 305 | |||||
Acquired shares for Recognition and Retension (41,800 shares) | (640) | 640 | |||||
ESOP shares committed to be released (32,064, 32,064 and 35,516 shares for September 30, 2014, 2015 and 2016, respectively) | 150 | 376 | 526 | ||||
BALANCE at Sep. 30, 2016 | $ 95 | $ 95,713 | $ (4,550) | $ (21,098) | $ 43,044 | $ 798 | $ 114,002 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement Of Stockholders Equity [Abstract] | |||
Dividends paid (in dollars per share) | $ 0.12 | $ 0.27 | $ 0.06 |
Treasury stock, shares | 445,881 | 1,095,184 | |
Purchase of ESOP Shares | 285,664 | ||
Shares Acquired for Recognition and Retension | 41,800 | ||
ESOP shares committed to be released | 35,516 | 32,064 | 32,064 |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES OF CASH FLOW - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
OPERATING ACTIVITIES: | |||
Net income | $ 2,720 | $ 2,232 | $ 1,780 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 225 | 735 | 240 |
Depreciation | 325 | 304 | 320 |
Net accretion of premiums/discounts | (151) | (244) | (282) |
Earnings on BOLI | (333) | (344) | (258) |
Accretion of deferred loan fees | 177 | 214 | 211 |
Compensation expense of ESOP | 526 | 467 | 389 |
Gain on sale of investment and mortgage-backed securities | (418) | (416) | |
Gain on sale of office properties | (2,064) | ||
Gain on sale of real estate owned | (56) | ||
Gain on sale of loans | (11) | (138) | |
Proceeds from the sale of loans held for sale | 461 | 2,538 | |
Originations of loans held for sale | (450) | (2,400) | |
Impairment charge on investment and mortgage-backed securities | 16 | ||
Share-based compensation expense | 700 | 571 | 259 |
Deferred income tax expense | (16) | (345) | |
Changes in assets and liabilities which provided (used) cash: | |||
Accounts payable and accrued expenses | 335 | 186 | 216 |
Accrued interest payable | 112 | (195) | (180) |
Prepaid expenses and other assets | (597) | 911 | 1,338 |
Accrued interest receivable | (263) | 83 | 43 |
Net cash provided by operating activities | 3,286 | 2,511 | 3,676 |
INVESTING ACTIVITIES: | |||
Purchase of investment and mortgage-backed securities held to maturity | (30,500) | (10,977) | |
Purchase of investment and mortgage-backed securities available for sale | (49,639) | (24,865) | (22,669) |
Purchase of corporate debt bonds | (25,495) | ||
Principal collected on loans | 53,965 | 67,105 | 53,554 |
Principal payments received on investment and mortgage-backed securities: | |||
Held-to-maturity | 56,988 | 14,506 | 13,922 |
Available for sale | 4,348 | 6,865 | 4,543 |
Loans originated or acquired | (87,264) | (60,492) | (68,634) |
Purchase certificate of deposits | (2,351) | ||
Redemption of certificates of deposits | 498 | ||
Purchase of Federal Home Loan Bank stock | (2,094) | (40) | |
Proceeds from redemption of Federal Home Loan Bank stock | 852 | ||
Proceeds from sale of mortgage-backed securities | 11,560 | 3,237 | |
Proceeds from sale of real estate owned | 925 | 360 | 129 |
Proceeds from the sale of office property | 2,259 | ||
Purchase of bank owned life insurance | (5,000) | ||
Purchases of equipment | (177) | (659) | (126) |
Net cash (used in) provided by investing activities | (69,236) | 5,931 | (32,061) |
FINANCING ACTIVITIES: | |||
Net (decrease) increase in demand deposits, NOW accounts, and savings accounts | (3,548) | (9,353) | (4,389) |
Net increase (decrease) in certificates of deposit | 27,675 | (16,598) | (1,659) |
Funds (redemption) held in escrow related to second-step offering | (145,675) | ||
Net Increase from FHLB short-term borrowings | 20,000 | ||
Proceeds from FHLB long-term borrowings | 33,245 | ||
Repayment of borrowing from Federal Home Loan Bank | (2,607) | (340) | |
Issuance of common stock from second-step conversion | 38,702 | ||
Cancellation of treasury stock | 31,625 | ||
Purchase treasury stock | (7,047) | (14,691) | |
Cash dividends paid | (895) | (2,201) | (571) |
Increase (decrease) increase in advances from borrowers for taxes and insurance | 78 | 430 | (240) |
Purchase of stock for ESOP | (3,089) | ||
Tax benefit related to stock compensation | 217 | 201 | 79 |
Net cash provided by (used in) in financing activities | 67,118 | (42,552) | (85,217) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 1,168 | (34,110) | (113,602) |
CASH AND CASH EQUIVALENTS - Beginning of year | 11,272 | 45,382 | 158,984 |
CASH AND CASH EQUIVALENTS - End of year | 12,440 | 11,272 | 45,382 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Interest paid on deposits and advances from Federal Home Loan Bank | 3,214 | 3,625 | 3,581 |
Income taxes paid | 600 | 475 | |
SUPPLEMENTAL DISCLOSURES OF NONCASH ITEMS: | |||
Real estate acquired in settlement of loans | $ 581 | $ 869 | $ 83 |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 12 Months Ended |
Sep. 30, 2016 | |
Nature Of Operations And Basis Of Presentation [Abstract] | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION Prudential Bancorp, Inc. (the “Company”) is a Pennsylvania corporation that was incorporated in June 2013 to be the successor corporation of Prudential Bancorp, Inc. of Pennsylvania (“Old Prudential Bancorp”), the former stock holding company for Prudential Savings Bank (the “Bank”), a Pennsylvania-chartered, FDIC-insured savings bank with seven full service branches in the Philadelphia area. As of September 30, 2013, the Company was in organization and had not commenced operations; accordingly, the financial statements included as of and for the year ended September 30, 2013 are of Prudential Bancorp, Inc. of Pennsylvania. The Bank‘s primary federal banking regulator is the Federal Deposit Insurance Corporation. The Bank is principally in the business of attracting deposits from its community through its branch offices and investing those deposits, together with funds from borrowings and operations, primarily in single-family residential loans. The Bank’s sole subsidiary as of September 30, 2015 was PSB Delaware, Inc. (“PSB”), a Delaware-chartered corporation established to hold certain investments. As of September 30, 2016, PSB had assets of $119.4 million primarily consisting of investment and mortgage-backed securities. The Company’s primary market area is Philadelphia, in particular South Philadelphia and Center City, as well as Delaware County. The Company also conducts business in Bucks, Chester and Montgomery Counties which, along with Delaware County, comprise the suburbs of Philadelphia. We also make loans in contiguous counties in southern New Jersey. The second step conversion of the MHC was completed on October 9, 2013. In connection with the conversion, the Company issued an aggregate of 9,544,809 shares of common stock through a public offering and the exchange of Old Prudential Bancorp’s common stock owned by the public other than the MHC which was exchanged for 0.9442 shares of the Company’s common stock for each share of Old Prudential Bancorp. Share amounts and per share data in the consolidated financial statements and notes to consolidated financial statements have been adjusted to reflect the exchange. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation – . Use of Estimates in the Preparation of Financial Statements — Cash and Cash Equivalents — Investment Securities and Mortgage-Backed Securities — Held to Maturity Available for Sale Other-than-temporary impairment Loans Receivable — Loan Origination and Commitment Fees — Interest on Loans — Allowance for Loan Losses — The allowance for loan losses represents the amount which management estimates is adequate to provide for probable losses inherent in its loan portfolio as of the Consolidated Statement of Financial Condition date. The allowance method is used in providing for loan losses. Accordingly, all loan losses are charged to the allowance, and all recoveries are credited to it. The allowance for loan losses is established through a provision for loan losses charged to operations. The provision for loan losses is based on management’s periodic evaluation of individual loans, economic factors, past loan loss experience, changes in the composition and volume of the portfolio, and other relevant factors, both qualitative and quantitative. The estimates used in determining the adequacy of the allowance for loan losses, including the amounts and timing of future cash flows expected on impaired loans, are particularly susceptible to changes in the near term. Impaired loans are loans for which it is not probable to collect all amounts due according to the contractual terms of the loan agreements. Management individually evaluates such loans for impairment and does not aggregate loans by major risk classifications. Factors considered by management in determining impairment include payment status and collateral value. The amount of impairment for impaired loans is determined by the difference between the present value of the expected cash flows related to the loans, using the original interest rate, and their recorded value, or as a practical expedient in the case of collateralized loans, the difference between the fair value of the collateral and the recorded amount of the loans. When foreclosure is probable, impairment is measured based on the fair value of the collateral. Mortgage loans and consumer loans are comprised of large groups of smaller balance homogeneous loans which are evaluated for impairment collectively. Loans that experience insignificant payment delays, which are defined as less than 90 days, generally are not classified as impaired. Management determines the significance of payment delays on a case-by-case basis taking into consideration all of the circumstances surrounding the loan and the borrower including the length of the delay, the borrower’s prior payment record, and the amount of shortfall in relation to the principal and interest owed. Real Estate Owned — Federal Home Loan Bank of Pittsburgh (“FHLB”) Stock – The Company is a member of the Federal Home Loan Bank of Pittsburgh and as such, is required to maintain a minimum investment in stock of the Federal Home Loan Bank that varies with the level of advances outstanding with the Federal Home Loan Bank. The stock is bought from and sold to the Federal Home Loan Bank based upon its $100 par value. The stock does not have a readily determinable fair value and as such is classified as restricted stock, carried at cost and evaluated for impairment by management. The stock’s value is determined by the ultimate recoverability of the par value rather than by recognizing temporary declines. The determination of whether the par value will ultimately be recovered is influenced by criteria such as the following: (a) the significance of the decline in net assets of the Federal Home Loan Bank as compared to the capital stock amount and the length of time this situation has persisted; (b) commitments by the Federal Home Loan Bank to make payments required by law or regulation and the level of such payments in relation to the operating performance; (c) the impact of legislative and regulatory changes on the customer base of the Federal Home Loan Bank; and (d) the liquidity position of the Federal Home Loan Bank. The Federal Home Loan Bank continues to report net income, continues to declare quarter cash dividends and had its Aaa bond rating affirmed by Moody’s and AA+ rating affirmed by Standard and Poor’s during 2015 and remain unchanged as of September 30, 2016.With consideration given to these factors, management concluded that the stock was not impaired at September 30, 2016 or 2015. Office Properties and Equipment — Cash Surrender Value of Life Insurance— Dividend Payable Employee Stock Ownership Plan – Share-Based Compensation Treasury Stock – Comprehensive Income Income Taxes— In evaluating the Company’s ability to recover deferred tax assets, management considers all available positive and negative evidence, including past operating results and forecast of future taxable income. In determining future taxable income, management makes assumptions for the amount of taxable income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require management to make judgments about future taxable income and are consistent with the plans and estimates the Company uses to manage the business. Any reduction in estimated future taxable income may require management to record an additional valuation allowance against the deferred tax assets. An increase in the valuation allowance would result in additional income tax expense in the period and could have a significant impact on our future earnings. Transfers and Servicing of Financial Assets and Extinguishments of Liabilities — Interest Rate Swap Agreement The gain or loss on a derivative designated and qualifying as a fair value hedging instrument, as well as the offsetting gain or loss on the hedged item attributable to the risk being hedged, is recognized currently in earnings in the same accounting period. The effective portion of the gain or loss on a derivative designated and qualifying as a cash flow hedging instrument is initially reported as a component of other comprehensive income and subsequently reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument, if any, is recognized currently in earnings. For cash flow hedges, the net settlement (upon close-out or termination) that offsets changes in the value of the hedged debt is deferred and amortized into net interest income over the life of the hedged debt. For fair value hedges, the net settlement (upon close-out or termination) that offsets changes in the value of the loans adjusts the basis of the loans and is deferred and amortized to loan interest income over the life of the loans. The portion, if any, of the net settlement amount that did not offset changes in the value of the hedged asset or liability is recognized immediately in noninterest income. Interest rate derivative financial instruments receive hedge accounting treatment only if they are designated as a hedge and are expected to be, and are, effective in substantially reducing interest rate risk arising from the assets and liabilities identified as exposing the Company to risk. Those derivative financial instruments that do not meet specified hedging criteria would be recorded at fair value, with changes in fair value recorded in income. If periodic assessment indicates derivatives no longer provide an effective hedge, the derivative contracts would be closed out and settled, or classified as a trading activity. Advertising Costs — Recent Accounting Pronouncements 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 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments when the Terms of an Award Provide that a Performance Target Could Be Achieved After the Requisite Service Period. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40). 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 June 2015, the FASB issued ASU 2015-10 , Technical Corrections and Improvements In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606). In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805). 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) Deferral of the Effective Date In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivative and Hedging (Topic 815 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 June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 3. EARNINGS PER SHARE Basic earnings per share is computed based on the weighted average number of common shares outstanding. Diluted earnings per share is computed based on the weighted average number of common shares outstanding and common share equivalents (“CSEs”) that would arise from the exercise of dilutive securities. The calculated basic and diluted earnings per share are as follows: Year Ended September 30, 2016 2015 2014 (Dollars in Thousands Except Per Share Data) Basic Diluted Basic Diluted Basic Diluted Net income $ 2,720 $ 2,720 $ 2,232 $ 2,232 $ 1,780 $ 1,780 Weighted average shares outstanding 7,417,044 7,417,044 8,335,273 8,335,273 9,061,193 9,061,193 Effect of CSEs - 217,701 - 114,817 - 216,885 Adjusted weighted average shares used in earnings per share computation 7,417,044 7,634,745 8,335,273 8,450,090 9,061,193 9,278,078 Earnings per share - basic and diluted $ 0.37 $ 0.36 $ 0.27 $ 0.26 $ 0.20 $ 0.19 As of September 30, 2016 and 2015, there were 554,445 and 442,756 shares of common stock, respectively, subject to options with an exercise price less than the then current market and which were included in the computation of diluted earnings per share. All options shares vested as of September 30, 2016 and 2015 have exercise prices considered in the money and are consider dilutive. The weighted exercise price for the stock options representing the 383,016 anti-dilutive shares was $11.83 at September 30, 2014. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 4. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the changes in accumulated other comprehensive income by component net of tax: Year Ended September 30, 2016 2015 2014 Unrealized gains on Unrealized gains on Unrealized gains on ASF securities and available for sale available for sale interest rate swaps (a) securities (a) securities (a) Beginning Balance $ 18 $ (953 ) $ (1,292 ) Other comprehensive income before reclassification unrealized gains on AFS securities. 1,116 971 606 Other comprehensive income before reclassification unrealized gains on interest rate swaps. (60 ) - - Amount reclassified from accumulated other comprehensive loss (276 ) - (267 ) Total other comprehensive income (loss) 780 971 339 Ending Balance $ 798 $ 18 $ (953 ) (a) All amounts are net of tax. Amounts in parentheses indicate debits. The following table presents significant amounts reclassified out of each component of accumulated other comprehensive income for the year ended September 30, 2016, 2015 and 2014: Year Ended September 30, 2016 2015 2014 Amount Reclassified Amount Reclassified Amount Reclassified from Accumulated from Accumulated from Accumulated Affected Line Item in Other Other Other the Statement Where Comprehensive Comprehensive Comprehensive Net Income is Details about other comprehensive income Income (a) Income (a) Income (a) Presented Unrealized gains on available for sale securities Reclassification for net gains in net income $ 418 $ - $ 416 Gain on sale of mortgage-backed securities available-for-sale, net Tax effect (142 ) - (138 ) Income taxes Reclassification adjustment for other than temporary impairment losses - - (16 ) Total other-than-temporary impairment losses Tax effect - - 5 Income taxes $ 276 $ - $ 267 (a) Amounts in parentheses indicate debits to net income |
INVESTMENT AND MORTGAGE-BACKED
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 12 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 5. INVESTMENT AND MORTGAGE-BACKED SECURITIES The amortized cost and fair value of securities, with gross unrealized gains and losses, are as follows: September 30, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) Securities Available for Sale: U.S. government and agency obligations $ 20,988 $ 36 $ - $ 21,024 Mortgage-backed securities - U.S. government agencies 90,817 860 (102 ) 91,575 Corporate debt securities 25,411 661 (19 ) 26,053 Total debt securities available for sale 137,216 1,557 (121 ) 138,652 FHLMC preferred stock 6 36 - 42 Total securities available for sale $ 137,222 $ 1,593 $ (121 ) $ 138,694 Securities Held to Maturity: U.S. government and agency obligations $ 33,499 $ 399 $ (129 ) $ 33,769 Mortgage-backed securities - U.S. government agencies 6,472 459 - 6,931 Total securities held to maturity $ 39,971 $ 858 $ (129 ) $ 40,700 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 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 As of September 30, 2016 the Bank maintained $31.7 million in a safekeeping account at the FHLB of Pittsburgh used for collateral as a convenience. The Bank is not required to maintain any specific collateral for its borrowings; therefore these securities are not restricted and could be sold or transferred if needed. The following table shows the gross unrealized losses and related fair values of the Company’s investment securities, aggregated by investment category and the length of time that individual securities had been in a continuous loss position at September 30, 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: Mortgage-backed securities -U.S. government agencies $ (50 ) $ 16,498 $ 52 $ 6,718 $ (102 ) $ 23,216 Corporate debt securities (19 ) 3,955 - - (19 ) 3,955 Total securities available for sale $ (69 ) $ 20,453 $ 52 $ 6,718 $ (121 ) $ 27,171 Securities Held to Maturity: U.S. government and agency obligations $ (129 ) $ 20,371 $ - $ - $ (129 ) $ 20,371 Total securities held to maturity $ (129 ) $ 20,371 $ - $ - $ (129 ) $ 20,371 Total $ (198 ) $ 40,824 $ 52 $ 6,718 $ (250 ) $ 47,542 Management evaluates securities for other-than-temporary impairment (“OTTI”) at least once per quarter, and more frequently when economic or market conditions warrant such evaluation. The evaluation is based upon factors such as the creditworthiness of the issuers/guarantors, the underlying collateral, if applicable, and the continuing performance of the securities. Management also evaluates other facts and circumstances that may be indicative of an OTTI condition. This includes, but is not limited to, an evaluation of the type of security, the length of time and extent to which the fair value of the security has been less than cost, and the near-term prospects of the issuer. Management has reviewed its investment securities portfolios and determined that during the year ended September 30, 2016, there were no impairment required for its investment portfolio deemed other than temporarily impaired. The Company assesses whether the credit loss existed by considering whether (1) the Company has the intent to sell the security, (2) it is more likely than not that it will be required to sell the security before recovery, or (3) it does not expect to recover the entire amortized cost basis of the security. The Company bifurcates the OTTI impact on impaired securities where impairment in value was deemed to be other than temporary between the component representing credit loss and the component representing loss related to other factors. The portion of the fair value decline attributable to credit loss must be recognized through a charge to earnings. The credit component is determined by comparing the present value of the cash flows expected to be collected, discounted at the rate in effect before recognizing any OTTI with the amortized cost basis of the debt security. The Company uses the cash flow expected to be realized from the security, which includes assumptions about interest rates, timing and severity of defaults, estimates of potential recoveries, the cash flow distribution from the bond indenture and other factors, then applies a discount rate equal to the effective yield of the security. The difference between the present value of the expected cash flows and the amortized book value is considered a credit loss. The fair market value of the security is determined using the same expected cash flows; the discount rate is a rate the Company determines from the open market and other sources as appropriate for the security. The difference between the fair market value and the security’s remaining amortized cost is recognized in other comprehensive income. For both years ended September 30, 2016 and 2015, the Company determined that no OTTI had occurred within the investment and mortgage-back securities portfolios. The following is a rollforward for the year ended September 30, 2014 of the amounts recognized in earnings related to credit losses on securities which the Company had recorded OTTI charges through earnings and other comprehensive income. (Dollars in Thousands) Credit component of OTTI as of October 1, 2013 $ 1,599 Additions for credit-related OTTI charges on previously unimpaired securities - Reductions for securities liquidated (1,615 ) Additional losses as a result of impairment charges recognized on investments for which an OTTI was previously recognized 16 Credit component of OTTI as of September 30, 2014 $ - U.S. Government and agency obligations – U.S. Government agency issued mortgage-backed securities — Corporate debt securities — The following table shows the gross unrealized losses and related fair values of the investment securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at September 30, 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 - US government agency (138 ) 22,173 (87 ) $ 9,206 (225 ) 31,379 Total securities available for sale $ (223 ) $ 27,083 $ (278 ) $ 23,008 $ (501 ) $ 50,091 Securities Held to Maturity: U.S. government and agency obligations $ - $ - $ (849 ) $ 42,603 $ (849 ) $ 42,603 Total securities held to maturity $ $ $ (849 ) $ 42,603 $ (849 ) $ 42,603 Total $ (223 ) $ 27,083 $ (1,127 ) $ 65,611 $ (1,350 ) $ 92,694 The amortized cost and estimated fair value of U.S. Government and agency obligations by contractual maturity are shown below. Expected maturities will differ from contractual maturities because of call provisions in the securities. Mortgage-backed securities were not included as the contractual maturity is generally irrelevant due to the borrowers’ right to prepay without pre-payment penalty which results in significant prepayments. September 30, 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 1,999 2,187 2,060 2,081 Due after five through ten years 8,000 7,987 22,361 22,985 Due after ten years 23,500 23,595 21,978 22,011 Total $ 33,499 $ 33,769 $ 46,399 $ 47,077 During the fiscal year ended September 30, 2016 and 2014, the Company recorded realized gains of $418,000 and $416,000, respectively, and gross proceeds from the from the sale of investment and mortgage-backed securities of $11.6 million and $3.2 million, respectively. During the fiscal year ended September 30, 2015, the Company did not record any gains or losses nor did it sell any securities from it’s AFS portfolio. During the fiscal year ended September 30, 2016, the Company sold for $2.9 million mortgage-backed securities classified as held-to-maturity for total proceeds of $3.1 million, that had a remaining balance of less than 15% of its original par value. These sales did not taint the Company’s intent to hold the remaining portfolio. |
LOANS RECEIVABLE
LOANS RECEIVABLE | 12 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
LOANS RECEIVABLE | 6. LOANS RECEIVABLE Loans receivable consist of the following: September 30, 2016 2015 (Dollars in Thousands) One-to-four family residential $ 233,531 $ 259,163 Multi-family residential 12,478 6,249 Commercial real estate 79,859 25,799 Construction and land development 21,839 38,953 Commercial business 99 - Leases 3,286 - Consumer 799 392 Total loans 351,891 330,556 Undisbursed portion of loans-in-process (5,371 ) (17,097 ) Deferred loan costs 1,697 2,104 Allowance for loan losses (3,269 ) (2,930 ) Net loans $ 344,948 $ 312,633 The Company originates loans to customers located primarily in its local market area. The ultimate repayment of these loans at September 30, 2016 and 2015 is dependent, to a certain degree, on the local economy and real estate market. The following table summarizes the loans individually evaluated for impairment by loan segment at September 30, 2016: One- to four- Multi-family Commercial real Construction and land Commercial Leases Consumer Total (Dollars in Thousands) Individually evaluated for impairment $ 5,553 $ 335 $ 3,154 $ 10,288 $ 99 $ - $ - $ 19,429 Collectively evaluated for impairment 227,978 12,143 76,705 11,551 - 3,286 799 332,462 Total loans $ 233,531 $ 12,478 $ 79,859 $ 21,839 $ 99 $ 3,286 $ 799 $ 351,891 The following table summarizes the loans individually evaluated for impairment by loan segment at September 30, 2015: One- to four- Multi-family Commercial Construction and Commercial Consumer Total (Dollars in Thousands) Individually evaluated for impairment $ 4,206 $ - $ 3,768 $ 8,796 $ - $ - $ 16,770 Collectively evaluated for impairment 254,957 6,249 22,031 30,157 - 392 $ 313,786 Total loans $ 259,163 $ 6,249 $ 25,799 $ 38,953 $ - $ 392 $ 330,556 The loan portfolio is segmented at a level that allows management to monitor risk and performance. Management evaluates all loans classified as substandard or lower and loans delinquent 90 plus days for potential impairment. Loans are considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Once the determination is made that a loan is impaired, the determination of whether a specific allocation of the allowance is necessary is generally measured by comparing the recorded investment in the loan to the fair value of the loan using one of the following three methods: (a) the present value of the expected future cash flows discounted at the loan’s effective interest rate; (b) the loan’s observable market price; or (c) the fair value of the collateral less selling costs. Management primarily utilizes the fair value of collateral method as a practically expedient alternative. The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 2016: 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 $ - $ - $ 5,553 $ 5,553 $ 5,869 Multi-family - - 335 335 335 Commercial real estate - - 3,154 3,154 3,154 Construction and land development - - 10,288 10,288 10,288 Commercial business - - 99 99 99 Total Loans $ - $ - $ 19,429 $ 19,429 $ 19,745 The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 2015: Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans (Dollars in Thousands) Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance One-to-four family residential $ - $ - $ 4,206 $ 4,206 $ 4,550 Commercial real estate - - 3,768 3,768 3,768 Construction and land development - - 8,796 8,796 8,796 Total Loans $ - $ - $ 16,770 $ 16,770 $ 17,114 The following tables present the average investment in impaired loans and related interest income recognized for the periods indicated: September 30, 2016 Average Income Recognized Income (Dollars in Thousands) One-to four-family residential $ 5,099 $ 129 $ 101 Multi-family residential 344 24 - Commercial real estate 3,565 96 12 Construction and land development 9,604 - 62 Commercial business 8 - - Total $ 18,620 $ 249 $ 175 September 30, 2015 Average Income Income (Dollars in Thousands) One-to four-family residential $ 8,734 $ 431 $ 147 Multi-family residential 289 19 - Commercial real estate 3,840 210 71 Construction and land development 8,413 437 194 Total $ 21,276 $ 1,097 $ 412 September 30, 2014 Average Income Recognized Income (Dollars in Thousands) One-to four-family residential $ 10,802 $ 305 $ 53 Multi-family residential 376 26 - Commercial real estate 2,585 70 19 Construction and land development 3,582 247 - Total $ 17,345 $ 648 $ 72 Federal banking regulations and our policies require that the Bank utilize an internal asset classification system as a means of reporting problem and potential problem assets. The Bank has incorporated an internal asset classification system, consistent with Federal banking regulations, as a part of the credit monitoring system. Management currently classifies problem and potential problem assets as “special mention,” “substandard,” “doubtful” or “loss” assets. An asset is considered “substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the insured institution will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses inherent in those classified “substandard” with the added characteristic that the weaknesses present make “collection or liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.” Assets classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted. Assets which do not currently expose the insured institution to sufficient risk to warrant classification in one of the aforementioned categories but possess weaknesses are required to be designated “special mention.” The following tables present the classes of the loan portfolio in which a formal risk weighting system is utilized summarized by the aggregate “Pass” and the criticized category of “special mention”, and the classified categories of “substandard” and “doubtful” within the Bank’s risk rating system. The Bank had no loans classified as “loss” at the dates presented. September 30, 2016 Special Total Pass Mention Substandard Doubtful Loans (Dollars in Thousands) One-to-four residential $ - $ 1,681 $ 1,212 $ - $ 2,893 Multi-family residential 12,144 - 334 - 12,478 Commercial real estate 76,185 943 2,731 - 79,859 Construction and land development 11,551 - 10,288 - 21,839 Consumer 99 - - - 99 Total Loans $ 99,979 $ 2,624 $ 14,565 $ - $ 117,168 September 30, 2015 Special Total Pass Mention Substandard Doubtful Loans (Dollars in Thousands) One-to-four residential $ - $ 2,107 $ 751 $ - $ 2,858 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 $ 58,060 $ 3,423 $ 12,376 $ - $ 73,859 The following tables present loans in which a formal risk rating system is not utilized, but loans are segregated between performing and non-performing based primarily on delinquency status: September 30, 2016 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 226,394 $ 4,244 $ 230,638 Leases 3,286 - 3,286 Consumer 799 - 799 Total Loans $ 230,479 $ 4,244 $ 234,723 September 30, 2015 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 252,758 $ 3,547 $ 256,305 Consumer 392 - 392 Total Loans $ 253,150 $ - $ 256,697 Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is due. The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans: September 30, 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 $ 228,904 $ 1,860 $ 2,767 $ - $ 1,860 $ 233,531 $ 4,244 Multi-family residential 12,478 - - - - 12,478 - Commercial real estate 78,513 - 1,346 - - 79,859 1,346 Construction and land development 11,551 - 10,288 - - 21,839 10,288 Commercial business 99 - - - - 99 - Leases 3,286 3,286 Consumer 799 - - - - 799 - Total Loans $ 335,630 $ 1,860 $ 14,401 $ - $ 1,860 $ 351,891 $ 15,878 September 30, 2015 90 Days+ Total 30-89 Days 90 Days + Past Due Past Due Total Non- Current Past Due Past Due and Accruing and Accruing Loans Accrual (Dollars in Thousands) One-to-four family residential $ 255,669 $ 1,462 $ 2,032 $ - $ 1,462 $ 259,163 $ 3,547 Multi-family residential 6,249 - - - - 6,249 - Commercial real estate 25,114 504 181 - 504 25,799 1,589 Construction and land development 38,953 - - - - 38,953 8,796 Commercial business - - - - - - - Consumer 392 - - - - 392 - Total Loans $ 326,377 $ 1,966 $ 2,213 $ - $ 1,966 $ 330,556 $ 13,932 Interest income on nonaccrual loans would have increased by approximately $604,000, $279,000, and $187,000, during fiscal years ended September 30, 2016, 2015 and 2014, respectively, if these loans would have performed in accordance with their original terms. The allowance for loan losses is established through a provision for loan losses charged to expense. Management maintains the allowance at a level believed to cover all known and inherent losses in the portfolio that are both probable and reasonable to estimate at each reporting date. Management reviews the allowance for loan losses no less than quarterly in order to identify those inherent losses and to assess the overall collection probability for the loan portfolio in view of these inherent losses. For each primary type of loan, a loss factor is established reflecting an estimate of the known and inherent losses in such loan type using both a quantitative analysis as well as consideration of qualitative factors. The evaluation process includes, among other things, an analysis of delinquency trends, non-performing loan trends, the level of charge-offs and recoveries, prior loss experience, total loans outstanding, the volume of loan originations, the type, size and geographic concentration of our loans, the value of collateral securing the loans, the borrower’s ability to repay and repayment performance, the number of loans requiring heightened management oversight, local economic conditions and industry experience. Commercial real estate loans entail significant additional credit risks compared to one-to four-family residential mortgage loans, as they generally involve large loan balances concentrated with single borrowers or groups of related borrowers. In addition, the payment experience on loans secured by income-producing properties typically depends on the successful operation of the related real estate project and/or business operation of the borrower who is also the primary occupant, and thus may be subject to a greater extent to the effects of adverse conditions in the real estate market and in the economy in general. Commercial business loans typically involve a higher risk of default than residential loans of like duration since their repayment is generally dependent on the successful operation of the borrower’s business and the sufficiency of collateral, if any. Land acquisition, development and construction lending exposes us to greater credit risk than permanent mortgage financing. The repayment of land acquisition, development and construction loans depends upon the sale of the property to third parties or the availability of permanent financing upon completion of all improvements. These events may adversely affect the borrower and the value of the collateral property. The following tables summarize the primary segments of the allowance for loan losses, segmented into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of September 30, 2016 and 2015. Activity in the allowance is presented for the years ended September 30, 2016 and 2015: September 30, 2016 One- to Multi- Commercial Construction Commercial Leases Consumer Unallocated Total (In Thousands) ALLL balance at September 30, 2015 $ 1,636 $ 66 $ 231 $ 725 $ - $ - $ 4 $ 268 $ 2,930 Charge-offs (11 ) - - - - - - - (11 ) Recoveries 105 - - 20 - - - - 125 Provision (103 ) 71 628 (429 ) 1 21 6 30 225 ALLL balance at September 30, 2016 $ 1,627 $ 137 $ 859 $ 316 $ 1 $ 21 $ 10 $ 298 $ 3,269 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,627 137 859 316 1 21 10 298 3,269 September 30, 2015 One- to Multi- Commercial Construction Commercial Consumer Unallocated Total (In Thousands) ALLL balance at September 30, 2014 $ 1,663 $ 67 $ 122 $ 323 $ 15 $ 4 $ 231 $ 2,425 Charge-offs (384 ) (1 ) - - - - - (384 ) Recoveries 77 - - 78 - - - 155 Provision 280 - 109 324 (15 ) - 37 735 ALLL balance at September 30, 2015 $ 1,636 $ 66 $ 231 $ 725 $ - $ 4 $ 268 $ 2,930 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,636 66 231 725 - 4 268 2,930 September 30, 2014 One- to Multi- Commercial Construction Commercial Consumer Unallocated Total (In Thousands) ALLL balance at September 30, 2013 $ 1,384 $ 22 $ 70 $ 653 $ 4 $ 2 $ 218 $ 2,353 Charge-offs (215 ) - - - - - - (215 ) Recoveries 47 - - - - - - 47 Provision 447 45 52 (330 ) 11 2 13 240 ALLL balance at September 30, 2014 $ 1,663 $ 67 $ 122 $ 323 $ 15 $ 4 $ 231 $ 2,425 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,663 67 122 323 15 4 231 2,425 Management established a provision for loan losses of $225,000, $735,000 and $240,000 during the years ended September 30, 2016, 2015 and 2014, respectively. The Company determined it was prudent to record a provision for fiscal year 2016 primarily due to the increased level of commercial real estate loans offset by a reduction in single-family residential loans. The provision for loan losses was deemed necessary for fiscal 2015 due to the increase in the level of commercial real estate and construction loans outstanding, charge-offs incurred during fiscal 2015 and the classification of a $10.3 million loan workout relationship as non-performing. The Company believes that the allowance for loan losses at September 30, 2016 is sufficient to cover all inherent and known losses associated with the loan portfolio at such date. At September 30, 2016, the Company’s non-performing assets totaled $16.5 million or 2.9% of total assets as compared to $14.8 million or 3.0% of total assets at September 30, 2015. All of the increase was due to the placement on non-accrual of the entire amount of the Company’s largest loan relationship totaling $12.3 million and consisting of nine loans. Non-performing assets at September 30, 2016 included five construction loans aggregating $10.3 million, 17 one-to-four-family residential loans aggregating $2.9 million, one single-family residential investment property loan totaling $1.4 million and two commercial real estate loans aggregating $1.3 million. Non-performing assets also included at September 30, 2016 two real estate properties consisting of one single-family residential property totaling $375,000 and a commercial real estate property totaling $206,000. At September 30, 2016, the Company had ten loans aggregating $8.2 million that were classified as troubled debt restructurings (“TDRs”). Three of such loans aggregating $5.7 million as of September 30, 2016 were classified as non-performing as a result of not achieving a sufficiently long payment history, under the restructured terms, to justify returning the loans to performing (accrual) status. Two of these three loans totaling $4.3 million (which are part of the Company’s largest relationship referenced above) are over 90 days past due resulting from the discontinuation of funding by the Company of the development project (discussed below) due to the re-negotiation of the project’s future direction to completion. The third loan, consisting of a residential loan of approximately $1.4 million, has made all of its required payments to date, but the Company has not returned the loan to performing status due to concerns with regard to the borrower’s ability to make remaining payments due. The remaining eight TDRs have performed in accordance with the terms of their revised agreements. As of September 30, 2016, the Company had reviewed $19.4 million of loans for possible impairment of which $14.6 million was deemed classified as substandard compared to $16.8 million reviewed for possible impairment and $12.4 million of which was classified substandard as of September 30, 2015. Management will continue to monitor and modify the allowance for loan losses as conditions dictate. No assurances can be given that the level of allowance for loan losses will cover all of the inherent losses on the loans or that future adjustments to the allowance for loan losses will not be necessary if economic and other conditions differ substantially from the economic and other conditions used by management to determine the current level of the allowance for loan losses. The following tables set forth a summary of the TDRs activity for the years ended September 30, 2016, 2015 and 2014. All of the TDRs involved changes in the interest rates on the loans; no debt was forgiven. At September 30, 2016, out of the 11 TDRs loans, eight were performing and the remaining three were classified as non-performing, of which one loan was performing in accordance with their modified terms: As of and for the Year Ended September 30, 2016 Restructured Current Period (amount in thousands) Number of Pre- Modification Post-Modification One-to-four family residential 1 $ 482 $ 482 1 $ 482 $ 482 As of and for the Year Ended September 30, 2015 Restructured Current Period (amount in thousands) Number of Pre- Modification Post-Modification Commerical real estate 1 $ 750 $ 750 Construction and land development 1 3,665 3,665 2 $ 4,415 $ 4,415 As of and for the Year Ended September 30, 2014 Restructured Current Period (amount in thousands) Number of Pre- Modification Post-Modification One-to four- family 1 $ 1,455 $ 1,455 Commerical real estate 1 877 877 2 $ 2,332 $ 2,332 As of September 30, 2016, consist of two loans deemed to be TDRs aggregating $4.3 million, consisting of one construction and development loan in the amount of $3.6 million and a commercial real estate loan in the amount of $730,000, both of which were in default under their modified terms. Both loans are related to the Company’s largest borrower. At September 30, 2016, the Company had nine consumer mortgage with a carrying amount of $1.1 million that is secured by residential real estate property for which foreclosure is proceedings are in process according to local jurisdictions. |
OFFICE PROPERTIES AND EQUIPMENT
OFFICE PROPERTIES AND EQUIPMENT | 12 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
OFFICE PROPERTIES AND EQUIPMENT | 7. OFFICE PROPERTIES AND EQUIPMENT Office properties and equipment are summarized by major classifications as follows: September 30, 2016 2015 (Dollars in Thousands) Land $ 198 $ 198 Buildings and improvements 2,492 2,454 Furniture and equipment 2,355 2,210 Automobiles - 96 Total 5,045 4,958 Accumulated depreciation (3,701 ) (3,466 ) Total office properties and equipment, net of accumulated depreciation $ 1,344 $ 1,492 For the years ended September 30, 2016, 2015 and 2014, depreciation expense amounted to $325,000, $304,000 and $320,000, respectively. Lease expense was $352,000, $242,000 and $77,000 for the years ended September 30, 2016, 2015 and 2014, respectively. The Company has executed certain lease commitments and is obligated to pay; $350,000 for fiscal year 2017, $394,000 for fiscal year 2018, $382,000 for fiscal year 2019, $249,000 for fiscal year 2020, $249,000 for fiscal year 2021, and $1.7 million thereafter. |
DEPOSITS
DEPOSITS | 12 Months Ended |
Sep. 30, 2016 | |
Deposits [Abstract] | |
DEPOSITS | 8. DEPOSITS Deposits consist of the following major classifications: September 30, 2016 2015 Amount Percent Amount Percent (Dollars in Thousands) Non-interest-bearing checking accounts $ 3,804 0.7 % $ 2,293 0.6 % Interest-bearing checking accounts 34,984 9.3 35,649 9.8 Money market deposit accounts 55,552 14.3 60,736 16.6 Passbook, club and statement savings 70,924 18.2 70,355 19.3 Certificates maturing in six months or less 97,418 25.0 49,857 13.7 Certificates maturing in more than six months 126,519 32.5 146,184 40.0 Total $ 389,201 100.0 % $ 365,074 100.0 % The amount of scheduled maturities of certificate accounts was as follows: September 30, 2016 (Dollars in Thousands) One year or less $ 139,841 One through two years 39,624 Two through three years 20,534 Three through four years 14,704 Four through five years 9,227 Total $ 223,930 Certificates of deposit of $250,000 or more at September 30, 2016 and 2015 totaled $17.0 million and $32.7 million, respectively. Interest expense on deposits was comprised of the following: Year Ended September 30, 2016 2015 2014 (Dollars in Thousands) Checking and money market deposit accounts $ 165 $ 323 $ 348 Passbook, club and statement savings accounts 83 208 262 Certificate accounts 2,613 2,899 2,791 Total $ 2,861 $ 3,430 $ 3,401 |
SHORT-TERM BORROWINGS
SHORT-TERM BORROWINGS | 12 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
SHORT-TERM BORROWINGS | 9. SHORT-TERM BORROWINGS The year ended September 30, outstanding balances and related information of short-term borrowings from the FHLB are summarized follows: (Dollar amount in thousands) 2016 Balance at year-end 20,000 Average balance outstanding 8,975 Maximum month-end balance 20,000 Weight-average rate at year-end 1.17 % Weight-average rate during the year 1.23 % There were no short-term borrowings outstanding during the fiscal year ended 2015. As of September 30, 2016, the $20.0 million consists of two $10.0 million 30 day FHLB advance associated with an interest rate swap contract with a weighted average effective cost of 117 bps. Average balances outstanding during the year represent daily average balance and interest rates represent interest expense divided by the related average balance. The Company maintains borrowing facilities with the FHLB and Federal Reserve Banks and the terms and interest rate are subject to change on the date of execution. |
ADVANCES FROM FEDERAL HOME LOAN
ADVANCES FROM FEDERAL HOME LOAN BANK | 12 Months Ended |
Sep. 30, 2016 | |
Advances from Federal Home Loan Banks [Abstract] | |
ADVANCES FROM FEDERAL HOME LOAN BANK | 10. ADVANCES FROM FEDERAL HOME LOAN BANK Pursuant to collateral agreements with the FHLB of Pittsburgh, advances are secured by a blanket collateral of loans held by the Company and qualifying fixed-income securities and FHLB stock. The long-term advances outstanding as of September 30, 2016 are as follows: Type Maturity Date Amount Coupon Call Date (Dollars in Thousands) Fixed Rate -Advance 17-Nov-17 $ 10,000 1.20 % Not Applicable Fixed Rate -Amortizing 1-Dec-17 2,511 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 4,382 1.53 % Not Applicable Fixed Rate -Advance 27-Jul-20 249 1.38 % Not Applicable Fixed Rate -Advance 27-Jul-21 249 1.52 % Not Applicable Fixed Rate -Advance 28-Jul-21 249 1.48 % Not Applicable Fixed Rate -Advance 29-Jul-21 249 1.42 % Not Applicable Fixed Rate -Advance 19-Aug-21 249 1.55 % Not Applicable $ 30,638 1.34 % (a) (a) Weighted average coupon rate. Advances from the FHLB with coupon rates ranging from 1.15% to 1.55% are as follows. Weighted Average Maturity Amount Coupon Rate (Dollars in Thousands) 2017 $ 3,367 1.31 % 2018 13,887 1.22 % 2019 11,903 1.45 % 2020 485 1.45 % 2021 996 1.49 % 30,638 1.34 % The Bank maintains a blanket collateral agreement using qualifying loans with the FHLB for future borrowing needs. At September 30, 2016, the Bank had the ability to obtain $180.2 million of additional FHLB advances. There were no outstanding balances at September 30, 2015. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 11. INCOME TAXES The Company files a consolidated federal income tax return. The Company uses the specific charge-off method for computing reserves for bad debts. Generally this method allows the Company to deduct an annual addition to the reserve for bad debt equal to its net charge-offs. The provision for income taxes for the years ended September 30, consists of the following: Year Ended September 30, 2016 2015 2014 (Dollars in Thousands) Current: Federal expense $ 1,275 $ 461 $ 690 Total current taxes 1,275 461 690 Deferred income tax benefit (16 ) (345 ) - Total income tax provision $ 1,259 $ 116 $ 690 Items that gave rise to significant portions of deferred income taxes are as follows: September 30, 2016 2015 (Dollars in Thousands) Deferred tax assets: Allowance for loan losses $ 1,289 $ 1,185 Non-accrual interest 163 86 Accrued vacation 13 119 Capital loss carryforward 378 534 Post-retirement benefit plans 96 126 Split dollar life insurance 18 19 Unrealized losses on interest rate swaps 69 - Employee benefit plans 434 530 Total deferred tax assets 2,460 2,599 Valuation allowance (378 ) (534 ) Total deferred tax assets, net of valuation allowance 2,082 2,065 Deferred tax liabilities: Property 423 365 Unrealized gains on available for sale securities 500 10 481(a)Adjustment 12 - Deferred loan fees 578 715 Total deferred tax liabilities 1,513 1,090 Net deferred tax asset $ 569 $ 975 The Company establishes a valuation allowance for deferred tax assets when management believes that the deferred tax assets are not likely to be realized either through a carry back to taxable income in prior years, future reversals of existing taxable temporary differences, and, to a lesser extent, future taxable income. The valuation allowance totaled $378,000 and $534,000 at September 30, 2016 and 2015, respectively. The gross deferred tax assets related to impairment losses and capital loss carryforwards decreased in the aggregate by $156 thousand during the year ended September 30, 2016, primarily due to the sale of AFS investment securities. The income tax expense differs from that computed at the statutory federal corporate tax rate as follows: Year Ended September 30, 2016 2015 2014 Percentage Percentage Percentage of Pretax of Pretax of Pretax Amount Income Amount Income Amount Income (Loss) (Dollars in Thousands) Tax at statutory rate $ 1,353 34.0 % $ 798 34.0 % $ 840 34.0 % Adjustments resulting from: Valuation allowance (156 ) (3.9 ) (677 ) (28.8 ) (144 ) (5.8 ) Income from bank owned life insurance (113 ) (2.8 ) (117 ) (5.0 ) (87 ) (3.5 ) Employee benefit plans 151 3.8 126 5.4 74 3.0 Other 24 0.5 (14 ) (0.6 ) 7 0.2 Income tax expense $ 1,259 31.6 % $ 116 5.0 % $ 690 27.9 % There is currently no liability for uncertain tax positions and no known unrecognized tax benefits. The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Consolidated Statements of Operations as a component of income tax expense. As of September 30, 2016, the Internal Revenue Service conducted an audit of the Company’s tax returns for the year ended September 30, 2010, and no adverse findings were reported. The Company’s federal and state income tax returns for taxable years through September 30, 2013 have been closed for purposes of examination by the Internal Revenue Service and the Pennsylvania Department of Revenue. |
REGULATORY CAPITAL REQUIREMENTS
REGULATORY CAPITAL REQUIREMENTS | 12 Months Ended |
Sep. 30, 2016 | |
Banking and Thrift [Abstract] | |
REGULATORY CAPITAL REQUIREMENTS | 12. REGULATORY CAPITAL REQUIREMENTS The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory – and possibly additional discretionary – actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s and the Bank’s capital amounts and the Bank’s classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of Tier 1 capital (as defined in the regulations) to average assets (as defined) and risk-weighted assets (as defined), and of total capital (as defined) to risk-weighted assets. Management believes, as of September 30, 2016 and 2015, that the Company and the Bank met all regulatory capital adequacy requirements to which they each are subject. To be categorized as well capitalized, the Bank must maintain the minimum Tier 1 capital, Tier common equity, Tier 1 risk-based and total risk-based ratios as set forth in the table below. The Company’s and the Bank’s actual capital amounts and ratios are also presented in the following table: To Be Well Capitalized Under Prompt Required for Capital Corrective Action Actual Adequacy Purposes Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) September 30, 2016: Tier 1 capital (to average assets) Company $ 113,205 20.41 % N/A N/A N/A N/A Bank 100,552 18.15 $ 22,157 4.0 $ 27,697 5.0 % Tier 1 Common (to risk-weighted assets) Company 113,205 38.57 N/A N/A N/A N/A Bank 100,552 34.36 13,171 4.5 19,024 6.5 Tier 1 capital (to risk-weighted assets) Company 113,205 38.57 N/A N/A N/A N/A Bank 100,552 34.36 17,559 6.0 23,415 8.0 Total capital (to risk-weighted assets) Company 116,512 39.70 N/A N/A N/A N/A Bank 103,859 35.49 23,415 8.0 29,268 10.0 September 30, 2015: Tier 1 capital (to average assets) Company $ 116,903 23.73 % N/A N/A N/A N/A Bank 96,034 19.50 $ 19,699 4.0 $ 24,624 5.0 % Tier 1 Common (to risk-weighted assets) Company 116,921 50.63 N/A N/A N/A N/A Bank 96,052 41.66 10,376 4.5 14,987 6.5 Tier 1 capital (to risk-weighted assets) Company 116,903 50.63 N/A N/A N/A N/A Bank 96,034 41.65 13,834 6.0 18,446 8.0 Total capital (to risk-weighted assets) Company 120,016 51.98 N/A N/A N/A N/A Bank 99,147 43.00 18,446 8.0 23,057 10.0 |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
EMPLOYEE BENEFITS | 13. EMPLOYEE BENEFITS The Bank is a member of a multi-employer (under the provisions of the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986) defined benefit pension plan covering all employees meeting certain eligibility requirements. The Bank’s policy is to fund pension costs accrued. The expense relating to this plan for the years ended September 30, 2016, 2015 and 2014 was $256,000, $623,000 and $663,000, respectively. There are no collective bargaining agreements in place that require contributions to the plan. Additional information regarding the plan as of September 30, 2016 is noted below: Legal Name of Plan Pentegra Defined Benefit Plan for Plan Employer Identification Number 13-5645888 The Company's Contribution for the year ended September 30, 2016 $222,000 Are Company's Contributions more than 5% of total contributions? No Funded Status 95.85% The Pentegra Defined Benefits Plan for Financial Institutions is a single plan under Internal Revenue Code Section 413 (c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the plan, contributions made by a participating employer may be used to provide benefits to participants of other participating employers. During November 2015, the Plan was frozen in an effort to reduce expenses on a going forward basis. The Bank also has a defined contribution plan for employees meeting certain eligibility requirements. The defined contribution plan may be terminated at any time at the discretion of the Bank. There was no expense relating to this plan for the years ended September 30, 2016, 2015 and 2014. The Company eliminated the employer match in conjunction with the establishment of the employee stock ownership plan (“ESOP”) discussed below. The Bank maintains an ESOP for substantially all of its full-time employees meeting certain eligibility requirements. The purchase of shares of the Company's common stock by the ESOP was funded by loans from the Company. The loans will be repaid principally from the Bank's contributions to the ESOP. Shares of the Company's common stock purchased by the ESOP are held in a suspense account and released for allocation to participants on a pro rata basis as debt service payments are made on the loans. Shares released are allocated to each eligible participant based on the ratio of each such participant's compensation, as defined in the ESOP, to the total compensation of all eligible plan participants. As the unearned shares are released and allocated among participants, the Bank recognizes compensation expense based on the current market price of the shares released. The ESOP purchased 712,721 shares of the Company’s common stock for an aggregate cost of approximately $7.6 million in fiscal 2015 and fiscal 2014. As of September 30, 2016, the Company had allocated a total of 243,734 shares from the suspense account to participants and committed to release an additional 35,517 shares. The expense relating to the ESOP for the years ended September 30, 2016, 2015 and 2014 was $526,000, $467,000 and $389,000, respectively. The Company maintains the 2008 Recognition and Retention Plan (“RRP”) which is administered by a committee of the Board of Directors of the Company. The RRP provides for the grant of shares of common stock of the Company to officers, employees and directors of the Company. In order to fund the grant of shares under the RRP, the RRP Trust purchased 213,528 shares (on a converted basis) of the Company’s common stock in the open market for approximately $2.5 million, at an average purchase price per share of $11.49 as part of the RRP. The Company made sufficient contributions to the RRP Trust to fund these purchases. As of September 30, 2015, During Fiscal year 2016 7,473 shares have been forfeited under RRP and were granted in August 2016, all the shares had been awarded as part of the RRP. Shares subject to awards under the RRP generally vest at the rate of 20% per year over five years. As of September 30, 2016, 195,083 of the awarded shares of the Plan had become fully vested. During February 2015, shareholders approved the 2014 Stock Incentive Plan (the “2014 SIP”). As part of the 2014 SIP, a maximum of 285,655 shares can be awarded as restricted stock awards or units, of which 235,500 shares were awarded during February 2015 of which 41,800 have vested and 45,000 shares have been forfeited. In August 2016, the Company granted 3,027 shares under 2014 SIP. During the year ended September 30, 2016, approximately $463,000 was recognized in compensation expense for the RRP. Tax benefits of $219,000 were recognized during the year ended September 30, 2016.Tax benefits of $131,000 were recognized during the year ended September 30, 2015. During the year ended September 30, 2015, approximately $387,000 was recognized in compensation expense for the RRP. At September 30, 2016, approximately $2.9 million of additional compensation expense for the shares awarded related to the RRP remained unrecognized. A summary of the Company’s non-vested stock award activity for the year ended September 30, 2016 and 2015 is presented in the following table: Year Ended Number of Weighted Average Nonvested stock awards at beginning of year 241,428 $ 11.74 Issued 10,500 14.42 Forfeited (30,180 ) 11.92 Vested (48,960 ) 11.60 Nonvested stock awards at the end of the period 172,788 $ 12.03 Year Ended Number of Weighted Average Nonvested stock awards at beginning of year 38,055 $ 8.07 Issued 235,500 12.23 Forfeited (21,813 ) 11.85 Vested (10,314 ) 9.07 Nonvested stock awards at the end of the period 241,428 $ 11.74 The Company maintains the Stock Option Plan (the “Option Plan”) which authorizes the grant of stock options to officers, employees and directors of the Company to acquire shares of common stock with an exercise price at least equal to the fair market value of the common stock on the grant date. Options generally become vested and exercisable at the rate of 20% per year over five years and are generally exercisable for a period of ten years after the grant date. A total of 533,808 shares of common stock were approved for future issuance pursuant to the Option Plan. As of September 30, 2016, all of the options had been awarded under the Option Plan. As of September 30, 2016, 576,354 options were vested under the Option Plan of which 126,000 options were forfeited and are available for future grants. The 2014 SIP reserved up to 714,145 shares for issuance pursuant to options. Options to purchase 608,737 shares were awarded during February 2015, 605,000 shares pursuant to the 2014 SIP and the remainder pursuant to the Option Plan. During August 2016 the Company granted 18,866 shares under the Option Plan and 8,634 shares under the 2014 SIP. A summary of the status of the Company’ stock options under the Option Plan as of September 30, 2016 and 2015 and changes during the year ended September 30, 2016 and 2015 are presented below: Year Ended Number of Weighted Average Options outstanding at beginning of year 1,074,430 $ 11.92 Granted 27,500 14.42 Exercised (99,545 ) 11.45 Forfeited (80,476 ) 11.52 Outstanding at the end of the period 921,909 $ 11.70 Exercisable at the end of the period 467,397 $ 11.40 Year Ended Number of Weighted Average Options outstanding at beginning of year 530,084 $ 11.57 Granted 608,737 12.23 Forfeited (64,391 ) 11.92 Outstanding at the end of the period 1,074,430 $ 11.92 Exercisable at the end of the period 440,976 $ 11.42 The weighted average remaining contractual term was approximately 5.1 years for options outstanding as of September 30, 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, $4.58 for options granted during fiscal 2015 and $2.13 for options granted during fiscal 2016. The fair value for grants made in fiscal 2015 was estimated on the date of grant using the Black-Scholes pricing model with the following assumptions: an exercise and fair value of $12.23, term of seven years, volatility rate of 38.16%, interest rate of 1.62% and a yield rate of 0.98%. The fair value for grants made in fiscal 2016 was estimated on the date of grant using the Black-Scholes pricing model with the following assumptions: an exercise and fair value of $14.42, term of seven years, volatility rate of 13.82%, interest rate of 1.36% and a yield rate of 0.80%. During the year ended September 30, 2016, $455,000 was recognized in compensation expense for the Option Plan. A tax benefit of $60,000 was recognized during the year ended September 30, 2016. During the year ended September 30, 2015, $387,000 was recognized in compensation expense for the Option Plan. A tax benefit of $44,000 was recognized during the year ended September 30, 2015. At September 30, 2016, approximately $2.0 million of additional compensation expense for awarded options remained unrecognized. The weighted average period over which this expense will be recognized is approximately 2.3 years. |
INTEREST RATE SWAP AGREEMENTS
INTEREST RATE SWAP AGREEMENTS | 12 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
INTEREST RATE SWAP AGREEMENTS | 14. INTEREST RATE SWAP AGREEMENTS The Company has contracted with a third party to engage pay-fixed interest rate swap contracts and the outstanding at September 30, 2016, is being utilized to hedge $20.1 million in floating rate debt. Below is a summary of the interest rate swap agreements and the terms as of September 30, 2016. 2016 Natinal Pay Receive Maturity Unrealized Amount Rate Rate Date Loss Interest rate swap contract $ 10,000 1.15 % 1 Mth Libor 6-Apr-21 $ 92,000 Interest rate swap contract 10,000 1.18 % 1 Mth Libor 13-Jun-21 103,000 Interest rate swap contract 1,100 4.10 % 1 Mth Libor +276 bp 1-Aug-16 7,000 $ 202,000 |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | 15. COMMITMENTS AND CONTINGENT LIABILITIES At September 30, 2016, the Company had $9.9 million in outstanding commitments to originate fixed and variable-rate loans with market interest rates ranging from 3.75% to 5.25%. At September 30, 2015, the Company had $2.7 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 $5.4 million and $17.1 million, respectively, at September 30, 2016 and 2015. The Company also had commitments under unused lines of credit of $3.3 million and $6.1 million, respectively, and letters of credit outstanding of $1.9 million and $2.6 million, respectively, at September 30, 2016 and 2015. The Company is subject to various pending claims and contingent liabilities arising in the normal course of business which are not reflected in the accompanying consolidated financial statements. Management considers that the aggregate liability, if any, resulting from such matters will not be material. Among the Company’s contingent liabilities are exposures to limited recourse arrangements with respect to the Company’s sales of whole loans and participation interests. At September 30, 2016, the exposure, which represents a portion of credit risk associated with the sold interests, amounted to $32,000. This exposure is for the life of the related loans and payables, on the Company’s 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, does not believe that such proceedings will have a material adverse effect on the financial condition or operations of the Company. There can be no assurance that any of the outstanding legal proceedings to which the Company is party will not be decided adversely to the Company's interest and have a material adverse effect on the financial condition and operations of the Company. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 12 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | 16. FAIR VALUE MEASUREMENT The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2016 and 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 establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value. The three broad levels of hierarchy are as follows: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Those assets as of September 30, 2016 which are to be measured at fair value on a recurring basis are as follows: Level 1 Level 2 Level 3 Total (Dollars in Thousands) Assets: Securities available for sale: U.S. Government and agency obligations $ - $ 21,024 $ - $ 21,024 Mortgage-backed securities - U.S. Government agencies - 91,575 - 91,575 Corporate bonds - 26,053 - 26,053 FHLMC preferred stock 42 - - 42 Total $ 42 $ 138,652 $ - $ 138,694 Liabilities Interest rate swap contracts $ - $ 202 $ - $ 202 Total $ - $ 202 $ - $ 202 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 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 of $19.4 million and $16.8 million at September 30, 2016 and 2015, respectively. Real Estate Owned Once an asset is determined to be uncollectible, the underlying collateral is generally repossessed and reclassified to foreclosed real estate and repossessed assets. These repossessed assets are carried at the lower of cost or fair value of the collateral, based on independent appraisals, less cost to sell and would be categorized as Level 2 measurement. In some cases, adjustments are made to the appraised values for various factors including age of the appraisal, age of the comparables included in the appraisal, and known changes in the market and in the collateral. Thus the evaluations are based upon unobservable inputs, and therefore, the fair value measurement has been categorized as a Level 3 measurement. Summary of Non-Recurring Fair Value Measurements At September 30, 2016 (Dollars in Thousands) Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 19,429 $ 19,429 Real estate owned - - 581 581 Total $ - $ - $ 20,010 $ 20,010 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 $ - $ - $ 17,639 $ 17,639 The following tables provide information describing the valuation processes used to determine nonrecurring fair value measurements categorized within level 3 of the fair value hierarchy: At September 30, 2016 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired loans $ 19,429 Property appraisals (1) (3) Management discount for selling costs, property type and market volatility (2) 6% to 46% discount/10% Real estate owned $ 581 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 amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is necessarily required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Fair Value Measurements at September 30, 2016 Carrying Fair Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Cash and cash equivalents $ 12,440 $ 12,440 $ 12,440 $ - $ - Certificate of deposits 1,853 1,853 1,853 - - Investment and mortgage-backed securities available for sale 138,694 138,694 42 138,652 - Investment and mortgage-backed securities held to maturity 39,971 40,700 - 40,700 - Loans receivable, net 344,948 344,100 - - 344,100 Accrued interest receivable 1,928 1,928 1,928 - - Federal Home Loan Bank stock 2,463 2,463 2,463 - - Bank owned life insurance 13,055 13,055 13,055 - - Liabilities: Checking accounts 38,788 38,788 38,788 - - Money market deposit accounts 55,552 55,552 55,552 - - Passbook, club and statement savings accounts 70,924 71,145 71,145 - - Certificates of deposit 223,930 225,383 - - 225,383 Accrued interest payable 1,403 1,403 1,403 - - Advances from FHLB -short-term 20,000 20,000 - 20,000 Advances from FHLB -long-term 30,638 30,222 - - 30,222 Advances from borrowers for taxes and insurance 1,748 1,748 1,748 - - Interest rate swap contracts 202 202 - 202 - 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 Certificates of deposit 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 (short-term) — Advances from Federal Home Loan Bank (long-term) — Accrued Interest Payable – Advances from borrowers for taxes and insurance – Interest rate swap contracts – Commitments to Extend Credit and Letters of Credit — |
PRUDENTIAL BANCORP, INC. (PAREN
PRUDENTIAL BANCORP, INC. (PARENT COMPANY ONLY) | 12 Months Ended |
Sep. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
PRUDENTIAL BANCORP, INC. (PARENT COMPANY ONLY) | 17. PRUDENTIAL BANCORP, INC. (PARENT COMPANY ONLY) STATEMENT OF FINANCIAL CONDITION September 30, 2016 2015 (Dollars in Thousands) Assets: Cash $ 6,541 $ 14,912 ESOP loan receivable 5,277 5,618 Investment in Bank 101,350 96,132 Other assets 834 339 Total assets $ 114,002 $ 117,001 Stockholders' equity: Preferred stock - - Common stock 95 95 Additional paid-in-capital 95,713 95,286 Unearned ESOP shares (4,550 ) (4,926 ) Treasury stock (21,098 ) (14,691 ) Retained earnings 43,044 41,219 Accumulated other comprehensive (loss) income 798 18 Total stockholders' equity 114,002 117,001 Total liabilities and stockholders' equity $ 114,002 $ 117,001 INCOME STATEMENT For the year ended September 30, 2016 2015 2014 (Dollars in thousands) Interest on ESOP loan 247 263 257 Equity in the undistributed earnings of the Bank 2,911 2,549 2,085 Other income - 9 - Total income 3,158 2,821 2,342 Professional services 161 306 288 Other expense 376 447 431 Total expense 537 753 719 Income before income taxes 2,621 2,068 1,623 Income tax benefit (99 ) (164 ) (157 ) Net income 2,720 2,232 1,780 CASH FLOWS For the year ended September 30, 2016 2015 2014 (Dollars in thousands) Operating activities: Net income $ 2,720 $ 2,232 $ 1,780 (Decrease) increase in assets (579 ) 88 (198 ) Equity in the undistributed earnings of the Bank (2,911 ) (2,549 ) (2,085 ) Net cash used in operating activities (770 ) (229 ) (503 ) Investing activities: Repayments received on ESOP loan 341 325 302 Cash advanced to subsidiary - - (34,800 ) Net cash provided by (used in) investing activities 341 325 (34,498 ) Financing Activities: Purchase of common stock for ESOP - - (3,089 ) Issuance of common stock - - 38,702 Cancellation of treasury stock - - 31,625 Purchase of treasury stock (7,047 ) (14,691 ) Cash dividends paid (895 ) (2,222 ) (571 ) Net cash (used in) provided by financing activities (7,942 ) (16,913 ) 66,667 Net (decrease) increase in cash and cash equivalents (8,371 ) (16,817 ) 31,666 Cash and cash equivalents, beginning of year 14,912 31,729 63 Cash and cash equivalents, end of year $ 6,541 $ 14,912 $ 31,729 |
CONSOLIDATED QUARTERLY FINANCIA
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Sep. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) | 18. CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) Unaudited quarterly financial data for the years ended September 30, 2016 and 2015 is as follows: September 30, 2016 September 30, 2015 1st 2nd 3rd 4th 1st 2nd 3rd 4th Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr (In thousands) (In thousands) Interest income $ 4,056 $ 4,366 $ 4,474 $ 4,587 $ 4,240 $ 4,304 $ 4,055 $ 4,081 Interest expense 800 849 824 853 901 871 851 807 Net interest income 3,256 3,517 3,650 3,734 3,339 3,433 3,204 3,274 (Recoveries) Provision for loan losses 0 75 150 0 75 300 210 150 Net interest income after provision for loan losses 3,256 3,442 3,500 3,734 3,264 3,133 2,994 3,124 Non-interest income 274 209 400 454 350 1,988 445 225 Non-interest expense 2,896 2,796 2,815 2,783 2,926 3,511 3,432 3,306 Income before income tax expense 634 855 1,085 1,405 688 1,610 7 43 Income tax expense 221 307 308 423 217 (91 ) (40 ) 30 Net income $ 413 $ 548 $ 777 $ 982 $ 471 $ 1,701 $ 47 $ 13 Per share: Earnings per share - basic $ 0.05 $ 0.08 $ 0.10 $ 0.14 $ 0.05 $ 0.20 $ 0.01 $ 0.01 Earnings per share - diluted $ 0.05 $ 0.70 $ 0.10 $ 0.14 $ 0.05 $ 0.18 $ 0.01 $ - Dividends per share $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.18 $ 0.03 September 30, 2014 1st 2nd 3rd 4th Qtr Qtr Qtr Qtr (In thousands) Interest income $ 4,069 $ 4,085 $ 4,136 $ 4,175 Interest expense 905 852 826 818 Net interest income 3,164 3,233 3,310 3,357 (Recoveries) Provision for loan losses 0 0 0 240 Net interest income after provision for loan losses 3,164 3,233 3,310 3,117 Non-interest income 161 413 194 343 Non-interest expense 2,803 2,954 2,756 2,952 Income before income tax expense 522 692 748 508 Income tax expense 184 157 227 112 Net income $ 338 $ 535 $ 521 $ 396 Per share: Earnings per share - basic $ 0.04 $ 0.06 $ 0.06 $ 0.04 Earnings per share - diluted $ 0.04 $ 0.06 $ 0.06 $ 0.03 Dividends per share $ - $ - $ 0.03 $ 0.03 Due to rounding, the sum of the earnings per share in individual quarters may differ from reported amounts. |
PENDING ACQUISITION
PENDING ACQUISITION | 12 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
PENDING ACQUISITION | 19. PENDING ACQUISITION On June 2, 2016, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Polonia Bancorp. Pursuant to the Merger Agreement, Polonia Bancorp will merge with and into the Company (the “Merger”) and Polonia Bancorp’s wholly owned subsidiary, Polonia Bank, a federally chartered savings bank, will merge with and into the Bank. Pursuant to the Merger Agreement, at the effective time of the Merger, each outstanding share of Polonia Bancorp common stock will be converted into the right to receive, at the election of the Polonia Bancorp shareholder (subject to certain conditions, including conditions relating to pro-ration): (i) 0.7591 of a share of Company common stock (the “Exchange Ratio”) or (ii) $11.28 in cash (the “Per Share Cash Consideration” and collectively with the Exchange Ratio, the “Merger Consideration”). The election of shares of Company stock or cash will be subject to pro-ration such that 50% of the issued and outstanding shares of Polonia Bancorp common stock will be exchanged for Company common stock and 50% will be exchanged for cash. Options to purchase Polonia Bancorp common stock outstanding at the effective time of the Merger will fully vest and be exchanged for a cash payment equal to the difference, if positive, between the Per Share Cash Consideration under the Merger Agreement and the corresponding exercise price of such option, subject to prior receipt of any required regulatory approvals. The Merger Consideration is subject to adjustment in certain limited situations. In the event that Polonia Bancorp Consolidated Stockholders’ Equity, as calculated in accordance with the terms of the Merger Agreement, is less than $37.4 million as of the Final Statement Date, as defined in the Merger Agreement, then the Exchange Ratio and the Per Share Cash Consideration will be adjusted downward to reflect the amount of the difference between $37.4 million and the Polonia Bancorp Consolidated Stockholders’ Equity. The Merger Consideration is subject to potential upward adjustment to reflect the after-tax impact of certain recoveries experienced by Polonia Bancorp, if any, achieved prior to the Final Statement Date as specified in the Merger Agreement. In such situation, the Exchange Ratio and the Per Share Cash Consideration, as they may have been adjusted downward as noted above, will be correspondingly adjusted to reflect the amount of such after-tax recoveries. |
SUMMARY OF SIGNIFICANT ACCOUN28
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation – . |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements — |
Cash and Cash Equivalents | Cash and Cash Equivalents — |
Investment Securities and Mortgage-Backed Securities | Investment Securities and Mortgage-Backed Securities — Held to Maturity Available for Sale |
Other-than-temporary impairment | Other-than-temporary impairment |
Loans Receivable | Loans Receivable — |
Loan Origination and Commitment Fees | Loan Origination and Commitment Fees — |
Interest on Loans | Interest on Loans — |
Allowance for Loan Losses | Allowance for Loan Losses — The allowance for loan losses represents the amount which management estimates is adequate to provide for probable losses inherent in its loan portfolio as of the Consolidated Statement of Financial Condition date. The allowance method is used in providing for loan losses. Accordingly, all loan losses are charged to the allowance, and all recoveries are credited to it. The allowance for loan losses is established through a provision for loan losses charged to operations. The provision for loan losses is based on management’s periodic evaluation of individual loans, economic factors, past loan loss experience, changes in the composition and volume of the portfolio, and other relevant factors, both qualitative and quantitative. The estimates used in determining the adequacy of the allowance for loan losses, including the amounts and timing of future cash flows expected on impaired loans, are particularly susceptible to changes in the near term. Impaired loans are loans for which it is not probable to collect all amounts due according to the contractual terms of the loan agreements. Management individually evaluates such loans for impairment and does not aggregate loans by major risk classifications. Factors considered by management in determining impairment include payment status and collateral value. The amount of impairment for impaired loans is determined by the difference between the present value of the expected cash flows related to the loans, using the original interest rate, and their recorded value, or as a practical expedient in the case of collateralized loans, the difference between the fair value of the collateral and the recorded amount of the loans. When foreclosure is probable, impairment is measured based on the fair value of the collateral. Mortgage loans and consumer loans are comprised of large groups of smaller balance homogeneous loans which are evaluated for impairment collectively. Loans that experience insignificant payment delays, which are defined as less than 90 days, generally are not classified as impaired. Management determines the significance of payment delays on a case-by-case basis taking into consideration all of the circumstances surrounding the loan and the borrower including the length of the delay, the borrower’s prior payment record, and the amount of shortfall in relation to the principal and interest owed. |
Real Estate Owned | Real Estate Owned — |
Federal Home Loan Bank of Pittsburgh ("FHLB") Stock | Federal Home Loan Bank of Pittsburgh (“FHLB”) Stock – The Company is a member of the Federal Home Loan Bank of Pittsburgh and as such, is required to maintain a minimum investment in stock of the Federal Home Loan Bank that varies with the level of advances outstanding with the Federal Home Loan Bank. The stock is bought from and sold to the Federal Home Loan Bank based upon its $100 par value. The stock does not have a readily determinable fair value and as such is classified as restricted stock, carried at cost and evaluated for impairment by management. The stock’s value is determined by the ultimate recoverability of the par value rather than by recognizing temporary declines. The determination of whether the par value will ultimately be recovered is influenced by criteria such as the following: (a) the significance of the decline in net assets of the Federal Home Loan Bank as compared to the capital stock amount and the length of time this situation has persisted; (b) commitments by the Federal Home Loan Bank to make payments required by law or regulation and the level of such payments in relation to the operating performance; (c) the impact of legislative and regulatory changes on the customer base of the Federal Home Loan Bank; and (d) the liquidity position of the Federal Home Loan Bank. The Federal Home Loan Bank continues to report net income, continues to declare quarter cash dividends and had its Aaa bond rating affirmed by Moody’s and AA+ rating affirmed by Standard and Poor’s during 2015 and remain unchanged as of September 30, 2016.With consideration given to these factors, management concluded that the stock was not impaired at September 30, 2016 or 2015. |
Office Properties and Equipment | Office Properties and Equipment — |
Cash Surrender Value of Life Insurance | Cash Surrender Value of Life Insurance— |
Dividend Payable | Dividend Payable |
Employee Stock Ownership Plan | Employee Stock Ownership Plan – |
Share-Based Compensation | Share-Based Compensation |
Treasury Stock | Treasury Stock – |
Comprehensive Income | Comprehensive Income |
Income Taxes | Income Taxes— In evaluating the Company’s ability to recover deferred tax assets, management considers all available positive and negative evidence, including past operating results and forecast of future taxable income. In determining future taxable income, management makes assumptions for the amount of taxable income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require management to make judgments about future taxable income and are consistent with the plans and estimates the Company uses to manage the business. Any reduction in estimated future taxable income may require management to record an additional valuation allowance against the deferred tax assets. An increase in the valuation allowance would result in additional income tax expense in the period and could have a significant impact on our future earnings. |
Transfers and Servicing of Financial Assets and Extinguishments of Liabilities | Transfers and Servicing of Financial Assets and Extinguishments of Liabilities — |
Interest Rate Swap Agreement | Interest Rate Swap Agreement The gain or loss on a derivative designated and qualifying as a fair value hedging instrument, as well as the offsetting gain or loss on the hedged item attributable to the risk being hedged, is recognized currently in earnings in the same accounting period. The effective portion of the gain or loss on a derivative designated and qualifying as a cash flow hedging instrument is initially reported as a component of other comprehensive income and subsequently reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument, if any, is recognized currently in earnings. For cash flow hedges, the net settlement (upon close-out or termination) that offsets changes in the value of the hedged debt is deferred and amortized into net interest income over the life of the hedged debt. For fair value hedges, the net settlement (upon close-out or termination) that offsets changes in the value of the loans adjusts the basis of the loans and is deferred and amortized to loan interest income over the life of the loans. The portion, if any, of the net settlement amount that did not offset changes in the value of the hedged asset or liability is recognized immediately in noninterest income. Interest rate derivative financial instruments receive hedge accounting treatment only if they are designated as a hedge and are expected to be, and are, effective in substantially reducing interest rate risk arising from the assets and liabilities identified as exposing the Company to risk. Those derivative financial instruments that do not meet specified hedging criteria would be recorded at fair value, with changes in fair value recorded in income. If periodic assessment indicates derivatives no longer provide an effective hedge, the derivative contracts would be closed out and settled, or classified as a trading activity. |
Advertising Costs | Advertising Costs — |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments when the Terms of an Award Provide that a Performance Target Could Be Achieved After the Requisite Service Period. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40). 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 June 2015, the FASB issued ASU 2015-10 , Technical Corrections and Improvements In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606). In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805). 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) Deferral of the Effective Date In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivative and Hedging (Topic 815 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 June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per share | Year Ended September 30, 2016 2015 2014 (Dollars in Thousands Except Per Share Data) Basic Diluted Basic Diluted Basic Diluted Net income $ 2,720 $ 2,720 $ 2,232 $ 2,232 $ 1,780 $ 1,780 Weighted average shares outstanding 7,417,044 7,417,044 8,335,273 8,335,273 9,061,193 9,061,193 Effect of CSEs - 217,701 - 114,817 - 216,885 Adjusted weighted average shares used in earnings per share computation 7,417,044 7,634,745 8,335,273 8,450,090 9,061,193 9,278,078 Earnings per share - basic and diluted $ 0.37 $ 0.36 $ 0.27 $ 0.26 $ 0.20 $ 0.19 |
ACCUMULATED OTHER COMPREHENSI30
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of changes in accumulated other comprehensive income | Year Ended September 30, 2016 2015 2014 Unrealized gains on Unrealized gains on Unrealized gains on ASF securities and available for sale available for sale interest rate swaps (a) securities (a) securities (a) Beginning Balance $ 18 $ (953 ) $ (1,292 ) Other comprehensive income before reclassification unrealized gains on AFS securities. 1,116 971 606 Other comprehensive income before reclassification unrealized gains on interest rate swaps. (60 ) - - Amount reclassified from accumulated other comprehensive loss (276 ) - (267 ) Total other comprehensive income (loss) 780 971 339 Ending Balance $ 798 $ 18 $ (953 ) (a) All amounts are net of tax. Amounts in parentheses indicate debits. |
Schedule of amounts reclassified out of each component of accumulated other comprehensive income (loss) | Year Ended September 30, 2016 2015 2014 Amount Reclassified Amount Reclassified Amount Reclassified from Accumulated from Accumulated from Accumulated Affected Line Item in Other Other Other the Statement Where Comprehensive Comprehensive Comprehensive Net Income is Details about other comprehensive income Income (a) Income (a) Income (a) Presented Unrealized gains on available for sale securities Reclassification for net gains in net income $ 418 $ - $ 416 Gain on sale of mortgage-backed securities available-for-sale, net Tax effect (142 ) - (138 ) Income taxes Reclassification adjustment for other than temporary impairment losses - - (16 ) Total other-than-temporary impairment losses Tax effect - - 5 Income taxes $ 276 $ - $ 267 (a) Amounts in parentheses indicate debits to net income |
INVESTMENT AND MORTGAGE-BACKE31
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost and fair value of securities, with gross unrealized gains and losses | September 30, 2016 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in Thousands) Securities Available for Sale: U.S. government and agency obligations $ 20,988 $ 36 $ - $ 21,024 Mortgage-backed securities - U.S. government agencies 90,817 860 (102 ) 91,575 Corporate debt securities 25,411 661 (19 ) 26,053 Total debt securities available for sale 137,216 1,557 (121 ) 138,652 FHLMC preferred stock 6 36 - 42 Total securities available for sale $ 137,222 $ 1,593 $ (121 ) $ 138,694 Securities Held to Maturity: U.S. government and agency obligations $ 33,499 $ 399 $ (129 ) $ 33,769 Mortgage-backed securities - U.S. government agencies 6,472 459 - 6,931 Total securities held to maturity $ 39,971 $ 858 $ (129 ) $ 40,700 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 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 | The following table shows the gross unrealized losses and related fair values of the Company’s investment securities, aggregated by investment category and the length of time that individual securities had been in a continuous loss position at September 30, 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: Mortgage-backed securities -U.S. government agencies $ (50 ) $ 16,498 $ 52 $ 6,718 $ (102 ) $ 23,216 Corporate debt securities (19 ) 3,955 - - (19 ) 3,955 Total securities available for sale $ (69 ) $ 20,453 $ 52 $ 6,718 $ (121 ) $ 27,171 Securities Held to Maturity: U.S. government and agency obligations $ (129 ) $ 20,371 $ - $ - $ (129 ) $ 20,371 Total securities held to maturity $ (129 ) $ 20,371 $ - $ - $ (129 ) $ 20,371 Total $ (198 ) $ 40,824 $ 52 $ 6,718 $ (250 ) $ 47,542 The following table shows the gross unrealized losses and related fair values of the investment securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at September 30, 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 - US government agency (138 ) 22,173 (87 ) $ 9,206 (225 ) 31,379 Total securities available for sale $ (223 ) $ 27,083 $ (278 ) $ 23,008 $ (501 ) $ 50,091 Securities Held to Maturity: U.S. government and agency obligations $ - $ - $ (849 ) $ 42,603 $ (849 ) $ 42,603 Total securities held to maturity $ $ $ (849 ) $ 42,603 $ (849 ) $ 42,603 Total $ (223 ) $ 27,083 $ (1,127 ) $ 65,611 $ (1,350 ) $ 92,694 |
Schedule of roll forward of the amounts recognized in earnings related to credit losses on securities | (Dollars in Thousands) Credit component of OTTI as of October 1, 2013 $ 1,599 Additions for credit-related OTTI charges on previously unimpaired securities - Reductions for securities liquidated (1,615 ) Additional losses as a result of impairment charges recognized on investments for which an OTTI was previously recognized 16 Credit component of OTTI as of September 30, 2014 $ - |
Schedule of amortized cost and fair value of debt securities by contractual maturity | September 30, 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 1,999 2,187 2,060 2,081 Due after five through ten years 8,000 7,987 22,361 22,985 Due after ten years 23,500 23,595 21,978 22,011 Total $ 33,499 $ 33,769 $ 46,399 $ 47,077 |
LOANS RECEIVABLE (Tables)
LOANS RECEIVABLE (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Schedule of summary of loans receivable | September 30, 2016 2015 (Dollars in Thousands) One-to-four family residential $ 233,531 $ 259,163 Multi-family residential 12,478 6,249 Commercial real estate 79,859 25,799 Construction and land development 21,839 38,953 Commercial business 99 - Leases 3,286 - Consumer 799 392 Total loans 351,891 330,556 Undisbursed portion of loans-in-process (5,371 ) (17,097 ) Deferred loan costs 1,697 2,104 Allowance for loan losses (3,269 ) (2,930 ) Net loans $ 344,948 $ 312,633 |
Schedule of loans individually and collectively evaluated for impairment by loan segment | The following table summarizes the loans individually evaluated for impairment by loan segment at September 30, 2016: One- to four- Multi-family Commercial real Construction and land Commercial Leases Consumer Total (Dollars in Thousands) Individually evaluated for impairment $ 5,553 $ 335 $ 3,154 $ 10,288 $ 99 $ - $ - $ 19,429 Collectively evaluated for impairment 227,978 12,143 76,705 11,551 - 3,286 799 332,462 Total loans $ 233,531 $ 12,478 $ 79,859 $ 21,839 $ 99 $ 3,286 $ 799 $ 351,891 The following table summarizes the loans individually evaluated for impairment by loan segment at September 30, 2015: One- to four- Multi-family Commercial Construction and Commercial Consumer Total (Dollars in Thousands) Individually evaluated for impairment $ 4,206 $ - $ 3,768 $ 8,796 $ - $ - $ 16,770 Collectively evaluated for impairment 254,957 6,249 22,031 30,157 - 392 $ 313,786 Total loans $ 259,163 $ 6,249 $ 25,799 $ 38,953 $ - $ 392 $ 330,556 |
Schedule of impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not required | The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 2016: 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 $ - $ - $ 5,553 $ 5,553 $ 5,869 Multi-family - - 335 335 335 Commercial real estate - - 3,154 3,154 3,154 Construction and land development - - 10,288 10,288 10,288 Commercial business - - 99 99 99 Total Loans $ - $ - $ 19,429 $ 19,429 $ 19,745 The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary as of September 30, 2015: Impaired Loans with Impaired Loans with No Specific Specific Allowance Allowance Total Impaired Loans (Dollars in Thousands) Unpaid Recorded Related Recorded Recorded Principal Investment Allowance Investment Investment Balance One-to-four family residential $ - $ - $ 4,206 $ 4,206 $ 4,550 Commercial real estate - - 3,768 3,768 3,768 Construction and land development - - 8,796 8,796 8,796 Total Loans $ - $ - $ 16,770 $ 16,770 $ 17,114 |
Schedule of average investment in impaired loans and related interest income recognized | September 30, 2016 Average Income Recognized Income (Dollars in Thousands) One-to four-family residential $ 5,099 $ 129 $ 101 Multi-family residential 344 24 - Commercial real estate 3,565 96 12 Construction and land development 9,604 - 62 Commercial business 8 - - Total $ 18,620 $ 249 $ 175 September 30, 2015 Average Income Income (Dollars in Thousands) One-to four-family residential $ 8,734 $ 431 $ 147 Multi-family residential 289 19 - Commercial real estate 3,840 210 71 Construction and land development 8,413 437 194 Total $ 21,276 $ 1,097 $ 412 September 30, 2014 Average Income Recognized Income (Dollars in Thousands) One-to four-family residential $ 10,802 $ 305 $ 53 Multi-family residential 376 26 - Commercial real estate 2,585 70 19 Construction and land development 3,582 247 - Total $ 17,345 $ 648 $ 72 |
Schedule of classes of the loan portfolio in which a formal risk weighting system is utilized | September 30, 2016 Special Total Pass Mention Substandard Doubtful Loans (Dollars in Thousands) One-to-four residential $ - $ 1,681 $ 1,212 $ - $ 2,893 Multi-family residential 12,144 - 334 - 12,478 Commercial real estate 76,185 943 2,731 - 79,859 Construction and land development 11,551 - 10,288 - 21,839 Consumer 99 - - - 99 Total Loans $ 99,979 $ 2,624 $ 14,565 $ - $ 117,168 September 30, 2015 Special Total Pass Mention Substandard Doubtful Loans (Dollars in Thousands) One-to-four residential $ - $ 2,107 $ 751 $ - $ 2,858 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 $ 58,060 $ 3,423 $ 12,376 $ - $ 73,859 |
Schedule of loans in which a formal risk rating system is not utilized, but loans are segregated between performing and non-performing | September 30, 2016 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 226,394 $ 4,244 $ 230,638 Leases 3,286 - 3,286 Consumer 799 - 799 Total Loans $ 230,479 $ 4,244 $ 234,723 September 30, 2015 Non- Total Performing Performing Loans (Dollars in Thousands) One-to-four family residential $ 252,758 $ 3,547 $ 256,305 Consumer 392 - 392 Total Loans $ 253,150 $ - $ 256,697 |
Schedule of loan categories of the loan portfolio summarized by the aging categories of performing and delinquent loans and nonaccrual loans | September 30, 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 $ 228,904 $ 1,860 $ 2,767 $ - $ 1,860 $ 233,531 $ 4,244 Multi-family residential 12,478 - - - - 12,478 - Commercial real estate 78,513 - 1,346 - - 79,859 1,346 Construction and land development 11,551 - 10,288 - - 21,839 10,288 Commercial business 99 - - - - 99 - Leases 3,286 3,286 Consumer 799 - - - - 799 - Total Loans $ 335,630 $ 1,860 $ 14,401 $ - $ 1,860 $ 351,891 $ 15,878 September 30, 2015 90 Days+ Total 30-89 Days 90 Days + Past Due Past Due Total Non- Current Past Due Past Due and Accruing and Accruing Loans Accrual (Dollars in Thousands) One-to-four family residential $ 255,669 $ 1,462 $ 2,032 $ - $ 1,462 $ 259,163 $ 3,547 Multi-family residential 6,249 - - - - 6,249 - Commercial real estate 25,114 504 181 - 504 25,799 1,589 Construction and land development 38,953 - - - - 38,953 8,796 Commercial business - - - - - - - Consumer 392 - - - - 392 - Total Loans $ 326,377 $ 1,966 $ 2,213 $ - $ 1,966 $ 330,556 $ 13,932 |
Schedule of primary segments of the allowance for loan losses, segmented into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment. | September 30, 2016 One- to Multi- Commercial Construction Commercial Leases Consumer Unallocated Total (In Thousands) ALLL balance at September 30, 2015 $ 1,636 $ 66 $ 231 $ 725 $ - $ - $ 4 $ 268 $ 2,930 Charge-offs (11 ) - - - - - - - (11 ) Recoveries 105 - - 20 - - - - 125 Provision (103 ) 71 628 (429 ) 1 21 6 30 225 ALLL balance at September 30, 2016 $ 1,627 $ 137 $ 859 $ 316 $ 1 $ 21 $ 10 $ 298 $ 3,269 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,627 137 859 316 1 21 10 298 3,269 September 30, 2015 One- to Multi- Commercial Construction Commercial Consumer Unallocated Total (In Thousands) ALLL balance at September 30, 2014 $ 1,663 $ 67 $ 122 $ 323 $ 15 $ 4 $ 231 $ 2,425 Charge-offs (384 ) (1 ) - - - - - (384 ) Recoveries 77 - - 78 - - - 155 Provision 280 - 109 324 (15 ) - 37 735 ALLL balance at September 30, 2015 $ 1,636 $ 66 $ 231 $ 725 $ - $ 4 $ 268 $ 2,930 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,636 66 231 725 - 4 268 2,930 September 30, 2014 One- to Multi- Commercial Construction Commercial Consumer Unallocated Total (In Thousands) ALLL balance at September 30, 2013 $ 1,384 $ 22 $ 70 $ 653 $ 4 $ 2 $ 218 $ 2,353 Charge-offs (215 ) - - - - - - (215 ) Recoveries 47 - - - - - - 47 Provision 447 45 52 (330 ) 11 2 13 240 ALLL balance at September 30, 2014 $ 1,663 $ 67 $ 122 $ 323 $ 15 $ 4 $ 231 $ 2,425 Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated for impairment 1,663 67 122 323 15 4 231 2,425 |
Schedule of troubled debt restructurings | As of and for the Year Ended September 30, 2016 Restructured Current Period (amount in thousands) Number of Pre- Modification Post-Modification One-to-four family residential 1 $ 482 $ 482 1 $ 482 $ 482 As of and for the Year Ended September 30, 2015 Restructured Current Period (amount in thousands) Number of Pre- Modification Post-Modification Commerical real estate 1 $ 750 $ 750 Construction and land development 1 3,665 3,665 2 $ 4,415 $ 4,415 As of and for the Year Ended September 30, 2014 Restructured Current Period (amount in thousands) Number of Pre- Modification Post-Modification One-to four- family 1 $ 1,455 $ 1,455 Commerical real estate 1 877 877 2 $ 2,332 $ 2,332 |
OFFICE PROPERTIES AND EQUIPME33
OFFICE PROPERTIES AND EQUIPMENT (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of office properties and equipment | September 30, 2016 2015 (Dollars in Thousands) Land $ 198 $ 198 Buildings and improvements 2,492 2,454 Furniture and equipment 2,355 2,210 Automobiles - 96 Total 5,045 4,958 Accumulated depreciation (3,701 ) (3,466 ) Total office properties and equipment, net of accumulated depreciation $ 1,344 $ 1,492 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Deposits [Abstract] | |
Schedule of major classifications of deposits | September 30, 2016 2015 Amount Percent Amount Percent (Dollars in Thousands) Non-interest-bearing checking accounts $ 3,804 0.7 % $ 2,293 0.6 % Interest-bearing checking accounts 34,984 9.3 35,649 9.8 Money market deposit accounts 55,552 14.3 60,736 16.6 Passbook, club and statement savings 70,924 18.2 70,355 19.3 Certificates maturing in six months or less 97,418 25.0 49,857 13.7 Certificates maturing in more than six months 126,519 32.5 146,184 40.0 Total $ 389,201 100.0 % $ 365,074 100.0 % |
Schedule of maturities of certificate accounts | September 30, 2016 (Dollars in Thousands) One year or less $ 139,841 One through two years 39,624 Two through three years 20,534 Three through four years 14,704 Four through five years 9,227 Total $ 223,930 |
Schedule of interest expense on deposits | Year Ended September 30, 2016 2015 2014 (Dollars in Thousands) Checking and money market deposit accounts $ 165 $ 323 $ 348 Passbook, club and statement savings accounts 83 208 262 Certificate accounts 2,613 2,899 2,791 Total $ 2,861 $ 3,430 $ 3,401 |
SHORT-TERM BORROWINGS (Tables)
SHORT-TERM BORROWINGS (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of short-term borrowings from the Federal Home Loan Bank (FHLB) | (Dollar amount in thousands) 2016 Balance at year-end 20,000 Average balance outstanding 8,975 Maximum month-end balance 20,000 Weight-average rate at year-end 1.17 % Weight-average rate during the year 1.23 % |
ADVANCES FROM FEDERAL HOME LO36
ADVANCES FROM FEDERAL HOME LOAN BANK (Tables) | 12 Months Ended |
Sep. 30, 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 17-Nov-17 $ 10,000 1.20 % Not Applicable Fixed Rate -Amortizing 1-Dec-17 2,511 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 4,382 1.53 % Not Applicable Fixed Rate -Advance 27-Jul-20 249 1.38 % Not Applicable Fixed Rate -Advance 27-Jul-21 249 1.52 % Not Applicable Fixed Rate -Advance 28-Jul-21 249 1.48 % Not Applicable Fixed Rate -Advance 29-Jul-21 249 1.42 % Not Applicable Fixed Rate -Advance 19-Aug-21 249 1.55 % Not Applicable $ 30,638 1.34 % (a) (a) Weighted average coupon rate. |
Schedule of advances from the FHLB with coupon rates | Weighted Average Maturity Amount Coupon Rate (Dollars in Thousands) 2017 $ 3,367 1.31 % 2018 13,887 1.22 % 2019 11,903 1.45 % 2020 485 1.45 % 2021 996 1.49 % 30,638 1.34 % |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | Year Ended September 30, 2016 2015 2014 (Dollars in Thousands) Current: Federal expense $ 1,275 $ 461 $ 690 Total current taxes 1,275 461 690 Deferred income tax benefit (16 ) (345 ) - Total income tax provision $ 1,259 $ 116 $ 690 |
Schedule of deferred income taxes | September 30, 2016 2015 (Dollars in Thousands) Deferred tax assets: Allowance for loan losses $ 1,289 $ 1,185 Non-accrual interest 163 86 Accrued vacation 13 119 Capital loss carryforward 378 534 Post-retirement benefit plans 96 126 Split dollar life insurance 18 19 Unrealized losses on interest rate swaps 69 - Employee benefit plans 434 530 Total deferred tax assets 2,460 2,599 Valuation allowance (378 ) (534 ) Total deferred tax assets, net of valuation allowance 2,082 2,065 Deferred tax liabilities: Property 423 365 Unrealized gains on available for sale securities 500 10 481(a)Adjustment 12 - Deferred loan fees 578 715 Total deferred tax liabilities 1,513 1,090 Net deferred tax asset $ 569 $ 975 |
Schedule of income tax expense computed at the statutory federal corporate tax rate | Year Ended September 30, 2016 2015 2014 Percentage Percentage Percentage of Pretax of Pretax of Pretax Amount Income Amount Income Amount Income (Loss) (Dollars in Thousands) Tax at statutory rate $ 1,353 34.0 % $ 798 34.0 % $ 840 34.0 % Adjustments resulting from: Valuation allowance (156 ) (3.9 ) (677 ) (28.8 ) (144 ) (5.8 ) Income from bank owned life insurance (113 ) (2.8 ) (117 ) (5.0 ) (87 ) (3.5 ) Employee benefit plans 151 3.8 126 5.4 74 3.0 Other 24 0.5 (14 ) (0.6 ) 7 0.2 Income tax expense $ 1,259 31.6 % $ 116 5.0 % $ 690 27.9 % |
REGULATORY CAPITAL REQUIREMEN38
REGULATORY CAPITAL REQUIREMENTS (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of company's and the Bank's actual capital amounts and ratios | To Be Well Capitalized Under Prompt Required for Capital Corrective Action Actual Adequacy Purposes Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) September 30, 2016: Tier 1 capital (to average assets) Company $ 113,205 20.41 % N/A N/A N/A N/A Bank 100,552 18.15 $ 22,157 4.0 $ 27,697 5.0 % Tier 1 Common (to risk-weighted assets) Company 113,205 38.57 N/A N/A N/A N/A Bank 100,552 34.36 13,171 4.5 19,024 6.5 Tier 1 capital (to risk-weighted assets) Company 113,205 38.57 N/A N/A N/A N/A Bank 100,552 34.36 17,559 6.0 23,415 8.0 Total capital (to risk-weighted assets) Company 116,512 39.70 N/A N/A N/A N/A Bank 103,859 35.49 23,415 8.0 29,268 10.0 September 30, 2015: Tier 1 capital (to average assets) Company $ 116,903 23.73 % N/A N/A N/A N/A Bank 96,034 19.50 $ 19,699 4.0 $ 24,624 5.0 % Tier 1 Common (to risk-weighted assets) Company 116,921 50.63 N/A N/A N/A N/A Bank 96,052 41.66 10,376 4.5 14,987 6.5 Tier 1 capital (to risk-weighted assets) Company 116,903 50.63 N/A N/A N/A N/A Bank 96,034 41.65 13,834 6.0 18,446 8.0 Total capital (to risk-weighted assets) Company 120,016 51.98 N/A N/A N/A N/A Bank 99,147 43.00 18,446 8.0 23,057 10.0 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Schedule of multiemployer plans | Legal Name of Plan Pentegra Defined Benefit Plan for Plan Employer Identification Number 13-5645888 The Company's Contribution for the year ended September 30, 2016 $222,000 Are Company's Contributions more than 5% of total contributions? No Funded Status 95.85% |
Schedule of summary of the non-vested stock award activity | Year Ended Number of Weighted Average Nonvested stock awards at beginning of year 241,428 $ 11.74 Issued 10,500 14.42 Forfeited (30,180 ) 11.92 Vested (48,960 ) 11.60 Nonvested stock awards at the end of the period 172,788 $ 12.03 Year Ended Number of Weighted Average Nonvested stock awards at beginning of year 38,055 $ 8.07 Issued 235,500 12.23 Forfeited (21,813 ) 11.85 Vested (10,314 ) 9.07 Nonvested stock awards at the end of the period 241,428 $ 11.74 |
Schedule of summary of the status of the company' stock options under the stock option plan | Year Ended Number of Weighted Average Options outstanding at beginning of year 1,074,430 $ 11.92 Granted 27,500 14.42 Exercised (99,545 ) 11.45 Forfeited (80,476 ) 11.52 Outstanding at the end of the period 921,909 $ 11.70 Exercisable at the end of the period 467,397 $ 11.40 Year Ended Number of Weighted Average Options outstanding at beginning of year 530,084 $ 11.57 Granted 608,737 12.23 Forfeited (64,391 ) 11.92 Outstanding at the end of the period 1,074,430 $ 11.92 Exercisable at the end of the period 440,976 $ 11.42 |
INTEREST RATE SWAP AGREEMENTS (
INTEREST RATE SWAP AGREEMENTS (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of interest rate swap agreements | 2016 Natinal Pay Receive Maturity Unrealized Amount Rate Rate Date Loss Interest rate swap contract $ 10,000 1.15 % 1 Mth Libor 6-Apr-21 $ 92,000 Interest rate swap contract 10,000 1.18 % 1 Mth Libor 13-Jun-21 103,000 Interest rate swap contract 1,100 4.10 % 1 Mth Libor +276 bp 1-Aug-16 7,000 $ 202,000 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured at fair value on recurring basis | Level 1 Level 2 Level 3 Total (Dollars in Thousands) Assets: Securities available for sale: U.S. Government and agency obligations $ - $ 21,024 $ - $ 21,024 Mortgage-backed securities - U.S. Government agencies - 91,575 - 91,575 Corporate bonds - 26,053 - 26,053 FHLMC preferred stock 42 - - 42 Total $ 42 $ 138,652 $ - $ 138,694 Liabilities Interest rate swap contracts $ - $ 202 $ - $ 202 Total $ - $ 202 $ - $ 202 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 |
Schedule of summary of non-recurring fair value measurements | Summary of Non-Recurring Fair Value Measurements At September 30, 2016 (Dollars in Thousands) Level 1 Level 2 Level 3 Total Impaired loans $ - $ - $ 19,429 $ 19,429 Real estate owned - - 581 581 Total $ - $ - $ 20,010 $ 20,010 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 $ - $ - $ 17,639 $ 17,639 |
Schedule of nonrecurring fair value measurements categorized within level 3 of the fair value hierarchy | At September 30, 2016 (Dollars in Thousands) Valuation Range/ Fair Value Technique Unobservable Input Weighted Ave. Impaired loans $ 19,429 Property appraisals (1) (3) Management discount for selling costs, property type and market volatility (2) 6% to 46% discount/10% Real estate owned $ 581 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 September 30, 2016 Carrying Fair Amount Value (Level 1) (Level 2) (Level 3) (Dollars in Thousands) Assets: Cash and cash equivalents $ 12,440 $ 12,440 $ 12,440 $ - $ - Certificate of deposits 1,853 1,853 1,853 - - Investment and mortgage-backed securities available for sale 138,694 138,694 42 138,652 - Investment and mortgage-backed securities held to maturity 39,971 40,700 - 40,700 - Loans receivable, net 344,948 344,100 - - 344,100 Accrued interest receivable 1,928 1,928 1,928 - - Federal Home Loan Bank stock 2,463 2,463 2,463 - - Bank owned life insurance 13,055 13,055 13,055 - - Liabilities: Checking accounts 38,788 38,788 38,788 - - Money market deposit accounts 55,552 55,552 55,552 - - Passbook, club and statement savings accounts 70,924 71,145 71,145 - - Certificates of deposit 223,930 225,383 - - 225,383 Accrued interest payable 1,403 1,403 1,403 - - Advances from FHLB -short-term 20,000 20,000 - 20,000 Advances from FHLB -long-term 30,638 30,222 - - 30,222 Advances from borrowers for taxes and insurance 1,748 1,748 1,748 - - Interest rate swap contracts 202 202 - 202 - 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 - - |
PRUDENTIAL BANCORP, INC. (PAR42
PRUDENTIAL BANCORP, INC. (PARENT COMPANY ONLY) (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of statement of financial condition | STATEMENT OF FINANCIAL CONDITION September 30, 2016 2015 (Dollars in Thousands) Assets: Cash $ 6,541 $ 14,912 ESOP loan receivable 5,277 5,618 Investment in Bank 101,350 96,132 Other assets 834 339 Total assets $ 114,002 $ 117,001 Stockholders' equity: Preferred stock - - Common stock 95 95 Additional paid-in-capital 95,713 95,286 Unearned ESOP shares (4,550 ) (4,926 ) Treasury stock (21,098 ) (14,691 ) Retained earnings 43,044 41,219 Accumulated other comprehensive (loss) income 798 18 Total stockholders' equity 114,002 117,001 Total liabilities and stockholders' equity $ 114,002 $ 117,001 |
Schedule of income statement | INCOME STATEMENT For the year ended September 30, 2016 2015 2014 (Dollars in thousands) Interest on ESOP loan 247 263 257 Equity in the undistributed earnings of the Bank 2,911 2,549 2,085 Other income - 9 - Total income 3,158 2,821 2,342 Professional services 161 306 288 Other expense 376 447 431 Total expense 537 753 719 Income before income taxes 2,621 2,068 1,623 Income tax benefit (99 ) (164 ) (157 ) Net income 2,720 2,232 1,780 |
Schedule of cash flows | CASH FLOWS For the year ended September 30, 2016 2015 2014 (Dollars in thousands) Operating activities: Net income $ 2,720 $ 2,232 $ 1,780 (Decrease) increase in assets (579 ) 88 (198 ) Equity in the undistributed earnings of the Bank (2,911 ) (2,549 ) (2,085 ) Net cash used in operating activities (770 ) (229 ) (503 ) Investing activities: Repayments received on ESOP loan 341 325 302 Cash advanced to subsidiary - - (34,800 ) Net cash provided by (used in) investing activities 341 325 (34,498 ) Financing Activities: Purchase of common stock for ESOP - - (3,089 ) Issuance of common stock - - 38,702 Cancellation of treasury stock - - 31,625 Purchase of treasury stock (7,047 ) (14,691 ) Cash dividends paid (895 ) (2,222 ) (571 ) Net cash (used in) provided by financing activities (7,942 ) (16,913 ) 66,667 Net (decrease) increase in cash and cash equivalents (8,371 ) (16,817 ) 31,666 Cash and cash equivalents, beginning of year 14,912 31,729 63 Cash and cash equivalents, end of year $ 6,541 $ 14,912 $ 31,729 |
CONSOLIDATED QUARTERLY FINANC43
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of unaudited quarterly financial information | September 30, 2016 September 30, 2015 1st 2nd 3rd 4th 1st 2nd 3rd 4th Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr (In thousands) (In thousands) Interest income $ 4,056 $ 4,366 $ 4,474 $ 4,587 $ 4,240 $ 4,304 $ 4,055 $ 4,081 Interest expense 800 849 824 853 901 871 851 807 Net interest income 3,256 3,517 3,650 3,734 3,339 3,433 3,204 3,274 (Recoveries) Provision for loan losses 0 75 150 0 75 300 210 150 Net interest income after provision for loan losses 3,256 3,442 3,500 3,734 3,264 3,133 2,994 3,124 Non-interest income 274 209 400 454 350 1,988 445 225 Non-interest expense 2,896 2,796 2,815 2,783 2,926 3,511 3,432 3,306 Income before income tax expense 634 855 1,085 1,405 688 1,610 7 43 Income tax expense 221 307 308 423 217 (91 ) (40 ) 30 Net income $ 413 $ 548 $ 777 $ 982 $ 471 $ 1,701 $ 47 $ 13 Per share: Earnings per share - basic $ 0.05 $ 0.08 $ 0.10 $ 0.14 $ 0.05 $ 0.20 $ 0.01 $ 0.01 Earnings per share - diluted $ 0.05 $ 0.70 $ 0.10 $ 0.14 $ 0.05 $ 0.18 $ 0.01 $ - Dividends per share $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.03 $ 0.18 $ 0.03 September 30, 2014 1st 2nd 3rd 4th Qtr Qtr Qtr Qtr (In thousands) Interest income $ 4,069 $ 4,085 $ 4,136 $ 4,175 Interest expense 905 852 826 818 Net interest income 3,164 3,233 3,310 3,357 (Recoveries) Provision for loan losses 0 0 0 240 Net interest income after provision for loan losses 3,164 3,233 3,310 3,117 Non-interest income 161 413 194 343 Non-interest expense 2,803 2,954 2,756 2,952 Income before income tax expense 522 692 748 508 Income tax expense 184 157 227 112 Net income $ 338 $ 535 $ 521 $ 396 Per share: Earnings per share - basic $ 0.04 $ 0.06 $ 0.06 $ 0.04 Earnings per share - diluted $ 0.04 $ 0.06 $ 0.06 $ 0.03 Dividends per share $ - $ - $ 0.03 $ 0.03 |
NATURE OF OPERATIONS AND BASI44
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Detail Textuals) $ in Thousands | Oct. 09, 2013shares | Sep. 30, 2016USD ($)Branch | Sep. 30, 2015USD ($) |
Nature Of Operations And Basis Of Presentation [Line Items] | |||
Assets | $ | $ 559,480 | $ 487,189 | |
Prudential Savings Bank | |||
Nature Of Operations And Basis Of Presentation [Line Items] | |||
Number of branches | Branch | 7 | ||
PSB Delaware, Inc. | |||
Nature Of Operations And Basis Of Presentation [Line Items] | |||
Assets | $ | $ 119,400 | ||
Second Step Conversion | Prudential Mutual Holding Company | |||
Nature Of Operations And Basis Of Presentation [Line Items] | |||
Number of shares issued in connection with mutual-to-stock conversion | shares | 9,544,809 | ||
Number of shares for which the common stock exchanged | shares | 0.9442 |
SUMMARY OF SIGNIFICANT ACCOUN45
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) - USD ($) | Jul. 15, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 |
Significant Accounting Policies [Line Items] | ||||
Par value of stock bought from and sold to the federal home loan bank (in dollars per share) | $ 100 | |||
Cash dividend paid | $ 895,000 | $ 2,200,000 | $ 571,000 | |
Shares repurchased and held as treasury stock | 850,000 | 1,499,265 | 1,095,184 | |
Percentage of plan to repurchase share | 10.00% | |||
Number of shares authorized to repurchase | 950,000 | |||
Average cost per share of shares purchased (in dollars per share) | $ 13.18 | $ 14.07 | ||
Advertising expense | $ 103,000 | $ 165,000 | $ 186,000 | |
Buildings | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 10-39 years | |||
Furniture and equipment | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 1-7 years |
EARNINGS PER SHARE - Calculated
EARNINGS PER SHARE - Calculated basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings per share - basic | |||||||||||||||
Net income | $ 982 | $ 777 | $ 548 | $ 413 | $ 13 | $ 47 | $ 1,701 | $ 471 | $ 396 | $ 521 | $ 535 | $ 338 | $ 2,720 | $ 2,232 | $ 1,780 |
Weighted average shares outstanding - basic | 7,417,044 | 8,335,273 | 9,061,193 | ||||||||||||
Effect of CSEs - basic | |||||||||||||||
Adjusted weighted average shares used in earnings per share computation - basic | 7,417,044 | 8,335,273 | 9,061,193 | ||||||||||||
Earnings per share - basic (in dollars per share) | $ 0.14 | $ 0.10 | $ 0.08 | $ 0.05 | $ 0.01 | $ 0.01 | $ 0.20 | $ 0.05 | $ 0.04 | $ 0.06 | $ 0.06 | $ 0.04 | $ 0.37 | $ 0.27 | $ 0.20 |
Earnings per share - diluted | |||||||||||||||
Net income | $ 982 | $ 777 | $ 548 | $ 413 | $ 13 | $ 47 | $ 1,701 | $ 471 | $ 396 | $ 521 | $ 535 | $ 338 | $ 2,720 | $ 2,232 | $ 1,780 |
Weighted average shares outstanding - diluted | 7,417,044 | 8,335,273 | 9,061,193 | ||||||||||||
Effect of CSEs - diluted | 217,701 | 114,817 | 216,885 | ||||||||||||
Adjusted weighted average shares used in earnings per share computation - diluted | 7,634,745 | 8,450,090 | 9,278,078 | ||||||||||||
Earnings per share - diluted (in dollars per share) | $ 0.14 | $ 0.10 | $ 0.70 | $ 0.05 | $ 0.01 | $ 0.18 | $ 0.05 | $ 0.03 | $ 0.06 | $ 0.06 | $ 0.04 | $ 0.36 | $ 0.26 | $ 0.19 |
EARNINGS PER SHARE (Detail Text
EARNINGS PER SHARE (Detail Textuals) - $ / shares | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 554,445 | 442,756 | |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 383,016 | ||
Earning per share antidilutive securities excluded from computation of earnings per share | $ 11.83 |
ACCUMULATED OTHER COMPREHENSI48
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Changes in accumulated other comprehensive income (loss) by component net of tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 18 | |||
Total other comprehensive income (loss) | 780 | $ 971 | $ 339 | |
Ending Balance | 798 | 18 | ||
Unrealized gains on available for sale securities and interest rate swaps | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | [1] | 18 | (953) | (1,292) |
Other comprehensive income before reclassification unrealized gains on AFS securities | [1] | 1,116 | 971 | 606 |
Other comprehensive income before reclassification unrealized gains on interest rate swaps | [1] | (60) | ||
Amount reclassified from accumulated other comprehensive loss | [1] | (276) | (267) | |
Total other comprehensive income (loss) | [1] | 780 | 971 | 339 |
Ending Balance | [1] | $ 798 | $ 18 | $ (953) |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
ACCUMULATED OTHER COMPREHENSI49
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Significant amounts reclassified out of each component of accumulated other comprehensive income (loss) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Unrealized gains on available for sale securities | ||||
Reclassification for net gains in net income | $ 418 | $ 416 | ||
Reclassification for net gains in net income - Tax effect | (142) | (138) | ||
Reclassification adjustment for other than temporary impairment losses | (16) | |||
Reclassification adjustment for other than temporary impairment losses - Tax effect | 5 | |||
Unrealized gains on available for sale securities and interest rate swaps | ||||
Unrealized gains on available for sale securities | ||||
Comprehensive income | [1] | 276 | 267 | |
Unrealized gains on available for sale securities and interest rate swaps | Amount Reclassified from Accumulated Other Comprehensive Income | ||||
Unrealized gains on available for sale securities | ||||
Reclassification for net gains in net income | [2] | 418 | 416 | |
Reclassification for net gains in net income - Tax effect | [2] | (142) | (138) | |
Reclassification adjustment for other than temporary impairment losses | [2] | (16) | ||
Reclassification adjustment for other than temporary impairment losses - Tax effect | [2] | 5 | ||
Comprehensive income | [2] | $ 276 | $ 267 | |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. | |||
[2] | Amounts in parentheses indicate debits to net income |
INVESTMENT AND MORTGAGE-BACKE50
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized cost and fair value of investment and mortgage-backed securities, with gross unrealized gains and losses (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Securities Available for Sale: | ||
Amortized Cost | $ 137,222 | $ 77,456 |
Gross Unrealized Gains | 1,593 | 528 |
Gross Unrealized Losses | (121) | (501) |
Fair Value | 138,694 | 77,483 |
Securities Held to Maturity: | ||
Amortized Cost | 39,971 | 66,384 |
Gross Unrealized Gains | 858 | 1,342 |
Gross Unrealized Losses | (129) | (849) |
Fair Value | 40,700 | 66,877 |
U.S. government and agency obligations | ||
Securities Available for Sale: | ||
Amortized Cost | 20,988 | 18,988 |
Gross Unrealized Gains | 36 | |
Gross Unrealized Losses | (276) | |
Fair Value | 21,024 | 18,712 |
Securities Held to Maturity: | ||
Amortized Cost | 33,499 | 54,929 |
Gross Unrealized Gains | 399 | 462 |
Gross Unrealized Losses | (129) | (849) |
Fair Value | 33,769 | 54,542 |
Mortgage-backed securities - US government agencies | ||
Securities Available for Sale: | ||
Amortized Cost | 90,817 | 58,462 |
Gross Unrealized Gains | 860 | 475 |
Gross Unrealized Losses | (102) | (225) |
Fair Value | 91,575 | 58,712 |
Securities Held to Maturity: | ||
Amortized Cost | 6,472 | 11,455 |
Gross Unrealized Gains | 459 | 880 |
Gross Unrealized Losses | ||
Fair Value | 6,931 | 12,335 |
Corporate debt securities | ||
Securities Available for Sale: | ||
Amortized Cost | 25,411 | |
Gross Unrealized Gains | 661 | |
Gross Unrealized Losses | (19) | |
Fair Value | 26,053 | |
Debt securities available for sale | ||
Securities Available for Sale: | ||
Amortized Cost | 137,216 | 77,450 |
Gross Unrealized Gains | 1,557 | 475 |
Gross Unrealized Losses | (121) | (501) |
Fair Value | 138,652 | 77,424 |
FHLMC preferred stock | ||
Securities Available for Sale: | ||
Amortized Cost | 6 | 6 |
Gross Unrealized Gains | 36 | 53 |
Gross Unrealized Losses | ||
Fair Value | $ 42 | $ 59 |
INVESTMENT AND MORTGAGE-BACKE51
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Gross unrealized losses and related fair values of investment securities, aggregated by investment category and length of time (Details 1) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | $ (69) | $ (223) |
Less than 12 months - Fair value | 20,453 | 27,083 |
More than 12 months - Gross Unrealized Losses | 52 | (278) |
More than 12 months - Fair value | 6,718 | 23,008 |
Gross Unrealized Losses - Total | (121) | (501) |
Fair Value - Total | 27,171 | 50,091 |
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | (129) | |
Less than 12 months - Fair value | 20,371 | |
More than 12 months - Gross Unrealized Losses | (849) | |
More than 12 months - Fair value | 42,603 | |
Gross Unrealized Losses -Total | (129) | (849) |
Fair Value - Total | 20,371 | 42,603 |
Less than 12 months - Gross Unrealized Losses | (198) | (223) |
Less than 12 months - Fair Value | 40,824 | 27,083 |
More than 12 months - Gross Unrealized Losses | 52 | (1,127) |
More than 12 months - Fair Value | 6,718 | 65,611 |
Gross Unrealized Losses - Total | (250) | (1,350) |
Fair Value - Total | 47,542 | 92,694 |
U.S. government and agency obligations | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (85) | |
Less than 12 months - Fair value | 4,910 | |
More than 12 months - Gross Unrealized Losses | (191) | |
More than 12 months - Fair value | 13,802 | |
Gross Unrealized Losses - Total | (276) | |
Fair Value - Total | 18,712 | |
Securities Held to Maturity: | ||
Less than 12 months - Gross Unrealized Losses | (129) | |
Less than 12 months - Fair value | 20,371 | |
More than 12 months - Gross Unrealized Losses | (849) | |
More than 12 months - Fair value | 42,603 | |
Gross Unrealized Losses -Total | (129) | (849) |
Fair Value - Total | 20,371 | 42,603 |
Mortgage-backed securities - US government agencies | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (50) | (138) |
Less than 12 months - Fair value | 16,498 | 22,173 |
More than 12 months - Gross Unrealized Losses | 52 | (87) |
More than 12 months - Fair value | 6,718 | 9,206 |
Gross Unrealized Losses - Total | (102) | (225) |
Fair Value - Total | 23,216 | $ 31,379 |
Corporate debt securities | ||
Securities Available for Sale: | ||
Less than 12 months - Gross Unrealized Losses | (19) | |
Less than 12 months - Fair value | 3,955 | |
More than 12 months - Gross Unrealized Losses | ||
More than 12 months - Fair value | ||
Gross Unrealized Losses - Total | (19) | |
Fair Value - Total | $ 3,955 |
INVESTMENT AND MORTGAGE-BACKE52
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Rollforward of amounts recognized in earnings related to credit losses on securities (Details 2) $ in Thousands | 12 Months Ended |
Sep. 30, 2014USD ($) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |
Credit component of OTTI | $ 1,599 |
Additions for credit-related OTTI charges on previously unimpaired securities | |
Reductions for securities liquidated | (1,615) |
Additional losses as a result of impairment charges recognized on investments for which an OTTI was previously recognized | 16 |
Credit component of OTTI |
INVESTMENT AND MORTGAGE-BACKE53
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized cost and fair value of debt securities, by contractual maturity (Details 3) $ in Thousands | Sep. 30, 2016USD ($) |
Held to Maturity, Amortized Cost | |
Due within one year | |
Due after one through five years | 1,999 |
Due after five through ten years | 8,000 |
Due after ten years | 23,500 |
Total | 33,499 |
Held to Maturity, Fair Value | |
Due within one year | |
Due after one through five years | 2,187 |
Due after five through ten years | 7,987 |
Due after ten years | 23,595 |
Total | 33,769 |
Available for Sale, Amortized Cost | |
Due within one year | |
Due after one through five years | 2,060 |
Due after five through ten years | 22,361 |
Due after ten years | 21,978 |
Total | 46,399 |
Available for Sale, Fair Value | |
Due within one year | |
Due after one through five years | 2,081 |
Due after five through ten years | 22,985 |
Due after ten years | 22,011 |
Total | $ 47,077 |
INVESTMENT AND MORTGAGE-BACKE54
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Detail Textuals) | 12 Months Ended | |
Sep. 30, 2016USD ($)Security | Sep. 30, 2014USD ($) | |
Marketable Securities [Line Items] | ||
Safekeeping account at the FHLB | $ 31,700,000 | |
Realized gross gains | 418,000 | $ 416,000 |
Proceeds from sale of investment and mortgage-backed securities | 11,560,000 | $ 3,237,000 |
Proceeds from sale of held-to-maturity securities | $ 3,100,000 | |
Percentage of held to maturity securities held | 15.00% | |
U.S. government and agency obligations | ||
Marketable Securities [Line Items] | ||
Number of investment securities in debt obligations in the category of loss position less than 12 months held by company | Security | 5 | |
Securities continuous unrealized loss position less than 12 months aggregate losses | $ 129,000 | |
Percentage of reduction in amortized cost of debt securities in the category of loss position less than 12 months held by company | 0.60% | |
Mortgage-backed securities - U.S. Government agencies | ||
Marketable Securities [Line Items] | ||
Number of investment securities in debt obligations in the category of loss position less than 12 months held by company | Security | 17 | |
Securities continuous unrealized loss position less than 12 months aggregate losses | $ 198,000 | |
Percentage of reduction in amortized cost of debt securities in the category of loss position less than 12 months held by company | 0.50% | |
Number of investment securities in debt obligations in the category of loss position more than 12 months held by company | Security | 5 | |
Securities continuous unrealized loss position more than 12 months aggregate losses | $ 52,000 | |
Percentage of reduction in amortized cost of debt securities in the category of loss position more than 12 months held by company | 0.80% | |
Proceeds from sale of held-to-maturity securities | $ 2,900,000 | |
Corporate debt 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 | Security | 4 | |
Securities continuous unrealized loss position less than 12 months aggregate losses | $ 19,000 | |
Percentage of reduction in amortized cost of debt securities in the category of loss position less than 12 months held by company | 0.50% |
LOANS RECEIVABLE - Summary of L
LOANS RECEIVABLE - Summary of Loans receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | $ 351,891 | $ 330,556 | ||
Undisbursed portion of loans-in-process | (5,371) | (17,097) | ||
Deferred loan costs | 1,697 | 2,104 | ||
Allowance for loan losses | (3,269) | (2,930) | $ (2,425) | $ (2,353) |
Net loans | 344,948 | 312,633 | ||
One- to four-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 233,531 | 259,163 | ||
Allowance for loan losses | (1,627) | (1,636) | (1,663) | (1,384) |
Multi-family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 12,478 | 6,249 | ||
Allowance for loan losses | (137) | (66) | (67) | (22) |
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 79,859 | 25,799 | ||
Allowance for loan losses | (859) | (231) | (122) | (70) |
Construction and land development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 21,839 | 38,953 | ||
Allowance for loan losses | (316) | (725) | (323) | (653) |
Commercial business | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 99 | |||
Allowance for loan losses | (1) | (15) | (4) | |
Leases | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 3,286 | |||
Allowance for loan losses | (21) | |||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans | 392 | |||
Allowance for loan losses | $ (10) | $ (4) | $ (4) | $ (2) |
LOANS RECEIVABLE - Summary of56
LOANS RECEIVABLE - Summary of loans individually evaluated for impairment by loan segment (Details 1) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | $ 19,429 | $ 16,770 |
Collectively evaluated for impairment | 332,462 | 313,786 |
Total loans | 351,891 | 330,556 |
One-to-four family residential | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 5,553 | 4,206 |
Collectively evaluated for impairment | 227,978 | 254,957 |
Total loans | 233,531 | 259,163 |
Multi-family residential | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 335 | |
Collectively evaluated for impairment | 12,143 | 6,249 |
Total loans | 12,478 | 6,249 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 3,154 | 3,768 |
Collectively evaluated for impairment | 76,705 | 22,031 |
Total loans | 79,859 | 25,799 |
Construction and land development | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 10,288 | 8,796 |
Collectively evaluated for impairment | 11,551 | 30,157 |
Total loans | 21,839 | 38,953 |
Commercial business | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 99 | |
Collectively evaluated for impairment | ||
Total loans | 99 | |
Leases | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 3,286 | |
Total loans | 3,286 | |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | ||
Collectively evaluated for impairment | 799 | 392 |
Total loans | $ 392 |
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) - USD ($) $ in Thousands | Sep. 30, 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 | 19,429 | 16,770 |
Total Impaired Loans - Recorded Investment | 19,429 | 16,770 |
Total impaired loans - Unpaid Principal Balance | 19,745 | 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 | 5,553 | 4,206 |
Total Impaired Loans - Recorded Investment | 5,553 | 4,206 |
Total impaired loans - Unpaid Principal Balance | 5,869 | 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 | 335 | |
Total Impaired Loans - Recorded Investment | 335 | |
Total impaired loans - Unpaid Principal Balance | 335 | |
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 | 3,154 | 3,768 |
Total Impaired Loans - Recorded Investment | 3,154 | 3,768 |
Total impaired loans - Unpaid Principal Balance | 3,154 | 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 | 10,288 | 8,796 |
Total Impaired Loans - Recorded Investment | 10,288 | 8,796 |
Total impaired loans - Unpaid Principal Balance | 10,288 | $ 8,796 |
Commercial business | ||
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 | 99 | |
Total Impaired Loans - Recorded Investment | 99 | |
Total impaired loans - Unpaid Principal Balance | $ 99 |
LOANS RECEIVABLE - Average reco
LOANS RECEIVABLE - Average recorded investment in impaired loans and related interest income recognized (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | $ 18,620 | $ 21,276 | $ 17,345 |
Income Recognized on Accrual Basis | 249 | 1,097 | 648 |
Income Recognized on Cash Basis | 175 | 412 | 72 |
One-to-four family residential | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 5,099 | 8,734 | 10,802 |
Income Recognized on Accrual Basis | 129 | 431 | 305 |
Income Recognized on Cash Basis | 101 | 147 | 53 |
Multi-family residential | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 344 | 289 | 376 |
Income Recognized on Accrual Basis | 24 | 19 | 26 |
Income Recognized on Cash Basis | |||
Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 3,565 | 3,840 | 2,585 |
Income Recognized on Accrual Basis | 96 | 210 | 70 |
Income Recognized on Cash Basis | 12 | 71 | 19 |
Construction and land development | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 9,604 | 8,413 | 3,582 |
Income Recognized on Accrual Basis | 437 | 247 | |
Income Recognized on Cash Basis | 62 | $ 194 | |
Commercial business | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 8 | ||
Income Recognized on Accrual Basis | |||
Income Recognized on Cash Basis |
LOANS RECEIVABLE - Summary of c
LOANS RECEIVABLE - Summary of classes of loan portfolio in which formal risk weighting system is used (Details 4) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 351,891 | $ 330,556 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 233,531 | 259,163 |
Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 12,478 | 6,249 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 79,859 | 25,799 |
Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 21,839 | 38,953 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 392 | |
Risk Rating System | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 117,168 | 73,859 |
Risk Rating System | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,893 | 2,858 |
Risk Rating System | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 12,478 | 6,249 |
Risk Rating System | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 79,859 | 25,799 |
Risk Rating System | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 21,839 | 38,953 |
Risk Rating System | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 99 | |
Risk Rating System | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 99,979 | 58,060 |
Risk Rating System | Pass | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Pass | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 12,144 | 5,898 |
Risk Rating System | Pass | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 76,185 | 22,005 |
Risk Rating System | Pass | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 11,551 | 30,157 |
Risk Rating System | Pass | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 99 | |
Risk Rating System | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,624 | 3,423 |
Risk Rating System | Special Mention | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,681 | 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 | 943 | 965 |
Risk Rating System | Special Mention | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Special Mention | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 14,565 | 12,376 |
Risk Rating System | Substandard | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,212 | 751 |
Risk Rating System | Substandard | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 334 | |
Risk Rating System | Substandard | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,731 | 2,829 |
Risk Rating System | Substandard | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,288 | 8,796 |
Risk Rating System | Substandard | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Doubtful | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Doubtful | Multi-family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Doubtful | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Doubtful | Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | ||
Risk Rating System | Doubtful | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans |
LOANS RECEIVABLE - Loans in whi
LOANS RECEIVABLE - Loans in which formal risk rating system is not utilized, but loans are segregated between performing and non-performing based primarily on delinquency status (Details 5) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 351,891 | $ 330,556 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 233,531 | 259,163 |
Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,286 | |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 392 | |
Non Risk Rating System | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 234,723 | 256,697 |
Non Risk Rating System | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 230,638 | 256,305 |
Non Risk Rating System | Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,286 | |
Non Risk Rating System | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 799 | 392 |
Non Risk Rating System | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 230,479 | 253,150 |
Non Risk Rating System | Performing | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 226,394 | 252,758 |
Non Risk Rating System | Performing | Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,286 | |
Non Risk Rating System | Performing | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 799 | 392 |
Non Risk Rating System | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,244 | |
Non Risk Rating System | Nonperforming | One-to-four family residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,244 | 3,547 |
Non Risk Rating System | Nonperforming | Leases | ||
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) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 335,630 | $ 326,377 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | 1,860 | 1,966 |
Total Loans | 351,891 | 330,556 |
Non- Accrual | 15,878 | 13,932 |
30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,860 | 1,966 |
90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 14,401 | 2,213 |
One-to-four family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 228,904 | 255,669 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | 1,860 | 1,462 |
Total Loans | 233,531 | 259,163 |
Non- Accrual | 4,244 | 3,547 |
One-to-four family residential | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,860 | 1,462 |
One-to-four family residential | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,767 | 2,032 |
Multi-family residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 12,478 | 6,249 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | ||
Total Loans | 12,478 | 6,249 |
Non- Accrual | ||
Multi-family residential | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | ||
Multi-family residential | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | ||
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 78,513 | 25,114 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | 504 | |
Total Loans | 79,859 | 25,799 |
Non- Accrual | 1,346 | 1,589 |
Commercial real estate | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 504 | |
Commercial real estate | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,346 | 181 |
Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 11,551 | 38,953 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | ||
Total Loans | 21,839 | 38,953 |
Non- Accrual | 10,288 | 8,796 |
Construction and land development | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | ||
Construction and land development | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 10,288 | |
Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 99 | |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | ||
Total Loans | 99 | |
Non- Accrual | ||
Commercial business | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | ||
Commercial business | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | ||
Leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,286 | |
Total Loans | 3,286 | |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 799 | 392 |
90 Days+ Past Due and Accruing | ||
Total Past Due and Accruing | ||
Total Loans | 799 | 392 |
Non- Accrual | ||
Consumer | 30-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | ||
Consumer | 90 Days + Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current |
LOANS RECEIVABLE - Activity in
LOANS RECEIVABLE - Activity in allowance (Details 7) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||||
ALLL balance | $ 2,930 | $ 2,425 | $ 2,353 | $ 2,930 | $ 2,425 | $ 2,353 | |||||||||
Charge-offs | (11) | (384) | (215) | ||||||||||||
Recoveries | 125 | 155 | 47 | ||||||||||||
Provision | $ 0 | $ 150 | $ 75 | 0 | $ 150 | $ 210 | $ 300 | 75 | $ 240 | $ 0 | $ 0 | 0 | 225 | 735 | 240 |
ALLL balance | 3,269 | 2,930 | 2,425 | 3,269 | 2,930 | 2,425 | |||||||||
Individually evaluated for impairment | |||||||||||||||
Collectively evaluated for impairment | 3,269 | 2,930 | 2,425 | 3,269 | 2,930 | 2,425 | |||||||||
One- to four-family residential | |||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||||
ALLL balance | 1,636 | 1,663 | 1,384 | 1,636 | 1,663 | 1,384 | |||||||||
Charge-offs | (11) | (384) | (215) | ||||||||||||
Recoveries | 105 | 77 | 47 | ||||||||||||
Provision | (103) | 280 | 447 | ||||||||||||
ALLL balance | 1,627 | 1,636 | 1,663 | 1,627 | 1,636 | 1,663 | |||||||||
Individually evaluated for impairment | |||||||||||||||
Collectively evaluated for impairment | 1,627 | 1,636 | 1,663 | 1,627 | 1,636 | 1,663 | |||||||||
Multi-family residential | |||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||||
ALLL balance | 66 | 67 | 22 | 66 | 67 | 22 | |||||||||
Charge-offs | (1) | ||||||||||||||
Recoveries | |||||||||||||||
Provision | 71 | 45 | |||||||||||||
ALLL balance | 137 | 66 | 67 | 137 | 66 | 67 | |||||||||
Individually evaluated for impairment | |||||||||||||||
Collectively evaluated for impairment | 137 | 66 | 67 | 137 | 66 | 67 | |||||||||
Commercial real estate | |||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||||
ALLL balance | 231 | 122 | 70 | 231 | 122 | 70 | |||||||||
Charge-offs | |||||||||||||||
Recoveries | |||||||||||||||
Provision | 628 | 109 | 52 | ||||||||||||
ALLL balance | 859 | 231 | 122 | 859 | 231 | 122 | |||||||||
Individually evaluated for impairment | |||||||||||||||
Collectively evaluated for impairment | 859 | 231 | 122 | 859 | 231 | 122 | |||||||||
Construction and land development | |||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||||
ALLL balance | 725 | 323 | 653 | 725 | 323 | 653 | |||||||||
Charge-offs | |||||||||||||||
Recoveries | 20 | 78 | |||||||||||||
Provision | (429) | 324 | (330) | ||||||||||||
ALLL balance | 316 | 725 | 323 | 316 | 725 | 323 | |||||||||
Individually evaluated for impairment | |||||||||||||||
Collectively evaluated for impairment | 316 | 725 | 323 | 316 | 725 | 323 | |||||||||
Commercial business | |||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||||
ALLL balance | 15 | 4 | 15 | 4 | |||||||||||
Charge-offs | |||||||||||||||
Recoveries | |||||||||||||||
Provision | 1 | (15) | 11 | ||||||||||||
ALLL balance | 1 | 15 | 1 | 15 | |||||||||||
Individually evaluated for impairment | |||||||||||||||
Collectively evaluated for impairment | 1 | 15 | 1 | 15 | |||||||||||
Leases | |||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||||
ALLL balance | |||||||||||||||
Charge-offs | |||||||||||||||
Recoveries | |||||||||||||||
Provision | 21 | ||||||||||||||
ALLL balance | 21 | 21 | |||||||||||||
Individually evaluated for impairment | |||||||||||||||
Collectively evaluated for impairment | 21 | 21 | |||||||||||||
Consumer | |||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||||
ALLL balance | 4 | 4 | 2 | 4 | 4 | 2 | |||||||||
Charge-offs | |||||||||||||||
Recoveries | |||||||||||||||
Provision | 6 | 2 | |||||||||||||
ALLL balance | 10 | 4 | 4 | 10 | 4 | 4 | |||||||||
Individually evaluated for impairment | |||||||||||||||
Collectively evaluated for impairment | 10 | 4 | 4 | 10 | 4 | 4 | |||||||||
Unallocated | |||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||||
ALLL balance | $ 268 | $ 231 | $ 218 | 268 | 231 | 218 | |||||||||
Charge-offs | |||||||||||||||
Recoveries | |||||||||||||||
Provision | 30 | 37 | 13 | ||||||||||||
ALLL balance | 298 | 268 | 231 | 298 | 268 | 231 | |||||||||
Individually evaluated for impairment | |||||||||||||||
Collectively evaluated for impairment | $ 298 | $ 268 | $ 231 | $ 298 | $ 268 | $ 231 |
LOANS RECEIVABLE - Troubled deb
LOANS RECEIVABLE - Troubled debt restructurings (Details 8) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016USD ($)Loan | Sep. 30, 2015USD ($)Loan | Sep. 30, 2014USD ($)Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | Loan | 1 | 2 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 482 | $ 4,415 | $ 2,332 |
Post-Modification Outstanding Recorded Investment | $ 482 | $ 4,415 | $ 2,332 |
One- to four-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | Loan | 1 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 482 | $ 1,455 | |
Post-Modification Outstanding Recorded Investment | $ 482 | $ 1,455 | |
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | Loan | 1 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 750 | $ 877 | |
Post-Modification Outstanding Recorded Investment | $ 750 | $ 877 | |
Construction and land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | Loan | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 3,665 | ||
Post-Modification Outstanding Recorded Investment | $ 3,665 |
LOANS RECEIVABLE (Detail Textua
LOANS RECEIVABLE (Detail Textuals) | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2016USD ($)Loan | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Increase (decrease) from interest income on nonaccrual loans | $ 604,000 | $ 279,000 | $ 187,000 | ||||||||||||
Non-accrual loans | $ 15,878,000 | $ 13,932,000 | 15,878,000 | 13,932,000 | |||||||||||
Provision for loan losses | 0 | $ 150,000 | $ 75,000 | $ 0 | 150,000 | $ 210,000 | $ 300,000 | $ 75,000 | $ 240,000 | $ 0 | $ 0 | $ 0 | 225,000 | 735,000 | 240,000 |
Nonperforming | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Non performing assets | 16,500,000 | 14,800,000 | $ 16,500,000 | 14,800,000 | |||||||||||
Provision for loan losses | $ 10,300,000 | ||||||||||||||
Percentage of nonperforming assets | 2.90% | 3.00% | |||||||||||||
Largest borrower | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Non-accrual loans | 12,300,000 | $ 12,300,000 | |||||||||||||
Number of non-accrual loans | Loan | 9 | ||||||||||||||
Real estate loan | Nonperforming | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Number of non-accrual loans | Loan | 2 | ||||||||||||||
One-to-four family residential | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Non-accrual loans | 4,244,000 | 3,547,000 | $ 4,244,000 | $ 3,547,000 | |||||||||||
Provision for loan losses | $ (103,000) | 280,000 | 447,000 | ||||||||||||
One-to-four family residential | Nonperforming | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Number of non-accrual loans | Loan | 17 | ||||||||||||||
Non performing assets | 2,900,000 | $ 2,900,000 | |||||||||||||
Single family residential investment properties | Nonperforming | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Number of non-accrual loans | Loan | 1 | ||||||||||||||
Non performing assets | 1,400,000 | $ 1,400,000 | |||||||||||||
Single family residential investment properties | Real estate loan | Nonperforming | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Number of non-accrual loans | Loan | 1 | ||||||||||||||
Non performing assets | 375,000 | $ 375,000 | |||||||||||||
Commercial real estate | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Non-accrual loans | 1,346,000 | 1,589,000 | 1,346,000 | 1,589,000 | |||||||||||
Provision for loan losses | $ 628,000 | 109,000 | 52,000 | ||||||||||||
Commercial real estate | Nonperforming | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Number of non-accrual loans | Loan | 2 | ||||||||||||||
Non performing assets | 1,300,000 | $ 1,300,000 | |||||||||||||
Commercial real estate | Real estate loan | Nonperforming | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Number of non-accrual loans | Loan | 1 | ||||||||||||||
Non performing assets | 206,000 | $ 206,000 | |||||||||||||
Construction and land development | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Non-accrual loans | 10,288,000 | $ 8,796,000 | 10,288,000 | 8,796,000 | |||||||||||
Provision for loan losses | $ (429,000) | $ 324,000 | $ (330,000) | ||||||||||||
Construction and land development | Nonperforming | |||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||
Number of non-accrual loans | Loan | 5 | ||||||||||||||
Non performing assets | $ 10,300,000 | $ 10,300,000 |
LOANS RECEIVABLE (Detail Text65
LOANS RECEIVABLE (Detail Textuals 1) | 12 Months Ended | |
Sep. 30, 2016USD ($)LoanConsumer_Mortgage | Sep. 30, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans classified as troubled debt restructuring | Loan | 10 | |
Amount of loans classified as troubled debt restructuring | $ 8,200,000 | |
Carrying amount of loans | 351,891,000 | $ 330,556,000 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | 79,859,000 | 25,799,000 |
Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | $ 21,839,000 | 38,953,000 |
Residential real estate property | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Consumer_Mortgage | 9 | |
Carrying amount of loans | $ 1,100,000 | |
Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans classified as troubled debt restructuring | Loan | 3 | |
Amount of loans classified as troubled debt restructuring | $ 5,700,000 | |
Nonperforming | Residential loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans classified as troubled debt restructuring | Loan | 1 | |
Amount of loans classified as troubled debt restructuring | $ 1,400,000 | |
Performing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans classified as troubled debt restructuring | Loan | 8 | |
Amount of loans classified as troubled debt restructuring | $ 19,400,000 | 16,800,000 |
Performing | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans classified as troubled debt restructuring | $ 14,600,000 | $ 12,400,000 |
Largest borrower | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans, default | Loan | 1 | |
Amount of TDR loans, default | $ 730,000 | |
Largest borrower | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans, default | Loan | 1 | |
Amount of TDR loans, default | $ 3,600,000 | |
Largest borrower | Nonperforming | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans classified as troubled debt restructuring | Loan | 2 | |
Amount of loans classified as troubled debt restructuring | $ 4,300,000 |
OFFICE PROPERTIES AND EQUIPME66
OFFICE PROPERTIES AND EQUIPMENT (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 5,045 | $ 4,958 |
Accumulated depreciation | (3,701) | (3,466) |
Total office properties and equipment, net of accumulated depreciation | 1,344 | 1,492 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 198 | 198 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 2,492 | 2,454 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 2,355 | 2,210 |
Automobiles | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 96 |
OFFICE PROPERTIES AND EQUIPME67
OFFICE PROPERTIES AND EQUIPMENT (Detail Textuals) - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 325,000 | $ 304,000 | $ 320,000 |
Lease expense | 352,000 | $ 242,000 | $ 77,000 |
Lease commitments obligated to pay, fiscal year 2017 | 350,000 | ||
Lease commitments obligated to pay, fiscal year 2018 | 394,000 | ||
Lease commitments obligated to pay, fiscal year 2019 | 382,000 | ||
Lease commitments obligated to pay, fiscal year 2020 | 249,000 | ||
Lease commitments obligated to pay, fiscal year 2021 | 249,000 | ||
Lease commitments obligated to pay, thereafter | $ 1,700,000 |
DEPOSITS - Major classification
DEPOSITS - Major classifications of deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Amount | ||
Non-interest bearing checking accounts | $ 3,804 | $ 2,293 |
Interest-bearing checking accounts | 34,984 | 35,649 |
Money market deposit accounts | 55,552 | 60,736 |
Passbook, club and statement savings | 70,924 | 70,355 |
Certificates maturing in six months or less | 97,418 | 49,857 |
Certificates maturing in more than six months | 126,519 | 146,184 |
Total deposits | $ 389,201 | $ 365,074 |
Percent | ||
Non-interest bearing checking accounts | 0.70% | 0.60% |
Interest-bearing checking accounts | 9.30% | 9.80% |
Money market deposit accounts | 14.30% | 16.60% |
Passbook, club and statement savings | 18.20% | 19.30% |
Certificates maturing in six months or less | 25.00% | 13.70% |
Certificates maturing in more than six months | 32.50% | 40.00% |
Total | 100.00% | 100.00% |
DEPOSITS - Summary of maturitie
DEPOSITS - Summary of maturities of certificate accounts (Details 1) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Deposits [Abstract] | ||
One year or less | $ 139,841 | |
One through two years | 39,624 | |
Two through three years | 20,534 | |
Three through four years | 14,704 | |
Four through five years | 9,227 | |
Total | $ 223,930 | $ 196,041 |
DEPOSITS - Interest expense on
DEPOSITS - Interest expense on deposits (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Deposits [Abstract] | |||
Checking and money market deposit accounts | $ 165 | $ 323 | $ 348 |
Passbook, club and statement savings accounts | 83 | 208 | 262 |
Certificate accounts | 2,613 | 2,899 | 2,791 |
Total | $ 2,861 | $ 3,430 | $ 3,401 |
DEPOSITS (Detail Textuals)
DEPOSITS (Detail Textuals) - USD ($) $ in Millions | Sep. 30, 2016 | Sep. 30, 2015 |
Deposits [Abstract] | ||
Certificates of deposit of $250,000 or more | $ 17 | $ 32.7 |
SHORT-TERM BORROWINGS (Details)
SHORT-TERM BORROWINGS (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2016USD ($) | |
Debt Disclosure [Abstract] | |
Balance at year-end | $ 20,000 |
Average balance outstanding | 8,975 |
Maximum month-end balance | $ 20,000 |
Weight-average rate at year-end | 1.17% |
Weight-average rate during the year | 1.23% |
SHORT-TERM BORROWINGS (Detail T
SHORT-TERM BORROWINGS (Detail Textuals) $ in Thousands | Sep. 30, 2016USD ($)Loan |
Short-term Debt [Line Items] | |
Number of 30 day FHLB advances | Loan | 2 |
Short-term borrowings from the FHLB | $ 20,000 |
Percentage of weighted average effective cost | 1.17% |
Interest rate swap contract one | |
Short-term Debt [Line Items] | |
Short-term borrowings from the FHLB | $ 10,000 |
Percentage of weighted average effective cost | 1.17% |
Interest rate swap contract two | |
Short-term Debt [Line Items] | |
Short-term borrowings from the FHLB | $ 10,000 |
Percentage of weighted average effective cost | 1.17% |
ADVANCES FROM FEDERAL HOME LO74
ADVANCES FROM FEDERAL HOME LOAN BANK (Details) $ in Thousands | 12 Months Ended | |
Sep. 30, 2016USD ($) | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Amount | $ 30,638 | |
Coupon | 1.34% | [1] |
Federal Home Loan Bank of Pittsburgh | 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 | |
Federal Home Loan Bank of Pittsburgh | Fixed Rate -Amortizing Maturity Date - 1-Dec-17 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Maturity Date | Dec. 1, 2017 | |
Amount | $ 2,511 | |
Coupon | 1.16% | |
Call Date | Not Applicable | |
Federal Home Loan Bank of Pittsburgh | 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 | |
Federal Home Loan Bank of Pittsburgh | 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 | |
Federal Home Loan Bank of Pittsburgh | 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 | |
Federal Home Loan Bank of Pittsburgh | Fixed Rate -Amortizing Maturity Date -18-Nov-19 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Maturity Date | Nov. 18, 2019 | |
Amount | $ 4,382 | |
Coupon | 1.53% | |
Call Date | Not Applicable | |
Federal Home Loan Bank of Pittsburgh | Fixed Rate - Advance Maturity Date -27-Jul-20 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Maturity Date | Jul. 27, 2020 | |
Amount | $ 249 | |
Coupon | 1.38% | |
Call Date | Not Applicable | |
Federal Home Loan Bank of Pittsburgh | Fixed Rate - Advance Maturity Date -27-Jul-21 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Maturity Date | Jul. 27, 2021 | |
Amount | $ 249 | |
Coupon | 1.52% | |
Call Date | Not Applicable | |
Federal Home Loan Bank of Pittsburgh | Fixed Rate -Advance Maturity Date - 28 - Jul -21 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Maturity Date | Jul. 28, 2021 | |
Amount | $ 249 | |
Coupon | 1.48% | |
Call Date | Not Applicable | |
Federal Home Loan Bank of Pittsburgh | Fixed Rate -Advance Maturity Date - 29- Jul -21 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Maturity Date | Jul. 29, 2021 | |
Amount | $ 249 | |
Coupon | 1.42% | |
Call Date | Not Applicable | |
Federal Home Loan Bank of Pittsburgh | Fixed Rate -Advance Maturity Date - 19-Aug-21 | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Maturity Date | Aug. 19, 2021 | |
Amount | $ 249 | |
Coupon | 1.55% | |
Call Date | Not Applicable | |
[1] | Weighted average coupon rate. |
ADVANCES FROM FEDERAL HOME LO75
ADVANCES FROM FEDERAL HOME LOAN BANK (Details 1) $ in Thousands | Sep. 30, 2016USD ($) | |
Advances from Federal Home Loan Banks [Abstract] | ||
2,017 | $ 3,367 | |
2,018 | 13,887 | |
2,019 | 11,903 | |
2,020 | 485 | |
2,021 | 996 | |
Amount | $ 30,638 | |
Weighted Average Coupon Rate | ||
2,017 | 1.31% | |
2,018 | 1.22% | |
2,019 | 1.45% | |
2,020 | 1.45% | |
2,021 | 1.49% | |
Weighted Average Coupon Rate | 1.34% | [1] |
[1] | Weighted average coupon rate. |
ADVANCES FROM FEDERAL HOME LO76
ADVANCES FROM FEDERAL HOME LOAN BANK (Detail Textuals) $ in Millions | Sep. 30, 2016USD ($) | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Weighted Average Coupon Rate | 1.34% | [1] |
Minimum | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Weighted Average Coupon Rate | 1.15% | |
Maximum | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Weighted Average Coupon Rate | 1.55% | |
Federal Home Loan Bank of Pittsburgh | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Additional FHLB advances | $ 180.2 | |
[1] | Weighted average coupon rate. |
INCOME TAXES - Provision for in
INCOME TAXES - Provision for income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Current: | |||||||||||||||
Federal expense | $ 1,275 | $ 461 | $ 690 | ||||||||||||
Total current taxes | 1,275 | 461 | 690 | ||||||||||||
Deferred income tax benefit | (16) | (345) | |||||||||||||
Total income tax provision | $ 423 | $ 308 | $ 307 | $ 221 | $ 30 | $ (40) | $ (91) | $ 217 | $ 112 | $ 227 | $ 157 | $ 184 | $ 1,259 | $ 116 | $ 690 |
INCOME TAXES - Items that gave
INCOME TAXES - Items that gave rise to significant portions of deferred income taxes (Details 1) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Deferred tax assets: | ||
Allowance for loan losses | $ 1,289 | $ 1,185 |
Non-accrual interest | 163 | 86 |
Accrued vacation | 13 | 119 |
Capital loss carryforward | 378 | 534 |
Post-retirement benefit plans | 96 | 126 |
Split dollar life insurance | 18 | 19 |
Unrealized losses on available for sale securities | 69 | |
Employee benefit plans | 434 | 530 |
Total deferred tax assets | 2,460 | 2,599 |
Valuation allowance | (378) | (534) |
Total deferred tax assets, net of valuation allowance | 2,082 | 2,065 |
Deferred tax liabilities: | ||
Property | 423 | 365 |
Unrealized gains on available for sale securities | 500 | 10 |
481(a)Adjustment | 12 | |
Deferred loan fees | 578 | 715 |
Total deferred tax liabilities | 1,513 | 1,090 |
Net deferred tax asset | $ 569 | $ 975 |
INCOME TAXES - Income tax expen
INCOME TAXES - Income tax expense differs from that computed at the statutory federal corporate tax rate (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||||||
Tax at statutory rate, amount | $ 1,353 | $ 798 | $ 840 | ||||||||||||
Adjustments resulting from: | |||||||||||||||
Valuation allowance, amount | (156) | (677) | (144) | ||||||||||||
Income from bank owned life insurance, amount | (113) | (117) | (87) | ||||||||||||
Employee benefit plans, amount | 151 | 126 | 74 | ||||||||||||
Other, amount | 24 | (14) | 7 | ||||||||||||
Income tax expense | $ 423 | $ 308 | $ 307 | $ 221 | $ 30 | $ (40) | $ (91) | $ 217 | $ 112 | $ 227 | $ 157 | $ 184 | $ 1,259 | $ 116 | $ 690 |
Tax at statutory rate, percentage of pretax income (Loss) | 34.00% | 34.00% | 34.00% | ||||||||||||
Adjustments resulting from: | |||||||||||||||
Valuation allowance, percentage of pretax income (Loss) | (3.90%) | (28.80%) | (5.80%) | ||||||||||||
Income from bank owned life insurance, percentage of pretax income (Loss) | (2.80%) | (5.00%) | (3.50%) | ||||||||||||
Employee benefit plans, percentage of pretax income (Loss) | 3.80% | 5.40% | 3.00% | ||||||||||||
Other, percentage of pretax income (Loss) | 0.50% | (0.60%) | 0.20% | ||||||||||||
Income tax expense, percentage of pretax income (Loss) | 31.60% | 5.00% | 27.90% |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 378 | $ 534 |
Decrease in gross deferred asset related to impairment losses | $ 156 |
REGULATORY CAPITAL REQUIREMEN81
REGULATORY CAPITAL REQUIREMENTS (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Prudential Bancorp, Inc of Pennsylvania | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual Amount, Tier 1 capital (to average assets) | $ 113,205 | $ 116,903 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Tier 1 capital (to average assets) | ||
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Tier 1 capital (to average assets) | ||
Actual Ratio, Tier 1 capital (to average assets) | 20.41% | 23.73% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Tier 1 capital (to average assets) | ||
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Tier 1 capital (to average assets) | ||
Actual Amount, Tier 1 Common (to risk-weighted assets) | $ 113,205 | $ 116,921 |
Actual Amount, Required for Capital Adequacy Purposes, Tier 1 Common (to risk-weighted assets) | ||
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions, Tier 1 Common (to risk-weighted assets) | ||
Actual Ratio, Tier 1 Common (to risk-weighted assets) | 38.57% | 50.63% |
Actual Ratio, Required for Capital Adequacy Purposes, Tier 1 Common (to risk-weighted assets) | ||
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions, Tier 1 Common (to risk-weighted assets) | ||
Actual Amount, Tier 1 capital (to risk-weighted assets) | $ 113,205 | $ 116,903 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Tier 1 capital (to risk-weighted assets) | ||
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Tier 1 capital (to risk-weighted assets) | ||
Actual Ratio, Tier 1 capital (to risk-weighted assets) | 38.57% | 50.63% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Tier 1 capital (to risk-weighted assets) | ||
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Tier 1 capital (to risk-weighted assets) | ||
Actual Amount, Total capital (to risk-weighted assets) | $ 116,512 | $ 120,016 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Total capital (to risk-weighted assets) | ||
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Total capital (to risk-weighted assets) | ||
Actual Ratio, Total capital (to risk-weighted assets) | 39.70% | 51.98% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Total capital (to risk-weighted assets) | ||
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Total capital (to risk-weighted assets) | ||
Prudential Savings Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual Amount, Tier 1 capital (to average assets) | $ 100,552 | $ 96,034 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Tier 1 capital (to average assets) | 22,157 | 19,699 |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Tier 1 capital (to average assets) | $ 27,697 | $ 24,624 |
Actual Ratio, Tier 1 capital (to average assets) | 18.15% | 19.50% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Tier 1 capital (to average assets) | 4.00% | 4.00% |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Tier 1 capital (to average assets) | 5.00% | 5.00% |
Actual Amount, Tier 1 Common (to risk-weighted assets) | $ 100,552 | $ 96,052 |
Actual Amount, Required for Capital Adequacy Purposes, Tier 1 Common (to risk-weighted assets) | 13,171 | 10,376 |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions, Tier 1 Common (to risk-weighted assets) | $ 19,024 | $ 14,987 |
Actual Ratio, Tier 1 Common (to risk-weighted assets) | 34.36% | 41.66% |
Actual Ratio, Required for Capital Adequacy Purposes, Tier 1 Common (to risk-weighted assets) | 4.50% | 4.50% |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions, Tier 1 Common (to risk-weighted assets) | 6.50% | 6.50% |
Actual Amount, Tier 1 capital (to risk-weighted assets) | $ 100,552 | $ 96,034 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Tier 1 capital (to risk-weighted assets) | 17,559 | 13,834 |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Tier 1 capital (to risk-weighted assets) | $ 23,415 | $ 18,446 |
Actual Ratio, Tier 1 capital (to risk-weighted assets) | 34.36% | 41.65% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Tier 1 capital (to risk-weighted assets) | 6.00% | 6.00% |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Tier 1 capital (to risk-weighted assets) | 8.00% | 8.00% |
Actual Amount, Total capital (to risk-weighted assets) | $ 103,859 | $ 99,147 |
Actual Amount, Required for Capital Adequacy Purposes Amount, Total capital (to risk-weighted assets) | 23,415 | 18,446 |
Actual Amount, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Total capital (to risk-weighted assets) | $ 29,268 | $ 23,057 |
Actual Ratio, Total capital (to risk-weighted assets) | 35.49% | 43.00% |
Actual Ratio, Required for Capital Adequacy Purposes Ratio, Total capital (to risk-weighted assets) | 8.00% | 8.00% |
Actual Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio, Total capital (to risk-weighted assets) | 10.00% | 10.00% |
EMPLOYEE BENEFITS - Additional
EMPLOYEE BENEFITS - Additional information regarding the plan (Details) - Multi-employer defined benefit pension plan - Pentegra Defined Benefit Plan for Financial Institutions | 12 Months Ended |
Sep. 30, 2016USD ($) | |
Multiemployer Plans [Line Items] | |
The Company's Contribution for the year ended September 30, 2016 | $ 222,000 |
Are Company's Contributions more than 5% of total contributions? | No |
Funded Status | 95.85% |
EMPLOYEE BENEFITS - Summary of
EMPLOYEE BENEFITS - Summary of non-vested stock award activity (Details 1) - 2008 Recognition and Retention Plan ("RRP") - $ / shares | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Number of Shares | ||
Vested | (195,083) | |
Nonvested Stock Awards | ||
Number of Shares | ||
Nonvested stock awards at beginning of year | 241,428 | 38,055 |
Issued | 10,500 | 235,500 |
Forfeited | (30,180) | (21,813) |
Vested | (48,960) | (10,314) |
Nonvested stock awards at the end of the period | 172,788 | 241,428 |
Weighted Average Grant Date Fair Value | ||
Nonvested stock awards at beginning of year | $ 11.74 | $ 8.07 |
Issued | 14.42 | 12.23 |
Forfeited | 11.92 | 11.85 |
Vested | 11.60 | 9.07 |
Nonvested stock awards at the end of the period | $ 12.03 | $ 11.74 |
EMPLOYEE BENEFITS - Summary o84
EMPLOYEE BENEFITS - Summary of status of stock options under Stock Option Plan (Details 2) - Stock Options Plan - Stock Options - $ / shares | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Number of Shares | |||
Options outstanding at beginning of year | 1,074,430 | 530,084 | |
Granted | 18,866 | 27,500 | 608,737 |
Exercised | (99,545) | ||
Forfeited | (80,476) | (64,391) | |
Outstanding at the end of the period | 921,909 | 1,074,430 | |
Exercisable at the end of the period | 467,397 | 440,976 | |
Weighted Average Exercise Price | |||
Options outstanding at beginning of year | $ 11.92 | $ 11.57 | |
Granted | 14.42 | 12.23 | |
Exercised | 11.45 | ||
Forfeited | 11.52 | 11.92 | |
Outstanding at the end of the period | 11.70 | 11.92 | |
Exercisable at the end of the period | $ 11.40 | $ 11.42 |
EMPLOYEE BENEFITS (Detail Textu
EMPLOYEE BENEFITS (Detail Textuals) - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Multi-employer defined benefit pension plan | |||
Multiemployer Plans [Line Items] | |||
Expense relating to plan | $ 256,000 | $ 623,000 | $ 663,000 |
EMPLOYEE BENEFITS (Detail Tex86
EMPLOYEE BENEFITS (Detail Textuals 1) - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
ESOP shares committed to be released, shares | 35,516 | 32,064 | 32,064 |
Compensation expense of ESOP | $ 526,000 | $ 467,000 | $ 389,000 |
Employee Stock Ownership Plan ESOP Plan | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Number of common shares purchased under employee stock ownership plan (ESOP) | 712,721 | 712,721 | |
Aggregate cost of common stock purchased under employee stock ownership plan (ESOP) | $ 7,600,000 | $ 7,600,000 | |
Number of shares allocated from suspense account to participants | 243,734 | ||
ESOP shares committed to be released, shares | 35,517 | ||
Compensation expense of ESOP | $ 526,000 | $ 467,000 | $ 389,000 |
EMPLOYEE BENEFITS (Detail Tex87
EMPLOYEE BENEFITS (Detail Textuals 2) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2016 | Feb. 28, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
2008 Recognition and Retention Plan ("RRP") | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares purchased by RRP trust | 213,528 | |||
Value of shares purchased in open market by RRP trust | $ 2,500,000 | |||
Average price per share of common stock purchased in the open market | $ 11.49 | |||
Percentage of vesting per year | 20.00% | |||
Shares forfeited | 7,473 | |||
Vesting period of awards granted | 5 years | |||
Number of fully vested shares | 195,083 | |||
Recognized compensation expense | $ 463,000 | $ 387,000 | ||
Tax benefit (expense) from stock-based compensation | 219,000 | $ 131,000 | ||
Unrecognized compensation expense for shares awarded | $ 2,900,000 | |||
2014 Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted | 3,027 | |||
2014 Stock Incentive Plan | Restricted stock awards or units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of fully vested shares | 41,800 | |||
Maximum number of shares awarded under the plan | 285,655 | |||
Number of shares granted | 235,500 | |||
Number of forfeited shares | 45,000 |
EMPLOYEE BENEFITS (Detail Tex88
EMPLOYEE BENEFITS (Detail Textuals 3) - Stock Options - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2016 | Feb. 28, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2010 | Sep. 30, 2009 | |
Stock Options Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of vesting and exercisable per year | 20.00% | |||||||
Vesting period of options | 5 years | |||||||
Exercisable period of options after grant date | 10 years | |||||||
Number of common stock available for issuance | 533,808 | |||||||
Number of vested options | 576,354 | |||||||
Number of options forfeited | 126,000 | |||||||
Weighted average remaining contractual term for options outstanding | 5 years 1 month 6 days | |||||||
Estimated fair value of options granted per share | $ 2.13 | $ 4.58 | $ 4.67 | $ 3.34 | $ 2.92 | $ 2.98 | ||
Fair value, valuation method | Black-Scholes pricing model | |||||||
Exercise and fair value | $ 14.42 | $ 12.23 | ||||||
Expected term | 7 years | 7 years | ||||||
Volatility rate | 13.82% | 38.16% | ||||||
Expected interest rate | 1.36% | 1.62% | ||||||
Expected yield | 0.80% | 0.98% | ||||||
Recognized compensation expense | $ 455,000 | $ 387,000 | ||||||
Tax benefit from stock-based compensation | 60,000 | $ 44,000 | ||||||
Unrecognized compensation expense for options | $ 2,000,000 | |||||||
Weighted average period for expense recognize | 2 years 3 months 18 days | |||||||
Number of options granted | 18,866 | 27,500 | 608,737 | |||||
2014 Stock Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of common stock available for issuance | 714,145 | |||||||
Number of options granted | 8,634 | 608,737 | 605,000 |
INTEREST RATE SWAP AGREEMENTS89
INTEREST RATE SWAP AGREEMENTS (Details) | 12 Months Ended |
Sep. 30, 2016USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Unrealized loss | $ 202,000 |
Interest rate swap contract one | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Notional amount | $ 10,000 |
Pay rate | 1.15% |
Receive rate | 1 Mth Libor |
Maturity date | Apr. 6, 2021 |
Unrealized loss | $ 92,000 |
Interest rate swap contract two | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Notional amount | $ 10,000 |
Pay rate | 1.18% |
Receive rate | 1 Mth Libor |
Maturity date | Jun. 13, 2021 |
Unrealized loss | $ 103,000 |
Interest rate swap contract three | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Notional amount | $ 1,100 |
Pay rate | 4.10% |
Receive rate | 1 Mth Libor +276 bp |
Maturity date | Aug. 1, 2016 |
Unrealized loss | $ 7,000 |
COMMITMENTS AND CONTINGENT LI90
COMMITMENTS AND CONTINGENT LIABILITIES (Detail Textuals) - USD ($) | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Credit risk associated with loans and participation interests | $ 32,000 | |
Aggregate undisbursed portion of loans-in-process | 5,371,000 | $ 17,097,000 |
Loan Origination Commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | $ 9,900,000 | $ 2,700,000 |
Loan Origination Commitments | Minimum | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Market interest rate on fixed and variable rate loans | 3.75% | 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 | 5.25% | 5.25% |
Unused lines of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | $ 3,300,000 | $ 6,100,000 |
Letters of Credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Outstanding commitments | $ 1,900,000 | $ 2,600,000 |
FAIR VALUE MEASUREMENT - Assets
FAIR VALUE MEASUREMENT - Assets measured at fair value on recurring basis (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Assets: | ||
Investment and mortgage-backed securities available for sale | $ 138,694 | $ 77,483 |
Liabilities | ||
Liabilities, total | 202 | |
U.S. Government and agency obligations | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | 21,024 | 18,712 |
Mortgage-backed securities - U.S. Government agencies | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | 91,575 | 58,712 |
Corporate bonds | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | 26,053 | |
FHLMC preferred stock | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | 42 | 59 |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | 138,694 | 77,483 |
Liabilities | ||
Liabilities, total | 202 | |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | 42 | 59 |
Liabilities | ||
Liabilities, total | ||
Fair Value, Measurements, Recurring | Level 2 | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | 138,652 | 77,424 |
Liabilities | ||
Liabilities, total | 202 | |
Fair Value, Measurements, Recurring | Level 3 | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | ||
Liabilities | ||
Liabilities, total | ||
Fair Value, Measurements, Recurring | U.S. Government and agency obligations | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | 21,024 | 18,712 |
Fair Value, Measurements, Recurring | U.S. Government and agency obligations | Level 1 | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | ||
Fair Value, Measurements, Recurring | U.S. Government and agency obligations | Level 2 | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | 21,024 | 18,712 |
Fair Value, Measurements, Recurring | U.S. Government and agency obligations | Level 3 | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | ||
Fair Value, Measurements, Recurring | Mortgage-backed securities - U.S. Government agencies | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | 91,575 | 58,712 |
Fair Value, Measurements, Recurring | Mortgage-backed securities - U.S. Government agencies | Level 1 | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | ||
Fair Value, Measurements, Recurring | Mortgage-backed securities - U.S. Government agencies | Level 2 | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | 91,575 | 58,712 |
Fair Value, Measurements, Recurring | Mortgage-backed securities - U.S. Government agencies | Level 3 | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | ||
Fair Value, Measurements, Recurring | Corporate bonds | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | 26,053 | |
Fair Value, Measurements, Recurring | Corporate bonds | Level 1 | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | ||
Fair Value, Measurements, Recurring | Corporate bonds | Level 2 | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | 26,053 | |
Fair Value, Measurements, Recurring | Corporate bonds | Level 3 | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | ||
Fair Value, Measurements, Recurring | FHLMC preferred stock | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | 42 | 59 |
Fair Value, Measurements, Recurring | FHLMC preferred stock | Level 1 | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | 42 | 59 |
Fair Value, Measurements, Recurring | FHLMC preferred stock | Level 2 | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | ||
Fair Value, Measurements, Recurring | FHLMC preferred stock | Level 3 | ||
Assets: | ||
Investment and mortgage-backed securities available for sale | ||
Fair Value, Measurements, Recurring | Interest rate swap contract | ||
Liabilities | ||
Liabilities, total | 202 | |
Fair Value, Measurements, Recurring | Interest rate swap contract | Level 1 | ||
Liabilities | ||
Liabilities, total | ||
Fair Value, Measurements, Recurring | Interest rate swap contract | Level 2 | ||
Liabilities | ||
Liabilities, total | 202 | |
Fair Value, Measurements, Recurring | Interest rate swap contract | Level 3 | ||
Liabilities | ||
Liabilities, total |
FAIR VALUE MEASUREMENT - Change
FAIR VALUE MEASUREMENT - Changes in level 3 assets measured at fair value (Details 1) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 19,429 | $ 16,770 |
Real estate owned | 581 | 869 |
Total | 20,010 | 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 | ||
Total | ||
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 19,429 | 16,770 |
Real estate owned | 581 | 869 |
Total | $ 20,010 | $ 17,639 |
FAIR VALUE MEASUREMENT - Valuat
FAIR VALUE MEASUREMENT - Valuation processes used to determine nonrecurring fair value measurements categorized within level 3 (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | ||
Level 3 | Impaired loan | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 19,400 | $ 16,800 | |
Fair Value, Measurements, Nonrecurring | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | 20,010 | 17,639 | |
Fair Value, Measurements, Nonrecurring | Level 3 | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | 20,010 | 17,639 | |
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired loan | Property Appraisals Valuation Technique | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 19,429 | $ 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% | ||
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired loan | Property Appraisals Valuation Technique | Minimum | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Management discount rate | 6.00% | ||
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired loan | Property Appraisals Valuation Technique | Maximum | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Management discount rate | 46.00% | ||
Fair Value, Measurements, Nonrecurring | Level 3 | Impaired loan | Property Appraisals Valuation Technique | Weighted Ave. | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Management discount rate | 10.00% | ||
Fair Value, Measurements, Nonrecurring | Level 3 | Real estate owned | Property Appraisals Valuation Technique | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Value | $ 581 | $ 869 | |
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% | |
[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 - Asse94
FAIR VALUE MEASUREMENT - Assets measured at fair value on a non-recurring basis and the adjustments to the carrying value (Details 3) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Assets: | ||||
Cash and cash equivalents | $ 12,440 | $ 11,272 | $ 45,382 | $ 158,984 |
Certificate of deposits | 1,853 | |||
Investment and mortgage-backed securities available for sale | 138,694 | 77,483 | ||
Investment and mortgage-backed securities held to maturity | 39,971 | 66,384 | ||
Loans receivable, net | 344,948 | 312,633 | ||
Accrued interest receivable | 1,928 | 1,665 | ||
Federal Home Loan Bank stock | 2,463 | 369 | ||
Bank owned life insurance | 13,055 | 12,722 | ||
Liabilities: | ||||
Checking accounts | 38,788 | 37,942 | ||
Money market deposit accounts | 55,552 | 60,736 | ||
Passbook, club and statement savings accounts | 70,924 | 70,355 | ||
Certificates of deposit | 223,930 | 196,041 | ||
Accrued interest payable | 1,403 | 1,291 | ||
Advances from FHLB -short-term | 20,000 | |||
Advances from FHLB -long-term | 30,638 | |||
Advances from borrowers for taxes and insurance | 1,748 | 1,670 | ||
Interest rate swap contracts | 202 | |||
Fair Value | ||||
Assets: | ||||
Cash and cash equivalents | 12,440 | 11,272 | ||
Certificate of deposits | 1,853 | |||
Investment and mortgage-backed securities available for sale | 138,694 | 77,483 | ||
Investment and mortgage-backed securities held to maturity | 40,700 | 66,877 | ||
Loans receivable, net | 344,100 | 312,613 | ||
Accrued interest receivable | 1,928 | 1,665 | ||
Federal Home Loan Bank stock | 2,463 | 369 | ||
Bank owned life insurance | 13,055 | 12,722 | ||
Liabilities: | ||||
Checking accounts | 38,788 | 37,942 | ||
Money market deposit accounts | 55,552 | 60,736 | ||
Passbook, club and statement savings accounts | 71,145 | 70,355 | ||
Certificates of deposit | 225,383 | 199,639 | ||
Accrued interest payable | 1,403 | 1,291 | ||
Advances from FHLB -short-term | 20,000 | |||
Advances from FHLB -long-term | 30,222 | |||
Advances from borrowers for taxes and insurance | 1,748 | 1,670 | ||
Interest rate swap contracts | 202 | |||
Level 1 | ||||
Assets: | ||||
Cash and cash equivalents | 12,440 | 11,272 | ||
Certificate of deposits | 1,853 | |||
Investment and mortgage-backed securities available for sale | 42 | 59 | ||
Investment and mortgage-backed securities held to maturity | ||||
Loans receivable, net | ||||
Accrued interest receivable | 1,928 | 1,665 | ||
Federal Home Loan Bank stock | 2,463 | 369 | ||
Bank owned life insurance | 13,055 | 12,722 | ||
Liabilities: | ||||
Checking accounts | 38,788 | 37,942 | ||
Money market deposit accounts | 55,552 | 60,736 | ||
Passbook, club and statement savings accounts | 71,145 | 70,355 | ||
Certificates of deposit | ||||
Accrued interest payable | 1,403 | 1,291 | ||
Advances from FHLB -short-term | ||||
Advances from FHLB -long-term | ||||
Advances from borrowers for taxes and insurance | 1,748 | 1,670 | ||
Interest rate swap contracts | ||||
Level 2 | ||||
Assets: | ||||
Cash and cash equivalents | ||||
Certificate of deposits | ||||
Investment and mortgage-backed securities available for sale | 138,652 | 77,424 | ||
Investment and mortgage-backed securities held to maturity | 40,700 | 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 | ||||
Accrued interest payable | ||||
Advances from FHLB -long-term | ||||
Advances from borrowers for taxes and insurance | ||||
Interest rate swap contracts | 202 | |||
Level 3 | ||||
Assets: | ||||
Cash and cash equivalents | ||||
Certificate of deposits | ||||
Investment and mortgage-backed securities available for sale | ||||
Investment and mortgage-backed securities held to maturity | ||||
Loans receivable, net | 344,100 | 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 | 225,383 | 199,639 | ||
Accrued interest payable | ||||
Advances from FHLB -short-term | 20,000 | |||
Advances from FHLB -long-term | 30,222 | |||
Advances from borrowers for taxes and insurance | ||||
Interest rate swap contracts |
FAIR VALUE MEASUREMENT (Detail
FAIR VALUE MEASUREMENT (Detail Textuals) - USD ($) $ in Millions | Sep. 30, 2016 | Sep. 30, 2015 |
Level 2 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Collateral dependent impaired loans, fair value | $ 19.4 | $ 16.8 |
PRUDENTIAL BANCORP, INC. OF PEN
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA (PARENT COMPANY ONLY) - Summary of statement of financial condition (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Assets: | ||||
Cash | $ 12,440 | $ 11,272 | $ 45,382 | $ 158,984 |
Total assets | 559,480 | 487,189 | ||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | 95 | 95 | ||
Additional paid-in-capital | 95,713 | 95,286 | ||
Unearned ESOP shares | (4,550) | (4,926) | ||
Treasury stock | (21,098) | (14,691) | ||
Retained earnings | 43,044 | 41,219 | ||
Accumulated other comprehensive (loss) income | 798 | 18 | ||
Total stockholders' equity | 114,002 | 117,001 | 129,425 | 59,912 |
Total liabilities and stockholders' equity | 559,480 | 487,189 | ||
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA | ||||
Assets: | ||||
Cash | 6,541 | 14,912 | $ 31,729 | $ 63 |
ESOP loan receivable | 5,277 | 5,618 | ||
Investment in Bank | 101,350 | 96,132 | ||
Other assets | 834 | 339 | ||
Total assets | 114,002 | 117,001 | ||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | 95 | 95 | ||
Additional paid-in-capital | 95,713 | 95,286 | ||
Unearned ESOP shares | (4,550) | (4,926) | ||
Treasury stock | (21,098) | (14,691) | ||
Retained earnings | 43,044 | 41,219 | ||
Accumulated other comprehensive (loss) income | 798 | 18 | ||
Total stockholders' equity | 114,002 | 117,001 | ||
Total liabilities and stockholders' equity | $ 114,002 | $ 117,001 |
PRUDENTIAL BANCORP, INC. OF P97
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA (PARENT COMPANY ONLY) - Summary of income statement (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Interest on ESOP loan | $ 12,909 | $ 12,760 | $ 12,737 | ||||||||||||
Total income | $ 4,587 | $ 4,474 | $ 4,366 | $ 4,056 | $ 4,081 | $ 4,055 | $ 4,304 | $ 4,240 | $ 4,175 | $ 4,136 | $ 4,085 | $ 4,069 | 17,483 | 16,680 | 16,465 |
Professional services | 1,075 | 1,378 | 1,190 | ||||||||||||
Other expense | 1,004 | 1,528 | 1,385 | ||||||||||||
Total expense | 2,783 | 2,815 | 2,796 | 2,896 | 3,306 | 3,432 | 3,511 | 2,926 | 2,952 | 2,756 | 2,954 | 2,803 | 11,290 | 13,175 | 11,465 |
Income before income taxes | 1,405 | 1,085 | 855 | 634 | 43 | 7 | 1,610 | 688 | 508 | 748 | 692 | 522 | 3,979 | 2,348 | 2,470 |
Income tax benefit | 423 | 308 | 307 | 221 | 30 | (40) | (91) | 217 | 112 | 227 | 157 | 184 | 1,259 | 116 | 690 |
Net income | $ 982 | $ 777 | $ 548 | $ 413 | $ 13 | $ 47 | $ 1,701 | $ 471 | $ 396 | $ 521 | $ 535 | $ 338 | 2,720 | 2,232 | 1,780 |
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA | |||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Interest on ESOP loan | 247 | 263 | 257 | ||||||||||||
Equity in the undistributed earnings of the Bank | 2,911 | 2,549 | 2,085 | ||||||||||||
Other income | 9 | ||||||||||||||
Total income | 3,158 | 2,821 | 2,342 | ||||||||||||
Professional services | 161 | 306 | 288 | ||||||||||||
Other expense | 376 | 447 | 431 | ||||||||||||
Total expense | 537 | 753 | 719 | ||||||||||||
Income before income taxes | 2,621 | 2,068 | 1,623 | ||||||||||||
Income tax benefit | (99) | (164) | (157) | ||||||||||||
Net income | $ 2,720 | $ 2,232 | $ 1,780 |
PRUDENTIAL BANCORP, INC. OF P98
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA (PARENT COMPANY ONLY) - Summary of cash flows (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Operating activities: | |||||||||||||||
Net income | $ 982 | $ 777 | $ 548 | $ 413 | $ 13 | $ 47 | $ 1,701 | $ 471 | $ 396 | $ 521 | $ 535 | $ 338 | $ 2,720 | $ 2,232 | $ 1,780 |
Net cash used in by operating activities | 3,286 | 2,511 | 3,676 | ||||||||||||
Investing activities: | |||||||||||||||
Net cash provided by (used in) investing activities | (69,236) | 5,931 | (32,061) | ||||||||||||
Financing Activities: | |||||||||||||||
Purchase of common stock for ESOP | (3,089) | ||||||||||||||
Issuance of common stock | 38,702 | ||||||||||||||
Cancellation of treasury stock | 31,625 | ||||||||||||||
Purchase treasury stock | (7,047) | (14,691) | |||||||||||||
Cash dividends paid | (895) | (2,201) | (571) | ||||||||||||
Net cash (used in) provided by financing activities | 67,118 | (42,552) | (85,217) | ||||||||||||
Net (decrease) increase in cash and cash equivalents | 1,168 | (34,110) | (113,602) | ||||||||||||
CASH AND CASH EQUIVALENTS - Beginning of year | 11,272 | 45,382 | 158,984 | 11,272 | 45,382 | 158,984 | |||||||||
CASH AND CASH EQUIVALENTS - End of year | 12,440 | 11,272 | 45,382 | 12,440 | 11,272 | 45,382 | |||||||||
PRUDENTIAL BANCORP, INC. OF PENNSYLVANIA | |||||||||||||||
Operating activities: | |||||||||||||||
Net income | 2,720 | 2,232 | 1,780 | ||||||||||||
(Decrease) increase in assets | (579) | 88 | (198) | ||||||||||||
Equity in the undistributed earnings of the Bank | (2,911) | (2,549) | (2,085) | ||||||||||||
Net cash used in by operating activities | (770) | (229) | (503) | ||||||||||||
Investing activities: | |||||||||||||||
Repayments received on ESOP loan | 341 | 325 | 302 | ||||||||||||
Cash advanced to subsidiary | (34,800) | ||||||||||||||
Net cash provided by (used in) investing activities | 341 | 325 | (34,498) | ||||||||||||
Financing Activities: | |||||||||||||||
Purchase of common stock for ESOP | (3,089) | ||||||||||||||
Issuance of common stock | 38,702 | ||||||||||||||
Cancellation of treasury stock | 31,625 | ||||||||||||||
Purchase treasury stock | (7,047) | (14,691) | |||||||||||||
Cash dividends paid | (895) | (2,222) | (571) | ||||||||||||
Net cash (used in) provided by financing activities | (7,942) | (16,913) | 66,667 | ||||||||||||
Net (decrease) increase in cash and cash equivalents | (8,371) | (16,817) | 31,666 | ||||||||||||
CASH AND CASH EQUIVALENTS - Beginning of year | $ 14,912 | $ 31,729 | $ 63 | 14,912 | 31,729 | 63 | |||||||||
CASH AND CASH EQUIVALENTS - End of year | $ 6,541 | $ 14,912 | $ 31,729 | $ 6,541 | $ 14,912 | $ 31,729 |
CONSOLIDATED QUARTERLY FINANC99
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Interest income | $ 4,587 | $ 4,474 | $ 4,366 | $ 4,056 | $ 4,081 | $ 4,055 | $ 4,304 | $ 4,240 | $ 4,175 | $ 4,136 | $ 4,085 | $ 4,069 | $ 17,483 | $ 16,680 | $ 16,465 |
Interest expense | 853 | 824 | 849 | 800 | 807 | 851 | 871 | 901 | 818 | 826 | 852 | 905 | 3,326 | 3,430 | 3,401 |
Net interest income | 3,274 | 3,650 | 3,517 | 3,256 | 3,274 | 3,204 | 3,433 | 3,339 | 3,357 | 3,310 | 3,233 | 3,164 | 14,157 | 13,250 | 13,064 |
(Recoveries) Provision for loan losses | 0 | 150 | 75 | 0 | 150 | 210 | 300 | 75 | 240 | 0 | 0 | 0 | 225 | 735 | 240 |
Net interest income after provision for loan losses | 3,734 | 3,500 | 3,442 | 3,256 | 3,124 | 2,994 | 3,133 | 3,264 | 3,117 | 3,310 | 3,233 | 3,164 | 13,932 | 12,515 | 12,824 |
Non-interest income | 454 | 400 | 209 | 274 | 225 | 445 | 1,988 | 350 | 343 | 194 | 413 | 161 | 1,337 | 3,008 | 1,111 |
Non-interest expense | 2,783 | 2,815 | 2,796 | 2,896 | 3,306 | 3,432 | 3,511 | 2,926 | 2,952 | 2,756 | 2,954 | 2,803 | 11,290 | 13,175 | 11,465 |
Income before income tax expense | 1,405 | 1,085 | 855 | 634 | 43 | 7 | 1,610 | 688 | 508 | 748 | 692 | 522 | 3,979 | 2,348 | 2,470 |
Income tax expense | 423 | 308 | 307 | 221 | 30 | (40) | (91) | 217 | 112 | 227 | 157 | 184 | 1,259 | 116 | 690 |
Net income | $ 982 | $ 777 | $ 548 | $ 413 | $ 13 | $ 47 | $ 1,701 | $ 471 | $ 396 | $ 521 | $ 535 | $ 338 | $ 2,720 | $ 2,232 | $ 1,780 |
Per share: | |||||||||||||||
Earnings per share - basic (in dollars per share) | $ 0.14 | $ 0.10 | $ 0.08 | $ 0.05 | $ 0.01 | $ 0.01 | $ 0.20 | $ 0.05 | $ 0.04 | $ 0.06 | $ 0.06 | $ 0.04 | $ 0.37 | $ 0.27 | $ 0.20 |
Earnings per share - diluted (in dollars per share) | 0.14 | 0.10 | 0.70 | 0.05 | 0.01 | 0.18 | 0.05 | 0.03 | 0.06 | $ 0.06 | $ 0.04 | 0.36 | 0.26 | 0.19 | |
Dividends per share (in dollars per share) | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.18 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.12 | $ 0.27 | $ 0.06 |
PENDING ACQUISITION (Detail Tex
PENDING ACQUISITION (Detail Textuals) - Polonia Bancorp $ / shares in Units, $ in Millions | Jun. 02, 2016USD ($)$ / shares |
Business Acquisition [Line Items] | |
Exchange ratio | 0.7591 |
Per share cash consideration | $ / shares | $ 11.28 |
Percentage of issued and outstanding shares exchanged for common stock | 50.00% |
Percentage of issued and outstanding shares exchanged for cash | 50.00% |
Maximum | |
Business Acquisition [Line Items] | |
Amount of merger consideration | $ | $ 37.4 |